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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number | 811-08690 | |||
MassMutual Premier Funds | ||||
(Exact name of registrant as specified in charter) | ||||
1295 State Street, Springfield, MA 01111 | ||||
(Address of principal executive offices) | (Zip code) | |||
Eric Wietsma | ||||
1295 State Street, Springfield, MA 01111 | ||||
(Name and address of agent for service) |
Registrant’s telephone number, including area code: 413-788-8411
Date of fiscal year end: 9/30/12
Date of reporting period: 9/30/12
Table of Contents
Item 1. Reports to Stockholders.
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President’s Letter to Shareholders (Unaudited) | 1 | |||
Economic and Market Overview (Unaudited) | 3 | |||
Portfolio Manager Report (Unaudited) | 6 | |||
Portfolio of Investments | ||||
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Other Information (Unaudited) | ||||
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This material must be preceded or accompanied by a current prospectus (or summary prospectus, if available) for the MassMutual Premier Funds. Investors should consider a Fund’s investment objective, risks, and charges and expenses carefully before investing. This and other information about the investment company is available in the prospectus (or summary prospectus, if available). Read it carefully before investing.
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MassMutual Premier Funds – President’s Letter to Shareholders (Unaudited)
To Our Shareholders
Eric Wietsma
“MassMutual believes you can most effectively pursue your retirement goals by creating a long-term investment plan designed to suit your investment time horizon and your tolerance for risk, monitoring that plan regularly, and making changes to your plan when appropriate.”
September 30, 2012
Investors navigate good and bad economic news and drive stocks higher here and abroad
I am pleased to present you with the MassMutual Premier Funds Annual Report, covering the year ended September 30, 2012.* Most major global equity markets advanced strongly for the period, despite the volatility and weak stock performance that characterized the second quarter of 2012. The market advance occurred in an environment that included both continued global economic malaise and positive signs for the future. The willingness of some central bankers and country leaders to take bold steps to help resolve ongoing problems in both Europe and the U.S. encouraged investors. Other reasons for optimism also emerged over the course of the year, including signs of a strengthening housing market in the U.S., positive earnings reports from companies in numerous industries, and improvements in U.S. employment statistics.
MassMutual believes you can most effectively pursue your retirement goals by creating a long-term investment plan designed to suit your investment time horizon and your tolerance for risk, monitoring that plan regularly, and making changes to your plan when appropriate. Keeping certain investing guidelines in mind (such as those below) can help you maintain your long-term perspective.
Investing guidelines for retirement investors
Time may be your ally
Investing for retirement is a decades-long process for most people. The financial markets will be volatile from time to time, but many patient investors who have taken a long-term approach have managed to ride out the downturns and have successfully grown their account balances and reached their retirement goals over time.
Continue to invest
Some of the most sophisticated investors believe that individuals who can weather a bear market have the potential to be rewarded by amassing larger positions at more favorable prices (relative to those who do not continue to invest during a down market). That’s why many financial professionals believe it’s important to stay in the market, regardless of short-term results.
Monitor your asset allocation and diversify
Stocks, bonds, and short-term/money market investments are investment types that typically behave differently depending upon the economic and market environment. Those broad investment types contain an even greater array of sub-categories (such as small-cap stocks, international stocks, high-yield bonds, etc.). Many financial experts believe that investors can take advantage of different opportunities in the market and reduce the risk of over-exposure to one or two poorly performing investment types by maintaining a portfolio that includes a mix of investment types and sub-categories.
* | On May 23, 2012, the Board of Trustees approved a change in the fiscal year-end of each series of the MassMutual Premier Funds (the “Trust”) from October 31 to September 30. Accordingly, the Trust’s financial statements and related notes include information as of the 11-month period ended September 30, 2012, and the one-year periods ended October 31, 2011, and October 31, 2010, if applicable. Discussions of the economic and market overview and of fund performance are relevant to each of the 11-month fiscal period and the year ended September 30, 2012. |
(Continued)
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MassMutual Premier Funds – President’s Letter to Shareholders (Unaudited) (Continued)
Get on track, stay on track
We believe doing business with MassMutual is the sign of a good decision. MassMutual focuses on the long term and encourages all retirement investors to do the same. If you work with a financial professional, this could be an ideal time to contact him or her to help you evaluate and fine-tune your retirement-planning strategy, taking into consideration your investment time frame and risk tolerance to get and keep you on track toward your long-term investment objectives. Thank you for your continued confidence and trust in MassMutual.
Sincerely,
Eric Wietsma
President
The information provided is the opinion of MassMutual Retirement Services Investments Marketing as of 10/1/12 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.
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MassMutual Premier Funds – Economic and Market Overview (Unaudited)
September 30, 2012
Stock markets advance substantially despite ongoing uncertainty
For the year ended September 30, 2012,* broad stock market indexes in the U.S. and abroad notched substantial increases, as optimistic investors overcame concerns about the sovereign debt crisis in Europe and unsteady economic growth here at home to drive stocks higher. The U.S. Federal Reserve (the “Fed”) and other central banks from across the globe helped calm occasionally jittery markets by implementing actions intended to stimulate their respective economies, and key interest rates remained near historical lows. U.S. manufacturing, employment, and housing statistics told a story of an economy unsure of its strength at certain times, but still indicated continued improvement overall for the year.
The price of oil trended higher through much of the first half of the yearlong period, going from around $79 per barrel on October 1, 2011, to a peak of nearly $110 in late February 2012. Oil prices dropped 30% to around $78 in late June and finished September at $92.18. Gasoline prices mainly moved in a similar fashion, with consumers getting some needed relief at the pumps during the early summer of 2012 in between bouts with much higher prices. Gold started the period at around $1,625 per ounce and rose over the 12 months. The price of the precious metal gyrated by about $215 during the yearlong period, before settling at $1,771.10 at the end of September 2012.
The Fed continued to keep interest rates at historically low levels, with the federal funds rate remaining at 0.0% to 0.25% – the level the rate has occupied since December 2008 – in an ongoing attempt to stimulate the economy. The federal funds rate is the interest rate that banks and other financial institutions charge each other for borrowing funds overnight. In October 2011, The Fed implemented “Operation Twist,” the stimulus program under which the Fed has been aiming to boost economic growth by causing long-term interest rates to decline by selling shorter-term U.S. Treasury securities and using the proceeds to buy those with longer terms. The central bank confirmed its commitment to keeping interest rates low, stating in its Federal Open Market Committee meeting notes in April that economic conditions were “expected to warrant an exceptionally low federal funds rate through late 2014.” In June, the Fed announced its extension of Operation Twist through the end of 2012. In September, Chairman Ben Bernanke announced the Fed’s decision to launch a third round of quantitative easing, or QE3, which involves the central bank’s purchase of $40 billion in agency mortgage-backed securities per month in an effort to lower mortgage rates and spur greater activity in the housing market.
Market performance
U.S. and foreign equities rewarded investors for the year ended September 30, 2012, with U.S. stocks leading the charge. The small-cap Russell 2000® Index was the standout performer for the year, with its 31.91% advance. The S&P 500® Index (the “S&P 500”), which measures the performance of large-cap stocks in the U.S., gained 30.20%. Technology stock benchmark the NASDAQ Composite® Index (“NASDAQ”) posted an impressive 29.02% return. Also posting a double-digit advance was the Dow Jones Industrial AverageSM (the “Dow”), a well-known measure of blue-chip stock performance, which gained 26.52%. Foreign equity markets also advanced for the year, with the MSCI Emerging Markets Index, a measure of the performance of emerging stock markets throughout the world, advancing 16.93%, and the MSCI® EAFE® Index, a barometer for foreign stocks in developed markets, advancing 13.75% for the year.
Bonds generally underperformed equities by a wide margin during the 12 months. One exception was the Barclays U.S. Corporate High Yield Index, a measure of the performance of fixed-rate, non-investment-grade debt from corporate sectors, which advanced 19.37%, as investors sought higher returns relative to other bonds. Conversely, the Barclays U.S. Aggregate Bond Index, a broad measure of the U.S. investment-grade bond markets, gained only 5.16%. The environment of low interest rates continued to take its toll, with shorter-term debt investments struggling to stay in positive territory. The Barclays U.S. 1-3 Year Government Bond Index, which measures the performance of short-term U.S. government bonds, returned just 0.65%; and Treasury bills advanced only slightly, as measured by the Citigroup 3-Month Treasury Bill Index, which gained a mere 0.05%.**
* | On May 23, 2012, the Board of Trustees approved a change in the fiscal year-end of each series of the MassMutual Premier Funds from October 31 to September 30. Accordingly, the discussion herein is relevant to each of the 11-month fiscal period and the year ended September 30, 2012. |
** | Indexes are unmanaged, do not incur fees or expenses and cannot be purchased directly for investment. |
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MassMutual Premier Funds – Economic and Market Overview (Unaudited) (Continued)
October 2011 was one of the best months for stocks in a decade, so returns of most broad stock market indexes for the year ended September 30, 2012, were considerably higher than for the 11 months ended September 30, 2012 (which did not include October 2011). High-yield bonds also rose during October 2011, which helped the Barclays U.S. Corporate High Yield Index notch a notably higher return for the year ended September 30, 2012, relative to the 11 months ended September 30, 2012. The performance of higher-quality bonds during October 2011 was muted and accounted for the relatively minor disparity in the performance of such bonds’ indexes over the 11-month and one-year periods ended September 30, 2012.
Stocks advance in the midst of fourth quarter 2011 volatility
U.S. stocks performed well in the fourth quarter of 2011, with virtually all gains coming in October, when the market strongly rebounded from a steep third-quarter sell-off. One factor that drove the rally was the prospect of further progress by European leaders toward solving that region’s sovereign debt crisis. Bonds, for the most part, turned in flat returns for the fourth quarter, although corporate high-yield bonds continued to perform well.
The federal government’s final estimate of economic growth, as measured by gross domestic product (“GDP”), for the third quarter of 2011, which was released in the fourth quarter, came in at 1.8%, which was down a bit from the earlier 2.0% projection. Moreover, the U.S. unemployment rate dropped to 8.6% in November 2011 from 9.0% the previous month, although the primary driver of that decline was a reduction in the number of unemployed individuals seeking work. In October, durable goods orders (with the exception of transportation) showed broad-based strength, and November’s Institute for Supply Management (“ISM”) new orders index rebounded to a seven-month high. In December, positive economic reports showed improvements in the home builders index and in housing starts.
Stocks outperform bonds in the first quarter of 2012
In the first quarter of 2012, equities once again outperformed their bond counterparts – only this time, the quarter was marked by much less volatility. In the bond market, Treasury yields traded in a relatively narrow range until mid-March, when they spiked higher on growing optimism about the U.S. economy. (Bond prices move in the opposite direction to interest rates [or yields]; when yields rise, the prices of existing bonds fall – and vice versa.) By the end of the month, however, yields had retraced about half of their advance.
The Commerce Department reported that private-sector spending and private investment helped boost the U.S. economy to a 2.8% annualized expansion in the fourth quarter of 2011, in data released in the first quarter. The economy typically expands by more than 3% annually during an economic recovery, the pace that economists consider necessary to bring down unemployment. Housing had its ups and downs during the period. In January, the Commerce Department reported that sales of new homes unexpectedly dropped in December 2011. In February 2012, however, it was reported that big price reductions in the U.S. real estate market had given a lift to existing home sales, which rose 4.3% in January to a 4.57 million annual rate. Another bright spot emerged when National Association of Homebuilders reported that confidence among U.S. home builders held in March at its highest level since June 2007, and data showed solid manufacturing growth in the first quarter.
In Europe, Standard & Poor’s downgraded the government debt of France, Spain, Italy, and Austria in January on concerns over high debt levels and those countries’ significant need to refinance debt in 2013. Germany, however, avoided a downgrade and maintained its AAA rating. Greece’s fiscal situation became a bit brighter in March, as significant progress in that country’s negotiations with its private-sector creditors cleared the way for a second €130 billion bailout for the debt-strapped nation from the European Union (“EU”) and the International Monetary Fund. Also in March, Chinese Premier Wen Jiabao cut the country’s 2012 target growth rate to 7.5% – China’s lowest growth target in eight years.
Second quarter of 2012: bonds outpace stocks as worries over Europe re-emerge
The U.S. stock market had a challenging second quarter, with all widely followed market indexes suffering single-digit losses. The European debt crisis, which had receded as a major source of concern for investors in the first three months of 2012, worsened once again. Foreign stocks trailed their U.S. counterparts. On the positive side, equities trimmed their losses from the early June lows and jumped about 2% on the final day of the quarter on news of a “breakthrough” deal at the two-day summit of EU leaders in Brussels, Belgium. In the bond market, the yield of U.S. Treasury securities plummeted and prices soared amid
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MassMutual Premier Funds – Economic and Market Overview (Unaudited) (Continued)
investors’ decreasing appetite for risk. At quarter-end, the yield of the bellwether 10-year Treasury note stood near its all-time low. Longer-dated Treasuries were standout performers, while TIPS (Treasury Inflation-Protected Securities) also did well. Within the corporate sector, investment-grade bonds generally fared better than high-yield debt. Employment trends downshifted during April, and payroll growth slowed in the second quarter. Corporate earnings were mainly positive, but manufacturing was down.
During the second quarter, prices on Spanish and Italian debt fell after rallying earlier in the year in response to the European Central Bank’s (“ECB”) Long-Term Refinancing Operations lending facility. Spanish and Italian banks were reported to have tapped a direct lending line from the ECB. In addition, concerns started to grow that Greece could leave the euro zone. Later in the quarter, however, there was a positive reaction to the election of a pro-austerity government in Greece. Here in the U.S., the Supreme Court voted 5 to 4 in June to uphold the Affordable Care Act, the health care law signed by President Obama in 2010. The ruling left the law essentially intact, with most mandates taking effect in 2014.
Central banks come to the rescue in the third quarter of 2012
Popular stock indexes in the U.S. posted solid gains in the third quarter of 2012, as some of the globe’s most powerful central bankers decided it was time to take action once again. In July, ECB President Mario Draghi stated he would do “whatever it takes” to preserve the euro, and the ECB supported that statement with a new bond-buying program in September. About a week later, Fed Chairman Ben Bernanke announced the launch of QE3. Around the same time, the Bank of Japan followed suit, announcing plans to ramp up its bond-buying program. Although the ECB and Fed announcements helped drive stock prices higher, the major indexes subsequently gave up some of their gains. Foreign equity markets modestly outperformed their domestic counterparts for the quarter, primarily due to a weaker U.S. dollar.
Bond investments trailed their equity counterparts in the third quarter of 2012, as Treasury yields fluctuated, but finished September with minimal change. Corporate bonds, including high-yield debt, did well, although corporate bonds lost some of their luster late in the quarter, as the afterglow of the Fed’s QE3 announcement began to fade. Manufacturing showed some expansion as the quarter came to an end, but export orders remained under pressure, reflecting mainly weak global markets. Continued improvement in the unemployment rate as the period ended seemed at odds with data about jobless claims. Housing finished the quarter strongly.
As the yearlong period came to an end along with September 2012, many problems remained on the world stage, such as the ongoing concerns in Europe (particularly in Greece, Italy, and Spain) as well as the challenges faced by China. Investors worldwide will likely focus on the U.S. in the near future as key events on the eco-political stage take place, including the U.S. presidential and congressional elections in November. Additionally, investors will brace for the potential impact of the “fiscal cliff,” the adopted term for a large reduction of the federal budget deficit through significant tax increases and spending cuts, which is scheduled to become effective on December 31, 2012, unless Congress agrees upon an alternative. The fiscal cliff has the strong potential to derail economic growth, at least in the short term. We expect investors will pay attention to these events and others as they search for indications about what may lie ahead for the financial markets.
The information provided is the opinion of MassMutual Retirement Services Investment Services as of 10/1/12 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.
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MassMutual Premier Money Market Fund – Portfolio Manager Report (Unaudited)
What is the investment approach of MassMutual Premier Money Market Fund, and who is the Fund’s subadviser?
The Fund seeks to maximize current income to the extent consistent with liquidity and the preservation of capital by investing in a diversified portfolio of money market instruments. It is important to note that the Fund seeks to maintain, but does not guarantee, a stable net asset value of $1.00 per share. The Fund’s subadviser is Babson Capital Management LLC (Babson Capital). An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Fund seeks to maintain a stable net asset value of $1.00 per share, it is possible to lose money by investing in the Fund.
How did the Fund perform during the 12 months ended September 30, 2012?*
The Fund’s Class S shares returned 0.00%, trailing the 0.05% return of the Citigroup 3-Month Treasury Bill Index (the “benchmark”), an unmanaged index representing the performance of 3-month U.S. Treasury bills that reflects reinvestment of all distributions and changes in market prices. For the 11 months ended September 30, 2012, the Fund’s Class S shares returned 0.00%, trailing the 0.05% return of the benchmark. During the periods, the Fund waived certain fees to allow it to achieve the 0.00% return. The Fund’s Class S shares would have had a negative return if the waiver had not been in effect.
* | On May 23, 2012, the Board of Trustees approved a change in the fiscal year-end of the Fund from October 31 to September 30. The discussion below is relevant to each of the 11-month fiscal period and the year ended September 30, 2012. |
For a discussion on the economic and market environment during the 12-month period ended September 30, 2012, please see the Economic and Market Review, beginning on page 3.
Subadviser discussion of factors that contributed to the Fund’s performance
The low interest rate environment continued to hold down absolute returns of short-term debt instruments throughout the year ended September 30, 2012. The Fund continued to focus on high-quality issuers in short-maturity non-financial commercial paper in this environment. (Commercial paper is the commonly used name for short-term unsecured promissory notes sold by banks and corporations to meet short-term debt obligations.) The strategy allowed the Fund to earn additional yield relative to the benchmark, whose yield has remained at low levels because of low short-term interest rates and the high demand for Treasury bills.
The one-month London Interbank Offered Rate (LIBOR) – an interest rate used in the short-term international interbank market – only declined from 0.23% to 0.21% over the year, although the rate did spike as high as 0.29% late in the fourth quarter of 2011, before the European Central Bank (ECB) announced its Long Term Refinancing Operation (LTRO), which helped stabilize the short-term markets. The three-month LIBOR remained essentially unchanged over the 12-month period, but spiked higher during the fourth quarter of 2011, rising from 0.36% to as high as 0.58%. This volatility has not driven any strategy change for the Fund. High-quality floating-rate paper continues to offer a significant yield advantage when compared to commercial paper, which has helped boost Fund performance. During the middle of the period, we took advantage of the seasonal contraction in Treasury bills that caused yields to decline due to reduced supply and higher demand, which drove prices higher. (Bond prices move in the opposite direction of interest rates [or yields]; when yields rise, the prices of existing bonds fall – and vice versa.) We reduced the Fund’s exposure to U.S. Treasury bills and agency short-term debt instruments in favor of higher-yield commercial paper. However, we have slightly increased the Fund’s Treasury and Agency exposure as yields have increased.
The Fund has avoided European bank paper, which has benefited the portfolio’s overall credit quality, but does limit opportunities to capture higher yields. As of September 30, 2012, the Fund’s high-quality floating-rate bond component had increased to around 9.5% of the portfolio, with the Treasury bill/agency bond allocation at approximately 17%. Short-term high-quality commercial paper comprises the bulk of the portfolio and was beneficial to performance over the course of the year.
Subadviser outlook
The Federal Reserve (the “Fed”) has indicated its commitment to keep interest rates low for the foreseeable future and has taken ongoing actions intended to stimulate economic growth until either unemployment begins to decline toward a more acceptable level or inflation starts to rise. We continue to expect there to be uncertainty in Europe as well as in the U.S., with the “fiscal cliff” looming at the end of the year. The fiscal cliff refers to a large reduction of the federal budget deficit through significant tax increases and spending cuts, which is scheduled to become effective on December 31, 2012, unless Congress agrees upon an alternative.
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MassMutual Premier Money Market Fund – Portfolio Manager Report (Unaudited) (Continued)
In consideration of these uncertainties and the low interest rate environment, we continue to believe that focusing on high-quality issuers and short maturities is a sound strategy for the Fund, as it allows us to make Fund management moves quickly in changing market conditions and to maintain our commitment to preserve capital and liquidity.
MassMutual Premier Money Market Fund Asset Allocation (% of Net Assets) on 9/30/12 | ||||
Commercial Paper | 75.4 | % | ||
U.S. Treasury Bonds & Notes | 9.8 | % | ||
Corporate Debt | 7.4 | % | ||
Discount Notes | 7.1 | % | ||
Certificates of Deposit | 2.4 | % | ||
Time Deposits | 0.0 | % | ||
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Total Short-Term Investments | 102.1 | % | ||
Other Assets and Liabilities | (2.1 | )% | ||
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Net Assets | 100.0 | % | ||
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MassMutual Premier Money Market Fund – Portfolio Manager Report (Unaudited) (Continued)
Growth of a $10,000 Investment
Hypothetical Investments in MassMutual Premier Money Market Fund Class S, Class A, Class Y, and the Citigroup 3-Month Treasury Bill Index.
TOTAL RETURN | One Year 10/1/11 - 9/30/12 | Five Year Average Annual 10/1/07 - 9/30/12 | Ten Year Average Annual 10/1/02 - 9/30/12 | |||||||||
Class S | 0.00% | 0.68% | 1.62% | |||||||||
Class A | 0.01% | 0.59% | 1.39% | |||||||||
Class Y | 0.01% | 0.65% | 1.56% | |||||||||
Citigroup 3-Month Treasury Bill Index | 0.05% | 0.71% | 1.73% |
GROWTH OF $10,000 INVESTMENT FOR THE PAST 10 YEARS
Performance data quoted represents past performance; past performance is not predictive of future results. The investment return and principal value of shares of the Fund will fluctuate with market conditions so that shares of the Fund, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month-end may be obtained by calling 1-888-309-3539.
Investors should note that the Fund is a professionally managed mutual fund, while the Citigroup 3-Month Treasury Bill Index is unmanaged, does not incur expenses and cannot be purchased directly by investors. Treasury bills are backed by the U.S. government and offer a fixed rate of return, while the Fund's shares are not guaranteed. Investors should read the Fund's prospectus with regard to the Fund's investment objective, risks, and charges and expenses in conjunction with these financial statements. 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. The performance tables and charts do not reflect the deduction of taxes that a shareholder would pay on the Fund distributions or the redemption of the Fund shares.
An investment in the MassMutual Premier Money Market Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Fund seeks to maintain a stable net asset value of $1.00 per share, it is possible to lose money by investing in the Fund.
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MassMutual Premier Short-Duration Bond Fund – Portfolio Manager Report (Unaudited)
What is the investment approach of MassMutual Premier Short-Duration Bond Fund, and who is the Fund’s subadviser?
The Fund seeks to achieve a high total rate of return primarily from current income while minimizing fluctuations in capital values by investing primarily in a diversified portfolio of short-term investment grade fixed income securities. Under normal circumstances, the Fund invests at least 80% of its net assets in investment grade fixed income securities (rated Baa or higher by Moody’s or BBB or higher by Standard & Poor’s or, if unrated, determined to be of comparable quality by the subadviser). The Fund’s subadviser is Babson Capital Management LLC (Babson Capital).
How did the Fund perform during the 12 months ended September 30, 2012?*
The Fund’s Class S shares returned 3.29%, substantially outperforming the 0.65% return of the Barclays U.S. 1-3 Year Government Bond Index (the “benchmark”), an unmanaged index of U.S. government bonds with one to three years remaining to the scheduled payment of principal. For the 11 months ended September 30, 2012, the Fund’s Class S shares returned 2.91%, outperforming the 0.55% return of the benchmark.
* | On May 23, 2012, the Board of Trustees approved a change in the fiscal year-end of the Fund from October 31 to September 30. The discussion below is relevant to each of the 11-month fiscal period and the year ended September 30, 2012. |
For a discussion on the economic and market environment during the 12-month period ended September 30, 2012, please see the Economic and Market Review, beginning on page 3.
Subadviser discussion of factors that contributed to the Fund’s performance
Strong demand for high-quality short-term debt and solid performance by the Fund’s high-yield and securitized bond components were the primary contributors to performance over the year ended September 30, 2012.
The Fund’s holdings in investment-grade bonds were the best performers over the period. Bonds in the industrials and financials sectors proved particularly beneficial. The Fund’s investments in high-yield corporate bonds also contributed to performance, and lower-quality corporate bonds in the BBB and BB rating categories outperformed their higher-quality counterparts during the period. Holdings in securitized bond sectors also contributed to returns, with commercial mortgage-backed securities (CMBS) leading the way, followed by asset-backed securities (ABS) and agency and non-agency mortgage-backed securities (MBS). The Fund’s cash holdings and a lighter positioning in government agency bonds detracted slightly from Fund performance during the year.
The Federal Reserve (the “Fed”) extended the “Operation Twist” program of buying longer-dated Treasuries into December 2012, which helped boost Fund performance with higher prices for longer-term Treasuries, while driving down interest rates. Bond prices move in the opposite direction to interest rates (or yields); when yields fall, the prices of existing bonds rise – and vice versa. As yields declined, we increased the Fund’s position in corporate bonds and ABS to take advantage of rising prices in those sectors, which ultimately benefited performance. We reduced the Fund’s position in intermediate-term corporate bonds to increase holdings in shorter-maturity securities and industrial bonds. In ABS, the Fund invested primarily in bonds backed by auto and U.S. government-guaranteed student loans.
The Fund held derivative instruments on occasion for yield curve, duration, and downside risk management, which detracted from performance modestly over the year. (A yield curve is a graph showing the term structure of interest rates by plotting the yields of all bonds of comparable quality with maturities ranging from the shortest – typically one month – to the longest – typically 30 years – available. The resulting curve shows whether short-term interest rates are higher or lower than long-term rates. Duration is a measure of a bond or bond portfolio’s sensitivity to interest rates. The longer the duration, the greater the price impact to the bond or portfolio when interest rates rise or fall.)
Subadviser outlook
Sluggish economic growth in the U.S. and abroad remains a concern. European sovereign headlines continue to impact the markets, even as the European Central Bank (ECB) announced a bond-buying program in September. The U.S. has major elections in November, and we expect little substantive action for the remainder of 2012 regarding critical issues, such as the budget deficit or the looming “fiscal cliff.” The fiscal cliff refers to a large reduction of the federal budget deficit through significant tax increases and spending cuts, which is scheduled to become effective on December 31, 2012, unless Congress agrees upon an alternative.
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MassMutual Premier Short-Duration Bond Fund – Portfolio Manager Report (Unaudited) (Continued)
The Fed announced in September that the central bank was undertaking a new round of Quantitative Easing (QE3) through the purchase of MBS in an attempt to maintain lower rates to spur economic growth and lower unemployment levels. We anticipate that the Fund will maintain exposure to corporate bonds and other non-Treasuries to provide yield and will look to opportunistically rotate among asset sectors.
MassMutual Premier Short-Duration Bond Fund Portfolio Characteristics (% of Net Assets) on 9/30/12 | ||||
Corporate Debt | 34.8 | % | ||
Non-U.S. Government Agency Obligations | 23.1 | % | ||
U.S. Government Agency Obligations and Instrumentalities | 5.1 | % | ||
Municipal Obligations | 0.8 | % | ||
U.S. Treasury Obligations | 0.1 | % | ||
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Total Long-Term Investments | 63.9 | % | ||
Short-Term Investments and Other Assets and Liabilities | 36.1 | % | ||
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Net Assets | 100.0 | % | ||
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MassMutual Premier Short-Duration Bond Fund – Portfolio Manager Report (Unaudited) (Continued)
Growth of a $10,000 Investment
Hypothetical Investments in MassMutual Premier Short-Duration Bond Fund Class S, Class A, Class A (sales load deducted), Class Y, Class L, and the Barclays U.S. 1-3 Year Government Bond Index.
TOTAL RETURN | One Year 10/1/11 - 9/30/12 | Five Year Average Annual 10/1/07 - 9/30/12 | Ten Year Average Annual 10/1/02 - 9/30/12 | |||||||||
Class S | 3.29% | 4.93% | 4.33% | |||||||||
Class A | 2.95% | 4.56% | 3.94% | |||||||||
Class A (sales load deducted)* | -0.66% | 3.82% | 3.57% | |||||||||
Class Y | 3.22% | 4.91% | 4.29% | |||||||||
Class L | 3.15% | 4.80% | 4.18% | |||||||||
Barclays U.S. 1-3 Year Government Bond Index | 0.65% | 2.94% | 2.92% |
Hypothetical Investments in MassMutual Premier Short-Duration Bond Fund Class N, Class N (CDSC fees deducted), and the Barclays U.S. 1-3 Year Government Bond Index.
TOTAL RETURN | One Year 10/1/11 - 9/30/12 | Five Year Average Annual 10/1/07 - 9/30/12 | Since Inception Average Annual 12/31/02 - 9/30/12 | |||||||||
Class N | 2.48% | 4.23% | 3.58% | |||||||||
Class N (CDSC fees deducted)* | 1.49% | 4.23% | 3.58% | |||||||||
Barclays U.S. 1-3 Year Government Bond Index | 0.65% | 2.94% | 2.90%+ |
GROWTH OF $10,000 INVESTMENT FOR THE PAST 10 YEARS
GROWTH OF $10,000 INVESTMENT SINCE INCEPTION
* Class A (sales load deducted) returns include the 3.50% maximum sales charge and Class N (CDSC fees deducted) returns include the 1.00% maximum contingent deferred sales charge for the first 18 months shown.
+ From 1/2/03.
Performance data quoted represents past performance; past performance is not predictive of future results. The investment return and principal value of shares of the Fund will fluctuate with market conditions so that shares of the Fund, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month-end may be obtained by calling 1-888-309-3539.
Investors should note that the Fund is a professionally managed mutual fund, while the Barclays U.S. 1-3 Year Government Bond Index is unmanaged, does not incur expenses and cannot be purchased directly by investors. Investors should read the Fund's prospectus with regard to the Fund's investment objective, risks, and charges and expenses in conjunction with these financial statements. 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. The performance tables and charts do not reflect the deduction of taxes that a shareholder would pay on the Fund distributions or the redemption of the Fund shares.
11
Table of Contents
MassMutual Premier Short-Duration Bond Fund – Portfolio Manager Report (Unaudited) (Continued)
Growth of a $10,000 Investment
Hypothetical Investments in MassMutual Premier Short-Duration Bond Fund Class Z and the Barclays U.S. 1-3 Year Government Bond Index.
TOTAL RETURN | One Year 10/1/11 - 9/30/12 | Since Inception Average Annual 12/3/10 - 9/30/12 | ||||||
Class Z | 3.49% | 3.43% | ||||||
Barclays U.S. 1-3 Year Government Bond Index | 0.65% | 1.00%++ |
GROWTH OF $10,000 INVESTMENT SINCE INCEPTION
++ From 12/1/10.
Performance data quoted represents past performance; past performance is not predictive of future results. The investment return and principal value of shares of the Fund will fluctuate with market conditions so that shares of the Fund, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month-end may be obtained by calling 1-888-309-3539.
Investors should note that the Fund is a professionally managed mutual fund, while the Barclays U.S. 1-3 Year Government Bond Index is unmanaged, does not incur expenses and cannot be purchased directly by investors. Investors should read the Fund's prospectus with regard to the Fund's investment objective, risks, and charges and expenses in conjunction with these financial statements. 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. The performance tables and charts do not reflect the deduction of taxes that a shareholder would pay on the Fund distributions or the redemption of the Fund shares.
12
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MassMutual Premier Inflation-Protected and Income Fund – Portfolio Manager Report (Unaudited)
What is the investment approach of MassMutual Premier Inflation-Protected and Income Fund, and who is the Fund’s subadviser?
The Fund seeks to achieve as high a total rate of real return on an annual basis as is considered consistent with prudent investment risk and the preservation of capital by investing, under normal circumstances, at least 80% of its net assets in inflation-indexed bonds and other income-producing securities. The Fund may invest up to 15% of its total assets in securities that are not denominated in U.S. dollars. The Fund’s subadviser is Babson Capital Management LLC (Babson Capital).
How did the Fund perform during the 12 months ended September 30, 2012?*
The Fund’s Class S shares returned 8.94%, underperforming the 9.10% return of the Barclays U.S. Treasury Inflation Protected Securities (TIPS) Index (Series-L) (the “benchmark”), an unmanaged index that measures the broad performance of U.S. Treasury inflation-indexed bonds. For the 11 months ended September 30, 2012, the Fund’s Class S shares returned 7.02%, trailing the 7.11% return of the benchmark.
* | On May 23, 2012, the Board of Trustees approved a change in the fiscal year-end of the Fund from October 31 to September 30. The discussion below is relevant to each of the 11-month fiscal period and the year ended September 30, 2012. |
How do inflation-indexed bonds protect against inflation?
Like many other fixed-income securities, inflation-indexed bonds pay income twice a year, based on a stated coupon rate. However, both the principal and the interest payment are adjusted for the level of inflation. The inflation rate – as measured by the Consumer Price Index for All Urban Consumers (“CPI-U”) – results in an adjustment to the principal amount of an inflation-protected security. The coupon rate is then applied to the adjusted principal amount to determine the interest payment. For example, assuming an inflation rate of 3%, a security with a par value of $1,000 and an annual coupon rate of 1.75%, the adjusted principal amount after one year would be $1,030 ($1,000 increased by 3%). The semi-annual interest payment would be calculated by multiplying $1,030 by 1.75% and dividing by 2 instead of using the original $1,000 par value to calculate the amount of interest.
For a discussion on the economic and market environment during the 12-month period ended September 30, 2012, please see the Economic and Market Review, beginning on page 3.
Subadviser discussion of factors that contributed to the Fund’s performance
For the year ended September 30, 2012, TIPS rose on higher inflation expectations, which were driven, in large part, by a determined Federal Reserve’s (the “Fed”) policy actions and modest signs of stabilizing economic fundamentals.
The Fund’s TIPS holdings were primarily consistent with those of the benchmark; however, an underweight position in 10-year TIPS, relative to the benchmark, contributed to modest underperformance for the Fund during the third quarter of 2012, when 10-year TIPS outperformed. The Fund’s minor cash position also resulted in modest relative underperformance when the prices of TIPS rose.
The Fund received a performance boost from investments in high-quality asset-backed and money market securities. Asset-backed securities performed very well over the year, as investors continued to look for short-duration, high-quality investments to enhance yield in this low interest rate environment. Within the asset-backed bond sector, the Fund invested primarily in auto loans and U.S. government-guaranteed student loans, which benefited overall Fund performance during the year.
The Fund may hold derivative instruments for yield curve and duration management, as well as for replicating cash bonds and gaining market exposure in order to implement manager views. (A yield curve is a graph showing the term structure of interest rates by plotting the yields of all bonds of comparable quality with maturities ranging from the shortest – typically one month – to the longest – typically 30 years – available. The resulting curve shows whether short-term interest rates are higher or lower than long-term rates. Duration is a measure of a bond or bond portfolio’s sensitivity to interest rates. The longer the duration, the greater the price impact to the bond or portfolio when interest rates rise or fall.) The Fund may also use futures and interest rate swaps for duration management of the Fund. The Fund benefited from the use of repurchase agreements during the year.
13
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MassMutual Premier Inflation-Protected and Income Fund – Portfolio Manager Report (Unaudited) (Continued)
Subadviser outlook
Tensions between technical market pressures driven by Fed policy actions, mediocre fundamental economic data, and geopolitical concerns continue to drive market volatility. The Fed’s September 2012 announcement that the central bank was taking additional action bolstered inflation expectations – although slowing global economic data and the U.S. “fiscal cliff” continued to temper inflation expectations. The fiscal cliff refers to a large reduction of the federal budget deficit through significant tax increases and spending cuts, which is scheduled to become effective on December 31, 2012, unless Congress agrees upon an alternative.
The Fund’s TIPS holdings remain positioned relatively consistent with those of the benchmark. We remain ready to increase the Fund’s TIPS position opportunistically. In our view, the Fund also stands to benefit from its investments in high-quality asset-backed and money market securities.
MassMutual Premier Inflation-Protected and Income Fund Portfolio Characteristics (% of Net Assets) on 9/30/12 | ||||
U.S. Treasury Obligations | 99.3 | % | ||
Non-U.S. Government Agency Obligations | 24.4 | % | ||
Corporate Debt | 1.0 | % | ||
Municipal Obligations | 0.2 | % | ||
U.S. Government Agency Obligations and Instrumentalities | 0.1 | % | ||
|
| |||
Total Long-Term Investments | 125.0 | % | ||
Short-Term Investments and Other Assets and Liabilities | (25.0 | )% | ||
|
| |||
Net Assets | 100.0 | % | ||
|
|
14
Table of Contents
MassMutual Premier Inflation-Protected and Income Fund – Portfolio Manager Report (Unaudited) (Continued)
Growth of a $10,000 Investment
Hypothetical Investments in MassMutual Premier Inflation-Protected and Income Fund Class S, Class A, Class A (sales load deducted), Class Y, Class L, Class N, Class N (CDSC fees deducted), and the Barclays U.S. Treasury Inflation Protected Securities (TIPS) Index (Series-L).
TOTAL RETURN | One Year 10/1/11 - 9/30/12 | Five Year Average Annual 10/1/07 - 9/30/12 | Since Inception Average Annual 12/31/03 - 9/30/12 | |||||||||
Class S | 8.94% | 7.72% | 6.29% | |||||||||
Class A | 8.50% | 7.29% | 5.78% | |||||||||
Class A (sales load deducted)* | 3.35% | 6.25% | 5.19% | |||||||||
Class Y | 8.83% | 7.61% | 6.17% | |||||||||
Class L | 8.62% | 7.43% | 6.01% | |||||||||
Class N | 8.11% | 6.97% | 5.50% | |||||||||
Class N (CDSC fees deducted)* | 7.11% | 6.97% | 5.50% | |||||||||
Barclays U.S. Treasury Inflation Protected Securities (TIPS) Index (Series-L) | 9.10% | 7.93% | 6.57%+ |
GROWTH OF $10,000 INVESTMENT SINCE INCEPTION
* Class A (sales load deducted) returns include the 4.75% maximum sales charge and Class N (CDSC fees deducted) returns include the 1.00% maximum contingent deferred sales charge for the first 18 months shown.
+ From 1/2/04.
Performance data quoted represents past performance; past performance is not predictive of future results. The investment return and principal value of shares of the Fund will fluctuate with market conditions so that shares of the Fund, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month-end may be obtained by calling 1-888-309-3539.
Investors should note that the Fund is a professionally managed mutual fund, while the Barclays U.S. Treasury Inflation Protected Securities (TIPS) Index (Series-L) is unmanaged, does not incur expenses and cannot be purchased directly by investors. Investors should read the Fund’s prospectus with regard to the Fund’s investment objective, risks, and charges and expenses in conjunction with these financial statements. 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. The performance tables and charts do not reflect the deduction of taxes that a shareholder would pay on the Fund distributions or the redemption of the Fund shares.
15
Table of Contents
MassMutual Premier Inflation-Protected and Income Fund – Portfolio Manager Report (Unaudited) (Continued)
Growth of a $10,000 Investment
Hypothetical Investments in MassMutual Premier Inflation-Protected and Income Fund Class Z and the Barclays U.S. Treasury Inflation Protected Securities (TIPS) Index (Series-L).
TOTAL RETURN | One Year 10/1/11 - 9/30/12 | Since Average | ||||||
Class Z | 8.95% | 11.92% | ||||||
Barclays U.S. Treasury Inflation Protected Securities (TIPS) Index (Series-L) | 9.10% | 11.82% |
GROWTH OF $10,000 INVESTMENT SINCE INCEPTION
Performance data quoted represents past performance; past performance is not predictive of future results. The investment return and principal value of shares of the Fund will fluctuate with market conditions so that shares of the Fund, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month-end may be obtained by calling 1-888-309-3539.
Investors should note that the Fund is a professionally managed mutual fund, while the Barclays U.S. Treasury Inflation Protected Securities (TIPS) Index (Series-L) is unmanaged, does not incur expenses and cannot be purchased directly by investors. Investors should read the Fund’s prospectus with regard to the Fund’s investment objective, risks, and charges and expenses in conjunction with these financial statements. 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. The performance tables and charts do not reflect the deduction of taxes that a shareholder would pay on the Fund distributions or the redemption of the Fund shares.
16
Table of Contents
MassMutual Premier Core Bond Fund – Portfolio Manager Report (Unaudited)
What is the investment approach of MassMutual Premier Core Bond Fund, and who is the Fund’s subadviser?
The Fund seeks to achieve a high total rate of return consistent with prudent investment risk and the preservation of capital by investing primarily in a diversified portfolio of investment grade fixed income securities. Under normal circumstances, the Fund invests at least 80% of its net assets in investment grade fixed income securities (rated Baa or higher by Moody’s or BBB or higher by Standard & Poor’s or, if unrated, determined to be of comparable quality by the subadviser). The Fund’s subadviser is Babson Capital Management LLC (Babson Capital).
How did the Fund perform during the 12 months ended September 30, 2012?*
The Fund’s Class S shares returned 6.63%, ahead of the 5.16% return of the Barclays U.S. Aggregate Bond Index (the “benchmark”), an unmanaged index of fixed-rate investment-grade securities with at least one year to maturity, combining the Barclays U.S. Treasury Bond Index, the Barclays U.S. Government-Related Bond Index, the Barclays U.S. Corporate Bond Index, and the Barclays U.S. Securitized Bond Index. For the 11 months ended September 30, 2012, the Fund’s Class S shares returned 6.35%, outperforming the 5.05% return of the benchmark.
* | On May 23, 2012, the Board of Trustees approved a change in the fiscal year-end of the Fund from October 31 to September 30. The discussion below is relevant to each of the 11-month fiscal period and the year ended September 30, 2012. |
For a discussion on the economic and market environment during the 12-month period ended September 30, 2012, please see the Economic and Market Review, beginning on page 3.
Subadviser discussion of factors that contributed to the Fund’s performance
Security selection and sector allocation were the primary contributors to the Fund’s performance during the year ended September 30, 2012. Investment-grade corporate bonds were the standout performers. Fundamentals at corporations remained strong, though trend improvement slowed later in the period. Still, corporate balance sheets were in historically good shape as the year came to a close. Within corporate bonds, the Fund’s holdings in the industrials sector were the main drivers of performance, but Fund positions in the building products, metals and mining, and financials sectors also contributed. Major areas of focus for the Fund were shorter-maturity banks, transportation/waste, and pipelines. The largest underweight positions, relative to the benchmark, were in the utilities, pharmaceuticals, and food and beverage market segments, as these sectors seemed expensive relative to other sectors. The Fund’s opportunistic high-yield bond component, which focused on short-maturity industrials holdings in an effort to enhance yield, also helped performance.
Within the securitized bond sector, we further diversified Fund holdings in mortgage-backed securities (“MBS”), focusing on varying bonds by stated interest rates, maturity, and issuing agencies. We continued to trade this sector tactically for the Fund, which added to performance throughout the year. Commercial mortgage-backed securities (“CMBS”) was the best-performing securitized bond sector within the Fund. CMBS fundamentals continued to improve, and the Fund maintained its overweight position, relative to the benchmark, over the last year. Non-agency MBS also provided strong performance during the 12-month period. The Fund maintained an overweight stake in this sector; however, these securities have become tougher to buy due to low supply and strong demand. The Fund maintained its emphasis on the asset-backed securities market segment, as it has provided shorter high-quality securities and higher yield relative to Treasuries.
The Fund held derivative instruments on occasion for yield curve, duration, and downside hedging during the year. In aggregate, these positions proved to be slight detractors from performance. (A yield curve is a graph showing the term structure of interest rates by plotting the yields of all bonds of comparable quality with maturities ranging from the shortest – typically one month – to the longest – typically 30 years – available. The resulting curve shows whether short-term interest rates are higher or lower than long-term rates. Duration is a measure of a bond or bond portfolio’s sensitivity to interest rates. The longer the duration, the greater the price impact to the bond or portfolio when interest rates rise or fall.)
Subadviser outlook
Our view is that the U.S. economy will grow at a sub-par pace into next year. European sovereign concerns and the U.S. “fiscal cliff” still weigh heavily on corporation expenditures, hiring, and the capital markets. The fiscal cliff refers to a large reduction of the federal budget deficit through significant tax increases and spending cuts, which is scheduled to become effective on December 31, 2012, unless Congress agrees upon an alternative.
17
Table of Contents
MassMutual Premier Core Bond Fund – Portfolio Manager Report (Unaudited) (Continued)
Our belief is that U.S interest rates are likely to remain low as the Federal Reserve (the “Fed”) has pushed back any timetable for possible rate hikes for the foreseeable future. Additionally, the Fed has continued to implement programs to stimulate growth and reduce unemployment.
Against this backdrop, the prices of corporate bonds and other non-Treasuries have increased, as investors continue to look for income in an extended low interest rate environment. Corporate fundamentals still look relatively strong, though the rate of improvement has slowed. Valuations look fair in many bond sectors other than Treasuries, and we will rely on our bottom-up fundamental credit research capabilities in this environment to find compelling portfolio ideas. Credit research is a core competency at our firm, and we are opportunistically finding securities with strong potential to add value to the Fund.
MassMutual Premier Core Bond Fund Portfolio Characteristics (% of Net Assets) on 9/30/12 | ||||
Corporate Debt | 34.2 | % | ||
U.S. Government Agency Obligations and Instrumentalities | 23.3 | % | ||
U.S. Treasury Obligations | 23.1 | % | ||
Non-U.S. Government Agency Obligations | 14.8 | % | ||
Sovereign Debt Obligations | 1.0 | % | ||
Municipal Obligations | 0.5 | % | ||
|
| |||
Total Long-Term Investments | 96.9 | % | ||
Short-Term Investments and Other Assets and Liabilities | 3.1 | % | ||
|
| |||
Net Assets | 100.0 | % | ||
|
|
18
Table of Contents
MassMutual Premier Core Bond Fund – Portfolio Manager Report (Unaudited) (Continued)
Growth of a $10,000 Investment
Hypothetical Investments in MassMutual Premier Core Bond Fund Class S, Class A, Class A (sales load deducted), Class Y, Class L, and the Barclays U.S. Aggregate Bond Index.
TOTAL RETURN | One Year 10/1/11 - 9/30/12 | Five Year Average Annual 10/1/07 - 9/30/12 | Ten Year Average Annual 10/1/02 - 9/30/12 | |||||||||
Class S | 6.63% | 6.99% | 5.63% | |||||||||
Class A | 6.29% | 6.60% | 5.22% | |||||||||
Class A (sales load deducted)* | 1.24% | 5.57% | 4.71% | |||||||||
Class Y | 6.71% | 7.01% | 5.59% | |||||||||
Class L | 6.65% | 6.86% | 5.48% | |||||||||
Barclays U.S. Aggregate Bond Index | 5.16% | 6.53% | 5.32% |
Hypothetical Investments in MassMutual Premier Core Bond Fund Class N, Class N (CDSC fees deducted), and the Barclays U.S. Aggregate Bond Index.
TOTAL RETURN | One Year 10/1/11 - 9/30/12 | Five Year Average Annual 10/1/07 - 9/30/12 | Since Inception Average Annual 12/31/02 - 9/30/12 | |||||||||
Class N | 5.99% | 6.34% | 4.86% | |||||||||
Class N (CDSC fees deducted)* | 4.99% | 6.34% | 4.86% | |||||||||
Barclays U.S. Aggregate Bond Index | 5.16% | 6.53% | 5.30%+ |
GROWTH OF $10,000 INVESTMENT FOR THE PAST 10 YEARS
GROWTH OF $10,000 INVESTMENT SINCE INCEPTION
* Class A (sales load deducted) returns include the 4.75% maximum sales charge and Class N (CDSC fees deducted) returns include the 1.00% maximum contingent deferred sales charge for the first 18 months shown.
+ From 1/2/03.
Performance data quoted represents past performance; past performance is not predictive of future results. The investment return and principal value of shares of the Fund will fluctuate with market conditions so that shares of the Fund, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month-end may be obtained by calling 1-888-309-3539.
Investors should note that the Fund is a professionally managed mutual fund, while the Barclays U.S. Aggregate Bond Index is unmanaged, does not incur expenses and cannot be purchased directly by investors. Investors should read the Fund’s prospectus with regard to the Fund’s investment objective, risks, and charges and expenses in conjunction with these financial statements. 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. The performance tables and charts do not reflect the deduction of taxes that a shareholder would pay on the Fund distributions or the redemption of the Fund shares.
19
Table of Contents
MassMutual Premier Core Bond Fund – Portfolio Manager Report (Unaudited) (Continued)
Growth of a $10,000 Investment
Hypothetical Investments in MassMutual Premier Core Bond Fund Class Z and the Barclays U.S. Aggregate Bond Index.
TOTAL RETURN | One Year 10/1/11 - 9/30/12 | Since Average | ||||||
Class Z | 6.90% | 7.11% | ||||||
Barclays U.S. Aggregate Bond Index | 5.16% | 5.83%++ |
GROWTH OF $10,000 INVESTMENT SINCE INCEPTION
++ From 12/1/10.
Performance data quoted represents past performance; past performance is not predictive of future results. The investment return and principal value of shares of the Fund will fluctuate with market conditions so that shares of the Fund, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month-end may be obtained by calling 1-888-309-3539.
Investors should note that the Fund is a professionally managed mutual fund, while the Barclays U.S. Aggregate Bond Index is unmanaged, does not incur expenses and cannot be purchased directly by investors. Investors should read the Fund’s prospectus with regard to the Fund’s investment objective, risks, and charges and expenses in conjunction with these financial statements. 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. The performance tables and charts do not reflect the deduction of taxes that a shareholder would pay on the Fund distributions or the redemption of the Fund shares.
20
Table of Contents
MassMutual Premier Diversified Bond Fund – Portfolio Manager Report (Unaudited)
What is the investment approach of MassMutual Premier Diversified Bond Fund, and who is the Fund’s subadviser?
The Fund seeks a superior total rate of return by investing in fixed income instruments. Under normal circumstances, the Fund invests at least 80% of its net assets in fixed income securities. The Fund’s subadviser is Babson Capital Management LLC (Babson Capital).
How did the Fund perform during the 12 months ended September 30, 2012?*
The Fund’s Class S shares returned 8.49%, outpacing the 5.16% return of the Barclays U.S. Aggregate Bond Index (the “benchmark”), an unmanaged index of fixed-rate investment-grade securities with at least one year to maturity, combining the Barclays U.S. Treasury Bond Index, the Barclays U.S. Government-Related Bond Index, the Barclays U.S. Corporate Bond Index, and the Barclays U.S. Securitized Bond Index. For the 11 months ended September 30, 2012, the Fund’s Class S shares returned 7.61%, outperforming the 5.05% return of the benchmark.
* | On May 23, 2012, the Board of Trustees approved a change in the fiscal year-end of the Fund from October 31 to September 30. The discussion below is relevant to each of the 11-month fiscal period and the year ended September 30, 2012. |
For a discussion on the economic and market environment during the 12-month period ended September 30, 2012, please see the Economic and Market Review, beginning on page 3.
Subadviser discussion of factors that contributed to the Fund’s performance
Corporate bonds were the best performers in the Fund over the year ended September 30, 2012. Issuer selection was the largest contributor to corporate bond performance, followed by sector allocation. During the period, the Fund’s lower-quality corporate bonds (rated BBB and BB) outperformed higher-quality bonds. The Fund benefited from a slight increase in its high-yield bond allocation during the period, which focused on shorter-term maturities. High-yield Fund holdings in the industrials sector underwent significant price appreciation and were the most beneficial to Fund performance. Investment-grade and high-yield bond Fund holdings in sectors such as gaming, diversified telecommunications, and finance helped drive performance, while the Fund’s underweight positions, relative to the benchmark, in the home builders and textile/apparel market segments slightly detracted from results.
The Fund’s underweight position in Treasuries was also a positive contributor to relative performance, as other bond types outperformed Treasuries during the year. Security selection and sector positioning within the securitized bond segment was also beneficial to overall results. Within non-government-agency mortgage-backed securities, a favorable market environment and good issuer selection – a product of our strong bottom-up credit research – also boosted Fund performance. We further diversified Fund holdings in mortgage-backed securities, focusing on varying bonds by stated interest rates, maturity, and issuing agencies. We continued to trade this sector tactically for the Fund, which added to performance over the period. In the commercial mortgage-backed securities market, improving fundamentals and stronger underwriting for new deals – in tandem with the Fund’s overweight position – helped performance in the challenging market environment for these bonds.
The Fund held derivative instruments on occasion for yield curve, duration, and downside hedging. (A yield curve is a graph showing the term structure of interest rates by plotting the yields of all bonds of comparable quality with maturities ranging from the shortest – typically one month – to the longest – typically 30 years – available. The resulting curve shows whether short-term interest rates are higher or lower than long-term rates. Duration is a measure of a bond or bond portfolio’s sensitivity to interest rates. The longer the duration, the greater the price impact to the bond or portfolio when interest rates rise or fall.) The Fund also held European hedge protection instruments during the period, but we have since sold those positions from the Fund’s portfolio, benefiting Fund performance in the process. However, overall, the Fund’s derivative positions detracted from performance for the year.
Subadviser outlook
Our view is that the U.S. economy will grow at a sub-par pace into next year. European sovereign concerns and the U.S. “fiscal cliff” still weigh heavily on corporation expenditures, hiring, and the capital markets. The fiscal cliff refers to a large reduction of the federal budget deficit through significant tax increases and spending cuts, which is scheduled to become effective on December 31, 2012, unless Congress agrees upon an alternative.
21
Table of Contents
MassMutual Premier Diversified Bond Fund – Portfolio Manager Report (Unaudited) (Continued)
Our belief is that U.S interest rates are likely to remain low, as the Federal Reserve (the “Fed”) has pushed back any timetable for possible rate hikes for the foreseeable future. Additionally, the Fed has continued to implement programs to stimulate growth and reduce unemployment.
Against this backdrop, the prices of corporate bonds and other non-Treasuries have increased, as investors continue to look for income in an extended low interest rate environment. Corporate fundamentals still look relatively strong, though the rate of improvement has slowed. Valuations look fair in many bond sectors other than Treasuries, and we will rely on our bottom-up fundamental credit research capabilities this environment to find compelling portfolio ideas. Credit research is a core competency at our firm, and we are opportunistically finding securities with strong potential to add value to the Fund.
MassMutual Premier Diversified Bond Fund Portfolio Characteristics (% of Net Assets) on 9/30/12 | ||||
Corporate Debt | 42.4 | % | ||
U.S. Government Agency Obligations and Instrumentalities | 23.2 | % | ||
Non-U.S. Government Agency Obligations | 16.3 | % | ||
U.S. Treasury Obligations | 12.8 | % | ||
Sovereign Debt Obligations | 1.3 | % | ||
Municipal Obligations | 1.2 | % | ||
Common Stock | 0.0 | % | ||
|
| |||
Total Long-Term Investments | 97.2 | % | ||
Short-Term Investments and Other Assets and Liabilities | 2.8 | % | ||
|
| |||
Net Assets | 100.0 | % | ||
|
|
22
Table of Contents
MassMutual Premier Diversified Bond Fund – Portfolio Manager Report (Unaudited) (Continued)
Growth of a $10,000 Investment
Hypothetical Investments in MassMutual Premier Diversified Bond Fund Class S, Class A, Class A (sales load deducted), Class Y, Class L, and the Barclays U.S. Aggregate Bond Index.
TOTAL RETURN | One Year 10/1/11 - 9/30/12 | Five Year Average Annual 10/1/07 - 9/30/12 | Ten Year Average Annual 10/1/02 - 9/30/12 | |||||||||
Class S | 8.49% | 6.60% | 5.86% | |||||||||
Class A | 8.17% | 6.43% | 5.61% | |||||||||
Class A (sales load deducted)* | 3.03% | 5.40% | 5.09% | |||||||||
Class Y | 8.40% | 6.68% | 5.89% | |||||||||
Class L | 8.39% | 6.69% | 5.87% | |||||||||
Barclays U.S. Aggregate Bond Index | 5.16% | 6.53% | 5.32% |
Hypothetical Investments in MassMutual Premier Diversified Bond Fund Class N, Class N (CDSC fees deducted), and the Barclays U.S. Aggregate Bond Index.
TOTAL RETURN | One Year 10/1/11 - 9/30/12 | Five Year Average Annual 10/1/07 - 9/30/12 | Since Inception Average Annual 12/31/02 - 9/30/12 | |||||||||
Class N | 7.85% | 6.15% | 5.24% | |||||||||
Class N (CDSC fees deducted)* | 6.85% | 6.15% | 5.24% | |||||||||
Barclays U.S. Aggregate Bond Index | 5.16% | 6.53% | 5.30%+ |
GROWTH OF $10,000 INVESTMENT FOR THE PAST 10 YEARS
GROWTH OF $10,000 INVESTMENT SINCE INCEPTION
* Class A (sales load deducted) returns include the 4.75% maximum sales charge and Class N (CDSC fees deducted) returns include the 1.00% maximum contingent deferred sales charge for the first 18 months shown.
+ From 1/2/03.
Performance data quoted represents past performance; past performance is not predictive of future results. The investment return and principal value of shares of the Fund will fluctuate with market conditions so that shares of the Fund, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month-end may be obtained by calling 1-888-309-3539.
Investors should note that the Fund is a professionally managed mutual fund, while the Barclays U.S. Aggregate Bond Index is unmanaged, does not incur expenses and cannot be purchased directly by investors. Investors should read the Fund’s prospectus with regard to the Fund’s investment objective, risks, and charges and expenses in conjunction with these financial statements. 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. The performance tables and charts do not reflect the deduction of taxes that a shareholder would pay on the Fund distributions or the redemption of the Fund shares.
23
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MassMutual Premier Diversified Bond Fund – Portfolio Manager Report (Unaudited) (Continued)
Growth of a $10,000 Investment
Hypothetical Investments in MassMutual Premier Diversified Bond Fund Class Z and the Barclays U.S. Aggregate Bond Index.
TOTAL RETURN | One Year 10/1/11 - 9/30/12 | Since Average | ||||||
Class Z | 9.83% | 8.45% | ||||||
Barclays U.S. Aggregate Bond Index | 5.16% | 5.83%++ |
GROWTH OF $10,000 INVESTMENT SINCE INCEPTION
++ From 12/1/10.
Performance data quoted represents past performance; past performance is not predictive of future results. The investment return and principal value of shares of the Fund will fluctuate with market conditions so that shares of the Fund, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month-end may be obtained by calling 1-888-309-3539.
Investors should note that the Fund is a professionally managed mutual fund, while the Barclays U.S. Aggregate Bond Index is unmanaged, does not incur expenses and cannot be purchased directly by investors. Investors should read the Fund’s prospectus with regard to the Fund’s investment objective, risks, and charges and expenses in conjunction with these financial statements. 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. The performance tables and charts do not reflect the deduction of taxes that a shareholder would pay on the Fund distributions or the redemption of the Fund shares.
24
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MassMutual Premier High Yield Fund – Portfolio Manager Report (Unaudited)
What is the investment approach of MassMutual Premier High Yield Fund, and who is the Fund’s subadviser?
The Fund seeks to achieve a high level of total return, with an emphasis on current income, by investing primarily in high yield debt and related securities. Under normal circumstances, the Fund invests at least 80% of its net assets in lower rated fixed income securities (rated below Baa3 by Moody’s or BBB- by Standard & Poor’s (using the lower rating) or, if unrated, determined by the Fund’s subadviser to be of comparable quality). The Fund’s subadviser is Babson Capital Management LLC (Babson Capital).
How did the Fund perform during the 12 months ended September 30, 2012?*
The Fund’s Class S shares returned 19.61%, outperforming the 19.37% return of the Barclays U.S. Corporate High-Yield Bond Index (the “benchmark”), which covers the universe of fixed rate, non-investment-grade debt from corporate sectors. For the 11 months ended September 30, 2012, the Fund’s Class S shares returned 13.22%, outperforming the 12.62% return of the benchmark.
* | On May 23, 2012, the Board of Trustees approved a change in the fiscal year-end of the Fund from October 31 to September 30. The discussion below is relevant to each of the 11-month fiscal period and the year ended September 30, 2012. |
For a discussion on the economic and market environment during the 12-month period ended September 30, 2012, please see the Economic and Market Review, beginning on page 3.
Subadviser discussion of factors that contributed to the Fund’s performance
For the year ended September 30, 2012, the Fund outperformed its benchmark due to strong security selection and prudent risk allocation. The Fund started off the year with heavier positions in higher-rated high-yield bonds (single-B) and lighter positions in lower-rated issues (BB and CCC). We maintained the Fund’s position in the single-B category as the year progressed, while also increasing its allocation to CCC bonds that exhibited strong near-term outlooks and good relative value. The Fund’s shift to a heavier allocation in the CCC category contributed to its strong performance for the one-year period, as the lower-rated segments of the market rallied near the end of the year due to the increased appetite in the bond market for high-yield assets.
We continue to leverage our research team and bottom-up, company-by-company approach to find companies expected to show material credit improvement. The Fund’s key overweight positions, relative to the benchmark, included energy-independent, diversified manufacturing, auto, other industrial, and refining holdings. Conversely, the Fund held underweight positions in the gaming, home construction, electric utility, media non-cable, and banking sectors.
Momentum in both supply and demand for high-yield assets led to a favorable technical environment during the reporting period. Mutual fund flows and high-yield issuance were at record highs. The positive performance of the Fund reflects, in part, this strength in the high-yield bond market and investor appetite for yield. Because of the recent decline in returns for high-yield bonds, many opportunities in the loan market have begun to appear relatively attractive. As a result, we started to allocate a small percentage of the Fund to senior secured loans toward the end of the reporting period. We continued to focus on delivering favorable comparative returns from high-yield corporate issuers that we believed would offer attractive relative value. The Fund did not utilize derivative instruments.
Subadviser outlook
In general, we believe U.S. high-yield credit fundamentals are likely to remain relatively stable, following significant balance sheet improvements in 2010 and 2011. We also expect default rates in the U.S. to remain below their historical averages. Consequently, we believe that the high-yield bond market will continue to offer attractive opportunities, despite the recent decline in yields. It is our opinion that the Federal Reserve’s recent commitments to maintain low interest rates for the foreseeable future will help sustain solid performance in the high-yield market. At the same time, we are aware that the credit markets remain subject to volatility due to the unsettled political and economic situation in Europe, domestic policy concerns – particularly the U.S. “fiscal cliff” and November elections – and slowing global growth rates. The fiscal cliff refers to a large reduction of the federal budget deficit through significant tax increases and spending cuts, which is scheduled to become effective on December 31, 2012, unless Congress agrees upon an alternative. We noticed a slowdown in earnings momentum during the second quarter of 2012. We believe that third-quarter earnings, along with forward guidance, will be an important component of investor risk appetite as we approach the end of 2012.
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MassMutual Premier High Yield Fund – Portfolio Manager Report (Unaudited) (Continued)
MassMutual Premier High Yield Fund Portfolio Characteristics (% of Net Assets) on 9/30/12 | ||||
Corporate Debt | 94.3 | % | ||
Bank Loans | 2.0 | % | ||
Common Stock | 0.3 | % | ||
|
| |||
Total Long-Term Investments | 96.6 | % | ||
Short-Term Investments and Other Assets and Liabilities | 3.4 | % | ||
|
| |||
Net Assets | 100.0 | % | ||
|
|
26
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MassMutual Premier High Yield Fund – Portfolio Manager Report (Unaudited) (Continued)
Growth of a $10,000 Investment
Hypothetical Investments in MassMutual Premier High Yield Fund Class Y and the Barclays U.S. Corporate High-Yield Bond Index.
TOTAL RETURN | One Year 10/1/11 - 9/30/12 | Five Year Average Annual 10/1/07 - 9/30/12 | Ten Year Average Annual 10/1/02 - 9/30/12 | |||||||||
Class Y | 19.60% | 7.11% | 9.82% | |||||||||
Barclays U.S. Corporate High-Yield Bond Index | 19.37% | 9.34% | 10.98% |
Hypothetical Investments in MassMutual Premier High Yield Fund Class S, Class A, Class A (sales load deducted), Class L, Class N, Class N (CDSC fees deducted), and the Barclays U.S. Corporate High-Yield Bond Index.
TOTAL RETURN | One Year 10/1/11 - 9/30/12 | Five Year Average Annual 10/1/07 - 9/30/12 | Since Inception Average Annual 11/1/04 - 9/30/12 | |||||||||
Class S | 19.61% | 7.16% | 7.09% | |||||||||
Class A | 19.09% | 6.69% | 6.62% | |||||||||
Class A (sales load deducted)* | 12.24% | 5.43% | 5.83% | |||||||||
Class L | 19.39% | 6.95% | 6.88% | |||||||||
Class N | 18.77% | 6.37% | 6.30% | |||||||||
Class N (CDSC fees deducted)* | 17.77% | 6.37% | 6.30% | |||||||||
Barclays U.S. Corporate High-Yield Bond Index | 19.37% | 9.34% | 8.47% |
GROWTH OF $10,000 INVESTMENT FOR THE PAST 10 YEARS
GROWTH OF $10,000 INVESTMENT SINCE INCEPTION
* Class A (sales load deducted) returns include the 5.75% maximum sales charge and Class N (CDSC fees deducted) returns include the 1.00% maximum contingent deferred sales charge for the first 18 months shown.
Performance data quoted represents past performance; past performance is not predictive of future results. The investment return and principal value of shares of the Fund will fluctuate with market conditions so that shares of the Fund, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month-end may be obtained by calling 1-888-309-3539.
Investors should note that the Fund is a professionally managed mutual fund, while the Barclays U.S. Corporate High-Yield Bond Index is unmanaged, does not incur expenses and cannot be purchased directly by investors. Investors should read the Fund's prospectus with regard to the Fund's investment objective, risks, and charges and expenses in conjunction with these financial statements. 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. The performance tables and charts do not reflect the deduction of taxes that a shareholder would pay on the Fund distributions or the redemption of the Fund shares.
27
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MassMutual Premier High Yield Fund – Portfolio Manager Report (Unaudited) (Continued)
Growth of a $10,000 Investment
Hypothetical Investments in MassMutual Premier High Yield Fund Class Z and the Barclays U.S. Corporate High-Yield Bond Index.
TOTAL RETURN | One Year 10/1/11 - 9/30/12 | Since Average | ||||||
Class Z | 19.98% | 9.33% | ||||||
Barclays U.S. Corporate High-Yield Bond Index | 19.37% | 8.41% |
GROWTH OF $10,000 INVESTMENT SINCE INCEPTION
Performance data quoted represents past performance; past performance is not predictive of future results. The investment return and principal value of shares of the Fund will fluctuate with market conditions so that shares of the Fund, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month-end may be obtained by calling 1-888-309-3539.
Investors should note that the Fund is a professionally managed mutual fund, while the Barclays U.S. Corporate High-Yield Bond Index is unmanaged, does not incur expenses and cannot be purchased directly by investors. Investors should read the Fund's prospectus with regard to the Fund's investment objective, risks, and charges and expenses in conjunction with these financial statements. 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. The performance tables and charts do not reflect the deduction of taxes that a shareholder would pay on the Fund distributions or the redemption of the Fund shares.
28
Table of Contents
MassMutual Premier International Bond Fund – Portfolio Manager Report (Unaudited)
What is the investment approach of MassMutual Premier International Bond Fund, and who is the Fund’s subadviser?
The Fund seeks to achieve a high total rate of return by investing, under normal circumstances, at least 80% of its net assets in fixed income securities. The Fund primarily invests in fixed income securities in markets represented in the Citigroup World Government Bond Index (Excluding US), the Fund’s benchmark index. The Fund’s subadviser is Baring International Investment Limited (Baring).
How did the Fund perform during the 12 months ended September 30, 2012?*
The Fund’s Class S shares returned 3.96%, outpacing the 3.46% return of the Citigroup Non-USD World Government Bond Index (the “benchmark”), a widely recognized, unmanaged market-capitalization-weighted index of debt securities of major foreign government bond markets, excluding the U.S. For the 11 months ended September 30, 2012, the Fund’s Class S shares returned 2.60%, outperforming the 2.39% return of the benchmark.
* | On May 23, 2012, the Board of Trustees approved a change in the fiscal year-end of the Fund from October 31 to September 30. The discussion below is relevant to each of the 11-month fiscal period and the year ended September 30, 2012. |
For a discussion on the economic and market environment during the 12-month period ended September 30, 2012, please see the Economic and Market Review, beginning on page 3.
Subadviser discussion of factors that contributed to the Fund’s performance
For the year ended September 30, 2012, the Fund’s bond market allocation by region was the principal contributor to its performance. The Fund benefited from an underweight position, relative to the benchmark, in Japanese government bonds, which lagged relative to higher-rated bonds considered to be safe-haven assets.
As the European sovereign debt crisis evolved, the European bond market performed with a degree of volatility that had a significant impact on Fund performance over the period. Interestingly, however, the Fund’s underweight position in debt from peripheral European countries, which experienced the greatest volatility, had a neutral overall effect on the Fund’s returns. On the downside, the Fund’s underweight positions in Ireland and Italy detracted as these markets, on average, outperformed the core European countries. The Fund received a boost from its underweight position in Spain, whose bonds underperformed when speculation increased that the country would eventually require a Greek-style bailout. Portugal dropped out of the benchmark at the end of January 2012, following a ratings downgrade by Standard & Poor’s. The Fund’s zero allocation to Portugal’s government debt benefited the Fund’s relative performance prior to the downgrade.
Riskier bonds generally outperformed higher-quality bonds during the year; therefore, the Fund’s overweight position in select emerging-market and corporate bonds contributed positively. Fund holdings in the smaller bond markets of Australia and Canada, where we feel there is a greater chance for yields to fall, were beneficial to performance. (Bond prices move in the opposite direction of interest rates [or yields]; when yields fall, the prices of existing bonds rise – and vice versa.) These markets represent safe havens, supported by positive fundamentals, a healthy fiscal position, and a strong credit quality.
Subadviser outlook
While we acknowledge there have been positive steps for the euro region, we remain cautious of the European periphery and continue to position the Fund to hold an underweight allocation in Italian debt markets – and a zero weighting in Spain. We believe a solution to the fundamental problems remains elusive. Economic activity continues to deteriorate in Europe, so we will likely maintain the Fund’s underweight positions in core European bond and currency markets – in addition to our underweight positioning in peripheral Europe. Our overweight position in Polish bonds continues to provide a partial hedge, and could boost Fund returns if investors’ appetite for risk improves for the euro zone.
The general structure of the Fund remains unchanged, and we have continued to transition the Fund out of government bond markets into high-quality bonds, such as supranationals and quasi governments. As of September 30, 2012, the Fund also held a small position in select corporate bonds.
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MassMutual Premier International Bond Fund – Portfolio Manager Report (Unaudited) (Continued)
MassMutual Premier International Bond Fund Country Weightings (% of Net Assets) on 9/30/12 | ||||
Luxembourg | 10.2 | % | ||
France | 10.1 | % | ||
Germany | 8.7 | % | ||
Netherlands | 7.6 | % | ||
Australia | 6.9 | % | ||
Austria | 6.5 | % | ||
United Kingdom | 6.3 | % | ||
Poland | 5.9 | % | ||
Mexico | 4.8 | % | ||
Japan | 4.5 | % | ||
Canada | 4.4 | % | ||
Sweden | 4.1 | % | ||
Italy | 4.0 | % | ||
South Africa | 3.8 | % | ||
Ireland | 2.5 | % | ||
Norway | 2.4 | % | ||
Finland | 2.3 | % | ||
United States | 1.5 | % | ||
Singapore | 1.4 | % | ||
|
| |||
Total Long-Term Investments | 97.9 | % | ||
Short-Term Investments and Other Assets and Liabilities | 2.1 | % | ||
|
| |||
Net Assets | 100.0 | % | ||
|
|
MassMutual Premier International Bond Fund Portfolio Characteristics (% of Net Assets) on 9/30/12 | ||||
Sovereign Debt Obligations | 67.4 | % | ||
Corporate Debt | 30.5 | % | ||
|
| |||
Total Long-Term Investments | 97.9 | % | ||
Short-Term Investments and Other Assets and Liabilities | 2.1 | % | ||
|
| |||
Net Assets | 100.0 | % | ||
|
|
30
Table of Contents
MassMutual Premier International Bond Fund – Portfolio Manager Report (Unaudited) (Continued)
Growth of a $10,000 Investment
Hypothetical Investments in MassMutual Premier International Bond Fund Class S, Class A, Class A (sales load deducted), Class Y, Class L, and the Citigroup Non-USD World Government Bond Index.
TOTAL RETURN | One Year 10/1/11 - 9/30/12 | Since Inception Average Annual 12/20/07 - 9/30/12 | ||||||
Class S | 3.96% | 5.82% | ||||||
Class A | 3.49% | 5.35% | ||||||
Class A (sales load deducted)* | -1.43% | 4.29% | ||||||
Class Y | 3.89% | 5.78% | ||||||
Class L | 3.70% | 5.63% | ||||||
Citigroup Non-USD World Government Bond Index | 3.46% | 6.06%+ |
GROWTH OF $10,000 INVESTMENT SINCE INCEPTION
* Class A (sales load deducted) returns include the 4.75% maximum sales charge.
+ From 1/2/08.
Performance data quoted represents past performance; past performance is not predictive of future results. The investment return and principal value of shares of the Fund will fluctuate with market conditions so that shares of the Fund, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month-end may be obtained by calling 1-888-309-3539.
Investors should note that the Fund is a professionally managed mutual fund, while the Citigroup Non-USD World Government Bond Index is unmanaged, does not incur expenses and cannot be purchased directly by investors. Investors should read the Fund's prospectus with regard to the Fund's investment objective, risks, and charges and expenses in conjunction with these financial statements. 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. The performance tables and charts do not reflect the deduction of taxes that a shareholder would pay on the Fund distributions or the redemption of the Fund shares.
31
Table of Contents
MassMutual Premier Balanced Fund – Portfolio Manager Report (Unaudited)
What is the investment approach of MassMutual Premier Balanced Fund, and who is the Fund’s subadviser?
The Fund seeks to achieve a high total rate of return over an extended period of time consistent with the preservation of capital by investing in a diversified portfolio of equity securities, fixed income securities, and money market instruments. The Fund invests across different asset classes (U.S. equity securities, international equity securities, fixed income securities, including bank loans and Rule 144A securities, and money market instruments), each represented by a different segment of the Fund’s portfolio. The subadviser typically adjusts the allocation among the four segments, based on its judgment about each segment’s potential for returns in comparison with those of other segments and corresponding risk. The Fund’s subadviser is Babson Capital Management LLC (Babson Capital).
How did the Fund perform during the 12 months ended September 30, 2012?*
The Fund’s Class S shares returned 19.76%, significantly trailing the 30.20% return of the S&P 500® Index (“the stock component’s benchmark”), a widely recognized, unmanaged index representative of common stocks of larger capitalized U.S. companies; but outperforming the 13.75% return of the Morgan Stanley Capital International (“MSCI®”) Europe, Australasia, Far East (“EAFE®”) Index (“the international component’s benchmark”), a widely recognized, unmanaged index representative of equity securities in developed markets, excluding the U.S. and Canada. In addition, the Fund’s Class S shares outperformed the 5.16% return of the Barclays U.S. Aggregate Bond Index (“the bond component’s benchmark”), an unmanaged index of fixed-rate investment-grade securities with at least one year to maturity, combining the Barclays U.S. Treasury Bond Index, the Barclays U.S. Government-Related Bond Index, the Barclays U.S. Corporate Bond Index, and the Barclays U.S. Securitized Bond Index; the 17.46% return of the Lipper Balanced Fund Index, an unmanaged, equally weighted index of the 30 largest mutual funds within the Lipper Balanced Category; and the 18.36% return of the Custom Balanced Index, which comprises the stock component’s benchmark, the bond component’s benchmark, and the international component’s benchmark. The weightings of each index in the Custom Balanced Index are 50%, 40%, and 10%, respectively. For the 11 months ended September 30, 2012, the Fund’s Class S shares returned 12.12%, underperforming the 17.37% return of the stock component’s benchmark, but outperforming the 3.75% return of the international component’s benchmark, the 5.05% return of the bond component’s benchmark, the 10.08% return of the Lipper Balanced Fund Index, and the 11.17% return of the Custom Balanced Index.
* | On May 23, 2012, the Board of Trustees approved a change in the fiscal year-end of the Fund from October 31 to September 30. The discussion below is relevant to each of the 11-month fiscal period and the year ended September 30, 2012. |
For a discussion on the economic and market environment during the 12-month period ended September 30, 2012, please see the Economic and Market Review, beginning on page 3.
Subadviser discussion of factors that contributed to the Fund’s stock component performance
During the year ended September 30, 2012, the Fund held an overweight position in U.S. equities to varying degrees. In May and June, when many investors believed that the business cycle was coming to an end, the Fund maintained its overweight stock positioning, which benefited the Fund in the summer and early fall. On the downside, the Fund held a significant position in emerging-market stocks, which declined on waning growth in Europe and Asia and hampered the Fund’s performance. We increased the Fund’s stake in financial services stocks, as credit and housing markets strengthened and helped drive overall improvement for companies in the sector.
On a stock-specific basis, multinational grocery chain SuperValu and software and hardware manufacturer Pitney Bowes were two Fund holdings that detracted from performance over the year. Conversely, drilling rig manufacturer National Oilwell Varco and food and beverage company Dean Foods were among the Fund’s top performers.
Subadviser discussion of factors that contributed to the Fund’s bond component performance
In the Fund’s fixed-income portfolio, investment-grade corporate bonds were the standout performers. Fundamentals at corporations remained strong, though trend improvement slowed later in the period. Still, corporate balance sheets were in historically good shape as the year came to a close. Within corporate bonds, the Fund’s holdings in the industrials sector were the main drivers of performance, but Fund positions in the building products, metals and mining, and financials sectors also contributed.
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MassMutual Premier Balanced Fund – Portfolio Manager Report (Unaudited) (Continued)
Within the securitized bond sector, we further diversified Fund holdings in mortgage-backed securities, focusing on varying bonds by stated interest rates, maturity, and issuing agencies. We continued to trade this sector tactically for the Fund, which added to performance throughout the year. Commercial mortgage-backed securities (“CMBS”) was the best-performing securitized bond sector within the Fund. CMBS fundamentals continued to improve, and the Fund maintained its position in this sector over the last year.
The Fund held derivative instruments on occasion for yield curve, duration, and downside risk management during the year. In aggregate, these positions detracted slightly from overall performance. (A yield curve is a graph showing the term structure of interest rates by plotting the yields of all bonds of comparable quality with maturities ranging from the shortest – typically one month – to the longest – typically 30 years – available. The resulting curve shows whether short-term interest rates are higher or lower than long-term rates. Duration is a measure of a bond or bond portfolio’s sensitivity to interest rates. The longer the duration, the greater the price impact to the bond or portfolio when interest rates rise or fall.)
Subadviser outlook
We have had a positive outlook for stocks for the past four years – although company fundamentals are no longer accelerating and slowing world growth is impacting manufacturers’ profits. These may be warning signals about this cycle. We believe stocks still offer long-term value in an absolute sense – particularly relative to bonds. Our view is that there may be a setback in the market with fundamentals slowing after such a long and profitable run. If this occurs, the backdrop of a long investment cycle will still be with us. In our view, companies have a long way to go to make up for the years of under-investing, which means the current business cycle may be longer and stronger than most expect.
The prices of corporate bonds and other non-Treasuries have increased, as investors continue to look for income in an extended low interest rate environment. In our view, corporate fundamentals still look relatively strong, though the rate of improvement has slowed. Valuations look fair in many bond sectors other than Treasuries, and we will rely on our bottom-up fundamental credit research capabilities in this challenging environment to find compelling portfolio ideas. In any event, we will continue to position the Fund’s stock and bond components to capitalize on market opportunities revealed by our research.
MassMutual Premier Balanced Fund Portfolio Characteristics (% of Net Assets) on 9/30/12 | ||||
Common Stock | 52.1 | % | ||
Corporate Debt | 11.5 | % | ||
U.S. Government Agency Obligations and Instrumentalities | 8.1 | % | ||
Mutual Funds | 7.7 | % | ||
U.S. Treasury Obligations | 7.3 | % | ||
Non-U.S. Government Agency Obligations | 4.9 | % | ||
Sovereign Debt Obligations | 0.3 | % | ||
Municipal Obligations | 0.2 | % | ||
Preferred Stock | 0.0 | % | ||
|
| |||
Total Long-Term Investments | 92.1 | % | ||
Short-Term Investments and Other Assets and Liabilities | 7.9 | % | ||
|
| |||
Net Assets | 100.0 | % | ||
|
|
33
Table of Contents
MassMutual Premier Balanced Fund – Portfolio Manager Report (Unaudited) (Continued)
Growth of a $10,000 Investment
Hypothetical Investments in MassMutual Premier Balanced Fund Class S, Class A, Class A (sales load deducted), Class Y, Class L, the S&P 500 Index, the MSCI EAFE Index, the Barclays U.S. Aggregate Bond Index, the Lipper Balanced Fund Index, and the Custom Balanced Index.
TOTAL RETURN | One Year 10/1/11 - 9/30/12 | Five Year Average Annual 10/1/07 - 9/30/12 | Ten Year Average Annual 10/1/02 - 9/30/12 | |||||||||
Class S | 19.76% | 3.38% | 7.06% | |||||||||
Class A | 19.12% | 2.81% | 6.46% | |||||||||
Class A (sales load deducted)* | 12.27% | 1.60% | 5.83% | |||||||||
Class Y | 19.64% | 3.22% | 6.89% | |||||||||
Class L | 19.46% | 3.06% | 6.72% | |||||||||
S&P 500 Index# | 30.20% | 1.05% | 8.01% | |||||||||
MSCI EAFE Index | 13.75% | -5.24% | 8.20% | |||||||||
Barclays U.S. Aggregate Bond Index | 5.16% | 6.53% | 5.32% | |||||||||
Lipper Balanced Fund Index | 17.46% | 2.33% | 6.94% | |||||||||
Custom Balanced Index | 18.36% | 3.39% | 7.03% |
GROWTH OF $10,000 INVESTMENT FOR THE PAST 10 YEARS
* Class A (sales load deducted) returns include the 5.75% maximum sales charge.
# Benchmark.
Performance data quoted represents past performance; past performance is not predictive of future results. The investment return and principal value of shares of the Fund will fluctuate with market conditions so that shares of the Fund, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month-end may be obtained by calling 1-888-309-3539.
Investors should note that the Fund is a professionally managed mutual fund, while the S&P 500 Index, the MSCI EAFE Index, the Barclays U.S. Aggregate Bond Index, the Lipper Balanced Fund Index, and the Custom Balanced Index are unmanaged, do not incur expenses and cannot be purchased directly by investors. Investors should read the Fund’s prospectus with regard to the Fund’s investment objective, risks, and charges and expenses in conjunction with these financial statements. 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. The performance tables and charts do not reflect the deduction of taxes that a shareholder would pay on the Fund distributions or the redemption of the Fund shares.
34
Table of Contents
MassMutual Premier Value Fund – Portfolio Manager Report (Unaudited)
What is the investment approach of MassMutual Premier Value Fund, and who is the Fund’s subadviser?
The Fund seeks to achieve long-term capital appreciation primarily through investment in a portfolio of common stocks of established companies with varying market capitalizations that the Fund’s subadviser believes are undervalued in the marketplace. While the Fund does not limit its investments to issuers in a particular capitalization range, the subadviser currently focuses on securities of larger size companies. The Fund’s subadviser is OFI Institutional Asset Management, Inc. (OFI Institutional).
How did the Fund perform during the 12 months ended September 30, 2012?*
The Fund’s Class S shares returned 23.53%, underperforming the 30.92% return of the Russell 1000® Value Index (the “benchmark”), an unmanaged index consisting of those Russell 1000 securities (representing the 1,000 largest U.S. companies, based on market capitalization) with greater than average value orientation that tend to exhibit lower price-to-book ratios and lower forecasted growth rates than securities in the growth universe. The Fund’s 23.53% return also trailed the 30.20% return of the S&P 500® Index, a widely recognized, unmanaged index representative of common stocks of larger capitalized U.S. companies. For the 11 months ended September 30, 2012, the Fund’s Class S shares returned 11.14%, trailing the 17.47% return of the benchmark and the 17.37% return of the S&P 500 Index.
* | On May 23, 2012, the Board of Trustees approved a change in the fiscal year-end of the Fund from October 31 to September 30. The discussion below is relevant to each of the 11-month fiscal period and the year ended September 30, 2012. |
For a discussion on the economic and market environment during the 12-month period ended September 30, 2012, please see the Economic and Market Review, beginning on page 3.
Subadviser discussion of factors that contributed to the Fund’s performance
For the year ended September 30, 2012, the Fund underperformed the benchmark, primarily in the industrials and information technology sectors. Conversely, the Fund outperformed the benchmark in the financials sector as a result of better stock selection, relative to the benchmark. Fund holdings that were significant detractors from performance included Research in Motion Ltd., Hewlett-Packard Co., and Juniper Networks (all in the information technology sector), Navistar International Corp. (industrials), and GenOn Energy, Inc. (utilities). Research in Motion Ltd. struggled with its core product, the BlackBerry, which experienced network outages and falling market share. Computer giant Hewlett-Packard Co. dropped sharply when it announced a pessimistic outlook and an unexpected earnings slide. Networking equipment manufacturer Juniper Networks experienced declining revenue, sending its stock lower. Navistar, a manufacturer of commercial and military trucks, was negatively impacted by higher costs. Navistar also lost share in the Heavy Duty Class 8 truck market, having encountered obstacles in its efforts to develop engines that meet new emissions rules. Lower natural gas prices hampered GenOn Energy, one of the largest generators of wholesale electricity in the United States. We sold the Fund’s positions in Research in Motion, Hewlett-Packard, and GenOn Energy during the period.
On a stock-specific basis, several of the top-performing Fund holdings were within the financials sector. Financial services companies Wells Fargo & Co., JPMorgan Chase & Co., and U.S. Bancorp all performed well. Following several moves by the Federal Reserve to help spur growth, bank stocks generally rallied. We subsequently sold the Fund’s positions in JPMorgan and U.S. Bancorp. Comcast Corp. (consumer discretionary) also contributed to Fund performance. The cable provider’s high-speed Internet subscriptions increased during the period, and Comcast turned in solid earnings and increased its dividend. Oil giant Chevron Corp. (energy) performed well and was also a top contributor. The company has a strong balance sheet, with healthy cash balances, despite ongoing capital spending to boost production of both oil and liquefied natural gas. Mohawk Industries, Inc., a leading floor manufacturer and distributor in the consumer discretionary sector, reported increases in earnings and profits, which drove its stock price higher and contributed to overall Fund performance.
Subadviser outlook
Despite the prospect of ongoing market volatility, we remain optimistic regarding our investment strategy. Our key focus as investors is on understanding the economic reality of the companies in which we invest and identifying major changes we believe will occur over the next three years, a process we typically summarize as three-year earnings power. The changes we will look for
35
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MassMutual Premier Value Fund – Portfolio Manager Report (Unaudited) (Continued)
typically fall into three categories – secular change, cyclical change, and turnarounds. Drivers of these often include changes in regulation, changes in technology, and changes in demographics. We are value investors, so will continue to seek to invest in companies likely to benefit from these changes that trade at a steep discount to our estimate of the companies’ actual value.
MassMutual Premier Value Fund Largest Holdings (% of Net Assets) on 9/30/12 | ||||
Chevron Corp. | 5.6 | % | ||
Humana, Inc. | 4.4 | % | ||
Honeywell International, Inc. | 3.6 | % | ||
Merck & Co., Inc. | 3.5 | % | ||
Target Corp. | 3.4 | % | ||
Wells Fargo & Co. | 3.2 | % | ||
Exxon Mobil Corp. | 3.2 | % | ||
Marsh & McLennan Cos., Inc. | 2.9 | % | ||
UnitedHealth Group, Inc. | 2.7 | % | ||
Teva Pharmaceutical Industries Ltd. Sponsored ADR (Israel) | 2.5 | % | ||
|
| |||
35.0 | % | |||
|
|
MassMutual Premier Value Fund Sector Table (% of Net Assets) on 9/30/12 | ||||
Consumer, Non-cyclical | 25.6 | % | ||
Financial | 20.2 | % | ||
Energy | 10.7 | % | ||
Communications | 10.6 | % | ||
Consumer, Cyclical | 10.1 | % | ||
Industrial | 9.1 | % | ||
Utilities | 3.7 | % | ||
Technology | 3.3 | % | ||
Basic Materials | 2.6 | % | ||
|
| |||
Total Long-Term Investments | 95.9 | % | ||
Short-Term Investments and Other Assets and Liabilities | 4.1 | % | ||
|
| |||
Net Assets | 100.0 | % | ||
|
|
MassMutual Premier Value Fund Country Weightings (% of Net Assets) on 9/30/12 | ||||
United States | 86.9 | % | ||
Switzerland | 5.5 | % | ||
Israel | 2.5 | % | ||
Netherlands | 1.0 | % | ||
|
| |||
Total Long-Term Investments | 95.9 | % | ||
Short-Term Investments and Other Assets and Liabilities | 4.1 | % | ||
|
| |||
Net Assets | 100.0 | % | ||
|
|
36
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MassMutual Premier Value Fund – Portfolio Manager Report (Unaudited) (Continued)
Growth of a $10,000 Investment
Hypothetical Investments in MassMutual Premier Value Fund Class L, the Russell 1000 Value Index, and the S&P 500 Index.
TOTAL RETURN | One Year 10/1/11 - 9/30/12 | Five Year Average Annual 10/1/07 - 9/30/12 | Ten Year Average Annual 10/1/02 - 9/30/12 | |||||||||
Class L | 23.26% | -2.32% | 5.87% | |||||||||
Russell 1000 Value Index# | 30.92% | -0.90% | 8.17% | |||||||||
S&P 500 Index | 30.20% | 1.05% | 8.01% |
Hypothetical Investments in MassMutual Premier Value Fund Class S, Class A, Class A (sales load deducted), the Russell 1000 Value Index, and the S&P 500 Index.
TOTAL RETURN | One Year 10/1/11 - 9/30/12 | Five Year Average Annual 10/1/07 - 9/30/12 | Since Inception Average Annual 11/1/04 - 9/30/12 | |||||||||
Class S | 23.53% | -2.11% | 3.38% | |||||||||
Class A | 22.87% | -2.60% | 2.87% | |||||||||
Class A (sales load deducted)* | 15.80% | -3.75% | 2.10% | |||||||||
Russell 1000 Value Index# | 30.92% | -0.90% | 4.71% | |||||||||
S&P 500 Index | 30.20% | 1.05% | 5.28% |
GROWTH OF $10,000 INVESTMENT FOR THE PAST 10 YEARS
GROWTH OF $10,000 INVESTMENT SINCE INCEPTION
* Class A (sales load deducted) returns include the 5.75% maximum sales charge.
# Benchmark.
Performance data quoted represents past performance; past performance is not predictive of future results. The investment return and principal value of shares of the Fund will fluctuate with market conditions so that shares of the Fund, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month-end may be obtained by calling 1-888-309-3539.
Investors should note that the Fund is a professionally managed mutual fund, while the Russell 1000 Value Index and the S&P 500 Index are unmanaged, do not incur expenses and cannot be purchased directly by investors. Investors should read the Fund's prospectus with regard to the Fund's investment objective, risks, and charges and expenses in conjunction with these financial statements. 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. The performance tables and charts do not reflect the deduction of taxes that a shareholder would pay on the Fund distributions or the redemption of the Fund shares.
37
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MassMutual Premier Value Fund – Portfolio Manager Report (Unaudited) (Continued)
Growth of a $10,000 Investment
Hypothetical Investments in MassMutual Premier Value Fund Class Y, Class N, Class N (CDSC fees deducted), the Russell 1000 Value Index, and the S&P 500 Index.
TOTAL RETURN | One Year 10/1/11 - 9/30/12 | Five Year Average Annual 10/1/07 - 9/30/12 | Since Inception Average Annual 11/1/04 - 9/30/12 | |||||||||
Class Y | | 23.38% | | -2.22% | 3.27% | |||||||
Class N | 22.46% | -2.91% | 2.52% | |||||||||
Class N (CDSC fees deducted)* | 21.46% | -2.91% | 2.52% | |||||||||
Russell 1000 Value Index# | 30.92% | -0.90% | 4.71% | |||||||||
S&P 500 Index | 30.20% | 1.05% | 5.28% |
GROWTH OF $10,000 INVESTMENT SINCE INCEPTION
* Class N (CDSC fees deducted) returns include the 1.00% maximum contingent deferred sales charge for the first 18 months shown.
# Benchmark.
Performance data quoted represents past performance; past performance is not predictive of future results. The investment return and principal value of shares of the Fund will fluctuate with market conditions so that shares of the Fund, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month-end may be obtained by calling 1-888-309-3539.
Investors should note that the Fund is a professionally managed mutual fund, while the Russell 1000 Value Index and the S&P 500 Index are unmanaged, do not incur expenses and cannot be purchased directly by investors. Investors should read the Fund's prospectus with regard to the Fund's investment objective, risks, and charges and expenses in conjunction with these financial statements. 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. The performance tables and charts do not reflect the deduction of taxes that a shareholder would pay on the Fund distributions or the redemption of the Fund shares.
38
Table of Contents
MassMutual Premier Disciplined Value Fund – Portfolio Manager Report (Unaudited)
What is the investment approach of MassMutual Premier Disciplined Value Fund, and who is the Fund’s subadviser?
The Fund seeks to outperform the total return performance of its benchmark index, the Russell 1000® Value Index, while maintaining risk characteristics similar to those of the benchmark. Under normal circumstances, the Fund invests substantially all (but not less than 80%) of its net assets in common stocks of companies whose market capitalizations at the time of purchase are within the market capitalization range of companies included in the Russell 1000 Value Index. The Fund’s subadviser is Babson Capital Management LLC (Babson Capital).
How did the Fund perform during the 12 months ended September 30, 2012?*
The Fund’s Class S shares returned 29.19%, underperforming the 30.92% return of the Russell 1000 Value Index (the “benchmark”), an unmanaged index consisting of those Russell 1000 securities (representing the 1,000 largest U.S. companies, based on market capitalization) with greater than average value orientation that tend to exhibit lower price-to-book ratios and lower forecasted growth rates than securities in the growth universe. For the 11 months ended September 30, 2012, the Fund’s Class S shares returned 15.93%, trailing the 17.47% return of the benchmark.
* | On May 23, 2012, the Board of Trustees approved a change in the fiscal year-end of the Fund from October 31 to September 30. The discussion below is relevant to each of the 11-month fiscal period and the year ended September 30, 2012. |
For a discussion on the economic and market environment during the 12-month period ended September 30, 2012, please see the Economic and Market Review, beginning on page 3.
Subadviser discussion of factors that contributed to the Fund’s performance
In the fall of 2011, many investors seemed concerned that the U.S. would slip into recession and corporate profits would tumble. We did not share that view. We saw company fundamentals accelerating and positioned the Fund to take advantage of their growth, investing in companies with strong fundamentals that were priced favorably due to the market’s perception that growth was slowing. Consequently, the Fund held an overweight position, relative to the benchmark, in such sectors as consumer discretionary and energy – to take advantage of their exposure to the business cycle – and an underweight position in health care and consumer staples, since we believed that risk-averse investors had made these stocks expensive due to the stability of their earnings.
We increased the Fund’s stake in financial services stocks, as credit and housing markets strengthened and helped drive overall improvement for companies in the sector. Getting the financial services sector allocation correct is critical for value managers, as this sector makes up a disproportionate share of the “value stock” universe. In general, we were too conservative in positioning the Fund in this sector, which hindered performance.
On a stock-specific basis, Fund holdings electronics retailer RadioShack Corp and multinational grocery chain SuperValu detracted from performance over the year. On the other hand, oil and gas company Chesapeake Energy Corp., computer giant Hewlett-Packard Co., and financial services leader Bank of America Corporation were among the top performers over the year. One of the Fund’s best-performing stocks was Thor Industries, a recreational vehicle and commercial bus manufacturer, which we saw as inexpensive. Thor Industries wound up rising 67% for the year. Conversely, one of the worst-performing Fund holdings for the period was Chicago Bridge and Iron, a large multinational engineering, procurement, and construction conglomerate that focuses on projects for oil and gas companies. The company’s stock price was essentially flat for the year, which detracted from the Fund’s relative performance.
Subadviser outlook
We have been steadfastly optimistic about stocks for several years now, and we continue to hold that belief. Companies have a long way to go to make up for years of under-investing, which means that the current business cycle may be longer and stronger than most expect. Banks and financial institutions are repairing their balance sheets, and it looks like consumer lending may be set to pick up. We seek good companies with improving fundamentals that are relatively inexpensive for the Fund.
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
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MassMutual Premier Disciplined Value Fund – Portfolio Manager Report (Unaudited) (Continued)
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 9/30/12 | ||||
Exxon Mobil Corp. | 5.3 | % | ||
General Electric Co. | 3.3 | % | ||
Chevron Corp. | 3.2 | % | ||
AT&T, Inc. | 2.7 | % | ||
Pfizer, Inc. | 2.6 | % | ||
The Procter & Gamble Co. | 2.5 | % | ||
Wells Fargo & Co. | 2.2 | % | ||
JP Morgan Chase & Co. | 2.2 | % | ||
Merck & Co., Inc. | 2.0 | % | ||
Berkshire Hathaway, Inc. Class B | 1.9 | % | ||
|
| |||
27.9 | % | |||
|
|
MassMutual Premier Disciplined Value Fund Sector Table (% of Net Assets) on 9/30/12 | ||||
Financial | 26.5 | % | ||
Consumer, Non-cyclical | 17.2 | % | ||
Energy | 15.2 | % | ||
Industrial | 10.9 | % | ||
Communications | 9.6 | % | ||
Consumer, Cyclical | 6.8 | % | ||
Utilities | 6.2 | % | ||
Technology | 4.0 | % | ||
Basic Materials | 3.6 | % | ||
Diversified | 0.0 | % | ||
|
| |||
Total Long-Term Investments | 100.0 | % | ||
Other Assets and Liabilities | 0.0 | % | ||
|
| |||
Net Assets | 100.0 | % | ||
|
|
40
Table of Contents
MassMutual Premier Disciplined Value Fund – Portfolio Manager Report (Unaudited) (Continued)
Growth of a $10,000 Investment
Hypothetical Investments in MassMutual Premier Disciplined Value Fund Class Y and the Russell 1000 Value Index.
TOTAL RETURN | One Year 10/1/11 - 9/30/12 | Five Year Average Annual 10/1/07 - 9/30/12 | Ten Year Average | |||||||||
Class Y | 28.97% | -1.41% | 7.61% | |||||||||
Russell 1000 Value Index | 30.92% | -0.90% | 8.17% |
Hypothetical Investments in MassMutual Premier Disciplined Value Fund Class S, Class A, Class A (sales load deducted), Class L, and the Russell 1000 Value Index.
TOTAL RETURN | One Year 10/1/11 - 9/30/12 | Five Year Average Annual 10/1/07 - 9/30/12 | Since Inception Average Annual 11/1/04 - 9/30/12 | |||||||||
Class S | 29.19% | -1.30% | 4.32% | |||||||||
Class A | 28.54% | -1.78% | 3.75% | |||||||||
Class A (sales load deducted)* | 21.15% | -2.93% | 2.98% | |||||||||
Class L | 28.96% | -1.52% | 4.01% | |||||||||
Russell 1000 Value Index | 30.92% | -0.90% | 4.71% |
GROWTH OF $10,000 INVESTMENT FOR THE PAST 10 YEARS
GROWTH OF $10,000 INVESTMENT SINCE INCEPTION
* Class A (sales load deducted) returns include the 5.75% maximum sales charge.
Performance data quoted represents past performance; past performance is not predictive of future results. The investment return and principal value of shares of the Fund will fluctuate with market conditions so that shares of the Fund, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month-end may be obtained by calling 1-888-309-3539.
Investors should note that the Fund is a professionally managed mutual fund, while the Russell 1000 Value Index is unmanaged, does not incur expenses and cannot be purchased directly by investors. Investors should read the Fund's prospectus with regard to the Fund's investment objective, risks, and charges and expenses in conjunction with these financial statements. 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. The performance tables and charts do not reflect the deduction of taxes that a shareholder would pay on the Fund distributions or the redemption of the Fund shares.
41
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MassMutual Premier Disciplined Value Fund – Portfolio Manager Report (Unaudited) (Continued)
Growth of a $10,000 Investment
Hypothetical Investments in MassMutual Premier Disciplined Value Fund Class N, Class N (CDSC fees deducted), and the Russell 1000 Value Index.
TOTAL RETURN | One Year 10/1/11 - 9/30/12 | Five Year Average Annual 10/1/07 - 9/30/12 | Since Inception Average Annual 11/1/04 - 9/30/12 | |||||||||
Class N | 28.11% | -2.09% | 3.42% | |||||||||
Class N (CDSC fees deducted)* | 27.11% | -2.09% | 3.42% | |||||||||
Russell 1000 Value Index | 30.92% | -0.90% | 4.71% |
GROWTH OF $10,000 INVESTMENT SINCE INCEPTION
* Class N (CDSC fees deducted) returns include the 1.00% maximum contingent deferred sales charge for the first 18 months shown.
Performance data quoted represents past performance; past performance is not predictive of future results. The investment return and principal value of shares of the Fund will fluctuate with market conditions so that shares of the Fund, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month-end may be obtained by calling 1-888-309-3539.
Investors should note that the Fund is a professionally managed mutual fund, while the Russell 1000 Value Index is unmanaged, does not incur expenses and cannot be purchased directly by investors. Investors should read the Fund's prospectus with regard to the Fund's investment objective, risks, and charges and expenses in conjunction with these financial statements. 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. The performance tables and charts do not reflect the deduction of taxes that a shareholder would pay on the Fund distributions or the redemption of the Fund shares.
42
Table of Contents
MassMutual Premier Main Street Fund – Portfolio Manager Report (Unaudited)
What is the investment approach of MassMutual Premier Main Street Fund, and who is the Fund’s subadviser?
The Fund seeks a high total return by investing primarily in common stocks of U.S. companies of different capitalization ranges. The Fund’s subadviser currently focuses on 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 Institutional Asset Management, Inc. (OFI Institutional).
How did the Fund perform during the 12 months ended September 30, 2012?*
The Fund’s Class S shares returned 30.87%, exceeding the 30.20% return of the S&P 500® Index (the “benchmark”), a widely recognized, unmanaged index representative of common stocks of larger capitalized U.S. companies. For the 11 months ended September 30, 2012, the Fund’s Class S shares returned 18.79%, outperforming the 17.37% return of the benchmark.
* | On May 23, 2012, the Board of Trustees approved a change in the fiscal year-end of the Fund from October 31 to September 30. The discussion below is relevant to each of the 11-month fiscal period and the year ended September 30, 2012. |
For a discussion on the economic and market environment during the 12-month period ended September 30, 2012, please see the Economic and Market Review, beginning on page 3.
Subadviser discussion of factors that contributed to the Fund’s performance
The Fund outperformed the benchmark primarily because of strong stock selection in the information technology and energy sectors. Weak stock selection made consumer discretionary the most materially underperforming sector in the Fund, relative to the benchmark. During the year ended September 30, 2012, the strongest-performing holdings of the Fund were information technology stocks Apple, Inc. and eBay, Inc. Apple, the consumer electronics giant, which was the top holding of the Fund at the end of the period, continued to out-execute its peers, and its success at innovation and highly recognizable brand led to global growth and share gains across its top revenue-producing products – particularly iPhones and iPads. Online auctioneer eBay benefited from a turnaround in its Marketplace segment, with improvements to the user experience leading to increased customer loyalty and more transactions. PayPal, eBay’s online payment service, also continued to be a significant contributor to growth, with results that exceeded expectations. Other top-contributing Fund holdings during the period included industrials stock Tyco International Ltd., consumer staples holding Philip Morris International, and energy holding Chevron Corp. Tyco International – a global provider of electronic security products and services, fire protection and detection products and services, and valves and controls – has grown since announcing a three-way split of the company in September of 2011. Tobacco company Philip Morris benefited from growth in revenues and earnings resulting from ongoing market share gains and its ability to raise prices. Additionally, Philip Morris generates substantial cash flow, which management recently used to support a rising dividend payment and aggressive share repurchases. Finally, a primary driver behind oil giant Chevron’s outperformance was the volatility of oil prices, which trended upward throughout the fourth quarter of 2011 and in the summer of 2012. Chevron has a strong balance sheet with healthy cash balances.
Facebook, Inc. was the most noteworthy Fund holding that detracted from performance this year. The social media sensation generated investor concerns around how best to deliver effective advertising to mobile devices and monetize its significant network of users. Automobile maker General Motors’ announcement that it had pulled its advertising from Facebook validated these concerns for many. During the period, the Fund established a position in Towers Watson & Company (industrials), which offers human resource and financial services consulting. The stock fell sharply after posting disappointing quarterly revenues that were lower year-over-year and below analyst expectations. We sold the Fund’s positions in pharmaceutical and medical device company Hospira, Inc. (health care); Marvell Technology Group, Ltd. (a semiconductor manufacturer in the information technology sector); and Human Genome Sciences, Inc. (a biopharmaceutical corporation in the health care sector) during the period. None of these securities performed well for the Fund, but the Fund held them for so brief a time that they did not materially detract from performance.
Subadviser outlook
Despite numerous macroeconomic challenges, we believe many U.S. corporations have continued to build balance sheet strength and have generally made effective capital allocation decisions during the period. While profit growth is likely to slow, we believe balance sheets may remain healthy and returns on capital have the potential to remain stable.
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MassMutual Premier Main Street Fund – Portfolio Manager Report (Unaudited) (Continued)
Our long-term investment process for the Fund remains the same. We seek companies with sustainable competitive advantages, with the management skill and financial resources to generate stronger profit margins, take market share from weaker players, and/or return significant capital to shareholders. We focus on leading firms in structurally attractive industries with committed management teams that have proven records of performance – and seek to invest in such companies for the Fund when their valuations are attractive.
MassMutual Premier Main Street Fund Largest Holdings (% of Net Assets) on 9/30/12 | ||||
Apple, Inc. | 8.0 | % | ||
Chevron Corp. | 4.7 | % | ||
Philip Morris International, Inc. | 4.5 | % | ||
International Business Machines Corp. | 4.5 | % | ||
Citigroup, Inc. | 3.9 | % | ||
eBay, Inc. | 3.8 | % | ||
JP Morgan Chase & Co. | 3.8 | % | ||
National Oilwell Varco, Inc. | 3.6 | % | ||
CIT Group, Inc. | 3.5 | % | ||
Covidien PLC | 3.2 | % | ||
|
| |||
43.5 | % | |||
|
|
MassMutual Premier Main Street Fund Sector Table (% of Net Assets) on 9/30/12 | ||||
Consumer, Non-cyclical | 23.8 | % | ||
Financial | 16.7 | % | ||
Technology | 14.1 | % | ||
Communications | 12.8 | % | ||
Energy | 10.3 | % | ||
Industrial | 10.0 | % | ||
Consumer, Cyclical | 6.8 | % | ||
Utilities | 2.2 | % | ||
Basic Materials | 2.0 | % | ||
|
| |||
Total Long-Term Investments | 98.7 | % | ||
Short-Term Investments and Other Assets and Liabilities | 1.3 | % | ||
|
| |||
Net Assets | 100.0 | % | ||
|
|
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Table of Contents
MassMutual Premier Main Street Fund – Portfolio Manager Report (Unaudited) (Continued)
Growth of a $10,000 Investment
Hypothetical Investments in MassMutual Premier Main Street Fund Class S, Class A, Class A (sales load deducted), Class Y, Class L, Class N, Class N (CDSC fees deducted), and the S&P 500 Index.
TOTAL RETURN | One Year 10/1/11 - 9/30/12 | Five Year Average Annual 10/1/07 - 9/30/12 | Since Inception Average Annual 12/31/04 - 9/30/12 | |||||||||
Class S | 30.87% | 0.38% | 4.14% | |||||||||
Class A | 30.24% | -0.08% | 3.63% | |||||||||
Class A (sales load deducted)* | 22.75% | -1.26% | 2.84% | |||||||||
Class Y | 30.75% | 0.33% | 4.01% | |||||||||
Class L | 30.35% | 0.16% | 3.88% | |||||||||
Class N | 29.70% | -0.40% | 3.30% | |||||||||
Class N (CDSC fees deducted)* | 28.70% | -0.40% | 3.30% | |||||||||
S&P 500 Index | 30.20% | 1.05% | 4.41%+ |
GROWTH OF $10,000 INVESTMENT SINCE INCEPTION
* Class A (sales load deducted) returns include the 5.75% maximum sales charge and Class N (CDSC fees deducted) returns include the 1.00% maximum contingent deferred sales charge for the first 18 months shown.
+ From 1/3/05.
Performance data quoted represents past performance; past performance is not predictive of future results. The investment return and principal value of shares of the Fund will fluctuate with market conditions so that shares of the Fund, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month-end may be obtained by calling 1-888-309-3539.
Investors should note that the Fund is a professionally managed mutual fund, while the S&P 500 Index is unmanaged, does not incur expenses and cannot be purchased directly by investors. Investors should read the Fund's prospectus with regard to the Fund's investment objective, risks, and charges and expenses in conjunction with these financial statements. 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. The performance tables and charts do not reflect the deduction of taxes that a shareholder would pay on the Fund distributions or the redemption of the Fund shares.
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MassMutual Premier Capital Appreciation Fund – Portfolio Manager Report (Unaudited)
What is the investment approach of MassMutual Premier Capital Appreciation Fund, and who is the Fund’s subadviser?
The Fund seeks long-term capital appreciation by investing primarily in common stocks of companies that the Fund’s subadviser believes may appreciate in value over the long-term, which may include newer companies or established companies of any market capitalization range (“growth companies”). Currently, the Fund primarily focuses on established companies that are similar in size to companies in the S&P 500® Index or the Russell 1000® Growth Index. The Fund’s subadviser is OppenheimerFunds, Inc. (OFI).
How did the Fund perform during the 12 months ended September 30, 2012?*
The Fund’s Class S shares returned 26.48%, trailing the 29.19% return of the Russell 1000 Growth Index (the “benchmark”), an unmanaged index consisting of those Russell 1000 securities (representing the 1,000 largest U.S. companies based on market capitalization) with greater than average growth orientation that tend to exhibit higher price-to-book ratios and higher forecasted growth rates than securities in the value universe. For the 11 months ended September 30, 2012, the Fund’s Class S shares returned 13.24%, trailing the 16.41% return of the benchmark.
* | On May 23, 2012, the Board of Trustees approved a change in the fiscal year-end of the Fund from October 31 to September 30. The discussion below is relevant to each of the 11-month fiscal period and the year ended September 30, 2012. |
For a discussion on the economic and market environment during the 12-month period ended September 30, 2012, please see the Economic and Market Review, beginning on page 3.
Subadviser discussion of factors that contributed to the Fund’s performance
For the year ended September 30, 2012, stock selection in information technology and overweight positioning in energy helped the Fund outperform the benchmark in those sectors. The Fund underperformed the benchmark in consumer discretionary, health care, and industrials primarily as a result of weaker relative stock selection in those sectors.
Top individual contributors during the period were three Fund holdings in the information technology sector: Apple, Inc.; QUALCOMM, Inc.; and Google, Inc. These stocks were also the top three holdings of the Fund at the end of the period. Consumer electronics giant Apple continued to out-execute its peers, and its success at innovation and highly recognizable brand led to global growth and share gains across its top revenue-producing products – iPhones, iPads, and Mac PCs. QUALCOMM, a manufacturer of digital wireless communications equipment, performed well. The company’s involvement in a new round of Apple products boosted investors’ confidence in the stock. Internet behemoth Google was a significant contributor to Fund results, as sales growth exceeded expectations due to smartphone usage accelerating mobile searches. The company also had solid second-quarter revenues and released its new tablet, Nexus 7. Outside of the information technology sector, health care stock Novo Nordisk, a pharmaceutical manufacturer, performed positively, driven largely by increased sales of Victoza, which is a diabetes drug. The Fund’s holdings in entertainment giant Walt Disney Co. (consumer discretionary) delivered impressive third-quarter 2012 results, thanks to its profitable Studio Entertainment and Parks and Resorts businesses. The company had impressive earnings, revenues, and operating margins.
Conversely, detracting from performance for the year was Fund holding Illumina, a biotechnology company in the health care sector that fell after expressing a negative outlook for research funding in the U.S. and Europe and a drop in demand for the company’s Genome Analyzer equipment. Although the Fund enjoyed strong relative performance in the information technology sector, a few information technology Fund holdings hurt performance. Facebook, Inc.’s stock struggled after the social media leader tried to quell concerns around how best to deliver effective advertising to mobile devices and monetize its significant network of users. The other information technology Fund holdings that did not perform well during the period had a relatively minimal effect on Fund performance. Semiconductor manufacturer Texas Instruments Incorporated’s shares fell after it delivered a third-quarter revenue forecast that was lower than estimates, and also projected lower quarterly earnings. Computer technology corporation Oracle Corp. continued to demonstrate impressive revenues, but experienced a decline in hardware sales and lost a high-profile suit against computer giant Hewlett-Packard Co. SanDisk Corp., a data storage manufacturer, declined on lower demand for its mobile cards and softer pricing.
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MassMutual Premier Capital Appreciation Fund – Portfolio Manager Report (Unaudited) (Continued)
Subadviser outlook
Uncertainty about the euro zone crisis, the U.S. “fiscal cliff,” and the risk of a hard landing in China is weighing on the global economy. The fiscal cliff refers to a large reduction of the federal budget deficit through significant tax increases and spending cuts, which is scheduled to become effective on December 31, 2012, unless Congress agrees upon an alternative. The U.S. economy continues to grow at a slow pace, but we believe it is more flexible and resilient in comparison to many other developed nations. We believe there may be greater differentiation in equity valuations with better valuations awarded to companies with high-quality earnings. We employ a disciplined investment process in managing the Fund that combines strategic, top-down sector analysis with bottom-up fundamental research on a stock-specific basis. We will continue to focus on companies with consistent revenue and earnings growth potential for the Fund, which we believe have the brightest prospects.
MassMutual Premier Capital Appreciation Fund Largest Holdings (% of Net Assets) on 9/30/12 | ||||
Apple, Inc. | 9.3 | % | ||
QUALCOMM, Inc. | 4.0 | % | ||
Google, Inc. Class A | 3.4 | % | ||
McDonald’s Corp. | 2.2 | % | ||
Costco Wholesale Corp. | 2.0 | % | ||
The Walt Disney Co. | 2.0 | % | ||
Allergan, Inc. | 1.9 | % | ||
Schlumberger Ltd. | 1.8 | % | ||
Novo Nordisk A/S Class B | 1.8 | % | ||
eBay, Inc. | 1.7 | % | ||
|
| |||
30.1 | % | |||
|
|
MassMutual Premier Capital Appreciation Fund Sector Table (% of Net Assets) on 9/30/12 | ||||
Consumer, Non-cyclical | 22.9 | % | ||
Technology | 19.3 | % | ||
Industrial | 14.0 | % | ||
Communications | 14.0 | % | ||
Consumer, Cyclical | 13.5 | % | ||
Energy | 9.9 | % | ||
Basic Materials | 4.8 | % | ||
Financial | 1.8 | % | ||
|
| |||
Total Long-Term Investments | 100.2 | % | ||
Short-Term Investments and Other Assets and Liabilities | (0.2 | )% | ||
|
| |||
Net Assets | 100.0 | % | ||
|
|
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MassMutual Premier Capital Appreciation Fund – Portfolio Manager Report (Unaudited) (Continued)
Growth of a $10,000 Investment
Hypothetical Investments in MassMutual Premier Capital Appreciation Fund Class S, Class A, Class A (sales load deducted), Class Y, Class L, Class N, Class N (CDSC fees deducted), and the Russell 1000 Growth Index.
TOTAL RETURN | One Year 10/1/11 - 9/30/12 | Five Year Average Annual 10/1/07 - 9/30/12 | Since Inception Average Annual 12/31/04 - 9/30/12 | |||||||||
Class S | 26.48% | -1.08% | 2.96% | |||||||||
Class A | 25.99% | -1.45% | 2.58% | |||||||||
Class A (sales load deducted)* | 18.74% | -2.61% | 1.80% | |||||||||
Class Y | 26.39% | -1.18% | 2.84% | |||||||||
Class L | 26.23% | -1.34% | 2.69% | |||||||||
Class N | 25.60% | -1.80% | 2.20% | |||||||||
Class N (CDSC fees deducted)* | 24.60% | -1.80% | 2.20% | |||||||||
Russell 1000 Growth Index | 29.19% | 3.24% | 5.53%+ |
GROWTH OF $10,000 INVESTMENT SINCE INCEPTION
* Class A (sales load deducted) returns include the 5.75% maximum sales charge and Class N (CDSC fees deducted) returns include the 1.00% maximum contingent deferred sales charge for the first 18 months shown.
+ From 1/3/05.
Performance data quoted represents past performance; past performance is not predictive of future results. The investment return and principal value of shares of the Fund will fluctuate with market conditions so that shares of the Fund, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month-end may be obtained by calling 1-888-309-3539.
Investors should note that the Fund is a professionally managed mutual fund, while the Russell 1000 Growth Index is unmanaged, does not incur expenses and cannot be purchased directly by investors. Investors should read the Fund's prospectus with regard to the Fund's investment objective, risks, and charges and expenses in conjunction with these financial statements. 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. The performance tables and charts do not reflect the deduction of taxes that a shareholder would pay on the Fund distributions or the redemption of the Fund shares.
48
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MassMutual Premier Disciplined Growth Fund – Portfolio Manager Report (Unaudited)
What is the investment approach of MassMutual Premier Disciplined Growth Fund, and who is the Fund’s subadviser?
The Fund seeks to outperform the total return performance of its benchmark index, the Russell 1000® Growth Index, while maintaining risk characteristics similar to those of the benchmark. Under normal circumstances, the Fund invests substantially all (but no less than 80%) of its net assets in common stocks of companies whose market capitalizations at the time of purchase are within the market capitalization range of companies included within the Russell 1000 Growth Index. The Fund’s subadviser is Babson Capital Management LLC (Babson Capital).
How did the Fund perform during the 12 months ended September 30, 2012?*
The Fund’s Class S shares returned 30.41%, outperforming the 29.19% return of the Russell 1000 Growth Index (the “benchmark”), an unmanaged index consisting of those Russell 1000 securities (representing the 1,000 largest U.S. companies based on market capitalization) with greater than average growth orientation that tend to exhibit higher price-to-book ratios and higher forecasted growth rates than securities in the value universe. For the 11 months ended September 30, 2012, the Fund’s Class S shares returned 16.92%, outperforming the 16.41% return of the benchmark.
* | On May 23, 2012, the Board of Trustees approved a change in the fiscal year-end of the Fund from October 31 to September 30. The discussion below is relevant to each of the 11-month fiscal period and the year ended September 30, 2012. |
For a discussion on the economic and market environment during the 12-month period ended September 30, 2012, please see the Economic and Market Review, beginning on page 3.
Subadviser discussion of factors that contributed to the Fund’s performance
In the fall of 2011, many investors seemed concerned that the U.S. would slip into recession and corporate profits would tumble. We did not share that view. We saw company fundamentals accelerating and positioned the Fund to take advantage of their growth, investing in companies with strong fundamentals that were priced favorably due to the market’s perception that growth was slowing. We made relatively few adjustments to our basic outlook during the year.
Specific Fund holdings that detracted from performance during the year included aerospace and defense contractor Alliant Techsystems, higher-learning education provider Apollo Group, and semiconductor chip manufacturer Intel, which was one of the Fund’s worst-performing holdings for the year. Despite its very attractive fundamentals and an attractive valuation, Intel’s growth prospects have come into question due to the decline in the PC market. In the end, Intel was down 15% for the year. Conversely, Fund holdings online travel website Expedia, natural gas and crude oil provider Forest Oil, and cigarette manufacturer Philip Morris were among the Fund’s top contributors.
With respect to investments by sector, the Fund held an underweight position, relative to the benchmark, in consumer staples and health care. Stocks in those groups were in high demand because they are perceived to be safer investments during economic slowdowns. Conversely, the Fund held an overweight stake in the technology and energy sectors, which typically benefit more from an expanding economy. Ultimately, these sector weightings contributed to the Fund’s performance for the year. On the downside, hampering the Fund’s progress relative to the benchmark was its underweight position in speculative names that tend to have more debt and higher valuations, such as Regeneron Pharmaceuticals. Regeneron rose 150% over the period, but its underweight position in the Fund hurt returns relative to the benchmark. Conversely, Green Mountain Coffee Roasters is in the benchmark and was a darling of investors. Our view was that the company had poor fundamental characteristics, so the Fund did not own the stock, which enhanced the Fund’s performance relative to the benchmark when Green Mountain Coffee Roasters declined 77% for the year.
The Fund occasionally held futures to equitize cash – thus allowing the Fund to have a way to invest in the stock market until a long-term investment decision could be made.
Subadviser outlook
We have been steadfast in our belief that equities have represented a compelling value for several years. We don’t make Fund management decisions based on news items, such as the sovereign debt crisis and the United States’ “fiscal cliff.” The fiscal cliff
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MassMutual Premier Disciplined Growth Fund – Portfolio Manager Report (Unaudited) (Continued)
refers to a large reduction of the federal budget deficit through significant tax increases and spending cuts, which is scheduled to become effective on December 31, 2012, unless Congress agrees upon an alternative. We make our investment decisions for the Fund based on fundamental data, such as earnings, cash flows, and margins. Currently, in our view, these data continue to support equities. We seek good companies with improving fundamentals that are relatively inexpensive for the Fund. These characteristics can be found in many sectors.
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 9/30/12 | ||||
Apple, Inc. | 8.5 | % | ||
Microsoft Corp. | 3.7 | % | ||
International Business Machines Corp. | 2.8 | % | ||
Philip Morris International, Inc. | 2.2 | % | ||
The Coca-Cola Co. | 2.2 | % | ||
Google, Inc. Class A | 2.0 | % | ||
Oracle Corp. | 2.0 | % | ||
Verizon Communications, Inc. | 1.9 | % | ||
PepsiCo, Inc. | 1.8 | % | ||
Amgen, Inc. | 1.5 | % | ||
|
| |||
28.6 | % | |||
|
|
MassMutual Premier Disciplined Growth Fund Sector Table (% of Net Assets) on 9/30/12 | ||||
Consumer, Non-cyclical | 25.1 | % | ||
Technology | 24.9 | % | ||
Communications | 14.1 | % | ||
Consumer, Cyclical | 13.2 | % | ||
Industrial | 11.7 | % | ||
Financial | 3.9 | % | ||
Basic Materials | 3.6 | % | ||
Energy | 3.1 | % | ||
Utilities | 0.1 | % | ||
Diversified | 0.0 | % | ||
|
| |||
Total Long-Term Investments | 99.7 | % | ||
Short-Term Investments and Other Assets and Liabilities | 0.3 | % | ||
|
| |||
Net Assets | 100.0 | % | ||
|
|
50
Table of Contents
MassMutual Premier Disciplined Growth Fund – Portfolio Manager Report (Unaudited) (Continued)
Growth of a $10,000 Investment
Hypothetical Investments in MassMutual Premier Disciplined Growth Fund Class Y and the Russell 1000 Growth Index.
TOTAL RETURN | One Year 10/1/11 - 9/30/12 | Five Year Average Annual 10/1/07 - 9/30/12 | Ten Year Average Annual 10/1/02 - 9/30/12 | |||||||||
Class Y | 30.12% | 2.96% | 8.22% | |||||||||
Russell 1000 Growth Index | 29.19% | 3.24% | 8.41% |
Hypothetical Investments in MassMutual Premier Disciplined Growth Fund Class S, Class A, Class A (sales load deducted), Class L, and the Russell 1000 Growth Index.
TOTAL RETURN | One Year 10/1/11 - 9/30/12 | Five Year Average Annual 10/1/07 - 9/30/12 | Since Inception Average Annual 11/1/04 - 9/30/12 | |||||||||
Class S | 30.41% | 3.02% | 6.20% | |||||||||
Class A | 29.75% | 2.56% | 5.75% | |||||||||
Class A (sales load deducted)* | 22.29% | 1.35% | 4.96% | |||||||||
Class L | 30.02% | 2.82% | 6.00% | |||||||||
Russell 1000 Growth Index | 29.19% | 3.24% | 6.38% |
GROWTH OF $10,000 INVESTMENT FOR THE PAST 10 YEARS
GROWTH OF $10,000 INVESTMENT SINCE INCEPTION
* Class A (sales load deducted) returns include the 5.75% maximum sales charge.
Performance data quoted represents past performance; past performance is not predictive of future results. The investment return and principal value of shares of the Fund will fluctuate with market conditions so that shares of the Fund, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month-end may be obtained by calling 1-888-309-3539.
Investors should note that the Fund is a professionally managed mutual fund, while the Russell 1000 Growth Index is unmanaged, does not incur expenses and cannot be purchased directly by investors. Investors should read the Fund's prospectus with regard to the Fund's investment objective, risks, and charges and expenses in conjunction with these financial statements. 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. The performance tables and charts do not reflect the deduction of taxes that a shareholder would pay on the Fund distributions or the redemption of the Fund shares.
51
Table of Contents
MassMutual Premier Small/Mid Cap Opportunities Fund – Portfolio Manager Report (Unaudited)
What is the investment approach of MassMutual Premier Small/Mid Cap Opportunities Fund, and who is the Fund’s subadviser?
The Fund seeks capital appreciation by investing primarily in common stocks of small- and mid-capitalization U.S. companies that the Fund’s subadviser believes have favorable business trends or prospects based on fundamental analysis and quantitative models. Under normal circumstances, the Fund invests at least 80% of its net assets in securities of companies whose market capitalizations at the time of purchase are within the market capitalization range of companies included in the Russell 2500™ Index. The Fund’s subadviser is OFI Institutional Asset Management, Inc. (OFI Institutional).
How did the Fund perform during the 12 months ended September 30, 2012?*
The Fund’s Class S shares returned 31.87%, exceeding the 30.93% return of the Russell 2500 Index (the “benchmark”), an unmanaged index that measures the performance of the 2,500 smallest companies in the Russell 3000 Index, which measures the performance of the 3,000 largest U.S. companies based on market capitalization. For the 11 months ended September 30, 2012, the Fund’s Class S shares returned 13.78%, trailing the 14.19% return of the benchmark.
* | On May 23, 2012, the Board of Trustees approved a change in the fiscal year-end of the Fund from October 31 to September 30. The discussion below is relevant to each of the 11-month fiscal period and the year ended September 30, 2012. |
For a discussion on the economic and market environment during the 12-month period ended September 30, 2012, please see the Economic and Market Review, beginning on page 3.
Subadviser discussion of factors that contributed to the Fund’s performance
For the year ended September 30, 2012, the Fund outperformed the benchmark primarily in the energy, health care, and materials sectors as a result of favorable relative stock selection. On the other hand, the Fund underperformed the benchmark in the telecommunications services and industrials sectors due to weaker relative stock selection. With respect to Fund holdings, top individual contributors included HollyFrontier Corp. (energy); Toll Brothers, Inc. (consumer discretionary); HealthSpring, Inc. (health care); Old Dominion Freight Line, Inc. (industrials); PVH Corp. (consumer discretionary); and Packaging Corp. of America (materials). HollyFrontier Corp.’s stock continued to enjoy strong performance after completing a merger last year with oil refiner Frontier Oil, which made the firm one of the largest oil refiners in the Western U.S. In the midst of signs of a potential housing recovery in the U.S., luxury home builder Toll Brothers had solid stock performance, which enabled the company to retain its advantageous position as the largest luxury home builder in the U.S. We sold the Fund’s position in HealthSpring, a Medicare Advantage plan provider, after the stock rallied strongly in October 2011 following the announcement that health insurer Cigna would acquire the company for $3.8 billion. Old Dominion Freight Line, Inc. (a motor carrier) reported higher revenues and higher earnings early in the period, which boosted the stock and contributed positively to Fund results. PVH is an apparel company that reported robust profits and lower taxes during the period. Packaging Corp. of America had higher year-over-year gross margins, gross profits and net sales, and record earnings, as shipments of corrugated products surged and the company reported improved mill operations and reduced expenses.
Companies that proved to be individual detractors in the Fund’s portfolio for the year ended September 30, 2012, included Knight Capital Group, Inc. (financials); Polycom, Inc. (information technology); Finisar Corp. (information technology); TreeHouse Foods, Inc. (consumer staples); and Waste Connections, Inc. (industrials). Knight Capital Group, Inc., a financial services firm, had a very rough quarter after experiencing a technology breakdown that roiled the U.S. markets in August, and we subsequently sold the Fund’s position in the stock. Polycom, a provider of telepresence and voice communications solutions, declined significantly after announcing weak third-quarter 2011 financial results, and we significantly pared the Fund’s position in this holding as a result. Optical communications component manufacturer Finisar experienced declines due to slimmer margins and increased competition in the fiber optic and network system segment that enables high-speed data transmissions over local area networks (LANs). TreeHouse Foods, Inc. primarily services grocery and food service distribution channels and had impressive jumps in revenue and earnings, but the market grew concerned about possible weakness in the soup and powdered drink markets, which drove the stock lower. Waste Connections, a solid waste collections company, traded down after reporting lower earnings per share in the second quarter of fiscal year 2012 due to various costs, including acquisition costs and the relocation of its corporate headquarters.
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Table of Contents
MassMutual Premier Small/Mid Cap Opportunities Fund – Portfolio Manager Report (Unaudited) (Continued)
Subadviser outlook
We believe the U.S. economy will continue to improve at a gradual, and perhaps uneven, fashion. The slow-growth environment could create a bifurcated stock market in which well-run companies with solid business models outperform. If our expectations are correct, the current market environment could potentially favor the Fund’s investment style and process, which focuses on companies with sustainable competitive advantages. We view such firms as well positioned to generate stronger profit margins and take market share from weaker players – and seek such companies for the Fund’s portfolio when their valuations are attractive.
MassMutual Premier Small/Mid Cap Opportunities Fund Largest Holdings (% of Net Assets) on 9/30/12 | ||||
Dunkin’ Brands Group, Inc. | 1.9 | % | ||
Robert Half International, Inc. | 1.8 | % | ||
Western Digital Corp. | 1.8 | % | ||
KBR, Inc. | 1.8 | % | ||
MSCI, Inc. Class A | 1.6 | % | ||
Waste Connections, Inc. | 1.5 | % | ||
Hatteras Financial Corp. | 1.4 | % | ||
Old Dominion Freight Line, Inc. | 1.3 | % | ||
CarMax, Inc. | 1.3 | % | ||
Semtech Corp. | 1.3 | % | ||
|
| |||
15.7 | % | |||
|
|
MassMutual Premier Small/Mid Cap Opportunities Fund Sector Table (% of Net Assets) on 9/30/12 | ||||
Financial | 27.4 | % | ||
Consumer, Non-cyclical | 19.7 | % | ||
Consumer, Cyclical | 15.9 | % | ||
Industrial | 15.6 | % | ||
Technology | 11.4 | % | ||
Communications | 5.4 | % | ||
Energy | 5.3 | % | ||
Basic Materials | 3.8 | % | ||
Utilities | 2.4 | % | ||
Diversified | 0.0 | % | ||
|
| |||
Total Long-Term Investments | 106.9 | % | ||
Short-Term Investments and Other Assets and Liabilities | (6.9 | )% | ||
|
| |||
Net Assets | 100.0 | % | ||
|
|
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Table of Contents
MassMutual Premier Small/Mid Cap Opportunities Fund – Portfolio Manager Report (Unaudited) (Continued)
Growth of a $10,000 Investment
Hypothetical Investments in MassMutual Premier Small/Mid Cap Opportunities Fund Class A, Class A (sales load deducted), and the Russell 2500 Index.
TOTAL RETURN | One Year 10/1/11 - 9/30/12 | Five Year Average Annual 10/1/07 - 9/30/12 | Ten Year Average Annual 10/1/02 - 9/30/12 | |||||||||
Class A | 31.23% | 1.84% | 7.22% | |||||||||
Class A (sales load deducted)* | 23.69% | 0.64% | 6.58% | |||||||||
Russell 2500 Index | 30.93% | 2.80% | 10.86% |
Hypothetical Investments in MassMutual Premier Small/Mid Cap Opportunities Fund Class S, Class Y, Class L, and the Russell 2500 Index.
TOTAL RETURN | One Year 10/1/11 - 9/30/12 | Five Year Average Annual 10/1/07 - 9/30/12 | Since Inception Average Annual 11/1/04 - 9/30/12 | |||||||||
Class S | 31.87% | 2.31% | 4.58% | |||||||||
Class Y | 31.74% | 2.21% | 4.48% | |||||||||
Class L | 31.61% | 2.13% | 4.39% | |||||||||
Russell 2500 Index | 30.93% | 2.80% | 6.98% |
GROWTH OF $10,000 INVESTMENT FOR THE PAST 10 YEARS
GROWTH OF $10,000 INVESTMENT SINCE INCEPTION
* Class A (sales load deducted) returns include the 5.75% maximum sales charge.
Performance data quoted represents past performance; past performance is not predictive of future results. The investment return and principal value of shares of the Fund will fluctuate with market conditions so that shares of the Fund, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month-end may be obtained by calling 1-888-309-3539.
Investors should note that the Fund is a professionally managed mutual fund, while the Russell 2500 Index is unmanaged, does not incur expenses and cannot be purchased directly by investors. Investors should read the Fund’s prospectus with regard to the Fund’s investment objective, risks, and charges and expenses in conjunction with these financial statements. 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. The performance tables and charts do not reflect the deduction of taxes that a shareholder would pay on the Fund distributions or the redemption of the Fund shares.
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Table of Contents
MassMutual Premier Global Fund – Portfolio Manager Report (Unaudited)
What is the investment approach of MassMutual Premier Global Fund, and who is the Fund’s subadviser?
The Fund seeks long-term capital appreciation by investing primarily in common stocks of companies in the U.S. and foreign countries. The Fund’s subadviser is OppenheimerFunds, Inc. (OFI).
How did the Fund perform during the 12 months ended September 30, 2012?*
The Fund’s Class S shares returned 20.15%, trailing the 21.59% return of the Morgan Stanley Capital International (“MSCI”) World IndexSM (the “benchmark”), an unmanaged index of issuers listed on the stock exchanges of 20 foreign countries and the U.S. For the 11 months ended September 30, 2012, the Fund’s Class S shares returned 7.74%, underperforming the 10.19% return of the benchmark.
* | On May 23, 2012, the Board of Trustees approved a change in the fiscal year-end of the Fund from October 31 to September 30. The discussion below is relevant to each of the 11-month fiscal period and the year ended September 30, 2012. |
For a discussion on the economic and market environment during the 12-month period ended September 30, 2012, please see the Economic and Market Review, beginning on page 3.
Subadviser discussion of factors that contributed to the Fund’s performance
Weak stock selection in the information technology and financials sectors significantly contributed to the Fund’s underperformance, relative to the benchmark, for the year ended September 30, 2012. On the other hand, better relative stock selection in the health care and consumer staples sectors proved beneficial versus the benchmark. On a regional basis, the Fund’s U.S. component lagged that of the benchmark because of stock selection and a relatively underweight position in U.S. stocks.
Fund holdings that detracted from performance during the year included Swiss financials stock Credit Suisse Group, which had the greatest negative impact overall on the Fund. The Swiss bank experienced declines amid ongoing European sovereign debt concerns, and we subsequently sold the position from the Fund’s portfolio. Social media gargantuan Facebook, Inc. (information technology) generated investor concerns over how best to deliver effective advertising to mobile devices and monetize its significant network of users. Managed care company WellPoint, Inc. (health care) experienced declines after reporting second-quarter earnings below estimates and lowering its outlook forecast for fiscal year 2012. Australia’s Iluka Resources Ltd. (materials), a company that mines zircon and various titanium products declined on a weak outlook and hindered performance. Japanese pharmaceutical company Mitsubishi Tanabe Pharma Corp. (health care) declined when the market grew concerned that it and other pharmaceutical companies faced challenges due to the sales impact of generic drugs. In addition, the overall Japanese stock market performed poorly, which dragged down many Japanese securities. We subsequently sold the Fund’s position in Mitsubishi Tanabe Pharma.
Conversely, Fund holdings that contributed to performance included eBay, Inc. (information technology); SAP AG (information technology); Walt Disney Co. (consumer discretionary); Industria de Diseno Textil SA, also known as Inditex (consumer discretionary, Spain); Amylin Pharmaceuticals, Inc. (health care); and Assa Abloy AB (industrials). Online auctioneer eBay benefited from a turnaround in its Marketplace segment, with improvements to the user experience leading to increased customer loyalty and more transactions. PayPal, eBay’s online payment service, also continued to be a significant contributor to growth, with results that exceeded expectations. SAP, a software solutions firm, announced that its software revenue had increased by over 25% for the second quarter – and it had strong momentum in its revenue, profit, and cash flow figures. Outside of the information technology sector, entertainment giant Walt Disney and fashion company Inditex (both in the consumer discretionary sector) performed well. Disney’s theme parks and stores continued to be profitable – and the popularity of the film Marvel’s The Avengers also contributed. Despite the recession plaguing Spain, Inditex reported solid earnings, as its successful medium-priced fashion brand Zara remained a strong revenue generator for the company. Amylin Pharmaceuticals is a San Diego-based biopharmaceutical company that was purchased by Bristol-Myers Squibb. Finally, Swedish lock manufacturer Assa Abloy (in the industrials sector) enjoyed high demand for its locks and security products.
Subadviser outlook
At the end of the year ended September 30, 2012, the Fund had its most significantly overweight positions in information technology and consumer discretionary stocks, and its most significantly underweight positions in energy, financials, and
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MassMutual Premier Global Fund – Portfolio Manager Report (Unaudited) (Continued)
materials stocks. The Fund had its largest overweight positions, relative to the benchmark, in Germany, Brazil, India, France, Sweden, Spain, and Mexico, and its most underweight stakes in the U.S., U.K., Canada, and Australia.
We remain confident that the Fund’s investment approach, which focuses on high-quality companies positioned to capitalize on growth trends and purchased at prices that offer the opportunity to substantially appreciate over a five-year investment horizon, can serve the Fund well moving forward. Regardless of whether we are in a fast- or a slow-growth world, we believe that the companies owned by the Fund have the potential to grow above the general rate of the economies in which they operate – by virtue of the industry-specific currents driving them and their advantages globally.
MassMutual Premier Global Fund Largest Holdings (% of Net Assets) on 9/30/12 | ||||
eBay, Inc. | 3.2 | % | ||
Telefonaktiebolaget LM Ericsson Class B | 3.0 | % | ||
Siemens AG | 2.5 | % | ||
SAP AG | 2.3 | % | ||
Google, Inc. Class A | 2.2 | % | ||
Inditex SA | 2.1 | % | ||
Colgate-Palmolive Co. | 2.0 | % | ||
The Walt Disney Co. | 2.0 | % | ||
UBS AG | 2.0 | % | ||
Assa Abloy AB Series B | 2.0 | % | ||
|
| |||
23.3 | % | |||
|
|
MassMutual Premier Global Fund Country Weightings (% of Net Assets) on 9/30/12 | ||||
United States | 48.1 | % | ||
Germany | 10.5 | % | ||
Japan | 8.1 | % | ||
France | 5.9 | % | ||
Sweden | 4.9 | % | ||
Switzerland | 4.6 | % | ||
Spain | 4.0 | % | ||
Brazil | 4.0 | % | ||
United Kingdom | 3.9 | % | ||
India | 3.8 | % | ||
Mexico | 2.8 | % | ||
Italy | 2.1 | % | ||
Netherlands | 1.6 | % | ||
Panama | 1.6 | % | ||
Denmark | 1.4 | % | ||
Taiwan | 1.1 | % | ||
Australia | 0.6 | % | ||
Finland | 0.5 | % | ||
Republic of Korea | 0.5 | % | ||
Belgium | 0.3 | % | ||
|
| |||
Total Long-Term Investments | 110.3 | % | ||
Other Assets and Liabilities | (10.3 | )% | ||
|
| |||
Net Assets | 100.0 | % | ||
|
|
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MassMutual Premier Global Fund – Portfolio Manager Report (Unaudited) (Continued)
Growth of a $10,000 Investment
Hypothetical Investments in MassMutual Premier Global Fund Class S, Class A, Class A (sales load deducted), Class Y, Class L, Class N, Class N (CDSC fees deducted), and the MSCI World Index.
TOTAL RETURN | One Year 10/1/11 - 9/30/12 | Five Year Average Annual 10/1/07 - 9/30/12 | Since Inception Average Annual 12/31/04 - 9/30/12 | |||||||||
Class S | 20.15% | -1.12% | 4.45% | |||||||||
Class A | 19.50% | -1.65% | 3.90% | |||||||||
Class A (sales load deducted)* | 12.63% | -2.81% | 3.10% | |||||||||
Class Y | 20.07% | -1.26% | 4.30% | |||||||||
Class L | 19.83% | -1.37% | 4.19% | |||||||||
Class N | 19.40% | -1.74% | 3.79% | |||||||||
Class N (CDSC fees deducted)* | 18.40% | -1.74% | 3.79% | |||||||||
MSCI World Index | 21.59% | -2.15% | 3.63%+ |
GROWTH OF $10,000 INVESTMENT SINCE INCEPTION
* Class A (sales load deducted) returns include the 5.75% maximum sales charge and Class N (CDSC fees deducted) returns include the 1.00% maximum contingent deferred sales charge for the first 18 months shown.
+ From 1/3/05.
Performance data quoted represents past performance; past performance is not predictive of future results. The investment return and principal value of shares of the Fund will fluctuate with market conditions so that shares of the Fund, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month-end may be obtained by calling 1-888-309-3539.
Investors should note that the Fund is a professionally managed mutual fund, while the MSCI World Index is unmanaged, does not incur expenses and cannot be purchased directly by investors. Investors should read the Fund’s prospectus with regard to the Fund’s investment objective, risks, and charges and expenses in conjunction with these financial statements. 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. The performance tables and charts do not reflect the deduction of taxes that a shareholder would pay on the Fund distributions or the redemption of the Fund shares.
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MassMutual Premier International Equity Fund – Portfolio Manager Report (Unaudited)
What is the investment approach of MassMutual Premier International Equity Fund, and who is the Fund’s subadviser?
The Fund seeks to achieve long-term capital appreciation by investing primarily in common stock of foreign companies. Under normal circumstances, the Fund invests at least 80% of its net assets in securities of foreign companies. The Fund’s subadviser is OFI Institutional Asset Management, Inc. (OFI Institutional).
How did the Fund perform during the 12 months ended September 30, 2012?*
The Fund’s Class S shares returned 19.29%, substantially outpacing the 13.75% return of the Morgan Stanley Capital International (“MSCI®”) Europe, Australasia, Far East (“EAFE®”) Index (the “benchmark”), a widely recognized, unmanaged index representative of equity securities in developed markets, excluding the U.S. and Canada. For the 11 months ended September 30, 2012, the Fund’s Class S shares returned 8.60%, outperforming the 3.75% return of the benchmark.
* | On May 23, 2012, the Board of Trustees approved a change in the fiscal year-end of the Fund from October 31 to September 30. The discussion below is relevant to each of the 11-month fiscal period and the year ended September 30, 2012. |
For a discussion on the economic and market environment during the 12-month period ended September 30, 2012, please see the Economic and Market Review, beginning on page 3.
Subadviser discussion of factors that contributed to the Fund’s performance
For the year ended September 30, 2012, stock selection in the industrials, consumer discretionary, materials, and telecommunication services sectors was the main contributor to the Fund’s strong performance, relative to the benchmark. Health care, utilities, information technology, and consumer staples stocks also boosted the Fund’s relative performance. Conversely, the Fund underperformed the benchmark in the financials and energy sectors. The Fund’s underperformance in the financials sector was due to weaker relative stock selection and an underweight position, relative to the benchmark, in a sector that performed well as a component of the benchmark.
Top contributors to performance on a stock-specific basis during the 12-month period included Fund holdings SAP AG (information technology, Germany), Experian plc (industrials, Ireland), Grifols SA (health care, Spain), BT Group plc (telecommunication services, United Kingdom), and Bunzl plc (industrials, United Kingdom). SAP, a software solutions firm, had an increase in software revenue of more than 25% in a single quarter. Experian, a global information services group, demonstrated growth in earnings and revenues. Grifols, a Spanish-based health care company focused primarily on blood plasma-related products, experienced gains when its acquisition of U.S.-based Talecris Biotherapeutics Holdings Corp. proved profitable. BT Group, one of the leading providers of communication services and solutions, performed well due to improving financials and a number of initiatives to expand its business operations. Finally, strong performer Bunzl plc provides value-added distribution and outsourcing services in the Americas, Europe, and Australasia.
Detractors from Fund performance included these Fund holdings: energy stock Ceres Inc. (United Kingdom); information technology companies HTC Corp. (Taiwan), Canon, Inc. (Japan), and DeNa Co. Ltd. (Japan); and financials stock ICAP plc. Ceres, a developer of energy crops used in the production of biofuels, struggled when stocks in the biofuel industry generally sold off during the period, pulling Ceres lower. HTC, a manufacturer of smartphones and tablets, suffered from sales shortfalls and tighter profit margins in a very competitive smartphone product race. Canon, a Japan-based manufacturer of network digital multifunction devices, cut its earnings forecast during the period, leading to a selloff in the stock. We sold the Fund’s position in Canon by period-end. DeNa Co., a provider of mobile portal and e-commerce websites, declined during a volatile market for Japanese stocks (including Japanese social media companies). ICAP is an interdealer broker and provider of post-trade risk and information services. ICAP’s shares slid when the market became concerned about ICAP’s niche in a sector struggling with a weak global economy and tighter regulation.
Subadviser outlook
At period-end, the Fund had heavily overweight positions in the industrials, information technology, and consumer discretionary sectors – and primarily underweight positions in financials, energy, materials, and utilities. On a country basis, the Fund had its largest overweight positions in the United Kingdom, France, the Netherlands, India, Spain, Canada, and the United States – and
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MassMutual Premier International Equity Fund – Portfolio Manager Report (Unaudited) (Continued)
its most significantly underweight positions in Japan, Hong Kong, Australia, Germany, and Singapore. The Fund remains focused on seeking high-quality foreign businesses that appear likely to grow faster than the world’s overall gross domestic product (GDP).
MassMutual Premier International Equity Fund Largest Holdings (% of Net Assets) on 9/30/12 | ||||
Oppenheimer Institutional Money Market Fund Class E | 3.2 | % | ||
BT Group PLC | 2.8 | % | ||
SAP AG | 2.6 | % | ||
Experian PLC | 2.6 | % | ||
James Hardie Industries NV | 2.0 | % | ||
Inditex SA | 1.9 | % | ||
Bunzl PLC | 1.9 | % | ||
William Hill PLC | 1.9 | % | ||
Grifols SA | 1.9 | % | ||
Aalberts Industries NV | 1.8 | % | ||
|
| |||
22.6 | % | |||
|
|
MassMutual Premier International Equity Fund Country Weightings (% of Net Assets) on 9/30/12 | ||||
United Kingdom | 29.5 | % | ||
United States | 12.0 | % | ||
Switzerland | 10.1 | % | ||
France | 9.6 | % | ||
Netherlands | 9.5 | % | ||
Germany | 6.5 | % | ||
Japan | 5.5 | % | ||
Spain | 4.8 | % | ||
Australia | 4.0 | % | ||
Italy | 3.3 | % | ||
Sweden | 2.5 | % | ||
India | 1.8 | % | ||
Panama | 1.5 | % | ||
Canada | 1.4 | % | ||
Ireland | 1.1 | % | ||
Brazil | 0.9 | % | ||
Denmark | 0.8 | % | ||
Austria | 0.6 | % | ||
Luxembourg | 0.5 | % | ||
Mexico | 0.4 | % | ||
Cayman Islands | 0.3 | % | ||
Finland | 0.3 | % | ||
Republic of Korea | 0.1 | % | ||
Bermuda | 0.0 | % | ||
|
| |||
Total Long-Term Investments | 107.0 | % | ||
Other Assets and Liabilities | (7.0 | )% | ||
|
| |||
Net Assets | 100.0 | % | ||
|
|
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MassMutual Premier International Equity Fund – Portfolio Manager Report (Unaudited) (Continued)
Growth of a $10,000 Investment
Hypothetical Investments in MassMutual Premier International Equity Fund Class S, Class A, Class A (sales load deducted), Class Y, Class L, and the MSCI EAFE Index.
TOTAL RETURN | One Year 10/1/11 - 9/30/12 | Five Year Average Annual 10/1/07 - 9/30/12 | Ten Year Average Annual 10/1/02 - 9/30/12 | |||||||||
Class S | 19.29% | -1.28% | 11.66% | |||||||||
Class A | 18.80% | -1.71% | 11.17% | |||||||||
Class A (sales load deducted)* | 11.97% | -2.87% | 10.51% | |||||||||
Class Y | 19.28% | -1.31% | 11.62% | |||||||||
Class L | 19.15% | -1.46% | 11.45% | |||||||||
MSCI EAFE Index | 13.75% | -5.24% | 8.20% |
GROWTH OF $10,000 INVESTMENT FOR THE PAST 10 YEARS
* Class A (sales load deducted) returns include the 5.75% maximum sales charge.
Performance data quoted represents past performance; past performance is not predictive of future results. The investment return and principal value of shares of the Fund will fluctuate with market conditions so that shares of the Fund, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month-end may be obtained by calling 1-888-309-3539.
Investors should note that the Fund is a professionally managed mutual fund, while the MSCI EAFE Index is unmanaged, does not incur expenses and cannot be purchased directly by investors. Investors should read the Fund's prospectus with regard to the Fund's investment objective, risks, and charges and expenses in conjunction with these financial statements. 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. The performance tables and charts do not reflect the deduction of taxes that a shareholder would pay on the Fund distributions or the redemption of the Fund shares.
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MassMutual Premier Focused International Fund – Portfolio Manager Report (Unaudited)
What is the investment approach of MassMutual Premier Focused International Fund, and who is the Fund’s subadviser?
The Fund seeks long term capital appreciation by normally investing a minimum of 90% of its net assets in equity securities. The Fund may invest in developed and emerging markets; however, the Fund will typically invest in a minimum of 30 issuers organized, headquartered, or having a substantial portion of their assets in or deriving a substantial portion of their revenues from countries appearing in the Morgan Stanley Capital International (“MSCI®”) Europe, Australasia, Far East (“EAFE®”) Index. The Fund’s subadviser is Baring International Investment Limited (Baring).
How did the Fund perform during the 12 months ended September 30, 2012?*
The Fund’s Class S shares returned 14.67%, ahead of the 13.75% return of the MSCI EAFE Index (the “benchmark”), a widely recognized, unmanaged index representative of equity securities in developed markets, excluding the U.S. and Canada. For the 11 months ended September 30, 2012, the Fund’s Class S shares returned 4.66%, outperforming the 3.75% return of the benchmark.
* | On May 23, 2012, the Board of Trustees approved a change in the fiscal year-end of the Fund from October 31 to September 30. The discussion below is relevant to each of the 11-month fiscal period and the year ended September 30, 2012. |
For a discussion on the economic and market environment during the 12-month period ended September 30, 2012, please see the Economic and Market Review, beginning on page 3.
Subadviser discussion of factors that contributed to the Fund’s performance
Various factors contributed to the Fund’s performance for the year ended September 30, 2012. Strong regional stock selection and the Fund’s allocation to continental Europe proved beneficial to performance, but these positives were offset somewhat by weak stock selection in Pacific ex-Japan and global emerging markets. Stock selection in the industrials, information technology, and consumer staples sector was strong, but the Fund was hampered to some extent by weak stock selection in energy and financials.
With regard to individual Fund holdings, Keppel Corp, an offshore and marine industries conglomerate in the industrials sector, advanced due to continued growth of offshore oil and gas development. Supportive energy prices helped Petrobras, a Brazilian multinational energy corporation, perform well during the period. Pharmaceutical company Bayer had record sales in the second quarter of 2012. Randgold Resources, a gold mining business operating mainly in Mali, added to performance on extremely strong gold prices. Precious metals prices surged on the news that the U.S. Federal Reserve (the “Fed”) had initiated an open-ended, mortgage-backed securities buying program and committed to keep the federal funds rate in the 0.0%-0.25% range for the foreseeable future. (The federal funds rate is the interest rate that banks and financial institutions in the United States charge each other for borrowing funds overnight.)
On the downside, the Fund’s stock selection in the energy sector was weak due to poor performance from Niko Resources, the Fund’s Canadian-listed holding, which is an oil and gas exploration and production company that struggled when its Indian development of D6 (a residual fuel oil) performed below expectations. Other Fund holdings that underperformed included Hitachi Metals (a materials manufacturer whose products include high-grade metal products and materials, electronics and IT devices, and high-grade casting components for automobiles) and Tokyo Electron (a Japanese electronics and semiconductor company). In our view, Hitachi Metals’ long-term potential remains intact. In the short term, the company has been negatively affected by the general economic slowdown and weaker auto production volumes. Tokyo Electron declined on weaker orders and a downward revision of its customers’ capital spending plans.
Subadviser outlook
As this past year has borne out, aggressive monetary policy trumps the slow-growing economy, which is why equity markets have been so strong. The Fed and its counterparts throughout the world – including the European Central Bank (ECB), the Bank of Japan, the Bank of England, and the Swiss National Bank (SNB) – are increasingly signaling that they will likely ignore the threat of inflation in an effort to stimulate their respective economies. Investors have become comfortable with this increasingly aggressive global monetary policy, which we believe will remain like this until there is an autonomous economic recovery or until such policy causes more problems than it solves – and in our view, we are not there yet.
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MassMutual Premier Focused International Fund – Portfolio Manager Report (Unaudited) (Continued)
The challenge for us in managing the Fund is to identify those sectors and companies that have pricing power, where inflation is likely to be concentrated, and to avoid the areas with no pricing power. We see some of these opportunities in gold miners, agricultural commodity companies, Asian consumer credit providers, selected technology companies, and health care providers. And we continue to look for other types of companies likely to benefit in this environment.
MassMutual Premier Focused International Fund Largest Holdings (% of Net Assets) on 9/30/12 | ||||
Randgold Resources Ltd. | 2.9 | % | ||
Fresnillo PLC | 2.6 | % | ||
Newcrest Mining Ltd. | 2.3 | % | ||
SABMiller PLC | 2.2 | % | ||
Teva Pharmaceutical Industries Ltd. Sponsored ADR (Israel) | 2.1 | % | ||
Baidu, Inc. Sponsored ADR (Cayman Islands) | 2.1 | % | ||
Israel Chemicals Ltd. | 2.1 | % | ||
SES SA | 2.1 | % | ||
Fresenius SE & Co. KGaA | 2.0 | % | ||
Prudential PLC | 2.0 | % | ||
|
| |||
22.4 | % | |||
|
|
MassMutual Premier Focused International Fund Country Weightings (% of Net Assets) on 9/30/12 | ||||
United Kingdom | 23.8 | % | ||
Japan | 18.6 | % | ||
United States | 11.4 | % | ||
Germany | 9.2 | % | ||
France | 7.5 | % | ||
Switzerland | 6.8 | % | ||
Channel Islands | 4.9 | % | ||
Israel | 4.3 | % | ||
Australia | 3.6 | % | ||
Singapore | 3.4 | % | ||
Hong Kong | 2.8 | % | ||
Cayman Islands | 2.1 | % | ||
Luxembourg | 2.1 | % | ||
Republic of Korea | 1.9 | % | ||
Sweden | 1.7 | % | ||
Mexico | 1.6 | % | ||
Russia | 1.4 | % | ||
Norway | 1.3 | % | ||
Papua New Guinea | 0.6 | % | ||
Canada | 0.4 | % | ||
|
| |||
Total Long-Term Investments | 109.4 | % | ||
Short-Term Investments and Other Assets and Liabilities | (9.4 | )% | ||
|
| |||
Net Assets | 100.0 | % | ||
|
|
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MassMutual Premier Focused International Fund – Portfolio Manager Report (Unaudited) (Continued)
Growth of a $10,000 Investment
Hypothetical Investments in MassMutual Premier Focused International Fund Class S, Class A, Class A (sales load deducted), Class Y, Class L, Class N, Class N (CDSC fees deducted), and the MSCI EAFE Index.
TOTAL RETURN | One Year 10/1/11 - 9/30/12 | Five Year Average Annual 10/1/07 - 9/30/12 | Since Inception Average Annual 12/1/05 - 9/30/12 | |||||||||
Class S | 14.67% | -4.03% | 4.08% | |||||||||
Class A | 14.15% | -4.48% | 3.59% | |||||||||
Class A (sales load deducted)* | 7.59% | -5.61% | 2.70% | |||||||||
Class Y | 14.63% | -4.10% | 4.00% | |||||||||
Class L | 14.48% | -4.26% | 3.84% | |||||||||
Class N | 13.75% | -4.84% | 3.22% | |||||||||
Class N (CDSC fees deducted)* | 12.75% | -4.84% | 3.22% | |||||||||
MSCI EAFE Index | 13.75% | -5.24% | 1.97% |
GROWTH OF $10,000 INVESTMENT SINCE INCEPTION
* Class A (sales load deducted) returns include the 5.75% maximum sales charge and Class N (CDSC fees deducted) returns include the 1.00% maximum contingent deferred sales charge for the first 18 months shown.
Performance data quoted represents past performance; past performance is not predictive of future results. The investment return and principal value of shares of the Fund will fluctuate with market conditions so that shares of the Fund, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month-end may be obtained by calling 1-888-309-3539.
Investors should note that the Fund is a professionally managed mutual fund, while the MSCI EAFE Index is unmanaged, does not incur expenses and cannot be purchased directly by investors. Investors should read the Fund's prospectus with regard to the Fund's investment objective, risks, and charges and expenses in conjunction with these financial statements. 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. The performance tables and charts do not reflect the deduction of taxes that a shareholder would pay on the Fund distributions or the redemption of the Fund shares.
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MassMutual Premier Focused International Fund – Portfolio Manager Report (Unaudited) (Continued)
Growth of a $10,000 Investment
Hypothetical Investments in MassMutual Premier Focused International Fund Class Z and the MSCI EAFE Index.
TOTAL RETURN | One Year 10/1/11 - 9/30/12 | Since Average | ||||||
Class Z | 14.87% | 1.90% | ||||||
MSCI EAFE Index | 13.75% | 2.46%+ |
GROWTH OF $10,000 INVESTMENT SINCE INCEPTION
+ From 12/1/10.
Performance data quoted represents past performance; past performance is not predictive of future results. The investment return and principal value of shares of the Fund will fluctuate with market conditions so that shares of the Fund, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month-end may be obtained by calling 1-888-309-3539.
Investors should note that the Fund is a professionally managed mutual fund, while the MSCI EAFE Index is unmanaged, does not incur expenses and cannot be purchased directly by investors. Investors should read the Fund's prospectus with regard to the Fund's investment objective, risks, and charges and expenses in conjunction with these financial statements. 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. The performance tables and charts do not reflect the deduction of taxes that a shareholder would pay on the Fund distributions or the redemption of the Fund shares.
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MassMutual Premier Strategic Emerging Markets Fund – Portfolio Manager Report (Unaudited)
What is the investment approach of MassMutual Premier Strategic Emerging Markets Fund, and who is the Fund’s subadviser?
The Fund seeks long-term capital growth by investing, under normal circumstances, at least 80% of its net assets in investments tied economically to emerging market countries. The Fund defines an emerging market country as one whose economy or markets are generally considered emerging or developing, and is not classified as a developed country according to the Morgan Stanley Capital International Barra Index. The Fund’s subadviser is Baring International Investment Limited (Baring).
How did the Fund perform during the 12 months ended September 30, 2012?*
The Fund’s Class S shares returned 13.06%, lagging the 16.93% return of the Morgan Stanley Capital International (“MSCI®”) Emerging Markets (“EM”) Index (the “benchmark”), an unmanaged market capitalization-weighted index of equity securities of companies domiciled in various countries. The benchmark is designed to represent the performance of emerging stock markets throughout the world and excludes certain market segments unavailable to U.S.-based investors. For the 11 months ended September 30, 2012, the Fund’s Class S shares returned 0.36%, underperforming the 3.26% return of the benchmark.
* | On May 23, 2012, the Board of Trustees approved a change in the fiscal year-end of the Fund from October 31 to September 30. The discussion below is relevant to each of the 11-month fiscal period and the year ended September 30, 2012. |
For a discussion on the economic and market environment during the 12-month period ended September 30, 2012, please see the Economic and Market Review, beginning on page 3.
Subadviser discussion of factors that contributed to the Fund’s performance
Country allocation positioning and stock selection were the main reasons for the Fund’s underperformance for the year ended September 30, 2012. Countries that boosted performance most during the period were Taiwan, Mexico, and Peru. Conversely, the three largest detractors were Brazil, Russia, and Korea.
In terms of sectors, the Fund benefited from its positioning in information technology, financials, consumer discretionary, and materials. Holdings that contributed most significantly to Fund results included Samsung Electronics (a South Korean multinational electronics company), Hon Hai Precision Industries (a Taiwanese multinational electronics manufacturing company that trades under the name “Foxconn”), Tencent (China’s largest and most popular Internet service portal), China Overseas Land (an investment holding company), and Alfa S.A. de C.V. (a Mexican company engaged in the petrochemical, food processing, automotive, and telecommunication sectors). Conversely, the holdings that detracted most from performance were Fund holdings Hyundai Mobis (a South Korean an auto parts company), Kinross Gold Corp (a Canadian gold mining company), and Petrobras (a Brazilian multinational energy corporation).
During the past year, the weak environment in the euro zone and uncertainties in the U.S. economy helped drive our decision to position the Fund in countries that had the ability and willingness to stimulate economic growth using fiscal and monetary policy. These countries included China, Brazil, Russia, and South Korea. The Fund had no exposure to Thailand, Malaysia, and Indonesia, because we assessed those markets as too expensive and risky. The euro zone crisis and uncertain U.S. economic outlook helped drive up prices in certain markets and sectors that were perceived to offer some level of defense in this environment. Smaller equity markets, such as the Philippines and Thailand, rose more than 40%. Country returns had a higher correlation than is typical, which made it more challenging to add value to Fund returns via country allocation.
The most significant changes in Fund positioning during the past year included selling out of Indonesia towards the end of 2011, as we deemed the value for stocks in the region to be disproportionately high and believed market expectations were unrealistic; increasing the Fund’s overweight positioning in China, relative to the benchmark, on our belief that the country’s economy may bottom out and the government will respond with fiscal and monetary policy to support economic growth; and reducing the Fund’s exposure to gold-mining stocks that are not included in the benchmark. In this group, we eliminated Randgold Resources (a gold miner operating mainly in Mali), due to its high valuation, and Kinross, because of deterioration in its fundamentals, from the Fund’s holdings.
65
Table of Contents
MassMutual Premier Strategic Emerging Markets Fund – Portfolio Manager Report (Unaudited) (Continued)
Subadviser outlook
The Fund’s medium-term stance – which takes into account valuations, policy response, and the outlook for earnings – remains very much intact. We are encouraged by the acceleration in expansionary fiscal and/or monetary policy measures by countries such as China, Brazil, and Korea. In our view, this should help to support economic activity over the next year, and we expect earnings expectations to rise over the coming quarters as these measures begin to take effect. In the near term, we believe emerging markets will continue to enjoy inflows as a result of a potentially weakening U.S. dollar.
MassMutual Premier Strategic Emerging Markets Fund Largest Holdings (% of Net Assets) on 9/30/12 | ||||
Samsung Electronics Co., Ltd. | 6.5 | % | ||
Hon Hai Precision Industry Co. Ltd. | 3.6 | % | ||
CNOOC Ltd. | 3.6 | % | ||
Petroleo Brasileiro SA Sponsored ADR (Brazil) | 3.0 | % | ||
Taiwan Semiconductor Manufacturing Co. Ltd. Sponsored ADR (Taiwan) | 2.9 | % | ||
LG Chem Ltd. | 2.7 | % | ||
Ping An Insurance Group Co. of China Ltd. Class H | 2.5 | % | ||
Vale SA Sponsored ADR 6.560% | 2.4 | % | ||
China Overseas Land & Investment Ltd. | 2.3 | % | ||
HDFC Bank Ltd. ADR | 2.2 | % | ||
|
| |||
31.7 | % | |||
|
|
MassMutual Premier Strategic Emerging Markets Fund Country Weightings (% of Net Assets) on 9/30/12 | ||||
Republic of Korea | 19.4 | % | ||
Brazil | 13.2 | % | ||
China | 12.0 | % | ||
Taiwan | 8.5 | % | ||
Hong Kong | 8.3 | % | ||
Russia | 8.2 | % | ||
India | 6.7 | % | ||
South Africa | 6.6 | % | ||
Mexico | 5.8 | % | ||
Cayman Islands | 5.8 | % | ||
Poland | 1.7 | % | ||
Bermuda | 1.6 | % | ||
United States | 1.0 | % | ||
Switzerland | 0.7 | % | ||
Chile | 0.5 | % | ||
Belgium | 0.5 | % | ||
|
| |||
Total Long-Term Investments | 100.5 | % | ||
Short-Term Investments and Other Assets and Liabilities | (0.5 | )% | ||
|
| |||
Net Assets | 100.0 | % | ||
|
|
66
Table of Contents
MassMutual Premier Strategic Emerging Markets Fund – Portfolio Manager Report (Unaudited) (Continued)
Growth of a $10,000 Investment
Hypothetical Investments in MassMutual Premier Strategic Emerging Markets Fund Class S, Class A, Class A (sales load deducted), Class Y, Class L, and the MSCI Emerging Markets Index.
TOTAL RETURN | One Year 10/1/11 - 9/30/12 | Since Inception Average Annual 11/3/08 - 9/30/12 | ||||||
Class S | 13.06% | 16.20% | ||||||
Class A | 12.47% | 15.62% | ||||||
Class A (sales load deducted)* | 6.00% | 13.88% | ||||||
Class Y | 12.92% | 16.08% | ||||||
Class L | 12.75% | 15.93% | ||||||
MSCI Emerging Markets Index | 16.93% | 18.35% |
Hypothetical Investments in MassMutual Premier Strategic Emerging Markets Fund Class Z and the MSCI Emerging Markets Index.
TOTAL RETURN | One Year 10/1/11 - 9/30/12 | Since Average | ||||||
Class Z | 13.30% | -6.29% | ||||||
MSCI Emerging Markets Index | 16.93% | -3.32% |
GROWTH OF $10,000 INVESTMENT SINCE INCEPTION
* Class A (sales load deducted) returns include the 5.75% maximum sales charge.
Performance data quoted represents past performance; past performance is not predictive of future results. The investment return and principal value of shares of the Fund will fluctuate with market conditions so that shares of the Fund, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month-end may be obtained by calling 1-888-309-3539.
Investors should note that the Fund is a professionally managed mutual fund, while the MSCI Emerging Markets Index is unmanaged, does not incur expenses and cannot be purchased directly by investors. Investors should read the Fund's prospectus with regard to the Fund's investment objective, risks, and charges and expenses in conjunction with these financial statements. 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. The performance tables and charts do not reflect the deduction of taxes that a shareholder would pay on the Fund distributions or the redemption of the Fund shares.
67
Table of Contents
MassMutual Premier Money Market Fund – Portfolio of Investments
September 30, 2012
Principal Amount | Value | |||||||
SHORT-TERM INVESTMENTS — 102.1% | ||||||||
Certificates of Deposit — 2.4% | ||||||||
Bank of Nova Scotia | $ | 3,000,000 | $ | 3,000,220 | ||||
Bank of Nova Scotia FRN | 4,000,000 | 4,006,663 | ||||||
Bank of Nova Scotia | 3,000,000 | 3,000,281 | ||||||
|
| |||||||
10,007,164 | ||||||||
|
| |||||||
Commercial Paper — 75.4% | ||||||||
Air Products & Chemicals, Inc. (a) | 5,725,000 | 5,724,936 | ||||||
Anheuser-Busch Cos., Inc. (a) | 3,400,000 | 3,399,966 | ||||||
Anheuser-Busch Cos., Inc. (a) | 2,500,000 | 2,499,863 | ||||||
Anheuser-Busch Cos., Inc. (a) | 5,000,000 | 4,999,736 | ||||||
AstraZeneca PLC (a) | 10,500,000 | 10,499,650 | ||||||
Baker Hughes, Inc. (a) | 5,600,000 | 5,597,573 | ||||||
Baker Hughes, Inc. (a) | 2,400,000 | 2,399,678 | ||||||
Baker Hughes, Inc. (a) | 2,500,000 | 2,499,358 | ||||||
BASF Aktiengesellschaft (a) | 10,500,000 | 10,497,958 | ||||||
Basin Electric Power Cooperative (a) | 5,000,000 | 4,999,938 | ||||||
Basin Electric Power Cooperative (a) | 5,500,000 | 5,499,508 | ||||||
BG Energy Finance, Inc. (a) | 11,000,000 | 10,999,829 | ||||||
BMW US Capital LLC (a) | 11,000,000 | 10,999,560 | ||||||
Brown-Forman Corp. (a) | 10,000,000 | 9,998,978 | ||||||
Cargill Global Funding PLC (a) | 10,140,000 | 10,140,000 | ||||||
Caterpillar Financial Services Co. | 10,000,000 | 9,998,489 | ||||||
The Coca-Cola Co. (a) | 5,850,000 | 5,845,496 | ||||||
The Coca-Cola Co. (a) | 4,150,000 | 4,146,455 | ||||||
Dell, Inc. (a) | 10,925,000 | 10,925,000 | ||||||
E.I. Dupont (a) | 2,900,000 | 2,899,858 |
Principal Amount | Value | |||||||
E.I. Dupont (a) | $ | 7,800,000 | $ | 7,799,220 | ||||
Emerson Electric Co. (a) | 10,500,000 | 10,499,440 | ||||||
General Electric Capital Corp. | 10,000,000 | 9,996,894 | ||||||
Henkel Corp. (a) | 7,000,000 | 6,999,973 | ||||||
Henkel Corp. (a) | 2,000,000 | 1,999,883 | ||||||
Henkel Corp. (a) | 1,800,000 | 1,799,400 | ||||||
National Rural Utilities Cooperative Finance Corp. | 10,600,000 | 10,599,617 | ||||||
Nestle Capital Corp. (a) | 5,000,000 | 4,992,388 | ||||||
Paccar Financial Corp. | 2,000,000 | 1,999,841 | ||||||
Paccar Financial Corp. | 5,700,000 | 5,698,816 | ||||||
Paccar Financial Corp. | 3,060,000 | 3,058,844 | ||||||
PepsiCo, Inc. (a) | 10,500,000 | 10,499,775 | ||||||
Precision Castparts Corp. (a) | 10,600,000 | 10,599,449 | ||||||
Procter & Gamble Co. (a) | 3,815,000 | 3,814,507 | ||||||
Reckitt Benckiser PLC (a) | 11,000,000 | 10,998,020 | ||||||
Roche Holding, Inc. (a) | 11,000,000 | 10,999,643 | ||||||
Rockwell Automation, Inc. (a) | 7,150,000 | 7,150,000 | ||||||
Sigma-Aldrich Corp. (a) | 8,785,000 | 8,784,966 | ||||||
Sigma-Aldrich Corp. (a) | 2,000,000 | 1,999,992 | ||||||
Union Bank NA | 10,500,000 | 10,499,965 | ||||||
United Technologies Corp. (a) | 6,190,000 | 6,189,484 | ||||||
Wal-Mart Stores, Inc. (a) | 10,500,000 | 10,499,592 | ||||||
Walt Disney Co. (a) | 10,400,000 | 10,398,160 | ||||||
Wisconsin Gas Co. | 10,500,000 | 10,499,860 | ||||||
|
| |||||||
312,949,558 | ||||||||
|
|
The accompanying notes are an integral part of the financial statements.
