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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)
100 Bright Meadow Blvd., Enfield, CT | 06082 | |
(Address of principal executive offices) | (Zip code) |
Eric Wietsma
100 Bright Meadow Blvd., Enfield, CT 06082
(Name and address of agent for service)
Registrant’s telephone number, including area code: (860) 562-1000
Date of fiscal year end: 9/30/13
Date of reporting period: 9/30/13
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Item 1. Reports to Stockholders.
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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
“In our view, one of the most effective ways you can prepare for retirement is by establishing a long-term investment plan that is suited to how comfortable you are with the market’s ups and downs, how long you have to save and invest before retirement, and what your specific retirement goals are.”
September 30, 2013
I am pleased to present you with the MassMutual Premier Funds Annual Report, covering the year ended September 30, 2013. Equities in the U.S. and abroad mostly advanced for the year, with many widely followed indexes posting double-digit returns. Political wrangling in Washington, the near-term future of the Federal Reserve’s Quantitative Easing program (“QE”), and news-making events from across the globe drove periods of volatility in both the stock and bond markets and kept the attention of investors throughout the period. Foreign stock markets were also positive for the year, and investor confidence mainly increased throughout the period. A depreciating U.S. dollar also helped boost the returns of foreign stocks for U.S. investors. Conversely, domestic fixed-income investments lost traction in the U.S. for the period.
The generally strong performance of equity markets during the year was encouraging, but investors are wise to avoid basing investment decisions on short-term trends, whether positive or negative. Adhering to certain investment guidelines, such as the ones below, can also help you along the way.
Investment guidelines to keep in mind
You are likely in it for the long run
Investing for retirement is not something that happens overnight. Many people save and invest for retirement throughout their working years. It may help you to keep in mind that, although the financial markets will go up and down over time, taking a long-term approach to investing gives you more time to ride out the downturns as you work toward your long-term investment goals.
Make informed choices and seek professional guidance
You want to be confident you are giving yourself the best opportunity for success in your retirement investing, so it is important to select an appropriate combination of investments that aligns with that goal. If you work with a financial professional, this may be an excellent time to consider contacting him or her to help you monitor and evaluate your personal retirement investment strategy, make any appropriate adjustments, and help ensure that your plan remains compatible with your retirement income objectives.
Contribute as much as you can
When it comes to retirement planning, there are a lot of things you cannot control, such as the performance of the financial markets. But you can control how often and how much you save. Contributing as much as you can to your retirement account, and increasing those contributions when you are able, will help you to keep your investment goals on track.
(Continued)
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MassMutual Premier Funds – President’s Letter to Shareholders (Unaudited) (Continued)
Who Matters Most
MassMutual believes “Who Matters Most to You Says the Most About You.” Our customers matter most to us, and our primary focus is to help you take the necessary steps to prepare for your future – one you can prepare to enjoy on your terms. In our view, one of the most effective ways you can prepare for retirement is by establishing a long-term investment plan that is suited to how comfortable you are with the market’s ups and downs, how long you have to save and invest before retirement, and what your specific retirement goals are. Thank you for your ongoing confidence in MassMutual.
Sincerely,
Eric Wietsma
President
The information provided is the opinion of MassMutual Retirement Services Investments Marketing as of 10/1/13 and is subject to change without notice. It is not to be construed as tax, legal or investment advice. Of course, past performance does not guarantee future results.
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MassMutual Premier Funds – Economic and Market Overview (Unaudited)
September 30, 2013
Stock markets continue upward march despite ongoing challenges
For the year ended September 30, 2013, investors drove stocks higher in an environment that included the U.S. presidential election, multiple political standoffs over the federal budget, the acceleration of the Federal Reserve’s (the “Fed”) Quantitative Easing program (“QE”), mixed trends in economic indicators in the U.S., and varying degrees of economic recovery in Europe and the Far East.
The Fed continued its ongoing effort to foster an environment accommodative to economic growth. The central bank helped keep short-term interest rates at historically low levels by maintaining the federal funds rate at 0.0% to 0.25% – the level the rate has occupied since December 2008. The federal funds rate is the interest rate that banks and financial institutions charge each other for borrowing funds overnight. In September 2012, the Fed increased the bond purchases that constitute QE to $85 billion, adding $45 billion in mortgage-backed securities to a monthly shopping list that already included $40 billion in longer-dated Treasuries. The Fed’s actions helped support the prices of bonds by keeping demand high and contributed to the positive environment for stocks. The Fed kept QE in full force for the entire yearlong period and spurred considerable disruption in both the stock and bond markets when Fed Chairman Bernanke appeared before Congress on May 22 and indicated that the central bank was considering some near-term “tapering” or reduction of its bond purchases. The Fed’s policy announcement on September 18 offered a positive surprise to markets by indicating there would be no imminent changes to QE, as most observers had anticipated the implementation of at least a token decrease in the Fed’s monthly purchases.
The price of oil traded up and down, but followed an overall trend of advancement throughout much of the year. The commodity started the period on October 1, 2012 at more than $92 per barrel, dipped to $85 in November, crested above $110 in early September, and closed the year at about $102. Gas prices declined throughout the fourth quarter of 2012, giving consumers some relief at the pumps at the beginning of the period, but rose substantially in the first quarter of 2013. The average price moved in a range between approximately $3.50 and 3.70 per gallon for much of the second and third quarter before dropping to around $3.40 by the end of the yearlong period. Gold lost some of its luster with investors who sought the higher returns generated by equities and other investments in the positive market environment. The precious metal led off the year at around $1,771 per ounce and mainly drifted downward before closing at approximately $1,328 at the end of September 2013.
Market performance
Equity markets rewarded investors once again during the year ended September 30, 2013. The Russell 2000® Index, representing small-capitalization stocks, was the leader among broad-market indexes in the U.S., rising an impressive 30.06%. The Morgan Stanley Capital International (“MSCI®”) Europe, Australasia, Far East (EAFE®) Index, a barometer for foreign stocks in developed markets, also did well and gained 23.77%. The major technology stock benchmark in the U.S., the NASDAQ Composite® Index, returned 21.03% for the year. The S&P 500® Index of large-capitalization U.S. stocks posted a 19.34% advance, while the blue-chip Dow Jones Industrial AverageSM rose 15.59%. Stocks from developing economies did not fare as well as most other categories, but still landed in positive territory, with the MSCI Emerging Markets Index, a measure of the performance of emerging stock markets throughout the world, managing a 0.98% return for the year.
Bonds underperformed equities by a substantial margin during the 12 months, with the Barclays U.S. Aggregate Bond Index, a broad measure of the U.S. investment-grade bond markets, declining 1.68%. Unrelenting low interest rates continued to take their toll, with shorter-term debt investments barely managing to stay in positive territory. In this environment, the Barclays U.S. 1-3 Year Government Bond Index, which measures the performance of short-term U.S. government bonds, returned just 0.37%; and Treasury bills, as measured by the Citigroup 3-Month Treasury Bill Index, gained only 0.07%. Investors sought the higher returns offered by high-yield bonds, which helped the Barclays U.S. Corporate High-Yield Index, a measure of the performance of fixed-rate, non-investment-grade debt from corporate sectors, advance 7.14% for the year.*
Fourth quarter 2012: Many U.S. stocks down for the quarter
During the fourth quarter of 2012, investors first focused primarily on the U.S. national elections and then turned their attention to the “fiscal cliff.” (The fiscal cliff was a large reduction of the federal budget deficit through significant tax increases and spending
* | 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)
cuts, which were scheduled to become effective on January 1, 2013, unless Congress could strike an alternate plan.) The elections and fiscal cliff created two major sources of uncertainty for the financial markets. Despite the uncertainty, U.S. stocks fell only modestly in the fourth quarter, but the slight change from beginning to end masked considerable volatility during the period. Signs of continued economic recovery in the United States gave investors some reason for optimism, despite the challenges brought about by the fiscal cliff. In October 2012, the Department of Labor reported an unexpected drop in the unemployment rate – from 8.1% to 7.8%. That same month, momentum in the housing market continued, as it was reported that the year-over-year median sales price rose the most since 2005 on strong demand, and housing starts surged by 15% to the highest level in four years.
Superstorm Sandy battered the East Coast as October drew to a close, bringing widespread damage and flooding and forcing U.S. financial markets to suspend operations for two days. In November, equity investors seemed relieved that the U.S. presidential election was over, but fiscal cliff concerns accelerated along with worries about the long-term economic impact of Superstorm Sandy. Aside from the fiscal cliff drama, the month of December was generally good for economic data, as job growth, increased construction spending, and an unexpected increase in vehicle sales were bright spots early in the month. In addition, reports released later in the month indicated an upward revision of more than 3% to the third-quarter gross domestic product (“GDP”) final reading, continued strength in housing data, and increases in consumer spending and incomes.
In news from around the world, the European Union (“EU”) won the Nobel Peace Prize in October 2012, signaling the Nobel Committee’s approval of the EU’s and the European Central Bank’s support of Greece, Portugal, and Spain. In November, Greece’s parliament hesitated to vote for another round of austerity, which caused European equities and the euro currency to sell off. In December, Japan’s announcement of stimulus to expand the country’s asset purchase program by more than 10% contributed to weakness in the Japanese yen. After slowing for much of 2012, China’s economy stabilized somewhat, along with other emerging markets in fourth-quarter 2012. China’s trade surplus ended 2012 at a four-year high, but the nation’s total trade growth rate was below the government’s target.
First quarter 2013: stocks outperform bonds to start the year
Congressional votes to secure passage of a deal to avert the fiscal cliff were confirmed late on January 1, 2013. In February, equity investors focused on the specter of sequestration – the automatic, across-the-board series of spending cuts to government agencies set to go into effect March 1, 2013. Ultimately, in March, Congress passed a stopgap spending bill to keep the federal government running through September 2013. Also in March, the Department of Labor reported that the U.S. unemployment rate fell to its lowest level since December 2008, and the Fed continued its commitment to keep the federal funds rate between 0% and 0.25% – announcing at the same time that it would maintain QE.
U.S. and foreign stocks rose in the first quarter of 2013, outperforming their fixed-income counterparts. 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.)
Overseas, the Japanese Cabinet approved a ¥20 trillion (yen) ($224 billion) stimulus package in January 2013, which was expected to create 600,000 jobs and help repair tsunami-ravaged coastland. In February, uncertainty over Italian elections led to a hung parliament, which struck fresh fears into the euro zone. Evidence of a possible slowdown in China caused concern over the world’s second-largest economy, but Chinese lending reached a two-year high and aggregate financing increased substantially, which indicated improving conditions. In March, banks in Cyprus, experiencing hard times because of their investments in Greek sovereign debt, took a $10 billion bailout from the European Union and the International Monetary Fund to resolve the country’s banking crisis – although the deal restricted Cyprus’s financial industry and limited its status as an offshore tax haven.
Second quarter 2013: prospect of Fed tapering gives investors pause
While stock prices advanced during April and much of May, they gave up a significant portion of those gains following Ben Bernanke’s May 22 remarks to Congress about tapering QE. The Fed chairman stated that the central bank might begin tapering bond purchases in its QE program later in 2013 if warranted by U.S. economic data. Despite the jitters this announcement sent through the markets, U.S. stocks ultimately managed to move higher during the second quarter.
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MassMutual Premier Funds – Economic and Market Overview (Unaudited) (Continued)
Interest rates rose in the wake of Bernanke’s QE comments when investors sold bonds on the belief that demand would decline if the Fed were to stop its bond purchases, and ensuing price declines drove interest rates higher. Interestingly, concern about the end of QE gave new life to investors’ “bad news is good news” response to economic data. For example, the Commerce Department’s third and final estimate of first-quarter economic growth, released on June 26, came in at 1.8%, well below the previous estimate of 2.4%. Under normal circumstances, weaker-than-expected economic growth would tend to drive down stock prices. However, the news helped shares advance, as investors were hopeful that the disappointing data might convince the Fed to continue with QE for a while longer.
Also weighing on U.S. stocks late in the period was a swoon in Japanese equity prices. Japan’s stock market had been on a tear since mid-November 2012, and when the Bank of Japan announced a massive QE program of its own in April, the rally in that nation’s stocks accelerated, only to reverse sharply along with U.S. shares following Bernanke’s congressional testimony. Emerging markets, including Brazil and China, struggled with lackluster economic growth.
Third quarter 2013: stocks on top; Fed comes to the rescue
U.S. stocks posted strong returns in the third quarter of 2013. Share prices moved higher in July, but backed off in August, as investors remained uncertain of the Fed’s tapering timetable. Disappointing quarterly news from companies regarded as bellwethers for the broader economy, including Wal-Mart Stores and Cisco Systems, weighed on the market in August, as did the growing likelihood of U.S. military strikes in Syria in retaliation for the Assad regime’s alleged use of chemical weapons there.
Stocks rebounded again in September in the midst of talk of a possible diplomatic solution to the crisis in Syria. The market also got a lift from news that former U.S. Treasury Secretary Larry Summers was withdrawing from consideration as a possible replacement for current Fed Chairman Bernanke, who is expected to step down in January 2014. Summers’ decision seemed to clear the field for Fed Vice Chairwoman Janet Yellen, a stronger proponent of QE. President Obama ultimately nominated Yellen for the post in early October.
On the heels of the big boost stocks and bonds got from the Fed’s September 18 announcement that QE would continue, the final week of the quarter brought stock-price declines attributable to investor concerns about two looming issues. The first was a federal government shutdown that ultimately came to pass on October 1 due to Congress’s inability to reach a funding agreement prior to the September 30 deadline, and the second was a political stalemate over the U.S. debt ceiling, which needed resolution by mid-October to prevent a default. Sixteen days into the shutdown, legislators worked out a deal to fix both issues for the short term, President Obama signed the bill into law in the early hours of October 17, and federal workers were expected to return to work that same day.
In the waning days and aftermath of the year ended September 2013, investors got some insight into the kinds of challenges that may create market disruptions in the coming year, including the inevitable end of QE and new rounds of political wrangling in Washington over the federal budget and U.S. debt ceiling, which are likely to occur in January and February 2014, respectively. Investors will also keep an eye out for improving economic growth here and abroad to create a favorable environment for stocks and bonds once QE ends. We believe these important issues and numerous others will come into play as investors navigate the world’s financial markets in the year ahead.
The information provided is the opinion of MassMutual Retirement Services Investment Services as of 10/1/13 and is subject to change without notice. It is not to be construed as tax, legal or investment advice. Of course, past performance does not guarantee future results.
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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, 2013?
The Fund’s Class S shares returned 0.01%, trailing the 0.07% 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. During the period, the Fund waived certain fees to allow it to achieve the 0.01% return. The Fund’s Class S Shares would have had a negative return if the waiver had not been in effect.
For a discussion on the economic and market environment during the 12-month period ended September 30, 2013, please see the Economic and Market Review, beginning on page 3.
Subadviser discussion of factors that contributed to the Fund’s performance
Money market funds continued to return low nominal yields due to the Federal Reserve’s (the “Fed”) accommodative stance on interest rates. During the year, short-term interest rates continued to decline as a result of Fed monetary policy. Additionally, a seasonal contraction in Treasury bill supply took place early in the second quarter – around April 15 – and commercial paper rates declined a few basis points as a result, when demand for these short-term notes increased. (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 decline in income available from these securities slightly impacted Fund performance, but the Fund was able to offset the negative impact by taking advantage of opportunities in floating-rate corporate bonds, particularly during the second quarter of 2013.
In this low interest rate environment, the Fund did not change strategy and focused largely on allocations to high-quality commercial paper over Treasury bills, which benefited the Fund and allowed for additional income and stronger relative performance. The Fund continued to avoid investing in commercial paper from European banks during the reporting period. This benefited the Fund’s overall credit quality, but did limit the opportunity for higher yields.
Subadviser outlook
Throughout much of the last six months, some market participants have shifted out of long-term bonds and into shorter-term issues, as longer-term interest rates have started to move up from their historically low levels. Many investors have been shortening the duration of their portfolios, which has caused increased demand in money market securities. Duration is a measure of a bond fund’s sensitivity to interest rates. The longer the duration, the greater the price impact on the bond or portfolio when interest rates rise or fall.
Short-term rates have undergone only minor changes in the recent environment. In our view, the end of the Quantitative Easing program (QE) and Fed increases to short-term rates could be a couple years apart from each other. Given the current market environment of slow growth and low front-end interest rates, we continue to believe that focusing on high-quality credit issuers in short maturities is a sound strategy that will allow us to quickly adjust to changing market conditions and maintain our commitment to preservation of principal and liquidity.
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MassMutual Premier Money Market Fund – Portfolio Manager Report (Unaudited) (Continued)
MassMutual Premier (% of Net Assets) on 9/30/13 | ||||
Commercial Paper | 74.4 | % | ||
Corporate Debt | 10.7 | % | ||
Discount Notes | 8.4 | % | ||
U.S. Treasury Bonds & Notes | 8.3 | % | ||
Certificates of Deposit | 1.9 | % | ||
Time Deposits | 0.2 | % | ||
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Total Short-Term Investments | 103.9 | % | ||
Other Assets and Liabilities | (3.9 | )% | ||
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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 10/1/12 - 9/30/13 | Five Year Average Annual 10/1/08 - 9/30/13 | Ten Year Average Annual 10/1/03 - 9/30/13 | |||||||||
Class S | 0.01% | 0.12% | 1.54% | |||||||||
Class A | 0.02% | 0.09% | 1.36% | |||||||||
Class Y | 0.01% | 0.11% | 1.48% | |||||||||
Citigroup 3-Month Treasury Bill Index | 0.07% | 0.15% | 1.61% |
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, 2013?
The Fund’s Class S shares returned 1.43%, outperforming the 0.37% 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 a discussion on the economic and market environment during the 12-month period ended September 30, 2013, 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 asset allocation were the primary contributors to Fund performance over the past 12 months. Positioning in short-term investment-grade corporate bonds was a primary performance driver, and the Fund’s allocation to short-term, BBB rated holdings in the industrials sector was particularly beneficial. The Fund’s positioning in high-yield bonds also helped performance, while an underweight position, relative to the benchmark, in bonds of foreign governments detracted slightly from full-year results. From an industry perspective, Fund holdings in real estate investment trusts (REITs) and banking proved particularly helpful to performance, while Fund holdings in the construction, home construction, and oil refining market segments hindered relative performance. The Fund maintained its overweight allocation to investment-grade corporate bonds and a 5% allocation to high-yield bonds. In both sectors, the Fund favors shorter industrial and finance bonds with a duration of less than three years and an emphasis on diversification. Duration is a measure of a bond fund’s sensitivity to interest rates. The longer the duration, the greater the price impact on the bond or portfolio when interest rates rise or fall.
The Fund’s allocation to commercial mortgage-backed securities (“CMBS”) was the main contributor to performance within the securitized bonds sector, as improving fundamentals, declining delinquency rates, and income from the securities helped drive performance. Non-agency mortgage-backed securities (“MBS”), including asset-backed securities (“ABS”), also benefited the Fund. (Non-agency securities are issued and/or guaranteed by entities other than government agencies.) American consumers have continued to reduce their debt levels and home values have generally started to rebound, contributing to performance in these non-agency bonds. The Fund’s positioning in agency MBS offered a slight contribution to performance. (“Agency” refers to government-sponsored entities that issue bonds backed by mortgage loans, including Ginnie Mae, Fannie Mae, Freddie Mac, and the Federal Home Loan Banks.) Agency securities sold off in the summer, on investor concerns that the Federal Reserve (the “Fed”) would stop MBS purchases by ending its Quantitative Easing program (QE), but ultimately rebounded as the Fed delayed any immediate tapering of QE.
The Fund’s bond maturity positioning was the main detractor from performance, as longer-term interest rates rose when Fed Chairman Bernanke made comments suggesting the possibility that QE bond purchases might start slowing down or “tapering” starting in the fourth quarter of 2013. However, the longer-term interest rate increases had little net negative impact on the Fund, as short-term interest rates declined during the period and offset much of the impact of the rise in longer-term rates. The Fund’s underweight position in Treasuries also hindered performance.
The Fund’s use of derivatives modestly detracted from performance over the last year. Derivatives are securities that derive their value from the performance of one or more other investments and take the form of a contract between two or more parties. Most derivatives are used for hedging, speculation, or both.
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MassMutual Premier Short-Duration Bond Fund – Portfolio Manager Report (Unaudited) (Continued)
Subadviser outlook
U.S. economic data is running ahead of expectations, but the U.S. economy is growing at a lackluster pace. The fiscal policy/stalemate environment on Capitol Hill continues to provide ongoing challenges, and we are closely monitoring Europe and China for any changes in market and economic conditions. The Fed has delayed its decision to slow the pace of the QE. The federal funds rate could go unchanged into 2015, although our view is that longer-term interest rates will be poised to rise. (The federal funds rate is the interest rate that banks and other financial institutions charge each other for borrowing funds overnight.)
The past year’s combination of increased volatility and periods of lower prices has opened up pockets of relative value on a security-specific basis, and recent outflows from high-yield and emerging-market bonds have resulted in higher yields across the fixed-income markets. In our view, this environment may provide the opportunity for strategies that focus on fundamentals-based security selection to forge ahead.
MassMutual Premier Portfolio Characteristics | ||||
Corporate Debt | 37.7 | % | ||
Non-U.S. Government Agency Obligations | 18.2 | % | ||
U.S. Government Agency Obligations and Instrumentalities | 2.6 | % | ||
U.S. Treasury Obligations | 1.9 | % | ||
Municipal Obligations | 0.5 | % | ||
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Total Long-Term Investments | 60.9 | % | ||
Short-Term Investments and Other Assets and Liabilities | 39.1 | % | ||
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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, Class N, Class N (CDSC fees deducted), and the Barclays U.S. 1-3 Year Government Bond Index.
TOTAL RETURN | One Year 10/1/12 - 9/30/13 | Five Year Average Annual 10/1/08 - 9/30/13 | Ten Year Average Annual 10/1/03 - 9/30/13 | |||||||||
Class S | 1.43% | 4.80% | 3.97% | |||||||||
Class A | 0.99% | 4.41% | 3.59% | |||||||||
Class A (sales load deducted)* | -2.55% | 3.67% | 3.22% | |||||||||
Class Y | 1.33% | 4.75% | 3.94% | |||||||||
Class L | 1.27% | 4.66% | 3.84% | |||||||||
Class N | 0.74% | 4.09% | 3.27% | |||||||||
Class N (CDSC fees deducted)* | -0.25% | 4.09% | 3.27% | |||||||||
Barclays U.S. 1-3 Year Government Bond Index | 0.37% | 1.84% | 2.68% |
GROWTH OF $10,000 INVESTMENT FOR THE PAST 10 YEARS
* 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.
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
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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 Z and the Barclays U.S. 1-3 Year Government Bond Index.
TOTAL RETURN | One Year 10/1/12 - 9/30/13 | Since Inception Average Annual 12/3/10 - 9/30/13 | ||||||
Class Z | 1.62% | 2.78% | ||||||
Barclays U.S. 1-3 Year Government Bond Index | 0.37% | 0.84% |
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. 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’s subadviser is Babson Capital Management LLC (Babson Capital).
How did the Fund perform during the 12 months ended September 30, 2013?
The Fund’s Class S shares returned -6.22%, modestly underperforming the -6.10% return of the Barclays U.S. Treasury Inflation Protected Securities (TIPS) Index (Series-L), an unmanaged index that measures the broad performance of U.S. Treasury inflation-indexed bonds.
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, 2013, please see the Economic and Market Review, beginning on page 3.
Subadviser discussion of factors that contributed to the Fund’s performance
TIPS posted negative returns over the last 12 months, with the majority of the selloff coming in May and June of 2013 – as rising interest rates, in tandem with muted inflation figures, resulted in reduced demand for TIPS. Outflows from the sector further exacerbated the selloff. The catalyst for higher interest rates stemmed from discussions by Federal Reserve (the “Fed”) officials regarding the central bank’s slowdown (or “tapering”) of its Quantitative Easing program (QE).
Consumer price inflation and inflation expectations remained stable during the year, with Headline Consumer Price Index (“CPI”) modestly declining from 1.7% to 1.5% on a year-over-year basis. Core CPI remained largely unchanged, decreasing from 1.9% to 1.8% on a year-over-year basis and remaining below the Fed’s inflation objective. (CPI measures changes in the price of a market basket of consumer goods and services; Core CPI does not include food and energy prices.)
In addition to TIPS, the Fund also invested in high-quality, income-producing asset-backed securities (“ABS”) and money market securities – both of which contributed to the Fund’s performance. ABS were the main drivers of performance, with Fund holdings in auto loans and U.S. government-guaranteed student loans as the primary contributors. The Fund’s allocation to high-quality commercial paper also helped performance over the period. (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 Fund used derivatives – securities that derive their value from the performance of one or more other investments and take the form of a contract between two or more parties – mainly for hedging purposes during the year to help. Overall, the Fund’s derivative positions made a meaningful contribution to performance for the year.
Subadviser outlook
U.S. and global economies continued to show signs of modest recovery during the year. However, the level and volatility of rates bear watching, as the Fed gauges its asset purchases and economic data to measure the strength of the recovery. Inflation
13
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MassMutual Premier Inflation-Protected and Income Fund – Portfolio Manager Report (Unaudited) (Continued)
expectations are generally firm. We remain constructive on the TIPS market longer term, yet expect to proceed with caution in the near term. In our view, potential challenges from the Fed’s inevitable exit from QE, as well as potential short-term risks associated with fiscal policy stalemates, continue to weigh on the market.
MassMutual Premier (% of Net Assets) on 9/30/13 | ||||
U.S. Treasury Obligations | 101.0 | % | ||
Non-U.S. Government Agency Obligations | 36.3 | % | ||
Corporate Debt | 1.6 | % | ||
Municipal Obligations | 0.3 | % | ||
U.S. Government Agency Obligations and Instrumentalities | 0.1 | % | ||
|
| |||
Total Long-Term Investments | 139.3 | % | ||
Short-Term Investments and Other Assets and Liabilities | (39.3 | )% | ||
|
| |||
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 10/1/12 - 9/30/13 | Five Year Average Annual 10/1/08 - 9/30/13 | Since Inception Average Annual 12/31/03 - 9/30/13 | |||||||||
Class S | -6.22% | 5.18% | 4.93% | |||||||||
Class A | -6.62% | 4.74% | 4.43% | |||||||||
Class A (sales load deducted)* | -11.06% | 3.72% | 3.91% | |||||||||
Class Y | -6.35% | 5.04% | 4.81% | |||||||||
Class L | -6.46% | 4.89% | 4.66% | |||||||||
Class N | -6.84% | 4.43% | 4.16% | |||||||||
Class N (CDSC fees deducted)* | -7.74% | 4.43% | 4.16% | |||||||||
Barclays U.S. Treasury Inflation Protected Securities (TIPS) Index (Series-L) | -6.10% | 5.31% | 5.21% |
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.
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 10/1/12 - 9/30/13 | Since Average | ||||||
Class Z | -6.12% | 4.57% | ||||||
Barclays U.S. Treasury Inflation Protected Securities (TIPS) Index (Series-L) | -6.10% | 4.52% |
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, 2013?
The Fund’s Class S shares returned -0.81%, outperforming the -1.68% 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 a discussion on the economic and market environment during the 12-month period ended September 30, 2013, please see the Economic and Market Review, beginning on page 3.
Subadviser discussion of factors that contributed to the Fund’s performance
Security selection was the primary contributor to the Fund’s performance during the period, and the Fund benefited from its holdings in investment-grade corporate bonds, particularly in bonds from the industrials sector, where Fund holdings in bonds from financial and metals and mining companies led the pack. Opportunistic positioning in short-term high-yield bonds offered a boost to the Fund’s returns. Conversely, Fund holdings in the integrated oil and cable sectors underperformed and hindered overall Fund performance. During the first quarter of 2013, the Fund decreased the interest-rate exposure of its corporate bond holdings. The Fund held a neutral position, relative to the benchmark, in corporate bonds with maturities longer than 10 years – and an overweight stake in corporate bonds with maturities of shorter than 10 years. Security selection remains critical in corporate bonds, as we believe domestic corporate health has peaked. Indeed, our research suggests that revenues, earnings, and cash flows have turned marginally lower, while the number of companies issuing additional bonds (therefore taking on additional debt) for specific events seems to have been ramping up, which may increase the risk for existing bond holders.
In securitized bonds, the Fund tactically traded the mortgage-backed securities (“MBS”) sector during the year. The Fund’s positioning in MBS with lower stated interest rates, relative to the benchmark, was the main detractor from performance. Conversely, holdings in the commercial mortgage-backed securities (“CMBS”) sector proved to be the best performers within the Fund’s securitized bond component over the past year, with the performance of the Fund’s CMBS benefiting from a reduction in interest-rate exposure during the first quarter of 2013. The Fund held an overweight position in non-agency mortgage-backed securities – particularly in asset-backed securities (“ABS”) – which also benefited the Fund’s relative performance during the period. (Non-agency securities are issued and/or guaranteed by entities other than government agencies.)
The Fund’s use of derivative instruments slightly detracted from performance over the year. Derivatives are securities that derive their value from the performance of one or more other investments and take the form of a contract between two or more parties. Most derivatives are used for hedging, speculation, or both.
Subadviser outlook
U.S. economic data is running ahead of expectations, but the U.S. economy is growing at a lackluster pace. The fiscal policy/stalemate environment on Capitol Hill continues to provide ongoing challenges, and we are closely monitoring Europe and China for any changes in market and economic conditions. The Federal Reserve has delayed its decision to slow the pace of the Quantitative Easing program (QE). The federal funds rate could go unchanged into 2015, although our view is that longer-term interest rates will be poised to rise. (The federal funds rate is the interest rate that banks and other financial institutions charge each other for borrowing funds overnight.)
17
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MassMutual Premier Core Bond Fund – Portfolio Manager Report (Unaudited) (Continued)
The past year’s combination of increased volatility and periods of lower prices has opened up pockets of relative value on a security-specific basis, and recent outflows from high-yield and emerging-market bonds have resulted in higher yields across the fixed-income markets. In our view, this environment may provide the opportunity for strategies such as the Fund, which focus on fundamentals-based security selection, to forge ahead.
MassMutual Premier (% of Net Assets) on 9/30/13 | ||||
Corporate Debt | 44.5 | % | ||
U.S. Government Agency Obligations and Instrumentalities | 25.3 | % | ||
Non-U.S. Government Agency Obligations | 15.0 | % | ||
U.S. Treasury Obligations | 11.5 | % | ||
Municipal Obligations | 1.1 | % | ||
Sovereign Debt Obligations | 0.9 | % | ||
Preferred Stock | 0.2 | % | ||
|
| |||
Total Long-Term Investments | 98.5 | % | ||
Short-Term Investments and Other Assets and Liabilities | 1.5 | % | ||
|
| |||
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, Class N, Class N (CDSC fees deducted), and the Barclays U.S. Aggregate Bond Index.
TOTAL RETURN | One Year 10/1/12 - 9/30/13 | Five Year Average Annual 10/1/08 - 9/30/13 | Ten Year Average Annual 10/1/03 - 9/30/13 | |||||||||
Class S | -0.81% | 6.50% | 4.87% | |||||||||
Class A | -1.20% | 6.10% | 4.48% | |||||||||
Class A (sales load deducted)* | -5.90% | 5.07% | 3.98% | |||||||||
Class Y | -0.94% | 6.43% | 4.84% | |||||||||
Class L | -1.03% | 6.35% | 4.73% | |||||||||
Class N | -1.53% | 5.75% | 4.17% | |||||||||
Class N (CDSC fees deducted)* | -2.48% | 5.75% | 4.17% | |||||||||
Barclays U.S. Aggregate Bond Index | -1.68% | 5.41% | 4.59% |
GROWTH OF $10,000 INVESTMENT FOR THE PAST 10 YEARS
* 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.
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 10/1/12 - 9/30/13 | Since Average | ||||||
Class Z | -0.70% | 4.28% | ||||||
Barclays U.S. Aggregate Bond Index | -1.68% | 3.40% |
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. 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, 2013?
The Fund’s Class S shares returned 0.40%, outpacing the -1.68% 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 a discussion on the economic and market environment during the 12-month period ended September 30, 2013, please see the Economic and Market Review, beginning on page 3.
Subadviser discussion of factors that contributed to the Fund’s performance
Security selection was the primary driver of the Fund’s full-year performance. Corporate bonds, especially high-yield bonds, were the best performers in the Fund, as lower-quality BBB and BB rated corporate bonds and broad diversification within the category helped boost performance despite the challenging interest rate environment. The Fund maintained its overweight stake in higher-quality corporate bonds, as fundamentals are still strong in that sector. We increased the Fund’s allocation to convertible bonds based on their compelling valuations, which benefited the Fund. The Fund’s bonds from oil and gas producers and diversified telecommunications were performance drivers, while Fund positions in integrated oil and retail stores bonds slightly detracted from results. The strong yield opportunities offered by real estate investment trusts (REITs) led us to build on the Fund’s substantial position in the sector.
The Fund maintained an overweight allocation to non-agency mortgage-backed securities (“MBS”) and commercial mortgage-backed securities (“CMBS”). (Non-agency securities are issued and/or guaranteed by entities other than government agencies.) The Fund’s holdings in non-agency MBS were the best performers within the securitized sectors, and security selection and increased demand for bonds in this group helped the Fund’s performance over the period. The Fund’s holdings in CMBS also contributed. We reduced the Fund’s allocation to agency MBS during the period, and the Fund held an underweight allocation to that sector at the end of the period. (“Agency” refers to government-sponsored entities that issue bonds backed by mortgage loans, including Ginnie Mae, Fannie Mae, Freddie Mac, and the Federal Home Loan Banks.)
The Fund uses derivative instruments – securities that derive their value from the performance of one or more other investments and take the form of a contract between two or more parties – mainly for hedging purposes. Overall, the Fund’s derivative positions detracted from performance for the year.
Subadviser outlook
U.S. economic data is running ahead of expectations, but the U.S. economy is growing at a lackluster pace. The fiscal policy/stalemate environment on Capitol Hill continues to provide ongoing challenges, and we are closely monitoring Europe and China for any changes in market and economic conditions. The Federal Reserve has delayed its decision to slow the pace of the Quantitative Easing program (QE). The federal funds rate could go unchanged into 2015, although our view is that longer-term interest rates will be poised to rise. (The federal funds rate is the interest rate that banks and other financial institutions charge each other for borrowing funds overnight.)
The past year’s combination of increased volatility and periods of lower prices has opened up pockets of relative value on a security-specific basis, and recent outflows from high-yield and emerging-market bonds have resulted in higher yields across the fixed-income markets. In our view, this environment may provide the opportunity for strategies such as the Fund, which focus on fundamentals-based security selection, to forge ahead.
21
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MassMutual Premier Diversified Bond Fund – Portfolio Manager Report (Unaudited) (Continued)
MassMutual Premier (% of Net Assets) on 9/30/13 | ||||
Corporate Debt | 47.4 | % | ||
U.S. Government Agency Obligations and Instrumentalities | 26.0 | % | ||
Non-U.S. Government Agency Obligations | 13.8 | % | ||
U.S. Treasury Obligations | 9.4 | % | ||
Sovereign Debt Obligations | 1.1 | % | ||
Municipal Obligations | 0.6 | % | ||
Preferred Stock | 0.2 | % | ||
Common Stock | 0.1 | % | ||
|
| |||
Total Long-Term Investments | 98.6 | % | ||
Short-Term Investments and Other Assets and Liabilities | 1.4 | % | ||
|
| |||
Net Assets | 100.0 | % | ||
|
|
22
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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 S, Class A, Class A (sales load deducted), Class Y, Class L, and the Barclays U.S. Aggregate Bond Index.
TOTAL RETURN | One Year 10/1/12 - 9/30/13 | Five Year Average Annual 10/1/08 - 9/30/13 | Ten Year Average Annual 10/1/03 - 9/30/13 | |||||||||
Class S | 0.40% | 6.84% | 5.01% | |||||||||
Class A | -0.05% | 6.52% | 4.74% | |||||||||
Class A (sales load deducted)* | -4.80% | 5.48% | 4.23% | |||||||||
Class Y | 0.34% | 6.80% | 5.02% | |||||||||
Class L | 0.26% | 6.78% | 5.01% | |||||||||
Barclays U.S. Aggregate Bond Index | -1.68% | 5.41% | 4.59% |
Hypothetical Investments in MassMutual Premier Diversified Bond Fund Class Z and the Barclays U.S. Aggregate Bond Index.
TOTAL RETURN | One Year 10/1/12 - 9/30/13 | Since Average | ||||||
Class Z | 1.36% | 5.89% | ||||||
Barclays U.S. Aggregate Bond Index | -1.68% | 3.40% |
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.
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 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, 2013?
The Fund’s Class S shares returned 10.51%, outperforming the 7.14% 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 a discussion on the economic and market environment during the 12-month period ended September 30, 2013, please see the Economic and Market Review, beginning on page 3.
Subadviser discussion of factors that contributed to the Fund’s performance
Over the last 12 months, the Fund outperformed the benchmark due to strong security selection and prudent risk allocation. At the beginning of the period, the Fund held an overweight position, relative to the benchmark, in bonds in the B and CCC ratings categories and an underweight stake in BB bonds. The Fund maintained its overweight allocation to bonds in the B and CCC categories due to their compelling relative valuations and the continuation of an accommodative environment, which benefited the Fund, as these lower-rated tiers of the market outperformed.
During the year, the Fund’s key overweight positions by sector included energy, diversified manufacturing, automotive, chemicals, industrials, and technology. The Fund held underweight positions in the health care, wireless, metals and mining, media non-cable, electric utility, consumer non-cyclical, and finance and banking sectors. New issues for high-yield bonds continued at a record pace and reached $311 billion in 2013 as of end of the period. Companies predominantly used proceeds from new bond issues to refinance debt at lower rates.
In May and June, bond investments experienced record outflows against the backdrop of potential tapering of the Federal Reserve’s (the “Fed”) Quantitative Easing program (QE) and rising Treasury yields. Toward the end of the reporting period, high-yield bond investments underwent a wave of inflows amid higher demand and a rally in Treasuries, as a result of the Fed’s announcement to delay tapering. The positive performance of the Fund reflects, in part, the strength in the high-yield bond market and investor appetite for yield.
The Fund does not use derivative instruments, which are securities that derive their value from the performance of one or more other investments and take the form of a contract between two or more parties.
Subadviser outlook
In general, we believe U.S. high-yield bond fundamentals are likely to remain relatively stable, following significant corporate balance sheet improvements over the last three years. We believe corporate fundamentals, including balance sheet leverage and earnings growth, are likely to remain stable over the coming year. We also expect default rates in the U.S. to remain below their historical averages for the foreseeable future. In our view, high-yield bonds have strong total return potential relative to other fixed-income asset classes.
We believe that the timing and pace of the Fed’s tapering, along with the debate around the U.S. budget and debt ceiling, will likely have a bearing on the performance of high-yield bonds in the future. We expect further bouts of volatility due to continued uncertainties surrounding the direction of Fed policy, interest rates, inflow/outflow activity, and global economic growth.
24
Table of Contents
MassMutual Premier High Yield Fund – Portfolio Manager Report (Unaudited) (Continued)
MassMutual Premier (% of Net Assets) on 9/30/13 | ||||
Corporate Debt | 93.0 | % | ||
Bank Loans | 1.9 | % | ||
Common Stock | 0.3 | % | ||
|
| |||
Total Long-Term Investments | 95.2 | % | ||
Short-Term Investments and Other Assets and Liabilities | 4.8 | % | ||
|
| |||
Net Assets | 100.0 | % | ||
|
|
25
Table of Contents
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 10/1/12 - 9/30/13 | Five Year Average Annual 10/1/08 - 9/30/13 | Ten Year Average Annual 10/1/03 - 9/30/13 | |||||||||
Class Y | 10.56% | 11.37% | 8.04% | |||||||||
Barclays U.S. Corporate High-Yield Bond Index | 7.14% | 13.53% | 8.85% |
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 10/1/12 - 9/30/13 | Five Year Average Annual 10/1/08 - 9/30/13 | Since Inception Average Annual 11/1/04 - 9/30/13 | |||||||||
Class S | 10.51% | 11.39% | 7.47% | |||||||||
Class A | 10.09% | 10.93% | 7.01% | |||||||||
Class A (sales load deducted)* | 3.76% | 9.62% | 6.30% | |||||||||
Class L | 10.40% | 11.19% | 7.27% | |||||||||
Class N | 9.69% | 10.58% | 6.67% | |||||||||
Class N (CDSC fees deducted)* | 8.69% | 10.58% | 6.67% | |||||||||
Barclays U.S. Corporate High-Yield Bond Index | 7.14% | 13.53% | 8.32% |
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.
26
Table of Contents
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 10/1/12 - 9/30/13 | Since Average | ||||||
Class Z | 10.75% | 9.88% | ||||||
Barclays U.S. Corporate High-Yield Bond Index | 7.14% | 7.92% |
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.
27
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).
The Board of Trustees of the MassMutual Premier Funds has approved a Plan of Liquidation and Termination pursuant to which it is expected that Premier International Bond Fund will be dissolved. Effective on or about November 8, 2013 (the “Termination Date”), shareholders of the various classes of shares of each Fund will receive proceeds in proportion to the number of shares of such class held by each of them on the Termination Date.
How did the Fund perform during the 12 months ended September 30, 2013?
The Fund’s Class S shares returned -7.14%, trailing the -5.65% 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 a discussion on the economic and market environment during the 12-month period ended September 30, 2013, 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 relative underperformance over the period was primarily due to our cautious view on the euro zone. Although we moderated our view in reaction to the introduction of the European Central Bank’s Open Monetary Transactions (OMT) program (with its aim of supporting peripheral economies), the Fund de-emphasized the euro in its currency strategy and maintained a consistent overall bond market allocation throughout the period, both of which hurt the Fund’s relative performance. However, the Fund’s allocation to bonds from peripheral European markets (Italy, Spain and Ireland) increased to an overweight position, relative to the benchmark, as financial conditions stabilized ��� a move that helped offset some losses.
Also with regard to the currency strategy of the Fund, significant positioning in the South African rand and a lighter weighting in U.K. sterling hurt performance. On the positive side, the Fund’s de-emphasis of the Japanese yen contributed positively. The yen was the worst-performing of the major currencies over the period, as the Bank of Japan became increasingly accommodative in its aim of achieving a 2% inflation target.
The Fund’s overall bond market allocation hampered relative performance. Overweight stakes in bonds from the U.K. and Australia, along with an underweight allocation to European bonds, were notable detractors. The Fund’s overweight allocation to Polish bonds offset some of these losses, as the National Bank of Poland made a series of interest rate cuts, which helped support the bond market. The Fund’s underweight allocation to Japan further helped performance. Positioning with regard to the Fund’s sensitivity to interest rate changes also helped boost overall performance.
Subadviser outlook
In terms of investment strategy, we have less conviction in core government bond markets – and this is reflected in the Fund’s underweight allocation to the U.S. and Japan. We are more positive on highly rated bonds, such as those from international organizations transcending national boundaries (known as supranationals) and government-guaranteed debt within these markets, as we believe the Fund will more likely be able to gain from additional demand for these securities. Overall, we continue to diversify approximately a third of the portfolio into investment types that are not represented in the benchmark. While we acknowledge that risks have increased in emerging markets, we remain positive on selected markets, where our view is that robust fundamentals are likely to help ensure that their economies can withstand capital outflows.
28
Table of Contents
MassMutual Premier International Bond Fund – Portfolio Manager Report (Unaudited) (Continued)
MassMutual Premier (% of Net Assets) on 9/30/13 | ||||
Japan | 12.7 | % | ||
Italy | 11.2 | % | ||
France | 10.5 | % | ||
Netherlands | 8.0 | % | ||
Canada | 7.5 | % | ||
Australia | 5.9 | % | ||
Mexico | 5.9 | % | ||
Poland | 5.8 | % | ||
Spain | 5.6 | % | ||
Luxembourg | 5.5 | % | ||
United Kingdom | 5.1 | % | ||
Belgium | 3.4 | % | ||
Austria | 3.3 | % | ||
Ireland | 2.3 | % | ||
United States | 1.7 | % | ||
Finland | 1.5 | % | ||
Sweden | 1.5 | % | ||
Germany | 0.8 | % | ||
|
| |||
Total Long-Term Investments | 98.2 | % | ||
Short-Term Investments and Other Assets and Liabilities | 1.8 | % | ||
|
| |||
Net Assets | 100.0 | % | ||
|
|
MassMutual Premier (% of Net Assets) on 9/30/13 | ||||
Sovereign Debt Obligations | 80.1 | % | ||
Corporate Debt | 18.1 | % | ||
|
| |||
Total Long-Term Investments | 98.2 | % | ||
Short-Term Investments and Other Assets and Liabilities | 1.8 | % | ||
|
| |||
Net Assets | 100.0 | % | ||
|
|
29
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 10/1/12 - 9/30/13 | Five Year Average Annual 10/1/08 - 9/30/13 | Since Inception Average Annual 12/20/07 - 9/30/13 | |||||||||
Class S | -7.14% | 3.70% | 3.46% | |||||||||
Class A | -7.59% | 3.24% | 2.99% | |||||||||
Class A (sales load deducted)* | -11.98% | 2.24% | 2.13% | |||||||||
Class Y | -7.26% | 3.63% | 3.40% | |||||||||
Class L | -7.27% | 3.53% | 3.28% | |||||||||
Citigroup Non-USD World Government Bond Index | -5.65% | 4.27% | 4.18% |
GROWTH OF $10,000 INVESTMENT SINCE INCEPTION
* Class A (sales load deducted) returns include the 4.75% 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 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.
30
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, 2013?
The Fund’s Class S shares returned 11.17%, trailing the 19.34% 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 – and the 23.77% 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. Conversely, the Fund’s Class S shares outpaced the -1.68% 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. Additionally, the Fund trailed the 11.55% return of the Lipper Balanced Fund Index, an unmanaged, equally weighted index of the 30 largest mutual funds within the Lipper Balanced Category; and modestly outpaced the 11.09% 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 a discussion on the economic and market environment during the 12-month period ended September 30, 2013, please see the Economic and Market Review, beginning on page 3.
Subadviser discussion of factors that contributed to the Fund’s stock component performance
Throughout most of the year, the Fund held an overweight position in U.S. equities, relative to the 50% equity allocation of the Custom Balanced Index, with a particular emphasis on banks. The difference between U.S. long-term interest rates and short-term interest rates rose sharply over the past year, which helped the profitability of banks and other financial institutions, since they generally tend to borrow at short-term interest rates and lend at long-term rates. Bank of America rose substantially on increased profitability, due in part, to net interest income growth. The Fund also benefited from an overweight position in First Solar, an American manufacturer of solar panels with strong cash flow metrics that was trading at a significant discount to the market.
On the negative side, the Fund held an underweight position in biotechnology stocks, an industry that soared over the past year. The Fund’s international investments also hampered performance because of the impact of an overweight position in emerging market equities, which significantly trailed their counterparts in developed markets. Many emerging markets are highly correlated to commodity prices, which declined more than 8% over the yearlong period, due in part to the slowdowns in both China and Europe.
Subadviser discussion of factors that contributed to the Fund’s bond component performance
The Fund’s bond investments struggled on an absolute basis due to rising interest rates, but outperformed relative to the bond component’s benchmark on the heels of modest, but steady, economic growth. (Bond prices move in the opposite direction of interest rates [or yields]; when yields rise, the prices of existing bonds fall – and vice versa.) The Fund’s allocations to investment-grade and high-yield corporate bonds, convertible bonds, and consumer asset-backed securities (“ABS”) benefited the Fund during the year.
The Fund’s use of derivative instruments detracted from performance over the year. Derivatives are securities that derive their value from the performance of one or more other investments and take the form of a contract between two or more parties. Most derivatives are used for hedging, speculation, or both.
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Table of Contents
MassMutual Premier Balanced Fund – Portfolio Manager Report (Unaudited) (Continued)
Subadviser outlook
Domestic stocks rose more than 20% during the past year and have more than doubled since the market bottomed in 2009. In our view, the current valuation levels are consistent with a 5% to 10% potential annualized return over the next 10 years. We believe these returns have the potential to outperform most fixed-income investments. Before the 2008-2009 financial crisis, it was difficult to find quality U.S. stocks that, after accounting for capital expenditures, yielded more than bonds. Today, our view is that there are still many quality large-capitalization domestic stocks that are generating large amounts of free cash flow that also have the potential for future growth. We think such investments represent compelling value relative to most fixed-income alternatives. Despite the volatility in the equity market, our view is that those who are investing in the growth of profitability in corporate America may reap rewards in the future.
With respect to fixed-income investments, we believe that the trend of asset flows out of bonds and emerging markets, rising interest rates, the possibility that the Federal Reserve may begin tapering its Quantitative Easing program (QE), and peaking corporate fundamentals should make investors cautious in the near-term environment.
MassMutual Premier (% of Net Assets) on 9/30/13 | ||||
Common Stock | 53.1 | % | ||
Corporate Debt | 13.7 | % | ||
Mutual Funds | 8.2 | % | ||
U.S. Government Agency Obligations and Instrumentalities | 7.6 | % | ||
U.S. Treasury Obligations | 4.6 | % | ||
Non-U.S. Government Agency Obligations | 4.6 | % | ||
Sovereign Debt Obligations | 0.3 | % | ||
Municipal Obligations | 0.3 | % | ||
Preferred Stock | 0.1 | % | ||
|
| |||
Total Long-Term Investments | 92.5 | % | ||
Short-Term Investments and Other Assets and Liabilities | 7.5 | % | ||
|
| |||
Net Assets | 100.0 | % | ||
|
|
32
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 10/1/12 - 9/30/13 | Five Year Average Annual 10/1/08 - 9/30/13 | Ten Year Average Annual 10/1/03 - 9/30/13 | |||||||||
Class S | 11.17% | 8.64% | 6.60% | |||||||||
Class A | 10.50% | 8.03% | 6.01% | |||||||||
Class A (sales load deducted)* | 4.14% | 6.75% | 5.39% | |||||||||
Class Y | 10.92% | 8.44% | 6.43% | |||||||||
Class L | 10.69% | 8.27% | 6.26% | |||||||||
S&P 500 Index# | 19.34% | 10.02% | 7.56% | |||||||||
MSCI EAFE Index | 23.77% | 6.35% | 8.00% | |||||||||
Barclays U.S. Aggregate Bond Index | -1.68% | 5.41% | 4.59% | |||||||||
Lipper Balanced Fund Index | 11.55% | 8.08% | 6.42% | |||||||||
Custom Balanced Index | 11.09% | 8.44% | 6.54% |
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.
33
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 Global Institutional, Inc. (OFI Global Institutional). Effective April 19, 2013, the name of this subadviser changed from OFI Institutional Asset Management, Inc. to OFI Global Institutional, Inc.
How did the Fund perform during the 12 months ended September 30, 2013?
The Fund’s Class S shares returned 22.56%, modestly outperforming the 22.30% 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 22.56% return also outpaced the 19.34% return of the S&P 500® Index, a widely recognized, unmanaged index representative of common stocks of larger capitalized U.S. companies.
For a discussion on the economic and market environment during the 12-month period ended September 30, 2013, 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 within the industrials and telecommunication services sectors as a result of better relative stock selection – and in the energy and utilities sectors as a result of underweight positioning, relative to the benchmark, in these weaker-performing sectors. The Fund underperformed primarily in the information technology and health care sectors, where stock selection detracted from performance, and due to a relatively underweight position in financials, which performed well overall.
Fund holdings that were top individual contributors during the period included Lowe’s (consumer discretionary), drug retail chain giant Walgreen (consumer staples), and leading investment firm Goldman Sachs (financials). Lowe’s is a home improvement retailer that benefited from the continued improvement in housing. Drug store operator Walgreen performed particularly well for the period. In 2012, the company acquired a 45% stake in European pharmacy chain Alliance Boots. Synergies between the companies appeared strong and Alliance Boots contributed positively to Walgreen’s results. In a favorable environment for financials, Goldman Sachs saw an increase in underwriting services and its investment banking business performed solidly. Goldman Sachs also implemented a number of cost-cutting measures during the period.
Fund holdings that detracted from Fund performance included consumer electronics manufacturer Apple (information technology), international pharmaceutical company Teva Pharmaceutical (health care, Israel), and multinational telecommunications corporation AT&T (telecommunication services). Apple, the manufacturer of the iPhone, iPod, and iPad, generated investor concerns over the maturation of high-end smartphone markets in developed countries. There were also worries over increased competition from other smartphone makers, such as Samsung and HTC. Israel-based Teva Pharmaceutical, one of the world’s largest manufacturers of generic pharmaceuticals, saw earnings slip as sales of generic drugs decreased. Finally, AT&T declined early in the reporting period – and the Fund exited the position.
Subadviser outlook
Uncertainty about the health of the euro zone, the duration of the Federal Reserve’s Quantitative Easing program (QE), the political gridlock in Washington, and the risk of deceleration in China continues to weigh on the global economy. Although the U.S. economy has remained resilient, it continues to grow at a below-normal expansionary pace. The U.S. economy’s strength has benefited from productivity gains, low structural energy costs, and a relatively attractive currency. Looking forward, we expect the U.S. economy to retain many of these relative positives and for the markets to reward companies demonstrating consistent quality, growth, and innovation.
34
Table of Contents
MassMutual Premier Value Fund – Portfolio Manager Report (Unaudited) (Continued)
MassMutual Premier | ||||
Citigroup, Inc. | 3.3 | % | ||
General Electric Co. | 3.3 | % | ||
Suncor Energy, Inc. | 2.5 | % | ||
Apple, Inc. | 2.3 | % | ||
Cisco Systems, Inc. | 2.3 | % | ||
United Technologies Corp. | 2.0 | % | ||
The Goldman Sachs Group, Inc. | 1.9 | % | ||
American International Group, Inc. | 1.8 | % | ||
Eaton Corp. PLC | 1.8 | % | ||
Lowe’s Cos., Inc. | 1.7 | % | ||
|
| |||
22.9 | % | |||
|
|
MassMutual Premier | ||||
Financial | 23.9 | % | ||
Consumer, Non-cyclical | 18.1 | % | ||
Industrial | 12.7 | % | ||
Energy | 11.6 | % | ||
Technology | 11.1 | % | ||
Consumer, Cyclical | 10.8 | % | ||
Communications | 6.6 | % | ||
Utilities | 3.9 | % | ||
Mutual Funds | 0.9 | % | ||
|
| |||
Total Long-Term Investments | 99.6 | % | ||
Short-Term Investments and Other Assets and Liabilities | 0.4 | % | ||
|
| |||
Net Assets | 100.0 | % | ||
|
|
MassMutual Premier | ||||
United States | 78.5 | % | ||
Switzerland | 5.4 | % | ||
Canada | 4.0 | % | ||
United Kingdom | 2.9 | % | ||
Ireland | 2.5 | % | ||
France | 1.9 | % | ||
Netherlands Antilles | 1.2 | % | ||
Germany | 0.7 | % | ||
Israel | 0.6 | % | ||
Liberia | 0.5 | % | ||
Japan | 0.5 | % | ||
Netherlands | 0.5 | % | ||
Spain | 0.4 | % | ||
|
| |||
Total Long-Term Investments | 99.6 | % | ||
Short-Term Investments and Other Assets and Liabilities | 0.4 | % | ||
|
| |||
Net Assets | 100.0 | % | ||
|
|
35
Table of Contents
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 10/1/12 - 9/30/13 | Five Year Average Annual 10/1/08 - 9/30/13 | Ten Year Average Annual 10/1/03 - 9/30/13 | |||||||||
Class L | 22.32% | 8.03% | 6.62% | |||||||||
Russell 1000 Value Index# | 22.30% | 8.86% | 7.98% | |||||||||
S&P 500 Index | 19.34% | 10.02% | 7.56% |
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 10/1/12 - 9/30/13 | Five Year Average Annual 10/1/08 - 9/30/13 | Since Inception Average Annual 11/1/04 - 9/30/13 | |||||||||
Class S | 22.56% | 8.26% | 5.37% | |||||||||
Class A | 21.94% | 7.72% | 4.85% | |||||||||
Class A (sales load deducted)* | 14.92% | 6.45% | 4.15% | |||||||||
Russell 1000 Value Index# | 22.30% | 8.86% | 6.54% | |||||||||
S&P 500 Index | 19.34% | 10.02% | 6.77% |
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.
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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 10/1/12 - 9/30/13 | Five Year Average Annual 10/1/08 - 9/30/13 | Since Inception Average Annual 11/1/04 - 9/30/13 | |||||||||
Class Y | 22.42% | 8.13% | 5.26% | |||||||||
Class N | 21.54% | 7.38% | 4.50% | |||||||||
Class N (CDSC fees deducted)* | 20.54% | 7.38% | 4.50% | |||||||||
Russell 1000 Value Index# | 22.30% | 8.86% | 6.54% | |||||||||
S&P 500 Index | 19.34% | 10.02% | 6.77% |
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.
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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 benchmark. The Fund’s subadviser is Babson Capital Management LLC (Babson Capital).
How did the Fund perform during the 12 months ended September 30, 2013?
The Fund’s Class S shares returned 22.88%, outperforming the 22.30% 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 a discussion on the economic and market environment during the 12-month period ended September 30, 2013, 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 period. The difference between U.S. long-term interest rates and short-term interest rates rose sharply over the past year, which helped the profitability of financial institutions, since they generally tend to borrow at short-term interest rates and lend at long-term rates. The financial sector made up a disproportionate share of the Fund’s portfolio during the year, and the Fund benefited from this allocation. For example, Bank of America rose substantially on increased profitability, due in part to net interest income growth. The Fund also benefited by avoiding investment in gold mining stocks, which declined along with gold prices.
Fund management looks for value in stocks. The difficulty with value is that sometimes inexpensive stocks become even less expensive before the market recognizes their value. In 2013, the Fund purchased American Eagle Outfitters, on the belief that these shares represented value. However, in early August 2013, the shares tumbled, as the company announced that sales figures were lower than originally forecast. The Fund continued to hold an overweight position in American Eagle, relative to the benchmark, as Fund management believed the company would recover from its missteps and the market would eventually recognize its value.
The Fund is permitted to use derivative instruments, but did not during this reporting period. Derivatives are securities that derive their value from the performance of one or more other investments and take the form of a contract between two or more parties. Most derivatives are used for hedging, speculation, or both.
Subadviser outlook
Domestic stocks rose more than 20% during the past year and more than doubled since the market bottomed in 2009. In our view, the current valuation levels are consistent with a 5% to 10% annualized return over the next 10 years. We believe these returns have the potential to outperform most fixed-income investments. Our view is that the key to garnering these returns is likely to be investing in stocks or funds that can weather market downturns. We also believe that those who are investing in the growth of corporate America’s profitability have the potential to be rewarded moving forward.
* | The Fund is not promoted, sponsored, or endorsed by, nor in any way affiliated with Russell Investment Group (“Russell”). Russell is not responsible for and has not reviewed the Fund nor any associated literature or publications and Russell makes no representation or warranty, express or implied, as to their accuracy, or completeness, or otherwise. The Russell 1000® Value Index and Russell® are trademarks of the Frank Russell Company. |
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MassMutual Premier Disciplined Value Fund – Portfolio Manager Report (Unaudited) (Continued)
MassMutual Premier (% of Net Assets) on 9/30/13 | ||||
Exxon Mobil Corp. | 4.4 | % | ||
General Electric Co. | 2.7 | % | ||
Chevron Corp. | 2.7 | % | ||
Berkshire Hathaway, Inc. Class B | 2.6 | % | ||
The Procter & Gamble Co. | 2.5 | % | ||
Johnson & Johnson | 2.5 | % | ||
Wells Fargo & Co. | 2.4 | % | ||
JP Morgan Chase & Co. | 2.4 | % | ||
Pfizer, Inc. | 2.3 | % | ||
Bank of America Corp. | 2.3 | % | ||
|
| |||
26.8 | % | |||
|
|
MassMutual Premier (% of Net Assets) on 9/30/13 | ||||
Financial | 29.6 | % | ||
Consumer, Non-cyclical | 18.5 | % | ||
Energy | 13.0 | % | ||
Industrial | 10.6 | % | ||
Communications | 7.1 | % | ||
Technology | 6.7 | % | ||
Consumer, Cyclical | 6.1 | % | ||
Utilities | 5.7 | % | ||
Basic Materials | 2.3 | % | ||
Diversified | 0.1 | % | ||
|
| |||
Total Long-Term Investments | 99.7 | % | ||
Short-Term Investments and Other Assets and Liabilities | 0.3 | % | ||
|
| |||
Net Assets | 100.0 | % | ||
|
|
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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 Y and the Russell 1000 Value Index.
TOTAL RETURN | One Year 10/1/12 - 9/30/13 | Five Year Average Annual 10/1/08 - 9/30/13 | Ten Year Average | |||||||||
Class Y | 22.82% | 8.12% | 7.59% | |||||||||
Russell 1000 Value Index | 22.30% | 8.86% | 7.98% |
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 10/1/12 - 9/30/13 | Five Year Average Annual 10/1/08 - 9/30/13 | Since Inception Average Annual 11/1/04 - 9/30/13 | |||||||||
Class S | 22.88% | 8.23% | 6.26% | |||||||||
Class A | 22.26% | 7.69% | 5.68% | |||||||||
Class A (sales load deducted)* | 15.23% | 6.42% | 4.98% | |||||||||
Class L | 22.60% | 7.99% | 5.95% | |||||||||
Russell 1000 Value Index | 22.30% | 8.86% | 6.54% |
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.
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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 10/1/12 - 9/30/13 | Five Year Average Annual 10/1/08 - 9/30/13 | Since Inception Average Annual 11/1/04 - 9/30/13 | |||||||||
Class N | 21.92% | 7.36% | 5.35% | |||||||||
Class N (CDSC fees deducted)* | 20.92% | 7.36% | 5.35% | |||||||||
Russell 1000 Value Index | 22.30% | 8.86% | 6.54% |
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.
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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 Global Institutional, Inc. (OFI Global Institutional). Effective April 19, 2013, the name of this subadviser changed from OFI Institutional Asset Management, Inc. to OFI Global Institutional, Inc.
How did the Fund perform during the 12 months ended September 30, 2013?
The Fund’s Class S shares returned 18.65%, trailing the 19.34 % 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 a discussion on the economic and market environment during the 12-month period ended September 30, 2013, please see the Economic and Market Review, beginning on page 3.
Subadviser discussion of factors that contributed to the Fund’s performance
The Fund underperformed the benchmark primarily in the information technology sector, where weaker relative stock selection hampered the Fund’s results. The Fund underperformed to a lesser degree in the health care and consumer staples sectors due to weaker relative stock selection. Conversely, the Fund outperformed the benchmark primarily in the financials sector due to stronger relative stock selection and an overweight position, relative to the benchmark. The Fund also did well in the industrials sector, due to both favorable stock selection and underweight positioning.
On a stock-specific basis, the Fund holdings that most significantly detracted from performance during the reporting period were consumer technology giant Apple, Mexican telecommunication company America Movil, information technology leader IBM, National Oilwell Varco in the energy sector, and American energy company Kinder Morgan. Despite a boost to both Apple’s share repurchase and dividend, investors reacted negatively to management’s disappointing outlook forecast and further delays in the launch of innovative products. Consequently, we reduced the Fund’s allocation to Apple. America Movil provides communications – including telephone, video, and Internet services – primarily across Latin America. The stock fell on investor concerns over management’s proposed acquisition of KPN, a Dutch telecommunications provider. We maintained the Fund’s small position in this stock on the expectation that America Movil’s opportunity to grow earnings in Latin America will increase as telecommunications services gain further penetration in this region. IBM experienced declines as the computer giant sought to cut costs amid weak demand. The bulk of National Oilwell Varco’s declines occurred over the first half of the period. As energy prices started to decline in the North American market in the third quarter of 2012, drilling activity weakened. This reduced demand for National Oilwell Varco’s consumables and caused earnings estimates to recede. Kinder Morgan experienced declines early in the period and the Fund exited the position in late 2012.
