UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS

OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-08690

MassMutual Premier Funds

(Exact name of registrant as specified in charter)

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

Eric Wietsma

100 Bright Meadow Blvd., Enfield, CT 06082

(Name and address of agent for service)

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

Date of fiscal year end: 9/30/2016

Date of reporting period: 12/31/2015

Item 1. Schedule of Investments.

MassMutual Premier Money Market Fund – Portfolio of Investments

December 31, 2015 (Unaudited)

	Principal Amount		Value
SHORT-TERM INVESTMENTS — 99.7%
Commercial Paper — 60.3%
Air Products & Chemicals, Inc. (a) 0.390% 2/08/16	$	9,000,000	$	8,996,295
American Express Credit Corp. 0.260% 1/05/16		10,000,000		9,999,711
American Honda Finance Corp. 0.200% 1/07/16		9,000,000		8,999,700
Basin Electric Power Coorperative (a) 0.480% 2/01/16		9,000,000		8,996,282
BMW US Capital LLC (a) 0.200% 1/06/16		7,500,000		7,499,792
Caterpillar Financial Services Co. 0.550% 3/10/16		9,000,000		8,990,512
CDP Financial, Inc. (a) 0.260% 1/22/16		10,000,000		9,998,483
Coca-Cola Co. (a) 0.220% 2/16/16		2,400,000		2,399,325
Emerson Electric Co. (a) 0.470% 2/25/16		9,000,000		8,993,537
Export-Import Bank of Korea 0.420% 2/09/16		9,000,000		8,995,905
Honeywell International, Inc. (a) 0.270% 1/29/16		8,750,000		8,748,162
Intel Corp. (a) 0.500% 4/27/16		9,000,000		8,985,375
Intercontinental Exchange, Inc. (a) 0.600% 1/04/16		9,000,000		8,999,550
International Business Machines Corp. (a) 0.420% 3/23/16		8,145,000		8,137,208
John Deere Capital Corp. (a) 0.250% 1/06/16		6,000,000		5,999,792
John Deere Capital Corp. (a) 0.450% 2/03/16		3,000,000		2,998,763
National Rural Utilities Cooperative Finance Corp. 0.400% 2/08/16		1,100,000		1,099,536
National Rural Utilities Cooperative Finance Corp. 0.410% 2/02/16		2,200,000		2,199,198
National Rural Utilities Cooperative Finance Corp. 0.430% 1/25/16		5,000,000		4,998,567
Paccar Financial Corp. 0.400% 2/12/16		7,000,000		6,996,733
Paccar Financial Corp. 0.500% 3/18/16		975,000		973,957
Parker-hannifin Corp. (a) 0.200% 1/04/16		9,000,000		8,999,850
Pfizer, Inc. (a) 0.600% 4/04/16		5,600,000		5,591,227

	Principal Amount		Value
Reckitt Benckiser Treasury Services PLC (a) 0.350% 2/04/16	$	9,000,000	$	8,997,025
Rockwell Automation, Inc. (a) 0.450% 1/11/16		4,100,000		4,099,488
Toyota Motor Credit Corp. 0.530% 3/18/16		7,000,000		6,992,065
United Healthcare Co. (a) 0.680% 1/19/16		9,000,000		8,996,940
Wal-Mart Stores, Inc. (a) 0.240% 1/25/16		8,200,000		8,198,688
Westpac Banking Corp. (a) 0.380% 2/10/16		9,000,000		8,996,200
Wisconsin Gas Co. 0.500% 1/05/16		9,000,000		8,999,500
				213,877,366
Corporate Debt — 1.3%
General Electric Capital Corp., FRN 0.518% 1/08/16		1,100,000		1,100,034
General Electric Capital Corp., FRN 0.918% 1/08/16		3,500,000		3,500,379
				4,600,413
Discount Notes — 15.5%
Federal Farm Credit Discount Notes 0.420% 3/18/16		4,600,000		4,595,868
Federal Home Loan Bank Discount Notes 0.135% 1/07/16		1,400,000		1,399,968
Federal Home Loan Bank Discount Notes 0.140% 2/09/16		1,400,000		1,399,788
Federal Home Loan Bank Discount Notes 0.150% 1/21/16		600,000		599,950
Federal Home Loan Bank Discount Notes 0.150% 1/22/16		1,000,000		999,912
Federal Home Loan Bank Discount Notes 0.150% 2/23/16		2,000,000		1,999,558
Federal Home Loan Bank Discount Notes 0.158% 1/04/16		400,000		399,995
Federal Home Loan Bank Discount Notes 0.160% 1/08/16		415,000		414,987
Federal Home Loan Bank Discount Notes 0.165% 1/13/16		900,000		899,950
Federal Home Loan Bank Discount Notes 0.170% 2/03/16		600,000		599,907

The accompanying notes are an integral part of the portfolio of investments.

1

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

	Principal Amount		Value
Federal Home Loan Bank Discount Notes 0.175% 2/08/16	$	800,000	$	799,852
Federal Home Loan Bank Discount Notes 0.190% 1/11/16		2,300,000		2,299,879
Federal Home Loan Bank Discount Notes 0.190% 1/14/16		1,920,000		1,919,868
Federal Home Loan Bank Discount Notes 0.200% 1/27/16		500,000		499,928
Federal Home Loan Bank Discount Notes 0.200% 2/05/16		2,710,000		2,709,473
Federal Home Loan Bank Discount Notes 0.240% 1/25/16		400,000		399,936
Federal Home Loan Bank Discount Notes 0.270% 2/19/16		1,075,000		1,074,605
Federal Home Loan Mortgage Corp. 0.130% 1/13/16		1,700,000		1,699,926
Federal Home Loan Mortgage Corp. 0.140% 2/22/16		2,900,000		2,899,414
Federal Home Loan Mortgage Corp. 0.150% 1/04/16		5,850,000		5,849,927
Federal Home Loan Mortgage Corp. 0.150% 3/07/16		200,000		199,945
Federal Home Loan Mortgage Corp. 0.160% 2/03/16		600,000		599,912
Federal Home Loan Mortgage Corp. 0.200% 1/05/16		900,000		899,980
Federal Home Loan Mortgage Corp. 0.200% 2/19/16		2,000,000		1,999,456
Federal Home Loan Mortgage Corp. 0.220% 2/03/16		500,000		499,899
Federal Home Loan Mortgage Corp. 0.270% 2/29/16		2,000,000		1,999,115
Federal National Mortgage Association 0.125% 2/08/16		600,000		599,921
Federal National Mortgage Association 0.135% 1/14/16		1,500,000		1,499,927
Federal National Mortgage Association 0.163% 1/14/16		6,700,000		6,699,606
Federal National Mortgage Association 0.170% 3/01/16		400,000		399,887
Federal National Mortgage Association 0.175% 2/08/16		1,000,000		999,815
Federal National Mortgage Association 0.180% 1/14/16		500,000		499,968
Federal National Mortgage Association 0.180% 1/20/16		350,000		349,967

	Principal Amount		Value
Federal National Mortgage Association 0.200% 1/15/16	$	795,000	$	794,938
Federal National Mortgage Association 0.200% 2/02/16		1,500,000		1,499,733
Federal National Mortgage Association 0.200% 2/10/16		1,600,000		1,599,644
Federal National Mortgage Association 0.246% 2/08/16		500,000		499,870
				55,104,274
Repurchase Agreement — 5.1%
HSBC Securities (USA) Inc. Tri-Party Repurchase Agreement, dated 12/31/15, 0.260%, due 1/04/16 (b)		18,000,000		18,000,000
Time Deposit — 0.0%
Euro Time Deposit 0.010% 1/04/16		34,580		34,580
U.S. Government Obligations — 16.8%
U.S. Treasury Note 0.305% 1/31/16		15,000,000		14,999,975
U.S. Treasury Note 0.329% 4/30/16		10,000,000		10,000,600
U.S. Treasury Note 0.375% 1/31/16		5,000,000		5,000,776
U.S. Treasury Note 0.375% 5/31/16		10,000,000		10,002,481
U.S. Treasury Note 0.625% 7/15/16		5,000,000		5,003,035
U.S. Treasury Note 0.625% 8/15/16		5,000,000		5,000,374
U.S. Treasury Note 1.000% 8/31/16		8,000,000		8,015,643
U.S. Treasury Note 1.500% 6/30/16		1,700,000		1,707,676
				59,730,560
U.S. Treasury Bill — 0.7%
U.S. Treasury Bill 0.000% 6/23/16		2,300,000		2,294,164
TOTAL SHORT-TERM INVESTMENTS (Cost $353,641,357)				353,641,357
TOTAL INVESTMENTS — 99.7% (Cost $353,641,357) (c)				353,641,357
Other Assets/(Liabilities) — 0.3%				1,001,601
NET ASSETS — 100.0%			$	354,642,958

The accompanying notes are an integral part of the portfolio of investments.

2

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

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

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 December 31, 2015, these securities amounted to a value of $144,631,982 or 40.78% of net assets.

(b) Maturity value of $18,000,520. Collateralized by U.S. Government Agency obligations with a rate of 3.875%, maturity date of 4/15/29, and an aggregate market value, including accrued interest, of $18,360,475.

(c) See Note 3 for aggregate cost for federal tax purposes.

The accompanying notes are an integral part of the portfolio of investments.

3

MassMutual Premier Short-Duration Bond Fund – Portfolio of Investments

December 31, 2015 (Unaudited)

	Number of Shares		Value
EQUITIES — 0.1%
PREFERRED STOCK — 0.1%
Energy — 0.1%
Oil & Gas — 0.1%
Southwestern Energy Co. 6.250%		12,900	$	239,295
TOTAL PREFERRED STOCK (Cost $645,000)				239,295
TOTAL EQUITIES (Cost $645,000)				239,295
	Principal Amount
BONDS & NOTES — 100.2%
CORPORATE DEBT — 39.3%
Aerospace & Defense — 0.6%
Exelis, Inc. 4.250% 10/01/16	$	740,000		753,275
Harris Corp. 1.999% 4/27/18		2,800,000		2,768,545
				3,521,820
Agriculture — 1.3%
Bunge Ltd. Finance Corp. 3.200% 6/15/17		4,895,000		4,942,966
Imperial Tobacco Finance PLC (a) 2.950% 7/21/20		2,285,000		2,289,479
				7,232,445
Airlines — 0.0%
American Airlines Pass-Through Trust, Series 2014-1, Class B 4.375% 4/01/24		104,507		103,985
Auto Manufacturers — 1.5%
Ford Motor Credit Co. LLC 2.240% 6/15/18		3,080,000		3,051,997
General Motors Co. 3.500% 10/02/18		595,000		600,974
General Motors Financial Co., Inc. 3.100% 1/15/19		905,000		903,685
General Motors Financial Co., Inc. 3.200% 7/13/20		705,000		694,145
Hyundai Capital America (a) 2.400% 10/30/18		2,350,000		2,342,710
Hyundai Capital America (a) 2.550% 2/06/19		485,000		481,235
				8,074,746
Banks — 4.7%
Banco Bilbao Vizcaya Argentaria SA 3.000% 10/20/20		2,740,000		2,728,240
BNP Paribas SA 2.375% 5/21/20		795,000		786,959

	Principal Amount		Value
CIT Group, Inc. 4.250% 8/15/17	$	3,200,000	$	3,272,000
Credit Agricole SA (a) 2.750% 6/10/20		1,395,000		1,402,483
Credit Suisse Group Funding Guernsey Ltd. (a) 2.750% 3/26/20		2,800,000		2,773,459
First Horizon National Corp. 3.500% 12/15/20		2,800,000		2,775,685
The Goldman Sachs Group, Inc. 2.750% 9/15/20		3,000,000		2,998,029
Intesa Sanpaolo SpA 3.875% 1/16/18		2,760,000		2,830,137
Itau Unibanco Holding SA (a) 2.850% 5/26/18		840,000		798,840
Mitsubishi UFJ Trust & Banking Corp. (a) 2.650% 10/19/20		2,830,000		2,827,079
Nordea Bank AB (a) 2.500% 9/17/20		1,960,000		1,948,369
Regions Financial Corp. 7.500% 5/15/18		340,000		377,788
Skandinaviska Enskilda Banken AB (a) 2.375% 3/25/19		305,000		306,403
SVB Financial Group 5.375% 9/15/20		225,000		246,160
				26,071,631
Biotechnology — 0.5%
Celgene Corp. 2.875% 8/15/20		2,525,000		2,505,967
Building Materials — 0.5%
Martin Marietta Material, Inc. 3 mo. USD LIBOR + 1.100%, FRN 1.426% 6/30/17		585,000		580,930
Masco Corp. 7.125% 3/15/20		1,750,000		2,021,250
				2,602,180
Chemicals — 1.1%
Airgas, Inc. 3.050% 8/01/20		2,885,000		2,903,031
Ashland, Inc. 3.875% 4/15/18		1,950,000		1,989,000
LyondellBasell Industries NV 5.000% 4/15/19		450,000		478,710
RPM International, Inc. 6.125% 10/15/19		850,000		929,761
				6,300,502
Commercial Services — 1.5%
Leidos Holdings, Inc. 4.450% 12/01/20		2,861,000		2,847,808
McGraw Hill Financial, Inc. 3.300% 8/14/20		2,050,000		2,067,517

The accompanying notes are an integral part of the portfolio of investments.

4

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

	Principal Amount		Value
The Western Union Co. 5.930% 10/01/16	$	3,050,000	$	3,146,847
				8,062,172
Computers — 0.5%
Hewlett Packard Enterprise Co. (a) 2.850% 10/05/18		2,730,000		2,728,477
Distribution & Wholesale — 0.1%
Arrow Electronics, Inc. 3.000% 3/01/18		295,000		294,762
Diversified Financial — 5.4%
AerCap Ireland Capital Ltd./AerCap Global Aviation Trust 4.500% 5/15/21		2,050,000		2,083,313
Air Lease Corp. 2.125% 1/15/18		2,200,000		2,161,500
Air Lease Corp. 3.375% 1/15/19		1,075,000		1,080,375
Air Lease Corp. STEP 5.625% 4/01/17		190,000		197,125
Ally Financial, Inc. 3.600% 5/21/18		1,285,000		1,285,000
Ally Financial, Inc. 4.750% 9/10/18		2,000,000		2,047,500
Capital One Bank USA NA 1.150% 11/21/16		500,000		498,796
Icahn Enterprises LP/Icahn Enterprises Finance Corp. 3.500% 3/15/17		2,730,000		2,743,650
International Lease Finance Corp. 3 mo. USD LIBOR + 1.950%, FRN 2.462% 6/15/16		1,800,000		1,795,500
International Lease Finance Corp. 3.875% 4/15/18		270,000		272,025
International Lease Finance Corp. 5.750% 5/15/16		2,208,000		2,238,360
Lazard Group LLC 4.250% 11/14/20		895,000		927,020
Lazard Group LLC 6.850% 6/15/17		104,000		110,730
Merrill Lynch & Co., Inc. 5.700% 5/02/17		3,100,000		3,232,916
Merrill Lynch & Co., Inc. 6.050% 5/16/16		2,025,000		2,058,394
Morgan Stanley 4.750% 3/22/17		4,500,000		4,661,185
Visa, Inc. 2.200% 12/14/20		1,995,000		1,991,287
				29,384,676
Electric — 0.8%
Ameren Corp. 2.700% 11/15/20		1,165,000		1,160,564

	Principal Amount		Value
Entergy Texas, Inc. 7.125% 2/01/19	$	1,780,000	$	2,015,409
IPALCO Enterprises, Inc. 5.000% 5/01/18		900,000		942,750
Kansas Gas & Electric Co. 5.647% 3/29/21		265,860		267,521
Tri-State Generation & Transmission Association, Series 2003, Class A (a) 6.040% 1/31/18		177,401		186,555
				4,572,799
Electronics — 0.2%
Avnet, Inc. 6.625% 9/15/16		595,000		615,708
Jabil Circuit, Inc. 7.750% 7/15/16		410,000		420,250
Jabil Circuit, Inc. 8.250% 3/15/18		255,000		280,819
				1,316,777
Environmental Controls — 0.3%
Clean Harbors, Inc. 5.250% 8/01/20		1,400,000		1,428,000
Foods — 0.1%
JBS Investments GmbH (a) 7.750% 10/28/20		634,000		608,640
Tyson Foods, Inc. 2.650% 8/15/19		180,000		180,100
				788,740
Forest Products & Paper — 0.6%
Domtar Corp. 10.750% 6/01/17		262,000		291,534
Sappi Papier Holding GmbH (a) 7.750% 7/15/17		2,750,000		2,856,562
				3,148,096
Hand & Machine Tools — 0.4%
Kennametal, Inc. 2.650% 11/01/19		350,000		340,590
Stanley Black & Decker, Inc. 2.451% 11/17/18		1,890,000		1,897,375
				2,237,965
Health Care – Products — 0.4%
Boston Scientific Corp. 2.850% 5/15/20		785,000		780,911
Zimmer Biomet Holdings, Inc. 2.000% 4/01/18		1,213,000		1,205,527
				1,986,438
Health Care – Services — 0.2%
Anthem, Inc. 1.875% 1/15/18		1,055,000		1,050,423

The accompanying notes are an integral part of the portfolio of investments.

5

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

	Principal Amount		Value
Holding Company – Diversified — 0.5%
Hutchison Whampoa International 14 Ltd. (a) 1.625% 10/31/17	$	2,580,000	$	2,557,226
Home Builders — 0.8%
DR Horton, Inc. 3.750% 3/01/19		2,900,000		2,900,000
Lennar Corp. 4.500% 11/15/19		1,383,000		1,406,338
				4,306,338
Insurance — 1.3%
AXIS Specialty Finance PLC 2.650% 4/01/19		265,000		263,873
Reinsurance Group of America, Inc. 5.625% 3/15/17		1,365,000		1,422,552
TIAA Asset Management Finance Co. LLC (a) 2.950% 11/01/19		3,700,000		3,707,374
Willis Group Holdings PLC 4.125% 3/15/16		180,000		180,976
Willis Group Holdings PLC 5.750% 3/15/21		840,000		928,296
Willis North America, Inc. 6.200% 3/28/17		835,000		878,159
				7,381,230
Internet — 0.5%
Expedia, Inc. 7.456% 8/15/18		2,715,000		3,025,534
Investment Companies — 0.5%
Ares Capital Corp. 3.875% 1/15/20		1,450,000		1,472,021
FS Investment Corp. 4.000% 7/15/19		1,040,000		1,030,447
				2,502,468
Iron & Steel — 0.6%
Allegheny Technologies, Inc. 9.375% 6/01/19		2,710,000		2,168,000
ArcelorMittal STEP 5.500% 2/25/17		75,000		72,442
ArcelorMittal 6.125% 6/01/18		445,000		407,175
Commercial Metals Co. 6.500% 7/15/17		355,000		367,869
Reliance Steel & Aluminum Co. 6.200% 11/15/16		499,000		515,728
				3,531,214
Lodging — 0.3%
Marriott International, Inc. 2.875% 3/01/21		1,845,000		1,830,502

	Principal Amount		Value
Machinery – Diversified — 0.5%
CNH Industrial Capital LLC 3.375% 7/15/19	$	660,000	$	622,050
CNH Industrial Capital LLC 3.625% 4/15/18		265,000		260,893
CNH Industrial Capital LLC 6.250% 11/01/16		510,000		519,562
Roper Technologies, Inc. 1.850% 11/15/17		1,125,000		1,119,084
				2,521,589
Manufacturing — 0.4%
SPX FLOW, Inc. 6.875% 9/01/17		505,000		536,563
Tyco Electronics Group SA 6.550% 10/01/17		1,461,000		1,574,496
				2,111,059
Media — 0.6%
CCO Safari II LLC (a) 3.579% 7/23/20		1,845,000		1,833,947
Sirius XM Radio, Inc. (a) 4.250% 5/15/20		1,450,000		1,464,500
				3,298,447
Mining — 0.8%
Freeport-McMoRan, Inc. 2.300% 11/14/17		1,500,000		1,278,750
Vale Overseas Ltd. 6.250% 1/11/16		3,330,000		3,329,500
				4,608,250
Office Equipment/Supplies — 0.1%
Pitney Bowes, Inc. 4.750% 1/15/16		300,000		300,280
Pitney Bowes, Inc. 5.750% 9/15/17		74,000		78,062
				378,342
Oil & Gas — 1.3%
Chesapeake Energy Corp., Convertible 2.500% 5/15/37		485,000		227,950
Noble Holding International Ltd. 4.000% 3/16/18		300,000		271,656
Petrobras Global Finance BV 3.250% 3/17/17		1,265,000		1,170,125
Petroleos Mexicanos 3.125% 1/23/19		155,000		149,945
Pioneer Natural Resources Co. 3.450% 1/15/21		2,810,000		2,594,622
Rowan Cos., Inc. 5.000% 9/01/17		170,000		168,721
Southwestern Energy Co. 3.300% 1/23/18		400,000		328,000
Transocean, Inc. STEP 5.800% 12/15/16		200,000		194,000

The accompanying notes are an integral part of the portfolio of investments.

6

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

	Principal Amount		Value
Transocean, Inc. 6.000% 3/15/18	$	220,000	$	195,800
Whiting Petroleum Corp., Convertible (a) 1.250% 4/01/20		1,000,000		680,000
WPX Energy, Inc. 7.500% 8/01/20		1,145,000		927,450
				6,908,269
Oil & Gas Services — 1.0%
Cameron International Corp. 1.400% 6/15/17		3,300,000		3,253,199
SESI LLC 6.375% 5/01/19		315,000		292,361
Superior Energy Services, Inc. 7.125% 12/15/21		2,409,000		2,144,010
				5,689,570
Pharmaceuticals — 1.2%
AbbVie, Inc. 1.800% 5/14/18		2,590,000		2,578,076
Actavis Funding SCS Co. 2.350% 3/12/18		1,580,000		1,581,646
Baxalta, Inc. (a) 2.000% 6/22/18		1,525,000		1,509,352
McKesson Corp. 2.284% 3/15/19		255,000		253,988
Mylan, Inc. 1.350% 11/29/16		500,000		495,808
				6,418,870
Pipelines — 0.8%
Boardwalk Pipelines LP 5.875% 11/15/16		1,100,000		1,110,667
Energy Transfer Partners LP 2.500% 6/15/18		1,070,000		1,024,895
Kinder Morgan Finance Co. LLC (a) 6.000% 1/15/18		925,000		932,642
Kinder Morgan, Inc. (a) 5.000% 2/15/21		1,290,000		1,226,134
				4,294,338
Real Estate — 0.2%
Regency Centers LP 5.875% 6/15/17		892,000		940,639
Real Estate Investment Trusts (REITS) — 2.4%
American Tower Corp. 4.500% 1/15/18		850,000		886,459
DDR Corp. 7.500% 7/15/18		2,400,000		2,693,021
DDR Corp. 9.625% 3/15/16		145,000		147,264
Digital Delta Holdings LLC (a) 3.400% 10/01/20		925,000		926,014
Duke Realty LP 5.950% 2/15/17		2,450,000		2,558,016

	Principal Amount		Value
Duke Realty LP 8.250% 8/15/19	$	550,000	$	650,598
HCP, Inc. 6.000% 1/30/17		1,450,000		1,510,463
Highwoods Realty LP 5.850% 3/15/17		710,000		740,184
Highwoods Realty LP 7.500% 4/15/18		170,000		187,877
Realty Income Corp. 2.000% 1/31/18		205,000		205,117
UDR, Inc. 5.250% 1/15/16		1,500,000		1,501,444
Vereit Operating Partnership LP 2.000% 2/06/17		640,000		633,600
Vereit Operating Partnership LP 3.000% 2/06/19		320,000		307,840
				12,947,897
Retail — 0.4%
AutoNation, Inc. 3.350% 1/15/21		735,000		732,388
Best Buy Co., Inc. 3.750% 3/15/16		1,450,000		1,455,220
Macy’s Retail Holdings, Inc. 7.450% 7/15/17		135,000		145,864
				2,333,472
Savings & Loans — 0.6%
Glencore Funding LLC (a) 1.700% 5/27/16		2,638,000		2,611,620
Glencore Funding LLC (a) 3.125% 4/29/19		1,150,000		960,250
				3,571,870
Semiconductors — 0.9%
KLA-Tencor Corp. 2.375% 11/01/17		3,495,000		3,496,817
Micron Technology, Inc., Convertible 3.000% 11/15/43		1,750,000		1,454,688
				4,951,505
Telecommunications — 1.1%
Crown Castle Towers LLC (a) 4.174% 8/15/37		1,100,000		1,124,786
Frontier Communications Corp. 8.250% 4/15/17		2,310,000		2,425,500
Qwest Corp. 8.375% 5/01/16		975,000		988,406
Sprint Communications, Inc. (a) 9.000% 11/15/18		1,185,000		1,247,213
Telefonica Emisiones SAU 6.421% 6/20/16		331,000		338,607
				6,124,512

The accompanying notes are an integral part of the portfolio of investments.

7

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

	Principal Amount		Value
Transportation — 0.8%
Asciano Finance (a) 5.000% 4/07/18	$	1,678,000	$	1,727,654
Ryder System, Inc. 2.500% 3/01/18		1,295,000		1,292,704
Ryder System, Inc. 2.550% 6/01/19		190,000		188,846
Ryder System, Inc. 2.875% 9/01/20		1,080,000		1,066,938
				4,276,142
Trucking & Leasing — 1.0%
Aviation Capital Group Corp. (a) 2.875% 9/17/18		3,260,000		3,241,294
GATX Corp. 3.500% 7/15/16		105,000		106,132
Penske Truck Leasing Co. LP/PTL Finance Corp. (a) 2.500% 6/15/19		770,000		757,424
Penske Truck Leasing Co. LP/PTL Finance Corp. (a) 3.050% 1/09/20		1,650,000		1,636,341
				5,741,191
TOTAL CORPORATE DEBT (Cost $219,948,369)				215,663,075
MUNICIPAL OBLIGATIONS — 0.5%
Access to Loans for Learning Student Loan Corp., Series 2004-IV, Class Note FRN 0.520% 4/25/24		866,636		862,390
Louisiana State Public Facilities Authority FRN 1.219% 4/26/27		311,087		312,978
State of Illinois 5.365% 3/01/17		1,200,000		1,244,556
				2,419,924
TOTAL MUNICIPAL OBLIGATIONS (Cost $2,362,557)				2,419,924
NON-U.S. GOVERNMENT AGENCY OBLIGATIONS — 30.8%
Auto Floor Plan ABS — 0.1%
NCF Dealer Floorplan Master Trust, Series 2014-1A, Class A, 1 mo. LIBOR + 1.500%, FRN (a) 1.902% 10/20/20		630,000		630,000
Automobile ABS — 3.7%
American Credit Acceptance Receivables Trust, Series 2014-3, Class A (a) 0.990% 8/10/18		183,995		183,929

	Principal Amount		Value
American Credit Acceptance Receivables Trust, Series 2015-2, Class A (a) 1.570% 6/12/19	$	927,275	$	925,383
American Credit Acceptance Receivables Trust, Series 2015-3, Class A (a) 1.950% 9/12/19		1,498,759		1,494,244
Avis Budget Rental Car Funding AESOP LLC, Series 2012-3A, Class A (a) 2.100% 3/20/19		600,000		597,579
Capital Automotive REIT, Series 2012-1A, Class A (a) 4.700% 7/15/42		512,251		524,486
CFC LLC, Series 2014-2A, Class A (a) 1.440% 11/16/20		396,207		393,805
CFC LLC, Series 2015-1A, Class A (a) 1.750% 6/15/21		649,808		642,626
Chesapeake Funding LLC, Series 2015-1A, Class B, 1 mo. LIBOR + .950%, FRN (a) 1.219% 2/07/27		400,000		399,579
CPS Auto Trust, Series 2014-B, Class A (a) 1.110% 11/15/18		511,933		507,959
CPS Auto Trust, Series 2014-C, Class A (a) 1.310% 2/15/19		575,306		573,827
CPS Auto Trust, Series 2014-D, Class A (a) 1.490% 4/15/19		368,244		365,901
CPS Auto Trust, Series 2013-D, Class A (a) 1.540% 7/16/18		247,232		247,222
CPS Auto Trust, Series 2013-C, Class A (a) 1.640% 4/16/18		250,217		250,228
CPS Auto Trust, Series 2013-B, Class A (a) 1.820% 9/15/20		671,578		671,093
CPS Auto Trust, Series 2015-C, Class B (a) 2.550% 2/18/20		750,000		746,157
Credit Acceptance Auto Loan Trust, Series 2014-2A, Class A (a) 1.880% 3/15/22		1,100,000		1,093,453
Exeter Automobile Receivables Trust, Series 2014-2A, Class A (a) 1.060% 8/15/18		228,266		228,221
Exeter Automobile Receivables Trust, Series 2014-1A, Class A (a) 1.290% 5/15/18		90,270		90,294
Exeter Automobile Receivables Trust, Series 2014-3A, Class A (a) 1.320% 1/15/19		264,291		263,766

The accompanying notes are an integral part of the portfolio of investments.

8

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

	Principal Amount		Value
Exeter Automobile Receivables Trust, Series 2015-2A, Class A (a) 1.540% 11/15/19	$	578,939	$	576,130
Exeter Automobile Receivables Trust, Series 2015-1A, Class A (a) 1.600% 6/17/19		605,328		603,803
Exeter Automobile Receivables Trust, Series 2015-3A, Class A (a) 2.000% 3/16/20		909,650		906,511
Exeter Automobile Receivables Trust, Series 2013-2A, Class B (a) 3.090% 7/16/18		872,628		874,663
First Investors Auto Owner Trust, Series 2013-3A, Class A3 (a) 1.440% 10/15/19		570,988		570,520
First Investors Auto Owner Trust, Series 2015-2A, Class A1 (a) 1.590% 12/16/19		598,252		596,698
Flagship Credit Auto Trust, Series 2013-1, Class A (a) 1.320% 4/16/18		372,490		372,473
Flagship Credit Auto Trust, Series 2014-2, Class A (a) 1.430% 12/16/19		486,138		482,914
Flagship Credit Auto Trust, Series 2013-2, Class A (a) 1.940% 1/15/19		212,411		212,671
Flagship Credit Auto Trust, Series 2015-2, Class A (a) 1.980% 10/15/20		753,646		750,402
Flagship Credit Auto Trust, Series 2015-3, Class A (a) 2.380% 10/15/20		1,660,319		1,650,214
GLS Auto Receivables Trust, Series 2015-1A, Class A (a) 2.250% 12/15/20		401,256		400,440
GO Financial Auto Securitization Trust, Series 2015-1, Class A (a) 1.810% 3/15/18		226,226		225,864
NextGear Floorplan Master Owner Trust, Series 2015-2A, Class A (a) 2.380% 10/15/20		780,000		772,507
Oscar US Funding Trust, Series 2014-1A, Class A2 (a) 1.000% 8/15/17		439,880		439,516
Santander Drive Auto Receivables Trust, Series 2015-S2, Class R1 (a) 1.840% 11/18/19		254,508		253,236
SNAAC Auto Receivables Trust, Series 2014-1A, Class A (a) 1.030% 9/17/18		89,218		89,151
Westlake Automobile Receivables Trust, Series 2014-2A, Class A2 (a) 0.970% 10/16/17		215,089		214,967
				20,192,432

	Principal Amount		Value
Commercial MBS — 6.0%
Banc of America Commercial Mortgage, Inc., Series 2007-3, Class A4, VRN 5.558% 6/10/49	$	851,364	$	877,364
Banc of America Commercial Mortgage, Inc., Series 2007-4, Class A4, VRN 5.742% 2/10/51		566,856		591,518
Banc of America Commercial Mortgage, Inc., Series 2007-4, Class AM, VRN 5.809% 2/10/51		500,000		520,024
Banc of America Commercial Mortgage, Inc., Series 2008-1, Class A4, VRN 6.215% 2/10/51		1,275,933		1,349,541
Bear Stearns Commercial Mortgage Securities, Series 2006-PW14, Class A4 5.201% 12/11/38		712,524		725,740
Bear Stearns Commercial Mortgage Securities, Series 2006-PW14, Class AM 5.243% 12/11/38		900,000		924,113
Bear Stearns Commercial Mortgage Securities, Series 2007-T26, Class AM, VRN 5.513% 1/12/45		1,185,000		1,222,220
Bear Stearns Commercial Mortgage Securities, Series 2006-T24, Class AM, VRN 5.568% 10/12/41		880,000		896,462
Bear Stearns Commercial Mortgage Securities, Series 2007-PW17, Class A4, VRN 5.694% 6/11/50		679,144		706,078
Bear Stearns Commercial Mortgage Securities, Series 2007-PW18, Class A4 5.700% 6/11/50		625,000		649,323
Bear Stearns Commercial Mortgage Securities, Series 2006-PW12, Class AM, VRN 5.752% 9/11/38		900,000		907,243
Bear Stearns Commercial Mortgage Securities, Series 2007-PW17, Class AM, VRN 5.882% 6/11/50		1,215,000		1,268,633
Commercial Mortgage Pass Through Certificates, Series 2014-BBG, Class A, 1 mo. LIBOR + .800%, FRN (a) 1.131% 3/15/29		1,085,000		1,082,278
Commercial Mortgage Pass Through Certificates, Series 2014-CR14, Class A2 3.147% 2/10/47		845,000		863,309

The accompanying notes are an integral part of the portfolio of investments.

9

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

	Principal Amount		Value
Commercial Mortgage Pass Through Certificates, Series 2006-C7, Class A1A, VRN 5.757% 6/10/46	$	438,849	$	441,659
Commercial Mortgage Pass Through Certificates, Series 2006-C7, Class AM, VRN 5.793% 6/10/46		400,000		403,316
Commercial Mortgage Pass Through Certificates, Series 2007-C9, Class A4, VRN 5.796% 12/10/49		1,054,443		1,101,009
DBRR Trust, Series 2013-EZ3, Class A, VRN (a) 1.635% 12/18/49		431,609		430,319
DBUBS Mortgage Trust, Series 2011-LC2A, Class A2 (a) 3.386% 7/10/44		383,574		385,277
DBUBS Mortgage Trust, Series 2011-LC1A, Class A1 (a) 3.742% 11/10/46		214,862		215,457
GCCFC Commercial Mortgage Trust, Series 2006-GG7, Class AM, VRN 5.826% 7/10/38		1,215,000		1,229,500
Greenwich Capital Commercial Funding Corp., Series 2006-GG7, Class A4, VRN 5.826% 7/10/38		804,815		810,074
JP Morgan Chase Commercial Mortgage Securities Corp., Series 2006-CB17, Class A4 5.429% 12/12/43		1,143,479		1,161,198
JP Morgan Chase Commercial Mortgage Securities Corp., Series 2006-CB14, Class AM, VRN 5.488% 12/12/44		817,009		816,104
JP Morgan Chase Commercial Mortgage Securities Corp., Series 2007-CB20, Class AM, VRN 5.882% 2/12/51		900,000		944,418
Merrill Lynch/Countrywide Commercial Mortgage Trust, Series 2006-4, Class AM 5.204% 12/12/49		1,360,000		1,389,052
Merrill Lynch/Countrywide Commercial Mortgage Trust, Series 2007-9, Class A4 5.700% 9/12/49		801,989		831,828
ML-CFC Commercial Mortgage Trust, Series 2007-9, Class AM, VRN 5.856% 9/12/49		680,000		709,083
Morgan Stanley Capital I, Series 2006-IQ12, Class AM 5.370% 12/15/43		450,000		460,101

	Principal Amount		Value
Morgan Stanley Capital I, Series 2007-HQ11, Class AM, VRN 5.478% 2/12/44	$	885,000	$	911,241
Morgan Stanley Capital I, Series 2007-HQ11, Class AJ, VRN 5.508% 2/12/44		600,000		607,985
Morgan Stanley Capital I, Series 2007-IQ14, Class A2 5.610% 4/15/49		275,276		275,014
Morgan Stanley Capital I, Series 2008-T29, Class A4, VRN 6.267% 1/11/43		353,487		377,127
Morgan Stanley Capital I Trust, Series 2012-C4, Class A2 2.111% 3/15/45		575,000		576,723
STRIPs Ltd., Series 2012-1A, Class A (a) 1.500% 12/25/44		125,268		122,888
TIAA Seasoned Commercial Mortgage Trust, Series 2007-C4, Class AJ, VRN 5.510% 8/15/39		219,791		219,780
VFC LLC, Series 2014-2, Class A (Acquired 7/9/14, Cost $600,000) (a) (b) 2.750% 7/20/30		69,995		69,998
VFC LLC, Series 2015-3, Class A, (Acquired 3/25/15, Cost $249,531) (a) (b) 2.750% 12/20/31		147,262		147,152
Wachovia Bank Commercial Mortgage Trust, Series 2006-C29, Class AM 5.339% 11/15/48		1,300,000		1,329,805
Wachovia Bank Commercial Mortgage Trust, Series 2007-C31, Class A4 5.509% 4/15/47		1,450,000		1,473,946
Wachovia Bank Commercial Mortgage Trust, Series 2007-C33, Class AM, VRN 5.952% 2/15/51		240,000		250,463
Wachovia Bank Commercial Mortgage Trust, Series 2006-C26, Class AM, VRN 5.962% 6/15/45		1,200,000		1,215,113
Wells Fargo Reremic Trust, Series 2012-IO, Class A (a) 1.750% 8/20/21		74,514		74,514
WF-RBS Commercial Mortgage Trust, Series 2012-C10, Class A2 1.765% 12/15/45		880,000		876,869
WF-RBS Commercial Mortgage Trust, Series 2011-C3, Class A2 (a) 3.240% 3/15/44		200,770		201,318

The accompanying notes are an integral part of the portfolio of investments.

10

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

	Principal Amount		Value
WF-RBS Commercial Mortgage Trust, Series 2011-C2, Class A2 (a) 3.791% 2/15/44	$	201,166	$	201,028
				32,843,205
Home Equity ABS — 1.6%
ACE Securities Corp., Series 2005-AG1, Class A1B1, 1 mo. USD LIBOR + .270%, FRN 0.491% 8/25/35		168,047		167,690
ACE Securities Corp., Series 2005-HE7, Class A2D, 1 mo. USD LIBOR + .660%, FRN 0.881% 11/25/35		236,483		236,167
ACE Securities Corp., Series 2005-HE5, Class M2, 1 mo. USD LIBOR + .735%, FRN 0.956% 8/25/35		518,708		517,558
Asset-Backed Funding Certificates, Series 2005-WMC1, Class M1, 1 mo. USD LIBOR + .660%, FRN 0.881% 6/25/35		41,904		41,882
Bear Stearns Asset Backed Securities I Trust, Series 2006-HE3, Class A2, 1 mo. USD LIBOR + .180%, FRN 0.602% 4/25/36		113,785		113,351
Bear Stearns Asset-Backed Securities I Trust, Series 2005-HE12, Class M1, 1 mo. USD LIBOR + .480%, FRN 0.902% 12/25/35		926,421		905,247
Citigroup Mortgage Loan Trust, Series 2005-OPT4, Class M2, 1 mo. USD LIBOR + .430%, FRN 0.651% 7/25/35		117,266		115,069
Countrywide Asset-Backed Certificates, Series 2005-3, Class MV2, 1 mo. USD LIBOR + .450%, FRN 0.872% 8/25/35		52,557		52,505
Countrywide Asset-Backed Certificates, Series 2004-5, Class 3A, 1 mo. USD LIBOR + .460%, FRN 0.882% 9/25/34		83,223		82,253
Credit Suisse Seasoned Loan Trust, Series 2006-1, Class A, 1 mo. USD LIBOR + .240%, FRN (a) 0.662% 10/25/34		588,347		584,753
First Franklin Mortgage Loan Trust, Series 2005-FF6, Class M1, 1 mo. USD LIBOR + .420%, FRN 0.641% 5/25/36		331,636		329,209
GSAMP Trust, Series 2005-AHL, Class M1, 1 mo. USD LIBOR + .430%, FRN 0.852% 4/25/35		148,724		148,765

	Principal Amount		Value
Home Equity Asset Trust, Series 2006-4, Class 2A3, 1 mo. USD LIBOR + .170%, FRN 0.592% 8/25/36	$	107,096	$	106,944
Home Equity Asset Trust, Series 2005-HF1, Class A1, 1 mo. LIBOR + .520%, FRN 0.942% 2/25/36		239,664		234,883
Home Equity Asset Trust, Series 2005-HF1, Class A2B, 1 mo. LIBOR + .700%, FRN 1.122% 2/25/36		267,645		262,536
JP Morgan Mortgage Acquisition Corp., Series 2005-FRE1, Class A2V2, 1 mo. USD LIBOR + .220%, FRN 0.441% 10/25/35		531,351		529,942
Long Beach Mortgage Loan Trust, Series 2005-WL1, Class M2, 1 mo. USD LIBOR + .825%, FRN 1.247% 6/25/35		598,041		590,855
MASTR Asset-Backed Securities Trust, Series 2005-WMC1, Class M3, 1 mo. USD LIBOR + .720%, FRN 1.142% 3/25/35		875,000		872,697
Merrill Lynch Mortgage Investors Trust, Series 2006-FF1, Class A2C, 1 mo. USD LIBOR + .200%, FRN 0.622% 8/25/36		47,585		47,561
Morgan Stanley Capital, Inc., Series 2005-WMC6, Class M2, 1 mo. USD LIBOR + .750%, FRN 0.971% 7/25/35		274,368		276,103
New Century Home Equity Loan Trust, Series 1997-NC5, Class A6, STEP 6.390% 10/25/28		50		51
NovaStar Mortgage Funding Trust, Series 2005-3, Class A2D, 1 mo. LIBOR + .370%, FRN 0.792% 1/25/36		731,163		731,820
Park Place Securities, Inc., Series 2005-WCW3, Class A2C, 1 mo. USD LIBOR + .380%, FRN 0.601% 8/25/35		107,419		107,236
Park Place Securities, Inc., Series 2005-WHQ1, Class M2, 1 mo. USD LIBOR + .750%, FRN 0.971% 3/25/35		107,784		107,765
Residential Asset Mortgage Products, Inc., Series 2005-EFC5, Class M1, 1 mo. USD LIBOR + .400%, FRN 0.822% 10/25/35		451,181		450,243
Residential Asset Securities Corp., Series 2005-AHL3, Class A2, 1 mo. USD LIBOR + .240%, FRN 0.662% 11/25/35		570,561		567,033

The accompanying notes are an integral part of the portfolio of investments.

11

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

	Principal Amount		Value
Residential Asset Securities Corp., Series 2005-EMX4, Class M1, 1 mo. USD LIBOR + .430%, FRN 0.852% 11/25/35	$	307,040	$	304,074
Security National Mortgage Loan Trust, Series 2006-3A, Class A1, 1 mo. LIBOR + .280%, FRN (a) 0.501% 1/25/37		176,107		176,056
Structured Asset Investment Loan Trust, Series 2005-7, Class A5, 1 mo. USD LIBOR + .720%, FRN 1.142% 8/25/35		90,457		90,529
				8,750,777
Other ABS — 14.3%
321 Henderson Receivables I LLC, Series 2006-1A, Class A1, 1 mo. LIBOR + .200%, FRN (a) 0.531% 3/15/41		486,135		469,837
321 Henderson Receivables I LLC, Series 2006-2A, Class A1, 1 mo. LIBOR + .200%, FRN (a) 0.531% 6/15/41		558,601		540,076
321 Henderson Receivables I LLC, Series 2010-3A, Class A (a) 3.820% 12/15/48		955,023		979,347
AIMCO CLO Ltd., Series 2014-AA, Class A, 3 mo. USD LIBOR + 1.540%, FRN (a) 1.857% 7/20/26		1,000,000		993,998
ALM VIII Ltd., Series 2013-8A, Class A1A, 3 mo. USD LIBOR + 1.450%, FRN (a) 1.767% 1/20/26		730,000		724,241
Alterna Funding I LLC, Series 2014-1A, Class NOTE (a) 1.639% 2/15/21		445,760		443,183
Arbys Funding LLC, Series 2015-1A, Class A2 (a) 4.969% 10/30/45		850,000		849,915
ARL First LLC, Series 2012-1A, Class A1, 1 mo. LIBOR + 1.750%, FRN (a) 2.081% 12/15/42		1,150,765		1,148,834
Ascentium Equipment Receivables LLC, Series 2014-1A, Class A2 (a) 1.040% 1/10/17		192,579		192,597
Ascentium Equipment Receivables LLC, Series 2014-1A, Class B (a) 1.580% 10/10/18		700,000		699,934
BCC Funding VIII LLC, Series 2014-1A, Class A (a) 1.794% 6/20/20		183,724		183,035

	Principal Amount		Value
BCC Funding X LLC, Series 2015-1, Class A2 (a) 2.224% 10/20/20	$	1,300,000	$	1,299,725
Birchwood Park CLO Ltd., Series 2014-1A, Class A, 3 mo. USD LIBOR + 1.440%, FRN (a) 1.761% 7/15/26		1,010,000		1,001,268
Blue Hill CLO Ltd., Series 2013-1A, Class A, 3 mo. USD LIBOR + 1.480%, FRN (a) 1.801% 1/15/26		2,315,000		2,280,076
BlueMountain CLO Ltd., Series 2015-2A, Class A1, 3 mo. USD LIBOR + 1.430%, FRN (a) 1.714% 7/18/27		1,475,000		1,454,844
BlueVirgo Trust, Series 2015-1A, Class NOTE (a) 3.000% 12/15/22		2,795,082		2,777,110
CAN Capital Funding LLC, Series 2014-1A, Class A (a) 3.117% 4/15/20		880,000		877,105
Carlyle Global Market Strategies, Series 2014-4A, Class A1, 3 mo. USD LIBOR + 1.500%, FRN (a) 1.821% 10/15/26		2,050,000		2,036,105
Carlyle Global Market Strategies, Series 2014-1A, Class A, 3 mo. USD LIBOR + 1.520%, FRN (a) 1.837% 4/17/25		1,520,000		1,512,736
Cazenovia Creek Funding I LLC, Series 2015-1A, Class A (a) 2.000% 12/10/23		635,195		635,786
Citi Held For Asset Issuance, Series 2015-PM1, Class A (a) 1.850% 12/15/21		242,151		241,671
Citi Held For Asset Issuance, Series 2015-PM2, Class A (a) 2.350% 3/15/22		871,049		868,415
Citi Held For Asset Issuance, Series 2015-PM3, Class A (a) 2.600% 5/16/22		370,000		369,653
CKE Restaurant Holdings, Inc., Series 2013-1A, Class A2 (a) 4.474% 3/20/43		484,169		484,169
Credit-Based Asset Servicing and Securitization LLC, Series 2006-RP2, Class A3, 1 mo. LIBOR + .300%, FRN (a) 0.722% 7/25/36		774,985		769,338
DB Master Finance LLC, Series 2015-1A, Class A2I (a) 3.262% 2/20/45		664,975		669,630

The accompanying notes are an integral part of the portfolio of investments.

12

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

	Principal Amount		Value
Diamond Resorts Owner Trust, Series 2014-1, Class A (a) 2.540% 5/20/27	$	323,667	$	325,496
Diamond Resorts Owner Trust, Series 2015-1, Class A (a) 2.730% 7/20/27		611,508		610,349
Diamond Resorts Owner Trust, Series 2015-2, Class B (a) 3.540% 5/22/28		719,096		719,057
Direct Capital Funding V LLC, Series 2013-2, Class A2 (a) 1.730% 8/20/18		267,361		267,285
Domino’s Pizza Master Issuer LLC, Series 2015-1A, Class A2I (a) 3.484% 10/25/45		1,320,000		1,293,600
Domino’s Pizza Master Issuer LLC, Series 2012-1A, Class A2 (a) 5.216% 1/25/42		1,020,788		1,054,028
Dong Fang Container Finance II SPV Ltd., Series 2014-1A, Class A1 (a) 1.950% 11/25/39		729,167		718,166
Drug Royalty Corp., Inc., Series 2014-1, Class A1, 3 mo. LIBOR + 2.850%, FRN (a) 3.139% 7/15/23		659,039		666,822
Drug Royalty Corp., Inc., Series 2012-1, Class A1, 3 mo. LIBOR + 5.250%, FRN (a) 5.571% 7/15/24		534,000		545,881
Eaton Vance CLO, Series 2014-1A, Class A, 3 mo. USD LIBOR + 1.450%, FRN (a) 1.771% 7/15/26		1,275,000		1,263,896
Elara HGV Timeshare Issuer LLC, Series 2014-A, Class B (a) 3.020% 2/25/27		680,220		671,358
Element Rail Leasing I LLC, Series 2014-1A, Class A1 (a) 2.299% 4/19/44		521,599		513,238
Element Rail Leasing II LLC, Series 2015-1A, Class A1 (a) 2.707% 2/19/45		265,784		262,813
Entegry New Orleans Storm Recovery Funding I LLC, Series 2015-1, Class A 2.670% 6/01/27		310,000		316,258
First Franklin Mortgage Loan Trust, Series 2005-FF4, Class M1, 1 mo. USD LIBOR + .645%, FRN 1.067% 5/25/35		214,848		214,666
FNA Trust, Series 2014-1A, Class A (a) 1.296% 12/10/22		1,026,580		1,024,815
FNA Trust, Series 2015-1, Class A (a) 3.240% 12/10/23		819,049		816,738

	Principal Amount		Value
Fremont Home Loan Trust, Series 2005-E, Class 2A3, 1 mo. USD LIBOR + .240%, FRN 0.461% 1/25/36	$	151,827	$	146,375
FRS I LLC, Series 2013-1A, Class A1 (a) 1.800% 4/15/43		242,304		238,825
Galaxy XX CLO Ltd., Series 2015-20A, Class A, 3 mo. USD LIBOR + 1.450%, FRN (a) 1.731% 7/20/27		1,475,000		1,467,840
Global Container Assets Ltd., Series 2015-1A, Class A1 (a) 2.100% 2/05/30		475,000		472,001
Global Container Assets Ltd., Series 2013-1A, Class A1 (a) 2.200% 11/05/28		433,656		433,522
Global SC Funding One Ltd., Series 2015-1, Class B1 (a) 2.740% 1/18/30		333,583		274,849
GoldenTree Loan Opportunities VII Ltd., Series 2013-7A, Class A, 3 mo. USD LIBOR + 1.150%, FRN (a) 1.470% 4/25/25		1,505,000		1,473,667
Green Tree Agency Advance Funding Trust I, Series 2015-T2, Class AT2 (a) 3.095% 10/15/48		1,060,000		1,048,700
Hercules Capital Funding Trust, Series 2014-1A, Class A (a) 3.524% 4/16/21		420,000		418,819
HFG Healthco-4 LLC, Series 2011-1A, Class A, 1 mo. LIBOR + 2.250%, FRN (a) 2.519% 6/02/17		575,000		576,981
Hilton Grand Vacations Trust, Series 2014-AA, Class A (a) 1.770% 11/25/26		765,474		755,333
Hilton Grand Vacations Trust, Series 2013-A, Class A (a) 2.280% 1/25/26		608,013		609,112
Horizon Funding Trust, Series 2013-1A, Class A (a) 3.000% 5/15/18		116,371		116,444
Icon Brand Holdings LLC, Series 2012-1A, Class A (a) 4.229% 1/25/43		431,117		432,336
Icon Brand Holdings LLC, Series 2013-1A, Class A (a) 4.352% 1/25/43		462,994		465,100
ING Investment Management CLO Ltd., Series 2013-3A, Class A1, 3 mo. USD LIBOR + 1.450%, FRN (a) 1.765% 1/18/26		790,000		779,536

The accompanying notes are an integral part of the portfolio of investments.

13

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

	Principal Amount		Value
ING Investment Management CLO V Ltd., Series 2007-5A, Class A1A, 3 mo. USD LIBOR + .230%, FRN (a) 0.559% 5/01/22	$	907,076	$	897,743
LCM Ltd., Series 16A, Class A, 3 mo. USD LIBOR + 1.500%, FRN (a) 1.821% 7/15/26		1,250,000		1,244,425
LCM XI LP, Series 11A, Class A, 3 mo. USD LIBOR + 1.300%, FRN (a) 1.615% 4/19/22		3,660,000		3,630,603
Madison Park Funding XII Ltd., Series 2014-12A, Class A, 3 mo. USD LIBOR + 1.500%, FRN (a) 1.817% 7/20/26		2,175,000		2,157,787
Madison Park Funding XIV Ltd., Series 2014-14A, Class A2, 3 mo. USD LIBOR + 1.450%, FRN (a) 1.767% 7/20/26		930,000		920,402
Miramax LLC, Series 2014-1A, Class A2 (a) 3.340% 7/20/26		542,360		538,458
Morgan Stanley ABS Capital I, Inc. Trust, Series 2005-WMC4, Class M4, 1 mo. USD LIBOR + .945%, FRN 1.166% 4/25/35		900,402		895,961
MVW Owner Trust, Series 2013-1A, Class A (a) 2.150% 4/22/30		565,975		563,748
MVW Owner Trust, Series 2014-2, Class A (a) 2.250% 9/22/31		1,033,567		1,025,685
Nations Equipment Finance Funding II LLC, Series 2014-1A, Class A (a) 1.558% 7/20/18		251,546		251,378
Navitas Equipment Receivables LLC, Series 2015-1, Class A2 (a) 2.120% 11/15/18		750,000		751,079
New Residential Advance Receivables Trust, Series 2015-T3, Class AT3 (a) 2.540% 11/15/46		770,000		768,748
New York City Tax Lien, Series 2014-A, Class A (a) 1.030% 11/10/27		105,516		105,340
Ocwen Master Advance Receivables Trust, Series 2015-T2, Class AT2 (a) 2.532% 11/15/46		900,000		899,910
Ocwen Master Advance Receivables Trust, Series 15-1, Class AT1 (a) 2.537% 9/17/46		400,000		399,650
OnDeck Asset Securitization Trust, Series 2014-1A, Class A (a) 3.150% 5/17/18		500,000		499,521

	Principal Amount		Value
Orange Lake Timeshare Trust, Series 2014-AA, Class A (a) 2.290% 7/09/29	$	206,632	$	205,130
Oxford Finance Funding Trust, Series 2014-1A, Class A (a) 3.475% 12/15/22		320,000		318,381
Park Place Securities, Inc., Series 2005-WHQ4, Class A1A, 1 mo. USD LIBOR + .260%, FRN 0.481% 9/25/35		202,040		201,927
RAAC, Series 2006-RP2, Class A, 1 mo. USD LIBOR + .250%, FRN (a) 0.446% 2/25/37		547,255		540,047
Race Point VIII CLO Ltd., Series 2012-7A, Class A, 3 mo. USD LIBOR + 1.420%, FRN (a) 1.764% 11/08/24		550,000		546,414
SBA Tower Trust, Series 2014-1A, Class C, STEP (a) 2.898% 10/15/44		847,947		828,622
Sierra Receivables Funding Co. LLC, Series 2014-2A, Class A (a) 2.050% 6/20/31		458,368		455,814
Sierra Receivables Funding Co. LLC, Series 2013-2A, Class A (a) 2.280% 11/20/25		405,201		404,780
Sierra Receivables Funding Co. LLC, Series 2015-3A, Class A (a) 2.580% 9/20/32		734,173		734,030
Sierra Receivables Funding Co. LLC, Series 2012-1A, Class A (a) 2.840% 11/20/28		118,749		119,612
Sierra Receivables Funding Co. LLC, Series 2015-3A, Class B (a) 3.080% 9/20/32		275,315		275,313
Sierra Receivables Funding Co. LLC, Series 2011-3A, Class A (a) 3.370% 7/20/28		81,341		82,204
Sonic Capital LLC, Series 2011-1A, Class A2 (a) 5.438% 5/20/41		1,076,950		1,111,843
SpringCastle America Funding LLC, Series 2014-AA, Class A (a) 2.700% 5/25/23		1,700,762		1,702,888
SPS Servicer Advance Receivables Trust, Series 2015-T3, Class AT3 (a) 2.540% 7/15/47		550,000		549,432
Store Master Funding I LLC, Series 2015-1A, Class A1 (a) 3.750% 4/20/45		199,333		197,762
SVO VOI Mortgage LLC, Series 2010-AA, Class A (a) 3.650% 7/20/27		116,263		116,084

The accompanying notes are an integral part of the portfolio of investments.

14

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

	Principal Amount		Value
Symphony CLO XV Ltd., Series 2014-15A, Class A, 3 mo. USD LIBOR + 1.450%, FRN (a) 1.765% 10/17/26	$	1,140,000	$	1,130,295
TAL Advantage LLC, Series 2006-1A, 1 mo. LIBOR + .190%, FRN (a) 0.592% 4/20/21		1,146,667		1,146,042
TAL Advantage LLC, Series 2014-2A, Class A1 (a) 1.700% 5/20/39		595,867		589,635
Trade MAPS 1 Ltd., Series 2013-1A, Class A, 1 mo. LIBOR + .700%, FRN (a) 0.993% 12/10/18		1,275,000		1,266,900
Trip Rail Master Funding LLC, Series 2011-1A, Class A1B, 1 mo. LIBOR + 2.500%, FRN (a) 2.831% 7/15/41		572,843		592,896
Trip Rail Master Funding LLC, Series 2011-1A, Class A1A (a) 4.370% 7/15/41		536,278		561,773
Welk Resorts LLC, Series 2015-AA, Class A (a) 2.790% 6/16/31		470,640		469,308
Wendy’s Funding LLC, Series 2015-1A, Class A2I (a) 3.371% 6/15/45		1,246,875		1,223,184
Westgate Resorts LLC, Series 2014-1A, Class A (a) 2.150% 12/20/26		728,044		713,265
Westgate Resorts LLC, Series 2015-2A, Class A (a) 3.200% 7/20/28		1,359,466		1,354,783
				78,485,336
Student Loans ABS — 3.9%
Access Group, Inc., Series 2004-A, Class A2, 3 mo. LIBOR + .260%, FRN 0.580% 4/25/29		347,922		345,997
Access Group, Inc., Series 2015-1, Class A, 1 mo. LIBOR + .700%, FRN (a) 0.921% 7/25/56		1,286,956		1,249,432
Access Group, Inc., Series 2003-A, Class A3, 3 mo. Treasury + 1.200%, FRN 1.340% 7/01/38		732,466		660,638
Access Group, Inc., Series 2015-1, Class B, 1 mo. LIBOR + 1.500%, FRN (a) 1.721% 7/25/58		430,000		364,853

	Principal Amount		Value
CIT Education Loan Trust, Series 2005-1, Class A3, 3 mo. LIBOR + .120%, FRN 0.632% 3/15/26	$	359,072	$	353,535
College Loan Corp Trust I, Series 2005-2, Class B, 3 mo. LIBOR + .490%, FRN 0.811% 1/15/37		950,441		822,041
Credit Suisse ABS Repackaging Trust, Series 2013-A, Class B (a) 2.500% 1/25/30		477,906		454,578
DRB Prime Student Loan Trust, Series 2015-D, Class A1, 1 mo. USD LIBOR + 1.700%, FRN (a) 1.899% 1/25/40		1,400,000		1,369,411
DRB Prime Student Loan Trust, Series 2015-A, Class A3 2.320% 4/25/30		1,028,315		1,029,939
DRB Prime Student Loan Trust, Series 2015-B, Class A3 (a) 2.540% 4/27/26		740,001		735,189
Education Funding Capital Trust I, Series 2004-1, Class A4, 28 day ARS, FRN 1.697% 6/15/43		1,050,000		997,772
Education Funding Capital Trust I, Series 2004-1, Class B1, 28 day ARS, FRN 1.846% 6/15/43		100,000		90,801
Education Funding Capital Trust I, Series 2004-1, Class A6, 28 day ARS, FRN 1.908% 6/15/43		450,000		441,093
Kentucky Higher Education Student Loan Corp., Series 2015-1, Class A1, 1 mo. LIBOR + .750%, FRN 0.938% 12/01/31		839,404		814,793
KeyCorp Student Loan Trust, Series 2004-A, Class 2A2, 3 mo. LIBOR + .300%, FRN 0.623% 10/28/41		168,720		168,000
KeyCorp Student Loan Trust, Series 2006-A, Class 2A4, 3 mo. LIBOR + .310%, FRN 0.913% 9/27/35		684,229		657,021
National Collegiate Student Loan Trust, Series 2007-1, Class A2, 1 mo. LIBOR + .130%, FRN 0.552% 11/27/28		348,843		347,099
National Collegiate Student Loan Trust, Series 2006-3, Class A3, 1 mo. LIBOR + .150%, FRN 0.572% 10/25/27		687,303		682,601

The accompanying notes are an integral part of the portfolio of investments.

15

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

	Principal Amount		Value
National Collegiate Student Loan Trust, Series 2005-1, Class A4, 1 mo. LIBOR + .240%, FRN 0.662% 11/27/28	$	636,942	$	628,150
National Collegiate Student Loan Trust, Series 2004-1, Class A2, 3 mo. LIBOR + .260%, FRN 0.863% 6/25/27		655,626		653,491
Navient Private Education Loan Trust, Series 2015-BA, Class A1, 1 mo. LIBOR + .600%, FRN (a) 0.931% 5/15/23		650,579		649,759
Navient Private Education Loan Trust, Series 2014-AA, Class A2A (a) 2.740% 2/15/29		930,000		924,037
Nelnet Student Loan Trust, Series 2015-3A, Class B, 1 mo. LIBOR + 1.500%, FRN (a) 1.721% 7/27/50		395,000		337,452
North Carolina State Education Assistance Authority, Series 2011-1, Class A2, 3 mo. LIBOR + .900%, FRN 1.220% 1/26/26		442,894		442,825
Pennsylvania Higher Education Assistance Agency, Series 2003-1, Class A3, 28 day ARS, FRN 1.751% 7/25/42		900,000		885,004
SLC Student Loan Trust, Series 2006-A, Class A5, 3 mo. LIBOR + .170%, FRN 0.491% 7/15/36		255,789		253,495
SLM Student Loan Trust, Series 2006-1, Class A5, 3 mo. LIBOR + .110%, FRN 0.430% 7/26/21		600,000		586,880
SLM Student Loan Trust, Series 2007-5, Class A6, 3 mo. LIBOR + .110%, FRN 0.430% 1/26/43		480,000		408,014
SLM Student Loan Trust, Series 2006-10, Class B, 3 mo. LIBOR + .220%, FRN 0.540% 3/25/44		481,570		392,985
SLM Student Loan Trust, Series 2003-14, Class A6, 3 mo. LIBOR + .300%, FRN 0.620% 7/25/25		520,000		499,666
SLM Student Loan Trust, Series 2005-8, Class B, 3 mo. LIBOR + .310%, FRN 0.630% 1/25/40		757,547		635,800
SLM Student Loan Trust, Series 2004-10, Class B, 3 mo. LIBOR + .370%, FRN 0.690% 1/25/40		710,368		589,161

	Principal Amount		Value
SLM Student Loan Trust, Series 2003-11, Class B, 3 mo. LIBOR + .650%, FRN 1.162% 12/15/38	$	615,771	$	551,006
SLM Student Loan Trust, Series 2012-A, Class A1, 1 mo. LIBOR + 1.400%, FRN (a) 1.731% 8/15/25		167,617		168,237
SLM Student Loan Trust, Series 2003-5, Class A7, 28 day ARS, FRN 2.760% 6/17/30		100,000		100,000
Social Professional Loan Program LLC, Series 2014-B, Class A1, 1 mo. LIBOR + 1.250%, FRN (a) 1.471% 8/25/32		907,002		902,106
Social Professional Loan Program LLC, Series 2014-A, Class A2 (a) 3.020% 10/25/27		349,132		352,950
				21,545,811
WL Collateral CMO — 1.2%
Bank of America Mortgage Securities, Series 2004-G, Class 2A7, FRN 2.807% 8/25/34		106,868		102,236
Connecticut Avenue Securities, Series 2015-C02, Class 1M1, 1 mo. USD LIBOR + 1.150%, FRN 1.371% 5/25/25		1,014,761		1,011,743
Connecticut Avenue Securities, Series 2015-C03, Class 1M1, 1 mo. USD LIBOR + 1.500%, FRN 1.721% 7/25/25		2,229,422		2,225,686
Connecticut Avenue Securities, Series 2015-C04, Class 1M1, 1 mo. USD LIBOR + 1.600%, FRN 1.831% 4/25/28		1,244,592		1,243,098
Countrywide Home Loans, Inc., Series 2004-2, Class 1A1, FRN 2.616% 2/25/34		26,022		24,364
Countrywide Home Loans, Inc., Series 2003-42, Class 1A1, FRN 3.028% 9/25/33		9,425		8,602
GS Mortgage Securities Corp., Series 2014-4R, Class AS, 1 mo. USD LIBOR + .180%, FRN (a) 0.376% 1/26/34		621,665		599,488
GSR Mortgage Loan Trust, Series 2004-9, Class 2A1, FRN 2.764% 8/25/34		21,045		19,661
IndyMac Index Mortgage Loan Trust, Series 2004-AR4, Class 1A, FRN 2.496% 8/25/34		89,032		73,267

The accompanying notes are an integral part of the portfolio of investments.

16

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

	Principal Amount		Value
Merrill Lynch Mortgage Investors, Inc., Series 2005-A8, Class A3A2, 1 mo. USD LIBOR + .250%, FRN 0.471% 8/25/36	$	69,844	$	68,438
Merrill Lynch Mortgage Investors, Inc., Series 2004-A1, Class IIA2, FRN 2.483% 2/25/34		201,657		202,120
Merrill Lynch Mortgage Investors, Inc., Series 2003-A4, Class IA, FRN 2.905% 7/25/33		5,574		5,400
Merrill Lynch Mortgage Investors, Inc., Series 2004-A1, Class IA, FRN 3.011% 2/25/34		11,527		11,026
Morgan Stanley Mortgage Loan Trust, Series 2004-2AR, Class 1A, FRN 2.499% 2/25/34		314		319
Structured Adjustable Rate Mortgage Loan Trust, Series 2004-2, Class 2A, FRN 2.556% 3/25/34		54,755		54,549
Structured Agency Credit Risk Debt Notes, Series 2015-DNA1, Class M1, 1 mo. USD LIBOR + .900%, FRN 1.121% 10/25/27		526,206		524,743
WaMu Mortgage Pass-Through Certificates, Series 2004-AR2, Class A, 12 mo. MTA + 1.400%, FRN 1.643% 4/25/44		124,306		120,260
				6,295,000
WL Collateral PAC — 0.0%
Structured Asset Securities Corp., Series 2007-BC4, Class A3, 1 mo. USD LIBOR + .250%, FRN 0.672% 11/25/37		126,384		126,234
Structured Asset Securities Corp., Series 2002-11A, Class 2A1, FRN 2.885% 6/25/32		33,530		31,683
				157,917
TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $170,580,564)				168,900,478
U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES — 6.9%
Collateralized Mortgage Obligations — 6.4%
Federal Home Loan Mortgage Corp. Series 4291, Class K 3.000% 5/15/38		2,559,295		2,601,148

	Principal Amount		Value
Series 4447, Class PA 3.000% 12/15/44	$	658,583	$	677,823
Series 3990, Class VA 3.500% 1/15/25		1,601,559		1,689,972
Series 4213, Class VE 3.500% 6/15/26		1,513,956		1,588,618
Series 4290, Class CA 3.500% 12/15/38		3,516,615		3,650,545
Series 4443, Class BA 3.500% 4/15/41		890,746		922,207
Series 2626, Class A 4.000% 6/15/33		994,373		1,058,329
Series 4328, Class DA 4.000% 1/15/36		2,914,186		3,064,341
Series 4325, Class MA 4.000% 9/15/39		3,395,711		3,565,353
Series 4336, Class MA 4.000% 1/15/40		5,438,191		5,716,499
Series 4323, Class CA 4.000% 3/15/40		1,555,044		1,642,979
Federal National Mortgage Association Series 2015-58, Class JP 2.500% 3/25/37		1,246,460		1,253,810
Series 2015-20, Class EV 3.500% 7/25/26		1,700,175		1,792,885
Series 2014-14, Class A 3.500% 2/25/37		1,829,542		1,893,127
Series 2015-62, Class VA 4.000% 10/25/26		509,232		546,810
Series 2014-48, Class AB 4.000% 10/25/40		1,635,204		1,719,408
Series 2013-112, Class HQ 4.000% 11/25/43		679,758		715,331
Government National Mortgage Association, Series 2014-131, Class BW, FRN 3.856% 5/20/41		1,017,713		1,043,402
				35,142,587
Pass-Through Securities — 0.5%
Federal Home Loan Mortgage Corp. Pool #1Q0239 1 year CMT + 2.255%, FRN 2.509% 3/01/37		798,817		847,749
Federal National Mortgage Association Pool #775539, 12 mo. USD LIBOR + 1.623%, FRN 2.332% 5/01/34		123,544		129,865
Pool #725692, 1 year CMT + 2.146%, FRN 2.398% 10/01/33		146,065		154,160
Pool #888586, 1 year CMT + 2.213%, FRN 2.481% 10/01/34		286,814		303,460

The accompanying notes are an integral part of the portfolio of investments.

17

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

	Principal Amount		Value
Pool #684154 5.500% 2/01/18	$	5,047	$	5,225
Pool #702331 5.500% 5/01/18		73,178		76,164
Pool #725796 5.500% 9/01/19		531,017		559,293
Pool #844564 5.500% 12/01/20		111,782		119,070
Government National Mortgage Association Pool #507545 7.500% 8/15/29		32,188		38,457
Government National Mortgage Association II Pool #82488 1 year CMT + 1.500%, FRN 1.750% 3/20/40		365,087		378,126
Pool #82462 1 year CMT + 1.500%, FRN 2.500% 1/20/40		283,481		293,321
				2,904,890
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (Cost $38,509,544)				38,047,477
U.S. TREASURY OBLIGATIONS — 22.7%
U.S. Treasury Bonds & Notes — 22.7%
U.S. Treasury Note 0.625% 8/31/17		10,100,000		10,035,790
U.S. Treasury Note (c) 0.875% 11/15/17		19,850,000		19,782,056
U.S. Treasury Note 0.875% 7/15/18		43,700,000		43,305,678
U.S. Treasury Note 1.000% 12/15/17		42,520,000		42,460,208
U.S. Treasury Note 1.250% 12/15/18		4,000,000		3,991,250
U.S. Treasury Note 1.375% 4/30/20		500,000		493,540
U.S. Treasury Note 1.500% 11/30/19		4,700,000		4,681,273
				124,749,795
TOTAL U.S. TREASURY OBLIGATIONS (Cost $125,094,907)				124,749,795
TOTAL BONDS & NOTES (Cost $556,495,941)				549,780,749

	Notional Amount		Value
PURCHASED OPTIONS — 0.0%
Financial — 0.0%
Diversified Financial — 0.0%
5 Year CDX.NA.IG 25 Swaption, Put, Expires 3/16/16, Strike 120.00 (OTC -JP Morgan Chase Bank); Underlying swap terminates 1/14/16	$	13,700,000	$	16,056
5 Year CDX.NA.IG 25 Swaption, Put, Expires 3/16/16, Strike 120.00 (OTC -JP Morgan Chase Bank); Underlying swap terminates 1/15/16		37,900,000		44,419
5 Year CDX.NA.IG 25 Swaption, Put, Expires 3/16/16, Strike 120.00 (OTC -JP Morgan Chase Bank); Underlying swap terminates 1/14/16		75,750,000		88,779
				149,254
TOTAL PURCHASED OPTIONS (Cost $263,325)				149,254
TOTAL LONG-TERM INVESTMENTS (Cost $557,404,266)				550,169,298
	Principal Amount
SHORT-TERM INVESTMENTS — 2.0%
Commercial Paper — 2.0%
EnCana Corp. (a) 1.100% 1/04/16		11,000,000		10,999,535
Time Deposit — 0.0%
Euro Time Deposit 0.010% 1/04/16		49,239		49,239
TOTAL SHORT-TERM INVESTMENTS (Cost $11,048,231)				11,048,774
TOTAL INVESTMENTS — 102.3% (Cost $568,452,497) (d)				561,218,072
Other Assets/(Liabilities) — (2.3)%				(12,554,363	)
NET ASSETS — 100.0%			$	548,663,709

The accompanying notes are an integral part of the portfolio of investments.

18

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

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

ABS Asset-Backed Security

ARS Auction Rate Security

CLO Collateralized Loan Obligation

CMO Collateralized Mortgage Obligation

CMT Constant Maturity Treasury Index

FRN Floating Rate Note

MBS Mortgage-Backed Security

MTA Monthly Treasury Average Index

PAC Planned Amortization Class

STEP Step Up Bond

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 December 31, 2015, these securities amounted to a value of $170,024,708 or 30.99% of net assets.

(b) Restricted security. Certain securities are restricted as to resale. At December 31, 2015, these securities amounted to a value of $217,150 or 0.04% of net assets. The Fund generally bears the costs, if any, associated with the disposition of restricted securities.

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

(d) See Note 3 for aggregate cost for federal tax purposes.

The accompanying notes are an integral part of the portfolio of investments.