68
Table of Contents
MassMutual Premier Money Market Fund – Portfolio of Investments (Continued)
Principal Amount | Value | |||||||
Corporate Debt — 7.4% | ||||||||
Berkshire Hathaway, Inc., FRN | $ | 11,290,000 | $ | 11,316,031 | ||||
Commonwealth Bank of Australia FRN (a) | 10,000,000 | 10,024,665 | ||||||
Sanofi FRN | 9,500,000 | 9,516,359 | ||||||
|
| |||||||
30,857,055 | ||||||||
|
| |||||||
Discount Notes — 7.1% | ||||||||
Federal Farm Credit Bank | 3,000,000 | 2,999,107 | ||||||
Federal Home Loan Bank | 1,800,000 | 1,799,869 | ||||||
Federal Home Loan Bank | 3,590,000 | 3,589,417 | ||||||
Federal Home Loan Bank Discount Notes | 3,550,000 | 3,548,898 | ||||||
Federal Home Loan Mortgage Corp. 0.112% 10/29/12 | 1,000,000 | 999,914 | ||||||
Federal Home Loan Mortgage Corp. | 1,000,000 | 999,940 | ||||||
Federal Home Loan Mortgage Corp. | 2,180,000 | 2,179,021 | ||||||
Federal National Mortgage Association | 8,000,000 | 7,999,600 | ||||||
Federal National Mortgage Association | 1,800,000 | 1,799,767 | ||||||
Federal National Mortgage Association FRN | 3,761,000 | 3,761,233 | ||||||
|
| |||||||
29,676,766 | ||||||||
|
| |||||||
Time Deposits — 0.0% | ||||||||
Euro Time Deposit | 16,841 | 16,841 | ||||||
|
| |||||||
U.S. Treasury Bonds & Notes — 9.8% | ||||||||
U.S. Treasury Note | 5,000,000 | 4,997,220 | ||||||
U.S. Treasury Note | 1,000,000 | 1,000,189 | ||||||
U.S. Treasury Note | 1,500,000 | 1,500,843 | ||||||
U.S. Treasury Note | 16,145,000 | 16,168,361 | ||||||
U.S. Treasury Note | 9,800,000 | 9,825,814 |
Principal Amount | Value | |||||||
U.S. Treasury Note | $ | 7,200,000 | $ | 7,231,366 | ||||
|
| |||||||
40,723,793 | ||||||||
|
| |||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $424,231,177) | 424,231,177 | |||||||
|
| |||||||
TOTAL INVESTMENTS — 102.1% (Cost $424,231,177) (b) | 424,231,177 | |||||||
Other Assets/(Liabilities) — (2.1)% | (8,895,688 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 415,335,489 | ||||||
|
|
Notes to Portfolio of Investments
FRN | Floating Rate Note |
(a) | Securities exempt from registration under rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At September 30, 2012, these securities amounted to a value of $260,621,897 or 62.75% of net assets. |
(b) | See Note 6 for aggregate cost for federal tax purposes. |
The accompanying notes are an integral part of the financial statements.
69
Table of Contents
MassMutual Premier Short-Duration Bond Fund – Portfolio of Investments
September 30, 2012
Principal Amount | Value | |||||||
BONDS & NOTES — 63.9% | ||||||||
CORPORATE DEBT — 34.8% | ||||||||
Advertising — 0.3% | ||||||||
WPP Finance | $ | 1,515,000 | $ | 1,700,716 | ||||
|
| |||||||
Aerospace & Defense — 0.1% | ||||||||
L-3 Communications Corp. | 268,000 | 271,082 | ||||||
|
| |||||||
Agriculture — 0.1% | ||||||||
Bunge Ltd. Finance Corp. | 550,000 | 576,629 | ||||||
|
| |||||||
Auto Manufacturers — 0.3% | ||||||||
Volvo Treasury AB (a) | 1,475,000 | 1,615,597 | ||||||
|
| |||||||
Banks — 1.4% | ||||||||
Capital One Financial Corp. | 300,000 | 306,110 | ||||||
Capital One Financial Corp. | 270,000 | 297,158 | ||||||
First Horizon National Corp. | 770,000 | 842,417 | ||||||
ICICI Bank Ltd. (a) | 2,335,000 | 2,460,338 | ||||||
Regions Financial Corp. | 2,500,000 | 2,781,250 | ||||||
|
| |||||||
6,687,273 | ||||||||
|
| |||||||
Beverages — 0.3% | ||||||||
Constellation Brands, Inc. | 1,385,000 | 1,570,244 | ||||||
|
| |||||||
Building Materials — 1.2% | ||||||||
CRH America, Inc. | 1,675,000 | 1,742,993 | ||||||
Lafarge North America, Inc. | 1,250,000 | 1,285,687 | ||||||
Lafarge SA (a) | 1,100,000 | 1,188,000 | ||||||
Masco Corp. | 1,090,000 | 1,148,071 | ||||||
Masco Corp. | 400,000 | 416,153 | ||||||
|
| |||||||
5,780,904 | ||||||||
|
| |||||||
Chemicals — 1.6% | ||||||||
Cabot Corp. | 875,000 | 982,020 | ||||||
Incitec Pivot Ltd. (a) | 2,180,000 | 2,261,770 | ||||||
LyondellBasell Industries NV | 450,000 | 478,125 |
Principal Amount | Value | |||||||
NOVA Chemicals Corp. FRN | $ | 1,550,000 | $ | 1,548,062 | ||||
RPM International, Inc. | 2,300,000 | 2,415,759 | ||||||
|
| |||||||
7,685,736 | ||||||||
|
| |||||||
Commercial Services — 0.8% | ||||||||
Brambles USA, Inc. (a) | 660,000 | 691,854 | ||||||
Deluxe Corp. | 180,000 | 183,150 | ||||||
Donnelley (R.R.) & Sons Co. | 465,000 | 480,113 | ||||||
Equifax, Inc. | 2,280,000 | 2,412,942 | ||||||
|
| |||||||
3,768,059 | ||||||||
|
| |||||||
Computers — 0.3% | ||||||||
Affiliated Computer Services, Inc. | 1,145,000 | 1,230,569 | ||||||
Brocade Communications Systems, Inc. | 80,000 | 83,000 | ||||||
|
| |||||||
1,313,569 | ||||||||
|
| |||||||
Diversified Financial — 5.5% | ||||||||
American Express Co. | 545,000 | 601,543 | ||||||
Citigroup, Inc. | 320,000 | 345,068 | ||||||
Citigroup, Inc. | 2,270,000 | 2,470,255 | ||||||
ERAC USA Finance LLC (a) | 1,000,000 | 1,001,614 | ||||||
ERAC USA Finance LLC (a) | 1,000,000 | 1,123,442 | ||||||
Ford Motor Credit Co. LLC | 650,000 | 662,894 | ||||||
Ford Motor Credit Co. LLC | 550,000 | 559,841 | ||||||
Ford Motor Credit Co. LLC | 835,000 | 872,654 | ||||||
Ford Motor Credit Co. LLC | 1,125,000 | 1,277,047 | ||||||
The Goldman Sachs Group, Inc. | 1,500,000 | 1,560,857 | ||||||
The Goldman Sachs Group, Inc. | 1,075,000 | 1,128,754 | ||||||
The Goldman Sachs Group, Inc. | 675,000 | 724,598 | ||||||
Hyundai Capital America (a) | 2,315,000 | 2,462,771 | ||||||
International Lease Finance Corp. | 300,000 | 309,375 |
The accompanying notes are an integral part of the financial statements.
70
Table of Contents
MassMutual Premier Short-Duration Bond Fund – Portfolio of Investments (Continued)
Principal Amount | Value | |||||||
Janus Capital Group, Inc. | $ | 925,000 | $ | 1,046,928 | ||||
JP Morgan Chase & Co. | 2,365,000 | 2,521,681 | ||||||
JPMorgan Chase & Co. | 2,300,000 | 2,467,914 | ||||||
Lazard Group LLC | 805,000 | 887,760 | ||||||
Merrill Lynch & Co., Inc. | 1,800,000 | 1,827,504 | ||||||
Morgan Stanley | 1,500,000 | 1,531,967 | ||||||
Morgan Stanley | 950,000 | 1,029,562 | ||||||
|
| |||||||
26,414,029 | ||||||||
|
| |||||||
Electric — 1.9% | ||||||||
Ameren Corp. | 2,061,000 | 2,292,592 | ||||||
CMS Energy Corp. | 1,575,000 | 1,597,708 | ||||||
EDP Finance BV (a) | 2,650,000 | 2,656,437 | ||||||
Ipalco Enterprises, Inc. (a) | 1,250,000 | 1,390,625 | ||||||
Kansas Gas & Electric Co. | 375,912 | 411,293 | ||||||
Kiowa Power Partners LLC (a) | 81,549 | 82,117 | ||||||
Tenaska Oklahoma I LP (a) | 135,819 | 138,624 | ||||||
Tri-State Generation & Transmission Association, Series 2003, Class A (a) | 371,504 | 408,963 | ||||||
|
| |||||||
8,978,359 | ||||||||
|
| |||||||
Electronics — 0.4% | ||||||||
Avnet, Inc. | 1,890,000 | 1,988,841 | ||||||
|
| |||||||
Engineering & Construction — 0.1% | ||||||||
BAA Funding Ltd. (a) | 465,000 | 474,394 | ||||||
|
| |||||||
Entertainment — 0.1% | ||||||||
Peninsula Gaming LLC | 515,000 | 538,175 | ||||||
|
| |||||||
Foods — 1.1% | ||||||||
Delhaize Group | 3,600,000 | 3,782,261 | ||||||
Tyson Foods, Inc. | 1,360,000 | 1,560,600 | ||||||
|
| |||||||
5,342,861 | ||||||||
|
|
Principal Amount | Value | |||||||
Forest Products & Paper — 0.5% | ||||||||
Domtar Corp. | $ | 750,000 | $ | 848,735 | ||||
Rock-Tenn Co. | 1,430,000 | 1,447,875 | ||||||
|
| |||||||
2,296,610 | ||||||||
|
| |||||||
Health Care – Products — 0.3% | ||||||||
Boston Scientific Corp. | 1,265,000 | 1,352,562 | ||||||
|
| |||||||
Health Care – Services — 0.4% | ||||||||
Apria Healthcare Group, Inc. | 725,000 | 743,125 | ||||||
WellPoint, Inc. | 1,055,000 | 1,063,064 | ||||||
|
| |||||||
1,806,189 | ||||||||
|
| |||||||
Holding Company – Diversified — 0.1% | ||||||||
Leucadia National Corp. | 460,000 | 477,825 | ||||||
|
| |||||||
Home Builders — 0.1% | ||||||||
Toll Brothers Finance Corp. | 275,000 | 287,988 | ||||||
|
| |||||||
Home Furnishing — 0.3% | ||||||||
Sealy Mattress Co. (a) | 1,071,000 | 1,170,067 | ||||||
Whirlpool Corp. | 135,000 | 150,068 | ||||||
|
| |||||||
1,320,135 | ||||||||
|
| |||||||
Housewares — 0.1% | ||||||||
Newell Rubbermaid, Inc. | 300,000 | 303,968 | ||||||
|
| |||||||
Insurance — 0.5% | ||||||||
American International Group, Inc. | 1,750,000 | 1,812,081 | ||||||
American International Group, Inc. | 120,000 | 123,545 | ||||||
The Hartford Financial Services Group, Inc. | 515,000 | 543,027 | ||||||
|
| |||||||
2,478,653 | ||||||||
|
| |||||||
Investment Companies — 0.1% | ||||||||
Xstrata Finance Canada (a) | 550,000 | 565,423 | ||||||
|
| |||||||
Iron & Steel — 1.0% | ||||||||
ArcelorMittal | 1,500,000 | 1,499,001 | ||||||
ArcelorMittal | 1,290,000 | 1,419,000 | ||||||
Commercial Metals Co. | 1,750,000 | 1,802,500 | ||||||
|
| |||||||
4,720,501 | ||||||||
|
|
The accompanying notes are an integral part of the financial statements.
71
Table of Contents
MassMutual Premier Short-Duration Bond Fund – Portfolio of Investments (Continued)
Principal Amount | Value | |||||||
Leisure Time — 0.5% | ||||||||
Harley-Davidson Financial Services, Inc. (a) | $ | 2,300,000 | $ | 2,465,959 | ||||
|
| |||||||
Lodging — 0.0% | ||||||||
Starwood Hotels & Resorts Worldwide, Inc. | 125,000 | 141,412 | ||||||
|
| |||||||
Manufacturing — 1.3% | ||||||||
Ingersoll-Rand Global Holding Co. Ltd. | 1,779,000 | 2,002,949 | ||||||
Textron, Inc. | 2,500,000 | 2,746,140 | ||||||
Tyco Electronics Group SA | 1,461,000 | 1,766,811 | ||||||
|
| |||||||
6,515,900 | ||||||||
|
| |||||||
Media — 0.2% | ||||||||
Globo Comunicacao e Participacoes SA (a) | 600,000 | 650,250 | ||||||
Scholastic Corp. | 575,000 | 579,312 | ||||||
|
| |||||||
1,229,562 | ||||||||
|
| |||||||
Metal Fabricate & Hardware — 0.1% | ||||||||
The Timken Co. | 335,000 | 361,234 | ||||||
|
| |||||||
Mining — 0.5% | ||||||||
Teck Resources Ltd. | 162,000 | 195,226 | ||||||
Vale Overseas Ltd. | 2,130,000 | 2,402,129 | ||||||
|
| |||||||
2,597,355 | ||||||||
|
| |||||||
Office Equipment/Supplies — 0.5% | ||||||||
Xerox Corp. | 250,000 | 265,514 | ||||||
Xerox Corp. | 1,755,000 | 1,946,762 | ||||||
|
| |||||||
2,212,276 | ||||||||
|
| |||||||
Oil & Gas — 1.0% | ||||||||
Chesapeake Energy Corp. | 1,460,000 | 1,514,750 | ||||||
Chesapeake Energy Corp., Convertible | 105,000 | 84,591 | ||||||
Chesapeake Energy Corp., Convertible | 1,065,000 | 956,503 | ||||||
PetroBakken Energy Ltd., Convertible (b) | 600,000 | 593,400 | ||||||
Petrobras International Finance Co. | 1,900,000 | 1,952,869 | ||||||
|
| |||||||
5,102,113 | ||||||||
|
|
Principal Amount | Value | |||||||
Oil & Gas Services — 0.1% | ||||||||
Weatherford International Ltd. | $ | 300,000 | $ | 313,748 | ||||
|
| |||||||
Packaging & Containers — 0.2% | ||||||||
Sealed Air Corp. (a) | 1,200,000 | 1,230,000 | ||||||
|
| |||||||
Pharmaceuticals — 0.6% | ||||||||
Aristotle Holding, Inc. (a) | 2,500,000 | 2,564,632 | ||||||
Mylan, Inc. (a) | 275,000 | 304,563 | ||||||
|
| |||||||
2,869,195 | ||||||||
|
| |||||||
Pipelines — 0.4% | ||||||||
Enogex LLC (a) | 930,000 | 995,592 | ||||||
Gulf South Pipeline Co. LP (a) | 275,000 | 297,456 | ||||||
Rockies Express Pipeline LLC (a) | 725,000 | 739,500 | ||||||
|
| |||||||
2,032,548 | ||||||||
|
| |||||||
Real Estate — 1.8% | ||||||||
Colonial Realty LP | 2,225,000 | 2,386,468 | ||||||
Post Apartment Homes LP | 200,000 | 205,982 | ||||||
ProLogis LP | 2,090,000 | 2,285,386 | ||||||
ProLogis LP, Series A | 2,000,000 | 2,209,710 | ||||||
ProLogis LP | 1,350,000 | 1,396,389 | ||||||
|
| |||||||
8,483,935 | ||||||||
|
| |||||||
Real Estate Investment Trusts (REITS) — 4.1% | ||||||||
American Tower Corp. | 2,430,000 | 2,617,844 | ||||||
Boston Properties LP | 3,000,000 | 3,325,635 | ||||||
Developers Diversified Realty Corp. | 1,995,000 | 2,158,652 | ||||||
Federal Realty Investment Trust | 2,100,000 | 2,435,708 | ||||||
HCP, Inc. | 1,450,000 | 1,668,838 | ||||||
Host Hotels & Resorts LP | 200,000 | 218,000 | ||||||
Kimco Realty Corp. | 750,000 | 779,052 | ||||||
Realty, Inc. | 1,750,000 | 1,967,857 | ||||||
UDR, Inc. | 1,650,000 | 1,782,218 |
The accompanying notes are an integral part of the financial statements.
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Principal Amount | Value | |||||||
UDR, Inc. | $ | 1,500,000 | $ | 1,638,217 | ||||
UDR, Inc. | 800,000 | 825,525 | ||||||
Ventas Realty LP/Ventas Capital Corp. | 500,000 | 521,028 | ||||||
|
| |||||||
19,938,574 | ||||||||
|
| |||||||
Retail — 0.4% | ||||||||
Macy’s Retail Holdings, Inc. | 1,681,000 | 1,822,068 | ||||||
|
| |||||||
Savings & Loans — 0.8% | ||||||||
ASIF Global Financing XIX (a) | 1,500,000 | 1,507,500 | ||||||
Glencore Funding LLC (a) | 2,325,000 | 2,443,405 | ||||||
|
| |||||||
3,950,905 | ||||||||
|
| |||||||
Telecommunications — 1.9% | ||||||||
CenturyLink, Inc. | 1,810,000 | 1,930,180 | ||||||
CenturyLink, Inc. | 390,000 | 397,996 | ||||||
Qwest Corp. | 975,000 | 1,174,975 | ||||||
Telecom Italia Capital | 650,000 | 684,125 | ||||||
Telecom Italia Capital | 1,690,000 | 1,778,725 | ||||||
Telefonica Emisiones SAU | 760,000 | 760,950 | ||||||
Virgin Media Finance PLC | 100,000 | 110,750 | ||||||
Virgin Media Secured Finance PLC | 2,270,000 | 2,485,650 | ||||||
Windstream Corp. | 75,000 | 78,750 | ||||||
|
| |||||||
9,402,101 | ||||||||
|
| |||||||
Transportation — 0.8% | ||||||||
Asciano Finance Ltd. (a) | 2,485,000 | 2,521,502 | ||||||
Ryder System, Inc. | 1,295,000 | 1,310,378 | ||||||
|
| |||||||
3,831,880 | ||||||||
|
| |||||||
Trucking & Leasing — 0.7% | ||||||||
GATX Corp. | 105,000 | 108,335 | ||||||
GATX Corp. | 695,000 | 777,312 | ||||||
Penske Truck Leasing Co. LP/PTL Finance Corp. (a) | 1,910,000 | 1,925,188 |
Principal Amount | Value | |||||||
Penske Truck Leasing Co. LP/PTL Finance Corp. (a) | $ | 550,000 | $ | 562,695 | ||||
|
| |||||||
3,373,530 | ||||||||
|
| |||||||
TOTAL CORPORATE DEBT (Cost $165,126,512) | 168,190,617 | |||||||
|
| |||||||
MUNICIPAL OBLIGATIONS — 0.8% | ||||||||
Access Group, Inc., Delaware VRN | 400,000 | 341,015 | ||||||
Louisiana State Public Facilities Authority FRN | 500,000 | 504,880 | ||||||
North Carolina State Education Assistance Authority FRN | 800,000 | 806,816 | ||||||
North Carolina State Education Assistance Authority Student Loan Revenue Bonds FRN | 476,241 | 476,989 | ||||||
State of California | 245,000 | 280,182 | ||||||
State of Illinois | 1,200,000 | 1,335,144 | ||||||
|
| |||||||
3,745,026 | ||||||||
|
| |||||||
TOTAL MUNICIPAL OBLIGATIONS (Cost $3,574,892) | 3,745,026 | |||||||
|
| |||||||
NON-U.S. GOVERNMENT AGENCY OBLIGATIONS — 23.1% | ||||||||
Automobile ABS — 4.1% | ||||||||
American Credit Acceptance Receivables Trust, Series 2012-2, Class A (a) | 1,114,664 | 1,115,089 | ||||||
AmeriCredit Automobile Receivables Trust, Series 2011-3, Class A2 | 155,351 | 155,462 | ||||||
AmeriCredit Automobile Receivables Trust, Series 2011-2, Class A2 | 149,477 | 149,495 | ||||||
AmeriCredit Automobile Receivables Trust, Series 2010-4, Class A2 | 16,485 | 16,486 | ||||||
ARI Fleet Lease Trust, Series 2012-A, Class A FRN (a) | 708,437 | 708,569 | ||||||
Avis Budget Rental Car Funding AESOP LLC, Series 2011-1A, Class A (a) | 290,000 | 293,763 |
The accompanying notes are an integral part of the financial statements.
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Principal Amount | Value | |||||||
Avis Budget Rental Car Funding AESOP LLC, Series 2012-1A, Class A (a) | $ | 800,000 | $ | 820,837 | ||||
Chesapeake Funding LLC, Series 2012-1A, Class A FRN (a) | 1,050,000 | 1,051,206 | ||||||
Chesapeake Funding LLC, Series 2009-2A, Class A FRN (a) | 2,581,606 | 2,609,015 | ||||||
Credit Acceptance Auto Loan Trust, Series 2012-1A, Class A (a) | 1,000,000 | 1,014,817 | ||||||
DT Auto Owner Trust, | 725,000 | 725,524 | ||||||
Enterprise Fleet Financing LLC, Series 2012-1, Class A2 (a) | 1,070,000 | 1,077,428 | ||||||
Enterprise Fleet Financing LLC, Series 2011-2, Class A2 (a) | 1,161,852 | 1,167,221 | ||||||
Enterprise Fleet Financing LLC, Series 2011-3, Class A2 (a) | 597,890 | 602,911 | ||||||
First Investors Auto Owner Trust, | 116,665 | 116,844 | ||||||
First Investors Auto Owner Trust, Series 2012-1A, Class A2 (a) | 527,846 | 532,906 | ||||||
First Investors Auto Owner Trust 2012-2, Series 2012-2A, Class A2 (a) | 525,000 | 525,685 | ||||||
Ford Credit Auto Lease Trust, Series 2011-A, Class A2 | 196,933 | 197,066 | ||||||
Hertz Vehicle Financing LLC, Series 2010-1A, Class A2 (a) | 450,000 | 483,742 | ||||||
Hertz Vehicle Financing LLC, Series 2009-2A, Class A1 (a) | 1,490,000 | 1,504,430 | ||||||
Hertz Vehicle Financing LLC, Series 2009-2A, Class A2 (a) | 300,000 | 329,124 | ||||||
LAI Vehicle Lease Securitization Trust, Series 2010-A, Class A (a) | 267,853 | 269,970 | ||||||
Prestige Auto Receivables Trust, Series 2012-1A, Class A2 (a) | 1,425,551 | 1,429,227 |
Principal Amount | Value | |||||||
Santander Consumer Acquired Receivables Trust, Series 2011-WO, Class A3 (a) | $ | 690,998 | $ | 692,361 | ||||
Santander Drive Auto Receivables Trust, Series 2012-5, Class A2 | 500,000 | 500,128 | ||||||
Santander Drive Auto Receivables Trust, Series 2011-1, Class A2 | 201,217 | 201,322 | ||||||
Santander Drive Auto Receivables Trust, Series 2012-1, Class A2 | 588,205 | 590,448 | ||||||
Wheels SPV LLC, Series 2012-1, Class A2 (a) | 800,000 | 805,806 | ||||||
|
| |||||||
19,686,882 | ||||||||
|
| |||||||
Commercial MBS — 6.1% | ||||||||
Banc of America Commercial Mortgage, Inc., Series 2007-4, Class A4 VRN | 2,000,000 | 2,363,273 | ||||||
Banc of America Commercial Mortgage, Inc., Series 2008-1, Class A4 VRN | 1,000,000 | 1,199,626 | ||||||
Bear Stearns Commercial Mortgage Securities, Series 2006-PW14, Class A4 | 750,000 | 860,276 | ||||||
Bear Stearns Commercial Mortgage Securities, Series 2006-PW14, Class AM | 500,000 | 542,911 | ||||||
Bear Stearns Commercial Mortgage Securities, Series 2007-T26, Class A2 | 72,109 | 72,525 | ||||||
Bear Stearns Commercial Mortgage Securities, Series 2007-PW17, Class A4 | 700,000 | 823,835 | ||||||
Bear Stearns Commercial Mortgage Securities, Series 2007-PW18, Class A4 | 625,000 | 742,477 | ||||||
Bear Stearns Commercial Mortgage Securities, Series 2006-T22, Class AAB VRN | 1,294,614 | 1,336,558 | ||||||
Bear Stearns Commercial Mortgage Securities, Series 2006-PW12, Class AM VRN | 900,000 | 1,007,901 |
The accompanying notes are an integral part of the financial statements.
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Principal Amount | Value | |||||||
Commercial Mortgage Pass Through Certificates, Series 2006-C7, Class AM VRN | $ | 400,000 | $ | 426,278 | ||||
Commercial Mortgage Pass Through Certificates, Series 2007-C9, Class A4 VRN | 600,000 | 712,945 | ||||||
Credit Suisse First Boston Mortgage Securities Corp., Series 2004-C1, Class A4 | 831,808 | 866,151 | ||||||
Credit Suisse Mortgage Pass Through Certificates, Series 2008-C1, Class AJ VRN (a) | 1,350,000 | 794,891 | ||||||
DBUBS Mortgage Trust, | 503,361 | 516,255 | ||||||
DBUBS Mortgage Trust, | 525,000 | 568,700 | ||||||
DBUBS Mortgage Trust, | 918,487 | 998,312 | ||||||
Greenwich Capital Commercial Funding Corp., Series 2007-GG11, Class A2 | 383,721 | 396,506 | ||||||
Greenwich Capital Commercial Funding Corp., Series 2006-GG7, Class A4 VRN | 932,000 | 1,081,214 | ||||||
GS Mortgage Securities Corporation II, | 1,000,000 | 1,082,521 | ||||||
JP Morgan Chase Commercial Mortgage Securities Corp., Series 2012-C6, Class A2 | 1,242,000 | 1,292,791 | ||||||
JP Morgan Chase Commercial Mortgage Securities Corp., Series 2011-C4, Class A2 (a) | 250,000 | 268,986 | ||||||
JP Morgan Chase Commercial Mortgage Securities Corp., Series 2006-CB17, Class A4 | 1,200,000 | 1,368,112 | ||||||
JP Morgan Chase Commercial Mortgage Securities Corp., Series 2006-CB14, Class A4 | 250,000 | 281,679 |
Principal Amount | Value | |||||||
Merrill Lynch/Countrywide Commercial Mortgage Trust, Series 2007-9, Class A4 | $ | 825,000 | $ | 941,791 | ||||
Morgan Stanley Capital I, Series 2011-C2, Class A2 (a) | 650,000 | 704,089 | ||||||
Morgan Stanley Capital I, | 561,911 | 578,426 | ||||||
Morgan Stanley Capital I, | 450,000 | 493,791 | ||||||
Morgan Stanley Capital I, | 916,333 | 941,387 | ||||||
Morgan Stanley Capital I, | 400,000 | 486,249 | ||||||
TIAA Seasoned Commercial Mortgage Trust, Series 2007-C4, Class A3 VRN | 750,000 | 795,988 | ||||||
TIAA Seasoned Commercial Mortgage Trust, Series 2007-C4, Class AJ VRN | 450,000 | 487,761 | ||||||
Wachovia Bank Commercial Mortgage Trust, Series 2006-C23, Class A4 VRN | 1,100,000 | 1,239,939 | ||||||
Wachovia Bank Commercial Mortgage Trust, Series 2007-C31, Class A4 | 1,450,000 | 1,660,703 | ||||||
Wells Fargo Reremic Trust, Series 2012-IO, Class A (a) | 713,354 | 710,701 | ||||||
WF-RBS Commercial Mortgage Trust, | 400,000 | 427,618 | ||||||
WF-RBS Commercial Mortgage Trust, | 475,000 | 518,021 | ||||||
|
| |||||||
29,591,187 | ||||||||
|
| |||||||
Home Equity ABS — 2.1% | ||||||||
ACE Securities Corp., Series 2005-ASP1, Class A2D FRN | 322,468 | 316,435 | ||||||
ACE Securities Corp. Series 2005-AG1, | 370,539 | 363,956 | ||||||
Ameriquest Mortgage Securities, Inc., | 258,798 | 254,117 |
The accompanying notes are an integral part of the financial statements.
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Principal Amount | Value | |||||||
Ameriquest Mortgage Securities, Inc., | $ | 345,381 | $ | 342,993 | ||||
Asset-Backed Funding Certificates, | 543,495 | 517,507 | ||||||
Bayview Financial Acquisition Trust, | 90,424 | 89,528 | ||||||
Bear Stearns Asset-Backed Securities Trust, | 169,889 | 169,296 | ||||||
Bear Stearns Asset-Backed Securities Trust, | 173,090 | 168,779 | ||||||
Carrington Mortgage Loan Trust, | 28,219 | 28,137 | ||||||
Carrington Mortgage Loan Trust, | 197,654 | 192,812 | ||||||
Citigroup Mortgage Loan Trust, Inc., | 171,216 | 171,240 | ||||||
Countrywide Asset-Backed Certificates, | 110,873 | 110,186 | ||||||
Countrywide Asset-Backed Certificates, | 93,284 | 91,927 | ||||||
Fremont Home Loan Trust, Series 2005-E, Class 2A3 FRN | 364,260 | 304,974 | ||||||
GSAMP Trust, Series 2005-WMC1, Class A4 FRN | 404,927 | 402,019 | ||||||
GSAMP Trust, Series 2005-AHL, Class M1 FRN | 331,910 | 280,697 | ||||||
Home Equity Asset Trust, Series 2006-4, Class 2A3 FRN | 325,540 | 308,159 | ||||||
Home Equity Asset Trust, Series 2006-3, Class 2A3 FRN | 323,936 | 322,196 | ||||||
Long Beach Mortgage Loan Trust, | 4,384 | 4,322 | ||||||
Long Beach Mortgage Loan Trust, | 901,919 | 784,475 | ||||||
Long Beach Mortgage Loan Trust, | 344,097 | 342,807 |
Principal Amount | Value | |||||||
Merrill Lynch Mortgage Synthetic, | $ | 888,885 | $ | 803,137 | ||||
New Century Home Equity Loan Trust, | 761,304 | 756,182 | ||||||
New Century Home Equity Loan Trust, | 425,000 | 341,441 | ||||||
New Century Home Equity Loan Trust, Series 1997-NC5, Class A6 STEP | 800 | 825 | ||||||
Nomura Home Equity Loan, Inc., | 357,116 | 342,272 | ||||||
Park Place Securities, Inc., | 570,124 | 560,935 | ||||||
Park Place Securities, Inc., | 498,760 | 462,341 | ||||||
RAAC Series, Series 2005-RP1, Class M1 FRN (a) | 234,083 | 229,276 | ||||||
Residential Asset Securities Corp., | 341,827 | 337,660 | ||||||
Residential Asset Securities Corp., | 194,381 | 190,615 | ||||||
Specialty Underwriting & Residential Finance, Series 2005-AB1, Class A1C FRN | 299,898 | 295,952 | ||||||
Structured Asset Investment Loan Trust, | 412,604 | 404,258 | ||||||
Truman Capital Mortgage Loan Trust, | 38,657 | 38,290 | ||||||
|
| |||||||
10,329,746 | ||||||||
|
| |||||||
Manufactured Housing ABS — 0.1% | ||||||||
Vanderbilt Mortgage Finance, | 316,320 | 275,424 | ||||||
|
| |||||||
Other ABS — 4.2% | ||||||||
CIT Equipment Collateral, | 885,000 | 886,827 | ||||||
CLI Funding LLC, Series 2006-1A, Class A FRN (a) | 369,694 | 361,230 |
The accompanying notes are an integral part of the financial statements.
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Principal Amount | Value | |||||||
CLI Funding LLC, Series 2012-1A, Class A (a) | $ | 194,546 | $ | 201,374 | ||||
CNH Wholesale Master Note Trust, | 800,000 | 800,999 | ||||||
Cronos Containers Program Ltd., | 483,333 | 494,742 | ||||||
Dominos Pizza Master Issuer LLC, | 640,163 | 697,085 | ||||||
Drug Royalty Corp., Inc., | 921,538 | 921,669 | ||||||
GE Equipment Transportation LLC, | 93,959 | 93,977 | ||||||
Great America Leasing Receivables, | 950,000 | 952,199 | ||||||
HFG Healthco-4 LLC, Series 2011-1A, Class A FRN (a) | 575,000 | 576,023 | ||||||
Macquarie Equipment Funding Trust, | 314,673 | 314,835 | ||||||
Marriott Vacation Club Owner Trust, | 1,149,295 | 1,206,348 | ||||||
New York City Tax Lien, Series 2012-AA, Class A (a) | 765,000 | 765,006 | ||||||
New York City Tax Lien, Series 2011-AA, Class A (a) | 323,865 | 323,940 | ||||||
Newport Waves CDO (Acquired 3/30/07, Cost $1,598,144), Series 2007-1A, Class A3LS FRN (a) (c) | 1,600,000 | 1,325,280 | ||||||
NuCO2 Funding LLC, Series 2008-1A, Class A1 (a) | 905,000 | 931,245 | ||||||
PFS Financing Corp., Series 2010-DA, Class A FRN (a) | 4,700,000 | 4,718,863 | ||||||
PFS Financing Corp., Series 2011-BA, Class A FRN (a) | 750,000 | 756,918 | ||||||
Sierra Receivables Funding Co. LLC, Series 2007-1A, Class A2 FRN (a) | 309,992 | 304,758 |
Principal Amount | Value | |||||||
Sierra Receivables Funding Co. LLC, Series 2007-2A, Class A2 FRN (a) | $ | 632,994 | $ | 629,486 | ||||
Sierra Receivables Funding Co. LLC, | 310,150 | 310,824 | ||||||
Sierra Receivables Funding Co. LLC, | 335,605 | 341,698 | ||||||
Sonic Capital LLC, Series 2011-1A, Class A2 (a) | 432,000 | 480,060 | ||||||
Tax Liens Securitization Trust, | 22,409 | 22,436 | ||||||
Textainer Marine Containers Ltd., | 349,333 | 344,196 | ||||||
Trafigura Securitisation Finance PLC, | 340,000 | 340,263 | ||||||
Trip Rail Master Funding LLC, | 1,008,076 | 1,008,844 | ||||||
|
| |||||||
20,111,125 | ||||||||
|
| |||||||
Student Loans ABS — 5.4% | ||||||||
Access Group, Inc., Series 2002-1, Class A2 FRN | 213,466 | 212,847 | ||||||
Access Group, Inc., Series 2003-1, Class A2 FRN | 735,182 | 731,638 | ||||||
Access Group, Inc. Series 2007-A, Class A2 FRN | 282,071 | 273,091 | ||||||
Brazos Higher Education Authority, Series 2005-1, Class 1A2 FRN | 444,600 | 443,666 | ||||||
Chase Education Loan Trust, | 38,865 | 38,838 | ||||||
College Loan Corp. Trust, Series 2007-1, Class B2 FRN | 1,075,000 | 913,750 | ||||||
College Loan Corp. Trust, Series 2004-1, Class A3 FRN | 442,497 | 441,806 | ||||||
Collegiate Funding Services Education Loan Trust, Series 2005-A, Class A2 FRN | 930,826 | 927,150 |
The accompanying notes are an integral part of the financial statements.
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Principal Amount | Value | |||||||
Education Funding Capital Trust I, | $ | 855,990 | $ | 853,278 | ||||
Education Funding Capital Trust I, | 650,000 | 624,000 | ||||||
Education Funding Capital Trust I, | 1,200,000 | 1,190,738 | ||||||
Education Funding Capital Trust I, Series 2004-1, Class B1 FRN | 300,000 | 217,472 | ||||||
GCO Education Loan Funding Trust, | 2,178,436 | 2,163,448 | ||||||
Montana Higher Education Student Assistance Corp., Series 2012-1, Class A1 FRN | 692,727 | 694,963 | ||||||
National Collegiate Student Loan Trust, | 788,602 | 778,467 | ||||||
Nelnet Education Loan Funding, Inc., | 100,000 | 88,017 | ||||||
Nelnet Education Loan Funding, Inc., | 150,000 | 132,025 | ||||||
Nelnet Student Loan Trust, Series 2002-1, Class A2 FRN | 618,928 | 613,499 | ||||||
Nelnet Student Loan Trust, | 352,822 | 355,717 | ||||||
Northstar Education Finance, Inc., | 555,179 | 553,143 | ||||||
Northstar Education Finance, Inc., | 638,975 | 638,152 | ||||||
Pennsylvania Higher Education Assistance Agency, Series 2005-1, Class A2 FRN | 876,028 | 874,523 | ||||||
SLC Student Loan Trust, Series 2006-A, Class A4 FRN | 1,665,570 | 1,655,965 | ||||||
SLC Student Loan Trust Series 2006-A, Class A5 FRN | 675,000 | 630,253 | ||||||
SLM Student Loan Trust, Series 2006-C, Class A2 FRN | 37,968 | 37,933 |
Principal Amount | Value | |||||||
SLM Student Loan Trust, Series 2005-8, Class A2 FRN | $ | 134,710 | $ | 134,703 | ||||
SLM Student Loan Trust, Series 2003-12, Class B FRN | 369,657 | 295,176 | ||||||
SLM Student Loan Trust, Series 2003-11, Class B FRN | 824,359 | 692,101 | ||||||
SLM Student Loan Trust, | 950,000 | 950,000 | ||||||
SLM Student Loan Trust, Series 2012-B, Class A1 FRN (a) | 618,123 | 622,823 | ||||||
SLM Student Loan Trust, Series 2012-C, Class A1 FRN (a) | 697,506 | 703,087 | ||||||
SLM Student Loan Trust, Series 2012-A, Class A1 FRN (a) | 597,816 | 606,139 | ||||||
SLM Student Loan Trust, | 550,000 | 550,000 | ||||||
SLM Student Loan Trust, | 150,000 | 150,000 | ||||||
SLM Student Loan Trust, | 175,000 | 175,000 | ||||||
SLM Student Loan Trust, | 1,500,000 | 1,500,000 | ||||||
SLM Student Loan Trust, Series 2010-C, Class A1 FRN (a) | 977,686 | 983,728 | ||||||
SLM Student Loan Trust, Series 2003-5, Class A7 | 100,000 | 92,184 | ||||||
SLM Student Loan Trust, | 350,000 | 266,000 | ||||||
SMS Student Loan Trust, Series 2000-A, Class A2 FRN | 235,982 | 235,168 | ||||||
South Carolina Student Loan Corp., | 689,647 | 690,723 | ||||||
Wachovia Student Loan Trust, | 321,094 | 320,601 |
The accompanying notes are an integral part of the financial statements.
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Principal Amount | Value | |||||||
Wells Fargo Student Loan Trust, | $ | 1,086,284 | $ | 1,085,774 | ||||
|
| |||||||
26,137,586 | ||||||||
|
| |||||||
WL Collateral CMO — 1.0% | ||||||||
Bank of America Mortgage Securities, Series 2004-G, Class 2A7 FRN 3.108% 8/25/34 | 227,879 | 205,593 | ||||||
Capital Automotive REIT, Series 2012-1A, Class A (a) | 538,759 | 543,743 | ||||||
Countrywide Home Loans, Inc., Series 2004-2, Class 1A1 FRN | 42,009 | 38,324 | ||||||
Countrywide Home Loans, Inc., Series 2003-42, Class 1A1 FRN | 24,759 | 19,665 | ||||||
GSR Mortgage Loan Trust, Series 2004-9, Class 2A1 VRN | 38,926 | 34,202 | ||||||
Harborview Mortgage Loan Trust, Series 2006-12, Class 2A2A FRN | 780,371 | 559,532 | ||||||
Impac Secured Assets CMN Owner Trust, Series 2007-2, Class 1A1A | 813,804 | 384,818 | ||||||
IndyMac Index Mortgage Loan Trust, Series 2004-AR4, Class 1A VRN 2.655% 8/25/34 | 131,777 | 100,272 | ||||||
Merrill Lynch Mortgage Investors Trust, Series 2005-AR1, Class A1A | 66,336 | 66,336 | ||||||
Merrill Lynch Mortgage Investors, Inc., Series 2005-A8, Class A3A2 FRN 0.466% 8/25/36 | 248,096 | 213,981 | ||||||
Merrill Lynch Mortgage Investors, Inc., Series 2004-A1, Class IIA2 VRN 2.704% 2/25/34 | 353,413 | 346,746 | ||||||
Merrill Lynch Mortgage Investors, Inc., Series 2003-A4, Class IA VRN 2.726% 7/25/33 | 7,839 | 7,880 | ||||||
Merrill Lynch Mortgage Investors, Inc., Series 2004-A1, Class IA VRN 2.869% 2/25/34 | 14,546 | 14,580 | ||||||
Morgan Stanley Mortgage Loan Trust, Series 2004-2AR, Class 1A FRN 2.750% 2/25/34 | 637 | 612 | ||||||
Morgan Stanley Reremic Trust, Series 2011-IO, Class A (a) | 668,938 | 674,373 |
Principal Amount | Value | |||||||
Morgan Stanley Reremic Trust, | $ | 577,694 | $ | 579,138 | ||||
Opteum Mortgage Acceptance Corp., Series 2005-3, Class A1B FRN 0.476% 7/25/35 | 193,557 | 186,317 | ||||||
Residential Accredit Loans, Inc., Series 2006-QO6, Class A1 FRN | 1,418,147 | 574,946 | ||||||
Structured Adjustable Rate Mortgage Loan Trust, Series 2004-2, Class 2A VRN | 85,679 | 76,866 | ||||||
Washington Mutual, Inc., | 208,059 | 190,818 | ||||||
|
| |||||||
4,818,742 | ||||||||
|
| |||||||
WL Collateral PAC — 0.1% | ||||||||
Structured Asset Securities Corp., Series 2007-BC4, Class A3 FRN | 523,717 | 512,832 | ||||||
Structured Asset Securities Corp., Series 2002-11A, Class 2A1 FRN | 64,924 | 53,821 | ||||||
|
| |||||||
566,653 | ||||||||
|
| |||||||
TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $111,118,658) | 111,517,345 | |||||||
|
| |||||||
U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES — 5.1% | ||||||||
Pass-Through Securities — 5.1% | ||||||||
Federal Home Loan Mortgage Corp. | ||||||||
Pool #1Q0239 2.381% | 1,013,280 | 1,089,593 | ||||||
Pool #E00856 7.500% | 4,824 | 5,100 | ||||||
Federal National Mortgage Association | 264,116 | 281,185 | ||||||
Pool #888586 2.372% | 577,416 | 616,640 | ||||||
Pool #775539 2.651% | 297,765 | 318,741 | ||||||
Pool #684154 5.500% | 23,404 | 25,340 | ||||||
Pool #702331 5.500% | 364,416 | 394,566 | ||||||
Pool #725796 5.500% | 1,799,856 | 1,952,819 | ||||||
Pool #844564 5.500% | 358,334 | 390,108 |
The accompanying notes are an integral part of the financial statements.
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Principal Amount | Value | |||||||
Federal National Mortgage Association TBA | $ | 9,400,000 | $ | 9,881,750 | ||||
Pool #45519 5.500% | 3,300,000 | 3,618,140 | ||||||
Government National Mortgage Association | 1,454,954 | 1,599,710 | ||||||
Pool #783382 4.500% | 384,791 | 424,999 | ||||||
Pool #507545 7.500% | 36,048 | 42,332 | ||||||
Government National Mortgage Association II FRN | 780,080 | 817,917 | ||||||
Pool #82462 3.500% | 697,433 | 742,951 | ||||||
Government National Mortgage Association TBA | 2,000,000 | 2,258,438 | ||||||
|
| |||||||
24,460,329 | ||||||||
|
| |||||||
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (Cost $23,254,777) | 24,460,329 | |||||||
|
| |||||||
U.S. TREASURY OBLIGATIONS — 0.1% | ||||||||
U.S. Treasury Bonds & Notes — 0.1% | ||||||||
U.S. Treasury Note | 275,000 | 274,712 | ||||||
U.S. Treasury Note (e) | 275,000 | 285,751 | ||||||
|
| |||||||
560,463 | ||||||||
|
| |||||||
TOTAL U.S. TREASURY OBLIGATIONS (Cost $558,490) | 560,463 | |||||||
|
| |||||||
TOTAL BONDS & NOTES (Cost $303,633,329) | 308,473,780 | |||||||
|
| |||||||
TOTAL LONG-TERM INVESTMENTS (Cost $303,633,329) | 308,473,780 | |||||||
|
| |||||||
SHORT-TERM INVESTMENTS — 37.8% | ||||||||
Commercial Paper — 37.5% | ||||||||
AGL Capital Corp. (a) | 10,000,000 | 9,996,333 |
Principal Amount | Value | |||||||
Apache Corp. (a) | $ | 10,000,000 | $ | 9,997,700 | ||||
Bacardi Ltd. (a) | 4,980,000 | 4,979,440 | ||||||
Bacardi USA, Inc. (a) | 2,000,000 | 1,999,622 | ||||||
Centrica PLC (a) | 8,000,000 | 7,996,213 | ||||||
Centrica PLC (a) | 2,000,000 | 1,995,231 | ||||||
DCP Midstream LLC (a) | 5,210,000 | 5,208,912 | ||||||
DCP Midstream LLC (a) | 4,700,000 | 4,698,602 | ||||||
Dentsply International, Inc. (a) | 8,000,000 | 7,994,444 | ||||||
Duke Energy Corp. (a) | 8,730,000 | 8,724,544 | ||||||
FMC Technologies, Inc. (a) | 6,155,000 | 6,154,330 | ||||||
Glencore Funding LLC | 10,000,000 | 9,990,800 | ||||||
Holcim US Fininace Sarl & Cie (a) | 10,000,000 | 9,991,500 | ||||||
Kinder Morgan Energy (a) | 4,000,000 | 3,999,426 | ||||||
Kinder Morgan Energy (a) | 6,000,000 | 5,999,913 | ||||||
Marathon Oil Corp. (a) | 9,700,000 | 9,699,504 | ||||||
National Grid USA (a) | 8,000,000 | 7,997,433 | ||||||
Nissan Motor Acceptance Corp. (a) | 1,815,000 | 1,814,929 | ||||||
ONEOK, Inc. (a) | 5,870,000 | 5,869,790 | ||||||
Talisman Energy, Inc. (a) | 1,655,000 | 1,653,113 | ||||||
Talisman Energy, Inc. (a) | 8,300,000 | 8,289,355 | ||||||
Transcanada Pipeline (a) | 10,000,000 | 9,998,750 | ||||||
VF Corp. (a) | 10,000,000 | 9,990,278 | ||||||
Vodafone Group PLC (a) | 7,000,000 | 6,994,649 | ||||||
Volvo Group Treasury (a) | 1,110,000 | 1,109,118 | ||||||
Volvo Group Treasury NA (a) | 1,260,000 | 1,259,852 | ||||||
Weatherford International Ltd. (a) | 7,885,000 | 7,884,553 |
The accompanying notes are an integral part of the financial statements.
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Principal Amount | Value | |||||||
WPP CP Finance PLC (a) | $ | 2,890,000 | $ | 2,890,000 | ||||
WPP CP Finance PLC (a) | 5,570,000 | 5,569,852 | ||||||
|
| |||||||
180,748,186 | ||||||||
|
| |||||||
Time Deposits — 0.3% | ||||||||
Euro Time Deposit | 1,624,082 | 1,624,082 | ||||||
|
| |||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $182,372,268) | 182,372,268 | |||||||
|
| |||||||
TOTAL INVESTMENTS — 101.7% (Cost $486,005,597) (f) | 490,846,048 | |||||||
Other Assets/(Liabilities) — (1.7)% | (8,423,060 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 482,422,988 | ||||||
|
|
Notes to Portfolio of Investments
ABS | Asset-Backed Security |
CDO | Collateralized Debt Obligation |
CMO | Collateralized Mortgage Obligation |
FRN | Floating Rate Note |
MBS | Mortgage-Backed Security |
PAC | Planned Amortization Class |
STEP | Step Up Bond |
TBA | To Be Announced |
VRN | Variable Rate Note |
WL | Whole Loan |
(a) | Securities exempt from registration under rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At September 30, 2012, these securities amounted to a value of $264,690,265 or 54.87% of net assets. |
(b) | Security exempt from registration under Regulation S of the Securities Act of 1933, which exempts from registration securities offered and sold outside the United States. Security may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933. At September 30, 2012, these securities amounted to a value of $593,400 or 0.12% of net assets. |
(c) | Restricted security. Certain securities are restricted as to resale. At September 30, 2012, these securities amounted to a value of $1,325,280 or 0.27% of net assets. The Funds generally bear the costs, if any, associated with the disposition of restricted securities. |
(d) | A portion of this security is purchased on a when-issued, delayed-delivery or forward commitment basis. (Note 2). |
(e) | A portion of this security is held as collateral for open futures contracts. (Note 2). |
(f) | See Note 6 for aggregate cost for federal tax purposes. |
The accompanying notes are an integral part of the financial statements.
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MassMutual Premier Inflation-Protected and Income Fund – Portfolio of Investments
September 30, 2012
Principal Amount | Value | |||||||
BONDS & NOTES — 125.0% | ||||||||
CORPORATE DEBT — 1.0% | ||||||||
Banks — 0.3% | ||||||||
Associated Banc-Corp. | $ | 850,000 | $ | 850,399 | ||||
|
| |||||||
Insurance — 0.5% | ||||||||
Berkshire Hathaway, Inc., FRN | 1,700,000 | 1,703,772 | ||||||
|
| |||||||
Telecommunications — 0.2% | ||||||||
Telefonica Emisiones SAU FRN | 725,000 | 722,474 | ||||||
|
| |||||||
TOTAL CORPORATE DEBT (Cost $2,899,955) | 3,276,645 | |||||||
|
| |||||||
MUNICIPAL OBLIGATIONS — 0.2% | ||||||||
Louisiana State Public Facilities Authority FRN | 340,000 | 343,318 | ||||||
North Carolina State Education Assistance Authority Student Loan Revenue Bonds FRN | 233,211 | 233,577 | ||||||
|
| |||||||
576,895 | ||||||||
|
| |||||||
TOTAL MUNICIPAL OBLIGATIONS (Cost $572,892) | 576,895 | |||||||
|
| |||||||
NON-U.S. GOVERNMENT AGENCY OBLIGATIONS — 24.4% | ||||||||
Automobile ABS — 7.4% | ||||||||
American Credit Acceptance Receivables Trust, Series 2012-2, Class A (a) | 1,569,628 | 1,570,227 | ||||||
AmeriCredit Automobile Receivables Trust, Series 2012-2, Class A2 | 825,000 | 827,081 | ||||||
AmeriCredit Automobile Receivables Trust, Series 2011-1, Class A2 | 73,056 | 73,061 | ||||||
AmeriCredit Automobile Receivables Trust, Series 2010-4, Class A2 | 8,831 | 8,832 | ||||||
ARI Fleet Lease Trust, | 475,070 | 475,158 | ||||||
Avis Budget Rental Car Funding AESOP LLC, Series 2011-2A, Class A (a) | 680,000 | 702,321 |
Principal Amount | Value | |||||||
Avis Budget Rental Car Funding AESOP LLC, Series 2010-2A, Class A (a) | $ | 155,000 | $ | 158,146 | ||||
Avis Budget Rental Car Funding AESOP LLC, Series 2009-2A, Class A (a) | 1,520,833 | 1,537,297 | ||||||
Avis Budget Rental Car Funding AESOP LLC, Series 2009-1A, Class A (a) | 75,000 | 75,291 | ||||||
Bank of America Auto Trust, | 675,853 | 682,121 | ||||||
CarNow Auto Receivables Trust, Series 2012-1, Class A (a) | 275,221 | 275,310 | ||||||
Chesapeake Funding LLC, | 700,000 | 700,804 | ||||||
Chesapeake Funding LLC, | 2,526,207 | 2,553,028 | ||||||
CPS Auto Trust, Series 2012-C, Class A (a) | 815,000 | 819,178 | ||||||
Credit Acceptance Auto Loan Trust, | 855,000 | 854,855 | ||||||
DT Auto Owner Trust, | 500,000 | 500,361 | ||||||
Enterprise Fleet Financing LLC, | 500,000 | 499,844 | ||||||
Enterprise Fleet Financing LLC, | 172,404 | 173,201 | ||||||
Enterprise Fleet Financing LLC, | 454,396 | 458,212 | ||||||
Exeter Automobile Receivables Trust, | 865,000 | 864,912 | ||||||
First Investors Auto Owner Trust, | 58,333 | 58,422 | ||||||
First Investors Auto Owner Trust, | 967,717 | 976,995 | ||||||
Ford Credit Auto Lease Trust, | 78,773 | 78,826 |
The accompanying notes are an integral part of the financial statements.
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Principal Amount | Value | |||||||
Hertz Vehicle Financing LLC, | $ | 990,000 | $ | 999,588 | ||||
LAI Vehicle Lease Securitization Trust, | 143,726 | 144,862 | ||||||
Navistar Financial 2012-A Owner Trust, | 1,025,000 | 1,030,015 | ||||||
Prestige Auto Receivables Trust, | 919,711 | 922,082 | ||||||
Santander Consumer Acquired Receivables Trust, | 483,699 | 484,652 | ||||||
Santander Drive Auto Receivables Trust, | 355,000 | 355,091 | ||||||
Santander Drive Auto Receivables Trust, | 620,000 | 621,200 | ||||||
Santander Drive Auto Receivables Trust, | 600,000 | 601,483 | ||||||
Santander Drive Auto Receivables Trust, | 111,787 | 111,845 | ||||||
Santander Drive Auto Receivables Trust, | 546,190 | 548,273 | ||||||
Santander Drive Auto Receivables Trust, | 210,773 | 212,223 | ||||||
Santander Drive Auto Receivables Trust, | 1,650,000 | 1,662,310 | ||||||
Santander Drive Auto Receivables Trust, | 1,700,000 | 1,705,301 | ||||||
SNAAC Auto Receivables Trust, | 316,807 | 315,801 | ||||||
Westlake Automobile Receivables Trust, | 535,000 | 534,916 | ||||||
Westlake Automobile Receivables Trust, | 240,000 | 242,174 | ||||||
Westlake Automobile Receivables Trust, | 68,333 | 68,514 | ||||||
|
| |||||||
25,483,813 | ||||||||
|
|
Principal Amount | Value | |||||||
Commercial MBS — 0.7% | ||||||||
Bear Stearns Commercial Mortgage Securities, Series 2006-T22, Class AAB VRN | $ | 1,467,230 | $ | 1,514,766 | ||||
GE Capital Commercial Mortgage Corp., | 268,586 | 270,870 | ||||||
Wells Fargo Reremic Trust, | 499,833 | 497,974 | ||||||
|
| |||||||
2,283,610 | ||||||||
|
| |||||||
Credit Card ABS — 0.3% | ||||||||
Discover Card Master Trust, | 875,000 | 876,220 | ||||||
|
| |||||||
Home Equity ABS — 1.3% | ||||||||
ACE Securities Corp., Series 2005-HE2, Class M2 FRN | 331,253 | 322,067 | ||||||
ACE Securities Corp. Series 2005-AG1, Class A1B1 FRN | 194,307 | 190,855 | ||||||
Ameriquest Mortgage Securities, Inc., | 165,631 | 162,635 | ||||||
Ameriquest Mortgage Securities, Inc., | 172,857 | 171,662 | ||||||
Bayview Financial Acquisition Trust, | 46,223 | 45,764 | ||||||
Bear Stearns Asset-Backed Securities Trust, Series 2005-HE10, | 70,787 | 70,540 | ||||||
Bear Stearns Asset-Backed Securities Trust, Series 2005-HE4, | 90,983 | 88,717 | ||||||
Countrywide Asset-Backed Certificates, | 57,347 | 56,512 | ||||||
First Franklin Mortgage Loan Asset-Backed Certificates, | 270,799 | 258,503 | ||||||
Home Equity Asset Trust, | 215,322 | 214,166 | ||||||
Home Equity Asset Trust, | 395,542 | 392,277 |
The accompanying notes are an integral part of the financial statements.
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Principal Amount | Value | |||||||
Long Beach Mortgage Loan Trust, | $ | 104,504 | $ | 104,112 | ||||
Mastr Asset Backed Securities Trust, | 505,790 | 462,153 | ||||||
Merrill Lynch Mortgage Synthetic, | 579,707 | 523,785 | ||||||
New Century Home Equity Loan Trust, | 512,150 | 508,704 | ||||||
Nomura Home Equity Loan, Inc., | 232,125 | 222,477 | ||||||
Park Place Securities, Inc., | 320,695 | 315,526 | ||||||
Quest Trust, Series 2005-X1, | 184,100 | 175,996 | ||||||
Residential Asset Securities Corp., | 167,984 | 165,936 | ||||||
Structured Asset Investment Loan Trust, | 7,654 | 7,655 | ||||||
Truman Capital Mortgage Loan Trust, | 24,030 | 23,802 | ||||||
|
| |||||||
4,483,844 | ||||||||
|
| |||||||
Other ABS — 4.9% | ||||||||
321 Henderson Receivables LLC, | 768,395 | 707,764 | ||||||
CIT Equipment Collateral, | 1,505,000 | 1,508,106 | ||||||
CLI Funding LLC, Series 2006-1A, | 471,005 | 460,220 | ||||||
CNH Wholesale Master Note Trust, | 400,000 | 400,500 | ||||||
GE Equipment Transportation LLC, | 56,376 | 56,386 | ||||||
Great America Leasing Receivables, | 625,000 | 626,447 | ||||||
HFG Healthco-4 LLC, | 375,000 | 375,667 |
Principal Amount | Value | |||||||
Leaf II Receivables Funding LLC, | $ | 780,000 | $ | 780,000 | ||||
Macquarie Equipment Funding Trust, | 80,916 | 80,958 | ||||||
Marriott Vacation Club Owner Trust, | 330,534 | 333,396 | ||||||
New York City Tax Lien, | 539,000 | 539,004 | ||||||
New York City Tax Lien, | 210,075 | 210,123 | ||||||
NuCO2 Funding LLC, Series 2008-1A, | 1,020,000 | 1,049,580 | ||||||
PFS Financing Corp., Series 2012-BA, | 620,000 | 620,013 | ||||||
PFS Financing Corp., Series 2012-AA, | 600,000 | 601,843 | ||||||
PFS Financing Corp., Series 2010-DA, | 3,500,000 | 3,514,047 | ||||||
Sierra Receivables Funding Co. LLC, | 206,662 | 203,172 | ||||||
Sierra Receivables Funding Co. LLC, | 421,489 | 419,153 | ||||||
Sierra Receivables Funding Co. LLC, | 867,492 | 878,290 | ||||||
TAL Advantage LLC, | 322,500 | 315,767 | ||||||
Tax Liens Securitization Trust, | 39,664 | 39,664 | ||||||
Tax Liens Securitization Trust, | 79,022 | 79,117 | ||||||
Textainer Marine Containers Ltd., | 1,329,333 | 1,309,783 | ||||||
Trafigura Securitisation Finance PLC, | 224,000 | 224,173 | ||||||
Trip Rail Master Funding LLC, | 600,556 | 601,014 |
The accompanying notes are an integral part of the financial statements.
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MassMutual Premier Inflation-Protected and Income Fund – Portfolio of Investments (Continued)
Principal Amount | Value | |||||||
Westgate Resorts LLC, | $ | 1,150,000 | $ | 1,151,437 | ||||
|
| |||||||
17,085,624 | ||||||||
|
| |||||||
Student Loans ABS — 9.4% | ||||||||
Access Group, Inc., | 165,545 | 165,065 | ||||||
Access Group, Inc., | 293,453 | 293,230 | ||||||
Access Group, Inc., | 616,103 | 613,133 | ||||||
Access Group, Inc., | 178,150 | 172,478 | ||||||
Brazos Higher Education Authority, | 192,668 | 192,347 | ||||||
Brazos Higher Education Authority FRN | 1,730,183 | 1,723,816 | ||||||
Brazos Higher Education Authority, | 459,990 | 459,024 | ||||||
Chase Education Loan Trust, | 26,260 | 26,242 | ||||||
College Loan Corp. Trust, | 675,000 | 573,750 | ||||||
College Loan Corp. Trust, | 289,000 | 285,458 | ||||||
College Loan Corp. Trust, | 78,149 | 78,079 | ||||||
College Loan Corp. Trust, | 311,723 | 311,236 | ||||||
Collegiate Funding Services Education Loan Trust, Series 2005-A, | 614,288 | 611,862 | ||||||
Collegiate Funding Services Education Loan Trust, Series 2005-B, | 245,436 | 244,863 | ||||||
Collegiate Funding Services Education Loan Trust, Series 2004-A, | 665,000 | 661,376 |
Principal Amount | Value | |||||||
Education Funding Capital Trust I, | $ | 951,101 | $ | 948,086 | ||||
Education Funding Capital Trust I, | 550,000 | 528,000 | ||||||
Education Funding Capital Trust I, | 325,000 | 320,119 | ||||||
Education Funding Capital Trust I, | 700,000 | 694,597 | ||||||
Education Funding Capital Trust I, | 200,000 | 144,981 | ||||||
Education Loan Asset-Backed Trust I, | 1,425,000 | 1,425,000 | ||||||
GCO Education Loan Funding Trust, | 298,032 | 292,650 | ||||||
GCO Education Loan Funding Trust, | 1,429,599 | 1,419,763 | ||||||
GCO Education Loan Funding Trust,, | 325,000 | 297,825 | ||||||
Higher Education Funding HEF, | 546,468 | 545,734 | ||||||
Higher Education Funding I, Series 2004-1, Class A15 FRN (a) | 275,000 | 250,870 | ||||||
Higher Education Funding I, Series 2004-1, Class A13 FRN (a) | 200,000 | 174,067 | ||||||
Keycorp Student Loan Trust, | 259,824 | 259,175 | ||||||
Keycorp Student Loan Trust, | 157,562 | 148,174 | ||||||
Montana Higher Education Student Assistance Corp., Series 2012-1, | 485,623 | 487,191 | ||||||
National Collegiate Student Loan Trust, Series 2006-3, Class A2 FRN | 824,125 | 813,534 | ||||||
Nelnet Student Loan Trust, | 418,687 | 415,014 |
The accompanying notes are an integral part of the financial statements.
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Principal Amount | Value | |||||||
Nelnet Student Loan Trust, | $ | 185,696 | $ | 187,220 | ||||
Northstar Education Finance, Inc., | 343,682 | 342,422 | ||||||
Northstar Education Finance, Inc., | 425,983 | 425,435 | ||||||
Pennsylvania Higher Education Assistance Agency, Series 2005-1, Class A2 FRN | 661,888 | 660,751 | ||||||
SLC Student Loan Trust, Series 2006-A, Class A4 FRN | 1,717,815 | 1,707,909 | ||||||
SLC Student Loan Trust Series 2006-A, Class A5 FRN | 450,000 | 420,169 | ||||||
SLM Student Loan Trust, Series 2006-C, Class A2 FRN | 21,262 | 21,242 | ||||||
SLM Student Loan Trust, Series 2006-B, Class A3 FRN | 468,144 | 466,804 | ||||||
SLM Student Loan Trust, Series 2005-7, Class A2 FRN | 22,003 | 22,003 | ||||||
SLM Student Loan Trust, Series 2005-6, Class A4 FRN | 11,571 | 11,571 | ||||||
SLM Student Loan Trust, Series 2005-8, Class A2 FRN | 283,146 | 283,130 | ||||||
SLM Student Loan Trust, Series 2002-1, Class A2 FRN | 21,102 | 21,102 | ||||||
SLM Student Loan Trust, Series 2002-6, Class A4L FRN | 294,060 | 294,001 | ||||||
SLM Student Loan Trust, Series 2003-3, Class A4 FRN | 332,195 | 332,440 | ||||||
SLM Student Loan Trust, Series 2007-7, Class A2 FRN | 72,357 | 72,394 | ||||||
SLM Student Loan Trust, Series 2008-7, Class A2 FRN | 191,488 | 192,347 | ||||||
SLM Student Loan Trust, Series 2003-7, Class B FRN | 719,287 | 571,022 |
Principal Amount | Value | |||||||
SLM Student Loan Trust, | $ | 240,277 | $ | 191,864 | ||||
SLM Student Loan Trust, | 562,063 | 471,887 | ||||||
SLM Student Loan Trust, | 650,000 | 650,000 | ||||||
SLM Student Loan Trust, Series 2012-B, Class A1 FRN (a) | 414,905 | 418,059 | ||||||
SLM Student Loan Trust, Series 2012-C, Class A1 FRN (a) | 471,043 | 474,812 | ||||||
SLM Student Loan Trust, Series 2008-5, Class A2 FRN | 192,988 | 194,666 | ||||||
SLM Student Loan Trust, Series 2012-A, Class A1 FRN (a) | 427,012 | 432,956 | ||||||
SLM Student Loan Trust, | 475,000 | 475,000 | ||||||
SLM Student Loan Trust, | 1,625,000 | 1,625,000 | ||||||
SLM Student Loan Trust, | 300,000 | 300,000 | ||||||
SLM Student Loan Trust, Series 2010-C, Class A1 FRN (a) | 837,490 | 842,665 | ||||||
SLM Student Loan Trust, Series 2003-5, Class A7 | 100,000 | 92,184 | ||||||
SLM Student Loan Trust, Series 2003-2, Class A7 FRN | 900,000 | 847,003 | ||||||
SLM Student Loan Trust, Series 2003-5, Class B FRN | 550,000 | 437,113 | ||||||
SMS Student Loan Trust, Series 1998-A, Class A2 FRN | 246,027 | 243,965 | ||||||
SMS Student Loan Trust, Series 2000-A, Class A2 FRN | 155,251 | 154,716 | ||||||
SMS Student Loan Trust, Series 1999-B, Class A2 FRN | 584,812 | 584,812 | ||||||
South Carolina Student Loan Corp., Series 2010-1, Class A1 FRN | 357,594 | 358,153 |
The accompanying notes are an integral part of the financial statements.
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Principal Amount | Value | |||||||
US Education Loan Trust IV LLC, | $ | 782,000 | $ | 781,591 | ||||
Wachovia Student Loan Trust, | 642,188 | 641,202 | ||||||
Wells Fargo Student Loan Trust, | 650,577 | 650,271 | ||||||
|
| |||||||
32,476,620 | ||||||||
|
| |||||||
WL Collateral CMO — 0.3% | ||||||||
Merrill Lynch Mortgage Investors Trust, Series 2005-AR1, | 34,788 | 34,789 | ||||||
Morgan Stanley Reremic Trust, | 393,493 | 396,690 | ||||||
Morgan Stanley Reremic Trust, | �� | 770,258 | 772,184 | |||||
|
| |||||||
1,203,663 | ||||||||
|
| |||||||
WL Collateral PAC — 0.1% | ||||||||
Structured Asset Securities Corp., | 50,546 | 50,525 | ||||||
Structured Asset Securities Corp., | 257,410 | 252,060 | ||||||
|
| |||||||
302,585 | ||||||||
|
| |||||||
TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $82,115,231) | 84,195,979 | |||||||
|
| |||||||
U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES — 0.1% | ||||||||
Pass-Through Securities — 0.1% | ||||||||
Government National Mortgage Association II FRN | 464,956 | 495,301 | ||||||
|
| |||||||
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (Cost $493,579) | 495,301 | |||||||
|
| |||||||
U.S. TREASURY OBLIGATIONS — 99.3% | ||||||||
U.S. Treasury Bonds & Notes — 99.3% | ||||||||
U.S. Treasury Inflation | 16,120,140 | 17,083,576 |
Principal Amount | Value | |||||||
U.S. Treasury Inflation | $ | 11,186,894 | $ | 12,051,261 | ||||
U.S. Treasury Inflation Index (b) | 16,940,673 | 18,491,795 | ||||||
U.S. Treasury Inflation Index (b) | 10,022,748 | 10,952,197 | ||||||
U.S. Treasury Inflation Index (b) | 5,968,120 | 6,270,256 | ||||||
U.S. Treasury Inflation Index (b) | 15,080,668 | 17,263,836 | ||||||
U.S. Treasury Inflation Index (b) | 5,374,041 | 5,838,810 | ||||||
U.S. Treasury Inflation Index (b) | 15,564,067 | 18,425,178 | ||||||
U.S. Treasury Inflation Index (b) | 7,264,313 | 7,552,619 | ||||||
U.S. Treasury Inflation Index (b) | 13,006,180 | 15,549,500 | ||||||
U.S. Treasury Inflation Index (b) | 4,765,313 | 5,585,842 | ||||||
U.S. Treasury Inflation Index (b) | 6,388,906 | 7,644,223 | ||||||
U.S. Treasury Inflation Index (b) | 10,067,245 | 10,790,043 | ||||||
U.S. Treasury Inflation Index (b) | 7,628,209 | 8,925,599 | ||||||
U.S. Treasury Inflation Index (b) | 6,895,463 | 8,928,011 | ||||||
U.S. Treasury Inflation Index (b) | 10,512,936 | 11,563,410 | ||||||
U.S. Treasury Inflation Index (b) | 7,023,112 | 8,627,458 | ||||||
U.S. Treasury Inflation Index (b) | 10,105,837 | 10,551,120 | ||||||
U.S. Treasury Inflation Index (b) | 9,723,920 | 10,371,164 | ||||||
U.S. Treasury Inflation Index (b) | 7,901,663 | 8,857,274 | ||||||
U.S. Treasury Inflation Index (b) | 8,346,095 | 10,965,984 | ||||||
U.S. Treasury Inflation Index (b) | 5,810,632 | 7,130,279 | ||||||
U.S. Treasury Inflation Index (b) | 4,102,355 | 5,987,514 | ||||||
U.S. Treasury Inflation Index (b) | 7,030,733 | 10,328,034 | ||||||
U.S. Treasury Inflation Index (b) | 7,992,675 | 9,374,536 | ||||||
U.S. Treasury Inflation Index (b) | 11,054,882 | 15,005,277 | ||||||
U.S. Treasury Inflation Index (b) | 6,288,480 | 8,680,064 | ||||||
U.S. Treasury Inflation Index (b) | 8,508,825 | 9,878,882 |
The accompanying notes are an integral part of the financial statements.
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Principal Amount | Value | |||||||
U.S. Treasury Inflation Index (b) | $ | 5,058,291 | $ | 7,235,334 | ||||
U.S. Treasury Inflation Index (b) | 6,312,234 | 7,627,444 | ||||||
U.S. Treasury Inflation Index (b) | 2,781,674 | 4,618,447 | ||||||
U.S. Treasury Inflation Index (b) | 6,842,033 | 10,860,126 | ||||||
U.S. Treasury Inflation Index (b) 3.875% 4/15/29 | 8,404,071 | 13,951,415 | ||||||
|
| |||||||
342,966,508 | ||||||||
|
| |||||||
TOTAL U.S. TREASURY OBLIGATIONS (Cost $304,270,027) | 342,966,508 | |||||||
|
| |||||||
TOTAL BONDS & NOTES (Cost $390,351,684) | 431,511,328 | |||||||
|
| |||||||
TOTAL LONG-TERM INVESTMENTS (Cost $390,351,684) | 431,511,328 | |||||||
|
| |||||||
SHORT-TERM INVESTMENTS — 56.4% | ||||||||
Commercial Paper — 56.1% | ||||||||
AGL Capital Corp. (a) | 5,100,000 | 5,097,259 | ||||||
Airgas, Inc. (a) | 5,075,000 | 5,069,030 | ||||||
Apache Corp. (a) | 5,075,000 | 5,073,833 | ||||||
Bacardi USA, Inc. (a) | 5,075,000 | 5,074,429 | ||||||
BAT International Finance (a) | 5,000,000 | 4,996,596 | ||||||
British Telecommunications PLC | 3,500,000 | 3,498,013 | ||||||
Centrica PLC (a) | 5,075,000 | 5,068,512 | ||||||
Daimler Finance North America LLC (a) | 1,850,000 | 1,849,378 | ||||||
Daimler Finance North | 3,200,000 | 3,197,860 | ||||||
DCP Midstream LLC (a) | 4,900,000 | 4,898,542 | ||||||
Dominion Resources (a) | 5,075,000 | 5,068,507 | ||||||
Duke Energy Corp. (a) | 2,325,000 | 2,323,576 | ||||||
Duke Energy Corp. (a) | 2,775,000 | 2,773,732 |
Principal Amount | Value | |||||||
Enbridge Energy Partners LP (a) | $ | 5,100,000 | $ | 5,098,172 | ||||
FMC Technologies, Inc. (a) | 5,000,000 | 4,994,847 | ||||||
Glencore Funding LLC | 5,075,000 | 5,070,635 | ||||||
Holcim US Finance SARL & Cie (a) | 5,075,000 | 5,073,827 | ||||||
Kinder Morgan Energy (a) | 5,102,000 | 5,100,441 | ||||||
Marathon Oil Corp. (a) | 5,075,000 | 5,073,985 | ||||||
Michelin Luxembourg SCS (a) | 2,075,000 | 2,074,729 | ||||||
Michelin Luxembourg SCS (a) | 3,000,000 | 2,998,198 | ||||||
National Fuel Gas Co. | 5,100,000 | 5,098,406 | ||||||
National Grid USA (a) | 5,000,000 | 4,998,824 | ||||||
NextEra Energy Capital Holding, | 1,000,000 | 999,977 | ||||||
NextEra Energy Capital Holding, | 600,000 | 599,993 | ||||||
Nissan Motor Acceptance Corp. (a) | 4,925,000 | 4,924,803 | ||||||
Northeast Utilities (a) | 4,850,000 | 4,848,459 | ||||||
OGE Energy Corp. (a) | 2,400,000 | 2,399,513 | ||||||
OGE Energy Corp. (a) | 2,315,000 | 2,314,595 | ||||||
ONEOK, Inc. (a) | 5,075,000 | 5,073,969 | ||||||
Sempra Energy Holding (a) | 4,850,000 | 4,848,340 | ||||||
Southern Power Co. (a) | 5,075,000 | 5,074,070 | ||||||
Suncor Energy, Inc. (a) | 4,850,000 | 4,849,057 | ||||||
Talisman Energy, Inc. (a) | 5,075,000 | 5,069,277 | ||||||
Tesco Treasury Services PLC (a) | 5,000,000 | 4,992,750 | ||||||
Transcanada Pipeline (a) | 5,075,000 | 5,071,899 | ||||||
Verizon Communications, Inc. (a) | 8,400,000 | 8,393,532 | ||||||
VF Corp. (a) | 5,075,000 | 5,072,582 | ||||||
Vodafone Group PLC (a) | 4,875,000 | 4,863,917 |
The accompanying notes are an integral part of the financial statements.
88
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Principal Amount | Value | |||||||
Volvo Group Treasury (a) | $ | 5,100,000 | $ | 5,095,954 | ||||
Weatherford International Ltd. (a) | 5,075,000 | 5,074,209 | ||||||
Wellpoint, Inc. (a) | 4,500,000 | 4,498,500 | ||||||
Westar Energy, Inc. (a) | 5,100,000 | 5,097,704 | ||||||
WPP CP Finance PLC (a) | 5,100,000 | 5,100,000 | ||||||
|
| |||||||
193,834,431 | ||||||||
|
| |||||||
Repurchase Agreement — 0.3% | ||||||||
State Street Bank & Trust Co. Repurchase Agreement, dated 9/28/12, 0.010%, due 10/01/12 (c) | 1,067,705 | 1,067,705 | ||||||
|
| |||||||
Time Deposits — 0.0% | ||||||||
Euro Time Deposit | 10,548 | 10,548 | ||||||
|
| |||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $194,912,684) | 194,912,684 | |||||||
|
| |||||||
TOTAL INVESTMENTS — 181.4% (Cost $585,264,368) (d) | 626,424,012 | |||||||
Other Assets/(Liabilities) — (81.4)% | (281,186,685 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 345,237,327 | ||||||
|
|
Notes to Portfolio of Investments
ABS | Asset-Backed Security |
CMO | Collateralized Mortgage Obligation |
FRN | Floating Rate Note |
MBS | Mortgage-Backed Security |
PAC | Planned Amortization Class |
STEP | Step Up Bond |
VRN | Variable Rate Note |
WL | Whole Loan |
(a) | Securities exempt from registration under rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At September 30, 2012, these securities amounted to a value of $228,805,335 or 66.27% of net assets. |
(b) | All or a portion of this security is held as collateral for open reverse repurchase agreements. (Note 2). |
(c) | Maturity value of $1,067,705. Collateralized by U.S. Government Agency obligations with a rate of 4.000%, maturity date of 12/15/17, and an aggregate market value, including accrued interest, of $1,090,594. |
(d) | See Note 6 for aggregate cost for federal tax purposes. |
The accompanying notes are an integral part of the financial statements.
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MassMutual Premier Core Bond Fund – Portfolio of Investments
September 30, 2012
Principal Amount | Value | |||||||
BONDS & NOTES — 96.9% | ||||||||
CORPORATE DEBT — 34.2% | ||||||||
Advertising — 0.3% | ||||||||
WPP Finance | $ | 4,405,000 | $ | 4,944,983 | ||||
WPP Finance 2010 | 635,000 | 695,684 | ||||||
|
| |||||||
5,640,667 | ||||||||
|
| |||||||
Aerospace & Defense — 0.2% | ||||||||
BAE Systems Holdings, Inc. (a) | 1,375,000 | 1,636,139 | ||||||
Goodrich Corp. | 595,000 | 744,136 | ||||||
L-3 Communications Corp. | 105,000 | 115,924 | ||||||
L-3 Communications Corp. | 756,000 | 764,694 | ||||||
United Technologies Corp. | 465,000 | 630,766 | ||||||
|
| |||||||
3,891,659 | ||||||||
|
| |||||||
Agriculture — 0.3% | ||||||||
Altria Group, Inc. | 1,400,000 | 1,396,748 | ||||||
Altria Group, Inc. | 775,000 | 770,290 | ||||||
Bunge Ltd. Finance Corp. | 1,785,000 | 1,871,424 | ||||||
Philip Morris International, Inc. | 225,000 | 311,685 | ||||||
|
| |||||||
4,350,147 | ||||||||
|
| |||||||
Airlines — 0.0% | ||||||||
United Air Lines, Inc. (b) | 248,411 | 109,301 | ||||||
|
| |||||||
Auto Manufacturers — 0.3% | ||||||||
Daimler Finance NA LLC (a) | 1,450,000 | 1,512,783 | ||||||
Volvo Treasury AB (a) | 3,500,000 | 3,833,620 | ||||||
|
| |||||||
5,346,403 | ||||||||
|
| |||||||
Banks — 2.0% | ||||||||
Associated Banc-Corp. | 2,000,000 | 2,195,794 | ||||||
Bank of America Corp. | 1,600,000 | 1,687,370 | ||||||
Bank of America Corp. | 1,000,000 | 1,071,196 | ||||||
Bank of America Corp. | 1,555,000 | 1,789,115 |
Principal Amount | Value | |||||||
Bank of America Corp. | $ | 750,000 | $ | 876,682 | ||||
Bank of America Corp. Series L | 300,000 | 342,053 | ||||||
Capital One Financial Corp. | 850,000 | 867,310 | ||||||
Capital One Financial Corp. | 930,000 | 1,023,544 | ||||||
Credit Suisse AG | 2,035,000 | 2,224,196 | ||||||
Credit Suisse New York | 585,000 | 624,765 | ||||||
Deutsche Bank AG | 1,600,000 | 1,694,750 | ||||||
Export-Import Bank of Korea | 1,000,000 | 1,094,717 | ||||||
First Horizon National Corp. | 2,306,000 | 2,522,875 | ||||||
HSBC Holdings PLC | 930,000 | 1,099,917 | ||||||
ICICI Bank Ltd. (a) | 1,300,000 | 1,346,281 | ||||||
ICICI Bank Ltd. (a) | 1,880,000 | 1,980,915 | ||||||
ICICI Bank Ltd./Dubai (a) | 1,800,000 | 1,872,616 | ||||||
Regions Financial Corp. | 1,990,000 | 2,136,723 | ||||||
The Toronto-Dominion Bank | 1,650,000 | 1,735,539 | ||||||
UBS AG | 1,500,000 | 1,767,642 | ||||||
Wachovia Bank NA | 690,000 | 959,071 | ||||||
Wachovia Corp. | 220,000 | 263,690 | ||||||
Wells Fargo & Co. | 1,100,000 | 1,177,544 | ||||||
Wells Fargo & Co. | 345,000 | 398,510 | ||||||
Wells Fargo & Co. | 575,000 | 690,357 | ||||||
|
| |||||||
33,443,172 | ||||||||
|
| |||||||
Beverages — 0.2% | ||||||||
Anheuser-Busch Cos. LLC | 119,000 | 171,099 | ||||||
Molson Coors Brewing Co. | 600,000 | 670,336 | ||||||
Pernod-Ricard SA (a) | 2,200,000 | 2,295,260 | ||||||
|
| |||||||
3,136,695 | ||||||||
|
|
The accompanying notes are an integral part of the financial statements.
90
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MassMutual Premier Core Bond Fund – Portfolio of Investments (Continued)
Principal Amount | Value | |||||||
Biotechnology — 0.3% | ||||||||
Amgen, Inc. | $ | 2,400,000 | $ | 2,578,850 | ||||
Amgen, Inc. | 1,600,000 | 1,782,853 | ||||||
|
| |||||||
4,361,703 | ||||||||
|
| |||||||
Building Materials — 0.9% | ||||||||
CRH America, Inc. | 230,000 | 279,698 | ||||||
Lafarge North America, Inc. | 5,345,000 | 5,497,596 | ||||||
Lafarge SA (a) | 3,300,000 | 3,564,000 | ||||||
Masco Corp. | 2,510,000 | 2,643,723 | ||||||
Masco Corp. | 1,250,000 | 1,300,479 | ||||||
Owens Corning, Inc. | 1,245,000 | 1,566,900 | ||||||
|
| |||||||
14,852,396 | ||||||||
|
| |||||||
Chemicals — 0.9% | ||||||||
Braskem Finance Ltd. (a) | 1,350,000 | 1,431,000 | ||||||
Cabot Corp. | 2,440,000 | 2,738,434 | ||||||
Cytec Industries, Inc. | 450,000 | 556,047 | ||||||
The Dow Chemical Co. | 375,000 | 502,861 | ||||||
E.I. du Pont de Nemours & Co. | 160,000 | 201,131 | ||||||
Ecolab, Inc. | 650,000 | 737,406 | ||||||
Incitec Pivot Ltd. (a) | 1,815,000 | 1,883,079 | ||||||
Methanex Corp. | 550,000 | 587,566 | ||||||
Rohm & Haas Co. | 1,000,000 | 1,340,858 | ||||||
RPM International, Inc. | 3,815,000 | 4,007,009 | ||||||
Valspar Corp. | 650,000 | 803,733 | ||||||
|
| |||||||
14,789,124 | ||||||||
|
| |||||||
Commercial Services — 0.3% | ||||||||
Brambles USA, Inc. (a) | 1,400,000 | 1,467,570 | ||||||
Deluxe Corp. | 500,000 | 508,750 | ||||||
Donnelley (R.R.) & Sons Co. | 1,970,000 | 2,034,025 | ||||||
ERAC USA Finance Co. (a) | 355,000 | 423,897 | ||||||
|
| |||||||
4,434,242 | ||||||||
|
|
Principal Amount | Value | |||||||
Computers — 0.2% | ||||||||
Brocade Communications Systems, Inc. | $ | 230,000 | $ | 238,625 | ||||
Brocade Communications Systems, Inc. | 115,000 | 124,200 | ||||||
HP Enterprise Services LLC Series B | 1,646,000 | 1,715,613 | ||||||
International Business Machines Corp. | 825,000 | 1,099,638 | ||||||
|
| |||||||
3,178,076 | ||||||||
|
| |||||||
Cosmetics & Personal Care — 0.0% | ||||||||
The Procter & Gamble Co. | 270,000 | 368,574 | ||||||
|
| |||||||
Diversified Financial — 5.6% | ||||||||
American Express Co. | 1,060,000 | 1,289,420 | ||||||
American Express Co. | 715,000 | 789,180 | ||||||
American Express Co. | 610,000 | 825,230 | ||||||
American Honda Finance Corp. (a) | 2,000,000 | 2,107,910 | ||||||
The Bear Stearns Cos., Inc. | 1,520,000 | 1,896,737 | ||||||
BlackRock, Inc. | 525,000 | 623,850 | ||||||
BlackRock, Inc. | 1,075,000 | 1,315,300 | ||||||
Boeing Capital Corp. Ltd. | 580,000 | 589,075 | ||||||
Citigroup, Inc. | 590,000 | 635,127 | ||||||
Citigroup, Inc. | 1,545,000 | 1,786,202 | ||||||
Citigroup, Inc. | 1,025,000 | 1,105,297 | ||||||
Citigroup, Inc. | 2,495,000 | 2,763,277 | ||||||
Citigroup, Inc. | 550,000 | 646,765 | ||||||
Citigroup, Inc. | 800,000 | 963,836 | ||||||
Citigroup, Inc. | 2,015,000 | 2,192,759 | ||||||
Citigroup, Inc. | 225,000 | 334,089 | ||||||
Citigroup, Inc. | 688,000 | 909,884 | ||||||
Eaton Vance Corp. | 485,000 | 585,684 | ||||||
Ford Motor Credit Co. LLC | 2,200,000 | 2,243,641 |
The accompanying notes are an integral part of the financial statements.
91
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MassMutual Premier Core Bond Fund – Portfolio of Investments (Continued)
Principal Amount | Value | |||||||
Ford Motor Credit Co. LLC | $ | 1,850,000 | $ | 1,883,100 | ||||
Ford Motor Credit Co. LLC | 3,760,000 | 3,929,557 | ||||||
Ford Motor Credit Co. LLC | 3,100,000 | 3,518,974 | ||||||
General Electric Capital Corp. | 1,500,000 | 1,543,745 | ||||||
General Electric Capital Corp. | 1,390,000 | 1,496,524 | ||||||
General Electric Capital Corp. | 2,500,000 | 2,791,903 | ||||||
General Electric Capital Corp. | 2,000,000 | 2,295,134 | ||||||
General Electric Capital Corp. | 600,000 | 709,809 | ||||||
General Electric Capital Corp. | 1,495,000 | 1,997,477 | ||||||
The Goldman Sachs Group, Inc. | 5,755,000 | 6,070,892 | ||||||
The Goldman Sachs Group, Inc. | 900,000 | 1,004,369 | ||||||
The Goldman Sachs Group, Inc. | 3,540,000 | 3,901,452 | ||||||
The Goldman Sachs Group, Inc. | 1,600,000 | 1,843,002 | ||||||
The Goldman Sachs Group, Inc. | 420,000 | 490,215 | ||||||
The Goldman Sachs Group, Inc. | 440,000 | 509,066 | ||||||
The Goldman Sachs Group, Inc. | 550,000 | 552,594 | ||||||
The Goldman Sachs Group, Inc. | 565,000 | 605,274 | ||||||
Hyundai Capital America (a) (c) | 995,000 | 995,493 | ||||||
Hyundai Capital America (a) | 1,000,000 | 1,078,600 | ||||||
Janus Capital Group, Inc. | 2,500,000 | 2,829,535 | ||||||
John Deere Capital Corp. | 1,500,000 | 1,687,527 | ||||||
JP Morgan Chase & Co. | 2,460,000 | 2,622,975 | ||||||
JP Morgan Chase & Co. | 1,500,000 | 1,663,875 | ||||||
JP Morgan Chase & Co. | 2,125,000 | 2,427,150 | ||||||
JP Morgan Chase & Co. | 1,470,000 | 1,762,784 | ||||||
Lazard Group LLC | 3,348,000 | 3,778,573 | ||||||
Lazard Group LLC | 2,407,000 | 2,654,459 |
Principal Amount | Value | |||||||
Merrill Lynch & Co., Inc. | $ | 5,775,000 | $ | 5,863,242 | ||||
Merrill Lynch & Co., Inc. | 555,000 | 697,001 | ||||||
Morgan Stanley | 850,000 | 878,339 | ||||||
Morgan Stanley | 4,085,000 | 4,246,251 | ||||||
Morgan Stanley | 1,526,000 | 1,664,259 | ||||||
Morgan Stanley | 1,415,000 | 1,545,858 | ||||||
TD Ameritrade Holding Corp. | 510,000 | 544,936 | ||||||
|
| |||||||
95,687,207 | ||||||||
|
| |||||||
Electric — 2.3% | ||||||||
The AES Corp. | 1,050,000 | 1,186,500 | ||||||
Ameren Corp. | 1,985,000 | 2,208,053 | ||||||
Carolina Power & Light Co. | 37,000 | 47,673 | ||||||
CMS Energy Corp. | 4,795,000 | 4,864,134 | ||||||
CMS Energy Corp. | 1,875,000 | 2,107,461 | ||||||
CMS Energy Corp. | 2,403,000 | 2,727,600 | ||||||
EDP Finance BV (a) | 6,735,000 | 6,751,359 | ||||||
Florida Power & Light Co. | 950,000 | 1,136,613 | ||||||
Georgia Power Co. | 1,467,000 | 1,564,916 | ||||||
Kansas Gas & Electric Co. | 1,243,016 | 1,360,009 | ||||||
Kiowa Power Partners LLC (a) | 253,292 | 255,055 | ||||||
LG&E and KU Energy LLC | 1,900,000 | 2,083,097 | ||||||
MidAmerican Energy Holdings Co. | 1,525,000 | 1,911,232 | ||||||
Nevada Power Co. Series N | 1,000,000 | 1,379,259 | ||||||
NiSource Finance Corp. | 1,625,000 | 1,921,114 | ||||||
Oncor Electric Delivery Co. | 75,000 | 92,562 | ||||||
Oncor Electric Delivery Co. | 130,000 | 169,684 | ||||||
Pacific Gas & Electric Co. | 800,000 | 1,022,179 |
The accompanying notes are an integral part of the financial statements.
92
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MassMutual Premier Core Bond Fund – Portfolio of Investments (Continued)
Principal Amount | Value | |||||||
Southern California Edison Co. | $ | 820,000 | $ | 1,102,474 | ||||
Tenaska Oklahoma I LP (a) | 508,779 | 519,285 | ||||||
Tri-State Generation & Transmission Association, Series 2003, Class A (a) | 1,063,563 | 1,170,802 | ||||||
Virginia Electric and Power Co. | 925,000 | 1,292,467 | ||||||
Wisconsin Public Service Corp. | 1,405,000 | 1,639,445 | ||||||
|
| |||||||
38,512,973 | ||||||||
|
| |||||||
Electrical Components & Equipment — 0.3% | ||||||||
Anixter, Inc. | 2,800,000 | 2,971,500 | ||||||
Energizer Holdings, Inc. | 1,535,000 | 1,628,141 | ||||||
|
| |||||||
4,599,641 | ||||||||
|
| |||||||
Electronics — 0.6% | ||||||||
Amphenol Corp. | 800,000 | 844,451 | ||||||
Arrow Electronics, Inc. | 750,000 | 818,859 | ||||||
Arrow Electronics, Inc. | 1,195,000 | 1,349,520 | ||||||
Avnet, Inc. | 3,570,000 | 3,756,700 | ||||||
PerkinElmer, Inc. | 1,000,000 | 1,112,934 | ||||||
Tech Data Corp. | 1,345,000 | 1,369,292 | ||||||
|
| |||||||
9,251,756 | ||||||||
|
| |||||||
Engineering & Construction — 0.1% | ||||||||
BAA Funding Ltd. (a) | 1,755,000 | 1,790,454 | ||||||
|
| |||||||
Entertainment — 0.1% | ||||||||
International Game Technology | 750,000 | 820,393 | ||||||
Peninsula Gaming LLC | 1,555,000 | 1,624,975 | ||||||
|
| |||||||
2,445,368 | ||||||||
|
| |||||||
Environmental Controls — 0.2% | ||||||||
Republic Services, Inc. | 840,000 | 934,007 | ||||||
Republic Services, Inc. | 40,000 | 46,324 | ||||||
Republic Services, Inc. | 795,000 | 941,112 | ||||||
Waste Management, Inc. | 1,950,000 | 1,947,130 | ||||||
|
| |||||||
3,868,573 | ||||||||
|
|
Principal Amount | Value | |||||||
Foods — 0.5% | ||||||||
ConAgra Foods, Inc. | $ | 965,000 | $ | 1,210,883 | ||||
General Mills, Inc. | 65,000 | 79,328 | ||||||
Kraft Foods, Inc. | 1,580,000 | 1,735,005 | ||||||
Kraft Foods, Inc. | 550,000 | 744,992 | ||||||
Ralcorp Holdings, Inc. | 850,000 | 891,303 | ||||||
Ralcorp Holdings, Inc. | 1,600,000 | 1,695,648 | ||||||
Tyson Foods, Inc. | 1,300,000 | 1,361,750 | ||||||
|
| |||||||
7,718,909 | ||||||||
|
| |||||||
Forest Products & Paper — 0.3% | ||||||||
International Paper Co. | 700,000 | 794,865 | ||||||
International Paper Co. | 820,000 | 1,085,447 | ||||||
International Paper Co. | 290,000 | 392,145 | ||||||
The Mead Corp. | 1,460,000 | 1,560,628 | ||||||
Rock-Tenn Co. | 1,447,000 | 1,465,088 | ||||||
|
| |||||||
5,298,173 | ||||||||
|
| |||||||
Gas — 0.1% | ||||||||
Boston Gas Co. (a) | 700,000 | 769,359 | ||||||
|
| |||||||
Health Care – Products — 0.3% | ||||||||
Boston Scientific Corp. | 3,805,000 | 4,068,378 | ||||||
Boston Scientific Corp. | 91,000 | 97,455 | ||||||
Boston Scientific Corp. | 950,000 | 1,129,220 | ||||||
Covidien International Finance SA | 95,000 | 135,081 | ||||||
Johnson & Johnson | 245,000 | 347,192 | ||||||
|
| |||||||
5,777,326 | ||||||||
|
| |||||||
Health Care – Services — 0.8% | ||||||||
Apria Healthcare Group, Inc. | 2,150,000 | 2,203,750 | ||||||
Cigna Corp. | 1,400,000 | 1,476,374 | ||||||
Cigna Corp. | 650,000 | 750,250 | ||||||
HCA, Inc. | 1,230,000 | 1,386,825 |
The accompanying notes are an integral part of the financial statements.
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MassMutual Premier Core Bond Fund – Portfolio of Investments (Continued)
Principal Amount | Value | |||||||
Kaiser Foundation Hospitals | $ | 600,000 | $ | 635,471 | ||||
Roche Holdings, Inc. (a) | 370,000 | 464,532 | ||||||
Roche Holdings, Inc. (a) | 250,000 | 376,728 | ||||||
UnitedHealth Group, Inc. | 1,775,000 | 2,464,142 | ||||||
WellPoint, Inc. | 1,385,000 | 1,400,832 | ||||||
WellPoint, Inc. | 1,665,000 | 1,826,676 | ||||||
|
| |||||||
12,985,580 | ||||||||
|
| |||||||
Holding Company – Diversified — 0.2% | ||||||||
Hutchison Whampoa International Ltd. (a) | 1,220,000 | 1,442,393 | ||||||
Leucadia National Corp. | 636,000 | 660,645 | ||||||
Leucadia National Corp. | 1,848,000 | 1,931,160 | ||||||
|
| |||||||
4,034,198 | ||||||||
|
| |||||||
Home Builders — 0.1% | ||||||||
Toll Brothers Finance Corp. | 750,000 | 785,422 | ||||||
|
| |||||||
Home Furnishing — 0.0% | ||||||||
Whirlpool Corp. | 460,000 | 511,342 | ||||||
|
| |||||||
Household Products — 0.1% | ||||||||
Church & Dwight Co., Inc. | 845,000 | 893,435 | ||||||
|
| |||||||
Housewares — 0.1% | ||||||||
Toro Co. | 773,000 | 925,541 | ||||||
|
| |||||||
Insurance — 1.3% | ||||||||
Aflac, Inc. | 585,000 | 783,547 | ||||||
The Allstate Corp. | 875,000 | 1,073,114 | ||||||
The Allstate Corp. | 200,000 | 261,797 | ||||||
American International Group, Inc. | 2,000,000 | 2,070,950 | ||||||
American International Group, Inc. | 325,000 | 334,600 | ||||||
CNA Financial Corp. | 1,000,000 | 1,240,841 | ||||||
The Hartford Financial Services Group, Inc. | 1,820,000 | 1,919,048 |
Principal Amount | Value | |||||||
The Hartford Financial Services Group, Inc. | $ | 1,650,000 | $ | 1,773,479 | ||||
ING US, Inc. (a) | 900,000 | 938,866 | ||||||
Lincoln National Corp. | 600,000 | 641,018 | ||||||
Lincoln National Corp. | 1,350,000 | 1,768,875 | ||||||
Marsh & McLennan Cos., Inc. | 1,300,000 | 1,460,744 | ||||||
MetLife, Inc. Series A | 235,000 | 295,700 | ||||||
Principal Financial Group, Inc. | 620,000 | 826,663 | ||||||
The Progressive Corp. | 40,000 | 44,444 | ||||||
Prudential Financial, Inc. | 1,190,000 | 1,263,933 | ||||||
Prudential Financial, Inc. | 700,000 | 778,483 | ||||||
Prudential Financial, Inc. | 2,055,000 | 2,263,176 | ||||||
Prudential Financial, Inc. | 500,000 | 597,226 | ||||||
The Travelers Cos., Inc. | 775,000 | 1,044,597 | ||||||
|
| |||||||
21,381,101 | ||||||||
|
| |||||||
Internet — 0.1% | ||||||||
Expedia, Inc. | 1,765,000 | 2,087,930 | ||||||
|
| |||||||
Investment Companies — 0.2% | ||||||||
Xstrata Finance Canada (a) | 1,800,000 | 1,850,474 | ||||||
Xstrata Finance Canada (a) | 1,023,000 | 1,155,819 | ||||||
|
| |||||||
3,006,293 | ||||||||
|
| |||||||
Iron & Steel — 0.8% | ||||||||
Allegheny Technologies, Inc. | 900,000 | 993,462 | ||||||
Allegheny Technologies, Inc. | 710,000 | 917,332 | ||||||
ArcelorMittal | 1,500,000 | 1,490,520 | ||||||
ArcelorMittal | 1,700,000 | 1,635,296 | ||||||
ArcelorMittal | 3,080,000 | 3,388,000 | ||||||
Reliance Steel & Aluminum Co. | 2,562,000 | 2,870,631 | ||||||
Reliance Steel & Aluminum Co. | 1,536,000 | 1,695,721 | ||||||
|
| |||||||
12,990,962 | ||||||||
|
|
The accompanying notes are an integral part of the financial statements.
94
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MassMutual Premier Core Bond Fund – Portfolio of Investments (Continued)
Principal Amount | Value | |||||||
Lodging — 0.6% | ||||||||
Choice Hotels International, Inc. | $ | 1,500,000 | $ | 1,620,051 | ||||
Marriott International, Inc. | 425,000 | 480,212 | ||||||
Marriott International, Inc. | 4,038,000 | 4,636,379 | ||||||
Marriott International, Inc./DE | 2,000,000 | 2,010,454 | ||||||
Wyndham Worldwide Corp. | 550,000 | 554,638 | ||||||
Wyndham Worldwide Corp. | 9,000 | 10,138 | ||||||
Wynn Las Vegas LLC | 1,100,000 | 1,223,750 | ||||||
|
| |||||||
10,535,622 | ||||||||
|
| |||||||
Machinery – Diversified — 0.1% | ||||||||
Xylem, Inc. | 1,265,000 | 1,351,725 | ||||||
Xylem, Inc. | 585,000 | 659,257 | ||||||
|
| |||||||
2,010,982 | ||||||||
|
| |||||||
Manufacturing — 0.9% | ||||||||
General Electric Co. | 1,145,000 | 1,354,745 | ||||||
Ingersoll-Rand Global Holding Co. Ltd. | 960,000 | 1,187,114 | ||||||
Siemens Financieringsmaatschappij NV (a) | 1,000,000 | 1,177,990 | ||||||
Textron, Inc. | 5,000,000 | 5,420,085 | ||||||
Textron, Inc. | 3,000,000 | 3,295,368 | ||||||
Tyco Electronics Group SA | 2,935,000 | 3,549,342 | ||||||
|
| |||||||
15,984,644 | ||||||||
|
| |||||||
Media — 0.8% | ||||||||
CBS Corp. | 970,000 | 1,319,379 | ||||||
Comcast Corp. | 1,035,000 | 1,325,444 | ||||||
Globo Comunicacao e Participacoes SA (a) | 2,100,000 | 2,275,875 | ||||||
Grupo Televisa SAB | 164,000 | 216,361 | ||||||
NBCUniversal Media LLC | 100,000 | 126,925 | ||||||
News America, Inc. | 525,000 | 681,256 |
Principal Amount | Value | |||||||
Scholastic Corp. | $ | 2,024,000 | $ | 2,039,180 | ||||
Time Warner Cable, Inc. | 900,000 | 992,325 | ||||||
Time Warner Cable, Inc. | 655,000 | 853,658 | ||||||
Time Warner Cable, Inc. | 235,000 | 315,422 | ||||||
Time Warner Cable, Inc. | 365,000 | 496,962 | ||||||
Time Warner, Inc. | 900,000 | 1,033,707 | ||||||
Time Warner, Inc. | 950,000 | 1,178,036 | ||||||
Time Warner, Inc. | 15,000 | 19,003 | ||||||
Viacom, Inc. | 1,188,000 | 1,393,120 | ||||||
|
| |||||||
14,266,653 | ||||||||
|
| |||||||
Metal Fabricate & Hardware — 0.0% | ||||||||
The Timken Co. | 705,000 | 760,209 | ||||||
|
| |||||||
Mining — 0.4% | ||||||||
AngloGold Ashanti Holdings PLC 5.125% 8/01/22 | 1,400,000 | 1,425,659 | ||||||
Newcrest Finance Property Ltd. (a) | 1,850,000 | 1,896,642 | ||||||
Teck Resources Ltd. | 550,000 | 662,805 | ||||||
Vale Overseas Ltd. | 1,626,000 | 1,880,411 | ||||||
Vale Overseas Ltd. | 490,000 | 571,518 | ||||||
Vulcan Materials Co. | 810,000 | 888,975 | �� | |||||
|
| |||||||
7,326,010 | ||||||||
|
| |||||||
Office Equipment/Supplies — 0.1% | ||||||||
Xerox Corp. | 800,000 | 849,645 | ||||||
|
| |||||||
Office Furnishings — 0.2% | ||||||||
Steelcase, Inc. | 3,500,000 | 3,760,589 | ||||||
|
| |||||||
Oil & Gas — 2.2% | ||||||||
Anadarko Petroleum Corp. | 2,800,000 | 3,375,730 | ||||||
Anadarko Petroleum Corp. | 900,000 | 1,115,048 | ||||||
Chesapeake Energy Corp., Convertible 2.250% 12/15/38 | 360,000 | 290,025 | ||||||
Chesapeake Energy Corp., Convertible 2.500% 5/15/37 | 3,530,000 | 3,170,381 |
The accompanying notes are an integral part of the financial statements.
95
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MassMutual Premier Core Bond Fund – Portfolio of Investments (Continued)
Principal Amount | Value | |||||||
Conoco, Inc. | $ | 230,000 | $ | 325,514 | ||||
ConocoPhillips | 675,000 | 971,336 | ||||||
Devon Energy Corp. | 1,145,000 | 1,358,497 | ||||||
Devon Energy Corp. | 660,000 | 819,406 | ||||||
EQT Corp. | 835,000 | 878,129 | ||||||
Mobil Corp. | 201,000 | 304,777 | ||||||
Motiva Enterprises LLC (a) | 1,285,000 | 1,534,349 | ||||||
Motiva Enterprises LLC (a) | 945,000 | 1,256,202 | ||||||
Nexen, Inc. | 145,000 | 206,639 | ||||||
Pemex Project Funding Master Trust | 202,000 | 253,510 | ||||||
PetroBakken Energy Ltd., Convertible (d) | 1,800,000 | 1,780,200 | ||||||
Petrobras International Finance Co. | 1,275,000 | 1,348,708 | ||||||
Petrobras International Finance Co. | 1,430,000 | 1,611,283 | ||||||
Petrobras International Finance Co. | 2,210,000 | 2,742,928 | ||||||
Petroleos Mexicanos | 1,690,000 | 1,981,525 | ||||||
Phillips 66 (a) | 800,000 | 875,885 | ||||||
Phillips 66 (a) | 700,000 | 831,166 | ||||||
Pioneer Natural Resources Co. | 1,370,000 | 1,560,744 | ||||||
Pride International, Inc. | 2,000,000 | 2,531,850 | ||||||
Rowan Cos., Inc. | 1,000,000 | 1,103,067 | ||||||
Shell International Finance BV | 450,000 | 594,034 | ||||||
Talisman Energy, Inc. | 900,000 | 1,013,506 | ||||||
Tesoro Corp. | 1,100,000 | 1,137,125 | ||||||
Transocean, Inc. | 1,500,000 | 1,676,185 | ||||||
Valero Energy Corp. | 1,145,000 | 1,390,765 | ||||||
|
| |||||||
38,038,514 | ||||||||
|
|
Principal Amount | Value | |||||||
Oil & Gas Services — 0.2% | ||||||||
Baker Hughes, Inc. | $ | 1,100,000 | $ | 1,348,292 | ||||
Hornbeck Offshore Services, Inc. Convertible | 929,000 | 966,160 | ||||||
Weatherford International Ltd. | 1,000,000 | 1,045,825 | ||||||
Weatherford International Ltd. | 700,000 | 736,384 | ||||||
|
| |||||||
4,096,661 | ||||||||
|
| |||||||
Packaging & Containers — 0.2% | ||||||||
Sealed Air Corp. (a) | 2,175,000 | 2,229,375 | ||||||
Sonoco Products Co. | 800,000 | 861,150 | ||||||
|
| |||||||
3,090,525 | ||||||||
|
| |||||||
Pharmaceuticals — 0.4% | ||||||||
Abbott Laboratories | 200,000 | 245,437 | ||||||
McKesson Corp. | 850,000 | 990,253 | ||||||
McKesson Corp. | 800,000 | 1,092,776 | ||||||
Merck & Co., Inc. | 255,000 | 349,394 | ||||||
Mylan, Inc. (a) | 800,000 | 886,000 | ||||||
Pfizer, Inc. | 970,000 | 1,520,308 | ||||||
Teva Pharmaceutical Finance Co. LLC | 630,000 | 832,317 | ||||||
|
| |||||||
5,916,485 | ||||||||
|
| |||||||
Pipelines — 2.1% | ||||||||
Alliance Pipeline LP (a) | 812,445 | 948,911 | ||||||
Boardwalk Pipelines LLC | 914,000 | 1,007,535 | ||||||
CenterPoint Energy Resources Corp. | 650,000 | 736,970 | ||||||
CenterPoint Energy Resources Corp. | 645,000 | 818,123 | ||||||
DCP Midstream LLC (a) | 70,000 | 89,979 | ||||||
Duke Energy Field Services LLC (a) | 500,000 | 537,066 | ||||||
El Paso Pipeline Partners Operating Co. LLC | 2,900,000 | 3,082,349 | ||||||
Enogex LLC (a) | 3,300,000 | 3,532,746 |
The accompanying notes are an integral part of the financial statements.
96
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MassMutual Premier Core Bond Fund – Portfolio of Investments (Continued)
Principal Amount | Value | |||||||
Enterprise Products Operating LP | $ | 600,000 | $ | 632,541 | ||||
Enterprise Products Operating LP | 630,000 | 745,242 | ||||||
Gulf South Pipeline Co. LP (a) | 868,000 | 938,878 | ||||||
Kern River Funding Corp. (a) | 1,887,379 | 2,063,490 | ||||||
Kinder Morgan Energy Partners LP | 685,000 | 804,498 | ||||||
Kinder Morgan Energy Partners LP | 571,000 | 687,442 | ||||||
Kinder Morgan Energy Partners LP | 65,000 | 83,115 | ||||||
Kinder Morgan Finance Co. LLC (a) | 3,900,000 | 4,226,937 | ||||||
Magellan Midstream Partners LP | 1,125,000 | 1,384,962 | ||||||
ONEOK Partners LP | 600,000 | 632,710 | ||||||
ONEOK Partners LP | 1,500,000 | 1,801,686 | ||||||
Rockies Express Pipeline LLC (a) | 3,870,000 | 3,947,400 | ||||||
Southern Natural Gas Co. LLC (a) | 1,345,000 | 1,578,122 | ||||||
Texas Eastern Transmission LP (a) | 850,000 | 1,015,578 | ||||||
TransCanada PipeLines Ltd. | 840,000 | 1,139,396 | ||||||
Williams Partners LP | 2,045,000 | 2,369,785 | ||||||
|
| |||||||
34,805,461 | ||||||||
|
| |||||||
Real Estate — 0.4% | ||||||||
AMB Property LP | 1,050,000 | 1,130,059 | ||||||
Colonial Realty LP | 1,460,000 | 1,565,952 | ||||||
ProLogis LP | 3,250,000 | 3,883,168 | ||||||
|
| |||||||
6,579,179 | ||||||||
|
| |||||||
Real Estate Investment Trusts (REITS) — 0.9% | ||||||||
Boston Properties LP | 800,000 | 867,455 | ||||||
Boston Properties LP | 840,000 | 908,809 | ||||||
Brandywine Operating Partners LP | 1,100,000 | 1,181,769 | ||||||
DDR Corp. | 1,275,000 | 1,386,378 | ||||||
DDR Corp. | 1,400,000 | 1,553,269 |
Principal Amount | Value | |||||||
DDR Corp. | $ | 1,600,000 | $ | 2,062,459 | ||||
ERP Operating LP | 600,000 | 691,438 | ||||||
Host Hotels & Resorts LP | 2,800,000 | 3,052,000 | ||||||
Simon Property Group LP | 225,000 | 270,726 | ||||||
UDR, Inc. | 1,500,000 | 1,655,541 | ||||||
UDR, Inc. | 429,000 | 446,829 | ||||||
Ventas Realty LP/Ventas Capital Corp. | 800,000 | 850,750 | ||||||
|
| |||||||
14,927,423 | ||||||||
|
| |||||||
Retail — 0.6% | ||||||||
CVS Caremark Corp. | 895,000 | 1,166,851 | ||||||
CVS Pass-Through Trust (a) | 2,363,851 | 2,786,059 | ||||||
The Home Depot, Inc. | 800,000 | 1,086,409 | ||||||
McDonald’s Corp. | 645,000 | 924,465 | ||||||
O’Reilly Automotive, Inc. | 875,000 | 973,671 | ||||||
QVC, Inc. (a) | 750,000 | 794,261 | ||||||
Wal-Mart Stores, Inc. | 2,085,000 | 2,745,230 | ||||||
|
| |||||||
10,476,946 | ||||||||
|
| |||||||
Savings & Loans — 0.2% | ||||||||
First Niagara Financial Group, Inc. | 1,400,000 | 1,609,038 | ||||||
Glencore Funding LLC (a) | 2,330,000 | 2,448,660 | ||||||
Washington Mutual Bank (b) | 4,038,000 | 40 | ||||||
|
| |||||||
4,057,738 | ||||||||
|
| |||||||
Semiconductors — 0.1% | ||||||||
Applied Materials, Inc. | 1,500,000 | 1,882,278 | ||||||
|
| |||||||
Software — 0.0% | ||||||||
Microsoft Corp. | 525,000 | 575,115 | ||||||
|
| |||||||
Telecommunications — 2.5% | ||||||||
America Movil SAB de CV | 730,000 | 854,685 | ||||||
America Movil SAB de CV | 760,000 | 988,886 |
The accompanying notes are an integral part of the financial statements.
97
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MassMutual Premier Core Bond Fund – Portfolio of Investments (Continued)
Principal Amount | Value | |||||||
American Tower Corp. | $ | 1,900,000 | $ | 2,096,620 | ||||
AT&T, Inc. | 1,485,000 | 1,976,997 | ||||||
AT&T, Inc. | 1,005,000 | 1,362,268 | ||||||
British Telecom PLC STEP | 1,050,000 | 1,708,949 | ||||||
CenturyLink, Inc. | 1,225,000 | 1,250,115 | ||||||
CenturyLink, Inc. | 2,000,000 | 2,176,292 | ||||||
CenturyLink, Inc. | 760,000 | 851,570 | ||||||
CenturyLink, Inc. | 2,000,000 | 2,130,822 | ||||||
Cisco Systems, Inc. | 485,000 | 622,690 | ||||||
Citizens Communications Co. | 3,141,000 | 3,180,262 | ||||||
Deutsche Telekom International Finance BV STEP | 290,000 | 436,192 | ||||||
Embarq Corp. | 561,000 | 662,409 | ||||||
Embarq Corp. | 200,000 | 224,928 | ||||||
Juniper Networks, Inc. | 700,000 | 753,929 | ||||||
Juniper Networks, Inc. | 1,000,000 | 1,116,167 | ||||||
Rogers Communications, Inc. | 160,000 | 230,819 | ||||||
Telecom Italia Capital | 2,200,000 | 2,315,500 | ||||||
Telecom Italia Capital | 153,000 | 135,405 | ||||||
Telecom Italia Capital | 1,825,000 | 1,920,812 | ||||||
Telefonaktiebolaget LM Ericsson | 1,250,000 | 1,288,833 | ||||||
Telefonica Emisiones SAU | 2,195,000 | 2,197,744 | ||||||
Telefonica Emisiones SAU | 1,900,000 | 1,890,500 | ||||||
Telefonica Emisiones SAU | 650,000 | 637,000 | ||||||
Verizon Communications, Inc. | 1,815,000 | 2,534,029 | ||||||
Verizon Global Funding Corp. | 987,000 | 1,467,129 | ||||||
Virgin Media Finance PLC | 750,000 | 830,625 |
Principal Amount | Value | |||||||
Virgin Media Secured Finance PLC | $ | 2,680,000 | $ | 2,934,600 | ||||
WCP Wireless Site Funding (a) | 1,895,756 | 1,962,397 | ||||||
Windstream Corp. | 300,000 | 315,000 | ||||||
|
| |||||||
43,054,174 | ||||||||
|
| |||||||
Transportation — 0.7% | ||||||||
Asciano Finance (a) | 1,650,000 | 1,772,044 | ||||||
Bristow Group, Inc. | 1,407,000 | 1,465,391 | ||||||
Burlington Northern Santa Fe LLC | 1,053,000 | 1,315,563 | ||||||
Canadian National Railway Co. | 725,000 | 875,308 | ||||||
CSX Corp. | 733,000 | 955,356 | ||||||
Norfolk Southern Corp. (a) | 116,000 | 117,693 | ||||||
Norfolk Southern Corp. | 19,000 | 21,836 | ||||||
Norfolk Southern Corp. | 500,000 | 602,050 | ||||||
Ryder System, Inc. | 4,430,000 | 4,482,606 | ||||||
Union Pacific Corp. | 700,000 | 787,612 | ||||||
|
| |||||||
12,395,459 | ||||||||
|
| |||||||
Trucking & Leasing — 0.6% | ||||||||
GATX Corp. | 1,650,000 | 1,702,411 | ||||||
GATX Corp. | 905,000 | 969,127 | ||||||
GATX Corp. | 1,200,000 | 1,268,039 | ||||||
GATX Corp. | 2,385,000 | 2,667,465 | ||||||
Penske Truck Leasing Co. LP/PTL Finance Corp. (a) | 2,390,000 | 2,389,376 | ||||||
Penske Truck Leasing Co. LP/PTL Finance Corp. (a) | 1,800,000 | 1,841,546 | ||||||
|
| |||||||
10,837,964 | ||||||||
|
| |||||||
TOTAL CORPORATE DEBT (Cost $531,346,318) | 579,451,978 | |||||||
|
| |||||||
MUNICIPAL OBLIGATIONS — 0.5% | ||||||||
Access Group, Inc., Delaware VRN | 1,250,000 | 1,065,674 |
The accompanying notes are an integral part of the financial statements.
98
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MassMutual Premier Core Bond Fund – Portfolio of Investments (Continued)
Principal Amount | Value | |||||||
New York City Municipal Water Finance Authority | $ | 390,000 | $ | 529,561 | ||||
State of California | 895,000 | 1,023,522 | ||||||
State of California BAB | 505,000 | 685,038 | ||||||
State of California BAB | 1,160,000 | 1,591,311 | ||||||
State of Illinois | 2,910,000 | 3,237,724 | ||||||
|
| |||||||
8,132,830 | ||||||||
|
| |||||||
TOTAL MUNICIPAL OBLIGATIONS (Cost $7,336,028) | 8,132,830 | |||||||
|
| |||||||
NON-U.S. GOVERNMENT AGENCY OBLIGATIONS — 14.8% | ||||||||
Automobile ABS — 0.5% | ||||||||
Chesapeake Funding LLC, | 642,632 | 649,455 | ||||||
First Investors Auto Owner Trust, | 307,996 | 308,469 | ||||||
First Investors Auto Owner Trust 2012-2, | 1,810,000 | 1,812,362 | ||||||
Hertz Vehicle Financing LLC, | 4,950,000 | 4,997,939 | ||||||
LAI Vehicle Lease Securitization Trust, | 444,244 | 447,755 | ||||||
|
| |||||||
8,215,980 | ||||||||
|
| |||||||
Commercial MBS — 6.7% | ||||||||
Banc of America Commercial Mortgage, Inc., Series 2007-4, Class A4 VRN | 5,890,000 | 6,959,839 | ||||||
Banc of America Commercial Mortgage, Inc., Series 2008-1, Class A4 VRN | 5,300,000 | 6,358,020 | ||||||
Bear Stearns Commercial Mortgage Securities, Series 2005-PWR7, | 820,000 | 889,794 | ||||||
Bear Stearns Commercial Mortgage Securities, Series 2006-PW14, | 2,790,000 | 3,200,227 |
Principal Amount | Value | |||||||
Bear Stearns Commercial Mortgage Securities, Series 2006-PW14, | $ | 1,295,000 | $ | 1,406,138 | ||||
Bear Stearns Commercial Mortgage Securities, Series 2007-T26, Class A2 | 225,339 | 226,639 | ||||||
Bear Stearns Commercial Mortgage Securities, Series 2007-T26, | 750,000 | 879,347 | ||||||
Bear Stearns Commercial Mortgage Securities, Series 2007-PW17, Class A4 | 2,200,000 | 2,589,195 | ||||||
Bear Stearns Commercial Mortgage Securities, Series 2007-PW18, Class A4 | 2,150,000 | 2,554,121 | ||||||
Bear Stearns Commercial Mortgage Securities, Series 2007-T28, Class AM VRN | 1,170,000 | 1,300,464 | ||||||
Bear Stearns Commercial Mortgage Securities, Series 2006-PW12, | 2,375,000 | 2,659,739 | ||||||
COMM 2012-CCRE1 Mortgage Trust, Series 2012-CR1, Class A3 | 2,000,000 | 2,147,348 | ||||||
COMM 2012-CCRE1 Mortgage Trust, Series 2012-CR1, Class AM | 1,250,000 | 1,316,569 | ||||||
Commercial Mortgage Pass Through Certificates, Series 2006-C7, | 1,343,000 | 1,543,364 | ||||||
Commercial Mortgage Pass Through Certificates, Series 2007-C9, | 3,328,000 | 3,954,468 | ||||||
Credit Suisse First Boston Mortgage Securities Corp., | 2,446,495 | 2,547,504 | ||||||
Credit Suisse Mortgage Pass Through Certificates, Series 2008-C1, | 4,500,000 | 2,649,636 | ||||||
DBUBS Mortgage Trust, | 2,160,000 | 2,339,793 |
The accompanying notes are an integral part of the financial statements.
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Principal Amount | Value | |||||||
DBUBS Mortgage Trust, | $ | 1,600,000 | $ | 1,749,402 | ||||
DBUBS Mortgage Trust, | 725,121 | 788,141 | ||||||
DBUBS Mortgage Trust, | 860,000 | 993,376 | ||||||
DBUBS Mortgage Trust, | 940,000 | 1,069,800 | ||||||
Greenwich Capital Commercial Funding Corp., Series 2006-GG7, | 3,185,000 | 3,694,923 | ||||||
GS Mortgage Securities Corp. II, | 850,000 | 986,604 | ||||||
GS Mortgage Securities Corporation II, Series 2011-GC3, Class A2 (a) | 2,600,000 | 2,814,555 | ||||||
GS Mortgage Securities Corporation II, Series 2012-GC6, Class AS (a) | 800,000 | 907,727 | ||||||
JP Morgan Chase Commercial Mortgage Securities Corp., Series 2011-C4, Class A2 (a) | 650,000 | 699,364 | ||||||
JP Morgan Chase Commercial Mortgage Securities Corp., Series 2012-C6, Class AS | 1,678,000 | 1,813,925 | ||||||
JP Morgan Chase Commercial Mortgage Securities Corp., Series 2012-CBX, Class AS | 2,245,000 | 2,459,868 | ||||||
JP Morgan Chase Commercial Mortgage Securities Corp., Series 2005-LDP2, Class AM, CMO | 200,000 | 215,109 | ||||||
JP Morgan Chase Commercial Mortgage Securities Corp., Series 2011-C4, Class B (a) | 525,000 | 577,690 | ||||||
JP Morgan Chase Commercial Mortgage Securities Corp., Series 2012-C6, Class B VRN | 1,250,000 | 1,363,202 | ||||||
JP Morgan Chase Commercial Mortgage Securities Corp., Series 2012-CBX, Class B VRN | 1,395,000 | 1,497,326 |
Principal Amount | Value | |||||||
JP Morgan Chase Commercial Mortgage Securities Corp., Series 2006-CB17, | $ | 3,000,000 | $ | 3,420,280 | ||||
Merrill Lynch/Countrywide Commercial Mortgage Trust, Series 2006-1, | 340,000 | 388,890 | ||||||
Merrill Lynch/Countrywide Commercial Mortgage Trust, Series 2006-2, | 1,600,000 | 1,851,938 | ||||||
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2012-C5, Class AS | 2,660,000 | 2,772,113 | ||||||
Morgan Stanley Capital I, | 1,800,000 | 1,949,784 | ||||||
Morgan Stanley Capital I, | 825,000 | 926,711 | ||||||
Morgan Stanley Capital I, | 1,150,000 | 1,341,455 | ||||||
Morgan Stanley Capital I, | 1,525,000 | 1,673,404 | ||||||
Morgan Stanley Capital I, | 925,000 | 977,621 | ||||||
Morgan Stanley Capital I, | 2,335,532 | 2,399,389 | ||||||
Morgan Stanley Capital I, | 1,375,000 | 1,671,479 | ||||||
TIAA Seasoned Commercial Mortgage Trust, Series 2007-C4, Class A3 VRN | 1,500,000 | 1,591,976 | ||||||
TIAA Seasoned Commercial Mortgage Trust, Series 2007-C4, Class AJ VRN | 1,525,000 | 1,652,968 | ||||||
Wachovia Bank Commercial Mortgage Trust, Series 2007-C33, Class A4 VRN | 2,170,000 | 2,560,219 | ||||||
Wachovia Bank Commercial Mortgage Trust, Series 2006-C23, Class AM VRN | 2,220,000 | 2,441,832 |
The accompanying notes are an integral part of the financial statements.
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Principal Amount | Value | |||||||
Wachovia Bank Commercial Mortgage Trust, Series 2007-C31, Class A4 | $ | 4,525,000 | $ | 5,182,539 | ||||
Wachovia Bank Commercial Mortgage Trust, Series 2006-C25, | 1,250,000 | 1,380,767 | ||||||
Wachovia Bank Commercial Mortgage Trust, Series 2007-C33, | 243,443 | 244,058 | ||||||
Wells Fargo Commercial Mortgage Trust, Series 2010-C1, Class A1 (a) | 573,113 | 618,851 | ||||||
Wells Fargo Reremic Trust, | 2,450,639 | 2,441,522 | ||||||
WF-RBS Commercial Mortgage Trust, | 1,997,629 | 2,135,554 | ||||||
WF-RBS Commercial Mortgage Trust, | 800,000 | 814,920 | ||||||
WF-RBS Commercial Mortgage Trust, | 1,225,000 | 1,335,949 | ||||||
WF-RBS Commercial Mortgage Trust, | 1,600,000 | 1,676,827 | ||||||
WF-RBS Commercial Mortgage Trust, | 1,800,000 | 1,929,289 | ||||||
WF-RBS Commercial Mortgage Trust, | 835,000 | 965,125 | ||||||
|
| |||||||
113,498,677 | ||||||||
|
| |||||||
Home Equity ABS — 2.4% | ||||||||
Aames Mortgage Investment Trust, | 2,070,000 | 1,531,219 | ||||||
ACE Securities Corp., | 1,031,897 | 1,012,593 | ||||||
ACE Securities Corp. | 1,005,427 | 987,563 | ||||||
Ameriquest Mortgage Securities, Inc., | 107,971 | 106,372 | ||||||
Ameriquest Mortgage Securities, Inc., | 869,560 | 853,834 |
Principal Amount | Value | |||||||
Ameriquest Mortgage Securities, Inc., | $ | 888,381 | $ | 882,240 | ||||
Asset-Backed Funding Certificates, | 1,418,682 | 1,350,845 | ||||||
Bear Stearns Asset Backed Securities | 318,836 | 315,808 | ||||||
Bear Stearns Asset-Backed Securities | 247,047 | 246,185 | ||||||
Carrington Mortgage Loan Trust, | 84,656 | 84,409 | ||||||
Carrington Mortgage Loan Trust, | 516,942 | 504,277 | ||||||
Citigroup Mortgage Loan Trus, Inc., | 873,079 | 859,430 | ||||||
Citigroup Mortgage Loan Trust, Inc., | 1,251,495 | 1,251,665 | ||||||
Countrywide Asset-Backed Certificates, | 389,060 | 386,650 | ||||||
Countrywide Asset-Backed Certificates, | 285,396 | 281,244 | ||||||
Countrywide Asset-Backed Certificates, | 885,524 | 848,731 | ||||||
Countrywide Partnership Trust, | 773,329 | 719,283 | ||||||
First Franklin Mortgage Loan Asset-Backed Certificates, | 2,500,000 | 2,237,863 | ||||||
Fremont Home Loan Trust, | 943,763 | 790,160 | ||||||
GSAMP Trust, | 829,776 | 701,743 | ||||||
Home Equity Asset Trust, | 868,106 | 821,758 |
The accompanying notes are an integral part of the financial statements.
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Principal Amount | Value | |||||||
Home Equity Asset Trust, Series 2006-3, | $ | 1,067,082 | $ | 1,061,352 | ||||
JP Morgan Mortgage Acquisition, | 340,412 | 339,813 | ||||||
Long Beach Mortgage Loan Trust, | 487,974 | 481,090 | ||||||
Long Beach Mortgage Loan Trust, | 2,970,836 | 2,583,985 | ||||||
Long Beach Mortgage Loan Trust, | 962,197 | 958,590 | ||||||
Long Beach Mortgage Loan Trust, | 1,690,000 | 1,486,519 | ||||||
Merrill Lynch Mortgage Synthetic, | 2,839,788 | 2,565,843 | ||||||
Merrill Lynch Mortgage Synthetic, | 1,300,000 | 844,068 | ||||||
Morgan Stanley ABS Capital I, | 22,787 | 22,758 | ||||||
Morgan Stanley ABS Capital I, | 281,965 | 280,195 | ||||||
New Century Home Equity Loan Trust, | 2,155,219 | 2,124,784 | ||||||
New Century Home Equity Loan Trust, | 1,275,000 | 1,024,322 | ||||||
New Century Home Equity Loan Trust, | 3,082 | 3,176 | ||||||
Nomura Home Equity Loan, Inc., | 642,808 | 616,089 | ||||||
Park Place Securities, Inc., | 496,776 | 478,921 | ||||||
Park Place Securities, Inc., | 1,478,758 | 1,454,924 | ||||||
Park Place Securities, Inc., | 1,330,027 | 1,232,909 |
Principal Amount | Value | |||||||
Residential Asset Mortgage Products, Inc., Series 2005-EFC6, | $ | 399,985 | $ | 396,480 | ||||
Residential Asset Securities Corp., | 1,181,745 | 1,167,339 | ||||||
Residential Asset Securities Corp., | 1,250,343 | 1,226,115 | ||||||
Residential Asset Securities Corp., | 469,034 | 461,358 | ||||||
Specialty Underwriting & Residential Finance, Series 2005-AB1, | 886,328 | 874,667 | ||||||
Structured Asset Investment Loan Trust, | 1,412,144 | 1,383,580 | ||||||
|
| |||||||
39,842,749 | ||||||||
|
| |||||||
Other ABS — 2.0% | ||||||||
321 Henderson Receivables,LLC, | 408,831 | 428,508 | ||||||
Adams Outdoor Advertising LP, | 947,117 | 1,053,499 | ||||||
CLI Funding LLC, Series 2006-1A, | 346,588 | 338,653 | ||||||
CLI Funding LLC, Series 2012-1A, | 583,637 | 604,121 | ||||||
Cronos Containers Program Ltd., | 1,575,000 | 1,595,475 | ||||||
Dominos Pizza Master Issuer LLC, | 2,272,825 | 2,474,922 | ||||||
Drug Royalty Corp., Inc., | 1,612,692 | 1,612,391 | ||||||
Global SC Finance SRL, | 1,475,000 | 1,549,030 | ||||||
GSAMP Trust, Series 2005-HE5, | 880,000 | 634,142 | ||||||
HFG Healthco-4 LLC, Series 2011-1A, | 2,125,000 | 2,128,783 |
The accompanying notes are an integral part of the financial statements.
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Principal Amount | Value | |||||||
New York City Tax Lien, | $ | 2,636,000 | $ | 2,636,021 | ||||
Newport Waves CDO | 5,000,000 | 4,141,500 | ||||||
NuCO2 Funding LLC, | 3,025,000 | 3,112,725 | ||||||
PFS Financing Corp., | 600,000 | 605,535 | ||||||
Sierra Receivables Funding Co. LLC, Series 2012-1A, Class A (a) | 1,039,915 | 1,042,175 | ||||||
Sonic Capital LLC, | 1,464,000 | 1,626,870 | ||||||
Structured Receivables Finance LLC, Series 2010-B, Class A (a) | 788,003 | 821,722 | ||||||
TAL Advantage LLC, | 860,000 | 842,044 | ||||||
TAL Advantage LLC, | 1,041,667 | 1,113,236 | ||||||
Tax Liens Securitization Trust, Series 2010-1A, Class 1A2 (a) | 62,510 | 62,585 | ||||||
Trafigura Securitisation Finance PLC, | 1,119,000 | 1,119,864 | ||||||
Trip Rail Master Funding LLC, | 1,501,390 | 1,556,748 | ||||||
Triton Container Finance LLC, | 979,167 | 951,879 | ||||||
Westgate Resorts LLC, | 1,565,000 | 1,566,956 | ||||||
|
| |||||||
33,619,384 | ||||||||
|
| |||||||
Student Loans ABS — 2.3% | ||||||||
Access Group, Inc., | 318,303 | 316,768 | ||||||
Access Group, Inc. | 500,000 | 427,871 |
Principal Amount | Value | |||||||
Access Group, Inc. | $ | 816,521 | $ | 790,526 | ||||
Chase Education Loan Trust, | 117,644 | 117,563 | ||||||
College Loan Corp. Trust, | 2,075,000 | 1,763,750 | ||||||
College Loan Corp. Trust, | 1,100,000 | 968,000 | ||||||
Education Funding Capital Trust I, | 2,600,000 | 2,496,000 | ||||||
Education Funding Capital Trust I, | 2,675,000 | 2,529,320 | ||||||
Education Funding Capital Trust I, | 1,700,000 | 1,476,280 | ||||||
Education Funding Capital Trust I, | 1,775,000 | 1,761,301 | ||||||
Education Funding Capital Trust I, | 1,125,000 | 1,076,029 | ||||||
Education Funding Capital Trust I, | 2,475,000 | 2,356,507 | ||||||
Education Funding Capital Trust I, | 1,000,000 | 724,905 | ||||||
Education Loan Asset-Backed Trust I, Series 2012-1, Class A1 FRN | 1,695,000 | 1,695,000 | ||||||
GCO Education Loan Funding Trust, Series 2006-2A, Class A2L FRN (a) | 1,157,294 | 1,149,332 | ||||||
GCO Education Loan Funding Trust, | 1,150,000 | 985,654 | ||||||
GCO Education Loan Funding Trust,, | 1,625,000 | 1,489,127 | ||||||
National Collegiate Student Loan Trust, | 1,811,654 | 1,788,371 | ||||||
Nelnet Education Loan Funding, Inc., | 625,000 | 550,103 | ||||||
Nelnet Student Loan Trust, | 1,002,757 | 1,010,985 |
The accompanying notes are an integral part of the financial statements.
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Principal Amount | Value | |||||||
Northstar Education Finance, Inc., | $ | 1,200,000 | $ | 795,480 | ||||
SLC Student Loan Trust, | 697,000 | 572,165 | ||||||
SLC Student Loan Trust | 2,125,000 | 1,984,131 | ||||||
SLM Student Loan Trust, | 121,496 | 121,384 | ||||||
SLM Student Loan Trust, | 1,108,969 | 885,527 | ||||||
SLM Student Loan Trust, | 350,000 | 350,000 | ||||||
SLM Student Loan Trust, | 1,850,000 | 1,850,000 | ||||||
SLM Student Loan Trust, | 150,000 | 150,000 | ||||||
SLM Student Loan Trust, | 700,000 | 700,000 | ||||||
SLM Student Loan Trust, | 950,000 | 950,000 | ||||||
SLM Student Loan Trust, | 700,000 | 700,000 | ||||||
SLM Student Loan Trust, | 400,000 | 400,000 | ||||||
SLM Student Loan Trust, | 450,000 | 414,830 | ||||||
SLM Student Loan Trust, | 1,350,000 | 1,270,505 | ||||||
SLM Student Loan Trust, | 2,200,000 | 1,672,000 | ||||||
US Education Loan Trust LLC, | 1,209,351 | 1,201,199 | ||||||
|
| |||||||
39,490,613 | ||||||||
|
|
Principal Amount | Value | |||||||
WL Collateral CMO — 0.8% | ||||||||
Bank of America Mortgage Securities, | $ | 790,117 | $ | 712,847 | ||||
Capital Automotive REIT, | 1,855,726 | 1,872,891 | ||||||
Countrywide Home Loans, Inc., | 147,929 | 134,953 | ||||||
Countrywide Home Loans, Inc., | 89,766 | 71,296 | ||||||
GSR Mortgage Loan Trust, | 132,923 | 116,792 | ||||||
Harborview Mortgage Loan Trust, | 2,495,668 | 1,789,412 | ||||||
HSI Asset Securitization Corp. Trust, Series 2005, Class IIA3 FRN | 649,113 | 622,958 | ||||||
Impac Secured Assets CMN Owner Trust, Series 2007-2, Class 1A1A FRN | 2,456,767 | �� | 1,161,715 | |||||
IndyMac Index Mortgage Loan Trust, Series 2004-AR4, Class 1A VRN | 406,286 | 309,151 | ||||||
Merrill Lynch Mortgage Investors Trust, Series 2005-AR1, Class A1A FRN | 180,000 | 180,002 | ||||||
Merrill Lynch Mortgage Investors, Inc., Series 2005-A8, Class A3A2 FRN | 734,746 | 633,711 | ||||||
Merrill Lynch Mortgage Investors, Inc., | 18,350 | 18,447 | ||||||
Merrill Lynch Mortgage Investors, Inc., | 55,208 | 55,336 | ||||||
Morgan Stanley Mortgage Loan Trust, | 2,123 | 2,040 | ||||||
Morgan Stanley Reremic Trust, | 1,862,534 | 1,877,667 | ||||||
Morgan Stanley Reremic Trust, | 1,250,220 | 1,253,346 | ||||||
Opteum Mortgage Acceptance Corp., Series 2005-3, Class A1B FRN | 648,418 | 624,163 |
The accompanying notes are an integral part of the financial statements.
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Principal Amount | Value | |||||||
Residential Accredit Loans, Inc., | $ | 4,645,653 | $ | 1,883,442 | ||||
Structured Adjustable Rate Mortgage Loan Trust, | 307,219 | 275,619 | ||||||
Washington Mutual, Inc., | 715,724 | 656,414 | ||||||
|
| |||||||
14,252,202 | ||||||||
|
| |||||||
WL Collateral PAC — 0.1% | ||||||||
Structured Asset Securities Corp., | 1,378,390 | 1,349,741 | ||||||
Structured Asset Securities Corp., | 231,079 | 191,561 | ||||||
|
| |||||||
1,541,302 | ||||||||
|
| |||||||
TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $248,814,969) | 250,460,907 | |||||||
|
| |||||||
SOVEREIGN DEBT OBLIGATIONS — 1.0% | ||||||||
Brazilian Government International Bond | 700,000 | 836,500 | ||||||
Colombia Government International Bond | 1,175,000 | 1,553,937 | ||||||
Mexico Government International Bond | 3,050,000 | 3,393,125 | ||||||
Peruvian Government International Bond | 560,000 | 824,600 | ||||||
Poland Government International Bond | 1,260,000 | 1,556,100 | ||||||
Province of Quebec Canada | 540,000 | 835,728 | ||||||
Republic of Brazil International Bond | 1,825,000 | 2,336,000 | ||||||
Republic of Brazil International Bond | 2,243,000 | 2,792,535 | ||||||
United Mexican States | 1,110,000 | 1,326,450 |
Principal Amount | Value | |||||||
United Mexican States | $ | 950,000 | $ | 1,352,800 | ||||
|
| |||||||
16,807,775 | ||||||||
|
| |||||||
TOTAL SOVEREIGN DEBT OBLIGATIONS (Cost $13,868,168) | 16,807,775 | |||||||
|
| |||||||
U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES — 23.3% | ||||||||
Collateralized Mortgage Obligations — 0.1% | ||||||||
Federal Home Loan Mortgage Corp., Series 2178, Class PB | 719,032 | 836,638 | ||||||
Federal National Mortgage Association, Series 1989-20, Class A | 283,827 | 298,147 | ||||||
U.S. Department of Veteran Affairs, Series 1992-1, Class 2Z | 573,925 | 659,377 | ||||||
|
| |||||||
1,794,162 | ||||||||
|
| |||||||
Pass-Through Securities — 23.2% | ||||||||
Federal Home Loan Mortgage Corp. Pool #G18363 3.500% | 1,770,517 | 1,871,906 | ||||||
Pool #J13013 3.500% | 1,228,128 | 1,298,458 | ||||||
Pool #J13495 3.500% | 1,516,390 | 1,603,227 | ||||||
Pool #J15111 3.500% | 1,973,652 | 2,086,674 | ||||||
Pool #J15891 3.500% | 1,763,514 | 1,864,503 | ||||||
Pool #J16192 3.500% | 1,399,888 | 1,480,053 | ||||||
Pool #J16476 3.500% | 812,946 | 859,500 | ||||||
Pool #Q01704 4.500% | 3,902,841 | 4,215,983 | ||||||
Pool #Q03086 4.500% | 20,448,265 | 22,088,920 | ||||||
Pool #E84025 6.000% | 178,694 | 190,807 | ||||||
Pool #G11431 6.000% | 17,776 | 19,216 | ||||||
Pool #G11122 6.500% | 89,048 | 94,305 | ||||||
Pool #E84450 6.500% | 23,664 | 25,477 | ||||||
Pool #E84580 6.500% | 26,691 | 28,617 | ||||||
Pool #E84660 6.500% | 6,433 | 6,964 |
The accompanying notes are an integral part of the financial statements.
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Principal Amount | Value | |||||||
Pool #E90508 6.500% | $ | 80,895 | $ | 88,539 | ||||
Pool #C00836 7.000% | 32,230 | 36,758 | ||||||
Pool #C49314 7.000% | 8,249 | 9,440 | ||||||
Pool #C51422 7.000% | 4,124 | 4,721 | ||||||
Pool #C51550 7.000% | 2,054 | 2,348 | ||||||
Pool #C53034 7.000% | 15,894 | 18,194 | ||||||
Pool #G01311 7.000% | 175,031 | 200,058 | ||||||
Pool #G01317 7.000% | 114,566 | 130,935 | ||||||
Pool #E00856 7.500% | 13,001 | 13,745 | ||||||
Pool #G00143 7.500% | 2,287 | 2,623 | ||||||
Pool #C55867 7.500% | 69,169 | 80,209 | ||||||
Pool #C37986 7.500% | 2,025 | 2,372 | ||||||
Pool #C39755 7.500% | 401 | 470 | ||||||
Pool #C40675 7.500% | 439 | 515 | ||||||
Pool #C41497 7.500% | 208 | 243 | ||||||
Pool #C42340 7.500% | 411 | 482 | ||||||
Pool #C42427 7.500% | 821 | 963 | ||||||
Pool #C43930 7.500% | 14,116 | 16,554 | ||||||
Pool #C43962 7.500% | 6,416 | 7,513 | ||||||
Pool #C44509 7.500% | 16,252 | 19,080 | ||||||
Pool #C44830 7.500% | 30 | 34 | ||||||
Pool #C45235 7.500% | 100,024 | 117,367 | ||||||
Pool #C46038 7.500% | 1,654 | 1,938 | ||||||
Pool #C01116 7.500% | 3,996 | 4,686 | ||||||
Pool #C46309 7.500% | 620 | 728 | ||||||
Pool #C46560 7.500% | 720 | 838 | ||||||
Pool #C46810 7.500% | 776 | 910 |
Principal Amount | Value | |||||||
Pool #C47063 7.500% | $ | 5,517 | $ | 6,456 | ||||
Pool #C47060 7.500% | 1,920 | 2,250 | ||||||
Pool #E00842 8.000% | 43,496 | 46,000 | ||||||
Pool #E00843 8.000% | 10,518 | 11,091 | ||||||
Pool #E00852 8.000% | 14,065 | 14,916 | ||||||
Pool #E80782 8.000% | 1,282 | 1,370 | ||||||
Pool #E80998 8.000% | 9,540 | 10,103 | ||||||
Pool #E81091 8.000% | 11,735 | 12,539 | ||||||
Pool #E81151 8.000% | 21,674 | 23,162 | ||||||
Pool #555481 8.250% | 10,688 | 11,806 | ||||||
Pool #G00653 8.500% | 39,856 | 47,372 | ||||||
Pool #554904 9.000% | 163 | 177 | ||||||
Federal Home Loan Mortgage Corp. TBA | 2,600,000 | 2,750,312 | ||||||
Pool #1513 4.000% | 38,000,000 | 40,852,968 | ||||||
Pool #E5548 4.500% | 10,600,000 | 11,405,765 | ||||||
Federal National Mortgage Association | 896,485 | 954,421 | ||||||
Pool #888586 2.372% | 1,761,939 | 1,881,628 | ||||||
Pool #775539 2.651% | 894,449 | 957,459 | ||||||
Pool #AA4446 4.000% | 34,662 | 37,292 | ||||||
Pool #AC4897 4.000% | 1,405,526 | 1,512,203 | ||||||
Pool #AE2259 4.000% | 115,318 | 124,070 | ||||||
Pool #AE5149 4.000% | 1,808,965 | 1,946,263 | ||||||
Pool #AE7533 4.000% | 396,088 | 426,151 | ||||||
Pool #AH0946 4.000% | 77,310 | 83,177 | ||||||
Pool #AH4158 4.000% | 526,565 | 566,531 | ||||||
Pool #AH9910 4.000% | 1,799,967 | 1,936,582 |
The accompanying notes are an integral part of the financial statements.
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Principal Amount | Value | |||||||
Pool #AI0038 4.000% | $ | 276,820 | $ | 297,830 | ||||
Pool #AH3864 4.000% | 353,945 | 380,809 | ||||||
Pool #AI0478 4.000% | 294,600 | 316,960 | ||||||
Pool #AI5233 4.000% | 1,605,612 | 1,727,475 | ||||||
Pool #AJ0806 4.000% | 95,584 | 102,839 | ||||||
Pool #AJ2925 4.000% | 1,837,654 | 1,977,129 | ||||||
Pool #AJ3897 4.000% | 1,626,126 | 1,772,922 | ||||||
Pool #675713 5.000% | 22,109 | 23,983 | ||||||
Pool #545636 6.500% | 137,569 | 148,663 | ||||||
Pool #524355 7.000% | 148 | 170 | ||||||
Pool #254379 7.000% | 102,050 | 116,566 | ||||||
Pool #252717 7.500% | 6,747 | 7,898 | ||||||
Pool #535996 7.500% | 23,441 | 27,494 | ||||||
Pool #254009 7.500% | 79,423 | 93,273 | ||||||
Pool #253394 8.000% | 33,866 | 38,789 | ||||||
Pool #323992 8.000% | 4,414 | 5,232 | ||||||
Pool #525725 8.000% | 9,215 | 10,878 | ||||||
Pool #537433 8.000% | 6,199 | 7,389 | ||||||
Pool #253266 8.000% | 10,507 | 12,494 | ||||||
Pool #253347 8.000% | 13,984 | 16,648 | ||||||
Pool #544976 8.000% | 960 | 1,143 | ||||||
Pool #535428 8.000% | 16,284 | 19,377 | ||||||
Pool #543290 8.000% | 67 | 79 | ||||||
Pool #547786 8.000% | 2,897 | 3,424 | ||||||
Pool #550767 8.000% | 10,619 | 12,595 | ||||||
Pool #553061 8.000% | 15,034 | 17,854 | ||||||
Pool #253481 8.000% | 13,394 | 15,951 |
Principal Amount | Value | |||||||
Pool #535533 8.000% | $ | 12,597 | $ | 14,989 | ||||
Pool #560741 8.000% | 3,215 | 3,835 | ||||||
Pool #253644 8.000% | 6,590 | 7,851 | ||||||
Pool #581170 8.000% | 1,747 | 2,073 | ||||||
Pool #583916 8.000% | 5,327 | 6,361 | ||||||
Pool #593848 8.000% | 1,087 | 1,297 | ||||||
Pool #190317 8.000% | 75,491 | 89,794 | ||||||
Pool #545240 8.000% | 8,049 | 9,582 | ||||||
Pool #541202 8.500% | 88,508 | 104,126 | ||||||
Federal National Mortgage | 31,500,000 | 33,114,375 | ||||||
Pool #4491 3.000% | 32,000,000 | 33,922,499 | ||||||
Pool #1817 3.000% | 26,831,000 | 28,321,379 | ||||||
Pool #1202 3.500% | 19,700,000 | 21,128,250 | ||||||
Pool #3043 4.000% | 2,293,000 | 2,470,887 | ||||||
Pool #25956 5.000% | 15,100,000 | 16,473,156 | ||||||
Pool #45519 5.500% | 21,974,000 | 24,092,430 | ||||||
Pool #53813 6.000% | 22,925,000 | 25,314,216 | ||||||
Government National Mortgage | ||||||||
Pool #727394 4.500% | 751,386 | 831,778 | ||||||
Pool #734716 4.500% | 6,443,022 | 7,132,375 | ||||||
Pool #617994 4.500% | 17,355 | 19,212 | ||||||
Pool #734672 4.500% | 281,482 | 311,598 | ||||||
Pool #738019 4.500% | 6,788,023 | 7,497,319 | ||||||
Pool #707745 4.500% | 7,900,543 | 8,686,585 | ||||||
Pool #707760 4.500% | 2,613,051 | 2,873,030 | ||||||
Pool #768773 4.500% | 7,615,602 | 8,373,295 |
The accompanying notes are an integral part of the financial statements.
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Principal Amount | Value | |||||||
Pool #593946 5.000% | $ | 25,743 | $ | 28,522 | ||||
Pool #612902 5.000% | 4,515 | 5,002 | ||||||
Pool #626512 5.000% | 12,475 | 13,822 | ||||||
Pool #648526 5.000% | 50,283 | 55,673 | ||||||
Pool #650254 5.000% | 119,414 | 132,139 | ||||||
Pool #658256 5.000% | 13,659 | 15,081 | ||||||
Pool #663769 5.000% | 12,724 | 14,049 | ||||||
Pool #671331 5.000% | 160,845 | 177,457 | ||||||
Pool #684647 5.000% | 8,807 | 9,707 | ||||||
Pool #684733 5.000% | 477,998 | 526,844 | ||||||
Pool #680205 5.000% | 281,608 | 310,385 | ||||||
Pool #632260 5.000% | 226,108 | 249,214 | ||||||
Pool #693530 5.000% | 185,049 | 203,959 | ||||||
Pool #698026 5.000% | 2,702,118 | 2,978,241 | ||||||
Pool #698028 5.000% | 122,167 | 134,651 | ||||||
Pool #701581 5.000% | 651,326 | 717,883 | ||||||
Pool #704182 5.000% | 245,456 | 270,539 | ||||||
Pool #692374 5.000% | 2,915,954 | 3,213,928 | ||||||
Pool #698103 5.000% | 535,069 | 589,746 | ||||||
Pool #704584 5.000% | 128,330 | 141,443 | ||||||
Pool #716503 5.000% | 46,312 | 51,392 | ||||||
Pool #723436 5.000% | 387,665 | 430,187 | ||||||
Pool #721292 5.000% | 342,612 | 380,192 | ||||||
Pool #783065 5.000% | 194,100 | 214,541 | ||||||
Pool #743981 5.000% | 112,394 | 124,512 | ||||||
Pool #760362 5.000% | 752,247 | 831,939 | ||||||
Pool #760369 5.000% | 97,226 | 107,526 |
Principal Amount | Value | |||||||
Pool #760389 5.000% | $ | 1,796,738 | $ | 1,987,080 | ||||
Pool #404246 6.500% | 837 | 958 | ||||||
Pool #418295 6.500% | 166 | 189 | ||||||
Pool #781038 6.500% | 152,843 | 175,027 | ||||||
Pool #527586 6.500% | 812 | 936 | ||||||
Pool #781468 6.500% | 11,426 | 13,176 | ||||||
Pool #781496 6.500% | 57,382 | 66,055 | ||||||
Pool #363066 7.000% | 14,960 | 17,004 | ||||||
Pool #352049 7.000% | 8,155 | 9,295 | ||||||
Pool #354674 7.000% | 10,094 | 11,478 | ||||||
Pool #358555 7.000% | 8,804 | 10,031 | ||||||
Pool #345964 7.000% | 7,567 | 8,608 | ||||||
Pool #380866 7.000% | 1,678 | 1,908 | ||||||
Pool #781124 7.000% | 17,357 | 20,125 | ||||||
Pool #781319 7.000% | 364,115 | 423,750 | ||||||
Pool #581417 7.000% | 102,115 | 119,094 | ||||||
Pool #588012 7.000% | 41,582 | 48,367 | ||||||
Pool #565982 7.000% | 16,820 | 19,638 | ||||||
Pool #591581 7.000% | 11,645 | 13,596 | ||||||
Pool #190766 7.500% | 23,058 | 25,042 | ||||||
Pool #203940 7.500% | 33,836 | 36,749 | ||||||
Pool #187548 7.500% | 8,150 | 8,840 | ||||||
Pool #201622 7.500% | 19,155 | 21,012 | ||||||
Pool #181168 7.500% | 18,552 | 20,351 | ||||||
Pool #210627 7.500% | 5,235 | 5,722 | ||||||
Pool #192796 7.500% | 4,872 | 5,318 | ||||||
Pool #357262 7.500% | 6,255 | 7,196 |
The accompanying notes are an integral part of the financial statements.
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Principal Amount | Value | |||||||
Pool #441009 8.000% | $ | 1,498 | $ | 1,764 | ||||
Pool #522777 8.000% | 6,991 | 8,302 | ||||||
Pool #434719 8.000% | 179 | 213 | ||||||
Pool #523043 8.000% | 363 | 431 | ||||||
Pool #529134 8.000% | 2,027 | 2,414 | ||||||
Pool #477036 8.000% | 1,492 | 1,776 | ||||||
Pool #503157 8.000% | 30,535 | 36,147 | ||||||
Pool #528714 8.000% | 2,137 | 2,545 | ||||||
Pool #544640 8.000% | 36,404 | 43,388 | ||||||
Pool #531298 8.500% | 3,018 | 3,602 | ||||||
Government National Mortgage Association II FRN | 3,335,390 | 3,497,170 | ||||||
Pool #82462 3.500% | 2,955,789 | 3,148,698 | ||||||
Government National Mortgage | 7,500,000 | 8,031,445 | ||||||
Pool #3734 3.500% | 8,000,000 | 8,767,500 | ||||||
Pool #4536 4.000% | 7,600,000 | 8,381,969 | ||||||
Pool #9891 5.000% | 7,500,000 | 8,271,094 | ||||||
Pool #20549 6.000% | 6,000,000 | 6,775,313 | ||||||
|
| |||||||
394,055,983 | ||||||||
|
| |||||||
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (Cost $391,907,432) | 395,850,145 | |||||||
|
| |||||||
U.S. TREASURY OBLIGATIONS — 23.1% | ||||||||
U.S. Treasury Bonds & Notes — 23.1% | ||||||||
U.S. Treasury Bond | 200,000 | 196,719 | ||||||
U.S. Treasury Bond | 29,650,000 | 31,593,682 | ||||||
U.S. Treasury Bond | 9,295,000 | 10,673,240 |
Principal Amount | Value | |||||||
U.S. Treasury Bond | $ | 2,265,000 | $ | 2,997,262 | ||||
U.S. Treasury Bond | 3,300,000 | 4,399,839 | ||||||
U.S. Treasury Bond | 18,710,000 | 27,050,166 | ||||||
U.S. Treasury Note | 47,130,000 | 47,120,428 | ||||||
U.S. Treasury Note | 110,850,000 | 110,733,951 | ||||||
U.S. Treasury Note | 4,000,000 | 3,993,125 | ||||||
U.S. Treasury Note | 52,390,000 | 54,438,119 | ||||||
U.S. Treasury Note | 13,990,000 | 13,974,479 | ||||||
U.S. Treasury Note (f) (g) | 54,160,000 | 57,467,567 | ||||||
U.S. Treasury Note | 25,420,000 | 26,889,792 | ||||||
|
| |||||||
391,528,369 | ||||||||
|
| |||||||
TOTAL U.S. TREASURY OBLIGATIONS (Cost $385,926,018) | 391,528,369 | |||||||
|
| |||||||
TOTAL BONDS & NOTES (Cost $1,579,198,933) | 1,642,232,004 | |||||||
|
| |||||||
TOTAL LONG-TERM INVESTMENTS (Cost $1,579,198,933) | 1,642,232,004 | |||||||
|
| |||||||
SHORT-TERM INVESTMENTS — 20.1% | ||||||||
Commercial Paper — 19.8% | ||||||||
AGL Capital Corp. (a) | 27,474,000 | 27,470,909 | ||||||
Apache Corp. (a) | 4,925,000 | 4,924,323 | ||||||
Apache Corp. (a) | 14,400,000 | 14,396,688 | ||||||
BAT International Finance (a) | 4,950,000 | 4,949,365 | ||||||
Bacardi USA, Inc. (a) | 3,925,000 | 3,924,559 | ||||||
DCP Midstream LLC (a) | 11,450,000 | 11,449,863 | ||||||
DCP Midstream LLC (a) | 5,300,000 | 5,298,021 | ||||||
Duke Energy Corp. (a) | 3,175,000 | 3,173,055 | ||||||
Enbridge Energy Partners (a) | 25,000,000 | 24,996,945 |
The accompanying notes are an integral part of the financial statements.
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Principal Amount | Value | |||||||
Enbridge Energy Partners LP (a) | $ | 5,000,000 | $ | 5,000,000 | ||||
FMC Technologies, Inc. (a) | 15,200,000 | 15,195,655 | ||||||
FMC Technologies, Inc. (a) | 8,700,000 | 8,691,034 | ||||||
Glencore Funding LLC | 25,000,000 | 24,978,500 | ||||||
Holcim US Finance Sarl & Cie (a) | 8,000,000 | 7,992,533 | ||||||
Kinder Morgan Energy (a) | 21,700,000 | 21,693,370 | ||||||
Marathon Oil Corp. (a) | 10,200,000 | 10,199,490 | ||||||
Marathon Oil Corp. (a) | 1,775,000 | 1,774,468 | ||||||
Marathon Oil Corp. (a) | 13,500,000 | 13,495,860 | ||||||
National Grid USA (a) | 7,550,000 | 7,547,739 | ||||||
National Grid USA (a) | 5,000,000 | 4,998,824 | ||||||
NextEra Energy Capital Holding, Inc. (a) | 9,550,000 | 9,549,777 | ||||||
Suncor Energy, Inc. (a) | 2,350,000 | 2,349,543 | ||||||
Talisman Energy, Inc. (a) | 4,000,000 | 3,995,313 | ||||||
Talisman Energy, Inc. (a) | 5,000,000 | 4,994,361 | ||||||
Tesco Treasury Services PLC (a) | 7,500,000 | 7,493,825 | ||||||
TransCanada PipeLines Ltd. (a) | 11,250,000 | 11,243,281 | ||||||
TransCanada PipeLines, Ltd. (a) | 8,120,000 | 8,119,098 | ||||||
United Healthcare Co. (a) | 10,175,000 | 10,175,000 | ||||||
VF Corp. (a) | 5,100,000 | 5,097,570 | ||||||
VF Corp. (a) | 9,935,000 | 9,925,203 | ||||||
VF Corp. (a) | 2,991,000 | 2,990,384 | ||||||
Weatherford International Ltd. (a) | 12,500,000 | 12,496,990 | ||||||
Weatherford International Ltd. (a) | 6,750,000 | 6,748,948 |
Principal Amount | Value | |||||||
Weatherford International Ltd. (a) | $ | 12,000,000 | $ | 11,996,013 | ||||
Xstrata Canada Financial Corp. (a) | 6,800,000 | 6,797,591 | ||||||
|
| |||||||
336,124,098 | ||||||||
|
| |||||||
Time Deposits — 0.3% | ||||||||
Euro Time Deposit | 4,813,672 | 4,813,672 | ||||||
|
| |||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $340,937,770) | 340,937,770 | |||||||
|
| |||||||
TOTAL INVESTMENTS — 117.0% (Cost $1,920,136,703) (h) | 1,983,169,774 | |||||||
Other Assets/(Liabilities) — (17.0)% | (288,091,206 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 1,695,078,568 | ||||||
|
|
Notes to Portfolio of Investments
ABS | Asset-Backed Security |
BAB | Build America Bonds |
CDO | Collateralized Debt Obligation |
CMO | Collateralized Mortgage Obligation |
FRN | Floating Rate Note |
MBS | Mortgage-Backed Security |
PAC | Planned Amortization Class |
STEP | Step Up Bond |
TBA | To Be Announced |
VRN | Variable Rate Note |
WL | Whole Loan |
(a) | Securities exempt from registration under rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At September 30, 2012, these securities amounted to a value of $491,509,092 or 29.00% of net assets. |
(b) | Security is currently in default due to bankruptcy or payment of principal or interest of the issuer. At September 30, 2012, these securities amounted to a value of $109,341 or 0.01% of net assets. |
(c) | A portion of this security is purchased on a when-issued, delayed-delivery or forward commitment basis. (Note 2). |
(d) | Security exempt from registration under Regulation S of the Securities Act of 1933, which exempts from registration securities offered and sold outside the United States. Security may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933. At September 30, 2012, these securities amounted to a value of $1,780,200 or 0.11% of net assets. |
The accompanying notes are an integral part of the financial statements.
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MassMutual Premier Core Bond Fund – Portfolio of Investments (Continued)
Notes to Portfolio of Investments (Continued)
(e) | Restricted security. Certain securities are restricted as to resale. At September 30, 2012, these securities amounted to a value of $4,141,500 or 0.24% of net assets. The Funds generally bear the costs, if any, associated with the disposition of restricted securities. |
(f) | A portion of this security is held as collateral for open futures contracts. (Note 2). |
(g) | A portion of this security is held as collateral for open swap agreements. (Note 2). |
(h) | See Note 6 for aggregate cost for federal tax purposes. |
The accompanying notes are an integral part of the financial statements.
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MassMutual Premier Diversified Bond Fund – Portfolio of Investments
September 30, 2012
Number of Shares | Value | |||||||
EQUITIES — 0.0% | ||||||||
COMMON STOCK — 0.0% | ||||||||
Forest Products & Paper — 0.0% | ||||||||
The Newark Group, Inc. (a) (b) | 26,904 | $ | 51,884 | |||||
|
| |||||||
TOTAL COMMON STOCK (Cost $165,688) | 51,884 | |||||||
|
| |||||||
TOTAL EQUITIES (Cost $165,688) | 51,884 | |||||||
|
| |||||||
Principal Amount | ||||||||
BONDS & NOTES — 97.2% | ||||||||
CORPORATE DEBT — 42.4% | ||||||||
Advertising — 0.1% | ||||||||
Omnicom Group, Inc. | $ | 150,000 | 158,430 | |||||
|
| |||||||
Aerospace & Defense — 0.4% | ||||||||
BE Aerospace, Inc. | 125,000 | 138,750 | ||||||
Goodrich Corp. | 160,000 | 200,104 | ||||||
United Technologies Corp. | 105,000 | 142,431 | ||||||
|
| |||||||
481,285 | ||||||||
|
| |||||||
Agriculture — 0.3% | ||||||||
Altria Group, Inc. | 110,000 | 109,745 | ||||||
Altria Group, Inc. | 50,000 | 49,696 | ||||||
Bunge Ltd. Finance Corp. | 200,000 | 209,683 | ||||||
|
| |||||||
369,124 | ||||||||
|
| |||||||
Auto Manufacturers — 0.1% | ||||||||
Ford Motor Co. | 100,000 | 115,500 | ||||||
|
| |||||||
Automotive & Parts — 1.2% | ||||||||
Accuride Corp. | 70,000 | 71,925 | ||||||
American Axle & Manufacturing, Inc. | 425,000 | 443,062 | ||||||
Cooper Tire & Rubber Co. | 280,000 | 317,800 | ||||||
International Automotive Components Group SA (c) | 40,000 | 38,400 | ||||||
Titan International, Inc. | 163,000 | 172,780 |
Principal Amount | Value | |||||||
Tomkins LLC/Tomkins, Inc. | $ | 98,000 | $ | 109,270 | ||||
UCI International, Inc. | 115,000 | 114,425 | ||||||
Visteon Corp | 145,000 | 152,250 | ||||||
|
| |||||||
1,419,912 | ||||||||
|
| |||||||
Banks — 1.9% | ||||||||
Bank of America Corp. | 165,000 | 174,010 | ||||||
Bank of America Corp. | 55,000 | 64,290 | ||||||
Bank of America Corp. | 115,000 | 133,018 | ||||||
Credit Suisse AG | 130,000 | 142,086 | ||||||
Export-Import Bank of Korea | 200,000 | 218,944 | ||||||
HSBC Holdings PLC | 125,000 | 147,838 | ||||||
ICICI Bank Ltd. (c) | 275,000 | 284,790 | ||||||
ICICI Bank Ltd. (c) | 475,000 | 500,497 | ||||||
PNC Funding Corp. | 105,000 | 119,788 | ||||||
UBS AG | 100,000 | 117,843 | ||||||
Wachovia Corp. | 315,000 | 364,971 | ||||||
Wells Fargo & Co. | 25,000 | 28,878 | ||||||
Wells Fargo & Co. | 60,000 | 72,037 | ||||||
|
| |||||||
2,368,990 | ||||||||
|
| |||||||
Beverages — 0.1% | ||||||||
Molson Coors Brewing Co. | 65,000 | 72,620 | ||||||
|
| |||||||
Biotechnology — 0.4% | ||||||||
Amgen, Inc. | 275,000 | 295,493 | ||||||
Amgen, Inc. | 175,000 | 195,000 | ||||||
|
| |||||||
490,493 | ||||||||
|
| |||||||
Chemicals — 1.5% | ||||||||
Braskem Finance Ltd. (c) | 225,000 | 238,500 | ||||||
Cytec Industries, Inc. | 175,000 | 216,240 |
The accompanying notes are an integral part of the financial statements.
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Principal Amount | Value | |||||||
The Dow Chemical Co. | $ | 100,000 | $ | 134,096 | ||||
Incitec Pivot Ltd. (c) | 475,000 | 492,817 | ||||||
Methanex Corp. | 40,000 | 42,732 | ||||||
Nexeo Solutions LLC/Nexeo Solutions Finance Corp. | 50,000 | 49,500 | ||||||
RPM International, Inc. | 400,000 | 420,132 | ||||||
Valspar Corp. | 150,000 | 185,477 | ||||||
|
| |||||||
1,779,494 | ||||||||
|
| |||||||
Commercial Services — 0.4% | ||||||||
Donnelley (R.R.) & Sons Co. | 285,000 | 294,263 | ||||||
ERAC USA Finance LLC (c) | 50,000 | 62,306 | ||||||
Rent-A-Center, Inc. | 160,000 | 172,800 | ||||||
|
| |||||||
529,369 | ||||||||
|
| |||||||
Diversified Financial — 3.1% | ||||||||
American Express Co. | 100,000 | 135,284 | ||||||
American General Finance Corp. | 250,000 | 211,250 | ||||||
BlackRock, Inc. | 110,000 | 130,712 | ||||||
Citigroup, Inc. | 15,000 | 16,147 | ||||||
Citigroup, Inc. | 140,000 | 150,968 | ||||||
Citigroup, Inc. | 60,000 | 70,556 | ||||||
Citigroup, Inc. | 75,000 | 90,360 | ||||||
Citigroup, Inc. | 76,000 | 100,510 | ||||||
Eaton Vance Corp. | 130,000 | 156,987 | ||||||
Ford Motor Credit Co. LLC | 200,000 | 203,578 | ||||||
The Goldman Sachs Group, Inc. | 170,000 | 179,331 | ||||||
The Goldman Sachs Group, Inc. | 175,000 | 201,578 | ||||||
The Goldman Sachs Group, Inc. | 35,000 | 40,494 | ||||||
The Goldman Sachs Group, Inc. | 40,000 | 40,189 |
Principal Amount | Value | |||||||
The Goldman Sachs Group, Inc. | $ | 40,000 | $ | 42,851 | ||||
Hyundai Capital America (c) (d) | 80,000 | 80,040 | ||||||
International Lease Finance Corp. | 200,000 | 212,057 | ||||||
Janus Capital Group, Inc. | 525,000 | 594,202 | ||||||
JP Morgan Chase & Co. | 145,000 | 159,816 | ||||||
JP Morgan Chase & Co. | 175,000 | 194,119 | ||||||
JP Morgan Chase & Co. | 225,000 | 276,597 | ||||||
Lazard Group LLC | 135,000 | 152,362 | ||||||
Merrill Lynch & Co., Inc. | 125,000 | 156,982 | ||||||
Morgan Stanley | 200,000 | 206,668 | ||||||
|
| |||||||
3,803,638 | ||||||||
|
| |||||||
Electric — 3.4% | ||||||||
Ameren Corp. | 170,000 | 189,103 | ||||||
Calpine Corp. (c) | 305,000 | 329,400 | ||||||
EDP Finance BV (c) | 760,000 | 761,846 | ||||||
Elwood Energy LLC | 331,595 | 333,253 | ||||||
Florida Power & Light Co. | 65,000 | 77,768 | ||||||
Georgia Power Co. | 133,000 | 141,877 | ||||||
Indianapolis Power & Light (c) | 160,000 | 166,589 | ||||||
Kansas Gas & Electric Co. | 232,708 | 254,610 | ||||||
Kiowa Power Partners LLC (c) | 48,930 | 49,270 | ||||||
LG&E and KU Energy LLC | 250,000 | 274,092 | ||||||
MidAmerican Energy Holdings Co. | 120,000 | 150,392 | ||||||
NiSource Finance Corp. | 150,000 | 177,333 | ||||||
NRG Energy, Inc. | 250,000 | 270,000 | ||||||
Pacific Gas & Electric Co. | 160,000 | 204,436 | ||||||
Southern California Edison Co. | 60,000 | 80,669 |
The accompanying notes are an integral part of the financial statements.
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MassMutual Premier Diversified Bond Fund – Portfolio of Investments (Continued)
Principal Amount | Value | |||||||
Tenaska Oklahoma I LP (c) | $ | 96,432 | $ | 98,423 | ||||
Tri-State Generation & Transmission Association, Series 2003, Class A (c) | 79,608 | 87,635 | ||||||
Tri-State Generation & Transmission Association, Series 2003, Class B (c) | 185,000 | 248,655 | ||||||
Virginia Electric and Power Co. | 200,000 | 279,452 | ||||||
|
| |||||||
4,174,803 | ||||||||
|
| |||||||
Electrical Components & Equipment — 0.7% | ||||||||
Anixter, Inc. | 10,000 | 10,613 | ||||||
Energizer Holdings, Inc. | 165,000 | 175,012 | ||||||
Legrand France SA | 500,000 | 644,434 | ||||||
|
| |||||||
830,059 | ||||||||
|
| |||||||
Electronics — 0.3% | ||||||||
Arrow Electronics, Inc. | 235,000 | 265,386 | ||||||
PerkinElmer, Inc. | 125,000 | 139,117 | ||||||
|
| |||||||
404,503 | ||||||||
|
| |||||||
Entertainment — 0.6% | ||||||||
Mohegan Tribal Gaming Authority | 545,000 | 528,650 | ||||||
Regal Entertainment Group | 190,000 | 212,325 | ||||||
Speedway Motorsports, Inc. | 50,000 | 54,062 | ||||||
|
| |||||||
795,037 | ||||||||
|
| |||||||
Foods — 0.6% | ||||||||
ConAgra Foods, Inc. | 165,000 | 207,042 | ||||||
Ralcorp Holdings, Inc. | 275,000 | 288,363 | ||||||
Ralcorp Holdings, Inc. | 105,000 | 111,277 | ||||||
Tyson Foods, Inc. | 150,000 | 157,125 | ||||||
|
| |||||||
763,807 | ||||||||
|
| |||||||
Forest Products & Paper — 0.4% | ||||||||
Celulosa Arauco y Constitucion SA | 200,000 | 208,843 | ||||||
International Paper Co. | 75,000 | 85,164 | ||||||
International Paper Co. | 110,000 | 148,745 | ||||||
|
| |||||||
442,752 | ||||||||
|
|
Principal Amount | Value | |||||||
Hand & Machine Tools — 0.2% | ||||||||
Thermadyne Holdings Corp. | $ | 280,000 | $ | 298,200 | ||||
|
| |||||||
Health Care – Products — 0.7% | ||||||||
Alere, Inc. | 590,000 | 629,825 | ||||||
Boston Scientific Corp. | 120,000 | 164,057 | ||||||
Teleflex, Inc. | 90,000 | 96,750 | ||||||
|
| |||||||
890,632 | ||||||||
|
| |||||||
Health Care – Services — 1.0% | ||||||||
Cigna Corp. | 150,000 | 158,183 | ||||||
HCA Holdings, Inc. | 140,000 | 152,600 | ||||||
Health Management Associates, Inc. | 300,000 | 327,000 | ||||||
HEALTHSOUTH Corp. | 220,000 | 240,350 | ||||||
Kaiser Foundation Hospitals | 65,000 | 68,843 | ||||||
UnitedHealth Group, Inc. | 75,000 | 104,119 | ||||||
WellPoint, Inc. | 130,000 | 142,623 | ||||||
|
| |||||||
1,193,718 | ||||||||
|
| |||||||
Home Furnishing — 0.1% | ||||||||
Whirlpool Corp. | 120,000 | 133,394 | ||||||
|
| |||||||
Household Products — 0.1% | ||||||||
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC | 100,000 | 102,000 | ||||||
|
| |||||||
Housewares — 0.2% | ||||||||
Toro Co. | 170,000 | 203,547 | ||||||
|
| |||||||
Insurance — 1.2% | ||||||||
Aflac, Inc. | 150,000 | 200,910 | ||||||
The Allstate Corp. | 50,000 | 61,321 | ||||||
The Allstate Corp. | 60,000 | 78,539 | ||||||
American International Group, Inc. | 200,000 | 207,095 | ||||||
American International Group, Inc. | 80,000 | 82,363 | ||||||
The Hartford Financial Services Group, Inc. | 390,000 | 411,225 |
The accompanying notes are an integral part of the financial statements.
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Principal Amount | Value | |||||||
ING US, Inc. (c) | $ | 100,000 | $ | 104,318 | ||||
Prudential Financial, Inc. | 175,000 | 194,621 | ||||||
Prudential Financial, Inc. | 125,000 | 149,306 | ||||||
|
| |||||||
1,489,698 | ||||||||
|
| |||||||
Internet — 0.3% | ||||||||
Expedia, Inc. | 300,000 | 354,889 | ||||||
|
| |||||||
Investment Companies — 0.5% | ||||||||
PBF Holding Co. LLC/PBF Finance Corp. (c) | 555,000 | 582,750 | ||||||
|
| |||||||
Iron & Steel — 1.3% | ||||||||
Allegheny Technologies, Inc. | 225,000 | 248,365 | ||||||
Allegheny Technologies, Inc. | 105,000 | 135,662 | ||||||
ArcelorMittal | 425,000 | 467,500 | ||||||
Reliance Steel & Aluminum Co. | 395,000 | 442,584 | ||||||
Reliance Steel & Aluminum Co. | 269,000 | 296,972 | ||||||
|
| |||||||
1,591,083 | ||||||||
|
| |||||||
Lodging — 0.1% | ||||||||
Wyndham Worldwide Corp. | 60,000 | 60,506 | ||||||
Wyndham Worldwide Corp. | 100,000 | 102,776 | ||||||
Wyndham Worldwide Corp. | 2,000 | 2,253 | ||||||
|
| |||||||
165,535 | ||||||||
|
| |||||||
Machinery – Diversified — 0.7% | ||||||||
Briggs & Stratton Corp. | 340,000 | 370,600 | ||||||
The Manitowoc Co., Inc. | 175,000 | 195,781 | ||||||
Xylem, Inc. | 200,000 | 213,711 | ||||||
Xylem, Inc. | 100,000 | 112,694 | ||||||
|
| |||||||
892,786 | ||||||||
|
| |||||||
Manufacturing — 0.5% | ||||||||
Bombardier, Inc. Series A (c) | 70,000 | 80,325 | ||||||
Griffon Corp. | 180,000 | 190,575 |
Principal Amount | Value | |||||||
Polypore International, Inc. | $ | 285,000 | $ | 307,087 | ||||
|
| |||||||
577,987 | ||||||||
|
| |||||||
Media — 1.8% | ||||||||
CBS Corp. | 100,000 | 136,018 | ||||||
Cequel Communications Holdings I LLC/Cequel Capital Corp. (c) | 35,000 | 37,363 | ||||||
Clear Channel Worldwide Holdings, Inc., Series A | 50,000 | 53,625 | ||||||
Globo Comunicacao e Participacoes SA (c) | 200,000 | 216,750 | ||||||
News America, Inc. | 125,000 | 162,204 | ||||||
Nexstar Broadcasting, Inc./Mission Broadcasting, Inc. | 125,000 | 135,938 | ||||||
Nielsen Finance LLC/Nielsen Finance Co. | 235,000 | 264,962 | ||||||
Sinclair Television Group, Inc. (c) | 425,000 | 470,687 | ||||||
Time Warner Cable, Inc. | 150,000 | 165,387 | ||||||
Time Warner, Inc. | 200,000 | 229,713 | ||||||
Time Warner, Inc. | 25,000 | 29,645 | ||||||
Univision Communications, Inc. (c) | 250,000 | 267,500 | ||||||
|
| |||||||
2,169,792 | ||||||||
|
| |||||||
Metal Fabricate & Hardware — 0.7% | ||||||||
Ardagh Packaging Finance PLC (c) | 250,000 | 268,125 | ||||||
Mueller Water Products, Inc. | 220,000 | 248,600 | ||||||
The Timken Co. | 275,000 | 296,536 | ||||||
|
| |||||||
813,261 | ||||||||
|
| |||||||
Mining — 1.1% | ||||||||
AngloGold Ashanti Holdings PLC | 150,000 | 152,749 | ||||||
FMG Resources Property Ltd. (c) | 250,000 | 228,750 | ||||||
FMG Resources Property Ltd. (c) | 215,000 | 213,925 | ||||||
Newcrest Finance Property Ltd. (c) | 200,000 | 205,042 |
The accompanying notes are an integral part of the financial statements.