Conversely, the top two performing Fund holdings were banks in the financials sector, Citigroup and JPMorgan Chase. The ongoing, albeit modest, improvement in the economy led to lower foreclosures, increased credit quality, and rising demand for mortgages. As a result, stocks of many banks benefited. Outside of the financials sector, Fund holdings Actavis (a global, integrated specialty pharmaceutical company in health care), Facebook (the social media giant in information technology), and Ford Motor (auto manufacturer in consumer discretionary) benefited the Fund’s performance. Shares of Actavis spiked when management announced a merger with Warner Chilcott, a leading Irish specialty pharmaceutical company – with the merged entity expected to benefit from revenue synergies with complementary product lines and cost rationalization. Facebook reported second-quarter results that topped expectations. And Ford Motor benefited as investors focused largely on the sustainability of improved auto sales.
Subadviser outlook
While the domestic economy continues to muddle along, fundamental company results – both top- and bottom-line growth – have slowed year-over-year. Additionally, our view is that profit margins are at, or near, peak levels. As we look forward, we believe that future earnings increases will likely result from an improved revenue outlook due to a pick-up in global gross domestic
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MassMutual Premier Main Street Fund – Portfolio Manager Report (Unaudited) (Continued)
product (GDP) growth, rising pricing power, and/or market share gains. Effective allocation of capital may also contribute to higher earnings for many companies, in our view. The cash that has been built up on corporate America’s balance sheets affords considerable flexibility. We expect company managements, which have demonstrated a commitment to enhancing shareholder value, to use this cash in a manner that leads to rising profitability.
Given this backdrop, we will strive to manage the Fund as an “all-weather” investment by targeting companies with sustainable competitive advantages, skilled management with a proven track record of executing effectively, and financial resources to generate improving profitability, gain market share, and/or return significant cash to shareholders. We plan to invest in companies for the Fund that are exhibiting these qualities and selling at compelling prices.
MassMutual Premier (% of Net Assets) on 9/30/13 | ||||
JP Morgan Chase & Co. | 4.3 | % | ||
Apple, Inc. | 4.1 | % | ||
National Oilwell Varco, Inc. | 3.5 | % | ||
Chevron Corp. | 3.4 | % | ||
Discover Financial Services | 3.2 | % | ||
Express Scripts Holding Co. | 3.2 | % | ||
Philip Morris International, Inc. | 3.0 | % | ||
Covidien PLC | 3.0 | % | ||
AutoZone, Inc. | 3.0 | % | ||
International Business Machines Corp. | 3.0 | % | ||
|
| |||
33.7 | % | |||
|
|
MassMutual Premier (% of Net Assets) on 9/30/13 | ||||
Consumer, Non-cyclical | 29.5 | % | ||
Financial | 16.6 | % | ||
Communications | 14.2 | % | ||
Technology | 10.5 | % | ||
Energy | 8.9 | % | ||
Industrial | 8.2 | % | ||
Consumer, Cyclical | 7.4 | % | ||
Basic Materials | 3.0 | % | ||
Utilities | 0.7 | % | ||
|
| |||
Total Long-Term Investments | 99.0 | % | ||
Short-Term Investments and Other Assets and Liabilities | 1.0 | % | ||
|
| |||
Net Assets | 100.0 | % | ||
|
|
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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 10/1/12 - 9/30/13 | Five Year Average Annual 10/1/08 - 9/30/13 | Since Inception Average Annual 12/31/04 - 9/30/13 | |||||||||
Class S | 18.65% | 10.11% | 5.70% | |||||||||
Class A | 18.18% | 9.61% | 5.19% | |||||||||
Class A (sales load deducted)* | 11.38% | 8.32% | 4.48% | |||||||||
Class Y | 18.71% | 10.06% | 5.59% | |||||||||
Class L | 18.52% | 9.87% | 5.46% | |||||||||
Class N | 17.82% | 9.26% | 4.87% | |||||||||
Class N (CDSC fees deducted)* | 16.82% | 9.26% | 4.87% | |||||||||
S&P 500 Index | 19.34% | 10.02% | 6.00% |
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 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).
The Board of Trustees of the MassMutual Premier Funds has approved a Plan of Liquidation and Termination pursuant to which it is expected that Premier Capital Appreciation Fund will be dissolved. Effective on or about May 16, 2014 (the “Termination Date”), shareholders of the various classes of shares of the Fund will receive proceeds in proportion to the number of shares of such class held by each of them on the Termination Date.
How did the Fund perform during the 12 months ended September 30, 2013?
The Fund’s Class S shares returned 16.00%, trailing the 19.27% 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 a discussion on the economic and market environment during the 12-month period ended September 30, 2013, 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 underperformance, relative to the benchmark, stemmed primarily from weaker relative stock selection in the consumer discretionary and information technology sectors. The Fund outperformed the benchmark in the materials sector due to favorable stock selection.
Fund holdings in information technology stocks Apple, Teradata, and Broadcom hindered Fund performance most significantly. Consumer electronics giant Apple experienced declines as investors remained concerned about the maturation of the market for high-end smartphones in developed countries. There were also concerns over increased competition from other smartphone manufacturers, such as Samsung and HTC. Teradata, a provider of analytic data solutions through its database management service, reported disappointing results as uncertainty about the U.S. economy led to a delay in the execution of certain customer contracts. And Broadcom, a semiconductor company for wired and wireless communications, declined after the company released a weak revenue forecast.
Fund holdings that benefited performance during the period included O’Reilly Automotive and Nike, in the consumer discretionary sector, and Biogen Idec, in the health care sector. O’Reilly Automotive is a retailer of auto parts that continued to benefit from an aging fleet of cars in the U.S. Nike is a provider of athletic apparel that experienced strong demand for its products during the year. Sales in North America remained strong and continued to grow in Europe. Biogen is a global biotechnology company that performed well on strong sales of its new multiple sclerosis drug, Tecfidera.
Subadviser outlook
Uncertainty about the health of the euro zone, the duration of the Federal Reserve’s Quantitative Easing program (QE), political gridlock in Washington, and the risk of deceleration in China’s economic growth rate continues to weigh on the global economy. Although the economy in the United States has remained resilient, it continues to grow at a below-normal pace. The U.S. economy’s resilience has benefited from strong productivity gains, low structural energy costs, and a relatively attractive currency.
Looking forward, we expect the U.S. economy to retain many of these relative positives and for the markets to reward those companies demonstrating consistent quality, growth, and innovation. We believe that companies with capital discipline, strong
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MassMutual Premier Capital Appreciation Fund – Portfolio Manager Report (Unaudited) (Continued)
management, and sustainable competitive advantages have the greatest prospects for outperformance over time. We continue to manage the Fund with the philosophy that investing in a managed portfolio of high-quality growth stocks offers the greatest opportunity for success.
MassMutual Premier (% of Net Assets) on 9/30/13 | ||||
Apple, Inc. | 6.1 | % | ||
Google, Inc. Class A | 4.1 | % | ||
The Walt Disney Co. | 2.7 | % | ||
Gilead Sciences, Inc. | 2.6 | % | ||
Biogen Idec, Inc. | 2.5 | % | ||
EMC Corp. | 2.3 | % | ||
Amazon.com, Inc. | 2.2 | % | ||
Twenty-First Century Fox, Inc. | 2.0 | % | ||
Nike, Inc. Class B | 2.0 | % | ||
The TJX Cos., Inc. | 2.0 | % | ||
|
| |||
28.5 | % | |||
|
|
MassMutual Premier (% of Net Assets) on 9/30/13 | ||||
Consumer, Non-cyclical | 25.3 | % | ||
Communications | 19.3 | % | ||
Technology | 18.1 | % | ||
Consumer, Cyclical | 14.7 | % | ||
Industrial | 10.7 | % | ||
Energy | 5.2 | % | ||
Financial | 3.6 | % | ||
Basic Materials | 2.5 | % | ||
|
| |||
Total Long-Term Investments | 99.4 | % | ||
Short-Term Investments and Other Assets and Liabilities | 0.6 | % | ||
|
| |||
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 10/1/12 - 9/30/13 | Five Year Average Annual 10/1/08 - 9/30/13 | Since Inception Average Annual 12/31/04 - 9/30/13 | |||||||||
Class S | 16.00% | 8.39% | 4.37% | |||||||||
Class A | 15.55% | 7.99% | 3.98% | |||||||||
Class A (sales load deducted)* | 8.91% | 6.71% | 3.28% | |||||||||
Class Y | 15.89% | 8.27% | 4.25% | |||||||||
Class L | 15.78% | 8.13% | 4.11% | |||||||||
Class N | 15.12% | 7.58% | 3.60% | |||||||||
Class N (CDSC fees deducted)* | 14.12% | 7.58% | 3.60% | |||||||||
Russell 1000 Growth Index | 19.27% | 12.07% | 6.99% |
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 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.
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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 benchmark. The Fund’s subadviser is Babson Capital Management LLC (Babson Capital).
How did the Fund perform during the 12 months ended September 30, 2013?
The Fund’s Class S shares returned 20.83%, outperforming the 19.27% 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 a discussion on the economic and market environment during the 12-month period ended September 30, 2013, 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 Fund performance during the period – during which companies that returned the most cash to shareholders through buybacks and dividends emerged as standouts in the low interest rate environment. Westlake Chemical, a chemical company that substantially increased its dividend over the past three years, is an example of such a Fund holding.
While the economy was growing, the distribution of income growth was heavily skewed toward the highest earners. One of the Fund’s largest underweight positions that contributed to the Fund’s performance, relative to the benchmark, was discount stores. These companies generally sell to the lower 80% of earners, where income growth has been muted since the economic recovery began. For example, Fund holding Dollar General is a stock in this industry. During this period, the Fund’s underweight position in the industry in general, and in Dollar General in particular, proved beneficial.
Biotechnology stocks did particularly well, returning more than 50% for the year. The Fund held an underweight stake in the biotechnology sector, which hampered relative performance. In general, Fund management tends to shun those companies that are not generating free cash flow, but that the market anticipates will do so in the future. Consequently, the Fund held a significantly underweight position in Regeneron Pharmaceuticals, due to the company’s lack of cash for investment in the business. Yet the stock was up more than 100% during the period, as investors seem to believe the company has a promising future.
The Fund is permitted to use derivative instruments, but did not during the reporting period. Derivatives are securities that derive their value from the performance of one or more other investments and take the form of a contract between two or more parties. Most derivatives are used for hedging, speculation, or both.
Subadviser outlook
Domestic stocks rose more than 20% during the past year and more than doubled since the market bottomed in 2009. In our view, the current valuation levels are consistent with a 5% to 10% annualized return over the next 10 years. We believe these returns have the potential to outperform most fixed-income investments. Our view is that the key to garnering these returns is likely to be investing in stocks or funds that can weather market downturns. We also believe that those who are investing in the growth of corporate America’s profitability have the potential to be rewarded moving forward.
* | 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. |
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MassMutual Premier Disciplined Growth Fund – Portfolio Manager Report (Unaudited) (Continued)
MassMutual Premier (% of Net Assets) on 9/30/13 | ||||
Apple, Inc. | 3.5 | %�� | ||
Microsoft Corp. | 3.2 | % | ||
Google, Inc. Class A | 2.3 | % | ||
International Business Machines Corp. | 2.1 | % | ||
Oracle Corp. | 1.8 | % | ||
Verizon Communications, Inc. | 1.7 | % | ||
Comcast Corp. Class A | 1.6 | % | ||
PepsiCo, Inc. | 1.5 | % | ||
AbbVie, Inc. | 1.4 | % | ||
Philip Morris International, Inc. | 1.4 | % | ||
|
| |||
20.5 | % | |||
|
|
MassMutual Premier (% of Net Assets) on 9/30/13 | ||||
Consumer, Non-cyclical | 26.8 | % | ||
Technology | 16.8 | % | ||
Consumer, Cyclical | 16.2 | % | ||
Communications | 15.0 | % | ||
Industrial | 12.1 | % | ||
Financial | 5.3 | % | ||
Energy | 4.4 | % | ||
Basic Materials | 3.2 | % | ||
Utilities | 0.1 | % | ||
Diversified | 0.1 | % | ||
|
| |||
Total Long-Term Investments | 100.0 | % | ||
Short-Term Investments and Other Assets and Liabilities | (0.0 | )% | ||
|
| |||
Net Assets | 100.0 | % | ||
|
|
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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 10/1/12 - 9/30/13 | Five Year Average Annual 10/1/08 - 9/30/13 | Ten Year Average Annual 10/1/03 - 9/30/13 | |||||||||
Class Y | 20.79% | 12.06% | 7.82% | |||||||||
Russell 1000 Growth Index | 19.27% | 12.07% | 7.82% |
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 10/1/12 - 9/30/13 | Five Year Average Annual 10/1/08 - 9/30/13 | Since Inception Average Annual 11/1/04 - 9/30/13 | |||||||||
Class S | 20.83% | 12.13% | 7.75% | |||||||||
Class A | 20.27% | 11.62% | 7.29% | |||||||||
Class A (sales load deducted)* | 13.36% | 10.30% | 6.58% | |||||||||
Class L | 20.58% | 11.90% | 7.54% | |||||||||
Russell 1000 Growth Index | 19.27% | 12.07% | 7.75% |
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.
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MassMutual Premier Small Cap Opportunities Fund – Portfolio Manager Report (Unaudited)
What is the investment approach of MassMutual Premier Small Cap Opportunities Fund (formerly known as MassMutual Premier Small/Mid Cap Opportunities Fund), and who is the Fund’s subadviser?
The Fund seeks capital appreciation by investing primarily in common stocks of small-capitalization U.S. companies that the Fund’s subadviser believes have favorable business trends or prospects based on fundamental analysis. Under normal circumstances, the Fund will invest at least 80% of its net assets in securities of small-cap companies. The subadviser currently considers “small-cap” companies to be those whose market capitalizations at the time of purchase are within the market capitalization range of companies included in the Russell 2000® Index. Effective April 29, 2013, the name of this Fund changed from MassMutual Premier Small/Mid Cap Opportunities Fund to MassMutual Premier Small Cap Opportunities Fund and the Fund’s investment strategy changed from investing in small- and mid-capitalization companies to investing in small-capitalization companies. The Fund’s subadviser is OFI Global Institutional, Inc. (OFI Global Institutional). Effective April 19, 2013, the name of this subadviser changed from OFI Institutional Asset Management, Inc. to OFI Global Institutional, Inc.
How did the Fund perform during the 12 months ended September 30, 2013?
The Fund’s Class S shares returned 36.88%, outpacing the 30.06% return of the Russell 2000 Index (the “benchmark”), a widely recognized, unmanaged index representative of common stocks of smaller capitalized U.S. companies. The Fund’s performance benchmark index is now the Russell 2000 Index rather than the Russell 2500™ Index (its previous benchmark) because the Russell 2000 Index more closely represents the Fund’s investment strategy.
For a discussion on the economic and market environment during the 12-month period ended September 30, 2013, 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 in nine out of 10 sectors, led by stronger relative stock selection in the energy, financials, health care, consumer discretionary, and industrials sectors. The Fund’s only underperforming sector, relative to the benchmark, was information technology, where weaker relative stock selection detracted from performance.
Fund holdings that were top contributors to performance included Financial Engines (financials), EPL Oil & Gas (energy), and Nu Skin Enterprises (consumer staples). Financial Engines provides financial advice, portfolio management, and retirement assessment services. Shares of Financial Engines rallied on strong earnings results in a strong period for the financials sector. EPL Oil & Gas is an independent oil and natural gas exploration and production company. Oil production rose in the first quarter of 2013, which was the first full quarter following the company’s late-2012 acquisition of Gulf of Mexico oil and gas assets from Hilcorp. In the third quarter of 2013, Nu Skin Enterprises, a distributor of personal care products and nutritional supplements, reported quarterly results in excess of expectations due to strong sales of their core product lines. The firm also released a positive outlook forecast for the fiscal year on strong expectations for sales of its new weight management platform.
Conversely, three of the most significant detractors from performance were Fund holdings in the information technology sector: Aruba Networks, TIBCO Software, and Fortinet. The earnings growth of networking company Aruba Networks may have also been hurt by the discounting activity of competitor Cisco Systems, and the Fund exited the position by period-end. Macro-economic challenges resulting in sluggish business spending negatively impacted the progression and timing of sales for many software companies during the period, including TIBCO. We believe TIBCO remains well positioned for secular growth in the big data and analytics sectors, but have trimmed the Fund’s exposure to this stock. Lackluster enterprise spending, particularly by service providers, resulted in a dropoff in business for Fortinet, a provider of network security solutions. We have maintained the Fund’s position in this holding, on the belief that the secular outlook for network security providers remains favorable.
Subadviser outlook
While the domestic economy continues to muddle along, fundamental company results – both top- and bottom-line growth – have slowed year-over-year. Additionally, our view is that profit margins are at, or near, peak levels. As we look forward, we believe that future earnings increases will likely result from an improved revenue outlook due to a pick-up in global gross domestic product (GDP) growth, rising pricing power, and/or market share gains. Effective allocation of capital may also contribute to
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MassMutual Premier Small Cap Opportunities Fund – Portfolio Manager Report (Unaudited) (Continued)
higher earnings for many companies, in our view. The cash that has been built up on corporate America’s balance sheets affords considerable flexibility. We expect company managements, which have demonstrated a commitment to enhancing shareholder value, to use this cash in a manner that leads to rising profitability.
Given this backdrop, we will strive to manage the Fund as an “all-weather” investment by targeting companies with sustainable competitive advantages, skilled management with a proven track record of executing effectively, and financial resources to generate improving profitability, gain market share, and/or return significant cash to shareholders. We plan to invest in companies for the Fund that are exhibiting these qualities and selling at compelling prices.
MassMutual Premier (% of Net Assets) on 9/30/13 | ||||
Dana Holding Corp. | 2.6 | % | ||
Financial Engines, Inc. | 2.4 | % | ||
EPL Oil & Gas, Inc. | 2.3 | % | ||
LaSalle Hotel Properties | 2.2 | % | ||
Robert Half International, Inc. | 2.1 | % | ||
KAR Auction Services, Inc. | 2.0 | % | ||
Finisar Corp. | 1.9 | % | ||
HealthSouth Corp. | 1.8 | % | ||
Home Loan Servicing Solutions Ltd. | 1.8 | % | ||
WellCare Health Plans, Inc. | 1.8 | % | ||
|
| |||
20.9 | % | |||
|
|
MassMutual Premier (% of Net Assets) on 9/30/13 | ||||
Financial | 23.2 | % | ||
Consumer, Non-cyclical | 21.6 | % | ||
Industrial | 13.5 | % | ||
Consumer, Cyclical | 12.4 | % | ||
Technology | 9.6 | % | ||
Mutual Funds | 6.8 | % | ||
Energy | 6.3 | % | ||
Basic Materials | 6.0 | % | ||
Communications | 3.9 | % | ||
Utilities | 1.1 | % | ||
|
| |||
Total Long-Term Investments | 104.4 | % | ||
Short-Term Investments and Other Assets and Liabilities | (4.4 | )% | ||
|
| |||
Net Assets | 100.0 | % | ||
|
|
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MassMutual Premier Small Cap Opportunities Fund – Portfolio Manager Report (Unaudited) (Continued)
Growth of a $10,000 Investment
Hypothetical Investments in MassMutual Premier Small Cap Opportunities Fund Class A, Class A (sales load deducted), the Russell 2000 Index, and the Russell 2500 Index.
TOTAL RETURN | One Year 10/1/12 - 9/30/13 | Five Year Average Annual 10/1/08 - 9/30/13 | Ten Year Average Annual 10/1/03 - 9/30/13 | |||||||||
Class A | 36.40% | 13.21% | 8.07% | |||||||||
Class A (sales load deducted)* | 28.55% | 11.88% | 7.43% | |||||||||
Russell 2000 Index# | 30.06% | 11.15% | 9.64% | |||||||||
Russell 2500 Index | 29.79% | 12.68% | 10.37% |
Hypothetical Investments in MassMutual Premier Small Cap Opportunities Fund Class S, Class Y, Class L, the Russell 2000 Index, and the Russell 2500 Index.
TOTAL RETURN | One Year 10/1/12 - 9/30/13 | Five Year Average Annual 10/1/08 - 9/30/13 | Since Inception Average Annual 11/1/04 - 9/30/13 | |||||||||
Class S | 36.88% | 13.70% | 7.78% | |||||||||
Class Y | 36.79% | 13.60% | 7.68% | |||||||||
Class L | 36.60% | 13.49% | 7.58% | |||||||||
Russell 2000 Index# | 30.06% | 11.15% | 8.52% | |||||||||
Russell 2500 Index | 29.79% | 12.68% | 9.32% |
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 2000 Index and the Russell 2500 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.
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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, 2013?
The Fund’s Class S shares returned 26.55%, substantially outperforming the 17.73% return of the Morgan Stanley Capital International (“MSCI®”) All Country World Index (“ACWI®”) (the “benchmark”), an unmanaged index representative of stocks domiciled in global developed and emerging markets, including the United States. The Fund’s performance benchmark index is now the MSCI ACWI rather than the MSCI World Index (its previous benchmark) because the MSCI ACWI more closely represents the Fund’s investment strategy.
For a discussion on the economic and market environment during the 12-month period ended September 30, 2013, 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 in nine out of 10 sectors during the yearlong period, led by stronger relative stock selection in the information technology, health care, and industrials sectors – and underweight positions, relative to the benchmark, in energy and materials. The main detractor from relative performance was the consumer staples sector, where the Fund’s holdings underperformed by a small margin due to weaker relative stock selection. Regionally, U.S. equities were the strongest performers for the Fund, where stock selection drove results. Stock selection and overweight positions in equities from France, Sweden, Germany, Switzerland, and Italy also benefited the Fund. Holdings in Indian stocks were the greatest detractors from Fund performance, due mostly to an overweight position and weak stock selection.
Top individual contributors during the period included Fund holdings European Aeronautic Defence & Space (industrials, France), Ericsson (information technology, Sweden), and BMW (consumer discretionary, Germany). European Aeronautic Defence & Space, a Franco-German manufacturer of Airbus airplanes, experienced growth in sales and orders for its commercial aircraft business along with increased profitability. In the third quarter of 2013, the company announced plans to bring its defense, space, and military airlifter activities into a single division and to change its name to Airbus in 2014. Ericsson is a leading provider of telecommunications equipment and related services. The company announced strong equipment sales growth as North American operators significantly increased their capital expenditures. BMW, the manufacturer of automobiles and motorcycles, developed a “common platform” manufacturing system for their various models – which has resulted in increased manufacturing flexibility and higher profits. BMW also successfully established itself in China.
Top individual detractors for the period included Fund holdings DLF (financials, India), Fusion-io (information technology, United States), and ICICI Bank (financials, India). DLF, India’s largest real estate company, raised capital to meet the regulatory criteria for public listing. In India, the rupee hit a record low against the dollar during the period, and the country’s central bank introduced measures in an attempt to bolster the currency. The monetary policy changes had a negative impact on DLF and Indian banking stock ICICI Bank, which subsequently increased its mortgage rates. Fusion-io produces flash-enabled server accelerator cards. The stock experienced volatility, due partly to a management transition.
Subadviser outlook
Regardless of whether we are in a fast- or slow-growth world, we believe the Fund’s holdings have the potential to grow at above the general rate of the economies in which they operate. We have a long-term investment horizon and manage the Fund from the bottom up, focusing on businesses we believe are likely poised to benefit from long-term trends. The Fund invests in companies that, in our view, are capable of producing solid and sustainable growth through the business cycle, that have made strong returns on invested capital, and that demonstrate good cash-flow generation characteristics.
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MassMutual Premier Global Fund – Portfolio Manager Report (Unaudited) (Continued)
MassMutual Premier (% of Net Assets) on 9/30/13 | ||||
Telefonaktiebolaget LM Ericsson Class B | 3.2 | % | ||
European Aeronautic Defence and Space Co. | 2.8 | % | ||
Google, Inc. Class A | 2.3 | % | ||
UBS AG | 2.2 | % | ||
eBay, Inc. | 2.1 | % | ||
Bayerische Motoren Werke AG 5.450% | 2.1 | % | ||
LVMH Moet Hennessy Louis Vuitton SA | 2.1 | % | ||
WellPoint, Inc. | 2.1 | % | ||
SAP AG | 2.0 | % | ||
The Walt Disney Co. | 1.9 | % | ||
|
| |||
22.8 | % | |||
|
|
MassMutual Premier (% of Net Assets) on 9/30/13 | ||||
United States | 49.9 | % | ||
Germany | 11.2 | % | ||
Japan | 8.8 | % | ||
France | 6.5 | % | ||
Switzerland | 6.1 | % | ||
Sweden | 4.8 | % | ||
Spain | 3.9 | % | ||
Brazil | 3.3 | % | ||
United Kingdom | 3.0 | % | ||
Netherlands | 2.8 | % | ||
India | 2.6 | % | ||
Italy | 2.2 | % | ||
Mexico | 1.9 | % | ||
Taiwan | 0.9 | % | ||
Channel Islands | 0.7 | % | ||
Finland | 0.6 | % | ||
Russia | 0.5 | % | ||
Denmark | 0.5 | % | ||
Belgium | 0.0 | % | ||
|
| |||
Total Long-Term Investments | 110.2 | % | ||
Short-Term Investments and Other Assets and Liabilities | (10.2 | )% | ||
|
| |||
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), the MSCI ACWI, and the MSCI World Index.
TOTAL RETURN | One Year 10/1/12 - 9/30/13 | Five Year Average Annual 10/1/08 - 9/30/13 | Since Inception Average Annual 12/31/04 - 9/30/13 | |||||||||
Class S | 26.55% | 10.50% | 6.77% | |||||||||
Class A | 25.94% | 9.91% | 6.21% | |||||||||
Class A (sales load deducted)* | 18.70% | 8.62% | 5.49% | |||||||||
Class Y | 26.47% | 10.35% | 6.62% | |||||||||
Class L | 26.30% | 10.23% | 6.51% | |||||||||
Class N | 25.81% | 9.81% | 6.10% | |||||||||
Class N (CDSC fees deducted)* | 24.81% | 9.81% | 6.10% | |||||||||
MSCI ACWI# | 17.73% | 7.71% | 5.63% | |||||||||
MSCI World Index | 20.21% | 7.84% | 5.39% |
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.
# 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 ACWI and the MSCI World 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.
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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 Global Institutional, Inc. (OFI Global Institutional). Effective April 19, 2013, the name of this subadviser changed from OFI Institutional Asset Management, Inc. to OFI Global Institutional, Inc.
How did the Fund perform during the 12 months ended September 30, 2013?
The Fund’s Class S shares returned 26.22%, outperforming, by a broad margin, the 16.48% return of the Morgan Stanley Capital International (“MSCI®”) All Country World Index (“ACWI®”) ex-U.S. (the “benchmark”), an unmanaged index representative of stocks domiciled in global developed and emerging markets, excluding the United States. The Fund’s performance benchmark index is now the MSCI ACWI ex-U.S. rather than the MSCI Europe, Australasia, Far East (“EAFE®”) Index (its previous benchmark) because the MSCI ACWI ex-U.S. more closely represents the Fund’s investment strategy.
For a discussion on the economic and market environment during the 12-month period ended September 30, 2013, please see the Economic and Market Review, beginning on page 3.
Subadviser discussion of factors that contributed to the Fund’s performance
Stock selection in the materials, information technology, consumer discretionary, industrials, consumer staples, materials and telecommunication services sectors helped drive the Fund’s positive performance. The Fund’s overweight allocations, relative to the benchmark, in consumer discretionary and industrials, two of the better-performing sectors of the benchmark, were primary contributors to the Fund’s performance. Relatively underweight positions in energy and materials stocks, two sectors of the benchmark that did not perform well, also proved beneficial. The Fund’s investment in financials stocks underperformed that of the benchmark due the Fund’s underweight positioning in the strong-performing sector. Countries/regions that contributed to the Fund’s outperformance included the United Kingdom and Switzerland, due to stock selection and a relative overweight position in stocks from Switzerland. Stock selection and underweight positioning in Canada also helped drive performance. Conversely, underweight positioning and stock selection in Japan detracted from full-year results.
For the period, top Fund holdings included multinational telecommunications services company BT Group (United Kingdom), German Internet services company United Internet (information technology), and large U.K. bookmaker William Hill (consumer discretionary). BT Group has been steadily improving its operations, and rolled out an attractive broadband “triple-play” offering across the U.K. United Internet experienced continued growth, with sales hitting an all-time high. William Hill received a lift from wagering activity related to the 2013 Grand National horse race, which was won by underdog Auroras Encore. The company also completed the acquisition of its online affiliate, William Hill Online, and became one of the companies in the FTSE 100 Index in the U.K.
Conversely, Fund holdings that were the primary individual detractors from performance for the period included Italian oil and gas industry contractor Saipem (energy), leading temporary power generation company Aggreko (industrials, United Kingdom), and educational publisher Benesse Holdings, Inc., the parent company of Berlitz Language Schools (consumer discretionary, Japan). Saipem’s stock price declined sharply during the period after the company cut profit forecasts. Early in the period, news of disappointing contract activity hurt Aggreko’s stock. Benesse’s share prices dropped over the second half of the period on weaker sales.
Subadviser outlook
Europe appears to be making progress and, in our view, may be emerging from its recession; capital is now being raised in the banking system there. Despite investor concern about Europe, we believe there are significant opportunities there that are likely to emerge as the financial crisis becomes more of a distant memory. We remain committed to the Fund’s bottom-up approach – which focuses on individual stock selection – and we plan on continuing to seek high-quality companies for the Fund that can capitalize on durable secular growth trends.
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MassMutual Premier International Equity Fund – Portfolio Manager Report (Unaudited) (Continued)
MassMutual Premier (% of Net Assets) on 9/30/13 | ||||
Oppenheimer Institutional Money Market Fund Class E | 3.6 | % | ||
BT Group PLC | 2.6 | % | ||
SAP AG | 1.9 | % | ||
United Internet AG | 1.6 | % | ||
Roche Holding AG | 1.6 | % | ||
Aalberts Industries NV | 1.6 | % | ||
Telefonaktiebolaget LM Ericsson Class B | 1.4 | % | ||
Aryzta AG | 1.4 | % | ||
Bunzl PLC | 1.4 | % | ||
Amadeus IT Holding SA | 1.4 | % | ||
|
| |||
18.5 | % | |||
|
|
MassMutual Premier (% of Net Assets) on 9/30/13 | ||||
United Kingdom | 26.5 | % | ||
United States | 12.5 | % | ||
Switzerland | 11.9 | % | ||
France | 11.4 | % | ||
Netherlands | 9.9 | % | ||
Germany | 6.0 | % | ||
Japan | 5.7 | % | ||
Spain | 5.0 | % | ||
Italy | 4.1 | % | ||
Australia | 3.4 | % | ||
Sweden | 3.1 | % | ||
Canada | 1.3 | % | ||
India | 1.1 | % | ||
Panama | 1.0 | % | ||
Cayman Islands | 1.0 | % | ||
Luxembourg | 0.9 | % | ||
Denmark | 0.9 | % | ||
Brazil | 0.9 | % | ||
Austria | 0.8 | % | ||
Ireland | 0.5 | % | ||
Mexico | 0.2 | % | ||
Thailand | 0.2 | % | ||
Finland | 0.2 | % | ||
|
| |||
Total Long-Term Investments | 108.5 | % | ||
Other Assets and Liabilities | (8.5 | )% | ||
|
| |||
Net Assets | 100.0 | % | ||
|
|
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Table of Contents
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, the MSCI ACWI ex-U.S., and the MSCI EAFE Index.
TOTAL RETURN | One Year 10/1/12 - 9/30/13 | Five Year Average Annual 10/1/08 - 9/30/13 | Ten Year Average Annual 10/1/03 - 9/30/13 | |||||||||
Class S | 26.22% | 11.03% | 10.89% | |||||||||
Class A | 25.70% | 10.56% | 10.42% | |||||||||
Class A (sales load deducted)* | 18.47% | 9.26% | 9.76% | |||||||||
Class Y | 26.23% | 11.01% | 10.85% | |||||||||
Class L | 25.96% | 10.84% | 10.69% | |||||||||
MSCI ACWI ex-U.S.# | 16.48% | 6.26% | 8.76% | |||||||||
MSCI EAFE Index | 23.77% | 6.35% | 8.00% |
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 MSCI ACWI ex-U.S. and the MSCI EAFE 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.
59
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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, 2013?
The Fund’s Class S shares returned 8.75%, significantly underperforming the 23.77% 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 a discussion on the economic and market environment during the 12-month period ended September 30, 2013, please see the Economic and Market Review, beginning on page 3.
Subadviser discussion of factors that contributed to the Fund’s performance
During the 12-month period ended September 30, 2013, stock selection in certain regions detracted from Fund performance – specifically in the Pacific region (excluding Japan), the U.K., and emerging markets.
From a sector perspective, stock selection also detracted from Fund performance, as Fund holdings in the materials, information technology, and energy sectors hampered Fund results. Conversely, favorable stock selection in the utilities sector benefited the Fund’s full-year returns.
On a stock-specific basis, the decline in prices of precious metals worked against Fund holdings in the materials sector, which underperformed due to poor results from precious metal miners Newcrest Mining, Fresnillo, and Randgold Resources. Fund holding Centamin, a U.K.-listed gold miner with operations in Egypt, also detracted from the Fund’s performance relative to the benchmark when the deterioration of the political situation in Egypt caused operational difficulties for the company, which negatively affected the company’s share price.
On the positive side, Fund holding WPP Group, an advertising agency, contributed to performance. Fund holding UBS, one of the better-performing banks in Europe over the past year, also contributed to performance, as the new CEO decided in October 2012 to radically restructure UBS’s investment bank by winding down its fixed-income business after many years of operational struggles. The move enabled UBS to concentrate on its expertise in equities and increase the bank’s relative exposure to private banking, an area of strong growth potential in Asia.
Insurance company Prudential contributed to the Fund’s performance. The company’s shares enjoyed a strong year as the group’s Asian operations continued to grow through increasing product penetration across the region. In addition, conditions in the U.S. market have also improved, which, together with Prudential’s strong product offering, have led to growing profits in this market.
Subadviser outlook
There have been a number of areas of improvement, but data points related to the global economy and company success in international equity markets have been mixed in the recent environment. We have been focusing on finding companies for the Fund that we believe have the potential to offer positive earnings surprises as the economy grows. In our view, central bank and government intervention in the economy in recent years has had a large impact on asset prices. The degree of the intervention may or may not continue at current levels – witness the Federal Reserve’s plan to taper the central bank’s Quantitative Easing program (QE). Amid this uncertainty, we are looking to find investment opportunities for the Fund where growth prospects may be driven less by external factors than by controllable internal factors that have the potential to allow a company to deliver positive earnings.
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MassMutual Premier Focused International Fund – Portfolio Manager Report (Unaudited) (Continued)
MassMutual Premier (% of Net Assets) on 9/30/13 | ||||
Royal Dutch Shell PLC Class A | 3.0 | % | ||
Deutsche Boerse AG | 2.7 | % | ||
Reckitt Benckiser Group PLC | 2.6 | % | ||
Sumitomo Mitsui Trust Holdings, Inc. | 2.5 | % | ||
Japan Tobacco, Inc. | 2.5 | % | ||
Sanofi | 2.5 | % | ||
Credit Suisse Group | 2.5 | % | ||
WPP PLC | 2.2 | % | ||
Mitsubishi Electric Corp. | 2.1 | % | ||
SAP AG | 2.0 | % | ||
|
| |||
24.6 | % | |||
|
|
MassMutual Premier (% of Net Assets) on 9/30/13 | ||||
Japan | 24.2 | % | ||
United Kingdom | 23.2 | % | ||
United States | 11.8 | % | ||
Switzerland | 11.7 | % | ||
Germany | 11.5 | % | ||
France | 9.0 | % | ||
Israel | 2.6 | % | ||
Russia | 2.4 | % | ||
Hong Kong | 1.9 | % | ||
Singapore | 1.8 | % | ||
Netherlands | 1.8 | % | ||
Taiwan | 1.7 | % | ||
Luxembourg | 1.6 | % | ||
China | 1.3 | % | ||
Mauritius | 1.3 | % | ||
Canada | 1.2 | % | ||
Sweden | 1.1 | % | ||
Channel Islands | 0.8 | % | ||
Australia | 0.0 | % | ||
|
| |||
Total Long-Term Investments | 110.9 | % | ||
Short-Term Investments and Other Assets and Liabilities | (10.9 | )% | ||
|
| |||
Net Assets | 100.0 | % | ||
|
|
61
Table of Contents
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 10/1/12 - 9/30/13 | Five Year Average Annual 10/1/08 - 9/30/13 | Since Inception Average Annual 12/1/05 - 9/30/13 | |||||||||
Class S | 8.75% | 4.44% | 4.66% | |||||||||
Class A | 8.28% | 3.94% | 4.18% | |||||||||
Class A (sales load deducted)* | 2.06% | 2.72% | 3.40% | |||||||||
Class Y | 8.63% | 4.34% | 4.58% | |||||||||
Class L | 8.58% | 4.19% | 4.44% | |||||||||
Class N | 7.81% | 3.52% | 3.80% | |||||||||
Class N (CDSC fees deducted)* | 6.81% | 3.52% | 3.80% | |||||||||
MSCI EAFE Index | 23.77% | 6.35% | 4.53% |
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.
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.
62
Table of Contents
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 10/1/12 - 9/30/13 | Since Average | ||||||
Class Z | 8.94% | 4.34% | ||||||
MSCI EAFE Index | 23.77% | 8.07% |
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 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.
63
Table of Contents
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?
Prior to October 1, 2013, the Fund sought 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 defined an emerging market country as one whose economy or markets were generally considered emerging or developing, and was not classified as a developed country according to the Morgan Stanley Capital International Barra Index. The Fund’s subadviser was Baring International Investment Limited (Baring).
Effective October 1, 2013, the Fund seeks long-term capital growth by mainly investing in common stocks of issuers in developing and emerging markets throughout the world and at times it may invest up to 100% of its total assets in foreign securities. Under normal market conditions, the Fund will invest at least 80% of its net assets in equity securities of issuers whose principal activities are in a developing (or emerging) market – i.e., are in a developing market or are economically tied to a developing market country. The Fund will invest in at least three developing markets.
In general, countries may be considered developing or emerging markets if they are included in any one of the Morgan Stanley Capital Index (“MSCI®”) emerging markets indexes, classified as a developing or emerging market, or classified under a similar or corresponding classification, by organizations such as the World Bank and the International Monetary Fund, or have economies, industries, and stock markets with similar characteristics.
Effective October 1, 2013, the Fund’s subadviser is OFI Global Institutional, Inc. (OFI Global).
How did the Fund perform during the 12 months ended September 30, 2013?
The Fund’s Class S shares returned -2.29%, underperforming the 0.98% return of the MSCI Emerging Markets (“EM”) Index (the “benchmark”), an unmanaged market capitalization-weighted index of equity securities of companies domiciled in various countries. The Index 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 a discussion on the economic and market environment during the 12-month period ended September 30, 2013, please see the Economic and Market Review, beginning on page 3.
Subadviser discussion of factors that contributed to the Fund’s performance (provided by former subadviser Baring)
During the 12-month period ended September 30, 2013, the Fund underperformed the benchmark primarily due to weak relative stock selection.
From a country-allocation perspective, stocks from Brazil – in which Fund mainly held an underweight allocation, relative to the benchmark – and stocks from India and China, in which the Fund had a generally overweight stake throughout the period, hampered the Fund’s full-year returns. In China, the weak performance occurred entirely in 2013. The Fund’s substantially overweight position in China in the fourth quarter of 2012 contributed to performance in that quarter, when various Fund holdings produced solid returns – including investment bank Citic Securities, construction materials company Anhui Conch Cement, construction machinery company Zoomlion Heavy Industry, and retailer Golden Eagle. Unfortunately, most of these stocks suffered downturns in 2013. Conversely, Russian stocks, in which the Fund held an overweight position throughout the period, and South African stocks, in which the Fund held an underweight stake initially before transitioning to an overweight allocation in the second and third quarters of 2013, benefited the Fund. In both countries, stock selection helped drive performance.
Overall, the Fund outperformed the benchmark in the fourth quarter of 2012, but at the beginning of 2013, a strong U.S. dollar, widening emerging-market bond spreads and weaker commodity prices contributed to a decline in emerging equities. The Fund subsequently had positive results in the second and third quarters of 2013, primarily through favorable stock selection rather than country allocations.
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MassMutual Premier Strategic Emerging Markets Fund – Portfolio Manager Report (Unaudited) (Continued)
On a sector level, Fund holdings in the financials and industrials sectors performed poorly – with the main detractors being Indian bank ICICI, and Indian engineering manufacturers Larsen & Toubro and Bharat Heavy. On the other hand, the main contributor to the Fund’s full-year performance was consumer staples, where the Fund invested in stocks such as retailer Magnit in Russia.
The Fund did not invest in derivatives during the reporting period. Derivatives are securities that derive their value from the performance of one or more other investments and take the form of a contract between two or more parties. Most derivatives are used for hedging, speculation, or both.
Subadviser outlook (provided by current subadviser OFI Global)
Emerging-market equities, in our opinion, looked attractive at the end of the period. While we believe interest rate normalization will have an effect on emerging-market economies, we do not expect a repeat of the financial crisis and contagion that we saw in Asia in the late 1990s. There are relatively few economies that have the trade and sovereign debt deficits that existed then. However, we believe capital and credit will cost more and that companies with sizable financial leverage will suffer. We have always been cautious on such companies and the Fund is not heavily exposed to them. In managing the Fund, we have a natural bias against cyclical, commodity-dependent companies and expect commodity producers to face weaker prices and earnings. Consequently, the Fund had relatively little exposure to the resource sector, especially outside of energy as the period ended.
MassMutual Premier (% of Net Assets) on 9/30/13 | ||||
Taiwan Semiconductor Manufacturing Co. Ltd. Sponsored ADR (Taiwan) | 3.7 | % | ||
Samsung Electronics Co., Ltd. | 3.6 | % | ||
Vale SA Sponsored ADR (Brazil) 7.250% | 2.8 | % | ||
China Construction Bank Corp. Class H | 2.7 | % | ||
Mega Financial Holding Co. Ltd. | 2.6 | % | ||
Industrial & Commercial Bank of China | 2.3 | % | ||
Hyundai Motor Co. | 2.3 | % | ||
CNOOC Ltd. | 2.2 | % | ||
NAVER Corp. | 2.0 | % | ||
Sberbank | 1.9 | % | ||
|
| |||
26.1 | % | |||
|
|
MassMutual Premier (% of Net Assets) on 9/30/13 | ||||
Republic of Korea | 17.3 | % | ||
Taiwan | 10.5 | % | ||
Brazil | 9.7 | % | ||
Russia | 8.9 | % | ||
China | 8.6 | % | ||
Hong Kong | 7.4 | % | ||
South Africa | 7.1 | % | ||
India | 6.1 | % | ||
Cayman Islands | 6.0 | % | ||
Mexico | 4.1 | % | ||
Turkey | 2.3 | % | ||
British Virgin Islands | 1.5 | % | ||
Philippines | 1.4 | % | ||
United Kingdom | 1.4 | % | ||
Malaysia | 1.1 | % | ||
Indonesia | 1.1 | % | ||
Thailand | 1.0 | % | ||
Poland | 1.0 | % | ||
Hungary | 0.7 | % | ||
Netherlands | 0.6 | % | ||
Bermuda | 0.5 | % | ||
Peru | 0.5 | % | ||
Chile | 0.3 | % | ||
|
| |||
Total Long-Term Investments | 99.1 | % | ||
Short-Term Investments and Other Assets and Liabilities | 0.9 | % | ||
|
| |||
Net Assets | 100.0 | % | ||
|
|
65
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 10/1/12 - 9/30/13 | Since Inception Average Annual 11/3/08 - 9/30/13 | ||||||
Class S | -2.29% | 12.17% | ||||||
Class A | -2.76% | 11.61% | ||||||
Class A (sales load deducted)* | -8.35% | 10.27% | ||||||
Class Y | -2.34% | 12.07% | ||||||
Class L | -2.50% | 11.91% | ||||||
MSCI Emerging Markets Index | 0.98% | 14.59% |
Hypothetical Investments in MassMutual Premier Strategic Emerging Markets Fund Class Z and the MSCI Emerging Markets Index.
TOTAL RETURN | One Year 10/1/12 - 9/30/13 | Since Average | ||||||
Class Z | -2.10% | -4.69% | ||||||
MSCI Emerging Markets Index | 0.98% | -1.68% |
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.
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Table of Contents
MassMutual Premier Money Market Fund – Portfolio of Investments
September 30, 2013
Principal Amount | Value | |||||||
SHORT-TERM INVESTMENTS — 103.9% | ||||||||
Certificates of Deposit — 1.9% | ||||||||
Bank of Nova Scotia | $ | 4,900,000 | $ | 4,901,074 | ||||
Bank of Nova Scotia | 3,000,000 | 3,003,161 | ||||||
|
| |||||||
7,904,235 | ||||||||
|
| |||||||
Commercial Paper — 74.4% | ||||||||
ABB Treasury Center USA, Inc. (a) | 10,000,000 | 9,999,867 | ||||||
Air Products & Chemicals, Inc. (a) | 5,800,000 | 5,799,202 | ||||||
American Honda Finance Corp. | 7,500,000 | 7,499,956 | ||||||
Anheuser-Busch InBev Worldwide, | 8,750,000 | 8,749,422 | ||||||
Anheuser-Busch InBev Worldwide, Inc. (a) | 1,500,000 | 1,499,844 | ||||||
Baker Hughes, Inc. (a) | 7,500,000 | 7,499,031 | ||||||
Basin Electric Power Cooperative (a) | 10,500,000 | 10,499,183 | ||||||
BMW US Capital LLC (a) | 5,000,000 | 4,999,908 | ||||||
BMW US Capital LLC (a) | 2,000,000 | 1,999,902 | ||||||
BMW US Capital LLC (a) | 3,000,000 | 2,999,349 | ||||||
BP Capital Markets PLC (a) | 10,000,000 | 9,999,689 | ||||||
Brown-Forman Corp. (a) | 10,000,000 | 9,999,767 | ||||||
Caterpillar Financial Services Corp. | 4,800,000 | 4,799,440 | ||||||
The Coca-Cola Co. (a) | 2,400,000 | 2,399,220 | ||||||
Commonwealth Bank of Australia (a) | 2,000,000 | 1,999,511 | ||||||
Commonwealth Bank of Australia (a) | 8,000,000 | 8,000,769 | ||||||
ConocoPhillips Qatar Funding Ltd. (a) | 10,000,000 | 9,999,908 | ||||||
Danaher Corp. (a) | 10,000,000 | 9,999,500 | ||||||
Dover Corp. (a) | 10,500,000 | 10,500,000 | ||||||
E.I. du Pont de Nemours & Co. (a) | 8,000,000 | 7,999,782 | ||||||
Emerson Electric Co. (a) | 3,000,000 | 2,999,831 |
Principal Amount | Value | |||||||
Emerson Electric Co. (a) | $ | 1,000,000 | $ | 999,875 | ||||
Google, Inc. (a) | 2,500,000 | 2,499,451 | ||||||
John Deere Capital Corp. (a) | 8,000,000 | 7,999,867 | ||||||
John Deere Capital Corp. (a) | 2,500,000 | 2,499,973 | ||||||
Kimberly-Clark Worldwide, Inc. (a) | 8,800,000 | 8,799,980 | ||||||
National Rural Utilities Cooperative Finance Corp. | 4,700,000 | 4,699,922 | ||||||
National Rural Utilities Cooperative Finance Corp. | 5,800,000 | 5,799,774 | ||||||
Nestle Capital Corp. (a) | 2,000,000 | 1,999,949 | ||||||
Nestle Capital Corp. (a) | 3,000,000 | 2,999,613 | ||||||
Nestle Capital Corp. (a) | 500,000 | 499,904 | ||||||
NSTAR Electric Co. | 10,000,000 | 9,999,867 | ||||||
Paccar Financial Corp. | 10,000,000 | 9,998,222 | ||||||
Parker Hannifin Corp. (a) | 10,000,000 | 9,999,475 | ||||||
Precision Castparts Corp. (a) | 7,500,000 | 7,500,000 | ||||||
Precision Castparts Corp. (a) | 3,000,000 | 2,999,936 | ||||||
Reckitt Benckiser Treasury Services PLC (a) | 3,750,000 | 3,749,565 | ||||||
Rockwell Automation, Inc. (a) | 10,500,000 | 10,499,971 | ||||||
Sigma-Aldrich Corp. (a) | 10,500,000 | 10,500,000 | ||||||
Toyota Motor Credit Corp. | 10,500,000 | 10,499,702 | ||||||
Union Bank NA | 10,000,000 | 9,996,578 | ||||||
UnitedHealth Group, Inc. (a) | 10,500,000 | 10,499,895 | ||||||
Wal-Mart Stores, Inc. (a) | 2,000,000 | 1,999,973 | ||||||
The Walt Disney Co. (a) | 10,000,000 | 9,998,503 | ||||||
Wells Fargo Bank NA | 8,000,000 | 8,000,000 |
The accompanying notes are an integral part of the financial statements.
67
Table of Contents
MassMutual Premier Money Market Fund – Portfolio of Investments (Continued)
Principal Amount | Value | |||||||
Wisconsin Gas LLC | $ | 8,100,000 | $ | 8,099,955 | ||||
Wisconsin Gas LLC | 2,400,000 | 2,399,970 | ||||||
|
| |||||||
305,783,001 | ||||||||
|
| |||||||
Corporate Debt — 10.7% | ||||||||
Berkshire Hathaway Finance Corp. FRN | 9,000,000 | 9,010,592 | ||||||
Cisco Systems, Inc. FRN | 9,025,000 | 9,037,711 | ||||||
The Coca-Cola Co. FRN | 8,000,000 | 8,000,405 | ||||||
General Electric Capital Corp. FRN | 1,500,000 | 1,500,538 | ||||||
General Electric Capital Corp. FRN | 7,000,000 | 7,024,074 | ||||||
The Procter & Gamble Co. FRN | 3,000,000 | 2,999,817 | ||||||
The Procter & Gamble Co. FRN | 6,200,000 | 6,199,845 | ||||||
|
| |||||||
43,772,982 | ||||||||
|
| |||||||
Discount Notes — 8.4% | ||||||||
Federal Farm Credit Bank | 1,100,000 | 1,099,725 | ||||||
Federal Home Loan Bank | 3,000,000 | 2,999,060 | ||||||
Federal Home Loan Bank | 1,790,000 | 1,789,413 | ||||||
Federal Home Loan Bank | 400,000 | 399,938 | ||||||
Federal Home Loan Bank | 400,000 | 399,865 | ||||||
Federal Home Loan Bank | 4,000,000 | 3,998,489 | ||||||
Federal Home Loan Bank | 832,000 | 831,874 | ||||||
Federal Home Loan Bank | 500,000 | 499,845 | ||||||
Federal Home Loan Mortgage Corp. | 1,285,000 | 1,284,773 | ||||||
Federal Home Loan Mortgage Corp. | 600,000 | 599,830 | ||||||
Federal Home Loan Mortgage Corp. | 460,000 | 459,830 | ||||||
Federal Home Loan Mortgage Corp. | 400,000 | 399,870 | ||||||
Federal Home Loan Mortgage Corp. | 500,000 | 499,825 | ||||||
Federal Home Loan Mortgage Corp. | 400,000 | 399,833 |
Principal Amount | Value | |||||||
Federal Home Loan Mortgage Corp. | $ | 550,000 | $ | 549,769 | ||||
Federal Home Loan Mortgage Corp. | 1,373,000 | 1,372,391 | ||||||
Federal Home Loan Mortgage Corp. | 988,000 | 987,554 | ||||||
Federal Home Loan Mortgage Corp. | 600,000 | 599,921 | ||||||
Federal Home Loan Mortgage Corp. | 300,000 | 299,827 | ||||||
Federal Home Loan Mortgage Corp. | 1,100,000 | 1,099,936 | ||||||
Federal Home Loan Mortgage Corp. | 1,800,000 | 1,798,992 | ||||||
Federal National Mortgage Association | 1,292,000 | 1,291,734 | ||||||
Federal National Mortgage Association | 285,000 | 284,924 | ||||||
Federal National Mortgage Association | 1,198,000 | 1,197,698 | ||||||
Federal National Mortgage Association | 200,000 | 199,937 | ||||||
Federal National Mortgage Association | 2,250,000 | 2,249,175 | ||||||
Federal National Mortgage Association | 1,000,000 | 999,594 | ||||||
Federal National Mortgage Association | 118,000 | 117,950 | ||||||
Federal National Mortgage Association | 2,200,000 | 2,199,489 | ||||||
Federal National Mortgage Association | 700,000 | 699,750 | ||||||
Federal National Mortgage Association | 365,000 | 364,887 | ||||||
Federal National Mortgage Association | 1,500,000 | 1,499,410 | ||||||
Federal National Mortgage Association | 284,000 | 284,000 | ||||||
Federal National Mortgage Association | 920,000 | 919,591 | ||||||
|
| |||||||
34,678,699 | ||||||||
|
| |||||||
Time Deposits — 0.2% | ||||||||
Euro Time Deposit | 854,963 | 854,963 | ||||||
|
| |||||||
U.S. Treasury Bonds & Notes — 8.3% | ||||||||
U.S. Treasury Note | 4,000,000 | 4,002,134 | ||||||
U.S. Treasury Note | 15,000,000 | 15,061,878 | ||||||
U.S. Treasury Note | 5,000,000 | 5,026,276 |
The accompanying notes are an integral part of the financial statements.
68
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MassMutual Premier Money Market Fund – Portfolio of Investments (Continued)
Principal Amount | Value | |||||||
U.S. Treasury Note | $ | 5,000,000 | $ | 5,035,850 | ||||
U.S. Treasury Note | 5,000,000 | 5,101,195 | ||||||
|
| |||||||
34,227,333 | ||||||||
|
| |||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $427,221,213) | 427,221,213 | |||||||
|
| |||||||
TOTAL INVESTMENTS —103.9% (Cost $427,221,213) (b) | 427,221,213 | |||||||
Other Assets/(Liabilities) —(3.9)% | (16,211,950 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 411,009,263 | ||||||
|
|
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, 2013, these securities amounted to a value of $223,989,615 or 54.50% 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
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MassMutual Premier Short-Duration Bond Fund – Portfolio of Investments
September 30, 2013
Principal Amount | Value | |||||||
BONDS & NOTES — 60.9% | ||||||||
CORPORATE DEBT — 37.7% | ||||||||
Advertising — 0.3% | ||||||||
WPP Finance | $ | 1,515,000 | $ | 1,614,978 | ||||
|
| |||||||
Aerospace & Defense — 0.1% | ||||||||
Exelis, Inc. | 740,000 | 777,710 | ||||||
|
| |||||||
Agriculture — 0.1% | ||||||||
Bunge Ltd. Finance Corp. | 550,000 | 569,636 | ||||||
|
| |||||||
Auto Manufacturers — 0.4% | ||||||||
General Motors Co. (a) | 595,000 | 593,513 | ||||||
Volvo Treasury AB (a) | 1,475,000 | 1,574,267 | ||||||
|
| |||||||
2,167,780 | ||||||||
|
| |||||||
Automotive & Parts — 0.2% | ||||||||
Lear Corp. | 911,000 | 997,545 | ||||||
|
| |||||||
Banks — 1.7% | ||||||||
Associated Banc-Corp. | 310,000 | 310,340 | ||||||
Capital One Financial Corp. | 300,000 | 303,325 | ||||||
Capital One Financial Corp. | 270,000 | 281,493 | ||||||
First Horizon National Corp. | 1,288,000 | 1,391,947 | ||||||
ICICI Bank Ltd. (a) | 4,130,000 | 4,281,493 | ||||||
Regions Bank/Birmingham AL | 340,000 | 399,879 | ||||||
Regions Financial Corp. | 209,000 | 223,946 | ||||||
Regions Financial Corp. | 2,135,000 | 2,292,881 | ||||||
Zions Bancorp. | 365,000 | 390,581 | ||||||
|
| |||||||
9,875,885 | ||||||||
|
| |||||||
Beverages — 0.3% | ||||||||
Constellation Brands, Inc. | 1,385,000 | 1,492,337 | ||||||
|
| |||||||
Building Materials — 1.0% | ||||||||
CRH America, Inc. | 1,675,000 | 1,677,533 | ||||||
Lafarge SA (a) | 1,100,000 | 1,163,250 | ||||||
Masco Corp. | 1,090,000 | 1,139,050 |
Principal Amount | Value | |||||||
Owens Corning, Inc. | $ | 1,815,000 | $ | 2,025,832 | ||||
|
| |||||||
6,005,665 | ||||||||
|
| |||||||
Chemicals — 1.8% | ||||||||
Ashland, Inc. | 1,286,000 | 1,302,075 | ||||||
Cabot Corp. | 875,000 | 955,630 | ||||||
Incitec Pivot Ltd. (a) | 2,950,000 | 3,067,059 | ||||||
LyondellBasell Industries NV | 450,000 | 495,336 | ||||||
NOVA Chemicals Corp. | 425,000 | 469,625 | ||||||
RPM International, Inc. | 850,000 | 967,939 | ||||||
RPM International, Inc. | 2,300,000 | 2,321,539 | ||||||
Yara International ASA (a) | 995,000 | 1,039,178 | ||||||
|
| |||||||
10,618,381 | ||||||||
|
| |||||||
Commercial Services — 1.3% | ||||||||
The ADT Corp. | 780,000 | 744,921 | ||||||
Brambles USA, Inc. (a) | 660,000 | 683,563 | ||||||
Donnelley (R.R.) & Sons Co. | 109,000 | 115,267 | ||||||
Equifax, Inc. | 2,280,000 | 2,368,806 | ||||||
The Western Union Co. | 3,050,000 | 3,396,346 | ||||||
|
| |||||||
7,308,903 | ||||||||
|
| |||||||
Computers — 0.4% | ||||||||
Affiliated Computer Services, Inc. | 1,145,000 | 1,212,577 | ||||||
Hewlett-Packard Co. | 370,000 | 375,307 | ||||||
Hewlett-Packard Co. | 675,000 | 686,383 | ||||||
Hewlett-Packard Co. | 95,000 | 98,056 | ||||||
|
| |||||||
2,372,323 | ||||||||
|
| |||||||
Distribution & Wholesale — 0.2% | ||||||||
Arrow Electronics, Inc. | 295,000 | 297,555 | ||||||
Arrow Electronics, Inc. | 935,000 | 967,324 | ||||||
|
| |||||||
1,264,879 | ||||||||
|
|
The accompanying notes are an integral part of the financial statements.
70
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MassMutual Premier Short-Duration Bond Fund – Portfolio of Investments (Continued)
Principal Amount | Value | |||||||
Diversified Financial — 7.0% | ||||||||
Citigroup, Inc. | $ | 143,000 | $ | 149,850 | ||||
Citigroup, Inc. | 2,500,000 | 2,737,285 | ||||||
Citigroup, Inc. | 1,154,000 | 1,209,759 | ||||||
CNH Capital LLC | 450,000 | 463,500 | ||||||
CNH Capital LLC | 510,000 | 561,000 | ||||||
ERAC USA Finance LLC (a) | 1,000,000 | 1,095,834 | ||||||
Ford Motor Credit Co. LLC | 650,000 | 664,871 | ||||||
Ford Motor Credit Co. LLC | 550,000 | 565,319 | ||||||
Ford Motor Credit Co. LLC | 835,000 | 863,625 | ||||||
Ford Motor Credit Co. LLC | 1,125,000 | 1,208,573 | ||||||
Ford Motor Credit Co. LLC | 580,000 | 677,560 | ||||||
General Motors Financial Co., Inc. (a) | 400,000 | 399,000 | ||||||
The Goldman Sachs Group, Inc. | 655,000 | 659,757 | ||||||
The Goldman Sachs Group, Inc. | 1,500,000 | 1,551,055 | ||||||
The Goldman Sachs Group, Inc. | 1,075,000 | 1,088,831 | ||||||
The Goldman Sachs Group, Inc. | 675,000 | 695,969 | ||||||
Hyundai Capital America (a) | 2,315,000 | 2,429,949 | ||||||
International Lease Finance Corp. FRN | 1,800,000 | 1,791,000 | ||||||
International Lease Finance Corp. | 270,000 | 260,888 | ||||||
International Lease Finance Corp. | 1,958,000 | 2,076,030 | ||||||
Janus Capital Group, Inc. | 2,532,000 | 2,829,416 | ||||||
JPMorgan Chase & Co. | 2,365,000 | 2,490,272 | ||||||
JPMorgan Chase & Co. | 2,300,000 | 2,394,514 | ||||||
Lazard Group LLC | 580,000 | 657,407 | ||||||
Lazard Group LLC | 805,000 | 871,298 | ||||||
Merrill Lynch & Co., Inc. | 3,100,000 | 3,422,034 |
Principal Amount | Value | |||||||
Merrill Lynch & Co., Inc. | $ | 2,025,000 | $ | 2,230,288 | ||||
Morgan Stanley | 1,500,000 | 1,524,837 | ||||||
Morgan Stanley | 2,500,000 | 2,631,312 | ||||||
Morgan Stanley | 950,000 | 1,019,215 | ||||||
|
| |||||||
41,220,248 | ||||||||
|
| |||||||
Electric — 1.5% | ||||||||
Ameren Corp. | 3,511,000 | 3,679,518 | ||||||
IPALCO Enterprises, Inc. | 900,000 | 933,750 | ||||||
IPALCO Enterprises, Inc. (a) | 3,005,000 | 3,305,500 | ||||||
Kansas Gas & Electric Co. | 341,451 | 364,416 | ||||||
Kiowa Power Partners LLC (a) | 15,988 | 16,047 | ||||||
Tenaska Oklahoma I LP (a) | 73,135 | 74,307 | ||||||
Tri-State Generation & Transmission Association, Series 2003, Class A (a) | 310,667 | 338,845 | ||||||
|
| |||||||
8,712,383 | ||||||||
|
| |||||||
Electronics — 0.5% | ||||||||
Avnet, Inc. | 1,890,000 | 1,928,871 | ||||||
Avnet, Inc. | 595,000 | 673,007 | ||||||
Jabil Circuit, Inc. | 410,000 | 464,325 | ||||||
|
| |||||||
3,066,203 | ||||||||
|
| |||||||
Engineering & Construction — 0.1% | ||||||||
BAA Funding Ltd. (a) | 465,000 | 472,171 | ||||||
|
| |||||||
Foods — 0.4% | ||||||||
TreeHouse Foods, Inc. | 875,000 | 925,312 | ||||||
Tyson Foods, Inc. | 1,360,000 | 1,524,783 | ||||||
|
| |||||||
2,450,095 | ||||||||
|
| |||||||
Forest Products & Paper — 0.3% | ||||||||
Domtar Corp. | 750,000 | 824,065 | ||||||
Domtar Corp. | 939,000 | 1,178,689 | ||||||
|
| |||||||
2,002,754 | ||||||||
|
|
The accompanying notes are an integral part of the financial statements.