19

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

December 31, 2015 (Unaudited)

	Principal Amount		Value
BONDS & NOTES — 145.1%
CORPORATE DEBT — 4.7%
Auto Manufacturers — 0.7%
General Motors Financial Co., Inc. 3 mo. USD LIBOR + 2.060%, FRN 2.388% 1/15/19	$	1,280,000	$	1,286,620
Nissan Motor Acceptance Corp. 3 mo. USD LIBOR + .550%, FRN (a) 0.972% 3/03/17		1,100,000		1,097,192
				2,383,812
Banks — 0.7%
Deutsche Bank AG 3 mo. USD LIBOR + .610%, FRN 0.969% 2/13/17		1,750,000		1,739,015
The Huntington National Bank 3 mo. USD LIBOR + .425%, FRN 0.745% 4/24/17		765,000		761,167
				2,500,182
Computers — 0.4%
Hewlett-Packard Co. 3 mo. USD LIBOR + 1.930%, FRN (a) 2.248% 10/05/18		1,300,000		1,303,413
Diversified Financial — 1.5%
The Goldman Sachs Group, Inc. 3 mo. USD LIBOR + .625%, FRN 1.061% 6/04/17		1,625,000		1,620,390
The Goldman Sachs Group, Inc. 3 mo. USD LIBOR + .800%, FRN 1.312% 12/15/17		2,250,000		2,250,958
Ally Financial, Inc. 3.600% 5/21/18		1,295,000		1,295,000
				5,166,348
Holding Company – Diversified — 0.3%
MUFG Americas Holdings Corp. 3 mo. USD LIBOR + .570%, FRN 0.914% 2/09/18		870,000		866,478
Pharmaceuticals — 0.8%
Actavis Funding SCS 3 mo. USD LIBOR + .875%, FRN 1.289% 9/01/16		1,250,000		1,250,765
Actavis Funding SCS 3 mo. USD LIBOR + 1.080%, FRN 1.582% 3/12/18		1,250,000		1,254,017
				2,504,782
Real Estate Investment Trusts (REITS) — 0.3%
DDR Corp. 9.625% 3/15/16		945,000		959,754
TOTAL CORPORATE DEBT (Cost $11,498,493)				15,684,769

	Principal Amount		Value
MUNICIPAL OBLIGATIONS — 0.2%
Access to Loans for Learning Student Loan Corp., Series 2004-IV, Class Note FRN 0.520% 4/25/24	$	543,707	$	541,043
Louisiana State Public Facilities Authority FRN 1.219% 4/26/27		211,539		212,825
				753,868
TOTAL MUNICIPAL OBLIGATIONS (Cost $745,731)				753,868
NON-U.S. GOVERNMENT AGENCY OBLIGATIONS — 44.1%
Auto Floor Plan ABS — 0.7%
Ally Master Owner Trust, Series 2015-2, Class A1, 1 mo. LIBOR + .570%, FRN 0.901% 1/15/21		900,000		896,471
Navistar Financial Dealer Note Master Trust, Series 2014-1, Class A (a) 1.171% 10/25/19		1,300,000		1,296,007
NCF Dealer Floorplan Master Trust, Series 2014-1A, Class A, 1 mo. LIBOR + 1.500%, FRN (a) 1.902% 10/20/20		250,000		250,000
				2,442,478
Automobile ABS — 13.4%
American Credit Acceptance Receivables Trust, Series 2014-3, Class A (a) 0.990% 8/10/18		101,197		101,161
American Credit Acceptance Receivables Trust, Series 2014-4, Class A (a) 1.330% 7/10/18		318,637		318,154
American Credit Acceptance Receivables Trust, Series 2013-1, Class A (a) 1.450% 4/16/18		2,978		2,978
American Credit Acceptance Receivables Trust, Series 2015-2, Class A (a) 1.570% 6/12/19		570,631		569,466
American Credit Acceptance Receivables Trust, Series 2015-3, Class A (a) 1.950% 9/12/19		1,705,175		1,700,038
AmeriCredit Automobile Receivables Trust, Series 2014-3, Class A2B, 1 mo. USD LIBOR + .320%, FRN 0.596% 4/09/18		582,162		581,930
Avis Budget Rental Car Funding LLC, Series 2010-5A, Class A (a) 3.150% 3/20/17		325,000		325,813
Bank of The West Auto Trust, Series 2014-1, Class A4 (a) 1.650% 3/16/20		420,000		416,428

The accompanying notes are an integral part of the portfolio of investments.

20

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

	Principal Amount		Value
California Republic Auto Receivables Trust, Series 2013-2, Class A2 1.230% 3/15/19	$	219,330	$	219,278
California Republic Auto Receivables Trust, Series 2013-1, Class A2 (a) 1.410% 9/17/18		567,936		568,034
California Republic Auto Receivables Trust, Series 2015-4, Class A2 (a) 1.600% 9/17/18		2,600,000		2,599,765
Capital Auto Receivables Asset Trust, Series 2014-3, Class A1, 1 mo. USD LIBOR + .320%, FRN 0.722% 2/21/17		368,060		367,925
CFC LLC, Series 2014-2A, Class A (a) 1.440% 11/16/20		594,310		590,707
CFC LLC, Series 2014-1A, Class A (a) 1.460% 12/17/18		113,461		113,286
CFC LLC, Series 2013-2A, Class A (a) 1.750% 11/15/17		13,691		13,692
CFC LLC, Series 2015-1A, Class A (a) 1.750% 6/15/21		455,535		450,500
Chesapeake Funding LLC, Series 2012-2A, Class A, 1 mo. LIBOR + .450%, FRN (a) 0.719% 5/07/24		138,754		138,742
Chesapeake Funding LLC, Series 2015-1A, Class B, 1 mo. LIBOR + .950%, FRN (a) 1.219% 2/07/27		260,000		259,726
CPS Auto Trust, Series 2014-B, Class A (a) 1.110% 11/15/18		341,289		338,640
CPS Auto Trust, Series 2014-A, Class A (a) 1.210% 8/15/18		121,856		121,640
CPS Auto Trust, Series 2014-C, Class A (a) 1.310% 2/15/19		366,104		365,163
CPS Auto Trust, Series 2013-A, Class A (a) 1.310% 6/15/20		307,492		305,722
CPS Auto Trust, Series 2012-D, Class A (a) 1.480% 3/16/20		156,280		156,352
CPS Auto Trust, Series 2014-D, Class A (a) 1.490% 4/15/19		2,424,271		2,408,847
CPS Auto Trust, Series 2015-A, Class A (a) 1.530% 7/15/19		367,080		365,817
CPS Auto Trust, Series 2013-D, Class A (a) 1.540% 7/16/18		239,383		239,374

	Principal Amount		Value
CPS Auto Trust, Series 2013-C, Class A (a) 1.640% 4/16/18	$	161,340	$	161,347
CPS Auto Trust, Series 2015-B, Class A (a) 1.650% 11/15/19		663,784		661,321
CPS Auto Trust, Series 2015-C, Class A (a) 1.770% 6/17/19		536,769		535,092
CPS Auto Trust, Series 2012-C, Class A (a) 1.820% 12/16/19		157,848		158,097
CPS Auto Trust, Series 2013-B, Class A (a) 1.820% 9/15/20		363,902		363,639
CPS Auto Trust, Series 2015-C, Class B (a) 2.550% 2/18/20		450,000		447,694
CPS Auto Trust, Series 2012-A, Class A (a) 2.780% 6/17/19		93,347		93,706
CPS Auto Trust, Series 2011-B, Class A (a) 3.680% 9/17/18		120,382		120,391
Credit Acceptance Auto Loan Trust, Series 2013-1A, Class A (a) 1.210% 10/15/20		146,602		146,600
Credit Acceptance Auto Loan Trust, Series 2013-2A, Class A (a) 1.500% 4/15/21		193,989		193,650
Credit Acceptance Auto Loan Trust, Series 2014-2A, Class A (a) 1.880% 3/15/22		680,000		675,953
Drive Auto Receivables Trust, Series 2015-DA, Class L1 (a) 0.520% 10/17/16		924,766		924,745
Drive Auto Receivables Trust, Series 2015-BA, Class A2B, 1 mo. USD LIBOR + .600%, FRN (a) 0.931% 12/15/17		607,222		607,222
Drive Auto Receivables Trust, Series 2015-AA, Class A2 (a) 1.010% 11/15/17		338,925		338,875
Drive Auto Receivables Trust, Series 2015-CA, Class A2A (a) 1.030% 2/15/18		884,862		884,308
Drive Auto Receivables Trust, Series 2015-DA, Class A2B, 1 mo. USD LIBOR + .870%, FRN (a) 1.201% 6/15/18		1,200,000		1,199,860
Drive Auto Receivables Trust, Series 2015-BA, Class A3 (a) 1.300% 6/15/18		350,000		349,603

The accompanying notes are an integral part of the portfolio of investments.

21

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

	Principal Amount		Value
Drive Auto Receivables Trust, Series 2015-AA, Class A3 (a) 1.430% 7/16/18	$	560,000	$	559,883
DT Auto Owner Trust, Series 2014-3A, Class A (a) 0.980% 4/16/18		114,110		114,020
DT Auto Owner Trust, Series 2015-1A, Class A (a) 1.060% 9/17/18		847,005		846,277
DT Auto Owner Trust, Series 2015-2A, Class A (a) 1.240% 9/17/18		1,531,232		1,531,342
DT Auto Owner Trust, Series 2015-3A, Class A (a) 1.660% 3/15/19		430,863		429,703
Enterprise Fleet Financing LLC, Series 2014-1, Class A2 (a) 0.870% 9/20/19		308,224		307,599
Exeter Automobile Receivables Trust, Series 2014-2A, Class A (a) 1.060% 8/15/18		132,395		132,368
Exeter Automobile Receivables Trust, Series 2014-1A, Class A (a) 1.290% 5/15/18		81,361		81,384
Exeter Automobile Receivables Trust, Series 2014-3A, Class A (a) 1.320% 1/15/19		151,024		150,723
Exeter Automobile Receivables Trust, Series 2015-2A, Class A (a) 1.540% 11/15/19		358,391		356,652
Exeter Automobile Receivables Trust, Series 2015-1A, Class A (a) 1.600% 6/17/19		352,191		351,303
Exeter Automobile Receivables Trust, Series 2015-3A, Class A (a) 2.000% 3/16/20		518,501		516,711
Exeter Automobile Receivables Trust, Series 2012-2A, Class B (a) 2.220% 12/15/17		238,671		238,921
Exeter Automobile Receivables Trust, Series 2013-2A, Class B (a) 3.090% 7/16/18		872,628		874,663
First Investors Auto Owner Trust, Series 2013-1A, Class A2 (a) 0.900% 10/15/18		91,446		91,447
First Investors Auto Owner Trust, Series 2014-3A, Class A2 (a) 1.060% 11/15/18		450,198		449,922
First Investors Auto Owner Trust, Series 2015-1A, Class A2 (a) 1.210% 4/15/19		624,389		624,043
First Investors Auto Owner Trust, Series 2013-2A, Class A2 (a) 1.230% 3/15/19		134,242		134,251

	Principal Amount		Value
First Investors Auto Owner Trust, Series 2015-2A, Class A1 (a) 1.590% 12/16/19	$	683,716	$	681,941
Flagship Credit Auto Trust, Series 2014-1, Class A (a) 1.210% 4/15/19		233,320		232,765
Flagship Credit Auto Trust, Series 2013-1, Class A (a) 1.320% 4/16/18		232,345		232,335
Flagship Credit Auto Trust, Series 2014-2, Class A (a) 1.430% 12/16/19		270,076		268,285
Flagship Credit Auto Trust, Series 2015-1, Class A (a) 1.630% 6/15/20		527,521		522,943
Flagship Credit Auto Trust, Series 2013-2, Class A (a) 1.940% 1/15/19		182,719		182,943
Flagship Credit Auto Trust, Series 2015-2, Class A (a) 1.980% 10/15/20		1,051,599		1,047,072
Flagship Credit Auto Trust, Series 2015-3, Class A (a) 2.380% 10/15/20		1,367,322		1,359,000
GLS Auto Receivables Trust, Series 2015-1A, Class A (a) 2.250% 12/15/20		770,412		768,845
GO Financial Auto Securitization Trust, Series 2015-1, Class A (a) 1.810% 3/15/18		509,009		508,195
Oscar US Funding Trust, Series 2014-1A, Class A2 (a) 1.000% 8/15/17		351,904		351,613
Oscar US Funding Trust III, Series 2015-2A, Class A1 (a) 0.600% 10/17/16		1,737,784		1,735,612
Prestige Auto Receivables Trust, Series 2014-1A, Class A2 (a) 0.970% 3/15/18		78,227		78,181
Santander Drive Auto Receivables Trust, Series 2015-4, Class A1 0.500% 9/15/16		305,007		305,013
Santander Drive Auto Receivables Trust, Series 2014-4, Class A2B, 1 mo. USD LIBOR + .320%, FRN 0.651% 1/16/18		120,159		120,155
Santander Drive Auto Receivables Trust, Series 2014-5, Class A2B, 1 mo. USD LIBOR + .400%, FRN 0.731% 4/16/18		295,432		295,431
Santander Drive Auto Receivables Trust, Series 2015-1, Class A2B, 1 mo. USD LIBOR + .450%, FRN 0.781% 7/16/18		727,537		727,537

The accompanying notes are an integral part of the portfolio of investments.

22

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

	Principal Amount		Value
Santander Drive Auto Receivables Trust, Series 2015-4, Class A2B, 1 mo. USD LIBOR + .700%, FRN 1.031% 12/17/18	$	1,100,000	$	1,099,956
Santander Drive Auto Receivables Trust, Series 2013-2, Class B 1.330% 3/15/18		240,976		241,012
Santander Drive Auto Receivables Trust, Series 2013-5, Class B 1.550% 10/15/18		1,281,225		1,282,330
Santander Drive Auto Receivables Trust, Series 2015-S2, Class R1 (a) 1.840% 11/18/19		152,705		151,942
Santander Drive Auto Receivables Trust, Series 2012-4, Class C 2.940% 12/15/17		189,796		190,536
United Auto Credit Securitization Trust, Series 2015-1, Class A (a) 1.160% 2/15/17		351,530		351,467
Westlake Automobile Receivables Trust, Series 2015-2A, Class A1 (a) 0.600% 7/15/16		361,858		361,860
Westlake Automobile Receivables Trust, Series 2015-3A, Class A1 (a) 0.640% 10/17/16		991,569		991,318
Westlake Automobile Receivables Trust, Series 2014-1A, Class A2 (a) 0.700% 5/15/17		3,518		3,518
Westlake Automobile Receivables Trust, Series 2014-2A, Class A2 (a) 0.970% 10/16/17		135,426		135,350
Westlake Automobile Receivables Trust, Series 2015-1A, Class A2 (a) 1.170% 3/15/18		639,559		637,925
Westlake Automobile Receivables Trust, Series 2015-2A, Class A2A (a) 1.280% 7/16/18		560,000		559,158
				44,716,731
Commercial MBS — 1.5%
Banc of America Commercial Mortgage, Inc., Series 2007-3, Class A4, VRN 5.558% 6/10/49		255,409		263,209
Bear Stearns Commercial Mortgage Securities Trust, Series 2006-T22, Class A4, VRN 5.620% 4/12/38		138,347		138,409
Bear Stearns Commercial Mortgage Securities Trust, Series 2006-T22, Class AM, VRN 5.620% 4/12/38		500,000		502,125

	Principal Amount		Value
Commercial Mortgage Pass Through Certificates, Series 2014-BBG, Class A, 1 mo. LIBOR + .800%, FRN (a) 1.131% 3/15/29	$	900,000	$	897,742
DBRR Trust, Series 2013-EZ3, Class A, VRN (a) 1.636% 12/18/49		226,903		226,225
DBUBS Mortgage Trust, Series 2011-LC1A, Class A1 (a) 3.742% 11/10/46		147,011		147,418
GCCFC Commercial Mortgage Trust, Series 2006-GG7, Class AM, VRN 5.826% 7/10/38		740,000		748,831
GS Mortgage Securities Trust, Series 2011-GC3, Class A2 (a) 3.645% 3/10/44		100,946		100,859
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2006-LDP7, Class AM, VRN 5.909% 4/15/45		660,000		668,118
Morgan Stanley Capital I, Series 2007-HQ11, Class AJ, VRN 5.508% 2/12/44		350,000		354,658
STRIPs Ltd., Series 2012-1A, Class A (a) 1.500% 12/25/44		622,106		610,286
VFC LLC, Series 2014-2, Class A (Acquired 7/9/14, Cost $300,000) (a) (b) 2.750% 7/20/30		34,998		34,999
VFC LLC, Series 2015-3, Class A, (Acquired 3/25/15, Cost $538,987) (a) (b) 2.750% 12/20/31		86,625		86,560
Wells Fargo Reremic Trust, Series 2012-IO, Class A (a) 1.750% 8/20/21		134,226		134,226
				4,913,665
Home Equity ABS — 0.3%
ACE Securities Corp., Series 2005-AG1, Class A1B1, 1 mo. USD LIBOR + .270%, FRN 0.491% 8/25/35		88,122		87,935
ACE Securities Corp., Series 2005-HE5, Class M2, 1 mo. USD LIBOR + .735%, FRN 0.956% 8/25/35		316,286		315,584
Countrywide Asset-Backed Certificates, Series 2004-5, Class 3A, 1 mo. USD LIBOR + .460%, FRN 0.882% 9/25/34		51,162		50,566

The accompanying notes are an integral part of the portfolio of investments.

23

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

	Principal Amount		Value
First Franklin Mortgage Loan Trust, Series 2005-FF6, Class M1, 1 mo. USD LIBOR + .420%, FRN 0.641% 5/25/36	$	223,962	$	222,323
Long Beach Mortgage Loan Trust, Series 2005-WL1, Class M2, 1 mo. USD LIBOR + .825%, FRN 1.247% 6/25/35		367,664		363,246
Mastr Asset Backed Securities Trust, Series 2005-WMC1, Class M2, 1 mo. USD LIBOR + .675%, FRN 1.097% 3/25/35		60,546		60,421
Morgan Stanley Home Equity Loan Trust, Series 2005-3, Class M1, 1 mo. USD LIBOR + .450%, FRN 0.872% 8/25/35		75,421		75,469
Park Place Securities, Inc., Series 2005-WCW3, Class A2C, 1 mo. USD LIBOR + .380%, FRN 0.601% 8/25/35		60,423		60,320
				1,235,864
Other ABS — 16.8%
321 Henderson Receivables I LLC, Series 2006-1A, Class A1, 1 mo. LIBOR + .200%, FRN (a) 0.531% 3/15/41		663,761		641,508
321 Henderson Receivables I LLC, Series 2006-2A, Class A1, 1 mo. LIBOR + .200%, FRN (a) 0.531% 6/15/41		2,164,299		2,092,526
321 Henderson Receivables I LLC, Series 2007-1A, Class A1, 1 mo. LIBOR + .200%, FRN (a) 0.531% 3/15/42		776,567		740,475
321 Henderson Receivables LLC, Series 2006-3A, Class A1, 1 mo. LIBOR + .200%, FRN (a) 0.531% 9/15/41		281,337		269,211
321 Henderson Receivables LLC, Series 2006-4A, Class A1, 1 mo. LIBOR + .200%, FRN (a) 0.531% 12/15/41		566,510		547,850
Alterna Funding I LLC, Series 2014-1A, Class NOTE (a) 1.639% 2/15/21		1,618,533		1,609,175
Apidos CLO XXII, Series 2015-22A, Class X, 3 mo. USD LIBOR + 1.000%, FRN (a) 1.336% 10/20/27		750,000		749,990
ARL First LLC, Series 2012-1A, Class A1, 1 mo. LIBOR + 1.750%, FRN (a) 2.081% 12/15/42		1,072,919		1,071,119

	Principal Amount		Value
Ascentium Equipment Receivables LLC, Series 2015-2A, Class A1 (a) 1.000% 11/10/16	$	2,648,560	$	2,647,116
Ascentium Equipment Receivables LLC, Series 2014-1A, Class A2 (a) 1.040% 1/10/17		93,756		93,764
Ascentium Equipment Receivables LLC, Series 2015-1A, Class A2 (a) 1.150% 7/10/17		1,042,022		1,039,637
Ascentium Equipment Receivables LLC, Series 2015-2A, Class A2 (a) 1.570% 12/11/17		1,740,000		1,728,052
Ascentium Equipment Receivables LLC, Series 2014-1A, Class B (a) 1.580% 10/10/18		340,000		339,968
BCC Funding VIII LLC, Series 2014-1A, Class A (a) 1.794% 6/20/20		321,517		320,311
BCC Funding X LLC, Series 2015-1, Class A1 (a) 0.800% 6/20/16		773,408		773,265
BCC Funding X LLC, Series 2015-1, Class A2 (a) 2.224% 10/20/20		800,000		799,831
BlueVirgo Trust, Series 2015-1A, Class NOTE (a) 3.000% 12/15/22		1,746,926		1,735,694
Cazenovia Creek Funding I LLC, Series 2015-1A, Class A (a) 2.000% 12/10/23		1,270,390		1,271,572
CCG Receivables Trust, Series 2015-1, Class A1 (a) 0.550% 9/14/16		1,327,970		1,327,269
CCG Receivables Truste, Series 2013-1, Class A2 (a) 1.050% 8/14/20		52,623		52,624
CIT Equipment Collateral, Series 2014-VT1, Class A2 (a) 0.860% 5/22/17		1,040,572		1,040,055
Citi Held For Asset Issuance, Series 2015-PM1, Class A (a) 1.850% 12/15/21		154,707		154,401
Citi Held For Asset Issuance, Series 2015-PM2, Class A (a) 2.350% 3/15/22		522,629		521,049
Citi Held For Asset Issuance, Series 2015-PM3, Class A (a) 2.600% 5/16/22		230,000		229,784
ColumbusNova CLO Ltd., Series 2006-1A, Class A, 3 mo. USD LIBOR + .260%, FRN (a) 0.575% 7/18/18		263,768		263,638

The accompanying notes are an integral part of the portfolio of investments.

24

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

	Principal Amount		Value
Consumer Credit Origination Loan Trust, Series 2015-1, Class A (a) 2.820% 3/15/21	$	126,205	$	126,981
DB Master Finance LLC, Series 2015-1A, Class A2I (a) 3.262% 2/20/45		397,000		399,779
Dell Equipment Finance Trust, Series 2015-2, Class A2B, 1 mo. USD LIBOR + .900%, FRN (a) 1.313% 12/22/17		1,300,000		1,300,000
Diamond Resorts Owner Trust, Series 2013-1, Class A (a) 1.950% 1/20/25		967,408		964,734
Diamond Resorts Owner Trust, Series 2013-2, Class A (a) 2.270% 5/20/26		376,261		376,929
Diamond Resorts Owner Trust, Series 2015-1, Class A (a) 2.730% 7/20/27		208,808		208,412
Diamond Resorts Owner Trust, Series 2015-2, Class B (a) 3.540% 5/22/28		431,458		431,434
Domino’s Pizza Master Issuer LLC, Series 2012-1A, Class A2 (a) 5.216% 1/25/42		806,850		833,124
Dong Fang Container Finance II SPV Ltd., Series 2014-1A, Class A1 (a) 1.950% 11/25/39		364,583		359,083
Drug Royalty Corp., Inc., Series 2014-1, Class A1, 3 mo. LIBOR + 2.850%, FRN (a) 3.139% 7/15/23		562,594		569,238
Dryden XI-Leveraged Loan CDO, Series 2006-11A, Class A1, 3 mo. USD LIBOR + .250%, FRN (a) 0.571% 4/12/20		251,364		249,490
Elara HGV Timeshare Issuer LLC, Series 2014-A, Class B (a) 3.020% 2/25/27		383,397		378,402
First Franklin Mortgage Loan Trust, Series 2005-FF4, Class M1, 1 mo. USD LIBOR + .645%, FRN 1.067% 5/25/35		118,289		118,189
FNA Trust, Series 2014-1A, Class A (a) 1.296% 12/10/22		628,519		627,438
FNA Trust, Series 2015-1, Class A (a) 3.240% 12/10/23		867,228		864,781
Global Container Assets Ltd., Series 2015-1A, Class A1 (a) 2.100% 2/05/30		316,667		314,667
Global Container Assets Ltd., Series 2013-1A, Class A1 (a) 2.200% 11/05/28		571,405		571,229

	Principal Amount		Value
Global Container Assets Ltd., Series 2013-1A, Class A2 (a) 3.300% 11/05/28	$	750,000	$	751,021
Global SC Funding One Ltd., Series 2015-1, Class B1 (a) 2.740% 1/18/30		306,897		252,861
Green Tree Agency Advance Funding Trust I, Series 2015-T1, Class AT1 (a) 2.302% 10/15/46		700,000		698,769
Green Tree Agency Advance Funding Trust I, Series 2015-T2, Class AT2 (a) 3.095% 10/15/48		620,000		613,391
HFG Healthco-4 LLC, Series 2011-1A, Class A, 1 mo. LIBOR + 2.250%, FRN (a) 2.519% 6/02/17		375,000		376,292
Hilton Grand Vacations Trust, Series 2014-AA, Class A (a) 1.770% 11/25/26		470,028		463,801
Icon Brand Holdings LLC, Series 2012-1A, Class A (a) 4.229% 1/25/43		261,894		262,634
ING Investment Management CLO V Ltd., Series 2007-5A, Class A1A, 3 mo. USD LIBOR + .230%, FRN (a) 0.559% 5/01/22		388,747		384,747
Leaf Receivables Funding 10 LLC, Series 2015-1, Class A1 (a) 0.500% 5/16/16		976,986		976,238
Macquarie Equipment Funding Trust, Series 2014-A, Class A2 (a) 0.800% 11/21/16		297,409		297,185
Macquarie Equipment Funding Trust, Series 2012-A, Class B (a) 1.740% 10/22/18		800,000		800,815
Madison Park Funding XVIII Ltd., Series 2015-18A, Class X, 3 mo. USD LIBOR + 1.000%, FRN (a) 1.311% 10/21/26		430,000		429,999
Miramax LLC, Series 2014-1A, Class A2 (a) 3.340% 7/20/26		701,194		696,149
Morgan Stanley ABS Capital I, Inc. Trust, Series 2005-WMC4, Class M4, 1 mo. USD LIBOR + .945%, FRN 1.166% 4/25/35		493,524		491,090
Nations Equipment Finance Funding II LLC, Series 2014-1A, Class A (a) 1.558% 7/20/18		150,928		150,827
Navitas Equipment Receivables LLC, Series 2015-1, Class A1 (a) 0.550% 4/15/16		214,871		214,851

The accompanying notes are an integral part of the portfolio of investments.

25

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

	Principal Amount		Value
Navitas Equipment Receivables LLC, Series 2013-1, Class A (a) 1.950% 11/15/16	$	132,665	$	132,608
New Residential Advance Receivables Trust, Series 2015-T3, Class AT3 (a) 2.540% 11/15/46		470,000		469,236
New York City Tax Lien, Series 2014-A, Class A (a) 1.030% 11/10/27		58,034		57,937
Ocwen Master Advance Receivables Trust, Series 2015-T2, Class AT2 (a) 2.532% 11/15/46		560,000		559,944
Ocwen Master Advance Receivables Trust, Series 15-1, Class AT1 (a) 2.537% 9/17/46		230,000		229,799
OneMain Financial Issuance Trust, Series 2014-1A, Class A (a) 2.430% 6/18/24		260,000		259,529
Oxford Finance Funding Trust, Series 2014-1A, Class A (a) 3.475% 12/15/22		180,000		179,089
PFS Financing Corp., Series 2013-AA, Class A, 1 mo. LIBOR + .550%, FRN (a) 0.881% 2/15/18		2,100,000		2,099,129
PFS Financing Corp., Series 2014-AA, Class A, 1 mo. LIBOR + .600%, FRN (a) 0.931% 2/15/19		1,490,000		1,485,663
PFS Financing Corp., Series 2014-BA, Class A, 1 mo. LIBOR + .600%, FRN (a) 0.931% 10/15/19		1,000,000		986,524
RAAC, Series 2006-RP2, Class A, 1 mo. USD LIBOR + .250%, FRN (a) 0.446% 2/25/37		280,468		276,774
Sierra Receivables Funding Co. LLC, Series 2012-1A, Class A (a) 2.840% 11/20/28		641,243		645,903
Sierra Receivables Funding Co. LLC, Series 2015-3A, Class B (a) 3.080% 9/20/32		156,012		156,011
Sierra Receivables Funding Co. LLC, Series 2011-2A, Class A (a) 3.260% 5/20/28		233,893		234,698
Sierra Timeshare Receivables Funding LLC, Series 2013-1A, Class A (a) 1.590% 11/20/29		150,506		149,305
Sierra Timeshare Receivables Funding LLC, Series 2015-2A, Class B (a) 3.020% 6/20/32		271,470		268,096
Sonic Capital LLC, Series 2011-1A, Class A2 (a) 5.438% 5/20/41		436,165		450,296

	Principal Amount		Value
SPS Servicer Advance Receivables Trust, Series 2015-T2, Class AT2 (a) 2.620% 1/15/47	$	1,850,000	$	1,847,800
SPS Servicer Advance Receivables Trust, Series 2015-T3, Class AT3 (a) 2.920% 7/15/47		340,000		339,649
Structured Asset Securities Corp, Series 2006-OPT1, Class A4, 1 mo. USD LIBOR + .160%, FRN 0.381% 4/25/36		100,151		100,060
SVO VOI Mortgage LLC, Series 2012-AA, Class A (a) 2.000% 9/20/29		568,455		564,042
TAL Advantage LLC, Series 2006-1A, 1 mo. LIBOR + .190%, FRN (a) 0.592% 4/20/21		713,334		712,945
TAL Advantage LLC, Series 2014-2A, Class A1 (a) 1.700% 5/20/39		297,933		294,817
Trade MAPS 1 Ltd., Series 2013-1A, Class A, 1 mo. LIBOR + .700%, FRN (a) 0.993% 12/10/18		1,620,000		1,609,708
Trip Rail Master Funding LLC, Series 2011-1A, Class A1B, 1 mo. LIBOR + 2.500%, FRN (a) 2.831% 7/15/41		341,268		353,215
Trip Rail Master Funding LLC, Series 2011-1A, Class A1A (a) 4.370% 7/15/41		390,020		408,562
Westgate Resorts LLC, Series 2014-1A, Class A (a) 2.150% 12/20/26		397,115		389,054
Westgate Resorts LLC, Series 2015-1A, Class A (a) 2.750% 5/20/27		511,741		510,494
Westgate Resorts LLC, Series 2015-2A, Class A (a) 3.200% 7/20/28		825,390		822,547
WG Horizons CLO I, Series 2006-1A, Class A1, 3 mo. USD LIBOR + .260%, FRN (a) 0.667% 5/24/19		998,322		991,382
				56,199,280
Student Loans ABS — 10.6%
Academic Loan Funding Trust, Series 2013-1A, Class A, 1 mo. LIBOR + .800%, FRN (a) 1.021% 12/26/44		2,426,479		2,355,902
Access Group, Inc., Series 2006-1, Class A2, 3 mo. LIBOR + .110%, FRN 0.503% 8/25/23		494,264		489,469

The accompanying notes are an integral part of the portfolio of investments.

26

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

	Principal Amount		Value
Access Group, Inc., Series 2005-B, Class A2, 3 mo. LIBOR + .230%, FRN 0.550% 7/25/22	$	57,060	$	57,003
Access Group, Inc., Series 2005-2, Class A3, 3 mo. LIBOR + .180%, FRN 0.558% 11/22/24		349,880		346,988
Access Group, Inc., Series 2004-A, Class A2, 3 mo. LIBOR + .260%, FRN 0.580% 4/25/29		218,854		217,643
Access Group, Inc., Series 2003-A, Class A3, 3 mo. Treasury + 1.200%, FRN 1.340% 7/01/38		209,276		188,754
Brazos Higher Education Authority, Inc., Series 2006-2, Class A10 FRN 0.446% 6/25/26		350,000		321,816
CIT Education Loan Trust, Series 2005-1, Class A3, 3 mo. LIBOR + .120%, FRN 0.632% 3/15/26		1,351,650		1,330,807
College Loan Corp Trust I, Series 2005-2, Class B, 3 mo. LIBOR + .490%, FRN 0.811% 1/15/37		608,282		526,106
College Loan Corp. Trust, Series 2005-1, Class A4, 3 mo. LIBOR + .150%, FRN 0.470% 4/25/27		2,375,000		2,357,308
Collegiate Funding Services Education Loan Trust, Series 2004-A, Class A3, 3 mo. LIBOR + .210%, FRN 0.813% 9/28/26		375,163		372,817
DRB Prime Student Loan Trust, Series 2015-D, Class A1, 1 mo. USD LIBOR + 1.700%, FRN (a) 1.899% 1/25/40		820,000		802,084
DRB Prime Student Loan Trust, Series 2015-A, Class A3 2.320% 4/25/30		292,674		293,137
DRB Prime Student Loan Trust, Series 2015-B, Class A3 (a) 2.540% 4/27/26		425,501		422,734
Edsouth Indenture No 9 LLC, Series 2015-1, Class A, 1 mo. LIBOR + .800%, FRN (a) 1.021% 10/25/56		711,642		687,993
Education Funding Capital Trust I, Series 2004-1, Class A4, 28 day ARS, FRN 1.697% 6/15/43		1,150,000		1,092,798
Education Funding Capital Trust I, Series 2004-1, Class B1, 28 day ARS, FRN 1.846% 6/15/43		150,000		136,201

	Principal Amount		Value
Education Funding Capital Trust I, Series 2004-1, Class A5, 28 day ARS, FRN 1.902% 6/15/43	$	650,000	$	639,533
Education Funding Capital Trust I, Series 2004-1, Class A6, 28 day ARS, FRN 1.908% 6/15/43		350,000		343,072
Educational Services of America, Series 2015-2, Class B FRN (a) 1.860% 12/25/58		750,000		682,172
GCO Education Loan Funding Trust, Series 2007-1A, Class A5L, 3 mo. LIBOR + .070%, FRN (a) 0.463% 5/25/23		59,315		58,599
Kentucky Higher Education Student Loan Corp., Series 2015-1, Class A1, 1 mo. LIBOR + .750%, FRN 0.938% 12/01/31		504,536		489,743
KeyCorp Student Loan Trust, Series 2004-A, Class 2A2, 3 mo. LIBOR + .300%, FRN 0.623% 10/28/41		857,753		854,096
KeyCorp Student Loan Trust, Series 2000-A, Class A2, 3 mo. LIBOR + .320%, FRN 0.713% 5/25/29		331,160		312,546
KeyCorp Student Loan Trust, Series 2006-A, Class 2A4, 3 mo. LIBOR + .310%, FRN 0.913% 9/27/35		1,498,313		1,438,732
National Collegiate Student Loan Trust, Series 2007-1, Class A2, 1 mo. LIBOR + .130%, FRN 0.552% 11/27/28		216,650		215,567
National Collegiate Student Loan Trust, Series 2006-3, Class A3, 1 mo. LIBOR + .150%, FRN 0.572% 10/25/27		418,358		415,496
National Collegiate Student Loan Trust, Series 2005-1, Class A4, 1 mo. LIBOR + .240%, FRN 0.662% 11/27/28		382,165		376,890
National Collegiate Student Loan Trust, Series 2004-1, Class A2, 3 mo. LIBOR + .260%, FRN 0.863% 6/25/27		152,487		151,991
Navient Private Education Loan Trust, Series 2014-AA, Class A1, 1 mo. LIBOR + .480%, FRN (a) 0.811% 5/16/22		485,406		484,708

The accompanying notes are an integral part of the portfolio of investments.

27

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

	Principal Amount		Value
Navient Private Education Loan Trust, Series 2015-AA, Class A1, 1 mo. LIBOR + .500%, FRN (a) 0.831% 12/15/21	$	756,435	$	754,196
Navient Private Education Loan Trust, Series 2015-BA, Class A1, 1 mo. LIBOR + .600%, FRN (a) 0.931% 5/15/23		375,334		374,861
Navient Private Education Loan Trust, Series 2015-AA, Class A2B, 1 mo. LIBOR + 1.200%, FRN (a) 1.531% 12/15/28		670,000		664,286
Nelnet Student Loan Trust, Series 2006-3, Class B, 3 mo. LIBOR + .250%, FRN 0.853% 6/25/41		472,661		414,450
Nelnet Student Loan Trust, Series 2010-4A, Class A, 1 mo. LIBOR + .800%, FRN (a) 1.222% 4/25/46		99,656		99,006
Nelnet Student Loan Trust, Series 2014-2A, Class B, 1 mo. LIBOR + 1.500%, FRN (a) 1.721% 6/25/41		295,000		258,578
Nelnet Student Loan Trust, Series 2008-3, Class A4, 3 mo. LIBOR + 1.650%, FRN 2.043% 11/25/24		1,175,000		1,181,864
Pennsylvania Higher Education Assistance Agency, Series 2004-1, Class A2, 28 day ARS, FRN 1.697% 4/25/44		450,000		443,982
Pennsylvania Higher Education Assistance Agency, Series 2003-1, Class A3, 28 day ARS, FRN 1.751% 7/25/42		600,000		590,003
SLC Student Loan Trust, Series 2006-A, Class A5, 3 mo. LIBOR + .170%, FRN 0.491% 7/15/36		1,110,124		1,100,170
SLM Student Loan Trust, Series 2007-2, Class A4, 3 mo. LIBOR + .060%, FRN 0.380% 7/25/22		400,000		377,100
SLM Student Loan Trust, Series 2006-3, Class A5, 3 mo. LIBOR + .100%, FRN 0.420% 1/25/21		380,000		364,685
SLM Student Loan Trust, Series 2006-1, Class A5, 3 mo. LIBOR + .110%, FRN 0.430% 7/26/21		370,000		361,909

	Principal Amount		Value
SLM Student Loan Trust, Series 2007-5, Class A6, 3 mo. LIBOR + .110%, FRN 0.430% 1/26/43	$	460,000	$	391,013
SLM Student Loan Trust, Series 2005-5, Class A4 FRN 0.459% 10/25/28		500,000		470,459
SLM Student Loan Trust, Series 2006-2, Class B, 3 mo. LIBOR + .220%, FRN 0.540% 1/25/41		457,747		379,052
SLM Student Loan Trust, Series 2003-14, Class A6, 3 mo. LIBOR + .300%, FRN 0.620% 7/25/25		300,000		288,269
SLM Student Loan Trust, Series 2005-8, Class B, 3 mo. LIBOR + .310%, FRN 0.630% 1/25/40		454,528		381,480
SLM Student Loan Trust, Series 2004-10, Class B, 3 mo. LIBOR + .370%, FRN 0.690% 1/25/40		452,052		374,921
SLM Student Loan Trust, Series 2004-3, Class B, 3 mo. LIBOR + .470%, FRN 0.790% 10/25/39		356,368		305,918
SLM Student Loan Trust, Series 2008-7, Class A2, 3 mo. LIBOR + .500%, FRN 0.820% 10/25/17		7,286		7,285
SLM Student Loan Trust, Series 2014-A, Class A1, 1 mo. LIBOR + .600%, FRN (a) 0.931% 7/15/22		733,658		731,737
SLM Student Loan Trust, Series 2012-E, Class A1, 1 mo. LIBOR + .750%, FRN (a) 1.081% 10/16/23		129,737		129,684
SLM Student Loan Trust, Series 2003-11, Class B, 3 mo. LIBOR + .650%, FRN 1.162% 12/15/38		419,844		375,686
SLM Student Loan Trust, Series 2012-C, Class A1, 1 mo. LIBOR + 1.100%, FRN (a) 1.431% 8/15/23		74,064		74,138
SLM Student Loan Trust, Series 2005-6, Class A5B, 3 mo. LIBOR + 1.200%, FRN 1.520% 7/27/26		618,414		621,506

The accompanying notes are an integral part of the portfolio of investments.

28

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

	Principal Amount		Value
SLM Student Loan Trust, Series 2012-A, Class A1, 1 mo. LIBOR + 1.400%, FRN (a) 1.731% 8/15/25	$	119,726	$	120,169
SLM Student Loan Trust, Series 2008-5, Class A4, 3 mo. LIBOR + 1.700%, FRN 2.020% 7/25/23		340,000		341,321
SLM Student Loan Trust, Series 2003-5, Class A7, 28 day ARS, FRN 2.760% 6/17/30		500,000		500,000
SLM Student Loan Trust, Series 2002-7, Class A11, 28 day ARS, FRN 2.780% 3/15/28		400,000		400,000
SLM Student Loan Trust, Series 2003-2, Class A7, 28 day ARS, FRN 2.860% 9/15/28		900,000		900,000
SLM Student Loan Trust, Series 2003-5, Class A9, 28 day ARS, FRN 2.900% 6/17/30		600,000		600,000
SMB Private Education Loan Trust, Series 2014-A, Class A1, 1 mo. LIBOR + .500%, FRN (a) 0.831% 9/15/21		590,971		588,406
Social Professional Loan Program LLC, Series 2015-A, Class A1, 1 mo. LIBOR + 1.200%, FRN (a) 1.421% 3/25/33		395,211		394,244
Social Professional Loan Program LLC, Series 2014-B, Class A1, 1 mo. LIBOR + 1.250%, FRN (a) 1.471% 8/25/32		680,251		676,579
Social Professional Loan Program LLC, Series 2014-A, Class A1, 1 mo. LIBOR + 1.600%, FRN (a) 2.022% 6/25/25		844,081		851,990
				35,351,652
WL Collateral CMO — 0.8%
Connecticut Avenue Securities, Series 2015-C02, Class 1M1, 1 mo. USD LIBOR + 1.150%, FRN 1.371% 5/25/25		687,729		685,684
Connecticut Avenue Securities, Series 2015-C03, Class 1M1, 1 mo. USD LIBOR + 1.500%, FRN 1.721% 7/25/25		1,350,282		1,348,019

	Principal Amount		Value
Credit Suisse First Boston Mortgage Securities Corp., Series 2005-CF1, Class M1, 1 mo. USD LIBOR + .700%, FRN (a) 1.122% 3/25/45	$	213,820	$	208,281
Structured Agency Credit Risk Debt Notes, Series 2015-DNA1, Class M1, 1 mo. USD LIBOR + .900%, FRN 1.121% 10/25/27		338,275		337,335
				2,579,319
WL Collateral PAC — 0.0%
Structured Asset Securities Corp., Series 2007-BC4, Class A3, 1 mo. USD LIBOR + .250%, FRN 0.672% 11/25/37		62,118		62,045
TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $147,702,878)				147,501,034
U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES — 0.1%
Pass-Through Securities — 0.1%
Government National Mortgage Association II Pool #82462 1 year CMT + 1.500%, FRN 2.500% 1/20/40		188,988		195,547
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (Cost $200,622)				195,547
U.S. TREASURY OBLIGATIONS — 96.0%
U.S. Treasury Bonds & Notes — 96.0%
U.S. Treasury Inflation Index 0.125% 4/15/17		6,115,414		6,103,232
U.S. Treasury Inflation Index (c) (d) (e) 0.125% 4/15/18		17,841,126		17,806,746
U.S. Treasury Inflation Index (d) 0.125% 4/15/19		17,671,672		17,567,904
U.S. Treasury Inflation Index (d) 0.125% 4/15/20		16,859,458		16,644,551
U.S. Treasury Inflation Index (d) 0.125% 1/15/22		14,238,882		13,798,174
U.S. Treasury Inflation Index (d) 0.125% 7/15/22		14,195,219		13,763,812
U.S. Treasury Inflation Index (d) 0.125% 1/15/23		14,528,781		13,930,035
U.S. Treasury Inflation Index (d) 0.125% 7/15/24		14,198,672		13,484,862

The accompanying notes are an integral part of the portfolio of investments.

29

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

	Principal Amount		Value
U.S. Treasury Inflation Index (d) 0.250% 1/15/25	$	14,209,006	$	13,562,382
U.S. Treasury Inflation Index (d) 0.375% 7/15/23		14,052,775		13,728,170
U.S. Treasury Inflation Index (d) 0.375% 7/15/25		14,111,366		13,662,300
U.S. Treasury Inflation Index (d) 0.625% 7/15/21		12,911,228		12,995,952
U.S. Treasury Inflation Index (d) 0.625% 1/15/24		14,112,624		13,952,573
U.S. Treasury Inflation Index (d) 0.625% 2/15/43		5,275,899		4,464,730
U.S. Treasury Inflation Index (d) 0.750% 2/15/42		6,810,193		5,982,863
U.S. Treasury Inflation Index (d) 0.750% 2/15/45		8,029,659		7,002,738
U.S. Treasury Inflation Index (d) 1.125% 1/15/21		12,117,513		12,492,562
U.S. Treasury Inflation Index (d) 1.250% 7/15/20		10,605,988		11,029,262
U.S. Treasury Inflation Index (d) 1.375% 7/15/18		5,316,267		5,503,926
U.S. Treasury Inflation Index (d) 1.375% 1/15/20		7,336,066		7,625,878
U.S. Treasury Inflation Index (d) 1.375% 2/15/44		6,929,331		7,052,035
U.S. Treasury Inflation Index 1.625% 1/15/18		4,541,200		4,683,290
U.S. Treasury Inflation Index (d) 1.750% 1/15/28		5,347,263		5,842,719
U.S. Treasury Inflation Index (d) 1.875% 7/15/19		5,948,333		6,307,404
U.S. Treasury Inflation Index (d) 2.000% 1/15/26		6,626,765		7,362,442
U.S. Treasury Inflation Index (d) 2.125% 1/15/19		4,913,049		5,198,875
U.S. Treasury Inflation Index (d) 2.125% 2/15/40		3,488,300		4,106,974
U.S. Treasury Inflation Index (d) 2.125% 2/15/41		3,665,520		4,340,012
U.S. Treasury Inflation Index (d) 2.375% 1/15/25		9,210,994		10,471,509
U.S. Treasury Inflation Index (d) 2.375% 1/15/27		5,950,023		6,878,399
U.S. Treasury Inflation Index (d) 2.500% 1/15/29		5,383,859		6,378,048
U.S. Treasury Inflation Index (d) 3.375% 4/15/32		2,137,220		2,891,676
U.S. Treasury Inflation Index (d) 3.625% 4/15/28		4,654,196		6,084,151
U.S. Treasury Inflation Index (d) 3.875% 4/15/29		5,787,120		7,861,820
				320,562,006

			Value
TOTAL U.S. TREASURY OBLIGATIONS (Cost $330,923,937)			$	320,562,006
TOTAL BONDS & NOTES (Cost $491,071,661)				484,697,224
	Notional Amount
PURCHASED OPTIONS — 0.1%
Financial — 0.1%
Diversified Financial — 0.1%
5 Year CDX.NA.IG 25 Swaption, Put, Expires 3/16/16, Strike 120.00 (OTC — JP Morgan Chase Bank) Underlying swap terminates 1/14/16	$	26,750,000		31,351
5 Year CDX.NA.IG 25 Swaption, Put, Expires 3/16/16, Strike 120.00 (OTC — JP Morgan Chase Bank) Underlying swap terminates 1/15/16		13,400,000		15,705
5 Year CDX.NA.IG 25 Swaption, Put, Expires 3/16/16, Strike 120.00 (OTC — JP Morgan Chase Bank) Underlying swap terminates 1/14/16		4,850,000		5,684
USD Call CNH Put, Expires 7/27/16, Strike 6.65 (OTC — JP Morgan Chase Bank)		5,700,000		151,956
USD Call CNH Put, Expires 9/16/16, Strike 6.65 (OTC — HSBC Bank PLC)		5,500,000		174,845
USD Put CNH Call, Expires 5/16/16, Strike 6.65 (OTC — HSBC Bank PLC)		5,500,000		108,658
				488,199
TOTAL PURCHASED OPTIONS (Cost $302,119)				488,199
TOTAL LONG-TERM INVESTMENTS (Cost $491,373,780)				485,185,423
	Principal Amount
SHORT-TERM INVESTMENTS — 34.5%
Commercial Paper — 34.1%
Agrium, Inc. 0.800% 2/02/16		5,000,000		4,997,791
Airgas, Inc. (a) 0.580% 1/20/16		5,000,000		4,998,703

The accompanying notes are an integral part of the portfolio of investments.

30

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

	Principal Amount		Value
AutoZone, Inc. (a) 0.820% 1/25/16	$	3,400,000	$	3,398,881
BAT International Finance (a) 0.580% 1/27/16		5,000,000		4,998,211
CenterPoint Energy, Inc. (a) 0.610% 1/21/16		5,000,000		4,998,629
Cox Enterprises, Inc. (a) 1.020% 1/25/16		5,000,000		4,998,354
Daimler Finance North America LLC (a) 0.579% 1/27/16		5,000,000		4,998,211
Deutsche Telekom AG (a) 0.870% 1/08/16		5,000,000		4,999,460
Devon Energy Corp. (a) 0.650% 1/27/16		5,000,000		4,998,211
Diamond Offshore Drilling, Inc. (a) 1.100% 1/06/16		962,000		961,937
ERAC USA Finance LLC (a) 0.580% 1/25/16		5,000,000		4,998,354
Harley-Davidson Funding Corp. (a) 0.860% 2/17/16		5,000,000		4,996,693
HP, Inc. (a) 0.660% 1/25/16		5,000,000		4,998,882
Hyundai Capital America (a) 0.550% 1/12/16		5,000,000		4,999,282
IntercontinentalExchange, Inc. (a) 0.850% 3/14/16		5,000,000		4,995,540
National Grid USA (a) 0.620% 1/11/16		5,000,000		4,999,351
Plains All American Pipeline LP (a) 0.640% 1/19/16		5,000,000		4,998,778
Sempra Energy Holdings (a) 0.600% 1/19/16		5,000,000		4,998,778
TELUS Corp. (a) 0.610% 2/18/16		5,000,000		4,996,611
Thomson Reuters Corp. (a) 0.570% 1/14/16		4,955,000		4,954,202
United Technologies Corp. (a) 0.750% 1/28/16		5,000,000		4,998,141
Virginia Electric and Power Co. 0.660% 2/16/16		5,000,000		4,996,971
Vodafone Group PLC (a) 0.920% 3/21/16		4,500,000		4,494,523
Volvo Group Treasury National (a) 0.680% 1/11/16		5,000,000		4,999,351
				113,773,845
Repurchase Agreement — 0.4%
State Street Bank & Trust Co. Repurchase Agreement, dated 12/31/15, 0.010%, due 1/04/16 (f)		1,418,018		1,418,018

	Value
TOTAL SHORT-TERM INVESTMENTS (Cost $115,170,060)	$	115,191,863
TOTAL INVESTMENTS — 179.7% (Cost $606,543,840) (g)		600,377,286
Other Assets/(Liabilities) — (79.7)%		(266,345,464	)
NET ASSETS — 100.0%	$	334,031,822

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

ABS Asset-Backed Security

ARS Auction Rate Security

CDO Collateralized Debt Obligation

CLO Collateralized Loan Obligation

CMO Collateralized Mortgage Obligation

CMT Constant Maturity Treasury Index

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 December 31, 2015, these securities amounted to a value of $216,159,926 or 64.71% of net assets.

(b) Restricted security. Certain securities are restricted as to resale. At December 31, 2015, these securities amounted to a value of $121,559 or 0.04% of net assets. The Fund generally bears the costs, if any, associated with the disposition of restricted securities.

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

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

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

(f) Maturity value of $1,418,020. Collateralized by U.S. Government Agency obligations with a rate of 2.120%, maturity date of 11/07/22, and an aggregate market value, including accrued interest, of $1,450,504.

(g) See Note 3 for aggregate cost for federal tax purposes.

The accompanying notes are an integral part of the portfolio of investments.

31

MassMutual Premier Core Bond Fund – Portfolio of Investments

December 31, 2015 (Unaudited)

	Number of Shares		Value
EQUITIES — 0.3%
PREFERRED STOCK — 0.3%
Energy — 0.1%
Oil & Gas — 0.1%
Southwestern Energy Co. 6.250%		38,550	$	715,103
Financial — 0.2%
Insurance — 0.2%
The Allstate Corp. 5.100%		130,000		3,209,700
TOTAL PREFERRED STOCK (Cost $5,177,500)				3,924,803
TOTAL EQUITIES (Cost $5,177,500)				3,924,803
	Principal Amount
BONDS & NOTES — 99.4%
CORPORATE DEBT — 47.9%
Advertising — 0.1%
WPP Finance 2010 4.750% 11/21/21	$	635,000		684,194
WPP Finance 2010 5.625% 11/15/43		1,338,000		1,357,435
				2,041,629
Aerospace & Defense — 0.2%
Exelis, Inc. 4.250% 10/01/16		2,465,000		2,509,224
United Technologies Corp. 6.125% 7/15/38		465,000		566,566
				3,075,790
Agriculture — 0.5%
Bunge Ltd. Finance Corp. 3.200% 6/15/17		1,785,000		1,802,491
Bunge Ltd. Finance Corp. 3.500% 11/24/20		1,145,000		1,138,626
Imperial Tobacco Finance PLC (a) 2.950% 7/21/20		2,745,000		2,750,380
Philip Morris International, Inc. 6.375% 5/16/38		225,000		283,792
Reynolds American, Inc. 3.250% 6/12/20		980,000		995,977
				6,971,266
Airlines — 0.3%
American Airlines Pass-Through Trust, Series 2014-1, Class A 3.700% 4/01/28		687,532		687,944
American Airlines Pass-Through Trust, Series 2014-1, Class B 4.375% 4/01/24		286,259		284,828

	Principal Amount		Value
Spirit Airlines Pass-Through Trust, Series 2015-1, Class A 4.100% 10/01/29	$	2,525,000	$	2,487,125
United Air Lines, Inc. (b) 10.110% 2/19/49		139,543		35,409
United Airlines Pass-Through Trust, Series 2014-1, Class A 4.000% 10/11/27		868,400		887,939
				4,383,245
Auto Manufacturers — 0.7%
Ford Motor Credit Co. LLC 2.551% 10/05/18		4,480,000		4,448,187
General Motors Co. 5.200% 4/01/45		1,725,000		1,617,581
General Motors Financial Co., Inc. 3.200% 7/13/20		2,435,000		2,397,508
Hyundai Capital America (a) 2.550% 2/06/19		1,150,000		1,141,074
				9,604,350
Automotive & Parts — 0.0%
Lear Corp. 4.750% 1/15/23		625,000		628,125
Banks — 5.2%
Associated Banc-Corp. 4.250% 1/15/25		4,885,000		4,887,990
Bank of America Corp. 3.950% 4/21/25		8,590,000		8,364,676
Bank of America Corp. 4.000% 4/01/24		2,525,000		2,582,355
Bank of America Corp. 5.650% 5/01/18		1,150,000		1,236,604
Bank of America Corp. 5.750% 12/01/17		1,555,000		1,663,461
The Bank of Nova Scotia 4.500% 12/16/25		3,290,000		3,274,777
Barclays PLC 4.375% 9/11/24		1,585,000		1,549,846
Commonwealth Bank of Australia (a) 4.500% 12/09/25		3,790,000		3,758,225
Compass Bank 3.875% 4/10/25		3,535,000		3,240,075
Credit Agricole SA (a) 2.750% 6/10/20		2,640,000		2,654,161
Credit Suisse AG 5.400% 1/14/20		2,035,000		2,228,148
Discover Bank 2.000% 2/21/18		1,920,000		1,907,019
First Horizon National Corp. 3.500% 12/15/20		4,280,000		4,242,832
FirstMerit Corp. 4.350% 2/04/23		645,000		653,271

The accompanying notes are an integral part of the portfolio of investments.

32

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

	Principal Amount		Value
ICICI Bank Ltd. (a) 4.700% 2/21/18	$	1,800,000	$	1,870,961
ICICI Bank Ltd. (a) 4.750% 11/25/16		1,300,000		1,330,726
Intesa Sanpaolo SpA, USD 5 year swap rate + 5.462%, VRN (a) 7.700% 12/29/49		2,000,000		2,037,500
Itau Unibanco Holding SA (a) 2.850% 5/26/18		5,860,000		5,572,860
JP Morgan Chase & Co. 3.875% 9/10/24		1,710,000		1,701,012
Morgan Stanley 3.950% 4/23/27		1,305,000		1,266,606
Morgan Stanley 4.875% 11/01/22		750,000		795,939
MUFG Union Bank NA 2.625% 9/26/18		550,000		555,279
Regions Financial Corp. 7.500% 5/15/18		895,000		994,470
Santander Holdings USA, Inc. 2.650% 4/17/20		2,470,000		2,423,238
Skandinaviska Enskilda Banken AB (a) 2.375% 3/25/19		760,000		763,496
SVB Financial Group 3.500% 1/29/25		4,285,000		4,105,369
SVB Financial Group 5.375% 9/15/20		515,000		563,432
Valley National Bancorp 5.125% 9/27/23		1,710,000		1,786,098
Wachovia Bank NA 6.600% 1/15/38		690,000		890,564
Wells Fargo & Co. 4.300% 7/22/27		4,325,000		4,418,135
Wells Fargo & Co. 4.600% 4/01/21		345,000		376,096
				73,695,221
Biotechnology — 0.1%
Amgen, Inc. 5.150% 11/15/41		1,600,000		1,624,374
Building Materials — 0.5%
CRH America, Inc. 8.125% 7/15/18		1,730,000		1,968,057
Lafarge SA 6.500% 7/15/16		1,305,000		1,337,940
Martin Marietta Material, Inc. 3 mo. USD LIBOR + 1.100%, FRN 1.426% 6/30/17		1,540,000		1,529,286
Masco Corp. 4.450% 4/01/25		604,000		591,920
Owens Corning, Inc. 9.000% 6/15/19		1,245,000		1,442,956
				6,870,159

	Principal Amount		Value
Chemicals — 1.4%
Ashland, Inc. STEP 4.750% 8/15/22	$	10,540,000	$	10,250,150
Ashland, Inc. 6.875% 5/15/43		1,378,000		1,309,100
Cabot Corp. 5.000% 10/01/16		2,440,000		2,500,165
Cytec Industries, Inc. 8.950% 7/01/17		225,000		244,874
The Dow Chemical Co. 8.550% 5/15/19		375,000		441,993
Ecolab, Inc. 4.350% 12/08/21		650,000		694,050
Incitec Pivot Finance LLC (a) 6.000% 12/10/19		880,000		954,186
Methanex Corp. 5.250% 3/01/22		550,000		541,542
RPM International, Inc. 6.125% 10/15/19		800,000		875,070
RPM International, Inc. 6.500% 2/15/18		1,375,000		1,483,061
Valspar Corp. 7.250% 6/15/19		650,000		737,468
				20,031,659
Commercial Services — 0.8%
The ADT Corp. 2.250% 7/15/17		2,015,000		2,004,925
Cardtronics, Inc., Convertible 1.000% 12/01/20		1,400,000		1,299,375
ERAC USA Finance LLC (a) 2.800% 11/01/18		455,000		457,951
ERAC USA Finance LLC (a) 6.700% 6/01/34		355,000		418,710
Leidos Holdings, Inc. 4.450% 12/01/20		6,280,000		6,251,043
The Western Union Co. 5.930% 10/01/16		1,405,000		1,449,613
				11,881,617
Computers — 0.9%
Hewlett Packard Enterprise Co. (a) 3.600% 10/15/20		3,750,000		3,758,606
Hewlett Packard Enterprise Co. (a) 4.900% 10/15/25		4,555,000		4,466,697
Hewlett Packard Enterprise Co. (a) 6.350% 10/15/45		4,050,000		3,844,835
SanDisk Corp., Convertible 0.500% 10/15/20		1,057,000		1,093,995
				13,164,133
Cosmetics & Personal Care — 0.0%
The Procter & Gamble Co. 5.800% 8/15/34		270,000		326,562

The accompanying notes are an integral part of the portfolio of investments.

33

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

	Principal Amount		Value
Distribution & Wholesale — 0.2%
Arrow Electronics, Inc. 4.500% 3/01/23	$	135,000	$	136,389
Ingram Micro, Inc. 4.950% 12/15/24		3,265,000		3,252,965
				3,389,354
Diversified Financial — 5.5%
AerCap Ireland Capital Ltd./AerCap Global Aviation Trust 4.500% 5/15/21		5,300,000		5,386,125
Affiliated Managers Group, Inc. 3.500% 8/01/25		2,320,000		2,206,656
Affiliated Managers Group, Inc. 4.250% 2/15/24		1,470,000		1,484,891
Air Lease Corp. 3.375% 1/15/19		2,505,000		2,517,525
Air Lease Corp. 3.875% 4/01/21		1,825,000		1,834,125
Air Lease Corp. STEP 5.625% 4/01/17		600,000		622,500
Ally Financial, Inc. 4.625% 5/19/22		1,131,000		1,136,655
American Express Co. 3 mo. USD LIBOR + 2.228%, VRN 6.800% 9/01/66		200,000		201,500
Ares Finance Co. LLC (a) 4.000% 10/08/24		2,380,000		2,207,598
The Bear Stearns Cos., Inc. 7.250% 2/01/18		1,520,000		1,676,694
Citigroup, Inc. 3.875% 3/26/25		8,392,000		8,167,833
Citigroup, Inc. 8.125% 7/15/39		225,000		322,712
Eaton Vance Corp. 3.625% 6/15/23		707,000		713,645
Eaton Vance Corp. 6.500% 10/02/17		91,000		97,170
GE Capital International Funding Co. (a) 2.342% 11/15/20		496,000		491,863
GE Capital International Funding Co. (a) 4.418% 11/15/35		1,522,000		1,553,174
General Electric Capital Corp. 5.500% 1/08/20		172,000		192,910
General Electric Capital Corp. 6.875% 1/10/39		429,000		584,758
The Goldman Sachs Group, Inc. 5.375% 3/15/20		900,000		988,689
The Goldman Sachs Group, Inc. 5.750% 1/24/22		1,600,000		1,819,554
The Goldman Sachs Group, Inc. 6.150% 4/01/18		420,000		456,085
The Goldman Sachs Group, Inc. 6.250% 2/01/41		440,000		524,833

	Principal Amount		Value
The Goldman Sachs Group, Inc. 6.345% 2/15/34	$	550,000	$	643,437
The Goldman Sachs Group, Inc. 6.750% 10/01/37		565,000		660,449
Hyundai Capital America (a) 2.875% 8/09/18		910,000		919,571
Hyundai Capital America (a) 4.000% 6/08/17		1,605,000		1,646,476
Icahn Enterprises LP/Icahn Enterprises Finance Corp. 3.500% 3/15/17		7,240,000		7,276,200
International Lease Finance Corp. 3.875% 4/15/18		2,065,000		2,080,488
International Lease Finance Corp. 5.750% 5/15/16		6,722,000		6,814,427
Janus Capital Group, Inc. 4.875% 8/01/25		2,440,000		2,503,938
JP Morgan Chase & Co. 4.500% 1/24/22		1,500,000		1,617,909
Lazard Group LLC 6.850% 6/15/17		601,000		639,893
Legg Mason, Inc. 5.625% 1/15/44		1,126,000		1,118,464
Merrill Lynch & Co., Inc. 7.750% 5/14/38		555,000		753,014
Morgan Stanley 4.350% 9/08/26		905,000		907,958
Morgan Stanley 5.625% 9/23/19		1,415,000		1,561,593
Morgan Stanley 5.750% 1/25/21		225,000		252,619
Visa, Inc. 2.200% 12/14/20		5,305,000		5,295,127
Visa, Inc. 3.150% 12/14/25		5,725,000		5,732,076
Visa, Inc. 4.300% 12/14/45		2,929,000		2,971,643
				78,582,777
Electric — 2.4%
Ameren Corp. 3.650% 2/15/26		1,015,000		1,010,409
Berkshire Hathaway Energy 5.950% 5/15/37		1,525,000		1,742,180
CMS Energy Corp. 5.050% 2/15/18		1,875,000		1,980,309
Duke Energy Progress, Inc. 6.125% 9/15/33		37,000		44,477
Entergy Louisiana LLC 4.950% 1/15/45		1,095,000		1,093,178
Florida Power & Light Co. 4.950% 6/01/35		950,000		1,043,085
IPALCO Enterprises, Inc. 3.450% 7/15/20		5,935,000		5,816,300

The accompanying notes are an integral part of the portfolio of investments.

34

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

	Principal Amount		Value
Kansas Gas & Electric Co. 5.647% 3/29/21	$	879,110	$	884,604
LG&E and KU Energy LLC 4.375% 10/01/21		1,900,000		2,007,599
Metropolitan Edison Co. (a) 4.000% 4/15/25		1,505,000		1,489,965
National Fuel Gas Co. 3.750% 3/01/23		985,000		912,280
Nevada Power Co. Series N 6.650% 4/01/36		1,000,000		1,262,954
Niagara Mohawk Power Corp. (a) 2.721% 11/28/22		1,560,000		1,499,967
Oncor Electric Delivery Co. 6.800% 9/01/18		75,000		83,359
Oncor Electric Delivery Co. 7.500% 9/01/38		130,000		171,879
Pacific Gas & Electric Co. 5.800% 3/01/37		800,000		930,150
Pennsylvania Electric Co. (a) 4.150% 4/15/25		2,090,000		2,102,028
PPL Capital Funding, Inc. 1.900% 6/01/18		400,000		396,250
PPL Capital Funding, Inc. 5.000% 3/15/44		1,320,000		1,360,960
Progress Energy, Inc. 7.000% 10/30/31		505,000		621,798
Puget Energy, Inc. 6.500% 12/15/20		1,985,000		2,274,129
Southern California Edison Co. 5.950% 2/01/38		820,000		1,003,757
Transelec SA (a) 4.625% 7/26/23		1,250,000		1,304,614
Tri-State Generation & Transmission Association, Series 2003, Class A (a) 6.040% 1/31/18		507,874		534,080
Virginia Electric and Power Co. 6.350% 11/30/37		925,000		1,183,277
Wisconsin Public Service Corp. 5.650% 11/01/17		1,405,000		1,480,992
				34,234,580
Electronics — 0.5%
Amphenol Corp. 2.550% 1/30/19		1,445,000		1,445,251
Arrow Electronics, Inc. 3.500% 4/01/22		1,865,000		1,796,469
Arrow Electronics, Inc. 5.125% 3/01/21		750,000		788,013
Avnet, Inc. 4.875% 12/01/22		944,000		966,522
Tech Data Corp. 3.750% 9/21/17		1,345,000		1,361,065
				6,357,320

	Principal Amount		Value
Engineering & Construction — 0.1%
SBA Tower Trust (a) 3.156% 10/15/20	$	1,500,000	$	1,475,655
Environmental Controls — 0.1%
Republic Services, Inc. 5.000% 3/01/20		40,000		43,439
Republic Services, Inc. 5.250% 11/15/21		795,000		878,901
				922,340
Foods — 0.9%
ConAgra Foods, Inc. 4.950% 8/15/20		850,000		908,852
ConAgra Foods, Inc. 6.625% 8/15/39		500,000		538,755
ConAgra Foods, Inc. 7.000% 4/15/19		755,000		848,730
JBS Investments GmbH (a) 7.750% 10/28/20		3,288,000		3,156,480
Kraft Foods, Inc. 6.500% 2/09/40		381,000		465,106
Tyson Foods, Inc. 2.650% 8/15/19		485,000		485,269
Tyson Foods, Inc. 4.875% 8/15/34		745,000		760,360
Whole Foods Market, Inc. (a) 5.200% 12/03/25		5,220,000		5,212,274
				12,375,826
Forest Products & Paper — 0.3%
Domtar Corp. 9.500% 8/01/16		94,000		98,432
Domtar Corp. 10.750% 6/01/17		55,000		61,200
International Paper Co. 4.750% 2/15/22		700,000		747,608
International Paper Co. 7.300% 11/15/39		820,000		934,642
International Paper Co. 9.375% 5/15/19		290,000		348,032
Sappi Papier Holding GmbH (a) 7.750% 7/15/17		1,830,000		1,900,912
				4,090,826
Gas — 0.1%
The Laclede Group, Inc. 4.700% 8/15/44		2,000,000		1,974,128
Hand & Machine Tools — 0.2%
Kennametal, Inc. 2.650% 11/01/19		1,200,000		1,167,737
Stanley Black & Decker, Inc. 2.451% 11/17/18		1,920,000		1,927,492
				3,095,229

The accompanying notes are an integral part of the portfolio of investments.

35

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

	Principal Amount		Value
Health Care – Products — 0.6%
Boston Scientific Corp. 6.000% 1/15/20	$	950,000	$	1,054,891
Zimmer Biomet Holdings, Inc. 3.550% 4/01/25		3,395,000		3,298,996
Zimmer Biomet Holdings, Inc. 4.450% 8/15/45		4,280,000		3,935,978
				8,289,865
Health Care – Services — 0.3%
Cigna Corp. 5.125% 6/15/20		650,000		709,524
Kaiser Foundation Hospitals 3.500% 4/01/22		600,000		609,637
UnitedHealth Group, Inc. 6.875% 2/15/38		1,775,000		2,321,496
				3,640,657
Holding Company – Diversified — 0.1%
Hutchison Whampoa International Ltd. (a) 5.750% 9/11/19		1,220,000		1,353,873
Home Builders — 0.3%
Lennar Corp. 4.500% 11/15/19		3,767,000		3,830,568
Housewares — 0.1%
Newell Rubbermaid, Inc. 2.050% 12/01/17		1,250,000		1,227,674
Insurance — 3.6%
ACE INA Holdings, Inc. 3.350% 5/03/26		1,250,000		1,246,170
The Allstate Corp. 3 mo. USD LIBOR + 2.938%, VRN 5.750% 8/15/53		2,270,000		2,333,560
Arch Capital Group US, Inc. 5.144% 11/01/43		1,150,000		1,163,573
AXIS Specialty Finance PLC 2.650% 4/01/19		660,000		657,192
Brown & Brown, Inc. 4.200% 9/15/24		2,040,000		2,014,408
The Chubb Corp., 3 mo. USD LIBOR + 2.250%, VRN 6.375% 4/15/37		916,000		879,662
CNA Financial Corp. 3.950% 5/15/24		1,250,000		1,244,373
CNA Financial Corp. 7.350% 11/15/19		1,000,000		1,151,327
CNO Financial Group, Inc. 4.500% 5/30/20		1,763,000		1,798,260
CNO Financial Group, Inc. 5.250% 5/30/25		2,104,000		2,140,820
Five Corners Funding Trust (a) 4.419% 11/15/23		1,465,000		1,529,435

	Principal Amount		Value
The Hartford Financial Services Group, Inc., 3 mo. USD LIBOR + 4.603%, VRN 8.125% 6/15/38	$	2,070,000	$	2,264,062
Liberty Mutual Group, Inc. (a) 4.250% 6/15/23		706,000		717,344
Marsh & McLennan Cos., Inc. 5.875% 8/01/33		900,000		1,033,142
MetLife Capital Trust IV (a) 7.875% 12/15/37		2,695,000		3,287,900
Principal Financial Group, Inc. 8.875% 5/15/19		620,000		741,855
Prudential Financial, Inc. 3 mo. USD LIBOR + 3.040%, VRN 5.200% 3/15/44		2,380,000		2,297,890
Prudential Financial, Inc. 3 mo. USD LIBOR + 3.920%, VRN 5.625% 6/15/43		1,845,000		1,886,513
Prudential Financial, Inc. 3 mo. USD LIBOR + 5.000%, VRN 8.875% 6/15/38		1,930,000		2,171,250
Prudential Financial, Inc., 3 mo. USD LIBOR + 3.031%, VRN 5.375% 5/15/45		1,800,000		1,797,750
QBE Capital Funding III Ltd. USD 10 year swap rate + 4.050%, VRN (a) 7.250% 5/24/41		1,425,000		1,569,340
QBE Insurance Group Ltd. (a) 2.400% 5/01/18		900,000		900,806
Reinsurance Group of America, Inc. 4.700% 9/15/23		1,270,000		1,339,125
Reinsurance Group of America, Inc. 5.000% 6/01/21		1,775,000		1,913,693
Reinsurance Group of America, Inc. 6.450% 11/15/19		1,675,000		1,884,742
USF&G Capital I (a) 8.500% 12/15/45		1,015,000		1,444,463
Voya Financial, Inc. 5.500% 7/15/22		900,000		1,007,087
Voya Financial, Inc. 3 mo. USD LIBOR + 3.580%, VRN 5.650% 5/15/53		1,510,000		1,487,350
Willis Group Holdings PLC 4.125% 3/15/16		530,000		532,873
Willis Group Holdings PLC 5.750% 3/15/21		1,825,000		2,016,835
Willis North America, Inc. 7.000% 9/29/19		706,000		791,240
XLIT Ltd. 4.450% 3/31/25		1,275,000		1,248,548
XLIT Ltd. 6.375% 11/15/24		1,990,000		2,319,737
				50,812,325

The accompanying notes are an integral part of the portfolio of investments.

36

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

	Principal Amount		Value
Internet — 0.9%
Baidu, Inc. 3.250% 8/06/18	$	1,965,000	$	1,990,170
Expedia, Inc. 4.500% 8/15/24		6,190,000		5,974,278
Expedia, Inc. 7.456% 8/15/18		3,420,000		3,811,169
Tencent Holdings Ltd. (a) 2.875% 2/11/20		1,655,000		1,644,011
				13,419,628
Investment Companies — 0.5%
Ares Capital Corp. 3.875% 1/15/20		3,635,000		3,690,205
FS Investment Corp. 4.000% 7/15/19		2,720,000		2,695,014
				6,385,219
Iron & Steel — 1.0%
Allegheny Technologies, Inc. 9.375% 6/01/19		687,000		549,600
ArcelorMittal 5.125% 6/01/20		2,375,000		1,971,250
ArcelorMittal STEP 5.500% 2/25/17		245,000		236,645
ArcelorMittal 6.125% 6/01/18		279,000		255,285
ArcelorMittal STEP 6.250% 8/05/20		1,700,000		1,357,875
Commercial Metals Co. 6.500% 7/15/17		855,000		885,994
Glencore Funding LLC (a) 2.875% 4/16/20		4,475,000		3,490,500
Glencore Funding LLC (a) 4.125% 5/30/23		180,000		132,752
Glencore Funding LLC (a) 4.625% 4/29/24		435,000		315,027
Reliance Steel & Aluminum Co. 4.500% 4/15/23		1,125,000		1,047,216
Reliance Steel & Aluminum Co. 6.200% 11/15/16		2,562,000		2,647,886
Reliance Steel & Aluminum Co. 6.850% 11/15/36		1,536,000		1,599,959
				14,489,989
Lodging — 0.2%
Choice Hotels International, Inc. 5.700% 8/28/20		1,500,000		1,605,000
Marriott International, Inc. 3.375% 10/15/20		1,440,000		1,465,779
Starwood Hotels & Resorts Worldwide, Inc. 6.750% 5/15/18		305,000		333,695

	Principal Amount		Value
Wyndham Worldwide Corp. 6.000% 12/01/16	$	9,000	$	9,344
				3,413,818
Machinery – Diversified — 0.4%
CNH Industrial Capital LLC 3.250% 2/01/17		725,000		717,750
CNH Industrial Capital LLC 3.375% 7/15/19		1,595,000		1,503,287
CNH Industrial Capital LLC 3.625% 4/15/18		902,000		888,019
CNH Industrial Capital LLC 6.250% 11/01/16		1,705,000		1,736,969
Xylem, Inc. 4.875% 10/01/21		585,000		621,823
				5,467,848
Manufacturing — 0.2%
Ingersoll-Rand Global Holding Co. Ltd. 6.875% 8/15/18		960,000		1,059,649
SPX FLOW, Inc. 6.875% 9/01/17		1,370,000		1,455,625
				2,515,274
Media — 0.6%
21st Century Fox America, Co. 6.900% 8/15/39		525,000		620,856
CBS Corp. 7.875% 7/30/30		970,000		1,236,452
CCO Safari II LLC (a) 3.579% 7/23/20		2,005,000		1,992,988
CCO Safari II LLC (a) 6.484% 10/23/45		1,655,000		1,657,713
NBCUniversal Media LLC 6.400% 4/30/40		100,000		124,609
Time Warner Cable, Inc. 6.750% 6/15/39		655,000		657,360
Time Warner Cable, Inc. 8.250% 4/01/19		235,000		269,850
Time Warner Cable, Inc. 8.750% 2/14/19		365,000		423,419
Time Warner, Inc. 4.700% 1/15/21		900,000		968,634
Time Warner, Inc. 6.100% 7/15/40		950,000		1,026,133
Time Warner, Inc. 6.250% 3/29/41		15,000		16,659
				8,994,673
Mining — 0.6%
Freeport-McMoRan, Inc. 2.375% 3/15/18		810,000		631,800
Freeport-McMoRan, Inc. 4.000% 11/14/21		5,310,000		3,186,000

The accompanying notes are an integral part of the portfolio of investments.

