UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

  Investment Company Act file number    811-08690                                                                                                                                         

  MassMutual Premier Funds

                                       (Exact name of registrant as specified in charter)

  100 Bright Meadow Blvd., Enfield, CT 06082

                    (Address of principal executive offices)                                                                  (Zip code)

  Eric Wietsma

  100 Bright Meadow Blvd., Enfield, CT 06082

(Name and address of agent for service)

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

  Date of fiscal year end:   9/30/19

  Date of reporting period:     3/31/19

Item 1. Reports to Stockholders.

Table of Contents

President’s Letter to Shareholders (Unaudited)	1
Portfolio Summaries (Unaudited)	3
Portfolio of Investments (Unaudited)
MassMutual Premier U.S. Government Money Market Fund	17
MassMutual Premier Short-Duration Bond Fund	18
MassMutual Premier Inflation-Protected and Income Fund	33
MassMutual Premier Core Bond Fund	39
MassMutual Premier Diversified Bond Fund	58
MassMutual Premier High Yield Fund	78
MassMutual Premier Balanced Fund	85
MassMutual Premier Disciplined Value Fund	105
MassMutual Premier Main Street Fund	112
MassMutual Premier Disciplined Growth Fund	114
MassMutual Premier Small Cap Opportunities Fund	120
MassMutual Premier Global Fund	123
MassMutual Premier International Equity Fund	125
MassMutual Premier Strategic Emerging Markets Fund	128
Statements of Assets and Liabilities (Unaudited)	132
Statements of Operations (Unaudited)	140
Statements of Changes in Net Assets	148
Statement of Cash Flows (Unaudited)
Financial Highlights	159
Notes to Financial Statements (Unaudited)	186
Other Information (Unaudited)
Proxy Voting	231
Quarterly Reporting	231
Fund Expenses	232

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

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

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

To Our Shareholders

Eric Wietsma

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

March 31, 2019

Welcome to the MassMutual Premier Funds Semiannual Report, covering the six months ended March 31, 2019.

Market Highlights

• During the period, U.S. stock prices fell nearly 20% in the fourth quarter of 2018 before recovering most of their losses during the first quarter of 2019.

• Data throughout the period pointed to a slowing global economic growth environment with markets only rebounding after assurances by the Federal Reserve Board (the Fed) that it would hold off on raising interest rates in 2019.

• Developed-market foreign stocks trailed U.S. stock returns for the period, though emerging-market foreign equities were up for the period.

• U.S. bonds benefited from investors seeking safety and falling interest rates due to slowing global economic growth expectations.

Market Commentary

For the six months beginning on October 1, 2018, global stock investors experienced moderately negative returns. U.S. stocks fell sharply in the first half of the period, suffering their worst quarterly decline in nearly a decade. U.S. stocks rebounded during the second half of the period, buoyed by expectations that the Fed will not raise interest rates in 2019.

Volatility is the tendency for markets to fluctuate unpredictably and is a normal risk of investing. Volatility resurfaced in the fourth quarter of 2018 with the S&P 500^® Index* gaining or losing three percent of its value on 10 different days during the quarter. We believe several factors contributed to this resurgence in market volatility. Escalation of the trade war between the U.S. and China, and the increased risk of a monetary policy misstep contributed significantly to volatility. Another contributor was the threat of a government shutdown over immigration policy that became a reality in late December 2018. Volatility returned to more normal levels by the end of the period in response to the Fed backing off from further interest rate hikes, the government shutdown ending and progress on the resolution of the trade war between the U.S. and China, among other factors.

As a result, the broad market S&P 500 delivered a modest loss of 1.72% for the period. The technology-heavy NASDAQ Composite Index declined further, managing to lose 3.39% despite a strong second half rally. The Dow Jones Industrial Average lost just 0.84% for the six months. Small-cap stocks underperformed their larger peers and value stocks widely outperformed their growth peers.

The market sell-off and subsequent recovery affected sectors differently. Interest rate sensitive sectors such as utilities, real estate and consumer staples delivered positive returns, handling the concerns over an economic slowdown the best. The remaining seven sectors delivered negative

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

(Continued)

1

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

returns for the period. The energy and financial services sectors experienced the biggest losses due to expectations of slowing global economic growth and lower interest rates, respectively.

Developed international stock markets, as measured by the MSCI EAFE^® Index, trailed their domestic peers, falling 3.82% for the six-month period. U.S. dollar appreciation was responsible for nearly half the performance difference between developed international stock markets and U.S. stock markets. Emerging-market stock markets, as measured in the MSCI Emerging Markets Index, fared better, beating the S&P 500 Index with a positive 1.71% return for the period.

The Fed asserted its influence on markets during the reporting period through actual and forecasted rate hikes. The December meeting of the Federal Open Market Committee resulted in the target range for the federal funds rate being raised by a quarter point to 2.25-2.50%. While this was in line with market expectations, investors grew increasingly concerned that the two expected rate hikes in 2019 would slow U.S. economic growth and possibly lead to a recession. Concerns were eased when the Fed reversed course in January 2019, setting expectations for no more rate hikes in 2019.

The Fed’s action in the first half of the period followed signals that inflation may be rising faster than desired. Bond yields spiked in the first half of the period, with the 10-year U.S. Treasury bond reaching 3.24% in early November before falling to a low of 2.39% in late March. Since falling yields drive bond prices up, the Bloomberg Barclays U.S. Aggregate Bond Index ended the period with a positive return of 4.63%. Investment-grade and high-yield corporate bonds also fared well in the rising yield environment. The Bloomberg Barclays U.S. Corporate Bond Index, which tracks investment-grade corporate bonds, ended the period up 4.96%. The Bloomberg Barclays U.S. Corporate High Yield Index did not fare as well, but still ended the period up 2.39%.

Review and maintain your strategy

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

Sincerely,

Eric Wietsma

President

The information provided is the opinion of MML Investment Advisers, LLC as of 4/1/19 and is subject to change without notice. It is not to be construed as tax, legal, or investment advice. Of course, past performance does not guarantee future results.

2

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

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

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

MassMutual Premier U.S. Government Money Market Fund Portfolio Characteristics (% of Net Assets) on 3/31/19
Discount Notes	71.3	%
Repurchase Agreement	15.0	%
U.S. Treasury Bonds & Notes	11.4	%
Total Short-Term Investments	97.7	%
Other Assets and Liabilities	2.3	%
Net Assets	100.0	%

3

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

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

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

MassMutual Premier Short-Duration Bond Fund Portfolio Characteristics (% of Net Assets) on 3/31/19
Non-U.S. Government Agency Obligations	54.8	%
Corporate Debt	39.4	%
U.S. Treasury Obligations	3.0	%
Purchased Options	1.1	%
U.S. Government Agency Obligations and Instrumentalities	0.7	%
Mutual Funds	0.0	%
Municipal Obligations	0.0	%
Total Long-Term Investments	99.0	%
Short-Term Investments and Other Assets and Liabilities	1.0	%
Net Assets	100.0	%

4

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

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

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

MassMutual Premier Inflation-Protected and Income Fund Portfolio Characteristics (% of Net Assets) on 3/31/19
U.S. Treasury Obligations	71.5	%
Non-U.S. Government Agency Obligations	23.1	%
Corporate Debt	1.2	%
Purchased Options	0.5	%
Total Long-Term Investments	96.3	%
Short-Term Investments and Other Assets and Liabilities	3.7	%
Net Assets	100.0	%

5

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

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

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

MassMutual Premier Core Bond Fund Portfolio Characteristics (% of Net Assets) on 3/31/19
Corporate Debt	36.2	%
Non-U.S. Government Agency Obligations	32.0	%
U.S. Government Agency Obligations and Instrumentalities	25.6	%
U.S. Treasury Obligations	3.3	%
Purchased Options	0.7	%
Sovereign Debt Obligations	0.7	%
Municipal Obligations	0.5	%
Mutual Funds	0.3	%
Preferred Stock	0.2	%
Total Long-Term Investments	99.5	%
Short-Term Investments and Other Assets and Liabilities	0.5	%
Net Assets	100.0	%

6

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

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

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

MassMutual Premier Diversified Bond Fund Portfolio Characteristics (% of Net Assets) on 3/31/19
Corporate Debt	40.4	%
Non-U.S. Government Agency Obligations	30.7	%
U.S. Government Agency Obligations and Instrumentalities	20.5	%
U.S. Treasury Obligations	2.0	%
Purchased Options	1.3	%
Mutual Funds	1.2	%
Sovereign Debt Obligations	0.8	%
Municipal Obligations	0.5	%
Preferred Stock	0.1	%
Common Stock	0.0	%
Warrants	0.0	%
Total Long-Term Investments	97.5	%
Short-Term Investments and Other Assets and Liabilities	2.5	%
Net Assets	100.0	%

7

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

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

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

MassMutual Premier High Yield Fund Portfolio Characteristics (% of Net Assets) on 3/31/19
Corporate Debt	89.7	%
Mutual Funds	8.8	%
Bank Loans	6.7	%
Common Stock	0.7	%
Preferred Stock	0.1	%
Total Long-Term Investments	106.0	%
Other Assets and Liabilities	(6.0	)%
Net Assets	100.0	%

8

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

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

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

MassMutual Premier Balanced Fund Portfolio Characteristics (% of Net Assets) on 3/31/19
Common Stock	52.1	%
Corporate Debt	14.1	%
Non-U.S. Government Agency Obligations	12.4	%
U.S. Government Agency Obligations and Instrumentalities	10.4	%
Mutual Funds	9.7	%
U.S. Treasury Obligations	1.0	%
Municipal Obligations	0.3	%
Sovereign Debt Obligations	0.3	%
Purchased Options	0.2	%
Preferred Stock	0.1	%
Total Long-Term Investments	100.6	%
Short-Term Investments and Other Assets and Liabilities	(0.6	)%
Net Assets	100.0	%

9

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

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

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

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

MassMutual Premier Disciplined Value Fund Largest Holdings (% of Net Assets) on 3/31/19
Bank of America Corp.	2.4	%
Johnson & Johnson	2.3	%
Cisco Systems, Inc.	2.2	%
Exxon Mobil Corp.	2.0	%
The Procter & Gamble Co.	1.9	%
Citigroup, Inc.	1.8	%
Pfizer, Inc.	1.8	%
Wells Fargo & Co.	1.7	%
Berkshire Hathaway, Inc. Class B	1.5	%
JPMorgan Chase & Co.	1.5	%
	19.1	%

MassMutual Premier Disciplined Value Fund Sector Table (% of Net Assets) on 3/31/19
Financial	28.4	%
Consumer, Non-cyclical	19.6	%
Communications	10.6	%
Consumer, Cyclical	8.9	%
Industrial	8.3	%
Energy	7.7	%
Technology	7.0	%
Utilities	5.4	%
Basic Materials	3.5	%
Mutual Funds	0.5	%
Total Long-Term Investments	99.9	%
Short-Term Investments and Other Assets and Liabilities	0.1	%
Net Assets	100.0	%

10

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

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

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

MassMutual Premier Main Street Fund Largest Holdings (% of Net Assets) on 3/31/19
Microsoft Corp.	6.7	%
JP Morgan Chase & Co.	4.1	%
Merck & Co., Inc.	3.8	%
Facebook, Inc. Class A	3.8	%
Amazon.com, Inc.	3.7	%
UnitedHealth Group, Inc.	3.2	%
Motorola Solutions, Inc.	3.0	%
Philip Morris International, Inc.	2.8	%
Prologis, Inc.	2.8	%
Lockheed Martin Corp.	2.5	%
	36.4	%

MassMutual Premier Main Street Fund Sector Table (% of Net Assets) on 3/31/19
Consumer, Non-cyclical	25.1	%
Financial	16.9	%
Technology	16.0	%
Communications	13.6	%
Consumer, Cyclical	10.9	%
Industrial	9.5	%
Energy	4.3	%
Utilities	1.5	%
Total Long-Term Investments	97.8	%
Short-Term Investments and Other Assets and Liabilities	2.2	%
Net Assets	100.0	%

11

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

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

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

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

MassMutual Premier Disciplined Growth Fund Largest Holdings (% of Net Assets) on 3/31/19
Apple, Inc.	7.1	%
Microsoft Corp.	6.3	%
Amazon.com, Inc.	5.2	%
Alphabet, Inc. Class A	3.0	%
Facebook, Inc. Class A	3.0	%
Alphabet, Inc. Class C	2.7	%
The Boeing Co.	1.9	%
UnitedHealth Group, Inc.	1.9	%
Visa, Inc. Class A	1.6	%
Amgen, Inc.	1.5	%
	34.2	%

MassMutual Premier Disciplined Growth Fund Sector Table (% of Net Assets) on 3/31/19
Technology	25.4	%
Consumer, Non-cyclical	21.2	%
Communications	20.1	%
Consumer, Cyclical	11.2	%
Industrial	10.3	%
Financial	9.1	%
Basic Materials	1.4	%
Energy	0.4	%
Mutual Funds	0.3	%
Total Long-Term Investments	99.4	%
Short-Term Investments and Other Assets and Liabilities	0.6	%
Net Assets	100.0	%

12

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

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

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

MassMutual Premier Small Cap Opportunities Fund Largest Holdings (% of Net Assets) on 3/31/19
CACI International, Inc. Class A	2.4	%
Korn/Ferry International	2.3	%
Zynga, Inc. Class A	2.2	%
ASGN, Inc.	2.1	%
Four Corners Property Trust, Inc.	2.0	%
j2 Global, Inc.	1.9	%
MKS Instruments, Inc.	1.8	%
WSFS Financial Corp.	1.8	%
Jack in the Box, Inc.	1.8	%
National Storage Affiliates Trust	1.7	%
	20.0	%

MassMutual Premier Small Cap Opportunities Fund Sector Table (% of Net Assets) on 3/31/19
Financial	22.6	%
Consumer, Non-cyclical	18.6	%
Industrial	15.9	%
Consumer, Cyclical	15.1	%
Technology	12.9	%
Utilities	4.0	%
Basic Materials	3.8	%
Communications	3.1	%
Mutual Funds	3.0	%
Energy	2.9	%
Total Long-Term Investments	101.9	%
Short-Term Investments and Other Assets and Liabilities	(1.9	)%
Net Assets	100.0	%

13

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

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

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

MassMutual Premier Global Fund Largest Holdings (% of Net Assets) on 3/31/19
Alphabet, Inc. Class A	6.5	%
Airbus SE	4.0	%
LVMH Moet Hennessy Louis Vuitton SE	3.7	%
Intuit, Inc.	3.2	%
Adobe, Inc.	2.9	%
S&P Global, Inc.	2.9	%
Facebook, Inc. Class A	2.9	%
Anthem, Inc.	2.7	%
DLF Ltd.	2.4	%
SAP SE	2.4	%
	33.6	%

MassMutual Premier Global Fund Sector Table (% of Net Assets) on 3/31/19
Consumer, Non-cyclical	23.6	%
Industrial	19.8	%
Communications	14.5	%
Financial	14.0	%
Technology	12.8	%
Consumer, Cyclical	12.2	%
Mutual Funds	4.2	%
Energy	0.7	%
Total Long-Term Investments	101.8	%
Short-Term Investments and Other Assets and Liabilities	(1.8	)%
Net Assets	100.0	%

14

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

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

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

MassMutual Premier International Equity Fund Largest Holdings (% of Net Assets) on 3/31/19
Oppenheimer Institutional Government Money Market Fund Class E	2.7	%
SAP SE	2.6	%
ICICI Bank Ltd. Sponsored ADR	2.4	%
Infineon Technologies AG	2.2	%
Bunzl PLC	2.1	%
Keyence Corp.	2.0	%
Hermes International	2.0	%
Novo Nordisk A/S Class B	2.0	%
Nokia OYJ	1.9	%
Temenos Group AG Registered	1.9	%
	21.8	%

MassMutual Premier International Equity Fund Sector Table (% of Net Assets) on 3/31/19
Consumer, Non-cyclical	24.3	%
Consumer, Cyclical	22.3	%
Industrial	19.7	%
Technology	17.2	%
Communications	6.3	%
Financial	5.7	%
Mutual Funds	3.7	%
Energy	1.1	%
Basic Materials	0.8	%
Total Long-Term Investments	101.1	%
Short-Term Investments and Other Assets and Liabilities	(1.1	)%
Net Assets	100.0	%

15

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

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

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

MassMutual Premier Strategic Emerging Markets Fund Largest Holdings (% of Net Assets) on 3/31/19
Alibaba Group Holding Ltd. Sponsored ADR	6.8	%
Taiwan Semiconductor Manufacturing Co. Ltd.	5.2	%
Kering SA	4.2	%
Novatek PJSC Sponsored GDR Registered	3.9	%
Tencent Holdings Ltd.	3.9	%
Glencore PLC	3.7	%
Housing Development Finance Corp. Ltd.	3.7	%
Kotak Mahindra Bank Ltd.	3.2	%
AIA Group Ltd.	3.1	%
Jiangsu Hengrui Medicine Co. Ltd. Class A	2.7	%
	40.4	%

MassMutual Premier Strategic Emerging Markets Fund Sector Table (% of Net Assets) on 3/31/19
Financial	26.1	%
Consumer, Cyclical	18.1	%
Communications	16.7	%
Consumer, Non-cyclical	13.4	%
Technology	7.5	%
Basic Materials	6.4	%
Energy	5.0	%
Industrial	3.5	%
Diversified	1.3	%
Mutual Funds	0.2	%
Total Long-Term Investments	98.2	%
Short-Term Investments and Other Assets and Liabilities	1.8	%
Net Assets	100.0	%

16

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

March 31, 2019 (Unaudited)

	Principal Amount		Value
SHORT-TERM INVESTMENTS — 97.7%
Discount Notes — 71.3%
Federal Farm Credit Bank 2.485% 4/03/19, 4/03/19 (a)	$	200,000	$	199,973
2.593% 6/24/19, 6/24/19 (a)		600,000		596,472
1 mo. USD LIBOR + .190% 2.672% FRN 4/16/19, 5/16/19 (a)		700,000		700,239
1 mo. USD LIBOR + .190% 2.674% FRN 4/15/19, 7/15/19 (a)		3,000,000		3,001,976
1 mo. USD LIBOR + .190% 2.689% FRN 4/26/19, 7/26/19 (a)		16,500,000		16,511,766
2.729% 10/22/19, 10/22/19 (a)		1,300,000		1,280,626
2.758% 9/30/19, 9/30/19 (a)		2,000,000		1,973,104
Federal Home Loan Bank 2.251% 4/01/19, 4/01/19 (a)		4,270,000		4,270,000
2.356% FRN 4/07/19, 6/07/19 (a) (b)		14,000,000		13,999,998
2.381% FRN 4/22/19, 4/22/19 (a) (b)		2,000,000		2,000,029
2.383% 4/03/19, 4/03/19 (a)		1,300,000		1,299,830
2.387% FRN 4/21/19, 8/21/19 (a) (b)		6,000,000		6,000,000
2.392% FRN 4/17/19, 7/17/19 (a) (b)		18,000,000		18,000,020
2.396% 4/01/19, 4/01/19 (a)		4,150,000		4,150,000
2.405% 4/11/19, 4/11/19 (a)		400,000		399,737
2.414% 4/03/19, 4/03/19 (a)		3,800,000		3,799,498
2.416% 4/02/19, 4/02/19 (a)		1,009,000		1,008,933
2.425% 4/10/19, 4/10/19 (a)		2,100,000		2,098,745
2.430% 4/03/19, 4/03/19 (a)		2,000,000		1,999,734
2.432% FRN 4/17/19, 1/17/20 (a) (b)		10,500,000		10,500,000
2.435% 4/04/19, 4/04/19 (a)		1,990,000		1,989,602
2.435% 4/04/19, 4/04/19 (a)		14,400,000		14,397,120
2.436% 4/12/19, 4/12/19 (a)		7,100,000		7,094,793
2.436% 4/17/19, 4/17/19 (a)		4,900,000		4,894,773
2.437% 4/17/19, 4/17/19 (a)		3,900,000		3,895,840
2.437% 4/11/19, 4/11/19 (a)		500,000		499,667
2.439% 4/03/19, 4/03/19 (a)		1,300,000		1,299,827
2.440% 4/05/19, 4/05/19 (a)		900,000		899,760
2.445% 4/04/19, 4/04/19 (a)		300,000		299,940
2.446% 4/12/19, 4/12/19 (a)		1,500,000		1,498,895
2.446% 4/12/19, 4/12/19 (a)		6,000,000		5,995,582
2.447% 5/08/19, 5/08/19 (a)		4,000,000		3,990,113
2.457% 4/15/19, 4/15/19 (a)		2,325,000		2,322,812
2.458% 4/24/19, 4/24/19 (a)		3,000,000		2,995,362
2.463% 4/17/19, 4/17/19 (a)		5,000,000		4,994,611
2.465% 5/01/19, 5/01/19 (a)		3,300,000		3,293,331
2.468% 4/03/19, 4/03/19 (a)		3,250,000		3,249,563
2.468% 4/10/19, 4/10/19 (a)		2,725,000		2,723,362
2.486% 4/12/19, 4/12/19 (a)		1,000,000		999,258
3 mo. USD LIBOR - .160% 2.491% FRN 5/24/19, 5/24/19 (a)		11,000,000		11,002,184

	Principal Amount		Value
2.494% 4/16/19, 4/16/19 (a)	$	1,000,000	$	998,985
2.511% 8/16/19, 8/16/19 (a)		3,330,000		3,298,952
2.539% FRN 4/11/19, 10/11/19 (a) (b)		25,000,000		24,987,318
2.713% 9/12/19, 9/12/19 (a)		8,230,000		8,131,770
2.752% 10/16/19, 10/16/19 (a)		1,000,000		985,425
Federal National Mortgage Association 2.415% , 4/08/19, 4/08/19 (a)		3,529,000		3,527,367
TOTAL DISCOUNT NOTES (Cost $214,056,892)				214,056,892
Repurchase Agreement — 15.0%
HSBC Securities (USA) Inc., Tri-Party Repurchase Agreement, dated 3/29/19, 2.540%, due 4/01/19 (c)		45,000,000		45,000,000
U.S. Treasury Bonds & Notes — 11.4%
U.S. Treasury Note 1.000% 8/31/19		10,500,000		10,428,772
1.000% 11/30/19		6,500,000		6,426,241
1.250% 8/31/19		10,000,000		9,947,738
1.625% 8/31/19		7,500,000		7,468,793
				34,271,544
TOTAL SHORT-TERM INVESTMENTS (Cost $293,328,436)				293,328,436
TOTAL INVESTMENTS — 97.7% (Cost $293,328,436) (d)				293,328,436
Other Assets/(Liabilities) — 2.3%				7,031,975
NET ASSETS — 100.0%			$	300,360,411

Abbreviation Legend

FRN Floating Rate Note

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

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

(b) Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. The rates shown are the current interest rates at March 31, 2019.

(c) Maturity value of $45,009,552. Collateralized by U.S. Government Agency obligations with rates ranging from 0.000% – 4.375%, maturity dates ranging from 8/15/20 – 2/15/48, and an aggregate market value, including accrued interest, of $45,900,001.

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

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

17

MassMutual Premier Short-Duration Bond Fund – Portfolio of Investments

March 31, 2019 (Unaudited)

	Principal Amount		Value
BONDS & NOTES — 97.9%
CORPORATE DEBT — 39.4%
Advertising — 0.1%
The Interpublic Group of Cos., Inc. 3.750% 10/01/21	$	560,000	$	569,731
Aerospace & Defense — 0.4%
Harris Corp. 2.700% 4/27/20		2,100,000		2,092,136
Agriculture — 1.3%
Bunge Ltd. Finance Corp. 3.500% 11/24/20		2,350,000		2,361,356
Imperial Brands Finance PLC 2.950% 7/21/20 (a)		2,328,000		2,320,887
Reynolds American, Inc. 4.000% 6/12/22		1,500,000		1,532,001
				6,214,244
Airlines — 0.0%
American Airlines Pass-Through Trust, Series 2014-1, Class B, 4.375% 4/01/24		75,687		76,073
Auto Manufacturers — 1.1%
Ford Motor Credit Co. LLC 3.605% FRN 4/05/21 (b)		660,000		644,388
3.919% FRN 2/15/23 (b)		1,580,000		1,494,377
General Motors Financial Co., Inc. 3.250% 1/05/23		2,715,000		2,662,003
Nissan Motor Acceptance Corp. 1.900% 9/14/21 (a)		485,000		467,922
				5,268,690
Auto Parts & Equipment — 0.4%
Lear Corp. 5.375% 3/15/24		1,610,000		1,654,551
5.250% 1/15/25		100,000		103,993
				1,758,544
Banks — 6.8%
Banco Santander SA 3.500% 4/11/22		2,000,000		2,018,990
Bank of America Corp. 3 mo. USD LIBOR + .930% 2.816% VRN 7/21/23		5,430,000		5,393,869
Barclays PLC 4.063% FRN 5/16/24 (b)		945,000		917,200
Citigroup, Inc. 3.142% VRN 1/24/23 (b)		2,225,000		2,232,685
Discover Bank 3.350% 2/06/23		1,512,000		1,520,171
4.200% 8/08/23		1,000,000		1,039,653
First Horizon National Corp. 3.500% 12/15/20		1,620,000		1,628,416

	Principal Amount		Value
The Goldman Sachs Group, Inc. 3.200% 2/23/23	$	5,430,000	$	5,438,901
JP Morgan Chase & Co. 4.500% 1/24/22		2,130,000		2,228,075
Macquarie Bank Ltd. 2.850% 1/15/21 (a)		380,000		379,950
Mitsubishi UFJ Financial Group, Inc. 2.665% 7/25/22		2,350,000		2,330,178
Morgan Stanley 3.750% 2/25/23		2,875,000		2,948,854
Sumitomo Mitsui Financial Group, Inc. 2.058% 7/14/21		1,220,000		1,198,910
2.846% 1/11/22		260,000		260,226
SVB Financial Group 5.375% 9/15/20		225,000		232,823
Synchrony Bank 3.000% 6/15/22		2,560,000		2,526,255
				32,295,156
Beverages — 1.1%
Anheuser-Busch InBev Worldwide, Inc. 3.500% 1/12/24		2,490,000		2,533,514
Keurig Dr Pepper, Inc. 4.057% 5/25/23 (a)		1,450,000		1,491,654
Molson Coors Brewing Co. 2.100% 7/15/21		660,000		647,499
3.500% 5/01/22 (c)		720,000		729,245
				5,401,912
Biotechnology — 0.1%
Celgene Corp. 4.000% 8/15/23		474,000		491,011
Building Materials — 1.1%
Holcim US Finance Sarl & Cie SCS 6.000% 12/30/19 (a)		2,029,000		2,068,592
Martin Marietta Materials, Inc. 3 mo. USD LIBOR + .650% 3.313% FRN 5/22/20		980,000		979,794
Masco Corp. 3.500% 4/01/21		490,000		493,332
7.125% 3/15/20		225,000		233,793
Standard Industries, Inc. 5.500% 2/15/23 (a)		1,472,000		1,497,760
				5,273,271
Chemicals — 2.3%
CF Industries, Inc. 7.125% 5/01/20		94,000		98,112
DowDuPont, Inc. 4.205% 11/15/23		1,165,000		1,218,277
Huntsman International LLC 5.125% 11/15/22		3,000,000		3,131,250

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

18

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

	Principal Amount		Value
Incitec Pivot Finance LLC 6.000% 12/10/19 (a)	$	2,227,000	$	2,268,616
RPM International, Inc. 3.450% 11/15/22		43,000		43,022
6.125% 10/15/19		1,722,000		1,750,497
The Sherwin-Williams Co. 2.750% 6/01/22		1,239,000		1,231,493
Syngenta Finance NV 3.698% 4/24/20 (a)		1,165,000		1,169,148
				10,910,415
Computers — 0.8%
Dell International LLC/EMC Corp. 4.420% 6/15/21 (a)		1,650,000		1,692,834
Leidos Holdings, Inc. 4.450% 12/01/20		1,861,000		1,888,915
				3,581,749
Diversified Financial Services — 1.8%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust 4.500% 5/15/21		250,000		255,404
AerCap Ireland Capital Ltd./AerCap Global Aviation Trust 3.950% 2/01/22		2,170,000		2,198,007
Aircastle Ltd. 5.000% 4/01/23		2,580,000		2,681,245
Ameriprise Financial, Inc. 3.000% 3/22/22		405,000		407,327
3.700% 10/15/24		285,000		294,606
4.000% 10/15/23		255,000		267,103
Antares Holdings LP 6.000% 8/15/23 (a)		1,172,000		1,152,094
Genpact Luxembourg Sarl 3.700% STEP 4/01/22		1,480,000		1,461,768
				8,717,554
Electric — 0.9%
Ameren Corp. 2.700% 11/15/20		815,000		811,353
EDP Finance BV 4.125% 1/15/20 (a)		795,000		798,371
Enel Finance International NV 2.875% 5/25/22 (a)		755,000		742,142
Entergy Texas, Inc. 2.550% 6/01/21		605,000		597,233
Puget Energy, Inc. 6.000% 9/01/21		740,000		786,465
6.500% 12/15/20		334,000		352,355
				4,087,919
Electronics — 0.3%
FLIR Systems, Inc. 3.125% 6/15/21		650,000		647,883

	Principal Amount		Value
Tech Data Corp. 3.700% 2/15/22	$	580,000	$	583,802
				1,231,685
Foods — 0.3%
McCormick & Co., Inc. 2.700% 8/15/22		1,570,000		1,561,300
Health Care – Products — 0.4%
Becton Dickinson and Co. 3.476% FRN 12/29/20 (b)		1,747,000		1,747,160
Health Care – Services — 0.2%
Cigna Holding Co. 4.000% 2/15/22		971,000		997,841
Home Builders — 0.5%
Lennar Corp. 4.500% 11/15/19		2,253,000		2,255,816
Household Products & Wares — 0.4%
Church & Dwight Co., Inc. 2.875% 10/01/22		1,848,000		1,850,348
Insurance — 2.9%
American International Group, Inc. 3.300% 3/01/21		490,000		493,066
AmTrust Financial Services, Inc. 6.125% 8/15/23		1,505,000		1,414,922
Athene Global Funding 4.000% 1/25/22 (a)		2,715,000		2,782,473
CNA Financial Corp. 5.750% 8/15/21		901,000		958,043
Enstar Group Ltd. 4.500% 3/10/22		1,435,000		1,461,228
Jackson National Life Global Funding 2.500% 6/27/22 (a)		1,940,000		1,918,101
Lincoln National Corp. 4.000% 9/01/23		310,000		323,967
6.250% 2/15/20		1,290,000		1,326,644
Reinsurance Group of America, Inc. 5.000% 6/01/21		1,365,000		1,420,516
Trinity Acquisition PLC 3.500% 9/15/21		980,000		987,990
Willis Towers Watson PLC 5.750% 3/15/21		840,000		879,543
				13,966,493
Investment Companies — 0.7%
Ares Capital Corp. 3.875% 1/15/20		900,000		904,372
BlackRock TCP Capital Corp. 4.125% 8/11/22		1,805,000		1,735,120
FS KKR Capital Corp. 4.000% 7/15/19		933,000		934,705
				3,574,197

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

19

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

	Principal Amount		Value
Leisure Time — 0.4%
Brunswick Corp. 4.625% 5/15/21 (a)	$	2,130,000	$	2,129,880
Lodging — 0.4%
Marriott International, Inc. 2.300% 1/15/22		410,000		402,992
2.875% 3/01/21		1,315,000		1,312,785
				1,715,777
Machinery – Diversified — 1.0%
CNH Industrial Capital LLC 3.375% 7/15/19		729,000		729,911
3.875% 10/15/21		1,015,000		1,025,759
4.875% 4/01/21		590,000		606,225
Wabtec Corp. 4.400% STEP 3/15/24		2,400,000		2,439,891
				4,801,786
Media — 0.9%
Charter Communications Operating LLC/Charter Communications Operating Capital 3.579% 7/23/20		1,045,000		1,052,597
Discovery Communications LLC 2.950% 3/20/23		1,025,000		1,015,261
Sirius XM Radio, Inc. 3.875% 8/01/22 (a)		2,475,000		2,456,437
				4,524,295
Mining — 1.1%
Glencore Funding LLC 4.125% 5/30/23 (a)		1,680,000		1,711,164
Kinross Gold Corp. 5.125% 9/01/21		550,000		566,500
5.950% 3/15/24		1,620,000		1,733,400
Newcrest Finance Pty Ltd. 4.200% 10/01/22 (a)		1,170,000		1,190,698
				5,201,762
Office Equipment/Supplies — 0.3%
Pitney Bowes, Inc. 3.875% STEP 10/01/21		1,210,000		1,194,633
Oil & Gas — 0.7%
Antero Resources Corp. 5.375% 11/01/21		629,000		631,359
Continental Resources, Inc. 5.000% 9/15/22		1,480,000		1,490,547
EQT Corp. 3.000% 10/01/22		1,210,000		1,187,312
				3,309,218
Packaging & Containers — 0.5%
Graphic Packaging International LLC 4.750% 4/15/21		2,230,000		2,257,875

	Principal Amount		Value
Pharmaceuticals — 2.6%
Bayer US Finance II LLC 3.621% FRN 12/15/23 (a) (b)	$	2,255,000	$	2,221,874
Cardinal Health, Inc. 3 mo. USD LIBOR + .770% 3.381% FRN 6/15/22		2,345,000		2,326,580
CVS Health Corp. 2.125% 6/01/21		1,705,000		1,675,892
3.700% 3/09/23		835,000		848,427
Express Scripts Holding Co. 3.300% 2/25/21		1,895,000		1,907,757
Shire Acquisitions Investments Ireland DAC 2.400% 9/23/21		335,000		330,866
2.875% 9/23/23		900,000		888,198
Teva Pharmaceutical Finance Netherlands III BV 2.200% 7/21/21		2,525,000		2,407,269
				12,606,863
Pipelines — 0.5%
Energy Transfer Operating LP 4.200% 9/15/23		2,390,000		2,469,609
Private Equity — 0.3%
Hercules Capital, Inc. 4.625% 10/23/22		1,495,000		1,462,946
Real Estate Investment Trusts (REITS) — 1.4%
American Tower Corp. 2.250% 1/15/22		465,000		457,906
3.000% 6/15/23		1,520,000		1,514,820
3.300% 2/15/21		505,000		509,709
Crown Castle International Corp. 3.400% 2/15/21		1,319,000		1,329,892
Digital Realty Trust LP 3.400% 10/01/20		425,000		428,016
Healthcare Trust of America Holdings LP 2.950% 7/01/22		690,000		682,790
SBA Tower Trust 3.168% 4/11/22 (a)		880,000		875,259
Simon Property Group LP 2.350% 1/30/22		960,000		952,956
				6,751,348
Retail — 1.8%
Advance Auto Parts, Inc. 4.500% 12/01/23		850,000		891,580
Dollar Tree, Inc. 3.700% 5/15/23		2,480,000		2,514,936
O’Reilly Automotive, Inc. 3.800% 9/01/22		191,000		195,882
3.850% 6/15/23		2,206,000		2,267,329

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

20

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

	Principal Amount		Value
QVC, Inc. 4.375% 3/15/23	$	2,500,000	$	2,535,704
				8,405,431
Semiconductors — 0.8%
Broadcom Corp./Broadcom Cayman Finance Ltd. 3.000% 1/15/22		1,465,000		1,457,913
Microchip Technology, Inc. 3.922% 6/01/21 (a)		905,000		912,942
NXP BV/NXP Funding LLC 4.125% 6/01/21 (a)		1,225,000		1,248,520
				3,619,375
Telecommunications — 1.1%
Telefonaktiebolaget LM Ericsson 4.125% 5/15/22		2,320,000		2,351,715
Hughes Satellite Systems Corp. 6.500% 6/15/19		1,904,000		1,913,710
Sprint Communications, Inc. 9.250% 4/15/22		950,000		1,106,750
				5,372,175
Transportation — 0.4%
Ryder System, Inc. 2.250% 9/01/21		170,000		167,541
2.500% 9/01/22		40,000		39,087
3.400% 3/01/23		485,000		490,691
3.750% 6/09/23		1,300,000		1,330,978
				2,028,297
Trucking & Leasing — 1.3%
DAE Funding LLC 4.000% 8/01/20 (a)		522,000		523,305
GATX Corp. 2.600% 3/30/20		975,000		971,965
Park Aerospace Holdings Ltd. 5.250% 8/15/22 (a)		2,400,000		2,459,760
Penske Truck Leasing Co. LP/PTL Finance Corp. 3.375% 2/01/22 (a)		50,000		50,195
4.875% 7/11/22 (a)		2,300,000		2,406,300
				6,411,525
TOTAL CORPORATE DEBT (Cost $187,572,974)				188,186,040
MUNICIPAL OBLIGATIONS — 0.0%
Louisiana State Public Facilities Authority, Series 2011-A, Class A2, 3 mo. USD LIBOR + 0.900%, 3.671% FRN 4/26/27		93,349		93,544
TOTAL MUNICIPAL OBLIGATIONS (Cost $93,349)				93,544

	Principal Amount		Value
NON-U.S. GOVERNMENT AGENCY OBLIGATIONS — 54.8%
Auto Floor Plan ABS — 0.5%
Navistar Financial Dealer Note Master Owner Trust II Series 2018-1, Class C, 3.536% FRN 9/25/23 (a) (b)	$	280,000	$	280,479
Series 2018-1, Class D, 4.036% FRN 9/25/23 (a) (b)		471,000		471,879
NextGear Floorplan Master Owner Trust Series 2018-2A, Class A1, 3.084% FRN 10/15/23 (a) (b)		600,000		600,281
Series 2016-1A, Class A1, 1 mo. LIBOR + 1.700% 4.184% FRN 4/15/21 (a)		1,250,000		1,250,668
				2,603,307
Automobile ABS — 8.7%
American Credit Acceptance Receivables Trust Series 2017-4, Class C, 2.940% 1/10/24 (a)		2,700,000		2,694,537
Series 2019-1, Class C, 3.500% 4/14/25 (a)		1,625,000		1,634,138
Avis Budget Rental Car Funding AESOP LLC Series 2019-1A, Class B, 3.700% 3/20/23 (a)		295,000		297,450
Series 2019-1A, Class C, 4.530% 3/20/23 (a)		633,000		640,462
BMW Vehicle Lease Trust, Series 2018-1, Class A4 3.360% 3/21/22		500,000		506,368
Canadian Pacer Auto Receivables Trust, Series 2018-2A, Class B 3.630% 1/19/24 (a)		460,000		470,204
CPS Auto Trust Series 2017-D, Class A, 1.870% 3/15/21 (a)		117,622		117,429
Series 2018-A, Class A, 2.160% 5/17/21 (a)		77,400		77,206
Series 2016-C, Class B, 2.480% 9/15/20 (a)		24,249		24,243
Series 2019-A, Class A, 3.180% 6/15/22 (a)		307,016		307,516
Series 2018-C, Class B, 3.430% 7/15/22 (a)		240,000		240,692
Drive Auto Receivables Trust Series 2017-2, Class C, 2.750% 9/15/23		326,923		326,801
Series 2017-1, Class C, 2.840% 4/15/22		498,034		497,820
Series 2018-2, Class B, 3.220% 4/15/22		560,000		560,143

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

21

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

	Principal Amount		Value
Series 2018-4, Class C, 3.660% 11/15/24	$	660,000	$	664,858
Series 2019-1, Class C, 3.780% 4/15/25		1,050,000		1,065,970
DT Auto Owner Trust Series 2018-3A, Class A, 3.020% 2/15/22 (a)		953,005		952,589
Series 2019-1A, Class C, 3.610% 11/15/24 (a)		240,000		241,696
Exeter Automobile Receivables Trust Series 2018-1A, Class B, 2.750% 4/15/22 (a)		670,000		668,634
Series 2016-3A, Class B, 2.840% 8/16/21 (a)		370,548		370,422
Series 2018-4A, Class A, 3.050% 12/15/21 (a)		425,147		425,401
Series 2018-2A, Class B, 3.270% 5/16/22 (a)		660,000		660,469
Series 2019-1A, Class B, 3.450% 2/15/23 (a)		400,000		401,888
Series 2015-2A, Class C, 3.900% 3/15/21 (a)		743,116		743,959
First Investors Auto Owner Trust, Series 2017-3A, Class B 2.720% 4/17/23 (a)		890,000		885,936
Flagship Credit Auto Trust Series 2016-3, Class B, 2.430% 6/15/21 (a)		869,106		868,361
Series 2016-4, Class C, 2.710% 11/15/22 (a)		890,000		887,054
Series 2016-1, Class A, 2.770% 12/15/20 (a)		25,964		25,962
Series 2017-1, Class B, 2.830% 3/15/23 (a)		1,515,000		1,513,472
Series 2017-4, Class C, 2.920% 11/15/23 (a)		1,800,000		1,786,382
Series 2018-1, Class B, 3.130% 1/17/23 (a)		3,250,000		3,251,096
GLS Auto Receivables Trust, Series 2018-3A, Class A 3.350% 8/15/22 (a)		726,251		727,449
Hertz Vehicle Financing II LP Series 2018-1A, Class A, 3.290% 2/25/24 (a)		4,120,000		4,099,106
Series 2017-1A, Class B, 3.560% 10/25/21 (a)		1,430,000		1,426,530
Series 2018-1A, Class B, 3.600% 2/25/24 (a)		1,420,000		1,411,865
Hertz Vehicle Financing LLC, Series 2018-3A, Class B 4.370% 7/25/24 (a)		950,000		973,304
Oscar US Funding Trust II, Series 2015-1A, Class A4 2.440% 6/15/22 (a)		481,491		480,812

	Principal Amount		Value
Oscar US Funding Trust IX LLC, Series 2018-2A, Class A4 3.630% 9/10/25 (a)	$	720,000	$	734,143
Oscar US Funding Trust VI, Series 2017-1A, Class A3 2.820% 6/10/21 (a)		550,000		549,458
Oscar US Funding Trust VIII LLC, Series 2018-1A, Class A2A 2.910% 4/12/21 (a)		1,225,469		1,224,366
Oscar US Funding X LLC, Series 2019-1A, Class A4 3.270% 5/11/26 (a)		1,200,000		1,210,789
Santander Drive Auto Receivables Trust Series 2014-4, Class D, 3.100% 11/16/20		256,958		256,974
Series 2016-1, Class D, 4.020% 4/15/22		1,740,000		1,756,567
Securitized Equipment Receivable 3.760% 10/11/24		890,000		897,320
4.200% 10/11/24		845,000		852,431
Tesla Auto Lease Trust Series 2018-A, Class B, 2.750% 2/20/20 (a)		390,000		389,469
Series 2018-B, Class A, 3.710% 8/20/21 (a)		475,860		480,970
World Omni Select Auto Trust, Series 2018-1A, Class A1 2.782% 11/15/19 (a)		141,805		141,797
				41,422,508
Commercial MBS — 2.7%
BAMLL Commercial Mortgage Securities Trust, Series 2018-DSNY, Class C, 3.834% FRN 9/15/34 (a) (b)		300,000		297,560
Bear Stearns Commercial Mortgage Securities, Series 2007-T26, Class AM, 5.460% VRN 1/12/45 (b)		214,997		215,061
BHMS Mortgage Trust Series 2018-ATLS, Class A, 3.734% FRN 7/15/35 (a) (b)		1,880,000		1,877,065
Series 2018-ATLS, Class B, 3.984% FRN 7/15/35 (a) (b)		2,600,000		2,595,181
BX Commercial Mortgage Trust, Series 2018-IND, Class E, 4.184% FRN 11/15/35 (a) (b)		760,524		761,002
CAMB Commercial Mortgage Trust, Series 2019-LIFE, Class E, 4.634% FRN 12/15/37 (a) (b)		1,335,725		1,341,549
COMM Mortgage Trust, Series 2015-DC1, Class B, 4.035% VRN 2/10/48 (b)		797,000		806,426

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

22

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

	Principal Amount		Value
GCCFC Commercial Mortgage Trust, Series 2006-GG7, Class AM, 5.614% VRN 7/10/38 (b)	$	330,915	$	332,663
JP Morgan Chase Commercial Mortgage Securities Corp., Series 2018-LAQ, Class A, 3.484% FRN 6/15/32 (a) (b)		2,688,508		2,676,730
Morgan Stanley Capital I Trust, Series 2012-STAR, Class D 4.057% 8/05/34 (a)		1,000,000		1,014,086
MSCG Trust, Series 2018-SELF, Class C, 3.664% FRN 10/15/37 (a) (b)		185,000		183,377
TIAA Seasoned Commercial Mortgage Trust, Series 2007-C4, Class AJ, 5.482% VRN 8/15/39 (b)		20,906		20,966
TPG Real Estate Finance Issuer Ltd., Series 2018-FL1, Class A, 3.234% FRN 2/15/35 (a) (b)		248,535		247,601
Velocity Commercial Capital Loan Trust, Series 2016-2, Class AFX, 2.997% VRN 10/25/46 (b)		411,823		412,119
				12,781,386
Home Equity ABS — 0.1%
Credit Suisse Seasoned Loan Trust, Series 2006-1, Class A, 1 mo. USD LIBOR + .240% 2.726% FRN 10/25/34 (a)		292,988		292,091
Mastr Asset-Backed Securities Trust, Series 2005-WMC1, Class M3, 1 mo. USD LIBOR + .720% 3.206% FRN 3/25/35		31,626		32,009
				324,100
Other ABS — 20.7%
321 Henderson Receivables I LLC Series 2006-1A, Class A1, 1 mo. USD LIBOR + .200% 2.684% FRN 3/15/41 (a)		178,459		175,449
Series 2006-2A, Class A1, 1 mo. USD LIBOR + .200% 2.684% FRN 6/15/41 (a)		301,624		294,926
AASET US Ltd., Series 2018-2A, Class A 4.454% 11/18/38 (a)		1,687,408		1,709,617
Adams Outdoor Advertising LP, Series 2018-1, Class A 4.810% 11/15/48 (a)		816,087		851,772
AIMCO CLO, Series 2014-AA, Class AR, 3 mo. USD LIBOR + 1.100% 3.861% FRN 7/20/26 (a)		339,192		339,183

	Principal Amount		Value
ALM VII Ltd., Series 2012-7A, Class A1R, 3 mo. USD LIBOR + 1.480% 4.267% FRN 10/15/28 (a)	$	1,290,000	$	1,290,050
American Tower Trust #1, Series 13, Class 2A 3.070% 3/15/48 (a)		1,400,000		1,382,405
Arbor Realty Commercial Real Estate Notes, Series 2018-FL1, Class A, 3.634% FRN 6/15/28 (a) (b)		880,000		878,358
Arbys Funding LLC, Series 2015-1A, Class A2 4.969% 10/30/45 (a)		822,375		840,210
Ares XXXIV CLO Ltd., Series 2015-2A, Class BR, 3 mo. USD LIBOR + 1.500% 4.252% FRN 7/29/26 (a)		500,000		499,500
Ascentium Equipment Receivables Trust Series 2018-2A, Class B, 3.760% 5/10/24 (a)		1,596,000		1,624,997
Series 2018-2A, Class E, 5.180% 7/10/26 (a)		2,286,000		2,331,203
Avant Loans Funding Trust, Series 2019-A, Class A 3.480% 7/15/22 (a)		1,530,000		1,529,903
Bain Capital Credit CLO, Series 2017-1A, Class A1, 3 mo. USD LIBOR + 1.250% 4.011% FRN 7/20/30 (a)		650,000		649,987
BlueVirgo Trust, Series 2015-1A, Class NOTE 3.000% 12/15/22 (a)		216,128		216,128
BRE Grand Islander Timeshare Issuer LLC, Series 2017-1A, Class A 2.940% 5/25/29 (a)		369,809		367,541
CAL Funding II Ltd., Series 2018-2A, Class A 4.340% 9/25/43 (a)		750,500		776,114
Capital Automotive LLC, Series 2012-1A, Class A1 3.870% 4/15/47 (a)		608,117		611,787
Castlelake Aircraft Structured Trust, Series 2018-1, Class A 4.125% 6/15/43 (a)		815,556		816,638
Cazenovia Creek Funding I LLC, Series 2015-1A, Class A 2.000% 12/10/23 (a)		56,565		56,353
CLI Funding V LLC, Series 2014-1A, Class A 3.290% 6/18/29 (a)		1,049,251		1,043,485
CLI Funding VI LLC, Series 2017-1A, Class A 3.620% 5/18/42 (a)		882,829		879,436

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

23

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

	Principal Amount		Value
Countrywide Asset-Backed Certificates, Series 2004-5, Class 3A, 1 mo. USD LIBOR + .460% 2.946% FRN 9/25/34	$	20,611	$	20,474
DB Master Finance LLC Series 2019-1A, Class A2I, 3.787% 5/20/49 (a) (d)		632,000		633,707
Series 2019-1A, Class A2II, 4.021% 5/20/49 (a) (d)		746,000		749,357
Denali Capital CLO X LLC, Series 2013-1A, Class A1, 3.815% FRN 10/26/27 (a) (b)		1,850,000		1,841,142
Diamond Resorts Owner Trust Series 2015-2, Class A, 2.990% 5/22/28 (a)		208,462		208,386
Series 2016-1, Class A, 3.080% 11/20/28 (a)		713,099		712,776
Series 2015-2, Class B, 3.540% 5/22/28 (a)		113,706		113,657
Domino’s Pizza Master Issuer LLC Series 2017-1A, Class A2II, 3.082% 7/25/47 (a)		788,000		779,138
Series 2018-1A, Class A2I, 4.116% 7/25/48 (a)		962,725		983,503
Drug Royalty Corp., Inc., Series 2012-1, Class A1, 3 mo. USD LIBOR + 5.250% 7.322% FRN 7/15/24 (a)		21,679		21,693
Drug Royalty II LP, Series 2014-1, Class A1, 3 mo. USD LIBOR + 2.850% 5.637% FRN 7/15/23 (a)		117,934		118,528
Elara HGV Timeshare Issuer LLC Series 2017-A, Class A, 2.690% 3/25/30 (a)		429,696		425,552
Series 2014-A, Class B, 3.020% VRN 2/25/27 (a) (b)		187,073		183,259
Entegry New Orleans Storm Recovery Funding I LLC, Series 2015-1, Class A 2.670% 6/01/27		206,182		204,529
FCI Funding LLC, Series 2019-1A, Class A 3.630% 2/18/31 (a) (d)		673,000		672,885
FRS I LLC, Series 2013-1A, Class A1 1.800% 4/15/43 (a)		6,160		6,156
Galaxy XX CLO Ltd., Series 2015-20A, Class AR, 3.761% FRN 4/20/31 (a) (b)		1,500,000		1,475,962
Gallatin CLO IX Ltd., Series 2018-1A, Class A, 3.811% FRN 1/21/28 (a) (b)		2,200,000		2,193,303
Global SC Finance IV Ltd., Series 2017-1A, Class A 3.850% 4/15/37 (a)		710,771		715,724

	Principal Amount		Value
Goodgreen Trust Series 2016-1A, Class A, 3.230% 10/15/52 (a)	$	987,785	$	985,021
Series 2019-1A, Class A, 3.860% 10/15/54 (a)		740,240		754,239
Series 2018-1A, Class A, 3.930% VRN 10/15/53 (a) (b)		1,628,139		1,663,314
GSAMP Trust, Series 2005-AHL, Class M1, 1 mo. USD LIBOR + .645% 3.131% FRN 4/25/35		22,716		22,595
Hero Funding Trust Series 2017-3A, Class A1, 3.190% 9/20/48 (a)		1,107,297		1,115,904
Series 2017-2A, Class A1, 3.280% 9/20/48 (a)		255,088		251,718
Series 2016-4A, Class A1, 3.570% 9/20/47 (a)		641,706		646,436
Series 2017-2A, Class A2, 4.070% 9/20/48 (a)		210,072		213,680
Series 2018-1A, Class A2, 4.670% 9/20/48 (a)		1,245,889		1,287,988
Hilton Grand Vacations Trust Series 2014-AA, Class A, 1.770% 11/25/26 (a)		215,390		213,017
Series 2013-A, Class A, 2.280% 1/25/26 (a)		146,479		146,110
Series 2017-AA, Class B, 2.960% 12/26/28 (a)		500,633		495,636
Horizon Aircraft Finance I Ltd., Series 2018-1, Class A 4.458% 12/15/38 (a)		510,000		519,709
KDAC Aircraft Finance Ltd., Series 2017-1A, Class A 4.212% 12/15/42 (a)		639,841		642,536
KREF Ltd., Series 2018-FL1, Class AS, 3.834% FRN 6/15/36 (a) (b)		2,600,000		2,592,323
Lendmark Funding Trust Series 2017-2A, Class A, 2.800% 5/20/26 (a)		819,957		814,793
Series 2017-1A, Class A, 2.830% 12/22/25 (a)		630,000		624,861
Series 2018-1A, Class A, 3.810% 12/21/26 (a)		930,000		942,183
Mariner Finance Issuance Trust Series 2017-BA, Class A, 2.920% 12/20/29 (a)		3,150,000		3,136,359
Series 2018-AA, Class A, 4.200% 11/20/30 (a)		2,063,000		2,099,627
Marlette Funding Trust Series 2017-3A, Class A, 2.360% 12/15/24 (a)		156,648		156,423
Series 2017-2A, Class A, 2.390% 7/15/24 (a)		18,389		18,385

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

24

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

	Principal Amount		Value
Series 2017-1A, Class A, 2.827% 3/15/24 (a)	$	19,647	$	19,646
Series 2018-2A, Class A, 3.060% 7/17/28 (a)		404,566		404,307
Series 2019-1A, Class A, 3.440% 4/16/29 (a)		225,000		225,771
Mosaic Solar Loans LLC Series 2017-2A, Class D, 0.010% 6/22/43 (a)		580,992		536,610
Series 2018-2GS, Class A, 4.200% 2/22/44 (a)		880,516		892,120
Series 2017-1A, Class A, 4.450% 6/20/42 (a)		201,798		205,401
MVW Owner Trust, Series 2013-1A, Class A 2.150% 4/22/30 (a)		174,917		173,450
Neuberger Berman CLO XX Ltd., Series 2015-20A, Class BR, 4.037% FRN 1/15/28 (a) (b)		750,000		739,002
New Residential Advance Receivables Trust, Series 2016-T2, Class AT2 2.575% 10/15/49 (a)		2,100,000		2,093,433
NP SPE II LLC, Series 2017-1A, Class A1 3.372% 10/21/47 (a)		468,633		468,829
NRZ Advance Receivables Trust, Series 2016-T4, Class AT4 3.107% 12/15/50 (a)		1,500,000		1,501,258
OCP CLO Ltd., Series 2015-8A, Class A2AR, 4.223% FRN 4/17/27 (a) (b)		2,150,000		2,128,711
OHA Loan Funding Ltd. Series 2015-1A, Class AR, 3 mo. USD LIBOR + 1.410% 4.094% FRN 8/15/29 (a)		1,350,000		1,352,635
Series 2012-1A, Class B1R, 3 mo. USD LIBOR + 1.850% 4.622% FRN 1/23/27 (a)		400,000		399,989
Orange Lake Timeshare Trust Series 2014-AA, Class A, 2.290% 7/09/29 (a)		61,682		60,991
Series 2016-A, Class B, 2.910% 3/08/29 (a)		733,967		736,695
Oxford Finance Funding Trust, Series 2016-1A, Class A 3.968% 6/17/24 (a)		469,490		471,583
PNMAC GMSR Issuer Trust, Series 2018-GT1, Class A, 1 mo. USD LIBOR + 2.850% 5.340% FRN 2/25/23 (a)		670,000		671,461
RR 3 Ltd., Series 2018-3A, Class A1R2, 3.877% FRN 1/15/30 (a) (b)		1,250,000		1,237,923

	Principal Amount		Value
SBA Tower Trust, Series 2014-2A, Class C, 3.869% STEP 10/15/49 (a)	$	1,030,000	$	1,048,663
Sierra Timeshare Receivables Funding LLC Series 2014-3A, Class A, 2.300% 10/20/31 (a)		384,897		383,983
Series 2015-3A, Class A, 2.580% 9/20/32 (a)		142,244		141,497
Series 2016-2A, Class B, 2.780% 7/20/33 (a)		1,345,751		1,342,597
Series 2015-1A, Class B, 3.050% 3/22/32 (a)		689,012		688,039
Series 2015-3A, Class B, 3.080% 9/20/32 (a)		53,341		53,259
Series 2019-1A, Class D, 4.750% 1/20/36 (a)		1,320,000		1,325,537
SoFi Consumer Loan Program LLC Series 2016-3, Class A, 3.050% 12/26/25 (a)		289,526		289,561
Series 2018-3, Class A1, 3.200% 8/25/27 (a)		534,859		535,068
Springleaf Funding Trust, Series 2016-AA, Class A 2.900% 11/15/29 (a)		1,933,467		1,930,665
Store Master Funding I-VII, Series 2018-1A, Class A3 4.400% 10/20/48 (a)		1,247,396		1,284,890
Taco Bell Funding LLC, Series 2018-1A, Class A2I 4.318% 11/25/48 (a)		2,314,200		2,377,022
TAL Advantage V LLC, Series 2014-2A, Class A2 3.330% 5/20/39 (a)		830,194		830,992
TAL Advantage VI LLC, Series 2017-1A, Class A 4.500% 4/20/42 (a)		1,018,093		1,045,833
TCI-Symphony CLO Ltd., Series 2016-1A, Class A, 3 mo. USD LIBOR + 1.480% 4.277% FRN 10/13/29 (a)		1,060,000		1,062,719
TLF National Tax Lien Trust, Series 2017-1A, Class A 3.090% 12/15/29 (a)		2,023,484		2,008,823
Trafigura Securitisation Finance PLC Series 2018-1A, Class A1, 3.214% FRN 3/15/22 (a) (b)		1,340,000		1,340,318
Series 2017-1A, Class B, 1 mo. USD LIBOR + 1.700% 4.184% FRN 12/15/20 (a)		670,000		669,560
Series 2018-1A, Class B, 4.290% 3/15/22 (a)		1,870,000		1,897,811

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

25

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

	Principal Amount		Value
Treman Park CLO Ltd., Series 2015-1A, Class ARR, 3.831% FRN 10/20/28 (a) (b)	$	1,100,000	$	1,101,099
Trinity Rail Leasing LP, Series 2018-1A, Class A1 3.820% 6/17/48 (a)		1,387,221		1,421,792
Trip Rail Master Funding LLC Series 2017-1A, Class A1, 2.709% 8/15/47 (a)		318,731		316,334
Series 2011-1A, Class A2, 6.024% 7/15/41 (a)		2,246,612		2,371,966
Triton Container Finance IV LLC, Series 2017-2A, Class A 3.620% 8/20/42 (a)		2,123,229		2,127,725
Triton Container Finance VI LLC, Series 2018-2A, Class A 4.190% 6/22/43 (a)		1,369,000		1,389,632
Upstart Securitization Trust, Series 2019-1, Class A 3.450% 4/20/26 (a)		900,000		900,272
VSE VOI Mortgage LLC Series 2016-A, Class B, 2.740% 7/20/33 (a)		657,396		650,255
Series 2018-A, Class C, 4.020% 2/20/36 (a)		692,080		698,991
Welk Resorts LLC Series 2015-AA, Class A, 2.790% 6/16/31 (a)		173,448		170,298
Series 2017-AA, Class B, 3.410% 6/15/33 (a)		1,111,379		1,095,778
Westgate Resorts LLC, Series 2015-2A, Class A 3.200% 7/20/28 (a)		270,424		270,016
Willis Engine Structured Trust IV, Series 2018-A, Class A, 4.750% STEP 9/15/43 (a)		693,989		708,433
Wingstop Funding LLC, Series 2018-1, Class A2 4.970% 12/05/48 (a)		290,000		302,064
				98,668,937
Student Loans ABS — 16.0%
Academic Loan Funding Trust, Series 2013-1A, Class A, 1 mo. USD LIBOR + .800% 3.286% FRN 12/26/44 (a)		204,971		203,719
Access Group, Inc. Series 2015-1, Class A, 1 mo. USD LIBOR + .700% 3.190% FRN 7/25/56 (a)		666,978		648,650
Series 2015-1, Class B, 1 mo. USD LIBOR + 1.500% 3.990% FRN 7/25/58 (a)		530,000		502,206

	Principal Amount		Value
AccessLex Institute, Series 2003-A, Class A3, 3 mo. Treasury + 1.200% 3.690% FRN 7/01/38	$	162,248	$	158,668
College Ave Student Loans LLC, Series 2018-A, Class A1, 3.686% FRN 12/26/47 (a) (b)		1,567,542		1,555,640
College Loan Corp. Trust I, Series 2005-2, Class B, 3 mo. USD LIBOR + .490% 3.277% FRN 1/15/37		603,884		569,138
Commonbond Student Loan Trust Series 2016-B, Class A1, 2.730% 10/25/40 (a)		415,064		411,373
Series 2018-AGS, Class C, 3.820% 2/25/44 (a)		490,000		492,263
Series 2018-BGS, Class C, 4.120% 9/25/45 (a)		625,000		629,998
Series 2018-CGS, Class C, 4.350% 2/25/46 (a)		472,000		475,652
Series 2017-AGS, Class C, 5.280% 5/25/41 (a)		394,906		399,387
Credit Suisse ABS Repackaging Trust, Series 2013-A, Class B 2.500% 1/25/30 (a)		241,478		230,434
DRB Prime Student Loan Trust Series 2015-A, Class A3, 2.320% 4/25/30		24,540		24,469
Series 2015-B, Class A3, 2.540% 4/27/26 (a)		61,024		60,581
Series 2015-A, Class A2, 3.060% 7/25/31 (a)		233,332		234,191
Series 2015-D, Class A2, 3.200% 1/25/40 (a)		1,092,756		1,096,137
Series 2015-D, Class A1, 4.184% 1/25/40 (a)		348,068		352,653
Series 2016-R, Class A1, 1 mo. USD LIBOR + 1.900% 4.390% FRN 10/25/44 (a)		1,186,218		1,194,549
Earnest Student Loan Program LLC Series 2016-C, Class A2, 2.680% 7/25/35 (a)		908,481		911,032
Series 2016-B, Class A1, 1 mo. USD LIBOR + 2.050% 4.536% FRN 2/26/35 (a)		371,906		376,967
ECMC Group Student Loan Trust Series 2018-1A, Class A, 1 mo. USD LIBOR + 0.750% 3.240% FRN 2/27/68 (a)		1,953,938		1,934,992
Series 2018-2A, Class A, 3.286% FRN 9/25/68 (a) (b)		2,350,036		2,329,992
Series 2017-1A, Class A, 1 mo. USD LIBOR + 1.200% 3.686% FRN 12/27/66 (a)		2,107,422		2,110,052

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

26

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

	Principal Amount		Value
EdLinc Student Loan Funding, Series 2017-A, Class A, 4.350% FRN 12/01/47 (a) (b)	$	1,979,425	$	1,979,650
ELFI Graduate Loan Program LLC Series 2018-A, Class A1, 3.236% FRN 8/25/42 (a) (b)		1,185,587		1,184,129
Series 2018-A, Class B, 4.000% 8/25/42 (a)		630,000		634,432
Kentucky Higher Education Student Loan Corp., Series 2015-1, Class A1, 1 mo. USD LIBOR + .750% 3.239% FRN 12/01/31		466,114		460,190
KeyCorp Student Loan Trust, Series 2006-A, Class 2A4, 3 mo. USD LIBOR + .310% 2.919% FRN 9/27/35		13,441		13,421
Laurel Road Prime Student Loan Trust Series 2017-C, Class B, 2.950% 11/25/42 (a)		694,207		684,168
Series 2017-B, Class CFX, 3.610% 8/25/42 (a)		745,055		730,041
Navient Private Education Loan Trust, Series 2017-A, Class A2B, 3.384% FRN 12/16/58 (a) (b)		1,400,000		1,399,997
Navient Private Education Refi Loan Trust, Series 2019-A, Class A2A 3.420% 1/15/43 (a)		570,000		578,764
Navient Student Loan Trust Series 2018-2A, Class A3, 3.236% FRN 3/25/67 (a) (b)		1,830,000		1,802,885
Series 2018-3A, Class A3, 3.286% FRN 3/25/67 (a) (b)		2,500,000		2,469,673
Series 2017-1A, Class A3, 1 mo. USD LIBOR + 1.150% 3.636% FRN 7/26/66 (a)		1,800,000		1,827,023
Nelnet Private Education Loan Trust Series 2016-A, Class A1B, 3.600% 12/26/40 (a)		374,529		377,016
Series 2016-A, Class A1A, 1 mo. USD LIBOR + 1.750% 4.236% FRN 12/26/40 (a)		312,759		311,769
Nelnet Student Loan Trust Series 2007-2A, Class A4A2, 28 day ARS 2.856% FRN 6/25/35 (a)		2,800,000		2,778,809
Series 2013-5A, Class A, 1 mo. USD LIBOR + .630% 3.120% FRN 1/25/37 (a)		455,071		452,738
Series 2018-3A, Class A3, 1 mo. USD LIBOR + 0.750% 3.240% FRN 9/27/66 (a)		1,950,000		1,943,289
Series 2012-1A, Class A, 1 mo. USD LIBOR + .800% 3.286% FRN 12/27/39 (a)		1,548,980		1,554,611

	Principal Amount		Value
Series 2018-5A, Class B, 3.936% FRN 2/25/67 (a) (b)	$	1,000,000	$	999,998
Series 2015-3A, Class B, 1 mo. USD LIBOR + 1.500% 3.986% FRN 6/25/54 (a)		395,000		389,698
North Carolina State Education Assistance Authority, Series 2011-2, Class A2, 3 mo. USD LIBOR + .800% 3.571% FRN 7/25/25		241,390		242,474
PHEAA Student Loan Trust, Series 2016-2A, Class A, 1 mo. USD LIBOR + .950% 3.436% FRN 11/25/65 (a)		1,224,516		1,229,187
SLC Student Loan Trust, Series 2005-3, Class B, 3 mo. USD LIBOR + .250% 2.861% FRN 6/15/55		1,470,334		1,377,514
SLM Student Loan Trust Series 06-2, Class R, 0.000% 1/25/41 (e) (f)		3,391		1,390,310
Series 2007-5, Class A6, 3 mo. USD LIBOR + .110% 2.881% FRN 1/26/43		452,192		440,834
Series 2007-1, Class A6, 3 mo. USD LIBOR + .140% 2.911% FRN 1/27/42		250,000		239,271
Series 2006-10, Class A6, 3 mo. USD LIBOR + .150% 2.921% FRN 3/25/44		3,700,000		3,570,461
Series 2006-7, Class B, 3 mo. USD LIBOR + .200% 2.971% FRN 1/27/42		3,031,132		2,814,704
Series 2006-10, Class B, 3 mo. USD LIBOR + .220% 2.991% FRN 3/25/44		2,300,811		2,174,083
Series 2005-6, Class B, 3 mo. USD LIBOR + .290% 3.061% FRN 1/25/44		1,496,265		1,388,248
Series 2003-14, Class A6, 3 mo. USD LIBOR + .300% 3.071% FRN 7/25/25		476,513		474,405
Series 2005-9, Class B, 3 mo. USD LIBOR + .300% 3.071% FRN 1/25/41		1,094,021		1,046,105
Series 2005-8, Class B, 3 mo. USD LIBOR + .310% 3.081% FRN 1/25/55		538,841		509,644
Series 2003-11, Class B, 3 mo. USD LIBOR + .650% 3.261% FRN 12/15/38		423,835		404,955
Series 2004-3A, Class A6A, 3 mo. USD LIBOR + .550% 3.321% FRN 10/25/64 (a)		2,300,000		2,286,100

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

27

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

	Principal Amount		Value
Series 2005-9, Class A7A, 3 mo. EURIBOR + .600% 3.371% FRN 1/25/41	$	1,817,482	$	1,819,740
Series 2004-8A, Class A6, 3 mo. USD LIBOR + .630% 3.401% FRN 1/25/40 (a)		450,000		451,027
Series 2005-7, Class A5, 3 mo. USD LIBOR + .750% 3.521% FRN 1/25/40		2,000,000		1,984,062
Series 2003-5, Class A7, 28 day ARS 4.490% FRN 6/15/30		100,000		100,000
SMB Private Education Loan Trust Series 2018-C, Class A2B, 3.234% FRN 11/15/35 (a) (b)		1,200,000		1,197,004
Series 2018-A, Class A2B, 3.284% FRN 2/15/36 (a) (b)		900,000		898,748
Series 2019-A, Class A2B, 3.510% FRN 7/15/36 (a) (b)		1,211,000		1,210,999
Series 2016-B, Class A2B, 1 mo. USD LIBOR + 1.450% 3.934% FRN 2/17/32 (a)		356,788		362,005
Series 2015-C, Class A3, 1 mo. USD LIBOR + 1.950% 4.434% FRN 8/16/32 (a)		1,350,000		1,388,142
SoFi Professional Loan Program LLC Series 2015-A, Class RC, 0.000% 3/25/33 (a)		500		437,500
Series 2018-A, Class R1, 0.000% 2/25/42 (a)		1,928,100		1,384,761
Series 2017-D, Class R1, 0.000% 9/25/40 (a)		2,333,800		1,512,396
Series 2018-B, Class R1, 0.000% 8/26/47 (a)		1,727,800		984,044
Series 2018-D, Class R1, 0.000% 2/25/48 (a)		2,069,700		713,012
Series 2019-A, Class R1, 0.000% 6/15/48 (a)		3,162,200		922,031
Series 2016-C, Class A2B, 2.360% 12/27/32 (a)		255,407		251,703
Series 2014-A, Class A2, 3.020% 10/25/27 (a)		73,637		73,561
Series 2019-A, Class A2FX, 3.690% 6/15/48 (a)		1,080,000		1,111,441
Series 2016-A, Class A1, 1 mo. USD LIBOR + 1.750% 4.236% FRN 8/25/36 (a)		377,292		383,231
				76,248,746
WL Collateral CMO — 6.1%
Bank of America Mortgage Securities, Series 2004-G, Class 2A7, 4.657% VRN 8/25/34 (b)		36,713		36,295

	Principal Amount		Value
Countrywide Home Loans, Inc. Series 2003-42, Class 1A1, 3.991% VRN 9/25/33 (b)	$	5,042	$	4,658
Series 2004-2, Class 1A1, 4.619% VRN 2/25/34 (b)		23,458		22,051
Deephaven Residential Mortgage Trust Series 2018-1A, Class A2, 3.027% VRN 12/25/57 (a) (b)		946,113		937,590
Series 2018-2A, Class A3, 3.684% VRN 4/25/58 (a) (b)		1,961,690		1,975,427
Series 2018-3A, Class A3, 3.963% VRN 8/25/58 (a) (b)		579,067		586,220
Series 2018-4A, Class A3, 4.285% VRN 10/25/58 (a) (b)		2,033,985		2,057,693
GSR Mortgage Loan Trust, Series 2004-9, Class 2A1, 4.103% VRN 8/25/34 (b)		7,513		7,337
IndyMac Index Mortgage Loan Trust, Series 2004-AR4, Class 1A, 4.048% VRN 8/25/34 (b)		52,210		50,103
JP Morgan Mortgage Trust Series 2018-1, Class A5, 3.500% VRN 6/25/48 (a) (b)		956,647		957,326
Series 2018-3, Class A5, 3.500% VRN 9/25/48 (a) (b)		1,561,874		1,558,111
Series 2018-4, Class A15, 3.500% VRN 10/25/48 (a) (b)		1,303,649		1,304,817
Series 2017-6, Class A5, 3.500% VRN 12/25/48 (a) (b)		1,445,345		1,449,994
Merrill Lynch Mortgage Investors, Inc. Series 2004-A1, Class IA, 2.750% VRN 2/25/34 (b)		3,322		3,012
Series 2004-A1, Class IIA2, 4.538% VRN 2/25/34 (b)		113,927		114,087
Series 2003-A4, Class IA, 4.666% VRN 7/25/33 (b)		3,176		3,090
New Residential Mortgage Loan Trust Series 2016-4A, Class A1, 3.750% VRN 11/25/56 (a) (b)		752,098		760,076
3.752% 4/25/49 (a)		1,050,000		1,054,962
Series 2019-NQM1, Class A3, 3.928% VRN 1/25/49 (a) (b)		2,267,139		2,283,770
PSMC Trust Series 2018-1, Class A3, 3.500% VRN 2/25/48 (a) (b)		1,503,295		1,506,857
Series 2018-2, Class A3, 3.500% VRN 6/25/48 (a) (b)		1,555,097		1,559,714
Sequoia Mortgage Trust Series 2015-1, Class A6, 2.500% VRN 1/25/45 (a) (b)		1,077,665		1,065,131
Series 2018-3, Class A4, 3.500% VRN 3/25/48 (a) (b)		1,787,950		1,789,261

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

28

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

	Principal Amount		Value
Series 2018-5, Class A4, 3.500% VRN 5/25/48 (a) (b)	$	1,377,268	$	1,378,246
Series 2018-CH1, Class A10, 4.000% VRN 2/25/48 (a) (b)		1,116,843		1,132,008
Series 2018-CH2, Class A12, 4.000% VRN 6/25/48 (a) (b)		2,088,951		2,117,261
Series 2018-CH3, Class A11, 4.000% VRN 8/25/48 (a) (b)		1,534,823		1,559,173
Series 2018-7, Class A4, 4.000% VRN 9/25/48 (a) (b)		790,428		801,065
Series 2019-1, Class A4, 4.000% VRN 2/25/49 (a) (b)		462,025		470,641
Structured Adjustable Rate Mortgage Loan Trust, Series 2004-2, Class 2A, 4.558% VRN 3/25/34 (b)		28,132		27,408
TIAA Bank Mortgage Loan Trust, Series 2018-2, Class A4, 3.500% VRN 7/25/48 (a) (b)		796,893		797,514
Washington Mutual Mortgage Pass-Through Certificates, Series 2004-AR2, Class A, 12 mo. MTA + 1.400% 3.797% FRN 4/25/44		76,207		75,065
				29,445,963
TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $261,164,529)				261,494,947
U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES — 0.7%
Collateralized Mortgage Obligations — 0.6%
Federal Home Loan Mortgage Corp. Series 4720, Class A 3.000% 3/15/41		920,782		921,240
Federal National Mortgage Association Series 2015-80, Class CA 3.000% 4/25/40		1,490,051		1,488,589
Government National Mortgage Association (b) Series 2014-131, Class BW 3.889% 5/20/41		346,292		364,803
				2,774,632
Pass-Through Securities — 0.1%
Federal Home Loan Mortgage Corp. Pool #1Q0239, 1 year CMT + 2.234% 4.682% 3/01/37		237,566		250,186
Federal National Mortgage Association Pool #775539 12 mo. USD LIBOR + 1.644% 4.179% FRN 5/01/34		50,552		52,704

	Principal Amount		Value
Pool #725692 1 year CMT + 2.138% 4.315% FRN 10/01/33	$	53,876	$	56,584
Pool #888586 1 year CMT + 2.199% 4.420% FRN 10/01/34		115,735		121,852
Pool #725796 5.500% 9/01/19		17,970		17,995
Pool #844564 5.500% 12/01/20		19,048		19,352
Government National Mortgage Association Pool #507545 7.500% 8/15/29		27,064		30,890
				549,563
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (Cost $3,334,924)				3,324,195
U.S. TREASURY OBLIGATIONS — 3.0%
U.S. Treasury Bonds & Notes — 3.0%
U.S. Treasury Note 8.000% 11/15/21 (g)		12,620,000		14,437,675
TOTAL U.S. TREASURY OBLIGATIONS (Cost $14,483,209)				14,437,675
TOTAL BONDS & NOTES (Cost $466,648,985)				467,536,401
TOTAL PURCHASED OPTIONS (#) — 1.1% (Cost $5,197,567)				5,218,361
	Number of Shares
MUTUAL FUNDS — 0.0%
Diversified Financial Services — 0.0%
State Street Navigator Securities Lending Prime Portfolio (h)		104,750		104,750
TOTAL MUTUAL FUNDS (Cost $104,750)				104,750
TOTAL LONG-TERM INVESTMENTS (Cost $471,951,302)				472,859,512
	Principal Amount
SHORT-TERM INVESTMENTS — 3.2%
Commercial Paper — 3.2%
Hyundai Capital America 2.890% 6/21/19 (a)	$	5,000,000		4,966,773

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

29

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

	Principal Amount		Value
Keurig Dr Pepper, Inc. 2.816% 4/05/19 (a)	$	5,000,000	$	4,997,434
Magna International, Inc. 2.687% 4/01/19 (a)		5,000,000		4,998,904
				14,963,111
TOTAL SHORT-TERM INVESTMENTS (Cost $14,964,332)				14,963,111
TOTAL INVESTMENTS — 102.2% (Cost $486,915,634) (i)				487,822,623
Other Assets/(Liabilities) — (2.2)%				(10,590,876	)
NET ASSETS — 100.0%			$	477,231,747

Abbreviation Legend

ABS Asset-Backed Security

ARS Auction Rate Security

CLO Collateralized Loan Obligation

CMO Collateralized Mortgage Obligation

CMT Constant Maturity Treasury Index

FRN Floating Rate Note

MBS Mortgage-Backed Security

MTA Monthly Treasury Average Index

STEP Step Up Bond

VRN Variable Rate Note

WL Whole Loan

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Securities exempt from registration under rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2019, these securities amounted to a value of $284,397,040 or 59.59% of net assets.

(b) Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. The rates shown are the current interest rates at March 31, 2019.

(c) Denotes all or a portion of security on loan. The total value of securities on loan as of March 31, 2019, was $102,720 or 0.02% 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).

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

(e) Investment was valued using significant unobservable inputs.

(f) This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At March 31, 2019, these securities amounted to a value of $1,390,310 or 0.29% of net assets.

(g) A portion of this security is pledged/held as collateral for open futures contracts and open swap agreements. (Note 2).

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

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

(#) Purchased Swaptions contracts at March 31, 2019:

OTC Counterparty	Units		Notional Amount		Expiration Date	Pay/ Receive Exercise Rate		Description	Premiums Purchased		Value		Unrealized Appreciation/ (Depreciation)
Call
Barclays Bank PLC*		16,660,000		USD 16,660,000	12/13/32		Receive	3-Month USD LIBOR BBA 10 Year Swaption, Underlying swap terminates 12/15/42, Exercise Rate 2.44%	$	832,872	$	798,387	$	(34,485	)
Credit Suisse International*		18,600,000		USD 18,600,000	1/31/33		Receive	3-Month USD LIBOR BBA 10 Year Swaption, Underlying swap terminates 2/02/43, Exercise Rate 2.61%		892,800		995,016		102,216
										1,725,672		1,793,403		67,731
Put
Barclays Bank PLC*		33,920,000		USD 33,920,000	12/13/32		Pay	3-Month USD LIBOR BBA 10 Year Swaption, Underlying swap terminates 12/15/42, Exercise Rate 2.94%	$	1,695,763	$	1,718,793	$	23,030
Credit Suisse International*		37,080,000		USD 37,080,000	1/31/33		Pay	3-Month USD LIBOR BBA 10 Year Swaption, Underlying swap terminates 2/02/43, Exercise Rate 3.11%		1,776,132		1,706,165		(69,967	)
										3,471,895		3,424,958		(46,937	)
									$	5,197,567	$	5,218,361	$	20,794

* Contracts are subject to a Master Netting Agreement.

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

30

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

Futures contracts at March 31, 2019:

	Expiration Date		Number of Contracts		Notional Amount			Value/ Net Unrealized Appreciation/ (Depreciation)
Long
U.S. Treasury Note 10 Year		6/19/19		481	$	58,796,295		$	952,924
Short
90 Day Eurodollar		6/17/19		6	$	(1,460,756	)	$	(1,069	)
U.S. Treasury Ultra 10 Year		6/19/19		233		(30,320,192	)		(617,839	)
U.S. Treasury Note 2 Year		6/28/19		319		(67,725,880	)		(251,026	)
U.S. Treasury Note 5 Year		6/28/19		1,321		(151,630,678	)		(1,378,275	)
90 Day Eurodollar		9/16/19		6		(1,460,605	)		(2,495	)
90 Day Eurodollar		12/16/19		7		(1,703,514	)		(3,961	)
90 Day Eurodollar		3/16/20		5		(1,217,734	)		(3,329	)
90 Day Eurodollar		6/15/20		5		(1,218,453	)		(3,735	)
90 Day Eurodollar		9/14/20		5		(1,218,983	)		(4,017	)
90 Day Eurodollar		12/14/20		5		(1,218,921	)		(4,267	)
90 Day Eurodollar		3/15/21		4		(975,487	)		(3,313	)
90 Day Eurodollar		9/13/21		8		(1,951,273	)		(6,127	)
90 Day Eurodollar		3/14/22		7		(1,706,840	)		(5,098	)
90 Day Eurodollar		9/19/22		6		(1,462,405	)		(4,220	)
90 Day Eurodollar		3/13/23		5		(1,217,921	)		(3,579	)
90 Day Eurodollar		12/18/23		7		(1,703,515	)		(4,923	)
90 Day Eurodollar		12/16/24		19		(4,618,125	)		(12,888	)
								$	(2,310,161	)

Swap agreements at March 31, 2019:

Counterparty	Currency	Notional Amount		Expiration Date		Payment Frequency	Receive (Pay) Fixed Rate	Deliverable on Default	Unrealized Appreciation (Depreciation)			Premium (Received) Paid			Value
Credit Default Swaps — Sell Protection††
OTC Swaps
Goldman Sachs International*	USD		1,500,000		5/11/63	Monthly	3.000%	CMBX.NA.6 (Rating: BBB-)†	$	(191,382	)	$	924		$	(190,458	)
Goldman Sachs International*	USD		400,000		5/11/63	Monthly	3.000%	CMBX.NA.6 (Rating: BBB-)†		(18,741	)		(32,048	)		(50,789	)
Goldman Sachs International*	USD		1,120,000		5/11/63	Monthly	3.000%	CMBX.NA.6 (Rating: BBB-)†		(45,218	)		(96,992	)		(142,210	)
									$	(255,341	)	$	(128,116	)	$	(383,457	)

Collateral for swap agreements held by Goldman Sachs International amounted to $285,763 in securities at March, 31 2019.

* Contracts are subject to a Master Netting Agreement.

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

†† For each credit derivative with sold protection, the credit ratings of the entities referenced, as rated by any rating organization, are included in the equivalent S&P Global Ratings. The reference entity rating represents the likelihood of a potential payment by the Fund if the referenced entity experiences a credit event as of period end. Notional amounts represent the maximum potential amount of future payments (undiscounted) the Fund could be required to make under the credit derivatives with sold protection.

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

31

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

Currency Legend

USD U.S. Dollar

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

United States	84.3	%
Cayman Islands	5.7	%
Ireland	1.8	%
Japan	1.5	%
Netherlands	1.3	%
Bermuda	1.0	%
United Kingdom	0.9	%
Luxembourg	0.7	%
Canada	0.6	%
Sweden	0.5	%
Spain	0.4	%
Australia	0.3	%
Total Long-Term Investments	99.0	%
Short-Term Investments and Other Assets and Liabilities	1.0	%
Net Assets	100.0	%

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

32

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

March 31, 2019 (Unaudited)

	Principal Amount		Value
BONDS & NOTES — 95.8%
CORPORATE DEBT — 1.2%
Auto Manufacturers — 0.4%
Ford Motor Credit Co. LLC 3.919% FRN 2/15/23 (a)	$	1,360,000	$	1,286,299
Health Care – Products — 0.3%
Becton Dickinson and Co. 3.476% FRN 12/29/20 (a)		1,020,000		1,020,094
Pharmaceuticals — 0.5%
Cardinal Health, Inc. 3 mo. USD LIBOR + .770% 3.381% FRN 6/15/22		1,360,000		1,349,317
TOTAL CORPORATE DEBT (Cost $1,622,137)				3,655,710
NON-U.S. GOVERNMENT AGENCY OBLIGATIONS — 23.1%
Automobile ABS — 3.1%
American Credit Acceptance Receivables Trust, Series 2019-1, Class C 3.500% 4/14/25 (b)		1,625,000		1,634,137
Avis Budget Rental Car Funding AESOP LLC Series 2019-1A, Class C, 4.530% 3/20/23 (b)		322,000		325,796
Series 2016-1A, Class C, 4.940% 6/20/22 (b)		1,150,000		1,168,035
Hertz Vehicle Financing II LP Series 2016-4A, Class B, 3.290% 7/25/22 (b)		2,000,000		1,985,118
Series 2015-1A, Class B, 3.520% 3/25/21 (b)		700,000		698,854
Series 2017-1A, Class B, 3.560% 10/25/21 (b)		530,000		528,714
Series 2019-1A, Class B, 4.100% 3/25/23 (b)		2,000,000		2,026,461
Securitized Equipment Receivable 3.760% 10/11/24		350,000		352,879
4.200% 10/11/24		370,000		373,254
				9,093,248
Commercial MBS — 1.3%
BHMS Mortgage Trust, Series 2018-ATLS, Class B, 3.984% FRN 7/15/35 (a) (b)		1,150,000		1,147,869
BX Commercial Mortgage Trust, Series 2018-IND, Class E, 4.184% FRN 11/15/35 (a) (b)		449,772		450,055
CAMB Commercial Mortgage Trust, Series 2019-LIFE, Class D, 4.234% FRN 12/15/37 (a) (b)		250,836		251,459

	Principal Amount		Value
GCCFC Commercial Mortgage Trust, Series 2006-GG7, Class AM, 5.614% VRN 7/10/38 (a)	$	201,545	$	202,609
JP Morgan Chase Commercial Mortgage Securities Corp., Series 2018-LAQ, Class A, 3.484% FRN 6/15/32 (a) (b)		1,045,531		1,040,950
TPG Real Estate Finance Issuer Ltd., Series 2018-FL1, Class A, 3.234% FRN 2/15/35 (a) (b)		218,711		217,889
VMC Finance LLC, Series 2018-FL1, Class A, 3.304% FRN 3/15/35 (a) (b)		480,600		481,712
				3,792,543
Credit Card ABS — 0.3%
Citibank Credit Card Issuance Trust, Series 2017-A6, Class A6, 1 mo. LIBOR + .770% 3.259% FRN 5/14/29		950,000		940,801
Other ABS — 6.9%
321 Henderson Receivables I LLC Series 2006-2A, Class A1, 1 mo. USD LIBOR + .200% 2.684% FRN 6/15/41 (b)		1,168,641		1,142,690
Series 2006-4A, Class A1, 1 mo. USD LIBOR + .200% 2.684% FRN 12/15/41 (b)		219,422		215,510
Series 2007-1A, Class A1, 1 mo. USD LIBOR + .200% 2.684% FRN 3/15/42 (b)		514,817		496,050
321 Henderson Receivables II LLC, Series 2006-3A, Class A1, 1 mo. USD LIBOR + .200% 2.684% FRN 9/15/41 (b)		129,087		123,583
AASET Trust, Series 2017-1A, Class A 3.967% 5/16/42 (b)		432,265		431,211
AASET US Ltd., Series 2018-2A, Class A 4.454% 11/18/38 (b)		417,003		422,491
AIMCO CLO, Series 2015-AA, Class AR, 3.637% FRN 1/15/28 (a) (b)		1,450,000		1,442,295
Arbor Realty Commercial Real Estate Notes, Series 2018-FL1, Class A, 3.634% FRN 6/15/28 (a) (b)		920,000		918,284
Avery Point IV CLO Ltd., Series 2014-1A, Class AR, 3 mo. USD LIBOR + 1.100% 3.871% FRN 4/25/26 (b)		999,455		999,465

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

33

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

	Principal Amount		Value
Cazenovia Creek Funding I LLC, Series 2015-1A, Class A 2.000% 12/10/23 (b)	$	60,205	$	59,980
CIFC Funding II Ltd., Series 2015-2A, Class AR, 3.567% FRN 4/15/27 (a) (b)		1,450,000		1,440,959
CLI Funding V LLC, Series 2013-1A 2.830% 3/18/28 (b)		1,353,167		1,337,911
Countrywide Asset-Backed Certificates, Series 2004-5, Class 3A, 1 mo. USD LIBOR + .460% 2.946% FRN 9/25/34		12,671		12,586
Diamond Resorts Owner Trust, Series 2015-2, Class B 3.540% 5/22/28 (b)		68,224		68,194
Drug Royalty II LP, Series 2014-1, Class A1, 3 mo. USD LIBOR + 2.850% 5.637% FRN 7/15/23 (b)		100,675		101,183
KREF Ltd., Series 2018-FL1, Class AS, 3.834% FRN 6/15/36 (a) (b)		1,520,000		1,515,512
LCM Ltd. 1.000% 7/15/27 (b) (c)		1,200,000		1,198,683
Lendmark Funding Trust, Series 2018-1A, Class A 3.810% 12/21/26 (b)		410,000		415,371
Mariner Finance Issuance Trust, Series 2017-BA, Class A 2.920% 12/20/29 (b)		2,200,000		2,190,473
Neuberger Berman CLO XX Ltd., Series 2015-20A, Class AR, 3.587% FRN 1/15/28 (a) (b)		1,500,000		1,488,718
OCP CLO Ltd., Series 2015-10A, Class A1R, 3.585% FRN 10/26/27 (a) (b)		1,450,000		1,440,785
Orange Lake Timeshare Trust, Series 2016-A, Class A 2.610% 3/08/29 (b)		222,003		221,433
Oxford Finance Funding Trust, Series 2016-1A, Class A 3.968% 6/17/24 (b)		268,280		269,476
PNMAC GMSR Issuer Trust, Series 2018-GT1, Class A 5.336% 2/25/23 (b)		270,000		270,589
Sierra Timeshare Receivables Funding LLC Series 2015-1A, Class B, 3.050% 3/22/32 (b)		283,332		282,932
Series 2019-1A, Class D, 4.750% 1/20/36 (b)		770,000		773,230
Trafigura Securitisation Finance PLC Series 2018-1A, Class A2, 3.730% 3/15/22 (b)		1,000,000		1,009,411

	Principal Amount		Value
Series 2017-1A, Class B, 1 mo. USD LIBOR + 1.700% 4.172% FRN 12/15/20 (b)	$	300,000	$	299,803
				20,588,808
Student Loans ABS — 8.5%
Academic Loan Funding Trust, Series 2013-1A, Class A, 1 mo. USD LIBOR + .800% 3.286% FRN 12/26/44 (b)		1,468,959		1,459,986
AccessLex Institute, Series 2005-1, Class B, 3 mo. USD LIBOR + .570% 3.177% FRN 9/22/37		431,334		415,121
Brazos Higher Education Authority, Inc., Series 2006-2, Class A10, 3 mo. USD LIBOR + .120% 2.942% FRN 6/25/26		728,163		721,245
College Loan Corp. Trust I, Series 2005-2, Class B, 3 mo. USD LIBOR + .490% 3.277% FRN 1/15/37		386,486		364,248
Commonbond Student Loan Trust, Series 2018-CGS, Class C 4.350% 2/25/46 (b)		236,000		237,826
DRB Prime Student Loan Trust, Series 2015-B, Class A3 2.540% 4/27/26 (b)		35,089		34,834
ECMC Group Student Loan Trust Series 2018-1A, Class A, 1 mo. USD LIBOR + 0.750% 3.240% FRN 2/27/68 (b)		2,238,887		2,217,178
Series 2017-1A, Class A, 1 mo. USD LIBOR + 1.200% 3.686% FRN 12/27/66 (b)		1,053,711		1,055,026
Series 2016-1A, Class A, 1 mo. USD LIBOR + 1.350% 3.840% FRN 7/26/66 (b)		795,762		803,230
EdLinc Student Loan Funding Trust, Series 2017-A, Class A, 4.350% FRN 12/01/47 (a) (b)		618,570		618,641
Edsouth Indenture No.10 LLC, Series 2015-2, Class B, 1 mo. USD LIBOR + 1.500% 3.986% FRN 12/25/58 (b)		750,000		760,041
ELFI Graduate Loan Program LLC, Series 2018-A, Class A1, 3.236% FRN 8/25/42 (a) (b)		515,473		514,839
Goal Capital Funding Trust, Series 2010-1, Class A, 3 mo. USD LIBOR + .700% 3.351% FRN 8/25/48 (b)		270,245		271,774

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

34

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

	Principal Amount		Value
JP Morgan Student Loan Trust, Series 2007-A, Class B, 3 mo. USD LIBOR + .350% 3.115% FRN 6/28/39 (b)	$	352,957	$	337,289
Kentucky Higher Education Student Loan Corp., Series 2015-1, Class A1, 1 mo. USD LIBOR + .750% 3.239% FRN 12/01/31		280,164		276,603
Navient Student Loan Trust, Series 2016-5A, Class A, 1 mo. USD LIBOR + 1.250% 3.736% FRN 6/25/65 (b)		1,753,163		1,776,620
Nelnet Private Education Loan Trust, Series 2016-A, Class A1A, 1 mo. USD LIBOR + 1.750% 4.236% FRN 12/26/40 (b)		275,722		274,849
Nelnet Student Loan Trust Series 2005-2, Class B, 3 mo. USD LIBOR + .170% 2.777% FRN 3/23/37		590,207		567,875
Series 2006-3, Class B, 3 mo. USD LIBOR + .250% 2.852% FRN 6/25/41		305,692		285,383
Series 2006-2, Class B, 3 mo. USD LIBOR + .200% 2.971% FRN 1/25/38		516,054		498,312
Series 2004-3, Class B, 3 mo. USD LIBOR + .350% 3.121% FRN 10/25/40		809,928		771,599
Series 2014-2A, Class B, 1 mo. USD LIBOR + 1.500% 3.986% FRN 6/25/41 (b)		295,000		294,710
SLC Student Loan Trust Series 2006-2, Class B, 3 mo. USD LIBOR + .230% 2.841% FRN 12/15/39		378,218		356,294
Series 2005-2, Class B, 3 mo. USD LIBOR + .280% 2.891% FRN 3/15/40		1,250,677		1,171,695
SLM Student Loan Trust Series 2007-5, Class A6, 3 mo. USD LIBOR + .110% 2.881% FRN 1/26/43		433,350		422,466
Series 2006-4, Class B, 3 mo. USD LIBOR + .200% 2.971% FRN 1/25/70		242,923		230,933
Series 2006-5, Class B, 3 mo. USD LIBOR + .210% 2.981% FRN 10/25/40		302,606		283,116
Series 2006-2, Class B, 3 mo. USD LIBOR + .220% 2.991% FRN 1/25/41		343,384		322,213

	Principal Amount		Value
Series 2006-10, Class B, 3 mo. USD LIBOR + .220% 2.991% FRN 3/25/44	$	609,120	$	575,569
Series 2005-8, Class B, 3 mo. USD LIBOR + .310% 3.081% FRN 1/25/55		323,305		305,787
Series 2004-3, Class B, 3 mo. USD LIBOR + .470% 3.241% FRN 10/25/64		249,031		236,917
Series 2003-11, Class B, 3 mo. USD LIBOR + .650% 3.261% FRN 12/15/38		288,978		276,106
Series 2003-14, Class A7, 3 mo. USD LIBOR + .600% 3.371% FRN 10/25/65 (b)		400,000		396,788
Series 2002-7, Class A11, 28 day ARS 4.080% FRN 3/15/28		250,000		250,000
Series 2003-5, Class A9, 28 day ARS 4.480% FRN 6/15/30		600,000		600,000
Series 2003-5, Class A7, 28 day ARS 4.490% FRN 6/15/30		500,000		500,000
Series 2003-2, Class A7, 28 day ARS 5.083% FRN 9/15/28		900,000		900,000
SMB Private Education Loan Trust Series 2018-B, Class A2B, 3.204% FRN 1/15/37 (a) (b)		1,300,000		1,294,348
Series 2019-A, Class A2B, 3.510% FRN 7/15/36 (a) (b)		1,740,000		1,739,999
Series 2016-C, Class A2B, 1 mo. USD LIBOR + 1.100% 3.584% FRN 9/15/34 (b)		226,555		228,202
SoFi Professional Loan Program LLC Series 2017-A, Class A1, 1 mo. USD LIBOR + .700% 3.186% FRN 3/26/40 (b)		313,076		313,985
Series 2015-A, Class A1, 1 mo. USD LIBOR + 1.200% 3.686% FRN 3/25/33 (b)		75,735		76,093
Series 2016-A, Class A1, 1 mo. USD LIBOR + 1.750% 4.236% FRN 8/25/36 (b)		463,292		470,585
				25,508,325
WL Collateral CMO — 3.0%
Deephaven Residential Mortgage Trust, Series 2018-4A, Class A3, 4.285% VRN 10/25/58 (a) (b)		2,180,579		2,205,995
JP Morgan Mortgage Trust Series 2018-1, Class A5, 3.500% VRN 6/25/48 (a) (b)		434,840		435,148

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

35

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

	Principal Amount		Value
Series 2018-3, Class A5, 3.500% VRN 9/25/48 (a) (b)	$	633,804	$	632,277
Series 2017-6, Class A5, 3.500% VRN 12/25/48 (a) (b)		610,831		612,795
New Residential Mortgage Loan Trust 3.752% 4/25/49 (b)		585,000		587,765
Series 2019-NQM1, Class A3, 3.928% VRN 1/25/49 (a) (b)		1,447,110		1,457,726
PSMC Trust, Series 2018-1, Class A3, 3.500% VRN 2/25/48 (a) (b)		572,684		574,041
Sequoia Mortgage Trust Series 2015-1, Class A6, 2.500% VRN 1/25/45 (a) (b)		480,580		474,991
Series 2018-3, Class A4, 3.500% VRN 3/25/48 (a) (b)		536,385		536,778
Series 2018-CH2, Class A12, 4.000% VRN 6/25/48 (a) (b)		739,167		749,185
Series 2018-CH3, Class A11, 4.000% VRN 8/25/48 (a) (b)		652,300		662,648
				8,929,349
TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $68,381,366)				68,853,074
U.S. TREASURY OBLIGATIONS — 71.5%
U.S. Treasury Bonds & Notes — 71.5%
U.S. Treasury Inflation Index 0.125% 1/15/23		13,568,784		13,413,583
0.125% 7/15/24		17,864,446		17,638,381
0.125% 7/15/26		9,732,666		9,518,522
0.250% 1/15/25		14,928,547		14,766,218
0.375% 7/15/25 (d)		15,228,794		15,214,981
0.375% 7/15/27		10,879,666		10,796,274
0.500% 1/15/28		12,804,389		12,770,803
0.625% 4/15/23		22,538,189		22,694,045
0.625% 2/15/43		6,129,872		5,762,001
0.750% 7/15/28		11,700,225		11,957,181
0.750% 2/15/45		8,111,661		7,790,323
0.875% 1/15/29		9,194,465		9,486,685
0.875% 2/15/47		4,535,136		4,484,400
1.000% 2/15/48		8,491,059		8,664,603
1.000% 2/15/49		2,200,264		2,255,756
1.375% 2/15/44		5,161,635		5,699,849
1.750% 1/15/28		4,204,515		4,641,858
2.000% 1/15/26		4,907,083		5,412,330
2.125% 2/15/41		4,769,222		5,978,303
2.375% 1/15/25		6,889,219		7,648,074
2.375% 1/15/27		4,055,805		4,636,353
3.375% 4/15/32		1,488,722		2,004,883
3.625% 4/15/28		3,578,777		4,541,467

	Principal Amount		Value
3.875% 4/15/29	$	4,332,390	$	5,721,453
				213,498,326
TOTAL U.S. TREASURY OBLIGATIONS (Cost $212,022,813)				213,498,326
TOTAL BONDS & NOTES (Cost $282,026,316)				286,007,110
TOTAL PURCHASED OPTIONS (#) — 0.5% (Cost $1,610,040)				1,611,932
TOTAL LONG-TERM INVESTMENTS (Cost $283,636,356)				287,619,042
SHORT-TERM INVESTMENTS — 4.5%
Commercial Paper — 4.4%
Ameren Corp. 2.774% 4/03/19		5,000,000		4,998,163
Fedex Corporation 2.709% 4/03/19 (b)		2,000,000		1,999,265
Fortive Corporation 2.815% 4/23/19 (b)		4,000,000		3,992,422
Magna International, Inc. 2.687% 4/01/19 (b)		2,000,000		1,999,562
				12,989,412
Repurchase Agreement — 0.1%
Fixed Income Clearing Corp., Repurchase Agreement, dated 3/29/19, 1.250%, due 4/01/19 (e)		295,759		295,759
TOTAL SHORT-TERM INVESTMENTS (Cost $13,285,968)				13,285,171
TOTAL INVESTMENTS — 100.8% (Cost $296,922,324) (f)				300,904,213
Other Assets/(Liabilities) — (0.8)%				(2,265,557	)
NET ASSETS — 100.0%			$	298,638,656

Abbreviation Legend

ABS Asset-Backed Security

ARS Auction Rate Security

CLO Collateralized Loan Obligation

CMO Collateralized Mortgage Obligation

FRN Floating Rate Note

MBS Mortgage-Backed Security

VRN Variable Rate Note

WL Whole Loan

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

36

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

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. The rates shown are the current interest rates at March 31, 2019.