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Principal Amount | Value | |||||||
Teck Resources Ltd. | $ | 137,000 | $ | 165,099 | ||||
Vale Overseas Ltd. | 215,000 | 248,640 | ||||||
Vale Overseas Ltd. | 85,000 | 99,141 | ||||||
|
| |||||||
1,313,346 | ||||||||
|
| |||||||
Oil & Gas — 4.1% | ||||||||
Alta Mesa Holdings/Alta Mesa Finance Services Corp. | 655,000 | 655,000 | ||||||
Calumet Specialty Products Partners LP/Calumet Finance Corp. | 120,000 | 129,000 | ||||||
Chesapeake Energy Corp., Convertible | 80,000 | 64,450 | ||||||
Chesapeake Energy Corp., Convertible | 780,000 | 700,537 | ||||||
Frontier Oil Corp. | 60,000 | 63,900 | ||||||
Goodrich Petroleum Corp. | 400,000 | 387,000 | ||||||
MEG Energy Corp. (c) | 150,000 | 160,500 | ||||||
Northern Tier Energy LLC/Northern Tier Finance Corp. | 153,000 | 167,535 | ||||||
Pemex Project Funding Master Trust | 51,000 | 64,005 | ||||||
Petrobras International Finance Co. | 220,000 | 232,718 | ||||||
Petrobras International Finance Co. | 115,000 | 142,732 | ||||||
Petroleos Mexicanos | 375,000 | 439,688 | ||||||
Phillips 66 (c) | 75,000 | 82,114 | ||||||
Phillips 66 (c) | 75,000 | 89,054 | ||||||
Precision Drilling Corp. | 85,000 | 90,525 | ||||||
Rowan Cos., Inc. | 185,000 | 204,067 | ||||||
Samson Investment Co. (c) | 255,000 | 262,650 | ||||||
Shell International Finance BV | 110,000 | 145,208 | ||||||
SM Energy Co. | 100,000 | 105,500 | ||||||
Talisman Energy, Inc. | 100,000 | 112,612 |
Principal Amount | Value | |||||||
Tesoro Corp. | $ | 180,000 | $ | 186,075 | ||||
Transocean, Inc. | 150,000 | 167,619 | ||||||
Venoco, Inc. | 330,000 | 287,100 | ||||||
|
| |||||||
4,939,589 | ||||||||
|
| |||||||
Oil & Gas Services — 0.3% | ||||||||
Hornbeck Offshore Services, Inc. Convertible | 229,000 | 238,160 | ||||||
Weatherford International Ltd. | 100,000 | 104,583 | ||||||
Weatherford International Ltd. | 75,000 | 78,898 | ||||||
|
| |||||||
421,641 | ||||||||
|
| |||||||
Packaging & Containers — 0.3% | ||||||||
Sealed Air Corp. (c) | 225,000 | 230,625 | ||||||
Sonoco Products Co. | 100,000 | 107,644 | ||||||
|
| |||||||
338,269 | ||||||||
|
| |||||||
Pharmaceuticals — 0.7% | ||||||||
Valeant Pharmaceuticals International (c) | 100,000 | 106,500 | ||||||
Valeant Pharmaceuticals International (c) | 135,000 | 142,087 | ||||||
Valeant Pharmaceuticals International (c) 7.000% 10/01/20 | 200,000 | 210,500 | ||||||
Warner Chilcott Corp. LLC | 350,000 | 373,625 | ||||||
|
| |||||||
832,712 | ||||||||
|
| |||||||
Pipelines — 1.3% | ||||||||
CenterPoint Energy Resources Corp. | 175,000 | 198,415 | ||||||
CenterPoint Energy Resources Corp. | 150,000 | 190,261 | ||||||
Energy Transfer Equity LP | 100,000 | 113,500 | ||||||
Enogex LLC (c) | 305,000 | 326,511 | ||||||
Enterprise Products Operating LP | 135,000 | 159,695 | ||||||
Kern River Funding Corp. (c) | 86,691 | 94,780 | ||||||
Kinder Morgan Energy Partners LP | 110,000 | 129,189 | ||||||
Kinder Morgan Energy Partners LP | 85,000 | 102,334 | ||||||
Kinder Morgan Energy Partners LP | 15,000 | 19,180 |
The accompanying notes are an integral part of the financial statements.
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Principal Amount | Value | |||||||
ONEOK Partners LP | $ | 100,000 | $ | 120,113 | ||||
Texas Eastern Transmission LP (c) | 85,000 | 101,558 | ||||||
|
| |||||||
1,555,536 | ||||||||
|
| |||||||
Real Estate — 0.2% | ||||||||
AMB Property LP | 225,000 | 242,155 | ||||||
|
| |||||||
Real Estate Investment Trusts (REITS) — 0.7% | ||||||||
Brandywine Operating Partners LP | 300,000 | 322,301 | ||||||
DDR Corp. | 275,000 | 305,106 | ||||||
UDR, Inc. | 175,000 | 193,146 | ||||||
|
| |||||||
820,553 | ||||||||
|
| |||||||
Retail — 1.1% | ||||||||
CVS Caremark Corp. | 25,000 | 32,594 | ||||||
CVS Pass-Through Trust (c) | 246,235 | 290,214 | ||||||
CVS Pass-Through Trust (c) | 18,954 | 24,313 | ||||||
The Home Depot, Inc. | 100,000 | 135,801 | ||||||
O’Reilly Automotive, Inc. | 225,000 | 250,373 | ||||||
Suburban Propane Partners LP/Suburban Energy Finance Corp. (c) | 295,000 | 315,650 | ||||||
Wal-Mart Stores, Inc. | 205,000 | 269,915 | ||||||
|
| |||||||
1,318,860 | ||||||||
|
| |||||||
Savings & Loans — 0.5% | ||||||||
Education Loan Co. Trust I (c) | 200,000 | 165,144 | ||||||
First Niagara Financial Group, Inc. | 150,000 | 172,397 | ||||||
Glencore Funding LLC (c) | 325,000 | 341,552 | ||||||
Washington Mutual Bank (e) | 1,225,000 | 12 | ||||||
|
| |||||||
679,105 | ||||||||
|
| |||||||
Software — 0.3% | ||||||||
Fidelity National Information Services, Inc. | 125,000 | 129,063 | ||||||
First Data Corp. (c) | 220,000 | 226,875 | ||||||
First Data Corp. | 35,000 | 35,700 | ||||||
|
| |||||||
391,638 | ||||||||
|
|
Principal Amount | Value | |||||||
Storage & Warehousing — 0.5% | ||||||||
Niska Gas Storage US LLC/Niska Gas Storage Canada LLC | $ | 600,000 | $ | 619,500 | ||||
|
| |||||||
Telecommunications — 4.3% | ||||||||
American Tower Corp. | 515,000 | 568,294 | ||||||
AT&T, Inc. | 175,000 | 237,211 | ||||||
CenturyLink, Inc. | 150,000 | 163,222 | ||||||
CenturyLink, Inc. | 195,000 | 218,495 | ||||||
CenturyLink, Inc. | 150,000 | 159,812 | ||||||
Embarq Corp. | 210,000 | 247,960 | ||||||
Embarq Corp. | 45,000 | 50,609 | ||||||
Sprint Capital Corp. | 100,000 | 103,750 | ||||||
Sprint Nextel Corp. | 200,000 | 250,500 | ||||||
Telecom Italia Capital | 225,000 | 236,812 | ||||||
Telecom Italia Capital | 80,000 | 70,800 | ||||||
Telecom Italia Capital | 170,000 | 178,925 | ||||||
Telefonaktiebolaget LM Ericsson | 225,000 | 231,990 | ||||||
Telefonica Emisiones SAU | 275,000 | 273,625 | ||||||
Telefonica Emisiones SAU | 175,000 | 171,500 | ||||||
Telstra Corp. Ltd. (c) | 275,000 | 314,466 | ||||||
Verizon Communications, Inc. | 150,000 | 261,386 | ||||||
Virgin Media Secured Finance PLC | 1,000,000 | 1,095,000 | ||||||
WCP Wireless Site Funding (c) | 142,182 | 147,180 | ||||||
Windstream Corp. | 190,000 | 204,725 | ||||||
|
| |||||||
5,186,262 | ||||||||
|
| |||||||
Transportation — 1.5% | ||||||||
Asciano Finance (c) | 345,000 | 370,518 | ||||||
Burlington Northern Santa Fe LLC | 160,000 | 199,896 |
The accompanying notes are an integral part of the financial statements.
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Principal Amount | Value | |||||||
CHC Helicopter SA | $ | 800,000 | $ | 822,000 | ||||
Norfolk Southern Corp. | 125,000 | 150,512 | ||||||
Union Pacific Corp. | 250,000 | 281,290 | ||||||
|
| |||||||
1,824,216 | ||||||||
|
| |||||||
Trucking & Leasing — 0.6% | ||||||||
GATX Corp. | 90,000 | 92,859 | ||||||
GATX Corp. | 115,000 | 123,149 | ||||||
GATX Corp. | 125,000 | 132,087 | ||||||
Penske Truck Leasing Co. LP/PTL Finance Corp. (c) | 140,000 | 139,964 | ||||||
Penske Truck Leasing Co. LP/PTL Finance Corp. (c) | 200,000 | 204,616 | ||||||
�� |
|
| ||||||
692,675 | ||||||||
|
| |||||||
TOTAL CORPORATE DEBT (Cost $48,814,588) | 51,635,145 | |||||||
|
| |||||||
MUNICIPAL OBLIGATIONS — 1.2% | ||||||||
Access Group, Inc., Delaware VRN | 315,000 | 268,550 | ||||||
State of California | 225,000 | 257,310 | ||||||
State of California BAB | 125,000 | 169,564 | ||||||
State of Illinois | 650,000 | 723,203 | ||||||
|
| |||||||
1,418,627 | ||||||||
|
| |||||||
TOTAL MUNICIPAL OBLIGATIONS (Cost $1,286,358) | 1,418,627 | |||||||
|
| |||||||
NON-U.S. GOVERNMENT AGENCY OBLIGATIONS — 16.3% | ||||||||
Auto Floor Plan ABS — 0.2% | ||||||||
Capital Automotive REIT, | 219,584 | 236,760 | ||||||
|
| |||||||
Automobile ABS — 0.1% | ||||||||
Santander Drive Auto Receivables Trust, | 170,000 | 170,530 | ||||||
|
|
Principal Amount | Value | |||||||
Commercial MBS — 6.8% | ||||||||
Banc of America Commercial Mortgage, Inc., Series 2007-4, | $ | 635,000 | $ | 750,339 | ||||
Banc of America Commercial Mortgage, Inc., Series 2008-1, | 250,000 | 299,907 | ||||||
Bear Stearns Commercial Mortgage Securities, Series 2006-PW14, Class A4 | 500,000 | 573,517 | ||||||
Bear Stearns Commercial Mortgage Securities, Series 2007-T26, Class A2 | 49,034 | 49,317 | ||||||
Bear Stearns Commercial Mortgage Securities, Series 2007-PW17, Class A4 | 635,000 | 747,336 | ||||||
Bear Stearns Commercial Mortgage Securities, Series 2007-PW18, Class A4 | 155,000 | 184,134 | ||||||
Citigroup Commercial Mortgage Trust, | 100,000 | 103,107 | ||||||
Citigroup Commercial Mortgage Trust, | 130,000 | 135,622 | ||||||
Commercial Mortgage Pass Through Certificates, Series 2007-C9, | 150,000 | 178,236 | ||||||
Credit Suisse First Boston Mortgage Securities Corp., Series 2004-C1, | 611,624 | 636,876 | ||||||
Credit Suisse Mortgage Pass Through Certificates, Series 2008-C1, Class AJ VRN (c) | 470,000 | 276,740 | ||||||
DBUBS Mortgage Trust, | 100,000 | 113,809 | ||||||
GS Mortgage Securities Corp., Series 2011-GC3, Class C VRN (c) | 250,000 | 268,327 | ||||||
GS Mortgage Securities Corp. II, Series 2012-GC6, Class B (c) | 150,000 | 174,107 | ||||||
JP Morgan Chase Commercial Mortgage Securities Corp., Series 2012-C6, | 130,000 | 140,531 |
The accompanying notes are an integral part of the financial statements.
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Principal Amount | Value | |||||||
JP Morgan Chase Commercial Mortgage Securities Corp., Series 2012-CBX, Class AS | $ | 155,000 | $ | 169,835 | ||||
JP Morgan Chase Commercial Mortgage Securities Corp., Series 2012-C6, Class B VRN | 150,000 | 163,584 | ||||||
JP Morgan Chase Commercial Mortgage Securities Corp., Series 2012-CBX, Class B VRN | 95,000 | 101,968 | ||||||
JP Morgan Chase Commercial Mortgage Securities Corp., Series 2006-CB17, Class A4 | 305,000 | 347,728 | ||||||
Morgan Stanley Capital I, Series 2006-IQ12, | 110,000 | 120,705 | ||||||
Morgan Stanley Capital I, Series 2011-C2, | 100,000 | 105,689 | ||||||
Morgan Stanley Capital I, Series 2007-IQ14, | 174,327 | 179,093 | ||||||
STORE Master Funding LLC, | 224,754 | 225,256 | ||||||
TIAA Seasoned Commercial Mortgage Trust, Series 2007-C4, Class AJ VRN | 100,000 | 108,391 | ||||||
Wachovia Bank Commercial Mortgage Trust, Series 2006-C23, Class AM VRN | 150,000 | 164,989 | ||||||
Wachovia Bank Commercial Mortgage Trust, Series 2007-C31, Class A4 | 535,000 | 612,742 | ||||||
Wachovia Bank Commercial Mortgage Trust, Series 2007-C33, Class A2 VRN | 17,156 | 17,199 | ||||||
Wachovia Bank Commercial Mortgage Trust, Series 2007-C33, Class A4 VRN | 100,000 | 117,982 | ||||||
Wells Fargo Reremic Trust, Series 2012-IO, | 242,637 | 241,735 | ||||||
WF-RBS Commercial Mortgage Trust, | 50,000 | 50,933 | ||||||
WF-RBS Commercial Mortgage Trust, | 120,000 | 125,762 |
Principal Amount | Value | |||||||
WF-RBS Commercial Mortgage Trust, | $ | 110,000 | $ | 111,793 | ||||
WF-RBS Commercial Mortgage Trust, | 120,000 | 128,619 | ||||||
WF-RBS Commercial Mortgage Trust, | 90,000 | 90,513 | ||||||
WF-RBS Commercial Mortgage Trust, | 100,000 | 102,334 | ||||||
WF-RBS Commercial Mortgage Trust, | 170,000 | 181,829 | ||||||
WF-RBS Commercial Mortgage Trust, | 115,000 | 110,500 | ||||||
|
| |||||||
8,211,084 | ||||||||
|
| |||||||
Home Equity ABS — 3.1% | ||||||||
Aames Mortgage Investment Trust, | 200,000 | 147,944 | ||||||
Asset-Backed Securities Corporation Home Equity, Series 2005-HE3, | 247,000 | 224,550 | ||||||
Carrington Mortgage Loan Trust, | 21,164 | 21,103 | ||||||
Carrington Mortgage Loan Trust, | 200,763 | 138,131 | ||||||
Carrington Mortgage Loan Trust, | 91,225 | 88,990 | ||||||
Citigroup Mortgage Loan Trust, Inc., | 75,000 | 56,773 | ||||||
Countrywide Asset-Backed Certificates, | 26,843 | 26,677 | ||||||
Countrywide Asset-Backed Certificates, | 61,170 | 60,280 | ||||||
Countrywide Partnership Trust, | 193,391 | 179,875 | ||||||
First Franklin Mortgage Loan Asset Backed Certificates, Series 2005-FFH4, | 225,000 | 167,766 |
The accompanying notes are an integral part of the financial statements.
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Principal Amount | Value | |||||||
First Franklin Mortgage Loan Asset-Backed Certificates, Series 2005-FF7, | $ | 180,000 | $ | 161,126 | ||||
Fremont Home Loan Trust, Series 2005-E, | 165,573 | 138,625 | ||||||
Home Equity Asset Trust, Series 2006-4, | 156,741 | 148,373 | ||||||
Home Equity Asset Trust, Series 2006-3, | 78,126 | 77,706 | ||||||
IXIS Real Estate Capital Trust, | 300,000 | 228,579 | ||||||
Long Beach Mortgage Loan Trust, | 215,837 | 187,732 | ||||||
Long Beach Mortgage Loan Trust, | 300,000 | 263,879 | ||||||
MASTR Asset-Backed Securities Trust, | 225,000 | 163,313 | ||||||
Merrill Lynch Mortgage Investors, Inc., | 200,000 | 164,550 | ||||||
Merrill Lynch Mortgage Synthetic, | 181,642 | 164,119 | ||||||
Merrill Lynch Mortgage Synthetic, | 220,000 | 142,842 | ||||||
New Century Home Equity Loan Trust, | 295,000 | 237,000 | ||||||
New Century Home Equity Loan Trust, | 140 | 144 | ||||||
Residential Asset Mortgage Products, Inc., | 275,000 | 188,199 | ||||||
Residential Asset Securities Corp., | 263,310 | 249,080 | ||||||
Saxon Asset Securities Trust, | 129,007 | 129,626 | ||||||
|
| |||||||
3,756,982 | ||||||||
|
|
Principal Amount | Value | |||||||
Other ABS — 2.1% | ||||||||
CLI Funding LLC, Series 2012-1A, Class A (c) | $ | 97,273 | $ | 100,687 | ||||
Dominos Pizza Master Issuer LLC, | 173,688 | 189,132 | ||||||
Global SC Finance SRL, Series 2012-1A, | 245,833 | 258,172 | ||||||
HFG Healthco-4 LLC, Series 2011-1A, Class A FRN (c) | 250,000 | 250,445 | ||||||
Newport Waves CDO (Acquired 3/30/07, Cost $1,173,637), Series 2007-1A, Class A3LS FRN (c) (f) | 1,175,000 | 973,252 | ||||||
NuCO2 Funding LLC, Series 2008-1A, | 225,000 | 231,525 | ||||||
Sierra Receivables Funding Co. LLC, | 72,977 | 73,135 | ||||||
Sonic Capital LLC, Series 2011-1A, Class A2 (c) | 96,000 | 106,680 | ||||||
TAL Advantage LLC, Series 2012-1A, Class A (c) | 241,667 | 252,011 | ||||||
Trip Rail Master Funding LLC, | 85,794 | 88,957 | ||||||
|
| |||||||
2,523,996 | ||||||||
|
| |||||||
Student Loans ABS — 2.3% | ||||||||
Access Group, Inc., Series 2003-1, | 77,660 | 77,286 | ||||||
Access Group, Inc., Series 2003-1, | 500,000 | 307,500 | ||||||
Access Group, Inc., Delaware VRN | 150,000 | 91,500 | ||||||
College Loan Corp. Trust, Series 2007-1, | 475,000 | 403,750 | ||||||
Education Funding Capital Trust I, | 100,000 | 96,000 | ||||||
Education Funding Capital Trust I, | 200,000 | 173,680 |
The accompanying notes are an integral part of the financial statements.
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Principal Amount | Value | |||||||
Education Funding Capital Trust I, | $ | 125,000 | $ | 124,035 | ||||
Education Funding Capital Trust I, | 150,000 | 142,819 | ||||||
Education Funding Capital Trust I, | 50,000 | 36,245 | ||||||
GCO Education Loan Funding Trust, | 250,000 | 214,272 | ||||||
National Collegiate Student Loan Trust, | 78,150 | 77,145 | ||||||
SLM Student Loan Trust, Series 2003-12, | 258,760 | 206,623 | ||||||
SLM Student Loan Trust, | 175,000 | 175,000 | ||||||
SLM Student Loan Trust, | 175,000 | 175,000 | ||||||
SLM Student Loan Trust, Series 2003-5, | 50,000 | 46,092 | ||||||
SLM Student Loan Trust, Series 2003-2, | 100,000 | 94,112 | ||||||
SLM Student Loan Trust, | 500,000 | 380,000 | ||||||
|
| |||||||
2,821,059 | ||||||||
|
| |||||||
WL Collateral CMO — 1.7% | ||||||||
Bank of America Mortgage Securities, | 126,369 | 114,011 | ||||||
Countrywide Home Loans, Inc., | 18,513 | 16,889 | ||||||
Countrywide Home Loans, Inc., | 11,683 | 9,279 | ||||||
GSR Mortgage Loan Trust, Series 2004-9, | 19,463 | 17,101 | ||||||
Harborview Mortgage Loan Trust, | 653,688 | 468,699 |
Principal Amount | Value | |||||||
Impac Secured Assets CMN Owner Trust, Series 2007-2, | $ | 737,030 | $ | 348,515 | ||||
IndyMac Index Mortgage Loan Trust, | 63,418 | 48,256 | ||||||
Merrill Lynch Mortgage Investors, Inc., | 225,195 | 194,228 | ||||||
Merrill Lynch Mortgage Investors, Inc., | 3,430 | 3,448 | ||||||
Merrill Lynch Mortgage Investors, Inc., | 6,154 | 6,168 | ||||||
Morgan Stanley Mortgage Loan Trust, | 262 | 252 | ||||||
Morgan Stanley Reremic Trust, | 131,164 | 132,230 | ||||||
Morgan Stanley Reremic Trust, | 64,188 | 64,349 | ||||||
Residential Accredit Loans, Inc., | 1,217,650 | 493,660 | ||||||
Structured Adjustable Rate Mortgage Loan Trust, Series 2004-2, | 34,578 | 31,021 | ||||||
Washington Mutual, Inc., | 92,070 | 84,441 | ||||||
|
| |||||||
2,032,547 | ||||||||
|
| |||||||
WL Collateral PAC — 0.0% | ||||||||
Structured Asset Securities Corp., | 28,770 | 23,850 | ||||||
|
| |||||||
TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $20,586,962) | 19,776,808 | |||||||
|
| |||||||
SOVEREIGN DEBT OBLIGATIONS — 1.3% | ||||||||
Brazilian Government International Bond | 100,000 | 119,500 | ||||||
Iceland Government International Bond (c) | 375,000 | 408,750 |
The accompanying notes are an integral part of the financial statements.
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MassMutual Premier Diversified Bond Fund – Portfolio of Investments (Continued)
Principal Amount | Value | |||||||
Poland Government International Bond | $ | 220,000 | $ | 271,700 | ||||
Province of Quebec Canada | 125,000 | 193,455 | ||||||
Republic of Brazil International Bond | 235,000 | 300,800 | ||||||
Republic of Brazil International Bond | 94,000 | 117,030 | ||||||
United Mexican States | 95,000 | 113,525 | ||||||
United Mexican States | 75,000 | 106,800 | ||||||
|
| |||||||
1,631,560 | ||||||||
|
| |||||||
TOTAL SOVEREIGN DEBT OBLIGATIONS (Cost $1,381,917) | 1,631,560 | |||||||
|
| |||||||
U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES — 23.2% | ||||||||
Collateralized Mortgage Obligations — 0.1% | ||||||||
Federal Home Loan Mortgage Corp., | 39,078 | 45,469 | ||||||
U.S. Department of Veteran Affairs, | 20,836 | 23,938 | ||||||
|
| |||||||
69,407 | ||||||||
|
| |||||||
Pass-Through Securities — 23.1% | ||||||||
Federal Home Loan Mortgage Corp. | 816,297 | 863,043 | ||||||
Pool #Q01704 4.500% | 425,764 | 459,925 | ||||||
Pool #Q03086 4.500% | 452,405 | 488,703 | ||||||
Pool #G11476 5.000% | 111,431 | 120,254 | ||||||
Pool #B16010 5.000% | 3,005 | 3,250 | ||||||
Pool #B17058 5.000% | 5,847 | 6,310 | ||||||
Pool #B17494 5.000% | 56,445 | 61,421 | ||||||
Pool #B14584 5.000% | 165,825 | 179,491 | ||||||
Pool #B18677 5.000% | 7,987 | 8,652 | ||||||
Pool #E89199 6.000% | 6,396 | 6,922 | ||||||
Pool #G11431 6.000% | 1,340 | 1,449 |
Principal Amount | Value | |||||||
Pool #G01311 7.000% | $ | 3,692 | $ | 4,220 | ||||
Pool #C80207 7.500% | 2,893 | 3,350 | ||||||
Pool #C00530 7.500% | 2,745 | 3,195 | ||||||
Pool #C00563 7.500% | 9,741 | 11,347 | ||||||
Pool #C00612 7.500% | 632 | 736 | ||||||
Pool #C55867 7.500% | 10,443 | 12,110 | ||||||
Federal Home Loan Mortgage Corp. TBA | 185,000 | 195,695 | ||||||
Pool #1513 4.000% | 2,330,000 | 2,504,932 | ||||||
Pool #E5548 4.500% | 1,982,000 | 2,132,663 | ||||||
Federal National Mortgage Association | 233,245 | 248,319 | ||||||
Pool #888586 2.372% | 533,455 | 569,693 | ||||||
Pool #675713 5.000% | 68,152 | 73,929 | ||||||
Pool #735010 5.000% | 401,302 | 435,319 | ||||||
Pool #253880 6.500% | 3,734 | 4,009 | ||||||
Pool #575579 7.500% | 17,040 | 19,984 | ||||||
Pool #535996 7.500% | 3,243 | 3,804 | ||||||
Federal National Mortgage Association TBA | 2,300,000 | 2,417,875 | ||||||
Pool #4491 3.000% | 1,700,000 | 1,802,133 | ||||||
Pool #1817 3.000% | 1,750,000 | 1,847,207 | ||||||
Pool #1202 3.500% | 1,440,000 | 1,544,400 | ||||||
Pool #3043 4.000% | 461,000 | 496,763 | ||||||
Pool #25956 5.000% | 1,100,000 | 1,200,031 | ||||||
Pool #45519 5.500% | 1,114,000 | 1,221,396 | ||||||
Pool #53813 6.000% | 1,625,000 | 1,794,356 |
The accompanying notes are an integral part of the financial statements.
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MassMutual Premier Diversified Bond Fund – Portfolio of Investments (Continued)
Principal Amount | Value | |||||||
Government National Mortgage Association | ||||||||
Pool #738422 4.500% | $ | 633,556 | $ | 696,590 | ||||
Pool #783382 4.500% | 1,789,724 | 1,976,737 | ||||||
Pool #677192 5.000% | 684,412 | 754,350 | ||||||
Pool #782564 5.000% | 87,851 | 97,102 | ||||||
Pool #760393 5.000% | 59,213 | 65,486 | ||||||
Pool #579140 6.500% | 3,520 | 4,055 | ||||||
Pool #587280 6.500% | 3,874 | 4,467 | ||||||
Pool #550659 6.500% | 136,147 | 155,898 | ||||||
Pool #538689 6.500% | 60,174 | 68,848 | ||||||
Pool #780651 7.000% | 3,762 | 4,342 | ||||||
Pool #462384 7.000% | 2,662 | 3,071 | ||||||
Pool #482668 7.000% | 2,329 | 2,690 | ||||||
Pool #506804 7.000% | 9,308 | 10,753 | ||||||
Pool #506914 7.000% | 36,221 | 41,800 | ||||||
Pool #581417 7.000% | 6,213 | 7,246 | ||||||
Pool #591581 7.000% | 1,000 | 1,168 | ||||||
Pool #423836 8.000% | 1,632 | 1,919 | ||||||
Government National Mortgage Association II FRN | ||||||||
Pool #82488 3.000% | 196,843 | 206,390 | ||||||
Pool #82462 3.500% | 166,056 | 176,893 | ||||||
Pool #444619 8.000% | 11,796 | 13,926 | ||||||
Government National Mortgage Association TBA | ||||||||
Pool #991 3.000% | 500,000 | 535,430 | ||||||
Pool #3734 3.500% | 600,000 | 657,562 | ||||||
Pool #4536 4.000% | 500,000 | 551,445 |
Principal Amount | Value | |||||||
Pool #9891 5.000% | $ | 700,000 | $ | 771,969 | ||||
Pool #20549 6.000% | 500,000 | 564,609 | ||||||
|
| |||||||
28,121,632 | ||||||||
|
| |||||||
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (Cost $27,849,555) | 28,191,039 | |||||||
|
| |||||||
U.S. TREASURY OBLIGATIONS — 12.8% | ||||||||
U.S. Treasury Bonds & Notes — 12.8% | ||||||||
U.S. Treasury Bond | 130,000 | 127,867 | ||||||
U.S. Treasury Bond (g) | 1,285,000 | 1,369,237 | ||||||
U.S. Treasury Bond | 800,000 | 1,066,628 | ||||||
U.S. Treasury Bond | 385,000 | 556,617 | ||||||
U.S. Treasury Note (g) | 60,000 | 59,988 | ||||||
U.S. Treasury Note | 5,390,000 | 5,380,736 | ||||||
U.S. Treasury Note | 5,675,000 | 5,896,857 | ||||||
U.S. Treasury Note | 1,125,000 | 1,123,752 | ||||||
U.S. Treasury Note | 10,000 | 10,578 | ||||||
|
| |||||||
15,592,260 | ||||||||
|
| |||||||
TOTAL U.S. TREASURY OBLIGATIONS (Cost $15,622,871) | 15,592,260 | |||||||
|
| |||||||
TOTAL BONDS & NOTES (Cost $115,542,251) | 118,245,439 | |||||||
|
| |||||||
TOTAL LONG-TERM INVESTMENTS (Cost $115,707,939) | 118,297,323 | |||||||
|
| |||||||
SHORT-TERM INVESTMENTS — 20.5% | ||||||||
Commercial Paper — 19.9% | ||||||||
AGL Capital Corp. (c) | 2,900,000 | 2,899,493 | ||||||
BAT International Finance (c) | 2,900,000 | 2,898,731 | ||||||
Centrica PLC (c) | 2,900,000 | 2,898,590 | ||||||
Glencore Funding LLC | 1,000,000 | 999,969 |
The accompanying notes are an integral part of the financial statements.
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MassMutual Premier Diversified Bond Fund – Portfolio of Investments (Continued)
Principal Amount | Value | |||||||
Kinder Morgan Energy (c) | $ | 2,900,000 | $ | 2,899,074 | ||||
Marathon Oil Corp. (c) | 2,750,000 | 2,749,450 | ||||||
ONEOK, Inc. (c) | 3,000,000 | 2,999,700 | ||||||
TransCanada PipeLines Ltd. (c) | 2,900,000 | 2,898,268 | ||||||
Weatherford International Ltd. (c) | 2,975,000 | 2,974,115 | ||||||
|
| |||||||
24,217,390 | ||||||||
|
| |||||||
Time Deposits — 0.6% | ||||||||
Euro Time Deposit | 753,914 | 753,914 | ||||||
|
| |||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $24,971,304) | 24,971,304 | |||||||
|
| |||||||
TOTAL INVESTMENTS — 117.7% (Cost $140,679,243) (h) | 143,268,627 | |||||||
Other Assets/ (Liabilities) — (17.7)% | (21,549,539 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 121,719,088 | ||||||
|
|
Notes to Portfolio of Investments
ABS | Asset-Backed Security |
BAB | Build America Bonds |
CDO | Collateralized Debt Obligation |
CMO | Collateralized Mortgage Obligation |
FRN | Floating Rate Note |
MBS | Mortgage-Backed Security |
PAC | Planned Amortization Class |
STEP | Step Up Bond |
TBA | To Be Announced |
VRN | Variable Rate Note |
WL | Whole Loan |
(a) | This security is valued in good faith under procedures established by the Board of Trustees. |
(b) | Non-income producing security. |
(c) | Securities exempt from registration under rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At September 30, 2012, these securities amounted to a value of $40,189,792 or 33.02% of net assets. |
(d) | A portion of this security is purchased on a when-issued, delayed-delivery or forward commitment basis. (Note 2). |
(e) | Security is currently in default due to bankruptcy or failure to make payment of principal or interest of the issuer. Income is not being accrued. At September 30, 2012, these securities amounted to a value of $12 or 0.00% of net assets. |
(f) | Restricted security. Certain securities are restricted as to resale. At September 30, 2012, these securities amounted to a value of $973,252 or 0.80% of net assets. The Funds generally bear the costs, if any, associated with the disposition of restricted securities. |
(g) | A portion of this security is held as collateral for open futures contracts. (Note 2). |
(h) | See Note 6 for aggregate cost for federal tax purposes. |
The accompanying notes are an integral part of the financial statements.
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MassMutual Premier High Yield Fund – Portfolio of Investments
September 30, 2012
Number of Shares | Value | |||||||
EQUITIES — 0.3% | ||||||||
COMMON STOCK — 0.3% | ||||||||
Forest Products & Paper — 0.3% | ||||||||
The Newark Group, Inc. (a) (b) | 329,969 | $ | 636,345 | |||||
|
| |||||||
TOTAL COMMON STOCK (Cost $2,113,591) | 636,345 | |||||||
|
| |||||||
TOTAL EQUITIES (Cost $2,113,591) | 636,345 | |||||||
|
| |||||||
Principal Amount | ||||||||
BONDS & NOTES — 96.3% | ||||||||
BANK LOANS — 2.0% | ||||||||
Engineering & Construction — 0.3% | ||||||||
Connolly Holdings, Inc., | $ | 673,421 | 678,471 | |||||
|
| |||||||
Internet — 0.9% | ||||||||
Atlantic Broadband Finance LLC, | 2,000,000 | 2,085,500 | ||||||
|
| |||||||
Machinery – Diversified — 0.4% | ||||||||
Intelligrated, Inc., 2nd Lien Term Loan | 902,464 | 909,233 | ||||||
|
| |||||||
Media — 0.1% | ||||||||
Atlantic Broadband Finance LLC, | 251,205 | 253,089 | ||||||
|
| |||||||
Retail — 0.3% | ||||||||
AOT Bedding Super Holdings LLC, Term Loan | 646,675 | 643,559 | ||||||
|
| |||||||
TOTAL BANK LOANS (Cost $4,449,004) | 4,569,852 | |||||||
|
| |||||||
CORPORATE DEBT — 94.3% | ||||||||
Advertising — 0.4% | ||||||||
inVentiv Health, Inc. (d) | 1,130,000 | 994,400 | ||||||
|
| |||||||
Aerospace & Defense — 2.7% | ||||||||
AAR Corp. (d) | 2,300,000 | 2,392,000 | ||||||
DAE Aviation Holdings, Inc. (d) | 1,475,000 | 1,519,250 | ||||||
Ducommun, Inc. | 2,265,000 | 2,389,575 | ||||||
|
| |||||||
6,300,825 | ||||||||
|
|
Principal Amount | Value | |||||||
Agriculture — 0.6% | ||||||||
American Rock Salt Co. LLC/American Rock Capital Corp. (d) | $ | 1,640,000 | $ | 1,488,300 | ||||
|
| |||||||
Apparel — 1.8% | ||||||||
Perry Ellis International, Inc. | 3,130,000 | 3,239,550 | ||||||
Wolverine World Wide, Inc. (c) (d) | 970,000 | 999,100 | ||||||
|
| |||||||
4,238,650 | ||||||||
|
| |||||||
Auto Parts & Equipment — 1.0% | ||||||||
Affinia Group, Inc. | 2,260,000 | 2,271,300 | ||||||
|
| |||||||
Automotive & Parts — 5.4% | ||||||||
Accuride Corp. | 2,340,000 | 2,404,350 | ||||||
American Axle & Manufacturing, Inc. | 1,595,000 | 1,662,788 | ||||||
Cooper Tire & Rubber Co. | 760,000 | 862,600 | ||||||
Cooper-Standard Automotive, Inc. | 1,300,000 | 1,407,250 | ||||||
International Automotive Components Group SA (d) | 2,895,000 | 2,779,200 | ||||||
Meritor, Inc. STEP | 2,115,000 | 1,891,603 | ||||||
Pittsburgh Glass Works LLC (d) | 25,000 | 23,250 | ||||||
Titan International, Inc. | 850,000 | 901,000 | ||||||
Tomkins LLC/Tomkins, Inc. | 544,000 | 606,560 | ||||||
|
| |||||||
12,538,601 | ||||||||
|
| |||||||
Banks — 2.3% | ||||||||
Ally Financial, Inc. | 2,175,000 | 2,536,050 | ||||||
CIT Group, Inc. | 2,525,000 | 2,708,063 | ||||||
|
| |||||||
5,244,113 | ||||||||
|
| |||||||
Building Materials — 1.6% | ||||||||
Interline Brands, Inc. | 1,220,000 | 1,320,650 | ||||||
Isabelle Acquisition Sub, Inc. (d) | 1,045,000 | 1,133,825 | ||||||
Roofing Supply Group LLC/Roofing Supply Finance, Inc. (d) | 1,170,000 | 1,275,300 | ||||||
|
| |||||||
3,729,775 | ||||||||
|
|
The accompanying notes are an integral part of the financial statements.
125
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MassMutual Premier High Yield Fund – Portfolio of Investments (Continued)
Principal Amount | Value | |||||||
Chemicals — 3.2% | ||||||||
Ashland, Inc. (d) | $ | 1,475,000 | $ | 1,508,187 | ||||
Ineos Finance PLC (d) | 2,610,000 | 2,747,025 | ||||||
Omnova Solutions, Inc. | 2,075,000 | 2,095,750 | ||||||
Tronox Finance LLC (d) | 1,070,000 | 1,080,700 | ||||||
|
| |||||||
7,431,662 | ||||||||
|
| |||||||
Coal — 0.2% | ||||||||
CONSOL Energy, Inc. | 560,000 | 586,600 | ||||||
|
| |||||||
Commercial Services — 1.5% | ||||||||
Cenveo Corp. | 1,175,000 | 1,113,312 | ||||||
Rent-A-Center, Inc. | 880,000 | 950,400 | ||||||
RR Donnelley & Sons Co. | 415,000 | 411,888 | ||||||
ServiceMaster Co. (d) | 1,070,000 | 1,096,750 | ||||||
|
| |||||||
3,572,350 | ||||||||
|
| |||||||
Computers — 0.3% | ||||||||
NCR Corp. (d) | 750,000 | 757,500 | ||||||
|
| |||||||
Diversified Financial — 2.8% | ||||||||
American General Finance Corp. | 1,170,000 | 988,650 | ||||||
Community Choice Financial, Inc. (d) | 2,390,000 | 2,330,250 | ||||||
International Lease Finance Corp. | 640,000 | 678,583 | ||||||
International Lease Finance Corp. | 700,000 | 797,125 | ||||||
Nuveen Investments, Inc. (d) | 1,630,000 | 1,617,775 | ||||||
|
| |||||||
6,412,383 | ||||||||
|
| |||||||
Electric — 1.8% | ||||||||
Atlantic Power Corp. | 1,675,000 | 1,779,687 | ||||||
NRG Energy, Inc. (d) | 925,000 | 945,813 | ||||||
NRG Energy, Inc. | 1,380,000 | 1,504,200 | ||||||
|
| |||||||
4,229,700 | ||||||||
|
| |||||||
Electrical Components & Equipment — 1.1% | ||||||||
Anixter, Inc. | 750,000 | 783,750 |
Principal Amount | Value | |||||||
International Wire Group Holdings, Inc. | $ | 1,700,000 | $ | 1,700,000 | ||||
|
| |||||||
2,483,750 | ||||||||
|
| |||||||
Entertainment — 0.9% | ||||||||
Jacobs Entertainment, Inc. | 1,035,000 | 1,035,000 | ||||||
Vail Resorts, Inc. | 525,000 | 570,938 | ||||||
WMG Acquisition Corp. | 439,000 | 477,961 | ||||||
|
| |||||||
2,083,899 | ||||||||
|
| |||||||
Environmental Controls — 0.4% | ||||||||
ADS Waste Holdings, Inc. (c) (d) | 480,000 | 489,600 | ||||||
Clean Harbors, Inc. (d) | 520,000 | 535,600 | ||||||
|
| |||||||
1,025,200 | ||||||||
|
| |||||||
Forest Products & Paper — 0.7% | ||||||||
Xerium Technologies, Inc. | 1,810,000 | 1,601,850 | ||||||
|
| |||||||
Hand & Machine Tools — 1.2% | ||||||||
Mcron Finance Sub LLC/Mcron Finance Corp. (d) | 1,650,000 | 1,699,500 | ||||||
Thermadyne Holdings Corp. | 1,094,000 | 1,165,110 | ||||||
|
| |||||||
2,864,610 | ||||||||
|
| |||||||
Health Care – Products — 1.8% | ||||||||
Alere, Inc. | 3,345,000 | 3,570,788 | ||||||
Teleflex, Inc. | 610,000 | 655,750 | ||||||
|
| |||||||
4,226,538 | ||||||||
|
| |||||||
Health Care – Services — 0.9% | ||||||||
HEALTHSOUTH Corp. | 1,315,000 | 1,338,013 | ||||||
HEALTHSOUTH Corp. | 600,000 | 649,500 | ||||||
|
| |||||||
1,987,513 | ||||||||
|
| |||||||
Home Builders — 1.0% | ||||||||
K Hovnanian Enterprises, Inc. (c) (d) | 1,255,000 | 1,286,375 | ||||||
K Hovnanian Enterprises, Inc. (c) (d) | 1,045,000 | 1,051,531 | ||||||
|
| |||||||
2,337,906 | ||||||||
|
| |||||||
Household Products — 1.4% | ||||||||
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC | 925,000 | 938,875 |
The accompanying notes are an integral part of the financial statements.
126
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MassMutual Premier High Yield Fund – Portfolio of Investments (Continued)
Principal Amount | Value | |||||||
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC | $ | 2,175,000 | $ | 2,218,500 | ||||
|
| |||||||
3,157,375 | ||||||||
|
| |||||||
Insurance — 1.5% | ||||||||
CNO Financial Group, Inc. (d) | 1,465,000 | 1,494,300 | ||||||
Hub International Ltd. (d) | 1,860,000 | 1,883,250 | ||||||
|
| |||||||
3,377,550 | ||||||||
|
| |||||||
Investment Companies — 1.3% | ||||||||
PBF Holding Co. LLC/PBF Finance Corp. (d) | 2,815,000 | 2,955,750 | ||||||
|
| |||||||
Leisure Time — 3.5% | ||||||||
Brunswick Corp. | 3,313,000 | 3,354,412 | ||||||
Brunswick Corp. | 650,000 | 671,125 | ||||||
Carlson Wagonlit BV (d) | 1,785,000 | 1,874,250 | ||||||
Sabre Holdings Corp. | 2,129,000 | 2,160,935 | ||||||
|
| |||||||
8,060,722 | ||||||||
|
| |||||||
Lodging — 1.9% | ||||||||
MGM Mirage | 1,040,000 | 1,102,400 | ||||||
MGM Resorts International (d) | 1,135,000 | 1,135,000 | ||||||
MGM Resorts International (d) | 1,355,000 | 1,476,950 | ||||||
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. (d) | 635,000 | 644,525 | ||||||
|
| |||||||
4,358,875 | ||||||||
|
| |||||||
Machinery – Diversified — 1.3% | ||||||||
Welltec A/S (d) | 2,950,000 | 3,068,000 | ||||||
|
| |||||||
Manufacturing — 3.6% | ||||||||
Bombardier, Inc. (d) | 1,275,000 | 1,306,875 | ||||||
Griffon Corp. | 2,375,000 | 2,514,531 | ||||||
JB Poindexter & Co., Inc. (d) | 3,105,000 | 3,105,000 | ||||||
Polypore International, Inc. | 1,445,000 | 1,556,988 | ||||||
|
| |||||||
8,483,394 | ||||||||
|
|
Principal Amount | Value | |||||||
Media — 4.6% | ||||||||
Cequel Communications Holdings I LLC/Cequel Capital Corp. (d) | $ | 3,385,000 | $ | 3,613,487 | ||||
Harron Communications LP/Harron Finance Corp. (d) | 1,610,000 | 1,738,800 | ||||||
Mediacom LLC/Mediacom Capital Corp. | 1,405,000 | 1,552,525 | ||||||
Nara Cable Funding Ltd. (d) | 2,325,000 | 2,121,563 | ||||||
Nexstar Broadcasting, Inc./Mission Broadcasting, Inc. | 1,600,000 | 1,740,000 | ||||||
|
| |||||||
10,766,375 | ||||||||
|
| |||||||
Metal Fabricate & Hardware — 0.3% | ||||||||
Mueller Water Products, Inc. | 770,000 | 789,250 | ||||||
|
| |||||||
Mining — 1.3% | ||||||||
FMG Resources Property Ltd. (d) | 1,175,000 | 1,169,125 | ||||||
FMG Resources Property Ltd. (d) | 700,000 | 679,000 | ||||||
Kaiser Aluminum Corp. | 1,110,000 | 1,198,800 | ||||||
|
| |||||||
3,046,925 | ||||||||
|
| |||||||
Oil & Gas — 14.9% | ||||||||
Alta Mesa Holdings/Alta Mesa Finance Services Corp. | 3,644,000 | 3,644,000 | ||||||
Aurora USA Oil & Gas, Inc. (d) | 2,720,000 | 2,896,800 | ||||||
Calumet Specialty Products Partners LP/Calumet Finance Corp. | 1,980,000 | 2,128,500 | ||||||
Calumet Specialty Products Partners LP/Calumet Finance Corp. | 500,000 | 537,500 | ||||||
Chesapeake Oilfield Operating LLC/Chesapeake Oilfield Finance, Inc. (d) | 680,000 | 652,800 | ||||||
Coffeyville Resources LLC/Coffeyville Finance, Inc. (d) | 450,000 | 480,375 | ||||||
Coffeyville Resources LLC/Coffeyville Finance, Inc. (d) | 1,100,000 | 1,232,000 | ||||||
EP Energy LLC/Everest Acquisition Finance, Inc. (d) | 700,000 | 714,000 |
The accompanying notes are an integral part of the financial statements.
127
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MassMutual Premier High Yield Fund – Portfolio of Investments (Continued)
Principal Amount | Value | |||||||
Halcon Resources Corp. (d) | $ | 2,190,000 | $ | 2,239,275 | ||||
Hercules Offshore, Inc. (d) | 1,240,000 | 1,286,500 | ||||||
Hilcorp Energy I LP/Hilcorp Finance Co. (d) | 3,070,000 | 3,377,000 | ||||||
Magnum Hunter Resources Corp. (d) | 935,000 | 953,700 | ||||||
MEG Energy Corp. (d) | 725,000 | 775,750 | ||||||
Midstates Petroleum Co., Inc./Midstates Petroleum Co. LLC (c) (d) | 1,650,000 | 1,720,125 | ||||||
Northern Tier Energy LLC/Northern Tier Finance Corp. | 2,133,000 | 2,335,635 | ||||||
PetroBakken Energy Ltd. (d) | 1,300,000 | 1,352,000 | ||||||
Quicksilver Resources, Inc. | 1,430,000 | 1,222,650 | ||||||
Resolute Energy Corp. (d) | 1,250,000 | 1,281,250 | ||||||
Sandridge Energy, Inc. (d) | 675,000 | 695,250 | ||||||
Sandridge Energy, Inc. (d) | 580,000 | 609,000 | ||||||
SM Energy Co. (d) | 1,235,000 | 1,296,750 | ||||||
Unit Corp. | 1,070,000 | 1,104,775 | ||||||
Venoco, Inc. | 2,435,000 | 2,118,450 | ||||||
|
| |||||||
34,654,085 | ||||||||
|
| |||||||
Packaging & Containers — 2.3% | ||||||||
Sealed Air Corp. (d) | 2,334,000 | 2,193,960 | ||||||
Sealed Air Corp. (d) | 693,000 | 776,160 | ||||||
Tekni-Plex, Inc. (d) | 2,135,000 | 2,284,450 | ||||||
|
| |||||||
5,254,570 | ||||||||
|
| |||||||
Pharmaceuticals — 2.8% | ||||||||
Mylan, Inc. (d) | 1,230,000 | 1,303,800 | ||||||
Sky Growth Acquisition Corp. (d) | 915,000 | 919,575 | ||||||
Valeant Pharmaceuticals International (d) | 375,000 | 399,375 | ||||||
Valeant Pharmaceuticals International (d) | 600,000 | 631,500 |
Principal Amount | Value | |||||||
Valeant Pharmaceuticals International (d) | $ | 800,000 | $ | 842,000 | ||||
Warner Chilcott Corp. LLC | 2,225,000 | 2,375,187 | ||||||
|
| |||||||
6,471,437 | ||||||||
|
| |||||||
Pipelines — 2.4% | ||||||||
Everest Acquisition LLC/Everest Acquisition Finance, Inc. (d) | 2,250,000 | 2,452,500 | ||||||
MarkWest Energy Partners LP/MarkWest Energy Finance Corp. | 1,125,000 | 1,178,437 | ||||||
Targa Resources Partners LP/Targa Resources Partners Finance Corp. | 1,240,000 | 1,345,400 | ||||||
Tesoro Logistics LP/Tesoro Logistics Finance Corp. (d) | 500,000 | 512,500 | ||||||
|
| |||||||
5,488,837 | ||||||||
|
| |||||||
Retail — 3.6% | ||||||||
Claire’s Stores, Inc. (d) | 1,005,000 | 1,042,687 | ||||||
Fiesta Restaurant Group, Inc. | 1,490,000 | 1,594,300 | ||||||
Landry’s, Inc. (d) | 1,850,000 | 1,951,750 | ||||||
Michaels Stores, Inc. (d) | 960,000 | 1,027,200 | ||||||
The Pantry, Inc. (d) | 1,080,000 | 1,107,000 | ||||||
Sally Holdings LLC/Sally Capital, Inc. | 1,500,000 | 1,597,500 | ||||||
|
| |||||||
8,320,437 | ||||||||
|
| |||||||
Savings & Loans — 0.7% | ||||||||
Boyd Acquisition Sub LLC/Boyd Acquisition Finance Corp. (d) | 1,590,000 | 1,653,600 | ||||||
Hawker Beechcraft Acquisition Co. LLC/Hawker Beechcraft Notes Co. (e) | 1,805,000 | 565 | ||||||
|
| |||||||
1,654,165 | ||||||||
|
| |||||||
Software — 6.1% | ||||||||
Audatex North America, Inc. (d) | 2,700,000 | 2,882,250 | ||||||
EVERTEC, Inc. | 5,320,000 | 5,679,100 | ||||||
First Data Corp. (d) | 1,915,000 | 1,974,844 | ||||||
First Data Corp. | 865,000 | 896,356 |
The accompanying notes are an integral part of the financial statements.
128
Table of Contents
MassMutual Premier High Yield Fund – Portfolio of Investments (Continued)
Principal Amount | Value | |||||||
Nuance Communications, Inc. (d) | $ | 1,350,000 | $ | 1,393,875 | ||||
Sophia LP/Sophia Finance, Inc. (d) | 1,300,000 | 1,397,500 | ||||||
|
| |||||||
14,223,925 | ||||||||
|
| |||||||
Storage & Warehousing — 1.2% | ||||||||
Niska Gas Storage US LLC/Niska Gas Storage Canada LLC | 2,595,000 | 2,679,338 | ||||||
|
| |||||||
Telecommunications — 3.6% | ||||||||
CPI International, Inc. | 1,316,000 | 1,253,490 | ||||||
Frontier Communications Corp. | 1,655,000 | 1,915,662 | ||||||
Sprint Capital Corp. | 1,265,000 | 1,312,438 | ||||||
Sprint Nextel Corp. | 1,323,000 | 1,657,057 | ||||||
ViaSat, Inc. | 1,265,000 | 1,356,713 | ||||||
Windstream Corp. | 780,000 | 826,800 | ||||||
|
| |||||||
8,322,160 | ||||||||
|
| |||||||
Transportation — 2.4% | ||||||||
CHC Helicopter SA | 3,265,000 | 3,354,787 | ||||||
Quality Distribution LLC/QD Capital Corp. | 1,985,000 | 2,163,650 | ||||||
|
| |||||||
5,518,437 | ||||||||
|
| |||||||
TOTAL CORPORATE DEBT (Cost $211,567,298) | 219,059,032 | |||||||
|
| |||||||
TOTAL BONDS & NOTES (Cost $216,016,302) | 223,628,884 | |||||||
|
| |||||||
TOTAL LONG-TERM INVESTMENTS (Cost $218,129,893) | 224,265,229 | |||||||
|
| |||||||
SHORT-TERM INVESTMENTS — 4.1% | ||||||||
Time Deposits — 4.1% | ||||||||
Euro Time Deposit | 9,631,328 | 9,631,328 | ||||||
|
| |||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $9,631,328) | 9,631,328 | |||||||
|
|
Value | ||||||
TOTAL INVESTMENTS — 100.7% (Cost $227,761,221) (f) | $ | 233,896,557 | ||||
Other Assets/(Liabilities) — (0.7)% | (1,578,080 | ) | ||||
|
| |||||
NET ASSETS — 100.0% | $ | 232,318,477 | ||||
|
|
Notes to Portfolio of Investments
STEP | Step Up Bond |
(a) | This security is valued in good faith under procedures established by the Board of Trustees. |
(b) | Non-income producing security. |
(c) | A portion of this security is purchased on a when-issued, delayed-delivery or forward commitment basis (Note 2). |
(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 September 30, 2012, these securities amounted to a value of $106,326,207 or 45.77% of net assets. |
(e) | Security is currently in default due to bankruptcy or failure to make payment of principal or interest of the issuer. Income is not being accrued. At September 30, 2012, these securities amounted to a value of $565 or 0.00% of net assets. |
(f) | See Note 6 for aggregate cost for federal tax purposes. |
The accompanying notes are an integral part of the financial statements.
129
Table of Contents
MassMutual Premier International Bond Fund – Portfolio of Investments
September 30, 2012
Principal Amount | Value | |||||||
BONDS & NOTES — 97.9% | ||||||||
CORPORATE DEBT — 30.5% | ||||||||
Banks — 11.6% | ||||||||
Eurofima AUD (a) | 225,000 | $ | 240,983 | |||||
Eurofima AUD (a) | 275,000 | 294,535 | ||||||
KFW JPY (a) | 140,000,000 | 1,999,566 | ||||||
Landwirtschaftliche Rentenbank JPY (a) | 30,000,000 | 393,355 | ||||||
Rabobank Nederland NV GBP (a) | 550,000 | 952,206 | ||||||
Rabobank Nederland NV EUR (a) | 1,030,000 | 1,397,739 | ||||||
Skandinaviska Enskilda Banken AB EUR (a) | 400,000 | 534,772 | ||||||
Swedbank Hypotek AB EUR (a) | 200,000 | 270,275 | ||||||
Swedish Covered Bond Corp. EUR (a) | 200,000 | 272,042 | ||||||
|
| |||||||
6,355,473 | ||||||||
|
| |||||||
Diversified Financial — 2.5% | ||||||||
German Postal Pensions Securitisation PLC EUR (a) | 1,000,000 | 1,393,231 | ||||||
|
| |||||||
Multi-National — 14.0% | ||||||||
Asian Development Bank JPY (a) | 100,000,000 | 1,472,228 | ||||||
European Investment Bank JPY (a) | 180,000,000 | 2,427,558 | ||||||
European Investment Bank JPY (a) (b) | 80,900,000 | 1,089,614 | ||||||
European Investment Bank EUR (a) | 400,000 | 608,812 | ||||||
International Bank for Reconstruction & Development, Class E GBP (a) | 400,000 | 843,313 | ||||||
Nordic Investment Bank JPY (a) | 90,000,000 | 1,243,348 | ||||||
|
| |||||||
7,684,873 | ||||||||
|
| |||||||
Oil & Gas — 1.3% | ||||||||
BP Capital Markets PLC GBP (a) (b) | 400,000 | 728,495 | ||||||
|
| |||||||
Telecommunications — 1.1% | ||||||||
Deutsche Telekom International Finance BV EUR (a) | 200,000 | 295,430 |
Principal Amount | Value | |||||||
Telstra Corp. Ltd. EUR (a) | 200,000 | $ | 295,654 | |||||
|
| |||||||
591,084 | ||||||||
| �� | |||||||
TOTAL CORPORATE DEBT (Cost $15,793,795) | 16,753,156 | |||||||
|
| |||||||
SOVEREIGN DEBT OBLIGATIONS — 67.4% | ||||||||
Agence Francaise de Developpement JPY (a) | 100,000,000 | 1,303,398 | ||||||
Bundesrepublik Deutschland EUR (a) | 700,000 | 995,695 | ||||||
Bundesrepublik Deutschland EUR (a) | 470,000 | 670,006 | ||||||
Canada Housing Trust No 1 CAD (a) (c) | 575,000 | 592,301 | ||||||
Canadian Government Bond CAD (a) | 400,000 | 414,757 | ||||||
French Republic EUR (a) | 850,000 | 1,196,879 | ||||||
French Republic EUR (a) | 950,000 | 1,725,890 | ||||||
Government of France OAT EUR (a) | 950,000 | 1,392,847 | ||||||
Italy Buoni Poliennali Del Tesoro EUR (a) | 1,000,000 | 1,287,119 | ||||||
Italy Buoni Poliennali Del Tesoro EUR (a) | 700,000 | 916,122 | ||||||
Japan Government JPY (a) | 50,000,000 | 683,829 | ||||||
Japan Government JPY (a) | 140,000,000 | 1,801,648 | ||||||
Kingdom of the Netherlands | 1,000,000 | 1,519,801 | ||||||
Mexican Bonos MXN (a) | 11,000,000 | 882,677 | ||||||
Mexican Bonos MXN (a) | 20,500,000 | 1,732,996 | ||||||
New South Wales Treasury Corp. AUD (a) | 500,000 | 543,429 | ||||||
New South Wales Treasury Corp. AUD (a) | 615,000 | 701,873 | ||||||
Norway Government Bond NOK (a) | 6,800,000 | 1,332,320 |
The accompanying notes are an integral part of the financial statements.
130
Table of Contents
MassMutual Premier International Bond Fund – Portfolio of Investments (Continued)
Principal Amount | Value | |||||||
Poland Government Bond PLN (a) | 6,000,000 | $ | 1,924,368 | |||||
Poland Government Bond PLN (a) | 3,800,000 | 1,285,190 | ||||||
Province of Ontario Canada CAD (a) | 1,300,000 | 1,386,482 | ||||||
Queensland Treasury Corp. AUD (a) | 1,450,000 | 1,695,629 | ||||||
Republic of Austria EUR (a) (c) | 1,370,000 | 2,090,439 | ||||||
Republic of Austria EUR (Acquired 11/22/10-6/03/11, | 1,000,000 | 1,460,845 | ||||||
Republic of Germany EUR (a) | 400,000 | 703,889 | ||||||
Singapore Government Bond SGD (a) 2.500% 6/01/19 | 850,000 | 765,565 | ||||||
South Africa Government Bond ZAR (a) | 16,000,000 | 2,103,088 | ||||||
Sweden Government Bond SEK (a) | 7,000,000 | 1,148,977 | ||||||
United Kingdom Gilt GBP (a) | 1,310,000 | 2,712,557 | ||||||
|
| |||||||
36,970,616 | ||||||||
|
| |||||||
TOTAL SOVEREIGN DEBT OBLIGATIONS (Cost $35,634,833) | 36,970,616 | |||||||
|
| |||||||
TOTAL BONDS & NOTES (Cost $51,428,628) | 53,723,772 | |||||||
|
| |||||||
TOTAL LONG-TERM INVESTMENTS (Cost $51,428,628) | 53,723,772 | |||||||
|
| |||||||
SHORT-TERM INVESTMENTS — 7.9% | ||||||||
Repurchase Agreement — 7.9% | ||||||||
State Street Bank & Trust Co. Repurchase Agreement, dated 9/28/12, 0.010%, due 10/01/12 (e) | $ | 4,317,098 | 4,317,098 | |||||
|
| |||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $4,317,098) | 4,317,098 | |||||||
|
| |||||||
TOTAL INVESTMENTS — 105.8% (Cost $55,745,726) (f) | 58,040,870 | |||||||
Other Assets/(Liabilities) — (5.8)% | (3,180,683 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 54,860,187 | ||||||
|
|
Notes to Portfolio of Investments
AUD | Australian Dollar |
CAD | Canadian Dollar |
EUR | Euro |
GBP | British Pound |
JPY | Japanese Yen |
MXN | Mexican Peso |
NOK | Norwegian Krone |
OAT | Obligations Assimilables du Tresor |
PLN | Polish Zloty |
SEK | Swedish Krona |
SGD | Singapore Dollar |
ZAR | South African Rand |
(a) | The principal amount of the security is in foreign currency. The market value is in U.S. dollars. |
(b) | Security exempt from registration under Regulation S of the Securities Act of 1933, which exempts from registration securities offered and sold outside the United States. Security may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933. At September 30, 2012, these securities amounted to a value of $1,818,109 or 3.31% of net assets. |
(c) | Securities exempt from registration under rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At September 30, 2012, these securities amounted to a value of $5,663,386 or 10.32% of net assets. |
(d) | Restricted security. Certain securities are restricted as to resale. At September 30, 2012, these securities amounted to a value of $1,460,845 or 2.66% of net assets. The Funds generally bear the costs, if any, associated with the disposition of restricted securities. |
(e) | Maturity value of $4,317,102. Collateralized by U.S. Government Agency obligations with a rate of 3.000%, maturity date of 12/01/26, and an aggregate market value, including accrued interest, of $4,404,146. |
(f) | See Note 6 for aggregate cost for federal tax purposes. |
The accompanying notes are an integral part of the financial statements.
131
Table of Contents
MassMutual Premier Balanced Fund – Portfolio of Investments
September 30, 2012
Number of Shares | Value | |||||||
EQUITIES — 52.1% | ||||||||
COMMON STOCK — 52.1% | ||||||||
Advertising — 0.1% | ||||||||
The Interpublic Group of Companies, Inc. | 4,633 | $ | 51,519 | |||||
Omnicom Group, Inc. | 698 | 35,989 | ||||||
|
| |||||||
87,508 | ||||||||
|
| |||||||
Aerospace & Defense — 1.1% | ||||||||
The Boeing Co. | 3,396 | 236,430 | ||||||
General Dynamics Corp. | 2,148 | 142,025 | ||||||
L-3 Communications Holdings, Inc. | 1,644 | 117,891 | ||||||
Lockheed Martin Corp. | 2,261 | 211,132 | ||||||
Northrop Grumman Corp. | 2,923 | 194,175 | ||||||
Raytheon Co. | 2,896 | 165,535 | ||||||
Rockwell Collins, Inc. | 457 | 24,513 | ||||||
United Technologies Corp. | 4,572 | 357,942 | ||||||
|
| |||||||
1,449,643 | ||||||||
|
| |||||||
Agriculture — 1.0% | ||||||||
Altria Group, Inc. | 6,841 | 228,421 | ||||||
Archer-Daniels-Midland Co. | 3,226 | 87,683 | ||||||
Lorillard, Inc. | 193 | 22,475 | ||||||
Philip Morris International, Inc. | 9,896 | 890,046 | ||||||
Reynolds American, Inc. | 1,744 | 75,585 | ||||||
|
| |||||||
1,304,210 | ||||||||
|
| |||||||
Airlines — 0.1% | ||||||||
Southwest Airlines Co. | 16,766 | 147,038 | ||||||
|
| |||||||
Apparel — 0.1% | ||||||||
Nike, Inc. Class B | 351 | 33,313 | ||||||
Ralph Lauren Corp. | 230 | 34,783 | ||||||
|
| |||||||
68,096 | ||||||||
|
| |||||||
Auto Manufacturers — 0.2% | ||||||||
Ford Motor Co. | 18,662 | 184,007 | ||||||
Paccar, Inc. | 34 | 1,361 | ||||||
|
| |||||||
185,368 | ||||||||
|
| |||||||
Automotive & Parts — 0.1% | ||||||||
BorgWarner, Inc. (a) | 100 | 6,911 | ||||||
The Goodyear Tire & Rubber Co. (a) | 8,261 | 100,702 | ||||||
Johnson Controls, Inc. | 205 | 5,617 | ||||||
|
| |||||||
113,230 | ||||||||
|
| |||||||
Banks — 2.8% | ||||||||
Banco Santander Chile Sponsored ADR (Chile) | 4,100 | 300,284 | ||||||
Bank of America Corp. | 58,442 | 516,043 | ||||||
Bank of New York Mellon Corp. | 5,495 | 124,297 | ||||||
BB&T Corp. | 4,512 | 149,618 | ||||||
Capital One Financial Corp. | 2,875 | 163,904 | ||||||
Comerica, Inc. | 4,424 | 137,365 | ||||||
Fifth Third Bancorp | 10,821 | 167,834 |
Number of Shares | Value | |||||||
First Horizon National Corp. | 80 | $ | 770 | |||||
Huntington Bancshares, Inc. | 16,410 | 113,229 | ||||||
KeyCorp | 14,772 | 129,107 | ||||||
M&T Bank Corp. | 561 | 53,385 | ||||||
Northern Trust Corp. | 661 | 30,680 | ||||||
PNC Financial Services Group, Inc. | 2,445 | 154,279 | ||||||
Regions Financial Corp. | 18,343 | 132,253 | ||||||
State Street Corp. | 2,485 | 104,270 | ||||||
SunTrust Banks, Inc. | 4,700 | 132,869 | ||||||
U.S. Bancorp | 9,529 | 326,845 | ||||||
Wells Fargo & Co. | 24,464 | 844,742 | ||||||
Zions Bancorp | 2,349 | 48,519 | ||||||
|
| |||||||
3,630,293 | ||||||||
|
| |||||||
Beverages — 1.5% | ||||||||
Brown-Forman Corp. Class B | 511 | 33,343 | ||||||
The Coca-Cola Co. | 23,624 | 896,058 | ||||||
Coca-Cola Enterprises, Inc. | 1,585 | 49,563 | ||||||
Constellation Brands, Inc. Class A (a) | 2,422 | 78,352 | ||||||
Dr. Pepper Snapple Group, Inc. | 1,610 | 71,693 | ||||||
Molson Coors Brewing Co. Class B | 936 | 42,167 | ||||||
Monster Beverage Corp. (a) | 400 | 21,664 | ||||||
PepsiCo, Inc. | 9,992 | 707,134 | ||||||
|
| |||||||
1,899,974 | ||||||||
|
| |||||||
Biotechnology — 0.8% | ||||||||
Alexion Pharmaceuticals, Inc. (a) | 100 | 11,440 | ||||||
Amgen, Inc. | 7,805 | 658,118 | ||||||
Biogen Idec, Inc. (a) | 1,144 | 170,719 | ||||||
Celgene Corp. (a) | 1,999 | 152,724 | ||||||
Life Technologies Corp. (a) | 371 | 18,134 | ||||||
|
| |||||||
1,011,135 | ||||||||
|
| |||||||
Building Materials — 0.0% | ||||||||
Masco Corp. | 2,694 | 40,545 | ||||||
|
| |||||||
Chemicals — 1.1% | ||||||||
Air Products & Chemicals, Inc. | 810 | 66,987 | ||||||
Airgas, Inc. | 93 | 7,654 | ||||||
CF Industries Holdings, Inc. | 995 | 221,129 | ||||||
The Dow Chemical Co. | 8,893 | 257,541 | ||||||
E.I. du Pont de Nemours & Co. | 4,771 | 239,838 | ||||||
Eastman Chemical Co. | 1,494 | 85,173 | ||||||
Ecolab, Inc. | 24 | 1,555 | ||||||
International Flavors & Fragrances, Inc. | 73 | 4,349 | ||||||
LyondellBasell Industries NV Class A | 1,900 | 98,154 | ||||||
Monsanto Co. | 1,099 | 100,031 | ||||||
The Mosaic Co. | 1,400 | 80,654 | ||||||
PPG Industries, Inc. | 1,014 | 116,448 | ||||||
Praxair, Inc. | 244 | 25,347 | ||||||
The Sherwin-Williams Co. | 557 | 82,943 | ||||||
Sigma-Aldrich Corp. | 249 | 17,921 | ||||||
|
| |||||||
1,405,724 | ||||||||
|
|
The accompanying notes are an integral part of the financial statements.
132
Table of Contents
MassMutual Premier Balanced Fund – Portfolio of Investments (Continued)
Number of Shares | Value | |||||||
Coal — 0.1% | ||||||||
Alpha Natural Resources, Inc. (a) | 10,762 | $ | 70,706 | |||||
CONSOL Energy, Inc. | 257 | 7,723 | ||||||
Peabody Energy Corp. | 2,559 | 57,040 | ||||||
|
| |||||||
135,469 | ||||||||
|
| |||||||
Commercial Services — 0.9% | ||||||||
Apollo Group, Inc. Class A (a) | 5,060 | 146,993 | ||||||
Automatic Data Processing, Inc. | 1,121 | 65,758 | ||||||
DeVry, Inc. | 773 | 17,593 | ||||||
Donnelley (R.R.) & Sons Co. | 8,834 | 93,640 | ||||||
Equifax, Inc. | 836 | 38,941 | ||||||
H&R Block, Inc. | 1,442 | 24,990 | ||||||
Iron Mountain, Inc. | 799 | 27,254 | ||||||
MasterCard, Inc. Class A | 5 | 2,257 | ||||||
McKesson Corp. | 2,041 | 175,587 | ||||||
Moody’s Corp. | 435 | 19,214 | ||||||
Paychex, Inc. | 1,713 | 57,026 | ||||||
Quanta Services, Inc. (a) | 1,324 | 32,703 | ||||||
Robert Half International, Inc. | 335 | 8,921 | ||||||
SAIC, Inc. | 13,486 | 162,371 | ||||||
Total System Services, Inc. | 2,421 | 57,378 | ||||||
Visa, Inc. Class A | 820 | 110,110 | ||||||
Western Union Co. | 8,707 | 158,642 | ||||||
|
| |||||||
1,199,378 | ||||||||
|
| |||||||
Computers — 4.3% | ||||||||
Accenture PLC Class A | 2,800 | 196,084 | ||||||
Apple, Inc. | 4,568 | 3,048,044 | ||||||
Cognizant Technology Solutions Corp. Class A (a) | 59 | 4,125 | ||||||
Computer Sciences Corp. | 9,075 | 292,306 | ||||||
Dell, Inc. | 10,294 | 101,499 | ||||||
EMC Corp (a) | 10,453 | 285,053 | ||||||
Hewlett-Packard Co. | 13,563 | 231,385 | ||||||
International Business Machines Corp. | 3,840 | 796,608 | ||||||
Lexmark International, Inc. Class A | 6,504 | 144,714 | ||||||
NetApp, Inc. (a) | 2,109 | 69,344 | ||||||
SanDisk Corp. (a) | 50 | 2,171 | ||||||
Seagate Technology PLC | 4,400 | 136,400 | ||||||
Teradata Corp. (a) | 198 | 14,931 | ||||||
Western Digital Corp. | 5,931 | 229,708 | ||||||
|
| |||||||
5,552,372 | ||||||||
|
| |||||||
Cosmetics & Personal Care — 0.9% | ||||||||
Avon Products, Inc. | 2,909 | 46,398 | ||||||
Colgate-Palmolive Co. | 1,233 | 132,202 | ||||||
The Estee Lauder Cos., Inc. Class A | 696 | 42,853 | ||||||
The Procter & Gamble Co. | 13,133 | 910,905 | ||||||
|
| |||||||
1,132,358 | ||||||||
|
| |||||||
Distribution & Wholesale — 0.1% | ||||||||
Fastenal Co. | 370 | 15,906 | ||||||
Genuine Parts Co. | 936 | 57,124 | ||||||
W.W. Grainger, Inc. | 4 | 834 | ||||||
|
| |||||||
73,864 | ||||||||
|
|
Number of Shares | Value | |||||||
Diversified Financial — 2.4% | ||||||||
American Express Co. | 4,788 | $ | 272,246 | |||||
Ameriprise Financial, Inc. | 1,195 | 67,745 | ||||||
BlackRock, Inc. | 690 | 123,027 | ||||||
The Charles Schwab Corp. | 2,322 | 29,698 | ||||||
Citigroup, Inc. | 15,384 | 503,365 | ||||||
CME Group, Inc. | 655 | 37,532 | ||||||
Discover Financial Services | 4,295 | 170,640 | ||||||
E*TRADE Financial Corp. (a) | 93 | 819 | ||||||
Federated Investors, Inc. Class B | 361 | 7,469 | ||||||
Franklin Resources, Inc. | 526 | 65,787 | ||||||
The Goldman Sachs Group, Inc. | 3,358 | 381,737 | ||||||
IntercontinentalExchange, Inc. (a) | 184 | 24,547 | ||||||
Invesco Ltd. | 2,323 | 58,052 | ||||||
JP Morgan Chase & Co. | 26,165 | 1,059,159 | ||||||
Legg Mason, Inc. | 347 | 8,564 | ||||||
Morgan Stanley | 1,696 | 28,391 | ||||||
The NASDAQ OMX Group, Inc. | 622 | 14,490 | ||||||
NYSE Euronext | 2,436 | 60,047 | ||||||
SLM Corp. | 2,518 | 39,583 | ||||||
T. Rowe Price Group, Inc. | 786 | 49,754 | ||||||
|
| |||||||
3,002,652 | ||||||||
|
| |||||||
Electric — 1.7% | ||||||||
The AES Corp. (a) | 9,277 | 101,769 | ||||||
Ameren Corp. | 4,272 | 139,566 | ||||||
American Electric Power Co., Inc. | 2,496 | 109,674 | ||||||
CenterPoint Energy, Inc. | 2,235 | 47,606 | ||||||
CMS Energy Corp. | 1,410 | 33,206 | ||||||
Consolidated Edison, Inc. | 1,809 | 108,341 | ||||||
Dominion Resources, Inc. | 1,062 | 56,222 | ||||||
DTE Energy Co. | 1,312 | 78,641 | ||||||
Duke Energy Corp. | 3,186 | 206,453 | ||||||
Edison International | 734 | 33,537 | ||||||
Entergy Corp. | 2,211 | 153,222 | ||||||
Exelon Corp. | 1,423 | 50,630 | ||||||
FirstEnergy Corp. | 1,366 | 60,241 | ||||||
Integrys Energy Group, Inc. | 1,161 | 60,604 | ||||||
NextEra Energy, Inc. | 1,336 | 93,961 | ||||||
Northeast Utilities | 122 | 4,664 | ||||||
NRG Energy, Inc. | 8,320 | 177,965 | ||||||
Pepco Holdings, Inc. | 998 | 18,862 | ||||||
PG&E Corp. | 1,923 | 82,054 | ||||||
Pinnacle West Capital Corp. | 1,150 | 60,720 | ||||||
PPL Corp. | 5,284 | 153,500 | ||||||
Public Service Enterprise Group, Inc. | 2,509 | 80,740 | ||||||
SCANA Corp. | 772 | 37,264 | ||||||
The Southern Co. | 1,034 | 47,657 | ||||||
TECO Energy, Inc. | 798 | 14,157 | ||||||
Wisconsin Energy Corp. | 1,096 | 41,286 | ||||||
Xcel Energy, Inc. | 2,845 | 78,835 | ||||||
|
| |||||||
2,131,377 | ||||||||
|
|
The accompanying notes are an integral part of the financial statements.
133
Table of Contents
MassMutual Premier Balanced Fund – Portfolio of Investments (Continued)
Number of Shares | Value | |||||||
Electrical Components & Equipment — 0.2% | ||||||||
Emerson Electric Co. | 3,943 | $ | 190,329 | |||||
Molex, Inc. | 1,409 | 37,028 | ||||||
|
| |||||||
227,357 | ||||||||
|
| |||||||
Electronics — 0.1% | ||||||||
Agilent Technologies, Inc. | 573 | 22,032 | ||||||
Amphenol Corp. Class A | 636 | 37,448 | ||||||
FLIR Systems, Inc. | 35 | 699 | ||||||
Jabil Circuit, Inc. | 1,902 | 35,605 | ||||||
PerkinElmer, Inc. | 524 | 15,442 | ||||||
TE Connectivity Ltd. | 1,100 | 37,411 | ||||||
Waters Corp. (a) | 60 | 5,000 | ||||||
|
| |||||||
153,637 | ||||||||
|
| |||||||
Energy – Alternate Sources — 0.2% | ||||||||
First Solar, Inc. (a) | 8,400 | 186,018 | ||||||
|
| |||||||
Engineering & Construction — 0.2% | ||||||||
Fluor Corp. | 1,647 | 92,693 | ||||||
Jacobs Engineering Group, Inc. (a) | 2,424 | 98,003 | ||||||
|
| |||||||
190,696 | ||||||||
|
| |||||||
Entertainment — 0.0% | ||||||||
International Game Technology | 1,110 | 14,530 | ||||||
|
| |||||||
Environmental Controls — 0.2% | ||||||||
Republic Services, Inc. | 4,987 | 137,192 | ||||||
Stericycle, Inc. (a) | 87 | 7,875 | ||||||
Waste Management, Inc. | 4,045 | 129,764 | ||||||
|
| |||||||
274,831 | ||||||||
|
| |||||||
Foods — 0.9% | ||||||||
Campbell Soup Co. | 1,065 | 37,083 | ||||||
ConAgra Foods, Inc. | 2,384 | 65,775 | ||||||
Dean Foods Co. (a) | 4,410 | 72,104 | ||||||
General Mills, Inc. | 3,794 | 151,191 | ||||||
H.J. Heinz Co. | 2,035 | 113,858 | ||||||
The Hershey Co. | 419 | 29,703 | ||||||
Hormel Foods Corp. | 994 | 29,065 | ||||||
The J.M. Smucker Co. | 1,634 | 141,063 | ||||||
Kellogg Co. | 135 | 6,974 | ||||||
Mondelez International, Inc. | 4,121 | 170,403 | ||||||
The Kroger Co. | 3,434 | 80,836 | ||||||
McCormick & Co., Inc. | 473 | 29,345 | ||||||
Safeway, Inc. | 9,721 | 156,411 | ||||||
Sysco Corp. | 266 | 8,318 | ||||||
Tyson Foods, Inc. Class A | 1,820 | 29,156 | ||||||
Whole Foods Market, Inc. | 536 | 52,206 | ||||||
|
| |||||||
1,173,491 | ||||||||
|
| |||||||
Forest Products & Paper — 0.1% | ||||||||
International Paper Co. | 2,407 | 87,422 | ||||||
MeadWestvaco Corp. | 707 | 21,634 | ||||||
|
| |||||||
109,056 | ||||||||
|
|
Number of Shares | Value | |||||||
Gas — 0.1% | ||||||||
AGL Resources, Inc. | 16 | $ | 655 | |||||
NiSource, Inc. | 1,372 | 34,958 | ||||||
Sempra Energy | 1,602 | 103,313 | ||||||
|
| |||||||
138,926 | ||||||||
|
| |||||||
Hand & Machine Tools — 0.0% | ||||||||
Snap-on, Inc. | 85 | 6,109 | ||||||
Stanley Black & Decker, Inc. | 342 | 26,077 | ||||||
|
| |||||||
32,186 | ||||||||
|
| |||||||
Health Care – Products — 1.3% | ||||||||
Baxter International, Inc. | 2,422 | 145,950 | ||||||
Becton, Dickinson & Co. | 1,102 | 86,573 | ||||||
Boston Scientific Corp. (a) | 8,221 | 47,188 | ||||||
C.R. Bard, Inc. | 204 | 21,349 | ||||||
CareFusion Corp. (a) | 1,948 | 55,304 | ||||||
Covidien PLC | 1,400 | 83,188 | ||||||
Intuitive Surgical, Inc. (a) | 4 | 1,982 | ||||||
Johnson & Johnson | 10,499 | 723,486 | ||||||
Medtronic, Inc. | 5,569 | 240,135 | ||||||
St. Jude Medical, Inc. | 2,098 | 88,389 | ||||||
Stryker Corp. | 1,859 | 103,472 | ||||||
Varian Medical Systems, Inc. (a) | 174 | 10,496 | ||||||
Zimmer Holdings, Inc. | 1,224 | 82,767 | ||||||
|
| |||||||
1,690,279 | ||||||||
|
| |||||||
Health Care – Services — 0.7% | ||||||||
Aetna, Inc. | 3,394 | 134,402 | ||||||
Cigna Corp. | 1,459 | 68,821 | ||||||
Coventry Health Care, Inc. | 1,076 | 44,858 | ||||||
DaVita, Inc. (a) | 373 | 38,647 | ||||||
Humana, Inc. | 655 | 45,948 | ||||||
Laboratory Corporation of America Holdings (a) | 161 | 14,888 | ||||||
Quest Diagnostics, Inc. | 635 | 40,278 | ||||||
Tenet Healthcare Corp. (a) | 517 | 3,242 | ||||||
Thermo Fisher Scientific, Inc. | 1,998 | 117,542 | ||||||
UnitedHealth Group, Inc. | 5,781 | 320,325 | ||||||
WellPoint, Inc. | 1,358 | 78,778 | ||||||
|
| |||||||
907,729 | ||||||||
|
| |||||||
Holding Company – Diversified — 0.0% | ||||||||
Leucadia National Corp. | 936 | 21,294 | ||||||
|
| |||||||
Home Builders — 0.1% | ||||||||
D.R. Horton, Inc. | 759 | 15,666 | ||||||
Lennar Corp. Class A | 400 | 13,908 | ||||||
PulteGroup, Inc. (a) | 6,974 | 108,097 | ||||||
|
| |||||||
137,671 | ||||||||
|
| |||||||
Home Furnishing — 0.0% | ||||||||
Harman International Industries, Inc. | 474 | 21,880 | ||||||
Whirlpool Corp. | 354 | 29,350 | ||||||
|
| |||||||
51,230 | ||||||||
|
|
The accompanying notes are an integral part of the financial statements.
134
Table of Contents
MassMutual Premier Balanced Fund – Portfolio of Investments (Continued)
Number of Shares | Value | |||||||
Household Products — 0.3% | ||||||||
Avery Dennison Corp. | 4,682 | $ | 148,981 | |||||
Beam, Inc. | 873 | 50,233 | ||||||
The Clorox Co. | 447 | 32,206 | ||||||
Kimberly-Clark Corp. | 1,060 | 90,927 | ||||||
|
| |||||||
322,347 | ||||||||
|
| |||||||
Housewares — 0.0% | ||||||||
Newell Rubbermaid, Inc. | 1,483 | 28,310 | ||||||
|
| |||||||
Insurance — 2.7% | ||||||||
ACE Ltd. | 1,700 | 128,520 | ||||||
Aflac, Inc. | 2,545 | 121,855 | ||||||
The Allstate Corp. | 4,586 | 181,651 | ||||||
American International Group, Inc. (a) | 9,811 | 321,703 | ||||||
Aon PLC | 1,236 | 64,630 | ||||||
Assurant, Inc. | 6,110 | 227,903 | ||||||
Berkshire Hathaway, Inc. Class B (a) | 9,133 | 805,530 | ||||||
The Chubb Corp. | 1,664 | 126,930 | ||||||
Cincinnati Financial Corp. | 3,024 | 114,579 | ||||||
Genworth Financial, Inc. Class A (a) | 16,155 | 84,491 | ||||||
The Hartford Financial Services Group, Inc. | 3,890 | 75,622 | ||||||
Lincoln National Corp. | 8,158 | 197,342 | ||||||
Loews Corp. | 934 | 38,537 | ||||||
Marsh & McLennan Cos., Inc. | 2,130 | 72,271 | ||||||
MetLife, Inc. | 9,529 | 328,369 | ||||||
Principal Financial Group, Inc. | 3,135 | 84,457 | ||||||
The Progressive Corp. | 1,134 | 23,519 | ||||||
Prudential Financial, Inc. | 2,435 | 132,732 | ||||||
Torchmark Corp. | 820 | 42,107 | ||||||
The Travelers Cos., Inc. | 2,163 | 147,646 | ||||||
Unum Group | 2,335 | 44,879 | ||||||
XL Group PLC | 3,597 | 86,436 | ||||||
|
| |||||||
3,451,709 | ||||||||
|
| |||||||
Internet — 1.0% | ||||||||
Akamai Technologies, Inc. (a) | 1,510 | 57,773 | ||||||
Amazon.com, Inc. (a) | 6 | 1,526 | ||||||
eBay, Inc. (a) | 1,965 | 95,126 | ||||||
Expedia, Inc. | 2,873 | 166,174 | ||||||
F5 Networks, Inc. (a) | 160 | 16,752 | ||||||
Google, Inc. Class A (a) | 764 | 576,438 | ||||||
Netflix, Inc. (a) | 816 | 44,423 | ||||||
Priceline.com, Inc. (a) | 104 | 64,348 | ||||||
Symantec Corp. (a) | 7,479 | 134,622 | ||||||
TripAdvisor, Inc. (a) | �� | 73 | 2,404 | |||||
VeriSign, Inc. (a) | 2,289 | 111,451 | ||||||
Yahoo!, Inc. (a) | 3,434 | 54,858 | ||||||
|
| |||||||
1,325,895 | ||||||||
|
| |||||||
Iron & Steel — 0.3% | ||||||||
Allegheny Technologies, Inc. | 19 | 606 | ||||||
Cliffs Natural Resources, Inc. | 1,760 | 68,869 | ||||||
Nucor Corp. | 1,461 | 55,898 |
Number of Shares | Value | |||||||
United States Steel Corp. | 10,567 | $ | 201,512 | |||||
|
| |||||||
326,885 | ||||||||
|
| |||||||
Leisure Time — 0.1% | ||||||||
Carnival Corp. | 1,473 | 53,676 | ||||||
Harley-Davidson, Inc. | 1,108 | 46,946 | ||||||
|
| |||||||
100,622 | ||||||||
|
| |||||||
Lodging — 0.2% | ||||||||
Marriott International, Inc. Class A | 1,613 | 63,068 | ||||||
Starwood Hotels & Resorts Worldwide, Inc. | 560 | 32,458 | ||||||
Wyndham Worldwide Corp. | 1,922 | 100,866 | ||||||
Wynn Resorts Ltd. | 229 | 26,436 | ||||||
|
| |||||||
222,828 | ||||||||
|
| |||||||
Machinery – Construction & Mining — 0.3% | ||||||||
Caterpillar, Inc. | 2,030 | 174,661 | ||||||
Ingersoll-Rand PLC | 4,000 | 179,280 | ||||||
Joy Global, Inc. | 200 | 11,212 | ||||||
|
| |||||||
365,153 | ||||||||
|
| |||||||
Machinery – Diversified — 0.3% | ||||||||
Cummins, Inc. | 833 | 76,811 | ||||||
Deere & Co. | 81 | 6,682 | ||||||
Eaton Corp. | 1,608 | 75,994 | ||||||
Flowserve Corp. | 777 | 99,254 | ||||||
Rockwell Automation, Inc. | 636 | 44,234 | ||||||
Roper Industries, Inc. | 774 | 85,055 | ||||||
Xylem, Inc. | 701 | 17,630 | ||||||
|
| |||||||
405,660 | ||||||||
|
| |||||||
Manufacturing — 2.1% | ||||||||
3M Co. | 2,525 | 233,361 | ||||||
Cooper Industries PLC | 1,500 | 112,590 | ||||||
Danaher Corp. | 1,772 | 97,726 | ||||||
Dover Corp. | 903 | 53,719 | ||||||
General Electric Co. | 60,486 | 1,373,637 | ||||||
Honeywell International, Inc. | 4,975 | 297,256 | ||||||
Illinois Tool Works, Inc. | 2,760 | 164,137 | ||||||
Leggett & Platt, Inc. | 695 | 17,410 | ||||||
Pall Corp. | 461 | 29,269 | ||||||
Parker Hannifin Corp. | 1,060 | 88,595 | ||||||
Textron, Inc. | 8,785 | 229,903 | ||||||
Tyco International Ltd. | 500 | 28,130 | ||||||
|
| |||||||
2,725,733 | ||||||||
|
| |||||||
Media — 2.2% | ||||||||
Cablevision Systems Corp. Class A | 3,700 | 58,645 | ||||||
CBS Corp. Class B | 3,770 | 136,964 | ||||||
Comcast Corp. Class A | 22,481 | 804,145 | ||||||
DIRECTV (a) | 2,986 | 156,646 | ||||||
Discovery Communications, Inc. Series A (a) | 600 | 35,778 | ||||||
Gannett Co., Inc. | 12,107 | 214,899 | ||||||
The McGraw-Hill Cos., Inc. | 609 | 33,245 |
The accompanying notes are an integral part of the financial statements.
135
Table of Contents
MassMutual Premier Balanced Fund – Portfolio of Investments (Continued)
Number of Shares | Value | |||||||
News Corp. Class A | 6,721 | $ | 164,866 | |||||
Scripps Networks Interactive Class A | 724 | 44,331 | ||||||
Time Warner Cable, Inc. | 2,468 | 234,608 | ||||||
Time Warner, Inc. | 5,388 | 244,238 | ||||||
Viacom, Inc. Class B | 2,290 | 122,721 | ||||||
The Walt Disney Co. | 10,682 | 558,455 | ||||||
The Washington Post Co. Class B | 91 | 33,036 | ||||||
|
| |||||||
2,842,577 | ||||||||
|
| |||||||
Metal Fabricate & Hardware — 0.0% | ||||||||
Precision Castparts Corp. | 9 | 1,470 | ||||||
|
| |||||||
Mining — 0.1% | ||||||||
Alcoa, Inc. | 11,746 | 103,952 | ||||||
Freeport-McMoRan Copper & Gold, Inc. | 548 | 21,690 | ||||||
Newmont Mining Corp. | 84 | 4,705 | ||||||
Titanium Metals Corp. | 73 | 937 | ||||||
Vulcan Materials Co. | 798 | 37,745 | ||||||
|
| |||||||
169,029 | ||||||||
|
| |||||||
Office Equipment/Supplies — 0.3% | ||||||||
Pitney Bowes, Inc. | 14,499 | 200,376 | ||||||
Xerox Corp. | 16,873 | 123,848 | ||||||
|
| |||||||
324,224 | ||||||||
|
| |||||||
Oil & Gas — 4.8% | ||||||||
Anadarko Petroleum Corp. | 17 | 1,189 | ||||||
Apache Corp. | 1,458 | 126,073 | ||||||
Cabot Oil & Gas Corp. | 96 | 4,310 | ||||||
Chesapeake Energy Corp. | 1,998 | 37,702 | ||||||
Chevron Corp. | 10,650 | 1,241,364 | ||||||
ConocoPhillips | 12,110 | 692,450 | ||||||
Denbury Resources, Inc. (a) | 1,485 | 23,998 | ||||||
Devon Energy Corp. | 1,117 | 67,579 | ||||||
Diamond Offshore Drilling, Inc. | 985 | 64,823 | ||||||
Ensco PLC Class A | 4,100 | 223,696 | ||||||
EOG Resources, Inc. | 91 | 10,197 | ||||||
EQT Corp. | 69 | 4,071 | ||||||
Exxon Mobil Corp. | 20,129 | 1,840,797 | ||||||
Helmerich & Payne, Inc. | 3,340 | 159,017 | ||||||
Hess Corp. | 747 | 40,129 | ||||||
Marathon Oil Corp. | 3,685 | 108,965 | ||||||
Marathon Petroleum Corp. | 2,342 | 127,850 | ||||||
Murphy Oil Corp. | 3,122 | 167,620 | ||||||
Nabors Industries Ltd. (a) | 3,399 | 47,688 | ||||||
Newfield Exploration Co. (a) | 800 | 25,056 | ||||||
Noble Energy, Inc. | 23 | 2,132 | ||||||
Occidental Petroleum Corp. | 3,530 | 303,792 | ||||||
Phillips 66 | 6,305 | 292,363 | ||||||
Pioneer Natural Resources Co. | 3 | 313 | ||||||
QEP Resources, Inc. | 98 | 3,103 | ||||||
Range Resources Corp. | 99 | 6,917 | ||||||
Rowan Cos. PLC Class A (a) | 1,609 | 54,336 | ||||||
Sunoco, Inc. | 2,785 | 130,422 |
Number of Shares | Value | |||||||
Tesoro Corp. | 5,286 | $ | 221,483 | |||||
Valero Energy Corp. | 4,110 | 130,205 | ||||||
WPX Energy, Inc. (a) | 677 | 11,231 | ||||||
|
| |||||||
6,170,871 | ||||||||
|
| |||||||
Oil & Gas Services — 0.4% | ||||||||
Baker Hughes, Inc. | 2,074 | 93,807 | ||||||
Cameron International Corp. (a) | 37 | 2,075 | ||||||
FMC Technologies, Inc. (a) | 72 | 3,334 | ||||||
Halliburton Co. | 1,771 | 59,665 | ||||||
National Oilwell Varco, Inc. | 1,409 | 112,875 | ||||||
Schlumberger Ltd. | 2,895 | 209,395 | ||||||
|
| |||||||
481,151 | ||||||||
|
| |||||||
Packaging & Containers — 0.2% | ||||||||
Ball Corp. | 2,520 | 106,621 | ||||||
Bemis Co., Inc. | 3,877 | 122,009 | ||||||
Owens-Illinois, Inc. (a) | 2,522 | 47,313 | ||||||
Sealed Air Corp. | 347 | 5,365 | ||||||
|
| |||||||
281,308 | ||||||||
|
| |||||||
Pharmaceuticals — 3.1% | ||||||||
Abbott Laboratories | 7,804 | 535,042 | ||||||
Allergan, Inc. | 61 | 5,586 | ||||||
AmerisourceBergen Corp. | 3,360 | 130,066 | ||||||
Bristol-Myers Squibb Co. | 7,312 | 246,780 | ||||||
Cardinal Health, Inc. | 1,155 | 45,010 | ||||||
DENTSPLY International, Inc. | 261 | 9,954 | ||||||
Eli Lilly & Co. | 7,907 | 374,871 | ||||||
Express Scripts Holding Co. (a) | 3,545 | 222,165 | ||||||
Forest Laboratories, Inc. (a) | 1,534 | 54,626 | ||||||
Gilead Sciences, Inc. (a) | 2,626 | 174,182 | ||||||
Hospira, Inc. (a) | 24 | 788 | ||||||
Mead Johnson Nutrition Co. | 124 | 9,087 | ||||||
Merck & Co., Inc. | 20,129 | 907,818 | ||||||
Mylan, Inc. (a) | 1,859 | 45,360 | ||||||
Patterson Cos., Inc. | 1,761 | 60,297 | ||||||
Pfizer, Inc. | 44,557 | 1,107,241 | ||||||
Watson Pharmaceuticals, Inc. (a) | 361 | 30,743 | ||||||
|
| |||||||
3,959,616 | ||||||||
|
| |||||||
Pipelines — 0.0% | ||||||||
Kinder Morgan, Inc. | 60 | 2,131 | ||||||
ONEOK, Inc. | 100 | 4,831 | ||||||
Spectra Energy Corp. | 171 | 5,021 | ||||||
The Williams Cos., Inc. | 33 | 1,154 | ||||||
|
| |||||||
13,137 | ||||||||
|
| |||||||
Real Estate — 0.0% | ||||||||
CBRE Group, Inc. (a) | 98 | 1,804 | ||||||
|
| |||||||
Real Estate Investment Trusts (REITS) — 0.5% | ||||||||
American Tower Corp. | 498 | 35,552 | ||||||
Apartment Investment & Management Co. Class A | 64 | 1,663 | ||||||
AvalonBay Communities, Inc. | 164 | 22,302 |
The accompanying notes are an integral part of the financial statements.
136
Table of Contents
MassMutual Premier Balanced Fund – Portfolio of Investments (Continued)
Number of Shares | Value | |||||||
Boston Properties, Inc. | 347 | $ | 38,382 | |||||
Equity Residential | 801 | 46,082 | ||||||
HCP, Inc. | 1,676 | 74,548 | ||||||
Health Care REIT, Inc. | 474 | 27,374 | ||||||
Host Hotels & Resorts, Inc. | 130 | 2,087 | ||||||
Kimco Realty Corp. | 1,410 | 28,581 | ||||||
Plum Creek Timber Co., Inc. | 673 | 29,504 | ||||||
Prologis, Inc. | 2,216 | 77,626 | ||||||
Public Storage | 147 | 20,458 | ||||||
Simon Property Group, Inc. | 1,064 | 161,526 | ||||||
Ventas, Inc. | 836 | 52,041 | ||||||
Vornado Realty Trust | 565 | 45,793 | ||||||
Weyerhaeuser Co. | 77 | 2,013 | ||||||
|
| |||||||
665,532 | ||||||||
|
| |||||||
Retail — 3.0% | ||||||||
Abercrombie & Fitch Co. Class A | 127 | 4,308 | ||||||
AutoNation, Inc. (a) | 120 | 5,240 | ||||||
AutoZone, Inc. (a) | 176 | 65,062 | ||||||
Bed Bath & Beyond, Inc. (a) | 673 | 42,399 | ||||||
Best Buy Co., Inc. | 8,608 | 147,971 | ||||||
Big Lots, Inc. (a) | 1,870 | 55,315 | ||||||
Chipotle Mexican Grill, Inc. (a) | 20 | 6,351 | ||||||
Coach, Inc. | 1,384 | 77,532 | ||||||
Costco Wholesale Corp. | 1,198 | 119,950 | ||||||
CVS Caremark Corp. | 9,313 | 450,935 | ||||||
Darden Restaurants, Inc. | 173 | 9,645 | ||||||
Dollar Tree, Inc. (a) | 1,460 | 70,481 | ||||||
Family Dollar Stores, Inc. | 47 | 3,116 | ||||||
GameStop Corp. Class A | 14,361 | 301,581 | ||||||
The Gap, Inc. | 4,405 | 157,611 | ||||||
The Home Depot, Inc. | 6,310 | 380,935 | ||||||
J.C. Penney Co., Inc. | 96 | 2,332 | ||||||
Kohl’s Corp. | 1,461 | 74,832 | ||||||
Limited Brands, Inc. | 760 | 37,438 | ||||||
Lowe’s Cos., Inc. | 629 | 19,021 | ||||||
Macy’s, Inc. | 3,940 | 148,223 | ||||||
McDonald’s Corp. | 965 | 88,539 | ||||||
Nordstrom, Inc. | 711 | 39,233 | ||||||
O’Reilly Automotive, Inc. (a) | 974 | 81,446 | ||||||
Ross Stores, Inc. | 2,396 | 154,782 | ||||||
Staples, Inc. | 10,483 | 120,764 | ||||||
Starbucks Corp. | 95 | 4,821 | ||||||
Target Corp. | 3,067 | 194,662 | ||||||
Tiffany & Co. | 11 | 681 | ||||||
The TJX Cos., Inc. | 5,340 | 239,178 | ||||||
Urban Outfitters, Inc. (a) | 760 | 28,546 | ||||||
Wal-Mart Stores, Inc. | 7,253 | 535,271 | ||||||
Walgreen Co. | 3,706 | 135,047 | ||||||
Yum! Brands, Inc. | 836 | 55,460 | ||||||
|
| |||||||
3,858,708 | ||||||||
|
| |||||||
Savings & Loans — 0.0% | ||||||||
Hudson City Bancorp, Inc. | 3,735 | 29,731 |
Number of Shares | Value | |||||||
People’s United Financial, Inc. | 1,059 | $ | 12,856 | |||||
|
| |||||||
42,587 | ||||||||
|
| |||||||
Semiconductors — 0.9% | ||||||||
Advanced Micro Devices, Inc. (a) | 18,590 | 62,648 | ||||||
Altera Corp. | 197 | 6,695 | ||||||
Analog Devices, Inc. | 1,459 | 57,178 | ||||||
Applied Materials, Inc. | 8,567 | 95,651 | ||||||
Broadcom Corp. Class A (a) | 2,424 | 83,822 | ||||||
Intel Corp. | 20,011 | 453,849 | ||||||
KLA-Tencor Corp. | 1,698 | 81,003 | ||||||
Lam Research Corp. (a) | 463 | 14,716 | ||||||
Linear Technology Corp. | 681 | 21,690 | ||||||
LSI Corp. (a) | 9,726 | 67,207 | ||||||
Microchip Technology, Inc. | 1,524 | 49,896 | ||||||
Micron Technology, Inc. (a) | 1,233 | 7,379 | ||||||
NVIDIA Corp. (a) | 4,285 | 57,162 | ||||||
Teradyne, Inc. (a) | 980 | 13,936 | ||||||
Texas Instruments, Inc. | 2,545 | 70,115 | ||||||
Xilinx, Inc. | 1,361 | 45,471 | ||||||
|
| |||||||
1,188,418 | ||||||||
|
| |||||||
Software — 2.4% | ||||||||
Adobe Systems, Inc. (a) | 2,705 | 87,804 | ||||||
Autodesk, Inc. (a) | 547 | 18,254 | ||||||
BMC Software, Inc. (a) | 3,222 | 133,681 | ||||||
CA, Inc. | 8,085 | 208,310 | ||||||
Cerner Corp. (a) | 400 | 30,964 | ||||||
Citrix Systems, Inc. (a) | 745 | 57,045 | ||||||
The Dun & Bradstreet Corp. | 1,149 | 91,483 | ||||||
Electronic Arts, Inc. (a) | 886 | 11,243 | ||||||
Fidelity National Information Services, Inc. | 1,860 | 58,069 | ||||||
Fiserv, Inc. (a) | 747 | 55,301 | ||||||
Intuit, Inc. | 589 | 34,680 | ||||||
Microsoft Corp. | 49,541 | 1,475,331 | ||||||
Oracle Corp. | 21,788 | 686,104 | ||||||
Red Hat, Inc. (a) | 124 | 7,061 | ||||||
Salesforce.com, Inc. (a) | 415 | 63,366 | ||||||
|
| |||||||
3,018,696 | ||||||||
|
| |||||||
Telecommunications — 2.7% | ||||||||
AT&T, Inc. | 28,670 | 1,080,859 | ||||||
CenturyLink, Inc. | 1,754 | 70,862 | ||||||
Cisco Systems, Inc. | 47,224 | 901,506 | ||||||
Corning, Inc. | 5,374 | 70,668 | ||||||
Crown Castle International Corp. (a) | 800 | 51,280 | ||||||
Frontier Communications Corp. | 17,970 | 88,053 | ||||||
Harris Corp. | 554 | 28,376 | ||||||
JDS Uniphase Corp. (a) | 4 | 50 | ||||||
Juniper Networks, Inc. (a) | 648 | 11,087 | ||||||
MetroPCS Communications, Inc. (a) | 12,465 | 145,965 | ||||||
Motorola Solutions, Inc. | 734 | 37,104 | ||||||
QUALCOMM, Inc. | 3,188 | 199,218 |
The accompanying notes are an integral part of the financial statements.
137
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MassMutual Premier Balanced Fund – Portfolio of Investments (Continued)
Number of Shares | Value | |||||||
Sprint Nextel Corp. (a) | 16,787 | $ | 92,664 | |||||
Verizon Communications, Inc. | 14,732 | 671,337 | ||||||
Windstream Corp. | 51 | 516 | ||||||
|
| |||||||
3,449,545 | ||||||||
|
| |||||||
Textiles — 0.0% | ||||||||
Cintas Corp. | 49 | 2,031 | ||||||
|
| |||||||
Toys, Games & Hobbies — 0.1% | ||||||||
Hasbro, Inc. | 447 | 17,062 | ||||||
Mattel, Inc. | 1,361 | 48,288 | ||||||
|
| |||||||
65,350 | ||||||||
|
| |||||||
Transportation — 0.7% | ||||||||
C.H. Robinson Worldwide, Inc. | 154 | 9,017 | ||||||
CSX Corp. | 8,573 | 177,890 | ||||||
Expeditors International of Washington, Inc. | 84 | 3,054 | ||||||
FedEx Corp. | 986 | 83,435 | ||||||
Norfolk Southern Corp. | 2,273 | 144,631 | ||||||
Ryder System, Inc. | 1,174 | 45,856 | ||||||
Union Pacific Corp. | 2,270 | 269,449 | ||||||
United Parcel Service, Inc. Class B | 1,715 | 122,743 | ||||||
|
| |||||||
856,075 | ||||||||
|
| |||||||
TOTAL COMMON STOCK (Cost $60,274,577) | 66,546,436 | |||||||
|
| |||||||
PREFERRED STOCK — 0.0% | ||||||||
Retail — 0.0% | ||||||||
Orchard Supply Hardware Stores Corp. Series A (a) | 5 | 10 | ||||||
|
| |||||||
TOTAL PREFERRED STOCK (Cost $12) | 10 | |||||||
|
| |||||||
TOTAL EQUITIES (Cost $60,274,589) | 66,546,446 | |||||||
|
| |||||||
Principal Amount | ||||||||
BONDS & NOTES — 32.3% | ||||||||
CORPORATE DEBT — 11.5% | ||||||||
Advertising — 0.1% | ||||||||
WPP Finance | $ | 90,000 | 101,033 | |||||
WPP Finance 2010 | 20,000 | 21,911 | ||||||
|
| |||||||
122,944 | ||||||||
|
| |||||||
Aerospace & Defense — 0.2% | ||||||||
BAE Systems Holdings, Inc. (b) | 50,000 | 59,496 | ||||||
Goodrich Corp. | 20,000 | 25,013 |
Principal Amount | Value | |||||||
L-3 Communications Corp. | $ | 5,000 | $ | 5,520 | ||||
L-3 Communications Corp. | 100,000 | 101,150 | ||||||
United Technologies Corp. | 15,000 | 20,347 | ||||||
|
| |||||||
211,526 | ||||||||
|
| |||||||
Agriculture — 0.1% | ||||||||
Altria Group, Inc. | 35,000 | 34,919 | ||||||
Altria Group, Inc. | 20,000 | 19,878 | ||||||
Bunge Ltd. Finance Corp. | 45,000 | 47,179 | ||||||
Philip Morris International, Inc. | 5,000 | 6,926 | ||||||
|
| |||||||
108,902 | ||||||||
|
| |||||||
Banks — 0.7% | ||||||||
Associated Banc-Corp. | 75,000 | 82,342 | ||||||
Bank of America Corp. | 55,000 | 58,003 | ||||||
Bank of America Corp. | 35,000 | 37,492 | ||||||
Bank of America Corp. | 40,000 | 46,756 | ||||||
Bank of America Corp. Series L | 60,000 | 68,411 | ||||||
Capital One Financial Corp. | 30,000 | 30,611 | ||||||
Capital One Financial Corp. | 35,000 | 38,520 | ||||||
Credit Suisse AG | 70,000 | 76,508 | ||||||
Credit Suisse New York | 35,000 | 37,379 | ||||||
First Horizon National Corp. | 65,000 | 71,113 | ||||||
ICICI Bank Ltd. (b) | 45,000 | 46,602 | ||||||
ICICI Bank Ltd. (b) | 70,000 | 73,757 | ||||||
Regions Financial Corp. | 50,000 | 53,687 | ||||||
The Toronto-Dominion Bank | 60,000 | 63,111 | ||||||
UBS AG | 55,000 | 64,814 | ||||||
Wachovia Corp. | 5,000 | 5,993 | ||||||
Wells Fargo & Co. | 40,000 | 42,820 | ||||||
|
| |||||||
897,919 | ||||||||
|
|
The accompanying notes are an integral part of the financial statements.
138
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MassMutual Premier Balanced Fund – Portfolio of Investments (Continued)
Principal Amount | Value | |||||||
Beverages — 0.0% | ||||||||
Molson Coors Brewing Co. | $ | 15,000 | $ | 16,758 | ||||
|
| |||||||
Biotechnology — 0.0% | ||||||||
Amgen, Inc. | 45,000 | 50,143 | ||||||
|
| |||||||
Building Materials — 0.2% | ||||||||
CRH America, Inc. | 10,000 | 12,161 | ||||||
Lafarge North America, Inc. | 60,000 | 61,713 | ||||||
Lafarge SA (b) | 125,000 | 135,000 | ||||||
Masco Corp. | 45,000 | 46,817 | ||||||
Owens Corning, Inc. | 10,000 | 12,586 | ||||||
|
| |||||||
268,277 | ||||||||
|
| |||||||
Chemicals — 0.3% | ||||||||
Braskem Finance Ltd. (b) | 45,000 | 47,700 | ||||||
Cabot Corp. | 75,000 | 84,173 | ||||||
Cytec Industries, Inc. | 15,000 | 18,535 | ||||||
The Dow Chemical Co. | 15,000 | 20,115 | ||||||
E.I. du Pont de Nemours & Co. | 5,000 | 6,285 | ||||||
Ecolab, Inc. | 15,000 | 17,017 | ||||||
Incitec Pivot Ltd. (b) | 75,000 | 77,813 | ||||||
Methanex Corp. | 5,000 | 5,342 | ||||||
RPM International, Inc. | 70,000 | 73,523 | ||||||
Valspar Corp. | 25,000 | 30,913 | ||||||
|
| |||||||
381,416 | ||||||||
|
| |||||||
Commercial Services — 0.1% | ||||||||
Brambles USA, Inc. (b) | 55,000 | 57,654 | ||||||
Deluxe Corp. | 20,000 | 20,350 | ||||||
Donnelley (R.R.) & Sons Co. | 30,000 | 30,975 | ||||||
ERAC USA Finance Co. (b) | 35,000 | 41,793 | ||||||
|
| |||||||
150,772 | ||||||||
|
|
Principal Amount | Value | |||||||
Computers — 0.0% | ||||||||
Brocade Communications Systems, Inc. | $ | 10,000 | $ | 10,375 | ||||
Brocade Communications Systems, Inc. | 5,000 | 5,400 | ||||||
International Business Machines Corp. | 30,000 | 39,987 | ||||||
|
| |||||||
55,762 | ||||||||
|
| |||||||
Cosmetics & Personal Care — 0.0% | ||||||||
The Procter & Gamble Co. | 10,000 | 13,651 | ||||||
|
| |||||||
Diversified Financial — 1.8% | ||||||||
American Express Co. | 50,000 | 60,822 | ||||||
American Express Co. | 25,000 | 27,594 | ||||||
American Express Co. | 30,000 | 40,585 | ||||||
The Bear Stearns Cos., Inc. | 60,000 | 74,871 | ||||||
BlackRock, Inc. | 20,000 | 23,766 | ||||||
BlackRock, Inc. | 45,000 | 55,059 | ||||||
Citigroup, Inc. | 50,000 | 57,806 | ||||||
Citigroup, Inc. | 40,000 | 43,134 | ||||||
Citigroup, Inc. | 115,000 | 127,365 | ||||||
Citigroup, Inc. | 5,000 | 5,880 | ||||||
Citigroup, Inc. | 20,000 | 24,096 | ||||||
Citigroup, Inc. | 80,000 | 87,057 | ||||||
Citigroup, Inc. | 15,000 | 22,273 | ||||||
Citigroup, Inc. | 30,000 | 39,675 | ||||||
Eaton Vance Corp. | 20,000 | 24,152 | ||||||
Ford Motor Credit Co. LLC | 15,000 | 15,298 | ||||||
Ford Motor Credit Co. LLC | 245,000 | 256,048 | ||||||
Ford Motor Credit Co. LLC | 25,000 | 28,379 | ||||||
General Electric Capital Corp. | 65,000 | 74,592 | ||||||
General Electric Capital Corp. | 30,000 | 36,489 |
The accompanying notes are an integral part of the financial statements.
139
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MassMutual Premier Balanced Fund – Portfolio of Investments (Continued)
Principal Amount | Value | |||||||
General Electric Capital Corp. | $ | 55,000 | $ | 73,486 | ||||
The Goldman Sachs Group, Inc. | 45,000 | 50,218 | ||||||
The Goldman Sachs Group, Inc. | 35,000 | 38,574 | ||||||
The Goldman Sachs Group, Inc. | 40,000 | 46,075 | ||||||
The Goldman Sachs Group, Inc. | 20,000 | 20,094 | ||||||
HSBC Finance Corp. | 30,000 | 34,791 | ||||||
Hyundai Capital America (b) (c) | 30,000 | 30,015 | ||||||
Janus Capital Group, Inc. | 50,000 | 56,591 | ||||||
JP Morgan Chase & Co. | 85,000 | 90,631 | ||||||
JP Morgan Chase & Co. | 40,000 | 44,370 | ||||||
JP Morgan Chase & Co. | 70,000 | 79,953 | ||||||
JP Morgan Chase & Co. | 20,000 | 23,983 | ||||||
Lazard Group LLC | 75,000 | 84,645 | ||||||
Lazard Group LLC | 95,000 | 104,767 | ||||||
Merrill Lynch & Co., Inc. | 20,000 | 25,117 | ||||||
Morgan Stanley | 30,000 | 31,000 | ||||||
Morgan Stanley | 130,000 | 135,132 | ||||||
Morgan Stanley | 60,000 | 65,436 | ||||||
Morgan Stanley | 50,000 | 54,624 | ||||||
TD Ameritrade Holding Corp. | 15,000 | 16,027 | ||||||
|
| |||||||
2,230,470 | ||||||||
|
| |||||||
Electric — 0.9% | ||||||||
The AES Corp. | 25,000 | 28,250 | ||||||
Ameren Corp. | 70,000 | 77,866 | ||||||
CMS Energy Corp. | 115,000 | 116,658 | ||||||
CMS Energy Corp. | 80,000 | 89,918 | ||||||
CMS Energy Corp. | 10,000 | 11,351 |
Principal Amount | Value | |||||||
EDP Finance BV (b) | $ | 210,000 | $ | 210,510 | ||||
Florida Power & Light Co. | 25,000 | 29,911 | ||||||
Georgia Power Co. | 25,000 | 26,669 | ||||||
Kansas Gas & Electric Co. | 60,862 | 66,590 | ||||||
LG&E and KU Energy LLC | 60,000 | 65,782 | ||||||
MidAmerican Energy Holdings Co. | 70,000 | 87,729 | ||||||
Nevada Power Co. Series N | 20,000 | 27,585 | ||||||
NiSource Finance Corp. | 40,000 | 47,289 | ||||||
Oncor Electric Delivery Co. | 5,000 | 6,171 | ||||||
Oncor Electric Delivery Co. | 15,000 | 19,579 | ||||||
Pacific Gas & Electric Co. | 25,000 | 31,943 | ||||||
Southern California Edison Co. | 20,000 | 26,889 | ||||||
Tenaska Oklahoma I LP (b) | 43,462 | 44,360 | ||||||
Tri-State Generation & Transmission Association, Series 2003, Class A (b) | 63,686 | 70,108 | ||||||
Virginia Electric and Power Co. | 30,000 | 41,918 | ||||||
Wisconsin Public Service Corp. | 50,000 | 58,343 | ||||||
|
| |||||||
1,185,419 | ||||||||
|
| |||||||
Electrical Components & Equipment — 0.1% | ||||||||
Anixter, Inc. | 130,000 | 137,963 | ||||||
Energizer Holdings, Inc. | 40,000 | 42,427 | ||||||
|
| |||||||
180,390 | ||||||||
|
| |||||||
Electronics — 0.1% | ||||||||
Amphenol Corp. | 20,000 | 21,111 | ||||||
Arrow Electronics, Inc. | 45,000 | 50,819 | ||||||
PerkinElmer, Inc. | 30,000 | 33,388 | ||||||
|
| |||||||
105,318 | ||||||||
|
| |||||||
Entertainment — 0.1% | ||||||||
International Game Technology | 25,000 | 27,346 |
The accompanying notes are an integral part of the financial statements.
140
Table of Contents
MassMutual Premier Balanced Fund – Portfolio of Investments (Continued)
Principal Amount | Value | |||||||
Peninsula Gaming LLC | $ | 60,000 | $ | 62,700 | ||||
|
| |||||||
90,046 | ||||||||
|
| |||||||
Environmental Controls — 0.0% | ||||||||
Republic Services, Inc. | 30,000 | 33,357 | ||||||
Republic Services, Inc. | 5,000 | 5,919 | ||||||
|
| |||||||
39,276 | ||||||||
|
| |||||||
Foods — 0.2% | ||||||||
ConAgra Foods, Inc. | 40,000 | 50,192 | ||||||
Kraft Foods, Inc. | 60,000 | 65,886 | ||||||
Kraft Foods, Inc. | 20,000 | 27,091 | ||||||
Ralcorp Holdings, Inc. | 30,000 | 31,458 | ||||||
Ralcorp Holdings, Inc. | 55,000 | 58,288 | ||||||
Tyson Foods, Inc. | 30,000 | 31,425 | ||||||
|
| |||||||
264,340 | ||||||||
|
| |||||||
Forest Products & Paper — 0.1% | ||||||||
International Paper Co. | 20,000 | 22,710 | ||||||
International Paper Co. | 25,000 | 33,093 | ||||||
International Paper Co. | 15,000 | 20,283 | ||||||
The Mead Corp. | 50,000 | 53,446 | ||||||
Rock-Tenn Co. | 25,000 | 25,313 | ||||||
|
| |||||||
154,845 | ||||||||
|
| |||||||
Gas — 0.0% | ||||||||
Boston Gas Co. (b) | 10,000 | 10,991 | ||||||
|
| |||||||
Health Care – Products — 0.0% | ||||||||
Boston Scientific Corp. | 35,000 | 41,603 | ||||||
Johnson & Johnson | 10,000 | 14,171 | ||||||
|
| |||||||
55,774 | ||||||||
|
| |||||||
Health Care – Services — 0.3% | ||||||||
Apria Healthcare Group, Inc. | 130,000 | 133,250 | ||||||
Cigna Corp. | 40,000 | 42,182 |
Principal Amount | Value | |||||||
Cigna Corp. | $ | 20,000 | $ | 23,085 | ||||
HCA, Inc. | 30,000 | 33,825 | ||||||
Kaiser Foundation Hospitals | 15,000 | 15,887 | ||||||
Roche Holdings, Inc. (b) | 15,000 | 18,832 | ||||||
Roche Holdings, Inc. (b) | 5,000 | 7,535 | ||||||
UnitedHealth Group, Inc. | 45,000 | 62,471 | ||||||
|
| |||||||
337,067 | ||||||||
|
| |||||||
Holding Company – Diversified — 0.3% | ||||||||
Hutchison Whampoa International Ltd. (b) | 45,000 | 53,203 | ||||||
Leucadia National Corp. | 350,000 | 365,750 | ||||||
|
| |||||||
418,953 | ||||||||
|
| |||||||
Home Builders — 0.0% | ||||||||
Toll Brothers Finance Corp. | 5,000 | 5,236 | ||||||
|
| |||||||
Home Furnishing — 0.0% | ||||||||
Whirlpool Corp. | 20,000 | 22,232 | ||||||
|
| |||||||
Household Products — 0.0% | ||||||||
Church & Dwight Co., Inc. | 30,000 | 31,720 | ||||||
|
| |||||||
Housewares — 0.0% | ||||||||
Toro Co. | 40,000 | 47,893 | ||||||
�� |
|
| ||||||
Insurance — 0.5% | ||||||||
Aflac, Inc. | 25,000 | 33,485 | ||||||
The Allstate Corp. | 30,000 | 36,792 | ||||||
The Allstate Corp. | 10,000 | 13,090 | ||||||
American International Group, Inc. | 50,000 | 51,774 | ||||||
American International Group, Inc. | 10,000 | 10,295 | ||||||
CNA Financial Corp. | 40,000 | 49,634 | ||||||
The Hartford Financial Services Group, Inc. | 60,000 | 63,265 | ||||||
ING US, Inc. (b) | 30,000 | 31,295 | ||||||
Lincoln National Corp. | 20,000 | 21,367 |
The accompanying notes are an integral part of the financial statements.
141
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MassMutual Premier Balanced Fund – Portfolio of Investments (Continued)
Principal Amount | Value | |||||||
Lincoln National Corp. | $ | 50,000 | $ | 65,514 | ||||
Marsh & McLennan Cos., Inc. | 45,000 | 50,564 | ||||||
MetLife, Inc. Series A | 10,000 | 12,583 | ||||||
Principal Financial Group, Inc. | 30,000 | 40,000 | ||||||
Prudential Financial, Inc. | 45,000 | 47,796 | ||||||
Prudential Financial, Inc. | 25,000 | 27,803 | ||||||
Prudential Financial, Inc. | 75,000 | 82,598 | ||||||
Prudential Financial, Inc. | 15,000 | 17,917 | ||||||
The Travelers Cos., Inc. | 25,000 | 33,697 | ||||||
|
| |||||||
689,469 | ||||||||
|
| |||||||
Internet — 0.1% | ||||||||
Expedia, Inc. | 65,000 | 76,893 | ||||||
|
| |||||||
Investment Companies — 0.1% | ||||||||
Xstrata Finance Canada (b) | 50,000 | 51,402 | ||||||
Xstrata Finance Canada (b) | 45,000 | 50,843 | ||||||
|
| |||||||
102,245 | ||||||||
|
| |||||||
Iron & Steel — 0.3% | ||||||||
Allegheny Technologies, Inc. | 35,000 | 38,635 | ||||||
Allegheny Technologies, Inc. | 25,000 | 32,300 | ||||||
ArcelorMittal | 50,000 | 49,684 | ||||||
ArcelorMittal | 60,000 | 57,716 | ||||||
ArcelorMittal | 115,000 | 126,500 | ||||||
Reliance Steel & Aluminum Co. | 55,000 | 61,626 | ||||||
Reliance Steel & Aluminum Co. | 55,000 | 60,719 | ||||||
|
| |||||||
427,180 | ||||||||
|
| |||||||
Lodging — 0.3% | ||||||||
Choice Hotels International, Inc. | 55,000 | 59,402 | ||||||
Marriott International, Inc. | 15,000 | 16,949 | ||||||
Marriott International, Inc. | 180,000 | 206,674 |
Principal Amount | Value | |||||||
Wyndham Worldwide Corp. | $ | 15,000 | $ | 15,126 | ||||
Wynn Las Vegas LLC | 15,000 | 16,687 | ||||||
|
| |||||||
314,838 | ||||||||
|
| |||||||
Machinery – Diversified — 0.1% | ||||||||
Xylem, Inc. | 40,000 | 42,742 | ||||||
Xylem, Inc. | 20,000 | 22,539 | ||||||
|
| |||||||
65,281 | ||||||||
|
| |||||||
Manufacturing — 0.1% | ||||||||
Ingersoll-Rand Global Holding Co. Ltd. | 40,000 | 49,463 | ||||||
Tyco Electronics Group SA | 40,000 | 48,373 | ||||||
|
| |||||||
97,836 | ||||||||
|
| |||||||
Media — 0.3% | ||||||||
CBS Corp. | 40,000 | 54,407 | ||||||
Comcast Corp. | 35,000 | 44,822 | ||||||
NBCUniversal Media LLC | 5,000 | 6,346 | ||||||
News America, Inc. | 25,000 | 32,441 | ||||||
Scholastic Corp. | 80,000 | 80,600 | ||||||
Time Warner Cable, Inc. | 30,000 | 33,078 | ||||||
Time Warner Cable, Inc. | 25,000 | 32,582 | ||||||
Time Warner Cable, Inc. | 10,000 | 13,422 | ||||||
Time Warner Cable, Inc. | 10,000 | 13,615 | ||||||
Time Warner, Inc. | 35,000 | 40,200 | ||||||
Time Warner, Inc. | 25,000 | 31,001 | ||||||
Time Warner, Inc. | 5,000 | 6,335 | ||||||
Viacom, Inc. | 40,000 | 46,906 | ||||||
|
| |||||||
435,755 | ||||||||
|
| |||||||
Metal Fabricate & Hardware — 0.0% | ||||||||
The Timken Co. | 25,000 | 26,958 | ||||||
|
| |||||||
Mining — 0.2% | ||||||||
AngloGold Ashanti Holdings PLC | 35,000 | 35,641 |
The accompanying notes are an integral part of the financial statements.
142
Table of Contents
MassMutual Premier Balanced Fund – Portfolio of Investments (Continued)
Principal Amount | Value | |||||||
Newcrest Finance Property Ltd. (b) | $ | 50,000 | $ | 51,261 | ||||
Rio Tinto Finance USA Ltd. | 50,000 | 68,370 | ||||||
Teck Resources Ltd. | 5,000 | 6,026 | ||||||
Vale Overseas Ltd. | 65,000 | 75,170 | ||||||
Vale Overseas Ltd. | 15,000 | 17,495 | ||||||
Vulcan Materials Co. | 20,000 | 21,950 | ||||||
|
| |||||||
275,913 | ||||||||
|
| |||||||
Office Equipment/Supplies — 0.0% | ||||||||
Xerox Corp. | 30,000 | 31,862 | ||||||
|
| |||||||
Office Furnishings — 0.1% | ||||||||
Steelcase, Inc. | 75,000 | 80,584 | ||||||
|
| |||||||
Oil & Gas — 0.7% | ||||||||
Anadarko Petroleum Corp. | 30,000 | 37,168 | ||||||
Chesapeake Energy Corp., Convertible | 10,000 | 8,056 | ||||||
Chesapeake Energy Corp., Convertible | 90,000 | 80,831 | ||||||
ConocoPhillips | 20,000 | 28,780 | ||||||
Devon Energy Corp. | 40,000 | 47,458 | ||||||
EQT Corp. | 25,000 | 26,291 | ||||||
Motiva Enterprises LLC (b) | 40,000 | 47,762 | ||||||
Motiva Enterprises LLC (b) | 35,000 | 46,526 | ||||||
Nexen, Inc. | 5,000 | 7,126 | ||||||
Pemex Project Funding Master Trust | 5,000 | 6,275 | ||||||
Petrobras International Finance Co. | 45,000 | 47,601 | ||||||
Petrobras International Finance Co. | 50,000 | 56,339 | ||||||
Petrobras International Finance Co. | 20,000 | 24,823 | ||||||
Petroleos Mexicanos | 60,000 | 70,350 | ||||||
Phillips 66 (b) | 20,000 | 21,897 | ||||||
Phillips 66 (b) | 20,000 | 23,748 |
Principal Amount | Value | |||||||
Pioneer Natural Resources Co. | $ | 50,000 | $ | 56,962 | ||||
Rowan Cos., Inc. | 30,000 | 33,092 | ||||||
Shell International Finance BV | 15,000 | 19,801 | ||||||
Talisman Energy, Inc. | 20,000 | 22,522 | ||||||
Tesoro Corp. | 50,000 | 51,688 | ||||||
Transocean, Inc. | 40,000 | 44,698 | ||||||
Valero Energy Corp. | 40,000 | 48,586 | ||||||
|
| |||||||
858,380 | ||||||||
|
| |||||||
Oil & Gas Services — 0.1% | ||||||||
Baker Hughes, Inc. | 40,000 | 49,029 | ||||||
Hornbeck Offshore Services, Inc. Convertible | 29,000 | 30,160 | ||||||
Weatherford International Ltd. | 25,000 | 26,146 | ||||||
Weatherford International Ltd. | 20,000 | 21,039 | ||||||
|
| |||||||
126,374 | ||||||||
|
| |||||||
Packaging & Containers — 0.1% | ||||||||
Sealed Air Corp. (b) | 45,000 | 46,125 | ||||||
Sonoco Products Co. | 25,000 | 26,911 | ||||||
|
| |||||||
73,036 | ||||||||
|
| |||||||
Pharmaceuticals — 0.2% | ||||||||
Abbott Laboratories | 55,000 | 67,495 | ||||||
McKesson Corp. | 30,000 | 34,950 | ||||||
McKesson Corp. | 30,000 | 40,979 | ||||||
Merck & Co., Inc. | 10,000 | 13,702 | ||||||
Mylan, Inc. (b) | 10,000 | 11,075 | ||||||
Pfizer, Inc. | 35,000 | 54,857 | ||||||
Teva Pharmaceutical Finance Co. LLC | 25,000 | 33,028 | ||||||
|
| |||||||
256,086 | ||||||||
|
| |||||||
Pipelines — 0.7% | ||||||||
Boardwalk Pipelines LLC | 40,000 | 44,093 |
The accompanying notes are an integral part of the financial statements.
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Principal Amount | Value | |||||||
CenterPoint Energy Resources Corp. | $ | 25,000 | $ | 28,345 | ||||
CenterPoint Energy Resources Corp. | 20,000 | 25,368 | ||||||
DCP Midstream LLC (b) | 5,000 | 6,427 | ||||||
El Paso Pipeline Partners Operating Co. LLC | 25,000 | 26,572 | ||||||
Enogex LLC (b) | 120,000 | 128,464 | ||||||
Enterprise Products Operating LP | 25,000 | 26,356 | ||||||
Gulf South Pipeline Co. LP (b) | 40,000 | 43,266 | ||||||
Kern River Funding Corp. (b) | 99,075 | 108,320 | ||||||
Kinder Morgan Energy Partners LP | 25,000 | 29,361 | ||||||
Kinder Morgan Energy Partners LP | 25,000 | 30,098 | ||||||
Kinder Morgan Energy Partners LP | 5,000 | 6,393 | ||||||
Kinder Morgan Finance Co. LLC (b) | 35,000 | 37,934 | ||||||
ONEOK Partners LP | 25,000 | 26,363 | ||||||
ONEOK Partners LP | 30,000 | 36,034 | ||||||
Rockies Express Pipeline LLC (b) | 110,000 | 112,200 | ||||||
Southern Natural Gas Co. LLC (b) | 55,000 | 64,533 | ||||||
TransCanada PipeLines Ltd. | 30,000 | 40,693 | ||||||
Williams Partners LP | 75,000 | 86,911 | ||||||
|
| |||||||
907,731 | ||||||||
|
| |||||||
Real Estate Investment Trusts (REITS) — 0.2% | ||||||||
Boston Properties LP | 20,000 | 21,686 | ||||||
Boston Properties LP | 30,000 | 32,457 | ||||||
Brandywine Operating Partners LP | 40,000 | 42,973 | ||||||
DDR Corp. | 15,000 | 16,642 | ||||||
DDR Corp. | 15,000 | 19,336 | ||||||
ERP Operating LP | 15,000 | 17,286 | ||||||
Host Hotels & Resorts LP | 20,000 | 21,800 |
Principal Amount | Value | |||||||
UDR, Inc. | $ | 40,000 | $ | 44,148 | ||||
Ventas Realty LP/Ventas Capital Corp. | 20,000 | 21,269 | ||||||
|
| |||||||
237,597 | ||||||||
|
| |||||||
Retail — 0.2% | ||||||||
CVS Caremark Corp. | 10,000 | 13,037 | ||||||
CVS Pass-Through Trust (b) | 59,096 | 69,652 | ||||||
The Home Depot, Inc. | 30,000 | 40,740 | ||||||
McDonald’s Corp. | 25,000 | 35,832 | ||||||
O’Reilly Automotive, Inc. | 40,000 | 44,511 | ||||||
QVC, Inc. (b) | 10,000 | 10,590 | ||||||
Wal-Mart Stores, Inc. | 40,000 | 53,362 | ||||||
|
| |||||||
267,724 | ||||||||
|
| |||||||
Savings & Loans — 0.2% | ||||||||
First Niagara Financial Group, Inc. | 35,000 | 40,226 | ||||||
Glencore Funding LLC (b) | 150,000 | 157,639 | ||||||
Washington Mutual Bank (d) | 180,000 | 2 | ||||||
|
| |||||||
197,867 | ||||||||
|
| |||||||
Software — 0.0% | ||||||||
Microsoft Corp. | 5,000 | 5,477 | ||||||
|
| |||||||
Telecommunications — 0.8% | ||||||||
America Movil SAB de CV | 25,000 | 29,270 | ||||||
America Movil SAB de CV | 30,000 | 39,035 | ||||||
American Tower Corp. | 60,000 | 66,209 | ||||||
AT&T, Inc. | 65,000 | 86,535 | ||||||
British Telecom PLC STEP | 15,000 | 24,413 | ||||||
CenturyLink, Inc. | 45,000 | 45,923 | ||||||
CenturyLink, Inc. | 10,000 | 10,881 | ||||||
CenturyLink, Inc. | 30,000 | 33,615 | ||||||
CenturyLink, Inc. | 10,000 | 10,576 |
The accompanying notes are an integral part of the financial statements.
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Principal Amount | Value | |||||||
CenturyLink, Inc. | $ | 10,000 | $ | 10,654 | ||||
Cisco Systems, Inc. | 10,000 | 12,839 | ||||||
Deutsche Telekom International Finance BV STEP | 15,000 | 22,562 | ||||||
Embarq Corp. | 30,000 | 35,423 | ||||||
Juniper Networks, Inc. | 25,000 | 26,926 | ||||||
Juniper Networks, Inc. | 35,000 | 39,066 | ||||||
Rogers Communications, Inc. | 5,000 | 7,213 | ||||||
Telecom Italia Capital | 10,000 | 8,850 | ||||||
Telecom Italia Capital | 70,000 | 73,675 | ||||||
Telefonaktiebolaget LM Ericsson | 25,000 | 25,777 | ||||||
Telefonica Emisiones SAU | 75,000 | 75,094 | ||||||
Telefonica Emisiones SAU | 65,000 | 64,675 | ||||||
Telefonica Emisiones SAU | 30,000 | 29,400 | ||||||
Verizon Communications, Inc. | 30,000 | 41,885 | ||||||
Verizon Global Funding Corp. | 40,000 | 59,458 | ||||||
Virgin Media Secured Finance PLC | 100,000 | 109,500 | ||||||
Windstream Corp. | 5,000 | 5,250 | ||||||
|
| |||||||
994,704 | ||||||||
|
| |||||||
Transportation — 0.3% | ||||||||
Asciano Finance (b) | 55,000 | 59,068 | ||||||
Bristow Group, Inc. | 15,000 | 15,622 | ||||||
Canadian National Railway Co. | 30,000 | 36,220 | ||||||
Canadian National Railway Co. | 20,000 | 28,426 | ||||||
CSX Corp. | 10,000 | 13,034 | ||||||
Norfolk Southern Corp. | 20,000 | 24,082 | ||||||
Ryder System, Inc. | 110,000 | 111,306 | ||||||
Union Pacific Corp. | 25,000 | 28,129 | ||||||
|
| |||||||
315,887 | ||||||||
|
|
Principal Amount | Value | |||||||
Trucking & Leasing — 0.3% | ||||||||
GATX Corp. | $ | 40,000 | $ | 41,271 | ||||
GATX Corp. | 35,000 | 37,480 | ||||||
GATX Corp. | 30,000 | 31,701 | ||||||
GATX Corp. | 100,000 | 111,843 | ||||||
Penske Truck Leasing Co. LP/PTL Finance Corp. (b) | 60,000 | 59,984 | ||||||
Penske Truck Leasing Co. LP/PTL Finance Corp. (b) | 45,000 | 46,039 | ||||||
|
| |||||||
328,318 | ||||||||
|
| |||||||
TOTAL CORPORATE DEBT (Cost $13,336,962) | 14,652,035 | |||||||
|
| |||||||
MUNICIPAL OBLIGATIONS — 0.2% | ||||||||
Access Group, Inc., Delaware VRN | 50,000 | 42,627 | ||||||
State of California | 35,000 | 40,026 | ||||||
State of California BAB | 25,000 | 33,913 | ||||||
State of Illinois | 100,000 | 111,262 | ||||||
|
| |||||||
227,828 | ||||||||
|
| |||||||
TOTAL MUNICIPAL OBLIGATIONS (Cost $205,521) | 227,828 | |||||||
|
| |||||||
NON-U.S. GOVERNMENT AGENCY OBLIGATIONS — 4.9% | ||||||||
Automobile ABS — 0.2% | ||||||||
Chesapeake Funding LLC, | 88,639 | 89,580 | ||||||
First Investors Auto Owner Trust 2012-2, Series 2012-2A, Class A2 (b) | 50,000 | 50,065 | ||||||
Santander Consumer Acquired Receivables Trust, Series 2011-WO, | 69,100 | 69,236 | ||||||
|
| |||||||
208,881 | ||||||||
|
| |||||||
Commercial MBS — 2.1% | ||||||||
Banc of America Commercial Mortgage, Inc., Series 2007-4, Class A4 VRN | 160,000 | 189,062 | ||||||
Banc of America Commercial Mortgage, Inc., Series 2008-1, Class A4 VRN | 75,000 | 89,972 |
The accompanying notes are an integral part of the financial statements.
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Principal Amount | Value | |||||||
Bear Stearns Commercial Mortgage Securities, Series 2006-PW14, Class A4 | $ | 75,000 | $ | 86,028 | ||||
Bear Stearns Commercial Mortgage Securities, Series 2006-PW14, Class AM | 50,000 | 54,291 | ||||||
Bear Stearns Commercial Mortgage Securities, Series 2007-T26, Class A2 | 10,816 | 10,879 | ||||||
Bear Stearns Commercial Mortgage Securities, Series 2007-PW17, Class A4 | 75,000 | 88,268 | ||||||
Bear Stearns Commercial Mortgage Securities, Series 2006-PW12, | 85,000 | 95,191 | ||||||
COMM 2012-CCRE1 Mortgage Trust, | 50,000 | 53,684 | ||||||
Commercial Mortgage Pass Through Certificates, Series 2007-C9, | 83,000 | 98,624 | ||||||
Credit Suisse First Boston Mortgage Securities Corp., Series 2004-C1, | 97,860 | 101,900 | ||||||
Credit Suisse Mortgage Pass Through Certificates, Series 2008-C1, | 165,000 | 97,153 | ||||||
GS Mortgage Securities Corporation II, | 100,000 | 108,252 | ||||||
JP Morgan Chase Commercial Mortgage Securities Corp., Series 2012-C6, | 40,000 | 43,240 | ||||||
JP Morgan Chase Commercial Mortgage Securities Corp., Series 2012-CBX, | 55,000 | 60,264 | ||||||
JP Morgan Chase Commercial Mortgage Securities Corp., Series 2012-C6, | 50,000 | 54,528 | ||||||
JP Morgan Chase Commercial Mortgage Securities Corp., Series 2012-CBX, | 30,000 | 32,201 | ||||||
JP Morgan Chase Commercial Mortgage Securities Corp., Series 2006-CB17, Class A4 | 100,000 | 114,009 |
Principal Amount | Value | |||||||
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2012-C5, Class AS | $ | 65,000 | $ | 67,740 | ||||
Morgan Stanley Capital I, Series 2011-C2, Class A2 (b) | 100,000 | 108,321 | ||||||
Morgan Stanley Capital I, Series 2011-C2, Class B VRN (b) | 100,000 | 112,328 | ||||||
Morgan Stanley Capital I, Series 2006-IQ12, Class AM | 40,000 | 43,892 | ||||||
Morgan Stanley Capital I, Series 2007-IQ14, Class A2 | 93,868 | 96,435 | ||||||
Morgan Stanley Capital I, Series 2008-T29, Class A4 VRN | 35,000 | 42,547 | ||||||
TIAA Seasoned Commercial Mortgage Trust, Series 2007-C4, Class AJ VRN | 50,000 | 54,196 | ||||||
Wachovia Bank Commercial Mortgage Trust, Series 2007-C33, Class A4 VRN | 35,000 | 41,294 | ||||||
Wachovia Bank Commercial Mortgage Trust, Series 2007-C31, Class A4 | 150,000 | 171,797 | ||||||
Wachovia Bank Commercial Mortgage Trust, Series 2007-C33, Class A2 VRN | 11,982 | 12,012 | ||||||
Wells Fargo Commercial Mortgage Trust, Series 2010-C1, Class A1 (b) | 88,171 | 95,208 | ||||||
WF-RBS Commercial Mortgage Trust, Series 2012-C8, Class A3 | 50,000 | 52,103 | ||||||
WF-RBS Commercial Mortgage Trust, | 100,000 | 109,057 | ||||||
WF-RBS Commercial Mortgage Trust, | 40,000 | 41,921 | ||||||
WF-RBS Commercial Mortgage Trust, | 40,000 | 40,652 | ||||||
WF-RBS Commercial Mortgage Trust, | 50,000 | 53,517 | ||||||
WF-RBS Commercial Mortgage Trust, | 45,000 | 48,232 | ||||||
WF-RBS Commercial Mortgage Trust, | 25,000 | 28,896 |
The accompanying notes are an integral part of the financial statements.
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Principal Amount | Value | |||||||
WFRBS Commercial Mortgage Trust 2011-C2, Series 2011-C2, | $ | 122,000 | $ | 145,148 | ||||
|
| |||||||
2,742,842 | ||||||||
|
| |||||||
Home Equity ABS — 0.8% | ||||||||
ACE Securities Corp. Series 2005-AG1, Class A1B1 FRN | 76,819 | 75,454 | ||||||
Ameriquest Mortgage Securities, Inc., | 31,056 | 30,494 | ||||||
Ameriquest Mortgage Securities, Inc., | 39,601 | 39,327 | ||||||
Asset-Backed Funding Certificates, | 51,952 | 49,468 | ||||||
Bear Stearns Asset-Backed Securities Trust, Series 2005-HE10, | 14,157 | 14,108 | ||||||
Carrington Mortgage Loan Trust, | 2,352 | 2,345 | ||||||
Carrington Mortgage Loan Trust, | 30,408 | 29,663 | ||||||
Citigroup Mortgage Loan Trust, Inc., | 16,153 | 16,155 | ||||||
Countrywide Asset-Backed Certificates, | 9,940 | 9,796 | ||||||
Countrywide Asset-Backed Certificates, | 32,797 | 31,434 | ||||||
First Franklin Mortgage Loan Asset-Backed Certificates, Series 2005-FF7, | 83,000 | 74,297 | ||||||
Fremont Home Loan Trust, Series 2005-E, Class 2A3 FRN | 33,115 | 27,725 | ||||||
GSAMP Trust, Series 2005-AHL, | 33,191 | 28,070 | ||||||
Home Equity Asset Trust, Series 2007-2, | 15,490 | 15,441 | ||||||
Home Equity Asset Trust, Series 2006-4, | 36,171 | 34,240 |
Principal Amount | Value | |||||||
Home Equity Asset Trust, Series 2006-3, Class 2A3 FRN | $ | 33,346 | $ | 33,167 | ||||
Long Beach Mortgage Loan Trust, | 17,537 | 17,290 | ||||||
Long Beach Mortgage Loan Trust, | 61,550 | 53,535 | ||||||
Long Beach Mortgage Loan Trust, | 60,000 | 52,776 | ||||||
Merrill Lynch Mortgage Synthetic, | 77,294 | 69,838 | ||||||
New Century Home Equity Loan Trust, | 45,000 | 36,153 | ||||||
Nomura Home Equity Loan, Inc., | 35,712 | 34,227 | ||||||
Park Place Securities, Inc., | 53,449 | 52,588 | ||||||
Park Place Securities, Inc., | 47,501 | 44,032 | ||||||
Residential Asset Securities Corp., | 31,253 | 30,872 | ||||||
Specialty Underwriting & Residential Finance, Series 2005-AB1, | 35,282 | 34,818 | ||||||
Structured Asset Investment Loan Trust, | 35,466 | 34,749 | ||||||
Wells Fargo Home Equity Trust, | 30,234 | 30,018 | ||||||
|
| |||||||
1,002,080 | ||||||||
|
| |||||||
Other ABS — 0.6% | ||||||||
Adams Outdoor Advertising LP, | 97,340 | 108,273 | ||||||
CLI Funding LLC, Series 2012-1A, | 97,273 | 100,687 | ||||||
Dominos Pizza Master Issuer LLC, | 49,625 | 54,038 |
The accompanying notes are an integral part of the financial statements.
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MassMutual Premier Balanced Fund – Portfolio of Investments (Continued)
Principal Amount | Value | |||||||
Newport Waves CDO (Acquired 3/30/07, Cost $249,710), Series 2007-1A, Class A3LS FRN (b) (e) | $ | 250,000 | $ | 207,075 | ||||
NuCO2 Funding LLC, Series 2008-1A, Class A1 (b) | 100,000 | 102,900 | ||||||
Trip Rail Master Funding LLC, | 85,794 | 88,957 | ||||||
Triton Container Finance LLC, | 83,333 | 81,011 | ||||||
|
| |||||||
742,941 | ||||||||
|
| |||||||
Student Loans ABS — 0.8% | ||||||||
Access Group, Inc. Series 2004-1, | 25,000 | 21,393 | ||||||
Access Group, Inc. Series 2007-A, | 59,383 | 57,493 | ||||||
Chase Education Loan Trust, Series 2007-A, Class A1 FRN | 4,202 | 4,199 | ||||||
College Loan Corp. Trust, Series 2007-1, Class B2 FRN | 75,000 | 63,750 | ||||||
Education Funding Capital Trust I, | 69,405 | 69,185 | ||||||
Education Funding Capital Trust I, | 50,000 | 48,000 | ||||||
Education Funding Capital Trust I, | 75,000 | 74,421 | ||||||
Education Funding Capital Trust I, | 100,000 | 94,554 | ||||||
Education Funding Capital Trust I, | 50,000 | 36,245 | ||||||
National Collegiate Student Loan Trust, | 35,523 | 35,066 | ||||||
Nelnet Student Loan Trust, Series 2010-4A, Class A FRN (b) | 37,139 | 37,444 | ||||||
SLC Student Loan Trust Series 2006-A, | 100,000 | 93,371 | ||||||
SLM Student Loan Trust, Series 2003-2, Class A7 FRN | 50,000 | 47,056 |
Principal Amount | Value | |||||||
SLM Student Loan Trust, | $ | 150,000 | $ | 150,000 | ||||
SLM Student Loan Trust, | 50,000 | 50,000 | ||||||
SLM Student Loan Trust, | 75,000 | 57,000 | ||||||
SLM Student Loan Trust, Series 2003-12, Class B FRN | 36,966 | 29,518 | ||||||
SLM Student Loan Trust, Series 2003-5, Class A7 | 50,000 | 46,092 | ||||||
|
| |||||||
1,014,787 | ||||||||
|
| |||||||
WL Collateral CMO — 0.4% | ||||||||
Countrywide Home Loans, Inc., | 5,416 | 4,302 | ||||||
Countrywide Home Loans, Inc., | 9,256 | 8,444 | ||||||
GSR Mortgage Loan Trust, Series 2004-9, Class 2A1 VRN | 8,249 | 7,248 | ||||||
Harborview Mortgage Loan Trust, | 86,145 | 61,767 | ||||||
HSI Asset Securitization Corp. Trust, | 24,628 | 23,635 | ||||||
Impac Secured Assets CMN Owner Trust, | 92,129 | 43,564 | ||||||
IndyMac Index Mortgage Loan Trust, | 28,826 | 21,934 | ||||||
Merrill Lynch Mortgage Investors Trust, | 13,758 | 13,758 | ||||||
Merrill Lynch Mortgage Investors, Inc., | 26,718 | 23,044 | ||||||
Merrill Lynch Mortgage Investors, Inc., | 1,960 | 1,970 | ||||||
Merrill Lynch Mortgage Investors, Inc., | 3,357 | 3,365 | ||||||
Morgan Stanley Mortgage Loan Trust, | 150 | 144 |
The accompanying notes are an integral part of the financial statements.
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Principal Amount | Value | |||||||
Morgan Stanley Reremic Trust, | $ | 36,028 | $ | 36,118 | ||||
Morgan Stanley Reremic Trust, | 65,582 | 66,115 | ||||||
Opteum Mortgage Acceptance Corp., | 15,727 | 15,138 | ||||||
Residential Accredit Loans, Inc., | 171,156 | 69,390 | ||||||
Structured Adjustable Rate Mortgage Loan Trust, Series 2004-2, Class 2A VRN | 19,125 | 17,158 | ||||||
Washington Mutual, Inc., | 44,233 | 40,568 | ||||||
|
| |||||||
457,662 | ||||||||
|
| |||||||
WL Collateral PAC — 0.0% | ||||||||
Structured Asset Securities Corp., | 45,966 | 45,011 | ||||||
Structured Asset Securities Corp., | 14,003 | 11,608 | ||||||
|
| |||||||
56,619 | ||||||||
|
| |||||||
TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $6,280,122) | 6,225,812 | |||||||
|
| |||||||
SOVEREIGN DEBT OBLIGATIONS — 0.3% | ||||||||
Colombia Government International Bond | 40,000 | 52,900 | ||||||
Mexico Government International Bond | 65,000 | 72,312 | ||||||
Peruvian Government International Bond | 20,000 | 29,450 | ||||||
Poland Government International Bond | 50,000 | 61,750 | ||||||
Province of Quebec Canada | 20,000 | 30,953 | ||||||
Republic of Brazil International Bond | 65,000 | 83,200 | ||||||
United Mexican States | 35,000 | 41,825 | ||||||
United Mexican States | 35,000 | 49,840 | ||||||
|
| |||||||
422,230 | ||||||||
|
| |||||||
TOTAL SOVEREIGN DEBT OBLIGATIONS (Cost $354,162) | 422,230 | |||||||
|
|
Principal Amount | Value | |||||||
U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES — 8.1% | ||||||||
Collateralized Mortgage Obligations — 0.1% | ||||||||
U.S. Department of Veteran Affairs, | $ | 66,295 | $ | 76,165 | ||||
|
| |||||||
Pass-Through Securities — 8.0% | ||||||||
Federal Home Loan Mortgage Corp. | ||||||||
Pool #J14564 3.500% | 307,259 | 324,854 | ||||||
Pool #Q01704 4.500% | 141,921 | 153,308 | ||||||
Pool #Q03086 4.500% | 534,652 | 577,550 | ||||||
Pool #G05253 5.000% | 61,700 | 66,798 | ||||||
Pool #E85389 6.000% | 11,586 | 12,435 | ||||||
Pool #G11431 6.000% | 4,814 | 5,203 | ||||||
Pool #E85015 6.500% | 4,747 | 5,096 | ||||||
Pool #G00729 8.000% | 33,800 | 39,703 | ||||||
Pool #554904 9.000% | 111 | 120 | ||||||
Federal Home Loan Mortgage Corp. TBA | ||||||||
Pool #2786 3.500% | 100,000 | 105,781 | ||||||
Pool #1513 4.000% | 975,000 | 1,048,201 | ||||||
Pool #E5548 4.500% | 200,000 | 215,203 | ||||||
Federal National Mortgage Association | ||||||||
Pool #725692 2.300% | 34,301 | 36,517 | ||||||
Pool #888586 2.372% | 64,917 | 69,326 | ||||||
Pool #AI5233 4.000% | 76,458 | 82,261 | ||||||
Pool #586036 6.000% | 2,794 | 2,901 | ||||||
Pool #564594 7.000% | 8,922 | 10,191 | ||||||
Pool #253795 7.000% | 13,101 | 15,004 | ||||||
Pool #507061 7.500% | 932 | 1,092 | ||||||
Pool #527761 7.500% | 2,323 | 2,694 | ||||||
Pool #531196 7.500% | 1,724 | 2,024 |
The accompanying notes are an integral part of the financial statements.
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Principal Amount | Value | |||||||
Pool #534119 7.500% | $ | 714 | $ | 838 | ||||
Pool #534420 7.500% | 1,468 | 1,721 | ||||||
Pool #253183 7.500% | 5,249 | 6,144 | ||||||
Pool #529259 7.500% | 2,858 | 3,334 | ||||||
Pool #253265 7.500% | 6,734 | 7,877 | ||||||
Pool #535248 8.000% | 312 | 370 | ||||||
Pool #539460 8.000% | 2,125 | 2,531 | ||||||
Pool #546988 8.000% | 2,728 | 3,006 | ||||||
Pool #190317 8.000% | 3,826 | 4,551 | ||||||
Federal National Mortgage Association TBA | ||||||||
Pool #1866 2.500% | 800,000 | 841,000 | ||||||
Pool #4491 3.000% | 800,000 | 848,062 | ||||||
Pool #1817 3.000% | 779,000 | 822,271 | ||||||
Pool #1202 3.500% | 490,000 | 525,525 | ||||||
Pool #3043 4.000% | 192,000 | 206,895 | ||||||
Pool #25956 5.000% | 400,000 | 436,375 | ||||||
Pool #45519 5.500% | 544,000 | 596,445 | ||||||
Pool #53813 6.000% | 600,000 | 662,531 | ||||||
Government National Mortgage Association | ||||||||
Pool #738313 4.500% | 431,937 | 474,911 | ||||||
Pool #738422 4.500% | 362,052 | 398,074 | ||||||
Pool #760389 5.000% | 342,219 | 378,473 | ||||||
Pool #351528 7.000% | 9,994 | 11,009 | ||||||
Pool #352049 7.000% | 2,733 | 3,115 | ||||||
Pool #588012 7.000% | 7,031 | 8,178 | ||||||
Pool #591581 7.000% | 3,143 | 3,670 | ||||||
Pool #185306 7.500% | 3,721 | 4,031 |
Principal Amount | Value | |||||||
Pool #199170 7.500% | $ | 143 | $ | 150 | ||||
Pool #189371 7.500% | 1,638 | 1,784 | ||||||
Government National Mortgage Association II FRN | ||||||||
Pool #82488 3.000% | 65,614 | 68,797 | ||||||
Pool #82462 3.500% | 66,422 | 70,757 | ||||||
Government National Mortgage Association TBA | ||||||||
Pool #991 3.000% | 200,000 | 214,172 | ||||||
Pool #3734 3.500% | 200,000 | 219,188 | ||||||
Pool #4536 4.000% | 200,000 | 220,578 | ||||||
Pool #9891 5.000% | 200,000 | 220,562 | ||||||
Pool #20549 6.000% | 200,000 | 225,844 | ||||||
|
| |||||||
10,269,031 | ||||||||
|
| |||||||
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (Cost $10,238,249) | 10,345,196 | |||||||
|
| |||||||
U.S. TREASURY OBLIGATIONS — 7.3% | ||||||||
U.S. Treasury Bonds & Notes — 7.3% | ||||||||
U.S. Treasury Bond | 25,000 | 24,590 | ||||||
U.S. Treasury Bond | 810,000 | 863,099 | ||||||
U.S. Treasury Bond | 50,000 | 66,165 | ||||||
U.S. Treasury Bond | 100,000 | 133,328 | ||||||
U.S. Treasury Bond | 330,000 | 477,101 | ||||||
U.S. Treasury Note (f) | 890,000 | 889,819 | ||||||
U.S. Treasury Note | 3,195,000 | 3,191,655 | ||||||
U.S. Treasury Note | 865,000 | 898,816 | ||||||
U.S. Treasury Note | 460,000 | 459,490 | ||||||
U.S. Treasury Note | 1,010,000 | 1,071,681 | ||||||
U.S. Treasury Note | 435,000 | 460,152 |
The accompanying notes are an integral part of the financial statements.
150
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MassMutual Premier Balanced Fund – Portfolio of Investments (Continued)
Principal Amount | Value | |||||||
U.S. Treasury Note (f) | $ | 825,000 | $ | 834,600 | ||||
|
| |||||||
9,370,496 | ||||||||
|
| |||||||
TOTAL U.S. TREASURY OBLIGATIONS (Cost $9,346,343) | 9,370,496 | |||||||
|
| |||||||
TOTAL BONDS & NOTES (Cost $39,761,359) | 41,243,597 | |||||||
|
| |||||||
Number of Shares | ||||||||
MUTUAL FUNDS — 7.7% | ||||||||
Diversified Financial — 7.7% | ||||||||
iPath Goldman Sachs Crude Oil Total Return Index ETN (a) | 13,400 | 298,954 | ||||||
iShares MSCI Canada Index Fund | 30,000 | 853,800 | ||||||
iShares MSCI EAFE Index Fund | 92,900 | 4,923,700 | ||||||
iShares MSCI Mexico Investable Market Index Fund | 16,500 | 1,078,935 | ||||||
iShares MSCI Turkey Investable Market Index Fund | 4,700 | 262,636 | ||||||
Japan Smaller Capitalization Fund, Inc. | 102,734 | 738,658 | ||||||
Market Vectors Poland ETF | 10,010 | 206,506 | ||||||
Market Vectors Russia ETF | 8,000 | 230,320 | ||||||
Vanguard MSCI Emerging Markets ETF | 30,800 | 1,285,900 | ||||||
|
| |||||||
9,879,409 | ||||||||
|
| |||||||
TOTAL MUTUAL FUNDS (Cost $10,824,713) | 9,879,409 | |||||||
|
| |||||||
TOTAL LONG-TERM INVESTMENTS (Cost $110,860,661) | 117,669,452 | |||||||
|
| |||||||
Principal Amount | ||||||||
SHORT-TERM INVESTMENTS — 13.8% | ||||||||
Commercial Paper — 13.0% | ||||||||
AGL Capital Corp. (b) | $ | 951,000 | 950,893 | |||||
Apache Corp. (b) | 786,000 | 785,823 | ||||||
BAT International Finance (b) | 1,000,000 | 999,701 | ||||||
Centrica PLC (b) | 1,000,000 | 999,745 | ||||||
DCP Midstream LLC (b) | 1,000,000 | 999,883 |
Principal Amount | Value | |||||||
FMC Technologies, Inc. (b) | $ | 791,000 | $ | 790,858 | ||||
Kinder Morgan Energy (b) | 1,023,000 | 1,022,687 | ||||||
Marathon Oil Corp. (b) | 642,000 | 641,880 | ||||||
National Fuel Gas Co. | 1,000,000 | 999,888 | ||||||
Northeast Utilities (b) | 1,000,000 | 999,806 | ||||||
NYSE Euronext, Inc. (b) | 823,000 | 822,966 | ||||||
ONEOK, Inc. (b) | 647,000 | 646,937 | ||||||
South Carolina Electric & Gas | 432,000 | 431,987 | ||||||
Talisman Energy, Inc. (b) | 600,000 | 599,993 | ||||||
VF Corp. (b) | 738,000 | 737,871 | ||||||
Volvo Group Treasury (b) | 1,000,000 | 999,688 | ||||||
VW Credit, Inc. (b) | 819,000 | 818,914 | ||||||
Weatherford International Ltd. (b) | 1,000,000 | 999,844 | ||||||
WPP CP Finance PLC (b) | 679,000 | 679,000 | ||||||
Xstrata Finance Canada (b) | 665,000 | 664,984 | ||||||
|
| |||||||
16,593,348 | ||||||||
|
| |||||||
Repurchase Agreement — 0.8% | ||||||||
State Street Bank & Trust Co. Repurchase Agreement, dated 9/28/12, 0.010%, due 10/01/12 (g) | 1,091,656 | 1,091,656 | ||||||
|
| |||||||
Time Deposits — 0.0% | ||||||||
Euro Time Deposit | 1,406 | 1,406 | ||||||
|
| |||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $17,686,410) | 17,686,410 | |||||||
|
| |||||||
TOTAL INVESTMENTS — 105.9% (Cost $128,547,071) (h) | 135,355,862 | |||||||
Other Assets/(Liabilities) — (5.9)% | (7,547,795 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 127,808,067 | ||||||
|
|
The accompanying notes are an integral part of the financial statements.
151
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MassMutual Premier Balanced Fund – Portfolio of Investments (Continued)
Notes to Portfolio of Investments
ABS | Asset-Backed Security |
ADR | American Depositary Receipt |
BAB | Build America Bonds |
CDO | Collateralized Debt Obligation |
CMO | Collateralized Mortgage Obligation |
FRN | Floating Rate Note |
MBS | Mortgage-Backed Security |
PAC | Planned Amortization Class |
STEP | Step Up Bond |
TBA | To Be Announced |
VRN | Variable Rate Note |
WL | Whole Loan |
(a) | 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 September 30, 2012, these securities amounted to a value of $19,725,264 or 15.43% of net assets. |
(c) | A portion of this security is purchased on a when-issued, delayed-delivery or forward commitment basis. (Note 2). |
(d) | Security is currently in default due to bankruptcy or payment of principal or interest of the issuer. Income is not being accrued. At September 30, 2012, these securities amounted to a value of $2 or 0.00% of net assets. |
(e) | Restricted security. Certain securities are restricted as to resale. At September 30, 2012, these securities amounted to a value of $207,075 or 0.16% of net assets. The Funds generally bear the costs, if any, associated with the disposition of restricted securities. |
(f) | A portion of this security is held as collateral for open futures contracts. (Note 2). |
(g) | Maturity value of $1,091,657. Collateralized by U.S. Government Agency obligations with a rate of 4.000%, maturity date of 12/15/17, and an aggregate market value, including accrued interest, of $1,113,964. |
(h) | See Note 6 for aggregate cost for federal tax purposes. |
The accompanying notes are an integral part of the financial statements.
152
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MassMutual Premier Value Fund – Portfolio of Investments
September 30, 2012
Number of Shares | Value | |||||||
EQUITIES — 95.9% | ||||||||
COMMON STOCK — 95.9% | ||||||||
Auto Manufacturers — 1.7% | ||||||||
Ford Motor Co. | 215,250 | $ | 2,122,365 | |||||
Navistar International Corp. (a) | 29,780 | 628,060 | ||||||
|
| |||||||
2,750,425 | ||||||||
|
| |||||||
Banks — 9.2% | ||||||||
M&T Bank Corp. | 40,460 | 3,850,173 | ||||||
PNC Financial Services Group, Inc. | 48,050 | 3,031,955 | ||||||
SunTrust Banks, Inc. | 86,540 | 2,446,486 | ||||||
Wells Fargo & Co. | 146,260 | 5,050,358 | ||||||
|
| |||||||
14,378,972 | ||||||||
|
| |||||||
Beverages — 4.8% | ||||||||
The Coca-Cola Co. | 66,760 | 2,532,207 | ||||||
Molson Coors Brewing Co. Class B | 59,180 | 2,666,059 | ||||||
PepsiCo, Inc. | 32,240 | 2,281,625 | ||||||
|
| |||||||
7,479,891 | ||||||||
|
| |||||||
Chemicals — 2.6% | ||||||||
Celanese Corp. Series A | 20,300 | 769,573 | ||||||
The Mosaic Co. | 56,710 | 3,267,063 | ||||||
|
| |||||||
4,036,636 | ||||||||
|
| |||||||
Commercial Services — 2.3% | ||||||||
AerCap Holdings NV (a) | 130,500 | 1,631,250 | ||||||
Quanta Services, Inc. (a) | 82,860 | 2,046,642 | ||||||
|
| |||||||
3,677,892 | ||||||||
|
| |||||||
Computers — 1.1% | ||||||||
Apple, Inc. | 2,550 | 1,701,513 | ||||||
|
| |||||||
Cosmetics & Personal Care — 1.0% | ||||||||
The Procter & Gamble Co. | 22,980 | 1,593,893 | ||||||
|
| |||||||
Diversified Financial — 3.5% | ||||||||
BlackRock, Inc. | 8,680 | 1,547,644 | ||||||
Citigroup, Inc. | 24,430 | 799,350 | ||||||
The Goldman Sachs Group, Inc. | 27,480 | 3,123,926 | ||||||
|
| |||||||
5,470,920 | ||||||||
|
| |||||||
Electric — 3.2% | ||||||||
American Electric Power Co., Inc. | 45,810 | 2,012,891 | ||||||
Edison International | 34,640 | 1,582,702 | ||||||
Public Service Enterprise Group, Inc. | 42,030 | 1,352,525 | ||||||
|
| |||||||
4,948,118 | ||||||||
|
| |||||||
Electronics — 1.0% | ||||||||
TE Connectivity Ltd. | 46,330 | 1,575,683 | ||||||
|
| |||||||
Foods — 1.0% | ||||||||
Kellogg Co. | 30,430 | 1,572,014 | ||||||
|
| |||||||
Forest Products & Paper — 1.8% | ||||||||
Rock-Tenn Co. Class A | 39,990 | 2,886,478 | ||||||
|
|
Number of Shares | Value | |||||||
Gas — 0.6% | ||||||||
NiSource, Inc. | 34,700 | $ | 884,156 | |||||
|
| |||||||
Health Care – Products — 2.0% | ||||||||
Baxter International, Inc. | 52,800 | 3,181,728 | ||||||
|
| |||||||
Health Care – Services — 7.1% | ||||||||
Humana, Inc. | 99,130 | 6,953,969 | ||||||
UnitedHealth Group, Inc. | 76,880 | 4,259,921 | ||||||
|
| |||||||
11,213,890 | ||||||||
|
| |||||||
Household Products — 1.2% | ||||||||
Church & Dwight Co., Inc. | 34,700 | 1,873,453 | ||||||
|
| |||||||
Housewares — 0.5% | ||||||||
Newell Rubbermaid, Inc. | 41,160 | 785,744 | ||||||
|
| |||||||
Insurance — 7.5% | ||||||||
ACE Ltd. | 50,230 | 3,797,388 | ||||||
Marsh & McLennan Cos., Inc. | 135,090 | 4,583,604 | ||||||
MetLife, Inc. | 43,820 | 1,510,037 | ||||||
The Travelers Cos., Inc. | 27,700 | 1,890,802 | ||||||
|
| |||||||
11,781,831 | ||||||||
|
| |||||||
Machinery – Diversified — 0.6% | ||||||||
AGCO Corp. (a) | 20,080 | 953,398 | ||||||
|
| |||||||
Manufacturing — 5.6% | ||||||||
Honeywell International, Inc. | 93,230 | 5,570,493 | ||||||
Tyco International Ltd. | 57,350 | 3,226,511 | ||||||
|
| |||||||
8,797,004 | ||||||||
|
| |||||||
Media — 3.0% | ||||||||
Comcast Corp. Class A | 107,430 | 3,842,771 | ||||||
Viacom, Inc. Class B | 15,320 | 820,999 | ||||||
|
| |||||||
4,663,770 | ||||||||
|
| |||||||
Oil & Gas — 9.7% | ||||||||
Apache Corp. | 15,120 | 1,307,426 | ||||||
Chevron Corp. | 75,990 | 8,857,395 | ||||||
Exxon Mobil Corp. | 54,660 | 4,998,657 | ||||||
|
| |||||||
15,163,478 | ||||||||
|
| |||||||
Oil & Gas Services — 1.0% | ||||||||
Baker Hughes, Inc. | 36,250 | 1,639,588 | ||||||
|
| |||||||
Pharmaceuticals — 6.1% | ||||||||
Merck & Co., Inc. | 123,470 | 5,568,497 | ||||||
Teva Pharmaceutical Industries Ltd. Sponsored ADR (Israel) | 95,340 | 3,948,029 | ||||||
|
| |||||||
9,516,526 | ||||||||
|
| |||||||
Retail — 7.9% | ||||||||
Lowe’s Cos., Inc. | 115,080 | 3,480,019 | ||||||
Target Corp. | 83,680 | 5,311,170 | ||||||
Walgreen Co. | 97,090 | 3,537,960 | ||||||
|
| |||||||
12,329,149 | ||||||||
|
|
The accompanying notes are an integral part of the financial statements.
153
Table of Contents
MassMutual Premier Value Fund – Portfolio of Investments (Continued)
Number of Shares | Value | |||||||
Semiconductors — 2.2% | ||||||||
Analog Devices, Inc. | 41,710 | $ | 1,634,615 | |||||
Xilinx, Inc. | 56,270 | 1,879,981 | ||||||
|
| |||||||
3,514,596 | ||||||||
|
| |||||||
Telecommunications — 7.7% | ||||||||
AT&T, Inc. | 63,311 | 2,386,825 | ||||||
Cisco Systems, Inc. | 160,940 | 3,072,345 | ||||||
Juniper Networks, Inc. (a) | 175,250 | 2,998,527 | ||||||
Verizon Communications, Inc. | 78,720 | 3,587,270 | ||||||
|
| |||||||
12,044,967 | ||||||||
|
| |||||||
TOTAL COMMON STOCK (Cost $135,254,269) | 150,415,713 | |||||||
|
| |||||||
TOTAL EQUITIES (Cost $135,254,269) | 150,415,713 | |||||||
|
| |||||||
TOTAL LONG-TERM INVESTMENTS (Cost $135,254,269) | 150,415,713 | |||||||
|
| |||||||
Principal Amount | ||||||||
SHORT-TERM INVESTMENTS — 4.3% | ||||||||
Repurchase Agreement — 4.3% | ||||||||
State Street Bank & Trust Co. Repurchase Agreement, dated 9/28/12, 0.010%, due 10/01/12 (b) | $ | 6,785,906 | 6,785,906 | |||||
|
| |||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $6,785,906) | 6,785,906 | |||||||
|
| |||||||
TOTAL INVESTMENTS — 100.2% (Cost $142,040,175) (c) | 157,201,619 | |||||||
Other Assets/ (Liabilities) — (0.2)% | (303,149 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 156,898,470 | ||||||
|
|
Notes to Portfolio of Investments
ADR | American Depositary Receipt |
(a) | Non-income producing security. |
(b) | Maturity value of $6,785,912. Collateralized by U.S. Government Agency obligations with a rate of 4.000%, maturity date of 5/01/25, and an aggregate market value, including accrued interest, of $6,921,708. |
(c) | See Note 6 for aggregate cost for federal tax purposes. |
The accompanying notes are an integral part of the financial statements.