37

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

	Principal Amount		Value
Freeport-McMoRan, Inc. 5.450% 3/15/43	$	1,210,000	$	629,200
Glencore Canada Corp. 5.500% 6/15/17		1,230,000		1,200,787
Glencore Finance Canada (a) 5.800% 11/15/16		1,023,000		1,019,164
Vale Overseas Ltd. 6.250% 1/23/17		1,626,000		1,622,911
Vale Overseas Ltd. 6.875% 11/10/39		490,000		340,506
				8,630,368
Office Equipment/Supplies — 0.2%
Pitney Bowes, Inc. 4.625% 3/15/24		1,875,000		1,836,934
Pitney Bowes, Inc. 4.750% 1/15/16		1,140,000		1,141,063
Pitney Bowes, Inc. 4.750% 5/15/18		275,000		287,886
Pitney Bowes, Inc. 5.750% 9/15/17		188,000		198,321
				3,464,204
Office Furnishings — 0.0%
Steelcase, Inc. 6.375% 2/15/21		100,000		109,484
Oil & Gas — 3.7%
Anadarko Petroleum Corp. 6.450% 9/15/36		402,000		387,471
Apache Corp. 5.100% 9/01/40		2,195,000		1,876,317
Chesapeake Energy Corp., Convertible 2.500% 5/15/37		1,580,000		742,600
Chesapeake Energy Corp. 3.250% 3/15/16		3,350,000		3,207,625
ConocoPhillips Co. 4.300% 11/15/44		712,000		591,688
Devon Energy Corp. 5.600% 7/15/41		1,145,000		865,423
Devon Energy Corp. 6.300% 1/15/19		660,000		679,998
Ensco PLC 5.200% 3/15/25		2,845,000		2,024,704
Helmerich & Payne International Drilling Co. 4.650% 3/15/25		1,415,000		1,415,640
Newfield Exploration Co. 5.375% 1/01/26		5,195,000		4,298,863
Pemex Project Funding Master Trust 6.625% 6/15/38		202,000		177,760
Petrobras Global Finance BV 2.000% 5/20/16		1,480,000		1,457,800
Petrobras Global Finance BV 3.250% 3/17/17		4,695,000		4,342,875

	Principal Amount		Value
Petrobras International Finance Co. 3.875% 1/27/16	$	1,275,000	$	1,269,900
Petroleos Mexicanos 3.125% 1/23/19		395,000		382,119
Petroleos Mexicanos 5.500% 1/21/21		1,690,000		1,704,703
Petroleos Mexicanos 6.375% 1/23/45		640,000		541,684
Phillips 66 5.875% 5/01/42		2,245,000		2,250,289
Pioneer Natural Resources Co. 4.450% 1/15/26		2,430,000		2,188,006
Pioneer Natural Resources Co. 5.875% 7/15/16		1,370,000		1,391,410
Pride International, Inc. 6.875% 8/15/20		2,000,000		1,857,008
Rowan Cos., Inc. 4.750% 1/15/24		2,127,000		1,512,548
Rowan Cos., Inc. 4.875% 6/01/22		4,661,000		3,427,783
Rowan Cos., Inc. 5.000% 9/01/17		1,400,000		1,389,471
Southwestern Energy Co. 4.050% 1/23/20		2,450,000		1,776,250
Southwestern Energy Co. 4.950% 1/23/25		1,470,000		926,100
Transocean, Inc. STEP 5.800% 12/15/16		1,500,000		1,455,000
Transocean, Inc. 6.000% 3/15/18		2,813,000		2,503,570
Whiting Petroleum Corp., Convertible (a) 1.250% 4/01/20		2,165,000		1,472,200
WPX Energy, Inc. 7.500% 8/01/20		5,495,000		4,450,950
				52,567,755
Oil & Gas Services — 2.0%
Cameron International Corp. 5.950% 6/01/41		185,000		196,233
Halliburton Co. 3.375% 11/15/22		1,790,000		1,761,600
Halliburton Co. 4.850% 11/15/35		3,005,000		2,951,995
Hornbeck Offshore Services, Inc., Convertible 1.500% 9/01/19		2,850,000		1,613,812
Schlumberger Holdings Corp. (a) 3.000% 12/21/20		5,040,000		4,974,888
Schlumberger Holdings Corp. (a) 4.000% 12/21/25		4,590,000		4,529,316
SEACOR Holdings, Inc., Convertible 3.000% 11/15/28		970,000		768,725

The accompanying notes are an integral part of the portfolio of investments.

38

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

	Principal Amount		Value
SESI LLC 6.375% 5/01/19	$	725,000	$	672,894
Superior Energy Services, Inc. 7.125% 12/15/21		5,789,000		5,152,210
Weatherford International Ltd. 4.500% 4/15/22		1,000,000		720,000
Weatherford International Ltd. 5.125% 9/15/20		3,169,000		2,566,890
Weatherford International Ltd. 5.950% 4/15/42		1,685,000		1,183,712
Weatherford International Ltd. 6.000% 3/15/18		725,000		668,523
				27,760,798
Packaging & Containers — 0.2%
Brambles USA Inc., Series A (a) 5.350% 4/01/20		685,000		746,931
Brambles USA, Inc. (a) 4.125% 10/23/25		1,530,000		1,538,504
				2,285,435
Pharmaceuticals — 0.9%
AbbVie, Inc. 4.700% 5/14/45		2,465,000		2,409,454
Actavis Funding SCS 3.000% 3/12/20		2,210,000		2,208,243
Actavis Funding SCS 4.750% 3/15/45		1,395,000		1,360,188
Baxalta, Inc. (a) 3.600% 6/23/22		805,000		804,785
Baxalta, Inc. (a) 4.000% 6/23/25		2,145,000		2,122,707
Baxalta, Inc. (a) 5.250% 6/23/45		1,070,000		1,073,609
McKesson Corp. 2.284% 3/15/19		675,000		672,322
McKesson Corp. 3.796% 3/15/24		550,000		552,875
McKesson Corp. 4.750% 3/01/21		850,000		918,140
Pfizer, Inc. 7.200% 3/15/39		970,000		1,335,843
				13,458,166
Pipelines — 3.2%
Alliance Pipeline LP (a) 6.996% 12/31/19		569,445		615,445
Boardwalk Pipelines LLC 5.500% 2/01/17		914,000		926,094
Boardwalk Pipelines LP 5.875% 11/15/16		2,670,000		2,695,891
CenterPoint Energy Resources Corp. 4.500% 1/15/21		650,000		682,256
CenterPoint Energy Resources Corp. 5.850% 1/15/41		645,000		712,447

	Principal Amount		Value
Colonial Pipeline Co. (a) 3.750% 10/01/25	$	2,720,000	$	2,676,164
Energy Transfer Partners LP 3 mo. USD LIBOR + 3.018%, FRN 3.346% 11/01/66		2,000,000		1,260,000
Energy Transfer Partners LP 4.050% 3/15/25		3,070,000		2,521,268
Energy Transfer Partners LP 4.150% 10/01/20		1,360,000		1,254,590
Energy Transfer Partners LP 4.750% 1/15/26		3,845,000		3,233,964
Energy Transfer Partners LP 4.900% 3/15/35		1,775,000		1,290,622
Enterprise Products Operating Co. 3.700% 2/15/26		2,530,000		2,269,415
Enterprise Products Operating Co. 5.950% 2/01/41		630,000		578,680
Enterprise Products Operating LLC 3.200% 2/01/16		600,000		600,191
Kinder Morgan Energy Partners LP 6.500% 2/01/37		571,000		490,515
Kinder Morgan Energy Partners LP 6.950% 1/15/38		65,000		55,829
Kinder Morgan Finance Co. LLC (a) 6.000% 1/15/18		3,900,000		3,932,222
Kinder Morgan, Inc. 4.300% 6/01/25		2,970,000		2,566,101
Magellan Midstream Partners LP 5.150% 10/15/43		2,305,000		1,976,496
Magellan Midstream Partners LP 6.550% 7/15/19		1,125,000		1,228,221
MPLX LP (a) 4.500% 7/15/23		2,265,000		2,026,495
MPLX LP (a) 4.875% 12/01/24		5,725,000		5,138,187
Phillips 66 Partners LP 3.605% 2/15/25		869,000		747,548
Williams Partners LP 5.250% 3/15/20		2,045,000		1,899,292
Williams Partners LP/ACMP Finance Corp. 4.875% 5/15/23		4,270,000		3,461,540
				44,839,473
Real Estate — 0.1%
Prologis LP 3.750% 11/01/25		1,120,000		1,111,009
Real Estate Investment Trusts (REITS) — 1.6%
American Tower Corp. 3.400% 2/15/19		1,245,000		1,277,107
American Tower Corp. 3.450% 9/15/21		3,025,000		3,039,828
American Tower Corp. 4.500% 1/15/18		1,900,000		1,981,497

The accompanying notes are an integral part of the portfolio of investments.

39

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

	Principal Amount		Value
Boston Properties LP 4.125% 5/15/21	$	840,000	$	879,816
Brandywine Operating Partners LP 4.950% 4/15/18		1,100,000		1,151,227
DDR Corp. 4.750% 4/15/18		1,400,000		1,464,494
DDR Corp. 7.875% 9/01/20		1,600,000		1,914,952
Duke Realty LP 8.250% 8/15/19		1,975,000		2,336,239
ERP Operating LP 4.625% 12/15/21		600,000		651,169
Federal Realty Investment Trust 5.900% 4/01/20		455,000		513,811
HCP, Inc. 2.625% 2/01/20		1,415,000		1,393,188
Highwoods Realty LP 5.850% 3/15/17		2,600,000		2,710,534
Host Hotels & Resorts LP 4.000% 6/15/25		752,000		720,871
ProLogis LP 2.750% 2/15/19		610,000		616,379
Simon Property Group LP 5.650% 2/01/20		225,000		252,163
Vereit Operating Partnership LP 2.000% 2/06/17		1,530,000		1,514,700
Vereit Operating Partnership LP 3.000% 2/06/19		765,000		735,930
				23,153,905
Retail — 1.5%
AutoNation, Inc. 4.500% 10/01/25		895,000		907,874
Bed Bath & Beyond, Inc. 5.165% 8/01/44		915,000		775,018
CVS Health Corp. 6.125% 9/15/39		895,000		1,045,078
CVS Pass-Through Trust (a) 5.926% 1/10/34		2,165,707		2,378,927
Dollar General Corp. 3.250% 4/15/23		4,455,000		4,242,635
El Puerto de Liverpool SAB de CV (a) 3.950% 10/02/24		2,975,000		2,889,469
GNC Holdings, Inc., Convertible (a) 1.500% 8/15/20		450,000		360,281
Macy’s Retail Holdings, Inc. 7.450% 7/15/17		310,000		334,948
O’Reilly Automotive, Inc. 3.850% 6/15/23		759,000		765,750
O’Reilly Automotive, Inc. 4.875% 1/14/21		875,000		946,508
QVC, Inc. 3.125% 4/01/19		1,075,000		1,061,000

	Principal Amount		Value
QVC, Inc. 4.375% 3/15/23	$	1,140,000	$	1,082,030
QVC, Inc. 4.450% 2/15/25		1,225,000		1,136,105
QVC, Inc. 5.125% 7/02/22		750,000		747,610
Tiffany & Co. 4.900% 10/01/44		1,140,000		1,055,037
Walgreens Boots Alliance, Inc. 2.700% 11/18/19		750,000		748,589
Walgreens Boots Alliance, Inc. 3.800% 11/18/24		1,505,000		1,460,103
				21,936,962
Savings & Loans — 0.5%
Glencore Funding LLC (a) 1.700% 5/27/16		1,593,000		1,577,070
Glencore Funding LLC (a) 2.500% 1/15/19		1,841,000		1,537,235
Glencore Funding LLC (a) 3.125% 4/29/19		1,040,000		868,400
Nationwide Building Society (a) 2.350% 1/21/20		2,665,000		2,647,081
				6,629,786
Semiconductors — 0.7%
Applied Materials, Inc. 5.850% 6/15/41		1,500,000		1,618,445
Lam Research Corp. 2.750% 3/15/20		2,460,000		2,378,985
Lam Research Corp. 3.800% 3/15/25		2,210,000		2,080,178
Microchip Technology, Inc., Convertible (a) 1.625% 2/15/25		2,274,000		2,259,787
Micron Technology, Inc., Convertible 3.000% 11/15/43		566,000		470,488
QUALCOMM, Inc. 3.450% 5/20/25		1,248,000		1,197,030
				10,004,913
Software — 0.3%
Broadridge Financial Solutions, Inc. 3.950% 9/01/20		745,000		772,159
CA, Inc. 2.875% 8/15/18		835,000		838,234
CA, Inc. 5.375% 12/01/19		1,476,000		1,592,759
Citrix Systems, Inc., Convertible 0.500% 4/15/19		1,170,000		1,272,375
				4,475,527
Telecommunications — 1.3%
America Movil SAB de CV 5.000% 3/30/20		730,000		792,146

The accompanying notes are an integral part of the portfolio of investments.

40

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

	Principal Amount		Value
America Movil SAB de CV 6.125% 3/30/40	$	760,000	$	836,080
AT&T, Inc. 4.750% 5/15/46		1,970,000		1,803,724
AT&T, Inc. 6.550% 2/15/39		1,005,000		1,129,772
British Telecom PLC STEP 9.625% 12/15/30		1,050,000		1,532,113
CenturyLink, Inc. 6.150% 9/15/19		760,000		775,200
Crown Castle Towers LLC (a) 6.113% 1/15/40		940,000		1,025,216
Deutsche Telekom International Finance BV STEP 8.750% 6/15/30		290,000		402,068
Embarq Corp. 7.082% 6/01/16		561,000		569,751
Embarq Corp. 7.995% 6/01/36		200,000		206,000
Rogers Communications, Inc. 7.500% 8/15/38		160,000		207,117
Sprint Communications, Inc. (a) 9.000% 11/15/18		2,925,000		3,078,562
Telefonica Emisiones SAU 5.462% 2/16/21		650,000		726,449
Verizon Communications, Inc. 2.625% 2/21/20		1,866,000		1,872,488
Verizon Communications, Inc. 4.862% 8/21/46		1,366,000		1,293,228
Verizon Communications, Inc. 5.012% 8/21/54		1,222,000		1,118,852
Verizon Communications, Inc. 6.550% 9/15/43		1,218,000		1,446,022
				18,814,788
Transportation — 0.5%
Asciano Finance (a) 4.625% 9/23/20		845,000		852,930
Asciano Finance (a) 5.000% 4/07/18		1,650,000		1,698,825
Autoridad del Canal de Panama (a) 4.950% 7/29/35		1,340,000		1,380,200
Burlington Northern Santa Fe LLC 6.750% 3/15/29		1,053,000		1,297,674
Ryder System, Inc. 2.550% 6/01/19		480,000		477,085
Ryder System, Inc. 2.650% 3/02/20		1,215,000		1,195,249
Union Pacific Corp. 4.000% 2/01/21		700,000		748,065
				7,650,028

	Principal Amount		Value
Trucking & Leasing — 0.8%
Aviation Capital Group Corp. (a) 2.875% 9/17/18	$	6,665,000	$	6,626,756
GATX Corp. 2.375% 7/30/18		1,175,000		1,166,499
GATX Corp. 4.750% 6/15/22		1,200,000		1,259,330
Penske Truck Leasing Co. LP/PTL Finance Corp. (a) 2.500% 6/15/19		2,025,000		1,991,928
				11,044,513
TOTAL CORPORATE DEBT (Cost $703,582,789)				682,574,690
MUNICIPAL OBLIGATIONS — 1.2%
JobsOhio Beverage System Series B 4.532% 1/01/35		5,550,000		5,903,091
New York City Municipal Water Finance Authority BAB 5.882% 6/15/44		390,000		506,423
State of California 5.950% 4/01/16		895,000		906,948
State of California BAB 7.550% 4/01/39		505,000		733,518
State of California BAB 7.600% 11/01/40		3,925,000		5,825,681
State of Illinois 5.365% 3/01/17		2,910,000		3,018,048
				16,893,709
TOTAL MUNICIPAL OBLIGATIONS (Cost $16,303,836)				16,893,709
NON-U.S. GOVERNMENT AGENCY OBLIGATIONS — 22.6%
Auto Floor Plan ABS — 0.1%
NCF Dealer Floorplan Master Trust, Series 2014-1A, Class A, 1 mo. LIBOR + 1.500%, FRN (a) 1.902% 10/20/20		1,630,000		1,629,999
Automobile ABS — 0.7%
Avis Budget Rental Car Funding AESOP LLC, Series 2014-2A, Class A (a) 2.500% 2/20/21		1,600,000		1,588,033
Capital Automotive REIT, Series 2014-1A, Class A (a) 3.660% 10/15/44		1,100,000		1,105,269
Capital Automotive REIT, Series 2012-1A, Class A (a) 4.700% 7/15/42		1,764,420		1,806,563

The accompanying notes are an integral part of the portfolio of investments.

41

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

	Principal Amount		Value
CFC LLC, Series 2014-2A, Class A (a) 1.440% 11/16/20	$	1,153,952	$	1,146,956
CPS Auto Trust, Series 2014-A, Class A (a) 1.210% 8/15/18		615,693		614,601
CPS Auto Trust, Series 2011-B, Class A (a) 3.680% 9/17/18		172,037		172,050
GLS Auto Receivables Trust, Series 2015-1A, Class A (a) 2.250% 12/15/20		1,284,019		1,281,408
GO Financial Auto Securitization Trust, Series 2015-1, Class A (a) 1.810% 3/15/18		678,678		677,593
Santander Drive Auto Receivables Trust, Series 2015-S2, Class R1 (a) 1.840% 11/18/19		732,984		729,319
				9,121,792
Commercial MBS — 5.4%
Banc of America Commercial Mortgage, Inc., Series 2007-4, Class A4, VRN 5.742% 2/10/51		1,917,003		2,000,405
Banc of America Commercial Mortgage, Inc., Series 2008-1, Class AM, VRN 6.258% 2/10/51		1,445,000		1,533,672
Bear Stearns Commercial Mortgage Securities, Series 2006-PW14, Class A4 5.201% 12/11/38		2,650,590		2,699,753
Bear Stearns Commercial Mortgage Securities, Series 2006-PW14, Class AM 5.243% 12/11/38		1,295,000		1,329,696
Bear Stearns Commercial Mortgage Securities, Series 2007-T26, Class A4, VRN 5.471% 1/12/45		713,451		735,835
Bear Stearns Commercial Mortgage Securities, Series 2007-T26, Class AM, VRN 5.513% 1/12/45		2,765,000		2,851,847
Bear Stearns Commercial Mortgage Securities, Series 2007-PW17, Class A4, VRN 5.694% 6/11/50		970,205		1,008,682
Bear Stearns Commercial Mortgage Securities, Series 2007-PW18, Class A4 5.700% 6/11/50		2,150,000		2,233,673
Bear Stearns Commercial Mortgage Securities, Series 2006-PW12, Class AM, VRN 5.752% 9/11/38		2,375,000		2,394,114

	Principal Amount		Value
Bear Stearns Commercial Mortgage Securities, Series 2007-T28, Class AM, VRN 5.835% 9/11/42	$	1,170,000	$	1,227,155
Bear Stearns Commercial Mortgage Securities, Series 2007-PW18, Class AM, VRN 6.084% 6/11/50		1,660,000		1,743,965
COMM 2015-CCRE23 Mortgage Trust, Series 2015-CR23, Class B, VRN 4.183% 5/10/48		1,200,000		1,186,512
Commercial Mortgage Pass Through Certificates, Series 2014-UBS2, Class A5 3.961% 3/10/47		2,176,000		2,268,749
Commercial Mortgage Pass Through Certificates, Series 2015-CR23, Class C, VRN 4.257% 5/10/48		1,050,000		943,374
Commercial Mortgage Pass Through Certificates, Series 2007-C9, Class AM, VRN 5.650% 12/10/49		1,320,000		1,372,444
Commercial Mortgage Pass Through Certificates, Series 2006-C7, Class A4, CMO,, VRN 5.768% 6/10/46		812,223		814,635
Commercial Mortgage Pass Through Certificates, Series 2007-C9, Class A4, VRN 5.796% 12/10/49		3,691,049		3,854,052
DBCCRE Mortgage Trust, Series 2014-ARCP, Class A (a) 4.238% 1/10/34		1,100,000		1,151,050
DBRR Trust, Series 2013-EZ3, Class A, VRN (a) 1.636% 12/18/49		1,072,856		1,069,648
DBUBS Mortgage Trust, Series 2011-LC2A, Class A2 (a) 3.386% 7/10/44		1,578,132		1,585,138
DBUBS Mortgage Trust, Series 2011-LC3A, Class A2 3.642% 8/10/44		1,247,861		1,254,363
DBUBS Mortgage Trust, Series 2011-LC1A, Class A1 (a) 3.742% 11/10/46		169,628		170,098
DBUBS Mortgage Trust, Series 2011-LC1A, Class B, VRN (a) 5.471% 11/10/46		860,000		952,548
GCCFC Commercial Mortgage Trust, Series 2006-GG7, Class AM, VRN 5.826% 7/10/38		3,600,000		3,642,962

The accompanying notes are an integral part of the portfolio of investments.

42

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

	Principal Amount		Value
Greenwich Capital Commercial Funding Corp., Series 2006-GG7, Class A4, VRN 5.826% 7/10/38	$	2,769,953	$	2,788,053
GS Mortgage Securities Corp. II, Series 2012-GC6, Class AS (a) 4.948% 1/10/45		800,000		874,147
JP Morgan Chase Commercial Mortgage Securities Corp., Series 2011-C4, Class A2 (a) 3.341% 7/15/46		397,315		397,779
JP Morgan Chase Commercial Mortgage Securities Corp., Series 2006-CB17, Class A4 5.429% 12/12/43		2,858,697		2,902,996
Merrill Lynch/Countrywide Commercial Mortgage Trust, Series 2006-4, Class AM 5.204% 12/12/49		1,675,000		1,710,781
Merrill Lynch/Countrywide Commercial Mortgage Trust, Series 2006-2, Class A4, VRN 5.882% 6/12/46		651,279		653,603
ML-CFC Commercial Mortgage Trust, Series 2006-3, Class AM, VRN 5.456% 7/12/46		1,315,000		1,331,164
ML-CFC Commercial Mortgage Trust, Series 2007-9, Class AM, VRN 5.856% 9/12/49		1,800,000		1,876,986
Morgan Stanley Capital I, Series 2011-C2, Class B, VRN (a) 5.200% 6/15/44		825,000		884,476
Morgan Stanley Capital I, Series 2006-IQ12, Class A4 5.332% 12/15/43		1,003,068		1,020,960
Morgan Stanley Capital I, Series 2006-IQ12, Class AM 5.370% 12/15/43		1,525,000		1,559,233
Morgan Stanley Capital I, Series 2007-IQ14, Class A2 5.610% 4/15/49		701,618		700,949
Morgan Stanley Capital I, Series 2008-T29, Class A4, VRN 6.460% 1/11/43		1,215,111		1,296,374
STRIPs Ltd., Series 2012-1A, Class A (a) 1.500% 12/25/44		440,129		431,767
TIAA Seasoned Commercial Mortgage Trust, Series 2007-C4, Class AJ, VRN 5.510% 8/15/39		744,848		744,810
VFC LLC, (Acquired 7/9/14, Cost $1,500,000) Series 2014-2, Class A (a) (c) 2.750% 7/20/30		174,988		174,994

	Principal Amount		Value
VFC LLC, Series 2015-3, Class A, (Acquired 3/25/15, Cost $1,716,775) (a) (c) 2.750% 12/20/31	$	372,486	$	372,207
VNO Mortgage Trust, Series 2013-PENN, Class A (a) 3.808% 12/13/29		1,610,000		1,671,285
Wachovia Bank Commercial Mortgage Trust, Series 2007-C31, Class A4 5.509% 4/15/47		4,525,000		4,599,727
Wachovia Bank Commercial Mortgage Trust, Series 2007-C31, Class AM, VRN 5.591% 4/15/47		1,530,000		1,579,441
Wachovia Bank Commercial Mortgage Trust, Series 2006-C25, Class AM, VRN 5.767% 5/15/43		1,250,000		1,254,763
Wachovia Bank Commercial Mortgage Trust, Series 2007-C33, Class A4, VRN 5.952% 2/15/51		2,042,106		2,106,957
Wachovia Bank Commercial Mortgage Trust, Series 2007-C33, Class AM, VRN 5.952% 2/15/51		1,775,000		1,852,381
Wachovia Bank Commercial Mortgage Trust, Series 2006-C26, Class AM, VRN 5.962% 6/15/45		1,345,000		1,361,939
Wells Fargo Commercial Mortgage Trust, Series 2010-C1, Class A1 (a) 3.349% 11/15/43		248,174		255,064
Wells Fargo Reremic Trust, Series 2012-IO, Class A (a) 1.750% 8/20/21		255,983		255,983
WF-RBS Commercial Mortgage Trust, Series 2011-C3, Class A2 (a) 3.240% 3/15/44		1,002,657		1,005,397
WF-RBS Commercial Mortgage Trust, Series 2011-C2, Class A2 (a) 3.791% 2/15/44		518,797		518,441
				76,207,027
Home Equity ABS — 1.0%
ACE Securities Corp., Series 2005-AG1, Class A1B1, 1 mo. USD LIBOR + .270%, FRN 0.491% 8/25/35		455,980		455,012
Asset-Backed Funding Certificates, Series 2005-WMC1, Class M1, 1 mo. USD LIBOR + .660%, FRN 0.881% 6/25/35		109,381		109,324

The accompanying notes are an integral part of the portfolio of investments.

43

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

	Principal Amount		Value
Bayview Financial Mortgage Pass-Through Trust, Series 2005-B, Class M1, 1 mo. LIBOR + .450%, FRN 0.643% 4/28/39	$	741,633	$	740,348
Citigroup Mortgage Loan Trust, Series 2005-OPT4, Class M2, 1 mo. USD LIBOR + .430%, FRN 0.651% 7/25/35		375,648		368,611
Countrywide Asset-Backed Certificates, Series 2005-3, Class MV2, 1 mo. USD LIBOR + .450%, FRN 0.872% 8/25/35		159,576		159,419
Countrywide Asset-Backed Certificates, Series 2004-5, Class 3A, 1 mo. USD LIBOR + .460%, FRN 0.882% 9/25/34		254,614		251,648
Countrywide Partnership Trust, Series 2004-EC1, Class M1, 1 mo. USD LIBOR + .900%, FRN 1.322% 2/25/35		773,329		682,403
First Franklin Mortgage Loan Trust, Series 2005-FF6, Class M1, 1 mo. USD LIBOR + .420%, FRN 0.641% 5/25/36		1,096,120		1,088,099
First Franklin Mortgage Loan Trust, Series 2005-FF2, Class M3, 1 mo. USD LIBOR + .720%, FRN 1.142% 3/25/35		1,012,277		1,005,942
GSAMP Trust, Series 2005-HE5, Class M1, 1 mo. USD LIBOR + .420%, FRN 0.842% 11/25/35		753,264		748,226
GSAMP Trust, Series 2005-AHL, Class M1, 1 mo. USD LIBOR + .430%, FRN 0.852% 4/25/35		371,809		371,912
Home Equity Asset Trust, Series 2006-4, Class 2A3, 1 mo. USD LIBOR + .170%, FRN 0.592% 8/25/36		285,589		285,183
Long Beach Mortgage Loan Trust, Series 2005-WL1, Class M2, 1 mo. USD LIBOR + .825%, FRN 1.247% 6/25/35		1,752,270		1,731,216
MASTR Asset-Backed Securities Trust, Series 2005-WMC1, Class M3, 1 mo. USD LIBOR + .720%, FRN 1.142% 3/25/35		2,070,000		2,064,553
Morgan Stanley Capital, Inc., Series 2005-WMC6, Class M2, 1 mo. USD LIBOR + .750%, FRN 0.971% 7/25/35		919,220		925,032

	Principal Amount		Value
New Century Home Equity Loan Trust, Series 1997-NC5, Class A6, STEP 6.390% 10/25/28	$	194	$	198
NovaStar Mortgage Funding Trust, Series 2005-3, Class A2D, 1 mo. LIBOR + .370%, FRN 0.792% 1/25/36		1,874,778		1,876,461
Park Place Securities, Inc., Series 2005-WCW3, Class A2C, 1 mo. USD LIBOR + .380%, FRN 0.601% 8/25/35		278,616		278,143
Park Place Securities, Inc., Series 2005-WHQ1, Class M2, 1 mo. USD LIBOR + .750%, FRN 0.971% 3/25/35		287,424		287,372
Residential Asset Mortgage Products, Inc., Series 2005-EFC5, Class M1, 1 mo. USD LIBOR + .400%, FRN 0.822% 10/25/35		1,109,410		1,107,105
Structured Asset Investment Loan Trust, Series 2005-7, Class A5, 1 mo. USD LIBOR + .720%, FRN 1.142% 8/25/35		282,254		282,479
				14,818,686
Other ABS — 11.1%
321 Henderson Receivables I LLC, Series 2007-1A, Class A1, 1 mo. LIBOR + .200%, FRN (a) 0.531% 3/15/42		850,525		810,996
321 Henderson Receivables I LLC, Series 2015-1A, Class A (a) 3.260% 9/15/72		633,061		612,655
Aames Mortgage Investment Trust, Series 2004-1, Class M5, 1 mo. USD LIBOR + 1.725%, FRN 1.946% 1/25/35		2,128,017		2,123,048
AIMCO CLO Ltd., Series 2014-AA, Class A, 3 mo. USD LIBOR + 1.540%, FRN (a) 1.857% 7/20/26		2,500,000		2,484,995
ALM VIII Ltd., Series 2013-8A, Class A1A, 3 mo. USD LIBOR + 1.450%, FRN (a) 1.767% 1/20/26		1,590,000		1,577,456
ALM XIV Ltd., Series 2014-14A, Class A1, 3 mo. USD LIBOR + 1.430%, FRN (a) 1.753% 7/28/26		4,835,000		4,783,531
Alterna Funding I LLC, Series 2014-1A, Class NOTE (a) 1.639% 2/15/21		1,167,467		1,160,716

The accompanying notes are an integral part of the portfolio of investments.

44

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

	Principal Amount		Value
Apidos CLO XV, Series 2013-15A, Class A1, 3 mo. USD LIBOR + 1.350%, FRN (a) 1.667% 10/20/25	$	1,000,000	$	989,694
Applebee’s/IHOP Funding LLC, Series 2014-1, Class A2 (a) 4.277% 9/05/44		1,580,000		1,599,978
Arbys Funding LLC, Series 2015-1A, Class A2 (a) 4.969% 10/30/45		2,200,000		2,199,780
ARL Second LLC, Series 2014-1A, Class A1 (a) 2.920% 6/15/44		1,097,759		1,075,961
Ascentium Equipment Receivables LLC, Series 2014-1A, Class A2 (a) 1.040% 1/10/17		171,041		171,057
Atlas Senior Loan Fund V Ltd., Series 2014-1A, Class A, 3 mo. USD LIBOR + 1.550%, FRN (a) 1.867% 7/16/26		1,000,000		992,533
Avery Point CLO Ltd., Series 2014-5A, Class A, 3 mo. USD LIBOR + 1.460%, FRN (a) 1.775% 7/17/26		2,500,000		2,481,862
Avery Point III CLO Ltd., Series 2013-3A, Class A, 3 mo. USD LIBOR + 1.400%, FRN (a) 1.715% 1/18/25		1,400,000		1,378,667
Avery Point VI CLO Ltd., Series 2015-6A, Class A, 3 mo. USD LIBOR + 1.450%, FRN (a) 1.784% 8/05/27		4,225,000		4,183,506
BCC Funding VIII LLC, Series 2014-1A, Class A (a) 1.794% 6/20/20		471,558		469,790
Birchwood Park CLO Ltd., Series 2014-1A, Class A, 3 mo. USD LIBOR + 1.440%, FRN (a) 1.761% 7/15/26		2,415,000		2,394,120
Blue Hill CLO Ltd., Series 2013-1A, Class A, 3 mo. USD LIBOR + 1.480%, FRN (a) 1.801% 1/15/26		1,400,000		1,378,880
BlueMountain CLO Ltd., Series 2013-2A, Class A, 3 mo. USD LIBOR + 1.200%, FRN (a) 1.520% 1/22/25		1,100,000		1,081,784
BlueMountain CLO Ltd., Series 2015-2A, Class A1, 3 mo. USD LIBOR + 1.430%, FRN (a) 1.714% 7/18/27		2,855,000		2,815,986

	Principal Amount		Value
BlueMountain CLO Ltd., Series 2013-3A, Class A, 3 mo. USD LIBOR + 1.400%, FRN (a) 1.724% 10/29/25	$	725,000	$	717,607
BlueVirgo Trust, Series 2015-1A, Class NOTE (a) 3.000% 12/15/22		4,312,413		4,284,684
CAN Capital Funding LLC, Series 2014-1A, Class A (a) 3.117% 4/15/20		1,700,000		1,694,407
Carlyle Global Market Strategies, Series 2014-1A, Class A, 3 mo. USD LIBOR + 1.520%, FRN (a) 1.837% 4/17/25		3,765,000		3,747,007
Cazenovia Creek Funding I LLC, Series 2015-1A, Class A (a) 2.000% 12/10/23		1,693,854		1,695,429
Citi Held For Asset Issuance, Series 2015-PM1, Class A (a) 1.850% 12/15/21		739,905		738,439
CKE Restaurant Holdings, Inc., Series 2013-1A, Class A2 (a) 4.474% 3/20/43		1,279,931		1,279,931
CLI Funding V LLC, Series 2014-1A, Class A (a) 3.290% 6/18/29		1,621,773		1,568,254
Consumers Securitization Funding LLC, Series 2014-A, Class A2 2.962% 11/01/25		1,300,000		1,312,982
Cronos Containers Program I Ltd., Series 2014-2A, Class A (a) 3.270% 11/18/29		967,593		942,661
DB Master Finance LLC, Series 2015-1A, Class A2I (a) 3.262% 2/20/45		1,786,500		1,799,006
Diamond Resorts Owner Trust, Series 2014-1, Class A (a) 2.540% 5/20/27		701,279		705,242
Diamond Resorts Owner Trust, Series 2015-1, Class A (a) 2.730% 7/20/27		894,890		893,193
Diamond Resorts Owner Trust, Series 2015-2, Class A (a) 2.990% 5/22/28		2,492,868		2,492,150
Domino’s Pizza Master Issuer LLC, Series 2015-1A, Class A2I (a) 3.484% 10/25/45		3,560,000		3,488,800
Domino’s Pizza Master Issuer LLC, Series 2015-1A, Class A2II (a) 4.474% 10/25/45		3,750,000		3,733,594
Domino’s Pizza Master Issuer LLC, Series 2012-1A, Class A2 (a) 5.216% 1/25/42		2,004,900		2,070,187

The accompanying notes are an integral part of the portfolio of investments.

45

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

	Principal Amount		Value
Drug Royalty Corp., Inc., Series 2014-1, Class A2 (a) 3.484% 7/15/23	$	642,965	$	647,075
Drug Royalty Corp., Inc., Series 2012-1, Class A2 (a) 5.800% 7/15/24		420,000		427,553
Dryden XXXI Senior Loan Fund, Series 2014-31A, Class A, 3 mo. USD LIBOR + 1.350%, FRN (a) 1.667% 4/18/26		3,530,000		3,492,667
Eaton Vance CLO, Series 2014-1A, Class A, 3 mo. USD LIBOR + 1.450%, FRN (a) 1.771% 7/15/26		3,300,000		3,271,260
Element Rail Leasing II LLC, Series 2015-1A, Class A1 (a) 2.707% 2/19/45		744,196		735,876
Entegry New Orleans Storm Recovery Funding I LLC, Series 2015-1, Class A 2.670% 6/01/27		865,000		882,463
Fairway Outdoor Funding LLC, Series 2012-1A, Class A2 (a) 4.212% 10/15/42		3,074,096		3,075,620
First Franklin Mortgage Loan Trust, Series 2005-FF7, Class M1, 1 mo. USD LIBOR + .450%, FRN 0.872% 7/25/35		755,112		754,300
Fremont Home Loan Trust, Series 2005-E, Class 2A3, 1 mo. USD LIBOR + .240%, FRN 0.461% 1/25/36		393,369		379,244
Galaxy XX CLO Ltd., Series 2015-20A, Class A, 3 mo. USD LIBOR + 1.450%, FRN (a) 1.731% 7/20/27		3,170,000		3,154,613
Global Container Assets Ltd., Series 2013-1A, Class A1 (a) 2.200% 11/05/28		765,275		765,039
Global Container Assets Ltd., Series 2015-1A, Class A2 (a) 3.450% 2/05/30		1,461,495		1,474,219
Global SC Finance II SRL, Series 2014-1A, Class A1 (a) 3.190% 7/17/29		429,167		421,580
Global SC Funding One Ltd., Series 2015-1, Class B1 (a) 2.740% 1/18/30		600,450		494,729
GoldenTree Loan Opportunities VII Ltd., Series 2013-7A, Class A, 3 mo. USD LIBOR + 1.150%, FRN (a) 1.470% 4/25/25		4,060,000		3,975,475

	Principal Amount		Value
GoldenTree Loan Opportunities VII Ltd., Series 2014-8A, Class A, 3 mo. USD LIBOR + 1.450%, FRN (a) 1.765% 4/19/26	$	2,670,000	$	2,648,806
Hercules Capital Funding Trust, Series 2014-1A, Class A (a) 3.524% 4/16/21		1,000,000		997,188
HFG Healthco-4 LLC, Series 2011-1A, Class A, 1 mo. LIBOR + 2.250%, FRN (a) 2.519% 6/02/17		2,125,000		2,132,322
Hilton Grand Vacations Trust, Series 2013-A, Class A (a) 2.280% 1/25/26		668,331		669,540
Icon Brand Holdings LLC, Series 2012-1A, Class A (a) 4.229% 1/25/43		1,875,561		1,880,862
ING Investment Management CLO Ltd., Series 2013-3A, Class A1, 3 mo. USD LIBOR + 1.450%, FRN (a) 1.765% 1/18/26		2,025,000		1,998,179
J.G. Wentworth XXXV LLC, Series 2015-2A, Class A (a) 3.870% 3/15/58		799,200		790,260
LCM Ltd., Series 16A, Class A, 3 mo. USD LIBOR + 1.500%, FRN (a) 1.821% 7/15/26		3,200,000		3,185,728
Long Beach Mortgage Loan Trust, Series 2005-1, Class M2, 1 mo. USD LIBOR + .795%, FRN 1.217% 2/25/35		1,057,956		1,048,021
Madison Park Funding XII Ltd., Series 2014-12A, Class A, 3 mo. USD LIBOR + 1.500%, FRN (a) 1.817% 7/20/26		3,200,000		3,174,675
Madison Park Funding XIV Ltd., Series 2014-14A, Class A2, 3 mo. USD LIBOR + 1.450%, FRN (a) 1.767% 7/20/26		2,585,000		2,558,323
Marriott Vacation Club Owner Trust, Series 2012-1A, Class A (a) 2.510% 5/20/30		861,329		865,289
Miramax LLC, Series 2014-1A, Class A2 (a) 3.340% 7/20/26		1,565,096		1,553,835
MVW Owner Trust, Series 2015-1A, Class A (a) 2.520% 12/20/32		1,836,330		1,831,748
Nations Equipment Finance Funding II LLC, Series 2014-1A, Class A (a) 1.558% 7/20/18		718,703		718,223

The accompanying notes are an integral part of the portfolio of investments.

46

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

	Principal Amount		Value
New Residential Advance Receivables Trust, Series 2015-T3, Class AT3 (a) 2.540% 11/15/46	$	2,000,000	$	1,996,747
Nomad CLO Ltd., Series 2013-1A, Class A1, 3 mo. USD LIBOR + 1.200%, FRN (a) 1.521% 1/15/25		2,575,000		2,537,081
Oak Hill Credit Partners VIII Ltd., Series 2013-8A, Class A, 3 mo. USD LIBOR + 1.120%, FRN (a) 1.437% 4/20/25		2,410,000		2,361,829
OHA Loan Funding Ltd., Series 2013-1A, Class A, 3 mo. USD LIBOR + 1.250%, FRN (a) 1.566% 7/23/25		1,930,000		1,906,965
OnDeck Asset Securitization Trust, Series 2014-1A, Class A (a) 3.150% 5/17/18		1,400,000		1,398,659
Orange Lake Timeshare Trust, Series 2014-AA, Class A (a) 2.290% 7/09/29		548,867		544,878
Oxford Finance Funding Trust, Series 2014-1A, Class A (a) 3.475% 12/15/22		800,000		795,952
Park Place Securities, Inc., Series 2005-WHQ4, Class A1A, 1 mo. USD LIBOR + .260%, FRN 0.481% 9/25/35		554,740		554,429
Race Point VIII CLO Ltd., Series 2013-8A, Class A, 3 mo. LIBOR + 1.250%, FRN (a) 1.620% 2/20/25		700,000		695,419
Race Point VIII CLO Ltd., Series 2012-7A, Class A, 3 mo. USD LIBOR + 1.420%, FRN (a) 1.764% 11/08/24		1,300,000		1,291,524
Sierra Receivables Funding Co. LLC, Series 2014-1A, Class A (a) 2.070% 3/20/30		756,841		749,908
Sierra Receivables Funding Co. LLC, Series 2012-1A, Class A (a) 2.840% 11/20/28		225,623		227,262
Sierra Receivables Funding Co. LLC, Series 2015-3A, Class B (a) 3.080% 9/20/32		780,058		780,054
Sierra Receivables Funding Co. LLC, Series 2011-1A, Class A (a) 3.350% 4/20/26		446,558		446,911
Sonic Capital LLC, Series 2011-1A, Class A2 (a) 5.438% 5/20/41		1,391,958		1,437,057

	Principal Amount		Value
Spirit Master Funding LLC, Series 2014-4A, Class A1 (a) 3.501% 1/20/45	$	1,100,000	$	1,088,780
SpringCastle America Funding LLC, Series 2014-AA, Class A (a) 2.700% 5/25/23		2,335,554		2,338,473
SPS Servicer Advance Receivables Trust, Series 2015-T3, Class AT3 (a) 2.920% 7/15/47		1,450,000		1,448,502
Store Master Funding I LLC, Series 2015-1A, Class A1 (a) 3.750% 4/20/45		558,133		553,733
Store Master Funding I LLC, Series 2015-1A, Class A2 (a) 4.170% 4/20/45		328,900		327,107
Structured Receivables Finance LLC, Series 2010-B, Class A (a) 3.730% 8/15/36		491,352		510,480
Symphony CLO XV Ltd., Series 2014-15A, Class A, 3 mo. USD LIBOR + 1.450%, FRN (a) 1.765% 10/17/26		3,100,000		3,073,610
Textainer Marine Containers III Ltd., Series 2014-1A, Class A (a) 3.270% 10/20/39		503,500		489,445
Trinity Rail Leasing 2012 LLC, Series 2013-1A, Class A (a) 3.898% 7/15/43		843,151		851,796
Trip Rail Master Funding LLC, Series 2011-1A, Class A1A (a) 4.370% 7/15/41		853,170		893,730
Wendy’s Funding LLC, Series 2015-1A, Class A2I (a) 3.371% 6/15/45		3,591,000		3,522,771
Wendys Funding LLC, Series 2015-1A, Class A2II (a) 4.080% 6/15/45		2,329,163		2,336,453
Wendys Funding LLC, Series 2015-1A, Class A23 (a) 4.497% 6/15/45		3,192,000		3,159,090
				158,253,925
Student Loans ABS — 3.6%
Access Group, Inc., Series 2005-2, Class A3, 3 mo. LIBOR + .180%, FRN 0.558% 11/22/24		813,358		806,635
Access Group, Inc., Series 2003-A, Class A3, 3 mo. Treasury + 1.200%, FRN 1.340% 7/01/38		810,944		731,421

The accompanying notes are an integral part of the portfolio of investments.

47

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

	Principal Amount		Value
College Loan Corp. Trust, Series 2007-1, Class B2, 28 day ARS, FRN 1/25/47	$	875,000	$	659,199
College Loan Corp. Trust I, Series 2002-2, Class A29, 28 day ARS, FRN (a) 1.566% 3/01/42		950,000		879,895
DRB Prime Student Loan Trust, Series 2015-B, Class A1, 1 mo. LIBOR + 1.900%, FRN (a) 2.121% 10/27/31		573,441		573,438
DRB Prime Student Loan Trust, Series 2015-D, Class A2 (a) 3.200% 1/25/40		1,740,000		1,696,857
Education Funding Capital Trust I, Series 2004-1, Class A4, 28 day ARS, FRN 6/15/43		2,600,000		2,470,673
Education Funding Capital Trust I, Series 2004-1, Class A5, 28 day ARS, FRN 1.450% 6/15/43		2,475,000		2,435,145
Education Funding Capital Trust I, Series 2004-1, Class B1, 28 day ARS, FRN 1.846% 6/15/43		700,000		635,606
Education Funding Capital Trust I, Series 2004-1, Class A6, 28 day ARS, FRN 1.908% 6/15/43		1,700,000		1,666,350
Education Loan Asset-Backed Trust I, Series 2003-1, Class A2, 28 day ARS, FRN (a) 2/01/43		1,300,000		1,216,829
Education Loan Asset-Backed Trust I, Series 2003-2, Class 2A1, 28 day ARS, FRN (a) 0.017% 8/01/43		1,950,000		1,827,643
Higher Education Funding I, Series 2004-1, Class B1, 28 day ARS, FRN (a) 1/01/44		600,000		519,380
Higher Education Funding I, Series 2004-1, Class B2, 28 day ARS, FRN (a) 0.008% 1/01/44		600,000		484,436
National Collegiate Student Loan Trust, Series 2006-3, Class A3, 1 mo. LIBOR + .150%, FRN 0.572% 10/25/27		1,792,963		1,780,697

	Principal Amount		Value
National Collegiate Student Loan Trust, Series 2005-1, Class A4, 1 mo. LIBOR + .240%, FRN 0.662% 11/27/28	$	1,091,901	$	1,076,829
Navient Student Loan Trust, Series 2015-3, Class B, 1 mo. LIBOR + 1.500%, FRN 1.721% 10/25/58		1,200,000		992,561
Nelnet Student Loan Trust, Series 2005-1, Class A5, 3 mo. LIBOR + .110%, FRN 0.430% 10/25/33		1,440,000		1,374,862
Nelnet Student Loan Trust, Series 2015-2A, Class B, 1 mo. LIBOR + 1.500%, FRN (a) 1.721% 5/25/49		1,130,000		929,726
Nelnet Student Loan Trust, Series 2015-3A, Class B, 1 mo. LIBOR + 1.500%, FRN (a) 1.721% 7/27/50		1,100,000		939,739
Nelnet Student Loan Trust, Series 2014-3A, Class B, 1 mo. LIBOR + 1.500%, FRN (a) 1.721% 10/25/50		850,000		740,628
Nelnet Student Loan Trust, Series 2014-5A, Class B, 1 mo. LIBOR + 1.500%, FRN (a) 1.922% 5/25/49		1,200,000		1,039,289
Nelnet Student Loan Trust, Series 2008-3, Class A4, 3 mo. LIBOR + 1.650%, FRN 2.043% 11/25/24		2,220,000		2,232,969
SLC Private Student Loan Trust, Series 2006-A, Class C, 3 mo. LIBOR + .450%, FRN 0.771% 7/15/36		1,700,000		1,505,603
SLC Student Loan Trust, Series 2006-A, Class A5, 3 mo. LIBOR + .170%, FRN 0.491% 7/15/36		818,525		811,185
SLC Student Loan Trust, Series 2006-A, Class B, 3 mo. LIBOR + .300%, FRN 0.621% 7/15/36		697,000		671,454
SLM Student Loan Trust, Series 2003-5, Class A7, 28 day ARS, FRN 6/17/30		450,000		450,000
SLM Student Loan Trust, Series 2006-1, Class A5, 3 mo. LIBOR + .110%, FRN 0.430% 7/26/21		1,800,000		1,760,640

The accompanying notes are an integral part of the portfolio of investments.

48

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

	Principal Amount		Value
SLM Student Loan Trust, Series 2005-5, Class A4 FRN 0.460% 10/25/28	$	2,300,000	$	2,164,110
SLM Student Loan Trust, Series 2007-3, Class B, 3 mo. LIBOR + .150%, FRN 0.470% 1/25/28		2,600,000		1,902,217
SLM Student Loan Trust, Series 2005-8, Class B, 3 mo. LIBOR + .310%, FRN 0.630% 1/25/40		2,203,774		1,849,599
SLM Student Loan Trust, Series 2014-1, Class A3, 1 mo. LIBOR + .600%, FRN 0.821% 2/26/29		1,200,000		1,147,600
SLM Student Loan Trust, Series 2008-2, Class A3, 3 mo. LIBOR + .750%, FRN 1.070% 4/25/23		1,054,317		1,015,567
SLM Student Loan Trust, Series 2008-7, Class A4, 3 mo. LIBOR + .900%, FRN 1.220% 7/25/23		1,700,000		1,658,988
SLM Student Loan Trust, Series 2003-2, Class A7, 28 day ARS, FRN 1.660% 9/15/28		600,000		600,000
SLM Student Loan Trust, Series 2013-2, Class B, 1 mo. LIBOR + 1.500%, FRN 1.721% 6/25/43		1,970,000		1,717,113
SLM Student Loan Trust, Series 2008-5, Class A4, 3 mo. LIBOR + 1.700%, FRN 2.020% 7/25/23		1,300,000		1,305,051
SLM Student Loan Trust, Series 2002-7, Class A11, 28 day ARS, FRN 2.780% 3/15/28		1,900,000		1,900,000
South Carolina Student Loan Corp., Series 2014-1, Class A2, 1 mo. LIBOR + 1.000%, FRN 1.243% 1/03/33		2,030,000		1,949,456
South Carolina Student Loan Corp., Series 2014-1, Class B, 1 mo. LIBOR + 1.500%, FRN 1.743% 8/01/35		1,300,000		1,149,257
				51,268,647
WL Collateral CMO — 0.7%
Bank of America Mortgage Securities, Series 2004-G, Class 2A7, FRN 2.807% 8/25/34		370,539		354,478

	Principal Amount		Value
Connecticut Avenue Securities, Series 2015-C03, Class 1M1, 1 mo. USD LIBOR + 1.500%, FRN 1.721% 7/25/25	$	3,691,418	$	3,685,231
Countrywide Home Loans, Inc., Series 2004-2, Class 1A1, FRN 2.616% 2/25/34		91,634		85,794
Countrywide Home Loans, Inc., Series 2003-42, Class 1A1, FRN 3.028% 9/25/33		34,172		31,189
GS Mortgage Securities Corp., Series 2014-4R, Class AS, 1 mo. USD LIBOR + .180%, FRN (a) 0.376% 1/26/34		1,678,919		1,619,025
GSR Mortgage Loan Trust, Series 2004-9, Class 2A1, FRN 2.764% 8/25/34		71,864		67,137
IndyMac Index Mortgage Loan Trust, Series 2004-AR4, Class 1A, FRN 2.496% 8/25/34		274,497		225,891
Merrill Lynch Mortgage Investors, Inc., Series 2005-A8, Class A3A2, 1 mo. USD LIBOR + .250%, FRN 0.471% 8/25/36		206,846		202,681
Merrill Lynch Mortgage Investors, Inc., Series 2003-A4, Class IA, FRN 2.905% 7/25/33		13,048		12,642
Merrill Lynch Mortgage Investors, Inc., Series 2004-A1, Class IA, FRN 3.011% 2/25/34		43,750		41,846
Morgan Stanley Mortgage Loan Trust, Series 2004-2AR, Class 1A, FRN 2.499% 2/25/34		1,046		1,062
Structured Adjustable Rate Mortgage Loan Trust, Series 2004-2, Class 2A, FRN 2.556% 3/25/34		196,334		195,599
Structured Agency Credit Risk Debt Notes, Series 2015-DNA1, Class M1, 1 mo. USD LIBOR + .900%, FRN 1.121% 10/25/27		1,597,410		1,592,971
Structured Agency Credit Risk Debt Notes, Series 2015-DNA3, Class M1, 1 mo. USD LIBOR + 1.350%, FRN 1.772% 4/25/28		1,475,138		1,475,979
WaMu Mortgage Pass-Through Certificates, Series 2004-AR2, Class A, 12 mo. MTA + 1.400%, FRN 1.643% 4/25/44		427,612		413,694
				10,005,219

The accompanying notes are an integral part of the portfolio of investments.

49

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

	Principal Amount		Value
WL Collateral PAC — 0.0%
Structured Asset Securities Corp., Series 2007-BC4, Class A3, 1 mo. USD LIBOR + .250%, FRN 0.672% 11/25/37	$	332,634	$	332,239
Structured Asset Securities Corp., Series 2002-11A, Class 2A1, FRN 2.885% 6/25/32		119,339		112,767
				445,006
TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $325,309,118)				321,750,301
SOVEREIGN DEBT OBLIGATIONS — 0.9%
Colombia Government International Bond 6.125% 1/18/41		2,980,000		2,875,700
Export-Import Bank of Korea 1.750% 2/27/18		705,000		697,965
Peruvian Government International Bond 6.550% 3/14/37		560,000		646,800
Poland Government International Bond 6.375% 7/15/19		1,260,000		1,439,550
Province of Quebec Canada 7.500% 9/15/29		540,000		776,653
Republic of Turkey International Bond 4.875% 4/16/43		534,000		469,920
Republic of Turkey International Bond 6.750% 4/03/18		935,000		1,006,060
United Mexican States 4.750% 3/08/44		3,050,000		2,778,550
United Mexican States 5.125% 1/15/20		1,110,000		1,209,900
United Mexican States 6.750% 9/27/34		950,000		1,140,000
				13,041,098
TOTAL SOVEREIGN DEBT OBLIGATIONS (Cost $13,250,076)				13,041,098
U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES — 26.2%
Collateralized Mortgage Obligations — 2.0%
Federal Home Loan Mortgage Corp. Series 4303, Class AP 3.000% 8/15/43		5,481,801		5,680,359
Series 4290, Class CA 3.500% 12/15/38		3,030,408		3,145,821
Series 2617, Class Z 5.500% 5/15/33		2,591,844		2,902,964
Series 2693, Class Z 5.500% 10/15/33		4,415,719		4,877,004

	Principal Amount		Value
Series 3423, Class PB 5.500% 3/15/38	$	825,000	$	923,338
Series 2178, Class PB 7.000% 8/15/29		353,499		399,983
Federal National Mortgage Association Series 2014-7, Class VA 3.500% 5/25/25		1,845,097		1,937,235
Series 2014-48, Class AB 4.000% 10/25/40		4,323,097		4,545,712
Series 2007-32, Class Z 5.500% 4/25/37		1,394,839		1,543,126
Series 2010-60, Class HJ 5.500% 5/25/40		1,013,862		1,109,185
Series 1989-20, Class A 6.750% 4/25/18		5,892		5,885
Federal National Mortgage Association REMIC, Series 2007-B2, Class ZA 5.500% 6/25/37		1,319,137		1,449,504
U.S. Department of Veteran Affairs, Series 1992-1, Class 2Z 7.750% 5/15/22		313,363		349,295
				28,869,411
Pass-Through Securities — 24.2%
Federal Home Loan Mortgage Corp. Pool #Q37467 3.500% 11/01/45		8,362,296		8,623,291
Pool #Q37468 3.500% 11/01/45		6,240,573		6,443,148
Pool #Z40047 4.000% 10/01/41		485,788		514,765
Pool #E84025 6.000% 6/01/16		2,320		2,340
Pool #G11431 6.000% 2/01/18		2,255		2,316
Pool #G11122 6.500% 5/01/16		1,246		1,251
Pool #E84450 6.500% 7/01/16		1,253		1,267
Pool #E84660 6.500% 7/01/16		435		441
Pool #C00836 7.000% 7/01/29		14,677		17,069
Pool #C49314 7.000% 4/01/31		7,391		8,613
Pool #C51422 7.000% 5/01/31		1,972		2,302
Pool #C53034 7.000% 6/01/31		13,951		16,227
Pool #G01311 7.000% 9/01/31		79,928		92,884
Pool #G01317 7.000% 10/01/31		54,854		63,749

The accompanying notes are an integral part of the portfolio of investments.

50

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

	Principal Amount		Value
Pool #G00143 7.500% 6/01/23	$	824	$	931
Pool #C55867 7.500% 2/01/30		36,366		42,376
Pool #C41497 7.500% 9/01/30		128		152
Pool #C44509 7.500% 11/01/30		14,777		17,646
Pool #C44830 7.500% 11/01/30		26		31
Pool #C45235 7.500% 12/01/30		17,567		20,790
Pool #C46038 7.500% 12/01/30		1,072		1,270
Pool #C01116 7.500% 1/01/31		1,904		2,255
Pool #C46309 7.500% 1/01/31		562		668
Pool #C46560 7.500% 1/01/31		613		712
Pool #C46810 7.500% 1/01/31		670		795
Pool #C47060 7.500% 1/01/31		1,652		1,957
Pool #C47063 7.500% 1/01/31		3,208		3,791
Pool #555481 8.250% 5/01/17		3,679		3,819
Pool #G00653 8.500% 11/01/25		23,742		27,806
Pool #554904 9.000% 3/01/17		48		49
Federal Home Loan Mortgage Corp. TBA Pool #648 3.500% 6/01/43 (d)		9,900,000		10,190,039
Pool #4200 4.000% 4/01/42 (d)		22,900,000		24,188,125
Federal National Mortgage Association Pool #775539, 12 mo. USD LIBOR + 1.623%, FRN 2.332% 5/01/34		371,110		390,100
Pool #725692, 1 year CMT + 2.146%, FRN 2.398% 10/01/33		495,785		523,262
Pool #888586, 1 year CMT + 2.213%, FRN 2.481% 10/01/34		875,189		925,984
Pool #890564 3.000% 6/01/43		4,390,041		4,404,960
Pool #AR8708 3.500% 4/01/43		1,683,379		1,738,023

	Principal Amount		Value
Pool #AT4050 3.500% 5/01/43	$	2,154,757	$	2,224,702
Pool #MA1463 3.500% 6/01/43		5,482,465		5,660,430
Pool #AS6187 3.500% 11/01/45		19,169,291		19,803,525
Pool #AS6293 3.500% 12/01/45		10,461,625		10,807,757
Pool #AS6306 3.500% 12/01/45		6,388,852		6,608,219
Pool #AB6261 4.000% 9/01/42		10,807,640		11,470,875
Pool #675713 5.000% 3/01/18		4,538		4,692
Pool #545636 6.500% 5/01/17		14,832		15,175
Pool #254379 7.000% 7/01/32		51,023		59,506
Pool #252717 7.500% 9/01/29		3,007		3,534
Pool #535996 7.500% 6/01/31		12,353		14,594
Pool #254009 7.500% 10/01/31		27,991		33,088
Pool #253394 8.000% 7/01/20		14,320		15,656
Pool #323992 8.000% 11/01/29		2,469		2,945
Pool #525725 8.000% 2/01/30		4,969		5,866
Pool #253266 8.000% 5/01/30		5,133		6,142
Pool #537433 8.000% 5/01/30		2,599		3,129
Pool #253347 8.000% 6/01/30		8,124		9,742
Pool #544976 8.000% 7/01/30		468		559
Pool #535428 8.000% 8/01/30		7,951		9,521
Pool #543290 8.000% 9/01/30		60		73
Pool #547786 8.000% 9/01/30		2,381		2,810
Pool #550767 8.000% 9/01/30		4,092		4,882
Pool #553061 8.000% 9/01/30		13,020		15,477
Pool #253481 8.000% 10/01/30		6,966		8,359
Pool #535533 8.000% 10/01/30		6,970		8,352

The accompanying notes are an integral part of the portfolio of investments.

51

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

	Principal Amount		Value
Pool #560741 8.000% 11/01/30	$	2,906	$	3,499
Pool #253644 8.000% 2/01/31		3,363		4,036
Pool #581170 8.000% 5/01/31		1,538		1,828
Pool #583916 8.000% 5/01/31		2,046		2,472
Pool #593848 8.000% 7/01/31		989		1,192
Pool #190317 8.000% 8/01/31		40,847		48,887
Pool #545240 8.000% 9/01/31		4,367		5,236
Pool #541202 8.500% 8/01/26		61,164		69,972
Federal National Mortgage Association TBA Pool #3348 2.500% 3/01/28 (d)		21,650,000		21,822,525
Pool #1048 2.500% 7/01/42 (d)		29,850,000		28,829,736
Pool #4241 3.000% 12/01/42 (d)		46,756,000		46,745,040
Pool #9174 4.000% 9/01/42 (d)		3,675,000		3,888,035
Government National Mortgage Association Pool #783896 3.500% 5/15/44		6,477,084		6,775,384
Pool #784026 3.500% 12/20/44		3,678,055		3,849,602
Pool #404246 6.500% 8/15/28		430		493
Pool #781038 6.500% 5/15/29		85,664		98,473
Pool #781468 6.500% 7/15/32		5,489		6,363
Pool #781496 6.500% 9/15/32		28,528		32,956
Pool #363066 7.000% 8/15/23		6,522		7,375
Pool #352049 7.000% 10/15/23		2,951		3,337
Pool #354674 7.000% 10/15/23		5,230		5,860
Pool #358555 7.000% 10/15/23		2,698		3,039
Pool #345964 7.000% 11/15/23		1,681		1,879
Pool #380866 7.000% 3/15/24		1,122		1,262

	Principal Amount		Value
Pool #781124 7.000% 12/15/29	$	9,909	$	11,597
Pool #781319 7.000% 7/15/31		198,960		233,832
Pool #565982 7.000% 7/15/32		15,461		18,228
Pool #581417 7.000% 7/15/32		73,967		86,912
Pool #588012 7.000% 7/15/32		19,780		23,293
Pool #591581 7.000% 8/15/32		7,661		9,033
Pool #190766 7.500% 1/15/17		4,048		4,147
Pool #187548 7.500% 4/15/17		1,940		2,009
Pool #203940 7.500% 4/15/17		6,280		6,461
Pool #201622 7.500% 5/15/17		6,328		6,554
Pool #192796 7.500% 6/15/17		1,468		1,524
Pool #357262 7.500% 9/15/23		2,635		2,994
Pool #441009 8.000% 11/15/26		1,072		1,257
Pool #522777 8.000% 12/15/29		6,174		7,412
Pool #434719 8.000% 2/15/30		98		119
Pool #523043 8.000% 3/15/30		320		383
Pool #529134 8.000% 3/15/30		1,835		2,208
Pool #477036 8.000% 4/15/30		737		887
Pool #503157 8.000% 4/15/30		25,452		30,200
Pool #528714 8.000% 4/15/30		1,934		2,330
Pool #544640 8.000% 11/15/30		23,117		27,912
Pool #531298 8.500% 8/15/30		1,952		2,376
Government National Mortgage Association II Pool #82488, 1 year CMT + 1.500%, FRN 1.750% 3/20/40		1,561,002		1,616,754
Pool #82462, 1 year CMT + 1.500%, FRN 2.500% 1/20/40		1,201,421		1,243,121

The accompanying notes are an integral part of the portfolio of investments.

52

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

	Principal Amount		Value
Government National Mortgage Association II TBA
Pool #188 3.000% 8/01/43 (d)	$	20,425,000	$	20,691,483
Pool #207 3.500% 12/01/43 (d)		19,300,000		20,120,250
Pool #872 4.500% 3/01/41 (d)		67,400,000		72,412,875
				343,849,446
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (Cost $373,434,057)				372,718,857
U.S. TREASURY OBLIGATIONS — 0.6%
U.S. Treasury Bonds & Notes — 0.6%
U.S. Treasury Bond (e) (f) 2.750% 8/15/42		679,000		649,533
U.S. Treasury Bond 3.000% 11/15/44		3,100,000		3,091,160
U.S. Treasury Note (e) 1.375% 4/30/20		3,250,000		3,208,010
U.S. Treasury Note 2.125% 5/15/25		1,400,000		1,381,652
				8,330,355
TOTAL U.S. TREASURY OBLIGATIONS (Cost $8,245,257)				8,330,355
TOTAL BONDS & NOTES (Cost $1,440,125,133)				1,415,309,010
	Notional Amount
PURCHASED OPTIONS — 0.0%
Financial — 0.0%
Diversified Financial — 0.0%
5 year CDX.NA. IG 25 Swaption, Put, Expires 3/16/16, Strike 120.00 (OTC — JP Morgan Chase Bank); Underlying swap terminates 1/14/16	$	44,350,000		51,978
5 year CDX.NA. IG 25 Swaption, Put, Expires 3/16/16, Strike 120.00 (OTC — JP Morgan Chase Bank); Underlying swap terminates 1/15/16		245,050,000		287,199

	Notional Amount		Value
5 year CDX.NA. IG 25 Swaption, Put, Expires 3/16/16, Strike 120.00 (OTC — JP Morgan Chase Bank); Underlying swap terminates 1/14/16	$	122,500,000	$	143,570
				482,747
TOTAL PURCHASED OPTIONS (Cost $851,685)				482,747
TOTAL LONG-TERM INVESTMENTS (Cost $1,446,154,318)				1,419,716,560
	Principal Amount
SHORT-TERM INVESTMENTS — 17.9%
Commercial Paper — 17.4%
Agrium, Inc. 0.850% 1/19/16	$	15,000,000		14,996,335
Airgas, Inc. (a) 0.580% 1/20/16		5,000,000		4,998,703
Amphenol Corp. (a) 0.570% 1/04/16		7,500,000		7,499,682
AutoZone, Inc. (a) 0.820% 1/25/16		8,000,000		7,997,367
Bacardi Ltd. (a) 0.700% 1/20/16		7,150,000		7,148,145
BAT International Finance (a) 0.580% 1/27/16		7,500,000		7,497,317
COX Enterprises, Inc. (a) 0.880% 1/04/16		2,000,000		1,999,915
COX Enterprises, Inc. (a) 0.900% 2/01/16		25,000,000		24,989,311
Daimler Finance North America LLC (a) 0.579% 1/27/16		10,000,000		9,996,422
Deutsche Telekom AG (a) 0.870% 1/08/16		25,750,000		25,747,219
Dominion Resources, Inc. (a) 0.833% 3/07/16		4,000,000		3,996,077
Enterprise Products Operating LLC (a) 0.548% 1/26/16		10,000,000		9,996,562
Enterprise Products Operating LLC (a) 0.670% 1/11/16		5,000,000		4,999,351
ERAC USA Finance LLC (a) 0.650% 2/18/16		10,000,000		9,993,222
FMC Technologies, Inc. (a) 0.900% 1/19/16		15,000,000		14,996,335

The accompanying notes are an integral part of the portfolio of investments.

53

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

	Principal Amount		Value
Harley-Davidson Funding Corp. (a) 0.860% 2/17/16	$	4,000,000	$	3,997,355
Holcim US Finance SARL & Cie (a) 0.850% 3/22/16		5,000,000		4,993,827
Hyundai Capital America (a) 0.550% 1/12/16		12,500,000		12,498,204
Hyundai Capital America (a) 1.030% 3/21/16		7,500,000		7,490,871
IntercontinentalExchange, Inc. (a) 0.850% 3/14/16		10,000,000		9,991,079
Leggett & Platt, Inc. (a) 0.800% 1/11/16		5,622,000		5,621,270
National Grid USA (a) 0.620% 1/11/16		3,500,000		3,499,545
TELUS Corp. (a) 0.610% 2/18/16		15,000,000		14,989,832
United Technologies Corp. (a) 0.750% 1/28/16		15,000,000		14,994,423
Virginia Electric and Power Co. 0.660% 2/16/16		5,000,000		4,996,971
Volvo Group Treasury National (a) 0.750% 1/25/16		8,500,000		8,497,202
				248,422,542
Time Deposit — 0.4%
Euro Time Deposit 0.010% 1/04/16		5,430,324		5,430,324
U.S. Treasury Bill — 0.1%
U.S. Treasury Bill 0.000% 3/17/16		1,000,000		999,797
TOTAL SHORT-TERM INVESTMENTS (Cost $254,797,769)				254,852,663
TOTAL INVESTMENTS — 117.6% (Cost $1,700,952,087) (g)				1,674,569,223
Other Assets/ (Liabilities) — (17.6)%				(250,111,857	)
NET ASSETS — 100.0%			$	1,424,457,366

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

ABS Asset-Backed Security

ARS Auction Rate Security

BAB Build America Bonds

CLO Collateralized Loan Obligation

CMO Collateralized Mortgage Obligation

CMT Constant Maturity Treasury Index

FRN Floating Rate Note

MBS Mortgage-Backed Security

MTA Monthly Treasury Average Index

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 December 31, 2015, these securities amounted to a value of $559,771,833 or 39.30% 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 December 31, 2015, these securities amounted to a value of $35,409 or 0.00% of net assets.

(c) Restricted security. Certain securities are restricted as to resale. At December 31, 2015, these securities amounted to a value of $547,201 or 0.04% of net assets. The Fund generally bears the costs, if any, associated with the disposition of restricted securities.

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

(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 3 for aggregate cost for federal tax purposes.

The accompanying notes are an integral part of the portfolio of investments.

54

MassMutual Premier Diversified Bond Fund – Portfolio of Investments

December 31, 2015 (Unaudited)

	Number of Shares		Value
EQUITIES — 0.2%
COMMON STOCK — 0.0%
Basic Materials — 0.0%
Forest Products & Paper — 0.0%
The Newark Group, Inc. (a) (b)		26,904	$	24,752
TOTAL COMMON STOCK (Cost $22,684)				24,752
PREFERRED STOCK — 0.2%
Energy — 0.1%
Oil & Gas — 0.1%
Southwestern Energy Co. 6.250%		5,000		92,750
Financial — 0.1%
Insurance — 0.1%
The Allstate Corp. 5.100%, 3 mo. USD LIBOR + 3.165%, VRN		10,000		246,900
TOTAL PREFERRED STOCK (Cost $500,000)				339,650
TOTAL EQUITIES (Cost $522,684)				364,402
	Principal Amount
BONDS & NOTES — 94.9%
CORPORATE DEBT — 39.1%
Advertising — 0.2%
Omnicom Group, Inc. 3.625% 5/01/22	$	150,000		151,416
WPP Finance 2010 5.625% 11/15/43		225,000		228,268
				379,684
Aerospace & Defense — 0.7%
Harris Corp. 2.700% 4/27/20		90,000		88,296
Harris Corp. 3.832% 4/27/25		50,000		49,247
Moog, Inc. (c) 5.250% 12/01/22		600,000		606,000
Orbital ATK, Inc. 5.250% 10/01/21		435,000		437,175
United Technologies Corp. 6.125% 7/15/38		105,000		127,934
				1,308,652
Agriculture — 0.7%
Altria Group, Inc. 2.850% 8/09/22		110,000		107,237
Altria Group, Inc. 4.250% 8/09/42		50,000		45,877

	Principal Amount		Value
Bunge Ltd. Finance Corp. 3.200% 6/15/17	$	65,000	$	65,637
Bunge Ltd. Finance Corp. 3.500% 11/24/20		50,000		49,722
Imperial Tobacco Finance PLC (c) 3.750% 7/21/22		510,000		512,041
Reynolds American, Inc. 4.450% 6/12/25		200,000		209,166
Reynolds American, Inc. 5.850% 8/15/45		150,000		166,761
				1,156,441
Airlines — 0.1%
American Airlines Pass Through Trust, Series 2014-1, Class A 3.700% 4/01/28		61,219		61,255
American Airlines Pass-Through Trust, Series 2014-1, Class B 4.375% 4/01/24		22,719		22,605
United Airlines Pass-Through Trust, Series 2014-1, Class A 4.000% 10/11/27		58,217		59,527
				143,387
Auto Manufacturers — 0.7%
Ford Motor Co. 6.500% 8/01/18		100,000		110,696
Ford Motor Co. 7.450% 7/16/31		200,000		246,803
Ford Motor Credit Co. LLC 2.551% 10/05/18		200,000		198,580
General Motors Co. 5.200% 4/01/45		225,000		210,989
General Motors Financial Co., Inc. 4.300% 7/13/25		200,000		193,938
Hyundai Capital America (c) 1.450% 2/06/17		145,000		144,323
Hyundai Capital America (c) 2.550% 2/06/19		80,000		79,379
				1,184,708
Automotive & Parts — 0.3%
Cooper Tire & Rubber Co. 8.000% 12/15/19		255,000		285,600
International Automotive Components Group SA (c) 9.125% 6/01/18		9,000		7,695
Meritor, Inc. 6.750% 6/15/21		185,000		170,200
Meritor, Inc., Convertible STEP 7.875% 3/01/26		22,000		26,235
				489,730
Banks — 3.9%
Associated Banc-Corp. 2.750% 11/15/19		310,000		307,702

The accompanying notes are an integral part of the portfolio of investments.