(b) Securities exempt from registration under rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified

institutional buyers. At March 31, 2019, these securities amounted to a value of $64,630,712 or 21.64% 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 pledged/held as collateral for open futures contracts and open swap agreements. (Note 2).

(e) Maturity value of $295,789. Collateralized by U.S. Government Agency obligations with a rate of 1.875%, maturity date of 3/31/22, and an aggregate market value, including accrued interest, of $305,120.

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

(#) Purchased Swaptions contracts at March 31, 2019:

OTC Counterparty	Units		Notional Amount		Expiration Date	Pay/ Receive Exercise Rate		Description	Premiums Purchased		Value		Unrealized Appreciation/ (Depreciation)
Call
Barclays Bank PLC*		6,970,000		USD 6,970,000	12/13/32		Receive	3-Month USD LIBOR BBA 10 Year Swaption, Underlying swap terminates 12/15/42, Exercise Rate 2.44%	$	348,446	$	334,019	$	(14,427	)
Credit Suisse International*		3,850,000		USD 3,850,000	1/31/33		Receive	3-Month USD LIBOR BBA 10 Year Swaption, Underlying swap terminates 2/02/43, Exercise Rate 2.61%		184,800		205,958		21,158
										533,246		539,977		6,731
Put
Barclays Bank PLC*		14,190,000		USD 14,190,000	12/13/32		Pay	3-Month USD LIBOR BBA 10 Year Swaption, Underlying swap terminates 12/15/42, Exercise Rate 2.94%	$	709,401	$	719,035	$	9,634
Credit Suisse International*		7,670,000		USD 7,670,000	1/31/33		Pay	3-Month USD LIBOR BBA 10 Year Swaption, Underlying swap terminates 2/02/43, Exercise Rate 3.11%		367,393		352,920		(14,473	)
										1,076,794		1,071,955		(4,839	)
									$	1,610,040	$	1,611,932	$	1,892

* Contracts are subject to a Master Netting Agreement.

Futures contracts at March 31, 2019:

	Expiration Date		Number of Contracts		Notional Amount			Value/ Net Unrealized Appreciation/ (Depreciation)
Long
U.S. Treasury Long Bond		6/19/19		77	$	11,213,792		$	309,739
U.S. Treasury Note 2 Year		6/28/19		9		1,916,276			1,568
U.S. Treasury Note 5 Year		6/28/19		352		40,479,549			291,951
								$	603,258
Short
U.S. Treasury Note 10 Year		6/19/19		233	$	(28,582,379	)	$	(360,590	)
U.S. Treasury Ultra Bond		6/19/19		36		(5,856,985	)		(191,015	)
								$	(551,605	)

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

37

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

Swap agreements at March 31, 2019:

Counterparty	Currency	Notional Amount		Expiration Date		Payment Frequency	Receive (Pay) Fixed Rate	Deliverable on Default		Unrealized Appreciation (Depreciation)			Premium (Received) Paid			Value
Credit Default Swaps — Sell Protection††
OTC Swaps
Goldman Sachs International*	USD		730,000		5/11/63	Monthly	3.000%		CMBX.NA.6 (Rating: BBB-)†	$	(29,472	)	$	(63,218	)	$	(92,690	)
Goldman Sachs International*	USD		260,000		5/11/63	Monthly	3.000%		CMBX.NA.6 (Rating: BBB-)†		(12,182	)		(20,831	)		(33,013	)
JP Morgan Chase Bank N.A.*	USD		520,000		5/11/63	Monthly	3.000%		CMBX.NA.6 (Rating: BBB-)†		(66,667	)		641			(66,026	)
										$	(108,321	)	$	(83,408	)	$	(191,729	)
Counterparty	Currency	Notional Amount		Expiration Date		Payment Frequency	Payments Made by Fund	Payments Received by Fund		Unrealized Appreciation (Depreciation)			Premium Received (Paid)			Value
Interest Rate Swaps
Centrally Cleared Swaps
	USD		12,300,000		7/02/20	Quarterly/ Semi-Annually	3-Month USD-LIBOR-BBA		2.775%	$	39,905		$	—		$	39,905
OTC Swaps
Bank of America N.A.*	USD		5,300,000		1/11/20	Maturity	2.057%		U.S. Consumer Price Index	$	(12,733	)	$	—		$	(12,733	)
Bank of America N.A.*	USD		8,600,000		1/19/20	Maturity	2.095%		U.S. Consumer Price Index		(30,690	)		—			(30,690	)
Bank of America N.A.*	USD		20,500,000		10/01/20	Maturity	2.314%		U.S. Consumer Price Index		(264,615	)		—			(264,615	)
Bank of America N.A.*	USD		14,700,000		10/02/20	Maturity	2.325%		U.S. Consumer Price Index		(258,194	)		—			(258,194	)
Bank of America N.A.*	USD		11,400,000		1/10/21	Maturity	1.570%		U.S. Consumer Price Index		11,859			—			11,859
BNP Paribas SA*	USD		2,900,000		1/22/21	Maturity	1.645%		U.S. Consumer Price Index		1,381			—			1,381
BNP Paribas SA*	USD		4,400,000		1/22/22	Maturity	1.790%		U.S. Consumer Price Index		(6,132	)		—			(6,132	)
BNP Paribas SA*	USD		5,500,000		2/04/22	Maturity	1.823%		U.S. Consumer Price Index		(6,911	)		—			(6,911	)
JP Morgan Chase Bank N.A.*	USD		2,500,000		12/20/19	Maturity	1.910%		U.S. Consumer Price Index		2,274			—			2,274
										$	(563,761	)	$	—		$	(563,761	)

Collateral for swap agreements held by Goldman Sachs International and Credit Suisse International amounted to $265,650 and 50,940 in securities, respectively, at March 31, 2019. Collateral for swap agreements held by Bank of America N.A. amounted to $580,000 in cash, at March 31, 2019.

* Contracts are subject to a Master Netting Agreement.

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

†† For each credit derivative with sold protection, the credit ratings of the entities referenced, as rated by any rating organization, are included in the equivalent S&P Global Ratings. The reference entity rating represents the likelihood of a potential payment by the Fund if the referenced entity experiences a credit event as of period end. Notional amounts represent the maximum potential amount of future payments (undiscounted) the Fund could be required to make under the credit derivatives with sold protection.

Currency Legend

USD U.S. Dollar

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

38

MassMutual Premier Core Bond Fund – Portfolio of Investments

March 31, 2019 (Unaudited)

	Number of Shares		Value
EQUITIES — 0.2%
PREFERRED STOCK — 0.2%
Financial — 0.2%
Insurance — 0.2%
The Allstate Corp., The, 3 mo. USD LIBOR + 3.165% 5.100% VRN 1/15/53		130,000	$	3,317,600
TOTAL PREFERRED STOCK (Cost $3,250,000)				3,317,600
TOTAL EQUITIES (Cost $3,250,000)				3,317,600
	Principal Amount
BONDS & NOTES — 98.3%
CORPORATE DEBT — 36.2%
Aerospace & Defense — 0.1%
Rockwell Collins, Inc. 3.500% 3/15/27	$	1,350,000		1,332,971
United Technologies Corp. 6.125% 7/15/38		465,000		564,702
				1,897,673
Agriculture — 0.5%
Bunge Ltd. Finance Corp. 3.250% 8/15/26		3,568,000		3,203,356
4.350% 3/15/24		2,120,000		2,146,884
Reynolds American, Inc. 5.850% 8/15/45		1,025,000		1,052,084
				6,402,324
Airlines — 0.8%
American Airlines Group, Inc. 5.500% 10/01/19 (a)		7,774,000		7,870,398
American Airlines Pass-Through Trust, Series 2014-1, Class B, 4.375% 10/01/22		207,315		208,373
Spirit Airlines Pass-Through Trust, Series 2015-1, Class A, 4.100% 4/01/28		1,433,474		1,461,714
United Airlines Pass-Through Trust, Series 2018-1, Class B, 4.600% 3/01/26		526,748		534,840
WestJet Airlines Ltd. 3.500% 6/16/21 (a)		807,000		786,616
				10,861,941
Auto Manufacturers — 1.6%
Ford Motor Co. 5.291% 12/08/46		500,000		418,934

	Principal Amount		Value
Ford Motor Credit Co. LLC 3.336% 3/18/21	$	3,275,000	$	3,225,114
4.140% 2/15/23		3,005,000		2,942,380
4.375% 8/06/23		1,154,000		1,129,829
5.085% 1/07/21		1,163,000		1,184,074
General Motors Co. 4.200% 10/01/27		1,290,000		1,237,096
5.150% 4/01/38		785,000		717,382
General Motors Financial Co., Inc. 3.500% 11/07/24		3,340,000		3,226,983
4.150% 6/19/23		3,064,000		3,092,734
4.200% 11/06/21		1,466,000		1,491,503
Volkswagen Group of America Finance LLC 4.625% 11/13/25 (a)		2,120,000		2,193,411
				20,859,440
Banks — 5.4%
Associated Banc-Corp. 4.250% 1/15/25		2,580,000		2,644,389
Banco Santander SA 3.848% 4/12/23		1,600,000		1,613,625
Bank of America Corp. 4.183% 11/25/27		2,705,000		2,746,902
3 mo. USD LIBOR + 1.814% 4.244% VRN 4/24/38		1,125,000		1,150,750
6.110% 1/29/37		1,275,000		1,512,898
7.750% 5/14/38		555,000		770,599
Bank of Montreal 3.803% VRN 12/15/32 (b)		1,460,000		1,411,820
The Bank of Nova Scotia 4.500% 12/16/25		1,235,000		1,283,990
4.650% VRN 12/31/99 (b) (c)		3,550,000		3,266,000
Barclays Bank PLC 10.179% 6/12/21 (a)		2,325,000		2,631,896
Barclays PLC 4.063% FRN 5/16/24 (b)		2,290,000		2,222,632
4.337% 1/10/28		1,600,000		1,590,233
BPCE SA 4.625% 7/11/24 (a)		1,600,000		1,624,447
CIT Group, Inc. 4.750% 2/16/24		2,095,000		2,173,563
Citigroup, Inc. 3.875% 3/26/25		1,846,000		1,859,845
8.125% 7/15/39		225,000		338,232
Credit Suisse AG 6.500% 8/08/23 (a)		2,325,000		2,489,982
Credit Suisse Group AG 3.869% VRN 1/12/29 (a) (b)		850,000		833,145
4.282% 1/09/28 (a)		1,250,000		1,264,360
Deutsche Bank AG 3.150% 1/22/21		2,050,000		2,019,171

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

39

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

	Principal Amount		Value
Discover Bank 4.682% VRN 8/09/28 (b)	$	3,275,000	$	3,332,116
First Republic Bank 4.375% 8/01/46		4,530,000		4,433,776
Fulton Financial Corp. 3.600% 3/16/22		1,485,000		1,486,964
The Goldman Sachs Group, Inc. 5.950% 1/15/27		1,333,000		1,489,944
6.250% 2/01/41		440,000		542,709
6.750% 10/01/37		1,065,000		1,298,316
HSBC Holdings PLC 4.250% 3/14/24		1,150,000		1,176,132
4.583% VRN 6/19/29 (b)		1,495,000		1,571,453
ING Groep NV 4.100% 10/02/23		3,145,000		3,232,524
JP Morgan Chase & Co. 5.600% 7/15/41		1,225,000		1,485,731
Morgan Stanley 4.350% 9/08/26		3,925,000		4,026,822
5.000% 11/24/25		1,250,000		1,339,838
Royal Bank of Scotland Group PLC 3 mo. USD LIBOR + 1.480% 3.498% VRN 5/15/23		1,975,000		1,960,971
Synchrony Bank 3.000% 6/15/22		2,545,000		2,511,452
Turkiye Garanti Bankasi AS 4.750% 10/17/19 (a)		2,955,000		2,923,393
Valley National Bancorp 5.125% 9/27/23		1,710,000		1,800,196
Wells Fargo & Co. 5.375% 11/02/43		851,000		956,840
5.606% 1/15/44		620,000		715,757
				71,733,413
Beverages — 0.4%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. 4.900% 2/01/46 (a)		4,225,000		4,243,525
Molson Coors Brewing Co. 4.200% 7/15/46		1,689,000		1,501,254
5.000% 5/01/42		350,000		343,184
				6,087,963
Biotechnology — 0.2%
Amgen, Inc. 5.150% 11/15/41		500,000		535,679
Celgene Corp. 3.450% 11/15/27		1,300,000		1,284,270
4.350% 11/15/47		1,150,000		1,120,481
				2,940,430
Building Materials — 0.6%
CRH America Finance, Inc. 3.950% 4/04/28 (a)		2,105,000		2,075,810

	Principal Amount		Value
Standard Industries, Inc. 5.000% 2/15/27 (a)	$	3,366,000	$	3,257,615
5.375% 11/15/24 (a)		1,612,000		1,652,300
5.500% 2/15/23 (a)		1,207,000		1,228,122
				8,213,847
Chemicals — 1.3%
Ashland, Inc. 6.875% 5/15/43		406,000		420,210
CF Industries, Inc. 3.400% 12/01/21 (a)		1,300,000		1,299,794
DowDuPont, Inc. 5.319% 11/15/38		2,075,000		2,306,733
Huntsman International LLC 4.500% 5/01/29		1,365,000		1,361,689
5.125% 11/15/22		1,137,000		1,186,744
Incitec Pivot Finance LLC 6.000% 12/10/19 (a)		1,130,000		1,151,116
The Mosaic Co. 4.050% 11/15/27		1,148,000		1,145,942
The Sherwin-Williams Co. 4.500% 6/01/47		685,000		674,111
Syngenta Finance NV 3.698% 4/24/20 (a)		2,040,000		2,047,264
4.441% 4/24/23 (a)		2,400,000		2,448,453
Yara International ASA 4.750% 6/01/28 (a)		2,757,000		2,865,065
				16,907,121
Commercial Services — 0.0%
ERAC USA Finance LLC 6.700% 6/01/34 (a)		355,000		440,758
Computers — 0.5%
Dell International LLC/EMC Corp. 6.020% 6/15/26 (a)		535,000		575,420
Leidos Holdings, Inc. 4.450% 12/01/20		6,280,000		6,374,200
				6,949,620
Diversified Financial Services — 2.3%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust 3.300% 1/23/23		2,550,000		2,502,753
3.875% 1/23/28 (d)		4,325,000		4,042,438
4.500% 5/15/21		1,975,000		2,017,693
Affiliated Managers Group, Inc. 3.500% 8/01/25		2,320,000		2,312,615
Aircastle Ltd. 4.400% 9/25/23		960,000		977,560
5.000% 4/01/23		1,950,000		2,026,523
Ally Financial, Inc. 4.125% 2/13/22		1,625,000		1,639,219
Antares Holdings LP 6.000% 8/15/23 (a)		3,260,000		3,204,630

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

40

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

	Principal Amount		Value
Ares Finance Co. LLC 4.000% 10/08/24 (a)	$	2,380,000	$	2,301,657
Brookfield Finance, Inc. 4.850% 3/29/29		2,168,000		2,229,108
GE Capital International Funding Co. Unlimited Co. 4.418% 11/15/35		1,790,000		1,654,831
Genpact Luxembourg Sarl 3.700% STEP 4/01/22		2,295,000		2,266,728
Lazard Group LLC 3.625% 3/01/27		1,209,000		1,171,702
4.500% 9/19/28		755,000		777,188
Legg Mason, Inc. 5.625% 1/15/44		1,161,000		1,147,528
Neuberger Berman Group LLC/Neuberger Berman Finance Corp. 4.500% 3/15/27 (a)		153,000		156,153
Synchrony Financial 4.375% 3/19/24		590,000		597,608
				31,025,934
Electric — 1.8%
CenterPoint Energy, Inc. 4.250% 11/01/28		2,000,000		2,068,408
The Cleveland Electric Illuminating Co. 3.500% 4/01/28 (a)		925,000		908,269
CMS Energy Corp. 4.700% 3/31/43		655,000		683,958
4.875% 3/01/44		700,000		766,349
Duke Energy Corp. 3.750% 9/01/46		1,340,000		1,252,722
Duke Energy Progress, Inc. 6.125% 9/15/33		37,000		44,559
EDP Finance BV 3.625% 7/15/24 (a)		2,960,000		2,937,824
Infraestructura Energetica Nova SAB de CV 3.750% 1/14/28 (a)		1,505,000		1,367,669
IPALCO Enterprises, Inc. 3.450% 7/15/20		4,085,000		4,086,043
3.700% 9/01/24		1,040,000		1,045,305
Israel Electric Corp. Ltd. 4.250% 8/14/28 (a) (e)		2,425,000		2,437,222
Nevada Power Co., Series N, 6.650% 4/01/36		1,000,000		1,297,780
Oncor Electric Delivery Co. 7.500% 9/01/38		130,000		192,396
Pennsylvania Electric Co. 4.150% 4/15/25 (a)		2,090,000		2,131,027
Southwestern Electric Power Co. 6.200% 3/15/40		1,815,000		2,227,735
				23,447,266

	Principal Amount		Value
Electronics — 0.7%
The ADT Security Corp. 6.250% 10/15/21	$	4,903,000	$	5,143,492
Arrow Electronics, Inc. 3.250% 9/08/24		945,000		916,126
3.875% 1/12/28		970,000		933,804
4.500% 3/01/23		135,000		139,612
5.125% 3/01/21		750,000		774,646
Ingram Micro, Inc. 5.450% STEP 12/15/24		1,381,000		1,369,217
				9,276,897
Foods — 0.2%
Ingredion, Inc. 3.200% 10/01/26		404,000		386,111
Mars, Inc. 3.950% 4/01/49 (a)		1,510,000		1,526,124
Smithfield Foods, Inc. 5.200% 4/01/29 (a) (f)		520,000		522,642
				2,434,877
Forest Products & Paper — 0.1%
Fibria Overseas Finance Ltd. 4.000% 1/14/25		1,225,000		1,209,075
Gas — 0.3%
NiSource, Inc. 4.800% 2/15/44		1,350,000		1,420,303
Spire, Inc. 4.700% 8/15/44		2,000,000		2,146,984
				3,567,287
Health Care – Products — 0.2%
Becton Dickinson and Co. 4.685% 12/15/44		800,000		825,564
Zimmer Biomet Holdings, Inc. 4.450% 8/15/45		1,450,000		1,356,759
				2,182,323
Health Care – Services — 0.2%
Advocate Health & Hospitals Corp. 3.829% 8/15/28		960,000		1,009,525
City of Hope 4.378% 8/15/48		1,275,000		1,337,585
Humana, Inc. 4.800% 3/15/47		780,000		821,646
				3,168,756
Home Builders — 0.5%
Lennar Corp. 4.500% 11/15/19		3,767,000		3,771,709
4.750% 5/30/25		1,200,000		1,224,000
PulteGroup, Inc. 5.000% 1/15/27		1,700,000		1,687,250
				6,682,959

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

41

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

	Principal Amount		Value
Housewares — 0.3%
Newell Brands, Inc. 3.850% 4/01/23	$	3,925,000	$	3,881,171
Insurance — 3.2%
The Allstate Corp. 3 mo. USD LIBOR + 2.938% 5.750% VRN 8/15/53		4,970,000		5,019,700
American International Group, Inc. 4.200% 4/01/28		1,425,000		1,448,698
4.500% 7/16/44		1,200,000		1,149,129
4.750% 4/01/48		450,000		447,564
5.750% VRN 4/01/48 (b)		2,595,000		2,529,476
AmTrust Financial Services, Inc. 6.125% 8/15/23		2,965,000		2,787,538
Arch Capital Group US, Inc. 5.144% 11/01/43		1,150,000		1,278,304
Athene Holding Ltd. 4.125% 1/12/28		6,757,000		6,495,185
AXA Equitable Holdings, Inc. 4.350% 4/20/28		1,050,000		1,065,932
AXIS Specialty Finance PLC 4.000% 12/06/27		2,760,000		2,746,150
CNO Financial Group, Inc. 4.500% 5/30/20		1,763,000		1,771,815
5.250% 5/30/25		1,464,000		1,515,240
Enstar Group Ltd. 4.500% 3/10/22		890,000		906,267
The Progressive Corp. 5.375% VRN 12/31/99 (b) (c)		1,150,000		1,139,938
Prudential Financial, Inc. 5.700% VRN 9/15/48 (b)		2,730,000		2,762,897
Trinity Acquisition PLC 4.400% 3/15/26		500,000		518,787
USF&G Capital I 8.500% 12/15/45 (a)		1,015,000		1,476,982
Voya Financial, Inc. 4.700% VRN 1/23/48 (b)		1,010,000		873,650
Willis North America, Inc. 4.500% 9/15/28		2,135,000		2,219,666
7.000% 9/29/19		706,000		719,132
XLIT Ltd. 4.450% 3/31/25		4,114,000		4,283,015
				43,155,065
Internet — 0.2%
Amazon.com, Inc. 4.050% 8/22/47		2,055,000		2,176,014
Investment Companies — 0.7%
Ares Capital Corp. 3.500% 2/10/23		3,465,000		3,369,490
BlackRock TCP Capital Corp. 4.125% 8/11/22		2,810,000		2,701,212

	Principal Amount		Value
FS KKR Capital Corp. 4.000% 7/15/19	$	3,270,000	$	3,275,974
				9,346,676
Iron & Steel — 0.7%
ArcelorMittal 5.125% 6/01/20		2,375,000		2,428,318
5.250% STEP 8/05/20		2,241,000		2,302,603
6.250% STEP 2/25/22		755,000		814,645
Vale Overseas Ltd. 5.875% 6/10/21		2,775,000		2,890,163
6.875% 11/21/36		600,000		686,400
				9,122,129
Lodging — 0.1%
MGM Resorts International 6.625% 12/15/21		1,079,000		1,153,181
Machinery – Diversified — 0.2%
CNH Industrial Capital LLC 3.875% 10/15/21		2,870,000		2,900,422
Media — 0.6%
CCO Holdings LLC/CCO Holdings Capital Corp. 5.125% 5/01/27 (a)		1,200,000		1,207,500
Charter Communications Operating LLC/Charter Communications Operating Capital 6.484% 10/23/45		1,905,000		2,135,511
Comcast Corp. 3.400% 7/15/46		1,450,000		1,284,331
Discovery Communications LLC 3.950% 3/20/28		1,325,000		1,287,366
5.000% 9/20/37		975,000		947,952
Grupo Televisa SAB 6.625% 3/18/25		617,000		693,760
Time Warner Cable, Inc. 6.750% 6/15/39		655,000		730,548
8.250% 4/01/19		235,000		235,000
Warner Media LLC 6.250% 3/29/41		15,000		17,473
				8,539,441
Mining — 0.7%
Glencore Finance Canada Ltd. 5.550% STEP 10/25/42 (a)		857,000		855,860
Glencore Funding LLC 3.875% 10/27/27 (a)		950,000		907,206
4.625% 4/29/24 (a)		2,635,000		2,718,156
Kinross Gold Corp. 4.500% 7/15/27		996,000		946,200
5.125% 9/01/21		3,325,000		3,424,750
				8,852,172

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

42

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

	Principal Amount		Value
Miscellaneous – Manufacturing — 0.0%
General Electric Co. 6.875% 1/10/39	$	429,000	$	507,281
Office Equipment/Supplies — 0.3%
Pitney Bowes, Inc. 3.875% STEP 9/15/20		830,000		828,963
3.875% STEP 10/01/21		2,825,000		2,789,122
				3,618,085
Oil & Gas — 2.8%
Anadarko Petroleum Corp. 6.600% 3/15/46		1,228,000		1,493,001
Antero Resources Corp. 5.375% 11/01/21		6,265,000		6,288,494
Cenovus Energy, Inc. 3.000% 8/15/22		1,225,000		1,200,210
4.250% 4/15/27		1,475,000		1,450,000
6.750% 11/15/39		1,000,000		1,114,494
Diamondback Energy, Inc. 4.750% 11/01/24 (a)		2,174,000		2,222,480
Encana Corp. 6.500% 2/01/38		530,000		621,874
EQT Corp. 3.900% 10/01/27		5,620,000		5,256,501
4.875% 11/15/21		1,105,000		1,146,557
Helmerich & Payne, Inc. 4.650% 3/15/25		1,415,000		1,476,901
Marathon Petroleum Corp. 4.500% 4/01/48 (a)		495,000		469,791
4.750% 9/15/44		625,000		622,218
6.500% 3/01/41		1,060,000		1,291,585
Nabors Industries, Inc. 5.500% 1/15/23 (d)		1,335,000		1,274,258
Newfield Exploration Co. 5.625% 7/01/24		1,200,000		1,310,640
5.750% 1/30/22		2,110,000		2,251,602
PBF Holding Co. LLC/PBF Finance Corp. 7.000% 11/15/23		1,150,000		1,182,775
Petroleos Mexicanos 4.625% 9/21/23		550,000		541,756
5.350% 2/12/28		1,925,000		1,786,400
5.500% 1/21/21		3,065,000		3,117,105
6.375% 1/23/45		640,000		565,312
6.500% 3/13/27		295,000		297,065
6.625% 6/15/38		202,000		186,345
				37,167,364
Oil & Gas Services — 0.2%
National Oilwell Varco, Inc. 3.950% 12/01/42		1,423,000		1,201,170
Patterson-UTI Energy, Inc. 3.950% 2/01/28		2,060,000		1,945,002
				3,146,172

	Principal Amount		Value
Packaging & Containers — 0.3%
Amcor Finance USA, Inc. 3.625% 4/28/26 (a)	$	3,960,000	$	3,877,639
Pharmaceuticals — 1.5%
AbbVie, Inc. 4.700% 5/14/45		1,115,000		1,074,019
Bayer US Finance II LLC 3.875% 12/15/23 (a)		1,275,000		1,284,653
4.400% 7/15/44 (a)		1,625,000		1,436,862
4.625% 6/25/38 (a)		1,145,000		1,069,357
CVS Health Corp. 5.050% 3/25/48		1,370,000		1,380,145
6.125% 9/15/39		895,000		1,016,661
CVS Pass-Through Trust 5.926% 1/10/34 (a)		1,925,592		2,138,144
Express Scripts Holding Co. 4.500% 2/25/26		794,000		831,192
4.800% 7/15/46		1,105,000		1,123,315
Mylan NV 3.150% 6/15/21		297,000		296,134
Mylan, Inc. 3.125% 1/15/23 (a)		1,350,000		1,318,850
Teva Pharmaceutical Finance IV LLC 2.250% 3/18/20		1,225,000		1,205,473
Teva Pharmaceutical Finance Netherlands III BV 1.700% 7/19/19		315,000		313,545
2.200% 7/21/21		5,219,000		4,975,657
4.100% 10/01/46		510,000		362,241
				19,826,248
Pipelines — 2.2%
Alliance Pipeline LP 6.996% 12/31/19 (a)		126,645		128,196
Andeavor Logistics LP 6.875% VRN 12/31/99 (b) (c)		3,125,000		3,140,625
Andeavor Logistics LP/Tesoro Logistics Finance Corp. 6.250% 10/15/22		624,000		641,160
Energy Transfer Operating LP 4.200% 4/15/27		1,025,000		1,028,949
6.125% 12/15/45		885,000		962,453
6.250% VRN 12/31/99 (b) (c)		2,635,000		2,490,075
Energy Transfer Operating LP 5.875% 1/15/24		1,125,000		1,228,002
7.500% 10/15/20		1,075,000		1,144,515
EnLink Midstream Partners LP 4.150% 6/01/25		2,972,000		2,860,550
4.850% 7/15/26		996,000		988,729
Enterprise Products Operating LLC 5.250% VRN 8/16/77 (b)		1,000,000		925,000
5.375% VRN 2/15/78 (b)		1,120,000		999,096
EQM Midstream Partners LP 4.750% 7/15/23		2,870,000		2,927,069

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

43

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

	Principal Amount		Value
Kinder Morgan Energy Partners LP 6.375% 3/01/41	$	400,000	$	464,306
6.500% 2/01/37		571,000		660,800
6.550% 9/15/40		535,000		623,732
6.950% 1/15/38		65,000		79,367
MPLX LP 4.500% 4/15/38		1,115,000		1,059,087
5.200% 3/01/47		240,000		243,525
Phillips 66 Partners LP 4.680% 2/15/45		172,000		169,436
Plains All American Pipeline LP 6.125% VRN 12/31/99 (b) (c)		2,590,000		2,428,125
Plains All American Pipeline LP/PAA Finance Corp. 4.500% 12/15/26		1,300,000		1,331,848
4.700% 6/15/44		650,000		603,717
Sunoco Logistics Partners Operations LP 4.000% 10/01/27		1,370,000		1,358,137
5.300% 4/01/44		500,000		490,042
Western Gas Partners LP 4.500% 3/01/28		615,000		609,867
				29,586,408
Private Equity — 0.5%
Hercules Capital, Inc. 4.625% 10/23/22		3,220,000		3,150,961
Icahn Enterprises LP/Icahn Enterprises Finance Corp. 6.250% 2/01/22		3,100,000		3,180,135
				6,331,096
Real Estate Investment Trusts (REITS) — 0.9%
American Tower Trust #1 3.652% 3/23/28 (a)		1,810,000		1,819,556
Crown Castle International Corp. 5.200% 2/15/49 (d)		729,000		767,099
Healthcare Trust of America Holdings LP 3.500% 8/01/26		1,385,000		1,342,628
Mid-America Apartments LP 3.600% 6/01/27		1,090,000		1,083,505
National Retail Properties, Inc. 4.300% 10/15/28		800,000		834,184
SBA Tower Trust 3.156% 10/08/22 (a)		1,500,000		1,500,071
3.168% 4/11/22 (a)		1,840,000		1,830,087
STORE Capital Corp. 4.625% 3/15/29		1,360,000		1,380,152
VEREIT Operating Partnership LP 4.625% 11/01/25		1,500,000		1,551,391
Weingarten Realty Investors 3.250% 8/15/26		580,000		549,437
				12,658,110

	Principal Amount		Value
Retail — 0.8%
Dollar Tree, Inc. 3.700% 5/15/23	$	1,300,000	$	1,318,313
4.000% 5/15/25		1,825,000		1,844,808
4.200% 5/15/28		2,080,000		2,072,644
El Puerto de Liverpool SAB de CV 3.950% 10/02/24 (a)		3,375,000		3,294,878
The Home Depot, Inc. 4.250% 4/01/46		1,484,000		1,570,006
				10,100,649
Semiconductors — 0.1%
Microchip Technology, Inc. 3.922% 6/01/21 (a)		955,000		963,381
Software — 0.2%
Microsoft Corp. 4.450% 11/03/45		2,560,000		2,901,826
Telecommunications — 1.2%
AT&T, Inc. 3.400% 5/15/25		1,075,000		1,063,730
4.750% 5/15/46		3,625,000		3,542,300
5.250% 3/01/37		638,000		668,442
CenturyLink, Inc. 6.150% 9/15/19		760,000		766,650
Crown Castle Towers LLC 4.241% 7/15/28 (a)		1,750,000		1,788,586
Embarq Corp. 7.995% 6/01/36		200,000		194,750
Telefonaktiebolaget LM Ericsson 4.125% 5/15/22		3,025,000		3,066,352
Hughes Satellite Systems Corp. 6.500% 6/15/19		1,100,000		1,105,610
Telecom Italia SpA 5.303% 5/30/24 (a)		600,000		603,000
Telefonica Emisiones SAU 4.665% 3/06/38		1,040,000		992,636
Turk Telekomunikasyon AS 3.750% 6/19/19 (a) (d)		1,510,000		1,499,913
Verizon Communications, Inc. 6.550% 9/15/43		996,000		1,293,275
				16,585,244
Transportation — 0.2%
Autoridad del Canal de Panama 4.950% 7/29/35 (a)		1,340,000		1,425,438
CSX Corp. 4.750% 11/15/48		820,000		887,365
Pacific National Finance Pty Ltd. 4.625% 9/23/20 (a)		845,000		858,619
				3,171,422
Trucking & Leasing — 0.6%
DAE Funding LLC 4.000% 8/01/20 (a)		1,037,000		1,039,592

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

44

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

	Principal Amount		Value
Park Aerospace Holdings Ltd. 4.500% 3/15/23 (a)	$	1,550,000	$	1,542,250
5.250% 8/15/22 (a)		4,820,000		4,940,018
				7,521,860
TOTAL CORPORATE DEBT (Cost $479,587,246)				483,378,960
MUNICIPAL OBLIGATIONS — 0.5%
JobsOhio Beverage System Series B 4.532% 1/01/35		3,050,000		3,427,590
New York City Water & Sewer System 5.882% 6/15/44		390,000		533,142
State of California BAB 7.550% 4/01/39		505,000		766,953
7.600% 11/01/40		900,000		1,397,241
				6,124,926
TOTAL MUNICIPAL OBLIGATIONS (Cost $5,593,934)				6,124,926
NON-U.S. GOVERNMENT AGENCY OBLIGATIONS — 32.0%
Automobile ABS — 1.2%
Avis Budget Rental Car Funding AESOP LLC Series 2019-1A, Class B, 3.700% 3/20/23 (a)		958,000		965,956
Series 2019-1A, Class C, 4.530% 3/20/23 (a)		1,577,000		1,595,590
Hertz Vehicle Financing II LP Series 2018-1A, Class A, 3.290% 2/25/24 (a)		7,330,000		7,292,827
Series 2018-1A, Class B, 3.600% 2/25/24 (a)		3,610,000		3,589,320
OneMain Direct Auto Receivables Trust, Series 2019-1A, Class B 3.950% 11/14/28 (a)		2,383,000		2,394,465
				15,838,158
Commercial MBS — 3.3%
Aventura Mall Trust, Series 2018-AVM, Class C, 4.112% VRN 7/05/40 (a) (b)		4,140,000		4,285,901
BAMLL Commercial Mortgage Securities Trust, Series 2018-DSNY, Class C, 3.834% FRN 9/15/34 (a) (b)		760,000		753,819
BANK Series 2019-BN17, Class B, 4.128% VRN 4/15/52 (b)		917,000		953,034

	Principal Amount		Value
Series 2019-BN16, Class AS, 4.267% 2/15/52	$	822,500	$	868,144
Series 2019-BN16, Class B, 4.438% VRN 2/15/52 (b)		684,276		721,533
BBCMS Mortgage Trust Series 2018-CHRS, Class B, 4.267% VRN 8/05/38 (a) (b)		2,200,000		2,297,894
Series 2018-CHRS, Class C, 4.267% VRN 8/05/38 (a) (b)		1,590,000		1,617,249
Series 2018-CHRS, Class D, 4.267% VRN 8/05/38 (a) (b)		1,220,000		1,217,704
BHMS Mortgage Trust Series 2018-ATLS, Class A, 3.734% FRN 7/15/35 (a) (b)		5,180,000		5,171,913
Series 2018-ATLS, Class B, 3.984% FRN 7/15/35 (a) (b)		4,800,000		4,791,104
BX Commercial Mortgage Trust Series 2018-IND, Class B, 3.384% FRN 11/15/35 (a) (b)		899,545		897,580
Series 2018-IND, Class E, 4.184% FRN 11/15/35 (a) (b)		2,011,710		2,012,973
CAMB Commercial Mortgage Trust, Series 2019-LIFE, Class D, 4.234% FRN 12/15/37 (a) (b)		1,104,426		1,107,171
Commercial Mortgage Pass-Through Certificates Series 2014-UBS2, Class A5, 3.961% 3/10/47		2,176,000		2,277,556
Series 2015-CR23, Class B, 4.183% VRN 5/10/48 (b)		1,200,000		1,234,990
Series 2015-CR23, Class C, 4.252% VRN 5/10/48 (b)		1,050,000		1,052,935
DBUBS Mortgage Trust, Series 2011-LC1A, Class B, 5.471% VRN 11/10/46 (a) (b)		860,000		896,615
GCCFC Commercial Mortgage Trust, Series 2006-GG7, Class AM, 5.614% VRN 7/10/38 (b)		980,489		985,667
GS Mortgage Securities Corp. II, Series 2012-GC6, Class AS 4.948% 1/10/45 (a)		800,000		835,611
Morgan Stanley Capital I Trust Series 2019-L2, Class AS, 4.272% 3/15/52		2,450,000		2,591,611
Series 2018-H3, Class B, 4.620% 7/15/51		740,000		784,351
Series 2011-C2, Class B, 5.200% VRN 6/15/44 (a) (b)		825,000		854,475
MSCG Trust, Series 2018-SELF, Class C, 3.664% FRN 10/15/37 (a) (b)		505,000		500,570
TIAA Seasoned Commercial Mortgage Trust, Series 2007-C4, Class AJ, 5.482% VRN 8/15/39 (b)		70,847		71,053

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

45

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

	Principal Amount		Value
VNO Mortgage Trust, Series 2013-PENN, Class A 3.808% 12/13/29 (a)	$	1,610,000	$	1,631,405
Wells Fargo Commercial Mortgage Trust Series 2010-C1, Class A1, 3.349% 11/15/43 (a)		60,621		60,752
Series 2019-C49, Class AS, 4.244% 3/15/52		1,492,000		1,568,490
Series 2018-C45, Class AS, 4.405% VRN 6/15/51 (b)		1,400,000		1,487,258
Series 2018-C45, Class B, 4.556% 6/15/51		390,000		419,208
				43,948,566
Home Equity ABS — 0.1%
Countrywide Partnership Trust, Series 2004-EC1, Class M1, 1 mo. USD LIBOR + .900% 3.386% FRN 2/25/35		773,329		758,369
Mastr Asset-Backed Securities Trust, Series 2005-WMC1, Class M3, 1 mo. USD LIBOR + .720% 3.206% FRN 3/25/35		74,818		75,723
				834,092
Other ABS — 14.4%
321 Henderson Receivables LLC, Series 2015-1A, Class A 3.260% 9/15/72 (a)		502,957		496,736
Aames Mortgage Investment Trust, Series 2004-1, Class M5, 1 mo. USD LIBOR + 1.725% 4.211% FRN 1/25/35		272,956		271,752
AASET US Ltd., Series 2018-2A, Class A 4.454% 11/18/38 (a)		1,958,945		1,984,727
Adams Outdoor Advertising LP, Series 2018-1, Class A 4.810% 11/15/48 (a)		2,388,547		2,492,991
ALM VII Ltd., Series 2012-7A, Class A1R, 3 mo. USD LIBOR + 1.480% 4.267% FRN 10/15/28 (a)		2,850,000		2,850,111
Apidos CLO XXV, Series 2016-25A, Class A2R, 4.461% FRN 10/20/31 (a) (b)		2,610,000		2,586,567
Arbys Funding LLC, Series 2015-1A, Class A2 4.969% 10/30/45 (a)		2,128,500		2,174,661
Ascentium Equipment Receivables Trust, Series 2018-2A, Class D 4.150% 7/10/24 (a)		2,834,000		2,867,105

	Principal Amount		Value
Assurant CLO III Ltd., Series 2018-2A, Class C, 5.011% FRN 10/20/31 (a) (b)	$	1,400,000	$	1,349,317
Atlas Senior Loan Fund VII Ltd., Series 2016-7A, Class A1R, 3.919% FRN 11/27/31 (a) (b)		2,400,000		2,393,434
Bain Capital Credit CLO, Series 2017-1A, Class A1, 3 mo. USD LIBOR + 1.250% 4.011% FRN 7/20/30 (a)		2,660,000		2,659,947
Benefit Street Partners CLO V-B Ltd., Series 2018-5BA, Class A1A, 3.851% FRN 4/20/31 (a) (b)		1,920,000		1,895,159
BlueVirgo Trust, Series 2015-1A, Class NOTE 3.000% 12/15/22 (a)		333,454		333,454
BRE Grand Islander Timeshare Issuer LLC, Series 2017-1A, Class A 2.940% 5/25/29 (a)		768,509		763,797
CAL Funding II Ltd., Series 2018-2A, Class A 4.340% 9/25/43 (a)		1,406,000		1,453,986
Capital Automotive LLC, Series 2017-1A, Class A2 4.180% 4/15/47 (a)		941,600		959,895
Capital Automotive REIT, Series 2014-1A, Class A 3.660% 10/15/44 (a)		1,100,000		1,104,465
Carlyle Global Market Strategies CLO Ltd. Series 2013-1A, Class A1R, 3 mo. USD LIBOR + 1.220% 3.913% FRN 8/14/30 (a)		3,900,000		3,894,606
Series 2018-4A, Class A2, 4.637% FRN 1/20/31 (a) (b)		1,080,000		1,072,237
Series 2015-3A, Class CR, 5.615% FRN 7/28/28 (a) (b)		310,000		304,235
Castlelake Aircraft Structured Trust, Series 2018-1, Class A 4.125% 6/15/43 (a)		3,521,720		3,526,390
Cazenovia Creek Funding I LLC, Series 2015-1A, Class A 2.000% 12/10/23 (a)		56,005		55,795
CIFC Funding V Ltd., Series 2017-5A, Class A1, 3.953% FRN 11/16/30 (a) (b)		2,100,000		2,090,161
Clear Creek CLO Ltd., Series 2015-1A, Class AR, 3.961% FRN 10/20/30 (a) (b)		2,120,000		2,114,062
CLI Funding V LLC, Series 2014-1A, Class A 3.290% 6/18/29 (a)		961,813		956,528

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

46

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

	Principal Amount		Value
CLI Funding VI LLC, Series 2017-1A, Class A 3.620% 5/18/42 (a)	$	2,419,754	$	2,410,455
Countrywide Asset-Backed Certificates, Series 2004-5, Class 3A, 1 mo. USD LIBOR + .460% 2.946% FRN 9/25/34		63,059		62,638
Crestline Denali CLO XIV Ltd., Series 2016-1A, Class A1R, 4.052% FRN 10/23/31 (a) (b)		1,300,000		1,293,003
Cronos Containers Program I Ltd., Series 2014-2A, Class A 3.270% 11/18/29 (a)		570,370		565,680
DB Master Finance LLC Series 2019-1A, Class A2II, 4.021% 5/20/49 (a) (f)		2,144,000		2,153,648
Series 2019-1A, Class A23, 4.352% 5/20/49 (a) (f)		1,937,000		1,949,116
Diamond Resorts Owner Trust Series 2015-2, Class A, 2.990% 5/22/28 (a)		394,182		394,039
Series 2016-1, Class A, 3.080% 11/20/28 (a)		1,377,018		1,376,395
Series 2018-1, Class A, 3.700% 1/21/31 (a)		1,478,632		1,501,829
Domino’s Pizza Master Issuer LLC Series 2018-1A, Class A2I, 4.116% 7/25/48 (a)		1,498,675		1,531,020
Series 2017-1A, Class A23, 4.118% 7/25/47 (a)		659,950		670,485
Series 2015-1A, Class A2II, 4.474% 10/25/45 (a)		3,646,875		3,799,424
Drug Royalty Corp., Inc. Series 2014-1, Class A2, 3.484% 7/15/23 (a)		115,058		114,504
Series 2012-1, Class A2, 5.800% 7/15/24 (a)		17,051		17,047
Eaton Vance CLO Ltd., Series 2018-1A, Class B, 4.200% FRN 10/15/30 (a) (b)		1,700,000		1,684,914
Entegry New Orleans Storm Recovery Funding I LLC, Series 2015-1, Class A 2.670% 6/01/27		575,315		570,701
FCI Funding LLC, Series 2019-1A, Class A 3.630% 2/18/31 (a) (f)		926,000		925,842
Galaxy XX CLO Ltd., Series 2015-20A, Class AR, 3.761% FRN 4/20/31 (a) (b)		1,100,000		1,082,373
Global Container Assets Ltd., Series 2015-1A, Class A2 3.450% 2/05/30 (a)		1,144,025		1,129,555

	Principal Amount		Value
Global SC Finance II SRL, Series 2014-1A, Class A1 3.190% 7/17/29 (a)	$	266,667	$	264,284
Goldentree Loan Management US CLO Ltd., Series 2017-2A, Class A, 3.911% FRN 11/28/30 (a) (b)		2,250,000		2,241,146
Goodgreen Trust Series 2016-1A, Class A, 3.230% 10/15/52 (a)		2,107,738		2,101,840
Series 2017-1A, Class A, 3.740% 10/15/52 (a)		989,554		1,000,116
Series 2019-1A, Class A, 3.860% 10/15/54 (a)		1,882,352		1,917,951
GSAMP Trust, Series 2005-AHL, Class M1, 1 mo. USD LIBOR + .645% 3.131% FRN 4/25/35		56,791		56,487
Helios Issuer LLC, Series 2017-1A, Class A 4.940% 9/20/49 (a)		1,532,143		1,575,050
Hero Funding Trust Series 2016-3A, Class A1, 3.080% 9/20/42 (a)		1,281,478		1,265,394
Series 2017-3A, Class A1, 3.190% 9/20/48 (a)		1,264,302		1,274,129
Series 2017-2A, Class A1, 3.280% 9/20/48 (a)		382,631		377,577
Series 2016-4A, Class A1, 3.570% 9/20/47 (a)		1,246,031		1,255,215
Series 2017-2A, Class A2, 4.070% 9/20/48 (a)		307,606		312,889
Series 2018-1A, Class A2, 4.670% 9/20/48 (a)		2,242,601		2,318,378
Highbridge Loan Management Ltd. Series 12A-18, Class B, 4.630% FRN 7/18/31 (a) (b)		1,700,000		1,645,292
Series 13A-18, Class C, 4.759% 10/15/30 (a)		1,000,000		966,981
Hilton Grand Vacations Trust Series 2013-A, Class A, 2.280% 1/25/26 (a)		161,011		160,605
Series 2018-AA, Class C, 4.000% 2/25/32 (a)		649,905		660,763
Horizon Aircraft Finance I Ltd., Series 2018-1, Class A 4.458% 12/15/38 (a)		1,235,769		1,259,296
JG Wentworth XLII LLC, Series 2018-2A, Class A 3.960% 10/15/75 (a)		1,719,630		1,777,020
JG Wentworth XXXV LLC, Series 2015-2A, Class A 3.870% 3/15/58 (a)		702,268		733,215

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

47

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

	Principal Amount		Value
KKR CLO 24 Ltd., Series 24, Class A1, 3.991% FRN 4/20/32 (a) (b)	$	1,800,000	$	1,798,898
KKR Financial CLO Ltd. 1.000% 4/15/32 (a) (f)		1,500,000		1,500,000
Labrador Aviation Finance Ltd., Series 2016-1A, Class A1 4.300% 1/15/42 (a)		2,351,667		2,373,755
Lendmark Funding Trust Series 2017-1A, Class A, 2.830% 12/22/25 (a)		1,250,000		1,239,804
Series 2018-1A, Class A, 3.810% 12/21/26 (a)		1,650,000		1,671,614
Madison Park Funding XIV Ltd., Series 2014-14A, Class CRR, 4.961% FRN 10/22/30 (a) (b)		790,000		777,064
Madison Park Funding XXIX Ltd., Series 2018-29A, Class C, 4.980% FRN 10/18/30 (a) (b)		680,000		666,502
Madison Park Funding XXVIII Ltd., Series 2018-28A, Class B, 4.284% FRN 7/15/30 (a) (b)		2,090,000		2,056,238
Madison Park Funding XXXI Ltd., Series 2018-31A, Class B, 4.476% FRN 1/23/31 (a) (b)		1,000,000		990,956
Magnetite XV Ltd., Series 2015-15A, Class CR, 4.571% FRN 7/25/31 (a) (b)		2,830,000		2,723,934
Marble Point CLO XI Ltd., Series 2017-2A, Class A, 3.960% FRN 12/18/30 (a) (b)		2,000,000		1,980,590
Mariner Finance Issuance Trust, Series 2018-AA, Class A 4.200% 11/20/30 (a)		2,235,000		2,274,681
Marriott Vacation Club Owner Trust, Series 2012-1A, Class A 2.510% 5/20/30 (a)		233,607		233,497
Milos CLO Ltd., Series 2017-1A, Class A, 4.011% FRN 10/20/30 (a) (b)		940,000		939,542
Mosaic Solar Loans LLC Series 2017-2A, Class A, 3.820% 6/22/43 (a)		786,129		783,210
Series 2018-1A, Class A, 4.010% 6/22/43 (a)		365,279		366,748
Series 2017-1A, Class A, 4.450% 6/20/42 (a)		392,688		399,699
MP CLO III Ltd., Series 2013-1A, Class AR, 4.011% FRN 10/20/30 (a) (b)		1,850,000		1,836,959
MVW Owner Trust Series 2014-2, Class A, 2.250% 9/22/31 (a)		698,656		689,950

	Principal Amount		Value
Series 2017-1A, Class A, 2.420% 12/20/34 (a)	$	377,275	$	373,265
Series 2015-1A, Class A, 2.520% 12/20/32 (a)		512,780		507,744
NP SPE II LLC, Series 2017-1A, Class A2 4.219% 10/21/47 (a)		2,190,000		2,238,168
NRZ Advance Receivables Trust, Series 2016-T3, Class AT3 2.833% 10/16/51 (a)		10,300,000		10,242,065
Octagon Investment Partners 39 Ltd., Series 2018-3A, Class C, 4.665% FRN 10/20/30 (a) (b)		1,180,000		1,157,421
Orange Lake Timeshare Trust Series 2014-AA, Class A, 2.290% 7/09/29 (a)		163,843		162,007
Series 2016-A, Class B, 2.910% 3/08/29 (a)		733,967		736,695
Oxford Finance Funding Trust, Series 2016-1A, Class A 3.968% 6/17/24 (a)		1,006,050		1,010,536
PNMAC GMSR Issuer Trust, Series 2018-GT1, Class A 5.336% 2/25/23 (a)		1,180,000		1,182,573
Race Point VIII CLO Ltd., Series 2013-8A, Class AR, 3 mo. USD LIBOR + 1.340% 3.984% FRN 2/20/30 (a)		700,000		699,413
Regatta XIV Funding Ltd., Series 2018-3A, Class B 4.621% 10/25/31 (a)		1,030,000		1,022,978
SBA Tower Trust, Series 2014-2A, Class C, 3.869% STEP 10/15/49 (a)		2,900,000		2,952,546
Sierra Timeshare Receivables Funding LLC Series 2015-3A, Class B, 3.080% 9/20/32 (a)		151,134		150,899
Series 2018-2A, Class C, 3.940% 6/20/35 (a)		1,152,836		1,170,796
Series 2019-1A, Class D, 4.750% 1/20/36 (a)		3,620,000		3,635,184
Series 2018-3A, Class D, 5.200% 9/20/35 (a)		2,033,078		2,066,675
Spirit Master Funding LLC, Series 2014-4A, Class A1 3.501% 1/20/45 (a)		1,096,218		1,092,436
SpringCastle America Funding LLC, Series 2016-AA, Class A 3.050% 4/25/29 (a)		778,424		777,422
SPS Servicer Advance Receivables Trust, Series 2016-T2, Class AT2 2.750% 11/15/49 (a)		4,200,000		4,191,489

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

48

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

	Principal Amount		Value
Steele Creek CLO Ltd., Series 2018-2A, Class C, 4.983% FRN 8/18/31 (a) (b)	$	1,660,000	$	1,602,753
Store Master Funding I-VII, Series 2018-1A, Class A2 4.290% 10/20/48 (a)		1,506,914		1,564,275
Structured Receivables Finance LLC, Series 2010-B, Class A 3.730% 8/15/36 (a)		283,845		281,091
Sunnova Helios II Issuer LLC, Series 2018-1A, Class A 4.870% 7/20/48 (a)		662,857		685,539
SuttonPark Structured Settlements LLC, Series 2017-1A, Class A 4.190% 1/15/71 (a)		1,929,390		1,987,068
Taco Bell Funding LLC Series 2018-1A, Class A2II, 4.940% 11/25/48 (a)		1,436,400		1,496,493
Series 2016-1A, Class A23, 4.970% 5/25/46 (a)		1,965,000		2,029,707
TAL Advantage VI LLC, Series 2017-1A, Class A 4.500% 4/20/42 (a)		2,044,267		2,099,967
TCI-Symphony CLO Ltd., Series 2016-1A, Class A, 3 mo. USD LIBOR + 1.480% 4.277% FRN 10/13/29 (a)		2,340,000		2,346,002
THL Credit Wind River CLO Ltd., Series 2018-3A, Class B, 4.526% FRN 1/20/31 (a) (b)		2,440,000		2,405,830
Trinity Rail Leasing LP, Series 2018-1A, Class A2 4.620% 6/17/48 (a)		2,370,000		2,498,165
Trip Rail Master Funding LLC Series 2017-1A, Class A1, 2.709% 8/15/47 (a)		429,594		426,363
Series 2017-1A, Class A2, 3.736% 8/15/47 (a)		820,000		819,573
Triton Container Finance IV LLC, Series 2017-2A, Class A 3.620% 8/20/42 (a)		2,893,756		2,899,883
Triton Container Finance VI LLC, Series 2017-1A, Class A 3.520% 6/20/42 (a)		778,153		774,470
Vivint Solar Financing V LLC, Series 2018-1A, Class B 7.370% 4/30/48 (a)		2,905,426		2,961,726
Voya CLO Ltd., Series 2015-3A, Class A3R, 4.461% FRN 10/20/31 (a) (b)		1,500,000		1,474,582
WAVE Trust Series 2017-1A, Class A, 3.844% 11/15/42 (a)		3,435,151		3,428,963

	Principal Amount		Value
Series 2017-1A, Class C, 6.656% 11/15/42 (a)	$	2,086,706	$	2,092,180
Wendy’s Funding LLC Series 2015-1A, Class A2II, 4.080% 6/15/45 (a)		2,253,275		2,279,851
Series 2015-1A, Class A23, 4.497% 6/15/45 (a)		3,088,000		3,177,841
Westgate Resorts LLC, Series 2017-1A, Class A 3.050% 12/20/30 (a)		938,976		934,025
Willis Engine Structured Trust IV, Series 2018-A, Class A, 4.750% STEP 9/15/43 (a)		1,319,556		1,347,021
Wingstop Funding LLC, Series 2018-1, Class A2 4.970% 12/05/48 (a)		730,000		760,367
				192,096,102
Student Loans ABS — 11.7%
Academic Loan Funding Trust, Series 2012-1A, Class A2, 1 mo. USD LIBOR + 1.100% 3.586% FRN 12/27/44 (a)		1,158,362		1,164,003
AccessLex Institute Series 2005-2, Class A3, 3 mo. USD LIBOR + .180% 2.843% FRN 11/22/24		6,037		6,028
Series 2003-A, Class A3, 3 mo. Treasury + 1.200% 3.690% FRN 7/01/38		179,632		175,669
College Loan Corp. Trust I, Series 2007-1, Class B2, 28 day ARS FRN1/25/47		875,000		685,711
DRB Prime Student Loan Trust, Series 2016-R, Class A2 3.070% 10/25/44 (a)		2,733,862		2,729,048
Earnest Student Loan Program LLC, Series 2016-B, Class A2 3.020% 5/25/34 (a)		814,760		810,715
ECMC Group Student Loan Trust Series 2018-2A, Class A, 3.286% FRN 9/25/68 (a) (b)		6,138,871		6,086,511
Series 2017-1A, Class A, 1 mo. USD LIBOR + 1.200% 3.686% FRN 12/27/66 (a)		2,325,431		2,328,333
Series 2016-1A, Class A, 1 mo. USD LIBOR + 1.350% 3.840% FRN 7/26/66 (a)		3,284,905		3,315,735
EdLinc Student Loan Funding, Series 2017-A, Class A, 4.350% FRN 12/01/47 (a) (b)		2,822,227		2,822,548

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

49

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

	Principal Amount		Value
Education Loan Asset-Backed Trust I Series 2003-1, Class A2, 28 day ARS 0.000%FRN 2/01/43 (a)	$	1,300,000	$	1,216,062
Series 2003-2, Class 2A1, 28 day ARS 0.000%FRN 8/01/43 (a)		1,950,000		1,813,517
Series 2013-1, Class B1, 1 mo. USD LIBOR + 1.000% 3.486% FRN 11/25/33 (a)		1,334,203		1,298,694
Higher Education Funding I Series 2004-1, Class B1, 28 day ARS 0.000%FRN 1/01/44 (a)		600,000		528,577
Series 2004-1, Class B2, 28 day ARS 0.000%FRN 1/01/44 (a)		600,000		508,972
Laurel Road Prime Student Loan Trust Series 2017-B, Class BFX, 3.020% 8/25/42 (a)		886,329		878,529
Series 2018-B, Class BFX, 3.720% 5/26/43 (a)		800,000		809,864
Navient Private Education Loan Trust, Series 2018-BA, Class A2B, 3.204% FRN 12/15/59 (a) (b)		850,000		845,988
Navient Private Education Refi Loan Trust Series 2019-A, Class A2A, 3.420% 1/15/43 (a)		1,013,000		1,028,576
Series 2019-A, Class B, 3.900% 1/15/43 (a)		1,500,000		1,527,494
Series 2018-CA, Class B, 4.220% 6/16/42 (a)		1,480,000		1,520,404
Navient Student Loan Trust Series 2016-1A, Class A, 1 mo. USD LIBOR + .700% 3.186% FRN 2/25/70 (a)		3,093,896		3,086,062
Series 2018-1A, Class A3, 3.206% FRN 3/25/67 (a) (b)		3,810,000		3,768,219
Series 2018-2A, Class A3, 3.236% FRN 3/25/67 (a) (b)		3,320,000		3,270,808
Series 2017-5A, Class A, 3.286% FRN 7/26/66 (a) (b)		1,580,827		1,582,771
Series 2018-3A, Class A3, 3.286% FRN 3/25/67 (a) (b)		4,650,000		4,593,591
Series 2016-5A, Class A, 1 mo. USD LIBOR + 1.250% 3.736% FRN 6/25/65 (a)		2,650,952		2,686,422
Series 2016-6A, Class A3, 1 mo. USD LIBOR + 1.300% 3.786% FRN 3/25/66 (a)		6,800,000		6,993,268
Series 2014-8, Class B, 1 mo. USD LIBOR + 1.500% 3.986% FRN 7/26/49		2,500,000		2,506,625
Series 2015-3, Class B, 1 mo. USD LIBOR + 1.500% 3.986% FRN 10/25/58		1,200,000		1,217,042

	Principal Amount		Value
Series 2019-BA, Class B, 4.040% 12/15/59 (a)	$	3,700,000	$	3,758,371
Series 2018-EA, Class B, 4.440% 12/15/59 (a)		730,000		757,888
Nelnet Private Education Loan Trust, Series 2016-A, Class A1B 3.600% 12/26/40 (a)		716,133		720,887
Nelnet Student Loan Trust Series 2005-2, Class A5, 3 mo. USD LIBOR + .100% 2.707% FRN 3/23/37		1,094,384		1,084,752
Series 2005-1, Class A5, 3 mo. USD LIBOR + .110% 2.881% FRN 10/25/33		1,008,610		997,085
Series 2013-5A, Class A, 1 mo. USD LIBOR + .630% 3.120% FRN 1/25/37 (a)		1,820,285		1,810,952
Series 2018-3A, Class A3, 1 mo. USD LIBOR + 0.750% 3.236% FRN 9/27/66 (a)		4,500,000		4,484,513
Series 2014-3A, Class B, 1 mo. USD LIBOR + 1.500% 3.986% FRN 10/25/50 (a)		975,000		957,447
Series 2015-2A, Class B, 1 mo. USD LIBOR + 1.500% 3.986% FRN 5/26/54 (a)		1,130,000		1,121,399
Series 2014-5A, Class B, 1 mo. USD LIBOR + 1.500% 3.986% FRN 5/26/54 (a)		1,200,000		1,163,644
Series 2015-3A, Class B, 1 mo. USD LIBOR + 1.500% 3.986% FRN 6/25/54 (a)		1,100,000		1,085,234
PHEAA Student Loan Trust, Series 2016-2A, Class A, 1 mo. USD LIBOR + .950% 3.436% FRN 11/25/65 (a)		2,344,948		2,353,893
SLC Student Loan Trust, Series 2005-1, Class B, 3 mo. USD LIBOR + .200% 2.884% FRN 2/15/45		1,819,992		1,716,839
SLM Student Loan Trust Series 2006-2, Class R, 0.000%1/25/41 (g) (h)		9,078		3,721,980
Series 2005-5, Class A4, 3 mo. USD LIBOR + .140% 2.911% FRN 10/25/28		1,967,993		1,957,060
Series 2007-1, Class A6, 3 mo. USD LIBOR + .140% 2.911% FRN 1/27/42		600,000		574,251
Series 2006-10, Class A6, 3 mo. USD LIBOR + .150% 2.921% FRN 3/25/44		9,980,000		9,630,595
Series 2006-5, Class B, 3 mo. USD LIBOR + .210% 2.981% FRN 10/25/40		2,123,549		1,986,782

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

50

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

	Principal Amount		Value
Series 2005-8, Class B, 3 mo. USD LIBOR + .310% 3.081% FRN 1/25/55	$	1,567,538	$	1,482,601
Series 2005-9, Class A7A, 3 mo. EURIBOR + .600% 3.371% FRN 1/25/41		3,275,462		3,279,531
Series 2003-14, Class A7, 3 mo. USD LIBOR + .600% 3.371% FRN 10/25/65 (a)		14,500,000		14,383,572
Series 2013-2, Class B, 1 mo. USD LIBOR + 1.500% 3.986% FRN 6/25/43		2,090,000		2,061,355
Series 2002-7, Class A11, 28 day ARS 4.080% FRN 3/15/28		500,000		500,000
Series 2003-5, Class A7, 28 day ARS 4.490% FRN 6/15/30		450,000		450,000
Series 2002-7, Class B, 28 day ARS 5.073% FRN 12/15/39		3,800,000		3,871,063
Series 2003-2, Class A7, 28 day ARS 5.083% FRN 9/15/28		600,000		600,000
SMB Private Education Loan Trust Series 2016-B, Class A2A, 2.430% 2/17/32 (a)		1,300,791		1,285,647
Series 2018-C, Class A2B, 3.234% FRN 11/15/35 (a) (b)		3,300,000		3,291,762
Series 2017-A, Class B, 3.500% 6/17/41 (a)		1,800,000		1,786,934
SoFi Professional Loan Program LLC Series 2015-A, Class RC, 0.000%3/25/33 (a)		1,200		1,050,000
Series 2017-D, Class R1, 0.000%9/25/40 (a)		4,647,800		3,011,960
Series 2018-A, Class R1, 0.000%2/25/42 (a)		3,470,600		2,492,585
Series 2018-B, Class R1, 0.000%8/26/47 (a)		3,139,900		1,788,286
Series 2018-D, Class R1, 0.000%2/25/48 (a)		5,678,800		1,956,347
Series 2019-A, Class R1, 0.000%6/15/48 (a)		8,126,500		2,369,516
Series 2019-A, Class A2FX, 3.690% 6/15/48 (a)		1,980,000		2,037,642
South Carolina Student Loan Corp. Series 2014-1, Class A2, 1 mo. USD LIBOR + 1.000% 3.489% FRN 1/03/33		2,030,000		2,047,420
Series 2014-1, Class B, 1 mo. USD LIBOR + 1.500% 3.989% FRN 8/01/35		3,025,000		3,066,698

	Principal Amount		Value
South Texas Higher Education Authority, Inc., Series 2012-1, Class A3, 3 mo. USD LIBOR + .850% 3.647% FRN 10/01/46	$	2,000,000	$	2,020,960
				156,523,237
WL Collateral CMO — 1.3%
Bank of America Mortgage Securities, Series 2004-G, Class 2A7, 4.657% VRN 8/25/34 (b)		127,295		125,844
Countrywide Home Loans, Inc. Series 2003-42, Class 1A1, 3.991% VRN 9/25/33 (b)		18,279		16,888
Series 2004-2, Class 1A1, 4.619% VRN 2/25/34 (b)		82,605		77,648
Deephaven Residential Mortgage Trust Series 2018-1A, Class A3, 3.202% VRN 12/25/57 (a) (b)		627,258		623,364
Series 2019-1A, Class A3, 3.948% VRN 1/25/59 (a) (b)		1,779,875		1,781,572
GSR Mortgage Loan Trust, Series 2004-9, Class 2A1, 4.103% VRN 8/25/34 (b)		25,657		25,056
IndyMac Index Mortgage Loan Trust, Series 2004-AR4, Class 1A, 4.048% VRN 8/25/34 (b)		160,969		154,474
JP Morgan Mortgage Trust, Series 2017-1, Class A11, 3.500% VRN 1/25/47 (a) (b)		2,923,962		2,900,702
Merrill Lynch Mortgage Investors, Inc. Series 2004-A1, Class IA, 2.750% VRN 2/25/34 (b)		12,608		11,431
Series 2003-A4, Class IA, 4.666% VRN 7/25/33 (b)		7,921		7,706
PSMC Trust, Series 2018-2, Class A1, 3.500% VRN 6/25/48 (a) (b)		3,540,391		3,525,555
Sequoia Mortgage Trust Series 2018-CH2, Class A3, 4.000% VRN 6/25/48 (a) (b)		3,017,060		3,057,263
Series 2018-CH4, Class A2, 4.000% VRN 10/25/48 (a) (b)		1,854,540		1,900,669
Series 2019-1, Class A1, 4.000% VRN 2/25/49 (a) (b)		634,650		641,783
Structured Adjustable Rate Mortgage Loan Trust, Series 2004-2, Class 2A, 4.558% VRN 3/25/34 (b)		100,872		98,277
Washington Mutual Mortgage Pass-Through Certificates, Series 2004-AR2, Class A, 12 mo. MTA + 1.400% 3.797% FRN 4/25/44		262,151		258,224

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

51

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

	Principal Amount		Value
Wells Fargo Mortgage Backed Securities Trust, Series 2019-1, Class A1, 4.000% VRN 11/25/48 (a) (b)	$	2,112,849	$	2,125,674
				17,332,130
TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $425,070,045)				426,572,285
SOVEREIGN DEBT OBLIGATIONS — 0.7%
Colombia Government International Bond 6.125% 1/18/41		2,980,000		3,520,900
Mexico Government International Bond 4.750% 3/08/44		4,328,000		4,252,260
6.750% 9/27/34		950,000		1,157,109
				8,930,269
TOTAL SOVEREIGN DEBT OBLIGATIONS (Cost $8,551,708)				8,930,269
U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES — 25.6%
Collateralized Mortgage Obligations — 0.3%
Federal Home Loan Mortgage Corp. Series 2617, Class Z, 5.500% 5/15/33		1,297,798		1,422,444
Series 2693, Class Z, 5.500% 10/15/33		2,293,698		2,503,055
Series 2178, Class PB, 7.000% 8/15/29		190,126		209,388
				4,134,887
Pass-Through Securities — 25.0%
Federal Home Loan Mortgage Corp.
Pool #Z40047 4.000% 10/01/41		251,668		262,723
Pool #C00836 7.000% 7/01/29		8,126		9,129
Pool #C49314 7.000% 4/01/31		4,539		5,190
Pool #C51422 7.000% 5/01/31		1,719		1,968
Pool #C53034 7.000% 6/01/31		11,926		13,549
Pool #G01311 7.000% 9/01/31		42,094		47,757
Pool #G01317 7.000% 10/01/31		26,182		29,690
Pool #G00143 7.500% 6/01/23		285		305
Pool #C55867 7.500% 2/01/30		18,319		20,290
Pool #C41497 7.500% 9/01/30		68		78
Pool #C44830 7.500% 11/01/30		22		25
Pool #C45235 7.500% 12/01/30		14,663		16,668
Pool #C46038 7.500% 12/01/30		603		685
Pool #C01116 7.500% 1/01/31		807		927
Pool #C46309 7.500% 1/01/31		466		534
Pool #C46560 7.500% 1/01/31		473		526
Pool #C46810 7.500% 1/01/31		117		134
Pool #C47063 7.500% 1/01/31		2,588		2,952

	Principal Amount		Value
Pool #C47060 7.500% 1/01/31	$	627	$	722
Pool #G00653 8.500% 11/01/25		12,691		13,996
Federal National Mortgage Association Pool #AS1304 3.500% 12/01/28		1,561,655		1,604,127
Pool #AV1897 3.500% 12/01/28		301,876		310,086
Pool #AV2325 3.500% 12/01/28		773,978		795,028
Pool #BF0196 3.500% 2/01/41		1,746,778		1,787,819
Pool #MA1356 3.500% 2/01/43		9,686,279		9,874,506
Pool #BM3994 3.500% 1/01/44		1,528,529		1,558,232
Pool #CA1073 3.500% 1/01/48		18,757,605		19,051,768
Pool #BJ0686 4.000% 4/01/48		5,712,253		5,896,221
Pool #CA1951 4.000% 7/01/48		4,202,609		4,336,644
Pool #CA2039 4.000% 7/01/48		4,919,365		5,070,112
Pool #775539 12 mo. USD LIBOR + 1.644% 4.179% FRN 5/01/34		151,852		158,317
Pool #725692 1 year CMT + 2.138% 4.315% FRN 10/01/33		182,870		192,063
Pool #888586 1 year CMT + 2.199% 4.420% FRN 10/01/34		353,156		371,823
Pool #CA1909 4.500% 6/01/48		11,937,557		12,477,828
Pool #CA1952 4.500% 6/01/48		3,097,203		3,244,394
Pool #AD6437 5.000% 6/01/40		556,319		600,643
Pool #AD6996 5.000% 7/01/40		3,642,014		3,920,805
Pool #AL8173 5.000% 2/01/44		1,453,253		1,562,681
Pool #254379 7.000% 7/01/32		28,060		32,047
Pool #252717 7.500% 9/01/29		1,660		1,894
Pool #535996 7.500% 6/01/31		6,096		6,968
Pool #254009 7.500% 10/01/31		15,669		17,836
Pool #253394 8.000% 7/01/20		960		980
Pool #323992 8.000% 11/01/29		1,186		1,349
Pool #525725 8.000% 2/01/30		3,083		3,560
Pool #253266 8.000% 5/01/30		3,622		4,166
Pool #537433 8.000% 5/01/30		2,248		2,603
Pool #253347 8.000% 6/01/30		3,500		4,026
Pool #544976 8.000% 7/01/30		384		440
Pool #535428 8.000% 8/01/30		4,221		4,856
Pool #553061 8.000% 9/01/30		1,856		2,090
Pool #543290 8.000% 9/01/30		52		60
Pool #547786 8.000% 9/01/30		1,697		1,926
Pool #550767 8.000% 9/01/30		1,862		2,163
Pool #253481 8.000% 10/01/30		3,823		4,412
Pool #535533 8.000% 10/01/30		3,709		4,273
Pool #253644 8.000% 2/01/31		2,107		2,435
Pool #581170 8.000% 5/01/31		1,259		1,431
Pool #593848 8.000% 7/01/31		861		1,000
Pool #190317 8.000% 8/01/31		22,697		26,112
Pool #545240 8.000% 9/01/31		2,171		2,502
Pool #541202 8.500% 8/01/26		5,788		6,187
Federal National Mortgage Association TBA Pool #1058 3.500% 2/01/48 (f)		6,000,000		6,080,625
Pool #11192 4.000% 5/01/48 (f)		94,225,000		96,904,523
Pool #20567 4.500% 7/01/48 (f)		76,625,000		79,833,672

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

52

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

	Principal Amount		Value
Government National Mortgage Association Pool #404246 6.500% 8/15/28	$	194	$	214
Pool #781038 6.500% 5/15/29		47,891		52,923
Pool #781468 6.500% 7/15/32		3,193		3,594
Pool #781496 6.500% 9/15/32		16,027		17,947
Pool #363066 7.000% 8/15/23		1,954		2,075
Pool #352049 7.000% 10/15/23		1,184		1,260
Pool #354674 7.000% 10/15/23		1,839		1,953
Pool #345964 7.000% 11/15/23		732		780
Pool #380866 7.000% 3/15/24		606		648
Pool #781124 7.000% 12/15/29		5,959		6,676
Pool #781319 7.000% 7/15/31		112,301		127,200
Pool #565982 7.000% 7/15/32		13,729		15,753
Pool #357262 7.500% 9/15/23		914		980
Pool #441009 8.000% 11/15/26		753		844
Pool #522777 8.000% 12/15/29		4,917		5,597
Pool #523043 8.000% 3/15/30		262		299
Pool #529134 8.000% 3/15/30		1,581		1,830
Pool #477036 8.000% 4/15/30		634		734
Pool #503157 8.000% 4/15/30		13,655		15,815
Pool #528714 8.000% 4/15/30		1,673		1,938
Pool #544640 8.000% 11/15/30		10,539		12,253
Pool #531298 8.500% 8/15/30		984		1,129
Government National Mortgage Association I Pool #783896 3.500% 5/15/44		5,185,677		5,321,531
Pool #581417 7.000% 7/15/32		29,970		34,030
Government National Mortgage Association II TBA Pool #304 3.500% 1/01/48 (f)		63,575,000		64,945,836
Pool #1235 4.000% 5/01/48 (f)		6,165,000		6,365,363
				333,134,283
Whole Loans — 0.3%
Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2019-R01, Class 2M2 4.936% 7/25/31 (a) (b)		2,700,000		2,698,299
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes Series 2016-HQA3, Class M1, 1 mo. USD LIBOR + .800% 3.286% FRN 3/25/29		26,250		26,249
Series 2016-HQA3, Class M2, 1 mo. USD LIBOR + 1.350% 3.836% FRN 3/25/29		790,000		794,099
				3,518,647
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (Cost $338,994,294)				340,787,817

	Principal Amount		Value
U.S. TREASURY OBLIGATIONS — 3.3%
U.S. Treasury Bonds & Notes — 3.3%
U.S. Treasury Bond 2.500% 5/15/46	$	19,200,000	$	18,046,500
3.500% 2/15/39 (i)		8,600,000		9,743,263
U.S. Treasury Note 1.625% 10/31/23		3,000,000		2,919,375
2.875% 8/15/28		13,100,000		13,611,923
				44,321,061
TOTAL U.S. TREASURY OBLIGATIONS (Cost $42,665,379)				44,321,061
TOTAL BONDS & NOTES (Cost $1,300,462,606)				1,310,115,318
TOTAL PURCHASED OPTIONS (#) — 0.7% (Cost $9,652,703)				9,689,360
	Number of Shares
MUTUAL FUNDS — 0.3%
Diversified Financial Services — 0.3%
State Street Navigator Securities Lending Prime Portfolio (j)		4,431,593		4,431,593
TOTAL MUTUAL FUNDS (Cost $4,431,593)				4,431,593
TOTAL LONG-TERM INVESTMENTS (Cost $1,317,796,902)				1,327,553,871
	Principal Amount
SHORT-TERM INVESTMENTS — 18.5%
Commercial Paper — 18.5%
Ameren Corp. 2.744% 4/04/19	$	2,733,000		2,731,794
Anheuser Busch Inbev Worldwide 2.743% 4/23/19 (a)		10,400,000		10,381,056
Aon Corporation 2.774% 4/12/19 (a)		3,000,000		2,996,887
AutoZone, Inc. 2.742% 4/15/19 (a)		10,900,000		10,886,175
Avangrid, Inc. 2.690% 4/05/19 (a)		8,000,000		7,995,878
2.769% 4/10/19 (a)		4,900,000		4,895,650
BAT International Finance PLC 2.739% 4/04/19 (a)		6,000,000		5,997,352

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

53

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

	Principal Amount		Value
2.744% 4/08/19 (a)	$	3,800,000	$	3,797,195
Bell Canada 2.800% 4/15/19 (a)		12,700,000		12,683,850
Commonwealth Edison 2.690% 4/12/19 (a)		7,000,000		6,992,767
CRH America Finance, Inc. 2.957% 4/01/19 (a)		8,200,000		8,198,196
CVS Corp. 2.658% 4/01/19 (a)		13,000,000		12,997,205
Dominion Resources 2.745% 4/09/19		13,000,000		12,989,434
Duke Energy Corp. 2.679% 4/08/19 (a)		5,000,000		4,996,310
EI Dupont 2.856% 4/29/19 (a)		2,800,000		2,793,485
2.947% 4/08/19 (a)		5,600,000		5,595,929
Enbridge, Inc. 2.924% 4/29/19		1,600,000		1,596,224
Entergy Corp. 2.909% 5/07/19 (a)		5,000,000		4,984,736
Fortive Corp. 2.732% 4/17/19 (a)		13,000,000		12,981,461
Harley-Davidson Funding Corp. 2.728% 5/17/19 (a)		5,000,000		4,981,142
2.837% 4/16/19 (a)		5,000,000		4,993,265
Hyundai Capital America 2.890% 6/21/19 (a)		10,000,000		9,933,547
Keurig Dr Pepper 2.747% 4/18/19 (a)		12,100,000		12,081,796
Lyondellbasell Investment LLC 2.662% 4/23/19 (a)		3,200,000		3,193,949
Marriott Internation 2.867% 4/02/19 (a)		1,000,000		999,706
Marsh & Mclennan Co. 2.720% 4/09/19 (a)		5,800,000		5,795,286
Mohawk Industries, Inc. 2.688% 4/02/19 (a)		4,000,000		3,998,825
Nasdaq, Inc. 2.791% 4/02/19 (a)		14,300,000		14,295,848
National Grid PLC 3.147% 4/08/19 (a)		5,500,000		5,495,941
Parker-Hannifin Corp. 2.782% 5/07/19 (a)		4,600,000		4,587,651
Reckitt Benckiser Treasury Services 2.802% 4/23/19 (a)		5,400,000		5,390,801
Transcanada Pipelines Ltd. 2.800% 5/10/19 (a)		6,000,000		5,980,708
2.941% 5/09/19 (a)		10,000,000		9,968,624
Walgreens Boots 3.064% 4/22/19		8,000,000		7,985,467

	Principal Amount		Value
Westrock Co. 2.749% 4/02/19 (a)	$	10,000,000	$	9,997,074
				246,171,214
TOTAL SHORT-TERM INVESTMENTS (Cost $246,182,383)				246,171,214
TOTAL INVESTMENTS — 118.0% (Cost $1,563,979,285) (k)				1,573,725,085
Other Assets/(Liabilities) — (18.0)%				(240,265,280	)
NET ASSETS — 100.0%			$	1,333,459,805

Abbreviation Legend

ABS Asset-Backed Security

ARS Auction Rate Security

BAB Build America Bonds

CLO Collateralized Loan Obligation

CMO Collateralized Mortgage Obligation

CMT Constant Maturity Treasury Index

FRN Floating Rate Note

MBS Mortgage-Backed Security

MTA Monthly Treasury Average Index

STEP Step Up Bond

TBA To Be Announced

VRN Variable Rate Note

WL Whole Loan

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Securities exempt from registration under rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2019, these securities amounted to a value of $694,524,956 or 52.08% of net assets.

(b) Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. The rates shown are the current interest rates at March 31, 2019.

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

(d) Denotes all or a portion of security on loan. The total value of securities on loan as of March 31, 2019, was $4,339,084 or 0.33% 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).

(e) 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

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

54

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

Notes to Portfolio of Investments (continued)

pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933. At March 31, 2019, these securities amounted to a value of $2,437,222 or 0.18% of net assets.

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

(g) Investment was valued using significant unobservable inputs.

(h) This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At March 31, 2019, these securities amounted to a value of $3,721,980 or 0.28% of net assets.

(i) A portion of this security is pledged/held as collateral for open futures contracts and open swap agreements. (Note 2).

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

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

(#) Purchased Swaptions contracts at March 31, 2019:

OTC Counterparty	Units		Notional Amount		Expiration Date	Pay/ Receive Exercise Rate		Description	Premiums Purchased		Value		Unrealized Appreciation/ (Depreciation)
Call
Barclays Bank PLC*		31,720,000		USD 31,720,000	12/13/32		Receive	3-Month USD LIBOR BBA 10 Year Swaption, Underlying swap terminates 12/15/42, Exercise Rate 2.44%	$	1,585,755	$	1,520,098	$	(65,657	)
Credit Suisse International*		33,720,000		USD 33,720,000	1/31/33		Receive	3-Month USD LIBOR BBA 10 Year Swaption, Underlying swap terminates 2/02/43, Exercise Rate 2.61%		1,618,560		1,803,867		185,307
										3,204,315		3,323,965		119,650
Put
Barclays Bank PLC*		64,580,000		USD 64,580,000	12/13/32		Pay	3-Month USD LIBOR BBA 10 Year Swaption, Underlying swap terminates 12/15/42, Exercise Rate 2.94%	$	3,228,549	$	3,272,395	$	43,846
Credit Suisse International*		67,220,000		USD 67,220,000	1/31/33		Pay	3-Month USD LIBOR BBA 10 Year Swaption, Underlying swap terminates 2/02/43, Exercise Rate 3.11%		3,219,839		3,093,000		(126,839	)
										6,448,388		6,365,395		(82,993	)
									$	9,652,703	$	9,689,360	$	36,657

* Contracts are subject to a Master Netting Agreement.

Futures contracts at March 31, 2019:

	Expiration Date		Number of Contracts		Notional Amount		Value/ Net Unrealized Appreciation/ (Depreciation)
Long
U.S. Treasury Ultra 10 Year		6/19/19		64	$	8,448,456	$	49,544
U.S. Treasury Ultra Bond		6/19/19		451		73,440,488		2,327,512
U.S. Treasury Note 2 Year		6/28/19		367		77,901,117		304,289
U.S. Treasury Note 5 Year		6/28/19		967		111,076,933		928,864
							$	3,610,209

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

55

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

	Expiration Date		Number of Contracts		Notional Amount			Value/ Net Unrealized Appreciation/ (Depreciation)
Short
90 Day Eurodollar		6/17/19		15	$	(3,651,888	)	$	(2,675	)
U.S. Treasury Long Bond		6/19/19		154		(22,353,567	)		(693,496	)
90 Day Eurodollar		9/16/19		17		(4,138,381	)		(7,069	)
90 Day Eurodollar		12/16/19		18		(4,380,465	)		(10,185	)
90 Day Eurodollar		3/16/20		14		(3,409,654	)		(9,321	)
90 Day Eurodollar		6/15/20		13		(3,167,976	)		(9,712	)
90 Day Eurodollar		9/14/20		13		(3,169,357	)		(10,443	)
90 Day Eurodollar		12/14/20		12		(2,925,410	)		(10,240	)
90 Day Eurodollar		3/15/21		12		(2,926,460	)		(9,940	)
90 Day Eurodollar		9/13/21		21		(5,122,093	)		(16,082	)
90 Day Eurodollar		3/14/22		19		(4,632,849	)		(13,839	)
90 Day Eurodollar		9/19/22		17		(4,143,482	)		(11,956	)
90 Day Eurodollar		3/13/23		14		(3,410,179	)		(10,021	)
90 Day Eurodollar		12/18/23		19		(4,623,825	)		(13,363	)
90 Day Eurodollar		12/16/24		50		(12,152,959	)		(33,916	)
								$	(862,258	)

Swap agreements at March 31, 2019:

Counterparty	Currency	Notional Amount		Expiration Date		Payment Frequency	Receive (Pay) Fixed Rate	Deliverable on Default	Unrealized Appreciation (Depreciation)			Premium (Received) Paid			Value
Credit Default Swaps — Sell Protection††
OTC Swaps
Goldman Sachs International*	USD		3,000,000		5/11/63	Monthly	3.000%	CMBX.NA.6 (Rating: BBB-)†	$	(382,766	)	$	1,848		$	(380,918	)
Goldman Sachs International*	USD		2,660,000		5/11/63	Monthly	3.000%	CMBX.NA.6 (Rating: BBB-)†		(107,391	)		(230,356	)		(337,747	)
Goldman Sachs International*	USD		970,000		5/11/63	Monthly	3.000%	CMBX.NA.6 (Rating: BBB-)†		(45,448	)		(77,716	)		(123,164	)
									$	(535,605	)	$	(306,224	)	$	(841,829	)

Collateral for swap agreements held by Goldman Sachs International amounted to $852,799 in securities at March 31, 2019.

* Contracts are subject to a Master Netting Agreement.

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

†† For each credit derivative with sold protection, the credit ratings of the entities referenced, as rated by any rating organization, are included in the equivalent S&P Global Ratings. The reference entity rating represents the likelihood of a potential payment by the Fund if the referenced entity experiences a credit event as of period end. Notional amounts represent the maximum potential amount of future payments (undiscounted) the Fund could be required to make under the credit derivatives with sold protection.