154
Table of Contents
MassMutual Premier Disciplined Value Fund – Portfolio of Investments
September 30, 2012
Number of Shares | Value | |||||||
EQUITIES — 100.0% | ||||||||
COMMON STOCK — 100.0% | ||||||||
Advertising — 0.1% | ||||||||
Clear Channel Outdoor Holdings, Inc. Class A (a) | 1,000 | $ | 5,980 | |||||
The Interpublic Group of Companies, Inc. | 8,900 | 98,968 | ||||||
Lamar Advertising Co. Class A (a) | 1,100 | 40,766 | ||||||
|
| |||||||
145,714 | ||||||||
|
| |||||||
Aerospace & Defense — 1.3% | ||||||||
Alliant Techsystems, Inc. | 4,800 | 240,528 | ||||||
The Boeing Co. | 3,200 | 222,784 | ||||||
Exelis, Inc. | 20,400 | 210,936 | ||||||
General Dynamics Corp. | 9,680 | 640,042 | ||||||
L-3 Communications Holdings, Inc. | 3,960 | 283,972 | ||||||
Lockheed Martin Corp. | 3,200 | 298,816 | ||||||
Northrop Grumman Corp. | 15,450 | 1,026,343 | ||||||
Raytheon Co. | 17,570 | 1,004,301 | ||||||
|
| |||||||
3,927,722 | ||||||||
|
| |||||||
Agriculture — 0.6% | ||||||||
Altria Group, Inc. | 15,500 | 517,545 | ||||||
Archer-Daniels-Midland Co. | 21,700 | 589,806 | ||||||
Philip Morris International, Inc. | 4,000 | 359,760 | ||||||
Reynolds American, Inc. | 5,940 | 257,440 | ||||||
|
| |||||||
1,724,551 | ||||||||
|
| |||||||
Airlines — 0.4% | ||||||||
Copa Holdings SA Class A | 3,600 | 292,572 | ||||||
Delta Air Lines, Inc. (a) | 61,800 | 566,088 | ||||||
Southwest Airlines Co. | 23,000 | 201,710 | ||||||
�� |
|
| ||||||
1,060,370 | ||||||||
|
| |||||||
Auto Manufacturers — 1.1% | ||||||||
Ford Motor Co. | 157,800 | 1,555,908 | ||||||
General Motors Co. (a) | 39,500 | 898,625 | ||||||
Navistar International Corp. (a) | 23,800 | 501,942 | ||||||
Oshkosh Corp. (a) | 12,200 | 334,646 | ||||||
|
| |||||||
3,291,121 | ||||||||
|
| |||||||
Automotive & Parts — 0.3% | ||||||||
Lear Corp. | 9,400 | 355,226 | ||||||
TRW Automotive Holdings Corp. (a) | 11,690 | 510,970 | ||||||
|
| |||||||
866,196 | ||||||||
|
| |||||||
Banks — 8.2% | ||||||||
Associated Banc-Corp. | 11,450 | 150,797 | ||||||
Bank of America Corp. | 432,773 | 3,821,386 | ||||||
Bank of Hawaii Corp. | 3,320 | 151,458 | ||||||
Bank of New York Mellon Corp. | 47,850 | 1,082,367 | ||||||
BB&T Corp. | 31,819 | 1,055,118 | ||||||
BOK Financial Corp. | 1,200 | 70,920 | ||||||
Capital One Financial Corp. | 18,250 | 1,040,432 |
Number of Shares | Value | |||||||
CapitalSource, Inc. | 57,400 | $ | 435,092 | |||||
City National Corp. | 1,970 | 101,475 | ||||||
Comerica, Inc. | 8,600 | 267,030 | ||||||
Commerce Bancshares, Inc. | 3,384 | 136,477 | ||||||
Cullen/Frost Bankers, Inc. | 1,300 | 74,659 | ||||||
East West Bancorp, Inc. | 15,700 | 331,584 | ||||||
Fifth Third Bancorp | 48,160 | 746,962 | ||||||
First Citizens BancShares, Inc. Class A | 438 | 71,350 | ||||||
First Horizon National Corp. | 3,016 | 29,044 | ||||||
First Republic Bank | 2,600 | 89,596 | ||||||
Fulton Financial Corp. | 4,800 | 47,328 | ||||||
Huntington Bancshares, Inc. | 45,071 | 310,990 | ||||||
KeyCorp | 48,700 | 425,638 | ||||||
M&T Bank Corp. | 4,075 | 387,777 | ||||||
Northern Trust Corp. | 4,700 | 218,150 | ||||||
PNC Financial Services Group, Inc. | 17,436 | 1,100,212 | ||||||
Popular, Inc. (a) | 13,400 | 233,562 | ||||||
Regions Financial Corp. | 63,460 | 457,547 | ||||||
State Street Corp. | 17,900 | 751,084 | ||||||
SunTrust Banks, Inc. | 24,100 | 681,307 | ||||||
SVB Financial Group (a) | 1,700 | 102,782 | ||||||
Synovus Financial Corp. | 95,000 | 225,150 | ||||||
U.S. Bancorp | 73,090 | 2,506,987 | ||||||
Valley National Bancorp | 13,668 | 136,953 | ||||||
Wells Fargo & Co. | 189,210 | 6,533,421 | ||||||
Zions Bancorp | 950 | 19,622 | ||||||
|
| |||||||
23,794,257 | ||||||||
|
| |||||||
Beverages — 0.3% | ||||||||
Brown-Forman Corp. Class B | 1,050 | 68,513 | ||||||
Coca-Cola Enterprises, Inc. | 4,620 | 144,467 | ||||||
Constellation Brands, Inc. Class A (a) | 9,530 | 308,295 | ||||||
Molson Coors Brewing Co. Class B | 5,560 | 250,478 | ||||||
|
| |||||||
771,753 | ||||||||
|
| |||||||
Biotechnology — 0.2% | ||||||||
Bio-Rad Laboratories, Inc. Class A (a) | 1,980 | 211,305 | ||||||
Charles River Laboratories International, Inc. (a) | 3,400 | 134,640 | ||||||
Life Technologies Corp. (a) | 3,460 | 169,125 | ||||||
|
| |||||||
515,070 | ||||||||
|
| |||||||
Building Materials — 0.1% | ||||||||
Fortune Brands Home & Security, Inc. (a) | 4,200 | 113,442 | ||||||
Martin Marietta Materials, Inc. | 700 | 58,009 | ||||||
|
| |||||||
171,451 | ||||||||
|
| |||||||
Chemicals — 1.9% | ||||||||
Air Products & Chemicals, Inc. | 3,100 | 256,370 | ||||||
Albemarle Corp. | 2,500 | 131,700 | ||||||
Ashland, Inc. | 2,800 | 200,480 |
The accompanying notes are an integral part of the financial statements.
155
Table of Contents
MassMutual Premier Disciplined Value Fund – Portfolio of Investments (Continued)
Number of Shares | Value | |||||||
Cabot Corp. | 6,200 | $ | 226,734 | |||||
CF Industries Holdings, Inc. | 2,868 | 637,384 | ||||||
Cytec Industries, Inc. | 2,900 | 190,008 | ||||||
The Dow Chemical Co. | 49,410 | 1,430,914 | ||||||
Eastman Chemical Co. | 2,500 | 142,525 | ||||||
Huntsman Corp. | 39,000 | 582,270 | ||||||
Kronos Worldwide, Inc. | 7,500 | 112,050 | ||||||
LyondellBasell Industries NV Class A | 11,700 | 604,422 | ||||||
The Mosaic Co. | 7,200 | 414,792 | ||||||
RPM International, Inc. | 2,500 | 71,350 | ||||||
W.R. Grace & Co. (a) | 200 | 11,816 | ||||||
Westlake Chemical Corp. | 5,900 | 431,054 | ||||||
|
| |||||||
5,443,869 | ||||||||
|
| |||||||
Coal — 0.3% | ||||||||
Alpha Natural Resources, Inc. (a) | 56,657 | 372,236 | ||||||
Peabody Energy Corp. | 14,600 | 325,434 | ||||||
Walter Energy, Inc. | 10,500 | 340,830 | ||||||
|
| |||||||
1,038,500 | ||||||||
|
| |||||||
Commercial Services — 0.9% | ||||||||
Aaron’s, Inc. | 500 | 13,905 | ||||||
Booz Allen Hamilton Holding Corp. | 28,000 | 387,800 | ||||||
CoreLogic, Inc. (a) | 4,700 | 124,691 | ||||||
Corrections Corporation of America | 1,900 | 63,555 | ||||||
DeVry, Inc. | 1,900 | 43,244 | ||||||
Donnelley (R.R.) & Sons Co. | 31,900 | 338,140 | ||||||
Equifax, Inc. | 2,300 | 107,134 | ||||||
Genpact Ltd. | 6,200 | 103,416 | ||||||
H&R Block, Inc. | 3,900 | 67,587 | ||||||
Hertz Global Holdings, Inc. (a) | 6,500 | 89,245 | ||||||
KAR Auction Services, Inc. (a) | 700 | 13,818 | ||||||
Manpower, Inc. | 4,000 | 147,200 | ||||||
Paychex, Inc. | 300 | 9,987 | ||||||
Quanta Services, Inc. (a) | 5,300 | 130,910 | ||||||
SAIC, Inc. | 40,400 | 486,416 | ||||||
Service Corp. International | 15,100 | 203,246 | ||||||
Total System Services, Inc. | 2,400 | 56,880 | ||||||
Towers Watson & Co. Class A | 1,200 | 63,660 | ||||||
Verisk Analytics, Inc. Class A (a) | 2,100 | 99,981 | ||||||
|
| |||||||
2,550,815 | ||||||||
|
| |||||||
Computers — 1.6% | ||||||||
Brocade Communications Systems, Inc. (a) | 89,300 | 528,209 | ||||||
Computer Sciences Corp. | 19,870 | 640,013 | ||||||
Dell, Inc. | 55,800 | 550,188 | ||||||
Diebold, Inc. | 4,600 | 155,066 | ||||||
DST Systems, Inc. | 400 | 22,624 | ||||||
Hewlett-Packard Co. | 87,700 | 1,496,162 | ||||||
Lexmark International, Inc. Class A | 9,600 | 213,600 | ||||||
Synopsys, Inc. (a) | 11,000 | 363,220 | ||||||
Western Digital Corp. | 14,800 | 573,204 | ||||||
|
| |||||||
4,542,286 | ||||||||
|
|
Number of Shares | Value | |||||||
Cosmetics & Personal Care — 2.6% | ||||||||
Avon Products, Inc. | 6,200 | $ | 98,890 | |||||
Colgate-Palmolive Co. | 1,310 | 140,458 | ||||||
The Procter & Gamble Co. | 104,310 | 7,234,942 | ||||||
|
| |||||||
7,474,290 | ||||||||
|
| |||||||
Distribution & Wholesale — 0.2% | ||||||||
Ingram Micro, Inc. Class A (a) | 2,900 | 44,167 | ||||||
Tech Data Corp. (a) | 7,900 | 357,870 | ||||||
WESCO International, Inc. (a) | 1,200 | 68,640 | ||||||
|
| |||||||
470,677 | ||||||||
|
| |||||||
Diversified Financial — 6.4% | ||||||||
American Express Co. | 13,000 | 739,180 | ||||||
Ameriprise Financial, Inc. | 9,630 | 545,925 | ||||||
BlackRock, Inc. | 2,180 | 388,694 | ||||||
CBOE Holdings, Inc. | 3,900 | 114,738 | ||||||
The Charles Schwab Corp. | 37,500 | 479,625 | ||||||
CIT Group, Inc. (a) | 600 | 23,634 | ||||||
Citigroup, Inc. | 102,271 | 3,346,307 | ||||||
CME Group, Inc. | 6,160 | 352,968 | ||||||
Discover Financial Services | 22,400 | 889,952 | ||||||
E*TRADE Financial Corp. (a) | 3,300 | 29,073 | ||||||
Federated Investors, Inc. Class B | 500 | 10,345 | ||||||
Franklin Resources, Inc. | 2,970 | 371,458 | ||||||
The Goldman Sachs Group, Inc. | 24,570 | 2,793,117 | ||||||
Interactive Brokers Group, Inc. Class A | 1,900 | 26,638 | ||||||
Invesco Ltd. | 12,300 | 307,377 | ||||||
Janus Capital Group, Inc. | 7,900 | 74,576 | ||||||
JP Morgan Chase & Co. | 157,827 | 6,388,837 | ||||||
Legg Mason, Inc. | 5,200 | 128,336 | ||||||
LPL Financial Holdings, Inc. | 4,900 | 139,846 | ||||||
Morgan Stanley | 32,900 | 550,746 | ||||||
The NASDAQ OMX Group, Inc. | 4,800 | 111,816 | ||||||
NYSE Euronext | 11,800 | 290,870 | ||||||
Raymond James Financial, Inc. | 4,500 | 164,925 | ||||||
SLM Corp. | 23,000 | 361,560 | ||||||
TD Ameritrade Holding Corp. | 5,100 | 78,387 | ||||||
|
| |||||||
18,708,930 | ||||||||
|
| |||||||
Electric — 5.5% | ||||||||
The AES Corp. (a) | 44,000 | 482,680 | ||||||
Alliant Energy Corp. | 5,800 | 251,662 | ||||||
Ameren Corp. | 22,460 | 733,768 | ||||||
American Electric Power Co., Inc. | 23,530 | 1,033,908 | ||||||
CenterPoint Energy, Inc. | 16,500 | 351,450 | ||||||
CMS Energy Corp. | 12,500 | 294,375 | ||||||
Consolidated Edison, Inc. | 11,160 | 668,373 | ||||||
Dominion Resources, Inc. | 6,700 | 354,698 | ||||||
DTE Energy Co. | 7,410 | 444,155 | ||||||
Duke Energy Corp. | 27,814 | 1,802,347 | ||||||
Edison International | 5,780 | 264,088 | ||||||
Entergy Corp. | 13,800 | 956,340 |
The accompanying notes are an integral part of the financial statements.
156
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MassMutual Premier Disciplined Value Fund – Portfolio of Investments (Continued)
Number of Shares | Value | |||||||
Exelon Corp. | 16,175 | $ | 575,507 | |||||
FirstEnergy Corp. | 10,427 | 459,831 | ||||||
Great Plains Energy, Inc. | 2,537 | 56,474 | ||||||
Hawaiian Electric Industries, Inc. | 8,000 | 210,480 | ||||||
Integrys Energy Group, Inc. | 2,940 | 153,468 | ||||||
MDU Resources Group, Inc. | 3,700 | 81,548 | ||||||
NextEra Energy, Inc. | 12,910 | 907,960 | ||||||
Northeast Utilities | 3,281 | 125,433 | ||||||
NRG Energy, Inc. | 32,400 | 693,036 | ||||||
NV Energy, Inc. | 27,800 | 500,678 | ||||||
OGE Energy Corp. | 1,460 | 80,972 | ||||||
Pepco Holdings, Inc. | 1,110 | 20,979 | ||||||
PG&E Corp. | 12,430 | 530,388 | ||||||
Pinnacle West Capital Corp. | 5,860 | 309,408 | ||||||
PPL Corp. | 36,300 | 1,054,515 | ||||||
Public Service Enterprise Group, Inc. | 16,200 | 521,316 | ||||||
SCANA Corp. | 4,420 | 213,353 | ||||||
The Southern Co. | 14,050 | 647,565 | ||||||
TECO Energy, Inc. | 8,030 | 142,452 | ||||||
Westar Energy, Inc. | 4,400 | 130,504 | ||||||
Wisconsin Energy Corp. | 11,860 | 446,766 | ||||||
Xcel Energy, Inc. | 20,820 | 576,922 | ||||||
|
| |||||||
16,077,399 | ||||||||
|
| |||||||
Electrical Components & Equipment — 0.3% | ||||||||
Emerson Electric Co. | 2,400 | 115,848 | ||||||
Energizer Holdings, Inc. | 2,700 | 201,447 | ||||||
General Cable Corp. (a) | 4,100 | 120,458 | ||||||
Hubbell, Inc. Class B | 1,800 | 145,332 | ||||||
Molex, Inc. | 9,400 | 247,032 | ||||||
|
| |||||||
830,117 | ||||||||
|
| |||||||
Electronics — 0.7% | ||||||||
Arrow Electronics, Inc. (a) | 8,100 | 273,051 | ||||||
Avnet, Inc. (a) | 9,500 | 276,355 | ||||||
AVX Corp. | 30,100 | 288,659 | ||||||
Dolby Laboratories, Inc. Class A (a) | 3,000 | 98,250 | ||||||
Garmin Ltd. | 6,100 | 254,614 | ||||||
Itron, Inc. (a) | 7,800 | 336,570 | ||||||
Jabil Circuit, Inc. | 700 | 13,104 | ||||||
PerkinElmer, Inc. | 4,410 | 129,963 | ||||||
Vishay Intertechnology, Inc. (a) | 39,400 | 387,302 | ||||||
|
| |||||||
2,057,868 | ||||||||
|
| |||||||
Energy – Alternate Sources — 0.2% | ||||||||
Covanta Holding Corp. | 32,000 | 549,120 | ||||||
|
| |||||||
Engineering & Construction — 1.0% | ||||||||
AECOM Technology Corp. (a) | 45,100 | 954,316 | ||||||
Chicago Bridge & Iron Co. NV | 10,400 | 396,136 | ||||||
Engility Holdings, Inc. (a) | 12,873 | 237,507 | ||||||
Jacobs Engineering Group, Inc. (a) | 6,800 | 274,924 | ||||||
KBR, Inc. | 10,800 | 322,056 | ||||||
McDermott International, Inc. (a) | 9,900 | 120,978 | ||||||
The Shaw Group, Inc. (a) | 1,100 | 47,982 |
Number of Shares | Value | |||||||
URS Corp. | 13,200 | $ | 466,092 | |||||
|
| |||||||
2,819,991 | ||||||||
|
| |||||||
Entertainment — 0.2% | ||||||||
International Game Technology | 3,800 | 49,742 | ||||||
The Madison Square Garden Co. Class A (a) | 4,889 | 196,880 | ||||||
Penn National Gaming, Inc. (a) | 900 | 38,790 | ||||||
Regal Entertainment Group Class A | 24,500 | 344,715 | ||||||
|
| |||||||
630,127 | ||||||||
|
| |||||||
Environmental Controls — 0.5% | ||||||||
Republic Services, Inc. | 24,090 | 662,716 | ||||||
Waste Connections, Inc. | 4,050 | 122,513 | ||||||
Waste Management, Inc. | 17,340 | 556,267 | ||||||
|
| |||||||
1,341,496 | ||||||||
|
| |||||||
Foods — 1.5% | ||||||||
Campbell Soup Co. | 1,000 | 34,820 | ||||||
ConAgra Foods, Inc. | 13,200 | 364,188 | ||||||
Dean Foods Co. (a) | 9,400 | 153,690 | ||||||
General Mills, Inc. | 4,540 | 180,919 | ||||||
H.J. Heinz Co. | 4,230 | 236,669 | ||||||
Hillshire Brands Co. | 1,360 | 36,421 | ||||||
Hormel Foods Corp. | 2,900 | 84,796 | ||||||
Ingredion, Inc. | 2,370 | 130,729 | ||||||
The J.M. Smucker Co. | 5,840 | 504,167 | ||||||
Mondelez International, Inc. | 40,450 | 1,672,607 | ||||||
Ralcorp Holdings, Inc. (a) | 700 | 51,100 | ||||||
Safeway, Inc. | 29,500 | 474,655 | ||||||
Smithfield Foods, Inc. (a) | 20,100 | 394,965 | ||||||
Sysco Corp. | 400 | 12,508 | ||||||
Tyson Foods, Inc. Class A | 10,200 | 163,404 | ||||||
|
| |||||||
4,495,638 | ||||||||
|
| |||||||
Forest Products & Paper — 0.3% | ||||||||
Domtar Corp. | 4,200 | 328,818 | ||||||
International Paper Co. | 12,500 | 454,000 | ||||||
MeadWestvaco Corp. | 3,200 | 97,920 | ||||||
|
| |||||||
880,738 | ||||||||
|
| |||||||
Gas — 0.5% | ||||||||
AGL Resources, Inc. | 4,260 | 174,277 | ||||||
Atmos Energy Corp. | 2,850 | 102,002 | ||||||
Energen Corp. | 2,000 | 104,820 | ||||||
NiSource, Inc. | 3,290 | 83,829 | ||||||
Sempra Energy | 11,210 | 722,933 | ||||||
UGI Corp. | 5,390 | 171,132 | ||||||
Vectren Corp. | 4,150 | 118,690 | ||||||
|
| |||||||
1,477,683 | ||||||||
|
| |||||||
Hand & Machine Tools — 0.1% | ||||||||
Kennametal, Inc. | 1,300 | 48,204 | ||||||
Regal-Beloit Corp. | 100 | 7,048 | ||||||
Snap-on, Inc. | 2,030 | 145,896 |
The accompanying notes are an integral part of the financial statements.
157
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MassMutual Premier Disciplined Value Fund – Portfolio of Investments (Continued)
Number of Shares | Value | |||||||
Stanley Black & Decker, Inc. | 35 | $ | 2,669 | |||||
|
| |||||||
203,817 | ||||||||
|
| |||||||
Health Care – Products — 2.7% | ||||||||
Alere, Inc. (a) | 15,200 | 296,248 | ||||||
Baxter International, Inc. | 300 | 18,078 | ||||||
Boston Scientific Corp. (a) | 34,700 | 199,178 | ||||||
CareFusion Corp. (a) | 6,000 | 170,340 | ||||||
The Cooper Cos., Inc. | 1,200 | 113,352 | ||||||
Covidien PLC | 6,100 | 362,462 | ||||||
Henry Schein, Inc. (a) | 500 | 39,635 | ||||||
Hill-Rom Holdings, Inc. | 1,200 | 34,872 | ||||||
Hologic, Inc. (a) | 7,500 | 151,800 | ||||||
Johnson & Johnson | 69,700 | 4,803,027 | ||||||
Medtronic, Inc. | 24,300 | 1,047,816 | ||||||
St. Jude Medical, Inc. | 4,800 | 202,224 | ||||||
Stryker Corp. | 3,100 | 172,546 | ||||||
Zimmer Holdings, Inc. | 6,000 | 405,720 | ||||||
|
| |||||||
8,017,298 | ||||||||
|
| |||||||
Health Care – Services — 2.4% | ||||||||
Aetna, Inc. | 15,820 | 626,472 | ||||||
AMERIGROUP Corp. (a) | 300 | 27,429 | ||||||
Cigna Corp. | 10,000 | 471,700 | ||||||
Community Health Systems, Inc. (a) | 18,400 | 536,176 | ||||||
Coventry Health Care, Inc. | 3,000 | 125,070 | ||||||
HCA Holdings, Inc. | 21,300 | 708,225 | ||||||
Health Management Associates, Inc. Class A (a) | 38,200 | 320,498 | ||||||
Health Net, Inc. (a) | 2,600 | 58,526 | ||||||
Humana, Inc. | 4,400 | 308,660 | ||||||
LifePoint Hospitals, Inc. (a) | 1,700 | 72,726 | ||||||
Quest Diagnostics, Inc. | 4,800 | 304,464 | ||||||
Tenet Healthcare Corp. (a) | 3,900 | 24,453 | ||||||
Thermo Fisher Scientific, Inc. | 13,210 | 777,144 | ||||||
UnitedHealth Group, Inc. | 33,000 | 1,828,530 | ||||||
Universal Health Services, Inc. Class B | 3,000 | 137,190 | ||||||
WellPoint, Inc. | 11,700 | 678,717 | ||||||
|
| |||||||
7,005,980 | ||||||||
|
| |||||||
Holding Company – Diversified — 0.0% | ||||||||
Leucadia National Corp. | 1,000 | 22,750 | ||||||
|
| |||||||
Home Builders — 0.5% | ||||||||
D.R. Horton, Inc. | 6,700 | 138,288 | ||||||
Lennar Corp. Class A | 2,700 | 93,879 | ||||||
PulteGroup, Inc. (a) | 25,857 | 400,784 | ||||||
Thor Industries, Inc. | 23,700 | 860,784 | ||||||
|
| |||||||
1,493,735 | ||||||||
|
| |||||||
Home Furnishing — 0.1% | ||||||||
Harman International Industries, Inc. | 1,300 | 60,008 | ||||||
Whirlpool Corp. | 3,400 | 281,894 | ||||||
|
| |||||||
341,902 | ||||||||
|
|
Number of Shares | Value | |||||||
Household Products — 0.5% | ||||||||
Avery Dennison Corp. | 10,400 | $ | 330,928 | |||||
Beam, Inc. | 6,960 | 400,479 | ||||||
Church & Dwight Co., Inc. | 500 | 26,995 | ||||||
The Clorox Co. | 1,800 | 129,690 | ||||||
Jarden Corp. | 7,400 | 391,016 | ||||||
Kimberly-Clark Corp. | 1,840 | 157,835 | ||||||
The Scotts Miracle-Gro Co. Class A | 200 | 8,694 | ||||||
|
| |||||||
1,445,637 | ||||||||
|
| |||||||
Housewares — 0.1% | ||||||||
Newell Rubbermaid, Inc. | 10,700 | 204,263 | ||||||
|
| |||||||
Insurance — 7.5% | ||||||||
ACE Ltd. | 11,300 | 854,280 | ||||||
Aflac, Inc. | 17,700 | 847,476 | ||||||
Alleghany Corp. (a) | 525 | 181,093 | ||||||
Allied World Assurance Co. Holdings Ltd. | 5,700 | 440,325 | ||||||
The Allstate Corp. | 21,600 | 855,576 | ||||||
American Financial Group, Inc. | 3,600 | 136,440 | ||||||
American International Group, Inc. (a) | 26,902 | 882,117 | ||||||
American National Insurance Co. | 1,580 | 113,491 | ||||||
Aon PLC | 7,060 | 369,167 | ||||||
Arch Capital Group Ltd. (a) | 4,100 | 170,888 | ||||||
Aspen Insurance Holdings Ltd. | 15,100 | 460,399 | ||||||
Assurant, Inc. | 11,290 | 421,117 | ||||||
Assured Guaranty Ltd. | 33,600 | 457,632 | ||||||
Axis Capital Holdings Ltd. | 5,800 | 202,536 | ||||||
Berkshire Hathaway, Inc. Class B (a) | 61,300 | 5,406,660 | ||||||
Brown & Brown, Inc. | 1,100 | 28,677 | ||||||
The Chubb Corp. | 8,560 | 652,957 | ||||||
Cincinnati Financial Corp. | 6,220 | 235,676 | ||||||
CNA Financial Corp. | 7,700 | 206,360 | ||||||
Endurance Specialty Holdings Ltd. | 2,500 | 96,250 | ||||||
Everest Re Group Ltd. | 2,260 | 241,730 | ||||||
Fidelity National Financial, Inc. Class A | 9,200 | 196,788 | ||||||
Genworth Financial, Inc. Class A (a) | 11,160 | 58,367 | ||||||
The Hanover Insurance Group, Inc. | 2,200 | 81,972 | ||||||
The Hartford Financial Services Group, Inc. | 22,090 | 429,430 | ||||||
HCC Insurance Holdings, Inc. | 7,570 | 256,547 | ||||||
Kemper Corp. | 1,650 | 50,671 | ||||||
Lincoln National Corp. | 17,998 | 435,372 | ||||||
Loews Corp. | 5,020 | 207,125 | ||||||
Markel Corp. (a) | 285 | 130,670 | ||||||
Marsh & McLennan Cos., Inc. | 3,600 | 122,148 | ||||||
MBIA, Inc. (a) | 35,400 | 358,602 | ||||||
Mercury General Corp. | 790 | 30,534 | ||||||
MetLife, Inc. | 37,740 | 1,300,520 | ||||||
Old Republic International Corp. | 1,400 | 13,020 | ||||||
PartnerRe Ltd. | 7,100 | 527,388 | ||||||
Principal Financial Group, Inc. | 10,600 | 285,564 |
The accompanying notes are an integral part of the financial statements.
158
Table of Contents
MassMutual Premier Disciplined Value Fund – Portfolio of Investments (Continued)
Number of Shares | Value | |||||||
ProAssurance Corp. | 1,900 | $ | 171,836 | |||||
The Progressive Corp. | 7,000 | 145,180 | ||||||
Protective Life Corp. | 22,180 | 581,338 | ||||||
Prudential Financial, Inc. | 19,200 | 1,046,592 | ||||||
Reinsurance Group of America, Inc. Class A | 1,850 | 107,059 | ||||||
RenaissanceRe Holdings Ltd. | 1,100 | 84,744 | ||||||
StanCorp Financial Group, Inc. | 1,370 | 42,799 | ||||||
Torchmark Corp. | 3,660 | 187,941 | ||||||
The Travelers Cos., Inc. | 8,469 | 578,094 | ||||||
Unum Group | 13,900 | 267,158 | ||||||
Validus Holdings Ltd. | 10,000 | 339,100 | ||||||
W.R. Berkley Corp. | 5,900 | 221,191 | ||||||
White Mountains Insurance Group Ltd. | 353 | 181,209 | ||||||
XL Group PLC | 12,350 | 296,770 | ||||||
|
| |||||||
21,996,576 | ||||||||
|
| |||||||
Internet — 0.6% | ||||||||
AOL, Inc. (a) | 11,600 | 408,668 | ||||||
Expedia, Inc. | 5,000 | 289,200 | ||||||
IAC/InterActiveCorp | 1,550 | 80,693 | ||||||
Liberty Interactive Corp. Class A (a) | 27,000 | 499,500 | ||||||
Symantec Corp. (a) | 20,200 | 363,600 | ||||||
VeriSign, Inc. (a) | 1,600 | 77,904 | ||||||
Yahoo!, Inc. (a) | 4,600 | 73,485 | ||||||
|
| |||||||
1,793,050 | ||||||||
|
| |||||||
Investment Companies — 0.2% | ||||||||
American Capital Ltd. (a) | 38,300 | 434,322 | ||||||
Ares Capital Corp. | 8,100 | 138,834 | ||||||
|
| |||||||
573,156 | ||||||||
|
| |||||||
Iron & Steel — 0.6% | ||||||||
Cliffs Natural Resources, Inc. | 7,000 | 273,910 | ||||||
Nucor Corp. | 8,700 | 332,862 | ||||||
Reliance Steel & Aluminum Co. | 3,000 | 157,050 | ||||||
Steel Dynamics, Inc. | 32,600 | 366,098 | ||||||
United States Steel Corp. | 34,390 | 655,817 | ||||||
|
| |||||||
1,785,737 | ||||||||
|
| |||||||
Leisure Time — 0.1% | ||||||||
Carnival Corp. | 5,100 | 185,844 | ||||||
Royal Caribbean Cruises Ltd. | 200 | 6,042 | ||||||
|
| |||||||
191,886 | ||||||||
|
| |||||||
Lodging — 0.3% | ||||||||
Choice Hotels International, Inc. | 4,700 | 150,353 | ||||||
Marriott International, Inc. Class A | 6,200 | 242,420 | ||||||
MGM Resorts International (a) | 34,300 | 368,725 | ||||||
|
| |||||||
761,498 | ||||||||
|
| |||||||
Machinery – Construction & Mining — 0.4% | ||||||||
Ingersoll-Rand PLC | 11,400 | 510,948 | ||||||
Terex Corp. (a) | 24,000 | 541,920 | ||||||
|
| |||||||
1,052,868 | ||||||||
|
|
Number of Shares | Value | |||||||
Machinery – Diversified — 0.5% | ||||||||
AGCO Corp. (a) | 3,370 | $ | 160,008 | |||||
CNH Global NV (a) | 600 | 23,262 | ||||||
Eaton Corp. | 8,700 | 411,162 | ||||||
Flowserve Corp. | 1,260 | 160,952 | ||||||
Gardner Denver, Inc. | 1,500 | 90,615 | ||||||
IDEX Corp. | 3,400 | 142,018 | ||||||
The Manitowoc Co., Inc. | 18,000 | 240,120 | ||||||
Nordson Corp. | 3,100 | 181,722 | ||||||
Xylem, Inc. | 4,200 | 105,630 | ||||||
|
| |||||||
1,515,489 | ||||||||
|
| |||||||
Manufacturing — 4.4% | ||||||||
3M Co. | 1,600 | 147,872 | ||||||
AptarGroup, Inc. | 1,000 | 51,710 | ||||||
Carlisle Cos., Inc. | 1,800 | 93,456 | ||||||
Cooper Industries PLC | 1,900 | 142,614 | ||||||
Crane Co. | 20 | 799 | ||||||
Danaher Corp. | 6,000 | 330,900 | ||||||
Dover Corp. | 3,700 | 220,113 | ||||||
General Electric Co. | 425,090 | 9,653,794 | ||||||
Harsco Corp. | 9,500 | 195,035 | ||||||
Illinois Tool Works, Inc. | 3,800 | 225,986 | ||||||
ITT Corp. | 17,950 | 361,692 | ||||||
Leggett & Platt, Inc. | 3,410 | 85,420 | ||||||
Parker Hannifin Corp. | 3,200 | 267,456 | ||||||
Pentair, Inc. | 3,000 | 133,530 | ||||||
Teleflex, Inc. | 1,020 | 70,217 | ||||||
Textron, Inc. | 24,000 | 628,080 | ||||||
Trinity Industries, Inc. | 2,900 | 86,913 | ||||||
Tyco International Ltd. | 3,000 | 168,780 | ||||||
|
| |||||||
12,864,367 | ||||||||
|
| |||||||
Media — 3.2% | ||||||||
Cablevision Systems Corp. Class A | 13,100 | 207,635 | ||||||
CBS Corp. Class B | 21,800 | 791,994 | ||||||
Comcast Corp. Class A | 73,400 | 2,625,518 | ||||||
DISH Network Corp. Class A | 11,300 | 345,893 | ||||||
Gannett Co., Inc. | 31,355 | 556,551 | ||||||
John Wiley & Sons, Inc. Class A | 2,800 | 128,660 | ||||||
Liberty Media Corp. – Liberty Capital Class A (a) | 2,917 | 303,864 | ||||||
News Corp. Class A | 33,300 | 816,849 | ||||||
Thomson Reuters Corp. | 6,100 | 176,046 | ||||||
Time Warner, Inc. | 31,590 | 1,431,975 | ||||||
The Walt Disney Co. | 33,990 | 1,776,997 | ||||||
The Washington Post Co. Class B | 166 | 60,263 | ||||||
|
| |||||||
9,222,245 | ||||||||
|
| |||||||
Metal Fabricate & Hardware — 0.2% | ||||||||
Commercial Metals Co. | 10,300 | 135,960 | ||||||
The Timken Co. | 9,700 | 360,452 | ||||||
|
| |||||||
496,412 | ||||||||
|
|
The accompanying notes are an integral part of the financial statements.
159
Table of Contents
MassMutual Premier Disciplined Value Fund – Portfolio of Investments (Continued)
Number of Shares | Value | |||||||
Mining — 0.8% | ||||||||
Alcoa, Inc. | 45,800 | $ | 405,330 | |||||
Freeport-McMoRan Copper & Gold, Inc. | 22,500 | 890,550 | ||||||
Newmont Mining Corp. | 12,300 | 688,923 | ||||||
Southern Copper Corp. | 2,600 | 89,336 | ||||||
Vulcan Materials Co. | 3,800 | 179,740 | ||||||
|
| |||||||
2,253,879 | ||||||||
|
| |||||||
Office Equipment/Supplies — 0.5% | ||||||||
Pitney Bowes, Inc. | 62,000 | 856,840 | ||||||
Xerox Corp. | 69,156 | 507,605 | ||||||
|
| |||||||
1,364,445 | ||||||||
|
| |||||||
Oil & Gas — 14.4% | ||||||||
Anadarko Petroleum Corp. | 50 | 3,496 | ||||||
Apache Corp. | 11,328 | 979,532 | ||||||
Cheniere Energy, Inc. (a) | 7,200 | 111,960 | ||||||
Chesapeake Energy Corp. | 19,500 | 367,965 | ||||||
Chevron Corp. | 80,045 | 9,330,045 | ||||||
Cimarex Energy Co. | 300 | 17,565 | ||||||
ConocoPhillips | 80,448 | 4,600,017 | ||||||
Denbury Resources, Inc. (a) | 9,814 | 158,594 | ||||||
Devon Energy Corp. | 9,850 | 595,925 | ||||||
Diamond Offshore Drilling, Inc. | 2,500 | 164,525 | ||||||
EQT Corp. | 1,800 | 106,200 | ||||||
Exxon Mobil Corp. | 168,600 | 15,418,470 | ||||||
Helmerich & Payne, Inc. | 4,900 | 233,289 | ||||||
Hess Corp. | 7,600 | 408,272 | ||||||
Laredo Petroleum Holdings, Inc. (a) | 100 | 2,198 | ||||||
Marathon Oil Corp. | 23,100 | 683,067 | ||||||
Marathon Petroleum Corp. | 15,000 | 818,850 | ||||||
Murphy Oil Corp. | 11,400 | 612,066 | ||||||
Nabors Industries Ltd. (a) | 13,600 | 190,808 | ||||||
Newfield Exploration Co. (a) | 5,100 | 159,732 | ||||||
Occidental Petroleum Corp. | 23,870 | 2,054,252 | ||||||
Patterson-UTI Energy, Inc. | 13,300 | 210,672 | ||||||
Phillips 66 | 43,700 | 2,026,369 | ||||||
Plains Exploration & Production Co. (a) | 4,200 | 157,374 | ||||||
Questar Corp. | 700 | 14,231 | ||||||
Rowan Cos. PLC Class A (a) | 2,700 | 91,179 | ||||||
Sunoco, Inc. | 17,800 | 833,574 | ||||||
Tesoro Corp. | 14,100 | 590,790 | ||||||
Valero Energy Corp. | 28,164 | 892,236 | ||||||
WPX Energy, Inc. (a) | 666 | 11,049 | ||||||
|
| |||||||
41,844,302 | ||||||||
|
| |||||||
Oil & Gas Services — 0.2% | ||||||||
Baker Hughes, Inc. | 2,603 | 117,734 | ||||||
HollyFrontier Corp. | 10,400 | 429,208 | ||||||
RPC, Inc. | 17,300 | 205,697 | ||||||
Tidewater, Inc. | 30 | 1,456 | ||||||
|
| |||||||
754,095 | ||||||||
|
|
Number of Shares | Value | |||||||
Packaging & Containers — 0.3% | ||||||||
Bemis Co., Inc. | 3,960 | $ | 124,621 | |||||
Greif, Inc. Class A | 14,300 | 631,774 | ||||||
Owens-Illinois, Inc. (a) | 5,700 | 106,932 | ||||||
Sealed Air Corp. | 1,200 | 18,552 | ||||||
Sonoco Products Co. | 4,200 | 130,158 | ||||||
|
| |||||||
1,012,037 | ||||||||
|
| |||||||
Pharmaceuticals — 5.9% | ||||||||
Abbott Laboratories | 2,200 | 150,832 | ||||||
Bristol-Myers Squibb Co. | 2,300 | 77,625 | ||||||
Cardinal Health, Inc. | 2,500 | 97,425 | ||||||
DENTSPLY International, Inc. | 100 | 3,814 | ||||||
Eli Lilly & Co. | 31,920 | 1,513,327 | ||||||
Endo Health Solutions, Inc. (a) | 34,700 | 1,100,684 | ||||||
Forest Laboratories, Inc. (a) | 12,900 | 459,369 | ||||||
Merck & Co., Inc. | 129,528 | 5,841,713 | ||||||
Omnicare, Inc. | 12,300 | 417,831 | ||||||
Patterson Cos., Inc. | 4,100 | 140,384 | ||||||
Pfizer, Inc. | 299,436 | 7,440,985 | ||||||
|
| |||||||
17,243,989 | ||||||||
|
| |||||||
Pipelines — 0.0% | ||||||||
National Fuel Gas Co. | 50 | 2,702 | ||||||
Spectra Energy Corp. | 4,300 | 126,248 | ||||||
|
| |||||||
128,950 | ||||||||
|
| |||||||
Real Estate — 0.1% | ||||||||
The Howard Hughes Corp. (a) | 800 | 56,840 | ||||||
Jones Lang LaSalle, Inc. | 1,300 | 99,255 | ||||||
|
| |||||||
156,095 | ||||||||
|
| |||||||
Real Estate Investment Trusts (REITS) — 3.9% | ||||||||
Alexandria Real Estate Equities, Inc. | 1,600 | 117,632 | ||||||
American Campus Communities, Inc. | 2,900 | 127,252 | ||||||
American Capital Agency Corp. | 15,500 | 536,145 | ||||||
Annaly Capital Management, Inc. | 50,660 | 853,114 | ||||||
AvalonBay Communities, Inc. | 3,844 | 522,746 | ||||||
Boston Properties, Inc. | 3,970 | 439,122 | ||||||
Brandywine Realty Trust | 23,200 | 282,808 | ||||||
BRE Properties, Inc. | 2,200 | 103,158 | ||||||
Camden Property Trust | 1,600 | 103,184 | ||||||
CBL & Associates Properties, Inc. | 6,500 | 138,710 | ||||||
Chimera Investment Corp. | 92,000 | 249,320 | ||||||
CommonWealth | 36,967 | 538,239 | ||||||
Corporate Office Properties Trust | 600 | 14,382 | ||||||
DDR Corp. | 8,400 | 129,024 | ||||||
Douglas Emmett, Inc. | 4,700 | 108,429 | ||||||
Duke Realty Corp. | 6,100 | 89,670 | ||||||
Equity Residential | 3,300 | 189,849 | ||||||
Extra Space Storage, Inc. | 1,300 | 43,225 | ||||||
Federal Realty Investment Trust | 700 | 73,710 | ||||||
General Growth Properties, Inc. | 8,040 | 156,619 | ||||||
Hatteras Financial Corp. | 8,500 | 239,615 | ||||||
HCP, Inc. | 17,100 | 760,608 |
The accompanying notes are an integral part of the financial statements.
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MassMutual Premier Disciplined Value Fund – Portfolio of Investments (Continued)
Number of Shares | Value | |||||||
Health Care, Inc. | 2,700 | $ | 155,925 | |||||
Hospitality Properties Trust | 4,540 | 107,961 | ||||||
Host Hotels & Resorts, Inc. | 14,903 | 239,193 | ||||||
Kilroy Realty Corp. | 2,700 | 120,906 | ||||||
Kimco Realty Corp. | 17,200 | 348,644 | ||||||
Liberty Property Trust | 5,170 | 187,361 | ||||||
The Macerich Co. | 6,782 | 388,134 | ||||||
Mack-Cali Realty Corp. | 3,560 | 94,696 | ||||||
MFA Financial, Inc. | 24,600 | 209,100 | ||||||
Mid-America Apartment Communities, Inc. | 2,200 | 143,682 | ||||||
National Retail Properties, Inc. | 4,300 | 131,150 | ||||||
Piedmont Office Realty Trust, Inc. Class A | 7,600 | 131,784 | ||||||
Post Properties, Inc. | 3,700 | 177,452 | ||||||
Prologis, Inc. | 19,085 | 668,548 | ||||||
Realty Income Corp. | 5,000 | 204,450 | ||||||
Regency Centers Corp. | 3,000 | 146,190 | ||||||
Senior Housing Properties Trust | 1,600 | 34,848 | ||||||
Simon Property Group, Inc. | 1,530 | 232,269 | ||||||
SL Green Realty Corp. | 4,100 | 328,287 | ||||||
Taubman Centers, Inc. | 1,600 | 122,768 | ||||||
UDR, Inc. | 4,700 | 116,654 | ||||||
Ventas, Inc. | 10,100 | 628,725 | ||||||
Vornado Realty Trust | 4,958 | 401,846 | ||||||
Weingarten Realty Investors | 5,400 | 151,794 | ||||||
Weyerhaeuser Co. | 8,422 | 220,151 | ||||||
|
| |||||||
11,509,079 | ||||||||
|
| |||||||
Retail — 3.5% | ||||||||
American Eagle Outfitters, Inc. | 16,000 | 337,280 | ||||||
AutoNation, Inc. (a) | 1,140 | 49,784 | ||||||
Best Buy Co., Inc. | 27,500 | 472,725 | ||||||
Chico’s FAS, Inc. | 10,200 | 184,722 | ||||||
CVS Caremark Corp. | 45,600 | 2,207,952 | ||||||
Dillard’s, Inc. Class A | 8,300 | 600,256 | ||||||
DSW, Inc. Class A | 900 | 60,048 | ||||||
Foot Locker, Inc. | 10,700 | 379,850 | ||||||
GameStop Corp. Class A | 33,200 | 697,200 | ||||||
Guess?, Inc. | 7,600 | 193,192 | ||||||
Kohl’s Corp. | 7,100 | 363,662 | ||||||
Lowe’s Cos., Inc. | 5,800 | 175,392 | ||||||
Macy’s, Inc. | 14,144 | 532,097 | ||||||
PVH Corp. | 1,200 | 112,464 | ||||||
Sally Beauty Holdings, Inc. (a) | 3,900 | 97,851 | ||||||
Sears Holdings Corp. (a) | 2,500 | 138,725 | ||||||
Signet Jewelers Ltd. | 800 | 39,008 | ||||||
Staples, Inc. | 36,900 | 425,088 | ||||||
Target Corp. | 21,300 | 1,351,911 | ||||||
Wal-Mart Stores, Inc. | 9,200 | 678,960 | ||||||
Walgreen Co. | 29,900 | 1,089,556 | ||||||
Williams-Sonoma, Inc. | 800 | 35,176 | ||||||
|
| |||||||
10,222,899 | ||||||||
|
|
Number of Shares | Value | |||||||
Savings & Loans — 0.2% | ||||||||
Capitol Federal Financial, Inc. | 4,400 | $ | 52,624 | |||||
First Niagara Financial Group, Inc. | 1,700 | 13,753 | ||||||
Hudson City Bancorp, Inc. | 27,450 | 218,502 | ||||||
New York Community Bancorp, Inc. | 21,290 | 301,466 | ||||||
People’s United Financial, Inc. | 6,300 | 76,482 | ||||||
Washington Federal, Inc. | 4,216 | 70,323 | ||||||
|
| |||||||
733,150 | ||||||||
|
| |||||||
Semiconductors — 1.2% | ||||||||
Analog Devices, Inc. | 6,200 | 242,978 | ||||||
Applied Materials, Inc. | 47,900 | 534,803 | ||||||
Avago Technologies Ltd. | 2,800 | 97,622 | ||||||
Broadcom Corp. Class A | 7,400 | 255,892 | ||||||
Freescale Semiconductor Ltd. (a) | 100 | 951 | ||||||
Intel Corp. | 36,400 | 825,552 | ||||||
KLA-Tencor Corp. | 8,600 | 410,263 | ||||||
Lam Research Corp. (a) | 952 | 30,259 | ||||||
Marvell Technology Group Ltd. | 18,000 | 164,700 | ||||||
Maxim Integrated Products, Inc. | 4,900 | 130,438 | ||||||
Micron Technology, Inc. (a) | 7,900 | 47,282 | ||||||
NVIDIA Corp. (a) | 20,100 | 268,134 | ||||||
ON Semiconductor Corp. (a) | 29,300 | 180,781 | ||||||
PMC-Sierra, Inc. (a) | 4,500 | 25,380 | ||||||
Rovi Corp. (a) | 10,700 | 155,257 | ||||||
Teradyne, Inc. (a) | 9,700 | 137,934 | ||||||
Texas Instruments, Inc. | 5,500 | 151,525 | ||||||
|
| |||||||
3,659,751 | ||||||||
|
| |||||||
Shipbuilding — 0.2% | ||||||||
Huntington Ingalls Industries, Inc. (a) | 15,108 | 635,291 | ||||||
|
| |||||||
Software — 0.5% | ||||||||
Activision Blizzard, Inc. | 21,800 | 245,904 | ||||||
Adobe Systems, Inc. (a) | 6,700 | 217,482 | ||||||
Allscripts Healthcare Solutions, Inc. (a) | 17,500 | 217,525 | ||||||
CA, Inc. | 14,290 | 368,182 | ||||||
Compuware Corp. (a) | 190 | 1,883 | ||||||
The Dun & Bradstreet Corp. | 900 | 71,658 | ||||||
Electronic Arts, Inc. (a) | 8,400 | 106,596 | ||||||
Fidelity National Information Services, Inc. | 4,500 | 140,490 | ||||||
Fiserv, Inc. (a) | 1,200 | 88,836 | ||||||
|
| |||||||
1,458,556 | ||||||||
|
| |||||||
Telecommunications — 5.8% | ||||||||
Amdocs Ltd. | 8,000 | 263,920 | ||||||
AT&T, Inc. | 206,014 | 7,766,727 | ||||||
CenturyLink, Inc. | 17,307 | 699,203 | ||||||
Cisco Systems, Inc. | 252,600 | 4,822,134 | ||||||
Corning, Inc. | 31,300 | 411,595 | ||||||
EchoStar Corp. (a) | 8,500 | 243,610 | ||||||
Frontier Communications Corp. | 71,889 | 352,256 | ||||||
Harris Corp. | 900 | 46,098 |
The accompanying notes are an integral part of the financial statements.
161
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MassMutual Premier Disciplined Value Fund – Portfolio of Investments (Continued)
Number of Shares | Value | |||||||
Juniper Networks, Inc. (a) | 7,200 | $ | 123,192 | |||||
Level 3 Communications, Inc. (a) | 3,500 | 80,395 | ||||||
MetroPCS Communications, Inc. (a) | 16,600 | 194,386 | ||||||
NII Holdings, Inc. (a) | 50,600 | 397,210 | ||||||
Sprint Nextel Corp. (a) | 139,100 | 767,832 | ||||||
Telephone & Data Systems, Inc. | 20,618 | 528,027 | ||||||
US Cellular Corp. (a) | 1,300 | 50,869 | ||||||
Windstream Corp. | 17,562 | 177,552 | ||||||
|
| |||||||
16,925,006 | ||||||||
|
| |||||||
Textiles — 0.0% | ||||||||
Cintas Corp. | 800 | 33,160 | ||||||
Mohawk Industries, Inc. (a) | 30 | 2,401 | ||||||
|
| |||||||
35,561 | ||||||||
|
| |||||||
Toys, Games & Hobbies — 0.1% | ||||||||
Hasbro, Inc. | 4,100 | 156,497 | ||||||
Mattel, Inc. | 1,900 | 67,412 | ||||||
|
| |||||||
223,909 | ||||||||
|
| |||||||
Transportation — 0.6% | ||||||||
Con-way, Inc. | 11,100 | 303,807 | ||||||
CSX Corp. | 13,000 | 269,750 | ||||||
FedEx Corp. | 5,100 | 431,562 | ||||||
Kansas City Southern | 500 | 37,890 | ||||||
Norfolk Southern Corp. | 10,200 | 649,026 | ||||||
Ryder System, Inc. | 3,290 | 128,507 | ||||||
UTI Worldwide, Inc. | 1,600 | 21,552 | ||||||
|
| |||||||
1,842,094 | ||||||||
|
| |||||||
Trucking & Leasing — 0.1% | ||||||||
GATX Corp. | 4,600 | 195,224 | ||||||
|
| |||||||
Water — 0.1% | ||||||||
American Water Works Co., Inc. | 9,000 | 333,540 | ||||||
Aqua America, Inc. | 1,700 | 42,092 | ||||||
|
| |||||||
375,632 | ||||||||
|
| |||||||
TOTAL COMMON STOCK (Cost $268,629,274) | 291,220,359 | |||||||
|
| |||||||
TOTAL EQUITIES (Cost $268,629,274) | 291,220,359 | |||||||
|
| |||||||
TOTAL LONG-TERM INVESTMENTS (Cost $268,629,274) | 291,220,359 | |||||||
|
| |||||||
TOTAL INVESTMENTS — 100.0% (Cost $268,629,274) (b) | 291,220,359 | |||||||
Other Assets/(Liabilities) — 0.0% | 81,994 | |||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 291,302,353 | ||||||
|
|
Notes to Portfolio of Investments
(a) | Non-income producing security. |
(b) | See Note 6 for aggregate cost for federal tax purposes. |
The accompanying notes are an integral part of the financial statements.
162
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MassMutual Premier Main Street Fund – Portfolio of Investments
September 30, 2012
Number of Shares | Value | |||||||
EQUITIES — 98.7% | ||||||||
COMMON STOCK — 98.4% | ||||||||
Aerospace & Defense — 2.4% | ||||||||
The Boeing Co. | 46,107 | $ | 3,209,968 | |||||
L-3 Communications Holdings, Inc. | 12,480 | 894,941 | ||||||
|
| |||||||
4,104,909 | ||||||||
|
| |||||||
Agriculture — 4.5% | ||||||||
Philip Morris International, Inc. | 85,601 | 7,698,954 | ||||||
|
| |||||||
Auto Manufacturers — 2.1% | ||||||||
Ford Motor Co. | 366,510 | 3,613,789 | ||||||
|
| |||||||
Banks — 0.6% | ||||||||
M&T Bank Corp. | 10,160 | 966,826 | ||||||
|
| |||||||
Beverages — 2.3% | ||||||||
Dr. Pepper Snapple Group, Inc. | 87,610 | 3,901,273 | ||||||
|
| |||||||
Chemicals — 0.2% | ||||||||
PPG Industries, Inc. | 3,850 | 442,134 | ||||||
|
| |||||||
Commercial Services — 1.0% | ||||||||
Towers Watson & Co. Class A | 33,796 | 1,792,878 | ||||||
|
| |||||||
Computers — 13.4% | ||||||||
Apple, Inc. | 20,415 | 13,622,113 | ||||||
International Business Machines Corp. | 36,948 | 7,664,863 | ||||||
Western Digital Corp. | 41,366 | 1,602,105 | ||||||
|
| |||||||
22,889,081 | ||||||||
|
| |||||||
Diversified Financial — 14.4% | ||||||||
CIT Group, Inc. (a) | 151,564 | 5,970,106 | ||||||
Citigroup, Inc. | 203,494 | 6,658,324 | ||||||
CME Group, Inc. | 49,495 | 2,836,063 | ||||||
Discover Financial Services | 61,500 | 2,443,395 | ||||||
IntercontinentalExchange, Inc. (a) | 1,910 | 254,813 | ||||||
JP Morgan Chase & Co. | 158,421 | 6,412,882 | ||||||
|
| |||||||
24,575,583 | ||||||||
|
| |||||||
Electric — 1.3% | ||||||||
The AES Corp. (a) | 201,431 | 2,209,698 | ||||||
|
| |||||||
Foods — 3.5% | ||||||||
The J.M. Smucker Co. | 44,289 | 3,823,469 | ||||||
Mondelez International, Inc. | 16,460 | 437,013 | ||||||
Mondelez International, Inc. | 41,380 | 1,711,063 | ||||||
|
| |||||||
5,971,545 | ||||||||
|
| |||||||
Health Care – Products — 3.2% | ||||||||
Covidien PLC | 91,319 | 5,426,175 | ||||||
|
| |||||||
Health Care – Services — 0.3% | ||||||||
DaVita, Inc. (a) | 4,360 | 451,740 | ||||||
|
| |||||||
Insurance — 1.8% | ||||||||
Marsh & McLennan Cos., Inc. | 88,573 | 3,005,282 | ||||||
|
| |||||||
Internet — 6.1% | ||||||||
eBay, Inc. (a) | 135,080 | 6,539,223 |
Number of Shares | Value | |||||||
Facebook, Inc. Class A (a) | 47,855 | $ | 1,036,061 | |||||
Google, Inc. Class A (a) | 3,678 | 2,775,051 | ||||||
|
| |||||||
10,350,335 | ||||||||
|
| |||||||
Lodging — 0.1% | ||||||||
Hyatt Hotels Corp. Class A (a) | 6,550 | 262,982 | ||||||
|
| |||||||
Manufacturing — 3.1% | ||||||||
Tyco International Ltd. | 94,530 | 5,318,258 | ||||||
|
| |||||||
Media — 2.4% | ||||||||
The McGraw-Hill Cos., Inc. | 73,870 | 4,032,563 | ||||||
|
| |||||||
Mining — 1.8% | ||||||||
Vulcan Materials Co. | 63,805 | 3,017,976 | ||||||
|
| |||||||
Oil & Gas — 6.7% | ||||||||
Chevron Corp. | 68,790 | 8,018,163 | ||||||
Noble Energy, Inc. | 36,885 | 3,419,608 | ||||||
|
| |||||||
11,437,771 | ||||||||
|
| |||||||
Oil & Gas Services — 3.6% | ||||||||
National Oilwell Varco, Inc. | 76,232 | 6,106,946 | ||||||
|
| |||||||
Pharmaceuticals — 8.7% | ||||||||
Abbott Laboratories | 77,188 | 5,292,009 | ||||||
Bristol-Myers Squibb Co. | 110,776 | 3,738,690 | ||||||
Express Scripts Holding Co. (a) | 62,550 | 3,920,009 | ||||||
Watson Pharmaceuticals, Inc. (a) | 21,634 | 1,842,351 | ||||||
|
| |||||||
14,793,059 | ||||||||
|
| |||||||
Pipelines — 0.8% | ||||||||
Kinder Morgan, Inc. | 41,298 | 1,466,905 | ||||||
|
| |||||||
Retail — 4.5% | ||||||||
AutoZone, Inc. (a) | 8,246 | 3,048,299 | ||||||
CarMax, Inc. (a) | 64,861 | 1,835,566 | ||||||
The TJX Cos., Inc. | 44,510 | 1,993,603 | ||||||
Yum! Brands, Inc. | 12,640 | 838,538 | ||||||
|
| |||||||
7,716,006 | ||||||||
|
| |||||||
Software — 0.7% | ||||||||
MSCI, Inc. Class A (a) | 34,673 | 1,240,947 | ||||||
|
| |||||||
Telecommunications — 4.4% | ||||||||
America Movil SAB de CV Series L ADR (Mexico) | 149,511 | 3,803,560 | ||||||
Corning, Inc. | 100,434 | 1,320,707 | ||||||
QUALCOMM, Inc. | 37,593 | 2,349,186 | ||||||
|
| |||||||
7,473,453 | ||||||||
|
| |||||||
Transportation — 4.5% | ||||||||
CSX Corp. | 171,969 | 3,568,357 | ||||||
QR National Ltd. | 95,300 | 335,891 | ||||||
United Parcel Service, Inc. Class B | 52,339 | 3,745,902 | ||||||
|
| |||||||
7,650,150 | ||||||||
|
| |||||||
TOTAL COMMON STOCK (Cost $133,019,022) | 167,917,218 | |||||||
|
|
The accompanying notes are an integral part of the financial statements.
163
Table of Contents
MassMutual Premier Main Street Fund – Portfolio of Investments (Continued)
Number of Shares | Value | |||||||
PREFERRED STOCK — 0.3% | ||||||||
Household Products — 0.3% | ||||||||
Henkel AG & Co. KGaA | 5,788 | $ | 460,623 | |||||
|
| |||||||
TOTAL PREFERRED STOCK (Cost $429,699) | 460,623 | |||||||
|
| |||||||
TOTAL EQUITIES (Cost $133,448,721) | 168,377,841 | |||||||
|
| |||||||
WARRANTS — 0.0% | ||||||||
Pipelines — 0.0% | ||||||||
Kinder Morgan, Inc., Expires 5/25/17 Strike 40.00 (a) | 4,576 | 15,970 | ||||||
|
| |||||||
TOTAL WARRANTS (Cost $8,718) | 15,970 | |||||||
|
| |||||||
TOTAL LONG-TERM INVESTMENTS (Cost $133,457,439) | 168,393,811 | |||||||
|
| |||||||
Principal Amount | ||||||||
SHORT-TERM INVESTMENTS — 1.4% | ||||||||
Repurchase Agreement — 1.4% | ||||||||
State Street Bank & Trust Co. Repurchase Agreement, dated | $ | 2,506,534 | 2,506,534 | |||||
|
| |||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $2,506,534) | 2,506,534 | |||||||
|
| |||||||
TOTAL INVESTMENTS — 100.1% (Cost $135,963,973) (c) | 170,900,345 | |||||||
Other Assets/(Liabilities) — (0.1)% | (247,466 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 170,652,879 | ||||||
|
|
Notes to Portfolio of Investments
ADR | American Depositary Receipt |
(a) | Non-income producing security. |
(b) | Maturity value of $2,506,536. Collateralized by U.S. Government Agency obligations with a rate of 3.500%, maturity date of 11/01/25, and an aggregate market value, including accrued interest, of $2,560,417. |
(c) | See Note 6 for aggregate cost for federal tax purposes. |
The accompanying notes are an integral part of the financial statements.
164
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MassMutual Premier Capital Appreciation Fund – Portfolio of Investments
September 30, 2012
Number of Shares | Value | |||||||
EQUITIES — 100.2% | ||||||||
COMMON STOCK — 100.2% | ||||||||
Aerospace & Defense — 1.9% | ||||||||
TransDigm Group, Inc. (a) | 16,100 | $ | 2,284,107 | |||||
United Technologies Corp. | 44,660 | 3,496,431 | ||||||
|
| |||||||
5,780,538 | ||||||||
|
| |||||||
Agriculture — 1.2% | ||||||||
Philip Morris International, Inc. | 40,610 | 3,652,463 | ||||||
|
| |||||||
Apparel — 2.2% | ||||||||
Nike, Inc. Class B | 43,760 | 4,153,262 | ||||||
Ralph Lauren Corp. | 17,311 | 2,617,942 | ||||||
|
| |||||||
6,771,204 | ||||||||
|
| |||||||
Automotive & Parts — 0.8% | ||||||||
Johnson Controls, Inc. | 93,890 | 2,572,586 | ||||||
|
| |||||||
Banks — 0.7% | ||||||||
Standard Chartered PLC | 97,611 | 2,211,055 | ||||||
|
| |||||||
Beverages — 4.4% | ||||||||
Brown-Forman Corp. Class B | 56,465 | 3,684,341 | ||||||
The Coca-Cola Co. | 135,710 | 5,147,481 | ||||||
SABMiller PLC | 105,230 | 4,629,378 | ||||||
|
| |||||||
13,461,200 | ||||||||
|
| |||||||
Biotechnology — 2.4% | ||||||||
Alexion Pharmaceuticals, Inc. (a) | 21,500 | 2,459,600 | ||||||
Vertex Pharmaceuticals, Inc. (a) | 88,310 | 4,940,945 | ||||||
|
| |||||||
7,400,545 | ||||||||
|
| |||||||
Chemicals — 4.8% | ||||||||
Ecolab, Inc. | 57,660 | 3,736,944 | ||||||
Monsanto Co. | 53,190 | 4,841,354 | ||||||
PPG Industries, Inc. | 26,390 | 3,030,628 | ||||||
Praxair, Inc. | 29,410 | 3,055,111 | ||||||
|
| |||||||
14,664,037 | ||||||||
|
| |||||||
Commercial Services — 1.3% | ||||||||
Visa, Inc. Class A | 30,290 | 4,067,341 | ||||||
|
| |||||||
Computers — 11.8% | ||||||||
Apple, Inc. | 42,702 | 28,493,337 | ||||||
International Business Machines Corp. | 8,030 | 1,665,823 | ||||||
SanDisk Corp. (a) | 35,870 | 1,557,834 | ||||||
Teradata Corp. (a) | 59,460 | 4,483,879 | ||||||
|
| |||||||
36,200,873 | ||||||||
|
| |||||||
Cosmetics & Personal Care — 2.5% | ||||||||
Colgate-Palmolive Co. | 38,690 | 4,148,342 | ||||||
The Estee Lauder Cos., Inc. Class A | 54,830 | 3,375,883 | ||||||
|
| |||||||
7,524,225 | ||||||||
|
| |||||||
Diversified Financial — 1.1% | ||||||||
American Express Co. | 58,520 | 3,327,447 | ||||||
|
|
Number of Shares | Value | |||||||
Electronics — 0.8% | ||||||||
Mettler-Toledo International, Inc. (a) | 14,720 | $ | 2,513,293 | |||||
|
| |||||||
Foods — 1.5% | ||||||||
Nestle SA | 71,940 | 4,538,057 | ||||||
|
| |||||||
Health Care – Products — 1.1% | ||||||||
Baxter International, Inc. | 57,970 | 3,493,272 | ||||||
|
| |||||||
Internet — 6.5% | ||||||||
Amazon.com, Inc. (a) | 16,638 | 4,231,376 | ||||||
eBay, Inc. (a) | 106,673 | 5,164,040 | ||||||
Google, Inc. Class A (a) | 13,930 | 10,510,185 | ||||||
|
| |||||||
19,905,601 | ||||||||
|
| |||||||
Machinery – Construction & Mining — 1.7% | ||||||||
Caterpillar, Inc. | 27,530 | 2,368,681 | ||||||
Joy Global, Inc. | 48,250 | 2,704,895 | ||||||
|
| |||||||
5,073,576 | ||||||||
|
| |||||||
Machinery – Diversified — 1.2% | ||||||||
Cummins, Inc. | 27,940 | 2,576,348 | ||||||
Eaton Corp. | 23,620 | 1,116,281 | ||||||
|
| |||||||
3,692,629 | ||||||||
|
| |||||||
Manufacturing — 2.9% | ||||||||
Danaher Corp. | 88,410 | 4,875,811 | ||||||
Parker Hannifin Corp. | 46,470 | 3,883,963 | ||||||
|
| |||||||
8,759,774 | ||||||||
|
| |||||||
Media — 2.0% | ||||||||
The Walt Disney Co. | 115,170 | 6,021,088 | ||||||
|
| |||||||
Metal Fabricate & Hardware — 1.3% | ||||||||
Precision Castparts Corp. | 23,620 | 3,858,091 | ||||||
|
| |||||||
Oil & Gas — 5.0% | ||||||||
Chevron Corp. | 31,710 | 3,696,118 | ||||||
Ensco PLC Class A | 63,450 | 3,461,832 | ||||||
Noble Energy, Inc. | 40,660 | 3,769,589 | ||||||
Occidental Petroleum Corp. | 27,983 | 2,408,217 | ||||||
Phillips 66 | 42,290 | 1,960,987 | ||||||
|
| |||||||
15,296,743 | ||||||||
|
| |||||||
Oil & Gas Services — 4.9% | ||||||||
Cameron International Corp. (a) | 69,540 | 3,899,108 | ||||||
National Oilwell Varco, Inc. | 51,150 | 4,097,626 | ||||||
Oceaneering International, Inc. | 25,600 | 1,414,400 | ||||||
Schlumberger Ltd. | 76,496 | 5,532,956 | ||||||
|
| |||||||
14,944,090 | ||||||||
|
| |||||||
Pharmaceuticals — 8.5% | ||||||||
Allergan, Inc. | 64,362 | 5,894,272 | ||||||
Bristol-Myers Squibb Co. | 136,770 | 4,615,988 | ||||||
Mead Johnson Nutrition Co. | 44,240 | 3,241,907 | ||||||
Novo Nordisk A/S Class B | 34,310 | 5,415,286 | ||||||
Perrigo Co. | 24,620 | 2,860,105 |
The accompanying notes are an integral part of the financial statements.
165
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MassMutual Premier Capital Appreciation Fund – Portfolio of Investments (Continued)
Number of Shares | Value | |||||||
Roche Holding AG | 21,324 | $ | 3,983,439 | |||||
|
| |||||||
26,010,997 | ||||||||
|
| |||||||
Retail — 10.4% | ||||||||
Coach, Inc. | 64,900 | 3,635,698 | ||||||
Costco Wholesale Corp. | 61,740 | 6,181,718 | ||||||
McDonald’s Corp. | 72,880 | 6,686,740 | ||||||
O’Reilly Automotive, Inc. (a) | 54,990 | 4,598,264 | ||||||
Tiffany & Co. | 42,880 | 2,653,414 | ||||||
The TJX Cos., Inc. | 106,290 | 4,760,729 | ||||||
Yum! Brands, Inc. | 51,500 | 3,416,510 | ||||||
|
| |||||||
31,933,073 | ||||||||
|
| |||||||
Semiconductors — 2.6% | ||||||||
Avago Technologies Ltd. | 53,100 | 1,851,332 | ||||||
Broadcom Corp. Class A (a) | 108,038 | 3,735,954 | ||||||
Texas Instruments, Inc. | 84,900 | 2,338,995 | ||||||
|
| |||||||
7,926,281 | ||||||||
|
| |||||||
Software — 4.9% | ||||||||
Cerner Corp. (a) | 35,080 | 2,715,543 | ||||||
Fiserv, Inc. (a) | 23,610 | 1,747,848 | ||||||
Intuit, Inc. | 58,810 | 3,462,733 | ||||||
Salesforce.com, Inc. (a) | 24,800 | 3,786,712 | ||||||
VMware, Inc. Class A (a) | 32,560 | 3,149,854 | ||||||
|
| |||||||
14,862,690 | ||||||||
|
| |||||||
Telecommunications — 5.5% | ||||||||
Corning, Inc. | 230,310 | 3,028,576 | ||||||
Juniper Networks, Inc. (a) | 92,900 | 1,589,519 | ||||||
QUALCOMM, Inc. | 195,040 | 12,188,050 | ||||||
|
| |||||||
16,806,145 | ||||||||
|
| |||||||
Transportation — 4.3% | ||||||||
J.B. Hunt Transport Services, Inc. | 45,210 | 2,352,728 | ||||||
Kansas City Southern | 39,010 | 2,956,178 | ||||||
Union Pacific Corp. | 42,290 | 5,019,823 | ||||||
United Parcel Service, Inc. Class B | 40,860 | 2,924,350 | ||||||
|
| |||||||
13,253,079 | ||||||||
|
| |||||||
TOTAL COMMON STOCK (Cost $232,338,357) | 306,521,993 | |||||||
|
| |||||||
TOTAL EQUITIES (Cost $232,338,357) | 306,521,993 | |||||||
|
| |||||||
TOTAL LONG-TERM INVESTMENTS (Cost $232,338,357) | 306,521,993 | |||||||
|
|
Principal Amount | Value | |||||||
SHORT-TERM INVESTMENTS — 1.2% | ||||||||
Repurchase Agreement — 1.2% | ||||||||
State Street Bank & Trust Co. | $ | 3,511,891 | $ | 3,511,891 | ||||
|
| |||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $3,511,891) | 3,511,891 | |||||||
|
| |||||||
TOTAL INVESTMENTS — 101.4% (Cost $235,850,248) (c) | 310,033,884 | |||||||
Other Assets/(Liabilities) — (1.4)% | (4,235,815 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 305,798,069 | ||||||
|
|
Notes to Portfolio of Investments
(a) | Non-income producing security. |
(b) | Maturity value of $3,511,894. Collateralized by U.S. Government Agency obligations with a rate of 4.000%, maturity date of 8/01/26, and an aggregate market value, including accrued interest, of $3,583,274. |
(c) | See Note 6 for aggregate cost for federal tax purposes. |
The accompanying notes are an integral part of the financial statements.
166
Table of Contents
MassMutual Premier Disciplined Growth Fund – Portfolio of Investments
September 30, 2012
Number of Shares | Value | |||||||
EQUITIES — 99.7% | ||||||||
COMMON STOCK — 99.7% | ||||||||
Advertising — 0.3% | ||||||||
The Interpublic Group of Companies, Inc. | 27,800 | $ | 309,135 | |||||
Lamar Advertising Co. Class A (a) | 2,200 | 81,532 | ||||||
Omnicom Group, Inc. | 8,200 | 422,792 | ||||||
|
| |||||||
813,459 | ||||||||
|
| |||||||
Aerospace & Defense — 2.5% | ||||||||
BE Aerospace, Inc. (a) | 2,600 | 109,460 | ||||||
The Boeing Co. | 33,000 | 2,297,460 | ||||||
Lockheed Martin Corp. | 14,830 | 1,384,826 | ||||||
Rockwell Collins, Inc. | 3,300 | 177,012 | ||||||
Spirit AeroSystems Holdings, Inc. Class A (a) | 6,700 | 148,807 | ||||||
TransDigm Group, Inc. (a) | 2,460 | 349,000 | ||||||
United Technologies Corp. | 36,870 | 2,886,552 | ||||||
|
| |||||||
7,353,117 | ||||||||
|
| |||||||
Agriculture — 2.8% | ||||||||
Altria Group, Inc. | 45,670 | 1,524,921 | ||||||
Lorillard, Inc. | 2,420 | 281,809 | ||||||
Philip Morris International, Inc. | 70,270 | 6,320,084 | ||||||
Reynolds American, Inc. | 3,700 | 160,358 | ||||||
|
| |||||||
8,287,172 | ||||||||
|
| |||||||
Airlines — 0.6% | ||||||||
Copa Holdings SA Class A | 8,400 | 682,668 | ||||||
Delta Air Lines, Inc. (a) | 65,700 | 601,812 | ||||||
Southwest Airlines Co. | 45,400 | 398,158 | ||||||
|
| |||||||
1,682,638 | ||||||||
|
| |||||||
Apparel — 0.7% | ||||||||
Ascena Retail Group, Inc. (a) | 2,800 | 60,060 | ||||||
Carter’s, Inc. (a) | 15,100 | 812,984 | ||||||
Nike, Inc. Class B | 6,940 | 658,675 | ||||||
Ralph Lauren Corp. | 1,850 | 279,776 | ||||||
VF Corp. | 790 | 125,894 | ||||||
|
| |||||||
1,937,389 | ||||||||
|
| |||||||
Automotive & Parts — 0.5% | ||||||||
BorgWarner, Inc. (a) | 3,340 | 230,827 | ||||||
Delphi Automotive PLC (a) | 20,600 | 638,600 | ||||||
The Goodyear Tire & Rubber Co. (a) | 24,300 | 296,217 | ||||||
WABCO Holdings, Inc. (a) | 4,700 | 271,049 | ||||||
|
| |||||||
1,436,693 | ||||||||
|
| |||||||
Beverages — 4.1% | ||||||||
Brown-Forman Corp. Class B | 987 | 64,402 | ||||||
The Coca-Cola Co. | 165,860 | 6,291,070 | ||||||
Coca-Cola Enterprises, Inc. | 300 | 9,381 | ||||||
Dr. Pepper Snapple Group, Inc. | 11,400 | 507,642 | ||||||
Monster Beverage Corp. (a) | 600 | 32,496 |
Number of Shares | Value | |||||||
PepsiCo, Inc. | 73,223 | $ | 5,181,991 | |||||
|
| |||||||
12,086,982 | ||||||||
|
| |||||||
Biotechnology — 2.9% | ||||||||
Alexion Pharmaceuticals, Inc. (a) | 5,130 | 586,872 | ||||||
Amgen, Inc. | 52,500 | 4,426,800 | ||||||
Biogen Idec, Inc. (a) | 10,080 | 1,504,238 | ||||||
Celgene Corp. (a) | 17,200 | 1,314,080 | ||||||
Charles River Laboratories International, Inc. (a) | 5,800 | 229,680 | ||||||
Illumina, Inc. (a) | 4,000 | 192,800 | ||||||
Incyte Corp. (a) | 5,600 | 101,080 | ||||||
Life Technologies Corp. (a) | 645 | 31,528 | ||||||
Myriad Genetics, Inc. (a) | 3,200 | 86,368 | ||||||
|
| |||||||
8,473,446 | ||||||||
|
| |||||||
Building Materials — 0.2% | ||||||||
Armstrong World Industries, Inc. | 100 | 4,637 | ||||||
Fortune Brands Home & Security, Inc. (a) | 5,500 | 148,555 | ||||||
Lennox International, Inc. | 3,410 | 164,908 | ||||||
Martin Marietta Materials, Inc. | 400 | 33,148 | ||||||
Masco Corp. | 15,300 | 230,265 | ||||||
|
| |||||||
581,513 | ||||||||
|
| |||||||
Chemicals — 3.3% | ||||||||
Albemarle Corp. | 2,000 | 105,360 | ||||||
Celanese Corp. Series A | 5,990 | 227,081 | ||||||
CF Industries Holdings, Inc. | 3,034 | 674,276 | ||||||
E.I. du Pont de Nemours & Co. | 43,700 | 2,196,799 | ||||||
Eastman Chemical Co. | 9,796 | 558,470 | ||||||
Ecolab, Inc. | 78 | 5,055 | ||||||
FMC Corp. | 3,100 | 171,678 | ||||||
International Flavors & Fragrances, Inc. | 2,500 | 148,950 | ||||||
LyondellBasell Industries NV Class A | 13,700 | 707,742 | ||||||
Monsanto Co. | 12,460 | 1,134,109 | ||||||
NewMarket Corp. | 1,280 | 315,494 | ||||||
PPG Industries, Inc. | 7,370 | 846,371 | ||||||
Praxair, Inc. | 7,630 | 792,605 | ||||||
Rockwood Holdings, Inc. | 5,000 | 233,000 | ||||||
The Sherwin-Williams Co. | 3,600 | 536,076 | ||||||
Sigma-Aldrich Corp. | 870 | 62,614 | ||||||
The Valspar Corp. | 3,500 | 196,350 | ||||||
W.R. Grace & Co. (a) | 2,400 | 141,792 | ||||||
Westlake Chemical Corp. | 7,800 | 569,868 | ||||||
|
| |||||||
9,623,690 | ||||||||
|
| |||||||
Commercial Services — 3.8% | ||||||||
Aaron’s, Inc. | 3,150 | 87,602 | ||||||
Alliance Data Systems Corp. (a) | 1,660 | 235,637 | ||||||
Apollo Group, Inc. Class A (a) | 20,410 | 592,910 | ||||||
Automatic Data Processing, Inc. | 10,380 | 608,891 |
The accompanying notes are an integral part of the financial statements.
167
Table of Contents
MassMutual Premier Disciplined Growth Fund – Portfolio of Investments (Continued)
Number of Shares | Value | |||||||
Equifax, Inc. | 6,200 | $ | 288,796 | |||||
FleetCor Technologies, Inc. (a) | 7,500 | 336,000 | ||||||
Gartner, Inc. (a) | 4,400 | 202,796 | ||||||
Genpact Ltd. | 7,000 | 116,760 | ||||||
Global Payments, Inc. | 50 | 2,092 | ||||||
H&R Block, Inc. | 16,900 | 292,877 | ||||||
Hertz Global Holdings, Inc. (a) | 37,800 | 518,994 | ||||||
Iron Mountain, Inc. | 4,500 | 153,495 | ||||||
ITT Educational Services, | 2,200 | 70,906 | ||||||
Lender Processing Services, Inc. | 19,700 | 549,433 | ||||||
MasterCard, Inc. Class A | 46 | 20,768 | ||||||
McKesson Corp. | 14,100 | 1,213,023 | ||||||
Moody’s Corp. | 6,200 | 273,854 | ||||||
Paychex, Inc. | 10,100 | 336,229 | ||||||
Robert Half International, Inc. | 4,100 | 109,183 | ||||||
Rollins, Inc. | 1,400 | 32,746 | ||||||
SAIC, Inc. | 51,300 | 617,652 | ||||||
Total System Services, Inc. | 9,300 | 220,410 | ||||||
United Rentals, Inc. (a) | 16,200 | 529,902 | ||||||
Verisk Analytics, Inc. | 2,500 | 119,025 | ||||||
Visa, Inc. Class A | 22,300 | 2,994,444 | ||||||
Weight Watchers International, Inc. | 1,300 | 68,640 | ||||||
Western Union Co. | 35,520 | 647,174 | ||||||
|
| |||||||
11,240,239 | ||||||||
|
| |||||||
Computers — 14.1% | ||||||||
Accenture PLC Class A | 24,500 | 1,715,735 | ||||||
Apple, Inc. | 37,199 | 24,821,405 | ||||||
Cadence Design Systems, | 34,700 | 446,415 | ||||||
Cognizant Technology Solutions Corp. Class A (a) | 1,700 | 118,864 | ||||||
Diebold, Inc. | 17,500 | 589,925 | ||||||
DST Systems, Inc. | 4,520 | 255,651 | ||||||
EMC Corp (a) | 89,380 | 2,437,393 | ||||||
Fortinet, Inc. (a) | 1,200 | 28,968 | ||||||
IHS, Inc. Class A (a) | 200 | 19,470 | ||||||
International Business Machines Corp. | 39,390 | 8,171,455 | ||||||
Jack Henry & Associates, Inc. | 2,900 | 109,910 | ||||||
MICROS Systems, Inc. (a) | 600 | 29,472 | ||||||
NCR Corp. (a) | 6,360 | 148,252 | ||||||
NetApp, Inc. (a) | 11,460 | 376,805 | ||||||
Riverbed Technology, Inc. (a) | 7,500 | 174,525 | ||||||
Synopsys, Inc. (a) | 21,200 | 700,024 | ||||||
Teradata Corp. (a) | 4,700 | 354,427 | ||||||
Western Digital Corp. | 19,900 | 770,727 | ||||||
|
| |||||||
41,269,423 | ||||||||
|
| |||||||
Cosmetics & Personal Care — 0.7% | ||||||||
Avon Products, Inc. | 12,600 | 200,970 | ||||||
Colgate-Palmolive Co. | 12,200 | 1,308,084 | ||||||
The Estee Lauder Cos., Inc. Class A | 4,260 | 262,288 | ||||||
The Procter & Gamble Co. | 3,957 | 274,458 | ||||||
|
| |||||||
2,045,800 | ||||||||
|
|
Number of Shares | Value | |||||||
Distribution & Wholesale — 0.2% | ||||||||
Fastenal Co. | 2,000 | $ | 85,980 | |||||
Genuine Parts Co. | 6,600 | 402,798 | ||||||
W.W. Grainger, Inc. | 450 | 93,767 | ||||||
|
| |||||||
582,545 | ||||||||
|
| |||||||
Diversified Financial — 1.2% | ||||||||
Affiliated Managers Group, | 1,300 | 159,900 | ||||||
American Express Co. | 28,900 | 1,643,254 | ||||||
BlackRock, Inc. | 2,600 | 463,580 | ||||||
CBOE Holdings, Inc. | 2,000 | 58,840 | ||||||
Eaton Vance Corp. | 3,500 | 101,360 | ||||||
Federated Investors, Inc. | 7,480 | 154,761 | ||||||
Franklin Resources, Inc. | 990 | 123,819 | ||||||
IntercontinentalExchange, | 1,600 | 213,456 | ||||||
Lazard Ltd. Class A | 100 | 2,923 | ||||||
LPL Financial Holdings, Inc. | 7,100 | 202,634 | ||||||
T. Rowe Price Group, Inc. | 5,400 | 341,820 | ||||||
Waddell & Reed Financial, Inc. Class A | 1,600 | 52,432 | ||||||
|
| |||||||
3,518,779 | ||||||||
|
| |||||||
Electric — 0.1% | ||||||||
ITC Holdings Corp. | 3,900 | 294,762 | ||||||
|
| |||||||
Electrical Components & Equipment — 0.8% | ||||||||
AMETEK, Inc. | 6,275 | 222,449 | ||||||
The Babcock & Wilcox Co. (a) | 8,000 | 203,760 | ||||||
Emerson Electric Co. | 24,810 | 1,197,578 | ||||||
General Cable Corp. (a) | 14,000 | 411,320 | ||||||
Hubbell, Inc. Class B | 3,700 | 298,738 | ||||||
|
| |||||||
2,333,845 | ||||||||
|
| |||||||
Electronics — 0.6% | ||||||||
Agilent Technologies, Inc. | 7,620 | 292,989 | ||||||
Amphenol Corp. Class A | 5,300 | 312,064 | ||||||
Dolby Laboratories, Inc. | 10,530 | 344,857 | ||||||
FLIR Systems, Inc. | 4,900 | 97,877 | ||||||
Garmin Ltd. | 8,540 | 356,460 | ||||||
Gentex Corp/MI | 60 | 1,021 | ||||||
Jabil Circuit, Inc. | 5,300 | 99,216 | ||||||
Mettler-Toledo International, | 780 | 133,177 | ||||||
National Instruments Corp. | 700 | 17,619 | ||||||
Trimble Navigation Ltd. (a) | 2,710 | 129,159 | ||||||
Waters Corp. (a) | 690 | 57,498 | ||||||
|
| |||||||
1,841,937 | ||||||||
|
| |||||||
Energy – Alternate Sources — 0.1% | ||||||||
Covanta Holding Corp. | 19,300 | 331,188 | ||||||
|
| |||||||
Engineering & Construction — 0.5% | ||||||||
Chicago Bridge & Iron Co. NV | 27,600 | 1,051,284 | ||||||
Fluor Corp. | 5,600 | 315,168 | ||||||
|
| |||||||
1,366,452 | ||||||||
|
| |||||||
Entertainment — 0.7% | ||||||||
Bally Technologies, Inc. (a) | 7,100 | 350,669 |
The accompanying notes are an integral part of the financial statements.
168
Table of Contents
MassMutual Premier Disciplined Growth Fund – Portfolio of Investments (Continued)
Number of Shares | Value | |||||||
Cinemark Holdings, Inc. | 27,000 | $ | 605,610 | |||||
International Game Technology | 23,300 | 304,997 | ||||||
The Madison Square Garden Co. Class A (a) | 6,426 | 258,775 | ||||||
Penn National Gaming, Inc. (a) | 4,000 | 172,400 | ||||||
Regal Entertainment Group Class A | 24,800 | 348,936 | ||||||
|
| |||||||
2,041,387 | ||||||||
|
| |||||||
Environmental Controls — 0.2% | ||||||||
Clean Harbors, Inc. (a) | 4,700 | 229,595 | ||||||
Stericycle, Inc. (a) | 1,630 | 147,548 | ||||||
Waste Connections, Inc. | 3,700 | 111,925 | ||||||
|
| |||||||
489,068 | ||||||||
|
| |||||||
Foods — 1.9% | ||||||||
Campbell Soup Co. | 6,700 | 233,294 | ||||||
Dean Foods Co. (a) | 29,300 | 479,055 | ||||||
Flowers Foods, Inc. | 1,000 | 20,180 | ||||||
General Mills, Inc. | 23,460 | 934,881 | ||||||
H.J. Heinz Co. | 8,340 | 466,623 | ||||||
The Hershey Co. | 2,200 | 155,958 | ||||||
Hillshire Brands Co. | 780 | 20,888 | ||||||
Hormel Foods Corp. | 3,000 | 87,720 | ||||||
Ingredion, Inc. | 12,700 | 700,532 | ||||||
Kellogg Co. | 3,540 | 182,876 | ||||||
The Kroger Co. | 29,860 | 702,905 | ||||||
McCormick & Co., Inc. | 2,900 | 179,916 | ||||||
Mondelez International, Inc. | 2,900 | 119,915 | ||||||
Safeway, Inc. | 26,000 | 418,340 | ||||||
Sysco Corp. | 6,600 | 206,382 | ||||||
Whole Foods Market, Inc. | 5,600 | 545,440 | ||||||
|
| |||||||
5,454,905 | ||||||||
|
| |||||||
Forest Products & Paper — 0.1% | ||||||||
Rayonier, Inc. | 3,465 | 169,820 | ||||||
Rock-Tenn Co. Class A | 1,900 | 137,142 | ||||||
|
| |||||||
306,962 | ||||||||
|
| |||||||
Hand & Machine Tools — 0.1% | ||||||||
Lincoln Electric Holdings, Inc. | 9,100 | 355,355 | ||||||
|
| |||||||
Health Care – Products — 2.2% | ||||||||
Baxter International, Inc. | 19,920 | 1,200,379 | ||||||
Becton, Dickinson & Co. | 7,570 | 594,699 | ||||||
C.R. Bard, Inc. | 3,450 | 361,043 | ||||||
The Cooper Cos., Inc. | 400 | 37,784 | ||||||
Covidien PLC | 1,000 | 59,420 | ||||||
Edwards Lifesciences Corp. (a) | 1,820 | 195,413 | ||||||
Henry Schein, Inc. (a) | 700 | 55,489 | ||||||
IDEXX Laboratories, Inc. (a) | 800 | 79,480 | ||||||
Intuitive Surgical, Inc. (a) | 326 | 161,575 | ||||||
Johnson & Johnson | 21,180 | 1,459,514 | ||||||
Medtronic, Inc. | 2,590 | 111,681 | ||||||
ResMed, Inc. | 7,800 | 315,666 | ||||||
St. Jude Medical, Inc. | 11,140 | 469,328 | ||||||
Stryker Corp. | 9,100 | 506,506 |
Number of Shares | Value | |||||||
Techne Corp. | 840 | $ | 60,430 | |||||
Thoratec Corp. (a) | 2,400 | 83,040 | ||||||
Varian Medical Systems, Inc. (a) | 4,400 | 265,408 | ||||||
Zimmer Holdings, Inc. | 4,500 | 304,290 | ||||||
|
| |||||||
6,321,145 | ||||||||
|
| |||||||
Health Care – Services — 0.8% | ||||||||
AMERIGROUP Corp. (a) | 800 | 73,144 | ||||||
Covance, Inc. (a) | 600 | 28,014 | ||||||
DaVita, Inc. (a) | 3,400 | 352,274 | ||||||
HCA Holdings, Inc. | 23,400 | 778,050 | ||||||
Laboratory Corporation of America Holdings (a) | 3,310 | 306,076 | ||||||
Quest Diagnostics, Inc. | 800 | 50,744 | ||||||
Tenet Healthcare Corp. (a) | 33,700 | 211,299 | ||||||
Universal Health Services, Inc. Class B | 8,300 | 379,559 | ||||||
WellPoint, Inc. | 700 | 40,607 | ||||||
|
| |||||||
2,219,767 | ||||||||
|
| |||||||
Holding Company – Diversified — 0.0% | ||||||||
Leucadia National Corp. | 1,600 | 36,400 | ||||||
|
| |||||||
Home Builders — 0.3% | ||||||||
D.R. Horton, Inc. | 9,200 | 189,888 | ||||||
Thor Industries, Inc. | 15,700 | 570,224 | ||||||
|
| |||||||
760,112 | ||||||||
|
| |||||||
Home Furnishing — 0.1% | ||||||||
Tempur-Pedic International, Inc. (a) | 6,900 | 206,241 | ||||||
|
| |||||||
Household Products — 0.4% | ||||||||
Church & Dwight Co., Inc. | 1,360 | 73,426 | ||||||
The Clorox Co. | 180 | 12,969 | ||||||
Jarden Corp. | 6,200 | 327,608 | ||||||
Kimberly-Clark Corp. | 8,570 | 735,135 | ||||||
Tupperware Brands Corp. | 700 | 37,513 | ||||||
|
| |||||||
1,186,651 | ||||||||
|
| |||||||
Housewares — 0.0% | ||||||||
The Toro Co. | 2,480 | 98,654 | ||||||
|
| |||||||
Insurance — 1.2% | ||||||||
Allied World Assurance Co. Holdings Ltd. | 11,100 | 857,475 | ||||||
Aon PLC | 1,100 | 57,519 | ||||||
Arch Capital Group Ltd. (a) | 15,700 | 654,376 | ||||||
Arthur J. Gallagher & Co. | 3,200 | 114,624 | ||||||
Endurance Specialty Holdings Ltd. | 200 | 7,700 | ||||||
Erie Indemnity Co. Class A | 90 | 5,784 | ||||||
The Hanover Insurance Group, Inc. | 800 | 29,808 | ||||||
Marsh & McLennan Cos., Inc. | 17,600 | 597,168 | ||||||
The Travelers Cos., Inc. | 8,700 | 593,862 | ||||||
Validus Holdings Ltd. | 17,700 | 600,207 | ||||||
|
| |||||||
3,518,523 | ||||||||
|
|
The accompanying notes are an integral part of the financial statements.
169
Table of Contents
MassMutual Premier Disciplined Growth Fund – Portfolio of Investments (Continued)
Number of Shares | Value | |||||||
Internet — 5.0% | ||||||||
Akamai Technologies, Inc. (a) | 7,100 | $ | 271,646 | |||||
Amazon.com, Inc. (a) | 6,651 | 1,691,482 | ||||||
AOL, Inc. (a) | 25,300 | 891,319 | ||||||
eBay, Inc. (a) | 21,730 | 1,051,949 | ||||||
Equinix, Inc. (a) | 1,190 | 245,200 | ||||||
Expedia, Inc. | 10,600 | 613,104 | ||||||
F5 Networks, Inc. (a) | 1,330 | 139,251 | ||||||
Facebook, Inc. Class A (a) | 9,800 | 212,170 | ||||||
Google, Inc. Class A (a) | 7,859 | 5,929,616 | ||||||
Groupon, Inc. (a) | 43,800 | 208,488 | ||||||
IAC/InterActiveCorp | 6,700 | 348,802 | ||||||
Liberty Interactive Corp. Class A (a) | 39,700 | 734,450 | ||||||
Netflix, Inc. (a) | 1,721 | 93,691 | ||||||
Priceline.com, Inc. (a) | 755 | 467,141 | ||||||
Splunk, Inc. (a) | 2,800 | 102,816 | ||||||
Symantec Corp. (a) | 30,400 | 547,200 | ||||||
TIBCO Software, Inc. (a) | 6,100 | 184,403 | ||||||
TripAdvisor, Inc. (a) | 2,300 | 75,739 | ||||||
VeriSign, Inc. (a) | 9,340 | 454,765 | ||||||
Zynga, Inc. (a) | 132,900 | 377,436 | ||||||
|
| |||||||
14,640,668 | ||||||||
|
| |||||||
Iron & Steel — 0.1% | ||||||||
Steel Dynamics, Inc. | 25,200 | 282,996 | ||||||
|
| |||||||
Leisure Time — 0.2% | ||||||||
Harley-Davidson, Inc. | 7,800 | 330,486 | ||||||
Polaris Industries, Inc. | 2,300 | 186,001 | ||||||
|
| |||||||
516,487 | ||||||||
|
| |||||||
Lodging — 0.6% | ||||||||
Choice Hotels International, Inc. | 2,300 | 73,577 | ||||||
Marriott International, Inc. Class A | 11,467 | 448,359 | ||||||
Starwood Hotels & Resorts Worldwide, Inc. | 8,100 | 469,476 | ||||||
Wyndham Worldwide Corp. | 8,500 | 446,080 | ||||||
Wynn Resorts Ltd. | 2,320 | 267,821 | ||||||
|
| |||||||
1,705,313 | ||||||||
|
| |||||||
Machinery – Construction & Mining — 0.7% | ||||||||
Caterpillar, Inc. | 16,890 | 1,453,216 | ||||||
Ingersoll-Rand PLC | 16,900 | 757,458 | ||||||
|
| |||||||
2,210,674 | ||||||||
|
| |||||||
Machinery – Diversified — 1.1% | ||||||||
Cummins, Inc. | 6,050 | 557,870 | ||||||
Deere & Co. | 4,200 | 346,458 | ||||||
Flowserve Corp. | 3,470 | 443,258 | ||||||
Graco, Inc. | 1,200 | 60,336 | ||||||
IDEX Corp. | 1,950 | 81,452 | ||||||
The Manitowoc Co., Inc. | 45,600 | 608,304 | ||||||
Nordson Corp. | 4,000 | 234,480 | ||||||
Rockwell Automation, Inc. | 5,400 | 375,570 | ||||||
Roper Industries, Inc. | 3,370 | 370,329 | ||||||
Wabtec Corp. | 1,400 | 112,406 |
Number of Shares | Value | |||||||
Zebra Technologies Corp. Class A (a) | 1,050 | $ | 39,417 | |||||
|
| |||||||
3,229,880 | ||||||||
|
| |||||||
Manufacturing — 2.7% | ||||||||
3M Co. | 20,880 | 1,929,730 | ||||||
Carlisle Cos., Inc. | 6,600 | 342,672 | ||||||
Cooper Industries PLC | 5,200 | 390,312 | ||||||
Danaher Corp. | 7,320 | 403,698 | ||||||
Donaldson Co., Inc. | 3,500 | 121,485 | ||||||
Honeywell International, Inc. | 36,560 | 2,184,460 | ||||||
Illinois Tool Works, Inc. | 18,700 | 1,112,089 | ||||||
ITT Corp. | 21,500 | 433,225 | ||||||
Pall Corp. | 3,900 | 247,611 | ||||||
Parker Hannifin Corp. | 3,000 | 250,740 | ||||||
Textron, Inc. | 20,700 | 541,719 | ||||||
|
| |||||||
7,957,741 | ||||||||
|
| |||||||
Media — 4.9% | ||||||||
AMC Networks, Inc. (a) | 5,400 | 235,008 | ||||||
Cablevision Systems Corp. Class A | 19,200 | 304,320 | ||||||
CBS Corp. Class B | 7,200 | 261,576 | ||||||
Charter Communications, Inc. Class A (a) | 4,100 | 307,787 | ||||||
Comcast Corp. Class A | 77,900 | 2,786,483 | ||||||
DIRECTV (a) | 35,800 | 1,878,068 | ||||||
Discovery Communications, Inc. Series A (a) | 10,400 | 620,152 | ||||||
DISH Network Corp. Class A | 18,800 | 575,468 | ||||||
FactSet Research Systems, Inc. | 1,200 | 115,704 | ||||||
John Wiley & Sons, Inc. Class A | 900 | 41,355 | ||||||
Liberty Global, Inc. Class A (a) | 9,300 | 564,975 | ||||||
Liberty Media Corp. — Liberty Capital Class A (a) | 170 | 17,709 | ||||||
The McGraw-Hill Cos., Inc. | 6,170 | 336,820 | ||||||
News Corp. Class A | 29,000 | 711,370 | ||||||
Scripps Networks Interactive Class A | 4,600 | 281,658 | ||||||
Sirius XM Radio, Inc. (a) | 167,700 | 436,020 | ||||||
Time Warner Cable, Inc. | 20,500 | 1,948,730 | ||||||
Viacom, Inc. Class B | 22,700 | 1,216,493 | ||||||
The Walt Disney Co. | 31,600 | 1,652,048 | ||||||
|
| |||||||
14,291,744 | ||||||||
|
| |||||||
Metal Fabricate & Hardware — 0.1% | ||||||||
Precision Castparts Corp. | 30 | 4,900 | ||||||
The Timken Co. | 2,800 | 104,048 | ||||||
Valmont Industries, Inc. | 850 | 111,775 | ||||||
|
| |||||||
220,723 | ||||||||
|
| |||||||
Mining — 0.1% | ||||||||
Royal Gold, Inc. | 400 | 39,944 | ||||||
Southern Copper Corp. | 6,102 | 209,665 | ||||||
|
| |||||||
249,609 | ||||||||
|
| |||||||
Office Equipment/Supplies — 0.2% | ||||||||
Pitney Bowes, Inc. | 40,800 | 563,856 | ||||||
|
|
The accompanying notes are an integral part of the financial statements.
170
Table of Contents
MassMutual Premier Disciplined Growth Fund – Portfolio of Investments (Continued)
Number of Shares | Value | |||||||
Oil & Gas — 1.1% | ||||||||
Cheniere Energy, Inc. (a) | 2,800 | $ | 43,540 | |||||
Cobalt International Energy, Inc. (a) | 11,500 | 256,105 | ||||||
EOG Resources, Inc. | 9,960 | 1,116,018 | ||||||
Helmerich & Payne, Inc. | 10,700 | 509,427 | ||||||
Laredo Petroleum Holdings, Inc. (a) | 8,700 | 191,226 | ||||||
Pioneer Natural Resources Co. | 1,340 | 139,896 | ||||||
Questar Corp. | 900 | 18,297 | ||||||
Sunoco, Inc. | 20,900 | 978,747 | ||||||
Whiting Petroleum Corp. (a) | 800 | 37,904 | ||||||
|
| |||||||
3,291,160 | ||||||||
|
| |||||||
Oil & Gas Services — 1.7% | ||||||||
Cameron International | 1,980 | 111,019 | ||||||
Dresser-Rand Group, Inc. (a) | 70 | 3,858 | ||||||
Halliburton Co. | 11,800 | 397,542 | ||||||
National Oilwell Varco, Inc. | 1,700 | 136,187 | ||||||
Oceaneering International, Inc. | 4,700 | 259,675 | ||||||
Oil States International, Inc. (a) | 3,400 | 270,164 | ||||||
RPC, Inc. | 35,750 | 425,067 | ||||||
Schlumberger Ltd. | 46,000 | 3,327,180 | ||||||
|
| |||||||
4,930,692 | ||||||||
|
| |||||||
Packaging & Containers — 0.2% | ||||||||
Ball Corp. | 10,400 | 440,024 | ||||||
Owens-Illinois, Inc. (a) | 6,500 | 121,940 | ||||||
Packaging Corporation of America | 3,000 | 108,900 | ||||||
Silgan Holdings, Inc. | 1,500 | 65,265 | ||||||
|
| |||||||
736,129 | ||||||||
|
| |||||||
Pharmaceuticals — 5.7% | ||||||||
Abbott Laboratories | 63,920 | 4,382,355 | ||||||
Allergan, Inc. | 2,740 | 250,929 | ||||||
AmerisourceBergen Corp. | 14,500 | 561,295 | ||||||
Bristol-Myers Squibb Co. | 56,400 | 1,903,500 | ||||||
Cardinal Health, Inc. | 6,000 | 233,820 | ||||||
Catamaran Corp. (a) | 1,530 | 149,894 | ||||||
DENTSPLY International, Inc. | 1,950 | 74,373 | ||||||
Eli Lilly & Co. | 25,420 | 1,205,162 | ||||||
Endo Health Solutions, Inc. (a) | 33,000 | 1,046,760 | ||||||
Express Scripts Holding | 25,780 | 1,615,633 | ||||||
Gilead Sciences, Inc. (a) | 24,300 | 1,611,819 | ||||||
Herbalife Ltd. | 14,280 | 676,872 | ||||||
Mead Johnson Nutrition Co. | 2,500 | 183,200 | ||||||
Mylan, Inc. (a) | 19,000 | 463,600 | ||||||
Onyx Pharmaceuticals, Inc. (a) | 1,300 | 109,850 | ||||||
Patterson Cos., Inc. | 8,500 | 291,040 | ||||||
Perrigo Co. | 570 | 66,217 | ||||||
Salix Pharmaceuticals Ltd. (a) | 9,200 | 389,528 | ||||||
Sirona Dental Systems, Inc. (a) | 200 | 11,392 | ||||||
United Therapeutics Corp. (a) | 7,400 | 413,512 | ||||||
Warner Chilcott PLC Class A | 59,000 | 796,500 | ||||||
Watson Pharmaceuticals, | 1,600 | 136,256 | ||||||
|
| |||||||
16,573,507 | ||||||||
|
|
Number of Shares | Value | |||||||
Pipelines — 0.1% | ||||||||
Kinder Morgan, Inc. | 54 | $ | 1,918 | |||||
ONEOK, Inc. | 300 | 14,493 | ||||||
The Williams Cos., Inc. | 11,600 | 405,652 | ||||||
|
| |||||||
422,063 | ||||||||
|
| |||||||
Real Estate — 0.1% | ||||||||
CBRE Group, Inc. (a) | 10,900 | 200,669 | ||||||
|
| |||||||
Real Estate Investment Trusts (REITS) — 1.4% | ||||||||
American Tower Corp. | 4,815 | 343,743 | ||||||
Apartment Investment & Management Co. Class A | 1,400 | 36,386 | ||||||
Boston Properties, Inc. | 930 | 102,867 | ||||||
BRE Properties, Inc. | 4,300 | 201,627 | ||||||
Camden Property Trust | 1,600 | 103,184 | ||||||
Digital Realty Trust, Inc. | 2,200 | 153,670 | ||||||
Equity Residential | 500 | 28,765 | ||||||
Essex Property Trust, Inc. | 560 | 83,014 | ||||||
Extra Space Storage, Inc. | 4,400 | 146,300 | ||||||
Federal Realty Investment Trust | 2,090 | 220,077 | ||||||
HCP, Inc. | 2,800 | 124,544 | ||||||
Kilroy Realty Corp. | 3,400 | 152,252 | ||||||
Mid-America Apartment Communities, Inc. | 4,700 | 306,957 | ||||||
Plum Creek Timber Co., Inc. | 2,700 | 118,368 | ||||||
Post Properties, Inc. | 3,400 | 163,064 | ||||||
Public Storage | 2,450 | 340,967 | ||||||
Regency Centers Corp. | 2,100 | 102,333 | ||||||
Simon Property Group, Inc. | 9,429 | 1,431,417 | ||||||
Weyerhaeuser Co. | 2,800 | 73,192 | ||||||
|
| |||||||
4,232,727 | ||||||||
|
| |||||||
Retail — 9.3% | ||||||||
Advance Auto Parts, Inc. | 3,940 | 269,654 | ||||||
American Eagle Outfitters, Inc. | 31,500 | 664,020 | ||||||
AutoNation, Inc. (a) | 2,100 | 91,707 | ||||||
AutoZone, Inc. (a) | 1,488 | 550,069 | ||||||
Bed Bath & Beyond, Inc. (a) | 8,200 | 516,600 | ||||||
Big Lots, Inc. (a) | 9,300 | 275,094 | ||||||
Brinker International, Inc. | 12,700 | 448,310 | ||||||
Chico’s FAS, Inc. | 22,000 | 398,420 | ||||||
Chipotle Mexican Grill, Inc. (a) | 3 | 953 | ||||||
Coach, Inc. | 11,109 | 622,326 | ||||||
Copart, Inc. (a) | 100 | 2,773 | ||||||
Costco Wholesale Corp. | 13,760 | 1,377,720 | ||||||
CVS Caremark Corp. | 13,000 | 629,460 | ||||||
Darden Restaurants, Inc. | 2,200 | 122,650 | ||||||
Dick’s Sporting Goods, Inc. | 3,100 | 160,735 | ||||||
Dollar General Corp. (a) | 4,300 | 221,622 | ||||||
Dollar Tree, Inc. (a) | 8,720 | 420,958 | ||||||
DSW, Inc. Class A | 1,700 | 113,424 | ||||||
Dunkin’ Brands Group, Inc. | 3,700 | 108,021 | ||||||
Family Dollar Stores, Inc. | 130 | 8,619 | ||||||
Foot Locker, Inc. | 20,300 | 720,650 |
The accompanying notes are an integral part of the financial statements.
171
Table of Contents
MassMutual Premier Disciplined Growth Fund – Portfolio of Investments (Continued)
Number of Shares | Value | |||||||
The Gap, Inc. | 19,600 | $ | 701,288 | |||||
GNC Holdings, Inc. Class A | 9,100 | 354,627 | ||||||
Hanesbrands, Inc. (a) | 8,600 | 274,168 | ||||||
The Home Depot, Inc. | 55,800 | 3,368,646 | ||||||
Kohl’s Corp. | 8,100 | 414,882 | ||||||
Limited Brands, Inc. | 7,600 | 374,376 | ||||||
Lowe’s Cos., Inc. | 4,600 | 139,104 | ||||||
Macy’s, Inc. | 22,900 | 861,498 | ||||||
McDonald’s Corp. | 28,280 | 2,594,690 | ||||||
Michael Kors Holdings Ltd. (a) | 2,100 | 111,678 | ||||||
MSC Industrial Direct Co., Inc. Class A | 200 | 13,492 | ||||||
Nordstrom, Inc. | 5,800 | 320,044 | ||||||
Nu Skin Enterprises, Inc. Class A | 28,100 | 1,091,123 | ||||||
O’Reilly Automotive, Inc. (a) | 5,400 | 451,548 | ||||||
Panera Bread Co. Class A (a) | 900 | 153,801 | ||||||
PetSmart, Inc. | 5,800 | 400,084 | ||||||
PVH Corp. | 2,620 | 245,546 | ||||||
Ross Stores, Inc. | 14,880 | 961,248 | ||||||
Sally Beauty Holdings, Inc. (a) | 2,100 | 52,689 | ||||||
Starbucks Corp. | 100 | 5,075 | ||||||
Target Corp. | 2,700 | 171,369 | ||||||
The TJX Cos., Inc. | 44,220 | 1,980,614 | ||||||
Tractor Supply Co. | 900 | 89,001 | ||||||
Ulta Salon Cosmetics & Fragrance, Inc. | 100 | 9,630 | ||||||
Urban Outfitters, Inc. (a) | 3,600 | 135,216 | ||||||
Wal-Mart Stores, Inc. | 53,540 | 3,951,252 | ||||||
Williams-Sonoma, Inc. | 1,800 | 79,146 | ||||||
Yum! Brands, Inc. | 4,140 | 274,648 | ||||||
|
| |||||||
27,304,268 | ||||||||
|
| |||||||
Savings & Loans — 0.0% | ||||||||
People’s United Financial, Inc. | 8,000 | 97,120 | ||||||
|
| |||||||
Semiconductors — 2.7% | ||||||||
Advanced Micro Devices, | 57,100 | 192,427 | ||||||
Altera Corp. | 9,500 | 322,858 | ||||||
Analog Devices, Inc. | 1,080 | 42,325 | ||||||
Avago Technologies Ltd. | 6,900 | 240,569 | ||||||
Broadcom Corp. Class A (a) | 13,500 | 466,830 | ||||||
Cypress Semiconductor | 1,900 | 20,368 | ||||||
Freescale Semiconductor | 15,400 | 146,454 | ||||||
Intel Corp. | 183,600 | 4,164,048 | ||||||
Lam Research Corp. (a) | 2,200 | 69,927 | ||||||
Linear Technology Corp. | 8,320 | 264,992 | ||||||
LSI Corp. (a) | 39,000 | 269,490 | ||||||
Maxim Integrated Products, Inc. | 5,800 | 154,396 | ||||||
Microchip Technology, Inc. | 5,900 | 193,166 | ||||||
Rovi Corp. (a) | 15,000 | 217,650 | ||||||
Silicon Laboratories, Inc. (a) | 1,400 | 51,464 | ||||||
Skyworks Solutions, Inc. (a) | 3,000 | 70,695 | ||||||
Teradyne, Inc. (a) | 8,400 | 119,448 | ||||||
Texas Instruments, Inc. | 20,150 | 555,132 |
Number of Shares | Value | |||||||
Xilinx, Inc. | 9,610 | $ | 321,070 | |||||
|
| |||||||
7,883,309 | ||||||||
|
| |||||||
Software — 7.7% | ||||||||
Adobe Systems, Inc. (a) | 12,950 | 420,357 | ||||||
ANSYS, Inc. (a) | 2,300 | 168,820 | ||||||
Ariba, Inc. (a) | 2,200 | 98,560 | ||||||
Autodesk, Inc. (a) | 3,550 | 118,464 | ||||||
BMC Software, Inc. (a) | 8,330 | 345,612 | ||||||
Broadridge Financial Solutions, Inc. | 13,960 | 325,687 | ||||||
CA, Inc. | 31,400 | 809,021 | ||||||
Cerner Corp. (a) | 3,600 | 278,676 | ||||||
Citrix Systems, Inc. (a) | 6,000 | 459,420 | ||||||
Compuware Corp. (a) | 300 | 2,973 | ||||||
The Dun & Bradstreet Corp. | 5,220 | 415,616 | ||||||
Fiserv, Inc. (a) | 3,750 | 277,612 | ||||||
Intuit, Inc. | 6,960 | 409,805 | ||||||
Microsoft Corp. | 358,960 | 10,689,829 | ||||||
MSCI, Inc. Class A (a) | 2,700 | 96,633 | ||||||
NetSuite, Inc. (a) | 2,100 | 133,980 | ||||||
Nuance Communications, | 8,500 | 211,565 | ||||||
Oracle Corp. | 182,900 | 5,759,521 | ||||||
Red Hat, Inc. (a) | 700 | 39,858 | ||||||
Salesforce.com, Inc. (a) | 2,570 | 392,413 | ||||||
SEI Investments Co. | 1,900 | 40,755 | ||||||
Solarwinds, Inc. (a) | 6,500 | 362,310 | ||||||
Solera Holdings, Inc. | 1,400 | 61,418 | ||||||
VeriFone Systems, Inc. (a) | 8,000 | 222,800 | ||||||
VMware, Inc. Class A (a) | 3,680 | 356,003 | ||||||
|
| |||||||
22,497,708 | ||||||||
|
| |||||||
Telecommunications — 4.0% | ||||||||
Crown Castle International Corp. (a) | 6,500 | 416,650 | ||||||
EchoStar Corp. (a) | 20,700 | 593,262 | ||||||
Harris Corp. | 3,370 | 172,611 | ||||||
Level 3 Communications, | 300 | 6,891 | ||||||
Motorola Solutions, Inc. | 7,000 | 353,850 | ||||||
NeuStar, Inc. Class A (a) | 7,400 | 296,222 | ||||||
QUALCOMM, Inc. | 55,590 | 3,473,819 | ||||||
SBA Communications Corp. Class A (a) | 570 | 35,853 | ||||||
tw telecom, Inc. (a) | 3,800 | 99,066 | ||||||
Verizon Communications, Inc. | 121,300 | 5,527,641 | ||||||
Virgin Media, Inc. | 11,500 | 338,560 | ||||||
Windstream Corp. | 27,270 | 275,700 | ||||||
|
| |||||||
11,590,125 | ||||||||
|
| |||||||
Toys, Games & Hobbies — 0.1% | ||||||||
Hasbro, Inc. | 3,870 | 147,718 | ||||||
Mattel, Inc. | 7,800 | 276,744 | ||||||
|
| |||||||
424,462 | ||||||||
|
| |||||||
Transportation — 1.9% | ||||||||
C.H. Robinson Worldwide, Inc. | 900 | 52,695 | ||||||
Con-way, Inc. | 19,600 | 536,452 |
The accompanying notes are an integral part of the financial statements.
172
Table of Contents
MassMutual Premier Disciplined Growth Fund – Portfolio of Investments (Continued)
Number of Shares | Value | |||||||
CSX Corp. | 31,300 | $ | 649,475 | |||||
Expeditors International of Washington, Inc. | 100 | 3,636 | ||||||
FedEx Corp. | 500 | 42,310 | ||||||
J.B. Hunt Transport Services, Inc. | 2,800 | 145,712 | ||||||
Kansas City Southern | 1,500 | 113,670 | ||||||
Kirby Corp. (a) | 40 | 2,211 | ||||||
Landstar System, Inc. | 1,060 | 50,117 | ||||||
Union Pacific Corp. | 18,970 | 2,251,739 | ||||||
United Continental Holdings, Inc. (a) | 20,055 | 391,072 | ||||||
United Parcel Service, Inc. Class B | 16,700 | 1,195,219 | ||||||
|
| |||||||
5,434,308 | ||||||||
|
| |||||||
Water — 0.0% | ||||||||
Aqua America, Inc. | 200 | 4,952 | ||||||
|
| |||||||
TOTAL COMMON STOCK (Cost $261,220,063) | 291,589,129 | |||||||
|
| |||||||
TOTAL EQUITIES (Cost $261,220,063) | 291,589,129 | |||||||
|
| |||||||
TOTAL LONG-TERM INVESTMENTS (Cost $261,220,063) | 291,589,129 | |||||||
|
| |||||||
Principal Amount | ||||||||
SHORT-TERM INVESTMENTS — 0.3% | ||||||||
Repurchase Agreement — 0.3% | ||||||||
State Street Bank & Trust Co. Repurchase Agreement, dated | $ | 752,391 | 752,391 | |||||
|
| |||||||
Time Deposits — 0.0% | ||||||||
Euro Time Deposit, | 9,378 | 9,378 | ||||||
|
| |||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $761,769) | 761,769 | |||||||
|
| |||||||
TOTAL INVESTMENTS — 100.0% | ||||||||
(Cost $261,981,832) (c) | 292,350,898 | |||||||
Other Assets/(Liabilities) — (0.0)% | (4,598 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 292,346,300 | ||||||
|
|
Notes to Portfolio of Investments
(a) | Non-income producing security. |
(b) | Maturity value of $752,391. Collateralized by U.S. Government Agency obligations with a rate of 4.000%, maturity date of 12/15/17, and an aggregate market value, including accrued interest, of $769,258. |
(c) | See Note 6 for aggregate cost for federal tax purposes. |
The accompanying notes are an integral part of the financial statements.
173
Table of Contents
MassMutual Premier Small/Mid Cap Opportunities Fund – Portfolio of Investments
September 30, 2012
Number of Shares | Value | |||||||
EQUITIES — 98.7% | ||||||||
COMMON STOCK — 98.7% | ||||||||
Advertising — 0.2% | ||||||||
The Interpublic Group of Companies, Inc. | 20,475 | $ | 227,683 | |||||
|
| |||||||
Aerospace & Defense — 1.3% | ||||||||
BE Aerospace, Inc. (a) | 35,720 | 1,503,812 | ||||||
Exelis, Inc. | 1,922 | 19,873 | ||||||
LMI Aerospace, Inc. (a) | 1,770 | 36,179 | ||||||
Moog, Inc. Class A (a) | 5,295 | 200,522 | ||||||
|
| |||||||
1,760,386 | ||||||||
|
| |||||||
Agriculture — 0.0% | ||||||||
The Andersons, Inc. | 49 | 1,845 | ||||||
Universal Corp. (b) | 483 | 24,595 | ||||||
|
| |||||||
26,440 | ||||||||
|
| |||||||
Airlines — 0.5% | ||||||||
Alaska Air Group, Inc. (a) | 3,600 | 126,216 | ||||||
Delta Air Lines, Inc. (a) | 4,546 | 41,641 | ||||||
JetBlue Airways Corp. (a) | 38,114 | 182,566 | ||||||
Republic Airways Holdings, Inc. (a) | 760 | 3,519 | ||||||
Southwest Airlines Co. | 12,779 | 112,072 | ||||||
Spirit Airlines, Inc. (a) | 6,732 | 114,983 | ||||||
US Airways Group, Inc. (a) (b) | 10,100 | 105,646 | ||||||
|
| |||||||
686,643 | ||||||||
|
| |||||||
Apparel — 0.4% | ||||||||
Ascena Retail Group, Inc. (a) | 16,487 | 353,646 | ||||||
Iconix Brand Group, Inc. (a) | 777 | 14,173 | ||||||
The Jones Group, Inc. | 7,933 | 102,098 | ||||||
True Religion Apparel, Inc. | 2,328 | 49,656 | ||||||
|
| |||||||
519,573 | ||||||||
|
| |||||||
Auto Manufacturers — 0.0% | ||||||||
Navistar International Corp. (a) | 3,158 | 66,602 | ||||||
|
| |||||||
Automotive & Parts — 1.3% | ||||||||
Cooper Tire & Rubber Co. | 9,006 | 172,735 | ||||||
Dana Holding Corp. | 109,131 | 1,342,311 | ||||||
Gentherm, Inc. (a) | 6,695 | 83,286 | ||||||
Miller Industries, Inc. | 4,609 | 73,975 | ||||||
Standard Motor Products, Inc. | 3,331 | 61,357 | ||||||
|
| |||||||
1,733,664 | ||||||||
|
| |||||||
Banks — 2.4% | ||||||||
Associated Banc-Corp. | 4,056 | 53,417 | ||||||
CapitalSource, Inc. | 227,122 | 1,721,585 | ||||||
Citizens & Northern Corp. | 1,395 | 27,356 | ||||||
Commerce Bancshares, Inc. | 280 | 11,292 | ||||||
CVB Financial Corp. | 15,223 | 181,763 | ||||||
Eagle Bancorp, Inc. (a) | 3,576 | 59,791 | ||||||
First Horizon National Corp. | 2,031 | 19,558 | ||||||
FirstMerit Corp. | 35,659 | 525,257 |
Number of Shares | Value | |||||||
Huntington Bancshares, Inc. | 29,766 | $ | 205,385 | |||||
KeyCorp | 8,686 | 75,916 | ||||||
Lakeland Financial Corp. | 636 | 17,554 | ||||||
Old National Bancorp | 9,845 | 133,990 | ||||||
Republic Bancorp, Inc. Class A | 1,840 | 40,388 | ||||||
Southside Bancshares, Inc. | 1,928 | 42,050 | ||||||
Univest Corp. of Pennsylvania | 2,997 | 53,946 | ||||||
WesBanco, Inc. | 3,700 | 76,627 | ||||||
|
| |||||||
3,245,875 | ||||||||
|
| |||||||
Beverages — 0.1% | ||||||||
Cott Corp. (a) | 11,538 | 91,150 | ||||||
|
| |||||||
Biotechnology — 1.1% | ||||||||
Cambrex Corp. (a) | 20,323 | 238,389 | ||||||
Charles River Laboratories International, Inc. (a) | 4,747 | 187,981 | ||||||
Halozyme Therapeutics, Inc. (a) | 37,979 | 287,121 | ||||||
Myriad Genetics, Inc. (a) | 12,987 | 350,519 | ||||||
PDL BioPharma, Inc. (b) | 47,243 | 363,299 | ||||||
RTI Biologics, Inc. (a) | 25,539 | 106,498 | ||||||
|
| |||||||
1,533,807 | ||||||||
|
| |||||||
Chemicals — 2.2% | ||||||||
A. Schulman, Inc. | 9,598 | 228,624 | ||||||
Aceto Corp. | 2,165 | 20,459 | ||||||
Chemtura Corp. (a) | 11,088 | 190,935 | ||||||
Cytec Industries, Inc. | 12,617 | 826,666 | ||||||
H.B. Fuller Co. | 8,570 | 262,928 | ||||||
Huntsman Corp. | 17,855 | 266,575 | ||||||
Innospec, Inc. (a) | 3,369 | 114,277 | ||||||
Kronos Worldwide, Inc. (b) | 2,517 | 37,604 | ||||||
Methanex Corp. | 3,728 | 106,397 | ||||||
Olin Corp. | 910 | 19,774 | ||||||
Omnova Solutions, Inc. (a) | 5,147 | 38,963 | ||||||
PolyOne Corp. | 660 | 10,936 | ||||||
RPM International, Inc. (b) | 3,714 | 105,998 | ||||||
The Valspar Corp. | 651 | 36,521 | ||||||
W.R. Grace & Co. (a) (b) | 11,618 | 686,391 | ||||||
|
| |||||||
2,953,048 | ||||||||
|
| |||||||
Coal — 0.0% | ||||||||
Cloud Peak Energy, Inc. (a) | 610 | 11,041 | ||||||
|
| |||||||
Commercial Services — 7.3% | ||||||||
Aaron’s, Inc. | 6,011 | 167,166 | ||||||
Alliance Data Systems Corp. (a) | 141 | 20,015 | ||||||
Booz Allen Hamilton Holding Corp. (b) | 13,755 | 190,507 | ||||||
Bridgepoint Education, Inc. (a) (b) | 563 | 5,714 | ||||||
Chemed Corp. | 3,756 | 260,253 | ||||||
Coinstar, Inc. (a) (b) | 3,931 | 176,816 | ||||||
Convergys Corp. | 2,841 | 44,518 | ||||||
Deluxe Corp. | 7,996 | 244,358 | ||||||
DeVry, Inc. (b) | 897 | 20,416 |
The accompanying notes are an integral part of the financial statements.
174
Table of Contents
MassMutual Premier Small/Mid Cap Opportunities Fund – Portfolio of Investments (Continued)
Number of Shares | Value | |||||||
Donnelley (R.R.) & Sons Co. (b) | 22,220 | $ | 235,532 | |||||
Euronet Worldwide, Inc. (a) | 11,516 | 216,386 | ||||||
Genpact Ltd. | 6,322 | 105,451 | ||||||
Global Cash Access Holdings, Inc. (a) | 16,212 | 130,507 | ||||||
Global Payments, Inc. | 655 | 27,399 | ||||||
Grand Canyon Education, Inc. (a) | 10,235 | 240,830 | ||||||
Green Dot Corp. Class A (a) (b) | 7,679 | 93,914 | ||||||
Heartland Payment Systems, Inc. | 2,698 | 85,473 | ||||||
ICF International, Inc. (a) | 8,067 | 162,147 | ||||||
Intersections, Inc. (b) | 4,938 | 52,046 | ||||||
Kforce, Inc. (a) | 1,811 | 21,352 | ||||||
Korn/Ferry International (a) | 57,553 | 882,287 | ||||||
MAXIMUS, Inc. (b) | 2,824 | 168,649 | ||||||
Medifast, Inc. (a) | 6,591 | 172,355 | ||||||
Monro Muffler Brake, Inc. | 28,702 | 1,010,023 | ||||||
Moody’s Corp. | 30,082 | 1,328,722 | ||||||
Navigant Consulting, Inc. (a) | 11,074 | 122,368 | ||||||
Net 1 UEPS Technologies, Inc. (a) | 6,519 | 58,997 | ||||||
PAREXEL International Corp. (a) | 3,000 | 92,280 | ||||||
Quad/Graphics, Inc. (b) | 4,729 | 80,204 | ||||||
Rent-A-Center, Inc. | 1,877 | 65,845 | ||||||
Resources Connection, Inc. | 7,377 | 96,712 | ||||||
Robert Half International, Inc. | 91,991 | 2,449,720 | ||||||
SAIC, Inc. | 10,200 | 122,808 | ||||||
Team Health Holdings, Inc. (a) | 540 | 14,650 | ||||||
TeleTech Holdings, Inc. (a) | 6,634 | 113,110 | ||||||
TNS, Inc. (a) | 2,621 | 39,184 | ||||||
Total System Services, Inc. | 10,609 | 251,433 | ||||||
TrueBlue, Inc. (a) | 13,156 | 206,812 | ||||||
Valassis Communications, Inc. (a) (b) | 8,245 | 203,569 | ||||||
|
| |||||||
9,980,528 | ||||||||
|
| |||||||
Computers — 5.6% | ||||||||
Brocade Communications Systems, Inc. (a) | 46,351 | 274,166 | ||||||
CACI International, Inc. Class A (a) | 16,827 | 871,470 | ||||||
Cadence Design Systems, Inc. (a) | 24,965 | 321,175 | ||||||
Diebold, Inc. | 6,058 | 204,215 | ||||||
Electronics for Imaging, Inc. (a) | 12,961 | 215,282 | ||||||
Fortinet, Inc. (a) | 50,587 | 1,221,170 | ||||||
iGATE Corp. (a) | 5,998 | 108,984 | ||||||
j2 Global, Inc. | 29,146 | 956,572 | ||||||
Lexmark International, Inc. Class A (b) | 577 | 12,838 | ||||||
Manhattan Associates, Inc. (a) | 1,694 | 97,015 | ||||||
Mentor Graphics Corp. (a) | 13,247 | 205,064 | ||||||
NCR Corp. (a) | 10,302 | 240,140 | ||||||
Netscout Systems, Inc. (a) | 6,673 | 170,228 | ||||||
Sykes Enterprises, Inc. (a) | 7,442 | 100,021 | ||||||
Synopsys, Inc. (a) | 5,023 | 165,859 | ||||||
Virtusa Corp. (a) | 300 | 5,331 | ||||||
Western Digital Corp. | 62,930 | 2,437,279 | ||||||
|
| |||||||
7,606,809 | ||||||||
|
|
Number of Shares | Value | |||||||
Distribution & Wholesale — 1.9% | ||||||||
Beacon Roofing Supply, Inc. (a) | 10,937 | $ | 311,704 | |||||
Fossil, Inc. (a) | 13,554 | 1,148,024 | ||||||
Owens & Minor, Inc. | 3,897 | 116,442 | ||||||
Pool Corp. | 24,982 | 1,038,752 | ||||||
|
| |||||||
2,614,922 | ||||||||
|
| |||||||
Diversified Financial — 1.9% | ||||||||
Encore Capital Group, Inc. (a) | 5,187 | 146,585 | ||||||
Federated Investors, Inc. Class B (b) | 7,451 | 154,161 | ||||||
Financial Engines, Inc. (a) | 17,947 | 427,677 | ||||||
KBW, Inc. | 43,554 | 717,334 | ||||||
The NASDAQ OMX Group, Inc. | 5,801 | 135,134 | ||||||
Netspend Holdings, Inc. (a) | 1,750 | 17,203 | ||||||
Ocwen Financial Corp. (a) | 34,504 | 945,755 | ||||||
|
| |||||||
2,543,849 | ||||||||
|
| |||||||
Electric — 1.3% | ||||||||
The AES Corp. (a) | 69,943 | 767,275 | ||||||
Avista Corp. | 5,935 | 152,767 | ||||||
CenterPoint Energy, Inc. | 4,677 | 99,620 | ||||||
CMS Energy Corp. | 1,684 | 39,658 | ||||||
El Paso Electric Co. | 3,455 | 118,334 | ||||||
The Empire District Electric Co. | 250 | 5,388 | ||||||
NorthWestern Corp. | 754 | 27,317 | ||||||
NV Energy, Inc. | 10,737 | 193,373 | ||||||
Portland General Electric Co. | 3,341 | 90,341 | ||||||
TECO Energy, Inc. | 14,272 | 253,185 | ||||||
|
| |||||||
1,747,258 | ||||||||
|
| |||||||
Electrical Components & Equipment — 1.4% | ||||||||
Belden, Inc. | 5,460 | 201,365 | ||||||
EnerSys (a) | 8,453 | 298,306 | ||||||
General Cable Corp. (a) | 22,288 | 654,821 | ||||||
Greatbatch, Inc. (a) | 29,832 | 725,813 | ||||||
Molex, Inc. (b) | 1,404 | 36,897 | ||||||
|
| |||||||
1,917,202 | ||||||||
|
| |||||||
Electronics — 2.0% | ||||||||
Avnet, Inc. (a) | 1,065 | 30,981 | ||||||
Celestica, Inc. (a) (b) | 12,457 | 88,943 | ||||||
Flextronics International Ltd. (a) | 17,573 | 105,438 | ||||||
Imax Corp. (a) (b) | 73,091 | 1,455,242 | ||||||
Itron, Inc. (a) | 377 | 16,267 | ||||||
Newport Corp. (a) | 3,377 | 37,350 | ||||||
PerkinElmer, Inc. | 7,210 | 212,479 | ||||||
Waters Corp. (a) | 5,175 | 431,233 | ||||||
Watts Water Technologies, Inc. Class A | 2,816 | 106,529 | ||||||
Zagg, Inc. (a) | 17,594 | 150,077 | ||||||
Zygo Corp. (a) | 884 | 16,168 | ||||||
|
| |||||||
2,650,707 | ||||||||
|
| |||||||
Energy – Alternate Sources — 0.2% | ||||||||
Green Plains Renewable Energy, Inc. (a) | 524 | 3,071 |
The accompanying notes are an integral part of the financial statements.
175
Table of Contents
MassMutual Premier Small/Mid Cap Opportunities Fund – Portfolio of Investments (Continued)
Number of Shares | Value | |||||||
Renewable Energy Group, Inc. (a) (b) | 35,310 | $ | 234,811 | |||||
REX American Resources Corp. (a) | 2,707 | 48,753 | ||||||
|
| |||||||
286,635 | ||||||||
|
| |||||||
Engineering & Construction — 1.9% | ||||||||
AECOM Technology Corp. (a) | 7,965 | 168,539 | ||||||
Dycom Industries, Inc. (a) | 407 | 5,853 | ||||||
EMCOR Group, Inc. | 616 | 17,581 | ||||||
KBR, Inc. | 80,406 | 2,397,707 | ||||||
URS Corp. | 1,575 | 55,613 | ||||||
|
| |||||||
2,645,293 | ||||||||
|
| |||||||
Entertainment — 0.2% | ||||||||
Cinemark Holdings, Inc. | 6,030 | 135,253 | ||||||
Penn National Gaming, Inc. (a) | 35 | 1,509 | ||||||
Regal Entertainment Group Class A (b) | 7,191 | 101,177 | ||||||
|
| |||||||
237,939 | ||||||||
|
| |||||||
Environmental Controls — 2.0% | ||||||||
Darling International, Inc. (a) | 13,159 | 240,678 | ||||||
Mine Safety Appliances Co. | 2,596 | 96,753 | ||||||
Tetra Technologies, Inc. (a) | 10,191 | 267,616 | ||||||
Waste Connections, Inc. | 69,134 | 2,091,303 | ||||||
|
| |||||||
2,696,350 | ||||||||
|
| |||||||
Foods — 1.4% | ||||||||
Dean Foods Co. (a) | 14,720 | 240,672 | ||||||
Harris Teeter Supermarkets, Inc. | 567 | 22,022 | ||||||
Ingredion, Inc. | 1,160 | 63,986 | ||||||
Safeway, Inc. (b) | 6,228 | 100,209 | ||||||
Spartan Stores, Inc. | 3,159 | 48,364 | ||||||
TreeHouse Foods, Inc. (a) | 23,949 | 1,257,322 | ||||||
Village Super Market | 991 | 36,429 | ||||||
Weis Markets, Inc. | 1,844 | 78,057 | ||||||
|
| |||||||
1,847,061 | ||||||||
|
| |||||||
Forest Products & Paper — 0.9% | ||||||||
Boise, Inc. | 4,484 | 39,280 | ||||||
Buckeye Technologies, Inc. | 9,278 | 297,453 | ||||||
KapStone Paper and Packaging | 11,328 | 253,634 | ||||||
Neenah Paper, Inc. | 4,907 | 140,536 | ||||||
P.H. Glatfelter Co. | 17,823 | 317,428 | ||||||
Schweitzer-Mauduit International, Inc. | 4,284 | 141,329 | ||||||
|
| |||||||
1,189,660 | ||||||||
|
| |||||||
Gas — 0.9% | ||||||||
Chesapeake Utilities Corp. | 120 | 5,683 | ||||||
PAA Natural Gas Storage LP | 39,390 | 783,861 | ||||||
UGI Corp. | 5,421 | 172,117 | ||||||
Vectren Corp. | 7,675 | 219,505 | ||||||
|
| |||||||
1,181,166 | ||||||||
|
| |||||||
Hand & Machine Tools — 0.6% | ||||||||
Lincoln Electric Holdings, Inc. | 1,247 | 48,695 |
Number of Shares | Value | |||||||
Regal-Beloit Corp. | 11,770 | $ | 829,550 | |||||
|
| |||||||
878,245 | ||||||||
|
| |||||||
Health Care – Products — 2.7% | ||||||||
Cepheid, Inc. (a) | 24,950 | 861,024 | ||||||
CONMED Corp. | 8,092 | 230,622 | ||||||
Cyberonics, Inc. (a) | 648 | 33,968 | ||||||
Dexcom, Inc. (a) | 55,660 | 836,570 | ||||||
Hanger, Inc. (a) | 6,284 | 179,283 | ||||||
Henry Schein, Inc. (a) | 2,727 | 216,169 | ||||||
IDEXX Laboratories, Inc. (a) | 197 | 19,572 | ||||||
Masimo Corp. (a) | 2,380 | 57,548 | ||||||
OraSure Technologies, Inc. (a) | 18,270 | 203,162 | ||||||
Orthofix International NV (a) | 12,791 | 572,397 | ||||||
PSS World Medical, Inc. (a) | 910 | 20,730 | ||||||
ResMed, Inc. | 6,742 | 272,849 | ||||||
Steris Corp. | 2,987 | 105,949 | ||||||
Vascular Solutions, Inc. (a) | 3,846 | 56,959 | ||||||
Young Innovations, Inc. | 1,476 | 57,712 | ||||||
|
| |||||||
3,724,514 | ||||||||
|
| |||||||
Health Care – Services — 3.7% | ||||||||
AMERIGROUP Corp. (a) | 5,679 | 519,231 | ||||||
AmSurg Corp. (a) | 8,188 | 232,376 | ||||||
Bio-Reference Laboratories, Inc. (a) (b) | 6,474 | 185,027 | ||||||
DaVita, Inc. (a) | 1,107 | 114,696 | ||||||
The Ensign Group, Inc. | 7,773 | 237,893 | ||||||
Health Management Associates, Inc. Class A (a) | 15,236 | 127,830 | ||||||
HealthSouth Corp. (a) | 67,053 | 1,613,295 | ||||||
Laboratory Corporation of America Holdings (a) | 1,007 | 93,117 | ||||||
LifePoint Hospitals, Inc. (a) | 368 | 15,743 | ||||||
Magellan Health Services, Inc. (a) | 260 | 13,419 | ||||||
Metropolitan Health Networks, Inc. (a) | 16,807 | 156,977 | ||||||
Select Medical Holdings Corp. (a) | 21,019 | 236,043 | ||||||
Skilled Healthcare Group, Inc. Class A (a) | 1,819 | 11,696 | ||||||
Triple-S Management Corp. Class B (a) | 2,079 | 43,451 | ||||||
U.S. Physical Therapy, Inc. | 5,313 | 146,798 | ||||||
Universal Health Services, Inc. Class B | 1,190 | 54,419 | ||||||
WellCare Health Plans, Inc. (a) | 20,850 | 1,179,068 | ||||||
|
| |||||||
4,981,079 | ||||||||
|
| |||||||
Holding Company – Diversified — 0.0% | ||||||||
Harbinger Group, Inc. (a) | 4,335 | 36,544 | ||||||
|
| |||||||
Home Builders — 0.6% | ||||||||
Toll Brothers, Inc. (a) | 24,623 | 818,222 | ||||||
|
| |||||||
Home Furnishing — 0.1% | ||||||||
Kimball International, Inc. Class B | 1,600 | 19,552 | ||||||
La-Z-Boy, Inc. (a) | 6,533 | 95,578 |
The accompanying notes are an integral part of the financial statements.
176
Table of Contents
MassMutual Premier Small/Mid Cap Opportunities Fund – Portfolio of Investments (Continued)
Number of Shares | Value | |||||||
VOXX International Corp. (a) | 10,433 | $ | 78,039 | |||||
|
| |||||||
193,169 | ||||||||
|
| |||||||
Household Products — 0.3% | ||||||||
Acco Brands Corp. (a) | 117 | 759 | ||||||
Avery Dennison Corp. | 1,650 | 52,503 | ||||||
CSS Industries, Inc. | 1,884 | 38,716 | ||||||
Helen of Troy Ltd. (a) | 2,024 | 64,424 | ||||||
Jarden Corp. | 3,109 | 164,280 | ||||||
Spectrum Brands Holdings, Inc. (a) | 471 | 18,845 | ||||||
|
| |||||||
339,527 | ||||||||
|
| |||||||
Housewares — 0.2% | ||||||||
The Toro Co. | 5,587 | 222,251 | ||||||
|
| |||||||
Insurance — 4.5% | ||||||||
Allied World Assurance Co. Holdings Ltd. | 1,413 | 109,154 | ||||||
Alterra Capital Holdings Ltd. | 21,965 | 525,842 | ||||||
American Financial Group, Inc. | 9,332 | 353,683 | ||||||
AmTrust Financial Services, Inc. (b) | 25,612 | 656,179 | ||||||
Aspen Insurance Holdings Ltd. | 3,720 | 113,423 | ||||||
Assurant, Inc. | 6,013 | 224,285 | ||||||
Axis Capital Holdings Ltd. | 3,480 | 121,522 | ||||||
CNO Financial Group, Inc. | 36,838 | 355,487 | ||||||
Everest Re Group Ltd. | 1,567 | 167,606 | ||||||
FBL Financial Group, Inc. Class A | 1,080 | 35,856 | ||||||
Fidelity National Financial, Inc. Class A | 13,464 | 287,995 | ||||||
First American Financial Corp. | 5,259 | 113,963 | ||||||
Greenlight Capital Re Ltd. Class A (a) | 3,417 | 84,571 | ||||||
HCC Insurance Holdings, Inc. | 10,326 | 349,948 | ||||||
Horace Mann Educators Corp. | 11,332 | 205,222 | ||||||
Maiden Holdings Ltd. | 4,837 | 43,001 | ||||||
Meadowbrook Insurance Group, Inc. | 19,008 | 146,172 | ||||||
Montpelier Re Holdings Ltd. | 5,859 | 129,660 | ||||||
PartnerRe Ltd. | 1,435 | 106,592 | ||||||
Primerica, Inc. | 12,168 | 348,491 | ||||||
ProAssurance Corp. | 2,687 | 243,012 | ||||||
Protective Life Corp. | 7,708 | 202,027 | ||||||
Reinsurance Group of America, Inc. Class A | 5,369 | 310,704 | ||||||
RenaissanceRe Holdings Ltd. | 1,369 | 105,468 | ||||||
StanCorp Financial Group, Inc. | 987 | 30,834 | ||||||
Symetra Financial Corp. | 26,012 | 319,948 | ||||||
Torchmark Corp. | 5,270 | 270,614 | ||||||
Tower Group, Inc. | 57 | 1,105 | ||||||
Validus Holdings Ltd. | 3,707 | 125,704 | ||||||
|
| |||||||
6,088,068 | ||||||||
|
| |||||||
Internet — 2.2% | ||||||||
Ancestry.com, Inc. (a) (b) | 4,155 | 124,982 | ||||||
AOL, Inc. (a) (b) | 2,031 | 71,552 | ||||||
Dice Holdings, Inc. (a) | 21,356 | 179,818 | ||||||
Digital River, Inc. (a) | 1,406 | 23,424 |
Number of Shares | Value | |||||||
IAC/InterActiveCorp | 3,423 | $ | 178,201 | |||||
Move, Inc. (a) | 4,022 | 34,670 | ||||||
Perficient, Inc. (a) | 2,819 | 34,025 | ||||||
Sapient Corp. (a) | 16,686 | 177,873 | ||||||
Splunk, Inc. (a) | 439 | 16,120 | ||||||
TIBCO Software, Inc. (a) | 56,179 | 1,698,291 | ||||||
Travelzoo, Inc. (a) | 460 | 10,842 | ||||||
ValueClick, Inc. (a) | 11,795 | 202,756 | ||||||
VASCO Data Security International, Inc. (a) | 5,387 | 50,530 | ||||||
Websense, Inc. (a) | 13,029 | 203,904 | ||||||
XO Group, Inc. (a) | 2,691 | 22,470 | ||||||
|
| |||||||
3,029,458 | ||||||||
|
| |||||||
Iron & Steel — 0.0% | ||||||||
Metals USA Holdings Corp. (a) | 4,864 | 65,032 | ||||||
|
| |||||||
Leisure Time — 0.0% | ||||||||
Multimedia Games Holding Co. (a) | 527 | 8,290 | ||||||
Polaris Industries, Inc. | 244 | 19,732 | ||||||
Town Sports International Holdings, Inc. (a) | 2,133 | 26,385 | ||||||
|
| |||||||
54,407 | ||||||||
|
| |||||||
Lodging — 0.1% | ||||||||
Ameristar Casinos, Inc. | 9,328 | 166,038 | ||||||
|
| |||||||
Machinery – Diversified — 1.0% | ||||||||
Altra Holdings, Inc. | 3,331 | 60,624 | ||||||
Applied Industrial Technologies, Inc. | 2,319 | 96,076 | ||||||
Columbus McKinnon Corp. (a) | 3,117 | 47,098 | ||||||
Gardner Denver, Inc. | 189 | 11,418 | ||||||
Kadant, Inc. (a) | 4,781 | 110,871 | ||||||
NACCO Industries, Inc. Class A | 1,012 | 126,915 | ||||||
Tennant Co. | 277 | 11,861 | ||||||
Wabtec Corp. | 9,331 | 749,186 | ||||||
Xylem, Inc. | 833 | 20,950 | ||||||
Zebra Technologies Corp. Class A (a) | 2,305 | 86,530 | ||||||
|
| |||||||
1,321,529 | ||||||||
|
| |||||||
Manufacturing — 1.1% | ||||||||
Actuant Corp. Class A | 10,755 | 307,808 | ||||||
AZZ, Inc. | 772 | 29,321 | ||||||
Barnes Group, Inc. | 5,926 | 148,209 | ||||||
Carlisle Cos., Inc. (b) | 2,371 | 123,102 | ||||||
EnPro Industries, Inc. (a) | 1,883 | 67,807 | ||||||
FreightCar America, Inc. | 3,376 | 60,059 | ||||||
GP Strategies Corp. (a) | 4,854 | 93,779 | ||||||
Koppers Holdings, Inc. | 2,850 | 99,551 | ||||||
LSB Industries, Inc. (a) | 1,178 | 51,679 | ||||||
Myers Industries, Inc. | 7,859 | 122,758 | ||||||
Park-Ohio Holdings Corp. (a) | 2,600 | 56,342 | ||||||
Smith & Wesson Holding Corp. (a) | 10,170 | 111,972 | ||||||
Standex International Corp. | 3,036 | 134,950 | ||||||
Trimas Corp. (a) | 5,086 | 122,623 | ||||||
|
| |||||||
1,529,960 | ||||||||
|
|
The accompanying notes are an integral part of the financial statements.
177
Table of Contents
MassMutual Premier Small/Mid Cap Opportunities Fund – Portfolio of Investments (Continued)
Number of Shares | Value | |||||||
Media — 0.3% | ||||||||
Demand Media, Inc. (a) | 3,879 | $ | 42,165 | |||||
John Wiley & Sons, Inc. Class A | 2,956 | 135,828 | ||||||
Scholastic Corp. | 7,117 | 226,178 | ||||||
|
| |||||||
404,171 | ||||||||
|
| |||||||
Metal Fabricate & Hardware — 0.3% | ||||||||
Commercial Metals Co. | 3,624 | 47,837 | ||||||
The Timken Co. | 2,131 | 79,188 | ||||||
Worthington Industries, Inc. | 15,735 | 340,820 | ||||||
|
| |||||||
467,845 | ||||||||
|
| |||||||
Mining — 0.7% | ||||||||
Aurizon Mines Ltd. (a) | 19,799 | 104,143 | ||||||
Compass Minerals International, Inc. | 10,054 | 749,928 | ||||||
Nevsun Resources Ltd. | 4,279 | 20,111 | ||||||
Noranda Aluminum Holding Corp. | 3,631 | 24,291 | ||||||
|
| |||||||
898,473 | ||||||||
|
| |||||||
Office Furnishings — 0.4% | ||||||||
Herman Miller, Inc. | 8,531 | 165,843 | ||||||
Knoll, Inc. | 8,069 | 112,562 | ||||||
Steelcase, Inc. Class A | 20,154 | 198,517 | ||||||
|
| |||||||
476,922 | ||||||||
|
| |||||||
Oil & Gas — 2.9% | ||||||||
Alon USA Energy, Inc. | 10,524 | 144,179 | ||||||
CVR Energy, Inc. (a) | 2,367 | 86,987 | ||||||
CVR Energy, Inc. (c) | 5,896 | - | ||||||
Delek US Holdings, Inc. | 7,021 | 178,965 | ||||||
Denbury Resources, Inc. (a) | 2,707 | 43,745 | ||||||
EPL Oil & Gas, Inc. (a) | 36,965 | 750,020 | ||||||
Gran Tierra Energy, Inc. (a) | 28,483 | 147,257 | ||||||
Helmerich & Payne, Inc. | 4,650 | 221,387 | ||||||
Kosmos Energy Ltd. (a) | 42,496 | 484,030 | ||||||
Nabors Industries Ltd. (a) | 6,177 | 86,663 | ||||||
Parker Drilling Co. (a) | 41,200 | 174,276 | ||||||
Patterson-UTI Energy, Inc. | 13,850 | 219,384 | ||||||
Tesoro Corp. | 10,359 | 434,042 | ||||||
TransGlobe Energy Corp. (a) | 12,681 | 137,716 | ||||||
VAALCO Energy, Inc. (a) | 34,671 | 296,437 | ||||||
Venoco, Inc. (a) | 10,714 | 127,282 | ||||||
Warren Resources, Inc. (a) | 17,676 | 53,735 | ||||||
Western Refining, Inc. | 12,768 | 334,266 | ||||||
|
| |||||||
3,920,371 | ||||||||
|
| |||||||
Oil & Gas Services — 2.2% | ||||||||
Basic Energy Services, Inc. (a) (b) | 6,040 | 67,769 | ||||||
C&J Energy Services, Inc. (a) (b) | 11,825 | 235,318 | ||||||
Forum Energy Technologies, Inc. (a) (b) | 5,770 | 140,326 | ||||||
Helix Energy Solutions Group, Inc. (a) | 14,300 | 261,261 | ||||||
HollyFrontier Corp. | 36,111 | 1,490,301 | ||||||
ION Geophysical Corp. (a) | 14,450 | 100,283 | ||||||
Key Energy Services, Inc. (a) | 4,678 | 32,746 | ||||||
Matrix Service Co. (a) | 7,432 | 78,556 |
Number of Shares | Value | |||||||
Newpark Resources, Inc. (a) | 1,110 | $ | 8,225 | |||||
Pioneer Energy Services Corp. (a) | 2,106 | 16,406 | ||||||
RPC, Inc. (b) | 23,941 | 284,658 | ||||||
Targa Resources Corp. | 4,599 | 231,514 | ||||||
Tesco Corp. (a) | 930 | 9,932 | ||||||
|
| |||||||
2,957,295 | ||||||||
|
| |||||||
Packaging & Containers — 1.3% | ||||||||
Ball Corp. | 404 | 17,093 | ||||||
Bemis Co., Inc. | 4,150 | 130,601 | ||||||
Graphic Packaging Holding Co. (a) | 21,262 | 123,532 | ||||||
Packaging Corporation of America | 38,589 | 1,400,781 | ||||||
Silgan Holdings, Inc. | 847 | 36,853 | ||||||
|
| |||||||
1,708,860 | ||||||||
|
| |||||||
Pharmaceuticals — 3.2% | ||||||||
Achillion Pharmaceuticals, Inc. (a) | 36,315 | 378,039 | ||||||
Catamaran Corp. (a) | 8,986 | 880,358 | ||||||
Endo Health Solutions, Inc. (a) | 3,272 | 103,788 | ||||||
MAP Pharmaceuticals, Inc. (a) | 18,794 | 292,623 | ||||||
Medivation, Inc. (a) | 10,440 | 588,398 | ||||||
Obagi Medical Products, Inc. (a) | 8,367 | 103,834 | ||||||
Omnicare, Inc. | 4,748 | 161,290 | ||||||
Patterson Cos., Inc. | 7,284 | 249,404 | ||||||
PharMerica Corp. (a) | 4,010 | 50,767 | ||||||
Questcor Pharmaceuticals, Inc. (a) (b) | 42,445 | 785,233 | ||||||
Santarus, Inc. (a) | 17,879 | 158,766 | ||||||
SciClone Pharmaceuticals, Inc. (a) | 29,493 | 163,686 | ||||||
United Therapeutics Corp. (a) | 1,005 | 56,159 | ||||||
USANA Health Sciences, Inc. (a) (b) | 4,706 | 218,688 | ||||||
VIVUS, Inc. (a) | 11,820 | 210,632 | ||||||
|
| |||||||
4,401,665 | ||||||||
|
| |||||||
Pipelines — 0.0% | ||||||||
Crosstex Energy, Inc. | 3,174 | 44,531 | ||||||
|
| |||||||
Real Estate Investment Trusts (REITS) — 9.4% | ||||||||
Acadia Realty Trust | 67 | 1,663 | ||||||
American Assets Trust, Inc. | 2,140 | 57,331 | ||||||
American Campus Communities, Inc. | 1,147 | 50,330 | ||||||
Apartment Investment & Management Co. Class A | 5,759 | 149,676 | ||||||
Ares Commercial Real Estate Corp. | 11,670 | 199,090 | ||||||
Brandywine Realty Trust | 7,190 | 87,646 | ||||||
Camden Property Trust | 10 | 645 | ||||||
CBL & Associates Properties, Inc. | 7,387 | 157,639 | ||||||
Cedar Realty Trust, Inc. | 2,020 | 10,666 | ||||||
Chatham Lodging Trust | 22,895 | 317,783 | ||||||
Coresite Realty Corp. | 4,278 | 115,249 | ||||||
CubeSmart | 11,677 | 150,283 | ||||||
CYS Investments, Inc. (b) | 117,649 | 1,657,674 | ||||||
DCT Industrial Trust Inc. (b) | 7,362 | 47,632 | ||||||
Digital Realty Trust, Inc. | 18,070 | 1,262,189 | ||||||
Douglas Emmett, Inc. | 1,904 | 43,925 | ||||||
Duke Realty Corp. | 4,682 | 68,825 | ||||||
Eastgroup Properties | 5,685 | 302,442 |
The accompanying notes are an integral part of the financial statements.
178
Table of Contents
MassMutual Premier Small/Mid Cap Opportunities Fund – Portfolio of Investments (Continued)
Number of Shares | Value | |||||||
Education Realty Trust, Inc. | 3,746 | $ | 40,831 | |||||
Extra Space Storage, Inc. | 9,426 | 313,414 | ||||||
First Industrial Realty Trust, Inc. (a) | 10,228 | 134,396 | ||||||
Glimcher Realty Trust | 13,090 | 138,361 | ||||||
Hatteras Financial Corp. | 65,085 | 1,834,746 | ||||||
Healthcare Realty Trust, Inc. | 7,672 | 176,840 | ||||||
LaSalle Hotel Properties | 57,006 | 1,521,490 | ||||||
Lexington Realty Trust | 10,460 | 101,044 | ||||||
Liberty Property Trust | 1,757 | 63,674 | ||||||
Mid-America Apartment Communities, Inc. | 15,201 | 992,777 | ||||||
OMEGA Healthcare Investors, Inc. | 3,094 | 70,327 | ||||||
Post Properties, Inc. | 1,026 | 49,207 | ||||||
Ramco-Gershenson Properties Trust | 7,671 | 96,118 | ||||||
Regency Centers Corp. (b) | 931 | 45,368 | ||||||
Sabra Health Care REIT, Inc. | 7,863 | 157,339 | ||||||
Sovran Self Storage, Inc. (b) | 4,489 | 259,689 | ||||||
Starwood Property Trust, Inc. | 53,476 | 1,244,387 | ||||||
Sun Communities, Inc. | 2,935 | 129,492 | ||||||
Sunstone Hotel Investors, Inc. (a) | 9,455 | 104,005 | ||||||
Tanger Factory Outlet Centers, Inc. | 7,738 | 250,170 | ||||||
Taubman Centers, Inc. | 3,536 | 271,317 | ||||||
Weingarten Realty Investors | 3,739 | 105,103 | ||||||
|
| |||||||
12,780,783 | ||||||||
|
| |||||||
Retail — 9.8% | ||||||||
Advance Auto Parts, Inc. | 2,992 | 204,772 | ||||||
ANN, Inc. (a) | 10,836 | 408,842 | ||||||
Big Lots, Inc. (a) | 6,245 | 184,727 | ||||||
Bob Evans Farms, Inc. | 6,143 | 240,375 | ||||||
Body Central Corp. (a) | 6,391 | 66,786 | ||||||
Brinker International, Inc. | 9,433 | 332,985 | ||||||
Brown Shoe Co., Inc. | 810 | 12,984 | ||||||
The Buckle, Inc. (b) | 1,137 | 51,654 | ||||||
CarMax, Inc. (a) | 62,757 | 1,776,023 | ||||||
Cash America International, Inc. | 1,347 | 51,954 | ||||||
The Cato Corp. Class A (b) | 11,534 | 342,675 | ||||||
CEC Entertainment, Inc. | 225 | 6,777 | ||||||
The Cheesecake Factory, Inc. | 7,668 | 274,131 | ||||||
Chico’s FAS, Inc. | 21,515 | 389,637 | ||||||
Cracker Barrel Old Country Store, Inc. | 1,453 | 97,511 | ||||||
Denny’s Corp. (a) | 6,935 | 33,635 | ||||||
Dick’s Sporting Goods, Inc. | 502 | 26,029 | ||||||
Dillard’s, Inc. Class A | 2,735 | 197,795 | ||||||
Dunkin’ Brands Group, Inc. (b) | 87,234 | 2,546,797 | ||||||
Express, Inc. (a) | 13,882 | 205,731 | ||||||
EZCORP, Inc. (a) | 4,439 | 101,786 | ||||||
The Finish Line, Inc. Class A | 14,709 | 334,483 | ||||||
First Cash Financial Services, Inc. (a) (b) | 345 | 15,873 | ||||||
Foot Locker, Inc. | 9,409 | 334,019 | ||||||
Fred’s, Inc. Class A | 6,254 | 88,994 | ||||||
GameStop Corp. Class A (b) | 13,629 | 286,209 | ||||||
Hibbett Sports, Inc. (a) | 406 | 24,137 |
Number of Shares | Value | |||||||
Hot Topic, Inc. | 19,314 | $ | 168,032 | |||||
HSN, Inc. | 534 | 26,193 | ||||||
Insight Enterprises, Inc. (a) | 2,300 | 40,204 | ||||||
The Men’s Wearhouse, Inc. | 47 | 1,618 | ||||||
Nu Skin Enterprises, Inc. Class A (b) | 1,696 | 65,856 | ||||||
Papa John’s International, Inc. (a) | 3,303 | 176,413 | ||||||
Pier 1 Imports, Inc. | 73,863 | 1,384,193 | ||||||
PVH Corp. | 17,705 | 1,659,313 | ||||||
RadioShack Corp. (b) | 1,118 | 2,661 | ||||||
Red Robin Gourmet Burgers, Inc. (a) | 4,169 | 135,743 | ||||||
Regis Corp. | 4,615 | 84,824 | ||||||
Roundy’s, Inc. (b) | 19,020 | 115,071 | ||||||
Rue21, Inc. (a) | 4,995 | 155,594 | ||||||
Ruth’s Hospitality Group, Inc. (a) | 917 | 5,841 | ||||||
Saks, Inc. (a) (b) | 25,290 | 260,740 | ||||||
Stage Stores, Inc. (b) | 3,350 | 70,551 | ||||||
Staples, Inc. (b) | 10,830 | 124,762 | ||||||
Texas Roadhouse, Inc. | 2,240 | 38,304 | ||||||
Williams-Sonoma, Inc. | 3,850 | 169,284 | ||||||
|
| |||||||
13,322,518 | ||||||||
|
| |||||||
Savings & Loans — 1.0% | ||||||||
BankUnited, Inc. | 24,858 | 611,755 | ||||||
Flushing Financial Corp. | 2,677 | 42,297 | ||||||
OceanFirst Financial Corp. | 2,601 | 38,157 | ||||||
Oritani Financial Corp. | 31,398 | 472,540 | ||||||
Washington Federal, Inc. | 11,606 | 193,588 | ||||||
|
| |||||||
1,358,337 | ||||||||
|
| |||||||
Semiconductors — 2.6% | ||||||||
Brooks Automation, Inc. | 3,230 | 25,937 | ||||||
Cabot Microelectronics Corp. | 397 | 13,950 | ||||||
Cypress Semiconductor Corp. (a) | 785 | 8,415 | ||||||
Emulex Corp. (a) | 18,337 | 132,210 | ||||||
Entegris, Inc. (a) | 4,899 | 39,829 | ||||||
GSI Group, Inc. (a) | 6,815 | 60,722 | ||||||
Integrated Silicon Solution, Inc. (a) | 5,882 | 54,467 | ||||||
IXYS Corp. (a) | 7,758 | 76,959 | ||||||
LSI Corp. (a) | 16,124 | 111,417 | ||||||
Magnachip Semiconductor Corp. (a) | 3,427 | 40,439 | ||||||
Semtech Corp. (a) | 70,039 | 1,761,481 | ||||||
Skyworks Solutions, Inc. (a) | 53,378 | 1,257,852 | ||||||
|
| |||||||
3,583,678 | ||||||||
|
| |||||||
Software — 3.0% | ||||||||
Actuate Corp. (a) | 16,442 | 115,587 | ||||||
Acxiom Corp. (a) | 20,488 | 374,316 | ||||||
BMC Software, Inc. (a) | 928 | 38,503 | ||||||
Broadridge Financial Solutions, Inc. | 10,737 | 250,494 | ||||||
CSG Systems International, Inc. (a) | 9,831 | 221,099 | ||||||
Deltek, Inc. (a) | 2,620 | 34,112 | ||||||
The Dun & Bradstreet Corp. | 216 | 17,198 | ||||||
Ebix, Inc. (b) | 7,253 | 171,243 | ||||||
EPAM Systems, Inc. (a) (b) | 2,850 | 53,979 | ||||||
Fair Isaac Corp. | 565 | 25,007 | ||||||
Infoblox, Inc. (a) (b) | 1,387 | 32,248 |
The accompanying notes are an integral part of the financial statements.
179
Table of Contents
MassMutual Premier Small/Mid Cap Opportunities Fund – Portfolio of Investments (Continued)
Number of Shares | Value | |||||||
JDA Software Group, Inc. (a) | 886 | $ | 28,157 | |||||
ManTech International Corp. Class A | 1,196 | 28,704 | ||||||
MedAssets, Inc. (a) | 14,428 | 256,818 | ||||||
MSCI, Inc. Class A (a) | 60,534 | 2,166,512 | ||||||
Omnicell, Inc. (a) | 10,748 | 149,397 | ||||||
Parametric Technology Corp. (a) | 2,580 | 56,244 | ||||||
Seachange International, Inc. (a) | 2,140 | 16,799 | ||||||
SYNNEX Corp. (a) | 1,287 | 41,931 | ||||||
|
| |||||||
4,078,348 | ||||||||
|
| |||||||
Telecommunications — 2.7% | ||||||||
Amdocs Ltd. | 6,278 | 207,111 | ||||||
Arris Group, Inc. (a) | 17,314 | 221,446 | ||||||
Aruba Networks, Inc. (a) | 74,951 | 1,685,273 | ||||||
Finisar Corp. (a) (b) | 56,477 | 807,621 | ||||||
Globecomm Systems, Inc. (a) | 5,080 | 56,642 | ||||||
Harris Corp. | 1,940 | 99,367 | ||||||
Neutral Tandem, Inc. (a) | 642 | 6,022 | ||||||
Polycom, Inc. (a) | 4,575 | 45,155 | ||||||
Portugal Telecom SGPS SA Sponsored ADR (Portugal) (b) | 11,267 | 55,885 | ||||||
Telecom Corp. of New Zealand Ltd. Sponsored ADR (New Zealand) | 9,855 | 95,791 | ||||||
USA Mobility, Inc. | 12,314 | 146,167 | ||||||
Vonage Holdings Corp. (a) | 90,051 | 205,316 | ||||||
|
| |||||||
3,631,796 | ||||||||
|
| |||||||
Textiles — 0.2% | ||||||||
Cintas Corp. | 6,098 | 252,762 | ||||||
UniFirst Corp. | 240 | 16,030 | ||||||
|
| |||||||
268,792 | ||||||||
|
| |||||||
Toys, Games & Hobbies — 0.2% | ||||||||
LeapFrog Enterprises, Inc. (a) | 24,527 | 221,233 | ||||||
|
| |||||||
Transportation — 2.7% | ||||||||
Celadon Group, Inc. | 5,974 | 96,002 | ||||||
Forward Air Corp. | 928 | 28,220 | ||||||
Genesee & Wyoming, Inc. | 12,777 | 854,270 | ||||||
Hub Group, Inc. Class A (a) | 21,067 | 625,269 | ||||||
Old Dominion Freight Line, Inc. (a) | 59,601 | 1,797,566 | ||||||
Swift Transportation Co. (a) | 23,296 | 200,812 | ||||||
UTI Worldwide, Inc. | 4,119 | 55,483 | ||||||
|
| |||||||
3,657,622 | ||||||||
|
| |||||||
Water — 0.3% | ||||||||
American States Water Co. | 263 | 11,685 | ||||||
Aqua America, Inc. | 15,437 | 382,220 | ||||||
|
| |||||||
393,905 | ||||||||
|
| |||||||
TOTAL COMMON STOCK (Cost $121,401,360) | 134,026,479 | |||||||
|
| |||||||
TOTAL EQUITIES (Cost $121,401,360) | 134,026,479 | |||||||
|
|
Number of Shares | Value | |||||||
MUTUAL FUNDS — 8.2% | ||||||||
Diversified Financial — 8.2% | ||||||||
State Street Navigator Securities Lending Prime Portfolio (d) | 11,178,137 | $ | 11,178,137 | |||||
|
| |||||||
TOTAL MUTUAL FUNDS (Cost $11,178,137) | 11,178,137 | |||||||
|
| |||||||
RIGHTS — 0.0% | ||||||||
Pharmaceuticals — 0.0% | ||||||||
Indevus Pharmaceuticals, Inc. (Escrow Shares) (a) (c) | 600 | 6 | ||||||
|
| |||||||
TOTAL RIGHTS (Cost $0) | 6 | |||||||
|
| |||||||
TOTAL LONG-TERM INVESTMENTS (Cost $132,579,497) | 145,204,622 | |||||||
|
| |||||||
Principal Amount | ||||||||
SHORT-TERM INVESTMENTS — 1.7% | ||||||||
Repurchase Agreement — 1.7% | ||||||||
State Street Bank & Trust Co. Repurchase Agreement, dated 9/28/12, 0.010%, due 10/01/12 (e) | $ | 2,283,955 | 2,283,955 | |||||
|
| |||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $2,283,955) | 2,283,955 | |||||||
|
| |||||||
TOTAL INVESTMENTS — 108.6% (Cost $134,863,452) (f) | 147,488,577 | |||||||
Other Assets/(Liabilities) — (8.6)% | (11,619,845 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 135,868,732 | ||||||
|
|
Notes to Portfolio of Investments
ADR | American Depositary Receipt |
(a) | Non-income producing security. |
(b) | Denotes all or a portion of security on loan. The total value of securities on loan as of September 30, 2012, was $10,861,439. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers. (Note 2). |
(c) | This security is valued in good faith under procedures established by the Board of Trustees. |
(d) | Represents investment of security lending collateral. (Note 2). |
(e) | Maturity value of $2,283,957. Collateralized by U.S. Government Agency obligations with a rate of 4.000%, maturity date of 5/01/25, and an aggregate market value, including accrued interest, of $2,331,748. |
(f) | See Note 6 for aggregate cost for federal tax purposes. |
The accompanying notes are an integral part of the financial statements.
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MassMutual Premier Global Fund – Portfolio of Investments
September 30, 2012
Number of Shares | Value | |||||||
EQUITIES — 98.8% | ||||||||
COMMON STOCK — 97.2% | ||||||||
Aerospace & Defense — 2.6% | ||||||||
Embraer SA Sponsored ADR (Brazil) | 121,390 | $ | 3,231,402 | |||||
European Aeronautic Defence and Space Co. (a) | 183,000 | 5,817,839 | ||||||
|
| |||||||
9,049,241 | ||||||||
|
| |||||||
Apparel — 1.0% | ||||||||
Tod’s SpA | 33,426 | 3,621,963 | ||||||
|
| |||||||
Banks — 5.1% | ||||||||
Banco Bilbao Vizcaya Argentaria SA (a) | 515,783 | 4,078,078 | ||||||
ICICI Bank Ltd. Sponsored ADR (India) | 135,950 | 5,457,033 | ||||||
Itau Unibanco Holding SA Sponsored ADR (Brazil) | 230,820 | 3,526,929 | ||||||
Societe Generale (b) | 48,350 | 1,379,058 | ||||||
Standard Chartered PLC | 39,510 | 894,969 | ||||||
Sumitomo Mitsui Financial Group, Inc. (a) | 93,400 | 2,905,569 | ||||||
|
| |||||||
18,241,636 | ||||||||
|
| |||||||
Beverages — 3.4% | ||||||||
Carlsberg A/S Class B | 28,385 | 2,516,928 | ||||||
Companhia de Bebidas das Americas ADR (Brazil) | 86,600 | 3,314,182 | ||||||
Fomento Economico Mexicano SAB de CV | 690,004 | 6,353,928 | ||||||
|
| |||||||
12,185,038 | ||||||||
|
| |||||||
Biotechnology — 1.2% | ||||||||
Amgen, Inc. | 50,530 | 4,260,690 | ||||||
|
| |||||||
Chemicals — 1.0% | ||||||||
Linde AG | 20,613 | 3,553,842 | ||||||
|
| |||||||
Commercial Services — 0.0% | ||||||||
Zee Learn Ltd. (b) | 72,963 | 37,327 | ||||||
|
| |||||||
Computers — 0.5% | ||||||||
Fusion-io, Inc. (a) (b) | 59,840 | 1,811,357 | ||||||
|
| |||||||
Cosmetics & Personal Care — 2.0% | ||||||||
Colgate-Palmolive Co. | 67,230 | 7,208,401 | ||||||
|
| |||||||
Diversified Financial — 3.7% | ||||||||
BM&F BOVESPA SA | 588,900 | 3,558,528 | ||||||
The Goldman Sachs Group, Inc. | 23,630 | 2,686,258 | ||||||
UBS AG (b) | 572,873 | 6,991,653 | ||||||
|
| |||||||
13,236,439 | ||||||||
|
| |||||||
Electric — 0.5% | ||||||||
Fortum OYJ | 104,138 | 1,920,304 | ||||||
|
| |||||||
Electrical Components & Equipment — 1.4% | ||||||||
Emerson Electric Co. | 65,200 | 3,147,204 |
Number of Shares | Value | |||||||
Prysmian SpA | 98,113 | $ | 1,756,414 | |||||
|
| |||||||
4,903,618 | ||||||||
|
| |||||||
Electronics — 4.9% | ||||||||
Fanuc Ltd. (a) | 16,600 | 2,673,539 | ||||||
Hoya Corp. (a) | 97,800 | 2,148,045 | ||||||
Keyence Corp. | 15,420 | 3,939,233 | ||||||
Kyocera Corp. (a) | 24,400 | 2,111,940 | ||||||
Murata Manufacturing Co. Ltd. (a) | 78,210 | 4,160,537 | ||||||
Nidec Corp. (a) | 30,000 | 2,193,503 | ||||||
|
| |||||||
17,226,797 | ||||||||
|
| |||||||
Entertainment — 0.5% | ||||||||
Lottomatica SpA | 78,869 | 1,737,640 | ||||||
|
| |||||||
Foods — 3.0% | ||||||||
Nestle SA | 64,322 | 4,057,505 | ||||||
Unilever PLC | 184,682 | 6,726,496 | ||||||
|
| |||||||
10,784,001 | ||||||||
|
| |||||||
Health Care – Products — 1.4% | ||||||||
Zimmer Holdings, Inc. | 75,150 | 5,081,643 | ||||||
|
| |||||||
Health Care – Services — 3.0% | ||||||||
Aetna, Inc. | 119,480 | 4,731,408 | ||||||
WellPoint, Inc. | 99,300 | 5,760,393 | ||||||
|
| |||||||
10,491,801 | ||||||||
|
| |||||||
Holding Company – Diversified — 1.7% | ||||||||
LVMH Moet Hennessy Louis Vuitton SA | 39,810 | 6,003,470 | ||||||
|
| |||||||
Insurance — 4.5% | ||||||||
Allianz SE | 45,837 | 5,457,859 | ||||||
The Dai-ichi Life Insurance Co. Ltd. (a) | 3,055 | 3,464,347 | ||||||
Fidelity National Financial, Inc. Class A | 96,900 | 2,072,691 | ||||||
Prudential PLC | 374,682 | 4,861,814 | ||||||
|
| |||||||
15,856,711 | ||||||||
|
| |||||||
Internet — 6.1% | ||||||||
eBay, Inc. (b) | 233,820 | 11,319,226 | ||||||
Facebook, Inc. Class A (b) | 116,720 | 2,526,988 | ||||||
Google, Inc. Class A (b) | 10,210 | 7,703,445 | ||||||
|
| |||||||
21,549,659 | ||||||||
|
| |||||||
Leisure Time — 1.6% | ||||||||
Carnival Corp. | 152,960 | 5,573,862 | ||||||
|
| |||||||
Machinery – Diversified — 0.6% | ||||||||
FLSmidth & Co. A/S | 39,863 | 2,288,229 | ||||||
|
| |||||||
Manufacturing — 4.0% | ||||||||
3M Co. | 56,180 | 5,192,156 | ||||||
Siemens AG | 88,654 | 8,853,153 | ||||||
|
| |||||||
14,045,309 | ||||||||
|
|
The accompanying notes are an integral part of the financial statements.
181
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MassMutual Premier Global Fund – Portfolio of Investments (Continued)
Number of Shares | Value | |||||||
Media — 5.1% | ||||||||
Grupo Televisa SAB Sponsored ADR (Mexico) | 150,080 | $ | 3,528,381 | |||||
The McGraw-Hill Cos., Inc. | 90,850 | 4,959,501 | ||||||
The Walt Disney Co. | 136,830 | 7,153,472 | ||||||
Wire and Wireless India Ltd. (b) | 386,427 | 166,199 | ||||||
Zee Entertainment Enterprises Ltd. | 579,154 | 2,140,819 | ||||||
|
| |||||||
17,948,372 | ||||||||
|
| |||||||
Metal Fabricate & Hardware — 2.0% | ||||||||
Assa Abloy AB Series B | 214,048 | 6,947,241 | ||||||
|
| |||||||
Mining — 0.6% | ||||||||
Iluka Resources Ltd. (a) | 194,600 | 1,964,896 | ||||||
|
| |||||||
Oil & Gas — 1.2% | ||||||||
Repsol YPF SA | 131,771 | 2,564,747 | ||||||
Total SA | 34,560 | 1,718,976 | ||||||
|
| |||||||
4,283,723 | ||||||||
|
| |||||||
Oil & Gas Services — 2.8% | ||||||||
Technip SA | 59,340 | 6,621,130 | ||||||
Transocean Ltd. | 71,452 | 3,207,480 | ||||||
|
| |||||||
9,828,610 | ||||||||
|
| |||||||
Pharmaceuticals — 4.1% | ||||||||
Allergan, Inc. | 13,300 | 1,218,014 | ||||||
Bayer AG | 63,314 | 5,447,659 | ||||||
Gilead Sciences, Inc. (b) | 42,720 | 2,833,618 | ||||||
Roche Holding AG | 10,499 | 1,961,270 | ||||||
Theravance, Inc. (b) | 84,670 | 2,193,800 | ||||||
ThromboGenics NV (b) | 24,811 | 994,967 | ||||||
|
| |||||||
14,649,328 | ||||||||
|
| |||||||
Real Estate — 0.5% | ||||||||
DLF Ltd. | 439,907 | 1,940,395 | ||||||
|
| |||||||
Retail — 8.4% | ||||||||
Abercrombie & Fitch Co. Class A | 49,120 | 1,666,150 | ||||||
E-Mart Co. Ltd. | 8,683 | 1,893,902 | ||||||
Inditex SA | 61,130 | 7,589,033 | ||||||
Kingfisher PLC | 284,883 | 1,217,328 | ||||||
McDonald’s Corp. | 72,900 | 6,688,575 | ||||||
PPR | 34,520 | 5,312,967 | ||||||
Tiffany & Co. | 89,380 | 5,530,834 | ||||||
|
| |||||||
29,898,789 | ||||||||
|
| |||||||
Semiconductors — 4.5% | ||||||||
Altera Corp. | 196,090 | 6,664,119 | ||||||
Maxim Integrated Products, Inc. | 208,450 | 5,548,939 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd. | 1,222,505 | 3,725,133 | ||||||
|
| |||||||
15,938,191 | ||||||||
|
|
Number of Shares | Value | |||||||
Software — 8.0% | ||||||||
Adobe Systems, Inc. (b) | 143,290 | $ | 4,651,193 | |||||
Infosys Technologies Ltd. | 79,724 | 3,816,063 | ||||||
Intuit, Inc. | 106,880 | 6,293,095 | ||||||
Microsoft Corp. | 185,530 | 5,525,083 | ||||||
SAP AG | 114,823 | 8,142,256 | ||||||
|
| |||||||
28,427,690 | ||||||||
|
| |||||||
Telecommunications — 5.4% | ||||||||
Juniper Networks, Inc. (b) | 201,600 | 3,449,376 | ||||||
KDDI Corp. (a) | 66,900 | 5,183,507 | ||||||
Telefonaktiebolaget LM Ericsson Class B | 1,161,433 | 10,593,337 | ||||||
|
| |||||||
19,226,220 | ||||||||
|
| |||||||
Textiles — 0.1% | ||||||||
Brunello Cucinelli SpA (b) | 20,760 | 358,665 | ||||||
|
| |||||||
Transportation — 0.8% | ||||||||
All America Latina Logistica SA | 107,900 | 446,024 | ||||||
United Parcel Service, Inc. Class B | 31,430 | 2,249,445 | ||||||
|
| |||||||
2,695,469 | ||||||||
|
| |||||||
TOTAL COMMON STOCK (Cost $277,545,386) | 344,776,567 | |||||||
|
| |||||||
PREFERRED STOCK — 1.6% | ||||||||
Auto Manufacturers — 1.6% | ||||||||
Bayerische Motoren Werke AG 5.450% | 110,907 | 5,701,351 | ||||||
|
| |||||||
TOTAL PREFERRED STOCK (Cost $4,077,858) | 5,701,351 | |||||||
|
| |||||||
TOTAL EQUITIES (Cost $281,623,244) | 350,477,918 | |||||||
|
| |||||||
MUTUAL FUNDS — 11.5% | ||||||||
Diversified Financial — 11.5% | ||||||||
Oppenheimer Institutional Money Market Fund Class E (c) | 5,182,105 | 5,182,105 | ||||||
State Street Navigator Securities Lending Prime Portfolio (d) | 35,774,878 | 35,774,878 | ||||||
|
| |||||||
40,956,983 | ||||||||
|
| |||||||
TOTAL MUTUAL FUNDS (Cost $40,956,983) | 40,956,983 | |||||||
|
| |||||||
TOTAL LONG-TERM INVESTMENTS (Cost $322,580,227) | 391,434,901 | |||||||
|
|
The accompanying notes are an integral part of the financial statements.