55

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

	Principal Amount		Value
Associated Banc-Corp. 4.250% 1/15/25	$	495,000	$	495,303
Bank of America Corp. 3.625% 3/17/16		165,000		165,849
Bank of America Corp. 3.950% 4/21/25		315,000		306,737
Bank of America Corp. 4.000% 4/01/24		165,000		168,748
Bank of America Corp. 5.650% 5/01/18		30,000		32,259
Bank of America Corp. 5.875% 2/07/42		55,000		64,189
Bank of America Corp. 7.625% 6/01/19		850,000		984,570
The Bank of Nova Scotia 4.500% 12/16/25		155,000		154,283
Barclays PLC 4.375% 9/11/24		200,000		195,564
Commonwealth Bank of Australia (c) 4.500% 12/09/25		200,000		198,323
Compass Bank 3.875% 4/10/25		250,000		229,142
Credit Suisse AG 5.400% 1/14/20		130,000		142,339
Discover Bank 7.000% 4/15/20		600,000		683,150
FirstMerit Corp. 4.350% 2/04/23		35,000		35,449
The Goldman Sachs Group, Inc. 5.150% 5/22/45		290,000		281,702
The Goldman Sachs Group, Inc. 3 mo. USD LIBOR + 3.922%, VRN 5.375% 12/29/49		240,000		238,500
HSBC Holdings PLC 6.500% 9/15/37		125,000		149,965
ICICI Bank Ltd. (c) 4.750% 11/25/16		275,000		281,500
Itau Unibanco Holding SA (c) 2.850% 5/26/18		200,000		190,200
JP Morgan Chase & Co. 3.875% 9/10/24		140,000		139,264
JP Morgan Chase & Co. 4.950% 6/01/45		270,000		269,948
Morgan Stanley 3.950% 4/23/27		200,000		194,116
Santander Holdings USA, Inc. 2.650% 4/17/20		250,000		245,267
SVB Financial Group 3.500% 1/29/25		295,000		282,633
SVB Financial Group 5.375% 9/15/20		35,000		38,292
Valley National Bancorp 5.125% 9/27/23		110,000		114,895

	Principal Amount		Value
Wells Fargo & Co. 4.300% 7/22/27	$	280,000	$	286,030
Wells Fargo & Co. 4.600% 4/01/21		25,000		27,253
				6,903,172
Beverages — 0.5%
Anheuser-Busch InBev Worldwide, Inc. 8.200% 1/15/39		250,000		360,363
Constellation Brands, Inc. 4.250% 5/01/23		97,000		97,000
Fomento Economico Mexicano SAB de CV 2.875% 5/10/23		35,000		32,674
JB y Cia SA de CV (c) 3.750% 5/13/25		350,000		333,843
				823,880
Biotechnology — 0.4%
Amgen, Inc. 5.150% 11/15/41		175,000		177,666
Celgene Corp. 3.550% 8/15/22		420,000		424,083
Gilead Sciences, Inc. 4.750% 3/01/46		95,000		96,142
				697,891
Building Materials — 0.3%
CRH America, Inc. (c) 3.875% 5/18/25		200,000		198,605
CRH America, Inc. 8.125% 7/15/18		95,000		108,073
Owens Corning, Inc. 4.200% 12/01/24		140,000		136,255
				442,933
Chemicals — 1.3%
Ashland, Inc. 3.875% 4/15/18		210,000		214,200
The Chemours Co. (c) 7.000% 5/15/25		578,000		394,485
Cytec Industries, Inc. 3.500% 4/01/23		30,000		28,282
Cytec Industries, Inc. 8.950% 7/01/17		88,000		95,773
The Dow Chemical Co. 8.550% 5/15/19		100,000		117,865
Hercules, Inc., Convertible 6.500% 6/30/29		150,000		132,000
Incitec Pivot Finance LLC (c) 6.000% 12/10/19		50,000		54,215
LYB International Finance BV 5.250% 7/15/43		250,000		240,022
Methanex Corp. 5.250% 3/01/22		40,000		39,385

The accompanying notes are an integral part of the portfolio of investments.

56

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

	Principal Amount		Value
RPM International, Inc. 6.125% 10/15/19	$	650,000	$	710,994
RPM International, Inc. 6.500% 2/15/18		75,000		80,894
Tronox Finance LLC 6.375% 8/15/20		122,000		73,419
Valspar Corp. 7.250% 6/15/19		150,000		170,185
				2,351,719
Commercial Services — 1.1%
The ADT Corp. 6.250% 10/15/21		750,000		783,412
Cardtronics, Inc., Convertible 1.000% 12/01/20		100,000		92,813
ERAC USA Finance LLC (c) 2.800% 11/01/18		25,000		25,162
ERAC USA Finance LLC (c) 3.300% 10/15/22		75,000		73,784
ERAC USA Finance LLC (c) 7.000% 10/15/37		50,000		60,935
Leidos Holdings, Inc. 4.450% 12/01/20		350,000		348,386
McGraw Hill Financial, Inc. 3.300% 8/14/20		240,000		242,051
McGraw Hill Financial, Inc. 4.000% 6/15/25		160,000		160,389
The Western Union Co. 5.930% 10/01/16		80,000		82,540
				1,869,472
Computers — 0.2%
Hewlett Packard Enterprise Co. (c) 3.600% 10/15/20		170,000		170,390
SanDisk Corp., Convertible 0.500% 10/15/20		89,000		92,115
				262,505
Distribution & Wholesale — 0.2%
Arrow Electronics, Inc. 3.000% 3/01/18		45,000		44,964
Arrow Electronics, Inc. 4.500% 3/01/23		45,000		45,463
Ingram Micro, Inc. 4.950% 12/15/24		335,000		333,765
				424,192
Diversified Financial — 3.8%
Affiliated Managers Group, Inc. 4.250% 2/15/24		245,000		247,482
Air Lease Corp. 2.625% 9/04/18		450,000		444,808
Air Lease Corp. 3.375% 1/15/19		175,000		175,875

	Principal Amount		Value
Air Lease Corp. 3.875% 4/01/21	$	125,000	$	125,625
Air Lease Corp. STEP 5.625% 4/01/17		40,000		41,500
Ally Financial, Inc. 5.125% 9/30/24		495,000		506,756
American Express Co. 3 mo. USD LIBOR + 2.228%, VRN 6.800% 9/01/66		5,000		5,038
Ares Finance Co. LLC (c) 4.000% 10/08/24		225,000		208,702
Citigroup, Inc. 3.875% 3/26/25		440,000		428,247
Citigroup, Inc. 5.875% 1/30/42		75,000		86,056
Eaton Vance Corp. 3.625% 6/15/23		43,000		43,404
Eaton Vance Corp. 6.500% 10/02/17		25,000		26,695
Ford Motor Credit Co. LLC 3.000% 6/12/17		200,000		201,944
GE Capital International Funding Co. (c) 4.418% 11/15/35		254,000		259,202
General Electric Capital Corp. 6.875% 1/10/39		72,000		98,141
The Goldman Sachs Group, Inc. 5.950% 1/15/27		375,000		417,131
The Goldman Sachs Group, Inc. 6.250% 2/01/41		35,000		41,748
The Goldman Sachs Group, Inc. 6.345% 2/15/34		40,000		46,796
The Goldman Sachs Group, Inc. 6.750% 10/01/37		40,000		46,757
Guanay Finance Ltd. (c) 6.000% 12/15/20		250,000		246,875
Hyundai Capital America (c) 2.875% 8/09/18		60,000		60,631
IntercontinentalExchange Group, Inc. 4.000% 10/15/23		125,000		128,741
International Lease Finance Corp. 5.875% 4/01/19		341,000		361,460
JP Morgan Chase & Co. 4.500% 1/24/22		175,000		188,756
Lazard Group LLC 4.250% 11/14/20		915,000		947,735
Lazard Group LLC 6.850% 6/15/17		24,000		25,553
Legg Mason, Inc. 5.625% 1/15/44		125,000		124,163
Merrill Lynch & Co., Inc. 7.750% 5/14/38		125,000		169,598
Morgan Stanley 3.800% 4/29/16		200,000		201,693

The accompanying notes are an integral part of the portfolio of investments.

57

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

	Principal Amount		Value
Morgan Stanley 4.350% 9/08/26	$	80,000	$	80,262
Morgan Stanley 5.750% 1/25/21		60,000		67,365
Morgan Stanley 6.625% 4/01/18		600,000		657,918
Stifel Financial Corp. 4.250% 7/18/24		70,000		69,548
				6,782,205
Electric — 1.3%
Appalachian Power Co. 3.400% 6/01/25		120,000		117,101
Berkshire Hathaway Energy 5.950% 5/15/37		120,000		137,089
Elwood Energy LLC 8.159% 7/05/26		270,484		294,827
Entergy Louisiana LLC 4.950% 1/15/45		110,000		109,817
IPALCO Enterprises, Inc. 3.450% 7/15/20		290,000		284,200
LG&E and KU Energy LLC 4.375% 10/01/21		250,000		264,158
Metropolitan Edison Co. (c) 4.000% 4/15/25		105,000		103,951
National Fuel Gas Co. 3.750% 3/01/23		55,000		50,939
NiSource Finance Corp. 4.800% 2/15/44		90,000		91,475
Pennsylvania Electric Co. (c) 4.150% 4/15/25		150,000		150,863
PPL Capital Funding, Inc. 5.000% 3/15/44		90,000		92,793
Puget Energy, Inc. 3.650% 5/15/25		100,000		96,889
Puget Sound Energy, Inc. 4.300% 5/20/45		210,000		212,702
Southern California Edison Co. 5.950% 2/01/38		60,000		73,446
Tri-State Generation & Transmission Association, Series 2003, Class A (c) 6.040% 1/31/18		38,015		39,976
Tri-State Generation & Transmission Association, Series 2003, Class B (c) 7.144% 7/31/33		185,000		234,506
				2,354,732
Electrical Components & Equipment — 0.2%
Legrand France SA 8.500% 2/15/25		250,000		332,107
Electronics — 0.2%
Agilent Technologies, Inc. 3.875% 7/15/23		73,000		73,052

	Principal Amount		Value
Amphenol Corp. 2.550% 1/30/19	$	100,000	$	100,017
Avnet, Inc. 4.875% 12/01/22		67,000		68,599
Jabil Circuit, Inc. 8.250% 3/15/18		45,000		49,556
PerkinElmer, Inc. 5.000% 11/15/21		125,000		131,996
				423,220
Engineering & Construction — 0.1%
SBA Tower Trust (c) 3.156% 10/15/20		180,000		177,079
Zachry Holdings, Inc. (c) 7.500% 2/01/20		56,000		54,880
				231,959
Foods — 0.7%
ConAgra Foods, Inc. 4.950% 8/15/20		275,000		294,040
ConAgra Foods, Inc. 6.625% 8/15/39		30,000		32,325
Kraft Heinz Foods, Co. (c) 2.800% 7/02/20		280,000		279,276
Tyson Foods, Inc. 2.650% 8/15/19		45,000		45,025
Tyson Foods, Inc. 3.950% 8/15/24		90,000		92,404
Tyson Foods, Inc. 4.500% 6/15/22		150,000		159,655
Tyson Foods, Inc. 4.875% 8/15/34		65,000		66,340
Tyson Foods, Inc. STEP 6.600% 4/01/16		95,000		96,257
Whole Foods Market, Inc. (c) 5.200% 12/03/25		155,000		154,771
WM Wrigley Jr. Co. (c) 2.400% 10/21/18		35,000		35,093
				1,255,186
Forest Products & Paper — 0.2%
Celulosa Arauco y Constitucion SA 4.750% 1/11/22		200,000		203,556
International Paper Co. 4.750% 2/15/22		75,000		80,101
International Paper Co. 9.375% 5/15/19		110,000		132,012
				415,669
Health Care – Products — 0.5%
St. Jude Medical, Inc. 2.800% 9/15/20		280,000		280,106
Wright Medical Group, Inc., Convertible (c) 2.000% 2/15/20		400,000		413,750

The accompanying notes are an integral part of the portfolio of investments.

58

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

	Principal Amount		Value
Zimmer Biomet Holdings, Inc. 3.550% 4/01/25	$	260,000	$	252,648
				946,504
Health Care – Services — 0.1%
Kaiser Foundation Hospitals 3.500% 4/01/22		65,000		66,044
UnitedHealth Group, Inc. 3.950% 10/15/42		85,000		79,115
UnitedHealth Group, Inc. 6.875% 2/15/38		75,000		98,091
				243,250
Home Furnishing — 0.0%
Whirlpool Corp. 3.700% 3/01/23		50,000		50,315
Whirlpool Corp. 5.150% 3/01/43		20,000		19,665
				69,980
Household Products — 0.0%
Avery Dennison Corp. 3.350% 4/15/23		30,000		29,234
Housewares — 0.2%
Newell Rubbermaid, Inc. 3.900% 11/01/25		115,000		103,764
Toro Co. 7.800% 6/15/27		170,000		214,688
				318,452
Insurance — 2.5%
The Allstate Corp. 5.550% 5/09/35		50,000		57,837
The Allstate Corp. 3 mo. USD LIBOR + 2.938%, VRN 5.750% 8/15/53		790,000		812,120
Arch Capital Group US, Inc. 5.144% 11/01/43		80,000		80,944
AXIS Specialty Finance PLC 2.650% 4/01/19		45,000		44,809
Brown & Brown, Inc. 4.200% 9/15/24		190,000		187,616
CNA Financial Corp. 3.950% 5/15/24		85,000		84,617
Five Corners Funding Trust (c) 4.419% 11/15/23		100,000		104,398
Liberty Mutual Group, Inc. (c) 4.250% 6/15/23		43,000		43,691
Marsh & McLennan Cos., Inc. 3.750% 3/14/26		80,000		80,106
Marsh & McLennan Cos., Inc. 5.875% 8/01/33		150,000		172,190
MetLife Capital Trust IV (c) 7.875% 12/15/37		150,000		183,000

	Principal Amount		Value
Prudential Financial, Inc. 3 mo. USD LIBOR + 3.040%, VRN 5.200% 3/15/44	$	135,000	$	130,343
Prudential Financial, Inc. 3 mo. USD LIBOR + 3.920%, VRN 5.625% 6/15/43		110,000		112,475
Prudential Financial, Inc. 6.200% 11/15/40		125,000		147,581
Prudential Financial, Inc. 3 mo. USD LIBOR + 5.000%, VRN 8.875% 6/15/38		715,000		804,375
QBE Capital Funding III Ltd. USD 10 year swap rate + 4.050%, VRN (c) 7.250% 5/24/41		313,000		344,704
Reinsurance Group of America, Inc. 4.700% 9/15/23		95,000		100,171
Reinsurance Group of America, Inc. 5.000% 6/01/21		95,000		102,423
USF&G Capital I (c) 8.500% 12/15/45		95,000		135,196
Voya Financial, Inc. 5.500% 7/15/22		100,000		111,899
Voya Financial, Inc. 3 mo. USD LIBOR + 3.580%, VRN 5.650% 5/15/53		255,000		251,175
Willis Group Holdings PLC 4.125% 3/15/16		20,000		20,108
Willis North America, Inc. 7.000% 9/29/19		43,000		48,192
XLIT Ltd. 4.450% 3/31/25		75,000		73,444
XLIT Ltd. 5.500% 3/31/45		200,000		186,854
				4,420,268
Internet — 0.6%
Baidu, Inc. 2.250% 11/28/17		200,000		200,022
Expedia, Inc. (c) 5.000% 2/15/26		280,000		273,262
Expedia, Inc. 7.456% 8/15/18		320,000		356,601
Tencent Holdings Ltd. (c) 3.800% 2/11/25		200,000		195,655
				1,025,540
Investment Companies — 0.2%
Ares Capital Corp. 3.875% 1/15/20		205,000		208,113
FS Investment Corp. 4.000% 7/15/19		200,000		198,163
				406,276

The accompanying notes are an integral part of the portfolio of investments.

59

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

	Principal Amount		Value
Iron & Steel — 0.4%
AK Steel Corp., Convertible 5.000% 11/15/19	$	62,000	$	31,697
Gerdau Trade, Inc. (c) 4.750% 4/15/23		90,000		63,000
Glencore Funding LLC (c) 4.000% 4/16/25		155,000		107,725
Reliance Steel & Aluminum Co. 4.500% 4/15/23		65,000		60,506
Reliance Steel & Aluminum Co. 6.200% 11/15/16		395,000		408,242
				671,170
Leisure Time — 0.0%
Carnival Corp. 1.875% 12/15/17		50,000		49,929
Lodging — 0.5%
Hyatt Hotels Corp. 3.375% 7/15/23		40,000		37,981
Marriott International, Inc. 3.375% 10/15/20		95,000		96,701
Wyndham Worldwide Corp. 2.950% 3/01/17		60,000		60,365
Wyndham Worldwide Corp. 5.625% 3/01/21		650,000		698,938
Wyndham Worldwide Corp. 6.000% 12/01/16		2,000		2,077
				896,062
Machinery – Diversified — 0.1%
Roper Technologies, Inc. 3.125% 11/15/22		100,000		97,207
Xylem, Inc. 4.875% 10/01/21		100,000		106,294
				203,501
Manufacturing — 0.2%
Carlisle Cos., Inc. 3.750% 11/15/22		85,000		84,173
JB Poindexter & Co., Inc. (c) 9.000% 4/01/22		200,000		209,000
Textron, Inc. 4.300% 3/01/24		120,000		122,223
				415,396
Media — 2.5%
21st Century Fox America, Co. 6.900% 8/15/39		125,000		147,823
CBS Corp. 7.875% 7/30/30		100,000		127,469
CCO Holdings LLC/CCO Holdings Capital Corp. 5.750% 1/15/24		600,000		616,500
CCO Safari II LLC (c) 4.464% 7/23/22		340,000		338,813

	Principal Amount		Value
Discovery Communications LLC 4.875% 4/01/43	$	200,000	$	164,623
DISH DBS Corp. 5.875% 11/15/24		1,000,000		890,000
Sirius XM Radio, Inc. (c) 5.375% 4/15/25		1,000,000		1,006,250
TEGNA, Inc. 5.125% 7/15/20		500,000		518,750
Time Warner Cable, Inc. 4.500% 9/15/42		420,000		329,609
Time Warner Cable, Inc. 5.500% 9/01/41		240,000		216,875
				4,356,712
Mining — 0.8%
Freeport-McMoRan, Inc. 2.375% 3/15/18		45,000		35,100
Freeport-McMoRan, Inc. 4.000% 11/14/21		325,000		195,000
Freeport-McMoRan, Inc. 5.450% 3/15/43		70,000		36,400
Newcrest Finance Property Ltd. (c) 4.450% 11/15/21		200,000		181,175
Vale Overseas Ltd. 6.250% 1/23/17		865,000		863,357
Vale Overseas Ltd. 6.875% 11/10/39		85,000		59,067
				1,370,099
Office Equipment/Supplies — 0.1%
Pitney Bowes, Inc. 4.625% 3/15/24		130,000		127,361
Pitney Bowes, Inc. 4.750% 5/15/18		10,000		10,469
Pitney Bowes, Inc. 5.750% 9/15/17		14,000		14,768
				152,598
Oil & Gas — 3.5%
American Energy-Permian Basin LLC (c) 8.000% 5/01/22		416,000		41,600
Anadarko Petroleum Corp. 6.450% 9/15/36		300,000		289,158
Calumet Specialty Products Partners LP/Calumet Finance Corp. 6.500% 4/15/21		300,000		261,000
Calumet Specialty Products Partners LP/Calumet Finance Corp. 7.625% 1/15/22		1,250,000		1,062,500
Chesapeake Energy Corp., Convertible 2.500% 5/15/37		355,000		166,850
Citgo Holding, Inc. (c) 10.750% 2/15/20		500,000		485,000
Ecopetrol SA 4.250% 9/18/18		15,000		14,925

The accompanying notes are an integral part of the portfolio of investments.

60

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

	Principal Amount		Value
Ensco PLC 5.200% 3/15/25	$	75,000	$	53,375
EP Energy LLC/Everest Acquisition Finance, Inc. 9.375% 5/01/20		500,000		318,750
Helmerich & Payne International Drilling Co. 4.650% 3/15/25		35,000		35,016
Jupiter Resources, Inc. (c) 8.500% 10/01/22		124,000		49,600
KazMunayGas National Co. JSC (c) 4.400% 4/30/23		90,000		83,687
Newfield Exploration Co. 5.375% 1/01/26		1,000,000		827,500
PBF Holding Co. LLC/PBF Finance Corp. 8.250% 2/15/20		555,000		574,425
Pemex Project Funding Master Trust 6.625% 6/15/38		51,000		44,880
Petrobras International Finance Co. 3.875% 1/27/16		220,000		219,120
Petroleos Mexicanos 3.125% 1/23/19		25,000		24,185
Petroleos Mexicanos 5.500% 1/21/21		375,000		378,262
Petroleos Mexicanos 6.375% 1/23/45		35,000		29,623
Phillips 66 4.300% 4/01/22		75,000		77,160
Phillips 66 4.650% 11/15/34		225,000		210,885
Phillips 66 5.875% 5/01/42		75,000		75,177
Pioneer Natural Resources Co. 4.450% 1/15/26		65,000		58,527
Rowan Cos., Inc. 4.875% 6/01/22		175,000		128,698
Rowan Cos., Inc. 5.000% 9/01/17		210,000		208,421
Southwestern Energy Co. 4.100% 3/15/22		170,000		106,923
Southwestern Energy Co. 4.950% 1/23/25		130,000		81,900
Talisman Energy, Inc. 5.500% 5/15/42		100,000		77,320
Whiting Petroleum Corp., Convertible (c) 1.250% 4/01/20		240,000		163,200
				6,147,667
Oil & Gas Services — 0.3%
Hornbeck Offshore Services, Inc., Convertible 1.500% 9/01/19		235,000		133,069

	Principal Amount		Value
Schlumberger Holdings Corp. (c) 4.000% 12/21/25	$	205,000	$	202,290
SEACOR Holdings, Inc., Convertible 3.000% 11/15/28		80,000		63,400
Weatherford International Ltd. 4.500% 4/15/22		100,000		72,000
Weatherford International Ltd. 5.950% 4/15/42		155,000		108,887
Weatherford International Ltd. 6.000% 3/15/18		25,000		23,053
				602,699
Packaging & Containers — 0.1%
Brambles USA Inc., Series A (c) 5.350% 4/01/20		35,000		38,165
Brambles USA, Inc. (c) 4.125% 10/23/25		90,000		90,500
Sonoco Products Co. 4.375% 11/01/21		100,000		104,154
				232,819
Pharmaceuticals — 1.1%
AbbVie, Inc. 3.600% 5/14/25		160,000		157,910
AbbVie, Inc. 4.400% 11/06/42		50,000		46,696
AbbVie, Inc. 4.500% 5/14/35		210,000		205,715
Actavis Funding SCS 3.450% 3/15/22		370,000		370,404
AstraZeneca PLC 6.450% 9/15/37		250,000		316,150
Baxalta, Inc. (c) 3.600% 6/23/22		40,000		39,989
Baxalta, Inc. (c) 4.000% 6/23/25		80,000		79,169
McKesson Corp. 1.292% 3/10/17		40,000		39,888
McKesson Corp. 2.284% 3/15/19		45,000		44,821
McKesson Corp. 3.796% 3/15/24		75,000		75,392
McKesson Corp. 4.883% 3/15/44		70,000		69,965
Pernix Therapeutics Holdings, Inc., Convertible (c) 4.250% 4/01/21		250,000		144,219
Valeant Pharmaceuticals International (c) 7.000% 10/01/20		200,000		199,500
Valeant Pharmaceuticals International, Inc. (c) 6.125% 4/15/25		113,000		100,852
				1,890,670

The accompanying notes are an integral part of the portfolio of investments.

61

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

	Principal Amount		Value
Pipelines — 1.5%
CenterPoint Energy Resources Corp. 4.500% 1/15/21	$	175,000	$	183,684
CenterPoint Energy Resources Corp. 5.850% 1/15/41		150,000		165,685
Energy Transfer Equity LP 7.500% 10/15/20		100,000		92,500
Energy Transfer Partners LP 4.150% 10/01/20		60,000		55,349
Energy Transfer Partners LP 4.750% 1/15/26		200,000		168,217
Enterprise Products Operating Co. 5.950% 2/01/41		135,000		124,003
Kinder Morgan Energy Partners LP 6.500% 2/01/37		85,000		73,019
Kinder Morgan Energy Partners LP 6.950% 1/15/38		15,000		12,884
Kinder Morgan, Inc. 3.050% 12/01/19		250,000		231,378
MPLX LP 4.000% 2/15/25		650,000		546,303
MPLX LP (c) 4.875% 6/01/25		1,000,000		895,000
ONEOK Partners LP 6.125% 2/01/41		100,000		76,416
				2,624,438
Real Estate Investment Trusts (REITS) — 1.4%
American Tower Corp. 3.400% 2/15/19		80,000		82,063
American Tower Corp. 3.450% 9/15/21		225,000		226,103
Brandywine Operating Partners LP 4.950% 4/15/18		300,000		313,971
DCT Industrial Operating Partnership LP 4.500% 10/15/23		60,000		60,044
DDR Corp. 4.750% 4/15/18		275,000		287,668
DDR Corp. 9.625% 3/15/16		95,000		96,483
Digital Delta Holdings LLC (c) 3.400% 10/01/20		140,000		140,154
Digital Realty Trust LP 3.950% 7/01/22		240,000		238,320
Duke Realty LP 8.250% 8/15/19		125,000		147,863
Federal Realty Investment Trust 5.900% 4/01/20		25,000		28,231
HCP, Inc. 2.625% 2/01/20		95,000		93,536
Highwoods Realty LP 7.500% 4/15/18		110,000		121,567
Host Hotels & Resorts LP 4.000% 6/15/25		160,000		153,377

	Principal Amount		Value
Liberty Property LP 3.375% 6/15/23	$	50,000	$	47,422
ProLogis LP 2.750% 2/15/19		35,000		35,366
ProLogis LP 3.350% 2/01/21		165,000		167,075
Vereit Operating Partnership LP 2.000% 2/06/17		105,000		103,950
Vereit Operating Partnership LP 3.000% 2/06/19		50,000		48,100
Vereit Operating Partnership LP 4.600% 2/06/24		65,000		61,588
				2,452,881
Retail — 1.9%
Bed Bath & Beyond, Inc. 3.749% 8/01/24		30,000		29,262
Bed Bath & Beyond, Inc. 5.165% 8/01/44		75,000		63,526
CVS Health Corp. 3.500% 7/20/22		380,000		386,671
CVS Health Corp. 6.125% 9/15/39		25,000		29,192
CVS Pass-Through Trust (c) 5.926% 1/10/34		225,595		247,805
CVS Pass-Through Trust (c) 7.507% 1/10/32		17,313		20,411
El Puerto de Liverpool SAB de CV (c) 3.950% 10/02/24		280,000		271,950
Family Tree Escrow LLC (c) 5.750% 3/01/23		1,000,000		1,035,000
GNC Holdings, Inc., Convertible (c) 1.500% 8/15/20		45,000		36,028
The Home Depot, Inc. 5.950% 4/01/41		100,000		124,441
O’Reilly Automotive, Inc. 3.850% 6/15/23		46,000		46,409
O’Reilly Automotive, Inc. 4.875% 1/14/21		225,000		243,388
Tiffany & Co. 4.900% 10/01/44		105,000		97,174
Wal-Mart Stores, Inc. 5.625% 4/01/40		205,000		243,916
Walgreens Boots Alliance, Inc. 2.700% 11/18/19		185,000		184,652
Walgreens Boots Alliance, Inc. 3.800% 11/18/24		245,000		237,691
Walgreens Boots Alliance, Inc. 4.800% 11/18/44		95,000		85,936
				3,383,452
Savings & Loans — 0.2%
Glencore Funding LLC (c) 1.700% 5/27/16		160,000		158,400

The accompanying notes are an integral part of the portfolio of investments.

62

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

	Principal Amount		Value
Glencore Funding LLC (c) 2.500% 1/15/19	$	114,000	$	95,190
Glencore Funding LLC (c) 3.125% 4/29/19		65,000		54,275
				307,865
Semiconductors — 0.4%
KLA-Tencor Corp. 4.650% 11/01/24		230,000		231,415
Lam Research Corp. 3.800% 3/15/25		145,000		136,482
Microchip Technology, Inc., Convertible (c) 1.625% 2/15/25		225,000		223,594
NXP BV/NXP Funding LLC (c) 3.750% 6/01/18		110,000		110,550
				702,041
Software — 0.2%
Broadridge Financial Solutions, Inc. 3.950% 9/01/20		45,000		46,641
Citrix Systems, Inc., Convertible 0.500% 4/15/19		80,000		87,000
Oracle Corp. 5.375% 7/15/40		250,000		278,112
				411,753
Telecommunications — 1.3%
AT&T, Inc. 3.400% 5/15/25		270,000		259,494
AT&T, Inc. 6.550% 2/15/39		175,000		196,726
Embarq Corp. 7.082% 6/01/16		210,000		213,276
Embarq Corp. 7.995% 6/01/36		45,000		46,350
Gogo, Inc., Convertible (c) 3.750% 3/01/20		3,000		2,904
Motorola Solutions, Inc. 3.500% 3/01/23		90,000		78,952
Telefonaktiebolaget LM Ericsson 4.125% 5/15/22		225,000		230,675
Telefonica Emisiones SAU 3.992% 2/16/16		275,000		275,757
Verizon Communications, Inc. 2.625% 2/21/20		115,000		115,400
Verizon Communications, Inc. 3.500% 11/01/24		240,000		237,048
Verizon Communications, Inc. 5.012% 8/21/54		77,000		70,500
Verizon Communications, Inc. 5.150% 9/15/23		95,000		104,436
Verizon Communications, Inc. 6.550% 9/15/43		79,000		93,790

	Principal Amount		Value
Verizon Global Funding Corp. 7.750% 12/01/30	$	300,000	$	384,109
				2,309,417
Transportation — 0.9%
Asciano Finance (c) 4.625% 9/23/20		45,000		45,422
Burlington Northern Santa Fe LLC 6.750% 3/15/29		160,000		197,177
Norfolk Southern Corp. 6.000% 5/23/2111		125,000		130,800
OPE KAG Finance Sub, Inc. (c) 7.875% 7/31/23		720,000		715,500
Ryder System, Inc. 2.550% 6/01/19		30,000		29,818
Watco Cos. LLC/Watco Finance Corp. (c) 6.375% 4/01/23		500,000		492,500
				1,611,217
Trucking & Leasing — 0.5%
Aviation Capital Group Corp. (c) 2.875% 9/17/18		280,000		278,393
GATX Corp. 3.500% 7/15/16		90,000		90,970
GATX Corp. 4.750% 6/15/22		125,000		131,180
Penske Truck Leasing Co. LP/PTL Finance Corp. (c) 2.500% 6/15/19		145,000		142,632
Penske Truck Leasing Co. LP/PTL Finance Corp. (c) 3.375% 2/01/22		320,000		310,716
				953,891
TOTAL CORPORATE DEBT (Cost $72,144,214)				69,439,225
MUNICIPAL OBLIGATIONS — 0.4%
State of California 5.950% 4/01/16		225,000		228,004
State of California BAB 7.550% 4/01/39		125,000		181,564
State of California BAB 7.600% 11/01/40		150,000		222,637
				632,205
TOTAL MUNICIPAL OBLIGATIONS (Cost $579,836)				632,205

The accompanying notes are an integral part of the portfolio of investments.

63

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

	Principal Amount		Value
NON-U.S. GOVERNMENT AGENCY OBLIGATIONS — 21.5%
Auto Floor Plan ABS — 0.2%
Capital Automotive REIT, Series 2010-1A, Class A (c) 5.730% 12/15/38	$	208,037	$	217,542
NCF Dealer Floorplan Master Trust, Series 2014-1A, Class A, 1 mo. LIBOR + 1.500%, FRN (c) 1.902% 10/20/20		110,000		110,000
				327,542
Automobile ABS — 0.5%
American Credit Acceptance Receivables Trust, Series 2013-1, Class A (c) 1.450% 4/16/18		1,041		1,041
Avis Budget Rental Car Funding AESOP LLC, Series 2014-2A, Class A (c) 2.500% 2/20/21		120,000		119,103
Capital Automotive REIT, Series 2014-1A, Class A (c) 3.660% 10/15/44		100,000		100,479
CFC LLC, Series 2014-2A, Class A (c) 1.440% 11/16/20		74,289		73,838
CPS Auto Trust, Series 2014-A, Class A (c) 1.210% 8/15/18		41,688		41,614
CPS Auto Trust, Series 2014-C, Class A (c) 1.310% 2/15/19		135,981		135,632
Exeter Automobile Receivables Trust, Series 2014-3A, Class A (c) 1.320% 1/15/19		64,185		64,057
GLS Auto Receivables Trust, Series 2015-1A, Class A (c) 2.250% 12/15/20		128,402		128,141
GO Financial Auto Securitization Trust, Series 2015-1, Class A (c) 1.810% 3/15/18		70,696		70,583
Oscar US Funding Trust, Series 2014-1A, Class A2 (c) 1.000% 8/15/17		114,369		114,274
Santander Drive Auto Receivables Trust, Series 2015-S2, Class R1 (c) 1.840% 11/18/19		76,353		75,971
				924,733
Commercial MBS — 4.0%
Banc of America Commercial Mortgage, Inc., Series 2007-3, Class A4, VRN 5.558% 6/10/49		229,868		236,888
Banc of America Commercial Mortgage, Inc., Series 2007-4, Class AM, VRN 5.809% 2/10/51		95,000		98,805
Banc of America Commercial Mortgage, Inc., Series 2008-1, Class A4, VRN 6.215% 2/10/51		347,623		367,677

	Principal Amount		Value
Banc of America Commercial Mortgage, Inc., Series 2008-1, Class AM, VRN 6.258% 2/10/51	$	100,000	$	106,136
Bear Stearns Commercial Mortgage Securities, Series 2007-T26, Class AM, VRN 5.513% 1/12/45		190,000		195,968
Bear Stearns Commercial Mortgage Securities, Series 2007-PW17, Class A4, VRN 5.694% 6/11/50		616,080		640,513
Bear Stearns Commercial Mortgage Securities, Series 2007-PW18, Class A4 5.700% 6/11/50		155,000		161,032
Bear Stearns Commercial Mortgage Securities, Series 2007-T28, Class AM, VRN 5.835% 9/11/42		110,000		115,374
Bear Stearns Commercial Mortgage Securities, Series 2007-PW17, Class AM, VRN 5.882% 6/11/50		200,000		208,828
Bear Stearns Commercial Mortgage Securities, Series 2007-PW18, Class AM, VRN 6.084% 6/11/50		115,000		120,817
Commercial Mortgage Pass Through Certificates, Series 2014-UBS2, Class A5 3.961% 3/10/47		152,000		158,479
Commercial Mortgage Pass Through Certificates, Series 2014-UBS2, Class AM 4.199% 3/10/47		100,000		104,152
Commercial Mortgage Pass Through Certificates, Series 2014-CR14, Class A4 4.236% 2/10/47		110,000		117,498
Commercial Mortgage Pass Through Certificates, Series 2015-CR23, Class C, VRN 4.257% 5/10/48		110,000		98,830
DBCCRE Mortgage Trust, Series 2014-ARCP, Class A (c) 4.238% 1/10/34		100,000		104,641
DBRR Trust, Series 2013-EZ3, Class A, VRN (c) 1.635% 12/18/49		71,524		71,310
DBUBS Mortgage Trust, Series 2011-LC1A, Class A1 (c) 3.742% 11/10/46		58,804		58,967
GCCFC Commercial Mortgage Trust, Series 2006-GG7, Class AM, VRN 5.826% 7/10/38		365,000		369,356

The accompanying notes are an integral part of the portfolio of investments.

64

MassMutual Premier Diversified 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	$	290,634	$	295,138
Merrill Lynch/Countrywide Commercial Mortgage Trust, Series 2006-4, Class AM 5.204% 12/12/49		240,000		245,127
ML-CFC Commercial Mortgage Trust, Series 2006-3, Class AM, VRN 5.456% 7/12/46		140,000		141,721
ML-CFC Commercial Mortgage Trust, Series 2007-9, Class AM, VRN 5.856% 9/12/49		115,000		119,919
Morgan Stanley Capital I, Series 2006-IQ12, Class AM 5.370% 12/15/43		110,000		112,469
Morgan Stanley Capital I, Series 2006-HQ8, Class AM, VRN 5.480% 3/12/44		89,822		89,752
Morgan Stanley Capital I, Series 2007-HQ11, Class AJ, VRN 5.508% 2/12/44		170,000		172,262
Morgan Stanley Capital I, Series 2007-IQ14, Class A2 5.610% 4/15/49		52,370		52,320
STRIPs Ltd., Series 2012-1A, Class A (c) 1.500% 12/25/44		32,163		31,552
TIAA Seasoned Commercial Mortgage Trust, Series 2007-C4, Class AJ, VRN 5.510% 8/15/39		48,843		48,840
VFC LLC, Series 2014-2, Class A, (Acquired 7/9/14, Cost $250,000) (c) (d) 2.750% 7/20/30		29,165		29,166
VFC LLC, Series 2015-3, Class A, (Acquired 3/25/15, Cost $249,531) (c) (d) 2.750% 12/20/31		54,140		54,100
VNO Mortgage Trust, Series 2013-PENN, Class A (c) 3.808% 12/13/29		110,000		114,187
Wachovia Bank Commercial Mortgage Trust, Series 2006-C29, Class AM 5.339% 11/15/48		321,000		328,360
Wachovia Bank Commercial Mortgage Trust, Series 2007-C31, Class A4 5.509% 4/15/47		535,000		543,835
Wachovia Bank Commercial Mortgage Trust, Series 2007-C31, Class AM, VRN 5.591% 4/15/47		110,000		113,555
Wachovia Bank Commercial Mortgage Trust, Series 2007-C33, Class A4, VRN 5.952% 2/15/51		94,106		97,095

	Principal Amount		Value
Wachovia Bank Commercial Mortgage Trust, Series 2007-C33, Class AM, VRN 5.952% 2/15/51	$	500,000	$	521,797
Wells Fargo Commercial Mortgage Trust, Series 2015-NXS1, Class C, VRN 3.848% 5/15/48		140,000		122,775
Wells Fargo Reremic Trust, Series 2012-IO, Class A (c) 1.750% 8/20/21		25,345		25,345
WF-RBS Commercial Mortgage Trust, Series 2012-C8, Class B 4.311% 8/15/45		110,000		113,423
WF-RBS Commercial Mortgage Trust, Series 2012-C8, Class C, VRN 4.875% 8/15/45		100,000		100,872
WF-RBS Commercial Mortgage Trust, Series 2011-C5, Class C, VRN (c) 5.634% 11/15/44		170,000		180,669
WF-RBS Commercial Mortgage Trust, Series 2011-C5, Class D, VRN (c) 5.634% 11/15/44		115,000		119,116
				7,108,666
Home Equity ABS — 1.3%
Accredited Mortgage Loan Trust, Series 2005-3, Class M1, 1 mo. USD LIBOR + .450%, FRN 0.670% 9/25/35		120,000		118,724
ACE Securities Corp., Series 2005-HE5, Class M2, 1 mo. USD LIBOR + .735%, FRN 0.956% 8/25/35		253,029		252,467
ACE Securities Corp., Series 2005-RM1, Class M2, 1 mo. USD LIBOR + .750%, FRN 0.971% 3/25/35		103,833		104,586
Asset-Backed Securities Corporation Home Equity, Series 2005-HE3, Class M3, 1 mo. USD LIBOR + .705%, FRN 0.926% 4/25/35		98,207		98,031
Bear Stearns Asset Backed Securities I Trust, Series 2006-HE3, Class A2, 1 mo. USD LIBOR + .180%, FRN 0.602% 4/25/36		33,034		32,908
Bear Stearns Asset-Backed Securities I Trust, Series 2005-HE12, Class M1, 1 mo. USD LIBOR + .480%, FRN 0.902% 12/25/35		370,569		362,099
Conseco Finance Corp., Series 2002-A, Class M1, 1 mo. LIBOR + 1.850%, FRN 2.181% 4/15/32		93,570		93,962

The accompanying notes are an integral part of the portfolio of investments.

65

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

	Principal Amount		Value
Countrywide Asset-Backed Certificates, Series 2004-5, Class 3A, 1 mo. USD LIBOR + .460%, FRN 0.882% 9/25/34	$	54,572	$	53,937
Countrywide Partnership Trust, Series 2004-EC1, Class M1, 1 mo. USD LIBOR + .900%, FRN 1.322% 2/25/35		193,391		170,652
Credit Suisse Seasoned Loan Trust, Series 2006-1, Class A, 1 mo. USD LIBOR + .240%, FRN (c) 0.662% 10/25/34		182,107		180,995
JP Morgan Mortgage Acquisition Corp., Series 2005-FRE1, Class A2V2, 1 mo. USD LIBOR + .220%, FRN 0.441% 10/25/35		102,805		102,532
MASTR Asset Backed Securities Trust, Series 2005, Class M1, 1 mo. USD LIBOR + .720%, FRN 1.142% 12/25/34		99,504		92,753
MASTR Asset-Backed Securities Trust, Series 2005-WMC1, Class M3, 1 mo. USD LIBOR + .720%, FRN 1.142% 3/25/35		120,000		119,684
Morgan Stanley Capital, Inc., Series 2005-WMC6, Class M2, 1 mo. USD LIBOR + .750%, FRN 0.971% 7/25/35		48,932		49,241
New Century Home Equity Loan Trust, Series 1997-NC5, Class A6, STEP 6.390% 10/25/28		9		9
NovaStar Mortgage Funding Trust, Series 2005-3, Class A2D, 1 mo. LIBOR + .370%, FRN 0.792% 1/25/36		193,727		193,901
Option One Mortgage Loan Trust, Series 2005-5, Class A3, 1 mo. USD LIBOR + .210%, FRN 0.431% 12/25/35		170,187		169,150
Option One Mortgage Loan Trust, Series 2005-3, Class M1, 1 mo. USD LIBOR + .470%, FRN 0.691% 8/25/35		71,847		71,426
Residential Asset Securities Corp., Series 2005-AHL3, Class A2, 1 mo. USD LIBOR + .240%, FRN 0.662% 11/25/35		60,451		60,077
Security National Mortgage Loan Trust, Series 2006-3A, Class A1, 1 mo. LIBOR + .280%, FRN (c) 0.501% 1/25/37		27,812		27,804
				2,354,938

	Principal Amount		Value
Other ABS — 11.6%
321 Henderson Receivables I LLC, Series 2015-1A, Class A (c) 3.260% 9/15/72	$	97,394	$	94,255
Aames Mortgage Investment Trust, Series 2004-1, Class M5, 1 mo. USD LIBOR + 1.725%, FRN 1.946% 1/25/35		135,976		135,658
ALM VIII Ltd., Series 2013-8A, Class A1A, 3 mo. USD LIBOR + 1.450%, FRN (c) 1.767% 1/20/26		710,000		704,399
Alterna Funding I LLC, Series 2014-1A, Class NOTE (c) 1.639% 2/15/21		79,600		79,140
Apidos CLO XVII, Series 2014-17A, Class A1A, 3 mo. USD LIBOR + 1.500%, FRN (c) 1.815% 4/17/26		250,000		248,432
Applebee’s/IHOP Funding LLC, Series 2014-1, Class A2 (c) 4.277% 9/05/44		230,000		232,908
Arbys Funding LLC, Series 2015-1A, Class A2 (c) 4.969% 10/30/45		270,000		269,973
ARL First LLC, Series 2012-1A, Class A1, 1 mo. LIBOR + 1.750%, FRN (c) 2.081% 12/15/42		135,384		135,157
Ascentium Equipment Receivables LLC, Series 2014-1A, Class B (c) 1.580% 10/10/18		120,000		119,989
Avery Point CLO Ltd., Series 2014-5A, Class A, 3 mo. USD LIBOR + 1.460%, FRN (c) 1.775% 7/17/26		250,000		248,186
Avery Point III CLO Ltd., Series 2013-3A, Class A, 3 mo. USD LIBOR + 1.400%, FRN (c) 1.715% 1/18/25		250,000		246,191
Avery Point VI CLO Ltd., Series 2015-6A, Class A, 3 mo. USD LIBOR + 1.450%, FRN (c) 1.784% 8/05/27		445,000		440,630
Birchwood Park CLO Ltd., Series 2014-1A, Class A, 3 mo. USD LIBOR + 1.440%, FRN (c) 1.761% 7/15/26		250,000		247,838
Blue Hill CLO Ltd., Series 2013-1A, Class A, 3 mo. USD LIBOR + 1.480%, FRN (c) 1.801% 1/15/26		250,000		246,228
BlueMountain CLO Ltd., Series 2015-2A, Class A1, 3 mo. USD LIBOR + 1.430%, FRN (c) 1.714% 7/18/27		305,000		300,832

The accompanying notes are an integral part of the portfolio of investments.

66

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

	Principal Amount		Value
BlueVirgo Trust, Series 2015-1A, Class NOTE (c) 3.000% 12/15/22	$	509,104	$	505,831
CAN Capital Funding LLC, Series 2014-1A, Class A (c) 3.117% 4/15/20		160,000		159,474
Carlyle Global Market Strategies, Series 2014-1A, Class A, 3 mo. USD LIBOR + 1.520%, FRN (c) 1.837% 4/17/25		265,000		263,734
Carlyle Global Market Strategies CLO Ltd., Series 2013-4A, Class A1, 3 mo. USD LIBOR + 1.470%, FRN (c) 1.791% 10/15/25		600,000		592,819
Citi Held For Asset Issuance, Series 2015-PM1, Class A (c) 1.850% 12/15/21		87,443		87,270
Citigroup Mortgage Loan Trust, Series 2006-SHL1, Class A1, 1 mo. USD LIBOR + .200%, FRN (c) 0.396% 11/25/45		74,374		74,082
Citigroup Mortgage Loan Trust, Inc., Series 2006-WFH2, Class A2A, 1 mo. USD LIBOR + .150%, FRN 0.371% 8/25/36		148,231		145,526
CKE Restaurant Holdings, Inc., Series 2013-1A, Class A2 (c) 4.474% 3/20/43		426,644		426,644
CLI Funding V LLC, Series 2014-2A, Class A (c) 3.380% 10/18/29		88,312		85,530
Consumer Credit Origination Loan Trust, Series 2015-1, Class A (c) 2.820% 3/15/21		126,205		126,981
Credit-Based Asset Servicing and Securitization LLC, Series 2006-RP2, Class A3, 1 mo. LIBOR + .300%, FRN (c) 0.722% 7/25/36		213,121		211,568
DB Master Finance LLC, Series 2015-1A, Class A2I (c) 3.262% 2/20/45		198,500		199,890
Diamond Resorts Owner Trust, Series 2013-2, Class A (c) 2.270% 5/20/26		80,896		81,040
Diamond Resorts Owner Trust, Series 2015-1, Class A (c) 2.730% 7/20/27		104,404		104,206
Diamond Resorts Owner Trust, Series 2015-2, Class B (c) 3.540% 5/22/28		220,523		220,511
Domino’s Pizza Master Issuer LLC, Series 2015-1A, Class A2I (c) 3.484% 10/25/45		420,000		411,600

	Principal Amount		Value
Domino’s Pizza Master Issuer LLC, Series 2015-1A, Class A2II (c) 4.474% 10/25/45	$	460,000	$	457,987
Domino’s Pizza Master Issuer LLC, Series 2012-1A, Class A2 (c) 5.216% 1/25/42		226,163		233,527
Dong Fang Container Finance II SPV Ltd., Series 2014-1A, Class A2 (c) 3.550% 11/25/39		226,524		221,751
Drug Royalty Corp., Inc., Series 2012-1, Class A2 (c) 5.800% 7/15/24		60,000		61,079
Dryden XXXI Senior Loan Fund, Series 2014-31A, Class A, 3 mo. USD LIBOR + 1.350%, FRN (c) 1.667% 4/18/26		370,000		366,087
Eaton Vance CLO, Series 2014-1A, Class A, 3 mo. USD LIBOR + 1.450%, FRN (c) 1.771% 7/15/26		500,000		495,645
Element Rail Leasing II LLC, Series 2015-1A, Class A1 (c) 2.707% 2/19/45		88,595		87,604
Element Rail Leasing II LLC, Series 2015-1A, Class A2 (c) 3.585% 2/19/45		160,000		158,528
Fairway Outdoor Funding LLC, Series 2012-1A, Class A2 (c) 4.212% 10/15/42		214,048		214,154
First Franklin Mortgage Loan Trust, Series 2005-FF7, Class M1, 1 mo. USD LIBOR + .450%, FRN 0.872% 7/25/35		54,368		54,310
Fremont Home Loan Trust, Series 2005-E, Class 2A3, 1 mo. USD LIBOR + .240%, FRN 0.461% 1/25/36		69,012		66,534
Fremont Home Loan Trust, Series 2005-2, Class M2, 1 mo. USD LIBOR + .720%, FRN 1.142% 6/25/35		143,844		142,538
Galaxy XX CLO Ltd., Series 2015-20A, Class A, 3 mo. USD LIBOR + 1.450%, FRN (c) 1.731% 7/20/27		340,000		338,350
Global Container Assets Ltd., Series 2013-1A, Class A1 (c) 2.200% 11/05/28		85,031		85,004
GoldenTree Loan Opportunities VII Ltd., Series 2013-7A, Class A, 3 mo. USD LIBOR + 1.150%, FRN (c) 1.470% 4/25/25		365,000		357,401
GoldenTree Loan Opportunities VII Ltd., Series 2014-8A, Class A, 3 mo. USD LIBOR + 1.450%, FRN (c) 1.765% 4/19/26		550,000		545,634

The accompanying notes are an integral part of the portfolio of investments.

67

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

	Principal Amount		Value
Green Tree Agency Advance Funding Trust I, Series 2015-T2, Class AT2 (c) 3.095% 10/15/48	$	340,000	$	336,376
Hercules Capital Funding Trust, Series 2014-1A, Class A (c) 3.524% 4/16/21		250,000		249,297
HFG Healthco-4 LLC, Series 2011-1A, Class A, 1 mo. LIBOR + 2.250%, FRN (c) 2.519% 6/02/17		250,000		250,861
Hilton Grand Vacations Trust, Series 2014-AA, Class A (c) 1.770% 11/25/26		94,006		92,760
Hilton Grand Vacations Trust, Series 2013-A, Class A (c) 2.280% 1/25/26		118,225		118,439
Icon Brand Holdings LLC, Series 2012-1A, Class A (c) 4.229% 1/25/43		80,583		80,810
Icon Brand Holdings LLC, Series 2013-1A, Class A (c) 4.352% 1/25/43		66,738		67,041
ING Investment Management CLO Ltd., Series 2013-3A, Class A1, 3 mo. USD LIBOR + 1.450%, FRN (c) 1.765% 1/18/26		250,000		246,689
J.G. Wentworth XXXV LLC, Series 2015-2A, Class A (c) 3.870% 3/15/58		89,910		88,904
JP Morgan Mortgage Acquisition Trust, Series 2006-CH1, Class A5, 1 mo. USD LIBOR + .230%, FRN 0.451% 7/25/36		150,000		144,324
LCM Ltd., Series 16A, Class A, 3 mo. USD LIBOR + 1.500%, FRN (c) 1.821% 7/15/26		250,000		248,885
Long Beach Mortgage Loan Trust, Series 2005-1, Class M2, 1 mo. USD LIBOR + .795%, FRN 1.217% 2/25/35		187,803		186,039
Madison Park Funding XII Ltd., Series 2014-12A, Class A, 3 mo. USD LIBOR + 1.500%, FRN (c) 1.817% 7/20/26		250,000		248,021
Madison Park Funding XIV Ltd., Series 2014-14A, Class A2, 3 mo. USD LIBOR + 1.450%, FRN (c) 1.767% 7/20/26		280,000		277,110
Merrill Lynch Mortgage Investors, Inc., Series 2005-WMC2, Class M3, 1 mo. USD LIBOR + .705%, FRN 0.926% 4/25/36		81,493		80,996
Miramax LLC, Series 2014-1A, Class A2 (c) 3.340% 7/20/26		325,416		323,075

	Principal Amount		Value
MVW Owner Trust, Series 2013-1A, Class A (c) 2.150% 4/22/30	$	92,783	$	92,418
Nations Equipment Finance Funding II LLC, Series 2014-1A, Class A (c) 1.558% 7/20/18		89,838		89,778
New Residential Advance Receivables Trust, Series 2015-T3, Class AT3 (c) 2.540% 11/15/46		240,000		239,610
New York City Tax Lien, Series 2014-A, Class A (c) 1.030% 11/10/27		18,465		18,435
Nomad CLO Ltd., Series 2013-1A, Class A1, 3 mo. USD LIBOR + 1.200%, FRN (c) 1.521% 1/15/25		250,000		246,318
Oak Hill Credit Partners VIII Ltd., Series 2013-8A, Class A, 3 mo. USD LIBOR + 1.120%, FRN (c) 1.437% 4/20/25		225,000		220,503
Ocwen Master Advance Receivables Trust, Series 15-1, Class AT1 (c) 2.537% 9/17/46		120,000		119,895
OHA Loan Funding Ltd., Series 2013-1A, Class A, 3 mo. USD LIBOR + 1.250%, FRN (c) 1.566% 7/23/25		200,000		197,613
OnDeck Asset Securitization Trust, Series 2014-1A, Class A (c) 3.150% 5/17/18		130,000		129,875
OneMain Financial Issuance Trust, Series 2014-2A, Class A (c) 2.470% 9/18/24		120,000		119,480
Orange Lake Timeshare Trust, Series 2014-AA, Class A (c) 2.290% 7/09/29		64,573		64,103
Ownit Mortgage Loan Trust, Series 2005-2, Class M4, 1 mo. USD LIBOR + .930%, FRN 1.151% 3/25/36		95,464		94,974
Oxford Finance Funding Trust, Series 2014-1A, Class A (c) 3.475% 12/15/22		80,000		79,595
Park Place Securities Inc, Series 2005-WCW2, Class M1, ABS, 1 mo. USD LIBOR + .500%, FRN 0.721% 7/25/35		105,000		104,133
Park Place Securities, Inc., Series 2005-WHQ4, Class A1A, 1 mo. USD LIBOR + .260%, FRN 0.481% 9/25/35		33,832		33,813
Park Place Securities, Inc., Series 2005-WCW3, Class M1, 1 mo. USD LIBOR + .480%, FRN 0.701% 8/25/35		100,000		95,224

The accompanying notes are an integral part of the portfolio of investments.

68

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

	Principal Amount		Value
Popular ABS Mortgage Pass-Through Trust, Series 2006-B, Class A3, 1 mo. USD LIBOR + .280%, FRN 0.501% 5/25/36	$	130,653	$	126,175
RAAC, Series 2006-RP2, Class A, 1 mo. USD LIBOR + .250%, FRN (c) 0.446% 2/25/37		109,451		108,009
Race Point VIII CLO Ltd., Series 2013-8A, Class A, 3 mo. LIBOR + 1.250%, FRN (c) 1.620% 2/20/25		250,000		248,364
Race Point VIII CLO Ltd., Series 2012-7A, Class A, 3 mo. USD LIBOR + 1.420%, FRN (c) 1.764% 11/08/24		100,000		99,348
Seneca Park CLO Ltd., Series 2014-1A, Class A, 3 mo. USD LIBOR + 1.480%, FRN (c) 1.795% 7/17/26		250,000		248,553
Sierra Receivables Funding Co. LLC, Series 2015-3A, Class A (c) 2.580% 9/20/32		229,429		229,384
Sierra Receivables Funding Co. LLC, Series 2012-1A, Class A (c) 2.840% 11/20/28		15,833		15,948
Sierra Receivables Funding Co. LLC, Series 2015-3A, Class B (c) 3.080% 9/20/32		100,949		100,948
Sierra Timeshare Receivables Funding LLC, Series 2015-2A, Class B (c) 3.020% 6/20/32		135,735		134,048
Sonic Capital LLC, Series 2011-1A, Class A2 (c) 5.438% 5/20/41		169,620		175,115
Specialty Underwriting & Residential Finance Trust, Series 2005-AB2, Class M1, 1 mo. USD LIBOR + .450%, FRN 0.671% 6/25/36		60,000		59,348
Spirit Master Funding LLC, Series 2014-4A, Class A1 (c) 3.501% 1/20/45		110,000		108,878
SpringCastle America Funding LLC, Series 2014-AA, Class A (c) 2.700% 5/25/23		395,248		395,742
SPS Servicer Advance Receivables Trust, Series 2015-T3, Class AT3 (c) 2.920% 7/15/47		170,000		169,824
Store Master Funding I LLC, Series 2015-1A, Class A1 (c) 3.750% 4/20/45		99,667		98,881
STORE Master Funding LLC, Series 2013-3A, Class A1 (c) 4.240% 11/20/43		116,209		119,114

	Principal Amount		Value
SVO VOI Mortgage LLC, Series 2012-AA, Class A (c) 2.000% 9/20/29	$	3,706	$	3,678
Symphony CLO XV Ltd., Series 2014-15A, Class A, 3 mo. USD LIBOR + 1.450%, FRN (c) 1.765% 10/17/26		300,000		297,446
TAL Advantage LLC, Series 2014-2A, Class A1 (c) 1.700% 5/20/39		160,884		159,201
Trip Rail Master Funding LLC, Series 2011-1A, Class A1A (c) 4.370% 7/15/41		48,753		51,070
Wendy’s Funding LLC, Series 2015-1A, Class A2I (c) 3.371% 6/15/45		374,063		366,955
Wendys Funding LLC, Series 2015-1A, Class A2II (c) 4.080% 6/15/45		329,175		330,205
Wendys Funding LLC, Series 2015-1A, Class A23 (c) 4.497% 6/15/45		349,125		345,526
Westgate Resorts LLC, Series 2014-1A, Class A (c) 2.150% 12/20/26		178,702		175,074
				20,484,883
Student Loans ABS — 3.3%
Access Group, Inc., Series 2006-1, Class B, 3 mo. LIBOR + .450%, FRN 0.843% 8/25/37		421,864		371,950
Access Group, Inc., Series 2003-A, Class A3, 3 mo. Treasury + 1.200%, FRN 1.340% 7/01/38		52,319		47,189
Access Group, Inc., Series 2015-1, Class B, 1 mo. LIBOR + 1.500%, FRN (c) 1.721% 11/25/28		130,000		110,304
College Loan Corp. Trust I, Series 2002-1, Class A5, 28 day ARS, FRN (c) 1.076% 3/01/42		150,000		138,858
College Loan Corp. Trust I, Series 2002-2, Class A30, 28 day ARS, FRN (c) 1.566% 3/01/42		100,000		92,754
College Loan Corp. Trust I, Series 2003-1, Class A6, 28 day ARS, FRN (c) 1.685% 3/01/42		200,000		185,732
Credit Suisse ABS Repackaging Trust, Series 2013-A, Class B (c) 2.500% 1/25/30		246,865		234,815

The accompanying notes are an integral part of the portfolio of investments.

69

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

	Principal Amount		Value
Education Funding Capital Trust I, Series 2004-1, Class A4, 28 day ARS, FRN 1.697% 6/15/43	$	100,000	$	95,026
Education Funding Capital Trust I, Series 2004-1, Class B1, 28 day ARS, FRN 1.846% 6/15/43		200,000		181,602
Education Funding Capital Trust I, Series 2004-1, Class A5, 28 day ARS, FRN 1.902% 6/15/43		350,000		344,364
Education Funding Capital Trust I, Series 2004-1, Class A6, 28 day ARS, FRN 1.908% 6/15/43		200,000		196,041
KeyCorp Student Loan Trust, Series 2004-A, Class 2A2, 3 mo. LIBOR + .300%, FRN 0.623% 10/28/41		32,838		32,698
KeyCorp Student Loan Trust, Series 2004-A, Class 2B, 3 mo. LIBOR + .530%, FRN 0.853% 1/27/42		100,000		96,087
KeyCorp Student Loan Trust, Series 1999-B, Class CTFS, 3 mo. LIBOR + .720%, FRN 1.113% 11/25/36		88,907		84,757
National Collegiate Student Loan Trust, Series 2004-1, Class A2, 3 mo. LIBOR + .260%, FRN 0.863% 6/25/27		54,086		53,910
Nelnet Student Loan Trust, Series 2006-3, Class B, 3 mo. LIBOR + .250%, FRN 0.853% 6/25/41		225,423		197,661
Nelnet Student Loan Trust, Series 2012-2A, Class B, 1 mo. LIBOR + 1.000%, FRN (c) 1.422% 11/25/36		200,000		167,771
Nelnet Student Loan Trust, Series 2012-1A, Class B, 1 mo. LIBOR + 1.000%, FRN (c) 1.422% 6/25/42		150,000		127,752
Nelnet Student Loan Trust, Series 2005-4, Class A4R2, 28 day ARS, FRN 1.422% 3/22/32		150,000		140,135
Nelnet Student Loan Trust, Series 2014-2A, Class B, 1 mo. LIBOR + 1.500%, FRN (c) 1.721% 6/25/41		100,000		87,653
Nelnet Student Loan Trust, Series 2014-1A, Class B, 1 mo. LIBOR + 1.500%, FRN (c) 1.721% 10/25/47		240,000		207,816
Nelnet Student Loan Trust, Series 2014-5A, Class B, 1 mo. LIBOR + 1.500%, FRN (c) 1.922% 5/25/49		100,000		86,607

	Principal Amount		Value
Pennsylvania Higher Education, Series 2015-1A, Class B, 1 mo. LIBOR + 1.500%, FRN (c) 1.721% 4/25/45	$	130,000	$	108,135
SLC Private Student Loan Trust, Series 2006-A, Class C, 3 mo. LIBOR + .450%, FRN 0.771% 7/15/36		190,000		168,273
SLM Student Loan Trust, Series 2007-2, Class A4, 3 mo. LIBOR + .060%, FRN 0.380% 7/25/22		200,000		188,550
SLM Student Loan Trust, Series 2005-3, Class B, 3 mo. LIBOR + .150%, FRN 0.470% 4/25/40		186,539		155,125
SLM Student Loan Trust, Series 2005-9, Class B, 3 mo. LIBOR + .300%, FRN 0.620% 1/25/41		137,762		115,117
SLM Student Loan Trust, Series 2004-3, Class B, 3 mo. LIBOR + .470%, FRN 0.790% 10/25/39		184,124		158,058
SLM Student Loan Trust, Series 2008-7, Class A4, 3 mo. LIBOR + .900%, FRN 1.220% 7/25/23		300,000		292,763
SLM Student Loan Trust, Series 2013-2, Class B, 1 mo. LIBOR + 1.500%, FRN 1.721% 6/25/43		110,000		95,879
SLM Student Loan Trust, Series 2013-1, Class B, ABS, FRN, 1 mo. LIBOR + 1.800%, FRN 2.222% 11/25/43		381,000		339,712
SLM Student Loan Trust, Series 2003-5, Class A7, 28 day ARS, FRN 2.760% 6/17/30		50,000		50,000
SLM Student Loan Trust, Series 2002-7, Class A11, 28 day ARS, FRN 2.780% 3/15/28		200,000		200,000
Social Professional Loan Program LLC, Series 2014-A, Class A2 (c) 3.020% 10/25/27		95,730		96,777
South Carolina Student Loan Corp., Series 2015-A, Class A, 1 mo. USD LIBOR + 1.500%, FRN 1.696% 1/25/36		200,000		182,000
South Carolina Student Loan Corp., Series 2014-1, Class B, 1 mo. LIBOR + 1.500%, FRN 1.743% 8/01/35		400,000		353,618
				5,785,489
WL Collateral CMO — 0.6%
Bank of America Mortgage Securities, Series 2004-G, Class 2A7, FRN 2.807% 8/25/34		59,263		56,694

The accompanying notes are an integral part of the portfolio of investments.

70

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

	Principal Amount		Value
Connecticut Avenue Securities, Series 2015-C03, Class 1M1, 1 mo. USD LIBOR + 1.500%, FRN 1.721% 7/25/25	$	699,427	$	698,254
Countrywide Home Loans, Inc., Series 2004-2, Class 1A1, FRN 2.616% 2/25/34		11,468		10,737
Countrywide Home Loans, Inc., Series 2003-42, Class 1A1, FRN 3.028% 9/25/33		4,448		4,059
GS Mortgage Securities Corp., Series 2014-4R, Class AS, 1 mo. USD LIBOR + .180%, FRN (c) 0.376% 1/26/34		156,474		150,892
GSR Mortgage Loan Trust, Series 2004-9, Class 2A1, FRN 2.764% 8/25/34		10,523		9,830
IndyMac Index Mortgage Loan Trust, Series 2004-AR4, Class 1A, FRN 2.496% 8/25/34		42,847		35,260
Merrill Lynch Mortgage Investors, Inc., Series 2005-A8, Class A3A2, 1 mo. USD LIBOR + .250%, FRN 0.471% 8/25/36		63,397		62,121
Merrill Lynch Mortgage Investors, Inc., Series 2003-A4, Class IA, FRN 2.905% 7/25/33		2,439		2,363
Merrill Lynch Mortgage Investors, Inc., Series 2004-A1, Class IA, FRN 3.011% 2/25/34		4,877		4,665
Morgan Stanley Mortgage Loan Trust, Series 2004-2AR, Class 1A, FRN 2.499% 2/25/34		130		131
Structured Adjustable Rate Mortgage Loan Trust, Series 2004-2, Class 2A, FRN 2.556% 3/25/34		22,098		22,015
WaMu Mortgage Pass-Through Certificates, Series 2004-AR2, Class A, 12 mo. MTA + 1.400%, FRN 1.643% 4/25/44		55,008		53,217
				1,110,238
WL Collateral PAC — 0.0%
Structured Asset Securities Corp., Series 2007-BC4, Class A3, 1 mo. USD LIBOR + .250%, FRN 0.672% 11/25/37		11,093		11,080
Structured Asset Securities Corp., Series 2002-11A, Class 2A1, FRN 2.885% 6/25/32		14,858		14,040
				25,120

	Principal Amount		Value
TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $38,351,055)			$	38,121,609
SOVEREIGN DEBT OBLIGATIONS — 0.8%
Brazilian Government International Bond 4.875% 1/22/21	$	100,000		92,500
Brazilian Government International Bond 5.625% 1/07/41		235,000		170,375
Province of Quebec Canada 2.625% 2/13/23		192,000		190,340
Province of Quebec Canada 7.500% 9/15/29		125,000		179,781
Republic of Turkey International Bond 4.875% 4/16/43		236,000		207,680
Republic of Turkey International Bond 6.750% 4/03/18		100,000		107,600
United Mexican States 6.750% 9/27/34		375,000		450,000
				1,398,276
TOTAL SOVEREIGN DEBT OBLIGATIONS (Cost $1,513,335)				1,398,276
U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES — 24.7%
Collateralized Mortgage Obligations — 1.2%
Federal Home Loan Mortgage Corp. Series 4303, Class AP 3.000% 8/15/43		400,187		414,682
Series 4290, Class CA 3.500% 12/15/38		209,572		217,553
Series 2617, Class Z 5.500% 5/15/33		188,678		211,327
Series 2693, Class Z 5.500% 10/15/33		326,195		360,271
Series 3423, Class PB 5.500% 3/15/38		90,000		100,728
Series 2178, Class PB 7.000% 8/15/29		19,212		21,738
Federal National Mortgage Association Series 2014-7, Class VA 3.500% 5/25/25		132,576		139,197
Series 2014-48, Class AB 4.000% 10/25/40		316,223		332,506
Series 2007-32, Class Z 5.500% 4/25/37		148,630		164,431
Series 2010-60, Class HJ 5.500% 5/25/40		74,549		81,558
Federal National Mortgage Association REMIC, Series 2007-B2, Class ZA 5.500% 6/25/37		95,590		105,037

The accompanying notes are an integral part of the portfolio of investments.

71

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

	Principal Amount		Value
U.S. Department of Veteran Affairs, Series 1992-1, Class 2Z 7.750% 5/15/22	$	11,376	$	12,681
				2,161,709
Pass-Through Securities — 23.5%
Federal Home Loan Mortgage Corp. Pool #Q37467 3.500% 11/01/45		998,483		1,029,647
Pool #Q37468 3.500% 11/01/45		748,869		773,178
Pool #G11476 5.000% 11/01/18		26,858		27,902
Pool #B16010 5.000% 8/01/19		621		649
Pool #B17058 5.000% 9/01/19		1,037		1,094
Pool #B18677 5.000% 1/01/20		1,227		1,287
Pool #E89199 6.000% 4/01/17		1,052		1,078
Pool #G11431 6.000% 2/01/18		170		175
Pool #G01311 7.000% 9/01/31		1,686		1,959
Pool #C80207 7.500% 9/01/24		2,020		2,305
Pool #C00530 7.500% 7/01/27		1,413		1,657
Pool #C00563 7.500% 11/01/27		4,882		5,742
Pool #C00612 7.500% 4/01/28		282		332
Pool #C55867 7.500% 2/01/30		5,490		6,398
Federal Home Loan Mortgage Corp. TBA Pool #648 3.500% 6/01/43 (e)		1,200,000		1,235,156
Pool #4200 4.000% 4/01/42 (e)		2,750,000		2,904,687
Federal National Mortgage Association Pool #725692, 1 year CMT + 2.146%, FRN 2.398% 10/01/33		128,992		136,141
Pool #888586, 1 year CMT + 2.213%, FRN 2.481% 10/01/34		264,977		280,356
Pool #AR3007 3.000% 2/01/43		284,729		285,252
Pool #890564 3.000% 6/01/43		303,766		304,798

	Principal Amount		Value
Pool #AR3816 3.500% 2/01/43	$	107,211	$	110,691
Pool #AB8527 3.500% 3/01/43		642,523		663,380
Pool #AR8708 3.500% 4/01/43		95,093		98,180
Pool #AT4050 3.500% 5/01/43		121,809		125,763
Pool #MA1437 3.500% 5/01/43		104,890		108,295
Pool #MA1463 3.500% 6/01/43		316,804		327,087
Pool #AS6187 3.500% 11/01/45		2,265,462		2,340,417
Pool #AS6293 3.500% 12/01/45		946,528		977,845
Pool #AS6306 3.500% 12/01/45		768,659		795,051
Pool #AX0120 4.000% 9/01/39		293,492		311,961
Pool #AB6261 4.000% 9/01/42		1,115,198		1,183,635
Pool #735010 5.000% 11/01/19		114,987		120,250
Pool #253880 6.500% 7/01/16		191		194
Pool #575579 7.500% 4/01/31		9,086		10,724
Pool #535996 7.500% 6/01/31		1,709		2,019
Federal National Mortgage Association TBA Pool #3348 2.500% 3/01/28 (e)		2,600,000		2,620,719
Pool #1048 2.500% 7/01/42 (e)		3,425,000		3,307,935
Pool #4241 3.000% 12/01/42 (e)		5,525,000		5,523,705
Pool #9174 4.000% 9/01/42 (e)		675,000		714,129
Government National Mortgage Association Pool #783896 3.500% 5/15/44		460,370		481,572
Pool #784026 3.500% 12/20/44		495,294		518,395
Pool #579140 6.500% 1/15/32		912		1,051
Pool #587280 6.500% 9/15/32		1,315		1,508
Pool #550659 6.500% 9/15/35		120,642		139,314

The accompanying notes are an integral part of the portfolio of investments.

72

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

	Principal Amount		Value
Pool #538689 6.500% 12/15/35	$	20,088	$	23,163
Pool #780651 7.000% 10/15/27		1,990		2,302
Pool #462384 7.000% 11/15/27		1,078		1,245
Pool #482668 7.000% 8/15/28		1,597		1,851
Pool #506804 7.000% 5/15/29		7,525		8,680
Pool #506914 7.000% 5/15/29		28,142		32,534
Pool #581417 7.000% 7/15/32		4,500		5,288
Pool #591581 7.000% 8/15/32		658		776
Pool #423836 8.000% 8/15/26		1,208		1,420
Pool #444619 8.000% 3/15/27		9,246		10,813
Government National Mortgage Association II Pool #82488, 1 year CMT + 1.500%, FRN 1.750% 3/20/40		92,125		95,415
Pool #82462, 1 year CMT + 1.500%, FRN 2.500% 1/20/40		67,496		69,838
Government National Mortgage Association II TBA Pool #188 3.000% 8/01/43 (e)		2,450,000		2,481,965
Pool #207 3.500% 12/01/43 (e)		2,650,000		2,762,625
Pool #872 4.500% 3/01/41 (e)		8,125,000		8,729,297
				41,710,825
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (Cost $43,914,066)				43,872,534
U.S. TREASURY OBLIGATIONS — 8.4%
U.S. Treasury Bonds & Notes — 8.4%
U.S. Treasury Bond 3.000% 11/15/44		4,395,000		4,382,467
U.S. Treasury Bond 3.500% 2/15/39		995,000		1,101,030
U.S. Treasury Note 0.625% 8/31/17		880,000		874,406
U.S. Treasury Note 0.875% 7/15/18		150,000		148,646
U.S. Treasury Note (f) 1.375% 4/30/20		8,480,000		8,370,439
				14,876,988

			Value
TOTAL U.S. TREASURY OBLIGATIONS (Cost $15,134,943)			$	14,876,988
TOTAL BONDS & NOTES (Cost $171,637,449)				168,340,837
	Notional Amount
PURCHASED OPTIONS — 0.6%
Financial — 0.6%
Diversified Financial — 0.6%
5 Year CDX.NA.IG 25 Swaption, Put, Expires 3/16/16, Strike 120.00 (OTC — JP Morgan Chase Bank); Underlying swap terminates 1/14/16	$	25,550,000		29,944
5 Year CDX.NA.IG 25 Swaption, Put, Expires 3/16/16, Strike 120.00 (OTC — JP Morgan Chase Bank); Underlying swap terminates 1/15/16		4,650,000		5,450
5 Year CDX.NA.IG 25 Swaption, Put, Expires 3/16/16, Strike 120.00 (OTC — JP Morgan Chase Bank); Underlying swap terminates 1/14/16		12,800,000		15,002
USD Call CNH Put, Expires 7/16/15, Strike 6.65 (OTC — JP Morgan Chase Bank)		28,000,000		746,452
USD Call CNH Put, Expires 9/29/16, Strike 6.65 (OTC — HSBC Bank PLC)		6,500,000		206,635
USD Put CNH Call, Expires 5/16/16, Strike 6.65 (OTC — HSBC Bank PLC)		6,500,000		128,414
				1,131,897
TOTAL PURCHASED OPTIONS (Cost $549,692)				1,131,897
TOTAL LONG-TERM INVESTMENTS (Cost $172,709,825)				169,837,136
	Principal Amount
SHORT-TERM INVESTMENTS — 22.6%
Commercial Paper — 20.7%
AutoZone, Inc. (c) 0.820% 1/25/16	$	3,500,000		3,498,848
Canadian Natural Resources Ltd. (c) 0.810% 1/07/16		3,500,000		3,499,728
Commonwealth Edison Co. (c) 0.800% 1/05/16		4,000,000		3,999,785

The accompanying notes are an integral part of the portfolio of investments.