71
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MassMutual Premier Short-Duration Bond Fund – Portfolio of Investments (Continued)
Principal Amount | Value | |||||||
Hand & Machine Tools — 0.1% | ||||||||
Kennametal, Inc. | $ | 350,000 | $ | 338,129 | ||||
|
| |||||||
Health Care – Products — 0.1% | ||||||||
Hospira, Inc. | 400,000 | 406,958 | ||||||
|
| |||||||
Health Care – Services — 0.2% | ||||||||
WellPoint, Inc. | 1,055,000 | 1,045,757 | ||||||
|
| |||||||
Holding Company – Diversified — 0.3% | ||||||||
Leucadia National Corp. | 1,700,000 | 1,887,000 | ||||||
|
| |||||||
Home Furnishing — 0.0% | ||||||||
Whirlpool Corp. | 135,000 | 141,036 | ||||||
|
| |||||||
Housewares — 0.1% | ||||||||
Newell Rubbermaid, Inc. | 300,000 | 304,153 | ||||||
|
| |||||||
Insurance — 0.8% | ||||||||
American International Group, Inc. | 1,750,000 | 1,801,132 | ||||||
Genworth Financial, Inc. | 2,325,000 | 2,402,483 | ||||||
The Hartford Financial Services Group, Inc. | 515,000 | 536,531 | ||||||
Willis Group Holdings PLC | 180,000 | 189,038 | ||||||
|
| |||||||
4,929,184 | ||||||||
|
| |||||||
Internet — 0.2% | ||||||||
Expedia, Inc. | 880,000 | 1,022,108 | ||||||
|
| |||||||
Investment Companies — 0.2% | ||||||||
Xstrata Finance Canada (a) | 500,000 | 501,360 | ||||||
Xstrata Finance Canada (a) | 550,000 | 558,240 | ||||||
|
| |||||||
1,059,600 | ||||||||
|
| |||||||
Iron & Steel — 0.6% | ||||||||
ArcelorMittal | 1,500,000 | 1,537,500 | ||||||
ArcelorMittal | 1,290,000 | 1,414,162 | ||||||
Reliance Steel & Aluminum Co. | 499,000 | 548,124 | ||||||
|
| |||||||
3,499,786 | ||||||||
|
| |||||||
Leisure Time — 0.4% | ||||||||
Harley-Davidson Financial Services, Inc. (a) | 2,300,000 | 2,446,722 | ||||||
|
|
Principal Amount | Value | |||||||
Lodging — 0.3% | ||||||||
Wyndham Worldwide Corp. | $ | 448,000 | $ | 459,747 | ||||
Wynn Las Vegas LLC | 975,000 | 1,094,437 | ||||||
|
| |||||||
1,554,184 | ||||||||
|
| |||||||
Machinery – Diversified — 0.2% | ||||||||
CNH Capital LLC | 265,000 | 263,675 | ||||||
Roper Industries, Inc. | 1,125,000 | 1,120,137 | ||||||
|
| |||||||
1,383,812 | ||||||||
|
| |||||||
Manufacturing — 1.3% | ||||||||
Bombardier, Inc. (a) | 1,059,000 | 1,098,713 | ||||||
Harsco Corp | 2,048,000 | 2,077,458 | ||||||
SPX Corp. | 337,000 | 359,748 | ||||||
Textron, Inc. | 2,500,000 | 2,670,705 | ||||||
Tyco Electronics Group SA | 1,461,000 | 1,684,629 | ||||||
|
| |||||||
7,891,253 | ||||||||
|
| |||||||
Metal Fabricate & Hardware — 0.1% | ||||||||
The Timken Co. | 335,000 | 350,879 | ||||||
|
| |||||||
Mining — 1.0% | ||||||||
Rio Tinto Finance USA PLC | 1,929,000 | 1,929,559 | ||||||
Vale Overseas Ltd. | 3,330,000 | 3,681,595 | ||||||
|
| |||||||
5,611,154 | ||||||||
|
| |||||||
Office Equipment/Supplies — 0.5% | ||||||||
Pitney Bowes, Inc. | 300,000 | 317,805 | ||||||
Pitney Bowes, Inc. | 395,000 | 435,332 | ||||||
Xerox Corp. | 250,000 | 260,669 | ||||||
Xerox Corp. | 1,755,000 | 1,834,403 | ||||||
|
| |||||||
2,848,209 | ||||||||
|
| |||||||
Oil & Gas — 1.6% | ||||||||
Chesapeake Energy Corp. | 1,700,000 | 1,706,375 | ||||||
Chesapeake Energy Corp. | 660,000 | 726,825 | ||||||
Chesapeake Energy Corp., Convertible | 105,000 | 95,813 |
The accompanying notes are an integral part of the financial statements.
72
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MassMutual Premier Short-Duration Bond Fund – Portfolio of Investments (Continued)
Principal Amount | Value | |||||||
Chesapeake Energy Corp., Convertible | $ | 1,065,000 | $ | 1,046,362 | ||||
Newfield Exploration Co. | 550,000 | 577,500 | ||||||
Petrobras International Finance Co. | 1,900,000 | 1,927,573 | ||||||
Tesoro Corp. | 400,000 | 437,000 | ||||||
Transocean, Inc. | 2,509,000 | 2,691,655 | ||||||
Transocean, Inc. | 200,000 | 219,178 | ||||||
|
| |||||||
9,428,281 | ||||||||
|
| |||||||
Oil & Gas Services — 0.3% | ||||||||
Superior Energy Services, Inc. | 1,228,000 | 1,341,590 | ||||||
Weatherford International Ltd. | 600,000 | 649,976 | ||||||
|
| |||||||
1,991,566 | ||||||||
|
| |||||||
Pharmaceuticals — 0.9% | ||||||||
AbbVie, Inc. | 500,000 | 495,895 | ||||||
Express Scripts Holding Co. | 2,500,000 | 2,539,903 | ||||||
Mylan, Inc. (a) | 2,200,000 | 2,510,347 | ||||||
|
| |||||||
5,546,145 | ||||||||
|
| |||||||
Pipelines — 0.3% | ||||||||
Enable Oklahoma Intrastate Transmission LLC (a) | 930,000 | 961,955 | ||||||
Energy Transfer Partners LP FRN (a) | 575,000 | 516,781 | ||||||
Gulf South Pipeline Co. LP (a) | 275,000 | 288,062 | ||||||
|
| |||||||
1,766,798 | ||||||||
|
| |||||||
Real Estate — 1.6% | ||||||||
Colonial Realty LP | 2,225,000 | 2,306,646 | ||||||
ProLogis LP | 2,090,000 | 2,240,135 | ||||||
ProLogis LP, Series A | 2,000,000 | 2,200,418 | ||||||
Regency Centers LP | 2,220,000 | 2,372,219 | ||||||
|
| |||||||
9,119,418 | ||||||||
|
| |||||||
Real Estate Investment Trusts (REITS) — 4.2% | ||||||||
American Tower Corp. | 2,430,000 | 2,539,056 | ||||||
Boston Properties LP | 3,000,000 | 3,212,757 |
Principal Amount | Value | |||||||
DDR Corp. | $ | 2,400,000 | $ | 2,857,934 | ||||
DDR Corp. | 145,000 | 171,981 | ||||||
Developers Diversified Realty Corp. | 1,995,000 | 2,124,292 | ||||||
Duke Realty LP | 1,494,000 | 1,666,523 | ||||||
Duke Realty LP | 550,000 | 683,818 | ||||||
Federal Realty Investment Trust | 2,100,000 | 2,378,888 | ||||||
HCP, Inc. | 1,450,000 | 1,630,667 | ||||||
Highwoods Realty LP | 710,000 | 781,478 | ||||||
Kimco Realty Corp. | 750,000 | 750,000 | ||||||
Realty Income Corp. | 205,000 | 200,411 | ||||||
Realty, Inc. | 1,750,000 | 1,958,591 | ||||||
UDR, Inc. | 1,650,000 | 1,730,812 | ||||||
UDR, Inc. | 1,500,000 | 1,614,031 | ||||||
Ventas Realty LP/Ventas Capital Corp. | 500,000 | 522,248 | ||||||
|
| |||||||
24,823,487 | ||||||||
|
| |||||||
Retail — 0.6% | ||||||||
Best Buy Co., Inc. | 1,450,000 | 1,493,500 | ||||||
Macy’s Retail Holdings, Inc. | 1,681,000 | 1,745,771 | ||||||
Macy’s Retail Holdings, Inc. | 250,000 | 296,287 | ||||||
|
| |||||||
3,535,558 | ||||||||
|
| |||||||
Savings & Loans — 0.9% | ||||||||
Glencore Funding LLC (a) | 2,638,000 | 2,599,258 | ||||||
Glencore Funding LLC (a) | 2,325,000 | 2,381,061 | ||||||
|
| |||||||
4,980,319 | ||||||||
|
| |||||||
Software — 0.3% | ||||||||
ManTech International Corp. | 1,250,000 | 1,321,875 | ||||||
Oracle Corp. | 600,000 | 589,283 | ||||||
|
| |||||||
1,911,158 | ||||||||
|
|
The accompanying notes are an integral part of the financial statements.
73
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MassMutual Premier Short-Duration Bond Fund – Portfolio of Investments (Continued)
Principal Amount | Value | |||||||
Telecommunications — 1.4% | ||||||||
CenturyLink, Inc. | $ | 1,910,000 | $ | 1,986,400 | ||||
MetroPCS Wireless, Inc. | 139,000 | 150,294 | ||||||
Qwest Corp. | 975,000 | 1,128,143 | ||||||
Telecom Italia Capital | 1,098,000 | 1,130,098 | ||||||
Telefonica Emisiones SAU | 331,000 | 363,700 | ||||||
Verizon Communications, Inc. | 185,000 | 190,677 | ||||||
Virgin Media Finance PLC | 822,000 | 891,870 | ||||||
Virgin Media Secured Finance PLC | 2,270,000 | 2,363,637 | ||||||
|
| |||||||
8,204,819 | ||||||||
|
| |||||||
Transportation — 1.0% | ||||||||
Asciano Finance (a) | 4,285,000 | 4,371,518 | ||||||
Asciano Finance (a) | 388,000 | 411,599 | ||||||
Ryder System, Inc. | 1,295,000 | 1,299,251 | ||||||
|
| |||||||
6,082,368 | ||||||||
|
| |||||||
Trucking & Leasing — 0.6% | ||||||||
GATX Corp. | 105,000 | 109,608 | ||||||
GATX Corp. | 185,000 | 194,642 | ||||||
GATX Corp. | 695,000 | 726,723 | ||||||
Penske Truck Leasing Co. LP/PTL Finance Corp. (a) | 550,000 | 566,118 | ||||||
Penske Truck Leasing Co. LP/PTL Finance Corp. (a) | 1,910,000 | 1,999,218 | ||||||
|
| |||||||
3,596,309 | ||||||||
|
| |||||||
TOTAL CORPORATE DEBT (Cost $218,274,277) | 220,696,026 | |||||||
|
| |||||||
MUNICIPAL OBLIGATIONS — 0.5% | ||||||||
Louisiana State Public Facilities Authority FRN | 500,000 | 499,825 | ||||||
North Carolina State Education Assistance Authority FRN | 116,828 | 116,820 |
Principal Amount | Value | |||||||
North Carolina State Education Assistance Authority FRN | $ | 800,000 | $ | 804,048 | ||||
State of California | 245,000 | 273,849 | ||||||
State of Illinois | 1,200,000 | 1,299,036 | ||||||
|
| |||||||
2,993,578 | ||||||||
|
| |||||||
TOTAL MUNICIPAL OBLIGATIONS (Cost $2,855,970) | 2,993,578 | |||||||
|
| |||||||
NON-U.S. GOVERNMENT AGENCY OBLIGATIONS — 18.2% | ||||||||
Automobile ABS — 3.0% | ||||||||
American Credit Acceptance Receivables Trust, Series 2012-2, Class A (a) | 476,022 | 477,013 | ||||||
ARI Fleet Lease Trust, Series 2012-A, Class A FRN (a) | 388,197 | 388,259 | ||||||
Avis Budget Rental Car Funding AESOP LLC, Series 2011-1A, Class A (a) | 193,333 | 193,545 | ||||||
Avis Budget Rental Car Funding AESOP LLC, Series 2012-1A, Class A (a) | 800,000 | 812,607 | ||||||
California Republic Auto Receivables Trust, Series 2012-1, Class A (a) | 594,271 | 594,808 | ||||||
California Republic Auto Receivables Trust, Series 2013-1, Class A2 (a) | 2,235,000 | 2,240,433 | ||||||
Capital Automotive REIT, | 531,077 | 528,305 | ||||||
CarNow Auto Receivables Trust, Series 2013-1A, Class A (a) | 596,738 | 596,764 | ||||||
CFC LLC, Series 2013-1A, Class A (a) | 399,441 | 399,457 | ||||||
Chesapeake Funding LLC, | 906,390 | 909,610 | ||||||
CPS Auto Trust, Series 2013-C, | 1,250,000 | 1,247,419 | ||||||
CPS Auto Trust, Series 2013-B, | 1,942,215 | 1,938,679 | ||||||
Credit Acceptance Auto Loan Trust, Series 2012-1A, Class A (a) | 1,000,000 | 1,010,998 |
The accompanying notes are an integral part of the financial statements.
74
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MassMutual Premier Short-Duration Bond Fund – Portfolio of Investments (Continued)
Principal Amount | Value | |||||||
DT Auto Owner Trust, Series 2013-1A, Class A (a) | $ | 635,424 | $ | 635,490 | ||||
Enterprise Fleet Financing LLC, | 747,699 | 750,652 | ||||||
Enterprise Fleet Financing LLC, | 312,456 | 312,832 | ||||||
Enterprise Fleet Financing LLC, | 254,237 | 255,342 | ||||||
Exeter Automobile Receivables Trust, Series 2013-1A, Class A (a) | 497,988 | 496,759 | ||||||
First Investors Auto Owner Trust, | 214,233 | 215,238 | ||||||
Flagship Credit Auto Trust, | 615,993 | 615,351 | ||||||
Hertz Vehicle Financing LLC, | 450,000 | 475,718 | ||||||
Hertz Vehicle Financing LLC, | 300,000 | 316,667 | ||||||
LAI Vehicle Lease Securitization Trust, Series 2010-A, Class A (a) | 33,042 | 33,066 | ||||||
Prestige Auto Receivables Trust, | 443,284 | 443,839 | ||||||
Rental Car Finance Corp., | 340,000 | 345,753 | ||||||
Santander Consumer Acquired Receivables Trust, Series 2011-WO, Class B (a) | 1,106,799 | 1,108,355 | ||||||
Wheels SPV LLC, | 482,288 | 483,974 | ||||||
|
| |||||||
17,826,933 | ||||||||
|
| |||||||
Commercial MBS — 4.7% | ||||||||
Banc of America Commercial | 825,000 | 927,297 | ||||||
Banc of America Commercial | 1,275,000 | 1,463,582 |
Principal Amount | Value | |||||||
Bear Stearns Commercial | $ | 875,000 | $ | 931,969 | ||||
Bear Stearns Commercial | 750,000 | 825,134 | ||||||
Bear Stearns Commercial | 500,000 | 548,013 | ||||||
Bear Stearns Commercial | 700,000 | 787,817 | ||||||
Bear Stearns Commercial | 625,000 | 705,403 | ||||||
Bear Stearns Commercial | 261,747 | 263,672 | ||||||
Bear Stearns Commercial | 900,000 | 980,694 | ||||||
Commercial Mortgage Pass Through Certificates, Series 2006-C7, | 400,000 | 429,393 | ||||||
Commercial Mortgage Pass Through Certificates, Series 2007-C9, | 1,055,000 | 1,198,611 | ||||||
Commercial Mortgage Trust, | 715,000 | 790,009 | ||||||
Credit Suisse First Boston Mortgage Securities Corp., Series 2004-C1, Class A4 VRN | 377,292 | 378,577 | ||||||
DBRR Trust, | 871,711 | 870,374 | ||||||
DBUBS Mortgage Trust, | 380,407 | 385,033 | ||||||
DBUBS Mortgage Trust, | 525,000 | 551,061 |
The accompanying notes are an integral part of the financial statements.
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Principal Amount | Value | |||||||
DBUBS Mortgage Trust, | $ | 881,379 | $ | 928,975 | ||||
Greenwich Capital Commercial Funding Corp., Series 2006-GG7, | 1,121,796 | 1,233,121 | ||||||
JP Morgan Chase Commercial Mortgage Securities Corp., Series 2006-CB17, Class A4 | 1,200,000 | 1,313,038 | ||||||
Merrill Lynch/Countrywide Commercial Mortgage Trust, Series 2007-9, Class A4 | 825,000 | 922,824 | ||||||
ML-CFC Commercial Mortgage Trust, | 680,000 | 758,102 | ||||||
Morgan Stanley Capital I, | 192,540 | 194,309 | ||||||
Morgan Stanley Capital I, | 450,000 | 491,225 | ||||||
Morgan Stanley Capital I, | 537,297 | 551,646 | ||||||
Morgan Stanley Capital I, Series 2008-T29, Class A4 VRN | 400,000 | 466,403 | ||||||
Morgan Stanley Capital I Trust, | 575,000 | 584,454 | ||||||
STRIPs Ltd., | 555,649 | 547,315 | ||||||
TIAA Seasoned Commercial Mortgage Trust, Series 2007-C4, Class A3 VRN | 421,289 | 437,784 | ||||||
TIAA Seasoned Commercial Mortgage Trust, Series 2007-C4, Class AJ VRN | 450,000 | 480,672 | ||||||
VFC LLC (Acquired 9/19/13, Cost $2,620,000), | 2,620,000 | 2,620,220 | ||||||
Wachovia Bank Commercial Mortgage Trust, Series 2007-C31, Class A4 | 1,450,000 | 1,596,200 | ||||||
Wells Fargo Reremic Trust, | 487,513 | 485,899 |
Principal Amount | Value | |||||||
WF-RBS Commercial Mortgage Trust, Series 2012-C10, Class A2 | $ | 880,000 | $ | 876,532 | ||||
WF-RBS Commercial Mortgage Trust, Series 2011-C3, Class A2 (a) | 400,000 | 418,027 | ||||||
WF-RBS Commercial Mortgage Trust, Series 2011-C2, Class A2 (a) | 475,000 | 501,101 | ||||||
|
| |||||||
27,444,486 | ||||||||
|
| |||||||
Home Equity ABS — 2.3% | ||||||||
ACE Securities Corp., | 284,934 | 279,335 | ||||||
ACE Securities Corp., | 419,568 | 401,033 | ||||||
ACE Securities Corp., | 163,809 | 162,575 | ||||||
Ameriquest Mortgage Securities, Inc., Series 2005-R5, Class A2C FRN 0.538% 7/25/35 | 110,005 | 109,228 | ||||||
Ameriquest Mortgage Securities, Inc., Series 2004-R11, Class A2 FRN 0.548% 11/25/34 | 212,622 | 210,204 | ||||||
Asset-Backed Funding Certificates, | 381,665 | 372,194 | ||||||
Bayview Financial Acquisition Trust, Series 2004-D, Class A FRN | 35,659 | 35,437 | ||||||
Citigroup Mortgage Loan Trust, Inc., Series 2003-HE4, Class A FRN (a) | 104,789 | 103,081 | ||||||
Citigroup Mortgage Loan Trust, Inc., Series 2005-OPT4, Class M2 FRN 0.608% 7/25/35 | 287,450 | 275,955 | ||||||
Countrywide Asset-Backed Certificates, Series 2005-3, Class MV2 FRN | 406,777 | 384,756 | ||||||
Countrywide Asset-Backed Certificates, Series 2004-5, Class 3A FRN | 83,223 | 82,452 | ||||||
Credit-Based Asset Servicing and Securitization LLC, Series 2006-RP2, Class A2 FRN (a) | 515,793 | 509,660 | ||||||
First Franklin Mortgage Loan Trust, | 770,000 | 715,225 |
The accompanying notes are an integral part of the financial statements.
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Principal Amount | Value | |||||||
First Franklin Mortgage Loan Trust, | $ | 745,470 | $ | 710,344 | ||||
Fremont Home Loan Trust, | 297,610 | 287,691 | ||||||
GSAMP Trust, | 281,334 | 262,946 | ||||||
Home Equity Asset Trust, | 258,971 | 246,261 | ||||||
Home Equity Asset Trust, | 95,578 | 95,075 | ||||||
Home Equity Asset Trust, | 325,877 | 320,999 | ||||||
HSBC Home Equity Loan Trust, | 513,732 | 427,583 | ||||||
Lake Country Mortgage Loan Trust, | 451,795 | 434,574 | ||||||
Long Beach Mortgage Loan Trust, | 1,425 | 1,416 | ||||||
Long Beach Mortgage Loan Trust, | 151,472 | 149,598 | ||||||
Long Beach Mortgage Loan Trust, | 921,127 | 868,858 | ||||||
Merrill Lynch Mortgage Investors Trust, Series 2006-FF1, Class A2C FRN | 538,578 | 503,571 | ||||||
Merrill Lynch Mortgage Synthetic, | 1,134,795 | 1,091,818 | ||||||
Morgan Stanley Capital, Inc., | 725,068 | 694,535 | ||||||
New Century Home Equity Loan Trust, Series 2005-2, Class A2C FRN | 85,305 | 85,183 | ||||||
New Century Home Equity Loan Trust, Series 1997-NC5, Class A6 STEP | 376 | 393 | ||||||
Nomura Home Equity Loan, Inc., | 191,193 | 187,455 | ||||||
Park Place Securities, Inc., | 494,724 | 475,977 |
Principal Amount | Value | |||||||
Park Place Securities, Inc., | $ | 459,096 | $ | 448,351 | ||||
Park Place Securities, Inc., | 370,614 | 361,581 | ||||||
Residential Asset Mortgage Products, Inc., Series 2005-EFC4, | 871,533 | 849,528 | ||||||
Residential Asset Securities Corp., | 174,347 | 172,533 | ||||||
Residential Asset Securities Corp., | 103,339 | 102,091 | ||||||
Residential Asset Securities Corp., | 755,000 | 738,055 | ||||||
Specialty Underwriting & Residential Finance, | 129,058 | 127,642 | ||||||
Structured Asset Investment Loan Trust, Series 2005-7, Class A5 FRN | 330,401 | 323,847 | ||||||
|
| |||||||
13,609,040 | ||||||||
|
| |||||||
Other ABS — 4.7% | ||||||||
321 Henderson Receivables I LLC, | 1,271,394 | 1,331,868 | ||||||
ARL First LLC, | 460,378 | 462,896 | ||||||
Cajun Global LLC, | 565,045 | 604,605 | ||||||
CLI Funding LLC, | 847,090 | 830,233 | ||||||
Domino’s Pizza Master Issuer LLC, | 630,488 | 677,278 | ||||||
Drug Royalty Corp., Inc., | 763,077 | 781,134 | ||||||
Drug Royalty II LP 1, | 550,432 | 558,688 | ||||||
FRS I LLC, | 411,615 | 409,289 |
The accompanying notes are an integral part of the financial statements.
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Principal Amount | Value | |||||||
Hercules Capital Funding Trust, | $ | 634,024 | $ | 636,006 | ||||
HFG Healthco-4 LLC, | 575,000 | 583,625 | ||||||
Hilton Grand Vacations Trust, | 1,201,086 | 1,201,211 | ||||||
HLSS Servicer Advance Receivables Backed Notes, Series 2013-T2, | 590,000 | 586,196 | ||||||
Horizon Funding Trust, | 720,000 | 719,550 | ||||||
Icon Brands Holdings LLC, | 159,225 | 158,837 | ||||||
Icon Brands Holdings LLC, | 551,367 | 553,049 | ||||||
Leaf II Receivables Funding LLC, | 688,124 | 688,124 | ||||||
Marriott Vacation Club Owner Trust, | 1,267,688 | 1,307,022 | ||||||
Morgan Stanley ABS Capital I, Inc. Trust, Series 2005-WMC4, | 1,881,328 | 1,823,331 | ||||||
MVW Owner Trust, | 700,253 | 700,799 | ||||||
Nations Equipment Finance Funding I LLC, Series 2013-1A, Class A (a) | 1,228,011 | 1,228,011 | ||||||
New York City Tax Lien, | 322,932 | 322,874 | ||||||
Newport Waves CDO (Acquired 3/30/07, Cost $1,598,144), Series 2007-1A, | 1,600,000 | 1,581,120 | ||||||
Oxford Finance Funding Trust, | 971,341 | 981,054 | ||||||
PFS Financing Corp., Series 2011-BA, Class A FRN (a) | 750,000 | 754,611 | ||||||
Sierra Receivables Funding Co. LLC, Series 2007-2A, Class A2 FRN (a) | 1,014,235 | 1,014,034 |
Principal Amount | Value | |||||||
Sierra Receivables Funding Co. LLC, Series 2012-1A, Class A (a) | $ | 324,432 | $ | 330,520 | ||||
Sierra Receivables Funding Co. LLC, Series 2011-3A, Class A (a) | 217,349 | 223,425 | ||||||
Sierra Timeshare Receivables Funding LLC, Series 2013-2A, Class A (a) | 638,078 | 637,813 | ||||||
SVO VOI Mortgage LLC, | 262,938 | 270,725 | ||||||
TAL Advantage LLC, | 878,333 | 865,800 | ||||||
Textainer Marine Containers Ltd., | 885,000 | 878,029 | ||||||
Textainer Marine Containers Ltd., | 600,833 | 610,085 | ||||||
Trafigura Securitisation Finance PLC, Series 2012-1A, Class A FRN (a) 2.582% 10/15/15 | 340,000 | 342,196 | ||||||
Trip Rail Master Funding LLC, | 870,828 | 890,715 | ||||||
Triton Container Finance LLC, Series 2006-1A FRN (a) | 1,075,083 | 1,051,938 | ||||||
Triton Container Finance LLC, | 728,000 | 739,014 | ||||||
|
| |||||||
27,335,705 | ||||||||
|
| |||||||
Student Loans ABS — 3.0% | ||||||||
Access Group, Inc., | 400,000 | 367,609 | ||||||
Access Group, Inc., | 171,938 | 169,479 | ||||||
Access Group, Inc., | 548,151 | 547,885 | ||||||
Access Group, Inc., | 749,335 | 735,785 | ||||||
Brazos Higher Education Authority, Series 2005-1, Class 1A2 FRN | 141,050 | 140,877 | ||||||
College Loan Corp. Trust, | 1,075,000 | 892,250 |
The accompanying notes are an integral part of the financial statements.
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Principal Amount | Value | |||||||
Collegiate Funding Services Education Loan Trust, Series 2005-A, | $ | 391,603 | $ | 390,903 | ||||
Education Funding Capital Trust I, | 439,239 | 438,277 | ||||||
Education Funding Capital Trust I, | 650,000 | 643,500 | ||||||
Education Funding Capital Trust I, | 450,000 | 440,235 | ||||||
Education Funding Capital Trust I, | 300,000 | 255,088 | ||||||
GCO Education Loan Funding Trust, Series 2006-2A, Class A2L FRN (a) | 1,470,080 | 1,464,140 | ||||||
Goal Capital Funding Trust, | 594,759 | 588,105 | ||||||
KeyCorp Student Loan Trust, | 685,000 | 599,253 | ||||||
KeyCorp Student Loan Trust, | 519,127 | 509,527 | ||||||
Montana Higher Education Student Assistance Corp., Series 2012-1, Class A1 FRN | 246,395 | 246,595 | ||||||
National Collegiate Student Loan Trust, Series 2005-2, Class A3 FRN | 301,779 | 296,487 | ||||||
Nelnet Student Loan Trust, | 292,468 | 294,802 | ||||||
Northstar Education Finance, Inc., | 369,213 | 367,555 | ||||||
Northstar Education Finance, Inc., | 286,787 | 286,602 | ||||||
Northstar Education Finance, Inc., | 345,057 | 343,574 | ||||||
Pennsylvania Higher Education Assistance Agency, Series 2005-1, | 394,065 | 393,434 | ||||||
SLC Student Loan Trust, | 573,216 | 572,247 |
Principal Amount | Value | |||||||
SLC Student Loan Trust, | $ | 1,810,000 | $ | 1,764,895 | ||||
SLM Student Loan Trust, | 800,000 | 800,000 | ||||||
SLM Student Loan Trust, | 500,000 | 500,000 | ||||||
SLM Student Loan Trust, | 758,388 | 677,469 | ||||||
SLM Student Loan Trust, | 424,172 | 424,801 | ||||||
SLM Student Loan Trust, | 513,186 | 513,513 | ||||||
SLM Student Loan Trust, | 467,830 | 470,914 | ||||||
SLM Student Loan Trust, | 100,000 | 100,000 | ||||||
SLM Student Loan Trust, | 250,000 | 250,000 | ||||||
SLM Student Loan Trust, | 125,000 | 125,000 | ||||||
SLM Student Loan Trust, | 184,655 | 184,911 | ||||||
SLM Student Loan Trust, | 100,000 | 100,000 | ||||||
SMS Student Loan Trust, | 182,954 | 182,414 | ||||||
South Carolina Student Loan Corp., | 235,563 | 235,610 | ||||||
Wachovia Student Loan Trust, | 145,426 | 145,279 | ||||||
|
| |||||||
17,459,015 | ||||||||
|
|
The accompanying notes are an integral part of the financial statements.
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Principal Amount | Value | |||||||
WL Collateral CMO — 0.4% | ||||||||
Bank of America Mortgage Securities, Series 2004-G, Class 2A7 FRN | $ | 183,273 | $ | 162,454 | ||||
Countrywide Home Loans, Inc., | 37,305 | 37,551 | ||||||
Countrywide Home Loans, Inc., | 9,457 | 8,357 | ||||||
GSR Mortgage Loan Trust, | 29,600 | 28,043 | ||||||
Harborview Mortgage Loan Trust, | 687,564 | 555,630 | ||||||
Impac Secured Assets CMN Owner Trust, Series 2007-2, Class 1A1A FRN | 757,935 | 490,344 | ||||||
IndyMac Index Mortgage Loan Trust, Series 2004-AR4, Class 1A FRN | 117,530 | 95,986 | ||||||
Merrill Lynch Mortgage Investors, Inc., Series 2005-A8, Class A3A2 FRN | 203,474 | 184,505 | ||||||
Merrill Lynch Mortgage Investors, Inc., Series 2004-A1, Class IA FRN | 13,967 | 13,077 | ||||||
Merrill Lynch Mortgage Investors, Inc., Series 2004-A1, Class IIA2 FRN | 283,400 | 287,804 | ||||||
Merrill Lynch Mortgage Investors, Inc., Series 2003-A4, Class IA FRN | 7,022 | 7,007 | ||||||
Morgan Stanley Mortgage Loan Trust, Series 2004-2AR, Class 1A FRN 2.500% 2/25/34 | 345 | 346 | ||||||
Morgan Stanley Reremic Trust, | 293,183 | 293,682 | ||||||
Opteum Mortgage Acceptance Corp., Series 2005-3, Class A1B FRN | 74,257 | 73,034 | ||||||
Structured Adjustable Rate Mortgage Loan Trust, Series 2004-2, Class 2A FRN | 74,766 | 74,727 | ||||||
WaMu Mortgage Pass-Through Certificates, Series 2004-AR2, | 173,469 | 167,129 | ||||||
|
| |||||||
2,479,676 | ||||||||
|
|
Principal Amount | Value | |||||||
WL Collateral PAC — 0.1% | ||||||||
Structured Asset Securities Corp., | $ | 423,555 | $ | 412,090 | ||||
Structured Asset Securities Corp., | 51,419 | 45,464 | ||||||
|
| |||||||
457,554 | ||||||||
|
| |||||||
TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $105,960,695) | 106,612,409 | |||||||
|
| |||||||
U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES — 2.6% | ||||||||
Pass-Through Securities — 2.6% | ||||||||
Federal Home Loan Mortgage Corp. | ||||||||
Pool #1Q0239 2.422% | 977,669 | 1,045,601 | ||||||
Pool #E00856 7.500% | 2,225 | 2,325 | ||||||
Federal National Mortgage Association | 213,630 | 223,607 | ||||||
Pool #888586 2.339% | 467,063 | 493,450 | ||||||
Pool #775539 2.362% | 235,608 | 249,734 | ||||||
Pool #684154 5.500% | 16,905 | 17,910 | ||||||
Pool #702331 5.500% | 277,290 | 294,233 | ||||||
Pool #725796 5.500% | 1,240,921 | 1,325,611 | ||||||
Pool #844564 5.500% | 256,938 | 276,029 | ||||||
Federal National Mortgage Association TBA | 1,395,000 | 1,444,261 | ||||||
Pool #6268 3.500% | 2,000,000 | 2,111,250 | ||||||
Pool #29322 5.000% | 2,600,000 | 2,819,781 | ||||||
Pool #43611 5.500% | 3,300,000 | 3,598,547 | ||||||
Government National Mortgage Association | 568,321 | 589,494 | ||||||
Pool #507545 7.500% | 34,977 | 42,016 |
The accompanying notes are an integral part of the financial statements.
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Principal Amount | Value | |||||||
Government National Mortgage Association II | $ | 516,185 | $ | 539,457 | ||||
|
| |||||||
15,073,306 | ||||||||
|
| |||||||
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (Cost $14,743,000) | 15,073,306 | |||||||
|
| |||||||
U.S. TREASURY OBLIGATIONS — 1.9% | ||||||||
U.S. Treasury Bonds & Notes — 1.9% | ||||||||
U.S. Treasury Note (d) | 75,000 | 75,015 | ||||||
U.S. Treasury Note (d) (e) | 2,350,000 | 2,309,747 | ||||||
U.S. Treasury Note (e) | 4,050,000 | 3,998,030 | ||||||
U.S. Treasury Note (d) | 275,000 | 276,840 | ||||||
U.S. Treasury Note | 5,150,000 | 4,797,546 | ||||||
|
| |||||||
11,457,178 | ||||||||
|
| |||||||
TOTAL U.S. TREASURY OBLIGATIONS (Cost $11,389,133) | 11,457,178 | |||||||
|
| |||||||
TOTAL BONDS & NOTES (Cost $353,223,075) | 356,832,497 | |||||||
|
| |||||||
TOTAL LONG-TERM INVESTMENTS (Cost $353,223,075) | 356,832,497 | |||||||
|
| |||||||
SHORT-TERM INVESTMENTS — 42.0% | ||||||||
Commercial Paper — 41.7% | ||||||||
AGL Capital Corp. (a) | 8,900,000 | 8,893,597 | ||||||
Airgas, Inc. (a) | 9,000,000 | 8,991,670 | ||||||
British Telecommunications PLC (a) | 7,000,000 | 6,974,275 | ||||||
Canadian Natural Resources Ltd. (a) | 10,000,000 | 9,998,167 | ||||||
Centrica PLC (a) | 3,000,000 | 2,997,960 | ||||||
Daimler Finance North America LLC (a) | 8,500,000 | 8,479,602 | ||||||
DIRECTV Holdings LLC (a) | 2,000,000 | 1,999,022 | ||||||
DIRECTV Holdings LLC (a) | 3,000,000 | 2,997,540 |
Principal Amount | Value | |||||||
DIRECTV Holdings LLC (a) | $ | 6,927,000 | $ | 6,921,751 | ||||
Duke Energy Corp. (a) | 6,000,000 | 5,990,133 | ||||||
Duke Energy Corp. (a) | 2,000,000 | 1,996,707 | ||||||
Ecolab, Inc. (a) | 10,000,000 | 9,991,108 | ||||||
Enbridge, Inc. (a) | 7,380,000 | 7,378,955 | ||||||
Enbridge, Inc. (a) | 250,000 | 249,949 | ||||||
ERAC USA Finance LLC (a) | 3,789,000 | 3,788,912 | ||||||
FMC Corp. (a) | 10,000,000 | 10,000,000 | ||||||
Glencore Funding LLC | 2,000,000 | 1,997,700 | ||||||
Hewlett-Packard Co. (a) | 2,000,000 | 1,999,592 | ||||||
Hewlett-Packard Co. (a) | 8,000,000 | 7,998,320 | ||||||
Hewlett-Packard Co. (a) | 2,992,000 | 2,991,192 | ||||||
Holcim US Finance Sarl & Cie (a) | 385,000 | 384,991 | ||||||
Holcim US Finance Sarl & Cie (a) | 2,500,000 | 2,498,746 | ||||||
Holcim US Finance Sarl & Cie (a) | 6,000,000 | 5,999,267 | ||||||
Holcim US Finance Sarl & Cie (a) | 4,000,000 | 3,998,068 | ||||||
National Grid USA (a) | 1,250,000 | 1,249,309 | ||||||
National Grid USA (a) | 8,220,000 | 8,215,981 | ||||||
National Grid USA (a) | 2,987,000 | 2,985,265 | ||||||
Nissan Motor Acceptance Corp. (a) | 495,000 | 494,817 | ||||||
Noble Corp. (a) | 2,000,000 | 1,999,013 | ||||||
Noble Corp. (a) | 5,700,000 | 5,697,407 | ||||||
Pearson Holdings, Inc. (a) | 10,000,000 | 9,998,583 | ||||||
Pentair Finance (a) | 10,400,000 | 10,398,700 | ||||||
Spectra Energy Capital LLC (a) | 10,000,000 | 9,996,700 | ||||||
Stanley Works (a) | 5,000,000 | 4,995,843 |
The accompanying notes are an integral part of the financial statements.
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Principal Amount | Value | |||||||
Stanley Works (a) | $ | 5,000,000 | $ | 4,995,800 | ||||
Tesco Treasury Services PLC (a) | 7,200,000 | 7,183,412 | ||||||
Transcanada PipeLines, Ltd. (a) | 10,000,000 | 9,997,433 | ||||||
Vodafone Group PLC (a) | 1,000,000 | 999,761 | ||||||
Vodafone Group PLC (a) | 3,600,000 | 3,598,803 | ||||||
Vodafone Group PLC (a) | 3,400,000 | 3,388,814 | ||||||
Volvo Group Treasury NA (a) | 11,000,000 | 10,995,050 | ||||||
Volvo Group Treasury NA (a) | 1,765,000 | 1,763,975 | ||||||
WellPoint, Inc. (a) | 10,000,000 | 9,990,925 | ||||||
Xstrata Finance Canada Ltd. (a) | 10,000,000 | 9,986,000 | ||||||
|
| |||||||
244,448,815 | ||||||||
|
| |||||||
Time Deposits — 0.3% | ||||||||
Euro Time Deposit | 1,616,836 | 1,616,836 | ||||||
|
| |||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $246,065,651) | 246,065,651 | |||||||
|
| |||||||
TOTAL INVESTMENTS — 102.9% (Cost $599,288,726) (f) | 602,898,148 | |||||||
Other Assets/ (Liabilities) — (2.9)% | (17,133,994 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 585,764,154 | ||||||
|
|
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, 2013, these securities amounted to a value of $342,019,218 or 58.39% of net assets. |
(b) | Restricted security. Certain securities are restricted as to resale. At September 30, 2013, these securities amounted to a value of $4,201,340 or 0.72% of net assets. The Funds generally bear the costs, if any, associated with the disposition of restricted securities. |
(c) | A portion of this security is purchased on a when-issued, delayed-delivery or forward commitment basis. (Note 2). |
(d) | A portion of this security is held as collateral for open futures contracts. (Note 2). |
(e) | All or a portion of this security is held as collateral for open swap agreements. (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, 2013
Principal Amount | Value | |||||||
BONDS & NOTES — 139.3% | ||||||||
CORPORATE DEBT — 1.6% | ||||||||
Banks — 0.4% | ||||||||
Associated Banc-Corp. | $ | 850,000 | $ | 850,933 | ||||
First Horizon National Corp. | 390,000 | 421,475 | ||||||
|
| |||||||
1,272,408 | ||||||||
|
| |||||||
Computers — 0.2% | ||||||||
Hewlett-Packard Co. | 700,000 | 717,703 | ||||||
|
| |||||||
Diversified Financial — 0.3% | ||||||||
Ford Motor Credit Co. LLC | 700,000 | 817,745 | ||||||
|
| |||||||
Oil & Gas — 0.3% | ||||||||
Transocean, Inc. | 675,000 | 724,140 | ||||||
|
| |||||||
Real Estate Investment Trusts (REITS) — 0.4% | ||||||||
DDR Corp. | 945,000 | 1,120,839 | ||||||
|
| |||||||
TOTAL CORPORATE DEBT (Cost $4,734,330) | 4,652,835 | |||||||
|
| |||||||
MUNICIPAL OBLIGATIONS — 0.3% | ||||||||
Educational Funding of the South, Inc. FRN | 487,017 | 485,873 | ||||||
Louisiana State Public Facilities Authority | 340,000 | 339,881 | ||||||
North Carolina State Education Assistance Authority FRN | 57,209 | 57,206 | ||||||
|
| |||||||
882,960 | ||||||||
|
| |||||||
TOTAL MUNICIPAL OBLIGATIONS (Cost $884,148) | 882,960 | |||||||
|
| |||||||
NON-U.S. GOVERNMENT AGENCY OBLIGATIONS — 36.3% | ||||||||
Automobile ABS — 10.3% | ||||||||
American Credit Acceptance Receivables Trust, Series 2013-2, Class A (a) | 897,325 | 897,338 | ||||||
American Credit Acceptance Receivables Trust, Series 2012-3, Class A (a) | 317,151 | 317,089 | ||||||
American Credit Acceptance Receivables Trust, Series 2012-2, Class A (a) | 807,488 | 809,169 |
Principal Amount | Value | |||||||
AmeriCredit Automobile Receivables Trust, Series 2013-4, Class A2 | $ | 485,000 | $ | 485,162 | ||||
AmeriCredit Automobile Receivables Trust, Series 2012-2, Class A2 | 246,151 | 246,298 | ||||||
ARI Fleet Lease Trust, Series 2013-A, Class A2 (a) | 255,000 | 254,723 | ||||||
ARI Fleet Lease Trust, Series 2012-A, Class A FRN (a) | 260,320 | 260,362 | ||||||
Avis Budget Rental Car Funding AESOP LLC, Series 2011-2A, Class A (a) | 680,000 | 690,244 | ||||||
California Republic Auto Receivables Trust, Series 2012-1, Class A (a) | 281,497 | 281,751 | ||||||
California Republic Auto Receivables Trust, Series 2013-1, Class A2 (a) | 1,205,000 | 1,207,929 | ||||||
CarNow Auto Receivables Trust, | 488,940 | 488,962 | ||||||
Carnow Auto Receivables Trust, | 291,955 | 292,559 | ||||||
CFC LLC, Series 2013-1A, Class A (a) | 251,648 | 251,658 | ||||||
Chesapeake Funding LLC, | 750,000 | 751,002 | ||||||
Chesapeake Funding LLC, | 604,260 | 606,407 | ||||||
CPS Auto Trust, Series 2012-D, | 491,047 | 491,099 | ||||||
CPS Auto Trust, Series 2013-C, | 650,000 | 648,658 | ||||||
CPS Auto Trust, Series 2012-C, | 509,581 | 512,478 | ||||||
CPS Auto Trust, Series 2013-B, | 1,052,410 | 1,050,493 | ||||||
CPS Auto Trust, Series 2011-B, | 556,631 | 570,133 |
The accompanying notes are an integral part of the financial statements.
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Principal Amount | Value | |||||||
Credit Acceptance Auto Loan Trust, | $ | 855,000 | $ | 859,522 | ||||
Credit Acceptance Auto Loan Trust, | 1,150,000 | 1,159,596 | ||||||
DT Auto Owner Trust, Series 2013-1A, Class A (a) | 343,915 | 343,951 | ||||||
DT Auto Owner Trust, Series 2013-2A, Class A (a) | 1,140,000 | 1,139,944 | ||||||
Enterprise Fleet Financing LLC, | 449,291 | 449,581 | ||||||
Enterprise Fleet Financing LLC, | 46,364 | 46,420 | ||||||
Enterprise Fleet Financing LLC, | 193,221 | 194,060 | ||||||
Exeter Automobile Receivables Trust, Series 2013-1A, Class A (a) | 340,292 | 339,452 | ||||||
Exeter Automobile Receivables Trust, Series 2012-2A, Class A (a) | 800,506 | 802,034 | ||||||
Exeter Automobile Receivables Trust, Series 2013-2A, Class A (a) | 630,000 | 629,998 | ||||||
Exeter Automobile Receivables Trust, Series 2012-1A, Class A (a) | 1,205,843 | 1,209,990 | ||||||
First Investors Auto Owner Trust, | 941,421 | 939,061 | ||||||
First Investors Auto Owner Trust, | 755,000 | 755,001 | ||||||
First Investors Auto Owner Trust, | 392,761 | 394,603 | ||||||
LAI Vehicle Lease Securitization Trust, Series 2010-A, Class A (a) | 17,730 | 17,743 | ||||||
Navistar Financial Owner Trust, | 1,025,000 | 1,027,730 | ||||||
Prestige Auto Receivables Trust, | 343,188 | 343,617 |
Principal Amount | Value | |||||||
Rental Car Finance Corp., | $ | 255,000 | $ | 259,315 | ||||
Santander Consumer Acquired Receivables Trust, Series 2011-S1A, Class B (a) | 1,745,250 | 1,750,746 | ||||||
Santander Consumer Acquired Receivables Trust, Series 2011-WO, Class B (a) | 1,170,045 | 1,171,690 | ||||||
Santander Drive Auto Receivables Trust, Series 2012-4, Class A2 | 194,184 | 194,286 | ||||||
Santander Drive Auto Receivables Trust, Series 2013-4, Class A2 | 1,000,000 | 1,000,812 | ||||||
Santander Drive Auto Receivables Trust, Series 2010-A, Class A3 (a) | 46,926 | 47,010 | ||||||
Santander Drive Auto Receivables Trust, Series 2010-3, Class B | 248,814 | 249,069 | ||||||
Santander Drive Auto Receivables Trust, Series 2011-S2A, Class B (a) | 491,914 | 492,253 | ||||||
Santander Drive Auto Receivables Trust, Series 2010-2, Class B | 447,684 | 448,087 | ||||||
Santander Drive Auto Receivables Trust, Series 2011-2, Class B | 330,000 | 331,613 | ||||||
SNAAC Auto Receivables Trust, | 250,659 | 250,510 | ||||||
Tidewater Auto Receivables Trust, | 142,580 | 142,634 | ||||||
United Auto Credit Securitization Trust, Series 2013-1, Class A2 (a) | 595,000 | 595,024 | ||||||
Westlake Automobile Receivables Trust, Series 2012-1A, Class A2 (a) | 335,346 | 335,495 | ||||||
Westlake Automobile Receivables Trust, Series 2013-1A, Class A2 (a) | 695,000 | 694,930 | ||||||
Westlake Automobile Receivables Trust, Series 2011-1A, Class B (a) | 157,766 | 157,929 |
The accompanying notes are an integral part of the financial statements.
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Principal Amount | Value | |||||||
Wheels SPV LLC, Series 2012-1, Class A2 (a) | $ | 379,802 | $ | 381,130 | ||||
|
| |||||||
30,268,350 | ||||||||
|
| |||||||
Commercial MBS — 1.8% | ||||||||
Bear Stearns Commercial Mortgage Securities, Series 2006-T22, Class AAB VRN | 296,647 | 298,828 | ||||||
DBRR Trust, Series 2013-EZ3, | 458,271 | 457,568 | ||||||
GE Capital Commercial Mortgage Corp., Series 2005-C2, Class AAB | 148,181 | 148,115 | ||||||
STRIPs Ltd., Series 2012-1A, | 2,759,475 | 2,718,082 | ||||||
VFC LLC (Acquired 9/19/13, Cost $1,320,000), Series 2013-1, Class A (a) (b) | 1,320,000 | 1,320,111 | ||||||
Wells Fargo Reremic Trust, Series 2012-IO, Class A (a) | 341,590 | 340,460 | ||||||
|
| |||||||
5,283,164 | ||||||||
|
| |||||||
Home Equity ABS — 2.4% | ||||||||
ACE Securities Corp., | 149,417 | 146,481 | ||||||
ACE Securities Corp., | 178,883 | 178,354 | ||||||
Ameriquest Mortgage Securities, Inc., Series 2005-R5, Class A2C FRN | 70,403 | 69,906 | ||||||
Ameriquest Mortgage Securities, Inc., Series 2004-R11, Class A2 FRN 0.549% 11/25/34 | 189,849 | 187,690 | ||||||
Asset-Backed Securities Corp. Trust, Series 2005-HE2, Class M1 FRN 0.854% 2/25/35 | 187,879 | 182,802 | ||||||
Bayview Financial Acquisition Trust, Series 2004-D, Class A FRN | 18,228 | 18,115 | ||||||
Countrywide Asset-Backed Certificates, Series 2005-BC5, Class 3A3 FRN | 535,511 | 524,274 | ||||||
Countrywide Asset-Backed Certificates, Series 2004-5, Class 3A FRN | 51,162 | 50,688 |
Principal Amount | Value | |||||||
Countrywide Asset-Backed Certificates, Series 2005-BC4, Class M2 FRN | $ | 213,171 | $ | 211,374 | ||||
Credit-Based Asset Servicing and Securitization LLC, Series 2006-RP2, Class A2 FRN (a) | 736,896 | 728,135 | ||||||
First Franklin Mortgage Loan Trust, Series 2005-FF6, Class M1 FRN | 520,000 | 483,009 | ||||||
First Franklin Mortgage Loan Trust, Series 2005-FF4, Class M1 FRN | 410,769 | 391,414 | ||||||
Home Equity Asset Trust, Series 2006-3, Class 2A3 FRN | 63,531 | 63,197 | ||||||
Home Equity Asset Trust, Series 2005-5, Class 2A3 FRN | 91,652 | 91,437 | ||||||
Home Equity Asset Trust, Series 2005-4, Class M2 FRN | 257,271 | 253,420 | ||||||
Lake Country Mortgage Loan Trust, Series 2005-HE1, Class M1 FRN (a) | 325,293 | 312,893 | ||||||
Long Beach Mortgage Loan Trust, Series 2005-1, Class M1 FRN | 46,003 | 45,434 | ||||||
Long Beach Mortgage Loan Trust, Series 2005-WL1, Class M2 FRN | 671,729 | 633,612 | ||||||
Mastr Asset Backed Securities Trust, Series 2005-WMC1, Class M2 FRN | 665,684 | 653,409 | ||||||
Merrill Lynch Mortgage Synthetic, Series 2005-ACR1, Class M1 FRN (a) | 890,036 | 856,328 | ||||||
Morgan Stanley Home Equity Loan Trust, Series 2005-3, Class M1 FRN | 358,948 | 350,015 | ||||||
New Century Home Equity Loan Trust, Series 2005-2, Class A2C FRN | 57,387 | 57,305 | ||||||
Nomura Home Equity Loan, Inc., Series 2005-FM1, Class M1 FRN | 124,276 | 121,846 | ||||||
Park Place Securities, Inc., | 258,241 | 252,197 | ||||||
Quest Trust, Series 2005-X1, | 25,812 | 25,723 |
The accompanying notes are an integral part of the financial statements.
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Principal Amount | Value | |||||||
Residential Asset Securities Corp., Series 2006-KS2, Class A3 FRN | $ | 85,679 | $ | 84,788 | ||||
Structured Asset Investment Loan Trust, Series 2005-HE1, Class A6 FRN | 113,340 | 115,935 | ||||||
|
| |||||||
7,089,781 | ||||||||
|
| |||||||
Other ABS — 9.6% | ||||||||
321 Henderson Receivables II LLC, | 481,858 | 461,837 | ||||||
321 Henderson Receivables LLC, | 922,679 | 859,751 | ||||||
ARL First LLC, Series 2012-1A, | 1,022,039 | 1,027,630 | ||||||
CIT Equipment Collateral, | 7,709 | 7,711 | ||||||
CLI Funding LLC, Series 2006-1A, Class A FRN (a) | 1,499,613 | 1,469,771 | ||||||
Direct Capital Funding IV LLC, Series 2013-1, Class A (a) | 502,382 | 502,382 | ||||||
Drug Royalty II LP 1, Series 2012-1, Class A1 FRN (a) | 969,808 | 984,355 | ||||||
GE Equipment Small Ticket LLC, Series 2012-1A, Class A2 (a) 0.850% 11/21/14 | 232,659 | 232,742 | ||||||
GE Seaco Finance Srl, Series 2005-1A, Class A FRN (a) | 1,516,667 | 1,498,365 | ||||||
GE Seaco Finance SRL, Series 2004-1A, Class A FRN (a) | 875,000 | 872,236 | ||||||
Hercules Capital Funding Trust, Series 2012-1A, Class A (a) | 763,999 | 766,387 | ||||||
HFG Healthco-4 LLC, Series 2011-1A, Class A FRN (a) | 375,000 | 380,625 | ||||||
HLSS Servicer Advance Receivables Backed Notes, Series 2013-T1, | 600,000 | 599,640 | ||||||
HLSS Servicer Advance Receivables Backed Notes, Series 2013-T6, Class AT6 (a) | 720,000 | 720,000 |
Principal Amount | Value | |||||||
Leaf II Receivables Funding LLC, | $ | 1,392,762 | $ | 1,392,762 | ||||
Macquarie Equipment Funding Trust, Series 2012-A, Class A2 (a) | 771,333 | 771,383 | ||||||
Marriott Vacation Club Owner Trust, Series 2009-2A, Class A (a) | 1,496,852 | 1,543,296 | ||||||
Morgan Stanley ABS Capital I, Inc. Trust, Series 2005-WMC4, | 1,031,184 | 999,395 | ||||||
Nations Equipment Finance Funding I LLC, Series 2013-1A, Class A (a) | 661,518 | 661,518 | ||||||
New York City Tax Lien, | 881,837 | 881,678 | ||||||
NYCTL Trust, Series 2013-A, | 495,000 | 495,048 | ||||||
Oxford Finance Funding Trust, | 1,224,969 | 1,237,219 | ||||||
PFS Financing Corp., Series 2013-AA, Class A FRN (a) | 2,100,000 | 2,093,850 | ||||||
PFS Financing Corp., Series 2012-BA, Class A FRN (a) | 620,000 | 619,941 | ||||||
PFS Financing Corp., Series 2012-AA, Class A FRN (a) | 600,000 | 601,006 | ||||||
Sierra Receivables Funding Co. LLC, | 579,963 | 579,848 | ||||||
Sierra Receivables Funding Co. LLC, | 237,916 | 242,381 | ||||||
Sierra Receivables Funding Co. LLC, Series 2011-2A, Class A (a) | 520,277 | 530,807 | ||||||
TAL Advantage LLC, Series 2006-1A FRN (a) | 361,667 | 356,506 | ||||||
Textainer Marine Containers Ltd., | 2,710,000 | 2,688,655 | ||||||
Trafigura Securitisation Finance PLC, | 324,000 | 326,093 |
The accompanying notes are an integral part of the financial statements.
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Principal Amount | Value | |||||||
Trip Rail Master Funding LLC, | $ | 518,791 | $ | 530,639 | ||||
Triton Container Finance LLC, | 710,917 | 695,612 | ||||||
Westgate Resorts LLC, | 755,134 | 757,855 | ||||||
|
| |||||||
28,388,924 | ||||||||
|
| |||||||
Student Loans ABS — 11.9% | ||||||||
Access Group, Inc., Series 2005-1, Class A2 FRN | 335,446 | 334,653 | ||||||
Access Group, Inc., Series 2006-1, Class A2 FRN | 802,583 | 793,339 | ||||||
Access Group, Inc., Series 2007-A, Class A2 FRN | 108,593 | 107,040 | ||||||
Access Group, Inc., Series 2005-2, Class A3 FRN | 306,410 | 302,525 | ||||||
Access Group, Inc., Series 2005-B, Class A2 FRN | 462,248 | 454,517 | ||||||
Access Group, Inc., Series 2003-1, Class A2 FRN | 358,814 | 358,639 | ||||||
Access Group, Inc., Series 2004-A, Class A2 FRN | 471,356 | 462,833 | ||||||
Access Group, Inc., Series 2003-A, Class A3 FRN | 328,770 | 291,675 | ||||||
Brazos Higher Education Authority, Series 2005-1, Class 1A2 FRN | 145,933 | 145,753 | ||||||
Brazos Higher Education Authority, | 71,238 | 71,146 | ||||||
Brazos Higher Education Authority, | 900,492 | 897,700 | ||||||
College Loan Corp. Trust, | 64,984 | 64,957 | ||||||
College Loan Corp. Trust, | 675,000 | 560,250 | ||||||
Collegiate Funding Services Education Loan Trust, Series 2005-A, | 258,434 | 257,971 |
Principal Amount | Value | |||||||
Collegiate Funding Services Education Loan Trust, Series 2005-B, | $ | 51,066 | $ | 51,022 | ||||
Collegiate Funding Services Education Loan Trust, Series 2004-A, | 1,002,284 | 994,979 | ||||||
Education Funding Capital Trust I, Series 2004-1, Class A2 FRN | 1,075,013 | 1,072,659 | ||||||
Education Funding Capital Trust I, | 1,150,000 | 1,138,500 | ||||||
Education Funding Capital Trust I, | 350,000 | 342,405 | ||||||
Education Funding Capital Trust I, | 200,000 | 170,059 | ||||||
Education Loan Asset-Backed Trust I, | 808,828 | 808,345 | ||||||
GCO Education Loan Funding Trust, | 222,324 | 219,099 | ||||||
GCO Education Loan Funding Trust, | 964,740 | 960,842 | ||||||
Goal Capital Funding Trust, | 441,113 | 436,178 | ||||||
Higher Education Funding HEF, | 117,100 | 117,078 | ||||||
Higher Education Funding I, | 275,000 | 259,155 | ||||||
Higher Education Funding I, | 200,000 | 184,622 | ||||||
Keycorp Student Loan Trust, | 4,072,222 | 3,953,966 | ||||||
KeyCorp Student Loan Trust, | 2,282,066 | 2,239,867 | ||||||
Montana Higher Education Student Assistance Corp., | 172,731 | 172,870 | ||||||
National Collegiate Student Loan Trust, | 157,229 | 154,472 |
The accompanying notes are an integral part of the financial statements.
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Principal Amount | Value | |||||||
National Collegiate Student Loan Trust, | $ | 110,982 | $ | 110,667 | ||||
Nelnet Student Loan Trust, | 153,930 | 155,159 | ||||||
Northstar Education Finance, Inc., | 228,560 | 227,534 | ||||||
Northstar Education Finance, Inc., | 191,191 | 191,068 | ||||||
Northstar Education Finance, Inc., | 807,187 | 803,718 | ||||||
Pennsylvania Higher Education | 297,738 | 297,261 | ||||||
Pennsylvania Higher Education | 1,351,860 | 1,352,684 | ||||||
SLC Student Loan Trust, | 591,196 | 590,197 | ||||||
SLC Student Loan Trust, | 1,370,000 | 1,335,860 | ||||||
SLM Student Loan Trust, | 1,259 | 1,259 | ||||||
SLM Student Loan Trust, | 120,582 | 120,245 | ||||||
SLM Student Loan Trust, | 187,797 | 187,818 | ||||||
SLM Student Loan Trust, | 38,475 | 38,461 | ||||||
SLM Student Loan Trust, | 222,879 | 222,806 | ||||||
SLM Student Loan Trust, | 825,000 | 825,000 | ||||||
SLM Student Loan Trust, | 124,707 | 124,952 | ||||||
SLM Student Loan Trust, | 350,000 | 350,000 |
Principal Amount | Value | |||||||
SLM Student Loan Trust, | $ | 300,000 | $ | 300,000 | ||||
SLM Student Loan Trust, | 517,083 | 461,911 | ||||||
SLM Student Loan Trust, | 399,908 | 398,694 | ||||||
SLM Student Loan Trust, | 348,635 | 349,152 | ||||||
SLM Student Loan Trust, | 346,567 | 346,788 | ||||||
SLM Student Loan Trust, | 600,000 | 600,000 | ||||||
SLM Student Loan Trust, | 1,139,520 | 1,141,555 | ||||||
SLM Student Loan Trust, | 334,164 | 336,367 | ||||||
SLM Student Loan Trust, | 900,000 | 900,000 | ||||||
SLM Student Loan Trust, | 100,000 | 100,000 | ||||||
SLM Student Loan Trust, | 225,000 | 225,000 | ||||||
SLM Student Loan Trust, | 75,000 | 75,000 | ||||||
SLM Student Loan Trust, | 150,000 | 150,000 | ||||||
SLM Student Loan Trust, | 200,000 | 200,000 | ||||||
SLM Student Loan Trust, | 158,176 | 158,396 | ||||||
SLM Student Loan Trust, | 500,000 | 500,000 |
The accompanying notes are an integral part of the financial statements.