182
Table of Contents
MassMutual Premier Global Fund – Portfolio of Investments (Continued)
Value | ||||||
TOTAL INVESTMENTS — 110.3% (Cost $322,580,227) (e) | 391,434,901 | |||||
Other Assets/ (Liabilities) — (10.3)% | (36,696,324 | ) | ||||
|
| |||||
NET ASSETS — 100.0% | $ | 354,738,577 | ||||
|
|
Notes to Portfolio of Investments
ADR | American Depositary Receipt |
(a) | Denotes all or a portion of security on loan. The total value of securities on loan as of September 30, 2012, was $34,102,890. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers. (Note 2). |
(b) | Non-income producing security. |
(c) | Affiliated issuer. (See Note 7 for a summary of transactions in the investments of affiliated issuers). |
(d) | Represents investment of security lending collateral. (Note 2). |
(e) | See Note 6 for aggregate cost for federal tax purposes. |
The accompanying notes are an integral part of the financial statements.
183
Table of Contents
MassMutual Premier International Equity Fund – Portfolio of Investments
September 30, 2012
Number of Shares | Value | |||||||
EQUITIES — 96.1% | ||||||||
COMMON STOCK — 96.1% | ||||||||
Aerospace & Defense — 1.7% | ||||||||
Empresa Brasileira de Aeronautica SA | 639,819 | $ | 4,295,443 | |||||
European Aeronautic Defence and Space Co. (a) | 125,030 | 3,974,888 | ||||||
|
| |||||||
8,270,331 | ||||||||
|
| |||||||
Apparel — 0.7% | ||||||||
Burberry Group PLC | 215,390 | 3,497,373 | ||||||
|
| |||||||
Auto Manufacturers — 0.5% | ||||||||
Bayerische Motoren Werke AG | 33,438 | 2,451,370 | ||||||
|
| |||||||
Banks — 0.8% | ||||||||
ICICI Bank Ltd. Sponsored ADR (India) | 96,795 | 3,885,351 | ||||||
|
| |||||||
Beverages — 4.8% | ||||||||
C&C Group PLC | 1,106,659 | 5,265,636 | ||||||
Diageo PLC | 238,520 | 6,715,884 | ||||||
Heineken NV | 101,272 | 6,048,186 | ||||||
Pernod-Ricard SA | 46,165 | 5,187,832 | ||||||
|
| |||||||
23,217,538 | ||||||||
|
| |||||||
Biotechnology — 1.6% | ||||||||
CSL Ltd. | 160,300 | 7,624,766 | ||||||
MEI Pharma, Inc. (b) | 305,257 | 146,524 | ||||||
Tyrian Diagnostics Ltd. (b) | 16,676,300 | 17,298 | ||||||
|
| |||||||
7,788,588 | ||||||||
|
| |||||||
Building Materials — 2.6% | ||||||||
James Hardie Industries NV | 1,067,000 | 9,586,371 | ||||||
Sika AG | 1,358 | 2,773,020 | ||||||
|
| |||||||
12,359,391 | ||||||||
|
| |||||||
Chemicals — 3.1% | ||||||||
Brenntag AG | 55,887 | 7,163,309 | ||||||
Filtrona PLC | 911,608 | 7,595,101 | ||||||
|
| |||||||
14,758,410 | ||||||||
|
| |||||||
Commercial Services — 8.8% | ||||||||
Aggreko PLC | 116,220 | 4,352,295 | ||||||
Benesse Holdings, Inc. (a) | 77,347 | 3,742,620 | ||||||
BTG PLC (b) | 226,649 | 1,183,249 | ||||||
Bunzl PLC | 518,926 | 9,309,681 | ||||||
De La Rue PLC | 132,520 | 2,169,960 | ||||||
Dignity PLC | 258,999 | 3,818,686 | ||||||
Edenred | 50,460 | 1,420,370 | ||||||
Experian PLC | 735,925 | 12,246,229 | ||||||
MegaStudy Co. Ltd. | 9,039 | 600,747 | ||||||
Prosegur Cia de Seguridad SA | 773,711 | 3,542,564 | ||||||
Zee Learn Ltd. (b) | 152,101 | 77,812 | ||||||
|
| |||||||
42,464,213 | ||||||||
|
|
Number of Shares | Value | |||||||
Computers — 1.5% | ||||||||
Gemalto NV | 78,810 | $ | 6,942,150 | |||||
|
| |||||||
Cosmetics & Personal Care — 0.4% | ||||||||
L’Oreal | 14,470 | 1,792,549 | ||||||
|
| |||||||
Distribution & Wholesale — 1.3% | ||||||||
Wolseley PLC | 149,634 | 6,402,718 | ||||||
|
| |||||||
Diversified Financial — 2.6% | ||||||||
BinckBank NV (a) | 285,292 | 2,102,309 | ||||||
Housing Development Finance Corp. | 69,064 | 1,007,823 | ||||||
ICAP PLC | 1,026,642 | 5,340,131 | ||||||
Tullett Prebon PLC | 804,651 | 3,877,490 | ||||||
|
| |||||||
12,327,753 | ||||||||
|
| |||||||
Electric — 0.7% | ||||||||
APR Energy PLC | 262,140 | 3,540,092 | ||||||
|
| |||||||
Electrical Components & Equipment — 1.9% | ||||||||
Legrand SA | 139,860 | 5,286,302 | ||||||
Schneider Electric SA | 65,380 | 3,883,273 | ||||||
|
| |||||||
9,169,575 | ||||||||
|
| |||||||
Electronics — 5.1% | ||||||||
Fanuc Ltd. (a) | 19,700 | 3,172,814 | ||||||
Hoya Corp. (a) | 275,000 | 6,040,003 | ||||||
Ibiden Co. Ltd. (a) | 43,394 | 633,725 | ||||||
Keyence Corp. | 19,009 | 4,856,088 | ||||||
Nidec Corp. (a) | 72,000 | 5,264,407 | ||||||
Omron Corp. (a) | 97,021 | 1,863,236 | ||||||
Phoenix Mecano | 5,619 | 2,703,145 | ||||||
|
| |||||||
24,533,418 | ||||||||
|
| |||||||
Energy – Alternate Sources — 0.0% | ||||||||
Ceres Power Holdings PLC (b) | 941,472 | 186,606 | ||||||
|
| |||||||
Engineering & Construction — 2.8% | ||||||||
ABB Ltd. (b) | 200,637 | 3,771,863 | ||||||
Boskalis Westminster | 117,666 | 4,265,578 | ||||||
Leighton Holdings Ltd. (a) | 135,742 | 2,325,664 | ||||||
Trevi Finanziaria SpA | 495,310 | 3,205,425 | ||||||
|
| |||||||
13,568,530 | ||||||||
|
| |||||||
Entertainment — 1.9% | ||||||||
William Hill PLC | 1,810,065 | 9,276,840 | ||||||
|
| |||||||
Foods — 4.4% | ||||||||
Aryzta AG (b) | 127,110 | 6,102,971 | ||||||
Barry Callebaut AG (b) | 4,941 | 4,587,400 | ||||||
Nestle SA | 29,321 | 1,849,602 | ||||||
Unilever PLC | 175,961 | 6,408,860 | ||||||
Woolworths Ltd. | 80,102 | 2,384,559 | ||||||
|
| |||||||
21,333,392 | ||||||||
|
| |||||||
Health Care – Products — 4.2% | ||||||||
Cie Generale d’Optique Essilor International SA | 49,790 | 4,668,983 | ||||||
DiaSorin SpA (a) | 86,220 | 3,008,363 |
The accompanying notes are an integral part of the financial statements.
184
Table of Contents
MassMutual Premier International Equity Fund – Portfolio of Investments (Continued)
Number of Shares | Value | |||||||
Luxottica Group SpA | 119,720 | $ | 4,225,152 | |||||
Ortivus AB Class A (b) | 84,472 | 79,087 | ||||||
Ortivus AB Class B (b) | 635,544 | 404,423 | ||||||
Sonova Holding AG (b) | 31,009 | 3,137,603 | ||||||
Straumann Holding AG (a) | 4,668 | 621,852 | ||||||
William Demant Holding (b) | 41,905 | 3,758,170 | ||||||
|
| |||||||
19,903,633 | ||||||||
|
| |||||||
Health Care – Services — 1.1% | ||||||||
Sonic Healthcare Ltd. | 375,367 | 5,274,948 | ||||||
|
| |||||||
Holding Company – Diversified — 0.7% | ||||||||
LVMH Moet Hennessy Louis Vuitton SA | 23,360 | 3,522,760 | ||||||
|
| |||||||
Home Furnishing — 0.6% | ||||||||
SEB SA | 43,949 | 3,050,702 | ||||||
|
| |||||||
Household Products — 1.0% | ||||||||
Reckitt Benckiser Group PLC | 79,051 | 4,554,603 | ||||||
|
| |||||||
Insurance — 0.9% | ||||||||
Prudential PLC | 342,356 | 4,442,357 | ||||||
|
| |||||||
Internet — 1.8% | ||||||||
Ctrip.com International Ltd. ADR (Cayman Islands) (a) (b) | 97,110 | 1,639,217 | ||||||
United Internet AG | 243,246 | 4,962,967 | ||||||
Yoox SpA (b) | 161,031 | 2,059,732 | ||||||
|
| |||||||
8,661,916 | ||||||||
|
| |||||||
Leisure Time — 1.5% | ||||||||
Carnival Corp. | 197,340 | 7,191,070 | ||||||
|
| |||||||
Machinery – Construction & Mining — 1.1% | ||||||||
Atlas Copco AB A Shares | 103,167 | 2,416,975 | ||||||
Outotec OYJ | 31,248 | 1,491,827 | ||||||
Rio Tinto PLC | 26,713 | 1,248,735 | ||||||
|
| |||||||
5,157,537 | ||||||||
|
| |||||||
Machinery – Diversified — 1.4% | ||||||||
Alstom SA | 69,700 | 2,453,207 | ||||||
The Weir Group PLC | 143,990 | 4,123,789 | ||||||
|
| |||||||
6,576,996 | ||||||||
|
| |||||||
Manufacturing — 2.4% | ||||||||
Aalberts Industries NV | 474,527 | 8,545,586 | ||||||
Siemens AG | 28,419 | 2,837,974 | ||||||
|
| |||||||
11,383,560 | ||||||||
|
| |||||||
Media — 0.9% | ||||||||
Grupo Televisa SAB Sponsored ADR (Mexico) | 79,730 | 1,874,452 | ||||||
Zee Entertainment Enterprises Ltd. | 629,063 | 2,325,306 | ||||||
|
| |||||||
4,199,758 | ||||||||
|
| |||||||
Metal Fabricate & Hardware — 0.1% | ||||||||
Vallourec SA | 7,090 | 300,946 | ||||||
|
|
Number of Shares | Value | |||||||
Mining — 0.3% | ||||||||
Orica Ltd. | 57,200 | $ | 1,470,073 | |||||
|
| |||||||
Oil & Gas — 1.8% | ||||||||
BG Group PLC | 298,300 | 6,040,307 | ||||||
Cairn Energy PLC | 194,881 | 867,612 | ||||||
Ceres, Inc. (Acquired 5/24/12, | 342,173 | 1,749,188 | ||||||
|
| |||||||
8,657,107 | ||||||||
|
| |||||||
Oil & Gas Services — 2.3% | ||||||||
Saipem SpA | 68,650 | 3,307,360 | ||||||
Schoeller-Bleckmann Oilfield Equipment AG | 26,559 | 2,763,101 | ||||||
Technip SA | 43,150 | 4,814,657 | ||||||
|
| |||||||
10,885,118 | ||||||||
|
| |||||||
Pharmaceuticals — 3.8% | ||||||||
Grifols SA (b) | 274,918 | 9,089,586 | ||||||
Grifols SA (b) | 40,018 | 905,670 | ||||||
Novogen Ltd. (b) | 1,955,878 | 146,076 | ||||||
Roche Holding AG | 42,298 | 7,901,496 | ||||||
|
| |||||||
18,042,828 | ||||||||
|
| |||||||
Retail — 6.4% | ||||||||
Cie Financiere Richemont SA | 32,380 | 1,941,433 | ||||||
Domino’s Pizza UK & IRL PLC | 671,840 | 5,765,323 | ||||||
Hennes & Mauritz AB Class B | 49,441 | 1,721,772 | ||||||
Inditex SA | 75,303 | 9,348,551 | ||||||
PPR | 19,420 | 2,988,929 | ||||||
Shoppers Drug Mart Corp. (a) | 166,414 | 6,928,415 | ||||||
Swatch Group AG | 4,526 | 1,805,313 | ||||||
|
| |||||||
30,499,736 | ||||||||
|
| |||||||
Semiconductors — 0.9% | ||||||||
ARM Holdings PLC | 461,420 | 4,302,683 | ||||||
|
| |||||||
Software — 6.9% | ||||||||
Aveva Group PLC | 76,423 | 2,433,160 | ||||||
Compugroup Holding AG | 68,524 | 1,259,866 | ||||||
Dassault Systemes SA | 63,630 | 6,703,091 | ||||||
Infosys Technologies Ltd. | 27,678 | 1,324,833 | ||||||
SAP AG | 177,262 | 12,569,891 | ||||||
Temenos Group AG (b) | 321,564 | 4,818,250 | ||||||
The Sage Group PLC | 826,290 | 4,190,625 | ||||||
|
| |||||||
33,299,716 | ||||||||
|
| |||||||
Telecommunications — 7.7% | ||||||||
BT Group PLC | 3,663,718 | 13,665,458 | ||||||
Inmarsat PLC | 458,000 | 4,374,659 | ||||||
SES SA | 90,830 | 2,474,216 | ||||||
Telecity Group PLC | 400,310 | 5,794,442 | ||||||
Telefonaktiebolaget LM Ericsson Class B | 793,914 | 7,241,226 | ||||||
Virgin Media, Inc. (a) | 116,680 | 3,435,059 | ||||||
|
| |||||||
36,985,060 | ||||||||
|
|
The accompanying notes are an integral part of the financial statements.
185
Table of Contents
MassMutual Premier International Equity Fund – Portfolio of Investments (Continued)
Number of Shares | Value | |||||||
Toys, Games & Hobbies — 0.2% | ||||||||
Nintendo Co. Ltd. (a) | 8,500 | $ | 1,068,845 | |||||
|
| |||||||
Transportation — 0.9% | ||||||||
Koninklijke Vopak NV | 60,498 | 4,254,322 | ||||||
Tsakos Energy Navigation Ltd. | 19,610 | 101,580 | ||||||
|
| |||||||
4,355,902 | ||||||||
|
| |||||||
TOTAL COMMON STOCK (Cost $385,387,533) | 461,554,042 | |||||||
|
| |||||||
TOTAL EQUITIES (Cost $385,387,533) | 461,554,042 | |||||||
|
| |||||||
WARRANTS — 0.0% | ||||||||
Biotechnology — 0.0% | ||||||||
Mei Pharma, Inc., Expires 05/10/17, Strike 1.19 (b) (d) | 154,608 | - | ||||||
Tyrian Diagnostics Ltd., Expires 12/20/13, Strike 0.01 (b) | 4,657,320 | 4,831 | ||||||
|
| |||||||
4,831 | ||||||||
|
| |||||||
Pharmaceuticals — 0.0% | ||||||||
Novogen, Expires 06/30/17, | 146,690 | - | ||||||
|
| |||||||
TOTAL WARRANTS (Cost $0) | 4,831 | |||||||
|
| |||||||
MUTUAL FUNDS — 10.9% | ||||||||
Diversified Financial — 10.9% | ||||||||
Oppenheimer Institutional Money Market Fund Class E (c) | 15,511,786 | 15,511,786 | ||||||
State Street Navigator Securities Lending Prime Portfolio (f) | 36,616,834 | 36,616,834 | ||||||
|
| |||||||
52,128,620 | ||||||||
|
| |||||||
TOTAL MUTUAL FUNDS (Cost $52,128,620) | 52,128,620 | |||||||
|
| |||||||
TOTAL LONG-TERM INVESTMENTS (Cost $437,516,153) | 513,687,493 | |||||||
|
| |||||||
TOTAL INVESTMENTS — 107.0% (Cost $437,516,153) (g) | 513,687,493 | |||||||
Other Assets/ (Liabilities) — (7.0)% | (33,629,301 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 480,058,192 | ||||||
|
|
Notes to Portfolio of Investments
ADR | American Depositary Receipt |
(a) | Denotes all or a portion of security on loan. The total value of securities on loan as of September 30, 2012, was $34,974,781. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers. (Note 2). |
(b) | Non-income producing security. |
(c) | Affiliated issuer. (See Note 7 for a summary of transactions in the investments of affiliated issuers). |
(d) | This security is valued in good faith under procedures established by the Board of Trustees. |
(e) | Restricted security. Certain securities are restricted as to resale. At September 30, 2012, these securities amounted to a value of $1,749,188 or 0.36% of net assets. The Funds generally bear the costs, if any, associated with the disposition of restricted securities. |
(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.
186
Table of Contents
MassMutual Premier Focused International Fund – Portfolio of Investments
September 30, 2012
Number of Shares | Value | |||||||
EQUITIES — 98.0% | ||||||||
COMMON STOCK — 98.0% | ||||||||
Aerospace & Defense — 1.4% | ||||||||
Rolls-Royce Holdings PLC (a) | 152,360 | $ | 2,079,312 | |||||
|
| |||||||
Agriculture — 1.9% | ||||||||
Imperial Tobacco Group PLC | 72,832 | 2,699,662 | ||||||
|
| |||||||
Banks — 3.4% | ||||||||
DBS Group Holdings, Ltd. | 213,000 | 2,487,829 | ||||||
Julius Baer Group Ltd. (a) | 71,387 | 2,489,373 | ||||||
|
| |||||||
4,977,202 | ||||||||
|
| |||||||
Beverages — 2.2% | ||||||||
SABMiller PLC | 72,681 | 3,197,451 | ||||||
|
| |||||||
Chemicals — 4.8% | ||||||||
Israel Chemicals Ltd. | 250,427 | 3,039,409 | ||||||
Lintec Corp. (b) | 75,700 | 1,378,378 | ||||||
Syngenta AG | 6,795 | 2,539,297 | ||||||
|
| |||||||
6,957,084 | ||||||||
|
| |||||||
Diversified Financial — 3.5% | ||||||||
Deutsche Boerse AG | 50,151 | 2,777,380 | ||||||
UBS AG (a) | 182,119 | 2,222,679 | ||||||
|
| |||||||
5,000,059 | ||||||||
|
| |||||||
Electronics — 5.2% | ||||||||
Keyence Corp. | 11,000 | 2,810,088 | ||||||
Kyocera Corp. (b) | 28,500 | 2,466,816 | ||||||
Nidec Corp. (b) | 29,500 | 2,156,944 | ||||||
|
| |||||||
7,433,848 | ||||||||
|
| |||||||
Foods — 1.3% | ||||||||
Marine Harvest (a) | 2,248,447 | 1,820,600 | ||||||
|
| |||||||
Health Care – Products — 3.7% | ||||||||
Elekta AB (b) | 184,364 | 2,437,840 | ||||||
Fresenius SE & Co. KGaA | 25,442 | 2,956,226 | ||||||
|
| |||||||
5,394,066 | ||||||||
|
| |||||||
Holding Company – Diversified — 1.6% | ||||||||
Keppel Corp. Ltd. | 257,400 | 2,378,560 | ||||||
|
| |||||||
Household Products — 1.7% | ||||||||
Societe BIC SA | 20,501 | 2,480,369 | ||||||
|
| |||||||
Insurance — 10.0% | ||||||||
Admiral Group PLC | 117,773 | 2,007,870 | ||||||
Muenchener Rueckversicherungs AG | 15,830 | 2,473,514 | ||||||
Prudential PLC | 226,578 | 2,940,040 | ||||||
SCOR SE | 80,932 | 2,085,109 | ||||||
Tokio Marine Holdings, Inc. (b) | 94,400 | 2,409,672 | ||||||
Zurich Insurance Group AG (a) | 10,216 | 2,543,698 | ||||||
|
| |||||||
14,459,903 | ||||||||
|
| |||||||
Internet — 4.0% | ||||||||
Baidu, Inc. Sponsored ADR (Cayman Islands) (a) | 26,200 | 3,060,684 |
Number of Shares | Value | |||||||
Rakuten, Inc. | 262,800 | $ | 2,674,012 | |||||
|
| |||||||
5,734,696 | ||||||||
|
| |||||||
Investment Companies — 1.4% | ||||||||
Resolution Ltd. | 566,489 | 1,989,271 | ||||||
|
| |||||||
Iron & Steel — 1.3% | ||||||||
Hitachi Metals Ltd. (b) | 211,000 | 1,857,860 | ||||||
|
| |||||||
Media — 3.4% | ||||||||
Jupiter Telecommunications Co. Ltd. | 2,077 | 2,108,122 | ||||||
WPP PLC | 206,567 | 2,812,565 | ||||||
|
| |||||||
4,920,687 | ||||||||
|
| |||||||
Mining — 10.5% | ||||||||
Centamin PLC (a) | 1,386,388 | 2,077,193 | ||||||
Fresnillo PLC | 123,720 | 3,718,378 | ||||||
Newcrest Mining Ltd. | 113,514 | 3,373,917 | ||||||
Paladin Energy Ltd. (a) | 1,358,594 | 1,752,663 | ||||||
Randgold Resources Ltd. | 34,407 | 4,237,203 | ||||||
|
| |||||||
15,159,354 | ||||||||
|
| |||||||
Oil & Gas — 9.8% | ||||||||
BG Group PLC | 109,985 | 2,227,097 | ||||||
Cairn Energy PLC (a) | 290,257 | 1,292,227 | ||||||
Gazprom OAO Sponsored ADR (Russia) | 202,304 | 2,041,247 | ||||||
Niko Resources Ltd. | 38,662 | 534,056 | ||||||
Oil Search Ltd. | 116,438 | 891,281 | ||||||
Royal Dutch Shell PLC Class A | 78,134 | 2,706,331 | ||||||
Total SA | 43,521 | 2,164,686 | ||||||
Tullow Oil PLC | 100,118 | 2,220,750 | ||||||
|
| |||||||
14,077,675 | ||||||||
|
| |||||||
Pharmaceuticals — 10.9% | ||||||||
Bayer AG | 30,405 | 2,616,105 | ||||||
Chugai Pharmaceutical Co. Ltd. | 104,100 | 2,179,898 | ||||||
GlaxoSmithKline PLC | 109,265 | 2,520,502 | ||||||
Sanofi | 30,347 | 2,592,521 | ||||||
Shire Ltd. | 94,171 | 2,787,403 | ||||||
Teva Pharmaceutical Industries Ltd. Sponsored ADR (Israel) | 74,815 | 3,098,089 | ||||||
|
| |||||||
15,794,518 | ||||||||
|
| |||||||
Real Estate — 1.3% | ||||||||
Sun Hung Kai Properties Ltd. | 127,000 | 1,859,359 | ||||||
|
| |||||||
Semiconductors — 1.4% | ||||||||
Tokyo Electron Ltd. (b) | 48,600 | 2,068,482 | ||||||
|
| |||||||
Software — 1.7% | ||||||||
SAP AG | 35,297 | 2,502,959 | ||||||
|
| |||||||
Telecommunications — 8.6% | ||||||||
America Movil SAB de CV Series L ADR (Mexico) | 89,036 | 2,265,076 |
The accompanying notes are an integral part of the financial statements.
187
Table of Contents
MassMutual Premier Focused International Fund – Portfolio of Investments (Continued)
Number of Shares | Value | |||||||
China Unicom Hong Kong Ltd. Sponsored ADR (Hong Kong) | 137,027 | $ | 2,234,910 | |||||
KT Corp. Sponsored ADR (Republic of Korea) | 175,390 | 2,743,100 | ||||||
Nippon Telegraph & Telephone Corp. | 43,800 | 2,078,382 | ||||||
SES SA | 111,480 | 3,036,723 | ||||||
|
| |||||||
12,358,191 | ||||||||
|
| |||||||
Transportation — 1.9% | ||||||||
East Japan Railway (b) | 41,500 | 2,748,407 | ||||||
|
| |||||||
Water — 1.1% | ||||||||
Suez Environnement Co. | 137,775 | 1,563,771 | ||||||
|
| |||||||
TOTAL COMMON STOCK (Cost $136,683,346) | 141,513,346 | |||||||
|
| |||||||
TOTAL EQUITIES (Cost $136,683,346) | 141,513,346 | |||||||
|
| |||||||
MUTUAL FUNDS — 11.4% | ||||||||
Diversified Financial — 11.4% | ||||||||
State Street Navigator Securities Lending Prime Portfolio (c) | 16,435,550 | 16,435,550 | ||||||
|
| |||||||
TOTAL MUTUAL FUNDS (Cost $16,435,550) | 16,435,550 | |||||||
|
| |||||||
TOTAL LONG-TERM INVESTMENTS (Cost $153,118,896) | 157,948,896 | |||||||
|
| |||||||
Principal Amount | ||||||||
SHORT-TERM INVESTMENTS — 1.4% | ||||||||
Repurchase Agreement — 1.4% | ||||||||
State Street Bank & Trust Co. Repurchase Agreement, dated 9/28/12, 0.010%, due 10/01/12 (d) | $ | 2,087,718 | 2,087,718 | |||||
|
| |||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $2,087,718) | 2,087,718 | |||||||
|
| |||||||
TOTAL INVESTMENTS — 110.8% | ||||||||
(Cost $155,206,614) (e) | 160,036,614 | |||||||
Other Assets/ (Liabilities) — (10.8)% | (15,632,205 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 144,404,409 | ||||||
|
|
Notes to Portfolio of Investments
ADR | American Depositary Receipt |
(a) | Non-income producing security. |
(b) | Denotes all or a portion of security on loan. The total value of securities on loan as of September 30, 2012, was $15,640,540. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers. (Note 2). |
(c) | Represents investment of security lending collateral. (Note 2). |
(d) | Maturity value of $2,087,720. Collateralized by U.S. Government Agency obligations with a rate of 4.000%, maturity date of 5/01/25, and an aggregate market value, including accrued interest, of $2,129,521. |
(e) | See Note 6 for aggregate cost for federal tax purposes. |
The accompanying notes are an integral part of the financial statements.
188
Table of Contents
MassMutual Premier Strategic Emerging Markets Fund – Portfolio of Investments
September 30, 2012
Number of Shares | Value | |||||||
EQUITIES — 99.5% | ||||||||
COMMON STOCK — 94.5% | ||||||||
Agriculture — 1.4% | ||||||||
KT&G Corp. | 26,877 | $ | 2,046,039 | |||||
|
| |||||||
Apparel — 0.0% | ||||||||
Far Eastern New Century Corp. | 51,314 | 57,722 | ||||||
|
| |||||||
Automotive & Parts — 1.3% | ||||||||
Hero Honda Motors Ltd. | 19,340 | 685,343 | ||||||
Hyundai Mobis | 4,180 | 1,163,724 | ||||||
|
| |||||||
1,849,067 | ||||||||
|
| |||||||
Banks — 14.6% | ||||||||
China Construction Bank Corp. Class H | 4,413,890 | 3,050,103 | ||||||
Grupo Financiero Santander Mexico SAB de CV Sponsored ADR Class B (Mexico) (a) | 95,963 | 1,314,693 | ||||||
HDFC Bank Ltd. ADR (India) | 81,700 | 3,070,286 | ||||||
ICICI Bank Ltd. | 112,401 | 2,259,642 | ||||||
Industrial & Commercial Bank of China | 4,813,670 | 2,830,582 | ||||||
KB Financial Group, Inc. | 79,715 | 2,815,408 | ||||||
Powszechna Kasa Oszczednosci Bank Polski SA | 214,867 | 2,392,099 | ||||||
Sberbank | 1,009,133 | 2,961,472 | ||||||
|
| |||||||
20,694,285 | ||||||||
|
| |||||||
Beverages — 1.1% | ||||||||
Anheuser-Busch InBev NV Sponsored ADR (Belgium) | 7,913 | 679,806 | ||||||
Grupo Modelo SAB de CV Class C | 101,400 | 912,948 | ||||||
|
| |||||||
1,592,754 | ||||||||
|
| |||||||
Building Materials — 3.0% | ||||||||
Anhui Conch Cement Co. Ltd. Class H | 898,000 | 2,787,229 | ||||||
BBMG Corp. | 1,874,500 | 1,430,963 | ||||||
|
| |||||||
4,218,192 | ||||||||
|
| |||||||
Chemicals — 3.7% | ||||||||
LG Chem Ltd. | 12,725 | 3,765,528 | ||||||
Ultrapar Participacoes SA | 30,000 | 674,954 | ||||||
Uralkali Sponsored GDR (Russia) (b) | 16,218 | 673,973 | ||||||
Uralkali Sponsored GDR (Russia) (b) | 1,125 | 46,541 | ||||||
|
| |||||||
5,160,996 | ||||||||
|
| |||||||
Commercial Services — 0.9% | ||||||||
CCR SA | 113,561 | 1,027,917 | ||||||
Localiza Rent a Car SA | 15,358 | 269,698 | ||||||
|
| |||||||
1,297,615 | ||||||||
|
| |||||||
Computers — 0.6% | ||||||||
Lenovo Group Ltd. | 934,000 | 773,459 | ||||||
|
|
Number of Shares | Value | |||||||
Diversified Financial — 5.8% | ||||||||
Bolsa Mexicana de Valores SAB de CV | 453,000 | $ | 937,551 | |||||
CETIP SA — Mercados Organizados | 101,600 | 1,333,116 | ||||||
CITIC Securities Co. Ltd. | 768,000 | 1,348,040 | ||||||
Grupo Financiero Banorte SAB de CV Class O | 313,501 | 1,771,880 | ||||||
Mega Financial Holding Co. Ltd. | 3,655,560 | 2,792,307 | ||||||
|
| |||||||
8,182,894 | ||||||||
|
| |||||||
Electric — 0.5% | ||||||||
Empresa Nacional de Electricidad SA/Chile Sponsored ADR (Chile) | 15,610 | 748,656 | ||||||
|
| |||||||
Electronics — 3.6% | ||||||||
Hon Hai Precision Industry Co. Ltd. | 1,658,671 | 5,136,989 | ||||||
|
| |||||||
Engineering & Construction — 3.7% | ||||||||
China Communications Construction Co. Ltd. Class H | 1,158,000 | 932,094 | ||||||
Hyundai Engineering & Construction Co. Ltd. | 23,706 | 1,430,455 | ||||||
Larsen & Toubro Ltd. | 67,675 | 2,041,250 | ||||||
Multiplan Empreendimentos Imobiliarios SA | 25,900 | 762,595 | ||||||
|
| |||||||
5,166,394 | ||||||||
|
| |||||||
Health Care – Products — 1.5% | ||||||||
Hengan International Group Co. Ltd. | 228,000 | 2,151,992 | ||||||
|
| |||||||
Holding Company – Diversified — 1.5% | ||||||||
Bidvest Group Ltd. | 85,280 | 2,112,183 | ||||||
|
| |||||||
Household Products — 0.9% | ||||||||
Kimberly-Clark de Mexico SAB de CV Class A (Mexico) | 531,544 | 1,269,420 | ||||||
|
| |||||||
Insurance — 2.5% | ||||||||
Ping An Insurance Group Co. of China Ltd. Class H | 477,500 | 3,595,464 | ||||||
|
| |||||||
Internet — 3.5% | ||||||||
Baidu, Inc. Sponsored ADR (Cayman Islands) (a) | 9,600 | 1,121,472 | ||||||
NHN Corp. | 9,120 | 2,377,701 | ||||||
Tencent Holdings Ltd. | 43,700 | 1,485,130 | ||||||
|
| |||||||
4,984,303 | ||||||||
|
| |||||||
Iron & Steel — 2.8% | ||||||||
Gerdau SA Sponsored ADR (Brazil) (c) | 153,600 | 1,460,736 | ||||||
POSCO | 7,753 | 2,532,179 | ||||||
|
| |||||||
3,992,915 | ||||||||
|
| |||||||
Machinery – Construction & Mining — 0.7% | ||||||||
Zoomlion Heavy Industry Science and Technology Co., Ltd. | 883,600 | 997,366 | ||||||
|
|
The accompanying notes are an integral part of the financial statements.
189
Table of Contents
MassMutual Premier Strategic Emerging Markets Fund – Portfolio of Investments (Continued)
Number of Shares | Value | |||||||
Media — 1.5% | ||||||||
Naspers Ltd. | 34,357 | $ | 2,128,018 | |||||
|
| |||||||
Mining — 0.6% | ||||||||
African Minerals Ltd. (a) | 180,671 | 869,730 | ||||||
|
| |||||||
Oil & Gas — 14.1% | ||||||||
CNOOC Ltd. | 2,508,000 | 5,088,906 | ||||||
Gazprom OAO Sponsored ADR (Russia) | 215,716 | 2,176,574 | ||||||
Kunlun Energy Co. Ltd | 832,000 | 1,455,713 | ||||||
NovaTek OAO GDR (Russia) (b) | 22,301 | 2,638,208 | ||||||
Petroleo Brasileiro SA Sponsored ADR (Brazil) | 194,556 | 4,293,851 | ||||||
Petroleo Brasileiro SA Sponsored ADR (Brazil) | 33,390 | 765,967 | ||||||
Rosneft Oil Co. GDR (Russia) (a) (b) | 205,642 | 1,381,914 | ||||||
Sasol Ltd. | 47,367 | 2,110,071 | ||||||
|
| |||||||
19,911,204 | ||||||||
|
| |||||||
Real Estate — 3.0% | ||||||||
BR Malls Participacoes SA | 72,044 | 1,000,389 | ||||||
China Overseas Land & Investment Ltd. | 1,302,000 | 3,308,976 | ||||||
|
| |||||||
4,309,365 | ||||||||
|
| |||||||
Retail — 3.1% | ||||||||
Belle International Holdings Ltd. | 1,228,000 | 2,205,632 | ||||||
Dufry Group (a) | 8,615 | 1,033,593 | ||||||
Golden Eagle Retail Group Ltd. | 617,000 | 1,207,535 | ||||||
|
| |||||||
4,446,760 | ||||||||
|
| |||||||
Semiconductors — 10.0% | ||||||||
Samsung Electronics Co., Ltd. | 7,681 | 9,247,402 | ||||||
SK Hynix, Inc. (a) | 39,150 | 795,085 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd. Sponsored ADR (Taiwan) | 257,717 | 4,077,083 | ||||||
|
| |||||||
14,119,570 | ||||||||
|
| |||||||
Shipbuilding — 0.9% | ||||||||
Hyundai Heavy Industries Co. Ltd. | 5,440 | 1,219,195 | ||||||
|
| |||||||
Software — 1.0% | ||||||||
Infosys Ltd. Sponsored ADR (India) (c) | 28,255 | 1,371,498 | ||||||
|
| |||||||
Telecommunications — 6.7% | ||||||||
America Movil SAB de CV Series L ADR (Mexico) | 80,841 | 2,056,595 | ||||||
China Mobile Ltd. | 238,000 | 2,639,018 | ||||||
Mobile TeleSystems Sponsored ADR (Russia) | 98,918 | 1,733,043 | ||||||
MTN Group Ltd. | 155,096 | 2,987,275 | ||||||
|
| |||||||
9,415,931 | ||||||||
|
| |||||||
TOTAL COMMON STOCK (Cost $131,724,244) | 133,819,976 | |||||||
|
|
Number of Shares | Value | |||||||
PREFERRED STOCK — 5.0% | ||||||||
Banks — 2.6% | ||||||||
Banco do Estado do Rio Grande do Sul | 139,600 | $ | 1,187,177 | |||||
Itau Unibanco Holding SA 3.820% | 162,997 | 2,459,528 | ||||||
|
| |||||||
3,646,705 | ||||||||
|
| |||||||
Mining — 2.4% | ||||||||
Vale SA Sponsored ADR | 198,872 | 3,452,418 | ||||||
|
| |||||||
TOTAL PREFERRED STOCK (Cost $8,668,999) | 7,099,123 | |||||||
|
| |||||||
TOTAL EQUITIES (Cost $140,393,243) | 140,919,099 | |||||||
|
| |||||||
MUTUAL FUNDS — 1.0% | ||||||||
Diversified Financial — 1.0% | ||||||||
State Street Navigator Securities Lending Prime Portfolio (d) | 1,392,582 | 1,392,582 | ||||||
|
| |||||||
TOTAL MUTUAL FUNDS (Cost $1,392,582) | 1,392,582 | |||||||
|
| |||||||
TOTAL LONG-TERM INVESTMENTS (Cost $141,785,826) | 142,311,681 | |||||||
|
| |||||||
Principal Amount | ||||||||
SHORT-TERM INVESTMENTS — 0.8% | ||||||||
Repurchase Agreement — 0.8% | ||||||||
State Street Bank & Trust Co. Repurchase Agreement, dated 9/28/12, 0.010%, due 10/01/12 (e) | $ | 1,109,274 | 1,109,274 | |||||
|
| |||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $1,109,274) | 1,109,274 | |||||||
|
| |||||||
TOTAL INVESTMENTS — 101.3% | ||||||||
(Cost $142,895,100) (f) | 143,420,955 | |||||||
Other Assets/ (Liabilities) — (1.3)% | (1,872,362 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 141,548,593 | ||||||
|
|
Notes to Portfolio of Investments
ADR | American Depositary Receipt |
GDR | Global Depositary Receipt |
(a) | Non-income producing security. |
The accompanying notes are an integral part of the financial statements.
190
Table of Contents
MassMutual Premier Strategic Emerging Markets Fund – Portfolio of Investments (Continued)
Notes to Portfolio of Investments (Continued)
(b) | Security exempt from registration under Regulation S of the Securities Act of 1933, which exempts from registration securities offered and sold outside the United States. Security may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933. At September 30, 2012, these securities amounted to a value of $4,740,636 or 3.35% of net assets. |
(c) | Denotes all or a portion of security on loan. The total value of securities on loan as of September 30, 2012, was $1,358,712. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers. (Note 2). |
(d) | Represents investment of security lending collateral. (Note 2). |
(e) | Maturity value of $1,109,275. Collateralized by U.S. Government Agency obligations with a rate of 3.000%, maturity date of 12/01/26, and an aggregate market value, including accrued interest, of $1,132,204. |
(f) | See Note 6 for aggregate cost for federal tax purposes. |
The accompanying notes are an integral part of the financial statements.
191
Table of Contents
MassMutual Premier Funds – Financial Statements
Statements of Assets and Liabilities
September 30, 2012
MassMutual Premier Money Market Fund | MassMutual Premier Short- Duration Bond Fund | |||||||
Assets: | ||||||||
Investments, at value (Note 2) (a) | $ | - | $ | 308,473,780 | ||||
Short-term investments, at value (Note 2) (b) | 424,231,177 | 182,372,268 | ||||||
|
|
|
| |||||
Total investments | 424,231,177 | 490,846,048 | ||||||
|
|
|
| |||||
Foreign currency, at value (c) | - | - | ||||||
Receivables from: | ||||||||
Investments sold | - | - | ||||||
Investments sold on a when-issued basis (Note 2) | - | 17,547,406 | ||||||
Collateral held for reverse repurchase agreements (Note 2) | - | - | ||||||
Open forward foreign currency contracts (Note 2) | - | - | ||||||
Investment adviser (Note 3) | 164,992 | 54,795 | ||||||
Fund shares sold | 290,801 | 6,521,689 | ||||||
Variation margin on open futures contracts (Note 2) | - | - | ||||||
Interest and dividends | 88,996 | 2,782,686 | ||||||
Open swap agreements, at value (Note 2) | - | 446,103 | ||||||
|
|
|
| |||||
Total assets | 424,775,966 | 518,198,727 | ||||||
|
|
|
| |||||
Liabilities: | ||||||||
Payables for: | ||||||||
Investments purchased | - | - | ||||||
Reverse repurchase agreements (Note 2) | - | - | ||||||
Interest for reverse repurchase agreements (Note 2) | - | - | ||||||
Open forward foreign currency contracts (Note 2) | - | - | ||||||
Fund shares repurchased | 9,031,715 | 1,760,696 | ||||||
Interest and dividends | - | 6,381 | ||||||
Investments purchased on a when-issued basis (Note 2) | - | 33,130,008 | ||||||
Variation margin on open futures contracts (Note 2) | - | 3,719 | ||||||
Open swap agreements, at value (Note 2) | - | 84,024 | ||||||
Trustees’ fees and expenses (Note 3) | 65,127 | 44,417 | ||||||
Collateral pledged for open swap agreements (Note 2) | - | 390,000 | ||||||
Affiliates (Note 3): | ||||||||
Investment management fees | 123,494 | 156,558 | ||||||
Administration fees | 67,125 | 95,723 | ||||||
Service fees | 98,551 | 45,099 | ||||||
Distribution fees | - | 587 | ||||||
Accrued expense and other liabilities | 54,465 | 58,527 | ||||||
|
|
|
| |||||
Total liabilities | 9,440,477 | 35,775,739 | ||||||
|
|
|
| |||||
Net assets | $ | 415,335,489 | $ | 482,422,988 | ||||
|
|
|
| |||||
Net assets consist of: | ||||||||
Paid-in capital | $ | 416,198,244 | $ | 466,350,527 | ||||
Undistributed (accumulated) net investment income (loss) | - | 7,625,644 | ||||||
Distributions in excess of net investment income | (28,893 | ) | - | |||||
Accumulated net realized gain (loss) on investments and foreign currency transactions | (833,862 | ) | 4,707,443 | |||||
Net unrealized appreciation (depreciation) on investments and foreign currency translations | - | 3,739,374 | ||||||
|
|
|
| |||||
Net assets | $ | 415,335,489 | $ | 482,422,988 | ||||
|
|
|
| |||||
(a) Cost of investments: | $ | - | $ | 303,633,329 | ||||
(b) Cost of short-term investments: | $ | 424,231,177 | $ | 182,372,268 | ||||
(c) Cost of foreign currency: | $ | - | $ | - |
The accompanying notes are an integral part of the financial statements.
192
Table of Contents
MassMutual Premier Inflation- Protected and Income Fund | MassMutual Premier Core Bond Fund | MassMutual Premier Diversified Bond Fund | MassMutual Premier High Yield Fund | MassMutual Premier International Bond Fund | ||||||||||||||
$ | 431,511,328 | $ | 1,642,232,004 | $ | 118,297,323 | $ | 224,265,229 | $ | 53,723,772 | |||||||||
194,912,684 | 340,937,770 | 24,971,304 | 9,631,328 | 4,317,098 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
626,424,012 | 1,983,169,774 | 143,268,627 | 233,896,557 | 58,040,870 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
- | - | 10,685 | - | 211,034 | ||||||||||||||
1,416,878 | 337,278 | 1,969,126 | 1,551,519 | 2,933,730 | ||||||||||||||
- | 75,825,598 | 5,467,375 | 22,650 | - | ||||||||||||||
290,000 | - | - | - | - | ||||||||||||||
- | - | - | - | 119,550 | ||||||||||||||
36,263 | 248,212 | 16,783 | 18,881 | 1,257 | ||||||||||||||
178,067 | 240,497 | 140,820 | 84,684 | 39,889 | ||||||||||||||
- | 27,118 | 3,090 | - | - | ||||||||||||||
1,188,437 | 9,929,377 | 1,012,849 | 4,962,170 | 628,736 | ||||||||||||||
- | 1,522,030 | 128,637 | - | - | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
629,533,657 | 2,071,299,884 | 152,017,992 | 240,536,461 | 61,975,066 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
4,913,782 | 17,188,815 | 4,448,384 | 889,529 | 6,813,576 | ||||||||||||||
278,747,658 | - | - | - | - | ||||||||||||||
74,336 | - | - | - | - | ||||||||||||||
- | - | - | - | 238,265 | ||||||||||||||
277,271 | 2,849,811 | 8,104 | 5,737 | 229 | ||||||||||||||
- | 21,951 | 12,323 | - | - | ||||||||||||||
- | 354,524,675 | 25,623,535 | 7,100,000 | - | ||||||||||||||
- | - | - | - | - | ||||||||||||||
- | 279,529 | 33,497 | - | - | ||||||||||||||
23,104 | 148,544 | 20,195 | 14,030 | 2,864 | ||||||||||||||
- | - | - | - | - | ||||||||||||||
133,895 | 654,426 | 49,361 | 94,404 | 25,044 | ||||||||||||||
48,384 | 314,583 | 36,618 | 40,011 | 2,324 | ||||||||||||||
26,131 | 122,764 | 23,900 | 26,297 | 555 | ||||||||||||||
692 | 984 | - | 353 | - | ||||||||||||||
51,077 | 115,234 | 42,987 | 47,623 | 32,022 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
284,296,330 | 376,221,316 | 30,298,904 | 8,217,984 | 7,114,879 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
$ | 345,237,327 | $ | 1,695,078,568 | $ | 121,719,088 | $ | 232,318,477 | $ | 54,860,187 | |||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
$ | 296,885,161 | $ | 1,574,505,312 | $ | 114,355,001 | $ | 222,498,071 | $ | 51,987,830 | |||||||||
6,708,696 | 29,327,365 | 2,821,570 | 11,850,002 | 892,012 | ||||||||||||||
- | - | - | - | - | ||||||||||||||
483,826 | 31,349,676 | 2,504,571 | (8,164,932 | ) | (179,214 | ) | ||||||||||||
41,159,644 | 59,896,215 | 2,037,946 | 6,135,336 | 2,159,559 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
$ | 345,237,327 | $ | 1,695,078,568 | $ | 121,719,088 | $ | 232,318,477 | $ | 54,860,187 | |||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
$ | 390,351,684 | $ | 1,579,198,933 | $ | 115,707,939 | $ | 218,129,893 | $ | 51,428,628 | |||||||||
$ | 194,912,684 | $ | 340,937,770 | $ | 24,971,304 | $ | 9,631,328 | $ | 4,317,098 | |||||||||
$ | - | $ | - | $ | 10,271 | $ | - | $ | 212,163 |
193
Table of Contents
MassMutual Premier Funds – Financial Statements (Continued)
Statements of Assets and Liabilities
September 30, 2012
MassMutual Premier Money Market Fund | MassMutual Premier Short- Duration Bond Fund | |||||||
Class Z shares: | ||||||||
Net assets | $ | - | $ | 134,803,248 | ||||
|
|
|
| |||||
Shares outstanding (a) | - | 12,515,201 | ||||||
|
|
|
| |||||
Net asset value, offering price and redemption price per share | $ | - | $ | 10.77 | ||||
|
|
|
| |||||
Class S shares: | ||||||||
Net assets | $ | 162,906,405 | $ | 158,360,931 | ||||
|
|
|
| |||||
Shares outstanding (a) | 163,096,828 | 14,682,725 | ||||||
|
|
|
| |||||
Net asset value, offering price and redemption price per share | $ | 1.00 | $ | 10.79 | ||||
|
|
|
| |||||
Class Y shares: | ||||||||
Net assets | $ | 108,613,123 | $ | 79,985,384 | ||||
|
|
|
| |||||
Shares outstanding (a) | 108,589,939 | 7,461,619 | ||||||
|
|
|
| |||||
Net asset value, offering price and redemption price per share | $ | 1.00 | $ | 10.72 | ||||
|
|
|
| |||||
Class L shares: | ||||||||
Net assets | $ | - | $ | 37,298,401 | ||||
|
|
|
| |||||
Shares outstanding (a) | - | 3,490,326 | ||||||
|
|
|
| |||||
Net asset value, offering price and redemption price per share | $ | - | $ | 10.69 | ||||
|
|
|
| |||||
Class A shares: | ||||||||
Net assets | $ | 143,815,961 | $ | 71,031,438 | ||||
|
|
|
| |||||
Shares outstanding (a) | 143,864,716 | 6,690,455 | ||||||
|
|
|
| |||||
Net asset value and redemption price per share | $ | 1.00 | $ | 10.62 | ||||
|
|
|
| |||||
Offering price per share | ||||||||
(100/[100-maximum sales charge] of net asset value) | $ | - | $ | 11.01 | ||||
|
|
|
| |||||
Class N shares: | ||||||||
Net assets | $ | - | $ | 943,586 | ||||
|
|
|
| |||||
Shares outstanding (a) | - | 89,909 | ||||||
|
|
|
| |||||
Net asset value, offering price and redemption price per share | $ | - | $ | 10.49 | ||||
|
|
|
|
(a) | Authorized unlimited number of shares with no par value. |
* | Net asset value calculations reflect fractional share and dollar amounts. |
The accompanying notes are an integral part of the financial statements.
194
Table of Contents
MassMutual Premier Inflation- Protected and Income Fund | MassMutual Premier Core Bond Fund | MassMutual Premier Diversified Bond Fund | MassMutual Premier High Yield Fund | MassMutual Premier International Bond Fund | ||||||||||||||
$ | 124,527,817 | $ | 518,536,218 | $ | 116 | $ | 101,547,244 | $ | - | |||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
10,188,639 | 43,645,612 | 10 | 10,384,289 | - | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
$ | 12.22 | $ | 11.88 | $ | 11.24 | * | $ | 9.78 | $ | - | ||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
$ | 75,714,055 | $ | 728,293,368 | $ | 38,986,013 | $ | 22,722,838 | $ | 53,365,012 | |||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
6,198,028 | 61,271,294 | 3,688,146 | 2,318,229 | 5,038,513 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
$ | 12.22 | $ | 11.89 | $ | 10.57 | $ | 9.80 | $ | 10.59 | |||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
$ | 95,417,286 | $ | 162,691,538 | $ | 34,731,805 | $ | 57,111,129 | $ | 410,291 | |||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
7,836,082 | 13,755,265 | 3,282,372 | 5,830,010 | 38,740 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
$ | 12.18 | $ | 11.83 | $ | 10.58 | $ | 9.80 | $ | 10.59 | |||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
$ | 9,466,446 | $ | 91,405,090 | $ | 10,173,837 | $ | 8,885,938 | $ | 148,177 | |||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
770,576 | 7,768,164 | 953,745 | 914,584 | 13,574 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
$ | 12.28 | $ | 11.77 | $ | 10.67 | $ | 9.72 | $ | 10.92 | |||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
$ | 38,956,573 | $ | 192,597,819 | $ | 37,825,670 | $ | 41,525,171 | $ | 936,707 | |||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
3,247,114 | 16,528,441 | 3,565,853 | 4,300,252 | 89,209 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
$ | 12.00 | $ | 11.65 | $ | 10.61 | $ | 9.66 | $ | 10.50 | |||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
$ | 12.60 | $ | 12.23 | $ | 11.14 | $ | 10.25 | $ | 11.02 | |||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
$ | 1,155,150 | $ | 1,554,535 | $ | 1,647 | $ | 526,157 | $ | - | |||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
95,917 | 131,360 | 148 | 53,782 | - | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
$ | 12.04 | $ | 11.83 | $ | 11.13 | $ | 9.78 | $ | - | |||||||||
|
|
|
|
|
|
|
|
|
|
195
Table of Contents
MassMutual Premier Funds – Financial Statements (Continued)
Statements of Assets and Liabilities
September 30, 2012
MassMutual Premier Balanced Fund | MassMutual Premier Value Fund | |||||||
Assets: | ||||||||
Investments, at value (Note 2) (a) | $ | 117,669,452 | $ | 150,415,713 | ||||
Short-term investments, at value (Note 2) (b) | 17,686,410 | 6,785,906 | ||||||
|
|
|
| |||||
Total investments | 135,355,862 | 157,201,619 | ||||||
|
|
|
| |||||
Cash | - | - | ||||||
Foreign currency, at value (c) | - | - | ||||||
Receivables from: | ||||||||
Investments sold | 5,635,831 | - | ||||||
Investments sold on a when-issued basis (Note 2) | 1,931,359 | - | ||||||
Investment adviser (Note 3) | 2,083 | - | ||||||
Fund shares sold | 37,975 | 7,453 | ||||||
Variation margin on open futures contracts (Note 2) | 718 | - | ||||||
Interest and dividends | 367,078 | 158,990 | ||||||
Foreign taxes withheld | - | - | ||||||
Open swap agreements, at value (Note 2) | 37,857 | - | ||||||
|
|
|
| |||||
Total assets | 143,368,763 | 157,368,062 | ||||||
|
|
|
| |||||
Liabilities: | ||||||||
Payables for: | ||||||||
Investments purchased | 5,899,048 | 129,033 | ||||||
Fund shares repurchased | 177,120 | 172,155 | ||||||
Investments purchased on a when-issued basis (Note 2) | 9,306,849 | - | ||||||
Interest and dividends | 558 | - | ||||||
Open swap agreements, at value (Note 2) | 6,934 | - | ||||||
Trustees’ fees and expenses (Note 3) | 18,381 | 44,772 | ||||||
Collateral pledged for open swap agreements (Note 2) | 30,000 | - | ||||||
Affiliates (Note 3): | ||||||||
Investment management fees | 49,940 | 64,448 | ||||||
Administration fees | 14,966 | 13,638 | ||||||
Service fees | 9,578 | 5,998 | ||||||
Distribution fees | - | 45 | ||||||
Due to custodian | - | - | ||||||
Accrued expense and other liabilities | 47,322 | 39,503 | ||||||
|
|
|
| |||||
Total liabilities | 15,560,696 | 469,592 | ||||||
|
|
|
| |||||
Net assets | $ | 127,808,067 | $ | 156,898,470 | ||||
|
|
|
| |||||
Net assets consist of: | ||||||||
Paid-in capital | $ | 124,898,237 | $ | 226,916,971 | ||||
Undistributed (accumulated) net investment income (loss) | 1,592,811 | 1,678,621 | ||||||
Accumulated net realized gain (loss) on investments and foreign currency transactions | (5,425,374 | ) | (86,858,566 | ) | ||||
Net unrealized appreciation (depreciation) on investments and foreign currency translations | 6,742,393 | 15,161,444 | ||||||
|
|
|
| |||||
Net assets | $ | 127,808,067 | $ | 156,898,470 | ||||
|
|
|
| |||||
(a) Cost of investments: | $ | 110,860,661 | $ | 135,254,269 | ||||
(b) Cost of short-term investments: | $ | 17,686,410 | $ | 6,785,906 | ||||
(c) Cost of foreign currency: | $ | - | $ | - |
The accompanying notes are an integral part of the financial statements.
196
Table of Contents
MassMutual Premier Disciplined Value Fund | MassMutual Premier Main Street Fund | MassMutual Premier Capital Appreciation Fund | MassMutual Premier Disciplined Growth Fund | |||||||||||
$ | 291,220,359 | $ | 168,393,811 | $ | 306,521,993 | $ | 291,589,129 | |||||||
- | 2,506,534 | 3,511,891 | 761,769 | |||||||||||
|
|
|
|
|
|
|
| |||||||
291,220,359 | 170,900,345 | 310,033,884 | 292,350,898 | |||||||||||
|
|
|
|
|
|
|
| |||||||
- | 438,858 | - | - | |||||||||||
- | 3,776 | - | - | |||||||||||
21,263,056 | 872,626 | 2,017,297 | 25,241,245 | |||||||||||
- | - | - | - | |||||||||||
11,962 | 13,152 | 18,576 | 12,149 | |||||||||||
116,781 | 2,053 | 11,633 | 219,659 | |||||||||||
- | - | - | - | |||||||||||
479,266 | 115,723 | 330,739 | 332,137 | |||||||||||
- | - | 658,556 | - | |||||||||||
- | - | - | - | |||||||||||
|
|
|
|
|
|
|
| |||||||
313,091,424 | 172,346,533 | 313,070,685 | 318,156,088 | |||||||||||
|
|
|
|
|
|
|
| |||||||
21,435,054 | 1,304,184 | 2,033,061 | 25,586,052 | |||||||||||
108,527 | 216,184 | 4,891,232 | 17,635 | |||||||||||
- | - | - | - | |||||||||||
- | - | - | - | |||||||||||
- | - | - | - | |||||||||||
22,517 | 13,981 | 41,527 | 16,893 | |||||||||||
- | - | - | - | |||||||||||
119,615 | 91,404 | 168,072 | 121,492 | |||||||||||
14,053 | 23,119 | 43,187 | 14,586 | |||||||||||
6,063 | 7,421 | 49,453 | 8,892 | |||||||||||
74 | 67 | 140 | - | |||||||||||
38,151 | - | - | - | |||||||||||
45,017 | 37,294 | 45,944 | 44,238 | |||||||||||
|
|
|
|
|
|
|
| |||||||
21,789,071 | 1,693,654 | 7,272,616 | 25,809,788 | |||||||||||
|
|
|
|
|
|
|
| |||||||
$ | 291,302,353 | $ | 170,652,879 | $ | 305,798,069 | $ | 292,346,300 | |||||||
|
|
|
|
|
|
|
| |||||||
$ | 388,353,811 | $ | 187,280,533 | $ | 277,605,199 | $ | 262,561,403 | |||||||
4,429,398 | 1,259,438 | 1,401,150 | 2,532,160 | |||||||||||
(124,071,941 | ) | (52,823,451 | ) | (47,462,349 | ) | (3,116,329 | ) | |||||||
22,591,085 | 34,936,359 | 74,254,069 | 30,369,066 | |||||||||||
|
|
|
|
|
|
|
| |||||||
$ | 291,302,353 | $ | 170,652,879 | $ | 305,798,069 | $ | 292,346,300 | |||||||
|
|
|
|
|
|
|
| |||||||
$ | 268,629,274 | $ | 133,457,439 | $ | 232,338,357 | $ | 261,220,063 | |||||||
$ | - | $ | 2,506,534 | $ | 3,511,891 | $ | 761,769 | |||||||
$ | - | $ | 3,802 | $ | - | $ | - |
197
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MassMutual Premier Funds – Financial Statements (Continued)
Statements of Assets and Liabilities
September 30, 2012
MassMutual Premier Balanced Fund | MassMutual Premier Value Fund | |||||||
Class S shares: | ||||||||
Net assets | $ | 100,520,673 | $ | 128,342,364 | ||||
|
|
|
| |||||
Shares outstanding (a) | 8,861,428 | 8,424,459 | ||||||
|
|
|
| |||||
Net asset value, offering price and redemption price per share | $ | 11.34 | $ | 15.23 | ||||
|
|
|
| |||||
Class Y shares: | ||||||||
Net assets | $ | 6,294,455 | $ | 127,378 | ||||
|
|
|
| |||||
Shares outstanding (a) | 536,622 | 8,333 | ||||||
|
|
|
| |||||
Net asset value, offering price and redemption price per share | $ | 11.73 | $ | 15.29 | ||||
|
|
|
| |||||
Class L shares: | ||||||||
Net assets | $ | 3,234,027 | $ | 18,705,286 | ||||
|
|
|
| |||||
Shares outstanding (a) | 284,066 | 1,226,200 | ||||||
|
|
|
| |||||
Net asset value, offering price and redemption price per share | $ | 11.38 | $ | 15.25 | ||||
|
|
|
| |||||
Class A shares: | ||||||||
Net assets | $ | 17,758,912 | $ | 9,649,390 | ||||
|
|
|
| |||||
Shares outstanding (a) | 1,592,572 | 634,121 | ||||||
|
|
|
| |||||
Net asset value and redemption price per share | $ | 11.15 | $ | 15.22 | ||||
|
|
|
| |||||
Offering price per share | $ | 11.83 | $ | 16.15 | ||||
|
|
|
| |||||
Class N shares: | ||||||||
Net assets | $ | - | $ | 74,052 | ||||
|
|
|
| |||||
Shares outstanding (a) | - | 4,886 | ||||||
|
|
|
| |||||
Net asset value, offering price and redemption price per share | $ | - | $ | 15.15 | * | |||
|
|
|
|
(a) | Authorized unlimited number of shares with no par value. |
* | Net asset value calculations reflect fractional share and dollar amounts. |
The accompanying notes are an integral part of the financial statements.
198
Table of Contents
MassMutual Premier Disciplined Value Fund | MassMutual Premier Main Street Fund | MassMutual Premier Capital Appreciation Fund | MassMutual Premier Disciplined Growth Fund | |||||||||||
$ | 212,646,828 | $ | 121,084,794 | $ | 202,397,863 | $ | 211,276,081 | |||||||
|
|
|
|
|
|
|
| |||||||
18,842,256 | 11,727,370 | 16,842,794 | 18,908,302 | |||||||||||
|
|
|
|
|
|
|
| |||||||
$ | 11.29 | $ | 10.32 | $ | 12.02 | $ | 11.17 | |||||||
|
|
|
|
|
|
|
| |||||||
$ | 66,311,269 | $ | 4,905,084 | $ | 7,231,064 | $ | 57,791,837 | |||||||
|
|
|
|
|
|
|
| |||||||
5,908,674 | 468,824 | 602,734 | 5,163,702 | |||||||||||
|
|
|
|
|
|
|
| |||||||
$ | 11.22 | $ | 10.46 | $ | 12.00 | $ | 11.19 | |||||||
|
|
|
|
|
|
|
| |||||||
$ | 2,717,026 | $ | 32,593,003 | $ | 23,363,670 | $ | 8,592,594 | |||||||
|
|
|
|
|
|
|
| |||||||
238,378 | 3,163,196 | 1,962,037 | 763,234 | |||||||||||
|
|
|
|
|
|
|
| |||||||
$ | 11.40 | $ | 10.30 | $ | 11.91 | $ | 11.26 | |||||||
|
|
|
|
|
|
|
| |||||||
$ | 9,501,063 | $ | 11,975,585 | $ | 72,578,977 | $ | 14,685,788 | |||||||
|
|
|
|
|
|
|
| |||||||
853,996 | 1,170,812 | 6,111,827 | 1,323,256 | |||||||||||
|
|
|
|
|
|
|
| |||||||
$ | 11.13 | $ | 10.23 | $ | 11.88 | $ | 11.10 | |||||||
|
|
|
|
|
|
|
| |||||||
$ | 11.81 |
| $ | 10.85 | $ | 12.60 | $ | 11.78 | ||||||
|
|
|
|
|
|
|
| |||||||
$ | 126,167 | $ | 94,413 | $ | 226,495 | $ | - | |||||||
|
|
|
|
|
|
|
| |||||||
11,273 | 9,217 | 19,563 | - | |||||||||||
|
|
|
|
|
|
|
| |||||||
$ | 11.19 | $ | 10.24 | $ | 11.58 | $ | - | |||||||
|
|
|
|
|
|
|
|
199
Table of Contents
MassMutual Premier Funds – Financial Statements (Continued)
Statements of Assets and Liabilities
September 30, 2012
MassMutual Premier Small/Mid Cap Opportunities Fund | MassMutual Premier Global Fund | |||||||
Assets: | ||||||||
Investments, at value — unaffiliated issuers (Note 2) (a) | $ | 145,204,622 | $ | 386,252,796 | ||||
Investments, at value — affiliated issuers (Note 2) (b) | - | 5,182,105 | ||||||
Short-term investments, at value (Note 2) (c) | 2,283,955 | - | ||||||
|
|
|
| |||||
Total investments (d) | 147,488,577 | 391,434,901 | ||||||
|
|
|
| |||||
Foreign currency, at value (e) | - | - | ||||||
Receivables from: | ||||||||
Investments sold | 1,051,725 | 360,656 | ||||||
Investment adviser (Note 3) | 3,000 | 32,686 | ||||||
Fund shares sold | 3,958 | 103,937 | ||||||
Interest and dividends | 251,346 | 431,934 | ||||||
Foreign tax receivable | - | - | ||||||
Foreign taxes withheld | - | 463,554 | ||||||
|
|
|
| |||||
Total assets | 148,798,606 | 392,827,668 | ||||||
|
|
|
| |||||
Liabilities: | ||||||||
Payables for: | ||||||||
Investments purchased | 1,344,931 | 978 | ||||||
Fund shares repurchased | 206,386 | 1,861,186 | ||||||
Securities on loan (Note 2) | 11,178,137 | 35,774,878 | ||||||
Trustees’ fees and expenses (Note 3) | 27,335 | 31,275 | ||||||
Affiliates (Note 3): | ||||||||
Investment management fees | 65,992 | 235,263 | ||||||
Administration fees | 22,163 | 76,012 | ||||||
Service fees | 37,737 | 26,297 | ||||||
Distribution fees | - | 567 | ||||||
Accrued expense and other liabilities | 47,193 | 82,635 | ||||||
|
|
|
| |||||
Total liabilities | 12,929,874 | 38,089,091 | ||||||
|
|
|
| |||||
Net assets | $ | 135,868,732 | $ | 354,738,577 | ||||
|
|
|
| |||||
Net assets consist of: | ||||||||
Paid-in capital | $ | 150,507,764 | $ | 309,507,536 | ||||
Undistributed (accumulated) net investment income (loss) | 429,865 | 2,242,242 | ||||||
Accumulated net realized gain (loss) on investments and foreign currency transactions | (27,694,022 | ) | (25,877,886 | ) | ||||
Net unrealized appreciation (depreciation) on investments and foreign currency translations | 12,625,125 | 68,866,685 | ||||||
|
|
|
| |||||
Net assets | $ | 135,868,732 | $ | 354,738,577 | ||||
|
|
|
| |||||
(a) Cost of investments — unaffiliated issuers: | $ | 132,579,497 | $ | 317,398,122 | ||||
(b) Cost of investments — affiliated issuers: | $ | - | $ | 5,182,105 | ||||
(c) Cost of short-term investments: | $ | 2,283,955 | $ | - | ||||
(d) Securities on loan with market value of: | $ | 10,861,439 | $ | 34,102,890 | ||||
(e) Cost of foreign currency: | $ | - | $ | - |
The accompanying notes are an integral part of the financial statements.
200
Table of Contents
MassMutual Premier International Equity Fund | MassMutual Premier Focused International Fund | MassMutual Premier Strategic Emerging Markets Fund | ||||||||
$ | 498,175,707 | $ | 157,948,896 | $ | 142,311,681 | |||||
15,511,786 | - | - | ||||||||
- | 2,087,718 | 1,109,274 | ||||||||
|
|
|
|
|
| |||||
513,687,493 | 160,036,614 | 143,420,955 | ||||||||
|
|
|
|
|
| |||||
28,161 | 57,830 | 109,058 | ||||||||
2,155,395 | 221,350 | 524,796 | ||||||||
- | 11,813 | 28,948 | ||||||||
205,117 | 204,831 | 51,792 | ||||||||
889,068 | 455,874 | 113,800 | ||||||||
- | - | 65,579 | ||||||||
1,027,591 | 196,845 | 4,644 | ||||||||
|
|
|
|
|
| |||||
517,992,825 | 161,185,157 | 144,319,572 | ||||||||
|
|
|
|
|
| |||||
605,553 | 82 | 1,169,355 | ||||||||
128,191 | 150,644 | 14,313 | ||||||||
36,616,834 | 16,435,550 | 1,392,582 | ||||||||
69,033 | 7,979 | 8,504 | ||||||||
334,351 | 106,283 | 117,849 | ||||||||
64,410 | 19,341 | 5,468 | ||||||||
28,825 | 14,290 | 288 | ||||||||
- | 584 | - | ||||||||
87,436 | 45,995 | 62,620 | ||||||||
|
|
|
|
|
| |||||
37,934,633 | 16,780,748 | 2,770,979 | ||||||||
|
|
|
|
|
| |||||
$ | 480,058,192 | $ | 144,404,409 | $ | 141,548,593 | |||||
|
|
|
|
|
| |||||
$ | 392,504,635 | $ | 157,726,228 | $ | 142,815,436 | |||||
4,726,276 | 1,335,573 | 1,134,707 | ||||||||
6,578,981 | (19,507,732 | ) | (2,925,990 | ) | ||||||
76,248,300 | 4,850,340 | 524,440 | ||||||||
|
|
|
|
|
| |||||
$ | 480,058,192 | $ | 144,404,409 | $ | 141,548,593 | |||||
|
|
|
|
|
| |||||
$ | 422,004,367 | $ | 153,118,896 | $ | 141,785,826 | |||||
$ | 15,511,786 | $ | - | $ | - | |||||
$ | - | $ | 2,087,718 | $ | 1,109,274 | |||||
$ | 34,974,781 | $ | 15,640,540 | $ | 1,358,712 | |||||
$ | 28,344 | $ | 57,889 | $ | 109,341 |
201
Table of Contents
MassMutual Premier Funds – Financial Statements (Continued)
Statements of Assets and Liabilities
September 30, 2012
MassMutual Premier Small/Mid Cap Opportunities Fund | MassMutual Premier Global Fund | |||||||
Class Z shares: | ||||||||
Net assets | $ | - | $ | - | ||||
|
|
|
| |||||
Shares outstanding (a) | - | - | ||||||
|
|
|
| |||||
Net asset value, offering price and redemption price per share | $ | - | $ | - | ||||
|
|
|
| |||||
Class S shares: | ||||||||
Net assets | $ | 68,091,159 | $ | 195,533,731 | ||||
|
|
|
| |||||
Shares outstanding (a) | 6,175,903 | 17,480,532 | ||||||
|
|
|
| |||||
Net asset value, offering price and redemption price per share | $ | 11.03 | $ | 11.19 | ||||
|
|
|
| |||||
Class Y shares: | ||||||||
Net assets | $ | 3,298,655 | $ | 7,389,348 | ||||
|
|
|
| |||||
Shares outstanding (a) | 299,062 | 664,664 | ||||||
|
|
|
| |||||
Net asset value, offering price and redemption price per share | $ | 11.03 | $ | 11.12 | ||||
|
|
|
| |||||
Class L shares: | ||||||||
Net assets | $ | 5,928,041 | $ | 109,533,840 | ||||
|
|
|
| |||||
Shares outstanding (a) | 540,077 | 9,809,021 | ||||||
|
|
|
| |||||
Net asset value, offering price and redemption price per share | $ | 10.98 | $ | 11.17 | ||||
|
|
|
| |||||
Class A shares: | ||||||||
Net assets | $ | 58,550,877 | $ | 41,351,288 | ||||
|
|
|
| |||||
Shares outstanding (a) | 5,420,106 | 3,739,704 | ||||||
|
|
|
| |||||
Net asset value and redemption price per share | $ | 10.80 | $ | 11.06 | ||||
|
|
|
| |||||
Offering price per share | ||||||||
(100/[100-maximum sales charge] of net asset value) | $ | 11.46 | $ | 11.73 | ||||
|
|
|
| |||||
Class N shares: | ||||||||
Net assets | $ | - | $ | 930,370 | ||||
|
|
|
| |||||
Shares outstanding (a) | - | 83,819 | ||||||
|
|
|
| |||||
Net asset value, offering price and redemption price per share | $ | - | $ | 11.10 | ||||
|
|
|
|
(a) | Authorized unlimited number of shares with no par value. |
The accompanying notes are an integral part of the financial statements.
202
Table of Contents
MassMutual Premier International Equity Fund | MassMutual Premier Focused International Fund | MassMutual Premier Strategic Emerging Markets Fund | ||||||||
$ | - | $ | 72,011,484 | $ | 134,793,333 | |||||
|
|
|
|
|
| |||||
- | 6,183,923 | 11,205,237 | ||||||||
|
|
|
|
|
| |||||
$ | - | $ | 11.64 | $ | 12.03 | |||||
|
|
|
|
|
| |||||
$ | 396,711,080 | $ | 33,949,175 | $ | 6,110,027 | |||||
|
|
|
|
|
| |||||
30,056,565 | 2,913,599 | 502,216 | ||||||||
|
|
|
|
|
| |||||
$ | 13.20 | $ | 11.65 | $ | 12.17 | |||||
|
|
|
|
|
| |||||
$ | 21,882,251 | $ | 8,374,089 | $ | 202,883 | |||||
|
|
|
|
|
| |||||
1,659,999 | 720,935 | 16,892 | ||||||||
|
|
|
|
|
| |||||
$ | 13.18 | $ | 11.62 | $ | 12.01 | |||||
|
|
|
|
|
| |||||
$ | 15,172,515 | $ | 7,025,449 | $ | 63,187 | |||||
|
|
|
|
|
| |||||
1,155,992 | 601,984 | 5,226 | ||||||||
|
|
|
|
|
| |||||
$ | 13.13 | $ | 11.67 | $ | 12.09 | |||||
|
|
|
|
|
| |||||
$ | 46,292,346 | $ | 22,075,914 | $ | 379,163 | |||||
|
|
|
|
|
| |||||
3,602,372 | 1,908,431 | 31,749 | ||||||||
|
|
|
|
|
| |||||
$ | 12.85 | $ | 11.57 | $ | 11.94 | |||||
|
|
|
|
|
| |||||
$ | 13.63 | $ | 12.28 | $ | 12.67 | |||||
|
|
|
|
|
| |||||
$ | - | $ | 968,298 | $ | - | |||||
|
|
|
|
|
| |||||
- | 84,820 | - | ||||||||
|
|
|
|
|
| |||||
$ | - | $ | 11.42 | $ | - | |||||
|
|
|
|
|
|
203
Table of Contents
MassMutual Premier Funds – Financial Statements (Continued)
For the Period Ended September 30, 2012*
MassMutual Premier Money Market Fund | MassMutual Premier Short- Duration Bond Fund | |||||||
Investment income (Note 2): | ||||||||
Interest | $ | 803,943 | $ | 9,816,135 | ||||
|
|
|
| |||||
Total investment income | 803,943 | 9,816,135 | ||||||
|
|
|
| |||||
Expenses (Note 3): | ||||||||
Investment management fees | 1,678,192 | 1,786,650 | ||||||
Custody fees | 46,911 | 70,075 | ||||||
Interest expense | - | - | ||||||
Audit fees | 30,405 | 35,655 | ||||||
Legal fees | 16,741 | 12,109 | ||||||
Proxy fees | 1,108 | 1,108 | ||||||
Shareholder reporting fees | 22,520 | 18,492 | ||||||
Trustees’ fees | 38,299 | 35,256 | ||||||
|
|
|
| |||||
1,834,176 | 1,959,345 | |||||||
Administration fees: | ||||||||
Class Z | - | 90,269 | ||||||
Class S | 132,263 | 353,146 | ||||||
Class Y | 258,497 | 226,998 | ||||||
Class L | - | 151,533 | ||||||
Class A | 524,004 | 251,847 | ||||||
Class N | - | 17,975 | ||||||
Distribution fees: | ||||||||
Class N | - | 10,239 | ||||||
Service fees: | ||||||||
Class A | 401,105 | 161,897 | ||||||
Class N | - | 10,239 | ||||||
|
|
|
| |||||
Total expenses | 3,150,045 | 3,233,488 | ||||||
Expenses waived (Note 3): | ||||||||
Class S fees waived by adviser | (510,595 | ) | - | |||||
Class Y fees waived by adviser | (585,037 | ) | - | |||||
Class L fees waived by adviser | - | - | ||||||
Class A fees waived by adviser | (923,201 | ) | - | |||||
Class A administrative fees waived | (352,972 | ) | - | |||||
Class Z management fees waived | - | (180,568 | ) | |||||
Class S management fees waived | - | (190,992 | ) | |||||
Class Y management fees waived | - | (102,873 | ) | |||||
Class L management fees waived | - | (54,521 | ) | |||||
Class A management fees waived | - | (90,667 | ) | |||||
Class N management fees waived | - | (5,706 | ) | |||||
|
|
|
| |||||
Net expenses | 778,240 | 2,608,161 | ||||||
|
|
|
| |||||
Net investment income (loss) | 25,703 | 7,207,974 | ||||||
|
|
|
| |||||
Realized and unrealized gain (loss): | ||||||||
Net realized gain (loss) on: | ||||||||
Investment transactions | 3,650 | 7,937,862 | ||||||
Futures contracts | - | (843,453 | ) | |||||
Swap agreements | - | (873,375 | ) | |||||
Foreign currency transactions | - | - | ||||||
|
|
|
| |||||
Net realized gain (loss) | 3,650 | 6,221,034 | ||||||
|
|
|
| |||||
Net change in unrealized appreciation (depreciation) on: | ||||||||
Investment transactions | - | 1,231,311 | ||||||
Futures contracts | - | (143,467 | ) | |||||
Swap agreements | - | (271,833 | ) | |||||
Translation of assets and liabilities in foreign currencies | - | - | ||||||
|
|
|
| |||||
Net change in unrealized appreciation (depreciation) | - | 816,011 | ||||||
|
|
|
| |||||
Net realized gain (loss) and change in unrealized appreciation (depreciation) | 3,650 | 7,037,045 | ||||||
|
|
|
| |||||
Net increase (decrease) in net assets resulting from operations | $ | 29,353 | $ | 14,245,019 | ||||
|
|
|
|
* | For the period November 1, 2011 through September 30, 2012. |
+ | Amount is less than $0.50. |
The accompanying notes are an integral part of the financial statements.
204
Table of Contents
MassMutual Premier Inflation- Protected and Income Fund | MassMutual Premier Core Bond Fund | MassMutual Premier Diversified Bond Fund | MassMutual Premier High Yield Fund | MassMutual Premier International Bond Fund | ||||||||||||||
$ | 8,335,709 | $ | 41,488,625 | $ | 4,073,829 | $ | 16,128,981 | $ | 1,285,845 | |||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
8,335,709 | 41,488,625 | 4,073,829 | 16,128,981 | 1,285,845 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
1,448,236 | 7,107,824 | 540,478 | 997,764 | 262,680 | ||||||||||||||
55,070 | 172,954 | 47,413 | 35,356 | 26,106 | ||||||||||||||
619,185 | - | - | - | - | ||||||||||||||
35,703 | 37,697 | 36,311 | 34,498 | 29,044 | ||||||||||||||
9,538 | 35,120 | 4,634 | 6,952 | 2,963 | ||||||||||||||
1,108 | 1,108 | 1,108 | 1,108 | 1,108 | ||||||||||||||
13,828 | 59,065 | 5,675 | 10,506 | 3,802 | ||||||||||||||
23,580 | 116,432 | 8,678 | 15,441 | 3,342 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
2,206,248 | 7,530,200 | 644,297 | 1,101,625 | 329,045 | ||||||||||||||
54,459 | 245,926 | 0 | + | 34,752 | - | |||||||||||||
108,184 | 1,790,132 | 107,393 | 50,788 | 21,271 | ||||||||||||||
211,359 | 450,378 | 126,956 | 148,163 | 255 | ||||||||||||||
29,523 | 327,842 | 35,362 | 23,294 | 321 | ||||||||||||||
113,397 | 689,105 | 132,444 | 159,334 | 2,884 | ||||||||||||||
2,902 | 5,408 | 6 | 2,152 | - | ||||||||||||||
2,011 | 2,971 | 4 | 1,089 | - | ||||||||||||||
91,214 | 447,355 | 85,780 | 89,655 | 2,404 | ||||||||||||||
2,011 | 2,971 | 4 | 1,089 | - | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
2,821,308 | 11,492,288 | 1,132,246 | 1,611,941 | 356,180 | ||||||||||||||
- | - | - | - | (21,949 | ) | |||||||||||||
- | - | - | - | (168 | ) | |||||||||||||
- | - | - | - | (108 | ) | |||||||||||||
- | - | - | - | (980 | ) | |||||||||||||
- | - | - | - | - | ||||||||||||||
(141,627 | ) | (738,639 | ) | (0 | )+ | (86,895 | ) | - | ||||||||||
(87,406 | ) | (1,214,836 | ) | (54,336 | ) | (20,716 | ) | - | ||||||||||
(105,358 | ) | (257,233 | ) | (55,913 | ) | (50,317 | ) | - | ||||||||||
(9,358 | ) | (153,189 | ) | (15,180 | ) | (5,257 | ) | - | ||||||||||
(47,433 | ) | (321,968 | ) | (58,330 | ) | (35,932 | ) | - | ||||||||||
(1,049 | ) | (2,141 | ) | (2 | ) | (436 | ) | - | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
2,429,077 | 8,804,282 | 948,485 | 1,412,388 | 332,975 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
5,906,632 | 32,684,343 | 3,125,344 | 14,716,593 | 952,870 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
7,757,425 | 39,029,100 | 3,587,002 | 7,286,454 | 223,476 | ||||||||||||||
- | 90,465 | 85,794 | - | - | ||||||||||||||
- | (2,506,692 | ) | (999,884 | ) | - | - | ||||||||||||
- | - | (4,826 | ) | - | (5,086 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
7,757,425 | 36,612,873 | 2,668,086 | 7,286,454 | 218,390 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
8,377,084 | 33,223,369 | 2,869,160 | 5,264,407 | 100,293 | ||||||||||||||
- | 168,625 | (73,543 | ) | - | - | |||||||||||||
- | (1,332,095 | ) | (13,107 | ) | - | - | ||||||||||||
- | - | 8,134 | - | (207,691 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
8,377,084 | 32,059,899 | 2,790,644 | 5,264,407 | (107,398 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
16,134,509 | 68,672,772 | 5,458,730 | 12,550,861 | 110,992 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
$ | 22,041,141 | $ | 101,357,115 | $ | 8,584,074 | $ | 27,267,454 | $ | 1,063,862 | |||||||||
|
|
|
|
|
|
|
|
|
|
205
Table of Contents
MassMutual Premier Funds – Financial Statements (Continued)
Statements of Operations
For the Period Ended September 30, 2012*
MassMutual Premier Balanced Fund | MassMutual Premier Value Fund | |||||||
Investment income (Note 2): | ||||||||
Dividends (a) | $ | 1,679,709 | $ | 3,861,239 | ||||
Interest | 1,170,113 | 590 | ||||||
Securities lending net income | - | 171 | ||||||
|
|
|
| |||||
Total investment income | 2,849,822 | 3,862,000 | ||||||
|
|
|
| |||||
Expenses (Note 3): | ||||||||
Investment management fees | 521,529 | 749,516 | ||||||
Custody fees | 38,067 | 18,072 | ||||||
Audit fees | 36,309 | 34,154 | ||||||
Legal fees | 4,391 | 5,724 | ||||||
Proxy fees | 1,109 | 1,109 | ||||||
Shareholder reporting fees | 5,903 | 7,703 | ||||||
Trustees’ fees | 8,545 | 11,937 | ||||||
|
|
|
| |||||
615,853 | 828,215 | |||||||
Administration fees: | ||||||||
Class S | 77,570 | 81,084 | ||||||
Class Y | 11,698 | 217 | ||||||
Class L | 7,007 | 48,835 | ||||||
Class A | 50,708 | 27,681 | ||||||
Class N | - | 272 | ||||||
Distribution fees: | ||||||||
Class N | - | 181 | ||||||
Service fees: | ||||||||
Class A | 31,948 | 21,913 | ||||||
Class N | - | 181 | ||||||
|
|
|
| |||||
Total expenses | 794,784 | 1,008,579 | ||||||
Expenses waived (Note 3): | ||||||||
Class S fees waived by adviser | - | - | ||||||
Class Y fees waived by adviser | - | - | ||||||
Class L fees waived by adviser | - | - | ||||||
Class A fees waived by adviser | - | - | ||||||
Class N fees waived by adviser | - | - | ||||||
Class S administrative fees waived | (17,873 | ) | - | |||||
Class Y administrative fees waived | (948 | ) | - | |||||
Class L administrative fees waived | (353 | ) | - | |||||
Class A administrative fees waived | (2,556 | ) | - | |||||
Class N administrative fees waived | - | - | ||||||
Class S management fees waived | - | - | ||||||
Class Y management fees waived | - | - | ||||||
Class L management fees waived | - | - | ||||||
Class A management fees waived | - | - | ||||||
Class N management fees waived | - | - | ||||||
|
|
|
| |||||
Net expenses | 773,054 | 1,008,579 | ||||||
|
|
|
| |||||
Net investment income (loss) | 2,076,768 | 2,853,421 | ||||||
|
|
|
| |||||
Realized and unrealized gain (loss): | ||||||||
Net realized gain (loss) on: | ||||||||
Investment transactions | 6,646,812 | (1,266,048 | ) | |||||
Futures contracts | 365,788 | - | ||||||
Swap agreements | (94,962 | ) | - | |||||
Foreign currency transactions | - | (55 | ) | |||||
|
|
|
| |||||
Net realized gain (loss) | 6,917,638 | (1,266,103 | ) | |||||
|
|
|
| |||||
Net change in unrealized appreciation (depreciation) on: | ||||||||
Investment transactions | 4,328,636 | 15,212,452 | ||||||
Futures contracts | 80,626 | - | ||||||
Swap agreements | (13,191 | ) | - | |||||
Translation of assets and liabilities in foreign currencies | - | - | ||||||
|
|
|
| |||||
Net change in unrealized appreciation (depreciation) | 4,396,071 | 15,212,452 | ||||||
|
|
|
| |||||
Net realized gain (loss) and change in unrealized appreciation (depreciation) | 11,313,709 | 13,946,349 | ||||||
|
|
|
| |||||
Net increase (decrease) in net assets resulting from operations | $ | 13,390,477 | $ | 16,799,770 | ||||
|
|
|
| |||||
(a) Net of withholding tax of: | $ | 2,634 | $ | 18,896 |
* | For the period November 1, 2011 through September 30, 2012. |
The accompanying notes are an integral part of the financial statements.
206
Table of Contents
MassMutual Premier Disciplined Value Fund | MassMutual Premier Main Street Fund | MassMutual Premier Capital Appreciation Fund | MassMutual Premier Disciplined Growth Fund | |||||||||||
$ | 7,054,794 | $ | 2,538,385 | $ | 4,607,870 | $ | 4,738,570 | |||||||
51 | 282 | 188 | 313 | |||||||||||
- | - | - | - | |||||||||||
|
|
|
|
|
|
|
| |||||||
7,054,845 | 2,538,667 | 4,608,058 | 4,738,883 | |||||||||||
|
|
|
|
|
|
|
| |||||||
1,261,766 | 984,122 | 1,989,037 | 1,177,584 | |||||||||||
32,720 | 15,698 | 48,361 | 31,274 | |||||||||||
35,153 | 32,653 | 26,820 | 35,131 | |||||||||||
8,030 | 5,560 | 10,502 | 7,138 | |||||||||||
1,108 | 1,109 | 1,109 | 1,108 | |||||||||||
11,105 | 7,411 | 10,856 | 10,720 | |||||||||||
19,797 | 11,943 | 24,574 | 18,147 | |||||||||||
|
|
|
|
|
|
|
| |||||||
1,369,679 | 1,058,496 | 2,111,259 | 1,281,102 | |||||||||||
53,444 | 118,009 | 200,733 | 42,244 | |||||||||||
64,259 | 3,280 | 4,149 | 55,664 | |||||||||||
5,210 | 102,357 | 70,246 | 11,216 | |||||||||||
21,925 | 27,596 | 236,689 | 23,711 | |||||||||||
329 | 547 | 681 | - | |||||||||||
267 | 380 | 487 | - | |||||||||||
21,204 | 22,255 | 197,240 | 23,301 | |||||||||||
267 | 380 | 487 | - | |||||||||||
|
|
|
|
|
|
|
| |||||||
1,536,584 | 1,333,300 | 2,821,971 | 1,437,238 | |||||||||||
- | (106,329 | ) | (160,640 | ) | - | |||||||||
- | (2,082 | ) | (585 | ) | - | |||||||||
- | (32,597 | ) | (4,668 | ) | - | |||||||||
- | (8,918 | ) | (118,094 | ) | - | |||||||||
- | (150 | ) | (156 | ) | - | |||||||||
- | - | - | - | |||||||||||
- | - | - | - | |||||||||||
- | - | - | - | |||||||||||
- | - | - | - | |||||||||||
- | - | - | - | |||||||||||
(93,748 | ) | - | - | (86,550 | ) | |||||||||
(27,127 | ) | - | - | (24,324 | ) | |||||||||
(1,008 | ) | - | - | (2,214 | ) | |||||||||
(4,241 | ) | - | - | (4,670 | ) | |||||||||
(53 | ) | - | - | - | ||||||||||
|
|
|
|
|
|
|
| |||||||
1,410,407 | 1,183,224 | 2,537,828 | 1,319,480 | |||||||||||
|
|
|
|
|
|
|
| |||||||
5,644,438 | 1,355,443 | 2,070,230 | 3,419,403 | |||||||||||
|
|
|
|
|
|
|
| |||||||
13,855,806 | 15,055,012 | 28,932,101 | 23,895,398 | |||||||||||
- | - | - | - | |||||||||||
- | - | - | - | |||||||||||
- | (1,101 | ) | (29,255 | ) | - | |||||||||
|
|
|
|
|
|
|
| |||||||
13,855,806 | 15,053,911 | 28,902,846 | 23,895,398 | |||||||||||
|
|
|
|
|
|
|
| |||||||
21,397,825 | 11,799,271 | 11,940,603 | 13,134,930 | |||||||||||
- | - | - | - | |||||||||||
- | - | - | - | |||||||||||
- | (13 | ) | (48,695 | ) | - | |||||||||
|
|
|
|
|
|
|
| |||||||
21,397,825 | 11,799,258 | 11,891,908 | 13,134,930 | |||||||||||
|
|
|
|
|
|
|
| |||||||
35,253,631 | 26,853,169 | 40,794,754 | 37,030,328 | |||||||||||
|
|
|
|
|
|
|
| |||||||
$ | 40,898,069 | $ | 28,208,612 | $ | 42,864,984 | $ | 40,449,731 | |||||||
|
|
|
|
|
|
|
| |||||||
$ | 18,609 | $ | 954 | $ | 78,648 | $ | 24,575 |
207
Table of Contents
MassMutual Premier Funds – Financial Statements (Continued)
Statements of Operations
For the Period Ended September 30, 2012*
MassMutual Premier Small/Mid Cap Opportunities Fund | MassMutual Premier Global Fund | |||||||
Investment income (Note 2): | ||||||||
Dividends — unaffiliated issuers (a) | $ | 2,110,550 | $ | 7,521,705 | ||||
Dividends — affiliated issuers (Note 7) | - | 5,647 | ||||||
Interest | 191 | - | ||||||
Securities lending net income | 18,163 | 16,362 | ||||||
|
|
|
| |||||
Total investment income | 2,128,904 | 7,543,714 | ||||||
|
|
|
| |||||
Expenses (Note 3): | ||||||||
Investment management fees | 737,829 | 2,584,320 | ||||||
Custody fees | 76,460 | 126,052 | ||||||
Audit fees | 33,533 | 39,942 | ||||||
Legal fees | 6,825 | 10,198 | ||||||
Proxy fees | 1,109 | 1,108 | ||||||
Shareholder reporting fees | 6,912 | 13,495 | ||||||
Trustees’ fees | 10,006 | 25,566 | ||||||
|
|
|
| |||||
872,674 | 2,800,681 | |||||||
Administration fees: | ||||||||
Class Z | - | - | ||||||
Class S | 66,224 | 320,438 | ||||||
Class Y | 4,177 | 12,502 | ||||||
Class L | 10,931 | 368,035 | ||||||
Class A | 158,092 | 129,783 | ||||||
Class N | - | 3,209 | ||||||
Distribution fees: | ||||||||
Class N | - | 1,957 | ||||||
Service fees: | ||||||||
Class A | 133,029 | 90,126 | ||||||
Class N | - | 1,957 | ||||||
|
|
|
| |||||
Total expenses | 1,245,127 | 3,728,688 | ||||||
Expenses waived (Note 3): | ||||||||
Class Z fees waived by adviser | - | - | ||||||
Class S fees waived by adviser | (63,496 | ) | (279,440 | ) | ||||
Class Y fees waived by adviser | (1,973 | ) | (2,809 | ) | ||||
Class L fees waived by adviser | (3,425 | ) | (88,755 | ) | ||||
Class A fees waived by adviser | (49,540 | ) | (17,093 | ) | ||||
Class N fees waived by adviser | - | (2,015 | ) | |||||
Class Z management fees waived | - | - | ||||||
Class S management fees waived | - | - | ||||||
Class Y management fees waived | - | - | ||||||
Class L management fees waived | - | - | ||||||
Class A management fees waived | - | - | ||||||
Class N management fees waived | - | - | ||||||
|
|
|
| |||||
Net expenses | 1,126,693 | 3,338,576 | ||||||
|
|
|
| |||||
Net investment income (loss) | 1,002,211 | 4,205,138 | ||||||
|
|
|
| |||||
Realized and unrealized gain (loss): | ||||||||
Net realized gain (loss) on: | ||||||||
Investment transactions — unaffiliated issuers | 11,182,266 | (648,556 | ) | |||||
Investment transactions — affiliated issuers (Note 7) | - | - | ||||||
Foreign currency transactions | 52 | (103,112 | ) | |||||
Redemptions in-kind | 3,833,960 | - | ||||||
|
|
|
| |||||
Net realized gain (loss) | 15,016,278 | (751,668 | ) | |||||
|
|
|
| |||||
Net change in unrealized appreciation (depreciation) on: | ||||||||
Investment transactions — unaffiliated issuers | 643,552 | 21,574,032 | ||||||
Investment transactions — affiliated issuers | - | - | ||||||
Translation of assets and liabilities in foreign currencies | - | 27,980 | ||||||
|
|
|
| |||||
Net change in unrealized appreciation (depreciation) | 643,552 | 21,602,012 | ||||||
|
|
|
| |||||
Net realized gain (loss) and change in unrealized appreciation (depreciation) | 15,659,830 | 20,850,344 | ||||||
|
|
|
| |||||
Net increase (decrease) in net assets resulting from operations | $ | 16,662,041 | $ | 25,055,482 | ||||
|
|
|
| |||||
(a) Net of withholding tax of: | $ | 3,462 | $ | 635,063 |
* | For the period November 1, 2011 through September 30, 2012. |
The accompanying notes are an integral part of the financial statements.
208
Table of Contents
MassMutual Premier International Equity Fund | MassMutual Premier Focused International Fund | MassMutual Premier Strategic Emerging Markets Fund | ||||||||
$ | 11,366,532 | $ | 3,677,830 | $ | 2,562,438 | |||||
29,190 | - | - | ||||||||
378 | 315 | - | ||||||||
16,650 | 6,688 | 1,133 | ||||||||
|
|
|
|
|
| |||||
11,412,750 | 3,684,833 | 2,563,571 | ||||||||
|
|
|
|
|
| |||||
3,722,907 | 1,003,790 | 1,310,717 | ||||||||
237,484 | 58,427 | 119,485 | ||||||||
32,580 | 35,008 | 44,388 | ||||||||
13,289 | 4,500 | 5,936 | ||||||||
1,109 | 1,109 | 1,109 | ||||||||
16,938 | 5,995 | 6,899 | ||||||||
34,561 | 8,736 | 9,904 | ||||||||
|
|
|
|
|
| |||||
4,058,868 | 1,117,565 | 1,498,438 | ||||||||
- | 28,488 | 45,422 | ||||||||
509,065 | 44,284 | 21,249 | ||||||||
31,333 | 18,557 | 514 | ||||||||
37,386 | 23,018 | 136 | ||||||||
134,228 | 82,183 | 2,022 | ||||||||
- | 4,436 | - | ||||||||
- | 2,017 | - | ||||||||
105,128 | 51,364 | 1,123 | ||||||||
- | 2,017 | - | ||||||||
|
|
|
|
|
| |||||
4,876,008 | 1,373,929 | 1,568,904 | ||||||||
- | - | (113,955 | ) | |||||||
- | - | (10,695 | ) | |||||||
- | - | (172 | ) | |||||||
- | - | (30 | ) | |||||||
- | - | (452 | ) | |||||||
- | - | - | ||||||||
- | (47,556 | ) | (170,494 | ) | ||||||
- | (29,518 | ) | (15,775 | ) | ||||||
- | (7,409 | ) | (257 | ) | ||||||
- | (5,748 | ) | (45 | ) | ||||||
- | (20,495 | ) | (674 | ) | ||||||
- | (806 | ) | - | |||||||
|
|
|
|
|
| |||||
4,876,008 | 1,262,397 | 1,256,355 | ||||||||
|
|
|
|
|
| |||||
6,536,742 | 2,422,436 | 1,307,216 | ||||||||
|
|
|
|
|
| |||||
19,521,807 | 3,536,718 | (2,371,438 | ) | |||||||
(3,917,973 | ) | - | - | |||||||
(271,604 | ) | (113,844 | ) | (173,636 | ) | |||||
- | - | - | ||||||||
|
|
|
|
|
| |||||
15,332,230 | 3,422,874 | (2,545,074 | ) | |||||||
|
|
|
|
|
| |||||
(1,538,289 | ) | (1,627,732 | ) | 1,647,380 | ||||||
4,083,358 | - | - | ||||||||
(52,614 | ) | (2,435 | ) | (63,549 | ) | |||||
|
|
|
|
|
| |||||
2,492,455 | (1,630,167 | ) | 1,583,831 | |||||||
|
|
|
|
|
| |||||
17,824,685 | 1,792,707 | (961,243 | ) | |||||||
|
|
|
|
|
| |||||
$ | 24,361,427 | $ | 4,215,143 | $ | 345,973 | |||||
|
|
|
|
|
| |||||
$ | 763,071 | $ | 321,594 | $ | 356,970 |
209
Table of Contents
MassMutual Premier Funds – Financial Statements (Continued)
Statements of Operations
For the Year Ended October 31, 2011
MassMutual Premier Money Market Fund | MassMutual Premier Short- Duration Bond Fund | |||||||
Investment income (Note 2): | ||||||||
Dividends (a) | $ | - | $ | 2,784 | ||||
Interest | 1,254,920 | 12,113,184 | ||||||
|
|
|
| |||||
Total investment income | 1,254,920 | 12,115,968 | ||||||
|
|
|
| |||||
Expenses (Note 3): | ||||||||
Investment management fees | 2,161,814 | 2,009,310 | ||||||
Custody fees | 57,976 | 57,147 | ||||||
Interest expense | - | - | ||||||
Audit fees | 33,466 | 33,396 | ||||||
Legal fees | 31,363 | 11,507 | ||||||
Proxy fees | 918 | 918 | ||||||
Shareholder reporting fees | 20,615 | 22,561 | ||||||
Trustees’ fees | 57,197 | 44,503 | ||||||
|
|
|
| |||||
2,363,349 | 2,179,342 | |||||||
Administration fees: | ||||||||
Class Z | - | 37,441 | * | |||||
Class S | 156,516 | 448,164 | ||||||
Class Y | 370,157 | 202,146 | ||||||
Class L | - | 373,707 | ||||||
Class A | 665,383 | 294,785 | ||||||
Class N | - | 35,210 | ||||||
Distribution fees: | ||||||||
Class N | - | 20,772 | ||||||
Service fees: | ||||||||
Class A | 509,326 | 198,095 | ||||||
Class N | - | 20,772 | ||||||
|
|
|
| |||||
Total expenses | 4,064,731 | 3,810,434 | ||||||
Expenses waived (Note 3): | ||||||||
Class S fees waived by adviser | (525,501 | ) | - | |||||
Class Y fees waived by adviser | (754,342 | ) | - | |||||
Class L fees waived by adviser | - | - | ||||||
Class A fees waived by adviser | (1,097,311 | ) | - | |||||
Class L administrative fees waived | - | (7,895 | ) | |||||
Class A administrative fees waived | (448,207 | ) | (5,657 | ) | ||||
Class N administrative fees waived | - | (490 | ) | |||||
Class Z management fees waived | - | (76,672 | )* | |||||
Class S management fees waived | - | (221,118 | ) | |||||
Class Y management fees waived | - | (84,928 | ) | |||||
Class L management fees waived | - | (112,134 | ) | |||||
Class A management fees waived | - | (91,792 | ) | |||||
Class N management fees waived | - | (9,891 | ) | |||||
|
|
|
| |||||
Net expenses | 1,239,370 | 3,199,857 | ||||||
|
|
|
| |||||
Net investment income (loss) | 15,550 | 8,916,111 | ||||||
|
|
|
| |||||
Realized and unrealized gain (loss): | ||||||||
Net realized gain (loss) on: | ||||||||
Investment transactions | 13,349 | 10,173,087 | ||||||
Futures contracts | - | - | ||||||
Swap agreements | - | 319,430 | ||||||
Foreign currency transactions | - | - | ||||||
|
|
|
| |||||
Net realized gain (loss) | 13,349 | 10,492,517 | ||||||
|
|
|
| |||||
Net change in unrealized appreciation (depreciation) on: | ||||||||
Investment transactions | - | (9,016,358 | ) | |||||
Futures contracts | - | (83,050 | ) | |||||
Swap agreements | - | 1,154,030 | ||||||
Translation of assets and liabilities in foreign currencies | - | - | ||||||
|
|
|
| |||||
Net change in unrealized appreciation (depreciation) | - | (7,945,378 | ) | |||||
|
|
|
| |||||
Net realized gain (loss) and change in unrealized appreciation (depreciation) | 13,349 | 2,547,139 | ||||||
|
|
|
| |||||
Net increase (decrease) in net assets resulting from operations | $ | 28,899 | $ | 11,463,250 | ||||
|
|
|
| |||||
Net of withholding tax of: | $ | - | $ | - |
* | Class Z shares commenced operations on December 3, 2010. |
** | Class Z shares commenced operations on March 1, 2011. |
The accompanying notes are an integral part of the financial statements.
210
Table of Contents
MassMutual Premier Inflation- Protected and Income Fund | MassMutual Premier Core Bond Fund | MassMutual Premier Diversified Bond Fund | MassMutual Premier High Yield Fund | MassMutual Premier International Bond Fund | ||||||||||||||
$ | - | $ | 6,328 | $ | 5,673 | $ | - | $ | - | |||||||||
15,089,535 | 42,410,268 | 7,759,332 | 13,235,934 | 1,271,366 | ||||||||||||||
|
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| |||||||||
15,089,535 | 42,416,596 | 7,765,005 | 13,235,934 | 1,271,366 | ||||||||||||||
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|
|
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|
|
|
|
| |||||||||
1,361,386 | 6,648,829 | 981,855 | 823,593 | 245,013 | ||||||||||||||
43,198 | 141,540 | 34,422 | 22,016 | 25,054 | ||||||||||||||
490,226 | - | - | - | - | ||||||||||||||
33,825 | 34,932 | 34,147 | 34,125 | 28,797 | ||||||||||||||
6,102 | 33,413 | 4,113 | 5,207 | 1,315 | ||||||||||||||
918 | 918 | 918 | 918 | 918 | ||||||||||||||
37,279 | 54,790 | 11,495 | 24,725 | 4,140 | ||||||||||||||
24,955 | 124,135 | 20,437 | 14,922 | 3,083 | ||||||||||||||
|
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|
|
| |||||||||
1,997,889 | 7,038,557 | 1,087,387 | 925,506 | 308,320 | ||||||||||||||
19,287 | ** | 65,513 | * | 9,288 | * | 6,667 | ** | - | ||||||||||
112,500 | 1,796,711 | 121,374 | 103,255 | 18,932 | ||||||||||||||
183,396 | 433,621 | 123,532 | 146,385 | 161 | ||||||||||||||
111,605 | 589,332 | 239,923 | 24,644 | 5,184 | ||||||||||||||
107,616 | 729,329 | 165,020 | 148,266 | 3,410 | ||||||||||||||
1,731 | 3,974 | 215 | 2,004 | - | ||||||||||||||
1,226 | 2,286 | 136 | 1,119 | - | ||||||||||||||
89,334 | 500,596 | 111,040 | 90,599 | 2,842 | ||||||||||||||
1,226 | 2,286 | 136 | 1,119 | - | ||||||||||||||
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| |||||||||
2,625,810 | 11,162,205 | 1,858,051 | 1,449,564 | 338,849 | ||||||||||||||
- | - | - | - | (22,891 | ) | |||||||||||||
- | - | - | - | (114 | ) | |||||||||||||
- | - | - | - | (896 | ) | |||||||||||||
- | - | - | - | (1,210 | ) | |||||||||||||
- | (15,237 | ) | (13,555 | ) | - | - | ||||||||||||
(11,482 | ) | (14,335 | ) | (6,333 | ) | - | - | |||||||||||
(129 | ) | (68 | ) | (24 | ) | - | - | |||||||||||
(51,236 | )** | (200,392 | )* | (23,233 | )* | (17,010 | )** | - | ||||||||||
(83,441 | ) | (1,149,304 | ) | (54,686 | ) | (31,481 | ) | - | ||||||||||
(72,325 | ) | (229,123 | ) | (49,414 | ) | (37,844 | ) | - | ||||||||||
(23,878 | ) | (234,582 | ) | (80,632 | ) | (4,200 | ) | - | ||||||||||
(31,502 | ) | (304,082 | ) | (62,845 | ) | (23,437 | ) | - | ||||||||||
(471 | ) | (1,390 | ) | (45 | ) | (237 | ) | - | ||||||||||
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| |||||||||
2,351,346 | 9,013,692 | 1,567,284 | 1,335,355 | 313,738 | ||||||||||||||
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| |||||||||
12,738,189 | 33,402,904 | 6,197,721 | 11,900,579 | 957,628 | ||||||||||||||
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| |||||||||
5,927,904 | 36,961,546 | 10,015,425 | 3,952,575 | (14,781 | ) | |||||||||||||
(32,780 | ) | (3,934,983 | ) | (1,263,277 | ) | - | - | |||||||||||
258,577 | 1,499,854 | (454,699 | ) | - | - | |||||||||||||
- | - | 28 | - | 511,325 | ||||||||||||||
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| |||||||||
6,153,701 | 34,526,417 | 8,297,477 | 3,952,575 | 496,544 | ||||||||||||||
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| |||||||||
7,144,423 | (5,800,883 | ) | (6,396,790 | ) | (5,444,900 | ) | 136,411 | |||||||||||
- | (115,973 | ) | (74,585 | ) | - | - | ||||||||||||
- | 2,651,592 | 703,517 | - | - | ||||||||||||||
- | - | - | - | 104,000 | ||||||||||||||
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| |||||||||
7,144,423 | (3,265,264 | ) | (5,767,858 | ) | (5,444,900 | ) | 240,411 | |||||||||||
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| |||||||||
13,298,124 | 31,261,153 | 2,529,619 | (1,492,325 | ) | 736,955 | |||||||||||||
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| |||||||||
$ | 26,036,313 | $ | 64,664,057 | $ | 8,727,340 | $ | 10,408,254 | $ | 1,694,583 | |||||||||
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| |||||||||
$ | - | $ | - | $ | 331 | $ | - | $ | - |
211
Table of Contents
MassMutual Premier Funds – Financial Statements (Continued)
Statements of Operations
For the Year Ended October 31, 2011
MassMutual Premier Balanced Fund | MassMutual Premier Value Fund | |||||||
Investment income (Note 2): | ||||||||
Dividends (a) | $ | 1,660,437 | $ | 3,676,667 | ||||
Interest | 1,538,675 | 634 | ||||||
|
|
|
| |||||
Total investment income | 3,199,112 | 3,677,301 | ||||||
|
|
|
| |||||
Expenses (Note 3): | ||||||||
Investment management fees | 613,932 | 972,728 | ||||||
Custody fees | 72,194 | 21,037 | ||||||
Audit fees | 33,725 | 33,768 | ||||||
Legal fees | 2,366 | 3,405 | ||||||
Proxy fees | 918 | 918 | ||||||
Shareholder reporting fees | 7,115 | 9,070 | ||||||
Trustees’ fees | 11,719 | 17,783 | ||||||
|
|
|
| |||||
741,969 | 1,058,709 | |||||||
Administration fees: | ||||||||
Class S | 93,274 | 103,597 | ||||||
Class Y | 11,425 | 295 | ||||||
Class L | 12,741 | 64,212 | ||||||
Class A | 50,011 | 42,688 | ||||||
Class N | - | 473 | ||||||
Distribution fees: | ||||||||
Class N | - | 315 | ||||||
Service fees: | ||||||||
Class A | 31,509 | 33,793 | ||||||
Class N | - | 315 | ||||||
|
|
|
| |||||
Total expenses | 940,929 | 1,304,397 | ||||||
Expenses waived (Note 3): | ||||||||
Class S fees waived by adviser | - | - | ||||||
Class Y fees waived by adviser | - | - | ||||||
Class L fees waived by adviser | - | - | ||||||
Class A fees waived by adviser | - | - | ||||||
Class N fees waived by adviser | - | - | ||||||
Class S administrative fees waived | (21,492 | ) | - | |||||
Class Y administrative fees waived | (926 | ) | - | |||||
Class L administrative fees waived | (642 | ) | - | |||||
Class A administrative fees waived | (2,521 | ) | - | |||||
Class S management fees waived | - | - | ||||||
Class Y management fees waived | - | - | ||||||
Class L management fees waived | - | - | ||||||
Class A management fees waived | - | - | ||||||
Class N management fees waived | - | - | ||||||
|
|
|
| |||||
Net expenses | 915,348 | 1,304,397 | ||||||
|
|
|
| |||||
Net investment income (loss) | 2,283,764 | 2,372,904 | ||||||
|
|
|
| |||||
Realized and unrealized gain (loss): | ||||||||
Net realized gain (loss) on: | ||||||||
Investment transactions | 9,616,921 | 24,969,690 | ||||||
Futures contracts | 1,261,207 | - | ||||||
Written options | - | (117,833 | ) | |||||
Swap agreements | 51,633 | - | ||||||
Foreign currency transactions | - | 795 | ||||||
|
|
|
| |||||
Net realized gain (loss) | 10,929,761 | 24,852,652 | ||||||
|
|
|
| |||||
Net change in unrealized appreciation (depreciation) on: | ||||||||
Investment transactions | (5,193,202 | ) | (19,840,713 | ) | ||||
Futures contracts | (826,602 | ) | - | |||||
Swap agreements | 99,556 | - | ||||||
Translation of assets and liabilities in foreign currencies | - | - | ||||||
|
|
|
| |||||
Net change in unrealized appreciation (depreciation) | (5,920,248 | ) | (19,840,713 | ) | ||||
|
|
|
| |||||
Net realized gain (loss) and change in unrealized appreciation (depreciation) | 5,009,513 | 5,011,939 | ||||||
|
|
|
| |||||
Net increase (decrease) in net assets resulting from operations | $ | 7,293,277 | $ | 7,384,843 | ||||
|
|
|
| |||||
(a) Net of withholding tax of: | $ | 3,071 | $ | 43,760 |
The accompanying notes are an integral part of the financial statements.
212
Table of Contents
MassMutual Premier Disciplined Value Fund | MassMutual Premier Main Street Fund | MassMutual Premier Capital Appreciation Fund | MassMutual Premier Disciplined Growth Fund | |||||||||||
$ | 6,717,099 | $ | 2,882,399 | $ | 6,530,979 | $ | 3,462,625 | |||||||
54 | 309 | 172 | 71 | |||||||||||
|
|
|
|
|
|
|
| |||||||
6,717,153 | 2,882,708 | 6,531,151 | 3,462,696 | |||||||||||
|
|
|
|
|
|
|
| |||||||
1,404,681 | 1,157,894 | 3,200,633 | 1,069,645 | |||||||||||
47,744 | 19,886 | 112,210 | 39,464 | |||||||||||
34,775 | 33,758 | 37,947 | 34,731 | |||||||||||
5,186 | 3,238 | 7,768 | 4,299 | |||||||||||
918 | 918 | 918 | 918 | |||||||||||
11,890 | 8,589 | 19,560 | 9,396 | |||||||||||
25,444 | 16,339 | 49,317 | 18,510 | |||||||||||
|
|
|
|
|
|
|
| |||||||
1,530,638 | 1,240,622 | 3,428,353 | 1,176,963 | |||||||||||
77,440 | 134,202 | 329,888 | 22,139 | |||||||||||
85,130 | 3,164 | 8,015 | 39,105 | |||||||||||
141,608 | 139,016 | 99,259 | 98,366 | |||||||||||
29,245 | 28,039 | 371,301 | 14,024 | |||||||||||
527 | 968 | 1,123 | - | |||||||||||
374 | 672 | 802 | - | |||||||||||
24,952 | 22,612 | 309,418 | 15,345 | |||||||||||
374 | 672 | 802 | - | |||||||||||
|
|
|
|
|
|
|
| |||||||
1,890,288 | 1,569,967 | 4,548,961 | 1,365,942 | |||||||||||
- | (1,938 | ) | (1,413 | ) | - | |||||||||
- | (117,693 | ) | (284,532 | ) | - | |||||||||
- | (43,228 | ) | (8,684 | ) | - | |||||||||
- | (8,712 | ) | (193,355 | ) | - | |||||||||
- | (260 | ) | (277 | ) | - | |||||||||
- | - | - | - | |||||||||||
- | - | - | - | |||||||||||
- | - | - | - | |||||||||||
- | - | - | - | |||||||||||
(33,428 | ) | - | - | (28,714 | ) | |||||||||
(8,779 | ) | - | - | (8,148 | ) | |||||||||
(311 | ) | - | - | (63 | ) | |||||||||
(1,544 | ) | - | - | (1,080 | ) | |||||||||
(21 | ) | - | - | - | ||||||||||
|
|
|
|
|
|
|
| |||||||
1,846,205 | 1,398,136 | 4,060,700 | 1,327,937 | |||||||||||
|
|
|
|
|
|
|
| |||||||
4,870,948 | 1,484,572 | 2,470,451 | 2,134,759 | |||||||||||
|
|
|
|
|
|
|
| |||||||
31,669,420 | 9,729,301 | 71,548,379 | 24,966,840 | |||||||||||
- | - | - | - | |||||||||||
- | - | - | - | |||||||||||
- | - | - | - | |||||||||||
- | (692 | ) | (82,991 | ) | - | |||||||||
|
|
|
|
|
|
|
| |||||||
31,669,420 | 9,728,609 | 71,465,388 | 24,966,840 | |||||||||||
|
|
|
|
|
|
|
| |||||||
(18,020,365 | ) | (3,637,155 | ) | (36,867,666 | ) | (8,983,689 | ) | |||||||
- | - | - | - | |||||||||||
- | - | - | - | |||||||||||
- | - | 73,234 | - | |||||||||||
|
|
|
|
|
|
|
| |||||||
(18,020,365 | ) | (3,637,155 | ) | (36,794,432 | ) | (8,983,689 | ) | |||||||
|
|
|
|
|
|
|
| |||||||
13,649,055 | 6,091,454 | 34,670,956 | 15,983,151 | |||||||||||
|
|
|
|
|
|
|
| |||||||
$ | 18,520,003 | $ | 7,576,026 | $ | 37,141,407 | $ | 18,117,910 | |||||||
|
|
|
|
|
|
|
| |||||||
$ | 1,472 | $ | 2,357 | $ | 135,396 | $ | 918 |
213
Table of Contents
MassMutual Premier Funds – Financial Statements (Continued)
Statements of Operations
For the Year Ended October 31, 2011
MassMutual Premier Small/Mid Cap Opportunities Fund | MassMutual Premier Global Fund | |||||||
Investment income (Note 2): | ||||||||
Dividends — unaffiliated issuers (a) | $ | 2,966,227 | $ | 8,792,530 | ||||
Dividends — affiliated issuers (Note 7) | - | 7,352 | ||||||
Interest | 216 | 300 | ||||||
|
|
|
| |||||
Total investment income | 2,966,443 | 8,800,182 | ||||||
|
|
|
| |||||
Expenses (Note 3): | ||||||||
Investment management fees | 1,197,733 | 3,258,626 | ||||||
Custody fees | 94,961 | 171,816 | ||||||
Audit fees | 33,198 | 24,861 | ||||||
Legal fees | 3,893 | 7,241 | ||||||
Proxy fees | 918 | 918 | ||||||
Shareholder reporting fees | 10,225 | 15,602 | ||||||
Trustees’ fees | 18,758 | 36,662 | ||||||
|
|
|
| |||||
1,359,686 | 3,515,726 | |||||||
Administration fees: | ||||||||
Class Z | - | - | ||||||
Class S | 129,676 | 400,828 | ||||||
Class Y | 3,870 | 17,211 | ||||||
Class L | 8,189 | 475,027 | ||||||
Class A | 202,733 | 157,187 | ||||||
Class N | - | 3,425 | ||||||
Distribution fees: | ||||||||
Class N | - | 2,089 | ||||||
Service fees: | ||||||||
Class A | 170,593 | 109,157 | ||||||
Class N | - | 2,089 | ||||||
|
|
|
| |||||
Total expenses | 1,874,747 | 4,682,739 | ||||||
Expenses waived (Note 3): | ||||||||
Class Z fees waived by adviser | - | - | ||||||
Class S fees waived by adviser | (87,417 | ) | (340,868 | ) | ||||
Class Y fees waived by adviser | (1,319 | ) | (3,585 | ) | ||||
Class L fees waived by adviser | (1,822 | ) | (109,720 | ) | ||||
Class A fees waived by adviser | (44,755 | ) | (18,837 | ) | ||||
Class N fees waived by adviser | - | (2,112 | ) | |||||
Class Z management fees waived | - | - | ||||||
Class S management fees waived | - | - | ||||||
Class Y management fees waived | - | - | ||||||
Class L management fees waived | - | - | ||||||
Class A management fees waived | - | - | ||||||
Class N management fees waived | - | - | ||||||
|
|
|
| |||||
Net expenses | 1,739,434 | 4,207,617 | ||||||
|
|
|
| |||||
Net investment income (loss) | 1,227,009 | 4,592,565 | ||||||
|
|
|
| |||||
Realized and unrealized gain (loss): | ||||||||
Net realized gain (loss) on: | ||||||||
Investment transactions — unaffiliated issuers | 35,433,868 | 2,243,821 | ||||||
Foreign currency transactions | 269 | (230,457 | ) | |||||
|
|
|
| |||||
Net realized gain (loss) | 35,434,137 | 2,013,364 | ||||||
|
|
|
| |||||
Net change in unrealized appreciation (depreciation) on: | ||||||||
Investment transactions — unaffiliated issuers | (21,063,967 | ) | (3,938,353 | ) | ||||
Investment transactions — affiliated issuers | - | - | ||||||
Translation of assets and liabilities in foreign currencies | (22 | ) | (56,125 | ) | ||||
|
|
|
| |||||
Net change in unrealized appreciation (depreciation) | (21,063,989 | ) | (3,994,478 | ) | ||||
|
|
|
| |||||
Net realized gain (loss) and change in unrealized appreciation (depreciation) | 14,370,148 | (1,981,114 | ) | |||||
|
|
|
| |||||
Net increase (decrease) in net assets resulting from operations | $ | 15,597,157 | $ | 2,611,451 | ||||
|
|
|
| |||||
(a) Net of withholding tax of: | $ | 20,842 | $ | 752,637 |
* | Class Z shares commenced operations on December 3, 2010. |
** | Class Z shares commenced operations on March 1, 2011. |
The accompanying notes are an integral part of the financial statements.
214
Table of Contents
MassMutual Premier International Equity Fund | MassMutual Premier Focused International Fund | MassMutual Premier Strategic Emerging Markets Fund | ||||||||
$ | 15,091,958 | $ | 2,601,442 | $ | 3,892,967 | |||||
11,441 | - | - | ||||||||
783 | 240 | 327 | ||||||||
|
|
|
|
|
| |||||
15,104,182 | 2,601,682 | 3,893,294 | ||||||||
|
|
|
|
|
| |||||
5,918,772 | 906,980 | 1,756,789 | ||||||||
430,127 | 71,571 | 177,084 | ||||||||
39,359 | 34,657 | 39,841 | ||||||||
18,902 | 2,009 | 2,725 | ||||||||
918 | 918 | 918 | ||||||||
24,227 | 7,398 | 27,511 | ||||||||
62,841 | 8,696 | 14,687 | ||||||||
|
|
|
|
|
| |||||
6,495,146 | 1,032,229 | 2,019,555 | ||||||||
- | 5,613 | * | 14,751 | ** | ||||||
823,386 | 51,806 | 126,720 | ||||||||
30,862 | 20,246 | 518 | ||||||||
115,018 | 61,599 | 134,569 | ||||||||
161,324 | 118,510 | 2,276 | ||||||||
- | 5,260 | - | ||||||||
- | 2,430 | - | ||||||||
126,350 | 75,903 | 1,441 | ||||||||
- | 2,430 | - | ||||||||
|
|
|
|
|
| |||||
7,752,086 | 1,376,026 | 2,299,830 | ||||||||
- | - | (42,966 | )** | |||||||
- | - | (101,032 | ) | |||||||
- | - | (221 | ) | |||||||
- | - | (38,449 | ) | |||||||
- | - | (620 | ) | |||||||
- | - | - | ||||||||
- | (9,588 | )* | (56,627 | )** | ||||||
- | (33,796 | ) | (79,298 | ) | ||||||
- | (7,672 | ) | (208 | ) | ||||||
- | (13,972 | ) | (25,458 | ) | ||||||
- | (27,388 | ) | (547 | ) | ||||||
- | (886 | ) | - | |||||||
|
|
|
|
|
| |||||
7,752,086 | 1,282,724 | 1,954,404 | ||||||||
|
|
|
|
|
| |||||
7,352,096 | 1,318,958 | 1,938,890 | ||||||||
|
|
|
|
|
| |||||
61,263,406 | 6,288,964 | 17,129,015 | ||||||||
(104,082 | ) | (173,975 | ) | (369,161 | ) | |||||
|
|
|
|
|
| |||||
61,159,324 | 6,114,989 | 16,759,854 | ||||||||
|
|
|
|
|
| |||||
(59,074,865 | ) | (10,253,406 | ) | (39,810,575 | ) | |||||
(244,826 | ) | - | - | |||||||
56,099 | 6,453 | 319,364 | ||||||||
|
|
|
|
|
| |||||
(59,263,592 | ) | (10,246,953 | ) | (39,491,211 | ) | |||||
|
|
|
|
|
| |||||
1,895,732 | (4,131,964 | ) | (22,731,357 | ) | ||||||
|
|
|
|
|
| |||||
$ | 9,247,828 | $ | (2,813,006 | ) | $ | (20,792,467 | ) | |||
|
|
|
|
|
| |||||
$ | 1,060,729 | $ | 264,843 | $ | 472,336 |
215
Table of Contents
MassMutual Premier Funds – Financial Statements (Continued)
Statements of Changes in Net Assets
MassMutual Premier Money Market Fund | ||||||||||||
Period Ended September 30, 2012*** | Year Ended October 31, 2011 | Year Ended October 31, 2010 | ||||||||||
Increase (Decrease) in Net Assets: | ||||||||||||
Operations: | ||||||||||||
Net investment income (loss) | $ | 25,703 | $ | 15,550 | $ | 13,392 | ||||||
Net realized gain (loss) on investment transactions | 3,650 | 13,349 | 66,008 | |||||||||
Net change in unrealized appreciation (depreciation) on investments | - | - | - | |||||||||
|
|
|
|
|
| |||||||
Net increase (decrease) in net assets resulting from operations | 29,353 | 28,899 | 79,400 | |||||||||
|
|
|
|
|
| |||||||
Distributions to shareholders (Note 2): | ||||||||||||
From net investment income: | ||||||||||||
Class Z | - | - | - | |||||||||
Class S | (8,502 | ) | (5,031 | ) | (4,721 | ) | ||||||
Class Y | (8,189 | ) | (5,000 | ) | (4,263 | ) | ||||||
Class L | - | - | - | |||||||||
Class A | (8,850 | ) | (5,716 | ) | (4,281 | ) | ||||||
Class N | - | - | - | |||||||||
|
|
|
|
|
| |||||||
Total distributions from net investment income | (25,541 | ) | (15,747 | ) | (13,265 | ) | ||||||
|
|
|
|
|
| |||||||
From net realized gains: | ||||||||||||
Class Z | - | - | - | |||||||||
Class S | - | - | - | |||||||||
Class Y | - | - | - | |||||||||
Class L | - | - | - | |||||||||
Class A | - | - | - | |||||||||
Class N | - | - | - | |||||||||
|
|
|
|
|
| |||||||
Total distributions from net realized gains | - | - | - | |||||||||
|
|
|
|
|
| |||||||
Net fund share transactions (Note 5): | ||||||||||||
Class Z | - | - | - | |||||||||
Class S | (26,859,326 | ) | (31,580,844 | ) | (78,775,007 | ) | ||||||
Class Y | (124,756,718 | ) | 38,905,238 | (3,312,686 | ) | |||||||
Class L | - | - | - | |||||||||
Class A | (54,881,279 | ) | (952,594 | ) | (71,116,899 | ) | ||||||
Class N | - | - | - | |||||||||
|
|
|
|
|
| |||||||
Increase (decrease) in net assets from fund share transactions | (206,497,323 | ) | 6,371,800 | (153,204,592 | ) | |||||||
|
|
|
|
|
| |||||||
Capital contribution | - | 750,000 | - | |||||||||
|
|
|
|
|
| |||||||
Total increase (decrease) in net assets | (206,493,511 | ) | 7,134,952 | (153,138,457 | ) | |||||||
Net assets | ||||||||||||
Beginning of year | 621,829,000 | 614,694,048 | 767,832,505 | |||||||||
|
|
|
|
|
| |||||||
End of year | $ | 415,335,489 | $ | 621,829,000 | $ | 614,694,048 | ||||||
|
|
|
|
|
| |||||||
Undistributed (accumulated) net investment income (loss) included in net assets at end of year | $ | - | $ | - | $ | - | ||||||
|
|
|
|
|
| |||||||
Distributions in excess of net investment income included in net assets at end of year | $ | (28,893 | ) | $ | (39,643 | ) | $ | (31,429 | ) | |||
|
|
|
|
|
|
* | Class Z shares commenced operation on December 3, 2010. |
** | Class Z shares commenced operation on March 1, 2011. |
*** | For the period November 1, 2011 through September 30, 2012. |
The accompanying notes are an integral part of the financial statements.
216
Table of Contents
MassMutual Premier Short-Duration Bond Fund | MassMutual Premier Inflation-Protected and Income Fund | |||||||||||||||||||||
Period Ended September 30, 2012*** | Year Ended October 31, 2011 | Year Ended October 31, 2010 | Period Ended September 30, 2012*** | Year Ended October 31, 2011 | Year Ended October 31, 2010 | |||||||||||||||||
$ | 7,207,974 | $ | 8,916,111 | $ | 10,990,055 | $ | 5,906,632 | $ | 12,738,189 | $ | 8,687,689 | |||||||||||
6,221,034 | 10,492,517 | 10,275,166 | 7,757,425 | 6,153,701 | 2,645,449 | |||||||||||||||||
| 816,011 | | (7,945,378 | ) | 3,114,849 | 8,377,084 | 7,144,423 | 14,647,275 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
| 14,245,019 | | 11,463,250 | 24,380,070 | 22,041,141 | 26,036,313 | 25,980,413 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
(2,778,529 | ) | (2,263 | )* | - | (5,552,157 | ) | - | ** | - | |||||||||||||
(2,596,888 | ) | (4,449,365 | ) | (4,615,335 | ) | (2,682,692 | ) | (2,787,672 | ) | (489,232 | ) | |||||||||||
(1,264,242 | ) | (1,073,958 | ) | (1,884,593 | ) | (3,300,262 | ) | (2,901,460 | ) | (426,591 | ) | |||||||||||
(580,575 | ) | (2,726,346 | ) | (3,666,392 | ) | (186,582 | ) | (1,087,830 | ) | (107,153 | ) | |||||||||||
(977,160 | ) | (1,478,363 | ) | (1,970,330 | ) | (1,527,238 | ) | (1,021,318 | ) | (59,677 | ) | |||||||||||
(107,332 | ) | (124,772 | ) | (188,061 | ) | (26,280 | ) | (10,413 | ) | - | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
(8,304,726 | ) | (9,855,067 | ) | (12,324,711 | ) | (13,275,211 | ) | (7,808,693 | ) | (1,082,653 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
(2,762,898 | ) | (605 | )* | - | - | - | ** | - | ||||||||||||||
(2,981,108 | ) | (1,244,771 | ) | - | - | - | - | |||||||||||||||
(1,448,835 | ) | (313,779 | ) | - | - | - | - | |||||||||||||||
(888,417 | ) | (809,421 | ) | - | - | - | - | |||||||||||||||
(1,423,969 | ) | (499,908 | ) | - | - | - | - | |||||||||||||||
(181,674 | ) | (49,223 | ) | - | - | - | - | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
(9,686,901 | ) | (2,917,707 | ) | - | - | - | - | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
(1,485,333 | ) | 136,450,951 | * | - | 20,252,314 | 94,826,894 | ** | - | ||||||||||||||
3,802,325 | (33,347,998 | ) | 41,767,707 | (15,910,355 | ) | (8,349,313 | ) | (8,547,626 | ) | |||||||||||||
5,356,049 | 15,643,912 | 942,555 | 12,637,414 | (19,620,604 | ) | (9,255,662 | ) | |||||||||||||||
(7,207,594 | ) | (79,839,801 | ) | 7,774,424 | 2,871,708 | (34,482,400 | ) | (195,888 | ) | |||||||||||||
1,965,255 | (28,013,435 | ) | 28,120,623 | 425,927 | (868,049 | ) | (5,479,032 | ) | ||||||||||||||
(7,718,909 | ) | 870,707 | 3,410,972 | 463,529 | 244,151 | 93,980 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
(5,288,207 | ) | | 11,764,336 | | 82,016,281 | 20,740,537 | 31,750,679 | (23,384,228 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
- | - | - | - | - | - | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
(9,034,815 | ) | 10,454,812 | 94,071,640 | 29,506,467 | 49,978,299 | 1,513,532 | ||||||||||||||||
491,457,803 | 481,002,991 | 386,931,351 | 315,730,860 | 265,752,561 | 264,239,029 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
$ | 482,422,988 | $ | 491,457,803 | $ | 481,002,991 | $ | 345,237,327 | $ | 315,730,860 | $ | 265,752,561 | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
$ | 7,625,644 |
| $ | 7,366,206 | $ | 8,291,097 | $ | 6,708,696 | $ | 12,787,427 | $ | 6,486,114 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
$ | - |
| $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
217
Table of Contents
MassMutual Premier Funds – Financial Statements (Continued)
Statements of Changes in Net Assets
MassMutual Premier Core Bond Fund | ||||||||||||
Period Ended September 30, 2012*** | Year Ended October 31, 2011 | Year Ended October 31, 2010 | ||||||||||
Increase (Decrease) in Net Assets: | ||||||||||||
Operations: | ||||||||||||
Net investment income (loss) | $ | 32,684,343 | $ | 33,402,904 | $ | 37,196,623 | ||||||
Net realized gain (loss) on investment transactions | 36,612,873 | 34,526,417 | 57,468,148 | |||||||||
Net change in unrealized appreciation (depreciation) on investments | 32,059,899 | (3,265,264 | ) | 12,828,719 | ||||||||
|
|
|
|
|
| |||||||
Net increase (decrease) in net assets resulting from operations | 101,357,115 | 64,664,057 | 107,493,490 | |||||||||
|
|
|
|
|
| |||||||
Distributions to shareholders (Note 2): | ||||||||||||
From net investment income: | ||||||||||||
Class Z | (9,881,932 | ) | (2,942 | )* | - | |||||||
Class S | (15,089,695 | ) | (22,218,153 | ) | (23,148,678 | ) | ||||||
Class Y | (3,091,504 | ) | (4,353,171 | ) | (5,145,610 | ) | ||||||
Class L | (1,681,301 | ) | (5,788,601 | ) | (7,355,654 | ) | ||||||
Class A | (3,622,276 | ) | (5,117,959 | ) | (5,867,164 | ) | ||||||
Class N | (14,873 | ) | (21,129 | ) | (22,243 | ) | ||||||
|
|
|
|
|
| |||||||
Total distributions from net investment income | (33,381,581 | ) | (37,501,955 | ) | (41,539,349 | ) | ||||||
|
|
|
|
|
| |||||||
From net realized gains: | ||||||||||||
Class Z | (9,034,969 | ) | (3,053 | )* | - | |||||||
Class S | (15,441,069 | ) | (23,756,510 | ) | - | |||||||
Class Y | (3,216,420 | ) | (4,742,690 | ) | - | |||||||
Class L | (2,009,415 | ) | (6,475,477 | ) | - | |||||||
Class A | (4,416,598 | ) | (6,242,223 | ) | - | |||||||
Class N | (21,459 | ) | (28,760 | ) | - | |||||||
|
|
|
|
|
| |||||||
Total distributions from net realized gains | (34,139,930 | ) | (41,248,713 | ) | - | |||||||
|
|
|
|
|
| |||||||
Net fund share transactions (Note 5): | ||||||||||||
Class Z | 192,368,971 | 308,278,395 | * | - | ||||||||
Class S | (86,327,032 | ) | 20,548,812 | 100,576,581 | ||||||||
Class Y | 5,457,771 | (3,927,041 | ) | 7,815,188 | ||||||||
Class L | (2,032,555 | ) | (119,852,869 | ) | (4,180,799 | ) | ||||||
Class A | (12,378,903 | ) | (1,922,748 | ) | 17,543,295 | |||||||
Class N | 501,686 | 29,796 | 246,114 | |||||||||
|
|
|
|
|
| |||||||
Increase (decrease) in net assets from fund share transactions | 97,589,938 | 203,154,345 | 122,000,379 | |||||||||
|
|
|
|
|
| |||||||
Total increase (decrease) in net assets | 131,425,542 | 189,067,734 | 187,954,520 | |||||||||
Net assets | ||||||||||||
Beginning of year | 1,563,653,026 | 1,374,585,292 | 1,186,630,772 | |||||||||
|
|
|
|
|
| |||||||
End of year | $ | 1,695,078,568 | $ | 1,563,653,026 | $ | 1,374,585,292 | ||||||
|
|
|
|
|
| |||||||
Undistributed (accumulated) net investment income (loss) included in net assets at end of year | $ | 29,327,365 | $ | 27,144,732 | $ | 30,502,572 | ||||||
|
|
|
|
|
|
* | Class Z shares commenced operations on December 3, 2010. |
** | Class Z shares commenced operations on March 1, 2011. |
*** | For the period November 1, 2011 through September 30, 2012. |
The accompanying notes are an integral part of the financial statements.
218
Table of Contents
MassMutual Premier Diversified Bond Fund | MassMutual Premier High Yield Fund | |||||||||||||||||||||
Period Ended September 30, 2012*** | Year Ended October 31, 2011 | Year Ended October 31, 2010 | Period Ended September 30, 2012*** | Year Ended October 31, 2011 | Year Ended October 31, 2010 | |||||||||||||||||
$ | 3,125,344 | $ | 6,197,721 | $ | 9,768,268 | $ | 14,716,593 | $ | 11,900,579 | $ | 13,890,476 | |||||||||||
2,668,086 | 8,297,477 | 13,940,976 | 7,286,454 | 3,952,575 | 8,054,281 | |||||||||||||||||
2,790,644 | (5,767,858 | ) | 1,716,023 | 5,264,407 | (5,444,900 | ) | 5,341,110 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
8,584,074 | 8,727,340 | 25,425,267 | 27,267,454 | 10,408,254 | 27,285,867 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
- | (4,276 | )* | - | (6,322,701 | ) | - | ** | - | ||||||||||||||
(1,388,245 | ) | (1,997,405 | ) | (4,402,483 | ) | (806,955 | ) | (4,926,019 | ) | (5,910,034 | ) | |||||||||||
(1,604,789 | ) | (1,354,620 | ) | (1,992,923 | ) | (3,174,861 | ) | (4,829,400 | ) | (3,842,808 | ) | |||||||||||
(378,992 | ) | (4,038,036 | ) | (7,108,947 | ) | (296,498 | ) | (473,093 | ) | (349,535 | ) | |||||||||||
(1,546,682 | ) | (1,749,656 | ) | (2,270,729 | ) | (1,798,896 | ) | (3,391,988 | ) | (2,700,194 | ) | |||||||||||
- | (3,413 | ) | (86,409 | ) | (18,352 | ) | (52,842 | ) | (53,181 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
(4,918,708 | ) | (9,147,406 | ) | (15,861,491 | ) | (12,418,263 | ) | (13,673,342 | ) | (12,855,752 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
(7 | ) | (843 | )* | - | - | - | ** | - | ||||||||||||||
(2,133,819 | ) | (417,603 | ) | - | - | - | - | |||||||||||||||
(2,455,693 | ) | (281,667 | ) | - | - | - | - | |||||||||||||||
(799,099 | ) | (849,885 | ) | - | - | - | - | |||||||||||||||
(2,567,850 | ) | (388,089 | ) | - | - | - | - | |||||||||||||||
(105 | ) | (1,557 | ) | - | - | - | - | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
(7,956,573 | ) | (1,939,644 | ) | - | - | - | - | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
7 | (702,076 | )* | - | 18,134,696 | 75,648,142 | ** | - | |||||||||||||||
8,515,356 | (21,252,464 | ) | (32,325,846 | ) | (16,878,862 | ) | (18,265,084 | ) | (22,604,366 | ) | ||||||||||||
495,258 | 1,567,095 | (2,327,090 | ) | (1,733,691 | ) | 1,366,939 | (14,674,737 | ) | ||||||||||||||
(471,535 | ) | (90,475,152 | ) | (32,730,463 | ) | 3,486,034 | (20,748 | ) | 474,339 | |||||||||||||
1,611,541 | (10,888,954 | ) | 2,938,948 | 7,085,604 | (7,081,349 | ) | 525,062 | |||||||||||||||
105 | (174,746 | ) | (1,468,926 | ) | 151,616 | (281,498 | ) | (133,661 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
10,150,732 | (121,926,297 | ) | (65,913,377 | ) | 10,245,397 | 51,366,402 | (36,413,363 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
5,859,525 | (124,286,007 | ) | (56,349,601 | ) | 25,094,588 | 48,101,314 | (21,983,248 | ) | ||||||||||||||
115,859,563 | 240,145,570 | 296,495,171 | 207,223,889 | 159,122,575 | 181,105,823 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
$ | 121,719,088 | $ | 115,859,563 | $ | 240,145,570 | $ | 232,318,477 | $ | 207,223,889 | $ | 159,122,575 | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
$ | 2,821,570 | $ | 4,637,928 | $ | 7,702,966 | $ | 11,850,002 | $ | 9,578,594 | $ | 11,375,773 | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
219
Table of Contents
MassMutual Premier Funds – Financial Statements (Continued)
Statements of Changes in Net Assets
MassMutual Premier International Bond Fund | ||||||||||||
Period Ended September 30, 2012* | Year Ended October 31, 2011 | Year Ended October 31, 2010 | ||||||||||
Increase (Decrease) in Net Assets: | ||||||||||||
Operations: | ||||||||||||
Net investment income (loss) | $ | 952,870 | $ | 957,628 | $ | 758,116 | ||||||
Net realized gain (loss) on investment transactions | 218,390 | 496,544 | 692,148 | |||||||||
Net change in unrealized appreciation (depreciation) on investments | (107,398 | ) | 240,411 | 564,714 | ||||||||
|
|
|
|
|
| |||||||
Net increase (decrease) in net assets resulting from operations | 1,063,862 | 1,694,583 | 2,014,978 | |||||||||
|
|
|
|
|
| |||||||
Distributions to shareholders (Note 2): | ||||||||||||
From net investment income: | ||||||||||||
Class S | (1,672,757 | ) | (1,274,002 | ) | (18,643 | ) | ||||||
Class Y | (3,520 | ) | (5,416 | ) | (8 | ) | ||||||
Class L | - | (5,271 | ) | - | ||||||||
Class A | (32,227 | ) | (51,360 | ) | - | |||||||
Class N | - | - | - | |||||||||
|
|
|
|
|
| |||||||
Total distributions from net investment income | (1,708,504 | ) | (1,336,049 | ) | (18,651 | ) | ||||||
|
|
|
|
|
| |||||||
From net realized gains: | ||||||||||||
Class S | - | (14,524 | ) | - | ||||||||
Class Y | - | (62 | ) | - | ||||||||
Class L | - | (62 | ) | - | ||||||||
Class A | - | (635 | ) | - | ||||||||
|
|
|
|
|
| |||||||
Total distributions from net realized gains | - | (15,283 | ) | - | ||||||||
|
|
|
|
|
| |||||||
Net fund share transactions (Note 5): | ||||||||||||
Class S | 1,279,102 | 26,574,707 | (3,658,077 | ) | ||||||||
Class Y | 290,038 | 5,478 | (15,993 | ) | ||||||||
Class L | 33,615 | (383,095 | ) | (15,721 | ) | |||||||
Class A | (205,365 | ) | 115,473 | 411,963 | ||||||||
Class N | - | - | (118,239 | ) | ||||||||
|
|
|
|
|
| |||||||
Increase (decrease) in net assets from fund share transactions | 1,397,390 | 26,312,563 | (3,396,067 | ) | ||||||||
|
|
|
|
|
| |||||||
Total increase (decrease) in net assets | 752,748 | 26,655,814 | (1,399,740 | ) | ||||||||
Net assets | ||||||||||||
Beginning of year | 54,107,439 | 27,451,625 | 28,851,365 | |||||||||
|
|
|
|
|
| |||||||
End of year | $ | 54,860,187 | $ | 54,107,439 | $ | 27,451,625 | ||||||
|
|
|
|
|
| |||||||
Undistributed (accumulated) net investment income (loss) included in net assets at end of year | $ | 892,012 | $ | 1,515,016 | $ | 1,289,523 | ||||||
|
|
|
|
|
|
* | For the period November 1, 2011 through September 30, 2012. |
The accompanying notes are an integral part of the financial statements.
220
Table of Contents
MassMutual Premier Balanced Fund | MassMutual Premier Value Fund | |||||||||||||||||||||
Period Ended September 30, 2012* | Year Ended October 31, 2011 | Year Ended October 31, 2010 | Period Ended September 30, 2012* | Year Ended October 31, 2011 | Year Ended October 31, 2010 | |||||||||||||||||
$ | 2,076,768 | $ | 2,283,764 | $ | 2,420,293 | $ | 2,853,421 | $ | 2,372,904 | $ | 2,150,987 | |||||||||||
6,917,638 | 10,929,761 | 12,215,391 | (1,266,103 | ) | 24,852,652 | 18,681,369 | ||||||||||||||||
4,396,071 | (5,920,248 | ) | 1,659,232 | 15,212,452 | (19,840,713 | ) | 3,376,239 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
13,390,477 | 7,293,277 | 16,294,916 | 16,799,770 | 7,384,843 | 24,208,595 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
(1,993,202 | ) | (2,081,718 | ) | (2,707,304 | ) | (2,329,663 | ) | (2,231,112 | ) | (3,844,468 | ) | |||||||||||
(87,987 | ) | (74,703 | ) | (47,794 | ) | (2,246 | ) | (1,923 | ) | (21,084 | ) | |||||||||||
(8,115 | ) | (58,152 | ) | (46,340 | ) | (271,243 | ) | (279,210 | ) | (537,389 | ) | |||||||||||
(212,675 | ) | (175,277 | ) | (138,253 | ) | (95,730 | ) | (123,289 | ) | (256,297 | ) | |||||||||||
- | - | - | (990 | ) | (833 | ) | (2,003 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
(2,301,979 | ) | (2,389,850 | ) | (2,939,691 | ) | (2,699,872 | ) | (2,636,367 | ) | (4,661,241 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
- | - | - | - | - | - | |||||||||||||||||
- | - | - | - | - | - | |||||||||||||||||
- | - | - | - | - | - | |||||||||||||||||
- | - | - | - | - | - | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
- | - | - | - | - | - | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
(5,852,214 | ) | (16,817,100 | ) | (10,553,692 | ) | (23,988,384 | ) | (21,821,294 | ) | (36,232,722 | ) | |||||||||||
1,164,654 | 198,947 | 1,832,975 | (28,648 | ) | (62,322 | ) | (862,335 | ) | ||||||||||||||
2,228,764 | (2,666,462 | ) | 1,068,872 | (2,584,442 | ) | (4,893,887 | ) | (5,335,664 | ) | |||||||||||||
3,751,478 | 1,536 | 3,859,512 | (1,017,930 | ) | (4,065,822 | ) | (3,319,524 | ) | ||||||||||||||
- | - | (121,245 | ) | (49,250 | ) | (2,371 | ) | (25,123 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
1,292,682 | (19,283,079 | ) | (3,913,578 | ) | (27,668,654 | ) | (30,845,696 | ) | (45,775,368 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
12,381,180 | (14,379,652 | ) | 9,441,647 | (13,568,756 | ) | (26,097,220 | ) | (26,228,014 | ) | |||||||||||||
115,426,887 | 129,806,539 | 120,364,892 | 170,467,226 | 196,564,446 | 222,792,460 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
$ | 127,808,067 | $ | 115,426,887 | $ | 129,806,539 | $ | 156,898,470 | $ | 170,467,226 | $ | 196,564,446 | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
$ | 1,592,811 |
| $ | 1,784,736 | $ | 1,879,182 | $ | 1,678,621 | $ | 1,718,931 | $ | 1,956,930 | ||||||||||
|
|
|
|
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|
|
|
|
|
|
221
Table of Contents
MassMutual Premier Funds – Financial Statements (Continued)
Statements of Changes in Net Assets
MassMutual Premier Disciplined Value Fund | ||||||||||||
Period Ended September 30, 2012* | Year Ended October 31, 2011 | Year Ended October 31, 2010 | ||||||||||
Increase (Decrease) in Net Assets: | ||||||||||||
Operations: | ||||||||||||
Net investment income (loss) | $ | 5,644,438 | $ | 4,870,948 | $ | 4,876,498 | ||||||
Net realized gain (loss) on investment transactions | 13,855,806 | 31,669,420 | 18,472,784 | |||||||||
Net change in unrealized appreciation (depreciation) on investments | 21,397,825 | (18,020,365 | ) | 16,283,126 | ||||||||
|
|
|
|
|
| |||||||
Net increase (decrease) in net assets resulting from operations | 40,898,069 | 18,520,003 | 39,632,408 | |||||||||
|
|
|
|
|
| |||||||
Distributions to shareholders (Note 2): | ||||||||||||
From net investment income: | ||||||||||||
Class S | (3,902,644 | ) | (2,603,279 | ) | (3,023,250 | ) | ||||||
Class Y | (960,990 | ) | (1,017,694 | ) | (1,263,365 | ) | ||||||
Class L | - | (1,080,621 | ) | (1,239,561 | ) | |||||||
Class A | (130,901 | ) | (132,449 | ) | (185,075 | ) | ||||||
Class N | (1,236 | ) | (1,995 | ) | (3,307 | ) | ||||||
|
|
|
|
|
| |||||||
Total distributions from net investment income | (4,995,771 | ) | (4,836,038 | ) | (5,714,558 | ) | ||||||
|
|
|
|
|
| |||||||
Net fund share transactions (Note 5): | ||||||||||||
Class S | (15,179,899 | ) | 56,384,904 | (20,155,625 | ) | |||||||
Class Y | 5,086,379 | (6,620,493 | ) | (15,373,684 | ) | |||||||
Class L | 447,303 | (70,213,930 | ) | (5,631,854 | ) | |||||||
Class A | (867,470 | ) | (845,603 | ) | (2,777,590 | ) | ||||||
Class N | (18,060 | ) | (73,278 | ) | (70,180 | ) | ||||||
|
|
|
|
|
| |||||||
Increase (decrease) in net assets from fund share transactions | (10,531,747 | ) | (21,368,400 | ) | (44,008,933 | ) | ||||||
|
|
|
|
|
| |||||||
Total increase (decrease) in net assets | 25,370,551 | (7,684,435 | ) | (10,091,083 | ) | |||||||
Net assets | ||||||||||||
Beginning of year | 265,931,802 | 273,616,237 | 283,707,320 | |||||||||
|
|
|
|
|
| |||||||
End of year | $ | 291,302,353 | $ | 265,931,802 | $ | 273,616,237 | ||||||
|
|
|
|
|
| |||||||
Undistributed (accumulated) net investment income (loss) included in net assets at end of year | $ | 4,429,398 | $ | 3,801,700 | $ | 3,801,667 | ||||||
|
|
|
|
|
|
* | For the period November 1, 2011 through September 30, 2012. |
The accompanying notes are an integral part of the financial statements.
222
Table of Contents
MassMutual Premier Main Street Fund | MassMutual Premier Capital Appreciation Fund | |||||||||||||||||||||
Period Ended September 30, 2012* | Year Ended October 31, 2011 | Year Ended October 31, 2010 | Period Ended September 30, 2012* | Year Ended October 31, 2011 | Year Ended October 31, 2010 | |||||||||||||||||
$ | 1,355,443 | $ | 1,484,572 | $ | 1,695,610 | $ | 2,070,230 | $ | 2,470,451 | $ | 1,487,131 | |||||||||||
15,053,911 | 9,728,609 | 12,926,270 | 28,902,846 | 71,465,388 | 40,615,203 | |||||||||||||||||
11,799,258 | (3,637,155 | ) | 16,456,204 | 11,891,908 | (36,794,432 | ) | 50,814,403 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
28,208,612 | 7,576,026 | 31,078,084 | 42,864,984 | 37,141,407 | 92,916,737 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
(901,422 | ) | (1,118,985 | ) | (1,650,773 | ) | (1,870,912 | ) | (1,569,344 | ) | (1,243,528 | ) | |||||||||||
- | (18,824 | ) | (939 | ) | (7,821 | ) | (26,161 | ) | (20,710 | ) | ||||||||||||
(230,920 | ) | (322,753 | ) | (497,012 | ) | (111,929 | ) | (61,944 | ) | (4,042 | ) | |||||||||||
(23,819 | ) | (43,395 | ) | (88,035 | ) | (290,256 | ) | (7,982 | ) | - | ||||||||||||
(564 | ) | (445 | ) | (519 | ) | - | - | - | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
(1,156,725 | ) | (1,504,402 | ) | (2,237,278 | ) | (2,280,918 | ) | (1,665,431 | ) | (1,268,280 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
(9,842,229 | ) | (17,608,496 | ) | (20,253,396 | ) | (72,250,926 | ) | (212,731,510 | ) | (77,632,364 | ) | |||||||||||
4,711,583 | (2,032,933 | ) | 1,862,676 | 5,211,948 | (7,940,848 | ) | (7,827,731 | ) | ||||||||||||||
(13,560,858 | ) | (7,703,126 | ) | (5,663,005 | ) | (4,845,226 | ) | (19,242,676 | ) | (21,776,980 | ) | |||||||||||
2,324,059 | (1,410,777 | ) | (2,346,117 | ) | (35,869,549 | ) | (53,730,977 | ) | (66,484,420 | ) | ||||||||||||
(265,768 | ) | 35,713 | 134,244 | (19,614 | ) | (172,981 | ) | (855,415 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
(16,633,213 | ) | (28,719,619 | ) | (26,265,598 | ) | (107,773,367 | ) | (293,818,992 | ) | (174,576,910 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
10,418,674 | (22,647,995 | ) | 2,575,208 | (67,189,301 | ) | (258,343,016 | ) | (82,928,453 | ) | |||||||||||||
160,234,205 | 182,882,200 | 180,306,992 | 372,987,370 | 631,330,386 | 714,258,839 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
$ | 170,652,879 | $ | 160,234,205 | $ | 182,882,200 | $ | 305,798,069 | $ | 372,987,370 | $ | 631,330,386 | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
$ | 1,259,438 | $ | 1,208,065 | $ | 1,223,530 | $ | 1,401,150 | $ | 1,702,373 | $ | 1,076,139 | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
223
Table of Contents
MassMutual Premier Funds – Financial Statements (Continued)
Statements of Changes in Net Assets
MassMutual Premier Disciplined Growth Fund | ||||||||||||
Period Ended September 30, 2012* | Year Ended October 31, 2011 | Year Ended October 31, 2010 | ||||||||||
Increase (Decrease) in Net Assets: | ||||||||||||
Operations: | ||||||||||||
Net investment income (loss) | $ | 3,419,403 | $ | 2,134,759 | $ | 1,895,205 | ||||||
Net realized gain (loss) on investment transactions | 23,895,398 | 24,966,840 | 20,036,092 | |||||||||
Net change in unrealized appreciation (depreciation) on investments | 13,134,930 | (8,983,689 | ) | 11,040,364 | ||||||||
|
|
|
|
|
| |||||||
Net increase (decrease) in net assets resulting from operations | 40,449,731 | 18,117,910 | 32,971,661 | |||||||||
|
|
|
|
|
| |||||||
Distributions to shareholders (Note 2): | ||||||||||||
From net investment income: | ||||||||||||
Class S | (1,885,057 | ) | (846,424 | ) | (729,267 | ) | ||||||
Class Y | (481,683 | ) | (446,373 | ) | (540,221 | ) | ||||||
Class L | - | (608,941 | ) | (632,328 | ) | |||||||
Class A | (39,504 | ) | (33,756 | ) | (29,293 | ) | ||||||
Class N | - | - | - | |||||||||
|
|
|
|
|
| |||||||
Total distributions from net investment income | (2,406,244 | ) | (1,935,494 | ) | (1,931,109 | ) | ||||||
|
|
|
|
|
| |||||||
Net fund share transactions (Note 5): | ||||||||||||
Class S | 6,467,954 | 93,691,180 | 2,804,435 | |||||||||
Class Y | 676,103 | 1,195,831 | (11,030,665 | ) | ||||||||
Class L | 7,591,965 | (72,439,038 | ) | (5,504,620 | ) | |||||||
Class A | 6,617,219 | 1,497,949 | (140,266 | ) | ||||||||
Class N | - | - | (104,125 | ) | ||||||||
|
|
|
|
|
| |||||||
Increase (decrease) in net assets from fund share transactions | 21,353,241 | 23,945,922 | (13,975,241 | ) | ||||||||
|
|
|
|
|
| |||||||
Total increase (decrease) in net assets | 59,396,728 | 40,128,338 | 17,065,311 | |||||||||
Net assets | ||||||||||||
Beginning of year | 232,949,572 | 192,821,234 | 175,755,923 | |||||||||
|
|
|
|
|
| |||||||
End of year | $ | 292,346,300 | $ | 232,949,572 | $ | 192,821,234 | ||||||
|
|
|
|
|
| |||||||
Undistributed (accumulated) net investment income (loss) included in net assets at end of year | $ | 2,532,160 | $ | 1,559,801 | $ | 1,406,498 | ||||||
|
|
|
|
|
|
* | For the period November 1, 2011 through September 30, 2012. |
The accompanying notes are an integral part of the financial statements.
224
Table of Contents
MassMutual Premier Small/Mid Cap Opportunities Fund | MassMutual Premier Global Fund | |||||||||||||||||||||
Period Ended September 30, 2012* | Year Ended October 31, 2011 | Year Ended October 31, 2010 | Period Ended September 30, 2012* | Year Ended October 31, 2011 | Year Ended October 31, 2010 | |||||||||||||||||
$ | 1,002,211 | $ | 1,227,009 | $ | 1,049,003 | $ | 4,205,138 | $ | 4,592,565 | $ | 3,994,883 | |||||||||||
15,016,278 | 35,434,137 | 14,719,582 | (751,668 | ) | 2,013,364 | (1,881,473 | ) | |||||||||||||||
643,552 | (21,063,989 | ) | 26,305,891 | 21,602,012 | (3,994,478 | ) | 60,671,560 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
16,662,041 | 15,597,157 | 42,074,476 | 25,055,482 | 2,611,451 | 62,784,970 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
(872,574 | ) | (987,135 | ) | (720,893 | ) | (2,838,694 | ) | (3,378,699 | ) | (2,511,404 | ) | |||||||||||
(6,689 | ) | (11,538 | ) | (4,635 | ) | (85,125 | ) | (123,930 | ) | (43,661 | ) | |||||||||||
(13,546 | ) | (8,366 | ) | (22,305 | ) | (1,321,950 | ) | (1,642,661 | ) | (1,462,011 | ) | |||||||||||
(133,946 | ) | (213,659 | ) | (139,978 | ) | (312,829 | ) | (456,438 | ) | (278,691 | ) | |||||||||||
- | - | - | (6,835 | ) | (7,240 | ) | (4,961 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
(1,026,755 | ) | (1,220,698 | ) | (887,811 | ) | (4,565,433 | ) | (5,608,968 | ) | (4,300,728 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
(57,866,649 | ) | (20,884,874 | ) | (9,274,039 | ) | (18,526,765 | ) | (14,841,025 | ) | (16,003,278 | ) | |||||||||||
1,132,074 | 145,219 | 454,448 | 43,390 | 445,465 | 2,737,545 | |||||||||||||||||
2,802,979 | (2,984,940 | ) | (400,818 | ) | (15,102,666 | ) | (13,297,150 | ) | (35,902,904 | ) | ||||||||||||
(6,898,393 | ) | (14,998,768 | ) | (9,029,782 | ) | 1,460,810 | (4,049,799 | ) | 2,015,599 | |||||||||||||
- | - | (61,763 | ) | 54,808 | 73,367 | (152,450 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
(60,829,989 | ) | (38,723,363 | ) | (18,311,954 | ) | (32,070,423 | ) | (31,669,142 | ) | (47,305,488 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
(45,194,703 | ) | (24,346,904 | ) | 22,874,711 | (11,580,374 | ) | (34,666,659 | ) | 11,178,754 | |||||||||||||
181,063,435 | 205,410,339 | 182,535,628 | 366,318,951 | 400,985,610 | 389,806,856 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
$ | 135,868,732 | $ | 181,063,435 | $ | 205,410,339 | $ | 354,738,577 | $ | 366,318,951 | $ | 400,985,610 | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
$ | 429,865 | $ | 539,067 | $ | 533,571 | $ | 2,242,242 | $ | 2,136,122 | $ | 2,987,261 | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
225
Table of Contents
MassMutual Premier Funds – Financial Statements (Continued)
Statements of Changes in Net Assets
MassMutual Premier International Equity Fund | ||||||||||||
Period Ended September 30, 2012*** | Year Ended October 31, 2011 | Year Ended October 31, 2010 | ||||||||||
Increase (Decrease) in Net Assets: | ||||||||||||
Operations: | ||||||||||||
Net investment income (loss) | $ | 6,536,742 | $ | 7,352,096 | $ | 6,549,233 | ||||||
Net realized gain (loss) on investment transactions | 15,332,230 | 61,159,324 | 8,381,710 | |||||||||
Net change in unrealized appreciation (depreciation) on investments | 2,492,455 | (59,263,592 | ) | 79,628,196 | ||||||||
|
|
|
|
|
| |||||||
Net increase (decrease) in net assets resulting from operations | 24,361,427 | 9,247,828 | 94,559,139 | |||||||||
|
|
|
|
|
| |||||||
Distributions to shareholders (Note 2): | ||||||||||||
From net investment income: | ||||||||||||
Class Z | - | - | - | |||||||||
Class S | (6,144,878 | ) | (5,860,173 | ) | (5,956,646 | ) | ||||||
Class Y | (325,047 | ) | (136,382 | ) | (301,593 | ) | ||||||
Class L | (136,285 | ) | (412,749 | ) | (446,916 | ) | ||||||
Class A | (597,267 | ) | (325,765 | ) | (332,795 | ) | ||||||
Class N | - | - | - | |||||||||
|
|
|
|
|
| |||||||
Total distributions from net investment income | (7,203,477 | ) | (6,735,069 | ) | (7,037,950 | ) | ||||||
|
|
|
|
|
| |||||||
From net realized gains: | ||||||||||||
Class Z | - | - | - | |||||||||
Class S | (38,481,874 | ) | - | - | ||||||||
Class Y | (1,974,045 | ) | - | - | ||||||||
Class L | (1,277,744 | ) | - | - | ||||||||
Class A | (4,863,637 | ) | - | - | ||||||||
|
|
|
|
|
| |||||||
Total distributions from net realized gains | (46,597,300 | ) | - | - | ||||||||
|
|
|
|
|
| |||||||
Net fund share transactions (Note 5): | ||||||||||||
Class Z | - | - | - | |||||||||
Class S | (130,624,584 | ) | (29,722,973 | ) | (49,048,503 | ) | ||||||
Class Y | 2,992,576 | 3,963,096 | (18,531,983 | ) | ||||||||
Class L | 3,073,896 | (41,415,227 | ) | (12,137,454 | ) | |||||||
Class A | 807,899 | (3,185,875 | ) | (3,356,652 | ) | |||||||
Class N | - | - | (200,162 | ) | ||||||||
|
|
|
|
|
| |||||||
Increase (decrease) in net assets from fund share transactions | (123,750,213 | ) | (70,360,979 | ) | (83,274,754 | ) | ||||||
|
|
|
|
|
| |||||||
Total increase (decrease) in net assets | (153,189,563 | ) | (67,848,220 | ) | 4,246,435 | |||||||
Net assets | ||||||||||||
Beginning of year | 633,247,755 | 701,095,975 | 696,849,540 | |||||||||
|
|
|
|
|
| |||||||
End of year | $ | 480,058,192 | $ | 633,247,755 | $ | 701,095,975 | ||||||
|
|
|
|
|
| |||||||
Undistributed (accumulated) net investment income (loss) included in net assets at end of year | $ | 4,726,276 | $ | 4,843,359 | $ | 3,531,809 | ||||||
|
|
|
|
|
| |||||||
Distributions in excess of net investment income included in net assets at end of year | $ | - | $ | - | $ | - | ||||||
|
|
|
|
|
|
* | Class Z shares commenced operations on December 3, 2010. |
** | Class Z shares commenced operations on March 1, 2011. |
*** | For the period November 1, 2011 through September 30, 2012. |
The accompanying notes are an integral part of the financial statements.
226
Table of Contents
MassMutual Premier Focused International Fund | MassMutual Premier Strategic Emerging Markets Fund | |||||||||||||||||||||
Period Ended September 30, 2012*** | Year Ended October 31, 2011 | Year Ended October 31, 2010 | Period Ended September 30, 2012*** | Year Ended October 31, 2011 | Year Ended October 31, 2010 | |||||||||||||||||
$ | 2,422,436 | $ | 1,318,958 | $ | 802,306 | $ | 1,307,216 | $ | 1,938,890 | $ | 583,243 | |||||||||||
3,422,874 | 6,114,989 | 5,997,209 | (2,545,074 | ) | 16,759,854 | 15,409,493 | ||||||||||||||||
(1,630,167 | ) | (10,246,953 | ) | 2,505,774 | 1,583,831 | (39,491,211 | ) | 12,761,889 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
4,215,143 | (2,813,006 | ) | 9,305,289 | 345,973 | (20,792,467 | ) | 28,754,625 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
(206,554 | ) | (1,884 | )* | - | (1,553,000 | ) | - | ** | - | |||||||||||||
(205,670 | ) | (395,980 | ) | (1,685,855 | ) | - | (368,037 | ) | (499,490 | ) | ||||||||||||
(51,354 | ) | (140,147 | ) | (278,403 | ) | (1,604 | ) | (412 | ) | (1,313 | ) | |||||||||||
(3,363 | ) | (315,154 | ) | (682,096 | ) | - | (61,460 | ) | (223,330 | ) | ||||||||||||
(30,244 | ) | (422,195 | ) | (1,210,644 | ) | (1,069 | ) | - | (1,462 | ) | ||||||||||||
- | (10,327 | ) | (25,652 | ) | - | - | - | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
(497,185 | ) | (1,285,687 | ) | (3,882,650 | ) | (1,555,673 | ) | (429,909 | ) | (725,595 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
- | - | - | (16,945,727 | ) | - | - | ||||||||||||||||
- | - | - | (658,272 | ) | (10,551,103 | ) | (7,871,363 | ) | ||||||||||||||
- | - | - | (23,263 | ) | (17,778 | ) | (22,777 | ) | ||||||||||||||
- | - | - | (61 | ) | (4,909,924 | ) | (4,299,029 | ) | ||||||||||||||
- | - | - | (49,912 | ) | (55,982 | ) | (37,745 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
- | - | - | (17,677,235 | ) | (15,534,787 | ) | (12,230,914 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
47,518,932 | 25,466,667 | * | - | 55,831,436 | 105,040,250 | ** | - | |||||||||||||||
3,622,930 | 6,901,166 | (23,869,120 | ) | (40,006,448 | ) | (38,912,501 | ) | 35,351,598 | ||||||||||||||
133,740 | 208,266 | 18,049 | 37,415 | 28,518 | 24,090 | |||||||||||||||||
912,429 | (13,781,341 | ) | (717,305 | ) | 63,560 | (50,195,656 | ) | 24,924,509 | ||||||||||||||
(3,006,797 | ) | (9,673,629 | ) | (2,321,586 | ) | 43,028 | (125,408 | ) | 334,213 | |||||||||||||
5,209 | (20,660 | ) | (42,815 | ) | - | - | (179,690 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
49,186,443 | 9,100,469 | (26,932,777 | ) | 15,968,991 | 15,835,203 | 60,454,720 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
52,904,401 | 5,001,776 | (21,510,138 | ) | (2,917,944 | ) | (20,921,960 | ) | 76,252,836 | ||||||||||||||
91,500,008 | 86,498,232 | 108,008,370 | 144,466,537 | 165,388,497 | 89,135,661 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
$ | 144,404,409 | $ | 91,500,008 | $ | 86,498,232 | $ | 141,548,593 | $ | 144,466,537 | $ | 165,388,497 | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
$ | 1,335,573 | $ | - | $ | - | $ | 1,134,707 | $ | 1,488,973 | $ | 432,201 | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
$ | - | $ | (594,260 | ) | $ | (584,963 | ) | $ | - | $ | - | $ | - | |||||||||
|
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|
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227
Table of Contents
MassMutual Premier Funds – Financial Statements (Continued)
For the Period Ended September 30, 2012*
MassMutual Premier Inflation Protected and Income Fund | ||||
Cash flows from operating activities: | ||||
Net increase in net assets resulting from operations | $ | 22,041,141 | ||
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by (used in) operating activities: | ||||
Investments purchased | (159,778,382 | ) | ||
Investments sold | 114,272,736 | |||
Adjustments to the principal amount of inflation-indexed bonds | (3,147,013 | ) | ||
(Purchase) Sale of short-term investments, net | 33,098,394 | |||
Amortization (accretion) of discount and premium, net | 1,379,527 | |||
(Increase) Decrease in receivable from interest and dividends | 266,353 | |||
(Increase) Decrease in receivable from investment adviser | (1,699 | ) | ||
(Increase) Decrease in receivable from broker for collateral held for reverse repurchase agreements | (91,000 | ) | ||
Increase (Decrease) in payable for interest for reverse repurchase agreements | 22,505 | |||
Increase (Decrease) in payable for Trustees’ fees and expenses | 8,531 | |||
Increase (Decrease) in payable for investment management fees | 6,275 | |||
Increase (Decrease) in payable for administration fees | 2,185 | |||
Increase (Decrease) in payable for service fees | 18,016 | |||
Increase (Decrease) in payable for distribution fees | 556 | |||
Increase (Decrease) in payable for accrued expenses and other liabilities | 8,468 | |||
Net change in unrealized (appreciation) depreciation on investments | (8,377,084 | ) | ||
Net realized (gain) loss from investments | (7,757,425 | ) | ||
|
| |||
Net cash from (used in) operating activities | (8,027,916 | ) | ||
|
| |||
Cash flows from (used in) financing activities: | ||||
Proceeds from shares sold | 132,224,193 | |||
Payment on shares redeemed | (124,581,530 | ) | ||
Cash distributions paid | (4,421 | ) | ||
Proceeds from reverse repurchase agreements | 108,615,481 | |||
Repayment of reverse repurchase agreements | (108,534,807 | ) | ||
|
| |||
Net cash from (used in) financing activities | 7,718,916 | |||
|
| |||
Net increase (decrease) in cash | (309,000 | ) | ||
Cash at beginning of year | 309,000 | |||
|
| |||
Cash at end of year | $ | - | ||
|
| |||
Supplemental cash flow information: | ||||
Non cash financing activities not included herein consist of reinvestment of all distributions in the amount of: | $ | 13,270,790 | ||
Cash paid out for interest on reverse repurchase agreements | $ | 596,680 | ||
* For the period November 1, 2011 through September 30, 2012. |
The accompanying notes are an integral part of the financial statements.
228
Table of Contents
MassMutual Premier Funds – Financial Statements (Continued)
For the Year Ended October 31, 2011
MassMutual Premier Inflation-Protected and Income Fund | ||||
Cash flows from operating activities: | ||||
Net increase in net assets resulting from operations | $ | 26,036,313 | ||
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by (used in) operating activities: | ||||
Investments purchased | (164,228,032 | ) | ||
Investments sold | 154,516,832 | |||
Adjustments to the principal amount of inflation-indexed bonds | (9,483,542 | ) | ||
(Purchase) Sale of short-term investments, net | (63,745,636 | ) | ||
Amortization (accretion) of discount and premium, net | 1,187,104 | |||
(Increase) Decrease in receivable from interest and dividends | (13,868 | ) | ||
(Increase) Decrease in receivable from investment adviser | (31,433 | ) | ||
(Increase) Decrease in receivable from broker for collateral held for reverse repurchase agreements | (199,000 | ) | ||
Increase (Decrease) in payable for interest for reverse repurchase agreements | (20,247 | ) | ||
Increase (Decrease) in payable for Trustees’ fees and expenses | 3,095 | |||
Increase (Decrease) in payable for investment management fees | 16,659 | |||
Increase (Decrease) in payable for administration fees | 14,146 | |||
Increase (Decrease) in payable for service fees | 288 | |||
Increase (Decrease) in payable for distribution fees | 56 | |||
Increase (Decrease) in payable for accrued expenses and other liabilities | 1,356 | |||
Net change in unrealized (appreciation) depreciation on investments | (7,144,423 | ) | ||
Net realized (gain) loss from investments | (5,927,904 | ) | ||
|
| |||
Net cash from (used in) operating activities | (69,018,236 | ) | ||
|
| |||
Cash flows from (used in) financing activities: | ||||
Proceeds from shares sold | 232,363,838 | |||
Payment on shares redeemed | (214,640,748 | ) | ||
Cash distributions paid | (3,006 | ) | ||
Proceeds from reverse repurchase agreements | 118,005,979 | |||
Repayment of reverse repurchase agreements | (66,398,827 | ) | ||
|
| |||
Net cash from (used in) financing activities | 69,327,236 | |||
|
| |||
Net increase (decrease) in cash | 309,000 | |||
Cash at beginning of year | - | |||
|
| |||
Cash at end of year | $ | 309,000 | ||
|
| |||
Supplemental cash flow information: | ||||
Non cash financing activities not included herein consist of reinvestment of all distributions in the amount of: | $ | 7,805,687 | ||
Cash paid out for interest on reverse repurchase agreements | $ | 510,473 |
The accompanying notes are an integral part of the financial statements.