73

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

	Principal Amount		Value
COX Enterprises, Inc. (c) 0.880% 1/04/16	$	2,500,000	$	2,499,894
Deutsche Telekom AG (c) 0.870% 1/08/16		3,000,000		2,999,676
Eaton Corp. PLC (c) 0.690% 1/11/16		3,000,000		2,999,610
Eversource Energy (c) 0.700% 1/06/16		2,500,000		2,499,848
Holcim US Finance SARL & Cie (c) 0.700% 1/12/16		3,000,000		2,999,569
Intercontinental Exchange, Inc. (c) 0.600% 1/07/16		2,250,000		2,249,869
Leggett & Platt, Inc. (c) 0.800% 1/11/16		4,000,000		3,999,481
Pacific Gas & Electric Co. (c) 0.830% 1/14/16		3,000,000		2,999,609
Volvo Group Treasury National (c) 0.750% 1/25/16		2,500,000		2,499,177
				36,745,094
Time Deposit — 1.9%
Euro Time Deposit 0.010% 1/04/16		3,371,680		3,371,680
TOTAL SHORT-TERM INVESTMENTS (Cost $40,113,525)				40,116,774
TOTAL INVESTMENTS — 118.3% (Cost $212,823,350) (g)				209,953,910
Other Assets/(Liabilities) — (18.3)%				(32,481,690	)
NET ASSETS — 100.0%			$	177,472,220

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

ABS Asset-Backed Security

ARS Auction Rate Security

BAB Build America Bonds

CLO Collateralized Loan Obligation

CMO Collateralized Mortgage Obligation

CMT Constant Maturity Treasury Index

CNH Offshore Chinese Yuan

FRN Floating Rate Note

MBS Mortgage-Backed Security

MTA Monthly Treasury Average Index

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 December 31, 2015, these securities amounted to a value of $24,752 or 0.01% 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 December 31, 2015, these securities amounted to a value of $75,736,877 or 42.68% of net assets.

(d) Restricted security. Certain securities are restricted as to resale. At December 31, 2015, these securities amounted to a value of $83,266 or 0.05% of net assets. The Fund generally bears the costs, if any, associated with the disposition of restricted securities.

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

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

(g) See Note 3 for aggregate cost for federal tax purposes.

The accompanying notes are an integral part of the portfolio of investments.

74

MassMutual Premier High Yield Fund – Portfolio of Investments

December 31, 2015 (Unaudited)

	Number of Shares		Value
EQUITIES — 0.1%
COMMON STOCK — 0.1%
Basic Materials — 0.1%
Forest Products & Paper — 0.1%
The Newark Group, Inc. (a) (b)		329,969	$	303,571
TOTAL COMMON STOCK (Cost $290,644)				303,571
TOTAL EQUITIES (Cost $290,644)				303,571
	Principal Amount
BONDS & NOTES — 95.3%
BANK LOANS — 2.3%
Oil & Gas — 1.4%
Caelus Energy Alaska O3 LLC, 2nd Lien Term Loan 8.750% 4/15/20	$	5,254,429		2,758,575
Fieldwood Energy LLC, 2nd Lien Term Loan 8.375% 9/30/20		6,549,595		982,439
				3,741,014
Pharmaceuticals — 0.9%
Synarc-Biocore Holdings LLC, 2nd Lien Term Loan 9.250% 3/10/22		2,448,101		2,233,893
TOTAL BANK LOANS (Cost $11,447,036)				5,974,907
CORPORATE DEBT — 93.0%
Aerospace & Defense — 1.4%
Moog, Inc. (c) 5.250% 12/01/22		948,000		957,479
TransDigm, Inc. 6.500% 7/15/24		2,035,000		2,023,807
TransDigm, Inc. (c) 6.500% 5/15/25		606,000		587,063
				3,568,349
Agriculture — 1.4%
Pinnacle Operating Corp. (c) 9.000% 11/15/20		3,873,000		3,640,620
Airlines — 0.8%
Allegiant Travel Co. 5.500% 7/15/19		2,020,000		2,045,250
Apparel — 0.5%
Perry Ellis International, Inc. 7.875% 4/01/19		1,386,000		1,386,000

	Principal Amount		Value
Auto Manufacturers — 1.4%
Allied Specialty Vehicles, Inc. (c) 8.500% 11/01/19	$	3,600,000	$	3,654,000
Automotive & Parts — 2.3%
Accuride Corp. 9.500% 8/01/18		2,790,000		2,315,700
Cooper Tire & Rubber Co. 8.000% 12/15/19		691,000		773,920
International Automotive Components Group SA (c) 9.125% 6/01/18		3,268,000		2,794,140
				5,883,760
Banks — 1.0%
Ally Financial, Inc. 8.000% 11/01/31		2,175,000		2,512,125
Beverages — 0.2%
Constellation Brands, Inc. 4.750% 12/01/25		481,000		490,019
Building Materials — 2.3%
Cemex Finance LLC (c) 9.375% 10/12/22		2,400,000		2,526,000
Cemex SAB de CV (c) 6.125% 5/05/25		1,102,000		942,210
Headwaters, Inc. 7.250% 1/15/19		2,500,000		2,556,250
				6,024,460
Chemicals — 2.2%
A Schulman, Inc. (c) 6.875% 6/01/23		1,122,000		1,074,315
The Chemours Co. (c) 7.000% 5/15/25		859,000		586,268
Omnova Solutions, Inc. STEP 7.875% 11/01/18		2,011,000		1,970,780
Platform Specialty Products Corp. (c) 10.375% 5/01/21		589,000		587,527
TPC Group, Inc. (c) 8.750% 12/15/20		2,144,000		1,393,600
				5,612,490
Coal — 0.2%
Murray Energy Corp. (c) 11.250% 4/15/21		2,650,000		483,625
Commercial Services — 5.7%
Multi-Color Corp. (c) 6.125% 12/01/22		2,464,000		2,439,360
Mustang Merger Corp. (c) 8.500% 8/15/21		7,420,000		7,698,250
Prospect Medical Holdings, Inc. (c) 8.375% 5/01/19		1,177,000		1,224,080

The accompanying notes are an integral part of the portfolio of investments.

75

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

	Principal Amount		Value
StoneMor Partners LP/Cornerstone Family of WV 7.875% 6/01/21	$	3,245,000	$	3,342,350
				14,704,040
Diversified Financial — 3.0%
AerCap Ireland Capital Ltd./AerCap Global Aviation Trust 4.250% 7/01/20		919,000		925,893
AerCap Ireland Capital Ltd./AerCap Global Aviation Trust 4.625% 10/30/20		1,542,000		1,578,622
AerCap Ireland Capital Ltd./AerCap Global Aviation Trust 4.625% 7/01/22		1,019,000		1,030,464
Aircastle Ltd. 5.500% 2/15/22		802,000		822,050
Ally Financial, Inc. 3.250% 11/05/18		500,000		490,625
Icahn Enterprises LP/Icahn Enterprises Finance Corp. 5.875% 2/01/22		2,000,000		1,955,000
National Financial Partners Corp. (c) 9.000% 7/15/21		1,192,000		1,090,680
				7,893,334
Electrical Components & Equipment — 0.7%
International Wire Group Holdings, Inc. (c) 8.500% 10/15/17		1,700,000		1,738,250
Engineering & Construction — 1.1%
Zachry Holdings, Inc. (c) 7.500% 2/01/20		2,839,000		2,782,220
Foods — 1.2%
Dean Foods Co. (c) 6.500% 3/15/23		623,000		647,920
Post Holdings, Inc. (c) 7.750% 3/15/24		1,392,000		1,458,120
Post Holdings, Inc. (c) 8.000% 7/15/25		911,000		965,660
				3,071,700
Forest Products & Paper — 2.0%
Appvion, Inc. (c) 9.000% 6/01/20		3,622,000		1,448,800
Xerium Technologies, Inc. 8.875% 6/15/18		3,926,000		3,847,971
				5,296,771
Gas — 0.4%
LBC Tank Terminals Holding Netherlands BV (c) 6.875% 5/15/23		1,188,000		1,176,120

	Principal Amount		Value
Health Care – Products — 1.8%
Alere, Inc. (c) 6.375% 7/01/23	$	2,100,000	$	1,963,500
Alere, Inc. 6.500% 6/15/20		2,065,000		1,982,400
Mallinckrodt International Finance SA/Mallinckrodt CB LLC (c) 5.500% 4/15/25		704,000		647,680
				4,593,580
Health Care – Services — 6.3%
DaVita HealthCare Partners, Inc. 5.000% 5/01/25		2,760,000		2,663,400
HCA, Inc. 5.250% 4/15/25		1,159,000		1,167,693
HCA, Inc. 5.375% 2/01/25		1,150,000		1,135,625
HCA, Inc. 5.875% 2/15/26		2,241,000		2,249,404
HealthSouth Corp. 5.750% 11/01/24		715,000		681,931
HealthSouth Corp. (c) 5.750% 11/01/24		2,421,000		2,309,029
HealthSouth Corp. (c) 5.750% 9/15/25		736,000		684,480
Kindred Healthcare, Inc. 8.750% 1/15/23		2,112,000		1,943,040
MEDNAX, Inc. (c) 5.250% 12/01/23		320,000		321,600
Tenet Healthcare Corp. 6.750% 6/15/23		1,261,000		1,169,577
Tenet Healthcare Corp. 8.125% 4/01/22		2,050,000		2,044,875
				16,370,654
Holding Company – Diversified — 0.7%
Carlson Travel Holdings, Inc. (c) 7.500% 8/15/19		1,755,000		1,728,675
Home Builders — 4.3%
Brookfield Residential Properties, Inc. (c) 6.375% 5/15/25		897,000		834,210
Brookfield Residential Properties, Inc. (c) 6.500% 12/15/20		2,230,000		2,149,162
Lennar Corp. 4.500% 11/15/19		1,151,000		1,170,423
Lennar Corp. 4.750% 5/30/25		1,991,000		1,946,203
M/I Homes, Inc. (c) 6.750% 1/15/21		1,500,000		1,477,500
William Lyon Homes, Inc. (c) 7.000% 8/15/22		1,286,000		1,289,215
William Lyon Homes, Inc. 8.500% 11/15/20		2,238,000		2,366,685
				11,233,398

The accompanying notes are an integral part of the portfolio of investments.

76

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

	Principal Amount		Value
Insurance — 1.0%
CNO Financial Group, Inc. 4.500% 5/30/20	$	338,000	$	344,760
CNO Financial Group, Inc. 5.250% 5/30/25		362,000		368,335
Onex York Acquisition Corp. (c) 8.500% 10/01/22		2,302,000		1,887,640
				2,600,735
Leisure Time — 3.1%
Brunswick Corp. (c) 4.625% 5/15/21		910,000		907,725
Brunswick Corp. 7.125% 8/01/27		3,993,000		4,232,580
Brunswick Corp. 7.375% 9/01/23		650,000		702,000
Carlson Wagonlit BV (c) 6.875% 6/15/19		1,646,000		1,687,150
Sabre GLBL, Inc. (c) 5.250% 11/15/23		452,000		446,915
				7,976,370
Lodging — 1.1%
Interval Acquisition Corp. (c) 5.625% 4/15/23		2,917,000		2,895,123
Machinery – Diversified — 0.3%
Zebra Technologies Corp. 7.250% 10/15/22		859,000		897,655
Manufacturing — 3.3%
CTP Transportation Products LLC/CTP Finance, Inc. (c) 8.250% 12/15/19		1,385,000		1,443,862
EnPro Industries, Inc. 5.875% 9/15/22		3,159,000		3,127,410
JB Poindexter & Co., Inc. (c) 9.000% 4/01/22		3,805,000		3,976,225
				8,547,497
Media — 9.8%
CCO Holdings LLC/CCO Holdings Capital Corp. 5.750% 1/15/24		1,438,000		1,477,545
CCO Holdings LLC/CCO Holdings Capital Corp. (c) 5.875% 5/01/27		1,649,000		1,640,755
DISH DBS Corp. 5.875% 11/15/24		1,853,000		1,649,170
Entercom Radio LLC 10.500% 12/01/19		1,805,000		1,868,175
Gray Television, Inc. 7.500% 10/01/20		3,467,000		3,562,342
Harron Communications LP/Harron Finance Corp. (c) 9.125% 4/01/20		2,150,000		2,273,625

	Principal Amount		Value
MHGE Parent LLC/MHGE Parent Finance, Inc. (c) 8.500% 8/01/19	$	3,000,000	$	2,970,000
Midcontinent Communications & Midcontinent Finance Corp. (c) 6.875% 8/15/23		1,624,000		1,644,300
Numericable-SFR SAS (c) 6.000% 5/15/22		770,000		746,900
Numericable-SFR SAS (c) 6.250% 5/15/24		385,000		371,525
RCN Telecom Services LLC/RCN Capital Corp. (c) 8.500% 8/15/20		3,253,000		3,285,530
Sirius XM Radio, Inc. (c) 5.375% 4/15/25		3,951,000		3,975,694
				25,465,561
Mining — 0.7%
Hecla Mining Co. 6.875% 5/01/21		2,433,000		1,776,090
Oil & Gas — 6.4%
Calumet Specialty Products Partners LP/Calumet Finance Corp. 7.625% 1/15/22		750,000		637,500
Citgo Holding, Inc. (c) 10.750% 2/15/20		3,914,000		3,796,580
EP Energy LLC/Everest Acquisition Finance, Inc. 9.375% 5/01/20		4,017,000		2,560,837
Hilcorp Energy I LP/Hilcorp Finance Co. (c) 5.000% 12/01/24		1,280,000		1,062,400
Kosmos Energy Ltd. (c) 7.875% 8/01/21		2,390,000		1,923,950
Newfield Exploration Co. 5.375% 1/01/26		850,000		703,375
PBF Holding Co. LLC/PBF Finance Corp. (c) 7.000% 11/15/23		1,536,000		1,497,600
Seventy Seven Energy, Inc. 6.500% 7/15/22		2,397,000		377,528
Summit Midstream Holdings LLC/Summit Midstream Finance Corp. 5.500% 8/15/22		680,000		503,200
Summit Midstream Holdings LLC/Summit Midstream Finance Corp. 7.500% 7/01/21		1,180,000		1,003,000
Sunoco LP/Sunoco Finance Corp. (c) 5.500% 8/01/20		833,000		789,267
Tullow Oil PLC (c) 6.250% 4/15/22		2,760,000		1,849,200
				16,704,437

The accompanying notes are an integral part of the portfolio of investments.

77

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

	Principal Amount		Value
Packaging & Containers — 2.2%
Coveris Holdings SA (c) 7.875% 11/01/19	$	3,892,000	$	3,395,770
Sealed Air Corp. (c) 6.875% 7/15/33		2,334,000		2,386,515
				5,782,285
Pharmaceuticals — 1.9%
Capsugel SA (c) 7.000% 5/15/19		755,000		736,125
Valeant Pharmaceuticals International, Inc. (c) 6.125% 4/15/25		4,768,000		4,255,440
				4,991,565
Pipelines — 1.0%
Genesis Energy LP/Genesis Energy Finance Corp. 6.000% 5/15/23		2,125,000		1,700,000
Genesis Energy LP/Genesis Energy Finance Corp. 6.750% 8/01/22		1,200,000		1,020,000
				2,720,000
Real Estate Investment Trusts (REITS) — 0.5%
RHP Hotel Properties LP/RHP Finance Corp. 5.000% 4/15/23		1,426,000		1,426,000
Retail — 2.8%
Carrols Restaurant Group, Inc. 8.000% 5/01/22		1,402,000		1,479,110
Family Tree Escrow LLC (c) 5.250% 3/01/20		827,000		853,878
Family Tree Escrow LLC (c) 5.750% 3/01/23		4,733,000		4,898,655
				7,231,643
Savings & Loans — 1.2%
Consolidated Energy Finance SA (c) 6.750% 10/15/19		3,360,000		3,211,992
Software — 2.4%
Audatex North America, Inc. (c) 6.125% 11/01/23		2,800,000		2,817,500
First Data Corp. (c) 7.000% 12/01/23		2,604,000		2,604,000
MSCI, Inc. (c) 5.750% 8/15/25		709,000		726,725
				6,148,225
Telecommunications — 8.3%
Altice Financing SA (c) 6.500% 1/15/22		1,485,000		1,470,150
Altice Finco SA (c) 8.125% 1/15/24		1,094,000		1,058,445

	Principal Amount		Value
Altice SA (c) 7.750% 5/15/22	$	1,955,000	$	1,764,387
CPI International, Inc. STEP 8.750% 2/15/18		3,278,000		3,228,830
DigitalGlobe, Inc. (c) 5.250% 2/01/21		1,050,000		882,000
Frontier Communications Corp. (c) 8.875% 9/15/20		931,000		942,638
Frontier Communications Corp. (c) 10.500% 9/15/22		2,639,000		2,629,104
GCI, Inc. 6.875% 4/15/25		4,000,000		4,090,000
Sprint Corp. 7.250% 9/15/21		1,460,000		1,101,862
Sprint Corp. 7.875% 9/15/23		1,580,000		1,186,580
T-Mobile USA, Inc. 6.500% 1/15/26		1,318,000		1,330,508
West Corp. (c) 5.375% 7/15/22		2,175,000		1,875,937
				21,560,441
Transportation — 6.1%
OPE KAG Finance Sub, Inc. (c) 7.875% 7/31/23		6,839,000		6,796,256
Topaz Marine SA (c) 8.625% 11/01/18		2,838,000		2,581,729
Watco Cos. LLC/Watco Finance Corp. (c) 6.375% 4/01/23		2,730,000		2,689,050
XPO Logistics, Inc. (c) 6.500% 6/15/22		2,700,000		2,497,500
XPO Logistics, Inc. (c) 7.875% 9/01/19		1,163,000		1,182,503
				15,747,038
TOTAL CORPORATE DEBT (Cost $255,924,962)				241,572,097
TOTAL BONDS & NOTES (Cost $267,371,998)				247,547,004
TOTAL LONG-TERM INVESTMENTS (Cost $267,662,642)				247,850,575
SHORT-TERM INVESTMENTS — 5.4%
Commercial Paper — 3.1%
COX Enterprises, Inc. (c) 0.650% 1/04/16		3,249,999		3,249,863
Holcim US Finance SARL & Cie 0.710% 1/14/16		4,800,000		4,799,171
				8,049,034

The accompanying notes are an integral part of the portfolio of investments.

78

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

	Principal Amount		Value
Time Deposit — 2.3%
Euro Time Deposit 0.010% 1/04/16	$	6,036,820	$	6,036,820
TOTAL SHORT-TERM INVESTMENTS (Cost $14,085,057)				14,085,854
TOTAL INVESTMENTS — 100.8% (Cost $281,747,699) (d)				261,936,429
Other Assets/(Liabilities) — (0.8)%				(2,047,722	)
NET ASSETS — 100.0%			$	259,888,707

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

STEP Step Up Bond

(a) This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At December 31, 2015, these securities amounted to a value of $303,571 or 0.12% 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 December 31, 2015, these securities amounted to a value of $151,879,486 or 58.44% of net assets.

(d) See Note 3 for aggregate cost for federal tax purposes.

The accompanying notes are an integral part of the portfolio of investments.

79

MassMutual Premier Balanced Fund – Portfolio of Investments

December 31, 2015 (Unaudited)

	Number of Shares		Value
EQUITIES — 56.9%
COMMON STOCK — 56.8%
Basic Materials — 1.1%
Chemicals — 0.8%
Airgas, Inc.		3	$	416
CF Industries Holdings, Inc.		425		17,344
CSW Industrials, Inc. (a)		3,900		146,913
The Dow Chemical Co.		6,593		339,408
E.I. du Pont de Nemours & Co.		71		4,729
Eastman Chemical Co.		794		53,603
Ecolab, Inc.		4		457
International Flavors & Fragrances, Inc.		113		13,519
LyondellBasell Industries NV Class A		2,660		231,154
Monsanto Co.		49		4,827
The Mosaic Co.		3,500		96,565
PPG Industries, Inc.		8		791
Praxair, Inc.		4		410
The Sherwin-Williams Co.		57		14,797
				924,933
Forest Products & Paper — 0.0%
International Paper Co.		607		22,884
Iron & Steel — 0.2%
Nucor Corp.		4,361		175,748
Mining — 0.1%
Alcoa, Inc.		46		454
Freeport-McMoRan, Inc.		48		325
Newmont Mining Corp.		7,584		136,436
Vulcan Materials Co.		98		9,307
				146,522
				1,270,087
Communications — 7.4%
Advertising — 0.1%
The Interpublic Group of Companies, Inc.		4,933		114,840
Omnicom Group, Inc.		798		60,377
				175,217
Internet — 3.3%
Akamai Technologies, Inc. (a)		10		526
Alphabet, Inc. Class A (a)		1,024		796,682
Alphabet, Inc. Class C (a)		1,026		778,611
Amazon.com, Inc. (a)		1,446		977,337
eBay, Inc. (a)		9,665		265,594
Expedia, Inc.		1,023		127,159
F5 Networks, Inc. (a)		1,740		168,710
Facebook, Inc. Class A (a)		1,430		149,664
Liberty Ventures Series A (a)		1,600		72,176
Netflix, Inc. (a)		192		21,961
The Priceline Group, Inc. (a)		164		209,092

	Number of Shares		Value
Symantec Corp.		4,979	$	104,559
TripAdvisor, Inc. (a)		43		3,666
VeriSign, Inc. (a)		2,489		217,439
Yahoo!, Inc. (a)		34		1,131
				3,894,307
Media — 1.7%
Cablevision Systems Corp. Class A		900		28,710
CBS Corp. Class B		70		3,299
Comcast Corp. Class A		5,481		309,293
Discovery Communications, Inc. Series A (a)		4,900		130,732
Discovery Communications, Inc. Series C (a)		1,200		30,264
The McGraw Hill Financial, Inc.		89		8,774
News Corp. Class A		30		401
Scripps Networks Interactive Class A		1,724		95,182
Starz Class A (a)		3,650		122,275
TEGNA, Inc.		8,507		217,099
Time Warner Cable, Inc.		708		131,398
Time Warner, Inc.		3,288		212,635
Twenty-First Century Fox Class A		2,921		79,334
Viacom, Inc. Class B		2,690		110,720
The Walt Disney Co.		5,132		539,270
				2,019,386
Telecommunications — 2.3%
AT&T, Inc.		7,730		265,989
CenturyLink, Inc.		1,554		39,099
Cisco Systems, Inc.		23,224		630,648
Corning, Inc.		7,074		129,313
Frontier Communications Corp.		70		327
Harris Corp.		54		4,692
Juniper Networks, Inc.		8,248		227,645
Motorola Solutions, Inc.		3,134		214,522
QUALCOMM, Inc.		1,388		69,379
Verizon Communications, Inc.		22,032		1,018,319
Windstream Holdings, Inc.		6,200		39,928
				2,639,861
				8,728,771
Consumer, Cyclical — 6.0%
Airlines — 0.6%
American Airlines Group, Inc.		4,800		203,280
Delta Air Lines, Inc.		5,000		253,450
Southwest Airlines Co.		5,366		231,060
				687,790
Apparel — 0.4%
Michael Kors Holdings Ltd. (a)		3,100		124,186
Nike, Inc. Class B		5,684		355,250
VF Corp.		500		31,125
				510,561

The accompanying notes are an integral part of the portfolio of investments.

80

MassMutual Premier Balanced Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
Auto Manufacturers — 0.5%
Ford Motor Co.		18,462	$	260,129
General Motors Co.		6,400		217,664
Oshkosh Corp.		2,400		93,696
Paccar, Inc.		34		1,612
				573,101
Automotive & Parts — 0.3%
Allison Transmission Holdings, Inc.		3,400		88,026
Delphi Automotive PLC		1,000		85,730
The Goodyear Tire & Rubber Co.		6,361		207,814
Johnson Controls, Inc.		5		197
				381,767
Distribution & Wholesale — 0.1%
Fastenal Co.		70		2,858
Fossil Group, Inc. (a)		30		1,097
Genuine Parts Co.		536		46,037
W.W. Grainger, Inc.		4		810
WESCO International, Inc. (a)		850		37,128
				87,930
Entertainment — 0.1%
The Madison Square Garden Co. Class A (a)		790		127,822
Home Builders — 0.0%
D.R. Horton, Inc.		59		1,890
PulteGroup, Inc.		74		1,319
				3,209
Home Furnishing — 0.1%
Harman International Industries, Inc.		124		11,682
Whirlpool Corp.		324		47,586
				59,268
Housewares — 0.0%
Newell Rubbermaid, Inc.		1,083		47,739
Leisure Time — 0.4%
Carnival Corp.		2,373		129,281
Harley-Davidson, Inc.		8		363
Jarden Corp. (a)		2,400		137,088
Royal Caribbean Cruises Ltd.		2,000		202,420
				469,152
Lodging — 0.4%
Marriott International, Inc. Class A		313		20,983
Starwood Hotels & Resorts Worldwide, Inc.		3,260		225,853
Wyndham Worldwide Corp.		3,122		226,813
Wynn Resorts Ltd.		9		623
				474,272
Retail — 3.0%
AutoNation, Inc. (a)		320		19,091
AutoZone, Inc. (a)		96		71,223
Bed Bath & Beyond, Inc. (a)		673		32,472

	Number of Shares		Value
Best Buy Co., Inc.		1,408	$	42,874
CarMax, Inc. (a)		500		26,985
Coach, Inc.		84		2,749
Costco Wholesale Corp.		248		40,052
CVS Health Corp.		3,693		361,065
Darden Restaurants, Inc.		573		36,466
Dollar General Corp.		600		43,122
Dollar Tree, Inc. (a)		71		5,483
GameStop Corp. Class A		5,261		147,518
The Gap, Inc.		205		5,064
The Home Depot, Inc.		2,440		322,690
Kohl’s Corp.		1,561		74,350
L Brands, Inc.		600		57,492
Lowe’s Cos., Inc.		3,729		283,553
Macy’s, Inc.		840		29,383
McDonald’s Corp.		3,425		404,629
Nordstrom, Inc.		11		548
O’Reilly Automotive, Inc. (a)		874		221,489
PVH Corp.		550		40,508
Ross Stores, Inc.		1,392		74,904
Staples, Inc.		2,683		25,408
Starbucks Corp.		3,890		233,517
Target Corp.		2,867		208,173
Tiffany & Co.		11		839
The TJX Cos., Inc.		1,140		80,837
Urban Outfitters, Inc. (a)		60		1,365
Vista Outdoor, Inc. (a)		2,200		97,922
Wal-Mart Stores, Inc.		5,853		358,789
Walgreens Boots Alliance, Inc.		1,306		111,212
Yum! Brands, Inc.		136		9,935
				3,471,707
Textiles — 0.0%
Cintas Corp.		449		40,882
Toys, Games & Hobbies — 0.1%
Hasbro, Inc.		747		50,318
Mattel, Inc.		61		1,657
				51,975
				6,987,175
Consumer, Non-cyclical — 13.3%
Agriculture — 1.0%
Altria Group, Inc.		10,841		631,055
Archer-Daniels-Midland Co.		1,226		44,970
Philip Morris International, Inc.		3,496		307,333
Reynolds American, Inc.		4,482		206,844
				1,190,202
Beverages — 1.2%
Brown-Forman Corp. Class B		1		99
The Coca-Cola Co.		1,624		69,767
Coca-Cola Enterprises, Inc.		4,985		245,461
Constellation Brands, Inc. Class A		672		95,720
Dr. Pepper Snapple Group, Inc.		1,210		112,772

The accompanying notes are an integral part of the portfolio of investments.

81

MassMutual Premier Balanced Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
Keurig Green Mountain, Inc.		40	$	3,599
Molson Coors Brewing Co. Class B		436		40,949
Monster Beverage Corp. (a)		250		37,240
PepsiCo, Inc.		8,442		843,525
				1,449,132
Biotechnology — 1.7%
Amgen, Inc.		4,775		775,126
Biogen, Inc. (a)		524		160,527
Celgene Corp. (a)		8		958
Gilead Sciences, Inc.		9,822		993,888
Regeneron Pharmaceuticals, Inc. (a)		10		5,429
Vertex Pharmaceuticals, Inc. (a)		100		12,583
				1,948,511
Commercial Services — 1.4%
The ADT Corp.		850		28,033
Automatic Data Processing, Inc.		621		52,611
Equifax, Inc.		1,236		137,653
H&R Block, Inc.		3,442		114,653
McKesson Corp.		1,211		238,846
Moody’s Corp.		325		32,610
Paychex, Inc.		813		43,000
PayPal Holdings, Inc. (a)		4,165		150,773
Quanta Services, Inc. (a)		24		486
Robert Half International, Inc.		335		15,792
Sotheby’s		2,000		51,520
Total System Services, Inc.		2,721		135,506
United Rentals, Inc. (a)		2,900		210,366
Visa, Inc. Class A		1,860		144,243
Western Union Co.		13,407		240,119
				1,596,211
Cosmetics & Personal Care — 0.3%
Colgate-Palmolive Co.		806		53,696
Coty, Inc. Class A		4,100		105,083
The Estee Lauder Cos., Inc. Class A		796		70,096
The Procter & Gamble Co.		2,233		177,322
				406,197
Foods — 1.3%
Campbell Soup Co.		165		8,671
ConAgra Foods, Inc.		3,234		136,345
General Mills, Inc.		494		28,484
The Hershey Co.		419		37,404
Hormel Foods Corp.		1,094		86,514
The J.M. Smucker Co.		1,204		148,501
Kellogg Co.		135		9,756
The Kraft Heinz Co.		73		5,311
The Kroger Co.		4,368		182,713
McCormick & Co., Inc.		73		6,246
Mondelez International, Inc. Class A		8,821		395,534
Sysco Corp.		566		23,206
Tyson Foods, Inc. Class A		5,420		289,049
WhiteWave Foods Co. (a)		2,850		110,894

	Number of Shares		Value
Whole Foods Market, Inc.		72	$	2,412
				1,471,040
Health Care – Products — 1.4%
Baxter International, Inc.		22		839
Becton, Dickinson & Co.		171		26,350
Boston Scientific Corp. (a)		1,021		18,827
C.R. Bard, Inc.		364		68,956
Edwards Lifesciences Corp. (a)		540		42,649
Intuitive Surgical, Inc. (a)		14		7,646
Johnson & Johnson		7,529		773,379
Medtronic PLC		6,016		462,751
St. Jude Medical, Inc.		698		43,116
Stryker Corp.		1,069		99,353
Varian Medical Systems, Inc. (a)		674		54,459
West Pharmaceutical Services, Inc.		900		54,198
Zimmer Biomet Holdings, Inc.		364		37,343
				1,689,866
Health Care – Services — 1.0%
Aetna, Inc.		1,692		182,939
Anthem, Inc.		1,728		240,952
Cigna Corp.		1,429		209,105
DaVita HealthCare Partners, Inc. (a)		46		3,207
HCA Holdings, Inc. (a)		1,100		74,393
Humana, Inc.		225		40,165
Laboratory Corporation of America Holdings (a)		1		124
Quest Diagnostics, Inc.		635		45,174
Tenet Healthcare Corp. (a)		29		879
Thermo Fisher Scientific, Inc.		898		127,381
UnitedHealth Group, Inc.		1,611		189,518
Universal Health Services, Inc. Class B		110		13,144
				1,126,981
Household Products — 0.3%
Avery Dennison Corp.		3,182		199,384
The Clorox Co.		1,237		156,889
Kimberly-Clark Corp.		100		12,730
				369,003
Pharmaceuticals — 3.7%
Abbott Laboratories		4,204		188,802
AbbVie, Inc.		5,204		308,285
Allergan PLC (a)		49		15,313
AmerisourceBergen Corp.		1,830		189,789
Baxalta, Inc.		7,722		301,390
Bristol-Myers Squibb Co.		612		42,099
Cardinal Health, Inc.		1,755		156,669
DENTSPLY International, Inc.		1,561		94,987
Eli Lilly & Co.		2,807		236,518
Endo International PLC (a)		500		30,610
Express Scripts Holding Co. (a)		4,245		371,055
Mallinckrodt PLC (a)		1,250		93,287

The accompanying notes are an integral part of the portfolio of investments.

82

MassMutual Premier Balanced Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
Mead Johnson Nutrition Co.		24	$	1,895
Merck & Co., Inc.		14,729		777,986
Mylan NV (a)		2,359		127,551
Patterson Cos., Inc.		61		2,758
Perrigo Co. PLC		190		27,493
Pfizer, Inc.		34,022		1,098,230
Zoetis, Inc.		5,960		285,603
				4,350,320
				15,597,463
Diversified — 0.0%
Holding Company – Diversified — 0.0%
Leucadia National Corp.		2,236		38,884
Energy — 3.3%
Coal — 0.0%
CONSOL Energy, Inc.		57		451
Energy – Alternate Sources — 0.3%
First Solar, Inc. (a)		4,400		290,356
Oil & Gas — 2.5%
Anadarko Petroleum Corp.		97		4,712
Apache Corp.		98		4,358
Cabot Oil & Gas Corp.		92		1,627
Chesapeake Energy Corp.		2,398		10,791
Chevron Corp.		4,170		375,133
ConocoPhillips		10		467
Devon Energy Corp.		17		544
Diamond Offshore Drilling, Inc.		7,585		160,044
Ensco PLC Class A		15,100		232,389
EOG Resources, Inc.		92		6,513
EQT Corp.		29		1,512
Exxon Mobil Corp.		9,349		728,755
Helmerich & Payne, Inc.		40		2,142
Hess Corp.		1,347		65,303
Marathon Oil Corp.		85		1,070
Marathon Petroleum Corp.		2,664		138,102
Murphy Oil Corp.		1,422		31,924
Murphy USA, Inc. (a)		926		56,245
Noble Energy, Inc.		66		2,173
Occidental Petroleum Corp.		30		2,028
Phillips 66		5,905		483,029
Pioneer Natural Resources Co.		3		376
Range Resources Corp.		99		2,436
Tesoro Corp.		2,726		287,239
Valero Energy Corp.		5,410		382,541
				2,981,453
Oil & Gas Services — 0.5%
Baker Hughes, Inc.		374		17,260
Cameron International Corp. (a)		3,137		198,258
FMC Technologies, Inc. (a)		72		2,089
Halliburton Co.		71		2,417
National Oilwell Varco, Inc.		1,009		33,791
Schlumberger Ltd.		845		58,939

	Number of Shares		Value
Transocean Ltd.		19,700	$	243,886
				556,640
Pipelines — 0.0%
Columbia Pipeline Group, Inc.		172		3,440
Kinder Morgan, Inc.		60		895
Spectra Energy Corp.		71		1,700
The Williams Cos., Inc.		33		848
				6,883
				3,835,783
Financial — 10.1%
Banks — 3.0%
Bank of America Corp.		59,342		998,726
The Bank of New York Mellon Corp.		5,995		247,114
BB&T Corp.		2,712		102,541
Capital One Financial Corp.		2,075		149,773
Comerica, Inc.		124		5,187
Fifth Third Bancorp		13,121		263,732
Huntington Bancshares, Inc.		1,110		12,277
KeyCorp		3,472		45,796
M&T Bank Corp.		281		34,051
Northern Trust Corp.		1,061		76,487
PNC Financial Services Group, Inc.		2,445		233,033
Regions Financial Corp.		6,343		60,893
State Street Corp.		385		25,549
SunTrust Banks, Inc.		5,800		248,472
U.S. Bancorp		3,029		129,247
Wells Fargo & Co.		16,164		878,675
Zions Bancorp		49		1,338
				3,512,891
Diversified Financial — 3.0%
American Express Co.		288		20,030
Ameriprise Financial, Inc.		205		21,816
BlackRock, Inc.		410		139,613
The Charles Schwab Corp.		22		725
Citigroup, Inc.		14,984		775,422
CME Group, Inc.		555		50,283
Discover Financial Services		1,595		85,524
E*TRADE Financial Corp. (a)		4,993		147,993
Franklin Resources, Inc.		48		1,767
The Goldman Sachs Group, Inc.		1,028		185,276
Intercontinental Exchange, Inc.		152		38,952
Invesco Ltd.		2,123		71,078
JP Morgan Chase & Co.		20,865		1,377,716
Legg Mason, Inc.		2,297		90,111
MasterCard, Inc. Class A		1,450		141,172
Morgan Stanley		1,396		44,407
The Nasdaq, Inc.		3,022		175,790
Navient Corp.		3,818		43,716
Santander Consumer USA Holdings, Inc. (a)		2,200		34,870
Synchrony Financial (a)		3,000		91,230

The accompanying notes are an integral part of the portfolio of investments.

83

MassMutual Premier Balanced Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
T. Rowe Price Group, Inc.		86	$	6,148
				3,543,639
Insurance — 3.1%
ACE Ltd.		1,530		178,781
Aflac, Inc.		3,845		230,315
The Allstate Corp.		3,386		210,237
American International Group, Inc.		2,811		174,198
Aon PLC		706		65,100
Assurant, Inc.		3,610		290,749
Berkshire Hathaway, Inc. Class B (a)		3,873		511,391
The Chubb Corp.		1,964		260,505
Cincinnati Financial Corp.		3,624		214,432
Fidelity & Guaranty Life		1,700		43,129
The Hartford Financial Services Group, Inc.		2,290		99,523
Lincoln National Corp.		958		48,149
Loews Corp.		6,134		235,546
Marsh & McLennan Cos., Inc.		1,230		68,204
MetLife, Inc.		3,729		179,775
Principal Financial Group, Inc.		1,735		78,040
The Progressive Corp.		1,634		51,961
Prudential Financial, Inc.		2,235		181,951
Torchmark Corp.		580		33,153
The Travelers Cos., Inc.		2,103		237,345
Unum Group		4,235		140,983
XL Group PLC		897		35,144
				3,568,611
Real Estate — 0.0%
CBRE Group, Inc. (a)		1,198		41,427
Real Estate Investment Trusts (REITS) — 0.8%
American Tower Corp.		198		19,196
Apartment Investment & Management Co. Class A		164		6,565
AvalonBay Communities, Inc.		424		78,071
Boston Properties, Inc.		7		893
Crown Castle International Corp.		1,400		121,030
Equity Residential		901		73,513
Essex Property Trust, Inc.		300		71,823
General Growth Properties, Inc.		3,900		106,119
HCP, Inc.		976		37,322
Host Hotels & Resorts, Inc.		930		14,266
Iron Mountain, Inc.		73		1,972
Kimco Realty Corp.		1,410		37,309
The Macerich Co.		400		32,276
Mack-Cali Realty Corp.		2,050		47,867
Plum Creek Timber Co., Inc.		73		3,484
Prologis, Inc.		1,616		69,359
Public Storage		27		6,688
Simon Property Group, Inc.		554		107,720
Ventas, Inc.		36		2,031
Vornado Realty Trust		165		16,493
Welltower, Inc.		274		18,640

	Number of Shares		Value
Weyerhaeuser Co.		77	$	2,308
				874,945
Savings & Loans — 0.2%
Beneficial Bancorp, Inc. (a)		6,800		90,576
People’s United Financial, Inc.		11,359		183,448
				274,024
				11,815,537
Industrial — 5.8%
Aerospace & Defense — 1.2%
The Boeing Co.		3,686		532,959
General Dynamics Corp.		778		106,866
KLX, Inc. (a)		2,900		89,291
L-3 Communications Holdings, Inc.		1,334		159,426
Lockheed Martin Corp.		421		91,420
Northrop Grumman Corp.		1,123		212,034
Raytheon Co.		976		121,541
Rockwell Collins, Inc.		457		42,181
United Technologies Corp.		1,102		105,869
				1,461,587
Airlines — 0.2%
United Continental Holdings, Inc. (a)		3,400		194,820
Building Materials — 0.2%
Masco Corp.		7,494		212,080
Electrical Components & Equipment — 0.2%
Emerson Electric Co.		743		35,538
Energizer Holdings, Inc.		4,800		163,488
				199,026
Electronics — 0.6%
Agilent Technologies, Inc.		373		15,595
Allegion PLC		4,400		290,048
Amphenol Corp. Class A		72		3,761
FLIR Systems, Inc.		35		982
Keysight Technologies, Inc. (a)		3,200		90,656
Kimball Electronics, Inc. (a)		7,900		86,821
Knowles Corp. (a)		5,500		73,315
PerkinElmer, Inc.		24		1,286
TE Connectivity Ltd.		100		6,461
Tyco International PLC		1,200		38,268
Waters Corp. (a)		300		40,374
				647,567
Engineering & Construction — 0.0%
Fluor Corp.		347		16,385
Jacobs Engineering Group, Inc. (a)		524		21,982
				38,367
Environmental Controls — 0.1%
Republic Services, Inc.		87		3,827
Stericycle, Inc. (a)		87		10,492
Waste Management, Inc.		2,345		125,153
				139,472

The accompanying notes are an integral part of the portfolio of investments.

84

MassMutual Premier Balanced Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
Hand & Machine Tools — 0.0%
Snap-on, Inc.		85	$	14,571
Stanley Black & Decker, Inc.		252		26,896
				41,467
Machinery – Construction & Mining — 0.2%
Caterpillar, Inc.		1,150		78,154
Hyster-Yale Materials Handling, Inc.		1,800		94,410
Ingersoll-Rand PLC		200		11,058
				183,622
Machinery – Diversified — 0.6%
AGCO Corp.		2,200		99,858
Cummins, Inc.		803		70,672
Deere & Co.		1,781		135,837
Flowserve Corp.		91		3,829
Rockwell Automation, Inc.		946		97,069
Roper Technologies, Inc.		434		82,369
SPX FLOW, Inc. (a)		5,000		139,550
Xylem, Inc.		701		25,587
				654,771
Manufacturing — 2.0%
3M Co.		505		76,073
Danaher Corp.		2,372		220,312
Dover Corp.		3,103		190,245
Eaton Corp. PLC		82		4,267
General Electric Co.		39,186		1,220,644
Honeywell International, Inc.		2,095		216,979
Illinois Tool Works, Inc.		1,360		126,045
Leggett & Platt, Inc.		1,595		67,022
Parker Hannifin Corp.		190		18,426
Pentair PLC		1,619		80,189
Textron, Inc.		3,585		150,606
				2,370,808
Metal Fabricate & Hardware — 0.0%
Precision Castparts Corp.		9		2,088
Packaging & Containers — 0.2%
Ball Corp.		420		30,547
Owens-Illinois, Inc. (a)		22		383
Sealed Air Corp.		5,747		256,316
WestRock Co.		105		4,790
				292,036
Transportation — 0.3%
American ExpressNorfolk Southern Corp.		83		7,021
C.H. Robinson Worldwide, Inc.		1,654		102,581
CSX Corp.		73		1,894
Expeditors International of Washington, Inc.		1,984		89,478
FedEx Corp.		6		894
Ryder System, Inc.		274		15,572
Union Pacific Corp.		990		77,418

	Number of Shares		Value
United Parcel Service, Inc. Class B		595	$	57,257
				352,115
				6,789,826
Technology — 8.3%
Computers — 3.5%
Accenture PLC Class A		2,570		268,565
Apple, Inc.		22,006		2,316,351
Cognizant Technology Solutions Corp. Class A (a)		1,818		109,116
CSRA, Inc.		4,775		143,250
EMC Corp.		3,153		80,969
Hewlett Packard Enterprise Co.		8,363		127,118
HP, Inc.		8,363		99,018
International Business Machines Corp.		2,830		389,465
NCR Corp. (a)		5,500		134,530
NetApp, Inc.		6,109		162,072
SanDisk Corp.		710		53,953
Science Applications International Corp.		1,000		45,780
Seagate Technology PLC		4,400		161,304
Teradata Corp. (a)		98		2,589
Western Digital Corp.		441		26,482
				4,120,562
Office Equipment/Supplies — 0.1%
Pitney Bowes, Inc.		799		16,499
Xerox Corp.		9,973		106,013
				122,512
Semiconductors — 1.7%
Analog Devices, Inc.		1,459		80,712
Applied Materials, Inc.		67		1,251
Avago Technologies Ltd.		1,600		232,240
Broadcom Corp. Class A		1,824		105,464
Intel Corp.		16,311		561,914
KLA-Tencor Corp.		4,098		284,196
Lam Research Corp.		663		52,656
Linear Technology Corp.		381		16,181
Microchip Technology, Inc.		1,024		47,657
Micron Technology, Inc. (a)		5,533		78,347
NVIDIA Corp.		6,885		226,930
Skyworks Solutions, Inc.		690		53,013
Texas Instruments, Inc.		3,445		188,820
Xilinx, Inc.		1,561		73,320
				2,002,701
Software — 3.0%
Activision Blizzard, Inc.		2,300		89,033
Adobe Systems, Inc. (a)		1,405		131,986
Autodesk, Inc. (a)		47		2,864
CA, Inc.		3,685		105,244
CDK Global, Inc.		2,850		135,289
Citrix Systems, Inc. (a)		2,645		200,094

The accompanying notes are an integral part of the portfolio of investments.

85

MassMutual Premier Balanced Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
The Dun & Bradstreet Corp.		1,399	$	145,398
Electronic Arts, Inc. (a)		1,086		74,630
Fidelity National Information Services, Inc.		1,760		106,656
Fiserv, Inc. (a)		2,094		191,517
Intuit, Inc.		959		92,543
Microsoft Corp.		27,741		1,539,071
Oracle Corp.		11,588		423,310
Red Hat, Inc. (a)		1,124		93,078
Salesforce.com, Inc. (a)		1,980		155,232
				3,485,945
				9,731,720
Utilities — 1.5%
Electric — 1.5%
The AES Corp.		5,677		54,329
Ameren Corp.		972		42,020
American Electric Power Co., Inc.		1,696		98,826
CenterPoint Energy, Inc.		1,535		28,183
CMS Energy Corp.		1,110		40,049
Consolidated Edison, Inc.		909		58,421
Dominion Resources, Inc.		362		24,486
DTE Energy Co.		612		49,076
Duke Energy Corp.		486		34,695
Edison International		1,534		90,828
Entergy Corp.		1,111		75,948
Eversource Energy		622		31,766
Exelon Corp.		6,023		167,259
FirstEnergy Corp.		4,166		132,187
NextEra Energy, Inc.		1,636		169,964
NRG Energy, Inc.		20		235
Pepco Holdings, Inc.		98		2,549
PG&E Corp.		323		17,180
Pinnacle West Capital Corp.		250		16,120
PPL Corp.		3,384		115,496
Public Service Enterprise Group, Inc.		3,609		139,632
SCANA Corp.		2,072		125,335
The Southern Co.		3,034		141,961
TECO Energy, Inc.		98		2,612
WEC Energy Group, Inc.		364		18,677
Xcel Energy, Inc.		1,145		41,117
				1,718,951
Gas — 0.0%
AGL Resources, Inc.		516		32,926
NiSource, Inc.		172		3,356
Sempra Energy		72		6,768
				43,050
				1,762,001
TOTAL COMMON STOCK (Cost $66,003,392)				66,557,247

	Number of Shares		Value
PREFERRED STOCK — 0.1%
Energy — 0.0%
Oil & Gas — 0.0%
Southwestern Energy Co. 6.250%		1,200	$	22,260
Financial — 0.1%
Insurance — 0.1%
The Allstate Corp. 5.100%, 3 mo. USD LIBOR + 3.165%, VRN		5,000		123,450
TOTAL PREFERRED STOCK (Cost $185,000)				145,710
TOTAL EQUITIES (Cost $66,188,392)				66,702,957
	Principal Amount
BONDS & NOTES — 33.1%
CORPORATE DEBT — 15.5%
Advertising — 0.0%
WPP Finance 2010 4.750% 11/21/21	$	20,000		21,548
Aerospace & Defense — 0.0%
United Technologies Corp. 6.125% 7/15/38		15,000		18,276
Agriculture — 0.1%
Altria Group, Inc. 4.250% 8/09/42		20,000		18,351
Bunge Ltd. Finance Corp. 3.200% 6/15/17		45,000		45,441
Bunge Ltd. Finance Corp. 3.500% 11/24/20		30,000		29,833
Philip Morris International, Inc. 6.375% 5/16/38		5,000		6,307
Reynolds American, Inc. 3.250% 6/12/20		30,000		30,489
Reynolds American, Inc. 5.850% 8/15/45		30,000		33,352
				163,773
Airlines — 0.1%
American Airlines Pass-Through Trust, Series 2014-1, Class A 3.700% 4/01/28		23,546		23,560
American Airlines Pass-Through Trust, Series 2014-1, Class B 4.375% 4/01/24		13,631		13,563
Spirit Airlines Pass-Through Trust, Series 2015-1, Class A 4.100% 10/01/29		85,000		83,725
United Airlines Pass-Through Trust, Series 2014-1, Class A 4.000% 10/11/27		29,108		29,763
				150,611

The accompanying notes are an integral part of the portfolio of investments.

86

MassMutual Premier Balanced Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Auto Manufacturers — 0.2%
General Motors Co. 5.200% 4/01/45	$	60,000	$	56,264
General Motors Financial Co., Inc. 3.200% 7/13/20		80,000		78,768
Hyundai Capital America (b) 2.550% 2/06/19		40,000		39,689
				174,721
Banks — 1.5%
Associated Banc-Corp. 2.750% 11/15/19		110,000		109,185
Bank of America Corp. 4.000% 4/01/24		75,000		76,704
Bank of America Corp. 5.650% 5/01/18		60,000		64,518
Bank of America Corp. 5.875% 2/07/42		40,000		46,683
The Bank of Nova Scotia 4.500% 12/16/25		90,000		89,584
Credit Suisse AG 5.400% 1/14/20		70,000		76,644
Discover Bank 2.000% 2/21/18		45,000		44,696
First Horizon National Corp. 3.500% 12/15/20		120,000		118,958
FirstMerit Corp. 4.350% 2/04/23		15,000		15,192
ICICI Bank Ltd. (b) 4.750% 11/25/16		59,000		60,394
Intesa Sanpaolo SpA, USD 5 year swap rate + 5.462%, VRN (b) 7.700% 12/29/49		200,000		203,750
Itau Unibanco Holding SA (b) 2.850% 5/26/18		200,000		190,200
JP Morgan Chase & Co. 3.375% 5/01/23		10,000		9,828
JP Morgan Chase & Co. 3.875% 9/10/24		50,000		49,737
Morgan Stanley 3.950% 4/23/27		40,000		38,823
Regions Financial Corp. 7.500% 5/15/18		30,000		33,334
Santander Holdings USA, Inc. 2.650% 4/17/20		85,000		83,391
State Street Corp. 3.300% 12/16/24		85,000		85,803
SVB Financial Group 3.500% 1/29/25		135,000		129,341
SVB Financial Group 5.375% 9/15/20		15,000		16,411
Valley National Bancorp 5.125% 9/27/23		50,000		52,225

	Principal Amount		Value
Wells Fargo & Co. 4.300% 7/22/27	$	145,000	$	148,122
				1,743,523
Biotechnology — 0.0%
Amgen, Inc. 5.150% 11/15/41		45,000		45,686
Building Materials — 0.2%
CRH America, Inc. 8.125% 7/15/18		50,000		56,880
Lafarge SA 6.500% 7/15/16		45,000		46,136
Martin Marietta Material, Inc. 3 mo. USD LIBOR + 1.100%, FRN 1.426% 6/30/17		50,000		49,652
Owens Corning, Inc. 6.500% 12/01/16		3,000		3,087
Owens Corning, Inc. 9.000% 6/15/19		10,000		11,590
				167,345
Chemicals — 0.2%
Ashland, Inc. 6.875% 5/15/43		35,000		33,250
Cytec Industries, Inc. 8.950% 7/01/17		7,000		7,618
The Dow Chemical Co. 8.550% 5/15/19		15,000		17,680
Ecolab, Inc. 4.350% 12/08/21		15,000		16,016
Incitec Pivot Finance LLC (b) 6.000% 12/10/19		25,000		27,108
Methanex Corp. 5.250% 3/01/22		5,000		4,923
RPM International, Inc. 6.125% 10/15/19		50,000		54,692
RPM International, Inc. 6.500% 2/15/18		20,000		21,572
Valspar Corp. 7.250% 6/15/19		25,000		28,364
				211,223
Commercial Services — 0.2%
The ADT Corp. 2.250% 7/15/17		65,000		64,675
Cardtronics, Inc., Convertible 1.000% 12/01/20		50,000		46,406
ERAC USA Finance LLC (b) 2.800% 11/01/18		15,000		15,097
ERAC USA Finance LLC (b) 6.700% 6/01/34		35,000		41,282
				167,460

The accompanying notes are an integral part of the portfolio of investments.

87

MassMutual Premier Balanced Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Computers — 0.1%
Hewlett Packard Enterprise Co. (b) 6.350% 10/15/45	$	125,000	$	118,668
SanDisk Corp., Convertible 0.500% 10/15/20		33,000		34,155
				152,823
Cosmetics & Personal Care — 0.0%
TheProcter & Gamble Co. 5.800% 8/15/34		10,000		12,095
Distribution & Wholesale — 0.0%
Arrow Electronics, Inc. 4.500% 3/01/23		10,000		10,103
Diversified Financial — 1.9%
AerCap Ireland Capital Ltd./AerCap Global Aviation Trust 4.500% 5/15/21		180,000		182,925
Affiliated Managers Group, Inc. 3.500% 8/01/25		70,000		66,580
Affiliated Managers Group, Inc. 4.250% 2/15/24		51,000		51,517
Air Lease Corp. 3.375% 1/15/19		90,000		90,450
Air Lease Corp. 3.875% 4/01/21		60,000		60,300
Air Lease Corp. STEP 5.625% 4/01/17		15,000		15,563
Ally Financial, Inc. 4.625% 5/19/22		38,000		38,190
Ares Finance Co. LLC (b) 4.000% 10/08/24		85,000		78,843
Citigroup, Inc. 3.875% 3/26/25		290,000		282,254
Citigroup, Inc. 5.375% 8/09/20		50,000		55,744
Citigroup, Inc. 5.875% 1/30/42		20,000		22,948
Citigroup, Inc. 8.125% 7/15/39		15,000		21,514
Eaton Vance Corp. 3.625% 6/15/23		21,000		21,197
Eaton Vance Corp. 6.500% 10/02/17		4,000		4,271
General Electric Capital Corp. 6.000% 8/07/19		30,000		33,985
General Electric Capital Corp. 6.875% 1/10/39		55,000		74,969
The Goldman Sachs Group, Inc. 5.375% 3/15/20		45,000		49,434
The Goldman Sachs Group, Inc. 5.625% 1/15/17		35,000		36,354
The Goldman Sachs Group, Inc. 5.750% 1/24/22		40,000		45,489

	Principal Amount		Value
The Goldman Sachs Group, Inc. 6.150% 4/01/18	$	20,000	$	21,718
The Goldman Sachs Group, Inc. 6.345% 2/15/34		20,000		23,398
HSBC Finance Corp. 6.676% 1/15/21		30,000		34,430
Hyundai Capital America (b) 2.875% 8/09/18		30,000		30,316
Icahn Enterprises LP/Icahn Enterprises Finance Corp. 3.500% 3/15/17		235,000		236,175
International Lease Finance Corp. 3.875% 4/15/18		55,000		55,412
International Lease Finance Corp. STEP 8.750% 3/15/17		20,000		21,300
Janus Capital Group, Inc. 4.875% 8/01/25		80,000		82,096
JP Morgan Chase & Co. 4.500% 1/24/22		40,000		43,144
JP Morgan Chase & Co. 4.950% 3/25/20		70,000		75,903
JP Morgan Chase & Co. 5.600% 7/15/41		45,000		51,942
Lazard Group LLC 6.850% 6/15/17		13,000		13,841
Legg Mason, Inc. 5.625% 1/15/44		35,000		34,766
Merrill Lynch & Co., Inc. 7.750% 5/14/38		20,000		27,136
Morgan Stanley 4.350% 9/08/26		30,000		30,098
Morgan Stanley 5.625% 9/23/19		50,000		55,180
Morgan Stanley 5.750% 1/25/21		20,000		22,455
Visa, Inc. 4.300% 12/14/45		79,000		80,150
				2,171,987
Electric — 1.0%
Ameren Corp. 3.650% 2/15/26		25,000		24,887
Appalachian Power Co. 3.400% 6/01/25		90,000		87,826
Entergy Louisiana LLC 4.950% 1/15/45		40,000		39,934
Florida Power & Light Co. 4.950% 6/01/35		25,000		27,450
IPALCO Enterprises, Inc. 3.450% 7/15/20		200,000		196,000
Kansas Gas & Electric Co. 5.647% 3/29/21		43,044		43,313
LG&E and KU Energy LLC 4.375% 10/01/21		60,000		63,398

The accompanying notes are an integral part of the portfolio of investments.

88

MassMutual Premier Balanced Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Metropolitan Edison Co. (b) 4.000% 4/15/25	$	50,000	$	49,501
National Fuel Gas Co. 3.750% 3/01/23		20,000		18,524
Nevada Power Co. Series N 6.650% 4/01/36		20,000		25,259
Niagara Mohawk Power Corp. (b) 2.721% 11/28/22		35,000		33,653
NiSource Finance Corp. 5.800% 2/01/42		40,000		45,464
Oncor Electric Delivery Co. 6.800% 9/01/18		5,000		5,557
Oncor Electric Delivery Co. 7.500% 9/01/38		15,000		19,832
Pacific Gas & Electric Co. 5.800% 3/01/37		25,000		29,067
Pennsylvania Electric Co. (b) 4.150% 4/15/25		70,000		70,403
PPL Capital Funding, Inc. 1.900% 6/01/18		15,000		14,859
PPL Capital Funding, Inc. 5.000% 3/15/44		45,000		46,396
Progress Energy, Inc. 7.000% 10/30/31		5,000		6,156
Puget Energy, Inc. 3.650% 5/15/25		85,000		82,355
Puget Energy, Inc. 6.500% 12/15/20		59,000		67,594
Southern California Edison Co. 5.950% 2/01/38		20,000		24,482
Transelec SA (b) 4.625% 7/26/23		25,000		26,092
Tri-State Generation & Transmission Association, Series 2003, Class A (b) 6.040% 1/31/18		30,412		31,981
Virginia Electric and Power Co. 6.350% 11/30/37		30,000		38,377
Wisconsin Public Service Corp. 5.650% 11/01/17		50,000		52,704
				1,171,064
Electronics — 0.1%
Amphenol Corp. 2.550% 1/30/19		50,000		50,009
Amphenol Corp. 4.000% 2/01/22		20,000		20,492
Arrow Electronics, Inc. 3.500% 4/01/22		60,000		57,795
Avnet, Inc. 4.875% 12/01/22		23,000		23,549
				151,845

	Principal Amount		Value
Environmental Controls — 0.0%
Republic Services, Inc. 3.800% 5/15/18	$	30,000	$	31,075
Republic Services, Inc. 5.250% 11/15/21		5,000		5,528
				36,603
Foods — 0.2%
ConAgra Foods, Inc. 4.950% 8/15/20		30,000		32,077
ConAgra Foods, Inc. 6.625% 8/15/39		15,000		16,163
ConAgra Foods, Inc. 7.000% 4/15/19		32,000		35,973
Kraft Foods, Inc. 6.500% 2/09/40		14,000		17,090
Tyson Foods, Inc. 2.650% 8/15/19		15,000		15,008
Tyson Foods, Inc. 4.875% 8/15/34		25,000		25,515
Whole Foods Market, Inc. (b) 5.200% 12/03/25		130,000		129,808
				271,634
Forest Products & Paper — 0.3%
International Paper Co. 4.750% 2/15/22		20,000		21,360
International Paper Co. 7.300% 11/15/39		25,000		28,495
International Paper Co. 9.375% 5/15/19		15,000		18,002
Sappi Papier Holding GmbH (b) 7.750% 7/15/17		255,000		264,881
				332,738
Gas — 0.0%
Boston Gas Co. (b) 4.487% 2/15/42		10,000		9,725
Hand & Machine Tools — 0.1%
Stanley Black & Decker, Inc. 2.451% 11/17/18		50,000		50,195
Health Care – Products — 0.1%
Boston Scientific Corp. 6.000% 1/15/20		35,000		38,865
Johnson & Johnson 5.850% 7/15/38		10,000		12,845
Zimmer Biomet Holdings, Inc. 3.550% 4/01/25		115,000		111,748
				163,458
Health Care – Services — 0.1%
Cigna Corp. 5.125% 6/15/20		20,000		21,831

The accompanying notes are an integral part of the portfolio of investments.

89

MassMutual Premier Balanced Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Kaiser Foundation Hospitals 3.500% 4/01/22	$	15,000	$	15,241
UnitedHealth Group, Inc. 6.875% 2/15/38		45,000		58,855
				95,927
Holding Company – Diversified — 0.1%
Hutchison Whampoa International Ltd. (b) 5.750% 9/11/19		45,000		49,938
Home Builders — 0.2%
Lennar Corp. 4.750% 12/15/17		275,000		282,563
Home Furnishing — 0.0%
Whirlpool Corp. 5.150% 3/01/43		10,000		9,832
Housewares — 0.0%
Newell Rubbermaid, Inc. 2.050% 12/01/17		15,000		14,732
Insurance — 1.2%
ACE INA Holdings, Inc. 3.350% 5/03/26		35,000		34,893
The Allstate Corp. 3 mo. USD LIBOR + 2.938%, VRN 5.750% 8/15/53		70,000		71,960
AXIS Specialty Finance PLC 2.650% 4/01/19		20,000		19,915
Brown & Brown, Inc. 4.200% 9/15/24		70,000		69,122
The Chubb Corp., 3 mo. USD LIBOR + 2.250%, VRN 6.375% 4/15/37		31,000		29,770
CNA Financial Corp. 3.950% 5/15/24		40,000		39,820
CNA Financial Corp. 7.350% 11/15/19		40,000		46,053
CNO Financial Group, Inc. 4.500% 5/30/20		60,000		61,200
CNO Financial Group, Inc. 5.250% 5/30/25		72,000		73,260
The Hartford Financial Services Group, Inc., 3 mo. USD LIBOR + 4.603%, VRN 8.125% 6/15/38		60,000		65,625
Liberty Mutual Group, Inc. (b) 4.250% 6/15/23		21,000		21,337
Marsh & McLennan Cos., Inc. 4.800% 7/15/21		45,000		48,982
MetLife Capital Trust IV (b) 7.875% 12/15/37		70,000		85,400
Principal Financial Group, Inc. 8.875% 5/15/19		30,000		35,896

	Principal Amount		Value
Prudential Financial, Inc. 3 mo. USD LIBOR + 3.040%, VRN 5.200% 3/15/44	$	65,000	$	62,758
Prudential Financial, Inc. 3 mo. USD LIBOR + 3.920%, VRN 5.625% 6/15/43		45,000		46,013
Prudential Financial, Inc. 3 mo. USD LIBOR + 5.000%, VRN 8.875% 6/15/38		55,000		61,875
Prudential Financial, Inc., 3 mo. USD LIBOR + 3.031%, VRN 5.375% 5/15/45		60,000		59,925
QBE Insurance Group Ltd. (b) 2.400% 5/01/18		25,000		25,022
Reinsurance Group of America, Inc. 4.700% 9/15/23		55,000		57,994
Reinsurance Group of America, Inc. 5.000% 6/01/21		40,000		43,126
Reinsurance Group of America, Inc. 6.450% 11/15/19		45,000		50,635
USF&G Capital I (b) 8.500% 12/15/45		35,000		49,809
Voya Financial, Inc. 5.500% 7/15/22		30,000		33,570
Voya Financial, Inc. 3 mo. USD LIBOR + 3.580%, VRN 5.650% 5/15/53		45,000		44,325
Willis Group Holdings PLC 4.125% 3/15/16		5,000		5,027
Willis Group Holdings PLC 5.750% 3/15/21		55,000		60,781
Willis North America, Inc. 7.000% 9/29/19		21,000		23,535
XLIT Ltd. 4.450% 3/31/25		40,000		39,170
XLIT Ltd. 6.375% 11/15/24		55,000		64,113
				1,430,911
Internet — 0.1%
Expedia, Inc. 7.456% 8/15/18		90,000		100,294
Tencent Holdings Ltd. (b) 2.875% 2/11/20		55,000		54,635
				154,929
Investment Companies — 0.2%
Ares Capital Corp. 3.875% 1/15/20		130,000		131,975
FS Investment Corp. 4.000% 7/15/19		90,000		89,173
				221,148

The accompanying notes are an integral part of the portfolio of investments.

90

MassMutual Premier Balanced Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Iron & Steel — 0.4%
Allegheny Technologies, Inc. 9.375% 6/01/19	$	24,000	$	19,200
ArcelorMittal 5.125% 6/01/20		80,000		66,400
ArcelorMittal 6.125% 6/01/18		11,000		10,065
ArcelorMittal STEP 6.250% 8/05/20		60,000		47,925
Commercial Metals Co. 6.500% 7/15/17		30,000		31,087
Glencore Funding LLC (b) 2.875% 4/16/20		150,000		117,000
Glencore Funding LLC (b) 4.625% 4/29/24		5,000		3,621
Reliance Steel & Aluminum Co. 4.500% 4/15/23		30,000		27,926
Reliance Steel & Aluminum Co. 6.200% 11/15/16		55,000		56,844
Reliance Steel & Aluminum Co. 6.850% 11/15/36		55,000		57,290
				437,358
Lodging — 0.1%
Choice Hotels International, Inc. 5.700% 8/28/20		55,000		58,850
Marriott International, Inc. 3.375% 10/15/20		50,000		50,895
Starwood Hotels & Resorts Worldwide, Inc. 6.750% 5/15/18		5,000		5,471
				115,216
Machinery – Diversified — 0.1%
CNH Industrial Capital LLC 3.250% 2/01/17		25,000		24,750
CNH Industrial Capital LLC 3.375% 7/15/19		50,000		47,125
CNH Industrial Capital LLC 3.625% 4/15/18		25,000		24,612
CNH Industrial Capital LLC 6.250% 11/01/16		45,000		45,844
Xylem, Inc. 4.875% 10/01/21		20,000		21,259
				163,590
Manufacturing — 0.1%
General Electric Co. 4.125% 10/09/42		50,000		48,839
Ingersoll-Rand Global Holding Co. Ltd. 6.875% 8/15/18		40,000		44,152
SPX FLOW, Inc. 6.875% 9/01/17		45,000		47,813
				140,804

	Principal Amount		Value
Media — 0.2%
21st Century Fox America, Co. 6.900% 8/15/39	$	25,000	$	29,565
CBS Corp. 7.875% 7/30/30		40,000		50,988
CCO Safari II LLC (b) 3.579% 7/23/20		65,000		64,611
NBCUniversal Media LLC 6.400% 4/30/40		5,000		6,230
Time Warner Cable, Inc. 6.750% 6/15/39		25,000		25,090
Time Warner Cable, Inc. 8.250% 4/01/19		10,000		11,483
Time Warner Cable, Inc. 8.750% 2/14/19		10,000		11,600
Time Warner, Inc. 4.700% 1/15/21		35,000		37,669
Time Warner, Inc. 6.100% 7/15/40		25,000		27,003
Time Warner, Inc. 6.250% 3/29/41		5,000		5,553
				269,792
Mining — 0.3%
Freeport-McMoRan, Inc. 2.375% 3/15/18		20,000		15,600
Freeport-McMoRan, Inc. 4.000% 11/14/21		190,000		114,000
Freeport-McMoRan, Inc. 5.450% 3/15/43		30,000		15,600
Glencore Finance Canada (b) 5.800% 11/15/16		45,000		44,831
Rio Tinto Finance USA Ltd. 9.000% 5/01/19		50,000		58,371
Vale Overseas Ltd. 6.250% 1/23/17		65,000		64,876
Vale Overseas Ltd. 6.875% 11/10/39		15,000		10,424
				323,702
Office Equipment/Supplies — 0.1%
Pitney Bowes, Inc. 4.625% 3/15/24		65,000		63,680
Pitney Bowes, Inc. 4.750% 1/15/16		25,000		25,023
Pitney Bowes, Inc. 4.750% 5/15/18		5,000		5,234
Pitney Bowes, Inc. 5.750% 9/15/17		6,000		6,330
				100,267
Office Furnishings — 0.1%
Steelcase, Inc. 6.375% 2/15/21		50,000		54,742

The accompanying notes are an integral part of the portfolio of investments.

91

MassMutual Premier Balanced Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Oil & Gas — 1.3%
Anadarko Petroleum Corp. 6.450% 9/15/36	$	13,000	$	12,530
Apache Corp. 5.100% 9/01/40		70,000		59,837
Chesapeake Energy Corp., Convertible 2.500% 5/15/37		45,000		21,150
Chesapeake Energy Corp. 3.250% 3/15/16		175,000		167,563
ConocoPhillips Co. 4.300% 11/15/44		20,000		16,621
Devon Energy Corp. 5.600% 7/15/41		40,000		30,233
Ensco PLC 5.200% 3/15/25		95,000		67,609
Helmerich & Payne International Drilling Co. 4.650% 3/15/25		45,000		45,020
Pemex Project Funding Master Trust 6.625% 6/15/38		5,000		4,400
Petrobras Global Finance BV 2.000% 5/20/16		35,000		34,475
Petrobras International Finance Co. 3.875% 1/27/16		59,000		58,764
Petroleos Mexicanos 3.125% 1/23/19		10,000		9,674
Petroleos Mexicanos 5.500% 1/21/21		60,000		60,522
Petroleos Mexicanos 6.375% 1/23/45		15,000		12,696
Phillips 66 5.875% 5/01/42		75,000		75,177
Pioneer Natural Resources Co. 4.450% 1/15/26		60,000		54,025
Pioneer Natural Resources Co. 5.875% 7/15/16		50,000		50,781
Pioneer Natural Resources Co. 7.500% 1/15/20		50,000		53,105
Rowan Cos., Inc. 4.750% 1/15/24		105,000		74,667
Rowan Cos., Inc. 4.875% 6/01/22		134,000		98,546
Rowan Cos., Inc. 5.000% 9/01/17		40,000		39,699
Southwestern Energy Co. 4.050% 1/23/20		85,000		61,625
Southwestern Energy Co. 4.950% 1/23/25		50,000		31,500
Transocean, Inc. STEP 5.800% 12/15/16		40,000		38,800
Transocean, Inc. 6.000% 3/15/18		96,000		85,440

	Principal Amount		Value
Whiting Petroleum Corp., Convertible (b) 1.250% 4/01/20	$	75,000	$	51,000
WPX Energy, Inc. 7.500% 8/01/20		185,000		149,850
				1,465,309
Oil & Gas Services — 0.7%
Halliburton Co. 3.375% 11/15/22		50,000		49,207
Halliburton Co. 4.850% 11/15/35		85,000		83,501
Hornbeck Offshore Services, Inc., Convertible 1.500% 9/01/19		95,000		53,794
Schlumberger Holdings Corp. (b) 3.000% 12/21/20		140,000		138,191
Schlumberger Holdings Corp. (b) 4.000% 12/21/25		125,000		123,347
SEACOR Holdings, Inc., Convertible 3.000% 11/15/28		32,000		25,360
SESI LLC 6.375% 5/01/19		25,000		23,203
Superior Energy Services, Inc. 7.125% 12/15/21		187,000		166,430
Weatherford International Ltd. 4.500% 4/15/22		25,000		18,000
Weatherford International Ltd. 5.125% 9/15/20		138,000		111,780
Weatherford International Ltd. 5.950% 4/15/42		45,000		31,613
				824,426
Packaging & Containers — 0.1%
Brambles USA Inc., Series A (b) 5.350% 4/01/20		15,000		16,356
Brambles USA, Inc. (b) 4.125% 10/23/25		40,000		40,222
				56,578
Pharmaceuticals — 0.6%
AbbVie, Inc. 3.600% 5/14/25		100,000		98,694
Actavis Funding SCS 3.000% 3/12/20		75,000		74,940
Actavis Funding SCS 3.800% 3/15/25		105,000		104,464
Actavis Funding SCS 4.750% 3/15/45		45,000		43,877
Baxalta, Inc. (b) 3.600% 6/23/22		25,000		24,993
Baxalta, Inc. (b) 4.000% 6/23/25		70,000		69,272
Baxalta, Inc. (b) 5.250% 6/23/45		35,000		35,118

The accompanying notes are an integral part of the portfolio of investments.

92

MassMutual Premier Balanced Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Cardinal Health, Inc. 3.750% 9/15/25	$	105,000	$	106,597
McKesson Corp. 2.284% 3/15/19		20,000		19,921
McKesson Corp. 3.796% 3/15/24		15,000		15,078
McKesson Corp. 4.750% 3/01/21		30,000		32,405
McKesson Corp. 4.883% 3/15/44		10,000		9,995
McKesson Corp. 6.000% 3/01/41		30,000		34,537
Merck Sharp & Dohme Corp. 5.850% 6/30/39		10,000		12,091
Pfizer, Inc. 7.200% 3/15/39		35,000		48,201
				730,183
Pipelines — 1.0%
Boardwalk Pipelines LLC 5.500% 2/01/17		40,000		40,529
Boardwalk Pipelines LP 5.875% 11/15/16		95,000		95,921
CenterPoint Energy Resources Corp. 4.500% 1/15/21		25,000		26,241
CenterPoint Energy Resources Corp. 5.850% 1/15/41		20,000		22,091
Energy Transfer Partners LP 3 mo. USD LIBOR + 3.018%, FRN 3.346% 11/01/66		50,000		31,500
Energy Transfer Partners LP 4.050% 3/15/25		105,000		86,232
Energy Transfer Partners LP 4.150% 10/01/20		45,000		41,512
Energy Transfer Partners LP 4.900% 3/15/35		60,000		43,627
Enterprise Products Operating Co. 3.700% 2/15/26		85,000		76,245
Enterprise Products Operating LLC 3.200% 2/01/16		25,000		25,008
Kinder Morgan Energy Partners LP 6.000% 2/01/17		25,000		25,292
Kinder Morgan Energy Partners LP 6.500% 2/01/37		25,000		21,476
Kinder Morgan Energy Partners LP 6.950% 1/15/38		5,000		4,295
Kinder Morgan Finance Co. LLC (b) 6.000% 1/15/18		35,000		35,289
Kinder Morgan, Inc. 4.300% 6/01/25		105,000		90,721
Magellan Midstream Partners LP 5.150% 10/15/43		110,000		94,323
MPLX LP (b) 4.500% 7/15/23		80,000		71,576

	Principal Amount		Value
MPLX LP (b) 4.875% 12/01/24	$	135,000	$	121,163
Phillips 66 Partners LP 3.605% 2/15/25		2,000		1,721
Southern Natural Gas Co. LLC STEP (b) 5.900% 4/01/17		55,000		55,927
Williams Partners LP 5.250% 3/15/20		75,000		69,656
Williams Partners LP/ACMP Finance Corp. 4.875% 5/15/23		145,000		117,546
				1,197,891
Real Estate — 0.0%
Prologis LP 3.750% 11/01/25		30,000		29,759
Real Estate Investment Trusts (REITS) — 0.5%
American Tower Corp. 3.400% 2/15/19		40,000		41,032
American Tower Corp. 3.450% 9/15/21		100,000		100,490
American Tower Corp. 4.500% 1/15/18		60,000		62,574
Boston Properties LP 3.700% 11/15/18		20,000		20,718
Boston Properties LP 4.125% 5/15/21		30,000		31,422
Brandywine Operating Partners LP 4.950% 4/15/18		40,000		41,863
DDR Corp. 4.750% 4/15/18		15,000		15,691
Duke Realty LP 8.250% 8/15/19		50,000		59,145
ERP Operating LP 4.625% 12/15/21		15,000		16,279
Federal Realty Investment Trust 5.900% 4/01/20		10,000		11,293
HCP, Inc. 2.625% 2/01/20		35,000		34,460
Host Hotels & Resorts LP 4.000% 6/15/25		25,000		23,965
ProLogis LP 2.750% 2/15/19		15,000		15,157
Vereit Operating Partnership LP 2.000% 2/06/17		55,000		54,450
Vereit Operating Partnership LP 3.000% 2/06/19		25,000		24,050
				552,589
Retail — 0.5%
Bed Bath & Beyond, Inc. 5.165% 8/01/44		35,000		29,646
CVS Health Corp. 6.125% 9/15/39		10,000		11,677

The accompanying notes are an integral part of the portfolio of investments.