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

56

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

Currency Legend

USD U.S. Dollar

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

United States	84.1	%
Cayman Islands	5.8	%
Canada	1.4	%
Mexico	1.3	%
Netherlands	1.2	%
United Kingdom	1.1	%
Bermuda	1.0	%
Ireland	0.8	%
Luxembourg	0.6	%
Switzerland	0.3	%
Turkey	0.3	%
Colombia	0.3	%
Sweden	0.2	%
Norway	0.2	%
Spain	0.2	%
Israel	0.2	%
Germany	0.2	%
France	0.1	%
Panama	0.1	%
Australia	0.1	%
Italy	0.0	%
Barbados	0.0	%
Total Long-Term Investments	99.5	%
Short-Term Investments and Other Assets and Liabilities	0.5	%
Net Assets	100.0	%

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

57

MassMutual Premier Diversified Bond Fund – Portfolio of Investments

March 31, 2019 (Unaudited)

	Number of Shares		Value
EQUITIES — 0.1%
COMMON STOCK — 0.0%
Basic Materials — 0.0%
Forest Products & Paper — 0.0%
The Newark Group, Inc. (a) (b) (c)		26,904	$	807
Energy — 0.0%
Oil & Gas — 0.0%
Jupiter Resources, Inc. (c)		18,661		58,316
TOTAL COMMON STOCK (Cost $92,228)				59,123
PREFERRED STOCK — 0.1%
Financial — 0.1%
Insurance — 0.1%
The Allstate Corp., The, 3 mo. USD LIBOR + 3.165% 5.100% VRN 1/15/53		10,000		255,200
TOTAL PREFERRED STOCK (Cost $250,000)				255,200
TOTAL EQUITIES (Cost $342,228)				314,323
	Principal Amount
BONDS & NOTES — 94.9%
CORPORATE DEBT — 40.4%
Aerospace & Defense — 0.4%
Moog, Inc. 5.250% 12/01/22 (d)	$	173,000		175,595
Rockwell Collins, Inc. 3.500% 3/15/27		200,000		197,477
TransDigm, Inc. 6.375% 6/15/26		225,000		222,716
United Technologies Corp. 6.125% 7/15/38		105,000		127,514
				723,302
Agriculture — 0.5%
Bunge Ltd. Finance Corp. 3.250% 8/15/26		325,000		291,786
4.350% 3/15/24		360,000		364,565
Reynolds American, Inc. 4.450% 6/12/25		200,000		205,586
5.850% 8/15/45		150,000		153,964
				1,015,901
Airlines — 0.2%
American Airlines Pass-Through Trust, Series 2014-1, Class B, 4.375% 4/01/24		16,454		16,537

	Principal Amount		Value
Guanay Finance Ltd. 6.000% 12/15/20 (d)	$	96,135	$	97,217
United Airlines Pass-Through Trust, Series 2018-1, Class B, 4.600% 9/01/27		96,651		98,136
WestJet Airlines Ltd. 3.500% 6/16/21 (d)		98,000		95,525
				307,415
Auto Manufacturers — 1.7%
Ford Motor Co. 7.450% 7/16/31		270,000		287,776
Ford Motor Credit Co. LLC 3.336% 3/18/21		550,000		541,622
4.140% 2/15/23		285,000		279,061
4.375% 8/06/23		350,000		342,669
General Motors Co. 4.200% 10/01/27		215,000		206,183
5.150% 4/01/38		130,000		118,802
5.200% 4/01/45		225,000		199,865
General Motors Financial Co., Inc. 3.500% 11/07/24		315,000		304,341
3.550% 4/09/21		200,000		201,095
4.150% 6/19/23		255,000		257,392
4.200% 11/06/21		245,000		249,262
Volkswagen Group of America Finance LLC 4.625% 11/13/25 (d)		355,000		367,293
				3,355,361
Auto Parts & Equipment — 0.0%
The Goodyear Tire & Rubber Co. 4.875% 3/15/27 (e)		68,000		62,135
Banks — 6.3%
Associated Banc-Corp. 4.250% 1/15/25		263,000		269,564
Banco General SA 4.125% 8/07/27 (d)		260,000		255,450
Banco Santander SA 3.848% 4/12/23		400,000		403,406
Bank of America Corp. 4.183% 11/25/27		425,000		431,584
3 mo. USD LIBOR + 1.814% 4.244% VRN 4/24/38		210,000		214,807
6.110% 1/29/37		190,000		225,451
7.750% 5/14/38		125,000		173,558
Bank of Montreal 3.803% VRN 12/15/32 (f)		250,000		241,750
The Bank of Nova Scotia 4.500% 12/16/25		300,000		311,900
4.650% VRN 12/31/99 (f) (g)		550,000		506,000
Barclays Bank PLC 10.179% 6/12/21 (d)		525,000		594,299

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

58

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

	Principal Amount		Value
Barclays PLC 4.063% FRN 5/16/24 (f)	$	365,000	$	354,262
4.337% 1/10/28		230,000		228,596
BPCE SA 4.625% 7/11/24 (d)		200,000		203,056
CIT Group, Inc. 5.250% 3/07/25 (e)		500,000		532,025
6.125% 3/09/28		484,000		538,450
Citigroup, Inc. 4.600% 3/09/26		345,000		360,386
5.875% 1/30/42		100,000		122,819
Credit Suisse AG 6.500% 8/08/23 (d)		375,000		401,610
Credit Suisse Group AG 3.869% VRN 1/12/29 (d) (f)		305,000		298,952
Deutsche Bank AG 3.150% 1/22/21		505,000		497,405
First Republic Bank 4.375% 8/01/46		560,000		548,105
Fulton Financial Corp. 3.600% 3/16/22		240,000		240,317
The Goldman Sachs Group, Inc. 5.150% 5/22/45		290,000		306,696
5.950% 1/15/27		220,000		245,902
6.250% 2/01/41		35,000		43,170
6.750% 10/01/37		165,000		201,148
HSBC Holdings PLC 4.250% 3/14/24		200,000		204,545
4.583% VRN 6/19/29 (f)		275,000		289,063
6.500% 9/15/37		125,000		155,307
Huntington Bancshares, Inc. 5.700% VRN 12/31/99 (f) (g)		510,000		497,250
ING Groep NV 4.100% 10/02/23		380,000		390,575
JP Morgan Chase & Co. 4.950% 6/01/45		170,000		188,121
Morgan Stanley 4.350% 9/08/26		450,000		461,674
5.000% 11/24/25		175,000		187,577
Nordea Bank Abp 6.625% VRN 12/31/99 (d) (f) (g)		405,000		403,988
Royal Bank of Scotland Group PLC 3 mo. USD LIBOR + 1.480% 3.498% VRN 5/15/23		325,000		322,691
Synchrony Bank 3.000% 6/15/22		510,000		503,277
Valley National Bancorp 5.125% 9/27/23		110,000		115,802
Wells Fargo & Co. 5.606% 1/15/44		105,000		121,217
				12,591,755

	Principal Amount		Value
Beverages — 0.6%
Anheuser-Busch InBev Worldwide, Inc. 4.600% 4/15/48	$	255,000	$	244,975
8.200% 1/15/39		250,000		346,958
Becle SAB de CV 3.750% 5/13/25 (d)		350,000		342,184
Molson Coors Brewing Co. 4.200% 7/15/46		291,000		258,653
5.000% 5/01/42		60,000		58,831
				1,251,601
Biotechnology — 0.2%
Amgen, Inc. 5.150% 11/15/41		85,000		91,065
Celgene Corp. 3.450% 11/15/27		215,000		212,399
4.350% 11/15/47		205,000		199,738
				503,202
Building Materials — 0.4%
CRH America Finance, Inc. 3.950% 4/04/28 (d)		135,000		133,128
Standard Industries, Inc. 4.750% 1/15/28 (d)		282,000		269,310
5.000% 2/15/27 (d)		490,000		474,222
				876,660
Chemicals — 1.4%
DowDuPont, Inc. 5.319% 11/15/38		345,000		383,529
Huntsman International LLC 4.500% 5/01/29		205,000		204,503
Incitec Pivot Finance LLC 6.000% 12/10/19 (d)		190,000		193,550
LYB International Finance BV 5.250% 7/15/43		250,000		255,497
Methanex Corp. 5.250% 3/01/22		40,000		41,227
The Mosaic Co. 4.050% 11/15/27		174,000		173,688
The Sherwin-Williams Co. 4.500% 6/01/47		115,000		113,172
Syngenta Finance NV 3.698% 4/24/20 (d)		325,000		326,157
3.933% 4/23/21 (d)		325,000		326,511
4.441% 4/24/23 (d)		425,000		433,580
Yara International ASA 4.750% 6/01/28 (d)		370,000		384,503
				2,835,917
Commercial Services — 0.2%
ERAC USA Finance LLC 7.000% 10/15/37 (d)		50,000		64,142
United Rentals North America, Inc. 6.500% 12/15/26 (e)		254,000		267,335
				331,477

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

59

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

	Principal Amount		Value
Computers — 0.4%
Dell International LLC/EMC Corp. 8.350% 7/15/46 (d)	$	275,000	$	331,916
Leidos Holdings, Inc. 4.450% 12/01/20		550,000		558,250
				890,166
Diversified Financial Services — 3.5%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust 3.500% 1/15/25		865,000		834,209
4.625% 10/30/20		184,000		188,324
Affiliated Managers Group, Inc. 3.500% 8/01/25		265,000		264,156
Aircastle Ltd. 4.125% 5/01/24		200,000		200,219
4.400% 9/25/23		175,000		178,201
5.000% 4/01/23		350,000		363,735
Ally Financial, Inc. 5.125% 9/30/24		495,000		520,369
8.000% 11/01/31		651,000		808,054
Antares Holdings LP 6.000% 8/15/23 (d)		540,000		530,828
Ares Finance Co. LLC 4.000% 10/08/24 (d)		225,000		217,594
Brookfield Finance, Inc. 4.250% 6/02/26		280,000		282,511
4.850% 3/29/29		358,000		368,091
Discover Financial Services 5.500% VRN 12/31/99 (f) (g)		1,015,000		964,250
GE Capital International Funding Co. Unlimited Co. 4.418% 11/15/35		230,000		212,632
Genpact Luxembourg Sarl 3.700% STEP 4/01/22		435,000		429,641
Lazard Group LLC 3.625% 3/01/27		196,000		189,953
4.500% 9/19/28		150,000		154,408
Legg Mason, Inc. 5.625% 1/15/44		235,000		232,273
Neuberger Berman Group LLC/Neuberger Berman Finance Corp. 4.500% 3/15/27 (d)		26,000		26,536
Synchrony Financial 4.375% 3/19/24		90,000		91,161
				7,057,145
Electric — 1.4%
Berkshire Hathaway Energy Co. 5.950% 5/15/37		120,000		148,805
The Cleveland Electric Illuminating Co. 3.500% 4/01/28 (d)		155,000		152,196
CMS Energy Corp. 4.700% 3/31/43		115,000		120,084
4.875% 3/01/44		80,000		87,583

	Principal Amount		Value
Duke Energy Corp. 3.750% 9/01/46	$	175,000	$	163,602
Elwood Energy LLC 8.159% 7/05/26		199,492		216,448
Entergy Louisiana LLC 4.950% 1/15/45		110,000		114,795
Indianapolis Power & Light Co. 4.050% 5/01/46 (d)		110,000		109,570
Infraestructura Energetica Nova SAB de CV 3.750% 1/14/28 (d)		200,000		181,750
IPALCO Enterprises, Inc. 3.450% 7/15/20		290,000		290,074
3.700% 9/01/24		175,000		175,893
Israel Electric Corp. Ltd. 4.250% 8/14/28 (d)		225,000		226,134
Pennsylvania Electric Co. 4.150% 4/15/25 (d)		150,000		152,945
Puget Energy, Inc. 3.650% 5/15/25		100,000		99,369
Southwestern Electric Power Co. 6.200% 3/15/40		100,000		122,740
Tri-State Pass-Through Trust, Series 2003, Class B, 7.144% 7/31/33 (d)		169,565		199,547
Xcel Energy, Inc. 6.500% 7/01/36		270,000		344,730
				2,906,265
Electronics — 0.5%
The ADT Security Corp. 6.250% 10/15/21		393,000		412,277
Arrow Electronics, Inc. 3.875% 1/12/28		160,000		154,029
4.500% 3/01/23		45,000		46,537
Ingram Micro, Inc. 5.450% STEP 12/15/24		335,000		332,142
				944,985
Foods — 0.2%
Mars, Inc. 3.950% 4/01/49 (d)		230,000		232,456
Smithfield Foods, Inc. 5.200% 4/01/29 (d) (h)		75,000		75,381
				307,837
Forest Products & Paper — 0.1%
Fibria Overseas Finance Ltd. 4.000% 1/14/25		225,000		222,075
Gas — 0.2%
NiSource, Inc. 4.800% 2/15/44		370,000		389,268

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

60

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

	Principal Amount		Value
Health Care – Products — 0.4%
Becton Dickinson and Co. 4.685% 12/15/44	$	125,000	$	128,994
Ortho-Clinical Diagnostics, Inc./Ortho-Clinical Diagnostics SA 6.625% 5/15/22 (d)		702,000		666,198
				795,192
Health Care – Services — 0.5%
HCA, Inc. 5.250% 4/15/25		250,000		268,445
5.375% 2/01/25		350,000		371,000
Humana, Inc. 4.800% 3/15/47		130,000		136,941
IHC Health Services, Inc. 4.131% 5/15/48		275,000		288,007
				1,064,393
Home Builders — 0.6%
Lennar Corp. 4.750% 11/29/27		592,000		592,277
PulteGroup, Inc. 5.000% 1/15/27		198,000		196,515
5.500% 3/01/26		441,000		454,230
				1,243,022
Housewares — 0.6%
Newell Brands, Inc. 3.850% 4/01/23		750,000		741,625
4.200% 4/01/26		200,000		190,885
The Toro Co. 7.800% 6/15/27		170,000		207,133
				1,139,643
Insurance — 3.2%
The Allstate Corp. 3 mo. USD LIBOR + 2.938% 5.750% VRN 8/15/53		790,000		797,900
American International Group, Inc. 3.900% 4/01/26		135,000		135,854
4.200% 4/01/28		220,000		223,659
4.750% 4/01/48		95,000		94,486
5.750% VRN 4/01/48 (f)		405,000		394,774
AmTrust Financial Services, Inc. 6.125% 8/15/23		490,000		460,672
Arch Capital Group US, Inc. 5.144% 11/01/43		80,000		88,926
Athene Holding Ltd. 4.125% 1/12/28		1,029,000		989,129
AXIS Specialty Finance PLC 4.000% 12/06/27		420,000		417,892
CNO Financial Group, Inc. 5.250% 5/30/25		535,000		553,725
Enstar Group Ltd. 4.500% 3/10/22		145,000		147,650

	Principal Amount		Value
The Progressive Corp. 5.375% VRN 12/31/99 (f) (g)	$	335,000	$	332,069
Prudential Financial, Inc. 5.700% VRN 9/15/48 (f)		650,000		657,832
6.200% 11/15/40		125,000		154,818
Trinity Acquisition PLC 4.400% 3/15/26		140,000		145,260
USF&G Capital I 8.500% 12/15/45 (d)		95,000		138,240
Willis North America, Inc. 7.000% 9/29/19		43,000		43,800
XLIT Ltd. 4.450% 3/31/25		385,000		400,817
5.500% 3/31/45		200,000		220,977
				6,398,480
Internet — 0.1%
Amazon.com, Inc. 4.050% 8/22/47		250,000		264,722
Investment Companies — 0.8%
Ares Capital Corp. 3.500% 2/10/23		510,000		495,943
BlackRock TCP Capital Corp. 4.125% 8/11/22		470,000		451,804
FS KKR Capital Corp. 4.000% 7/15/19		605,000		606,105
				1,553,852
Iron & Steel — 0.5%
Vale Overseas Ltd. 5.875% 6/10/21		825,000		859,237
6.875% 11/21/36		100,000		114,400
				973,637
Lodging — 0.3%
MGM Resorts International 4.625% 9/01/26		534,000		519,315
Media — 1.7%
Altice Financing SA 6.625% 2/15/23 (d)		200,000		204,500
CCO Holdings LLC/CCO Holdings Capital Corp. 5.000% 2/01/28 (d)		250,000		246,537
5.750% 1/15/24		600,000		615,750
Comcast Corp. 3.400% 7/15/46		140,000		124,004
Discovery Communications LLC 4.875% 4/01/43		200,000		184,689
5.000% 9/20/37		165,000		160,423
DISH DBS Corp. 5.875% 11/15/24		147,000		123,480
Sirius XM Radio, Inc. 5.375% 4/15/25 (d)		1,000,000		1,026,250

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

61

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

	Principal Amount		Value
TEGNA, Inc. 5.125% 7/15/20	$	500,000	$	501,250
Time Warner Cable, Inc. 4.500% 9/15/42		250,000		218,507
				3,405,390
Mining — 1.3%
First Quantum Minerals Ltd. 6.875% 3/01/26 (d)		1,000,000		927,500
Glencore Finance Canada Ltd. 5.550% STEP 10/25/42 (d)		149,000		148,802
Glencore Funding LLC 3.875% 10/27/27 (d)		260,000		248,288
4.000% 4/16/25 (d)		130,000		130,434
4.625% 4/29/24 (d)		200,000		206,311
Kinross Gold Corp. 4.500% 7/15/27		225,000		213,750
5.125% 9/01/21		175,000		180,250
5.950% 3/15/24		200,000		214,000
Teck Resources Ltd. 5.200% 3/01/42		97,000		93,371
6.250% 7/15/41		143,000		152,211
				2,514,917
Miscellaneous – Manufacturing — 0.0%
General Electric Co. 6.875% 1/10/39		72,000		85,138
Office Equipment/Supplies — 0.4%
Pitney Bowes, Inc. 3.875% STEP 9/15/20		140,000		139,825
3.875% STEP 10/01/21		675,000		666,427
				806,252
Oil & Gas — 3.2%
Anadarko Petroleum Corp. 5.550% 3/15/26		175,000		190,599
6.600% 3/15/46		235,000		285,713
Cenovus Energy, Inc. 3.000% 8/15/22		425,000		416,399
4.250% 4/15/27 (e)		550,000		540,678
6.750% 11/15/39		175,000		195,036
Chesapeake Energy Corp. 7.000% 10/01/24 (e)		247,000		246,382
Citgo Holding, Inc. 10.750% 2/15/20 (d)		500,000		512,600
Continental Resources, Inc. 5.000% 9/15/22		200,000		201,425
Encana Corp. 6.500% 2/01/38		160,000		187,736
EQT Corp. 3.900% 10/01/27		860,000		804,376
4.875% 11/15/21		200,000		207,522
Helmerich & Payne, Inc. 4.650% 3/15/25		150,000		156,562

	Principal Amount		Value
Marathon Petroleum Corp. 4.500% 4/01/48 (d)	$	85,000	$	80,671
6.500% 3/01/41		175,000		213,233
Murphy Oil USA, Inc. 6.000% 8/15/23		175,000		179,375
Newfield Exploration Co. 5.375% 1/01/26		152,000		163,797
PBF Holding Co. LLC/PBF Finance Corp. 7.000% 11/15/23		200,000		205,700
Petroleos Mexicanos 3.500% 1/30/23		350,000		334,285
4.625% 9/21/23		100,000		98,501
5.350% 2/12/28		190,000		176,320
5.500% 1/21/21		625,000		635,625
6.375% 1/23/45		35,000		30,916
6.500% 3/13/27		65,000		65,455
6.625% 6/15/38		51,000		47,048
Vine Oil & Gas LP/Vine Oil & Gas Finance Corp. 8.750% 4/15/23 (d)		200,000		159,000
				6,334,954
Oil & Gas Services — 0.3%
National Oilwell Varco, Inc. 3.950% 12/01/42		239,000		201,743
Patterson-UTI Energy, Inc. 3.950% 2/01/28		350,000		330,461
				532,204
Packaging & Containers — 0.1%
BWAY Holding Co. 5.500% 4/15/24 (d)		200,000		198,560
Pharmaceuticals — 1.6%
AbbVie, Inc. 4.700% 5/14/45		200,000		192,649
Bausch Health Cos., Inc. 6.125% 4/15/25 (d)		113,000		111,870
7.000% 3/15/24 (d)		115,000		121,670
Bayer US Finance II LLC 3.875% 12/15/23 (d)		200,000		201,514
Bayer US Finance II LLC 4.400% 7/15/44 (d)		100,000		88,422
4.625% 6/25/38 (d)		215,000		200,796
CVS Health Corp. 5.050% 3/25/48		140,000		141,037
6.125% 9/15/39		25,000		28,398
CVS Pass-Through Trust 5.926% 1/10/34 (d)		200,583		222,724
7.507% 1/10/32 (d)		15,222		18,095
Express Scripts Holding Co. 4.500% 2/25/26		128,000		133,996
4.800% 7/15/46		185,000		188,066
McKesson Corp. 4.883% 3/15/44 (e)		70,000		69,922

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

62

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

	Principal Amount		Value
Mylan NV 3.150% 6/15/21	$	51,000	$	50,851
5.250% 6/15/46		350,000		314,950
Par Pharmaceutical, Inc. 7.500% 4/01/27 (d)		488,000		494,832
Teva Pharmaceutical Finance Netherlands III BV 2.200% 7/21/21		190,000		181,141
4.100% 10/01/46		85,000		60,374
Valeant Pharmaceuticals International 9.250% 4/01/26 (d)		400,000		437,720
				3,259,027
Pipelines — 2.4%
Andeavor Logistics LP 6.875% VRN 12/31/99 (f) (g)		850,000		854,250
Energy Transfer Operating LP 4.200% 4/15/27		170,000		170,655
4.750% 1/15/26		200,000		209,050
6.125% 12/15/45		180,000		195,753
6.250% VRN 12/31/99 (f) (g)		390,000		368,550
EnLink Midstream Partners LP 2.700% 4/01/19		200,000		200,000
4.150% 6/01/25		125,000		120,313
4.850% 7/15/26		154,000		152,876
6.000% VRN 12/31/99 (f) (g)		375,000		310,312
Enterprise Products Operating LLC 5.375% VRN 2/15/78 (f)		200,000		178,410
EQM Midstream Partners LP 4.750% 7/15/23		375,000		382,457
Kinder Morgan Energy Partners LP 6.375% 3/01/41		65,000		75,450
6.500% 2/01/37		85,000		98,368
6.550% 9/15/40		80,000		93,268
6.950% 1/15/38		15,000		18,315
MPLX LP 4.500% 4/15/38		195,000		185,221
5.200% 3/01/47		40,000		40,587
Phillips 66 Partners LP 4.680% 2/15/45		18,000		17,732
4.900% 10/01/46		90,000		91,607
Plains All American Pipeline LP/PAA Finance Corp. 4.500% 12/15/26		515,000		527,617
4.700% 6/15/44		230,000		213,623
Sunoco Logistics Partners Operations LP 4.000% 10/01/27		120,000		118,961
5.300% 4/01/44		75,000		73,506
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp. 5.500% 9/15/24 (d)		102,000		104,550
Western Gas Partners LP 4.500% 3/01/28		110,000		109,082
				4,910,513

	Principal Amount		Value
Private Equity — 0.6%
Hercules Capital, Inc. 4.625% 10/23/22	$	945,000	$	924,738
Icahn Enterprises LP/Icahn Enterprises Finance Corp. 6.750% 2/01/24		200,000		208,500
				1,133,238
Real Estate Investment Trusts (REITS) — 0.8%
Crown Castle International Corp. 4.750% 5/15/47		70,000		69,149
5.200% 2/15/49 (e)		120,000		126,271
CubeSmart LP 3.125% 9/01/26		305,000		289,811
Healthcare Trust of America Holdings LP 3.750% 7/01/27		240,000		235,234
SBA Tower Trust 2.877% 7/15/46 (d)		180,000		178,351
3.156% 10/10/45 (d)		180,000		180,009
STORE Capital Corp. 4.625% 3/15/29		200,000		202,964
VEREIT Operating Partnership LP 4.625% 11/01/25		245,000		253,394
Weingarten Realty Investors 3.250% 8/15/26		75,000		71,048
				1,606,231
Retail — 0.7%
Dollar Tree, Inc. 3.700% 5/15/23		225,000		228,170
4.200% 5/15/28		330,000		328,833
El Puerto de Liverpool SAB de CV 3.950% 10/02/24 (d)		280,000		273,353
The Home Depot, Inc. 5.950% 4/01/41		100,000		128,263
Penske Automotive Group, Inc. 5.500% 5/15/26 (e)		500,000		492,500
				1,451,119
Semiconductors — 0.3%
Microchip Technology, Inc. 3.922% 6/01/21 (d)		525,000		529,607
Telecommunications — 1.4%
AT&T, Inc. 3.400% 5/15/25		200,000		197,903
4.750% 5/15/46		340,000		332,243
5.250% 3/01/37		108,000		113,153
Embarq Corp. 7.995% 6/01/36		45,000		43,819
Empresa Nacional de Telecomunicaciones SA 4.875% 10/30/24 (d)		200,000		204,507
Hughes Satellite Systems Corp. 6.625% 8/01/26		444,000		435,120

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

63

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

	Principal Amount		Value
Sprint Capital Corp. 6.875% 11/15/28	$	500,000	$	480,625
Sprint Corp. 7.125% 6/15/24		400,000		406,000
T-Mobile USA, Inc. 5.375% 4/15/27		165,000		170,569
Telefonica Emisiones SAU 4.665% 3/06/38		335,000		319,743
Verizon Communications, Inc. 6.550% 9/15/43		157,000		203,860
				2,907,542
Transportation — 0.4%
CSX Corp. 4.750% 11/15/48		145,000		156,912
The Kenan Advantage Group, Inc. 7.875% 7/31/23 (d) (e)		720,000		696,600
Pacific National Finance Pty Ltd. 4.625% 9/23/20 (d)		45,000		45,725
				899,237
TOTAL CORPORATE DEBT (Cost $80,846,454)				81,098,652
MUNICIPAL OBLIGATIONS — 0.5%
Brazos Higher Education Authority, Inc., 3.750% FRN 6/25/42 (f)		450,000		443,602
State of California BAB 7.550% 4/01/39		275,000		417,648
7.600% 11/01/40		150,000		232,874
				1,094,124
TOTAL MUNICIPAL OBLIGATIONS (Cost $1,017,473)				1,094,124
NON-U.S. GOVERNMENT AGENCY OBLIGATIONS — 30.7%
Automobile ABS — 1.3%
Avis Budget Rental Car Funding AESOP LLC, Series 2019-1A, Class C 4.530% 3/20/23 (d)		222,000		224,617
Hertz Vehicle Financing II LP Series 2018-1A, Class B, 3.600% 2/25/24 (d)		650,000		646,276
Series 2018-1A, Class C, 4.390% 2/25/24 (d)		330,000		325,900
OneMain Direct Auto Receivables Trust Series 2019-1A, Class C, 4.190% 11/14/28 (d)		888,000		893,313
Series 2019-1A, Class D, 4.680% 4/14/31 (d)		422,000		426,550
				2,516,656

	Principal Amount		Value
Commercial MBS — 3.1%
Aventura Mall Trust, Series 2018-AVM, Class D, 4.112% VRN 7/05/40 (d) (f)	$	530,000	$	531,915
BAMLL Commercial Mortgage Securities Trust, Series 2018-DSNY, Class C, 3.834% FRN 9/15/34 (d) (f)		150,000		148,780
BANK, Series 2019-BN17, Class C, 4.518% VRN 4/15/52 (f)		135,000		140,260
BBCMS Mortgage Trust Series 2018-CHRS, Class B, 4.267% VRN 8/05/38 (d) (f)		400,000		417,799
Series 2018-CHRS, Class C, 4.267% VRN 8/05/38 (d) (f)		280,000		284,798
Series 2018-CHRS, Class D, 4.267% VRN 8/05/38 (d) (f)		270,000		269,492
BHMS Mortgage Trust, Series 2018-ATLS, Class B, 3.984% FRN 7/15/35 (d) (f)		900,000		898,332
BX Commercial Mortgage Trust, Series 2018-IND, Class E, 4.184% FRN 11/15/35 (d) (f)		588,793		589,163
CAMB Commercial Mortgage Trust, Series 2019-LIFE, Class E, 4.634% FRN 12/15/37 (d) (f)		572,453		574,949
Citigroup COmmercial Mortgage Trust, Series 2019-SMRT, Class C 4.682% 1/10/24 (d)		225,000		236,231
Commercial Mortgage Pass-Through Certificates Series 2014-UBS2, Class A5, 3.961% 3/10/47		152,000		159,094
Series 2014-UBS2, Class AM, 4.199% 3/10/47		100,000		103,622
Series 2015-CR23, Class C, 4.252% VRN 5/10/48 (f)		110,000		110,307
GCCFC Commercial Mortgage Trust, Series 2006-GG7, Class AM, 5.614% VRN 7/10/38 (f)		99,411		99,936
GS Mortgage Securities Corp. II, Series 2018-GS10, Class D 3.000% 7/10/51 (d)		499,000		425,243
JPMBB Commercial Mortgage Securities Trust, Series 2014-C21, Class C, 4.651% VRN 8/15/47 (f)		200,000		204,084
Morgan Stanley Capital I Trust, Series 2019-L2, Class AS 4.272% 3/15/52		400,000		423,120
MSCG Trust, Series 2018-SELF, Class C, 3.664% FRN 10/15/37 (d) (f)		100,000		99,123

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

64

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

	Principal Amount		Value
TIAA Seasoned Commercial Mortgage Trust, Series 2007-C4, Class AJ, 5.482% VRN 8/15/39 (f)	$	4,646	$	4,659
Wells Fargo Commercial Mortgage Trust, Series 2015-NXS1, Class C, 3.848% VRN 5/15/48 (f)		140,000		138,664
WF-RBS Commercial Mortgage Trust Series 2012-C8, Class C, 4.893% VRN 8/15/45 (f)		100,000		103,175
Series 2011-C5, Class C, 5.673% VRN 11/15/44 (d) (f)		170,000		177,910
Series 2011-C5, Class D, 5.673% VRN 11/15/44 (d) (f)		115,000		118,038
				6,258,694
Home Equity ABS — 0.2%
Countrywide Partnership Trust, Series 2004-EC1, Class M1, 1 mo. USD LIBOR + .900% 3.386% FRN 2/25/35		193,391		189,649
Credit Suisse Seasoned Loan Trust, Series 2006-1, Class A, 1 mo. USD LIBOR + .240% 2.726% FRN 10/25/34 (d)		90,687		90,409
Mastr Asset-Backed Securities Trust Series 2005, Class NC1 M1, 1 mo. USD LIBOR + .720% 3.206% FRN 12/25/34		99,504		97,468
Series 2005-WMC1, Class M3, 1 mo. USD LIBOR + .720% 3.206% FRN 3/25/35		4,337		4,390
				381,916
Other ABS — 14.4%
321 Henderson Receivables LLC, Series 2015-1A, Class A 3.260% 9/15/72 (d)		77,378		76,421
Aames Mortgage Investment Trust, Series 2004-1, Class M5, 1 mo. USD LIBOR + 1.725% 4.211% FRN 1/25/35		17,441		17,364
AASET US Ltd., Series 2018-2A, Class A 4.454% 11/18/38 (d)		688,540		697,602
ALM VII Ltd., Series 2012-7A, Class A1R, 3 mo. USD LIBOR + 1.480% 4.267% FRN 10/15/28 (d)		390,000		390,015
Arbys Funding LLC, Series 2015-1A, Class A2 4.969% 10/30/45 (d)		261,225		266,890

	Principal Amount		Value
Argent Securities, Inc. Asset-Backed Pass-Through Certificates, Series 2004-W10, Class M1, 1 mo. USD LIBOR + .900% 3.386% FRN 10/25/34	$	316,316	$	315,573
Ascentium Equipment Receivables Trust, Series 2018-2A, Class E 5.180% 7/10/26 (d)		998,000		1,017,734
Atrium XV, Series 15A, Class B, 4.526% FRN 1/23/31 (d) (f)		250,000		248,241
Bain Capital Credit CLO, Series 2017-1A, Class A1, 3 mo. USD LIBOR + 1.250% 4.011% FRN 7/20/30 (d)		330,000		329,993
Blackbird Capital Aircraft Lease Securitization Ltd., Series 2016-1A, Class A, 4.213% STEP 12/16/41 (d)		432,292		437,769
BlueVirgo Trust, Series 2015-1A, Class NOTE 3.000% 12/15/22 (d)		39,366		39,366
BRE Grand Islander Timeshare Issuer LLC Series 2017-1A, Class A, 2.940% 5/25/29 (d)		132,900		132,085
Series 2017-1A, Class B, 3.240% 5/25/29 (d)		109,787		108,293
Capital Automotive LLC, Series 2017-1A, Class A2 4.180% 4/15/47 (d)		156,933		159,983
Capital Automotive REIT, Series 2014-1A, Class A 3.660% 10/15/44 (d)		100,000		100,406
Carlyle Global Market Strategies CLO Ltd., Series 2013-1A, Class A1R, 3 mo. USD LIBOR + 1.220% 3.913% FRN 8/14/30 (d)		250,000		249,654
CIFC Funding V Ltd., Series 2017-5A, Class A1, 3.953% FRN 11/16/30 (d) (f)		250,000		248,829
CLI Funding V LLC, Series 2014-2A, Class A 3.380% 10/18/29 (d)		53,186		52,964
CLI Funding VI LLC Series 2017-1A, Class A, 3.620% 5/18/42 (d)		304,977		303,805
Series 2016-1A, Class A, 4.210% 2/18/41 (d)		336,751		336,197
Countrywide Asset-Backed Certificates, Series 2004-5, Class 3A, 1 mo. USD LIBOR + .460% 2.946% FRN 9/25/34		13,516		13,425

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

65

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

	Principal Amount		Value
Crestline Denali CLO XIV Ltd. Series 2016-1A, Class A1R, 4.052% FRN 10/23/31 (d) (f)	$	350,000	$	348,116
Series 2016-1A, Class BR, 4.572% FRN 10/23/31 (d) (f)		250,000		246,602
CWABS Asset-Backed Certificates Trust, Series 2005-4, Class MV5, 1 mo. USD LIBOR + 1.005% 3.491% FRN 10/25/35		440,000		426,894
DB Master Finance LLC Series 2019-1A, Class A2II, 4.021% 5/20/49 (d) (h)		326,000		327,467
Series 2019-1A, Class A23, 4.352% 5/20/49 (d) (h)		295,000		296,845
Diamond Resorts Owner Trust Series 2016-1, Class B, 3.370% 11/20/28 (d)		270,486		266,188
Series 2015-2, Class B, 3.540% 5/22/28 (d)		34,870		34,855
Domino’s Pizza Master Issuer LLC Series 2018-1A, Class A2I, 4.116% 7/25/48 (d)		267,975		273,759
Series 2017-1A, Class A23, 4.118% 7/25/47 (d)		167,450		170,123
Series 2015-1A, Class A2II, 4.474% 10/25/45 (d)		602,950		628,171
Drug Royalty Corp., Inc., Series 2012-1, Class A2 5.800% 7/15/24 (d)		2,436		2,435
Elara HGV Timeshare Issuer LLC Series 2016-A, Class A, 2.730% 4/25/28 (d)		173,518		171,232
Series 2016-A, Class B, 3.220% 4/25/28 (d)		105,804		104,774
FCI Funding LLC, Series 2019-1A, Class A 3.630% 2/18/31 (d) (h)		135,000		134,977
Fremont Home Loan Trust, Series 2005-2, Class M2, 1 mo. USD LIBOR + .720% 3.206% FRN 6/25/35		28,046		27,998
Galaxy XX CLO Ltd., Series 2015-20A, Class AR, 3.761% FRN 4/20/31 (d) (f)		250,000		245,994
Global SC Finance IV Ltd., Series 2017-1A, Class A 3.850% 4/15/37 (d)		236,924		238,575
Goodgreen Trust Series 2016-1A, Class A, 3.230% 10/15/52 (d)		340,855		339,901
Series 2017-1A, Class A, 3.740% 10/15/52 (d)		182,687		184,637

	Principal Amount		Value
Harbor Park CLO Ltd., Series 2018-1A, Class B1, 4.539% FRN 1/20/31 (d) (f)	$	280,000	$	277,413
Helios Issuer LLC, Series 2017-1A, Class A 4.940% 9/20/49 (d)		270,378		277,950
Hero Funding Trust Series 2016-3A, Class A1, 3.080% 9/20/42 (d)		174,236		172,049
Series 2017-3A, Class A1, 3.190% 9/20/48 (d)		214,849		216,519
Series 2017-2A, Class A1, 3.280% 9/20/48 (d)		82,528		81,438
Series 2016-4A, Class A2, 4.290% 9/20/47 (d)		168,214		171,637
Hilton Grand Vacations Trust Series 2014-AA, Class A, 1.770% 11/25/26 (d)		26,451		26,160
Series 2013-A, Class A, 2.280% 1/25/26 (d)		28,482		28,410
Horizon Aircraft Finance I Ltd., Series 2018-1, Class B 5.270% 12/15/38 (d)		246,795		248,681
JG Wentworth XLII LLC, Series 2018-2A, Class B 4.700% 10/15/77 (d)		90,000		93,307
JG Wentworth XLIII LLC, Series 2019-1A, Class B 4.510% 8/15/73 (d)		138,000		139,025
JG Wentworth XXXV LLC, Series 2015-2A, Class A 3.870% 3/15/58 (d)		79,005		82,487
JP Morgan Mortgage Acquisition Trust, Series 2006-CH1, Class A5, 1 mo. USD LIBOR + .230% 2.716% FRN 7/25/36		23,545		23,466
Kayne CLO 4 Ltd., Series 2019-4A, Class B1, 1.000% FRN 4/25/32 (d) (f) (h)		250,000		250,000
KDAC Aircraft Finance Ltd., Series 2017-1A, Class A 4.212% 12/15/42 (d)		588,653		591,134
Kestrel Aircraft Fundig Limited, Series 2018-1A, Class A 4.250% 12/15/38 (d)		431,491		428,929
KREF Ltd, Series 2018-FL1, Class D, ABS, FRN, 144A, 5.034% FRN 6/15/36 (d) (f)		250,000		250,291
Labrador Aviation Finance Ltd., Series 2016-1A, Class A1 4.300% 1/15/42 (d)		406,354		410,171

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

66

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

	Principal Amount		Value
LCM XXIII Ltd., Series 23A, Class A1, 3 mo. USD LIBOR + 1.400% 4.161% FRN 10/20/29 (d)	$	480,000	$	480,696
Madison Park Funding XXII Ltd., Series 2016-22A, Class A, 3 mo. USD LIBOR + 1.480% 4.251% FRN 10/25/29 (d)		250,000		250,717
Madison Park Funding XXVIII Ltd., Series 2018-28A, Class B, 4.284% FRN 7/15/30 (d) (f)		950,000		934,654
Madison Park Funding XXXI Ltd., Series 2018-31A, Class B, 4.476% FRN 1/23/31 (d) (f)		250,000		247,739
Magnetite XV Ltd., Series 2015-15A, Class CR, 4.571% FRN 7/25/31 (d) (f)		490,000		471,635
Marble Point CLO XI Ltd., Series 2017-2A, Class A, 3.960% FRN 12/18/30 (d) (f)		250,000		247,574
Mariner Finance Issuance Trust, Series 2017-AA, Class A 3.620% 2/20/29 (d)		281,051		283,276
Mosaic Solar Loans LLC, Series 2017-1A, Class A 4.450% 6/20/42 (d)		65,448		66,617
MP CLO III Ltd., Series 2013-1A, Class AR, 4.011% FRN 10/20/30 (d) (f)		250,000		248,238
MVW Owner Trust, Series 2013-1A, Class A 2.150% 4/22/30 (d)		28,675		28,434
NP SPE II LLC, Series 2017-1A, Class A2 4.219% 10/21/47 (d)		380,000		388,358
NRZ Advance Receivables Trust, Series 2016-T3, Class AT3 2.833% 10/16/51 (d)		1,700,000		1,690,438
OHA Credit Partners XI Ltd., Series 2015-11A, Class CR, 4.911% FRN 1/20/32 (d) (f)		300,000		294,863
OHA Loan Funding Ltd., Series 2015-1A, Class AR, 3 mo. USD LIBOR + 1.410% 4.094% FRN 8/15/29 (d)		480,000		480,937
Orange Lake Timeshare Trust Series 2014-AA, Class A, 2.290% 7/09/29 (d)		19,276		19,060
Series 2016-A, Class B, 2.910% 3/08/29 (d)		117,797		118,235
Park Place Securities, Inc. Series 2005-WCW3, Class M1, 1 mo. USD LIBOR + .480% 2.966% FRN 8/25/35		61,463		61,303

	Principal Amount		Value
Series 2005-WCW2, Class M1, ABS, 1 mo. USD LIBOR + .750% 3.236% FRN 7/25/35	$	22,115	$	22,081
Planet Fitness Master Issuer LLC, Series 2018-1A, Class A2II 4.666% 9/05/48 (d)		746,250		773,075
PNMAC GMSR Issuer Trust, Series 2018-GT1, Class A, 1 mo. USD LIBOR + 2.850% 5.340% FRN 2/25/23 (d)		210,000		210,458
Popular ABS Mortgage Pass-Through Trust, Series 2006-B, Class A3, 1 mo. USD LIBOR + .280% 2.766% FRN 5/25/36		36,714		36,505
Race Point VIII CLO Ltd., Series 2013-8A, Class AR, 3 mo. USD LIBOR + 1.340% 3.984% FRN 2/20/30 (d)		250,000		249,791
RR 3 Ltd., Series 2018-3A, Class A1R2, 3.877% FRN 1/15/30 (d) (f)		500,000		495,169
Sierra Timeshare Receivables Funding LLC Series 2015-3A, Class A, 2.580% 9/20/32 (d)		44,451		44,218
Series 2015-2A, Class B, 3.020% 6/20/32 (d)		26,322		26,276
Series 2015-3A, Class B, 3.080% 9/20/32 (d)		19,559		19,528
Series 2016-1A, Class B, 3.670% 3/21/33 (d)		49,309		49,509
Spirit Master Funding LLC, Series 2014-4A, Class A1 3.501% 1/20/45 (d)		109,622		109,244
SpringCastle America Funding LLC, Series 2016-AA, Class A 3.050% 4/25/29 (d)		185,957		185,717
Steele Creek CLO Ltd., Series 2018-2A, Class C, 4.983% FRN 8/18/31 (d) (f)		490,000		473,102
Store Master Funding I-VII, Series 2018-1A, Class A4 4.740% 10/20/48 (d)		239,500		253,006
Store Master Funding LLC, Series 2013-3A, Class A1 4.240% 11/20/43 (d)		109,450		109,422
Sunnova Helios II Issuer LLC, Series 2018-1A, Class A 4.870% 7/20/48 (d)		121,871		126,041
SuttonPark Structured Settlements LLC, Series 2017-1A, Class A 4.190% 1/15/71 (d)		305,159		314,281
Taco Bell Funding LLC Series 2018-1A, Class A2II, 4.940% 11/25/48 (d)		309,225		322,162

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

67

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

	Principal Amount		Value
Series 2016-1A, Class A23, 4.970% 5/25/46 (d)	$	432,300	$	446,536
TCI-Symphony CLO Ltd., Series 2016-1A, Class A, 3 mo. USD LIBOR + 1.480% 4.277% FRN 10/13/29 (d)		320,000		320,821
Textainer Marine Containers V Ltd. Series 2017-2A, Class A, 3.520% 6/20/42 (d)		197,937		196,612
Series 2017-1A, Class A, 3.720% 5/20/42 (d)		252,077		253,399
Textainer Marine Containers VII Ltd., Series 2018-1A, Class A 4.110% 7/20/43 (d)		380,800		385,408
THL Credit Wind River CLO Ltd., Series 2018-3A, Class B, 4.526% FRN 1/20/31 (d) (f)		490,000		483,138
Trafigura Securitisation Finance PLC, Series 2017-1A, Class B, 1 mo. USD LIBOR + 1.700% 4.184% FRN 12/15/20 (d)		230,000		229,849
Trinity Rail Leasing LP, Series 2018-1A, Class A2 4.620% 6/17/48 (d)		430,000		453,253
Trip Rail Master Funding LLC, Series 2017-1A, Class A2 3.736% 8/15/47 (d)		140,000		139,927
Triton Container Finance IV LLC, Series 2017-2A, Class A 3.620% 8/20/42 (d)		505,123		506,193
Triton Container Finance VI LLC, Series 2017-1A, Class A 3.520% 6/20/42 (d)		157,286		156,542
VSE VOI Mortgage LLC, Series 2016-A, Class B 2.740% 7/20/33 (d)		57,522		56,897
Welk Resorts LLC, Series 2017-AA, Class B 3.410% 6/15/33 (d)		179,684		177,162
Wendy’s Funding LLC Series 2015-1A, Class A2II, 4.080% 6/15/45 (d)		318,450		322,206
Series 2015-1A, Class A23, 4.497% 6/15/45 (d)		337,750		347,576
Westgate Resorts LLC, Series 2017-1A, Class A 3.050% 12/20/30 (d)		150,014		149,223
Willis Engine Structured Trust IV, Series 2018-A, Class A, 4.750% STEP 9/15/43 (d)		254,137		259,426
Wingstop Funding LLC, Series 2018-1, Class A2 4.970% 12/05/48 (d)		130,000		135,408
				28,933,154

	Principal Amount		Value
Student Loans ABS — 11.2%
Academic Loan Funding Trust, Series 2012-1A, Class A2, 1 mo. USD LIBOR + 1.100% 3.586% FRN 12/27/44 (d)	$	403,282	$	405,245
Access Group, Inc. Series 2006-1, Class B, 3 mo. USD LIBOR + .450% 3.101% FRN 8/25/37		507,223		493,805
Series 2015-1, Class B, 1 mo. USD LIBOR + 1.500% 3.990% FRN 7/25/58 (d)		130,000		123,183
AccessLex Institute Series 2004-A, Class A3, 28 day ARS 1.699% FRN 7/01/39		800,000		789,353
Series 2005-1, Class B, 3 mo. USD LIBOR + .570% 3.177% FRN 9/22/37		323,500		311,341
Series 2003-A, Class A3, 3 mo. Treasury + 1.200% 3.690% FRN 7/01/38		11,589		11,333
Commonbond Student Loan Trust, Series 2017-AGS, Class C 5.280% 5/25/41 (d)		134,627		136,155
Credit Suisse ABS Repackaging Trust, Series 2013-A, Class B 2.500% 1/25/30 (d)		120,333		114,829
DRB Prime Student Loan Trust, Series 2015-A, Class A2 3.060% 7/25/31 (d)		71,985		72,250
Earnest Student Loan Program LLC, Series 2016-D, Class A2 2.720% 1/25/41 (d)		157,211		156,811
ECMC Group Student Loan Trust, Series 2016-1A, Class A, 1 mo. USD LIBOR + 1.350% 3.840% FRN 7/26/66 (d)		439,260		443,383
EdLinc Student Loan Funding Trust, Series 2017-A, Class A, 4.350% FRN 12/01/47 (d) (f)		463,928		463,980
Goal Capital Funding Trust, Series 2006-1, Class B, 3 mo. USD LIBOR + .450% 3.101% FRN 8/25/42		597,977		552,425
KeyCorp Student Loan Trust, Series 1999-B, Class CTFS, 3 mo. USD LIBOR + .900% 3.551% FRN 11/25/36		26,481		26,496
Navient Private Education Refi Loan Trust, Series 2018-CA, Class B 4.220% 6/16/42 (d)		530,000		544,469
Navient Student Loan Trust Series 2018-1A, Class A3, 3.206% FRN 3/25/67 (d) (f)		650,000		642,872

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

68

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

	Principal Amount		Value
Series 2017-5A, Class A, 3.286% FRN 7/26/66 (d) (f)	$	294,987	$	295,350
Series 2019-BA, Class A2B, 3.467% FRN 12/15/59 (d) (f)		1,000,000		1,000,342
Series 2018-1A, Class B, 3.686% FRN 3/25/67 (d) (f)		250,000		250,000
Series 2016-6A, Class A3, 1 mo. USD LIBOR + 1.300% 3.786% FRN 3/25/66 (d)		1,030,000		1,059,274
Series 2018-EA, Class B, 4.440% 12/15/59 (d)		140,000		145,348
Nelnet Private Education Loan Trust Series 2016-A, Class A1B, 3.600% 12/26/40 (d)		115,240		116,005
Series 2016-A, Class A1A, 1 mo. USD LIBOR + 1.750% 4.236% FRN 12/26/40 (d)		102,881		102,556
Nelnet Student Loan Trust Series 2005-4, Class A4R2, 28 day ARS 2.594% FRN 3/22/32		150,000		144,908
Series 2006-3, Class B, 3 mo. USD LIBOR + .250% 2.852% FRN 6/25/41		145,792		136,106
Series 2012-2A, Class B, 1 mo. USD LIBOR + 1.000% 3.486% FRN 11/25/36 (d)		200,000		190,232
Series 2012-1A, Class B, 1 mo. USD LIBOR + 1.000% 3.486% FRN 6/25/42 (d)		150,000		142,138
Series 2012-4A, Class B, 1 mo. USD LIBOR + 1.000% 3.486% FRN 7/26/49 (d)		350,000		337,547
Series 2014-2A, Class B, 1 mo. USD LIBOR + 1.500% 3.986% FRN 6/25/41 (d)		100,000		99,902
Series 2014-1A, Class B, 1 mo. USD LIBOR + 1.500% 3.986% FRN 10/25/47 (d)		440,000		423,182
Series 2014-5A, Class B, 1 mo. USD LIBOR + 1.500% 3.986% FRN 5/26/54 (d)		100,000		96,970
Pennsylvania Higher Education Assistance Agency, Series 2015-1A, Class B, 1 mo. USD LIBOR + 1.500% 3.986% FRN 4/25/45 (d)		130,000		122,130
PHEAA Student Loan Trust, Series 2016-2A, Class A, 1 mo. USD LIBOR + .950% 3.436% FRN 11/25/65 (d)		391,845		393,340
SLM Student Loan Trust Series 06-2, Class R, 0.000%1/25/41 (a) (b)		1,363		558,830

	Principal Amount		Value
Series 2007-1, Class A6, 3 mo. USD LIBOR + .140% 2.911% FRN 1/27/42	$	100,000	$	95,709
Series 2005-3, Class B, 3 mo. USD LIBOR + .150% 2.921% FRN 4/25/40		140,710		129,874
Series 2006-7, Class B, 3 mo. USD LIBOR + .200% 2.971% FRN 1/27/42		370,295		343,856
Series 2006-4, Class B, 3 mo. USD LIBOR + .200% 2.971% FRN 1/25/70		188,940		179,614
Series 2006-5, Class B, 3 mo. USD LIBOR + .210% 2.981% FRN 10/25/40		159,266		149,009
Series 2006-10, Class B, 3 mo. USD LIBOR + .220% 2.991% FRN 3/25/44		387,622		366,272
Series 2005-6, Class B, 3 mo. USD LIBOR + .290% 3.061% FRN 1/25/44		386,133		358,257
Series 2005-9, Class B, 3 mo. USD LIBOR + .300% 3.071% FRN 1/25/41		474,564		453,779
Series 2004-3, Class B, 3 mo. USD LIBOR + .470% 3.241% FRN 10/25/64		128,666		122,407
Series 2005-9, Class A7A, 3 mo. EURIBOR + .600% 3.371% FRN 1/25/41		569,211		569,918
Series 2003-14, Class A7, 3 mo. USD LIBOR + .600% 3.371% FRN 10/25/65 (d)		2,610,000		2,589,043
Series 2013-2, Class B, 1 mo. USD LIBOR + 1.500% 3.986% FRN 6/25/43		310,000		305,751
Series 2002-7, Class A11, 28 day ARS 4.080% FRN 3/15/28		100,000		100,000
Series 2013-1, Class B,, 1 mo. USD LIBOR + 1.800% 4.286% FRN 11/25/70		381,000		388,355
Series 2003-5, Class A7, 28 day ARS 4.490% FRN 6/15/30		50,000		50,000
Series 2002-7, Class B, 28 day ARS 5.073% FRN 12/15/39		600,000		611,221
SMB Private Education Loan Trust Series 2016-B, Class A2A, 2.430% 2/17/32 (d)		169,475		167,501
Series 2019-A, Class A2B, 3.510% FRN 7/15/36 (d) (f)		101,000		101,000
Series 2019-A, Class B, 4.000% 11/17/42 (d)		185,000		188,425
Series 2015-C, Class C, 4.500% 9/17/46 (d)		350,000		368,129

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

69

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

	Principal Amount		Value
SoFi Professional Loan Program LLC Series 2015-A, Class RC, 0.000%3/25/33 (d)	$	200	$	175,000
Series 2018-A, Class R1, 0.000%2/25/42 (d)		1,000,000		718,200
Series 2019-A, Class R1, 0.000%6/15/48 (d)		1,361,200		396,897
Series 2017-D, Class R1, 0.000% 9/25/40 (d)		1,000,000		648,040
Series 2018-D, Class R1, 0.000% 2/25/48 (d)		911,500		314,012
Series 2017-D, Class BFX, 3.610% 9/25/40 (d)		500,000		501,727
Series 2017-C, Class C, 4.210% VRN 7/25/40 (d) (f)		180,000		182,623
Series 2016-A, Class A1, 1 mo. USD LIBOR + 1.750% 4.236% FRN 8/25/36 (d)		47,161		47,904
Series 2017-A, Class C, 4.430% VRN 3/26/40 (d) (f)		170,000		172,237
South Carolina Student Loan Corp. Series 2015-A, Class A, 1 mo. USD LIBOR + 1.500% 3.986% FRN 1/25/36		119,549		120,504
Series 2014-1, Class B, 1 mo. USD LIBOR + 1.500% 3.989% FRN 8/01/35		550,000		557,581
				22,374,935
WL Collateral CMO — 0.5%
Angel Oak Mortgage Trust I LLC, Series 2019-2, Class M1, 4.065% VRN 3/25/49 (d) (f)		260,000		257,389
Bank of America Mortgage Securities, Series 2004-G, Class 2A7, 4.657% VRN 8/25/34 (f)		20,359		20,127
Countrywide Home Loans, Inc. Series 2003-42, Class 1A1, 3.991% VRN 9/25/33 (f)		2,379		2,198
Series 2004-2, Class 1A1, 4.619% VRN 2/25/34 (f)		10,338		9,717
Deephaven Residential Mortgage Trust, Series 2019-1A, Class M1, 4.402% VRN 1/25/59 (d) (f)		250,000		254,260
GSR Mortgage Loan Trust, Series 2004-9, Class 2A1, 4.103% VRN 8/25/34 (f)		3,757		3,669
IndyMac Index Mortgage Loan Trust, Series 2004-AR4, Class 1A, 4.048% VRN 8/25/34 (f)		25,126		24,112
JP Morgan Mortgage Trust, Series 2017-1, Class A11, 3.500% VRN 1/25/47 (d) (f)		466,139		462,431

	Principal Amount		Value
Merrill Lynch Mortgage Investors, Inc. Series 2004-A1, Class IA, 2.750% VRN 2/25/34 (f)	$	1,405	$	1,274
Series 2003-A4, Class IA, 4.666% VRN 7/25/33 (f)		1,390		1,352
Structured Adjustable Rate Mortgage Loan Trust, Series 2004-2, Class 2A, 4.558% VRN 3/25/34 (f)		11,353		11,061
Washington Mutual Mortgage Pass-Through Certificates, Series 2004-AR2, Class A, 12 mo. MTA + 1.400% 3.797% FRN 4/25/44		33,723		33,218
				1,080,808
TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $61,144,773)				61,546,163
SOVEREIGN DEBT OBLIGATIONS — 0.8%
Colombia Government International Bond 6.125% 1/18/41		440,000		519,864
Mexico Government International Bond 4.750% 3/08/44		554,000		544,305
6.750% 9/27/34		375,000		456,754
				1,520,923
TOTAL SOVEREIGN DEBT OBLIGATIONS (Cost $1,545,958)				1,520,923
U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES — 20.5%
Collateralized Mortgage Obligations — 0.2%
Federal Home Loan Mortgage Corp. Series 2617, Class Z, 5.500% 5/15/33		94,476		103,549
Series 2693, Class Z, 5.500% 10/15/33		169,439		184,904
Series 2178, Class PB, 7.000% 8/15/29		10,333		11,380
				299,833
Pass-Through Securities — 20.1%
Federal Home Loan Mortgage Corp. Pool #B16010 5.000% 8/01/19		11		11
Pool #B17058 5.000% 9/01/19		144		145
Pool #B18677 5.000% 1/01/20		62		63
Pool #G01311 7.000% 9/01/31		888		1,007
Pool #C80207 7.500% 9/01/24		659		716
Pool #C00530 7.500% 7/01/27		661		740
Pool #C00563 7.500% 11/01/27		2,408		2,705
Pool #C00612 7.500% 4/01/28		128		143
Pool #C55867 7.500% 2/01/30		2,766		3,063

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

70

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

	Principal Amount		Value
Federal National Mortgage Association Pool #AR3007 3.000% 2/01/43	$	200,601	$	200,819
Pool #AS1304 3.500% 12/01/28		213,798		219,613
Pool #AV1897 3.500% 12/01/28		37,735		38,761
Pool #AV2325 3.500% 12/01/28		106,756		109,659
Pool #BF0196 3.500% 2/01/41		273,592		280,020
Pool #MA1356 3.500% 2/01/43		1,283,044		1,307,977
Pool #BM3994 3.500% 1/01/44		287,984		293,580
Pool #BJ0686 4.000% 4/01/48		1,237,655		1,277,515
Pool #CA1951 4.000% 7/01/48		624,388		644,301
Pool #CA2039 4.000% 7/01/48		1,181,612		1,217,821
Pool #725692 1 year CMT + 2.138% 4.315% FRN 10/01/33		47,579		49,970
Pool #888586 1 year CMT + 2.199% 4.420% FRN 10/01/34		106,924		112,575
Pool #CA1952 4.500% 6/01/48		812,538		851,153
Pool #CA1909 4.500% 6/01/48		1,942,222		2,030,123
Pool #BK7877 4.500% 7/01/48		473,777		496,292
Pool #735010 5.000% 11/01/19		2,324		2,326
Pool #AD6437 5.000% 6/01/40		72,410		78,179
Pool #AD6996 5.000% 7/01/40		475,890		512,319
Pool #AL8173 5.000% 2/01/44		192,037		206,497
Pool #575579 7.500% 4/01/31		4,796		5,468
Pool #535996 7.500% 6/01/31		843		964
Federal National Mortgage Association TBA Pool #1058 3.500% 2/01/48 (h)		925,000		937,430
Pool #11192 4.000% 5/01/48 (h)		9,875,000		10,155,820
Pool #20567 4.500% 7/01/48 (h)		8,935,000		9,309,153
Government National Mortgage Association I Pool #783896 3.500% 5/15/44		368,581		378,237
Pool #579140 6.500% 1/15/32		724		807
Pool #587280 6.500% 9/15/32		1,044		1,159
Pool #550659 6.500% 9/15/35		69,565		79,284
Pool #538689 6.500% 12/15/35		15,812		18,064
Pool #780651 7.000% 10/15/27		999		1,101
Pool #462384 7.000% 11/15/27		503		553
Pool #482668 7.000% 8/15/28		887		988
Pool #506804 7.000% 5/15/29		5,362		5,847
Pool #581417 7.000% 7/15/32		1,823		2,070
Pool #423836 8.000% 8/15/26		615		685
Pool #444619 8.000% 3/15/27		6,242		6,916
Government National Mortgage Association II TBA Pool #304 3.500% 1/01/48 (h)		8,275,000		8,453,430
Pool #1235 4.000% 5/01/48 (h)		1,050,000		1,084,125
				40,380,194

	Principal Amount		Value
Whole Loans — 0.2%
Federal National Mortgage Association
Connecticut Avenue Securities Trust Series 2019-R02, Class 1M2 FRN 4.786% 8/25/31 (d) (f)	$	381,000	$	383,419
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (Cost $40,758,846)				41,063,446
U.S. TREASURY OBLIGATIONS — 2.0%
U.S. Treasury Bonds & Notes — 2.0%
U.S. Treasury Bond 2.500% 5/15/46		450,000		422,965
3.500% 2/15/39 (i)		435,000		492,828
U.S. Treasury Note 1.625% 10/31/23		2,350,000		2,286,844
1.875% 11/30/21		800,000		792,106
				3,994,743
TOTAL U.S. TREASURY OBLIGATIONS (Cost $3,950,796)				3,994,743
TOTAL BONDS & NOTES (Cost $189,264,300)				190,318,051
TOTAL PURCHASED OPTIONS (#) — 1.3% (Cost $2,511,939)				2,521,728
	Number of Shares
WARRANTS — 0.0%
Consumer, Non-cyclical — 0.0%
Chemicals — 0.0%
Hercules LLC, Expires 3/31/29, Strike 0.09 (a) (b) (c)		150		3,870
TOTAL WARRANTS (Cost $0)				3,870
MUTUAL FUNDS — 1.2%
Diversified Financial Services — 1.2%
State Street Navigator Securities Lending Prime Portfolio (j)		2,427,133		2,427,133
TOTAL MUTUAL FUNDS (Cost $2,427,133)				2,427,133
TOTAL LONG-TERM INVESTMENTS (Cost $194,545,600)				195,585,105

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

71

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

	Principal Amount		Value
SHORT-TERM INVESTMENTS — 18.4%
Commercial Paper — 18.4%
AutoZone, Inc. 2.742% 4/15/19 (d)	$	2,000,000	$	1,997,463
Avangrid, Inc. 2.769% 4/10/19 (d)		1,600,000		1,598,580
BAT International Finance PLC 2.739% 4/04/19 (d)		1,500,000		1,499,338
2.744% 4/08/19 (d)		800,000		799,410
Bell Canada 2.917% 7/12/19 (d)		1,900,000		1,884,373
Commonwealth Edison 2.690% 4/12/19 (d)		2,000,000		1,997,933
CRH America Finance, Inc. 2.957% 4/01/19 (d)		1,000,000		999,780
CVS Corp. 2.658% 4/01/19 (d)		2,000,000		1,999,570
Dominion Resources 2.745% 4/09/19		2,000,000		1,998,375
Duke Energy Corp. 2.853% 4/03/19 (d)		1,100,000		1,099,596
Enbridge, Inc. 2.924% 4/29/19		2,000,000		1,995,279
Fortive Corp. 2.732% 4/17/19 (d)		2,000,000		1,997,148
Harley-Davidson Funding Corp. 2.728% 5/17/19 (d)		1,630,000		1,623,852
Hyundai Capital America 2.890% 6/21/19 (d)		2,000,000		1,986,709
Interpublic Group Cos. 2.887% 4/01/19 (d)		800,000		799,825
Marsh & Mclennan Co. 2.720% 4/09/19 (d)		2,000,000		1,998,374
Mohawk Industries, Inc. 2.688% 4/02/19 (d)		2,000,000		1,999,413
Mondelez International Inc. 2.905% 4/02/19 (d)		1,400,000		1,399,589
Nasdaq, Inc. 2.791% 4/02/19 (d)		2,000,000		1,999,419
NextEra Energy Capital Holdings, Inc. 2.864% 4/23/19 (d)		700,000		698,674
Reckitt Benckiser Group PLC 2.802% 4/23/19 (d)		2,000,000		1,996,593
Ryder System, Inc. 2.722% 4/16/19		1,100,000		1,098,518
Transcanada Pipelines Ltd. 2.940% 5/09/19 (d)		1,400,000		1,395,607
				36,863,418
TOTAL SHORT-TERM INVESTMENTS (Cost $36,865,271)				36,863,418

	Value
TOTAL INVESTMENTS — 115.9% (Cost $231,410,871) (k)	$	232,448,523
Other Assets/(Liabilities) — (15.9)%		(31,931,007	)
NET ASSETS — 100.0%	$	200,517,516

Abbreviation Legend

ABS Asset-Backed Security

ARS Auction Rate Security

BAB Build America Bonds

CLO Collateralized Loan Obligation

CMO Collateralized Mortgage Obligation

CMT Constant Maturity Treasury Index

FRN Floating Rate Note

MBS Mortgage-Backed Security

MTA Monthly Treasury Average Index

STEP Step Up Bond

TBA To Be Announced

VRN Variable Rate Note

WL Whole Loan

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Investment was valued using significant unobservable inputs.

(b) This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At March 31, 2019, these securities amounted to a value of $563,507 or 0.28% of net assets.

(c) Non-income producing security.

(d) Securities exempt from registration under rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2019, these securities amounted to a value of $100,225,720 or 49.98% of net assets.

(e) Denotes all or a portion of security on loan. The total value of securities on loan as of March 31, 2019, was $2,377,150 or 1.19% 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).

(f) Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. The rates shown are the current interest rates at March 31, 2019.

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

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

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

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

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

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

72

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

(#) Purchased Options contracts at March 31, 2019:

OTC Counterparty	Units		Notional Amount			Expiration Date		Description	Premiums Purchased		Value		Unrealized Appreciation/ (Depreciation)
Put
Bank of America N.A.*		400,000		EUR	400,000		6/19/19	EUR Put USD Call, Strike 1.14	$	4,996	$	4,934	$	(62	)
Citibank N.A.*		376,000		GBP	376,000		4/16/19	GBP Put USD Call, Strike 1.29		2,758		2,716		(42	)
									$	7,754	$	7,650	$	(104	)

* Contracts are subject to a Master Netting Agreement.

(#) Purchased Swaptions contracts at March 31, 2019:

OTC Counterparty	Units		Notional Amount		Expiration Date	Pay/ Receive Exercise Rate		Description	Premiums Purchased		Value		Unrealized Appreciation/ (Depreciation)
Call
Barclays Bank PLC*		8,070,000		USD8,070,000	12/13/32		Receive	3-Month USD LIBOR BBA 10 Year Swaption, Underlying swap terminates 12/15/42, Exercise Rate 2.44%	$	403,438	$	386,734	$	(16,704	)
Credit Suisse International*		8,910,000		USD8,910,000	1/31/33		Receive	3-Month USD LIBOR BBA 10 Year Swaption, Underlying swap terminates 2/02/43, Exercise Rate 2.61%		427,679		476,645		48,966
										831,117		863,379		32,262
Put
Barclays Bank PLC*		16,440,000		USD16,440,000	12/13/32		Pay	3-Month USD LIBOR BBA 10 Year Swaption, Underlying swap terminates 12/15/42, Exercise Rate 2.94%	$	821,885	$	833,047	$	11,162
Credit Suisse International*		17,770,000		USD17,770,000	1/31/33		Pay	3-Month USD LIBOR BBA 10 Year Swaption, Underlying swap terminates 2/02/43, Exercise Rate 3.11%		851,183		817,652		(33,531	)
										1,673,068		1,650,699		(22,369	)
									$	2,504,185	$	2,514,078	$	9,893

* Contracts are subject to a Master Netting Agreement.

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

73

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

Forward contracts at March 31, 2019:

		Counterparty	Settlement Date	In Exchange for		Unrealized Appreciation/ (Depreciation)
Contracts to Buy
ARS	4,085,058	Bank of America N.A.*	10/29/19	$	78,375	$	(5,764	)
EUR	204,738	Bank of America N.A.*	4/16/19		234,000		(4,062	)
SEK	895,453	Bank of America N.A.*	4/16/19		101,637		(5,223	)
ZAR	3,484,796	Bank of America N.A.*	4/16/19		240,326		783
					654,338		(14,266	)
MYR	829,606	Barclays Bank PLC*	4/23/19		201,998		1,118
ARS	8,662,882	BNP Paribas SA*	10/29/19		163,000		(9,020	)
BRL	1,929,197	BNP Paribas SA*	4/09/19		500,116		(7,654	)
					663,116		(16,674	)
EUR	330,603	Citibank N.A.*	4/16/19		383,709		(12,415	)
MXN	2,045,976	Goldman Sachs International*	4/09/19		102,571		2,718
RUB	6,769,970	Goldman Sachs International*	4/16/19		99,890		3,055
					202,461		5,773
ARS	2,025,858	JP Morgan Chase Bank N.A.*	10/29/19		38,441		(2,432	)
AUD	352,906	JP Morgan Chase Bank N.A.*	4/23/19		253,915		(3,229	)
CLP	64,896,500	JP Morgan Chase Bank N.A.*	4/09/19		93,122		2,245
					385,478		(3,416	)
				$	2,491,100	$	(39,880	)
Contracts to Deliver
COP	156,787,500	Bank of America N.A.*	4/09/19	$	50,000	$	840
GBP	76,254	Bank of America N.A.*	4/16/19		99,000		(387	)
MXN	1,816,062	Bank of America N.A.*	4/09/19		93,000		(457	)
ZAR	1,658,152	Bank of America N.A.*	4/16/19		119,000		4,274
					361,000		4,270
INR	10,342,280	Barclays Bank PLC*	4/23/19		145,333		(3,492	)
MYR	829,606	Barclays Bank PLC*	4/23/19		203,212		96
					348,545		(3,396	)
CNH	1,749,447	BNP Paribas SA*	4/23/19		258,428		(1,784	)
CLP	64,896,500	Citibank N.A.*	4/09/19		93,159		(2,208	)
CNH	762,371	Citibank N.A.*	4/23/19		113,000		(395	)
CRC	36,357,630	Citibank N.A.*	6/14/19		59,118		(1,772	)
IDR	1,473,000,000	Citibank N.A.*	4/23/19		102,806		(360	)
NZD	146,239	Citibank N.A.*	4/23/19		100,000		373
PHP	13,316,520	Citibank N.A.*	4/23/19		252,152		(856	)
THB	7,942,250	Citibank N.A.*	4/23/19		250,000		(401	)
					970,235		(5,619	)
CLP	67,114,500	Goldman Sachs International*	4/09/19		101,000		2,374
ILS	362,300	Goldman Sachs International*	4/16/19		100,000		170
					201,000		2,544

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

74

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

		Counterparty	Settlement Date	In Exchange for		Unrealized Appreciation/ (Depreciation)
Contracts to Deliver (Continued)
BRL	983,187	JP Morgan Chase Bank N.A.*	4/09/19	$	261,000	$	10,024
GBP	78,233	JP Morgan Chase Bank N.A.*	4/16/19		100,290		(1,677	)
IDR	1,414,434,000	JP Morgan Chase Bank N.A.*	4/23/19		98,000		(1,064	)
KRW	111,970,000	JP Morgan Chase Bank N.A.*	4/23/19		100,260		1,556
SGD	138,453	JP Morgan Chase Bank N.A.*	4/23/19		102,466		264
ZAR	1,826,644	JP Morgan Chase Bank N.A.*	4/16/19		130,251		3,868
					792,267		12,971
				$	2,931,475	$	8,986
Cross Currency Forwards
CZK	2,290,460	Bank of America N.A.*	4/16/19	EUR	89,000	$	(378	)
EUR	88,000	Bank of America N.A.*	4/16/19	HUF	28,212,800		206
							(172	)
PLN	521,418	Barclays Bank PLC*	4/16/19	EUR	120,000		1,098
PLN	1,408,796	BNP Paribas SA*	4/16/19	EUR	326,155		796
						$	1,722

* Contracts are subject to a Master Netting Agreement.

Futures contracts at March 31, 2019:

	Expiration Date		Number of Contracts		Notional Amount	Value/ Net Unrealized Appreciation/ (Depreciation)
Long
U.S. Treasury Ultra 10 Year		6/19/19		18	$2,361,527	$	28,536
U.S. Treasury Ultra Bond		6/19/19		92	14,974,779		481,221
U.S. Treasury Note 2 Year		6/28/19		118	25,050,059		95,004
U.S. Treasury Note 5 Year		6/28/19		45	5,162,155		50,111
						$	654,872
Short
90 Day Eurodollar		6/17/19		2	$(486,918)	$	(357	)
U.S. Treasury Long Bond		6/19/19		34	(4,955,016)		(133,297	)
90 Day Eurodollar		9/16/19		3	(730,303)		(1,247	)
90 Day Eurodollar		12/16/19		3	(730,078)		(1,697	)
90 Day Eurodollar		3/16/20		2	(487,093)		(1,332	)
90 Day Eurodollar		6/15/20		2	(487,381)		(1,494	)
90 Day Eurodollar		9/14/20		2	(487,593)		(1,607	)
90 Day Eurodollar		12/14/20		2	(487,568)		(1,707	)
90 Day Eurodollar		3/15/21		2	(487,743)		(1,657	)
90 Day Eurodollar		9/13/21		3	(731,728)		(2,297	)
90 Day Eurodollar		3/14/22		3	(731,503)		(2,185	)
90 Day Eurodollar		9/19/22		3	(731,203)		(2,110	)
90 Day Eurodollar		3/13/23		2	(487,168)		(1,432	)
90 Day Eurodollar		12/18/23		3	(730,078)		(2,110	)
90 Day Eurodollar		12/16/24		6	(1,458,355)		(4,070	)
						$	(158,599	)

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

75

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

Swap agreements at March 31, 2019:

Counterparty	Currency	Notional Amount		Expiration Date		Payment Frequency	Receive (Pay) Fixed Rate	Deliverable on Default	Unrealized Appreciation (Depreciation)			Premium (Received) Paid			Value
Credit Default Swaps — Sell Protection††
OTC Swaps
Goldman Sachs International*	USD		450,000		5/11/63	Monthly	3.000%	CMBX.NA.6. (Rating: BBB-)†	$	(57,415	)	$	277		$	(57,138	)
Goldman Sachs International*	USD		380,000		5/11/63	Monthly	3.000%	CMBX.NA.6. (Rating: BBB-)†		(15,342	)		(32,908	)		(48,250	)
Goldman Sachs International*	USD		140,000		5/11/63	Monthly	3.000%	CMBX.NA.6. (Rating: BBB-)†		(6,559	)		(11,217	)		(17,776	)
									$	(79,316	)	$	(43,848	)	$	(123,164	)

* Contracts are subject to a Master Netting Agreement.

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

†† For each credit derivative with sold protection, the credit ratings of the entities referenced, as rated by any rating organization, are included in the equivalent S&P Global Ratings. The reference entity rating represents the likelihood of a potential payment by the Fund if the referenced entity experiences a credit event as of period end. Notional amounts represent the maximum potential amount of future payments (undiscounted) the Fund could be required to make under the credit derivatives with sold protection.

Currency Legend

ARS Argentinean Peso

AUD Australian Dollar

BRL Brazilian Real

CLP Chilean Peso

CNH Offshore Chinese Yuan

COP Colombian Peso

CRC Costa Rican Colon

CZK Czech Koruna

EUR Euro

GBP British Pound

HUF Hungarian Forint

IDR Indonesian Rupiah

ILS Israeli Shekel

INR Indian Rupee

KRW South Korean Won

MXN Mexican Peso

MYR Malaysian Ringgit

NZD New Zealand Dollar

PHP Philippine Peso

PLN Polish Zloty

RUB Russian Ruble

SEK Swedish Krona

SGD Singapore Dollar

THB Thai Baht

USD U.S. Dollar

ZAR South African Rand

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

76

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

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

United States	80.9	%
Cayman Islands	5.7	%
Canada	2.7	%
Mexico	1.6	%
United Kingdom	1.4	%
Netherlands	1.2	%
Bermuda	0.9	%
Ireland	0.7	%
Spain	0.4	%
Switzerland	0.3	%
Luxembourg	0.3	%
Colombia	0.3	%
Germany	0.3	%
Finland	0.2	%
Norway	0.2	%
Panama	0.1	%
Israel	0.1	%
Chile	0.1	%
France	0.1	%
Australia	0.0	%
Total Long-Term Investments	97.5	%
Short-Term Investments and Other Assets and Liabilities	2.5	%
Net Assets	100.0	%

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

77

MassMutual Premier High Yield Fund – Portfolio of Investments

March 31, 2019 (Unaudited)

	Number of Shares		Value
EQUITIES — 0.8%
COMMON STOCK — 0.7%
Basic Materials — 0.0%
Forest Products & Paper — 0.0%
Appvion Inc. (Escrow Shares) (a) (b)		5,428,000	$	-
The Newark Group, Inc. (a) (b) (c)		329,969		9,899
				9,899
Energy — 0.7%
Oil & Gas — 0.7%
Fieldwood Energy LLC (c)		44,668		1,459,169
Fieldwood Energy LLC (c)		10,960		358,031
Jupiter Resources, Inc. (c)		610,239		1,906,997
				3,724,197
TOTAL COMMON STOCK (Cost $9,391,603)				3,734,096
PREFERRED STOCK — 0.1%
Consumer, Non-cyclical — 0.1%
Agriculture — 0.1%
Pinnacle Agriculture Holdings LLC (c)		2,011,244		462,586
TOTAL PREFERRED STOCK (Cost $1,282,342)				462,586
TOTAL EQUITIES (Cost $10,673,945)				4,196,682
	Principal Amount
BONDS & NOTES — 96.4%
BANK LOANS — 6.7%
Aerospace & Defense — 1.2%
TransDigm, Inc., 2018 Term Loan F, 0.00% 6/09/23 (g)	$	4,062,741		3,964,219
Veritas Bermuda Ltd., USD Repriced Term Loan B, 0.00% 1/27/23 (g)		2,493,639		2,302,327
				6,266,546
Electronics — 0.1%
Vertafore, Inc., 2018 1st Lien Term Loan, 1 mo. LIBOR + 3.250% 5.749% VRN 7/02/25		418,950		410,869
Health Care – Services — 0.9%
Avantor, Inc., 2017 1st Lien Term Loan, 1 mo. LIBOR + 3.750% 6.249% VRN 11/21/24		2,316,878		2,318,801

	Principal Amount		Value
Banff Merger Sub, Inc., 2018 USD Term Loan B, 3 mo. LIBOR + 4.250% 6.851% VRN 10/02/25	$	2,271,292	$	2,221,709
				4,540,510
Oil & Gas — 0.9%
Fieldwood Energy LLC Exit 1st Lien Term Loan, 1 mo. LIBOR + 5.250% 7.749% VRN 4/11/22		2,255,879		2,165,644
Exit 2nd Lien Term Loan, 1 mo. LIBOR + 7.250% 9.749% VRN 4/11/23		3,084,695		2,602,711
				4,768,355
Packaging & Containers — 1.6%
BWAY Holding Co., 2017 Term Loan B, 3 mo. LIBOR + 3.250% 6.033% VRN 4/03/24		2,693,147		2,623,799
Consolidated Energy Finance, S.A., Term Loan B, 1 mo. LIBOR + 2.500% 4.989% VRN 5/07/25		3,182,678		3,071,284
Reynolds Group Holdings, Inc., USD 2017 Term Loan, 1 mo. LIBOR + 2.750% 5.249% VRN 2/05/23		2,371,517		2,341,873
				8,036,956
Retail — 0.8%
Michaels Stores, Inc., 2018 Term Loan B, 1 mo. LIBOR + 2.500% 4.997% VRN 1/30/23		4,185,695		4,094,991
Telecommunications — 1.2%
CenturyLink, Inc., 2017 Term Loan B, 1 mo. LIBOR + 2.750% 5.249% VRN 1/31/25		5,954,774		5,831,986
TOTAL BANK LOANS (Cost $33,490,483)				33,950,213
CORPORATE DEBT — 89.7%
Aerospace & Defense — 2.4%
Moog, Inc. 5.250% 12/01/22 (d)		874,000		887,110
TransDigm UK Holdings PLC 6.875% 5/15/26 (d)		1,298,000		1,291,510
TransDigm, Inc. 6.375% 6/15/26		3,774,000		3,735,694

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

78

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

	Principal Amount		Value
Triumph Group, Inc. 4.875% 4/01/21	$	1,886,000	$	1,838,850
5.250% 6/01/22		1,088,000		1,044,480
7.750% 8/15/25 (e)		3,721,000		3,553,555
				12,351,199
Agriculture — 0.3%
Pinnacle Operating Corp. 9.000% 5/15/23 (d)		2,930,270		1,523,740
Airlines — 2.7%
American Airlines Group, Inc. 5.500% 10/01/19 (d)		6,233,000		6,310,289
4.625% 3/01/20 (d)		4,556,000		4,581,741
VistaJet Malta Finance PLC / VistaJet Co. Finance LLC 7.750% 6/01/20 (d)		3,035,000		3,012,238
				13,904,268
Auto Manufacturers — 0.4%
Allison Transmission, Inc. 4.750% 10/01/27 (d)		1,652,000		1,575,595
5.875% 6/01/29 (d)		692,000		699,785
				2,275,380
Auto Parts & Equipment — 0.1%
Panther BF Aggregator 2 LP /Panther Finance Co., Inc. 6.250% 5/15/26 (d) (f)		672,000		685,440
Building Materials — 1.8%
James Hardie International Finance DAC 4.750% 1/15/25 (d)		1,027,000		1,011,595
5.000% 1/15/28 (d)		1,668,000		1,613,790
PGT Escrow Issuer, Inc. 6.750% 8/01/26 (d)		1,279,000		1,326,962
Standard Industries, Inc. 4.750% 1/15/28 (d)		5,235,000		4,999,425
				8,951,772
Chemicals — 2.5%
Consolidated Energy Finance SA 6.875% 6/15/25 (d)		3,146,000		3,169,595
Kissner Holdings LP/Kissner Milling Co. Ltd./BSC Holding, Inc./Kissner USA 8.375% 12/01/22 (d)		3,800,000		3,966,250
Starfruit Finco BV/Starfruit US Holdco LLC 8.000% 10/01/26 (d) (e)		5,541,000		5,582,557
				12,718,402
Coal — 3.2%
Alliance Resource Operating Partners LP/Alliance Resource Finance Corp. 7.500% 5/01/25 (d)		1,753,000		1,825,311

	Principal Amount		Value
Peabody Energy Corp. 6.000% 3/31/22 (d)	$	8,054,000	$	8,114,405
SunCoke Energy Partners LP/SunCoke Energy Partners Finance Corp. 7.500% 6/15/25 (d)		3,145,000		3,184,313
Warrior Met Coal, Inc. 8.000% 11/01/24 (d)		2,960,000		3,091,350
				16,215,379
Commercial Services — 2.5%
Nielsen Finance LLC/Nielsen Finance Co. 5.000% 4/15/22 (d)		3,874,000		3,825,575
Prime Security Services Borrower LLC/Prime Finance, Inc. 9.250% 5/15/23 (d)		5,508,000		5,783,400
TMS International Corp. 7.250% 8/15/25 (d)		1,046,000		1,013,072
United Rentals North America, Inc. 4.625% 10/15/25		818,000		807,775
4.875% 1/15/28		1,202,000		1,169,185
				12,599,007
Computers — 0.8%
Dell International LLC/EMC Corp. 7.125% 6/15/24 (d)		1,319,000		1,398,604
GCI LLC 6.875% 4/15/25		2,767,000		2,888,056
				4,286,660
Diversified Financial Services — 3.4%
Alliance Data Systems Corp. 5.875% 11/01/21 (d)		6,456,000		6,601,260
LPL Holdings, Inc. 5.750% 9/15/25 (d)		4,012,000		4,063,354
VFH Parent LLC/Orchestra Co-Issuer, Inc. 6.750% 6/15/22 (d)		6,576,000		6,782,026
				17,446,640
Electric — 0.8%
NRG Energy, Inc. 7.250% 5/15/26		3,737,000		4,111,410
Entertainment — 0.5%
Boyne USA, Inc. 7.250% 5/01/25 (d)		632,000		676,240
Eldorado Resorts, Inc. 6.000% 9/15/26		1,162,000		1,179,430
WMG Acquisition Corp. 5.000% 8/01/23 (d)		614,000		624,745
				2,480,415
Foods — 3.6%
Albertsons Cos. LLC/Safeway, Inc./ New Albertsons LP/Albertson’s LLC 7.500% 3/15/26 (d)		1,430,000		1,471,113

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

79

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

	Principal Amount		Value
JBS USA LUX SA/JBS USA Finance, Inc. 5.875% 7/15/24 (d)	$	2,060,000	$	2,116,650
6.750% 2/15/28 (d)		2,816,000		2,914,560
KeHE Distributors LLC/KeHE Finance Corp. 7.625% 8/15/21 (d)		3,250,000		3,217,500
Pilgrim’s Pride Corp. 5.750% 3/15/25 (d)		815,000		823,150
5.875% 9/30/27 (d)		1,756,000		1,769,170
Post Holdings, Inc. 5.500% 3/01/25 (d)		1,003,000		1,014,284
5.625% 1/15/28 (d)		1,513,000		1,501,652
5.750% 3/01/27 (d)		1,241,000		1,245,654
Simmons Foods, Inc. 7.750% 1/15/24 (d)		1,051,000		1,119,315
Smithfield Foods, Inc. 5.200% 4/01/29 (d) (f)		1,063,000		1,068,400
				18,261,448
Gas — 0.6%
LBC Tank Terminals Holding Netherlands BV 6.875% 5/15/23 (d)		3,188,000		3,012,660
Hand & Machine Tools — 1.3%
Apex Tool Group LLC/BC Mountain Finance, Inc. 9.000% 2/15/23 (d)		5,236,000		5,026,560
Colfax Corp. 6.000% 2/15/24 (d)		677,000		704,926
6.375% 2/15/26 (d)		723,000		769,540
				6,501,026
Health Care – Products — 4.3%
Avanos Medical, Inc. 6.250% 10/15/22		3,824,000		3,905,260
Avantor, Inc. 9.000% 10/01/25 (d)		2,509,000		2,719,129
Mallinckrodt International Finance SA/Mallinckrodt CB LLC 5.500% 4/15/25 (d) (e)		1,301,000		1,014,780
5.625% 10/15/23 (d) (e)		662,000		549,460
5.750% 8/01/22 (d) (e)		1,991,000		1,851,630
Ortho-Clinical Diagnostics, Inc./Ortho-Clinical Diagnostics SA 6.625% 5/15/22 (d)		12,295,000		11,667,955
				21,708,214
Health Care – Services — 2.9%
Envision Healthcare Corp. 8.750% 10/15/26 (d) (e)		6,014,000		5,359,977
HCA, Inc. 5.875% 2/15/26		2,067,000		2,232,360

	Principal Amount		Value
RegionalCare Hospital Partners Holdings, Inc. 8.250% 5/01/23 (d)	$	4,006,000	$	4,261,382
Tenet Healthcare Corp. 6.250% 2/01/27 (d)		1,634,000		1,696,174
8.125% 4/01/22		968,000		1,041,423
				14,591,316
Home Builders — 2.6%
Brookfield Residential Properties, Inc. 6.375% 5/15/25 (d)		827,000		793,920
6.500% 12/15/20 (d)		2,057,000		2,057,000
M/I Homes, Inc. 5.625% 8/01/25		1,629,000		1,559,767
6.750% 1/15/21		1,262,000		1,279,353
Mattamy Group Corp. 6.500% 10/01/25 (d)		3,597,000		3,530,635
6.875% 12/15/23 (d)		676,000		689,520
William Lyon Homes, Inc. 5.875% 1/31/25		3,689,000		3,486,105
				13,396,300
Housewares — 0.3%
Newell Brands, Inc. 4.200% 4/01/26		1,491,000		1,423,046
Insurance — 2.8%
Acrisure LLC/Acrisure Finance, Inc. 7.000% 11/15/25 (d)		3,999,000		3,599,100
8.125% 2/15/24 (d)		1,157,000		1,198,837
USIS Merger Sub, Inc. 6.875% 5/01/25 (d)		7,456,000		7,241,640
York Risk Services Holding Corp. 8.500% 10/01/22 (d)		2,879,000		2,346,385
				14,385,962
Internet — 0.6%
Netflix, Inc. 5.875% 11/15/28 (d)		1,961,000		2,071,307
6.375% 5/15/29 (d)		673,000		727,681
				2,798,988
Iron & Steel — 0.4%
Allegheny Technologies, Inc. 5.950% 1/15/21		2,166,000		2,220,150
Leisure Time — 1.9%
Brunswick Corp. 7.375% 9/01/23		650,000		705,155
7.125% 8/01/27		4,494,000		4,986,761
Carlson Travel, Inc. 6.750% 12/15/23 (d)		1,198,000		1,198,000
9.500% 12/15/24 (d)		3,108,000		2,991,450
				9,881,366

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

80

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

	Principal Amount		Value
Lodging — 1.5%
Marriott Ownership Resorts, Inc. 5.625% 4/15/23 (d)	$	2,917,000	$	2,902,415
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. 5.250% 5/15/27 (d)		1,526,000		1,442,070
5.500% 3/01/25 (d)		3,361,000		3,318,988
				7,663,473
Machinery – Diversified — 0.9%
Wabtec Corp. 3.450% 11/15/26		5,032,000		4,675,277
Media — 7.4%
Altice Financing SA 6.625% 2/15/23 (d)		2,100,000		2,147,250
7.500% 5/15/26 (d) (e)		3,289,000		3,246,243
Block Communications, Inc. 6.875% 2/15/25 (d)		1,933,000		2,003,071
CCO Holdings LLC/CCO Holdings Capital Corp. 5.000% 2/01/28 (d)		3,372,000		3,325,298
5.750% 1/15/24		811,000		832,289
5.875% 4/01/24 (d)		2,490,000		2,602,324
5.875% 5/01/27 (d)		6,402,000		6,643,996
Clear Channel Worldwide Holdings, Inc. 9.250% 2/15/24 (d)		1,017,000		1,078,020
CSC Holdings LLC 7.500% 4/01/28 (d)		2,001,000		2,144,172
DISH DBS Corp. 7.750% 7/01/26 (e)		3,033,000		2,638,710
Midcontinent Communications/Midcontinent Finance Corp. 6.875% 8/15/23 (d)		1,624,000		1,689,427
Nexstar Broadcasting, Inc. 5.875% 11/15/22		2,767,000		2,839,634
Sirius XM Radio, Inc. 5.375% 4/15/25 (d)		1,799,000		1,846,224
5.375% 7/15/26 (d)		2,668,000		2,725,495
Virgin Media Secured Finance PLC 5.500% 8/15/26 (d)		647,000		658,322
Ziggo BV 5.500% 1/15/27 (d)		1,611,000		1,590,862
				38,011,337
Mining — 4.2%
Compass Minerals International, Inc. 4.875% 7/15/24 (d)		1,040,000		972,400
First Quantum Minerals Ltd. 6.500% 3/01/24 (d)		2,110,000		1,975,487
6.875% 3/01/26 (d)		1,191,000		1,104,653
7.500% 4/01/25 (d)		6,341,000		6,071,507
Hecla Mining Co. 6.875% 5/01/21		3,241,000		3,241,000

	Principal Amount		Value
Kinross Gold Corp. 4.500% 7/15/27	$	2,042,000	$	1,939,900
5.950% 3/15/24		1,733,000		1,854,310
6.875% 9/01/41		1,177,000		1,200,540
New Gold, Inc. 6.250% 11/15/22 (d)		2,665,000		2,345,200
Northwest Acquisitions ULC/Dominion Finco, Inc. 7.125% 11/01/22 (d)		919,000		808,720
				21,513,717
Miscellaneous – Manufacturing — 0.4%
Amsted Industries, Inc. 5.375% 9/15/24 (d)		2,263,000		2,229,055
Oil & Gas — 6.8%
Calumet Specialty Products Partners LP/Calumet Finance Corp. 7.625% 1/15/22 (e)		3,021,000		2,794,425
7.750% 4/15/23		660,000		584,100
Chesapeake Energy Corp. 7.000% 10/01/24 (e)		712,000		710,220
Citgo Holding, Inc. 10.750% 2/15/20 (d)		9,414,000		9,651,233
Ensco PLC 7.750% 2/01/26		834,000		703,688
Jonah Energy LLC/Jonah Energy Finance Corp. 7.250% 10/15/25 (d)		3,495,000		1,852,350
Laredo Petroleum, Inc. 5.625% 1/15/22 (e)		2,665,000		2,435,144
PBF Holding Co. LLC/PBF Finance Corp. 7.000% 11/15/23		2,247,000		2,311,039
7.250% 6/15/25		2,184,000		2,241,876
SM Energy Co. 6.625% 1/15/27 (e)		667,000		633,650
6.750% 9/15/26 (e)		2,137,000		2,048,849
Transocean Guardian Ltd. 5.875% 1/15/24 (d)		859,005		871,890
Transocean Pontus Ltd. 6.125% 8/01/25 (d)		945,000		956,812
Transocean, Inc. 6.800% 3/15/38		1,715,000		1,329,125
9.350% STEP 12/15/41		520,000		486,850
Tullow Oil PLC 6.250% 4/15/22 (d)		5,203,000		5,223,812
				34,835,063
Oil & Gas Services — 0.6%
Welltec A/S 9.500% 12/01/22 (d)		3,300,000		3,192,750
Packaging & Containers — 0.3%
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. 7.250% 5/15/24 (d)		646,000		680,529

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

81

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

	Principal Amount		Value
BWAY Holding Co. 7.250% 4/15/25 (d)	$	935,000	$	901,686
				1,582,215
Pharmaceuticals — 4.4%
Bausch Health Americas, Inc. 8.500% 1/31/27 (d)		947,000		1,003,820
Bausch Health Cos., Inc. 5.500% 3/01/23 (d)		1,293,000		1,299,465
5.750% 8/15/27 (d) (e)		579,000		593,649
5.875% 5/15/23 (d)		623,000		630,787
6.125% 4/15/25 (d)		3,789,000		3,751,110
6.500% 3/15/22 (d)		549,000		568,215
7.000% 3/15/24 (d)		942,000		996,636
9.000% 12/15/25 (d)		870,000		945,081
Endo Dac/Endo Finance LLC/Endo Finco, Inc. 6.000% STEP 2/01/25 (d)		3,588,000		2,595,129
Endo Finance LLC/Endo Ltd./Endo Finco, Inc. 6.000% 7/15/23 (d)		1,021,000		786,170
Par Pharmaceutical, Inc. 7.500% 4/01/27 (d)		2,647,000		2,684,058
Teva Pharmaceutical Finance Netherlands III BV 6.000% 4/15/24		1,006,000		1,009,354
6.750% 3/01/28		573,000		577,649
Valeant Pharmaceuticals International 9.250% 4/01/26 (d)		4,611,000		5,045,817
				22,486,940
Pipelines — 1.0%
Cheniere Energy Partners LP 5.625% 10/01/26 (d)		2,397,000		2,456,925
Energy Transfer Operating LP 4.250% 3/15/23		-		-
Genesis Energy LP/Genesis Energy Finance Corp. 6.000% 5/15/23		635,000		639,763
6.500% 10/01/25		2,243,000		2,181,317
				5,278,005
Private Equity — 0.9%
Icahn Enterprises LP/Icahn Enterprises Finance Corp. 6.375% 12/15/25		4,385,000		4,489,144
Real Estate — 0.2%
Realogy Group LLC/Realogy Co-Issuer Corp. 9.375% 4/01/27 (d)		742,000		759,623
Real Estate Investment Trusts (REITS) — 0.6%
MPT Operating Partnership LP/MPT Finance Corp. 5.000% 10/15/27		1,778,000		1,809,115

	Principal Amount		Value
RHP Hotel Properties LP/RHP Finance Corp. 5.000% 4/15/23	$	1,315,000	$	1,323,219
				3,132,334
Retail — 2.8%
Ferrellgas LP/Ferrellgas Finance Corp. 6.750% 1/15/22 (e)		2,767,000		2,414,207
Ferrellgas Partners LP/Ferrellgas Partners Finance Corp. 8.625% 6/15/20		3,484,000		2,630,420
Golden Nugget, Inc. 8.750% 10/01/25 (d)		3,594,000		3,773,700
KGA Escrow LLC 7.500% 8/15/23 (d)		1,481,000		1,503,215
Penske Automotive Group, Inc. 5.500% 5/15/26 (e)		3,689,000		3,633,665
Sonic Automotive, Inc. 5.000% 5/15/23 (e)		293,000		281,280
				14,236,487
Software — 4.1%
RP Crown Parent LLC 7.375% 10/15/24 (d)		1,073,000		1,099,825
SS&C Technologies, Inc. 5.500% 9/30/27 (d)		3,873,000		3,911,730
TIBCO Software, Inc. 11.375% 12/01/21 (d)		10,653,000		11,340,118
Veritas US, Inc./Veritas Bermuda Ltd. 10.500% 2/01/24 (d) (e)		5,035,000		4,493,738
				20,845,411
Telecommunications — 7.6%
CenturyLink, Inc. 6.750% 12/01/23 (e)		2,447,000		2,554,056
CommScope Finance LLC 6.000% 3/01/26 (d)		617,000		638,206
8.250% 3/01/27 (d)		1,466,000		1,520,975
Hughes Satellite Systems Corp. 5.250% 8/01/26		1,809,000		1,795,433
6.625% 8/01/26		2,144,000		2,101,120
Inmarsat Finance PLC 6.500% 10/01/24 (d)		207,000		217,350
Intelsat Connect Finance SA 9.500% 2/15/23 (d)		1,497,000		1,325,294
Intelsat Jackson Holdings SA 8.500% 10/15/24 (d)		3,689,000		3,587,552
9.750% 7/15/25 (d)		2,276,000		2,310,823
Sprint Capital Corp. 8.750% 3/15/32		1,845,000		1,946,659
Sprint Corp. 7.250% 9/15/21		885,000		929,250
7.625% 3/01/26		6,002,000		6,083,027
7.875% 9/15/23		4,646,000		4,866,685

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

82

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

	Principal Amount		Value
T-Mobile USA, Inc. 4.500% 2/01/26	$	488,000	$	487,733
4.750% 2/01/28		1,328,000		1,316,380
5.375% 4/15/27		1,038,000		1,073,033
6.000% 4/15/24		877,000		910,984
6.500% 1/15/26		1,216,000		1,298,080
Telecom Italia SpA 5.303% 5/30/24 (d)		2,027,000		2,037,135
ViaSat, Inc. 5.625% 9/15/25 (d)		1,272,000		1,217,940
5.625% 4/15/27 (d)		796,000		810,018
				39,027,733
Toys, Games & Hobbies — 0.1%
Mattel, Inc. 6.750% 12/31/25 (d) (e)		428,000		421,045
Transportation — 2.2%
The Kenan Advantage Group, Inc. 7.875% 7/31/23 (d) (e)		6,737,000		6,518,047
XPO Logistics, Inc. 6.750% 8/15/24 (d)		4,482,000		4,571,640
				11,089,687
Trucking & Leasing — 1.0%
Avolon Holdings Funding Ltd. 5.125% 10/01/23 (d)		1,531,000		1,557,792
5.250% 5/15/24 (d)		845,000		870,350
Park Aerospace Holdings Ltd. 5.250% 8/15/22 (d)		1,634,000		1,674,687
5.500% 2/15/24 (d)		1,000,000		1,038,150
				5,140,979
TOTAL CORPORATE DEBT (Cost $462,917,031)				458,340,463
TOTAL BONDS & NOTES (Cost $496,407,514)				492,290,676
	Number of Shares
WARRANTS — 0.0%
BASIC MATERIALS — 0.0%
Forest Products & Paper — 0.0%
Appvion Holding Corp. (a) (b) (c)		5,301		-
Appvion Holding Corp. (a) (b) (c)		5,301		56,447
				56,447
TOTAL WARRANTS (Cost $0)				56,447

	Number of Shares		Value
MUTUAL FUNDS — 8.8%
Diversified Financial Services — 8.8%
State Street Navigator Securities Lending Prime Portfolio (h)		44,970,160	$	44,970,160
TOTAL MUTUAL FUNDS (Cost $44,970,160)				44,970,160
TOTAL LONG-TERM INVESTMENTS (Cost $552,051,619)				541,513,965
TOTAL INVESTMENTS — 106.0% (Cost $552,051,619) (j)				541,513,965
Other Assets/(Liabilities) — (6.0)%				(30,595,264	)
NET ASSETS — 100.0%			$	510,918,701

Abbreviation Legend

STEP Step Up Bond

VRN Variable Rate Note

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At March 31, 2019, these securities amounted to a value of $66,346 or 0.01% of net assets.