229
Table of Contents
MassMutual Premier Money Market Fund – Financial Statements (Continued)
Financial Highlights (For a share outstanding throughout each period)
Income (loss) from investment operations | Less distributions to shareholders | Ratios / Supplemental Data | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value, beginning of the period | Net investment income (loss)c,j | Net realized and unrealized gain (loss) on investments | Total income (loss) from investment operations | From net investment income | Tax return of capital | Total distributions | Net asset value, end of the period | Total Returnl | Net assets, end of the period (000’s) | Ratio of expenses to average daily net assets before expense waivers | Ratio of expenses to average daily net assets after expense waivers | Net investment income (loss) to average daily net assets | ||||||||||||||||||||||||||||||||||||||||
Class S | ||||||||||||||||||||||||||||||||||||||||||||||||||||
09/30/12i | $ | 1.00 | $ | 0.00 | d | $ | 0.00 | d | $ | 0.00 | d | $ | (0.00 | )d | $ | - | $ | (0.00 | )d | $ | 1.00 | 0.00% | b,e | $ | 162,906 | 0.46% | a | 0.16% | a,j | 0.00% | a,e | |||||||||||||||||||||
10/31/11 | 1.00 | 0.00 | d | 0.00 | d | 0.00 | d | (0.00 | )d | - | (0.00 | )d | 1.00 | 0.00% | e | 189,764 | 0.46% | 0.20% | j | 0.00% | e | |||||||||||||||||||||||||||||||
10/31/10 | 1.00 | 0.00 | d | 0.00 | d | 0.00 | d | (0.00 | )d | - | (0.00 | )d | 1.00 | 0.00% | e | 221,083 | 0.46% | 0.25% | j | 0.00% | e | |||||||||||||||||||||||||||||||
10/31/09 | 1.00 | 0.00 | d | (0.00 | )d | 0.00 | d | (0.00 | )d | - | (0.00 | )d | 1.00 | 0.40% | 299,832 | 0.49% | 0.45% | j | 0.41% | |||||||||||||||||||||||||||||||||
10/31/08 | 1.00 | 0.03 | (0.00 | )d | 0.03 | (0.03 | ) | (0.00 | )d | (0.03 | ) | 1.00 | 2.64% | 323,136 | 0.48% | 0.48% | k | 2.55% | ||||||||||||||||||||||||||||||||||
10/31/07 | 1.00 | 0.05 | - | 0.05 | (0.05 | ) | - | (0.05 | ) | 1.00 | 4.92% | 258,751 | 0.46% | 0.45% | j | 4.81% | ||||||||||||||||||||||||||||||||||||
Class Y | ||||||||||||||||||||||||||||||||||||||||||||||||||||
09/30/12i | $ | 1.00 | $ | 0.00 | d | $ | (0.00 | )d | $ | 0.00 | d | $ | (0.00 | )d | $ | - | $ | (0.00 | )d | $ | 1.00 | 0.01% | b | $ | 108,613 | 0.56% | a | 0.16% | a,j | 0.01% | a | |||||||||||||||||||||
10/31/11 | 1.00 | 0.00 | d | 0.00 | d | 0.00 | d | (0.00 | )d | - | (0.00 | )d | 1.00 | 0.00% | e | 233,369 | 0.56% | 0.20% | j | 0.00% | e | |||||||||||||||||||||||||||||||
10/31/10 | 1.00 | 0.00 | d | 0.00 | d | 0.00 | d | (0.00 | )d | - | (0.00 | )d | 1.00 | 0.00% | e | 194,208 | 0.56% | 0.25% | j | 0.00% | e | |||||||||||||||||||||||||||||||
10/31/09 | 1.00 | 0.00 | d | (0.00 | )d | 0.00 | d | (0.00 | )d | - | (0.00 | )d | 1.00 | 0.35% | 197,503 | 0.60% | 0.50% | j | 0.38% | |||||||||||||||||||||||||||||||||
10/31/08 | 1.00 | 0.03 | (0.00 | )d | 0.03 | (0.03 | ) | (0.00 | )d | (0.03 | ) | 1.00 | 2.54% | 231,584 | 0.58% | 0.58% | k | 2.47% | ||||||||||||||||||||||||||||||||||
10/31/07 | 1.00 | 0.05 | - | 0.05 | (0.05 | ) | - | (0.05 | ) | 1.00 | 4.81% | 213,690 | 0.56% | 0.55% | j | 4.71% | ||||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||||||||||||||||||
09/30/12i | $ | 1.00 | $ | 0.00 | d | $ | (0.00 | )d | $ | 0.00 | d | $ | (0.00 | )d | $ | - | $ | (0.00 | )d | $ | 1.00 | 0.01% | b | $ | 143,816 | 0.96% | a | 0.16% | a,j | 0.01% | a | |||||||||||||||||||||
10/31/11 | 1.00 | 0.00 | d | 0.00 | d | 0.00 | d | (0.00 | )d | - | (0.00 | )d | 1.00 | 0.00% | e | 198,696 | 0.96% | 0.20% | j | 0.00% | e | |||||||||||||||||||||||||||||||
10/31/10 | 1.00 | 0.00 | d | 0.00 | d | 0.00 | d | (0.00 | )d | - | (0.00 | )d | 1.00 | 0.00% | e | 199,403 | 0.96% | 0.25% | j | 0.00% | e | |||||||||||||||||||||||||||||||
10/31/09 | 1.00 | 0.00 | d | (0.00 | )d | 0.00 | d | (0.00 | )d | - | (0.00 | )d | 1.00 | 0.28% | 270,497 | 0.99% | 0.57% | j | 0.28% | |||||||||||||||||||||||||||||||||
10/31/08 | 1.00 | 0.02 | (0.00 | )d | 0.02 | (0.02 | ) | (0.00 | )d | (0.02 | ) | 1.00 | 2.33% | 291,735 | 0.98% | 0.78% | j | 2.30% | ||||||||||||||||||||||||||||||||||
10/31/07 | 1.00 | 0.04 | - | 0.04 | (0.04 | ) | - | (0.04 | ) | 1.00 | 4.59% | 281,270 | 0.96% | 0.77% | j | 4.50% |
a | Annualized. |
b | Percentage represents the results for the period and is not annualized. |
c | Per share amount calculated on the average shares method. |
d | Amount is less than $0.005 per share. |
e | Amount is less than 0.005%. |
i | For the period November 1, 2011 through September 30, 2012. |
j | Computed after giving effect to an agreement by MassMutual to waive certain fees and expenses of the Fund. |
k | Amount waived had no impact on the ratio of expenses to average daily net assets. |
l | Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges. |
The accompanying notes are an integral part of the financial statements.
230
Table of Contents
MassMutual Premier Short-Duration Bond Fund – Financial Statements (Continued)
Financial Highlights (For a share outstanding throughout each period)
Income (loss) from investment operations | Less distributions to shareholders | Ratios / Supplemental Data | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value, beginning of the period | Net investment income (loss)c,j | Net realized and unrealized gain (loss) on investments | Total income (loss) from investment operations | From net investment income | From net realized gains | Total distributions | Net asset value, end of the period | Total Returnl,m | Net assets, end of the period (000’s) | Ratio of expenses to average daily net assets before expense waivers | Ratio of expenses to average daily net assets after expense waivers | Net investment income (loss) to average daily net assets | ||||||||||||||||||||||||||||||||||||||||
Class Z |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
09/30/12i | $ | 10.87 | $ | 0.18 | $ | 0.16 | $ | 0.34 | $ | (0.22 | ) | $ | (0.22 | ) | $ | (0.44 | ) | $ | 10.77 | 3.20% | b | $ | 134,803 | 0.51% | a | 0.37% | a,j | 1.83% | a | |||||||||||||||||||||||
10/31/11g | 10.86 | 0.20 | 0.13 | 0.33 | (0.25 | ) | (0.07 | ) | (0.32 | ) | 10.87 | 3.05% | b | 137,464 | 0.52% | a | 0.37% | a,j | 2.07% | a | ||||||||||||||||||||||||||||||||
Class S |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
09/30/12i | $ | 10.88 | $ | 0.16 | $ | 0.16 | $ | 0.32 | $ | (0.19 | ) | $ | (0.22 | ) | $ | (0.41 | ) | $ | 10.79 | 2.91% | b | $ | 158,361 | 0.70% | a | 0.56% | a,j | 1.64% | a | |||||||||||||||||||||||
10/31/11 | 10.93 | 0.20 | 0.05 | 0.25 | (0.23 | ) | (0.07 | ) | (0.30 | ) | 10.88 | 2.38% | 155,719 | 0.67% | 0.55% | j | 1.86% | |||||||||||||||||||||||||||||||||||
10/31/10 | 10.64 | 0.29 | 0.34 | 0.63 | (0.34 | ) | - | (0.34 | ) | 10.93 | 6.10% | 190,062 | 0.56% | N/A | 2.72% | |||||||||||||||||||||||||||||||||||||
10/31/09 | 9.79 | 0.41 | 0.94 | 1.35 | (0.50 | ) | - | (0.50 | ) | 10.64 | 14.34% | 143,114 | 0.56% | N/A | 4.13% | |||||||||||||||||||||||||||||||||||||
10/31/08 | 10.49 | 0.40 | (0.53 | ) | (0.13 | ) | (0.57 | ) | - | (0.57 | ) | 9.79 | (1.23% | ) | 153,218 | 0.55% | 0.55% | k | 3.97% | |||||||||||||||||||||||||||||||||
10/31/07 | 10.37 | 0.49 | 0.10 | 0.59 | (0.47 | ) | - | (0.47 | ) | 10.49 | 5.88% | 196,525 | 0.55% | 0.54% | j | 4.75% | ||||||||||||||||||||||||||||||||||||
Class Y |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
09/30/12i | $ | 10.82 | $ | 0.15 | $ | 0.16 | $ | 0.31 | $ | (0.19 | ) | $ | (0.22 | ) | $ | (0.41 | ) | $ | 10.72 | 2.93% | b | $ | 79,985 | 0.75% | a | 0.61% | a,j | 1.59% | a | |||||||||||||||||||||||
10/31/11 | 10.87 | 0.19 | 0.05 | 0.24 | (0.22 | ) | (0.07 | ) | (0.29 | ) | 10.82 | 2.30% | 75,045 | 0.73% | 0.60% | j | 1.80% | |||||||||||||||||||||||||||||||||||
10/31/10 | 10.58 | 0.28 | 0.35 | 0.63 | (0.34 | ) | - | (0.34 | ) | 10.87 | 6.11% | 59,027 | 0.61% | N/A | 2.69% | |||||||||||||||||||||||||||||||||||||
10/31/09 | 9.74 | 0.39 | 0.95 | 1.34 | (0.50 | ) | - | (0.50 | ) | 10.58 | 14.36% | 56,552 | 0.61% | N/A | 3.90% | |||||||||||||||||||||||||||||||||||||
10/31/08 | 10.42 | 0.40 | (0.52 | ) | (0.12 | ) | (0.56 | ) | - | (0.56 | ) | 9.74 | (1.29% | ) | 34,550 | 0.60% | 0.60% | k | 3.95% | |||||||||||||||||||||||||||||||||
10/31/07 | 10.30 | 0.48 | 0.10 | 0.58 | (0.46 | ) | - | (0.46 | ) | 10.42 | 5.86% | 55,094 | 0.60% | 0.59% | j | 4.77% | ||||||||||||||||||||||||||||||||||||
Class L |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
09/30/12i | $ | 10.74 | $ | 0.15 | $ | 0.16 | $ | 0.31 | $ | (0.14 | ) | $ | (0.22 | ) | $ | (0.36 | ) | $ | 10.69 | 2.87% | b | $ | 37,298 | 0.83% | a | 0.69% | a,j | 1.51% | a | |||||||||||||||||||||||
10/31/11 | 10.80 | 0.18 | 0.05 | 0.23 | (0.22 | ) | (0.07 | ) | (0.29 | ) | 10.74 | 2.18% | 44,760 | 0.80% | 0.68% | j | 1.72% | |||||||||||||||||||||||||||||||||||
10/31/10 | 10.52 | 0.27 | 0.34 | 0.61 | (0.33 | ) | - | (0.33 | ) | 10.80 | 5.95% | 125,719 | 0.76% | 0.69% | j | 2.60% | ||||||||||||||||||||||||||||||||||||
10/31/09 | 9.68 | 0.39 | 0.93 | 1.32 | (0.48 | ) | - | (0.48 | ) | 10.52 | 14.19% | 114,790 | 0.76% | 0.69% | j | 4.01% | ||||||||||||||||||||||||||||||||||||
10/31/08 | 10.38 | 0.39 | (0.53 | ) | (0.14 | ) | (0.56 | ) | - | (0.56 | ) | 9.68 | (1.35% | ) | 123,378 | 0.75% | 0.68% | j | 3.88% | |||||||||||||||||||||||||||||||||
10/31/07 | 10.26 | 0.47 | 0.10 | 0.57 | (0.45 | ) | - | (0.45 | ) | 10.38 | 5.74% | 173,954 | 0.75% | 0.67% | j | 4.60% | ||||||||||||||||||||||||||||||||||||
Class A |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
09/30/12i | $ | 10.71 | $ | 0.12 | $ | 0.16 | $ | 0.28 | $ | (0.15 | ) | $ | (0.22 | ) | $ | (0.37 | ) | $ | 10.62 | 2.66% | b | $ | 71,031 | 1.08% | a | 0.94% | a,j | 1.26% | a | |||||||||||||||||||||||
10/31/11 | 10.76 | 0.16 | 0.05 | 0.21 | (0.19 | ) | (0.07 | ) | (0.26 | ) | 10.71 | 2.02% | 69,635 | 1.06% | 0.93% | j | 1.48% | |||||||||||||||||||||||||||||||||||
10/31/10 | 10.48 | 0.24 | 0.34 | 0.58 | (0.30 | ) | - | (0.30 | ) | 10.76 | 5.70% | 98,198 | 1.01% | 0.94% | j | 2.32% | ||||||||||||||||||||||||||||||||||||
10/31/09 | 9.65 | 0.36 | 0.93 | 1.29 | (0.46 | ) | - | (0.46 | ) | 10.48 | 13.99% | 68,067 | 1.01% | 0.94% | j | 3.67% | ||||||||||||||||||||||||||||||||||||
10/31/08 | 10.35 | 0.36 | (0.53 | ) | (0.17 | ) | (0.53 | ) | - | (0.53 | ) | 9.65 | (1.73% | ) | 63,490 | 1.00% | 0.93% | j | 3.59% | |||||||||||||||||||||||||||||||||
10/31/07 | 10.23 | 0.44 | 0.11 | 0.55 | (0.43 | ) | - | (0.43 | ) | 10.35 | 5.55% | 64,506 | 1.00% | 0.92% | j | 4.37% | ||||||||||||||||||||||||||||||||||||
Class N |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
09/30/12i | $ | 10.60 | $ | 0.09 | $ | 0.15 | $ | 0.24 | $ | (0.13 | ) | $ | (0.22 | ) | $ | (0.35 | ) | $ | 10.49 | 2.29% | b | $ | 944 | 1.38% | a | 1.24% | a,j | 0.93% | a | |||||||||||||||||||||||
10/31/11 | 10.66 | 0.12 | 0.06 | 0.18 | (0.17 | ) | (0.07 | ) | (0.24 | ) | 10.60 | 1.67% | 8,835 | 1.36% | 1.23% | j | 1.18% | |||||||||||||||||||||||||||||||||||
10/31/10 | 10.42 | 0.21 | 0.33 | 0.54 | (0.30 | ) | - | (0.30 | ) | 10.66 | 5.33% | 7,997 | 1.31% | 1.24% | j | 2.03% | ||||||||||||||||||||||||||||||||||||
10/31/09 | 9.58 | 0.33 | 0.93 | 1.26 | (0.42 | ) | - | (0.42 | ) | 10.42 | 13.72% | 4,408 | 1.31% | 1.24% | j | 3.38% | ||||||||||||||||||||||||||||||||||||
10/31/08 | 10.31 | 0.33 | (0.52 | ) | (0.19 | ) | (0.54 | ) | - | (0.54 | ) | 9.58 | (2.02% | ) | 3,426 | 1.30% | 1.23% | j | 3.28% | |||||||||||||||||||||||||||||||||
10/31/07 | 10.20 | 0.39 | 0.12 | 0.51 | (0.40 | ) | - | (0.40 | ) | 10.31 | 5.25% | 4,006 | 1.30% | 1.22% | j | 3.80% |
Period ended September 30, 2012b | Year ended October 31 | |||||||||||||||||||||||
2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||||
Portfolio turnover rate for all share classes | 349 | % | 384 | % | 332 | % | 232 | % | 140 | % | 332 | % |
a | Annualized. |
b | Percentage represents the results for the period and is not annualized. |
c | Per share amount calculated on the average shares method. |
g | For the period December 3, 2010 (commencement of operations) through October 31, 2011. |
i | For the period November 1, 2011 through September 30, 2012. |
j | Computed after giving effect to an agreement by MassMutual to waive certain fees and expenses of the Fund. |
k Amount | waived had no impact on the ratio of expenses to average daily net assets. |
l | Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges. |
m | Total return excludes sales charges, if any, and would be lower for the period presented if it reflected these charges. |
The accompanying notes are an integral part of the financial statements.
231
Table of Contents
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 | Total distributions | Net asset value, end of the period | Total Returnl,m |
Net | Ratio of expenses to average daily net assets before expense waiverso | Ratio of expenses to average daily net assets after expense waiverso | Interest expense to average daily net assetsp | Ratio of expenses to average daily net assets before expense waiversn | Ratio of expenses to average daily net assets after expense waiversn | Net investment income (loss) to average daily net assets | ||||||||||||||||||||||||||||||||||||||||||||||
Class Z |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
09/30/12i | $ | 11.91 | $ | 0.23 | $ | 0.59 | $ | 0.82 | $ | (0.51 | ) | $ | (0.51 | ) | $ | 12.22 | 7.12% | b | $ | 124,528 | 0.58% | a | 0.45% | a,j | 0.21% | a | 0.79% | a | 0.66% | a,j | 2.10% | a | ||||||||||||||||||||||||||||
10/31/11g | 10.67 | 0.30 | 0.94 | 1.24 | - | - | 11.91 | 11.62% | b | 101,708 | 0.59% | a | 0.45% | a,j | 0.15% | a | 0.74% | a | 0.60% | a,j | 3.88% | a | ||||||||||||||||||||||||||||||||||||||
Class S |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
09/30/12i | $ | 11.90 | $ | 0.21 | $ | 0.60 | $ | 0.81 | $ | (0.49 | ) | $ | (0.49 | ) | $ | 12.22 | 7.02% | b | $ | 75,714 | 0.69% | a | 0.56% | a,j | 0.21% | a | 0.90% | a | 0.77% | a,j | 1.96% | a | ||||||||||||||||||||||||||||
10/31/11 | 11.30 | 0.53 | 0.43 | 0.96 | (0.36 | ) | (0.36 | ) | 11.90 | 8.99% | 89,413 | 0.66% | 0.56% | j | 0.17% | 0.83% | 0.73% | j | 4.79% | |||||||||||||||||||||||||||||||||||||||||
10/31/10 | 10.29 | 0.36 | 0.70 | 1.06 | (0.05 | ) | (0.05 | ) | 11.30 | 10.28% | 92,808 | 0.56% | N/A | 0.17% | 0.73% | N/A | 3.36% | |||||||||||||||||||||||||||||||||||||||||||
10/31/09 | 9.51 | (0.03 | ) | 1.58 | 1.55 | (0.77 | ) | (0.77 | ) | 10.29 | 16.82% | 92,457 | 0.56% | N/A | 0.07% | 0.63% | N/A | (0.29% | ) | |||||||||||||||||||||||||||||||||||||||||
10/31/08 | 10.53 | 0.62 | (1.06 | ) | (0.44 | ) | (0.58 | ) | (0.58 | ) | 9.51 | (4.58% | ) | 111,763 | 0.54% | N/A | N/A | N/A | N/A | 5.85% | ||||||||||||||||||||||||||||||||||||||||
10/31/07 | 10.33 | 0.32 | 0.26 | 0.58 | (0.38 | ) | (0.38 | ) | 10.53 | 5.86% | 196,517 | 0.54% | N/A | N/A | N/A | N/A | 3.18% | |||||||||||||||||||||||||||||||||||||||||||
Class Y |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
09/30/12i | $ | 11.87 | $ | 0.21 | $ | 0.58 | $ | 0.79 | $ | (0.48 | ) | $ | (0.48 | ) | $ | 12.18 | 6.90% | b | $ | 95,417 | 0.79% | a | 0.66% | a,j | 0.21% | a | 1.00% | a | 0.87% | a,j | 1.94% | a | ||||||||||||||||||||||||||||
10/31/11 | 11.27 | 0.48 | 0.47 | 0.95 | (0.35 | ) | (0.35 | ) | 11.87 | 8.80% | 80,118 | 0.74% | 0.66% | j | 0.18% | 0.92% | 0.84% | j | 4.36% | |||||||||||||||||||||||||||||||||||||||||
10/31/10 | 10.27 | 0.34 | 0.71 | 1.05 | (0.05 | ) | (0.05 | ) | 11.27 | 10.22% | 95,864 | 0.66% | N/A | 0.17% | 0.83% | N/A | 3.24% | |||||||||||||||||||||||||||||||||||||||||||
10/31/09 | 9.50 | (0.02 | ) | 1.55 | 1.53 | (0.76 | ) | (0.76 | ) | 10.27 | 16.74% | 96,117 | 0.65% | N/A | 0.07% | 0.72% | N/A | (0.24% | ) | |||||||||||||||||||||||||||||||||||||||||
10/31/08 | 10.52 | 0.61 | (1.06 | ) | (0.45 | ) | (0.57 | ) | (0.57 | ) | 9.50 | (4.77% | ) | 71,147 | 0.64% | N/A | N/A | N/A | N/A | 5.76% | ||||||||||||||||||||||||||||||||||||||||
10/31/07 | 10.31 | 0.30 | 0.28 | 0.58 | (0.37 | ) | (0.37 | ) | 10.52 | 5.85% | 71,072 | 0.64% | N/A | N/A | N/A | N/A | 3.01% | |||||||||||||||||||||||||||||||||||||||||||
Class L |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
09/30/12i | $ | 11.84 | $ | 0.19 | $ | 0.59 | $ | 0.78 | $ | (0.34 | ) | $ | (0.34 | ) | $ | 12.28 | 6.78% | b | $ | 9,466 | 0.94% | a | 0.81% | a,j | 0.21% | a | 1.15% | a | 1.02% | a,j | 1.78% | a | ||||||||||||||||||||||||||||
10/31/11 | 11.24 | 0.56 | 0.37 | 0.93 | (0.33 | ) | (0.33 | ) | 11.84 | 8.64% | 6,301 | 0.89% | 0.81% | j | 0.18% | 1.07% | 0.99% | j | 5.15% | |||||||||||||||||||||||||||||||||||||||||
10/31/10 | 10.25 | 0.33 | 0.69 | 1.02 | (0.03 | ) | (0.03 | ) | 11.24 | 9.97% | 40,205 | 0.81% | N/A | 0.17% | 0.98% | N/A | 3.12% | |||||||||||||||||||||||||||||||||||||||||||
10/31/09 | 9.47 | (0.05 | ) | 1.56 | 1.51 | (0.73 | ) | (0.73 | ) | 10.25 | 16.63% | 36,760 | 0.80% | N/A | 0.07% | 0.87% | N/A | (0.53% | ) | |||||||||||||||||||||||||||||||||||||||||
10/31/08 | 10.49 | 0.59 | (1.06 | ) | (0.47 | ) | (0.55 | ) | (0.55 | ) | 9.47 | (4.92% | ) | 36,903 | 0.79% | N/A | N/A | N/A | N/A | 5.56% | ||||||||||||||||||||||||||||||||||||||||
10/31/07 | 10.28 | 0.45 | 0.11 | 0.56 | (0.35 | ) | (0.35 | ) | 10.49 | 5.68% | 63,394 | 0.79% | N/A | N/A | N/A | N/A | 4.50% | |||||||||||||||||||||||||||||||||||||||||||
Class A |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
09/30/12i | $ | 11.70 | $ | 0.17 | $ | 0.58 | $ | 0.75 | $ | (0.45 | ) | $ | (0.45 | ) | $ | 12.00 | 6.65% | b | $ | 38,957 | 1.09% | a | 0.96% | a,j | 0.21% | a | 1.30% | a | 1.17% | a,j | 1.62% | a | ||||||||||||||||||||||||||||
10/31/11 | 11.11 | 0.45 | 0.45 | 0.90 | (0.31 | ) | (0.31 | ) | 11.70 | 8.50% | 37,528 | 1.08% | 0.96% | j | 0.18% | 1.26% | 1.14% | j | 4.10% | |||||||||||||||||||||||||||||||||||||||||
10/31/10 | 10.13 | 0.31 | 0.69 | 1.00 | (0.02 | ) | (0.02 | ) | 11.11 | 9.84% | 36,493 | 1.06% | 0.96% | j | 0.17% | 1.23% | 1.13% | j | 2.94% | |||||||||||||||||||||||||||||||||||||||||
10/31/09 | 9.38 | (0.04 | ) | 1.52 | 1.48 | (0.73 | ) | (0.73 | ) | 10.13 | 16.40% | 38,645 | 1.05% | 0.95% | j | 0.07% | 1.12% | 1.02% | j | (0.42% | ) | |||||||||||||||||||||||||||||||||||||||
10/31/08 | 10.39 | 0.57 | (1.04 | ) | (0.47 | ) | (0.54 | ) | (0.54 | ) | 9.38 | (5.00% | ) | 34,282 | 1.04% | 0.94% | j | N/A | N/A | N/A | 5.46% | |||||||||||||||||||||||||||||||||||||||
10/31/07 | 10.19 | 0.25 | 0.28 | 0.53 | (0.33 | ) | (0.33 | ) | 10.39 | 5.44% | 29,868 | 1.04% | 1.00% | j | N/A | N/A | N/A | 2.52% | ||||||||||||||||||||||||||||||||||||||||||
Class N |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
09/30/12i | $ | 11.76 | $ | 0.14 | $ | 0.58 | $ | 0.72 | $ | (0.44 | ) | $ | (0.44 | ) | $ | 12.04 | 6.27% | b | $ | 1,155 | 1.39% | a | 1.26% | a,j | 0.21% | a | 1.60% | a | 1.47% | a,j | 1.27% | a | ||||||||||||||||||||||||||||
10/31/11 | 11.18 | 0.43 | 0.45 | 0.88 | (0.30 | ) | (0.30 | ) | 11.76 | 8.16% | 664 | 1.39% | 1.26% | j | 0.17% | 1.56% | 1.43% | j | 3.85% | |||||||||||||||||||||||||||||||||||||||||
10/31/10 | 10.20 | 0.28 | 0.70 | 0.98 | - | - | 11.18 | 9.61% | 384 | 1.35% | 1.25% | j | 0.17% | 1.52% | 1.42% | j | 2.63% | |||||||||||||||||||||||||||||||||||||||||||
10/31/09 | 9.43 | (0.03 | ) | 1.49 | 1.46 | (0.69 | ) | (0.69 | ) | 10.20 | 16.05% | 260 | 1.35% | 1.25% | j | 0.07% | 1.42% | 1.32% | j | (0.24% | ) | |||||||||||||||||||||||||||||||||||||||
10/31/08 | 10.44 | 0.54 | (1.05 | ) | (0.51 | ) | (0.50 | ) | (0.50 | ) | 9.43 | (5.32% | ) | 185 | 1.34% | 1.24% | j | N/A | N/A | N/A | 5.13% | |||||||||||||||||||||||||||||||||||||||
10/31/07 | 10.25 | 0.22 | 0.29 | 0.51 | (0.32 | ) | (0.32 | ) | 10.44 | 5.17% | 234 | 1.34% | 1.30% | j | N/A | N/A | N/A | 2.24% |
Period ended September 30, 2012b | Year ended October 31 | |||||||||||||||||||||||
2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||||
Portfolio turnover rate for all share classes | 29 | % | 46 | % | 41 | % | 35 | % | 17 | % | 17 | % |
a | Annualized. |
b | Percentage represents the results for the period and is not annualized. |
c | Per share amount calculated on the average shares method. |
g | For the period March 1, 2011 (commencement of operations) through October 31, 2011. |
i | For the period November 1, 2011 through September 30, 2012. |
j | Computed after giving effect to an agreement by MassMutual to waive certain fees and expenses of the Fund. |
l | Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges. |
m | Total return excludes sales charges, if any, and would be lower for the period presented if it reflected these charges. |
n | Includes interest expense. |
o | Excludes interest expense. |
p | Interest expense incurred as a result of entering into reverse repurchase agreements is included in the Fund’s net expenses in the Statements of Operations. Income earned on investing proceeds from reverse repurchase agreements is included in interest income in the Statements of Operations. |
The accompanying notes are an integral part of the financial statements.
232
Table of Contents
MassMutual Premier Core Bond Fund – Financial Statements (Continued)
Financial Highlights (For a share outstanding throughout each period)
Income (loss) from investment operations | Less distributions to shareholders | Ratios / Supplemental Data | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value, beginning of the period | Net investment income (loss)c,j | Net realized and unrealized gain (loss) on investments | Total income (loss) from investment operations | From net investment income | From net realized gains | Total distributions | Net asset value, end of the period | Total Returnl,m | Net assets, end of the period (000’s) | Ratio of expenses to average daily net assets before expense waivers | Ratio of expenses to average daily net assets after expense waivers | Net investment income (loss) to average daily net assets | ||||||||||||||||||||||||||||||||||||||||
Class Z |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
09/30/12i | $ | 11.66 | $ | 0.25 | $ | 0.49 | $ | 0.74 | $ | (0.27 | ) | $ | (0.25 | ) | $ | (0.52 | ) | $ | 11.88 | 6.63% | b | $ | 518,536 | 0.56% | a | 0.38% | a,j | 2.39% | a | |||||||||||||||||||||||
10/31/11g | 11.67 | 0.28 | 0.41 | 0.69 | (0.34 | ) | (0.36 | ) | (0.70 | ) | 11.66 | 6.32% | b | 316,018 | 0.58% | a | 0.40% | a,j | 2.65% | a | ||||||||||||||||||||||||||||||||
Class S |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
09/30/12i | $ | 11.66 | $ | 0.23 | $ | 0.49 | $ | 0.72 | $ | (0.24 | ) | $ | (0.25 | ) | $ | (0.49 | ) | $ | 11.89 | 6.35% | b | $ | 728,293 | 0.77% | a | 0.59% | a,j | 2.19% | a | |||||||||||||||||||||||
10/31/11 | 11.83 | 0.28 | 0.24 | 0.52 | (0.33 | ) | (0.36 | ) | (0.69 | ) | 11.66 | 4.79% | 799,669 | 0.74% | 0.59% | j | 2.47% | |||||||||||||||||||||||||||||||||||
10/31/10 | 11.26 | 0.34 | 0.63 | 0.97 | (0.40 | ) | - | (0.40 | ) | 11.83 | 8.89% | 789,543 | 0.60% | N/A | 3.00% | |||||||||||||||||||||||||||||||||||||
10/31/09 | 10.16 | 0.45 | 1.33 | 1.78 | (0.59 | ) | (0.09 | ) | (0.68 | ) | 11.26 | 18.53% | 650,768 | 0.60% | N/A | 4.26% | ||||||||||||||||||||||||||||||||||||
10/31/08 | 11.14 | 0.48 | (0.84 | ) | (0.36 | ) | (0.62 | ) | - | (0.62 | ) | 10.16 | (3.48% | ) | 628,314 | 0.59% | 0.59% | k | 4.43% | |||||||||||||||||||||||||||||||||
10/31/07 | 11.04 | 0.52 | 0.07 | 0.59 | (0.49 | ) | - | (0.49 | ) | 11.14 | 5.57% | 779,239 | 0.59% | 0.59% | k | 4.77% | ||||||||||||||||||||||||||||||||||||
Class Y |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
09/30/12i | $ | 11.61 | $ | 0.23 | $ | 0.48 | $ | 0.71 | $ | (0.24 | ) | $ | (0.25 | ) | $ | (0.49 | ) | $ | 11.83 | 6.34% | b | $ | 162,692 | 0.82% | a | 0.64% | a,j | 2.14% | a | |||||||||||||||||||||||
10/31/11 | 11.78 | 0.27 | 0.25 | 0.52 | (0.33 | ) | (0.36 | ) | (0.69 | ) | 11.61 | 4.75% | 153,857 | 0.79% | 0.64% | j | 2.42% | |||||||||||||||||||||||||||||||||||
10/31/10 | 11.21 | 0.34 | 0.62 | 0.96 | (0.39 | ) | - | (0.39 | ) | 11.78 | 8.88% | 160,114 | 0.65% | N/A | 2.96% | |||||||||||||||||||||||||||||||||||||
10/31/09 | 10.12 | 0.44 | 1.32 | 1.76 | (0.58 | ) | (0.09 | ) | (0.67 | ) | 11.21 | 18.40% | 144,757 | 0.65% | N/A | 4.24% | ||||||||||||||||||||||||||||||||||||
10/31/08 | 11.08 | 0.48 | (0.83 | ) | (0.35 | ) | (0.61 | ) | - | (0.61 | ) | 10.12 | (3.36% | ) | 160,857 | 0.64% | 0.64% | k | 4.41% | |||||||||||||||||||||||||||||||||
10/31/07 | 10.98 | 0.51 | 0.08 | 0.59 | (0.49 | ) | - | (0.49 | ) | 11.08 | 5.56% | 202,008 | 0.64% | 0.64% | k | 4.71% | ||||||||||||||||||||||||||||||||||||
Class L |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
09/30/12i | $ | 11.53 | $ | 0.22 | $ | 0.48 | $ | 0.70 | $ | (0.21 | ) | $ | (0.25 | ) | $ | (0.46 | ) | $ | 11.77 | 6.28% | b | $ | 91,405 | 0.89% | a | 0.71% | a,j | 2.07% | a | |||||||||||||||||||||||
10/31/11 | 11.70 | 0.26 | 0.25 | 0.51 | (0.32 | ) | (0.36 | ) | (0.68 | ) | 11.53 | 4.70% | 91,457 | 0.86% | 0.71% | j | 2.35% | |||||||||||||||||||||||||||||||||||
10/31/10 | 11.15 | 0.33 | 0.61 | 0.94 | (0.39 | ) | - | (0.39 | ) | 11.70 | 8.67% | 217,513 | 0.79% | 0.71% | j | 2.89% | ||||||||||||||||||||||||||||||||||||
10/31/09 | 10.06 | 0.43 | 1.33 | 1.76 | (0.58 | ) | (0.09 | ) | (0.67 | ) | 11.15 | 18.41% | 211,250 | 0.80% | 0.72% | j | 4.19% | |||||||||||||||||||||||||||||||||||
10/31/08 | 11.04 | 0.47 | (0.84 | ) | (0.37 | ) | (0.61 | ) | - | (0.61 | ) | 10.06 | (3.63% | ) | 249,701 | 0.79% | 0.71% | j | 4.34% | |||||||||||||||||||||||||||||||||
10/31/07 | 10.94 | 0.50 | 0.08 | 0.58 | (0.48 | ) | - | (0.48 | ) | 11.04 | 5.49% | 368,954 | 0.79% | 0.71% | j | 4.64% | ||||||||||||||||||||||||||||||||||||
Class A |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
09/30/12i | $ | 11.44 | $ | 0.19 | $ | 0.48 | $ | 0.67 | $ | (0.21 | ) | $ | (0.25 | ) | $ | (0.46 | ) | $ | 11.65 | 6.01% | b | $ | 192,598 | 1.14% | a | 0.96% | a,j | 1.82% | a | |||||||||||||||||||||||
10/31/11 | 11.62 | 0.23 | 0.24 | 0.47 | (0.29 | ) | (0.36 | ) | (0.65 | ) | 11.44 | 4.39% | 201,638 | 1.12% | 0.96% | j | 2.10% | |||||||||||||||||||||||||||||||||||
10/31/10 | 11.07 | 0.29 | 0.62 | 0.91 | (0.36 | ) | - | (0.36 | ) | 11.62 | 8.47% | 206,416 | 1.05% | 0.97% | j | 2.64% | ||||||||||||||||||||||||||||||||||||
10/31/09 | 9.99 | 0.40 | 1.32 | 1.72 | (0.55 | ) | (0.09 | ) | (0.64 | ) | 11.07 | 18.13% | 179,142 | 1.05% | 0.97% | j | 3.88% | |||||||||||||||||||||||||||||||||||
10/31/08 | 10.97 | 0.43 | (0.83 | ) | (0.40 | ) | (0.58 | ) | - | (0.58 | ) | 9.99 | (3.90% | ) | 164,141 | 1.04% | 0.96% | j | 4.06% | |||||||||||||||||||||||||||||||||
10/31/07 | 10.87 | 0.47 | 0.08 | 0.55 | (0.45 | ) | - | (0.45 | ) | 10.97 | 5.23% | 183,196 | 1.04% | 0.96% | j | 4.39% | ||||||||||||||||||||||||||||||||||||
Class N |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
09/30/12i | $ | 11.61 | $ | 0.16 | $ | 0.48 | $ | 0.64 | $ | (0.17 | ) | $ | (0.25 | ) | $ | (0.42 | ) | $ | 11.83 | 5.72% | b | $ | 1,555 | 1.46% | a | 1.28% | a,j | 1.49% | a | |||||||||||||||||||||||
10/31/11 | 11.78 | 0.20 | 0.25 | 0.45 | (0.26 | ) | (0.36 | ) | (0.62 | ) | 11.61 | 4.12% | 1,014 | 1.44% | 1.28% | j | 1.78% | |||||||||||||||||||||||||||||||||||
10/31/10 | 11.23 | 0.26 | 0.63 | 0.89 | (0.34 | ) | - | (0.34 | ) | 11.78 | 8.10% | 1,000 | 1.37% | 1.29% | j | 2.31% | ||||||||||||||||||||||||||||||||||||
10/31/09 | 9.95 | 0.36 | 1.34 | 1.70 | (0.33 | ) | (0.09 | ) | (0.42 | ) | 11.23 | 17.65% | 714 | 1.37% | 1.29% | j | 3.46% | |||||||||||||||||||||||||||||||||||
10/31/08 | 10.92 | 0.43 | (0.83 | ) | (0.40 | ) | (0.57 | ) | - | (0.57 | ) | 9.95 | (3.86% | ) | 344 | 1.37% | 1.28% | j | 4.04% | |||||||||||||||||||||||||||||||||
10/31/07 | 10.73 | 0.42 | 0.09 | 0.51 | (0.32 | ) | - | (0.32 | ) | 10.92 | 4.91% | 4,244 | 1.36% | 1.28% | j | 3.89% |
Period ended September 30, 2012b | Year ended October 31 | |||||||||||||||||||||||
2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||||
Portfolio turnover rate for all share classes | 447 | % | 539 | % | 463 | % | 333 | % | 263 | % | 394 | % |
a | Annualized. |
b | Percentage represents the results for the period and is not annualized. |
c | Per share amount calculated on the average shares method. |
g | For the period December 3, 2010 (commencement of operations) through October 31, 2011. |
i | For the period November 1, 2011 through September 30, 2012. |
j | Computed after giving effect to an agreement by MassMutual to waive certain fees and expenses of the Fund. |
k | Amount waived had no impact on the ratio of expenses to average daily net assets. |
l | Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges. |
m | Total return excludes sales charges, if any, and would be lower for the period presented if they reflected these charges. |
The accompanying notes are an integral part of the financial statements.
233
Table of Contents
MassMutual Premier Diversified Bond Fund – Financial Statements (Continued)
Financial Highlights (For a share outstanding throughout each period)
Income (loss) from investment operations | Less distributions to shareholders | Ratios / Supplemental Data | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value, beginning of the period | Net investment income (loss)c,j | Net realized and unrealized gain (loss) on investments | Total income (loss) from investment operations | From net investment income | From net realized gains | Total distributions | Net asset value, end of the period | Total Returnl,m | Net assets, end of the period (000’s) | Ratio of expenses to average daily net assets before expense waivers | Ratio of expenses to average daily net assets after expense waivers | Net investment income (loss) to average daily net assets | ||||||||||||||||||||||||||||||||||||||||
Class Z |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
09/30/12i | $ | 11.08 | $ | 0.29 | $ | 0.63 | $ | 0.92 | $ | - | $ | (0.76 | ) | $ | (0.76 | ) | $ | 11.24 | 8.84% | b | $ | 0 | f | 0.67% | a | 0.50% | a,j | 2.90% | a | |||||||||||||||||||||||
10/31/11g | 10.96 | 0.32 | 0.36 | 0.68 | (0.47 | ) | (0.09 | ) | (0.56 | ) | 11.08 | 6.56% | b | 0 | f | 0.64% | a | 0.47% | a,j | 3.22% | a | |||||||||||||||||||||||||||||||
Class S |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
09/30/12i | $ | 11.07 | $ | 0.28 | $ | 0.48 | $ | 0.76 | $ | (0.50 | ) | $ | (0.76 | ) | $ | (1.26 | ) | $ | 10.57 | 7.61% | b | $ | 38,986 | 0.93% | a | 0.76% | a,j | 3.00% | a | |||||||||||||||||||||||
10/31/11 | 11.10 | 0.35 | 0.15 | 0.50 | (0.44 | ) | (0.09 | ) | (0.53 | ) | 11.07 | 4.85% | 31,390 | 0.85% | 0.72% | j | 3.25% | |||||||||||||||||||||||||||||||||||
10/31/10 | 10.73 | 0.37 | 0.58 | 0.95 | (0.58 | ) | - | (0.58 | ) | 11.10 | 9.31% | 53,298 | 0.71% | N/A | 3.51% | |||||||||||||||||||||||||||||||||||||
10/31/09 | 9.69 | 0.44 | 1.24 | 1.68 | (0.62 | ) | (0.02 | ) | (0.64 | ) | 10.73 | 18.21% | 82,961 | 0.71% | N/A | 4.42% | ||||||||||||||||||||||||||||||||||||
10/31/08 | 11.01 | 0.48 | (1.17 | ) | (0.69 | ) | (0.59 | ) | (0.04 | ) | (0.63 | ) | 9.69 | (6.51% | ) | 146,819 | 0.71% | 0.70% | j | 4.56% | ||||||||||||||||||||||||||||||||
10/31/07 | 10.89 | 0.51 | 0.09 | 0.60 | (0.48 | ) | - | (0.48 | ) | 11.01 | 5.69% | 213,606 | 0.71% | 0.69% | j | 4.80% | ||||||||||||||||||||||||||||||||||||
Class Y |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
09/30/12i | $ | 11.08 | $ | 0.28 | $ | 0.48 | $ | 0.76 | $ | (0.50 | ) | $ | (0.76 | ) | $ | (1.26 | ) | $ | 10.58 | 7.62% | b | $ | 34,732 | 0.98% | a | 0.81% | a,j | 2.96% | a | |||||||||||||||||||||||
10/31/11 | 11.12 | 0.35 | 0.14 | 0.49 | (0.44 | ) | (0.09 | ) | (0.53 | ) | 11.08 | 4.77% | 35,701 | 0.92% | 0.77% | j | 3.21% | |||||||||||||||||||||||||||||||||||
10/31/10 | 10.75 | 0.37 | 0.58 | 0.95 | (0.58 | ) | - | (0.58 | ) | 11.12 | 9.27% | 34,202 | 0.76% | N/A | 3.47% | |||||||||||||||||||||||||||||||||||||
10/31/09 | 9.72 | 0.43 | 1.24 | 1.67 | (0.62 | ) | (0.02 | ) | (0.64 | ) | 10.75 | 18.18% | 35,473 | 0.76% | N/A | 4.28% | ||||||||||||||||||||||||||||||||||||
10/31/08 | 10.97 | 0.48 | (1.10 | ) | (0.62 | ) | (0.59 | ) | (0.04 | ) | (0.63 | ) | 9.72 | (5.97% | ) | 26,651 | 0.76% | 0.75% | j | 4.54% | ||||||||||||||||||||||||||||||||
10/31/07 | 10.85 | 0.48 | 0.11 | 0.59 | (0.47 | ) | - | (0.47 | ) | 10.97 | 5.68% | 51,537 | 0.76% | 0.74% | j | 4.48% | ||||||||||||||||||||||||||||||||||||
Class L |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
09/30/12i | $ | 11.03 | $ | 0.28 | $ | 0.48 | $ | 0.76 | $ | (0.36 | ) | $ | (0.76 | ) | $ | (1.12 | ) | $ | 10.67 | 7.61% | b | $ | 10,174 | 0.99% | a | 0.82% | a,j | 2.95% | a | |||||||||||||||||||||||
10/31/11 | 11.07 | 0.34 | 0.15 | 0.49 | (0.44 | ) | (0.09 | ) | (0.53 | ) | 11.03 | 4.74% | 11,093 | 0.92% | 0.78% | j | 3.19% | |||||||||||||||||||||||||||||||||||
10/31/10 | 10.70 | 0.37 | 0.58 | 0.95 | (0.58 | ) | - | (0.58 | ) | 11.07 | 9.29% | 103,653 | 0.92% | 0.77% | j | 3.45% | ||||||||||||||||||||||||||||||||||||
10/31/09 | 9.67 | 0.42 | 1.25 | 1.67 | (0.62 | ) | (0.02 | ) | (0.64 | ) | 10.70 | 18.21% | 132,257 | 0.92% | 0.77% | j | 4.29% | |||||||||||||||||||||||||||||||||||
10/31/08 | 10.91 | 0.47 | (1.08 | ) | (0.61 | ) | (0.59 | ) | (0.04 | ) | (0.63 | ) | 9.67 | (5.94% | ) | 130,078 | 0.92% | 0.76% | j | 4.53% | ||||||||||||||||||||||||||||||||
10/31/07 | 10.80 | 0.50 | 0.08 | 0.58 | (0.47 | ) | - | (0.47 | ) | 10.91 | 5.60% | 191,936 | 0.92% | 0.75% | j | 4.73% | ||||||||||||||||||||||||||||||||||||
Class A |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
09/30/12i | $ | 11.09 | $ | 0.26 | $ | 0.48 | $ | 0.74 | $ | (0.46 | ) | $ | (0.76 | ) | $ | (1.22 | ) | $ | 10.61 | 7.39% | b | $ | 37,826 | 1.23% | a | 1.06% | a,j | 2.71% | a | |||||||||||||||||||||||
10/31/11 | 11.13 | 0.32 | 0.15 | 0.47 | (0.42 | ) | (0.09 | ) | (0.51 | ) | 11.09 | 4.49% | 37,674 | 1.18% | 1.02% | j | 2.96% | |||||||||||||||||||||||||||||||||||
10/31/10 | 10.76 | 0.34 | 0.58 | 0.92 | (0.55 | ) | - | (0.55 | ) | 11.13 | 9.00% | 48,810 | 1.16% | 1.01% | j | 3.21% | ||||||||||||||||||||||||||||||||||||
10/31/09 | 9.72 | 0.37 | 1.28 | 1.65 | (0.59 | ) | (0.02 | ) | (0.61 | ) | 10.76 | 17.93% | 44,121 | 1.16% | 1.01% | j | 3.75% | |||||||||||||||||||||||||||||||||||
10/31/08 | 10.97 | 0.45 | (1.09 | ) | (0.64 | ) | (0.57 | ) | (0.04 | ) | (0.61 | ) | 9.72 | (6.16% | ) | 36,268 | 1.16% | 1.00% | j | 4.27% | ||||||||||||||||||||||||||||||||
10/31/07 | 10.85 | 0.48 | 0.09 | 0.57 | (0.45 | ) | - | (0.45 | ) | 10.97 | 5.40% | 44,028 | 1.16% | 0.99% | j | 4.52% | ||||||||||||||||||||||||||||||||||||
Class N |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
09/30/12i | $ | 11.15 | $ | 0.24 | $ | 0.50 | $ | 0.74 | $ | - | $ | (0.76 | ) | $ | (0.76 | ) | $ | 11.13 | 7.08% | b | $ | 2 | 1.53% | a | 1.36% | a,j | 2.44% | a | ||||||||||||||||||||||||
10/31/11 | 10.97 | 0.27 | 0.20 | 0.47 | (0.20 | ) | (0.09 | ) | (0.29 | ) | 11.15 | 4.49% | 2 | 1.43% | 1.30% | j | 2.53% | |||||||||||||||||||||||||||||||||||
10/31/10 | 10.62 | 0.31 | 0.57 | 0.88 | (0.53 | ) | - | (0.53 | ) | 10.97 | 8.64% | 183 | 1.46% | 1.31% | j | 2.98% | ||||||||||||||||||||||||||||||||||||
10/31/09 | 9.60 | 0.34 | 1.26 | 1.60 | (0.56 | ) | (0.02 | ) | (0.58 | ) | 10.62 | 17.54% | 1,683 | 1.46% | 1.31% | j | 3.50% | |||||||||||||||||||||||||||||||||||
10/31/08 | 10.84 | 0.41 | (1.07 | ) | (0.66 | ) | (0.54 | ) | (0.04 | ) | (0.58 | ) | 9.60 | (6.44% | ) | 1,491 | 1.46% | 1.30% | j | 3.98% | ||||||||||||||||||||||||||||||||
10/31/07 | 10.73 | 0.44 | 0.08 | 0.52 | (0.41 | ) | - | (0.41 | ) | 10.84 | 5.04% | 1,608 | 1.46% | 1.29% | j | 4.19% |
Period ended September 30, 2012b | Year ended October 31 | |||||||||||||||||||||||
2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||||
Portfolio turnover rate for all share classes | 463 | % | 566 | % | 465 | % | 322 | % | 282 | % | 427 | % |
a | Annualized. |
b | Percentage represents the results for the period and is not annualized. |
c | Per share amount calculated on the average shares method. |
f | Amount is less than $500. |
g | For the period December 3, 2010 (commencement of operations) through October 31, 2011. |
i | For the period November 1, 2011 through September 30, 2012. |
j | Computed after giving effect to an agreement by MassMutual to waive certain fees and expenses of the Fund. |
l | Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges. |
m | Total return excludes sales charges, if any, and would be lower for the period presented if they reflected these charges. |
The accompanying notes are an integral part of the financial statements.
234
Table of Contents
MassMutual Premier High Yield Fund – Financial Statements (Continued)
Financial Highlights (For a share outstanding throughout each period)
Income (loss) from investment operations | Less distributions to shareholders | Ratios / Supplemental Data | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value, beginning of the period | Net investment income (loss)c,j | Net realized and unrealized gain (loss) on investments | Total income (loss) from investment operations | From net investment income | From net realized gains | Total distributions | Net asset value, end of the period | Total Returnl,m | Net assets, end of the period (000’s) | Ratio of expenses to average daily net assets before expense waivers | Ratio of expenses to average daily net assets after expense waivers | Net investment income (loss) to average daily net assets | ||||||||||||||||||||||||||||||||||||||||
Class Z |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
09/30/12i | $ | 9.19 | $ | 0.64 | $ | 0.53 | $ | 1.17 | $ | (0.58 | ) | $ | - | $ | (0.58 | ) | $ | 9.78 | 13.58% | b | $ | 101,547 | 0.59% | a | 0.49% | a,j | 7.59% | a | ||||||||||||||||||||||||
10/31/11g | 9.06 | 0.45 | (0.32 | ) | 0.13 | - | - | - | 9.19 | 1.43% | b | 77,527 | 0.61% | a | 0.50% | a,j | 7.42% | a | ||||||||||||||||||||||||||||||||||
Class S |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
09/30/12i | $ | 9.17 | $ | 0.62 | $ | 0.52 | $ | 1.14 | $ | (0.51 | ) | $ | - | $ | (0.51 | ) | $ | 9.80 | 13.22% | b | $ | 22,723 | 0.80% | a | 0.70% | a,j | 7.37% | a | ||||||||||||||||||||||||
10/31/11 | 9.52 | 0.67 | (0.15 | ) | 0.52 | (0.87 | ) | - | (0.87 | ) | 9.17 | 6.10% | 37,865 | 0.77% | 0.71% | j | 7.34% | |||||||||||||||||||||||||||||||||||
10/31/10 | 8.75 | 0.73 | 0.74 | 1.47 | (0.70 | ) | - | (0.70 | ) | 9.52 | 17.75% | 57,929 | 0.70% | N/A | 8.33% | |||||||||||||||||||||||||||||||||||||
10/31/09 | 7.97 | 0.67 | 1.07 | 1.74 | (0.96 | ) | - | (0.96 | ) | 8.75 | 25.68% | 74,817 | 0.70% | N/A | 8.66% | |||||||||||||||||||||||||||||||||||||
10/31/08 | 10.98 | 0.78 | (2.94 | ) | (2.16 | ) | (0.82 | ) | (0.03 | ) | (0.85 | ) | 7.97 | (21.03% | ) | 45,375 | 0.69% | N/A | 8.14% | |||||||||||||||||||||||||||||||||
10/31/07 | 10.92 | 0.85 | (0.11 | ) | 0.74 | (0.66 | ) | (0.02 | ) | (0.68 | ) | 10.98 | 6.98% | 53,406 | 0.68% | N/A | 7.86% | |||||||||||||||||||||||||||||||||||
Class Y |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
09/30/12i | $ | 9.20 | $ | 0.62 | $ | 0.53 | $ | 1.15 | $ | (0.55 | ) | $ | - | $ | (0.55 | ) | $ | 9.80 | 13.23% | b | $ | 57,111 | 0.85% | a | 0.75% | a,j | 7.33% | a | ||||||||||||||||||||||||
10/31/11 | 9.55 | 0.66 | (0.14 | ) | 0.52 | (0.87 | ) | - | (0.87 | ) | 9.20 | 5.95% | 55,184 | 0.82% | 0.76% | j | 7.29% | |||||||||||||||||||||||||||||||||||
10/31/10 | 8.77 | 0.73 | 0.74 | 1.47 | (0.69 | ) | - | (0.69 | ) | 9.55 | 17.84% | 55,480 | 0.75% | N/A | 8.26% | |||||||||||||||||||||||||||||||||||||
10/31/09 | 7.97 | 0.67 | 1.07 | 1.74 | (0.94 | ) | - | (0.94 | ) | 8.77 | 25.59% | 65,222 | 0.75% | N/A | 8.59% | |||||||||||||||||||||||||||||||||||||
10/31/08 | 10.99 | 0.78 | (2.96 | ) | (2.18 | ) | (0.81 | ) | (0.03 | ) | (0.84 | ) | 7.97 | (21.10% | ) | 77,447 | 0.74% | N/A | 8.10% | |||||||||||||||||||||||||||||||||
10/31/07 | 10.93 | 0.85 | (0.11 | ) | 0.74 | (0.66 | ) | (0.02 | ) | (0.68 | ) | 10.99 | 6.85% | 105,706 | 0.73% | N/A | 7.80% | |||||||||||||||||||||||||||||||||||
Class L |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
09/30/12i | $ | 9.13 | $ | 0.60 | $ | 0.53 | $ | 1.13 | $ | (0.54 | ) | $ | - | $ | (0.54 | ) | $ | 9.72 | 12.98% | b | $ | 8,886 | 1.00% | a | 0.90% | a,j | 7.17% | a | ||||||||||||||||||||||||
10/31/11 | 9.48 | 0.64 | (0.14 | ) | 0.50 | (0.85 | ) | - | (0.85 | ) | 9.13 | 5.84% | 4,980 | 0.98% | 0.91% | j | 7.04% | |||||||||||||||||||||||||||||||||||
10/31/10 | 8.72 | 0.71 | 0.73 | 1.44 | (0.68 | ) | - | (0.68 | ) | 9.48 | 17.62% | 5,323 | 0.90% | N/A | 8.13% | |||||||||||||||||||||||||||||||||||||
10/31/09 | 7.93 | 0.65 | 1.07 | 1.72 | (0.93 | ) | - | (0.93 | ) | 8.72 | 25.46% | 4,391 | 0.90% | N/A | 8.47% | |||||||||||||||||||||||||||||||||||||
10/31/08 | 10.94 | 0.76 | (2.94 | ) | (2.18 | ) | (0.80 | ) | (0.03 | ) | (0.83 | ) | 7.93 | (21.19% | ) | 2,990 | 0.89% | N/A | 7.93% | |||||||||||||||||||||||||||||||||
10/31/07 | 10.89 | 0.83 | (0.10 | ) | 0.73 | (0.66 | ) | (0.02 | ) | (0.68 | ) | 10.94 | 6.73% | 5,135 | 0.88% | N/A | 7.67% | |||||||||||||||||||||||||||||||||||
Class A |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
09/30/12i | $ | 9.07 | $ | 0.58 | $ | 0.52 | $ | 1.10 | $ | (0.51 | ) | $ | - | $ | (0.51 | ) | $ | 9.66 | 12.78% | b | $ | 41,525 | 1.25% | a | 1.15% | a,j | 6.95% | a | ||||||||||||||||||||||||
10/31/11 | 9.42 | 0.62 | (0.14 | ) | 0.48 | (0.83 | ) | - | (0.83 | ) | 9.07 | 5.60% | 31,330 | 1.22% | 1.16% | j | 6.91% | |||||||||||||||||||||||||||||||||||
10/31/10 | 8.67 | 0.69 | 0.72 | 1.41 | (0.66 | ) | - | (0.66 | ) | 9.42 | 17.33% | 39,750 | 1.15% | N/A | 7.87% | |||||||||||||||||||||||||||||||||||||
10/31/09 | 7.89 | 0.63 | 1.07 | 1.70 | (0.92 | ) | - | (0.92 | ) | 8.67 | 25.11% | 35,953 | 1.15% | N/A | 8.22% | |||||||||||||||||||||||||||||||||||||
10/31/08 | 10.89 | 0.73 | (2.92 | ) | (2.19 | ) | (0.78 | ) | (0.03 | ) | (0.81 | ) | 7.89 | (21.44% | ) | 23,752 | 1.14% | N/A | 7.69% | |||||||||||||||||||||||||||||||||
10/31/07 | 10.85 | 0.80 | (0.11 | ) | 0.69 | (0.63 | ) | (0.02 | ) | (0.65 | ) | 10.89 | 6.53% | 32,164 | 1.14% | N/A | 7.42% | |||||||||||||||||||||||||||||||||||
Class N |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
09/30/12i | $ | 9.17 | $ | 0.56 | $ | 0.53 | $ | 1.09 | $ | (0.48 | ) | $ | - | $ | (0.48 | ) | $ | 9.78 | 12.55% | b | $ | 526 | 1.55% | a | 1.45% | a,j | 6.64% | a | ||||||||||||||||||||||||
10/31/11 | 9.51 | 0.61 | (0.16 | ) | 0.45 | (0.79 | ) | - | (0.79 | ) | 9.17 | 5.19% | 336 | 1.51% | 1.46% | j | 6.68% | |||||||||||||||||||||||||||||||||||
10/31/10 | 8.75 | 0.67 | 0.73 | 1.40 | (0.64 | ) | - | (0.64 | ) | 9.51 | 16.95% | 640 | 1.45% | N/A | 7.58% | |||||||||||||||||||||||||||||||||||||
10/31/09 | 7.88 | 0.61 | 1.09 | 1.70 | (0.83 | ) | - | (0.83 | ) | 8.75 | 24.87% | 723 | 1.45% | N/A | 7.93% | |||||||||||||||||||||||||||||||||||||
10/31/08 | 10.88 | 0.73 | (2.95 | ) | (2.22 | ) | (0.75 | ) | (0.03 | ) | (0.78 | ) | 7.88 | (21.67% | ) | 525 | 1.44% | N/A | 7.50% | |||||||||||||||||||||||||||||||||
10/31/07 | 10.87 | 0.77 | (0.11 | ) | 0.66 | (0.63 | ) | (0.02 | ) | (0.65 | ) | 10.88 | 6.08% | 1,949 | 1.43% | N/A | 7.11% |
Period ended September 30, 2012b | Year ended October 31 | |||||||||||||||||||||||
2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||||
Portfolio turnover rate for all share classes | 86 | % | 72 | % | 120 | % | 101 | % | 87 | % | 93 | % |
a | Annualized. |
b | Percentage represents the results for the period and is not annualized. |
c | Per share amount calculated on the average shares method. |
g | For the period March 1, 2011 (commencement of operations) through October 31, 2011. |
i | For the period November 1, 2011 through September 30, 2012. |
j | Computed after giving effect to an agreement by MassMutual to waive certain fees and expenses of the Fund. |
l | Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges. |
m | Total return excludes sales charges, if any, and would be lower for the period presented if it reflected these charges. |
The accompanying notes are an integral part of the financial statements.
235
Table of Contents
MassMutual Premier International Bond Fund – Financial Statements (Continued)
Financial Highlights (For a share outstanding throughout each period)
Income (loss) from investment operations | Less distributions to shareholders | Ratios / Supplemental Data | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value, beginning of the period | Net investment income (loss)c,j | Net realized and unrealized gain (loss) on investments | Total income (loss) from investment operations | From net investment income | From net realized gains | Tax return of capital | Total distributions | Net asset value, end of the period | Total Returnl,m | Net assets, end of the period (000’s) | Ratio of expenses to average daily net assets before expense waivers | Ratio of expenses to average daily net assets after expense waivers | Net investment income (loss) to average daily net assets | |||||||||||||||||||||||||||||||||||||||||||
Class S |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||
09/30/12i | $ | 10.69 | $ | 0.21 | $ | 0.04 | $ | 0.25 | $ | (0.35 | ) | $ | - | $ | - | $ | (0.35 | ) | $ | 10.59 | 2.60% | b | $ | 53,365 | 0.80% | a | 0.75% | a,j | 2.19% | a | ||||||||||||||||||||||||||
10/31/11 | 11.03 | 0.25 | (0.02 | ) | 0.23 | (0.56 | ) | (0.01 | ) | - | (0.57 | ) | 10.69 | 2.54% | 52,728 | 0.81% | 0.75% | j | 2.37% | |||||||||||||||||||||||||||||||||||||
10/31/10 | 10.30 | 0.27 | 0.47 | 0.74 | (0.01 | ) | - | - | (0.01 | ) | 11.03 | 7.16% | 26,160 | 0.77% | 0.75% | j | 2.69% | |||||||||||||||||||||||||||||||||||||||
10/31/09 | 9.73 | 0.31 | 1.50 | 1.81 | (1.19 | ) | - | (0.05 | ) | (1.24 | ) | 10.30 | 19.49% | 27,894 | 1.12% | 0.75% | j | 3.20% | ||||||||||||||||||||||||||||||||||||||
10/31/08g | 10.00 | 0.32 | (0.59 | ) | (0.27 | ) | - | - | - | - | 9.73 | (2.70% | )b | 23,913 | 0.98% | a | 0.75% | a,j | 3.49% | a | ||||||||||||||||||||||||||||||||||||
Class Y |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||
09/30/12i | $ | 10.69 | $ | 0.21 | $ | 0.03 | $ | 0.24 | $ | (0.34 | ) | $ | - | $ | - | $ | (0.34 | ) | $ | 10.59 | 2.53% | b | $ | 410 | 0.90% | a | 0.80% | a,j | 2.19% | a | ||||||||||||||||||||||||||
10/31/11 | 11.03 | 0.25 | (0.03 | ) | 0.22 | (0.55 | ) | (0.01 | ) | - | (0.56 | ) | 10.69 | 2.50% | 110 | 0.91% | 0.80% | j | 2.38% | |||||||||||||||||||||||||||||||||||||
10/31/10 | 10.30 | 0.27 | 0.46 | 0.73 | (0.00 | )d | - | - | (0.00 | )d | 11.03 | 7.10% | 108 | 0.87% | 0.80% | j | 2.63% | |||||||||||||||||||||||||||||||||||||||
10/31/09 | 9.73 | 0.30 | 1.51 | 1.81 | (1.19 | ) | - | (0.05 | ) | (1.24 | ) | 10.30 | 19.45% | 116 | 1.22% | 0.80% | j | 3.13% | ||||||||||||||||||||||||||||||||||||||
10/31/08g | 10.00 | 0.31 | (0.58 | ) | (0.27 | ) | - | - | - | - | 9.73 | (2.70% | )b | 97 | 1.08% | a | 0.80% | a,j | 3.44% | a | ||||||||||||||||||||||||||||||||||||
Class L |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||
09/30/12i | $ | 10.67 | $ | 0.19 | $ | 0.06 | $ | 0.25 | $ | - | $ | - | $ | - | $ | - | $ | 10.92 | 2.34% | b | $ | 148 | 1.05% | a | 0.95% | a,j | 2.00% | a | ||||||||||||||||||||||||||||
10/31/11 | 11.00 | 0.22 | 0.00 | d | 0.22 | (0.54 | ) | (0.01 | ) | - | (0.55 | ) | 10.67 | 2.44% | 111 | 0.94% | 0.88% | j | 2.10% | |||||||||||||||||||||||||||||||||||||
10/31/10 | 10.28 | 0.25 | 0.47 | 0.72 | - | - | - | - | 11.00 | 7.00% | 108 | 1.02% | 0.95% | j | 2.48% | |||||||||||||||||||||||||||||||||||||||||
10/31/09 | 9.72 | 0.28 | 1.50 | 1.78 | (1.17 | ) | - | (0.05 | ) | (1.22 | ) | 10.28 | 19.17% | 116 | 1.37% | 0.95% | j | 2.98% | ||||||||||||||||||||||||||||||||||||||
10/31/08g | 10.00 | 0.30 | (0.58 | ) | (0.28 | ) | - | - | - | - | 9.72 | (2.80% | )b | 97 | 1.23% | a | 0.95% | a,j | 3.29% | a | ||||||||||||||||||||||||||||||||||||
Class A |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||
09/30/12i | $ | 10.60 | $ | 0.16 | $ | 0.04 | $ | 0.20 | $ | (0.30 | ) | $ | - | $ | - | $ | (0.30 | ) | $ | 10.50 | 2.22% | b | $ | 937 | 1.30% | a | 1.20% | a,j | 1.71% | a | ||||||||||||||||||||||||||
10/31/11 | 10.94 | 0.20 | (0.01 | ) | 0.19 | (0.52 | ) | (0.01 | ) | - | (0.53 | ) | 10.60 | 2.11% | 1,158 | 1.31% | 1.20% | j | 1.96% | |||||||||||||||||||||||||||||||||||||
10/31/10 | 10.25 | 0.23 | 0.46 | 0.69 | - | - | - | - | 10.94 | 6.63% | 1,076 | 1.27% | 1.20% | j | 2.25% | |||||||||||||||||||||||||||||||||||||||||
10/31/09 | 9.70 | 0.27 | 1.48 | 1.75 | (1.15 | ) | - | (0.05 | ) | (1.20 | ) | 10.25 | 18.86% | 610 | 1.62% | 1.20% | j | 2.78% | ||||||||||||||||||||||||||||||||||||||
10/31/08g | 10.00 | 0.27 | (0.57 | ) | (0.30 | ) | - | - | - | - | 9.70 | (3.00% | )b | 200 | 1.48% | a | 1.20% | a,j | 3.01% | a |
Period ended September 30, 2012b | Year ended October 31 | |||||||||||||||||||
2011 | 2010 | 2009 | 2008 | |||||||||||||||||
Portfolio turnover rate for all share classes | 49 | % | 46 | % | 42 | % | 59 | % | 53 | % |
a | Annualized. |
b | Percentage represents the results for the period and is not annualized. |
c | Per share amount calculated on the average shares method. |
d | Amount is less than $0.005 per share. |
g | For the period December 20, 2007 (commencement of operations) through October 31, 2008. |
i | For the period November 1, 2011 through September 30, 2012. |
j | Computed after giving effect to an agreement by MassMutual to waive certain fees and expenses of the Fund. |
l | Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges. |
m | Total return excludes sales charges, if any, and would be lower for the period presented if they reflected these charges. |
The accompanying notes are an integral part of the financial statements.
236
Table of Contents
MassMutual Premier Balanced Fund – Financial Statements (Continued)
Financial Highlights (For a share outstanding throughout each period)
Income (loss) from investment operations | Less distributions to shareholders | Ratios / Supplemental Data | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value, beginning of the period | Net investment income (loss)c,j | Net realized and unrealized gain (loss) on investments | Total income (loss) from investment operations | From net investment income | From net realized gains | Total distributions | Net asset value, end of the period | Total Returnl,m | Net assets, end of the period (000’s) | Ratio of expenses to average daily net assets before expense waivers | Ratio of expenses to average daily net assets after expense waivers | Net investment income (loss) to average daily net assets | ||||||||||||||||||||||||||||||||||||||||
Class S |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
09/30/12i | $ | 10.34 | $ | 0.20 | $ | 1.02 | $ | 1.22 | $ | (0.22 | ) | $ | - | $ | (0.22 | ) | $ | 11.34 | 12.12% | b | $ | 100,521 | 0.65% | a | 0.63% | a,j | 1.99% | a | ||||||||||||||||||||||||
10/31/11 | 9.95 | 0.19 | 0.39 | 0.58 | (0.19 | ) | - | (0.19 | ) | 10.34 | 5.88% | 97,350 | 0.67% | 0.65% | j | 1.85% | ||||||||||||||||||||||||||||||||||||
10/31/10 | 8.95 | 0.19 | 1.03 | 1.22 | (0.22 | ) | - | (0.22 | ) | 9.95 | 13.91% | 109,890 | 0.64% | 0.62% | j | 1.99% | ||||||||||||||||||||||||||||||||||||
10/31/09 | 8.12 | 0.23 | 0.89 | 1.12 | (0.29 | ) | - | (0.29 | ) | 8.95 | 14.41% | 108,844 | 0.64% | 0.62% | j | 2.83% | ||||||||||||||||||||||||||||||||||||
10/31/08 | 11.26 | 0.25 | (2.91 | ) | (2.66 | ) | (0.31 | ) | (0.17 | ) | (0.48 | ) | 8.12 | (24.61% | ) | 111,174 | 0.69% | 0.67% | j | 2.50% | ||||||||||||||||||||||||||||||||
10/31/07 | 10.47 | 0.30 | 0.77 | 1.07 | (0.28 | ) | - | (0.28 | ) | 11.26 | 10.42% | 180,719 | 0.64% | 0.60% | j | 2.80% | ||||||||||||||||||||||||||||||||||||
Class Y |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
09/30/12i | $ | 10.68 | $ | 0.19 | $ | 1.06 | $ | 1.25 | $ | (0.20 | ) | $ | - | $ | (0.20 | ) | $ | 11.73 | 12.02% | b | $ | 6,294 | 0.81% | a | 0.79% | a,j | 1.82% | a | ||||||||||||||||||||||||
10/31/11 | 10.28 | 0.18 | 0.40 | 0.58 | (0.18 | ) | - | (0.18 | ) | 10.68 | 5.65% | 4,638 | 0.83% | 0.81% | j | 1.69% | ||||||||||||||||||||||||||||||||||||
10/31/10 | 9.24 | 0.18 | 1.07 | 1.25 | (0.21 | ) | - | (0.21 | ) | 10.28 | 13.74% | 4,268 | 0.80% | 0.78% | j | 1.80% | ||||||||||||||||||||||||||||||||||||
10/31/09 | 8.37 | 0.21 | 0.93 | 1.14 | (0.27 | ) | - | (0.27 | ) | 9.24 | 14.20% | 2,061 | 0.80% | 0.78% | j | 2.58% | ||||||||||||||||||||||||||||||||||||
10/31/08 | 11.59 | 0.24 | (3.00 | ) | (2.76 | ) | (0.29 | ) | (0.17 | ) | (0.46 | ) | 8.37 | (24.71% | ) | 1,911 | 0.85% | 0.83% | j | 2.33% | ||||||||||||||||||||||||||||||||
10/31/07 | 10.77 | 0.29 | 0.79 | 1.08 | (0.26 | ) | - | (0.26 | ) | 11.59 | 10.25% | 2,597 | 0.80% | 0.76% | j | 2.63% | ||||||||||||||||||||||||||||||||||||
Class L |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
09/30/12i | $ | 10.29 | $ | 0.16 | $ | 1.03 | $ | 1.19 | $ | (0.10 | ) | $ | - | $ | (0.10 | ) | $ | 11.38 | 11.80% | b | $ | 3,234 | 0.96% | a | 0.94% | a,j | 1.65% | a | ||||||||||||||||||||||||
10/31/11 | 9.91 | 0.16 | 0.39 | 0.55 | (0.17 | ) | - | (0.17 | ) | 10.29 | 5.61% | 818 | 0.96% | 0.94% | j | 1.56% | ||||||||||||||||||||||||||||||||||||
10/31/10 | 8.92 | 0.15 | 1.04 | 1.19 | (0.20 | ) | - | (0.20 | ) | 9.91 | 13.53% | 3,492 | 0.95% | 0.93% | j | 1.60% | ||||||||||||||||||||||||||||||||||||
10/31/09 | 8.09 | 0.19 | 0.90 | 1.09 | (0.26 | ) | - | (0.26 | ) | 8.92 | 14.05% | 2,078 | 0.95% | 0.93% | j | 2.44% | ||||||||||||||||||||||||||||||||||||
10/31/08 | 11.22 | 0.22 | (2.91 | ) | (2.69 | ) | (0.27 | ) | (0.17 | ) | (0.44 | ) | 8.09 | (24.84% | ) | 1,785 | 1.00% | 0.98% | j | 2.18% | ||||||||||||||||||||||||||||||||
10/31/07 | 10.44 | 0.27 | 0.76 | 1.03 | (0.25 | ) | - | (0.25 | ) | 11.22 | 10.04% | 2,418 | 0.95% | 0.91% | j | 2.48% | ||||||||||||||||||||||||||||||||||||
Class A |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
09/30/12i | $ | 10.17 | $ | 0.14 | $ | 1.01 | $ | 1.15 | $ | (0.17 | ) | $ | - | $ | (0.17 | ) | $ | 11.15 | 11.50% | b | $ | 17,759 | 1.21% | a | 1.19% | a,j | 1.42% | a | ||||||||||||||||||||||||
10/31/11 | 9.79 | 0.13 | 0.39 | 0.52 | (0.14 | ) | - | (0.14 | ) | 10.17 | 5.38% | 12,622 | 1.23% | 1.21% | j | 1.29% | ||||||||||||||||||||||||||||||||||||
10/31/10 | 8.81 | 0.13 | 1.02 | 1.15 | (0.17 | ) | - | (0.17 | ) | 9.79 | 13.27% | 12,157 | 1.20% | 1.18% | j | 1.39% | ||||||||||||||||||||||||||||||||||||
10/31/09 | 7.98 | 0.18 | 0.88 | 1.06 | (0.23 | ) | - | (0.23 | ) | 8.81 | 13.82% | 7,265 | 1.20% | 1.18% | j | 2.29% | ||||||||||||||||||||||||||||||||||||
10/31/08 | 11.07 | 0.19 | (2.86 | ) | (2.67 | ) | (0.25 | ) | (0.17 | ) | (0.42 | ) | 7.98 | (25.01% | ) | 7,972 | 1.25% | 1.23% | j | 1.94% | ||||||||||||||||||||||||||||||||
10/31/07 | 10.31 | 0.24 | 0.75 | 0.99 | (0.23 | ) | - | (0.23 | ) | 11.07 | 9.76% | 11,595 | 1.20% | 1.16% | j | 2.23% |
Period ended September 30, 2012b | Year ended October 31 | |||||||||||||||||||||||
2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||||
Portfolio turnover rate for all share classes | 228 | % | 272 | % | 243 | % | 215 | % | 184 | % | 194 | % |
a | Annualized. |
b | Percentage represents the results for the period and is not annualized. |
c | Per share amount calculated on the average shares method. |
i | For the period November 1, 2011 through September 30, 2012. |
j | Computed after giving effect to an agreement by MassMutual to waive certain fees and expenses of the Fund. |
l | Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges. |
m | Total return excludes sales charges, if any, and would be lower for the period presented if it reflected these charges. |
The accompanying notes are an integral part of the financial statements.
237
Table of Contents
MassMutual Premier Value Fund – Financial Statements (Continued)
Financial Highlights (For a share outstanding throughout each period)
Income (loss) from investment operations | Less distributions to shareholders | Ratios / Supplemental Data | ||||||||||||||||||||||||||||||||||||||||||||||
Net asset value, beginning of the period | Net investment income (loss)c ,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 S | ||||||||||||||||||||||||||||||||||||||||||||||||
09/30/12i | $ | 13.96 | $ | 0.26 | $ | 1.24 | $ | 1.50 | $ | (0.23 | ) | $ | - | $ | (0.23 | ) | $ | 15.23 | 11.14% | b | $ | 128,342 | 0.62% | a | 1.96% | a | ||||||||||||||||||||||
10/31/11 | 13.67 | 0.19 | 0.30 | 0.49 | (0.20 | ) | - | (0.20 | ) | 13.96 | 3.55% | 140,828 | 0.61% | 1.28% | ||||||||||||||||||||||||||||||||||
10/31/10 | 12.43 | 0.14 | 1.38 | 1.52 | (0.28 | ) | - | (0.28 | ) | 13.67 | 12.37% | 158,921 | 0.61% | 1.09% | ||||||||||||||||||||||||||||||||||
10/31/09 | 10.83 | 0.25 | 1.60 | 1.85 | (0.25 | ) | - | (0.25 | ) | 12.43 | 17.81% | 179,373 | 0.62% | 2.41% | ||||||||||||||||||||||||||||||||||
10/31/08 | 20.78 | 0.25 | (7.77 | ) | (7.52 | ) | (0.25 | ) | (2.18 | ) | (2.43 | ) | 10.83 | (40.58% | ) | 176,805 | 0.60% | 1.57% | ||||||||||||||||||||||||||||||
10/31/07 | 18.81 | 0.24 | 2.94 | 3.18 | (0.88 | ) | (0.33 | ) | (1.21 | ) | 20.78 | 17.78% | 388,559 | 0.60% | 1.22% | |||||||||||||||||||||||||||||||||
Class Y | ||||||||||||||||||||||||||||||||||||||||||||||||
09/30/12i | $ | 14.00 | $ | 0.24 | $ | 1.27 | $ | 1.51 | $ | (0.22 | ) | $ | - | $ | (0.22 | ) | $ | 15.29 | 11.04% | b | $ | 127 | 0.72% | a | 1.86% | a | ||||||||||||||||||||||
10/31/11 | 13.66 | 0.17 | 0.30 | 0.47 | (0.13 | ) | - | (0.13 | ) | 14.00 | 3.44% | 143 | 0.71% | 1.19% | ||||||||||||||||||||||||||||||||||
10/31/10 | 12.43 | 0.13 | 1.36 | 1.49 | (0.26 | ) | - | (0.26 | ) | 13.66 | 12.18% | 196 | 0.71% | 0.99% | ||||||||||||||||||||||||||||||||||
10/31/09 | 10.82 | 0.24 | 1.60 | 1.84 | (0.23 | ) | - | (0.23 | ) | 12.43 | 17.69% | 1,021 | 0.72% | 2.28% | ||||||||||||||||||||||||||||||||||
10/31/08 | 20.76 | 0.23 | (7.76 | ) | (7.53 | ) | (0.23 | ) | (2.18 | ) | (2.41 | ) | 10.82 | (40.63% | ) | 1,727 | 0.70% | 1.46% | ||||||||||||||||||||||||||||||
10/31/07 | 18.80 | 0.22 | 2.94 | 3.16 | (0.87 | ) | (0.33 | ) | (1.20 | ) | 20.76 | 17.63% | 4,389 | 0.70% | 1.12% | |||||||||||||||||||||||||||||||||
Class L | ||||||||||||||||||||||||||||||||||||||||||||||||
09/30/12i | $ | 13.97 | $ | 0.23 | $ | 1.25 | $ | 1.48 | $ | (0.20 | ) | $- | $ | (0.20 | ) | $ | 15.25 | 10.91% | b | $ | 18,705 | 0.83% | a | 1.74% | a | |||||||||||||||||||||||
10/31/11 | 13.68 | 0.16 | 0.30 | 0.46 | (0.17 | ) | - | (0.17 | ) | 13.97 | 3.32% | 19,579 | 0.82% | 1.08% | ||||||||||||||||||||||||||||||||||
10/31/10 | 12.44 | 0.11 | 1.38 | 1.49 | (0.25 | ) | - | (0.25 | ) | 13.68 | 12.14% | 23,889 | 0.82% | 0.88% | ||||||||||||||||||||||||||||||||||
10/31/09 | 10.82 | 0.23 | 1.60 | 1.83 | (0.21 | ) | - | (0.21 | ) | 12.44 | 17.57% | 26,776 | 0.83% | 2.16% | ||||||||||||||||||||||||||||||||||
10/31/08 | 20.76 | 0.22 | (7.77 | ) | (7.55 | ) | (0.21 | ) | (2.18 | ) | (2.39 | ) | 10.82 | (40.71% | ) | 33,000 | 0.81% | 1.37% | ||||||||||||||||||||||||||||||
10/31/07 | 18.78 | 0.20 | 2.94 | 3.14 | (0.83 | ) | (0.33 | ) | (1.16 | ) | 20.76 | 17.55% | 78,980 | 0.81% | 1.01% | |||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||||||||||||||
09/30/12i | $ | 13.91 | $ | 0.19 | $ | 1.26 | $ | 1.45 | $ | (0.14 | ) | $ | - | $ | (0.14 | ) | $ | 15.22 | 10.59% | b | $ | 9,649 | 1.12% | a | 1.45% | a | ||||||||||||||||||||||
10/31/11 | 13.62 | 0.11 | 0.31 | 0.42 | (0.13 | ) | - | (0.13 | ) | 13.91 | 3.04% | 9,800 | 1.11% | 0.78% | ||||||||||||||||||||||||||||||||||
10/31/10 | 12.39 | 0.08 | 1.37 | 1.45 | (0.22 | ) | - | (0.22 | ) | 13.62 | 11.82% | 13,441 | 1.11% | 0.59% | ||||||||||||||||||||||||||||||||||
10/31/09 | 10.76 | 0.20 | 1.60 | 1.80 | (0.17 | ) | - | (0.17 | ) | 12.39 | 17.27% | 15,490 | 1.12% | 1.88% | ||||||||||||||||||||||||||||||||||
10/31/08 | 20.67 | 0.17 | (7.74 | ) | (7.57 | ) | (0.16 | ) | (2.18 | ) | (2.34 | ) | 10.76 | (40.92% | ) | 13,721 | 1.10% | 1.07% | ||||||||||||||||||||||||||||||
10/31/07 | 18.72 | 0.14 | 2.94 | 3.08 | (0.80 | ) | (0.33 | ) | (1.13 | ) | 20.67 | 17.21% | 27,778 | 1.10% | 0.72% | |||||||||||||||||||||||||||||||||
Class N | ||||||||||||||||||||||||||||||||||||||||||||||||
09/30/12i | $ | 13.87 | $ | 0.17 | $ | 1.23 | $ | 1.40 | $ | (0.12 | ) | $ | - | $ | (0.12 | ) | $ | 15.15 | 10.28% | b | $ | 74 | 1.43% | a | 1.28% | a | ||||||||||||||||||||||
10/31/11 | 13.59 | 0.07 | 0.31 | 0.38 | (0.10 | ) | - | (0.10 | ) | 13.87 | 2.74% | 117 | 1.42% | 0.46% | ||||||||||||||||||||||||||||||||||
10/31/10 | 12.38 | 0.04 | 1.36 | 1.40 | (0.19 | ) | - | (0.19 | ) | 13.59 | 11.40% | 117 | 1.42% | 0.27% | ||||||||||||||||||||||||||||||||||
10/31/09 | 10.74 | 0.17 | 1.61 | 1.78 | (0.14 | ) | - | (0.14 | ) | 12.38 | 16.95% | 131 | 1.43% | 1.57% | ||||||||||||||||||||||||||||||||||
10/31/08 | 20.51 | 0.12 | (7.71 | ) | (7.59 | ) | - | (2.18 | ) | (2.18 | ) | 10.74 | (41.07% | ) | 109 | 1.41% | 0.75% | |||||||||||||||||||||||||||||||
10/31/07 | 18.68 | 0.06 | 2.91 | 2.97 | (0.81 | ) | (0.33 | ) | (1.14 | ) | 20.51 | 16.64% | 132 | 1.41% | 0.31% |
Period ended September 30, 2012b | Year ended October 31 | |||||||||||||||||||||||
2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||||
Portfolio turnover rate for all share classes | 72 | % | 93 | % | 100 | % | 138 | % | 156 | % | 151 | % |
a | Annualized. |
b | Percentage represents the results for the period and is not annualized. |
c | Per share amount calculated on the average shares method. |
i | For the period November 1, 2011 through September 30, 2012. |
l | Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges. |
m | Total return excludes sales charges, if any, and would be lower for the period presented if it reflected these charges. |
The accompanying notes are an integral part of the financial statements.
238
Table of Contents
MassMutual Premier Disciplined Value Fund – Financial Statements (Continued)
Financial Highlights (For a share outstanding throughout each period)
Income (loss) from investment operations | Less distributions to shareholders | Ratios / Supplemental Data | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value, beginning of the period | Net investment income (loss)c,j | Net realized and unrealized gain (loss) on investments | Total income (loss) from investment operations | From net investment income | From net realized gains | Tax return of capital | Total distributions | Net asset value, end of the period | Total Returnl,m | Net assets, end of the period (000’s) | Ratio of expenses to average daily net assets before expense waivers | Ratio of expenses to average daily net assets after expense waivers | Net investment income (loss) to average daily net assets | |||||||||||||||||||||||||||||||||||||||||||
Class S |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||
09/30/12i | $ | 9.94 | $ | 0.22 | $ | 1.32 | $ | 1.54 | $ | (0.19 | ) | $ | - | $ | - | $ | (0.19 | ) | $ | 11.29 | 15.93% | b | $ | 212,647 | 0.57% | a | 0.52% | a,j | 2.28% | a | ||||||||||||||||||||||||||
10/31/11 | 9.50 | 0.18 | 0.44 | 0.62 | (0.18 | ) | - | - | (0.18 | ) | 9.94 | 6.55% | 201,137 | 0.59% | 0.57% | j | 1.82% | |||||||||||||||||||||||||||||||||||||||
10/31/10 | 8.44 | 0.17 | 1.07 | 1.24 | (0.18 | ) | - | - | (0.18 | ) | 9.50 | 14.89% | 139,983 | 0.61% | N/A | 1.83% | ||||||||||||||||||||||||||||||||||||||||
10/31/09 | 8.53 | 0.19 | 0.01 | 0.20 | (0.29 | ) | - | - | (0.29 | ) | 8.44 | 2.71% | 142,884 | 0.61% | N/A | 2.57% | ||||||||||||||||||||||||||||||||||||||||
10/31/08 | 13.29 | 0.28 | (4.98 | ) | (4.70 | ) | (0.06 | ) | - | - | (0.06 | ) | 8.53 | (35.50% | ) | 166,317 | 0.60% | 0.60% | k | 2.45% | ||||||||||||||||||||||||||||||||||||
10/31/07 | 13.57 | 0.25 | 0.87 | 1.12 | (0.27 | ) | (1.08 | ) | (0.05 | ) | (1.40 | ) | 13.29 | 8.55% | 287,201 | 0.60% | 0.59% | j | 1.80% | |||||||||||||||||||||||||||||||||||||
Class Y |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||
09/30/12i | $ | 9.88 | $ | 0.21 | $ | 1.31 | $ | 1.52 | $ | (0.18 | ) | $ | - | $ | - | $ | (0.18 | ) | $ | 11.22 | 15.78% | b | $ | 66,311 | 0.66% | a | 0.61% | a,j | 2.18% | a | ||||||||||||||||||||||||||
10/31/11 | 9.45 | 0.17 | 0.43 | 0.60 | (0.17 | ) | - | - | (0.17 | ) | 9.88 | 6.38% | 53,589 | 0.69% | 0.68% | j | 1.71% | |||||||||||||||||||||||||||||||||||||||
10/31/10 | 8.39 | 0.16 | 1.07 | 1.23 | (0.17 | ) | - | - | (0.17 | ) | 9.45 | 14.87% | 56,917 | 0.71% | N/A | 1.73% | ||||||||||||||||||||||||||||||||||||||||
10/31/09 | 8.48 | 0.18 | 0.01 | 0.19 | (0.28 | ) | - | - | (0.28 | ) | 8.39 | 2.57% | 64,686 | 0.71% | N/A | 2.45% | ||||||||||||||||||||||||||||||||||||||||
10/31/08 | 13.22 | 0.27 | (4.95 | ) | (4.68 | ) | (0.06 | ) | - | - | (0.06 | ) | 8.48 | (35.56% | ) | 68,843 | 0.70% | 0.70% | k | 2.37% | ||||||||||||||||||||||||||||||||||||
10/31/07 | 13.56 | 0.26 | 0.78 | 1.04 | (0.25 | ) | (1.08 | ) | (0.05 | ) | (1.38 | ) | 13.22 | 7.98% | 157,740 | 0.70% | 0.69% | j | 1.90% | |||||||||||||||||||||||||||||||||||||
Class L |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||
09/30/12i | $ | 9.85 | $ | 0.20 | $ | 1.35 | $ | 1.55 | $ | - | $ | - | $ | - | $ | - | $ | 11.40 | 15.74% | b | $ | 2,717 | 0.80% | a | 0.75% | a,j | 2.04% | a | ||||||||||||||||||||||||||||
10/31/11 | 9.41 | 0.16 | 0.44 | 0.60 | (0.16 | ) | - | - | (0.16 | ) | 9.85 | 6.36% | 1,948 | 0.84% | 0.84% | k | 1.53% | |||||||||||||||||||||||||||||||||||||||
10/31/10 | 8.36 | 0.14 | 1.07 | 1.21 | (0.16 | ) | - | - | (0.16 | ) | 9.41 | 14.65% | 67,006 | 0.86% | N/A | 1.58% | ||||||||||||||||||||||||||||||||||||||||
10/31/09 | 8.45 | 0.17 | 0.00 | d | 0.17 | (0.26 | ) | - | - | (0.26 | ) | 8.36 | 2.35% | 64,811 | 0.86% | N/A | 2.28% | |||||||||||||||||||||||||||||||||||||||
10/31/08 | 13.18 | 0.25 | (4.93 | ) | (4.68 | ) | (0.05 | ) | - | - | (0.05 | ) | 8.45 | (35.62% | ) | 65,257 | 0.85% | 0.85% | k | 2.20% | ||||||||||||||||||||||||||||||||||||
10/31/07 | 13.52 | 0.23 | 0.79 | 1.02 | (0.23 | ) | (1.08 | ) | (0.05 | ) | (1.36 | ) | 13.18 | 7.83% | 118,847 | 0.85% | 0.84% | j | 1.65% | |||||||||||||||||||||||||||||||||||||
Class A |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||
09/30/12i | $ | 9.79 | $ | 0.17 | $ | 1.31 | $ | 1.48 | $ | (0.14 | ) | $ | - | $ | - | $ | (0.14 | ) | $ | 11.13 | 15.41% | b | $ | 9,501 | 1.05% | a | 1.00% | a,j | 1.80% | a | ||||||||||||||||||||||||||
10/31/11 | 9.36 | 0.13 | 0.43 | 0.56 | (0.13 | ) | - | - | (0.13 | ) | 9.79 | 5.99% | 9,129 | 1.09% | 1.07% | j | 1.31% | |||||||||||||||||||||||||||||||||||||||
10/31/10 | 8.31 | 0.12 | 1.07 | 1.19 | (0.14 | ) | - | - | (0.14 | ) | 9.36 | 14.45% | 9,521 | 1.11% | N/A | 1.33% | ||||||||||||||||||||||||||||||||||||||||
10/31/09 | 8.40 | 0.15 | (0.01 | ) | 0.14 | (0.23 | ) | - | - | (0.23 | ) | 8.31 | 2.15% | 11,099 | 1.11% | N/A | 2.06% | |||||||||||||||||||||||||||||||||||||||
10/31/08 | 13.12 | 0.22 | (4.90 | ) | (4.68 | ) | (0.04 | ) | - | - | (0.04 | ) | 8.40 | (35.83% | ) | 12,315 | 1.10% | 1.10% | k | 1.95% | ||||||||||||||||||||||||||||||||||||
10/31/07 | 13.45 | 0.19 | 0.79 | 0.98 | (0.19 | ) | (1.08 | ) | (0.04 | ) | (1.31 | ) | 13.12 | 7.62% | 18,838 | 1.10% | 1.09% | j | 1.42% | |||||||||||||||||||||||||||||||||||||
Class N |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||
09/30/12i | $ | 9.83 | $ | 0.14 | $ | 1.32 | $ | 1.46 | $ | (0.10 | ) | $ | - | $ | - | $ | (0.10 | ) | $ | 11.19 | 15.08% | b | $ | 126 | 1.35% | a | 1.30% | a,j | 1.50% | a | ||||||||||||||||||||||||||
10/31/11 | 9.40 | 0.10 | 0.43 | 0.53 | (0.10 | ) | - | - | (0.10 | ) | 9.83 | 5.64% | 129 | 1.40% | 1.38% | j | 1.01% | |||||||||||||||||||||||||||||||||||||||
10/31/10 | 8.36 | 0.09 | 1.07 | 1.16 | (0.12 | ) | - | - | (0.12 | ) | 9.40 | 13.99% | 188 | 1.42% | N/A | 1.02% | ||||||||||||||||||||||||||||||||||||||||
10/31/09 | 8.42 | 0.13 | 0.00 | d | 0.13 | (0.19 | ) | - | - | (0.19 | ) | 8.36 | 1.85% | 228 | 1.42% | N/A | 1.72% | |||||||||||||||||||||||||||||||||||||||
10/31/08 | 13.19 | 0.19 | (4.93 | ) | (4.74 | ) | (0.03 | ) | - | - | (0.03 | ) | 8.42 | (36.01% | ) | 216 | 1.41% | 1.41% | k | 1.66% | ||||||||||||||||||||||||||||||||||||
10/31/07 | 13.48 | 0.15 | 0.79 | 0.94 | (0.12 | ) | (1.08 | ) | (0.03 | ) | (1.23 | ) | 13.19 | 7.26% | 468 | 1.41% | 1.40% | j | 1.13% |
Period ended September 30, 2012b | Year ended October 31 | |||||||||||||||||||||||
2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||||
Portfolio turnover rate for all share classes | 127 | % | 124 | % | 107 | % | 115 | % | 148 | % | 139 | % |
a | Annualized. |
b | Percentage represents the results for the period and is not annualized. |
c | Per share amount calculated on the average shares method. |
d | Amount is less than $0.005 per share. |
i | For the period November 1, 2011 through September 30, 2012. |
j | Computed after giving effect to an agreement by MassMutual to waive certain fees and expenses of the Fund. |
k | Amount waived had no impact on the ratio of expenses to average daily net assets. |
l | Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges. |
m | Total return excludes sales charges, if any, and would be lower for the period presented if it reflected these charges. |
The accompanying notes are an integral part of the financial statements.
239
Table of Contents
MassMutual Premier Main Street Fund – Financial Statements (Continued)
Financial Highlights (For a share outstanding throughout each period)
Income (loss) from investment operations | Less distributions to shareholders | Ratios / Supplemental Data | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value, beginning of the period | Net investment income (loss)c,j | Net realized and unrealized gain (loss) on investments | Total income (loss) from investment operations | From net investment income | From net realized gains | Total distributions | Net asset value, end of the period | Total Returnl,m | Net assets, end of the period (000’s) | Ratio of expenses to average daily net assets before expense waivers | Ratio of expenses to average daily net assets after expense waivers | Net investment income (loss) to average daily net assets | ||||||||||||||||||||||||||||||||||||||||
Class S |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
09/30/12i | $ | 8.77 | $ | 0.08 | $ | 1.54 | $ | 1.62 | $ | (0.07 | ) | $ | - | $ | (0.07 | ) | $ | 10.32 | 18.79% | b | $ | 121,085 | 0.81% | a | 0.71% | a,j | 0.97% | a | ||||||||||||||||||||||||
10/31/11 | 8.50 | 0.08 | 0.27 | 0.35 | (0.08 | ) | - | (0.08 | ) | 8.77 | 4.08% | 111,826 | 0.81% | 0.71% | j | 0.91% | ||||||||||||||||||||||||||||||||||||
10/31/10 | 7.25 | 0.08 | 1.27 | 1.35 | (0.10 | ) | - | (0.10 | ) | 8.50 | 18.73% | 125,255 | 0.81% | 0.71% | j | 1.01% | ||||||||||||||||||||||||||||||||||||
10/31/09 | 6.53 | 0.10 | 0.74 | 0.84 | (0.12 | ) | - | (0.12 | ) | 7.25 | 13.28% | 125,429 | 0.84% | 0.71% | j | 1.54% | ||||||||||||||||||||||||||||||||||||
10/31/08 | 12.63 | 0.11 | (4.46 | ) | (4.35 | ) | (0.14 | ) | (1.61 | ) | (1.75 | ) | 6.53 | (39.38% | ) | 119,111 | 0.82% | 0.71% | j | 1.24% | ||||||||||||||||||||||||||||||||
10/31/07 | 11.69 | 0.15 | 1.49 | 1.64 | (0.14 | ) | (0.56 | ) | (0.70 | ) | 12.63 | 14.74% | 244,758 | 0.82% | 0.67% | j | 1.24% | |||||||||||||||||||||||||||||||||||
Class Y |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
09/30/12i | $ | 8.81 | $ | 0.08 | $ | 1.57 | $ | 1.65 | $ | - | $ | - | $ | - | $ | 10.46 | 18.73% | b | $ | 4,905 | 0.86% | a | 0.76% | a,j | 0.86% | a | ||||||||||||||||||||||||||
10/31/11 | 8.55 | 0.08 | 0.26 | 0.34 | (0.08 | ) | - | (0.08 | ) | 8.81 | 4.00% | 0 | f | 0.86% | 0.76% | j | 0.90% | |||||||||||||||||||||||||||||||||||
10/31/10 | 7.30 | 0.04 | 1.30 | 1.34 | (0.09 | ) | - | (0.09 | ) | 8.55 | 18.55% | 2,045 | 0.86% | 0.76% | j | 0.53% | ||||||||||||||||||||||||||||||||||||
10/31/09 | 6.57 | 0.09 | 0.76 | 0.85 | (0.12 | ) | - | (0.12 | ) | 7.30 | 13.30% | 73 | 0.89% | 0.76% | j | 1.49% | ||||||||||||||||||||||||||||||||||||
10/31/08 | 12.55 | 0.11 | (4.48 | ) | (4.37 | ) | - | (1.61 | ) | (1.61 | ) | 6.57 | (39.40% | ) | 66 | 0.87% | 0.76% | j | 1.20% | |||||||||||||||||||||||||||||||||
10/31/07 | 11.64 | 0.13 | 1.48 | 1.61 | (0.14 | ) | (0.56 | ) | (0.70 | ) | 12.55 | 14.43% | 126 | 0.87% | 0.76% | j | 1.10% | |||||||||||||||||||||||||||||||||||
Class L |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
09/30/12i | $ | 8.75 | $ | 0.07 | $ | 1.53 | $ | 1.60 | $ | (0.05 | ) | $ | - | $ | (0.05 | ) | $ | 10.30 | 18.44% | b | $ | 32,593 | 1.01% | a | 0.91% | a,j | 0.77% | a | ||||||||||||||||||||||||
10/31/11 | 8.48 | 0.06 | 0.27 | 0.33 | (0.06 | ) | - | (0.06 | ) | 8.75 | 3.89% | 39,959 | 1.01% | 0.91% | j | 0.71% | ||||||||||||||||||||||||||||||||||||
10/31/10 | 7.24 | 0.06 | 1.26 | 1.32 | (0.08 | ) | - | (0.08 | ) | 8.48 | 18.39% | 46,075 | 1.01% | 0.91% | j | 0.81% | ||||||||||||||||||||||||||||||||||||
10/31/09 | 6.51 | 0.09 | 0.74 | 0.83 | (0.10 | ) | - | (0.10 | ) | 7.24 | 13.13% | 44,614 | 1.04% | 0.91% | j | 1.36% | ||||||||||||||||||||||||||||||||||||
10/31/08 | 12.59 | 0.10 | (4.46 | ) | (4.36 | ) | (0.11 | ) | (1.61 | ) | (1.72 | ) | 6.51 | (39.50% | ) | 47,796 | 1.02% | 0.91% | j | 1.04% | ||||||||||||||||||||||||||||||||
10/31/07 | 11.64 | 0.12 | 1.49 | 1.61 | (0.10 | ) | (0.56 | ) | (0.66 | ) | 12.59 | 14.52% | 99,145 | 1.02% | 0.91% | j | 1.01% | |||||||||||||||||||||||||||||||||||
Class A |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
09/30/12i | $ | 8.68 | $ | 0.04 | $ | 1.54 | $ | 1.58 | $ | (0.03 | ) | $ | - | $ | (0.03 | ) | $ | 10.23 | 18.23% | b | $ | 11,976 | 1.26% | a | 1.16% | a,j | 0.51% | a | ||||||||||||||||||||||||
10/31/11 | 8.41 | 0.04 | 0.27 | 0.31 | (0.04 | ) | - | (0.04 | ) | 8.68 | 3.66% | 8,120 | 1.26% | 1.16% | j | 0.46% | ||||||||||||||||||||||||||||||||||||
10/31/10 | 7.18 | 0.04 | 1.25 | 1.29 | (0.06 | ) | - | (0.06 | ) | 8.41 | 18.11% | 9,236 | 1.26% | 1.16% | j | 0.56% | ||||||||||||||||||||||||||||||||||||
10/31/09 | 6.45 | 0.07 | 0.74 | 0.81 | (0.08 | ) | - | (0.08 | ) | 7.18 | 12.86% | 10,082 | 1.29% | 1.16% | j | 1.11% | ||||||||||||||||||||||||||||||||||||
10/31/08 | 12.50 | 0.07 | (4.42 | ) | (4.35 | ) | (0.09 | ) | (1.61 | ) | (1.70 | ) | 6.45 | (39.67% | ) | 11,185 | 1.27% | 1.16% | j | 0.79% | ||||||||||||||||||||||||||||||||
10/31/07 | 11.58 | 0.09 | 1.48 | 1.57 | (0.09 | ) | (0.56 | ) | (0.65 | ) | 12.50 | 14.20% | 20,165 | 1.27% | 1.16% | j | 0.73% | |||||||||||||||||||||||||||||||||||
Class N |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
09/30/12i | $ | 8.70 | $ | 0.02 | $ | 1.54 | $ | 1.56 | $ | (0.02 | ) | $ | - | $ | (0.02 | ) | $ | 10.24 | 17.92% | b | $ | 94 | 1.56% | a | 1.46% | a,j | 0.25% | a | ||||||||||||||||||||||||
10/31/11 | 8.44 | 0.01 | 0.26 | 0.27 | (0.01 | ) | - | (0.01 | ) | 8.70 | 3.25% | 329 | 1.56% | 1.46% | j | 0.17% | ||||||||||||||||||||||||||||||||||||
10/31/10 | 7.20 | 0.02 | 1.26 | 1.28 | (0.04 | ) | - | (0.04 | ) | 8.44 | 17.76% | 270 | 1.56% | 1.46% | j | 0.23% | ||||||||||||||||||||||||||||||||||||
10/31/09 | 6.47 | 0.06 | 0.74 | 0.80 | (0.07 | ) | - | (0.07 | ) | 7.20 | 12.52% | 109 | 1.59% | 1.46% | j | 1.01% | ||||||||||||||||||||||||||||||||||||
10/31/08 | 12.52 | 0.04 | (4.44 | ) | (4.40 | ) | (0.04 | ) | (1.61 | ) | (1.65 | ) | 6.47 | (39.88% | ) | 224 | 1.57% | 1.46% | j | 0.48% | ||||||||||||||||||||||||||||||||
10/31/07 | 11.58 | 0.05 | 1.49 | 1.54 | (0.04 | ) | (0.56 | ) | (0.60 | ) | 12.52 | 13.87% | 125 | 1.57% | 1.46% | j | 0.45% |
Period ended September 30, 2012b | Year ended October 31 | |||||||||||||||||||||||
2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||||
Portfolio turnover rate for all share classes | 37 | % | 37 | % | 51 | % | 121 | % | 116 | % | 105 | % |
a | Annualized. |
b | Percentage represents the results for the period and is not annualized. |
c | Per share amount calculated on the average shares method. |
f | Amount is less than $500. |
i | For the period November 1, 2011 through September 30, 2012. |
j | Computed after giving effect to an agreement by MassMutual to waive certain fees and expenses of the Fund. |
l | Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges. |
m | Total return excludes sales charges, if any, and would be lower for the period presented if they reflected these charges. |
The accompanying notes are an integral part of the financial statements.
240
Table of Contents
MassMutual Premier Capital Appreciation Fund – Financial Statements (Continued)
Financial Highlights (For a share outstanding throughout each period)
Income (loss) from investment operations | Less distributions to shareholders | Ratios / Supplemental Data | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value, beginning of the period | Net investment income (loss)c,j | Net realized and unrealized gain (loss) on investments | Total income (loss) from investment operations | From net investment income | From net realized gains | Tax return of capital | Total distributions | Net asset value, end of the period | Total Returnl,m | Net assets, end of the period (000’s) | Ratio of expenses to average daily net assets before expense waivers | Ratio of expenses to average daily net assets after expense waivers | Net investment income (loss) to average daily net assets | |||||||||||||||||||||||||||||||||||||||||||
Class S |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||
09/30/12i | $ | 10.70 | $ | 0.08 | $ | 1.32 | $ | 1.40 | $ | (0.08 | ) | $ | - | $ | - | $ | (0.08 | ) | $ | 12.02 | 13.24% | b | $ | 202,398 | 0.79% | a | 0.71% | a,j | 0.79% | a | ||||||||||||||||||||||||||
10/31/11 | 10.11 | 0.07 | 0.56 | 0.63 | (0.04 | ) | - | - | (0.04 | ) | 10.70 | 6.27% | 247,838 | 0.80% | 0.71% | j | 0.62% | |||||||||||||||||||||||||||||||||||||||
10/31/10 | 8.87 | 0.03 | 1.23 | 1.26 | (0.02 | ) | - | - | (0.02 | ) | 10.11 | 14.27% | 437,621 | 0.79% | 0.71% | j | 0.33% | |||||||||||||||||||||||||||||||||||||||
10/31/09 | 7.60 | 0.03 | 1.25 | 1.28 | (0.01 | ) | - | - | (0.01 | ) | 8.87 | 16.86% | 455,466 | 0.79% | 0.71% | j | 0.39% | |||||||||||||||||||||||||||||||||||||||
10/31/08 | 13.51 | 0.02 | (5.65 | ) | (5.63 | ) | (0.01 | ) | (0.27 | ) | (0.00 | )d | (0.28 | ) | 7.60 | (42.46% | ) | 414,956 | 0.78% | 0.71% | j | 0.19% | ||||||||||||||||||||||||||||||||||
10/31/07 | 11.01 | 0.02 | 2.48 | 2.50 | - | - | - | - | 13.51 | 22.71% | 715,738 | 0.78% | 0.71% | j | 0.17% | |||||||||||||||||||||||||||||||||||||||||
Class Y |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||
09/30/12i | $ | 10.66 | $ | 0.06 | $ | 1.33 | $ | 1.39 | $ | (0.05 | ) | $ | - | $ | - | $ | (0.05 | ) | $ | 12.00 | 13.11% | b | $ | 7,231 | 0.84% | a | 0.82% | a,j | 0.62% | a | ||||||||||||||||||||||||||
10/31/11 | 10.06 | 0.05 | 0.58 | 0.63 | (0.03 | ) | - | - | (0.03 | ) | 10.66 | 6.26% | 1,722 | 0.85% | 0.82% | j | 0.49% | |||||||||||||||||||||||||||||||||||||||
10/31/10 | 8.83 | 0.02 | 1.22 | 1.24 | (0.01 | ) | - | - | (0.01 | ) | 10.06 | 14.08% | 8,871 | 0.84% | 0.82% | j | 0.21% | |||||||||||||||||||||||||||||||||||||||
10/31/09 | 7.57 | 0.02 | 1.24 | 1.26 | - | - | - | - | 8.83 | 16.64% | 14,797 | 0.84% | 0.82% | j | 0.32% | |||||||||||||||||||||||||||||||||||||||||
10/31/08 | 13.45 | 0.01 | (5.62 | ) | (5.61 | ) | - | (0.27 | ) | - | (0.27 | ) | 7.57 | (42.49% | ) | 21,666 | 0.83% | 0.82% | j | 0.10% | ||||||||||||||||||||||||||||||||||||
10/31/07 | 10.98 | 0.01 | 2.46 | 2.47 | - | - | - | - | 13.45 | 22.50% | 57,564 | 0.83% | 0.82% | j | 0.06% | |||||||||||||||||||||||||||||||||||||||||
Class L |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||
09/30/12i | $ | 10.59 | $ | 0.05 | $ | 1.32 | $ | 1.37 | $ | (0.05 | ) | $ | - | $ | - | $ | (0.05 | ) | $ | 11.91 | 13.00% | b | $ | 23,364 | 0.99% | a | 0.97% | a,j | 0.54% | a | ||||||||||||||||||||||||||
10/31/11 | 10.01 | 0.04 | 0.56 | 0.60 | (0.02 | ) | - | - | (0.02 | ) | 10.59 | 5.96% | 25,204 | 1.00% | 0.97% | j | 0.37% | |||||||||||||||||||||||||||||||||||||||
10/31/10 | 8.78 | 0.00 | d | 1.23 | 1.23 | (0.00 | )d | - | - | (0.00 | )d | 10.01 | 14.02% | 41,819 | 0.99% | 0.97% | j | 0.04% | ||||||||||||||||||||||||||||||||||||||
10/31/09 | 7.54 | 0.01 | 1.23 | 1.24 | - | - | - | - | 8.78 | 16.45% | 55,614 | 0.99% | 0.97% | j | 0.13% | |||||||||||||||||||||||||||||||||||||||||
10/31/08 | 13.41 | (0.01 | ) | (5.59 | ) | (5.60 | ) | - | (0.27 | ) | - | (0.27 | ) | 7.54 | (42.55% | ) | 53,947 | 0.98% | 0.97% | j | (0.07% | ) | ||||||||||||||||||||||||||||||||||
10/31/07 | 10.97 | (0.01 | ) | 2.45 | 2.44 | - | - | - | - | 13.41 | 22.24% | 75,119 | 0.98% | 0.97% | j | (0.08% | ) | |||||||||||||||||||||||||||||||||||||||
Class A |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||
09/30/12i | $ | 10.56 | $ | 0.04 | $ | 1.31 | $ | 1.35 | $ | (0.03 | ) | $ | - | $ | - | $ | (0.03 | ) | $ | 11.88 | 12.86% | b | $ | 72,579 | 1.24% | a | 1.09% | a,j | 0.42% | a | ||||||||||||||||||||||||||
10/31/11 | 9.97 | 0.02 | 0.57 | 0.59 | (0.00 | )d | - | - | (0.00 | )d | 10.56 | 5.92% | 98,000 | 1.25% | 1.09% | j | 0.23% | |||||||||||||||||||||||||||||||||||||||
10/31/10 | 8.76 | (0.00 | )d | 1.21 | 1.21 | - | - | - | - | 9.97 | 13.81% | 142,653 | 1.24% | 1.09% | j | (0.05% | ) | |||||||||||||||||||||||||||||||||||||||
10/31/09 | 7.53 | 0.00 | d | 1.23 | 1.23 | - | - | - | - | 8.76 | 16.33% | 187,245 | 1.24% | 1.09% | j | 0.01% | ||||||||||||||||||||||||||||||||||||||||
10/31/08 | 13.41 | (0.02 | ) | (5.59 | ) | (5.61 | ) | - | (0.27 | ) | - | (0.27 | ) | 7.53 | (42.62% | ) | 182,254 | 1.23% | 1.09% | j | (0.18% | ) | ||||||||||||||||||||||||||||||||||
10/31/07 | 10.98 | (0.03 | ) | 2.46 | 2.43 | - | - | - | - | 13.41 | 22.13% | 363,471 | 1.23% | 1.09% | j | (0.21% | ) | |||||||||||||||||||||||||||||||||||||||
Class N |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||
09/30/12i | $ | 10.30 | $ | 0.00 | d | $ | 1.28 | $ | 1.28 | $ | - | $ | - | $ | - | $ | - | $ | 11.58 | 12.43% | b | $ | 226 | 1.54% | a | 1.46% | a,j | 0.04% | a | |||||||||||||||||||||||||||
10/31/11 | 9.76 | (0.01 | ) | 0.55 | 0.54 | - | - | - | - | 10.30 | 5.53% | 222 | 1.55% | 1.46% | j | (0.11% | ) | |||||||||||||||||||||||||||||||||||||||
10/31/10 | 8.60 | (0.04 | ) | 1.20 | 1.16 | - | - | - | - | 9.76 | 13.49% | 366 | 1.54% | 1.46% | j | (0.43% | ) | |||||||||||||||||||||||||||||||||||||||
10/31/09 | 7.42 | (0.03 | ) | 1.21 | 1.18 | - | - | - | - | 8.60 | 15.90% | 1,136 | 1.54% | 1.46% | j | (0.36% | ) | |||||||||||||||||||||||||||||||||||||||
10/31/08 | 13.27 | (0.06 | ) | (5.52 | ) | (5.58 | ) | - | (0.27 | ) | - | (0.27 | ) | 7.42 | (42.85% | ) | 898 | 1.53% | 1.46% | j | (0.55% | ) | ||||||||||||||||||||||||||||||||||
10/31/07 | 10.90 | (0.07 | ) | 2.44 | 2.37 | - | - | - | - | 13.27 | 21.74% | 1,624 | 1.53% | 1.46% | j | (0.58% | ) |
Period ended September 30, 2012b | Year ended October 31 | |||||||||||||||||||||||
2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||||
Portfolio turnover rate for all share classes | 25 | % | 30 | % | 56 | % | 51 | % | 75 | % | 57 | % |
a | Annualized. |
b | Percentage represents the results for the period and is not annualized. |
c | Per share amount calculated on the average shares method. |
d | Amount is less than $0.005 per share. |
i | For the period November 1, 2011 through September 30, 2012. |
j | Computed after giving effect to an agreement by MassMutual to waive certain fees and expenses of the Fund. |
l | Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges. |
m | Total return excludes sales charges, if any, and would be lower for the period presented if it reflected these charges. |
The accompanying notes are an integral part of the financial statements.
241
Table of Contents
MassMutual Premier Disciplined Growth Fund – Financial Statements (Continued)
Financial Highlights (For a share outstanding throughout each period)
Income (loss) from investment operations | Less distributions to shareholders | Ratios / Supplemental Data | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value, beginning of the period | Net investment income (loss)c,j | Net realized and unrealized gain (loss) on investments | Total income (loss) from investment operations | From net investment income | From net realized gains | Total distributions | Net asset value, end of the period | Total Returnl,m | Net assets, end of the period (000’s) | Ratio of expenses to average daily net assets before expense waivers | Ratio of expenses to average daily net assets after expense waivers | Net investment income (loss) to average daily net assets | ||||||||||||||||||||||||||||||||||||||||
Class S |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
09/30/12i | $ | 9.67 | $ | 0.14 | $ | 1.46 | $ | 1.60 | $ | (0.10 | ) | $ | - | $ | (0.10 | ) | $ | 11.17 | 16.92% | b | $ | 211,276 | 0.57% | a | 0.52% | a,j | 1.50% | a | ||||||||||||||||||||||||
10/31/11 | 8.90 | 0.10 | 0.77 | 0.87 | (0.10 | ) | - | (0.10 | ) | 9.67 | 9.81% | 176,486 | 0.57% | 0.55% | j | 1.03% | ||||||||||||||||||||||||||||||||||||
10/31/10 | 7.53 | 0.09 | 1.37 | 1.46 | (0.09 | ) | - | (0.09 | ) | 8.90 | 19.53% | 75,732 | 0.57% | N/A | 1.10% | |||||||||||||||||||||||||||||||||||||
10/31/09 | 6.57 | 0.09 | 0.95 | 1.04 | (0.08 | ) | - | (0.08 | ) | 7.53 | 16.12% | 61,493 | 0.58% | N/A | 1.34% | |||||||||||||||||||||||||||||||||||||
10/31/08 | 10.84 | 0.07 | (3.97 | ) | (3.90 | ) | (0.05 | ) | (0.32 | ) | (0.37 | ) | 6.57 | (37.16% | ) | 67,554 | 0.58% | 0.58% | k | 0.79% | ||||||||||||||||||||||||||||||||
10/31/07 | 9.21 | 0.06 | 1.61 | 1.67 | (0.04 | ) | - | (0.04 | ) | 10.84 | 18.20% | 140,611 | 0.57% | N/A | 0.61% | |||||||||||||||||||||||||||||||||||||
Class Y |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
09/30/12i | $ | 9.68 | $ | 0.13 | $ | 1.48 | $ | 1.61 | $ | (0.10 | ) | $ | - | $ | (0.10 | ) | $ | 11.19 | 16.81% | b | $ | 57,792 | 0.66% | a | 0.61% | a,j | 1.40% | a | ||||||||||||||||||||||||
10/31/11 | 8.91 | 0.10 | 0.77 | 0.87 | (0.10 | ) | - | (0.10 | ) | 9.68 | 9.62% | 49,364 | 0.63% | 0.61% | j | 1.01% | ||||||||||||||||||||||||||||||||||||
10/31/10 | 7.54 | 0.09 | 1.37 | 1.46 | (0.09 | ) | - | (0.09 | ) | 8.91 | 19.59% | 44,495 | 0.62% | N/A | 1.06% | |||||||||||||||||||||||||||||||||||||
10/31/09 | 6.58 | 0.08 | 0.95 | 1.03 | (0.07 | ) | - | (0.07 | ) | 7.54 | 16.01% | 47,680 | 0.63% | N/A | 1.27% | |||||||||||||||||||||||||||||||||||||
10/31/08 | 10.85 | 0.07 | (3.98 | ) | (3.91 | ) | (0.04 | ) | (0.32 | ) | (0.36 | ) | 6.58 | (37.16% | ) | 40,591 | 0.63% | 0.63% | k | 0.74% | ||||||||||||||||||||||||||||||||
10/31/07 | 9.20 | 0.06 | 1.63 | 1.69 | (0.04 | ) | - | (0.04 | ) | 10.85 | 18.40% | 99,772 | 0.62% | N/A | 0.62% | |||||||||||||||||||||||||||||||||||||
Class L |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
09/30/12i | $ | 9.65 | $ | 0.12 | $ | 1.49 | $ | 1.61 | $ | - | $ | - | $ | - | $ | 11.26 | 16.68% | b | $ | 8,593 | 0.80% | a | 0.75% | a,j | 1.22% | a | ||||||||||||||||||||||||||
10/31/11 | 8.88 | 0.09 | 0.76 | 0.85 | (0.08 | ) | - | (0.08 | ) | 9.65 | 9.50% | 512 | 0.76% | 0.76% | k | 0.97% | ||||||||||||||||||||||||||||||||||||
10/31/10 | 7.51 | 0.07 | 1.38 | 1.45 | (0.08 | ) | - | (0.08 | ) | 8.88 | 19.34% | 67,882 | 0.77% | N/A | 0.91% | |||||||||||||||||||||||||||||||||||||
10/31/09 | 6.55 | 0.07 | 0.95 | 1.02 | (0.06 | ) | - | (0.06 | ) | 7.51 | 15.80% | 62,383 | 0.78% | N/A | 1.12% | |||||||||||||||||||||||||||||||||||||
10/31/08 | 10.82 | 0.05 | (3.96 | ) | (3.91 | ) | (0.04 | ) | (0.32 | ) | (0.36 | ) | 6.55 | (37.22% | ) | 54,216 | 0.78% | 0.78% | k | 0.58% | ||||||||||||||||||||||||||||||||
10/31/07 | 9.18 | 0.04 | 1.63 | 1.67 | (0.03 | ) | - | (0.03 | ) | 10.82 | 18.29% | 92,738 | 0.77% | N/A | 0.42% | |||||||||||||||||||||||||||||||||||||
Class A |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
09/30/12i | $ | 9.60 | $ | 0.10 | $ | 1.46 | $ | 1.56 | $ | (0.06 | ) | $ | - | $ | (0.06 | ) | $ | 11.10 | 16.37% | b | $ | 14,686 | 1.05% | a | 1.00% | a,j | 1.00% | a | ||||||||||||||||||||||||
10/31/11 | 8.84 | 0.06 | 0.76 | 0.82 | (0.06 | ) | - | (0.06 | ) | 9.60 | 9.33% | 6,587 | 1.03% | 1.01% | j | 0.61% | ||||||||||||||||||||||||||||||||||||
10/31/10 | 7.48 | 0.05 | 1.37 | 1.42 | (0.06 | ) | - | (0.06 | ) | 8.84 | 19.05% | 4,712 | 1.02% | N/A | 0.65% | |||||||||||||||||||||||||||||||||||||
10/31/09 | 6.52 | 0.06 | 0.94 | 1.00 | (0.04 | ) | - | (0.04 | ) | 7.48 | 15.53% | 4,102 | 1.03% | N/A | 0.86% | |||||||||||||||||||||||||||||||||||||
10/31/08 | 10.77 | 0.03 | (3.94 | ) | (3.91 | ) | (0.02 | ) | (0.32 | ) | (0.34 | ) | 6.52 | (37.38% | ) | 3,096 | 1.03% | 1.02% | j | 0.32% | ||||||||||||||||||||||||||||||||
10/31/07 | 9.14 | 0.02 | 1.62 | 1.64 | (0.01 | ) | - | (0.01 | ) | 10.77 | 17.91% | 4,532 | 1.02% | N/A | 0.20% |
Period ended September 30, 2012b | Year ended October 31 | |||||||||||||||||||||||
2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||||
Portfolio turnover rate for all share classes | 142 | % | 134 | % | 100 | % | 125 | % | 155 | % | 181 | % |
a | Annualized. |
b | Percentage represents the results for the period and is not annualized. |
c | Per share amount calculated on the average shares method. |
i | For the period November 1, 2011 through September 30, 2012. |
j | Computed after giving effect to an agreement by MassMutual to waive certain fees and expenses of the Fund. |
k | Amount waived had no impact on the ratio of expenses to average daily net assets. |
l | Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges. |
m | Total return excludes sales charges, if any, and would be lower for the period presented if they reflected these charges. |
The accompanying notes are an integral part of the financial statements.
242
Table of Contents
MassMutual Premier Small/Mid Cap Opportunities Fund – Financial Statements (Continued)
Financial Highlights (For a share outstanding throughout each period)
Income (loss) from investment operations | Less distributions to shareholders | Ratios / Supplemental Data | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value, beginning of the period | Net investment income (loss)c,j | Net realized and unrealized gain (loss) on investments | Total income (loss) from investment operations | From net investment income | From net realized gains | Total distributions | Net asset value, end of the period | Total Returnl,m | Net assets, end of the period (000’s) | Ratio of expenses to average daily net assets before expense waivers | Ratio of expenses to average daily net assets after expense waivers | Net investment income (loss) to average daily net assets | ||||||||||||||||||||||||||||||||||||||||
Class S | ||||||||||||||||||||||||||||||||||||||||||||||||||||
09/30/12i | $ | 9.77 | $ | 0.09 | $ | 1.24 | $ | 1.33 | $ | (0.07 | ) | $ | - | $ | (0.07 | ) | $ | 11.03 | 13.78% | b | $ | 68,091 | 0.78% | a | 0.69% | a,j | 1.00% | a | ||||||||||||||||||||||||
10/31/11 | 9.15 | 0.07 | 0.62 | 0.69 | (0.07 | ) | - | (0.07 | ) | 9.77 | 7.53% | 118,553 | 0.76% | 0.69% | j | 0.74% | ||||||||||||||||||||||||||||||||||||
10/31/10 | 7.37 | 0.06 | 1.77 | 1.83 | (0.05 | ) | - | (0.05 | ) | 9.15 | 24.90% | 129,831 | 0.76% | 0.69% | j | 0.69% | ||||||||||||||||||||||||||||||||||||
10/31/09 | 6.42 | 0.05 | 0.93 | 0.98 | (0.03 | ) | - | (0.03 | ) | 7.37 | 15.48% | 113,312 | 0.84% | 0.69% | j | 0.79% | ||||||||||||||||||||||||||||||||||||
10/31/08 | 12.84 | 0.05 | (4.19 | ) | (4.14 | ) | (0.11 | ) | (2.17 | ) | (2.28 | ) | 6.42 | (38.17% | ) | 102,572 | 0.80% | 0.69% | j | 0.52% | ||||||||||||||||||||||||||||||||
10/31/07 | 17.15 | 0.11 | 1.28 | 1.39 | - | (5.70 | ) | (5.70 | ) | 12.84 | 10.45% | 220,767 | 0.78% | 0.69% | j | 0.85% | ||||||||||||||||||||||||||||||||||||
Class Y | ||||||||||||||||||||||||||||||||||||||||||||||||||||
09/30/12i | $ | 9.76 | $ | 0.09 | $ | 1.23 | $ | 1.32 | $ | (0.05 | ) | $ | - | $ | (0.05 | ) | $ | 11.03 | 13.65% | b | $ | 3,299 | 0.88% | a | 0.79% | a,j | 0.94% | a | ||||||||||||||||||||||||
10/31/11 | 9.14 | 0.06 | 0.62 | 0.68 | (0.06 | ) | - | (0.06 | ) | 9.76 | 7.45% | 1,972 | 0.86% | 0.79% | j | 0.63% | ||||||||||||||||||||||||||||||||||||
10/31/10 | 7.36 | 0.05 | 1.77 | 1.82 | (0.04 | ) | - | (0.04 | ) | 9.14 | 24.83% | 1,718 | 0.86% | 0.79% | j | 0.58% | ||||||||||||||||||||||||||||||||||||
10/31/09 | 6.39 | 0.04 | 0.94 | 0.98 | (0.01 | ) | - | (0.01 | ) | 7.36 | 15.29% | 941 | 0.94% | 0.79% | j | 0.65% | ||||||||||||||||||||||||||||||||||||
10/31/08 | 12.79 | 0.05 | (4.18 | ) | (4.13 | ) | (0.10 | ) | (2.17 | ) | (2.27 | ) | 6.39 | (38.22% | ) | 622 | 0.89% | 0.79% | j | 0.48% | ||||||||||||||||||||||||||||||||
10/31/07 | 17.11 | 0.10 | 1.28 | 1.38 | - | (5.70 | ) | (5.70 | ) | 12.79 | 10.33% | 6,898 | 0.88% | 0.79% | j | 0.76% | ||||||||||||||||||||||||||||||||||||
Class L | ||||||||||||||||||||||||||||||||||||||||||||||||||||
09/30/12i | $ | 9.72 | $ | 0.08 | $ | 1.23 | $ | 1.31 | $ | (0.05 | ) | $ | - | $ | (0.05 | ) | $ | 10.98 | 13.60% | b | $ | 5,928 | 0.98% | a | 0.89% | a,j | 0.83% | a | ||||||||||||||||||||||||
10/31/11 | 9.08 | 0.05 | 0.62 | 0.67 | (0.03 | ) | - | (0.03 | ) | 9.72 | 7.37% | 2,534 | 0.96% | 0.89% | j | 0.54% | ||||||||||||||||||||||||||||||||||||
10/31/10 | 7.31 | 0.04 | 1.77 | 1.81 | (0.04 | ) | - | (0.04 | ) | 9.08 | 24.77% | 5,341 | 0.96% | 0.89% | j | 0.48% | ||||||||||||||||||||||||||||||||||||
10/31/09 | 6.37 | 0.04 | 0.92 | 0.96 | (0.02 | ) | - | (0.02 | ) | 7.31 | 15.17% | 4,675 | 1.04% | 0.89% | j | 0.61% | ||||||||||||||||||||||||||||||||||||
10/31/08 | 12.74 | 0.03 | (4.16 | ) | (4.13 | ) | (0.07 | ) | (2.17 | ) | (2.24 | ) | 6.37 | (38.30% | ) | 4,637 | 1.00% | 0.89% | j | 0.33% | ||||||||||||||||||||||||||||||||
10/31/07 | 17.08 | 0.08 | 1.28 | 1.36 | - | (5.70 | ) | (5.70 | ) | 12.74 | 10.28% | 8,595 | 0.98% | 0.89% | j | 0.56% | ||||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||||||||||||||||||
09/30/12i | $ | 9.56 | $ | 0.05 | $ | 1.21 | $ | 1.26 | $ | (0.02 | ) | $ | - | $ | (0.02 | ) | $ | 10.80 | 13.25% | b | $ | 58,551 | 1.23% | a | 1.14% | a,j | 0.50% | a | ||||||||||||||||||||||||
10/31/11 | 8.95 | 0.03 | 0.61 | 0.64 | (0.03 | ) | - | (0.03 | ) | 9.56 | 7.13% | 58,004 | 1.21% | 1.14% | j | 0.30% | ||||||||||||||||||||||||||||||||||||
10/31/10 | 7.21 | 0.02 | 1.74 | 1.76 | (0.02 | ) | - | (0.02 | ) | 8.95 | 24.39% | 68,521 | 1.21% | 1.14% | j | 0.24% | ||||||||||||||||||||||||||||||||||||
10/31/09 | 6.28 | 0.02 | 0.91 | 0.93 | - | - | - | 7.21 | 14.81% | 63,549 | 1.29% | 1.14% | j | 0.36% | ||||||||||||||||||||||||||||||||||||||
10/31/08 | 12.60 | 0.01 | (4.11 | ) | (4.10 | ) | (0.05 | ) | (2.17 | ) | (2.22 | ) | 6.28 | (38.44% | ) | 69,067 | 1.25% | 1.14% | j | 0.08% | ||||||||||||||||||||||||||||||||
10/31/07 | 16.99 | 0.05 | 1.26 | 1.31 | - | (5.70 | ) | (5.70 | ) | 12.60 | 9.94% | 163,154 | 1.23% | 1.14% | j | 0.40% |
Period ended September 30, 2012b | Year ended October 31 | |||||||||||||||||||||||
2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||||
Portfolio turnover rate for all share classes | 79 | %q | 96 | % | 62 | % | 137 | % | 109 | % | 111 | % |
a | Annualized. |
b | Percentage represents the results for the period and is not annualized. |
c | Per share amount calculated on the average shares method. |
i | For the period November 1, 2011 through September 30, 2012. |
j | Computed after giving effect to an agreement by MassMutual to waive certain fees and expenses of the Fund. |
l | Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges. |
m | Total return excludes sales charges, if any, and would be lower for the period presented if it reflected these charges. |
q | Portfolio turnover rate excludes securities sold from redemptions in-kind. Securities sold from redemptions in-kind had no impact on portfolio turnover rate. |
The accompanying notes are an integral part of the financial statements.
243
Table of Contents
MassMutual Premier Global Fund – Financial Statements (Continued)
Financial Highlights (For a share outstanding throughout each period)
Income (loss) from investment operations | Less distributions to shareholders | Ratios / Supplemental Data | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value, beginning of the period | Net investment income (loss)c,j | Net realized and unrealized gain (loss) on investments | Total income (loss) from investment operations | From net investment income | From net realized gains | Total distributions | Net asset value, end of the period | Total Returnl,m | Net assets, end of the period (000’s) | Ratio of expenses to average daily net assets before expense waivers | Ratio of expenses to average daily net assets after expense waivers | Net investment income (loss) to average daily net assets | ||||||||||||||||||||||||||||||||||||||||
Class S |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
09/30/12i | $ | 10.55 | $ | 0.14 | $ | 0.65 | $ | 0.79 | $ | (0.15 | ) | $ | - | $ | (0.15 | ) | $ | 11.19 | 7.74% | b | $ | 195,534 | 1.05% | a | 0.89% | a,j | 1.44% | a | ||||||||||||||||||||||||
10/31/11 | 10.67 | 0.14 | (0.10 | ) | 0.04 | (0.16 | ) | - | (0.16 | ) | 10.55 | 0.37% | 202,981 | 1.04% | 0.89% | j | 1.27% | |||||||||||||||||||||||||||||||||||
10/31/10 | 9.16 | 0.11 | 1.51 | 1.62 | (0.11 | ) | - | (0.11 | ) | 10.67 | 17.88% | 219,639 | 1.07% | 0.89% | j | 1.15% | ||||||||||||||||||||||||||||||||||||
10/31/09 | 7.58 | 0.10 | 1.89 | 1.99 | (0.11 | ) | (0.30 | ) | (0.41 | ) | 9.16 | 28.52% | 204,098 | 1.06% | 0.89% | j | 1.34% | |||||||||||||||||||||||||||||||||||
10/31/08 | 14.42 | 0.17 | (6.04 | ) | (5.87 | ) | (0.16 | ) | (0.81 | ) | (0.97 | ) | 7.58 | (43.37% | ) | 183,478 | 1.05% | 0.89% | j | 1.48% | ||||||||||||||||||||||||||||||||
10/31/07 | 12.55 | 0.12 | 2.25 | 2.37 | (0.17 | ) | (0.33 | ) | (0.50 | ) | 14.42 | 19.43% | 423,870 | 1.07% | 0.89% | j | 0.87% | |||||||||||||||||||||||||||||||||||
Class Y |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
09/30/12i | $ | 10.48 | $ | 0.12 | $ | 0.65 | $ | 0.77 | $ | (0.13 | ) | $ | - | $ | (0.13 | ) | $ | 11.12 | 7.58% | b | $ | 7,389 | 1.08% | a | 1.03% | a,j | 1.29% | a | ||||||||||||||||||||||||
10/31/11 | 10.61 | 0.13 | (0.10 | ) | 0.03 | (0.16 | ) | - | (0.16 | ) | 10.48 | 0.21% | 7,000 | 1.07% | 1.03% | j | 1.13% | |||||||||||||||||||||||||||||||||||
10/31/10 | 9.11 | 0.10 | 1.50 | 1.60 | (0.10 | ) | - | (0.10 | ) | 10.61 | 17.75% | 6,727 | 1.10% | 1.03% | j | 1.02% | ||||||||||||||||||||||||||||||||||||
10/31/09 | 7.54 | 0.08 | 1.88 | 1.96 | (0.09 | ) | (0.30 | ) | (0.39 | ) | 9.11 | 28.26% | 3,219 | 1.09% | 1.03% | j | 1.04% | |||||||||||||||||||||||||||||||||||
10/31/08 | 14.34 | 0.14 | (5.98 | ) | (5.84 | ) | (0.15 | ) | (0.81 | ) | (0.96 | ) | 7.54 | (43.41% | ) | 3,651 | 1.08% | 1.03% | j | 1.23% | ||||||||||||||||||||||||||||||||
10/31/07 | 12.50 | 0.10 | 2.24 | 2.34 | (0.17 | ) | (0.33 | ) | (0.50 | ) | 14.34 | 19.29% | 10,514 | 1.10% | 1.03% | j | 0.74% | |||||||||||||||||||||||||||||||||||
Class L |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
09/30/12i | $ | 10.53 | $ | 0.11 | $ | 0.65 | $ | 0.76 | $ | (0.12 | ) | $ | - | $ | (0.12 | ) | $ | 11.17 | 7.42% | b | $ | 109,534 | 1.23% | a | 1.14% | a,j | 1.19% | a | ||||||||||||||||||||||||
10/31/11 | 10.64 | 0.11 | (0.08 | ) | 0.03 | (0.14 | ) | - | (0.14 | ) | 10.53 | 0.11% | 118,025 | 1.22% | 1.14% | j | 1.03% | |||||||||||||||||||||||||||||||||||
10/31/10 | 9.14 | 0.09 | 1.50 | 1.59 | (0.09 | ) | - | (0.09 | ) | 10.64 | 17.65% | 131,965 | 1.25% | 1.14% | j | 0.92% | ||||||||||||||||||||||||||||||||||||
10/31/09 | 7.55 | 0.08 | 1.89 | 1.97 | (0.08 | ) | (0.30 | ) | (0.38 | ) | 9.14 | 28.27% | 147,550 | 1.24% | 1.14% | j | 1.09% | |||||||||||||||||||||||||||||||||||
10/31/08 | 14.36 | 0.14 | (6.01 | ) | (5.87 | ) | (0.13 | ) | (0.81 | ) | (0.94 | ) | 7.55 | (43.50% | ) | 137,391 | 1.23% | 1.14% | j | 1.24% | ||||||||||||||||||||||||||||||||
10/31/07 | 12.51 | 0.08 | 2.24 | 2.32 | (0.14 | ) | (0.33 | ) | (0.47 | ) | 14.36 | 19.07% | 303,017 | 1.25% | 1.14% | j | 0.63% | |||||||||||||||||||||||||||||||||||
Class A |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
09/30/12i | $ | 10.42 | $ | 0.09 | $ | 0.64 | $ | 0.73 | $ | (0.09 | ) | $ | - | $ | (0.09 | ) | $ | 11.06 | 7.11% | b | $ | 41,351 | 1.48% | a | 1.43% | a,j | 0.92% | a | ||||||||||||||||||||||||
10/31/11 | 10.54 | 0.08 | (0.09 | ) | (0.01 | ) | (0.11 | ) | - | (0.11 | ) | 10.42 | (0.11% | ) | 37,485 | 1.47% | 1.43% | j | 0.73% | |||||||||||||||||||||||||||||||||
10/31/10 | 9.06 | 0.06 | 1.49 | 1.55 | (0.07 | ) | - | (0.07 | ) | 10.54 | 17.23% | 41,888 | 1.50% | 1.43% | j | 0.61% | ||||||||||||||||||||||||||||||||||||
10/31/09 | 7.48 | 0.06 | 1.87 | 1.93 | (0.05 | ) | (0.30 | ) | (0.35 | ) | 9.06 | 27.89% | 34,124 | 1.49% | 1.43% | j | 0.78% | |||||||||||||||||||||||||||||||||||
10/31/08 | 14.24 | 0.11 | (5.96 | ) | (5.85 | ) | (0.10 | ) | (0.81 | ) | (0.91 | ) | 7.48 | (43.64% | ) | 27,145 | 1.48% | 1.43% | j | 0.97% | ||||||||||||||||||||||||||||||||
10/31/07 | 12.43 | 0.04 | 2.23 | 2.27 | (0.13 | ) | (0.33 | ) | (0.46 | ) | 14.24 | 18.73% | 49,635 | 1.50% | 1.43% | j | 0.34% | |||||||||||||||||||||||||||||||||||
Class N |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
09/30/12i | $ | 10.46 | $ | 0.08 | $ | 0.64 | $ | 0.72 | $ | (0.08 | ) | $ | - | $ | (0.08 | ) | $ | 11.10 | 7.07% | b | $ | 930 | 1.78% | a | 1.52% | a,j | 0.83% | a | ||||||||||||||||||||||||
10/31/11 | 10.58 | 0.07 | (0.09 | ) | (0.02 | ) | �� | (0.10 | ) | - | (0.10 | ) | 10.46 | (0.33% | ) | 828 | 1.77% | 1.52% | j | 0.64% | ||||||||||||||||||||||||||||||||
10/31/10 | 9.09 | 0.06 | 1.49 | 1.55 | (0.06 | ) | - | (0.06 | ) | 10.58 | 17.26% | 766 | 1.80% | 1.52% | j | 0.58% | ||||||||||||||||||||||||||||||||||||
10/31/09 | 7.51 | 0.05 | 1.88 | 1.93 | (0.05 | ) | (0.30 | ) | (0.35 | ) | 9.09 | 27.77% | 816 | 1.79% | 1.52% | j | 0.69% | |||||||||||||||||||||||||||||||||||
10/31/08 | 14.31 | 0.10 | (6.00 | ) | (5.90 | ) | (0.09 | ) | (0.81 | ) | (0.90 | ) | 7.51 | (43.75% | ) | 568 | 1.78% | 1.52% | j | 0.89% | ||||||||||||||||||||||||||||||||
10/31/07 | 12.48 | 0.03 | 2.24 | 2.27 | (0.11 | ) | (0.33 | ) | (0.44 | ) | 14.31 | 18.69% | 864 | 1.80% | 1.52% | j | 0.23% |
Period ended September 30, 2012b | Year ended October 31 | |||||||||||||||||||||||
2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||||
Portfolio turnover rate for all share classes | 27 | % | 26 | % | 29 | % | 34 | % | 13 | % | 16 | % |
a | Annualized. |
b | Percentage represents the results for the period and is not annualized. |
c | Per share amount calculated on the average shares method. |
i | For the period November 1, 2011 through September 30, 2012. |
j | Computed after giving effect to an agreement by MassMutual to waive certain fees and expenses of the Fund. |
l | Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges. |
m | Total return excludes sales charges, if any, and would be lower for the period presented if it reflected these charges. |
The accompanying notes are an integral part of the financial statements.
244
Table of Contents
MassMutual Premier International Equity Fund – Financial Statements (Continued)
Financial Highlights (For a share outstanding throughout each period)
Income (loss) from investment operations | Less distributions to shareholders | Ratios / Supplemental Data | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value, beginning of the period | Net investment income (loss)c,j | Net realized and unrealized gain (loss) on investments | Total income (loss) from investment operations | From net investment income | From net realized gains | Total distributions | Net asset value, end of the period | Total Returnl,m | Net assets, end of the period (000’s) | Ratio of expenses to average daily net assets before expense waivers | Ratio of expenses to average daily net assets after expense waivers | Net investment income (loss) to average daily net assets | ||||||||||||||||||||||||||||||||||||||||
Class S |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
09/30/12i | $ | 13.95 | $ | 0.18 | $ | 0.71 | $ | 0.89 | $ | (0.23 | ) | $ | (1.41 | ) | $ | (1.64 | ) | $ | 13.20 | 8.60% | b | $ | 396,711 | 1.07% | a | N/A | 1.52% | a | ||||||||||||||||||||||||
10/31/11 | 13.94 | 0.16 | (0.01 | ) | 0.15 | (0.14 | ) | - | (0.14 | ) | 13.95 | 1.08% | 554,169 | 1.07% | N/A | 1.10% | ||||||||||||||||||||||||||||||||||||
10/31/10 | 12.27 | 0.13 | 1.67 | 1.80 | (0.13 | ) | - | (0.13 | ) | 13.94 | 14.81% | 584,158 | 1.10% | N/A | 1.00% | |||||||||||||||||||||||||||||||||||||
10/31/09 | 10.12 | 0.12 | 2.84 | 2.96 | (0.03 | ) | (0.78 | ) | (0.81 | ) | 12.27 | 33.13% | 562,176 | 1.09% | N/A | 1.24% | ||||||||||||||||||||||||||||||||||||
10/31/08 | 19.63 | 0.20 | (9.33 | ) | (9.13 | ) | (0.38 | ) | - | (0.38 | ) | 10.12 | (47.32% | ) | 459,583 | 1.08% | 1.07% | j | 1.29% | |||||||||||||||||||||||||||||||||
10/31/07 | 14.82 | 0.25 | 4.76 | 5.01 | (0.20 | ) | - | (0.20 | ) | 19.63 | 34.17% | 1,033,709 | 1.10% | 1.09% | j | 1.47% | ||||||||||||||||||||||||||||||||||||
Class Y |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
09/30/12i | $ | 13.94 | $ | 0.19 | $ | 0.69 | $ | 0.88 | $ | (0.23 | ) | $ | (1.41 | ) | $ | (1.64 | ) | $ | 13.18 | 8.58% | b | $ | 21,882 | 1.10% | a | N/A | 1.62% | a | ||||||||||||||||||||||||
10/31/11 | 13.92 | 0.16 | (0.02 | ) | 0.14 | (0.12 | ) | - | (0.12 | ) | 13.94 | 1.00% | 19,430 | 1.10% | N/A | 1.10% | ||||||||||||||||||||||||||||||||||||
10/31/10 | 12.26 | 0.12 | 1.67 | 1.79 | (0.13 | ) | - | (0.13 | ) | 13.92 | 14.80% | 15,773 | 1.12% | N/A | 0.98% | |||||||||||||||||||||||||||||||||||||
10/31/09 | 10.10 | 0.12 | 2.85 | 2.97 | (0.03 | ) | (0.78 | ) | (0.81 | ) | 12.26 | 33.08% | 30,347 | 1.12% | N/A | 1.21% | ||||||||||||||||||||||||||||||||||||
10/31/08 | 19.59 | 0.19 | (9.31 | ) | (9.12 | ) | (0.37 | ) | - | (0.37 | ) | 10.10 | (47.32% | ) | 20,833 | 1.11% | 1.10% | j | 1.17% | |||||||||||||||||||||||||||||||||
10/31/07 | 14.79 | 0.25 | 4.74 | 4.99 | (0.19 | ) | - | (0.19 | ) | 19.59 | 34.05% | 83,333 | 1.13% | 1.12% | j | 1.46% | ||||||||||||||||||||||||||||||||||||
Class L |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
09/30/12i | $ | 13.82 | $ | 0.17 | $ | 0.70 | $ | 0.87 | $ | (0.15 | ) | $ | (1.41 | ) | $ | (1.56 | ) | $ | 13.13 | 8.46% | b | $ | 15,173 | 1.25% | a | N/A | 1.47% | a | ||||||||||||||||||||||||
10/31/11 | 13.81 | 0.14 | (0.01 | ) | 0.13 | (0.12 | ) | - | (0.12 | ) | 13.82 | 0.91% | 12,331 | 1.25% | N/A | 0.94% | ||||||||||||||||||||||||||||||||||||
10/31/10 | 12.16 | 0.10 | 1.66 | 1.76 | (0.11 | ) | - | (0.11 | ) | 13.81 | 14.64% | 50,937 | 1.27% | N/A | 0.77% | |||||||||||||||||||||||||||||||||||||
10/31/09 | 10.02 | 0.11 | 2.82 | 2.93 | (0.01 | ) | (0.78 | ) | (0.79 | ) | 12.16 | 32.77% | 56,494 | 1.27% | N/A | 1.10% | ||||||||||||||||||||||||||||||||||||
10/31/08 | 19.45 | 0.18 | (9.26 | ) | (9.08 | ) | (0.35 | ) | - | (0.35 | ) | 10.02 | (47.40% | ) | 51,881 | 1.26% | 1.25% | j | 1.12% | |||||||||||||||||||||||||||||||||
10/31/07 | 14.66 | 0.22 | 4.70 | 4.92 | (0.13 | ) | - | (0.13 | ) | 19.45 | 33.87% | 113,298 | 1.28% | 1.27% | j | 1.28% | ||||||||||||||||||||||||||||||||||||
Class A |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
09/30/12i | $ | 13.62 | $ | 0.13 | $ | 0.68 | $ | 0.81 | $ | (0.17 | ) | $ | (1.41 | ) | $ | (1.58 | ) | $ | 12.85 | 8.16% | b | $ | 46,292 | 1.50% | a | N/A | 1.20% | a | ||||||||||||||||||||||||
10/31/11 | 13.62 | 0.09 | (0.00 | )d | 0.09 | (0.09 | ) | - | (0.09 | ) | 13.62 | 0.63% | 47,318 | 1.50% | N/A | 0.65% | ||||||||||||||||||||||||||||||||||||
10/31/10 | 12.00 | 0.07 | 1.64 | 1.71 | (0.09 | ) | - | (0.09 | ) | 13.62 | 14.39% | 50,227 | 1.53% | N/A | 0.56% | |||||||||||||||||||||||||||||||||||||
10/31/09 | 9.92 | 0.08 | 2.78 | 2.86 | - | (0.78 | ) | (0.78 | ) | 12.00 | 32.49% | 47,642 | 1.52% | N/A | 0.81% | |||||||||||||||||||||||||||||||||||||
10/31/08 | 19.25 | 0.13 | (9.16 | ) | (9.03 | ) | (0.30 | ) | - | (0.30 | ) | 9.92 | (47.54% | ) | 39,212 | 1.51% | 1.50% | j | 0.82% | |||||||||||||||||||||||||||||||||
10/31/07 | 14.55 | 0.18 | 4.66 | 4.84 | (0.14 | ) | - | (0.14 | ) | 19.25 | 33.50% | 103,369 | 1.53% | 1.52% | j | 1.05% |
Period ended September 30, 2012b | Year ended October 31 | |||||||||||||||||||||||
2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||||
Portfolio turnover rate for all share classes | 36 | % | 47 | % | 32 | % | 42 | % | 29 | % | 25 | % |
a | Annualized. |
b | Percentage represents the results for the period and is not annualized. |
c | Per share amount calculated on the average shares method. |
d | Amount is less than $0.005 per share. |
i | For the period November 1, 2011 through September 30, 2012. |
j | Computed after giving effect to an agreement by MassMutual to waive certain fees and expenses of the Fund. |
l | Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges. |
m | Total return excludes sales charges, if any, and would be lower for the period presented if it reflected these charges. |
The accompanying notes are an integral part of the financial statements.
245
Table of Contents
MassMutual Premier Focused International Fund – Financial Statements (Continued)
Financial Highlights (For a share outstanding throughout each period)
Income (loss) from investment operations | Less distributions to shareholders | Ratios / Supplemental Data | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value, beginning of the period | Net investment income (loss)c,j | Net realized and unrealized gain (loss) on investments | Total income (loss) from investment operations | From net investment income | From net realized gains | Total distributions | Net asset value, end of the period | Total Returnl,m | Net assets, end of the period (000’s) | Ratio of expenses to average daily net assets before expense waivers | Ratio of expenses to average daily net assets after expense waivers | Net investment income (loss) to average daily net assets | ||||||||||||||||||||||||||||||||||||||||
Class Z |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
09/30/12i | $ | 11.23 | $ | 0.27 | $ | 0.24 | $ | 0.51 | $ | (0.10 | ) | $ | - | $ | (0.10 | ) | $ | 11.64 | 4.75% | b | $ | 72,011 | 1.06% | a | 0.96% | a,j | 2.68% | a | ||||||||||||||||||||||||
10/31/11g | 11.58 | 0.07 | (0.20 | ) | (0.13 | ) | (0.22 | ) | - | (0.22 | ) | 11.23 | (1.19% | )b | 23,873 | 1.08% | a | 0.98% | a,j | 0.65% | a | |||||||||||||||||||||||||||||||
Class S |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
09/30/12i | $ | 11.22 | $ | 0.21 | $ | 0.30 | $ | 0.51 | $ | (0.08 | ) | $ | - | $ | (0.08 | ) | $ | 11.65 | 4.66% | b | $ | 33,949 | 1.15% | a | 1.05% | a,j | 2.02% | a | ||||||||||||||||||||||||
10/31/11 | 11.71 | 0.21 | (0.49 | ) | (0.28 | ) | (0.21 | ) | - | (0.21 | ) | 11.22 | (2.44% | ) | 28,631 | 1.17% | 1.07% | j | 1.77% | |||||||||||||||||||||||||||||||||
10/31/10 | 10.90 | 0.11 | 1.11 | 1.22 | (0.41 | ) | - | (0.41 | ) | 11.71 | 11.61% | 22,470 | 1.10% | N/A | 1.04% | |||||||||||||||||||||||||||||||||||||
10/31/09 | 8.49 | 0.20 | 2.32 | 2.52 | (0.11 | ) | - | (0.11 | ) | 10.90 | 29.90% | 45,363 | 1.08% | N/A | 2.23% | |||||||||||||||||||||||||||||||||||||
10/31/08 | 17.33 | 0.27 | (8.53 | ) | (8.26 | ) | (0.16 | ) | (0.42 | ) | (0.58 | ) | 8.49 | (49.18% | ) | 22,846 | 1.12% | N/A | 1.96% | |||||||||||||||||||||||||||||||||
10/31/07 | 12.46 | 0.15 | 4.82 | 4.97 | (0.01 | ) | (0.09 | ) | (0.10 | ) | 17.33 | 40.18% | 26,159 | 1.25% | 1.15% | j | 1.04% | |||||||||||||||||||||||||||||||||||
Class Y |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
09/30/12i | $ | 11.19 | $ | 0.19 | $ | 0.31 | $ | 0.50 | $ | (0.07 | ) | $ | - | $ | (0.07 | ) | $ | 11.62 | 4.59% | b | $ | 8,374 | 1.25% | a | 1.15% | a,j | 1.92% | a | ||||||||||||||||||||||||
10/31/11 | 11.68 | 0.16 | (0.45 | ) | (0.29 | ) | (0.20 | ) | - | (0.20 | ) | 11.19 | (2.52% | ) | 7,938 | 1.27% | 1.17% | j | 1.36% | |||||||||||||||||||||||||||||||||
10/31/10 | 10.87 | 0.11 | 1.10 | 1.21 | (0.40 | ) | - | (0.40 | ) | 11.68 | 11.45% | 8,082 | 1.20% | N/A | 1.05% | |||||||||||||||||||||||||||||||||||||
10/31/09 | 8.48 | 0.20 | 2.30 | 2.50 | (0.11 | ) | - | (0.11 | ) | 10.87 | 29.85% | 7,494 | 1.18% | 1.16% | j | 2.18% | ||||||||||||||||||||||||||||||||||||
10/31/08 | 17.31 | 0.18 | (8.43 | ) | (8.25 | ) | (0.16 | ) | (0.42 | ) | (0.58 | ) | 8.48 | (49.19% | ) | 5,474 | 1.22% | 1.18% | j | 1.47% | ||||||||||||||||||||||||||||||||
10/31/07 | 12.45 | 0.14 | 4.82 | 4.96 | (0.01 | ) | (0.09 | ) | (0.10 | ) | 17.31 | 40.12% | 739 | 1.35% | 1.18% | j | 0.95% | |||||||||||||||||||||||||||||||||||
Class L |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
09/30/12i | $ | 11.19 | $ | 0.18 | $ | 0.31 | $ | 0.49 | $ | (0.01 | ) | $ | - | $ | (0.01 | ) | $ | 11.67 | 4.35% | b | $ | 7,025 | 1.40% | a | 1.30% | a,j | 1.72% | a | ||||||||||||||||||||||||
10/31/11 | 11.68 | 0.17 | (0.47 | ) | (0.30 | ) | (0.19 | ) | - | (0.19 | ) | 11.19 | (2.66% | ) | 5,789 | 1.42% | 1.33% | j | 1.47% | |||||||||||||||||||||||||||||||||
10/31/10 | 10.87 | 0.09 | 1.11 | 1.20 | (0.39 | ) | - | (0.39 | ) | 11.68 | 11.42% | 19,819 | 1.35% | N/A | 0.87% | |||||||||||||||||||||||||||||||||||||
10/31/09 | 8.45 | 0.19 | 2.30 | 2.49 | (0.07 | ) | - | (0.07 | ) | 10.87 | 29.61% | 19,065 | 1.33% | 1.31% | j | 2.07% | ||||||||||||||||||||||||||||||||||||
10/31/08 | 17.27 | 0.22 | (8.48 | ) | (8.26 | ) | (0.14 | ) | (0.42 | ) | (0.56 | ) | 8.45 | (49.32% | ) | 7,993 | 1.37% | 1.33% | j | 1.62% | ||||||||||||||||||||||||||||||||
10/31/07 | 12.44 | 0.11 | 4.82 | 4.93 | (0.01 | ) | (0.09 | ) | (0.10 | ) | 17.27 | 39.91% | 17,632 | 1.50% | 1.33% | j | 0.78% | |||||||||||||||||||||||||||||||||||
Class A |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
09/30/12i | $ | 11.12 | $ | 0.15 | $ | 0.31 | $ | 0.46 | $ | (0.01 | ) | $ | - | $ | (0.01 | ) | $ | 11.57 | 4.19% | b | $ | 22,076 | 1.65% | a | 1.55% | a,j | 1.48% | a | ||||||||||||||||||||||||
10/31/11 | 11.61 | 0.11 | (0.45 | ) | (0.34 | ) | (0.15 | ) | - | (0.15 | ) | 11.12 | (2.97% | ) | 24,345 | 1.67% | 1.58% | j | 0.90% | |||||||||||||||||||||||||||||||||
10/31/10 | 10.81 | 0.07 | 1.09 | 1.16 | (0.36 | ) | - | (0.36 | ) | 11.61 | 11.14% | 35,144 | 1.60% | N/A | 0.65% | |||||||||||||||||||||||||||||||||||||
10/31/09 | 8.41 | 0.16 | 2.30 | 2.46 | (0.06 | ) | - | (0.06 | ) | 10.81 | 29.25% | 35,136 | 1.58% | 1.56% | j | 1.80% | ||||||||||||||||||||||||||||||||||||
10/31/08 | 17.20 | 0.19 | (8.43 | ) | (8.24 | ) | (0.13 | ) | (0.42 | ) | (0.55 | ) | 8.41 | (49.39% | ) | 27,401 | 1.62% | 1.58% | j | 1.38% | ||||||||||||||||||||||||||||||||
10/31/07 | 12.41 | 0.08 | 4.80 | 4.88 | (0.00 | )d | (0.09 | ) | (0.09 | ) | 17.20 | 39.55% | 36,718 | 1.75% | 1.58% | j | 0.57% | |||||||||||||||||||||||||||||||||||
Class N |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
09/30/12i | $ | 11.00 | $ | 0.11 | $ | 0.31 | $ | 0.42 | $ | - | $ | - | $ | - | $ | 11.42 | 3.82% | b | $ | 968 | 2.05% | a | 1.95% | a,j | 1.05% | a | ||||||||||||||||||||||||||
10/31/11 | 11.50 | 0.06 | (0.44 | ) | (0.38 | ) | (0.12 | ) | - | (0.12 | ) | 11.00 | (3.35% | ) | 923 | 2.07% | 1.97% | j | 0.53% | |||||||||||||||||||||||||||||||||
10/31/10 | 10.71 | 0.03 | 1.08 | 1.11 | (0.32 | ) | - | (0.32 | ) | 11.50 | 10.61% | 983 | 2.00% | N/A | 0.25% | |||||||||||||||||||||||||||||||||||||
10/31/09 | 8.34 | 0.13 | 2.27 | 2.40 | (0.03 | ) | - | (0.03 | ) | 10.71 | 28.90% | 951 | 1.98% | 1.94% | j | 1.40% | ||||||||||||||||||||||||||||||||||||
10/31/08 | 17.10 | 0.14 | (8.37 | ) | (8.23 | ) | (0.11 | ) | (0.42 | ) | (0.53 | ) | 8.34 | (49.58% | ) | 636 | 2.02% | 1.88% | j | 1.08% | ||||||||||||||||||||||||||||||||
10/31/07 | 12.37 | 0.02 | 4.80 | 4.82 | - | (0.09 | ) | (0.09 | ) | 17.10 | 39.19% | 847 | 2.15% | 1.88% | j | 0.13% |
Period ended September 30, 2012b | Year ended October 31 | |||||||||||||||||||||||
2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||||
Portfolio turnover rate for all share classes | 23 | % | 59 | % | 65 | % | 74 | % | 106 | % | 95 | % |
a | Annualized. |
b | Percentage represents the results for the period and is not annualized. |
c | Per share amount calculated on the average shares method. |
d | Amount is less than $0.005 per share. |
g | For the period December 3, 2010 (commencement of operations) through October 31, 2011. |
i | For the period November 1, 2011 through September 30, 2012. |
j | Computed after giving effect to an agreement by MassMutual to waive certain fees and expenses of the Fund. |
l | Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges. |
m | Total return excludes sales charges, if any, and would be lower for the period presented if they reflected these charges. |
The accompanying notes are an integral part of the financial statements.
246
Table of Contents
MassMutual Premier Strategic Emerging Markets Fund – Financial Statements (Continued)
Financial Highlights (For a share outstanding throughout each period)
Income (loss) from investment operations | Less distributions to shareholders | Ratios / Supplemental Data | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value, beginning of the period | Net investment income (loss)c,j | Net realized and unrealized gain (loss) on investments | Total income (loss) from investment operations | From net investment income | From net realized gains | Total distributions | Net asset value, end of the period | Total Returnl,m | Net assets, end of the period (000’s) | Ratio of expenses to average daily net assets before expense waivers | Ratio of expenses to average daily net assets after expense waivers | Net investment income (loss) to average daily net assets | ||||||||||||||||||||||||||||||||||||||||
Class Z |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
09/30/12i | $ | 14.09 | $ | 0.12 | $ | (0.28 | ) | $ | (0.16 | ) | $ | (0.16 | ) | $ | (1.74 | ) | $ | (1.90 | ) | $ | 12.03 | 0.51% | b | $ | 134,793 | 1.24% | a | 0.99% | a,j | 1.11% | a | |||||||||||||||||||||
10/31/11h | 15.70 | 0.20 | (1.81 | ) | (1.61 | ) | - | - | - | 14.09 | (10.25% | )b | 92,878 | 1.26% | a | 0.99% | a,j | 1.98% | a | |||||||||||||||||||||||||||||||||
Class S |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
09/30/12i | $ | 14.07 | $ | 0.05 | $ | (0.21 | ) | $ | (0.16 | ) | $ | - | $ | (1.74 | ) | $ | (1.74 | ) | $ | 12.17 | 0.36% | b | $ | 6,110 | 1.40% | a | 1.15% | a,j | 0.43% | a | ||||||||||||||||||||||
10/31/11 | 17.79 | 0.16 | (2.30 | ) | (2.14 | ) | (0.05 | ) | (1.53 | ) | (1.58 | ) | 14.07 | (13.17% | ) | 51,005 | 1.34% | 1.15% | j | 1.01% | ||||||||||||||||||||||||||||||||
10/31/10 | 16.49 | 0.10 | 3.62 | 3.72 | (0.14 | ) | (2.28 | ) | (2.42 | ) | 17.79 | 25.30% | 107,589 | 1.27% | 1.15% | j | 0.60% | |||||||||||||||||||||||||||||||||||
10/31/09g | 10.00 | 0.15 | 6.34 | 6.49 | (0.00 | )d | - | (0.00 | )d | 16.49 | 64.73% | b | 61,313 | 1.33% | a | 1.15% | a,j | 1.23% | a | |||||||||||||||||||||||||||||||||
Class Y |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
09/30/12i | $ | 14.06 | $ | 0.09 | $ | (0.28 | ) | $ | (0.19 | ) | $ | (0.12 | ) | $ | (1.74 | ) | $ | (1.86 | ) | $ | 12.01 | 0.23% | b | $ | 203 | 1.50% | a | 1.25% | a,j | 0.86% | a | |||||||||||||||||||||
10/31/11 | 17.77 | 0.18 | (2.32 | ) | (2.14 | ) | (0.04 | ) | (1.53 | ) | (1.57 | ) | 14.06 | (13.22% | ) | 188 | 1.46% | 1.25% | j | 1.13% | ||||||||||||||||||||||||||||||||
10/31/10 | 16.48 | 0.08 | 3.62 | 3.70 | (0.13 | ) | (2.28 | ) | (2.41 | ) | 17.77 | 25.14% | 206 | 1.37% | 1.25% | j | 0.47% | |||||||||||||||||||||||||||||||||||
10/31/09g | 10.00 | 0.13 | 6.35 | 6.48 | (0.00 | )d | - | (0.00 | )d | 16.48 | 64.60% | b | 165 | 1.43% | a | 1.25% | a,j | 1.08% | a | |||||||||||||||||||||||||||||||||
Class L |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
09/30/12i | $ | 14.02 | $ | 0.15 | $ | (0.34 | ) | $ | (0.19 | ) | $ | - | $ | (1.74 | ) | $ | (1.74 | ) | $ | 12.09 | 0.12% | b | $ | 63 | 1.65% | a | 1.40% | a,j | 1.37% | a | ||||||||||||||||||||||
10/31/11 | 17.73 | 0.12 | (2.28 | ) | (2.16 | ) | (0.02 | ) | (1.53 | ) | (1.55 | ) | 14.02 | (13.34% | ) | 0 | f | 1.57% | 1.39% | j | 0.71% | |||||||||||||||||||||||||||||||
10/31/10 | 16.45 | 0.06 | 3.62 | 3.68 | (0.12 | ) | (2.28 | ) | (2.40 | ) | 17.73 | 25.02% | 56,938 | 1.52% | 1.40% | j | 0.37% | |||||||||||||||||||||||||||||||||||
10/31/09g | 10.00 | 0.13 | 6.32 | 6.45 | - | - | - | 16.45 | 64.30% | b | 27,256 | 1.58% | a | 1.40% | a,j | 0.98% | a | |||||||||||||||||||||||||||||||||||
Class A |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
09/30/12i | $ | 13.95 | $ | 0.05 | $ | (0.28 | ) | $ | (0.23 | ) | $ | (0.04 | ) | $ | (1.74 | ) | $ | (1.78 | ) | $ | 11.94 | (0.19% | )b | $ | 379 | 1.90% | a | 1.65% | a,j | 0.50% | a | |||||||||||||||||||||
10/31/11 | 17.68 | 0.10 | (2.30 | ) | (2.20 | ) | - | (1.53 | ) | (1.53 | ) | 13.95 | (13.60% | ) | 396 | 1.85% | 1.65% | j | 0.64% | |||||||||||||||||||||||||||||||||
10/31/10 | 16.42 | 0.01 | 3.62 | 3.63 | (0.09 | ) | (2.28 | ) | (2.37 | ) | 17.68 | 24.70% | 655 | 1.77% | 1.65% | j | 0.09% | |||||||||||||||||||||||||||||||||||
10/31/09g | 10.00 | 0.09 | 6.33 | 6.42 | - | - | - | 16.42 | 64.00% | b | 238 | 1.83% | a | 1.65% | a,j | 0.73% | a |
Period ended September 30, 2012b | Year ended October 31 | |||||||||||||||
2011 | 2010 | 2009 | ||||||||||||||
Portfolio turnover rate for all share classes | 76 | % | 84 | % | 45 | % | 75 | % |
a | Annualized. |
b | Percentage represents the results for the period and is not annualized. |
c | Per share amount calculated on the average shares method. |
d | Amount is less than $0.005 per share. |
f | Amount is less than $500. |
g | For the period November 3, 2008 (commencement of operations) through October 31, 2009. |
h | For the period March 1, 2011 (commencement of operations) through October 31, 2011. |
i | For the period November 1, 2011 through September 30, 2012. |
j | Computed after giving effect to an agreement by MassMutual to waive certain fees and expenses of the Fund. |
l | Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges. |
m | Total return excludes sales charges, if any, and would be lower for the period presented if it reflected these charges. |
The accompanying notes are an integral part of the financial statements.
247
Table of Contents
1. | The Funds |
MassMutual Premier Funds (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end, management investment company. The Trust is organized under the laws of the Commonwealth of Massachusetts as a Massachusetts business trust pursuant to an Agreement and Declaration of Trust dated August 1, 1994, as amended and restated as of November 21, 2011, as it may be further amended from time to time. The following are 18 series of the Trust (each individually referred to as a “Fund” or collectively as the “Funds”):
MassMutual Premier Money Market Fund (“Money Market Fund”)
MassMutual Premier Short-Duration Bond Fund (“Short-Duration Bond Fund”)
MassMutual Premier Inflation-Protected and Income Fund (“Inflation-Protected and Income Fund”)
MassMutual Premier Core Bond Fund (“Core Bond Fund”)
MassMutual Premier Diversified Bond Fund (“Diversified Bond Fund”)
MassMutual Premier High Yield Fund (“High Yield Fund”)
MassMutual Premier International Bond Fund (“International Bond Fund”)
MassMutual Premier Balanced Fund (“Balanced Fund”)
MassMutual Premier Value Fund (“Value Fund”)
MassMutual Premier Disciplined Value Fund (“Disciplined Value Fund”)
MassMutual Premier Main Street Fund (“Main Street Fund”)
MassMutual Premier Capital Appreciation Fund (“Capital Appreciation Fund”)
MassMutual Premier Disciplined Growth Fund (“Disciplined Growth Fund”)
MassMutual Premier Small/Mid Cap Opportunities Fund (“Small/Mid Cap Opportunities Fund”)
MassMutual Premier Global Fund (“Global Fund”)
MassMutual Premier International Equity Fund (“International Equity Fund”)
MassMutual Premier Focused International Fund (“Focused International Fund”)
MassMutual Premier Strategic Emerging Markets Fund (“Strategic Emerging Markets Fund”)
On May 23, 2012, the Board of Trustees (“Trustees”) approved a change in the fiscal year end of the Funds from October 31 to September 30. Accordingly, the Funds’ financial statements and related notes include information as of the eleven month period ended September 30, 2012, and the one year period ended October 31, 2011, and October 31, 2010, if applicable.
The following table shows the classes available for each Fund, including the date each class commenced operations. Each share class represents an interest in the same portfolio of assets. The principal difference among the classes is the level of service and administration fees, and shareholder and distribution service expenses borne by the classes. Because each class will have different fees and expenses, performance and share prices will vary between the classes. The classes of shares are offered to different types of investors, as outlined in the Funds’ Prospectus.
Class Z | Class S | Class Y | Class L | Class A | Class N | |||||||||||||||||||
Money Market Fund | None | 10/3/1994 | 1/1/1998 | None* | 1/1/1998 | None** | ||||||||||||||||||
Short-Duration Bond Fund | 12/3/2010 | 10/3/1994 | 1/1/1998 | 5/3/1999 | 1/1/1998 | 12/31/2002 | ||||||||||||||||||
Inflation-Protected and Income Fund | 3/1/2011 | 12/31/2003 | 12/31/2003 | 12/31/2003 | 12/31/2003 | 12/31/2003 | ||||||||||||||||||
Core Bond Fund | 12/3/2010 | 10/3/1994 | 1/1/1998 | 5/3/1999 | 1/1/1998 | 12/31/2002 | ||||||||||||||||||
Diversified Bond Fund | 12/3/2010 | 5/3/1999 | 5/3/1999 | 5/3/1999 | 5/3/1999 | 12/31/2002 | ||||||||||||||||||
High Yield Fund | 3/1/2011 | 11/1/2004 | 9/5/2000 | 11/1/2004 | 11/1/2004 | 11/1/2004 | ||||||||||||||||||
International Bond Fund | None | 12/20/2007 | 12/20/2007 | 12/20/2007 | 12/20/2007 | None** | ||||||||||||||||||
Balanced Fund | None | 10/3/1994 | 1/1/1998 | 5/3/1999 | 1/1/1998 | None** | ||||||||||||||||||
Value Fund | None | 11/1/2004 | 11/1/2004 | 7/25/1995 | 11/1/2004 | 11/1/2004 | ||||||||||||||||||
Disciplined Value Fund | None | 11/1/2004 | 12/19/2000 | 11/1/2004 | 11/1/2004 | 11/1/2004 | ||||||||||||||||||
Main Street Fund | None | 12/31/2004 | 12/31/2004 | 12/31/2004 | 12/31/2004 | 12/31/2004 | ||||||||||||||||||
Capital Appreciation Fund | None | 12/31/2004 | 12/31/2004 | 12/31/2004 | 12/31/2004 | 12/31/2004 | ||||||||||||||||||
Disciplined Growth Fund | None | 11/1/2004 | 12/19/2000 | 11/1/2004 | 11/1/2004 | None** | ||||||||||||||||||
Small/Mid Cap Opportunities Fund | None | 11/1/2004 | 11/1/2004 | 11/1/2004 | 7/20/1998 | None** | ||||||||||||||||||
Global Fund | None | 12/31/2004 | 12/31/2004 | 12/31/2004 | 12/31/2004 | 12/31/2004 | ||||||||||||||||||
International Equity Fund | None | 10/3/1994 | 1/1/1998 | 5/3/1999 | 1/1/1998 | None** | ||||||||||||||||||
Focused International Fund | 12/3/2010 | 12/1/2005 | 12/1/2005 | 12/1/2005 | 12/1/2005 | 12/1/2005 | ||||||||||||||||||
Strategic Emerging Markets Fund | 3/1/2011 | 11/3/2008 | 11/3/2008 | 11/3/2008 | 11/3/2008 | None** |
248
Table of Contents
Notes to Financial Statements (Continued)
* | Class L shares were converted to Class S shares on July 27, 2009 and are no longer available. |
** | Class N shares were eliminated as of February 22, 2011. |
2. | Significant Accounting Policies |
The following is a summary of significant accounting policies followed consistently by each Fund in the preparation of the financial statements in conformity with accounting principles generally accepted in the United States of America (“generally accepted accounting principles”). The preparation of the financial statements in accordance with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.
Investment Valuation
The net asset value of each Fund’s shares is determined once daily as of the close of regular trading on the New York Stock Exchange, on each day the New York Stock Exchange is open for trading (a “business day”). The New York Stock Exchange normally closes at 4:00 p.m. Eastern Time, but may close earlier on some days.
Equity securities and derivative contracts that are actively traded on a national securities exchange are valued on the basis of information furnished by a pricing service, which provides the last reported sale price for securities or derivatives listed on the exchange or the official closing price on the NASDAQ National Market System, or in the case of over-the-counter (“OTC”) securities for which an official closing price is unavailable or not reported on the NASDAQ System, the last reported bid price. Portfolio securities traded on more than one national securities exchange are valued at the last price at the close of the exchange representing the principal market for such securities. Debt securities (other than short-term obligations) are valued on the basis of valuations furnished by a pricing service, which generally determines valuations taking into account factors such as institutional-size trading in similar securities, yield, quality, coupon rate, maturity, type of issue, trading characteristics, and other market data. For all Funds other than the Money Market Fund, short-term debt securities are valued at either amortized cost or at original cost plus accrued interest, whichever the Funds’ investment adviser determines more closely approximates current market value. The Money Market Fund’s portfolio securities are valued at amortized cost, which approximates current market value, in accordance with Rule 2a-7 under the 1940 Act pursuant to which the Money Market Fund must adhere to certain conditions. It is the intention of the Money Market Fund to maintain a stable net asset value per share of $1.00, although this cannot be assured. Shares of other open-end mutual funds are valued at their closing net asset values as reported on each business day.
Investments for which market quotations are readily available are marked to market daily based on those quotations. Market quotations may be provided by third-party vendors or market makers, and may be determined on the basis of a variety of factors, such as broker quotations, financial modeling, and other market data, such as market indexes and yield curves, counterparty information, and foreign exchange rates. U.S. Government and agency securities may be valued on the basis of market quotations or using a model that may incorporate market observable data such as reported sales of similar securities, broker quotes, yields, bids, offers, quoted market prices, and reference data. The fair values of OTC derivative contracts, including forward, swap, and option contracts related to interest rates, foreign currencies, credit standing of reference entities, equity prices, or commodity prices, may be based on market quotations or may be modeled using a series of techniques, including simulation models depending on the contract and the terms of the transaction. The fair values of asset-backed securities and mortgage-backed securities are estimated based on models that consider the estimated cash flows of each debt tranche of the issuer, establish a benchmark yield, and develop an estimated tranche-specific spread to the benchmark yield based on the unique attributes of the tranche including, but not limited to, prepayment speed assumptions and attributes of the collateral. Many pricing models do not entail material subjectivity because the methodologies employed do not necessitate significant judgments and the pricing inputs are observed from actively quoted markets, as is the case of interest rate swap and option contracts. Restricted securities are 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 by the Funds’ Valuation
249
Table of Contents
Notes to Financial Statements (Continued)
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 key inputs and assumptions and review of any related market activity. The Funds’ Valuation Committee reports to the Trustees at their regularly scheduled meetings. It is possible that fair value prices will be used by the Funds to a significant extent. The value determined for an investment using the Funds’ fair value procedures may differ from recent market prices for the investment and may be significantly different from the value realized upon the sale of such investment.
The Funds may invest in securities that are traded principally in foreign markets and that trade on weekends and other days when the Funds do not price their shares. As a result, the value of the Funds’ portfolio securities may change on days when the prices of the Funds’ shares are not calculated. The prices of the Funds’ shares will reflect any such changes when the prices of the Funds’ shares are next calculated, which is the next business day. The Funds may use fair value pricing more frequently for securities primarily traded in foreign markets because, among other things, most foreign markets close well before the Funds value their securities. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim. The Funds’ investments may be priced based on fair values provided by a third-party fair valuation vendor, based on certain factors and methodologies applied by such vendor, in the event that there is movement in the U.S. market, between the close of the foreign market and the time the Funds calculate their net asset values. All assets and liabilities expressed in foreign currencies are converted into U.S. dollars at the mean between the buying and selling rates of such currencies against the U.S. dollar at the end of each business day.