93

MassMutual Premier Balanced Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
CVS Pass-Through Trust (b) 5.926% 1/10/34	$	54,143	$	59,473
Dollar General Corp. 3.250% 4/15/23		140,000		133,326
GNC Holdings, Inc., Convertible (b) 1.500% 8/15/20		15,000		12,009
The Home Depot, Inc. 5.950% 4/01/41		30,000		37,332
O’Reilly Automotive, Inc. 3.850% 6/15/23		23,000		23,205
O’Reilly Automotive, Inc. 4.875% 1/14/21		40,000		43,269
QVC, Inc. 3.125% 4/01/19		35,000		34,544
QVC, Inc. 4.375% 3/15/23		25,000		23,729
QVC, Inc. 4.450% 2/15/25		45,000		41,735
QVC, Inc. 5.125% 7/02/22		10,000		9,968
Tiffany & Co. 4.900% 10/01/44		40,000		37,019
Wal-Mart Stores, Inc. 5.625% 4/15/41		40,000		47,582
Walgreens Boots Alliance, Inc. 2.700% 11/18/19		25,000		24,953
Walgreens Boots Alliance, Inc. 3.800% 11/18/24		45,000		43,658
				613,125
Savings & Loans — 0.1%
Glencore Funding LLC (b) 1.700% 5/27/16		33,000		32,670
Glencore Funding LLC (b) 2.500% 1/15/19		55,000		45,925
Glencore Funding LLC (b) 3.125% 4/29/19		30,000		25,050
				103,645
Semiconductors — 0.2%
Lam Research Corp. 3.800% 3/15/25		75,000		70,594
Microchip Technology, Inc., Convertible (b) 1.625% 2/15/25		78,000		77,513
Micron Technology, Inc., Convertible 3.000% 11/15/43		69,000		57,356
QUALCOMM, Inc. 3.450% 5/20/25		42,000		40,285
				245,748
Software — 0.1%
Broadridge Financial Solutions, Inc. 3.950% 9/01/20		25,000		25,911
CA, Inc. 2.875% 8/15/18		25,000		25,097

	Principal Amount		Value
CA, Inc. 5.375% 12/01/19	$	28,000	$	30,215
Citrix Systems, Inc., Convertible 0.500% 4/15/19		40,000		43,500
				124,723
Telecommunications — 0.5%
America Movil SAB de CV 5.000% 3/30/20		25,000		27,128
America Movil SAB de CV 6.125% 3/30/40		30,000		33,003
AT&T, Inc. 4.750% 5/15/46		65,000		59,514
British Telecom PLC STEP 9.625% 12/15/30		15,000		21,887
CenturyLink, Inc. 6.150% 9/15/19		30,000		30,600
CenturyLink, Inc. 7.600% 9/15/39		10,000		7,650
Cisco Systems, Inc. 5.500% 1/15/40		10,000		11,727
Deutsche Telekom International Finance BV STEP 8.750% 6/15/30		15,000		20,797
Embarq Corp. 7.082% 6/01/16		30,000		30,468
Rogers Communications, Inc. 7.500% 8/15/38		5,000		6,472
Sprint Communications, Inc. (b) 9.000% 11/15/18		95,000		99,988
Telefonica Emisiones SAU 5.462% 2/16/21		30,000		33,529
Verizon Communications, Inc. 2.625% 2/21/20		57,000		57,198
Verizon Communications, Inc. 4.862% 8/21/46		55,000		52,070
Verizon Communications, Inc. 5.012% 8/21/54		41,000		37,539
Verizon Communications, Inc. 6.550% 9/15/43		42,000		49,863
				579,433
Transportation — 0.2%
Asciano Finance (b) 4.625% 9/23/20		20,000		20,188
Asciano Finance (b) 5.000% 4/07/18		55,000		56,627
Canadian National Railway Co. 6.375% 11/15/37		20,000		25,954
Norfolk Southern Corp. 6.000% 5/23/2111		20,000		20,928
Ryder System, Inc. 2.550% 6/01/19		15,000		14,909

The accompanying notes are an integral part of the portfolio of investments.

94

MassMutual Premier Balanced Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Ryder System, Inc. 2.650% 3/02/20	$	40,000	$	39,350
Union Pacific Corp. 4.000% 2/01/21		25,000		26,717
				204,673
Trucking & Leasing — 0.1%
GATX Corp. 2.375% 7/30/18		30,000		29,783
GATX Corp. 4.750% 6/15/22		30,000		31,483
Penske Truck Leasing Co. LP/PTL Finance Corp. (b) 2.500% 6/15/19		65,000		63,939
				125,205
TOTAL CORPORATE DEBT (Cost $18,672,493)				18,117,174
MUNICIPAL OBLIGATIONS — 0.6%
JobsOhio Beverage System Series B 4.532% 1/01/35		150,000		159,543
San Diego County Regional Airport Authority 5.594% 7/01/43		200,000		216,294
State of California 5.950% 4/01/16		35,000		35,467
State of California BAB 7.550% 4/01/39		25,000		36,313
State of California BAB 7.600% 11/01/40		85,000		126,161
State of Illinois 5.365% 3/01/17		100,000		103,713
				677,491
TOTAL MUNICIPAL OBLIGATIONS (Cost $648,840)				677,491
NON-U.S. GOVERNMENT AGENCY OBLIGATIONS — 7.6%
Auto Floor Plan ABS — 0.0%
NCF Dealer Floorplan Master Trust, Series 2014-1A, Class A, 1 mo. LIBOR + 1.500%, FRN (b) 1.902% 10/20/20		50,000		50,000
Automobile ABS — 0.2%
Capital Automotive REIT, Series 2011-1A, Class A (b) 5.610% 11/15/39		94,719		100,543
CPS Auto Trust, Series 2012-D, Class A (b) 1.480% 3/16/20		21,706		21,716

	Principal Amount		Value
Flagship Credit Auto Trust, Series 2013-1, Class A (b) 1.320% 4/16/18	$	5,163	$	5,163
Flagship Credit Auto Trust, Series 2013-2, Class A (b) 1.940% 1/15/19		17,130		17,151
GLS Auto Receivables Trust, Series 2015-1A, Class A (b) 2.250% 12/15/20		40,126		40,044
GO Financial Auto Securitization Trust, Series 2015-1, Class A (b) 1.810% 3/15/18		22,623		22,586
				207,203
Commercial MBS — 1.8%
Banc of America Commercial Mortgage, Inc., Series 2007-4, Class A4, VRN 5.742% 2/10/51		51,532		53,774
Banc of America Commercial Mortgage, Inc., Series 2007-4, Class AM, VRN 5.809% 2/10/51		45,000		46,802
Banc of America Commercial Mortgage, Inc., Series 2008-1, Class A4, VRN 6.215% 2/10/51		59,254		62,672
Banc of America Commercial Mortgage, Inc., Series 2008-1, Class AM, VRN 6.258% 2/10/51		50,000		53,068
Bear Stearns Commercial Mortgage Securities, Series 2006-PW14, Class A4 5.201% 12/11/38		71,252		72,574
Bear Stearns Commercial Mortgage Securities, Series 2006-PW14, Class AM 5.243% 12/11/38		50,000		51,340
Bear Stearns Commercial Mortgage Securities, Series 2007-T26, Class AM, VRN 5.513% 1/12/45		105,000		108,298
Bear Stearns Commercial Mortgage Securities, Series 2007-PW17, Class A4, VRN 5.694% 6/11/50		38,808		40,347
Bear Stearns Commercial Mortgage Securities, Series 2007-PW17, Class AM, VRN 5.882% 6/11/50		120,000		125,297
Commercial Mortgage Pass Through Certificates, Series 2013-GAM, Class A1 (b) 1.705% 2/10/28		95,658		93,829
Commercial Mortgage Pass Through Certificates, Series 2012-CR4, Class B (b) 3.703% 10/15/45		35,000		35,267

The accompanying notes are an integral part of the portfolio of investments.

95

MassMutual Premier Balanced Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Commercial Mortgage Pass Through Certificates, Series 2015-CR23, Class C, VRN 4.257% 5/10/48	$	35,000	$	31,446
Commercial Mortgage Pass Through Certificates, Series 2007-C9, Class AM, VRN 5.650% 12/10/49		50,000		51,987
DBCCRE Mortgage Trust, Series 2014-ARCP, Class A (b) 4.238% 1/10/34		100,000		104,641
DBRR Trust, Series 2013-EZ3, Class A, VRN (b) 1.636% 12/18/49		49,327		49,179
GCCFC Commercial Mortgage Trust, Series 2006-GG7, Class AM, VRN 5.826% 7/10/38		100,000		101,193
JP Morgan Chase Commercial Mortgage Securities Corp., Series 2006-CB17, Class A4 5.429% 12/12/43		95,290		96,767
JP Morgan Chase Commercial Mortgage Securities Corp., Series 2007-CB18, Class AM, VRN 5.466% 6/12/47		65,000		66,790
ML-CFC Commercial Mortgage Trust, Series 2007-9, Class AM, VRN 5.856% 9/12/49		60,000		62,566
Morgan Stanley Capital I, Series 2011-C2, Class B, VRN (b) 5.200% 6/15/44		100,000		107,209
Morgan Stanley Capital I, Series 2006-IQ12, Class AM 5.370% 12/15/43		40,000		40,898
Morgan Stanley Capital I, Series 2007-HQ11, Class AM, VRN 5.478% 2/12/44		60,000		61,779
Morgan Stanley Capital I, Series 2006-HQ8, Class AM, VRN 5.480% 3/12/44		43,115		43,081
Morgan Stanley Capital I, Series 2007-IQ14, Class A2 5.610% 4/15/49		28,199		28,172
Morgan Stanley Capital I, Series 2008-T29, Class A4, VRN 6.268% 1/11/43		30,930		32,999
STRIPs Ltd., Series 2012-1A, Class A (b) 1.500% 12/25/44		16,928		16,606
TIAA Seasoned Commercial Mortgage Trust, Series 2007-C4, Class AJ, VRN 5.510% 8/15/39		24,421		24,420

	Principal Amount		Value
Wachovia Bank Commercial Mortgage Trust, Series 2006-C29, Class AM 5.339% 11/15/48	$	70,000	$	71,605
Wachovia Bank Commercial Mortgage Trust, Series 2007-C31, Class A4 5.509% 4/15/47		150,000		152,477
Wachovia Bank Commercial Mortgage Trust, Series 2007-C33, Class A4, VRN 5.952% 2/15/51		32,937		33,983
Wachovia Bank Commercial Mortgage Trust, Series 2007-C33, Class AM, VRN 5.952% 2/15/51		50,000		52,180
Wells Fargo Commercial Mortgage Trust, Series 2010-C1, Class A1 (b) 3.349% 11/15/43		38,181		39,241
WF-RBS Commercial Mortgage Trust, Series 2011-C2, Class A2 (b) 3.791% 2/15/44		42,351		42,322
WF-RBS Commercial Mortgage Trust, Series 2012-C8, Class B 4.311% 8/15/45		40,000		41,245
WF-RBS Commercial Mortgage Trust, Series 2011-C3, Class B (b) 4.740% 3/15/44		50,000		52,770
				2,148,824
Home Equity ABS — 0.4%
ACE Securities Corp., Series 2005-AG1, Class A1B1, 1 mo. USD LIBOR + .270%, FRN 0.491% 8/25/35		34,839		34,765
ACE Securities Corp., Series 2005-HE7, Class A2D, 1 mo. USD LIBOR + .660%, FRN 0.881% 11/25/35		23,021		22,990
Asset-Backed Funding Certificates, Series 2005-WMC1, Class M1, 1 mo. USD LIBOR + .660%, FRN 0.881% 6/25/35		4,006		4,003
Bayview Financial Mortgage Pass-Through Trust, Series 2005-B, Class M1, 1 mo. LIBOR + .450%, FRN 0.643% 4/28/39		16,760		16,731
Citigroup Mortgage Loan Trust, Series 2005-OPT4, Class M2, 1 mo. USD LIBOR + .430%, FRN 0.651% 7/25/35		11,925		11,702
Countrywide Asset-Backed Certificates, Series 2005-3, Class MV2, 1 mo. USD LIBOR + .450%, FRN 0.872% 8/25/35		4,951		4,946

The accompanying notes are an integral part of the portfolio of investments.

96

MassMutual Premier Balanced Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Countrywide Asset-Backed Certificates, Series 2004-5, Class 3A, 1 mo. USD LIBOR + .460%, FRN 0.882% 9/25/34	$	8,868	$	8,765
First Franklin Mortgage Loan Trust, Series 2005-FF6, Class M1, 1 mo. USD LIBOR + .420%, FRN 0.641% 5/25/36		30,149		29,928
GSAMP Trust, Series 2005-AHL, Class M1, 1 mo. USD LIBOR + .430%, FRN 0.852% 4/25/35		14,872		14,876
Home Equity Asset Trust, Series 2006-4, Class 2A3, 1 mo. USD LIBOR + .170%, FRN 0.592% 8/25/36		11,900		11,883
JP Morgan Mortgage Acquisition Corp., Series 2005-FLD1, Class M2, 1 mo. USD LIBOR + .735%, FRN 0.956% 7/25/35		211		211
Long Beach Mortgage Loan Trust, Series 2005-WL1, Class M2, 1 mo. USD LIBOR + .825%, FRN 1.247% 6/25/35		54,758		54,100
MASTR Asset-Backed Securities Trust, Series 2005-WMC1, Class M3, 1 mo. USD LIBOR + .720%, FRN 1.142% 3/25/35		75,000		74,803
Morgan Stanley Capital, Inc., Series 2005-WMC6, Class M2, 1 mo. USD LIBOR + .750%, FRN 0.971% 7/25/35		19,223		19,345
Morgan Stanley Home Equity Loan Trust, Series 2005-3, Class M1, 1 mo. USD LIBOR + .450%, FRN 0.872% 8/25/35		11,672		11,680
NovaStar Mortgage Funding Trust, Series 2005-3, Class A2D, 1 mo. LIBOR + .370%, FRN 0.792% 1/25/36		62,493		62,549
Park Place Securities, Inc., Series 2005-WCW3, Class A2C, 1 mo. USD LIBOR + .380%, FRN 0.601% 8/25/35		10,071		10,053
Park Place Securities, Inc., Series 2005-WHQ1, Class M2, 1 mo. USD LIBOR + .750%, FRN 0.971% 3/25/35		10,265		10,263
Security National Mortgage Loan Trust, Series 2006-3A, Class A1, 1 mo. LIBOR + .280%, FRN (b) 0.501% 1/25/37		14,574		14,569

	Principal Amount		Value
Structured Asset Investment Loan Trust, Series 2005-7, Class A5, 1 mo. USD LIBOR + .720%, FRN 1.142% 8/25/35	$	7,089	$	7,095
				425,257
Other ABS — 3.8%
321 Henderson Receivables I LLC, Series 2015-1A, Class A (b) 3.260% 9/15/72		48,697		47,127
ALM XIV Ltd., Series 2014-14A, Class A1, 3 mo. USD LIBOR + 1.430%, FRN (b) 1.753% 7/28/26		250,000		247,339
Alterna Funding I LLC, Series 2014-1A, Class NOTE (b) 1.639% 2/15/21		53,067		52,760
Applebee’s/IHOP Funding LLC, Series 2014-1, Class A2 (b) 4.277% 9/05/44		90,000		91,138
Arbys Funding LLC, Series 2015-1A, Class A2 (b) 4.969% 10/30/45		70,000		69,993
Avery Point VI CLO Ltd., Series 2015-6A, Class A, 3 mo. USD LIBOR + 1.450%, FRN (b) 1.784% 8/05/27		250,000		247,545
BCC Funding VIII LLC, Series 2014-1A, Class A (b) 1.794% 6/20/20		30,621		30,506
BlueVirgo Trust, Series 2015-1A, Class NOTE (b) 3.000% 12/15/22		119,789		119,019
Cazenovia Creek Funding I LLC, Series 2015-1A, Class A (b) 2.000% 12/10/23		84,693		84,772
Citi Held For Asset Issuance, Series 2015-PM1, Class A (b) 1.850% 12/15/21		67,264		67,131
Citigroup Mortgage Loan Trust, Series 2006-SHL1, Class A1, 1 mo. USD LIBOR + .200%, FRN (b) 0.396% 11/25/45		40,162		40,004
CKE Restaurant Holdings, Inc., Series 2013-1A, Class A2 (b) 4.474% 3/20/43		47,938		47,938
CLI Funding V LLC, Series 2014-1A, Class A (b) 3.290% 6/18/29		84,248		81,468
DB Master Finance LLC, Series 2015-1A, Class A2I (b) 3.262% 2/20/45		59,550		59,967

The accompanying notes are an integral part of the portfolio of investments.

97

MassMutual Premier Balanced Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Diamond Resorts Owner Trust, Series 2014-1, Class A (b) 2.540% 5/20/27	$	53,945	$	54,249
Domino’s Pizza Master Issuer LLC, Series 2015-1A, Class A2I (b) 3.484% 10/25/45		100,000		98,000
Domino’s Pizza Master Issuer LLC, Series 2015-1A, Class A2II (b) 4.474% 10/25/45		110,000		109,519
Domino’s Pizza Master Issuer LLC, Series 2012-1A, Class A2 (b) 5.216% 1/25/42		61,125		63,115
Dryden XXXI Senior Loan Fund, Series 2014-31A, Class A, 3 mo. USD LIBOR + 1.350%, FRN (b) 1.667% 4/18/26		250,000		247,356
Eaton Vance CLO, Series 2014-1A, Class A, 3 mo. USD LIBOR + 1.450%, FRN (b) 1.771% 7/15/26		250,000		247,823
Element Rail Leasing II LLC, Series 2015-1A, Class A1 (b) 2.707% 2/19/45		88,595		87,604
Fairway Outdoor Funding LLC, Series 2012-1A, Class A2 (b) 4.212% 10/15/42		91,084		91,130
First Franklin Mortgage Loan Trust, Series 2005-FF7, Class M1, 1 mo. USD LIBOR + .450%, FRN 0.872% 7/25/35		25,070		25,043
First Franklin Mortgage Loan Trust, Series 2005-FF4, Class M1, 1 mo. USD LIBOR + .645%, FRN 1.067% 5/25/35		14,239		14,227
Fremont Home Loan Trust, Series 2005-E, Class 2A3, 1 mo. USD LIBOR + .240%, FRN 0.461% 1/25/36		13,802		13,307
GoldenTree Loan Opportunities VII Ltd., Series 2013-7A, Class A, 3 mo. USD LIBOR + 1.150%, FRN (b) 1.470% 4/25/25		250,000		244,795
Hilton Grand Vacations Trust, Series 2013-A, Class A (b) 2.280% 1/25/26		48,255		48,342
Icon Brand Holdings LLC, Series 2012-1A, Class A (b) 4.229% 1/25/43		40,291		40,405
Icon Brand Holdings LLC, Series 2013-1A, Class A (b) 4.352% 1/25/43		41,711		41,901
LCM Ltd., Series 16A, Class A, 3 mo. USD LIBOR + 1.500%, FRN (b) 1.821% 7/15/26		250,000		248,885

	Principal Amount		Value
Long Beach Mortgage Loan Trust, Series 2005-1, Class M2, 1 mo. USD LIBOR + .795%, FRN 1.217% 2/25/35	$	37,561	$	37,208
Madison Park Funding XII Ltd., Series 2014-12A, Class A, 3 mo. USD LIBOR + 1.500%, FRN (b) 1.817% 7/20/26		250,000		248,022
Miramax LLC, Series 2014-1A, Class A2 (b) 3.340% 7/20/26		77,480		76,923
Morgan Stanley ABS Capital I, Inc. Trust, Series 2005-WMC4, Class M4, 1 mo. USD LIBOR + .945%, FRN 1.367% 4/25/35		73,694		73,330
Nations Equipment Finance Funding II LLC, Series 2014-1A, Class A (b) 1.558% 7/20/18		35,935		35,911
New Residential Advance Receivables Trust, Series 2015-T3, Class AT3 (b) 2.540% 11/15/46		100,000		99,837
Oak Hill Credit Partners VIII Ltd., Series 2013-8A, Class A, 3 mo. USD LIBOR + 1.120%, FRN (b) 1.437% 4/20/25		200,000		196,002
Park Place Securities, Inc., Series 2005-WHQ4, Class A1A, 1 mo. USD LIBOR + .260%, FRN 0.481% 9/25/35		16,916		16,906
SBA Tower Trust, Series 2014-1A, Class C, STEP (b) 2.898% 10/15/44		99,759		97,485
Sierra Receivables Funding Co. LLC, Series 2012-1A, Class A (b) 2.840% 11/20/28		15,833		15,948
Sierra Receivables Funding Co. LLC, Series 2015-3A, Class B (b) 3.080% 9/20/32		91,772		91,771
Sierra Receivables Funding Co. LLC, Series 2011-1A, Class A (b) 3.350% 4/20/26		11,037		11,046
Sonic Capital LLC, Series 2011-1A, Class A2 (b) 5.438% 5/20/41		53,848		55,592
Specialty Underwriting & Residential Finance Trust, Series 2005-AB2, Class M1, 1 mo. USD LIBOR + .450%, FRN 0.671% 6/25/36		40,000		39,565
Store Master Funding I LLC, Series 2015-1A, Class A1 (b) 3.750% 4/20/45		99,667		98,881

The accompanying notes are an integral part of the portfolio of investments.

98

MassMutual Premier Balanced Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
TAL Advantage LLC, Series 2006-1A, 1 mo. LIBOR + .190%, FRN (b) 0.592% 4/20/21	$	13,333	$	13,326
Trip Rail Master Funding LLC, Series 2011-1A, Class A1A (b) 4.370% 7/15/41		48,753		51,070
Welk Resorts LLC, Series 2015-AA, Class A (b) 2.790% 6/16/31		43,578		43,454
Wendy’s Funding LLC, Series 2015-1A, Class A2I (b) 3.371% 6/15/45		119,700		117,426
Wendys Funding LLC, Series 2015-1A, Class A2II (b) 4.080% 6/15/45		49,875		50,031
Wendys Funding LLC, Series 2015-1A, Class A23 (b) 4.497% 6/15/45		74,813		74,041
				4,506,183
Student Loans ABS — 1.2%
Access Group, Inc., Series 2003-A, Class A3, 3 mo. Treasury + 1.200%, FRN 1.340% 7/01/38		26,160		23,594
Access Group, Inc., Series 2015-1, Class B, 1 mo. LIBOR + 1.500%, FRN (b) 1.721% 7/25/58		100,000		84,850
College Loan Corp. Trust, Series 2007-1, Class B2, 28 day ARS, FRN 1.918% 1/25/47		35,000		26,368
College Loan Corp. Trust I, Series 2002-1, Class A5, 28 day ARS, FRN (b) 1.076% 3/01/42		50,000		46,286
College Loan Corp. Trust I, Series 2002-2, Class A29, 28 day ARS, FRN (b) 1.566% 3/01/42		50,000		46,310
College Loan Corp. Trust I, Series 2003-1, Class A6, 28 day ARS, FRN (b) 1.685% 3/01/42		100,000		92,866
EdLinc Student Loan Funding Trust, Series 2012-1, Class B, 1 mo. LIBOR + 4.240%, FRN (b) 4.662% 11/26/40		65,000		73,641
Education Funding Capital Trust I, Series 2004-1, Class A4, 28 day ARS, FRN 1.697% 6/15/43		50,000		47,513
Education Funding Capital Trust I, Series 2004-1, Class B1, 28 day ARS, FRN 1.846% 6/15/43		50,000		45,401

	Principal Amount		Value
Education Funding Capital Trust I, Series 2004-1, Class A6, 28 day ARS, FRN 1.908% 6/15/43	$	50,000	$	49,010
Education Loan Asset-Backed Trust I, Series 2003-2, Class 2A1, 28 day ARS, FRN (b) 0.017% 8/01/43		50,000		46,863
Goal Capital Funding Trust, Series 2007-1, Class C1, 3 mo. LIBOR + .400%, FRN 1.003% 6/25/42		13,030		13,029
Kentucky Higher Education Student Loan Corp., Series 2015-1, Class A1, 1 mo. LIBOR + .750%, FRN 0.938% 12/01/31		89,298		86,680
KeyCorp Student Loan Trust, Series 2004-A, Class 2A2, 3 mo. LIBOR + .300%, FRN 0.623% 10/28/41		33,404		33,262
National Collegiate Student Loan Trust, Series 2007-1, Class A2, 1 mo. LIBOR + .130%, FRN 0.552% 11/27/28		36,720		36,537
National Collegiate Student Loan Trust, Series 2006-3, Class A3, 1 mo. LIBOR + .150%, FRN 0.572% 10/25/27		65,742		65,292
National Collegiate Student Loan Trust, Series 2005-1, Class A4, 1 mo. LIBOR + .240%, FRN 0.662% 11/27/28		36,397		35,894
Navient Student Loan Trust, Series 2014-1, Class A4, 1 mo. LIBOR + .750%, FRN 0.971% 2/25/39		100,000		91,865
Navient Student Loan Trust, Series 2015-3, Class B, 1 mo. LIBOR + 1.500%, FRN 1.721% 10/25/58		40,000		33,085
Securitized Asset Backed Receivables LLC, Series 2005-HE1, Class A3C, ABS, FRN, 1 mo. USD LIBOR + .660%, FRN 0.881% 10/25/35		37,274		37,188
SLC Private Student Loan Trust, Series 2006-A, Class C, 3 mo. LIBOR + .450%, FRN 0.771% 7/15/36		100,000		88,565
SLM Student Loan Trust, Series 2006-10, Class B, 3 mo. LIBOR + .220%, FRN 0.540% 3/25/44		79,598		64,956
SLM Student Loan Trust, Series 2003-5, Class A7, 28 day ARS, FRN 2.760% 6/17/30		50,000		50,000

The accompanying notes are an integral part of the portfolio of investments.

99

MassMutual Premier Balanced Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
SLM Student Loan Trust, Series 2003-5, Class A9, 28 day ARS, FRN 2.900% 6/17/30	$	50,000	$	50,000
South Carolina Student Loan Corp., Series 2010-1, Class A3, 3 mo. LIBOR + 1.050%, FRN 1.370% 10/27/36		100,000		98,743
				1,367,798
WL Collateral CMO — 0.2%
Connecticut Avenue Securities, Series 2015-C03, Class 1M1, 1 mo. USD LIBOR + 1.500%, FRN 1.721% 7/25/25		126,285		126,074
Countrywide Home Loans, Inc., Series 2004-2, Class 1A1, FRN 2.616% 2/25/34		5,734		5,368
Countrywide Home Loans, Inc., Series 2003-42, Class 1A1, FRN 3.028% 9/25/33		2,062		1,882
GSR Mortgage Loan Trust, Series 2004-9, Class 2A1, FRN 2.764% 8/25/34		4,460		4,166
IndyMac Index Mortgage Loan Trust, Series 2004-AR4, Class 1A, FRN 2.496% 8/25/34		19,475		16,027
Merrill Lynch Mortgage Investors, Inc., Series 2005-A8, Class A3A2, 1 mo. USD LIBOR + .250%, FRN 0.471% 8/25/36		7,522		7,371
Merrill Lynch Mortgage Investors, Inc., Series 2003-A4, Class IA, FRN 2.905% 7/25/33		1,393		1,350
Merrill Lynch Mortgage Investors, Inc., Series 2004-A1, Class IA, FRN 3.011% 2/25/34		2,660		2,544
Morgan Stanley Mortgage Loan Trust, Series 2004-2AR, Class 1A, FRN 2.374% 2/25/34		74		75
Structured Adjustable Rate Mortgage Loan Trust, Series 2004-2, Class 2A, FRN 2.556% 3/25/34		12,222		12,176
WaMu Mortgage Pass-Through Certificates, Series 2004-AR2, Class A, 12 mo. MTA + 1.400%, FRN 1.643% 4/25/44		26,427		25,567
				202,600
WL Collateral PAC — 0.0%
Structured Asset Securities Corp., Series 2007-BC4, Class A3, 1 mo. USD LIBOR + .250%, FRN 0.672% 11/25/37		11,093		11,079

	Principal Amount		Value
Structured Asset Securities Corp., Series 2002-11A, Class 2A1, FRN 2.885% 6/25/32	$	7,232	$	6,834
				17,913
TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $9,016,399)				8,925,778
SOVEREIGN DEBT OBLIGATIONS — 0.4%
Colombia Government International Bond 6.125% 1/18/41		100,000		96,500
Colombia Government International Bond 7.375% 3/18/19		40,000		44,860
Export-Import Bank of Korea 1.750% 2/27/18		10,000		9,900
Peruvian Government International Bond 6.550% 3/14/37		20,000		23,100
Poland Government International Bond 6.375% 7/15/19		50,000		57,125
Province of Quebec Canada 7.500% 9/15/29		20,000		28,765
Republic of Turkey International Bond 4.875% 4/16/43		19,000		16,720
United Mexican States 4.750% 3/08/44		91,000		82,901
United Mexican States 5.125% 1/15/20		35,000		38,150
United Mexican States 6.750% 9/27/34		35,000		42,000
				440,021
TOTAL SOVEREIGN DEBT OBLIGATIONS (Cost $449,274)				440,021
U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES — 8.9%
Collateralized Mortgage Obligations — 0.8%
Federal Home Loan Mortgage Corp. Series 4303, Class AP 3.000% 8/15/43		184,992		191,692
Series 4290, Class CA 3.500% 12/15/38		104,786		108,777
Series 2617, Class Z 5.500% 5/15/33		86,064		96,395
Series 2693, Class Z 5.500% 10/15/33		151,016		166,792
Series 3423, Class PB 5.500% 3/15/38		30,000		33,576
Federal National Mortgage Association Series 2014-7, Class VA 3.500% 5/25/25		59,873		62,863

The accompanying notes are an integral part of the portfolio of investments.

100

MassMutual Premier Balanced Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Series 2014-48, Class AB 4.000% 10/25/40	$	145,629	$	153,128
Series 2007-32, Class Z 5.500% 4/25/37		51,449		56,919
Series 2010-60, Class HJ 5.500% 5/25/40		29,819		32,623
Federal National Mortgage Association REMIC Series 2007-B2, Class ZA 5.500% 6/25/37		44,608		49,017
U.S. Department of Veteran Affairs Series 1992-1, Class 2Z 7.750% 5/15/22		36,197		40,348
				992,130
Pass-Through Securities — 8.1%
Federal Home Loan Mortgage Corp. Pool #Q37467 3.500% 11/01/45		249,621		257,412
Pool #Q37468 3.500% 11/01/45		174,736		180,408
Pool #G05253 5.000% 2/01/39		15,066		16,491
Pool #E85389 6.000% 9/01/16		1,287		1,306
Pool #G11431 6.000% 2/01/18		611		627
Pool #E85015 6.500% 8/01/16		382		388
Pool #G00729 8.000% 6/01/27		18,913		22,397
Pool #554904 9.000% 3/01/17		32		33
Federal Home Loan Mortgage Corp. TBA Pool #648 3.500% 6/01/43 (c)		225,000		231,592
Pool #4200 4.000% 4/01/42 (c)		650,000		686,563
Federal National Mortgage Association Pool #725692, 1 year CMT + 2.146%, FRN 2.398% 10/01/33		18,969		20,021
Pool #888586, 1 year CMT + 2.213%, FRN 2.481% 10/01/34		32,245		34,117
Pool #890564 3.000% 6/01/43		158,125		158,662
Pool #AB8527 3.500% 3/01/43		92,997		96,016
Pool #AR8708 3.500% 4/01/43		47,546		49,090
Pool #AT4050 3.500% 5/01/43		58,804		60,713
Pool #MA1463 3.500% 6/01/43		158,402		163,544

	Principal Amount		Value
Pool #AS6187 3.500% 11/01/45	$	547,694	$	565,815
Pool #AS6293 3.500% 12/01/45		169,379		174,983
Pool #AS6306 3.500% 12/01/45		179,686		185,856
Pool #AB6261 4.000% 9/01/42		391,298		415,310
Pool #564594 7.000% 1/01/31		7,798		9,031
Pool #253795 7.000% 5/01/31		6,920		8,076
Pool #507061 7.500% 10/01/29		804		944
Pool #527761 7.500% 2/01/30		1,708		1,943
Pool #531196 7.500% 2/01/30		938		1,109
Pool #534119 7.500% 3/01/30		243		287
Pool #534420 7.500% 3/01/30		657		777
Pool #253183 7.500% 4/01/30		2,740		3,230
Pool #253265 7.500% 5/01/30		1,950		2,282
Pool #535248 8.000% 4/01/30		180		214
Pool #539460 8.000% 5/01/30		1,218		1,467
Pool #190317 8.000% 8/01/31		2,070		2,478
Federal National Mortgage Association TBA Pool #3348 2.500% 3/01/28 (c)		600,000		604,781
Pool #1048 2.500% 7/01/42 (c)		825,000		796,802
Pool #4241 3.000% 12/01/42 (c)		1,209,000		1,208,717
Pool #9174 4.000% 9/01/42 (c)		25,000		26,449
Government National Mortgage Association Pool #783896 3.500% 5/15/44		223,348		233,634
Pool #784026 3.500% 12/20/44		59,435		62,207
Pool #351528 7.000% 8/15/23		3,309		3,506
Pool #352049 7.000% 10/15/23		989		1,118
Pool #588012 7.000% 7/15/32		3,344		3,938

The accompanying notes are an integral part of the portfolio of investments.

101

MassMutual Premier Balanced Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Pool #591581 7.000% 8/15/32	$	2,068	$	2,438
Pool #189371 7.500% 6/15/17		384		392
Government National Mortgage Association II Pool #82488, 1 year CMT + 1.500%, FRN 1.750% 3/20/40		30,708		31,805
Pool #82462, 1 year CMT + 1.500%, FRN 2.500% 1/20/40		26,998		27,935
Government National Mortgage Association II TBA Pool #188 3.000% 8/01/43 (c)		575,000		582,502
Pool #207 3.500% 12/01/43 (c)		550,000		573,375
Pool #872 4.500% 3/01/41 (c)		1,825,000		1,960,734
				9,473,515
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (Cost $10,482,493)				10,465,645
U.S. TREASURY OBLIGATIONS — 0.1%
U.S. Treasury Bonds & Notes — 0.1%
U.S. Treasury Bond 3.000% 11/15/44		45,000		44,872
U.S. Treasury Note (d) 0.625% 5/31/17		120,000		119,466
				164,338
TOTAL U.S. TREASURY OBLIGATIONS (Cost $164,887)				164,338
TOTAL BONDS & NOTES (Cost $39,434,386)				38,790,447
	Number of Shares
MUTUAL FUNDS — 9.4%
Diversified Financial — 9.4%
iShares China Large-Cap ETF		2,600		91,754
iShares MSCI Australia Index Fund		2,100		39,816
iShares MSCI EAFE Index Fund		73,430		4,314,012
iShares MSCI France Index Fund		9,200		222,732
iShares MSCI Germany Index Fund		8,700		227,853
iShares MSCI Hong Kong Index Fund		3,500		69,370
iShares MSCI Italy Capped Index Fund		4,200		57,708

	Number of Shares		Value
iShares MSCI Japan Index Fund		36,200	$	438,744
iShares MSCI Netherlands ETF		2,600		61,984
iShares MSCI Singapore ETF		200		2,056
iShares MSCI South Korea Capped Index Fund		900		44,703
iShares MSCI Spain Index Fund		3,600		101,772
iShares MSCI Sweden Index Fund		2,300		67,114
iShares MSCI Switzerland Capped Index Fund		7,200		223,488
iShares MSCI Taiwan Index Fund		4,400		56,188
iShares MSCI United Kingdom ETF		23,800		384,132
Vanguard FTSE Developed Markets ETF		74,840		2,748,125
Vanguard MSCI Emerging Markets ETF		55,800		1,825,218
				10,976,769
TOTAL MUTUAL FUNDS (Cost $11,656,743)				10,976,769
	Notional Amount
PURCHASED OPTIONS — 0.0%
Financial — 0.0%
Diversified Financial — 0.0%
5 Year CDX.NA.IG 25 Swaption, Put, Expires 3/16/16, Strike 120.00 (OTC — JP Morgan Chase Bank); Underlying swap terminates 1/14/16	$	3,850,000		4,512
5 Year CDX.NA.IG 25 Swaption, Put, Expires 3/16/16, Strike 120.00 (OTC — JP Morgan Chase Bank); Underlying swap terminates 1/15/16		7,650,000		8,966
5 Year CDX.NA.IG 25 Swaption, Put, Expires 3/16/16, Strike 120.00 (OTC — JP Morgan Chase Bank); Underlying swap terminates 1/14/16		1,400,000		1,641
				15,119
TOTAL PURCHASED OPTIONS (Cost $26,670)				15,119
	Number of Shares
RIGHTS — 0.0%
Consumer, Cyclical — 0.0%
Auto Manufacturers — 0.0%
Safeway Casa Ley Contingent Value (a) (e)		3,821		3,859
Safeway PDC LLC Contingent Value (a) (e)		3,821		191
				4,050

The accompanying notes are an integral part of the portfolio of investments.

102

MassMutual Premier Balanced Fund – Portfolio of Investments (Continued)

			Value
TOTAL RIGHTS (Cost $4,050)			$	4,050
TOTAL LONG-TERM INVESTMENTS (Cost $117,310,241)				116,489,342
	Principal Amount
SHORT-TERM INVESTMENTS — 5.9%
Commercial Paper — 5.7%
AutoZone, Inc. (b) 0.820% 1/25/16	$	653,000		652,786
Commonwealth Edison Co. (b) 0.800% 1/05/16		530,000		529,972
COX Enterprises, Inc. (b) 0.900% 2/01/16		527,000		526,775
FMC Technologies, Inc. (b) 0.750% 1/06/16		786,000		785,948
Holcim US Finance SARL & Cie (b) 0.700% 1/12/16		722,000		721,896
Hyundai Capital America (b) 0.630% 2/02/16		250,000		249,890
Hyundai Capital America (b) 0.850% 1/25/16		477,000		476,843
Magellan Midstream Partners LP (b) 0.780% 1/04/16		630,000		629,973
Spectra Energy Capital LLC (b) 0.870% 1/07/16		500,000		499,961
Vodafone Group PLC (b) 0.750% 3/21/16		419,000		418,490
Volvo Group Treasury National (b) 0.900% 1/11/16		745,000		744,903
Volvo Group Treasury National (b) 0.900% 1/13/16		500,000		499,921
				6,737,358
Repurchase Agreement — 0.2%
State Street Bank & Trust Co. Repurchase Agreement, dated 12/31/15, 0.010%, due 1/04/16 (f)		196,709		196,709
Time Deposit — 0.0%
Euro Time Deposit 0.010% 1/04/16		574		574
TOTAL SHORT-TERM INVESTMENTS (Cost $6,933,676)				6,934,641
TOTAL INVESTMENTS — 105.3% (Cost $124,243,917) (g)				123,423,983
Other Assets/(Liabilities) — (5.3)%				(6,251,245	)
NET ASSETS — 100.0%			$	117,172,738

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

ABS Asset-Backed Security

ARS Auction Rate Security

BAB Build America Bonds

CLO Collateralized Loan Obligation

CMO Collateralized Mortgage Obligation

CMT Constant Maturity Treasury Index

ETF Exchange-Traded Fund

FRN Floating Rate Note

MBS Mortgage-Backed Security

MTA Monthly Treasury Average Index

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 December 31, 2015, these securities amounted to a value of $15,441,038 or 13.18% of net assets.

(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) This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At December 31, 2015, these securities amounted to a value of $4,050 or 0.00% of net assets.

(f) Maturity value of $196,710. Collateralized by U.S. Government Agency obligations with a rate of 2.120%, maturity date of 11/07/22, and an aggregate market value, including accrued interest, of $200,914.

(g) See Note 3 for aggregate cost for federal tax purposes.

The accompanying notes are an integral part of the portfolio of investments.

103

MassMutual Barings Dynamic Allocation Fund – Consolidated Portfolio of Investments

December 31, 2015 (Unaudited)

	Principal Amount		Value
BONDS & NOTES — 15.7%
SOVEREIGN DEBT OBLIGATIONS — 10.4%
Australia Government Bond AUD (a) (b) 3.250% 4/21/25		814,000	$	613,576
Canadian Government Bond CAD (b) 2.250% 6/01/25		752,000		584,122
				1,197,698
TOTAL SOVEREIGN DEBT OBLIGATIONS (Cost $1,229,237)				1,197,698
U.S. TREASURY OBLIGATIONS — 5.3%
U.S. Treasury Bonds & Notes — 5.3%
U.S. Treasury Inflation Index 0.125% 1/15/23	$	635,351		609,167
TOTAL U.S. TREASURY OBLIGATIONS (Cost $618,538)				609,167
TOTAL BONDS & NOTES (Cost $1,847,775)				1,806,865
	Number of Shares
MUTUAL FUNDS — 74.1%
Diversified Financial — 74.1%
iShares Global Consumer Discretionary ETF		7,361		655,276
iShares Global Consumer Staples ETF		6,673		622,191
iShares International High Yield Bond ETF		14,318		635,290
iShares MSCI Eurozone ETF		16,848		590,354
iShares MSCI France Index Fund		28,415		687,927
iShares MSCI Italy Capped Index Fund		48,275		663,299
iShares MSCI Japan Index Fund		97,179		1,177,809
iShares US Regional Banks ETF		24,791		866,693
SPDR S&P 500 ETF Trust		2,721		554,785
Vanguard FTSE Europe ETF		23,128		1,153,625
Vanguard Global ex-U.S. Real Estate ETF		14,695		750,914
Vanguard Information Technology ETF		1,983		214,739
				8,572,902
TOTAL MUTUAL FUNDS (Cost $8,852,917)				8,572,902

			Value
TOTAL LONG-TERM INVESTMENTS (Cost $10,700,692)			$	10,379,767
	Principal Amount
SHORT-TERM INVESTMENTS — 9.1%
Repurchase Agreement — 8.2%
State Street Bank & Trust Co. Repurchase Agreement, dated 12/31/15, 0.010%, due 1/04/16 (c)	$	952,745		952,745
Time Deposit — 0.9%
Euro Time Deposit (d) 0.010% 1/04/16		110,265		110,265
TOTAL SHORT-TERM INVESTMENTS (Cost $1,063,010)				1,063,010
TOTAL INVESTMENTS — 98.9% (Cost $11,763,702) (e)				11,442,777
Other Assets/(Liabilities) — 1.1%				125,512
NET ASSETS — 100.0%			$	11,568,289

Notes to Consolidated Portfolio of Investments

Percentages are stated as a percent of net assets.

AUD Australian Dollar

CAD Canadian Dollar

ETF Exchange-Traded Fund

(a) 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 December 31, 2015, these securities amounted to a value of $613,576 or 5.30% of net assets.

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

(c) Maturity value of $952,746. Collateralized by U.S. Government Agency obligations with a rate of 2.120%, maturity date of 11/07/22, and an aggregate market value, including accrued interest, of $975,170.

(d) All or a portion of this security is held by a wholly owned subsidiary. See Note 1 of the Notes to Consolidated Financial Statements for details on the wholly owned subsidiary.

(e) See Note 3 for aggregate cost for federal tax purposes.

The accompanying notes are an integral part of the consolidated portfolio of investments.

104

MassMutual Premier Value Fund – Portfolio of Investments

December 31, 2015 (Unaudited)

	Number of Shares		Value
EQUITIES — 101.1%
COMMON STOCK — 101.1%
Basic Materials — 1.6%
Chemicals — 1.2%
Eastman Chemical Co.		7,220	$	487,423
LyondellBasell Industries NV Class A		3,738		324,832
				812,255
Foods — 0.4%
BHP Billiton Ltd. Sponsored ADR (Australia) (a)		9,720		250,387
				1,062,642
Communications — 5.8%
Advertising — 0.3%
Nielsen Holdings PLC		4,330		201,778
Internet — 1.1%
Alphabet, Inc. Class A (b)		860		669,089
Media — 2.7%
CBS Corp. Class B		10,980		517,487
DISH Network Corp. Class A (b)		11,610		663,860
The Walt Disney Co.		5,690		597,905
				1,779,252
Telecommunications — 1.7%
T-Mobile US, Inc. (b)		10,890		426,017
Verizon Communications, Inc.		15,005		693,531
				1,119,548
				3,769,667
Consumer, Cyclical — 10.0%
Airlines — 0.6%
Delta Air Lines, Inc.		8,229		417,128
Auto Manufacturers — 0.5%
Ford Motor Co.		24,210		341,119
Automotive & Parts — 1.4%
Johnson Controls, Inc.		22,430		885,761
Entertainment — 0.7%
Cinemark Holdings, Inc.		13,548		452,910
Home Builders — 0.8%
Lennar Corp. Class A (a)		10,810		528,717
Home Furnishing — 0.5%
Whirlpool Corp.		2,170		318,708
Household Products — 1.0%
Reckitt Benckiser Group PLC Sponsored ADR (United Kingdom) (a)		35,481		664,914
Leisure Time — 1.8%
Carnival Corp.		21,140		1,151,707

	Number of Shares		Value
Retail — 2.7%
Costco Wholesale Corp.		3,506	$	566,219
Kohl’s Corp.		3,750		178,612
Wal-Mart Stores, Inc.		4,370		267,881
Walgreens Boots Alliance, Inc.		8,760		745,958
				1,758,670
				6,519,634
Consumer, Non-cyclical — 19.6%
Agriculture — 1.4%
Philip Morris International, Inc.		4,890		429,880
Reynolds American, Inc.		10,330		476,729
				906,609
Beverages — 2.7%
The Coca-Cola Co.		20,580		884,117
PepsiCo, Inc.		8,687		868,005
				1,752,122
Biotechnology — 1.3%
Amgen, Inc.		2,874		466,537
Gilead Sciences, Inc.		3,960		400,712
				867,249
Cosmetics & Personal Care — 0.6%
The Procter & Gamble Co.		5,180		411,344
Health Care – Services — 3.3%
HCA Holdings, Inc. (b)		3,000		202,890
Thermo Fisher Scientific, Inc.		3,710		526,263
UnitedHealth Group, Inc.		12,050		1,417,562
				2,146,715
Pharmaceuticals — 10.3%
Allergan PLC (b)		690		215,625
Baxalta, Inc.		7,752		302,560
Cardinal Health, Inc.		14,670		1,309,591
Eli Lilly & Co.		12,050		1,015,333
Pfizer, Inc.		52,710		1,701,479
Quintiles Transnational Holdings, Inc. (b)		4,800		329,568
Teva Pharmaceutical Industries Ltd. Sponsored ADR (Israel)		28,640		1,879,930
				6,754,086
				12,838,125
Energy — 10.8%
Oil & Gas — 8.9%
Anadarko Petroleum Corp.		16,219		787,919
Apache Corp.		19,371		861,428
BP PLC Sponsored ADR (United Kingdom)		25,350		792,441
Chesapeake Energy Corp. (a)		76,370		343,665
ConocoPhillips		17,717		827,207
Occidental Petroleum Corp.		1,509		102,024

The accompanying notes are an integral part of the portfolio of investments.

105

MassMutual Premier Value Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
Phillips 66		6,410	$	524,338
Suncor Energy, Inc.		62,440		1,610,952
				5,849,974
Oil & Gas Services — 1.0%
Schlumberger Ltd.		9,117		635,911
Pipelines — 0.9%
Enbridge, Inc.		18,386		610,231
				7,096,116
Financial — 24.9%
Banks — 4.5%
Bank of America Corp.		64,320		1,082,506
Capital One Financial Corp.		6,568		474,078
Intesa Sanpaolo SpA Sponsored ADR (Italy)		23,160		462,853
Zions Bancorp		33,117		904,094
				2,923,531
Diversified Financial — 14.1%
Ally Financial, Inc. (b)		90,910		1,694,562
Citigroup, Inc.		47,410		2,453,468
The Goldman Sachs Group, Inc.		5,228		942,242
JP Morgan Chase & Co.		32,940		2,175,028
Morgan Stanley		31,107		989,514
Synchrony Financial (b)		18,870		573,837
T. Rowe Price Group, Inc.		5,089		363,813
				9,192,464
Insurance — 4.4%
American International Group, Inc.		30,390		1,883,268
Aon PLC		8,398		774,380
Genworth Financial, Inc. Class A (b)		64,850		241,890
				2,899,538
Real Estate Investment Trusts (REITS) — 1.9%
Equity Residential		6,665		543,797
Public Storage		2,787		690,340
				1,234,137
				16,249,670
Industrial — 12.2%
Aerospace & Defense — 1.2%
Lockheed Martin Corp.		3,590		779,568
Building Materials — 1.1%
Louisiana-Pacific Corp. (b)		41,380		745,254
Electronics — 1.7%
TE Connectivity Ltd.		16,863		1,089,518
Environmental Controls — 1.0%
Waste Management, Inc.		12,473		665,684
Machinery – Construction & Mining — 0.7%
Caterpillar, Inc.		6,854		465,798
Manufacturing — 3.9%
Danaher Corp.		14,575		1,353,726

	Number of Shares		Value
Eaton Corp. PLC		15,950	$	830,038
Parker Hannifin Corp.		3,464		335,939
				2,519,703
Packaging & Containers — 0.2%
WestRock Co.		2,990		136,404
Transportation — 2.4%
CSX Corp.		34,670		899,686
FedEx Corp.		4,500		670,455
				1,570,141
				7,972,070
Technology — 12.0%
Computers — 3.3%
Apple, Inc.		3,054		321,464
SanDisk Corp.		10,736		815,829
Synopsys, Inc. (b)		16,489		752,063
Western Digital Corp.		4,864		292,083
				2,181,439
Internet — 0.8%
Check Point Software Technologies Ltd. (b)		6,152		500,650
Semiconductors — 4.6%
Broadcom Corp. Class A		23,632		1,366,402
Intel Corp.		22,093		761,104
Micron Technology, Inc. (b)		27,635		391,312
Texas Instruments, Inc.		8,450		463,144
				2,981,962
Software — 3.3%
First Data Corp. Class A (b)		27,120		434,462
Microsoft Corp.		26,908		1,492,856
Oracle Corp.		6,401		233,829
				2,161,147
				7,825,198
Utilities — 4.2%
Electric — 4.2%
Edison International		27,203		1,610,690
NextEra Energy, Inc.		3,214		333,902
PG&E Corp.		7,490		398,393
WEC Energy Group, Inc.		7,740		397,139
				2,740,124
TOTAL COMMON STOCK (Cost $63,686,250)				66,073,246
TOTAL EQUITIES (Cost $63,686,250)				66,073,246

The accompanying notes are an integral part of the portfolio of investments.

106

MassMutual Premier Value Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
MUTUAL FUNDS — 2.0%
Diversified Financial — 2.0%
State Street Navigator Securities Lending Prime Portfolio (c)		1,301,343	$	1,301,343
TOTAL MUTUAL FUNDS (Cost $1,301,343)				1,301,343
TOTAL LONG-TERM INVESTMENTS (Cost $64,987,593)				67,374,589
	Principal Amount
SHORT-TERM INVESTMENTS — 0.5%
Repurchase Agreement — 0.5%
State Street Bank & Trust Co. Repurchase Agreement, dated 12/31/15, 0.010%, due 1/04/16 (d)	$	325,963		325,963
TOTAL SHORT-TERM INVESTMENTS (Cost $325,963)				325,963
TOTAL INVESTMENTS — 103.6% (Cost $65,313,556) (e)				67,700,552
Other Assets/(Liabilities) — (3.6)%				(2,352,997	)
NET ASSETS — 100.0%			$	65,347,555

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

ADR American Depositary Receipt

(a) Denotes all or a portion of security on loan. The total value of securities on loan as of December 31, 2015, was $1,262,000 or 1.93% of net assets. 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 $325,964. Collateralized by U.S. Government Agency obligations with a rate of 4.000%, maturity date of 12/15/17, and an aggregate market value, including accrued interest, of $332,943.

(e) See Note 3 for aggregate cost for federal tax purposes.

The accompanying notes are an integral part of the portfolio of investments.

107

MassMutual Premier Disciplined Value Fund – Portfolio of Investments

December 31, 2015 (Unaudited)

	Number of Shares		Value
EQUITIES — 99.9%
COMMON STOCK — 99.9%
Basic Materials — 2.2%
Chemicals — 1.2%
Ashland, Inc.		3,850	$	395,395
Cabot Corp.		4,300		175,784
Celanese Corp. Series A		5,300		356,849
The Chemours Co.		74,700		400,392
The Dow Chemical Co.		32,910		1,694,207
Eastman Chemical Co.		3,100		209,281
Huntsman Corp.		29,700		337,689
The Mosaic Co.		11,600		320,044
Westlake Chemical Corp.		60		3,259
				3,892,900
Forest Products & Paper — 0.3%
Domtar Corp.		13,200		487,740
International Paper Co.		8,000		301,600
				789,340
Iron & Steel — 0.4%
Nucor Corp.		14,900		600,470
Reliance Steel & Aluminum Co.		9,900		573,309
Steel Dynamics, Inc.		8,800		157,256
United States Steel Corp.		90		718
				1,331,753
Mining — 0.3%
Freeport-McMoRan, Inc.		31		210
Newmont Mining Corp.		31,500		566,685
Vulcan Materials Co.		2,500		237,425
				804,320
				6,818,313
Communications — 6.5%
Internet — 0.3%
Liberty Interactive Corp. Class A (a)		14,400		393,408
Symantec Corp.		19,900		417,900
				811,308
Media — 1.0%
Cablevision Systems Corp. Class A		18,500		590,150
Comcast Corp. Class A		6,300		355,509
DISH Network Corp. Class A (a)		2,700		154,386
Gannett Co., Inc.		49,677		809,238
Graham Holdings Co. Class B		856		415,134
John Wiley & Sons, Inc. Class A		1,400		63,042
Liberty Broadband Corp. Class A (a)		87		4,494
Liberty Media Corp. Class A (a)		350		13,737
News Corp. Class A		2,300		30,728
TEGNA, Inc.		855		21,820
Thomson Reuters Corp.		5,300		200,605
Time Warner, Inc.		5,190		335,637

	Number of Shares		Value
Tribune Media Co.		2,900	$	98,049
Twenty-First Century Fox Class A		6,500		176,540
				3,269,069
Telecommunications — 5.2%
AT&T, Inc.		160,814		5,533,610
CenturyLink, Inc.		23,407		588,920
Cisco Systems, Inc.		204,300		5,547,766
CommScope Holding Co., Inc. (a)		8,000		207,120
Corning, Inc.		43,200		789,696
EchoStar Corp. Class A (a)		800		31,288
Frontier Communications Corp.		12,989		60,659
Harris Corp.		38		3,302
Juniper Networks, Inc.		31,000		855,600
Level 3 Communications, Inc. (a)		8,700		472,932
QUALCOMM, Inc.		10,100		504,849
T-Mobile US, Inc. (a)		5,250		205,380
Telephone & Data Systems, Inc.		17,818		461,308
Verizon Communications, Inc.		11,300		522,286
Viavi Solutions, Inc. (a)		77,600		472,584
				16,257,300
				20,337,677
Consumer, Cyclical — 7.0%
Airlines — 0.4%
JetBlue Airways Corp. (a)		55,100		1,248,015
Auto Manufacturers — 1.5%
Ford Motor Co.		124,600		1,755,614
General Motors Co.		71,300		2,424,913
Paccar, Inc.		9,200		436,080
				4,616,607
Automotive & Parts — 0.6%
Allison Transmission Holdings, Inc.		6,500		168,285
The Goodyear Tire & Rubber Co.		26,900		878,823
Johnson Controls, Inc.		400		15,796
Lear Corp.		7,270		892,974
				1,955,878
Distribution & Wholesale — 0.0%
Genuine Parts Co.		200		17,178
WESCO International, Inc. (a)		1,200		52,416
				69,594
Entertainment — 0.0%
Gaming and Leisure Properties, Inc.		76		2,113
Home Builders — 0.2%
Lennar Corp.		9,800		393,764
Lennar Corp. Class A		2,600		127,166
				520,930
Home Furnishing — 0.1%
Whirlpool Corp.		2,850		418,580

The accompanying notes are an integral part of the portfolio of investments.

108

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

	Number of Shares		Value
Household Products — 0.1%
Tupperware Brands Corp.		7,300	$	406,245
Housewares — 0.0%
Newell Rubbermaid, Inc.		900		39,672
Leisure Time — 0.3%
Carnival Corp.		11,600		631,968
Royal Caribbean Cruises Ltd.		4,300		435,203
				1,067,171
Lodging — 0.0%
Hyatt Hotels Corp. Class A (a)		100		4,702
MGM Resorts International (a)		2,300		52,256
				56,958
Retail — 3.7%
Best Buy Co., Inc.		15,900		484,155
Coach, Inc.		15,200		497,496
CST Brands, Inc.		200		7,828
CVS Health Corp.		2,580		252,247
Darden Restaurants, Inc.		15,300		973,692
Dick’s Sporting Goods, Inc.		2,800		98,980
Dillard’s, Inc. Class A		720		47,311
DSW, Inc. Class A		5,000		119,300
Foot Locker, Inc.		14,000		911,260
GameStop Corp. Class A		24,300		681,372
The Home Depot, Inc.		3,380		447,005
J.C. Penney Co., Inc. (a)		5,500		36,630
Kohl’s Corp.		9,600		457,248
Macy’s, Inc.		3,244		113,475
Nu Skin Enterprises, Inc. Class A		13,200		500,148
O’Reilly Automotive, Inc. (a)		1,510		382,664
Office Depot, Inc. (a)		34,000		191,760
PVH Corp.		2,570		189,281
Rite Aid Corp. (a)		18,700		146,608
Staples, Inc.		28,400		268,948
Target Corp.		11,200		813,232
Wal-Mart Stores, Inc.		50,200		3,077,260
Walgreens Boots Alliance, Inc.		7,100		604,600
World Fuel Services Corp.		3,500		134,610
				11,437,110
Toys, Games & Hobbies — 0.1%
Hasbro, Inc.		2,000		134,720
				21,973,593
Consumer, Non-cyclical — 18.2%
Agriculture — 0.8%
Altria Group, Inc.		7,300		424,933
Archer-Daniels-Midland Co.		8,000		293,440
Bunge Ltd.		8,300		566,724
Philip Morris International, Inc.		14,700		1,292,277
				2,577,374
Beverages — 0.0%
Molson Coors Brewing Co. Class B		260		24,419

	Number of Shares		Value
Biotechnology — 0.3%
Bio-Rad Laboratories, Inc. Class A (a)		5,840	$	809,774
Commercial Services — 1.1%
Aaron’s, Inc.		900		20,151
The ADT Corp.		4,600		151,708
Automatic Data Processing, Inc.		4,100		347,352
Booz Allen Hamilton Holding Corp.		6,100		188,185
CoreLogic, Inc. (a)		10,200		345,372
Donnelley (R.R.) & Sons Co.		8,900		131,008
H&R Block, Inc.		13,100		436,361
KAR Auction Services, Inc.		12,200		451,766
Macquarie Infrastructure Corp.		4,500		326,700
Manpower, Inc.		6,700		564,743
Paychex, Inc.		300		15,867
Towers Watson & Co. Class A		4,090		525,401
				3,504,614
Cosmetics & Personal Care — 1.2%
Colgate-Palmolive Co.		2,600		173,212
Edgewell Personal Care Co.		80		6,270
The Procter & Gamble Co.		46,110		3,661,595
				3,841,077
Foods — 1.6%
ConAgra Foods, Inc.		6,200		261,392
Ingredion, Inc.		2,970		284,645
The J.M. Smucker Co.		1,820		224,479
Mondelez International, Inc. Class A		65,150		2,921,326
Pilgrim’s Pride Corp.		1,500		33,135
Pinnacle Foods, Inc.		1,900		80,674
Sysco Corp.		3,300		135,300
Tyson Foods, Inc. Class A		19,800		1,055,934
				4,996,885
Health Care – Products — 4.5%
Alere, Inc. (a)		5,700		222,813
Boston Scientific Corp. (a)		35,500		654,620
Hill-Rom Holdings, Inc.		7,600		365,256
Johnson & Johnson		74,030		7,604,362
Medtronic PLC		49,469		3,805,155
QIAGEN NV (a)		6,700		185,255
St. Jude Medical, Inc.		7,900		487,983
Stryker Corp.		900		83,646
Zimmer Biomet Holdings, Inc.		5,070		520,131
				13,929,221
Health Care – Services — 1.6%
Aetna, Inc.		8,701		940,752
Anthem, Inc.		7,650		1,066,716
Community Health Systems, Inc. (a)		1,000		26,530
DaVita HealthCare Partners, Inc. (a)		2,500		174,275
HCA Holdings, Inc. (a)		5,100		344,913
Health Net, Inc. (a)		1,600		109,536
LifePoint Health, Inc. (a)		1,600		117,440

The accompanying notes are an integral part of the portfolio of investments.

109

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

	Number of Shares		Value
MEDNAX, Inc. (a)		11,300	$	809,758
Quest Diagnostics, Inc.		7,100		505,094
Thermo Fisher Scientific, Inc.		1,390		197,172
UnitedHealth Group, Inc.		2,850		335,274
Universal Health Services, Inc. Class B		2,190		261,683
				4,889,143
Household Products — 0.3%
Avery Dennison Corp.		2,300		144,118
The Clorox Co.		4,440		563,125
Kimberly-Clark Corp.		2,860		364,078
				1,071,321
Pharmaceuticals — 6.8%
Abbott Laboratories		46,900		2,106,279
Allergan PLC (a)		850		265,625
Cardinal Health, Inc.		2,700		241,029
DENTSPLY International, Inc.		100		6,085
Endo International PLC (a)		9,900		606,078
Express Scripts Holding Co. (a)		5,800		506,978
Herbalife Ltd. (a)		9,000		482,580
Mallinckrodt PLC (a)		7,860		586,592
Merck & Co., Inc.		108,428		5,727,167
Mylan NV (a)		10,100		546,107
Perrigo Co. PLC		1,750		253,225
Pfizer, Inc.		259,813		8,386,764
Quintiles Transnational Holdings, Inc. (a)		10,500		720,930
VCA, Inc. (a)		3,300		181,500
VWR Corp. (a)		16,800		475,608
				21,092,547
				56,736,375
Diversified — 0.0%
Holding Company – Diversified — 0.0%
Leucadia National Corp.		7,800		135,642
Energy — 9.3%
Energy – Alternate Sources — 0.3%
First Solar, Inc. (a)		15,500		1,022,845
Oil & Gas — 7.8%
Anadarko Petroleum Corp.		80		3,886
Apache Corp.		28		1,245
California Resources Corp.		92		214
Chevron Corp.		52,085		4,685,567
ConocoPhillips		48		2,241
CVR Energy, Inc.		4,100		161,335
Denbury Resources, Inc.		14		28
Devon Energy Corp.		6,450		206,400
Diamond Offshore Drilling, Inc.		25,500		538,050
Ensco PLC Class A		28,100		432,459
Exxon Mobil Corp.		112,090		8,737,416
Hess Corp.		4,700		227,856
Marathon Petroleum Corp.		18,240		945,562

	Number of Shares		Value
Murphy Oil Corp.		6,100	$	136,945
Nabors Industries Ltd.		5,100		43,401
Noble Corp. PLC		65,200		687,860
Noble Energy, Inc.		80		2,634
Occidental Petroleum Corp.		30		2,028
PBF Energy, Inc. Class A		28,500		1,049,085
Phillips 66		31,100		2,543,980
Questar Corp.		6,100		118,828
Rowan Cos. PLC Class A		41,000		694,950
Seadrill Ltd. (a)		71,700		243,063
Tesoro Corp.		8,950		943,062
Valero Energy Corp.		25,664		1,814,701
WPX Energy, Inc. (a)		66		379
				24,223,175
Oil & Gas Services — 1.1%
Baker Hughes, Inc.		17,903		826,223
Cameron International Corp. (a)		15,300		966,960
Frank’s International NV		28,900		482,341
HollyFrontier Corp.		14,500		578,405
National Oilwell Varco, Inc.		7,400		247,826
NOW, Inc. (a)		75		1,187
Schlumberger Ltd.		3,000		209,250
Superior Energy Services, Inc.		9,400		126,618
				3,438,810
Pipelines — 0.1%
Kinder Morgan, Inc.		16,500		246,180
National Fuel Gas Co.		1,150		49,163
Spectra Energy Corp.		3,000		71,820
				367,163
				29,051,993
Financial — 31.0%
Banks — 9.0%
Associated Banc-Corp.		7,350		137,813
Bank of America Corp.		441,973		7,438,406
Bank of Hawaii Corp.		920		57,868
The Bank of New York Mellon Corp.		44,550		1,836,351
BB&T Corp.		16,119		609,459
BOK Financial Corp.		700		41,853
Capital One Financial Corp.		16,250		1,172,925
Citizens Financial Group, Inc.		9,700		254,043
Commerce Bancshares, Inc.		4,111		174,882
East West Bancorp, Inc.		11,200		465,472
Fifth Third Bancorp		42,760		859,476
First Horizon National Corp.		46,016		668,152
First Republic Bank		2,600		171,756
Huntington Bancshares, Inc.		7,871		87,053
KeyCorp		28,000		369,320
M&T Bank Corp.		5		606
Northern Trust Corp.		300		21,627
PacWest Bancorp		3,800		163,780
PNC Financial Services Group, Inc.		17,636		1,680,887

The accompanying notes are an integral part of the portfolio of investments.

110

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

	Number of Shares		Value
Popular, Inc.		2,600	$	73,684
Regions Financial Corp.		56,260		540,096
State Street Corp.		4,400		291,984
SunTrust Banks, Inc.		23,300		998,172
SVB Financial Group (a)		3,470		412,583
Synovus Financial Corp.		20,471		662,851
U.S. Bancorp		29,890		1,275,406
Wells Fargo & Co.		140,510		7,638,124
Zions Bancorp		50		1,365
				28,105,994
Diversified Financial — 7.9%
Air Lease Corp.		200		6,696
Ally Financial, Inc. (a)		25,900		482,776
American Express Co.		2,500		173,875
Ameriprise Financial, Inc.		160		17,027
BlackRock, Inc.		2,050		698,066
CIT Group, Inc.		18,400		730,480
Citigroup, Inc.		106,871		5,530,574
CME Group, Inc.		11,260		1,020,156
Discover Financial Services		13,900		745,318
E*TRADE Financial Corp. (a)		10,500		311,220
FNF Group		2,557		88,651
The Goldman Sachs Group, Inc.		13,310		2,398,861
Interactive Brokers Group, Inc. Class A		1,400		61,040
Intercontinental Exchange, Inc.		1,237		316,994
JP Morgan Chase & Co.		144,027		9,510,103
Legg Mason, Inc.		5,200		203,996
Morgan Stanley		4,800		152,688
The Nasdaq, Inc.		11,700		680,589
Navient Corp.		12,900		147,705
Raymond James Financial, Inc.		300		17,391
Santander Consumer USA Holdings, Inc. (a)		40,600		643,510
Synchrony Financial (a)		25,200		766,332
				24,704,048
Diversified Financial Services — 0.0%
Voya Financial, Inc.		1,800		66,438
Insurance — 9.5%
ACE Ltd.		12,340		1,441,929
Aflac, Inc.		17,300		1,036,270
Alleghany Corp. (a)		825		394,292
Allied World Assurance Co. Holdings Ltd.		7,960		296,032
The Allstate Corp.		14,400		894,096
American Financial Group, Inc.		8,000		576,640
American International Group, Inc.		14,802		917,280
American National Insurance Co.		1,120		114,542
AmTrust Financial Services, Inc.		7,400		455,692
Arch Capital Group Ltd. (a)		4,100		285,975
Aspen Insurance Holdings Ltd.		11,600		560,280

	Number of Shares		Value
Assurant, Inc.		9,990	$	804,595
Assured Guaranty Ltd.		31,400		829,902
Axis Capital Holdings Ltd.		3,100		174,282
Berkshire Hathaway, Inc. Class B (a)		44,630		5,892,945
The Chubb Corp.		8,160		1,082,343
Cincinnati Financial Corp.		9,920		586,966
Endurance Specialty Holdings Ltd.		11,400		729,486
Everest Re Group Ltd.		4,760		871,508
Genworth Financial, Inc. Class A (a)		56,860		212,088
The Hanover Insurance Group, Inc.		10,400		845,936
The Hartford Financial Services Group, Inc.		19,590		851,381
Lincoln National Corp.		6,298		316,538
Loews Corp.		17,420		668,928
Markel Corp. (a)		555		490,259
Marsh & McLennan Cos., Inc.		3,600		199,620
Mercury General Corp.		890		41,447
MetLife, Inc.		22,940		1,105,938
Old Republic International Corp.		48,400		901,692
PartnerRe Ltd.		3,240		452,758
Principal Financial Group, Inc.		2,000		89,960
ProAssurance Corp.		1,900		92,207
The Progressive Corp.		9,400		298,920
Prudential Financial, Inc.		17,600		1,432,816
Reinsurance Group of America, Inc.		3,050		260,928
RenaissanceRe Holdings Ltd.		4,700		531,993
StanCorp Financial Group, Inc.		1,220		138,934
Torchmark Corp.		890		50,872
The Travelers Cos., Inc.		10,069		1,136,387
Unum Group		8,600		286,294
Validus Holdings Ltd.		18,600		860,994
W.R. Berkley Corp.		900		49,275
White Mountains Insurance Group Ltd.		53		38,521
XL Group PLC		9,550		374,169
				29,673,910
Real Estate — 0.2%
Four Corners Property Trust, Inc. (a)		5,100		123,216
Jones Lang LaSalle, Inc.		3,580		572,299
The RMR Group, Inc. Class A (a)		79		1,138
WP Carey, Inc.		100		5,900
				702,553
Real Estate Investment Trusts (REITS) — 4.0%
Alexandria Real Estate Equities, Inc.		1,600		144,576
American Campus Communities, Inc.		100		4,134
American Capital Agency Corp.		5,700		98,838
Annaly Capital Management, Inc.		21,560		202,233
Apartment Investment & Management Co. Class A		4,300		172,129
Apple Hospitality REIT, Inc.		25,300		505,241
AvalonBay Communities, Inc.		4,294		790,654
BioMed Realty Trust, Inc.		1,600		37,904

The accompanying notes are an integral part of the portfolio of investments.

111

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

	Number of Shares		Value
Camden Property Trust		2,100	$	161,196
Care Capital Properties, Inc.		13,900		424,923
CBL & Associates Properties, Inc.		33,200		410,684
Chimera Investment Corp.		6,320		86,205
Columbia Property Trust, Inc.		4,300		100,964
Communications Sales & Leasing, Inc. (a)		72		1,346
Corrections Corporation of America		705		18,675
Digital Realty Trust, Inc.		1,900		143,678
Duke Realty Corp.		9,600		201,792
Equity Commonwealth (a)		67		1,858
Equity Residential		14,600		1,191,214
Essex Property Trust, Inc.		2,163		517,844
General Growth Properties, Inc.		19,940		542,567
HCP, Inc.		500		19,120
Hospitality Properties Trust		4,540		118,721
Host Hotels & Resorts, Inc.		13,503		207,136
Kilroy Realty Corp.		3,100		196,168
Kimco Realty Corp.		9,500		251,370
Liberty Property Trust		16,270		505,184
The Macerich Co.		4,182		337,446
MFA Financial, Inc.		94,400		623,040
Mid-America Apartment Communities, Inc.		2,600		236,106
National Retail Properties, Inc.		7,500		300,375
Post Properties, Inc.		300		17,748
Prologis, Inc.		21,585		926,428
Realty Income Corp.		2,700		139,401
Regency Centers Corp.		4,800		326,976
Senior Housing Properties Trust		400		5,936
SL Green Realty Corp.		4,250		480,165
Spirit Realty Capital, Inc.		16,100		161,322
Starwood Property Trust, Inc.		8,400		172,704
Taubman Centers, Inc.		200		15,344
Two Harbors Investment Corp.		10,800		87,480
UDR, Inc.		8,400		315,588
Ventas, Inc.		3,300		186,219
Vornado Realty Trust		4,638		463,614
Weingarten Realty Investors		4,400		152,152
Welltower, Inc.		5,700		387,771
Weyerhaeuser Co.		100		2,998
WP GLIMCHER, Inc.		200		2,122
				12,397,289
Savings & Loans — 0.4%
First Niagara Financial Group, Inc.		9,700		105,245
New York Community Bancorp, Inc.		21,290		347,453
People’s United Financial, Inc.		37,200		600,780
				1,053,478
				96,703,710
Industrial — 11.6%
Aerospace & Defense — 1.8%
General Dynamics Corp.		4,710		646,965

	Number of Shares		Value
L-3 Communications Holdings, Inc.		2,260	$	270,093
Northrop Grumman Corp.		5,920		1,117,755
Orbital ATK, Inc.		10,200		911,268
Raytheon Co.		6,640		826,879
Spirit AeroSystems Holdings, Inc. Class A (a)		18,800		941,316
United Technologies Corp.		9,240		887,687
				5,601,963
Building Materials — 0.4%
Armstrong World Industries, Inc. (a)		11,400		521,322
Owens Corning, Inc.		18,800		884,164
				1,405,486
Electronics — 0.7%
Agilent Technologies, Inc.		13,000		543,530
Arrow Electronics, Inc. (a)		3,800		205,884
Avnet, Inc.		3,600		154,224
Dolby Laboratories, Inc. Class A		1,000		33,650
Gentex Corp.		2,900		46,429
Jabil Circuit, Inc.		39,500		919,955
Keysight Technologies, Inc. (a)		4,300		121,819
PerkinElmer, Inc.		2,610		139,818
				2,165,309
Engineering & Construction — 0.5%
AECOM (a)		3,411		102,432
Chicago Bridge & Iron Co. NV		10,300		401,597
Fluor Corp.		6,200		292,764
Jacobs Engineering Group, Inc. (a)		5,400		226,530
KBR, Inc.		37,600		636,192
				1,659,515
Environmental Controls — 0.4%
Republic Services, Inc.		3,290		144,727
Waste Connections, Inc.		50		2,816
Waste Management, Inc.		19,440		1,037,513
				1,185,056
Hand & Machine Tools — 0.2%
Kennametal, Inc.		700		13,440
Lincoln Electric Holdings, Inc.		600		31,134
Stanley Black & Decker, Inc.		5,035		537,386
				581,960
Machinery – Construction & Mining — 0.1%
Babcock & Wilcox Enterprises, Inc. (a)		900		18,783
Caterpillar, Inc.		500		33,980
Ingersoll-Rand PLC		8,000		442,320
				495,083
Machinery – Diversified — 1.3%
AGCO Corp.		15,070		684,027
BWX Technologies, Inc.		30,200		959,454
Deere & Co.		11,600		884,732

The accompanying notes are an integral part of the portfolio of investments.