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Principal Amount | Value | |||||||
SMS Student Loan Trust, | $ | 328,880 | $ | 325,200 | ||||
SMS Student Loan Trust, | 455,267 | 453,922 | ||||||
SMS Student Loan Trust, | 429,502 | 428,746 | ||||||
South Carolina Student Loan Corp., | 758,823 | 753,018 | ||||||
South Carolina Student Loan Corp., | 331,533 | 331,599 | ||||||
US Education Loan Trust IV LLC, | 897,571 | 897,390 | ||||||
Wachovia Student Loan Trust, | 290,852 | 290,559 | ||||||
|
| |||||||
35,037,102 | ||||||||
|
| |||||||
WL Collateral CMO — 0.2% | ||||||||
Credit Suisse First Boston Mortgage | 387,838 | 372,800 | ||||||
Morgan Stanley Reremic Trust, | 172,461 | 172,754 | ||||||
|
| |||||||
545,554 | ||||||||
|
| |||||||
WL Collateral PAC — 0.1% | ||||||||
Structured Asset Securities Corp., | 208,180 | 202,545 | ||||||
|
| |||||||
TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $106,811,680) | 106,815,420 | |||||||
|
| |||||||
U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES — 0.1% | ||||||||
Pass-Through Securities — 0.1% | ||||||||
Government National Mortgage Association II Pool #82462 FRN 3.500% 1/20/40 | 344,123 | 359,638 | ||||||
|
| |||||||
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (Cost $365,308) | 359,638 | |||||||
|
|
Principal Amount | Value | |||||||
U.S. TREASURY OBLIGATIONS — 101.0% | ||||||||
U.S. Treasury Bonds & Notes — 101.0% | ||||||||
U.S. Treasury Inflation Index (c) | $ | 19,133,702 | $ | 19,635,962 | ||||
U.S. Treasury Inflation Index (c) (d) (e) | 15,658,151 | 16,146,247 | ||||||
U.S. Treasury Inflation Index (c) | 11,398,666 | 11,742,404 | ||||||
U.S. Treasury Inflation Index (c) | 14,464,461 | 14,282,527 | ||||||
U.S. Treasury Inflation Index (c) | 14,876,098 | 14,652,957 | ||||||
U.S. Treasury Inflation Index (c) | 14,582,920 | 14,186,440 | ||||||
U.S. Treasury Inflation Index (c) | 9,164,329 | 9,117,078 | ||||||
U.S. Treasury Inflation Index (d) (e) | 3,309,122 | 3,380,474 | ||||||
U.S. Treasury Inflation Index (c) | 13,302,451 | 13,845,976 | ||||||
U.S. Treasury Inflation Index (c) | 4,500,924 | 3,690,056 | ||||||
U.S. Treasury Inflation Index (c) | 6,528,321 | 5,587,322 | ||||||
U.S. Treasury Inflation Index (c) | 11,869,042 | 12,779,623 | ||||||
U.S. Treasury Inflation Index | 4,646,830 | 4,684,585 | ||||||
U.S. Treasury Inflation Index (c) | 10,711,100 | 11,718,607 | ||||||
U.S. Treasury Inflation Index (c) | 5,112,940 | 5,612,249 | ||||||
U.S. Treasury Inflation Index (c) | 6,881,001 | 7,547,598 | ||||||
U.S. Treasury Inflation Index (c) | 9,052,790 | 9,355,497 | ||||||
U.S. Treasury Inflation Index (c) | 5,530,499 | 6,077,930 | ||||||
U.S. Treasury Inflation Index (c) | 3,010,554 | 3,371,116 | ||||||
U.S. Treasury Inflation Index (c) | 3,002,325 | 3,169,798 | ||||||
U.S. Treasury Inflation Index (c) | 5,486,504 | 6,215,178 | ||||||
U.S. Treasury Inflation Index (c) | 9,127,015 | 9,760,913 | ||||||
U.S. Treasury Inflation Index (c) | 3,936,797 | 4,541,773 | ||||||
U.S. Treasury Inflation Index (c) | 5,119,040 | 5,810,110 | ||||||
U.S. Treasury Inflation Index (c) | 3,917,719 | 4,635,762 |
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 | |||||||
U.S. Treasury Inflation Index (c) | $ | 3,472,043 | $ | 4,112,472 | ||||
U.S. Treasury Inflation Index (c) | 6,150,679 | 6,821,970 | ||||||
U.S. Treasury Inflation Index (c) | 9,430,616 | 11,255,592 | ||||||
U.S. Treasury Inflation Index (c) | 5,866,891 | 7,059,976 | ||||||
U.S. Treasury Inflation Index (c) | 7,287,084 | 8,040,845 | ||||||
U.S. Treasury Inflation Index (c) | 6,364,800 | 7,823,237 | ||||||
U.S. Treasury Inflation Index (c) | 6,300,309 | 7,148,885 | ||||||
U.S. Treasury Inflation Index (c) | 2,836,023 | 3,970,432 | ||||||
U.S. Treasury Inflation Index (c) | 5,777,000 | 7,986,703 | ||||||
U.S. Treasury Inflation Index (c) | 7,999,892 | 11,467,349 | ||||||
|
| |||||||
297,235,643 | ||||||||
|
| |||||||
TOTAL U.S. TREASURY OBLIGATIONS (Cost $292,806,274) | 297,235,643 | |||||||
|
| |||||||
TOTAL BONDS & NOTES (Cost $405,601,740) | 409,946,496 | |||||||
|
| |||||||
TOTAL LONG-TERM INVESTMENTS (Cost $405,601,740) | 409,946,496 | |||||||
|
| |||||||
SHORT-TERM INVESTMENTS — 44.2% | ||||||||
Commercial Paper — 44.2% | ||||||||
Airgas, Inc. (a) | 4,000,000 | 3,996,449 | ||||||
Bacardi USA, Inc. (a) | 735,000 | 734,948 | ||||||
British Telecommunications PLC (a) | 700,000 | 698,600 | ||||||
British Telecommunications PLC (a) | 2,500,000 | 2,491,667 | ||||||
British Telecommunications PLC (a) | 400,000 | 398,408 | ||||||
Canadian Natural Resources Ltd. (a) | 3,500,000 | 3,499,796 | ||||||
Centrica PLC (a) | 2,500,000 | 2,496,393 | ||||||
Daimler Finance North America LLC (a) | 4,500,000 | 4,489,731 | ||||||
DIRECTV Holdings LLC (a) | 5,200,000 | 5,195,933 |
Principal Amount | Value | |||||||
Dominion Resources, Inc. (a) | $ | 1,500,000 | $ | 1,499,961 | ||||
Duke Energy Corp. (a) | 4,250,000 | 4,243,002 | ||||||
Ecolab, Inc. (a) | 4,250,000 | 4,246,143 | ||||||
Enbridge Energy Partners (a) | 1,750,000 | 1,749,592 | ||||||
Enbridge Energy Partners (a) | 2,500,000 | 2,499,319 | ||||||
FMC Corp. (a) | 1,649,000 | 1,648,780 | ||||||
FMC Corp. (a) | 2,600,000 | 2,599,469 | ||||||
FMC Technologies, Inc. (a) | 500,000 | 499,840 | ||||||
FMC Technologies, Inc. (a) | 4,000,000 | 3,997,470 | ||||||
Hewlett-Packard Co. (a) | 4,500,000 | 4,499,100 | ||||||
Holcim US Finance Sarl & Cie (a) | 4,500,000 | 4,499,156 | ||||||
Hyundai Capital America (a) | 4,250,000 | 4,248,609 | ||||||
Marriott International, Inc. (a) | 4,500,000 | 4,498,886 | ||||||
National Grid USA (a) | 4,500,000 | 4,497,800 | ||||||
Nissan Motor Acceptance Corp. (a) | 4,100,000 | 4,098,517 | ||||||
Noble Corp. (a) | 4,500,000 | 4,498,380 | ||||||
Omnicom Capital, Inc. (a) | 2,500,000 | 2,498,958 | ||||||
Pentair Finance (a) | 3,500,000 | 3,499,488 | ||||||
Sempra Energy Holding (a) | 4,500,000 | 4,499,341 | ||||||
Stanley Works (a) | 8,500,000 | 8,492,860 | ||||||
Tesco Treasury Services PLC (a) | 2,000,000 | 1,997,728 | ||||||
Tesco Treasury Services PLC (a) | 2,500,000 | 2,494,240 | ||||||
TransCanada PipeLines Ltd. (a) | 500,000 | 499,972 | ||||||
TransCanada PipeLines Ltd. (a) | 4,250,000 | 4,248,314 | ||||||
VF Corp. (a) | 4,500,000 | 4,498,425 | ||||||
Vodafone Group PLC (a) | 5,500,000 | 5,481,905 |
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 | |||||||
Volvo Group Treasury NA (a) | $ | 4,500,000 | $ | 4,497,388 | ||||
WellPoint, Inc. (a) | 4,000,000 | 3,996,370 | ||||||
Xstrata Finance Canada Ltd. (a) | 5,350,000 | 5,342,510 | ||||||
|
| |||||||
129,873,448 | ||||||||
|
| |||||||
Repurchase Agreement — 0.0% | ||||||||
State Street Bank & Trust Co. Repurchase Agreement, dated 9/30/13, 0.010%, due 10/01/13 (f) | 127,526 | 127,526 | ||||||
|
| |||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $130,000,974) | 130,000,974 | |||||||
|
| |||||||
TOTAL INVESTMENTS — 183.5% (Cost $535,602,714) (g) | 539,947,470 | |||||||
Other Assets/(Liabilities) — (83.5)% | (245,774,122 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 294,173,348 | ||||||
|
|
Notes to Portfolio of Investments
ABS | Asset-Backed Security |
CMO | Collateralized Mortgage Obligation |
FRN | Floating Rate Note |
MBS | Mortgage-Backed Security |
PAC | Planned Amortization Class |
VRN | Variable Rate Note |
WL | Whole Loan |
(a) | Securities exempt from registration under rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At September 30, 2013, these securities amounted to a value of $199,179,863 or 67.71% of net assets. |
(b) | Restricted security. Certain securities are restricted as to resale. At September 30, 2013, these securities amounted to a value of $1,320,111 or 0.45% of net assets. The Funds generally bear the costs, if any, associated with the disposition of restricted securities. |
(c) | All or a portion of this security is held as collateral for open reverse repurchase agreements. (Note 2). |
(d) | A portion of this security is held as collateral for open futures contracts. (Note 2). |
(e) | All or a portion of this security is held as collateral for open swap agreements. (Note 2). |
(f) | Maturity value of $127,526. Collateralized by U.S. Government Agency obligations with a rate of 2.500%, maturity date of 4/01/28, and an aggregate market value, including accrued interest, of $134,854. |
(g) | 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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September 30, 2013
Number of Shares | Value | |||||||
EQUITIES — 0.2% | ||||||||
PREFERRED STOCK — 0.2% | ||||||||
Financial — 0.2% | ||||||||
Insurance — 0.2% | ||||||||
The Allstate Corp. | 130,000 | $ | 3,016,000 | |||||
|
| |||||||
TOTAL PREFERRED STOCK (Cost $3,250,000) | 3,016,000 | |||||||
|
| |||||||
TOTAL EQUITIES (Cost $3,250,000) | 3,016,000 | |||||||
|
| |||||||
Principal Amount | ||||||||
BONDS & NOTES — 98.3% | ||||||||
CORPORATE DEBT — 44.5% | ||||||||
Advertising — 0.2% | ||||||||
The Interpublic Group of Cos., Inc. | $ | 1,600,000 | 1,571,515 | |||||
WPP Finance 2010 | 635,000 | 654,529 | ||||||
|
| |||||||
2,226,044 | ||||||||
|
| |||||||
Aerospace & Defense — 0.3% | ||||||||
BAE Systems Holdings, Inc. (a) | 1,375,000 | 1,580,941 | ||||||
Exelis, Inc. | 2,465,000 | 2,590,614 | ||||||
L-3 Communications Corp. | 105,000 | 109,967 | ||||||
United Technologies Corp. | 465,000 | 559,670 | ||||||
|
| |||||||
4,841,192 | ||||||||
|
| |||||||
Agriculture — 0.2% | ||||||||
Altria Group, Inc. | 775,000 | 645,199 | ||||||
Bunge Ltd. Finance Corp. | 1,785,000 | 1,848,728 | ||||||
Philip Morris International, Inc. | 225,000 | 267,371 | ||||||
|
| |||||||
2,761,298 | ||||||||
|
| |||||||
Airlines — 0.0% | ||||||||
United Air Lines, Inc. (b) | 214,832 | 109,027 | ||||||
|
| |||||||
Auto Manufacturers — 0.1% | ||||||||
General Motors Co. (a) | 1,425,000 | 1,421,438 | ||||||
|
| |||||||
Automotive & Parts — 0.3% | ||||||||
Lear Corp. (a) | 625,000 | 579,688 |
Principal Amount | Value | |||||||
Lear Corp. | $ | 2,204,000 | $ | 2,413,380 | ||||
TRW Automotive, Inc. (a) | 630,000 | 721,350 | ||||||
|
| |||||||
3,714,418 | ||||||||
|
| |||||||
Banks — 3.0% | ||||||||
Associated Banc-Corp. | 2,000,000 | 2,159,458 | ||||||
Bank of America Corp. | 1,600,000 | 1,682,698 | ||||||
Bank of America Corp. | 1,000,000 | 1,050,188 | ||||||
Bank of America Corp. | 1,555,000 | 1,754,169 | ||||||
Bank of America Corp. Series L | 1,150,000 | 1,297,803 | ||||||
Capital One Financial Corp. | 850,000 | 859,421 | ||||||
Capital One Financial Corp. | 930,000 | 969,585 | ||||||
Credit Suisse AG | 2,035,000 | 2,227,509 | ||||||
Credit Suisse New York | 585,000 | 602,278 | ||||||
Discover Bank | 1,920,000 | 1,877,257 | ||||||
Export-Import Bank of Korea | 705,000 | 685,978 | ||||||
Export-Import Bank of Korea | 1,000,000 | 1,064,997 | ||||||
First Horizon National Corp. | 2,576,000 | 2,783,893 | ||||||
FirstMerit Corp. | 645,000 | 636,823 | ||||||
HSBC Holdings PLC | 930,000 | 1,054,035 | ||||||
ICICI Bank Ltd. (a) | 1,800,000 | 1,790,091 | ||||||
ICICI Bank Ltd. (a) | 1,300,000 | 1,323,682 | ||||||
ICICI Bank Ltd. (a) | 3,224,000 | 3,342,260 | ||||||
KFW | 4,590,000 | 4,293,027 | ||||||
Morgan Stanley | 750,000 | 750,394 | ||||||
Regions Bank/Birmingham AL | 895,000 | 1,052,623 | ||||||
Regions Financial Corp. | 1,990,000 | 2,132,305 | ||||||
UBS AG | 1,500,000 | 1,730,598 |
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 | |||||||
Union Bank NA | $ | 550,000 | $ | 555,191 | ||||
Valley National Bancorp | 1,320,000 | 1,319,839 | ||||||
Wachovia Bank NA | 690,000 | 834,016 | ||||||
Wells Fargo & Co. | 1,100,000 | 1,147,870 | ||||||
Wells Fargo & Co. | 345,000 | 374,630 | ||||||
Zions Bancorp. | 1,115,000 | 1,193,146 | ||||||
|
| |||||||
42,545,764 | ||||||||
|
| |||||||
Beverages — 0.1% | ||||||||
Anheuser-Busch Cos, Inc. | 119,000 | 147,545 | ||||||
Fomento Economico Mexicano SAB de CV | 815,000 | 725,156 | ||||||
Molson Coors Brewing Co. | 600,000 | 584,666 | ||||||
|
| |||||||
1,457,367 | ||||||||
|
| |||||||
Biotechnology — 0.1% | ||||||||
Amgen, Inc. | 1,600,000 | 1,553,210 | ||||||
|
| |||||||
Building Materials — 0.7% | ||||||||
CRH America, Inc. | 1,730,000 | 2,105,877 | ||||||
Lafarge SA (a) | 3,300,000 | 3,489,750 | ||||||
Masco Corp. | 2,510,000 | 2,622,950 | ||||||
Owens Corning, Inc. | 1,245,000 | 1,514,027 | ||||||
|
| |||||||
9,732,604 | ||||||||
|
| |||||||
Chemicals — 1.5% | ||||||||
Ashland, Inc. | 3,706,000 | 3,752,325 | ||||||
Ashland, Inc. | 1,503,000 | 1,442,880 | ||||||
Cabot Corp. | 2,440,000 | 2,664,841 | ||||||
CF Industries, Inc. | 457,000 | 423,544 | ||||||
Cytec Industries, Inc. | 520,000 | 483,336 | ||||||
Cytec Industries, Inc. | 450,000 | 535,510 | ||||||
The Dow Chemical Co. | 375,000 | 478,265 | ||||||
Ecolab, Inc. | 650,000 | 684,852 |
Principal Amount | Value | |||||||
Incitec Pivot Finance LLC (a) | $ | 880,000 | $ | 965,967 | ||||
Incitec Pivot Ltd. (a) | 2,352,000 | 2,445,330 | ||||||
Methanex Corp. | 550,000 | 570,513 | ||||||
NOVA Chemicals Corp. | 1,500,000 | 1,657,500 | ||||||
RPM International, Inc. | 800,000 | 911,002 | ||||||
RPM International, Inc. | 3,815,000 | 3,850,728 | ||||||
Valspar Corp. | 650,000 | 782,760 | ||||||
|
| |||||||
21,649,353 | ||||||||
|
| |||||||
Commercial Services — 0.4% | ||||||||
The ADT Corp. | 2,015,000 | 1,924,380 | ||||||
Brambles USA, Inc. (a) | 1,400,000 | 1,449,981 | ||||||
Donnelley (R.R.) & Sons Co. | 462,000 | 488,565 | ||||||
ERAC USA Finance Co. (a) | 355,000 | 401,388 | ||||||
ERAC USA Finance LLC (a) | 455,000 | 458,231 | ||||||
The Western Union Co. | 1,405,000 | 1,564,546 | ||||||
|
| |||||||
6,287,091 | ||||||||
|
| |||||||
Computers — 0.5% | ||||||||
Apple, Inc. | 2,700,000 | 2,600,786 | ||||||
Apple, Inc. | 1,875,000 | 1,697,214 | ||||||
Brocade Communications Systems, Inc. | 115,000 | 124,200 | ||||||
Hewlett-Packard Co. | 1,280,000 | 1,298,362 | ||||||
Hewlett-Packard Co. | 1,475,000 | 1,499,874 | ||||||
|
| |||||||
7,220,436 | ||||||||
|
| |||||||
Cosmetics & Personal Care — 0.1% | ||||||||
Avon Products, Inc. | 1,120,000 | 1,126,909 | ||||||
The Procter & Gamble Co. | 270,000 | 320,348 | ||||||
|
| |||||||
1,447,257 | ||||||||
|
| |||||||
Distribution & Wholesale — 0.0% | ||||||||
Arrow Electronics, Inc. | 170,000 | 168,103 | ||||||
|
|
The accompanying notes are an integral part of the financial statements.
93
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MassMutual Premier Core Bond Fund – Portfolio of Investments (Continued)
Principal Amount | Value | |||||||
Diversified Financial — 5.3% | ||||||||
American Express Co. | $ | 610,000 | $ | 792,889 | ||||
The Bear Stearns Cos., Inc. | 1,520,000 | 1,820,582 | ||||||
Citigroup, Inc. | 590,000 | 624,398 | ||||||
Citigroup, Inc. | 456,000 | 477,842 | ||||||
Citigroup, Inc. | 550,000 | 601,586 | ||||||
Citigroup, Inc. | 800,000 | 889,479 | ||||||
Citigroup, Inc. | 1,024,000 | 1,073,478 | ||||||
Citigroup, Inc. | 225,000 | 312,485 | ||||||
Citigroup, Inc. | 688,000 | 878,743 | ||||||
CNH Capital LLC | 1,705,000 | 1,875,500 | ||||||
Eaton Vance Corp. | 707,000 | 685,432 | ||||||
Eaton Vance Corp. | 91,000 | 104,916 | ||||||
Ford Motor Credit Co. LLC | 2,200,000 | 2,250,332 | ||||||
Ford Motor Credit Co. LLC | 1,850,000 | 1,901,528 | ||||||
Ford Motor Credit Co. LLC | 3,760,000 | 3,888,897 | ||||||
Ford Motor Credit Co. LLC | 3,100,000 | 3,330,290 | ||||||
General Electric Capital Corp. | 1,500,000 | 1,531,119 | ||||||
General Electric Capital Corp. | 600,000 | 680,021 | ||||||
General Electric Capital Corp. | 1,495,000 | 1,832,194 | ||||||
General Motors Financial Co., Inc. (a) | 1,320,000 | 1,316,700 | ||||||
The Goldman Sachs Group, Inc. | 2,275,000 | 2,291,521 | ||||||
The Goldman Sachs Group, Inc. | 900,000 | 991,354 | ||||||
The Goldman Sachs Group, Inc. | 3,540,000 | 3,899,469 | ||||||
The Goldman Sachs Group, Inc. | 1,600,000 | 1,773,829 | ||||||
The Goldman Sachs Group, Inc. | 420,000 | 480,375 | ||||||
The Goldman Sachs Group, Inc. | 440,000 | 492,940 |
Principal Amount | Value | |||||||
The Goldman Sachs Group, Inc. | $ | 550,000 | $ | 532,461 | ||||
The Goldman Sachs Group, Inc. | 565,000 | 589,654 | ||||||
Hyundai Capital America (a) | 995,000 | 996,592 | ||||||
Hyundai Capital America (a) | 910,000 | 917,605 | ||||||
Hyundai Capital America (a) | 1,000,000 | 1,057,531 | ||||||
International Lease Finance Corp. | 2,065,000 | 1,995,306 | ||||||
International Lease Finance Corp. | 6,722,000 | 7,127,209 | ||||||
Janus Capital Group, Inc. | 2,500,000 | 2,793,657 | ||||||
JP Morgan Chase & Co. | 1,500,000 | 1,564,653 | ||||||
JPMorgan Chase & Co. | 2,460,000 | 2,590,304 | ||||||
Lazard Group LLC | 3,348,000 | 3,794,824 | ||||||
Lazard Group LLC | 2,407,000 | 2,605,236 | ||||||
Leighton Finance USA Pty Ltd. (a) | 945,000 | 939,028 | ||||||
Merrill Lynch & Co., Inc. | 555,000 | 687,213 | ||||||
Morgan Stanley | 850,000 | 894,646 | ||||||
Morgan Stanley | 4,085,000 | 4,226,161 | ||||||
Morgan Stanley | 1,526,000 | 1,680,451 | ||||||
Morgan Stanley | 1,415,000 | 1,579,032 | ||||||
Morgan Stanley | 225,000 | 249,775 | ||||||
TD Ameritrade Holding Corp. | 510,000 | 530,704 | ||||||
|
| |||||||
74,149,941 | ||||||||
|
| |||||||
Electric — 2.5% | ||||||||
The AES Corp. | 590,000 | 654,900 | ||||||
Ameren Corp. | 3,375,000 | 3,536,990 | ||||||
CMS Energy Corp. | 1,875,000 | 2,076,516 | ||||||
CMS Energy Corp. | 2,403,000 | 2,677,274 | ||||||
Duke Energy Progress, Inc. | 37,000 | 42,358 |
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 | |||||||
Florida Power & Light Co. | $ | 950,000 | $ | 1,011,174 | ||||
Georgia Power Co. | 717,000 | 646,062 | ||||||
IPALCO Enterprises, Inc. | 3,135,000 | 3,252,562 | ||||||
IPALCO Enterprises, Inc. (a) | 1,785,000 | 1,963,500 | ||||||
Kansas Gas & Electric Co. | 1,129,066 | 1,205,003 | ||||||
Kiowa Power Partners LLC (a) | 49,659 | 49,842 | ||||||
LG&E and KU Energy LLC | 1,900,000 | 1,968,446 | ||||||
MidAmerican Energy Holdings Co. | 1,525,000 | 1,692,302 | ||||||
National Fuel Gas Co. | 985,000 | 946,560 | ||||||
Nevada Power Co. Series N | 1,000,000 | 1,236,632 | ||||||
Niagara Mohawk Power Corp. (a) | 1,560,000 | 1,451,842 | ||||||
Oncor Electric Delivery Co. | 75,000 | 89,855 | ||||||
Oncor Electric Delivery Co. | 130,000 | 169,904 | ||||||
Pacific Gas & Electric Co. | 800,000 | 867,713 | ||||||
PPL Capital Funding, Inc. | 400,000 | 392,620 | ||||||
Puget Energy, Inc. | 1,985,000 | 2,220,151 | ||||||
Southern California Edison Co. | 820,000 | 962,040 | ||||||
State Grid Overseas Investment Ltd. (a) | 1,470,000 | 1,433,381 | ||||||
Tenaska Oklahoma I LP (a) | 273,962 | 278,356 | ||||||
Transelec SA (a) | 1,250,000 | 1,189,003 | ||||||
Tri-State Generation & Transmission Association, Series 2003, Class A (a) | 889,395 | 970,063 | ||||||
Virginia Electric and Power Co. | 925,000 | 1,140,572 | ||||||
Wisconsin Public Service Corp. | 1,405,000 | 1,587,786 | ||||||
|
| |||||||
35,713,407 | ||||||||
|
| |||||||
Electrical Components & Equipment — 0.2% | ||||||||
Anixter, Inc. | 2,800,000 | 2,929,500 | ||||||
|
|
Principal Amount | Value | |||||||
Electronics — 0.6% | ||||||||
Agilent Technologies, Inc. | $ | 1,206,000 | $ | 1,171,212 | ||||
Arrow Electronics, Inc. | 750,000 | 778,408 | ||||||
Arrow Electronics, Inc. | 1,195,000 | 1,300,779 | ||||||
Avnet, Inc. | 944,000 | 951,422 | ||||||
Jabil Circuit, Inc. | 1,430,000 | 1,619,475 | ||||||
PerkinElmer, Inc. | 1,000,000 | 1,032,334 | ||||||
Tech Data Corp. | 1,345,000 | 1,377,909 | ||||||
|
| |||||||
8,231,539 | ||||||||
|
| |||||||
Engineering & Construction — 0.1% | ||||||||
BAA Funding Ltd. (a) | 1,755,000 | 1,782,064 | ||||||
|
| |||||||
Entertainment — 0.1% | ||||||||
International Game Technology | 750,000 | 778,969 | ||||||
|
| |||||||
Environmental Controls — 0.1% | ||||||||
Republic Services, Inc. | 40,000 | 43,616 | ||||||
Republic Services, Inc. | 795,000 | 872,082 | ||||||
|
| |||||||
915,698 | ||||||||
|
| |||||||
Foods — 1.0% | ||||||||
ConAgra Foods, Inc. (a) | 850,000 | 897,128 | ||||||
ConAgra Foods, Inc. (a) | 500,000 | 579,244 | ||||||
ConAgra Foods, Inc. | 965,000 | 1,158,283 | ||||||
Delhaize Group | 1,435,000 | 1,626,275 | ||||||
General Mills, Inc. | 65,000 | 70,810 | ||||||
Kraft Foods, Inc. | 1,580,000 | 1,686,987 | ||||||
Kraft Foods, Inc. | 550,000 | 645,554 | ||||||
Safeway, Inc. | 830,000 | 855,773 | ||||||
TreeHouse Foods, Inc. | 3,050,000 | 3,225,375 | ||||||
Tyson Foods, Inc. | 1,300,000 | 1,349,297 | ||||||
Tyson Foods, Inc. | 1,675,000 | 1,877,950 | ||||||
|
| |||||||
13,972,676 | ||||||||
|
|
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 | |||||||
Forest Products & Paper — 0.3% | ||||||||
Domtar Corp. | $ | 230,000 | $ | 271,091 | ||||
International Paper Co. | 700,000 | 737,209 | ||||||
International Paper Co. | 820,000 | 1,000,676 | ||||||
International Paper Co. | 290,000 | 382,432 | ||||||
Plum Creek Timberlands LP | 1,480,000 | 1,353,066 | ||||||
|
| |||||||
3,744,474 | ||||||||
|
| |||||||
Gas — 0.0% | ||||||||
Boston Gas Co. (a) | 700,000 | 656,731 | ||||||
|
| |||||||
Hand & Machine Tools — 0.1% | ||||||||
Kennametal, Inc. | 1,200,000 | 1,159,300 | ||||||
|
| |||||||
Health Care – Products — 0.2% | ||||||||
Boston Scientific Corp. | 950,000 | 1,086,477 | ||||||
Covidien International Finance SA | 95,000 | 118,211 | ||||||
Hospira, Inc. | 1,020,000 | 1,037,743 | ||||||
Johnson & Johnson | 245,000 | 294,005 | ||||||
|
| |||||||
2,536,436 | ||||||||
|
| |||||||
Health Care – Services — 0.7% | ||||||||
Cigna Corp. | 650,000 | 716,349 | ||||||
HCA, Inc. | 1,230,000 | 1,322,250 | ||||||
Howard Hughes Medical Institute | 1,025,000 | 1,022,604 | ||||||
Kaiser Foundation Hospitals | 600,000 | 586,301 | ||||||
Roche Holdings, Inc. (a) | 250,000 | 330,154 | ||||||
UnitedHealth Group, Inc. | 1,000,000 | 1,002,526 | ||||||
UnitedHealth Group, Inc. | 1,245,000 | 1,159,833 | ||||||
UnitedHealth Group, Inc. | 1,775,000 | 2,228,385 | ||||||
WellPoint, Inc., Convertible (a) | 1,000,000 | 1,273,125 | ||||||
|
| |||||||
9,641,527 | ||||||||
|
| |||||||
Holding Company – Diversified — 0.1% | ||||||||
Hutchison Whampoa International Ltd. (a) | 1,220,000 | 1,366,737 | ||||||
|
|
Principal Amount | Value | |||||||
Home Furnishing — 0.1% | ||||||||
Whirlpool Corp. | $ | 870,000 | $ | 841,891 | ||||
Whirlpool Corp. | 295,000 | 282,840 | ||||||
Whirlpool Corp. | 460,000 | 480,568 | ||||||
|
| |||||||
1,605,299 | ||||||||
|
| |||||||
Household Products — 0.1% | ||||||||
Avery Dennison Corp. | 565,000 | 532,378 | ||||||
Church & Dwight Co., Inc. | 845,000 | 878,234 | ||||||
|
| |||||||
1,410,612 | ||||||||
|
| |||||||
Housewares — 0.2% | ||||||||
Newell Rubbermaid, Inc. | 1,250,000 | 1,236,199 | ||||||
Toro Co. | 773,000 | 932,652 | ||||||
|
| |||||||
2,168,851 | ||||||||
|
| |||||||
Insurance — 3.0% | ||||||||
Aflac, Inc. | 585,000 | 756,118 | ||||||
The Allstate Corp. | 875,000 | 972,407 | ||||||
The Allstate Corp. VRN | 1,265,000 | 1,233,375 | ||||||
American International Group, Inc. | 2,000,000 | 2,058,436 | ||||||
The Chubb Corp. VRN | 1,749,000 | 1,875,802 | ||||||
CNA Financial Corp. | 1,000,000 | 1,217,074 | ||||||
The Hartford Financial Services Group, Inc. | 1,820,000 | 1,896,091 | ||||||
The Hartford Financial Services Group, Inc. | 1,650,000 | 1,768,003 | ||||||
ING US, Inc. | 900,000 | 968,885 | ||||||
ING US, Inc. VRN | 1,510,000 | 1,380,362 | ||||||
Liberty Mutual Group, Inc. (a) | 706,000 | 688,568 | ||||||
Lincoln National Corp. | 600,000 | 632,506 | ||||||
Lincoln National Corp. | 1,350,000 | 1,749,289 | ||||||
Marsh & McLennan Cos., Inc. | 900,000 | 971,979 |
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 | |||||||
MetLife Capital Trust IV (a) | $ | 2,695,000 | $ | 3,031,875 | ||||
Principal Financial Group, Inc. | 620,000 | 803,621 | ||||||
The Progressive Corp. | 40,000 | 41,332 | ||||||
The Progressive Corp. VRN | 2,589,000 | 2,770,230 | ||||||
Prudential Financial, Inc. | 1,190,000 | 1,236,911 | ||||||
Prudential Financial, Inc. | 700,000 | 752,078 | ||||||
Prudential Financial, Inc. | 2,055,000 | 2,204,912 | ||||||
Prudential Financial, Inc. VRN | 2,380,000 | 2,158,660 | ||||||
Prudential Financial, Inc. | 500,000 | 573,664 | ||||||
Prudential Financial, Inc. VRN | 1,930,000 | 2,335,300 | ||||||
QBE Insurance Group Ltd. (a) | 900,000 | 876,807 | ||||||
Reinsurance Group of America, Inc. | 1,270,000 | 1,298,663 | ||||||
Reinsurance Group of America, Inc. | 1,775,000 | 1,899,838 | ||||||
Reinsurance Group of America, Inc. | 1,675,000 | 1,954,954 | ||||||
The Travelers Cos., Inc. | 775,000 | 945,284 | ||||||
Willis Group Holdings PLC | 530,000 | 556,613 | ||||||
Willis North America, Inc. | 706,000 | 823,949 | ||||||
|
| |||||||
42,433,586 | ||||||||
|
| |||||||
Internet — 0.4% | ||||||||
Baidu, Inc. | 1,965,000 | 1,964,104 | ||||||
Expedia, Inc. | 3,085,000 | 3,583,184 | ||||||
|
| |||||||
5,547,288 | ||||||||
|
| |||||||
Investment Companies — 0.3% | ||||||||
Xstrata Finance Canada (a) | 1,700,000 | 1,704,626 | ||||||
Xstrata Finance Canada (a) | 1,800,000 | 1,826,966 | ||||||
Xstrata Finance Canada (a) | 1,023,000 | 1,117,544 | ||||||
|
| |||||||
4,649,136 | ||||||||
|
|
Principal Amount | Value | |||||||
Iron & Steel — 1.4% | ||||||||
Allegheny Technologies, Inc. | $ | 710,000 | $ | 865,750 | ||||
ArcelorMittal | 4,107,000 | 4,230,210 | ||||||
ArcelorMittal | 1,700,000 | 1,742,500 | ||||||
ArcelorMittal | 3,080,000 | 3,376,450 | ||||||
Carpenter Technology Corp. | 1,500,000 | 1,469,761 | ||||||
Cliffs Natural Resources, Inc. | 1,500,000 | 1,506,414 | ||||||
Gerdau Trade, Inc. (a) | 1,615,000 | 1,437,350 | ||||||
Reliance Steel & Aluminum Co. | 1,125,000 | 1,097,955 | ||||||
Reliance Steel & Aluminum Co. | 2,562,000 | 2,814,214 | ||||||
Reliance Steel & Aluminum Co. | 1,536,000 | 1,558,763 | ||||||
|
| |||||||
20,099,367 | ||||||||
|
| |||||||
Leisure Time — 0.1% | ||||||||
Carnival Corp. | 1,100,000 | 1,077,492 | ||||||
|
| |||||||
Lodging — 1.2% | ||||||||
Choice Hotels International, Inc. | 1,500,000 | 1,560,000 | ||||||
Hyatt Hotels Corp. | 750,000 | 700,850 | ||||||
Marriott International, Inc. | 2,000,000 | 1,892,788 | ||||||
Marriott International, Inc. | 1,440,000 | 1,435,306 | ||||||
Marriott International, Inc. | 425,000 | 464,862 | ||||||
Marriott International, Inc. | 4,038,000 | 4,529,796 | ||||||
Starwood Hotels & Resorts Worldwide, Inc. | 305,000 | 359,870 | ||||||
Wyndham Worldwide Corp. | 1,605,000 | 1,589,102 | ||||||
Wyndham Worldwide Corp. | 550,000 | 564,421 | ||||||
Wyndham Worldwide Corp. | 9,000 | 9,959 | ||||||
Wynn Las Vegas LLC | 3,450,000 | 3,872,625 | ||||||
|
| |||||||
16,979,579 | ||||||||
|
|
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 | |||||||
Machinery – Diversified — 0.3% | ||||||||
CNH Capital LLC | $ | 902,000 | $ | 897,490 | ||||
Roper Industries, Inc. | 1,525,000 | 1,427,501 | ||||||
Xylem, Inc. | 1,265,000 | 1,325,848 | ||||||
Xylem, Inc. | 585,000 | 614,936 | ||||||
|
| |||||||
4,265,775 | ||||||||
|
| |||||||
Manufacturing — 1.4% | ||||||||
Bombardier, Inc. (a) | 1,750,000 | 1,815,625 | ||||||
Carlisle Cos., Inc. | 1,270,000 | 1,222,632 | ||||||
Harsco Corp | 5,023,000 | 5,095,251 | ||||||
Ingersoll-Rand Global Holding Co. Ltd. | 960,000 | 1,137,764 | ||||||
SPX Corp. | 1,105,000 | 1,179,587 | ||||||
Textron, Inc. | 5,000,000 | 5,395,120 | ||||||
Textron, Inc. | 3,000,000 | 3,204,846 | ||||||
|
| |||||||
19,050,825 | ||||||||
|
| |||||||
Media — 0.8% | ||||||||
CBS Corp. | 970,000 | 1,175,799 | ||||||
Comcast Corp. | 1,035,000 | 1,226,959 | ||||||
Globo Comunicacao e Participacoes SA (a) | 2,100,000 | 2,016,000 | ||||||
Grupo Televisa SAB | 164,000 | 176,951 | ||||||
NBCUniversal Media LLC | 100,000 | 118,277 | ||||||
News America, Inc. | 525,000 | 610,287 | ||||||
Time Warner Cable, Inc. | 900,000 | 839,672 | ||||||
Time Warner Cable, Inc. | 655,000 | 610,375 | ||||||
Time Warner Cable, Inc. | 235,000 | 272,036 | ||||||
Time Warner Cable, Inc. | 365,000 | 429,425 | ||||||
Time Warner, Inc. | 900,000 | 961,861 | ||||||
Time Warner, Inc. | 950,000 | 1,019,277 |
Principal Amount | Value | |||||||
Time Warner, Inc. | $ | 15,000 | $ | 16,490 | ||||
Viacom, Inc. | 1,188,000 | 1,326,673 | ||||||
|
| |||||||
10,800,082 | ||||||||
|
| |||||||
Metal Fabricate & Hardware — 0.1% | ||||||||
The Timken Co. | 705,000 | 738,416 | ||||||
|
| |||||||
Mining — 0.5% | ||||||||
Freeport-McMoRan Copper & Gold, Inc. (a) | 810,000 | 782,820 | ||||||
Freeport-McMoRan Copper & Gold, Inc. (a) | 1,210,000 | 1,084,541 | ||||||
Newcrest Finance Property Ltd. (a) | 1,850,000 | 1,590,702 | ||||||
Vale Overseas Ltd. | 1,626,000 | 1,822,645 | ||||||
Vale Overseas Ltd. | 490,000 | 496,102 | ||||||
Vulcan Materials Co. | 810,000 | 891,000 | ||||||
|
| |||||||
6,667,810 | ||||||||
|
| |||||||
Office Equipment/Supplies — 0.2% | ||||||||
Pitney Bowes, Inc. | 1,140,000 | 1,207,660 | ||||||
Pitney Bowes, Inc. | 1,025,000 | 1,129,660 | ||||||
Xerox Corp. | 800,000 | 834,140 | ||||||
|
| |||||||
3,171,460 | ||||||||
|
| |||||||
Office Furnishings — 0.0% | ||||||||
Steelcase, Inc. | 100,000 | 111,264 | ||||||
|
| |||||||
Oil & Gas — 3.7% | ||||||||
Anadarko Petroleum Corp. | 900,000 | 1,033,589 | ||||||
Chesapeake Energy Corp. | 3,350,000 | 3,362,562 | ||||||
Chesapeake Energy Corp. | 4,450,000 | 4,900,562 | ||||||
Chesapeake Energy Corp., Convertible | 360,000 | 328,500 | ||||||
Chesapeake Energy Corp., Convertible | 3,530,000 | 3,468,225 | ||||||
Conoco, Inc. | 230,000 | 290,349 | ||||||
ConocoPhillips | 675,000 | 848,838 |
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 | |||||||
Devon Energy Corp. | $ | 1,145,000 | $ | 1,170,468 | ||||
Devon Energy Corp. | 660,000 | 770,576 | ||||||
Ecopetrol SA | 290,000 | 298,338 | ||||||
EQT Corp. | 835,000 | 861,946 | ||||||
KazMunayGas National Co. JSC (a) | 1,565,000 | 1,459,363 | ||||||
Motiva Enterprises LLC (a) | 1,285,000 | 1,470,323 | ||||||
Motiva Enterprises LLC (a) | 945,000 | 1,174,565 | ||||||
Newfield Exploration Co. | 1,700,000 | 1,785,000 | ||||||
Nexen, Inc. | 145,000 | 177,956 | ||||||
Pemex Project Funding Master Trust | 202,000 | 212,971 | ||||||
Petrobras Global Finance BV | 1,480,000 | 1,470,441 | ||||||
Petrobras Global Finance | 825,000 | 775,847 | ||||||
Petrobras International Finance Co. | 1,275,000 | 1,315,531 | ||||||
Petrobras International Finance Co. | 2,210,000 | 2,137,112 | ||||||
Petroleos Mexicanos | 1,690,000 | 1,808,300 | ||||||
Phillips 66 | 800,000 | 815,566 | ||||||
Phillips 66 | 700,000 | 735,285 | ||||||
Pioneer Natural Resources Co. | 1,370,000 | 1,525,846 | ||||||
Pride International, Inc. | 2,000,000 | 2,383,540 | ||||||
Rosneft Oil Co. via Rosneft International Finance Ltd. (a) | 1,300,000 | 1,300,000 | ||||||
Rowan Cos., Inc. | 2,700,000 | 2,786,017 | ||||||
Rowan Cos., Inc. | 1,000,000 | 1,087,143 | ||||||
Shell International Finance BV | 450,000 | 508,498 | ||||||
Talisman Energy, Inc. | 900,000 | 838,526 | ||||||
Tesoro Corp. | 1,950,000 | 2,130,375 | ||||||
Transocean, Inc. | 3,455,000 | 3,706,524 |
Principal Amount | Value | |||||||
Transocean, Inc. | $ | 1,500,000 | $ | 1,643,832 | ||||
Valero Energy Corp. | 1,145,000 | 1,316,508 | ||||||
|
| |||||||
51,899,022 | ||||||||
|
| |||||||
Oil & Gas Services — 0.5% | ||||||||
Baker Hughes, Inc. | 1,100,000 | 1,174,163 | ||||||
Superior Energy Services, Inc. | 3,095,000 | 3,381,288 | ||||||
Weatherford International Ltd. | 1,000,000 | 989,709 | ||||||
Weatherford International Ltd. | 700,000 | 670,219 | ||||||
Weatherford International Ltd. | 725,000 | 812,727 | ||||||
|
| |||||||
7,028,106 | ||||||||
|
| |||||||
Packaging & Containers — 0.1% | ||||||||
Brambles USA Inc., Series A (a) | 685,000 | 741,206 | ||||||
Sonoco Products Co. | 800,000 | 826,673 | ||||||
|
| |||||||
1,567,879 | ||||||||
|
| |||||||
Pharmaceuticals — 0.7% | ||||||||
AbbVie, Inc. | 750,000 | 679,030 | ||||||
McKesson Corp. | 850,000 | 932,928 | ||||||
McKesson Corp. | 800,000 | 928,973 | ||||||
Merck Sharp & Dohme Corp. | 255,000 | 302,698 | ||||||
Mylan, Inc. (a) | 4,250,000 | 4,849,535 | ||||||
Pfizer, Inc. | 970,000 | 1,314,895 | ||||||
Teva Pharmaceutical Finance Co. LLC | 630,000 | 727,494 | ||||||
Zoetis, Inc. (a) | 625,000 | 595,009 | ||||||
|
| |||||||
10,330,562 | ||||||||
|
| |||||||
Pipelines — 2.0% | ||||||||
Alliance Pipeline LP (a) | 758,445 | 857,110 | ||||||
Boardwalk Pipelines LLC | 914,000 | 1,003,129 | ||||||
CenterPoint Energy Resources Corp. | 650,000 | 705,926 | ||||||
CenterPoint Energy Resources Corp. | 645,000 | 747,152 |
The accompanying notes are an integral part of the financial statements.
99
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MassMutual Premier Core Bond Fund – Portfolio of Investments (Continued)
Principal Amount | Value | |||||||
DCP Midstream LLC (a) | $ | 70,000 | $ | 89,180 | ||||
DCP Midstream Operating LLC | 225,000 | 204,732 | ||||||
Duke Energy Field Services LLC (a) | 500,000 | 536,833 | ||||||
El Paso Pipeline Partners Operating Co. LLC | 2,900,000 | 3,070,543 | ||||||
Enable Oklahoma Intrastate Transmission LLC (a) | 3,300,000 | 3,413,388 | ||||||
Energy Transfer Partners LP FRN (a) | 2,000,000 | 1,797,500 | ||||||
Enterprise Products Operating LP | 600,000 | 629,669 | ||||||
Enterprise Products Operating LP | 630,000 | 678,969 | ||||||
Gulf South Pipeline Co. LP (a) | 868,000 | 909,227 | ||||||
Kern River Funding Corp. (a) | 1,656,874 | 1,784,895 | ||||||
Kinder Morgan Energy Partners LP | 571,000 | 627,763 | ||||||
Kinder Morgan Energy Partners LP | 65,000 | 73,268 | ||||||
Kinder Morgan Finance Co. LLC (a) | 3,900,000 | 4,229,601 | ||||||
Magellan Midstream Partners LP | 1,125,000 | 1,342,826 | ||||||
ONEOK Partners LP | 600,000 | 624,571 | ||||||
Texas Eastern Transmission LP (a) | 850,000 | 962,262 | ||||||
TransCanada PipeLines Ltd. | 840,000 | 969,464 | ||||||
The Williams Cos., Inc. | 830,000 | 749,604 | ||||||
Williams Partners LP | 2,045,000 | 2,205,017 | ||||||
|
| |||||||
28,212,629 | ||||||||
|
| |||||||
Real Estate — 0.2% | ||||||||
AMB Property LP | 1,050,000 | 1,132,158 | ||||||
Colonial Realty LP | 1,460,000 | 1,513,575 | ||||||
Post Apartment Homes LP | 600,000 | 557,572 | ||||||
|
| |||||||
3,203,305 | ||||||||
|
| |||||||
Real Estate Investment Trusts (REITS) — 1.5% | ||||||||
American Tower Corp. | 1,245,000 | 1,230,544 |
Principal Amount | Value | |||||||
American Tower Corp. | $ | 1,900,000 | $ | 2,006,662 | ||||
Boston Properties LP | 840,000 | 864,198 | ||||||
Brandywine Operating Partners LP | 1,100,000 | 1,181,121 | ||||||
DDR Corp. | 1,400,000 | 1,511,146 | ||||||
DDR Corp. | 1,600,000 | 1,958,365 | ||||||
DDR Corp. | 1,730,000 | 2,051,906 | ||||||
Duke Realty LP | 1,975,000 | 2,455,527 | ||||||
ERP Operating LP | 600,000 | 633,379 | ||||||
Federal Realty Investment Trust | 455,000 | 519,159 | ||||||
HCP, Inc. | 1,415,000 | 1,342,568 | ||||||
Highwoods Realty LP | 2,600,000 | 2,861,750 | ||||||
Liberty Property LP | 975,000 | 901,314 | ||||||
ProLogis LP | 610,000 | 609,698 | ||||||
Simon Property Group LP | 225,000 | 256,731 | ||||||
UDR, Inc. | 429,000 | 434,183 | ||||||
Ventas Realty LP/Ventas Capital Corp. | 800,000 | 807,858 | ||||||
|
| |||||||
21,626,109 | ||||||||
|
| |||||||
Retail — 0.9% | ||||||||
CVS Caremark Corp. | 895,000 | 1,023,066 | ||||||
CVS Pass-Through Trust (a) | 2,306,886 | 2,490,099 | ||||||
The Home Depot, Inc. | 800,000 | 936,658 | ||||||
Macy’s Retail Holdings, Inc. | 860,000 | 1,019,229 | ||||||
McDonald’s Corp. | 645,000 | 799,987 | ||||||
O’Reilly Automotive, Inc. | 759,000 | 732,855 | ||||||
O’Reilly Automotive, Inc. | 875,000 | 928,819 | ||||||
QVC, Inc. | 1,140,000 | 1,060,184 | ||||||
QVC, Inc. | 750,000 | 737,386 |
The accompanying notes are an integral part of the financial statements.
100
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MassMutual Premier Core Bond Fund – Portfolio of Investments (Continued)
Principal Amount | Value | |||||||
Wal-Mart Stores, Inc. | $ | 2,085,000 | $ | 2,344,099 | ||||
|
| |||||||
12,072,382 | ||||||||
|
| |||||||
Savings & Loans — 0.5% | ||||||||
First Niagara Financial Group, Inc. | 1,400,000 | 1,628,340 | ||||||
Glencore Funding LLC (a) | 1,593,000 | 1,569,605 | ||||||
Glencore Funding LLC (a) | 1,841,000 | 1,725,706 | ||||||
Glencore Funding LLC (a) | 2,330,000 | 2,386,181 | ||||||
Washington Mutual Bank (b) | 4,038,000 | 404 | ||||||
|
| |||||||
7,310,236 | ||||||||
|
| |||||||
Semiconductors — 0.4% | ||||||||
Applied Materials, Inc. | 1,500,000 | 1,562,723 | ||||||
Intel Corp., Convertible | 1,525,000 | 1,650,812 | ||||||
Micron Technology, Inc., Convertible (a) | 1,752,000 | 3,000,300 | ||||||
|
| |||||||
6,213,835 | ||||||||
|
| |||||||
Software — 0.5% | ||||||||
Broadridge Financial Solutions, Inc. | 745,000 | 752,281 | ||||||
CA, Inc. | 835,000 | 842,383 | ||||||
CA, Inc. | 2,115,000 | 2,346,618 | ||||||
ManTech International Corp. | 1,770,000 | 1,871,775 | ||||||
Microsoft Corp. | 525,000 | 535,070 | ||||||
|
| |||||||
6,348,127 | ||||||||
|
| |||||||
Telecommunications — 2.8% | ||||||||
America Movil SAB de CV | 730,000 | 784,876 | ||||||
America Movil SAB de CV | 760,000 | 794,070 | ||||||
AT&T, Inc. | 1,485,000 | 1,640,633 | ||||||
AT&T, Inc. | 1,005,000 | 1,117,031 | ||||||
British Telecom PLC | 1,050,000 | 1,554,827 | ||||||
CenturyLink, Inc. | 760,000 | 788,500 | ||||||
CenturyLink, Inc. | 2,000,000 | 1,780,000 |
Principal Amount | Value | |||||||
Cisco Systems, Inc. | $ | 485,000 | $ | 540,658 | ||||
Deutsche Telekom International Finance BV | 290,000 | 401,850 | ||||||
Embarq Corp. | 561,000 | 631,021 | ||||||
Embarq Corp. | 200,000 | 203,614 | ||||||
Juniper Networks, Inc. | 700,000 | 715,166 | ||||||
Juniper Networks, Inc. | 1,000,000 | 1,028,540 | ||||||
Rogers Communications, Inc. | 160,000 | 202,508 | ||||||
Telecom Italia Capital | 153,000 | 125,835 | ||||||
Telecom Italia Capital | 1,186,000 | 1,220,670 | ||||||
Telefonaktiebolaget LM Ericsson | 1,250,000 | 1,222,500 | ||||||
Telefonica Emisiones SAU | 4,000,000 | 3,946,760 | ||||||
Telefonica Emisiones SAU | 1,900,000 | 1,968,164 | ||||||
Telefonica Emisiones SAU | 650,000 | 665,575 | ||||||
Verizon Communications, Inc. | 845,000 | 870,930 | ||||||
Verizon Communications, Inc. | 925,000 | 974,666 | ||||||
Verizon Communications, Inc. | 1,495,000 | 1,602,320 | ||||||
Verizon Communications, Inc. | 2,180,000 | 2,461,083 | ||||||
Verizon Communications, Inc. | 1,180,000 | 1,515,969 | ||||||
Verizon Global Funding Corp. | 987,000 | 1,213,731 | ||||||
Virgin Media Finance PLC | 4,900,000 | 5,316,500 | ||||||
Virgin Media Secured Finance PLC | 2,680,000 | 2,790,550 | ||||||
WCP Wireless Site Funding (a) | 1,602,478 | 1,655,780 | ||||||
|
| |||||||
39,734,327 | ||||||||
|
| |||||||
Transportation — 0.7% | ||||||||
Asciano Finance (a) | 1,300,000 | 1,326,248 | ||||||
Asciano Finance (a) | 845,000 | 845,376 | ||||||
Asciano Finance (a) | 1,650,000 | 1,750,355 |
The accompanying notes are an integral part of the financial statements.
101
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MassMutual Premier Core Bond Fund – Portfolio of Investments (Continued)
Principal Amount | Value | |||||||
Burlington Northern Santa Fe LLC | $ | 1,053,000 | $ | 1,222,147 | ||||
Con-way, Inc. | 1,760,000 | 1,994,851 | ||||||
CSX Corp. | 733,000 | 887,037 | ||||||
Norfolk Southern Corp. | 116,000 | 108,583 | ||||||
Norfolk Southern Corp. | 19,000 | 18,671 | ||||||
Norfolk Southern Corp. | 500,000 | 543,036 | ||||||
Union Pacific Corp. | 700,000 | 742,064 | ||||||
|
| |||||||
9,438,368 | ||||||||
|
| |||||||
Trucking & Leasing — 1.1% | ||||||||
GATX Corp. | 1,175,000 | 1,160,894 | ||||||
GATX Corp. | 1,650,000 | 1,722,404 | ||||||
GATX Corp. | 735,000 | 710,765 | ||||||
GATX Corp. | 905,000 | 952,169 | ||||||
GATX Corp. | 1,200,000 | 1,224,164 | ||||||
GATX Corp. | 2,385,000 | 2,493,861 | ||||||
Penske Truck Leasing Co. | 5,020,000 | 5,113,056 | ||||||
Penske Truck Leasing Co. | 1,800,000 | 1,852,751 | ||||||
|
| |||||||
15,230,064 | ||||||||
|
| |||||||
TOTAL CORPORATE DEBT (Cost $609,888,385) | 625,705,394 | |||||||
|
| |||||||
MUNICIPAL OBLIGATIONS — 1.1% | ||||||||
JobsOhio Beverage System Series B | 5,550,000 | 5,211,783 | ||||||
New York City Municipal Water Finance Authority | 390,000 | 440,333 | ||||||
State of California | 895,000 | 1,000,386 | ||||||
State of California BAB | 505,000 | 657,258 | ||||||
State of California BAB | 3,925,000 | 5,169,461 |
Principal Amount | Value | |||||||
State of Illinois | $ | 2,910,000 | $ | 3,150,162 | ||||
|
| |||||||
15,629,383 | ||||||||
|
| |||||||
TOTAL MUNICIPAL OBLIGATIONS (Cost $16,303,836) | 15,629,383 | |||||||
|
| |||||||
NON-U.S. GOVERNMENT AGENCY OBLIGATIONS — 15.0% | ||||||||
Automobile ABS — 0.8% | ||||||||
California Republic Auto Receivables Trust, Series 2012-1, Class A (a) | 2,039,289 | 2,041,131 | ||||||
Capital Automotive REIT, | 1,829,267 | 1,819,718 | ||||||
CPS Auto Trust, Series 2011-B, Class A (a) | 795,476 | 814,772 | ||||||
Credit Acceptance Auto Loan Trust, Series 2011-1, Class A (a) | 1,800,000 | 1,815,020 | ||||||
Exeter Automobile Receivables Trust, | 1,639,210 | 1,635,166 | ||||||
LAI Vehicle Lease Securitization Trust, Series 2010-A, Class A (a) | 54,802 | 54,841 | ||||||
Prestige Auto Receivables Trust, | 629,178 | 629,965 | ||||||
Rental Car Finance Corp., | 1,180,000 | 1,199,967 | ||||||
Tidewater Auto Receivables Trust, | 759,143 | 759,430 | ||||||
|
| |||||||
10,770,010 | ||||||||
|
| |||||||
Commercial MBS — 5.1% | ||||||||
Banc of America Commercial Mortgage, Inc., Series 2007-4, Class A4 VRN | 2,790,000 | 3,135,951 | ||||||
Bear Stearns Commercial Mortgage Securities, Series 2005-PWR7, Class A3 VRN | 820,000 | 856,250 | ||||||
Bear Stearns Commercial Mortgage Securities, Series 2006-PW14, Class A4 | 2,790,000 | 3,069,499 |
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 AM | $ | 1,295,000 | $ | 1,419,354 | ||||
Bear Stearns Commercial Mortgage Securities, Series 2007-T26, Class A4 VRN | 750,000 | 836,949 | ||||||
Bear Stearns Commercial Mortgage Securities, Series 2007-PW17, Class A4 VRN | 1,000,000 | 1,125,453 | ||||||
Bear Stearns Commercial Mortgage Securities, Series 2007-PW18, Class A4 | 2,150,000 | 2,426,587 | ||||||
Bear Stearns Commercial Mortgage Securities, Series 2007-T28, Class AM VRN | 1,170,000 | 1,327,468 | ||||||
Bear Stearns Commercial Mortgage Securities, Series 2006-PW12, Class AM VRN | 2,375,000 | 2,587,944 | ||||||
COMM, Series 2007-C9, Class AM VRN | 1,320,000 | 1,486,061 | ||||||
Commercial Mortgage Pass Through Certificates, Series 2006-C7, Class A4, CMO, VRN | 1,343,000 | 1,466,408 | ||||||
Commercial Mortgage Pass Through Certificates, Series 2007-C9, Class A4 VRN | 3,693,000 | 4,195,706 | ||||||
Credit Suisse First Boston Mortgage Securities Corp., Series 2004-C1, Class A4 VRN | 1,109,683 | 1,113,463 | ||||||
DBRR Trust, Series 2013-EZ3, Class A VRN (a) | 2,166,825 | 2,163,501 | ||||||
DBUBS Mortgage Trust, | 2,160,000 | 2,267,220 | ||||||
DBUBS Mortgage Trust, | 1,600,000 | 1,689,816 | ||||||
DBUBS Mortgage Trust, | 695,825 | 733,402 | ||||||
DBUBS Mortgage Trust, | 860,000 | 947,609 |
Principal Amount | Value | |||||||
Greenwich Capital Commercial Funding Corp., Series 2006-GG7, Class A4 VRN | $ | 3,860,915 | $ | 4,244,065 | ||||
GS Mortgage Securities Corp. II, | 800,000 | 863,761 | ||||||
JP Morgan Chase Commercial Mortgage Securities Corp., Series 2011-C4, Class A2 (a) | 650,000 | 680,321 | ||||||
JP Morgan Chase Commercial Mortgage Securities Corp., Series 2005-LDP2, Class AM, CMO | 200,000 | 210,278 | ||||||
JP Morgan Chase Commercial Mortgage Securities Corp., Series 2006-CB17, Class A4 | 3,000,000 | 3,282,595 | ||||||
Merrill Lynch/Countrywide Commercial Mortgage Trust, Series 2006-1, Class A4 VRN | 340,000 | 367,794 | ||||||
Merrill Lynch/Countrywide Commercial Mortgage Trust, Series 2006-2, Class A4 VRN | 1,600,000 | 1,762,729 | ||||||
Morgan Stanley Capital I, | 825,000 | 890,617 | ||||||
Morgan Stanley Capital I, | 1,150,000 | 1,269,531 | ||||||
Morgan Stanley Capital I, | 1,525,000 | 1,664,705 | ||||||
Morgan Stanley Capital I, | 1,369,452 | 1,406,025 | ||||||
Morgan Stanley Capital I, | 1,375,000 | 1,603,259 | ||||||
STRIPs Ltd., Series 2012-1A, Class A (a) | 1,952,281 | 1,922,997 | ||||||
TIAA Seasoned Commercial Mortgage Trust, Series 2007-C4, Class A3 VRN | 842,579 | 875,568 | ||||||
TIAA Seasoned Commercial Mortgage Trust, Series 2007-C4, Class AJ VRN | 1,525,000 | 1,628,944 |
The accompanying notes are an integral part of the financial statements.
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Principal Amount | Value | |||||||
Wachovia Bank Commercial Mortgage Trust, Series 2006-C23, Class AM VRN | $ | 2,220,000 | $ | 2,411,582 | ||||
Wachovia Bank Commercial Mortgage Trust, Series 2007-C31, Class A4 | 4,525,000 | 4,981,246 | ||||||
Wachovia Bank Commercial Mortgage Trust, Series 2006-C25, Class AM VRN | 1,250,000 | 1,359,210 | ||||||
Wachovia Bank Commercial Mortgage Trust, Series 2007-C33, Class A4 VRN | 2,170,000 | 2,419,638 | ||||||
Wells Fargo Commercial Mortgage Trust, Series 2010-C1, Class A1 (a) | 527,408 | 553,664 | ||||||
Wells Fargo Reremic Trust, | 1,674,788 | 1,669,244 | ||||||
WF-RBS Commercial Mortgage Trust, Series 2011-C3, Class A2 (a) | 1,997,629 | 2,087,655 | ||||||
WF-RBS Commercial Mortgage Trust, | 1,225,000 | 1,292,314 | ||||||
|
| |||||||
72,296,383 | ||||||||
|
| |||||||
Home Equity ABS — 3.4% | ||||||||
Aames Mortgage Investment Trust, | 3,130,000 | 2,928,637 | ||||||
ACE Securities Corp., | 773,143 | 757,953 | ||||||
ACE Securities Corp., | 524,189 | 520,241 | ||||||
Ameriquest Mortgage Securities, Inc., | 61,911 | 61,033 | ||||||
Ameriquest Mortgage Securities, Inc., | 369,615 | 367,005 | ||||||
Ameriquest Mortgage Securities, Inc., | 546,902 | 540,681 | ||||||
Ameriquest Mortgage Securities, Inc., | 1,200,000 | 1,107,030 | ||||||
Asset-Backed Funding Certificates, | 996,258 | 971,536 |
Principal Amount | Value | |||||||
Bayview Financial Mortgage Pass-Through Trust, Series 2005-B, Class M1 FRN | $ | 1,770,000 | $ | 1,645,736 | ||||
Citigroup Mortgage Loan Trust, Inc., | 477,775 | 472,365 | ||||||
Citigroup Mortgage Loan Trust, Inc., | 765,946 | 753,465 | ||||||
Citigroup Mortgage Loan Trust, Inc., | 920,814 | 883,992 | ||||||
Countrywide Asset-Backed Certificates, | 1,235,070 | 1,168,208 | ||||||
Countrywide Asset-Backed Certificates, | 254,615 | 252,256 | ||||||
Countrywide Asset-Backed Certificates, | 576,294 | 571,597 | ||||||
Countrywide Partnership Trust, | 773,329 | 643,643 | ||||||
Credit-Based Asset Servicing and Securitization LLC, Series 2006-RP2, Class A2 FRN (a) | 1,730,823 | 1,710,244 | ||||||
First Franklin Mortgage Loan Trust, | 2,545,000 | 2,363,959 | ||||||
First Franklin Mortgage Loan Trust, | 2,500,000 | 2,320,335 | ||||||
Fremont Home Loan Trust, | 771,079 | 745,381 | ||||||
GSAMP Trust, Series 2005-HE5, Class M1 FRN | 880,000 | 796,809 | ||||||
GSAMP Trust, Series 2005-AHL, Class M1 FRN | 703,334 | 657,365 | ||||||
Home Equity Asset Trust, Series 2006-4, Class 2A3 FRN | 690,589 | 656,696 | ||||||
Home Equity Asset Trust, Series 2006-3, Class 2A3 FRN | 314,845 | 313,189 | ||||||
Home Equity Asset Trust, Series 2005-4, Class M2 FRN | 1,014,077 | 998,898 |
The accompanying notes are an integral part of the financial statements.
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Principal Amount | Value | |||||||
Lake Country Mortgage Loan Trust, | $ | 1,566,224 | $ | 1,506,522 | ||||
Long Beach Mortgage Loan Trust, | 158,571 | 157,543 | ||||||
Long Beach Mortgage Loan Trust, | 423,561 | 418,321 | ||||||
Long Beach Mortgage Loan Trust, | 1,690,000 | 1,556,285 | ||||||
Long Beach Mortgage Loan Trust, | 3,201,434 | 3,019,769 | ||||||
Merrill Lynch Mortgage Synthetic, | 2,950,464 | 2,838,722 | ||||||
Merrill Lynch Mortgage Synthetic, | 1,300,000 | 1,088,402 | ||||||
Morgan Stanley Capital, Inc., | 2,429,208 | 2,326,912 | ||||||
New Century Home Equity Loan Trust, | 2,155,219 | 2,135,604 | ||||||
New Century Home Equity Loan Trust, | 1,450 | 1,512 | ||||||
Nomura Home Equity Loan, Inc., | 344,148 | 337,419 | ||||||
Park Place Securities, Inc., | 1,358,361 | 1,306,888 | ||||||
Park Place Securities, Inc., | 1,190,779 | 1,162,909 | ||||||
Park Place Securities, Inc., | 988,305 | 964,216 | ||||||
Residential Asset Mortgage Products, Inc., Series 2005-EFC5, Class M1 FRN | 1,795,000 | 1,683,596 | ||||||
Residential Asset Securities Corp., | 602,741 | 596,472 | ||||||
Residential Asset Securities Corp., | 664,721 | 656,692 |
Principal Amount | Value | |||||||
Specialty Underwriting & Residential Finance, Series 2005-AB1, Class A1C FRN | $ | 381,422 | $ | 377,239 | ||||
Structured Asset Investment Loan Trust, | 1,030,952 | 1,010,502 | ||||||
|
| |||||||
47,353,779 | ||||||||
|
| |||||||
Other ABS — 2.7% | ||||||||
CKE Restaurant Holdings, Inc., | 1,191,000 | 1,182,240 | ||||||
CLI Funding LLC, Series 2006-1A, Class A FRN (a) | 1,944,336 | 1,905,643 | ||||||
Cronos Containers Program Ltd., | 1,417,500 | 1,439,819 | ||||||
Domino’s Pizza Master Issuer LLC, | 2,238,475 | 2,404,598 | ||||||
Drug Royalty Corp., Inc., Series 2012-1, Class A2 (a) | 1,335,385 | 1,370,270 | ||||||
Drug Royalty II LP 1, Series 2012-1, Class A2 (a) | 952,334 | 957,096 | ||||||
Fairway Outdoor Funding LLC, | 3,293,675 | 3,266,595 | ||||||
FFMLT Trust 2005-FF2, | 1,190,000 | 1,080,343 | ||||||
Hercules Capital Funding Trust, | 2,394,234 | 2,401,716 | ||||||
HFG Healthco-4 LLC, Series 2011-1A, Class A FRN (a) | 2,125,000 | 2,156,875 | ||||||
Hilton Grand Vacations Trust, | 1,320,241 | 1,320,379 | ||||||
Icon Brands Holdings LLC, | 342,575 | 341,741 | ||||||
Marriott Vacation Club Owner Trust, | 1,587,834 | 1,604,640 | ||||||
New York City Tax Lien, | 1,112,744 | 1,112,543 |
The accompanying notes are an integral part of the financial statements.