(b) Investment was valued using significant unobservable inputs.

(c) Non-income producing security.

(d) Securities exempt from registration under rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2019, these securities amounted to a value of $333,320,449 or 65.24% of net assets.

(e) Denotes all or a portion of security on loan. The total value of securities on loan as of March 31, 2019, was $44,070,129 or 8.63% 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).

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

(g) All or a portion of the security represents unsettled loan commitments at March 31, 2019 where the rate will be determined at time of settlement.

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

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

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

83

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

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

United States	86.8%
Canada	7.6%
Luxembourg	3.8%
Netherlands	2.3%
Cayman Islands	1.7%
United Kingdom	1.6%
Ireland	0.6%
Denmark	0.6%
Malta	0.6%
Italy	0.4%
Total Long-Term Investments	106.0%
Other Assets and Liabilities	(6.0)%
Net Assets	100.0%

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

84

MassMutual Premier Balanced Fund – Portfolio of Investments

March 31, 2019 (Unaudited)

	Number of Shares		Value
EQUITIES — 52.2%
COMMON STOCK — 52.1%
Basic Materials — 1.0%
Chemicals — 0.6%
Air Products & Chemicals, Inc.		10	$	1,910
Celanese Corp.		720		70,999
CF Industries Holdings, Inc.		5,025		205,422
DowDuPont, Inc.		60		3,199
Eastman Chemical Co.		894		67,837
International Flavors & Fragrances, Inc.		3		386
Linde PLC		974		171,356
LyondellBasell Industries NV Class A		1,180		99,214
The Mosaic Co.		1,000		27,310
PPG Industries, Inc.		8		903
The Sherwin-Williams Co.		7		3,015
				651,551
Forest Products & Paper — 0.2%
International Paper Co.		5,107		236,301
Iron & Steel — 0.1%
Nucor Corp.		1,761		102,754
Mining — 0.1%
Freeport-McMoRan, Inc.		2,748		35,422
Newmont Mining Corp.		3,984		142,507
				177,929
				1,168,535
Communications — 7.8%
Advertising — 0.3%
The Interpublic Group of Cos., Inc.		9,333		196,086
Omnicom Group, Inc.		1,698		123,937
				320,023
Internet — 4.2%
Alphabet, Inc. Class A (a)		564		663,766
Alphabet, Inc. Class C (a)		766		898,755
Amazon.com, Inc. (a)		1,026		1,827,050
Booking Holdings, Inc. (a)		134		233,818
eBay, Inc.		3,165		117,548
Expedia Group, Inc.		103		12,257
F5 Networks, Inc. (a)		200		31,386
Facebook, Inc. Class A (a)		4,790		798,445
Netflix, Inc. (a)		792		282,396
Symantec Corp.		79		1,816
TripAdvisor, Inc. (a)		43		2,212
VeriSign, Inc. (a)		439		79,705
				4,949,154
Media — 1.7%
CBS Corp. Class B		2,870		136,411

	Number of Shares		Value
Charter Communications, Inc. Class A (a)		96	$	33,304
Comcast Corp. Class A		13,962		558,201
Discovery, Inc. Class A (a)		6,600		178,332
Discovery, Inc. Class C (a)		7,795		198,149
DISH Network Corp. Class A (a)		7,700		244,013
Fox Corp. Class A (a)		273		10,022
Fox Corp. Class B (a)		433		15,536
News Corp. Class A		1,130		14,057
Viacom, Inc. Class B		6,990		196,209
The Walt Disney Co.		3,207		356,074
				1,940,308
Telecommunications — 1.6%
AT&T, Inc.		13,335		418,186
CenturyLink, Inc.		20,154		241,646
Cisco Systems, Inc.		11,124		600,585
Corning, Inc.		2,974		98,439
Juniper Networks, Inc.		1,048		27,741
Motorola Solutions, Inc.		1,854		260,339
Verizon Communications, Inc.		3,432		202,934
				1,849,870
				9,059,355
Consumer, Cyclical — 5.7%
Airlines — 0.6%
Alaska Air Group, Inc.		100		5,612
American Airlines Group, Inc.		4,300		136,568
Delta Air Lines, Inc.		2,000		103,300
Southwest Airlines Co.		4,566		237,021
United Continental Holdings, Inc. (a)		2,400		191,472
				673,973
Apparel — 0.3%
Capri Holdings Ltd. (a)		400		18,300
Hanesbrands, Inc.		5,800		103,704
NIKE, Inc. Class B		384		32,337
PVH Corp.		240		29,268
Ralph Lauren Corp.		400		51,872
Under Armour, Inc. Class C (a)		3,900		73,593
VF Corp.		400		34,764
				343,838
Auto Manufacturers — 0.5%
Ford Motor Co.		18,462		162,096
General Motors Co.		4,600		170,660
PACCAR, Inc.		3,934		268,063
				600,819
Auto Parts & Equipment — 0.1%
Aptiv PLC		200		15,898
BorgWarner, Inc.		3,300		126,753
				142,651

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

85

MassMutual Premier Balanced Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
Distribution & Wholesale — 0.0%
Fastenal Co.		70	$	4,502
W.W. Grainger, Inc.		164		49,352
				53,854
Home Builders — 0.1%
D.R. Horton, Inc.		759		31,407
PulteGroup, Inc.		3,074		85,949
				117,356
Home Furnishing — 0.1%
Leggett & Platt, Inc.		95		4,011
Whirlpool Corp.		974		129,435
				133,446
Housewares — 0.1%
Newell Brands, Inc.		4,383		67,235
Leisure Time — 0.3%
Harley-Davidson, Inc.		3,708		132,227
Norwegian Cruise Line Holdings Ltd. (a)		3,400		186,864
Royal Caribbean Cruises Ltd.		680		77,942
				397,033
Lodging — 0.2%
Hilton Worldwide Holdings, Inc.		1,800		149,598
Marriott International, Inc. Class A		141		17,638
MGM Resorts International		900		23,094
Wynn Resorts Ltd.		9		1,074
				191,404
Retail — 3.4%
Advance Auto Parts, Inc.		140		23,874
AutoZone, Inc. (a)		306		313,381
Best Buy Co., Inc.		3,308		235,066
Chipotle Mexican Grill, Inc. (a)		200		142,062
Costco Wholesale Corp.		1,098		265,870
Darden Restaurants, Inc.		373		45,308
Dollar Tree, Inc. (a)		71		7,458
Foot Locker, Inc.		4,200		254,520
The Gap, Inc.		1,705		44,637
Genuine Parts Co.		36		4,033
The Home Depot, Inc.		1,140		218,755
Kohl’s Corp.		3,761		258,644
L Brands, Inc.		600		16,548
Lowe’s Cos., Inc.		2,049		224,304
Macy’s, Inc.		8,140		195,604
McDonald’s Corp.		305		57,920
Nordstrom, Inc.		5,011		222,388
O’Reilly Automotive, Inc. (a)		314		121,926
Ross Stores, Inc.		1,392		129,595
Starbucks Corp.		3,890		289,183
Tapestry, Inc.		84		2,729
Target Corp.		2,567		206,027
Tiffany & Co.		111		11,716
The TJX Cos., Inc.		2,280		121,319

	Number of Shares		Value
Walgreens Boots Alliance, Inc.		2,406	$	152,228
Walmart, Inc.		3,423		333,845
Yum! Brands, Inc.		36		3,593
				3,902,533
Toys, Games & Hobbies — 0.0%
Hasbro, Inc.		47		3,996
Mattel, Inc. (a) (b)		61		793
				4,789
				6,628,931
Consumer, Non-cyclical — 11.2%
Agriculture — 0.3%
Altria Group, Inc.		2,141		122,958
Archer-Daniels-Midland Co.		26		1,121
Philip Morris International, Inc.		2,546		225,041
				349,120
Beverages — 1.0%
Brown-Forman Corp. Class B		2		105
The Coca-Cola Co.		7,824		366,633
Constellation Brands, Inc. Class A		82		14,377
Molson Coors Brewing Co. Class B		3,936		234,782
Monster Beverage Corp. (a)		750		40,935
PepsiCo, Inc.		3,652		447,553
				1,104,385
Biotechnology — 1.6%
Amgen, Inc.		3,325		631,683
Biogen, Inc. (a)		1,094		258,600
Celgene Corp. (a)		4,098		386,605
Gilead Sciences, Inc.		6,252		406,443
Regeneron Pharmaceuticals, Inc. (a)		290		119,080
				1,802,411
Commercial Services — 1.0%
Automatic Data Processing, Inc.		1,001		159,900
Cintas Corp.		9		1,819
Ecolab, Inc.		4		706
Equifax, Inc.		216		25,596
H&R Block, Inc.		2,342		56,067
Moody’s Corp.		325		58,854
PayPal Holdings, Inc. (a)		3,565		370,190
Quanta Services, Inc.		4,224		159,414
Robert Half International, Inc.		1,835		119,569
S&P Global, Inc.		149		31,372
Total System Services, Inc.		321		30,498
United Rentals, Inc. (a)		850		97,112
				1,111,097
Cosmetics & Personal Care — 0.7%
Colgate-Palmolive Co.		906		62,097
The Estee Lauder Cos., Inc. Class A		726		120,190
The Procter & Gamble Co.		6,003		624,612
				806,899

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

86

MassMutual Premier Balanced Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
Foods — 0.8%
Campbell Soup Co.		1,265	$	48,234
Conagra Brands, Inc.		1,184		32,844
General Mills, Inc.		1,894		98,015
The Hershey Co.		419		48,114
Hormel Foods Corp.		488		21,843
The J.M. Smucker Co.		724		84,346
Kellogg Co.		135		7,746
The Kraft Heinz Co.		173		5,648
The Kroger Co.		10,668		262,433
McCormick & Co., Inc.		73		10,996
Mondelez International, Inc. Class A		3,221		160,792
Sysco Corp.		2,066		137,926
Tyson Foods, Inc. Class A		720		49,990
				968,927
Health Care – Products — 0.5%
Abbott Laboratories		389		31,097
Baxter International, Inc.		922		74,968
Becton Dickinson and Co.		38		9,490
Boston Scientific Corp. (a)		121		4,644
The Cooper Cos., Inc.		190		56,272
Danaher Corp.		402		53,072
DENTSPLY SIRONA, Inc.		61		3,025
Hologic, Inc. (a)		200		9,680
Intuitive Surgical, Inc. (a)		42		23,964
Medtronic PLC		1,816		165,401
Stryker Corp.		609		120,290
Thermo Fisher Scientific, Inc.		148		40,510
Varian Medical Systems, Inc. (a)		4		567
Zimmer Biomet Holdings, Inc.		364		46,483
				639,463
Health Care – Services — 1.0%
Anthem, Inc.		648		185,963
Centene Corp. (a)		880		46,728
DaVita, Inc. (a)		2,946		159,938
HCA Healthcare, Inc.		400		52,152
Humana, Inc.		45		11,970
IQVIA Holdings, Inc. (a)		1,160		166,866
Laboratory Corp. of America Holdings (a)		1		153
Quest Diagnostics, Inc.		635		57,099
UnitedHealth Group, Inc.		2,071		512,076
Universal Health Services, Inc. Class B		10		1,338
				1,194,283
Household Products & Wares — 0.2%
Avery Dennison Corp.		382		43,166
The Clorox Co.		17		2,728
Kimberly-Clark Corp.		1,120		138,768
				184,662
Pharmaceuticals — 4.1%
AbbVie, Inc.		7,104		572,511

	Number of Shares		Value
Allergan PLC		719	$	105,269
AmerisourceBergen Corp.		2,230		177,329
Bristol-Myers Squibb Co.		5,712		272,519
Cardinal Health, Inc.		4,955		238,583
Cigna Corp.		924		148,598
CVS Health Corp.		4,946		266,738
Eli Lilly & Co.		1,117		144,942
Johnson & Johnson		6,749		943,443
McKesson Corp.		2,011		235,408
Merck & Co., Inc.		7,829		651,138
Mylan NV (a)		8,059		228,392
Perrigo Co. PLC		1,800		86,688
Pfizer, Inc.		14,122		599,761
Zoetis, Inc.		610		61,409
				4,732,728
				12,893,975
Energy — 2.4%
Oil & Gas — 2.1%
Anadarko Petroleum Corp.		1,097		49,892
Apache Corp.		98		3,397
Cabot Oil & Gas Corp.		92		2,401
Chevron Corp.		4,660		574,019
Cimarex Energy Co.		1,500		104,850
ConocoPhillips		5,410		361,063
Devon Energy Corp.		917		28,941
EOG Resources, Inc.		2		190
EQT Corp.		29		602
Exxon Mobil Corp.		4,349		351,399
Helmerich & Payne, Inc.		40		2,222
Hess Corp.		447		26,923
HollyFrontier Corp.		3,600		177,372
Marathon Oil Corp.		15,685		262,096
Marathon Petroleum Corp.		1,675		100,249
Noble Energy, Inc.		66		1,632
Occidental Petroleum Corp.		730		48,326
Phillips 66		2,495		237,449
Pioneer Natural Resources Co.		3		457
Valero Energy Corp.		1,530		129,790
				2,463,270
Oil & Gas Services — 0.1%
Baker Hughes a GE Co.		74		2,051
Halliburton Co.		171		5,010
National Oilwell Varco, Inc.		1,009		26,880
Schlumberger Ltd.		687		29,933
TechnipFMC PLC		1,272		29,917
				93,791
Pipelines — 0.2%
Kinder Morgan, Inc.		10,760		215,307
The Williams Cos., Inc.		33		948
				216,255
				2,773,316

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

87

MassMutual Premier Balanced Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
Financial — 8.7%
Banks — 3.6%
Bank of America Corp.		40,442	$	1,115,795
The Bank of New York Mellon Corp.		2,495		125,823
BB&T Corp.		512		23,823
Citigroup, Inc.		10,384		646,092
Citizens Financial Group, Inc.		6,700		217,750
Comerica, Inc.		2,924		214,388
Fifth Third Bancorp		1,621		40,882
The Goldman Sachs Group, Inc.		1,508		289,521
Huntington Bancshares, Inc.		1,110		14,075
JP Morgan Chase & Co.		2,965		300,147
KeyCorp		4,872		76,734
M&T Bank Corp.		821		128,913
Morgan Stanley		1,096		46,251
Northern Trust Corp.		511		46,200
The PNC Financial Services Group, Inc.		205		25,145
Regions Financial Corp.		3,743		52,963
State Street Corp.		185		12,175
SunTrust Banks, Inc.		1,200		71,100
SVB Financial Group (a)		100		22,236
US Bancorp		1,129		54,407
Wells Fargo & Co.		10,364		500,788
Zions Bancorporation		2,749		124,832
				4,150,040
Diversified Financial Services — 2.3%
Alliance Data Systems Corp.		1,330		232,723
American Express Co.		1,288		140,778
Ameriprise Financial, Inc.		1,955		250,436
Capital One Financial Corp.		1,275		104,155
The Charles Schwab Corp.		3,022		129,221
CME Group, Inc.		5		823
Discover Financial Services		2,395		170,428
E*TRADE Financial Corp.		4,193		194,681
Franklin Resources, Inc.		1,948		64,557
Intercontinental Exchange, Inc.		1,310		99,743
Invesco Ltd.		323		6,237
Jefferies Financial Group, Inc.		36		676
Mastercard, Inc. Class A		1,270		299,022
Nasdaq, Inc.		22		1,925
Raymond James Financial, Inc.		800		64,328
Synchrony Financial		8,700		277,530
T. Rowe Price Group, Inc.		686		68,682
Visa, Inc. Class A		2,940		459,199
The Western Union Co.		3,407		62,927
				2,628,071
Insurance — 1.7%
Aflac, Inc.		1,990		99,500
The Allstate Corp.		586		55,189
American International Group, Inc.		11		474
Aon PLC		126		21,508

	Number of Shares		Value
Assurant, Inc.		30	$	2,847
Berkshire Hathaway, Inc. Class B (a)		2,253		452,605
Brighthouse Financial, Inc. (a)		29		1,052
Chubb Ltd.		754		105,620
Cincinnati Financial Corp.		724		62,192
Everest Re Group Ltd.		110		23,756
The Hartford Financial Services Group, Inc.		3,390		168,551
Lincoln National Corp.		3,158		185,375
Loews Corp.		634		30,388
Marsh & McLennan Cos., Inc.		230		21,597
MetLife, Inc.		4,729		201,313
Principal Financial Group, Inc.		1,235		61,985
The Progressive Corp.		1,634		117,795
Prudential Financial, Inc.		1,295		118,985
Torchmark Corp.		480		39,336
The Travelers Cos., Inc.		797		109,316
Unum Group		1,535		51,929
				1,931,313
Real Estate — 0.0%
CBRE Group, Inc. Class A (a)		1,098		54,296
Real Estate Investment Trusts (REITS) — 1.0%
American Tower Corp.		18		3,547
Apartment Investment & Management Co. Class A		63		3,168
AvalonBay Communities, Inc.		54		10,840
Boston Properties, Inc.		7		937
Crown Castle International Corp.		1,130		144,640
Digital Realty Trust, Inc.		50		5,950
Duke Realty Corp.		1,400		42,812
Equinix, Inc.		20		9,063
Equity Residential		1		75
Essex Property Trust, Inc.		300		86,772
Extra Space Storage, Inc.		800		81,528
Federal Realty Investment Trust		10		1,379
HCP, Inc.		676		21,159
Host Hotels & Resorts, Inc.		730		13,797
Iron Mountain, Inc.		73		2,589
Kimco Realty Corp.		13,010		240,685
Mid-America Apartment Communities, Inc.		10		1,093
Prologis, Inc.		1,716		123,466
Public Storage		427		92,992
Simon Property Group, Inc.		524		95,478
SL Green Realty Corp.		410		36,867
Ventas, Inc.		236		15,059
Vornado Realty Trust		265		17,872
Welltower, Inc.		2,174		168,702
Weyerhaeuser Co.		93		2,450
				1,222,920
Savings & Loans — 0.1%
People’s United Financial, Inc.		3,659		60,154
				10,046,794

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

88

MassMutual Premier Balanced Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
Industrial — 5.0%
Aerospace & Defense — 1.1%
Arconic, Inc.		15	$	287
The Boeing Co.		1,996		761,314
General Dynamics Corp.		88		14,897
Harris Corp.		154		24,595
L3 Technologies, Inc.		44		9,080
Lockheed Martin Corp.		241		72,339
Northrop Grumman Corp.		53		14,289
Raytheon Co.		456		83,028
United Technologies Corp.		2,134		275,051
				1,254,880
Building Materials — 0.3%
Johnson Controls International PLC		2,826		104,393
Masco Corp.		5,794		227,762
Vulcan Materials Co.		8		947
				333,102
Electrical Components & Equipment — 0.2%
AMETEK, Inc.		1,200		99,564
Emerson Electric Co.		943		64,567
				164,131
Electronics — 0.6%
Agilent Technologies, Inc.		773		62,134
Allegion PLC		300		27,213
Amphenol Corp. Class A		672		63,464
FLIR Systems, Inc.		435		20,697
Fortive Corp.		836		70,132
Garmin Ltd.		400		34,540
Honeywell International, Inc.		1,755		278,904
PerkinElmer, Inc.		24		2,313
Waters Corp. (a)		300		75,513
				634,910
Engineering & Construction — 0.1%
Fluor Corp.		4,047		148,930
Jacobs Engineering Group, Inc.		124		9,323
				158,253
Environmental Controls — 0.2%
Pentair PLC		5,100		227,001
Republic Services, Inc.		87		6,993
Waste Management, Inc.		345		35,849
				269,843
Hand & Machine Tools — 0.0%
Snap-on, Inc.		165		25,826
Stanley Black & Decker, Inc.		2		272
				26,098
Machinery – Construction & Mining — 0.0%
Caterpillar, Inc.		270		36,582
Machinery – Diversified — 0.7%
Cummins, Inc.		493		77,830

	Number of Shares		Value
Deere & Co.		1	$	160
Dover Corp.		1,803		169,121
Flowserve Corp.		3,191		144,042
Rockwell Automation, Inc.		1,376		241,433
Roper Technologies, Inc.		434		148,415
Xylem, Inc.		701		55,407
				836,408
Miscellaneous – Manufacturing — 0.7%
3M Co.		665		138,174
Eaton Corp. PLC		1,982		159,670
General Electric Co.		86		859
Illinois Tool Works, Inc.		50		7,177
Ingersoll-Rand PLC		690		74,485
Parker-Hannifin Corp.		1,150		197,363
Textron, Inc.		4,585		232,276
				810,004
Packaging & Containers — 0.1%
Ball Corp.		40		2,314
Packaging Corp. of America		110		10,932
Sealed Air Corp.		47		2,165
WestRock Co.		2,705		103,737
				119,148
Shipbuilding — 0.2%
Huntington Ingalls Industries, Inc.		1,010		209,272
Transportation — 0.8%
C.H. Robinson Worldwide, Inc.		254		22,096
CSX Corp.		2,673		199,994
Expeditors International of Washington, Inc.		84		6,376
FedEx Corp.		6		1,088
Norfolk Southern Corp.		983		183,713
Union Pacific Corp.		1,810		302,632
United Parcel Service, Inc. Class B		2,245		250,856
				966,755
				5,819,386
Technology — 8.5%
Computers — 3.9%
Accenture PLC Class A		1,700		299,234
Apple, Inc.		13,056		2,479,988
Cognizant Technology Solutions Corp. Class A		418		30,284
DXC Technology Co.		4,145		266,565
Fortinet, Inc. (a)		3,000		251,910
Hewlett Packard Enterprise Co.		16,063		247,852
HP, Inc.		10,463		203,296
International Business Machines Corp.		2,900		409,190
NetApp, Inc.		2,809		194,776
Seagate Technology PLC		2,200		105,358
Western Digital Corp.		1,120		53,827
				4,542,280

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

89

MassMutual Premier Balanced Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
Office & Business Equipment — 0.2%
Xerox Corp.		7,043	$	225,235
Semiconductors — 1.5%
Analog Devices, Inc.		217		22,843
Applied Materials, Inc.		367		14,555
Broadcom, Inc.		1,024		307,927
Intel Corp.		7,711		414,081
KLA-Tencor Corp.		308		36,778
Lam Research Corp.		563		100,783
Microchip Technology, Inc.		24		1,991
Micron Technology, Inc. (a)		4,433		183,216
NVIDIA Corp.		5		898
QUALCOMM, Inc.		5,088		290,169
Skyworks Solutions, Inc.		890		73,407
Texas Instruments, Inc.		2,655		281,616
Xilinx, Inc.		561		71,129
				1,799,393
Software — 2.9%
Activision Blizzard, Inc.		100		4,553
Adobe Systems, Inc. (a)		15		3,997
Akamai Technologies, Inc. (a)		2,910		208,676
Autodesk, Inc. (a)		47		7,324
Broadridge Financial Solutions, Inc.		100		10,369
Cadence Design Systems, Inc. (a)		600		38,106
Citrix Systems, Inc.		1,595		158,958
Electronic Arts, Inc. (a)		136		13,822
Fidelity National Information Services, Inc.		150		16,965
Fiserv, Inc. (a)		588		51,909
Intuit, Inc.		339		88,618
Microsoft Corp.		16,691		1,968,536
Oracle Corp.		11,788		633,133
Paychex, Inc.		13		1,043
Red Hat, Inc. (a)		4		731
salesforce.com, Inc. (a)		560		88,687
Synopsys, Inc. (a)		100		11,515
				3,306,942
				9,873,850
Utilities — 1.8%
Electric — 1.8%
AES Corp.		13,377		241,856
Ameren Corp.		1,072		78,846
American Electric Power Co., Inc.		1,096		91,790
CenterPoint Energy, Inc.		3,535		108,525
CMS Energy Corp.		1,110		61,649
Consolidated Edison, Inc.		909		77,092
Dominion Energy, Inc.		410		31,431
DTE Energy Co.		452		56,382
Duke Energy Corp.		2,186		196,740
Edison International		134		8,297
Entergy Corp.		711		67,993

	Number of Shares		Value
Eversource Energy		1,722	$	122,176
Exelon Corp.		2,923		146,530
FirstEnergy Corp.		2,266		94,288
NextEra Energy, Inc.		456		88,154
NRG Energy, Inc.		2,420		102,802
Pinnacle West Capital Corp.		250		23,895
PPL Corp.		4,484		142,322
Public Service Enterprise Group, Inc.		1,209		71,827
Sempra Energy		332		41,786
The Southern Co.		2,634		136,125
WEC Energy Group, Inc.		364		28,785
Xcel Energy, Inc.		1,145		64,360
				2,083,651
Gas — 0.0%
NiSource, Inc.		172		4,930
				2,088,581
TOTAL COMMON STOCK (Cost $56,141,981)				60,352,723
PREFERRED STOCK — 0.1%
Financial — 0.1%
Insurance — 0.1%
The Allstate Corp., 5.100%, 3 mo. USD LIBOR + 3.165% VRN (b)		5,000		127,600
TOTAL PREFERRED STOCK (Cost $125,000)				127,600
TOTAL EQUITIES (Cost $56,266,981)				60,480,323
	Principal Amount
BONDS & NOTES — 38.5%
CORPORATE DEBT — 14.1%
Aerospace & Defense — 0.1%
Rockwell Collins, Inc. 3.500% 3/15/27	$	45,000		44,434
United Technologies Corp. 6.125% 7/15/38		15,000		18,216
				62,650
Agriculture — 0.2%
Bunge Ltd. Finance Corp. 3.250% 8/15/26		106,000		95,167
4.350% 3/15/24		85,000		86,078
Reynolds American, Inc. 5.850% 8/15/45		55,000		56,453
				237,698

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

90

MassMutual Premier Balanced Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Airlines — 0.3%
American Airlines Group, Inc. 5.500% 10/01/19 (c)	$	202,000	$	204,505
American Airlines Pass-Through Trust, Series 2014-1, Class B, 4.375% 4/01/24		9,872		9,923
Spirit Airlines Pass-Through Trust, Series 2015-1, Class A, 4.100% 10/01/29		70,635		72,026
United Airlines Pass-Through Trust, Series 2018-1, Class B, 4.600% 9/01/27		14,498		14,720
WestJet Airlines Ltd. 3.500% 6/16/21 (c)		22,000		21,444
				322,618
Auto Manufacturers — 0.5%
Ford Motor Co. 4.346% 12/08/26 (b)		50,000		46,408
5.291% 12/08/46		15,000		12,568
Ford Motor Credit Co. LLC 3.810% 1/09/24		200,000		189,374
General Motors Co. 4.200% 10/01/27		30,000		28,770
5.150% 4/01/38		20,000		18,277
General Motors Financial Co., Inc. 3.500% 11/07/24		150,000		144,924
3.550% 4/09/21		25,000		25,137
4.150% 6/19/23		78,000		78,732
4.200% 11/06/21		52,000		52,905
				597,095
Banks — 1.7%
Associated Banc-Corp. 2.750% 11/15/19		110,000		109,864
Bank of America Corp. 4.183% 11/25/27		110,000		111,704
3 mo. USD LIBOR + 1.814% 4.244% VRN 4/24/38		25,000		25,572
4.750% 4/21/45		70,000		73,304
7.750% 5/14/38		20,000		27,769
Bank of Montreal 3.803% VRN 12/15/32 (d)		60,000		58,020
The Bank of Nova Scotia 4.500% 12/16/25		40,000		41,587
4.650% VRN 12/31/99 (d) (e)		125,000		115,000
Barclays Bank PLC 10.179% 6/12/21 (c)		80,000		90,560
CIT Group, Inc. 4.750% 2/16/24		80,000		83,000
Citigroup, Inc. 5.500% 9/13/25		60,000		65,765
5.875% 1/30/42		20,000		24,564
8.125% 7/15/39		15,000		22,549

	Principal Amount		Value
Credit Suisse Group AG 4.282% 1/09/28 (c)	$	250,000	$	252,872
First Republic Bank 4.375% 8/01/46		250,000		244,690
Fulton Financial Corp. 3.600% 3/16/22		45,000		45,059
The Goldman Sachs Group, Inc. 5.950% 1/15/27		80,000		89,419
6.750% 10/01/37		35,000		42,668
JP Morgan Chase & Co. 5.600% 7/15/41		45,000		54,578
Morgan Stanley 4.350% 9/08/26		135,000		138,502
5.000% 11/24/25		40,000		42,875
SVB Financial Group 3.500% 1/29/25		85,000		83,959
Valley National Bancorp 5.125% 9/27/23		50,000		52,637
Wells Fargo & Co. 5.375% 11/02/43		14,000		15,741
5.606% 1/15/44		15,000		17,317
				1,929,575
Beverages — 0.2%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. 4.900% 2/01/46 (c)		170,000		170,745
Molson Coors Brewing Co. 4.200% 7/15/46		39,000		34,665
5.000% 5/01/42		5,000		4,903
				210,313
Biotechnology — 0.1%
Amgen, Inc. 5.150% 11/15/41		15,000		16,070
Celgene Corp. 3.450% 11/15/27		45,000		44,456
4.350% 11/15/47		30,000		29,230
				89,756
Building Materials — 0.4%
CRH America Finance, Inc. 3.950% 4/04/28 (c)		200,000		197,226
Standard Industries, Inc. 5.000% 2/15/27 (c)		156,000		150,977
5.375% 11/15/24 (c)		38,000		38,950
5.500% 2/15/23 (c)		32,000		32,560
				419,713
Chemicals — 0.4%
Ashland, Inc. 6.875% 5/15/43		11,000		11,385
DowDuPont, Inc. 5.319% 11/15/38		55,000		61,142

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

91

MassMutual Premier Balanced Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Huntsman International LLC 4.500% 5/01/29	$	50,000	$	49,879
5.125% 11/15/22		30,000		31,313
Incitec Pivot Finance LLC 6.000% 12/10/19 (c)		30,000		30,561
The Mosaic Co. 4.050% 11/15/27		25,000		24,955
The Sherwin-Williams Co. 4.500% 6/01/47		20,000		19,682
Syngenta Finance NV 3.698% 4/24/20 (c)		200,000		200,712
Yara International ASA 4.750% 6/01/28 (c)		92,000		95,606
				525,235
Computers — 0.2%
Dell International LLC/EMC Corp. 6.020% 6/15/26 (c)		15,000		16,133
Leidos Holdings, Inc. 4.450% 12/01/20		200,000		203,000
				219,133
Diversified Financial Services — 1.2%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust 3.875% 1/23/28		150,000		140,200
4.500% 5/15/21		105,000		107,270
Affiliated Managers Group, Inc. 3.500% 8/01/25		70,000		69,777
Aircastle Ltd. 4.400% 9/25/23		25,000		25,457
5.000% 4/01/23		100,000		103,924
Ally Financial, Inc. 4.125% 2/13/22		65,000		65,569
Antares Holdings LP 6.000% 8/15/23 (c)		250,000		245,754
Ares Finance Co. LLC 4.000% 10/08/24 (c)		85,000		82,202
Brookfield Finance, Inc. 4.850% 3/29/29		75,000		77,114
Discover Financial Services 3.850% 11/21/22		100,000		102,436
Genpact Luxembourg Sarl 3.700% STEP 4/01/22		65,000		64,199
International Lease Finance Corp. 5.875% 8/15/22		65,000		70,078
Lazard Group LLC 3.625% 3/01/27		34,000		32,951
4.500% 9/19/28		60,000		61,763
Legg Mason, Inc. 5.625% 1/15/44		35,000		34,594
Neuberger Berman Group LLC/Neuberger Berman Finance Corp. 4.500% 3/15/27 (c)		4,000		4,083

	Principal Amount		Value
Synchrony Financial 4.375% 3/19/24	$	120,000	$	121,547
				1,408,918
Electric — 0.9%
The Cleveland Electric Illuminating Co. 3.500% 4/01/28 (c)		25,000		24,548
CMS Energy Corp. 4.700% 3/31/43		25,000		26,105
4.875% 3/01/44		180,000		197,061
Duke Energy Corp. 3.750% 9/01/46		35,000		32,720
Entergy Louisiana LLC 4.950% 1/15/45		40,000		41,744
IPALCO Enterprises, Inc. 3.450% 7/15/20		115,000		115,029
3.700% 9/01/24		25,000		25,128
Israel Electric Corp. Ltd. 4.250% 8/14/28 (c)		200,000		201,008
Metropolitan Edison Co. 4.300% 1/15/29 (c)		56,000		58,611
Nevada Power Co., Series N, 6.650% 4/01/36		20,000		25,956
Pennsylvania Electric Co. 4.150% 4/15/25 (c)		70,000		71,374
Puget Energy, Inc. 3.650% 5/15/25		5,000		4,969
Southwestern Electric Power Co. 6.200% 3/15/40		100,000		122,740
Xcel Energy, Inc. 6.500% 7/01/36		110,000		140,445
				1,087,438
Electronics — 0.2%
The ADT Security Corp. 6.250% 10/15/21		140,000		146,867
Arrow Electronics, Inc. 3.250% 9/08/24		75,000		72,708
3.875% 1/12/28		25,000		24,067
4.500% 3/01/23		10,000		10,342
				253,984
Foods — 0.1%
Ingredion, Inc. 3.200% 10/01/26		14,000		13,380
Mars, Inc. 3.950% 4/01/49 (c)		55,000		55,588
Smithfield Foods, Inc. 5.200% 4/01/29 (c) (f)		15,000		15,076
				84,044
Forest Products & Paper — 0.0%
Fibria Overseas Finance Ltd. 4.000% 1/14/25		35,000		34,545

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

92

MassMutual Premier Balanced Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Gas — 0.0%
CenterPoint Energy Resources Corp. 6.250% 2/01/37	$	35,000	$	41,149
Health Care – Products — 0.1%
Becton Dickinson and Co. 4.685% 12/15/44		25,000		25,799
Zimmer Biomet Holdings, Inc. 4.450% 8/15/45		35,000		32,749
				58,548
Health Care – Services — 0.0%
Advocate Health & Hospitals Corp. 3.829% 8/15/28		25,000		26,290
Humana, Inc. 4.800% 3/15/47		25,000		26,335
				52,625
Home Builders — 0.1%
Lennar Corp. 4.500% 11/15/19		100,000		100,125
4.750% 5/30/25		30,000		30,600
PulteGroup, Inc. 5.000% 1/15/27		40,000		39,700
				170,425
Housewares — 0.1%
Newell Brands, Inc. 3.850% 4/01/23		135,000		133,493
Insurance — 1.4%
The Allstate Corp. 3 mo. USD LIBOR + 2.938% 5.750% VRN 8/15/53		175,000		176,750
American International Group, Inc. 3.900% 4/01/26		100,000		100,633
4.200% 4/01/28		90,000		91,497
4.500% 7/16/44		25,000		23,940
4.750% 4/01/48		15,000		14,919
5.750% VRN 4/01/48 (d)		60,000		58,485
AmTrust Financial Services, Inc. 6.125% 8/15/23		75,000		70,511
Arch Capital Finance LLC 5.031% 12/15/46		30,000		33,300
The Athene Holding Ltd. 4.125% 1/12/28		240,000		230,701
AXA Equitable Holdings, Inc. 4.350% 4/20/28		40,000		40,607
AXIS Specialty Finance PLC 4.000% 12/06/27		60,000		59,699
CNO Financial Group, Inc. 4.500% 5/30/20		60,000		60,300
5.250% 5/30/25		72,000		74,520
Enstar Group Ltd. 4.500% 3/10/22		70,000		71,279

	Principal Amount		Value
The Progressive Corp. 5.375% VRN 12/31/99 (d) (e)	$	25,000	$	24,781
Prudential Financial, Inc. 5.700% VRN 9/15/48 (d)		65,000		65,783
Trinity Acquisition PLC 4.400% 3/15/26		85,000		88,194
USF&G Capital I 8.500% 12/15/45 (c)		35,000		50,930
Voya Financial, Inc. 4.700% VRN 1/23/48 (d)		25,000		21,625
Willis North America, Inc. 4.500% 9/15/28		65,000		67,578
7.000% 9/29/19		21,000		21,391
XLIT Ltd. 4.450% 3/31/25		144,000		149,916
				1,597,339
Internet — 0.1%
Amazon.com, Inc. 4.050% 8/22/47		70,000		74,122
Investment Companies — 0.3%
Ares Capital Corp. 3.500% 2/10/23		175,000		170,176
3.875% 1/15/20		75,000		75,364
BlackRock TCP Capital Corp. 4.125% 8/11/22		70,000		67,290
FS KKR Capital Corp. 4.000% 7/15/19		90,000		90,165
				402,995
Iron & Steel — 0.3%
ArcelorMittal 5.125% 6/01/20		80,000		81,796
5.250% STEP 8/05/20		110,000		113,024
Vale Overseas Ltd. 5.875% 6/10/21		75,000		78,112
6.875% 11/21/36		35,000		40,040
				312,972
Lodging — 0.0%
MGM Resorts International 6.625% 12/15/21		54,000		57,712
Machinery – Diversified — 0.1%
CNH Industrial Capital LLC 3.875% 10/15/21		95,000		96,007
Media — 0.2%
CCO Holdings LLC/CCO Holdings Capital Corp. 5.125% 5/01/27 (c)		30,000		30,188
Charter Communications Operating LLC/Charter Communications Operating Capital 6.484% 10/23/45		35,000		39,235

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

93

MassMutual Premier Balanced Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Comcast Corp. 3.400% 7/15/46	$	45,000	$	39,859
Discovery Communications LLC 3.950% 3/20/28		85,000		82,586
5.000% 9/20/37		25,000		24,306
Time Warner Cable, Inc. 6.750% 6/15/39		30,000		33,460
8.250% 4/01/19		10,000		10,000
Warner Media LLC 6.250% 3/29/41		5,000		5,824
				265,458
Mining — 0.3%
Glencore Finance Canada Ltd. 5.550% STEP 10/25/42 (c)		23,000		22,969
Glencore Funding LLC 3.875% 10/27/27 (c)		25,000		23,874
4.625% 4/29/24 (c)		85,000		87,683
Kinross Gold Corp. 4.500% 7/15/27		31,000		29,450
5.125% 9/01/21		135,000		139,050
				303,026
Miscellaneous – Manufacturing — 0.0%
General Electric Co. 4.125% 10/09/42		60,000		52,069
Office Equipment/Supplies — 0.1%
Pitney Bowes, Inc. 3.875% STEP 9/15/20		20,000		19,975
3.875% STEP 10/01/21		80,000		78,984
				98,959
Oil & Gas — 1.0%
Anadarko Petroleum Corp. 6.600% 3/15/46		81,000		98,480
Antero Resources Corp. 5.375% 11/01/21		223,000		223,836
Cenovus Energy, Inc. 3.000% 8/15/22		30,000		29,393
4.250% 4/15/27 (b)		50,000		49,153
6.750% 11/15/39		15,000		16,717
Diamondback Energy, Inc. 4.750% 11/01/24 (c)		58,000		59,293
Encana Corp. 6.500% 2/01/38		15,000		17,600
EQT Corp. 3.900% 10/01/27		195,000		182,387
4.875% 11/15/21		45,000		46,692
Helmerich & Payne International Drilling Co. 4.650% 3/15/25		45,000		46,969
Marathon Petroleum Corp. 4.500% 4/01/48 (c)		10,000		9,491
6.500% 3/01/41		35,000		42,647
Nabors Industries, Inc. 5.500% 1/15/23 (b)		35,000		33,407

	Principal Amount		Value
Newfield Exploration Co. 5.625% 7/01/24	$	40,000	$	43,688
5.750% 1/30/22		66,000		70,429
PBF Holding Co. LLC/PBF Finance Corp. 7.000% 11/15/23		25,000		25,713
Petroleos Mexicanos 3.500% 1/30/23		20,000		19,102
4.625% 9/21/23		10,000		9,850
5.350% 2/12/28		30,000		27,840
5.500% 1/21/21		110,000		111,870
6.375% 1/23/45		15,000		13,250
6.500% 3/13/27		10,000		10,070
6.625% 6/15/38		5,000		4,613
				1,192,490
Oil & Gas Services — 0.1%
National Oilwell Varco, Inc. 3.950% 12/01/42		40,000		33,764
Patterson-UTI Energy, Inc. 3.950% 2/01/28		72,000		67,981
				101,745
Packaging & Containers — 0.1%
Amcor Finance USA, Inc. 3.625% 4/28/26 (c)		95,000		93,024
Pharmaceuticals — 0.7%
AbbVie, Inc. 4.700% 5/14/45		75,000		72,244
Bayer US Finance II LLC 4.400% 7/15/44 (c)		130,000		114,949
CVS Health Corp. 5.050% 3/25/48		70,000		70,518
6.125% 9/15/39		10,000		11,359
CVS Pass-Through Trust 5.926% 1/10/34 (c)		48,140		53,454
Express Scripts Holding Co. 4.500% 2/25/26		55,000		57,576
4.800% 7/15/46		30,000		30,497
McKesson Corp. 4.883% 3/15/44 (b)		10,000		9,989
6.000% 3/01/41		30,000		34,040
Mylan NV 3.150% 6/15/21		11,000		10,968
Mylan, Inc. 3.125% 1/15/23 (c)		30,000		29,308
Teva Pharmaceutical Finance IV LLC 2.250% 3/18/20		30,000		29,522
Teva Pharmaceutical Finance Netherlands III BV 1.700% 7/19/19		13,000		12,940
2.200% 7/21/21		224,000		213,556
4.100% 10/01/46		15,000		10,654
				761,574

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

94

MassMutual Premier Balanced Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Pipelines — 1.0%
Andeavor Logistics LP 6.875% VRN 12/31/99 (d) (e)	$	90,000	$	90,450
Andeavor Logistics LP/Tesoro Logistics Finance Corp. 6.250% 10/15/22		19,000		19,522
Energy Transfer Operating LP 4.200% 4/15/27		30,000		30,116
6.125% 12/15/45		25,000		27,188
6.250% VRN 12/31/99 (d) (e)		95,000		89,775
Energy Transfer Operating LP 5.875% 1/15/24		30,000		32,747
7.500% 10/15/20		75,000		79,850
EnLink Midstream Partners LP 4.150% 6/01/25		125,000		120,312
4.850% 7/15/26		24,000		23,825
Enterprise Products Operating LLC 5.250% VRN 8/16/77 (d)		45,000		41,625
5.375% VRN 2/15/78 (d)		30,000		26,761
EQM Midstream Partners LP 4.750% 7/15/23		70,000		71,392
Kinder Morgan Energy Partners LP 6.375% 3/01/41		10,000		11,608
6.500% 2/01/37		25,000		28,932
6.550% 9/15/40		15,000		17,488
6.950% 1/15/38		5,000		6,105
MPLX LP 4.500% 4/15/38		30,000		28,496
5.200% 3/01/47		5,000		5,073
Phillips 66 Partners LP 4.680% 2/15/45		4,000		3,940
Plains All American Pipeline LP 6.125% VRN 12/31/99 (d) (e)		105,000		98,437
Plains All American Pipeline LP/PAA Finance Corp. 4.500% 12/15/26		80,000		81,960
4.700% 6/15/44		25,000		23,220
Sunoco Logistics Partners Operations LP 4.000% 10/01/27		30,000		29,740
5.300% 4/01/44		25,000		24,502
Western Gas Partners LP 4.000% 7/01/22		85,000		86,206
4.500% 3/01/28		15,000		14,875
				1,114,145
Private Equity — 0.1%
Hercules Capital, Inc. 4.625% 10/23/22		70,000		68,499
Icahn Enterprises LP/Icahn Enterprises Finance Corp. 6.250% 2/01/22		105,000		107,714
				176,213

	Principal Amount		Value
Real Estate Investment Trusts (REITS) — 0.4%
American Tower Trust #1 3.652% 3/15/48 (c)	$	50,000	$	50,264
Crown Castle International Corp. 5.200% 2/15/49 (b)		26,000		27,359
Healthcare Trust of America Holdings LP 3.500% 8/01/26		40,000		38,776
Host Hotels & Resorts LP 3.875% 4/01/24		45,000		45,133
Mid-America Apartments LP 3.600% 6/01/27		75,000		74,553
National Retail Properties, Inc. 4.300% 10/15/28		20,000		20,855
SBA Tower Trust 2.877% 7/15/46 (c)		40,000		39,633
3.168% 4/09/47 (c)		90,000		89,515
STORE Capital Corp. 4.625% 3/15/29		50,000		50,741
VEREIT Operating Partnership LP 4.625% 11/01/25		35,000		36,199
Weingarten Realty Investors 3.250% 8/15/26		15,000		14,210
				487,238
Retail — 0.2%
Dollar Tree, Inc. 3.700% 5/15/23		50,000		50,704
4.000% 5/15/25		50,000		50,543
4.200% 5/15/28		45,000		44,841
The Home Depot, Inc. 5.950% 4/01/41		30,000		38,479
				184,567
Semiconductors — 0.1%
Marvell Technology Group Ltd. 4.200% 6/22/23		40,000		40,784
Microchip Technology, Inc. 3.922% 6/01/21 (c)		25,000		25,219
				66,003
Software — 0.1%
Microsoft Corp. 4.450% 11/03/45		89,000		100,884
Telecommunications — 0.4%
AT&T, Inc. 3.400% 5/15/25		30,000		29,685
4.750% 5/15/46		90,000		87,947
5.250% 3/01/37		35,000		36,670
CenturyLink, Inc. 6.150% 9/15/19		30,000		30,262
Crown Castle Towers LLC 4.241% 7/15/48 (c)		40,000		40,882
Telefonaktiebolaget LM Ericsson 4.125% 5/15/22		145,000		146,982

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

95

MassMutual Premier Balanced Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Hughes Satellite Systems Corp. 6.500% 6/15/19	$	25,000	$	25,128
Sprint Communications, Inc. 9.250% 4/15/22		65,000		75,725
Verizon Communications, Inc. 6.550% 9/15/43		34,000		44,148
				517,429
Transportation — 0.0%
CSX Corp. 4.750% 11/15/48		20,000		21,643
Pacific National Finance Pty Ltd. 4.625% 9/23/20 (c)		20,000		20,322
				41,965
Trucking & Leasing — 0.3%
DAE Funding LLC 4.000% 8/01/20 (c)		25,000		25,063
Park Aerospace Holdings Ltd. 4.500% 3/15/23 (c)		50,000		49,750
5.250% 8/15/22 (c)		190,000		194,731
Penske Truck Leasing Co. LP/PTL Finance Corp. 3.900% 2/01/24 (c)		70,000		70,834
				340,378
TOTAL CORPORATE DEBT (Cost $16,121,275)				16,377,269
MUNICIPAL OBLIGATIONS — 0.3%
JobsOhio Beverage System Series B 4.532% 1/01/35		150,000		168,570
State of California BAB 7.550% 4/01/39		120,000		182,246
7.600% 11/01/40		10,000		15,525
				366,341
TOTAL MUNICIPAL OBLIGATIONS (Cost $335,822)				366,341
NON-U.S. GOVERNMENT AGENCY OBLIGATIONS — 12.4%
Automobile ABS — 0.5%
Avis Budget Rental Car Funding AESOP LLC, Series 2019-1A, Class C 4.530% 3/20/23 (c)		100,000		101,179
First Investors Auto Owner Trust, Series 2016-2A, Class B 2.210% 7/15/22 (c)		80,000		79,443
Hertz Vehicle Financing II LP, Series 2018-1A, Class A 3.290% 2/25/24 (c)		150,000		149,239
Hertz Vehicle Financing LLC, Series 2018-3A, Class A 4.030% 7/25/24 (c)		250,000		256,107
				585,968

	Principal Amount		Value
Commercial MBS — 1.4%
Aventura Mall Trust, Series 2018-AVM, Class C, 4.112% VRN 7/05/40 (c) (d)	$	190,000	$	196,696
BANK Series 2019-BN17, Class B, 4.128% VRN 4/15/52 (d)		29,000		30,139
Series 2019-BN16, Class AS, 4.267% 2/15/52		31,333		33,072
Series 2019-BN16, Class B, 4.438% VRN 2/15/52 (d)		24,330		25,655
BBCMS Mortgage Trust, Series 2018-CHRS, Class B, 4.267% VRN 8/05/38 (c) (d)		100,000		104,450
BHMS Mortgage Trust Series 2018-ATLS, Class A, 3.734% FRN 7/15/35 (c) (d)		150,000		149,766
Series 2018-ATLS, Class B, 3.984% FRN 7/15/35 (c) (d)		100,000		99,815
BX Commercial Mortgage Trust, Series 2018-IND, Class B, 3.384% FRN 11/15/35 (c) (d)		81,777		81,598
Citigroup Commercial Mortgage Trust, Series 2017-C4, Class C, 4.194% VRN 10/12/50 (d)		70,000		70,237
COMM Mortgage Trust, Series 2014-LC17, Class C, 4.557% VRN 10/10/47 (d)		100,000		101,981
Commercial Mortgage Pass-Through Certificates Series 2013-GAM, Class A1, 1.705% 2/10/28 (c)		37,355		36,869
Series 2012-CR4, Class B, 3.703% 10/15/45 (c)		35,000		33,045
Series 2015-CR23, Class C, 4.252% VRN 5/10/48 (d)		35,000		35,098
Series 2014-UBS5, Class B, 4.514% VRN 9/10/47 (d)		50,000		51,650
GCCFC Commercial Mortgage Trust, Series 2006-GG7, Class AM, 5.614% VRN 7/10/38 (d)		27,236		27,380
JP Morgan Chase Commercial Mortgage Securities Trust Series 2016-JP2, Class AS, 3.056% 8/15/49		140,000		136,847
Series 2007-CB18, Class AM, 5.466% VRN 6/12/47 (d)		87		87
Morgan Stanley Capital I Trust Series 2019-L2, Class AS, 4.272% 3/15/52		100,000		105,780
Series 2018-H3, Class B, 4.620% 7/15/51		20,000		21,199
Series 2011-C2, Class B, 5.200% VRN 6/15/44 (c) (d)		100,000		103,573

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

96

MassMutual Premier Balanced Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
TIAA Seasoned Commercial Mortgage Trust, Series 2007-C4, Class AJ, 5.482% VRN 8/15/39 (d)	$	2,323	$	2,329
Wells Fargo Commercial Mortgage Trust Series 2010-C1, Class A1, 3.349% 11/15/43 (c)		9,326		9,346
Series 2018-C45, Class AS, 4.405% VRN 6/15/51 (d)		30,000		31,870
Series 2018-C45, Class B, 4.556% 6/15/51		10,000		10,749
WF-RBS Commercial Mortgage Trust Series 2012-C8, Class B, 4.311% 8/15/45		40,000		41,230
Series 2011-C3, Class B, 4.740% 3/15/44 (c)		50,000		51,119
				1,591,580
Home Equity ABS — 0.0%
Mastr Asset-Backed Securities Trust, Series 2005-WMC1, Class M3, 1 mo. USD LIBOR + .720% 3.206% FRN 3/25/35		2,711		2,743
Other ABS — 5.0%
321 Henderson Receivables LLC, Series 2015-1A, Class A 3.260% 9/15/72 (c)		38,689		38,210
AASET Trust, Series 2017-1A, Class A 3.967% 5/16/42 (c)		166,256		165,850
Adams Outdoor Advertising LP, Series 2018-1, Class A 4.810% 11/15/48 (c)		99,523		103,875
American Tower Trust #1, Series 13, Class 2A 3.070% 3/15/48 (c)		50,000		49,372
Arbys Funding LLC, Series 2015-1A, Class A2 4.969% 10/30/45 (c)		67,725		69,194
Ascentium Equipment Receivables Trust, Series 2018-2A, Class D 4.150% 7/10/24 (c)		71,000		71,829
BlueVirgo Trust, Series 2015-1A, Class NOTE 3.000% 12/15/22 (c)		9,263		9,263
Carlyle Global Market Strategies CLO Ltd., Series 2013-1A, Class A1R, 3 mo. USD LIBOR + 1.220% 3.913% FRN 8/14/30 (c)		250,000		249,654
Cazenovia Creek Funding I LLC, Series 2015-1A, Class A 2.000% 12/10/23 (c)		2,800		2,790
CLI Funding V LLC, Series 2014-1A, Class A 3.290% 6/18/29 (c)		49,964		49,690

	Principal Amount		Value
Countrywide Asset-Backed Certificates, Series 2004-5, Class 3A, 1 mo. USD LIBOR + .460% 2.946% FRN 9/25/34	$	2,196	$	2,182
DB Master Finance LLC Series 2019-1A, Class A2II, 4.021% 5/20/49 (c) (f)		75,000		75,337
Series 2019-1A, Class A23, 4.352% 5/20/49 (c) (f)		67,000		67,419
Diamond Resorts Owner Trust, Series 2016-1, Class A 3.080% 11/20/28 (c)		49,179		49,157
Domino’s Pizza Master Issuer LLC, Series 2015-1A, Class A2II 4.474% 10/25/45 (c)		106,975	$	111,450
Eaton Vance CLO Ltd., Series 2018-1A, Class B, 4.200% FRN 10/15/30 (c) (d)		250,000		247,781
Elara HGV Timeshare Issuer LLC, Series 2016-A, Class A 2.730% 4/25/28 (c)		42,321		41,764
First Franklin Mortgage Loan Trust, Series 2004-FFH4, Class M6, 1 mo. USD LIBOR + 1.725% 4.211% FRN 1/25/35		80,000		81,513
Goodgreen Trust Series 2016-1A, Class A, 3.230% 10/15/52 (c)		69,562		69,368
Series 2017-1A, Class A, 3.740% 10/15/52 (c)		114,179		115,398
Series 2019-1A, Class A, 3.860% 10/15/54 (c)		148,842		151,657
GSAMP Trust, Series 2005-AHL, Class M1, 1 mo. USD LIBOR + .645% 3.131% FRN 4/25/35		2,272		2,259
Helios Issuer LLC, Series 2017-1A, Class A 4.940% 9/20/49 (c)		90,126		92,650
Hero Funding Trust Series 2016-4A, Class A1, 3.570% 9/20/47 (c)		80,992		81,589
Series 2018-1A, Class A2, 4.670% 9/20/48 (c)		97,891		101,199
Highbridge Loan Management Ltd., Series 13A-18, Class C 4.586% 10/15/30 (c) (d)		250,000		241,745
Hilton Grand Vacations Trust, Series 2013-A, Class A 2.280% 1/25/26 (c)		11,625		11,596
J.G. Wentworth XXXVIII LLC, Series 2017-1A, Class B 5.430% 8/15/62 (c)		200,000		214,087
JG Wentworth XLII LLC, Series 2018-2A, Class A 3.960% 10/15/75 (c)		69,181		71,489

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

97

MassMutual Premier Balanced Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
KKR CLO 24 Ltd., Series 24, Class A1, 3.991% FRN 4/20/32 (c) (d)	$	250,000	$	249,847
KKR CLO 24 Ltd., Series 24, Class C, 5.331% FRN 4/20/32 (c) (d)		250,000		250,031
Mariner Finance Issuance Trust, Series 2017-BA, Class A 2.920% 12/20/29 (c)		100,000		99,567
MP CLO III Ltd., Series 2013-1A, Class AR, 4.011% FRN 10/20/30 (c) (d)		250,000		248,238
NRZ Advance Receivables Trust Series 2016-T3, Class AT3, 2.833% 10/16/51 (c)		320,000		318,200
Series 2016-T4, Class AT4, 3.107% 12/15/50 (c)		150,000		150,126
Orange Lake Timeshare Trust Series 2016-A, Class A, 2.610% 3/08/29 (c)		27,184		27,114
Series 2016-A, Class B, 2.910% 3/08/29 (c)		22,653		22,737
Oxford Finance Funding Trust, Series 2016-1A, Class A 3.968% 6/17/24 (c)		33,535		33,684
Rockford Tower CLO Ltd., Series 2019-1A, Class B1, 4.667% FRN 4/20/32 (c) (d) (g) (h)		300,000		300,000
SBA Tower Trust, Series 2014-2A, Class C, 3.869% STEP 10/15/49 (c)		100,000		101,812
Sierra Timeshare Receivables Funding LLC, Series 2018-3A, Class C 4.170% 9/20/35 (c)		211,943		215,540
Sierra Timeshare Receivables Funding LLC, Series 2015-3A, Class B 3.080% 9/20/32 (c)		17,780		17,753
SoFi Consumer Loan Program LLC, Series 2017-2, Class A 3.280% 2/25/26 (c)		39,553		39,599
SPS Servicer Advance Receivables Trust, Series 2016-T2, Class AT2 2.750% 11/15/49 (c)		110,000		109,777
Taco Bell Funding LLC Series 2018-1A, Class A2II, 4.940% 11/25/48 (c)		39,900		41,569
Series 2016-1A, Class A23, 4.970% 5/25/46 (c)		221,063		228,342
Textainer Marine Containers V Ltd. Series 2017-2A, Class A, 3.520% 6/20/42 (c)		129,089		128,225
Series 2017-1A, Class A, 3.720% 5/20/42 (c)		82,648		83,082
Textainer Marine Containers VII Ltd., Series 2018-1A, Class A 4.110% 7/20/43 (c)		95,200		96,352

	Principal Amount		Value
Trinity Rail Leasing LP, Series 2018-1A, Class A2 4.620% 6/17/48 (c)	$	230,000	$	242,438
Welk Resorts LLC, Series 2015-AA, Class A 2.790% 6/16/31 (c)		16,060		15,768
Wendy’s Funding LLC Series 2015-1A, Class A2II, 4.080% 6/15/45 (c)		48,250		48,819
Series 2015-1A, Class A23, 4.497% 6/15/45 (c)		72,375		74,481
				5,782,468
Student Loans ABS — 5.1%
Access Group, Inc., Series 2015-1, Class B, 1 mo. USD LIBOR + 1.500% 3.990% FRN 7/25/58 (c)		100,000		94,756
AccessLex Institute Series 2004-A, Class A3, 28 day ARS 1.699% FRN 7/01/39		100,000		98,669
Series 2003-A, Class A3, 3 mo. Treasury + 1.200% 3.690% FRN 7/01/38		5,795		5,667
College Loan Corp. Trust I, Series 2007-1, Class B2, 28 day ARS FRN1/25/47		35,000		27,428
Commonbond Student Loan Trust, Series 2017-AGS, Class B 3.470% 5/25/41 (c)		125,731		125,179
DRB Prime Student Loan Trust Series 2016-R, Class A1, 1 mo. USD LIBOR + 1.900% 4.390% FRN 10/25/44 (c)		69,505		69,993
Series 2016-A, Class A1, 1 mo. USD LIBOR + 2.000% 4.486% FRN 4/25/40 (c)		20,283		20,692
Earnest Student Loan Program LLC, Series 2016-B, Class A1, 1 mo. USD LIBOR + 2.050% 4.536% FRN 2/26/35 (c)		22,113		22,414
ECMC Group Student Loan Trust Series 2018-2A, Class A, 3.286% FRN 9/25/68 (c) (d)		95,920		95,102
Series 2017-1A, Class A, 1 mo. USD LIBOR + 1.200% 3.686% FRN 12/27/66 (c)		72,670		72,760
Series 2016-1A, Class A, 1 mo. USD LIBOR + 1.350% 3.840% FRN 7/26/66 (c)		89,125		89,962
EdLinc Student Loan Funding Trust Series 2017-A, Class A, 4.350% FRN 12/01/47 (c) (d)		77,321		77,330

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

98

MassMutual Premier Balanced Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Series 2012-1, Class B, 1 mo. USD LIBOR + 4.240% 6.726% FRN 11/26/40 (c)	$	65,000	$	77,639
Education Loan Asset-Backed Trust I, Series 2003-2, Class 2A1, 28 day ARS FRN8/01/43 (c)		50,000		46,501
Kentucky Higher Education Student Loan Corp., Series 2015-1, Class A1, 1 mo. USD LIBOR + .750% 3.239% FRN 12/01/31		49,587		48,957
KnowledgeWorks Foundation, Series 2010-1, Class A, 3 mo. USD LIBOR + .950% 3.601% FRN 2/25/42		28,446		28,524
Navient Student Loan Trust Series 2015-2, Class A3, 1 mo. USD LIBOR + .570% 3.056% FRN 11/26/40		235,000		233,176
Series 2016-1A, Class A, 1 mo. USD LIBOR + .700% 3.186% FRN 2/25/70 (c)		68,753		68,579
Series 2018-1A, Class A3, 3.206% FRN 3/25/67 (c) (d)		100,000		98,903
Series 2018-3A, Class A3, 3.286% FRN 3/25/67 (c) (d)		100,000		98,787
Series 2016-5A, Class A, 1 mo. USD LIBOR + 1.250% 3.736% FRN 6/25/65 (c)		77,761		78,802
Series 2016-6A, Class A3, 1 mo. USD LIBOR + 1.300% 3.786% FRN 3/25/66 (c)		210,000		215,969
Series 2018-4A, Class B, 3.786% FRN 6/27/67 (c) (d)		100,000		100,000
Series 2015-2, Class B, 1 mo. USD LIBOR + 1.500% 3.986% FRN 8/25/50		150,000		150,261
Series 2015-3, Class B, 1 mo. USD LIBOR + 1.500% 3.986% FRN 10/25/58		40,000		40,568
Series 2016-2, Class A3, 1 mo. USD LIBOR + 1.500% 3.986% FRN 6/25/65 (c)		200,000		205,966
Series 2019-BA, Class B, 4.040% 12/15/59 (c)		150,000		152,366
Nelnet Private Education Loan Trust Series 2016-A, Class A1B, 3.600% 12/26/40 (c)		41,157		41,430
Series 2016-A, Class A1A, 1 mo. USD LIBOR + 1.750% 4.236% FRN 12/26/40 (c)		41,153		41,022
Nelnet Student Loan Trust Series 2005-2, Class A5, 3 mo. USD LIBOR + .100% 2.707% FRN 3/23/37		72,959		72,317

	Principal Amount		Value
Series 2013-5A, Class A, 1 mo. USD LIBOR + .630% 3.120% FRN 1/25/37 (c)	$	37,923	$	37,728
Series 2018-3A, Class A3, 1 mo. USD LIBOR + 0.750% 3.240% FRN 9/27/66 (c) (d)		100,000		99,656
Series 2018-1A, Class A2, 3.246% FRN 5/25/66 (c) (d)		100,000		99,042
Series 2018-5A, Class B, 3.936% FRN 2/25/67 (c) (d)		200,000		200,000
PHEAA Student Loan Trust, Series 2016-2A, Class A, 1 mo. USD LIBOR + .950% 3.436% FRN 11/25/65 (c)		73,471		73,751
SLC Student Loan Trust Series 2006-1, Class A6, 3 mo. USD LIBOR + .160% 2.771% FRN 3/15/55		270,000		259,471
Series 2005-1, Class B, 3 mo. USD LIBOR + .200% 2.884% FRN 2/15/45		44,390		41,874
SLM Student Loan Trust Series 2007-1, Class A6, 3 mo. USD LIBOR + .140% 2.911% FRN 1/27/42		200,000		191,417
Series 2006-10, Class A6, 3 mo. USD LIBOR + .150% 2.921% FRN 3/25/44		200,000		192,998
Series 2005-4, Class B, 3 mo. USD LIBOR + .180% 2.951% FRN 7/25/55		252,528		237,571
Series 2006-5, Class B, 3 mo. USD LIBOR + .210% 2.981% FRN 10/25/40		148,118		138,578
Series 2006-2, Class B, 3 mo. USD LIBOR + .220% 2.991% FRN 1/25/41		60,923		57,167
Series 2006-10, Class B, 3 mo. USD LIBOR + .220% 2.991% FRN 3/25/44		55,375		52,325
Series 2006-8, Class B, 3 mo. USD LIBOR + .230% 3.001% FRN 1/25/41		103,342		96,330
Series 2005-6, Class B, 3 mo. USD LIBOR + .290% 3.061% FRN 1/25/44		86,880		80,608
Series 2005-8, Class B, 3 mo. USD LIBOR + .310% 3.081% FRN 1/25/55		48,986		46,331
Series 2003-11, Class B, 3 mo. USD LIBOR + .650% 3.261% FRN 12/15/38		96,326		92,035

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

99

MassMutual Premier Balanced Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Series 2004-1 Class B, 3 mo. USD LIBOR + .500% 3.271% FRN 7/25/39	$	45,443	$	43,229
Series 2003-14, Class A7, 3 mo. USD LIBOR + .600% 3.371% FRN 10/25/65 (c)		250,000		247,993
Series 2005-7, Class A5, 3 mo. USD LIBOR + .750% 3.521% FRN 1/25/40		100,000		99,203
Series 2005-5, Class A5, 3 mo. USD LIBOR + .750% 3.521% FRN 10/25/40		220,000		219,869
Series 2006-5, Class A6B, 3 mo. USD LIBOR + .750% 3.521% FRN 10/25/40		100,000		99,875
Series 2014-2, Class B, 1 mo. USD LIBOR + 1.500% 3.986% FRN 1/25/72		150,000		152,013
Series 2003-5, Class A9, 28 day ARS 4.480% FRN 6/15/30		50,000		50,000
Series 2003-5, Class A7, 28 day ARS 4.490% FRN 6/15/30		50,000		50,000
SMB Private Education Loan Trust Series 2018-C, Class A2B, 3.234% FRN 11/15/35 (c) (d)		100,000		99,750
Series 2017-A, Class B, 3.500% 6/17/41 (c)		100,000		99,274
SoFi Professional Loan Program LLC, Series 2016-B, Class A1, 1 mo. USD LIBOR + 1.200% 3.686% FRN 6/25/33 (c)		27,421		27,660
South Carolina Student Loan Corp., Series 2010-1, Class A3, 3 mo. USD LIBOR + 1.050% 3.821% FRN 10/27/36		100,000		100,761
				5,886,228
WL Collateral CMO — 0.4%
Countrywide Home Loans, Inc. Series 2003-42, Class 1A1, 3.991% VRN 9/25/33 (d)		1,103		1,019
Series 2004-2, Class 1A1, 4.619% VRN 2/25/34 (d)		5,169		4,859
Deephaven Residential Mortgage Trust, Series 2018-1A, Class A1, 2.976% VRN 12/25/57 (c) (d)		62,726		62,109
GSR Mortgage Loan Trust, Series 2004-9, Class 2A1, 4.103% VRN 8/25/34 (d)		1,592		1,555
IndyMac Index Mortgage Loan Trust, Series 2004-AR4, Class 1A, 4.048% VRN 8/25/34 (d)		11,421		10,960

	Principal Amount		Value
JP Morgan Mortgage Trust Series 2017-1, Class A11, 3.500% VRN 1/25/47 (c) (d)	$	84,753	$	84,078
Series 2018-4, Class A15, 3.500% VRN 10/25/48 (c) (d)		130,365		130,482
Merrill Lynch Mortgage Investors, Inc. Series 2004-A1, Class IA, 2.750% VRN 2/25/34 (d)		767		695
Series 2003-A4, Class IA, 4.666% VRN 7/25/33 (d)		794		773
PSMC Trust, Series 2018-2, Class A1, 3.500% VRN 6/25/48 (c) (d)		95,686		95,285
Structured Adjustable Rate Mortgage Loan Trust, Series 2004-2, Class 2A, 4.558% VRN 3/25/34 (d)		6,279		6,118
Washington Mutual Mortgage Pass-Through Certificates, Series 2004-AR2, Class A, 12 mo. MTA + 1.400% 3.797% FRN 4/25/44		16,201		15,959
Wells Fargo Mortgage Backed Securities Trust, Series 2019-1, Class A1, 4.000% VRN 11/25/48 (c) (d)		98,272		98,868
				512,760
TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $14,213,697)				14,361,747
SOVEREIGN DEBT OBLIGATIONS — 0.3%
Colombia Government International Bond 6.125% 1/18/41		100,000		118,151
Mexico Government International Bond 4.750% 3/08/44		193,000		189,623
				307,774
TOTAL SOVEREIGN DEBT OBLIGATIONS (Cost $292,980)				307,774
U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES — 10.4%
Collateralized Mortgage Obligations — 0.1%
Federal Home Loan Mortgage Corp. Series 2617, Class Z, 5.500% 5/15/33		43,094		47,233
Series 2693, Class Z, 5.500% 10/15/33		78,444		85,604
				132,837
Pass-Through Securities — 10.1%
Federal Home Loan Mortgage Corp. Pool #G05253 5.000% 2/01/39		6,753		7,303
Pool #G00729 8.000% 6/01/27		10,980		12,358

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

100

MassMutual Premier Balanced Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Federal National Mortgage Association Pool #AS1304 3.500% 12/01/28	$	37,182	$	38,194
Pool #AV2325 3.500% 12/01/28		17,793		18,277
Pool #BF0196 3.500% 2/01/41		42,091		43,080
Pool #MA1356 3.500% 2/01/43		281,988		287,467
Pool #BM3994 3.500% 1/01/44		44,305		45,166
Pool #CA1073 3.500% 1/01/48		231,005		234,628
Pool #BJ0686 4.000% 4/01/48		104,725		108,097
Pool #CA2039 4.000% 7/01/48		192,916		198,828
Pool #CA1951 4.000% 7/01/48		120,075		123,904
Pool #725692 1 year CMT + 2.138% 4.330% FRN 10/01/33		6,997		7,349
Pool #888586 1 year CMT + 2.199% 4.423% FRN 10/01/34		13,012		13,699
Pool #CA1909 4.500% 6/01/48		284,228		297,091
Pool #CA1952 4.500% 6/01/48		47,796		50,068
Pool #AD6437 5.000% 6/01/40		14,129		15,254
Pool #AD6996 5.000% 7/01/40		97,120		104,555
Pool #AL8173 5.000% 2/01/44		36,331		39,067
Pool #564594 7.000% 1/01/31		6,366		7,133
Pool #253795 7.000% 5/01/31		3,603		4,076
Pool #507061 7.500% 10/01/29		616		700
Pool #527761 7.500% 2/01/30		901		957
Pool #531196 7.500% 2/01/30		712		805
Pool #253183 7.500% 4/01/30		1,510		1,713
Pool #253265 7.500% 5/01/30		873		984
Pool #535248 8.000% 4/01/30		90		103
Pool #539460 8.000% 5/01/30		1,051		1,215
Pool #190317 8.000% 8/01/31		1,150		1,323
Federal National Mortgage Association TBA Pool #1058 3.500% 1/30/48 (f)		1,025,000		1,038,774
Pool #11192 4.000% 4/30/48 (f)		3,385,000		3,481,261
Pool #20567 4.500% 6/30/48 (f)		2,680,000		2,792,225
Government National Mortgage Association Pool #352049 7.000% 10/15/23		397		422
Government National Mortgage Association I Pool #783896 3.500% 5/15/44		178,816		183,501
Government National Mortgage Association II TBA Pool #304 3.500% 12/13/47 (f)		2,215,000		2,262,761
Pool #1235 4.000% 4/30/48 (f)		225,000		232,313
				11,654,651
Whole Loans — 0.2%
Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2019-R01, Class 2M2 4.936% 7/25/31 (c) (d)		190,000		189,880

	Principal Amount		Value
Series 2016-C05, Class 2M1, 1 mo. USD LIBOR + 1.350% 3.836% 1/25/29	$	5,375	$	5,379
				195,259
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (Cost $11,898,983)				11,982,747
U.S. TREASURY OBLIGATIONS — 1.0%
U.S. Treasury Bonds & Notes — 1.0%
U.S. Treasury Bond 2.500% 5/15/46 (i)		1,185,000		1,113,807
U.S. Treasury Note 1.625% 10/31/23		100,000		97,313
				1,211,120
TOTAL U.S. TREASURY OBLIGATIONS (Cost $1,120,709)				1,211,120
TOTAL BONDS & NOTES (Cost $43,983,466)				44,606,998
TOTAL PURCHASED OPTIONS (#) — 0.2% (Cost $245,589)				246,551
	Number of Shares
MUTUAL FUNDS — 9.7%
Diversified Financial Services — 9.7%
iShares China Large-Cap ETF		2,800		123,956
iShares MSCI Australia ETF (b)		7,000		150,640
iShares MSCI EAFE ETF		43,430		2,816,870
iShares MSCI France ETF		8,500		250,495
iShares MSCI Germany ETF		7,200		193,824
iShares MSCI India ETF		13,000		458,250
iShares MSCI Italy ETF		2,900		80,591
iShares MSCI Japan ETF		10,300		563,616
iShares MSCI Singapore ETF		1,150		27,289
iShares MSCI South Korea ETF		1,800		109,710
iShares MSCI Spain ETF (b)		3,400		97,274
iShares MSCI Sweden ETF (b)		2,100		63,462
iShares MSCI Switzerland Capped ETF (b)		6,400		226,368
iShares MSCI Turkey Investable Market ETF (b)		1,700		41,259
iShares MSCI United Kingdom ETF (b)		10,500		346,605
State Street Navigator Securities Lending Prime Portfolio (j)		1,124,606		1,124,606

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

101

MassMutual Premier Balanced Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
Vanguard FTSE Developed Markets ETF		74,840	$	3,058,711
Vanguard FTSE Emerging Markets ETF		35,200		1,496,000
TOTAL MUTUAL FUNDS (Cost $10,399,830)				11,229,526
TOTAL LONG-TERM INVESTMENTS (Cost $110,895,866)				116,563,398
	Principal Amount
SHORT-TERM INVESTMENTS — 8.2%
Commercial Paper — 7.0%
Anheuser-Busch InBev Worldwide, Inc. 2.859% 4/15/19 (c)	$	1,000,000		998,765
AutoZone, Inc. 2.742% 4/15/19 (c)		1,000,000		998,732
BAT International Finance PLC 2.744% 4/08/19 (c)		1,000,000		999,262
Bell Canada 2.800% 4/15/19 (c)		300,000		299,618
CVS Corp. 2.658% 4/01/19 (c)		1,000,000		999,785
Ei Dupont 2.947% 4/08/19 (c)		900,000		899,346
Fortive Corp. 2.732% 4/17/19 (c)		1,100,000		1,098,431
Mohawk Industries, Inc. 2.688% 4/02/19 (c)		1,100,000		1,099,677
Transcanada Pipelines Ltd. 2.941% 5/09/19 (c)		700,000		697,804
				8,091,420
Repurchase Agreement — 1.2%
Fixed Income Clearing Corp., Repurchase Agreement, dated 3/29/19, 1.250%, due 4/01/19 (k)		1,355,856		1,355,856
TOTAL SHORT-TERM INVESTMENTS (Cost $9,447,611)				9,447,276
TOTAL INVESTMENTS — 108.8% (Cost $120,343,477) (l)				126,010,674
Other Assets/(Liabilities) — (8.8)%				(10,194,712	)
NET ASSETS — 100.0%			$	115,815,962

Abbreviation Legend

ABS Asset-Backed Security

ARS Auction Rate Security

BAB Build America Bonds

CLO Collateralized Loan Obligation

CMO Collateralized Mortgage Obligation

CMT Constant Maturity Treasury Index

ETF Exchange-Traded Fund

FRN Floating Rate Note

MBS Mortgage-Backed Security

MTA Monthly Treasury Average Index

STEP Step Up Bond

TBA To Be Announced

VRN Variable Rate Note

WL Whole Loan

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Non-income producing security.

(b) Denotes all or a portion of security on loan. The total value of securities on loan as of March 31, 2019, was $1,098,349 or 0.95% 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) Securities exempt from registration under rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2019, these securities amounted to a value of $22,222,358 or 19.19% of net assets.

(d) Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. The rates shown are the current interest rates at March 31, 2019.

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

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

(g) Investment was valued using significant unobservable inputs.

(h) This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At March 31, 2019, these securities amounted to a value of $300,000 or 0.26% of net assets.

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

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

(k) Maturity value of $1,355,997. Collateralized by U.S. Government Agency obligations with a rate of 1.875%, maturity date of 4/30/22, and an aggregate market value, including accrued interest, of $1,387,509.

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

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

102

MassMutual Premier Balanced Fund – Portfolio of Investments (Continued)

(#) Purchased Swaptions contracts at March 31, 2019:

OTC Counterparty	Units		Notional Amount		Expiration Date		Pay/ Receive Exercise Rate		Description	Premiums Purchased		Value		Unrealized Appreciation/ (Depreciation)
Call
Barclays Bank PLC*		790,000		USD 790,000		12/13/32		Receive	3-Month USD LIBOR BBA 10 Year Swaption, Underlying swap terminates 12/15/42, Exercise Rate 2.44%	$	39,494	$	37,859	$	(1,635	)
Credit Suisse International*		870,000		USD 870,000		1/31/33		Receive	3-Month USD LIBOR BBA 10 Year Swaption, Underlying swap terminates 2/02/43, Exercise Rate 2.61%		41,760		46,540		4,780
											81,254		84,399		3,145
Put
Barclays Bank PLC*		1,620,000		USD 1,620,000		12/13/32		Pay	3-Month USD LIBOR BBA 10 Year Swaption, Underlying swap terminates 12/15/42, Exercise Rate 2.94%	$	80,989	$	82,089	$	1,100
Credit Suisse International*		1,740,000		USD 1,740,000		1/31/33		Pay	3-Month USD LIBOR BBA 10 Year Swaption, Underlying swap terminates 2/02/43, Exercise Rate 3.11%		83,346		80,063		(3,283	)
											164,335		162,152		(2,183	)
										$	245,589	$	246,551	$	962

* Contracts are subject to a Master Netting Agreement.

Futures contracts at March 31, 2019:

	Expiration Date		Number of Contracts		Notional Amount		Value/ Net Unrealized Appreciation/ (Depreciation)
Long
U.S. Treasury Ultra 10 Year		6/19/19		1	$	132,769	$	12
U.S. Treasury Ultra Bond		6/19/19		10		1,628,392		51,607
MSCI EAFE E-Mini Index		6/21/19		17		1,560,068		26,372
U.S. Treasury Note 2 Year		6/28/19		14		2,971,949		11,364
U.S. Treasury Note 5 Year		6/28/19		37		4,248,498		37,143
								$126,498

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

103

MassMutual Premier Balanced Fund – Portfolio of Investments (Continued)

Swap agreements at March 31, 2019:

Counterparty	Currency	Notional Amount		Expiration Date		Payment Frequency	Receive (Pay) Fixed Rate	Deliverable on Default	Unrealized Appreciation (Depreciation)			Premium (Received) Paid			Value
Credit Default Swaps — Sell Protection††
OTC Swaps
Goldman Sachs International*	USD		140,000		5/11/63	Monthly	3.000%	CMBX.NA.6 (Rating: BBB-)†	$	(17,862	)	$	86		$	(17,776	)
Goldman Sachs International*	USD		20,000		5/11/63	Monthly	3.000%	CMBX.NA.6 (Rating: BBB-)†		(937	)		(1,602	)		(2,539	)
									$	(18,799	)	$	(1,516	)	$	(20,315	)

* Contracts are subject to a Master Netting Agreement.

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

†† For each credit derivative with sold protection, the credit ratings of the entities referenced, as rated by any rating organization, are included in the equivalent S&P Global Ratings. The reference entity rating represents the likelihood of a potential payment by the Fund if the referenced entity experiences a credit event as of period end. Notional amounts represent the maximum potential amount of future payments (undiscounted) the Fund could be required to make under the credit derivatives with sold protection.

Currency Legend

USD U.S. Dollar

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

104

MassMutual Premier Disciplined Value Fund – Portfolio of Investments

March 31, 2019 (Unaudited)

	Number of Shares		Value
EQUITIES — 99.4%
COMMON STOCK — 99.4%
Basic Materials — 3.5%
Chemicals — 2.3%
Air Products & Chemicals, Inc.		520	$	99,299
Albemarle Corp.		10		820
Cabot Corp.		200		8,326
Celanese Corp.		1,070		105,513
CF Industries Holdings, Inc.		8,500		347,480
DowDuPont, Inc.		14,410		768,197
Eastman Chemical Co.		3,060		232,193
FMC Corp.		500		38,410
Huntsman Corp.		20,600		463,294
Linde PLC		1,740		306,118
LyondellBasell Industries NV Class A		3,700		311,096
The Mosaic Co.		2,800		76,468
Olin Corp.		12,800		296,192
Westlake Chemical Corp.		260		17,643
				3,071,049
Forest Products & Paper — 0.6%
Domtar Corp.		10,237		508,267
International Paper Co.		5,800		268,366
				776,633
Iron & Steel — 0.5%
Nucor Corp.		2,300		134,205
Reliance Steel & Aluminum Co.		1,000		90,260
Steel Dynamics, Inc.		11,500		405,605
United States Steel Corp.		4,390		85,561
				715,631
Mining — 0.1%
Freeport-McMoRan, Inc.		5,031		64,850
Newmont Mining Corp.		3,000		107,310
				172,160
				4,735,473
Communications — 10.6%
Advertising — 0.2%
The Interpublic Group of Cos., Inc.		5,200		109,252
Omnicom Group, Inc.		2,300		167,877
				277,129
Internet — 0.2%
eBay, Inc.		7,300		271,122
Media — 3.3%
Charter Communications, Inc. Class A (a)		570		197,739
Comcast Corp. Class A		50,600		2,022,988
Discovery, Inc. Class A (a)		9,900		267,498
Discovery, Inc. Class C (a)		1,328		33,758
DISH Network Corp. Class A (a)		12,800		405,632

	Number of Shares		Value
Fox Corp. Class A (a)		3,633	$	133,367
Fox Corp. Class B (a)		1,433		51,416
John Wiley & Sons, Inc. Class A		700		30,954
Liberty Media Corp-Liberty SiriusXM Class A (a)		8,000		305,440
Liberty Media Corp-Liberty SiriusXM Class C (a)		7,700		294,448
News Corp. Class A		2,800		34,832
Tribune Media Co. Class A		3,300		152,262
Viacom, Inc. Class A		1,500		48,675
Viacom, Inc. Class B		14,200		398,594
The Walt Disney Co.		718		79,774
				4,457,377
Telecommunications — 6.9%
ARRIS International PLC (a)		5,000		158,050
AT&T, Inc.		57,036		1,788,649
CenturyLink, Inc.		45,307		543,231
Cisco Systems, Inc.		55,400		2,991,046
CommScope Holding Co., Inc. (a)		17,500		380,275
Corning, Inc.		9,000		297,900
EchoStar Corp. Class A (a)		6,300		229,635
Juniper Networks, Inc.		3,600		95,292
LogMeIn, Inc.		20		1,602
Motorola Solutions, Inc.		2,890		405,814
Sprint Corp. (a)		58,300		329,395
T-Mobile US, Inc. (a)		50		3,455
Telephone & Data Systems, Inc.		5,618		172,641
Verizon Communications, Inc.		33,700		1,992,681
				9,389,666
				14,395,294
Consumer, Cyclical — 8.9%
Airlines — 1.4%
Alaska Air Group, Inc.		1,400		78,568
American Airlines Group, Inc.		10,000		317,600
Copa Holdings SA Class A		80		6,449
Delta Air Lines, Inc.		8,000		413,200
JetBlue Airways Corp. (a)		10,800		176,688
Southwest Airlines Co.		8,000		415,280
United Continental Holdings, Inc. (a)		6,000		478,680
				1,886,465
Apparel — 0.4%
Capri Holdings Ltd. (a)		2,400		109,800
Columbia Sportswear Co.		100		10,418
PVH Corp.		400		48,780
Ralph Lauren Corp.		980		127,086
Skechers U.S.A., Inc. Class A (a)		7,600		255,436
VF Corp.		100		8,691
				560,211

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

105

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

	Number of Shares		Value
Auto Manufacturers — 1.1%
Ford Motor Co.		49,200	$	431,976
General Motors Co.		19,200		712,320
PACCAR, Inc.		4,900		333,886
				1,478,182
Auto Parts & Equipment — 0.4%
Adient PLC		62		804
BorgWarner, Inc.		2,200		84,502
The Goodyear Tire & Rubber Co.		3,400		61,710
Lear Corp.		3,200		434,272
Visteon Corp. (a)		30		2,020
				583,308
Distribution & Wholesale — 0.1%
HD Supply Holdings, Inc. (a)		1,100		47,685
WESCO International, Inc. (a)		1,200		63,612
				111,297
Entertainment — 0.1%
Cinemark Holdings, Inc.		3,500		139,965
Food Services — 0.0%
Aramark		400		11,820
Home Builders — 0.2%
D.R. Horton, Inc.		2,000		82,760
Lennar Corp. Class A		70		3,436
Lennar Corp. Class B		49		1,917
PulteGroup, Inc.		4,200		117,432
Toll Brothers, Inc.		1,200		43,440
				248,985
Home Furnishing — 0.3%
Dolby Laboratories, Inc. Class A		800		50,376
Whirlpool Corp.		2,120		281,727
				332,103
Housewares — 0.1%
Newell Brands, Inc.		12,800		196,352
Leisure Time — 0.7%
Brunswick Corp.		500		25,165
Carnival Corp.		1,900		96,368
Harley-Davidson, Inc.		6,800		242,488
Norwegian Cruise Line Holdings Ltd. (a)		6,600		362,736
Royal Caribbean Cruises Ltd.		1,790		205,170
				931,927
Lodging — 0.5%
Caesars Entertainment Corp. (a)		26,800		232,892
Extended Stay America, Inc.		300		5,385
Hyatt Hotels Corp. Class A		800		58,056
Las Vegas Sands Corp.		3,400		207,264
MGM Resorts International		5,600		143,696
				647,293

	Number of Shares		Value
Retail — 3.6%
AutoNation, Inc. (a)		800	$	28,576
AutoZone, Inc. (a)		190		194,583
Best Buy Co., Inc.		2,600		184,756
Dick’s Sporting Goods, Inc.		8,800		323,928
Foot Locker, Inc.		7,100		430,260
The Gap, Inc.		400		10,472
Kohl’s Corp.		5,000		343,850
Macy’s, Inc.		14,644		351,895
McDonald’s Corp.		1,000		189,900
The Michaels Cos., Inc. (a)		3,000		34,260
Penske Automotive Group, Inc.		7,200		321,480
Qurate Retail, Inc. (a)		16,600		265,268
Target Corp.		6,700		537,742
Tiffany & Co.		500		52,775
Walgreens Boots Alliance, Inc.		6,439		407,396
Walmart, Inc.		6,700		653,451
Williams-Sonoma, Inc. (b)		4,100		230,707
Yum China Holdings, Inc.		8,300		372,753
				4,934,052
				12,061,960
Consumer, Non-cyclical — 19.6%
Agriculture — 0.2%
Bunge Ltd.		300		15,921
Philip Morris International, Inc.		2,660		235,117
				251,038
Beverages — 0.5%
The Coca-Cola Co.		1,400		65,604
Molson Coors Brewing Co. Class B		7,060		421,129
PepsiCo, Inc.		1,680		205,884
				692,617
Biotechnology — 1.4%
Amgen, Inc.		2,630		499,647
Bio-Rad Laboratories, Inc. Class A (a)		10		3,057
Biogen, Inc. (a)		1,270		300,203
Gilead Sciences, Inc.		8,000		520,080
United Therapeutics Corp. (a)		4,590		538,728
				1,861,715
Commercial Services — 1.2%
AMERCO		580		215,476
Booz Allen Hamilton Holding Corp.		900		52,326
CoreLogic, Inc. (a)		400		14,904
Euronet Worldwide, Inc. (a)		1,760		250,958
Graham Holdings Co. Class B		166		113,408
H&R Block, Inc.		13,200		316,008
ManpowerGroup, Inc.		4,930		407,662
Quanta Services, Inc.		6,500		245,310
Sabre Corp.		2,000		42,780
				1,658,832

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

106

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

	Number of Shares		Value
Cosmetics & Personal Care — 2.0%
Colgate-Palmolive Co.		2,400	$	164,496
The Procter & Gamble Co.		24,650		2,564,832
				2,729,328
Foods — 2.3%
Conagra Brands, Inc.		264		7,323
General Mills, Inc.		5,700		294,975
Ingredion, Inc.		160		15,151
The J.M. Smucker Co.		1,780		207,370
The Kraft Heinz Co.		400		13,060
The Kroger Co.		22,100		543,660
Lamb Weston Holdings, Inc.		33		2,473
Mondelez International, Inc. Class A		11,450		571,584
Pilgrim’s Pride Corp. (a)		7,200		160,488
Post Holdings, Inc. (a)		3,810		416,814
Seaboard Corp.		30		128,541
TreeHouse Foods, Inc. (a)		7,000		451,850
Tyson Foods, Inc. Class A		2,500		173,575
US Foods Holding Corp. (a)		5,400		188,514
				3,175,378
Health Care – Products — 1.4%
Abbott Laboratories		2,000		159,880
Baxter International, Inc.		4,600		374,026
Danaher Corp.		1,880		248,198
Medtronic PLC		9,369		853,328
QIAGEN NV (a)		3,000		122,040
Steris PLC (a)		400		51,212
Zimmer Biomet Holdings, Inc.		390		49,803
				1,858,487
Health Care – Services — 1.6%
Anthem, Inc.		2,670		766,237
Centene Corp. (a)		3,320		176,292
DaVita, Inc. (a)		4,600		249,734
HCA Healthcare, Inc.		1,210		157,760
Humana, Inc.		860		228,760
IQVIA Holdings, Inc. (a)		3,430		493,405
Molina Healthcare, Inc. (a)		870		123,505
Quest Diagnostics, Inc.		10		899
WellCare Health Plans, Inc. (a)		70		18,883
				2,215,475
Household Products & Wares — 0.1%
Kimberly-Clark Corp.		770		95,403
Spectrum Brands Holdings, Inc.		100		5,478
				100,881
Pharmaceuticals — 8.9%
Allergan PLC		3,490		510,971
Bristol-Myers Squibb Co.		7,800		372,138
Cardinal Health, Inc.		9,600		462,240
Cigna Corp. (a)		2,553		410,573
CVS Health Corp.		14,789		797,571

	Number of Shares		Value
Eli Lilly & Co.		70	$	9,083
Herbalife Nutrition Ltd. (a)		11,500		609,385
Jazz Pharmaceuticals PLC (a)		3,710		530,345
Johnson & Johnson		21,990		3,073,982
McKesson Corp.		3,040		355,862
Merck & Co., Inc.		24,728		2,056,628
Mylan NV (a)		11,300		320,242
Perrigo Co. PLC		1,300		62,608
Pfizer, Inc.		57,415		2,438,415
				12,010,043
				26,553,794
Energy — 7.7%
Oil & Gas — 7.2%
Anadarko Petroleum Corp.		3,600		163,728
Apache Corp.		28		971
Chesapeake Energy Corp. (a) (b)		47,100		146,010
Chevron Corp.		15,885		1,956,714
CNX Resources Corp. (a)		2,100		22,617
ConocoPhillips		18,248		1,217,872
Devon Energy Corp.		50		1,578
EOG Resources, Inc.		90		8,566
Extraction Oil & Gas, Inc. (a) (b)		35,200		148,896
Exxon Mobil Corp.		33,290		2,689,832
Hess Corp.		2,300		138,529
HollyFrontier Corp.		10,800		532,116
Marathon Oil Corp.		18,900		315,819
Marathon Petroleum Corp.		2,277		136,279
Murphy Oil Corp.		1,700		49,810
Noble Energy, Inc.		80		1,978
Occidental Petroleum Corp.		7,130		472,006
PBF Energy, Inc. Class A		14,300		445,302
Phillips 66		8,760		833,689
QEP Resources, Inc. (a)		5,000		38,950
Transocean Ltd. (a)		15,200		132,392
Valero Energy Corp.		2,734		231,925
Whiting Petroleum Corp. (a)		750		19,605
WPX Energy, Inc. (a)		66		865
				9,706,049
Oil & Gas Services — 0.1%
Apergy Corp. (a)		2,150		88,279
Baker Hughes a GE Co.		3		83
Schlumberger Ltd.		40		1,743
				90,105
Pipelines — 0.4%
Kinder Morgan, Inc.		27,600		552,276
				10,348,430
Financial — 28.4%
Banks — 13.3%
Associated Banc-Corp.		4,050		86,468
Bank of America Corp.		120,073		3,312,814
Bank of Hawaii Corp.		820		64,673

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

107

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

	Number of Shares		Value
The Bank of New York Mellon Corp.		11,950	$	602,639
Bank OZK		13,500		391,230
BankUnited, Inc.		200		6,680
BB&T Corp.		1,419		66,026
BOK Financial Corp.		1,600		130,480
CIT Group, Inc.		7,100		340,587
Citigroup, Inc.		39,671		2,468,330
Citizens Financial Group, Inc.		11,600		377,000
Comerica, Inc.		4,500		329,940
Commerce Bancshares, Inc.		1,119		64,969
Cullen/Frost Bankers, Inc.		1,470		142,693
East West Bancorp, Inc.		2,900		139,113
F.N.B. Corp.		30,200		320,120
Fifth Third Bancorp		6,160		155,355
First Horizon National Corp.		716		10,010
The Goldman Sachs Group, Inc.		6,380		1,224,896
Huntington Bancshares, Inc.		12,871		163,204
JPMorgan Chase & Co.		20,347		2,059,727
KeyCorp		17,096		269,262
M&T Bank Corp.		2,355		369,782
Morgan Stanley		4,500		189,900
Northern Trust Corp.		830		75,040
PacWest Bancorp		2,400		90,264
The PNC Financial Services Group, Inc.		376		46,120
Popular, Inc.		10,000		521,300
Prosperity Bancshares, Inc.		900		62,154
Regions Financial Corp.		10,560		149,424
State Street Corp.		3,000		197,430
SunTrust Banks, Inc.		6,700		396,975
SVB Financial Group (a)		90		20,012
Synovus Financial Corp.		2,871		98,648
TCF Financial Corp.		5,000		103,450
US Bancorp		4,290		206,735
Webster Financial Corp.		1,200		60,804
Wells Fargo & Co.		47,153		2,278,433
Western Alliance Bancorp (a)		200		8,208
Wintrust Financial Corp.		1,400		94,262
Zions Bancorp NA		6,450		292,895
				17,988,052
Diversified Financial Services — 3.3%
Air Lease Corp.		1,600		54,960
Ally Financial, Inc.		18,800		516,812
American Express Co.		470		51,371
Ameriprise Financial, Inc.		3,000		384,300
Capital One Financial Corp.		4,250		347,182
CME Group, Inc.		1,670		274,849
Credit Acceptance Corp. (a)		120		54,232
Discover Financial Services		2,700		192,132
E*TRADE Financial Corp.		6,100		283,223
Franklin Resources, Inc.		2,600		86,164
Intercontinental Exchange, Inc.		35		2,665
Invesco Ltd.		3,900		75,309

	Number of Shares		Value
Lazard Ltd. Class A		1,100	$	39,754
Legg Mason, Inc.		4,600		125,902
Navient Corp.		43,400		502,138
OneMain Holdings, Inc.		9,900		314,325
Raymond James Financial, Inc.		600		48,246
Santander Consumer USA Holdings, Inc.		18,700		395,131
SLM Corp.		25,800		255,678
Synchrony Financial		10,800		344,520
The Western Union Co.		5,700		105,279
				4,454,172
Insurance — 6.2%
Aflac, Inc.		9,300		465,000
Alleghany Corp. (a)		165		101,046
The Allstate Corp.		4,400		414,392
American Financial Group, Inc.		250		24,053
American International Group, Inc.		2		86
American National Insurance Co.		1,720		207,810
Arch Capital Group Ltd. (a)		1,200		38,784
Assurant, Inc.		820		77,826
Assured Guaranty Ltd.		11,500		510,945
Athene Holding Ltd. Class A (a)		8,100		330,480
Axis Capital Holdings Ltd.		400		21,912
Berkshire Hathaway, Inc. Class B (a)		10,410		2,091,265
Brighthouse Financial, Inc. (a)		30		1,089
Chubb Ltd.		3,051		427,384
Cincinnati Financial Corp.		320		27,488
CNA Financial Corp.		400		17,340
Everest Re Group Ltd.		120		25,915
Fidelity National Financial, Inc.		2,557		93,458
First American Financial Corp.		2,700		139,050
The Hanover Insurance Group, Inc.		1,260		143,854
The Hartford Financial Services Group, Inc.		6,090		302,795
Lincoln National Corp.		3,398		199,463
Loews Corp.		4,220		202,265
Markel Corp. (a)		5		4,981
Mercury General Corp.		90		4,506
MetLife, Inc.		14,540		618,968
Old Republic International Corp.		4,300		89,956
Principal Financial Group, Inc.		4,300		215,817
Prudential Financial, Inc.		5,960		547,605
Reinsurance Group of America, Inc.		770		109,325
RenaissanceRe Holdings Ltd.		1,230		176,505
Torchmark Corp.		890		72,936
The Travelers Cos., Inc.		809		110,962
Unum Group		2,600		87,958
Voya Financial, Inc.		8,800		439,648
W.R. Berkley Corp.		900		76,248
White Mountains Insurance Group Ltd.		3		2,776
				8,421,891

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

108

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

	Number of Shares		Value
Real Estate — 0.3%
CBRE Group, Inc. Class A (a)		4,200	$	207,690
Jones Lang LaSalle, Inc.		1,580		243,604
				451,294
Real Estate Investment Trusts (REITS) — 5.1%
AGNC Investment Corp.		3,400		61,200
Alexandria Real Estate Equities, Inc.		20		2,851
American Campus Communities, Inc.		100		4,758
Annaly Capital Management, Inc.		30,260		302,297
Apartment Investment & Management Co. Class A		99		4,979
Apple Hospitality REIT, Inc.		2,500		40,750
AvalonBay Communities, Inc.		324		65,037
Boston Properties, Inc.		50		6,694
Brixmor Property Group, Inc.		3,300		60,621
Camden Property Trust		100		10,150
Chimera Investment Corp.		27,620		517,599
Columbia Property Trust, Inc.		1,900		42,769
Digital Realty Trust, Inc.		30		3,570
Duke Realty Corp.		900		27,522
EPR Properties		4,600		353,740
Equity Commonwealth		4,967		162,371
Equity Residential		800		60,256
Essex Property Trust, Inc.		113		32,684
Gaming and Leisure Properties, Inc.		1,000		38,570
HCP, Inc.		600		18,780
Highwoods Properties, Inc.		800		37,424
Hospitality Properties Trust		540		14,207
Host Hotels & Resorts, Inc.		3		57
Hudson Pacific Properties, Inc.		1,300		44,746
Iron Mountain, Inc.		4,400		156,024
JBG SMITH Properties		19		786
Kilroy Realty Corp.		100		7,596
Kimco Realty Corp.		25,800		477,300
Liberty Property Trust		2,170		105,071
Life Storage, Inc.		1,900		184,813
The Macerich Co.		1,882		81,585
Medical Properties Trust, Inc.		5,900		109,209
MFA Financial, Inc.		28,300		205,741
Mid-America Apartment Communities, Inc.		183		20,007
National Retail Properties, Inc.		300		16,617
New Residential Investment Corp.		14,400		243,504
Omega Healthcare Investors, Inc.		400		15,260
Outfront Media, Inc.		14,400		336,960
Park Hotels & Resorts, Inc.		18,600		578,088
Prologis, Inc.		5,593		402,416
Realty Income Corp.		600		44,136
Senior Housing Properties Trust		40,200		473,556
SL Green Realty Corp.		1,180		106,106
Spirit Realty Capital, Inc.		1,040		41,319
Starwood Property Trust, Inc.		8,300		185,505

	Number of Shares		Value
Two Harbors Investment Corp.		26,350	$	356,515
UDR, Inc.		3,100		140,926
Uniti Group, Inc. (b)		72		806
Ventas, Inc.		900		57,429
VEREIT, Inc.		32,400		271,188
Vornado Realty Trust		38		2,563
Weingarten Realty Investors		900		26,433
Welltower, Inc.		4,000		310,400
Weyerhaeuser Co.		800		21,072
WP Carey, Inc.		800		62,664
				6,955,227
Savings & Loans — 0.2%
New York Community Bancorp, Inc.		90		1,041
People’s United Financial, Inc.		4,200		69,048
Sterling Bancorp		8,500		158,355
				228,444
				38,499,080
Industrial — 8.3%
Aerospace & Defense — 0.9%
Lockheed Martin Corp.		160		48,025
United Technologies Corp.		9,730		1,254,100
				1,302,125
Building Materials — 0.5%
Fortune Brands Home & Security, Inc.		200		9,522
Johnson Controls International PLC		7,529		278,121
Lennox International, Inc.		1,000		264,400
Owens Corning		2,300		108,376
				660,419
Electrical Components & Equipment — 0.6%
AMETEK, Inc.		3,400		282,098
Emerson Electric Co.		3,200		219,104
Energizer Holdings, Inc.		7,500		336,975
				838,177
Electronics — 1.3%
ADT, Inc. (b)		30,600		195,534
Agilent Technologies, Inc.		1,100		88,418
Arrow Electronics, Inc. (a)		500		38,530
FLIR Systems, Inc.		2,400		114,192
Garmin Ltd.		800		69,080
Gentex Corp.		1,400		28,952
Honeywell International, Inc.		3,110		494,241
Jabil, Inc.		15,200		404,168
Keysight Technologies, Inc. (a)		2,400		209,280
nVent Electric PLC		1,519		40,983
PerkinElmer, Inc.		10		964
Resideo Technologies, Inc. (a)		518		9,992
Trimble, Inc. (a)		600		24,240
				1,718,574

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

109

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

	Number of Shares		Value
Engineering & Construction — 0.6%
AECOM (a)		5,211	$	154,610
Arcosa, Inc.		12,800		391,040
Fluor Corp.		4,600		169,280
Jacobs Engineering Group, Inc.		2,000		150,380
				865,310
Environmental Controls — 0.4%
Pentair PLC		10,419		463,750
Republic Services, Inc.		290		23,310
Waste Management, Inc.		340		35,329
				522,389
Hand & Machine Tools — 0.1%
Regal Beloit Corp.		600		49,122
Snap-on, Inc.		360		56,347
Stanley Black & Decker, Inc.		5		681
				106,150
Machinery – Construction & Mining — 0.1%
Caterpillar, Inc.		360		48,777
Oshkosh Corp.		300		22,539
Terex Corp.		400		12,852
				84,168
Machinery – Diversified — 0.8%
AGCO Corp.		1,066		74,140
Cummins, Inc.		1,040		164,185
Curtiss-Wright Corp.		1,080		122,407
Dover Corp.		2,900		272,020
GrafTech International Ltd.		15,900		203,361
IDEX Corp.		810		122,910
Roper Technologies, Inc.		530		181,244
				1,140,267
Miscellaneous – Manufacturing — 1.3%
AptarGroup, Inc.		600		63,834
Carlisle Cos., Inc.		760		93,191
Crane Co.		820		69,389
Eaton Corp. PLC		4,372		352,208
General Electric Co.		90		899
Hexcel Corp.		3,900		269,724
Ingersoll-Rand PLC		1,500		161,925
ITT, Inc.		1,000		58,000
Parker-Hannifin Corp.		1,200		205,944
Textron, Inc.		6,900		349,554
Trinity Industries, Inc.		3,900		84,747
				1,709,415
Packaging & Containers — 0.9%
Ardagh Group SA		17,500		227,500
Ball Corp.		100		5,786
Bemis Co., Inc.		60		3,329
Berry Global Group, Inc. (a)		3,400		183,158
Owens-Illinois, Inc.		22,300		423,254
Silgan Holdings, Inc.		5,800		171,854

	Number of Shares		Value
Sonoco Products Co.		2,100	$	129,213
WestRock Co.		3,440		131,924
				1,276,018
Shipbuilding — 0.3%
Huntington Ingalls Industries, Inc.		1,880		389,536
Transportation — 0.5%
CSX Corp.		3,600		269,352
Norfolk Southern Corp.		1,840		343,878
Ryder System, Inc.		90		5,579
Union Pacific Corp.		320		53,504
				672,313
				11,284,861
Technology — 7.0%
Computers — 2.0%
Amdocs Ltd.		800		43,288
Conduent, Inc. (a)		13,651		188,793
Dell Technologies C (a)		9,493		557,144
DXC Technology Co.		4,000		257,240
Hewlett Packard Enterprise Co.		24,200		373,406
HP, Inc.		27,800		540,154
International Business Machines Corp.		3,040		428,944
Leidos Holdings, Inc.		1,650		105,749
Western Digital Corp.		3,336		160,328
				2,655,046
Office & Business Equipment — 0.3%
Xerox Corp.		13,414		428,980
Semiconductors — 2.5%
Analog Devices, Inc.		1,700		178,959
Broadcom, Inc.		1,790		538,271
Cypress Semiconductor Corp.		4,400		65,648
Intel Corp.		24,400		1,310,280
Micron Technology, Inc. (a)		6,600		272,778
NXP Semiconductor NV		1,960		173,244
QUALCOMM, Inc.		14,600		832,638
Teradyne, Inc.		1,200		47,808
				3,419,626
Software — 2.2%
Akamai Technologies, Inc. (a)		3,300		236,643
Fidelity National Information Services, Inc.		2,010		227,331
Microsoft Corp.		4,840		570,830
Oracle Corp.		31,800		1,707,978
SS&C Technologies Holdings, Inc		100		6,369
Synopsys, Inc. (a)		523		60,223
Teradata Corp. (a)		4,100		178,965
				2,988,339
				9,491,991

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

110

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

	Number of Shares		Value
Utilities — 5.4%
Electric — 5.3%
AES Corp.		34,300	$	620,144
Alliant Energy Corp.		600		28,278
Ameren Corp.		2,360		173,578
American Electric Power Co., Inc.		5,430		454,762
CenterPoint Energy, Inc.		9,100		279,370
CMS Energy Corp.		2,300		127,742
Consolidated Edison, Inc.		2,260		191,671
Dominion Energy, Inc.		4,185		320,822
DTE Energy Co.		1,880		234,511
Duke Energy Corp.		3,314		298,260
Edison International		680		42,106
Entergy Corp.		3,300		315,579
Evergy, Inc.		1,760		102,168
Eversource Energy		4,881		346,307
Exelon Corp.		15,175		760,723
FirstEnergy Corp.		2,727		113,470
Hawaiian Electric Industries, Inc.		9,100		371,007
NextEra Energy, Inc.		2		387
NRG Energy, Inc.		3,500		148,680
OGE Energy Corp.		3,600		155,232
Pinnacle West Capital Corp.		160		15,293
PPL Corp.		15,600		495,144
Public Service Enterprise Group, Inc.		1,100		65,351
Sempra Energy		840		105,722
The Southern Co.		14,850		767,448
Vistra Energy Corp.		7,800		203,034
WEC Energy Group, Inc.		4,020		317,902
Xcel Energy, Inc.		1,520		85,439
				7,140,130
Gas — 0.1%
Atmos Energy Corp.		250		25,732
National Fuel Gas Co.		1,150		70,104
NiSource, Inc.		490		14,043
UGI Corp.		435		24,108
				133,987
Water — 0.0%
Aqua America, Inc.		25		911
				7,275,028
TOTAL COMMON STOCK (Cost $131,668,235)				134,645,911
TOTAL EQUITIES (Cost $131,668,235)				134,645,911

	Number of Shares		Value
MUTUAL FUNDS — 0.5%
Diversified Financial Services — 0.5%
State Street Navigator Securities Lending Prime Portfolio (c)		737,874	$	737,874
TOTAL MUTUAL FUNDS (Cost $737,874)				737,874
TOTAL LONG-TERM INVESTMENTS (Cost $132,406,109)				135,383,785
	Principal Amount
SHORT-TERM INVESTMENTS — 0.2%
Repurchase Agreement — 0.2%
Fixed Income Clearing Corp., Repurchase Agreement, dated 3/29/19, 1.250%, due 4/01/19 (d)	$	272,155		272,155
TOTAL SHORT-TERM INVESTMENTS (Cost $272,155)				272,155
TOTAL INVESTMENTS — 100.1% (Cost $132,678,264) (e)				135,655,940
Other Assets/(Liabilities) — (0.1)%				(145,135	)
NET ASSETS — 100.0%			$	135,510,805

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Non-income producing security.