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A three-tier hierarchy is utilized to maximize the use of observable market data inputs and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, for example, the risk inherent in a particular valuation technique used to measure fair value (such as a pricing model) and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability and are developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability and are developed based on the best information available in the circumstances. The three-tier hierarchy of inputs is summarized in the three broad Levels listed below. The inputs or methodology used for valuing investments are not necessarily an indication of the risk associated with investing in those investments and the determination of the significance of a particular input to the fair value measurement in its entirety requires judgment and consideration of factors specific to each security.
Level 1 – quoted prices (unadjusted) in active markets for identical investments that the Funds can access at the measurement date
The types of assets and liabilities categorized in Level 1 generally include actively traded domestic and certain foreign equity securities, derivatives actively traded on a national securities exchange (such as some warrants, rights, futures, and options), and shares of open-end mutual funds.
Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)
The types of assets and liabilities categorized in Level 2 generally include debt securities such as U.S. government and agency securities, mortgage-backed securities, asset-backed securities, municipal obligations, sovereign debt obligations, bank loans, corporate bonds, and those securities valued at amortized cost; OTC derivatives such as swaps, options, swaptions, and forward foreign currency exchange contracts; certain restricted securities; and non-exchange traded equity securities and certain foreign equity securities traded on particular foreign exchanges that close before the Funds determine their net asset values.
1 | The Valuation Committee consists of the President, Treasurer, Assistant Treasurers, Vice Presidents (except for the CCO), Secretary, and Assistant Secretaries of the Trust, as well as such alternate members as the Trustees may from time to time designate. The Valuation Committee reviews and makes recommendations concerning the fair valuation of portfolio securities and the Funds’ pricing procedures in general. |
250
Table of Contents
Notes to Financial Statements (Continued)
Level 3 – significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments)
The types of assets and liabilities categorized in Level 3 generally include securities for which prices, spreads, or any of the other aforementioned key inputs are unobservable. Generally, securities whose trading has been suspended or that have been de-listed from their current primary trading exchange; securities in default or bankruptcy proceedings for which there is no current market quotation; securities and certain derivatives valued by broker quotes which may include brokers’ assumptions; and any illiquid Rule 144A securities or restricted securities held in non-public entities are categorized in Level 3.
The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.
Changes in valuation techniques may result in transfers in or out of an investment’s assigned Level within the hierarchy. In addition, in periods of market dislocation, the observability of prices and inputs may be reduced for many instruments. This condition, as well as changes related to liquidity of investments, could cause a security to be reclassified between Level 1, Level 2, or Level 3.
In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes the level in the fair value hierarchy within which the fair value measurement falls is determined based on the lowest level input that is significant to the overall fair value measurement.
The Disciplined Value Fund characterized all investments at Level 1, as of September 30, 2012. The Money Market Fund characterized all investments at Level 2, as of September 30, 2012. The Value Fund and Disciplined Growth Fund characterized all long-term investments at Level 1, and all short-term investments at Level 2, as of September 30, 2012. For each Fund noted above, the level classification by major category of investments is the same as the category presentation in the Portfolio of Investments.
The following is the aggregate value by input level, as of September 30, 2012, for the remaining Funds’ investments:
Asset Valuation Inputs
Investments in Securities | ||||||||||||||||
Level 1 — Quoted Prices | Level 2 — Other Significant Observable Inputs | Level 3 — Significant Unobservable Inputs | Total | |||||||||||||
Short-Duration Bond Fund | ||||||||||||||||
Bonds & Notes | ||||||||||||||||
Total Corporate Debt | $ | - | $ | 168,190,617 | $ | - | $ | 168,190,617 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total Municipal Obligations | - | 3,745,026 | - | 3,745,026 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Non-U.S. Government Agency Obligations | ||||||||||||||||
Automobile ABS | - | 19,686,882 | - | 19,686,882 | ||||||||||||
Commercial MBS | - | 29,591,187 | - | 29,591,187 | ||||||||||||
Home Equity ABS | - | 10,329,746 | - | 10,329,746 | ||||||||||||
Manufactured Housing ABS | - | 275,424 | - | 275,424 | ||||||||||||
Other ABS | - | 17,854,600 | 2,256,525 | 20,111,125 | ||||||||||||
Student Loans ABS | - | 26,137,586 | - | 26,137,586 | ||||||||||||
WL Collateral CMO | - | 4,818,742 | - | 4,818,742 | ||||||||||||
WL Collateral PAC | - | 566,653 | - | 566,653 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Non-U.S. Government Agency Obligations | - | 109,260,820 | 2,256,525 | 111,517,345 | ||||||||||||
|
|
|
|
|
|
|
|
251
Table of Contents
Notes to Financial Statements (Continued)
Investments in Securities | ||||||||||||||||
Level 1 — Quoted Prices | Level 2 — Other Significant Observable Inputs | Level 3 — Significant Unobservable Inputs | Total | |||||||||||||
Short-Duration Bond Fund (Continued) | ||||||||||||||||
U.S. Government Agency Obligations and Instrumentalities | ||||||||||||||||
Pass-Through Securities | $ | - | $ | 24,460,329 | $ | - | $ | 24,460,329 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total U.S. Government Agency Obligations and Instrumentalities | - | 24,460,329 | - | 24,460,329 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
U.S. Treasury Obligations | ||||||||||||||||
U.S. Treasury Bonds & Notes | - | 560,463 | - | 560,463 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total U.S. Treasury Obligations | - | 560,463 | - | 560,463 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Bonds & Notes | - | 306,217,255 | 2,256,525 | 308,473,780 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Long-Term Investments | - | 306,217,255 | 2,256,525 | 308,473,780 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Short-Term Investments | - | 182,372,268 | - | 182,372,268 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | - | $ | 488,589,523 | $ | 2,256,525 | $ | 490,846,048 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Inflation-Protected and Income Fund | ||||||||||||||||
Bonds & Notes | ||||||||||||||||
Total Corporate Debt | $ | - | $ | 3,276,645 | $ | - | $ | 3,276,645 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total Municipal Obligations | - | 576,895 | - | 576,895 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Non-U.S. Government Agency Obligations | ||||||||||||||||
Automobile ABS | - | 25,483,813 | - | 25,483,813 | ||||||||||||
Commercial MBS | - | 2,283,610 | - | 2,283,610 | ||||||||||||
Credit Card ABS | - | 876,220 | - | 876,220 | ||||||||||||
Home Equity ABS | - | 4,483,844 | - | 4,483,844 | ||||||||||||
Other ABS | - | 16,036,044 | 1,049,580 | 17,085,624 | ||||||||||||
Student Loans ABS | - | 32,476,620 | - | 32,476,620 | ||||||||||||
WL Collateral CMO | - | 1,203,663 | - | 1,203,663 | ||||||||||||
WL Collateral PAC | - | 302,585 | - | 302,585 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Non-U.S. Government Agency Obligations | - | 83,146,399 | 1,049,580 | 84,195,979 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
U.S. Government Agency Obligations and Instrumentalities | ||||||||||||||||
Pass-Through Securities | - | 495,301 | - | 495,301 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total U.S. Government Agency Obligations and Instrumentalities | - | 495,301 | - | 495,301 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
U.S. Treasury Obligations | ||||||||||||||||
U.S. Treasury Bonds & Notes | - | 342,966,508 | - | 342,966,508 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total U.S. Treasury Obligations | - | 342,966,508 | - | 342,966,508 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Bonds & Notes | - | 430,461,748 | 1,049,580 | 431,511,328 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Long-Term Investments | - | 430,461,748 | 1,049,580 | 431,511,328 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Short-Term Investments | - | 194,912,684 | - | 194,912,684 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | - | $ | 625,374,432 | $ | 1,049,580 | $ | 626,424,012 | ||||||||
|
|
|
|
|
|
|
|
252
Table of Contents
Notes to Financial Statements (Continued)
Investments in Securities | ||||||||||||||||
Level 1 — Quoted Prices | Level 2 — Other Significant Observable Inputs | Level 3 — Significant Unobservable Inputs | Total | |||||||||||||
Core Bond Fund | ||||||||||||||||
Bonds & Notes | ||||||||||||||||
Total Corporate Debt | $ | - | $ | 579,451,978 | $ | - | $ | 579,451,978 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total Municipal Obligations | - | 8,132,830 | - | 8,132,830 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Non-U.S. Government Agency Obligations | ||||||||||||||||
Automobile ABS | - | 8,215,980 | - | 8,215,980 | ||||||||||||
Commercial MBS | - | 113,498,677 | - | 113,498,677 | ||||||||||||
Home Equity ABS | - | 39,842,749 | - | 39,842,749 | ||||||||||||
Other ABS | - | 26,365,159 | 7,254,225 | 33,619,384 | ||||||||||||
Student Loans ABS | - | 38,695,133 | 795,480 | 39,490,613 | ||||||||||||
WL Collateral CMO | - | 14,252,202 | - | 14,252,202 | ||||||||||||
WL Collateral PAC | - | 1,541,302 | - | 1,541,302 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Non-U.S. Government Agency Obligations | - | 242,411,202 | 8,049,705 | 250,460,907 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Sovereign Debt Obligations | - | 16,807,775 | - | 16,807,775 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
U.S. Government Agency Obligations and Instrumentalities | ||||||||||||||||
Collateralized Mortgage Obligations | - | 1,794,162 | - | 1,794,162 | ||||||||||||
Pass-Through Securities | - | 394,055,983 | - | 394,055,983 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total U.S. Government Agency Obligations and Instrumentalities | - | 395,850,145 | - | 395,850,145 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
U.S. Treasury Obligations | ||||||||||||||||
U.S. Treasury Bonds & Notes | - | 391,528,369 | - | 391,528,369 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total U.S. Treasury Obligations | - | 391,528,369 | - | 391,528,369 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Bonds & Notes | - | 1,634,182,299 | 8,049,705 | 1,642,232,004 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Long-Term Investments | - | 1,634,182,299 | 8,049,705 | 1,642,232,004 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Short-Term Investments | - | 340,937,770 | - | 340,937,770 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | - | $ | 1,975,120,069 | $ | 8,049,705 | $ | 1,983,169,774 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Diversified Bond Fund | ||||||||||||||||
Equities | ||||||||||||||||
Common Stock | ||||||||||||||||
Basic Materials | $ | - | $ | - | $ | 51,884 | $ | 51,884 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total Common Stock | - | - | 51,884 | 51,884 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Equities | - | - | 51,884 | 51,884 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Bonds & Notes | ||||||||||||||||
Total Corporate Debt | - | 51,635,145 | - | 51,635,145 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Municipal Obligations | - | 1,418,627 | - | 1,418,627 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Non-U.S. Government Agency Obligations | ||||||||||||||||
Auto Floor Plan ABS | - | 236,760 | - | 236,760 | ||||||||||||
Automobile ABS | - | 170,530 | - | 170,530 | ||||||||||||
Commercial MBS | - | 8,211,084 | - | 8,211,084 | ||||||||||||
Home Equity ABS | - | 3,756,982 | - | 3,756,982 | ||||||||||||
Other ABS | - | 1,319,219 | 1,204,777 | 2,523,996 |
253
Table of Contents
Notes to Financial Statements (Continued)
Investments in Securities | ||||||||||||||||
Level 1 — Quoted Prices | Level 2 — Other Significant Observable Inputs | Level 3 — Significant Unobservable Inputs | Total | |||||||||||||
Diversified Bond Fund (Continued) | ||||||||||||||||
Student Loans ABS | $ | - | $ | 2,821,059 | $ | - | $ | 2,821,059 | ||||||||
WL Collateral CMO | - | 2,032,547 | - | 2,032,547 | ||||||||||||
WL Collateral PAC | - | 23,850 | - | 23,850 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Non-U.S. Government Agency Obligations | - | 18,572,031 | 1,204,777 | 19,776,808 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Sovereign Debt Obligations | - | 1,631,560 | - | 1,631,560 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
U.S. Government Agency Obligations and Instrumentalities | ||||||||||||||||
Collateralized Mortgage Obligations | - | 69,407 | - | 69,407 | ||||||||||||
Pass-Through Securities | - | 28,121,632 | - | 28,121,632 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total U.S. Government Agency Obligations and Instrumentalities | - | 28,191,039 | - | 28,191,039 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
U.S. Treasury Obligations | ||||||||||||||||
U.S. Treasury Bonds & Notes | - | 15,592,260 | - | 15,592,260 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total U.S. Treasury Obligations | - | 15,592,260 | - | 15,592,260 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Bonds & Notes | - | 117,040,662 | 1,204,777 | 118,245,439 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Long-Term Investments | - | 117,040,662 | 1,256,661 | 118,297,323 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Short-Term Investments | - | 24,971,304 | - | 24,971,304 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | - | $ | 142,011,966 | $ | 1,256,661 | $ | 143,268,627 | ||||||||
|
|
|
|
|
|
|
| |||||||||
High Yield Fund | ||||||||||||||||
Equities | ||||||||||||||||
Common Stock | ||||||||||||||||
Basic Materials | $ | - | $ | - | $ | 636,345 | $ | 636,345 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total Common Stock | - | - | 636,345 | 636,345 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Equities | - | - | 636,345 | 636,345 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Bonds & Notes | ||||||||||||||||
Total Bank Loans | - | 4,569,852 | - | 4,569,852 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Corporate Debt | - | 219,059,032 | - | 219,059,032 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Bonds & Notes | - | 223,628,884 | - | 223,628,884 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Long-Term Investments | - | 223,628,884 | 636,345 | 224,265,229 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Short-Term Investments | - | 9,631,328 | - | 9,631,328 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | - | $ | 233,260,212 | $ | 636,345 | $ | 233,896,557 | ||||||||
|
|
|
|
|
|
|
| |||||||||
International Bond Fund | ||||||||||||||||
Bonds & Notes | ||||||||||||||||
Total Corporate Debt | $ | - | $ | 16,753,156 | $ | - | $ | 16,753,156 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total Sovereign Debt Obligations | - | 35,509,771 | 1,460,845 | 36,970,616 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Bonds & Notes | - | 52,262,927 | 1,460,845 | 53,723,772 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Long-Term Investments | - | 52,262,927 | 1,460,845 | 53,723,772 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Short-Term Investments | - | 4,317,098 | - | 4,317,098 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | - | $ | 56,580,025 | $ | 1,460,845 | $ | 58,040,870 | ||||||||
|
|
|
|
|
|
|
|
254
Table of Contents
Notes to Financial Statements (Continued)
Investments in Securities | ||||||||||||||||
Level 1 — Quoted Prices | Level 2 — Other Significant Observable Inputs | Level 3 — Significant Unobservable Inputs | Total | |||||||||||||
Balanced Fund | ||||||||||||||||
Equities | ||||||||||||||||
Common Stock | ||||||||||||||||
Basic Materials | $ | 2,042,212 | $ | - | $ | - | $ | 2,042,212 | ||||||||
Communications | 7,705,525 | - | - | 7,705,525 | ||||||||||||
Consumer, Cyclical | 5,068,876 | - | - | 5,068,876 | ||||||||||||
Consumer, Non-cyclical | 14,320,603 | - | - | 14,320,603 | ||||||||||||
Diversified | 21,294 | - | - | 21,294 | ||||||||||||
Energy | 6,984,514 | - | - | 6,984,514 | ||||||||||||
Financial | 10,763,060 | - | - | 10,763,060 | ||||||||||||
Industrial | 7,121,837 | - | - | 7,121,837 | ||||||||||||
Technology | 10,246,081 | - | - | 10,246,081 | ||||||||||||
Utilities | 2,272,434 | - | - | 2,272,434 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Common Stock | 66,546,436 | - | - | 66,546,436 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Preferred Stock | ||||||||||||||||
Consumer, Cyclical | - | 10 | - | 10 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Preferred Stock | - | 10 | - | 10 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Equities | 66,546,436 | 10 | - | 66,546,446 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Bonds & Notes | ||||||||||||||||
Total Corporate Debt | - | 14,652,035 | - | 14,652,035 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Municipal Obligations | - | 227,828 | - | 227,828 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Non-U.S. Government Agency Obligations | ||||||||||||||||
Automobile ABS | - | 208,881 | - | 208,881 | ||||||||||||
Commercial MBS | - | 2,742,842 | - | 2,742,842 | ||||||||||||
Home Equity ABS | - | 1,002,080 | - | 1,002,080 | ||||||||||||
Other ABS | - | 432,966 | 309,975 | 742,941 | ||||||||||||
Student Loans ABS | - | 1,014,787 | - | 1,014,787 | ||||||||||||
WL Collateral CMO | - | 457,662 | - | 457,662 | ||||||||||||
WL Collateral PAC | - | 56,619 | - | 56,619 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Non-U.S. Government Agency Obligations | - | 5,915,837 | 309,975 | 6,225,812 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Sovereign Debt Obligations | - | 422,230 | - | 422,230 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
U.S. Government Agency Obligations and Instrumentalities | ||||||||||||||||
Collateralized Mortgage Obligations | - | 76,165 | - | 76,165 | ||||||||||||
Pass-Through Securities | - | 10,269,031 | - | 10,269,031 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total U.S. Government Agency Obligations and Instrumentalities | - | 10,345,196 | - | 10,345,196 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
U.S. Treasury Obligations | ||||||||||||||||
U.S. Treasury Bonds & Notes | - | 9,370,496 | - | 9,370,496 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total U.S. Treasury Obligations | - | 9,370,496 | - | 9,370,496 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Bonds & Notes | - | 40,933,622 | 309,975 | 41,243,597 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Mutual Funds | 9,879,409 | - | - | 9,879,409 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Long-Term Investments | 76,425,845 | 40,933,632 | 309,975 | 117,669,452 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Short-Term Investments | - | 17,686,410 | - | 17,686,410 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | 76,425,845 | $ | 58,620,042 | $ | 309,975 | $ | 135,355,862 | ||||||||
|
|
|
|
|
|
|
|
255
Table of Contents
Notes to Financial Statements (Continued)
Investments in Securities | ||||||||||||||||
Level 1 — Quoted Prices | Level 2 — Other Significant Observable Inputs | Level 3 — Significant Unobservable Inputs | Total | |||||||||||||
Main Street Fund | ||||||||||||||||
Equities | ||||||||||||||||
Common Stock | ||||||||||||||||
Basic Materials | $ | 3,460,111 | $ | - | $ | - | $ | 3,460,111 | ||||||||
Communications | 21,856,352 | - | - | 21,856,352 | ||||||||||||
Consumer, Cyclical | 11,592,777 | - | - | 11,592,777 | ||||||||||||
Consumer, Non-cyclical | 40,035,624 | - | - | 40,035,624 | ||||||||||||
Energy | 17,544,716 | - | - | 17,544,716 | ||||||||||||
Financial | 28,547,691 | - | - | 28,547,691 | ||||||||||||
Industrial | 16,737,426 | 335,891 | - | 17,073,317 | ||||||||||||
Technology | 24,130,027 | - | - | 24,130,027 | ||||||||||||
Utilities | 3,676,603 | - | - | 3,676,603 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Common Stock | 167,581,327 | 335,891 | - | 167,917,218 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Preferred Stock | ||||||||||||||||
Consumer, Non-cyclical | - | 460,623 | - | 460,623 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Preferred Stock | - | 460,623 | - | 460,623 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Equities | 167,581,327 | 796,514 | - | 168,377,841 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Warrants | ||||||||||||||||
Utilities | 15,970 | - | - | 15,970 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Warrants | 15,970 | - | - | 15,970 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Long-Term Investments | 167,597,297 | 796,514 | - | 168,393,811 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Short-Term Investments | - | 2,506,534 | - | 2,506,534 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | 167,597,297 | $ | 3,303,048 | $ | - | $ | 170,900,345 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Capital Appreciation Fund | ||||||||||||||||
Equities | ||||||||||||||||
Common Stock | ||||||||||||||||
Basic Materials | $ | 14,664,037 | $ | - | $ | - | $ | 14,664,037 | ||||||||
Communications | 42,732,834 | - | - | 42,732,834 | ||||||||||||
Consumer, Cyclical | 41,276,863 | - | - | 41,276,863 | ||||||||||||
Consumer, Non-cyclical | 51,581,940 | 18,566,160 | - | 70,148,100 | ||||||||||||
Energy | 30,240,832 | - | - | 30,240,832 | ||||||||||||
Financial | 3,327,447 | 2,211,056 | - | 5,538,503 | ||||||||||||
Industrial | 42,930,980 | - | - | 42,930,980 | ||||||||||||
Technology | 58,989,844 | - | - | 58,989,844 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Common Stock | 285,744,777 | 20,777,216 | - | 306,521,993 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Equities | 285,744,777 | 20,777,216 | - | 306,521,993 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Long-Term Investments | 285,744,777 | 20,777,216 | - | 306,521,993 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Short-Term Investments | - | 3,511,891 | - | 3,511,891 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | 285,744,777 | $ | 24,289,107 | $ | - | $ | 310,033,884 | ||||||||
|
|
|
|
|
|
|
|
256
Table of Contents
Notes to Financial Statements (Continued)
Investments in Securities | ||||||||||||||||
Level 1 — Quoted Prices | Level 2 — Other Significant Observable Inputs | Level 3 — Significant Unobservable Inputs | Total | |||||||||||||
Small/Mid Cap Opportunities Fund | ||||||||||||||||
Equities | ||||||||||||||||
Common Stock | ||||||||||||||||
Basic Materials | $ | 5,106,213 | $ | - | $ | - | $ | 5,106,213 | ||||||||
Communications | 7,197,317 | 95,791 | - | 7,293,108 | ||||||||||||
Consumer, Cyclical | 21,562,691 | - | - | 21,562,691 | ||||||||||||
Consumer, Non-cyclical | 26,802,963 | - | - | 26,802,963 | ||||||||||||
Diversified | 36,544 | - | - | 36,544 | ||||||||||||
Energy | 7,219,874 | - | - | + | 7,219,874 | |||||||||||
Financial | 26,016,911 | - | - | 26,016,911 | ||||||||||||
Industrial | 21,233,998 | - | - | 21,233,998 | ||||||||||||
Technology | 15,431,848 | - | - | 15,431,848 | ||||||||||||
Utilities | 3,322,329 | - | - | 3,322,329 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Common Stock | 133,930,688 | 95,791 | - | 134,026,479 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Equities | 133,930,688 | 95,791 | - | 134,026,479 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Mutual Funds | 11,178,137 | - | - | 11,178,137 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Rights | ||||||||||||||||
Consumer, Non-cyclical | - | - | 6 | 6 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Rights | - | - | 6 | 6 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Long-Term Investments | 145,108,825 | 95,791 | 6 | 145,204,622 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Short-Term Investments | - | 2,283,955 | - | 2,283,955 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | 145,108,825 | $ | 2,379,746 | $ | 6 | $ | 147,488,577 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Global Fund | ||||||||||||||||
Equities | ||||||||||||||||
Common Stock | ||||||||||||||||
Basic Materials | $ | - | $ | 10,966,396 | $ | - | $ | 10,966,396 | ||||||||
Communications | 40,640,389 | 18,083,863 | - | 58,724,252 | ||||||||||||
Consumer, Cyclical | 19,459,421 | 21,731,499 | - | 41,190,920 | ||||||||||||
Consumer, Non-cyclical | 42,956,076 | 16,294,493 | - | 59,250,569 | ||||||||||||
Diversified | - | 6,003,470 | - | 6,003,470 | ||||||||||||
Energy | 3,207,480 | 10,904,853 | - | 14,112,333 | ||||||||||||
Financial | 13,742,912 | 35,532,270 | - | 49,275,182 | ||||||||||||
Industrial | 13,820,207 | 43,335,696 | - | 57,155,903 | ||||||||||||
Technology | 30,493,786 | 15,683,452 | - | 46,177,238 | ||||||||||||
Utilities | - | 1,920,304 | - | 1,920,304 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Common Stock | 164,320,271 | 180,456,296 | - | 344,776,567 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Preferred Stock | ||||||||||||||||
Consumer, Cyclical | - | 5,701,351 | - | 5,701,351 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Preferred Stock | - | 5,701,351 | - | 5,701,351 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Equities | 164,320,271 | 186,157,647 | - | 350,477,918 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Mutual Funds | 40,956,983 | - | - | 40,956,983 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Long-Term Investments | 205,277,254 | 186,157,647 | - | 391,434,901 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | 205,277,254 | $ | 186,157,647 | $ | - | $ | 391,434,901 | ||||||||
|
|
|
|
|
|
|
|
257
Table of Contents
Notes to Financial Statements (Continued)
Investments in Securities | ||||||||||||||||
Level 1 — Quoted Prices | Level 2 — Other Significant Observable Inputs | Level 3 — Significant Unobservable Inputs | Total | |||||||||||||
International Equity Fund | ||||||||||||||||
Equities | ||||||||||||||||
Common Stock | ||||||||||||||||
Basic Materials | $ | - | $ | 19,226,407 | $ | - | $ | 19,226,407 | ||||||||
Communications | 6,948,728 | 42,898,006 | - | 49,846,734 | ||||||||||||
Consumer, Cyclical | 14,119,485 | 49,319,170 | - | 63,438,655 | ||||||||||||
Consumer, Non-cyclical | 146,523 | 144,208,469 | - | 144,354,992 | ||||||||||||
Diversified | - | 3,522,760 | - | 3,522,760 | ||||||||||||
Energy | - | 17,979,643 | - | 17,979,643 | ||||||||||||
Financial | 3,885,351 | 16,770,110 | - | 20,655,461 | ||||||||||||
Industrial | 101,580 | 94,325,870 | - | 94,427,450 | ||||||||||||
Technology | - | 44,561,848 | - | 44,561,848 | ||||||||||||
Utilities | - | 3,540,092 | - | 3,540,092 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Common Stock | 25,201,667 | 436,352,375 | - | 461,554,042 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Equities | 25,201,667 | 436,352,375 | - | 461,554,042 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Warrants | ||||||||||||||||
Consumer, Non-cyclical | - | - | - | + | - | |||||||||||
Technology | - | 4,831 | - | + | 4,831 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Warrants | - | 4,831 | - | 4,831 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Mutual Funds | 52,128,620 | - | - | 52,128,620 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Long-Term Investments | 77,330,287 | 436,357,206 | - | 513,687,493 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | 77,330,287 | $ | 436,357,206 | $ | - | $ | 513,687,493 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Focused International Fund | ||||||||||||||||
Equities | ||||||||||||||||
Common Stock | ||||||||||||||||
Basic Materials | $ | - | $ | 26,590,402 | $ | - | $ | 26,590,402 | ||||||||
Communications | 10,303,770 | 12,709,804 | - | 23,013,574 | ||||||||||||
Consumer, Non-cyclical | 3,098,089 | 25,672,472 | - | 28,770,561 | ||||||||||||
Diversified | - | 2,378,560 | - | 2,378,560 | ||||||||||||
Energy | 534,056 | 13,543,619 | - | 14,077,675 | ||||||||||||
Financial | - | 28,285,794 | - | 28,285,794 | ||||||||||||
Industrial | - | 12,261,568 | - | 12,261,568 | ||||||||||||
Technology | - | 4,571,441 | - | 4,571,441 | ||||||||||||
Utilities | - | 1,563,771 | - | 1,563,771 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Common Stock | 13,935,915 | 127,577,431 | - | 141,513,346 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Equities | 13,935,915 | 127,577,431 | - | 141,513,346 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Mutual Funds | 16,435,550 | - | - | 16,435,550 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Long-Term Investments | 30,371,465 | 127,577,431 | - | 157,948,896 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Short-Term Investments | - | 2,087,718 | - | 2,087,718 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | 30,371,465 | $ | 129,665,149 | $ | - | $ | 160,036,614 | ||||||||
|
|
|
|
|
|
|
|
258
Table of Contents
Notes to Financial Statements (Continued)
Investments in Securities | ||||||||||||||||
Level 1 — Quoted Prices | Level 2 — Other Significant Observable Inputs | Level 3 — Significant Unobservable Inputs | Total | |||||||||||||
Strategic Emerging Markets Fund | ||||||||||||||||
Equities | ||||||||||||||||
Common Stock | ||||||||||||||||
Basic Materials | $ | 1,460,736 | $ | 8,562,905 | $ | - | $ | 10,023,641 | ||||||||
Communications | 4,911,110 | 11,617,142 | - | 16,528,252 | ||||||||||||
Consumer, Cyclical | - | 6,353,549 | - | 6,353,549 | ||||||||||||
Consumer, Non-cyclical | 2,862,175 | 5,495,645 | - | 8,357,820 | ||||||||||||
Diversified | - | 2,112,183 | - | 2,112,183 | ||||||||||||
Energy | 9,079,940 | 10,831,264 | - | 19,911,204 | ||||||||||||
Financial | 7,094,410 | 29,687,597 | - | 36,782,007 | ||||||||||||
Industrial | - | 16,738,137 | - | 16,738,137 | ||||||||||||
Technology | 5,448,581 | 10,815,946 | - | 16,264,527 | ||||||||||||
Utilities | 748,656 | - | - | 748,656 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Common Stock | 31,605,608 | 102,214,368 | - | 133,819,976 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Preferred Stock | ||||||||||||||||
Basic Materials | 3,452,418 | - | - | 3,452,418 | ||||||||||||
Financial | - | 3,646,705 | - | 3,646,705 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Preferred Stock | 3,452,418 | 3,646,705 | - | 7,099,123 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Equities | 35,058,026 | 105,861,073 | - | 140,919,099 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Mutual Funds | 1,392,582 | - | - | 1,392,582 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Long-Term Investments | 36,450,608 | 105,861,073 | - | 142,311,681 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Short-Term Investments | - | 1,109,274 | - | 1,109,274 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | 36,450,608 | $ | 106,970,347 | $ | - | $ | 143,420,955 | ||||||||
|
|
|
|
|
|
|
|
+ | Represents security at $0 value as of September 30, 2012. |
The following is the aggregate value by input level, as of September 30, 2012, for the Funds’ other financial instruments:
Asset Valuation Inputs
Other Financial Instruments | ||||||||||||||||
Level 1 — Quoted Prices | Level 2 — Other Significant Observable Inputs | Level 3 — Significant Unobservable Inputs | Total | |||||||||||||
Short-Duration Bond Fund | ||||||||||||||||
Swap Agreements | ||||||||||||||||
Credit Risk | $ | - | $ | 446,103 | $ | - | $ | 446,103 | ||||||||
Core Bond Fund | ||||||||||||||||
Futures Contracts | ||||||||||||||||
Interest Rate Risk | 52,652 | - | - | 52,652 | ||||||||||||
Swap Agreements | ||||||||||||||||
Credit Risk | - | 1,522,030 | - | 1,522,030 | ||||||||||||
Diversified Bond Fund | ||||||||||||||||
Futures Contracts | ||||||||||||||||
Interest Rate Risk | 33,488 | - | - | 33,488 | ||||||||||||
Swap Agreements | ||||||||||||||||
Credit Risk | - | 128,637 | - | 128,637 |
259
Table of Contents
Notes to Financial Statements (Continued)
Other Financial Instruments | ||||||||||||||||
Level 1 — Quoted Prices | Level 2 — Other Significant Observable Inputs | Level 3 — Significant Unobservable Inputs | Total | |||||||||||||
International Bond Fund | ||||||||||||||||
Forward Contracts | ||||||||||||||||
Foreign Exchange Risk | $ | - | $ | 119,550 | $ | - | $ | 119,550 | ||||||||
Balanced Fund | ||||||||||||||||
Futures Contracts | ||||||||||||||||
Interest Rate Risk | 6,642 | - | - | 6,642 | ||||||||||||
Swap Agreements | ||||||||||||||||
Credit Risk | - | 37,857 | - | 37,857 |
Liability Valuation Inputs
Other Financial Instruments | ||||||||||||||||
Level 1 — Quoted Prices | Level 2 — Other Significant Observable Inputs | Level 3 — Significant Unobservable Inputs | Total | |||||||||||||
Short-Duration Bond Fund | ||||||||||||||||
Futures Contracts | ||||||||||||||||
Interest Rate Risk | $ | (226,517 | ) | $ | - | $ | - | $ | (226,517 | ) | ||||||
Swap Agreements | ||||||||||||||||
Credit Risk | - | (84,024 | ) | - | (84,024 | ) | ||||||||||
Core Bond Fund | ||||||||||||||||
Swap Agreements | ||||||||||||||||
Credit Risk | - | (279,529 | ) | - | (279,529 | ) | ||||||||||
Diversified Bond Fund | ||||||||||||||||
Futures Contracts | ||||||||||||||||
Interest Rate Risk | (81,638 | ) | - | - | (81,638 | ) | ||||||||||
Swap Agreements | ||||||||||||||||
Credit Risk | - | (33,497 | ) | - | (33,497 | ) | ||||||||||
International Bond Fund | ||||||||||||||||
Forward Contracts | ||||||||||||||||
Foreign Exchange Risk | - | (238,265 | ) | - | (238,265 | ) | ||||||||||
Balanced Fund | ||||||||||||||||
Futures Contracts | ||||||||||||||||
Interest Rate Risk | (371 | ) | - | - | (371 | ) | ||||||||||
Swap Agreements | ||||||||||||||||
Credit Risk | - | (6,934 | ) | - | (6,934 | ) |
The liability shown in the Statement of Assets and Liabilities related to reverse repurchase agreements for the Inflation-Protected and Income Fund approximates fair value, which would be categorized at Level 2, as of September 30, 2012. The liability shown in the Statements of Assets and Liabilities related to investments purchased on a when-issued basis for the Short-Duration Bond Fund, Core Bond Fund, Diversified Bond Fund, High Yield Fund, and Balanced Fund, approximates fair value, which would be categorized at Level 2, as of September 30, 2012.
260
Table of Contents
Notes to Financial Statements (Continued)
The following table shows transfers between Level 1 and Level 2 of the fair value hierarchy:
Transfers In * | Transfers Out * | |||||||||||||||
Level 1 — Quoted Prices | Level 2 —Other Significant Observable Inputs | Level 1 — Quoted Prices | Level 2 — Other Significant Observable Inputs | |||||||||||||
Disciplined Value Fund | $ | - | $ | 208,033 | ** | $ | (208,033 | )** | $ | - | ||||||
Disciplined Growth Fund | - | 17,358 | ** | (17,358 | )** | - | ||||||||||
Small/Mid Cap Opportunities Fund | - | 280,576 | (280,576 | ) | - |
* | The Fund(s) recognize transfers between the Levels as of the beginning of the period. Transfers occurred between Level 1 and Level 2 as a result of securities transitioning between exchange traded and non-exchange traded. |
** | As of September 30, 2012, the Fund(s) no longer held these securities. |
Following is a reconciliation of investments for which significant unobservable inputs (Level 3) were used in determining value:
Asset Valuation Inputs
Investments in Securities | ||||||||||||||||||||||||||||||||||||||||
Balance as of 10/31/11 | Accrued Discounts (Premiums) | Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Purchases | (Sales) | Transfers into Level 3* | Transfers (out) of Level 3* | Balance as of 9/30/12 | Net Change in Unrealized Appreciation (Depreciation) from Investments Still Held as of 9/30/12 | |||||||||||||||||||||||||||||||
Short-Duration Bond Fund | ||||||||||||||||||||||||||||||||||||||||
Long-Term Investments | ||||||||||||||||||||||||||||||||||||||||
Non-U.S. Government | ||||||||||||||||||||||||||||||||||||||||
Agency Obligations | ||||||||||||||||||||||||||||||||||||||||
Other ABS | $ | 858,080 | $ | - | $ | - | $ | 467,200 | $ | - | $ | - | $ | - | $ | - | $ | 1,325,280 | † | $ | 467,200 | |||||||||||||||||||
Other ABS | - | - | - | (2,552 | ) | 933,797 | - | - | - | 931,245 | (2,552 | ) | ||||||||||||||||||||||||||||
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$ | 858,080 | $ | - | $ | - | $ | 464,648 | $ | 933,797 | $ | - | $ | - | $ | - | $ | 2,256,525 | $ | 464,648 | |||||||||||||||||||||
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Inflation-Protected and Income Fund |
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Long-Term Investments | ||||||||||||||||||||||||||||||||||||||||
Non-U.S. Government | ||||||||||||||||||||||||||||||||||||||||
Agency Obligations | ||||||||||||||||||||||||||||||||||||||||
Other ABS | $ | - | $ | - | $ | - | $ | (14,314 | ) | $ | 1,063,894 | $ | - | $ | - | $ | - | $ | 1,049,580 | $ | (14,314 | ) | ||||||||||||||||||
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Core Bond Fund | ||||||||||||||||||||||||||||||||||||||||
Long-Term Investments | ||||||||||||||||||||||||||||||||||||||||
Bonds & Notes | ||||||||||||||||||||||||||||||||||||||||
Corporate Debt | $ | 488,431 | $ | - | $ | (30,184 | ) | $ | 25,401 | $ | - | $ | (483,648 | ) | $ | - | $ | - | $ | - | $ | - | ||||||||||||||||||
Non-U.S. Government | ||||||||||||||||||||||||||||||||||||||||
Agency Obligations | ||||||||||||||||||||||||||||||||||||||||
Other ABS | 2,681,500 | - | - | 1,460,000 | - | - | - | - | 4,141,500 | † | 1,460,000 | |||||||||||||||||||||||||||||
Other ABS | - | - | - | (8,142 | ) | 3,120,867 | - | - | - | 3,112,725 | (8,142 | ) | ||||||||||||||||||||||||||||
Student Loans ABS | - | - | - | 51,480 | - | - | 744,000 | ** | - | 795,480 | 51,480 | |||||||||||||||||||||||||||||
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$ | 3,169,931 | $ | - | $ | (30,184 | ) | $ | 1,528,739 | $ | 3,120,867 | $ | (483,648 | ) | $ | 744,000 | $ | - | $ | 8,049,705 | $ | 1,503,338 | |||||||||||||||||||
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Diversified Bond Fund | ||||||||||||||||||||||||||||||||||||||||
Long-Term Investments | ||||||||||||||||||||||||||||||||||||||||
Equities | ||||||||||||||||||||||||||||||||||||||||
Common Stock | ||||||||||||||||||||||||||||||||||||||||
Basic Materials | $ | 119,688 | $ | - | $ | - | $ | (67,804 | ) | $ | - | $ | - | $ | - | $ | - | $ | 51,884 | $ | (67,804 | ) | ||||||||||||||||||
Non-U.S. Government | ||||||||||||||||||||||||||||||||||||||||
Agency Obligations | ||||||||||||||||||||||||||||||||||||||||
Other ABS | 630,152 | - | - | 343,100 | - | - | - | - | 973,252 | † | 343,100 | |||||||||||||||||||||||||||||
Other ABS | - | - | - | (741 | ) | 232,266 | - | - | - | 231,525 | (741 | ) | ||||||||||||||||||||||||||||
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$ | 749,840 | $ | - | $ | - | $ | 274,555 | $ | 232,266 | $ | - | $ | - | $ | - | $ | 1,256,661 | $ | 274,555 | |||||||||||||||||||||
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261
Table of Contents
Notes to Financial Statements (Continued)
Investments in Securities | ||||||||||||||||||||||||||||||||||||||||
Balance as of 10/31/11 | Accrued Discounts (Premiums) | Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Purchases | (Sales) | Transfers into Level 3* | Transfers (out) of Level 3* | Balance as of 9/30/12 | Net Change in Unrealized Appreciation (Depreciation) from Investments Still Held as of 9/30/12 | |||||||||||||||||||||||||||||||
High Yield Fund | ||||||||||||||||||||||||||||||||||||||||
Long-Term Investments | ||||||||||||||||||||||||||||||||||||||||
Equities | ||||||||||||||||||||||||||||||||||||||||
Common Stock | ||||||||||||||||||||||||||||||||||||||||
Basic Materials | $ | 1,467,933 | $ | - | $ | - | $ | (831,588 | ) | $ | - | $ | - | $ | - | $ | - | $ | 636,345 | $ | (831,588 | ) | ||||||||||||||||||
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International Bond Fund | ||||||||||||||||||||||||||||||||||||||||
Long-Term Investments | ||||||||||||||||||||||||||||||||||||||||
Bonds & Notes | ||||||||||||||||||||||||||||||||||||||||
Sovereign Debt Obligations | $ | 1,442,729 | $ | - | $ | - | $ | 18,116 | $ | - | $ | - | $ | - | $ | - | $ | 1,460,845 | † | $ | 18,116 | |||||||||||||||||||
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Balanced Fund | ||||||||||||||||||||||||||||||||||||||||
Long-Term Investments | ||||||||||||||||||||||||||||||||||||||||
Non-U.S. Government | ||||||||||||||||||||||||||||||||||||||||
Agency Obligations | ||||||||||||||||||||||||||||||||||||||||
Other ABS | $ | 134,075 | $ | - | $ | - | $ | 73,000 | $ | - | $ | - | $ | - | $ | - | $ | 207,075 | † | $ | 73,000 | |||||||||||||||||||
Other ABS | - | - | - | 525 | 102,375 | - | - | - | 102,900 | 525 | ||||||||||||||||||||||||||||||
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$ | 134,075 | $ | - | $ | - | $ | 73,525 | $ | 102,375 | $ | - | $ | - | $ | - | $ | 309,975 | $ | 73,525 | |||||||||||||||||||||
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Small/Mid Cap Opportunities Fund |
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Long-Term Investments | ||||||||||||||||||||||||||||||||||||||||
Equities | ||||||||||||||||||||||||||||||||||||||||
Common Stock | ||||||||||||||||||||||||||||||||||||||||
Industrial | $ | 4,171 | $ | - | $ | (56,183 | ) | $ | 57,484 | $ | - | $ | (5,472 | ) | $ | - | $ | - | $ | - | $ | - | ||||||||||||||||||
Energy | - | - | - | - | - | *** | - | - | - | - | *** | - | ||||||||||||||||||||||||||||
Rights | ||||||||||||||||||||||||||||||||||||||||
Consumer, Non-cyclical | 6 | - | - | - | - | - | - | - | 6 | - | ||||||||||||||||||||||||||||||
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$ | 4,177 | $ | - | $ | (56,183 | ) | $ | 57,484 | $ | - | $ | (5,472 | ) | $ | - | $ | - | $ | 6 | $ | - | |||||||||||||||||||
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International Equity Fund |
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Long-Term Investments | ||||||||||||||||||||||||||||||||||||||||
Equities | ||||||||||||||||||||||||||||||||||||||||
Convertible Preferred Stock | ||||||||||||||||||||||||||||||||||||||||
Energy | $ | 4,886,365 | $ | - | $ | - | $ | (723,973 | ) | $ | - | $ | (4,162,392 | ) | $ | - | $ | - | $ | - | $ | - | ||||||||||||||||||
Warrants | ||||||||||||||||||||||||||||||||||||||||
Consumer, Non-cyclical | - | - | - | - | - | *** | - | - | - | - | *** | - | ||||||||||||||||||||||||||||
Technology | - | - | - | - | - | *** | - | - | - | - | *** | - | ||||||||||||||||||||||||||||
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$ | 4,886,365 | $ | - | $ | - | $ | (723,973 | ) | $ | - | $ | (4,162,392 | ) | $ | - | $ | - | $ | - | $ | - | |||||||||||||||||||
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Focused International Fund |
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Long-Term Investments | ||||||||||||||||||||||||||||||||||||||||
Equities | ||||||||||||||||||||||||||||||||||||||||
Common Stock | ||||||||||||||||||||||||||||||||||||||||
Industrial | $ | 15,032 | $ | - | $ | (210 | ) | $ | (155 | ) | $ | - | $ | (14,667 | ) | $ | - | $ | - | $ | - | $ | - | |||||||||||||||||
Preferred Stock | ||||||||||||||||||||||||||||||||||||||||
Industrial | - | - | (1,453 | ) | - | 29,943 | (28,490 | ) | - | - | - | - | ||||||||||||||||||||||||||||
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$ | 15,032 | $ | - | $ | (1,663 | ) | $ | (155 | ) | $ | 29,943 | $ | (43,157 | ) | $ | - | $ | - | $ | - | $ | - | ||||||||||||||||||
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* | The Fund(s) recognize transfers between the Levels as of the beginning of the period. |
** | Transfers occurred between Level 2 and Level 3 as inputs were unobservable. |
*** | Represents security at $0 value as of September 30, 2012. |
† | Represents an illiquid 144A security or restricted security held in a non-public entity and valued by a broker quote or vendor price. |
None | of the unobservable inputs, individually or collectively, had a material impact on the Fund(s). |
262
Table of Contents
Notes to Financial Statements (Continued)
Derivative Instruments
Derivatives are financial instruments whose values are based on the values of one or more indicators, such as a security, asset, currency, interest rate, or index. Derivative transactions can create investment leverage and may be highly volatile. It is possible that a derivative transaction will result in a loss greater than the principal amount invested. A Fund may not be able to close out a derivative transaction at a favorable time or price. For those Funds that held derivatives during the period ended September 30, 2012, the following tables show how the Fund used these derivatives during the period (marked with an “A”), as well as additional uses, if any, it may have for them in the future (marked with an “M”).
Type of Derivative and Objective for Use | Short- | Core | Diversified | International | Balanced | Value | ||||||
Foreign Currency Exchange Transactions* | ||||||||||||
Hedging/Risk Management | A | |||||||||||
Directional Exposures to Currencies | A | |||||||||||
Futures Contracts** | ||||||||||||
Hedging/Risk Management | A | A | A | A | ||||||||
Duration/Credit Quality Management | A | A | A | A | ||||||||
Substitution for Direct Investment | A | A | A | A | ||||||||
Intention to Create Investment Leverage in Portfolio | M | M | M | M | ||||||||
Credit Default Swaps (Protection Buyer) | ||||||||||||
Hedging/Risk Management | A | A | A | A | ||||||||
Duration/Credit Quality Management | A | A | A | A | ||||||||
Income | M | M | M | M | ||||||||
Substitution for Direct Investment | A | A | A | A | ||||||||
Intention to Create Investment Leverage in Portfolio | M | M | M | M | ||||||||
Options (Purchased) | ||||||||||||
Hedging/Risk Management | A | |||||||||||
Substitution for Direct Investment | A |
Type of Derivative and Objective for Use | Balanced | Disciplined | Main | Disciplined | Small/Mid | Global | International | |||||||
Rights and Warrants | ||||||||||||||
Hedging/Risk Management | M | A | M | |||||||||||
Duration/Credit Quality Management | M | M | M | |||||||||||
Directional Investment | M | M | M | |||||||||||
Intention to Create Investment Leverage in Portfolio | M | M | M | |||||||||||
Result of a Corporate Action | A | A | A | A | A | A | A |
* | Includes any options purchased or written, futures contracts, forward contracts, and swap agreements, if applicable. |
** | Includes any options purchased or written on futures contracts, if applicable. |
263
Table of Contents
Notes to Financial Statements (Continued)
At September 30, 2012, 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 | ||||||||||||||||||||
Swap Agreements* | $ | 446,103 | $ | - | $ | - | $ | - | $ | 446,103 | ||||||||||
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Liability Derivatives | ||||||||||||||||||||
Futures Contracts^^ | $ | - | $ | - | $ | - | $ | (226,517 | ) | $ | (226,517 | ) | ||||||||
Swap Agreements^ | (84,024 | ) | - | - | - | (84,024 | ) | |||||||||||||
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Total Value | $ | (84,024 | ) | $ | - | $ | - | $ | (226,517 | ) | $ | (310,541 | ) | |||||||
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Realized Gain (Loss)# | ||||||||||||||||||||
Futures Contracts | $ | - | $ | - | $ | - | $ | (843,453 | ) | $ | (843,453 | ) | ||||||||
Swap Agreements | (873,375 | ) | - | - | - | (873,375 | ) | |||||||||||||
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Total Realized Gain (Loss) | $ | (873,375 | ) | $ | - | $ | - | $ | (843,453 | ) | $ | (1,716,828 | ) | |||||||
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Change in Apprecation (Depreciation)## | ||||||||||||||||||||
Futures Contracts | $ | - | $ | - | $ | - | $ | (143,467 | ) | $ | (143,467 | ) | ||||||||
Swap Agreements | (271,833 | ) | - | - | - | (271,833 | ) | |||||||||||||
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Total Change in Appreciation (Depreciation) | $ | (271,833 | ) | $ | - | $ | - | $ | (143,467 | ) | $ | (415,300 | ) | |||||||
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Number of Contracts, Notional Amounts or Shares/Units† | ||||||||||||||||||||
Futures Contracts | - | - | - | 241 | 241 | |||||||||||||||
Swap Agreements | $ | 45,607,345 | $ | - | $ | - | $ | - | $ | 45,607,345 | ||||||||||
Core Bond Fund | ||||||||||||||||||||
Asset Derivatives | ||||||||||||||||||||
Futures Contracts^^ | $ | - | $ | - | $ | - | $ | 52,652 | $ | 52,652 | ||||||||||
Swap Agreements* | 1,522,030 | - | - | - | 1,522,030 | |||||||||||||||
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| |||||||||||
Total Value | $ | 1,522,030 | $ | - | $ | - | $ | 52,652 | $ | 1,574,682 | ||||||||||
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Liability Derivatives | ||||||||||||||||||||
Swap Agreements^ | $ | (279,529 | ) | $ | - | $ | - | $ | - | $ | (279,529 | ) | ||||||||
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Realized Gain (Loss)# | ||||||||||||||||||||
Futures Contracts | $ | - | $ | - | $ | - | $ | 90,465 | $ | 90,465 | ||||||||||
Swap Agreements | (2,506,692 | ) | - | - | - | (2,506,692 | ) | |||||||||||||
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| |||||||||||
Total Realized Gain (Loss) | $ | (2,506,692 | ) | $ | - | $ | - | $ | 90,465 | $ | (2,416,227 | ) | ||||||||
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Change in Appreciation (Depreciation)## | ||||||||||||||||||||
Futures Contracts | $ | - | $ | - | $ | - | $ | 168,625 | $ | 168,625 | ||||||||||
Swap Agreements | (1,332,095 | ) | - | - | - | (1,332,095 | ) | |||||||||||||
�� |
|
|
|
|
|
|
|
|
|
| ||||||||||
Total Change in Appreciation (Depreciation) | $ | (1,332,095 | ) | $ | - | $ | - | $ | 168,625 | $ | (1,163,470 | ) | ||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Number of Contracts, Notional Amounts or Shares/Units† | ||||||||||||||||||||
Futures Contracts | - | - | - | 494 | 494 | |||||||||||||||
Swap Agreements | $ | 147,134,293 | $ | - | $ | - | $ | - | $ | 147,134,293 |
264
Table of Contents
Notes to Financial Statements (Continued)
Credit Risk | Equity Risk | Foreign Exchange Risk | Interest Rate Risk | Total | ||||||||||||||||
Diversified Bond Fund | ||||||||||||||||||||
Asset Derivatives | ||||||||||||||||||||
Futures Contracts^^ | $ | - | $ | - | $ | - | $ | 33,488 | $ | 33,488 | ||||||||||
Swap Agreements* | 128,637 | - | - | - | 128,637 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Value | $ | 128,637 | $ | - | $ | - | $ | 33,488 | $ | 162,125 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Liability Derivatives | ||||||||||||||||||||
Futures Contracts^^ | $ | - | $ | - | $ | - | $ | (81,638 | ) | $ | (81,638 | ) | ||||||||
Swap Agreements^ | (33,497 | ) | - | - | - | (33,497 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Value | $ | (33,497 | ) | $ | - | $ | - | $ | (81,638 | ) | $ | (115,135 | ) | |||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Realized Gain (Loss)# | ||||||||||||||||||||
Futures Contracts | $ | - | $ | - | $ | - | $ | 85,794 | $ | 85,794 | ||||||||||
Swap Agreements | (999,884 | ) | - | - | - | (999,884 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Realized Gain (Loss) | $ | (999,884 | ) | $ | - | $ | - | $ | 85,794 | $ | (914,090 | ) | ||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Change in Apprecation (Depreciation)## | ||||||||||||||||||||
Futures Contracts | $ | - | $ | - | $ | - | $ | (73,543 | ) | $ | (73,543 | ) | ||||||||
Swap Agreements | (13,107 | ) | - | - | - | (13,107 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Change in Appreciation (Depreciation) | $ | (13,107 | ) | $ | - | $ | - | $ | (73,543 | ) | $ | (86,650 | ) | |||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Number of Contracts, Notional Amounts or Shares/Units† | ||||||||||||||||||||
Futures Contracts | - | - | - | 216 | 216 | |||||||||||||||
Swap Agreements | $ | 28,167,465 | $ | - | $ | - | $ | - | $ | 28,167,465 | ||||||||||
International Bond Fund | ||||||||||||||||||||
Asset Derivatives | ||||||||||||||||||||
Forward Contracts* | $ | - | $ | - | $ | 119,550 | $ | - | $ | 119,550 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Liability Derivatives | ||||||||||||||||||||
Forward Contracts^ | $ | - | $ | - | $ | (238,265 | ) | $ | - | $ | (238,265 | ) | ||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Realized Gain (Loss)# | ||||||||||||||||||||
Forward Contracts | $ | - | $ | - | $ | 68,714 | $ | - | $ | 68,714 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Change in Apprecation (Depreciation)## | ||||||||||||||||||||
Forward Contracts | $ | - | $ | - | $ | (205,660 | ) | $ | - | $ | (205,660 | ) | ||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Number of Contracts, Notional Amounts or Shares/Units† | ||||||||||||||||||||
Forward Contracts | $ | - | $ | - | $ | 32,917,055 | $ | - | $ | 32,917,055 | ||||||||||
Balanced Fund | ||||||||||||||||||||
Asset Derivatives | ||||||||||||||||||||
Futures Contracts^^ | $ | - | $ | - | $ | - | $ | 6,642 | $ | 6,642 | ||||||||||
Swap Agreements* | 37,857 | - | - | - | 37,857 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Value | $ | 37,857 | $ | - | $ | - | $ | 6,642 | $ | 44,499 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Liability Derivatives | ||||||||||||||||||||
Futures Contracts^^ | $ | - | $ | - | $ | - | $ | (371 | ) | $ | (371 | ) | ||||||||
Swap Agreements^ | (6,934 | ) | - | - | - | (6,934 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Value | $ | (6,934 | ) | $ | - | $ | - | $ | (371 | ) | $ | (7,305 | ) | |||||||
|
|
|
|
|
|
|
|
|
|
265
Table of Contents
Notes to Financial Statements (Continued)
Credit Risk | Equity Risk | Foreign Exchange Risk | Interest Rate Risk | Total | ||||||||||||||||
Balanced Fund (Continued) | ||||||||||||||||||||
Realized Gain (Loss)# | ||||||||||||||||||||
Futures Contracts | $ | - | $ | 336,109 | $ | - | $ | 29,679 | $ | 365,788 | ||||||||||
Swap Agreements | (94,962 | ) | - | - | - | (94,962 | ) | |||||||||||||
Warrants | - | 1,299 | - | - | 1,299 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Realized Gain (Loss) | $ | (94,962 | ) | $ | 337,408 | $ | - | $ | 29,679 | $ | 272,125 | |||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Change in Appreciation (Depreciation)## | ||||||||||||||||||||
Futures Contracts | $ | - | $ | 70,725 | $ | - | $ | 9,901 | $ | 80,626 | ||||||||||
Swap Agreements | (13,191 | ) | - | - | - | (13,191 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Change in Appreciation (Depreciation) | $ | (13,191 | ) | $ | 70,725 | $ | - | $ | 9,901 | $ | 67,435 | |||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Number of Contracts, Notional Amounts or Shares/Units† | ||||||||||||||||||||
Futures Contracts | - | 29 | - | 21 | 50 | |||||||||||||||
Swap Agreements | $ | 4,334,512 | $ | - | $ | - | $ | - | $ | 4,334,512 | ||||||||||
Warrants | - | 4,176 | - | - | 4,176 | |||||||||||||||
Value Fund | ||||||||||||||||||||
Realized Gain (Loss)# | ||||||||||||||||||||
Purchased Options | $ | - | $ | (607,790 | ) | $ | - | $ | - | $ | (607,790 | ) | ||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Change in Appreciation (Depreciation)## | ||||||||||||||||||||
Purchased Options | $ | - | $ | 11,389 | $ | - | $ | - | $ | 11,389 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Number of Contracts, Notional Amounts or Shares/Units† | ||||||||||||||||||||
Purchased Options | - | 1,588 | - | - | 1,588 | |||||||||||||||
Disciplined Value Fund | ||||||||||||||||||||
Realized Gain (Loss)# | ||||||||||||||||||||
Rights | $ | - | $ | 2,105 | $ | - | $ | - | $ | 2,105 | ||||||||||
Warrants | - | 11 | - | - | 11 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Realized Gain (Loss) | $ | - | $ | 2,116 | $ | - | $ | - | $ | 2,116 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Number of Contracts, Notional Amounts or Shares/Units† | ||||||||||||||||||||
Rights | - | 1,753 | - | - | 1,753 | |||||||||||||||
Warrants | - | 32 | - | - | 32 | |||||||||||||||
Main Street Fund | ||||||||||||||||||||
Asset Derivatives | ||||||||||||||||||||
Warrants* | $ | - | $ | 15,970 | $ | - | $ | - | $ | 15,970 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Change in Appreciation (Depreciation)## | ||||||||||||||||||||
Warrants | $ | - | $ | 7,252 | $ | - | $ | - | $ | 7,252 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Number of Contracts, Notional Amounts or Shares/Units† | ||||||||||||||||||||
Warrants | - | 4,576 | - | - | 4,576 |
266
Table of Contents
Notes to Financial Statements (Continued)
Credit Risk | Equity Risk | Foreign Exchange Risk | Interest Rate Risk | Total | ||||||||||||||||
Disciplined Growth Fund | ||||||||||||||||||||
Realized Gain (Loss)# | ||||||||||||||||||||
Rights | $ | - | $ | 668 | $ | - | $ | - | $ | 668 | ||||||||||
Warrants | - | 5,314 | - | - | 5,314 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Realized Gain (Loss) | $ | - | $ | 5,982 | $ | - | $ | - | $ | 5,982 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Number of Contracts, Notional Amounts or Shares/Units† | ||||||||||||||||||||
Rights | - | 256 | - | - | 256 | |||||||||||||||
Warrants | - | 17,024 | - | - | 17,024 | |||||||||||||||
Small/Mid Cap Opportunities Fund | ||||||||||||||||||||
Asset Derivatives | ||||||||||||||||||||
Rights* | $ | - | $ | 6 | $ | - | $ | - | $ | 6 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Number of Contracts, Notional Amounts or Shares/Units† | ||||||||||||||||||||
Rights | - | 600 | - | - | 600 | |||||||||||||||
Global Fund | ||||||||||||||||||||
Realized Gain (Loss)# | ||||||||||||||||||||
Rights | $ | - | $ | 950 | $ | - | $ | - | $ | 950 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Number of Contracts, Notional Amounts or Shares/Units† | ||||||||||||||||||||
Rights | - | 347,559 | - | - | 347,559 | |||||||||||||||
International Equity Fund | ||||||||||||||||||||
Asset Derivatives | ||||||||||||||||||||
Warrants* | $ | - | $ | 4,831 | $ | - | $ | - | $ | 4,831 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Change in Appreciation (Depreciation)## | ||||||||||||||||||||
Warrants | $ | - | $ | (77 | ) | $ | - | $ | - | $ | (77 | ) | ||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Number of Contracts, Notional Amounts or Shares/Units† | ||||||||||||||||||||
Rights | - | 350,742 | - | - | 350,742 | |||||||||||||||
Warrants | - | 4,766,163 | - | - | 4,766,163 |
* | Statements of Assets and Liabilities location: Investments, at value, Receivables from: open forward foreign currency contracts or open swap agreements, at value, as applicable. |
^ | Statements of Assets and Liabilities location: Payables for: open forward foreign currency contracts or open swap agreements, at value, as applicable. |
^^ | Cumulative appreciation (depreciation) on futures contracts is reported in “Futures Contracts” below. Only current day’s variation margin, if any, is reported within the Statements of Assets and Liabilities. |
# | Statements of Operations location: Amounts are included in net realized gain (loss) on: investment transactions, futures contracts, swap agreements, or foreign currency transactions, as applicable. |
## | Statements of Operations location: Amounts are included in net change in unrealized appreciation (depreciation) on: investment transactions, futures contracts, swap agreements, or translation of assets and liabilities in foreign currencies, as applicable. |
† | Amount(s) disclosed represent average number of contracts for futures contracts, notional amounts for forward contracts and swap agreements, or shares/units outstanding for purchased options, rights, and warrants, which is indicative of volume of this derivative type, for the months that the Fund held such derivatives during the period ended September 30, 2012. |
267
Table of Contents
Notes to Financial Statements (Continued)
The Small/Mid Cap Opportunities Fund had no change in appreciation (depreciation) on rights and the International Equity Fund had no realized gain (loss) on rights during the period ended September 30, 2012.
Further details regarding the derivatives and other investments held by the Funds during the period ended September 30, 2012, 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 use foreign currency exchange transactions for hedging purposes to protect against two principal risks. First, if a Fund has assets or liabilities denominated in foreign (non-U.S. dollar) currencies, the Fund is exposed to the risk that the values of those assets or liabilities in U.S. dollars may fall or rise due to changes in currency exchange rates. Second, if the Fund agrees, or expects, to receive or deliver an asset denominated in a foreign currency, it is exposed to currency exchange risk until the date of receipt or delivery. In order to reduce those risks, a Fund may enter into foreign currency forward contracts, which call for the Fund to purchase or sell a foreign currency at a time in the future at a price 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.
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.
The Fund(s) listed in the following table had open forward foreign currency contracts at September 30, 2012. A Fund’s current exposure to a counterparty is typically the unrealized appreciation on the contract.
Counterparty | Units of Currency | Contracts to | Settlement Date | In Exchange for U.S. Dollars | Contracts at Value | Unrealized Appreciation (Depreciation) | ||||||||||||||||||
International Bond Fund | ||||||||||||||||||||||||
BUYS | ||||||||||||||||||||||||
Barclays Bank PLC | 1,400,000 | Singapore Dollar | 10/05/12 | $ | 1,124,147 | $ | 1,140,804 | $ | 16,657 | |||||||||||||||
|
|
|
|
|
| |||||||||||||||||||
Credit Suisse Securities LLC | 2,450,000 | Australian Dollar | 10/05/12 | 2,553,108 | 2,540,936 | (12,172 | ) | |||||||||||||||||
Credit Suisse Securities LLC | 520,000 | British Pound | 10/05/12 | 842,578 | 839,688 | (2,890 | ) |
268
Table of Contents
Notes to Financial Statements (Continued)
Counterparty | Units of Currency | Contracts to | Settlement Date | In Exchange for U.S. Dollars | Contracts at Value | Unrealized Appreciation (Depreciation) | ||||||||||||||||||
International Bond Fund (Continued) | ||||||||||||||||||||||||
BUYS (Continued) | ||||||||||||||||||||||||
Credit Suisse Securities LLC | 530,000 | Canadian Dollar | 10/05/12 | $ | 539,836 | $ | 539,066 | $ | (770 | ) | ||||||||||||||
Credit Suisse Securities LLC | 60,000,000 | Japanese Yen | 11/16/12 | 772,533 | 769,117 | (3,416 | ) | |||||||||||||||||
Credit Suisse Securities LLC | 5,480,000 | Mexican Peso | 10/05/12 | 426,540 | 425,612 | (928 | ) | |||||||||||||||||
Credit Suisse Securities LLC | 4,150,000 | Norwegian Krone | 10/05/12 | 727,856 | 724,318 | (3,538 | ) | |||||||||||||||||
Credit Suisse Securities LLC | 5,320,000 | Polish Zloty | 10/05/12 | 1,672,907 | 1,659,991 | (12,916 | ) | |||||||||||||||||
Credit Suisse Securities LLC | 10,500,000 | South African Rand | 10/05/12 | 1,266,531 | 1,261,043 | (5,488 | ) | |||||||||||||||||
Credit Suisse Securities LLC | 3,000,000 | Swedish Krona | 10/05/12 | 459,640 | 456,664 | (2,976 | ) | |||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||
9,261,529 | 9,216,435 | (45,094 | ) | |||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||
Deutsche Bank AG | 916,400,000 | Japanese Yen | 11/16/12 | 11,717,771 | 11,746,982 | 29,211 | ||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||
$ | 22,103,447 | $ | 22,104,221 | $ | 774 | |||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||
SELLS | ||||||||||||||||||||||||
Barclays Bank PLC | 10,500,000 | South African Rand | 10/05/12 | $ | 1,263,376 | $ | 1,261,043 | $ | 2,333 | |||||||||||||||
|
|
|
|
|
| |||||||||||||||||||
Canadian Imperial Bank of Commerce | 2,450,000 | Australian Dollar | 10/05/12 | 2,563,068 | 2,540,936 | 22,132 | ||||||||||||||||||
Canadian Imperial Bank of Commerce | 550,000 | Canadian Dollar | 10/05/12 | 548,765 | 559,408 | (10,643 | ) | |||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||
3,111,833 | 3,100,344 | 11,489 | ||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||
Credit Suisse Securities LLC | 2,600,000 | Australian Dollar | 11/30/12 | 2,696,195 | 2,683,393 | 12,802 | ||||||||||||||||||
Credit Suisse Securities LLC | 600,000 | British Pound | 11/30/12 | 972,044 | 968,708 | 3,336 | ||||||||||||||||||
Credit Suisse Securities LLC | 530,000 | Canadian Dollar | 11/30/12 | 539,168 | 538,408 | 760 | ||||||||||||||||||
Credit Suisse Securities LLC | 5,480,000 | Mexican Peso | 10/05/12 | 410,784 | 425,612 | (14,828 | ) | |||||||||||||||||
Credit Suisse Securities LLC | 5,480,000 | Mexican Peso | 11/16/12 | 424,720 | 423,846 | 874 | ||||||||||||||||||
Credit Suisse Securities LLC | 4,150,000 | Norwegian Krone | 10/05/12 | 688,437 | 724,318 | (35,881 | ) | |||||||||||||||||
Credit Suisse Securities LLC | 5,320,000 | Polish Zloty | 10/05/12 | 1,583,893 | 1,659,991 | (76,098 | ) | |||||||||||||||||
Credit Suisse Securities LLC | 5,320,000 | Polish Zloty | 11/16/12 | 1,664,406 | 1,651,619 | 12,787 | ||||||||||||||||||
Credit Suisse Securities LLC | 700,000 | Singapore Dollar | 10/05/12 | 559,807 | 570,402 | (10,595 | ) |
269
Table of Contents
Notes to Financial Statements (Continued)
Counterparty | Units of Currency | Contracts to | Settlement Date | In Exchange for U.S. Dollars | Contracts at Value | Unrealized Appreciation (Depreciation) | ||||||||||||||||||
International Bond Fund (Continued) | ||||||||||||||||||||||||
SELLS (Continued) | ||||||||||||||||||||||||
Credit Suisse Securities LLC | 13,000,000 | South African Rand | 11/16/12 | $ | 1,558,979 | $ | 1,552,316 | $ | 6,663 | |||||||||||||||
Credit Suisse Securities LLC | 3,000,000 | Swedish Krona | 10/05/12 | 442,456 | 456,664 | (14,208 | ) | |||||||||||||||||
Credit Suisse Securities LLC | 3,000,000 | Swedish Krona | 11/30/12 | 458,865 | 455,909 | 2,956 | ||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||
11,999,754 | 12,111,186 | (111,432 | ) | |||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||
Deutsche Bank AG | 520,000 | British Pound | 10/05/12 | 808,770 | 839,688 | (30,918 | ) | |||||||||||||||||
Deutsche Bank AG | 3,000,000 | Mexican Peso | 11/16/12 | 233,205 | 232,032 | 1,173 | ||||||||||||||||||
Deutsche Bank AG | 900,000 | Polish Zloty | 11/16/12 | 282,762 | 279,409 | 3,353 | ||||||||||||||||||
Deutsche Bank AG | 700,000 | Singapore Dollar | 10/05/12 | 573,609 | 570,402 | 3,207 | ||||||||||||||||||
Deutsche Bank AG | 1,500,000 | South African Rand | 11/16/12 | 180,420 | 179,114 | 1,306 | ||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||
2,078,766 | 2,100,645 | (21,879 | ) | |||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||
$ | 18,453,729 | $ | 18,573,218 | $ | (119,489 | ) | ||||||||||||||||||
|
|
|
|
|
|
Futures Contracts
A Fund may seek to manage a variety of different risks, such as interest rate risk, equity price risk, and currency risk, through the use of futures contracts. A Fund may use interest rate futures contracts to adjust the interest rate sensitivity (duration) of its portfolio or the credit exposure of the portfolio. Interest rate futures contracts obligate the long or short holder to take or make delivery of a specified quantity of a financial instrument, such as a specific fixed-income security, during a specified future period at a specified price. A Fund may use index futures to hedge against broad market risks to its portfolio or to gain broad market exposure when it holds uninvested cash or as an inexpensive substitute for cash investments directly in securities or other assets. Securities index futures contracts are contracts to buy or sell units of a securities index at a specified future date at a price agreed upon when the contract is made and are settled in cash. Positions in futures may be closed out only on an exchange or board of trade which provides a secondary market for such futures. Because futures contracts are exchange-traded, they typically have minimal exposure to counterparty risk.
Parties to a futures contract are not required to post the entire notional amount of the contract, but rather a small percentage of that amount (by way of margin), both at the time they enter into futures transactions, and then on a daily basis if their positions decline in value; as a result, futures contracts are highly leveraged. Such payments are known as variation margin and are recorded by the Funds as unrealized gains or losses. Because futures markets are highly leveraged, they can be extremely volatile, and there can be no assurance that the pricing of a futures contract will correlate precisely with the pricing of the asset or index underlying it or the asset or liability of the Fund that is the subject of the hedge. It may not always be possible for a Fund to enter into a closing transaction with respect to a futures contract it has entered into, at a favorable time or price. When a Fund enters into a futures transaction, it is subject to the risk that the value of the futures contract will move in a direction unfavorable to it. When the Fund uses futures contracts for hedging purposes, it is likely that the Fund will have an asset or liability that will offset any loss (or gain) on the transactions, at least in part.
When a futures contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded.
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The Fund(s) listed in the following table had open futures contracts at September 30, 2012:
Number of Contracts | Type | Expiration Date | Notional Contract Value | Net Unrealized Appreciation (Depreciation) | ||||||||||
Short-Duration Bond Fund | ||||||||||||||
SELLS | ||||||||||||||
124 | U.S. Treasury Note 10 Year | 12/19/12 | $ | (16,552,063 | ) | $ | (125,436 | ) | ||||||
181 | U.S. Treasury Note 5 Year | 12/31/12 | (22,558,539 | ) | (101,081 | ) | ||||||||
|
| |||||||||||||
$ | (226,517 | ) | ||||||||||||
|
| |||||||||||||
Core Bond Fund | ||||||||||||||
BUYS | ||||||||||||||
434 | U.S. Treasury Note 2 Year | �� | 12/31/12 | $ | 95,710,563 | $ | 52,652 | |||||||
|
| |||||||||||||
Diversified Bond Fund | ||||||||||||||
BUYS | ||||||||||||||
15 | Australia 3 Year Treasury Bond | 12/17/12 | $ | 1,719,534 | $ | 9,436 | ||||||||
17 | Ultra Long U.S. Treasury Bond | 12/19/12 | 2,808,719 | (32,072 | ) | |||||||||
53 | U.S. Treasury Note 2 Year | 12/31/12 | 11,688,156 | 5,992 | ||||||||||
22 | U.S. Treasury Note 5 Year | 12/31/12 | 2,741,922 | 12,120 | ||||||||||
|
| |||||||||||||
$ | (4,524 | ) | ||||||||||||
|
| |||||||||||||
SELLS | ||||||||||||||
16 | U.S. Treasury Bond 30 Year | 12/19/12 | $ | (2,390,000 | ) | $ | 5,940 | |||||||
49 | U.S. Treasury Note 10 Year | 12/19/12 | (6,540,734 | ) | (49,566 | ) | ||||||||
|
| |||||||||||||
$ | (43,626 | ) | ||||||||||||
|
| |||||||||||||
Balanced Fund | ||||||||||||||
BUYS | ||||||||||||||
1 | U.S. Treasury Bond 30 Year | 12/19/12 | $ | 149,375 | $ | (371 | ) | |||||||
2 | U.S. Treasury Note 10 Year | 12/19/12 | 266,969 | 2,002 | ||||||||||
11 | U.S. Treasury Note 2 Year | 12/31/12 | 2,425,843 | 1,334 | ||||||||||
6 | U.S. Treasury Note 5 Year | 12/31/12 | 747,797 | 3,306 | ||||||||||
|
| |||||||||||||
$ | 6,271 | |||||||||||||
|
|
Swap Agreements
Swap agreements are typically two-party contracts entered into primarily by institutional investors. In a standard “swap” transaction, two parties agree to exchange the returns (or differentials in rates of return) earned or realized on particular predetermined investments or instruments, which may be adjusted for an interest factor. The gross returns to be exchanged or “swapped” between the parties are generally calculated with respect to a “notional amount,” (i.e., the return on or increase in value of a particular dollar amount invested at a particular interest rate or in a “basket” of securities representing a particular index).
A Fund may enter into credit default swap transactions, as a “buyer” or “seller” of credit protection. In a credit default swap, one party provides what is in effect insurance against a default or other adverse credit event affecting an issuer of debt securities (typically referred to as a “reference entity”). In general, the buyer of credit protection is obligated to pay the protection seller an upfront amount or a periodic stream of payments over the term of the swap. If a “credit event” occurs, the buyer has the right to deliver to the seller bonds or other obligations of the reference entity (with a value up to the full notional value of the swap), and to receive a payment equal to the par value of the bonds or other obligations. Credit events that would trigger a request that the seller make payment are specific to each credit default swap agreement, but generally include bankruptcy, failure to pay, restructuring, obligation acceleration, obligation default, or repudiation/moratorium. When a Fund buys protection, it may or may not own securities of the reference entity. If it does own securities of the reference entity, the swap serves as a hedge against a decline in the
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value of the securities due to the occurrence of a credit event involving the issuer of the securities. If the Fund does not own securities of the reference entity, the credit default swap may be seen to create a short position in the reference entity. If a Fund is a buyer and no credit event occurs, the Fund will typically recover nothing under the swap, but will have had to pay the required upfront payment or stream of continuing payments under the swap. When a Fund sells protection under a credit default swap, the position may have the effect of creating leverage in the Fund’s portfolio through the Fund’s indirect long exposure to the issuer or securities on which the swap is written. When a Fund sells protection, it may do so either to earn additional income or to create such a “synthetic” long position.
Whenever a Fund enters into a swap agreement, it takes on counterparty risk — the risk that its counterparty will be unable or unwilling to meet its obligations under the swap agreement. The Fund also takes the risk that the market will move against its position in the swap agreement. In the case of a credit default swap, the swap will become more or less valuable depending on the credit of the issuer of the underlying security, and, if a credit event occurs under a swap where the Fund is the seller of credit protection, the Fund could be required to purchase the security at par value, resulting in a significant loss to the Fund. When the Fund enters into any type of swap for hedging purposes, it is likely that the Fund will have an asset or liability that will offset any loss (or gain) on the swap, at least in part. Swap agreements may be non-transferable or otherwise highly illiquid, and a Fund may not be able to terminate or transfer a swap agreement at any particular time or at an acceptable price.
During the term of a swap transaction, changes in the value of the swap are recognized as unrealized gains or losses by marking to market to reflect the market value of the swap. When the swap is terminated, a Fund will record a realized gain or loss equal to the difference, if any, between the proceeds from (or cost of) the closing transaction and a Fund’s basis in the agreement. Upfront swap premium payments paid or received by a Fund, if any, are recorded within the value of the open swap agreement on the Fund’s Statement of Assets and Liabilities and represent payments paid or received upon entering into the swap agreement to compensate for differences between stated terms of the swap agreement and prevailing market conditions (credit spreads, currency exchange rates, and other relevant factors). These upfront payments are recorded as realized gain or loss on the Fund’s Statement of Operations upon termination or maturity of the swap agreement.
During the term of a swap transaction, the periodic net payments can be made for a set period of time or may be triggered by a predetermined credit event. The net periodic payments may be based on a fixed or variable interest rate, the change in market value of a specified security, basket of securities or index, or the return generated by a security. These periodic payments received or made by the Funds are recorded in the accompanying Statements of Operations as realized gains and losses, respectively.
The Fund(s) listed in the following table had open swap agreements at September 30, 2012. A Fund’s current exposure to a counterparty is typically the fair value of the agreement.
Notional | Currency | Expiration Date | Counterparty | Buy/Sell | Receive (Pay) Fixed Rate | Deliverable on Default | Unrealized Appreciation (Depreciation) | Premium (Received) Paid | Value | |||||||||||||||||||||
| Short-Duration Bond Fund* | |||||||||||||||||||||||||||||
| Credit Default Swaps | |||||||||||||||||||||||||||||
$ | 9,200,000 | USD | 6/20/17 | Barclays Bank PLC | Buy | (1.000 | )% | CDX.NA.IG.18† | $(125,803 | ) | $ | 86,909 | $(38,894 | ) | ||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||
10,675,000 | USD | 6/20/17 | Goldman Sachs & Co. | Buy | (1.000 | )% | CDX.NA.IG.18† | (60,219 | ) | 15,089 | (45,130 | ) | ||||||||||||||||||
3,236,102 | USD | 10/12/52 | Goldman Sachs & Co. | Buy | (0.100 | )% | CMBX.NA.AAA.1† | (100,005 | ) | 177,994 | 77,989 | |||||||||||||||||||
2,290,165 | USD | 10/12/52 | Goldman Sachs & Co. | Buy | (0.100 | )% | CMBX.NA.AAA.1† | (65,047 | ) | 120,240 | 55,193 | |||||||||||||||||||
3,116,615 | USD | 10/12/52 | Goldman Sachs & Co. | Buy | (0.100 | )% | CMBX.NA.AAA.1† | (104,104 | ) | 179,214 | 75,110 | |||||||||||||||||||
940,959 | USD | 10/12/52 | Goldman Sachs & Co. | Buy | (0.100 | )% | CMBX.NA.AAA.1† | (71,419 | ) | 94,096 | 22,677 | |||||||||||||||||||
2,091,020 | USD | 10/12/52 | Goldman Sachs & Co. | Buy | (0.100 | )% | CMBX.NA.AAA.1† | (151,790 | ) | 202,183 | 50,393 |
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Notional | Currency | Expiration Date | Counterparty | Buy/Sell | Receive (Pay) Fixed Rate | Deliverable on Default | Unrealized Appreciation (Depreciation) | Premium (Received) Paid | Value | |||||||||||||||||||||
| Short-Duration Bond Fund* (Continued) | |||||||||||||||||||||||||||||
| Credit Default Swaps (Continued) | |||||||||||||||||||||||||||||
$ | 428,161 | USD | 10/12/52 | Goldman Sachs & Co. | Buy | (0.100 | )% | CMBX.NA.AAA.1† | $ | (15,549 | ) | $ | 25,868 | $ | 10,319 | |||||||||||||||
1,991,447 | USD | 10/12/52 | Goldman Sachs & Co. | Buy | (0.100 | )% | CMBX.NA.AAA.1† | (46,600 | ) | 94,594 | 47,994 | |||||||||||||||||||
1,070,403 | USD | 10/12/52 | Goldman Sachs & Co. | Buy | (0.100 | )% | CMBX.NA.AAA.1† | (43,779 | ) | 69,576 | 25,797 | |||||||||||||||||||
3,186,316 | USD | 10/12/52 | Goldman Sachs & Co. | Buy | (0.100 | )% | CMBX.NA.AAA.1† | (82,534 | ) | 159,325 | 76,791 | |||||||||||||||||||
159,316 | USD | 10/12/52 | Goldman Sachs & Co. | Buy | (0.100 | )% | CMBX.NA.AAA.1† | (7,711 | ) | 11,551 | 3,840 | |||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||
(748,757 | ) | 1,149,730 | 400,973 | |||||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||
| Core Bond Fund** | |||||||||||||||||||||||||||||
| Credit Default Swaps | |||||||||||||||||||||||||||||
35,620,000 | USD | 6/20/17 | Barclays Bank PLC | Buy | (1.000 | )% | CDX.NA.IG.18† | (487,076 | ) | 336,489 | (150,587 | ) | ||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||
4,020,000 | USD | 6/20/16 | Credit Suisse Securities LLC | Buy | (0.580 | )% | Marriott International, Inc. | 24,405 | - | 24,405 | ||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||
30,500,000 | USD | 6/20/17 | Goldman Sachs & Co | Buy | (1.000 | )% | CDX.NA.IG.18† | (172,054 | ) | 43,112 | (128,942 | ) | ||||||||||||||||||
9,260,231 | USD | 10/12/52 | Goldman Sachs & Co | Buy | (0.100 | )% | CMBX.NA.AAA.1† | (286,167 | ) | 509,339 | 223,172 | |||||||||||||||||||
7,667,073 | USD | 10/12/52 | Goldman Sachs & Co | Buy | (0.100 | )% | CMBX.NA.AAA.1† | (217,766 | ) | 402,542 | 184,776 | |||||||||||||||||||
8,463,652 | USD | 10/12/52 | Goldman Sachs & Co | Buy | (0.100 | )% | CMBX.NA.AAA.1† | (219,232 | ) | 423,206 | 203,974 | |||||||||||||||||||
8,787,262 | USD | 10/12/52 | Goldman Sachs & Co | Buy | (0.100 | )% | CMBX.NA.AAA.1† | (293,519 | ) | 505,292 | 211,773 | |||||||||||||||||||
8,074,324 | USD | 10/12/52 | Goldman Sachs & Co | Buy | (0.100 | )% | CMBX.NA.AAA.1† | (390,820 | ) | 585,411 | 194,591 | |||||||||||||||||||
4,978,619 | USD | 10/12/52 | Goldman Sachs & Co | Buy | (0.100 | )% | CMBX.NA.AAA.1† | (377,877 | ) | 497,862 | 119,985 | |||||||||||||||||||
7,448,013 | USD | 10/12/52 | Goldman Sachs & Co | Buy | (0.100 | )% | CMBX.NA.AAA.1† | (540,660 | ) | 720,157 | 179,497 | |||||||||||||||||||
2,489,309 | USD | 10/12/52 | Goldman Sachs & Co. | Buy | (0.100 | )% | CMBX.NA.AAA.1† | (101,813 | ) | 161,805 | 59,992 | |||||||||||||||||||
816,493 | USD | 10/12/52 | Goldman Sachs & Co | Buy | (0.100 | )% | CMBX.NA.AAA.1† | (29,652 | ) | 49,330 | 19,678 | |||||||||||||||||||
4,157,147 | USD | 10/12/52 | Goldman Sachs & Co | Buy | (0.100 | )% | CMBX.NA.AAA.1† | (97,277 | ) | 197,464 | 100,187 | |||||||||||||||||||
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|
|
|
|
| |||||||||||||||||||||||||
(2,726,837 | ) | 4,095,520 | 1,368,683 | |||||||||||||||||||||||||||
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| |||||||||||||||||||||||||
| Diversified Bond Fund | |||||||||||||||||||||||||||||
| Credit Default Swaps |
| ||||||||||||||||||||||||||||
4,750,000 | USD | 6/20/17 | Barclays Bank PLC | Buy | (1.000 | )% | CDX.NA.IG.18† | (64,952 | ) | 44,871 | (20,081 | ) | ||||||||||||||||||
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| |||||||||||||||||||||||||
1,125,000 | USD | 6/20/16 | Credit Suisse Securities LLC | Buy | (0.580 | )% | Marriott International, Inc. | 6,830 | - | 6,830 | ||||||||||||||||||||
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|
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| |||||||||||||||||||||||||
1,980,000 | USD | 6/20/17 | Goldman Sachs & Co. | Buy | (5.000 | )% | CDX.NA.HY.18† | (99,120 | ) | 95,287 | (3,833 | ) | ||||||||||||||||||
4,950,000 | USD | 6/20/17 | Goldman Sachs & Co. | Buy | (5.000 | )% | CDX.NA.HY.18† | (142,614 | ) | 133,031 | (9,583 | ) |
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Notional | Currency | Expiration Date | Counterparty | Buy/Sell | Receive (Pay) Fixed Rate | Deliverable on Default | Unrealized Appreciation (Depreciation) | Premium (Received) Paid | Value | |||||||||||||||||||||
| Diversified Bond Fund (Continued) | |||||||||||||||||||||||||||||
| Credit Default Swaps (Continued) |
| ||||||||||||||||||||||||||||
$ | 74,679 | USD | 10/12/52 | Goldman Sachs & Co. | Buy | (0.100 | )% | CMBX.NA.AAA.1† | $ | (3,615 | ) | $ | 5,415 | $ | 1,800 | |||||||||||||||
438,118 | USD | 10/12/52 | Goldman Sachs & Co. | Buy | (0.100 | )% | CMBX.NA.AAA.1† | (17,919 | ) | 28,478 | 10,559 | |||||||||||||||||||
438,118 | USD | 10/12/52 | Goldman Sachs & Co. | Buy | (0.100 | )% | CMBX.NA.AAA.1† | (21,206 | ) | 31,765 | 10,559 | |||||||||||||||||||
572,541 | USD | 10/12/52 | Goldman Sachs & Co. | Buy | (0.100 | )% | CMBX.NA.AAA.1† | (13,398 | ) | 27,195 | 13,797 | |||||||||||||||||||
697,007 | USD | 10/12/52 | Goldman Sachs & Co. | Buy | (0.100 | )% | CMBX.NA.AAA.1† | (19,797 | ) | 36,595 | 16,798 | |||||||||||||||||||
796,579 | USD | 10/12/52 | Goldman Sachs & Co. | Buy | (0.100 | )% | CMBX.NA.AAA.1† | (26,608 | ) | 45,805 | 19,197 | |||||||||||||||||||
965,852 | USD | 10/12/52 | Goldman Sachs & Co. | Buy | (0.100 | )% | CMBX.NA.AAA.1† | (70,112 | ) | 93,389 | 23,277 | |||||||||||||||||||
1,071,399 | USD | 10/12/52 | Goldman Sachs & Co. | Buy | (0.100 | )% | CMBX.NA.AAA.1† | (38,911 | ) | 64,731 | 25,820 | |||||||||||||||||||
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| |||||||||||||||||||||||||
(453,300 | ) | 561,691 | 108,391 | |||||||||||||||||||||||||||
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| |||||||||||||||||||||||||
| Balanced Fund*** | |||||||||||||||||||||||||||||
| Credit Default Swaps | |||||||||||||||||||||||||||||
590,000 | USD | 6/20/17 | Barclays Bank PLC | Buy | (1.000 | )% | CDX.NA.IG.18† | (8,068 | ) | 5,573 | (2,495 | ) | ||||||||||||||||||
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| |||||||||||||||||||||||||
180,000 | USD | 6/20/16 | Credit Suisse Securities LLC | Buy | (0.580 | )% | Marriott International, Inc. | 1,093 | - | 1,093 | ||||||||||||||||||||
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| |||||||||||||||||||||||||
1,050,000 | USD | 6/20/17 | Goldman Sachs & Co. | Buy | (1.000 | )% | CDX.NA.IG.18† | (5,923) | 1,484 | (4,439) | ||||||||||||||||||||
313,653 | USD | 10/12/52 | Goldman Sachs & Co. | Buy | (0.100 | )% | CMBX.NA.AAA.1† | (9,693 | ) | 17,252 | 7,559 | |||||||||||||||||||
110,525 | USD | 10/12/52 | Goldman Sachs & Co. | Buy | (0.100 | )% | CMBX.NA.AAA.1† | (3,139 | ) | 5,803 | 2,664 | |||||||||||||||||||
298,717 | USD | 10/12/52 | Goldman Sachs & Co. | Buy | (0.100 | )% | CMBX.NA.AAA.1† | (9,978 | ) | 17,177 | 7,199 | |||||||||||||||||||
64,722 | USD | 10/12/52 | Goldman Sachs & Co. | Buy | (0.100 | )% | CMBX.NA.AAA.1† | (2,351 | ) | 3,910 | 1,559 | |||||||||||||||||||
124,465 | USD | 10/12/52 | Goldman Sachs & Co. | Buy | (0.100 | )% | CMBX.NA.AAA.1† | (2,912 | ) | 5,912 | 3,000 | |||||||||||||||||||
224,038 | USD | 10/12/52 | Goldman Sachs & Co. | Buy | (0.100 | )% | CMBX.NA.AAA.1† | (5,803 | ) | 11,203 | 5,400 | |||||||||||||||||||
314,649 | USD | 10/12/52 | Goldman Sachs & Co. | Buy | (0.100 | )% | CMBX.NA.AAA.1† | (22,841 | ) | 30,424 | 7,583 | |||||||||||||||||||
74,679 | USD | 10/12/52 | Goldman Sachs & Co. | Buy | (0.100 | )% | CMBX.NA.AAA.1† | (3,054 | ) | 4,854 | 1,800 | |||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||
(65,694 | ) | 98,019 | 32,325 | |||||||||||||||||||||||||||
|
|
|
|
|
|
USD | U.S. Dollar |
* | Collateral for swap agreements received from Goldman Sachs & Co. amounted to $390,000 in cash at September 30, 2012. |
** | Collateral for swap agreements held by Barclays Bank PLC and received from Goldman Sachs & Co. amounted to $117,032 and $1,257,543 in securities, respectively, at September 30, 2012. |
*** | Collateral for swap agreements received from Goldman Sachs & Co. amounted to $30,000 in cash at September 30, 2012. |
† | Payment is based on a percentage of the index. |
274
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Options, Rights, and Warrants
A Fund may purchase and sell put and call options on securities or an index of securities to enhance investment performance or to protect against changes in market prices. A Fund that invests in debt securities may also purchase and sell put and call options to adjust the interest rate sensitivity of its portfolio or the credit exposure of the portfolio.
Call Options. A call option gives the holder the right to purchase, and obligates the writer to sell, a security at the strike price at any time before the expiration date. 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.
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. 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.
Writing put and call options. 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.
Exchange Traded Options. Exchange traded options purchased or sold by a Fund may be traded on a securities or options exchange or market. Such options typically have minimal exposure to counterparty risk. However, an exchange or market may at times find it necessary to impose restrictions on particular types of options transactions, such as opening transactions. If an underlying security ceases to meet qualifications imposed by the market or the Options Clearing Corporation, new series of options on that
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Notes to Financial Statements (Continued)
security will no longer be opened to replace expiring series, and opening transactions in existing series may be prohibited. Exchange traded options are valued at the last sale price, or if no sales are reported, the last bid price for purchased options and the last ask price for written options.
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.
When-Issued, Delayed-Delivery, Forward Commitment, and To-Be-Announced Transactions
A Fund may enter into when-issued, delayed-delivery, forward commitment, or to-be-announced (“TBA”) transactions in order to lock in the purchase price of the underlying security, or in order to adjust the interest rate exposure of the Fund’s existing portfolio. In when-issued, delayed-delivery, or forward commitment transactions, a Fund commits to purchase or sell particular securities, with payment and delivery to take place at a future date. In the case of TBA purchase commitments, the unit price and the estimated principal amount are established when the Fund enters into a commitment, with the actual principal amount being within a specified range of the estimate. Although a Fund does not typically pay for the securities in these types of transactions until they are delivered, it immediately assumes the risks of ownership, including the risk of price fluctuation. If a Fund’s counterparty fails to deliver a security purchased on a when-issued, delayed-delivery, forward commitment, or TBA basis, there may be a loss, and the Fund may have missed an opportunity to make an alternative investment.
Prior to settlement of these transactions, the value of the subject securities will fluctuate. In addition, because the Fund is not required to make payment under these transactions until the delivery date, they may result in a form of leverage.
These securities are valued on the basis of valuations furnished by a pricing service, selected pursuant to procedures approved by the Trustees, which determines valuations taking into account appropriate factors such as institutional-size trading in similar groups of securities, yield, quality, coupon rate, maturity, type of issue, trading characteristics, and other market data. Securities for which no market quotation is available are valued at fair value in accordance with procedures approved by the Trustees. The Funds record on a daily basis the unrealized appreciation (depreciation) based upon changes in the values of these securities. When a when-issued, delayed-delivery, forward commitment, or TBA transaction is closed, the Funds record a realized gain or loss equal to the difference between the value of the transaction at the time it was opened and the value of the transaction at the time it was closed.
Inflation-Indexed Bonds
The Funds may invest in inflation-indexed bonds, which are fixed income securities whose principal value or coupon is periodically adjusted according to the rate of inflation, as measured by the Consumer Price Index for All Urban Consumers (“CPI-U”) (for U.S. Treasury inflation-indexed bonds) or, generally, by a comparable inflation index calculated by the foreign government issuing the inflation-indexed bonds.
If the periodic adjustment rate measuring inflation falls, the principal value of inflation-indexed bonds will be adjusted downward, and consequently the interest payable on these securities (calculated with respect to a smaller principal amount) will be reduced.
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Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury inflation-indexed bonds, even during a period of deflation. However, the current market value of the bonds is not guaranteed, and will fluctuate. The Funds may also invest in other inflation related bonds which may or may not provide a similar guarantee. If a guarantee of principal is not provided, the adjusted principal value of the bond repaid at maturity may be less than the original principal. Any adjustments to the principal amount of an inflation-indexed bond due to inflation will be reflected as increases or decreases to interest income. Such adjustments may have a significant impact on the Fund’s distributions.
The value of inflation-indexed bonds is generally based on changes in real interest rates, which in turn are tied to the relationship between nominal interest rates and the rate of inflation. Therefore, if nominal interest rates increased at a faster rate than inflation, real interest rates might rise, leading to a decrease in value of inflation-indexed bonds. While the values of these securities are expected to be protected from long-term inflationary trends, short-term increases in inflation may lead to a decline in value. There can be no assurance that the CPI-U or any foreign inflation index will accurately measure the real rate of inflation, or that the rate of inflation in a foreign country will correlate to the rate of inflation in the United States. Additionally, if interest rates rise due to reasons other than inflation, investors in these securities may not be protected to the extent that the increase is not reflected in the bond’s inflation measure.
Bank Loans
Certain of the Funds may invest in bank loans including, for example, corporate loans, loan participations, direct debt, bank debt, and bridge debt. A Fund may invest in a loan by lending money to a borrower directly as part of a syndicate of lenders. In a syndicated loan, the agent that originated and structured the loan typically administers and enforces the loan on behalf of the syndicate. Failure by the agent to fulfill its obligations may delay or adversely affect receipt of payment by a Fund. A Fund may also invest in loans through novations, assignments, and participation interests. In a novation, a Fund typically assumes all of the rights of a lending institution in a loan, including the right to receive payments of principal and interest and other amounts directly from the borrower and to enforce its rights as a lender directly against the borrower. When a Fund takes an assignment of a loan, the Fund acquires some or all of the interest of another lender (or assignee) in the loan. In such cases, the Fund may be required generally to rely upon the assignor to demand payment and enforce rights under the loan. If a Fund acquires a participation in the loan, the Fund purchases an indirect interest in a loan held by a third party and the Fund typically will have a contractual relationship only with the third party loan investor, not with the borrower. As a result, a Fund may have the right to receive payments of principal, interest, and any fees to which it is entitled only from the loan investor selling the participation and only 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 September 30, 2012, 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.
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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. 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 collateral furnished by the counterparty to secure its obligation to redeliver the securities. A reverse repurchase agreement generally creates investment leverage. If the counterparty in a reverse repurchase agreement files for bankruptcy or becomes insolvent, a Fund’s use of proceeds from the sale of its securities may be restricted while the other party or its trustee or receiver determines whether to enforce the Fund’s obligation to repurchase the securities.
The Fund(s) listed in the following table had open reverse repurchase agreements at September 30, 2012:
Description | Value | |||
Inflation-Protected and Income Fund | ||||
Agreement with Barclays Bank PLC, dated 8/16/12, 0.260%, to be repurchased on demand until 11/15/12 at value plus accrued interest. | $ | 9,987,175 | ||
Agreement with Barclays Bank PLC, dated 9/06/12, 0.260%, to be repurchased on demand until 12/06/12 at value plus accrued interest. | 5,218,862 | |||
Agreement with Barclays Bank PLC, dated 9/12/12, 0.270%, to be repurchased on demand until 12/13/12 at value plus accrued interest. | 7,933,437 | |||
Agreement with Barclays Bank PLC, dated 9/19/12, 0.270%, to be repurchased on demand until 12/19/12 at value plus accrued interest. | 18,795,750 | |||
Agreement with Daiwa Securities, dated 8/30/12, 0.290%, to be repurchased on demand until 11/29/12 at value plus accrued interest. | 11,582,500 | |||
Agreement with Deutsche Bank AG, dated 7/11/12, 0.290%, to be repurchased on demand until 10/11/12 at value plus accrued interest. | 12,275,035 | |||
Agreement with Deutsche Bank AG, dated 8/14/12, 0.240%, to be repurchased on demand until 11/14/12 at value plus accrued interest. | 10,348,260 | |||
Agreement with Deutsche Bank AG, dated 9/13/12, 0.270%, to be repurchased on demand until 12/07/12 at value plus accrued interest. | 6,303,076 | |||
Agreement with Deutsche Bank AG, dated 9/19/12, 0.270%, to be repurchased on demand until 12/20/12 at value plus accrued interest. | 18,179,419 | |||
Agreement with Goldman Sachs & Co., dated 7/26/12, 0.260%, to be repurchased on demand until 10/24/12 at value plus accrued interest. | 7,298,277 | |||
Agreement with Goldman Sachs & Co., dated 8/15/12, 0.260%, to be repurchased on demand until 11/15/12 at value plus accrued interest. | 13,442,446 | |||
Agreement with Goldman Sachs & Co., dated 9/12/12, 0.250%, to be repurchased on demand until 12/11/12 at value plus accrued interest. | 23,384,542 | |||
Agreement with Goldman Sachs & Co., dated 9/17/12, 0.270%, to be repurchased on demand until 12/18/12 at value plus accrued interest. | 27,737,354 | |||
Agreement with HSBC Finance Corp., dated 7/12/12, 0.240%, to be repurchased on demand until 10/12/12 at value plus accrued interest. | 29,073,240 | |||
Agreement with HSBC Finance Corp., dated 7/24/12, 0.250%, to be repurchased on demand until 10/24/12 at value plus accrued interest. | 5,078,550 | |||
Agreement with HSBC Finance Corp., dated 8/02/12, 0.230%, to be repurchased on demand until 11/01/12 at value plus accrued interest. | 10,032,250 | |||
Agreement with HSBC Finance Corp., dated 8/16/12, 0.230%, to be repurchased on demand until 11/14/12 at value plus accrued interest. | 9,237,000 | |||
Agreement with HSBC Finance Corp., dated 8/28/12, 0.230%, to be repurchased on demand until 11/28/12 at value plus accrued interest. | 7,895,488 | |||
Agreement with HSBC Finance Corp., dated 9/12/12, 0.240%, to be repurchased on demand until 12/12/12 at value plus accrued interest. | 13,150,000 |
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Description | Value | |||
Agreement with Morgan Stanley & Co., dated 7/26/12, 0.280%, to be repurchased on demand until 10/26/12 at value plus accrued interest. | $ | 1,241,372 | ||
Agreement with Morgan Stanley & Co., dated 8/17/12, 0.280%, to be repurchased on demand until 11/15/12 at value plus accrued interest. | 9,385,992 | |||
Agreement with Morgan Stanley & Co., dated 9/06/12, 0.290%, to be repurchased on demand until 12/06/12 at value plus accrued interest. | 21,167,633 | |||
|
| |||
$ | 278,747,658 | |||
|
| |||
Average balance outstanding | $ | 285,849,088 | ||
Maximum balance outstanding | $ | 302,112,629 | ||
Average interest rate | 0.22 | % | ||
Weighted average maturity | 68 days |
Average balance outstanding was calculated based on daily balances outstanding during the period that the Fund had entered into reverse repurchase agreements.
Securities Lending
Each Fund may lend its securities to qualified brokers; however, securities lending cannot exceed 33% of the total assets of the Fund taken at current value.
The loans are collateralized at all times with cash or securities with a market value at least equal to 100% of the market value of the securities on loan. The market value of the loaned securities is determined at the close of business of a Fund and any additional collateral is delivered to the Fund the next business day. As with other extensions of credit, the Funds may bear the risk of delay in recovery or even loss of rights in the collateral should the borrower of the securities fail financially. The Funds receive compensation for lending their securities.
The Funds receive, as fees, a share of the income earned on investment of the cash collateral received for the loan of securities. For the period ended September 30, 2012, the Fund(s) earned securities lending net income as follows:
Securities Lending Gross Income | Securities Lending Fees and Expenses | Securities Lending Net Income | ||||||||||
Value Fund | $ | 171 | $ | - | $ | 171 | ||||||
Small/Mid Cap Opportunities Fund | 18,163 | - | 18,163 | |||||||||
Global Fund | 16,362 | - | 16,362 | |||||||||
International Equity Fund | 16,650 | - | 16,650 | |||||||||
Focused International Fund | 6,688 | - | 6,688 | |||||||||
Strategic Emerging Markets Fund | 1,133 | - | 1,133 | |||||||||
|
|
|
|
|
| |||||||
$ | 59,167 | $ | - | $ | 59,167 | |||||||
|
|
|
|
|
|
Accounting for Investment Transactions
Investment transactions are accounted for on the trade date. Realized gains and losses on sales of investments and unrealized appreciation and depreciation of investments are computed by the specific identification cost method. Proceeds received from litigation, if any, are included in realized gains on investment transactions for any investments that are no longer held in the portfolio and as a reduction in cost for investments that continue to be held in the portfolio. Interest income, adjusted for amortization of discounts and premiums on debt securities, is earned from the settlement date and is recorded on the accrual basis. Dividend income is recorded on the ex-dividend date. Withholding taxes on foreign interest, dividends, and capital gains have been provided for in accordance with the applicable country’s tax rules and rates. Foreign dividend income is recorded on the ex-dividend date or as soon as practicable after the Fund determines the existence of a dividend declaration after exercising
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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 estimate the components of distributions received that may be considered return of capital distributions or capital gain distributions.
Foreign Currency Translation
The books and records of the Funds are maintained in U.S. dollars. The market values of foreign currencies, foreign securities, and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the mean of the buying and selling rates of such currencies against the U.S. dollar at the end of each business day. Purchases and sales of foreign securities and income and expense items are translated at the rates of exchange prevailing on the respective dates of such transactions. The Funds do not isolate that portion of the results of operations arising from changes in the exchange rates from that portion arising from changes in the market prices of securities. Net realized foreign currency gains and losses resulting from changes in exchange rates include foreign currency gains and losses between trade date and settlement date on investment securities transactions, foreign currency transactions, and the difference between the amounts of dividends or interest recorded on the books of the Funds and the amount actually received.
Allocation of Operating Activity
In maintaining the records for the Funds, the income and expense accounts are allocated to each class of shares. Investment income and loss, and unrealized and realized gains or losses are prorated among the classes of shares based on the relative net assets of each. Expenses are allocated to each class of shares depending on the nature of the expenditures. Administration and service fees, if any, which are directly attributable to a class of shares, are charged to that class’s operations. Expenses of the Fund not directly attributable to the operations of any class of shares or Fund are prorated among the Funds and classes to which the expense relates based on the relative net assets of each.
Foreign Securities
The Global Fund invests a significant amount of its assets and each of the International Bond Fund, International Equity Fund, Focused International Fund, and Strategic Emerging Markets Fund invests substantially all of its assets in foreign securities. The other Funds may also invest in foreign securities. Foreign securities, including ADRs, are subject to additional risks compared to securities of U.S. issuers, including international trade, currency, political, regulatory, and diplomatic risks. In addition, fluctuations in currency exchange rates may adversely affect the values of foreign securities and the price of the Fund’s shares. Emerging markets securities are subject to greater risks than securities issued in developed foreign markets, including less liquidity, greater price volatility, higher relative rates of inflation, greater political and economic instability, and greater volatility in currency exchange rates.
Credit Risk
The Funds may invest a portion of their assets, directly or indirectly, in securities backed by mortgage loans, credit card receivables, and automotive loans. The values and related income of these securities are sensitive to changes in economic conditions, including delinquencies and/or defaults. Continuing shifts in the market’s perception of credit quality on such securities have resulted in increased volatility of market price and periods of decreased market activity that have adversely impacted the valuation and liquidity of such securities.
Federal Income Tax
It is each Fund’s intent to continue to comply with the provisions of subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to a regulated investment company. Under such provisions, the Funds would not be subject to federal income taxes on their ordinary income and net realized capital gains to the extent they are distributed or deemed to have been distributed to their shareholders. Therefore, the Funds have not made any provision for federal income tax.
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Dividends and Distributions to Shareholders
Dividends from net investment income of each Fund, other than the Money Market Fund, are declared and paid annually and at other times as may be required to satisfy tax or regulatory requirements. Dividends from net investment income are declared daily and paid monthly for the Money Market Fund. Distributions of any net realized capital gains of each Fund are declared and paid annually and at other times as may be required to satisfy tax or regulatory requirements.
Distributions to shareholders are recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. As a result, net investment income and net realized capital gains on investment transactions for a reporting period may differ significantly from distributions during such period.
3. | Management Fees and Other Transactions |
Investment Management Fees
Under agreements between Massachusetts Mutual Life Insurance Company (“MassMutual”) and the Trust on behalf of each Fund, MassMutual is responsible for providing investment management services for each Fund. In return for these services, MassMutual receives advisory fees, based upon each Fund’s average daily net assets, at the following annual rates:
Money Market Fund | 0.35% | |
Short-Duration Bond Fund* | 0.40% on the first $500 million; and | |
0.35% on any excess over $500 million | ||
Inflation-Protected and Income Fund* | 0.48% on the first $350 million; and | |
0.43% on any excess over $350 million | ||
Core Bond Fund* | 0.48% on the first $1.5 billion; | |
0.43% on the next $500 million; and | ||
0.38% on any excess over $2 billion | ||
Diversified Bond Fund* | 0.50% on the first $150 million; and | |
0.45% on any excess over $150 million | ||
High Yield Fund* | 0.50% on the first $250 million; and | |
0.475% on any excess over $250 million | ||
International Bond Fund* | 0.60% on the first $350 million; and | |
0.55% on any excess over $350 million | ||
Balanced Fund* | 0.48% on the first $350 million; and | |
0.43% on any excess over $350 million | ||
Value Fund* | 0.50% on the first $250 million; and | |
0.47% on any excess over $250 million | ||
Disciplined Value Fund* | 0.50% on the first $400 million; and | |
0.45% on any excess over $400 million | ||
Main Street Fund* | 0.65% on the first $300 million; and | |
0.60% on any excess over $300 million | ||
Capital Appreciation Fund* | 0.65% on the first $500 million; and | |
0.60% on any excess over $500 million | ||
Disciplined Growth Fund* | 0.50% on the first $400 million; and | |
0.45% on any excess over $400 million | ||
Small/Mid Cap Opportunities Fund* | 0.58% on the first $400 million; and | |
0.53% on any excess over $400 million | ||
Global Fund* | 0.80% on the first $400 million; and | |
0.75% on any excess over $400 million |
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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 | ||
Focused International Fund* | 0.90% on the first $350 million; and | |
0.85% on any excess over $350 million | ||
Strategic Emerging Markets Fund* | 1.05% on the first $350 million; and | |
1.00% on any excess over $350 million |
* | Prior to June 1, 2012, the investment management fees were as follows: |
Short-Duration Bond Fund | 0.40% | |
Inflation-Protected and Income Fund | 0.48% | |
Core Bond Fund | 0.48% on the first $1.5 billion; and | |
0.43% on any excess over $1.5 billion | ||
Diversified Bond Fund | 0.50% | |
High Yield Fund | 0.50% | |
International Bond Fund | 0.60% | |
Balanced Fund | 0.48% | |
Value Fund | 0.50% | |
Disciplined Value Fund | 0.50% | |
Main Street Fund | 0.65% | |
Capital Appreciation Fund | 0.65% | |
Disciplined Growth Fund | 0.50% | |
Small/Mid Cap Opportunities Fund | 0.58% | |
Global Fund | 0.80% | |
International Equity Fund | 0.85% on the first $1.25 billion; and | |
0.80% on any excess over $1.25 billion | ||
Focused International Fund | 0.90% | |
Strategic Emerging Markets Fund | 1.05% |
MassMutual has entered into investment subadvisory agreements with Babson Capital Management LLC (“Babson Capital”), a wholly-owned subsidiary of MassMutual Holding LLC, a controlled subsidiary of MassMutual, on behalf of certain Funds. These agreements provide that Babson Capital manage the investment and reinvestment of assets of these Funds. Babson Capital receives a subadvisory fee from MassMutual, based upon each Fund’s average daily net assets, at the following annual rates:
Money Market Fund | 0.05% | |
Short-Duration Bond Fund | 0.08% | |
Inflation-Protected and Income Fund | 0.08% | |
Core Bond Fund | 0.10% | |
Diversified Bond Fund | 0.10% | |
High Yield Fund | 0.20% | |
Balanced Fund: fixed income portion | 0.09% | |
Balanced Fund: equity portion* | 0.22% on the first $50 million; | |
0.21% on the next $50 million; and | ||
0.20% on any excess over $100 million | ||
Disciplined Value Fund* | 0.25% on the first $50 million; | |
0.21% on the next $50 million; | ||
0.17% on the next $650 million; and | ||
0.14% on any excess over $750 million |
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Disciplined Growth Fund* | 0.25% on the first $50 million; | |
0.21% on the next $50 million; | ||
0.17% on the next $650 million; and | ||
0.14% on any excess over $750 million |
* | Subadvisory fee based on Aggregate Assets. For purposes of these subadvisory agreements, “Aggregate Assets” means the aggregate of (i) the average daily net assets of the Fund determined at the close of the New York Stock Exchange on each day that the Exchange is open for trading, and (ii) the average daily net assets of certain other funds or accounts of MassMutual or its affiliates, including other funds registered under the 1940 Act, for which Babson Capital provides investment advisory services, as agreed upon from time to time by MassMutual and Babson Capital, determined at the close of the Exchange on each day that the Exchange is open for trading. |
In addition, Cornerstone Real Estate Advisers LLC (“Cornerstone”) serves as sub-subadviser for the Short-Duration Bond Fund, Inflation-Protected and Income Fund, Core Bond Fund, Diversified Bond Fund, High Yield Fund, and Balanced Fund and is primarily responsible for managing each Fund’s commercial mortgage backed securities. Cornerstone is a wholly-owned subsidiary of Babson Capital. The appointment of Cornerstone as a sub-subadviser to each Fund does not relieve Babson Capital of any obligation or liability to any of the Funds that it would otherwise have pursuant to investment subadvisory agreements between MassMutual and Babson Capital with respect to each Fund, and any and all acts and omissions of Cornerstone in respect of any Fund shall be considered the acts and omissions of Babson Capital.
MassMutual has entered into investment subadvisory agreements with Baring International Investment Ltd. (“Baring”), an indirect wholly-owned subsidiary of MassMutual Holdings (Bermuda) Ltd., which is wholly-owned by MassMutual Holding LLC, on behalf of certain Funds. These agreements provide that Baring manage the investment and reinvestment of the assets of these Funds. Baring receives a subadvisory fee from MassMutual, based upon each Fund’s average daily net assets, at the following annual rates:
International Bond Fund | 0.30% | |||
Focused International Fund | 0.55% | |||
Strategic Emerging Markets Fund | 0.65% |
MassMutual has entered into investment subadvisory agreements with OppenheimerFunds, Inc. (“OFI”), a wholly-owned subsidiary of Oppenheimer Acquisition Corp., which is majority owned by MassMutual Holding LLC, on behalf of certain Funds. These agreements provide that OFI manage the investment and reinvestment of the assets of these Funds. OFI receives a subadvisory fee from MassMutual, based upon each Fund’s average daily net assets, at the following annual rates:
Capital Appreciation Fund | 0.42% on the first $700 million; and | |
0.25% on any excess over $700 million | ||
Global Fund | 0.50% on the first $750 million; | |
0.28% on the next $50 million; and | ||
0.25% on any excess over $800 million |
MassMutual has entered into investment subadvisory agreements with OFI Institutional Asset Management, Inc. (“OFI Institutional”), a wholly-owned subsidiary of OFI, on behalf of certain Funds. These agreements provide that OFI Institutional manage the investment and reinvestment of the assets of these Funds. OFI Institutional receives a subadvisory fee from MassMutual, based upon each Fund’s average daily net assets, at the following annual rates:
Value Fund | 0.23% | |
Main Street Fund | 0.33% on the first $1 billion; and | |
0.30% on any excess over $1 billion | ||
Small/Mid Cap Opportunities Fund | 0.40% on the first $1 billion; and | |
0.30% on any excess over $1 billion |
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International Equity Fund | 0.50% on the first $250 million; | |
0.475% on the next $250 million; | ||
0.425% on the next $500 million; | ||
0.40% on the next $500 million; and | ||
0.375% on any excess over $1.5 billion |
The Funds’ subadvisory fees are paid by MassMutual out of the management fees previously disclosed above.
Administration Fees
Under separate administrative and shareholder services agreements between each Fund and MassMutual, MassMutual provides certain administrative and shareholder services and bears some class specific administrative expenses. In return for these services, MassMutual received an administrative services fee, based upon the average daily net assets of the applicable class of shares of the Funds, at the following annual rates:
Class Z | Class S | Class Y | Class L | Class A | Class N | |||||||||||||||||||
Money Market Fund | None | 0.0766% | 0.1766% | None | 0.3266% | None | ||||||||||||||||||
Short-Duration Bond Fund | 0.0700% | 0.2589% | 0.3089% | 0.3889% | 0.3889% | 0.4389% | ||||||||||||||||||
Inflation-Protected and Income Fund | 0.0500% | 0.1608% | 0.2608% | 0.4108% | 0.3108% | 0.3608% | ||||||||||||||||||
Core Bond Fund | 0.0600% | 0.2651% | 0.3151% | 0.3851% | 0.3851% | 0.4551% | ||||||||||||||||||
Diversified Bond Fund | 0.0700% | 0.3360% | 0.3860% | 0.3960% | 0.3860% | 0.4360% | ||||||||||||||||||
High Yield Fund | 0.0400% | 0.2443% | 0.2943% | 0.4443% | 0.4443% | 0.4943% | ||||||||||||||||||
International Bond Fund | None | 0.0500% | 0.1500% | 0.3000% | 0.3000% | None | ||||||||||||||||||
Balanced Fund | None | 0.0868% | 0.2468% | 0.3968% | 0.3968% | None | ||||||||||||||||||
Value Fund | None | 0.0658% | 0.1658% | 0.2758% | 0.3158% | 0.3758% | ||||||||||||||||||
Disciplined Value Fund | None | 0.0285% | 0.1185% | 0.2585% | 0.2585% | 0.3085% | ||||||||||||||||||
Main Street Fund | None | 0.1100% | 0.1600% | 0.3100% | 0.3100% | 0.3600% | ||||||||||||||||||
Capital Appreciation Fund | None | 0.1000% | 0.1500% | 0.3000% | 0.3000% | 0.3500% | ||||||||||||||||||
Disciplined Growth Fund | None | 0.0244% | 0.1144% | 0.2544% | 0.2544% | None | ||||||||||||||||||
Small/Mid Cap Opportunities Fund | None | 0.0971% | 0.1971% | 0.2971% | 0.2971% | None | ||||||||||||||||||
Global Fund | None | 0.1800% | 0.2100% | 0.3600% | 0.3600% | 0.4100% | ||||||||||||||||||
International Equity Fund | None | 0.1392% | 0.1692% | 0.3192% | 0.3192% | None | ||||||||||||||||||
Focused International Fund | 0.0600% | 0.1500% | 0.2500% | 0.4000% | 0.4000% | 0.5500% | ||||||||||||||||||
Strategic Emerging Markets Fund | 0.0400% | 0.2000% | 0.3000% | 0.4500% | 0.4500% | None |
Distribution and Service Fees
MML Distributors, LLC (the “Distributor”) acts as distributor to each Fund. Pursuant to separate 12b-1 Plans adopted by the Funds, Class A shares of each Fund pay an annual fee of 0.25% of the average daily net asset value of Class A shares to: (i) the Distributor for services provided and expenses incurred by it in connection with the distribution of Class A shares of the Fund; and/or (ii) MassMutual for services provided and expenses incurred by it for purposes of maintaining or providing personal services to Class A shareholders. Pursuant to separate 12b-1 Plans adopted by the Funds, Class N shares of each Fund pay an annual fee of 0.50% of the average daily net asset value of Class N shares as follows: 0.25% of the average daily net asset value of Class N shares to the Distributor for services provided and expenses incurred by it in connection with the distribution of Class N shares of the Fund; and 0.25% of the average daily net asset value of Class N shares to MassMutual for services provided and expenses incurred by it for purposes of maintaining or providing personal services to Class N shareholders. The Distribution fee may be spent by the Distributor on any activities or expenses primarily intended to result in the sale of Class A or Class N shares of the Fund. The Servicing Fee may be spent by MassMutual on personal services rendered to Class A or Class N shareholders of a Fund and/or maintenance of Class A or Class N shareholder accounts. The Distributor is a majority-owned subsidiary of MassMutual. In addition, OppenheimerFunds Distributor, Inc. (the “Sub-Distributor”) acts as a sub-distributor to each Fund. The Sub-Distributor is an affiliate of the Distributor and an indirect majority-owned subsidiary of MassMutual.
284
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Notes to Financial Statements (Continued)
Expense Caps and Waivers
MassMutual agreed to cap the fees and expenses of the Funds noted below (other than extraordinary litigation and legal expenses, Acquired Fund fees and expenses#, or other non-recurring or unusual expenses such as, for example, organizational expenses and shareholder meeting expenses) based upon the average daily net assets of the applicable class of shares of the Funds, as follows:
Class Z | Class S | Class Y | Class L | Class A | Class N | |||||||||||||||||||
International Bond Fund*,† | None | 0.7500% | 0.8000% | 0.9500% | 1.2000% | None | ||||||||||||||||||
Main Street Fund*,† | None | 0.7100% | 0.7600% | 0.9100% | 1.1600% | 1.4600% | ||||||||||||||||||
Capital Appreciation Fund*,† | None | 0.7100% | 0.8200% | 0.9700% | 1.0900% | 1.4600% | ||||||||||||||||||
Small/Mid Cap Opportunities Fund*,† | None | 0.6900% | 0.7900% | 0.8900% | 1.1400% | None | ||||||||||||||||||
Global Fund*,† | None | 0.8900% | 1.0300% | 1.1400% | 1.4300% | 1.5200% | ||||||||||||||||||
Strategic Emerging Markets Fund*,† | 0.9900% | 1.1500% | 1.2500% | 1.4000% | 1.6500% | None |
# | Acquired Fund fees and expenses are expenses borne indirectly by a Fund through investments in other pooled investment vehicles. |
* | Expense caps in effect through February 28, 2013. |
† | As of March 1, 2012, interest expense and short sale dividend and loan expense are also excluded from the cap. |
For the Money Market Fund, MassMutual has agreed to voluntarily waive some or all of its fees in an attempt to allow each class of the Fund to avoid a negative yield. There is no guarantee that a class of the Fund will be able to avoid a negative yield. Payments made to intermediaries will be unaffected. MassMutual may amend or discontinue this waiver at any time without advance notice.
MassMutual has agreed to waive, through February 28, 2013, 0.14% of the management fee for each class of the Short-Duration Bond Fund, 0.13% of the management fee for each class of the Inflation-Protection and Income Fund, 0.18% of the management fee for each class of the Core Bond Fund, 0.17% of the management fee for each class of the Diversified Bond Fund, 0.10% of the management fee for each class of the High Yield Fund, 0.05% of the management fee for each class of the Disciplined Value Fund, 0.05% of the management fee for each class of the Disciplined Growth Fund, 0.10% of the management fee for each class of the Focused International Fund, and 0.15% of the management fee for each class of the Strategic Emerging Markets Fund based upon each class’s average daily net assets.
MassMutual has agreed to waive, through February 28, 2013, 0.22% of the administration fees for Class A of the Money Market Fund, and 0.02% of the administration fees for Classes S, Y, L, and A of the Balanced Fund.
Expense caps and waiver amounts are reflected as a reduction of expenses on the Statements of Operations.
Deferred Compensation
Trustees of the Funds who are not employees of MassMutual or its subsidiaries may elect to defer receipt of their annual fees in accordance with terms of a Non-Qualified Deferred Compensation Plan. Amounts deferred shall accrue interest and shall be recorded on the Funds’ books as other liabilities. Deferred compensation is included within Trustees’ fees and expenses in the Statements of Assets and Liabilities.
Other
Certain officers and trustees of the Funds are also employees of MassMutual. The compensation of each trustee who is not an employee of MassMutual is borne by the Funds.
285
Table of Contents
Notes to Financial Statements (Continued)
The following table shows beneficial ownership of Funds’ shares by affiliated parties at September 30, 2012:
Total % of Ownership by Related Party | ||||
Money Market Fund | 70.6% | |||
Short-Duration Bond Fund | 93.5% | |||
Inflation-Protected and Income Fund | 92.4% | |||
Core Bond Fund | 91.5% | |||
Diversified Bond Fund | 76.6% | |||
High Yield Fund | 89.9% | |||
International Bond Fund | 99.2% | |||
Balanced Fund | 93.9% | |||
Value Fund | 97.4% | |||
Disciplined Value Fund | 88.8% | |||
Main Street Fund | 97.2% | |||
Capital Appreciation Fund | 96.6% | |||
Disciplined Growth Fund | 88.4% | |||
Small/Mid Cap Opportunities Fund | 94.0% | |||
Global Fund | 94.2% | |||
International Equity Fund | 94.6% | |||
Focused International Fund | 46.6% | |||
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 and redemptions in-kind) for the period ended September 30, 2012, 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 | $ | 936,812,285 | $ | 196,961,760 | $ | 1,017,164,674 | $ | 148,044,489 | ||||||||
Inflation-Protected and Income Fund | 80,490,853 | 84,561,616 | 71,946,792 | 40,549,882 | ||||||||||||
Core Bond Fund | 6,873,275,254 | 321,525,542 | 6,916,135,381 | 258,913,749 | ||||||||||||
Diversified Bond Fund | 509,785,966 | 28,403,637 | 510,573,263 | 29,019,687 | ||||||||||||
High Yield Fund | - | 193,900,315 | - | 180,675,164 | ||||||||||||
International Bond Fund | - | 24,226,854 | - | 23,614,887 | ||||||||||||
Balanced Fund | 178,852,875 | 81,854,710 | 181,933,068 | 91,460,448 | ||||||||||||
Value Fund | - | 113,618,110 | - | 141,975,829 | ||||||||||||
Disciplined Value Fund | - | 351,932,049 | - | 360,809,092 | ||||||||||||
Main Street Fund | - | 59,404,523 | - | 75,198,313 | ||||||||||||
Capital Appreciation Fund | - | 84,888,690 | - | 186,334,486 | ||||||||||||
Disciplined Growth Fund | - | 388,496,846 | - | 365,020,283 | ||||||||||||
Small/Mid Cap Opportunities Fund | - | 109,050,634 | - | 118,432,963 | ||||||||||||
Global Fund | - | 96,440,080 | - | 127,404,702 | ||||||||||||
International Equity Fund | - | 175,807,428 | - | 353,697,859 | ||||||||||||
Focused International Fund | - | 75,921,860 | - | 26,891,381 | ||||||||||||
Strategic Emerging Markets Fund | - | 102,004,758 | - | 101,820,031 |
286
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Notes to Financial Statements (Continued)
5. | Capital Share Transactions |
Changes in shares outstanding for each Fund were as follows:
Period Ended September 30, 2012+ | Year Ended October 31, 2011 | Year Ended October 31, 2010 | ||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||
Money Market Fund Class S | ||||||||||||||||||||||||
Sold | 378,764,507 | $ | 378,764,507 | 299,380,590 | $ | 299,380,590 | 265,640,005 | $ | 265,640,005 | |||||||||||||||
Issued as reinvestment of dividends | 8,502 | 8,502 | 5,031 | 5,031 | 4,721 | 4,721 | ||||||||||||||||||
Redeemed | (405,632,335 | ) | (405,632,335 | ) | (330,966,465 | ) | (330,966,465 | ) | (344,419,733 | ) | (344,419,733 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) | (26,859,326 | ) | $ | (26,859,326 | ) | (31,580,844 | ) | $ | (31,580,844 | ) | (78,775,007 | ) | $ | (78,775,007 | ) | |||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Money Market Fund Class Y | ||||||||||||||||||||||||
Sold | 266,368,558 | $ | 266,368,558 | 305,430,395 | $ | 305,430,395 | 362,174,360 | $ | 362,174,360 | |||||||||||||||
Issued as reinvestment of dividends | 8,188 | 8,188 | 5,000 | 5,000 | 4,263 | 4,263 | ||||||||||||||||||
Redeemed | (391,133,464 | ) | (391,133,464 | ) | (266,530,157 | ) | (266,530,157 | ) | (365,491,309 | ) | (365,491,309 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) | (124,756,718 | ) | $ | (124,756,718 | ) | 38,905,238 | $ | 38,905,238 | (3,312,686 | ) | $ | (3,312,686 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Money Market Fund Class A | ||||||||||||||||||||||||
Sold | 528,367,318 | $ | 528,367,318 | 450,389,020 | $ | 450,389,020 | 504,732,539 | $ | 504,732,539 | |||||||||||||||
Issued as reinvestment of dividends | 8,847 | 8,847 | 5,714 | 5,714 | 4,281 | 4,281 | ||||||||||||||||||
Redeemed | (583,257,444 | ) | (583,257,444 | ) | (451,347,328 | ) | (451,347,328 | ) | (575,853,719 | ) | (575,853,719 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) | (54,881,279 | ) | $ | (54,881,279 | ) | (952,594 | ) | $ | (952,594 | ) | (71,116,899 | ) | $ | (71,116,899 | ) | |||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Short-Duration Bond Fund Class Z* | ||||||||||||||||||||||||
Sold | 3,400,604 | $ | 36,162,666 | 15,293,057 | $ | 165,101,559 | ||||||||||||||||||
Issued as reinvestment of dividends | 529,773 | 5,541,427 | 0 | ++ | 3 | |||||||||||||||||||
Redeemed | (4,059,431 | ) | (43,189,426 | ) | (2,648,802 | ) | (28,650,611 | ) | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||
Net increase (decrease) | (129,054 | ) | $ | (1,485,333 | ) | 12,644,255 | $ | 136,450,951 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||
Short-Duration Bond Fund Class S | ||||||||||||||||||||||||
Sold | 3,584,993 | $ | 38,299,086 | 7,614,010 | $ | 81,913,050 | 7,863,017 | $ | 83,862,569 | |||||||||||||||
Issued as reinvestment of dividends | 531,744 | 5,577,996 | 540,241 | 5,694,136 | 445,066 | 4,615,335 | ||||||||||||||||||
Redeemed | (3,752,545 | ) | (40,074,757 | ) | (11,224,683 | ) | (120,955,184 | ) | (4,371,593 | ) | (46,710,197 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) | 364,192 | $ | 3,802,325 | (3,070,432 | ) | $ | (33,347,998 | ) | 3,936,490 | $ | 41,767,707 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Short-Duration Bond Fund Class Y | ||||||||||||||||||||||||
Sold | 2,699,198 | $ | 28,521,125 | 4,505,124 | $ | 47,953,738 | 2,350,408 | $ | 24,822,329 | |||||||||||||||
Issued as reinvestment of dividends | 260,122 | 2,713,077 | 132,418 | 1,387,737 | 182,616 | 1,884,593 | ||||||||||||||||||
Redeemed | (2,436,209 | ) | (25,878,153 | ) | (3,130,690 | ) | (33,697,563 | ) | (2,444,978 | ) | (25,764,367 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) | 523,111 | $ | 5,356,049 | 1,506,852 | $ | 15,643,912 | 88,046 | $ | 942,555 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
287
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Notes to Financial Statements (Continued)
Period Ended September 30, 2012+ | Year Ended October 31, 2011 | Year Ended October 31, 2010 | ||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||
Short-Duration Bond Fund Class L | ||||||||||||||||||||||||
Sold | 890,605 | $ | 9,407,738 | 3,879,334 | $ | 41,221,923 | 3,279,572 | $ | 34,644,233 | |||||||||||||||
Issued as reinvestment of dividends | 141,113 | 1,468,992 | 339,325 | 3,535,767 | 357,348 | 3,666,393 | ||||||||||||||||||
Redeemed | (1,707,602 | ) | (18,084,324 | ) | (11,690,221 | ) | (124,597,491 | ) | (2,910,351 | ) | (30,536,202 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) | (675,884 | ) | $ | (7,207,594 | ) | (7,471,562 | ) | $ | (79,839,801 | ) | 726,569 | $ | 7,774,424 | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Short-Duration Bond Fund Class A | ||||||||||||||||||||||||
Sold | 2,022,817 | $ | 21,254,984 | 1,312,431 | $ | 13,860,401 | 4,803,900 | $ | 51,016,003 | |||||||||||||||
Issued as reinvestment of dividends | 231,759 | 2,401,025 | 190,028 | 1,978,197 | 192,219 | 1,970,244 | ||||||||||||||||||
Redeemed | (2,067,742 | ) | (21,690,754 | ) | (4,121,514 | ) | (43,852,033 | ) | (2,366,500 | ) | (24,865,624 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) | 186,834 | $ | 1,965,255 | (2,619,055 | ) | $ | (28,013,435 | ) | 2,629,619 | $ | 28,120,623 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Short-Duration Bond Fund Class N | ||||||||||||||||||||||||
Sold | 25,677 | $ | 270,572 | 71,039 | $ | 743,329 | 310,016 | $ | 3,239,633 | |||||||||||||||
Issued as reinvestment of dividends | 28,141 | 289,006 | 16,844 | 173,995 | 18,474 | 188,061 | ||||||||||||||||||
Redeemed | (797,480 | ) | (8,278,487 | ) | (4,416 | ) | (46,617 | ) | (1,593 | ) | (16,722 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) | (743,662 | ) | $ | (7,718,909 | ) | 83,467 | $ | 870,707 | 326,897 | $ | 3,410,972 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Inflation-Protected and Income Fund Class Z** | ||||||||||||||||||||||||
Sold | 5,320,737 | $ | 63,726,842 | 10,087,639 | $ | 112,767,761 | ||||||||||||||||||
Issued as reinvestment of dividends | 479,461 | 5,552,157 | - | - | ||||||||||||||||||||
Redeemed | (4,148,236 | ) | (49,026,685 | ) | (1,550,962 | ) | (17,940,867 | ) | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||
Net increase (decrease) | 1,651,962 | $ | 20,252,314 | 8,536,677 | $ | 94,826,894 | ||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||
Inflation-Protected and Income Fund Class S | ||||||||||||||||||||||||
Sold | 1,736,949 | $ | 20,565,866 | 6,190,581 | $ | 68,710,907 | 2,839,760 | $ | 29,673,529 | |||||||||||||||
Issued as reinvestment of dividends | 231,665 | 2,682,692 | 264,235 | 2,787,672 | 47,223 | 489,232 | ||||||||||||||||||
Redeemed | (3,285,711 | ) | (39,158,913 | ) | (7,156,248 | ) | (79,847,892 | ) | (3,654,774 | ) | (38,710,387 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) | (1,317,097 | ) | $ | (15,910,355 | ) | (701,432 | ) | $ | (8,349,313 | ) | (767,791 | ) | $ | (8,547,626 | ) | |||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Inflation-Protected and Income Fund Class Y | ||||||||||||||||||||||||
Sold | 2,550,292 | $ | 30,266,681 | 1,499,718 | $ | 16,794,836 | 1,521,916 | $ | 15,926,376 | |||||||||||||||
Issued as reinvestment of dividends | 285,490 | 3,300,262 | 275,542 | 2,901,460 | 41,217 | 426,591 | ||||||||||||||||||
Redeemed | (1,750,840 | ) | (20,929,529 | ) | (3,532,241 | ) | (39,316,900 | ) | (2,414,934 | ) | (25,608,629 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) | 1,084,942 | $ | 12,637,414 | (1,756,981 | ) | $ | (19,620,604 | ) | (851,801 | ) | $ | (9,255,662 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
288
Table of Contents
Notes to Financial Statements (Continued)
Period Ended September 30, 2012+ | Year Ended October 31, 2011 | Year Ended October 31, 2010 | ||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||
Inflation-Protected and Income Fund Class L | ||||||||||||||||||||||||
Sold | 616,239 | $ | 7,425,693 | 2,514,060 | $ | 27,194,117 | 1,166,415 | $ | 12,226,847 | |||||||||||||||
Issued as reinvestment of dividends | 15,989 | 186,582 | 103,406 | 1,087,830 | 10,363 | 107,153 | ||||||||||||||||||
Redeemed | (393,875 | ) | (4,740,567 | ) | (5,660,763 | ) | (62,764,347 | ) | (1,188,539 | ) | (12,529,888 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) | 238,353 | $ | 2,871,708 | (3,043,297 | ) | $ | (34,482,400 | ) | (11,761 | ) | $ | (195,888 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Inflation-Protected and Income Fund Class A | ||||||||||||||||||||||||
Sold | 797,681 | $ | 9,349,632 | 618,554 | $ | 6,820,429 | 870,883 | $ | 9,084,219 | |||||||||||||||
Issued as reinvestment of dividends | 133,843 | 1,527,145 | 98,103 | 1,021,254 | 5,833 | 59,677 | ||||||||||||||||||
Redeemed | (891,528 | ) | (10,450,850 | ) | (793,280 | ) | (8,709,732 | ) | (1,407,874 | ) | (14,622,928 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) | 39,996 | $ | 425,927 | (76,623 | ) | $ | (868,049 | ) | (531,158 | ) | $ | (5,479,032 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Inflation-Protected and Income Fund Class N | ||||||||||||||||||||||||
Sold | 64,572 | $ | 757,078 | 30,188 | $ | 334,967 | 11,054 | $ | 117,696 | |||||||||||||||
Issued as reinvestment of dividends | 1,912 | 21,952 | 712 | 7,471 | - | - | ||||||||||||||||||
Redeemed | (26,999 | ) | (315,501 | ) | (8,777 | ) | (98,287 | ) | (2,238 | ) | (23,716 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) | 39,485 | $ | 463,529 | 22,123 | $ | 244,151 | 8,816 | $ | 93,980 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Core Bond Fund Class Z* | ||||||||||||||||||||||||
Sold | 21,650,949 | $ | 251,954,916 | 30,741,396 | $ | 350,182,504 | ||||||||||||||||||
Issued as reinvestment of dividends | 1,681,502 | 18,916,901 | 1 | 6 | ||||||||||||||||||||
Redeemed | (6,780,931 | ) | (78,502,846 | ) | (3,647,305 | ) | (41,904,115 | ) | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||
Net increase (decrease) | 16,551,520 | $ | 192,368,971 | 27,094,092 | $ | 308,278,395 | ||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||
Core Bond Fund Class S | ||||||||||||||||||||||||
Sold | 7,382,769 | $ | 85,345,334 | 20,866,361 | $ | 237,808,654 | 19,348,773 | $ | 218,569,338 | |||||||||||||||
Issued as reinvestment of dividends | 2,706,628 | 30,530,764 | 4,208,779 | 45,917,783 | 2,111,026 | 23,115,732 | ||||||||||||||||||
Redeemed | (17,398,238 | ) | (202,203,130 | ) | (23,250,584 | ) | (263,177,625 | ) | (12,502,215 | ) | (141,108,489 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) | (7,308,841 | ) | $ | (86,327,032 | ) | 1,824,556 | $ | 20,548,812 | 8,957,584 | $ | 100,576,581 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Core Bond Fund Class Y | ||||||||||||||||||||||||
Sold | 4,186,812 | $ | 47,906,773 | 3,829,359 | $ | 43,182,844 | 3,555,240 | $ | 40,099,867 | |||||||||||||||
Issued as reinvestment of dividends | 561,703 | 6,307,924 | 836,786 | 9,095,861 | 471,642 | 5,145,610 | ||||||||||||||||||
Redeemed | (4,248,119 | ) | (48,756,926 | ) | (5,007,987 | ) | (56,205,746 | ) | (3,339,828 | ) | (37,430,289 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) | 500,396 | $ | 5,457,771 | (341,842 | ) | $ | (3,927,041 | ) | 687,054 | $ | 7,815,188 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
289
Table of Contents
Notes to Financial Statements (Continued)
Period Ended September 30, 2012+ | Year Ended October 31, 2011 | Year Ended October 31, 2010 | ||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||
Core Bond Fund Class L | ||||||||||||||||||||||||
Sold | 2,039,755 | $ | 23,412,466 | 8,987,754 | $ | 100,721,220 | 4,211,199 | $ | 47,309,521 | |||||||||||||||
Issued as reinvestment of dividends | 330,413 | 3,690,716 | 1,135,563 | 12,264,078 | 677,940 | 7,355,654 | ||||||||||||||||||
Redeemed | (2,536,927 | ) | (29,135,737 | ) | (20,771,340 | ) | (232,838,167 | ) | (5,257,314 | ) | (58,845,974 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) | (166,759 | ) | $ | (2,032,555 | ) | (10,648,023 | ) | $ | (119,852,869 | ) | (368,175 | ) | $ | (4,180,799 | ) | |||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Core Bond Fund Class A | ||||||||||||||||||||||||
Sold | 2,164,689 | $ | 24,595,967 | 2,947,680 | $ | 32,844,058 | 4,166,318 | $ | 46,771,537 | |||||||||||||||
Issued as reinvestment of dividends | 724,815 | 8,038,203 | 1,057,656 | 11,359,226 | 543,710 | 5,866,632 | ||||||||||||||||||
Redeemed | (3,986,702 | ) | (45,013,073 | ) | (4,150,033 | ) | (46,126,032 | ) | (3,127,329 | ) | (35,094,874 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) | (1,097,198 | ) | $ | (12,378,903 | ) | (144,697 | ) | $ | (1,922,748 | ) | 1,582,699 | $ | 17,543,295 | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Core Bond Fund Class N | ||||||||||||||||||||||||
Sold | 53,986 | $ | 617,345 | 30,989 | $ | 350,981 | 38,428 | $ | 440,792 | |||||||||||||||
Issued as reinvestment of dividends | 3,218 | 36,332 | 4,564 | 49,889 | 2,026 | 22,243 | ||||||||||||||||||
Redeemed | (13,164 | ) | (151,991 | ) | (33,053 | ) | (371,074 | ) | (19,239 | ) | (216,921 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) | 44,040 | $ | 501,686 | 2,500 | $ | 29,796 | 21,215 | $ | 246,114 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Diversified Bond Fund Class Z* | ||||||||||||||||||||||||
Sold | - | $ | - | 6,303,033 | $ | 68,451,860 | ||||||||||||||||||
Issued as reinvestment of dividends | 1 | 7 | 1 | 5 | ||||||||||||||||||||
Redeemed | - | - | (6,303,025 | ) | (69,153,941 | ) | ||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||
Net increase (decrease) | 1 | $ | 7 | 9 | $ | (702,076 | ) | |||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||
Diversified Bond Fund Class S | ||||||||||||||||||||||||
Sold | 1,053,125 | $ | 10,748,259 | 662,006 | $ | 7,103,329 | 1,067,176 | $ | 11,195,758 | |||||||||||||||
Issued as reinvestment of dividends | 355,764 | 3,522,064 | 232,436 | 2,415,008 | 429,511 | 4,402,483 | ||||||||||||||||||
Redeemed | (557,513 | ) | (5,754,967 | ) | (2,860,158 | ) | (30,770,801 | ) | (4,427,675 | ) | (47,924,087 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) | 851,376 | $ | 8,515,356 | (1,965,716 | ) | $ | (21,252,464 | ) | (2,930,988 | ) | $ | (32,325,846 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Diversified Bond Fund Class Y | ||||||||||||||||||||||||
Sold | 571,857 | $ | 5,820,290 | 375,541 | $ | 4,081,617 | 322,090 | $ | 3,457,922 | |||||||||||||||
Issued as reinvestment of dividends | 409,736 | 4,060,482 | 157,184 | 1,636,287 | 193,864 | 1,992,923 | ||||||||||||||||||
Redeemed | (920,455 | ) | (9,385,514 | ) | (386,765 | ) | (4,150,809 | ) | (739,629 | ) | (7,777,935 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) | 61,138 | $ | 495,258 | 145,960 | $ | 1,567,095 | (223,675 | ) | $ | (2,327,090 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
290
Table of Contents
Notes to Financial Statements (Continued)
Period Ended September 30, 2012+ | Year Ended October 31, 2011 | Year Ended October 31, 2010 | ||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||
Diversified Bond Fund Class L | ||||||||||||||||||||||||
Sold | 330,150 | $ | 3,468,128 | 1,167,724 | $ | 12,516,970 | 2,062,886 | $ | 22,046,009 | |||||||||||||||
Issued as reinvestment of dividends | 117,927 | 1,178,091 | 471,807 | 4,887,921 | 694,912 | 7,108,947 | ||||||||||||||||||
Redeemed | (500,214 | ) | (5,117,754 | ) | (10,000,277 | ) | (107,880,043 | ) | (5,751,300 | ) | (61,885,419 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) | (52,137 | ) | $ | (471,535 | ) | (8,360,746 | ) | $ | (90,475,152 | ) | (2,993,502 | ) | $ | (32,730,463 | ) | |||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Diversified Bond Fund Class A | ||||||||||||||||||||||||
Sold | 553,991 | $ | 5,760,011 | 636,914 | $ | 6,908,203 | 1,079,075 | $ | 11,544,197 | |||||||||||||||
Issued as reinvestment of dividends | 413,085 | 4,114,329 | 204,757 | 2,137,661 | 220,450 | 2,270,638 | ||||||||||||||||||
Redeemed | (798,005 | ) | (8,262,799 | ) | (1,831,159 | ) | (19,934,818 | ) | (1,014,555 | ) | (10,875,887 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) | 169,071 | $ | 1,611,541 | (989,488 | ) | $ | (10,888,954 | ) | 284,970 | $ | 2,938,948 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Diversified Bond Fund Class N | ||||||||||||||||||||||||
Sold | - | $ | - | 405 | $ | 4,397 | 17,975 | $ | 187,657 | |||||||||||||||
Issued as reinvestment of dividends | 10 | 105 | 473 | 4,970 | 8,480 | 86,409 | ||||||||||||||||||
Redeemed | - | - | (17,434 | ) | (184,113 | ) | (168,191 | ) | (1,742,992 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) | 10 | $ | 105 | (16,556 | ) | $ | (174,746 | ) | (141,736 | ) | $ | (1,468,926 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
High Yield Fund Class Z** | ||||||||||||||||||||||||
Sold | 5,953,976 | $ | 55,063,722 | 9,117,001 | $ | 81,836,139 | ||||||||||||||||||
Issued as reinvestment of dividends | 733,492 | 6,322,701 | - | - | ||||||||||||||||||||
Redeemed | (4,736,355 | ) | (43,251,727 | ) | (683,825 | ) | (6,187,997 | ) | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||
Net increase (decrease) | 1,951,113 | $ | 18,134,696 | 8,433,176 | $ | 75,648,142 | ||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||
High Yield Fund Class S | ||||||||||||||||||||||||
Sold | 1,499,216 | $ | 13,359,558 | 1,799,059 | $ | 16,454,914 | 2,213,474 | $ | 19,532,323 | |||||||||||||||
Issued as reinvestment of dividends | 93,289 | 806,955 | 570,802 | 4,926,019 | 707,788 | 5,910,034 | ||||||||||||||||||
Redeemed | (3,404,456 | ) | (31,045,375 | ) | (4,327,811 | ) | (39,646,017 | ) | (5,385,796 | ) | (48,046,723 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) | (1,811,951 | ) | $ | (16,878,862 | ) | (1,957,950 | ) | $ | (18,265,084 | ) | (2,464,534 | ) | $ | (22,604,366 | ) | |||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
High Yield Fund Class Y | ||||||||||||||||||||||||
Sold | 1,110,472 | $ | 10,173,773 | 1,128,685 | $ | 10,285,710 | 1,178,267 | $ | 10,350,056 | |||||||||||||||
Issued as reinvestment of dividends | 365,618 | 3,162,596 | 550,354 | 4,771,568 | 453,082 | 3,796,826 | ||||||||||||||||||
Redeemed | (1,641,916 | ) | (15,070,060 | ) | (1,492,651 | ) | (13,690,339 | ) | (3,254,839 | ) | (28,821,619 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) | (165,826 | ) | $ | (1,733,691 | ) | 186,388 | $ | 1,366,939 | (1,623,490 | ) | $ | (14,674,737 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
291
Table of Contents
Notes to Financial Statements (Continued)
Period Ended September 30, 2012+ | Year Ended October 31, 2011 | Year Ended October 31, 2010 | ||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||
High Yield Fund Class L | ||||||||||||||||||||||||
Sold | 505,536 | $ | 4,710,704 | 1,483,305 | $ | 13,626,930 | 179,139 | $ | 1,555,433 | |||||||||||||||
Issued as reinvestment of dividends | 34,517 | 296,498 | 54,947 | 473,093 | 41,961 | 349,535 | ||||||||||||||||||
Redeemed | (171,169 | ) | (1,521,168 | ) | (1,554,100 | ) | (14,120,771 | ) | (163,133 | ) | (1,430,629 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) | 368,884 | $ | 3,486,034 | (15,848 | ) | $ | (20,748 | ) | 57,967 | $ | 474,339 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
High Yield Fund Class A | ||||||||||||||||||||||||
Sold | 1,577,476 | $ | 13,840,667 | 690,950 | $ | 6,241,730 | 749,951 | $ | 6,547,140 | |||||||||||||||
Issued as reinvestment of dividends | 210,307 | 1,798,127 | 395,798 | 3,391,988 | 325,325 | 2,700,194 | ||||||||||||||||||
Redeemed | (941,352 | ) | (8,553,190 | ) | (1,851,023 | ) | (16,715,067 | ) | (1,001,941 | ) | (8,722,272 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) | 846,431 | $ | 7,085,604 | (764,275 | ) | $ | (7,081,349 | ) | 73,335 | $ | 525,062 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
High Yield Fund Class N | ||||||||||||||||||||||||
Sold | 46,557 | $ | 425,680 | 10,792 | $ | 97,466 | 11,964 | $ | 104,076 | |||||||||||||||
Issued as reinvestment of dividends | 2,114 | 18,352 | 6,080 | 52,842 | 6,331 | 53,181 | ||||||||||||||||||
Redeemed | (31,565 | ) | (292,416 | ) | (47,509 | ) | (431,806 | ) | (33,636 | ) | (290,918 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) | 17,106 | $ | 151,616 | (30,637 | ) | $ | (281,498 | ) | (15,341 | ) | $ | (133,661 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
International Bond Fund Class S | ||||||||||||||||||||||||
Sold | 2,066,556 | $ | 21,324,818 | 3,632,132 | $ | 38,033,883 | 545,992 | $ | 5,399,714 | |||||||||||||||
Issued as reinvestment of dividends | 166,775 | 1,672,757 | 132,292 | 1,288,526 | 1,832 | 18,643 | ||||||||||||||||||
Redeemed | (2,125,247 | ) | (21,718,473 | ) | (1,205,080 | ) | (12,747,702 | ) | (883,598 | ) | (9,076,434 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) | 108,084 | $ | 1,279,102 | 2,559,344 | $ | 26,574,707 | (335,774 | ) | $ | (3,658,077 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
International Bond Fund Class Y | ||||||||||||||||||||||||
Sold | 28,057 | $ | 286,518 | - | $ | - | - | $ | - | |||||||||||||||
Issued as reinvestment of dividends | 351 | 3,520 | 563 | 5,478 | 1 | 8 | ||||||||||||||||||
Redeemed | - | - | - | - | (1,527 | ) | (16,001 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) | 28,408 | $ | 290,038 | 563 | $ | 5,478 | (1,526 | ) | $ | (15,993 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
International Bond Fund Class L | ||||||||||||||||||||||||
Sold | 3,160 | $ | 33,631 | 2,052,793 | $ | 21,226,514 | - | $ | - | |||||||||||||||
Issued as reinvestment of dividends | - | - | 548 | 5,333 | - | - | ||||||||||||||||||
Redeemed | (2 | ) | (16 | ) | (2,052,701 | ) | (21,614,942 | ) | (1,503 | ) | (15,721 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) | 3,158 | $ | 33,615 | 640 | $ | (383,095 | ) | (1,503 | ) | $ | (15,721 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
292
Table of Contents
Notes to Financial Statements (Continued)
Period Ended September 30, 2012+ | Year Ended October 31, 2011 | Year Ended October 31, 2010 | ||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||
International Bond Fund Class A | ||||||||||||||||||||||||
Sold | 51,358 | $ | 526,182 | 57,469 | $ | 602,173 | 84,329 | $ | 857,506 | |||||||||||||||
Issued as reinvestment of dividends | 3,229 | 32,227 | 5,366 | 51,995 | - | - | ||||||||||||||||||
Redeemed | (74,704 | ) | (763,774 | ) | (51,919 | ) | (538,695 | ) | (45,436 | ) | (445,543 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) | (20,117 | ) | $ | (205,365 | ) | 10,916 | $ | 115,473 | 38,893 | $ | 411,963 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
International Bond Fund Class N*** | ||||||||||||||||||||||||
Sold | - | $ | - | |||||||||||||||||||||
Issued as reinvestment of dividends | - | - | ||||||||||||||||||||||
Redeemed | (11,221 | ) | (118,239 | ) | ||||||||||||||||||||
|
|
|
| |||||||||||||||||||||
Net increase (decrease) | (11,221 | ) | $ | (118,239 | ) | |||||||||||||||||||
|
|
|
| |||||||||||||||||||||
Balanced Fund Class S | ||||||||||||||||||||||||
Sold | 690,747 | $ | 7,390,088 | 560,807 | $ | 5,743,009 | 646,146 | $ | 6,092,199 | |||||||||||||||
Issued as reinvestment of dividends | 201,741 | 1,993,202 | 207,964 | 2,081,718 | 296,853 | 2,707,304 | ||||||||||||||||||
Redeemed | (1,444,296 | ) | (15,235,504 | ) | (2,396,920 | ) | (24,641,827 | ) | (2,060,973 | ) | (19,353,195 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) | (551,808 | ) | $ | (5,852,214 | ) | (1,628,149 | ) | $ | (16,817,100 | ) | (1,117,974 | ) | $ | (10,553,692 | ) | |||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Balanced Fund Class Y | ||||||||||||||||||||||||
Sold | 127,538 | $ | 1,450,155 | 58,154 | $ | 616,008 | 233,948 | $ | 2,233,416 | |||||||||||||||
Issued as reinvestment of dividends | 8,609 | 87,987 | 7,218 | 74,703 | 5,068 | 47,794 | ||||||||||||||||||
Redeemed | (33,559 | ) | (373,488 | ) | (46,472 | ) | (491,764 | ) | (46,905 | ) | (448,235 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) | 102,588 | $ | 1,164,654 | 18,900 | $ | 198,947 | 192,111 | $ | 1,832,975 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Balanced Fund Class L | ||||||||||||||||||||||||
Sold | 234,129 | $ | 2,551,800 | 29,820 | $ | 302,811 | 279,040 | $ | 2,519,319 | |||||||||||||||
Issued as reinvestment of dividends | 816 | 8,115 | 5,827 | 58,152 | 5,087 | 46,340 | ||||||||||||||||||
Redeemed | (30,416 | ) | (331,151 | ) | (308,308 | ) | (3,027,425 | ) | (164,753 | ) | (1,496,787 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) | 204,529 | $ | 2,228,764 | (272,661 | ) | $ | (2,666,462 | ) | 119,374 | $ | 1,068,872 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Balanced Fund Class A | ||||||||||||||||||||||||
Sold | 594,826 | $ | 6,369,033 | 237,564 | $ | 2,423,188 | 701,006 | $ | 6,524,281 | |||||||||||||||
Issued as reinvestment of dividends | 21,757 | 212,131 | 17,675 | 174,809 | 15,264 | 137,683 | ||||||||||||||||||
Redeemed | (265,622 | ) | (2,829,686 | ) | (254,781 | ) | (2,596,461 | ) | (299,523 | ) | (2,802,452 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) | 350,961 | $ | 3,751,478 | 458 | $ | 1,536 | 416,747 | $ | 3,859,512 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Balanced Fund Class N*** | ||||||||||||||||||||||||
Sold | - | $ | - | |||||||||||||||||||||
Issued as reinvestment of dividends | - | - | ||||||||||||||||||||||
Redeemed | (13,377 | ) | (121,245 | ) | ||||||||||||||||||||
|
|
|
| |||||||||||||||||||||
Net increase (decrease) | (13,377 | ) | $ | (121,245 | ) | |||||||||||||||||||
|
|
|
|
293
Table of Contents
Notes to Financial Statements (Continued)
Period Ended September 30, 2012+ | Year Ended October 31, 2011 | Year Ended October 31, 2010 | ||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||
Value Fund Class S | ||||||||||||||||||||||||
Sold | 262,309 | $ | 3,723,758 | 695,491 | $ | 10,212,977 | 547,969 | $ | 7,063,981 | |||||||||||||||
Issued as reinvestment of dividends | 179,620 | 2,329,663 | 156,022 | 2,231,112 | 303,670 | 3,844,468 | ||||||||||||||||||
Redeemed | (2,104,005 | ) | (30,041,805 | ) | (2,388,847 | ) | (34,265,383 | ) | (3,654,900 | ) | (47,141,171 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) | (1,662,076 | ) | $ | (23,988,384 | ) | (1,537,334 | ) | $ | (21,821,294 | ) | (2,803,261 | ) | $ | (36,232,722 | ) | |||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Value Fund Class Y | ||||||||||||||||||||||||
Sold | 2,631 | $ | 36,616 | 1,527 | $ | 22,487 | 10,650 | $ | 141,738 | |||||||||||||||
Issued as reinvestment of dividends | 172 | 2,246 | 134 | 1,923 | 1,664 | 21,084 | ||||||||||||||||||
Redeemed | (4,682 | ) | (67,510 | ) | (5,816 | ) | (86,732 | ) | (80,138 | ) | (1,025,157 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) | (1,879 | ) | $ | (28,648 | ) | (4,155 | ) | $ | (62,322 | ) | (67,824 | ) | $ | (862,335 | ) | |||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Value Fund Class L | ||||||||||||||||||||||||
Sold | 84,666 | $ | 1,210,773 | 283,983 | $ | 4,251,549 | 176,287 | $ | 2,275,917 | |||||||||||||||
Issued as reinvestment of dividends | 20,849 | 271,243 | 19,471 | 279,210 | 42,347 | 537,389 | ||||||||||||||||||
Redeemed | (280,839 | ) | (4,066,458 | ) | (648,642 | ) | (9,424,646 | ) | (624,496 | ) | (8,148,970 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) | (175,324 | ) | $ | (2,584,442 | ) | (345,188 | ) | $ | (4,893,887 | ) | (405,862 | ) | $ | (5,335,664 | ) | |||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Value Fund Class A | ||||||||||||||||||||||||
Sold | 71,383 | $ | 1,020,509 | 103,430 | $ | 1,461,492 | 85,060 | $ | 1,109,931 | |||||||||||||||
Issued as reinvestment of dividends | 7,358 | 95,730 | 8,572 | 122,659 | 20,229 | 256,297 | ||||||||||||||||||
Redeemed | (149,207 | ) | (2,134,169 | ) | (394,324 | ) | (5,649,973 | ) | (368,548 | ) | (4,685,752 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) | (70,466 | ) | $ | (1,017,930 | ) | (282,322 | ) | $ | (4,065,822 | ) | (263,259 | ) | $ | (3,319,524 | ) | |||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Value Fund Class N | ||||||||||||||||||||||||
Sold | 243 | $ | 3,333 | 658 | $ | 9,506 | 606 | $ | 7,783 | |||||||||||||||
Issued as reinvestment of dividends | 35 | 459 | 27 | 395 | 91 | 1,146 | ||||||||||||||||||
Redeemed | (3,833 | ) | (53,042 | ) | (861 | ) | (12,272 | ) | (2,689 | ) | (34,052 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) | (3,555 | ) | $ | (49,250 | ) | (176 | ) | $ | (2,371 | ) | (1,992 | ) | $ | (25,123 | ) | |||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Disciplined Value Fund Class S | ||||||||||||||||||||||||
Sold | 1,629,447 | $ | 16,967,675 | 9,666,741 | $ | 98,717,862 | 2,405,296 | $ | 22,022,799 | |||||||||||||||
Issued as reinvestment of dividends | 416,949 | 3,902,644 | 265,370 | 2,603,279 | 343,551 | 3,023,250 | ||||||||||||||||||
Redeemed | (3,445,273 | ) | (36,050,218 | ) | (4,426,483 | ) | (44,936,237 | ) | (4,944,508 | ) | (45,201,674 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) | (1,398,877 | ) | $ | (15,179,899 | ) | 5,505,628 | $ | 56,384,904 | (2,195,661 | ) | $ | (20,155,625 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Disciplined Value Fund Class Y | ||||||||||||||||||||||||
Sold | 1,455,872 | $ | 15,096,846 | 974,935 | $ | 9,674,110 | 982,410 | $ | 8,821,409 | |||||||||||||||
Issued as reinvestment of dividends | 103,221 | 960,990 | 104,272 | 1,017,694 | 144,220 | 1,263,365 | ||||||||||||||||||
Redeemed | (1,074,879 | ) | (10,971,457 | ) | (1,680,660 | ) | (17,312,297 | ) | (2,808,220 | ) | (25,458,458 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) | 484,214 | $ | 5,086,379 | (601,453 | ) | $ | (6,620,493 | ) | (1,681,590 | ) | $ | (15,373,684 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
294
Table of Contents
Notes to Financial Statements (Continued)
Period Ended September 30, 2012+ | Year Ended October 31, 2011 | Year Ended October 31, 2010 | ||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||
Disciplined Value Fund Class L | ||||||||||||||||||||||||
Sold | 75,188 | $ | 812,579 | 1,490,223 | $ | 15,275,665 | 1,226,463 | $ | 11,028,390 | |||||||||||||||
Issued as reinvestment of dividends | - | - | 110,947 | 1,080,621 | 141,826 | 1,239,561 | ||||||||||||||||||
Redeemed | (34,514 | ) | (365,276 | ) | (8,525,382 | ) | (86,570,216 | ) | (1,997,620 | ) | (17,899,805 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) | 40,674 | $ | 447,303 | (6,924,212 | ) | $ | (70,213,930 | ) | (629,331 | ) | $ | (5,631,854 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Disciplined Value Fund Class A | ||||||||||||||||||||||||
Sold | 147,821 | $ | 1,491,208 | 182,379 | $ | 1,789,999 | 176,178 | $ | 1,593,966 | |||||||||||||||
Issued as reinvestment of dividends | 14,136 | 130,901 | 13,640 | 132,449 | 21,249 | 185,075 | ||||||||||||||||||
Redeemed | (240,811 | ) | (2,489,579 | ) | (280,903 | ) | (2,768,051 | ) | (514,534 | ) | (4,556,631 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) | (78,854 | ) | $ | (867,470 | ) | (84,884 | ) | $ | (845,603 | ) | (317,107 | ) | $ | (2,777,590 | ) | |||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Disciplined Value Fund Class N | ||||||||||||||||||||||||
Sold | 642 | $ | 7,014 | 1,163 | $ | 11,541 | 1,073 | $ | 9,616 | |||||||||||||||
Issued as reinvestment of dividends | 33 | 311 | 112 | 1,095 | 252 | 2,211 | ||||||||||||||||||
Redeemed | (2,519 | ) | (25,385 | ) | (8,202 | ) | (85,914 | ) | (8,564 | ) | (82,007 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) | (1,844 | ) | $ | (18,060 | ) | (6,927 | ) | $ | (73,278 | ) | (7,239 | ) | $ | (70,180 | ) | |||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Main Street Fund Class S | ||||||||||||||||||||||||
Sold | 585,083 | $ | 5,568,235 | 730,747 | $ | 6,354,165 | 798,291 | $ | 6,249,030 | |||||||||||||||
Issued as reinvestment of dividends | 106,551 | 901,422 | 127,157 | 1,118,985 | 216,070 | 1,650,773 | ||||||||||||||||||
Redeemed | (1,714,936 | ) | (16,311,886 | ) | (2,841,397 | ) | (25,081,646 | ) | (3,575,304 | ) | (28,153,199 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) | (1,023,302 | ) | $ | (9,842,229 | ) | (1,983,493 | ) | $ | (17,608,496 | ) | (2,560,943 | ) | $ | (20,253,396 | ) | |||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Main Street Fund Class Y | ||||||||||||||||||||||||
Sold | 477,392 | $ | 4,798,826 | 51,632 | $ | 473,478 | 242,939 | $ | 1,978,463 | |||||||||||||||
Issued as reinvestment of dividends | - | - | 2,127 | 18,824 | 0 | ++ | 1 | |||||||||||||||||
Redeemed | (8,581 | ) | (87,243 | ) | (292,946 | ) | (2,525,235 | ) | (13,752 | ) | (115,788 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) | 468,811 | $ | 4,711,583 | (239,187 | ) | $ | (2,032,933 | ) | 229,187 | $ | 1,862,676 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Main Street Fund Class L | ||||||||||||||||||||||||
Sold | 244,276 | $ | 2,320,742 | 348,628 | $ | 3,093,575 | 333,055 | $ | 2,618,960 | |||||||||||||||
Issued as reinvestment of dividends | 27,328 | 230,920 | 36,677 | 322,753 | 65,054 | 497,012 | ||||||||||||||||||
Redeemed | (1,676,291 | ) | (16,112,520 | ) | (1,250,346 | ) | (11,119,454 | ) | (1,130,266 | ) | (8,778,977 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) | (1,404,687 | ) | $ | (13,560,858 | ) | (865,041 | ) | $ | (7,703,126 | ) | (732,157 | ) | $ | (5,663,005 | ) | |||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Main Street Fund Class A | ||||||||||||||||||||||||
Sold | 456,107 | $ | 4,377,900 | 199,426 | $ | 1,719,009 | 121,356 | $ | 939,744 | |||||||||||||||
Issued as reinvestment of dividends | 2,832 | 23,819 | 4,959 | 43,337 | 11,599 | 88,035 | ||||||||||||||||||
Redeemed | (223,810 | ) | (2,077,660 | ) | (366,502 | ) | (3,173,123 | ) | (439,296 | ) | (3,373,896 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) | 235,129 | $ | 2,324,059 | (162,117 | ) | $ | (1,410,777 | ) | (306,341 | ) | $ | (2,346,117 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
295
Table of Contents
Notes to Financial Statements (Continued)
Period Ended September 30, 2012+ | Year Ended October 31, 2011 | Year Ended October 31, 2010 | ||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||
Main Street Fund Class N | ||||||||||||||||||||||||
Sold | 1,425 | $ | 13,124 | 16,242 | $ | 129,572 | 23,816 | $ | 187,814 | |||||||||||||||
Issued as reinvestment of dividends | 48 | 407 | 34 | 301 | 22 | 167 | ||||||||||||||||||
Redeemed | (30,020 | ) | (279,299 | ) | (10,534 | ) | (94,160 | ) | (6,947 | ) | (53,737 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) | (28,547 | ) | $ | (265,768 | ) | 5,742 | $ | 35,713 | 16,891 | $ | 134,244 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Capital Appreciation Fund Class S | ||||||||||||||||||||||||
Sold | 549,203 | $ | 6,245,890 | 654,600 | $ | 6,994,374 | 1,683,798 | $ | 16,120,276 | |||||||||||||||
Issued as reinvestment of dividends | 185,422 | 1,870,912 | 147,912 | 1,569,344 | 129,940 | 1,243,528 | ||||||||||||||||||
Redeemed | (7,057,979 | ) | (80,367,728 | ) | (20,938,758 | ) | (221,295,228 | ) | (9,878,432 | ) | (94,996,168 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) | (6,323,354 | ) | $ | (72,250,926 | ) | (20,136,246 | ) | $ | (212,731,510 | ) | (8,064,694 | ) | $ | (77,632,364 | ) | |||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Capital Appreciation Fund Class Y | ||||||||||||||||||||||||
Sold | 471,432 | $ | 5,564,059 | 49,459 | $ | 530,030 | 104,707 | $ | 997,500 | |||||||||||||||
Issued as reinvestment of dividends | 776 | 7,821 | 2,475 | 26,161 | 2,171 | 20,710 | ||||||||||||||||||
Redeemed | (31,093 | ) | (359,932 | ) | (771,960 | ) | (8,497,039 | ) | (901,522 | ) | (8,845,941 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) | 441,115 | $ | 5,211,948 | (720,026 | ) | $ | (7,940,848 | ) | (794,644 | ) | $ | (7,827,731 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Capital Appreciation Fund Class L | ||||||||||||||||||||||||
Sold | 169,148 | $ | 1,911,430 | 496,249 | $ | 5,274,959 | 1,478,449 | $ | 14,135,232 | |||||||||||||||
Issued as reinvestment of dividends | 11,170 | 111,929 | 5,883 | 61,944 | 425 | 4,042 | ||||||||||||||||||
Redeemed | (597,905 | ) | (6,868,585 | ) | (2,301,421 | ) | (24,579,579 | ) | (3,633,400 | ) | (35,916,254 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) | (417,587 | ) | $ | (4,845,226 | ) | (1,799,289 | ) | $ | (19,242,676 | ) | (2,154,526 | ) | $ | (21,776,980 | ) | |||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Capital Appreciation Fund Class A | ||||||||||||||||||||||||
Sold | 496,986 | $ | 5,539,207 | 291,897 | $ | 3,084,606 | 512,399 | $ | 4,795,175 | |||||||||||||||
Issued as reinvestment of dividends | 29,025 | 290,256 | 760 | 7,982 | - | - | ||||||||||||||||||
Redeemed | (3,695,716 | ) | (41,699,012 | ) | (5,317,553 | ) | (56,823,565 | ) | (7,582,833 | ) | (71,279,595 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) | (3,169,705 | ) | $ | (35,869,549 | ) | (5,024,896 | ) | $ | (53,730,977 | ) | (7,070,434 | ) | $ | (66,484,420 | ) | |||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Capital Appreciation Fund Class N | ||||||||||||||||||||||||
Sold | 2,994 | $ | 32,829 | 5,540 | $ | 57,650 | 26,276 | $ | 246,430 | |||||||||||||||
Issued as reinvestment of dividends | - | - | - | - | - | - | ||||||||||||||||||
Redeemed | (5,038 | ) | (52,443 | ) | (21,411 | ) | (230,631 | ) | (120,848 | ) | (1,101,845 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) | (2,044 | ) | $ | (19,614 | ) | (15,871 | ) | $ | (172,981 | ) | (94,572 | ) | $ | (855,415 | ) | |||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Disciplined Growth Fund Class S | ||||||||||||||||||||||||
Sold | 3,948,289 | $ | 41,336,729 | 11,933,147 | $ | 114,686,312 | 2,310,203 | $ | 19,136,757 | |||||||||||||||
Issued as reinvestment of dividends | 205,568 | 1,885,057 | 90,333 | 846,424 | 90,931 | 729,267 | ||||||||||||||||||
Redeemed | (3,504,514 | ) | (36,753,832 | ) | (2,272,241 | ) | (21,841,556 | ) | (2,062,079 | ) | (17,061,589 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) | 649,343 | $ | 6,467,954 | 9,751,239 | $ | 93,691,180 | 339,055 | $ | 2,804,435 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
296
Table of Contents
Notes to Financial Statements (Continued)
Period Ended September 30, 2012+ | Year Ended October 31, 2011 | Year Ended October 31, 2010 | ||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||
Disciplined Growth Fund Class Y | ||||||||||||||||||||||||
Sold | 883,755 | $ | 8,970,417 | 1,011,517 | $ | 9,777,643 | 1,014,528 | $ | 8,467,231 | |||||||||||||||
Issued as reinvestment of dividends | 52,414 | 481,683 | 47,537 | 446,373 | 67,192 | 540,221 | ||||||||||||||||||
Redeemed | (871,267 | ) | (8,775,997 | ) | (951,326 | ) | (9,028,185 | ) | (2,414,544 | ) | (20,038,117 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) | 64,902 | $ | 676,103 | 107,728 | $ | 1,195,831 | (1,332,824 | ) | $ | (11,030,665 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Disciplined Growth Fund Class L | ||||||||||||||||||||||||
Sold | 734,177 | $ | 7,851,989 | 2,249,476 | $ | 21,858,127 | 1,304,714 | $ | 10,709,630 | |||||||||||||||
Issued as reinvestment of dividends | - | - | 64,988 | 608,941 | 78,844 | 632,328 | ||||||||||||||||||
Redeemed | (23,951 | ) | (260,024 | ) | (9,901,986 | ) | (94,906,106 | ) | (2,044,277 | ) | (16,846,578 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) | 710,226 | $ | 7,591,965 | (7,587,522 | ) | $ | (72,439,038 | ) | (660,719 | ) | $ | (5,504,620 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Disciplined Growth Fund Class A | ||||||||||||||||||||||||
Sold | 805,387 | $ | 8,355,450 | 287,399 | $ | 2,763,660 | 172,801 | $ | 1,403,305 | |||||||||||||||
Issued as reinvestment of dividends | 4,322 | 39,504 | 3,614 | 33,756 | 3,662 | 29,293 | ||||||||||||||||||
Redeemed | (172,979 | ) | (1,777,735 | ) | (137,513 | ) | (1,299,467 | ) | (191,831 | ) | (1,572,864 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) | 636,730 | $ | 6,617,219 | 153,500 | $ | 1,497,949 | (15,368 | ) | $ | (140,266 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Disciplined Growth Fund Class N*** | ||||||||||||||||||||||||
Sold | - | $ | - | |||||||||||||||||||||
Issued as reinvestment of dividends | - | - | ||||||||||||||||||||||
Redeemed | (13,085 | ) | (104,125 | ) | ||||||||||||||||||||
|
|
|
| |||||||||||||||||||||
Net increase (decrease) | (13,085 | ) | $ | (104,125 | ) | |||||||||||||||||||
|
|
|
| |||||||||||||||||||||
Small/Mid Cap Opportunities Fund Class S | ||||||||||||||||||||||||
Sold | 6,385,210 | $ | 60,964,921 | 604,510 | $ | 6,012,611 | 1,194,611 | $ | 10,381,328 | |||||||||||||||
Issued as reinvestment of dividends | 94,434 | 872,574 | 100,115 | 987,135 | 91,022 | 720,893 | ||||||||||||||||||
Redemptions in-kind | (5,362,903 | ) | (51,430,244 | ) | - | - | - | - | ||||||||||||||||
Redeemed | (7,070,698 | ) | (68,273,900 | ) | (2,770,151 | ) | (27,884,620 | ) | (2,474,561 | ) | (20,376,260 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) | (5,953,957 | ) | $ | (57,866,649 | ) | (2,065,526 | ) | $ | (20,884,874 | ) | (1,188,928 | ) | $ | (9,274,039 | ) | |||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Small/Mid Cap Opportunities Fund Class Y | ||||||||||||||||||||||||
Sold | 195,531 | $ | 2,084,740 | 33,816 | $ | 339,116 | 180,660 | $ | 1,503,024 | |||||||||||||||
Issued as reinvestment of dividends | 724 | 6,689 | 1,170 | 11,538 | 585 | 4,635 | ||||||||||||||||||
Redeemed | (99,205 | ) | (959,355 | ) | (20,981 | ) | (205,435 | ) | (121,061 | ) | (1,053,211 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) | 97,050 | $ | 1,132,074 | 14,005 | $ | 145,219 | 60,184 | $ | 454,448 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
297
Table of Contents
Notes to Financial Statements (Continued)
Period Ended September 30, 2012+ | Year Ended October 31, 2011 | Year Ended October 31, 2010 | ||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||
Small/Mid Cap Opportunities Fund Class L | ||||||||||||||||||||||||
Sold | 598,756 | $ | 6,165,786 | 39,130 | $ | 391,440 | 206,957 | $ | 1,783,932 | |||||||||||||||
Issued as reinvestment of dividends | 1,471 | 13,546 | 851 | 8,366 | 2,834 | 22,305 | ||||||||||||||||||
Redeemed | (320,772 | ) | (3,376,353 | ) | (367,823 | ) | (3,384,746 | ) | (260,679 | ) | (2,207,055 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) | 279,455 | $ | 2,802,979 | (327,842 | ) | $ | (2,984,940 | ) | (50,888 | ) | $ | (400,818 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| �� | ||||||||||||
Small/Mid Cap Opportunities Fund Class A | ||||||||||||||||||||||||
Sold | 1,178,112 | $ | 12,058,988 | 713,009 | $ | 7,099,523 | 1,099,021 | $ | 9,298,296 | |||||||||||||||
Issued as reinvestment of dividends | 14,752 | 133,946 | 22,072 | 213,659 | 17,992 | 139,978 | ||||||||||||||||||
Redeemed | (1,839,473 | ) | (19,091,327 | ) | (2,323,827 | ) | (22,311,950 | ) | (2,272,611 | ) | (18,468,056 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) | (646,609 | ) | $ | (6,898,393 | ) | (1,588,746 | ) | $ | (14,998,768 | ) | (1,155,598 | ) | $ | (9,029,782 | ) | |||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Small/Mid Cap Opportunities Fund*** Class N | ||||||||||||||||||||||||
Sold | - | $ | - | |||||||||||||||||||||
Issued as reinvestment of dividends | - | - | ||||||||||||||||||||||
Redeemed | (8,360 | ) | (61,763 | ) | ||||||||||||||||||||
|
|
|
| |||||||||||||||||||||
Net increase (decrease) | (8,360 | ) | $ | (61,763 | ) | |||||||||||||||||||
|
|
|
| |||||||||||||||||||||
Global Fund Class S | ||||||||||||||||||||||||
Sold | 513,894 | $ | 5,481,574 | 1,153,770 | $ | 12,891,475 | 1,379,464 | $ | 13,784,045 | |||||||||||||||
Issued as reinvestment of dividends | 298,496 | 2,838,694 | 309,972 | 3,378,699 | 264,637 | 2,511,404 | ||||||||||||||||||
Redeemed | (2,565,548 | ) | (26,847,033 | ) | (2,809,940 | ) | (31,111,199 | ) | (3,347,810 | ) | (32,298,727 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) | (1,753,158 | ) | $ | (18,526,765 | ) | (1,346,198 | ) | $ | (14,841,025 | ) | (1,703,709 | ) | $ | (16,003,278 | ) | |||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Global Fund Class Y | ||||||||||||||||||||||||
Sold | 176,286 | $ | 1,938,939 | 437,715 | $ | 4,831,883 | 378,172 | $ | 3,672,976 | |||||||||||||||
Issued as reinvestment of dividends | 8,998 | 85,125 | 11,433 | 123,930 | 4,625 | 43,661 | ||||||||||||||||||
Redeemed | (188,406 | ) | (1,980,674 | ) | (415,381 | ) | (4,510,348 | ) | (102,172 | ) | (979,092 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) | (3,122 | ) | $ | 43,390 | 33,767 | $ | 445,465 | 280,625 | $ | 2,737,545 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Global Fund Class L | ||||||||||||||||||||||||
Sold | 1,278,543 | $ | 13,353,647 | 1,196,943 | $ | 13,156,000 | 599,363 | $ | 5,899,740 | |||||||||||||||
Issued as reinvestment of dividends | 139,006 | 1,321,950 | 150,703 | 1,642,661 | 154,221 | 1,462,011 | ||||||||||||||||||
Redeemed | (2,819,823 | ) | (29,778,263 | ) | (2,533,464 | ) | (28,095,811 | ) | (4,502,930 | ) | (43,264,655 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) | (1,402,274 | ) | $ | (15,102,666 | ) | (1,185,818 | ) | $ | (13,297,150 | ) | (3,749,346 | ) | $ | (35,902,904 | ) | |||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Global Fund Class A | ||||||||||||||||||||||||
Sold | 762,398 | $ | 7,965,071 | 575,648 | $ | 6,327,533 | 830,635 | $ | 8,026,441 | |||||||||||||||
Issued as reinvestment of dividends | 33,139 | 312,829 | 42,210 | 456,286 | 29,616 | 278,691 | ||||||||||||||||||
Redeemed | (654,886 | ) | (6,817,090 | ) | (992,661 | ) | (10,833,618 | ) | (654,316 | ) | (6,289,533 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) | 140,651 | $ | 1,460,810 | (374,803 | ) | $ | (4,049,799 | ) | 205,935 | $ | 2,015,599 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
298
Table of Contents
Notes to Financial Statements (Continued)
Period Ended September 30, 2012+ | Year Ended October 31, 2011 | Year Ended October 31, 2010 | ||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||
Global Fund Class N | ||||||||||||||||||||||||
Sold | 20,303 | $ | 213,754 | 21,547 | $ | 238,221 | 20,634 | $ | 202,373 | |||||||||||||||
Issued as reinvestment of dividends | 721 | 6,835 | 666 | 7,240 | 524 | 4,961 | ||||||||||||||||||
Redeemed | (16,301 | ) | (165,781 | ) | (15,490 | ) | (172,094 | ) | (38,571 | ) | (359,784 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) | 4,723 | $ | 54,808 | 6,723 | $ | 73,367 | (17,413 | ) | $ | (152,450 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
International Equity Fund Class S | ||||||||||||||||||||||||
Sold | 3,135,232 | $ | 38,949,609 | 4,625,608 | $ | 68,037,040 | 2,615,312 | $ | 33,764,294 | |||||||||||||||
Issued as reinvestment of dividends | 4,024,053 | 44,626,752 | 414,147 | 5,860,173 | 478,509 | 5,956,646 | ||||||||||||||||||
Redeemed | (16,831,960 | ) | (214,200,945 | ) | (7,218,356 | ) | (103,620,186 | ) | (7,003,324 | ) | (88,769,443 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) | (9,672,675 | ) | $ | (130,624,584 | ) | (2,178,601 | ) | $ | (29,722,973 | ) | (3,909,503 | ) | $ | (49,048,503 | ) | |||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
International Equity Fund Class Y | ||||||||||||||||||||||||
Sold | 571,676 | $ | 7,256,719 | 622,783 | $ | 9,215,301 | 378,722 | $ | 4,780,217 | |||||||||||||||
Issued as reinvestment of dividends | 207,499 | 2,299,092 | 9,638 | 136,382 | 24,265 | 301,593 | ||||||||||||||||||
Redeemed | (512,520 | ) | (6,563,235 | ) | (372,255 | ) | (5,388,587 | ) | (1,746,055 | ) | (23,613,793 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) | 266,655 | $ | 2,992,576 | 260,166 | $ | 3,963,096 | (1,343,068 | ) | $ | (18,531,983 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
International Equity Fund Class L | ||||||||||||||||||||||||
Sold | 466,992 | $ | 5,780,066 | 517,038 | $ | 7,572,679 | 767,017 | $ | 9,660,832 | |||||||||||||||
Issued as reinvestment of dividends | 128,082 | 1,414,029 | 29,377 | 412,749 | 36,193 | 446,916 | ||||||||||||||||||
Redeemed | (331,255 | ) | (4,120,199 | ) | (3,341,708 | ) | (49,400,655 | ) | (1,762,732 | ) | (22,245,202 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) | 263,819 | $ | 3,073,896 | (2,795,293 | ) | $ | (41,415,227 | ) | (959,522 | ) | $ | (12,137,454 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
International Equity Fund Class A | ||||||||||||||||||||||||
Sold | 528,657 | $ | 6,390,187 | 712,101 | $ | 10,106,735 | 646,423 | $ | 8,072,739 | |||||||||||||||
Issued as reinvestment of dividends | 504,237 | 5,460,879 | 23,480 | 325,667 | 27,267 | 332,794 | ||||||||||||||||||
Redeemed | (904,842 | ) | (11,043,167 | ) | (949,431 | ) | (13,618,277 | ) | (956,680 | ) | (11,762,185 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) | 128,052 | $ | 807,899 | (213,850 | ) | $ | (3,185,875 | ) | (282,990 | ) | $ | (3,356,652 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
International Equity Fund Class N*** | ||||||||||||||||||||||||
Sold | - | $ | - | |||||||||||||||||||||
Issued as reinvestment of dividends | - | - | ||||||||||||||||||||||
Redeemed | (16,162 | ) | (200,162 | ) | ||||||||||||||||||||
|
|
|
| |||||||||||||||||||||
Net increase (decrease) | (16,162 | ) | $ | (200,162 | ) | |||||||||||||||||||
|
|
|
| |||||||||||||||||||||
Focused International Fund Class Z* | ||||||||||||||||||||||||
Sold | 4,988,383 | $ | 57,895,990 | 2,580,191 | $ | 30,807,436 | ||||||||||||||||||
Issued as reinvestment of dividends | 20,370 | 206,554 | 0 | ++ | 2 | |||||||||||||||||||
Redeemed | (951,456 | ) | (10,583,612 | ) | (453,565 | ) | (5,340,771 | ) | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||
Net increase (decrease) | 4,057,297 | $ | 47,518,932 | 2,126,626 | $ | 25,466,667 | ||||||||||||||||||
|
|
|
|
|
|
|
|
299
Table of Contents
Notes to Financial Statements (Continued)
Period Ended September 30, 2012+ | Year Ended October 31, 2011 | Year Ended October 31, 2010 | ||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||
Focused International Fund Class S | ||||||||||||||||||||||||
Sold | 662,761 | $ | 7,017,038 | 2,354,882 | $ | 27,564,874 | 301,408 | $ | 3,269,295 | |||||||||||||||
Issued as reinvestment of dividends | 20,263 | 205,670 | 34,343 | 395,980 | 156,242 | 1,685,855 | ||||||||||||||||||
Redeemed | (320,339 | ) | (3,599,778 | ) | (1,756,942 | ) | (21,059,688 | ) | (2,702,016 | ) | (28,824,270 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) | 362,685 | $ | 3,622,930 | 632,283 | $ | 6,901,166 | (2,244,366 | ) | $ | (23,869,120 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Focused International Fund Class Y | ||||||||||||||||||||||||
Sold | 106,142 | $ | 1,179,272 | 118,018 | $ | 1,395,954 | 79,689 | $ | 856,739 | |||||||||||||||
Issued as reinvestment of dividends | 5,070 | 51,354 | 12,176 | 140,147 | 25,850 | 278,403 | ||||||||||||||||||
Redeemed | (99,575 | ) | (1,096,886 | ) | (112,804 | ) | (1,327,835 | ) | (103,096 | ) | (1,117,093 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) | 11,637 | $ | 133,740 | 17,390 | $ | 208,266 | 2,443 | $ | 18,049 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Focused International Fund Class L | ||||||||||||||||||||||||
Sold | 164,156 | $ | 1,802,420 | 451,603 | $ | 5,356,753 | 367,432 | $ | 3,933,832 | |||||||||||||||
Issued as reinvestment of dividends | 330 | 3,363 | 27,357 | 315,154 | 63,333 | 682,096 | ||||||||||||||||||
Redeemed | (80,070 | ) | (893,354 | ) | (1,658,899 | ) | (19,453,248 | ) | (487,748 | ) | (5,333,233 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) | 84,416 | $ | 912,429 | (1,179,939 | ) | $ | (13,781,341 | ) | (56,983 | ) | $ | (717,305 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Focused International Fund Class A | ||||||||||||||||||||||||
Sold | 190,954 | $ | 2,106,138 | 238,306 | $ | 2,772,640 | 352,939 | $ | 3,825,675 | |||||||||||||||
Issued as reinvestment of dividends | 2,989 | 30,244 | 36,776 | 422,195 | 112,828 | 1,210,640 | ||||||||||||||||||
Redeemed | (474,432 | ) | (5,143,179 | ) | (1,113,936 | ) | (12,868,464 | ) | (689,167 | ) | (7,357,901 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) | (280,489 | ) | $ | (3,006,797 | ) | (838,854 | ) | $ | (9,673,629 | ) | (223,400 | ) | $ | (2,321,586 | ) | |||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Focused International Fund Class N | ||||||||||||||||||||||||
Sold | 21,546 | $ | 231,783 | 16,510 | $ | 190,259 | 16,000 | $ | 169,514 | |||||||||||||||
Issued as reinvestment of dividends | - | - | 907 | 10,327 | 2,404 | 25,652 | ||||||||||||||||||
Redeemed | (20,645 | ) | (226,574 | ) | (19,017 | ) | (221,246 | ) | (21,676 | ) | (237,981 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) | 901 | $ | 5,209 | (1,600 | ) | $ | (20,660 | ) | (3,272 | ) | $ | (42,815 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Strategic Emerging Markets Fund | ||||||||||||||||||||||||
Sold | 5,234,160 | $ | 65,242,654 | 7,164,379 | $ | 113,582,138 | ||||||||||||||||||
Issued as reinvestment of dividends | 1,727,239 | 18,498,727 | - | - | ||||||||||||||||||||
Redeemed | (2,345,927 | ) | (27,909,945 | ) | (574,614 | ) | (8,541,888 | ) | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||
Net increase (decrease) | 4,615,472 | $ | 55,831,436 | 6,589,765 | $ | 105,040,250 | ||||||||||||||||||
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Notes to Financial Statements (Continued)
Period Ended September 30, 2012+ | Year Ended October 31, 2011 | Year Ended October 31, 2010 | ||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||
Strategic Emerging Markets Fund Class S | ||||||||||||||||||||||||
Sold | 106,587 | $ | 1,328,500 | 1,974,957 | $ | 31,807,953 | 3,309,875 | $ | 52,647,305 | |||||||||||||||
Issued as reinvestment of dividends | 60,670 | 658,272 | 674,021 | 10,919,140 | 553,628 | 8,370,853 | ||||||||||||||||||
Redeemed | (3,288,987 | ) | (41,993,220 | ) | (5,071,683 | ) | (81,639,594 | ) | (1,534,335 | ) | (25,666,560 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) | (3,121,730 | ) | $ | (40,006,448 | ) | (2,422,705 | ) | $ | (38,912,501 | ) | 2,329,168 | $ | 35,351,598 | |||||||||||
|
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|
|
|
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|
| |||||||||||||
Strategic Emerging Markets Fund Class Y | ||||||||||||||||||||||||
Sold | 1,492 | $ | 16,140 | 644 | $ | 10,379 | - | $ | - | |||||||||||||||
Issued as reinvestment of dividends | 2,320 | 24,867 | 1,123 | 18,190 | 1,593 | 24,090 | ||||||||||||||||||
Redeemed | (287 | ) | (3,592 | ) | (3 | ) | (51 | ) | - | - | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) | 3,525 | $ | 37,415 | 1,764 | $ | 28,518 | 1,593 | $ | 24,090 | |||||||||||||||
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| |||||||||||||
Strategic Emerging Markets Fund Class L | ||||||||||||||||||||||||
Sold | 5,247 | $ | 64,197 | 141,727 | $ | 2,378,410 | 1,433,380 | $ | 23,240,693 | |||||||||||||||
Issued as reinvestment of dividends | 5 | 61 | 307,445 | 4,971,384 | 299,494 | 4,522,359 | ||||||||||||||||||
Redeemed | (61 | ) | (698 | ) | (3,660,402 | ) | (57,545,450 | ) | (178,183 | ) | (2,838,543 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) | 5,191 | $ | 63,560 | (3,211,230 | ) | $ | (50,195,656 | ) | 1,554,691 | $ | 24,924,509 | |||||||||||||
|
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|
| |||||||||||||
Strategic Emerging Markets Fund Class A | ||||||||||||||||||||||||
Sold | 33,194 | $ | 396,902 | 5,041 | $ | 80,803 | 24,538 | $ | 365,932 | |||||||||||||||
Issued as reinvestment of dividends | 4,769 | 50,981 | 3,471 | 55,982 | 2,600 | 39,207 | ||||||||||||||||||
Redeemed | (34,580 | ) | (404,855 | ) | (17,221 | ) | (262,193 | ) | (4,580 | ) | (70,926 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) | 3,383 | $ | 43,028 | (8,709 | ) | $ | (125,408 | ) | 22,558 | $ | 334,213 | |||||||||||||
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|
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|
| |||||||||||||
Strategic Emerging Markets Fund Class N*** | ||||||||||||||||||||||||
Sold | - | $ | - | |||||||||||||||||||||
Issued as reinvestment of dividends | - | - | ||||||||||||||||||||||
Redeemed | (10,010 | ) | (179,690 | ) | ||||||||||||||||||||
|
|
|
| |||||||||||||||||||||
Net increase (decrease) | (10,010 | ) | $ | (179,690 | ) | |||||||||||||||||||
|
|
|
|
* | Class Z shares commenced operations on December 3, 2010. |
** | Class Z shares commenced operations on March 1, 2011. |
*** | Class N shares were eliminated as of February 22, 2011. |
+ | For the period November 1, 2011 through September 30, 2012. |
++ | Amount rounds to less than 0.5 share. |
Purchases of Class A shares are subject to a front-end sales charge of up to 5.75% of the amount purchased. A portion of the front-end sales charge may be retained by the Distributor. For the period ended September 30, 2012, no material amounts have been retained by the Distributor.