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Principal Amount | Value | |||||||
Newport Waves CDO | $ | 5,000,000 | $ | 4,941,000 | ||||
PFS Financing Corp., Series 2011-BA, Class A FRN (a) | 600,000 | 603,689 | ||||||
Sierra Receivables Funding Co. LLC, | 616,420 | 627,988 | ||||||
Sierra Receivables Funding Co. LLC, | 1,463,143 | 1,512,385 | ||||||
Structured Receivables Finance LLC, Series 2010-B, Class A (a) | 671,677 | 699,374 | ||||||
TAL Advantage LLC, Series 2006-1A FRN (a) | 620,000 | 611,153 | ||||||
Textainer Marine Containers Ltd., | 1,802,500 | 1,830,255 | ||||||
Trafigura Securitisation Finance PLC, | 1,119,000 | 1,126,228 | ||||||
Trinity Rail Leasing LP, | 503,159 | 547,815 | ||||||
Trip Rail Master Funding LLC, | 1,296,977 | 1,376,708 | ||||||
Triton Container Finance LLC, | 744,167 | 728,146 | ||||||
Westgate Resorts LLC, Series 2012-2A, Class A (a) | 1,027,638 | 1,031,342 | ||||||
|
| |||||||
38,180,581 | ||||||||
|
| |||||||
Student Loans ABS — 2.4% | ||||||||
Access Group, Inc., Series 2002-1, Class A4 | 1,250,000 | 1,148,777 | ||||||
Access Group, Inc., Series 2007-A, Class A2 FRN | 497,716 | 490,598 | ||||||
Access Group, Inc., Series 2005-2, Class A3 FRN | 1,482,360 | 1,463,568 | ||||||
Access Group, Inc., Series 2003-1, Class A2 FRN | 81,402 | 81,362 |
Principal Amount | Value | |||||||
Access Group, Inc., Series 2003-A, Class A3 FRN | $ | 1,273,983 | $ | 1,130,242 | ||||
College Loan Corp. Trust, | 1,200,000 | 924,000 | ||||||
College Loan Corp. Trust, Series 2007-1, Class B2 FRN | 2,075,000 | 1,722,250 | ||||||
Education Funding Capital Trust I, | 2,475,000 | 2,443,117 | ||||||
Education Funding Capital Trust I, | 2,600,000 | 2,574,000 | ||||||
Education Funding Capital Trust I, | 1,700,000 | 1,663,110 | ||||||
Education Funding Capital Trust I, | 1,000,000 | 850,294 | ||||||
GCO Education Loan Funding Trust, | 780,980 | 777,824 | ||||||
Goal Capital Funding Trust, | 2,056,876 | 2,033,864 | ||||||
Goal Capital Funding Trust, | 1,424,369 | 1,260,020 | ||||||
Higher Education Funding I, | 600,000 | 484,483 | ||||||
Higher Education Funding I, | 600,000 | 478,047 | ||||||
Nelnet Student Loan Trust, | 831,224 | 837,856 | ||||||
Northstar Education Finance, Inc., | 1,210,781 | 1,205,578 | ||||||
SLC Student Loan Trust, Series 2006-A, Class A5 FRN | 6,340,000 | 6,182,008 | ||||||
SLC Student Loan Trust, Series 2006-A, Class B FRN | 697,000 | 642,898 | ||||||
SLM Student Loan Trust, | 500,000 | 500,000 | ||||||
SLM Student Loan Trust, | 400,000 | 400,000 |
The accompanying notes are an integral part of the financial statements.
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Principal Amount | Value | |||||||
SLM Student Loan Trust, | $ | 150,000 | $ | 150,000 | ||||
SLM Student Loan Trust, | 150,000 | 150,000 | ||||||
SLM Student Loan Trust, | 900,000 | 900,000 | ||||||
SLM Student Loan Trust, | 100,000 | 100,000 | ||||||
SLM Student Loan Trust, | 300,000 | 300,000 | ||||||
SLM Student Loan Trust, | 1,970,000 | 1,886,650 | ||||||
SLM Student Loan Trust, | 600,000 | 600,000 | ||||||
SLM Student Loan Trust, | 450,000 | 450,000 | ||||||
US Education Loan Trust LLC, | 826,069 | 823,245 | ||||||
|
| |||||||
34,653,791 | ||||||||
|
| |||||||
WL Collateral CMO — 0.5% | ||||||||
Bank of America Mortgage Securities, | 635,455 | 563,272 | ||||||
Countrywide Home Loans, Inc., | 131,364 | 132,229 | ||||||
Countrywide Home Loans, Inc., | 34,287 | 30,299 | ||||||
GSR Mortgage Loan Trust, | 101,077 | 95,761 | ||||||
Harborview Mortgage Loan Trust, | 2,198,866 | 1,776,935 | ||||||
HSI Asset Securitization Corp. Trust, | 357,049 | 348,350 |
Principal Amount | Value | |||||||
Impac Secured Assets CMN Owner Trust, Series 2007-2, Class 1A1A FRN | $ | 2,288,106 | $ | 1,480,285 | ||||
IndyMac Index Mortgage Loan Trust, | 362,358 | 295,936 | ||||||
Merrill Lynch Mortgage Investors, Inc., | 602,596 | 546,417 | ||||||
Merrill Lynch Mortgage Investors, Inc., | 53,012 | 49,632 | ||||||
Merrill Lynch Mortgage Investors, Inc., | 16,439 | 16,404 | ||||||
Morgan Stanley Mortgage Loan Trust, | 1,148 | 1,153 | ||||||
Morgan Stanley Reremic Trust, | 816,314 | 817,701 | ||||||
Opteum Mortgage Acceptance Corp., | 248,759 | 244,663 | ||||||
Structured Adjustable Rate Mortgage Loan Trust, Series 2004-2, Class 2A FRN | 268,089 | 267,950 | ||||||
WaMu Mortgage Pass-Through Certificates, Series 2004-AR2, Class A FRN | 596,732 | 574,923 | ||||||
|
| |||||||
7,241,910 | ||||||||
|
| |||||||
WL Collateral PAC — 0.1% | ||||||||
Structured Asset Securities Corp., | 1,114,769 | 1,084,593 | ||||||
Structured Asset Securities Corp., | 183,010 | 161,817 | ||||||
|
| |||||||
1,246,410 | ||||||||
|
| |||||||
TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $209,527,478) | 211,742,864 | |||||||
|
| |||||||
SOVEREIGN DEBT OBLIGATIONS — 0.9% | ||||||||
Brazilian Government International Bond | 700,000 | 751,625 |
The accompanying notes are an integral part of the financial statements.
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Principal Amount | Value | |||||||
Mexico Government International Bond | $ | 3,050,000 | $ | 2,760,250 | ||||
Peruvian Government International Bond | 560,000 | 662,200 | ||||||
Poland Government International Bond | 1,260,000 | 1,470,420 | ||||||
Province of Quebec Canada | 540,000 | 731,171 | ||||||
Republic of Brazil International Bond | 1,825,000 | 1,820,437 | ||||||
Republic of Turkey | 935,000 | 1,032,240 | ||||||
Turkey Government International Bond | 528,000 | 455,400 | ||||||
Turkey Government International Bond | 534,000 | 440,550 | ||||||
United Mexican States | 1,110,000 | 1,237,095 | ||||||
United Mexican States | 950,000 | 1,125,750 | ||||||
|
| |||||||
12,487,138 | ||||||||
|
| |||||||
TOTAL SOVEREIGN DEBT OBLIGATIONS (Cost $12,446,970) | 12,487,138 | |||||||
|
| |||||||
U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES — 25.3% | ||||||||
Collateralized Mortgage Obligations — 0.1% | ||||||||
Federal Home Loan Mortgage Corp., | 563,889 | 644,351 | ||||||
Federal National Mortgage Association, Series 1989-20, Class A | 137,239 | 141,682 | ||||||
U.S. Department of Veteran Affairs, | 493,211 | 558,454 | ||||||
|
| |||||||
1,344,487 | ||||||||
|
| |||||||
Pass-Through Securities — 25.2% | ||||||||
Federal Home Loan Mortgage Corp. | ||||||||
Pool #Q15841 3.000% | 11,028,628 | 10,748,175 | ||||||
Pool #Z40047 4.000% | 694,455 | 726,302 |
Principal Amount | Value | |||||||
Pool #G05262 4.500% | $ | 1,172,902 | $ | 1,248,729 | ||||
Pool #A92183 4.500% | 568,784 | 605,733 | ||||||
Pool #Q01704 4.500% | 1,493,945 | 1,591,926 | ||||||
Pool #E84025 6.000% | 62,172 | 65,155 | ||||||
Pool #G11431 6.000% | 10,848 | 11,515 | ||||||
Pool #G11122 6.500% | 43,593 | 45,545 | ||||||
Pool #E84450 6.500% | 17,309 | 18,335 | ||||||
Pool #E84580 6.500% | 17,283 | 18,307 | ||||||
Pool #E84660 6.500% | 4,915 | 5,230 | ||||||
Pool #E90508 6.500% | 10,217 | 10,953 | ||||||
Pool #C00836 7.000% | 24,772 | 28,747 | ||||||
Pool #C49314 7.000% | 8,027 | 9,368 | ||||||
Pool #C51422 7.000% | 4,018 | 4,693 | ||||||
Pool #C53034 7.000% | 15,110 | 17,615 | ||||||
Pool #G01311 7.000% | 128,876 | 150,109 | ||||||
Pool #G01317 7.000% | 82,441 | 96,011 | ||||||
Pool #E00856 7.500% | 5,997 | 6,265 | ||||||
Pool #G00143 7.500% | 1,903 | 2,192 | ||||||
Pool #C55867 7.500% | 58,131 | 68,443 | ||||||
Pool #C37986 7.500% | 1,966 | 2,334 | ||||||
Pool #C40675 7.500% | 427 | 507 | ||||||
Pool #C41497 7.500% | 202 | 240 | ||||||
Pool #C42340 7.500% | 401 | 477 | ||||||
Pool #C43930 7.500% | 13,678 | 16,260 | ||||||
Pool #C43962 7.500% | 6,195 | 7,347 | ||||||
Pool #C44509 7.500% | 15,839 | 18,862 |
The accompanying notes are an integral part of the financial statements.
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Principal Amount | Value | |||||||
Pool #C44830 7.500% | $ | 29 | $ | 34 | ||||
Pool #C45235 7.500% | 40,320 | 47,923 | ||||||
Pool #C46038 7.500% | 1,180 | 1,401 | ||||||
Pool #C01116 7.500% | 3,331 | 3,959 | ||||||
Pool #C46309 7.500% | 604 | 719 | ||||||
Pool #C46560 7.500% | 690 | 812 | ||||||
Pool #C46810 7.500% | 732 | 872 | ||||||
Pool #C47060 7.500% | 1,845 | 2,191 | ||||||
Pool #C47063 7.500% | 5,326 | 6,315 | ||||||
Pool #E00842 8.000% | 21,437 | 22,320 | ||||||
Pool #E00843 8.000% | 5,673 | 5,880 | ||||||
Pool #E00852 8.000% | 7,457 | 7,815 | ||||||
Pool #E80782 8.000% | 851 | 895 | ||||||
Pool #E80998 8.000% | 5,319 | 5,550 | ||||||
Pool #E81091 8.000% | 7,776 | 8,182 | ||||||
Pool #E81151 8.000% | 9,638 | 10,142 | ||||||
Pool #555481 8.250% | 8,739 | 9,506 | ||||||
Pool #G00653 8.500% | 34,021 | 40,880 | ||||||
Pool #554904 9.000% | 132 | 144 | ||||||
Federal National Mortgage Association | 725,120 | 758,987 | ||||||
Pool #888586 2.339% | 1,425,206 | 1,505,722 | ||||||
Pool #775539 2.362% | 707,736 | 750,170 | ||||||
Pool #AB8756 3.000% | 6,137,493 | 5,895,830 | ||||||
Pool #AT0976 3.000% | 5,869,950 | 5,638,821 | ||||||
Pool #AT2911 3.000% | 7,090,024 | 6,810,854 | ||||||
Pool #AO8629 3.500% | 7,649,817 | 7,796,538 |
Principal Amount | Value | |||||||
Pool #AP6609 3.500% | $ | 3,771,999 | $ | 3,844,345 | ||||
Pool #AR8708 3.500% | 1,926,618 | 1,939,487 | ||||||
Pool #AT0998 3.500% | 9,509,683 | 9,573,204 | ||||||
Pool #AT4050 3.500% | 2,545,387 | 2,562,390 | ||||||
Pool #MA1463 3.500% | 6,190,884 | 6,232,237 | ||||||
Pool #675713 5.000% | 12,776 | 13,521 | ||||||
Pool #545636 6.500% | 88,610 | 94,385 | ||||||
Pool #524355 7.000% | 144 | 167 | ||||||
Pool #254379 7.000% | 80,637 | 93,753 | ||||||
Pool #252717 7.500% | 4,946 | 5,826 | ||||||
Pool #535996 7.500% | 18,110 | 21,311 | ||||||
Pool #254009 7.500% | 57,092 | 66,997 | ||||||
Pool #253394 8.000% | 22,034 | 24,867 | ||||||
Pool #323992 8.000% | 3,821 | 4,621 | ||||||
Pool #525725 8.000% | 6,173 | 7,409 | ||||||
Pool #253266 8.000% | 7,668 | 9,310 | ||||||
Pool #537433 8.000% | 5,197 | 6,329 | ||||||
Pool #253347 8.000% | 11,592 | 14,095 | ||||||
Pool #544976 8.000% | 930 | 1,130 | ||||||
Pool #535428 8.000% | 11,734 | 14,249 | ||||||
Pool #543290 8.000% | 65 | 79 | ||||||
Pool #547786 8.000% | 2,754 | 3,312 | ||||||
Pool #550767 8.000% | 7,988 | 9,666 | ||||||
Pool #553061 8.000% | 14,481 | 17,531 | ||||||
Pool #253481 8.000% | 9,990 | 12,146 | ||||||
Pool #535533 8.000% | 10,311 | 12,522 |
The accompanying notes are an integral part of the financial statements.
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Principal Amount | Value | |||||||
Pool #560741 8.000% | $ | 3,135 | $ | 3,822 | ||||
Pool #253644 8.000% | 5,933 | 7,221 | ||||||
Pool #581170 8.000% | 1,689 | 2,044 | ||||||
Pool #583916 8.000% | 5,201 | 6,351 | ||||||
Pool #593848 8.000% | 1,058 | 1,291 | ||||||
Pool #190317 8.000% | 60,779 | 73,800 | ||||||
Pool #545240 8.000% | 6,661 | 8,100 | ||||||
Pool #541202 8.500% | 76,283 | 90,421 | ||||||
Federal National Mortgage | 14,265,000 | 14,353,042 | ||||||
Pool #869 2.500% | 10,060,000 | 9,354,229 | ||||||
Pool #7180 3.000% | 24,165,000 | 25,018,327 | ||||||
Pool #9768 3.000% | 13,041,000 | 12,744,521 | ||||||
Pool #17115 3.500% | 13,500,000 | 13,748,906 | ||||||
Pool #18388 4.000% | 27,225,000 | 28,556,471 | ||||||
Pool #21133 4.500% | 20,150,000 | 21,522,719 | ||||||
Pool #29322 5.000% | 23,670,000 | 25,670,853 | ||||||
Pool #43611 5.500% | 20,174,000 | 21,999,118 | ||||||
Government National Mortgage | 2,429,970 | 2,520,498 | ||||||
Pool #593946 5.000% | 16,024 | 17,508 | ||||||
Pool #612902 5.000% | 3,247 | 3,548 | ||||||
Pool #626512 5.000% | 8,374 | 9,154 | ||||||
Pool #648526 5.000% | 33,174 | 36,225 | ||||||
Pool #650254 5.000% | 94,874 | 103,539 | ||||||
Pool #658256 5.000% | 8,697 | 9,486 |
Principal Amount | Value | |||||||
Pool #663769 5.000% | $ | 7,144 | $ | 7,792 | ||||
Pool #684647 5.000% | 5,335 | 5,809 | ||||||
Pool #684733 5.000% | 217,697 | 237,035 | ||||||
Pool #632260 5.000% | 129,640 | 141,034 | ||||||
Pool #704182 5.000% | 164,596 | 179,011 | ||||||
Pool #782562 5.000% | 7,891,617 | 8,669,064 | ||||||
Pool #704584 5.000% | 80,574 | 87,631 | ||||||
Pool #723436 5.000% | 261,523 | 285,500 | ||||||
Pool #783065 5.000% | �� | 122,263 | 134,537 | |||||
Pool #404246 6.500% | 484 | 556 | ||||||
Pool #418295 6.500% | 140 | 151 | ||||||
Pool #781038 6.500% | 124,354 | 142,507 | ||||||
Pool #527586 6.500% | 790 | 910 | ||||||
Pool #781468 6.500% | 8,841 | 10,193 | ||||||
Pool #781496 6.500% | 44,215 | 50,891 | ||||||
Pool #363066 7.000% | 9,683 | 11,096 | ||||||
Pool #352049 7.000% | 4,960 | 5,698 | ||||||
Pool #354674 7.000% | 8,988 | 10,312 | ||||||
Pool #358555 7.000% | 7,535 | 8,667 | ||||||
Pool #345964 7.000% | 6,254 | 7,175 | ||||||
Pool #380866 7.000% | 1,501 | 1,724 | ||||||
Pool #781124 7.000% | 14,357 | 16,957 | ||||||
Pool #781319 7.000% | 301,118 | 357,430 | ||||||
Pool #565982 7.000% | 16,436 | 19,593 | ||||||
Pool #581417 7.000% | 79,683 | 94,838 | ||||||
Pool #588012 7.000% | 40,114 | 47,581 |
The accompanying notes are an integral part of the financial statements.
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Principal Amount | Value | |||||||
Pool #591581 7.000% | $ | 11,379 | $ | 13,565 | ||||
Pool #190766 7.500% | 17,678 | 18,995 | ||||||
Pool #187548 7.500% | 5,176 | 5,598 | ||||||
Pool #203940 7.500% | 24,350 | 26,337 | ||||||
Pool #181168 7.500% | 4,399 | 4,788 | ||||||
Pool #201622 7.500% | 15,571 | 16,949 | ||||||
Pool #192796 7.500% | 3,726 | 4,043 | ||||||
Pool #357262 7.500% | 4,743 | 5,512 | ||||||
Pool #441009 8.000% | 1,249 | 1,504 | ||||||
Pool #522777 8.000% | 6,776 | 8,261 | ||||||
Pool #434719 8.000% | 106 | 130 | ||||||
Pool #523043 8.000% | 352 | 429 | ||||||
Pool #529134 8.000% | 1,974 | 2,416 | ||||||
Pool #477036 8.000% | 792 | 970 | ||||||
Pool #503157 8.000% | 29,100 | 35,292 | ||||||
Pool #528714 8.000% | 2,080 | 2,548 | ||||||
Pool #544640 8.000% | 35,511 | 43,548 | ||||||
Pool #531298 8.500% | 2,170 | 2,695 | ||||||
Government National Mortgage | 2,187,640 | 2,286,272 | ||||||
Government National Mortgage | 7,500,000 | 7,396,282 | ||||||
Pool #548 3.000% | 46,650,000 | 46,128,831 | ||||||
Pool #5490 3.500% | 13,950,000 | 14,340,165 | ||||||
Pool #1635 3.500% | 14,400,000 | 14,852,249 | ||||||
Pool #4536 4.000% | 13,550,000 | 14,291,016 | ||||||
|
| |||||||
355,326,007 | ||||||||
|
|
Principal Amount | Value | |||||||
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (Cost $352,937,103) | $ | 356,670,494 | ||||||
|
| |||||||
U.S. TREASURY OBLIGATIONS — 11.5% | ||||||||
U.S. Treasury Bonds & Notes — 11.5% | ||||||||
U.S. Treasury Bond | $ | 33,560,000 | 27,814,263 | |||||
U.S. Treasury Bond | 7,510,000 | 8,680,236 | ||||||
U.S. Treasury Note (e) | 68,245,000 | 68,176,352 | ||||||
U.S. Treasury Note (f) | 2,130,000 | 2,102,668 | ||||||
U.S. Treasury Note | 59,395,000 | 55,330,155 | ||||||
|
| |||||||
162,103,674 | ||||||||
|
| |||||||
TOTAL U.S. TREASURY OBLIGATIONS (Cost $162,583,768) | 162,103,674 | |||||||
|
| |||||||
TOTAL BONDS & NOTES (Cost $1,363,687,540) | 1,384,338,947 | |||||||
|
| |||||||
TOTAL LONG-TERM INVESTMENTS (Cost $1,366,937,540) | 1,387,354,947 | |||||||
|
| |||||||
SHORT-TERM INVESTMENTS — 20.3% | ||||||||
Commercial Paper — 19.9% | ||||||||
Airgas, Inc. (a) | 5,000,000 | 4,995,561 | ||||||
Aon Corp. (a) | 10,000,000 | 9,998,211 | ||||||
Canadian Natural Resources Ltd. (a) | 5,000,000 | 4,999,708 | ||||||
Canadian Natural Resources Ltd. (a) | 1,127,000 | 1,126,793 | ||||||
Centrica PLC (a) | 5,000,000 | 4,992,786 | ||||||
DIRECTV Holdings LLC (a) | 3,000,000 | 2,998,797 | ||||||
DIRECTV Holdings LLC (a) | 6,000,000 | 5,995,307 | ||||||
DIRECTV Holdings LLC (a) | 2,500,000 | 2,495,111 | ||||||
Dominion Resources, Inc. (a) | 15,000,000 | 15,000,000 | ||||||
Ecolab, Inc. (a) | 10,000,000 | 9,990,925 |
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 | |||||||
Enbridge Energy Partners (a) | $ | 15,000,000 | $ | 14,996,500 | ||||
Enbridge Energy Partners (a) | 7,500,000 | 7,497,958 | ||||||
FMC Corp. (a) | 10,000,000 | 9,998,044 | ||||||
Glencore Funding LLC (a) | 10,000,000 | 9,998,639 | ||||||
Glencore Funding LLC (a) | 10,000,000 | 9,993,200 | ||||||
Hewlett- Packard Co. (a) | 9,500,000 | 9,497,414 | ||||||
Hewlett- Packard Co. (a) | 7,750,000 | 7,747,908 | ||||||
Hewlett- Packard Co. (a) | 5,250,000 | 5,248,307 | ||||||
Hewlett-Packard Co. (a) | 5,000,000 | 4,999,000 | ||||||
Holcim US Finance Sarl & Cie (a) | 12,500,000 | 12,491,885 | ||||||
National Grid USA (a) | 4,000,000 | 3,998,100 | ||||||
National Grid USA (a) | 5,000,000 | 4,997,346 | ||||||
National Grid USA (a) | 6,150,000 | 6,144,834 | ||||||
Nissan Motor Acceptance Corp. (a) | 2,500,000 | 2,499,074 | ||||||
Nissan Motor Acceptance Corp. (a) | 9,000,000 | 8,995,738 | ||||||
Noble Corp. (a) | 20,500,000 | 20,498,838 | ||||||
Pentair Finance (a) | 2,100,000 | 2,099,965 | ||||||
Pentair Finance (a) | 4,809,000 | 4,808,880 | ||||||
Southern California Edison Co. (a) | 16,500,000 | 16,499,629 | ||||||
Stanley Works (a) | 6,500,000 | 6,494,596 | ||||||
Stanley Works (a) | 5,000,000 | 4,995,800 | ||||||
Tesco Treasury Services PLC (a) | 5,000,000 | 4,994,321 | ||||||
Tesco Treasury Services PLC (a) | 5,000,000 | 4,988,481 | ||||||
TransCanada PipeLines Ltd. (a) | 6,500,000 | 6,497,421 | ||||||
VF Corp. (a) | 3,000,000 | 2,999,550 | ||||||
Vodafone Group PLC (a) | 5,500,000 | 5,498,171 |
Principal Amount | Value | |||||||
WellPoint, Inc. (a) | $ | 8,000,000 | $ | 7,992,740 | ||||
Xstrata Finance Canada Ltd. (a) | 10,500,000 | 10,485,300 | ||||||
|
| |||||||
280,550,838 | ||||||||
|
| |||||||
Time Deposits — 0.4% | ||||||||
Euro Time Deposit | 4,960,020 | 4,960,020 | ||||||
|
| |||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $285,510,858) | 285,510,858 | |||||||
|
| |||||||
TOTAL INVESTMENTS — 118.8% (Cost $1,652,448,398) (g) | 1,672,865,805 | |||||||
Other Assets/ (Liabilities) — (18.8)% | (264,911,119 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 1,407,954,686 | ||||||
|
|
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, 2013, these securities amounted to a value of $467,783,868 or 33.22% of net assets. |
(b) | Security is currently in default due to bankruptcy or failure to make payment of principal or interest of the issuer. Income is not being accrued. At September 30, 2013, these securities amounted to a value of $109,431 or 0.01% of net assets. |
(c) | Restricted security. Certain securities are restricted as to resale. At September 30, 2013, these securities amounted to a value of $4,941,000 or 0.35% 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) | All or a portion of this security is held as collateral for open swap agreements. (Note 2). |
(f) | A portion of this security is held as collateral for open futures contracts. (Note 2). |
(g) | 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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September 30, 2013
Number of Shares | Value | |||||||
EQUITIES — 0.3% | ||||||||
COMMON STOCK — 0.1% | ||||||||
Basic Materials — 0.1% | ||||||||
Forest Products & Paper — 0.1% | ||||||||
The Newark Group, Inc. (a) (b) | 26,904 | $ | 64,153 | |||||
|
| |||||||
TOTAL COMMON STOCK (Cost $165,688) | 64,153 | |||||||
|
| |||||||
PREFERRED STOCK — 0.2% | ||||||||
Insurance — 0.2% | ||||||||
The Allstate Corp. | 10,000 | 232,000 | ||||||
|
| |||||||
TOTAL PREFERRED STOCK (Cost $250,000) | 232,000 | |||||||
|
| |||||||
TOTAL EQUITIES (Cost $415,688) | 296,153 | |||||||
|
| |||||||
Principal Amount | ||||||||
BONDS & NOTES — 98.3% | ||||||||
CORPORATE DEBT — 47.4% | ||||||||
Advertising — 0.2% | ||||||||
Omnicom Group, Inc. | $ | 150,000 | 143,867 | |||||
|
| |||||||
Aerospace & Defense — 0.3% | ||||||||
BE Aerospace, Inc. | 125,000 | 136,563 | ||||||
United Technologies Corp. | 105,000 | 126,377 | ||||||
|
| |||||||
262,940 | ||||||||
|
| |||||||
Agriculture — 0.2% | ||||||||
Altria Group, Inc. | 110,000 | 100,745 | ||||||
Altria Group, Inc. | 50,000 | 41,626 | ||||||
|
| |||||||
142,371 | ||||||||
|
| |||||||
Auto Manufacturers — 0.1% | ||||||||
Ford Motor Co. | 100,000 | 115,230 | ||||||
|
| |||||||
Automotive & Parts — 1.2% | ||||||||
Cooper Tire & Rubber Co. | 280,000 | 285,950 | ||||||
International Automotive Components Group SA (c) | 9,000 | 9,270 | ||||||
Meritor, Inc. | 185,000 | 183,150 |
Principal Amount | Value | |||||||
Meritor, Inc., Convertible (c) | $ | 115,000 | $ | 144,253 | ||||
Titan International, Inc. | 163,000 | 173,513 | ||||||
Tomkins LLC/Tomkins, Inc. | 73,000 | 79,570 | ||||||
UCI International, Inc. | 115,000 | 117,300 | ||||||
Visteon Corp | 131,000 | 139,188 | ||||||
|
| |||||||
1,132,194 | ||||||||
|
| |||||||
Banks — 2.6% | ||||||||
Associated Banc-Corp. | 60,000 | 60,066 | ||||||
Bank of America Corp. | 165,000 | 173,528 | ||||||
Bank of America Corp. | 55,000 | 61,066 | ||||||
Bank of America Corp. | 115,000 | 130,228 | ||||||
Bank of America Corp. Series L | 30,000 | 33,856 | ||||||
Credit Suisse AG | 130,000 | 142,298 | ||||||
First Horizon National Corp. | 219,000 | 236,674 | ||||||
FirstMerit Corp. | 35,000 | 34,556 | ||||||
HSBC Holdings PLC | 125,000 | 141,671 | ||||||
ICICI Bank Ltd. (c) | 275,000 | 280,010 | ||||||
ICICI Bank Ltd. (c) | 475,000 | 492,423 | ||||||
KFW | 270,000 | 252,531 | ||||||
PNC Funding Corp. | 105,000 | 112,756 | ||||||
Valley National Bancorp | 85,000 | 84,990 | ||||||
Wells Fargo & Co. | 145,000 | 135,715 | ||||||
Wells Fargo & Co. | 25,000 | 27,147 | ||||||
|
| |||||||
2,399,515 | ||||||||
|
| |||||||
Beverages — 0.1% | ||||||||
Fomento Economico Mexicano | 35,000 | 31,142 | ||||||
Molson Coors Brewing Co. | 65,000 | 63,339 | ||||||
|
| |||||||
94,481 | ||||||||
|
|
The accompanying notes are an integral part of the financial statements.
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Principal Amount | Value | |||||||
Biotechnology — 0.2% | ||||||||
Amgen, Inc. | $ | 175,000 | $ | 169,882 | ||||
|
| |||||||
Building Materials — 0.1% | ||||||||
CRH America, Inc. | 95,000 | 115,641 | ||||||
|
| |||||||
Chemicals — 1.9% | ||||||||
Ashland, Inc. | 210,000 | 207,375 | ||||||
CF Industries, Inc. | 28,000 | 25,950 | ||||||
Cytec Industries, Inc. | 30,000 | 27,885 | ||||||
Cytec Industries, Inc. | 175,000 | 208,254 | ||||||
The Dow Chemical Co. | 100,000 | 127,537 | ||||||
Incitec Pivot Finance LLC (c) | 50,000 | 54,885 | ||||||
Incitec Pivot Ltd. (c) | 475,000 | 493,848 | ||||||
Methanex Corp. | 40,000 | 41,492 | ||||||
Nexeo Solutions LLC/Nexeo Solutions Finance Corp. | 50,000 | 49,750 | ||||||
RPM International, Inc. | 50,000 | 56,938 | ||||||
Tronox Finance LLC | 340,000 | 336,600 | ||||||
Valspar Corp. | 150,000 | 180,637 | ||||||
|
| |||||||
1,811,151 | ||||||||
|
| |||||||
Commercial Services — 0.3% | ||||||||
Donnelley (R.R.) & Sons Co. | 67,000 | 70,852 | ||||||
ERAC USA Finance LLC (c) | 25,000 | 25,178 | ||||||
ERAC USA Finance LLC (c) | 75,000 | 71,286 | ||||||
ERAC USA Finance LLC (c) | 50,000 | 59,244 | ||||||
The Western Union Co. | 80,000 | 89,084 | ||||||
|
| |||||||
315,644 | ||||||||
|
| |||||||
Computers — 0.5% | ||||||||
Apple, Inc. | 105,000 | 95,044 | ||||||
Apple, Inc. | 50,000 | 41,898 | ||||||
EMC Corp. | 135,000 | 131,918 |
Principal Amount | Value | |||||||
Hewlett-Packard Co. | $ | 90,000 | $ | 91,291 | ||||
Hewlett-Packard Co. | 125,000 | 127,108 | ||||||
|
| |||||||
487,259 | ||||||||
|
| |||||||
Cosmetics & Personal Care — 0.1% | ||||||||
Avon Products, Inc. | 65,000 | 65,401 | ||||||
|
| |||||||
Distribution & Wholesale — 0.1% | ||||||||
Arrow Electronics, Inc. | 45,000 | 45,390 | ||||||
Arrow Electronics, Inc. | 45,000 | 44,498 | ||||||
|
| |||||||
89,888 | ||||||||
|
| |||||||
Diversified Financial — 3.7% | ||||||||
Citigroup, Inc. | 60,000 | 65,628 | ||||||
Citigroup, Inc. | 75,000 | 83,389 | ||||||
Citigroup, Inc. | 76,000 | 97,070 | ||||||
Eaton Vance Corp. | 43,000 | 41,688 | ||||||
Eaton Vance Corp. | 25,000 | 28,823 | ||||||
Ford Motor Credit Co. LLC | 200,000 | 205,571 | ||||||
Ford Motor Credit Co. LLC | 150,000 | 175,231 | ||||||
The Goldman Sachs Group, Inc. | 130,000 | 130,944 | ||||||
The Goldman Sachs Group, Inc. | 35,000 | 39,211 | ||||||
The Goldman Sachs Group, Inc. | 40,000 | 38,724 | ||||||
The Goldman Sachs Group, Inc. | 40,000 | 41,746 | ||||||
Hyundai Capital America (c) | 80,000 | 80,128 | ||||||
Hyundai Capital America (c) | 60,000 | 60,501 | ||||||
International Lease Finance Corp. | 200,000 | 208,223 | ||||||
Janus Capital Group, Inc. | 525,000 | 586,668 | ||||||
JP Morgan Chase & Co. | 145,000 | 150,201 | ||||||
JP Morgan Chase & Co. | 175,000 | 182,543 | ||||||
Lazard Group LLC | 135,000 | 153,017 |
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 | |||||||
Lazard Group LLC | $ | 450,000 | $ | 487,061 | ||||
Merrill Lynch & Co., Inc. | 125,000 | 154,778 | ||||||
Morgan Stanley | 200,000 | 210,505 | ||||||
Morgan Stanley | 150,000 | 156,458 | ||||||
Morgan Stanley | 60,000 | 66,607 | ||||||
|
| |||||||
3,444,715 | ||||||||
|
| |||||||
Electric — 2.2% | ||||||||
Ameren Corp. | 170,000 | 178,159 | ||||||
Elwood Energy LLC | 296,548 | 311,375 | ||||||
Florida Power & Light Co. | 65,000 | 69,186 | ||||||
Georgia Power Co. | 63,000 | 56,767 | ||||||
Kiowa Power Partners LLC (c) | 9,593 | 9,628 | ||||||
LG&E and KU Energy LLC | 250,000 | 259,006 | ||||||
MidAmerican Energy Holdings Co. | 120,000 | 133,165 | ||||||
National Fuel Gas Co. | 55,000 | 52,854 | ||||||
NiSource Finance Corp. | 90,000 | 80,600 | ||||||
NRG Energy, Inc. | 250,000 | 268,125 | ||||||
Pacific Gas & Electric Co. | 160,000 | 173,543 | ||||||
Southern California Edison Co. | 60,000 | 70,393 | ||||||
Tenaska Oklahoma I LP (c) | 51,926 | 52,758 | ||||||
Transelec SA (c) | 75,000 | 71,340 | ||||||
Tri-State Generation & Transmission | 66,572 | 72,609 | ||||||
Tri-State Generation & Transmission | 185,000 | 227,134 | ||||||
|
| |||||||
2,086,642 | ||||||||
|
| |||||||
Electrical Components & Equipment — 0.4% | ||||||||
Anixter, Inc. | 10,000 | 10,462 | ||||||
Legrand France SA | 250,000 | 317,696 | ||||||
|
| |||||||
328,158 | ||||||||
|
|
Principal Amount | Value | |||||||
Electronics — 0.3% | ||||||||
Agilent Technologies, Inc. | $ | 73,000 | $ | 70,894 | ||||
Avnet, Inc. | 67,000 | 67,527 | ||||||
PerkinElmer, Inc. | 125,000 | 129,042 | ||||||
|
| |||||||
267,463 | ||||||||
|
| |||||||
Foods — 0.7% | ||||||||
ConAgra Foods, Inc. (c) | 275,000 | 290,247 | ||||||
ConAgra Foods, Inc. (c) | 30,000 | 34,755 | ||||||
Delhaize Group | 90,000 | 101,996 | ||||||
Tyson Foods, Inc. | 150,000 | 155,688 | ||||||
Tyson Foods, Inc. | 95,000 | 106,511 | ||||||
|
| |||||||
689,197 | ||||||||
|
| |||||||
Forest Products & Paper — 0.6% | ||||||||
Celulosa Arauco y Constitucion SA | 200,000 | 194,294 | ||||||
International Paper Co. | 75,000 | 78,987 | ||||||
International Paper Co. | 110,000 | 145,060 | ||||||
Plum Creek Timberlands LP | 105,000 | 95,995 | ||||||
|
| |||||||
514,336 | ||||||||
|
| |||||||
Hand & Machine Tools — 0.3% | ||||||||
Victor Technologies Group, Inc. | 280,000 | 301,700 | ||||||
|
| |||||||
Health Care – Products — 0.3% | ||||||||
Boston Scientific Corp. | 120,000 | 147,923 | ||||||
Teleflex, Inc. | 90,000 | 94,950 | ||||||
|
| |||||||
242,873 | ||||||||
|
| |||||||
Health Care – Services — 0.5% | ||||||||
HCA Holdings, Inc. | 140,000 | 148,925 | ||||||
Kaiser Foundation Hospitals | 65,000 | 63,516 | ||||||
UnitedHealth Group, Inc. | 85,000 | 72,890 | ||||||
UnitedHealth Group, Inc. | 75,000 | 94,157 | ||||||
WellPoint, Inc., Convertible (c) | 100,000 | 127,313 | ||||||
|
| |||||||
506,801 | ||||||||
|
|
The accompanying notes are an integral part of the financial statements.
115
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MassMutual Premier Diversified Bond Fund – Portfolio of Investments (Continued)
Principal Amount | Value | |||||||
Home Furnishing — 0.1% | ||||||||
Whirlpool Corp. | $ | 50,000 | $ | 48,384 | ||||
Whirlpool Corp. | 20,000 | 19,176 | ||||||
|
| |||||||
67,560 | ||||||||
|
| |||||||
Household Products — 0.0% | ||||||||
Avery Dennison Corp. | 30,000 | 28,268 | ||||||
|
| |||||||
Housewares — 0.2% | ||||||||
Toro Co. | 170,000 | 205,111 | ||||||
|
| |||||||
Insurance — 1.9% | ||||||||
Aflac, Inc. | 104,000 | 101,562 | ||||||
The Allstate Corp. | 50,000 | 55,566 | ||||||
The Allstate Corp. VRN | 80,000 | 78,000 | ||||||
The Chubb Corp. VRN | 99,000 | 106,178 | ||||||
ING US, Inc. | 100,000 | 107,654 | ||||||
Liberty Mutual Group, Inc. (c) | 43,000 | 41,938 | ||||||
Marsh & McLennan Cos., Inc. | 150,000 | 161,997 | ||||||
MetLife Capital Trust IV (c) | 150,000 | 168,750 | ||||||
The Progressive Corp. VRN | 155,000 | 165,850 | ||||||
Prudential Financial, Inc. VRN | 135,000 | 122,445 | ||||||
Prudential Financial, Inc. | 125,000 | 143,416 | ||||||
Prudential Financial, Inc. VRN | 115,000 | 139,150 | ||||||
Reinsurance Group of America, Inc. | 95,000 | 97,144 | ||||||
Reinsurance Group of America, Inc. | 95,000 | 101,681 | ||||||
Reinsurance Group of America, Inc. | 90,000 | 105,042 | ||||||
Willis Group Holdings PLC | 20,000 | 21,004 | ||||||
Willis North America, Inc. | 43,000 | 50,184 | ||||||
|
| |||||||
1,767,561 | ||||||||
|
| |||||||
Internet — 0.4% | ||||||||
Expedia, Inc. | 300,000 | 348,446 | ||||||
|
|
Principal Amount | Value | |||||||
Iron & Steel — 1.5% | ||||||||
AK Steel Corp., Convertible | $ | 192,000 | $ | 180,840 | ||||
Allegheny Technologies, Inc. | 105,000 | 128,034 | ||||||
ArcelorMittal | 425,000 | 465,906 | ||||||
Gerdau Trade, Inc. (c) | 90,000 | 80,100 | ||||||
Reliance Steel & Aluminum Co. | 65,000 | 63,437 | ||||||
Reliance Steel & Aluminum Co. | 395,000 | 433,885 | ||||||
|
| |||||||
1,352,202 | ||||||||
|
| |||||||
Lodging — 0.2% | ||||||||
Hyatt Hotels Corp. | 40,000 | 37,379 | ||||||
Marriott International, Inc. | 95,000 | 94,690 | ||||||
Wyndham Worldwide Corp. | 60,000 | 61,573 | ||||||
Wyndham Worldwide Corp. | 2,000 | 2,213 | ||||||
|
| |||||||
195,855 | ||||||||
|
| |||||||
Machinery – Diversified — 1.0% | ||||||||
Briggs & Stratton Corp. | 340,000 | 368,050 | ||||||
The Manitowoc Co., Inc. | 175,000 | 194,688 | ||||||
Roper Industries, Inc. | 100,000 | 93,607 | ||||||
Xylem, Inc. | 200,000 | 209,620 | ||||||
Xylem, Inc. | 100,000 | 105,117 | ||||||
|
| |||||||
971,082 | ||||||||
|
| |||||||
Manufacturing — 1.0% | ||||||||
Bombardier, Inc. Series A (c) | 70,000 | 79,100 | ||||||
Carlisle Cos., Inc. | 85,000 | 81,829 | ||||||
Griffon Corp. | 180,000 | 190,800 | ||||||
Harsco Corp | 257,000 | 260,697 | ||||||
Polypore International, Inc. | 285,000 | 302,100 | ||||||
|
| |||||||
914,526 | ||||||||
|
| |||||||
Media — 1.3% | ||||||||
CBS Corp. | 100,000 | 121,216 |
The accompanying notes are an integral part of the financial statements.
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Principal Amount | Value | |||||||
Globo Comunicacao e Participacoes SA (c) | $ | 200,000 | $ | 192,000 | ||||
News America, Inc. | 125,000 | 145,306 | ||||||
Sinclair Television Group, Inc. (c) | 425,000 | 447,143 | ||||||
Univision Communications, Inc. (c) | 250,000 | 273,438 | ||||||
|
| |||||||
1,179,103 | ||||||||
�� |
|
| ||||||
Metal Fabricate & Hardware — 0.8% | ||||||||
Ardagh Packaging Finance PLC (c) | 250,000 | 267,500 | ||||||
Mueller Water Products, Inc. | 196,000 | 215,600 | ||||||
The Timken Co. | 275,000 | 288,035 | ||||||
|
| |||||||
771,135 | ||||||||
|
| |||||||
Mining — 1.3% | ||||||||
Detour Gold Corp., Convertible | 105,000 | 92,203 | ||||||
FMG Resources Property Ltd. (c) | 250,000 | 250,000 | ||||||
FMG Resources Property Ltd. (c) | 215,000 | 221,450 | ||||||
Freeport-McMoRan Copper & | 45,000 | 43,490 | ||||||
Freeport-McMoRan Copper & | 70,000 | 62,742 | ||||||
Newcrest Finance Property Ltd. (c) | 200,000 | 171,968 | ||||||
Vale Overseas Ltd. | 215,000 | 241,002 | ||||||
Vale Overseas Ltd. | 85,000 | 86,058 | ||||||
|
| |||||||
1,168,913 | ||||||||
|
| |||||||
Office Equipment/Supplies — 0.1% | ||||||||
Pitney Bowes, Inc. | 50,000 | 52,968 | ||||||
Pitney Bowes, Inc. | 75,000 | 82,658 | ||||||
|
| |||||||
135,626 | ||||||||
|
| |||||||
Oil & Gas — 7.0% | ||||||||
Alta Mesa Holdings/Alta Mesa Finance Services Corp. | 655,000 | 691,025 | ||||||
Aurora USA Oil & Gas, Inc. (c) | 500,000 | 497,500 |
Principal Amount | Value | |||||||
Calumet Specialty Products Partners LP/Calumet Finance Corp. | $ | 120,000 | $ | 131,700 | ||||
Chesapeake Energy Corp., Convertible | 80,000 | 73,000 | ||||||
Chesapeake Energy Corp., Convertible | 780,000 | 766,350 | ||||||
CVR Refining LLC/Coffeyville Finance, Inc. | 65,000 | 63,131 | ||||||
Ecopetrol SA | 15,000 | 15,431 | ||||||
KazMunayGas National Co. JSC (c) | 90,000 | 83,925 | ||||||
Linn Energy LLC/Linn Energy Finance Corp. | 130,000 | 134,387 | ||||||
MEG Energy Corp. (c) | 150,000 | 151,125 | ||||||
PBF Holding Co. LLC/PBF Finance Corp. | 555,000 | 574,425 | ||||||
Pemex Project Funding Master Trust | 51,000 | 53,770 | ||||||
Petrobras Global Finance BV | 40,000 | 37,617 | ||||||
Petrobras International Finance Co. | 220,000 | 226,994 | ||||||
Petrobras International Finance Co. | 115,000 | 111,207 | ||||||
Petroleos Mexicanos | 375,000 | 401,250 | ||||||
Phillips 66 | 75,000 | 76,459 | ||||||
Phillips 66 | 75,000 | 78,781 | ||||||
Precision Drilling Corp. | 85,000 | 89,888 | ||||||
Rosneft Oil Co. via Rosneft International Finance Ltd. (c) | 1,000,000 | 1,000,000 | ||||||
Rowan Cos., Inc. | 175,000 | 180,575 | ||||||
Rowan Cos., Inc. | 185,000 | 201,121 | ||||||
Shell International Finance BV | 110,000 | 124,299 | ||||||
SM Energy Co. | 100,000 | 104,000 | ||||||
Talisman Energy, Inc. | 100,000 | 93,170 | ||||||
Transocean, Inc. | 190,000 | 203,832 |
The accompanying notes are an integral part of the financial statements.
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Principal Amount | Value | |||||||
Venoco, Inc. | $ | 330,000 | $ | 332,475 | ||||
|
| |||||||
6,497,437 | ||||||||
|
| |||||||
Oil & Gas Services — 0.2% | ||||||||
Weatherford International Ltd. | 100,000 | 98,971 | ||||||
Weatherford International Ltd. | 75,000 | 71,809 | ||||||
Weatherford International Ltd. | 25,000 | 28,025 | ||||||
|
| |||||||
198,805 | ||||||||
|
| |||||||
Packaging & Containers — 0.1% | ||||||||
Brambles USA Inc., Series A (c) | 35,000 | 37,872 | ||||||
Sonoco Products Co. | 100,000 | 103,334 | ||||||
|
| |||||||
141,206 | ||||||||
|
| |||||||
Pharmaceuticals — 1.3% | ||||||||
AbbVie, Inc. | 50,000 | 45,269 | ||||||
Mylan, Inc. (c) | 250,000 | 285,267 | ||||||
Valeant Pharmaceuticals International (c) | 100,000 | 106,750 | ||||||
Valeant Pharmaceuticals International (c) | 135,000 | 142,762 | ||||||
Valeant Pharmaceuticals International (c) | 200,000 | 212,000 | ||||||
Warner Chilcott Corp. LLC | 350,000 | 379,750 | ||||||
Zoetis, Inc. (c) | 35,000 | 33,321 | ||||||
|
| |||||||
1,205,119 | ||||||||
|
| |||||||
Pipelines — 1.4% | ||||||||
CenterPoint Energy Resources Corp. | 175,000 | 190,057 | ||||||
CenterPoint Energy Resources Corp. | 150,000 | 173,756 | ||||||
DCP Midstream Operating LLC | 15,000 | 13,649 | ||||||
Enable Oklahoma Intrastate Transmission LLC (c) | 305,000 | 315,480 | ||||||
Energy Transfer Equity LP | 100,000 | 107,000 | ||||||
Enterprise Products Operating LP | 135,000 | 145,493 | ||||||
Kern River Funding Corp. (c) | 76,103 | 81,983 | ||||||
Kinder Morgan Energy Partners LP | 85,000 | 93,450 |
Principal Amount | Value | |||||||
Kinder Morgan Energy Partners LP | $ | 15,000 | $ | 16,908 | ||||
ONEOK Partners LP | 100,000 | 101,095 | ||||||
The Williams Cos., Inc. | 45,000 | 40,641 | ||||||
|
| |||||||
1,279,512 | ||||||||
|
| |||||||
Real Estate — 0.3% | ||||||||
AMB Property LP | 225,000 | 242,605 | ||||||
|
| |||||||
Real Estate Investment Trusts (REITS) — 1.3% | ||||||||
American Tower Corp. | 80,000 | 79,071 | ||||||
Brandywine Operating Partners LP | 300,000 | 322,124 | ||||||
DDR Corp. | 275,000 | 296,832 | ||||||
DDR Corp. | 95,000 | 112,677 | ||||||
Duke Realty LP | 125,000 | 155,413 | ||||||
Federal Realty Investment Trust | 25,000 | 28,525 | ||||||
HCP, Inc. | 95,000 | 90,137 | ||||||
Liberty Property LP | 50,000 | 46,221 | ||||||
ProLogis LP | 35,000 | 34,983 | ||||||
|
| |||||||
1,165,983 | ||||||||
|
| |||||||
Retail — 1.0% | ||||||||
CVS Caremark Corp. | 25,000 | 28,577 | ||||||
CVS Pass-Through Trust (c) | 240,301 | 259,385 | ||||||
CVS Pass-Through Trust (c) | 18,491 | 22,308 | ||||||
The Home Depot, Inc. | 100,000 | 117,082 | ||||||
O’Reilly Automotive, Inc. | 46,000 | 44,416 | ||||||
O’Reilly Automotive, Inc. | 225,000 | 238,839 | ||||||
Wal-Mart Stores, Inc. | 205,000 | 230,475 | ||||||
|
| |||||||
941,082 | ||||||||
|
| |||||||
Savings & Loans — 0.7% | ||||||||
Education Loan Co. Trust I (c) | 200,000 | 176,257 | ||||||
First Niagara Financial Group, Inc. | 150,000 | 174,465 |
The accompanying notes are an integral part of the financial statements.
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Principal Amount | Value | |||||||
Glencore Funding LLC (c) | $ | 160,000 | $ | 157,650 | ||||
Glencore Funding LLC (c) | 114,000 | 106,861 | ||||||
Washington Mutual Bank (d) | 1,225,000 | 122 | ||||||
|
| |||||||
615,355 | ||||||||
|
| |||||||
Semiconductors — 0.7% | ||||||||
Intel Corp., Convertible | 125,000 | 135,313 | ||||||
Micron Technology, Inc., Convertible | 225,000 | 426,656 | ||||||
NXP BV/NXP Funding LLC (c) | 110,000 | 107,250 | ||||||
|
| |||||||
669,219 | ||||||||
|
| |||||||
Software — 0.5% | ||||||||
Broadridge Financial Solutions, Inc. | 45,000 | 45,440 | ||||||
CA, Inc. | 50,000 | 50,442 | ||||||
CA, Inc. | 105,000 | 116,499 | ||||||
Fidelity National Information Services, Inc. | 125,000 | 126,812 | ||||||
Oracle Corp. | 90,000 | 82,967 | ||||||
|
| |||||||
422,160 | ||||||||
|
| |||||||
Storage & Warehousing — 0.7% | ||||||||
Niska Gas Storage US LLC/Niska Gas Storage Canada LLC | 600,000 | 621,000 | ||||||
|
| |||||||
Telecommunications — 2.8% | ||||||||
AT&T, Inc. | 175,000 | 194,508 | ||||||
CenturyLink, Inc. | 195,000 | 202,312 | ||||||
CenturyLink, Inc. | 150,000 | 133,500 | ||||||
Embarq Corp. | 210,000 | 236,211 | ||||||
Embarq Corp. | 45,000 | 45,813 | ||||||
Motorola Solutions, Inc. | 90,000 | 84,027 | ||||||
Sprint Capital Corp. | 100,000 | 102,750 | ||||||
Sprint Nextel Corp. | 200,000 | 257,000 | ||||||
Telecom Italia Capital | 80,000 | 65,796 | ||||||
Telecom Italia Capital | 111,000 | 114,245 |
Principal Amount | Value | |||||||
Telefonaktiebolaget LM Ericsson | $ | 225,000 | $ | 220,050 | ||||
Telefonica Emisiones SAU | 275,000 | 284,866 | ||||||
Verizon Communications, Inc. | 50,000 | 51,534 | ||||||
Verizon Communications, Inc. | 60,000 | 63,222 | ||||||
Verizon Communications, Inc. | 95,000 | 101,820 | ||||||
Verizon Communications, Inc. | 140,000 | 158,051 | ||||||
WCP Wireless Site Funding (c) | 120,186 | 124,184 | ||||||
Windstream Corp. | 190,000 | 196,175 | ||||||
|
| |||||||
2,636,064 | ||||||||
|
| |||||||
Transportation — 1.9% | ||||||||
Asciano Finance (c) | 70,000 | 71,414 | ||||||
Asciano Finance (c) | 45,000 | 45,020 | ||||||
Asciano Finance (c) | 345,000 | 365,983 | ||||||
Burlington Northern Santa Fe LLC | 160,000 | 185,701 | ||||||
CHC Helicopter SA | 800,000 | 852,000 | ||||||
CHC Helicopter SA | 105,000 | 104,475 | ||||||
Con-way, Inc. | 30,000 | 34,003 | ||||||
Norfolk Southern Corp. | 125,000 | 135,759 | ||||||
|
| |||||||
1,794,355 | ||||||||
|
| |||||||
Trucking & Leasing — 0.8% | ||||||||
GATX Corp. | 90,000 | 93,949 | ||||||
GATX Corp. | 115,000 | 120,994 | ||||||
GATX Corp. | 125,000 | 127,517 | ||||||
Penske Truck Leasing Co. | 240,000 | 244,449 | ||||||
Penske Truck Leasing Co. | 200,000 | 205,861 | ||||||
|
| |||||||
792,770 | ||||||||
|
| |||||||
TOTAL CORPORATE DEBT (Cost $43,579,003) | 44,055,409 | |||||||
|
|
The accompanying notes are an integral part of the financial statements.
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Principal Amount | Value | |||||||
MUNICIPAL OBLIGATIONS — 0.6% | ||||||||
State of California | $ | 225,000 | $ | 251,494 | ||||
State of California BAB | 125,000 | 162,687 | ||||||
State of California BAB | 150,000 | 197,559 | ||||||
|
| |||||||
611,740 | ||||||||
|
| |||||||
TOTAL MUNICIPAL OBLIGATIONS (Cost $579,835) | 611,740 | |||||||
|
| |||||||
NON-U.S. GOVERNMENT AGENCY OBLIGATIONS — 13.8% | ||||||||
Auto Floor Plan ABS — 0.2% | ||||||||
Capital Automotive REIT, | 216,248 | 227,002 | ||||||
|
| |||||||
Automobile ABS — 0.3% | ||||||||
California Republic Auto Receivables Trust, | 112,599 | 112,700 | ||||||
CarNow Auto Receivables Trust, | 100,098 | 100,102 | ||||||
Exeter Automobile Receivables Trust, | 91,298 | 91,073 | ||||||
|
| |||||||
303,875 | ||||||||
|
| |||||||
Commercial MBS — 4.3% | ||||||||
Banc of America Commercial Mortgage, Inc., Series 2007-4, Class AM VRN | 95,000 | 104,859 | ||||||
Bear Stearns Commercial Mortgage Securities, Series 2007-PW17, | 635,000 | 714,663 | ||||||
Bear Stearns Commercial Mortgage Securities, Series 2007-PW18, Class A4 | 155,000 | 174,940 | ||||||
Bear Stearns Commercial Mortgage Securities, Series 2007-T28, | 110,000 | 124,805 | ||||||
Bear Stearns Commercial Mortgage Securities, Series 2007-PW17, | 85,000 | 95,294 | ||||||
DBRR Trust, Series 2013-EZ3, | 144,455 | 144,233 |
Principal Amount | Value | |||||||
JP Morgan Chase Commercial Mortgage Securities Corp., Series 2006-CB17, | $ | 305,000 | $ | 333,730 | ||||
ML-CFC Commercial Mortgage Trust, | 115,000 | 128,208 | ||||||
Morgan Stanley Capital I, | 110,000 | 120,077 | ||||||
Morgan Stanley Capital I, | 102,218 | 104,947 | ||||||
Morgan Stanley Capital I, | 125,000 | 135,997 | ||||||
STRIPs Ltd., Series 2012-1A, Class A (c) | 142,667 | 140,527 | ||||||
TIAA Seasoned Commercial Mortgage Trust, Series 2007-C4, Class AJ VRN | 100,000 | 106,816 | ||||||
Wachovia Bank Commercial Mortgage Trust, Series 2006-C23, Class AM VRN | 150,000 | 162,945 | ||||||
Wachovia Bank Commercial Mortgage Trust, Series 2007-C31, Class A4 | 535,000 | 588,943 | ||||||
Wachovia Bank Commercial Mortgage Trust, Series 2007-C33, Class A4 VRN | 100,000 | 111,504 | ||||||
Wells Fargo Reremic Trust, | 165,821 | 165,272 | ||||||
WF-RBS Commercial Mortgage Trust, | 110,000 | 111,103 | ||||||
WF-RBS Commercial Mortgage Trust, | 100,000 | 98,791 | ||||||
WF-RBS Commercial Mortgage Trust, | 170,000 | 181,538 | ||||||
WF-RBS Commercial Mortgage Trust, | 115,000 | 117,464 | ||||||
|
| |||||||
3,966,656 | ||||||||
|
| |||||||
Home Equity ABS — 2.8% | ||||||||
Aames Mortgage Investment Trust, | 200,000 | 187,133 |
The accompanying notes are an integral part of the financial statements.
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Principal Amount | Value | |||||||
Asset-Backed Securities Corporation Home Equity, Series 2005-HE3, | $ | 247,000 | $ | 238,245 | ||||
Citigroup Mortgage Loan Trust, Inc., | 237,860 | 220,034 | ||||||
Citigroup Mortgage Loan Trust, Inc., | 66,173 | 64,401 | ||||||
Countrywide Asset-Backed Certificates, | 54,573 | 54,067 | ||||||
Countrywide Partnership Trust, | 193,391 | 160,959 | ||||||
First Franklin Mortgage Loan Trust, | 180,000 | 167,064 | ||||||
Fremont Home Loan Trust, | 135,277 | 130,769 | ||||||
Long Beach Mortgage Loan Trust, | 300,000 | 276,264 | ||||||
MASTR Asset Backed Securities Trust, Series 2005, Class M1 FRN | 99,504 | 88,722 | ||||||
MASTR Asset-Backed Securities Trust, | 120,000 | 109,513 | ||||||
Merrill Lynch Mortgage Investors, Inc., | 200,000 | 184,776 | ||||||
Merrill Lynch Mortgage Synthetic, | 130,724 | 125,773 | ||||||
Merrill Lynch Mortgage Synthetic, | 220,000 | 184,191 | ||||||
Morgan Stanley Capital, Inc., | 129,311 | 123,866 | ||||||
New Century Home Equity Loan Trust, | 66 | 69 | ||||||
Park Place Securities, Inc., | 82,841 | 79,702 | ||||||
Popular ABS Mortgage Pass-Through Trust, Series 2006-B, Class A3 FRN | 198,382 | 180,063 | ||||||
|
| |||||||
2,575,611 | ||||||||
|
|
Principal Amount | Value | |||||||
Other ABS — 2.7% | ||||||||
ARL First LLC, Series 2012-1A, | $ | 100,000 | $ | 95,266 | ||||
CKE Restaurant Holdings, Inc., | 94,288 | 93,594 | ||||||
Domino’s Pizza Master Issuer LLC, | 171,063 | 183,757 | ||||||
Fairway Outdoor Funding LLC, | 229,337 | 227,452 | ||||||
HFG Healthco-4 LLC, | 250,000 | 253,750 | ||||||
Hilton Grand Vacations Trust, | 233,544 | 233,569 | ||||||
Icon Brands Holdings LLC, | 48,250 | 48,133 | ||||||
KeyCorp Student Loan Trust, | 100,000 | 79,991 | ||||||
Newport Waves CDO | 1,175,000 | 1,161,135 | ||||||
Sierra Receivables Funding Co. LLC, Series 2012-1A, Class A (c) | 43,258 | 44,069 | ||||||
Trip Rail Master Funding LLC, | 74,113 | 78,669 | ||||||
|
| |||||||
2,499,385 | ||||||||
|
| |||||||
Student Loans ABS — 1.9% | ||||||||
Access Group, Inc., Series 2002-1, | 315,000 | 289,492 | ||||||
Access Group, Inc., Series 2003-1, | 19,861 | 19,851 | ||||||
Access Group, Inc., Series 2003-A, | 82,192 | 72,919 | ||||||
College Loan Corp. Trust, | 100,000 | 77,000 | ||||||
Education Funding Capital Trust I, | 50,000 | 42,515 |
The accompanying notes are an integral part of the financial statements.
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Principal Amount | Value | |||||||
Education Funding Capital Trust I, | $ | 100,000 | $ | 99,000 | ||||
Education Funding Capital Trust I, | 150,000 | 148,068 | ||||||
Education Funding Capital Trust I, | 200,000 | 195,660 | ||||||
KeyCorp Student Loan Trust, | 101,038 | 99,170 | ||||||
National Collegiate Student Loan Trust, | 48,183 | 47,338 | ||||||
National Collegiate Student Loan Trust, | 120,503 | 118,091 | ||||||
National Collegiate Student Loan Trust, | 127,684 | 122,278 | ||||||
National Collegiate Student Loan Trust, | 100,000 | 90,443 | ||||||
Park Place Securities Inc, | 105,000 | 92,815 | ||||||
SLM Student Loan Trust, | 50,000 | 50,000 | ||||||
SLM Student Loan Trust, | 147,903 | 120,303 | ||||||
SLM Student Loan Trust, | 110,000 | 105,346 | ||||||
|
| |||||||
1,790,289 | ||||||||
|
| |||||||
WL Collateral CMO — 1.5% | ||||||||
Bank of America Mortgage Securities, | 101,633 | 90,088 | ||||||
Countrywide Home Loans, Inc., | 16,440 | 16,548 | ||||||
Countrywide Home Loans, Inc., | 4,462 | 3,943 | ||||||
GSR Mortgage Loan Trust, | 14,800 | 14,022 |
Principal Amount | Value | |||||||
Harborview Mortgage Loan Trust, | $ | 575,947 | $ | 465,431 | ||||
Impac Secured Assets CMN Owner Trust, Series 2007-2, Class 1A1A FRN | 686,432 | 444,085 | ||||||
IndyMac Index Mortgage Loan Trust, | 56,561 | 46,193 | ||||||
Merrill Lynch Mortgage Investors, Inc., | 184,692 | 167,473 | ||||||
Merrill Lynch Mortgage Investors, Inc., | 5,909 | 5,532 | ||||||
Merrill Lynch Mortgage Investors, Inc., | 3,072 | 3,066 | ||||||
Morgan Stanley Mortgage Loan Trust, | 142 | 143 | ||||||
Morgan Stanley Reremic Trust, | 57,487 | 57,585 | ||||||
Structured Adjustable Rate Mortgage Loan Trust, Series 2004-2, | 30,174 | 30,158 | ||||||
WaMu Mortgage Pass-Through Certificates, Series 2004-AR2, | 76,763 | 73,958 | ||||||
|
| |||||||
1,418,225 | ||||||||
|
| |||||||
WL Collateral PAC — 0.1% | ||||||||
Structured Asset Securities Corp., | 37,175 | 36,169 | ||||||
Structured Asset Securities Corp., | 22,786 | 20,147 | ||||||
|
| |||||||
56,316 | ||||||||
|
| |||||||
TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $12,840,973) | 12,837,359 | |||||||
|
| |||||||
SOVEREIGN DEBT OBLIGATIONS — 1.1% | ||||||||
Brazilian Government International Bond | 100,000 | 107,375 | ||||||
Province of Quebec Canada | 192,000 | 178,618 | ||||||
Province of Quebec Canada | 125,000 | 169,252 |
The accompanying notes are an integral part of the financial statements.