(b) Denotes all or a portion of security on loan. The total value of securities on loan as of March 31, 2019, was $706,040 or 0.52% 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 $272,184. Collateralized by U.S. Government Agency obligations with a rate of 2.375%, maturity date of 3/15/22, and an aggregate market value, including accrued interest, of $281,827.

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

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

111

MassMutual Premier Main Street Fund – Portfolio of Investments

March 31, 2019 (Unaudited)

	Number of Shares		Value
EQUITIES — 97.8%
COMMON STOCK — 97.8%
Communications — 13.6%
Internet — 8.6%
Amazon.com, Inc. (a)		2,585	$	4,603,239
Booking Holdings, Inc. (a)		810		1,413,377
Facebook, Inc. Class A (a)		28,646		4,775,002
				10,791,618
Telecommunications — 5.0%
Motorola Solutions, Inc.		27,050		3,798,361
Verizon Communications, Inc.		40,350		2,385,895
				6,184,256
				16,975,874
Consumer, Cyclical — 10.9%
Auto Manufacturers — 0.7%
General Motors Co.		22,410		831,411
Distribution & Wholesale — 1.4%
Fastenal Co.		27,330		1,757,592
Home Builders — 0.5%
D.R. Horton, Inc.		15,370		636,011
Retail — 8.3%
Best Buy Co., Inc.		33,280		2,364,877
Lowe’s Cos., Inc.		26,970		2,952,406
O’Reilly Automotive, Inc. (a)		4,420		1,716,286
Starbucks Corp.		29,740		2,210,872
Ulta Salon Cosmetics & Fragrance, Inc. (a)		3,240		1,129,885
				10,374,326
				13,599,340
Consumer, Non-cyclical — 25.1%
Agriculture — 2.9%
Philip Morris International, Inc.		40,249		3,557,609
Beverages — 0.7%
Constellation Brands, Inc. Class A		4,910		860,870
Biotechnology — 0.9%
Gilead Sciences, Inc.		17,200		1,118,172
Commercial Services — 3.3%
Cintas Corp.		3,810		770,039
Ecolab, Inc.		5,060		893,292
Nielsen Holdings PLC		13,010		307,947
S&P Global, Inc.		10,410		2,191,826
				4,163,104
Cosmetics & Personal Care — 2.2%
The Procter & Gamble Co.		26,340		2,740,677
Health Care – Products — 2.8%
Align Technology, Inc. (a)		2,070		588,563
Boston Scientific Corp. (a)		35,953		1,379,876

	Number of Shares		Value
Zimmer Biomet Holdings, Inc.		12,400	$	1,583,480
				3,551,919
Health Care – Services — 4.1%
DaVita, Inc. (a)		8,720		473,409
Laboratory Corp. of America Holdings (a)		3,790		579,794
UnitedHealth Group, Inc.		16,269		4,022,673
				5,075,876
Household Products & Wares — 1.3%
Church & Dwight Co., Inc.		23,190		1,651,824
Pharmaceuticals — 6.9%
AstraZeneca PLC Sponsored ADR		31,540		1,275,162
Elanco Animal Health, Inc. (a)		80,730		2,589,011
Merck & Co., Inc.		57,611		4,791,507
				8,655,680
				31,375,731
Energy — 4.3%
Oil & Gas — 2.4%
Suncor Energy, Inc.		92,088		2,986,414
Oil & Gas Services — 0.8%
Schlumberger Ltd.		24,730		1,077,486
Pipelines — 1.1%
Magellan Midstream Partners LP (b)		22,494		1,363,811
				5,427,711
Financial — 16.9%
Banks — 6.0%
JP Morgan Chase & Co.		51,050		5,167,791
SunTrust Banks, Inc.		28,248		1,673,694
SVB Financial Group (a)		2,750		611,490
				7,452,975
Diversified Financial Services — 2.6%
Intercontinental Exchange, Inc.		23,740		1,807,564
Visa, Inc. Class A		9,550		1,491,614
				3,299,178
Insurance — 5.4%
AXA Equitable Holdings, Inc.		122,065		2,458,389
Berkshire Hathaway, Inc. Class B (a)		13,440		2,699,962
The Progressive Corp.		22,470		1,619,862
				6,778,213
Real Estate Investment Trusts (REITS) — 2.9%
Prologis, Inc.		49,407		3,554,834
				21,085,200
Industrial — 9.5%
Aerospace & Defense — 2.5%
Lockheed Martin Corp.		10,503		3,152,580
Electronics — 2.1%
Agilent Technologies, Inc.		32,384		2,603,026

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

112

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

	Number of Shares		Value
Environmental Controls — 1.2%
Republic Services, Inc.		19,044	$	1,530,757
Miscellaneous – Manufacturing — 1.3%
Illinois Tool Works, Inc.		11,160		1,601,795
Transportation — 2.4%
Union Pacific Corp.		17,620		2,946,064
				11,834,222
Technology — 16.0%
Computers — 5.1%
Amdocs Ltd.		27,144		1,468,762
Apple, Inc.		7,682		1,459,196
DXC Technology Co.		24,730		1,590,386
NetApp, Inc.		17,300		1,199,582
Western Digital Corp.		14,328		688,604
				6,406,530
Semiconductors — 2.4%
Applied Materials, Inc.		43,653		1,731,278
Texas Instruments, Inc.		11,720		1,243,140
				2,974,418
Software — 8.5%
Cerner Corp. (a)		10,245		586,116
First Data Corp. Class A (a)		25,518		670,358
Microsoft Corp.		71,150		8,391,431
ServiceNow, Inc. (a)		4,110		1,013,074
				10,660,979
				20,041,927
Utilities — 1.5%
Electric — 1.5%
Duke Energy Corp.		20,280		1,825,200
TOTAL COMMON STOCK (Cost $109,008,519)				122,165,205
TOTAL EQUITIES (Cost $109,008,519)				122,165,205
TOTAL LONG-TERM INVESTMENTS (Cost $109,008,519)				122,165,205

	Principal Amount		Value
SHORT-TERM INVESTMENTS — 2.1%
Repurchase Agreement — 2.1%
Fixed Income Clearing Corp., Repurchase Agreement, dated 03/29/19, 1.250%, due 4/01/19 (c)	$	2,589,074	$	2,589,074
TOTAL SHORT-TERM INVESTMENTS (Cost $2,589,074)				2,589,074
TOTAL INVESTMENTS — 99.9% (Cost $111,597,593) (d)				124,754,279
Other Assets/(Liabilities) — 0.1%				124,629
NET ASSETS — 100.0%			$	124,878,908

Abbreviation Legend

ADR American Depositary Receipt

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Non-income producing security.

(b) Security is a Master Limited Partnership.

(c) Maturity value of $2,589,344. Collateralized by U.S. Government Agency obligations with a rate of 1.875%, maturity date of 3/31/22, and an aggregate market value, including accrued interest, of $2,641,040.

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

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

113

MassMutual Premier Disciplined Growth Fund – Portfolio of Investments

March 31, 2019 (Unaudited)

	Number of Shares		Value
EQUITIES — 99.1%
COMMON STOCK — 99.1%
Basic Materials — 1.4%
Chemicals — 1.0%
Celanese Corp.		1,520	$	149,887
The Chemours Co.		8,200		304,712
Element Solutions, Inc. (a)		1,300		13,130
FMC Corp.		1,700		130,594
Linde PLC		6,930		1,219,195
LyondellBasell Industries NV Class A		2,970		249,718
The Sherwin-Williams Co.		1,780		766,664
Versum Materials, Inc.		20		1,006
Westlake Chemical Corp.		3,320		225,295
				3,060,201
Forest Products & Paper — 0.2%
International Paper Co.		12,700		587,629
Iron & Steel — 0.2%
Steel Dynamics, Inc.		17,300		610,171
Mining — 0.0%
Royal Gold, Inc.		300		27,279
Southern Copper Corp.		2		79
				27,358
				4,285,359
Communications — 20.1%
Advertising — 0.5%
The Interpublic Group of Cos., Inc.		40,600		853,006
Omnicom Group, Inc.		10,700		780,993
				1,633,999
Internet — 17.2%
Alphabet, Inc. Class A (a)		7,899		9,296,254
Alphabet, Inc. Class C (a)		6,989		8,200,264
Amazon.com, Inc. (a)		8,941		15,921,686
Booking Holdings, Inc. (a)		1,005		1,753,634
CDW Corp.		4,500		433,665
eBay, Inc.		9,600		356,544
Expedia Group, Inc.		2,052		244,188
F5 Networks, Inc. (a)		3,430		538,270
Facebook, Inc. Class A (a)		55,150		9,192,953
GoDaddy, Inc. Class A (a)		4,000		300,760
IAC/InterActiveCorp (a)		3,470		729,082
Match Group, Inc.		3,400		192,474
Netflix, Inc. (a)		7,887		2,812,189
Okta, Inc. (a)		5,400		446,742
Palo Alto Networks, Inc. (a)		1,910		463,901
Twitter, Inc. (a)		22,200		729,936
VeriSign, Inc. (a)		2,650		481,134
Zendesk, Inc. (a)		7,600		646,000
				52,739,676

	Number of Shares		Value
Media — 1.6%
AMC Networks, Inc. Class A (a)		17,900	$	1,016,004
CBS Corp.		10,200		484,806
Charter Communications, Inc. Class A (a)		2,460		853,398
Sirius XM Holdings, Inc.		20,300		115,101
The Walt Disney Co.		22,900		2,542,587
				5,011,896
Telecommunications — 0.8%
Arista Networks, Inc. (a)		1,590		499,991
LogMeIn, Inc.		40		3,204
Motorola Solutions, Inc.		6,440		904,305
T-Mobile US, Inc. (a)		9,500		656,450
Ubiquiti Networks, Inc.		1,370		205,103
				2,269,053
				61,654,624
Consumer, Cyclical — 11.2%
Airlines — 0.4%
Delta Air Lines, Inc.		3,200		165,280
Southwest Airlines Co.		19,700		1,022,627
				1,187,907
Apparel — 0.8%
Carter’s, Inc.		100		10,079
Columbia Sportswear Co.		100		10,418
Hanesbrands, Inc.		8,900		159,132
NIKE, Inc. Class B		14,780		1,244,624
Skechers U.S.A., Inc. Class A (a)		23,910		803,615
VF Corp.		800		69,528
				2,297,396
Auto Parts & Equipment — 0.8%
Allison Transmission Holdings, Inc.		24,600		1,105,032
Aptiv PLC		7,700		612,073
Lear Corp.		5,810		788,475
Visteon Corp. (a)		100		6,735
				2,512,315
Distribution & Wholesale — 0.2%
Copart, Inc. (a)		100		6,059
HD Supply Holdings, Inc. (a)		2,300		99,705
KAR Auction Services, Inc.		4,200		215,502
W.W. Grainger, Inc.		1,140		343,060
				664,326
Entertainment — 0.1%
Lions Gate Entertainment Corp. Class A		100		1,564
Lions Gate Entertainment Corp. Class B		100		1,510
Live Nation Entertainment, Inc. (a)		3,700		235,098

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

114

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

	Number of Shares		Value
The Madison Square Garden Co. Class A (a)		3	$	879
				239,051
Home Builders — 0.6%
D.R. Horton, Inc.		10,400		430,352
NVR, Inc. (a)		10		27,670
PulteGroup, Inc.		10,000		279,600
Thor Industries, Inc.		10,520		656,133
Toll Brothers, Inc.		10,000		362,000
				1,755,755
Home Furnishing — 0.0%
Tempur Sealy International, Inc. (a)		1,200		69,204
Housewares — 0.0%
The Toro Co.		60		4,130
Leisure Time — 0.2%
Brunswick Corp.		10,900		548,597
Lodging — 0.6%
Choice Hotels International, Inc.		700		54,418
Extended Stay America, Inc.		2,300		41,285
Hilton Worldwide Holdings, Inc.		5,700		473,727
Las Vegas Sands Corp.		10,200		621,792
Marriott International, Inc. Class A		977		122,213
MGM Resorts International		16,700		428,522
Wyndham Destinations, Inc.		3,850		155,886
Wyndham Hotels & Resorts, Inc.		50		2,500
Wynn Resorts Ltd.		60		7,159
				1,907,502
Retail — 7.5%
Advance Auto Parts, Inc.		1,660		283,080
AutoZone, Inc. (a)		898		919,660
Best Buy Co., Inc.		18,500		1,314,610
Burlington Stores, Inc. (a)		3,000		470,040
Chipotle Mexican Grill, Inc. (a)		883		627,204
Costco Wholesale Corp.		10,020		2,426,243
Darden Restaurants, Inc.		1,290		156,696
Dollar General Corp.		8,440		1,006,892
Dollar Tree, Inc. (a)		27		2,836
Domino’s Pizza, Inc.		20		5,162
Dunkin’ Brands Group, Inc.		4,200		315,420
The Gap, Inc.		400		10,472
The Home Depot, Inc.		13,510		2,592,434
L Brands, Inc.		18,900		521,262
Lowe’s Cos., Inc.		23,200		2,539,704
Lululemon Athletica, Inc. (a)		4,510		739,054
McDonald’s Corp.		780		148,122
The Michaels Cos., Inc. (a)		39,300		448,806
Nordstrom, Inc.		13,300		590,254
Nu Skin Enterprises, Inc. Class A		30		1,436
O’Reilly Automotive, Inc. (a)		2,270		881,441
Ross Stores, Inc.		9,660		899,346

	Number of Shares		Value
Starbucks Corp.		29,500	$	2,193,030
Tapestry, Inc.		9		292
The TJX Cos., Inc.		27,640		1,470,724
Tractor Supply Co.		3,600		351,936
Urban Outfitters, Inc. (a)		18,000		533,520
Williams-Sonoma, Inc. (b)		17,100		962,217
Yum China Holdings, Inc.		16,700		749,997
Yum! Brands, Inc.		40		3,992
				23,165,882
Toys, Games & Hobbies — 0.0%
Hasbro, Inc.		270		22,956
				34,375,021
Consumer, Non-cyclical — 21.2%
Agriculture — 0.8%
Altria Group, Inc.		39,670		2,278,248
Beverages — 1.8%
Brown-Forman Corp. Class B		17		897
The Coca-Cola Co.		36,560		1,713,202
Constellation Brands, Inc. Class A		1,280		224,422
Keurig Dr Pepper, Inc.		1,400		39,158
Monster Beverage Corp. (a)		750		40,935
PepsiCo, Inc.		29,599		3,627,358
				5,645,972
Biotechnology — 4.7%
Alexion Pharmaceuticals, Inc. (a)		3,040		410,947
Amgen, Inc.		24,260		4,608,915
Biogen, Inc. (a)		7,550		1,784,669
Celgene Corp. (a)		26,300		2,481,142
Gilead Sciences, Inc.		38,820		2,523,688
Illumina, Inc. (a)		820		254,766
Ionis Pharmaceuticals, Inc. (a)		7,300		592,541
Regeneron Pharmaceuticals, Inc. (a)		1,670		685,735
Vertex Pharmaceuticals, Inc. (a)		5,730		1,054,034
				14,396,437
Commercial Services — 4.3%
Automatic Data Processing, Inc.		11,770		1,880,140
Booz Allen Hamilton Holding Corp.		6,100		354,654
Cintas Corp.		20		4,042
CoreLogic, Inc. (a)		5,800		216,108
CoStar Group, Inc. (a)		180		83,956
Ecolab, Inc.		728		128,521
Euronet Worldwide, Inc. (a)		7,740		1,103,647
FleetCor Technologies, Inc. (a)		520		128,227
Global Payments, Inc.		3,640		496,933
Grand Canyon Education, Inc. (a)		860		98,479
H&R Block, Inc.		18,500		442,890
Moody’s Corp.		750		135,817
PayPal Holdings, Inc. (a)		39,560		4,107,910
Quanta Services, Inc.		25,200		951,048
Robert Half International, Inc.		11,100		723,276

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

115

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

	Number of Shares		Value
Rollins, Inc.		1,500	$	62,430
S&P Global, Inc.		880		185,284
Sabre Corp.		24,000		513,360
Service Corp. International		800		32,120
ServiceMaster Global Holdings, Inc. (a)		6,700		312,890
Square, Inc. Class A (a)		1,600		119,872
Total System Services, Inc.		7,200		684,072
TransUnion		500		33,420
United Rentals, Inc. (a)		3,110		355,317
Verisk Analytics, Inc.		200		26,600
Worldpay, Inc. Class A (a)		600		68,100
				13,249,113
Cosmetics & Personal Care — 0.3%
Colgate-Palmolive Co.		380		26,045
The Estee Lauder Cos., Inc. Class A		4,890		809,540
				835,585
Foods — 0.6%
Campbell Soup Co.		2,600		99,138
General Mills, Inc.		2,560		132,480
The Hershey Co.		900		103,347
Kellogg Co.		2,840		162,959
Post Holdings, Inc. (a)		5,900		645,460
Sysco Corp.		12,100		807,796
US Foods Holding Corp. (a)		400		13,964
				1,965,144
Health Care – Products — 1.3%
ABIOMED, Inc. (a)		400		114,236
Align Technology, Inc. (a)		1,480		420,808
Baxter International, Inc.		2,620		213,032
Becton Dickinson & Co.		13		3,246
Boston Scientific Corp. (a)		2,700		103,626
Edwards Lifesciences Corp. (a)		1,380		264,035
Henry Schein, Inc. (a)		80		4,809
Hill-Rom Holdings, Inc.		1,900		201,134
ICU Medical, Inc. (a)		3,160		756,283
IDEXX Laboratories, Inc. (a)		470		105,092
Intuitive Surgical, Inc. (a)		58		33,094
ResMed, Inc.		1,450		150,757
Stryker Corp.		6,950		1,372,764
Teleflex, Inc.		190		57,410
Thermo Fisher Scientific, Inc.		580		158,758
Varian Medical Systems, Inc. (a)		350		49,602
				4,008,686
Health Care – Services — 2.5%
Centene Corp. (a)		3,902		207,196
Charles River Laboratories International, Inc. (a)		800		116,200
HCA Healthcare, Inc.		5,420		706,660
Humana, Inc.		2,240		595,840
Molina Healthcare, Inc. (a)		1,460		207,262

	Number of Shares		Value
UnitedHealth Group, Inc.		23,590	$	5,832,863
WellCare Health Plans, Inc. (a)		310		83,622
				7,749,643
Household Products & Wares — 0.5%
Avery Dennison Corp.		2,600		293,800
Church & Dwight Co., Inc.		2,820		200,869
The Clorox Co.		370		59,370
Kimberly-Clark Corp.		8,420		1,043,238
				1,597,277
Pharmaceuticals — 4.4%
AbbVie, Inc.		52,583		4,237,664
AmerisourceBergen Corp.		7,660		609,123
Bristol-Myers Squibb Co.		22,100		1,054,391
Cigna Corp. (a)		2,431		390,953
CVS Health Corp.		14,460		779,828
Eli Lilly & Co.		12,480		1,619,405
Herbalife Nutrition Ltd. (a)		19,060		1,009,989
Jazz Pharmaceuticals PLC (a)		5,610		801,950
Johnson & Johnson		11,500		1,607,585
McKesson Corp.		6,240		730,454
Merck & Co., Inc.		3,000		249,510
Zoetis, Inc.		5,000		503,350
				13,594,202
				65,320,307
Energy — 0.4%
Oil & Gas — 0.3%
Anadarko Petroleum Corp.		7,800		354,744
Cimarex Energy Co.		1,200		83,880
Continental Resources, Inc. (a)		3,340		149,532
EOG Resources, Inc.		90		8,566
Pioneer Natural Resources Co.		2,610		397,451
				994,173
Oil & Gas Services — 0.0%
Halliburton Co.		1,100		32,230
Pipelines — 0.1%
ONEOK, Inc.		1,300		90,792
				1,117,195
Financial — 9.1%
Banks — 0.4%
Comerica, Inc.		6,000		439,920
East West Bancorp, Inc.		500		23,985
Northern Trust Corp.		850		76,849
Pinnacle Financial Partners, Inc.		7,800		426,660
State Street Corp.		500		32,905
SVB Financial Group (a)		1,000		222,360
Western Alliance Bancorp (a)		1,600		65,664
				1,288,343
Diversified Financial Services — 6.1%
Air Lease Corp.		100		3,435

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

116

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

	Number of Shares		Value
Alliance Data Systems Corp.		5,940	$	1,039,381
American Express Co.		2,300		251,390
Ameriprise Financial, Inc.		7,960		1,019,676
Capital One Financial Corp.		100		8,169
The Charles Schwab Corp.		27,600		1,180,176
CME Group, Inc.		1,470		241,933
Credit Acceptance Corp. (a)		240		108,463
Discover Financial Services		4,700		334,452
E*TRADE Financial Corp.		15,700		728,951
Eaton Vance Corp.		900		36,279
Evercore, Inc. Class A		9,200		837,200
Intercontinental Exchange, Inc.		1,250		95,175
Lazard Ltd. Class A		3,200		115,648
LPL Financial Holdings, Inc.		10,000		696,500
Mastercard, Inc. Class A		15,760		3,710,692
OneMain Holdings, Inc.		21,300		676,275
Raymond James Financial, Inc.		1,100		88,451
Santander Consumer USA Holdings, Inc.		7,400		156,362
SEI Investments Co.		3,800		198,550
Synchrony Financial		25,200		803,880
T. Rowe Price Group, Inc.		10		1,001
TD Ameritrade Holding Corp.		11,900		594,881
Virtu Financial, Inc. Class A		30,100		714,875
Visa, Inc. Class A		31,170		4,868,442
The Western Union Co.		11,220		207,234
				18,717,471
Insurance — 0.7%
Alleghany Corp. (a)		50		30,620
American International Group, Inc.		200		8,612
Aon PLC		200		34,140
Arch Capital Group Ltd. (a)		17,900		578,528
Axis Capital Holdings Ltd.		400		21,912
Berkshire Hathaway, Inc. Class B (a)		290		58,258
Erie Indemnity Co. Class A		70		12,496
Marsh & McLennan Cos., Inc.		200		18,780
The Progressive Corp.		15,900		1,146,231
RenaissanceRe Holdings Ltd.		90		12,915
Voya Financial, Inc.		300		14,988
				1,937,480
Real Estate — 0.2%
CBRE Group, Inc. Class A (a)		13,000		642,850
Real Estate Investment Trusts (REITS) — 1.7%
American Tower Corp.		9,355		1,843,496
Crown Castle International Corp.		9,290		1,189,120
Equinix, Inc.		447		202,563
Equity LifeStyle Properties, Inc.		100		11,430
Extra Space Storage, Inc.		100		10,191
Gaming and Leisure Properties, Inc.		7,400		285,418
Lamar Advertising Co. Class A		300		23,778
Life Storage, Inc.		100		9,727
Omega Healthcare Investors, Inc.		5,800		221,270

	Number of Shares		Value
Public Storage		3,950	$	860,231
Simon Property Group, Inc.		3,489		635,731
				5,292,955
				27,879,099
Industrial — 10.3%
Aerospace & Defense — 3.4%
The Boeing Co.		15,380		5,866,240
General Dynamics Corp.		470		79,562
Harris Corp.		2,690		429,620
HEICO Corp.		12		1,138
HEICO Corp. Class A		468		39,340
Lockheed Martin Corp.		1,730		519,277
Northrop Grumman Corp.		2,030		547,288
Raytheon Co.		7,050		1,283,664
Spirit AeroSystems Holdings, Inc. Class A		9,000		823,770
TransDigm Group, Inc. (a)		1,680		762,703
				10,352,602
Building Materials — 0.6%
Armstrong World Industries, Inc.		15,400		1,223,068
Eagle Materials, Inc.		10		843
Fortune Brands Home & Security, Inc.		200		9,522
Lennox International, Inc.		2,740		724,456
				1,957,889
Electrical Components & Equipment — 0.4%
AMETEK, Inc.		1,175		97,490
Emerson Electric Co.		110		7,531
Energizer Holdings, Inc.		17,500		786,275
Universal Display Corp.		1,040		158,964
				1,050,260
Electronics — 1.1%
Amphenol Corp. Class A		100		9,444
FLIR Systems, Inc.		4,000		190,320
Fortive Corp.		960		80,534
Gentex Corp.		4,720		97,610
Honeywell International, Inc.		11,430		1,816,456
Mettler-Toledo International, Inc. (a)		130		93,990
National Instruments Corp.		3,300		146,388
Resideo Technologies, Inc. (a)		2,320		44,753
Sensata Technologies Holding PLC (a)		5,500		247,610
Waters Corp. (a)		2,550		641,860
				3,368,965
Engineering & Construction — 0.2%
frontdoor, Inc. (a)		19,600		674,632
Environmental Controls — 0.1%
Waste Management, Inc.		3,320		344,981
Hand & Machine Tools — 0.0%
Lincoln Electric Holdings, Inc.		500		41,935

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

117

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

	Number of Shares		Value
Machinery – Construction & Mining — 0.1%
BWX Technologies, Inc.		400	$	19,832
Caterpillar, Inc.		2,150		291,304
				311,136
Machinery – Diversified — 0.6%
Cummins, Inc.		1,980		312,583
Curtiss-Wright Corp.		2,380		269,749
Gardner Denver Holdings, Inc. (a)		1,100		30,591
Graco, Inc.		3,390		167,873
IDEX Corp.		2,190		332,311
Nordson Corp.		10		1,325
Rockwell Automation, Inc.		4,000		701,840
Roper Technologies, Inc.		130		44,456
Xylem, Inc.		500		39,520
				1,900,248
Miscellaneous – Manufacturing — 0.9%
3M Co.		5,400		1,122,012
Illinois Tool Works, Inc.		930		133,483
Ingersoll-Rand PLC		4,900		528,955
Parker-Hannifin Corp.		520		89,242
Textron, Inc.		16,400		830,824
				2,704,516
Packaging & Containers — 0.4%
Berry Global Group, Inc. (a)		3,800		204,706
Crown Holdings, Inc. (a)		2,600		141,882
Packaging Corp. of America		2,630		261,369
Sealed Air Corp.		1,400		64,484
Silgan Holdings, Inc.		19,000		562,970
				1,235,411
Shipbuilding — 0.3%
Huntington Ingalls Industries, Inc.		4,690		971,768
Transportation — 2.2%
C.H. Robinson Worldwide, Inc.		7,600		661,124
CSX Corp.		10,300		770,646
Expeditors International of Washington, Inc.		4,900		371,910
Landstar System, Inc.		1,360		148,770
Old Dominion Freight Line, Inc.		2,180		314,770
Schneider National, Inc. Class B		200		4,210
Union Pacific Corp.		17,570		2,937,704
United Parcel Service, Inc. Class B		14,990		1,674,983
				6,884,117
				31,798,460
Technology — 25.4%
Computers — 10.7%
Accenture PLC Class A		16,480		2,900,810
Apple, Inc.		115,233		21,888,508
Cognizant Technology Solutions Corp. Class A		11,800		854,910
Dell Technologies C (a)		16,848		988,809

	Number of Shares		Value
DXC Technology Co.		12,400	$	797,444
EPAM Systems, Inc. (a)		3,670		620,707
Fortinet, Inc. (a)		8,500		713,745
Genpact Ltd.		1,700		59,806
International Business Machines Corp.		20,090		2,834,699
NCR Corp. (a)		5,600		152,824
NetApp, Inc.		13,300		922,222
				32,734,484
Office & Business Equipment — 0.2%
Zebra Technologies Corp. Class A (a)		2,470		517,539
Semiconductors — 3.2%
Analog Devices, Inc.		395		41,582
Broadcom, Inc.		5,990		1,801,253
IPG Photonics Corp. (a)		660		100,175
KLA-Tencor Corp.		6,670		796,465
Lam Research Corp.		3,290		588,943
Maxim Integrated Products, Inc.		900		47,853
Micron Technology, Inc. (a)		24,500		1,012,585
MKS Instruments, Inc.		200		18,610
NVIDIA Corp.		120		21,547
NXP Semiconductor NV		5,480		484,377
ON Semiconductor Corp. (a)		33,500		689,095
Skyworks Solutions, Inc.		1,920		158,361
Teradyne, Inc.		22,700		904,368
Texas Instruments, Inc.		23,490		2,491,584
Xilinx, Inc.		6,230		789,902
				9,946,700
Software — 11.3%
Activision Blizzard, Inc.		2,100		95,613
Adobe, Inc. (a)		1,530		407,730
Akamai Technologies, Inc. (a)		9,100		652,561
ANSYS, Inc. (a)		450		82,220
Aspen Technology, Inc. (a)		3,700		385,762
Atlassian Corp. PLC Class A (a)		5,700		640,623
Autodesk, Inc. (a)		280		43,630
Broadridge Financial Solutions, Inc.		4,310		446,904
Cadence Design Systems, Inc. (a)		9,500		603,345
CDK Global, Inc.		3,500		205,870
Citrix Systems, Inc.		7,180		715,559
Covetrus, Inc. (a)		32		1,019
Electronic Arts, Inc. (a)		710		72,157
Fair Isaac Corp. (a)		1,190		323,240
Fidelity National Information Services, Inc.		190		21,489
First Data Corp. Class A (a)		19,600		514,892
Fiserv, Inc. (a)		8,380		739,786
Guidewire Software, Inc. (a)		1,910		185,576
Intuit, Inc.		2,710		708,421
Jack Henry & Associates, Inc.		2,840		394,022
Manhattan Associates, Inc. (a)		20,000		1,102,200
Microsoft Corp.		163,530		19,286,728

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

118

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

	Number of Shares		Value
MSCI, Inc.		400	$	79,536
Oracle Corp.		19,400		1,041,974
Paychex, Inc.		3,200		256,640
Red Hat, Inc. (a)		3,810		696,087
salesforce.com, Inc. (a)		13,090		2,073,063
ServiceNow, Inc. (a)		2,260		557,067
Synopsys, Inc. (a)		300		34,545
Tableau Software, Inc. Class A (a)		1,400		178,192
Take-Two Interactive Software, Inc. (a)		230		21,705
Teradata Corp. (a)		13,900		606,735
Twilio, Inc. Class A (a)		2,900		374,622
Veeva Systems, Inc. Class A (a)		600		76,116
VMware, Inc. Class A		2,910		525,284
Workday, Inc. Class A (a)		3,240		624,834
				34,775,747
				77,974,470
TOTAL COMMON STOCK (Cost $271,692,359)				304,404,535
TOTAL EQUITIES (Cost $271,692,359)				304,404,535
MUTUAL FUNDS — 0.3%
Diversified Financial Services — 0.3%
State Street Navigator Securities Lending Prime Portfolio (c)		973,418		973,418
TOTAL MUTUAL FUNDS (Cost $973,418)				973,418
TOTAL LONG-TERM INVESTMENTS (Cost $272,665,777)				305,377,953

	Principal Amount		Value
SHORT-TERM INVESTMENTS — 1.2%
Repurchase Agreement — 1.2%
Fixed Income Clearing Corp., Repurchase Agreement, dated 3/29/19, 1.250%, due 4/01/19 (d)	$	3,821,667	$	3,821,667
TOTAL SHORT-TERM INVESTMENTS (Cost $3,821,667)				3,821,667
TOTAL INVESTMENTS — 100.6% (Cost $276,487,444) (e)				309,199,620
Other Assets/(Liabilities) — (0.6)%				(1,979,247	)
NET ASSETS — 100.0%			$	307,220,373

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Non-income producing security.

(b) Denotes all or a portion of security on loan. The total value of securities on loan as of March 31, 2019, was $952,595 or 0.31% 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 $3,822,065. Collateralized by U.S. Government Agency obligations with a rate of 2.375%, maturity date of 3/15/22, and an aggregate market value, including accrued interest, of $3,900,284.

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

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

119

MassMutual Premier Small Cap Opportunities Fund – Portfolio of Investments

March 31, 2019 (Unaudited)

	Number of Shares		Value
EQUITIES — 98.9%
COMMON STOCK — 98.9%
Basic Materials — 3.8%
Iron & Steel — 1.2%
Allegheny Technologies, Inc. (a)		99,679	$	2,548,792
Mining — 2.6%
Compass Minerals International, Inc.		37,300		2,028,001
Kaiser Aluminum Corp.		32,734		3,428,232
				5,456,233
				8,005,025
Communications — 3.1%
Internet — 2.0%
Etsy, Inc. (a)		32,060		2,155,073
Q2 Holdings, Inc. (a)		28,170		1,951,054
				4,106,127
Media — 1.1%
Houghton Mifflin Harcourt Co. (a)		307,973		2,238,964
				6,345,091
Consumer, Cyclical — 15.1%
Airlines — 1.1%
Spirit Airlines, Inc. (a)		42,900		2,267,694
Auto Manufacturers — 0.7%
Navistar International Corp. (a)		46,280		1,494,844
Auto Parts & Equipment — 1.4%
Visteon Corp. (a)		44,940		3,026,709
Distribution & Wholesale — 1.3%
Dorman Products, Inc. (a)		30,200		2,660,318
Retail — 10.6%
AutoNation, Inc. (a)		62,580		2,235,358
BJ’s Wholesale Club Holdings, Inc. (a)		71,470		1,958,278
The Children’s Place, Inc.		32,130		3,125,607
Jack in the Box, Inc.		45,650		3,700,389
The Michaels Cos., Inc. (a)		118,120		1,348,930
Nu Skin Enterprises, Inc. Class A		22,590		1,081,157
Suburban Propane Partners LP (b)		152,720		3,422,455
Texas Roadhouse, Inc.		39,420		2,451,530
The Wendy’s Co.		160,110		2,864,368
				22,188,072
				31,637,637
Consumer, Non-cyclical — 18.6%
Biotechnology — 1.7%
Emergent BioSolutions, Inc. (a)		40,150		2,028,378
Ligand Pharmaceuticals, Inc. (a) (c)		11,890		1,494,692
				3,523,070
Commercial Services — 5.3%
ASGN, Inc. (a)		69,162		4,391,095

	Number of Shares		Value
Korn/Ferry International		105,321	$	4,716,274
Paylocity Holding Corp. (a)		22,440		2,001,424
				11,108,793
Health Care – Products — 5.4%
AtriCure, Inc. (a)		39,980		1,071,064
Inogen, Inc. (a)		6,630		632,303
Inspire Medical Systems, Inc. (a)		34,840		1,978,215
Intersect ENT, Inc. (a)		47,230		1,518,445
Quidel Corp. (a)		31,860		2,085,874
Repligen Corp. (a)		33,070		1,953,776
Wright Medical Group NV (a)		67,520		2,123,504
				11,363,181
Health Care – Services — 3.4%
Addus HomeCare Corp. (a)		24,806		1,577,413
LHC Group, Inc. (a)		30,230		3,351,298
Teladoc Health, Inc. (a)		38,110		2,118,916
				7,047,627
Household Products & Wares — 1.1%
Acco Brands Corp.		277,450		2,374,972
Pharmaceuticals — 1.7%
Senseonics Holdings, Inc. (a) (c)		234,581		574,723
TherapeuticsMD, Inc. (a) (c)		230,250		1,121,318
uniQure NV (a)		17,650		1,052,823
Zogenix, Inc. (a) (c)		15,330		843,303
				3,592,167
				39,009,810
Energy — 2.9%
Energy – Alternate Sources — 0.8%
Renewable Energy Group, Inc. (a) (c)		75,954		1,667,950
Oil & Gas — 1.2%
Matador Resources Co. (a)		131,815		2,547,984
Pipelines — 0.9%
Noble Midstream Partners LP (b)		53,020		1,909,250
				6,125,184
Financial — 22.6%
Banks — 6.1%
The Bank of NT Butterfield & Son Ltd.		60,620		2,175,046
BankUnited, Inc.		70,228		2,345,615
Cathay General Bancorp		38,200		1,295,362
Chemical Financial Corp.		48,343		1,989,798
Customers Bancorp, Inc. (a)		53,020		970,796
Heritage Financial Corp.		57,395		1,729,885
IBERIABANK Corp.		33,180		2,379,338
				12,885,840
Diversified Financial Services — 2.5%
Federated Investors, Inc. Class B		49,150		1,440,587

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

120

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

	Number of Shares		Value
Focus Financial Partners, Inc. Class A (a)		30,360	$	1,082,030
Stifel Financial Corp.		52,290		2,758,820
				5,281,437
Insurance — 1.6%
James River Group Holdings Ltd.		38,422		1,539,954
ProAssurance Corp.		54,680		1,892,475
				3,432,429
Real Estate Investment Trusts (REITS) — 7.2%
Brandywine Realty Trust		187,270		2,970,102
DiamondRock Hospitality Co.		200,040		2,166,433
EPR Properties		27,210		2,092,449
Four Corners Property Trust, Inc.		138,370		4,095,752
National Storage Affiliates Trust		128,380		3,660,114
				14,984,850
Savings & Loans — 5.2%
Berkshire Hills Bancorp, Inc.		54,110		1,473,956
OceanFirst Financial Corp.		76,683		1,844,993
Pacific Premier Bancorp, Inc.		41,000		1,087,730
Sterling Bancorp		139,430		2,597,581
WSFS Financial Corp.		98,123		3,787,548
				10,791,808
				47,376,364
Industrial — 15.9%
Building Materials — 2.2%
Masonite International Corp. (a)		46,548		2,322,280
Summit Materials, Inc. Class A (a)		136,600		2,167,842
				4,490,122
Electrical Components & Equipment — 2.9%
Energizer Holdings, Inc.		63,330		2,845,417
Generac Holdings, Inc. (a)		62,840		3,219,293
				6,064,710
Electronics — 0.7%
Atkore International Group, Inc. (a)		64,520		1,389,116
Engineering & Construction — 3.0%
Dycom Industries, Inc. (a)		29,470		1,353,852
KBR, Inc.		145,498		2,777,557
TopBuild Corp. (a)		32,710		2,120,262
				6,251,671
Environmental Controls — 2.3%
Advanced Disposal Services, Inc. (a)		100,893		2,825,004
Evoqua Water Technologies Corp. (a)		159,460		2,006,007
				4,831,011
Machinery – Diversified — 0.4%
The Manitowoc Co., Inc. (a)		56,413		925,737
Metal Fabricate & Hardware — 1.2%
Rexnord Corp. (a)		102,620		2,579,867

	Number of Shares		Value
Miscellaneous – Manufacturing — 0.9%
EnPro Industries, Inc.		28,270	$	1,822,001
Transportation — 1.5%
CryoPort, Inc. (a) (c)		48,970		632,692
Genesee & Wyoming, Inc. Class A (a)		29,690		2,587,187
				3,219,879
Trucking & Leasing — 0.8%
The Greenbrier Cos., Inc.		53,730		1,731,718
				33,305,832
Technology — 12.9%
Computers — 3.4%
CACI International, Inc. Class A (a)		28,036		5,103,113
Perspecta, Inc.		100,570		2,033,525
				7,136,638
Semiconductors — 2.8%
Brooks Automation, Inc.		71,150		2,086,830
MKS Instruments, Inc.		41,490		3,860,644
				5,947,474
Software — 6.7%
Blackline, Inc. (a)		38,230		1,770,814
Bottomline Technologies de, Inc. (a)		35,600		1,783,204
Envestnet, Inc. (a)		27,130		1,774,031
j2 Global, Inc.		45,556		3,945,149
Zynga, Inc. Class A (a)		880,931		4,695,362
				13,968,560
				27,052,672
Utilities — 4.0%
Electric — 2.8%
Black Hills Corp.		42,190		3,125,013
NorthWestern Corp.		38,070		2,680,509
				5,805,522
Gas — 1.2%
South Jersey Industries, Inc.		78,720		2,524,550
				8,330,072
TOTAL COMMON STOCK (Cost $200,097,358)				207,187,687
TOTAL EQUITIES (Cost $200,097,358)				207,187,687
MUTUAL FUNDS — 3.0%
Diversified Financial Services — 3.0%
State Street Navigator Securities Lending Prime Portfolio (d)		6,331,721		6,331,721
TOTAL MUTUAL FUNDS (Cost $6,331,721)				6,331,721
TOTAL LONG-TERM INVESTMENTS (Cost $206,429,079)				213,519,408

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

121

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

	Principal Amount		Value
SHORT-TERM INVESTMENTS — 1.3%
Repurchase Agreement — 1.3%
Fixed Income Clearing Corp., Repurchase Agreement, dated 3/29/19, 1.250%, due 4/01/19 (e)	$	2,605,602	$	2,605,602
TOTAL SHORT-TERM INVESTMENTS (Cost $2,605,602)				2,605,602
TOTAL INVESTMENTS — 103.2% (Cost $209,034,681) (f)				216,125,010
Other Assets/(Liabilities) — (3.2)%				(6,724,548	)
NET ASSETS — 100.0%			$	209,400,462

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Non-income producing security.

(b) Security is a Master Limited Partnership.

(c) Denotes all or a portion of security on loan. The total value of securities on loan as of March 31, 2019, was $6,186,971 or 2.95% 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).

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

(e) Maturity value of $2,605,873. Collateralized by U.S. Government Agency obligations with a rate of 1.750%, maturity date of 5/31/22, and an aggregate market value, including accrued interest, of $2,659,158.

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

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

122

MassMutual Premier Global Fund – Portfolio of Investments

March 31, 2019 (Unaudited)

	Number of Shares		Value
EQUITIES — 97.6%
COMMON STOCK — 96.3%
Cayman Islands — 3.4%
Baidu, Inc. Sponsored ADR (a)		16,430	$	2,708,486
Farfetch Ltd. Class A (a)		71,590		1,926,487
JD.com, Inc. ADR (a)		141,155		4,255,823
StoneCo Ltd. Class A (a) (b)		38,710		1,591,368
				10,482,164
Denmark — 0.5%
FLSmidth & Co. A/S (b)		31,797		1,375,332
France — 6.7%
Kering SA		12,670		7,286,517
LVMH Moet Hennessy Louis Vuitton SE		30,600		11,284,671
Societe Generale SA		75,520		2,189,352
				20,760,540
Germany — 5.8%
Allianz SE Registered		25,159		5,595,842
Bayer AG Registered		31,407		2,029,786
SAP SE		64,077		7,403,734
Siemens AG Registered		26,977		2,903,246
				17,932,608
India — 3.9%
DLF Ltd.		2,547,002		7,420,156
ICICI Bank Ltd. Sponsored ADR		406,270		4,655,854
				12,076,010
Italy — 0.2%
Brunello Cucinelli SpA		21,355		734,536
Japan — 12.3%
Capcom Co. Ltd.		79,000		1,774,502
FANUC Corp.		16,600		2,841,129
Keyence Corp.		9,000		5,622,880
MinebeaMitsumi, Inc.		123,000		1,858,755
Murata Manufacturing Co. Ltd.		119,730		5,986,482
Nidec Corp.		52,800		6,740,115
Nintendo Co. Ltd.		7,900		2,262,313
Omron Corp. (b)		62,100		2,921,392
Suzuki Motor Corp.		7,700		341,501
Takeda Pharmaceutical Co. Ltd.		56,608		2,316,778
TDK Corp.		65,500		5,151,065
				37,816,912
Netherlands — 4.4%
Airbus SE		91,820		12,175,764
uniQure NV (a)		23,690		1,413,108
				13,588,872
Spain — 1.9%
Banco Bilbao Vizcaya Argentaria SA		210,484		1,203,655

	Number of Shares		Value
Industria de Diseno Textil SA		153,413	$	4,511,690
				5,715,345
Sweden — 2.0%
Assa Abloy AB Class B		176,831		3,812,597
Atlas Copco AB Class A		86,643		2,328,992
				6,141,589
Switzerland — 2.0%
Credit Suisse Group AG Registered		236,785		2,764,161
UBS Group AG Registered		280,585		3,406,183
				6,170,344
United Kingdom — 5.0%
Circassia Pharmaceuticals PLC (a) (b)		473,847		172,393
Earthport PLC (a) (c) (d)		1,793,362		809,097
International Game Technology PLC (b)		94,002		1,221,086
Prudential PLC		236,062		4,731,486
TechnipFMC PLC		91,170		2,129,993
Unilever PLC		112,136		6,431,435
				15,495,490
United States — 48.2%
3M Co.		21,790		4,527,526
ACADIA Pharmaceuticals, Inc. (a)		54,170		1,454,465
Adobe, Inc. (a)		33,850		9,020,686
Agilent Technologies, Inc.		51,280		4,121,886
Alphabet, Inc. Class A (a)		16,980		19,983,592
Amazon.com, Inc. (a)		1,479		2,633,729
AnaptysBio, Inc. (a)		15,990		1,168,070
Anthem, Inc.		28,730		8,244,935
Biogen, Inc. (a)		7,040		1,664,115
Bluebird Bio, Inc. (a)		13,380		2,105,075
Blueprint Medicines Corp. (a)		25,440		2,036,472
Centene Corp. (a)		40,720		2,162,232
Citigroup, Inc.		103,200		6,421,104
Colgate-Palmolive Co.		84,920		5,820,417
Equifax, Inc.		25,660		3,040,710
Facebook, Inc. Class A (a)		52,870		8,812,900
Gilead Sciences, Inc.		6,960		452,470
GlycoMimetics, Inc. (a)		70,670		880,548
The Goldman Sachs Group, Inc.		20,120		3,862,839
Incyte Corp. (a)		25,790		2,218,198
Intuit, Inc.		38,250		9,998,932
Ionis Pharmaceuticals, Inc. (a)		30,130		2,445,652
MacroGenics, Inc. (a)		66,350		1,192,973
Maxim Integrated Products, Inc.		116,580		6,198,559
Mirati Therapeutics, Inc. (a)		12,166		891,768
Newell Brands, Inc.		131,260		2,013,528
PayPal Holdings, Inc. (a)		65,288		6,779,506
resTORbio, Inc. (a) (b)		65,210		444,732
S&P Global, Inc.		41,970		8,836,784

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

123

MassMutual Premier Global Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
Sage Therapeutics, Inc. (a)		21,450	$	3,411,623
Sarepta Therapeutics, Inc. (a)		9,250		1,102,508
Tiffany & Co.		37,860		3,996,123
United Parcel Service, Inc. Class B		34,890		3,898,609
The Walt Disney Co.		39,980		4,438,979
Zimmer Biomet Holdings, Inc.		18,640		2,380,328
				148,662,573
TOTAL COMMON STOCK (Cost $193,114,857)				296,952,315
PREFERRED STOCK — 1.3%
Germany — 1.3%
Bayerische Motoren Werke AG 6.310%		59,107		3,885,229
India — 0.0%
Zee Entertainment Enterprises Ltd. 6.000%		573,050		46,324
TOTAL PREFERRED STOCK (Cost $3,309,062)				3,931,553
TOTAL EQUITIES (Cost $196,423,919)				300,883,868
MUTUAL FUNDS — 4.2%
United States — 4.2%
Oppenheimer Institutional Government Money Market Fund Class E (c)		6,855,205		6,855,205
State Street Navigator Securities Lending Prime Portfolio (e)		6,185,319		6,185,319
				13,040,524
TOTAL MUTUAL FUNDS (Cost $13,040,524)				13,040,524
TOTAL LONG-TERM INVESTMENTS (Cost $209,464,443)				313,924,392
TOTAL INVESTMENTS — 101.8% (Cost $209,464,443) (f)				313,924,392
Other Assets/(Liabilities) — (1.8)%				(5,696,874	)
NET ASSETS — 100.0%			$	308,227,518

Abbreviation Legend

ADR American Depositary Receipt

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Non-income producing security.

(b) Denotes all or a portion of security on loan. The total value of securities on loan as of March 31, 2019, was $5,960,852 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).

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

(d) This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At March 31, 2019, these securities amounted to a value of $809,097 or 0.26% of net assets.

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

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

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

Consumer, Non-cyclical	23.6	%
Industrial	19.8	%
Communications	14.5	%
Financial	14.0	%
Technology	12.8	%
Consumer, Cyclical	12.2	%
Mutual Funds	4.2	%
Energy	0.7	%
Total Long-Term Investments	101.8	%
Short-Term Investments and Other Assets and Liabilities	(1.8	)%
Net Assets	100.0	%

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

124

MassMutual Premier International Equity Fund – Portfolio of Investments

March 31, 2019 (Unaudited)

	Number of Shares		Value
EQUITIES — 97.4%
COMMON STOCK — 97.4%
Australia — 1.5%
CSL Ltd.		38,228	$	5,310,680
Austria — 0.4%
ams AG		57,701		1,560,209
Canada — 5.0%
Alimentation Couche-Tard, Inc. Class B		99,193		5,843,134
CCL Industries, Inc. Class B		109,068		4,415,444
Dollarama, Inc.		106,927		2,852,507
Saputo, Inc.		127,038		4,330,139
				17,441,224
Cayman Islands — 3.9%
Alibaba Group Holding Ltd. Sponsored ADR (a)		21,156		3,859,912
Baidu, Inc. Sponsored ADR (a)		23,620		3,893,757
WH Group Ltd. (b)		5,396,500		5,773,400
				13,527,069
Denmark — 2.7%
Novo Nordisk A/S Class B		131,446		6,881,823
Novozymes A/S Class B		58,248		2,679,464
				9,561,287
Finland — 1.9%
Nokia OYJ		1,176,984		6,695,728
France — 13.3%
Atos SE		36,380		3,521,748
Dassault Systemes SE		23,951		3,571,365
Edenred		130,231		5,931,258
EssilorLuxottica SA		10,948		1,196,442
Hermes International		10,686		7,062,098
Legrand SA		56,760		3,805,027
LVMH Moet Hennessy Louis Vuitton SE		12,990		4,790,454
Pernod Ricard SA		24,205		4,347,460
SEB SA (c)		32,437		5,457,932
Ubisoft Entertainment SA (a)		38,030		3,393,632
Valeo SA (d)		116,614		3,395,088
				46,472,504
Germany — 9.8%
Bayer AG Registered		46,213		2,986,675
Bayerische Motoren Werke AG		41,476		3,198,457
Continental AG		27,903		4,200,314
Fresenius Medical Care AG & Co. KGaA		28,616		2,301,787
Infineon Technologies AG		394,060		7,817,798
SAP SE		78,875		9,113,558
Siemens Healthineers AG (b)		107,346		4,474,103
				34,092,692

	Number of Shares		Value
India — 3.1%
Hero MotoCorp Ltd.		69,789	$	2,573,005
ICICI Bank Ltd. Sponsored ADR		719,498		8,245,447
				10,818,452
Ireland — 0.9%
James Hardie Industries PLC		163,150		2,104,981
Medtronic PLC		11,570		1,053,796
				3,158,777
Japan — 12.1%
Hitachi Ltd.		190,800		6,199,142
Hoya Corp.		80,900		5,353,139
Keyence Corp.		11,400		7,122,314
Koito Manufacturing Co. Ltd.		93,700		5,332,782
Kubota Corp.		258,300		3,748,751
Nidec Corp.		37,600		4,799,779
Nippon Telegraph & Telephone Corp.		80,700		3,430,185
Nitori Holdings Co. Ltd.		30,200		3,907,949
Subaru Corp.		101,100		2,310,953
				42,204,994
Luxembourg — 1.1%
SES SA		254,280		3,958,374
Netherlands — 8.3%
Aalberts Industries NV		82,544		2,856,804
Airbus SE		46,440		6,158,162
ASML Holding NV		35,498		6,670,915
Boskalis Westminster		153,298		3,968,526
Heineken NV		42,603		4,500,631
STMicroelectronics NV		323,760		4,791,521
				28,946,559
New Zealand — 1.1%
Xero Ltd. (a)		114,546		3,968,418
Panama — 1.3%
Carnival Corp.		92,230		4,677,906
Spain — 4.4%
Amadeus IT Group SA		49,631		3,977,639
Grifols SA		215,261		6,029,961
Prosegur Cash SA (b)		908,520		2,006,661
Prosegur Cia de Seguridad SA		611,466		3,314,184
				15,328,445
Sweden — 3.0%
Atlas Copco AB Class A		153,713		4,131,854
Epiroc AB Class A (a)		271,566		2,744,118
Swedish Match AB		67,865		3,456,049
				10,332,021
Switzerland — 9.5%
Barry Callebaut AG Registered		2,077		3,752,294
Cie Financiere Richemont SA Registered		45,635		3,329,080

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

125

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

	Number of Shares		Value
Lonza Group AG Registered		19,706	$	6,121,409
Roche Holding AG		15,346		4,230,272
Sika AG Registered		34,443		4,816,984
Temenos Group AG Registered		45,187		6,672,296
VAT Group AG (b)		39,902		4,201,553
				33,123,888
Thailand — 1.1%
CP ALL PCL		1,625,800		3,829,480
United Kingdom — 11.5%
Atlassian Corp. PLC Class A (a)		8,280		930,589
Bunzl PLC		226,201		7,463,191
Domino’s Pizza Group PLC		564,660		1,780,346
Ferguson PLC		31,896		2,035,583
Intertek Group PLC		42,680		2,703,154
Legal & General Group PLC		1,142,605		4,100,247
Melrose Industries PLC		1,138,279		2,720,123
Prudential PLC		236,467		4,739,604
Reckitt Benckiser Group PLC		39,783		3,315,024
TechnipFMC PLC		161,104		3,763,853
The Weir Group PLC		127,136		2,592,000
Whitbread PLC		62,795		4,162,214
				40,305,928
United States — 1.5%
EPAM Systems, Inc. (a)		24,250		4,101,402
ResMed, Inc.		11,700		1,216,449
				5,317,851
TOTAL COMMON STOCK (Cost $313,046,408)				340,632,486
PREFERRED STOCK — 0.0%
India — 0.0%
Zee Entertainment Enterprises Ltd.		653,347		52,815
TOTAL PREFERRED STOCK (Cost $19,495)				52,815
TOTAL EQUITIES (Cost $313,065,903)				340,685,301

	Number of Shares		Value
MUTUAL FUNDS — 3.7%
United States — 3.7%
Oppenheimer Institutional Government Money Market Fund Class E (e)		9,564,781	$	9,564,781
State Street Navigator Securities Lending Prime Portfolio (f)		3,282,906		3,282,906
				12,847,687
TOTAL MUTUAL FUNDS (Cost $12,847,687)				12,847,687
TOTAL LONG-TERM INVESTMENTS (Cost $325,913,590)				353,532,988
TOTAL INVESTMENTS — 101.1% (Cost $325,913,590) (g)				353,532,988
Other Assets/(Liabilities) — (1.1)%				(3,857,821	)
NET ASSETS — 100.0%			$	349,675,167

Abbreviation Legend

ADR American Depositary Receipt

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Non-income producing security.

(b) Securities exempt from registration under rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2019, these securities amounted to a value of $16,455,717 or 4.71% of net assets.

(c) This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At March 31, 2019, these securities amounted to a value of $5,457,932 or 1.56% of net assets.

(d) Denotes all or a portion of security on loan. The total value of securities on loan as of March 31, 2019, was $3,125,722 or 0.89% 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).

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

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

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

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

126

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

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

Consumer, Non-cyclical	24.3	%
Consumer, Cyclical	22.3	%
Industrial	19.7	%
Technology	17.2	%
Communications	6.3	%
Financial	5.7	%
Mutual Funds	3.7	%
Energy	1.1	%
Basic Materials	0.8	%
Total Long-Term Investments	101.1	%
Short-Term Investments and Other Assets and Liabilities	(1.1	)%
Net Assets	100.0	%

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

127

MassMutual Premier Strategic Emerging Markets Fund – Portfolio of Investments

March 31, 2019 (Unaudited)

	Number of Shares		Value
EQUITIES — 98.0%
COMMON STOCK — 97.0%
Bermuda — 2.6%
Credicorp Ltd.		11,100	$	2,663,445
Jardine Strategic Holdings Ltd.		71,171		2,669,061
				5,332,506
Brazil — 3.7%
Atacadao Distribuicao Comercio e Industria Ltda		479,800		2,461,896
B3 SA - Brasil Bolsa Balcao		354,188		2,905,620
Itau Unibanco Holding SA Sponsored ADR		109,035		960,598
Vale SA Sponsored ADR		106,620		1,392,457
				7,720,571
Cayman Islands — 18.4%
Alibaba Group Holding Ltd. Sponsored ADR (a)		77,824		14,198,989
Huazhu Group Ltd. ADR		132,771		5,594,970
Hutchison China MediTech Ltd. ADR (a) (b)		19,320		590,806
Innovent Biologics, Inc. (a) (c)		95,500		350,363
Meituan Dianping Class B (d)		309,800		1,983,325
Meituan Dianping Class B (a)		268,400		1,811,925
Pinduoduo, Inc. ADR (a)		23,190		575,112
Ping An Healthcare and Technology Co. Ltd. (a) (c)		14,050		79,419
StoneCo Ltd. Class A (a) (b)		4,050		166,495
Sunny Optical Technology Group Co. Ltd.		106,800		1,275,213
Tencent Holdings Ltd.		175,993		8,092,435
Tencent Music Entertainment Group (a) (d)		47		851
Wuxi Biologics Cayman, Inc. (a) (c)		135,000		1,312,758
ZTO Express Cayman, Inc. ADR		122,860		2,245,881
				38,278,542
Chile — 1.2%
Banco de Chile		2,153,782		317,100
SACI Falabella		300,187		2,232,087
				2,549,187
China — 6.2%
China International Capital Corp. Ltd. Class H (c)		452,400		1,047,573
Dong-E-E-Jiao Co. Ltd.		141,700		1,001,272
Jiangsu Hengrui Medicine Co. Ltd. Class A		579,063		5,655,879
Ping An Insurance Group Co. of China Ltd. Class A		191,087		2,193,911
Shanghai Junshi Bioscience Class H (a) (c)		80,000		304,718

	Number of Shares		Value
Sinopharm Group Co. Ltd. Class H		644,000	$	2,682,433
				12,885,786
Colombia — 0.5%
Grupo Aval Acciones y Valores SA ADR		143,290		1,116,229
Egypt — 0.5%
Commercial International Bank Egypt SAE		242,371		958,715
France — 6.4%
Kering SA		15,303		8,800,755
LVMH Moet Hennessy Louis Vuitton SE		12,088		4,457,814
				13,258,569
Hong Kong — 4.9%
AIA Group Ltd.		646,800		6,438,250
Hong Kong Exchanges & Clearing Ltd.		110,266		3,842,696
				10,280,946
India — 11.3%
Bandhan Bank Ltd. (c)		37,141		281,489
Biocon Ltd.		128,474		1,135,523
Cholamandalam Investment & Finance Co. Ltd.		36,594		766,402
Housing Development Finance Corp. Ltd.		269,680		7,648,810
Kotak Mahindra Bank Ltd.		349,080		6,728,993
Oberoi Realty Ltd.		55,993		422,204
Odisha Cement Ltd. (a)		36,686		522,849
Tata Consultancy Services Ltd.		88,496		2,555,578
UltraTech Cement Ltd.		19,024		1,098,529
Zee Entertainment Enterprises Ltd.		362,780		2,320,213
				23,480,590
Indonesia — 1.0%
Bank Central Asia Tbk PT		593,600		1,157,687
Indocement Tunggal Prakarsa Tbk PT		662,500		1,019,653
				2,177,340
Italy — 1.5%
Moncler SpA		30,738		1,242,420
PRADA SpA		632,100		1,880,143
				3,122,563
Mexico — 6.4%
Alsea SAB de CV		382,736		801,349
Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand		658,306		899,097
Fomento Economico Mexicano SAB de CV		367,318		3,385,868

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

128

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

	Number of Shares		Value
Fomento Economico Mexicano SAB de CV Sponsored ADR		16,350	$	1,508,778
Grupo Aeroportuario del Sureste SAB de CV Class B		63,853		1,031,899
Grupo Financiero Inbursa SAB de CV Class O		1,094,130		1,514,062
Grupo Mexico SAB de CV Series B		1,135,436		3,108,516
Wal-Mart de Mexico SAB de CV		406,651		1,087,112
				13,336,681
Netherlands — 1.4%
Steinhoff International Holdings NV (a) (b)		612,108		79,775
Yandex NV Class A (a)		81,570		2,801,114
				2,880,889
Philippines — 3.6%
Ayala Corp.		39,760		711,964
Ayala Land, Inc.		1,648,400		1,410,049
BDO Unibank, Inc.		84,880		216,466
Jollibee Foods Corp.		199,890		1,207,041
SM Investments Corp.		140,875		2,508,079
SM Prime Holdings, Inc.		1,931,600		1,468,350
				7,521,949
Republic of Korea — 4.1%
Amorepacific Corp.		7,662		1,274,812
AMOREPACIFIC Group		6,674		409,815
LG Household & Health Care Ltd.		2,167		2,711,333
NAVER Corp.		3,727		407,741
Samsung Biologics Co. Ltd. (a) (c)		5,324		1,506,490
Samsung Electronics Co. Ltd.		54,648		2,149,009
				8,459,200
Russia — 6.4%
LUKOIL PJSC Sponsored ADR		17,230		1,544,561
LUKOIL PJSC Sponsored ADR		6,880		615,141
MMC Norilsk Nickel PJSC (b)		3,522		74,050
MMC Norilsk Nickel PJSC		1,655		345,462
MMC Norilsk Nickel PJSC ADR (Russia)		6,515		137,659
Novatek PJSC Sponsored GDR Registered		47,632		8,167,595
Polyus PJSC GDR Registered (d)		12,900		530,190
Sberbank of Russia PJSC		616,757		2,015,620
				13,430,278
South Africa — 2.3%
FirstRand Ltd.		722,720		3,156,003
Shoprite Holdings Ltd.		145,667		1,602,345
				4,758,348
Taiwan — 5.2%
Taiwan Semiconductor Manufacturing Co. Ltd.		1,351,000		10,807,914

	Number of Shares		Value
Thailand — 0.4%
Siam Commercial Bank PCL		228,900	$	952,097
Turkey — 1.4%
Akbank T.A.S. (a)		1,005,984		1,141,682
Anadolu Efes Biracilik Ve Malt Sanayii AS		202,615		636,410
BIM Birlesik Magazalar AS		34,989		478,298
Turkiye Garanti Bankasi AS		454,792		680,781
				2,937,171
United Arab Emirates — 1.0%
DP World PLC		74,609		1,193,676
Emaar Properties PJSC		667,645		853,182
				2,046,858
United Kingdom — 3.7%
Glencore PLC		1,865,565		7,759,053
United States — 2.9%
MercadoLibre, Inc. (a)		5,050		2,564,037
Yum China Holdings, Inc.		75,820		3,405,076
				5,969,113
TOTAL COMMON STOCK (Cost $171,831,363)				202,021,095
PREFERRED STOCK — 1.0%
Brazil — 1.0%
Lojas Americanas SA 0.410%		460,820		1,973,757
India — 0.0%
Zee Entertainment Enterprises Ltd.		612,906		49,546
TOTAL PREFERRED STOCK (Cost $2,481,815)				2,023,303
TOTAL EQUITIES (Cost $174,313,178)				204,044,398
MUTUAL FUNDS — 0.2%
United States — 0.2%
State Street Navigator Securities Lending Prime Portfolio (e)		476,942		476,942
TOTAL MUTUAL FUNDS (Cost $476,942)				476,942
TOTAL LONG-TERM INVESTMENTS (Cost $174,790,120)				204,521,340

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

129

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

	Principal Amount		Value
SHORT-TERM INVESTMENTS — 2.4%
Repurchase Agreement — 2.4%
Fixed Income Clearing Corp., Repurchase Agreement, dated 3/29/19, 1.250%, due 4/01/19 (f)	$	4,994,583	$	4,994,583
TOTAL SHORT-TERM INVESTMENTS (Cost $4,994,583)				4,994,583
TOTAL INVESTMENTS — 100.6% (Cost $179,784,703)				209,515,923
Other Assets/(Liabilities) — (0.6)%				(1,164,169	)
NET ASSETS — 100.0%			$	208,351,754

Abbreviation Legend

ADR American Depositary Receipt

GDR Global Depositary Receipt

PJSC Public Joint Stock Company

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Non-income producing security.

(b) Denotes all or a portion of security on loan. The total value of securities on loan as of March 31, 2019, was $458,603 or 0.22% 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) Securities exempt from registration under rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2019, these securities amounted to a value of $4,882,810 or 2.34% of net assets.

(d) This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At March 31, 2019, these securities amounted to a value of $2,514,366 or 1.21% of net assets.

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

(f) Maturity value of $4,995,103. Collateralized by U.S. Government Agency obligations with a rate of 1.875%, maturity date of 4/30/22, and an aggregate market value, including accrued interest, of $5,095,852.

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

Financial	26.1	%
Consumer, Cyclical	18.1	%
Communications	16.7	%
Consumer, Non-cyclical	13.4	%
Technology	7.5	%
Basic Materials	6.4	%
Energy	5.0	%
Industrial	3.5	%
Diversified	1.3	%
Mutual Funds	0.2	%
Total Long-Term Investments	98.2	%
Short-Term Investments and Other Assets and Liabilities	1.8	%
Net Assets	100.0	%

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

130

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131

MassMutual Premier Funds – Financial Statements

Statements of Assets and Liabilities

March 31, 2019 (Unaudited)

	MassMutual Premier U.S. Government Money Market Fund			MassMutual Premier Short-Duration Bond Fund
Assets:
Investments, at value (Note 2) (a)	$	-		$	472,859,512
Repurchase agreements, at value (Note 2) (b)		45,000,000			-
Other short-term investments, at value (Note 2) (c)		248,328,436			14,963,111
Total investments (d)		293,328,436			487,822,623
Cash		84,878			497,906
Receivables from:
Investments sold		12,000,000			-
Collateral pledged for open futures (Note 2)		-			-
Open forward contracts (Note 2)		-			-
Investment adviser (Note 3)		-			-
Fund shares sold		62,145			218,558
Collateral pledged for open swaps agreements (Note 2)		-			-
Variation margin on open derivative instruments (Note 2)		-			308,123
Interest and dividends		389,563			2,761,009
Interest tax reclaim receivable		-			2,867
Open swap agreements, at value (Note 2)		-			-
Prepaid expenses		17,851			66,897
Total assets		305,882,873			491,677,983
Liabilities:
Payables for:
Investments purchased		-			-
Closed swap agreements, at value		-			-
Collateral held for open purchased options (Note 2)		-			5,199,000
Collateral held for when-issued securities (Note 2)		-			-
Dividends (Note 2)		33			-
Open forward contracts (Note 2)		-			-
Foreign currency overdraft		-			-
Interest and dividends		-			-
Investments purchased on a when-issued basis (Note 2)		-			2,050,885
Fund shares repurchased		5,190,557			6,232,253
Securities on loan (Note 2)		-			104,750
Open swap agreements, at value (Note 2)		-			383,457
Trustees’ fees and expenses (Note 3)		65,719			70,681
Variation margin on open derivative instruments (Note 2)		-			-
Affiliates (Note 3):
Investment advisory fees		81,989			133,492
Administration fees		109,090			105,226
Service fees		-			45,987
Shareholder service fees		-			12,851
Distribution fees		-			4,607
Commitment and Contingent Liabilities (Note 10)		-			-
Accrued expense and other liabilities		75,074			103,047
Total liabilities		5,522,462			14,446,236
Net assets	$	300,360,411		$	477,231,747
Net assets consist of:
Paid-in capital	$	300,425,040		$	493,206,748
Accumulated Gain (Loss)		(64,629	)		(15,975,001	)
Net assets	$	300,360,411		$	477,231,747
(a)    Cost of investments:	$	-		$	471,951,302
(b)    Cost of repurchase agreements:	$	45,000,000		$	-
(c)    Cost of other short-term investments:	$	248,328,436		$	14,964,332
(d)    Securities on loan with market value of:	$	-		$	102,720

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

132

MassMutual Premier Inflation- Protected and Income Fund			MassMutual Premier Core Bond Fund			MassMutual Premier Diversified Bond Fund			MassMutual Premier High Yield Fund			MassMutual Premier Balanced Fund
$	287,619,042		$	1,327,553,871		$	195,585,105		$	541,513,965		$	116,563,398
	295,759			–			–			–			1,355,856
	12,989,412			246,171,214			36,863,418			–			8,091,420
	300,904,213			1,573,725,085			232,448,523			541,513,965			126,010,674
	2,070			539,625			271,876			11,458,263			1,504,429
	-			37,042,802			4,001,614			6,165,035			1,198,282
	-			-			-			-			84,148
	-			-			35,858			-			-
	1			1			-			-			3
	662,006			588,177			167,006			620,943			660,604
	580,000			-			-			-			-
	-			-			-			-			5,330
	612,268			8,028,026			1,366,109			9,956,262			339,039
	-			3,132			5,264			3,320			-
	15,514			-			-			-			-
	62,666			58,704			60,312			63,903			66,214
	302,838,738			1,619,985,552			238,356,562			569,781,691			129,868,723
	-			2,861,544			1,407,042			3,759,628			51,597
	13,000			-			-			-			-
	1,640,000			9,958,000			2,500,000			-			270,000
	-			1,073,603			151,843			-			-
	-			-			-			-			-
	-			-			65,030			-			-
	-			-			4,318			-			-
	-			-			-			-			-
	1,200,000			259,372,098			30,809,193			8,491,892			9,900,615
	214,065			6,613,750			12,994			1,106,199			2,432,465
	-			4,431,593			2,427,133			44,970,160			1,124,606
	771,004			841,829			123,164			-			20,315
	35,912			183,863			23,609			35,168			20,320
	40,032			387,084			55,039			-			15,663
	88,384			396,544			58,963			187,391			44,437
	73,181			152,716			77,071			94,997			76,066
	16,370			66,212			25,268			63,993			22,566
	5,792			22,987			6,988			7,987			4,234
	2,343			478			2,393			25,615			5,107
	-			-			-			-			-
	99,999			163,446			88,998			119,960			64,770
	4,200,082			286,525,747			37,839,046			58,862,990			14,052,761
$	298,638,656		$	1,333,459,805		$	200,517,516		$	510,918,701		$	115,815,962
$	307,189,971		$	1,350,024,335		$	200,855,146		$	527,428,109		$	106,200,101
	(8,551,315	)		(16,564,530	)		(337,630	)		(16,509,408	)		9,615,861
$	298,638,656		$	1,333,459,805		$	200,517,516		$	510,918,701		$	115,815,962
$	283,636,356		$	1,317,796,902		$	194,545,600		$	552,051,619		$	110,895,866
$	295,759		$	-		$	-		$	-		$	1,355,856
$	12,990,209		$	246,182,383		$	36,865,271		$	-		$	8,091,755
$	-		$	4,339,084		$	2,377,150		$	44,070,129		$	1,098,349

133

MassMutual Premier Funds – Financial Statements (Continued)

Statements of Assets and Liabilities

March 31, 2019 (Unaudited)

	MassMutual Premier U.S. Government Money Market Fund		MassMutual Premier Short-Duration Bond Fund
Class I shares:
Net assets	$	-	$	181,721,189
Shares outstanding (a)		-		17,988,740
Net asset value, offering price and redemption price per share	$	-	$	10.10
Class R5 shares:
Net assets	$	300,360,411	$	125,488,244
Shares outstanding (a)		300,564,925		12,379,232
Net asset value, offering price and redemption price per share	$	1.00	$	10.14
Service Class shares:
Net assets	$	-	$	63,090,195
Shares outstanding (a)		-		6,267,491
Net asset value, offering price and redemption price per share	$	-	$	10.07
Administrative Class shares:
Net assets	$	-	$	31,471,083
Shares outstanding (a)		-		3,137,813
Net asset value, offering price and redemption price per share	$	-	$	10.03
Class A shares:
Net assets	$	-	$	55,000,381
Shares outstanding (a)		-		5,519,687
Net asset value, and redemption price per share	$	-	$	9.96
Offering price per share (100/[100-maximum sales charge] of net asset value)	$	-	$	10.22
Class R4 shares:
Net assets	$	-	$	12,860,051
Shares outstanding (a)		-		1,274,645
Net asset value, offering price and redemption price per share	$	-	$	10.09
Class R3 shares:
Net assets	$	-	$	7,600,604
Shares outstanding (a)		-		757,795
Net asset value, offering price and redemption price per share	$	-	$	10.03

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

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

134

MassMutual Premier Inflation- Protected and Income Fund		MassMutual Premier Core Bond Fund		MassMutual Premier Diversified Bond Fund		MassMutual Premier High Yield Fund		MassMutual Premier Balanced Fund
$	139,713,551	$	784,923,231	$	22,592,356	$	283,251,274	$	19,625,358
	13,759,180		73,090,451		2,117,930		32,021,128		1,695,379
$	10.15	$	10.74	$	10.67	$	8.85	$	11.58
$	67,425,303	$	280,191,569	$	99,322,215	$	40,249,100	$	46,890,374
	6,634,549		25,998,546		10,094,139		4,523,654		4,049,665
$	10.16	$	10.78	$	9.84	$	8.90	$	11.58
$	48,222,215	$	91,148,520	$	12,269,688	$	44,715,093	$	6,589,600
	4,760,316		8,508,289		1,229,731		5,024,818		539,193
$	10.13	$	10.71	$	9.98	$	8.90	$	12.22
$	15,270,681	$	65,667,841	$	23,185,448	$	25,573,450	$	6,502,510
	1,491,379		6,173,957		2,327,800		2,921,289		559,090
$	10.24	$	10.64	$	9.96	$	8.75	$	11.63
$	17,825,558	$	97,492,058	$	32,218,627	$	27,460,795	$	26,451,910
	1,783,582		9,239,499		3,240,632		3,142,171		2,343,541
$	9.99	$	10.55	$	9.94	$	8.74	$	11.29
$	10.43	$	11.02	$	10.38	$	9.25	$	11.95
$	6,144,359	$	13,249,915	$	6,857,562	$	46,368,826	$	2,248,939
	618,764		1,263,331		696,712		5,368,386		201,020
$	9.93	$	10.49	$	9.84	$	8.64	$	11.19
$	4,036,989	$	786,671	$	4,071,620	$	43,300,163	$	7,507,271
	405,961		72,972		415,114		4,898,446		674,338
$	9.94	$	10.78	$	9.81	$	8.84	$	11.13

135

MassMutual Premier Funds – Financial Statements (Continued)

Statements of Assets and Liabilities

March 31, 2019 (Unaudited)

	MassMutual Premier Disciplined Value Fund		MassMutual Premier Main Street Fund
Assets:
Investments, at value — unaffiliated issuers (Note 2) (a)	$	135,383,785	$	122,165,205
Investments, at value — affiliated issuers (Note 2 & 7) (b)		-		-
Repurchase agreements, at value (Note 2) (c)		272,155		2,589,074
Total investments (d)		135,655,940		124,754,279
Cash		683		1
Foreign currency, at value (e)		-		-
Receivables from:
Investments sold		2,467,028		1,302,852
Investment adviser (Note 3)		-		-
Fund shares sold		36,746		34,537
Interest and dividends		202,433		181,368
Foreign taxes withheld		-		-
Prepaid expenses		64,762		67,827
Total assets		138,427,592		126,340,864
Liabilities:
Payables for:
Investments purchased		-		1,091,873
Fund shares repurchased		1,989,050		158,974
Securities on loan (Note 2)		737,874		-
Trustees’ fees and expenses (Note 3)		33,688		19,734
Affiliates (Note 3):
Investment advisory fees		49,620		54,082
Administration fees		71,061		73,691
Service fees		10,585		12,068
Shareholder service fees		3,514		4,661
Distribution fees		2,405		729
Commitment and Contingent Liabilities (Note 10)		-		-
Accrued expense and other liabilities		18,990		46,144
Total liabilities		2,916,787		1,461,956
Net assets	$	135,510,805	$	124,878,908
Net assets consist of:
Paid-in capital	$	130,079,417	$	108,411,769
Accumulated Gain (Loss)		5,431,388		16,467,139
Net assets	$	135,510,805	$	124,878,908
(a)    Cost of investments — unaffiliated issuers:	$	132,406,109	$	109,008,519
(b)    Cost of investments — affiliated issuers:	$	-	$	-
(c)    Cost of repurchase agreements:	$	272,155	$	2,589,074
(d)    Securities on loan with market value of:	$	706,040	$	-
(e)    Cost of foreign currency:	$	-	$	-

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

136

MassMutual Premier Disciplined Growth Fund		MassMutual Premier Small Cap Opportunities Fund		MassMutual Premier Global Fund		MassMutual Premier International Equity Fund		MassMutual Premier Strategic Emerging Markets Fund
$	305,377,953	$	213,519,408	$	307,069,187	$	343,968,207	$	204,521,340
	-		-		6,855,205		9,564,781		-
	3,821,667		2,605,602		-		-		4,994,583
	309,199,620		216,125,010		313,924,392		353,532,988		209,515,923
	1,064		5		2		17		2
	-		-		890,671		119,814		26,598
	-		-		447,193		436,674		591,827
	-		-		-		-		36,036
	138,836		97,787		2,748,715		1,110,145		245,799
	128,036		159,757		470,785		468,431		289,164
	-		-		305,262		807,380		3,171
	60,580		61,575		67,404		69,166		59,804
	309,528,136		216,444,134		318,854,424		356,544,615		210,768,324
	-		-		888,705		880,419		209,795
	1,004,235		391,938		2,963,491		1,544,739		618,974
	973,418		6,331,721		6,185,319		3,282,906		476,942
	40,371		29,243		45,006		78,395		19,849
	108,606		97,959		182,887		246,931		164,771
	92,309		77,587		96,281		98,514		68,663
	40,159		43,486		28,331		23,971		1,843
	11,499		9,602		13,703		4,401		207
	3,926		5,334		6,435		3,802		445
	-		-		-		-		-
	33,240		56,802		216,748		705,370		855,081
	2,307,763		7,043,672		10,626,906		6,869,448		2,416,570
$	307,220,373	$	209,400,462	$	308,227,518	$	349,675,167	$	208,351,754
$	263,845,656	$	200,427,166	$	199,343,637	$	311,632,812	$	184,028,941
	43,374,717		8,973,296		108,883,881		38,042,355		24,322,813
$	307,220,373	$	209,400,462	$	308,227,518	$	349,675,167	$	208,351,754
$	272,665,777	$	206,429,079	$	202,609,238	$	316,348,809	$	174,790,120
$	-	$	-	$	6,855,205	$	9,564,781	$	-
$	3,821,667	$	2,605,602	$	-	$	-	$	4,994,583
$	952,595	$	6,186,971	$	5,960,852	$	3,125,722	$	458,603
$	-	$	-	$	892,233	$	119,740	$	26,569

137

MassMutual Premier Funds – Financial Statements (Continued)

Statements of Assets and Liabilities

March 31, 2019 (Unaudited)

	MassMutual Premier Disciplined Value Fund		MassMutual Premier Main Street Fund
Class I shares:
Net assets	$	17,976,311	$	21,513,747
Shares outstanding (a)		1,327,016		2,076,244
Net asset value, offering price and redemption price per share	$	13.55	$	10.36
Class R5 shares:
Net assets	$	54,821,399	$	56,480,385
Shares outstanding (a)		4,036,137		5,451,433
Net asset value, offering price and redemption price per share	$	13.58	$	10.36
Service Class shares:
Net assets	$	39,276,326	$	624,022
Shares outstanding (a)		2,916,515		57,925
Net asset value, offering price and redemption price per share	$	13.47	$	10.77
Administrative Class shares:
Net assets	$	7,618,086	$	25,682,656
Shares outstanding (a)		552,950		2,479,886
Net asset value, offering price and redemption price per share	$	13.78	$	10.36
Class A shares:
Net assets	$	7,046,998	$	13,347,307
Shares outstanding (a)		528,176		1,309,177
Net asset value, and redemption price per share	$	13.34	$	10.20
Offering price per share (100/[100-maximum sales charge] of net asset value)	$	14.12	$	10.79
Class R4 shares:
Net assets	$	4,701,812	$	6,003,041
Shares outstanding (a)		355,230		593,910
Net asset value, offering price and redemption price per share	$	13.24	$	10.11
Class R3 shares:
Net assets	$	4,069,873	$	1,227,750
Shares outstanding (a)		302,260		120,120
Net asset value, offering price and redemption price per share	$	13.46	$	10.22

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

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

138

MassMutual Premier Disciplined Growth Fund		MassMutual Premier Small Cap Opportunities Fund		MassMutual Premier Global Fund		MassMutual Premier International Equity Fund		MassMutual Premier Strategic Emerging Markets Fund
$	31,147,881	$	33,596,912	$	68,129,532	$	168,798,528	$	200,187,982
	2,979,925		2,541,750		5,500,431		14,464,365		15,275,109
$	10.45	$	13.22	$	12.39	$	11.67	$	13.11
$	99,428,168	$	66,311,791	$	100,381,878	$	122,462,164	$	4,243,122
	9,504,752		5,024,342		8,093,896		10,494,720		319,179
$	10.46	$	13.20	$	12.40	$	11.67	$	13.29
$	70,379,634	$	15,914,260	$	7,846,645	$	12,361,876	$	134,011
	6,700,486		1,208,414		638,702		1,062,026		10,196
$	10.50	$	13.17	$	12.29	$	11.64	$	13.14
$	40,018,131	$	20,931,641	$	83,080,502	$	7,862,791	$	955,658
	3,758,069		1,599,193		6,699,102		678,699		72,492
$	10.65	$	13.09	$	12.40	$	11.59	$	13.18
$	34,389,617	$	53,619,872	$	28,817,292	$	24,827,673	$	760,873
	3,341,883		4,202,054		2,353,942		2,207,567		58,088
$	10.29	$	12.76	$	12.24	$	11.25	$	13.10
$	10.89	$	13.50	$	12.95	$	11.90	$	13.86
$	25,654,236	$	10,342,190	$	8,943,827	$	7,565,691	$	1,306,588
	2,518,197		816,521		742,394		679,918		100,403
$	10.19	$	12.67	$	12.05	$	11.13	$	13.01
$	6,202,706	$	8,683,796	$	11,027,842	$	5,796,444	$	763,520
	609,879		690,961		905,366		522,219		58,731
$	10.17	$	12.57	$	12.18	$	11.10	$	13.00