112

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

	Number of Shares		Value
IDEX Corp.		1,000	$	76,610
Roper Technologies, Inc.		2,760		523,821
SPX FLOW, Inc. (a)		27,700		773,107
Xylem, Inc.		1,700		62,050
				3,963,801
Manufacturing — 4.8%
AptarGroup, Inc.		5,100		370,515
Crane Co.		20		957
Danaher Corp.		11,600		1,077,408
Dover Corp.		6,000		367,860
Eaton Corp. PLC		5,672		295,171
General Electric Co.		354,290		11,036,133
ITT Corp.		2,400		87,168
Parker Hannifin Corp.		2,410		233,722
Pentair PLC		19		941
SPX Corp.		70		653
Teleflex, Inc.		1,740		228,723
Textron, Inc.		9,400		394,894
Trinity Industries, Inc.		33,900		814,278
				14,908,423
Metal Fabricate & Hardware — 0.2%
Valmont Industries, Inc.		6,380		676,408
Packaging & Containers — 0.4%
Bemis Co., Inc.		11,060		494,271
Crown Holdings, Inc. (a)		12,200		618,540
WestRock Co.		240		10,949
				1,123,760
Transportation — 0.5%
CSX Corp.		15,100		391,845
FedEx Corp.		3,920		584,041
Ryder System, Inc.		3,590		204,019
Teekay Corp.		9,800		96,726
Union Pacific Corp.		4,600		359,720
				1,636,351
Trucking & Leasing — 0.3%
AMERCO		70		27,265
GATX Corp.		18,400		782,920
				810,185
				36,213,300
Technology — 8.9%
Computers — 2.6%
Amdocs Ltd.		5,800		316,506
Brocade Communications Systems, Inc.		23,300		213,894
Computer Sciences Corp.		29,970		979,419
CSRA, Inc.		13,470		404,100
DST Systems, Inc.		3,000		342,180
EMC Corp.		38,700		993,816
Hewlett Packard Enterprise Co.		65,400		994,080
HP, Inc.		65,400		774,336

	Number of Shares		Value
International Business Machines Corp.		4,730	$	650,943
NCR Corp. (a)		33,600		821,856
NetApp, Inc.		28,000		742,840
SanDisk Corp.		5,600		425,544
Synopsys, Inc. (a)		6,500		296,465
Western Digital Corp.		2,200		132,110
				8,088,089
Office Equipment/Supplies — 0.4%
Pitney Bowes, Inc.		27,600		569,940
Xerox Corp.		54,156		575,678
				1,145,618
Semiconductors — 3.0%
Analog Devices, Inc.		1,100		60,852
Broadcom Corp. Class A		13,500		780,570
Intel Corp.		139,700		4,812,665
Lam Research Corp.		7,252		575,954
Marvell Technology Group Ltd.		10,000		88,200
Maxim Integrated Products, Inc.		5,400		205,200
Micron Technology, Inc. (a)		40,500		573,480
NVIDIA Corp.		28,300		932,768
Teradyne, Inc.		42,900		886,743
Xilinx, Inc.		9,000		422,730
				9,339,162
Software — 2.9%
Activision Blizzard, Inc.		9,400		363,874
ANSYS, Inc. (a)		1,400		129,500
CA, Inc.		12,990		370,995
The Dun & Bradstreet Corp.		2,610		271,257
Fidelity National Information Services, Inc.		1,900		115,140
Leidos Holdings, Inc.		15,950		897,347
Microsoft Corp.		94,600		5,248,408
Nuance Communications, Inc. (a)		12,700		252,603
Oracle Corp.		33,000		1,205,490
SS&C Technologies Holdings, Inc		3,800		259,426
				9,114,040
				27,686,909
Utilities — 5.2%
Electric — 4.5%
The AES Corp.		15,300		146,421
Alliant Energy Corp.		1,300		81,185
Ameren Corp.		14,660		633,752
American Electric Power Co., Inc.		20,930		1,219,591
Calpine Corp. (a)		6,900		99,843
CenterPoint Energy, Inc.		1,200		22,032
CMS Energy Corp.		10,500		378,840
Consolidated Edison, Inc.		11,460		736,534
Dominion Resources, Inc.		9,000		608,760
DTE Energy Co.		4,210		337,600
Duke Energy Corp.		3,214		229,447

The accompanying notes are an integral part of the portfolio of investments.

113

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

	Number of Shares		Value
Edison International		11,080	$	656,047
Entergy Corp.		2,400		164,064
Eversource Energy		7,081		361,627
Exelon Corp.		50,775		1,410,022
FirstEnergy Corp.		24,827		787,761
Great Plains Energy, Inc.		4,237		115,712
Hawaiian Electric Industries, Inc.		2,800		81,060
NextEra Energy, Inc.		5,790		601,523
NRG Energy, Inc.		2,000		23,540
OGE Energy Corp.		2,220		58,364
Pepco Holdings, Inc.		710		18,467
PG&E Corp.		12,330		655,833
Pinnacle West Capital Corp.		960		61,901
PPL Corp.		26,000		887,380
Public Service Enterprise Group, Inc.		26,900		1,040,761
SCANA Corp.		7,020		424,640
The Southern Co.		29,150		1,363,928
TECO Energy, Inc.		8,030		213,999
WEC Energy Group, Inc.		4,420		226,790
Westar Energy, Inc.		200		8,482
Xcel Energy, Inc.		9,720		349,045
				14,004,951
Gas — 0.7%
AGL Resources, Inc.		4,160		265,449
Atmos Energy Corp.		4,350		274,224
NiSource, Inc.		28,890		563,644
Sempra Energy		8,070		758,661
UGI Corp.		1,135		38,318
Vectren Corp.		4,150		176,043
				2,076,339
Water — 0.0%
Aqua America, Inc.		25		745
				16,082,035
TOTAL COMMON STOCK (Cost $311,762,514)				311,739,547
TOTAL EQUITIES (Cost $311,762,514)				311,739,547
RIGHTS — 0.0%
Consumer, Cyclical — 0.0%
Retail — 0.0%
Safeway Casa Ley Contingent Value (a) (b)		9,300		9,393
Safeway PDC, LLC Contingent Value (a) (b)		9,300		465
				9,858
TOTAL RIGHTS (Cost $9,858)				9,858

			Value
TOTAL LONG-TERM INVESTMENTS (Cost $311,772,372)			$	311,749,405
	Principal Amount
SHORT-TERM INVESTMENTS — 0.5%
Repurchase Agreement — 0.5%
State Street Bank & Trust Co. Repurchase Agreement, dated 12/31/15, 0.010%, due 1/04/16 (c)	$	1,450,138		1,450,138
Time Deposit — 0.0%
Euro Time Deposit 0.010% 1/04/16		6,129		6,129
TOTAL SHORT-TERM INVESTMENTS (Cost $1,456,267)				1,456,267
TOTAL INVESTMENTS — 100.4% (Cost $313,228,639) (d)				313,205,672
Other Assets/(Liabilities) — (0.4)%				(1,126,473	)
NET ASSETS — 100.0%			$	312,079,199

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Non-income producing security.

(b) This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At December 31, 2015, these securities amounted to a value of $9,858 or 0.00% of net assets.

(c) Maturity value of $1,450,139. Collateralized by U.S. Government Agency obligations with a rate of 2.120%, maturity date of 11/07/22, and an aggregate market value, including accrued interest, of $1,479,906.

(d) See Note 3 for aggregate cost for federal tax purposes.

The accompanying notes are an integral part of the portfolio of investments.

114

MassMutual Premier Main Street Fund – Portfolio of Investments

December 31, 2015 (Unaudited)

	Number of Shares		Value
EQUITIES — 98.0%
COMMON STOCK — 98.0%
Basic Materials — 1.7%
Chemicals — 0.6%
PPG Industries, Inc.		8,360	$	826,135
Mining — 1.1%
Teck Resources Ltd. Class B (a)		21,210		81,870
Vulcan Materials Co.		13,645		1,295,866
				1,377,736
				2,203,871
Communications — 15.2%
Advertising — 1.3%
Nielsen Holdings PLC		34,300		1,598,380
Internet — 8.4%
Alphabet, Inc. Class C (b)		8,737		6,630,335
Amazon.com, Inc. (b)		2,970		2,007,393
Facebook, Inc. Class A (b)		19,450		2,035,637
				10,673,365
Media — 3.8%
Comcast Corp. Class A		49,110		2,771,277
The McGraw Hill Financial, Inc.		20,520		2,022,862
				4,794,139
Telecommunications — 1.7%
Verizon Communications, Inc.		45,370		2,097,001
				19,162,885
Consumer, Cyclical — 5.9%
Auto Manufacturers — 0.9%
General Motors Co.		33,280		1,131,853
Automotive & Parts — 0.9%
Delphi Automotive PLC		8,970		768,998
Lear Corp.		3,060		375,860
				1,144,858
Leisure Time — 0.3%
Harley-Davidson, Inc.		8,430		382,637
Retail — 3.8%
AutoZone, Inc. (b)		1,896		1,406,661
Dunkin’ Brands Group, Inc.		15,460		658,442
The Home Depot, Inc.		20,260		2,679,385
				4,744,488
				7,403,836
Consumer, Non-cyclical — 28.3%
Agriculture — 2.8%
Philip Morris International, Inc.		40,771		3,584,179
Beverages — 2.5%
PepsiCo, Inc.		32,100		3,207,432

	Number of Shares		Value
Biotechnology — 2.3%
Gilead Sciences, Inc.		28,890	$	2,923,379
Commercial Services — 2.8%
McKesson Corp.		6,040		1,191,269
PayPal Holdings, Inc. (b)		63,060		2,282,772
				3,474,041
Foods — 4.5%
The Kraft Heinz Co.		18,090		1,316,228
Mondelez International, Inc. Class A		98,410		4,412,705
				5,728,933
Health Care – Products — 3.7%
Boston Scientific Corp. (b)		88,460		1,631,202
Johnson & Johnson		29,530		3,033,322
				4,664,524
Health Care – Services — 1.9%
UnitedHealth Group, Inc.		20,690		2,433,971
Household Products — 0.9%
Henkel AG & Co. KGaA		11,597		1,112,873
Pharmaceuticals — 6.9%
Bristol-Myers Squibb Co.		34,780		2,392,516
Express Scripts Holding Co. (b)		32,530		2,843,447
Merck & Co., Inc.		34,910		1,843,946
Mylan NV (b)		29,420		1,590,740
				8,670,649
				35,799,981
Energy — 6.4%
Oil & Gas — 5.0%
Chevron Corp.		33,500		3,013,660
Noble Energy, Inc.		42,331		1,393,960
Suncor Energy, Inc.		73,870		1,905,846
				6,313,466
Oil & Gas Services — 0.6%
HollyFrontier Corp.		16,841		671,788
Pipelines — 0.8%
Magellan Midstream Partners LP		15,310		1,039,855
				8,025,109
Financial — 16.8%
Banks — 2.6%
The Bank of New York Mellon Corp.		55,010		2,267,512
M&T Bank Corp.		8,670		1,050,631
				3,318,143
Diversified Financial — 8.3%
Citigroup, Inc.		87,234		4,514,359
CME Group, Inc.		41,275		3,739,515
Discover Financial Services		26,850		1,439,697
MasterCard, Inc. Class A		8,680		845,085
				10,538,656

The accompanying notes are an integral part of the portfolio of investments.

115

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

	Number of Shares		Value
Insurance — 4.5%
American International Group, Inc.		17,450	$	1,081,376
Berkshire Hathaway, Inc. Class B (b)		19,740		2,606,470
Genworth Financial, Inc. Class A (b)		101,370		378,110
Marsh & McLennan Cos., Inc.		29,573		1,639,823
				5,705,779
Real Estate Investment Trusts (REITS) — 1.4%
Simon Property Group, Inc.		8,790		1,709,128
				21,271,706
Industrial — 11.5%
Aerospace & Defense — 1.9%
Lockheed Martin Corp.		6,130		1,331,130
United Technologies Corp.		11,690		1,123,058
				2,454,188
Electronics — 1.3%
Tyco International PLC		49,820		1,588,760
Environmental Controls — 0.9%
Republic Services, Inc.		10,430		458,816
Waste Connections, Inc.		13,050		734,976
				1,193,792
Machinery – Diversified — 1.2%
Deere & Co. (a)		18,990		1,448,367
Manufacturing — 4.0%
General Electric Co.		163,080		5,079,942
Transportation — 2.2%
Canadian National Railway Co.		24,590		1,374,089
Canadian Pacific Railway Ltd.		4,840		617,584
CSX Corp.		29,290		760,075
				2,751,748
				14,516,797
Technology — 9.1%
Computers — 7.3%
Amdocs Ltd.		42,720		2,331,230
Apple, Inc.		55,695		5,862,456
Western Digital Corp.		16,626		998,391
				9,192,077
Office Equipment/Supplies — 1.0%
Xerox Corp.		122,610		1,303,344
Semiconductors — 0.8%
Applied Materials, Inc.		53,950		1,007,247
				11,502,668
Utilities — 3.1%
Electric — 2.6%
ITC Holdings Corp.		11,910		467,467
PG&E Corp.		52,420		2,788,220
				3,255,687
Gas — 0.5%
AmeriGas Partners LP		17,635		604,352
				3,860,039

	Number of Shares		Value
TOTAL COMMON STOCK (Cost $116,996,317)			$	123,746,892
TOTAL EQUITIES (Cost $116,996,317)				123,746,892
MUTUAL FUNDS — 0.9%
Diversified Financial — 0.9%
State Street Navigator Securities Lending Prime Portfolio (c)		1,100,198		1,100,198
TOTAL MUTUAL FUNDS (Cost $1,100,198)				1,100,198
TOTAL LONG-TERM INVESTMENTS (Cost $118,096,515)				124,847,090
	Principal Amount
SHORT-TERM INVESTMENTS — 2.6%
Repurchase Agreement — 2.6%
State Street Bank & Trust Co. Repurchase Agreement, dated 12/31/15, 0.010%, due 1/04/16 (d)	$	3,305,157		3,305,157
Time Deposit — 0.0%
Euro Time Deposit 0.010% 1/04/16		6,287		6,287
TOTAL SHORT-TERM INVESTMENTS (Cost $3,311,444)				3,311,444
TOTAL INVESTMENTS — 101.5% (Cost $121,407,959) (e)				128,158,534
Other Assets/(Liabilities) — (1.5)%				(1,895,424	)
NET ASSETS — 100.0%			$	126,263,110

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Denotes all or a portion of security on loan. The total value of securities on loan as of December 31, 2015, was $1,074,832 or 0.85% of net assets. 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 $3,305,160. Collateralized by U.S. Government Agency obligations with a rate of 4.000%, maturity date of 12/15/17, and an aggregate market value, including accrued interest, of $3,371,286.

(e) See Note 3 for aggregate cost for federal tax purposes.

The accompanying notes are an integral part of the portfolio of investments.

116

MassMutual Premier Disciplined Growth Fund – Portfolio of Investments

December 31, 2015 (Unaudited)

	Number of Shares		Value
EQUITIES — 99.2%
COMMON STOCK — 99.2%
Basic Materials — 1.7%
Chemicals — 1.6%
Air Products & Chemicals, Inc.		5,840	$	759,843
Ashland, Inc.		280		28,756
Celanese Corp. Series A		14,590		982,345
CF Industries Holdings, Inc.		19,500		795,795
The Chemours Co.		22,900		122,744
The Dow Chemical Co.		21,200		1,091,376
E.I. du Pont de Nemours & Co.		1,600		106,560
Eastman Chemical Co.		2,196		148,252
Ecolab, Inc.		8		915
Huntsman Corp.		60,900		692,433
LyondellBasell Industries NV Class A		27,570		2,395,833
Monsanto Co.		60		5,911
The Sherwin-Williams Co.		1,920		498,432
				7,629,195
Forest Products & Paper — 0.1%
International Paper Co.		6,400		241,280
Iron & Steel — 0.0%
Steel Dynamics, Inc.		10,900		194,783
Mining — 0.0%
Southern Copper Corp.		2		52
				8,065,310
Communications — 19.6%
Advertising — 0.4%
The Interpublic Group of Companies, Inc.		42,700		994,056
Omnicom Group, Inc.		12,000		907,920
				1,901,976
Internet — 10.9%
Alphabet, Inc. Class A (a)		13,319		10,362,315
Alphabet, Inc. Class C (a)		12,079		9,166,511
Amazon.com, Inc. (a)		17,371		11,740,885
CDW Corp.		5,900		248,036
eBay, Inc. (a)		91,630		2,517,992
Equinix, Inc.		57		17,237
Expedia, Inc.		13,902		1,728,019
F5 Networks, Inc. (a)		3,360		325,786
Facebook, Inc. Class A (a)		61,860		6,474,268
FireEye, Inc. (a)		22,500		466,650
GoDaddy, Inc. Class A (a)		14,500		464,870
Groupon, Inc. (a)		45,400		139,378
IAC/InterActiveCorp		19,400		1,164,970
Liberty Interactive Corp. QVC Group (a)		22,100		603,772
Liberty Ventures Series A (a)		6,470		291,862

	Number of Shares		Value
LinkedIn Corp. Class A (a)		2,780	$	625,722
Netflix, Inc. (a)		7,097		811,755
The Priceline Group, Inc. (a)		2,565		3,270,247
VeriSign, Inc. (a)		15,640		1,366,310
				51,786,585
Media — 5.1%
AMC Networks, Inc. Class A (a)		6,900		515,292
Cablevision Systems Corp. Class A		35,500		1,132,450
Comcast Corp. Class A		71,500		4,034,745
Discovery Communications, Inc. Series A (a)		7,300		194,764
Discovery Communications, Inc. Series C (a)		8,000		201,760
DISH Network Corp. Class A (a)		7,500		428,850
FactSet Research Systems, Inc.		4,250		690,922
The McGraw Hill Financial, Inc.		9,160		902,993
MSG Networks, Inc. Class A (a)		55,900		1,162,720
Scripps Networks Interactive Class A		16,100		888,881
Sirius XM Holdings, Inc. (a)		162,300		660,561
Starz Class A (a)		19,200		643,200
Time Warner Cable, Inc.		9,040		1,677,734
Time Warner, Inc.		23,400		1,513,278
Twenty-First Century Fox Class A		11,900		323,204
Twenty-First Century Fox, Inc. Class B		10,800		294,084
Viacom, Inc. Class B		19,300		794,388
The Walt Disney Co.		76,960		8,086,957
				24,146,783
Telecommunications — 3.2%
AT&T, Inc.		45,500		1,565,655
CommScope Holding Co., Inc. (a)		40,300		1,043,367
Harris Corp.		8,970		779,493
Juniper Networks, Inc.		53,000		1,462,800
Level 3 Communications, Inc. (a)		40		2,174
Motorola Solutions, Inc.		8,400		574,980
Palo Alto Networks, Inc. (a)		1,700		299,438
QUALCOMM, Inc.		790		39,488
Verizon Communications, Inc.		203,300		9,396,526
				15,163,921
				92,999,265
Consumer, Cyclical — 15.9%
Airlines — 2.2%
Alaska Air Group, Inc.		26,800		2,157,668
American Airlines Group, Inc.		39,300		1,664,355
Delta Air Lines, Inc.		64,900		3,289,781
JetBlue Airways Corp. (a)		57,600		1,304,640
Southwest Airlines Co.		42,700		1,838,662
				10,255,106
Apparel — 1.3%
Carter’s, Inc.		5,100		454,053

The accompanying notes are an integral part of the portfolio of investments.

117

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

	Number of Shares		Value
Michael Kors Holdings Ltd. (a)		10,100	$	404,606
Nike, Inc. Class B		71,580		4,473,750
Ralph Lauren Corp.		150		16,722
Skechers U.S.A., Inc. Class A (a)		21,810		658,880
VF Corp.		400		24,900
				6,032,911
Auto Manufacturers — 0.1%
Paccar, Inc.		11,900		564,060
Automotive & Parts — 0.9%
Allison Transmission Holdings, Inc.		12,300		318,447
BorgWarner, Inc.		80		3,458
Delphi Automotive PLC		10,500		900,165
Lear Corp.		16,590		2,037,750
Visteon Corp. (a)		10,750		1,230,875
				4,490,695
Distribution & Wholesale — 0.4%
Fossil Group, Inc. (a)		10,310		376,934
Genuine Parts Co.		2,600		223,314
HD Supply Holdings, Inc. (a)		8,000		240,240
Ingram Micro, Inc. Class A		39,300		1,193,934
				2,034,422
Entertainment — 0.5%
Cinemark Holdings, Inc.		4,800		160,464
The Madison Square Garden Co. Class A (a)		2,233		361,299
Regal Entertainment Group Class A		40,000		754,800
Six Flags Entertainment Corp.		22,600		1,241,644
				2,518,207
Home Builders — 0.3%
Lennar Corp.		21,200		851,816
NVR, Inc. (a)		130		213,590
Thor Industries, Inc.		2,300		129,145
				1,194,551
Home Furnishing — 0.2%
Harman International Industries, Inc.		1,590		149,794
Tempur Sealy International, Inc. (a)		5,600		394,576
Whirlpool Corp.		3,560		522,857
				1,067,227
Household Products — 0.2%
Tupperware Brands Corp.		14,800		823,620
Housewares — 0.1%
Newell Rubbermaid, Inc.		5,700		251,256
The Toro Co.		3,180		232,363
				483,619
Leisure Time — 0.3%
Harley-Davidson, Inc.		15,300		694,467
Jarden Corp. (a)		75		4,284
Norwegian Cruise Line Holdings Ltd. (a)		8,400		492,240
				1,190,991

	Number of Shares		Value
Lodging — 0.7%
Hilton Worldwide Holdings, Inc.		15,400	$	329,560
Las Vegas Sands Corp.		15,500		679,520
Marriott International, Inc. Class A		6,167		413,436
MGM Resorts International (a)		1,300		29,536
Starwood Hotels & Resorts Worldwide, Inc.		9,700		672,016
Wyndham Worldwide Corp.		15,600		1,133,340
				3,257,408
Retail — 8.4%
AutoNation, Inc. (a)		2,500		149,150
AutoZone, Inc. (a)		1,308		970,418
Bed Bath & Beyond, Inc. (a)		16,300		786,475
Brinker International, Inc.		6,200		297,290
CarMax, Inc. (a)		6,200		334,614
Chipotle Mexican Grill, Inc. (a)		3		1,440
Coach, Inc.		16,109		527,248
Costco Wholesale Corp.		14,380		2,322,370
CST Brands, Inc.		7,500		293,550
CVS Health Corp.		38,630		3,776,855
Darden Restaurants, Inc.		24,200		1,540,088
Dick’s Sporting Goods, Inc.		400		14,140
Dillard’s, Inc. Class A		9,150		601,246
Dollar General Corp.		4,500		323,415
Dollar Tree, Inc. (a)		27		2,085
Domino’s Pizza, Inc.		4,430		492,837
DSW, Inc. Class A		26,400		629,904
Dunkin’ Brands Group, Inc.		3,800		161,842
Foot Locker, Inc.		15,600		1,015,404
The Gap, Inc.		23,500		580,450
GNC Holdings, Inc. Class A		6,700		207,834
The Home Depot, Inc.		31,910		4,220,097
L Brands, Inc.		12,700		1,216,914
Lowe’s Cos., Inc.		45,600		3,467,424
Macy’s, Inc.		17,600		615,648
McDonald’s Corp.		36,220		4,279,031
The Michaels Cos., Inc. (a)		2,800		61,908
Nordstrom, Inc.		100		4,981
Nu Skin Enterprises, Inc. Class A		29,530		1,118,892
O’Reilly Automotive, Inc. (a)		8,450		2,141,399
Office Depot, Inc. (a)		198,300		1,118,412
Penske Auto Group, Inc.		700		29,638
Rite Aid Corp. (a)		27,100		212,464
Ross Stores, Inc.		5,560		299,184
Sally Beauty Holdings, Inc. (a)		2,100		58,569
Starbucks Corp.		61,900		3,715,857
Target Corp.		14,200		1,031,062
Tiffany & Co.		2,000		152,580
The TJX Cos., Inc.		7,320		519,061
Walgreens Boots Alliance, Inc.		3,400		289,527
Williams-Sonoma, Inc.		1,000		58,410
World Fuel Services Corp.		3,300		126,918
Yum! Brands, Inc.		1,840		134,412
				39,901,043

The accompanying notes are an integral part of the portfolio of investments.

118

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

	Number of Shares		Value
Textiles — 0.2%
Cintas Corp.		11,500	$	1,047,075
Toys, Games & Hobbies — 0.1%
Hasbro, Inc.		4,370		294,363
				75,155,298
Consumer, Non-cyclical — 29.7%
Agriculture — 1.6%
Altria Group, Inc.		80,670		4,695,800
Philip Morris International, Inc.		14,970		1,316,013
Reynolds American, Inc.		37,480		1,729,702
				7,741,515
Beverages — 3.0%
Brown-Forman Corp. Class B		7		695
The Coca-Cola Co.		78,560		3,374,938
Coca-Cola Enterprises, Inc.		16,600		817,384
Constellation Brands, Inc. Class A		7,680		1,093,939
Dr. Pepper Snapple Group, Inc.		12,000		1,118,400
Keurig Green Mountain, Inc.		20		1,800
Monster Beverage Corp. (a)		1,550		230,888
PepsiCo, Inc.		77,523		7,746,098
				14,384,142
Biotechnology — 6.0%
Alkermes PLC (a)		2,500		198,450
Amgen, Inc.		53,530		8,689,525
Biogen, Inc. (a)		12,170		3,728,279
Celgene Corp. (a)		31,110		3,725,734
Charles River Laboratories International, Inc. (a)		8,900		715,471
Gilead Sciences, Inc.		106,420		10,768,640
Regeneron Pharmaceuticals, Inc. (a)		650		352,865
Vertex Pharmaceuticals, Inc. (a)		2,100		264,243
				28,443,207
Commercial Services — 5.1%
Aaron’s, Inc.		750		16,793
Automatic Data Processing, Inc.		7,080		599,818
Booz Allen Hamilton Holding Corp.		2,800		86,380
CoreLogic, Inc. (a)		38,300		1,296,838
Donnelley (R.R.) & Sons Co.		27,300		401,856
Equifax, Inc.		9,150		1,019,035
FleetCor Technologies, Inc. (a)		750		107,197
Gartner, Inc. (a)		3,900		353,730
Genpact Ltd. (a)		51,500		1,286,470
Global Payments, Inc.		20,440		1,318,584
H&R Block, Inc.		10,300		343,093
KAR Auction Services, Inc.		5,700		211,071
McKesson Corp.		14,730		2,905,198
Moody’s Corp.		7,900		792,686
Paychex, Inc.		5,200		275,028
PayPal Holdings, Inc. (a)		53,400		1,933,080
Quanta Services, Inc. (a)		31,700		641,925
Robert Half International, Inc.		4,100		193,274

	Number of Shares		Value
SEI Investments Co.		11,200	$	586,880
Service Corp. International		3,600		93,672
ServiceMaster Global Holdings, Inc. (a)		35,600		1,396,944
Total System Services, Inc.		21,200		1,055,760
Towers Watson & Co. Class A		960		123,322
United Rentals, Inc. (a)		16,070		1,165,718
Vantiv, Inc. Class A (a)		11,100		526,362
Verisk Analytics, Inc. (a)		7,800		599,664
Visa, Inc. Class A		41,620		3,227,631
Western Union Co.		79,220		1,418,830
WEX, Inc. (a)		3,270		289,068
				24,265,907
Cosmetics & Personal Care — 0.7%
Colgate-Palmolive Co.		10,980		731,488
Coty, Inc. Class A		65,500		1,678,765
The Estee Lauder Cos., Inc. Class A		8,860		780,211
				3,190,464
Foods — 1.5%
Campbell Soup Co.		1,200		63,060
Flowers Foods, Inc.		35,300		758,597
General Mills, Inc.		8,460		487,804
The Hershey Co.		900		80,343
Hormel Foods Corp.		14,000		1,107,120
Ingredion, Inc.		2,700		258,768
Kellogg Co.		940		67,934
The Kraft Heinz Co.		666		48,458
The Kroger Co.		59,720		2,498,087
McCormick & Co., Inc.		2,400		205,344
Pilgrim’s Pride Corp.		1,900		41,971
Sysco Corp.		1,200		49,200
The Hain Celestial Group, Inc. (a)		200		8,078
Tyson Foods, Inc. Class A		29,700		1,583,901
WhiteWave Foods Co. (a)		23		895
Whole Foods Market, Inc.		600		20,100
				7,279,660
Health Care – Products — 1.9%
Alere, Inc. (a)		2,200		85,998
Baxter International, Inc.		2,020		77,063
Becton, Dickinson & Co.		4,290		661,046
Boston Scientific Corp. (a)		1,500		27,660
Bruker Corp. (a)		4,100		99,507
C.R. Bard, Inc.		2,360		447,079
Edwards Lifesciences Corp. (a)		7,200		568,656
Henry Schein, Inc. (a)		2,590		409,712
Hill-Rom Holdings, Inc.		16,600		797,796
Hologic, Inc. (a)		19,100		738,979
Intuitive Surgical, Inc. (a)		1,676		915,364
Johnson & Johnson		17,660		1,814,035
ResMed, Inc.		5,900		316,771
St. Jude Medical, Inc.		8,140		502,808

The accompanying notes are an integral part of the portfolio of investments.

119

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

	Number of Shares		Value
Stryker Corp.		4,200	$	390,348
Varian Medical Systems, Inc. (a)		10,200		824,160
Zimmer Biomet Holdings, Inc.		370		37,958
				8,714,940
Health Care – Services — 2.9%
Aetna, Inc.		8,800		951,456
Anthem, Inc.		9,330		1,300,975
Centene Corp. (a)		22,600		1,487,306
Cigna Corp.		9,890		1,447,204
DaVita HealthCare Partners, Inc. (a)		60		4,183
HCA Holdings, Inc. (a)		2,200		148,786
Health Net, Inc. (a)		10,200		698,292
Humana, Inc.		1,710		305,252
Laboratory Corporation of America Holdings (a)		1,677		207,344
LifePoint Health, Inc. (a)		14,200		1,042,280
MEDNAX, Inc. (a)		22,500		1,612,350
Premier, Inc. (a)		27,800		980,506
Thermo Fisher Scientific, Inc.		6,090		863,866
UnitedHealth Group, Inc.		20,420		2,402,209
Universal Health Services, Inc. Class B		530		63,330
				13,515,339
Household Products — 0.4%
Avery Dennison Corp.		9,900		620,334
Church & Dwight Co., Inc.		5,560		471,933
The Clorox Co.		2,790		353,856
Kimberly-Clark Corp.		4,640		590,672
				2,036,795
Pharmaceuticals — 6.6%
AbbVie, Inc.		50,683		3,002,461
Align Technology, Inc. (a)		3,600		237,060
Allergan PLC (a)		3,558		1,111,875
AmerisourceBergen Corp.		17,100		1,773,441
Baxalta, Inc.		22,700		885,981
BioMarin Pharmaceutical, Inc. (a)		400		41,904
Bristol-Myers Squibb Co.		43,500		2,992,365
Cardinal Health, Inc.		19,000		1,696,130
DENTSPLY International, Inc.		1,950		118,657
Eli Lilly & Co.		46,700		3,934,942
Endo International PLC (a)		9,300		569,346
Express Scripts Holding Co. (a)		33,780		2,952,710
Herbalife Ltd. (a)		23,580		1,264,360
Jazz Pharmaceuticals Plc (a)		1,060		148,994
Mallinckrodt PLC (a)		3,518		262,548
Mead Johnson Nutrition Co.		3,800		300,010
Medivation, Inc. (a)		8,260		399,288
Merck & Co., Inc.		26,500		1,399,730
Mylan NV (a)		25,900		1,400,413
OPKO Health, Inc. (a)		36,700		368,835
Perrigo Co. PLC		2,210		319,787

	Number of Shares		Value
Quintiles Transnational Holdings, Inc. (a)		20,700	$	1,421,262
Sirona Dental Systems, Inc. (a)		2,570		281,595
United Therapeutics Corp. (a)		13,390		2,097,008
VCA, Inc. (a)		7,500		412,500
VWR Corp. (a)		43,200		1,222,992
Zoetis, Inc.		9,800		469,616
				31,085,810
				140,657,779
Diversified — 0.0%
Holding Company – Diversified — 0.0%
Leucadia National Corp.		11,100		193,029
Energy — 0.5%
Oil & Gas — 0.3%
Continental Resources, Inc. (a)		40		919
CVR Energy, Inc.		7,400		291,190
EOG Resources, Inc.		90		6,371
Marathon Petroleum Corp.		8,800		456,192
Tesoro Corp.		4,500		474,165
				1,228,837
Oil & Gas Services — 0.2%
FMC Technologies, Inc. (a)		8,800		255,288
HollyFrontier Corp.		6,100		243,329
Oceaneering International, Inc.		5,600		210,112
RPC, Inc.		50		598
Schlumberger Ltd.		970		67,657
				776,984
Pipelines — 0.0%
The Williams Cos., Inc.		6,200		159,340
				2,165,161
Financial — 5.1%
Banks — 0.4%
The Bank of New York Mellon Corp.		34,000		1,401,480
Signature Bank (a)		2,090		320,544
SVB Financial Group (a)		1,470		174,783
				1,896,807
Diversified Financial — 1.6%
Air Lease Corp.		21,500		719,820
Ally Financial, Inc. (a)		1,400		26,096
American Express Co.		6,200		431,210
Ameriprise Financial, Inc.		1,730		184,107
BlackRock, Inc.		2,350		800,222
The Charles Schwab Corp.		8,100		266,733
Credit Acceptance Corp. (a)		1,680		359,554
Eaton Vance Corp.		3,500		113,505
Federated Investors, Inc. Class B		80		2,292
Intercontinental Exchange, Inc.		1,090		279,323
Invesco Ltd.		8,900		297,972
Lazard Ltd. Class A		7,500		337,575

The accompanying notes are an integral part of the portfolio of investments.

120

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

	Number of Shares		Value
Legg Mason, Inc.		1,200	$	47,076
MasterCard, Inc. Class A		15,060		1,466,241
Santander Consumer USA Holdings, Inc. (a)		61,000		966,850
SLM Corp. (a)		88,200		575,064
T. Rowe Price Group, Inc.		2,700		193,023
TD Ameritrade Holding Corp.		8,100		281,151
Waddell & Reed Financial, Inc. Class A		3,600		103,176
				7,450,990
Insurance — 0.9%
AmTrust Financial Services, Inc.		27,400		1,687,292
Aon PLC		3,850		355,008
Arthur J. Gallagher & Co.		3,200		131,008
Berkshire Hathaway, Inc. Class B (a)		1,390		183,536
Erie Indemnity Co. Class A		90		8,608
Markel Corp. (a)		1,110		980,518
Marsh & McLennan Cos., Inc.		14,200		787,390
				4,133,360
Real Estate — 0.5%
CBRE Group, Inc. (a)		26,100		902,538
Four Corners Property Trust, Inc. (a)		8,066		194,875
Jones Lang LaSalle, Inc.		9,170		1,465,916
				2,563,329
Real Estate Investment Trusts (REITS) — 1.7%
American Tower Corp.		1,935		187,598
Crown Castle International Corp.		13,200		1,141,140
Digital Realty Trust, Inc.		600		45,372
Equity Lifestyle Properties, Inc.		2,800		186,676
Extra Space Storage, Inc.		2,200		194,062
Iron Mountain, Inc.		43		1,161
Lamar Advertising Co.Class A		16,700		1,001,666
Public Storage		5,100		1,263,270
Simon Property Group, Inc.		12,899		2,508,082
Tanger Factory Outlet Centers, Inc.		31,200		1,020,240
Taubman Centers, Inc.		400		30,688
Welltower, Inc.		8,300		564,649
				8,144,604
				24,189,090
Industrial — 9.6%
Aerospace & Defense — 2.0%
The Boeing Co.		40,180		5,809,626
General Dynamics Corp.		3,360		461,530
Lockheed Martin Corp.		1,790		388,698
Northrop Grumman Corp.		2,560		483,354
Rockwell Collins, Inc.		1,400		129,220
Spirit AeroSystems Holdings, Inc. Class A (a)		35,500		1,777,485
TransDigm Group, Inc. (a)		250		57,113
United Technologies Corp.		3,450		331,441
				9,438,467

	Number of Shares		Value
Airlines — 0.4%
United Continental Holdings, Inc. (a)		29,855	$	1,710,691
Building Materials — 0.4%
Armstrong World Industries, Inc. (a)		19,600		896,308
Lennox International, Inc.		10		1,249
Masco Corp.		41,900		1,185,770
				2,083,327
Electrical Components & Equipment — 0.3%
Acuity Brands, Inc.		1,160		271,208
AMETEK, Inc.		8,575		459,534
Emerson Electric Co.		310		14,828
SunPower Corp. (a)		26,800		804,268
				1,549,838
Electronics — 1.0%
Allegion PLC		2,600		171,392
Amphenol Corp. Class A		500		26,115
Gentex Corp.		19,220		307,712
Jabil Circuit, Inc.		57,800		1,346,162
Keysight Technologies, Inc. (a)		6,110		173,096
Mettler-Toledo International, Inc. (a)		1,760		596,869
PerkinElmer, Inc.		12,500		669,625
Trimble Navigation Ltd. (a)		20		429
Tyco International PLC		17,900		570,831
Waters Corp. (a)		7,420		998,584
				4,860,815
Engineering & Construction — 0.1%
AECOM (a)		5,400		162,162
TopBuild Corp. (a)		1,700		52,309
				214,471
Environmental Controls — 0.2%
Clean Harbors, Inc. (a)		200		8,330
Stericycle, Inc. (a)		1,620		195,372
Waste Management, Inc.		13,400		715,158
				918,860
Hand & Machine Tools — 0.1%
Lincoln Electric Holdings, Inc.		2,800		145,292
Snap-on, Inc.		2,270		389,146
				534,438
Machinery – Construction & Mining — 0.1%
Babcock & Wilcox Enterprises, Inc. (a)		400		8,348
Caterpillar, Inc.		3,180		216,113
Ingersoll-Rand PLC		1,300		71,877
				296,338
Machinery – Diversified — 1.1%
BWX Technologies, Inc.		41,800		1,327,986
Cummins, Inc.		2,580		227,066
Deere & Co.		4,800		366,096
Flowserve Corp.		90		3,787

The accompanying notes are an integral part of the portfolio of investments.

121

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

	Number of Shares		Value
Graco, Inc.		11,200	$	807,184
IDEX Corp.		50		3,830
The Middleby Corp. (a)		4,900		528,563
Rockwell Automation, Inc.		8,590		881,420
Roper Technologies, Inc.		3,810		723,100
Wabtec Corp.		1,230		87,478
Zebra Technologies Corp. Class A (a)		50		3,482
				4,959,992
Manufacturing — 1.5%
AptarGroup, Inc.		10,100		733,765
Danaher Corp.		2,420		224,770
Honeywell International, Inc.		32,700		3,386,739
Illinois Tool Works, Inc.		15,300		1,418,004
Leggett & Platt, Inc.		5,400		226,908
Parker Hannifin Corp.		650		63,037
Textron, Inc.		19,200		806,592
				6,859,815
Metal Fabricate & Hardware — 0.2%
Valmont Industries, Inc.		9,660		1,024,153
Miscellaneous – Manufacturing — 0.1%
A.O. Smith Corp.		5,100		390,711
Packaging & Containers — 1.0%
Ball Corp.		11,200		814,576
Bemis Co., Inc.		7,200		321,768
Crown Holdings, Inc. (a)		24,400		1,237,080
Graphic Packaging Holding Co.		36,100		463,163
Owens-Illinois, Inc. (a)		3,700		64,454
Sealed Air Corp.		41,900		1,868,740
Silgan Holdings, Inc.		2,500		134,300
WestRock Co.		100		4,562
				4,908,643
Shipbuilding — 0.4%
Huntington Ingalls Industries, Inc.		15,760		1,999,156
Transportation — 0.4%
C.H. Robinson Worldwide, Inc.		4,400		272,888
Expeditors International of Washington, Inc.		16,600		748,660
Landstar System, Inc.		60		3,519
Teekay Corp.		500		4,935
Union Pacific Corp.		7,920		619,344
United Parcel Service, Inc. Class B		4,040		388,769
				2,038,115
Trucking & Leasing — 0.3%
AMERCO		3,880		1,511,260
				45,299,090
Technology — 17.0%
Computers — 8.4%
Accenture PLC Class A		32,060		3,350,270
Apple, Inc.		286,983		30,207,831

	Number of Shares		Value
Cadence Design Systems, Inc. (a)		22,000	$	457,820
Cognizant Technology Solutions Corp. Class A (a)		21,300		1,278,426
DST Systems, Inc.		2,930		334,196
EMC Corp.		7,780		199,790
Fortinet, Inc. (a)		21,700		676,389
IHS, Inc. Class A (a)		2,910		344,631
International Business Machines Corp.		8,210		1,129,860
Jack Henry & Associates, Inc.		3,600		281,016
NetApp, Inc.		44,860		1,190,136
Synopsys, Inc. (a)		5,300		241,733
Teradata Corp. (a)		1,700		44,914
				39,737,012
Office Equipment/Supplies — 0.0%
Pitney Bowes, Inc.		5,200		107,380
Semiconductors — 2.3%
Analog Devices, Inc.		8,880		491,242
Avago Technologies Ltd.		13,300		1,930,495
Intel Corp.		27,900		961,155
KLA-Tencor Corp.		13,600		943,160
Lam Research Corp.		17,100		1,358,082
Linear Technology Corp.		420		17,837
Maxim Integrated Products, Inc.		14,500		551,000
Microchip Technology, Inc.		6,100		283,894
Micron Technology, Inc. (a)		63,400		897,744
ON Semiconductor Corp. (a)		9,500		93,100
Skyworks Solutions, Inc.		10,070		773,678
Texas Instruments, Inc.		44,050		2,414,380
Xilinx, Inc.		3,410		160,168
				10,875,935
Software — 6.3%
Adobe Systems, Inc. (a)		15,950		1,498,343
ANSYS, Inc. (a)		2,400		222,000
Autodesk, Inc. (a)		50		3,046
Broadridge Financial Solutions, Inc.		7,960		427,691
Citrix Systems, Inc. (a)		8,100		612,765
The Dun & Bradstreet Corp.		10,020		1,041,379
Electronic Arts, Inc. (a)		14,600		1,003,312
Fidelity National Information Services, Inc.		8,000		484,800
Fiserv, Inc. (a)		9,900		905,454
IMS Health Holdings, Inc. (a)		35,800		911,826
Inovalon Holdings, Inc. Class A (a)		15,900		270,300
Intuit, Inc.		11,870		1,145,455
King Digital Entertainment PLC		29,800		532,824
Leidos Holdings, Inc.		17,300		973,298
Microsoft Corp.		167,860		9,312,873
MSCI, Inc.		18,100		1,305,553
Oracle Corp.		81,900		2,991,807
PTC, Inc. (a)		4,300		148,909
Red Hat, Inc. (a)		10,600		877,786

The accompanying notes are an integral part of the portfolio of investments.

122

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

	Number of Shares		Value
Salesforce.com, Inc. (a)		24,940	$	1,955,296
Servicenow, Inc. (a)		2,600		225,056
SolarWinds, Inc. (a)		12,800		753,920
Splunk, Inc. (a)		4,600		270,526
SS&C Technologies Holdings, Inc		20,000		1,365,400
Tableau Software, Inc. Class A (a)		1,200		113,064
Veeva Systems, Inc. Class A (a)		11,000		317,350
VMware, Inc. Class A (a)		3,080		174,236
				29,844,269
				80,564,596
Utilities — 0.1%
Electric — 0.1%
Calpine Corp. (a)		11,600		167,852
Dominion Resources, Inc.		3,900		263,796
				431,648
TOTAL COMMON STOCK (Cost $450,108,499)				469,720,266
TOTAL EQUITIES (Cost $450,108,499)				469,720,266
MUTUAL FUNDS — 0.6%
Diversified Financial — 0.6%
iShares Russell 1000 Growth Index Fund		29,900		2,974,452
TOTAL MUTUAL FUNDS (Cost $2,995,029)				2,974,452
TOTAL LONG-TERM INVESTMENTS (Cost $453,103,528)				472,694,718
	Principal Amount
SHORT-TERM INVESTMENTS — 0.4%
Repurchase Agreement — 0.4%
State Street Bank & Trust Co. Repurchase Agreement, dated 12/31/15, 0.010%, due 1/04/16 (b)	$	1,964,995		1,964,995
Time Deposit — 0.0%
Euro Time Deposit 0.010% 1/04/16		48,977		48,977
TOTAL SHORT-TERM INVESTMENTS (Cost $2,013,972)				2,013,972

	Value
TOTAL INVESTMENTS — 100.2% (Cost $455,117,500) (c)	$	474,708,690
Other Assets/(Liabilities) — (0.2)%		(1,100,174	)
NET ASSETS — 100.0%	$	473,608,516

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Non-income producing security.

(b) Maturity value of $1,964,997. Collateralized by U.S. Government Agency obligations with a rate of 2.120%, maturity date of 11/07/22, and an aggregate market value, including accrued interest, of $2,009,144.

(c) See Note 3 for aggregate cost for federal tax purposes.

The accompanying notes are an integral part of the portfolio of investments.

123

MassMutual Premier Small Cap Opportunities Fund – Portfolio of Investments

December 31, 2015 (Unaudited)

	Number of Shares		Value
EQUITIES — 98.2%
COMMON STOCK — 98.2%
Basic Materials — 3.9%
Chemicals — 0.5%
A. Schulman, Inc.		26,931	$	825,166
Forest Products & Paper — 1.3%
P.H. Glatfelter Co.		107,899		1,989,657
Mining — 2.1%
Kaiser Aluminum Corp.		32,100		2,685,486
Osisko Gold Royalties Ltd.		65,252		644,645
				3,330,131
				6,144,954
Communications — 1.3%
Internet — 0.8%
Zynga, Inc. (a)		455,480		1,220,687
Telecommunications — 0.5%
RigNet, Inc. (a) (b)		41,190		852,221
				2,072,908
Consumer, Cyclical — 10.6%
Airlines — 0.7%
Spirit Airlines, Inc. (a)		27,980		1,115,003
Automotive & Parts — 2.2%
Dana Holding Corp.		161,105		2,223,249
Visteon Corp. (a)		10,210		1,169,045
				3,392,294
Entertainment — 0.7%
International Speedway Corp. Class A		34,960		1,178,851
Retail — 6.5%
Brinker International, Inc.		17,420		835,289
Burlington Stores, Inc. (a)		58,720		2,519,088
Party City Holdco, Inc. (a) (b)		66,010		852,189
Popeyes Louisiana Kitchen, Inc. (a)		44,200		2,585,700
Sally Beauty Holdings, Inc. (a)		45,410		1,266,485
Texas Roadhouse, Inc.		60,590		2,167,304
				10,226,055
Storage & Warehousing — 0.5%
Wesco Aircraft Holdings, Inc. (a)		65,910		788,943
				16,701,146
Consumer, Non-cyclical — 28.7%
Agriculture — 1.2%
Universal Corp. (b)		34,290		1,922,983
Biotechnology — 0.8%
Ultragenyx Pharmaceutical, Inc. (a)		11,370		1,275,487
Commercial Services — 12.0%
ABM Industries, Inc.		62,860		1,789,624

	Number of Shares		Value
Booz Allen Hamilton Holding Corp.		65,400	$	2,017,590
DeVry Education Group, Inc. (b)		35,840		907,110
James River Group Holdings Ltd.		46,800		1,569,672
KAR Auction Services, Inc.		87,710		3,247,901
Korn/Ferry International		93,573		3,104,752
On Assignment, Inc. (a)		56,450		2,537,428
Paylocity Holding Corp. (a)		55,180		2,237,549
Team Health Holdings, Inc. (a)		34,020		1,493,138
				18,904,764
Foods — 2.3%
Pinnacle Foods, Inc.		84,110		3,571,311
Health Care – Products — 1.6%
NxStage Medical, Inc. (a)		61,650		1,350,752
Spectranetics Corp. (a)		70,790		1,066,097
				2,416,849
Health Care – Services — 4.9%
Acadia Healthcare Co., Inc. (a)		31,140		1,945,005
Addus HomeCare Corp. (a)		15,840		368,755
HealthSouth Corp.		53,093		1,848,167
WellCare Health Plans, Inc. (a)		45,296		3,542,600
				7,704,527
Household Products — 2.6%
Acco Brands Corp. (a)		220,990		1,575,659
Prestige Brands Holdings, Inc. (a)		49,086		2,526,947
				4,102,606
Pharmaceuticals — 3.3%
Acadia Pharmaceuticals, Inc. (a)		32,610		1,162,546
Aratana Therapeutics, Inc. (a)		49,170		274,369
Axovant Sciences Ltd. (a) (b)		19,490		351,405
Diplomat Pharmacy, Inc. (a) (b)		46,740		1,599,443
Santhera Pharmaceutical Holding AG (a) (b)		5,220		464,461
VWR Corp. (a)		46,960		1,329,437
				5,181,661
				45,080,188
Energy — 4.0%
Energy – Alternate Sources — 0.9%
Renewable Energy Group, Inc. (a)		151,679		1,409,098
Oil & Gas — 2.6%
Range Resources Corp. (b)		35,878		882,958
Suburban Propane Partners LP		50,250		1,221,578
Western Refining, Inc.		35,491		1,264,189
WPX Energy, Inc. (a)		121,610		698,041
				4,066,766
Pipelines — 0.5%
Cone Midstream Partners LP		80,160		789,576
				6,265,440

The accompanying notes are an integral part of the portfolio of investments.

124

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

	Number of Shares		Value
Financial — 21.2%
Banks — 8.0%
BancorpSouth, Inc.		121,620	$	2,917,664
FirstMerit Corp.		146,599		2,734,072
MB Financial, Inc.		88,190		2,854,710
Talmer Bancorp, Inc.		101,180		1,832,370
Webster Financial Corp.		59,870		2,226,565
				12,565,381
Diversified Financial — 1.2%
Evercore Partners, Inc. Class A		21,560		1,165,749
Stifel Financial Corp. (a)		18,240		772,647
				1,938,396
Insurance — 1.9%
Endurance Specialty Holdings Ltd.		25,650		1,641,343
Old Republic International Corp.		70,820		1,319,377
				2,960,720
Real Estate Investment Trusts (REITS) — 7.2%
Apollo Commercial Real Estate Finance, Inc.		117,382		2,022,492
Chatham Lodging Trust		109,275		2,237,952
CYS Investments, Inc.		293,240		2,090,801
DuPont Fabros Technology, Inc.		49,900		1,586,321
National Storage Affiliates Trust		107,120		1,834,966
STAG Industrial, Inc.		85,190		1,571,755
				11,344,287
Savings & Loans — 2.9%
BankUnited, Inc.		87,788		3,165,635
Oritani Financial Corp.		81,918		1,351,647
				4,517,282
				33,326,066
Industrial — 8.6%
Aerospace & Defense — 0.8%
AAR Corp.		43,659		1,147,795
Curtiss-Wright Corp.		1,580		108,230
				1,256,025
Building Materials — 2.4%
Boise Cascade Co. (a)		61,060		1,558,862
Masonite International Corp. (a)		25,570		1,565,651
Summit Materials, Inc. Class A (a)		35,941		720,261
				3,844,774
Electrical Components & Equipment — 1.1%
Energizer Holdings, Inc.		19,880		677,113
Generac Holdings, Inc. (a) (b)		38,430		1,144,061
				1,821,174
Engineering & Construction — 1.0%
AECOM (a)		52,126		1,565,344
Environmental Controls — 0.6%
Progressive Waste Solutions Ltd.		37,570		884,773

	Number of Shares		Value
Machinery – Diversified — 0.5%
SPX FLOW, Inc. (a)		26,650	$	743,801
Manufacturing — 0.9%
Matthews International Corp. Class A		26,350		1,408,407
Transportation — 1.3%
Saia, Inc. (a)		38,143		848,682
Swift Transportation Co. (a) (b)		84,129		1,162,663
				2,011,345
				13,535,643
Technology — 16.5%
Computers — 5.5%
CACI International, Inc. Class A (a)		24,980		2,317,644
FleetMatics Group PLC (a)		30,900		1,569,411
Fortinet, Inc. (a)		46,227		1,440,896
j2 Global, Inc.		39,396		3,243,079
				8,571,030
Office Equipment/Supplies — 0.8%
Pitney Bowes, Inc.		58,530		1,208,645
Semiconductors — 3.5%
Cavium, Inc. (a)		25,250		1,659,177
Cypress Semiconductor Corp.		115,811		1,136,106
MKS Instruments, Inc.		74,720		2,689,920
				5,485,203
Software — 6.7%
Black Knight Financial Services, Inc. Class A (a)		43,930		1,452,326
Guidewire Software, Inc. (a)		40,290		2,423,846
Imperva, Inc. (a)		32,550		2,060,741
Proofpoint, Inc. (a)		27,920		1,815,079
SYNNEX Corp.		31,440		2,827,399
				10,579,391
				25,844,269
Utilities — 3.4%
Electric — 2.8%
Allete, Inc.		45,860		2,331,064
Portland General Electric Co.		57,590		2,094,548
				4,425,612
Water — 0.6%
California Water Service Group		39,690		923,586
				5,349,198
TOTAL COMMON STOCK (Cost $146,610,914)				154,319,812
TOTAL EQUITIES (Cost $146,610,914)				154,319,812

The accompanying notes are an integral part of the portfolio of investments.

125

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

	Number of Shares		Value
MUTUAL FUNDS — 5.9%
Diversified Financial — 5.9%
State Street Navigator Securities Lending Prime Portfolio (c)		9,208,319	$	9,208,319
TOTAL MUTUAL FUNDS (Cost $9,208,319)				9,208,319
TOTAL LONG-TERM INVESTMENTS (Cost $155,819,233)				163,528,131
	Principal Amount
SHORT-TERM INVESTMENTS — 2.4%
Repurchase Agreement — 2.4%
State Street Bank & Trust Co. Repurchase Agreement, dated 12/31/15, 0.010%, due 1/04/16 (d)	$	3,731,859		3,731,859
TOTAL SHORT-TERM INVESTMENTS (Cost $3,731,859)				3,731,859
TOTAL INVESTMENTS — 106.5% (Cost $159,551,092) (e)				167,259,990
Other Assets/(Liabilities) — (6.5)%				(10,178,584	)
NET ASSETS — 100.0%			$	157,081,406

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Non-income producing security.

(b) Denotes all or a portion of security on loan. The total value of securities on loan as of December 31, 2015, was $8,978,486 or 5.72% of net assets. 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 $3,731,864. Collateralized by U.S. Government Agency obligations with a rate of 4.000%, maturity date of 12/15/17, and an aggregate market value, including accrued interest, of $3,806,935.

(e) See Note 3 for aggregate cost for federal tax purposes.

The accompanying notes are an integral part of the portfolio of investments.

126

MassMutual Premier Global Fund – Portfolio of Investments

December 31, 2015 (Unaudited)

	Number of Shares		Value
EQUITIES — 98.7%
COMMON STOCK — 96.8%
Brazil — 0.8%
Embraer SA Sponsored ADR (Brazil) (a)		102,140	$	3,017,216
Cayman Islands — 1.8%
JD.com, Inc. ADR (Cayman Islands) (b)		151,252		4,880,146
Qihoo 360 Technology Co. Ltd. ADR (Cayman Islands) (a) (b)		23,910		1,740,887
Theravance Biopharma, Inc. (a) (b)		22,214		364,087
				6,985,120
Denmark — 0.3%
FLSmidth & Co. A/S (a)		30,251		1,047,859
France — 4.6%
Kering		26,840		4,574,981
LVMH Moet Hennessy Louis Vuitton SE		43,910		6,864,303
Societe Generale SA		76,530		3,530,136
Technip SA		54,280		2,681,217
				17,650,637
Germany — 7.4%
Allianz SE		38,955		6,901,099
Bayer AG		44,342		5,563,205
Deutsche Bank AG		137,725		3,380,340
Linde AG		20,800		3,019,189
SAP SE		94,431		7,521,542
Siemens AG		19,130		1,856,013
				28,241,388
India — 3.2%
DLF Ltd.		2,534,043		4,398,634
ICICI Bank Ltd. Sponsored ADR (India)		599,920		4,697,374
Zee Entertainment Enterprises Ltd.		496,440		3,276,080
				12,372,088
Italy — 1.5%
Banca Monte dei Paschi di Siena SpA (b)		1,004,277		1,326,365
Brunello Cucinelli SpA (a)		64,078		1,129,491
Prysmian SpA		72,215		1,579,621
Tod’s SpA (a)		20,957		1,655,097
				5,690,574
Japan — 12.4%
The Dai-ichi Life Insurance Co. Ltd.		319,600		5,303,047
Fanuc Corp.		15,200		2,620,347
KDDI Corp.		229,400		5,938,470
Keyence Corp.		11,420		6,267,816
Kyocera Corp.		90,500		4,194,603

	Number of Shares		Value
Murata Manufacturing Co. Ltd.		60,210	$	8,641,743
Nidec Corp.		78,900		5,710,970
Nintendo Co. Ltd.		6,200		853,503
Nomura Holdings, Inc.		314,600		1,748,450
Sumitomo Mitsui Financial Group, Inc.		107,900		4,070,236
Suzuki Motor Corp.		65,000		1,973,296
				47,322,481
Mexico — 0.6%
Fomento Economico Mexicano SAB de CV, Series B Sponsored ADR (Mexico)		22,533		2,080,923
Netherlands — 2.3%
Airbus Group SE		129,500		8,695,080
Spain — 3.2%
Banco Bilbao Vizcaya Argentaria SA		419,674		3,060,508
Industria de Diseno Textil SA		210,640		7,228,376
Repsol YPF SA		163,840		1,783,729
				12,072,613
Sweden — 3.1%
Assa Abloy AB		309,251		6,477,164
Telefonaktiebolaget LM Ericsson Class B		567,387		5,496,109
				11,973,273
Switzerland — 5.0%
Credit Suisse Group		209,234		4,522,246
Nestle SA		52,281		3,875,259
Roche Holding AG		12,932		3,563,906
UBS Group AG		377,244		7,259,646
				19,221,057
United Kingdom — 5.6%
Circassia Pharmaceuticals PLC (b)		647,107		3,044,993
Earthport PLC (b)		1,456,102		531,304
International Game Technology PLC (a)		114,502		1,852,642
Prudential PLC		296,092		6,628,880
Shire Ltd.		35,430		2,428,153
Unilever PLC		159,202		6,816,675
				21,302,647
United States — 45.0%
3M Co.		35,240		5,308,554
Acadia Pharmaceuticals, Inc. (b)		68,990		2,459,494
Adobe Systems, Inc. (b)		89,460		8,403,872
Aetna, Inc.		85,900		9,287,508
Alphabet, Inc. Class A (b)		11,020		8,573,670
Alphabet, Inc. Class C (b)		11,438		8,680,070
Anthem, Inc.		46,250		6,449,100
Biogen, Inc. (b)		13,280		4,068,328
BioMarin Pharmaceutical, Inc. (b)		29,550		3,095,658

The accompanying notes are an integral part of the portfolio of investments.

127

MassMutual Premier Global Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
Bluebird Bio, Inc. (b)		27,010	$	1,734,582
Celldex Therapeutics, Inc. (a) (b)		182,830		2,866,774
Cigna Corp.		6,900		1,009,677
Citigroup, Inc.		157,910		8,171,843
Clovis Oncology, Inc. (a) (b)		25,220		882,700
Colgate-Palmolive Co.		123,730		8,242,893
eBay, Inc. (b)		148,930		4,092,596
Emerson Electric Co.		53,280		2,548,382
Facebook, Inc. Class A (b)		66,230		6,931,632
FNF Group		83,740		2,903,266
Gilead Sciences, Inc.		50,780		5,138,428
The Goldman Sachs Group, Inc.		31,310		5,643,001
Humana, Inc.		1,970		351,665
Intuit, Inc.		72,670		7,012,655
Ionis Pharmaceuticals, Inc. (a) (b)		26,100		1,616,373
MacroGenics, Inc. (b)		59,420		1,840,237
Maxim Integrated Products, Inc.		199,370		7,576,060
McDonald’s Corp.		20,780		2,454,949
The McGraw Hill Financial, Inc.		102,380		10,092,621
Medivation, Inc. (b)		23,020		1,112,787
PayPal Holdings, Inc. (b)		148,930		5,391,266
St. Jude Medical, Inc.		37,920		2,342,318
SunEdison, Inc. (a) (b)		595,040		3,028,754
Tiffany & Co.		57,400		4,379,046
United Parcel Service, Inc. Class B		50,340		4,844,218
Vertex Pharmaceuticals, Inc. (b)		14,740		1,854,734
The Walt Disney Co.		68,340		7,181,167
Zimmer Biomet Holdings, Inc.		39,700		4,072,823
				171,643,701
TOTAL COMMON STOCK (Cost $254,348,034)				369,316,657
PREFERRED STOCK — 1.9%
Germany — 1.9%
Bayerische Motoren Werke AG 3.960%		83,307		6,978,175
Zee Entertainment Enterprises Ltd. 6.000%		11,204,529		152,428
				7,130,603
TOTAL PREFERRED STOCK (Cost $3,488,918)				7,130,603
TOTAL EQUITIES (Cost $257,836,952)				376,447,260
MUTUAL FUNDS — 5.8%
United States — 5.8%
Oppenheimer Institutional Money Market Fund Class E (c)		6,849,825		6,849,825
State Street Navigator Securities Lending Prime Portfolio (d)		15,064,553		15,064,553
				21,914,378

	Number of Shares		Value
TOTAL MUTUAL FUNDS (Cost $21,914,378)			$	21,914,378
RIGHTS — 0.0%
Spain — 0.0%
Repsol SA, Expires 1/14/16 (b)		161,266		80,442
TOTAL RIGHTS (Cost $81,695)				80,442
TOTAL LONG-TERM INVESTMENTS (Cost $279,833,025)				398,442,080
TOTAL INVESTMENTS — 104.5% (Cost $279,833,025) (e)				398,442,080
Other Assets/(Liabilities) — (4.5)%				(17,088,446	)
NET ASSETS — 100.0%			$	381,353,634

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

ADR American Depositary Receipt

(a) Denotes all or a portion of security on loan. The total value of securities on loan as of December 31, 2015, was $14,639,795 or 3.84% of net assets. 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 4 for a summary of transactions in the investments of affiliated issuers.

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

(e) See Note 3 for aggregate cost for federal tax purposes.

The accompanying notes are an integral part of the portfolio of investments.

128

MassMutual Premier International Equity Fund – Portfolio of Investments

December 31, 2015 (Unaudited)

	Number of Shares		Value
EQUITIES — 99.8%
COMMON STOCK — 99.8%
Australia — 2.4%
CIMIC Group Ltd. (a)		152,942	$	2,684,461
CSL Ltd.		80,500		6,137,564
Sonic Healthcare Ltd.		143,037		1,853,380
Telstra Corp. Ltd.		389,500		1,580,408
				12,255,813
Brazil — 0.5%
Empresa Brasileira de Aeronautica SA		358,019		2,649,293
Canada — 3.5%
Dollarama, Inc.		143,745		8,304,528
Hudson’s Bay Co.		359,923		4,708,106
Saputo, Inc.		208,544		4,988,658
				18,001,292
Denmark — 4.4%
Coloplast A/S Class B		66,274		5,349,410
Novo Nordisk A/S		144,218		8,289,706
Novozymes A/S		111,361		5,332,490
William Demant Holding (b)		39,344		3,736,445
				22,708,051
Finland — 1.1%
Nokia Oyj		795,081		5,660,206
France — 11.7%
Cie Generale d’Optique Essilor International SA		32,970		4,109,907
Danone SA		54,197		3,657,613
Dassault Systemes SA		72,467		5,797,985
Edenred		230,684		4,346,320
Hermes International		14,056		4,739,148
Iliad SA		22,290		5,317,954
Legrand SA		84,930		4,793,521
LVMH Moet Hennessy Louis Vuitton SE		30,190		4,719,502
Pernod-Ricard SA		31,965		3,634,133
Schneider Electric SE		63,640		3,623,399
SEB SA		55,477		5,692,921
Technip SA		37,370		1,845,930
Valeo SA		50,158		7,743,634
				60,021,967
Germany — 8.7%
Bayerische Motoren Werke AG		39,528		4,163,029
Brenntag AG		103,431		5,398,302
Continental AG		38,252		9,284,356
Infineon Technologies AG		616,676		9,024,324
ProSiebenSat.1 Media SE		116,821		5,909,274
SAP SE		76,479		6,091,644

	Number of Shares		Value
United Internet AG		87,322	$	4,801,943
				44,672,872
Hong Kong — 0.9%
Lenovo Group Ltd.		4,410,000		4,443,879
India — 1.6%
Hero Honda Motors Ltd.		131,385		5,319,781
ICICI Bank Ltd. Sponsored ADR (India)		386,725		3,028,057
				8,347,838
Ireland — 2.1%
Experian PLC		285,742		5,049,202
James Hardie Industries NV		458,200		5,780,216
				10,829,418
Japan — 6.0%
Hoya Corp.		143,400		5,846,231
Keyence Corp.		10,509		5,767,817
Nidec Corp.		89,700		6,492,699
Nippon Telegraph & Telephone Corp.		208,400		8,273,862
Yahoo! Japan Corp. (a)		1,115,900		4,535,088
				30,915,697
Luxembourg — 0.7%
SES SA		137,300		3,805,884
Mexico — 0.8%
Grupo Televisa SAB Sponsored ADR (Mexico)		141,110		3,839,603
Netherlands — 7.8%
Aalberts Industries NV		209,261		7,196,731
Airbus Group SE		104,870		7,041,336
ASML Holding NV		65,608		5,846,749
Boskalis Westminster		82,355		3,354,925
Gemalto NV		36,451		2,178,056
Gemalto NV		43,268		2,598,878
Heineken NV		82,740		7,061,730
Koninklijke Vopak NV		107,752		4,633,815
				39,912,220
Panama — 1.5%
Carnival Corp.		144,670		7,881,622
South Africa — 0.8%
The SPAR Group Ltd.		329,704		3,917,685
Spain — 4.3%
Amadeus IT Holding SA Class A		155,012		6,825,685
Grifols SA (a)		143,511		6,606,646
Industria de Diseno Textil SA		134,082		4,601,192
Prosegur Cia de Seguridad SA		852,873		3,937,656
				21,971,179

The accompanying notes are an integral part of the portfolio of investments.

129

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

	Number of Shares		Value
Sweden — 2.6%
Atlas Copco AB		205,338	$	5,002,373
Swedish Match AB		89,979		3,183,415
Telefonaktiebolaget LM Ericsson Class B		551,581		5,343,002
				13,528,790
Switzerland — 13.4%
ABB Ltd.		112,854		2,003,163
Aryzta AG		107,835		5,456,021
Barry Callebaut AG (a)		4,292		4,680,975
Cie Financiere Richemont SA		68,375		4,911,607
Galenica AG Registered (a)		4,002		6,239,634
Lonza Group AG Registered		31,135		5,061,737
Roche Holding AG		25,402		7,000,490
SGS SA		1,735		3,305,333
Sika AG		1,259		4,513,328
Sonova Holding AG		35,483		4,504,435
The Swatch Group AG (a)		10,276		3,586,076
Syngenta AG		17,414		6,835,066
Temenos Group AG (a)		118,473		6,120,077
UBS Group AG		225,594		4,341,309
				68,559,251
Thailand — 0.9%
CP ALL PCL		4,186,500		4,566,351
United Kingdom — 24.1%
Aggreko PLC		186,099		2,503,195
ARM Holdings PLC		284,770		4,300,207
Aveva Group PLC		74,067		1,756,746
BT Group PLC		955,450		6,603,315
Bunzl PLC		245,229		6,774,157
Burberry Group PLC		264,352		4,649,658
Diageo PLC		100,763		2,747,856
Dignity PLC		115,517		4,329,434
Domino’s Pizza UK & IRL PLC		399,120		6,181,114
Essentra PLC		490,286		5,954,261
ICAP PLC		891,293		6,690,876
Inmarsat PLC		264,940		4,414,307
Intertek Group PLC		138,030		5,644,993
Prudential PLC		225,473		5,047,868
Reckitt Benckiser Group PLC		65,115		5,993,767
Rolls-Royce Holdings PLC		462,610		3,915,748
Royal Mail PLC		761,465		4,954,997
Sky PLC		335,708		5,492,499
Spectris PLC		107,293		2,843,575
Travis Perkins PLC		197,558		5,708,149
Tullett Prebon PLC		298,459		1,633,923
Unilever PLC		114,838		4,917,107
Vodafone Group PLC		2,213,177		7,158,575
The Weir Group PLC		92,456		1,359,939
William Hill PLC		1,140,252		6,653,962
Wolseley PLC		97,659		5,308,631
				123,538,859

	Number of Shares		Value
TOTAL COMMON STOCK (Cost $482,188,442)			$	512,027,770
PREFERRED STOCK — 0.0%
Germany — 0.0%
Zee Entertainment Enterprises Ltd. 6.000%		6,533,478		88,882
TOTAL PREFERRED STOCK (Cost $19,494)				88,882
TOTAL EQUITIES (Cost $482,207,936)				512,116,652
MUTUAL FUNDS — 3.6%
United States — 3.6%
Oppenheimer Institutional Money Market Fund Class E (c)		3,420,512		3,420,512
State Street Navigator Securities Lending Prime Portfolio (d)		15,225,016		15,225,016
				18,645,528
TOTAL MUTUAL FUNDS (Cost $18,645,528)				18,645,528
WARRANTS — 0.0%
United States — 0.0%
Mei Pharma, Inc., Expires 5/10/17, Strike 7.14 (b) (e)		301,298		-
TOTAL WARRANTS (Cost $0)				-
TOTAL LONG-TERM INVESTMENTS (Cost $500,853,464)				530,762,180
	Principal Amount
SHORT-TERM INVESTMENTS — 0.4%
Time Deposit — 0.4%
Euro Time Deposit 0.010% 1/04/16	$	1,990,464		1,990,464
TOTAL SHORT-TERM INVESTMENTS (Cost $1,990,464)				1,990,464
TOTAL INVESTMENTS —103.8% (Cost $502,843,928) (f)				532,752,644
Other Assets/ (Liabilities) — (3.8)%				(19,583,955	)
NET ASSETS — 100.0%			$	513,168,689

The accompanying notes are an integral part of the portfolio of investments.

130

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

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

ADR American Depositary Receipt

(a) Denotes all or a portion of security on loan. The total value of securities on loan as of December 31, 2015, was $14,473,895 or 2.82% of net assets. 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 4 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 December 31, 2015, these securities amounted to a value of $0 or 0.00% of net assets.

(f) See Note 3 for aggregate cost for federal tax purposes.

The accompanying notes are an integral part of the portfolio of investments.

131

MassMutual Premier Strategic Emerging Markets Fund – Portfolio of Investments

December 31, 2015 (Unaudited)

	Number of Shares		Value
EQUITIES — 96.3%
COMMON STOCK — 93.8%
Bermuda — 1.1%
Jardine Strategic Holdings Ltd.		67,014	$	1,825,298
Brazil — 4.5%
BM&F BOVESPA SA		574,500		1,571,726
Diagnosticos da America SA		103,200		263,648
Embraer SA Sponsored ADR (Brazil) (a)		73,390		2,167,941
Estacio Participacoes SA		262,700		919,239
Kroton Educacional SA		657,441		1,569,534
Sul America SA		155,900		730,991
				7,223,079
Cayman Islands — 22.3%
Alibaba Group Holding Ltd. Sponsored ADR (Cayman Islands) (b)		74,100		6,022,107
Baidu, Inc. Sponsored ADR (Cayman Islands) (b)		26,920		5,088,957
China Lodging Group Ltd. Sponsored ADR (Cayman Islands)		8,774		274,275
Ctrip.com International Ltd. ADR (Cayman Islands) (a) (b)		89,860		4,163,214
Homeinns Hotel Group ADR (Cayman Islands) (b)		38,200		1,304,912
JD.com, Inc. ADR (Cayman Islands) (b)		143,520		4,630,673
Melco Crown Entertainment Ltd. ADR (Cayman Islands) (a)		112,560		1,891,008
New Oriental Education & Technology Group, Inc. Sponsored ADR (Cayman Islands)		80,600		2,528,422
SOHO China Ltd.		1,102,500		533,371
Tencent Holdings Ltd.		336,993		6,582,697
Tingyi Cayman Islands Holding Corp.		1,076,000		1,535,606
Want Want China Holdings Ltd.		1,646,000		1,217,516
				35,772,758
China — 4.9%
China Life Insurance Co. Ltd.		511,000		1,647,183
China Oilfield Services Ltd.		64,000		54,695
China Pacific Insurance Group Co. Ltd. Class H		413,600		1,693,916
The People’s Insurance Co. Group Ltd. Class H		771,000		374,509
PICC Property & Casualty Co. Ltd. Class H		512,000		1,009,196
Sinopharm Group Co. Ltd. Class H		636,000		2,536,729
Tsingtao Brewery Co. Ltd. Class H		118,000		531,283
				7,847,511

	Number of Shares		Value
Colombia — 1.8%
Almacenes Exito SA		84,568	$	359,692
Almacenes Exito SA (c)		50,600		215,182
Grupo Aval Acciones y Valores (a)		192,150		1,252,818
Grupo de Inversiones Suramericana SA		100,596		1,127,120
				2,954,812
Egypt — 0.6%
Commercial International Bank		199,016		965,844
France — 2.2%
Kering		9,573		1,631,754
LVMH Moet Hennessy Louis Vuitton SE		12,578		1,966,277
				3,598,031
Hong Kong — 4.7%
AIA Group Ltd.		534,800		3,186,102
Hang Lung Properties Ltd.		730,000		1,655,695
Hang Lung Properties Ltd.		224,000		724,873
Hong Kong Exchanges and Clearing Ltd.		81,352		2,067,245
				7,633,915
India — 16.6%
Apollo Hospitals Enterprise Ltd.		68,732		1,515,374
Asian Paints Ltd.		25,319		336,650
Cipla Ltd.		78,678		773,130
Dr Reddy’s Laboratories Ltd.		41,257		1,928,931
Glenmark Pharmaceuticals Ltd.		36,463		504,202
Housing Development Finance Corp.		386,885		7,348,814
ICICI Bank Ltd. Sponsored ADR (India)		169,780		1,329,377
Infosys Technologies Ltd.		282,293		4,699,054
Kotak Mahindra Bank Ltd.		48,226		519,673
Lupin Ltd.		18,372		505,967
Sun Pharmaceutical Industries Ltd.		85,899		1,057,444
Tata Consultancy Services Ltd.		62,425		2,284,577
UltraTech Cement Ltd		22,074		922,724
Zee Entertainment Enterprises Ltd.		438,302		2,892,419
				26,618,336
Indonesia — 1.9%
Astra International Tbk PT		3,261,000		1,401,395
Indocement Tunggal Prakarsa Tbk PT		584,500		932,518
Semen Indonesia Persero Tbk PT		909,000		741,462
Sumber Alfaria Trijaya Tbk PT		6,100		257
				3,075,632
Italy — 1.4%
Prada SpA		721,900		2,240,107

The accompanying notes are an integral part of the portfolio of investments.