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Principal Amount | Value | |||||||
Republic of Brazil International Bond | $ | 235,000 | $ | 234,412 | ||||
Republic of Turkey | 100,000 | 110,400 | ||||||
Turkey Government International Bond | 36,000 | 29,700 | ||||||
United Mexican States | 95,000 | 105,878 | ||||||
United Mexican States | 75,000 | 88,875 | ||||||
|
| |||||||
1,024,510 | ||||||||
|
| |||||||
TOTAL SOVEREIGN DEBT OBLIGATIONS (Cost $1,035,133) | 1,024,510 | |||||||
|
| |||||||
U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES — 26.0% | ||||||||
Collateralized Mortgage Obligations — 0.1% | ||||||||
Federal Home Loan Mortgage Corp., | 30,646 | 35,019 | ||||||
U.S. Department of Veteran Affairs, | 17,905 | 20,274 | ||||||
|
| |||||||
55,293 | ||||||||
|
| |||||||
Pass-Through Securities — 25.9% | ||||||||
Federal Home Loan Mortgage Corp. | 728,379 | 709,857 | ||||||
Pool #Q01704 4.500% | 210,037 | 223,813 | ||||||
Pool #G11476 5.000% | 75,563 | 80,255 | ||||||
Pool #B16010 5.000% | 1,603 | 1,711 | ||||||
Pool #B17058 5.000% | 4,861 | 5,167 | ||||||
Pool #B18677 5.000% | 3,682 | 3,932 | ||||||
Pool #E89199 6.000% | 3,802 | 4,050 | ||||||
Pool #G11431 6.000% | 818 | 868 | ||||||
Pool #G01311 7.000% | 2,718 | 3,166 | ||||||
Pool #C80207 7.500% | 2,681 | 3,121 | ||||||
Pool #C00530 7.500% | 2,206 | 2,605 | ||||||
Pool #C00563 7.500% | 7,266 | 8,588 |
Principal Amount | Value | |||||||
Pool #C00612 7.500% | $ | 420 | $ | 496 | ||||
Pool #C55867 7.500% | 8,777 | 10,333 | ||||||
Federal National Mortgage Association | ||||||||
Pool #725692 2.267% | 188,660 | 197,471 | ||||||
Pool #888586 2.339% | 431,504 | 455,881 | ||||||
Pool #AB8756 3.000% | 345,913 | 332,293 | ||||||
Pool #AT0976 3.000% | 334,863 | 321,678 | ||||||
Pool #AT2911 3.000% | 403,177 | 387,302 | ||||||
Pool #AO8629 3.500% | 429,716 | 437,958 | ||||||
Pool #AP6609 3.500% | 267,347 | 272,475 | ||||||
Pool #AR8708 3.500% | 108,833 | 109,560 | ||||||
Pool #AT0998 3.500% | 544,826 | 548,465 | ||||||
Pool #AT4050 3.500% | 143,891 | 144,852 | ||||||
Pool #MA1463 3.500% | 357,740 | 360,129 | ||||||
Pool #735010 5.000% | 275,132 | 293,591 | ||||||
Pool #253880 6.500% | 2,267 | 2,397 | ||||||
Pool #575579 7.500% | 11,700 | 13,775 | ||||||
Pool #535996 7.500% | 2,505 | 2,948 | ||||||
Federal National Mortgage Association TBA | 940,000 | 945,802 | ||||||
Pool #869 2.500% | 665,000 | 618,346 | ||||||
Pool #7180 3.000% | 1,585,000 | 1,640,970 | ||||||
Pool #9768 3.000% | 1,050,000 | 1,026,129 | ||||||
Pool #17115 3.500% | 1,050,000 | 1,069,359 | ||||||
Pool #18388 4.000% | 1,800,000 | 1,888,031 | ||||||
Pool #21133 4.500% | 1,325,000 | 1,415,266 | ||||||
Pool #29322 5.000% | 1,595,000 | 1,729,827 |
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 | |||||||
Pool #43611 5.500% | $ | 1,114,000 | $ | 1,214,782 | ||||
Government National Mortgage | ||||||||
Pool #82488 2.000% | 143,408 | 148,751 | ||||||
Pool #782562 5.000% | 498,949 | 548,103 | ||||||
Pool #782564 5.000% | 51,680 | 56,868 | ||||||
Pool #579140 6.500% | 2,151 | 2,477 | ||||||
Pool #587280 6.500% | 2,238 | 2,578 | ||||||
Pool #550659 6.500% | 132,882 | 150,681 | ||||||
Pool #538689 6.500% | 36,263 | 41,186 | ||||||
Pool #780651 7.000% | 2,987 | 3,503 | ||||||
Pool #462384 7.000% | 2,053 | 2,406 | ||||||
Pool #482668 7.000% | 2,190 | 2,572 | ||||||
Pool #506804 7.000% | 8,800 | 10,327 | ||||||
Pool #506914 7.000% | 33,825 | 39,656 | ||||||
Pool #581417 7.000% | 4,848 | 5,770 | ||||||
Pool #591581 7.000% | 977 | 1,165 | ||||||
Pool #423836 8.000% | 1,540 | 1,848 | ||||||
Pool #444619 8.000% | 11,063 | 13,335 | ||||||
Government National Mortgage | 122,901 | 128,442 | ||||||
Government National Mortgage | ||||||||
Pool #3920 3.000% | 500,000 | 493,085 | ||||||
Pool #548 3.000% | 3,125,000 | 3,090,088 | ||||||
Pool #5490 3.500% | 900,000 | 925,172 | ||||||
Pool #1635 3.500% | 900,000 | 928,266 | ||||||
Pool #4536 4.000% | 900,000 | 949,219 |
Principal Amount | Value | |||||||
Pool #13048 5.000% | $ | 50,000 | $ | 54,336 | ||||
|
| |||||||
24,087,083 | ||||||||
|
| |||||||
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (Cost $23,793,379) | 24,142,376 | |||||||
|
| |||||||
U.S. TREASURY OBLIGATIONS — 9.4% | ||||||||
U.S. Treasury Bonds & Notes — 9.4% | ||||||||
U.S. Treasury Bond (g) | 2,015,000 | 1,670,016 | ||||||
U.S. Treasury Bond | 520,000 | 601,028 | ||||||
U.S. Treasury Note (h) | 4,100,000 | 4,095,876 | ||||||
U.S. Treasury Note | 425,000 | 419,547 | ||||||
U.S. Treasury Note (h) | 2,150,000 | 2,002,859 | ||||||
|
| |||||||
8,789,326 | ||||||||
|
| |||||||
TOTAL U.S. TREASURY OBLIGATIONS (Cost $8,873,711) | 8,789,326 | |||||||
|
| |||||||
TOTAL BONDS & NOTES (Cost $90,702,034) | 91,460,720 | |||||||
|
| |||||||
TOTAL LONG-TERM INVESTMENTS (Cost $91,117,722) | 91,756,873 | |||||||
|
| |||||||
SHORT-TERM INVESTMENTS — 19.5% | ||||||||
Commercial Paper — 18.2% | ||||||||
FMC Technologies, Inc. (c) | 2,000,000 | 1,999,878 | ||||||
Glencore Funding LLC (c) | 2,000,000 | 1,999,712 | ||||||
Hewlett-Packard Co. (c) | 2,100,000 | 2,099,391 | ||||||
Noble Corp. (c) | 2,300,000 | 2,298,842 | ||||||
Oneok, Inc. (c) | 2,200,000 | 2,199,982 | ||||||
Pentair Finance (c) | 2,000,000 | 1,999,667 | ||||||
Spectra Energy Capital (c) | 2,300,000 | 2,300,000 | ||||||
Volvo Group Treasury NA (c) | 2,000,000 | 1,998,311 | ||||||
|
| |||||||
16,895,783 | ||||||||
|
|
The accompanying notes are an integral part of the financial statements.
124
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MassMutual Premier Diversified Bond Fund – Portfolio of Investments (Continued)
Principal Amount | Value | |||||||
Time Deposits — 1.3% | ||||||||
Euro Time Deposit | $ | 1,184,304 | $ | 1,184,304 | ||||
|
| |||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $18,080,087) | 18,080,087 | |||||||
|
| |||||||
TOTAL INVESTMENTS — 118.1% (Cost $109,197,809) (i) | 109,836,960 | |||||||
Other Assets/(Liabilities) — (18.1)% | (16,833,905 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 93,003,055 | ||||||
|
|
Notes to Portfolio of Investments
ABS | Asset-Backed Security |
BAB | Build America Bonds |
CDO | Collateralized Debt Obligation |
CMO | Collateralized Mortgage Obligation |
FRN | Floating Rate Note |
MBS | Mortgage-Backed Security |
PAC | Planned Amortization Class |
STEP | Step Up Bond |
TBA | To Be Announced |
VRN | Variable Rate Note |
WL | Whole Loan |
(a) | This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At September 30, 2013, these securities amounted to a value of $64,153 or 0.07% of net assets. |
(b) | Non-income producing security. |
(c) | Securities exempt from registration under rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At September 30, 2013, these securities amounted to a value of $30,830,673 or 33.15% of net assets. |
(d) | Security is currently in default due to bankruptcy or failure to make payment of principal or interest of the issuer. Income is not being accrued. At September 30, 2013, these securities amounted to a value of $122 or 0.00% of net assets. |
(e) | Restricted security. Certain securities are restricted as to resale. At September 30, 2013, these securities amounted to a value of $1,161,135 or 1.25% 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 purchased on a when-issued, delayed-delivery or forward commitment basis. (Note 2). |
(g) | A portion of this security is held as collateral for open futures contracts. (Note 2). |
(h) | All or a portion of this security is held as collateral for open swap agreements. (Note 2). |
(i) | See Note 6 for aggregate cost for federal tax purposes. |
The accompanying notes are an integral part of the financial statements.
125
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MassMutual Premier High Yield Fund – Portfolio of Investments
September 30, 2013
Number of Shares | Value | |||||||
EQUITIES — 0.3% | ||||||||
COMMON STOCK — 0.3% | ||||||||
Basic Materials — 0.3% | ||||||||
Forest Products & Paper — 0.3% | ||||||||
The Newark Group, Inc. (a) (b) | 329,969 | $ | 786,811 | |||||
|
| |||||||
TOTAL COMMON STOCK (Cost $2,113,591) | 786,811 | |||||||
|
| |||||||
TOTAL EQUITIES (Cost $2,113,591) | 786,811 | |||||||
|
| |||||||
Principal Amount | ||||||||
BONDS & NOTES — 94.9% | ||||||||
BANK LOANS — 1.9% | ||||||||
Electronics — 0.8% | ||||||||
Kronos, Inc., 2nd Lien Term Loan | $ | 661,249 | 683,566 | |||||
Wall Street Systems, Inc., | 1,275,537 | 1,283,509 | ||||||
|
| |||||||
1,967,075 | ||||||||
|
| |||||||
Household Products & Wares — 0.3% | ||||||||
Quality Home Brands Holdings, LLC, | 341,642 | 335,093 | ||||||
Quality Home Brands Holdings, LLC, PIK Term Loan | 397,318 | 389,701 | ||||||
|
| |||||||
724,794 | ||||||||
|
| |||||||
Machinery – Diversified — 0.4% | ||||||||
Intelligrated, Inc., 2nd Lien Term Loan | 902,464 | 911,489 | ||||||
|
| |||||||
Retail — 0.4% | ||||||||
BJ’s Wholesale Club, Inc., 2nd Lien Term Loan | 800,000 | 814,336 | ||||||
|
| |||||||
TOTAL BANK LOANS (Cost $4,292,780) | 4,417,694 | |||||||
|
| |||||||
CORPORATE DEBT — 93.0% | ||||||||
Aerospace & Defense — 3.8% | ||||||||
AAR Corp. (c) | 700,000 | 729,750 | ||||||
AAR Corp. | 2,300,000 | 2,397,750 | ||||||
DAE Aviation Holdings, Inc. (c) | 3,346,000 | 3,346,000 |
Principal Amount | Value | |||||||
Ducommun, Inc. | $ | 2,265,000 | $ | 2,514,150 | ||||
|
| |||||||
8,987,650 | ||||||||
|
| |||||||
Agriculture — 1.2% | ||||||||
Pinnacle Operating Corp. (c) | 2,673,000 | 2,736,484 | ||||||
|
| |||||||
Apparel — 2.1% | ||||||||
Perry Ellis International, Inc. | 4,696,000 | 4,954,280 | ||||||
|
| |||||||
Automotive & Parts — 4.9% | ||||||||
Accuride Corp. | 2,790,000 | 2,908,575 | ||||||
Cooper Tire & Rubber Co. | 760,000 | 776,150 | ||||||
Cooper-Standard Holding, Inc. (c) | 1,900,000 | 1,909,500 | ||||||
International Automotive Components Group SA (c) | 1,724,000 | 1,775,720 | ||||||
Meritor, Inc., Convertible (c) | 839,000 | 1,052,421 | ||||||
Titan International, Inc. (c) (d) | 514,000 | 517,855 | ||||||
Titan International, Inc. | 850,000 | 904,825 | ||||||
Tomkins LLC/Tomkins, Inc. | 403,000 | 439,270 | ||||||
UCI International, Inc. | 1,300,000 | 1,326,000 | ||||||
|
| |||||||
11,610,316 | ||||||||
|
| |||||||
Banks — 1.0% | ||||||||
Ally Financial, Inc. | 2,175,000 | 2,446,875 | ||||||
|
| |||||||
Building Materials — 2.4% | ||||||||
Builders FirstSource, Inc. (c) | 1,659,000 | 1,659,000 | ||||||
Cemex Finance LLC (c) | 1,350,000 | 1,478,250 | ||||||
Interline Brands, Inc. | 1,045,000 | 1,141,662 | ||||||
Roofing Supply Group LLC/Roofing Supply Finance, Inc. (c) | 1,170,000 | 1,304,550 | ||||||
|
| |||||||
5,583,462 | ||||||||
|
| |||||||
Chemicals — 3.4% | ||||||||
Axiall Corp. (c) | 815,000 | 772,213 | ||||||
Eagle Spinco, Inc. (c) | 1,085,000 | 1,041,600 |
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 | |||||||
INEOS Group Holdings SA (c) | $ | 490,000 | $ | 478,975 | ||||
Omnova Solutions, Inc. | 2,075,000 | 2,183,937 | ||||||
Tronox Finance LLC | 3,480,000 | 3,445,200 | ||||||
|
| |||||||
7,921,925 | ||||||||
|
| |||||||
Coal — 0.7% | ||||||||
SunCoke Energy Partners LP/SunCoke Energy Partners Finance Corp. (c) | 1,525,000 | 1,586,000 | ||||||
|
| |||||||
Commercial Services — 6.0% | ||||||||
The ADT Corp. (c) (d) | 1,575,000 | 1,598,625 | ||||||
Mustang Merger Corp. (c) | 6,770,000 | 6,702,300 | ||||||
Rent-A-Center, Inc. | 880,000 | 924,000 | ||||||
RR Donnelley & Sons Co. | 2,270,000 | 2,434,575 | ||||||
StoneMor Partners LP/Cornerstone Family Services of WV (c) | 2,545,000 | 2,614,987 | ||||||
|
| |||||||
14,274,487 | ||||||||
|
| |||||||
Computers — 0.3% | ||||||||
NCR Corp. | 750,000 | 697,500 | ||||||
|
| |||||||
Cosmetics & Personal Care — 0.2% | ||||||||
First Quality Finance Co., Inc. (c) | 565,000 | 512,738 | ||||||
|
| |||||||
Distribution & Wholesale — 0.2% | ||||||||
LKQ Corp. (c) | 525,000 | 486,938 | ||||||
|
| |||||||
Diversified Financial — 0.3% | ||||||||
General Motors Financial Co., Inc. (c) | 675,000 | 616,781 | ||||||
|
| |||||||
Electric — 0.5% | ||||||||
Energy Future Intermediate Holding Co. | 1,141,000 | 1,202,329 | ||||||
|
| |||||||
Electrical Components & Equipment — 0.8% | ||||||||
International Wire Group Holdings, Inc. (c) | 1,700,000 | 1,785,000 | ||||||
|
| |||||||
Electronics — 0.6% | ||||||||
Rexel SA (c) | 1,570,000 | 1,530,750 | ||||||
|
|
Principal Amount | Value | |||||||
Engineering & Construction — 1.1% | ||||||||
Weekley Homes LLC/Weekley | $ | 1,440,000 | $ | 1,382,400 | ||||
Zachry Holdings, Inc. (c) | 1,085,000 | 1,117,550 | ||||||
|
| |||||||
2,499,950 | ||||||||
|
| |||||||
Entertainment — 0.5% | ||||||||
PNK Finance Corp. (c) | 1,070,000 | 1,091,400 | ||||||
|
| |||||||
Foods — 0.6% | ||||||||
Chiquita Brands International, Inc., Convertible | 1,467,000 | 1,436,743 | ||||||
|
| |||||||
Forest Products & Paper — 1.8% | ||||||||
Unifrax I LLC/Unifrax Holding Co. (c) | 1,715,000 | 1,715,000 | ||||||
Xerium Technologies, Inc. | 2,464,000 | 2,525,600 | ||||||
|
| |||||||
4,240,600 | ||||||||
|
| |||||||
Gas — 0.8% | ||||||||
LBC Tank Terminals Holding Netherlands BV (c) | 1,975,000 | 1,984,875 | ||||||
|
| |||||||
Hand & Machine Tools — 1.3% | ||||||||
Mcron Finance Sub LLC/Mcron Finance Corp. (c) | 1,650,000 | 1,802,625 | ||||||
Victor Technologies Group, Inc. | 1,094,000 | 1,178,785 | ||||||
|
| |||||||
2,981,410 | ||||||||
|
| |||||||
Health Care – Products — 1.1% | ||||||||
Alere, Inc. | 1,940,000 | 1,923,025 | ||||||
Teleflex, Inc. | 610,000 | 643,550 | ||||||
|
| |||||||
2,566,575 | ||||||||
|
| |||||||
Health Care – Services — 2.0% | ||||||||
HCA Holdings, Inc. | 1,400,000 | 1,422,750 | ||||||
HEALTHSOUTH Corp. | 1,315,000 | 1,262,400 | ||||||
Tenet Healthcare Corp. (c) | 2,050,000 | 2,139,687 | ||||||
|
| |||||||
4,824,837 | ||||||||
|
| |||||||
Home Builders — 4.2% | ||||||||
Brookfield Residential Properties, Inc. (c) | 2,230,000 | 2,241,150 | ||||||
K Hovnanian Enterprises, Inc. (c) | 1,045,000 | 1,131,212 |
The accompanying notes are an integral part of the financial statements.
127
Table of Contents
MassMutual Premier High Yield Fund – Portfolio of Investments (Continued)
Principal Amount | Value | |||||||
William Lyon Homes, Inc. | $ | 4,345,000 | $ | 4,583,975 | ||||
Woodside Homes Co. LLC/Woodside Homes Finance, Inc. (c) | 1,895,000 | 1,895,000 | ||||||
|
| |||||||
9,851,337 | ||||||||
|
| |||||||
Insurance — 0.9% | ||||||||
Hockey Merger Sub 2, Inc. (c) (d) | 2,190,000 | 2,192,738 | ||||||
|
| |||||||
Internet — 1.0% | ||||||||
Equinix, Inc. | 1,625,000 | 1,576,250 | ||||||
VeriSign, Inc. (c) | 890,000 | 836,600 | ||||||
|
| |||||||
2,412,850 | ||||||||
|
| |||||||
Leisure Time — 3.2% | ||||||||
Brunswick Corp. (c) | 910,000 | 849,713 | ||||||
Brunswick Corp. | 3,993,000 | 4,142,737 | ||||||
Brunswick Corp. | 650,000 | 684,125 | ||||||
Carlson Wagonlit BV (c) | 1,785,000 | 1,802,850 | ||||||
|
| |||||||
7,479,425 | ||||||||
|
| |||||||
Lodging — 1.4% | ||||||||
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp. (c) (d) | 1,725,000 | 1,729,313 | ||||||
MCE Finance Ltd. (c) | 1,680,000 | 1,612,800 | ||||||
|
| |||||||
3,342,113 | ||||||||
|
| |||||||
Machinery – Diversified — 1.3% | ||||||||
Welltec A/S (c) | 2,950,000 | 3,141,750 | ||||||
|
| |||||||
Manufacturing — 2.8% | ||||||||
Griffon Corp. | 2,375,000 | 2,517,500 | ||||||
JB Poindexter & Co., Inc. (c) | 3,805,000 | 3,995,250 | ||||||
|
| |||||||
6,512,750 | ||||||||
|
| |||||||
Media — 5.0% | ||||||||
Cequel Communications Holdings I LLC/Cequel Capital Corp. (c) | 1,500,000 | 1,413,750 | ||||||
Cogeco Cable, Inc. (c) | 1,310,000 | 1,251,050 | ||||||
Entercom Radio LLC | 1,805,000 | 2,048,675 |
Principal Amount | Value | |||||||
Harron Communications LP/Harron Finance Corp. (c) | $ | 1,610,000 | $ | 1,771,000 | ||||
Nara Cable Funding Ltd. (c) | 1,166,000 | 1,230,130 | ||||||
RCN Telecom Services LLC/RCN | 2,460,000 | 2,398,500 | ||||||
Unitymedia Hessen GmbH & Co. | 1,675,000 | 1,587,062 | ||||||
|
| |||||||
11,700,167 | ||||||||
|
| |||||||
Metal Fabricate & Hardware — 0.3% | ||||||||
Mueller Water Products, Inc. | 770,000 | 789,250 | ||||||
|
| |||||||
Mining — 2.1% | ||||||||
Coeur Mining, Inc. (c) | 1,150,000 | 1,161,500 | ||||||
FMG Resources Property Ltd. (c) | 1,175,000 | 1,210,250 | ||||||
Hecla Mining Co. (c) | 2,735,000 | 2,584,575 | ||||||
|
| |||||||
4,956,325 | ||||||||
|
| |||||||
Oil & Gas — 15.1% | ||||||||
Alta Mesa Holdings/Alta Mesa Finance Services Corp. | 3,644,000 | 3,844,420 | ||||||
Aurora USA Oil & Gas, Inc. (c) | 2,000,000 | 1,990,000 | ||||||
Aurora USA Oil & Gas, Inc. (c) | 580,000 | 616,250 | ||||||
CVR Refining LLC/Coffeyville Finance, Inc. | 2,300,000 | 2,233,875 | ||||||
Halcon Resources Corp. | 1,110,000 | 1,137,750 | ||||||
Halcon Resources Corp. | 2,190,000 | 2,315,925 | ||||||
Linn Energy LLC/Linn Energy Finance Corp. | 1,515,000 | 1,566,131 | ||||||
Magnum Hunter Resources Corp. (c) | 935,000 | 967,725 | ||||||
Magnum Hunter Resources Corp. (c) | 2,540,000 | 2,628,900 | ||||||
MEG Energy Corp. (c) | 1,210,000 | 1,217,563 | ||||||
Midstates Petroleum Co., Inc./Midstates Petroleum Co. LLC (c) | 1,615,000 | 1,594,812 |
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 | |||||||
Midstates Petroleum Co., Inc./Midstates Petroleum Co. LLC (c) | $ | 1,650,000 | $ | 1,732,500 | ||||
Northern Tier Energy LLC/Northern Tier Finance Corp. (c) | 2,320,000 | 2,320,000 | ||||||
Oasis Petroleum, Inc. (c) | 1,035,000 | 1,091,925 | ||||||
Resolute Energy Corp. | 1,425,000 | 1,467,750 | ||||||
RKI Exploration & Production LLC/RKI Finance Corp. (c) | 2,365,000 | 2,376,825 | ||||||
Shelf Drilling Holdings Ltd. (c) | 1,405,000 | 1,492,813 | ||||||
SM Energy Co. | 1,235,000 | 1,259,700 | ||||||
Summit Midstream Holdings LLC/Summit Midstream Finance Corp. (c) | 1,180,000 | 1,218,350 | ||||||
Venoco, Inc. | 2,435,000 | 2,453,262 | ||||||
|
| |||||||
35,526,476 | ||||||||
|
| |||||||
Packaging & Containers — 1.4% | ||||||||
Plastipak Holdings, Inc. (c) (d) | 1,180,000 | 1,191,800 | ||||||
Sealed Air Corp. (c) | 2,334,000 | 2,158,950 | ||||||
|
| |||||||
3,350,750 | ||||||||
|
| |||||||
Pharmaceuticals — 1.0% | ||||||||
Warner Chilcott Corp. LLC | 2,225,000 | 2,414,125 | ||||||
|
| |||||||
Retail — 2.6% | ||||||||
Landry’s, Inc. (c) | 1,850,000 | 1,951,750 | ||||||
Michaels FinCo Holdings LLC/Michaels FinCo, Inc. (c) | 1,210,000 | 1,225,125 | ||||||
The Pantry, Inc. | 1,080,000 | 1,139,400 | ||||||
Petco Holdings, Inc. (c) | 1,115,000 | 1,131,725 | ||||||
Sonic Automotive, Inc. | 760,000 | 695,400 | ||||||
|
| |||||||
6,143,400 | ||||||||
|
| |||||||
Savings & Loans — 0.0% | ||||||||
Hawker Beechcraft Acquisition Co. LLC/Hawker Beechcraft Notes Co. (e) | 1,805,000 | 18 | ||||||
|
|
Principal Amount | Value | |||||||
Semiconductors — 1.1% | ||||||||
NXP BV/NXP Funding LLC (c) | $ | 1,760,000 | $ | 1,742,400 | ||||
Sensata Technologies BV (c) | 830,000 | 771,900 | ||||||
|
| |||||||
2,514,300 | ||||||||
|
| |||||||
Software — 1.8% | ||||||||
Audatex North America, Inc. (c) | 1,150,000 | 1,173,000 | ||||||
First Data Corp. (c) | 1,915,000 | 2,015,538 | ||||||
First Data Corp. (c) | 1,200,000 | 1,158,000 | ||||||
|
| |||||||
4,346,538 | ||||||||
|
| |||||||
Storage & Warehousing — 1.1% | ||||||||
Niska Gas Storage US LLC/Niska Gas Storage Canada LLC | 2,595,000 | 2,685,825 | ||||||
|
| |||||||
Telecommunications — 5.0% | ||||||||
CommScope Holding Co., Inc. (c) | 1,670,000 | 1,661,650 | ||||||
DigitalGlobe, Inc. (c) | 1,050,000 | 1,002,750 | ||||||
Frontier Communications Corp. | 600,000 | 600,000 | ||||||
Frontier Communications Corp. | 1,655,000 | 1,894,975 | ||||||
Lynx II Corp. (c) | 1,355,000 | 1,348,225 | ||||||
Sprint Corp. (c) | 1,460,000 | 1,474,600 | ||||||
Sprint Corp. (c) | 2,880,000 | 2,937,600 | ||||||
Windstream Corp. | 780,000 | 778,050 | ||||||
|
| |||||||
11,697,850 | ||||||||
|
| |||||||
Transportation — 4.1% | ||||||||
CHC Helicopter SA | 1,670,000 | 1,778,550 | ||||||
CHC Helicopter SA | 2,025,000 | 2,014,875 | ||||||
The Kenan Advantage Group, Inc. (c) | 2,525,000 | 2,648,094 | ||||||
Quality Distribution LLC/QD Capital Corp. | 1,787,000 | 1,943,362 | ||||||
Watco Cos. LLC/Watco Finance Corp. (c) | 1,326,000 | 1,312,740 | ||||||
|
| |||||||
9,697,621 | ||||||||
|
|
The accompanying notes are an integral part of the financial statements.
129
Table of Contents
MassMutual Premier High Yield Fund – Portfolio of Investments (Continued)
Principal Amount | Value | |||||||
TOTAL CORPORATE DEBT (Cost $216,433,346) | $ | 219,315,513 | ||||||
|
| |||||||
TOTAL BONDS & NOTES (Cost $220,726,126) | 223,733,207 | |||||||
|
| |||||||
TOTAL LONG-TERM INVESTMENTS (Cost $222,839,717) | 224,520,018 | |||||||
|
| |||||||
SHORT-TERM INVESTMENTS — 6.3% | ||||||||
Time Deposits — 6.3% | ||||||||
Euro Time Deposit | $ | 14,889,588 | 14,889,588 | |||||
|
| |||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $14,889,588) | 14,889,588 | |||||||
|
| |||||||
TOTAL INVESTMENTS — 101.5% (Cost $237,729,305) (f) | 239,409,606 | |||||||
Other Assets/(Liabilities) — (1.5)% | (3,537,591 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 235,872,015 | ||||||
|
|
Notes to Portfolio of Investments
(a) | This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At September 30, 2013, these securities amounted to a value of $786,811 or 0.33% of net assets. |
(b) | Non-income producing security. |
(c) | Securities exempt from registration under rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At September 30, 2013, these securities amounted to a value of $129,659,677 or 54.97% 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, 2013, these securities amounted to a value of $18 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.
130
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MassMutual Premier International Bond Fund – Portfolio of Investments
September 30, 2013
Principal Amount | Value | |||||||
BONDS & NOTES — 98.2% | ||||||||
CORPORATE DEBT — 18.1% | ||||||||
Banks — 9.3% | ||||||||
Abbey National Treasury Services | 320,000 | $ | 551,108 | |||||
Cooperatieve Centrale Raiffeisen-Boerenleenbank JPY (a) | 70,000,000 | 742,245 | ||||||
Dexia Municipal Agency SA JPY (a) | 160,000,000 | 1,667,306 | ||||||
ING Bank NV GBP (a) | 250,000 | 457,318 | ||||||
KFW JPY (a) | 34,000,000 | 395,387 | ||||||
Rabobank Nederland NV GBP (a) | 300,000 | 510,185 | ||||||
|
| |||||||
4,323,549 | ||||||||
|
| |||||||
Electric — 1.0% | ||||||||
SSE PLC GBP (a) (b) | 200,000 | 464,629 | ||||||
|
| |||||||
Multi-National — 7.2% | ||||||||
Asian Development Bank JPY (a) | 100,000,000 | 1,197,934 | ||||||
European Investment Bank JPY (a) | 70,000,000 | 742,761 | ||||||
European Investment Bank EUR (a) | 400,000 | 642,626 | ||||||
International Bank for Reconstruction & Development, Class E GBP (a) | 400,000 | 782,706 | ||||||
Telecommunications — 0.6% | ||||||||
Deutsche Telekom International Finance BV EUR (a) | 200,000 | 303,083 | ||||||
|
| |||||||
TOTAL CORPORATE DEBT (Cost $9,121,725) | 8,457,288 | |||||||
|
| |||||||
SOVEREIGN DEBT OBLIGATIONS — 80.1% | ||||||||
Agence Francaise de Developpement JPY (a) | 100,000,000 | 1,038,581 | ||||||
Belgium Government Bond EUR (a) (b) | 1,020,000 | 1,591,033 | ||||||
Canada Housing Trust No 1 CAD (a) (c) | 875,000 | 852,965 |
Principal Amount | Value | |||||||
Finland Government Bond EUR (a) (b) | 500,000 | $ | 692,267 | |||||
France Government Bond OAT EUR (a) | 560,000 | 908,161 | ||||||
French Republic EUR (a) | 700,000 | 1,300,035 | ||||||
Ireland Government Bond EUR (a) | 750,000 | 1,087,632 | ||||||
Italy Buoni Poliennali Del Tesoro EUR (a) | 570,000 | 779,530 | ||||||
Italy Buoni Poliennali Del Tesoro EUR (a) (b) | 1,350,000 | 1,819,481 | ||||||
Italy Buoni Poliennali Del Tesoro EUR (a) | 1,120,000 | 1,567,739 | ||||||
Italy Buoni Poliennali Del Tesoro EUR (a) (b) | 750,000 | 1,049,219 | ||||||
Japan Government JPY (a) | 65,000,000 | 670,720 | ||||||
Japan Government JPY (a) | 109,250,000 | 1,084,546 | ||||||
Japan Government JPY (a) | 100,000,000 | 1,055,455 | ||||||
Japan Government JPY (a) | 193,000,000 | 2,006,250 | ||||||
Japan Government JPY (a) | 108,000,000 | 1,172,939 | ||||||
Kingdom of Spain EUR (a) | 250,000 | 352,450 | ||||||
Kingdom of the Netherlands EUR (a) (c) | 1,100,000 | 1,702,305 | ||||||
Mexican Bonos MXN (a) | 12,000,000 | 950,270 | ||||||
Mexican Bonos MXN (a) | 5,500,000 | 456,124 | ||||||
Mexican Bonos MXN (a) | 15,300,000 | 1,336,170 | ||||||
Poland Government Bond PLN (a) | 3,100,000 | 971,539 | ||||||
Poland Government Bond PLN (a) | 5,800,000 | 1,725,968 | ||||||
Province of Alberta Canada CAD (a) | 600,000 | 579,461 | ||||||
Province of British Columbia CAD (a) | 650,000 | 666,849 | ||||||
Province of Ontario Canada JPY (a) | 100,000,000 | 1,079,696 |
The accompanying notes are an integral part of the financial statements.
131
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MassMutual Premier International Bond Fund – Portfolio of Investments (Continued)
Principal Amount | Value | |||||||
Province of Ontario Canada CAD (a) | 300,000 | $ | 301,051 | |||||
Queensland Treasury Corp. AUD (a) | 1,000,000 | 1,023,335 | ||||||
Queensland Treasury Corp. AUD (a) | 720,000 | 756,987 | ||||||
Republic of Austria EUR (a) (c) | 1,000,000 | 1,522,904 | ||||||
Spain Government Bond EUR (a) | 1,320,000 | 1,852,032 | ||||||
Spain Government Bond EUR (a) | 300,000 | 426,493 | ||||||
Sweden Government Bond SEK (a) | 4,200,000 | 682,743 | ||||||
United Kingdom Gilt GBP (a) (b) | 710,000 | 1,346,044 | ||||||
Western Australian Treasury Corp. | 900,000 | 974,939 | ||||||
|
| |||||||
37,383,913 | ||||||||
|
| |||||||
TOTAL SOVEREIGN DEBT OBLIGATIONS (Cost $37,974,720) | 37,383,913 | |||||||
|
| |||||||
TOTAL BONDS & NOTES (Cost $47,096,445) | 45,841,201 | |||||||
|
| |||||||
TOTAL LONG-TERM INVESTMENTS (Cost $47,096,445) | 45,841,201 | |||||||
|
| |||||||
SHORT-TERM INVESTMENTS — 0.5% | ||||||||
Repurchase Agreement — 0.5% | ||||||||
State Street Bank & Trust Co. Repurchase Agreement, dated | $ | 234,594 | 234,594 | |||||
|
| |||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $234,594) | 234,594 | |||||||
|
| |||||||
TOTAL INVESTMENTS — 98.7% (Cost $47,331,039) (e) | 46,075,795 | |||||||
Other Assets/(Liabilities) — 1.3% | 613,482 | |||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 46,689,277 | ||||||
|
|
Notes to Portfolio of Investments
AUD | Australian Dollar |
CAD | Canadian Dollar |
EUR | Euro |
GBP | British Pound |
JPY | Japanese Yen |
MXN | Mexican Peso |
OAT | Obligations Assimilables du Tresor |
PLN | Polish Zloty |
SEK | Swedish Krona |
(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, 2013, these securities amounted to a value of $6,962,673 or 14.91% 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, 2013, these securities amounted to a value of $4,078,174 or 8.73% of net assets. |
(d) | Maturity value of $234,594. Collateralized by U.S. Government Agency obligations with a rate of 3.500%, maturity date of 8/15/29, and an aggregate market value, including accrued interest, of $240,370. |
(e) | See Note 6 for aggregate cost for federal tax purposes. |
The accompanying notes are an integral part of the financial statements.
132
Table of Contents
MassMutual Premier Balanced Fund – Portfolio of Investments
September 30, 2013
Number of Shares | Value | |||||||
EQUITIES — 53.2% | ||||||||
COMMON STOCK — 53.1% | ||||||||
Basic Materials — 1.3% | ||||||||
Chemicals — 0.9% | ||||||||
Air Products & Chemicals, Inc. | 440 | $ | 46,891 | |||||
Airgas, Inc. | 93 | 9,863 | ||||||
CF Industries Holdings, Inc. | 315 | 66,411 | ||||||
The Dow Chemical Co. | 8,493 | 326,131 | ||||||
E.I. du Pont de Nemours & Co. | 4,771 | 279,390 | ||||||
Eastman Chemical Co. | 794 | 61,853 | ||||||
Ecolab, Inc. | 224 | 22,122 | ||||||
International Flavors & Fragrances, Inc. | 473 | 38,928 | ||||||
LyondellBasell Industries NV Class A | 3,900 | 285,597 | ||||||
Monsanto Co. | 209 | 21,813 | ||||||
The Mosaic Co. | 1,100 | 47,322 | ||||||
PPG Industries, Inc. | 1,134 | 189,446 | ||||||
Praxair, Inc. | 54 | 6,491 | ||||||
The Sherwin-Williams Co. | 127 | 23,137 | ||||||
Sigma-Aldrich Corp. | 249 | 21,240 | ||||||
|
| |||||||
1,446,635 | ||||||||
|
| |||||||
Forest Products & Paper — 0.1% | ||||||||
International Paper Co. | 3,107 | 139,193 | ||||||
MeadWestvaco Corp. | 107 | 4,107 | ||||||
|
| |||||||
143,300 | ||||||||
|
| |||||||
Iron & Steel — 0.1% | ||||||||
Allegheny Technologies, Inc. | 19 | 580 | ||||||
Cliffs Natural Resources, Inc. | 7,560 | 154,980 | ||||||
Nucor Corp. | 461 | 22,598 | ||||||
United States Steel Corp. | 2,067 | 42,560 | ||||||
|
| |||||||
220,718 | ||||||||
|
| |||||||
Mining — 0.2% | ||||||||
Alcoa, Inc. | 25,546 | 207,434 | ||||||
Freeport-McMoRan Copper & Gold, Inc. | 1,148 | 37,976 | ||||||
Newmont Mining Corp. | 784 | 22,030 | ||||||
Vulcan Materials Co. | 98 | 5,077 | ||||||
|
| |||||||
272,517 | ||||||||
|
| |||||||
2,083,170 | ||||||||
|
| |||||||
Communications — 5.5% | ||||||||
Advertising — 0.0% | ||||||||
The Interpublic Group of Companies, Inc. | 533 | 9,157 | ||||||
Omnicom Group, Inc. | 898 | 56,969 | ||||||
|
| |||||||
66,126 | ||||||||
|
| |||||||
Internet — 1.4% | ||||||||
Akamai Technologies, Inc. (a) | 610 | 31,537 | ||||||
Amazon.com, Inc. (a) | 256 | 80,036 |
Number of Shares | Value | |||||||
eBay, Inc. (a) | 465 | $ | 25,942 | |||||
Expedia, Inc. | 573 | 29,676 | ||||||
F5 Networks, Inc. (a) | 160 | 13,722 | ||||||
Google, Inc. Class A (a) | 1,024 | 896,932 | ||||||
Netflix, Inc. (a) | 246 | 76,066 | ||||||
Priceline.com, Inc. (a) | 354 | 357,876 | ||||||
Symantec Corp. | 7,679 | 190,055 | ||||||
TripAdvisor, Inc. (a) | 873 | 66,208 | ||||||
VeriSign, Inc. (a) | 4,789 | 243,712 | ||||||
Yahoo!, Inc. (a) | 3,434 | 113,871 | ||||||
|
| |||||||
2,125,633 | ||||||||
|
| |||||||
Media — 2.0% | ||||||||
Cablevision Systems Corp. Class A | 2,000 | 33,680 | ||||||
CBS Corp. Class B | 3,770 | 207,953 | ||||||
Comcast Corp. Class A | 21,581 | 974,382 | ||||||
DIRECTV (a) | 3,586 | 214,263 | ||||||
Discovery Communications, Inc. | 200 | 16,884 | ||||||
Gannett Co., Inc. | 2,807 | 75,200 | ||||||
The McGraw Hill Financial, Inc. | 1,809 | 118,652 | ||||||
News Corp. Class A (a) | 1,130 | 18,148 | ||||||
Scripps Networks Interactive Class A | 724 | 56,552 | ||||||
Time Warner Cable, Inc. | 2,768 | 308,909 | ||||||
Time Warner, Inc. | 7,288 | 479,623 | ||||||
Twenty-First Century Fox Class A | 5,621 | 188,304 | ||||||
Viacom, Inc. Class B | 1,690 | 141,250 | ||||||
The Walt Disney Co. | 2,982 | 192,309 | ||||||
The Washington Post Co. Class B | 211 | 128,995 | ||||||
|
| |||||||
3,155,104 | ||||||||
|
| |||||||
Telecommunications — 2.1% | ||||||||
AT&T, Inc. | 36,170 | 1,223,269 | ||||||
CenturyLink, Inc. | 3,254 | 102,111 | ||||||
Cisco Systems, Inc. | 33,624 | 787,474 | ||||||
Corning, Inc. | 4,474 | 65,276 | ||||||
Crown Castle International Corp. (a) | 200 | 14,606 | ||||||
Frontier Communications Corp. | 6,170 | 25,729 | ||||||
Harris Corp. | 1,854 | 109,942 | ||||||
JDS Uniphase Corp. (a) | 4 | 59 | ||||||
Juniper Networks, Inc. (a) | 2,348 | 46,631 | ||||||
Motorola Solutions, Inc. | 1,134 | 67,337 | ||||||
QUALCOMM, Inc. | 3,188 | 214,744 | ||||||
Verizon Communications, Inc. | 13,332 | 622,071 | ||||||
Windstream Corp. | 751 | 6,008 | ||||||
|
| |||||||
3,285,257 | ||||||||
|
| |||||||
8,632,120 | ||||||||
|
| |||||||
Consumer, Cyclical — 5.3% | ||||||||
Airlines — 0.3% | ||||||||
Delta Air Lines, Inc. | 12,400 | 292,516 | ||||||
Southwest Airlines Co. | 15,266 | 222,273 | ||||||
|
| |||||||
514,789 | ||||||||
|
|
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 | |||||||
Apparel — 0.3% | ||||||||
Nike, Inc. Class B | 4,302 | $ | 312,497 | |||||
Ralph Lauren Corp. | 180 | 29,652 | ||||||
VF Corp. | 400 | 79,620 | ||||||
|
| |||||||
421,769 | ||||||||
|
| |||||||
Auto Manufacturers — 0.5% | ||||||||
Ford Motor Co. | 27,062 | 456,536 | ||||||
General Motors Co. (a) | 6,100 | 219,417 | ||||||
Paccar, Inc. | 1,134 | 63,118 | ||||||
|
| |||||||
739,071 | ||||||||
|
| |||||||
Automotive & Parts — 0.3% | ||||||||
BorgWarner, Inc. | 900 | 91,251 | ||||||
Delphi Automotive PLC | 2,700 | 157,734 | ||||||
The Goodyear Tire & Rubber Co. (a) | 6,061 | 136,069 | ||||||
Johnson Controls, Inc. | 4,405 | 182,808 | ||||||
|
| |||||||
567,862 | ||||||||
|
| |||||||
Distribution & Wholesale — 0.1% | ||||||||
Fastenal Co. | 370 | 18,592 | ||||||
Fossil Group, Inc. (a) | 390 | 45,334 | ||||||
Genuine Parts Co. | 536 | 43,357 | ||||||
W.W. Grainger, Inc. | 94 | 24,601 | ||||||
|
| |||||||
131,884 | ||||||||
|
| |||||||
Entertainment — 0.1% | ||||||||
International Game Technology | 5,110 | 96,732 | ||||||
|
| |||||||
Home Builders — 0.0% | ||||||||
D.R. Horton, Inc. | 759 | 14,747 | ||||||
Lennar Corp. Class A | 400 | 14,160 | ||||||
PulteGroup, Inc. | 1,574 | 25,971 | ||||||
|
| |||||||
54,878 | ||||||||
|
| |||||||
Home Furnishing — 0.1% | ||||||||
Harman International Industries, Inc. | 474 | 31,393 | ||||||
Whirlpool Corp. | 1,014 | 148,490 | ||||||
|
| |||||||
179,883 | ||||||||
|
| |||||||
Housewares — 0.0% | ||||||||
Newell Rubbermaid, Inc. | 1,083 | 29,783 | ||||||
|
| |||||||
Leisure Time — 0.1% | ||||||||
Carnival Corp. | 2,173 | 70,927 | ||||||
Harley-Davidson, Inc. | 308 | 19,786 | ||||||
|
| |||||||
90,713 | ||||||||
|
| |||||||
Lodging — 0.3% | ||||||||
Marriott International, Inc. Class A | 813 | 34,195 | ||||||
Starwood Hotels & Resorts Worldwide, Inc. | 2,560 | 170,112 | ||||||
Wyndham Worldwide Corp. | 3,322 | 202,542 | ||||||
Wynn Resorts Ltd. | 459 | 72,527 | ||||||
|
| |||||||
479,376 | ||||||||
|
| |||||||
Retail — 3.1% | ||||||||
Abercrombie & Fitch Co. Class A | 1,227 | 43,399 |
Number of Shares | Value | |||||||
AutoNation, Inc. (a) | 120 | $ | 6,260 | |||||
AutoZone, Inc. (a) | 226 | 95,537 | ||||||
Bed Bath & Beyond, Inc. (a) | 973 | 75,271 | ||||||
Best Buy Co., Inc. | 10,708 | 401,550 | ||||||
CarMax, Inc. (a) | 1,000 | 48,470 | ||||||
Chipotle Mexican Grill, Inc. (a) | 120 | 51,444 | ||||||
Coach, Inc. | 284 | 15,486 | ||||||
Costco Wholesale Corp. | 1,588 | 182,810 | ||||||
CVS Caremark Corp. | 4,113 | 233,413 | ||||||
Darden Restaurants, Inc. | 173 | 8,008 | ||||||
Dollar General Corp. (a) | 600 | 33,876 | ||||||
Dollar Tree, Inc. (a) | 60 | 3,430 | ||||||
Family Dollar Stores, Inc. | 47 | 3,385 | ||||||
GameStop Corp. Class A | 3,861 | 191,699 | ||||||
The Gap, Inc. | 2,005 | 80,761 | ||||||
The Home Depot, Inc. | 11,110 | 842,693 | ||||||
J.C. Penney Co., Inc. (a) | 4,896 | 43,183 | ||||||
Kohl’s Corp. | 1,261 | 65,257 | ||||||
L Brands, Inc. | 1,060 | 64,766 | ||||||
Lowe’s Cos., Inc. | 10,329 | 491,764 | ||||||
Macy’s, Inc. | 3,540 | 153,176 | ||||||
McDonald’s Corp. | 1,365 | 131,327 | ||||||
Nordstrom, Inc. | 711 | 39,958 | ||||||
O’Reilly Automotive, Inc. (a) | 1,164 | 148,515 | ||||||
PetSmart, Inc. | 400 | 30,504 | ||||||
PVH Corp. | 10 | 1,187 | ||||||
Ross Stores, Inc. | 96 | 6,989 | ||||||
Staples, Inc. | 5,483 | 80,326 | ||||||
Starbucks Corp. | 3,995 | 307,495 | ||||||
Target Corp. | 467 | 29,879 | ||||||
Tiffany & Co. | 711 | 54,477 | ||||||
The TJX Cos., Inc. | 3,240 | 182,703 | ||||||
Urban Outfitters, Inc. (a) | 760 | 27,945 | ||||||
Wal-Mart Stores, Inc. | 5,153 | 381,116 | ||||||
Walgreen Co. | 5,706 | 306,983 | ||||||
Yum! Brands, Inc. | 36 | 2,570 | ||||||
|
| |||||||
4,867,612 | ||||||||
|
| |||||||
Textiles — 0.0% | ||||||||
Cintas Corp. | 649 | 33,229 | ||||||
|
| |||||||
Toys, Games & Hobbies — 0.1% | ||||||||
Hasbro, Inc. | 1,647 | 77,640 | ||||||
Mattel, Inc. | 361 | 15,111 | ||||||
|
| |||||||
92,751 | ||||||||
|
| |||||||
8,300,332 | ||||||||
|
| |||||||
Consumer, Non-cyclical — 12.3% | ||||||||
Agriculture — 0.8% | ||||||||
Altria Group, Inc. | 12,241 | 420,478 | ||||||
Archer-Daniels-Midland Co. | 5,326 | 196,210 | ||||||
Lorillard, Inc. | 2,779 | 124,444 | ||||||
Philip Morris International, Inc. | 4,896 | 423,945 | ||||||
Reynolds American, Inc. | 1,044 | 50,926 | ||||||
|
| |||||||
1,216,003 | ||||||||
|
|
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 | |||||||
Beverages — 1.2% | ||||||||
Brown-Forman Corp. Class B | 11 | $ | 749 | |||||
The Coca-Cola Co. | 22,024 | 834,269 | ||||||
Coca-Cola Enterprises, Inc. | 1,185 | 47,649 | ||||||
Constellation Brands, Inc. Class A (a) | 422 | 24,223 | ||||||
Dr. Pepper Snapple Group, Inc. | 710 | 31,822 | ||||||
Molson Coors Brewing Co. Class B | 3,936 | 197,312 | ||||||
Monster Beverage Corp. (a) | 400 | 20,900 | ||||||
PepsiCo, Inc. | 8,792 | 698,964 | ||||||
|
| |||||||
1,855,888 | ||||||||
|
| |||||||
Biotechnology — 0.8% | ||||||||
Alexion Pharmaceuticals, Inc. (a) | 200 | 23,232 | ||||||
Amgen, Inc. | 3,915 | 438,245 | ||||||
Biogen Idec, Inc. (a) | 634 | 152,642 | ||||||
Celgene Corp. (a) | 3,489 | 537,062 | ||||||
Life Technologies Corp. (a) | 871 | 65,177 | ||||||
Regeneron Pharmaceuticals, Inc. (a) | 110 | 34,415 | ||||||
|
| |||||||
1,250,773 | ||||||||
|
| |||||||
Commercial Services — 1.2% | ||||||||
The ADT Corp. | 650 | 26,429 | ||||||
Automatic Data Processing, Inc. | 2,221 | 160,756 | ||||||
Equifax, Inc. | 836 | 50,035 | ||||||
H&R Block, Inc. | 8,142 | 217,066 | ||||||
Iron Mountain, Inc. | 869 | 23,480 | ||||||
MasterCard, Inc. Class A | 385 | 259,020 | ||||||
McKesson Corp. | 2,791 | 358,085 | ||||||
Moody’s Corp. | 1,435 | 100,924 | ||||||
Paychex, Inc. | 813 | 33,040 | ||||||
Quanta Services, Inc. (a) | 1,324 | 36,423 | ||||||
Robert Half International, Inc. | 335 | 13,075 | ||||||
Total System Services, Inc. | 7,521 | 221,268 | ||||||
Visa, Inc. Class A | 1,260 | 240,786 | ||||||
Western Union Co. | 11,707 | 218,453 | ||||||
|
| |||||||
1,958,840 | ||||||||
|
| |||||||
Cosmetics & Personal Care — 0.9% | ||||||||
Avon Products, Inc. | 4,209 | 86,705 | ||||||
Colgate-Palmolive Co. | 4,206 | 249,416 | ||||||
The Estee Lauder Cos., Inc. Class A | 296 | 20,690 | ||||||
The Procter & Gamble Co. | 15,033 | 1,136,345 | ||||||
|
| |||||||
1,493,156 | ||||||||
|
| |||||||
Foods — 1.1% | ||||||||
Campbell Soup Co. | 1,065 | 43,356 | ||||||
ConAgra Foods, Inc. | 384 | 11,651 | ||||||
General Mills, Inc. | 3,194 | 153,056 | ||||||
The Hershey Co. | 919 | 85,007 | ||||||
Hormel Foods Corp. | 1,094 | 46,079 | ||||||
The J.M. Smucker Co. | 394 | 41,386 | ||||||
Kellogg Co. | 435 | 25,547 | ||||||
Kraft Foods Group, Inc. | 3,973 | 208,344 | ||||||
The Kroger Co. | 6,234 | 251,480 | ||||||
McCormick & Co., Inc. | 73 | 4,723 |
Number of Shares | Value | |||||||
Mondelez International, Inc. Class A | 7,521 | $ | 236,310 | |||||
Safeway, Inc. | 2,521 | 80,647 | ||||||
Sysco Corp. | 1,466 | 46,663 | ||||||
Tyson Foods, Inc. Class A | 15,320 | 433,250 | ||||||
Whole Foods Market, Inc. | 472 | 27,612 | ||||||
|
| |||||||
1,695,111 | ||||||||
|
| |||||||
Health Care – Products — 2.0% | ||||||||
Baxter International, Inc. | 3,522 | 231,360 | ||||||
Becton, Dickinson & Co. | 1,202 | 120,224 | ||||||
Boston Scientific Corp. (a) | 9,621 | 112,951 | ||||||
C.R. Bard, Inc. | 544 | 62,669 | ||||||
CareFusion Corp. (a) | 5,448 | 201,031 | ||||||
Covidien PLC | 2,600 | 158,444 | ||||||
Intuitive Surgical, Inc. (a) | 14 | 5,268 | ||||||
Johnson & Johnson | 15,999 | 1,386,953 | ||||||
Medtronic, Inc. | 9,969 | 530,849 | ||||||
St. Jude Medical, Inc. | 1,998 | 107,173 | ||||||
Stryker Corp. | 1,459 | 98,614 | ||||||
Varian Medical Systems, Inc. (a) | 274 | 20,476 | ||||||
Zimmer Holdings, Inc. | 1,224 | 100,539 | ||||||
|
| |||||||
3,136,551 | ||||||||
|
| |||||||
Health Care – Services — 0.9% | ||||||||
Aetna, Inc. | 3,672 | 235,081 | ||||||
Cigna Corp. | 3,159 | 242,801 | ||||||
DaVita HealthCare Partners, Inc. (a) | 746 | 42,447 | ||||||
Humana, Inc. | 1,355 | 126,462 | ||||||
Laboratory Corporation of America Holdings (a) | 161 | 15,962 | ||||||
Quest Diagnostics, Inc. | 735 | 45,416 | ||||||
Tenet Healthcare Corp. (a) | 229 | 9,433 | ||||||
Thermo Fisher Scientific, Inc. | 2,198 | 202,546 | ||||||
UnitedHealth Group, Inc. | 5,081 | 363,850 | ||||||
WellPoint, Inc. | 2,758 | 230,596 | ||||||
|
| |||||||
1,514,594 | ||||||||
|
| |||||||
Household Products — 0.3% | ||||||||
Avery Dennison Corp. | 5,482 | 238,577 | ||||||
Beam, Inc. | 173 | 11,184 | ||||||
The Clorox Co. | 447 | 36,529 | ||||||
Kimberly-Clark Corp. | 1,950 | 183,729 | ||||||
|
| |||||||
470,019 | ||||||||
|
| |||||||
Pharmaceuticals — 3.1% | ||||||||
Abbott Laboratories | 13,804 | 458,155 | ||||||
AbbVie, Inc. | 15,304 | 684,548 | ||||||
Actavis, Inc. (a) | 1 | 144 | ||||||
Allergan, Inc. | 1,061 | 95,968 | ||||||
AmerisourceBergen Corp. | 1,960 | 119,756 | ||||||
Bristol-Myers Squibb Co. | 2,312 | 106,999 | ||||||
Cardinal Health, Inc. | 2,555 | 133,243 | ||||||
DENTSPLY International, Inc. | 161 | 6,989 | ||||||
Eli Lilly & Co. | 9,807 | 493,586 | ||||||
Express Scripts Holding Co. (a) | 4,245 | 262,256 |
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 | |||||||
Forest Laboratories, Inc. (a) | 734 | $ | 31,408 | |||||
Gilead Sciences, Inc. (a) | 2,252 | 141,516 | ||||||
Hospira, Inc. (a) | 1,824 | 71,537 | ||||||
Mead Johnson Nutrition Co. | 724 | 53,764 | ||||||
Merck & Co., Inc. | 14,729 | 701,248 | ||||||
Mylan, Inc. (a) | 1,359 | 51,873 | ||||||
Patterson Cos., Inc. | 661 | 26,572 | ||||||
Perrigo Co. | 40 | 4,935 | ||||||
Pfizer, Inc. | 49,722 | 1,427,519 | ||||||
Zoetis, Inc. | 10 | 311 | ||||||
|
| |||||||
4,872,327 | ||||||||
|
| |||||||
19,463,262 | ||||||||
|
| |||||||
Diversified — 0.0% | ||||||||
Holding Company – Diversified — 0.0% | ||||||||
Leucadia National Corp. | 2,236 | 60,909 | ||||||
|
| |||||||
Energy — 5.0% | ||||||||
Coal — 0.1% | ||||||||
CONSOL Energy, Inc. | 257 | 8,648 | ||||||
Peabody Energy Corp. | 4,959 | 85,543 | ||||||
|
| |||||||
94,191 | ||||||||
|
| |||||||
Energy – Alternate Sources — 0.1% | ||||||||
First Solar, Inc. (a) | 2,700 | 108,567 | ||||||
|
| |||||||
Oil & Gas — 4.1% | ||||||||
Anadarko Petroleum Corp. | 4,517 | 420,036 | ||||||
Apache Corp. | 1,458 | 124,134 | ||||||
Cabot Oil & Gas Corp. | 192 | 7,165 | ||||||
Chesapeake Energy Corp. | 3,298 | 85,352 | ||||||
Chevron Corp. | 9,850 | 1,196,775 | ||||||
ConocoPhillips | 7,110 | 494,216 | ||||||
Denbury Resources, Inc. (a) | 1,785 | 32,862 | ||||||
Devon Energy Corp. | 2,217 | 128,054 | ||||||
Diamond Offshore Drilling, Inc. | 585 | 36,457 | ||||||
Ensco PLC Class A | 1,100 | 59,125 | ||||||
EOG Resources, Inc. | 1,071 | 181,299 | ||||||
EQT Corp. | 69 | 6,122 | ||||||
Exxon Mobil Corp. | 22,529 | 1,938,395 | ||||||
Helmerich & Payne, Inc. | 3,640 | 250,978 | ||||||
Hess Corp. | 1,747 | 135,113 | ||||||
Marathon Oil Corp. | 4,085 | 142,485 | ||||||
Marathon Petroleum Corp. | 4,542 | 292,141 | ||||||
Murphy Oil Corp. | 3,022 | 182,287 | ||||||
Nabors Industries Ltd. | 4,499 | 72,254 | ||||||
Newfield Exploration Co. (a) | 400 | 10,948 | ||||||
Noble Corp. | 1,400 | 52,878 | ||||||
Noble Energy, Inc. | 1,266 | 84,835 | ||||||
Occidental Petroleum Corp. | 1,230 | 115,054 | ||||||
Phillips 66 | 4,305 | 248,915 | ||||||
Pioneer Natural Resources Co. | 3 | 566 | ||||||
QEP Resources, Inc. | 98 | 2,714 | ||||||
Range Resources Corp. | 99 | 7,513 | ||||||
Rowan Cos. PLC Class A (a) | 1,009 | 37,051 |
Number of Shares | Value | |||||||
Southwestern Energy Co. (a) | 100 | $ | 3,638 | |||||
Tesoro Corp. | 486 | 21,374 | ||||||
Valero Energy Corp. | 5,010 | 171,092 | ||||||
WPX Energy, Inc. (a) | 677 | 13,039 | ||||||
|
| |||||||
6,554,867 | ||||||||
|
| |||||||
Oil & Gas Services — 0.7% | ||||||||
Baker Hughes, Inc. | 1,374 | 67,463 | ||||||
Cameron International Corp. (a) | 37 | 2,160 | ||||||
FMC Technologies, Inc. (a) | 72 | 3,990 | ||||||
Halliburton Co. | 7,371 | 354,914 | ||||||
National Oilwell Varco, Inc. | 409 | 31,947 | ||||||
Schlumberger Ltd. | 6,895 | 609,242 | ||||||
|
| |||||||
1,069,716 | ||||||||
|
| |||||||
Pipelines — 0.0% | ||||||||
Kinder Morgan, Inc. | 960 | 34,147 | ||||||
ONEOK, Inc. | 300 | 15,996 | ||||||
Spectra Energy Corp. | 271 | 9,276 | ||||||
The Williams Cos., Inc. | 333 | 12,108 | ||||||
|
| |||||||
71,527 | ||||||||
|
| |||||||
7,898,868 | ||||||||
|
| |||||||
Financial — 9.7% | ||||||||
Banks — 2.9% | ||||||||
Bank of America Corp. | 80,442 | 1,110,100 | ||||||
Bank of New York Mellon Corp. | 5,995 | 180,989 | ||||||
BB&T Corp. | 3,812 | 128,655 | ||||||
Capital One Financial Corp. | 4,975 | 341,981 | ||||||
Comerica, Inc. | 1,024 | 40,253 | ||||||
Fifth Third Bancorp | 9,721 | 175,367 | ||||||
Huntington Bancshares, Inc. | 8,710 | 71,945 | ||||||
KeyCorp | 6,872 | 78,341 | ||||||
M&T Bank Corp. | 861 | 96,363 | ||||||
Northern Trust Corp. | 661 | 35,952 | ||||||
PNC Financial Services Group, Inc. | 4,645 | 336,530 | ||||||
Regions Financial Corp. | 6,543 | 60,588 | ||||||
State Street Corp. | 4,485 | 294,889 | ||||||
SunTrust Banks, Inc. | 3,200 | 103,744 | ||||||
U.S. Bancorp | 6,829 | 249,805 | ||||||
Wells Fargo & Co. | 28,564 | 1,180,264 | ||||||
Zions Bancorp | 2,049 | 56,184 | ||||||
|
| |||||||
4,541,950 | ||||||||
|
| |||||||
Diversified Financial — 3.1% | ||||||||
American Express Co. | 4,488 | 338,934 | ||||||
Ameriprise Financial, Inc. | 2,195 | 199,921 | ||||||
BlackRock, Inc. | 590 | 159,666 | ||||||
The Charles Schwab Corp. | 3,222 | 68,113 | ||||||
Citigroup, Inc. | 23,484 | 1,139,209 | ||||||
CME Group, Inc. | 555 | 41,003 | ||||||
Discover Financial Services | 2,995 | 151,367 | ||||||
E*TRADE Financial Corp. (a) | 3,993 | 65,884 | ||||||
Franklin Resources, Inc. | 1,548 | 78,251 |
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 | |||||||
The Goldman Sachs Group, Inc. | 3,738 | $ | 591,389 | |||||
IntercontinentalExchange, Inc. (a) | 14 | 2,540 | ||||||
Invesco Ltd. | 2,123 | 67,724 | ||||||
JP Morgan Chase & Co. | 22,965 | 1,187,061 | ||||||
Legg Mason, Inc. | 1,747 | 58,420 | ||||||
Morgan Stanley | 7,796 | 210,102 | ||||||
The NASDAQ OMX Group, Inc. | 622 | 19,960 | ||||||
NYSE Euronext | 3,436 | 144,243 | ||||||
SLM Corp. | 12,318 | 306,718 | ||||||
T. Rowe Price Group, Inc. | 586 | 42,151 | ||||||
|
| |||||||
4,872,656 | ||||||||
|
| |||||||
Insurance — 3.4% | ||||||||
ACE Ltd. | 2,600 | 243,256 | ||||||
Aflac, Inc. | 2,245 | 139,168 | ||||||
The Allstate Corp. | 2,886 | 145,887 | ||||||
American International Group, Inc. | 12,911 | 627,862 | ||||||
Aon PLC | 1,136 | 84,564 | ||||||
Assurant, Inc. | 6,210 | 335,961 | ||||||
Berkshire Hathaway, Inc. Class B (a) | 12,823 | 1,455,539 | ||||||
The Chubb Corp. | 1,664 | 148,529 | ||||||
Cincinnati Financial Corp. | 1,224 | 57,724 | ||||||
Genworth Financial, Inc. Class A (a) | 9,155 | 117,092 | ||||||
The Hartford Financial Services Group, Inc. | 6,290 | 195,745 | ||||||
Lincoln National Corp. | 5,658 | 237,579 | ||||||
Loews Corp. | 934 | 43,655 | ||||||
Marsh & McLennan Cos., Inc. | 1,930 | 84,051 | ||||||
MetLife, Inc. | 8,229 | 386,352 | ||||||
Principal Financial Group, Inc. | 3,535 | 151,369 | ||||||
The Progressive Corp. | 2,734 | 74,447 | ||||||
Prudential Financial, Inc. | 3,735 | 291,255 | ||||||
Torchmark Corp. | 520 | 37,622 | ||||||
The Travelers Cos., Inc. | 3,063 | 259,650 | ||||||
Unum Group | 4,935 | 150,221 | ||||||
XL Group PLC | 5,497 | 169,418 | ||||||
|
| |||||||
5,436,946 | ||||||||
|
| |||||||
Real Estate — 0.0% | ||||||||
CBRE Group, Inc. (a) | 1,098 | 25,397 | ||||||
|
| |||||||
Real Estate Investment Trusts (REITS) — 0.3% | ||||||||
American Tower Corp. | 198 | 14,678 | ||||||
Apartment Investment & Management Co. Class A | 1,064 | 29,728 | ||||||
AvalonBay Communities, Inc. | 164 | 20,843 | ||||||
Boston Properties, Inc. | 347 | 37,094 | ||||||
Equity Residential | 1 | 54 | ||||||
HCP, Inc. | 576 | 23,587 | ||||||
Health Care REIT, Inc. | 274 | 17,092 | ||||||
Host Hotels & Resorts, Inc. | 1,730 | 30,569 | ||||||
Kimco Realty Corp. | 1,410 | 28,454 | ||||||
The Macerich Co. | 400 | 22,576 | ||||||
Plum Creek Timber Co., Inc. | 673 | 31,517 | ||||||
Prologis, Inc. | 1,016 | 38,222 |
Number of Shares | Value | |||||||
Public Storage | 37 | $ | 5,940 | |||||
Simon Property Group, Inc. | 224 | 33,204 | ||||||
Ventas, Inc. | 636 | 39,114 | ||||||
Vornado Realty Trust | 165 | 13,870 | ||||||
Weyerhaeuser Co. | 1,277 | 36,560 | ||||||
|
| |||||||
423,102 | ||||||||
|
| |||||||
Savings & Loans — 0.0% | ||||||||
Hudson City Bancorp, Inc. | 1,335 | 12,082 | ||||||
People’s United Financial, Inc. | 1,059 | 15,228 | ||||||
|
| |||||||
27,310 | ||||||||
|
| |||||||
15,327,361 | ||||||||
|
| |||||||
Industrial — 5.4% | ||||||||
Aerospace & Defense — 1.3% | ||||||||
The Boeing Co. | 4,126 | 484,805 | ||||||
General Dynamics Corp. | 2,648 | 231,753 | ||||||
L-3 Communications Holdings, Inc. | 1,944 | 183,708 | ||||||
Lockheed Martin Corp. | 1,581 | 201,656 | ||||||
Northrop Grumman Corp. | 2,623 | 249,867 | ||||||
Raytheon Co. | 3,196 | 246,316 | ||||||
Rockwell Collins, Inc. | 457 | 31,012 | ||||||
United Technologies Corp. | 3,902 | 420,714 | ||||||
|
| |||||||
2,049,831 | ||||||||
|
| |||||||
Building Materials — 0.0% | ||||||||
Masco Corp. | 3,094 | 65,840 | ||||||
|
| |||||||
Electrical Components & Equipment — 0.2% | ||||||||
AMETEK, Inc. | 1,000 | 46,020 | ||||||
Emerson Electric Co. | 3,543 | 229,232 | ||||||
Molex, Inc. | 109 | 4,199 | ||||||
|
| |||||||
279,451 | ||||||||
|
| |||||||
Electronics — 0.4% | ||||||||
Agilent Technologies, Inc. | 1,773 | 90,866 | ||||||
Amphenol Corp. Class A | 536 | 41,476 | ||||||
FLIR Systems, Inc. | 3,535 | 110,999 | ||||||
Garmin Ltd. | 200 | 9,038 | ||||||
Jabil Circuit, Inc. | 11,102 | 240,691 | ||||||
PerkinElmer, Inc. | 224 | 8,456 | ||||||
TE Connectivity Ltd. | 3,200 | 165,696 | ||||||
Waters Corp. (a) | 60 | 6,373 | ||||||
|
| |||||||
673,595 | ||||||||
|
| |||||||
Engineering & Construction — 0.2% | ||||||||
Fluor Corp. | 1,147 | 81,391 | ||||||
Jacobs Engineering Group, Inc. (a) | 3,324 | 193,391 | ||||||
|
| |||||||
274,782 | ||||||||
|
| |||||||
Environmental Controls — 0.1% | ||||||||
Republic Services, Inc. | 587 | 19,582 | ||||||
Stericycle, Inc. (a) | 87 | 10,040 | ||||||
Waste Management, Inc. | 1,545 | 63,716 | ||||||
|
| |||||||
93,338 | ||||||||
|
|
The accompanying notes are an integral part of the financial statements.