139

MassMutual Premier Funds – Financial Statements (Continued)

Statements of Operations

For the Six Months Ended March 31, 2019 (Unaudited)

	MassMutual Premier U.S. Government Money Market Fund		MassMutual Premier Short-Duration Bond Fund
Investment income (Note 2):
Dividends (a)	$	-	$	-
Interest (b)		3,975,870		8,527,578
Securities lending net income		-		72
Total investment income		3,975,870		8,527,650
Expenses (Note 3):
Custody fees		20,020		31,414
Interest expense		-		-
Investment advisory fees		589,071		835,246
Audit fees		16,370		19,292
Legal fees		4,572		13,796
Proxy fees		434		434
Accounting & Administration fees		31,738		27,988
Shareholder reporting fees		9,461		18,056
Trustees’ fees		8,358		13,586
Registration and filing fees		11,651		44,362
Transfer agent fees		1,480		1,480
		693,155		1,005,654
Administration fees:
Class R5		168,306		63,493
Service Class		-		47,580
Administrative Class		-		24,190
Class A		-		41,409
Class R4		-		13,019
Class R3		-		7,733
Distribution fees:
Class R3		-		9,667
Distribution and Service fees:
Class A		-		69,014
Class R4		-		16,274
Class R3		-		9,667
Shareholder service fees:
Service Class		-		15,860
Administrative Class		-		24,190
Class A		-		41,409
Total expenses		861,461		1,389,159
Expenses waived (Note 3):
Class I fees reimbursed by adviser		-		-
Class R5 fees reimbursed by adviser		-		-
Service Class fees reimbursed by adviser		-		-
Administrative Class fees reimbursed by adviser		-		-
Class A fees reimbursed by adviser		-		-
Class R4 fees reimbursed by adviser		-		-
Class R3 fees reimbursed by adviser		-		-
Class I advisory fees waived		-		-
Class R5 advisory fees waived		-		-
Service Class advisory fees waived		-		-
Administrative Class advisory fees waived		-		-
Class A advisory fees waived		-		-
Class R4 advisory fees waived		-		-
Class R3 advisory fees waived		-		-
Net expenses:		861,461		1,389,159
Net investment income (loss)		3,114,409		7,138,491

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

140

MassMutual Premier Inflation- Protected and Income Fund			MassMutual Premier Core Bond Fund		MassMutual Premier Diversified Bond Fund		MassMutual Premier High Yield Fund		MassMutual Premier Balanced Fund
$	-		$	82,875	$	6,375	$	-	$	746,766
	1,923,122			24,732,071		4,213,828		19,107,423		778,959
	-			5,460		894		176,260		2,431
	1,923,122			24,820,406		4,221,097		19,283,683		1,528,156
	33,633			49,783		28,525		38,097		18,851
	84,806			-		-		-		-
	540,238			2,378,013		376,560		1,256,942		266,080
	19,327			19,976		19,745		18,785		19,723
	2,300			29,800		4,861		4,454		2,617
	434			434		434		434		434
	21,562			37,003		22,617		24,617		24,907
	12,122			28,860		10,332		18,050		8,712
	6,071			26,075		4,624		10,840		2,522
	44,512			44,697		42,864		43,557		43,508
	1,480			1,480		1,480		1,480		1,479
	766,485			2,616,121		512,042		1,417,256		388,833
	30,705			137,172		49,182		20,072		22,376
	35,646			68,100		11,878		32,543		4,887
	11,342			49,641		17,988		20,149		5,359
	13,409			72,907		23,113		19,374		19,456
	6,074			12,093		5,900		34,948		3,060
	4,082			787		4,110		42,615		8,277
	5,103			983		5,137		53,269		10,347
	22,348			121,512		38,521		32,290		32,426
	7,592			15,116		7,376		43,686		3,825
	5,103			983		5,136		53,269		10,347
	11,882			22,700		3,960		10,848		1,629
	11,342			49,641		17,988		20,149		5,359
	13,409			72,907		23,112		19,374		19,456
	944,522			3,240,663		725,443		1,819,842		535,637
	-			-		-		-		(4,834	)
	-			-		-		-		(15,159	)
	-			-		-		-		(2,223	)
	-			-		-		-		(2,453	)
	-			-		-		-		(8,851	)
	-			-		-		-		(1,058	)
	-			-		-		-		(2,808	)
	(13,481	)		-		-		-		-
	(6,201	)		-		-		-		-
	(4,906	)		-		-		-		-
	(1,537	)		-		-		-		-
	(1,871	)		-		-		-		-
	(629	)		-		-		-		-
	(430	)		-		-		-		-
	915,467			3,240,663		725,443		1,819,842		498,251
	1,007,655			21,579,743		3,495,654		17,463,841		1,029,905

141

MassMutual Premier Funds – Financial Statements (Continued)

Statements of Operations (Continued)

For the Six Months Ended March 31, 2019 (Unaudited)

	MassMutual Premier U.S. Government Money Market Fund		MassMutual Premier Short-Duration Bond Fund
Realized and unrealized gain (loss):
Net realized gain (loss) on:
Investment transactions	$	1,208	$	(640,785	)
Futures contracts		-		(1,371,148	)
Swap agreements		-		186,808
Foreign currency transactions		-		-
Forward contracts		-		-
Net realized gain (loss)		1,208		(1,825,125	)
Net change in unrealized appreciation (depreciation) on:
Investment transactions		-		5,660,674
Futures contracts		-		(1,943,601	)
Swap agreements		-		(27,305	)
Translation of assets and liabilities in foreign currencies		-		-
Forward contracts		-		-
Net change in unrealized appreciation (depreciation)		-		3,689,768
Net realized gain (loss) and change in unrealized appreciation (depreciation)		1,208		1,864,643
Net increase (decrease) in net assets resulting from operations	$	3,115,617	$	9,003,134
(a)    Net of foreign withholding tax of:	$	-	$	-
(b)    Net of foreign withholding tax of:	$	-	$	764

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

142

MassMutual Premier Inflation- Protected and Income Fund			MassMutual Premier Core Bond Fund			MassMutual Premier Diversified Bond Fund			MassMutual Premier High Yield Fund			MassMutual Premier Balanced Fund
$	(1,241,867	)	$	(2,897,615	)	$	(712,813	)	$	(9,078,094	)	$	3,467,018
	213,003			1,661,440			127,427			-			(211,986	)
	(11,862	)		360,954			84,341			-			7,843
	-			-			2,693			-			-
	-			-			(40,462	)		-			-
	(1,040,726	)		(875,221	)		(538,814	)		(9,078,094	)		3,262,875
	7,528,736			26,437,759			3,932,602			(3,523,928	)		(6,984,479	)
	7,417			5,191,883			953,975			-			178,349
	(725,659	)		(59,945	)		(8,770	)		-			(1,446	)
	-			-			(2,235	)		-			-
	-			-			34,661			-			-
	6,810,494			31,569,697			4,910,233			(3,523,928	)		(6,807,576	)
	5,769,768			30,694,476			4,371,419			(12,602,022	)		(3,544,701	)
$	6,777,423		$	52,274,219		$	7,867,073		$	4,861,819		$	(2,514,796	)
$	-		$	-		$	-		$	-		$	68
$	-		$	-		$	-		$	-		$	-

143

MassMutual Premier Funds – Financial Statements (Continued)

Statements of Operations

For the Six Months Ended March 31, 2019 (Unaudited)

	MassMutual Premier Disciplined Value Fund		MassMutual Premier Main Street Fund
Investment income (Note 2):
Dividends — unaffiliated issuers (a)	$	1,960,874	$	1,426,107
Dividends — affiliated issuers (Note 7)		-		-
Interest		4,403		16,658
Securities lending net income		30,400		23,939
Total investment income		1,995,677		1,466,704
Expenses (Note 3):
Custody fees		6,203		12,047
Investment advisory fees		309,285		350,503
Audit fees		19,037		17,723
Legal fees		1,869		1,661
Proxy fees		434		434
Accounting & Administration fees		21,816		23,630
Shareholder reporting fees		23,379		8,381
Trustees’ fees		4,469		2,978
Registration and filing fees		43,652		43,528
Transfer agent fees		1,480		1,480
		431,624		462,365
Administration fees:
Class R5		26,912		29,799
Service Class		30,183		464
Administrative Class		6,064		18,743
Class A		5,989		9,694
Class R4		5,635		5,747
Class R3		3,919		1,435
Distribution fees:
Class R3		4,899		1,794
Distribution and Service fees:
Class A		9,981		16,157
Class R4		7,043		7,184
Class R3		4,899		1,794
Shareholder service fees:
Service Class		10,061		155
Administrative Class		6,064		18,743
Class A		5,989		9,694
Total expenses		559,262		583,768
Expenses waived (Note 3):
Class I fees reimbursed by adviser		-		-
Class R5 fees reimbursed by adviser		-		-
Service Class fees reimbursed by adviser		-		-
Administrative Class fees reimbursed by adviser		-		-
Class A fees reimbursed by adviser		-		-
Class R4 fees reimbursed by adviser		-		-
Class R3 fees reimbursed by adviser		-		-
Class I advisory fees waived		-		-
Class R5 advisory fees waived		-		-
Service Class advisory fees waived		-		-
Administrative Class advisory fees waived		-		-
Class A advisory fees waived		-		-
Class R4 advisory fees waived		-		-
Class R3 advisory fees waived		-		-
Net expenses:		559,262		583,768
Net investment income (loss)		1,436,415		882,936

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

144

MassMutual Premier Disciplined Growth Fund		MassMutual Premier Small Cap Opportunities Fund		MassMutual Premier Global Fund		MassMutual Premier International Equity Fund			MassMutual Premier Strategic Emerging Markets Fund
$	2,227,544	$	1,616,838	$	1,719,697	$	1,973,857		$	929,892
	-		-		65,682		263,008			-
	9,452		25,421		358		2,266			38,630
	26,396		23,049		16,178		34,221			37,227
	2,263,392		1,665,308		1,801,915		2,273,352			1,005,749
	11,291		15,564		64,480		159,865			230,364
	658,784		623,485		1,056,461		1,859,591			997,123
	19,079		18,231		22,933		22,278			30,209
	3,530		3,654		3,556		5,818			6,170
	434		434		434		434			434
	23,242		21,683		26,354		30,114			25,263
	26,085		10,861		12,553		15,516			9,705
	8,600		5,014		7,122		11,577			5,643
	43,668		45,168		43,369		44,714			44,137
	1,480		1,480		1,480		1,480			1,480
	796,193		745,574		1,238,742		2,151,387			1,350,528
	47,713		33,268		46,332		62,191			1,926
	48,911		11,641		8,558		12,190			114
	28,079		16,228		59,459		6,705			657
	25,039		41,567		20,859		19,044			410
	26,917		10,310		7,699		9,284			1,409
	6,435		8,899		10,128		7,127			711
	8,043		11,124		12,659		8,909			889
	41,731		69,279		34,766		31,741			684
	33,647		12,888		9,624		11,606			1,761
	8,043		11,124		12,659		8,909			889
	16,303		3,880		2,853		4,063			38
	28,079		16,228		59,459		6,705			657
	25,039		41,567		20,859		19,044			410
	1,140,172		1,033,577		1,544,656		2,358,905			1,361,083
	-		-		-		-			(261,181	)
	-		-		-		-			(5,219	)
	-		-		-		-			(209	)
	-		-		-		-			(1,188	)
	-		-		-		-			(723	)
	-		-		-		-			(1,875	)
	-		-		-		-			(966	)
	-		-		-		(17,704	)		-
	-		-		-		(8,539	)		-
	-		-		-		(1,177	)		-
	-		-		-		(650	)		-
	-		-		-		(1,772	)		-
	-		-		-		(646	)		-
	-		-		-		(509	)		-
	1,140,172		1,033,577		1,544,656		2,327,908			1,089,722
	1,123,220		631,731		257,259		(54,556	)		(83,973	)

145

MassMutual Premier Funds – Financial Statements (Continued)

Statements of Operations (Continued)

For the Six Months Ended March 31, 2019 (Unaudited)

	MassMutual Premier Disciplined Value Fund			MassMutual Premier Main Street Fund
Realized and unrealized gain (loss):
Net realized gain (loss) on:
Investment transactions — unaffiliated issuers	$	3,194,225		$	4,512,373
Foreign currency transactions		-			(1,774	)
Net realized gain (loss)		3,194,225			4,510,599
Net change in unrealized appreciation (depreciation) on:
Investment transactions — unaffiliated issuers		(11,637,510	)		(7,834,289	)
Translation of assets and liabilities in foreign currencies		-			-
Net change in unrealized appreciation (depreciation)		(11,637,510	)		(7,834,289	)
Net realized gain (loss) and change in unrealized appreciation (depreciation)		(8,443,285	)		(3,323,690	)
Net increase (decrease) in net assets resulting from operations	$	(7,006,870	)	$	(2,440,754	)
(a)    Net of foreign withholding tax of:	$	822		$	7,898
*    Net of net increase (decrease) in accrued foreign capital gains tax of:	$	-		$	-

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

146

MassMutual Premier Disciplined Growth Fund			MassMutual Premier Small Cap Opportunities Fund			MassMutual Premier Global Fund			MassMutual Premier International Equity Fund			MassMutual Premier Strategic Emerging Markets Fund
$	12,042,193		$	4,886,590		$	9,928,763		$	19,823,761		$	5,126,816
	-			-			(15,072	)		(75,267	)		(38,989	)
	12,042,193			4,886,590			9,913,691			19,748,494			5,087,827
	(28,139,992	)		(32,631,948	)		(14,629,933	)*		(50,399,130	)*		1,062,532	*
	-			-			(8,419	)		(19,491	)		1,195
	(28,139,992	)		(32,631,948	)		(14,638,352	)		(50,418,621	)		1,063,727
	(16,097,799	)		(27,745,358	)		(4,724,661	)		(30,670,127	)		6,151,554
$	(14,974,579	)	$	(27,113,627	)	$	(4,467,402	)	$	(30,724,683	)	$	6,067,581
$	593		$	-		$	101,170		$	190,556		$	114,449
$	-		$	-		$	(35,669	)	$	28,788		$	24,875

147

MassMutual Premier Funds – Financial Statements (Continued)

Statements of Changes in Net Assets

	MassMutual Premier U.S. Government Money Market Fund
	Six Months Ended March 31, 2019 (Unaudited)			Year Ended September 30, 2018
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	3,114,409		$	4,030,620
Net realized gain (loss)		1,208			2,060
Net change in unrealized appreciation (depreciation)		-			-
Net increase (decrease) in net assets resulting from operations		3,115,617			4,032,680
Distributions to shareholders (Note 2):
Class I		-			-
Class R5		(3,077,151	)		(4,051,516	)*
Service Class		-			-
Administrative Class		-			-
Class A		-			-
Class R4		-			-
Class R3		-			-
Total distributions		(3,077,151	)		(4,051,516	)
Net fund share transactions (Note 5):
Class I		-			-
Class R5		(39,229,023	)		(12,746,760	)
Service Class		-			-
Administrative Class		-			-
Class A		-			-
Class R4		-			-
Class R3		-			-
Increase (decrease) in net assets from fund share transactions		(39,229,023	)		(12,746,760	)
Total increase (decrease) in net assets		(39,190,557	)		(12,765,596	)
Net assets*
Beginning of period		339,550,968			352,316,564
End of period	$	300,360,411		$	339,550,968

* Prior year distribution character information and undistributed net investment income has been modified or removed to conform with current year Regulation S-X presentation changes. Refer to Note 2 for this prior year information.

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

148

MassMutual Premier Short-Duration Bond Fund						MassMutual Premier Inflation-Protected and Income Fund
Six Months Ended March 31, 2019 (Unaudited)			Year Ended September 30, 2018			Six Months Ended March 31, 2019 (Unaudited)			Year Ended September 30, 2018
$	7,138,491		$	15,822,600		$	1,007,655		$	8,688,321
	(1,825,125	)		1,190,636			(1,040,726	)		(1,125,799	)
	3,689,768			(7,591,821	)		6,810,494			(5,931,489	)
	9,003,134			9,421,415			6,777,423			1,631,033
	(7,202,599	)		(7,691,067	)*		(4,218,564	)		(2,927,040	)*
	(4,696,245	)		(3,581,314	)*		(1,880,006	)		(1,630,948	)*
	(2,172,717	)		(1,800,199	)*		(1,448,100	)		(1,365,911	)*
	(1,112,224	)		(675,313	)*		(423,256	)		(362,670	)*
	(1,926,511	)		(1,139,950	)*		(494,124	)		(495,760	)*
	(442,706	)		(295,883	)*		(173,122	)		(157,975	)*
	(256,012	)		(127,705	)*		(110,088	)		(112,214	)*
	(17,809,014	)		(15,311,431	)		(8,747,260	)		(7,052,518	)
	21,872,409			(133,404,809	)		7,500,656			37,219,643
	(7,639,203	)		(18,465,362	)		7,632,400			1,064,004
	(8,301,651	)		(2,398,278	)		(1,839,228	)		(6,220,838	)
	(2,328,657	)		5,826,575			595,821			529,779
	2,807,377			2,813,673			(2,594,763	)		(1,140,259	)
	(611,094	)		126,583			(647,164	)		755,178
	(246,362	)		1,346,594			(497,588	)		(12,607	)
	5,552,819			(144,155,024	)		10,150,134			32,194,900
	(3,253,061	)		(150,045,040	)		8,180,297			26,773,415
	480,484,808			630,529,848			290,458,359			263,684,944
$	477,231,747		$	480,484,808		$	298,638,656		$	290,458,359

149

MassMutual Premier Funds – Financial Statements (Continued)

Statements of Changes in Net Assets

	MassMutual Premier Core Bond Fund
	Six Months Ended March 31, 2019 (Unaudited)			Year Ended September 30, 2018
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	21,579,743		$	35,656,066
Net realized gain (loss)		(875,221	)		(10,024,895	)
Net change in unrealized appreciation (depreciation)		31,569,697			(31,892,369	)
Net increase (decrease) in net assets resulting from operations		52,274,219			(6,261,198	)
Distributions to shareholders (Note 2):
Class I		(23,843,483	)		(16,298,876	)*
Class R5		(8,771,104	)		(10,042,498	)*
Service Class		(2,820,260	)		(2,847,221	)*
Administrative Class		(2,086,599	)		(1,969,162	)*
Class A		(2,821,022	)		(2,716,702	)*
Class R4		(348,493	)		(452,049	)*
Class R3		(21,641	)		(12,415	)*
Total distributions		(40,712,602	)		(34,338,923	)
Net fund share transactions (Note 5):
Class I		82,371,326			166,983,933
Class R5		(16,441,700	)		(52,188,665	)
Service Class		(11,029,328	)		4,056,318
Administrative Class		(4,363,056	)		433,553
Class A		(9,924,908	)		(3,930,113	)
Class R4		2,470,099			(3,486,576	)
Class R3		(24,088	)		(5,723	)
Increase (decrease) in net assets from fund share transactions		43,058,345			111,862,727
Total increase (decrease) in net assets		54,619,962			71,262,606
Net assets*
Beginning of period		1,278,839,843			1,207,577,237
End of period	$	1,333,459,805		$	1,278,839,843

* Prior year distribution character information and undistributed net investment income has been modified or removed to conform with current year Regulation S-X presentation changes. Refer to Note 2 for this prior year information.

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

150

MassMutual Premier Diversified Bond Fund						MassMutual Premier High Yield Fund
Six Months Ended March 31, 2019 (Unaudited)			Year Ended September 30, 2018			Six Months Ended March 31, 2019 (Unaudited)			Year Ended September 30, 2018
$	3,495,654		$	6,476,140		$	17,463,841		$	29,569,037
	(538,814	)		(1,595,073	)		(9,078,094	)		(1,816,793	)
	4,910,233			(6,335,876	)		(3,523,928	)		(15,726,783	)
	7,867,073			(1,454,809	)		4,861,819			12,025,461
	(803,296	)		(843,981	)*		(19,353,739	)		(15,260,676	)*
	(3,456,741	)		(2,762,770	)*		(2,275,582	)		(3,402,827	)*
	(472,306	)		(455,302	)*		(2,454,456	)		(2,834,872	)*
	(665,828	)		(738,553	)*		(1,468,139	)		(1,983,745	)*
	(858,563	)		(874,975	)*		(1,360,141	)		(1,668,415	)*
	(193,130	)		(142,412	)*		(1,787,546	)		(1,876,196	)*
	(114,013	)		(101,773	)*		(2,230,290	)		(2,304,959	)*
	(6,563,877	)		(5,919,766	)		(30,929,893	)		(29,331,690	)
	696,151			(4,798,803	)		(83,233,572	)		148,669,885
	368,290			12,969,568			(1,403,231	)		(9,672,854	)
	(6,709,264	)		3,407,027			1,371,430			(2,569,351	)
	(4,029,569	)		1,403,086			(4,314,701	)		(371,889	)
	(536,182	)		(427,770	)		1,195,396			(878,585	)
	2,058,644			(114,082	)		12,654,946			5,484,715
	(484,702	)		811,774			283,227			9,740,791
	(8,636,632	)		13,250,800			(73,446,505	)		150,402,712
	(7,333,436	)		5,876,225			(99,514,579	)		133,096,483
	207,850,952			201,974,727			610,433,280			477,336,797
$	200,517,516		$	207,850,952		$	510,918,701		$	610,433,280

151

MassMutual Premier Funds – Financial Statements (Continued)

Statements of Changes in Net Assets

	MassMutual Premier Balanced Fund
	Six Months Ended March 31, 2019 (Unaudited)			Year Ended September 30, 2018
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	1,029,905		$	1,706,700
Net realized gain (loss)		3,262,875			8,275,176
Net change in unrealized appreciation (depreciation)		(6,807,576	)		861,824
Net increase (decrease) in net assets resulting from operations		(2,514,796	)		10,843,700
Distributions to shareholders (Note 2):
Class I		(1,128,296	)		(570,403	)*
Class R5		(3,512,186	)		(3,267,180	)*
Service Class		(470,839	)		(475,648	)*
Administrative Class		(535,122	)		(631,984	)*
Class A		(1,935,646	)		(2,104,455	)*
Class R4		(231,293	)		(212,627	)*
Class R3		(645,997	)		(503,588	)*
Total distributions		(8,459,379	)		(7,765,885	)
Net fund share transactions (Note 5):
Class I		9,121,096			2,964,193
Class R5		6,243,064			(5,395,557	)
Service Class		(5,878	)		54,703
Administrative Class		(855,805	)		(1,477,601	)
Class A		(1,359,295	)		(2,896,428	)
Class R4		(913,933	)		594,136
Class R3		322,652			564,095
Increase (decrease) in net assets from fund share transactions		12,551,901			(5,592,459	)
Total increase (decrease) in net assets		1,577,726			(2,514,644	)
Net assets*
Beginning of period		114,238,236			116,752,880
End of period	$	115,815,962		$	114,238,236

* Prior year distribution character information and undistributed net investment income has been modified or removed to conform with current year Regulation S-X presentation changes. Refer to Note 2 for this prior year information.

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

152

MassMutual Premier Disciplined Value Fund						MassMutual Premier Main Street Fund
Six Months Ended March 31, 2019 (Unaudited)			Year Ended September 30, 2018			Six Months Ended March 31, 2019 (Unaudited)			Year Ended September 30, 2018
$	1,436,415		$	3,392,153		$	882,936		$	1,290,624
	3,194,225			21,705,524			4,510,599			14,623,145
	(11,637,510	)		(5,052,593	)		(7,834,289	)		(4,089,513	)
	(7,006,870	)		20,045,084			(2,440,754	)		11,824,256
	(2,950,659	)		(9,680,041	)*		(2,939,489	)		(819,412	)*
	(8,804,772	)		(5,425,465	)*		(7,652,907	)		(5,802,095	)*
	(6,451,380	)		(5,847,242	)*		(74,980	)		(82,970	)*
	(1,338,400	)		(716,916	)*		(3,133,171	)		(2,404,098	)*
	(1,275,458	)		(1,011,450	)*		(1,597,880	)		(996,490	)*
	(948,544	)		(1,140,657	)*		(719,840	)		(375,529	)*
	(634,881	)		(450,486	)*		(205,497	)		(78,877	)*
	(22,404,094	)		(24,272,257	)		(16,323,764	)		(10,559,471	)
	2,203,736			(58,258,893	)		607,318			15,084,689
	6,324,233			13,626,961			(2,399,438	)		(11,236,498	)
	(2,170,964	)		2,124,271			(30,606	)		(360,590	)
	244,890			3,202,911			1,058,544			(2,799,613	)
	(181,234	)		(13,134	)		706,240			1,231,559
	(494,870	)		(3,240,465	)		432,842			1,001,065
	703,559			502,778			(284,343	)		634,542
	6,629,350			(42,055,571	)		90,557			3,555,154
	(22,781,614	)		(46,282,744	)		(18,673,961	)		4,819,939
	158,292,419			204,575,163			143,552,869			138,732,930
$	135,510,805		$	158,292,419		$	124,878,908		$	143,552,869

153

MassMutual Premier Funds – Financial Statements (Continued)

Statements of Changes in Net Assets

	MassMutual Premier Disciplined Growth Fund
	Six Months Ended March 31, 2019 (Unaudited)			Year Ended September 30, 2018
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	1,123,220		$	2,405,549
Net realized gain (loss)		12,042,193			71,761,027
Net change in unrealized appreciation (depreciation)		(28,139,992	)		10,477,180
Net increase (decrease) in net assets resulting from operations		(14,974,579	)		84,643,756
Distributions to shareholders (Note 2):
Class I		(6,509,520	)		(14,032,308	)*
Class R5		(22,374,835	)		(10,881,489	)*
Service Class		(15,117,227	)		(9,022,986	)*
Administrative Class		(8,539,033	)		(4,816,360	)*
Class A		(7,985,405	)		(4,301,252	)*
Class R4		(6,472,019	)		(3,310,635	)*
Class R3		(1,501,736	)		(542,147	)*
Total distributions		(68,499,775	)		(46,907,177	)
Net fund share transactions (Note 5):
Class I		8,706,536			(93,351,991	)
Class R5		14,701,648			14,764,969
Service Class		14,285,331			(5,939,826	)
Administrative Class		7,765,902			(2,914,451	)
Class A		4,865,082			(663,139	)
Class R4		2,300,143			1,753,320
Class R3		913,995			2,177,229
Increase (decrease) in net assets from fund share transactions		53,538,637			(84,173,889	)
Total increase (decrease) in net assets		(29,935,717	)		(46,437,310	)
Net assets*
Beginning of period		337,156,090			383,593,400
End of period	$	307,220,373		$	337,156,090

* Prior year distribution character information and undistributed net investment income has been modified or removed to conform with current year Regulation S-X presentation changes. Refer to Note 2 for this prior year information.

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

154

MassMutual Premier Small Cap Opportunities Fund						MassMutual Premier Global Fund
Six Months Ended March 31, 2019 (Unaudited)			Year Ended September 30, 2018			Six Months Ended March 31, 2019 (Unaudited)			Year Ended September 30,  2018
$	631,731		$	954,339		$	257,259		$	1,749,598
	4,886,590			21,006,245			9,913,691			55,196,198
	(32,631,948	)		7,502,778			(14,638,352	)		(24,694,348	)
	(27,113,627	)		29,463,362			(4,467,402	)		32,251,448
	(3,656,500	)		(2,211,437	)*		(10,142,807	)		(4,605,510	)*
	(6,499,034	)		(7,689,329	)*		(18,881,920	)		(13,413,879	)*
	(1,491,884	)		(1,807,666	)*		(2,220,861	)		(2,318,231	)*
	(1,983,912	)		(2,862,352	)*		(16,324,130	)		(12,154,069	)*
	(5,673,440	)		(8,525,904	)*		(5,808,841	)		(3,533,854	)*
	(1,018,771	)		(1,172,634	)*		(1,601,209	)		(695,087	)*
	(886,852	)		(1,100,523	)*		(2,011,068	)		(1,257,987	)*
	(21,210,393	)		(25,369,845	)		(56,990,836	)		(37,978,617	)
	476,108			23,997,096			27,114,852			16,911,349
	4,156,780			10,569,424			19,011,335			(17,243,489	)
	1,118,611			2,989,994			(5,354,984	)		(2,649,614	)
	(623,874	)		2,296,458			11,258,369			(11,029,054	)
	(2,030,884	)		(4,373,792	)		3,739,206			1,512,000
	836,960			1,742,077			2,805,463			2,389,927
	136,861			1,463,944			2,185,657			622,053
	4,070,562			38,685,201			60,759,898			(9,486,828	)
	(44,253,458	)		42,778,718			(698,340	)		(15,213,997	)
	253,653,920			210,875,202			308,925,858			324,139,855
$	209,400,462		$	253,653,920		$	308,227,518		$	308,925,858

155

MassMutual Premier Funds – Financial Statements (Continued)

Statements of Changes in Net Assets

	MassMutual Premier International Equity Fund
	Six Months Ended March 31, 2019 (Unaudited)			Year Ended September 30, 2018
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	(54,556	)	$	4,617,250
Net realized gain (loss)		19,748,494			19,074,185
Net change in unrealized appreciation (depreciation)		(50,418,621	)		(33,524,775	)
Net increase (decrease) in net assets resulting from operations		(30,724,683	)		(9,833,340	)
Distributions to shareholders (Note 2):
Class I		(13,156,184	)		(3,222,891	)*
Class R5		(6,231,478	)		(2,165,164	)*
Service Class		(718,289	)		(228,348	)*
Administrative Class		(460,669	)		(161,875	)*
Class A		(1,213,354	)		(277,389	)*
Class R4		(451,336	)		(124,071	)*
Class R3		(377,140	)		(57,228	)*
Total distributions		(22,608,450	)		(6,236,966	)
Net fund share transactions (Note 5):
Class I		(95,431,240	)		55,812,142
Class R5		(10,417,823	)		(43,165,875	)
Service Class		(8,354,529	)		2,530,771
Administrative Class		(2,694,734	)		(5,901,391	)
Class A		(2,608,785	)		(8,005,463	)
Class R4		(2,044,938	)		176,900
Class R3		(2,062,846	)		307,655
Increase (decrease) in net assets from fund share transactions		(123,614,895	)		1,754,739
Total increase (decrease) in net assets		(176,948,028	)		(14,315,567	)
Net assets*
Beginning of period		526,623,195			540,938,762
End of period	$	349,675,167		$	526,623,195

* Prior year distribution character information and undistributed net investment income has been modified or removed to conform with current year Regulation S-X presentation changes. Refer to Note 2 for this prior year information.

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

156

MassMutual Premier Strategic Emerging Markets Fund
Six Months Ended March 31, 2019 (Unaudited)			Year Ended September 30, 2018
$	(83,973	)	$	1,609,759
	5,087,827			16,653,712
	1,063,727			(17,678,853	)
	6,067,581			584,618
	(1,339,579	)		(3,266,714	)*
	(22,332	)		(48,833	)*
	(247	)		(4,633	)*
	(2,174	)		(15,720	)*
	(1,818	)		(1,765	)*
	(2,905	)		(9,767	)*
	-			(5,088	)*
	(1,369,055	)		(3,352,520	)
	(20,301,806	)		(18,248,392	)
	73,126			209,650
	(94,977	)		(209,251	)
	45,785			(679,287	)
	334,226			286,103
	(67,119	)		310,852
	(19,822	)		(53,744	)
	(20,030,587	)		(18,384,069	)
	(15,332,061	)		(21,151,971	)
	223,683,815			244,835,786
$	208,351,754		$	223,683,815

157

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158

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

Financial Highlights (For a share outstanding throughout each period)

			Income (loss) from investment operations									Less distributions to shareholders														Ratios / Supplemental Data
	Net asset value, beginning of the period		Net investment income (loss)c,j			Net realized and unrealized gain (loss) on investments			Total income (loss) from investment operations			From net investment income			From net realized gains			Total distributions			Net asset value, end of the period		Total returnl			Net assets, end of the period (000’s)		Ratio of expenses to average daily net assets before expense waivers			Ratio of expenses to average daily net assets after expense waiversj		Net investment income (loss) to average daily net assets
Class R5
3/31/19r	$	1.00	$	0.01		$	0.00	d	$	0.01		$	(0.01	)	$	(0.00	)d	$	(0.01	)	$	1.00		0.88%	b	$	300,360		0.51%	a		N/A		1.85%	a
9/30/18		1.00		0.01			0.00	d		0.01			(0.01	)		(0.00	)d		(0.01	)		1.00		1.08%			339,551		0.50%			N/A		1.04%
9/30/17		1.00		0.00	d		0.00	d		0.00	d		(0.00	)d		-			(0.00	)d		1.00		0.23%			352,317		0.52%			0.51%		0.22%
9/30/16		1.00		0.00	d		0.00	d		0.00	d		(0.00	)d		-			(0.00	)d		1.00		0.00%	e		334,720		0.51%			0.36%		0.00%	e
9/30/15		1.00		0.00	d		0.00	d		0.00	d		(0.00	)d		-			(0.00	)d		1.00		0.01%			400,017		0.50%			0.14%		0.00%	e
9/30/14		1.00		0.00	d		0.00	d		0.00	d		(0.00	)d		-			(0.00	)d		1.00		0.00%	e		474,520		0.48%			0.12%		0.00%	e

a Annualized.

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

c Per share amount calculated on the average shares method.

d Amount is less than $0.005 per share.

e Amount is less than 0.005%.

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

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

r Unaudited.

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

159

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

Financial Highlights (For a share outstanding throughout each period)

			Income (loss) from investment operations							Less distributions to shareholders														Ratios / Supplemental Data
	Net asset value, beginning of the period		Net investment income (loss)c,j		Net realized and unrealized gain (loss) on investments			Total income (loss) from investment operations		From net investment income			From net realized gains			Total distributions			Net asset value, end of the period		Total returnl,m			Net assets, end of the period (000’s)		Ratio of expenses to average daily net assets before expense waivers			Ratio of expenses to average daily net assets after expense waiversj		Net investment income (loss) to average daily net assets
Class I
3/31/19r	$	10.30	$	0.16	$	0.03		$	0.19	$	(0.39	)	$	-		$	(0.39	)	$	10.10		1.93%	b	$	181,721		0.42%	a		N/A		3.15%	a
9/30/18		10.40		0.27		(0.10	)		0.17		(0.27	)		-			(0.27	)		10.30		1.65%			163,465		0.39%			N/A		2.64%
9/30/17		10.39		0.23		0.03			0.26		(0.25	)		-			(0.25	)		10.40		2.57%			299,768		0.40%			N/A		2.20%
9/30/16		10.46		0.20		0.00	d		0.20		(0.27	)		-			(0.27	)		10.39		1.98%			166,281		0.40%			N/A		1.97%
9/30/15		10.50		0.19		0.01			0.20		(0.24	)		(0.00	)d		(0.24	)		10.46		2.00%			154,219		0.40%			N/A		1.83%
9/30/14		10.57		0.17		(0.01	)		0.16		(0.23	)		-			(0.23	)		10.50		1.46%			193,155		0.44%			0.37%		1.62%
Class R5
3/31/19r	$	10.33	$	0.15	$	0.04		$	0.19	$	(0.38	)	$	-		$	(0.38	)	$	10.14		1.91%	b	$	125,488		0.52%	a		N/A		3.05%	a
9/30/18		10.42		0.26		(0.09	)		0.17		(0.26	)		-			(0.26	)		10.33		1.63%			135,411		0.49%			N/A		2.55%
9/30/17		10.42		0.22		0.02			0.24		(0.24	)		-			(0.24	)		10.42		2.36%			155,172		0.50%			N/A		2.09%
9/30/16		10.49		0.19		0.00	d		0.19		(0.26	)		-			(0.26	)		10.42		1.88%			199,354		0.50%			N/A		1.87%
9/30/15		10.52		0.18		0.02			0.20		(0.23	)		(0.00	)d		(0.23	)		10.49		1.95%			159,429		0.50%			N/A		1.73%
9/30/14		10.59		0.15		(0.01	)		0.14		(0.21	)		-			(0.21	)		10.52		1.36%			179,221		0.59%			0.52%		1.47%
Service Class
3/31/19r	$	10.25	$	0.15	$	0.04		$	0.19	$	(0.37	)	$	-		$	(0.37	)	$	10.07		1.89%	b	$	63,090		0.62%	a		N/A		2.95%	a
9/30/18		10.35		0.25		(0.10	)		0.15		(0.25	)		-			(0.25	)		10.25		1.50%			72,408		0.59%			N/A		2.45%
9/30/17		10.35		0.21		0.02			0.23		(0.23	)		-			(0.23	)		10.35		2.24%			75,544		0.60%			N/A		2.00%
9/30/16		10.42		0.18		0.00	d		0.18		(0.25	)		-			(0.25	)		10.35		1.78%			55,309		0.60%			N/A		1.75%
9/30/15		10.45		0.17		0.02			0.19		(0.22	)		(0.00	)d		(0.22	)		10.42		1.87%			86,058		0.60%			N/A		1.64%
9/30/14		10.53		0.15		(0.02	)		0.13		(0.21	)		-			(0.21	)		10.45		1.25%			75,423		0.66%			0.59%		1.40%

	Six months ended March  31, 2019b,r			Year ended September 30
				2018			2017			2016			2015			2014
Portfolio turnover rate		21	%		68	%		72	%		87	%		59	%		90	%

a Annualized.

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

c Per share amount calculated on the average shares method.

d Amount is less than $0.005 per share.

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

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

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

r Unaudited.

gg For the period April 1, 2014 (commencement of operations) through September 30, 2014.

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

160

			Income (loss) from investment operations							Less distributions to shareholders														Ratios / Supplemental Data
	Net asset value, beginning of the period		Net investment income (loss)c,j		Net realized and unrealized gain (loss) on investments			Total income (loss) from investment operations		From net investment income			From net realized gains			Total distributions			Net asset value, end of the period		Total returnl,m			Net assets, end of the period (000’s)		Ratio of expenses to average daily net assets before expense waivers			Ratio of expenses to average daily net assets after expense waiversj		Net investment income (loss) to average daily net assets
Administrative Class
3/31/19r	$	10.21	$	0.14	$	0.04		$	0.18	$	(0.36	)	$	-		$	(0.36	)	$	10.03		1.83%	b	$	31,471		0.72%	a		N/A		2.85%	a
9/30/18		10.31		0.24		(0.10	)		0.14		(0.24	)		-			(0.24	)		10.21		1.35%			34,342		0.69%			N/A		2.37%
9/30/17		10.30		0.19		0.04			0.23		(0.22	)		-			(0.22	)		10.31		2.24%			28,771		0.70%			N/A		1.89%
9/30/16		10.37		0.17		0.00	d		0.17		(0.24	)		-			(0.24	)		10.30		1.69%			32,906		0.70%			N/A		1.66%
9/30/15		10.41		0.16		0.01			0.17		(0.21	)		(0.00	)d		(0.21	)		10.37		1.69%			36,789		0.70%			N/A		1.53%
9/30/14		10.49		0.14		(0.02	)		0.12		(0.20	)		-			(0.20	)		10.41		1.19%			42,999		0.75%			0.68%		1.31%
Class A
3/31/19r	$	10.14	$	0.13	$	0.03		$	0.16	$	(0.34	)	$	-		$	(0.34	)	$	9.96		1.61%	b	$	55,000		0.97%	a		N/A		2.60%	a
9/30/18		10.24		0.21		(0.10	)		0.11		(0.21	)		-			(0.21	)		10.14		1.10%			53,188		0.94%			N/A		2.11%
9/30/17		10.23		0.16		0.04			0.20		(0.19	)		-			(0.19	)		10.24		2.00%			50,893		0.95%			N/A		1.62%
9/30/16		10.30		0.14		0.00	d		0.14		(0.21	)		-			(0.21	)		10.23		1.49%			87,598		0.95%			N/A		1.42%
9/30/15		10.34		0.13		0.02			0.15		(0.19	)		(0.00	)d		(0.19	)		10.30		1.44%			75,507		0.95%			N/A		1.28%
9/30/14		10.41		0.11		(0.01	)		0.10		(0.17	)		-			(0.17	)		10.34		0.88%			77,196		1.00%			0.93%		1.06%
Class R4
3/31/19r	$	10.26	$	0.13	$	0.04		$	0.17	$	(0.34	)	$	-		$	(0.34	)	$	10.09		1.75%	b	$	12,860		0.87%	a		N/A		2.69%	a
9/30/18		10.36		0.23		(0.11	)		0.12		(0.22	)		-			(0.22	)		10.26		1.21%			13,691		0.84%			N/A		2.21%
9/30/17		10.36		0.18		0.03			0.21		(0.21	)		-			(0.21	)		10.36		2.05%			13,693		0.85%			N/A		1.75%
9/30/16		10.45		0.16		0.00	d		0.16		(0.25	)		-			(0.25	)		10.36		1.59%			9,446		0.85%			N/A		1.53%
9/30/15		10.50		0.14		0.02			0.16		(0.21	)		(0.00	)d		(0.21	)		10.45		1.57%			5,881		0.85%			N/A		1.39%
9/30/14gg		10.45		0.06		(0.01	)		0.05		-			-			-			10.50		0.48%	b		100		0.84%	a		N/A		1.22%	a
Class R3
3/31/19r	$	10.20	$	0.12	$	0.04		$	0.16	$	(0.33	)	$	-		$	(0.33	)	$	10.03		1.57%	b	$	7,601		1.12%	a		N/A		2.45%	a
9/30/18		10.30		0.20		(0.10	)		0.10		(0.20	)		-			(0.20	)		10.20		0.97%			7,980		1.09%			N/A		1.97%
9/30/17		10.31		0.15		0.03			0.18		(0.19	)		-			(0.19	)		10.30		1.79%			6,689		1.10%			N/A		1.50%
9/30/16		10.42		0.13		0.00	d		0.13		(0.24	)		-			(0.24	)		10.31		1.27%			3,661		1.10%			N/A		1.29%
9/30/15		10.46		0.12		0.01			0.13		(0.17	)		(0.00	)d		(0.17	)		10.42		1.27%			1,561		1.10%			N/A		1.15%
9/30/14		10.44		0.09		(0.02	)		0.07		(0.05	)		-			(0.05	)		10.46		0.72%			618		1.23%			1.16%		0.82%

161

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

Financial Highlights (For a share outstanding throughout each period)

			Income (loss) from investment operations								Less distributions to shareholders														Ratios / Supplemental Data
	Net asset value, beginning of  the period		Net investment income (loss)c,j		Net realized and unrealized gain (loss) on investments			Total income (loss) from investment operations			From net investment income			From net realized gains			Total distributions			Net asset value, end of the period		Total returnl,m			Net assets, end  of the period (000’s)		Ratio of expenses to average daily net assets before expense waivers (including interest expense)p			Ratio of expenses to average daily net assets after expense waivers (including interest expense)j,p			Ratio of expenses to average daily net assets after expense waivers (excluding interest expense)j			Net investment income (loss) to average daily net assets (including interest expense)p
Class I
3/31/19r	$	10.24	$	0.04	$	0.19		$	0.23		$	(0.32	)	$	-		$	(0.32	)	$	10.15		2.36%	b	$	139,714		0.54%	a		0.52%	a		0.46%	a		0.83%	a
9/30/18		10.46		0.34		(0.26	)		0.08			(0.30	)		-			(0.30	)		10.24		0.74%			133,153		1.74%			1.71%			0.45%			3.33%
9/30/17		10.79		0.23		(0.27	)		(0.04	)		(0.29	)		-			(0.29	)		10.46		(0.32%	)		98,194		1.26%			1.23%			0.45%			2.24%
9/30/16		10.19		0.13		0.59			0.72			(0.12	)		-			(0.12	)		10.79		7.16%			122,515		0.91%			0.90%			0.46%			1.23%
9/30/15		10.56		0.06		(0.17	)		(0.11	)		(0.26	)		-			(0.26	)		10.19		(1.12%	)		153,421		0.67%			N/A			0.47%			0.56%
9/30/14		11.00		0.26		(0.08	)		0.18			(0.26	)		(0.36	)		(0.62	)		10.56		1.79%			160,396		0.64%			0.58%			0.45%			2.42%
Class R5
3/31/19r	$	10.24	$	0.04	$	0.19		$	0.23		$	(0.31	)	$	-		$	(0.31	)	$	10.16		2.35%	b	$	67,425		0.64%	a		0.62%	a		0.56%	a		0.73%	a
9/30/18		10.46		0.34		(0.27	)		0.07			(0.29	)		-			(0.29	)		10.24		0.63%			60,121		1.84%			1.81%			0.55%			3.29%
9/30/17		10.80		0.22		(0.28	)		(0.06	)		(0.28	)		-			(0.28	)		10.46		(0.51%	)		60,155		1.36%			1.33%			0.55%			2.07%
9/30/16		10.19		0.13		0.59			0.72			(0.11	)		-			(0.11	)		10.80		7.14%			65,361		1.01%			1.00%			0.56%			1.22%
9/30/15		10.56		0.05		(0.18	)		(0.13	)		(0.24	)		-			(0.24	)		10.19		(1.22%	)		60,285		0.77%			N/A			0.57%			0.48%
9/30/14		10.99		0.24		(0.07	)		0.17			(0.24	)		(0.36	)		(0.60	)		10.56		1.62%			57,910		0.75%			0.69%			0.56%			2.30%
Service Class
3/31/19r	$	10.20	$	0.03	$	0.20		$	0.23		$	(0.30	)	$	-		$	(0.30	)	$	10.13		2.35%	b	$	48,222		0.74%	a		0.72%	a		0.66%	a		0.65%	a
9/30/18		10.42		0.32		(0.27	)		0.05			(0.27	)		-			(0.27	)		10.20		0.51%			50,449		1.94%			1.91%			0.65%			3.16%
9/30/17		10.76		0.21		(0.29	)		(0.08	)		(0.26	)		-			(0.26	)		10.42		(0.63%	)		57,719		1.46%			1.43%			0.65%			2.00%
9/30/16		10.16		0.10		0.60			0.70			(0.10	)		-			(0.10	)		10.76		6.96%			71,040		1.11%			1.10%			0.66%			0.95%
9/30/15		10.52		0.04		(0.17	)		(0.13	)		(0.23	)		-			(0.23	)		10.16		(1.23%	)		77,147		0.87%			N/A			0.67%			0.37%
9/30/14		10.96		0.23		(0.08	)		0.15			(0.23	)		(0.36	)		(0.59	)		10.52		1.54%			77,120		0.85%			0.79%			0.66%			2.16%

	Six months ended March 31, 2019b,r	Year ended September 30
		2018			2017			2016			2015			2014
Portfolio turnover rate	18%		62	%		25	%		46	%		59	%		65	%

a Annualized.

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

c Per share amount calculated on the average shares method.

d Amount is less than $0.005 per share.

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

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

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

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

r Unaudited.

gg For the period April 1, 2014 (commencement of operations) through September 30, 2014.

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

162

			Income (loss) from investment operations									Less distributions to shareholders														Ratios / Supplemental Data
	Net asset value, beginning of  the period		Net investment income (loss)c,j			Net realized and unrealized gain (loss) on investments			Total income (loss) from investment operations			From net investment income			From net realized gains			Total distributions			Net asset value, end of the period		Total returnl,m			Net assets, end  of the period (000’s)		Ratio of expenses to average daily net assets before expense waivers (including interest expense)p			Ratio of expenses to average daily net assets after expense waivers (including interest expense)j,p			Ratio of expenses to average daily net assets after expense waivers (excluding interest expense)j			Net investment income (loss) to average daily net assets (including interest expense)p
Administrative Class
3/31/19r	$	10.30	$	0.02		$	0.21		$	0.23		$	(0.29	)	$	-		$	(0.29	)	$	10.24		2.33%	b	$	15,271		0.84%	a		0.82%	a		0.76%	a		0.48%	a
9/30/18		10.53		0.31			(0.28	)		0.03			(0.26	)		-			(0.26	)		10.30		0.31%			14,744		2.04%			2.01%			0.75%			3.02%
9/30/17		10.86		0.20			(0.27	)		(0.07	)		(0.26	)		-			(0.26	)		10.53		(0.58%	)		14,519		1.56%			1.53%			0.75%			1.94%
9/30/16		10.26		0.10			0.59			0.69			(0.09	)		-			(0.09	)		10.86		6.80%			14,408		1.21%			1.20%			0.76%			0.96%
9/30/15		10.62		0.04			(0.17	)		(0.13	)		(0.23	)		-			(0.23	)		10.26		(1.30%	)		11,859		0.97%			N/A			0.77%			0.36%
9/30/14		11.06		0.23			(0.09	)		0.14			(0.22	)		(0.36	)		(0.58	)		10.62		1.42%			10,584		0.92%			0.86%			0.73%			2.15%
Class A
3/31/19r	$	10.05	$	0.02		$	0.18		$	0.20		$	(0.26	)	$	-		$	(0.26	)	$	9.99		2.08%	b	$	17,826		1.09%	a		1.07%	a		1.01%	a		0.33%	a
9/30/18		10.27		0.28			(0.26	)		0.02			(0.24	)		-			(0.24	)		10.05		0.16%			20,582		2.29%			2.26%			1.00%			2.80%
9/30/17		10.60		0.17			(0.27	)		(0.10	)		(0.23	)		-			(0.23	)		10.27		(0.92%	)		22,180		1.81%			1.78%			1.00%			1.67%
9/30/16		10.00		0.08			0.58			0.66			(0.06	)		-			(0.06	)		10.60		6.65%			23,476		1.46%			1.45%			1.01%			0.76%
9/30/15		10.36		(0.00	)d		(0.16	)		(0.16	)		(0.20	)		-			(0.20	)		10.00		(1.58%	)		22,320		1.22%			N/A			1.02%			(0.02%	)
9/30/14		10.80		0.19			(0.08	)		0.11			(0.19	)		(0.36	)		(0.55	)		10.36		1.16%			26,054		1.18%			1.11%			0.98%			1.79%
Class R4
3/31/19r	$	10.00	$	0.02		$	0.19		$	0.21		$	(0.28	)	$	-		$	(0.28	)	$	9.93		2.15%	b	$	6,144		0.99%	a		0.97%	a		0.91%	a		0.40%	a
9/30/18		10.22		0.29			(0.26	)		0.03			(0.25	)		-			(0.25	)		10.00		0.31%			6,840		2.19%			2.16%			0.90%			2.87%
9/30/17		10.57		0.18			(0.28	)		(0.10	)		(0.25	)		-			(0.25	)		10.22		(0.84%	)		6,231		1.71%			1.68%			0.90%			1.78%
9/30/16		10.00		0.12			0.55			0.67			(0.10	)		-			(0.10	)		10.57		6.77%			5,352		1.36%			1.35%			0.91%			1.21%
9/30/15		10.37		0.14			(0.29	)		(0.15	)		(0.22	)		-			(0.22	)		10.00		(1.47%	)		996		1.12%			N/A			0.92%			1.42%
9/30/14gg		10.22		0.16			(0.01	)		0.15			-			-			-			10.37		1.47%	b		101		1.03%	a		N/A			0.90%	a		3.03%	a
Class R3
3/31/19r	$	9.99	$	0.01		$	0.18		$	0.19		$	(0.24	)	$	-		$	(0.24	)	$	9.94		2.03%	b	$	4,037		1.24%	a		1.22%	a		1.16%	a		0.20%	a
9/30/18		10.22		0.27			(0.27	)		0.00	d		(0.23	)		-			(0.23	)		9.99		0.03%			4,569		2.44%			2.41%			1.15%			2.69%
9/30/17		10.57		0.16			(0.27	)		(0.11	)		(0.24	)		-			(0.24	)		10.22		(1.00%	)		4,686		1.97%			1.94%			1.16%			1.54%
9/30/16		10.01		0.15			0.48			0.63			(0.07	)		-			(0.07	)		10.57		6.37%			2,792		1.61%			1.60%			1.16%			1.46%
9/30/15		10.37		(0.03	)		(0.15	)		(0.18	)		(0.18	)		-			(0.18	)		10.01		(1.76%	)		386		1.37%			N/A			1.17%			(0.30%	)
9/30/14		10.82		0.17			(0.09	)		0.08			(0.17	)		(0.36	)		(0.53	)		10.37		0.93%			1,593		1.40%			1.33%			1.20%			1.66%

163

MassMutual Premier Core Bond Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

			Income (loss) from investment operations								Less distributions to shareholders														Ratios / Supplemental Data
	Net asset value, beginning of  the period		Net investment income (loss)c,j		Net realized and unrealized gain  (loss) on investments			Total income (loss) from investment operations			From net investment income			From net realized gains			Total distributions			Net asset value, end of the period		Total returnl,m			Net assets, end of the period (000’s)		Ratio of expenses to average daily net assets before expense waivers			Ratio of expenses to average daily net assets after expense waiversj		Net investment income (loss) to average daily net assets
Class I
3/31/19r	$	10.66	$	0.18	$	0.26		$	0.44		$	(0.36	)	$	-		$	(0.36	)	$	10.74		4.25%	b	$	784,923		0.42%	a		N/A		3.55%	a
9/30/18		11.04		0.34		(0.39	)		(0.05	)		(0.33	)		-			(0.33	)		10.66		(0.46%	)		695,501		0.42%			N/A		3.19%
9/30/17		11.26		0.29		(0.15	)		0.14			(0.36	)		-			(0.36	)		11.04		1.41%			546,975		0.42%			N/A		2.70%
9/30/16		11.27		0.29		0.19			0.48			(0.34	)		(0.15	)		(0.49	)		11.26		4.54%			501,737		0.42%			N/A		2.59%
9/30/15		11.43		0.30		(0.11	)		0.19			(0.30	)		(0.05	)		(0.35	)		11.27		1.67%			677,427		0.42%			N/A		2.61%
9/30/14		11.27		0.29		0.25			0.54			(0.38	)		-			(0.38	)		11.43		4.92%			620,248		0.49%			0.40%		2.59%
Class R5
3/31/19r	$	10.69	$	0.18	$	0.26		$	0.44		$	(0.35	)	$	-		$	(0.35	)	$	10.78		4.21%	b	$	280,192		0.52%	a		N/A		3.44%	a
9/30/18		11.07		0.33		(0.39	)		(0.06	)		(0.32	)		-			(0.32	)		10.69		(0.57%	)		294,370		0.52%			N/A		3.07%
9/30/17		11.29		0.28		(0.15	)		0.13			(0.35	)		-			(0.35	)		11.07		1.30%			358,319		0.52%			N/A		2.58%
9/30/16		11.30		0.28		0.19			0.47			(0.33	)		(0.15	)		(0.48	)		11.29		4.40%			408,472		0.52%			N/A		2.49%
9/30/15		11.45		0.29		(0.11	)		0.18			(0.28	)		(0.05	)		(0.33	)		11.30		1.63%			489,222		0.52%			N/A		2.51%
9/30/14		11.27		0.27		0.26			0.53			(0.35	)		-			(0.35	)		11.45		4.72%			511,202		0.64%			0.55%		2.43%
Service Class
3/31/19r	$	10.63	$	0.17	$	0.24		$	0.41		$	(0.33	)	$	-		$	(0.33	)	$	10.71		4.03%	b	$	91,149		0.62%	a		N/A		3.34%	a
9/30/18		11.01		0.32		(0.39	)		(0.07	)		(0.31	)		-			(0.31	)		10.63		(0.66%	)		101,502		0.62%			N/A		2.98%
9/30/17		11.22		0.27		(0.15	)		0.12			(0.33	)		-			(0.33	)		11.01		1.24%			100,903		0.62%			N/A		2.51%
9/30/16		11.23		0.26		0.20			0.46			(0.32	)		(0.15	)		(0.47	)		11.22		4.34%			91,885		0.62%			N/A		2.40%
9/30/15		11.38		0.27		(0.10	)		0.17			(0.27	)		(0.05	)		(0.32	)		11.23		1.49%			130,923		0.62%			N/A		2.40%
9/30/14		11.22		0.27		0.24			0.51			(0.35	)		-			(0.35	)		11.38		4.65%			166,094		0.71%			0.63%		2.36%

	Six months ended March  31, 2019b,r			Year ended September 30
				2018			2017			2016			2015			2014
Portfolio turnover rate		137	%		140	%		213	%		330	%		361	%		361	%

a Annualized.

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

c Per share amount calculated on the average shares method.

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

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

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

r Unaudited.

gg For the period April 1, 2014 (commencement of operations) through September 30, 2014.

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

164

			Income (loss) from investment operations								Less distributions to shareholders														Ratios / Supplemental Data
	Net asset value, beginning of  the period		Net investment income (loss)c,j		Net realized and unrealized gain  (loss) on investments			Total income (loss) from investment operations			From net investment income			From net realized gains			Total distributions			Net asset value, end of the period		Total returnl,m			Net assets, end of the period (000’s)		Ratio of expenses to average daily net assets before expense waivers			Ratio of expenses to average daily net assets after expense waiversj		Net investment income (loss) to average daily net assets
Administrative Class
3/31/19r	$	10.55	$	0.17	$	0.25		$	0.42		$	(0.33	)	$	-		$	(0.33	)	$	10.64		4.07%	b	$	65,668		0.72%	a		N/A		3.24%	a
9/30/18		10.92		0.31		(0.38	)		(0.07	)		(0.30	)		-			(0.30	)		10.55		(0.70%	)		69,478		0.72%			N/A		2.88%
9/30/17		11.14		0.26		(0.15	)		0.11			(0.33	)		-			(0.33	)		10.92		1.11%			71,425		0.72%			N/A		2.38%
9/30/16		11.16		0.25		0.19			0.44			(0.31	)		(0.15	)		(0.46	)		11.14		4.19%			85,249		0.72%			N/A		2.29%
9/30/15		11.32		0.26		(0.10	)		0.16			(0.27	)		(0.05	)		(0.32	)		11.16		1.38%			84,709		0.72%			N/A		2.31%
9/30/14		11.16		0.25		0.25			0.50			(0.34	)		-			(0.34	)		11.32		4.60%			70,975		0.81%			0.71%		2.27%
Class A
3/31/19r	$	10.45	$	0.15	$	0.25		$	0.40		$	(0.30	)	$	-		$	(0.30	)	$	10.55		3.90%	b	$	97,492		0.97%	a		N/A		2.99%	a
9/30/18		10.82		0.28		(0.38	)		(0.10	)		(0.27	)		-			(0.27	)		10.45		(1.00%	)		106,562		0.97%			N/A		2.63%
9/30/17		11.03		0.23		(0.15	)		0.08			(0.29	)		-			(0.29	)		10.82		0.87%			114,317		0.97%			N/A		2.13%
9/30/16		11.04		0.22		0.20			0.42			(0.28	)		(0.15	)		(0.43	)		11.03		4.01%			150,014		0.97%			N/A		2.04%
9/30/15		11.20		0.23		(0.10	)		0.13			(0.24	)		(0.05	)		(0.29	)		11.04		1.12%			166,649		0.97%			N/A		2.06%
9/30/14		11.04		0.22		0.25			0.47			(0.31	)		-			(0.31	)		11.20		4.25%			174,618		1.05%			0.96%		2.02%
Class R4
3/31/19r	$	10.39	$	0.16	$	0.24		$	0.40		$	(0.30	)	$	-		$	(0.30	)	$	10.49		4.01%	b	$	13,250		0.87%	a		N/A		3.11%	a
9/30/18		10.78		0.29		(0.39	)		(0.10	)		(0.29	)		-			(0.29	)		10.39		(0.97%	)		10,624		0.87%			N/A		2.72%
9/30/17		11.00		0.24		(0.14	)		0.10			(0.32	)		-			(0.32	)		10.78		1.03%			14,811		0.87%			N/A		2.23%
9/30/16		11.03		0.23		0.19			0.42			(0.30	)		(0.15	)		(0.45	)		11.00		4.09%			14,906		0.87%			N/A		2.14%
9/30/15		11.20		0.25		(0.11	)		0.14			(0.26	)		(0.05	)		(0.31	)		11.03		1.28%			8,960		0.87%			N/A		2.21%
9/30/14gg		10.95		0.12		0.13			0.25			-			-			-			11.20		2.28%	b		102		0.86%	a		N/A		2.08%	a
Class R3
3/31/19r	$	10.67	$	0.15	$	0.25		$	0.40		$	(0.29	)	$	-		$	(0.29	)	$	10.78		3.84%	b	$	787		1.12%	a		N/A		2.84%	a
9/30/18		11.02		0.27		(0.39	)		(0.12	)		(0.23	)		-			(0.23	)		10.67		(1.13%	)		803		1.12%			N/A		2.49%
9/30/17		11.25		0.22		(0.16	)		0.06			(0.29	)		-			(0.29	)		11.02		0.64%			828		1.12%			N/A		1.99%
9/30/16		11.25		0.21		0.20			0.41			(0.26	)		(0.15	)		(0.41	)		11.25		3.89%			783		1.12%			N/A		1.89%
9/30/15		11.40		0.22		(0.10	)		0.12			(0.22	)		(0.05	)		(0.27	)		11.25		1.02%			625		1.12%			N/A		1.90%
9/30/14		11.20		0.20		0.24			0.44			(0.24	)		-			(0.24	)		11.40		4.02%			1,231		1.29%			1.20%		1.78%

165

MassMutual Premier Diversified Bond Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

			Income (loss) from investment operations								Less distributions to shareholders														Ratios / Supplemental Data
	Net asset value, beginning of the period		Net investment income (loss)c,j		Net realized and unrealized gain (loss) on investments			Total income (loss) from investment operations			From net investment income			From net realized gains			Total distributions			Net asset value, end of the period		Total returnl,m			Net assets, end of the period (000’s)		Ratio of expenses to average daily net assets before expense waivers			Ratio of expenses to average daily net assets after expense waiversj			Net investment income (loss) to average daily net assets
Class I
3/31/19r	$	10.59	$	0.19	$	0.22		$	0.41		$	(0.33	)	$	-		$	(0.33	)	$	10.67		4.13%	b	$	22,592		0.51%	a		N/A			3.66%	a
9/30/18		10.97		0.35		(0.41	)		(0.06	)		(0.32	)		-			(0.32	)		10.59		(0.55%	)		21,746		0.50%			0.50%	n		3.33%
9/30/17		11.01		0.31		(0.09	)		0.22			(0.26	)		-			(0.26	)		10.97		2.16%			27,548		0.51%			0.51%	n		2.87%
9/30/16		10.73		0.28		0.31			0.59			(0.26	)		(0.05	)		(0.31	)		11.01		5.71%			20,147		0.53%			0.52%			2.60%
9/30/15		10.88		0.28		(0.19	)		0.09			(0.23	)		(0.01	)		(0.24	)		10.73		0.81%			15,756		0.56%			0.52%			2.54%
9/30/14		10.61		0.29		0.30			0.59			(0.31	)		(0.01	)		(0.32	)		10.88		5.75%			5,659		0.59%			0.51%			2.68%
Class R5
3/31/19r	$	9.78	$	0.17	$	0.21		$	0.38		$	(0.32	)	$	-		$	(0.32	)	$	9.84		4.06%	b	$	99,322		0.61%	a		N/A			3.58%	a
9/30/18		10.16		0.32		(0.39	)		(0.07	)		(0.31	)		-			(0.31	)		9.78		(0.69%	)		98,402		0.60%			0.60%	n		3.24%
9/30/17		10.22		0.28		(0.09	)		0.19			(0.25	)		-			(0.25	)		10.16		2.02%			88,740		0.61%			0.61%	n		2.76%
9/30/16		9.98		0.25		0.29			0.54			(0.25	)		(0.05	)		(0.30	)		10.22		5.63%			77,693		0.63%			0.62%			2.50%
9/30/15		10.14		0.24		(0.17	)		0.07			(0.22	)		(0.01	)		(0.23	)		9.98		0.66%			65,209		0.66%			0.62%			2.41%
9/30/14		9.90		0.26		0.28			0.54			(0.29	)		(0.01	)		(0.30	)		10.14		5.49%			68,204		0.69%			0.59%			2.59%
Service Class
3/31/19r	$	9.91	$	0.17	$	0.21		$	0.38		$	(0.31	)	$	-		$	(0.31	)	$	9.98		3.97%	b	$	12,270		0.71%	a		N/A			3.46%	a
9/30/18		10.28		0.31		(0.38	)		(0.07	)		(0.30	)		-			(0.30	)		9.91		(0.69%	)		18,946		0.70%			0.70%	n		3.14%
9/30/17		10.34		0.27		(0.09	)		0.18			(0.24	)		-			(0.24	)		10.28		1.89%			16,047		0.71%			0.71%	n		2.65%
9/30/16		10.09		0.24		0.30			0.54			(0.24	)		(0.05	)		(0.29	)		10.34		5.53%			16,990		0.73%			0.72%			2.39%
9/30/15		10.24		0.24		(0.17	)		0.07			(0.21	)		(0.01	)		(0.22	)		10.09		0.59%			20,226		0.76%			0.72%			2.32%
9/30/14		10.00		0.25		0.28			0.53			(0.28	)		(0.01	)		(0.29	)		10.24		5.37%			15,644		0.79%			0.69%			2.51%

	Six months ended March 31,  2019b,r			Year ended September 30
				2018			2017			2016			2015			2014
Portfolio turnover rate		123	%		142	%		207	%		314	%		362	%		382	%

a Annualized.

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

c Per share amount calculated on the average shares method.

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

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

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

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

r Unaudited.

gg For the period April 1, 2014 (commencement of operations) through September 30, 2014.

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

166

			Income (loss) from investment operations								Less distributions to shareholders														Ratios / Supplemental Data
	Net asset value, beginning of the period		Net investment income (loss)c,j		Net realized and unrealized gain (loss) on investments			Total income (loss) from investment operations			From net investment income			From net realized gains			Total distributions			Net asset value, end of the period		Total returnl,m			Net assets, end of the period (000’s)		Ratio of expenses to average daily net assets before expense waivers			Ratio of expenses to average daily net assets after expense waiversj			Net investment income (loss) to average daily net assets
Administrative Class
3/31/19r	$	9.88	$	0.16	$	0.22		$	0.38		$	(0.30	)	$	-		$	(0.30	)	$	9.96		3.95%	b	$	23,185		0.81%	a		N/A			3.37%	a
9/30/18		10.25		0.30		(0.38	)		(0.08	)		(0.29	)		-			(0.29	)		9.88		(0.83%	)		27,039		0.80%			0.80%	n		3.03%
9/30/17		10.31		0.26		(0.09	)		0.17			(0.23	)		-			(0.23	)		10.25		1.78%			26,601		0.81%			0.81%	n		2.54%
9/30/16		10.07		0.23		0.29			0.52			(0.23	)		(0.05	)		(0.28	)		10.31		5.38%			34,731		0.83%			0.82%			2.29%
9/30/15		10.22		0.23		(0.17	)		0.06			(0.20	)		(0.01	)		(0.21	)		10.07		0.54%			35,581		0.86%			0.82%			2.22%
9/30/14		9.99		0.24		0.28			0.52			(0.28	)		(0.01	)		(0.29	)		10.22		5.26%			22,159		0.89%			0.79%			2.41%
Class A
3/31/19r	$	9.85	$	0.15	$	0.21		$	0.36		$	(0.27	)	$	-		$	(0.27	)	$	9.94		3.81%	b	$	32,219		1.06%	a		N/A			3.14%	a
9/30/18		10.23		0.28		(0.40	)		(0.12	)		(0.26	)		-			(0.26	)		9.85		(1.17%	)		32,456		1.05%			1.05%	n		2.78%
9/30/17		10.28		0.23		(0.07	)		0.16			(0.21	)		-			(0.21	)		10.23		1.63%			34,137		1.06%			1.06%	n		2.30%
9/30/16		10.04		0.20		0.29			0.49			(0.20	)		(0.05	)		(0.25	)		10.28		5.06%			37,243		1.08%			1.07%			2.04%
9/30/15		10.17		0.20		(0.16	)		0.04			(0.16	)		(0.01	)		(0.17	)		10.04		0.21%			36,941		1.11%			1.07%			1.96%
9/30/14		9.94		0.22		0.27			0.49			(0.25	)		(0.01	)		(0.26	)		10.17		5.04%			34,703		1.16%			1.06%			2.15%
Class R4
3/31/19r	$	9.78	$	0.16	$	0.20		$	0.36		$	(0.30	)	$	-		$	(0.30	)	$	9.84		3.80%	b	$	6,858		0.96%	a		N/A			3.26%	a
9/30/18		10.16		0.28		(0.38	)		(0.10	)		(0.28	)		-			(0.28	)		9.78		(1.01%	)		4,730		0.95%			0.95%	n		2.87%
9/30/17		10.22		0.24		(0.07	)		0.17			(0.23	)		-			(0.23	)		10.16		1.77%			5,032		0.96%			0.96%	n		2.41%
9/30/16		10.01		0.21		0.29			0.50			(0.24	)		(0.05	)		(0.29	)		10.22		5.18%			3,765		0.98%			0.97%			2.15%
9/30/15		10.18		0.22		(0.18	)		0.04			(0.20	)		(0.01	)		(0.21	)		10.01		0.34%			2,959		1.01%			0.97%			2.17%
9/30/14gg		9.93		0.11		0.14			0.25			-			-			-			10.18		2.52%	b		102		1.00%	a		0.97%	a		2.12%	a
Class R3
3/31/19r	$	9.72	$	0.14	$	0.21		$	0.35		$	(0.26	)	$	-		$	(0.26	)	$	9.81		3.74%	b	$	4,072		1.21%	a		N/A			2.98%	a
9/30/18		10.10		0.26		(0.38	)		(0.12	)		(0.26	)		-			(0.26	)		9.72		(1.24%	)		4,530		1.20%			1.20%	n		2.64%
9/30/17		10.19		0.22		(0.09	)		0.13			(0.22	)		-			(0.22	)		10.10		1.41%			3,869		1.21%			1.21%	n		2.18%
9/30/16		9.99		0.19		0.29			0.48			(0.23	)		(0.05	)		(0.28	)		10.19		4.94%			2,592		1.23%			1.22%			1.95%
9/30/15		10.16		0.19		(0.17	)		0.02			(0.18	)		(0.01	)		(0.19	)		9.99		0.15%			412		1.26%			1.22%			1.84%
9/30/14gg		9.93		0.09		0.14			0.23			-			-			-			10.16		2.32%	b		102		1.25%	a		1.22%	a		1.87%	a

167

MassMutual Premier High Yield Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

				Income (loss) from investment operations								Less distributions to shareholders														Ratios / Supplemental Data
	Net asset value, beginning of the period		Net investment income (loss)c,j		Net realized and unrealized gain (loss) on investments			Total income (loss) from investment operations			From net investment income			From net realized gains			Total distributions			Net asset value, end of the period		Total returnl,m			Net assets, end of the period (000’s)		Ratio of expenses to average daily net assets before expense waivers			Ratio of expenses to average daily net assets after expense waiversj			Net investment income (loss) to average daily net assets
Class I
3/31/19r	$	9.27	$	0.29	$	(0.19	)	$	0.10		$	(0.52	)	$	-		$	(0.52	)	$	8.85		1.33%	b	$	283,251		0.53%	a		N/A			6.60%	a
9/30/18		9.62		0.58		(0.33	)		0.25			(0.60	)		-			(0.60	)		9.27		2.78%			382,927		0.54%			0.54%	n		6.32%
9/30/17		9.29		0.62		0.28			0.90			(0.57	)		-			(0.57	)		9.62		10.22%			242,645		0.54%			0.54%n			6.63%
9/30/16		8.98		0.62		0.28			0.90			(0.59	)		-			(0.59	)		9.29		10.86%			220,759		0.57%			0.55%			7.05%
9/30/15		10.16		0.61		(0.86	)		(0.25	)		(0.69	)		(0.24	)		(0.93	)		8.98		(2.27%	)		106,575		0.58%			0.55%			6.47%
9/30/14		10.07		0.68		0.25			0.93			(0.67	)		(0.17	)		(0.84	)		10.16		9.79%			105,460		0.57%			0.52%			6.68%
Class R5
3/31/19r	$	9.31	$	0.29	$	(0.19	)	$	0.10		$	(0.51	)	$	-		$	(0.51	)	$	8.90		1.31%	b	$	40,249		0.63%	a		N/A			6.56%	a
9/30/18		9.66		0.57		(0.33	)		0.24			(0.59	)		-			(0.59	)		9.31		2.65%			43,613		0.64%			0.64%	n		6.20%
9/30/17		9.33		0.61		0.28			0.89			(0.56	)		-			(0.56	)		9.66		10.08%			55,628		0.64%			0.64%n			6.54%
9/30/16		9.02		0.61		0.28			0.89			(0.58	)		-			(0.58	)		9.33		10.68%			45,867		0.67%			0.65%			6.93%
9/30/15		10.19		0.60		(0.85	)		(0.25	)		(0.68	)		(0.24	)		(0.92	)		9.02		(2.28%	)		41,616		0.68%			0.65%			6.38%
9/30/14		10.09		0.66		0.26			0.92			(0.65	)		(0.17	)		(0.82	)		10.19		9.63%			39,737		0.72%			0.67%			6.52%
Service Class
3/31/19r	$	9.31	$	0.28	$	(0.19	)	$	0.09		$	(0.50	)	$	-		$	(0.50	)	$	8.90		1.22%	b	$	44,715		0.73%	a		N/A			6.46%	a
9/30/18		9.66		0.56		(0.33	)		0.23			(0.58	)		-			(0.58	)		9.31		2.55%			45,296		0.74%			0.74%	n		6.11%
9/30/17		9.33		0.60		0.28			0.88			(0.55	)		-			(0.55	)		9.66		9.93%			49,581		0.74%			0.74%n			6.45%
9/30/16		9.01		0.60		0.29			0.89			(0.57	)		-			(0.57	)		9.33		10.70%			59,787		0.77%			0.75%			6.83%
9/30/15		10.18		0.59		(0.86	)		(0.27	)		(0.66	)		(0.24	)		(0.90	)		9.01		(2.40%	)		62,734		0.78%			0.75%			6.27%
9/30/14		10.09		0.65		0.26			0.91			(0.65	)		(0.17	)		(0.82	)		10.18		9.46%			61,150		0.80%			0.75%			6.45%

	Six months ended March 31,  2019b,r			Year ended September 30
				2018			2017			2016			2015			2014
Portfolio turnover rate		24	%		38	%		70	%		50	%		76	%		80	%

a Annualized.

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

c Per share amount calculated on the average shares method.

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

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

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

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

r Unaudited.

gg For the period April 1, 2014 (commencement of operations) through September 30, 2014.

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

168

				Income (loss) from investment operations								Less distributions to shareholders														Ratios / Supplemental Data
	Net asset value, beginning of the period		Net investment income (loss)c,j		Net realized and unrealized gain (loss) on investments			Total income (loss) from investment operations			From net investment income			From net realized gains			Total distributions			Net asset value, end of the period		Total returnl,m			Net assets, end of the period (000’s)		Ratio of expenses to average daily net assets before expense waivers			Ratio of expenses to average daily net assets after expense waiversj			Net investment income (loss) to average daily net assets
Administrative Class
3/31/19r	$	9.16	$	0.27	$	(0.19	)	$	0.08		$	(0.49	)	$	-		$	(0.49	)	$	8.75		1.08%	b	$	25,573		0.83%	a		N/A			6.34%	a
9/30/18		9.51		0.55		(0.33	)		0.22			(0.57	)		-			(0.57	)		9.16		2.49%			31,250		0.84%			0.84%	n		6.01%
9/30/17		9.20		0.58		0.28			0.86			(0.55	)		-			(0.55	)		9.51		9.79%			32,889		0.84%			0.84%n			6.34%
9/30/16		8.89		0.58		0.29			0.87			(0.56	)		-			(0.56	)		9.20		10.63%			28,948		0.87%			0.85%			6.74%
9/30/15		10.07		0.57		(0.85	)		(0.28	)		(0.66	)		(0.24	)		(0.90	)		8.89		(2.58%	)		24,221		0.88%			0.85%			6.18%
9/30/14		9.99		0.64		0.25			0.89			(0.64	)		(0.17	)		(0.81	)		10.07		9.37%			22,802		0.92%			0.87%			6.33%
Class A
3/31/19r	$	9.13	$	0.26	$	(0.18	)	$	0.08		$	(0.47	)	$	-		$	(0.47	)	$	8.74		1.07%	b	$	27,461		1.08%	a		N/A			6.11%	a
9/30/18		9.49		0.52		(0.33	)		0.19			(0.55	)		-			(0.55	)		9.13		2.10%			27,393		1.09%			1.09%	n		5.76%
9/30/17		9.17		0.56		0.28			0.84			(0.52	)		-			(0.52	)		9.49		9.63%			29,357		1.09%			1.09%n			6.09%
9/30/16		8.86		0.56		0.29			0.85			(0.54	)		-			(0.54	)		9.17		10.31%			29,055		1.12%			1.10%			6.49%
9/30/15		10.02		0.55		(0.85	)		(0.30	)		(0.62	)		(0.24	)		(0.86	)		8.86		(2.78%	)		28,572		1.13%			1.10%			5.93%
9/30/14		9.94		0.61		0.25			0.86			(0.61	)		(0.17	)		(0.78	)		10.02		9.10%			33,597		1.17%			1.12%			6.08%
Class R4
3/31/19r	$	9.04	$	0.27	$	(0.19	)	$	0.08		$	(0.48	)	$	-		$	(0.48	)	$	8.64		1.11%	b	$	46,369		0.98%	a		N/A			6.30%	a
9/30/18		9.40		0.53		(0.33	)		0.20			(0.56	)		-			(0.56	)		9.04		2.30%			35,011		0.99%			0.99%	n		5.87%
9/30/17		9.11		0.56		0.28			0.84			(0.55	)		-			(0.55	)		9.40		9.66%			30,611		0.99%			0.99%n			6.18%
9/30/16		8.84		0.57		0.28			0.85			(0.58	)		-			(0.58	)		9.11		10.44%			18,428		1.02%			1.00%			6.66%
9/30/15		10.02		0.54		(0.83	)		(0.29	)		(0.65	)		(0.24	)		(0.89	)		8.84		(2.67%	)		2,672		1.03%			1.00%			5.97%
9/30/14gg		9.89		0.31		(0.18	)		0.13			-			-			-			10.02		1.31%	b		101		1.01%	a		1.00%	a		6.05%	a
Class R3
3/31/19r	$	9.23	$	0.26	$	(0.19	)	$	0.07		$	(0.46	)	$	-		$	(0.46	)	$	8.84		0.94%	b	$	43,300		1.23%	a		N/A			5.96%	a
9/30/18		9.60		0.51		(0.33	)		0.18			(0.55	)		-			(0.55	)		9.23		2.04%			44,944		1.24%			1.24%	n		5.62%
9/30/17		9.29		0.55		0.29			0.84			(0.53	)		-			(0.53	)		9.60		9.43%			36,626		1.24%			1.24%n			5.93%
9/30/16		9.01		0.56		0.28			0.84			(0.56	)		-			(0.56	)		9.29		10.12%			13,928		1.27%			1.25%			6.38%
9/30/15		10.17		0.54		(0.85	)		(0.31	)		(0.61	)		(0.24	)		(0.85	)		9.01		(2.91%	)		3,423		1.28%			1.25%			5.74%
9/30/14		10.07		0.59		0.27			0.86			(0.59	)		(0.17	)		(0.76	)		10.17		8.92%			726		1.39%			1.34%			5.84%

169

MassMutual Premier Balanced Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

			Income (loss) from investment operations								Less distributions to shareholders														Ratios / Supplemental Data
	Net asset value, beginning of the period		Net investment income (loss)c,j		Net realized and unrealized gain (loss) on investments			Total income (loss) from investment operations			From net investment income			From net realized gains			Total distributions			Net asset value, end of the period		Total returnl,m			Net assets, end of the period (000’s)		Ratio of expenses to average daily net assets before expense waivers			Ratio of expenses to average daily net assets after expense waiversj			Net investment income (loss) to average daily net assets
Class I
3/31/19r	$	12.86	$	0.12	$	(0.46	)	$	(0.34	)	$	(0.22	)	$	(0.72	)	$	(0.94	)	$	11.58		(2.23%	)b	$	19,625		0.70%	a		0.64%	a		2.15%	a
9/30/18		12.53		0.22		1.02			1.24			(0.24	)		(0.67	)		(0.91	)		12.86		10.21%			11,637		0.70%			0.60%			1.79%
9/30/17		11.32		0.21		1.28			1.49			(0.22	)		(0.06	)		(0.28	)		12.53		13.39%			8,270		0.68%			0.60%			1.76%
9/30/16		11.48		0.22		0.84			1.06			(0.29	)		(0.93	)		(1.22	)		11.32		9.96%			967		0.68%			0.60%			1.98%
9/30/15		13.01		0.22		(0.44	)		(0.22	)		(0.24	)		(1.07	)		(1.31	)		11.48		(1.96%	)		376		0.65%			0.60%			1.77%
9/30/14gg		12.51		0.12		0.38			0.50			-			-			-			13.01		4.00%	b		36,306		0.61%	a		0.60%	a		1.82%	a
Class R5
3/31/19r	$	12.85	$	0.12	$	(0.47	)	$	(0.35	)	$	(0.20	)	$	(0.72	)	$	(0.92	)	$	11.58		(2.25%	)b	$	46,890		0.80%	a		0.73%	a		2.02%	a
9/30/18		12.53		0.21		1.01			1.22			(0.23	)		(0.67	)		(0.90	)		12.85		10.01%			45,211		0.80%			0.70%			1.67%
9/30/17		11.32		0.20		1.28			1.48			(0.21	)		(0.06	)		(0.27	)		12.53		13.27%			49,381		0.78%			0.70%			1.66%
9/30/16		11.48		0.21		0.84			1.05			(0.28	)		(0.93	)		(1.21	)		11.32		9.82%			53,727		0.78%			0.70%			1.87%
9/30/15		13.00		0.21		(0.44	)		(0.23	)		(0.22	)		(1.07	)		(1.29	)		11.48		(2.03%	)		62,971		0.75%			0.70%			1.70%
9/30/14		12.38		0.21		1.25			1.46			(0.21	)		(0.63	)		(0.84	)		13.00		12.33%			74,267		0.67%			0.67%	k		1.69%
Service Class
3/31/19r	$	13.50	$	0.12	$	(0.49	)	$	(0.37	)	$	(0.19	)	$	(0.72	)	$	(0.91	)	$	12.22		(2.35%	)b	$	6,590		0.90%	a		0.83%	a		1.91%	a
9/30/18		13.11		0.21		1.06			1.27			(0.21	)		(0.67	)		(0.88	)		13.50		9.94%			7,243		0.90%			0.80%			1.58%
9/30/17		11.83		0.19		1.34			1.53			(0.19	)		(0.06	)		(0.25	)		13.11		13.11%			6,978		0.88%			0.80%			1.54%
9/30/16		11.94		0.20		0.89			1.09			(0.27	)		(0.93	)		(1.20	)		11.83		9.76%			14,130		0.88%			0.80%			1.87%
9/30/15		13.48		0.20		(0.46	)		(0.26	)		(0.21	)		(1.07	)		(1.28	)		11.94		(2.18%	)		12,545		0.85%			0.80%			1.60%
9/30/14		12.80		0.21		1.29			1.50			(0.19	)		(0.63	)		(0.82	)		13.48		12.23%			11,914		0.80%			0.80%	k		1.57%

	Six months ended March  31, 2019b,r			Year ended September 30
				2018			2017			2016			2015			2014
Portfolio turnover rate		89	%		77	%		108	%		176	%		204	%		192	%

a Annualized.

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

c Per share amount calculated on the average shares method.

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

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

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

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

r Unaudited.

gg For the period April 1, 2014 (commencement of operations) through September 30, 2014.

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

170

			Income (loss) from investment operations								Less distributions to shareholders														Ratios / Supplemental Data
	Net asset value, beginning of the period		Net investment income (loss)c,j		Net realized and unrealized gain (loss) on investments			Total income (loss) from investment operations			From net investment income			From net realized gains			Total distributions			Net asset value, end of the period		Total returnl,m			Net assets, end of the period (000’s)		Ratio of expenses to average daily net assets before expense waivers			Ratio of expenses to average daily net assets after expense waiversj			Net investment income (loss) to average daily net assets
Administrative Class
3/31/19r	$	12.89	$	0.10	$	(0.47	)	$	(0.37	)	$	(0.17	)	$	(0.72	)	$	(0.89	)	$	11.63		(2.41%	)b	$	6,503		1.00%	a		0.93%	a		1.81%	a
9/30/18		12.55		0.18		1.02			1.20			(0.19	)		(0.67	)		(0.86	)		12.89		9.88%			8,129		1.00%			0.90%			1.47%
9/30/17		11.35		0.17		1.28			1.45			(0.19	)		(0.06	)		(0.25	)		12.55		13.01%			9,413		0.98%			0.90%			1.46%
9/30/16		11.51		0.19		0.84			1.03			(0.26	)		(0.93	)		(1.19	)		11.35		9.59%			9,751		0.98%			0.90%			1.68%
9/30/15		13.04		0.19		(0.44	)		(0.25	)		(0.21	)		(1.07	)		(1.28	)		11.51		(2.23%	)		8,691		0.95%			0.90%			1.51%
9/30/14		12.41		0.19		1.25			1.44			(0.18	)		(0.63	)		(0.81	)		13.04		12.09%			7,089		0.92%			0.92%	k		1.46%
Class A
3/31/19r	$	12.51	$	0.09	$	(0.45	)	$	(0.36	)	$	(0.14	)	$	(0.72	)	$	(0.86	)	$	11.29		(2.45%	)b	$	26,452		1.25%	a		1.18%	a		1.56%	a
9/30/18		12.22		0.15		0.98			1.13			(0.17	)		(0.67	)		(0.84	)		12.51		9.48%			30,517		1.25%			1.15%			1.22%
9/30/17		11.05		0.14		1.25			1.39			(0.16	)		(0.06	)		(0.22	)		12.22		12.78%			32,637		1.23%			1.15%			1.21%
9/30/16		11.22		0.15		0.83			0.98			(0.22	)		(0.93	)		(1.15	)		11.05		9.38%			30,781		1.23%			1.15%			1.42%
9/30/15		12.73		0.15		(0.43	)		(0.28	)		(0.16	)		(1.07	)		(1.23	)		11.22		(2.49%	)		31,375		1.20%			1.15%			1.26%
9/30/14		12.14		0.15		1.22			1.37			(0.15	)		(0.63	)		(0.78	)		12.73		11.80%			34,260		1.18%			1.17%			1.18%
Class R4
3/31/19r	$	12.42	$	0.09	$	(0.44	)	$	(0.35	)	$	(0.16	)	$	(0.72	)	$	(0.88	)	$	11.19		(2.40%	)b	$	2,249		1.15%	a		1.08%	a		1.65%	a
9/30/18		12.15		0.16		0.97			1.13			(0.19	)		(0.67	)		(0.86	)		12.42		9.58%			3,499		1.15%			1.05%			1.34%
9/30/17		10.99		0.15		1.24			1.39			(0.17	)		(0.06	)		(0.23	)		12.15		12.88%			2,822		1.13%			1.05%			1.32%
9/30/16		11.20		0.16		0.83			0.99			(0.27	)		(0.93	)		(1.20	)		10.99		9.51%			2,373		1.13%			1.05%			1.54%
9/30/15		12.74		0.17		(0.44	)		(0.27	)		(0.20	)		(1.07	)		(1.27	)		11.20		(2.46%	)		2,010		1.10%			1.05%			1.49%
9/30/14gg		12.28		0.09		0.37			0.46			-			-			-			12.74		3.75%	b		104		1.06%	a		1.05%	a		1.38%	a
Class R3
3/31/19r	$	12.36	$	0.08	$	(0.45	)	$	(0.37	)	$	(0.14	)	$	(0.72	)	$	(0.86	)	$	11.13		(2.58%	)b	$	7,507		1.40%	a		1.33%	a		1.44%	a
9/30/18		12.09		0.13		0.97			1.10			(0.16	)		(0.67	)		(0.83	)		12.36		9.32%			8,002		1.40%			1.30%			1.08%
9/30/17		10.95		0.12		1.24			1.36			(0.16	)		(0.06	)		(0.22	)		12.09		12.58%			7,251		1.38%			1.30%			1.08%
9/30/16		11.18		0.14		0.82			0.96			(0.26	)		(0.93	)		(1.19	)		10.95		9.29%			5,002		1.38%			1.30%			1.31%
9/30/15		12.72		0.14		(0.44	)		(0.30	)		(0.17	)		(1.07	)		(1.24	)		11.18		(2.66%	)		1,734		1.35%			1.30%			1.16%
9/30/14gg		12.28		0.07		0.37			0.44			-			-			-			12.72		3.58%	b		104		1.31%a			1.30%	a		1.13%	a

171

MassMutual Premier Disciplined Value Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

			Income (loss) from investment operations								Less distributions to shareholders														Ratios / Supplemental Data
	Net asset value, beginning of the period		Net investment income (loss)c		Net realized and unrealized gain (loss) on investments			Total income (loss) from investment operations			From net investment income			From net realized gains			Total distributions			Net asset value, end of the period		Total returnl,m			Net assets, end of the period (000’s)		Ratio of expenses to average daily net assets			Net investment income (loss) to average daily net assets
Class I
3/31/19r	$	17.06	$	0.16	$	(1.07	)	$	(0.91	)	$	(0.40	)	$	(2.20	)	$	(2.60	)	$	13.55		(4.24%	)b	$	17,976		0.63%	a		2.28%	a
9/30/18		17.67		0.29		1.28			1.57			(0.36	)		(1.82	)		(2.18	)		17.06		9.34%			19,546		0.57%			1.74%
9/30/17		16.05		0.31		2.40			2.71			(0.53	)		(0.56	)		(1.09	)		17.67		17.36%			79,531		0.57%			1.87%
9/30/16		14.75		0.35		1.56			1.91			(0.32	)		(0.29	)		(0.61	)		16.05		13.26%			73,202		0.53%			2.29%
9/30/15		15.75		0.29		(1.00	)		(0.71	)		(0.29	)		-			(0.29	)		14.75		(4.64%	)		163,640		0.53%			1.84%
9/30/14gg		15.15		0.14		0.46			0.60			-			-			-			15.75		3.96%	b		182,826		0.50%	a		1.73%	a
Class R5
3/31/19r	$	17.09	$	0.15	$	(1.07	)	$	(0.92	)	$	(0.39	)	$	(2.20	)	$	(2.59	)	$	13.58		(4.35%	)b	$	54,821		0.73%	a		2.18%	a
9/30/18		17.69		0.28		1.28			1.56			(0.34	)		(1.82	)		(2.16	)		17.09		9.27%			59,987		0.67%			1.65%
9/30/17		16.06		0.30		2.40			2.70			(0.51	)		(0.56	)		(1.07	)		17.69		17.31%			46,583		0.67%			1.78%
9/30/16		14.76		0.34		1.55			1.89			(0.30	)		(0.29	)		(0.59	)		16.06		13.11%			46,644		0.63%			2.22%
9/30/15		15.76		0.28		(1.01	)		(0.73	)		(0.27	)		-			(0.27	)		14.76		(4.74%	)		46,754		0.63%			1.73%
9/30/14		13.55		0.27		2.20			2.47			(0.26	)		-			(0.26	)		15.76		18.30%			71,929		0.57%			1.81%
Service Class
3/31/19r	$	16.95	$	0.15	$	(1.07	)	$	(0.92	)	$	(0.36	)	$	(2.20	)	$	(2.56	)	$	13.47		(4.34%	)b	$	39,276		0.83%	a		2.07%	a
9/30/18		17.57		0.26		1.26			1.52			(0.32	)		(1.82	)		(2.14	)		16.95		9.10%			50,102		0.77%			1.55%
9/30/17		15.95		0.28		2.39			2.67			(0.49	)		(0.56	)		(1.05	)		17.57		17.19%			49,413		0.77%			1.65%
9/30/16		14.66		0.32		1.55			1.87			(0.29	)		(0.29	)		(0.58	)		15.95		13.03%			64,634		0.73%			2.12%
9/30/15		15.66		0.26		(1.00	)		(0.74	)		(0.26	)		-			(0.26	)		14.66		(4.84%	)		65,799		0.73%			1.65%
9/30/14		13.48		0.25		2.17			2.42			(0.24	)		-			(0.24	)		15.66		18.15%			68,003		0.68%			1.66%

	Six months ended March 31, 2019b,r			Year ended September 30
				2018			2017			2016			2015			2014
Portfolio turnover rate		19	%		80	%		102	%		109	%		113	%		92	%

a Annualized.

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

c Per share amount calculated on the average shares method.

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

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

r Unaudited.

gg For the period April 1, 2014 (commencement of operations) through September 30, 2014.