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Notes to Financial Statements (Continued)
Redemptions or exchanges of Class A shares made within eighteen months of purchase from initial investments of $1 million or more are subject to a contingent deferred sales charge of 1% of the amount redeemed. Redemptions or exchanges of Class N shares made within eighteen months of purchase are subject to a contingent deferred sales charge of 1% of the amount redeemed. The Distributor receives all contingent deferred sales charges. Any contingent deferred sales charges imposed during the period ended September 30, 2012, were waived for any redemptions or exchanges subject to such a charge.
6. | Federal Income Tax Information |
At September 30, 2012, the cost of securities and the unrealized appreciation (depreciation) in the value of investments owned by the Funds, as computed on a federal income tax basis, were as follows:
Federal Income Tax Cost | Tax Basis Unrealized Appreciation | Tax Basis Unrealized (Depreciation) | Net Unrealized Appreciation (Depreciation) | |||||||||||||
Short-Duration Bond Fund | $ | 486,963,108 | $ | 6,646,625 | $ | (2,763,685 | ) | $ | 3,882,940 | |||||||
Inflation-Protected and Income Fund | 587,693,464 | 39,003,295 | (272,747 | ) | 38,730,548 | |||||||||||
Core Bond Fund | 1,923,378,307 | 73,779,324 | (13,987,857 | ) | 59,791,467 | |||||||||||
Diversified Bond Fund | 141,014,494 | 5,578,145 | (3,324,012 | ) | 2,254,133 | |||||||||||
High Yield Fund | 228,023,706 | 10,575,880 | (4,703,029 | ) | 5,872,851 | |||||||||||
International Bond Fund | 55,961,275 | 2,437,745 | (358,150 | ) | 2,079,595 | |||||||||||
Balanced Fund | 129,333,797 | 8,495,096 | (2,473,031 | ) | 6,022,065 | |||||||||||
Value Fund | 145,117,031 | 15,388,139 | (3,303,551 | ) | 12,084,588 | |||||||||||
Disciplined Value Fund | 279,314,358 | 15,887,648 | (3,981,647 | ) | 11,906,001 | |||||||||||
Main Street Fund | 136,100,014 | 37,679,661 | (2,879,330 | ) | 34,800,331 | |||||||||||
Capital Appreciation Fund | 237,166,523 | 79,581,398 | (6,714,037 | ) | 72,867,361 | |||||||||||
Disciplined Growth Fund | 264,564,494 | 31,294,960 | (3,508,556 | ) | 27,786,404 | |||||||||||
Small/Mid Cap Opportunities Fund | 135,285,729 | 16,715,577 | (4,512,729 | ) | 12,202,848 | |||||||||||
Global Fund | 328,222,328 | 81,330,589 | (18,118,016 | ) | 63,212,573 | |||||||||||
International Equity Fund | 447,353,833 | 106,259,219 | (39,925,559 | ) | 66,333,660 | |||||||||||
Focused International Fund | 156,893,398 | 13,526,967 | (10,383,751 | ) | 3,143,216 | |||||||||||
Strategic Emerging Markets Fund | 143,773,309 | 9,528,110 | (9,880,464 | ) | (352,354 | ) |
Note: The aggregate cost for investments for the Money Market Fund at September 30, 2012, is the same for financial reporting and federal income tax purposes.
Net capital loss carryforwards may be applied against any net realized taxable gains in succeeding years, subject to the carryforward period limitations, where applicable. On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the “Modernization Act”) was signed by the President. The Modernization Act changed the capital loss carryforward rules as they relate to regulated investment companies. Capital losses generated in tax years beginning after the date of enactment may now be carried forward indefinitely, and retain the character of the original loss. Under pre-enactment law, capital losses could be carried forward for up to eight tax years as short-term capital losses. The provisions affecting the utilization of capital loss carryforwards under the Modernization Act also require the utilization of post-enactment losses prior to the utilization of pre-enactment losses.
At September 30, 2012, the following Fund(s) had available, for federal income tax purposes, unused capital losses:
Expiring 2016 | Expiring 2017 | Expiring 2018 | ||||||||||
Money Market Fund | $ | 833,862 | $ | - | $ | - | ||||||
High Yield Fund | 569,547 | 7,619,761 | - | |||||||||
Balanced Fund | - | 4,632,303 | - | |||||||||
Value Fund | 12,244,509 | 71,537,201 | - |
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Notes to Financial Statements (Continued)
Expiring 2016 | Expiring 2017 | Expiring 2018 | ||||||||||
Disciplined Value Fund | $ | 26,229,548 | $ | 87,157,308 | $ | - | ||||||
Main Street Fund | - | 52,682,757 | - | |||||||||
Capital Appreciation Fund | - | 46,146,076 | - | |||||||||
Disciplined Growth Fund | - | 542,401 | - | |||||||||
Small/Mid Cap Opportunities Fund | - | 27,271,744 | - | |||||||||
Global Fund | - | 18,889,955 | 949,075 | |||||||||
Focused International Fund | 3,427,266 | 15,014,828 | - |
At September 30, 2012, the following Fund(s) had post-enactment accumulated capital loss carryforwards:
Short Term Capital Loss Carryforward | Long Term Capital Loss Carryforward | |||||||
Global Fund | $ | 1,225,972 | $ | 662,623 | ||||
Strategic Emerging Markets Fund | 2,050,123 | - |
Net capital loss carryforwards for the Funds shown in the above table are from pre-enactment years and are, therefore, subject to the eight-year carryforward period and possible expiration.
Accounting principles generally accepted in the United States of America require that only distributions in excess of tax basis earnings and profits be reported in the financial statements as a return of capital.
The tax character of distributions (including capital gain dividends, if any, designated pursuant to Section 852 of the Code) paid during the period ended September 30, 2012, was as follows:
Ordinary Income | Long Term Capital Gain | Return of Capital | ||||||||||
Money Market Fund | $ | 25,541 | $ | - | $ | - | ||||||
Short-Duration Bond Fund | 13,902,272 | 4,089,355 | - | |||||||||
Inflation-Protected and Income Fund | 13,275,211 | - | - | |||||||||
Core Bond Fund | 60,425,969 | 7,095,542 | - | |||||||||
Diversified Bond Fund | 9,056,942 | 3,818,339 | - | |||||||||
High Yield Fund | 12,418,263 | - | - | |||||||||
International Bond Fund | 1,708,504 | - | - | |||||||||
Balanced Fund | 2,301,979 | - | - | |||||||||
Value Fund | 2,699,872 | - | - | |||||||||
Disciplined Value Fund | 4,995,771 | - | - | |||||||||
Main Street Fund | 1,156,725 | - | - | |||||||||
Capital Appreciation Fund | 2,280,918 | - | - | |||||||||
Disciplined Growth Fund | 2,406,244 | - | - | |||||||||
Small/Mid Cap Opportunities Fund | 1,026,755 | - | - | |||||||||
Global Fund | 4,565,433 | - | - | |||||||||
International Equity Fund | 7,203,477 | 46,597,300 | - | |||||||||
Focused International Fund | 497,185 | - | - | |||||||||
Strategic Emerging Markets Fund | 1,555,673 | 17,677,235 | - |
303
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Notes to Financial Statements (Continued)
The tax character of distributions (including capital gain dividends, if any, designated pursuant to Section 852 of the Code) paid during the year ended October 31, 2011, was as follows:
Ordinary Income | Long Term Capital Gain | Return of Capital | ||||||||||
Money Market Fund | $ | 15,747 | $ | - | $ | - | ||||||
Short-Duration Bond Fund | 10,687,899 | 2,084,875 | - | |||||||||
Inflation-Protected and Income Fund | 7,808,693 | - | - | |||||||||
Core Bond Fund | 68,651,309 | 10,099,359 | - | |||||||||
Diversified Bond Fund | 9,147,406 | 1,939,644 | - | |||||||||
High Yield Fund | 13,673,342 | - | - | |||||||||
International Bond Fund | 1,351,332 | - | - | |||||||||
Balanced Fund | 2,389,850 | - | - | |||||||||
Value Fund | 2,636,367 | - | - | |||||||||
Disciplined Value Fund | 4,836,038 | - | - | |||||||||
Main Street Fund | 1,504,402 | - | - | |||||||||
Capital Appreciation Fund | 1,665,431 | - | - | |||||||||
Disciplined Growth Fund | 1,935,494 | - | - | |||||||||
Small/Mid Cap Opportunities Fund | 1,220,698 | - | - | |||||||||
Global Fund | 5,608,968 | - | - | |||||||||
International Equity Fund | 6,735,069 | - | - | |||||||||
Focused International Fund | 1,285,687 | - | - | |||||||||
Strategic Emerging Markets Fund | 3,159,338 | 12,805,358 | - |
The following Fund(s) have elected to pass through the foreign tax credit for the period ended September 30, 2012:
Amount | ||||
Global Fund | $ | 631,239 | ||
International Equity Fund | 761,024 | |||
Focused International Fund | 312,149 | |||
Strategic Emerging Markets Fund | 356,970 |
Capital accounts within financial statements are periodically adjusted for permanent differences between book and tax accounting. These adjustments have no impact on net assets or the results of operations. Temporary book and tax accounting differences will reverse in subsequent periods. At September 30, 2012, temporary book and tax accounting differences were primarily attributable to investments in forward contracts, futures contracts, swap agreements, premium amortization accruals, passive foreign investment companies, the deferral of wash sale losses, and deferred Trustee compensation.
At September 30, 2012, the components of distributable earnings on a tax basis were as follows:
Undistributed Ordinary Income | Undistributed Long Term Capital Gain (Capital Loss Carryover) | Other Temporary Differences | Unrealized Appreciation (Depreciation) | |||||||||||||
Money Market Fund | $ | 31,874 | $ | (833,862 | ) | $ | (60,767 | ) | $ | - | ||||||
Short-Duration Bond Fund | 8,014,654 | 4,184,393 | (8,377 | ) | 3,881,791 | |||||||||||
Inflation-Protected and Income Fund | 6,784,681 | 2,857,218 | (20,281 | ) | 38,730,548 | |||||||||||
Core Bond Fund | 50,652,767 | 10,148,468 | (17,810 | ) | 59,789,831 | |||||||||||
Diversified Bond Fund | 3,398,232 | 1,692,875 | 11,359 | 2,261,621 | ||||||||||||
High Yield Fund | 12,149,057 | (8,189,308 | ) | (12,194 | ) | 5,872,851 |
304
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Notes to Financial Statements (Continued)
Undistributed Ordinary Income | Undistributed Long Term Capital Gain (Capital Loss Carryover) | Other Temporary Differences | Unrealized Appreciation (Depreciation) | |||||||||||||
International Bond Fund | $ | 760,449 | $ | 36,334 | $ | (2,471 | ) | $ | 2,078,045 | |||||||
Balanced Fund | 1,534,835 | (4,632,303 | ) | (14,694 | ) | 6,021,992 | ||||||||||
Value Fund | 1,722,018 | (83,781,710 | ) | (43,397 | ) | 12,084,588 | ||||||||||
Disciplined Value Fund | 4,449,160 | (113,386,856 | ) | (19,761 | ) | 11,905,999 | ||||||||||
Main Street Fund | 1,267,367 | (52,682,757 | ) | (12,581 | ) | 34,800,317 | ||||||||||
Capital Appreciation Fund | 1,439,910 | (46,146,076 | ) | (38,760 | ) | 72,937,796 | ||||||||||
Disciplined Growth Fund | 2,546,843 | (542,401 | ) | (5,949 | ) | 27,786,404 | ||||||||||
Small/Mid Cap Opportunities Fund | 456,034 | (27,271,744 | ) | (26,169 | ) | 12,202,847 | ||||||||||
Global Fund | 3,762,413 | (21,727,625 | ) | (28,331 | ) | 63,224,584 | ||||||||||
International Equity Fund | 6,201,691 | 15,006,972 | (65,176 | ) | 66,410,070 | |||||||||||
Focused International Fund | 1,963,638 | (18,442,094 | ) | (6,919 | ) | 3,163,556 | ||||||||||
Strategic Emerging Markets Fund | 1,144,424 | (2,050,123 | ) | (7,376 | ) | (353,768 | ) |
During the period ended September 30, 2012, the following amounts were reclassified due to permanent differences between book and tax accounting:
Paid-in Capital | Accumulated Net Realized Gain (Loss) on Investments | Undistributed Net Investment Income (Loss) | ||||||||||
Money Market Fund | $ | (8,533 | ) | $ | (2,055 | ) | $ | 10,588 | ||||
Short-Duration Bond Fund | 404 | (1,356,594 | ) | 1,356,190 | ||||||||
Inflation-Protected and Income Fund | 207 | (1,290,055 | ) | 1,289,848 | ||||||||
Core Bond Fund | 1,340 | (2,881,211 | ) | 2,879,871 | ||||||||
Diversified Bond Fund | 185 | 22,809 | (22,994 | ) | ||||||||
High Yield Fund | 126 | 26,796 | (26,922 | ) | ||||||||
International Bond Fund | 27 | (132,657 | ) | 132,630 | ||||||||
Balanced Fund | 168 | (33,454 | ) | 33,286 | ||||||||
Value Fund | 415 | 193,444 | (193,859 | ) | ||||||||
Disciplined Value Fund | (202 | ) | 21,171 | (20,969 | ) | |||||||
Main Street Fund | (955 | ) | 148,300 | (147,345 | ) | |||||||
Capital Appreciation Fund | 388 | 90,147 | (90,535 | ) | ||||||||
Disciplined Growth Fund | 147 | 40,653 | (40,800 | ) | ||||||||
Small/Mid Cap Opportunities Fund | 3,816,924 | (3,732,266 | ) | (84,658 | ) | |||||||
Global Fund | 285 | (466,700 | ) | 466,415 | ||||||||
International Equity Fund | 652 | (550,304 | ) | 549,652 | ||||||||
Focused International Fund | 65 | (4,647 | ) | 4,582 | ||||||||
Strategic Emerging Markets Fund | 78 | 105,731 | (105,809 | ) |
The Funds did not have any unrecognized tax benefits at September 30, 2012, 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 September 30, 2012, 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.
305
Table of Contents
Notes to Financial Statements (Continued)
7. | Investment in Affiliated Issuers |
A summary of the Funds’ transactions in the securities of affiliated issuers during the period ended September 30, 2012, was as follows:
Number of Shares Held as of 10/31/11 | Purchases | Sales | Number of Shares Held as of 9/30/12 | Value as of 9/30/12 | Dividend Income | Net Realized Gain (Loss) | ||||||||||||||||||||||
Global Fund | ||||||||||||||||||||||||||||
Oppenheimer Institutional | 3,756,997 | 49,127,004 | 47,701,896 | 5,182,105 | $ | 5,182,105 | $ | 5,647 | $ | - | ||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||
International Equity Fund | ||||||||||||||||||||||||||||
Oppenheimer Institutional | 14,359,185 | 101,767,508 | 100,614,907 | 15,511,786 | $ | 15,511,786 | $ | 29,190 | $ | - | ||||||||||||||||||
Ortivus AB Class A** | 114,300 | - | 29,828 | 84,472 | 79,087 | - | (60,447 | ) | ||||||||||||||||||||
Ortivus AB Class B** | 859,965 | - | 224,421 | 635,544 | 404,423 | - | (3,857,526 | ) | ||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||
$ | 15,995,296 | $ | 29,190 | $ | (3,917,973 | ) | ||||||||||||||||||||||
|
|
|
|
|
|
* | Fund advised by OppenheimerFunds, Inc. |
** | Issuer was considered to be an affiliate of the Fund by virtue of the Fund owning 5% or more of its outstanding voting securities as of October 31, 2011. As of September 30, 2012, the issuer is no longer considered to be an affiliate of the Fund. |
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. Legal Proceedings
On December 7, 2010, the Trust was named as a defendant and putative member of the proposed defendant class of shareholders named in an adversary proceeding brought by The Official Committee of Unsecured Creditors of Tribune Company (the “Official Committee”) in the U.S. Bankruptcy Court for the District of Delaware, in connection with Tribune Company’s Chapter 11 bankruptcy proceeding (In re Tribune Company). The proceeding relates to a leveraged buyout transaction (“LBO”) by which Tribune Company converted to a privately-held company in 2007, and the putative defendant class is comprised of beneficial owners of shares of Tribune Company who received proceeds (the “Proceeds”) of the LBO. The Official Committee seeks to recover payments of those Proceeds.
The potential amounts sought to be recovered from the Balanced Fund, Disciplined Value Fund, and Small/Mid Cap Opportunities Fund, plus interest and the Official Committee’s court costs, are approximately $44,200, $299,880, and $414,800, respectively.
In addition, on June 2, 2011, the Disciplined Value Fund and Small/Mid Cap Opportunities Fund, were named as defendants in a closely related, parallel adversary proceeding brought in connection with the Tribune Company’s LBO by Deutsche Bank Trust Company Americas, in its capacity as successor indenture trustee for a certain series of Senior Notes, Law Debenture Trust Company of New York, in its capacity as successor indenture trustee for a certain series of Senior Notes, and Wilmington Trust Company, in its capacity as successor indenture trustee for the PHONES Notes (together, the “Plaintiffs”) in the United States District Court for the District of Massachusetts. The Plaintiffs also seek to recover payments of the Proceeds.
The Funds cannot predict the outcome of these proceedings. If the proceedings were to be decided in a manner adverse to the Funds, or if the Funds were to enter into a settlement agreement with the Official Committee or the Plaintiffs, as applicable, the payment of such judgment or settlement could potentially have a material adverse effect on the Funds’ net asset values depending on the net assets of each applicable Fund at the time of such judgment or settlement.
306
Table of Contents
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of MassMutual Premier Funds and Shareholders of MassMutual Premier Money Market Fund, MassMutual Premier Short-Duration Bond Fund, MassMutual Premier Inflation-Protected and Income Fund, MassMutual Premier Core Bond Fund, MassMutual Premier Diversified Bond Fund, MassMutual Premier High Yield Fund, MassMutual Premier International Bond Fund, MassMutual Premier Balanced Fund, MassMutual Premier Value Fund, MassMutual Premier Disciplined Value Fund, MassMutual Premier Main Street Fund, MassMutual Premier Capital Appreciation Fund, MassMutual Premier Disciplined Growth Fund, MassMutual Premier Small/Mid Cap Opportunities Fund, MassMutual Premier Global Fund, MassMutual Premier International Equity Fund, MassMutual Premier Focused International Fund, and MassMutual Premier Strategic Emerging Markets Fund (collectively, the “Funds”):
We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of the Funds as of September 30, 2012, and the related statements of operations for the eleven months ended September 30, 2012, and for the year ended October 31, 2011, the statement of cash flows for the MassMutual Premier Inflation-Protected and Income Fund for the eleven months ended September 30, 2012, and for the year ended October 31, 2011, the statements of changes in net assets for the eleven months ended September 30, 2012, and for each of the two years in the period ended October 31, 2011, and the financial highlights for each of the periods presented. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of September 30, 2012, by correspondence with the custodian and brokers; where replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of each of the Funds as of September 30, 2012, the results of their operations for the eleven months ended September 30, 2012 and for the year ended October 31, 2011, the cash flows for the MassMutual Premier Inflation-Protected and Income Fund for the eleven months ended September 30, 2012, and for the year ended October 31, 2011, the changes in their net assets for the eleven months ended September 30, 2012, and for each of the two years in the period ended October 31, 2011, and the financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America.
Deloitte & Touche LLP
Boston, Massachusetts
November 27, 2012
307
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Trustees and Officers (Unaudited)
The following table lists the Trust’s Trustees and Officers as of September 30, 2012; their address and age; their position with the Trust; the length of time holding that position with the Trust; their principal occupation(s) during the past five years; the number of portfolios in the fund complex they oversee; and other directorships they hold in companies subject to registration or reporting requirements of the Securities Exchange Act of 1934 (generally called “public companies”) or in registered investment companies. The Trust’s Statement of Additional Information includes additional information about the Trust’s Trustees and is available, without charge, upon request by calling 1-888-309-3539 or by writing MassMutual Premier Funds, c/o Massachusetts Mutual Life Insurance Company, 1295 State Street, Springfield, Massachusetts 01111-0001, Attention: Retirement Services Marketing.
Disinterested Trustees
Name, Address*, and Age | Position(s) | Term of Office** | Principal Occupation(s) | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |||||
Richard H. Ayers Age: 69 | Chairman
Trustee | Since
Since | Retired. | 91 | Director (2008-2011), Celera Corporation; Director (1996-2008), Applera Corporation; Chairman (since 2010), Trustee (since 1996), MassMutual Select Funds (open-end investment company); Chairman (since 2010), Trustee (since 1999), MML Series Investment Fund (open-end investment company); Chairman and Trustee (since 2012), MML Series Investment Fund II (open-end investment company). | |||||
Allan W. Blair Age: 64 | Trustee | Since 2012 | President and Chief Executive Officer (since 1996), Economic Development Council of Western Massachusetts; President and Chief Executive Officer (since 1984), Westover Metropolitan Development Corporation. | 91 | Director (2001-2007), Future Works, Inc.; Trustee (since 2003), MassMutual Select Funds (open-end investment company); Trustee (since 2003), MML Series Investment Fund (open-end investment company); Trustee (since 2012), MML Series Investment Fund II (open-end investment company). | |||||
Nabil N. El-Hage Age: 54 | Trustee
Chairman | Since 2003
(2006-2012) | Consultant (since 2010); Chairman (since 2011), Academy of Executive Education, LLC; Senior Associate Dean for External Relations (2009-2010), Thomas Henry Carroll Ford Foundation Adjunct Professor of Business Administration (2009-2010), Professor of Management Practice (2005-2009), Harvard Business School. | 91 | Director (2007-2010), Virtual Radiologic Corporation; Trustee (since 2012), MassMutual Select Funds (open-end investment company); Trustee (since 2012), MML Series Investment Fund (open-end investment company); Chairman (2006-2011), Trustee (since 2005), MML Series Investment Fund II (open-end investment company). | |||||
Maria D. Furman Age: 58 | Trustee | Since 2004 | Retired. | 91 | Trustee (since 2011), GMO Series Trust (open-end investment company); Trustee (since 2012), MassMutual Select Funds (open-end investment company); Trustee (since 2012), MML Series Investment Fund (open-end investment company); Trustee (since 2005), MML Series Investment Fund II (open-end investment company). |
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Name, Address*, and Age | Position(s) | Term of | Principal Occupation(s) | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |||||
R. Alan Hunter, Jr. Age: 65 | Trustee | Since 2012 | Retired. | 91 | Director (since 2007), Actuant Corporation; Trustee (since 2003), MassMutual Select Funds (open-end investment company); Trustee (since 2003), MML Series Investment Fund (open-end investment company); Trustee (since 2012), MML Series Investment Fund II (open-end investment company). | |||||
F. William Marshall, Jr. Age: 70 | Trustee | Since 2012 | Retired; Consultant (1999-2009). | 122*** | Trustee (since 2000), Denver Board – Oppenheimer Funds; Trustee (since 1996), MassMutual Select Funds (open-end investment company); Trustee (since 1996), MML Series Investment Fund (open-end investment company); Trustee (since 2012), MML Series Investment Fund II (open-end investment company). | |||||
C. Ann Merrifield Age: 61 | Trustee | Since 2004 | Retired; Senior Vice President, Genzyme Business Excellence Initiative (2009-2011), President, Biosurgery (2003-2009), Genzyme Corporation. | 91 | Director (1997-2007), Playtex Products, Inc.; Trustee (since 2012), MassMutual Select Funds (open-end investment company); Trustee (since 2012), MML Series Investment Fund (open-end investment company); Trustee (since 2005), MML Series Investment Fund II (open-end investment company). | |||||
Susan B. Sweeney Age: 60 | Trustee | Since 2012 | Senior Vice President and Chief Investment Officer (since 2010), Selective Insurance Group (property and casualty company); Senior Managing Director (2008-2010), Ironwood Capital (private equity firm); Chief Investment Officer, Pension Fund (2002-2007), Office of the Treasurer of the State of Connecticut. | 91 | Trustee (since 2012) Babson Capital Corporate Investors (closed-end investment company); Trustee (since 2012) Babson Capital Participation Investors (closed-end investment company); Trustee (since 2009), MassMutual Select Funds (open-end investment company); Trustee (since 2009), MML Series Investment Fund (open-end investment company); Trustee (since 2012), MML Series Investment Fund II (open-end investment company). |
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Interested Trustees
Name, Address*, and Age | Position(s) | Term of | Principal Occupation(s) | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |||||
Robert E. Joyal^ Age: 67 | Trustee | Since 2012 | Retired. | 93^^ | Director (since 2006), Jefferies Group, Inc. (investment bank); Director (2007-2011), Scottish Re Group Ltd.; Director (2003-2010), Alabama Aircraft Industries, Inc.; Trustee (since 2003), Babson Capital Corporate Investors (formerly known as MassMutual Corporate Investors) (closed-end investment company); Trustee (since 2003), Babson Capital Participation Investors (formerly known as MassMutual Participation Investors) (closed-end investment company); Trustee (since 2003), Vice Chairman (2005-2007), MassMutual Select Funds (open-end investment company); Trustee (since 2003), Vice Chairman (2005-2007), MML Series Investment Fund (open-end investment company); Trustee (since 2012), MML Series Investment Fund II (open-end investment company). | |||||
Elaine A. Sarsynski^^^ Age: 57 | Trustee
Vice Chairperson | Since
(2011-2012) | Executive Vice President (since 2006), MassMutual. | 91 | Trustee (since 2008), MassMutual Select Funds (open-end investment company); Trustee (since 2008), MML Series Investment Fund (open-end investment company); Vice Chairperson (2011-2012), Trustee (since 2011), MML Series Investment Fund II (open-end investment company). |
Principal Officers who are Not Trustees
Name, Address*, and Age | Position(s) Held with Trust | Term of Office# and Length of Time Served | Principal Occupation(s) During Past 5 Years | Number of Portfolios in Fund Complex Overseen by Officer | ||||
Michael C. Eldredge Age: 48 | Vice President | Since 2009 | Vice President (since 2008), MassMutual; Vice President (2005-2008), ING; Vice President (since 2009), MassMutual Select Funds (open-end investment company); Vice President (since 2009), MML Series Investment Fund (open-end investment company); Vice President (since 2009), MML Series Investment Fund II (open-end investment company). | 91 | ||||
Andrew M. Goldberg Age: 46 | Vice President, Secretary, and Chief Legal Officer
Assistant Clerk | Since 2008
(2004- | Assistant Vice President and Counsel (since 2004), MassMutual; Vice President, Secretary, and Chief Legal Officer (since 2008), Assistant Secretary (2001-2008), MassMutual Select Funds (open-end investment company); Vice President, Secretary, and Chief Legal Officer (since 2008), Assistant Secretary (2001-2008), MML Series Investment Fund (open-end investment company); Vice President, Secretary, (formerly known as “Clerk”), and Chief Legal Officer (since 2008), Assistant Clerk (2005-2008), MML Series Investment Fund II (open-end investment company). | 91 |
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Name, Address*, and Age | Position(s) Held with Trust | Term of Office# and Length of Time Served | Principal Occupation(s) During Past 5 Years | Number of Portfolios in Fund Complex Overseen by Officer | ||||
Nicholas H. Palmerino Age: 47 | Chief Financial Officer and Treasurer | Since 2006 | Assistant Vice President (since 2006), MassMutual; Chief Financial Officer and Treasurer (since 2006), MassMutual Select Funds (open-end investment company); Chief Financial Officer and Treasurer (since 2006), MML Series Investment Fund (open-end investment company); Chief Financial Officer and Treasurer (since 2006), MML Series Investment Fund II (open-end investment company). | 91 | ||||
Philip S. Wellman Age: 48 | Vice President and Chief Compliance Officer | Since 2007 | Vice President, Associate General Counsel, and Chief Compliance Officer (Mutual Funds and Investment Advisory) (since 2008), Vice President, Associate General Counsel, and Chief Compliance Officer (Mutual Funds) (2007-2008), Assistant Vice President and Associate General Counsel (2006-2007), MassMutual; Vice President and Chief Compliance Officer (since 2007), MassMutual Select Funds (open-end investment company); Vice President and Chief Compliance Officer (since 2007), MML Series Investment Fund (open-end investment company); Vice President and Chief Compliance Officer (since 2007), MML Series Investment Fund II (open-end investment company). | 91 | ||||
Eric H. Wietsma Age: 46 | President
Vice President | Since 2008
(2006- | Senior Vice President (since 2010), Corporate Vice President (2007- 2010), Vice President (2005-2007), MassMutual; President (since 2008), Vice President (2006-2008), MassMutual Select Funds (open-end investment company); Vice President (since 2006), MML Series Investment Fund (open-end investment company); Vice President (since 2006), MML Series Investment Fund II (open-end investment company). | 91 |
* | The address of each Trustee and Principal Officer is the same as that for the Trust; 1295 State Street, Springfield, Massachusetts 01111. |
** | Each Trustee of the Trust serves until the next meeting of shareholders called for the purpose of electing Trustees and until the election and qualification of his or her successor or until he or she dies, resigns, or is removed. Notwithstanding the foregoing, a Trustee shall retire and cease to serve as a Trustee upon the conclusion of the calendar year in which such Trustee attains the age of seventy-two years. |
The Chairperson is elected to hold such office for a term of three years or until their successor is elected and qualified to carry out the duties and responsibilities of their office, or until he or she retires, dies, resigns, is removed, or becomes disqualified. |
*** | Denver Board – Oppenheimer Funds is deemed to be part of the Fund Complex because it is managed by OppenheimerFunds, Inc., an indirect subsidiary of MassMutual. |
^ | Mr. Joyal is an “Interested Person,” as that term is defined in the 1940 Act, through his position as a director of Jefferies Group, Inc., a broker-dealer that may execute portfolio transactions and/or engage in principal transactions with the Funds, other investment companies advised by MassMutual or holding themselves out to investors as related companies for purposes of investment or investor services, or any other advisory accounts over which MassMutual has brokerage placement discretion. |
^^ | Babson Capital Participation Investors and Babson Capital Corporate Investors are deemed to be a part of the Fund Complex because they are managed by Babson Capital Management LLC, an indirect subsidiary of MassMutual. |
^^^ | Ms. Sarsynski is an Interested Person through her employment with MassMutual. |
# | The President, Treasurer, and Secretary are elected to hold such office until their successor is elected and qualified to carry out the duties and responsibilities of their office, or until he or she dies, resigns, is removed, or becomes disqualified. Each other officer shall hold office at the pleasure of the Trustees. |
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Federal Tax Information (Unaudited)
For corporate shareholders, a portion of the ordinary dividends paid during the Fund(s)’ period ended September 30, 2012, qualified for the dividends received deduction, as follows:
Dividends Received Deductions | ||||
Balanced Fund | 59.94 | % | ||
Value Fund | 100.00 | % | ||
Disciplined Value Fund | 100.00 | % | ||
Main Street Fund | 100.00 | % | ||
Capital Appreciation Fund | 100.00 | % | ||
Disciplined Growth Fund | 100.00 | % | ||
Small/Mid Cap Opportunities Fund | 100.00 | % | ||
Global Fund | 37.26 | % | ||
International Equity Fund | 1.48 | % |
For the period ended September 30, 2012, the following Fund(s) earned the following foreign sources of income:
Amount | ||||
Global Fund | $ | 6,242,321 | ||
International Equity Fund | 12,122,128 | |||
Focused International Fund | 3,936,457 | |||
Strategic Emerging Markets Fund |
| 2,919,538
|
|
Under Section 854(b)(2) of the Code, the Fund(s) hereby designate the following maximum amounts as qualified dividends for purposes of the maximum rate under Section 1(h)(11) of the Code for the period ended September 30, 2012:
Qualified Dividend Income | ||||
Balanced Fund | $ | 1,642,565 | ||
Value Fund | 3,706,684 | |||
Disciplined Value Fund | 6,570,437 | |||
Main Street Fund | 2,501,451 | |||
Capital Appreciation Fund | 4,584,391 | |||
Disciplined Growth Fund | 4,513,398 | |||
Small/Mid Cap Opportunities Fund | 1,434,376 | |||
Global Fund | 7,357,076 | |||
International Equity Fund | 11,784,067 | |||
Focused International Fund | 3,511,196 | |||
Strategic Emerging Markets Fund | 2,282,528 |
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Other Information (Unaudited)
A description of the policies and procedures that each Fund’s investment adviser and subadvisers use to vote proxies relating to the Fund’s portfolio securities is available, without charge, upon request, by calling 1-888-309-3539, and on the Securities and Exchange Commission’s (“SEC”) website at http://www.sec.gov.
Information regarding how the Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available, without charge, upon request, on the MassMutual website at http://www.massmutual.com/funds and on the SEC’s website at http://www.sec.gov.
The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Funds’ Forms N-Q are available on the SEC’s website at http://www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington D.C. Information on the operation of the SEC’s Public Reference Room may be obtained by calling 1-800-SEC-0330.
Trustees’ Approval of Investment Advisory Contracts
At their meetings in April and May 2012, the Contract Committee (the “Committee”) and the Trustees, including the Trustees who are not “interested persons” (as such term is defined in the 1940 Act) of the Trust, MassMutual, or subadvisers (the “Independent Trustees”), re-approved the existing advisory and subadvisory agreements (collectively, the “Contracts”) for each of the Money Market Fund, Short-Duration Bond Fund, Inflation-Protected and Income Fund, Core Bond Fund, Diversified Bond Fund, High Yield Fund, International Bond Fund, Balanced Fund, Value Fund, Disciplined Value Fund, Main Street Fund, Capital Appreciation Fund, Disciplined Growth Fund, Small/Mid Cap Opportunities Fund, Global Fund, International Equity Fund, Focused International Fund, and Strategic Emerging Markets Fund. In preparation for the meetings, the Trustees requested, and MassMutual and the subadvisers provided in advance, certain materials relevant to the consideration of the Contracts (the “Meeting Materials”). In all of their deliberations, the Trustees were advised by independent counsel.
The Committee received in advance of the meetings (i) a memorandum from MassMutual discussing the nature and quality of the services it provides as investment manager to the Funds; (ii) a profitability analysis prepared by MassMutual; and (iii) a fee and performance study report (the “Third-Party Report”) with respect to each Fund prepared by an independent third-party vendor (the “Third-Party”). The Third Party Report provided detailed comparative management fee, total expense, and performance information for each Fund to assist the Committee in its evaluation of the Contracts. The Committee also considered information presented to it throughout the year regarding MassMutual and each of the subadvisers.
The Committee considered the nature, scope, and quality of services MassMutual provides to the Funds, including: (i) the financial condition, stability, and business strategy of MassMutual; (ii) the capabilities of MassMutual with respect to regulatory compliance and its ability to monitor compliance with the investment policies of the Funds; (iii) MassMutual’s ability to provide investment oversight and administrative and shareholder services to the Funds; and (iv) the experience and qualifications of the personnel of MassMutual that perform, or oversee the performance of, the services provided to the Funds and the needs of the Funds for administrative and shareholder services.
The Committee then reviewed and considered, for each Fund separately, the detailed information presented in the Third-Party Report regarding: (i) Fund expenses, including, among other things, both the Fund’s advisory fee and total net expense ratio against peer funds; and (ii) the Fund’s relative performance (over various time periods against peer funds and a benchmark index). In connection with the Committee’s review, MassMutual provided commentary and analysis regarding each Fund’s performance and expenses. The Committee also noted that it had received in the Meeting Materials or during the course of the past year: (i) detailed information regarding MassMutual’s ability to provide investment oversight and administrative and shareholder services to the Funds; and (ii) a wide range of information about each subadviser and its personnel with responsibility for providing services to the respective Fund and the fees payable to each subadviser by MassMutual. MassMutual reviewed with the Committee in detail the work MassMutual does in its oversight, administrative, and shareholder servicing roles, the expertise it brings to these roles, the size of its teams, and the financial commitment it has made to providing those services. Throughout the discussion, MassMutual responded to Committee members’ questions and provided additional information concerning each Fund.
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The Committee reviewed the expense and performance information for each Fund. (References to any one- and three-year period below are to periods ended December 31, 2011. In all cases, the comparative expense information is that of a Fund’s “peer group” and the comparative performance information is that of a Fund’s “performance category.”)
The Committee considered that, in the case of a number of Funds, expense information showed the Funds to be in the first or second quartile of their peer groups (favorable), and performance information showed the Funds to have had first or second quartile investment performance in their performance categories for the most recent one- and three-year periods. These Funds included the Short-Duration Bond Fund, Inflation-Protected and Income Fund, Main Street Fund, Capital Appreciation Fund, Disciplined Growth Fund, Small/Mid Cap Opportunities Fund, and International Equity Fund. The Committee also considered that the Global Fund had expenses in the first quartile of its peer group, and performance for the three-year period that had been very favorable (second quartile), although its performance was slightly below the median of its performance category (58th percentile) for the one-year period. The Committee reviewed this information with MassMutual, including, as applicable, the factors that may have contributed to the decline in relative performance in the most recent year, and determined that further inquiry was not required at this time.
The Committee also considered that, in the case of a number of other Funds, expense information showed the Funds to be in the first or second quartile of their peer groups, and performance information showed the Funds to have had first or second quartile investment performance in their performance categories for the one-year period, showing an improvement from a third- or fourth-quartile performance ranking for the three-year period. These Funds included the Core Bond Fund, Diversified Bond Fund, High Yield Fund, International Bond Fund, Balanced Fund, Disciplined Value Fund, and Focused International Fund. For each of these Funds, the Committee reviewed with MassMutual the factors that had led to the improvement in performance and considered factors that may have contributed to the less favorable three-year performance numbers.
The Committee considered information regarding the other Funds, which had underperformed in recent periods compared to their peers. The Committee considered that each of the Funds had relatively favorable first quartile expenses, but had achieved unfavorable relative performance.
• | Money Market Fund – The Committee considered that the Fund had achieved third-quartile performance in the one- and three-year periods, but noted that, under current market conditions, very small differences in yield can affect comparative performance greatly, and that money market fund yields depend significantly less on investment adviser performance than on levels of yield support (expense limitations, fee waivers) provided to a fund. |
• | Value Fund – The Committee considered that the Fund had experienced fourth-quartile (79th percentile) one-year performance, notwithstanding a strong second quartile (30th percentile) three-year performance. The Committee considered MassMutual’s statements that the one-year performance was affected by weak performance in the second half of 2011, but that MassMutual remains confident in the subadviser’s (OFI Institutional) strategy and capabilities. |
• | Strategic Emerging Markets Fund – The Committee considered that the Fund has achieved third-quartile performance for the one- and three-year periods. The Committee considered MassMutual’s statements that the subadviser’s specific growth strategy had hurt performance in recent periods. The Committee also considered that the Fund’s lead portfolio managers had changed in 2011, and that MassMutual has undertaken to analyze the Fund’s performance in the coming year for evidence of the team’s ability to execute the Fund’s investment strategy successfully. |
With respect to the Short-Duration Bond Fund, Inflation-Protected and Income Fund, Core Bond Fund, Diversified Bond Fund, High Yield Fund, International Bond Fund, Balanced Fund, Value Fund, Disciplined Value Fund, Main Street Fund, Capital Appreciation Fund, Disciplined Growth Fund, Small/Mid Cap Opportunities Fund, Global Fund, International Equity Fund, Focused International Fund, and Strategic Emerging Markets Fund, the Committee considered, in addition to the other factors noted above, the fact that MassMutual was proposing a revised advisory fee schedule reflecting new breakpoints for each of the Funds.
In conjunction with its review of the Third-Party Report, the Committee also reviewed and considered information included in the Meeting Materials, or discussed at the meeting, concerning economies of scale and the profitability of MassMutual’s advisory relationship with the various Funds, including: (i) a description of the revenue (including management fees and administrative and shareholder services fees, as applicable) and expense allocation methodology employed by MassMutual; and (ii) profitability
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information for each individual Fund. The discussions included consideration of the intangible benefits derived by MassMutual and its affiliates resulting from their relationships with the Funds and the so-called “fallout benefits” to MassMutual, such as any reputational value derived from serving as investment adviser to the Funds, and benefits accruing to subadvisers due to so-called “soft-dollar arrangements.”
Prior to the votes being taken to approve the Contracts, the Committee met separately in executive session to discuss the appropriateness of such contracts. The Committee weighed the foregoing matters in light of the advice given to them by their independent legal counsel as to the law applicable to the review of investment advisory contracts. In arriving at a decision, the Committee did not identify any single matter as all-important or controlling. The foregoing summary does not detail all of the matters considered.
As to each of the Funds, the Committee concluded that: (i) overall, it was satisfied with the nature, extent, and quality of services provided, and expected to be provided in the future, under the Contracts, including the level of MassMutual’s oversight of each Fund and the subadvisory process; (ii) MassMutual’s levels of profitability from its relationship with the various Funds were not excessive and the advisory fees payable under the Contracts and each Fund’s total net expenses are fair and reasonable; (iii) the investment processes, research capabilities, and philosophies of the subadvisers generally appear well suited to the Funds, given their investment objectives and policies; (iv) either the relative or absolute performance of a Fund (in each case, taking into account the applicable investment strategy and risk profile of the Fund), or the steps MassMutual has proposed in respect of the underperformance of a Fund, are sufficient to warrant continuation of the Contracts for each of the Funds; and (v) the terms of the Contracts were fair and reasonable with respect to each Fund and were in the best interests of each Fund’s shareholders.
Submission | of Matters to a Vote of Security Holders |
Pursuant to a written consent, dated November 21, 2011, MassMutual, MassMutual RetireSMARTSM Conservative Fund, MassMutual RetireSMARTSM Moderate Fund, MassMutual RetireSMARTSM Moderate Growth Fund, MassMutual RetireSMARTSM Growth Fund, MassMutual RetireSMARTSM In Retirement Fund, MassMutual RetireSMARTSM 2010 Fund, MassMutual RetireSMARTSM 2015 Fund, MassMutual RetireSMARTSM 2020 Fund, MassMutual RetireSMARTSM 2025 Fund, MassMutual RetireSMARTSM 2030 Fund, MassMutual RetireSMARTSM 2035 Fund, MassMutual RetireSMARTSM 2040 Fund, MassMutual RetireSMARTSM 2045 Fund, and MassMutual RetireSMARTSM 2050 Fund, together, as the owner of a majority of the issued and outstanding shares of the Trust, elected Richard H. Ayers, Allan W. Blair, Nabil N. El-Hage, Maria D. Furman, R. Alan Hunter, Jr., Robert E. Joyal, F. William Marshall, Jr., C. Ann Merrifield, Susan B. Sweeney, and Elaine A. Sarsynski as Trustees of the Trust for indefinite terms of office.
Pursuant to a written consent, dated November 21, 2011, MassMutual, MassMutual RetireSMART Conservative Fund, MassMutual RetireSMART Moderate Fund, MassMutual RetireSMART Moderate Growth Fund, MassMutual RetireSMART Growth Fund, MassMutual RetireSMART In Retirement Fund, MassMutual RetireSMART 2010 Fund, MassMutual RetireSMART 2015 Fund, MassMutual RetireSMART 2020 Fund, MassMutual RetireSMART 2025 Fund, MassMutual RetireSMART 2030 Fund, MassMutual RetireSMART 2035 Fund, MassMutual RetireSMART 2040 Fund, MassMutual RetireSMART 2045 Fund, and MassMutual RetireSMART 2050 Fund, together, as the owner of a majority of the issued and outstanding shares of the Trust, approved an Amended and Restated Agreement and Declaration of Trust, as described in the Information Statement dated October 31, 2011.
Pursuant to a written consent, dated November 21, 2011, MassMutual, MassMutual RetireSMART Conservative Fund, MassMutual RetireSMART Moderate Fund, MassMutual RetireSMART Moderate Growth Fund, MassMutual RetireSMART Growth Fund, MassMutual RetireSMART In Retirement Fund, MassMutual RetireSMART 2010 Fund, MassMutual RetireSMART 2015 Fund, MassMutual RetireSMART 2020 Fund, MassMutual RetireSMART 2025 Fund, MassMutual RetireSMART 2030 Fund, MassMutual RetireSMART 2035 Fund, MassMutual RetireSMART 2040 Fund, MassMutual RetireSMART 2045 Fund, and MassMutual RetireSMART 2050 Fund, together, as the owner of a majority of the issued and outstanding shares of the High Yield Fund, International Bond Fund, Disciplined Value Fund, Disciplined Growth Fund, Focused International Fund, and Strategic Emerging Markets Fund (each a “Fund”), approved an amended an restated investment management agreement for each Fund, as described in the Information Statement dated October 31, 2011.
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Pursuant to a written consent, dated November 21, 2011, MassMutual, MassMutual RetireSMART Conservative Fund, MassMutual RetireSMART Moderate Fund, MassMutual RetireSMART Moderate Growth Fund, MassMutual RetireSMART Growth Fund, MassMutual RetireSMART In Retirement Fund, MassMutual RetireSMART 2010 Fund, MassMutual RetireSMART 2015 Fund, MassMutual RetireSMART 2020 Fund, MassMutual RetireSMART 2025 Fund, MassMutual RetireSMART 2030 Fund, MassMutual RetireSMART 2035 Fund, MassMutual RetireSMART 2040 Fund, MassMutual RetireSMART 2045 Fund, and MassMutual RetireSMART 2050 Fund, together, as the owner of a majority of the issued and outstanding shares of the High Yield Fund, International Bond Fund, Disciplined Value Fund, Disciplined Growth Fund, Focused International Fund, and Strategic Emerging Markets Fund (each a “Fund”), approved an amendment to each Fund’s fundamental investment restriction with respect to investment in commodities and commodity contracts, as described in the Information Statement dated October 31, 2011.
Pursuant to a written consent, dated November 21, 2011, MassMutual, as the owner of a majority of the issued and outstanding shares of the Money Market Fund, Short-Duration Bond Fund, Inflation-Protected and Income Fund, Core Bond Fund, Diversified Bond Fund, Balanced Fund, Value Fund, Main Street Fund, Capital Appreciation Fund, Small/Mid Cap Opportunities Fund, Global Fund, and International Equity Fund (each a “Fund”), approved an amended an restated investment management agreement for each Fund, as described in the Information Statement dated October 31, 2011.
Pursuant to a written consent, dated November 21, 2011, MassMutual, as the owner of a majority of the issued and outstanding shares of the Money Market Fund, Short-Duration Bond Fund, Inflation-Protected and Income Fund, Core Bond Fund, Diversified Bond Fund, Balanced Fund, Value Fund, Main Street Fund, Capital Appreciation Fund, Small/Mid Cap Opportunities Fund, Global Fund, and International Equity Fund (each a “Fund”), approved an amendment to each Fund’s fundamental investment restriction with respect to investment in commodities and commodity contracts, as described in the Information Statement dated October 31, 2011.
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Fund Expenses September 30, 2012
Expense Examples:
The following information is in regards to expenses for the six months ended September 30, 2012:
As a shareholder of the Funds, you may incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments or redemptions; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds. These examples are based on an investment of $1,000 invested for the six months ended September 30, 2012.
Actual Expenses:
The first four columns of the table below provide information about actual account values and actual expenses. You may use this information, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading entitled “Operating Expenses Incurred” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes:
The last two columns of the table below provide information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the last two columns of the table are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Beginning Value | Annualized Expense Ratio | Ending Value (Based on Actual Returns and Expenses) | Operating Expenses Incurred* | Ending Value (Based on Hypothetical Returns and Expenses) | Operating Expenses Incurred* | |||||||||||||||||||
Money Market Fund | ||||||||||||||||||||||||
Class S | $ | 1,000 | 0.18 | % | $ | 1,000.00 | $ | 0.90 | $ | 1,024.20 | $ | 0.92 | ||||||||||||
Class Y | 1,000 | 0.18 | % | 1,000.00 | 0.90 | 1,024.20 | 0.92 | |||||||||||||||||
Class A | 1,000 | 0.18 | % | 1,000.00 | 0.90 | 1,024.20 | 0.92 | |||||||||||||||||
Short-Duration Bond Fund | ||||||||||||||||||||||||
Class Z | 1,000 | 0.37 | % | 1,016.00 | 1.87 | 1,023.30 | 1.88 | |||||||||||||||||
Class S | 1,000 | 0.56 | % | 1,014.10 | 2.84 | 1,022.30 | 2.85 | |||||||||||||||||
Class Y | 1,000 | 0.61 | % | 1,015.20 | 3.09 | 1,022.10 | 3.10 | |||||||||||||||||
Class L | 1,000 | 0.69 | % | 1,013.30 | 3.49 | 1,021.70 | 3.51 | |||||||||||||||||
Class A | 1,000 | 0.94 | % | 1,013.40 | 4.76 | 1,020.40 | 4.77 | |||||||||||||||||
Class N | 1,000 | 1.24 | % | 1,010.60 | 6.27 | 1,018.90 | 6.29 |
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Other Information (Unaudited) (Continued)
Beginning Value | Annualized Expense Ratio | Ending Value (Based on Actual Returns and Expenses) | Operating Expenses Incurred* | Ending Value (Based on Hypothetical Returns and Expenses) | Operating Expenses Incurred* | |||||||||||||||||||
Inflation-Protected and Income Fund | ||||||||||||||||||||||||
Class Z | $ | 1,000 | 0.45 | % | $ | 1,053.40 | $ | 2.32 | $ | 1,022.90 | $ | 2.29 | ||||||||||||
Class S | 1,000 | 0.56 | % | 1,053.40 | 2.89 | 1,022.30 | 2.85 | |||||||||||||||||
Class Y | 1,000 | 0.66 | % | 1,052.70 | 3.41 | 1,021.80 | 3.35 | |||||||||||||||||
Class L | 1,000 | 0.81 | % | 1,052.20 | 4.18 | 1,021.10 | 4.12 | |||||||||||||||||
Class A | 1,000 | 0.96 | % | 1,051.70 | 4.95 | 1,020.30 | 4.88 | |||||||||||||||||
Class N | 1,000 | 1.26 | % | 1,049.70 | 6.49 | 1,018.80 | 6.39 | |||||||||||||||||
Core Bond Fund | ||||||||||||||||||||||||
Class Z | 1,000 | 0.38 | % | 1,043.90 | 1.95 | 1,023.20 | 1.93 | |||||||||||||||||
Class S | 1,000 | 0.59 | % | 1,042.10 | 3.03 | 1,022.20 | 3.00 | |||||||||||||||||
Class Y | 1,000 | 0.64 | % | 1,043.20 | 3.29 | 1,021.90 | 3.25 | |||||||||||||||||
Class L | 1,000 | 0.71 | % | 1,042.50 | 3.65 | 1,021.60 | 3.61 | |||||||||||||||||
Class A | 1,000 | 0.96 | % | 1,041.10 | 4.93 | 1,020.30 | 4.88 | |||||||||||||||||
Class N | 1,000 | 1.28 | % | 1,038.60 | 6.56 | 1,018.70 | 6.50 | |||||||||||||||||
Diversified Bond Fund | ||||||||||||||||||||||||
Class Z | 1,000 | 0.58 | % | 1,049.50 | 2.99 | 1,022.20 | 2.95 | |||||||||||||||||
Class S | 1,000 | 0.78 | % | 1,045.50 | 4.01 | 1,021.20 | 3.96 | |||||||||||||||||
Class Y | 1,000 | 0.83 | % | 1,045.50 | 4.27 | 1,021.00 | 4.22 | |||||||||||||||||
Class L | 1,000 | 0.84 | % | 1,046.10 | 4.32 | 1,020.90 | 4.27 | |||||||||||||||||
Class A | 1,000 | 1.08 | % | 1,044.30 | 5.55 | 1,019.70 | 5.48 | |||||||||||||||||
Class N | 1,000 | 1.37 | % | 1,043.10 | 7.04 | 1,018.20 | 6.95 | |||||||||||||||||
High Yield Fund | ||||||||||||||||||||||||
Class Z | 1,000 | 0.50 | % | 1,070.00 | 2.60 | 1,022.60 | 2.54 | |||||||||||||||||
Class S | 1,000 | 0.70 | % | 1,068.70 | 3.64 | 1,021.60 | 3.56 | |||||||||||||||||
Class Y | 1,000 | 0.75 | % | 1,067.60 | 3.90 | 1,021.40 | 3.81 | |||||||||||||||||
Class L | 1,000 | 0.90 | % | 1,067.00 | 4.68 | 1,020.60 | 4.57 | |||||||||||||||||
Class A | 1,000 | 1.15 | % | 1,066.30 | 5.97 | 1,019.40 | 5.84 | |||||||||||||||||
Class N | 1,000 | 1.45 | % | 1,064.20 | 7.52 | 1,017.80 | 7.35 | |||||||||||||||||
International Bond Fund | ||||||||||||||||||||||||
Class S | 1,000 | 0.75 | % | 1,049.50 | 3.86 | 1,021.40 | 3.81 | |||||||||||||||||
Class Y | 1,000 | 0.80 | % | 1,049.50 | 4.12 | 1,021.10 | 4.06 | |||||||||||||||||
Class L | 1,000 | 0.95 | % | 1,048.00 | 4.89 | 1,020.40 | 4.82 | |||||||||||||||||
Class A | 1,000 | 1.20 | % | 1,046.80 | 6.17 | 1,019.10 | 6.09 | |||||||||||||||||
Balanced Fund | ||||||||||||||||||||||||
Class S | 1,000 | 0.60 | % | 1,032.80 | 3.07 | 1,022.10 | 3.05 | |||||||||||||||||
Class Y | 1,000 | 0.76 | % | 1,032.60 | 3.88 | 1,021.30 | 3.86 | |||||||||||||||||
Class L | 1,000 | 0.93 | % | 1,032.60 | 4.75 | 1,020.50 | 4.72 | |||||||||||||||||
Class A | 1,000 | 1.16 | % | 1,030.50 | 5.92 | 1,019.30 | 5.89 | |||||||||||||||||
Value Fund | ||||||||||||||||||||||||
Class S | 1,000 | 0.62 | % | 1,014.60 | 3.14 | 1,022.00 | 3.15 | |||||||||||||||||
Class Y | 1,000 | 0.72 | % | 1,013.90 | 3.64 | 1,021.50 | 3.66 | |||||||||||||||||
Class L | 1,000 | 0.83 | % | 1,013.30 | 4.20 | 1,021.00 | 4.22 | |||||||||||||||||
Class A | 1,000 | 1.12 | % | 1,012.00 | 5.66 | 1,019.50 | 5.69 | |||||||||||||||||
Class N | 1,000 | 1.44 | % | 1,010.00 | 7.28 | 1,017.90 | 7.30 | |||||||||||||||||
Disciplined Value Fund | ||||||||||||||||||||||||
Class S | 1,000 | 0.52 | % | 1,040.60 | 2.67 | 1,022.50 | 2.64 | |||||||||||||||||
Class Y | 1,000 | 0.61 | % | 1,039.90 | 3.13 | 1,022.10 | 3.10 | |||||||||||||||||
Class L | 1,000 | 0.75 | % | 1,039.20 | 3.84 | 1,021.40 | 3.81 | |||||||||||||||||
Class A | 1,000 | 1.00 | % | 1,038.20 | 5.12 | 1,020.10 | 5.08 | |||||||||||||||||
Class N | 1,000 | 1.30 | % | 1,036.10 | 6.65 | 1,018.60 | 6.60 |
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Other Information (Unaudited) (Continued)
Beginning Value | Annualized Expense Ratio | Ending Value (Based on Actual Returns and Expenses) | Operating Expenses Incurred* | Ending Value (Based on Hypothetical Returns and Expenses) | Operating Expenses Incurred* | |||||||||||||||||||
Main Street Fund | ||||||||||||||||||||||||
Class S | $ | 1,000 | 0.71 | % | $ | 1,018.70 | $ | 3.60 | $ | 1,021.60 | $ | 3.61 | ||||||||||||
Class Y | 1,000 | 0.76 | % | 1,017.50 | 3.85 | 1,021.30 | 3.86 | |||||||||||||||||
Class L | 1,000 | 0.91 | % | 1,016.80 | 4.61 | 1,020.60 | 4.62 | |||||||||||||||||
Class A | 1,000 | 1.16 | % | 1,015.90 | 5.88 | 1,019.30 | 5.89 | |||||||||||||||||
Class N | 1,000 | 1.46 | % | 1,014.90 | 7.39 | 1,017.80 | 7.41 | |||||||||||||||||
Capital Appreciation Fund | ||||||||||||||||||||||||
Class S | 1,000 | 0.71 | % | 1,010.10 | 3.59 | 1,021.60 | 3.61 | |||||||||||||||||
Class Y | 1,000 | 0.82 | % | 1,009.30 | 4.14 | 1,021.00 | 4.17 | |||||||||||||||||
Class L | 1,000 | 0.97 | % | 1,008.50 | 4.90 | 1,020.30 | 4.93 | |||||||||||||||||
Class A | 1,000 | 1.09 | % | 1,008.50 | 5.50 | 1,019.70 | 5.53 | |||||||||||||||||
Class N | 1,000 | 1.46 | % | 1,006.10 | 7.36 | 1,017.80 | 7.41 | |||||||||||||||||
Disciplined Growth Fund | ||||||||||||||||||||||||
Class S | 1,000 | 0.52 | % | 1,022.90 | 2.64 | 1,022.50 | 2.64 | |||||||||||||||||
Class Y | 1,000 | 0.61 | % | 1,021.00 | 3.10 | 1,022.10 | 3.10 | |||||||||||||||||
Class L | 1,000 | 0.75 | % | 1,020.90 | 3.81 | 1,021.40 | 3.81 | |||||||||||||||||
Class A | 1,000 | 1.00 | % | 1,020.20 | 5.08 | 1,020.10 | 5.08 | |||||||||||||||||
Small/Mid Cap Opportunities Fund | ||||||||||||||||||||||||
Class S | 1,000 | 0.69 | % | 998.20 | 3.47 | 1,021.70 | 3.51 | |||||||||||||||||
Class Y | 1,000 | 0.79 | % | 997.30 | 3.97 | 1,021.20 | 4.01 | |||||||||||||||||
Class L | 1,000 | 0.89 | % | 997.30 | 4.47 | 1,020.70 | 4.52 | |||||||||||||||||
Class A | 1,000 | 1.14 | % | 995.40 | 5.72 | 1,019.40 | 5.79 | |||||||||||||||||
Global Fund | ||||||||||||||||||||||||
Class S | 1,000 | 0.89 | % | 991.10 | 4.45 | 1,020.70 | 4.52 | |||||||||||||||||
Class Y | 1,000 | 1.03 | % | 991.10 | 5.16 | 1,020.00 | 5.23 | |||||||||||||||||
Class L | 1,000 | 1.14 | % | 990.20 | 5.70 | 1,019.40 | 5.79 | |||||||||||||||||
Class A | 1,000 | 1.43 | % | 988.40 | 7.15 | 1,017.90 | 7.25 | |||||||||||||||||
Class N | 1,000 | 1.52 | % | 988.40 | 7.60 | 1,017.50 | 7.71 | |||||||||||||||||
International Equity Fund | ||||||||||||||||||||||||
Class S | 1,000 | 1.06 | % | 1,001.50 | 5.33 | 1,019.80 | 5.38 | |||||||||||||||||
Class Y | 1,000 | 1.09 | % | 1,000.08 | 5.48 | 1,019.70 | 5.53 | |||||||||||||||||
Class L | 1,000 | 1.24 | % | 1,000.08 | 6.24 | 1,018.90 | 6.29 | |||||||||||||||||
Class A | 1,000 | 1.49 | % | 999.20 | 7.49 | 1,017.60 | 7.56 | |||||||||||||||||
Focused International Fund | ||||||||||||||||||||||||
Class Z | 1,000 | 0.96 | % | 1000.90 | 4.83 | 1,020.30 | 4.88 | |||||||||||||||||
Class S | 1,000 | 1.05 | % | 999.10 | 5.28 | 1,019.90 | 5.33 | |||||||||||||||||
Class Y | 1,000 | 1.15 | % | 999.10 | 5.78 | 1,019.40 | 5.84 | |||||||||||||||||
Class L | 1,000 | 1.30 | % | 998.30 | 6.53 | 1,018.60 | 6.60 | |||||||||||||||||
Class A | 1,000 | 1.55 | % | 997.40 | 7.78 | 1,017.30 | 7.86 | |||||||||||||||||
Class N | 1,000 | 1.96 | % | 995.60 | 9.83 | 1,015.30 | 9.93 | |||||||||||||||||
Strategic Emerging Markets Fund | ||||||||||||||||||||||||
Class Z | 1,000 | 0.99 | % | 973.30 | 4.91 | 1,020.20 | 5.03 | |||||||||||||||||
Class S | 1,000 | 1.15 | % | 972.80 | 5.70 | 1,019.40 | 5.84 | |||||||||||||||||
Class Y | 1,000 | 1.25 | % | 971.70 | 6.20 | 1,018.90 | 6.34 | |||||||||||||||||
Class L | 1,000 | 1.40 | % | 971.10 | 6.94 | 1,018.10 | 7.10 | |||||||||||||||||
Class A | 1,000 | 1.65 | % | 969.90 | 8.17 | 1,016.80 | 8.36 |
* | Expenses are calculated using the annualized expense ratio for the six months ended September 30, 2012, multiplied by the average account value over the period, multiplied by the number of days in the period, divided by the number of days in the year, unless stated otherwise. |
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Distributor:
MML Distributors, LLC
1295 State Street
Springfield, MA 01111-0001
November 29, 2012
©2012 Massachusetts Mutual Life Insurance Company, Springfield, MA. All rights reserved. www.massmutual.com. MassMutual Financial Group is a marketing name for Massachusetts Mutual Life Insurance Company (MassMutual) [of which Retirement Services is a division] and its affiliated companies and sales representatives. | L4544 1112 C:31113-00 |
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This material must be preceded or accompanied by a current prospectus (or summary prospectus, if available) for the MassMutual Barings Dynamic Allocation Fund. Investors should consider a Fund’s investment objective, risks, and charges and expenses carefully before investing. This and other information about the investment company is available in the prospectus (or summary prospectus, if available). Read it carefully before investing.
Table of Contents
MassMutual Barings Dynamic Allocation Fund – President’s Letter to Shareholders (Unaudited)
To Our Shareholders
Eric Wietsma
“MassMutual believes you can most effectively pursue your retirement goals by creating a long-term investment plan designed to suit your investment time horizon and your tolerance for risk, monitoring that plan regularly, and making changes to your plan when appropriate.”
September 30, 2012
Investors navigate good and bad economic news and drive stocks higher here and abroad
I am pleased to present you with the MassMutual Barings Dynamic Allocation Fund (the “Fund”) Annual Report, covering the period from the Fund’s inception on November 28, 2011 through September 30, 2012. Most major global equity markets advanced strongly for the period, despite the volatility and weak stock performance that characterized the second quarter of 2012. The market advance occurred in an environment that included both continued global economic malaise and positive signs for the future. The willingness of some central bankers and country leaders to take bold steps to help resolve ongoing problems in both Europe and the U.S. encouraged investors. Other reasons for optimism also emerged during the period, including signs of a strengthening housing market in the U.S., positive earnings reports from companies in numerous industries, and improvements in U.S. employment statistics.
MassMutual believes you can most effectively pursue your retirement goals by creating a long-term investment plan designed to suit your investment time horizon and your tolerance for risk, monitoring that plan regularly, and making changes to your plan when appropriate. Keeping certain investing guidelines in mind (such as those below) can help you maintain your long-term perspective.
Investing guidelines for retirement investors
Time may be your ally
Investing for retirement is a decades-long process for most people. The financial markets will be volatile from time to time, but many patient investors who have taken a long-term approach have managed to ride out the downturns and have successfully grown their account balances and reached their retirement goals over time.
Continue to invest
Some of the most sophisticated investors believe that individuals who can weather a bear market have the potential to be rewarded by amassing larger positions at more favorable prices (relative to those who do not continue to invest during a down market). That’s why many financial professionals believe it’s important to stay in the market, regardless of short-term results.
Monitor your asset allocation and diversify
Stocks, bonds, and short-term/money market investments are investment types that typically behave differently depending upon the economic and market environment. Those broad investment types contain an even greater array of sub-categories (such as small-cap stocks, international stocks, high-yield bonds, etc.). Many financial experts believe that investors can take advantage of different opportunities in the market and reduce the risk of over-exposure to one or two poorly performing investment types by maintaining a portfolio that includes a mix of investment types and sub-categories.
1
Table of Contents
MassMutual Barings Dynamic Allocation Fund – President’s Letter to Shareholders (Unaudited) (Continued)
Get on track, stay on track
We believe doing business with MassMutual is the sign of a good decision. MassMutual focuses on the long term and encourages all retirement investors to do the same. If you work with a financial professional, this could be an ideal time to contact him or her to help you evaluate and fine-tune your retirement-planning strategy, taking into consideration your investment time frame and risk tolerance to get and keep you on track toward your long-term investment objectives. Thank you for your continued confidence and trust in MassMutual.
Sincerely,
Eric Wietsma
President
The information provided is the opinion of MassMutual Retirement Services Investments Marketing as of 10/1/12 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
Table of Contents
MassMutual Barings Dynamic Allocation Fund – Economic and Market Overview (Unaudited)
September 30, 2012
Stock markets advance substantially despite ongoing uncertainty
For the year ended September 30, 2012,* broad stock market indexes in the U.S. and abroad notched substantial increases, as optimistic investors overcame concerns about the sovereign debt crisis in Europe and unsteady economic growth here at home to drive stocks higher. The U.S. Federal Reserve (the “Fed”) and other central banks from across the globe helped calm occasionally jittery markets by implementing actions intended to stimulate their respective economies, and key interest rates remained near historical lows. U.S. manufacturing, employment, and housing statistics told a story of an economy unsure of its strength at certain times, but still indicated continued improvement overall for the year.
The price of oil trended higher through much of the first half of the yearlong period, going from around $79 per barrel on October 1, 2011, to a peak of nearly $110 in late February 2012. Oil prices dropped 30% to around $78 in late June and finished September at $92.18. Gasoline prices mainly moved in a similar fashion, with consumers getting some needed relief at the pumps during the early summer of 2012 in between bouts with much higher prices. Gold started the period at around $1,625 per ounce and rose over the 12 months. The price of the precious metal gyrated by about $215 during the yearlong period, before settling at $1,771.10 at the end of September 2012.
The Fed continued to keep interest rates at historically low levels, with the federal funds rate remaining at 0.0% to 0.25% – the level the rate has occupied since December 2008 – in an ongoing attempt to stimulate the economy. The federal funds rate is the interest rate that banks and other financial institutions charge each other for borrowing funds overnight. In October 2011, The Fed implemented “Operation Twist,” the stimulus program under which the Fed has been aiming to boost economic growth by causing long-term interest rates to decline by selling shorter-term U.S. Treasury securities and using the proceeds to buy those with longer terms. The central bank confirmed its commitment to keeping interest rates low, stating in its Federal Open Market Committee meeting notes in April that economic conditions were “expected to warrant an exceptionally low federal funds rate through late 2014.” In June, the Fed announced its extension of Operation Twist through the end of 2012. In September, Chairman Ben Bernanke announced the Fed’s decision to launch a third round of quantitative easing, or QE3, which involves the central bank’s purchase of $40 billion in agency mortgage-backed securities per month in an effort to lower mortgage rates and spur greater activity in the housing market.
Market performance
U.S. and foreign equities rewarded investors for the year ended September 30, 2012, with U.S. stocks leading the charge. The small-cap Russell 2000® Index was the standout performer for the year, with its 31.91% advance. The S&P 500® Index (the “S&P 500”), which measures the performance of large-cap stocks in the U.S., gained 30.20%. Technology stock benchmark the NASDAQ Composite® Index (“NASDAQ”) posted an impressive 29.02% return. Also posting a double-digit advance was the Dow Jones Industrial AverageSM (the “Dow”), a well-known measure of blue-chip stock performance, which gained 26.52%. Foreign equity markets also advanced for the year, with the MSCI Emerging Markets Index, a measure of the performance of emerging stock markets throughout the world, advancing 16.93%, and the MSCI® EAFE® Index, a barometer for foreign stocks in developed markets, advancing 13.75% for the year.
Bonds generally underperformed equities by a wide margin during the 12 months. One exception was the Barclays U.S. Corporate High Yield Index, a measure of the performance of fixed-rate, non-investment-grade debt from corporate sectors, which advanced 19.37%, as investors sought higher returns relative to other bonds. Conversely, the Barclays U.S. Aggregate Bond Index, a broad measure of the U.S. investment-grade bond markets, gained only 5.16%. The environment of low interest rates continued to take its toll, with shorter-term debt investments struggling to stay in positive territory. The Barclays U.S. 1-3 Year Government Bond Index, which measures the performance of short-term U.S. government bonds, returned just 0.65%; and Treasury bills advanced only slightly, as measured by the Citigroup 3-Month Treasury Bill Index, which gained a mere 0.05%.**
* | Please note: Although this Economic and Market Overview covers the full year ended September 30, 2012, MassMutual Barings Dynamic Allocation Fund commenced operations on November 28, 2011. |
** | Indexes are unmanaged, do not incur fees or expenses and cannot be purchased directly for investment. |
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Table of Contents
MassMutual Barings Dynamic Allocation Fund – Economic and Market Overview (Unaudited) (Continued)
Stocks advance in the midst of fourth quarter 2011 volatility
U.S. stocks performed well in the fourth quarter of 2011, with virtually all gains coming in October, when the market strongly rebounded from a steep third-quarter sell-off. One factor that drove the rally was the prospect of further progress by European leaders toward solving that region’s sovereign debt crisis. Bonds, for the most part, turned in flat returns for the fourth quarter, although corporate high-yield bonds continued to perform well.
The federal government’s final estimate of economic growth, as measured by gross domestic product (“GDP”), for the third quarter of 2011, which was released in the fourth quarter, came in at 1.8%, which was down a bit from the earlier 2.0% projection. Moreover, the U.S. unemployment rate dropped to 8.6% in November 2011 from 9.0% the previous month, although the primary driver of that decline was a reduction in the number of unemployed individuals seeking work. In October, durable goods orders (with the exception of transportation) showed broad-based strength, and November’s Institute for Supply Management (“ISM”) new orders index rebounded to a seven-month high. In December, positive economic reports showed improvements in the home builders index and in housing starts.
Stocks outperform bonds in the first quarter of 2012
In the first quarter of 2012, equities once again outperformed their bond counterparts – only this time, the quarter was marked by much less volatility. In the bond market, Treasury yields traded in a relatively narrow range until mid-March, when they spiked higher on growing optimism about the U.S. economy. (Bond prices move in the opposite direction to interest rates [or yields]; when yields rise, the prices of existing bonds fall – and vice versa.) By the end of the month, however, yields had retraced about half of their advance.
The Commerce Department reported that private-sector spending and private investment helped boost the U.S. economy to a 2.8% annualized expansion in the fourth quarter of 2011, in data released in the first quarter. The economy typically expands by more than 3% annually during an economic recovery, the pace that economists consider necessary to bring down unemployment. Housing had its ups and downs during the period. In January, the Commerce Department reported that sales of new homes unexpectedly dropped in December 2011. In February 2012, however, it was reported that big price reductions in the U.S. real estate market had given a lift to existing home sales, which rose 4.3% in January to a 4.57 million annual rate. Another bright spot emerged when National Association of Homebuilders reported that confidence among U.S. home builders held in March at its highest level since June 2007, and data showed solid manufacturing growth in the first quarter.
In Europe, Standard & Poor’s downgraded the government debt of France, Spain, Italy, and Austria in January on concerns over high debt levels and those countries’ significant need to refinance debt in 2013. Germany, however, avoided a downgrade and maintained its AAA rating. Greece’s fiscal situation became a bit brighter in March, as significant progress in that country’s negotiations with its private-sector creditors cleared the way for a second €130 billion bailout for the debt-strapped nation from the European Union (“EU”) and the International Monetary Fund. Also in March, Chinese Premier Wen Jiabao cut the country’s 2012 target growth rate to 7.5% – China’s lowest growth target in eight years.
Second quarter of 2012: bonds outpace stocks as worries over Europe re-emerge
The U.S. stock market had a challenging second quarter, with all widely followed market indexes suffering single-digit losses. The European debt crisis, which had receded as a major source of concern for investors in the first three months of 2012, worsened once again. Foreign stocks trailed their U.S. counterparts. On the positive side, equities trimmed their losses from the early June lows and jumped about 2% on the final day of the quarter on news of a “breakthrough” deal at the two-day summit of EU leaders in Brussels, Belgium. In the bond market, the yield of U.S. Treasury securities plummeted and prices soared amid investors’ decreasing appetite for risk. At quarter-end, the yield of the bellwether 10-year Treasury note stood near its all-time low. Longer-dated Treasuries were standout performers, while TIPS (Treasury Inflation-Protected Securities) also did well. Within the corporate sector, investment-grade bonds generally fared better than high-yield debt. Employment trends downshifted during April, and payroll growth slowed in the second quarter. Corporate earnings were mainly positive, but manufacturing was down.
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Table of Contents
MassMutual Barings Dynamic Allocation Fund – Economic and Market Overview (Unaudited) (Continued)
During the second quarter, prices on Spanish and Italian debt fell after rallying earlier in the year in response to the European Central Bank’s (“ECB”) Long-Term Refinancing Operations lending facility. Spanish and Italian banks were reported to have tapped a direct lending line from the ECB. In addition, concerns started to grow that Greece could leave the euro zone. Later in the quarter, however, there was a positive reaction to the election of a pro-austerity government in Greece. Here in the U.S., the Supreme Court voted 5 to 4 in June to uphold the Affordable Care Act, the health care law signed by President Obama in 2010. The ruling left the law essentially intact, with most mandates taking effect in 2014.
Central banks come to the rescue in the third quarter of 2012
Popular stock indexes in the U.S. posted solid gains in the third quarter of 2012, as some of the globe’s most powerful central bankers decided it was time to take action once again. In July, ECB President Mario Draghi stated he would do “whatever it takes” to preserve the euro, and the ECB supported that statement with a new bond-buying program in September. About a week later, Fed Chairman Ben Bernanke announced the launch of QE3. Around the same time, the Bank of Japan followed suit, announcing plans to ramp up its bond-buying program. Although the ECB and Fed announcements helped drive stock prices higher, the major indexes subsequently gave up some of their gains. Foreign equity markets modestly outperformed their domestic counterparts for the quarter, primarily due to a weaker U.S. dollar.
Bond investments trailed their equity counterparts in the third quarter of 2012, as Treasury yields fluctuated, but finished September with minimal change. Corporate bonds, including high-yield debt, did well, although corporate bonds lost some of their luster late in the quarter, as the afterglow of the Fed’s QE3 announcement began to fade. Manufacturing showed some expansion as the quarter came to an end, but export orders remained under pressure, reflecting mainly weak global markets. Continued improvement in the unemployment rate as the period ended seemed at odds with data about jobless claims. Housing finished the quarter strongly.
As the yearlong period came to an end along with September 2012, many problems remained on the world stage, such as the ongoing concerns in Europe (particularly in Greece, Italy, and Spain) as well as the challenges faced by China. Investors worldwide will likely focus on the U.S. in the near future as key events on the eco-political stage take place, including the U.S. presidential and congressional elections in November. Additionally, investors will brace for the potential impact of the “fiscal cliff,” the adopted term for a large reduction of the federal budget deficit through significant tax increases and spending cuts, which is scheduled to become effective on December 31, 2012, unless Congress agrees upon an alternative. The fiscal cliff has the strong potential to derail economic growth, at least in the short term. We expect investors will pay attention to these events and others as they search for indications about what may lie ahead for the financial markets.
The information provided is the opinion of MassMutual Retirement Services Investment Services as of 10/1/12 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.
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MassMutual Barings Dynamic Allocation Fund – Portfolio Manager Report (Unaudited)
What is the investment approach of MassMutual Barings Dynamic Allocation Fund, and who is the Fund’s subadviser?
The Fund seeks positive total real return by investing across different asset classes. The Fund invests primarily in individual securities, exchange-traded funds (“ETFs”), and derivatives. The Fund’s subadviser is Baring International Investment Limited (Baring).
How did the Fund perform since its inception on November 28, 2011?
The Fund’s Class S shares returned 6.50%, significantly underperforming the 12.95%* return of the Morgan Stanley Capital International (“MSCI”) World IndexSM (the “benchmark”), an unmanaged index of issuers listed on the stock exchanges of 20 foreign countries and the U.S. Conversely, the Fund’s 6.50% return substantially outperformed the 2.29%* return of the Consumer Price Index for All Urban Consumers (CPI-U), a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services.
For a discussion on the economic and market environment during the 12-month period ended September 30, 2012, please see the Economic and Market Review, beginning on page 3.
Subadviser discussion of factors that contributed to the Fund’s performance
The Fund’s primary benchmark combines the performance of numerous stock exchanges across the globe, but the Fund invests in a variety of different investment types in addition to stocks. Investors should note that the Fund may underperform the benchmark when stocks are outperforming bonds and other types of investments in which the Fund invests. Conversely, when bonds and other types of investments the Fund invests in are outperforming stocks, the Fund may outperform the benchmark.
Tactical decisions that drove the level of investment among each of the Fund’s different investment types mainly drove the Fund’s performance since its inception in November 2011. Despite a continually challenging global macro-economic landscape, global equities posted strong gains over the period, largely as a result of supportive central banking policy measures across major global markets. The Fund began the period quite cautiously due to the tenuous global economic backdrop and positioned the portfolio with a roughly 30% allocation to stocks, which hindered Fund performance versus the stock-only benchmark. In January, we used some of the Fund’s cash position to increase the Fund’s stock component on our optimistic belief about the near-term investing environment for stocks. We increased the Fund’s position in an S&P 500® Index ETF (exchange-traded fund), reflecting our still-current bias towards U.S. markets – and increased the Fund’s emerging-market equity exposure. In addition, we purchased a stake in Italian government bonds and a U.S. high-yield credit ETF for the Fund, both of which contributed meaningfully to performance during the first four months of 2012.
Prospects for global growth seemed remote in our view, despite the investor exuberance that drove the rally in the first half of the year, so we meaningfully reduced the Fund’s exposure to stocks throughout May. As a result, the Fund was able to cushion the downside with more defensive positioning while the equity markets fell. However, the realigned Fund was unable to participate fully in the ensuing summer equity market rally, which was supported by increasingly unorthodox central banking policies. From the end of May 2012 through the end of the period ended September 30, 2012, the Fund held a near 30% weight in equities.
Over the entire period, the Fund’s holdings of U.S. credit ETFs proved beneficial, particularly a high-yield ETF in which the Fund has increased its position throughout the period. Fund holdings of gold-based ETFs contributed meaningfully, while also providing the added benefit of diversification. Conversely, the timing around buying and selling a U.S. energy-focused equity ETF detracted from absolute performance, as did the timing of the decision to reduce emerging-market exposure in May.
The Fund’s only exposure to derivatives came in the form of a put option purchased to leverage performance of the S&P 500® Index in early May, which represented less than 0.5% of total assets at the time of purchase. The rationale behind the purchase was to capitalize on very cheap volatility price levels in the options market. The equity market continued to rise throughout the summer, and the position expired out-of-the-money. This, however, detracted only modestly from the Fund’s performance for the since-inception period.
* | For the reporting period from December 1, 2011 – September 30, 2012. |
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MassMutual Barings Dynamic Allocation Fund – Portfolio Manager Report (Unaudited) (Continued)
Subadviser outlook
We continue to remain cautious with regard to stock positioning in the Fund, given today’s uncertain global economic backdrop. Despite radical central bank policy initiatives, we have yet to see a coherent solution to the looming fiscal austerity measures within Europe and the U.S. Additionally, our view is that it is unlikely that China will provide the boost to global growth that many had hoped for. Economic surprise indicators continue to fall, as do earnings expectations outside the U.S. That being said, we continue to have conviction in U.S. equities due to their potential for higher earnings growth, and we believe there will likely be an environment of more secure economic growth and higher productivity levels in the U.S. in the coming year. The American housing market recovery appears to be gaining traction and could prove to be a bright spot for the economy; however, the potential for politicians to unsuccessfully address the “fiscal cliff” by the December 31, 2012 deadline is a very real risk. The actions of politicians throughout the world will continue to shape markets.
MassMutual Barings (% of Net Assets) on 9/30/12 | ||||
United States | 71.2 | % | ||
Australia | 13.7 | % | ||
Poland | 2.0 | % | ||
Mexico | 2.0 | % | ||
Canada | 1.4 | % | ||
Brazil | 0.6 | % | ||
|
| |||
Total Long-Term Investments | 90.9 | % | ||
Short-Term Investments and Other Assets and Liabilities | 9.1 | % | ||
|
| |||
Net Assets | 100.0 | % | ||
|
|
MassMutual Barings (% of Net Assets) on 9/30/12 | ||||
Mutual Funds* | 67.7 | % | ||
Bonds & Notes | 23.2 | % | ||
|
| |||
Total Long-Term Investments | 90.9 | % | ||
Short-Term Investments and Other Assets and Liabilities | 9.1 | % | ||
|
| |||
Net Assets | 100.0 | % | ||
|
|
*Category includes ETFs.
7
Table of Contents
MassMutual Barings Dynamic Allocation Fund – Portfolio Manager Report (Unaudited) (Continued)
Growth of a $10,000 Investment
Hypothetical Investments in MassMutual Barings Dynamic Allocation Fund Class Z, Class S, Class A, Class A (sales load deducted), Class Y, Class L, the MSCI World Index, and the CPI-U.
TOTAL RETURN | Since 9/30/12 | |||
Class Z | 6.51% | |||
Class S | 6.50% | |||
Class A | 6.05% | |||
Class A (sales load deducted)* | -0.05% | |||
Class Y | 6.39% | |||
Class L | 6.28% | |||
MSCI World Index# | 12.95% | + | ||
CPI-U | 2.29% | + |
GROWTH OF A $10,000 INVESTMENT SINCE INCEPTION
* Class A (sales load deducted) returns include the 5.75% maximum sales charge.
+ From 12/1/11.
# Benchmark.
Performance data quoted represents past performance; past performance is not predictive of future results. The investment return and principal value of shares of the Fund will fluctuate with market conditions so that shares of the Fund, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month-end may be obtained by calling 1-888-309-3539.
Investors should note that the Fund is a professionally managed mutual fund, while the MSCI World Index and the CPI-U are unmanaged, do not incur expenses and cannot be purchased directly by investors. Investors should read the Fund's prospectus with regard to the Fund’s investment objective, risks, and charges and expenses in conjunction with these financial statements. 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. The performance tables and charts do not reflect the deduction of taxes that a shareholder would pay on the Fund distributions or the redemption of the Fund shares.
8
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MassMutual Barings Dynamic Allocation Fund – Consolidated Portfolio of Investments
September 30, 2012
Principal Amount | Value | |||||||
BONDS & NOTES — 23.2% | ||||||||
SOVEREIGN DEBT OBLIGATIONS — 19.7% | ||||||||
Australia Government Bond AUD (a) 5.750% 7/15/22 | 495,000 | $ | 636,777 | |||||
Australia Government Bond AUD (a) 6.000% 2/15/17 | 184,000 | 218,783 | ||||||
Australia Government Bond AUD (a) 6.000% 2/15/17 | 843,000 | 1,002,358 | ||||||
Brazil Notas do Tesouro Nacional Series F BRL (a) | 149,000 | 75,281 | ||||||
Canada Government Bond CAD (a) 3.250% 6/01/21 | 159,000 | 182,781 | ||||||
Poland Government Bond PLN (a) | 862,000 | 276,467 | ||||||
United Mexican States MXN (a) | 1,830,000 | 147,787 | ||||||
United Mexican States MXN (a) | 1,130,000 | 123,464 | ||||||
|
| |||||||
2,663,698 | ||||||||
|
| |||||||
TOTAL SOVEREIGN DEBT OBLIGATIONS (Cost $2,486,598) | 2,663,698 | |||||||
|
| |||||||
U.S. TREASURY OBLIGATIONS — 3.5% | ||||||||
U.S. Treasury Bonds & Notes — 3.5% | ||||||||
U.S. Treasury Note | $ | 451,700 | 477,817 | |||||
|
| |||||||
TOTAL U.S. TREASURY OBLIGATIONS (Cost $471,835) | 477,817 | |||||||
|
| |||||||
TOTAL BONDS & NOTES (Cost $2,958,433) | 3,141,515 | |||||||
|
| |||||||
Number of Shares | ||||||||
MUTUAL FUNDS — 67.7% | ||||||||
Commodity Fund — 3.5% | ||||||||
PowerShares DB Agriculture Fund (b) | 16,104 | 473,619 | ||||||
|
| |||||||
Diversified Financial — 64.2% | ||||||||
iShares Barclays Intermediate Credit | 11,306 | 1,259,828 | ||||||
iShares Gold Trust | 27,243 | 470,487 | ||||||
iShares iBoxx $ High Yield Corporate | 15,660 | 1,446,514 | ||||||
iShares S&P Global Healthcare Sector Index Fund | 9,533 | 611,733 |
Number of Shares | Value | |||||||
SPDR Gold Trust (b) | 3,656 | $ | 628,905 | |||||
SPDR S&P 500 ETF Trust | 21,499 | 3,094,351 | ||||||
SPDR S&P Emerging Asia Pacific | 3,694 | 268,960 | ||||||
State Street Navigator Securities Lending Prime Portfolio (d) | 489,499 | 489,499 | ||||||
Vanguard MSCI Emerging Markets ETF | 9,711 | 405,434 | ||||||
|
| |||||||
8,675,711 | ||||||||
|
| |||||||
TOTAL MUTUAL FUNDS (Cost $8,522,056) | 9,149,330 | |||||||
|
| |||||||
TOTAL LONG-TERM INVESTMENTS (Cost $11,480,489) | 12,290,845 | |||||||
|
| |||||||
Principal Amount | ||||||||
SHORT-TERM INVESTMENTS — 12.5% | ||||||||
Repurchase Agreement — 4.8% | ||||||||
State Street Bank & Trust Co. Repurchase Agreement, dated 9/28/12, 0.010%, due 10/01/12 (e) | $ | 647,953 | 647,953 | |||||
|
| |||||||
Time Deposits — 0.1% | ||||||||
Euro Time Deposit | 7,194 | 7,194 | ||||||
|
| |||||||
U.S. Treasury Bills — 7.6% | ||||||||
U.S. Treasury Bill | 1,033,600 | 1,033,442 | ||||||
|
| |||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $1,688,589) | 1,688,589 | |||||||
|
| |||||||
TOTAL INVESTMENTS — 103.4% (Cost $13,169,078) (f) | 13,979,434 | |||||||
Other Assets/(Liabilities) — (3.4)% | (460,222 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 13,519,212 | ||||||
|
|
Notes to Consolidated Portfolio of Investments
AUD | Australian Dollar |
BRL | Brazilian Real |
CAD | Canadian Dollar |
ETF | Exchange-Traded Fund |
MXN | Mexican Peso |
PLN | Polish Zloty |
(a) | The principal amount of the security is in foreign currency. The market value is in U.S. dollars. |
(b) | Non-income producing security. |
The accompanying notes are an integral part of the consolidated financial statements.
9
Table of Contents
MassMutual Barings Dynamic Allocation Fund – Consolidated Portfolio of Investments (Continued)
Notes to Consolidated Portfolio of Investments (Continued)
(c) | Denotes all or a portion of security on loan. The total value of securities on loan as of September 30, 2012 was $478,836. (Note 2). |
(d) | Represents investment of security lending collateral (Note 2). |
(e) | Maturity value of $647,954. Collateralized by U.S. Government Agency obligations with a rate of 4.000%, maturity date of 5/01/25, and an aggregate market value, including accrued interest, of $661,837. |
(f) | See Note 6 for aggregate cost for federal tax purposes. |
The accompanying notes are an integral part of the consolidated financial statements.
10
Table of Contents
MassMutual Barings Dynamic Allocation Fund – Consolidated Financial Statements
Consolidated Statement of Assets and Liabilities
September 30, 2012
Assets: | ||||
Investments, at value (Note 2) (a) | $ | 12,290,845 | ||
Short-term investments, at value (Note 2) (b) | 1,688,589 | |||
|
| |||
Total investments (c) | 13,979,434 | |||
|
| |||
Foreign currency, at value (d) | 50,386 | |||
Receivables from: | ||||
Investment adviser (Note 3) | 39,417 | |||
Interest and dividends | 49,937 | |||
|
| |||
Total assets | 14,119,174 | |||
|
| |||
Liabilities: | ||||
Payables for: | ||||
Open forward foreign currency contracts (Note 2) | 39,218 | |||
Securities on loan (Note 2) | 489,499 | |||
Trustees’ fees and expenses (Note 3) | 313 | |||
Affiliates (Note 3): | ||||
Investment management fees | 9,590 | |||
Administration fees | 6,879 | |||
Service fees | 668 | |||
Accrued expense and other liabilities | 53,795 | |||
|
| |||
Total liabilities | 599,962 | |||
|
| |||
Net assets | $ | 13,519,212 | ||
|
| |||
Net assets consist of: | ||||
Paid-in capital | $ | 12,764,258 | ||
Undistributed (accumulated) net investment income (loss) | 69,608 | |||
Accumulated net realized gain (loss) on investments and foreign currency transactions | (86,500 | ) | ||
Net unrealized appreciation (depreciation) on investments and foreign currency translations | 771,846 | |||
|
| |||
Net assets | $ | 13,519,212 | ||
|
| |||
(a) Cost of investments: | $ | 11,480,489 | ||
(b) Cost of short-term investments: | $ | 1,688,589 | ||
(c) Securities on loan with market value of: | $ | 478,836 | ||
(d) Cost of foreign currency: | $ | 50,030 |
The accompanying notes are an integral part of the consolidated financial statements.
11
Table of Contents
MassMutual Barings Dynamic Allocation Fund – Consolidated Financial Statements (Continued)
Consolidated Statement of Assets and Liabilities
September 30, 2012
Class Z shares: | ||||
Net assets | $ | 3,715,531 | ||
|
| |||
Shares outstanding (a) | 350,010 | |||
|
| |||
Net asset value, offering price and redemption price per share | $ | 10.62 | ||
|
| |||
Class S shares: | ||||
Net assets | $ | 3,727,019 | ||
|
| |||
Shares outstanding (a) | 351,328 | |||
|
| |||
Net asset value, offering price and redemption price per share | $ | 10.61 | ||
|
| |||
Class Y shares: | ||||
Net assets | $ | 3,394,997 | ||
|
| |||
Shares outstanding (a) | 320,358 | |||
|
| |||
Net asset value, offering price and redemption price per share | $ | 10.60 | ||
|
| |||
Class L shares: | ||||
Net assets | $ | 1,579,498 | ||
|
| |||
Shares outstanding (a) | 149,176 | |||
|
| |||
Net asset value, offering price and redemption price per share | $ | 10.59 | ||
|
| |||
Class A shares: | ||||
Net assets | $ | 1,102,167 | ||
|
| |||
Shares outstanding (a) | 104,270 | |||
|
| |||
Net asset value and redemption price per share | $ | 10.57 | ||
|
| |||
Offering price per share (100/[100-maximum sales charge] of net asset value) | $ | 11.21 | ||
|
|
(a) | Authorized unlimited number of shares with no par value. |
The accompanying notes are an integral part of the consolidated financial statements.
12
Table of Contents
MassMutual Barings Dynamic Allocation Fund – Consolidated Financial Statements (Continued)
Consolidated Statement of Operations
For the Period Ended September 30, 2012*
Investment income (Note 2): | ||||
Dividends | $ | 130,058 | ||
Interest | 82,700 | |||
Securities lending net income | 321 | |||
|
| |||
Total investment income | 213,079 | |||
|
| |||
Expenses (Note 3): | ||||
Investment management fees | 79,440 | |||
Custody fees | 4,352 | |||
Audit fees | 44,908 | |||
Legal fees | 86,518 | |||
Proxy fees | 1,109 | |||
Shareholder reporting fees | 44,708 | |||
Trustees’ fees | 692 | |||
Subsidiary administration fees | 25,960 | |||
|
| |||
287,687 | ||||
Administration fees: | ||||
Class Z | 914 | |||
Class S | 3,665 | |||
Class Y | 2,679 | |||
Class L | 3,543 | |||
Class A | 3,050 | |||
Service fees: | ||||
Class A | 2,174 | |||
|
| |||
Total expenses | 303,712 | |||
Expenses waived (Note 3): | ||||
Class Z fees waived by adviser | (40,908 | ) | ||
Class S fees waived by adviser | (41,039 | ) | ||
Class Y fees waived by adviser | (16,361 | ) | ||
Class L fees waived by adviser | (13,601 | ) | ||
Class A fees waived by adviser | (11,704 | ) | ||
Class Z administrative fees waived | (10 | ) | ||
Class S administrative fees waived | (10 | ) | ||
Class Y administrative fees waived | (4 | ) | ||
Class L administrative fees waived | (3 | ) | ||
Class A administrative fees waived | (3 | ) | ||
Class Z management fees waived | (1,931 | ) | ||
Class S management fees waived | (1,937 | ) | ||
Class Y management fees waived | (772 | ) | ||
Class L management fees waived | (642 | ) | ||
Class A management fees waived | (553 | ) | ||
Subsidiary expenses waived (Note 3) | (66,833 | ) | ||
|
| |||
Net expenses | 107,401 | |||
|
| |||
Net investment income (loss) | 105,678 | |||
|
| |||
Realized and unrealized gain (loss): | ||||
Net realized gain (loss) on: | ||||
Investment transactions | (42,424 | ) | ||
Foreign currency transactions | (134,726 | ) | ||
|
| |||
Net realized gain (loss) | (177,150 | ) | ||
|
| |||
Net change in unrealized appreciation (depreciation) on: | ||||
Investment transactions | 810,356 | |||
Translation of assets and liabilities in foreign currencies | (38,510 | ) | ||
|
| |||
Net change in unrealized appreciation (depreciation) | 771,846 | |||
|
| |||
Net realized gain (loss) and change in unrealized appreciation (depreciation) | 594,696 | |||
|
| |||
Net increase (decrease) in net assets resulting from operations | $ | 700,374 | ||
|
|
* | Fund commenced operations on November 28, 2011. |
The accompanying notes are an integral part of the consolidated financial statements.
13
Table of Contents
MassMutual Barings Dynamic Allocation Fund – Consolidated Financial Statements (Continued)
Consolidated Statement of Changes in Net Assets
Period Ended September 30, 2012 * | ||||
Increase (Decrease) in Net Assets: | ||||
Operations: | ||||
Net investment income (loss) | $ | 105,678 | ||
Net realized gain (loss) on investment transactions | (177,150 | ) | ||
Net change in unrealized appreciation (depreciation) on investments | 771,846 | |||
|
| |||
Net increase (decrease) in net assets resulting from operations | 700,374 | |||
|
| |||
Distributions to shareholders (Note 2): | ||||
From net investment income: | ||||
Class Z | (13,411 | ) | ||
Class S | (13,115 | ) | ||
Class Y | (3,653 | ) | ||
Class L | (3,531 | ) | ||
Class A | (3,295 | ) | ||
|
| |||
Total distributions from net investment income | (37,005 | ) | ||
|
| |||
Net fund share transactions (Note 5): | ||||
Class Z | 3,500,100 | |||
Class S | 3,513,215 | |||
Class Y | 3,293,753 | |||
Class L | 1,503,931 | |||
Class A | 1,044,844 | |||
|
| |||
Increase (decrease) in net assets from fund share transactions | 12,855,843 | |||
|
| |||
Total increase (decrease) in net assets | 13,519,212 | |||
Net assets | ||||
End of period | $ | 13,519,212 | ||
|
| |||
Undistributed (accumulated) net investment income (loss) included in net assets at end of period | $ | 69,608 | ||
|
|
* | Fund commenced operations on November 28, 2011. |
The accompanying notes are an integral part of the consolidated financial statements.
14
Table of Contents
MassMutual Barings Dynamic Allocation Fund – Consolidated Financial Statements (Continued)
Consolidated Financial Highlights (For a share outstanding throughout each period)
Income (loss) from investment operations: | Less distributions to shareholders: | Ratios / Supplemental Data: | ||||||||||||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period | Net investment income (loss) c,j | Net realized and unrealized gain (loss) on investments | Total income (loss) from investment operations | From net investment income | Total distributions | Net asset value, end of period | Total Return 1,m | Net assets, end of period (000’s) | Ratio of expenses to average daily net assets before expense waivers | Ratio of expenses to average daily net assets after expense waivers | Net investment income (loss) to average daily net assets | |||||||||||||||||||||||||||||||||||||
Class Z | ||||||||||||||||||||||||||||||||||||||||||||||||
09/30/12g | $ | 10.00 | $ | 0.11 | $ | 0.55 | $ | 0.66 | $ | (0.04 | ) | $ | (0.04 | ) | $ | 10.62 | 6.51% | b | $ | 3,716 | 3.16% | a | 1.02% | a,j | 1.31% | a | ||||||||||||||||||||||
Class S | ||||||||||||||||||||||||||||||||||||||||||||||||
09/30/12g | $ | 10.00 | $ | 0.11 | $ | 0.54 | $ | 0.65 | $ | (0.04 | ) | $ | (0.04 | ) | $ | 10.61 | 6.50% | b | $ | 3,727 | 3.25% | a | 1.11% | a,j | 1.22% | a | ||||||||||||||||||||||
Class Y | ||||||||||||||||||||||||||||||||||||||||||||||||
09/30/12g | $ | 10.00 | $ | 0.09 | $ | 0.55 | $ | 0.64 | $ | (0.04 | ) | $ | (0.04 | ) | $ | 10.60 | 6.39% | b | $ | 3,395 | 3.35% | a | 1.21% | a,j | 1.00% | a | ||||||||||||||||||||||
Class L | ||||||||||||||||||||||||||||||||||||||||||||||||
09/30/12g | $ | 10.00 | $ | 0.08 | $ | 0.55 | $ | 0.63 | $ | (0.04 | ) | $ | (0.04 | ) | $ | 10.59 | 6.28% | b | $ | 1,579 | 3.48% | a | 1.34% | a,j | 0.96% | a | ||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||||||||||||||
09/30/12g | $ | 10.00 | $ | 0.06 | $ | 0.54 | $ | 0.60 | $ | (0.03 | ) | $ | (0.03 | ) | $ | 10.57 | 6.05% | b | $ | 1,102 | 3.73% | a | 1.59% | a,j | 0.74% | a |
Period Ended September 30, 2012b | ||||
Portfolio turnover rate for all share classes | 91 | % |
a | Annualized. |
b | Percentage represents the results for the period and is not annualized. |
c | Per share amount calculated on the average shares method. |
g | For the period November 28, 2011 (commencement of operations) through September 30, 2012. |
j | Computed after giving effect to an agreement by MassMutual to waive certain fees and expenses of the Fund. |
l | Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges. |
m | Total return excludes sales charges, if any, and would be lower for the period presented if it reflected these charges. |
The accompanying notes are an integral part of the consolidated financial statements.
15
Table of Contents
Notes to Consolidated Financial Statements
1. | The Fund |
MassMutual Premier Funds (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end, management investment company. The Trust is organized under the laws of the Commonwealth of Massachusetts as a Massachusetts business trust pursuant to an Agreement and Declaration of Trust dated August 1, 1994, as amended and restated as of November 21, 2011, as it may be further amended from time to time. The MassMutual Barings Dynamic Allocation Fund (the “Fund”) is a series of the Trust.
On May 23, 2012, the Board of Trustees (“Trustees”) approved a change in the fiscal year end of the Fund from October 31 to September 30.
The following table shows the classes available for the Fund, including the date each class commenced operations. Each share class represents an interest in the same portfolio of assets. The principal difference among the classes is the level of service and administration fees, and shareholder and distribution service expenses borne by the classes. Because each class will have different fees and expenses, performance and share prices will vary between the classes. The classes of shares are offered to different types of investors, as outlined in the Fund’s Prospectus.
Class Z | Class S | Class Y | Class L | Class A | ||||
11/28/2011 | 11/28/2011 | 11/28/2011 | 11/28/2011 | 11/28/2011 |
2. | Significant Accounting Policies |
The following is a summary of significant accounting policies followed consistently by the Fund in the preparation of the consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“generally accepted accounting principles”). The preparation of the consolidated financial statements in accordance with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts and disclosures in the consolidated financial statements. Actual results could differ from those estimates.
Basis of Consolidation
The accompanying consolidated financial statements for the Fund include the accounts of MassMutual Barings Cayman Dynamic Allocation Fund I, Ltd. (the “Subsidiary”), a wholly owned subsidiary of the Fund, which primarily invests in commodity-related instruments consistent with the Fund’s investment objectives and policies as stated in its Prospectus and Statement of Additional Information. The Subsidiary allows the Fund to hold these commodity-related instruments and still satisfy regulated investment company tax requirements. The Fund may invest up to 25% of its total assets in the Subsidiary. Intercompany accounts and transactions have been eliminated. As of September 30, 2012, the Fund’s net assets were approximately $13,519,212, of which approximately $1,557,743 or approximately 11.5%, represented the Fund’s ownership of the shares of the Subsidiary.
Investment Valuation
The net asset value of the Fund’s shares is determined once daily as of the close of regular trading on the New York Stock Exchange, on each day the New York Stock Exchange is open for trading (a “business day”). The New York Stock Exchange normally closes at 4:00 p.m. Eastern Time, but may close earlier on some days.
Equity securities and derivative contracts that are actively traded on a national securities exchange are valued on the basis of information furnished by a pricing service, which provides the last reported sale price for securities or derivatives listed on the exchange or the official closing price on the NASDAQ National Market System, or in the case of over-the-counter (“OTC”) securities for which an official closing price is unavailable or not reported on the NASDAQ System, the last reported bid price. Portfolio securities traded on more than one national securities exchange are valued at the last price at the close of the exchange representing the principal market for such securities. Debt securities (other than short-term obligations) are valued on the basis of valuations furnished by a pricing service, which generally determines valuations taking into account factors such as institutional-size trading in similar securities, yield, quality, coupon rate, maturity, type of issue, trading characteristics, and other market data. Short-term debt securities are valued at either amortized cost or at original cost plus accrued interest, whichever the Fund’s
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investment adviser determines more closely approximates current market value. Shares of other open-end mutual funds are valued at their closing net asset values as reported on each business day.
Investments for which market quotations are readily available are marked to market daily based on those quotations. Market quotations may be provided by third-party vendors or market makers, and may be determined on the basis of a variety of factors, such as broker quotations, financial modeling, and other market data, such as market indexes and yield curves, counterparty information, and foreign exchange rates. U.S. Government and agency securities may be valued on the basis of market quotations or using a model that may incorporate market observable data such as reported sales of similar securities, broker quotes, yields, bids, offers, quoted market prices, and reference data. The fair values of OTC derivative contracts, including forward, swap, and option contracts related to interest rates, foreign currencies, credit standing of reference entities, equity prices, or commodity prices, may be based on market quotations or may be modeled using a series of techniques, including simulation models depending on the contract and the terms of the transaction. The fair values of asset-backed securities and mortgage-backed securities are estimated based on models that consider the estimated cash flows of each debt tranche of the issuer, establish a benchmark yield, and develop an estimated tranche-specific spread to the benchmark yield based on the unique attributes of the tranche including, but not limited to, prepayment speed assumptions and attributes of the collateral. Many pricing models do not entail material subjectivity because the methodologies employed do not necessitate significant judgments and the pricing inputs are observed from actively quoted markets, as is the case of interest rate swap and option contracts. Restricted securities are 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 by the Fund’s Valuation Committee1 in accordance with procedures approved annually by the Trustees, and under the general oversight of the Trustees. The Fund’s Valuation Committee employs various methods to determine fair valuations including a regular review of key inputs and assumptions and review of any related market activity. The Fund’s Valuation Committee reports to the Trustees at their regularly scheduled meetings. It is possible that fair value prices will be used by the Fund to a significant extent. The value determined for an investment using the Fund’s fair value procedures may differ from recent market prices for the investment and may be significantly different from the value realized upon the sale of such investment.
The Fund may invest in securities that are traded principally in foreign markets and that trade on weekends and other days when the Fund does not price its shares. As a result, the value of the Fund’s portfolio securities may change on days when the prices of the Fund’s shares are not calculated. The prices of the Fund’s shares will reflect any such changes when the prices of the Fund’s shares are next calculated, which is the next business day. The Fund may use fair value pricing more frequently for securities primarily traded in foreign markets because, among other things, most foreign markets close well before the Fund values its securities. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim. The Fund’s investments may be priced based on fair values provided by a third-party fair valuation vendor, based on certain factors and methodologies applied by such vendor, in the event that there is movement in the U.S. market, between the close of the foreign market and the time the Fund calculates its net asset values. All assets and liabilities expressed in foreign currencies are converted into U.S. dollars at the mean between the buying and selling rates of such currencies against the U.S. dollar at the end of each business day.
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A three-tier hierarchy is utilized to maximize the use of observable market data inputs and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, for example, the risk inherent in a particular valuation technique used to measure fair value (such as a pricing model) and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable.
1 | The Valuation Committee consists of the President, Treasurer, Assistant Treasurers, Vice Presidents (except for the CCO), Secretary, and Assistant Secretaries of the Trust, as well as such alternate members as the Trustees may from time to time designate. The Valuation Committee reviews and makes recommendations concerning the fair valuation of portfolio securities and the Fund’s pricing procedures in general. |
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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 Fund can access at the measurement date
The types of assets and liabilities categorized in Level 1 generally include actively traded domestic and certain foreign equity securities, derivatives actively traded on a national securities exchange (such as some warrants, rights, futures, and options), and shares of open-end mutual funds.
Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)
The types of assets and liabilities categorized in Level 2 generally include debt securities such as U.S. government and agency securities, mortgage-backed securities, asset-backed securities, municipal obligations, sovereign debt obligations, bank loans, corporate bonds, and those securities valued at amortized cost; OTC derivatives such as swaps, options, swaptions, and forward foreign currency exchange contracts; certain restricted securities; and non-exchange traded equity securities and certain foreign equity securities traded on particular foreign exchanges that close before the Fund determines its net asset values.
Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)
The types of assets and liabilities categorized in Level 3 generally include securities for which prices, spreads, or any of the other aforementioned key inputs are unobservable. Generally, securities whose trading has been suspended or that have been de-listed from their current primary trading exchange; securities in default or bankruptcy proceedings for which there is no current market quotation; securities and certain derivatives valued by broker quotes which may include brokers’ assumptions; and any illiquid Rule 144A securities or restricted securities held in non-public entities are categorized in Level 3.
The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.
Changes in valuation techniques may result in transfers in or out of an investment’s assigned Level within the hierarchy. In addition, in periods of market dislocation, the observability of prices and inputs may be reduced for many instruments. This condition, as well as changes related to liquidity of investments, could cause a security to be reclassified between Level 1, Level 2, or Level 3.
In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes the level in the fair value hierarchy within which the fair value measurement falls is determined based on the lowest level input that is significant to the overall fair value measurement.
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Notes to Consolidated Financial Statements (Continued)
The following is the aggregate value by input level, as of September 30, 2012, for the Fund’s investments:
Asset Valuation Inputs
Investments in Securities | ||||||||||||||||
Level 1 — Quoted Prices | Level 2 — Other Significant Observable Inputs | Level 3 — Significant Unobservable Inputs | Total | |||||||||||||
Bonds & Notes | ||||||||||||||||
Total Sovereign Debt Obligations | $ | - | $ | 2,663,698 | $ | - | $ | 2,663,698 | ||||||||
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U.S. Treasury Obligations | ||||||||||||||||
U.S. Treasury Bonds & Notes | - | 477,817 | - | 477,817 | ||||||||||||
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Total U.S. Treasury Obligations | - | 477,817 | - | 477,817 | ||||||||||||
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Total Bonds & Notes | - | 3,141,515 | - | 3,141,515 | ||||||||||||
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Total Mutual Funds | 9,149,330 | - | - | 9,149,330 | ||||||||||||
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Total Long-Term Investments | 9,149,330 | 3,141,515 | - | 12,290,845 | ||||||||||||
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Total Short-Term Investments | - | 1,688,589 | - | 1,688,589 | ||||||||||||
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Total Investments | $ | 9,149,330 | $ | 4,830,104 | $ | - | $ | 13,979,434 | ||||||||
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The following is the aggregate value by input level, as of September 30, 2012, for the Fund’s other financial instruments:
Liability Valuation Inputs
Other Financial Instruments | ||||||||||||||||
Level 1 — Quoted Prices | Level 2 — Other Significant Observable Inputs | Level 3 — Significant Unobservable Inputs | Total | |||||||||||||
Forward Contracts | ||||||||||||||||
Foreign Exchange Risk | $ | - | $ | (39,218 | ) | $ | - | $ | (39,218 | ) |
The Fund had no transfers between Level 1, Level 2, and Level 3 of the fair value hierarchy during the period ended September 30, 2012. The Fund recognizes transfers between the Levels as of the beginning of the period.
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Notes to Consolidated Financial Statements (Continued)
Derivative Instruments
Derivatives are financial instruments whose values are based on the values of one or more indicators, such as a security, asset, currency, interest rate, or index. Derivative transactions can create investment leverage and may be highly volatile. It is possible that a derivative transaction will result in a loss greater than the principal amount invested. The Fund may not be able to close out a derivative transaction at a favorable time or price. The Fund held derivatives during the period ended September 30, 2012. The following table shows how the Fund used these derivatives during the period (marked with an “A”), as well as additional uses, if any, it may have for them in the future (marked with an “M”).
Type of Derivative and Objective for Use | ||
Foreign Currency Exchange Transactions* | ||
Hedging/Risk Management | A | |
Directional Exposures to Currencies | M | |
Options (Purchased) | ||
Hedging/Risk Management | A | |
Duration/Credit Quality Management | M | |
Directional Investment | M | |
Substitution for Direct Investment | M |
* | Includes any options purchased or written, futures contracts, forward contracts, and swap agreements, if applicable. |
At September 30, 2012, and during the period then ended, the Fund had the following derivatives and transactions in derivatives, grouped into the indicated risk categories:
Equity Risk | Foreign Exchange Risk | Total | ||||||||||
Liability Derivatives | ||||||||||||
Forward Contracts^ | $ | - | $ | (39,218 | ) | $ | (39,218 | ) | ||||
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Realized Gain (Loss)# | ||||||||||||
Forward Contracts | $ | - | $ | (154,809 | ) | $ | (154,809 | ) | ||||
Purchased Options | (44,505 | ) | - | (44,505 | ) | |||||||
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Total Realized Gain (Loss) | $ | (44,505 | ) | $ | (154,809 | ) | $ | (199,314 | ) | |||
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Change in Appreciation (Depreciation)## | ||||||||||||
Forward Contracts | $ | - | $ | (39,218 | ) | $ | (39,218 | ) | ||||
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Number of Contracts, Notional Amounts or Shares/Units† | ||||||||||||
Forward Contracts | $ | - | $ | 2,403,580 | $ | 2,403,580 | ||||||
Purchased Options | 9 | - | 9 |
^ | Consolidated Statement of Assets and Liabilities location: Payables for: open forward foreign currency contracts. |
# | Consolidated Statement of Operations location: Amounts are included in net realized gain (loss) on: investment transactions or foreign currency transactions, as applicable. |
## | Consolidated Statement of Operations location: Amounts are included in net change in unrealized appreciation (depreciation) on: translation of assets and liabilities in foreign currencies. |
† | Amount(s) disclosed represent average notional amounts for forward contracts or shares/units outstanding for purchased options, which is indicative of volume of this derivative type, for the months that the Fund held such derivatives during the period ended September 30, 2012. |
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Notes to Consolidated Financial Statements (Continued)
Further details regarding the derivatives and other investments held by the Fund during the period ended September 30, 2012, are discussed below.
Foreign Currency Exchange Transactions
The Fund may engage in foreign currency exchange transactions for hedging purposes in order to protect against uncertainty in the level of future foreign currency exchange rates, or for other, non-hedging purposes.
The Fund may use foreign currency exchange transactions for hedging purposes to protect against two principal risks. First, if the Fund has assets or liabilities denominated in foreign (non-U.S. dollar) currencies, the Fund is exposed to the risk that the values of those assets or liabilities in U.S. dollars may fall or rise due to changes in currency exchange rates. Second, if the Fund agrees, or expects, to receive or deliver an asset denominated in a foreign currency, it is exposed to currency exchange risk until the date of receipt or delivery. In order to reduce those risks, the Fund may enter into foreign currency forward contracts, which call for the Fund to purchase or sell a foreign currency at a time in the future at a price determined at the time the contract is entered into. Forward contracts are private contractual arrangements and the Fund is subject to the risk that its counterparty will not, or will not be able to, perform its obligations. This type of arrangement may require the Fund to post margin.
Whenever the Fund enters into a foreign currency exchange transaction, it is subject to the risk that the value of the transaction will move in a direction unfavorable to it. When the Fund uses the transactions for hedging purposes, it is likely that the Fund will have an asset or liability that will offset any loss (or gain) on the transactions, at least in part. If the Fund enters into foreign currency exchange transactions other than for hedging purposes (for example, seeking to profit from an anticipated change in the values of currencies by creating directional exposures in the portfolio with respect to one or more currencies), it will generally be subject to the same risks, but is less likely to have assets or liabilities that will offset any losses on the transactions. There can be no assurance that the Fund will be able to terminate any foreign currency exchange transaction prior to its maturity in order to limit its loss on the transaction.
Forward foreign currency contracts are marked to market daily and the change in their value is recorded by the Fund as an unrealized gain or loss. Forward foreign currency contracts are valued at the settlement price established through dealers or other market sources on the day which they are traded. When a forward foreign currency contract is extinguished, through delivery or offset by entering into another forward foreign currency contract, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value of the contract at the time it was extinguished or offset. The notional or contractual amounts of these instruments do not necessarily represent the amounts potentially subject to risk. The measurement of the risk associated with these instruments is meaningful only when all related and offsetting transactions and counterparty risks are considered.
The Fund had the following open forward foreign currency contracts at September 30, 2012. The Fund’s current exposure to a counterparty is typically the unrealized appreciation on the contract.
Counterparty | Units of Currency | Contracts to | Settlement Date | In Exchange for U.S. Dollars | Contracts at Value | Unrealized Appreciation (Depreciation) | ||||||||||||||||||
SELLS | ||||||||||||||||||||||||
State Street Bank | 1,777,000 | Australian Dollar | 10/04/12 | $ | 1,813,572 | $ | 1,843,120 | $ | (29,548 | ) | ||||||||||||||
State Street Bank | 116,000 | Canadian Dollar | 10/04/12 | 117,612 | 117,987 | (375 | ) | |||||||||||||||||
State Street Bank | 692,000 | Polish Zloty | 10/04/12 | 206,655 | 215,950 | (9,295 | ) | |||||||||||||||||
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$ | 2,137,839 | $ | 2,177,057 | $ | (39,218 | ) | ||||||||||||||||||
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Futures Contracts
The Fund may seek to manage a variety of different risks, such as interest rate risk, equity price risk, and currency risk, through the use of futures contracts and related options.
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Notes to Consolidated Financial Statements (Continued)
Futures Contracts. The Fund may use interest rate futures contracts to adjust the interest rate sensitivity (duration) of its portfolio or the credit exposure of the portfolio. Interest rate futures contracts obligate the long or short holder to take or make delivery of a specified quantity of a financial instrument, such as a specific fixed-income security, during a specified future period at a specified price. The Fund may use index futures to hedge against broad market risks to its portfolio or to gain broad market exposure when it holds uninvested cash or as an inexpensive substitute for cash investments directly in securities or other assets. Securities index futures contracts are contracts to buy or sell units of a securities index at a specified future date at a price agreed upon when the contract is made and are settled in cash. Positions in futures may be closed out only on an exchange or board of trade which provides a secondary market for such futures. Because futures contracts are exchange-traded, they typically have minimal exposure to counterparty risk.
Parties to a futures contract are not required to post the entire notional amount of the contract, but rather a small percentage of that amount (by way of margin), both at the time they enter into futures transactions, and then on a daily basis if their positions decline in value; as a result, futures contracts are highly leveraged. Such payments are known as variation margin and are recorded by the Fund as unrealized gains or losses. Because futures markets are highly leveraged, they can be extremely volatile, and there can be no assurance that the pricing of a futures contract will correlate precisely with the pricing of the asset or index underlying it or the asset or liability of the Fund that is the subject of the hedge. It may not always be possible for the Fund to enter into a closing transaction with respect to a futures contract it has entered into, at a favorable time or price. When the Fund enters into a futures transaction, it is subject to the risk that the value of the futures contract will move in a direction unfavorable to it. When the Fund uses futures contracts for hedging purposes, it is likely that the Fund will have an asset or liability that will offset any loss (or gain) on the transactions, at least in part.
Options on Futures Contracts. If the Fund buys an option on a futures contract, it will have the right to assume a futures contract at a particular price during the course of the option. Its potential loss should generally be limited to the amount of the premium paid and any transaction costs. If the Fund sells an option on a futures contract, it is subject generally to the same risks as if it had entered into a futures contract underlying the option itself.
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. For information regarding the accounting treatment of options, see “Options” below.
Options
The 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. The Fund may also purchase and sell put and call options to adjust the interest rate sensitivity of its portfolio of debt securities or the credit exposure of the portfolio.
Call Options. A call option gives the holder the right to purchase, and obligates the writer to sell, a security at the strike price at any time before the expiration date. The 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 the Fund has written a call option on a security it does not own, its exposure on such an option is theoretically unlimited. The 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 the 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 the Fund owns is likely to be offset in whole or in part by unrealized appreciation of the underlying security owned by the Fund. The Fund may not be able to close out a call option that it has previously written.
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. The 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
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Notes to Consolidated Financial Statements (Continued)
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. The 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. The Fund may not be able to close out a put option that it has previously written.
Writing put and call options. When the 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. The Fund may purchase put options to protect portfolio holdings against a decline in market value of a security or securities held by it. The 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. The Fund may purchase call options to hedge against an increase in the price of securities that the Fund wants ultimately to buy. The 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 the 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 the 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.
Exchange Traded Options. Exchange traded options purchased or sold by the Fund may be traded on a securities or options exchange or market. Such options typically have minimal exposure to counterparty risk. However, an exchange or market may at times find it necessary to impose restrictions on particular types of options transactions, such as opening transactions. If an underlying security ceases to meet qualifications imposed by the market or the Options Clearing Corporation, new series of options on that security will no longer be opened to replace expiring series, and opening transactions in existing series may be prohibited. Exchange traded options are valued at the last sale price, or if no sales are reported, the last bid price for purchased options and the last ask price for written options.
When-Issued, Delayed-Delivery, Forward Commitment, and To-Be-Announced Transactions
The Fund may enter into when-issued, delayed-delivery, forward commitment, or to-be-announced (“TBA”) transactions in order to lock in the purchase price of the underlying security, or in order to adjust the interest rate exposure of the Fund’s existing portfolio. In when-issued, delayed-delivery, or forward commitment transactions, the 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 the Fund does not typically pay for the securities in these types of transactions until they are delivered, it immediately assumes the risks of ownership, including the risk of price fluctuation. If the Fund’s counterparty fails to deliver a security purchased on a when-issued, delayed-delivery, forward commitment, or TBA basis, there may be a loss, and the Fund may have missed an opportunity to make an alternative investment.
Prior to settlement of these transactions, the value of the subject securities will fluctuate. In addition, because the Fund is not required to make payment under these transactions until the delivery date, they may result in a form of leverage.
These securities are valued on the basis of valuations furnished by a pricing service, selected pursuant to procedures approved by the Trustees, which determines valuations taking into account appropriate factors such as institutional-size trading in similar groups of securities, yield, quality, coupon rate, maturity, type of issue, trading characteristics, and other market data. Securities for
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Notes to Consolidated Financial Statements (Continued)
which no market quotation is available are valued at fair value in accordance with procedures approved by the Trustees. The Fund records on a daily basis the unrealized appreciation (depreciation) based upon changes in the values of these securities. When a when-issued, delayed-delivery, forward commitment, or TBA transaction is closed, the Fund records 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.
Repurchase Agreements
The Fund may enter into repurchase agreements with certain banks and broker-dealers whereby the Fund acquires a security for cash and obtains a simultaneous commitment from the seller to repurchase the security at an agreed upon price and date. The Fund, through its custodian, takes possession of the securities collateralizing the repurchase agreement in a segregated account. Repurchase agreements must be fully collateralized at all times, but involve some risk to the Fund if the other party should default on its obligation and the Fund is delayed or prevented from recovering the collateral, or if the Fund is required to return collateral to a borrower at a time when it may realize a loss on the investment of that collateral. Collateral for certain tri-party repurchase agreements is held at the Fund’s custodian or sub-custodian in a segregated account for the benefit of the Fund and the counterparty.
Securities Lending
The Fund may lend its securities to qualified brokers; however, securities lending cannot exceed 33% of the total assets of the Fund taken at current value.
The loans are collateralized at all times with cash or securities with a market value at least equal to 100% of the market value of the securities on loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional collateral is delivered to the Fund the next business day. As with other extensions of credit, the Fund may bear the risk of delay in recovery or even loss of rights in the collateral should the borrower of the securities fail financially. The Fund receives compensation for lending its securities.
The Fund receives, as fees, a share of the income earned on investment of the cash collateral received for the loan of securities. For the period ended September 30, 2012, the Fund earned securities lending net income as follows:
Securities Lending Gross Income | Securities Lending Fees and Expenses | Securities Lending Net Income | ||||||||
$ | 321 | $ | - | $ | 321 | |||||
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Accounting for Investment Transactions
Investment transactions are accounted for on the trade date. Realized gains and losses on sales of investments and unrealized appreciation and depreciation of investments are computed by the specific identification cost method. Proceeds received from litigation, if any, are included in realized gains on investment transactions for any investments that are no longer held in the portfolio and as a reduction in cost for investments that continue to be held in the portfolio. Interest income, adjusted for amortization of discounts and premiums on debt securities, is earned from the settlement date and is recorded on the accrual basis. Dividend income and distributions are recorded on the ex-dividend date. Withholding taxes on foreign interest, dividends, and capital gains have been provided for in accordance with the applicable country’s tax rules and rates. Foreign dividend income is recorded on the ex-dividend date or as soon as practicable after the Fund determines the existence of a dividend declaration after exercising reasonable due diligence. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The Fund estimates the components of distributions received that may be considered return of capital distributions or capital gain distributions.
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Notes to Consolidated Financial Statements (Continued)
Foreign Currency Translation
The books and records of the Fund are maintained in U.S. dollars. The market values of foreign currencies, foreign securities, and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the mean of the buying and selling rates of such currencies against the U.S. dollar at the end of each business day. Purchases and sales of foreign securities and income and expense items are translated at the rates of exchange prevailing on the respective dates of such transactions. The Fund does not isolate that portion of the results of operations arising from changes in the exchange rates from that portion arising from changes in the market prices of securities. Net realized foreign currency gains and losses resulting from changes in exchange rates include foreign currency gains and losses between trade date and settlement date on investment securities transactions, foreign currency transactions, and the difference between the amounts of dividends or interest recorded on the books of the Fund and the amount actually received.
Allocation of Operating Activity
In maintaining the records for the Fund, the income and expense accounts are allocated to each class of shares. Investment income and loss, and unrealized and realized gains or losses are prorated among the classes of shares based on the relative net assets of each. Expenses are allocated to each class of shares depending on the nature of the expenditures. Administration and service fees, if any, which are directly attributable to a class of shares, are charged to that class’s operations. Expenses of the Fund not directly attributable to the operations of any one share class of the Fund are prorated among the Fund’s classes based on the relative net assets of each.
Foreign Securities
The Fund invests a significant amount of its assets in foreign securities. Foreign securities, including ADRs, are subject to additional risks compared to securities of U.S. issuers, including international trade, currency, political, regulatory, and diplomatic risks. In addition, fluctuations in currency exchange rates may adversely affect the values of foreign securities and the price of the Fund’s shares. Emerging markets securities are subject to greater risks than securities issued in developed foreign markets, including less liquidity, greater price volatility, higher relative rates of inflation, greater political and economic instability, and greater volatility in currency exchange rates.
Credit Risk
The Fund may invest a portion of its assets, directly or indirectly, in securities backed by mortgage loans, credit card receivables, and automotive loans. The values and related income of these securities are sensitive to changes in economic conditions, including delinquencies and/or defaults. Continuing shifts in the market’s perception of credit quality on such securities have resulted in increased volatility of market price and periods of decreased market activity that have adversely impacted the valuation and liquidity of such securities.
Federal Income Tax
It is the Fund’s intent to continue to comply with the provisions of subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to a regulated investment company. Under such provisions, the Fund would not be subject to federal income taxes on its ordinary income and net realized capital gains to the extent they are distributed or deemed to have been distributed to its shareholders. Therefore, the Fund has not made any provision for federal income tax.
The Subsidiary is classified as a controlled foreign corporation under the Code. Therefore, the Fund is required to increase its taxable income by its share of the Subsidiary’s income. Net losses of the Subsidiary cannot be deducted by the Fund in the current period nor carried forward to offset taxable income in future periods.
Dividends and Distributions to Shareholders
Dividends from net investment income and distributions of any net realized capital gains of the Fund are declared and paid annually and at other times as may be required to satisfy tax or regulatory requirements. Distributions to shareholders are recorded
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Notes to Consolidated Financial Statements (Continued)
on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. As a result, net investment income and net realized capital gains on investment transactions for a reporting period may differ significantly from distributions during such period.
3. | Management Fee and Other Transactions |
Investment Management Fee
Under an agreement between Massachusetts Mutual Life Insurance Company (“MassMutual”) and the Trust on behalf of the Fund, MassMutual is responsible for providing investment management services for the Fund. In return for these services, MassMutual receives an advisory fee, based upon the Fund’s average daily net assets, at the annual rate of 0.80%.
MassMutual has also entered into an investment subadvisory agreement with Baring International Investment Ltd. (“Baring”), an indirect wholly-owned subsidiary of MassMutual Holdings (Bermuda) Ltd., which is wholly-owned by MassMutual Holding LLC. This agreement provides that Baring manage the investment and reinvestment of the assets of the Fund. Baring receives a subadvisory fee from MassMutual, based upon the Fund’s average daily net assets, at the annual rate of 0.60%.
In addition, Baring Asset Management LLC (“BAM LLC”) serves as sub-subadviser for the Fund. BAM LLC is also an indirect, wholly-owned subsidiary of MassMutual. The appointment of BAM LLC as a sub-subadviser to the Fund does not relieve Baring of any obligation or liability to the Fund that it would otherwise have pursuant to the investment subadvisory agreement between MassMutual and Baring with respect to the Fund, and any and all acts and omissions of BAM LLC in respect of the Fund shall be considered the acts and omissions of Baring. Baring pays BAM LLC an amount determined by Baring and BAM LLC from time to time, such amount not to exceed the amount paid by MassMutual to Baring under the Fund’s investment subadvisory agreement.
The Fund’s subadvisory fee is paid by MassMutual out of the management fee previously disclosed above.
Baring provides investment management services to the Subsidiary pursuant to an investment advisory agreement. The Subsidiary pays an advisory fee to Baring based upon the Subsidiary’s average daily net assets. The rate of this fee is equal to the subadvisory fee rate that MassMutual pays Baring in respect of the Fund. The amount of the fee payable by MassMutual to Baring in respect of the Fund for any period is reduced by the amount of the advisory fee payable by the Subsidiary to Baring for that period. Under the Fund’s investment management agreement, the amount of the advisory fee payable by the Fund to MassMutual in respect of any period is also reduced by the amount of the advisory fee payable by the Subsidiary to Baring in respect of that period. The amount of the reduction to the Fund’s advisory fee is reflected as a reduction of expenses on the Consolidated Statement of Operations.
Administration Fees
Under a separate administrative and shareholder services agreement between the Fund and MassMutual, MassMutual provides certain administrative and shareholder services and bears some class specific administrative expenses. In return for these services, MassMutual receives an administrative services fee, based upon the average daily net assets of the applicable class of shares of the Fund, at the following annual rates:
Class Z | Class S | Class Y | Class L | Class A | ||||||||||||||
0.0300% | 0.1200% | 0.2200% | 0.3500% | 0.3500% |
The Subsidiary also pays certain other expenses, including administrative, custodian, and transfer agent fees. In respect of certain (but not all) of these fees, the Fund has entered into offsetting arrangements with its service providers which result in a reduction of certain of the Fund’s expenses with respect to those assets held by the Subsidiary. Certain of these reductions are reflected as a reduction of expenses on the Consolidated Statement of Operations.
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Table of Contents
Notes to Consolidated Financial Statements (Continued)
Distribution and Service Fees
MML Distributors, LLC (the “Distributor”) acts as distributor to the Fund. Pursuant to a 12b-1 Plan adopted by the Fund, Class A shares of the Fund pay an annual fee of 0.25% of the average daily net asset value of Class A shares to: (i) the Distributor for services provided and expenses incurred by it in connection with the distribution of Class A shares of the Fund; and/or (ii) MassMutual for services provided and expenses incurred by it for purposes of maintaining or providing personal services to Class A shareholders. The Servicing Fee may be spent by MassMutual on personal services rendered to Class A shareholders of the Fund and/or maintenance of Class A shareholder accounts. The Distributor is a majority-owned subsidiary of MassMutual. In addition, OppenheimerFunds Distributor, Inc. (the “Sub-Distributor”) acts as a sub-distributor to the Fund. The Sub-Distributor is an affiliate of the Distributor and an indirect majority-owned subsidiary of MassMutual.
Expense Caps and Waivers
MassMutual agreed to cap the fees and expenses of the Fund (other than extraordinary litigation and legal expenses, short sale dividend and loan expense, interest expense, Acquired Fund fees and expenses#, or other non-recurring or unusual expenses such as, for example, organizational expenses and shareholder meeting expenses) based upon the average daily net assets of the applicable class of shares of the Fund, as follows:
Class Z* | Class S* | Class Y* | Class L* | Class A* | ||||||||||||||
1.02% | 1.11% | 1.21% | 1.34% | 1.59% |
# | Acquired Fund fees and expenses are expenses borne indirectly by the Fund through investments in other pooled investment vehicles. |
* | Expense caps in effect through February 28, 2013. |
Prior to March 1, 2012, the expense caps were as follows:
Class Z | Class S | Class Y | Class L | Class A | ||||||||||||||
1.03% | 1.12% | 1.22% | 1.35% | 1.60% |
Expense caps and waiver amounts are reflected as a reduction of expenses on the Consolidated Statement of Operations.
Deferred Compensation
Trustees of the Fund who are not employees of MassMutual or its subsidiaries may elect to defer receipt of their annual fees in accordance with terms of a Non-Qualified Deferred Compensation Plan. Amounts deferred shall accrue interest or earnings and shall be recorded on the Fund’s books as other liabilities. Deferred compensation is included within Trustees’ fees and expenses in the Consolidated Statement of Assets and Liabilities.
Other
Certain officers and trustees of the Fund are also employees of MassMutual. The compensation of each trustee who is not an employee of MassMutual is borne by the Fund.
The beneficial ownership of Fund’s shares by affiliated parties at September 30, 2012 was 100.0%.
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Notes to Consolidated Financial Statements (Continued)
4. | Purchases and Sales of Investments |
Cost of purchases and proceeds from sales of investment securities (excluding short-term investments) for the period ended September 30, 2012, 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 | |||||||||||
$ | 4,396,875 | $ | 15,812,694 | $ | 3,928,659 | $ | 5,153,183 |
5. | Capital Share Transactions |
Changes in shares outstanding for the Fund were as follows:
Period Ended September 30, 2012* | ||||||||
Shares | Amount | |||||||
Class Z | ||||||||
Sold | 350,010 | $ | 3,500,100 | |||||
Issued as reinvestment of dividends | - | - | ||||||
Redeemed | - | - | ||||||
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Net increase (decrease) | 350,010 | $ | 3,500,100 | |||||
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Class S | ||||||||
Sold | 350,010 | $ | 3,500,100 | |||||
Issued as reinvestment of dividends | 1,318 | 13,115 | ||||||
Redeemed | - | - | ||||||
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Net increase (decrease) | 351,328 | $ | 3,513,215 | |||||
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Class Y | ||||||||
Sold | 319,991 | $ | 3,290,100 | |||||
Issued as reinvestment of dividends | 367 | 3,653 | ||||||
Redeemed | - | - | ||||||
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Net increase (decrease) | 320,358 | $ | 3,293,753 | |||||
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Class L | ||||||||
Sold | 148,821 | $ | 1,500,400 | |||||
Issued as reinvestment of dividends | 355 | 3,531 | ||||||
Redeemed | - | - | ||||||
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Net increase (decrease) | 149,176 | $ | 1,503,931 | |||||
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Class A | ||||||||
Sold | 103,939 | $ | 1,041,549 | |||||
Issued as reinvestment of dividends | 331 | 3,295 | ||||||
Redeemed | - | - | ||||||
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Net increase (decrease) | 104,270 | $ | 1,044,844 | |||||
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* | For the period November 28, 2011 (commencement of operations) through September 30, 2012. |
Purchases of Class A shares are subject to a front-end sales charge of up to 5.75% of the amount purchased. A portion of the front-end sales charge may be retained by the Distributor. For the period ended September 30, 2012, no material amounts have been retained by the Distributor.
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Table of Contents
Notes to Consolidated Financial Statements (Continued)
Redemptions or exchanges of Class A shares made within eighteen months of purchase from initial investments of $1 million or more are subject to a contingent deferred sales charge of 1% of the amount redeemed. The distributor receives all contingent deferred sales charges. There were no contingent deferred sales charges imposed during the period ended September 30, 2012.
6. | Federal Income Tax Information |
At September 30, 2012, the cost of securities and the unrealized appreciation (depreciation) in the value of investments owned by the Fund, as computed on a federal income tax basis, were as follows:
Federal Income Tax Cost | Tax Basis Unrealized Appreciation | Tax Basis Unrealized (Depreciation) | Net Unrealized Appreciation (Depreciation) | |||
$13,221,051 | $763,524 | $(5,141) | $758,383 |
Net capital loss carryforwards may be applied against any net realized taxable gains in succeeding years, subject to the carryforward period limitations, where applicable. On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the “Modernization Act”) was signed by the President. The Modernization Act changed the capital loss carryforward rules as they relate to regulated investment companies. Capital losses generated in tax years beginning after the date of enactment may now be carried forward indefinitely, and retain the character of the original loss. Under pre-enactment law, capital losses could be carried forward for up to eight tax years as short-term capital losses. The provisions affecting the utilization of capital loss carryforwards under the Modernization Act also require the utilization of post-enactment losses prior to the utilization of pre-enactment losses.
At September 30, 2012, the Fund had post-enactment accumulated capital loss carryforwards:
Short Term Capital Loss Carryforward | Long Term Capital Loss Carryforward | |
$10,888 | $23,639 |
Accounting principles generally accepted in the United States of America require that only distributions in excess of tax basis earnings and profits be reported in the consolidated financial statements as a return of capital.
The tax character of distributions (including capital gain dividends, if any, designated pursuant to Section 852 of the Code) paid during the period ended September 30, 2012, was as follows:
Ordinary | Long Term Capital Gain | Return of Capital | ||
$37,005 | $ - | $ - |
Capital accounts within financial statements are periodically adjusted for permanent differences between book and tax accounting. These adjustments have no impact on net assets or the results of operations. Temporary book and tax accounting differences will reverse in subsequent periods. At September 30, 2012, temporary book and tax accounting differences were primarily attributable to investments in forward contracts, premium amortization accruals, the deferral of wash sale losses, and deferred Trustee compensation.
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Notes to Consolidated Financial Statements (Continued)
At September 30, 2012, the components of distributable earnings on a tax basis were as follows:
Undistributed Ordinary Income | Undistributed Long Term Capital Gain (Capital Loss Carryover) | Other Temporary Differences | Unrealized Appreciation (Depreciation) | |||
$30,605 | $(34,527) | $(215) | $759,091 |
During the period ended September 30, 2012, the following amounts were reclassified due to permanent differences between book and tax accounting:
Paid-in Capital | Accumulated Net Realized Gain (Loss) on Investments | Undistributed Net Investment Income (Loss) | ||
$(91,585) | $90,650 | $935 |
The Fund did not have any unrecognized tax benefits at September 30, 2012, nor were there any increases or decreases in unrecognized tax benefits for the period then ended. The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as an income tax expense in the Consolidated Statement of Operations. During the period ended September 30, 2012, the Fund did not incur any such interest or penalties. The Fund is subject to examination by U.S. federal and state tax authorities for its returns filed to date. Foreign taxes are provided for based on the Fund’s understanding of the tax rules and rates that exist in the foreign markets in which it invests.
7. | Indemnifications |
Under the Fund’s organizational documents, current and former Trustees and Officers are provided with specified rights to indemnification against liabilities arising in connection with the performance of their duties to the Fund, and shareholders are indemnified against personal liability for obligations of the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund’s maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
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Report of Independent Registered Public Accounting Firm
To the Board of Trustees of MassMutual Premier Funds and Shareholders of the MassMutual Barings Dynamic Allocation Fund:
We have audited the accompanying consolidated statement of assets and liabilities of MassMutual Barings Dynamic Allocation Fund and subsidiary (the “Fund”), including the consolidated portfolio of investments, as of September 30, 2012, and the related consolidated statements of operations and changes in net assets, and the consolidated financial highlights for the period November 28, 2011 (commencement of operations) through September 30, 2012. These consolidated financial statements and consolidated financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these consolidated financial statements and consolidated financial highlights based on our audit.
We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements and consolidated financial highlights are free of material misstatement. The Fund is not required to have, nor were we engaged to perform, an audit of internal control over financial reporting. Our audit included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of September 30, 2012, by correspondence with the custodian and brokers; where replies were not received from brokers, we performed other auditing procedures. We believe that our audit provides a reasonable basis for our opinion.
In our opinion, the consolidated financial statements and consolidated financial highlights referred to above present fairly, in all material respects, the financial position of the MassMutual Barings Dynamic Allocation Fund and subsidiary as of September 30, 2012, and the results of their operations, the changes in their net assets and the financial highlights for the period November 28, 2011 (commencement of operations) through September 30, 2012, in conformity with accounting principles generally accepted in the United States of America.
Deloitte & Touche LLP
Boston, Massachusetts
November 27, 2012
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Trustees and Officers (Unaudited)
The following table lists the Trust’s Trustees and Officers as of September 30, 2012; their address and age; their position with the Trust; the length of time holding that position with the Trust; their principal occupation(s) during the past five years; the number of portfolios in the fund complex they oversee; and other directorships they hold in companies subject to registration or reporting requirements of the Securities Exchange Act of 1934 (generally called “public companies”) or in registered investment companies. The Trust’s Statement of Additional Information includes additional information about the Trust’s Trustees and is available, without charge, upon request by calling 1-888-309-3539 or by writing MassMutual Premier Funds, c/o Massachusetts Mutual Life Insurance Company, 1295 State Street, Springfield, Massachusetts 01111-0001, Attention: Retirement Services Marketing.
Disinterested Trustees
Name, Address*, and Age | Position(s) | Term of | Principal Occupation(s) | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |||||
Richard H. Ayers Age: 69 | Chairman Trustee | Since Since | Retired. | 91 | Director (2008-2011), Celera Corporation; Director (1996-2008), Applera Corporation; Chairman (since 2010), Trustee (since 1996), MassMutual Select Funds (open-end investment company); Chairman (since 2010), Trustee (since 1999), MML Series Investment Fund (open-end investment company); Chairman and Trustee (since 2012), MML Series Investment Fund II (open-end investment company). | |||||
Allan W. Blair Age: 64 | Trustee | Since 2012 | President and Chief Executive Officer (since 1996), Economic Development Council of Western Massachusetts; President and Chief Executive Officer (since 1984), Westover Metropolitan Development Corporation. | 91 | Director (2001-2007), Future Works, Inc.; Trustee (since 2003), MassMutual Select Funds (open-end investment company); Trustee (since 2003), MML Series Investment Fund (open-end investment company); Trustee (since 2012), MML Series Investment Fund II (open-end investment company). | |||||
Nabil N. El-Hage Age: 54 | Trustee
Chairman | Since 2003
(2006-2012) | Consultant (since 2010); Chairman (since 2011), Academy of Executive Education, LLC; Senior Associate Dean for External Relations (2009-2010), Thomas Henry Carroll Ford Foundation Adjunct Professor of Business Administration (2009-2010), Professor of Management Practice (2005-2009), Harvard Business School. | 91 | Director (2007-2010), Virtual Radiologic Corporation; Trustee (since 2012), MassMutual Select Funds (open-end investment company); Trustee (since 2012), MML Series Investment Fund (open-end investment company); Chairman (2006-2011), Trustee (since 2005), MML Series Investment Fund II (open-end investment company). | |||||
Maria D. Furman Age: 58 | Trustee | Since 2004 | Retired. | 91 | Trustee (since 2011), GMO Series Trust (open-end investment company); Trustee (since 2012), MassMutual Select Funds (open-end investment company); Trustee (since 2012), MML Series Investment Fund (open-end investment company); Trustee (since 2005), MML Series Investment Fund II (open-end investment company). |
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Trustees and Officers (Unaudited) (Continued)
Name, Address*, and Age | Position(s) | Term of | Principal Occupation(s) | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |||||
R. Alan Hunter, Jr. Age: 65 | Trustee | Since 2012 | Retired. | 91 | Director (since 2007), Actuant Corporation; Trustee (since 2003), MassMutual Select Funds (open-end investment company); Trustee (since 2003), MML Series Investment Fund (open-end investment company); Trustee (since 2012), MML Series Investment Fund II (open-end investment company). | |||||
F. William Marshall, Jr. Age: 70 | Trustee | Since 2012 | Retired; Consultant (1999-2009). | 122*** | Trustee (since 2000), Denver Board – Oppenheimer Funds; Trustee (since 1996), MassMutual Select Funds (open-end investment company); Trustee (since 1996), MML Series Investment Fund (open-end investment company); Trustee (since 2012), MML Series Investment Fund II (open-end investment company). | |||||
C. Ann Merrifield Age: 61 | Trustee | Since 2004 | Retired; Senior Vice President, Genzyme Business Excellence Initiative (2009-2011), President, Biosurgery (2003-2009), Genzyme Corporation. | 91 | Director (1997-2007), Playtex Products, Inc.; Trustee (since 2012), MassMutual Select Funds (open-end investment company); Trustee (since 2012), MML Series Investment Fund (open-end investment company); Trustee (since 2005), MML Series Investment Fund II (open-end investment company). | |||||
Susan B. Sweeney Age: 60 | Trustee | Since 2012 | Senior Vice President and Chief Investment Officer (since 2010), Selective Insurance Group (property and casualty company); Senior Managing Director (2008-2010), Ironwood Capital (private equity firm); Chief Investment Officer, Pension Fund (2002-2007), Office of the Treasurer of the State of Connecticut. | 91 | Trustee (since 2012) Babson Capital Corporate Investors (closed-end investment company); Trustee (since 2012) Babson Capital Participation Investors (closed-end investment company); Trustee (since 2009), MassMutual Select Funds (open-end investment company); Trustee (since 2009), MML Series Investment Fund (open-end investment company); Trustee (since 2012), MML Series Investment Fund II (open-end investment company). |
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Table of Contents
Trustees and Officers (Unaudited) (Continued)
Interested Trustees
Name, Address*, and Age | Position(s) | Term of | Principal Occupation(s) | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |||||
Robert E. Joyal^ Age: 67 | Trustee | Since 2012 | Retired. | 93^^ | Director (since 2006), Jefferies Group, Inc. (investment bank); Director (2007-2011), Scottish Re Group Ltd.; Director (2003-2010), Alabama Aircraft Industries, Inc.; Trustee (since 2003), Babson Capital Corporate Investors (formerly known as MassMutual Corporate Investors) (closed-end investment company); Trustee (since 2003), Babson Capital Participation Investors (formerly known as MassMutual Participation Investors) (closed-end investment company); Trustee (since 2003), Vice Chairman (2005-2007), MassMutual Select Funds (open-end investment company); Trustee (since 2003), Vice Chairman (2005-2007), MML Series Investment Fund (open-end investment company); Trustee (since 2012), MML Series Investment Fund II (open-end investment company). | |||||
Elaine A. Sarsynski^^^ Age: 57 | Trustee
Vice Chairperson | Since
(2011-2012) | Executive Vice President (since 2006), MassMutual. | 91 | Trustee (since 2008), MassMutual Select Funds (open-end investment company); Trustee (since 2008), MML Series Investment Fund (open-end investment company); Vice Chairperson (2011-2012), Trustee (since 2011), MML Series Investment Fund II (open-end investment company). |
Principal Officers who are Not Trustees
Name, Address*, and Age | Position(s) Held | Term of Office# and Length of Time Served | Principal Occupation(s) During Past 5 Years | Number of Portfolios in Fund Complex Overseen by Officer | ||||
Michael C. Eldredge Age: 48 | Vice President | Since 2009 | Vice President (since 2008), MassMutual; Vice President (2005-2008), ING; Vice President (since 2009), MassMutual Select Funds (open-end investment company); Vice President (since 2009), MML Series Investment Fund (open-end investment company); Vice President (since 2009), MML Series Investment Fund II (open-end investment company). | 91 | ||||
Andrew M. Goldberg Age: 46 | Vice President, Secretary, and Chief Legal Officer Assistant Clerk | Since 2008
(2004- | Assistant Vice President and Counsel (since 2004), MassMutual; Vice President, Secretary, and Chief Legal Officer (since 2008), Assistant Secretary (2001-2008), MassMutual Select Funds (open-end investment company); Vice President, Secretary, and Chief Legal Officer (since 2008), Assistant Secretary (2001-2008), MML Series Investment Fund (open-end investment company); Vice President, Secretary, (formerly known as “Clerk”), and Chief Legal Officer (since 2008), Assistant Clerk (2005-2008), MML Series Investment Fund II (open-end investment company). | 91 |
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Trustees and Officers (Unaudited) (Continued)
Name, Address*, and Age | Position(s) Held | Term of Office# and Length of Time Served | Principal Occupation(s) During Past 5 Years | Number of Portfolios in Fund Complex Overseen by Officer | ||||
Nicholas H. Palmerino Age: 47 | Chief Financial Officer and Treasurer | Since 2006 | Assistant Vice President (since 2006), MassMutual; Chief Financial Officer and Treasurer (since 2006), MassMutual Select Funds (open-end investment company); Chief Financial Officer and Treasurer (since 2006), MML Series Investment Fund (open-end investment company); Chief Financial Officer and Treasurer (since 2006), MML Series Investment Fund II (open-end investment company). | 91 | ||||
Philip S. Wellman Age: 48 | Vice President and Chief Compliance Officer | Since 2007 | Vice President, Associate General Counsel, and Chief Compliance Officer (Mutual Funds and Investment Advisory) (since 2008), Vice President, Associate General Counsel, and Chief Compliance Officer (Mutual Funds) (2007-2008), Assistant Vice President and Associate General Counsel (2006-2007), MassMutual; Vice President and Chief Compliance Officer (since 2007), MassMutual Select Funds (open-end investment company); Vice President and Chief Compliance Officer (since 2007), MML Series Investment Fund (open-end investment company); Vice President and Chief Compliance Officer (since 2007), MML Series Investment Fund II (open-end investment company). | 91 | ||||
Eric H. Wietsma Age: 46 | President
Vice President | Since 2008
(2006- | Senior Vice President (since 2010), Corporate Vice President (2007-2010), Vice President (2005-2007), MassMutual; President (since 2008), Vice President (2006-2008), MassMutual Select Funds (open-end investment company); Vice President (since 2006), MML Series Investment Fund (open-end investment company); Vice President (since 2006), MML Series Investment Fund II (open-end investment company). | 91 |
* | The address of each Trustee and Principal Officer is the same as that for the Trust; 1295 State Street, Springfield, Massachusetts 01111. |
** | Each Trustee of the Trust serves until the next meeting of shareholders called for the purpose of electing Trustees and until the election and qualification of his or her successor or until he or she dies, resigns, or is removed. Notwithstanding the foregoing, a Trustee shall retire and cease to serve as a Trustee upon the conclusion of the calendar year in which such Trustee attains the age of seventy-two years. |
The Chairperson is elected to hold such office for a term of three years or until their successor is elected and qualified to carry out the duties and responsibilities of their office, or until he or she retires, dies, resigns, is removed, or becomes disqualified. |
*** | Denver Board – Oppenheimer Funds is deemed to be part of the Fund Complex because it is managed by OppenheimerFunds, Inc., an indirect subsidiary of MassMutual. |
^ | Mr. Joyal is an “Interested Person,” as that term is defined in the 1940 Act, through his position as a director of Jefferies Group, Inc., a broker-dealer that may execute portfolio transactions and/or engage in principal transactions with the Funds, other investment companies advised by MassMutual or holding themselves out to investors as related companies for purposes of investment or investor services, or any other advisory accounts over which MassMutual has brokerage placement discretion. |
^^ | Babson Capital Participation Investors and Babson Capital Corporate Investors are deemed to be a part of the Fund Complex because they are managed by Babson Capital Management LLC, an indirect subsidiary of MassMutual. |
^^^ | Ms. Sarsynski is an Interested Person through her employment with MassMutual. |
# | The President, Treasurer, and Secretary are elected to hold such office until their successor is elected and qualified to carry out the duties and responsibilities of their office, or until he or she dies, resigns, is removed, or becomes disqualified. Each other officer shall hold office at the pleasure of the Trustees. |
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Federal Tax Information (Unaudited)
Under Section 854(b)(2) of the Code, the Fund hereby designates $129,508 as qualified dividends for purposes of the maximum rate under Section 1(h)(11) of the Code for the period ended September 30, 2012.
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Other Information (Unaudited)
A description of the policies and procedures that the Fund’s investment adviser and subadviser use to vote proxies relating to the Fund’s portfolio securities is available, without charge, upon request, by calling 1-888-309-3539, and on the Securities and Exchange Commission’s (“SEC”) website at http://www.sec.gov.
Information regarding how the Fund voted proxies relating to portfolio securities during the period ended June 30 is available, without charge, upon request, on the MassMutual website at http://www.massmutual.com/funds and on the SEC’s website at http://www.sec.gov.
The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms N-Q is available on the SEC’s website at http://www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington D.C. Information on the operation of the SEC’s Public Reference Room may be obtained by calling 1-800-SEC-0330.
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Other Information (Unaudited) (Continued)
Fund Expenses September 30, 2012
Expense Examples:
The following information is in regards to expenses for the six months ended September 30, 2012:
As a shareholder of the Fund, you may incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments or redemptions; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. These examples are based on an investment of $1,000 invested for the six months ended September 30, 2012.
Actual Expenses:
The first four columns of the table below provide information about actual account values and actual expenses. You may use this information, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading entitled “Operating Expenses Incurred” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes:
The last two columns of the table below provide information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the last two columns of the table are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Beginning Value | Annualized Expense Ratio | Ending Value (Based on Actual Returns and Expenses) | Operating Expenses Incurred* | Ending Value (Based on Hypothetical Returns and Expenses) | Operating Expenses Incurred* | |||||||||||||||||||
Class Z | $ | 1,000 | 1.02 | % | $ | 1,011.40 | $ | 5.16 | $ | 1,020.00 | $ | 5.18 | ||||||||||||
Class S | 1,000 | 1.11 | % | 1,011.40 | 5.61 | 1,019.60 | 5.64 | |||||||||||||||||
Class Y | 1,000 | 1.21 | % | 1,010.50 | 6.11 | 1,019.10 | 6.14 | |||||||||||||||||
Class L | 1,000 | 1.34 | % | 1,010.50 | 6.77 | 1,018.40 | 6.80 | |||||||||||||||||
Class A | 1,000 | 1.59 | % | 1,008.60 | 8.03 | 1,017.10 | 8.06 |
* | Expenses are calculated using the annualized expense ratio for the six months ended September 30, 2012, multiplied by the average account value over the period, multiplied by the number of days in the period, divided by the number of days in the year, unless stated otherwise. |
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Distributor:
MML Distributors, LLC
1295 State Street
Springfield, MA 01111-0001
November 29, 2012
©2012 Massachusetts Mutual Life Insurance Company, Springfield, MA. All rights reserved. www.massmutual.com. MassMutual Financial Group is a marketing name for Massachusetts Mutual Life Insurance Company (MassMutual) [of which Retirement Services is a division] and its affiliated companies and sales representatives. | L4544BAM 1112 C:31114-00 |
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Item 2. Code of Ethics.
As of September 30, 2012, the Registrant adopted a Code of Ethics that applies to the Principal Executive Officer and Principal Financial Officer pursuant to the Sarbanes-Oxley Act of 2002. For the period ended September 30, 2012, there were no amendments to a provision of the Code of Ethics. A copy of its Code of Ethics is filed with this Form N-CSR under Item 12(a)(1).
Item 3. Audit Committee Financial Expert.
The Registrant’s Board of Trustees has determined that R. Alan Hunter, Jr. and Nabil N. El-Hage, both members of the Audit Committee, are audit committee financial experts as defined by the Securities and Exchange Commission (the “SEC”). Mr. Hunter and Mr. El-Hage are both “independent” as defined by the SEC for purposes of audit committee financial expert determinations.
Item 4. Principal Accountant Fees and Services.
References below to Deloitte & Touche LLP include its affiliates where applicable.
(a) | AUDIT FEES: The aggregate fees billed to the Registrant for professional services rendered by its independent auditors, Deloitte & Touche LLP, for the audit of the Registrant’s annual financial statements for the 11-month period ended September 30, 2012 and the fiscal year ended October 31, 2011 were $585,170 and $596,500, respectively. |
(b) | AUDIT RELATED FEES: No such fees were billed to the Registrant by Deloitte & Touche LLP for the 11-month period ended September 30, 2012 and the fiscal year ended October 31, 2011. No such fees were billed to the Registrant’s adviser and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the Registrant by Deloitte & Touche LLP* for the 11-month period ended September 30, 2012 and the fiscal year ended October 31, 2011. |
(c) | TAX FEES: The aggregate fees billed to the Registrant for professional services rendered by Deloitte & Touche LLP for the review of Form 1120-RIC, Form 8613, excise distribution projections, distribution calculation and reasonable out of pocket expenses for the 11-month period ended September 30, 2012 and the fiscal year ended October 31, 2011 were $75,826 and $117,206, respectively. No such fees were billed to the Registrant’s adviser and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the Registrant by Deloitte & Touche LLP* for the 11-month period ended September 30, 2012 and the fiscal year ended October 31, 2011. |
(d) | ALL OTHER FEES: No such fees were billed to the Registrant by Deloitte & Touche LLP for the 11-month period ended September 30, 2012 and the fiscal year ended October 31, 2011. No such fees were billed to the Registrant’s adviser and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the Registrant by Deloitte & Touche LLP* for the 11-month period ended September 30, 2012 and the fiscal year ended October 31, 2011. |
(e) | (1) AUDIT COMMITTEE PRE-APPOVAL POLICY: All services to be performed for the Registrant by Deloitte & Touche LLP must be pre-approved by the audit committee. All services performed during the 11-month period ended September 30, 2012 and the fiscal year ended October 31, 2011 were pre-approved by the committee. |
(2) Not applicable.
(f) | Not applicable. |
(g) | The aggregate non-audit fees billed by Deloitte & Touche LLP for services rendered to the Registrant, the Registrant’s adviser and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the Registrant, for the 11-month period ended September 30, 2012 and the fiscal year ended October 31, 2011 were $4,548,641 and $1,436,469, respectively. |
(h) | The audit committee considers whether the provision of non-audit services by Deloitte & Touche LLP to the Registrant’s adviser and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the Registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining Deloitte & Touche LLP’s independence. |
* | Refers to fees that were required to be approved by the audit committee for services that relate directly to the operations and financial reporting of the Registrant. |
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Item 5. Audit Committee of Listed Registrants.
Not applicable to this filing.
Item 6. Investments.
Please see portfolio of investments contained in the Reports to Stockholders included under Item 1 of this form N-CSR.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable to this filing.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable to this filing.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable to this filing.
Item 10. Submission of Matters to a Vote of Security Holders.
Not applicable to this filing.
Item 11. Controls and Procedures.
(a) The Registrant’s Principal Executive Officer and Principal Financial Officer have concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this Form N-CSR, to provide reasonable assurance that the information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized, and reported within the time periods specified in the SEC’s rules and forms, based on their evaluation of these disclosure controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 (17 CFR 240.13a-15(b) or 240.15d-15(b)).
(b) There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d))) that occurred during the Registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.
Item 12. Exhibits.
(a)(1) Code of Ethics (Item 2) is attached.
(a)(2) Certifications of the Principal Executive Officer and Principal Financial Officer of the Registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)) are attached hereto as Exhibit 99CERT.
(a)(3) Not applicable to this filing.
(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 as required by Rule 30a-2(b), under the 1940 Act (17 CFR 270.30a-2(b)), Rule 15d-14(b) under the Securities Exchange Act of 1934 (17 CFR 240.15d-14(b)) and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) are attached hereto as Exhibit 99.906CERT.
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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 | 11/29/12 |
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 | 11/29/12 |
By (Signature and Title) | /s/ Nicholas H. Palmerino | |
Nicholas H. Palmerino, Treasurer and Principal Financial Officer |
Date | 11/29/12 |