132

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

	Number of Shares		Value
Malaysia — 1.8%
Genting Bhd		1,250,900	$	2,131,375
Genting Malaysia		674,100		686,589
				2,817,964
Mexico — 6.9%
America Movil SAB de CV Series L ADR (Mexico) (a)		90,740		1,275,804
Fomento Economico Mexicano SAB de CV		225,607		2,104,679
Grupo Aeroportuario del Sureste SAB de CV		48,512		687,266
Grupo Financiero Banorte SAB de CV Class O		570,918		3,140,389
Grupo Financiero Inbursa SAB de CV		828,163		1,499,723
Grupo Televisa SAB Sponsored ADR (Mexico)		57,620		1,567,840
Wal-Mart de Mexico SAB de CV		345,310		871,565
				11,147,266
Nigeria — 0.8%
Guaranty Trust Bank PLC		1,648,575		150,656
Nigerian Breweries PLC		1,031,049		706,019
Zenith Bank PLC		6,667,001		472,564
				1,329,239
Philippines — 3.1%
Jollibee Foods Corp.		263,400		1,224,361
SM Investments Corp.		105,240		1,927,604
SM Prime Holdings, Inc.		3,830,600		1,764,582
				4,916,547
Poland — 0.1%
Bank Pekao SA		4,651		169,594
Republic of Korea — 1.3%
NAVER Corp.		3,767		2,097,877
Russia — 7.0%
Alrosa AO (b)		1,200,226		918,739
Magnit OJSC (b)		33,311		5,093,087
NovaTek OAO (d)		41,732		3,420,961
Sberbank of Russia PJSC Sponsored ADR (Russia)		315,420		1,839,773
				11,272,560
Singapore — 0.6%
Global Logistic Properties Ltd. (a)		633,000		953,094
Taiwan — 2.3%
Taiwan Semiconductor Manufacturing Co. Ltd.		858,000		3,702,335
Thailand — 0.9%
Airports of Thailand PCL		56,600		544,216
CP ALL PCL		807,000		880,221
				1,424,437

	Number of Shares		Value
Turkey — 1.1%
Anadolu Efes Biracilik Ve Malt Sanayii AS		127,600	$	826,407
BIM Birlesik Magazalar AS		53,991		950,567
				1,776,974
United Arab Emirates — 1.5%
DP World Ltd.		117,239		2,375,675
United Kingdom — 2.8%
Glencore PLC		420,105		558,980
Old Mutual PLC		800,333		2,140,797
SABMiller PLC		28,866		1,729,063
				4,428,840
United States — 1.6%
Las Vegas Sands Corp.		36,610		1,604,982
MercadoLibre, Inc. (a)		8,620		985,611
				2,590,593
TOTAL COMMON STOCK (Cost $164,934,948)				150,758,318
PREFERRED STOCK — 2.5%
Brazil — 2.1%
Cia Brasileira de Distribuicao Grupo Pao de Acucar Class A 3.550%		61,800		650,465
Lojas Americanas SA 0.640%		559,600		2,733,503
				3,383,968
Colombia — 0.3%
Banco Davivienda SA 3.450%		73,400		503,136
Germany — 0.1%
Zee Entertainment Enterprises Ltd. 6.000%		6,129,060		83,381
TOTAL PREFERRED STOCK (Cost $5,532,607)				3,970,485
TOTAL EQUITIES (Cost $170,467,555)				154,728,803
MUTUAL FUNDS — 7.5%
United States — 7.5%
State Street Navigator Securities Lending Prime Portfolio (e)		11,948,041		11,948,041
TOTAL MUTUAL FUNDS (Cost $11,948,041)				11,948,041
WARRANTS — 0.0%
Malaysia — 0.0%
Genting BHD, Expires 12/18/18, Strike Price 7.96 (b)		121,100		23,975
TOTAL WARRANTS (Cost $57,060)				23,975

The accompanying notes are an integral part of the portfolio of investments.

133

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

			Value
TOTAL LONG-TERM INVESTMENTS (Cost $182,472,656)			$	166,700,819
	Principal Amount
SHORT-TERM INVESTMENTS — 4.1%
Repurchase Agreement — 4.1%
State Street Bank & Trust Co. Repurchase Agreement, dated 12/31/15, 0.010%, due 1/04/16 (f)	$	6,640,733		6,640,733
TOTAL SHORT-TERM INVESTMENTS (Cost $6,640,733)				6,640,733
TOTAL INVESTMENTS — 107.9% (Cost $189,113,389) (g)				173,341,552
Other Assets/(Liabilities) — (7.9)%				(12,647,248	)
NET ASSETS — 100.0%			$	160,694,304

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

ADR American Depositary Receipt

(a) Denotes all or a portion of security on loan. The total value of securities on loan as of December 31, 2015, was $11,625,799 or 7.23% of net assets. 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) 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 December 31, 2015, these securities amounted to a value of $215,182 or 0.13% of net assets.

(d) 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 December 31, 2015, these securities amounted to a value of $3,420,961 or 2.13% of net assets.

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

(f) Maturity value of $6,640,741. Collateralized by U.S. Government Agency obligations with a rate of 2.120%, maturity date of 11/07/22, and an aggregate market value, including accrued interest, of $6,777,184.

(g) See Note 3 for aggregate cost for federal tax purposes.

The accompanying notes are an integral part of the portfolio of investments.

134

Notes to Portfolio of Investments (Unaudited)

1. The Funds

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

MassMutual Premier 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 Balanced Fund (“Balanced Fund”)

MassMutual Barings Dynamic Allocation Fund (“Barings Dynamic Allocation 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 Disciplined Growth Fund (“Disciplined Growth Fund”)

MassMutual Premier Small Cap Opportunities Fund (“Small Cap Opportunities Fund”)

MassMutual Premier Global Fund (“Global Fund”)

MassMutual Premier International Equity Fund (“International Equity Fund”)

MassMutual Premier Strategic Emerging Markets Fund (“Strategic Emerging Markets Fund”)

Each share class of a Fund represents an interest in the same portfolio of assets. The principal difference among the classes is the level of service and administration fees, and shareholder and distribution service expenses borne by the classes. Because each class will have different fees and expenses, performance and share prices will vary between the classes. The classes of shares are offered to different types of investors, as outlined in the Funds’ Prospectus.

2. Significant Accounting Policies

The following is a summary of significant accounting policies followed consistently by each Fund in the preparation of the financial statements in conformity with accounting principles generally accepted in the United States of America (“generally accepted accounting principles”). The preparation of the financial statements in accordance with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

Basis of Consolidation

The accompanying portfolio of investments for the Barings Dynamic Allocation Fund includes the accounts of MassMutual Barings Cayman Dynamic Allocation Fund I, Ltd. (the “Subsidiary”), a wholly owned subsidiary of the Barings Dynamic Allocation 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 Barings Dynamic Allocation Fund to hold these commodity-related investments and still satisfy regulated investment company tax requirements. The Barings Dynamic Allocation Fund may invest up to 25% of its total assets in the Subsidiary. Intercompany accounts and transactions have been eliminated. As of December 31, 2015, the Barings Dynamic Allocation Fund’s net assets were approximately $11,568,289, of which approximately $93,680 or approximately 0.81%, represents the Subsidiary’s net assets.

135

Notes to Portfolio of Investments (Unaudited) (Continued)

Investment Valuation

The net asset value of each Fund’s shares is determined once daily as of the close of regular trading on the New York Stock Exchange (“NYSE”), on each day the NYSE is open for trading (a “business day”). The NYSE normally closes at 4:00 p.m. Eastern Time, but may close earlier on some days.

Equity securities and derivative contracts that are actively traded on a national securities exchange or contract market are valued on the basis of information furnished by a pricing service, which provides the last reported sale price, or, in the case of futures contracts, the settlement price, for securities or derivatives listed on the exchange or contract market or the official closing price on the NASDAQ National Market System, or in the case of over-the-counter (“OTC”) securities for which an official closing price is unavailable or not reported on the NASDAQ System, the last reported bid price. Portfolio securities traded on more than one national securities exchange are valued at the last price at the close of the exchange representing the principal market for such securities. Debt securities (with the exception of debt securities held by the Money Market Fund) are valued on the basis of valuations furnished by a pricing service, which generally determines valuations taking into account factors such as institutional-size trading in similar securities, yield, quality, coupon rate, maturity, type of issue, trading characteristics, and other market data. Shares of other open-end mutual funds are valued at their closing net asset values as reported on each business day. The Money Market Fund’s debt securities are typically valued at amortized cost, but may be valued using a vendor quote if the Fund’s investment adviser determines it more closely approximates current market value, in accordance with Rule 2a-7 under the 1940 Act pursuant to which the 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.

Investments for which market quotations are readily available are marked to market daily based on those quotations. Market quotations may be provided by third-party vendors or market makers, and may be determined on the basis of a variety of factors, such as broker quotations, financial modeling, and other market data, such as market indexes and yield curves, counterparty information, and foreign exchange rates. U.S. Government and agency securities may be valued on the basis of market quotations or using a model that may incorporate market observable data such as reported sales of similar securities, broker quotes, yields, bids, offers, quoted market prices, and reference data. The fair values of OTC derivative contracts, including forward, swap, and option contracts related to interest rates, foreign currencies, credit standing of reference entities, equity prices, or commodity prices, may be based on market quotations or may be modeled using a series of techniques, including simulation models, depending on the contract and the terms of the transaction. The fair values of asset-backed securities and mortgage-backed securities are estimated based on models that consider the estimated cash flows of each debt tranche of the issuer, established benchmark yield, and estimated tranche-specific spread to the benchmark yield based on the unique attributes of the tranche, including, but not limited to, prepayment speed assumptions and attributes of the collateral. Restricted securities are generally valued at a discount to similar publicly traded securities.

Investments for which market quotations are not available or for which a pricing service or vendor does not provide a value, or for which such market quotations or values are considered by the investment adviser or subadviser to be unreliable (including, for example, certain foreign securities, thinly-traded securities, certain restricted securities, certain initial public offerings, or securities whose values may have been affected by a significant event) are stated at fair valuations determined in good faith by the Funds’ Valuation Committee¹ in accordance with procedures approved annually by the 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 significant 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.

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 determines the fair valuation of portfolio securities and the Funds’ pricing procedures in general.

136

Notes to Portfolio of Investments (Unaudited) (Continued)

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 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.

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 significant 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.

137

Notes to Portfolio of Investments (Unaudited) (Continued)

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 characterized all investments at Level 2, as of December 31, 2015. The Disciplined Growth Fund and Small Cap Opportunities Fund characterized all long-term investments at Level 1, and all short-term investments at Level 2, as of December 31, 2015. 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 December 31, 2015, for the remaining Funds’ investments:

	Level 1			Level 2			Level 3		Total
Short-Duration Bond Fund
Asset Investments
Preferred Stock	$	239,295		$	-		$	-	$	239,295
Corporate Debt		-			215,663,075			-		215,663,075
Municipal Obligations		-			2,419,924			-		2,419,924
Non-U.S. Government Agency Obligations		-			168,683,328			217,150		168,900,478
U.S. Government Agency Obligations and Instrumentalities		-			38,047,477			-		38,047,477
U.S. Treasury Obligations		-			124,749,795			-		124,749,795
Purchased Options		-			149,254			-		149,254
Short-Term Investments		-			11,048,774			-		11,048,774
Total Investments	$	239,295		$	560,761,627		$	217,150	$	561,218,072
Asset Derivatives
Futures Contracts	$	40,854		$	-		$	-	$	40,854
Liability Derivatives
Futures Contracts	$	(513,304	)	$	-		$	-	$	(513,304	)
Swap Agreements		-			(47,145	)		-		(47,145	)
Total	$	(513,304	)	$	(47,145	)	$	-	$	(560,449	)
Inflation-Protected and Income Fund
Asset Investments
Corporate Debt	$	-		$	15,684,769		$	-	$	15,684,769
Municipal Obligations		-			753,868			-		753,868
Non-U.S. Government Agency Obligations		-			147,379,475			121,559		147,501,034
U.S. Government Agency Obligations and Instrumentalities		-			195,547			-		195,547
U.S. Treasury Obligations		-			320,562,006			-		320,562,006
Purchased Options		-			488,199			-		488,199
Short-Term Investments		-			115,191,863			-		115,191,863
Total Investments	$	-		$	600,255,727		$	121,559	$	600,377,286
Asset Derivatives
Futures Contracts	$	1,867		$	-		$	-	$	1,867
Swap Agreements		-			36,378			-		36,378
Total	$	1,867		$	36,378		$	-	$	38,245

138

Notes to Portfolio of Investments (Unaudited) (Continued)

	Level 1			Level 2			Level 3		Total
Inflation-Protected and Income Fund (Continued)
Liability Derivatives
Futures Contracts	$	(5,125	)	$	-		$	-	$	(5,125	)
Swap Agreements		-			(54,689	)		-		(54,689	)
Total	$	(5,125	)	$	(54,689	)	$	-	$	(59,814	)
Core Bond Fund
Asset Investments
Preferred Stock	$	3,924,803		$	-		$	-	$	3,924,803
Corporate Debt		-			682,574,690			-		682,574,690
Municipal Obligations		-			16,893,709			-		16,893,709
Non-U.S. Government Agency Obligations		-			321,203,100			547,201		321,750,301
Sovereign Debt Obligations		-			13,041,098			-		13,041,098
U.S. Government Agency Obligations and Instrumentalities		-			372,718,857			-		372,718,857
U.S. Treasury Obligations		-			8,330,355			-		8,330,355
Purchased Options		-			482,747			-		482,747
Short-Term Investments		-			254,852,663			-		254,852,663
Total Investments	$	3,924,803		$	1,670,097,219		$	547,201	$	1,674,569,223
Asset Derivatives
Futures Contracts	$	980,463		$	-		$	-	$	980,463
Swap Agreements		-			914			-		914
Total	$	980,463		$	914		$	-	$	981,377
Liability Derivatives
Futures Contracts	$	(856,925	)	$	-		$	-	$	(856,925	)
Swap Agreements		-			(128,864	)		-		(128,864	)
Total	$	(856,925	)	$	(128,864	)	$	-	$	(985,789	)
Diversified Bond Fund
Asset Investments
Common Stock	$	-		$	-		$	24,752	$	24,752
Preferred Stock		339,650			-			-		339,650
Corporate Debt		-			69,439,225			-		69,439,225
Municipal Obligations		-			632,205			-		632,205
Non-U.S. Government Agency Obligations		-			38,038,343			83,266		38,121,609
Sovereign Debt Obligations		-			1,398,276			-		1,398,276
U.S. Government Agency Obligations and Instrumentalities		-			43,872,534			-		43,872,534
U.S. Treasury Obligations		-			14,876,988			-		14,876,988
Purchased Options		-			1,131,897			-		1,131,897
Short-Term Investments		-			40,116,774			-		40,116,774
Total Investments	$	339,650		$	209,506,242		$	108,018	$	209,953,910
Asset Derivatives
Forward Contracts	$	-		$	33,675		$	-	$	33,675
Futures Contracts		44,406			-			-		44,406
Total	$	44,406		$	33,675		$	-	$	78,081
Liability Derivatives
Forward Contracts	$	-		$	(78,902	)	$	-	$	(78,902	)
Futures Contracts		(69,096	)		-			-		(69,096	)
Swap Agreements		-			(14,144	)		-		(14,144	)
Total	$	(69,096	)	$	(93,046	)	$	-	$	(162,142	)

139

Notes to Portfolio of Investments (Unaudited) (Continued)

	Level 1			Level 2			Level 3		Total
High Yield Fund
Asset Investments
Common Stock	$	-		$	-		$	303,571	$	303,571
Bank Loans		-			5,974,907			-		5,974,907
Corporate Debt		-			241,572,097			-		241,572,097
Short-Term Investments		-			14,085,854			-		14,085,854
Total Investments	$	-		$	261,632,858		$	303,571	$	261,936,429
Balanced Fund
Asset Investments
Common Stock	$	66,557,247		$	-		$	-	$	66,557,247
Preferred Stock		145,710			-			-		145,710
Corporate Debt		-			18,117,174			-		18,117,174
Municipal Obligations		-			677,491			-		677,491
Non-U.S. Government Agency Obligations		-			8,925,778			-		8,925,778
Sovereign Debt Obligations		-			440,021			-		440,021
U.S. Government Agency Obligations and Instrumentalities		-			10,465,645			-		10,465,645
U.S. Treasury Obligations		-			164,338			-		164,338
Mutual Funds		10,976,769			-			-		10,976,769
Purchased Options		-			15,119			-		15,119
Rights		-			-			4,050		4,050
Short-Term Investments		-			6,934,641			-		6,934,641
Total Investments	$	77,679,726		$	45,740,207		$	4,050	$	123,423,983
Asset Derivatives
Futures Contracts	$	24,316		$	-		$	-	$	24,316
Liability Derivatives
Futures Contracts	$	(20,335	)	$	-		$	-	$	(20,335	)
Swap Agreements		-			(4,400	)		-		(4,400	)
Total	$	(20,335	)	$	(4,400	)	$	-	$	(24,735	)
Barings Dynamic Allocation Fund
Asset Investments
Sovereign Debt Obligations	$	-		$	1,197,698		$	-	$	1,197,698
U.S. Treasury Obligations		-			609,167			-		609,167
Mutual Funds		8,572,902			-			-		8,572,902
Short-Term Investments		-			1,063,010			-		1,063,010
Total Investments	$	8,572,902		$	2,869,875		$	-	$	11,442,777
Asset Derivatives
Forward Contracts	$	-		$	59,605		$	-	$	59,605
Liability Derivatives
Forward Contracts	$	-		$	(37,879	)	$	-	$	(37,879	)
Value Fund
Asset Investments
Common Stock	$	64,945,479		$	1,127,767		$	-	$	66,073,246
Mutual Funds		1,301,343			-			-		1,301,343
Short-Term Investments		-			325,963			-		325,963
Total Investments	$	66,246,822		$	1,453,730		$	-	$	67,700,552

140

Notes to Portfolio of Investments (Unaudited) (Continued)

	Level 1		Level 2			Level 3		Total
Disciplined Value Fund
Asset Investments
Common Stock	$	311,739,547	$	-		$	-	$	311,739,547
Rights		-		-			9,858		9,858
Short-Term Investments		-		1,456,267			-		1,456,267
Total Investments	$	311,739,547	$	1,456,267		$	9,858	$	313,205,672
Main Street Fund
Asset Investments
Common Stock	$	122,634,019	$	1,112,873	*	$	-	$	123,746,892
Mutual Funds		1,100,198		-			-		1,100,198
Short-Term Investments		-		3,311,444			-		3,311,444
Total Investments	$	123,734,217	$	4,424,317		$	-	$	128,158,534
Global Fund
Asset Investments
Common Stock*
Brazil	$	3,017,216	$	-		$	-	$	3,017,216
Cayman Islands		6,985,120		-			-		6,985,120
Denmark		-		1,047,859			-		1,047,859
France		-		17,650,637			-		17,650,637
Germany		-		28,241,388			-		28,241,388
India		4,697,374		7,674,714			-		12,372,088
Italy		-		5,690,574			-		5,690,574
Japan		-		47,322,481			-		47,322,481
Mexico		2,080,923		-			-		2,080,923
Netherlands		-		8,695,080			-		8,695,080
Spain		-		12,072,613			-		12,072,613
Sweden		-		11,973,273			-		11,973,273
Switzerland		-		19,221,057			-		19,221,057
United Kingdom		1,852,642		19,450,005			-		21,302,647
United States		171,643,701		-			-		171,643,701
Preferred Stock
Germany		-		7,130,603			-		7,130,603
Mutual Funds		21,914,378		-			-		21,914,378
Rights		-		80,442			-		80,442
Total Investments	$	212,191,354	$	186,250,726		$	-	$	398,442,080
International Equity Fund
Asset Investments
Common Stock*
Australia	$	-	$	12,255,813		$	-	$	12,255,813
Brazil		-		2,649,293			-		2,649,293
Canada		18,001,292		-			-		18,001,292
Denmark		-		22,708,051			-		22,708,051
Finland		-		5,660,206			-		5,660,206
France		-		60,021,967			-		60,021,967
Germany		-		44,672,872			-		44,672,872
Hong Kong		-		4,443,879			-		4,443,879
India		3,028,057		5,319,781			-		8,347,838

141

Notes to Portfolio of Investments (Unaudited) (Continued)

	Level 1		Level 2		Level 3			Total
International Equity Fund (Continued)
Common Stock (Continued)
Ireland	$	-	$	10,829,418	$	-		$	10,829,418
Japan		-		30,915,697		-			30,915,697
Luxembourg		-		3,805,884		-			3,805,884
Mexico		3,839,603		-		-			3,839,603
Netherlands		-		39,912,220		-			39,912,220
Panama		7,881,622		-		-			7,881,622
South Africa		-		3,917,685		-			3,917,685
Spain		-		21,971,179		-			21,971,179
Sweden		-		13,528,790		-			13,528,790
Switzerland		-		68,559,251		-			68,559,251
Thailand		-		4,566,351		-			4,566,351
United Kingdom		-		123,538,859		-			123,538,859
Preferred Stock
Germany		-		88,882		-			88,882
Mutual Funds		18,645,528		-		-			18,645,528
Warrants		-		-		-	†		-
Short-Term Investments		-		1,990,464		-			1,990,464
Total Investments	$	51,396,102	$	481,356,542	$	-		$	532,752,644
Strategic Emerging Markets Fund
Asset Investments
Common Stock*
Bermuda	$	-	$	1,825,298	$	-		$	1,825,298
Brazil		2,167,941		5,055,138		-			7,223,079
Cayman Islands		25,903,568		9,869,190		-			35,772,758
China		-		7,847,511		-			7,847,511
Colombia		1,468,000		1,486,812		-			2,954,812
Egypt		-		965,844		-			965,844
France		-		3,598,031		-			3,598,031
Hong Kong		-		7,633,915		-			7,633,915
India		1,329,377		25,288,959		-			26,618,336
Indonesia		-		3,075,632		-			3,075,632
Italy		-		2,240,107		-			2,240,107
Malaysia		-		2,817,964		-			2,817,964
Mexico		11,147,266		-		-			11,147,266
Nigeria		-		1,329,239		-			1,329,239
Philippines		-		4,916,547		-			4,916,547
Poland		-		169,594		-			169,594
Republic of Korea		-		2,097,877		-			2,097,877
Russia		-		11,272,560		-			11,272,560
Singapore		-		953,094		-			953,094
Taiwan		-		3,702,335		-			3,702,335
Thailand		-		1,424,437		-			1,424,437
Turkey		-		1,776,974		-			1,776,974
United Arab Emirates		-		2,375,675		-			2,375,675
United Kingdom		-		4,428,840		-			4,428,840
United States		2,590,593		-		-			2,590,593
Preferred Stock
Brazil		-		3,383,968		-			3,383,968
Colombia		-		503,136		-			503,136

142

Notes to Portfolio of Investments (Unaudited) (Continued)

	Level 1		Level 2		Level 3		Total
Strategic Emerging Markets Fund (Continued)
Common Stock (Continued)
Germany	$	-	$	83,381	$	-	$	83,381
Mutual Funds		11,948,041		-		-		11,948,041
Warrants		-		23,975		-		23,975
Short-Term Investments		-		6,640,733		-		6,640,733
Total Investments	$	56,554,786	$	116,786,766	$	-	$	173,341,552

* Includes foreign equity securities whose values were adjusted to reflect market trading of comparable securities or other correlated instruments after the close of trading in their applicable foreign markets.

† Represents a security at $0 value as of December 31, 2015.

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 9/30/15			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 12/31/15			Net Change in Unrealized Appreciation (Depreciation) from Investments Still Held as of 12/31/15
Short-Duration Bond Fund
Non-U.S. Government Agency Obligations†	$	612,365		$	-	$	482	$	(174	)	$	-	$	(395,523	)	$	-	$	-	$	217,150		$	(174	)
Inflation-Protected and Income Fund
Non-U.S. Government Agency Obligations†	$	341,827		$	-	$	284	$	(100	)	$	-	$	(220,452	)	$	-	$	-	$	121,559		$	(100	)
Core Bond Fund
Non-U.S. Government Agency Obligations†	$	1,542,794		$	-	$	1,220	$	(441	)	$	-	$	(996,372	)	$	-	$	-	$	547,201		$	(441	)
Diversified Bond Fund
Common Stock	$	24,752		$	-	$	-	$	-		$	-	$	-		$	-	$	-	$	24,752		$	-
Non-U.S. Government Agency Obligations†		235,350			-		177		(66	)		-		(152,195	)		-		-		83,266			(66	)
	$	260,102		$	-	$	177	$	(66	)	$	-	$	(152,195	)	$	-	$	-	$	108,018		$	(66	)
High Yield Fund
Common Stock	$	303,571		$	-	$	-	$	-		$	-	$	-		$	-	$	-	$	303,571		$	-
Balanced Fund
Rights	$	4,050		$	-	$	-	$	-		$	-	$	-		$	-	$	-	$	4,050		$	-
Disciplined Value Fund
Rights	$	9,858		$	-	$	-	$	-		$	-	$	-		$	-	$	-	$	9,858		$	-
International Equity Fund
Warrants	$	-	**	$	-	$	-	$	-		$	-	$	-		$	-	$	-	$	-	***	$	-

* The Fund(s) recognize transfers between the Levels as of the beginning of the year.

** Represents a security at $0 value as of September 30, 2015.

*** Represents a security at $0 value as of December 31, 2015.

† 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.

143

Notes to Portfolio of Investments (Unaudited) (Continued)

The Funds had no transfers between Level 1, Level 2, and Level 3 of the fair value hierarchy at December 31, 2015. The Funds recognize 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(s).

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. Gains or losses from derivatives can be substantially greater than the derivatives original cost and can sometimes be unlimited. A Fund may not be able to close out a derivative transaction at a favorable time or price. For those Funds that held derivatives at December 31, 2015, the following table shows how the Fund used these types of 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	Balanced Fund	Barings Dynamic Allocation Fund
Foreign Currency Exchange Transactions*
Hedging/Risk Management				A		A
Directional Exposures to Currencies				M		M
Intention to Create Investment Leverage in Portfolio				M
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
Interest Rate Swaps***
Hedging/Risk Management		A	A
Duration Management		M	M
Asset/Liability Management		M	M
Substitution for Direct Investment		M	M
Intention to Create Investment Leverage in Portfolio		M	M
Credit Default Swaps (Protection Buyer)
Hedging/Risk Management	A	A	A	A	A
Duration/Credit Quality Management	A	A	A	A	A
Income	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
Purchased Options
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
Directional Investment	A	A	A	A	A
Intention to Create Investment Leverage in Portfolio	M	M	M	M	M
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

144

Notes to Portfolio of Investments (Unaudited) (Continued)

Type of Derivative and Objective for Use	Disciplined Value Fund	Global Fund	International Equity Fund	Strategic Emerging Markets 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

* 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.

*** Includes any caps, floors, and collars, and related purchased or written options, if applicable.

At December 31, 2015, the Fund(s) had the following derivatives and transactions in derivatives, grouped into the indicated risk categories:

	Credit Risk			Equity Risk		Foreign Exchange Risk		Interest Rate Risk			Total
Short-Duration Bond Fund
Asset Derivatives
Purchased Options	$	149,254		$	-	$	-	$	-		$	149,254
Futures Contracts		-			-		-		40,854			40,854
Total Value	$	149,254		$	-	$	-	$	40,854		$	190,108
Liability Derivatives
Futures Contracts	$	-		$	-	$	-	$	(513,304	)	$	(513,304	)
Swap Agreements		(47,145	)		-		-		-			(47,145	)
Total Value	$	(47,145	)	$	-	$	-	$	(513,304	)	$	(560,449	)
Number of Contracts, Notional Amounts or Shares/Units†
Purchased Options	$	127,350,000		$	-	$	-	$	-		$	127,350,000
Futures Contracts		-			-		-		1,639			1,639
Swap Agreements	$	1,500,000		$	-	$	-	$	-		$	1,500,000
Inflation-Protected and Income Fund
Asset Derivatives
Purchased Options	$	52,740		$	-	$	435,459	$	-		$	488,199
Futures Contracts		-			-		-		1,867			1,867
Swap Agreements		-			-		-		36,378			36,378
Total Value	$	52,740		$	-	$	435,459	$	38,245		$	526,444
Liability Derivatives
Futures Contracts	$	-		$	-	$	-	$	(5,125	)	$	(5,125	)
Swap Agreements		(54,689	)		-		-		-			(54,689	)
Total Value	$	(54,689	)	$	-	$	-	$	(5,125	)	$	(59,814	)
Number of Contracts, Notional Amounts or Shares/Units†
Purchased Options	$	45,000,000		$	-	$	16,700,000	$	-		$	61,700,000
Futures Contracts		-			-		-		32			32
Swap Agreements	$	1,740,000		$	-	$	-	$	15,500,000		$	17,240,000

145

Notes to Portfolio of Investments (Unaudited) (Continued)

	Credit Risk			Equity Risk		Foreign Exchange Risk			Interest Rate Risk			Total
Core Bond Fund
Asset Derivatives
Purchased Options	$	482,747		$	-	$	-		$	-		$	482,747
Futures Contracts		-			-					980,463			980,463
Swap Agreements		-			-		-			914			914
Total Value	$	482,747		$	-	$	-		$	981,377		$	1,464,124
Liability Derivatives
Futures Contracts	$	-		$	-	$	-		$	(856,925	)	$	(856,925	)
Swap Agreements		(128,864	)		-		-			-			(128,864	)
Total Value	$	(128,864	)	$	-	$	-		$	(856,925	)	$	(985,789	)
Number of Contracts, Notional Amounts or Shares/Units†
Purchased Options	$	411,900,000		$	-	$	-		$	-		$	411,900,000
Futures Contracts		-			-		-			4,121			4,121
Swap Agreements	$	4,100,000		$	-	$	-		$	4,000,000		$	8,100,000
Diversified Bond Fund
Asset Derivatives
Purchased Options	$	50,396		$	-	$	1,081,501		$	-		$	1,131,897
Forward Contracts		-			-		33,675			-			33,675
Futures Contracts		-			-		-			44,406			44,406
Total Value	$	50,396		$	-	$	1,115,176		$	44,406		$	1,209,978
Liability Derivatives
Forward Contracts	$	-		$	-	$	(78,902	)	$	-		$	(78,902	)
Futures Contracts		-			-		-			(69,096	)		(69,096	)
Swap Agreements		(14,144	)		-		-			-			(14,144	)
Total Value	$	(14,144	)	$	-	$	(78,902	)	$	(69,096	)	$	(162,142	)
Number of Contracts, Notional Amounts or Shares/Units†
Purchased Options	$	43,000,000		$	-	$	41,000,000		$	-		$	84,000,000
Forward Contracts	$	-		$	-	$	5,276,910		$	-		$	5,276,910
Futures Contracts		-			-		-			272			272
Swap Agreements	$	450,000		$	-	$	-		$	-		$	450,000
Balanced Fund
Asset Derivatives
Purchased Options	$	15,119		$	-	$	-		$	-		$	15,119
Futures Contracts		-			-		-			24,316			24,316
Rights		-			4,050		-			-			4,050
Total Value	$	15,119		$	4,050	$	-		$	24,316		$	43,485
Liability Derivatives
Futures Contracts	$	-		$	-	$	-		$	(20,335	)	$	(20,335	)
Swap Agreements		(4,400	)		-		-			-			(4,400	)
Total Value	$	(4,400	)	$	-	$	-		$	(20,335	)	$	(24,735	)

146

Notes to Portfolio of Investments (Unaudited) (Continued)

	Credit Risk		Equity Risk			Foreign Exchange Risk			Interest Rate Risk		Total
Balanced Fund (Continued)
Number of Contracts, Notional Amounts or Shares/Units†
Purchased Options	$	12,900,000	$	-		$	-		$	-	$	12,900,000
Futures Contracts		-		-			-			96		96
Swap Agreements	$	140,000	$	-		$	-		$	-	$	140,000
Rights		-		7,642			-			-		7,642
Barings Dynamic Allocation Fund
Asset Derivatives
Forward Contracts	$	-	$	-		$	59,605		$	-	$	59,605
Liability Derivatives
Forward Contracts	$	-	$	-		$	(37,879	)	$	-	$	(37,879	)
Number of Contracts, Notional Amounts or Shares/Units†
Forward Contracts	$	-	$	-		$	4,920,667		$	-	$	4,920,667
Disciplined Value Fund
Asset Derivatives
Rights	$	-	$	9,858		$	-		$	-	$	9,858
Number of Contracts, Notional Amounts or Shares/Units†
Rights		-		18,600			-			-		18,600
Global Fund
Asset Derivatives
Rights	$	-	$	80,442		$	-		$	-	$	80,442
Number of Contracts, Notional Amounts or Shares/Units†
Rights		-		161,266			-			-		161,266
International Equity Fund
Asset Derivatives
Warrants	$	-	$	-	††	$	-		$	-	$	-
Number of Contracts, Notional Amounts or Shares/Units†
Warrants		-		301,298			-			-		301,298
Strategic Emerging Markets Fund
Asset Derivatives
Warrants	$	-	$	23,975		$	-		$	-	$	23,975
Number of Contracts, Notional Amounts or Shares/Units†
Warrants		-		121,100			-			-		121,100

† Amount(s) disclosed represent number of contracts for futures contracts, notional amounts for purchased options, forward contracts, and swap agreements, or shares/units outstanding for rights and warrants at December 31, 2015.

†† Represents a security at $0 value as of December 31, 2015.

147

Notes to Portfolio of Investments (Unaudited) (Continued)

Further details regarding the derivatives and other investments held by the Fund(s) at December 31, 2015, 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.

Forward Foreign Currency Contracts and Foreign Currency Options. 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 also buy and sell options on currencies. When the Fund buys an option, its loss should generally be limited to the amount of the premium paid and any transaction costs. If a Fund sells an option on a currency, it is subject generally to the same risks as if it had entered into a forward contract with respect to that currency. A Fund may enter into foreign currency exchange transactions in order to hedge against changes in the values of the assets or liabilities denominated in one or more foreign currencies, or otherwise to increase or reduce a Fund’s exposure to various foreign currencies. The use of foreign currency exchange transactions may create investment leverage.

Whenever a Fund enters into a foreign currency exchange transaction, it is subject to the risk that the value of the transaction will move in a direction unfavorable to it. When the Fund uses the transactions for hedging purposes, it is likely that the Fund will have an asset or liability that will offset any loss (or gain) on the transactions, at least in part. If a Fund enters into foreign currency exchange transactions other than for hedging purposes (for example, seeking to profit from an anticipated change in the values of currencies by creating directional exposures in the portfolio with respect to one or more currencies), it will generally be subject to the same risks, but is less likely to have assets or liabilities that will offset any losses on the transactions. There can be no assurance that a Fund will be able to terminate any foreign currency exchange transaction prior to its maturity in order to limit its loss on the transaction.

Forward foreign currency contracts are marked to market daily and the change in their value is recorded by the Funds as an unrealized gain or loss. Forward foreign currency contracts are valued at the settlement price established through dealers or other market sources on the day which they are traded. When a forward foreign currency contract is extinguished, through delivery or offset by entering into another forward foreign currency contract, the Funds record a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value of the contract at the time it was extinguished or offset. The notional or contractual amounts of these instruments do not necessarily represent the amounts potentially subject to risk. The measurement of the risk associated with these instruments is meaningful only when all related and offsetting transactions and counterparty risks are considered. For information regarding the accounting treatment of options, see “Options, Rights, and Warrants” below.

The Fund(s) listed in the following table had open forward foreign currency contracts at December 31, 2015. A Fund’s current exposure to a counterparty is the unrealized appreciation on the contract.

		Counterparty	Settlement Date	In Exchange for		Unrealized Appreciation/ (Depreciation)
Diversified Bond Fund
Contracts to Buy
KZT	15,890,000	Bank of America N.A.	02/02/16	$	50,000	$	(5,622	)
MXN	1,654,202	Bank of America N.A.	01/06/16		100,000		(4,025	)
MYR	430,192	Bank of America N.A.	01/05/16		100,280		(84	)
MYR	430,192	Bank of America N.A.	03/29/16		100,110		(508	)
RON	190,719	Bank of America N.A.	02/16/16		45,742		128
TRY	467,397	Bank of America N.A.	01/04/16		150,000		10,265
ZAR	1,411,765	Bank of America N.A.	01/05/16		100,000		(8,712	)
ZAR	2,882,638	Bank of America N.A.	02/09/16		200,000		(14,786	)
					846,132		(23,344	)

148

Notes to Portfolio of Investments (Unaudited) (Continued)

		Counterparty	Settlement Date	In Exchange for		Unrealized Appreciation/ (Depreciation)
Diversified Bond Fund (Continued)
Contracts to Buy (Continued)
MXN	848,050	Barclays Bank PLC	01/05/16	$	51,457	$	(2,251	)
MYR	237,309	Barclays Bank PLC	01/05/16		55,318		(46	)
NOK	424,327	Barclays Bank PLC	02/02/16		50,000		(2,076	)
SEK	426,610	Barclays Bank PLC	02/02/16		50,000		580
TRY	270,496	Barclays Bank PLC	01/04/16		94,000		(1,250	)
TRY	576,648	Barclays Bank PLC	03/22/16		192,108		1,294
ZAR	1,411,765	Barclays Bank PLC	03/29/16		90,702		(822	)
					583,585		(4,571	)
BRL	386,380	JP Morgan Chase Bank	02/02/16		100,000		(3,297	)
COP	299,559,000	JP Morgan Chase Bank	02/16/16		95,796		(1,842	)
IDR	701,950,000	JP Morgan Chase Bank	02/02/16		50,000		577
MXN	1,654,202	JP Morgan Chase Bank	03/29/16		95,750		(345	)
MYR	667,500	JP Morgan Chase Bank	01/05/16		150,000		5,468
ZAR	2,079,715	JP Morgan Chase Bank	02/16/16		143,930		(10,477	)
					635,476		(9,916	)
				$	2,065,193	$	(37,831	)
Contracts to Deliver
BRL	386,380	Bank of America N.A.	02/02/16		99,029		2,326
CHF	94,621	Bank of America N.A.	02/16/16		93,168		(1,470	)
CLP	52,147,500	Bank of America N.A.	02/02/16		75,000		1,647
CLP	20,126,400	Bank of America N.A.	03/01/16		28,000		(221	)
KZT	15,890,000	Bank of America N.A.	02/02/16		45,174		796
MXN	848,050	Bank of America N.A.	01/05/16		50,000		793
MYR	430,192	Bank of America N.A.	01/05/16		100,228		32
NZD	148,754	Bank of America N.A.	02/23/16		96,697		(4,741	)
PEN	343,300	Bank of America N.A.	03/01/16		100,000		383
					687,296		(455	)
GBP	63,797	Barclays Bank PLC	02/16/16		97,041		2,983
MYR	237,309	Barclays Bank PLC	01/05/16		55,000		(272	)
PHP	4,714,800	Barclays Bank PLC	02/02/16		100,000		(30	)
TRY	576,648	Barclays Bank PLC	01/04/16		196,323		(1,403	)
ZAR	1,411,765	Barclays Bank PLC	01/05/16		92,112		824
					540,476		2,102
AUD	33,339	Goldman Sachs International	02/16/16		24,000		(244	)
AUD	106,541	JP Morgan Chase Bank	02/16/16		75,168		(2,307	)
CAD	98,978	JP Morgan Chase Bank	02/16/16		74,162		2,623
EUR	943	JP Morgan Chase Bank	01/05/16		1,030		5
EUR	294,831	JP Morgan Chase Bank	02/16/16		314,616		(6,124	)
IDR	701,950,000	JP Morgan Chase Bank	02/02/16		49,950		(627	)
IDR	1,415,500,000	JP Morgan Chase Bank	03/01/16		100,000		(1,290	)
MXN	1,654,202	JP Morgan Chase Bank	01/06/16		96,290		315
MYR	667,500	JP Morgan Chase Bank	01/05/16		155,598		130
NOK	424,327	JP Morgan Chase Bank	02/02/16		48,729		805

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Notes to Portfolio of Investments (Unaudited) (Continued)

		Counterparty	Settlement Date		In Exchange for		Unrealized Appreciation/ (Depreciation)
Diversified Bond Fund (Continued)
Contracts to Deliver (Continued)
SEK	426,610	JP Morgan Chase Bank	02/02/16		$	50,320	$	(260	)
SGD	362,303	JP Morgan Chase Bank	02/16/16			253,725		(1,437	)
TRY	161,244	JP Morgan Chase Bank	01/04/16			55,000		(289	)
						1,274,588		(8,456	)
					$	2,526,360	$	(7,053	)
Cross Currency Forwards
HRK	719,420	Bank of America N.A.	03/01/16	EUR	$	94,000	$	(41	)
HUF	22,033,123	Bank of America N.A.	02/02/16	EUR		70,000		(246	)
HUF	36,856,214	Bank of America N.A.	03/01/16	EUR		118,000		(1,537	)
PLN	413,935	Bank of America N.A.	02/02/16	EUR		97,000		(32	)
PLN	592,408	Bank of America N.A.	03/01/16	EUR		138,000		676
								(1,180	)
EUR	40,000	JP Morgan Chase Bank	01/05/16	RON		177,235		848
EUR	38,968	JP Morgan Chase Bank	03/29/16	RON		177,235		(188	)
RON	177,235	JP Morgan Chase Bank	01/05/16	EUR		39,057		177
								837
							$	(343	)
Barings Dynamic Allocation Fund
Contract to Buy
JPY	84,138,000	JP Morgan Chase Bank	02/18/16		$	699,616	$	1,032
Contracts to Deliver
AUD	854,000	Canadian Imperial Bank of Commerce	01/21/16			614,205		(7,621	)
CAD	811,000	Canadian Imperial Bank of Commerce	01/21/16			612,012		25,884
JPY	168,865,000	Canadian Imperial Bank of Commerce	02/18/16			1,375,941		(30,258	)
						2,602,158		(11,995	)
EUR	1,459,000	State Street Bank and Trust	01/21/16			1,618,893		32,689
					$	4,221,051	$	20,694

AUD Australian Dollar

BRL Brazilian Real

CAD Canadian Dollar

CHF Swiss Franc

CLP Chilean Peso

COP Colombian Peso

EUR Euro

GBP British Pound

HRK Croatian Kuna

HUF Hungary Forint

IDR Indonesian Rupiah

JPY Japanese Yen

KZT Kazakhstani Tenge

MXN Mexican Peso

MYR Malaysian Ringgit

NOK Norwegian Krone

NZD New Zealand Dollar

PEN Peruvian Sol

PHP Philippine Peso

PLN Polish Zloty

RON Romanian New Leu

SEK Swedish Krona

SGD Singapore Dollar

TRY Turkey Lira

ZAR South African Rand

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

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Notes to Portfolio of Investments (Unaudited) (Continued)

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 a Fund uses futures contracts for hedging purposes, it is likely that the Fund will have an asset or liability that will offset any loss (or gain) on the transactions, at least in part.

When a futures contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded.

The Fund(s) listed in the following table had open futures contracts at December 31, 2015:

	Expiration Date	Number of Contracts		Notional Amount			Net Unrealized Appreciation/ (Depreciation)
Short-Duration Bond Fund
Futures Contracts — Long
U.S. Treasury Note 2 Year	03/31/16		880	$	191,166,251		$	(356,440	)
U.S. Treasury Note 5 Year	03/31/16		639		75,606,680			(156,864	)
							$	(513,304	)
Futures Contracts — Short
U.S. Treasury Note 10 Year	03/21/16		120	$	(15,108,750	)	$	40,854
Inflation-Protected and Income Fund
Futures Contracts — Short
U.S. Treasury Long Bond	03/21/16		3	$	(461,250	)	$	375
U.S. Treasury Note 10 Year	03/21/16		9		(1,133,156	)		(1,125	)
U.S. Treasury Ultra Long Bond	03/21/16		10		(1,586,875	)		(4,000	)
U.S. Treasury Note 5 Year	03/31/16		10		(1,183,203	)		1,492
							$	(3,258	)
Core Bond Fund
Futures Contracts — Long
U.S. Treasury Ultra Long Bond	03/21/16		581	$	92,197,437		$	536,536
U.S. Treasury Note 2 Year	03/31/16		253		54,960,297			(89,546	)
U.S. Treasury Note 5 Year	03/31/16		2,159		255,453,556			(688,909	)
							$	(241,919	)
Futures Contracts — Short
U.S. Treasury Long Bond	03/21/16		211	$	(32,441,250	)	$	(78,470	)
U.S. Treasury Note 10 Year	03/21/16		917		(115,456,031	)		443,927
							$	365,457

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Notes to Portfolio of Investments (Unaudited) (Continued)

	Expiration Date	Number of Contracts		Notional Amount			Net Unrealized Appreciation/ (Depreciation)
Diversified Bond Fund
Futures Contracts — Long
U.S. Treasury Ultra Long Bond	03/21/16		26	$	4,125,875		$	24,781
U.S. Treasury Note 2 Year	03/31/16		110		23,895,781			(43,909	)
U.S. Treasury Note 5 Year	03/31/16		104		12,305,313			(25,187	)
							$	(44,315	)
Futures Contracts — Short
U.S. Treasury Note 10 Year	03/21/16		32	$	(4,029,000	)	$	19,625
Balanced Fund
Futures Contracts — Long
U.S. Treasury Ultra Long Bond	03/21/16		15	$	2,380,312		$	13,825
U.S. Treasury Note 2 Year	03/31/16		7		1,520,641			(1,405	)
U.S. Treasury Note 5 Year	03/31/16		51		6,034,336			(16,332	)
							$	(3,912	)
Futures Contracts — Short
U.S. Treasury Long Bond	03/21/16		6	$	(922,500	)	$	(2,598	)
U.S. Treasury Note 10 Year	03/21/16		17		(2,140,406	)		10,491
							$	7,893

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).

Interest Rate Swaps. When a Fund enters into an interest rate swap, it typically agrees to make payments to its counterparty based on a specified long- or short-term interest rate, and will receive payments from its counterparty based on another interest rate. Other forms of interest rate swap agreements include interest rate caps, under which, in return for a specified payment stream, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or “cap”; interest rate floors, under which, in return for a specified payment stream, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or “floor”; and interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels. A Fund may enter into an interest rate swap in order, for example, to hedge against the effect of interest rate changes on the value of specific securities in its portfolio, or to adjust the interest rate sensitivity (duration) or the credit exposure of its portfolio overall, or otherwise as a substitute for a direct investment in debt securities.

Credit Default Swaps. A Fund also may enter into credit default swap transactions, as a “buyer” or “seller” of credit protection. In a credit default swap, one party provides what is in effect insurance against a default or other adverse credit event affecting an issuer of debt securities (typically referred to as a “reference entity”). In general, the buyer of credit protection is obligated to pay the protection seller an upfront amount or a periodic stream of payments over the term of the swap. If a “credit event” occurs, the buyer has the right to deliver to the seller bonds or other obligations of the reference entity (with a value up to the full notional value of the swap), and to receive a payment equal to the par value of the bonds or other obligations. Credit events that would trigger a request that the seller make payment are specific to each credit default swap agreement, but generally include bankruptcy, failure to pay, restructuring, acceleration, default, or repudiation/moratorium. When a Fund buys protection, it may or may not own securities of the reference entity. If it does own securities of the reference entity, the swap serves as a hedge against a decline in the

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value of the securities due to the occurrence of a credit event involving the issuer of the securities. If the Fund does not own securities of the reference entity, the credit default swap may be seen to create a short position in the reference entity. If a Fund is a buyer and no credit event occurs, the Fund will typically recover nothing under the swap, but will have had to pay the required upfront payment 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 a “synthetic” long position.

Whenever a Fund enters into a swap agreement, it takes on counterparty risk — the risk that its counterparty will be unable or unwilling to meet its obligations under the swap agreement. The Fund also takes the risk that the market will move against its position in the swap agreement. In the case of an interest rate swap, the value of the swap may increase or decrease depending on changes in interest rates. In the case of a credit default swap, the swap will become more or less valuable depending on the credit of the issuer of the underlying security, and, if a credit event occurs under a swap where the Fund is the seller of credit protection, the Fund could be required to purchase the security at par value, resulting in a significant loss to the Fund. When the Fund enters into any type of swap for hedging purposes, it is likely that the Fund will have an asset or liability that will offset any loss (or gain) on the swap, at least in part. Swap agreements may be non-transferable or otherwise highly illiquid, and a Fund may not be able to terminate or transfer a swap agreement at any particular time or at an acceptable price.

Swaptions. A Fund may also enter into options on swap agreements (“swaptions”). A swaption is a contract that gives a counterparty the right (but not the obligation) to enter into a new swap agreement or to shorten, extend, cancel, or otherwise modify an existing swap agreement, at some designated future time on specified terms. A Fund may write (sell) and purchase put and call swaptions. Depending on the terms of the particular option agreement, a Fund will generally incur a greater degree of risk when it writes a swaption than it will incur when it purchases a swaption. When a Fund purchases a swaption, it risks losing only the amount of the premium it has paid should it decide to let the option expire unexercised. However, when a Fund writes a swaption, upon exercise of the option the Fund will become obligated according to the terms of the underlying agreement. A Fund may enter into swaptions for the same purposes as swaps. For information regarding the accounting treatment of options, see “Options, Rights, and Warrants” below.

Centrally Cleared Swaps. Certain clearinghouses currently offer clearing for limited types of derivatives transactions, principally certain interest rate swaps, certain index swaps, and credit derivatives. In a cleared derivative transaction, a Fund typically enters into the transaction with a financial institution counterparty, and performance of the transaction is effectively guaranteed by a central clearinghouse, thereby reducing or eliminating the Fund’s exposure to the credit risk of its original counterparty. The Fund will be required to post amounts (“initial margin”) with the clearinghouse or at the instruction of the clearinghouse. The initial margin required by a clearinghouse may be greater than the initial margin the Fund would be required to post in an uncleared transaction. If cash is deposited as the initial margin, it is shown as collateral on a Fund’s Statement of Assets and Liabilities. Swap agreements are marked-to-market daily and subsequent payments (“variation margin”) are made or received by a Fund depending on whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on a Fund’s Statement of Assets and Liabilities (“Variation margin on open derivative instruments”) and as a component of net change in unrealized appreciation (depreciation) on a Fund’s Statement of Operations. Only a limited number of transaction types are currently eligible for clearing.

During the term of a swap transaction, changes in the value of the swap are recognized as unrealized gains or losses by marking to market to reflect the market value of the swap. When the swap is terminated, a Fund will record a realized gain or loss equal to the difference, if any, between the proceeds from (or cost of) the closing transaction and a Fund’s basis in the agreement. Upfront swap premium payments paid or received by a Fund, if any, are recorded within the value of the open swap agreement on the Fund’s Statement of Assets and Liabilities and represent payments paid or received upon entering into the swap agreement to compensate for differences between stated terms of the swap agreement and prevailing market conditions (credit spreads, currency exchange rates, and other relevant factors). These upfront payments are recorded as realized gain or loss on the Fund’s Statement of Operations upon termination or maturity of the swap agreement.

During the term of a swap transaction, the periodic net payments can be made for a set period of time or may be triggered by a predetermined credit event. The net periodic payments may be based on a fixed or variable interest rate, the change in market value of a specified security, basket of securities or index, or the return generated by a security.

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Notes to Portfolio of Investments (Unaudited) (Continued)

The Fund(s) listed in the following table had open swap transactions at December 31, 2015. A Fund’s current exposure to a counterparty is the fair value of the transaction.

Counterparty	Currency	Notional Amount		Expiration Date	Receive (Pay) Fixed Rate	Deliverable on Default	Unrealized Appreciation (Depreciation)			Premium (Received) Paid		Value
Short-Duration Bond Fund*
Credit Default Swaps — Buy Protection
OTC Swaps
Goldman Sachs International	USD		1,500,000	11/17/45	(3.000)%	CMBX.NA.BBB.6†	$	(48,069	)	$	924	$	(47,145	)
Inflation-Protected and Income Fund**
Credit Default Swaps — Buy Protection
OTC Swaps
Goldman Sachs International	USD		1,220,000	11/17/45	(3.000)%	CMBX.NA.BBB.6†	$	(39,097	)	$	752	$	(38,345	)
JP Morgan Chase Bank	USD		520,000	11/17/45	(3.000)%	CMBX.NA.BBB.6†		(16,984	)		640		(16,344	)
								(56,081	)		1,392		(54,689	)
Counterparty	Currency	Notional Amount		Expiration Date	Payments Made by Fund	Payments Received by Fund	Unrealized Appreciation (Depreciation)			Premium Received (Paid)		Value
Interest Rate Swaps
OTC Swaps
Goldman Sachs International	USD		6,500,000	10/13/17	1.125%	USA-CPI-U	$	21,060		$	-	$	21,060
Bank of America	USD		9,000,000	11/06/17	1.275%	USA-CPI-U		15,318			-		15,318
								36,378			-		36,378
Counterparty	Currency	Notional Amount		Expiration Date	Receive (Pay) Fixed Rate	Deliverable on Default	Unrealized Appreciation (Depreciation)			Premium (Received) Paid		Value
Core Bond Fund***
Credit Default Swaps — Buy Protection
OTC Swaps
Goldman Sachs International	USD		4,100,000	11/17/45	(3.000)%	CMBX.NA.BBB.6†	$	(131,390	)	$	2,526	$	(128,864	)
Counterparty	Currency	Notional Amount		Expiration Date	Payments Made by Fund	Payments Received by Fund	Unrealized Appreciation (Depreciation)			Premium Received (Paid)		Value
Interest Rate Swaps
Centrally Cleared Swaps
	USD		4,000,000	5/17/16	Fixed 0.530%	3-Month USD-LIBOR-BBA	$	646		$	268	$	914
Counterparty	Currency	Notional Amount		Expiration Date	Receive (Pay) Fixed Rate	Deliverable on Default	Unrealized Appreciation (Depreciation)			Premium (Received) Paid		Value
Diversified Bond Fund****
Credit Default Swaps — Buy Protection
OTC Swaps
Goldman Sachs International	USD		450,000	11/17/45	(3.000)%	CMBX.NA.BBB.6†	$	(14,421	)	$	277	$	(14,144	)
Balanced Fund
Credit Default Swaps — Buy Protection
OTC Swaps
Goldman Sachs International	USD		140,000	11/17/45	(3.000)%	CMBX.NA.BBB.6†	$	(4,486	)	$	86	$	(4,400	)

USD U.S. Dollar

154

Notes to Portfolio of Investments (Unaudited) (Continued)

* A portion of the cash collateral received from JP Morgan Chase Bank in the amount of $350,000 was related to swap agreements at December 31, 2015.

** A portion of the securities collateral received from HSBC Bank PLC in the amount of $298,169 was related to swap agreements at December 31, 2015.

*** A portion of the cash collateral received from JP Morgan Chase Bank in the amount of $810,000 was related to swap agreements at December 31, 2015; and a portion of the securities collateral received from HSBC Bank PLC in the amount of $8,588 was related to swap agreements at December 31, 2015.

**** A portion of the cash collateral received from JP Morgan Chase Bank in the amount of $560,000 was related to swap agreements at December 31, 2015; and a portion of the securities collateral received from HSBC Bank PLC in the amount of $348,027 was related to swap agreements at December 31, 2015.

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

Options, Rights, and Warrants

A Fund may purchase and sell put and call options on securities or an index of securities to enhance investment performance or to protect against changes in market prices. A Fund that invests in debt securities may also purchase and sell put and call options to adjust the interest rate sensitivity of its portfolio or the credit exposure of the portfolio.

Call Options. A call option gives the holder the right to purchase, and obligates the writer to sell, a security at the strike price at any time before the expiration date.

Put Options. A put option gives the holder the right to sell, and obligates the writer to buy, a security at the exercise price at any time before the expiration date.

Purchasing put and call options. A Fund may purchase put options to protect portfolio holdings against a decline in market value of a security or securities held by it. A Fund may also purchase a put option hoping to profit from an anticipated decline in the value of the underlying security. If the Fund holds the security underlying the option, the option premium and any transaction costs will reduce any profit the Fund might have realized had it sold the underlying security instead of buying the put option. A Fund may purchase call options to hedge against an increase in the price of securities that the Fund wants ultimately to buy. A Fund may also purchase a call option as a long directional investment hoping to profit from an anticipated increase in the value of the underlying security. In order for a call option to be profitable, the market price of the underlying security must rise sufficiently above the exercise price to cover the premium and transaction costs. These costs will reduce any profit the Fund might have realized had it bought the underlying security at the time it purchased the call option.

When a Fund purchases an option, it runs the risk that it will lose its entire investment in the option in a relatively short period of time, unless the Fund exercises the option or enters into a closing sale transaction before the option’s expiration. If the price of the underlying security does not rise (in the case of a call) or fall (in the case of a put) to an extent sufficient to cover the option premium and transaction costs, the Fund will lose part or all of its investment in the option. This contrasts with an investment by a Fund in the underlying security, since the Fund will not realize a loss if the security’s price does not change. Premiums paid for purchasing options that expire are treated as realized losses.

OTC Options. OTC options purchased or sold by a Fund are not traded on securities or options exchanges or backed by clearinghouses. Rather, they are entered into directly between a Fund and the counterparty to the option. In the case of an OTC option purchased by the Fund, the value of the option to the Fund will depend on the willingness and ability of the option writer to perform its obligations to the Fund. In addition, OTC options may not be transferable and there may be little or no secondary market for them, so they may be considered illiquid. It may not be possible to enter into closing transactions with respect to OTC options or otherwise to terminate such options, and as a result a Fund may be required to remain obligated on an unfavorable OTC option until its expiration. OTC options are valued using prices supplied by a primary pricing source, selected pursuant to procedures approved by the Trustees.

Rights and Warrants. A Fund may purchase or hold warrants or rights in order to gain exposure to the underlying security without owning the security, including, for example, cases where the Fund hopes to lock in the price today of a security it may wish to purchase in the future. Warrants generally give the holder the right, but not the obligation, to buy a security at a stated price. In

155

Notes to Portfolio of Investments (Unaudited) (Continued)

order for a warrant to be profitable, the market price of the underlying security must rise sufficiently above the exercise price to cover any premium and transaction costs. Rights may similarly confer on the holder the right to purchase or acquire securities, including through participation in a so-called rights offering. Bonds may be issued with warrants or other rights attached to purchase or acquire equity or other debt securities, typically of the bond issuer. The market prices of bonds with warrants or rights attached to purchase equity securities or bonds may, to some degree, reflect changes in the values of the underlying securities.

When a Fund purchases or otherwise acquires warrants or other rights, it runs the risk that it will lose its entire investment in the warrants or rights, unless the Fund exercises the warrant or right, acquires the underlying securities, or enters into a closing transaction before expiration. If the price of the underlying security does not rise to an extent sufficient to cover any premium and transaction costs, the Fund will lose part or all of its investment. Any premiums or purchase price paid for warrants or other rights that expire are treated as realized losses. Warrants and similar rights differ from options in that they are typically written by the issuer of the security underlying the warrant or right. Although some warrants and rights may be non-transferable, others may be traded over-the-counter or on an exchange.

Inflation-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 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

156

Notes to Portfolio of Investments (Unaudited) (Continued)

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 December 31, 2015, 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.

Certain agreements have no stated maturity and can be terminated by either party at any time. Interest on the value of the reverse repurchase agreements issued and outstanding is based upon competitive market rates determined at the time of issuance. A Fund may utilize reverse repurchase agreements when it is anticipated that the interest income to be earned from the investment of the proceeds of the transaction is greater than the interest expense of the transaction. Reverse repurchase agreements generally create investment leverage and involve the risk that the market value of the security that a Fund is obligated to repurchase under the agreement may decline below the repurchase price. For financial reporting purposes, cash received in exchange for securities delivered plus accrued interest payments to be made to the counterparty is recorded as a liability in the Statements of Assets and Liabilities at face value including accrued interest. Due to the short term nature of reverse repurchase agreements, face value approximates fair value. Interest payments made by a Fund to the counterparties are recorded as a component of interest expense in the Statements of Operations. In periods of increased demand for a security, a Fund may receive a fee for use of the security by the counterparty, which may result in interest income to the Fund.

Reverse repurchase transactions are entered into by a Fund under a Master Repurchase Agreement (“MRA”), which permits the Fund, under certain circumstances, including an event of default (such as bankruptcy or insolvency), to offset payables and/or receivables under the MRA with collateral held and/or posted to the counterparty and creates one single net payment due to or from the Fund. With reverse repurchase transactions, typically a Fund and the counterparties are permitted to sell, re-pledge, or use the collateral associated with the transaction. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MRA counterparty’s bankruptcy or insolvency. Pursuant to the terms of the MRA, a Fund receives or posts securities as collateral with a market value in excess of the repurchase price to be paid or received by the Fund upon the maturity of the transaction. Upon a bankruptcy or insolvency of the MRA counterparty, the Fund is considered an unsecured creditor with respect to excess collateral and, as such, the return of excess collateral may be delayed.

157

Notes to Portfolio of Investments (Unaudited) (Continued)

In the event the buyer of securities under an MRA 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 transactions at December 31, 2015:

Description	Value
Inflation-Protected and Income Fund
Agreement with Banque Paribas, dated 9/02/15, 0.490%, to be repurchased on demand until 1/05/16 at value plus accrued interest.	$	54,912,000
Agreement with Daiwa Securities, dated 10/07/15, 0.380%, to be repurchased on demand until 1/07/16 at value plus accrued interest.		31,997,500
Agreement with Daiwa Securities, dated 12/04/15, 0.600%, to be repurchased on demand until 1/07/16 at value plus accrued interest.		7,472,250
Agreement with Goldman Sachs & Co., dated 10/09/15, 0.380%, to be repurchased on demand until 1/08/16 at value plus accrued interest.		87,136,536
Agreement with HSBC Finance Corp., dated 10/06/15, 0.380%, to be repurchased on demand until 1/05/16 at value plus accrued interest.		33,351,409
Agreement with HSBC Finance Corp., dated 11/04/15, 0.400%, to be repurchased on demand until 1/07/16 at value plus accrued interest.		22,538,044
Agreement with Morgan Stanley, dated 11/05/15, 0.510%, to be repurchased on demand until 2/02/16 at value plus accrued interest.		30,871,875
	$	268,279,614
Average balance outstanding	$	263,565,560
Maximum balance outstanding	$	268,279,614
Average interest rate		0.42%
Weighted average maturity		51 days

Average balance outstanding was calculated based on daily balances outstanding during the period that the Fund had entered into reverse repurchase transactions.

When-Issued, Delayed-Delivery, Forward Commitment, and To-Be-Announced Transactions

A Fund may enter into when-issued, delayed-delivery, forward commitment, or to-be-announced (“TBA”) transactions (collectively, the “Forward Transactions”) in order to lock in the purchase price of the underlying security, or in order to adjust the interest rate exposure of the Fund’s existing portfolio. In Forward Transactions, a Fund commits to purchase or sell particular securities, with payment and delivery to take place at a future date. In the case of TBA purchase commitments, the unit price and the estimated principal amount are established when the Fund enters into a commitment, with the actual principal amount being within a specified range of the estimate. Although a Fund does not typically pay for the securities in these types of transactions until they are delivered, it immediately assumes the risks of ownership, including the risk of price fluctuation. As a result, each of these types of transactions may create investment leverage in a Fund’s portfolio and increase the volatility of the Fund. If a Fund’s counterparty fails to deliver a security purchased in a Forward Transaction, there may be a loss, and the Fund may have missed an opportunity to make an alternative investment.

These securities are valued on the basis of valuations furnished by a pricing service, selected pursuant to procedures approved by the Trustees, which determines valuations taking into account appropriate factors such as institutional-size trading in similar groups of securities, yield, quality, coupon rate, maturity, type of issue, trading characteristics, and other market data. Securities for which no market quotation is available are valued at fair value in accordance with procedures approved by the Trustees. The Funds record on a daily basis the unrealized appreciation (depreciation) based upon changes in the values of these securities. When a Forward Transaction is closed, the Funds record a realized gain or loss equal to the difference between the value of the transaction at the time it was opened and the value of the transaction at the time it was closed.

158

Notes to Portfolio of Investments (Unaudited) (Continued)

Securities Lending

Each Fund may lend its securities; however, lending cannot exceed 33% of the total assets of the Fund taken at current value. The Funds’ securities lending activities are governed by a Securities Lending Agency Agreement (“Lending Agreement”) between each Fund and the lending agent (“agent”). The Lending Agreement authorizes the agent to lend qualifying U.S. and foreign securities held by a Fund to approved borrowers (each, a “Borrower”).

Each Fund expects that in connection with any securities on loan, the loan will be secured continuously by collateral consisting of cash or securities adjusted daily to have market value at least equal to the current market value of the securities loaned. The market value of the loaned securities is determined at the close of business of a Fund and any additional collateral is delivered to the Fund the next business day. 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 loaned securities. At December 31, 2015, the Funds’ collateral was equal to or greater than 100% of the market value of securities on loan.

Security loans can be terminated at the discretion of either the lending agent or the Fund and the related securities must be returned within the earlier of the standard trade settlement period for such securities or within three business days. For all Funds, all securities on loan are classified as common stock in the Fund’s Portfolio of Investments at December 31, 2015.

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 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 determine the classification of distributions received as return of capital distributions or capital gain distributions.

Foreign Currency Translation

The books and records of the Funds are maintained in U.S. dollars. The market values of foreign currencies, foreign securities, and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the mean of the buying and selling rates of such currencies against the U.S. dollar at the end of each business day. Purchases and sales of foreign securities and income and expense items are translated at the rates of exchange prevailing on the respective dates of such transactions. The Funds do not isolate that portion of the results of operations arising from changes in the exchange rates from that portion arising from changes in the market prices of securities. Net realized foreign currency gains and losses resulting from changes in exchange rates include foreign currency gains and losses between trade date and settlement date on investment securities transactions, foreign currency transactions, and the difference between the amounts of dividends or interest recorded on the books of the Funds and the amount actually received.

Allocation of Operating Activity

In maintaining the records for the Funds, the income and expense accounts are allocated daily to each class of shares. Investment income and loss, and unrealized and realized gains or losses are prorated among the classes of shares based on the relative net assets of each. Expenses are allocated to each class of shares depending on the nature of the expenditures. Administration and service fees, if any, which are directly attributable to a class of shares, are charged to that class’s operations. Expenses of a Fund not directly attributable to the operations of any specific class of shares of the Fund are prorated among the classes to which the expense relates based on relative net assets.

159

Notes to Portfolio of Investments (Unaudited) (Continued)

Foreign Securities

The Global Fund invests a significant amount of its assets and each of the International Equity Fund and Strategic Emerging Markets Fund invests substantially all of its assets in foreign securities.

The other Funds may also invest in foreign securities. Foreign securities, including American Depositary Receipts, are subject to additional risks compared to securities of U.S. issuers, including international trade, currency, political, regulatory, and diplomatic risks. In addition, fluctuations in currency exchange rates may adversely affect the values of foreign securities and the price of a Fund’s shares. Emerging markets securities are subject to greater risks than securities issued in developed foreign markets, including less liquidity, greater price volatility, higher relative rates of inflation, greater political, economic, and social instability, greater custody and operational risks, and greater volatility in currency exchange rates.

Federal Income Tax

It is each Fund’s intent to continue to comply with the provisions of subchapter M of the Internal Revenue Code of 1986, as amended (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.

The Subsidiary is classified as a controlled foreign corporation under the Code. Therefore, the Barings Dynamic Allocation 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 Barings Dynamic Allocation 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 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. Federal Income Tax Information

At December 31, 2015, the cost of securities and the unrealized appreciation (depreciation) in the value of investments owned by the Fund(s), as computed on a federal income tax basis, were as follows:

	Federal Income Tax Cost		Tax Basis Unrealized Appreciation		Tax Basis Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)
Short-Duration Bond Fund	$	568,452,497	$	5,571,826	$	(12,806,251	)	$	(7,234,425	)
Inflation-Protected and Income Fund		606,543,840		6,156,141		(12,322,695	)		(6,166,554	)
Core Bond Fund		1,700,952,087		20,791,537		(47,174,401	)		(26,382,864	)
Diversified Bond Fund		212,823,350		2,693,337		(5,562,777	)		(2,869,440	)
High Yield Fund		281,747,699		2,659,996		(22,471,266	)		(19,811,270	)
Balanced Fund		124,243,917		4,768,559		(5,588,493	)		(819,934	)
Barings Dynamic Allocation Fund		11,763,702		127,843		(448,768	)		(320,925	)
Value Fund		65,313,556		7,020,532		(4,633,536	)		2,386,996
Disciplined Value Fund		313,228,639		17,551,003		(17,573,970	)		(22,967	)
Main Street Fund		121,407,959		13,270,882		(6,520,307	)		6,750,575

160

Notes to Portfolio of Investments (Unaudited) (Continued)

	Federal Income Tax Cost		Tax Basis Unrealized Appreciation		Tax Basis Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)
Disciplined Growth Fund	$	455,117,500	$	38,691,514	$	(19,100,324	)	$	19,591,190
Small Cap Opportunities Fund		159,551,092		18,935,600		(11,226,702	)		7,708,898
Global Fund		279,833,025		134,374,456		(15,765,401	)		118,609,055
International Equity Fund		502,843,928		74,428,218		(44,519,502	)		29,908,716
Strategic Emerging Markets Fund		189,113,389		10,372,351		(26,144,188	)		(15,771,837	)

Note: The aggregate cost for investments for the Money Market Fund at December 31, 2015, is the same for financial reporting and federal income tax purposes.

4. Investment in Affiliated Issuers

A summary of the Funds’ transactions in the securities of affiliated issuers during the period ended December 31, 2015, was as follows:

	Number of Shares Held as of 9/30/15		Purchases		Sales		Number of Shares Held as of 12/31/15		Value as of 12/31/15		Dividend Income		Net Realized Gain (Loss)
Global Fund
Oppenheimer Institutional Money Market Fund Class E*		5,023,047		16,288,990		14,462,212		6,849,825	$	6,849,825	$	4,637	$	-
International Equity Fund
Oppenheimer Institutional Money Market Fund Class E*		5,956,422		33,472,386		36,008,296		3,420,512	$	3,420,512	$	3,738	$	-

* Fund advised by OFI Global Asset Management, Inc.

5. New Accounting Pronouncements

In May 2015, The Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2015-07, Fair Value Measurement (Topic 820): “Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent)” (“ASU 2015-07”) to address the diversity in practice of how investments measured at net asset value with redemption dates in the future (including periodic redemption dates) are categorized within the fair value hierarchy. ASU 2015-07 is effective for interim and annual reporting periods in fiscal years that begin after December 15, 2015. Management is currently evaluating the implications of these changes and their impact to the financial statements.

6. Legal Proceedings

On December 7, 2010, the Trust was named as a defendant and putative member of the proposed defendant class of shareholders named in an adversary proceeding brought by The Official Committee of Unsecured Creditors of Tribune Company (the “Official Committee”) in the U.S. Bankruptcy Court for the District of Delaware, in connection with Tribune Company’s Chapter 11 bankruptcy proceeding (In re Tribune Company). The proceeding relates to a leveraged buyout (“LBO”) transaction by which Tribune Company converted to a privately-held company in 2007, and the putative defendant class is comprised of beneficial owners of shares of Tribune Company who received proceeds (the “Proceeds”) of the LBO. The Official Committee seeks to recover payments of those Proceeds.

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.

161

Notes to Portfolio of Investments (Unaudited) (Continued)

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. Accordingly, the Funds have not accrued any amounts related to these proceedings. If the proceedings were to be decided in a manner adverse to the Funds, or if the Funds were to enter into a settlement agreement with the 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.

7. Subsequent Events

Management has evaluated the events and transactions subsequent to December 31, 2015, through the date when the Portfolios of Investments were issued, and determined that there are no subsequent events or transactions that would require adjustments to or disclosures in the Funds’ Portfolios of Investments.

162

Item 2. 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-Q, to provide reasonable assurance that the information required to be disclosed by the Registrant on Form N-Q 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 3. Exhibits.

(a) 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.

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	/s/ Eric Wietsma
	Eric Wietsma, President and Principal Executive Officer
Date	2/23/16

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	/s/ Eric Wietsma
	Eric Wietsma, President and Principal Executive Officer
Date	2/23/16
By	/s/ Nicholas H. Palmerino
	Nicholas H. Palmerino, Treasurer and Principal Financial Officer
Date	2/23/16