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

172

			Income (loss) from investment operations								Less distributions to shareholders														Ratios / Supplemental Data
	Net asset value, beginning of the period		Net investment income (loss)c		Net realized and unrealized gain (loss) on investments			Total income (loss) from investment operations			From net investment income			From net realized gains			Total distributions			Net asset value, end of the period		Total returnl,m			Net assets, end of the period (000’s)		Ratio of expenses to average daily net assets			Net investment income (loss) to average daily net assets
Administrative Class
3/31/19r	$	17.27	$	0.14	$	(1.07	)	$	(0.93	)	$	(0.36	)	$	(2.20	)	$	(2.56	)	$	13.78		(4.38%	)b	$	7,618		0.93%	a		1.97%	a
9/30/18		17.86		0.25		1.29			1.54			(0.31	)		(1.82	)		(2.13	)		17.27		9.02%			9,147		0.87%			1.46%
9/30/17		16.21		0.27		2.41			2.68			(0.47	)		(0.56	)		(1.03	)		17.86		17.01%			5,970		0.87%			1.57%
9/30/16		14.88		0.31		1.58			1.89			(0.27	)		(0.29	)		(0.56	)		16.21		12.97%			5,801		0.83%			2.00%
9/30/15		15.90		0.25		(1.02	)		(0.77	)		(0.25	)		-			(0.25	)		14.88		(4.97%	)		7,460		0.83%			1.55%
9/30/14		13.68		0.23		2.23			2.46			(0.24	)		-			(0.24	)		15.90		18.02%			7,047		0.80%			1.54%
Class A
3/31/19r	$	16.78	$	0.12	$	(1.05	)	$	(0.93	)	$	(0.31	)	$	(2.20	)	$	(2.51	)	$	13.34		(4.54%	)b	$	7,047		1.18%	a		1.73%	a
9/30/18		17.39		0.20		1.25			1.45			(0.24	)		(1.82	)		(2.06	)		16.78		8.74%			8,886		1.12%			1.20%
9/30/17		15.82		0.22		2.36			2.58			(0.45	)		(0.56	)		(1.01	)		17.39		16.74%			9,120		1.12%			1.32%
9/30/16		14.53		0.27		1.53			1.80			(0.22	)		(0.29	)		(0.51	)		15.82		12.65%			10,415		1.08%			1.78%
9/30/15		15.51		0.20		(0.98	)		(0.78	)		(0.20	)		-			(0.20	)		14.53		(5.13%	)		8,081		1.08%			1.30%
9/30/14		13.36		0.19		2.15			2.34			(0.19	)		-			(0.19	)		15.51		17.67%			10,718		1.05%			1.29%
Class R4
3/31/19r	$	16.67	$	0.13	$	(1.05	)	$	(0.92	)	$	(0.31	)	$	(2.20	)	$	(2.51	)	$	13.24		(4.47%	)b	$	4,702		1.08%	a		1.83%	a
9/30/18		17.32		0.22		1.24			1.46			(0.29	)		(1.82	)		(2.11	)		16.67		8.84%			6,428		1.02%			1.30%
9/30/17		15.77		0.24		2.36			2.60			(0.49	)		(0.56	)		(1.05	)		17.32		16.94%			10,139		1.02%			1.43%
9/30/16		14.51		0.28		1.53			1.81			(0.26	)		(0.29	)		(0.55	)		15.77		12.75%			4,127		0.98%			1.90%
9/30/15		15.52		0.21		(0.98	)		(0.77	)		(0.24	)		-			(0.24	)		14.51		(5.10%	)		2,524		0.98%			1.34%
9/30/14gg		14.96		0.10		0.46			0.56			-			-			-			15.52		3.74%	b		104		0.95%	a		1.32%	a
Class R3
3/31/19r	$	16.90	$	0.11	$	(1.06	)	$	(0.95	)	$	(0.29	)	$	(2.20	)	$	(2.49	)	$	13.46		(4.62%	)b	$	4,070		1.33%	a		1.58%	a
9/30/18		17.56		0.18		1.25			1.43			(0.27	)		(1.82	)		(2.09	)		16.90		8.53%			4,196		1.27%			1.05%
9/30/17		15.92		0.20		2.38			2.58			(0.38	)		(0.56	)		(0.94	)		17.56		16.62%			3,820		1.27%			1.18%
9/30/16		14.62		0.25		1.54			1.79			(0.20	)		(0.29	)		(0.49	)		15.92		12.49%			648		1.23%			1.66%
9/30/15		15.61		0.19		(1.00	)		(0.81	)		(0.18	)		-			(0.18	)		14.62		(5.29%	)		185		1.23%			1.19%
9/30/14		13.43		0.16		2.17			2.33			(0.15	)		-			(0.15	)		15.61		17.48%			174		1.27%			1.06%

173

MassMutual Premier Main Street Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

			Income (loss) from investment operations								Less distributions to shareholders														Ratios / Supplemental Data
	Net asset value, beginning of the period		Net investment income (loss)c,j		Net realized and unrealized gain (loss) on investments			Total income (loss) from investment operations			From net investment income			From net realized gains			Total distributions			Net asset value, end of the period		Total returnl,m			Net assets, end of the period (000’s)		Ratio of expenses to average daily net assets before expense waivers			Ratio of expenses to average daily net assets after expense waiversj		Net investment income (loss) to average daily net assets
Class I
3/31/19r	$	12.04	$	0.08	$	(0.35	)	$	(0.27	)	$	(0.13	)	$	(1.28	)	$	(1.41	)	$	10.36		(1.17%	)b	$	21,514		0.73%	a		N/A		1.58%	a
9/30/18		11.94		0.14		0.89			1.03			(0.14	)		(0.79	)		(0.93	)		12.04		9.11%			24,123		0.71%			N/A		1.17%
9/30/17		10.42		0.16		1.81			1.97			(0.15	)		(0.30	)		(0.45	)		11.94		19.50%			8,516		0.71%			N/A		1.40%
9/30/16		13.75		0.18		1.43			1.61			(0.22	)		(4.72	)		(4.94	)		10.42		14.34%			739		0.72%			N/A		1.68%
9/30/15		14.23		0.14		(0.19	)		(0.05	)		(0.13	)		(0.30	)		(0.43	)		13.75		(0.36%	)		37		0.65%			N/A		0.99%
9/30/14gg		13.41		0.08		0.74			0.82			-			-			-			14.23		6.11%	b		47,537		0.62%	a		N/A		1.07%	a
Class R5
3/31/19r	$	12.03	$	0.08	$	(0.36	)	$	(0.28	)	$	(0.11	)	$	(1.28	)	$	(1.39	)	$	10.36		(1.20%	)b	$	56,480		0.83%	a		N/A		1.47%	a
9/30/18		11.93		0.12		0.90			1.02			(0.13	)		(0.79	)		(0.92	)		12.03		9.00%			67,695		0.81%			N/A		1.04%
9/30/17		10.41		0.15		1.81			1.96			(0.14	)		(0.30	)		(0.44	)		11.93		19.40%			78,580		0.81%			N/A		1.36%
9/30/16		13.73		0.13		1.48			1.61			(0.21	)		(4.72	)		(4.93	)		10.41		14.28%			73,380		0.82%			N/A		1.27%
9/30/15		14.22		0.14		(0.21	)		(0.07	)		(0.12	)		(0.30	)		(0.42	)		13.73		(0.50%	)		69,529		0.76%			N/A		0.95%
9/30/14		12.10		0.12		2.11			2.23			(0.11	)		-			(0.11	)		14.22		18.54%			97,358		0.76%			0.72%		0.89%
Service Class
3/31/19r	$	12.44	$	0.07	$	(0.36	)	$	(0.29	)	$	(0.10	)	$	(1.28	)	$	(1.38	)	$	10.77		(1.31%	)b	$	624		0.93%	a		N/A		1.37%	a
9/30/18		12.30		0.11		0.93			1.04			(0.11	)		(0.79	)		(0.90	)		12.44		8.94%			738		0.91%			N/A		0.95%
9/30/17		10.71		0.15		1.85			2.00			(0.11	)		(0.30	)		(0.41	)		12.30		19.21%			1,133		0.91%			N/A		1.28%
9/30/16		13.91		0.12		1.51			1.63			(0.11	)		(4.72	)		(4.83	)		10.71		14.21%			1,979		0.92%			N/A		0.98%
9/30/15		14.40		0.13		(0.21	)		(0.08	)		(0.11	)		(0.30	)		(0.41	)		13.91		(0.57%	)		6,517		0.86%			N/A		0.88%
9/30/14		12.26		0.11		2.14			2.25			(0.11	)		-			(0.11	)		14.40		18.40%			6,742		0.84%			0.79%		0.82%

	Six months ended March 31, 2019b,r			Year ended September 30
				2018			2017			2016			2015			2014
Portfolio turnover rate		31	%		64	%		35	%		38	%		54	%		53	%

a Annualized.

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

c Per share amount calculated on the average shares method.

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

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

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

r Unaudited.

gg For the period April 1, 2014 (commencement of operations) through September 30, 2014.

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

174

			Income (loss) from investment operations								Less distributions to shareholders														Ratios / Supplemental Data
	Net asset value, beginning of the period		Net investment income (loss)c,j		Net realized and unrealized gain (loss) on investments			Total income (loss) from investment operations			From net investment income			From net realized gains			Total distributions			Net asset value, end of the period		Total returnl,m			Net assets, end of the period (000’s)		Ratio of expenses to average daily net assets before expense waivers			Ratio of expenses to average daily net assets after expense waiversj		Net investment income (loss) to average daily net assets
Administrative Class
3/31/19r	$	12.01	$	0.07	$	(0.35	)	$	(0.28	)	$	(0.09	)	$	(1.28	)	$	(1.37	)	$	10.36		(1.27%	)b	$	25,683		1.03%	a		N/A		1.28%	a
9/30/18		11.91		0.10		0.89			0.99			(0.10	)		(0.79	)		(0.89	)		12.01		8.79%			28,295		1.01%			N/A		0.84%
9/30/17		10.40		0.13		1.80			1.93			(0.12	)		(0.30	)		(0.42	)		11.91		19.07%			30,996		1.01%			N/A		1.17%
9/30/16		13.71		0.11		1.48			1.59			(0.18	)		(4.72	)		(4.90	)		10.40		14.11%			29,371		1.02%			N/A		1.05%
9/30/15		14.19		0.11		(0.20	)		(0.09	)		(0.09	)		(0.30	)		(0.39	)		13.71		(0.63%	)		31,644		0.96%			N/A		0.77%
9/30/14		12.08		0.09		2.11			2.20			(0.09	)		-			(0.09	)		14.19		18.26%			35,299		0.96%			0.92%		0.69%
Class A
3/31/19r	$	11.83	$	0.05	$	(0.34	)	$	(0.29	)	$	(0.06	)	$	(1.28	)	$	(1.34	)	$	10.20		(1.37%	)b	$	13,347		1.28%	a		N/A		1.03%	a
9/30/18		11.75		0.07		0.88			0.95			(0.08	)		(0.79	)		(0.87	)		11.83		8.49%			14,495		1.26%			N/A		0.60%
9/30/17		10.26		0.10		1.79			1.89			(0.10	)		(0.30	)		(0.40	)		11.75		18.88%			13,096		1.26%			N/A		0.90%
9/30/16		13.58		0.09		1.45			1.54			(0.14	)		(4.72	)		(4.86	)		10.26		13.78%			11,877		1.27%			N/A		0.82%
9/30/15		14.07		0.07		(0.20	)		(0.13	)		(0.06	)		(0.30	)		(0.36	)		13.58		(0.96%	)		12,906		1.21%			N/A		0.52%
9/30/14		11.98		0.06		2.09			2.15			(0.06	)		-			(0.06	)		14.07		17.99%			13,580		1.21%			1.17%		0.44%
Class R4
3/31/19r	$	11.75	$	0.06	$	(0.34	)	$	(0.28	)	$	(0.08	)	$	(1.28	)	$	(1.36	)	$	10.11		(1.35%	)b	$	6,003		1.18%	a		N/A		1.14%	a
9/30/18		11.67		0.08		0.87			0.95			(0.08	)		(0.79	)		(0.87	)		11.75		8.63%			6,394		1.16%			N/A		0.70%
9/30/17		10.22		0.11		1.78			1.89			(0.14	)		(0.30	)		(0.44	)		11.67		19.02%			5,268		1.16%			N/A		0.99%
9/30/16		13.57		0.15		1.40			1.55			(0.18	)		(4.72	)		(4.90	)		10.22		13.88%			3,421		1.17%			N/A		1.45%
9/30/15		14.07		0.09		(0.21	)		(0.12	)		(0.08	)		(0.30	)		(0.38	)		13.57		(0.85%	)		105		1.11%			N/A		0.63%
9/30/14gg		13.29		0.04		0.74			0.78			-			-			-			14.07		5.87%	b		106		1.07%	a		N/A		0.60%	a
Class R3
3/31/19r	$	11.85	$	0.04	$	(0.34	)	$	(0.30	)	$	(0.05	)	$	(1.28	)	$	(1.33	)	$	10.22		(1.49%	)b	$	1,228		1.43%	a		N/A		0.88%	a
9/30/18		11.76		0.05		0.88			0.93			(0.05	)		(0.79	)		(0.84	)		11.85		8.34%			1,813		1.41%			N/A		0.45%
9/30/17		10.30		0.08		1.79			1.87			(0.11	)		(0.30	)		(0.41	)		11.76		18.69%			1,144		1.41%			N/A		0.74%
9/30/16		13.66		0.07		1.46			1.53			(0.17	)		(4.72	)		(4.89	)		10.30		13.60%			802		1.42%			N/A		0.70%
9/30/15		14.15		0.05		(0.20	)		(0.15	)		(0.04	)		(0.30	)		(0.34	)		13.66		(1.07%	)		140		1.36%			N/A		0.38%
9/30/14		12.03		0.03		2.11			2.14			(0.02	)		-			(0.02	)		14.15		17.78%			119		1.41%			1.38%		0.24%

175

MassMutual Premier Disciplined Growth Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

			Income (loss) from investment operations								Less distributions to shareholders														Ratios / Supplemental Data
	Net asset value, beginning of the period		Net investment income (loss)c,j		Net realized and unrealized gain (loss) on investments			Total income (loss) from investment operations			From net investment income			From net realized gains			Total distributions			Net asset value, end of the period		Total returnl,m			Net assets, end of the period (000’s)		Ratio of expenses to average daily net assets			Net investment income (loss) to average daily net assets
Class I
3/31/19r	$	14.37	$	0.05	$	(0.97	)	$	(0.92	)	$	(0.15	)	$	(2.85	)	$	(3.00	)	$	10.45		(4.06%	)b	$	31,148		0.54%	a		1.01%	a
9/30/18		13.13		0.10		2.81			2.91			(0.12	)		(1.55	)		(1.67	)		14.37		23.95%			30,279		0.52%			0.78%
9/30/17		11.69		0.13		2.30			2.43			(0.17	)		(0.82	)		(0.99	)		13.13		22.32%			113,313		0.53%			1.09%
9/30/16		11.37		0.14		1.17			1.31			(0.14	)		(0.85	)		(0.99	)		11.69		11.94%			107,336		0.51%			1.22%
9/30/15		12.87		0.15		0.04			0.19			(0.14	)		(1.55	)		(1.69	)		11.37		1.30%			184,981		0.50%			1.21%
9/30/14gg		12.13		0.07		0.67			0.74			-			-			-			12.87		6.18%	b		182,512		0.50%	a		1.14%	a
Class R5
3/31/19r	$	14.37	$	0.05	$	(0.98	)	$	(0.93	)	$	(0.13	)	$	(2.85	)	$	(2.98	)	$	10.46		(4.10%	)b	$	99,428		0.64%	a		0.90%	a
9/30/18		13.14		0.09		2.80			2.89			(0.11	)		(1.55	)		(1.66	)		14.37		23.72%			112,178		0.62%			0.69%
9/30/17		11.69		0.12		2.31			2.43			(0.16	)		(0.82	)		(0.98	)		13.14		22.27%			87,103		0.63%			1.00%
9/30/16		11.38		0.13		1.16			1.29			(0.13	)		(0.85	)		(0.98	)		11.69		11.70%			76,893		0.61%			1.12%
9/30/15		12.88		0.14		0.04			0.18			(0.13	)		(1.55	)		(1.68	)		11.38		1.29%			85,630		0.60%			1.12%
9/30/14		13.26		0.15		2.17			2.32			(0.16	)		(2.54	)		(2.70	)		12.88		19.60%			110,762		0.57%			1.16%
Service Class
3/31/19r	$	14.40	$	0.04	$	(0.97	)	$	(0.93	)	$	(0.12	)	$	(2.85	)	$	(2.97	)	$	10.50		(4.14%	)b	$	70,380		0.74%	a		0.80%	a
9/30/18		13.17		0.08		2.80			2.88			(0.10	)		(1.55	)		(1.65	)		14.40		23.54%			74,294		0.72%			0.59%
9/30/17		11.71		0.11		2.31			2.42			(0.14	)		(0.82	)		(0.96	)		13.17		22.15%			73,755		0.73%			0.89%
9/30/16		11.40		0.12		1.16			1.28			(0.12	)		(0.85	)		(0.97	)		11.71		11.58%			80,551		0.71%			1.02%
9/30/15		12.90		0.12		0.05			0.17			(0.12	)		(1.55	)		(1.67	)		11.40		1.19%			87,882		0.70%			1.02%
9/30/14		13.28		0.13		2.18			2.31			(0.15	)		(2.54	)		(2.69	)		12.90		19.45%			86,743		0.67%			1.02%

	Six months ended March 31, 2019b,r	Year ended September 30
		2018			2017			2016			2015			2014
Portfolio turnover rate	20%		73	%		105	%		124	%		138	%		142	%

a Annualized.

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

c Per share amount calculated on the average shares method.

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

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

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

r Unaudited.

gg For the period April 1, 2014 (commencement of operations) through September 30, 2014.

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

176

			Income (loss) from investment operations								Less distributions to shareholders														Ratios / Supplemental Data
	Net asset value, beginning of the period		Net investment income (loss)c,j		Net realized and unrealized gain (loss) on investments			Total income (loss) from investment operations			From net investment income			From net realized gains			Total distributions			Net asset value, end of the period		Total returnl,m			Net assets, end of the period (000’s)		Ratio of expenses to average daily net assets			Net investment income (loss) to average daily net assets
Administrative Class
3/31/19r	$	14.55	$	0.04	$	(0.98	)	$	(0.94	)	$	(0.11	)	$	(2.85	)	$	(2.96	)	$	10.65		(4.19%	)b	$	40,018		0.84%	a		0.70%	a
9/30/18		13.28		0.07		2.83			2.90			(0.08	)		(1.55	)		(1.63	)		14.55		23.51%			42,622		0.82%			0.49%
9/30/17		11.81		0.09		2.34			2.43			(0.14	)		(0.82	)		(0.96	)		13.28		21.95%			41,678		0.83%			0.78%
9/30/16		11.48		0.10		1.19			1.29			(0.11	)		(0.85	)		(0.96	)		11.81		11.57%			38,399		0.81%			0.91%
9/30/15		12.98		0.11		0.04			0.15			(0.10	)		(1.55	)		(1.65	)		11.48		1.08%			33,634		0.80%			0.91%
9/30/14		13.35		0.12		2.19			2.31			(0.14	)		(2.54	)		(2.68	)		12.98		19.33%			24,252		0.79%			0.92%
Class A
3/31/19r	$	14.15	$	0.02	$	(0.96	)	$	(0.94	)	$	(0.07	)	$	(2.85	)	$	(2.92	)	$	10.29		(4.32%	)b	$	34,390		1.09%	a		0.45%	a
9/30/18		12.95		0.03		2.77			2.80			(0.05	)		(1.55	)		(1.60	)		14.15		23.22%			39,399		1.07%			0.24%
9/30/17		11.53		0.07		2.28			2.35			(0.11	)		(0.82	)		(0.93	)		12.95		21.73%			36,625		1.08%			0.55%
9/30/16		11.23		0.07		1.15			1.22			(0.07	)		(0.85	)		(0.92	)		11.53		11.23%			38,743		1.06%			0.67%
9/30/15		12.74		0.08		0.04			0.12			(0.08	)		(1.55	)		(1.63	)		11.23		0.78%			38,035		1.05%			0.66%
9/30/14		13.15		0.08		2.16			2.24			(0.11	)		(2.54	)		(2.65	)		12.74		19.02%			35,193		1.04%			0.66%
Class R4
3/31/19r	$	14.05	$	0.03	$	(0.95	)	$	(0.92	)	$	(0.09	)	$	(2.85	)	$	(2.94	)	$	10.19		(4.21%	)b	$	25,654		0.99%	a		0.56%	a
9/30/18		12.89		0.04		2.74			2.78			(0.07	)		(1.55	)		(1.62	)		14.05		23.26%			31,265		0.97%			0.34%
9/30/17		11.50		0.07		2.27			2.34			(0.13	)		(0.82	)		(0.95	)		12.89		21.80%			26,809		0.98%			0.61%
9/30/16		11.23		0.08		1.16			1.24			(0.12	)		(0.85	)		(0.97	)		11.50		11.38%			14,016		0.96%			0.75%
9/30/15		12.74		0.09		0.05			0.14			(0.10	)		(1.55	)		(1.65	)		11.23		0.94%			6,003		0.95%			0.78%
9/30/14gg		12.03		0.04		0.67			0.71			-			-			-			12.74		5.90%	b		106		0.95%	a		0.68%	a
Class R3
3/31/19r	$	14.02	$	0.02	$	(0.96	)	$	(0.94	)	$	(0.06	)	$	(2.85	)	$	(2.91	)	$	10.17		(4.37%	)b	$	6,203		1.24%	a		0.30%	a
9/30/18		12.86		0.01		2.74			2.75			(0.04	)		(1.55	)		(1.59	)		14.02		23.01%			7,119		1.22%			0.10%
9/30/17		11.45		0.04		2.27			2.31			(0.08	)		(0.82	)		(0.90	)		12.86		21.52%			4,310		1.23%			0.38%
9/30/16		11.21		0.06		1.14			1.20			(0.11	)		(0.85	)		(0.96	)		11.45		11.01%			3,159		1.21%			0.55%
9/30/15		12.73		0.06		0.04			0.10			(0.07	)		(1.55	)		(1.62	)		11.21		0.66%			3,637		1.20%			0.51%
9/30/14gg		12.03		0.03		0.67			0.70			-			-			-			12.73		5.82%	b		106		1.20%	a		0.43%	a

177

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

Financial Highlights (For a share outstanding throughout each period)

			Income (loss) from investment operations								Less distributions to shareholders														Ratios / Supplemental Data
	Net asset value, beginning of the period		Net investment income (loss)c		Net realized and unrealized gain (loss) on investments			Total income (loss) from investment operations			From net investment income			From net realized gains			Total distributions			Net asset value, end of the period		Total returnl,m			Net assets, end of the period (000’s)			Ratio of expenses to average daily net assets			Net investment income (loss) to average daily net assets
Class I
3/31/19r	$	16.47	$	0.06	$	(1.88	)	$	(1.82	)	$	(0.07	)	$	(1.36	)	$	(1.43	)	$	13.22		(10.40%	)b	$	33,597			0.69%	a		0.86%	a
9/30/18		16.41		0.11		1.96			2.07			(0.07	)		(1.94	)		(2.01	)		16.47		13.93%			40,439			0.69%			0.73%
9/30/17		13.81		0.11		3.01			3.12			(0.18	)		(0.34	)		(0.52	)		16.41		23.05%			15,105			0.70%			0.75%
9/30/16		13.84		0.17		1.31			1.48			(0.12	)		(1.39	)		(1.51	)		13.81		11.60%			3,642			0.71%			1.33%
9/30/15		15.78		0.13		0.44			0.57			(0.17	)		(2.34	)		(2.51	)		13.84		2.63%			0	f		0.68%			0.84%
9/30/14gg		16.45		0.39		(1.06	)		(0.67	)		-			-			-			15.78		(4.07%	)b		4,801			0.66%	a		4.79%	a
Class R5
3/31/19r	$	16.44	$	0.05	$	(1.87	)	$	(1.82	)	$	(0.06	)	$	(1.36	)	$	(1.42	)	$	13.20		(10.47%	)b	$	66,312			0.79%	a		0.75%	a
9/30/18		16.38		0.10		1.96			2.06			(0.06	)		(1.94	)		(2.00	)		16.44		13.82%			77,025			0.79%			0.62%
9/30/17		13.78		0.10		3.00			3.10			(0.16	)		(0.34	)		(0.50	)		16.38		22.99%			64,889			0.80%			0.63%
9/30/16		13.82		0.15		1.30			1.45			(0.10	)		(1.39	)		(1.49	)		13.78		11.40%			61,310			0.81%			1.16%
9/30/15		15.77		0.13		0.41			0.54			(0.15	)		(2.34	)		(2.49	)		13.82		2.44%			58,840			0.79%			0.82%
9/30/14		14.92		0.17		0.83			1.00			(0.15	)		-			(0.15	)		15.77		6.75%			73,288			0.74%			1.04%
Service Class
3/31/19r	$	16.39	$	0.04	$	(1.86	)	$	(1.82	)	$	(0.04	)	$	(1.36	)	$	(1.40	)	$	13.17		(10.49%	)b	$	15,914			0.89%	a		0.66%	a
9/30/18		16.34		0.08		1.95			2.03			(0.04	)		(1.94	)		(1.98	)		16.39		13.68%			18,192			0.89%			0.52%
9/30/17		13.75		0.08		3.00			3.08			(0.15	)		(0.34	)		(0.49	)		16.34		22.87%			14,726			0.90%			0.54%
9/30/16		13.81		0.14		1.29			1.43			(0.10	)		(1.39	)		(1.49	)		13.75		11.23%			13,313			0.91%			1.08%
9/30/15		15.76		0.11		0.43			0.54			(0.15	)		(2.34	)		(2.49	)		13.81		2.41%			6,927			0.89%			0.73%
9/30/14		14.92		0.16		0.82			0.98			(0.14	)		-			(0.14	)		15.76		6.60%			6,865			0.84%			0.98%

	Six months ended March 31, 2019b,r	Year ended September 30
		2108			2017			2016			2015			2014
Portfolio turnover rate	20%		57	%		62	%		57	%		52	%		66	%

a Annualized.

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

c Per share amount calculated on the average shares method.

d Amount is less than $0.005 per share.

f Amount is less than $500.

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

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

r Unaudited.

gg For the period April 1, 2014 (commencement of operations) through September 30, 2014.

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

178

			Income (loss) from investment operations									Less distributions to shareholders														Ratios / Supplemental Data
	Net asset value, beginning of the period		Net investment income (loss)c			Net realized and unrealized gain (loss) on investments			Total income (loss) from investment operations			From net investment income			From net realized gains			Total distributions			Net asset value, end of the period		Total returnl,m			Net assets, end of the period (000’s)		Ratio of expenses to average daily net assets			Net investment income (loss) to average daily net assets
Administrative Class
3/31/19r	$	16.29	$	0.04		$	(1.86	)	$	(1.82	)	$	(0.02	)	$	(1.36	)	$	(1.38	)	$	13.09		(10.56%	)b	$	20,932		0.99%	a		0.55%	a
9/30/18		16.25		0.07			1.94			2.01			(0.03	)		(1.94	)		(1.97	)		16.29		13.59%			26,503		0.99%			0.42%
9/30/17		13.68		0.07			2.98			3.05			(0.14	)		(0.34	)		(0.48	)		16.25		22.75%			23,967		1.00%			0.44%
9/30/16		13.72		0.12			1.29			1.41			(0.06	)		(1.39	)		(1.45	)		13.68		11.17%			17,641		1.01%			0.94%
9/30/15		15.68		0.10			0.41			0.51			(0.13	)		(2.34	)		(2.47	)		13.72		2.25%			18,171		0.99%			0.64%
9/30/14		14.84		0.14			0.83			0.97			(0.13	)		-			(0.13	)		15.68		6.55%			17,595		0.95%			0.86%
Class A
3/31/19r	$	15.92	$	0.02		$	(1.82	)	$	(1.80	)	$	-		$	(1.36	)	$	(1.36	)	$	12.76		(10.69%	)b	$	53,620		1.24%	a		0.30%	a
9/30/18		15.93		0.03			1.90			1.93			-			(1.94	)		(1.94	)		15.92		13.34%			69,157		1.24%			0.17%
9/30/17		13.42		0.03			2.92			2.95			(0.10	)		(0.34	)		(0.44	)		15.93		22.42%			73,462		1.25%			0.19%
9/30/16		13.49		0.09			1.26			1.35			(0.03	)		(1.39	)		(1.42	)		13.42		10.88%			69,495		1.26%			0.70%
9/30/15		15.43		0.06			0.42			0.48			(0.08	)		(2.34	)		(2.42	)		13.49		2.04%			66,359		1.24%			0.38%
9/30/14		14.62		0.09			0.81			0.90			(0.09	)		-			(0.09	)		15.43		6.19%			70,281		1.19%			0.60%
Class R4
3/31/19r	$	15.81	$	0.03		$	(1.81	)	$	(1.78	)	$	(0.00	)d	$	(1.36	)	$	(1.36	)	$	12.67		(10.60%	)b	$	10,342		1.14%	a		0.41%	a
9/30/18		15.83		0.04			1.89			1.93			(0.01	)		(1.94	)		(1.95	)		15.81		13.42%			11,773		1.14%			0.26%
9/30/17		13.36		0.04			2.91			2.95			(0.14	)		(0.34	)		(0.48	)		15.83		22.50%			9,717		1.15%			0.29%
9/30/16		13.48		0.10			1.27			1.37			(0.10	)		(1.39	)		(1.49	)		13.36		11.06%			4,467		1.16%			0.75%
9/30/15		15.44		0.12			0.38			0.50			(0.12	)		(2.34	)		(2.46	)		13.48		2.17%			571		1.14%			0.84%
9/30/14gg		16.14		0.04			(0.74	)		(0.70	)		-			-			-			15.44		(4.34%	)b		96		1.11%	a		0.46%	a
Class R3
3/31/19r	$	15.71	$	0.01		$	(1.79	)	$	(1.78	)	$	-		$	(1.36	)	$	(1.36	)	$	12.57		(10.71%	)b	$	8,684		1.39%	a		0.16%	a
9/30/18		15.77		0.00	d		1.88			1.88			-			(1.94	)		(1.94	)		15.71		13.14%			10,564		1.39%			0.02%
9/30/17		13.32		0.01			2.89			2.90			(0.11	)		(0.34	)		(0.45	)		15.77		22.19%			9,008		1.40%			0.04%
9/30/16		13.46		0.07			1.25			1.32			(0.07	)		(1.39	)		(1.46	)		13.32		10.72%			5,524		1.41%			0.51%
9/30/15		15.42		0.07			0.40			0.47			(0.09	)		(2.34	)		(2.43	)		13.46		1.97%			1,245		1.39%			0.45%
9/30/14gg		16.14		0.02			(0.74	)		(0.72	)		-			-			-			15.42		(4.46%	)b		96		1.36%	a		0.21%	a

179

MassMutual Premier Global Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

			Income (loss) from investment operations								Less distributions to shareholders														Ratios / Supplemental Data
	Net asset value, beginning of the period		Net investment income (loss)c,j		Net realized and unrealized gain (loss) on investments			Total income (loss) from investment operations			From net investment income			From net realized gains			Total distributions			Net asset value, end of the period		Total returnl,m			Net assets, end of the period (000’s)		Ratio of expenses to average daily net assets before expense waivers			Ratio of expenses to average daily net assets after expense waiversj		Net investment income (loss) to average daily net assets
Class I
3/31/19r	$	16.08	$	0.03	$	(0.72	)	$	(0.69	)	$	(0.11	)	$	(2.89	)	$	(3.00	)	$	12.39		(1.61%	)b	$	68,130		0.88%	a		N/A		0.43%	a
9/30/18		16.46		0.13		1.52			1.65			(0.16	)		(1.87	)		(2.03	)		16.08		10.39%			50,503		0.86%			N/A		0.79%
9/30/17		13.47		0.12		3.43			3.55			(0.18	)		(0.38	)		(0.56	)		16.46		27.53%			34,308		0.86%			N/A		0.78%
9/30/16		13.94		0.11		0.66			0.77			(0.14	)		(1.10	)		(1.24	)		13.47		5.50%			16,576		0.85%			N/A		0.85%
9/30/15		15.11		0.18		(0.46	)		(0.28	)		(0.19	)		(0.70	)		(0.89	)		13.94		(1.92%	)		1,044		0.84%			N/A		1.16%
9/30/14gg		14.85		0.13		0.13			0.26			-			-			-			15.11		1.75%	b		102		0.84%	a		N/A		1.75%	a
Class R5
3/31/19r	$	16.09	$	0.02	$	(0.73	)	$	(0.71	)	$	(0.09	)	$	(2.89	)	$	(2.98	)	$	12.40		(1.75%	)b	$	100,382		0.98%	a		N/A		0.30%	a
9/30/18		16.47		0.11		1.53			1.64			(0.15	)		(1.87	)		(2.02	)		16.09		10.28%			101,536		0.96%			N/A		0.65%
9/30/17		13.46		0.08		3.48			3.56			(0.17	)		(0.38	)		(0.55	)		16.47		27.55%			120,521		0.96%			N/A		0.54%
9/30/16		13.93		0.12		0.63			0.75			(0.12	)		(1.10	)		(1.22	)		13.46		5.37%			125,171		0.95%			N/A		0.89%
9/30/15		15.11		0.15		(0.46	)		(0.31	)		(0.17	)		(0.70	)		(0.87	)		13.93		(2.07%	)		166,316		0.94%			N/A		0.99%
9/30/14		13.99		0.15		1.25			1.40			(0.16	)		(0.12	)		(0.28	)		15.11		10.18%			206,074		0.99%			0.91%		0.99%
Service Class
3/31/19r	$	15.94	$	0.01	$	(0.71	)	$	(0.70	)	$	(0.06	)	$	(2.89	)	$	(2.95	)	$	12.29		(1.75%	)b	$	7,847		1.08%	a		N/A		0.11%	a
9/30/18		16.33		0.10		1.51			1.61			(0.13	)		(1.87	)		(2.00	)		15.94		10.17%			16,104		1.06%			N/A		0.60%
9/30/17		13.35		0.07		3.44			3.51			(0.15	)		(0.38	)		(0.53	)		16.33		27.37%			19,086		1.06%			N/A		0.46%
9/30/16		13.83		0.11		0.62			0.73			(0.11	)		(1.10	)		(1.21	)		13.35		5.28%			28,699		1.05%			N/A		0.87%
9/30/15		15.01		0.14		(0.46	)		(0.32	)		(0.16	)		(0.70	)		(0.86	)		13.83		(2.15%	)		30,582		1.04%			N/A		0.95%
9/30/14		13.90		0.15		1.22			1.37			(0.14	)		(0.12	)		(0.26	)		15.01		9.96%			14,038		1.05%			1.03%		0.99%

	Six months ended March 31,  2019b,r			Year ended September 30
				2018			2017			2016			2015			2014
Portfolio turnover rate		20	%		42	%		30	%		25	%		32	%		27	%

a Annualized.

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

c Per share amount calculated on the average shares method.

d Amount is less than $0.005 per share.

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

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

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

r Unaudited.

gg For the period April 1, 2014 (commencement of operations) through September 30, 2014.

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

180

			Income (loss) from investment operations									Less distributions to shareholders														Ratios / Supplemental Data
	Net asset value, beginning of the period		Net investment income (loss)c,j			Net realized and unrealized gain (loss) on investments			Total income (loss) from investment operations			From net investment income			From net realized gains			Total distributions			Net asset value, end of the period		Total returnl,m			Net assets, end of the period (000’s)		Ratio of expenses to average daily net assets before expense waivers			Ratio of expenses to average daily net assets after expense waiversj		Net investment income (loss) to average daily net assets
Administrative Class
3/31/19r	$	16.06	$	0.01		$	(0.72	)	$	(0.71	)	$	(0.06	)	$	(2.89	)	$	(2.95	)	$	12.40		(1.82%	)b	$	83,081		1.18%	a		N/A		0.09%	a
9/30/18		16.44		0.07			1.53			1.60			(0.11	)		(1.87	)		(1.98	)		16.06		10.07%			90,239		1.16%			N/A		0.46%
9/30/17		13.44		0.05			3.47			3.52			(0.14	)		(0.38	)		(0.52	)		16.44		27.24%			103,200		1.16%			N/A		0.36%
9/30/16		13.91		0.09			0.63			0.72			(0.09	)		(1.10	)		(1.19	)		13.44		5.15%			99,085		1.15%			N/A		0.68%
9/30/15		15.08		0.12			(0.45	)		(0.33	)		(0.14	)		(0.70	)		(0.84	)		13.91		(2.23%	)		120,753		1.14%			N/A		0.79%
9/30/14		13.96		0.11			1.25			1.36			(0.12	)		(0.12	)		(0.24	)		15.08		9.87%			136,272		1.18%			1.14%		0.77%
Class A
3/31/19r	$	15.87	$	(0.01	)	$	(0.71	)	$	(0.72	)	$	(0.02	)	$	(2.89	)	$	(2.91	)	$	12.24		(1.92)%b		$	28,817		1.43%	a		N/A		(0.16)%
9/30/18		16.27		0.03			1.51			1.54			(0.07	)		(1.87	)		(1.94	)		15.87		9.74%			31,725		1.41%			N/A		0.21%
9/30/17		13.29		0.02			3.44			3.46			(0.10	)		(0.38	)		(0.48	)		16.27		26.99%			30,769		1.41%			N/A		0.12%
9/30/16		13.77		0.06			0.61			0.67			(0.05	)		(1.10	)		(1.15	)		13.29		4.85%			32,200		1.40%			N/A		0.44%
9/30/15		14.92		0.08			(0.44	)		(0.36	)		(0.09	)		(0.70	)		(0.79	)		13.77		(2.44%	)		40,690		1.39%			N/A		0.54%
9/30/14		13.82		0.07			1.24			1.31			(0.09	)		(0.12	)		(0.21	)		14.92		9.54%			46,399		1.43%			1.41%		0.48%
Class R4
3/31/19r	$	15.71	$	0.00	d	$	(0.71	)	$	(0.71	)	$	(0.06	)	$	(2.89	)	$	(2.95	)	$	12.05		(1.88%	)b	$	8,944		1.33%	a		N/A		(0.04%	)a
9/30/18		16.13		0.04			1.51			1.55			(0.10	)		(1.87	)		(1.97	)		15.71		9.90%			7,790		1.31%			N/A		0.27%
9/30/17		13.21		0.03			3.41			3.44			(0.14	)		(0.38	)		(0.52	)		16.13		27.05%			5,560		1.31%			N/A		0.20%
9/30/16		13.74		0.09			0.61			0.70			(0.13	)		(1.10	)		(1.23	)		13.21		5.05%			4,322		1.30%			N/A		0.73%
9/30/15		14.93		0.12			(0.48	)		(0.36	)		(0.13	)		(0.70	)		(0.83	)		13.74		(2.44%	)		729		1.29%			N/A		0.79%
9/30/14gg		14.70		0.10			0.13			0.23			-			-			-			14.93		1.56%	b		102		1.29%	a		N/A		1.30%	a
Class R3
3/31/19r	$	15.80	$	(0.02	)	$	(0.71	)	$	(0.73	)	$	-		$	(2.89	)	$	(2.89	)	$	12.18		(2.04%	)b	$	11,028		1.58%	a		N/A		(0.30%	)a
9/30/18		16.21		0.01			1.51			1.52			(0.06	)		(1.87	)		(1.93	)		15.80		9.64%			11,029		1.56%			N/A		0.06%
9/30/17		13.27		(0.00	)d		3.42			3.42			(0.10	)		(0.38	)		(0.48	)		16.21		26.73%			10,696		1.56%			N/A		(0.03%	)
9/30/16		13.79		0.05			0.61			0.66			(0.08	)		(1.10	)		(1.18	)		13.27		4.78%			8,702		1.55%			N/A		0.42%
9/30/15		14.97		0.05			(0.43	)		(0.38	)		(0.10	)		(0.70	)		(0.80	)		13.79		(2.63%	)		2,905		1.54%			N/A		0.36%
9/30/14		13.86		0.07			1.24			1.31			(0.08	)		(0.12	)		(0.20	)		14.97		9.49%			1,523		1.64%			1.53%		0.48%

181

MassMutual Premier International Equity Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

			Income (loss) from investment operations									Less distributions to shareholders														Ratios /Supplemental Data
	Net asset value, beginning of the period		Net investment income (loss)c,j			Net realized and unrealized gain (loss) on investments			Total income (loss) from investment operations			From net investment income			From net realized gains			Total distributions			Net asset value, end of the period		Total returnl,m			Net assets, end of the period (000’s)		Ratio of expenses to average daily net assets before expense waiver			Ratio of expenses to average daily net assets after expense waiversj			Net investment income (loss) to average daily net assets
Class I
3/31/19r	$	12.99	$	0.00	d	$	(0.74	)	$	(0.74	)	$	(0.12	)	$	(0.46	)	$	(0.58	)	$	11.67		(5.25%	)b	$	168,799		0.98%	a		0.97%	a		0.04%	a
9/30/18		13.44		0.14			(0.42	)		(0.28	)		(0.17	)		-			(0.17	)		12.99		(2.14%	)		293,575		0.96%			0.94%			1.01%
9/30/17		11.97		0.18			1.61			1.79			(0.15	)		(0.17	)		(0.32	)		13.44		15.60%			246,510		0.96%			0.94%			1.46%
9/30/16		11.55		0.15			0.85			1.00			(0.14	)		(0.44	)		(0.58	)		11.97		8.86%			195,019		0.95%			0.94%			1.30%
9/30/15		14.39		0.18			(0.60	)		(0.42	)		(0.18	)		(2.24	)		(2.42	)		11.55		(3.02%	)		169,842		0.96%			N/A			1.42%
9/30/14gg		15.47		0.14			(1.22	)		(1.08	)		-			-			-			14.39		(6.98%	)b		64,208		0.96%	a		N/A			1.83%	a
Class R5
3/31/19r	$	12.98	$	0.00	d	$	(0.74	)	$	(0.74	)	$	(0.11	)	$	(0.46	)	$	(0.57	)	$	11.67		(5.31%	)b	$	122,462		1.09%	a		1.07%	a		0.03%	a
9/30/18		13.44		0.12			(0.42	)		(0.30	)		(0.16	)		-			(0.16	)		12.98		(2.32%	)		147,654		1.06%			1.04%			0.85%
9/30/17		11.97		0.17			1.61			1.78			(0.14	)		(0.17	)		(0.31	)		13.44		15.47%			195,316		1.06%			1.04%			1.38%
9/30/16		11.54		0.14			0.85			0.99			(0.12	)		(0.44	)		(0.56	)		11.97		8.83%			221,320		1.05%			1.04%			1.18%
9/30/15		14.38		0.13			(0.57	)		(0.44	)		(0.16	)		(2.24	)		(2.40	)		11.54		(3.17%	)		251,687		1.06%			N/A			1.05%
9/30/14		15.92		0.15			(0.16	)		(0.01	)		(0.19	)		(1.34	)		(1.53	)		14.38		(0.32%	)		351,818		1.06%			N/A			0.97%
Service Class
3/31/19r	$	12.94	$	(0.01	)	$	(0.74	)	$	(0.75	)	$	(0.09	)	$	(0.46	)	$	(0.55	)	$	11.64		(5.42%	)b	$	12,362		1.18%	a		1.17%	a		(0.15%	)a
9/30/18		13.39		0.11			(0.41	)		(0.30	)		(0.15	)		-			(0.15	)		12.94		(2.33%	)		23,069		1.16%			1.14%			0.79%
9/30/17		11.93		0.15			1.61			1.76			(0.13	)		(0.17	)		(0.30	)		13.39		15.33%			21,422		1.16%			1.14%			1.25%
9/30/16		11.51		0.13			0.84			0.97			(0.11	)		(0.44	)		(0.55	)		11.93		8.66%			22,510		1.15%			1.14%			1.09%
9/30/15		14.34		0.13			(0.57	)		(0.44	)		(0.15	)		(2.24	)		(2.39	)		11.51		(3.20%	)		21,741		1.16%			N/A			1.03%
9/30/14		15.90		0.14			(0.17	)		(0.03	)		(0.19	)		(1.34	)		(1.53	)		14.34		(0.46%	)		23,473		1.12%			N/A			0.88%

	Six months ended March 31,  2019b,r			Year ended September 30
				2018			2017			2016			2015			2014
Portfolio turnover rate		26	%		70	%		44	%		36	%		45	%		76	%

a Annualized.

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

c Per share amount calculated on the average shares method.

d Amount is less than $0.005 per share.

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

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

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

r Unaudited.

gg For the period April 1, 2014 (commencement of operations) through September 30, 2014.

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

182

			Income (loss) from investment operations									Less distributions to shareholders																Ratios /Supplemental Data
	Net asset value, beginning of the period		Net investment income (loss)c,j			Net realized and unrealized gain (loss) on investments			Total income (loss) from investment operations			From net investment income			From net realized gains			Total distributions			Net asset value, end of the period		Total returnl,m			Net assets, end of the period (000’s)		Ratio of expenses to average daily net assets before expense waivers			Ratio of expenses to average daily net assets after expense waiversj			Net investment income (loss) to average daily net assets
Administrative Class
3/31/19r	$	12.87	$	(0.01	)	$	(0.74	)	$	(0.75	)	$	(0.07	)	$	(0.46	)	$	(0.53	)	$	11.59		(5.38%	)b	$	7,863		1.28%	a		1.27%	a		(0.22%	)a
9/30/18		13.32		0.08			(0.40	)		(0.32	)		(0.13	)		-			(0.13	)		12.87		(2.49%	)		11,908		1.26%			1.24%			0.58%
9/30/17		11.87		0.15			1.58			1.73			(0.11	)		(0.17	)		(0.28	)		13.32		15.19%			17,968		1.26%			1.24%			1.22%
9/30/16		11.45		0.11			0.85			0.96			(0.10	)		(0.44	)		(0.54	)		11.87		8.59%			18,407		1.25%			1.24%			0.97%
9/30/15		14.27		0.12			(0.56	)		(0.44	)		(0.14	)		(2.24	)		(2.38	)		11.45		(3.28%	)		19,307		1.26%			N/A			0.96%
9/30/14		15.82		0.13			(0.18	)		(0.05	)		(0.16	)		(1.34	)		(1.50	)		14.27		(0.57%	)		18,339		1.25%			N/A			0.86%
Class A
3/31/19r	$	12.49	$	(0.02	)	$	(0.72	)	$	(0.74	)	$	(0.04	)	$	(0.46	)	$	(0.50	)	$	11.25		(5.52%	)b	$	24,828		1.53%	a		1.52%	a		(0.43%	)a
9/30/18		12.93		0.05			(0.39	)		(0.34	)		(0.10	)		-			(0.10	)		12.49		(2.70%	)		30,719		1.51%			1.49%			0.41%
9/30/17		11.52		0.10			1.56			1.66			(0.08	)		(0.17	)		(0.25	)		12.93		14.95%			39,746		1.51%			1.49%			0.90%
9/30/16		11.12		0.08			0.83			0.91			(0.07	)		(0.44	)		(0.51	)		11.52		8.34%			42,907		1.50%			1.49%			0.72%
9/30/15		13.94		0.08			(0.56	)		(0.48	)		(0.10	)		(2.24	)		(2.34	)		11.12		(3.54%	)		47,166		1.51%			N/A			0.65%
9/30/14		15.48		0.09			(0.17	)		(0.08	)		(0.12	)		(1.34	)		(1.46	)		13.94		(0.77%	)		53,155		1.50%			N/A			0.58%
Class R4
3/31/19r	$	12.38	$	(0.02	)	$	(0.71	)	$	(0.73	)	$	(0.06	)	$	(0.46	)	$	(0.52	)	$	11.13		(5.49%	)b	$	7,566		1.43%	a		1.42%	a		(0.35%	)a
9/30/18		12.84		0.07			(0.40	)		(0.33	)		(0.13	)		-			(0.13	)		12.38		(2.63%	)		10,673		1.41%			1.39%			0.54%
9/30/17		11.47		0.13			1.53			1.66			(0.12	)		(0.17	)		(0.29	)		12.84		15.10%			10,932		1.41%			1.39%			1.10%
9/30/16		11.11		0.14			0.77			0.91			(0.11	)		(0.44	)		(0.55	)		11.47		8.42%			3,648		1.40%			1.39%			1.28%
9/30/15		13.94		0.09			(0.55	)		(0.46	)		(0.13	)		(2.24	)		(2.37	)		11.11		(3.46%	)		349		1.41%			N/A			0.73%
9/30/14gg		15.03		0.11			(1.20	)		(1.09	)		-			-			-			13.94		(7.25%	)b		93		1.41%	a		N/A			1.47%	a
Class R3
3/31/19r	$	12.34	$	(0.03	)	$	(0.71	)	$	(0.74	)	$	(0.04	)	$	(0.46	)	$	(0.50	)	$	11.10		(5.63%	)b	$	5,796		1.68%	a		1.67%	a		(0.61%	)a
9/30/18		12.79		0.03			(0.39	)		(0.36	)		(0.09	)		-			(0.09	)		12.34		(2.88%	)		9,024		1.66%			1.64%			0.25%
9/30/17		11.43		0.09			1.54			1.63			(0.10	)		(0.17	)		(0.27	)		12.79		14.77%			9,045		1.66%			1.64%			0.77%
9/30/16		11.09		0.09			0.80			0.89			(0.11	)		(0.44	)		(0.55	)		11.43		8.24%			3,618		1.65%			1.64%			0.82%
9/30/15		13.93		0.05			(0.54	)		(0.49	)		(0.11	)		(2.24	)		(2.35	)		11.09		(3.76%	)		524		1.66%			N/A			0.41%
9/30/14gg		15.03		0.09			(1.19	)		(1.10	)		-			-			-			13.93		(7.32%	)b		93		1.66%	a		N/A			1.22%	a

183

MassMutual Premier Strategic Emerging Markets Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

			Income (loss) from investment operations									Less distributions to shareholders											Ratios / Supplemental Data
	Net asset value, beginning of the period		Net investment income (loss)c,j			Net realized and unrealized gain (loss) on investments			Total income (loss) from investment operations			From net investment income			Total distributions			Net asset value, end of the period		Total returnl,m			Net assets, end of the period (000’s)		Ratio of expenses to average daily  net assets before expense waivers			Ratio of expenses to average daily net assets after expense waiversj			Net investment income (loss) to average daily net assets
Class I
3/31/19r	$	12.75	$	0.00	d	$	0.44		$	0.44		$	(0.08	)	$	(0.08	)	$	13.11		3.56%	b	$	200,188		1.35%	a		1.08%	a		(0.07%	)a
9/30/18		12.88		0.08			(0.04	)		0.04			(0.17	)		(0.17	)		12.75		0.31%			216,085		1.27%			1.05%			0.62%
9/30/17		10.79		0.07			2.14			2.21			(0.12	)		(0.12	)		12.88		20.85%			236,991		1.28%			1.05%			0.65%
9/30/16		9.19		0.07			1.61			1.68			(0.08	)		(0.08	)		10.79		18.36%			204,626		1.31%			1.05%			0.69%
9/30/15		12.11		0.09			(2.87	)		(2.78	)		(0.14	)		(0.14	)		9.19		(23.13%	)		127,823		1.37%			1.05%			0.77%
9/30/14		11.68		0.08			0.50			0.58			(0.15	)		(0.15	)		12.11		5.01%			140,584		1.34%			1.02%			0.68%
Class R5
3/31/19r	$	12.92	$	(0.01	)	$	0.45		$	0.44		$	(0.07	)	$	(0.07	)	$	13.29		3.48%	b	$	4,243		1.45%	a		1.18%	a		(0.17%	)a
9/30/18		13.05		0.07			(0.04	)		0.03			(0.16	)		(0.16	)		12.92		0.21%			4,047		1.37%			1.15%			0.53%
9/30/17		10.94		0.06			2.16			2.22			(0.11	)		(0.11	)		13.05		20.59%			3,887		1.38%			1.15%			0.54%
9/30/16		9.30		0.04			1.65			1.69			(0.05	)		(0.05	)		10.94		18.22%			3,148		1.41%			1.15%			0.38%
9/30/15		12.24		0.08			(2.89	)		(2.81	)		(0.13	)		(0.13	)		9.30		(23.20%	)		7,389		1.47%			1.15%			0.67%
9/30/14		11.81		0.07			0.49			0.56			(0.13	)		(0.13	)		12.24		4.88%			8,869		1.47%			1.15%			0.55%
Service Class
3/31/19r	$	12.73	$	(0.02	)	$	0.45		$	0.43		$	(0.02	)	$	(0.02	)	$	13.14		3.42%	b	$	134		1.55%	a		1.28%	a		(0.29%	)a
9/30/18		12.85		0.05			(0.03	)		0.02			(0.14	)		(0.14	)		12.73		0.10%			230		1.47%			1.25%			0.41%
9/30/17		10.78		(0.02	)		2.19			2.17			(0.10	)		(0.10	)		12.85		20.41%			434		1.48%			1.25%			(0.20%	)
9/30/16		9.17		0.04			1.63			1.67			(0.06	)		(0.06	)		10.78		18.27%			8,238		1.51%			1.25%			0.43%
9/30/15		12.09		0.07			(2.87	)		(2.80	)		(0.12	)		(0.12	)		9.17		(23.23%	)		7,015		1.57%			1.25%			0.63%
9/30/14		11.66		0.06			0.49			0.55			(0.12	)		(0.12	)		12.09		4.75%			256		1.57%			1.25%			0.46%

	Six months ended March 31, 2019b,r	Year ended September 30
		2018			2017			2016			2015			2014
Portfolio turnover rate	15%		38	%		51	%		33	%		40	%		108	%

a Annualized.

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

c Per share amount calculated on the average shares method.

d Amount is less than $0.005 per share.

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

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

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

r Unaudited.

gg For the period April 1, 2014 (commencement of operations) through September 30, 2014.

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

184

			Income (loss) from investment operations									Less distributions to shareholders											Ratios / Supplemental Data
	Net asset value, beginning of the period		Net investment income (loss)c,j			Net realized and unrealized gain (loss) on investments			Total income (loss) from investment operations			From net investment income			Total distributions			Net asset value, end of the period		Total returnl,m			Net assets, end of the period (000’s)		Ratio of expenses to average daily  net assets before expense waivers			Ratio of expenses to average daily net assets after expense waiversj			Net investment income (loss) to average daily net assets
Administrative Class
3/31/19r	$	12.78	$	(0.02	)	$	0.45		$	0.43		$	(0.03	)	$	(0.03	)	$	13.18		3.39%	b	$	956		1.65%	a		1.38%	a		(0.38%	)a
9/30/18		12.91		0.04			(0.03	)		0.01			(0.14	)		(0.14	)		12.78		0.02%			879		1.57%			1.35%			0.33%
9/30/17		10.84		0.05			2.13			2.18			(0.11	)		(0.11	)		12.91		20.35%			1,565		1.58%			1.35%			0.41%
9/30/16		9.23		0.04			1.62			1.66			(0.05	)		(0.05	)		10.84		18.02%			677		1.61%			1.35%			0.42%
9/30/15		12.15		0.06			(2.88	)		(2.82	)		(0.10	)		(0.10	)		9.23		(23.32%	)		431		1.67%			1.35%			0.54%
9/30/14		11.72		0.07			0.47			0.54			(0.11	)		(0.11	)		12.15		4.61%			409		1.68%			1.37%			0.59%
Class A
3/31/19r	$	12.73	$	(0.04	)	$	0.45		$	0.41		$	(0.04	)	$	(0.04	)	$	13.10		3.27%	b	$	761		1.90%	a		1.64%	a		(0.61%	)a
9/30/18		12.88		0.04			(0.07	)		(0.03	)		(0.12	)		(0.12	)		12.73		(0.23%	)		386		1.82%			1.60%			0.30%
9/30/17		10.74		0.02			2.14			2.16			(0.02	)		(0.02	)		12.88		20.18%			118		1.83%			1.60%			0.14%
9/30/16		9.13		0.01			1.60			1.61			(0.00	)d		(0.00	)d		10.74		17.68%			95		1.86%			1.60%			0.11%
9/30/15		12.04		0.00	d		(2.81	)		(2.81	)		(0.10	)		(0.10	)		9.13		(23.47%	)		190		1.92%			1.60%			0.02%
9/30/14		11.61		(0.01	)		0.51			0.50			(0.07	)		(0.07	)		12.04		4.36%			470		1.94%			1.62%			(0.05%	)
Class R4
3/31/19r	$	12.63	$	(0.03	)	$	0.44		$	0.41		$	(0.03	)	$	(0.03	)	$	13.01		3.34%	b	$	1,307		1.80%	a		1.54%	a		(0.52%	)a
9/30/18		12.76		0.03			(0.04	)		(0.01	)		(0.12	)		(0.12	)		12.63		(0.10%	)		1,295		1.72%			1.50%			0.22%
9/30/17		10.72		0.03			2.11			2.14			(0.10	)		(0.10	)		12.76		20.23%			1,019		1.73%			1.50%			0.24%
9/30/16		9.14		0.02			1.61			1.63			(0.05	)		(0.05	)		10.72		17.87%			599		1.76%			1.50%			0.23%
9/30/15		12.05		0.03			(2.84	)		(2.81	)		(0.10	)		(0.10	)		9.14		(23.45%	)		112		1.82%			1.50%			0.27%
9/30/14gg		11.64		0.05			0.36			0.41			-			-			12.05		3.52%	b		103		1.82%	a		1.50%	a		0.76%	a
Class R3
3/31/19r	$	12.60	$	(0.05	)	$	0.45		$	0.40		$	-		$	-		$	13.00		3.17%	b	$	764		2.05%	a		1.78%	a		(0.78%	)a
9/30/18		12.73		(0.01	)		(0.04	)		(0.05	)		(0.08	)		(0.08	)		12.60		(0.39%	)		761		1.97%			1.75%			(0.09%	)
9/30/17		10.70		(0.01	)		2.12			2.11			(0.08	)		(0.08	)		12.73		19.88%			821		1.98%			1.75%			(0.07%	)
9/30/16		9.12		0.00	d		1.61			1.61			(0.03	)		(0.03	)		10.70		17.66%			642		2.01%			1.75%			0.04%
9/30/15		12.03		0.03			(2.86	)		(2.83	)		(0.08	)		(0.08	)		9.12		(23.57%	)		184		2.07%			1.75%			0.24%
9/30/14gg		11.64		0.03			0.36			0.39			-			-			12.03		3.35%	b		103		2.07%	a		1.75%	a		0.51%	a

185

Notes to Financial Statements (Unaudited)

1. The Funds

MassMutual Premier Funds (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust is organized under the laws of the Commonwealth of Massachusetts as a Massachusetts business trust pursuant to an Agreement and Declaration of Trust dated August 1, 1994, as amended and restated as of November 21, 2011, as it may be further amended from time to time. The following are 14 series of the Trust (each individually referred to as a “Fund” or collectively as the “Funds”):

MassMutual Premier U.S. Government Money Market Fund (“U.S. Government Money Market Fund”)

MassMutual Premier Short-Duration Bond Fund (“Short-Duration Bond Fund”)

MassMutual Premier Inflation-Protected and Income Fund (“Inflation-Protected and Income Fund”)

MassMutual Premier Core Bond Fund (“Core Bond Fund”)

MassMutual Premier Diversified Bond Fund (“Diversified Bond Fund”)

MassMutual Premier High Yield Fund (“High Yield Fund”)

MassMutual Premier Balanced Fund (“Balanced Fund”)

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

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

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

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

MassMutual Premier Global Fund (“Global Fund”)

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

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

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

2. Significant Accounting Policies

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

Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946, Financial Services – Investment Companies.

New Disclosure Requirements

Pursuant to amendments to certain disclosure requirements in Regulation S-X adopted by the Securities and Exchange Commission (“SEC”), the presentation of certain disclosures within the Statements of Assets and Liabilities and the Statements of Changes in Net Assets have been conformed to meet these new requirements. There is no longer a requirement to present the components of distributable earnings on the Statements of Assets and Liabilities. Adjustments to the Statements of Changes in Net Assets include updates to prior year distributions to shareholders, distributions in excess of net investment income, and undistributed net investment income.

186

Notes to Financial Statements (Unaudited) (Continued)

The following is a summary of the previously disclosed amounts, as reported at September 30, 2018:

	U.S. Government Money Market Fund			Short- Duration Bond Fund			Inflation- Protected and Income Fund			Core Bond Fund			Diversified Bond Fund			High Yield Fund			Balanced Fund
Distributions to shareholders
From net investment income:
Class I	$	-		$	(7,691,067	)	$	(2,927,040	)	$	(16,298,876	)	$	(843,981	)	$	(15,260,676	)	$	(150,517	)
Class R5		(4,036,266	)		(3,581,314	)		(1,630,948	)		(10,042,498	)		(2,762,770	)		(3,402,827	)		(825,274	)
Service Class		-			(1,800,199	)		(1,365,911	)		(2,847,221	)		(455,302	)		(2,834,872	)		(112,228	)
Administrative Class		-			(675,313	)		(362,670	)		(1,969,162	)		(738,553	)		(1,983,745	)		(142,305	)
Class A		-			(1,139,950	)		(495,760	)		(2,716,702	)		(874,975	)		(1,668,415	)		(418,692	)
Class R4		-			(295,883	)		(157,975	)		(452,049	)		(142,412	)		(1,876,196	)		(46,983	)
Class R3		-			(127,705	)		(112,214	)		(12,415	)		(101,773	)		(2,304,959	)		(95,231	)
Total distributions from net investment income		(4,036,266	)		(15,311,431	)		(7,052,518	)		(34,338,923	)		(5,919,766	)		(29,331,690	)		(1,791,230	)
From net realized gains:
Class I		-			-			-			-			-			-			(419,886	)
Class R5		(15,250	)		-			-			-			-			-			(2,441,906	)
Service Class		-			-			-			-			-			-			(363,420	)
Administrative Class		-			-			-			-			-			-			(489,679	)
Class A		-			-			-			-			-			-			(1,685,763	)
Class R4		-			-			-			-			-			-			(165,644	)
Class R3		-			-			-			-			-			-			(408,357	)
Total distributions from net realized gains		(15,250	)		-			-			-			-			-			(5,974,655	)
Accumulated undistributed (distributions in excess of) net investment income at end of year	$	(104,879	)	$	13,817,391		$	7,520,348		$	30,094,743		$	5,283,381		$	21,882,233		$	1,419,307
	Disciplined Value Fund			Main Street Fund			Disciplined Growth Fund			Small Cap Opportunities Fund			Global Fund			International Equity Fund			Strategic Emerging Markets Fund
Distributions to shareholders
From net investment income:
Class I	$	(1,604,136	)	$	(121,371	)	$	(1,067,533	)	$	(80,448	)	$	(371,046	)	$	(3,222,891	)	$	(3,266,714	)
Class R5		(858,883	)		(792,770	)		(749,015	)		(217,215	)		(973,977	)		(2,165,164	)		(48,833	)
Service Class		(884,855	)		(10,364	)		(553,563	)		(37,295	)		(148,279	)		(228,348	)		(4,633	)
Administrative Class		(104,018	)		(274,091	)		(250,708	)		(36,981	)		(697,807	)		(161,875	)		(15,720	)
Class A		(119,815	)		(86,861	)		(132,436	)		-			(127,246	)		(277,389	)		(1,765	)
Class R4		(157,778	)		(36,158	)		(154,197	)		(4,317	)		(34,562	)		(124,071	)		(9,767	)
Class R3		(58,916	)		(4,833	)		(15,204	)		-			(38,175	)		(57,228	)		(5,088	)
Total distributions from net investment income		(3,788,401	)		(1,326,448	)		(2,922,656	)		(376,256	)		(2,391,092	)		(6,236,966	)		(3,352,520	)
From net realized gains:
Class I		(8,075,905	)		(698,041	)		(12,964,775	)		(2,130,989	)		(4,234,464	)		-			-
Class R5		(4,566,582	)		(5,009,325	)		(10,132,474	)		(7,472,114	)		(12,439,902	)		-			-
Service Class		(4,962,387	)		(72,606	)		(8,469,423	)		(1,770,371	)		(2,169,952	)		-			-
Administrative Class		(612,898	)		(2,130,007	)		(4,565,652	)		(2,825,371	)		(11,456,262	)		-			-
Class A		(891,635	)		(909,629	)		(4,168,816	)		(8,525,904	)		(3,406,608	)		-			-
Class R4		(982,879	)		(339,371	)		(3,156,438	)		(1,168,317	)		(660,525	)		-			-
Class R3		(391,570	)		(74,044	)		(526,943	)		(1,100,523	)		(1,219,812	)		-			-
Total distributions from net realized gains		(20,483,856	)		(9,233,023	)		(43,984,521	)		(24,993,589	)		(35,587,525	)		-			-
Accumulated undistributed (distributions in excess of) net investment income at end of year	$	2,503,043		$	764,017		$	2,130,813		$	112,405		$	170,090		$	4,117,064		$	(471,716	)

187

Notes to Financial Statements (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. If the NYSE is scheduled to close early, the business day will be considered to end as of the time of the NYSE’s scheduled close. A Fund will not treat an intraday disruption in NYSE trading or other event that causes an unscheduled closing of the NYSE as a close of business of the NYSE for these purposes and will instead fair value securities in accordance with procedures approved annually by the Board of Trustees (“Trustees”), and under the general oversight of the Trustees. On holidays and other days when the NYSE is closed, each Fund’s net asset value generally is not calculated and the Funds do not anticipate accepting buy or sell orders. However, the value of each Fund’s assets may still be affected on such days to the extent that a Fund holds foreign securities that trade on days that foreign securities markets are open.

Equity securities and derivative contracts that are actively traded on a national securities exchange or contract market are valued on the basis of information furnished by a pricing service, which provides the last reported sale price, or, in the case of futures contracts, the settlement price, for securities or derivatives listed on the exchange or contract market or the official closing price on the NASDAQ National Market System (“NASDAQ System”), or in the case of over-the-counter (“OTC”) securities for which an official closing price is unavailable or not reported on the NASDAQ System, the last reported bid price. Portfolio securities traded on more than one national securities exchange are valued at the last price at the close of the exchange representing the principal market for such securities. Debt securities (with the exception of debt securities held by the U.S. Government Money Market Fund) are valued on the basis of valuations furnished by a pricing service, which generally determines valuations taking into account factors such as institutional-size trading in similar securities, yield, quality, coupon rate, maturity, type of issue, trading characteristics, and other market data. Shares of other open-end mutual funds are valued at their closing net asset values as reported on each business day. The U.S. Government Money Market Fund’s debt securities are typically valued at amortized cost, but may be valued using a vendor quote if the Fund’s investment adviser determines it more closely approximates current market value, in accordance with Rule 2a-7 under the 1940 Act pursuant to which the U.S. Government Money Market Fund must adhere to certain conditions. It is the intention of the U.S. Government Money Market Fund to maintain a stable net asset value per share of $1.00, although this cannot be assured.

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

Investments for which market quotations are not available or for which a pricing service or vendor does not provide a value, or for which such market quotations or values are considered by the investment adviser or subadviser to be unreliable (including, for example, certain foreign securities, thinly-traded securities, certain restricted securities, certain initial public offerings, or securities whose values may have been affected by a significant event) are stated at fair valuations determined in good faith by the Funds’ Valuation Committee¹ in accordance with procedures approved annually by the Trustees, and under the general oversight of the Trustees. The Funds’ Valuation Committee employs various methods to determine fair valuations including a regular review of significant inputs and assumptions and review of any related market activity. The Funds’ Valuation Committee reports to the Trustees at its regularly scheduled meetings. It is possible that fair value prices will be used by the Funds to a significant extent.

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 other 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.

188

Notes to Financial Statements (Unaudited) (Continued)

The value determined for an investment using the Funds’ fair value procedures may differ from recent market prices for the investment and may be significantly different from the value realized upon the sale of such investment.

The Funds may invest in securities that are traded principally in foreign markets and that trade on weekends and other days when the Funds do not price their shares. As a result, the values of the Funds’ portfolio securities may change on days when the prices of the Funds’ shares are not calculated. The prices of the Funds’ shares will reflect any such changes when the prices of the Funds’ shares are next calculated, which is the next business day. The Funds may use fair value pricing more frequently for securities primarily traded in foreign markets because, among other things, most foreign markets close well before the Funds value their securities. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim. The Funds’ investments may be priced based on fair values provided by a third-party vendor, based on certain factors and methodologies applied by such vendor, in the event that there is movement in the U.S. market, between the close of the foreign market and the time the Funds calculate their net asset values. All assets and liabilities expressed in foreign currencies are converted into U.S. dollars at the mean between the buying and selling rates of such currencies against the U.S. dollar at the end of each business day.

For investments in equity or debt issued by privately held companies or funds (“Private Company” or collectively, the “Private Companies”) and any other investments fair valued using significant unobservable inputs, as described below, the fair valuation approaches used by third party service providers and/or the Funds’ subadvisers utilize one or a combination of, but not limited to, the following inputs:

Market approach: (i) recent market transactions, including subsequent rounds of financing, in the underlying investment or comparable issuers; (ii) recapitalizations and other transactions across the capital structure; and (iii) market multiples of comparable issuers.

Income approach: (i) future cash flows discounted to present value and adjusted as appropriate for liquidity, credit, and/or market risks; (ii) quoted prices for similar investments or assets in active markets; and (iii) other risk factors, such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, recovery rates, liquidation amounts, and/or default rates.

Cost approach: (i) audited or unaudited financial statements, investor communications, and financial or operational metrics issued by the Private Company; (ii) changes in the valuation of relevant indices or publicly traded companies comparable to the Private Company; (iii) relevant news and other public sources; and (iv) known secondary market transactions in the Private Company’s interests and merger or acquisition activity in companies comparable to the Private Company.

Investments in series of preferred stock issued by Private Companies are typically valued utilizing Market approach in determining the enterprise value of the company. Such investments often contain rights and preferences that differ from other series of preferred and common stock of the same issuer. Valuation techniques such as the current value method (“CVM”), an option pricing model (“OPM”), a probability weighted expected return model (“PWERM”), or a hybrid of those techniques are used in allocating enterprise value of the company, as deemed appropriate under the circumstances. The CVM allocates value among the various parts of a company’s capital structure assuming that the value of convertible preferred stock is represented by the most favorable claim the preferred stockholders have on the enterprise value as of the valuation date. The use of OPM and PWERM techniques involve a determination of the exit scenarios of the investment in order to appropriately allocate the enterprise value of the company among the various parts of its capital structure.

The Private Companies are not subject to the public company disclosure, timing, and reporting standards as other investments held by a Fund. Typically, the most recently available information for a Private Company is as of a date that is earlier than the date a Fund is calculating its net asset value. This factor may result in a difference between the value of the investment and the price a Fund could receive upon the sale of the investment.

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A three-tier hierarchy is utilized to maximize the use of observable market data inputs and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, for example, the risk inherent in a particular valuation technique used to measure fair value (such as a

189

Notes to Financial Statements (Unaudited) (Continued)

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; broker quoted securities which may include brokers’ assumptions; and non-exchange traded equity securities and 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; and any securities acquired in a non-public offering for which there is no active market are categorized in Level 3.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

Changes in valuation techniques may result in transfers in or out of an investment’s assigned Level within the hierarchy. In addition, in periods of market dislocation, the observability of prices and inputs may be reduced for many instruments. This condition, as well as changes related to liquidity of investments, could cause a security to be reclassified between Level 1, Level 2, or Level 3.

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes the level in the fair value hierarchy within which the fair value measurement falls is determined based on the lowest level input that is significant to the overall fair value measurement.

The U.S. Government Money Market Fund characterized all investments at Level 2, as of March 31, 2019. The Disciplined Value Fund, Main Street Fund, Disciplined Growth Fund, and Small Cap Opportunities Fund characterized all long-term investments at Level 1, and all short-term investments at Level 2, as of March 31, 2019. 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.

190

Notes to Financial Statements (Unaudited) (Continued)

The following is the aggregate value by input level, as of March 31, 2019, for remaining Funds’ investments:

	Level 1			Level 2			Level 3			Total
Short-Duration Bond Fund
Asset Investments
Corporate Debt	$	-		$	188,186,040		$	-		$	188,186,040
Municipal Obligations		-			93,544			-			93,544
Non-U.S. Government Agency Obligations		-			260,104,637			1,390,310	**		261,494,947
U.S. Government Agency Obligations and Instrumentalities		-			3,324,195			-			3,324,195
U.S. Treasury Obligations		-			14,437,675			-			14,437,675
Purchased Options		-			5,218,361			-			5,218,361
Mutual Funds		104,750			-			-			104,750
Short-Term Investments		-			14,963,111			-			14,963,111
Total Investments	$	104,750		$	486,327,563		$	1,390,310		$	487,822,623
Asset Derivatives
Futures Contracts	$	952,924		$	-		$	-		$	952,924
Liability Derivatives
Futures Contracts	$	(2,310,161	)	$	-		$	-		$	(2,310,161	)
Swap Agreements		-			(383,457	)		-			(383,457	)
Total	$	(2,310,161	)	$	(383,457	)	$	-		$	(2,693,618	)
Inflation-Protected and Income Fund
Asset Investments
Corporate Debt	$	-		$	3,655,710		$	-		$	3,655,710
Non-U.S. Government Agency Obligations		721,245			68,131,829			-			68,853,074
U.S. Treasury Obligations		-			213,498,326			-			213,498,326
Purchased Options		-			1,611,932			-			1,611,932
Short-Term Investments		-			13,285,171			-			13,285,171
Total Investments	$	721,245		$	300,182,968		$	-		$	300,904,213
Asset Derivatives
Futures Contracts	$	603,258		$	-		$	-		$	603,258
Swap Agreements		-			55,419			-			55,419
Total	$	603,258		$	55,419		$	-		$	658,677
Liability Derivatives
Futures Contracts	$	(551,605	)	$	-		$	-		$	(551,605	)
Swap Agreements		-			(771,004	)		-			(771,004	)
Total	$	(551,605	)	$	(771,004	)	$	-		$	(1,322,609	)
Core Bond Fund
Asset Investments
Preferred Stock	$	3,317,600		$	-		$	-		$	3,317,600
Corporate Debt		-			483,378,960			-			483,378,960
Municipal Obligations		-			6,124,926			-			6,124,926
Non-U.S. Government Agency Obligations		-			422,850,305			3,721,980	**		426,572,285
Sovereign Debt Obligations		-			8,930,269			-			8,930,269

191

Notes to Financial Statements (Unaudited) (Continued)

	Level 1			Level 2			Level 3			Total
Core Bond Fund (Continued)
Asset Investments (Continued)
U.S. Government Agency Obligations and Instrumentalities	$	-		$	340,787,817		$	-		$	340,787,817
U.S. Treasury Obligations		-			44,321,061			-			44,321,061
Purchased Options		-			9,689,360			-			9,689,360
Mutual Funds		4,431,593			-			-			4,431,593
Short-Term Investments		-			246,171,214			-			246,171,214
Total Investments	$	7,749,193		$	1,562,253,912		$	3,721,980		$	1,573,725,085
Asset Derivatives
Futures Contracts	$	3,610,209		$	-		$	-		$	3,610,209
Liability Derivatives
Futures Contracts	$	(862,258	)	$	-		$	-		$	(862,258	)
Swap Agreements		-			(841,829	)		-			(841,829	)
Total	$	(862,258	)	$	(841,829	)	$	-		$	(1,704,087	)
Diversified Bond Fund
Asset Investments
Common Stock	$	58,316		$	-		$	807	**	$	59,123
Preferred Stock		255,200			-			-			255,200
Corporate Debt		-			81,098,652			-			81,098,652
Municipal Obligations		-			1,094,124			-			1,094,124
Non-U.S. Government Agency Obligations		-			60,987,333			558,830	**		61,546,163
Sovereign Debt Obligations		-			1,520,923			-			1,520,923
U.S. Government Agency Obligations and Instrumentalities		-			41,063,446			-			41,063,446
U.S. Treasury Obligations		-			3,994,743			-			3,994,743
Purchased Options		-			2,521,728			-			2,521,728
Warrants		-			-			3,870	**		3,870
Mutual Funds		2,427,133			-			-			2,427,133
Short-Term Investments		-			36,863,418			-			36,863,418
Total Investments	$	2,740,649		$	229,144,367		$	563,507		$	232,448,523
Asset Derivatives
Forward Contracts	$	-		$	35,858		$	-		$	35,858
Futures Contracts		654,872			-			-			654,872
Total	$	654,872		$	35,858		$	-		$	690,730
Liability Derivatives
Forward Contracts	$	-		$	(65,030	)	$	-		$	(65,030	)
Futures Contracts		(158,599	)		-			-			(158,599	)
Swap Agreements		-			(123,164	)		-			(123,164	)
Total	$	(158,599	)	$	(188,194	)	$	-		$	(346,793	)
High Yield Fund
Asset Investments
Common Stock	$	1,906,997		$	1,817,200		$	9,899	**	$	3,734,096
Preferred Stock		462,586			-			-			462,586
Bank Loans		-			33,950,213			-			33,950,213
Corporate Debt		-			458,340,463			-			458,340,463
Warrants		-			-			56,447	**		56,447

192

Notes to Financial Statements (Unaudited) (Continued)

	Level 1		Level 2			Level 3			Total
High Yield Fund (Continued)
Asset Investments (Continued)
Mutual Funds	$	44,970,160	$	-		$	-		$	44,970,160
Total Investments	$	47,339,743	$	494,107,876		$	66,346		$	541,513,965
Balanced Fund
Asset Investments
Common Stock	$	60,352,723	$	-		$	-		$	60,352,723
Preferred Stock		127,600		-			-			127,600
Corporate Debt		-		16,377,269			-			16,377,269
Municipal Obligations		-		366,341			-			366,341
Non-U.S. Government Agency Obligations		-		14,061,747			300,000	**		14,361,747
Sovereign Debt Obligations		-		307,774			-			307,774
U.S. Government Agency Obligations and Instrumentalities		-		11,982,747			-			11,982,747
U.S. Treasury Obligations		-		1,211,120			-			1,211,120
Purchased Options		-		246,551			-			246,551
Mutual Funds		11,229,526		-			-			11,229,526
Short-Term Investments		-		9,447,276			-			9,447,276
Total Investments	$	71,709,849	$	54,000,825		$	300,000		$	126,010,674
Asset Derivatives
Futures Contracts	$	126,498	$	-		$	-		$	126,498
Liability Derivatives
Swap Agreements	$	-	$	(20,315	)	$	-		$	(20,315	)
Global Fund
Asset Investments
Common Stock*
Cayman Islands	$	10,482,164	$	-		$	-		$	10,482,164
Denmark		-		1,375,332			-			1,375,332
France		-		20,760,540			-			20,760,540
Germany		-		17,932,608			-			17,932,608
India		4,655,854		7,420,156			-			12,076,010
Italy		-		734,536			-			734,536
Japan		-		37,816,912			-			37,816,912
Netherlands		1,413,108		12,175,764			-			13,588,872
Spain		-		5,715,345			-			5,715,345
Sweden		-		6,141,589			-			6,141,589
Switzerland		-		6,170,344			-			6,170,344
United Kingdom		1,221,086		14,274,404			-			15,495,490
United States		148,662,573		-			-			148,662,573
Preferred Stock*
Germany		-		3,885,229			-			3,885,229
India		46,324		-			-			46,324
Mutual Funds		13,040,524		-			-			13,040,524
Total Investments	$	179,521,633	$	134,402,759		$	-		$	313,924,392

193

Notes to Financial Statements (Unaudited) (Continued)

	Level 1		Level 2		Level 3		Total
International Equity Fund
Asset Investments
Common Stock*
Australia	$	-	$	5,310,680	$	-	$	5,310,680
Austria		-		1,560,209		-		1,560,209
Canada		17,441,224		-		-		17,441,224
Cayman Islands		7,753,669		5,773,400		-		13,527,069
Denmark		-		9,561,287		-		9,561,287
Finland		-		6,695,728		-		6,695,728
France		-		46,472,504		-		46,472,504
Germany		-		34,092,692		-		34,092,692
India		8,245,447		2,573,005		-		10,818,452
Ireland		1,053,796		2,104,981		-		3,158,777
Japan		-		42,204,994		-		42,204,994
Luxembourg		-		3,958,374		-		3,958,374
Netherlands		-		28,946,559		-		28,946,559
New Zealand		-		3,968,418		-		3,968,418
Panama		4,677,906		-		-		4,677,906
Spain		-		15,328,445		-		15,328,445
Sweden		-		10,332,021		-		10,332,021
Switzerland		-		33,123,888		-		33,123,888
Thailand		3,829,480		-		-		3,829,480
United Kingdom		930,589		39,375,339		-		40,305,928
United States		5,317,851		-		-		5,317,851
Preferred Stock
India		52,815		-		-		52,815
Mutual Funds		12,847,687		-		-		12,847,687
Total Investments	$	62,150,464	$	291,382,524	$	-	$	353,532,988
Strategic Emerging Markets Fund
Asset Investments
Common Stock*
Bermuda	$	2,663,445	$	2,669,061	$	-	$	5,332,506
Brazil		7,720,571		-		-		7,720,571
Cayman Islands		23,372,253		14,906,289		-		38,278,542
Chile		2,549,187		-		-		2,549,187
China		-		12,885,786		-		12,885,786
Colombia		1,116,229		-		-		1,116,229
Egypt		-		958,715		-		958,715
France		-		13,258,569		-		13,258,569
Hong Kong		-		10,280,946		-		10,280,946
India		-		23,480,590		-		23,480,590
Indonesia		-		2,177,340		-		2,177,340
Italy		-		3,122,563		-		3,122,563
Mexico		13,336,681		-		-		13,336,681
Netherlands		2,801,114		79,775		-		2,880,889
Philippines		-		7,521,949		-		7,521,949
Republic of Korea		-		8,459,200		-		8,459,200
Russia		345,462		13,084,816		-		13,430,278
South Africa		-		4,758,348		-		4,758,348
Taiwan		-		10,807,914		-		10,807,914

194

Notes to Financial Statements (Unaudited) (Continued)

	Level 1		Level 2		Level 3		Total
Strategic Emerging Markets Fund (Continued)
Asset Investments (Continued)
Thailand	$	952,097	$	-	$	-	$	952,097
Turkey		-		2,937,171		-		2,937,171
United Arab Emirates		-		2,046,858		-		2,046,858
United Kingdom		-		7,759,053		-		7,759,053
United States		5,969,113		-		-		5,969,113
Preferred Stock
Brazil		1,973,757		-		-		1,973,757
India		49,546		-		-		49,546
Mutual Funds		476,942		-		-		476,942
Short-Term Investments		-		4,994,583		-		4,994,583
Total Investments	$	63,326,397	$	146,189,526	$	-	$	209,515,923

* 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, as applicable.

** None of the unobservable inputs for Level 3 assets, individually or collectively, had a material impact on the Fund(s). Level 3 investments at the end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the period ended March 31, 2019 is not presented.

The following tables show Fund(s) with certain assets and liabilities, which approximate fair value and would be categorized at Level 2 as of March 31, 2019.

Statements of Assets and Liabilities locations	Short- Duration Bond Fund	Inflation- Protected and Income Fund	Core Bond Fund	Diversified Bond Fund	High Yield Fund	Balanced Fund
Receivables from:
Collateral pledged for open futures contracts						X
Collateral pledged for open swap agreements	X	X
Payables for:
Investments purchased on a when-issued basis	X	X	X	X	X	X
Collateral held for open purchased options	X	X	X	X		X
Collateral held for when-issued securities			X	X
Securities on loan	X		X	X	X	X

Statements of Assets and Liabilities locations	Disciplined Value Fund	Disciplined Growth Fund	Small Cap Opportunities Fund	Global Fund	International Equity Fund	Strategic Emerging Markets Fund
Payables for:
Securities on loan	X	X	X	X	X	X

The Funds, with the exception of the Short-Duration Bond Fund, Inflation-Protected and Income Fund, Core Bond Fund, Diversified Bond Fund, High Yield Fund, Balanced Fund, and Strategic Emerging Markets Fund, had no transfers between Levels of the fair value hierarchy during the period ended March 31, 2019. The Inflation-Protected and Income Fund, High Yield Fund, and Balanced Fund had transfers between Levels of the fair value hierarchy during the period ended March 31, 2019; however, none of the transfers individually or collectively had a material impact on the Funds. The Funds recognize transfers between the Levels as of the beginning of the year.

195

Notes to Financial Statements (Unaudited) (Continued)

The following table shows transfers between Levels of the fair value hierarchy:

	Transfers In*						Transfers Out*
	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Level 1 — Quoted Prices			Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs
Short-Duration Bond Fund	$	-	$	7,417,534	$	-	$	-		$	-	$	(7,417,534	)
Core Bond Fund		-		14,736,805		-		-			-		(14,736,805	)
Diversified Bond Fund		-		2,600,992		-		-			-		(2,600,992	)
Strategic Emerging Markets Fund		-		2,718,742		-		(2,718,742	)		-		-

* Transfers occurred between Levels as inputs were more/less observable.

Derivative Instruments

Derivatives are financial instruments whose values are based on the values of one or more indicators, such as a security, asset, currency, interest rate, or index. Derivative transactions can create investment leverage and may be highly volatile. Losses from derivatives can be substantially greater than their 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 during the period ended March 31, 2019, 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
Foreign Currency Exchange Transactions*
Hedging/Risk Management				A
Directional Exposures to Currencies				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	A	A	A
Duration Management	A	A	A	A	A
Asset/Liability 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

196

Notes to Financial Statements (Unaudited) (Continued)

Type of Derivative and Objective for Use	Short- Duration Bond Fund	Inflation- Protected and Income Fund	Core Bond Fund	Diversified Bond Fund	Balanced Fund
Credit Default Swaps (Protection Seller)
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
Options (Purchased)
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

* 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 March 31, 2019, and during the period then ended, the Fund(s) had the following derivatives and transactions in derivatives, grouped into the indicated risk categories:

	Credit Risk			Equity Risk		Foreign Exchange Risk		Interest Rate Risk			Total
Short-Duration Bond Fund
Asset Derivatives
Purchased Options*	$	-		$	-	$	-	$	5,218,361		$	5,218,361
Futures Contracts^^		-			-		-		952,924			952,924
Total Value	$	-		$	-	$	-	$	6,171,285		$	6,171,285
Liability Derivatives
Futures Contracts^^	$	-		$	-	$	-	$	(2,310,161	)	$	(2,310,161	)
Swap Agreements^		(383,457	)		-		-		-			(383,457	)
Total Value	$	(383,457	)	$	-	$	-	$	(2,310,161	)	$	(2,693,618	)
Realized Gain (Loss)#
Futures Contracts	$	-		$	-	$	-	$	(1,371,148	)	$	(1,371,148	)
Swap Agreements		36,905			-		-		149,903			186,808
Total Realized Gain (Loss)	$	36,905		$	-	$	-	$	(1,221,245	)	$	(1,184,340	)
Change in Appreciation (Depreciation)##
Purchased Options	$	-		$	-	$	-	$	6,947		$	6,947
Futures Contracts		-			-		-		(1,943,601	)		(1,943,601	)
Swap Agreements		(27,305	)		-		-		-			(27,305	)
Total Change in Appreciation (Depreciation)	$	(27,305	)	$	-	$	-	$	(1,936,654	)	$	(1,963,959	)

197

Notes to Financial Statements (Unaudited) (Continued)

	Credit Risk			Equity Risk		Foreign Exchange Risk		Interest Rate Risk			Total
Inflation-Protected and Income Fund
Asset Derivatives
Purchased Options*	$	-		$	-	$	-	$	1,611,932		$	1,611,932
Futures Contracts^^		-			-		-		603,258			603,258
Swap Agreements*		-			-		-		15,514			15,514
Swap Agreements^^,^^^		-			-		-		39,905			39,905
Total Value	$	-		$	-	$	-	$	2,270,609		$	2,270,609
Liability Derivatives
Futures Contracts^^	$	-		$	-	$	-	$	(551,605	)	$	(551,605	)
Swap Agreements^		(191,729	)		-		-		(579,275	)		(771,004	)
Total Value	$	(191,729	)	$	-	$	-	$	(1,130,880	)	$	(1,322,609	)
Realized Gain (Loss)#
Futures Contracts	$	-		$	-	$	-	$	213,003		$	213,003
Swap Agreements		18,749			-		-		(30,611	)		(11,862	)
Total Realized Gain (Loss)	$	18,749		$	-	$	-	$	182,392		$	201,141
Change in Appreciation (Depreciation)##
Purchased Options	$	-		$	-	$	-	$	(4,045	)	$	(4,045	)
Futures Contracts		-			-		-		7,417			7,417
Swap Agreements		(13,653	)		-		-		(712,006	)		(725,659	)
Total Change in Appreciation (Depreciation)	$	(13,653	)	$	-	$	-	$	(708,634	)	$	(722,287	)
Core Bond Fund
Asset Derivatives
Purchased Options*	$	-		$	-	$	-	$	9,689,360		$	9,689,360
Futures Contracts^^		-			-		-		3,610,209			3,610,209
Total Value	$	-		$	-	$	-	$	13,299,569		$	13,299,569
Liability Derivatives
Futures Contracts^^	$	-		$	-	$	-	$	(862,258	)	$	(862,258	)
Swap Agreements^		(841,829	)		-		-		-			(841,829	)
Total Value	$	(841,829	)	$	-	$	-	$	(862,258	)	$	(1,704,087	)
Realized Gain (Loss)#
Futures Contracts	$	-		$	-	$	-	$	1,661,440		$	1,661,440
Swap Agreements		82,323			-		-		278,631			360,954
Total Realized Gain (Loss)	$	82,323		$	-	$	-	$	1,940,071		$	2,022,394
Change in Appreciation (Depreciation)##
Purchased Options	$	-		$	-	$	-	$	10,247		$	10,247
Futures Contracts		-			-		-		5,191,883			5,191,883
Swap Agreements		(59,945	)		-		-		-			(59,945	)
Total Change in Appreciation (Depreciation)	$	(59,945	)	$	-	$	-	$	5,202,130		$	5,142,185

198

Notes to Financial Statements (Unaudited) (Continued)

	Credit Risk			Equity Risk			Foreign Exchange Risk			Interest Rate Risk			Total
Diversified Bond Fund
Asset Derivatives
Purchased Options*	$	-		$	-		$	7,650		$	2,514,078		$	2,521,728
Forward Contracts*		-			-			35,858			-			35,858
Futures Contracts^^		-			-			-			654,872			654,872
Total Value	$	-		$	-		$	43,508		$	3,168,950		$	3,212,458
Liability Derivatives
Forward Contracts^	$	-		$	-		$	(65,030	)	$	-		$	(65,030	)
Futures Contracts^^		-			-			-			(158,599	)		(158,599	)
Swap Agreements^		(123,164	)		-			-			-			(123,164	)
Total Value	$	(123,164	)	$	-		$	(65,030	)	$	(158,599	)	$	(346,793	)
Realized Gain (Loss)#
Forward Contracts	$	-		$	-		$	(40,462	)	$	-		$	(40,462	)
Futures Contracts		-			-			-			127,427			127,427
Swap Agreements		11,500			-			-			72,841			84,341
Total Realized Gain (Loss)	$	11,500		$	-		$	(40,462	)	$	200,268		$	171,306
Change in Appreciation (Depreciation)##
Purchased Options	$	-		$	-		$	(104	)	$	3,068		$	2,964
Forward Contracts		-			-			34,661			-			34,661
Futures Contracts		-			-			-			953,975			953,975
Swap Agreements		(8,770	)		-			-			-			(8,770	)
Total Change in Appreciation (Depreciation)	$	(8,770	)	$	-		$	34,557		$	957,043		$	982,830
Balanced Fund
Asset Derivatives
Purchased Options*	$	-		$	-		$	-		$	246,551		$	246,551
Futures Contracts^^		-			26,371			-			100,127			126,498
Total Value	$	-		$	26,371		$	-		$	346,678		$	373,049
Liability Derivatives
Swap Agreements^	$	(20,315	)	$	-		$	-		$	-		$	(20,315	)
Realized Gain (Loss)#
Futures Contracts	$	-		$	(220,904	)	$	-		$	8,918		$	(211,986	)
Swap Agreements		1,482			-			-			6,361			7,843
Total Realized Gain (Loss)	$	1,482		$	(220,904	)	$	-		$	15,279		$	(204,143	)
Change in Appreciation (Depreciation)##
Purchased options	$	-		$	-		$	-		$	184		$	184
Futures Contracts		-			2,001			-			176,348			178,349
Swap Agreements		(1,446	)		-			-			-			(1,446	)
Total Change in Appreciation (Depreciation)	$	(1,446	)	$	2,001		$	-		$	176,532		$	177,087

* Statements of Assets and Liabilities location: Investments, at value, or Receivables from: open forward contracts or open swap agreements, at value, as applicable.

^ Statements of Assets and Liabilities location: Payables for: open forward contracts or open swap agreements, at value, as applicable.

199

Notes to Financial Statements (Unaudited) (Continued)

^^ Cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps is reported in “Futures Contracts” and “Swap Agreements” in each applicable Fund’s Portfolio of Investments. Only current day’s variation margin, if any, is reported within the Statements of Assets and Liabilities.

^^^ Represents centrally cleared swaps which are not subject to a master netting agreement.

# Statements of Operations location: Amounts are included in net realized gain (loss) on: forward contracts, futures contracts, or swap agreements, as applicable.

## Statements of Operations location: Amounts are included in net change in unrealized appreciation (depreciation) on: investment transactions, forward contracts, futures contracts, or swap agreements, as applicable.

The Short-Duration Bond Fund, Inflation-Protected and Income Fund, Core Bond Fund, Diversified Bond Fund, and Balanced Fund had no change realized gain (loss) on purchased options during the period ended March 31, 2019.

For the period ended March 31, 2019, the number of contracts, notional amounts, or shares/units for each derivative type was as follows:

	Number of Contracts, Notional Amounts, or Shares/Units†
Fund Name	Futures Contracts		Forward Contracts		Swap Agreements		Purchased Options		Purchased Swaptions
Short-Duration Bond Fund		2,581	$	-	$	3,795,000		-	$	106,260,000
Inflation-Protected and Income Fund		520		-		91,276,667		-		32,680,000
Core Bond Fund		2,081		-		8,071,667		-		197,240,000
Diversified Bond Fund		327		6,827,765		1,345,000		776,000		51,190,000
Balanced Fund		100		-		193,333		-		5,020,000

† Amount(s) disclosed represent average number of contracts for futures contracts, notional amounts for forward contracts, swap agreements, and purchased swaptions, or shares/units outstanding for purchased options based on absolute values, which is indicative of volume of this derivative type, for the months that the Fund held such derivatives during the period ended March 31, 2019.

The following table presents derivative assets by counterparty net of amounts available for offset under a master netting agreement (“MNA”), or similar agreement, and net of the related collateral received by the Fund(s) as of March 31, 2019.

Counterparty	Derivative Assets Subject to an MNA by Counterparty†		Financial Instruments Available for Offset			Collateral Received***			Net Amount*
Short-Duration Bond Fund
Barclays Bank PLC	$	2,517,180	$	-		$	(2,517,180	)	$	-
Credit Suisse International		2,701,181		-			(2,650,000	)		51,181
	$	5,218,361	$	-		$	(5,167,180	)	$	51,181
Inflation-Protected and Income Fund
Bank of America N.A.	$	11,859	$	(11,859	)	$	-		$	-
Barclays Bank PLC		1,053,054		-			(1,040,000	)		13,054
BNP Paribas SA		1,381		(1,381	)		-			-
Credit Suisse International		558,878		-			(558,878	)		-
JP Morgan Chase Bank N.A.		2,274		(2,274	)		-			-
	$	1,627,446	$	(15,514	)	$	(1,598,878	)	$	13,054
Core Bond Fund
Barclays Bank PLC	$	4,792,493	$	-		$	(4,792,493	)	$	-
Credit Suisse International		4,896,867		-			(4,896,867	)		-
	$	9,689,360	$	-		$	(9,689,360	)	$	-

200

Notes to Financial Statements (Unaudited) (Continued)

Counterparty	Derivative Assets Subject to an MNA by Counterparty†		Financial Instruments Available for Offset			Collateral Received***			Net Amount*
Diversified Bond Fund
Bank of America N.A.	$	11,037	$	(11,037	)	$	-		$	-
Barclays Bank PLC		1,222,093		(3,492	)		(1,200,000	)		18,601
BNP Paribas SA		796		(796	)		-			-
Citibank N.A.		3,089		(3,089	)		-			-
Credit Suisse International		1,294,297		-			(1,294,297	)		-
Goldman Sachs International		8,317		(8,317	)		-			-
JP Morgan Chase Bank N.A.		17,957		(8,402	)		-			9,555
	$	2,557,586	$	(35,133	)	$	(2,494,297	)	$	28,156
Balanced Fund
Barclays Bank PLC	$	119,948	$	-		$	-		$	119,948
Credit Suisse International		126,603		-			(126,603	)		-
	$	246,551	$	-		$	(126,603	)	$	119,948

The following table presents derivative liabilities by counterparty net of amounts available for offset under an MNA, or similar agreement, and net of the related collateral pledged by the Fund(s) as of March 31, 2019.