137
Table of Contents
MassMutual Premier Balanced Fund – Portfolio of Investments (Continued)
Number of Shares | Value | |||||||
Hand & Machine Tools — 0.0% | ||||||||
Snap-on, Inc. | 85 | $ | 8,457 | |||||
Stanley Black & Decker, Inc. | 242 | 21,918 | ||||||
|
| |||||||
30,375 | ||||||||
|
| |||||||
Machinery – Construction & Mining — 0.3% | ||||||||
Caterpillar, Inc. | 1,630 | 135,893 | ||||||
Ingersoll-Rand PLC | 1,800 | 116,892 | ||||||
Joy Global, Inc. | 2,600 | 132,704 | ||||||
|
| |||||||
385,489 | ||||||||
|
| |||||||
Machinery – Diversified — 0.3% | ||||||||
Cummins, Inc. | 1,243 | 165,157 | ||||||
Deere & Co. | 1,581 | 128,678 | ||||||
Flowserve Corp. | 891 | 55,589 | ||||||
Rockwell Automation, Inc. | 936 | 100,096 | ||||||
Roper Industries, Inc. | 524 | 69,624 | ||||||
Xylem, Inc. | 701 | 19,579 | ||||||
|
| |||||||
538,723 | ||||||||
|
| |||||||
Manufacturing — 1.8% | ||||||||
3M Co. | 1,465 | 174,936 | ||||||
Danaher Corp. | 3,172 | 219,883 | ||||||
Dover Corp. | 2,603 | 233,827 | ||||||
Eaton Corp. PLC | 682 | 46,949 | ||||||
General Electric Co. | 55,286 | 1,320,783 | ||||||
Honeywell International, Inc. | 4,375 | 363,300 | ||||||
Illinois Tool Works, Inc. | 2,460 | 187,624 | ||||||
Leggett & Platt, Inc. | 795 | 23,969 | ||||||
Pall Corp. | 461 | 35,515 | ||||||
Parker Hannifin Corp. | 660 | 71,755 | ||||||
Pentair Ltd. | 119 | 7,728 | ||||||
Textron, Inc. | 1,185 | 32,718 | ||||||
Tyco International Ltd. | 1,400 | 48,972 | ||||||
|
| |||||||
2,767,959 | ||||||||
|
| |||||||
Metal Fabricate & Hardware — 0.0% | ||||||||
Precision Castparts Corp. | 39 | 8,862 | ||||||
|
| |||||||
Packaging & Containers — 0.2% | ||||||||
Ball Corp. | 720 | 32,314 | ||||||
Bemis Co., Inc. | 1,177 | 45,915 | ||||||
Owens-Illinois, Inc. (a) | 3,022 | 90,720 | ||||||
Sealed Air Corp. | 5,947 | 161,699 | ||||||
|
| |||||||
330,648 | ||||||||
|
| |||||||
Transportation — 0.6% | ||||||||
C.H. Robinson Worldwide, Inc. | 54 | 3,216 | ||||||
CSX Corp. | 7,273 | 187,207 | ||||||
Expeditors International of Washington, Inc. | 84 | 3,701 | ||||||
FedEx Corp. | 2,026 | 231,187 | ||||||
Norfolk Southern Corp. | 73 | 5,647 | ||||||
Ryder System, Inc. | 1,174 | 70,088 | ||||||
Union Pacific Corp. | 2,840 | 441,166 |
Number of Shares | Value | |||||||
United Parcel Service, Inc. Class B | 115 | $ | 10,507 | |||||
|
| |||||||
952,719 | ||||||||
|
| |||||||
8,451,612 | ||||||||
|
| |||||||
Technology — 7.0% | ||||||||
Computers — 3.3% | ||||||||
Accenture PLC Class A | 3,200 | 235,648 | ||||||
Apple, Inc. | 4,088 | 1,948,954 | ||||||
Cognizant Technology Solutions Corp. Class A (a) | 59 | 4,845 | ||||||
Computer Sciences Corp. | 7,475 | 386,756 | ||||||
Dell, Inc. | 15,594 | 214,729 | ||||||
EMC Corp. | 10,153 | 259,511 | ||||||
Hewlett-Packard Co. | 17,963 | 376,864 | ||||||
International Business Machines Corp. | 5,100 | 944,418 | ||||||
NetApp, Inc. | 5,209 | 222,008 | ||||||
SanDisk Corp. | 2,550 | 151,751 | ||||||
Seagate Technology PLC | 2,400 | 104,976 | ||||||
Teradata Corp. (a) | 198 | 10,977 | ||||||
Western Digital Corp. | 4,831 | 306,285 | ||||||
|
| |||||||
5,167,722 | ||||||||
|
| |||||||
Office Equipment/Supplies — 0.3% | ||||||||
Pitney Bowes, Inc. | 11,399 | 207,348 | ||||||
Xerox Corp. | 23,173 | 238,450 | ||||||
|
| |||||||
445,798 | ||||||||
|
| |||||||
Semiconductors — 1.2% | ||||||||
Altera Corp. | 197 | 7,321 | ||||||
Analog Devices, Inc. | 1,459 | 68,646 | ||||||
Applied Materials, Inc. | 2,167 | 38,009 | ||||||
Broadcom Corp. Class A | 1,824 | 47,442 | ||||||
Intel Corp. | 26,711 | 612,216 | ||||||
KLA-Tencor Corp. | 1,198 | 72,898 | ||||||
Lam Research Corp. (a) | 3,863 | 197,747 | ||||||
Linear Technology Corp. | 4,081 | 161,852 | ||||||
LSI Corp. | 6,226 | 48,687 | ||||||
Microchip Technology, Inc. | 724 | 29,170 | ||||||
Micron Technology, Inc. (a) | 5,933 | 103,650 | ||||||
NVIDIA Corp. | 4,285 | 66,675 | ||||||
Teradyne, Inc. (a) | 80 | 1,322 | ||||||
Texas Instruments, Inc. | 8,345 | 336,053 | ||||||
Xilinx, Inc. | 2,661 | 124,694 | ||||||
|
| |||||||
1,916,382 | ||||||||
|
| |||||||
Software — 2.2% | ||||||||
Adobe Systems, Inc. (a) | 705 | 36,618 | ||||||
Autodesk, Inc. (a) | 547 | 22,520 | ||||||
CA, Inc. | 7,085 | 210,212 | ||||||
Cerner Corp. (a) | 200 | 10,510 | ||||||
Citrix Systems, Inc. (a) | 545 | 38,482 | ||||||
The Dun & Bradstreet Corp. | 2,239 | 232,520 | ||||||
Electronic Arts, Inc. (a) | 3,386 | 86,512 | ||||||
Fidelity National Information Services, Inc. | 2,060 | 95,666 |
The accompanying notes are an integral part of the financial statements.
138
Table of Contents
MassMutual Premier Balanced Fund – Portfolio of Investments (Continued)
Number of Shares | Value | |||||||
Fiserv, Inc. (a) | 347 | $ | 35,064 | |||||
Intuit, Inc. | 1,089 | 72,212 | ||||||
Leidos Holdings, Inc. | 5,797 | 263,857 | ||||||
Microsoft Corp. | 38,741 | 1,290,463 | ||||||
Oracle Corp. | 28,388 | 941,630 | ||||||
Red Hat, Inc. (a) | 724 | 33,405 | ||||||
Salesforce.com, Inc. (a) | 80 | 4,153 | ||||||
Science Applications International Corp. (a) | 3,312 | 111,790 | ||||||
|
| |||||||
3,485,614 | ||||||||
|
| |||||||
11,015,516 | ||||||||
|
| |||||||
Utilities — 1.6% | ||||||||
Electric — 1.5% | ||||||||
The AES Corp. | 19,977 | 265,494 | ||||||
Ameren Corp. | 972 | 33,864 | ||||||
American Electric Power Co., Inc. | 2,096 | 90,862 | ||||||
CenterPoint Energy, Inc. | 2,135 | 51,176 | ||||||
CMS Energy Corp. | 2,610 | 68,695 | ||||||
Consolidated Edison, Inc. | 1,609 | 88,720 | ||||||
Dominion Resources, Inc. | 1,062 | 66,354 | ||||||
DTE Energy Co. | 1,112 | 73,370 | ||||||
Duke Energy Corp. | 2,086 | 139,303 | ||||||
Edison International | 2,134 | 98,292 | ||||||
Entergy Corp. | 411 | 25,971 | ||||||
Exelon Corp. | 5,923 | 175,558 | ||||||
FirstEnergy Corp. | 2,966 | 108,111 | ||||||
Integrys Energy Group, Inc. | 261 | 14,587 | ||||||
NextEra Energy, Inc. | 2,736 | 219,318 | ||||||
Northeast Utilities | 1,622 | 66,908 | ||||||
NRG Energy, Inc. | 1,720 | 47,008 | ||||||
Pepco Holdings, Inc. | 998 | 18,423 | ||||||
PG&E Corp. | 3,223 | 131,885 | ||||||
Pinnacle West Capital Corp. | 950 | 52,003 | ||||||
PPL Corp. | 3,984 | 121,034 | ||||||
Public Service Enterprise Group, Inc. | 3,709 | 122,137 | ||||||
SCANA Corp. | 772 | 35,543 | ||||||
The Southern Co. | 4,334 | 178,474 | ||||||
TECO Energy, Inc. | 798 | 13,199 | ||||||
Wisconsin Energy Corp. | 1,096 | 44,256 | ||||||
Xcel Energy, Inc. | 2,345 | 64,745 | ||||||
|
| |||||||
2,415,290 | ||||||||
|
| |||||||
Gas — 0.1% | ||||||||
AGL Resources, Inc. | 1,116 | 51,370 | ||||||
NiSource, Inc. | 172 | 5,313 | ||||||
Sempra Energy | 602 | 51,531 | ||||||
|
| |||||||
108,214 | ||||||||
|
| |||||||
2,523,504 | ||||||||
|
| |||||||
TOTAL COMMON STOCK (Cost $76,632,576) | 83,756,654 | |||||||
|
|
Number of Shares | Value | |||||||
PREFERRED STOCK — 0.1% | ||||||||
Consumer, Cyclical — 0.0% | ||||||||
Retail — 0.0% | ||||||||
Osh 1 Liquidating Corp. (a) | 5 | $ | — | |||||
|
| |||||||
Financial — 0.1% | ||||||||
Insurance — 0.1% | ||||||||
The Allstate Corp. | 5,000 | 116,000 | ||||||
|
| |||||||
TOTAL PREFERRED STOCK (Cost $125,012) | 116,000 | |||||||
|
| |||||||
TOTAL EQUITIES (Cost $76,757,588) | 83,872,654 | |||||||
|
| |||||||
Principal Amount | ||||||||
BONDS & NOTES — 31.1% | ||||||||
CORPORATE DEBT — 13.7% | ||||||||
Advertising — 0.1% | ||||||||
WPP Finance | $ | 90,000 | 95,938 | |||||
WPP Finance 2010 | 20,000 | 20,615 | ||||||
|
| |||||||
116,553 | ||||||||
|
| |||||||
Aerospace & Defense — 0.1% | ||||||||
BAE Systems Holdings, Inc. (b) | 50,000 | 57,489 | ||||||
Exelis, Inc. | 70,000 | 73,567 | ||||||
L-3 Communications Corp. | 5,000 | 5,236 | ||||||
United Technologies Corp. | 15,000 | 18,054 | ||||||
|
| |||||||
154,346 | ||||||||
|
| |||||||
Agriculture — 0.1% | ||||||||
Altria Group, Inc. | 35,000 | 32,055 | ||||||
Altria Group, Inc. | 20,000 | 16,650 | ||||||
Bunge Ltd. Finance Corp. | 45,000 | 46,607 | ||||||
Philip Morris International, Inc. | 5,000 | 5,942 | ||||||
|
| |||||||
101,254 | ||||||||
|
| |||||||
Auto Manufacturers — 0.3% | ||||||||
General Motors Co. (b) | 50,000 | 49,875 | ||||||
Oshkosh Corp. | 277,000 | 305,392 |
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 | |||||||
Volvo Treasury AB (b) | $ | 100,000 | $ | 106,730 | ||||
|
| |||||||
461,997 | ||||||||
|
| |||||||
Automotive & Parts — 0.0% | ||||||||
Lear Corp. 8.125% 3/15/20 | 53,000 | 58,035 | ||||||
|
| |||||||
Banks — 1.0% | ||||||||
Associated Banc-Corp. | 75,000 | 80,980 | ||||||
Bank of America Corp. | 55,000 | 57,843 | ||||||
Bank of America Corp. | 35,000 | 36,757 | ||||||
Bank of America Corp. | 40,000 | 44,411 | ||||||
Bank of America Corp. Series L | 60,000 | 67,711 | ||||||
Capital One Financial Corp. | 30,000 | 30,333 | ||||||
Capital One Financial Corp. | 35,000 | 36,490 | ||||||
Credit Suisse AG | 70,000 | 76,622 | ||||||
Credit Suisse New York | 35,000 | 36,034 | ||||||
Discover Bank | 45,000 | 43,998 | ||||||
Export-Import Bank of Korea | 10,000 | 9,730 | ||||||
First Horizon National Corp. | 109,000 | 117,797 | ||||||
FirstMerit Corp. | 15,000 | 14,810 | ||||||
ICICI Bank Ltd. (b) | 200,000 | 198,899 | ||||||
ICICI Bank Ltd. (b) | 59,000 | 60,075 | ||||||
ICICI Bank Ltd. (b) | 94,000 | 97,448 | ||||||
JPMorgan Chase & Co. | 10,000 | �� | 9,069 | |||||
KFW | 135,000 | 126,265 | ||||||
Regions Bank/Birmingham AL | 30,000 | 35,283 | ||||||
Regions Financial Corp. | 50,000 | 53,575 | ||||||
The Toronto-Dominion Bank | 60,000 | 62,058 | ||||||
UBS AG | 55,000 | 63,455 | ||||||
Valley National Bancorp | 45,000 | 44,994 |
Principal Amount | Value | |||||||
Wachovia Corp. | $ | 5,000 | $ | 5,750 | ||||
Wells Fargo & Co. | 70,000 | 65,517 | ||||||
Wells Fargo & Co. | 40,000 | 41,741 | ||||||
Zions Bancorp. | 30,000 | 32,103 | ||||||
|
| |||||||
1,549,748 | ||||||||
|
| |||||||
Beverages — 0.1% | ||||||||
Fomento Economico Mexicano | 15,000 | 13,346 | ||||||
Molson Coors Brewing Co. | 15,000 | 14,617 | ||||||
Pernod Ricard SA (b) | 150,000 | 155,621 | ||||||
|
| |||||||
183,584 | ||||||||
|
| |||||||
Biotechnology — 0.0% | ||||||||
Amgen, Inc. | 45,000 | 43,684 | ||||||
|
| |||||||
Building Materials — 0.2% | ||||||||
CRH America, Inc. | 50,000 | 60,864 | ||||||
Lafarge SA (b) | 125,000 | 132,187 | ||||||
Owens Corning, Inc. | 40,000 | 44,646 | ||||||
Owens Corning, Inc. | 10,000 | 12,161 | ||||||
|
| |||||||
249,858 | ||||||||
|
| |||||||
Chemicals — 0.5% | ||||||||
Ashland, Inc. | 105,000 | 106,313 | ||||||
Ashland, Inc. | 45,000 | 43,200 | ||||||
Cabot Corp. | 75,000 | 81,911 | ||||||
CF Industries, Inc. | 14,000 | 12,975 | ||||||
Cytec Industries, Inc. | 10,000 | 9,295 | ||||||
Cytec Industries, Inc. | 15,000 | 17,850 | ||||||
The Dow Chemical Co. | 15,000 | 19,131 | ||||||
E.I. du Pont de Nemours & Co. | 5,000 | 5,913 | ||||||
Ecolab, Inc. | 15,000 | 15,804 | ||||||
Incitec Pivot Finance LLC (b) | 25,000 | 27,442 |
The accompanying notes are an integral part of the financial statements.
140
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MassMutual Premier Balanced Fund – Portfolio of Investments (Continued)
Principal Amount | Value | |||||||
Incitec Pivot Ltd. (b) | $ | 75,000 | $ | 77,976 | ||||
LYB International Finance BV | 200,000 | 198,277 | ||||||
Methanex Corp. | 5,000 | 5,186 | ||||||
NOVA Chemicals Corp. | 25,000 | 27,625 | ||||||
RPM International, Inc. | 50,000 | 46,759 | ||||||
RPM International, Inc. | 50,000 | 56,938 | ||||||
RPM International, Inc. | 70,000 | 70,656 | ||||||
Valspar Corp. | 25,000 | 30,106 | ||||||
|
| |||||||
853,357 | ||||||||
|
| |||||||
Commercial Services — 0.3% | ||||||||
The ADT Corp. | 65,000 | 62,077 | ||||||
Brambles USA, Inc. (b) | 55,000 | 56,964 | ||||||
Donnelley (R.R.) & Sons Co. | 8,000 | 8,460 | ||||||
ERAC USA Finance Co. (b) | 35,000 | 39,573 | ||||||
ERAC USA Finance LLC (b) | 15,000 | 15,106 | ||||||
ERAC USA Finance LLC (b) | 25,000 | 23,762 | ||||||
The Western Union Co. | 290,000 | 322,931 | ||||||
|
| |||||||
528,873 | ||||||||
|
| |||||||
Computers — 0.2% | ||||||||
Apple, Inc. | 75,000 | 72,244 | ||||||
Apple, Inc. | 50,000 | 45,259 | ||||||
Apple, Inc. | 25,000 | 20,949 | ||||||
Brocade Communications Systems, Inc. 6.875% 1/15/20 | 5,000 | 5,400 | ||||||
EMC Corp. | 67,000 | 65,471 | ||||||
Hewlett-Packard Co. | 50,000 | 50,843 | ||||||
International Business Machines Corp. | 30,000 | 34,029 | ||||||
|
| |||||||
294,195 | ||||||||
|
| |||||||
Cosmetics & Personal Care — 0.0% | ||||||||
Avon Products, Inc. | 30,000 | 30,185 |
Principal Amount | Value | |||||||
The Procter & Gamble Co. | $ | 10,000 | $ | 11,865 | ||||
|
| |||||||
42,050 | ||||||||
|
| |||||||
Distribution & Wholesale — 0.0% | ||||||||
Arrow Electronics, Inc. | 15,000 | 14,833 | ||||||
|
| |||||||
Diversified Financial — 1.8% | ||||||||
American Express Co. | 50,000 | 58,294 | ||||||
American Express Co. | 30,000 | 38,995 | ||||||
The Bear Stearns Cos., Inc. | 60,000 | 71,865 | ||||||
BlackRock, Inc. | 20,000 | 22,690 | ||||||
BlackRock, Inc. | 45,000 | 52,678 | ||||||
Citigroup, Inc. | 50,000 | 55,931 | ||||||
Citigroup, Inc. | 18,000 | 18,862 | ||||||
Citigroup, Inc. | 115,000 | 125,915 | ||||||
Citigroup, Inc. | 5,000 | 5,469 | ||||||
Citigroup, Inc. | 20,000 | 22,237 | ||||||
Citigroup, Inc. | 41,000 | 42,981 | ||||||
Citigroup, Inc. | 15,000 | 20,832 | ||||||
Citigroup, Inc. | 30,000 | 38,317 | ||||||
CNH Capital LLC | 70,000 | 72,100 | ||||||
CNH Capital LLC | 45,000 | 49,500 | ||||||
Eaton Vance Corp. | 21,000 | 20,359 | ||||||
Eaton Vance Corp. | 4,000 | 4,612 | ||||||
Ford Motor Credit Co. LLC | 15,000 | 15,343 | ||||||
Ford Motor Credit Co. LLC | 245,000 | 253,399 | ||||||
Ford Motor Credit Co. LLC | 25,000 | 26,857 | ||||||
General Electric Capital Corp. | 60,000 | 59,620 | ||||||
General Electric Capital Corp. | 25,000 | 28,686 | ||||||
General Electric Capital Corp. | 30,000 | 34,913 |
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 | |||||||
General Electric Capital Corp. | $ | 55,000 | $ | 67,405 | ||||
General Motors Financial Co., Inc. (b) | 35,000 | 34,913 | ||||||
The Goldman Sachs Group, Inc. | 55,000 | 55,399 | ||||||
The Goldman Sachs Group, Inc. | 45,000 | 49,568 | ||||||
The Goldman Sachs Group, Inc. | 35,000 | 38,554 | ||||||
The Goldman Sachs Group, Inc. | 40,000 | 44,346 | ||||||
The Goldman Sachs Group, Inc. | 20,000 | 22,875 | ||||||
The Goldman Sachs Group, Inc. | 20,000 | 19,362 | ||||||
HSBC Finance Corp. | 30,000 | 34,259 | ||||||
Hyundai Capital America (b) | 30,000 | 30,048 | ||||||
Hyundai Capital America (b) | 30,000 | 30,251 | ||||||
International Lease Finance Corp. | 55,000 | 53,144 | ||||||
International Lease Finance Corp. | 191,000 | 202,514 | ||||||
Janus Capital Group, Inc. | 50,000 | 55,873 | ||||||
JP Morgan Chase & Co. | 40,000 | 41,724 | ||||||
JP Morgan Chase & Co. | 70,000 | 76,570 | ||||||
JP Morgan Chase & Co. | 95,000 | 102,423 | ||||||
JPMorgan Chase & Co. | 85,000 | 89,502 | ||||||
Lazard Group LLC | 75,000 | 85,010 | ||||||
Lazard Group LLC | 95,000 | 102,824 | ||||||
Leighton Finance USA Pty Ltd. (b) | 25,000 | 24,842 | ||||||
Merrill Lynch & Co., Inc. | 20,000 | 24,764 | ||||||
Morgan Stanley | 30,000 | 31,576 | ||||||
Morgan Stanley | 130,000 | 134,492 | ||||||
Morgan Stanley | 60,000 | 66,073 | ||||||
Morgan Stanley | 50,000 | 55,796 |
Principal Amount | Value | |||||||
Morgan Stanley | $ | 20,000 | $ | 22,202 | ||||
TD Ameritrade Holding Corp. | 15,000 | 15,609 | ||||||
|
| |||||||
2,752,373 | ||||||||
|
| |||||||
Electric — 0.9% | ||||||||
The AES Corp. | 15,000 | 16,650 | ||||||
Ameren Corp. | 95,000 | 99,560 | ||||||
CMS Energy Corp. | 80,000 | 88,598 | ||||||
CMS Energy Corp. | 10,000 | 11,141 | ||||||
Florida Power & Light Co. | 25,000 | 26,610 | ||||||
Georgia Power Co. | 10,000 | 9,011 | ||||||
IPALCO Enterprises, Inc. | 75,000 | 77,813 | ||||||
IPALCO Enterprises, Inc. (b) | 303,000 | 333,300 | ||||||
Kansas Gas & Electric Co. | 55,283 | 59,001 | ||||||
LG&E and KU Energy LLC | 60,000 | 62,161 | ||||||
MidAmerican Energy Holdings Co. | 70,000 | 77,679 | ||||||
National Fuel Gas Co. | 20,000 | 19,220 | ||||||
Nevada Power Co. Series N | 20,000 | 24,733 | ||||||
Niagara Mohawk Power Corp. (b) | 35,000 | 32,573 | ||||||
NiSource Finance Corp. | 45,000 | 40,300 | ||||||
NiSource Finance Corp. | 40,000 | 41,452 | ||||||
Oncor Electric Delivery Co. | 5,000 | 5,990 | ||||||
Oncor Electric Delivery Co. | 15,000 | 19,604 | ||||||
Pacific Gas & Electric Co. | 25,000 | 27,116 | ||||||
PPL Capital Funding, Inc. | 15,000 | 14,723 | ||||||
Puget Energy, Inc. | 59,000 | 65,989 | ||||||
Southern California Edison Co. | 20,000 | 23,464 | ||||||
State Grid Overseas Investment Ltd. (b) | 45,000 | 43,879 |
The accompanying notes are an integral part of the financial statements.
142
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MassMutual Premier Balanced Fund – Portfolio of Investments (Continued)
Principal Amount | Value | |||||||
Tenaska Oklahoma I LP (b) | $ | 23,403 | $ | 23,778 | ||||
Transelec SA (b) | 25,000 | 23,780 | ||||||
Tri-State Generation & Transmission Association, Series 2003, Class A (b) | 53,257 | 58,088 | ||||||
Virginia Electric and Power Co. | 30,000 | 36,992 | ||||||
Wisconsin Public Service Corp. | 50,000 | 56,505 | ||||||
|
| |||||||
1,419,710 | ||||||||
|
| |||||||
Electrical Components & Equipment — 0.1% | ||||||||
Anixter, Inc. | 130,000 | 136,012 | ||||||
|
| |||||||
Electronics — 0.3% | ||||||||
Agilent Technologies, Inc. | 37,000 | 35,933 | ||||||
Amphenol Corp. | 20,000 | 19,835 | ||||||
Arrow Electronics, Inc. | 45,000 | 48,983 | ||||||
Avnet, Inc. | 23,000 | 23,181 | ||||||
Jabil Circuit, Inc. | 285,000 | 322,763 | ||||||
PerkinElmer, Inc. | 30,000 | 30,970 | ||||||
|
| |||||||
481,665 | ||||||||
|
| |||||||
Entertainment — 0.0% | ||||||||
International Game Technology | 25,000 | 25,966 | ||||||
|
| |||||||
Environmental Controls — 0.0% | ||||||||
Republic Services, Inc. | 30,000 | 31,947 | ||||||
Republic Services, Inc. | 5,000 | 5,485 | ||||||
|
| |||||||
37,432 | ||||||||
|
| |||||||
Foods — 0.4% | ||||||||
ConAgra Foods, Inc. (b) | 30,000 | 31,663 | ||||||
ConAgra Foods, Inc. (b) | 15,000 | 17,377 | ||||||
ConAgra Foods, Inc. | 40,000 | 48,012 | ||||||
Delhaize Group | 45,000 | 50,998 | ||||||
Ingredion Inc | 150,000 | 147,898 | ||||||
Kraft Foods, Inc. | 60,000 | 64,063 |
Principal Amount | Value | |||||||
Kraft Foods, Inc. | $ | 20,000 | $ | 23,475 | ||||
TreeHouse Foods, Inc. | 75,000 | 79,312 | ||||||
Tyson Foods, Inc. | 30,000 | 31,138 | ||||||
Tyson Foods, Inc. | 45,000 | 50,452 | ||||||
|
| |||||||
544,388 | ||||||||
|
| |||||||
Forest Products & Paper — 0.1% | ||||||||
International Paper Co. | 20,000 | 21,063 | ||||||
International Paper Co. | 25,000 | 30,508 | ||||||
International Paper Co. | 15,000 | 19,781 | ||||||
The Mead Corp. | 50,000 | 50,845 | ||||||
Plum Creek Timberlands LP | 35,000 | 31,998 | ||||||
|
| |||||||
154,195 | ||||||||
|
| |||||||
Gas — 0.0% | ||||||||
Boston Gas Co. (b) | 10,000 | 9,382 | ||||||
|
| |||||||
Health Care – Products — 0.1% | ||||||||
Boston Scientific Corp. | 35,000 | 40,028 | ||||||
Hospira, Inc. | 35,000 | 35,609 | ||||||
Johnson & Johnson | 10,000 | 12,000 | ||||||
|
| |||||||
87,637 | ||||||||
|
| |||||||
Health Care – Services — 0.1% | ||||||||
Cigna Corp. | 40,000 | 41,549 | ||||||
Cigna Corp. | 20,000 | 22,042 | ||||||
HCA, Inc. | 30,000 | 32,250 | ||||||
Howard Hughes Medical Institute | 35,000 | 34,918 | ||||||
Kaiser Foundation Hospitals | 15,000 | 14,658 | ||||||
Roche Holdings, Inc. (b) | 14,000 | 16,637 | ||||||
Roche Holdings, Inc. (b) | 5,000 | 6,603 | ||||||
UnitedHealth Group, Inc. | 45,000 | 56,494 | ||||||
|
| |||||||
225,151 | ||||||||
|
|
The accompanying notes are an integral part of the financial statements.
143
Table of Contents
MassMutual Premier Balanced Fund – Portfolio of Investments (Continued)
Principal Amount | Value | |||||||
Holding Company – Diversified — 0.0% | ||||||||
Hutchison Whampoa International Ltd. (b) | $ | 45,000 | $ | 50,412 | ||||
|
| |||||||
Home Furnishing — 0.0% | ||||||||
Whirlpool Corp. | 20,000 | 19,354 | ||||||
Whirlpool Corp. | 10,000 | 9,588 | ||||||
Whirlpool Corp. | 20,000 | 20,894 | ||||||
|
| |||||||
49,836 | ||||||||
|
| |||||||
Household Products — 0.0% | ||||||||
Avery Dennison Corp. | 15,000 | 14,134 | ||||||
Church & Dwight Co., Inc. | 30,000 | 31,180 | ||||||
|
| |||||||
45,314 | ||||||||
|
| |||||||
Housewares — 0.0% | ||||||||
Newell Rubbermaid, Inc. | 15,000 | 14,834 | ||||||
Toro Co. | 40,000 | 48,262 | ||||||
|
| |||||||
63,096 | ||||||||
|
| |||||||
Insurance — 0.9% | ||||||||
Aflac, Inc. | 52,000 | 50,781 | ||||||
Aflac, Inc. | 25,000 | 32,313 | ||||||
The Allstate Corp. | 30,000 | 33,340 | ||||||
The Allstate Corp. VRN | 40,000 | 39,000 | ||||||
The Allstate Corp. | 10,000 | 12,652 | ||||||
American International Group, Inc. | 50,000 | 51,461 | ||||||
The Chubb Corp. VRN | 47,000 | 50,408 | ||||||
CNA Financial Corp. | 40,000 | 48,683 | ||||||
The Hartford Financial Services Group, Inc. | 60,000 | 62,508 | ||||||
ING US, Inc. | 30,000 | 32,296 | ||||||
ING US, Inc. VRN | 45,000 | 41,137 | ||||||
Liberty Mutual Group, Inc. (b) | 21,000 | 20,481 | ||||||
Lincoln National Corp. | 20,000 | 21,084 |
Principal Amount | Value | |||||||
Lincoln National Corp. | $ | 50,000 | $ | 64,788 | ||||
Marsh & McLennan Cos., Inc. | 45,000 | 48,636 | ||||||
Marsh & McLennan Cos., Inc. | 50,000 | 53,999 | ||||||
MetLife Capital Trust IV (b) | 70,000 | 78,750 | ||||||
MetLife, Inc. Series A | 10,000 | 12,099 | ||||||
Principal Financial Group, Inc. | 30,000 | 38,885 | ||||||
The Progressive Corp. VRN | 75,000 | 80,250 | ||||||
Prudential Financial, Inc. | 45,000 | 46,774 | ||||||
Prudential Financial, Inc. | 25,000 | 26,860 | ||||||
Prudential Financial, Inc. | 75,000 | 80,471 | ||||||
Prudential Financial, Inc. VRN | 65,000 | 58,955 | ||||||
Prudential Financial, Inc. | 15,000 | 17,210 | ||||||
Prudential Financial, Inc. VRN | 55,000 | 66,550 | ||||||
QBE Insurance Group Ltd. (b) | 25,000 | 24,356 | ||||||
Reinsurance Group of America, Inc. | 55,000 | 56,241 | ||||||
Reinsurance Group of America, Inc. | 40,000 | 42,813 | ||||||
Reinsurance Group of America, Inc. | 45,000 | 52,521 | ||||||
The Travelers Cos., Inc. | 25,000 | 30,493 | ||||||
Willis Group Holdings PLC | 5,000 | 5,251 | ||||||
Willis North America, Inc. | 21,000 | 24,508 | ||||||
|
| |||||||
1,406,554 | ||||||||
|
| |||||||
Internet — 0.1% | ||||||||
Expedia, Inc. | 80,000 | 92,919 | ||||||
|
| |||||||
Investment Companies — 0.1% | ||||||||
Xstrata Finance Canada (b) | 50,000 | 50,136 | ||||||
Xstrata Finance Canada (b) | 50,000 | 50,749 | ||||||
Xstrata Finance Canada (b) | 45,000 | 49,159 | ||||||
|
| |||||||
150,044 | ||||||||
|
|
The accompanying notes are an integral part of the financial statements.
144
Table of Contents
MassMutual Premier Balanced Fund – Portfolio of Investments (Continued)
Principal Amount | Value | |||||||
Iron & Steel — 0.4% | ||||||||
Allegheny Technologies, Inc. | $ | 25,000 | $ | 30,484 | ||||
ArcelorMittal | 141,000 | 145,230 | ||||||
ArcelorMittal | 60,000 | 61,500 | ||||||
ArcelorMittal | 115,000 | 126,069 | ||||||
Cliffs Natural Resources, Inc. | 25,000 | 25,107 | ||||||
Gerdau Trade, Inc. (b) | 45,000 | 40,050 | ||||||
Reliance Steel & Aluminum Co. | 30,000 | 29,279 | ||||||
Reliance Steel & Aluminum Co. | 55,000 | 60,414 | ||||||
Reliance Steel & Aluminum Co. | 55,000 | 55,815 | ||||||
|
| |||||||
573,948 | ||||||||
|
| |||||||
Leisure Time — 0.0% | ||||||||
Carnival Corp. | 50,000 | 48,977 | ||||||
|
| |||||||
Lodging — 0.3% | ||||||||
Choice Hotels International, Inc. | 55,000 | 57,200 | ||||||
Hyatt Hotels Corp. | 20,000 | 18,689 | ||||||
Marriott International, Inc. | 50,000 | 49,837 | ||||||
Marriott International, Inc. | 15,000 | 16,407 | ||||||
Marriott International, Inc. | 180,000 | 201,923 | ||||||
Starwood Hotels & Resorts Worldwide, Inc. | 5,000 | 5,900 | ||||||
Wyndham Worldwide Corp. | 35,000 | 34,653 | ||||||
Wyndham Worldwide Corp. | 15,000 | 15,393 | ||||||
Wynn Las Vegas LLC | 90,000 | 101,025 | ||||||
|
| |||||||
501,027 | ||||||||
|
| |||||||
Machinery – Diversified — 0.1% | ||||||||
CNH Capital LLC | 25,000 | 24,875 | ||||||
Roper Industries, Inc. | 25,000 | 23,402 | ||||||
Xylem, Inc. | 40,000 | 41,924 | ||||||
Xylem, Inc. | 20,000 | 21,023 | ||||||
|
| |||||||
111,224 | ||||||||
|
|
Principal Amount | Value | |||||||
Manufacturing — 0.3% | ||||||||
Eaton Corp. (b) | $ | 25,000 | $ | 24,648 | ||||
General Electric Co. | 50,000 | 45,902 | ||||||
Harsco Corp | 166,000 | 168,388 | ||||||
Ingersoll-Rand Global Holding Co. Ltd. | 40,000 | 47,407 | ||||||
SPX Corp. | 31,000 | 33,092 | ||||||
Textron, Inc. | 50,000 | 53,414 | ||||||
Tyco Electronics Group SA | 40,000 | 46,123 | ||||||
|
| |||||||
418,974 | ||||||||
|
| |||||||
Media — 0.2% | ||||||||
CBS Corp. | 40,000 | 48,487 | ||||||
Comcast Corp. | 35,000 | 41,491 | ||||||
NBCUniversal Media LLC | 5,000 | 5,914 | ||||||
News America, Inc. | 25,000 | 29,061 | ||||||
Time Warner Cable, Inc. | 30,000 | 27,989 | ||||||
Time Warner Cable, Inc. | 25,000 | 23,297 | ||||||
Time Warner Cable, Inc. | 10,000 | 11,576 | ||||||
Time Warner Cable, Inc. | 10,000 | 11,765 | ||||||
Time Warner, Inc. | 35,000 | 37,406 | ||||||
Time Warner, Inc. | 25,000 | 26,823 | ||||||
Time Warner, Inc. | 5,000 | 5,497 | ||||||
Viacom, Inc. | 40,000 | 44,669 | ||||||
|
| |||||||
313,975 | ||||||||
|
| |||||||
Metal Fabricate & Hardware — 0.1% | ||||||||
The Timken Co. | 175,000 | 183,295 | ||||||
|
| |||||||
Mining — 0.2% | ||||||||
Freeport-McMoRan Copper & Gold, Inc. (b) | 20,000 | 19,329 | ||||||
Freeport-McMoRan Copper & Gold, Inc. (b) | 30,000 | 26,889 | ||||||
Newcrest Finance Property Ltd. (b) | 50,000 | 42,992 |
The accompanying notes are an integral part of the financial statements.
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Principal Amount | Value | |||||||
Rio Tinto Finance USA Ltd. | $ | 50,000 | $ | 64,884 | ||||
Vale Overseas Ltd. | 65,000 | 72,861 | ||||||
Vale Overseas Ltd. | 15,000 | 15,187 | ||||||
Vulcan Materials Co. | 20,000 | 22,000 | ||||||
|
| |||||||
264,142 | ||||||||
|
| |||||||
Office Equipment/Supplies — 0.1% | ||||||||
Pitney Bowes, Inc. | 25,000 | 26,484 | ||||||
Pitney Bowes, Inc. | 30,000 | 33,063 | ||||||
Xerox Corp. | 30,000 | 31,280 | ||||||
|
| |||||||
90,827 | ||||||||
|
| |||||||
Office Furnishings — 0.0% | ||||||||
Steelcase, Inc. | 50,000 | 55,632 | ||||||
|
| |||||||
Oil & Gas — 0.9% | ||||||||
Anadarko Petroleum Corp. | 100,000 | 116,248 | ||||||
Anadarko Petroleum Corp. | 30,000 | 34,453 | ||||||
Chesapeake Energy Corp. | 175,000 | 175,656 | ||||||
Chesapeake Energy Corp. | 60,000 | 66,075 | ||||||
Chesapeake Energy Corp., Convertible | 10,000 | 9,125 | ||||||
Chesapeake Energy Corp., Convertible | 90,000 | 88,425 | ||||||
ConocoPhillips | 20,000 | 25,151 | ||||||
Devon Energy Corp. | 40,000 | 40,890 | ||||||
Ecopetrol SA | 10,000 | 10,288 | ||||||
EQT Corp. | 25,000 | 25,807 | ||||||
KazMunayGas National Co. JSC (b) | 45,000 | 41,962 | ||||||
Motiva Enterprises LLC (b) | 40,000 | 45,769 | ||||||
Motiva Enterprises LLC (b) | 35,000 | 43,502 | ||||||
Nexen, Inc. | 5,000 | 6,136 | ||||||
Pemex Project Funding Master Trust | 5,000 | 5,272 | ||||||
Petrobras Global Finance BV | 35,000 | 34,774 |
Principal Amount | Value | |||||||
Petrobras Global Finance BV | $ | 20,000 | $ | 18,808 | ||||
Petrobras International Finance Co. | 59,000 | 60,876 | ||||||
Petrobras International Finance Co. | 50,000 | 50,229 | ||||||
Petrobras International Finance Co. | 20,000 | 19,340 | ||||||
Petroleos Mexicanos | 60,000 | 64,200 | ||||||
Phillips 66 | 20,000 | 20,389 | ||||||
Phillips 66 | 20,000 | 21,008 | ||||||
Pioneer Natural Resources Co. | 50,000 | 55,688 | ||||||
Pioneer Natural Resources Co. | 50,000 | 61,293 | ||||||
Rowan Cos., Inc. | 50,000 | 51,593 | ||||||
Rowan Cos., Inc. | 30,000 | 32,614 | ||||||
Shell International Finance BV | 15,000 | 16,950 | ||||||
Talisman Energy, Inc. | 20,000 | 18,634 | ||||||
Tesoro Corp. | 35,000 | 38,237 | ||||||
Transocean, Inc. | 70,000 | 75,096 | ||||||
Transocean, Inc. | 40,000 | 43,836 | ||||||
Valero Energy Corp. | 40,000 | 45,992 | ||||||
|
| |||||||
1,464,316 | ||||||||
|
| |||||||
Oil & Gas Services — 0.1% | ||||||||
Baker Hughes, Inc. | 40,000 | 42,697 | ||||||
Superior Energy Services, Inc. | 98,000 | 107,065 | ||||||
Weatherford International Ltd. | 25,000 | 24,743 | ||||||
Weatherford International Ltd. | 20,000 | 19,149 | ||||||
|
| |||||||
193,654 | ||||||||
|
| |||||||
Packaging & Containers — 0.0% | ||||||||
Brambles USA Inc., Series A (b) | 15,000 | 16,231 | ||||||
Sonoco Products Co. | 25,000 | 25,833 | ||||||
|
| |||||||
42,064 | ||||||||
|
|
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 | |||||||
Pharmaceuticals — 0.3% | ||||||||
McKesson Corp. | $ | 30,000 | $ | 32,927 | ||||
McKesson Corp. | 30,000 | 34,836 | ||||||
Merck Sharp & Dohme Corp. | 10,000 | 11,871 | ||||||
Mylan, Inc. (b) | 225,000 | 256,740 | ||||||
Pfizer, Inc. | 35,000 | 47,445 | ||||||
Teva Pharmaceutical Finance Co. LLC | 25,000 | 28,869 | ||||||
Zoetis, Inc. (b) | 15,000 | 14,280 | ||||||
|
| |||||||
426,968 | ||||||||
|
| |||||||
Pipelines — 0.5% | ||||||||
Boardwalk Pipelines LLC | 40,000 | 43,901 | ||||||
CenterPoint Energy Resources Corp. | 25,000 | 27,151 | ||||||
CenterPoint Energy Resources Corp. | 20,000 | 23,168 | ||||||
DCP Midstream LLC (b) | 5,000 | 6,370 | ||||||
El Paso Pipeline Partners Operating Co. LLC | 25,000 | 26,470 | ||||||
Enable Oklahoma Intrastate Transmission LLC (b) | 120,000 | 124,123 | ||||||
Energy Transfer Partners LP FRN (b) | 50,000 | 44,937 | ||||||
Enterprise Products Operating LP | 25,000 | 26,236 | ||||||
Gulf South Pipeline Co. LP (b) | 40,000 | 41,900 | ||||||
Kern River Funding Corp. (b) | 86,975 | 93,695 | ||||||
Kinder Morgan Energy Partners LP | 25,000 | 28,333 | ||||||
Kinder Morgan Energy Partners LP | 25,000 | 27,485 | ||||||
Kinder Morgan Energy Partners LP | 5,000 | 5,636 | ||||||
Kinder Morgan Finance Co. LLC (b) | 35,000 | 37,958 | ||||||
ONEOK Partners LP | 25,000 | 26,024 | ||||||
ONEOK Partners LP | 30,000 | 30,328 | ||||||
Southern Natural Gas Co. LLC (b) | 55,000 | 62,525 |
Principal Amount | Value | |||||||
TransCanada PipeLines Ltd. | $ | 30,000 | $ | 34,624 | ||||
The Williams Cos., Inc. | 20,000 | 18,063 | ||||||
Williams Partners LP | 75,000 | 80,869 | ||||||
|
| |||||||
809,796 | ||||||||
|
| |||||||
Real Estate Investment Trusts (REITS) — 0.5% | ||||||||
American Tower Corp. | 40,000 | 39,536 | ||||||
American Tower Corp. | 60,000 | 63,368 | ||||||
Boston Properties LP | 20,000 | 21,019 | ||||||
Boston Properties LP | 30,000 | 30,864 | ||||||
Brandywine Operating Partners LP | 40,000 | 42,950 | ||||||
DDR Corp. | 15,000 | 16,191 | ||||||
DDR Corp. | 115,000 | 140,757 | ||||||
Developers Diversified Realty Corp. | 75,000 | 79,861 | ||||||
Duke Realty LP | 50,000 | 62,165 | ||||||
ERP Operating LP | 15,000 | 15,835 | ||||||
Federal Realty Investment Trust | 10,000 | 11,410 | ||||||
HCP, Inc. | 35,000 | 33,208 | ||||||
Highwoods Realty LP | 100,000 | 110,067 | ||||||
ProLogis LP | 15,000 | 14,993 | ||||||
Realty Income Corp. | 90,000 | 87,985 | ||||||
Ventas Realty LP/Ventas Capital Corp. | 20,000 | 20,196 | ||||||
|
| |||||||
790,405 | ||||||||
|
| |||||||
Retail — 0.2% | ||||||||
CVS Caremark Corp. | 10,000 | 11,431 | ||||||
CVS Pass-Through Trust (b) | 57,672 | 62,252 | ||||||
The Home Depot, Inc. | 30,000 | 35,125 | ||||||
McDonald’s Corp. | 25,000 | 31,007 | ||||||
O’Reilly Automotive, Inc. | 23,000 | 22,208 |
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 | |||||||
O’Reilly Automotive, Inc. | $ | 40,000 | $ | 42,460 | ||||
QVC, Inc. | 25,000 | 23,250 | ||||||
QVC, Inc. | 10,000 | 9,832 | ||||||
Wal-Mart Stores, Inc. | 40,000 | 45,065 | ||||||
|
| |||||||
282,630 | ||||||||
|
| |||||||
Savings & Loans — 0.2% | ||||||||
First Niagara Financial Group, Inc. | 35,000 | 40,708 | ||||||
Glencore Funding LLC (b) | 33,000 | 32,515 | ||||||
Glencore Funding LLC (b) | 55,000 | 51,556 | ||||||
Glencore Funding LLC (b) | 150,000 | 153,617 | ||||||
Washington Mutual Bank (c) | 180,000 | 18 | ||||||
|
| |||||||
278,414 | ||||||||
|
| |||||||
Semiconductors — 0.1% | ||||||||
Intel Corp., Convertible | 50,000 | 54,125 | ||||||
Micron Technology, Inc., Convertible (b) | 44,000 | 75,350 | ||||||
|
| |||||||
129,475 | ||||||||
|
| |||||||
Software — 0.1% | ||||||||
Broadridge Financial Solutions, Inc. | 25,000 | 25,244 | ||||||
CA, Inc. | 25,000 | 25,221 | ||||||
CA, Inc. | 40,000 | 44,380 | ||||||
ManTech International Corp. | 35,000 | 37,013 | ||||||
Microsoft Corp. | 5,000 | 5,096 | ||||||
Oracle Corp. | 50,000 | 49,107 | ||||||
|
| |||||||
186,061 | ||||||||
|
| |||||||
Telecommunications — 0.8% | ||||||||
America Movil SAB de CV | 25,000 | 26,879 | ||||||
America Movil SAB de CV | 30,000 | 31,345 | ||||||
AT&T, Inc. | 65,000 | 71,812 | ||||||
British Telecom PLC | 15,000 | 22,212 |
Principal Amount | Value | |||||||
CenturyLink, Inc. | $ | 30,000 | $ | 31,125 | ||||
CenturyLink, Inc. | 10,000 | 8,925 | ||||||
CenturyLink, Inc. | 10,000 | 8,900 | ||||||
Cisco Systems, Inc. | 10,000 | 11,148 | ||||||
Deutsche Telekom International Finance BV | 15,000 | 20,785 | ||||||
Embarq Corp. | 30,000 | 33,744 | ||||||
Juniper Networks, Inc. | 25,000 | 25,542 | ||||||
Juniper Networks, Inc. | 35,000 | 35,999 | ||||||
Rogers Communications, Inc. | 5,000 | 6,328 | ||||||
Telecom Italia Capital | 10,000 | 8,225 | ||||||
Telecom Italia Capital | 46,000 | 47,345 | ||||||
Telefonaktiebolaget LM Ericsson | 25,000 | 24,450 | ||||||
Telefonica Emisiones SAU | 250,000 | 246,672 | ||||||
Telefonica Emisiones SAU | 65,000 | 67,332 | ||||||
Telefonica Emisiones SAU | 30,000 | 30,719 | ||||||
Verizon Communications, Inc. | 25,000 | 25,767 | ||||||
Verizon Communications, Inc. | 30,000 | 31,611 | ||||||
Verizon Communications, Inc. | 50,000 | 53,589 | ||||||
Verizon Communications, Inc. | 75,000 | 84,670 | ||||||
Verizon Communications, Inc. | 19,000 | 24,410 | ||||||
Verizon Global Funding Corp. | 40,000 | 49,189 | ||||||
Virgin Media Finance PLC | 100,000 | 108,500 | ||||||
Virgin Media Secured Finance PLC | 100,000 | 104,125 | ||||||
|
| |||||||
1,241,348 | ||||||||
|
| |||||||
Transportation — 0.2% | ||||||||
Asciano Finance (b) | 25,000 | 25,505 | ||||||
Asciano Finance (b) | 20,000 | 20,009 |
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 | |||||||
Asciano Finance (b) | $ | 55,000 | $ | 58,345 | ||||
Canadian National Railway Co. | 30,000 | 34,555 | ||||||
Canadian National Railway Co. | 20,000 | 24,829 | ||||||
Con-way, Inc. | 10,000 | 11,334 | ||||||
CSX Corp. | 10,000 | 12,102 | ||||||
Norfolk Southern Corp. | 20,000 | 21,721 | ||||||
Ryder System, Inc. | 110,000 | 110,361 | ||||||
Union Pacific Corp. | 25,000 | 26,502 | ||||||
|
| |||||||
345,263 | ||||||||
|
| |||||||
Trucking & Leasing — 0.3% | ||||||||
GATX Corp. | 30,000 | 29,640 | ||||||
GATX Corp. | 40,000 | 41,755 | ||||||
GATX Corp. | 20,000 | 19,341 | ||||||
GATX Corp. | 35,000 | 36,824 | ||||||
GATX Corp. | 30,000 | 30,604 | ||||||
GATX Corp. | 100,000 | 104,564 | ||||||
Penske Truck Leasing Co. | 130,000 | 132,410 | ||||||
Penske Truck Leasing Co. | 45,000 | 46,319 | ||||||
|
| |||||||
441,457 | ||||||||
|
| |||||||
TOTAL CORPORATE DEBT (Cost $21,064,967) | 21,578,325 | |||||||
|
| |||||||
MUNICIPAL OBLIGATIONS — 0.3% | ||||||||
JobsOhio Beverage System Series B | 150,000 | 140,859 | ||||||
State of California | 35,000 | 39,121 | ||||||
State of California BAB | 25,000 | 32,538 | ||||||
State of California BAB | 85,000 | 111,950 |
Principal Amount | Value | |||||||
State of Illinois | $ | 100,000 | $ | 108,253 | ||||
|
| |||||||
432,721 | ||||||||
|
| |||||||
TOTAL MUNICIPAL OBLIGATIONS (Cost $448,840) | 432,721 | |||||||
|
| |||||||
NON-U.S. GOVERNMENT AGENCY OBLIGATIONS — 4.6% | ||||||||
Automobile ABS — 0.5% | ||||||||
American Credit Acceptance Receivables Trust, Series 2013-2, Class A (b) | 93,961 | 93,962 | ||||||
American Credit Acceptance Receivables Trust, Series 2012-3, Class A (b) | 38,176 | 38,168 | ||||||
American Credit Acceptance Receivables Trust, Series 2012-2, Class A (b) | 15,932 | 15,965 | ||||||
California Republic Auto Receivables Trust, | 62,555 | 62,611 | ||||||
Capital Automotive REIT, Series 2011-1A, | 97,795 | 100,592 | ||||||
CPS Auto Trust, Series 2012-D, Class A (b) | 68,201 | 68,208 | ||||||
Exeter Automobile Receivables Trust, | 45,649 | 45,536 | ||||||
Flagship Credit Auto Trust, Series 2013-1, | 57,493 | 57,433 | ||||||
Santander Consumer Acquired Receivables Trust, Series 2011-WO, Class B (b) | 94,869 | 95,002 | ||||||
Santander Drive Auto Receivables Trust, | 40,000 | 39,941 | ||||||
Santander Drive Auto Receivables Trust, | 75,000 | 75,061 | ||||||
Santander Drive Auto Receivables Trust, | 21,960 | 21,976 | ||||||
SNAAC Auto Receivables Trust 2013-1, | 31,047 | 31,029 | ||||||
|
| |||||||
745,484 | ||||||||
|
| |||||||
Commercial MBS — 1.5% | ||||||||
Banc of America Commercial Mortgage, Inc., Series 2007-4, Class A4 VRN | 75,000 | 84,300 |
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 | |||||||
Banc of America Commercial Mortgage, Inc., Series 2007-4, Class AM VRN | $ | 45,000 | $ | 49,670 | ||||
Banc of America Commercial Mortgage, Inc., Series 2008-1, Class A4 VRN | 75,000 | 86,093 | ||||||
Bear Stearns Commercial Mortgage Securities, Series 2005-PWR9, Class A4B | 75,000 | 79,883 | ||||||
Bear Stearns Commercial Mortgage Securities, Series 2006-PW14, Class A4 | 75,000 | 82,514 | ||||||
Bear Stearns Commercial Mortgage Securities, Series 2006-PW14, Class AM | 50,000 | 54,801 | ||||||
Bear Stearns Commercial Mortgage Securities, Series 2007-PW17, | 40,000 | 45,018 | ||||||
Bear Stearns Commercial Mortgage Securities, Series 2006-PW12, | 85,000 | 92,621 | ||||||
Bear Stearns Commercial Mortgage | 40,000 | 44,844 | ||||||
COMM, Series 2007-C9, Class AM VRN | 50,000 | 56,290 | ||||||
Commercial Mortgage Pass Through Certificates, Series 2013-GAM, | 132,349 | 130,665 | ||||||
Commercial Mortgage Pass Through Certificates, Series 2012-CR4, | 35,000 | 33,520 | ||||||
Commercial Mortgage Pass Through Certificates, Series 2007-C9, | 83,000 | 94,298 | ||||||
Credit Suisse First Boston Mortgage | 44,387 | 44,539 | ||||||
DBRR Trust, Series 2013-EZ3, | 99,624 | 99,471 | ||||||
GS Mortgage Securities Corp., Trust, | 100,000 | 100,222 |
Principal Amount | Value | |||||||
JP Morgan Chase Commercial Mortgage | $ | 100,000 | $ | 109,420 | ||||
ML-CFC Commercial Mortgage Trust, | 60,000 | 66,891 | ||||||
Morgan Stanley Capital I, Series 2011-C2, Class B VRN (b) | 100,000 | 107,954 | ||||||
Morgan Stanley Capital I, | 40,000 | 43,664 | ||||||
Morgan Stanley Capital I, | 60,000 | 66,507 | ||||||
Morgan Stanley Capital I, | 55,040 | 56,510 | ||||||
Morgan Stanley Capital I, | 60,000 | 65,279 | ||||||
Morgan Stanley Capital I, | 35,000 | 40,810 | ||||||
STRIPs Ltd., Series 2012-1A, Class A (b) | 75,088 | 73,962 | ||||||
TIAA Seasoned Commercial Mortgage Trust, Series 2007-C4, Class AJ VRN | 50,000 | 53,408 | ||||||
Wachovia Bank Commercial Mortgage Trust, Series 2007-C31, Class A4 | 150,000 | 165,124 | ||||||
Wachovia Bank Commercial Mortgage Trust, Series 2007-C33, Class A4 VRN | 35,000 | 39,026 | ||||||
Wells Fargo Commercial Mortgage Trust, | 81,140 | 85,179 | ||||||
WF-RBS Commercial Mortgage Trust, | 100,000 | 105,495 | ||||||
WF-RBS Commercial Mortgage Trust, | 40,000 | 40,401 | ||||||
WF-RBS Commercial Mortgage Trust, | 50,000 | 52,333 | ||||||
|
| |||||||
2,350,712 | ||||||||
|
| |||||||
Home Equity ABS — 0.8% | ||||||||
ACE Securities Corp., Series 2005-AG1, Class A1B1 FRN | 59,072 | 57,911 |
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 | |||||||
ACE Securities Corp., Series 2005-HE7, Class A2D FRN | $ | 40,843 | $ | 39,039 | ||||
Ameriquest Mortgage Securities, Inc., Series 2005-R5, Class A2C FRN | 13,201 | 13,107 | ||||||
Ameriquest Mortgage Securities, Inc., | 24,379 | 24,102 | ||||||
Ameriquest Mortgage Securities, Inc., Series 2004-R8, Class M1 FRN | 35,000 | 32,288 | ||||||
Asset-Backed Funding Certificates, Series 2005-WMC1, Class M1 FRN | 36,483 | 35,577 | ||||||
Asset-Backed Securities Corp. Trust, Series 2005-HE2, Class M1 FRN | 26,321 | 25,610 | ||||||
Bayview Financial Mortgage Pass-Through Trust, Series 2005-B, | 40,000 | 37,192 | ||||||
Citigroup Mortgage Loan Trust, Inc., Series 2003-HE4, Class A FRN (b) | 9,886 | 9,725 | ||||||
Citigroup Mortgage Loan Trust, Inc., Series 2005-OPT4, Class M2 FRN | 29,232 | 28,063 | ||||||
Countrywide Asset-Backed Certificates, Series 2005-3, Class MV2 FRN | 38,320 | 36,245 | ||||||
Countrywide Asset-Backed Certificates, Series 2004-5, Class 3A FRN | 8,868 | 8,786 | ||||||
Countrywide Asset-Backed Certificates, Series 2005-6, Class M1 FRN | 21,344 | 21,170 | ||||||
Credit-Based Asset Servicing and Securitization LLC, Series 2006-RP2, Class A2 FRN (b) | 48,911 | 48,330 | ||||||
First Franklin Mortgage Loan Trust, Series 2005-FF6, Class M1 FRN | 70,000 | 65,020 | ||||||
First Franklin Mortgage Loan Trust, Series 2005-FF4, Class M1 FRN | 49,444 | 47,115 | ||||||
First Franklin Mortgage Loan Trust, Series 2005-FF7, Class M1 FRN | 83,000 | 77,035 | ||||||
Fremont Home Loan Trust, Series 2005-E, Class 2A3 FRN | 27,055 | 26,154 |
Principal Amount | Value | |||||||
GSAMP Trust, Series 2005-AHL, | $ | 28,134 | $ | 26,295 | ||||
Home Equity Asset Trust, Series 2006-4, Class 2A3 FRN | 28,775 | 27,362 | ||||||
Home Equity Asset Trust, Series 2006-3, Class 2A3 FRN | 9,839 | 9,787 | ||||||
Home Equity Asset Trust, Series 2005-4, Class M2 FRN | 27,871 | 27,454 | ||||||
JP Morgan Mortgage Acquisition Corp., Series 2005-FLD1, Class M2 FRN | 33,588 | 32,920 | ||||||
Lake Country Mortgage Loan Trust, Series 2005-HE1, Class M1 FRN (b) | 36,144 | 34,766 | ||||||
Long Beach Mortgage Loan Trust, | 5,699 | 5,662 | ||||||
Long Beach Mortgage Loan Trust, Series 2005-1, Class M2 FRN | 60,000 | 55,253 | ||||||
Long Beach Mortgage Loan Trust, Series 2005-WL1, Class M2 FRN | 82,179 | 77,516 | ||||||
Merrill Lynch Mortgage Synthetic, Series 2005-ACR1, Class M1 FRN (b) | 111,254 | 107,041 | ||||||
Morgan Stanley Capital, Inc., Series 2005-WMC6, Class M2 FRN | 50,801 | 48,662 | ||||||
Morgan Stanley Home Equity Loan Trust, Series 2005-3, Class M1 FRN | 55,552 | 54,169 | ||||||
Nomura Home Equity Loan, Inc., Series 2005-FM1, Class M1 FRN | 19,119 | 18,745 | ||||||
Park Place Securities, Inc., Series 2005-WHQ4, Class A1A FRN | 41,421 | 39,851 | ||||||
Park Place Securities, Inc., Series 2005-WCW3, Class A2C FRN | 43,040 | 42,033 | ||||||
Park Place Securities, Inc., Series 2005-WHQ1, Class M2 FRN | 35,297 | 34,436 | ||||||
Residential Asset Securities Corp., Series 2006-KS2, Class A3 FRN | 15,940 | 15,775 |
The accompanying notes are an integral part of the financial statements.