Counterparty	Derivative Liabilities Subject to an MNA by Counterparty†			Financial Instruments Available for Offset		Collateral Pledged***		Net Amount**
Short-Duration Bond Fund
Goldman Sachs International	$	(383,457	)	$	-	$	285,763	$	(97,694	)
Inflation-Protected and Income Fund
Bank of America N.A.	$	(566,232	)	$	11,859	$	554,373	$	-
BNP Paribas SA		(13,043	)		1,381		-		(11,662	)
Goldman Sachs International		(125,703	)		-		125,703		-
JP Morgan Chase Bank N.A.		(66,026	)		2,274		-		(63,752	)
	$	(771,004	)	$	15,514	$	680,076	$	(75,414	)
Core Bond Fund
Goldman Sachs International	$	(841,829	)	$	-	$	841,829	$	-
Diversified Bond Fund
Bank of America N.A.	$	(16,271	)	$	11,037	$	-	$	(5,234	)
Barclays Bank PLC		(3,492	)		3,492		-		-
BNP Paribas SA		(18,458	)		796		-		(17,662	)
Citibank N.A.		(18,407	)		3,089		-		(15,318	)
Goldman Sachs International		(123,164	)		8,317		-		(114,847	)
JP Morgan Chase Bank N.A.		(8,402	)		8,402		-		-
	$	(188,194	)	$	35,133	$	-	$	(153,061	)
Balanced Fund
Goldman Sachs International	$	(20,315	)	$	-	$	-	$	(20,315	)

* Represents the net amount receivable from the counterparty in the event of default.

** Represents the net amount payable to the counterparty in the event of default.

*** The amount presented here may be less than the total amount of collateral received/pledged as the net amount of derivative assets and liabilities for a counterparty cannot be less than $0.

† The amount presented here may be less than the total amount shown in the Statements of Assets and Liabilities as some derivatives held by the counterparty are not covered within the master netting agreements.

201

Notes to Financial Statements (Unaudited) (Continued)

Such agreements typically permit a single net payment in the event of default, including the bankruptcy or insolvency of the counterparty. Typically, the Fund(s) and counterparties are not permitted to sell, re-pledge, or use the collateral they receive.

Further details regarding the derivatives and other investments held by the Fund(s) during the period ended March 31, 2019, are discussed below.

Foreign Currency Exchange Transactions

A Fund may engage in foreign currency exchange transactions for hedging purposes in order to protect against uncertainty in the level of future foreign currency exchange rates, or for other, non-hedging purposes.

A Fund may enter into foreign currency exchange transactions, including foreign currency forward contracts. These contracts call for the Fund to deliver in the future an amount of one currency in return for an amount of another currency, at an exchange rate determined at the time the contract is entered into. Forward contracts are private contractual arrangements and a Fund is subject to the risk that its counterparty will not, or will not be able to, perform its obligations. This type of arrangement may require the Fund to post margin. A Fund may enter into foreign currency exchange transactions in order to hedge against changes in the values of the assets or liabilities denominated in one or more foreign currencies, or otherwise to increase or reduce a Fund’s exposure to various foreign currencies. The use of foreign currency exchange transactions may create investment leverage.

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

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

A Fund’s current exposure to a counterparty is the unrealized appreciation on the contract.

Futures Contracts

A Fund may seek to manage a variety of different risks, such as interest rate risk, equity price risk, and currency risk, through the use of futures contracts. A Fund may use interest rate futures contracts to adjust the interest rate sensitivity (duration) of its portfolio or the credit exposure of the portfolio. Interest rate futures contracts obligate the long or short holder to take or make delivery of a specified quantity of a financial instrument, such as a specific fixed-income security, during a specified future period at a specified price. A Fund may use index futures contracts to hedge against broad market risks to its portfolio or to gain broad market exposure when it holds uninvested cash or as an inexpensive substitute for cash investments directly in securities or other assets, including commodities and precious metals. Securities index futures contracts are contracts to buy or sell units of a securities index at a specified future date at a price agreed upon when the contract is made and are settled in cash. Positions in futures contracts may be closed out only on an exchange or board of trade which provides a secondary market for such futures. Because futures contracts are exchange-traded, they typically have minimal exposure to counterparty risk.

202

Notes to Financial Statements (Unaudited) (Continued)

Parties to a futures contract are not required to post the entire notional amount of the contract, but rather a small percentage of that amount (by way of margin), both at the time they enter into futures transactions, and then on a daily basis if their positions decline in value; as a result, futures contracts are highly leveraged. Such payments are known as variation margin and are recorded by the Funds as unrealized gains or losses. Because futures markets are highly leveraged, they can be extremely volatile, and there can be no assurance that the pricing of a futures contract will correlate precisely with the pricing of the asset or index underlying it or the asset or liability of the Fund that is the subject of the hedge. It may not always be possible for a Fund to enter into a closing transaction with respect to a futures contract it has entered into, at a favorable time or price. When a Fund enters into a futures transaction, it is subject to the risk that the value of the futures contract will move in a direction unfavorable to it. When a Fund uses futures contracts for hedging purposes, it is likely that the Fund will have an asset or liability that will offset any loss (or gain) on the transactions, at least in part.

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

Swap Agreements

Swap agreements are typically two-party contracts entered into primarily by institutional investors. In a standard “swap” transaction, two parties agree to exchange the returns (or differentials in rates of return) earned or realized on particular predetermined investments or instruments or rates, which may be adjusted for an interest factor. The gross returns to be exchanged or “swapped” between the parties are generally calculated with respect to a “notional amount,” (i.e., the return on or increase in value of a particular dollar amount invested at a particular interest rate or in a “basket” of securities representing a particular index).

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

Credit Default Swaps. A Fund also may enter into credit default swap transactions, as a “buyer” or “seller” of credit protection. In a credit default swap, one party provides what is in effect insurance against a default or other adverse credit event affecting an issuer of debt securities (typically referred to as a “reference entity”). In general, the buyer of credit protection is obligated to pay the protection seller an upfront amount or a periodic stream of payments over the term of the swap. If a “credit event” occurs, the buyer has the right to deliver to the seller bonds or other obligations of the reference entity (with a value up to the full notional value of the swap), and to receive a payment equal to the par value of the bonds or other obligations. Credit events that would trigger a request that the seller make payment are specific to each credit default swap agreement, but generally include bankruptcy, failure to pay, restructuring, acceleration, default, or repudiation/moratorium. When a Fund buys protection, it may or may not own securities of the reference entity. If it does own securities of the reference entity, the swap serves as a hedge against a decline in the value of the securities due to the occurrence of a credit event involving the issuer of the securities. If the Fund does not own securities of the reference entity, the credit default swap may be seen to create a short position in the reference entity. If a Fund is a buyer and no credit event occurs, the Fund will typically recover nothing under the swap, but will have had to pay the required upfront payment 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

203

Notes to Financial Statements (Unaudited) (Continued)

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. These periodic payments received or made by the Funds are recorded in the accompanying Statements of Operations as realized gains and losses, respectively.

A Fund’s current exposure to a counterparty is the fair value of the transaction.

Options, Rights, and Warrants

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

204

Notes to Financial Statements (Unaudited) (Continued)

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

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

Writing put and call options. A Fund may write call options on a security it owns, in a “directional” strategy hoping to realize a greater current return through the receipt of premiums. In return for the option premium, the Fund takes the risk that it will have to forego any increase in the value of the security over the strike price. When a Fund has written a call option on a security it does not own, its exposure on such an option is theoretically unlimited. A Fund may enter into closing purchase transactions in order to realize a profit or limit a loss on a previously written call option or, in the case of a call option on a security it owns, to free itself to sell the underlying security or to write another call on the security, or protect a security from being called in an unexpected market rise. Any profits from a closing purchase transaction in the case of a call option on a security a Fund owns may be offset by a decline in the value of the underlying security. Conversely, because increases in the market price of a call option will generally reflect increases in the market price of the underlying security, any loss resulting from a closing purchase transaction relating to a call option on a security a Fund owns is likely to be offset in whole or in part by unrealized appreciation of the underlying security owned by the Fund. A Fund may not be able to close out a call option that it has previously written. A Fund may write put options in order to enhance its current return by taking a long directional position as to a security or index of securities. By writing a put option, the Fund assumes the risk that it may be required to purchase the underlying security for an exercise price higher than its then current market value, resulting in a potential capital loss unless the security later appreciates in value. A Fund may terminate a put option that it has written before it expires by entering into a closing purchase transaction. Any loss from this transaction may be partially or entirely offset by the premium received on the terminated option. A Fund may not be able to close out a put option that it has previously written.

When a Fund writes a call or put option, an amount equal to the premium received is recorded as a liability. Premiums received from writing options which expire are treated as realized gains. Premiums received from writing options which are exercised or closed are added to the proceeds or offset against the amount paid on the underlying investment to determine the realized gain or loss.

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

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

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.

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Rights and Warrants. A Fund may purchase or hold warrants or rights in order to gain exposure to the underlying security without owning the security, including, for example, cases where the Fund hopes to lock in the price today of a security it may wish to purchase in the future. Warrants generally give the holder the right, but not the obligation, to buy a security at a stated price. In order for a warrant to be profitable, the market price of the underlying security must rise sufficiently above the exercise price to cover any premium and transaction costs. Rights may similarly confer on the holder the right to purchase or acquire securities, including through participation in a so-called rights offering. Bonds may be issued with warrants or other rights attached to purchase or acquire equity or other debt securities, typically of the bond issuer. The market prices of bonds with warrants or rights attached to purchase equity securities or bonds may, to some degree, reflect changes in the values of the underlying securities.

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

Inflation-Linked Securities

Inflation-linked securities are typically fixed income securities whose principal values are periodically adjusted according to a measure of inflation. If the index measuring inflation falls, the principal value of an inflation-linked security will be adjusted downward, and consequently the interest payable on the security (calculated with respect to a smaller principal amount) will be reduced. Repayment of the original principal of the security upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury inflation-linked securities. For securities that do not provide a similar guarantee, the adjusted principal value of the security repaid at maturity may be less than the original principal.

Alternatively, the interest rates payable on certain inflation-linked securities may be adjusted according to a measure of inflation. As a result, the principal values of such securities do not adjust according to the rate of inflation, although the interest payable on such securities may decline during times of falling inflation.

The values of inflation-linked securities are expected to change in response to changes in real interest rates. Real interest rates are tied to the relationship between nominal interest rates and the rate of inflation. If nominal interest rates increase at a faster rate than inflation, real interest rates may rise, leading to a decrease in value of inflation-linked securities. Inflation-linked securities may cause a potential cash flow mismatch to investors, because an increase in the principal amount of an inflation-linked security will be treated as interest income currently subject to tax at ordinary income rates even though investors will not receive repayment of principal until maturity. If a Fund invests in such securities, it will be required to distribute such interest income in order to qualify for treatment as a regulated investment company and eliminate the Fund-level tax, without a corresponding receipt of cash, and therefore may be required to dispose of portfolio securities at a time when it may not be advantageous to do so in order to make such distributions.

Bank Loans

A Fund may invest in bank loans including, for example, corporate loans, loan participations, direct debt, bank debt, and bridge debt. A Fund may invest in a loan by lending money to a borrower directly as part of a syndicate of lenders. In a syndicated loan, the agent that originated and structured the loan typically administers and enforces the loan on behalf of the syndicate. Failure by the agent to fulfill its obligations may delay or adversely affect receipt of payment by a Fund. A Fund may also invest in loans through novations, assignments, and participation interests. In a novation, a Fund typically assumes all of the rights of a lending institution in a loan, including the right to receive payments of principal and interest and other amounts directly from the borrower and to enforce its rights as a lender directly against the borrower. When a Fund takes an assignment of a loan, the Fund acquires some or all of the interest of another lender (or assignee) in the loan. In such cases, the Fund may be required generally to rely upon the assignor to demand payment and enforce rights under the loan. If a Fund acquires a participation in the loan, the Fund purchases an indirect interest in a loan held by a third party and the Fund typically will have a contractual relationship only with

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Notes to Financial Statements (Unaudited) (Continued)

the third party loan investor, not with the borrower. As a result, a Fund may have the right to receive payments of principal, interest, and any fees to which it is entitled only from the loan investor selling the participation and only upon receipt by such loan investor of such payments from the borrower. In such cases, a Fund assumes the credit risk of both the borrower and the loan investor selling the participation, and the Fund may be unable to realize some or all of the value of its interest in the loan in the event of the insolvency of the third party.

Changes in the financial condition of the borrower or economic conditions or other circumstances may reduce the capacity of the borrower to make principal and interest payments on such instruments and may lead to defaults. The value of any collateral securing a bank loan may decline after the Fund invests, and there is a risk that the value of the collateral may not be sufficient to cover the amount owed to the Fund.

At March 31, 2019, 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.

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Notes to Financial Statements (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.

During the period ended March 31, 2019, the average balance outstanding for open reverse repurchase agreements for the Inflation-Protected and Income Fund was $7,495,598. The maximum balance outstanding for the Inflation-Protected and Income Fund was $72,497,500 during the period ended March 31, 2019. The weighted average maturity was 19 days, at a weighted average interest rate of 2.269%.

Average balance outstanding was calculated based on daily balances outstanding during the period that the Inflation-Protected and Income 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.

Dollar Roll Transactions

A Fund may enter into dollar roll transactions, in which the Fund sells mortgage-backed securities for delivery in the current month and simultaneously contracts to purchase substantially similar securities on a specified future date from the same party. A Fund may invest in dollar rolls in order to benefit from anticipated changes in pricing for the mortgage-backed securities during the term of the transaction, or for the purpose of creating investment leverage. In a dollar roll, the securities that are to be purchased will be of the same type as the securities sold, but will be supported by different pools of mortgages.

Dollar rolls involve the risk that the Fund’s counterparty will be unable to deliver the mortgage-backed securities underlying the dollar roll at the fixed time. If the counterparty files for bankruptcy or becomes insolvent, a Fund’s use of the transaction proceeds may be restricted pending a determination by the counterparty or its representative, whether to enforce the Fund’s obligation to repurchase the securities. A Fund can incur a loss on a dollar roll transaction (either because its counterparty fails to perform or because the value of the mortgages subject to the transaction declines) and on the investments made by the Fund with the proceeds of the dollar roll transaction.

A Fund accounts for a dollar roll transaction as a purchase and sale whereby the difference in the sales price and purchase price of the security sold is recorded as a realized gain (loss). If certain criteria are met, these dollar roll transactions may be considered financing transactions, whereby the difference in the sales price and the future purchase price is recorded as an adjustment to interest income. Dollar roll transactions generally have the effect of creating leverage in a Fund’s portfolio.

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Notes to Financial Statements (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 portfolio securities held by a Fund to approved borrowers (each, a “Borrower”).

Each Fund expects that in connection with any securities on loan, the loan will be secured continuously by collateral consisting of cash (U.S. currency) adjusted daily to have value at least equal to the current market value of the securities loaned. The market value of the loaned securities is determined at the close of business of a Fund and any additional collateral is delivered to the Fund the next business day. The Funds bear the risk of loss with respect to the investment of cash collateral. As with other extensions of credit, the Funds may bear the risk of delay in recovery of the loaned securities or even loss of rights in the collateral should the Borrower of the securities fail financially. Pursuant to the Lending Agreement, the Agent has provided indemnification to the Funds in the event of default by a Borrower with respect to a loan. The Funds receive compensation for lending their securities in the form of a securities loan fee paid by the Borrower, as well as a share of the income earned on investment of the cash collateral received for the loaned securities. At March 31, 2019, the Funds’ collateral was equal to or greater than 100% of the market value of securities on loan.

Subject to the terms of the Lending Agreement and the agreement between the Agent and the applicable Borrower (“Borrowing Agreement”), security loans can be terminated by the Agent, the Fund, or the Borrower and the related securities must be returned within the earlier of the customary settlement period for such securities or the period of time specified in the Borrowing Agreement. For all Funds, all securities on loan are classified as common stock in the Fund’s Portfolio of Investments at March 31, 2019.

The Funds employ the Agent to implement their securities lending program and the Agent receives a fee from the Funds for its services. In addition, the Funds may be required to pay a rebate to the Borrower. Accordingly, a Fund’s compensation for lending its securities is reduced by any such fees or rebate paid to the Agent or Borrower, respectively. For the period ended March 31, 2019, the Fund(s) earned securities lending net income as follows:

	Securities Lending Gross Income		Securities Lending Fees and Expenses		Securities Lending Net Income
Short-Duration Bond Fund	$	85	$	13	$	72
Core Bond Fund		6,430		970		5,460
Diversified Bond Fund		1,056		162		894
High Yield Fund		207,582		31,322		176,260
Balanced Fund		3,091		660		2,431
Disciplined Value Fund		36,143		5,743		30,400
Main Street Fund		28,163		4,224		23,939
Disciplined Growth Fund		32,848		6,452		26,396
Small Cap Opportunities Fund		27,120		4,071		23,049
Global Fund		19,104		2,926		16,178
International Equity Fund		40,218		5,997		34,221
Strategic Emerging Markets Fund		43,763		6,536		37,227

Accounting for Investment Transactions

Investment transactions are accounted for on the trade date. Realized gains and losses on sales of investments and unrealized appreciation and depreciation of investments are computed by the specific identification cost method. Proceeds received from litigation, if any, are included in realized gains on investment transactions for any investments that are no longer held in the portfolio and as a reduction in cost for investments that continue to be held in the portfolio. Interest income, adjusted for amortization of discounts and premiums on debt securities, is earned from the settlement date and is recorded on the accrual basis. Dividend income and realized capital gain distributions are recorded on the ex-dividend date. Non-cash dividends received in the

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Notes to Financial Statements (Unaudited) (Continued)

form of stock are recorded as dividend income at market value. Withholding taxes on foreign interest, dividends, and capital gains have been provided for in accordance with the applicable country’s tax rules and rates. Foreign dividend income is recorded on the ex-dividend date or as soon as practicable after the Fund determines the existence of a dividend declaration after exercising reasonable due diligence. Distributions received on securities that represent a return of capital or capital 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.

Foreign Securities

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

Federal Income Tax

It is each Fund’s intent to continue to comply with the provisions of Subchapter M of the Internal Revenue Code of 1986, as amended, applicable to a regulated investment company. Under such provisions, the Funds would not be subject to federal income taxes on their ordinary income and net realized capital gains to the extent they are distributed or deemed to have been distributed to their shareholders. Therefore, the Funds have not made any provision for federal income tax.

Dividends and Distributions to Shareholders

Dividends from net investment income of each Fund, other than the U.S. Government Money Market Fund, are declared and paid annually and at other times as may be required to satisfy tax or regulatory requirements. Dividends from net investment income are declared daily and paid monthly for the U.S. Government Money Market Fund. Distributions of any net realized

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Notes to Financial Statements (Unaudited) (Continued)

capital gains of each Fund are declared and paid annually and at other times as may be required to satisfy tax or regulatory requirements.

Distributions to shareholders are recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. As a result, net investment income and net realized capital gains on investment transactions for a reporting period may differ significantly from distributions during such period.

3. Advisory Fees and Other Transactions

Investment Advisory Fees and Investment Subadvisers

MML Investment Advisers, LLC (“MML Advisers”), a wholly-owned subsidiary of Massachusetts Mutual Life Insurance Company (“MassMutual”), serves as investment adviser to each Fund. Under the investment advisory agreements between MML Advisers and the Trust on behalf of each Fund, MML Advisers is responsible for providing investment management services for each Fund. In return for these services, MML Advisers receives advisory fees, based upon each Fund’s average daily net assets, computed and accrued daily and payable monthly, at the following annual rates:

Fund	Investment Advisory Fee
U.S. Government Money Market Fund	0.35% on the first $1 billion; and
	0.33% on any excess over $1 billion
Short-Duration Bond Fund	0.35% on the first $500 million; and
	0.30% on any excess over $500 million
Inflation-Protected and Income Fund	0.38% on the first $350 million; and
	0.33% on any excess over $350 million
Core Bond Fund	0.38% on the first $1.5 billion;
	0.33% on the next $500 million; and
	0.28% on any excess over $2 billion
Diversified Bond Fund	0.40% on the first $150 million; and
	0.30% on any excess over $150 million
High Yield Fund	0.48% on the first $250 million; and
	0.455% on any excess over $250 million
Balanced Fund	0.48% on the first $300 million; and
	0.43% on any excess over $300 million
Disciplined Value Fund	0.45% on the first $400 million; and
	0.40% on any excess over $400 million
Main Street Fund	0.55% on the first $300 million; and
	0.50% on any excess over $300 million
Disciplined Growth Fund	0.45% on the first $400 million; and
	0.40% on any excess over $400 million
Small Cap Opportunities Fund	0.58% on the first $300 million; and
	0.53% on any excess over $300 million
Global Fund	0.75% on the first $400 million; and
	0.70% on any excess over $400 million
International Equity Fund	0.85% on the first $500 million;
	0.80% on the next $500 million; and
	0.75% on any excess over $1 billion
Strategic Emerging Markets Fund	1.00% on the first $350 million; and
	0.95% on any excess over $350 million

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Notes to Financial Statements (Unaudited) (Continued)

MML Advisers has entered into investment subadvisory agreements with Barings LLC (“Barings”), a wholly-owned subsidiary of MM Asset Management Holding LLC, itself a wholly-owned subsidiary of MassMutual Holding LLC, a controlled subsidiary of MassMutual, on behalf of certain Funds. These agreements provide that Barings manage the investment and reinvestment of assets of these Funds. Barings receives a subadvisory fee from MML Advisers, based upon each Fund’s average daily net assets, at the following annual rates:

U.S. Government Money Market Fund	0.05%
Short-Duration Bond Fund	0.08%
Inflation-Protected and Income Fund	0.08%
Core Bond Fund	0.10%
Diversified Bond Fund	0.10%
High Yield Fund	0.20%
Balanced Fund: fixed income portion	0.09%
Balanced Fund: equity portion*	0.22% of the first $50 million;
	0.21% of the next $50 million; and
	0.20% of any excess over $100 million
Disciplined Value Fund*	0.25% of the first $50 million;
	0.21% of the next $50 million;
	0.17% of the next $650 million; and
	0.14% of any excess over $750 million
Disciplined Growth Fund*	0.25% of the first $50 million;
	0.21% of the next $50 million;
	0.17% of the next $650 million; and
	0.14% of any excess over $750 million

* Subadvisory fee based on Aggregate Assets. For purposes of these subadvisory agreements, “Aggregate Assets” means the aggregate of (i) the average daily net assets of the Fund determined at the close of the NYSE on each day that the NYSE is open for trading, and (ii) the average daily net assets of certain other funds or accounts of MML Advisers or its affiliates, including other funds registered under the 1940 Act, for which Barings provides investment advisory services, as agreed upon from time to time by MML Advisers and Barings, determined at the close of the NYSE on each day that the NYSE is open for trading.

MML Advisers has entered into investment subadvisory agreements with OppenheimerFunds, Inc. (“OFI”), a wholly-owned subsidiary of Oppenheimer Acquisition Corp., itself an indirect majority-owned subsidiary of MassMutual Holding LLC, on behalf of the Global Fund. This agreement provides that OFI manage the investment and reinvestment of the assets of the Global Fund. OFI receives a subadvisory fee from MML Advisers, based upon the Global Fund’s average daily net assets, at the following annual rate:

Global Fund	0.40% of the first $100 million;
	0.35% of the next $250 million; and
	0.30% of any excess over $350 million

MML Advisers has entered into investment subadvisory agreements with OFI Global Institutional, Inc. (“OFI Global Institutional”), a wholly-owned subsidiary of OFI, on behalf of certain Funds. These agreements provide that OFI Global Institutional manage the investment and reinvestment of the assets of these Funds. OFI Global Institutional receives a subadvisory fee from MML Advisers, based upon each Fund’s average daily net assets, at the following annual rates:

Main Street Fund	0.30%
Small Cap Opportunities Fund	0.40% of the first $1 billion; and
	0.30% of any excess over $1 billion
International Equity Fund	0.50% of the first $50 million;
	0.45% of the next $150 million;
	0.40% of the next $250 million; and
	0.35% of any excess over $450 million
Strategic Emerging Markets Fund	0.70%

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Notes to Financial Statements (Unaudited) (Continued)

The Funds’ subadvisory fees are paid monthly by MML Advisers out of the advisory fees previously disclosed above.

Administration Fees

Under an Administrative and Shareholder Services Agreement between the Trust and MML Advisers, on behalf of each Fund, MML Advisers is obligated to provide certain administrative and shareholder services. In return for these services, MML Advisers receives an administrative services fee, based upon the average daily net assets of the applicable class of shares of the Funds, at the following annual rates:

	Class I		Class R5		Service Class		Administrative Class		Class A		Class R4		Class R3
U.S. Government Money Market Fund		N/A		0.10%		N/A		N/A		N/A		N/A		N/A
Short-Duration Bond Fund		None		0.10%		0.15%		0.15%		0.15%		0.20%		0.20%
Inflation-Protected and Income Fund		None		0.10%		0.15%		0.15%		0.15%		0.20%		0.20%
Core Bond Fund		None		0.10%		0.15%		0.15%		0.15%		0.20%		0.20%
Diversified Bond Fund		None		0.10%		0.15%		0.15%		0.15%		0.20%		0.20%
High Yield Fund		None		0.10%		0.15%		0.15%		0.15%		0.20%		0.20%
Balanced Fund		None		0.10%		0.15%		0.15%		0.15%		0.20%		0.20%
Disciplined Value Fund		None		0.10%		0.15%		0.15%		0.15%		0.20%		0.20%
Main Street Fund		None		0.10%		0.15%		0.15%		0.15%		0.20%		0.20%
Disciplined Growth Fund		None		0.10%		0.15%		0.15%		0.15%		0.20%		0.20%
Small Cap Opportunities Fund		None		0.10%		0.15%		0.15%		0.15%		0.20%		0.20%
Global Fund		None		0.10%		0.15%		0.15%		0.15%		0.20%		0.20%
International Equity Fund		None		0.10%		0.15%		0.15%		0.15%		0.20%		0.20%
Strategic Emerging Markets Fund		None		0.10%		0.15%		0.15%		0.15%		0.20%		0.20%

Distribution and Service Fees

MML Distributors, LLC (the “Distributor”) acts as distributor to each Fund. Pursuant to a 12b-1 Plan adopted by the Trust, Class A shares and Class R4 shares of each Fund pay an annual fee of 0.25% of the average daily net assets of the class; and Class R3 shares of each Fund pay an annual fee of 0.50% of the average daily net assets of the class, to the Distributor. Such payments compensate the Distributor for services provided and expenses incurred by it for purposes of promoting the sale of the relevant class of shares, reducing redemptions of shares, or maintaining or improving services provided to each Fund’s shareholders. The Distributor is a wholly-owned subsidiary of MassMutual.

Effective April 1, 2014, the Trust entered into a separate Supplemental Shareholder Services Agreement with MassMutual, on behalf of Service Class shares, Administrative Class shares, and Class A shares of each Fund. Fees payable under the Supplemental Shareholder Services Agreement are intended to compensate MassMutual for its provision of shareholder services to the Funds’ investors and are calculated and paid based on the average daily net assets attributable to the relevant share classes of the Funds separately, at the following annual rates: 0.05% for Service Class shares, and 0.15% for Administrative Class shares and Class A shares. MassMutual may pay these fees to other intermediaries for providing shareholder services to the Funds’ investors.

Expense Caps and Waivers

Effective February 1, 2019, MML Advisers has agreed to cap the fees and expenses of the Fund noted below (other than extraordinary litigation and legal expenses, Acquired Fund Fees and Expenses^#, interest expense, short sale dividend and loan expense, or other non-recurring or unusual expenses such as organizational expenses and shareholder meeting expenses, as applicable), based upon the average daily net assets of the applicable class of shares of the Fund, as follows:

	Class I		Class R5		Service Class		Administrative Class		Class A		Class R4		Class R3
Strategic Emerging Markets Fund*		1.15%		1.25%		1.35%		1.45%		1.70%		1.60%		1.85%

# Acquired Fund Fees and Expenses are borne indirectly by a Fund through investments in other pooled investment vehicles.

* Expense caps in effect through January 31, 2020.

213

Notes to Financial Statements (Unaudited) (Continued)

Prior to February 1, 2019, MML Advisers agreed to cap the fees and expenses of the Funds noted below (other than extraordinary litigation and legal expenses, Acquired Fund Fees and Expenses^#, interest expense, short sale dividend and loan expense, or other non-recurring or unusual expenses such as organizational expenses and shareholder meeting expenses, as applicable), based upon the average daily net assets of the applicable class of shares for the Funds, as follows:

	Class I		Class R5		Service Class		Administrative Class		Class A		Class R4		Class R3
Diversified Bond Fund		0.52%		0.62%		0.72%		0.82%		1.07%		0.97%		1.22%
High Yield Fund		0.55%		0.65%		0.75%		0.85%		1.10%		1.00%		1.25%
Balanced Fund		0.60%		0.70%		0.80%		0.90%		1.15%		1.05%		1.30%
Strategic Emerging Markets Fund		1.05%		1.15%		1.25%		1.35%		1.60%		1.50%		1.75%

# Acquired Fund Fees and Expenses are expenses borne indirectly by a Fund through investments in other pooled investment vehicles.

Effective November 1, 2018, MML Advisers has agreed to cap the fees and expenses of the Fund noted below (other than extraordinary litigation and legal expenses, Acquired Fund Fees and Expenses^#, interest expense, short sale dividend and loan expense, or other non-recurring or unusual expenses such as organizational expenses and shareholder meeting expenses, as applicable), based upon the average daily net assets of the applicable class of shares of the Fund, as follows:

	Class I		Class R5		Service Class		Administrative Class		Class A		Class R4		Class R3
Inflation-Protected and Income Fund**		0.48%		0.58%		0.68%		0.78%		1.03%		0.93%		1.18%

# Acquired Fund Fees and Expenses are borne indirectly by a Fund through investments in other pooled investment vehicles.

** Expense caps in effect through January 31, 2020.

For the Inflation-Protected and Income Fund, MML Advisers voluntarily waived 0.03% of its management fees through January 31, 2019.

For the International Equity Fund, MML Advisers voluntarily waived 0.02% of its management fees through January 31, 2019.

Expense caps and waiver amounts are reflected as a reduction of expenses on the Statements of Operations.

Deferred Compensation

Trustees of the Funds who are not officers or employees of MassMutual may elect to defer receipt of their annual fees in accordance with terms of a Non-Qualified Deferred Compensation Plan. Amounts deferred shall accrue interest or earnings and shall be recorded on the Funds’ books as other liabilities. Deferred compensation is included within Trustees’ fees and expenses in the Statements of Assets and Liabilities.

Other

Certain officers and trustees of the Funds may also be employees of MassMutual. The compensation of a trustee who is not an employee of MassMutual is borne by the Funds.

The following table shows beneficial ownership of Funds’ shares by affiliated parties at March 31, 2019:

	Total % Ownership by Related Party
U.S. Government Money Market Fund		94.8%
Short-Duration Bond Fund		87.2%
Inflation-Protected and Income Fund		88.6%

214

Notes to Financial Statements (Unaudited) (Continued)

	Total % Ownership by Related Party
Core Bond Fund		92.3%
Diversified Bond Fund		77.5%
High Yield Fund		84.2%
Balanced Fund		97.4%
Disciplined Value Fund		99.5%
Main Street Fund		87.6%
Disciplined Growth Fund		97.6%
Small Cap Opportunities Fund		80.0%
Global Fund		89.6%
International Equity Fund		95.0%
Strategic Emerging Markets Fund		100.0%

4. Purchases and Sales of Investments

Cost of purchases and proceeds from sales of investment securities (excluding short-term investments) for the period ended March 31, 2019, were as follows:

	Purchases				Sales
	Long-Term U.S. Government Securities		Other Long-Term Securities		Long-Term U.S. Government Securities		Other Long-Term Securities
Short-Duration Bond Fund	$	13,297,976	$	87,453,562	$	11,185,916	$	87,422,983
Inflation-Protected and Income Fund		26,824,613		25,850,256		58,420,296		62,835,818
Core Bond Fund		1,542,165,361		220,125,398		1,597,491,065		137,869,542
Diversified Bond Fund		209,543,825		34,509,122		215,598,561		38,019,950
High Yield Fund		-		126,627,283		-		169,137,596
Balanced Fund		70,164,962		32,940,049		66,965,107		30,885,542
Disciplined Value Fund		-		27,360,523		-		43,222,448
Main Street Fund		-		39,911,637		-		54,565,156
Disciplined Growth Fund		-		61,818,569		-		75,480,566
Small Cap Opportunities Fund		-		42,897,812		-		57,821,848
Global Fund		-		62,745,535		-		58,054,413
International Equity Fund		-		115,078,951		-		258,725,513
Strategic Emerging Markets Fund		-		29,003,193		-		47,285,572

The Funds may purchase from, or sell securities to, other affiliated Funds under procedures adopted by the Trustees. These procedures have been designed to ensure that cross trades conducted by the Funds comply with Rule 17a-7 under the 1940 Act. The cross trades disclosed in the table below are included within the respective purchases and sales amounts shown in the table above, as applicable.

Fund	Purchases		Sales
Main Street Fund	$	1,042	$	291,574
Small Cap Opportunities Fund		403,366		-
Global Fund		15,375		249,870
International Equity Fund		61,106		88,357,943
Strategic Emerging Markets Fund		25,174		-

215

Notes to Financial Statements (Unaudited) (Continued)

5. Capital Share Transactions

Changes in shares outstanding for each Fund were as follows:

	Six Months Ended March 31, 2019						Year Ended September 30, 2018
	Shares			Amount			Shares			Amount
U.S. Government Money Market Fund Class R5
Sold		595,817,794		$	595,817,794			1,634,442,005		$	1,634,442,005
Issued as reinvestment of dividends		3,076,931			3,076,931			4,051,053			4,051,053
Redeemed		(638,123,748	)		(638,123,748	)		(1,651,239,818	)		(1,651,239,818	)
Net increase (decrease)		(39,229,023	)	$	(39,229,023	)		(12,746,760	)	$	(12,746,760	)
Short-Duration Bond Fund Class I
Sold		5,186,179		$	52,915,650			10,106,165		$	103,558,175
Issued as reinvestment of dividends		722,304			7,172,482			743,720			7,548,756
Redeemed		(3,791,358	)		(38,215,723	)		(23,810,795	)		(244,511,740	)
Net increase (decrease)		2,117,125		$	21,872,409			(12,960,910	)	$	(133,404,809	)
Short-Duration Bond Fund Class R5
Sold		1,009,828		$	10,256,198			4,974,732		$	51,046,998
Issued as reinvestment of dividends		471,038			4,696,245			351,454			3,581,314
Redeemed		(2,214,024	)		(22,591,646	)		(7,101,253	)		(73,093,674	)
Net increase (decrease)		(733,158	)	$	(7,639,203	)		(1,775,067	)	$	(18,465,362	)
Short-Duration Bond Fund Service Class
Sold		739,225		$	7,435,565			2,762,265		$	28,231,157
Issued as reinvestment of dividends		219,466			2,172,717			177,885			1,800,199
Redeemed		(1,755,748	)		(17,909,933	)		(3,172,568	)		(32,429,634	)
Net increase (decrease)		(797,057	)	$	(8,301,651	)		(232,418	)	$	(2,398,278	)
Short-Duration Bond Fund Administrative Class
Sold		295,508		$	2,970,971			1,202,823		$	12,242,262
Issued as reinvestment of dividends		112,687			1,112,224			66,929			675,313
Redeemed		(633,486	)		(6,411,852	)		(697,315	)		(7,091,000	)
Net increase (decrease)		(225,291	)	$	(2,328,657	)		572,437		$	5,826,575
Short-Duration Bond Fund Class A
Sold		1,100,502		$	11,089,477			2,381,969		$	24,087,817
Issued as reinvestment of dividends		196,382			1,926,511			113,653			1,139,950
Redeemed		(1,024,356	)		(10,208,611	)		(2,220,862	)		(22,414,094	)
Net increase (decrease)		272,528		$	2,807,377			274,760		$	2,813,673
Short-Duration Bond Fund Class R4
Sold		244,498		$	2,461,454			359,847		$	3,672,330
Issued as reinvestment of dividends		44,583			442,706			29,151			295,883
Redeemed		(348,713	)		(3,515,254	)		(376,372	)		(3,841,630	)
Net increase (decrease)		(59,632	)	$	(611,094	)		12,626		$	126,583
Short-Duration Bond Fund Class R3
Sold		171,603		$	1,733,158			290,039		$	2,940,092
Issued as reinvestment of dividends		25,912			256,012			12,632			127,705
Redeemed		(222,380	)		(2,235,532	)		(169,578	)		(1,721,203	)
Net increase (decrease)		(24,865	)	$	(246,362	)		133,093		$	1,346,594

216

Notes to Financial Statements (Unaudited) (Continued)

	Six Months Ended March 31, 2019						Year Ended September 30, 2018
	Shares			Amount			Shares			Amount
Inflation-Protected and Income Fund Class I
Sold		2,597,633		$	26,017,550			7,869,782		$	80,850,575
Issued as reinvestment of dividends		430,466			4,218,564			285,844			2,927,040
Redeemed		(2,274,990	)		(22,735,458	)		(4,536,837	)		(46,557,972	)
Net increase (decrease)		753,109		$	7,500,656			3,618,789		$	37,219,643
Inflation-Protected and Income Fund Class R5
Sold		944,898		$	9,481,222			2,066,590		$	21,140,242
Issued as reinvestment of dividends		191,642			1,880,006			158,962			1,630,948
Redeemed		(373,116	)		(3,728,828	)		(2,104,030	)		(21,707,186	)
Net increase (decrease)		763,424		$	7,632,400			121,522		$	1,064,004
Inflation-Protected and Income Fund Service Class
Sold		295,955		$	2,961,791			825,796		$	8,452,422
Issued as reinvestment of dividends		148,067			1,448,100			133,520			1,365,911
Redeemed		(628,206	)		(6,249,119	)		(1,552,037	)		(16,039,171	)
Net increase (decrease)		(184,184	)	$	(1,839,228	)		(592,721	)	$	(6,220,838	)
Inflation-Protected and Income Fund Administrative Class
Sold		339,951		$	3,415,931			369,129		$	3,816,046
Issued as reinvestment of dividends		42,796			423,256			35,074			362,670
Redeemed		(322,169	)		(3,243,366	)		(352,788	)		(3,648,937	)
Net increase (decrease)		60,578		$	595,821			51,415		$	529,779
Inflation-Protected and Income Fund Class A
Sold		238,808		$	2,355,857			400,937		$	4,049,416
Issued as reinvestment of dividends		51,135			493,963			49,070			495,608
Redeemed		(554,907	)		(5,444,583	)		(561,452	)		(5,685,283	)
Net increase (decrease)		(264,964	)	$	(2,594,763	)		(111,445	)	$	(1,140,259	)
Inflation-Protected and Income Fund Class R4
Sold		112,034		$	1,098,056			285,772		$	2,886,526
Issued as reinvestment of dividends		18,033			173,122			15,735			157,975
Redeemed		(195,632	)		(1,918,342	)		(226,782	)		(2,289,323	)
Net increase (decrease)		(65,565	)	$	(647,164	)		74,725		$	755,178
Inflation-Protected and Income Fund Class R3
Sold		86,749		$	849,966			203,780		$	2,042,245
Issued as reinvestment of dividends		11,444			110,088			11,166			112,214
Redeemed		(149,508	)		(1,457,642	)		(216,085	)		(2,167,066	)
Net increase (decrease)		(51,315	)	$	(497,588	)		(1,139	)	$	(12,607	)
Core Bond Fund Class I
Sold		14,035,249		$	147,784,158			22,783,365		$	243,037,250
Issued as reinvestment of dividends		2,312,656			23,843,483			1,514,765			16,298,876
Redeemed		(8,478,832	)		(89,256,315	)		(8,603,406	)		(92,352,193	)
Net increase (decrease)		7,869,073		$	82,371,326			15,694,724		$	166,983,933
Core Bond Fund Class R5
Sold		2,057,299		$	21,756,601			2,778,298		$	29,909,932
Issued as reinvestment of dividends		847,450			8,771,104			929,861			10,042,498
Redeemed		(4,435,005	)		(46,969,405	)		(8,540,433	)		(92,141,095	)
Net increase (decrease)		(1,530,256	)	$	(16,441,700	)		(4,832,274	)	$	(52,188,665	)

217

Notes to Financial Statements (Unaudited) (Continued)

	Six Months Ended March 31, 2019						Year Ended September 30, 2018
	Shares			Amount			Shares			Amount
Core Bond Fund Service Class
Sold		349,121		$	3,677,740			1,696,831		$	18,067,651
Issued as reinvestment of dividends		274,078			2,820,260			265,104			2,847,221
Redeemed		(1,667,326	)		(17,527,328	)		(1,577,235	)		(16,858,554	)
Net increase (decrease)		(1,044,127	)	$	(11,029,328	)		384,700		$	4,056,318
Core Bond Fund Administrative Class
Sold		336,710		$	3,512,916			1,642,019		$	17,332,769
Issued as reinvestment of dividends		204,168			2,086,599			184,551			1,969,162
Redeemed		(953,418	)		(9,962,571	)		(1,778,250	)		(18,868,378	)
Net increase (decrease)		(412,540	)	$	(4,363,056	)		48,320		$	433,553
Core Bond Fund Class A
Sold		446,073		$	4,610,598			1,491,298		$	15,702,424
Issued as reinvestment of dividends		277,919			2,820,882			256,523			2,716,576
Redeemed		(1,682,469	)		(17,356,388	)		(2,115,044	)		(22,349,113	)
Net increase (decrease)		(958,477	)	$	(9,924,908	)		(367,223	)	$	(3,930,113	)
Core Bond Fund Class R4
Sold		361,903		$	3,726,164			599,474		$	6,346,602
Issued as reinvestment of dividends		34,573			348,493			42,930			452,049
Redeemed		(155,586	)		(1,604,558	)		(994,402	)		(10,285,227	)
Net increase (decrease)		240,890		$	2,470,099			(351,998	)	$	(3,486,576	)
Core Bond Fund Class R3
Sold		7,305		$	77,258			32,471		$	347,294
Issued as reinvestment of dividends		2,087			21,641			1,146			12,415
Redeemed		(11,643	)		(122,987	)		(33,483	)		(365,432	)
Net increase (decrease)		(2,251	)	$	(24,088	)		134		$	(5,723	)
Diversified Bond Fund Class I
Sold		849,197		$	8,903,377			1,324,721		$	14,093,601
Issued as reinvestment of dividends		78,600			803,296			78,951			843,981
Redeemed		(864,233	)		(9,010,522	)		(1,861,259	)		(19,736,385	)
Net increase (decrease)		63,564		$	696,151			(457,587	)	$	(4,798,803	)
Diversified Bond Fund Class R5
Sold		1,240,151		$	12,034,442			1,987,736		$	19,520,566
Issued as reinvestment of dividends		366,569			3,456,741			279,350			2,762,770
Redeemed		(1,569,516	)		(15,122,893	)		(945,032	)		(9,313,768	)
Net increase (decrease)		37,204		$	368,290			1,322,054		$	12,969,568
Diversified Bond Fund Service Class
Sold		85,374		$	838,073			804,805		$	7,956,675
Issued as reinvestment of dividends		49,353			472,306			45,439			455,302
Redeemed		(817,310	)		(8,019,643	)		(498,529	)		(5,004,950	)
Net increase (decrease)		(682,583	)	$	(6,709,264	)		351,715		$	3,407,027
Diversified Bond Fund Administrative Class
Sold		232,378		$	2,276,266			629,189		$	6,241,735
Issued as reinvestment of dividends		69,720			665,828			73,855			738,553
Redeemed		(710,324	)		(6,971,663	)		(561,494	)		(5,577,202	)
Net increase (decrease)		(408,226	)	$	(4,029,569	)		141,550		$	1,403,086

218

Notes to Financial Statements (Unaudited) (Continued)

	Six Months Ended March 31, 2019						Year Ended September 30, 2018
	Shares			Amount			Shares			Amount
Diversified Bond Fund Class A
Sold		165,201		$	1,608,363			787,151		$	7,791,616
Issued as reinvestment of dividends		89,996			858,563			87,585			874,975
Redeemed		(308,140	)		(3,003,108	)		(919,681	)		(9,094,361	)
Net increase (decrease)		(52,943	)	$	(536,182	)		(44,945	)	$	(427,770	)
Diversified Bond Fund Class R4
Sold		231,400		$	2,241,047			96,755		$	951,473
Issued as reinvestment of dividends		20,459			193,130			14,371			142,412
Redeemed		(38,895	)		(375,533	)		(122,877	)		(1,207,967	)
Net increase (decrease)		212,964		$	2,058,644			(11,751	)	$	(114,082	)
Diversified Bond Fund Class R3
Sold		43,393		$	418,209			130,676		$	1,279,675
Issued as reinvestment of dividends		12,103			114,013			10,311			101,773
Redeemed		(106,365	)		(1,016,924	)		(58,055	)		(569,674	)
Net increase (decrease)		(50,869	)	$	(484,702	)		82,932		$	811,774
High Yield Fund Class I
Sold		5,094,928		$	44,519,286			21,534,203		$	198,712,130
Issued as reinvestment of dividends		2,286,979			19,347,843			1,686,568			15,212,849
Redeemed		(16,686,502	)		(147,100,701	)		(7,118,844	)		(65,255,094	)
Net increase (decrease)		(9,304,595	)	$	(83,233,572	)		16,101,927		$	148,669,885
High Yield Fund Class R5
Sold		462,824		$	4,094,924			1,210,212		$	11,122,712
Issued as reinvestment of dividends		267,401			2,275,582			375,174			3,402,827
Redeemed		(890,741	)		(7,773,737	)		(2,657,925	)		(24,198,393	)
Net increase (decrease)		(160,516	)	$	(1,403,231	)		(1,072,539	)	$	(9,672,854	)
High Yield Fund Service Class
Sold		273,607		$	2,449,036			514,400		$	4,727,461
Issued as reinvestment of dividends		288,420			2,454,456			312,555			2,834,872
Redeemed		(403,084	)		(3,532,062	)		(1,092,778	)		(10,131,684	)
Net increase (decrease)		158,943		$	1,371,430			(265,823	)	$	(2,569,351	)
High Yield Fund Administrative Class
Sold		184,115		$	1,619,463			577,696		$	5,236,660
Issued as reinvestment of dividends		175,196			1,468,139			222,144			1,983,745
Redeemed		(850,674	)		(7,402,303	)		(843,838	)		(7,592,294	)
Net increase (decrease)		(491,363	)	$	(4,314,701	)		(43,998	)	$	(371,889	)
High Yield Fund Class A
Sold		392,657		$	3,419,245			670,122		$	6,076,237
Issued as reinvestment of dividends		162,228			1,357,846			186,531			1,665,727
Redeemed		(412,370	)		(3,581,695	)		(951,520	)		(8,620,549	)
Net increase (decrease)		142,515		$	1,195,396			(94,867	)	$	(878,585	)
High Yield Fund Class R4
Sold		2,065,410		$	17,595,190			1,456,931		$	13,030,381
Issued as reinvestment of dividends		216,148			1,787,546			212,480			1,876,196
Redeemed		(786,609	)		(6,727,790	)		(1,051,678	)		(9,421,862	)
Net increase (decrease)		1,494,949		$	12,654,946			617,733		$	5,484,715

219

Notes to Financial Statements (Unaudited) (Continued)

	Six Months Ended March 31, 2019						Year Ended September 30, 2018
	Shares			Amount			Shares			Amount
High Yield Fund Class R3
Sold		460,515		$	4,085,769			1,632,126		$	15,020,841
Issued as reinvestment of dividends		263,316			2,230,290			255,256			2,304,959
Redeemed		(696,352	)		(6,032,832	)		(831,635	)		(7,585,009	)
Net increase (decrease)		27,479		$	283,227			1,055,747		$	9,740,791
Balanced Fund Class I
Sold		973,469		$	11,301,317			474,665		$	5,849,630
Issued as reinvestment of dividends		103,704			1,128,296			46,487			570,403
Redeemed		(287,023	)		(3,308,517	)		(275,684	)		(3,455,840	)
Net increase (decrease)		790,150		$	9,121,096			245,468		$	2,964,193
Balanced Fund Class R5
Sold		398,863		$	4,892,423			291,984		$	3,681,896
Issued as reinvestment of dividends		322,811			3,512,186			266,274			3,267,180
Redeemed		(190,150	)		(2,161,545	)		(980,947	)		(12,344,633	)
Net increase (decrease)		531,524		$	6,243,064			(422,689	)	$	(5,395,557	)
Balanced Fund Service Class
Sold		11,937		$	144,313			40,015		$	528,265
Issued as reinvestment of dividends		40,978			470,839			36,872			475,648
Redeemed		(50,335	)		(621,030	)		(72,452	)		(949,210	)
Net increase (decrease)		2,580		$	(5,878	)		4,435		$	54,703
Balanced Fund Administrative Class
Sold		41,012		$	485,386			140,237		$	1,751,607
Issued as reinvestment of dividends		48,914			535,122			51,256			631,984
Redeemed		(161,719	)		(1,876,313	)		(310,393	)		(3,861,192	)
Net increase (decrease)		(71,793	)	$	(855,805	)		(118,900	)	$	(1,477,601	)
Balanced Fund Class A
Sold		91,524		$	1,048,626			162,501		$	1,985,151
Issued as reinvestment of dividends		182,222			1,935,198			175,481			2,104,021
Redeemed		(369,285	)		(4,343,119	)		(570,242	)		(6,985,600	)
Net increase (decrease)		(95,539	)	$	(1,359,295	)		(232,260	)	$	(2,896,428	)
Balanced Fund Class R4
Sold		8,626		$	98,483			54,087		$	660,514
Issued as reinvestment of dividends		21,965			231,293			17,868			212,627
Redeemed		(111,221	)		(1,243,709	)		(22,635	)		(279,005	)
Net increase (decrease)		(80,630	)	$	(913,933	)		49,320		$	594,136
Balanced Fund Class R3
Sold		147,720		$	1,691,214			91,437		$	1,097,904
Issued as reinvestment of dividends		61,641			645,997			42,461			503,588
Redeemed		(182,370	)		(2,014,559	)		(86,465	)		(1,037,397	)
Net increase (decrease)		26,991		$	322,652			47,433		$	564,095
Disciplined Value Fund Class I
Sold		116,595		$	1,605,728			732,864		$	12,390,961
Issued as reinvestment of dividends		233,069			2,950,659			587,738			9,680,040
Redeemed		(168,181	)		(2,352,651	)		(4,674,834	)		(80,329,894	)
Net increase (decrease)		181,483		$	2,203,736			(3,354,232	)	$	(58,258,893	)

220

Notes to Financial Statements (Unaudited) (Continued)

	Six Months Ended March 31, 2019						Year Ended September 30, 2018
	Shares			Amount			Shares			Amount
Disciplined Value Fund Class R5
Sold		53,853		$	782,148			1,002,794		$	15,968,735
Issued as reinvestment of dividends		693,289			8,804,772			328,617			5,425,465
Redeemed		(221,321	)		(3,262,687	)		(453,908	)		(7,767,239	)
Net increase (decrease)		525,821		$	6,324,233			877,503		$	13,626,961
Disciplined Value Fund Service Class
Sold		146,200		$	1,995,612			301,299		$	4,960,574
Issued as reinvestment of dividends		512,421			6,451,380			356,756			5,847,242
Redeemed		(697,557	)		(10,617,956	)		(515,208	)		(8,683,545	)
Net increase (decrease)		(38,936	)	$	(2,170,964	)		142,847		$	2,124,271
Disciplined Value Fund Administrative Class
Sold		20,553		$	287,072			208,182		$	3,430,161
Issued as reinvestment of dividends		103,832			1,338,400			42,903			716,916
Redeemed		(100,967	)		(1,380,582	)		(55,714	)		(944,166	)
Net increase (decrease)		23,418		$	244,890			195,371		$	3,202,911
Disciplined Value Fund Class A
Sold		54,882		$	726,363			84,628		$	1,363,885
Issued as reinvestment of dividends		102,119			1,275,458			62,167			1,011,450
Redeemed		(158,302	)		(2,183,055	)		(141,706	)		(2,388,469	)
Net increase (decrease)		(1,301	)	$	(181,234	)		5,089		$	(13,134	)
Disciplined Value Fund Class R4
Sold		21,177		$	283,027			95,743		$	1,606,499
Issued as reinvestment of dividends		76,557			948,544			70,629			1,140,657
Redeemed		(128,163	)		(1,726,441	)		(366,195	)		(5,987,621	)
Net increase (decrease)		(30,429	)	$	(494,870	)		(199,823	)	$	(3,240,465	)
Disciplined Value Fund Class R3
Sold		24,073		$	342,534			38,819		$	645,381
Issued as reinvestment of dividends		50,348			634,881			27,451			450,486
Redeemed		(20,372	)		(273,856	)		(35,644	)		(593,089	)
Net increase (decrease)		54,049		$	703,559			30,626		$	502,778
Main Street Fund Class I
Sold		381,933		$	3,941,716			1,455,961		$	17,025,915
Issued as reinvestment of dividends		311,387			2,939,489			72,068			819,412
Redeemed		(619,971	)		(6,273,887	)		(238,679	)		(2,760,638	)
Net increase (decrease)		73,349		$	607,318			1,289,350		$	15,084,689
Main Street Fund Class R5
Sold		148,323		$	1,557,319			308,862		$	3,546,126
Issued as reinvestment of dividends		810,689			7,652,907			510,299			5,802,095
Redeemed		(1,132,849	)		(11,609,664	)		(1,781,903	)		(20,584,719	)
Net increase (decrease)		(173,837	)	$	(2,399,438	)		(962,742	)	$	(11,236,498	)
Main Street Fund Service Class
Sold		6,216		$	73,397			18,878		$	218,315
Issued as reinvestment of dividends		7,635			74,980			7,049			82,970
Redeemed		(15,232	)		(178,983	)		(58,708	)		(661,875	)
Net increase (decrease)		(1,381	)	$	(30,606	)		(32,781	)	$	(360,590	)

221

Notes to Financial Statements (Unaudited) (Continued)

	Six Months Ended March 31, 2019						Year Ended September 30, 2018
	Shares			Amount			Shares			Amount
Main Street Fund Administrative Class
Sold		54,069		$	563,294			272,926		$	3,205,249
Issued as reinvestment of dividends		331,904			3,133,171			211,442			2,404,098
Redeemed		(261,540	)		(2,637,921	)		(731,927	)		(8,408,960	)
Net increase (decrease)		124,433		$	1,058,544			(247,559	)	$	(2,799,613	)
Main Street Fund Class A
Sold		49,850		$	490,510			209,870		$	2,365,366
Issued as reinvestment of dividends		171,815			1,597,879			88,812			996,464
Redeemed		(137,359	)		(1,382,149	)		(188,836	)		(2,130,271	)
Net increase (decrease)		84,306		$	706,240			109,846		$	1,231,559
Main Street Fund Class R4
Sold		19,634		$	204,147			134,127		$	1,479,906
Issued as reinvestment of dividends		78,074			719,840			33,710			375,529
Redeemed		(47,871	)		(491,145	)		(75,265	)		(854,370	)
Net increase (decrease)		49,837		$	432,842			92,572		$	1,001,065
Main Street Fund Class R3
Sold		5,419		$	55,835			75,280		$	857,949
Issued as reinvestment of dividends		22,025			205,497			7,011			78,877
Redeemed		(60,323	)		(545,675	)		(26,603	)		(302,284	)
Net increase (decrease)		(32,879	)	$	(284,343	)		55,688		$	634,542
Disciplined Growth Fund Class I
Sold		535,962		$	6,206,774			1,248,695		$	16,549,619
Issued as reinvestment of dividends		693,240			6,509,520			1,111,030			14,032,308
Redeemed		(356,439	)		(4,009,758	)		(8,880,927	)		(123,933,918	)
Net increase (decrease)		872,763		$	8,706,536			(6,521,202	)	$	(93,351,991	)
Disciplined Growth Fund Class R5
Sold		454,618		$	5,283,748			1,802,066		$	23,637,837
Issued as reinvestment of dividends		2,380,302			22,374,835			860,197			10,881,489
Redeemed		(1,137,741	)		(12,956,935	)		(1,484,931	)		(19,754,357	)
Net increase (decrease)		1,697,179		$	14,701,648			1,177,332		$	14,764,969
Disciplined Growth Fund Service Class
Sold		273,858		$	3,033,762			358,311		$	4,838,194
Issued as reinvestment of dividends		1,601,401			15,117,227			711,031			9,022,986
Redeemed		(333,111	)		(3,865,658	)		(1,513,105	)		(19,801,006	)
Net increase (decrease)		1,542,148		$	14,285,331			(443,763	)	$	(5,939,826	)
Disciplined Growth Fund Administrative Class
Sold		209,552		$	2,429,970			318,113		$	4,338,774
Issued as reinvestment of dividends		892,271			8,539,033			375,691			4,816,360
Redeemed		(274,050	)		(3,203,101	)		(902,194	)		(12,069,585	)
Net increase (decrease)		827,773		$	7,765,902			(208,390	)	$	(2,914,451	)
Disciplined Growth Fund Class A
Sold		150,474		$	1,748,988			381,606		$	5,117,644
Issued as reinvestment of dividends		862,355			7,985,405			344,100			4,301,251
Redeemed		(456,122	)		(4,869,311	)		(768,585	)		(10,082,034	)
Net increase (decrease)		556,707		$	4,865,082			(42,879	)	$	(663,139	)

222

Notes to Financial Statements (Unaudited) (Continued)

	Six Months Ended March 31, 2019						Year Ended September 30, 2018
	Shares			Amount			Shares			Amount
Disciplined Growth Fund Class R4
Sold		135,792		$	1,537,254			258,063		$	3,395,895
Issued as reinvestment of dividends		706,552			6,472,019			266,987			3,310,635
Redeemed		(549,046	)		(5,709,130	)		(380,251	)		(4,953,210	)
Net increase (decrease)		293,298		$	2,300,143			144,799		$	1,753,320
Disciplined Growth Fund Class R3
Sold		59,731		$	663,481			185,821		$	2,379,315
Issued as reinvestment of dividends		164,124			1,501,736			43,722			542,147
Redeemed		(121,823	)		(1,251,222	)		(56,844	)		(744,233	)
Net increase (decrease)		102,032		$	913,995			172,699		$	2,177,229
Small Cap Opportunities Fund Class I
Sold		585,660		$	7,623,371			1,720,561		$	26,928,334
Issued as reinvestment of dividends		296,313			3,656,500			148,718			2,211,437
Redeemed		(795,610	)		(10,803,763	)		(334,416	)		(5,142,675	)
Net increase (decrease)		86,363		$	476,108			1,534,863		$	23,997,096
Small Cap Opportunities Fund Class R5
Sold		545,666		$	7,931,755			1,329,365		$	20,333,335
Issued as reinvestment of dividends		527,091			6,499,034			517,451			7,689,329
Redeemed		(734,436	)		(10,274,009	)		(1,122,352	)		(17,453,240	)
Net increase (decrease)		338,321		$	4,156,780			724,464		$	10,569,424
Small Cap Opportunities Fund Service Class
Sold		137,249		$	1,804,387			396,002		$	6,062,374
Issued as reinvestment of dividends		121,291			1,491,884			121,893			1,807,666
Redeemed		(159,900	)		(2,177,660	)		(309,361	)		(4,880,046	)
Net increase (decrease)		98,640		$	1,118,611			208,534		$	2,989,994
Small Cap Opportunities Fund Administrative Class
Sold		116,140		$	1,587,481			230,055		$	3,664,711
Issued as reinvestment of dividends		162,217			1,983,912			194,189			2,862,351
Redeemed		(306,460	)		(4,195,267	)		(272,031	)		(4,230,604	)
Net increase (decrease)		(28,103	)	$	(623,874	)		152,213		$	2,296,458
Small Cap Opportunities Fund Class A
Sold		354,995		$	4,689,762			379,961		$	5,797,136
Issued as reinvestment of dividends		475,538			5,673,168			590,410			8,525,518
Redeemed		(973,789	)		(12,393,814	)		(1,236,254	)		(18,696,446	)
Net increase (decrease)		(143,256	)	$	(2,030,884	)		(265,883	)	$	(4,373,792	)
Small Cap Opportunities Fund Class R4
Sold		69,454		$	912,687			267,011		$	3,882,617
Issued as reinvestment of dividends		86,045			1,018,771			81,831			1,172,634
Redeemed		(83,726	)		(1,094,498	)		(217,946	)		(3,313,174	)
Net increase (decrease)		71,773		$	836,960			130,896		$	1,742,077
Small Cap Opportunities Fund Class R3
Sold		77,005		$	948,408			226,966		$	3,461,865
Issued as reinvestment of dividends		75,413			886,852			77,121			1,100,523
Redeemed		(133,854	)		(1,698,399	)		(202,840	)		(3,098,444	)
Net increase (decrease)		18,564		$	136,861			101,247		$	1,463,944

223

Notes to Financial Statements (Unaudited) (Continued)

	Six Months Ended March 31, 2019						Year Ended September 30, 2018
	Shares			Amount			Shares			Amount
Global Fund Class I
Sold		1,879,028		$	22,626,818			2,179,660		$	34,819,222
Issued as reinvestment of dividends		934,821			10,142,807			293,906			4,605,510
Redeemed		(453,451	)		(5,654,773	)		(1,417,505	)		(22,513,383	)
Net increase (decrease)		2,360,398		$	27,114,852			1,056,061		$	16,911,349
Global Fund Class R5
Sold		914,722		$	11,213,715			394,219		$	6,447,523
Issued as reinvestment of dividends		1,737,067			18,881,920			855,477			13,413,879
Redeemed		(869,523	)		(11,084,300	)		(2,257,649	)		(37,104,891	)
Net increase (decrease)		1,782,266		$	19,011,335			(1,007,953	)	$	(17,243,489	)
Global Fund Service Class
Sold		78,451		$	1,000,491			198,777		$	3,228,615
Issued as reinvestment of dividends		206,208			2,220,861			149,082			2,318,231
Redeemed		(656,220	)		(8,576,336	)		(506,365	)		(8,196,460	)
Net increase (decrease)		(371,561	)	$	(5,354,984	)		(158,506	)	$	(2,649,614	)
Global Fund Administrative Class
Sold		299,483		$	3,900,301			439,272		$	7,156,796
Issued as reinvestment of dividends		1,501,760			16,324,130			775,132			12,154,069
Redeemed		(720,656	)		(8,966,062	)		(1,872,560	)		(30,339,919	)
Net increase (decrease)		1,080,587		$	11,258,369			(658,156	)	$	(11,029,054	)
Global Fund Class A
Sold		129,064		$	1,695,608			308,652		$	4,960,489
Issued as reinvestment of dividends		540,734			5,807,488			227,491			3,532,931
Redeemed		(314,268	)		(3,763,890	)		(429,102	)		(6,981,420	)
Net increase (decrease)		355,530		$	3,739,206			107,041		$	1,512,000
Global Fund Class R4
Sold		169,248		$	2,102,650			252,719		$	4,011,669
Issued as reinvestment of dividends		151,487			1,601,209			45,283			695,087
Redeemed		(74,283	)		(898,396	)		(146,839	)		(2,316,829	)
Net increase (decrease)		246,452		$	2,805,463			151,163		$	2,389,927
Global Fund Class R3
Sold		197,919		$	2,222,087			184,058		$	2,936,668
Issued as reinvestment of dividends		188,126			2,011,068			81,318			1,257,987
Redeemed		(178,919	)		(2,047,498	)		(227,096	)		(3,572,602	)
Net increase (decrease)		207,126		$	2,185,657			38,280		$	622,053
International Equity Fund Class I
Sold		2,051,285		$	23,711,003			8,323,476		$	111,155,945
Issued as reinvestment of dividends		1,237,647			13,156,184			235,936			3,222,891
Redeemed		(11,431,528	)		(132,298,427	)		(4,293,607	)		(58,566,694	)
Net increase (decrease)		(8,142,596	)	$	(95,431,240	)		4,265,805		$	55,812,142
International Equity Fund Class R5
Sold		231,594		$	2,627,679			489,688		$	6,750,033
Issued as reinvestment of dividends		585,665			6,231,478			158,503			2,165,164
Redeemed		(1,695,142	)		(19,276,980	)		(3,809,968	)		(52,081,072	)
Net increase (decrease)		(877,883	)	$	(10,417,823	)		(3,161,777	)	$	(43,165,875	)

224

Notes to Financial Statements (Unaudited) (Continued)

	Six Months Ended March 31, 2019						Year Ended September 30, 2018
	Shares			Amount			Shares			Amount
International Equity Fund Service Class
Sold		72,519		$	827,425			580,432		$	8,077,239
Issued as reinvestment of dividends		67,635			718,289			16,753			228,348
Redeemed		(861,291	)		(9,900,243	)		(413,441	)		(5,774,816	)
Net increase (decrease)		(721,137	)	$	(8,354,529	)		183,744		$	2,530,771
International Equity Fund Administrative Class
Sold		63,876		$	726,240			245,948		$	3,294,013
Issued as reinvestment of dividends		43,583			460,669			11,930			161,875
Redeemed		(353,865	)		(3,881,643	)		(681,611	)		(9,357,279	)
Net increase (decrease)		(246,406	)	$	(2,694,734	)		(423,733	)	$	(5,901,391	)
International Equity Fund Class A
Sold		119,062		$	1,315,362			266,005		$	3,541,329
Issued as reinvestment of dividends		118,131			1,213,203			21,028			277,357
Redeemed		(489,066	)		(5,137,350	)		(900,925	)		(11,824,149	)
Net increase (decrease)		(251,873	)	$	(2,608,785	)		(613,892	)	$	(8,005,463	)
International Equity Fund Class R4
Sold		63,180		$	683,171			235,686		$	3,093,177
Issued as reinvestment of dividends		44,423			451,336			9,500			124,071
Redeemed		(289,906	)		(3,179,445	)		(234,483	)		(3,040,348	)
Net increase (decrease)		(182,303	)	$	(2,044,938	)		10,703		$	176,900
International Equity Fund Class R3
Sold		65,314		$	709,068			162,404		$	2,114,450
Issued as reinvestment of dividends		37,193			377,140			4,385			57,228
Redeemed		(311,518	)		(3,149,054	)		(142,843	)		(1,864,023	)
Net increase (decrease)		(209,011	)	$	(2,062,846	)		23,946		$	307,655
Strategic Emerging Markets Fund Class I
Sold		998,442		$	12,167,220			2,864,792		$	38,498,964
Issued as reinvestment of dividends		114,592			1,339,579			250,132			3,266,714
Redeemed		(2,789,368	)		(33,808,605	)		(4,566,502	)		(60,014,070	)
Net increase (decrease)		(1,676,334	)	$	(20,301,806	)		(1,451,578	)	$	(18,248,392	)
Strategic Emerging Markets Fund Class R5
Sold		4,871		$	60,196			14,639		$	201,300
Issued as reinvestment of dividends		1,883			22,332			3,685			48,833
Redeemed		(814	)		(9,402	)		(2,930	)		(40,483	)
Net increase (decrease)		5,940		$	73,126			15,394		$	209,650
Strategic Emerging Markets Fund Service Class
Sold		2,494		$	30,195			7,875		$	106,427
Issued as reinvestment of dividends		21			247			355			4,633
Redeemed		(10,415	)		(125,419	)		(23,879	)		(320,311	)
Net increase (decrease)		(7,900	)	$	(94,977	)		(15,649	)	$	(209,251	)
Strategic Emerging Markets Fund Administrative Class
Sold		7,785		$	94,542			21,635		$	293,035
Issued as reinvestment of dividends		185			2,174			1,197			15,720
Redeemed		(4,277	)		(50,931	)		(75,265	)		(988,042	)
Net increase (decrease)		3,693		$	45,785			(52,433	)	$	(679,287	)

225

Notes to Financial Statements (Unaudited) (Continued)

	Six Months Ended March 31, 2019						Year Ended September 30, 2018
	Shares			Amount			Shares			Amount
Strategic Emerging Markets Fund Class A
Sold		29,064		$	350,514			41,318		$	554,398
Issued as reinvestment of dividends		155			1,818			135			1,765
Redeemed		(1,456	)		(18,106	)		(20,323	)		(270,060	)
Net increase (decrease)		27,763		$	334,226			21,130		$	286,103
Strategic Emerging Markets Fund Class R4
Sold		42,519		$	502,986			32,580		$	441,272
Issued as reinvestment of dividends		250			2,905			752			9,767
Redeemed		(44,912	)		(573,010	)		(10,626	)		(140,187	)
Net increase (decrease)		(2,143	)	$	(67,119	)		22,706		$	310,852
Strategic Emerging Markets Fund Class R3
Sold		11,446		$	141,269			14,865		$	196,350
Issued as reinvestment of dividends		-			-			392			5,088
Redeemed		(13,133	)		(161,091	)		(19,366	)		(255,182	)
Net increase (decrease)		(1,687	)	$	(19,822	)		(4,109	)	$	(53,744	)

Purchases of Class A shares are subject to a front-end sales charge of up to 5.50% of the amount purchased. A portion of the front-end sales charge may be retained by the Distributor. The Distributor retained $68 for the Main Street Fund during the period ended March 31, 2019.

Redemptions of Class A shares made within eighteen months of purchase from initial investments of $1 million or more are subject to a contingent deferred sales charge of 1% of the amount redeemed. The Distributor receives all contingent deferred sales charges. Any contingent deferred sales charges imposed during the period ended March 31, 2019, were waived for any redemptions subject to such a charge.

6. Federal Income Tax Information

At March 31, 2019, the aggregate cost of investments and the unrealized appreciation (depreciation) in the value of all investments owned by the Fund(s), as computed on a federal income tax basis, were as follows:

	Federal Income Tax Cost		Tax Basis Unrealized Appreciation		Tax Basis Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)
U.S. Government Money Market Fund	$	293,328,436	$	-	$	-		$	-
Short-Duration Bond Fund		486,915,634		5,540,550		(4,633,561	)		906,989
Inflation-Protected and Income Fund		296,922,324		5,605,665		(1,623,776	)		3,981,889
Core Bond Fund		1,563,979,285		21,107,459		(11,361,659	)		9,745,800
Diversified Bond Fund		231,410,871		3,227,499		(2,189,847	)		1,037,652
High Yield Fund		552,051,619		9,139,344		(19,676,998	)		(10,537,654	)
Balanced Fund		120,343,477		8,586,977		(2,919,780	)		5,667,197
Disciplined Value Fund		132,678,264		9,928,465		(6,950,789	)		2,977,676
Main Street Fund		111,597,593		16,318,987		(3,162,301	)		13,156,686
Disciplined Growth Fund		276,487,444		41,504,479		(8,792,303	)		32,712,176
Small Cap Opportunities Fund		209,034,681		25,841,841		(18,751,512	)		7,090,329
Global Fund		209,464,443		118,131,782		(13,671,833	)		104,459,949
International Equity Fund		325,913,590		54,216,482		(26,597,084	)		27,619,398
Strategic Emerging Markets Fund		179,784,703		40,287,720		(10,556,500	)		29,731,220

226

Notes to Financial Statements (Unaudited) (Continued)

Note: The aggregate cost for investments for the U.S. Government Money Market Fund at March 31, 2019, is the same for financial reporting and federal income tax purposes.

Net capital loss carryforwards may be applied against any net realized taxable gains in succeeding years, subject to the carryforward period limitations, where applicable. On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the “Modernization Act”) was signed by the President. The Modernization Act changed the capital loss carryforward rules as they relate to regulated investment companies. Capital losses generated in tax years beginning after the date of enactment may now be carried forward indefinitely, and retain the character of the original loss. Under pre-enactment law, capital losses could be carried forward for up to eight tax years as short-term capital losses. The provisions affecting the utilization of capital loss carryforwards under the Modernization Act also require the utilization of post-enactment losses prior to the utilization of pre-enactment losses.

At September 30, 2018, for federal income tax purposes, there were no unused capital losses.

At September 30, 2018, the following Fund(s) had post-enactment accumulated capital loss carryforwards:

	Short Term Capital Loss Carryforward		Long Term Capital Loss Carryforward
Short-Duration Bond Fund	$	32,454	$	14,006,690
Inflation-Protected and Income Fund		701,554		2,855,936
Core Bond Fund		11,109,013		27,869,212
Diversified Bond Fund		-		1,602,870
High Yield Fund		1,294,420		4,073,866
Strategic Emerging Markets Fund		5,990,877		-

Net capital loss carryforwards for the Fund(s) shown in the above table are from post-enactment years and are, therefore, not subject to the eight-year carryforward period and possible expiration.

The following Fund(s) elected to defer to the fiscal year beginning October 1, 2018, post-October capital losses:

	Post-October Loss		Post October Currency Loss
Inflation-Protected and Income Fund	$	3,389,285	$	-
Diversified Bond Fund		1,989,371		-

Generally accepted accounting principles in the United States of America require that only distributions in excess of tax basis earnings and profits be reported in the financial statements as a return of capital.

The tax character of distributions (including capital gain dividends, if any, designated pursuant to Section 852 of the Code) paid during the year ended September 30, 2018, was as follows:

	Ordinary Income		Long Term Capital Gain		Return of Capital
U.S. Government Money Market Fund	$	4,051,516	$	-	$	-
Short-Duration Bond Fund		15,311,431		-		-
Inflation-Protected and Income Fund		7,052,518		-		-
Core Bond Fund		34,338,923		-		-
Diversified Bond Fund		5,919,766		-		-
High Yield Fund		29,331,690		-		-
Balanced Fund		2,873,428		4,892,457		-

227

Notes to Financial Statements (Unaudited) (Continued)

	Ordinary Income		Long Term Capital Gain		Return of Capital
Disciplined Value Fund	$	11,270,704	$	13,001,553	$	-
Main Street Fund		2,132,665		8,426,806		-
Disciplined Growth Fund		23,976,151		22,931,026		-
Small Cap Opportunities Fund		5,166,910		20,202,935		-
Global Fund		3,313,284		34,665,333		-
International Equity Fund		6,236,966		-		-
Strategic Emerging Markets Fund		3,352,520		-		-

The following Fund(s) have elected to pass through the foreign tax credit for the year ended September 30, 2018:

	Amount
Global Fund	$	372,318
International Equity Fund		829,119
Strategic Emerging Markets Fund		401,099

Capital accounts within the financial statements are periodically adjusted for permanent differences between book and tax accounting. These adjustments have no impact on net assets or the results of operations. Temporary book and tax accounting differences will reverse in subsequent periods. At September 30, 2018, temporary book and tax accounting differences were primarily attributable to investments in forward contracts, futures contracts, swap agreements, premium amortization accruals, passive foreign investment companies, partnership basis adjustments, non-taxable dividends basis adjustments, the deferral of wash sale losses, corporate action basis adjustments, and deferred Trustee compensation.

At September 30, 2018, the components of distributable earnings on a tax basis were as follows:

	Undistributed Ordinary Income		Undistributed Long Term Capital Gain (Capital Loss Carryover)			Other Temporary Differences			Unrealized Appreciation (Depreciation)
U.S. Government Money Market Fund	$	4,433	$	-		$	(107,528	)	$	-
Short-Duration Bond Fund		13,704,775		(14,039,144	)		(111,545	)		(6,723,207	)
Inflation-Protected and Income Fund		7,486,373		(3,557,490	)		(3,447,477	)		(7,062,884	)
Core Bond Fund		29,929,414		(38,978,225	)		(301,051	)		(18,776,285	)
Diversified Bond Fund		5,261,623		(1,602,870	)		(2,027,076	)		(3,272,503	)
High Yield Fund		21,936,613		(5,368,286	)		(54,380	)		(6,955,281	)
Balanced Fund		2,733,702		5,456,978			(33,370	)		12,432,726
Disciplined Value Fund		7,215,216		13,485,081			(54,533	)		14,196,588
Main Street Fund		1,715,196		12,581,850			(32,073	)		20,966,684
Disciplined Growth Fund		21,758,377		45,040,233			(62,945	)		60,113,406
Small Cap Opportunities Fund		3,412,676		13,255,814			(47,288	)		40,676,114
Global Fund		1,949,947		52,126,170			(72,402	)		116,338,404
International Equity Fund		4,243,842		12,222,407			(126,780	)		75,036,019
Strategic Emerging Markets Fund		1,369,055		(5,990,877	)		(29,775	)		24,275,884

The Funds did not have any unrecognized tax benefits at March 31, 2019, nor were there any increases or decreases in unrecognized tax benefits for the period then ended. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as an income tax expense in the Statements of Operations. During the period ended March 31, 2019, the Funds did not incur any such interest or penalties. The Funds are subject to examination by U.S. federal and state tax authorities for returns filed for the prior three fiscal years. Foreign taxes are provided for based on the Funds’ understanding of the tax rules and rates that exist in the foreign markets in which they invest.

228

Notes to Financial Statements (Unaudited) (Continued)

7. Investment in Affiliated Issuers

A summary of the Funds’ transactions in the securities of affiliated issuers during the period ended March 31, 2019, was as follows:

	Beginning Value as of 9/30/18		Purchases		Sales			Change in Unrealized Appreciation/ Depreciation		Net Realized Gain (Loss)		Value as of 3/31/19		Number of Shares Held as of 3/31/19		Dividend Income		Realized Gains Distributions
Global Fund
Oppenheimer Institutional Government Money Market Fund Class E*	$	4,096,417	$	35,256,766	$	(32,497,978	)	$	-	$	-	$	6,855,205		6,855,205	$	65,682	$	-
International Equity Fund
Oppenheimer Institutional Government Money Market Fund Class E*	$	17,496,757	$	70,954,329	$	(78,886,305	)	$	-	$	-	$	9,564,781		9,564,781	$	263,008	$	-

* Fund advised by OFI Global Asset Management.

8. Indemnifications

Under the Funds’ organizational documents, current and former Trustees and Officers are provided with specified rights to indemnification against liabilities arising in connection with the performance of their duties to the Funds, and shareholders are indemnified against personal liability for obligations of the Funds. In the normal course of business, the Funds may also enter into contracts that provide general indemnifications. The Funds’ maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Funds. The risk of material loss from such claims is considered remote.

9. New Accounting Pronouncements

In October 2016, the SEC released its Final Rule on Investment Company Reporting Modernization (the “Rule”). The Rule, which introduced two new regulatory reporting forms for investment companies — Form N-PORT and Form N-CEN — also contains amendments to Regulation S-X which impact financial statement presentation, particularly the presentation of derivative investments, for all reporting periods ending after August 1, 2017. The Funds have adopted the Rule’s Regulation S-X amendments and the Funds’ financial statements are in compliance with those amendments. In December 2017, the SEC issued a temporary final rule (“Temporary Rule”) that provided for a nine-month delay of N-PORT filing with the SEC. Under the Temporary Rule, those funds subject to the original June 1, 2018 compliance date are required to gather and maintain all of the data required by Form N-PORT as of the original reporting date and such information is subject to examination by the SEC staff.

In March 2017, FASB issued Accounting Standards Update 2017-08, Receivables — Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities (“ASU 2017-08”). For entities that hold callable debt securities at a premium, ASU 2017-08 requires that the premium be amortized to the earliest call date. ASU 2017-08 would first be effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Management is currently evaluating the implication, if any, of these changes and its impact on the Funds’ financial statements.

In August 2018, FASB issued Accounting Standards Update 2018-13 — Fair Value Measurement (Topic 820) Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”). The amendments modify fair value measurement disclosures and are effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Management is currently evaluating the implication, if any, of these changes and its impact on the Funds’ financial statements.

229

Notes to Financial Statements (Unaudited) (Continued)

10. Legal Proceedings

On December 7, 2010, the Trust was named as a defendant and putative member of the proposed defendant class of shareholders named in an adversary proceeding brought by The Official Committee of Unsecured Creditors of Tribune Company (the “Official Committee”) in the U.S. Bankruptcy Court for the District of Delaware, in connection with Tribune Company’s Chapter 11 bankruptcy proceeding (In re Tribune Company). The proceeding relates to a leveraged buyout (“LBO”) transaction by which Tribune Company converted to a privately-held company in 2007, and the putative defendant class is comprised of beneficial owners of shares of Tribune Company who received proceeds (the “Proceeds”) of the LBO. The Official Committee seeks to recover payments of those Proceeds. On April 5, 2012, the adversary proceeding was transferred to the Southern District of New York for consolidated pretrial proceedings. The action is now being prosecuted by the litigation trustee (“Trustee”) for the Tribune Litigation Trust.

The potential amounts sought to be recovered from the Balanced Fund, Disciplined Value Fund, and Small Cap Opportunities Fund are approximately $44,200, $299,880, and $414,800, respectively, plus interest and the Official Committee’s court costs.

In addition, on June 2, 2011, the Disciplined Value Fund and Small Cap Opportunities Fund were named as defendants in a closely related, parallel adversary proceeding brought in connection with the Tribune Company’s LBO by Deutsche Bank Trust Company Americas, in its capacity as successor indenture trustee for a certain series of Senior Notes, Law Debenture Trust Company of New York, in its capacity as successor indenture trustee for a certain series of Senior Notes, and Wilmington Trust Company, in its capacity as successor indenture trustee for the PHONES Notes (together, the “Plaintiffs”), in the United States District Court for the District of Massachusetts. The Plaintiffs also seek to recover payments of the Proceeds. On December 20, 2011, this action was transferred to the Southern District of New York for consolidated pretrial proceedings.

The Funds cannot predict the outcome of these proceedings. Accordingly, the Funds have not accrued any amounts related to these proceedings. If the proceedings were to be decided in a manner adverse to the Funds, or if the Funds were to enter into a settlement agreement with the Trustee or the Plaintiffs, as applicable, the payment of such judgment or settlement could potentially have a material adverse effect on the Funds’ net asset values depending on the net assets of each applicable Fund at the time of such judgment or settlement.

230

Other Information (Unaudited)

Proxy Voting

A description of the policies and procedures that each Fund’s investment adviser and subadvisers use to vote proxies relating to the Fund’s portfolio securities is available, without charge, upon request, by calling 1-888-309-3539, and on the SEC’s EDGAR database on its website at http://www.sec.gov.

Information regarding how the Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available, without charge, upon request, on the MassMutual website at http://www.massmutual.com/funds and on the SEC’s EDGAR database on its website at http://www.sec.gov.

Quarterly Reporting

Effective for periods ending on or after March 31, 2019, the Funds will file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds’ Forms N-PORT will be available on the SEC’s EDGAR database on its website at http://www.sec.gov. For periods ending prior to March 31, 2019, this information was filed on Form N-Q. The Funds’ Forms N-Q are available on the SEC’s EDGAR database on its website at http://www.sec.gov.

Submission of Matter to a Vote of Security Holders

Pursuant to a written consent dated February 15, 2019, MassMutual and each of the MassMutual RetireSMART^SM Funds and MassMutual RetireSMART^SM by JPMorgan Funds, together in their capacity as the owner of a majority of the issued and outstanding shares of the MassMutual Premier High Yield Fund (the “Fund”), approved the ability for MML Advisers to appoint subadvisers for the Fund without shareholder approval, as described in the Information Statement dated January 22, 2019.

231

Other Information (Unaudited) (Continued)

Fund Expenses March 31, 2019

Expense Examples:

The following information is in regards to expenses for the six months ended March 31, 2019:

As a shareholder of the Funds, you may incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments or redemptions; and (2) ongoing costs, including advisory fees, distribution and/or service (12b-1) fees, and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds. These examples are based on an investment of $1,000 invested for the six months ended March 31, 2019.

Actual Expenses:

The first four columns of the table below provide information about actual account values and actual expenses. You may use this information, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading entitled “Operating Expenses Incurred” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes:

The last two columns of the table below provide information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the last two columns of the table are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning Value		Annualized Expense Ratio			Ending Value (Based on Actual Returns and Expenses)		Operating Expenses Incurred*		Ending Value (Based on Hypothetical Returns and Expenses)		Operating Expenses Incurred*
U.S. Government Money Market Fund
Class R5	$	1,000		0.51	%	$	1,008.80	$	2.53	$	1,022.10	$	2.54
Short-Duration Bond Fund
Class I		1,000		0.42	%		1,019.30		2.09		1,022.60		2.09
Class R5		1,000		0.52	%		1,019.10		2.59		1,022.10		2.59
Service Class		1,000		0.62	%		1,018.90		3.09		1,021.60		3.09
Administrative Class		1,000		0.72	%		1,018.30		3.58		1,021.10		3.59
Class A		1,000		0.97	%		1,016.10		4.82		1,019.90		4.83
Class R4		1,000		0.87	%		1,017.50		4.33		1,020.40		4.33
Class R3		1,000		1.12	%		1,015.70		5.57		1,019.10		5.58

232

Other Information (Unaudited) (Continued)

	Beginning Value		Annualized Expense Ratio			Ending Value (Based on Actual Returns and Expenses)		Operating Expenses Incurred*		Ending Value (Based on Hypothetical Returns and Expenses)		Operating Expenses Incurred*
Inflation-Protected and Income Fund
Class I	$	1,000		0.46	%	$	1,023.60	$	2.30	$	1,022.40	$	2.29
Class R5		1,000		0.56	%		1,023.50		2.79		1,021.90		2.79
Service Class		1,000		0.66	%		1,023.50		3.29		1,021.40		3.29
Administrative Class		1,000		0.76	%		1,023.30		3.79		1,020.90		3.79
Class A		1,000		1.01	%		1,020.80		5.03		1,019.70		5.03
Class R4		1,000		0.91	%		1,021.50		4.54		1,020.20		4.53
Class R3		1,000		1.16	%		1,020.30		5.78		1,018.90		5.77
Core Bond Fund
Class I		1,000		0.42	%		1,042.50		2.12		1,022.60		2.09
Class R5		1,000		0.52	%		1,042.10		2.62		1,022.10		2.59
Service Class		1,000		0.62	%		1,040.30		3.12		1,021.60		3.09
Administrative Class		1,000		0.72	%		1,040.70		3.62		1,021.10		3.59
Class A		1,000		0.97	%		1,039.00		4.88		1,019.90		4.83
Class R4		1,000		0.87	%		1,040.10		4.38		1,020.40		4.33
Class R3		1,000		1.12	%		1,038.40		5.63		1,019.10		5.58
Diversified Bond Fund
Class I		1,000		0.51	%		1,041.30		2.57		1,022.10		2.54
Class R5		1,000		0.61	%		1,040.60		3.07		1,021.60		3.04
Service Class		1,000		0.71	%		1,039.70		3.57		1,021.20		3.54
Administrative Class		1,000		0.81	%		1,039.50		4.07		1,020.70		4.04
Class A		1,000		1.06	%		1,038.10		5.33		1,019.40		5.28
Class R4		1,000		0.96	%		1,038.00		4.82		1,019.90		4.78
Class R3		1,000		1.21	%		1,037.40		6.08		1,018.70		6.02
High Yield Fund
Class I		1,000		0.53	%		1,013.30		2.63		1,022.00		2.64
Class R5		1,000		0.63	%		1,013.10		3.13		1,021.60		3.14
Service Class		1,000		0.73	%		1,012.20		3.62		1,021.10		3.64
Administrative Class		1,000		0.83	%		1,010.80		4.12		1,020.60		4.14
Class A		1,000		1.08	%		1,010.70		5.35		1,019.30		5.38
Class R4		1,000		0.98	%		1,011.10		4.86		1,019.80		4.88
Class R3		1,000		1.23	%		1,009.40		6.09		1,018.60		6.12
Balanced Fund
Class I		1,000		0.64	%		977.70		3.12		1,021.50		3.19
Class R5		1,000		0.73	%		977.50		3.56		1,021.10		3.64
Service Class		1,000		0.83	%		976.50		4.05		1,020.60		4.14
Administrative Class		1,000		0.93	%		975.90		4.53		1,020.10		4.63
Class A		1,000		1.18	%		975.50		5.75		1,018.80		5.87
Class R4		1,000		1.08	%		976.00		5.26		1,019.30		5.38
Class R3		1,000		1.33	%		974.20		6.47		1,018.10		6.62
Disciplined Value Fund
Class I		1,000		0.63	%		957.60		3.04		1,021.60		3.14
Class R5		1,000		0.73	%		956.50		3.52		1,021.10		3.64
Service Class		1,000		0.83	%		956.60		4.00		1,020.60		4.14
Administrative Class		1,000		0.93	%		956.20		4.49		1,020.10		4.63
Class A		1,000		1.18	%		954.60		5.69		1,018.80		5.87
Class R4		1,000		1.08	%		955.30		5.21		1,019.30		5.38
Class R3		1,000		1.33	%		953.80		6.41		1,018.10		6.62

233

Other Information (Unaudited) (Continued)

	Beginning Value		Annualized Expense Ratio			Ending Value (Based on Actual Returns and Expenses)		Operating Expenses Incurred*		Ending Value (Based on Hypothetical Returns and Expenses)		Operating Expenses Incurred*
Main Street Fund
Class I	$	1,000		0.73	%	$	988.30	$	3.58	$	1,021.10	$	3.64
Class R5		1,000		0.83	%		988.00		4.07		1,020.60		4.14
Service Class		1,000		0.93	%		986.90		4.56		1,020.10		4.63
Administrative Class		1,000		1.03	%		987.30		5.05		1,019.60		5.13
Class A		1,000		1.28	%		986.30		6.27		1,018.30		6.37
Class R4		1,000		1.18	%		986.50		5.78		1,018.80		5.87
Class R3		1,000		1.43	%		985.10		7.00		1,017.60		7.11
Disciplined Growth Fund
Class I		1,000		0.54	%		959.40		2.61		1,022.00		2.69
Class R5		1,000		0.64	%		959.00		3.09		1,021.50		3.19
Service Class		1,000		0.74	%		958.60		3.57		1,021.00		3.69
Administrative Class		1,000		0.84	%		958.10		4.06		1,020.50		4.18
Class A		1,000		1.09	%		956.80		5.26		1,019.30		5.43
Class R4		1,000		0.99	%		957.90		4.78		1,019.80		4.93
Class R3		1,000		1.24	%		956.30		5.98		1,018.50		6.17
Small Cap Opportunities Fund
Class I		1,000		0.69	%		896.00		3.23		1,021.30		3.44
Class R5		1,000		0.79	%		895.30		3.69		1,020.80		3.94
Service Class		1,000		0.89	%		895.10		4.16		1,020.30		4.43
Administrative Class		1,000		0.99	%		894.40		4.62		1,019.80		4.93
Class A		1,000		1.24	%		893.10		5.79		1,018.50		6.17
Class R4		1,000		1.14	%		894.00		5.32		1,019.00		5.68
Class R3		1,000		1.39	%		892.90		6.49		1,017.80		6.92
Global Fund
Class I		1,000		0.88	%		983.90		4.30		1,020.30		4.38
Class R5		1,000		0.98	%		982.50		4.79		1,019.80		4.88
Service Class		1,000		1.08	%		982.50		5.28		1,019.30		5.38
Administrative Class		1,000		1.18	%		981.80		5.77		1,018.80		5.87
Class A		1,000		1.43	%		980.80		6.98		1,017.60		7.11
Class R4		1,000		1.33	%		981.20		6.50		1,018.10		6.62
Class R3		1,000		1.58	%		979.60		7.71		1,016.90		7.86
International Equity Fund
Class I		1,000		0.97	%		947.50		4.66		1,019.90		4.83
Class R5		1,000		1.07	%		946.90		5.14		1,019.40		5.33
Service Class		1,000		1.17	%		945.80		5.61		1,018.90		5.82
Administrative Class		1,000		1.27	%		946.20		6.09		1,018.40		6.32
Class A		1,000		1.52	%		944.80		7.29		1,017.20		7.56
Class R4		1,000		1.42	%		945.10		6.81		1,017.70		7.06
Class R3		1,000		1.67	%		943.70		8.00		1,016.40		8.30
Strategic Emerging Markets Fund
Class I		1,000		1.08	%		1,035.60		5.42		1,019.30		5.38
Class R5		1,000		1.18	%		1,034.80		5.92		1,018.80		5.87
Service Class		1,000		1.28	%		1,034.20		6.42		1,018.30		6.37
Administrative Class		1,000		1.38	%		1,033.90		6.92		1,017.90		6.87
Class A		1,000		1.64	%		1,032.70		8.22		1,016.60		8.15
Class R4		1,000		1.54	%		1,033.40		7.72		1,017.10		7.66
Class R3		1,000		1.78	%		1,031.70		8.92		1,015.90		8.85

* Expenses are calculated using the annualized expense ratio for the six months ended March 31, 2019, multiplied by the average account value over the period, multiplied by 180 days in the period, divided by 365 days in the year, unless stated otherwise.

234

Underwriter:

MML Distributors, LLC

100 Bright Meadow Blvd.

Enfield, Connecticut 06082-1981

^© 2019 Massachusetts Mutual Life Insurance Company (MassMutual), Springfield, MA 01111-0001. All rights reserved. www.massmutual.com. Investment Adviser: MML Investment Advisers, LLC RS-44649-02

Item 2. Code of Ethics.

Not applicable to this filing.

Item 3. Audit Committee Financial Expert.

Not applicable to this filing.

Item 4. Principal Accountant Fees and Services.

Not applicable to this filing.

Item 5. Audit Committee of Listed Registrants.

Not applicable to this filing.

Item 6. Investments.

(a) Please see portfolio of investments contained in the Reports to Stockholders included under Item 1 of this form N-CSR.

(b) Not applicable to this filing.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to this filing.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to this filing.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable to this filing.

Item 10. Submission of Matters to a Vote of Security Holders.

Not applicable to this filing.

Item 11. Controls and Procedures.

(a) The Registrant’s Principal Executive Officer and Principal Financial Officer have concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this Form N-CSR, to provide reasonable assurance that the information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized, and reported within the time periods specified in the SEC’s rules and forms, based on their evaluation of these disclosure controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 (17 CFR 240.13a-15(b) or 240.15d-15(b)).

(b) There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d))) that occurred during the Registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies

Not applicable to this filing.

Item 13. Exhibits.

(a)(1) Code of Ethics (Item 2) is not applicable to this filing.

(a)(2) Certifications of the Principal Executive Officer and Principal Financial Officer of the Registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)) are attached hereto as Exhibit 99CERT.

(a)(3) Not applicable to this filing.

(a)(4) Not applicable to this filing.

(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 as required by Rule 30a-2(b), under the 1940 Act (17 CFR 270.30a-2(b)), Rule 15d-14(b) under the Securities Exchange Act of 1934 (17 CFR 240.15d-14(b)) and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) are attached hereto as Exhibit 99.906CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant)     MassMutual Premier Funds

By (Signature and Title)	/s/ Eric Wietsma
	Eric Wietsma, President and Principal Executive Officer
Date      5/23/2019

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)	/s/ Eric Wietsma
	Eric Wietsma, President and Principal Executive Officer
Date      5/23/2019

By (Signature and Title)	/s/ Renee Hitchcock
	Renee Hitchcock, Treasurer and Principal Financial Officer

Date      5/23/2019