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Principal Amount | Value | |||||||
Specialty Underwriting & Residential Finance, Series 2005-AB1, | $ | 15,183 | $ | 15,017 | ||||
Structured Asset Investment Loan Trust, Series 2005-7, Class A5 FRN | 25,892 | 25,379 | ||||||
|
| |||||||
1,330,592 | ||||||||
|
| |||||||
Other ABS — 0.9% | ||||||||
Citigroup Mortgage Loan Trust, Series 2006-SHL1, Class A1 FRN (b) | 79,704 | 75,733 | ||||||
CKE Restaurant Holdings, Inc., Series 2013-1A, Class A2 (b) | 49,625 | 49,260 | ||||||
CLI Funding LLC, Series 2006-1A, Class A FRN (b) | 66,179 | 64,862 | ||||||
Domino’s Pizza Master Issuer LLC, Series 2012-1A, Class A2 (b) | 97,750 | 105,004 | ||||||
Fairway Outdoor Funding LLC, Series 2012-1A, Class A2 (b) | 97,590 | 96,788 | ||||||
Hilton Grand Vacations Trust, | 95,324 | 95,334 | ||||||
Icon Brands Holdings LLC, | 48,250 | 48,133 | ||||||
Morgan Stanley ABS Capital I, Inc. Trust, | 153,978 | 149,231 | ||||||
Newport Waves CDO | 250,000 | 247,050 | ||||||
RAAC, Series 2005-RP2, | 72,439 | 70,266 | ||||||
Sierra Receivables Funding Co. LLC, Series 2012-3A, Class A (b) | 58,419 | 58,686 | ||||||
Sierra Receivables Funding Co. LLC, Series 2012-1A, Class A (b) | 43,258 | 44,070 | ||||||
Sierra Receivables Funding Co. LLC, Series 2011-1A, Class A (b) | 36,164 | 37,381 | ||||||
Textainer Marine Containers Ltd., Series 2013-1A, Class A (b) | 100,000 | 100,808 |
Principal Amount | Value | |||||||
Trip Rail Master Funding LLC, Series 2011-1A, Class A1A (b) | $ | 74,113 | $ | 78,669 | ||||
Triton Container Finance LLC, Series 2006-1A FRN (b) | 63,333 | 61,970 | ||||||
|
| |||||||
1,383,245 | ||||||||
|
| |||||||
Student Loans ABS — 0.7% | ||||||||
Access Group, Inc., Series 2002-1, | 50,000 | 45,951 | ||||||
Access Group, Inc., Series 2007-A, | 36,198 | 35,680 | ||||||
College Loan Corp. Trust, Series 2007-1, Class B2 FRN | 75,000 | 62,250 | ||||||
Education Funding Capital Trust I, | 35,614 | 35,536 | ||||||
Education Funding Capital Trust I, | 50,000 | 48,915 | ||||||
Education Funding Capital Trust I, | 50,000 | 49,500 | ||||||
Education Funding Capital Trust I, | 50,000 | 42,515 | ||||||
Goal Capital Funding Trust, Series 2006-1, Class A3 FRN | 99,127 | 98,017 | ||||||
Goal Capital Funding Trust, | 49,868 | 48,709 | ||||||
KeyCorp Student Loan Trust, | 102,780 | 100,879 | ||||||
National Collegiate Student Loan Trust, | 33,553 | 33,457 | ||||||
Nelnet Student Loan Trust, | 30,786 | 31,032 | ||||||
Northstar Education Finance, Inc., | 61,617 | 61,353 | ||||||
SLC Student Loan Trust, Series 2006-A, Class A5 FRN | 100,000 | 97,508 | ||||||
SLM Student Loan Trust, Series 2003-5, Class A9 FRN | 50,000 | 50,000 |
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 | |||||||
SLM Student Loan Trust, | $ | 100,000 | $ | 100,000 | ||||
SLM Student Loan Trust, | 50,000 | 50,000 | ||||||
SLM Student Loan Trust, Series 2003-5, Class A7 FRN | 50,000 | 50,000 | ||||||
SLM Student Loan Trust, | 75,000 | 59,625 | ||||||
|
| |||||||
1,100,927 | ||||||||
|
| |||||||
WL Collateral CMO — 0.2% | ||||||||
Countrywide Home Loans, Inc., | 8,220 | 8,274 | ||||||
Countrywide Home Loans, Inc., | 2,069 | 1,828 | ||||||
GSR Mortgage Loan Trust, | 6,272 | 5,943 | ||||||
Harborview Mortgage Loan Trust, | 75,900 | 61,336 | ||||||
HSI Asset Securitization Corp. Trust, | 13,547 | 13,217 | ||||||
Impac Secured Assets CMN Owner Trust, | 85,804 | 55,511 | ||||||
IndyMac Index Mortgage Loan Trust, | 25,710 | 20,997 | ||||||
Merrill Lynch Mortgage Investors, Inc., | 21,913 | 19,870 | ||||||
Merrill Lynch Mortgage Investors, Inc., | 3,223 | 3,018 | ||||||
Merrill Lynch Mortgage Investors, Inc., | 1,756 | 1,752 | ||||||
Morgan Stanley Mortgage Loan Trust, | 81 | 81 | ||||||
Morgan Stanley Reremic Trust, | 28,744 | 28,792 | ||||||
Opteum Mortgage Acceptance Corp., | 6,033 | 5,934 |
Principal Amount | Value | |||||||
Structured Adjustable Rate Mortgage Loan Trust, Series 2004-2, Class 2A FRN | $ | 16,689 | $ | 16,680 | ||||
WaMu Mortgage Pass-Through Certificates, Series 2004-AR2, | 36,879 | 35,531 | ||||||
|
| |||||||
278,764 | ||||||||
|
| |||||||
WL Collateral PAC — 0.0% | ||||||||
Structured Asset Securities Corp., | 37,175 | 36,169 | ||||||
Structured Asset Securities Corp., | 11,090 | 9,806 | ||||||
|
| |||||||
45,975 | ||||||||
|
| |||||||
TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $7,198,393) | 7,235,699 | |||||||
|
| |||||||
SOVEREIGN DEBT OBLIGATIONS — 0.3% | ||||||||
Colombia Government International Bond | 40,000 | 48,440 | ||||||
Mexico Government International Bond | 91,000 | 82,355 | ||||||
Peruvian Government International Bond | 20,000 | 23,650 | ||||||
Poland Government International Bond | 50,000 | 58,350 | ||||||
Province of Quebec Canada | 92,000 | 85,588 | ||||||
Province of Quebec Canada | 20,000 | 27,080 | ||||||
Republic of Brazil International Bond | 65,000 | 64,837 | ||||||
Turkey Government International Bond 4.875% 4/16/43 | 19,000 | 15,675 | ||||||
United Mexican States | 35,000 | 39,008 | ||||||
United Mexican States | 35,000 | 41,475 | ||||||
|
| |||||||
486,458 | ||||||||
|
| |||||||
TOTAL SOVEREIGN DEBT OBLIGATIONS (Cost $491,848) | 486,458 | |||||||
|
| |||||||
U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES — 7.6% | ||||||||
Collateralized Mortgage Obligations — 0.0% | ||||||||
U.S. Department of Veteran Affairs | 56,972 | 64,508 | ||||||
|
|
The accompanying notes are an integral part of the financial statements.
153
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MassMutual Premier Balanced Fund – Portfolio of Investments (Continued)
Principal Amount | Value | |||||||
Pass-Through Securities — 7.6% | ||||||||
Federal Home Loan Mortgage Corp. | ||||||||
Pool #Q15841 3.000% | $ | 156,465 | $ | 152,486 | ||||
Pool #G08537 3.000% | 99,999 | 97,441 | ||||||
Pool #Q00543 4.500% | 83,789 | 89,285 | ||||||
Pool #Q01704 4.500% | 37,454 | 39,911 | ||||||
Pool #G05253 5.000% | 30,995 | 33,409 | ||||||
Pool #E85389 6.000% | 8,410 | 8,849 | ||||||
Pool #G11431 6.000% | 2,938 | 3,118 | ||||||
Pool #E85015 6.500% | 2,997 | 3,180 | ||||||
Pool #G00729 8.000% | 25,303 | 30,443 | ||||||
Pool #554904 9.000% | 89 | 97 | ||||||
Federal Home Loan Mortgage Corp. TBA | 150,000 | 146,027 | ||||||
Federal National Mortgage Association | ||||||||
Pool #725692 2.267% | 27,744 | 29,040 | ||||||
Pool #888586 2.339% | 52,510 | 55,477 | ||||||
Pool #AB8756 3.000% | 168,015 | 161,400 | ||||||
Pool #AT0976 3.000% | 167,431 | 160,839 | ||||||
Pool #AT2911 3.000% | 196,672 | 188,928 | ||||||
Pool #AO8629 3.500% | 261,390 | 266,403 | ||||||
Pool #AP6609 3.500% | 92,189 | 93,957 | ||||||
Pool #AR8708 3.500% | 54,417 | 54,780 | ||||||
Pool #AT0998 3.500% | 267,460 | 269,246 | ||||||
Pool #AT4050 3.500% | 69,465 | 69,929 | ||||||
Pool #MA1463 3.500% | 178,870 | 180,065 | ||||||
Pool #586036 6.000% | 552 | 560 | ||||||
Pool #564594 7.000% | 8,605 | 9,945 |
Principal Amount | Value | |||||||
Pool #253795 7.000% | $ | 9,722 | $ | 11,278 | ||||
Pool #507061 7.500% | 897 | 1,057 | ||||||
Pool #527761 7.500% | 2,155 | 2,502 | ||||||
Pool #531196 7.500% | 1,014 | 1,199 | ||||||
Pool #534119 7.500% | 694 | 821 | ||||||
Pool #534420 7.500% | 710 | 839 | ||||||
Pool #253183 7.500% | 4,074 | 4,805 | ||||||
Pool #529259 7.500% | 2,744 | 3,218 | ||||||
Pool #253265 7.500% | 4,529 | 5,330 | ||||||
Pool #535248 8.000% | 248 | 300 | ||||||
Pool #539460 8.000% | 2,065 | 2,513 | ||||||
Pool #546988 8.000% | 1,952 | 2,106 | ||||||
Pool #190317 8.000% | 3,080 | 3,740 | ||||||
Federal National Mortgage Association TBA | 60,000 | 60,370 | ||||||
Pool #869 2.500% | 355,000 | 330,095 | ||||||
Pool #7180 3.000% | 845,000 | 874,839 | ||||||
Pool #9768 3.000% | 624,000 | 609,814 | ||||||
Pool #17115 3.500% | 600,000 | 611,062 | ||||||
Pool #18388 4.000% | 975,000 | 1,022,684 | ||||||
Pool #21133 4.500% | 700,000 | 747,687 | ||||||
Pool #29322 5.000% | 845,000 | 916,429 | ||||||
Pool #43611 5.500% | 694,000 | 756,785 | ||||||
Government National Mortgage | 47,803 | 49,584 | ||||||
Pool #782562 5.000% | 173,526 | 190,621 |
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 | |||||||
Pool #351528 7.000% | $ | 8,098 | $ | 8,874 | ||||
Pool #352049 7.000% | 1,662 | 1,909 | ||||||
Pool #588012 7.000% | 6,783 | 8,045 | ||||||
Pool #591581 7.000% | 3,072 | 3,661 | ||||||
Pool #185306 7.500% | 2,610 | 2,780 | ||||||
Pool #199170 7.500% | 67 | 68 | ||||||
Pool #189371 7.500% | 1,287 | 1,388 | ||||||
Government National Mortgage | 49,160 | 51,377 | ||||||
Government National Mortgage | 250,000 | 246,543 | ||||||
Pool #548 3.000% | 1,675,000 | 1,656,287 | ||||||
Pool #5490 3.500% | 500,000 | 513,984 | ||||||
Pool #1635 3.500% | 500,000 | 515,703 | ||||||
Pool #4536 4.000% | 475,000 | 500,977 | ||||||
Pool #13048 5.000% | 150,000 | 163,008 | ||||||
|
| |||||||
12,029,097 | ||||||||
|
| |||||||
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (Cost $11,910,407) | 12,093,605 | |||||||
|
| |||||||
U.S. TREASURY OBLIGATIONS — 4.6% | ||||||||
U.S. Treasury Bonds & Notes — 4.6% | ||||||||
U.S. Treasury Bond | 1,065,000 | 882,664 | ||||||
U.S. Treasury Bond | 130,000 | 117,213 | ||||||
U.S. Treasury Bond | 465,000 | 537,458 | ||||||
U.S. Treasury Note | 2,685,000 | 2,682,299 | ||||||
U.S. Treasury Note (f) (g) | 855,000 | 844,030 |
Principal Amount | Value | |||||||
U.S. Treasury Note | $ | 2,435,000 | $ | 2,268,355 | ||||
|
| |||||||
7,332,019 | ||||||||
|
| |||||||
TOTAL U.S. TREASURY OBLIGATIONS (Cost $7,410,282) | 7,332,019 | |||||||
|
| |||||||
TOTAL BONDS & NOTES (Cost $48,524,737) | 49,158,827 | |||||||
|
| |||||||
Number of Shares | ||||||||
MUTUAL FUNDS — 8.2% | ||||||||
Diversified Financial — 8.2% | ||||||||
iShares FTSE/Xinhua China 25 Index Fund | 39,900 | 1,479,492 | ||||||
iShares MSCI Australia Index Fund | 3,900 | 98,553 | ||||||
iShares MSCI Brazil Capped Index Fund | 300 | 14,373 | ||||||
iShares MSCI Chile Capped Investable Market Index Fund | 100 | 5,017 | ||||||
iShares MSCI EAFE Index Fund | 73,430 | 4,684,100 | ||||||
iShares MSCI France Index Fund | 5,200 | 139,776 | ||||||
iShares MSCI Germany Index Fund | 4,900 | 136,269 | ||||||
iShares MSCI Hong Kong Index Fund | 2,000 | 40,060 | ||||||
iShares MSCI Indonesia Investable Market Index Fund | 200 | 4,718 | ||||||
iShares MSCI Italy Capped Index Fund | 3,400 | 48,008 | ||||||
iShares MSCI Japan Index Fund | 23,200 | 276,312 | ||||||
iShares MSCI Malaysia Index Fund | 600 | 9,024 | ||||||
iShares MSCI Mexico Capped Investable Market Index Fund | 400 | 25,556 | ||||||
iShares MSCI Netherlands Investable Market Index Fund | 2,400 | 57,120 | ||||||
iShares MSCI New Zealand Capped Investable Market Index Fund | 500 | 19,230 | ||||||
iShares MSCI Philippines Investable Market Index Fund | 200 | 6,578 | ||||||
iShares MSCI Poland Capped Investable Market Index Fund | 1,300 | 37,219 | ||||||
iShares MSCI Russia Capped Index Fund | 800 | 17,296 | ||||||
iShares MSCI Singapore Index Fund | 2,900 | 38,715 | ||||||
iShares MSCI South Africa Index Fund | 300 | 18,969 | ||||||
iShares MSCI Spain Index Fund | 1,900 | 66,025 | ||||||
iShares MSCI Sweden Index Fund | 1,800 | 61,578 | ||||||
iShares MSCI Switzerland Capped Index Fund | 4,700 | 147,063 |
The accompanying notes are an integral part of the financial statements.
155
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MassMutual Premier Balanced Fund – Portfolio of Investments (Continued)
Number of Shares | Value | |||||||
iShares MSCI Thailand Capped Investable Market Index Fund | 200 | $ | 14,912 | |||||
iShares MSCI Turkey Investable Market Index Fund | 500 | 27,580 | ||||||
iShares MSCI United Kingdom Index Fund | 13,100 | 257,022 | ||||||
Vanguard FTSE Developed Markets ETF | 74,840 | 2,962,167 | ||||||
Vanguard MSCI Emerging Markets ETF | 55,800 | 2,238,138 | ||||||
|
| |||||||
12,930,870 | ||||||||
|
| |||||||
TOTAL MUTUAL FUNDS (Cost $12,372,578) | 12,930,870 | |||||||
|
| |||||||
TOTAL LONG-TERM INVESTMENTS (Cost $137,654,903) | 145,962,351 | |||||||
|
| |||||||
Principal Amount | ||||||||
SHORT-TERM INVESTMENTS — 14.0% | ||||||||
Commercial Paper — 7.5% | ||||||||
Aon Corp. (b) | $ | 885,000 | 884,970 | |||||
B A T International Finance (b) | 546,000 | 545,993 | ||||||
Bacardi USA, Inc. (b) | 815,000 | 814,994 | ||||||
Canadian Natural Resources Ltd. (b) | 623,000 | 622,886 | ||||||
Enbridge, Inc. (b) | 359,000 | 359,000 | ||||||
FMC Technologies, Inc. (b) | 335,000 | 334,893 | ||||||
Hewlett- Packard Co. (b) | 1,000,000 | 999,666 | ||||||
Hewlett-Packard Co. (b) | 1,054,000 | 1,053,783 | ||||||
Nissan Motor Acceptance Corp. (b) | 752,000 | 751,962 | ||||||
Noble Corp. (b) | 1,174,000 | 1,173,916 | ||||||
Pacific Gas & Electric Co. (b) | 544,000 | 543,974 | ||||||
Pall Corp. (b) | 1,032,000 | 1,031,864 | ||||||
Pearson Holdings, Inc. (b) | 1,038,000 | 1,037,887 | ||||||
Pentair Finance (b) | 630,000 | 629,901 |
Principal Amount | Value | |||||||
VF Corp. (b) | $ | 1,000,000 | $ | 999,977 | ||||
|
| |||||||
11,785,666 | ||||||||
|
| |||||||
Repurchase Agreement — 6.4% | ||||||||
State Street Bank & Trust Co. | 10,064,342 | 10,064,342 | ||||||
|
| |||||||
Time Deposits — 0.1% | ||||||||
Euro Time Deposit | 142,373 | 142,373 | ||||||
|
| |||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $21,992,381) | 21,992,381 | |||||||
|
| |||||||
TOTAL INVESTMENTS — 106.5% (Cost $159,647,284) (i) | 167,954,732 | |||||||
Other Assets/(Liabilities) — (6.5)% | (10,304,083 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 157,650,649 | ||||||
|
|
Notes to Portfolio of Investments
ABS | Asset-Backed Security |
BAB | Build America Bonds |
CDO | Collateralized Debt Obligation |
CMO | Collateralized Mortgage Obligation |
ETF | Exchange-Traded Fund |
FRN | Floating Rate Note |
MBS | Mortgage-Backed Security |
PAC | Planned Amortization Class |
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, 2013, these securities amounted to a value of $18,690,356 or 11.86% of net assets. |
(c) | Security is currently in default due to bankruptcy or payment of principal or interest of the issuer. Income is not being accrued. At September 30, 2013, these securities amounted to a value of $18 or 0.00% of net assets. |
(d) | Restricted security. Certain securities are restricted as to resale. At September 30, 2013, these securities amounted to a value of $247,050 or 0.16% of net assets. The Funds generally bear the costs, if any, associated with the disposition of restricted securities. |
(e) | A portion of this security is purchased on a when-issued, delayed-delivery or forward commitment basis. (Note 2). |
(f) | A portion of this security is held as collateral for open futures contracts. (Note 2). |
(g) | All or portion of this security is held as collateral for open swap agreements. (Note 2). |
The accompanying notes are an integral part of the financial statements.
156
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MassMutual Premier Balanced Fund – Portfolio of Investments (Continued)
Notes to Portfolio of Investments (Continued)
(h) | Maturity value of $10,064,345. Collateralized by U.S. Government Agency obligations with a rate of 2.500%, maturity date of 4/01/28, and an aggregate market value, including accrued interest, of $10,268,192. |
(i) | See Note 6 for aggregate cost for federal tax purposes. |
The accompanying notes are an integral part of the financial statements.
157
Table of Contents
MassMutual Premier Value Fund – Portfolio of Investments
September 30, 2013
Number of Shares | Value | |||||||
EQUITIES — 98.7% | ||||||||
COMMON STOCK — 98.7% | ||||||||
Communications — 6.6% | ||||||||
Internet — 0.7% | ||||||||
Symantec Corp. | �� | 37,150 | $ | 919,463 | ||||
|
| |||||||
Media — 0.9% | ||||||||
Liberty Media Corp. (a) | 4,720 | 694,548 | ||||||
The Walt Disney Co. | 6,600 | 425,634 | ||||||
|
| |||||||
1,120,182 | ||||||||
|
| |||||||
Telecommunications — 5.0% | ||||||||
Cisco Systems, Inc. | 119,390 | 2,796,114 | ||||||
Telefonica SA Sponsored ADR (Spain) (a) | 33,990 | 526,165 | ||||||
Verizon Communications, Inc. | 31,490 | 1,469,323 | ||||||
Vivendi SA Sponsored ADR (France) | 22,670 | 520,277 | ||||||
Vodafone Group PLC Sponsored ADR (United Kingdom) | 14,230 | 500,611 | ||||||
Windstream Corp. (b) | 43,870 | 350,960 | ||||||
|
| |||||||
6,163,450 | ||||||||
|
| |||||||
8,203,095 | ||||||||
|
| |||||||
Consumer, Cyclical — 10.8% | ||||||||
Airlines — 1.5% | ||||||||
Delta Air Lines, Inc. | 76,510 | 1,804,871 | ||||||
|
| |||||||
Automotive & Parts — 1.2% | ||||||||
Johnson Controls, Inc. | 36,490 | 1,514,335 | ||||||
|
| |||||||
Entertainment — 0.5% | ||||||||
Cinemark Holdings, Inc. | 20,120 | 638,609 | ||||||
|
| |||||||
Household Products — 0.7% | ||||||||
Reckitt Benckiser Group PLC Sponsored ADR (United Kingdom) | 56,260 | 826,459 | ||||||
|
| |||||||
Housewares — 0.5% | ||||||||
Newell Rubbermaid, Inc. | 24,550 | 675,125 | ||||||
|
| |||||||
Leisure Time — 0.5% | ||||||||
Royal Caribbean Cruises Ltd. | 17,560 | 672,197 | ||||||
|
| |||||||
Lodging — 1.0% | ||||||||
MGM Resorts International (a) | 58,620 | 1,198,193 | ||||||
|
| |||||||
Retail — 4.9% | ||||||||
Costco Wholesale Corp. | 7,960 | 916,355 | ||||||
The Gap, Inc. | 18,910 | 761,695 | ||||||
Lowe’s Cos., Inc. | 44,870 | 2,136,260 | ||||||
McDonald’s Corp. | 3,770 | 362,712 | ||||||
Target Corp. | 4,760 | 304,545 | ||||||
Walgreen Co. | 29,150 | 1,568,270 | ||||||
|
| |||||||
6,049,837 | ||||||||
|
| |||||||
13,379,626 | ||||||||
|
| |||||||
Consumer, Non-cyclical — 18.1% | ||||||||
Agriculture — 1.2% | ||||||||
Altria Group, Inc. | 9,000 | 309,150 |
Number of Shares | Value | |||||||
Lorillard, Inc. | 25,320 | $ | 1,133,830 | |||||
|
| |||||||
1,442,980 | ||||||||
|
| |||||||
Beverages — 1.3% | ||||||||
PepsiCo, Inc. | 19,900 | 1,582,050 | ||||||
|
| |||||||
Biotechnology — 1.2% | ||||||||
Amgen, Inc. | 13,340 | 1,493,279 | ||||||
|
| |||||||
Commercial Services — 0.4% | ||||||||
Apollo Group, Inc. Class A (a) | 25,370 | 527,950 | ||||||
|
| |||||||
Foods — 2.8% | ||||||||
ConAgra Foods, Inc. | 25,540 | 774,884 | ||||||
Kraft Foods Group, Inc. | 22,010 | 1,154,204 | ||||||
Sysco Corp. | 28,480 | 906,518 | ||||||
Unilever NV NY Shares | 15,790 | 595,599 | ||||||
|
| |||||||
3,431,205 | ||||||||
|
| |||||||
Health Care – Products — 0.5% | ||||||||
Baxter International, Inc. | 9,580 | 629,310 | ||||||
|
| |||||||
Health Care – Services — 3.4% | ||||||||
HCA Holdings, Inc. | 16,660 | 712,215 | ||||||
Thermo Fisher Scientific, Inc. | 18,150 | 1,672,523 | ||||||
UnitedHealth Group, Inc. | 25,920 | 1,856,131 | ||||||
|
| |||||||
4,240,869 | ||||||||
|
| |||||||
Pharmaceuticals — 7.3% | ||||||||
Astellas Pharma, Inc. Sponsored ADR (Japan) | 51,880 | 661,989 | ||||||
Bristol-Myers Squibb Co. | 22,730 | 1,051,944 | ||||||
Cardinal Health, Inc. | 31,930 | 1,665,150 | ||||||
Pfizer, Inc. | 32,520 | 933,649 | ||||||
Roche Holding AG Sponsored ADR (Switzerland) | 29,970 | 2,023,874 | ||||||
Sanofi ADR (France) | 37,030 | 1,874,829 | ||||||
Teva Pharmaceutical Industries Ltd. Sponsored ADR (Israel) | 21,240 | 802,447 | ||||||
|
| |||||||
9,013,882 | ||||||||
|
| |||||||
22,361,525 | ||||||||
|
| |||||||
Energy — 11.6% | ||||||||
Oil & Gas — 9.0% | ||||||||
Anadarko Petroleum Corp. | 20,180 | 1,876,538 | ||||||
BP PLC Sponsored ADR (United Kingdom) | 23,120 | 971,733 | ||||||
EQT Corp. | 9,455 | 838,848 | ||||||
Occidental Petroleum Corp. | 21,050 | 1,969,017 | ||||||
Phillips 66 | 14,460 | 836,077 | ||||||
Pioneer Natural Resources Co. | 4,450 | 840,160 | ||||||
Royal Dutch Shell PLC A Shares Sponsored ADR (United Kingdom) | 10,082 | 662,186 | ||||||
Suncor Energy, Inc. | 87,240 | 3,121,447 | ||||||
|
| |||||||
11,116,006 | ||||||||
|
|
The accompanying notes are an integral part of the financial statements.
158
Table of Contents
MassMutual Premier Value Fund – Portfolio of Investments (Continued)
Number of Shares | Value | |||||||
Oil & Gas Services — 1.9% | ||||||||
National Oilwell Varco, Inc. | 11,150 | $ | 870,927 | |||||
Schlumberger Ltd. | 16,790 | 1,483,564 | ||||||
|
| |||||||
2,354,491 | ||||||||
|
| |||||||
Pipelines — 0.7% | ||||||||
Enbridge, Inc. | 21,950 | 916,193 | ||||||
|
| |||||||
14,386,690 | ||||||||
|
| |||||||
Financial — 23.9% | ||||||||
Banks — 3.7% | ||||||||
Bank of America Corp. | 87,660 | 1,209,708 | ||||||
Capital One Financial Corp. | 30,940 | 2,126,816 | ||||||
Wells Fargo & Co. | 29,010 | 1,198,693 | ||||||
|
| |||||||
4,535,217 | ||||||||
|
| |||||||
Diversified Financial — 10.7% | ||||||||
The Charles Schwab Corp. | 64,170 | 1,356,554 | ||||||
CIT Group, Inc. (a) | 19,650 | 958,331 | ||||||
Citigroup, Inc. | 85,300 | 4,137,903 | ||||||
CME Group, Inc. | 8,250 | 609,510 | ||||||
The Goldman Sachs Group, Inc. | 15,150 | 2,396,881 | ||||||
JP Morgan Chase & Co. | 17,910 | 925,768 | ||||||
Morgan Stanley | 76,190 | 2,053,320 | ||||||
SLM Corp. | 30,130 | 750,237 | ||||||
|
| |||||||
13,188,504 | ||||||||
|
| |||||||
Insurance — 8.6% | ||||||||
ACE Ltd. | 20,120 | 1,882,427 | ||||||
Aflac, Inc. | 19,680 | 1,219,963 | ||||||
The Allstate Corp. | 24,730 | 1,250,102 | ||||||
American International Group, Inc. | 44,960 | 2,186,405 | ||||||
Aon PLC | 8,920 | 664,005 | ||||||
MetLife, Inc. | 35,700 | 1,676,115 | ||||||
Sun Life Financial, Inc. | 28,720 | 918,178 | ||||||
XL Group PLC | 28,280 | 871,590 | ||||||
|
| |||||||
10,668,785 | ||||||||
|
| |||||||
Real Estate Investment Trusts (REITS) — 0.9% | ||||||||
Public Storage | 6,880 | 1,104,584 | ||||||
|
| |||||||
29,497,090 | ||||||||
|
| |||||||
Industrial — 12.7% | ||||||||
Aerospace & Defense — 2.0% | ||||||||
United Technologies Corp. | 22,510 | 2,427,028 | ||||||
|
| |||||||
Building Materials — 0.3% | ||||||||
Louisiana-Pacific Corp. (a) | 24,970 | 439,222 | ||||||
|
| |||||||
Electronics — 1.0% | ||||||||
TE Connectivity Ltd. | 24,890 | 1,288,804 | ||||||
|
| |||||||
Engineering & Construction — 0.6% | ||||||||
ABB Ltd. Sponsored ADR (Switzerland) | 30,140 | 711,003 | ||||||
|
| |||||||
Hand & Machine Tools — 0.3% | ||||||||
Stanley Black & Decker, Inc. | 4,890 | 442,887 | ||||||
|
|
Number of Shares | Value | |||||||
Manufacturing — 7.2% | ||||||||
Eaton Corp. PLC | 31,530 | $ | 2,170,525 | |||||
General Electric Co. | 169,380 | 4,046,488 | ||||||
Parker Hannifin Corp. | 10,834 | 1,177,873 | ||||||
Pentair Ltd. | 9,750 | 633,165 | ||||||
Siemens AG Sponsored ADR (Germany) | 7,260 | 874,903 | ||||||
|
| |||||||
8,902,954 | ||||||||
|
| |||||||
Metal Fabricate & Hardware — 0.5% | ||||||||
The Timken Co. | 9,990 | 603,396 | ||||||
|
| |||||||
Transportation — 0.8% | ||||||||
CSX Corp. | 36,610 | 942,341 | ||||||
|
| |||||||
15,757,635 | ||||||||
|
| |||||||
Technology — 11.1% | ||||||||
Computers — 5.4% | ||||||||
Apple, Inc. | 5,910 | 2,817,592 | ||||||
EMC Corp. | 54,180 | 1,384,841 | ||||||
NCR Corp. (a) | 22,110 | 875,777 | ||||||
SanDisk Corp. | 15,380 | 915,264 | ||||||
Synopsys, Inc. (a) | 18,520 | 698,204 | ||||||
|
| |||||||
6,691,678 | ||||||||
|
| |||||||
Office Equipment/Supplies — 0.8% | ||||||||
Xerox Corp. | 92,910 | 956,044 | ||||||
|
| |||||||
Semiconductors — 2.5% | ||||||||
Analog Devices, Inc. | 19,290 | 907,595 | ||||||
Intel Corp. | 27,250 | 624,570 | ||||||
Maxim Integrated Products, Inc. | 28,810 | 858,538 | ||||||
Microchip Technology, Inc. (b) | 18,670 | 752,214 | ||||||
|
| |||||||
3,142,917 | ||||||||
|
| |||||||
Software — 2.4% | ||||||||
CA, Inc. | 30,400 | 901,968 | ||||||
Microsoft Corp. | 18,880 | 628,893 | ||||||
Oracle Corp. | 41,550 | 1,378,213 | ||||||
|
| |||||||
2,909,074 | ||||||||
|
| |||||||
13,699,713 | ||||||||
|
| |||||||
Utilities — 3.9% | ||||||||
Electric — 2.8% | ||||||||
Duke Energy Corp. | 18,210 | 1,216,064 | ||||||
Edison International | 23,120 | 1,064,907 | ||||||
PG&E Corp. | 29,180 | 1,194,046 | ||||||
|
| |||||||
3,475,017 | ||||||||
|
| |||||||
Gas — 1.1% | ||||||||
Sempra Energy | 16,050 | 1,373,880 | ||||||
|
| |||||||
4,848,897 | ||||||||
|
| |||||||
TOTAL COMMON STOCK (Cost $111,156,983) | 122,134,271 | |||||||
|
| |||||||
TOTAL EQUITIES (Cost $111,156,983) | 122,134,271 | |||||||
|
|
The accompanying notes are an integral part of the financial statements.
159
Table of Contents
MassMutual Premier Value Fund – Portfolio of Investments (Continued)
Number of Shares | Value | |||||||
MUTUAL FUNDS — 0.9% | ||||||||
Diversified Financial — 0.9% | ||||||||
State Street Navigator Securities Lending Prime Portfolio (c) | 1,120,730 | $ | 1,120,730 | |||||
|
| |||||||
TOTAL MUTUAL FUNDS (Cost $1,120,730) | 1,120,730 | |||||||
|
| |||||||
TOTAL LONG-TERM INVESTMENTS (Cost $112,277,713) | 123,255,001 | |||||||
|
| |||||||
Principal Amount | ||||||||
SHORT-TERM INVESTMENTS — 1.4% | ||||||||
Repurchase Agreement — 1.4% | ||||||||
State Street Bank & Trust Co. Repurchase Agreement, dated 9/30/13, 0.010%, due 10/01/13 (d) | $ | 1,707,895 | 1,707,895 | |||||
|
| |||||||
Time Deposits — 0.0% | ||||||||
Euro Time Deposit | 9,982 | 9,982 | ||||||
|
| |||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $1,717,877) | 1,717,877 | |||||||
|
| |||||||
TOTAL INVESTMENTS — 101.0% (Cost $113,995,590) (e) | 124,972,878 | |||||||
Other Assets/(Liabilities) — (1.0)% | (1,217,419 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 123,755,459 | ||||||
|
|
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, 2013, was $1,091,694. Total securities on loan may not correspond with the amounts identified in the Portfolio of Investments because pending sales may be in the process of recall from the brokers. (Note 2). |
(c) | Represents investment of security lending collateral. (Note 2). |
(d) | Maturity value of $1,707,896. Collateralized by U.S. Government Agency obligations with a rate of 3.500%, maturity date of 8/15/29, and an aggregate market value, including accrued interest, of $1,743,485. |
(e) | See Note 6 for aggregate cost for federal tax purposes. |
The accompanying notes are an integral part of the financial statements.
160
Table of Contents
MassMutual Premier Disciplined Value Fund – Portfolio of Investments
September 30, 2013
Number of Shares | Value | |||||||
EQUITIES — 99.7% | ||||||||
COMMON STOCK — 99.7% | ||||||||
Basic Materials — 2.3% | ||||||||
Chemicals — 0.9% | ||||||||
Air Products & Chemicals, Inc. | 1,100 | $ | 117,227 | |||||
Ashland, Inc. | 900 | 83,232 | ||||||
Cabot Corp. | 2,700 | 115,317 | ||||||
CF Industries Holdings, Inc. | 1,898 | 400,155 | ||||||
Cytec Industries, Inc. | 3,700 | 301,032 | ||||||
The Dow Chemical Co. | 36,110 | 1,386,624 | ||||||
Huntsman Corp. | 9,400 | 193,734 | ||||||
The Mosaic Co. | 2,600 | 111,852 | ||||||
PPG Industries, Inc. | 1,190 | 198,802 | ||||||
RPM International, Inc. | 2,500 | 90,500 | ||||||
W.R. Grace & Co. (a) | 100 | 8,740 | ||||||
Westlake Chemical Corp. | 70 | 7,326 | ||||||
|
| |||||||
3,014,541 | ||||||||
|
| |||||||
Forest Products & Paper — 0.3% | ||||||||
Domtar Corp. | 4,900 | 389,158 | ||||||
International Paper Co. | 1,900 | 85,120 | ||||||
MeadWestvaco Corp. | 3,300 | 126,654 | ||||||
Rock-Tenn Co. Class A | 5,050 | 511,414 | ||||||
|
| |||||||
1,112,346 | ||||||||
|
| |||||||
Iron & Steel — 0.7% | ||||||||
Allegheny Technologies, Inc. | 200 | 6,104 | ||||||
Cliffs Natural Resources, Inc. | 24,600 | 504,300 | ||||||
Nucor Corp. | 2,400 | 117,648 | ||||||
Reliance Steel & Aluminum Co. | 9,800 | 718,046 | ||||||
Steel Dynamics, Inc. | 31,700 | 529,707 | ||||||
United States Steel Corp. | 14,590 | 300,408 | ||||||
|
| |||||||
2,176,213 | ||||||||
|
| |||||||
Mining — 0.4% | ||||||||
Alcoa, Inc. | 113,300 | 919,996 | ||||||
Freeport-McMoRan Copper & Gold, Inc. | 1,031 | 34,105 | ||||||
Newmont Mining Corp. | 7,200 | 202,320 | ||||||
Vulcan Materials Co. | 2,000 | 103,620 | ||||||
1,260,041 | ||||||||
|
| |||||||
7,563,141 | ||||||||
|
| |||||||
Communications — 7.1% | ||||||||
Internet — 0.5% | ||||||||
AOL, Inc. | 9,600 | 331,968 | ||||||
Liberty Interactive Corp. Class A (a) | 19,700 | 462,359 | ||||||
Symantec Corp. | 12,400 | 306,900 | ||||||
Yahoo!, Inc. (a) | 12,700 | 421,132 | ||||||
|
| |||||||
1,522,359 | ||||||||
|
| |||||||
Media — 2.2% | ||||||||
CBS Corp. Class B | 2,000 | 110,320 | ||||||
Comcast Corp. Class A | 8,600 | 388,290 |
Number of Shares | Value | |||||||
Gannett Co., Inc. | 7,955 | $ | 213,115 | |||||
John Wiley & Sons, Inc. Class A | 5,100 | 243,219 | ||||||
Liberty Global PLC Series A (a) | 200 | 15,870 | ||||||
Liberty Media Corp. (a) | 2,960 | 435,564 | ||||||
The McGraw Hill Financial, Inc. | 3,500 | 229,565 | ||||||
Nielsen Holdings NV | 4,400 | 160,380 | ||||||
Sirius XM Radio, Inc. | 8,700 | 33,669 | ||||||
Starz — Liberty Capital (a) | 18,357 | 516,382 | ||||||
Thomson Reuters Corp. | 7,500 | 262,575 | ||||||
Time Warner, Inc. | 36,690 | 2,414,569 | ||||||
Twenty-First Century Fox Class A | 11,400 | 381,900 | ||||||
The Walt Disney Co. | 23,290 | 1,501,972 | ||||||
The Washington Post Co. Class B | 416 | 254,322 | ||||||
|
| |||||||
7,161,712 | ||||||||
|
| |||||||
Telecommunications — 4.4% | ||||||||
Amdocs Ltd. | 4,400 | 161,216 | ||||||
AT&T, Inc. | 190,814 | 6,453,329 | ||||||
CenturyLink, Inc. | 17,307 | 543,094 | ||||||
Cisco Systems, Inc. | 200,200 | 4,688,684 | ||||||
Corning, Inc. | 38,200 | 557,338 | ||||||
EchoStar Corp. (a) | 3,792 | 166,620 | ||||||
Frontier Communications Corp. | 31,589 | 131,726 | ||||||
Harris Corp. | 7,200 | 426,960 | ||||||
Intelsat SA (a) | 600 | 14,400 | ||||||
Juniper Networks, Inc. (a) | 13,900 | 276,054 | ||||||
Level 3 Communications, Inc. (a) | 3,500 | 93,415 | ||||||
Polycom, Inc. (a) | 4,700 | 51,324 | ||||||
Sprint Corp. (a) | 24,500 | 152,145 | ||||||
T-Mobile US, Inc. | 5,250 | 136,343 | ||||||
Telephone & Data Systems, Inc. | 11,018 | 325,582 | ||||||
US Cellular Corp. | 500 | 22,765 | ||||||
Windstream Corp. | 462 | 3,696 | ||||||
|
| |||||||
14,204,691 | ||||||||
|
| |||||||
22,888,762 | ||||||||
|
| |||||||
Consumer, Cyclical — 6.1% | ||||||||
Airlines — 0.6% | ||||||||
Alaska Air Group, Inc. | 14,700 | 920,514 | ||||||
Delta Air Lines, Inc. | 23,000 | 542,570 | ||||||
Southwest Airlines Co. | 28,700 | 417,872 | ||||||
|
| |||||||
1,880,956 | ||||||||
|
| |||||||
Auto Manufacturers — 1.5% | ||||||||
Ford Motor Co. | 120,600 | 2,034,522 | ||||||
General Motors Co. (a) | 35,600 | 1,280,532 | ||||||
Navistar International Corp. (a) | 5,800 | 211,584 | ||||||
Oshkosh Corp. (a) | 17,600 | 862,048 | ||||||
Paccar, Inc. | 9,300 | 517,638 | ||||||
|
| |||||||
4,906,324 | ||||||||
|
| |||||||
Automotive & Parts — 0.7% | ||||||||
Allison Transmission Holdings, Inc. | 1,200 | 30,060 | ||||||
Johnson Controls, Inc. | 26,500 | 1,099,750 |
The accompanying notes are an integral part of the financial statements.
161
Table of Contents
MassMutual Premier Disciplined Value Fund – Portfolio of Investments (Continued)
Number of Shares | Value | |||||||
Lear Corp. | 7,000 | $ | 500,990 | |||||
TRW Automotive Holdings Corp. (a) | 7,590 | 541,243 | ||||||
|
| |||||||
2,172,043 | ||||||||
|
| |||||||
Distribution & Wholesale — 0.2% | ||||||||
Ingram Micro, Inc. Class A (a) | 22,500 | 518,625 | ||||||
MRC Global, Inc. (a) | 1,400 | 37,520 | ||||||
Tech Data Corp. (a) | 900 | 44,919 | ||||||
WESCO International, Inc. (a) | 1,200 | 91,836 | ||||||
|
| |||||||
692,900 | ||||||||
|
| |||||||
Entertainment — 0.2% | ||||||||
Penn National Gaming, Inc. (a) | 900 | 49,824 | ||||||
Regal Entertainment Group Class A | 33,500 | 635,830 | ||||||
|
| |||||||
685,654 | ||||||||
|
| |||||||
Home Builders — 0.1% | ||||||||
D.R. Horton, Inc. | 1,100 | 21,373 | ||||||
Lennar Corp. Class A | 2,000 | 70,800 | ||||||
Taylor Morrison Home Corp. (a) | 200 | 4,530 | ||||||
Toll Brothers, Inc. (a) | 3,100 | 100,533 | ||||||
|
| |||||||
197,236 | ||||||||
|
| |||||||
Home Furnishing — 0.2% | ||||||||
Harman International Industries, Inc. | 600 | 39,738 | ||||||
Whirlpool Corp. | 4,420 | 647,265 | ||||||
|
| |||||||
687,003 | ||||||||
|
| |||||||
Housewares — 0.0% | ||||||||
Newell Rubbermaid, Inc. | 5,600 | 154,000 | ||||||
|
| |||||||
Leisure Time — 0.2% | ||||||||
Carnival Corp. | 9,800 | 319,872 | ||||||
Norwegian Cruise Line Holdings Ltd. (a) | 200 | 6,170 | ||||||
Royal Caribbean Cruises Ltd. | 4,300 | 164,604 | ||||||
|
| |||||||
490,646 | ||||||||
|
| |||||||
Lodging — 0.2% | ||||||||
MGM Resorts International (a) | 16,500 | 337,260 | ||||||
Starwood Hotels & Resorts Worldwide, Inc. | 5,200 | 345,540 | ||||||
|
| |||||||
682,800 | ||||||||
|
| |||||||
Retail — 2.1% | ||||||||
Abercrombie & Fitch Co. Class A | 4,200 | 148,554 | ||||||
American Eagle Outfitters, Inc. | 5,300 | 74,147 | ||||||
Best Buy Co., Inc. | 17,900 | 671,250 | ||||||
Chico’s FAS, Inc. | 2,500 | 41,650 | ||||||
CST Brands, Inc. | 13,500 | 402,300 | ||||||
CVS Caremark Corp. | 28,500 | 1,617,375 | ||||||
Dillard’s, Inc. Class A | 5,600 | 438,480 | ||||||
DSW, Inc. Class A | 2,700 | 230,364 | ||||||
Foot Locker, Inc. | 400 | 13,576 | ||||||
GameStop Corp. Class A | 5,600 | 278,040 | ||||||
Guess?, Inc. | 13,600 | 405,960 | ||||||
J.C. Penney Co., Inc. (a) | 15,800 | 139,356 |
Number of Shares | Value | |||||||
Kohl’s Corp. | 7,100 | $ | 367,425 | |||||
Macy’s, Inc. | 6,344 | 274,505 | ||||||
PVH Corp. | 40 | 4,747 | ||||||
Signet Jewelers Ltd. | 300 | 21,495 | ||||||
Staples, Inc. | 26,600 | 389,690 | ||||||
Target Corp. | 1,200 | 76,776 | ||||||
Wal-Mart Stores, Inc. | 7,600 | 562,096 | ||||||
Walgreen Co. | 8,700 | 468,060 | ||||||
|
| |||||||
6,625,846 | ||||||||
|
| |||||||
Textiles — 0.0% | ||||||||
Cintas Corp. | 800 | 40,960 | ||||||
Mohawk Industries, Inc. (a) | 610 | 79,453 | ||||||
|
| |||||||
120,413 | ||||||||
|
| |||||||
Toys, Games & Hobbies — 0.1% | ||||||||
Hasbro, Inc. | 4,800 | 226,272 | ||||||
|
| |||||||
19,522,093 | ||||||||
|
| |||||||
Consumer, Non-cyclical — 18.5% | ||||||||
Agriculture — 0.5% | ||||||||
Archer-Daniels-Midland Co. | 26,300 | 968,892 | ||||||
Bunge Ltd. | 5,300 | 402,323 | ||||||
Reynolds American, Inc. | 1,840 | 89,755 | ||||||
|
| |||||||
1,460,970 | ||||||||
|
| |||||||
Beverages — 0.2% | ||||||||
Constellation Brands, Inc. Class A (a) | 330 | 18,942 | ||||||
Molson Coors Brewing Co. Class B | 12,260 | 614,594 | ||||||
|
| |||||||
633,536 | ||||||||
|
| |||||||
Biotechnology — 0.1% | ||||||||
Bio-Rad Laboratories, Inc. Class A (a) | 720 | 84,643 | ||||||
Charles River Laboratories International, Inc. (a) | 2,000 | 92,520 | ||||||
Life Technologies Corp. (a) | 2,860 | 214,014 | ||||||
|
| |||||||
391,177 | ||||||||
|
| |||||||
Commercial Services — 1.3% | ||||||||
Aaron’s, Inc. | 500 | 13,850 | ||||||
The ADT Corp. | 4,600 | 187,036 | ||||||
Apollo Group, Inc. Class A (a) | 45,000 | 936,450 | ||||||
Booz Allen Hamilton Holding Corp. | 29,000 | 560,280 | ||||||
CoreLogic, Inc. (a) | 6,500 | 175,825 | ||||||
Corrections Corporation of America | 1,505 | 51,998 | ||||||
DeVry, Inc. | 9,900 | 302,544 | ||||||
Donnelley (R.R.) & Sons Co. | 28,800 | 455,040 | ||||||
KAR Auction Services, Inc. | 800 | 22,568 | ||||||
Lender Processing Services, Inc. | 200 | 6,654 | ||||||
Manpower, Inc. | 4,500 | 327,330 | ||||||
Paychex, Inc. | 300 | 12,192 | ||||||
Quanta Services, Inc. (a) | 800 | 22,008 | ||||||
Service Corp. International | 5,400 | 100,548 | ||||||
Total System Services, Inc. | 17,400 | 511,908 | ||||||
Towers Watson & Co. Class A | 1,200 | 128,352 |
The accompanying notes are an integral part of the financial statements.
162
Table of Contents
MassMutual Premier Disciplined Value Fund – Portfolio of Investments (Continued)
Number of Shares | Value | |||||||
Weight Watchers International, Inc. | 8,482 | $ | 316,972 | |||||
|
| |||||||
4,131,555 | ||||||||
|
| |||||||
Cosmetics & Personal Care — 2.5% | ||||||||
The Procter & Gamble Co. | 105,310 | 7,960,383 | ||||||
|
| |||||||
Foods — 0.9% | ||||||||
Campbell Soup Co. | 1,000 | 40,710 | ||||||
Dean Foods Co. (a) | 4,600 | 88,780 | ||||||
Ingredion, Inc. | 270 | 17,866 | ||||||
The J.M. Smucker Co. | 1,820 | 191,172 | ||||||
Mondelez International, Inc. Class A | 40,150 | 1,261,513 | ||||||
Safeway, Inc. | 9,300 | 297,507 | ||||||
Sysco Corp. | 400 | 12,732 | ||||||
Tyson Foods, Inc. Class A | 38,000 | 1,074,640 | ||||||
|
| |||||||
2,984,920 | ||||||||
|
| |||||||
Health Care – Products — 4.4% | ||||||||
Alere, Inc. (a) | 29,300 | 895,701 | ||||||
Boston Scientific Corp. (a) | 50,800 | 596,392 | ||||||
CareFusion Corp. (a) | 10,100 | 372,690 | ||||||
Covidien PLC | 15,600 | 950,664 | ||||||
Hill-Rom Holdings, Inc. | 2,200 | 78,826 | ||||||
Hologic, Inc. (a) | 2,300 | 47,495 | ||||||
Johnson & Johnson | 91,600 | 7,940,804 | ||||||
Medtronic, Inc. | 43,200 | 2,300,400 | ||||||
QIAGEN NV (a) | 200 | 4,280 | ||||||
St. Jude Medical, Inc. | 4,100 | 219,924 | ||||||
Stryker Corp. | 5,500 | 371,745 | ||||||
Zimmer Holdings, Inc. | 5,900 | 484,626 | ||||||
|
| |||||||
14,263,547 | ||||||||
|
| |||||||
Health Care – Services — 2.7% | ||||||||
Aetna, Inc. | 12,121 | 775,986 | ||||||
Cigna Corp. | 14,600 | 1,122,156 | ||||||
Community Health Systems, Inc. | 5,400 | 224,100 | ||||||
HCA Holdings, Inc. | 8,100 | 346,275 | ||||||
Health Net, Inc. (a) | 2,200 | 69,740 | ||||||
Humana, Inc. | 7,100 | 662,643 | ||||||
LifePoint Hospitals, Inc. (a) | 1,400 | 65,282 | ||||||
MEDNAX, Inc. (a) | 200 | 20,080 | ||||||
Quest Diagnostics, Inc. | 1,800 | 111,222 | ||||||
Thermo Fisher Scientific, Inc. | 15,410 | 1,420,032 | ||||||
UnitedHealth Group, Inc. | 34,100 | 2,441,901 | ||||||
Universal Health Services, Inc. Class B | 1,100 | 82,489 | ||||||
WellPoint, Inc. | 16,100 | 1,346,121 | ||||||
|
| |||||||
8,688,027 | ||||||||
|
| |||||||
Household Products — 0.3% | ||||||||
Avery Dennison Corp. | 12,600 | 548,352 | ||||||
Beam, Inc. | 960 | 62,064 | ||||||
The Clorox Co. | 1,100 | 89,892 | ||||||
Kimberly-Clark Corp. | 2,350 | 221,417 | ||||||
|
| |||||||
921,725 | ||||||||
|
|
Number of Shares | Value | |||||||
Pharmaceuticals — 5.6% | ||||||||
Abbott Laboratories | 62,400 | $ | 2,071,056 | |||||
Bristol-Myers Squibb Co. | 2,300 | 106,444 | ||||||
Cardinal Health, Inc. | 9,100 | 474,565 | ||||||
DENTSPLY International, Inc. | 100 | 4,341 | ||||||
Eli Lilly & Co. | 40,620 | 2,044,405 | ||||||
Express Scripts Holding Co. (a) | 3,800 | 234,764 | ||||||
Forest Laboratories, Inc. (a) | 5,000 | 213,950 | ||||||
Hospira, Inc. (a) | 4,800 | 188,256 | ||||||
Merck & Co., Inc. | 102,628 | 4,886,119 | ||||||
Omnicare, Inc. | 6,400 | 355,200 | ||||||
Patterson Cos., Inc. | 200 | 8,040 | ||||||
Pfizer, Inc. | 260,213 | 7,470,715 | ||||||
VCA Antech, Inc. (a) | 4,800 | 131,808 | ||||||
|
| |||||||
18,189,663 | ||||||||
|
| |||||||
59,625,503 | ||||||||
|
| |||||||
Diversified — 0.1% | ||||||||
Holding Company – Diversified — 0.1% | ||||||||
Leucadia National Corp. | 7,800 | 212,472 | ||||||
|
| |||||||
Energy — 13.0% | ||||||||
Coal — 0.1% | ||||||||
Peabody Energy Corp. | 17,900 | 308,775 | ||||||
|
| |||||||
Energy – Alternate Sources — 0.1% | ||||||||
Covanta Holding Corp. | 2,900 | 62,002 | ||||||
First Solar, Inc. (a) | 6,100 | 245,281 | ||||||
|
| |||||||
307,283 | ||||||||
|
| |||||||
Oil & Gas — 12.3% | ||||||||
Anadarko Petroleum Corp. | 22,950 | 2,134,120 | ||||||
Apache Corp. | 6,828 | 581,336 | ||||||
Chesapeake Energy Corp. | 11,500 | 297,620 | ||||||
Chevron Corp. | 70,425 | 8,556,637 | ||||||
Cimarex Energy Co. | 2,100 | 202,440 | ||||||
ConocoPhillips | 33,748 | 2,345,823 | ||||||
Denbury Resources, Inc. (a) | 4,814 | 88,626 | ||||||
Devon Energy Corp. | 10,150 | 586,264 | ||||||
Diamond Offshore Drilling, Inc. | 4,200 | 261,744 | ||||||
Exxon Mobil Corp. | 165,900 | 14,274,036 | ||||||
Helmerich & Payne, Inc. | 10,200 | 703,290 | ||||||
Hess Corp. | 11,000 | 850,740 | ||||||
Marathon Oil Corp. | 24,200 | 844,096 | ||||||
Marathon Petroleum Corp. | 26,700 | 1,717,344 | ||||||
Murphy Oil Corp. | 9,600 | 579,072 | ||||||
Nabors Industries Ltd. | 20,800 | 334,048 | ||||||
Newfield Exploration Co. (a) | 2,700 | 73,899 | ||||||
Noble Energy, Inc. | 4,080 | 273,401 | ||||||
Occidental Petroleum Corp. | 12,170 | 1,138,382 | ||||||
Patterson-UTI Energy, Inc. | 8,000 | 171,040 | ||||||
PBF Energy, Inc. | 28,900 | 648,805 | ||||||
Phillips 66 | 26,500 | 1,532,230 | ||||||
QEP Resources, Inc. | 1,900 | 52,611 | ||||||
Questar Corp. | 6,100 | 137,189 |
The accompanying notes are an integral part of the financial statements.
163
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MassMutual Premier Disciplined Value Fund – Portfolio of Investments (Continued)
Number of Shares | Value | |||||||
Rowan Cos. PLC Class A (a) | 4,600 | $ | 168,912 | |||||
SandRidge Energy, Inc. (a) | 7,700 | 45,122 | ||||||
Tesoro Corp. | 4,100 | 180,318 | ||||||
Unit Corp. (a) | 700 | 32,543 | ||||||
Valero Energy Corp. | 27,564 | 941,311 | ||||||
WPX Energy, Inc. (a) | 66 | 1,271 | ||||||
|
| |||||||
39,754,270 | ||||||||
|
| |||||||
Oil & Gas Services — 0.4% | ||||||||
Baker Hughes, Inc. | 10,303 | 505,877 | ||||||
HollyFrontier Corp. | 8,200 | 345,302 | ||||||
National Oilwell Varco, Inc. | 400 | 31,244 | ||||||
Oil States International, Inc. (a) | 20 | 2,069 | ||||||
RPC, Inc. | 12,210 | 188,889 | ||||||
Superior Energy Services, Inc. (a) | 9,400 | 235,376 | ||||||
Tidewater, Inc. | 130 | 7,708 | ||||||
|
| |||||||
1,316,465 | ||||||||
|
| |||||||
Pipelines — 0.1% | ||||||||
National Fuel Gas Co. | 150 | 10,314 | ||||||
Spectra Energy Corp. | 5,500 | 188,265 | ||||||
|
| |||||||
198,579 | ||||||||
|
| |||||||
41,885,372 | ||||||||
|
| |||||||
Financial — 29.6% | ||||||||
Banks — 9.4% | ||||||||
Associated Banc-Corp. | 7,350 | 113,852 | ||||||
Bank of America Corp. | 532,373 | 7,346,747 | ||||||
Bank of Hawaii Corp. | 920 | 50,094 | ||||||
Bank of New York Mellon Corp. | 45,450 | 1,372,136 | ||||||
BB&T Corp. | 25,319 | 854,516 | ||||||
BOK Financial Corp. | 700 | 44,345 | ||||||
Capital One Financial Corp. | 23,650 | 1,625,701 | ||||||
CapitalSource, Inc. | 36,500 | 433,620 | ||||||
City National Corp. | 1,970 | 131,320 | ||||||
Comerica, Inc. | 8,600 | 338,066 | ||||||
Commerce Bancshares, Inc. | 3,553 | 155,657 | ||||||
Cullen/Frost Bankers, Inc. | 1,000 | 70,550 | ||||||
East West Bancorp, Inc. | 6,900 | 220,455 | ||||||
Fifth Third Bancorp | 42,360 | 764,174 | ||||||
First Citizens BancShares, Inc. Class A | 438 | 90,053 | ||||||
First Horizon National Corp. | 3,016 | 33,146 | ||||||
First Republic Bank | 2,600 | 121,238 | ||||||
Fulton Financial Corp. | 4,800 | 56,064 | ||||||
Huntington Bancshares, Inc. | 36,271 | 299,598 | ||||||
KeyCorp | 43,700 | 498,180 | ||||||
M&T Bank Corp. | 4,655 | 520,988 | ||||||
Northern Trust Corp. | 3,600 | 195,804 | ||||||
PNC Financial Services Group, Inc. | 25,336 | 1,835,593 | ||||||
Popular, Inc. (a) | 16,500 | 432,795 | ||||||
Regions Financial Corp. | 45,260 | 419,108 | ||||||
Signature Bank (a) | 1,500 | 137,280 | ||||||
State Street Corp. | 23,600 | 1,551,700 |
Number of Shares | Value | |||||||
SunTrust Banks, Inc. | 20,800 | $ | 674,336 | |||||
SVB Financial Group (a) | 1,700 | 146,829 | ||||||
Synovus Financial Corp. | 141,000 | 465,300 | ||||||
U.S. Bancorp | 39,390 | 1,440,886 | ||||||
Valley National Bancorp | 7,168 | 71,322 | ||||||
Wells Fargo & Co. | 189,410 | 7,826,421 | ||||||
Zions Bancorp | 4,050 | 111,051 | ||||||
|
| |||||||
30,448,925 | ||||||||
|
| |||||||
Diversified Financial — 8.0% | ||||||||
Air Lease Corp. | 2,200 | 60,852 | ||||||
Ameriprise Financial, Inc. | 6,430 | 585,644 | ||||||
BlackRock, Inc. | 3,010 | 814,566 | ||||||
The Charles Schwab Corp. | 12,200 | 257,908 | ||||||
CIT Group, Inc. (a) | 5,000 | 243,850 | ||||||
Citigroup, Inc. | 141,071 | 6,843,354 | ||||||
CME Group, Inc. | 6,760 | 499,429 | ||||||
Discover Financial Services | 15,500 | 783,370 | ||||||
E*TRADE Financial Corp. (a) | 18,300 | 301,950 | ||||||
Federated Investors, Inc. Class B | 300 | 8,148 | ||||||
The Goldman Sachs Group, Inc. | 24,070 | 3,808,115 | ||||||
Interactive Brokers Group, Inc. Class A | 2,900 | 54,433 | ||||||
Invesco Ltd. | 10,400 | 331,760 | ||||||
JP Morgan Chase & Co. | 148,927 | 7,698,037 | ||||||
Legg Mason, Inc. | 4,000 | 133,760 | ||||||
Morgan Stanley | 67,300 | 1,813,735 | ||||||
The NASDAQ OMX Group, Inc. | 4,100 | 131,569 | ||||||
NYSE Euronext | 10,200 | 428,196 | ||||||
Raymond James Financial, Inc. | 4,500 | 187,515 | ||||||
SLM Corp. | 21,700 | 540,330 | ||||||
TD Ameritrade Holding Corp. | 7,700 | 201,586 | ||||||
|
| |||||||
25,728,107 | ||||||||
|
| |||||||
Insurance — 9.1% | ||||||||
ACE Ltd. | 12,700 | 1,188,212 | ||||||
Aflac, Inc. | 15,000 | 929,850 | ||||||
Alleghany Corp. (a) | 235 | 96,268 | ||||||
Allied World Assurance Co. Holdings Ltd. | 1,100 | 109,329 | ||||||
The Allstate Corp. | 16,000 | 808,800 | ||||||
American Financial Group, Inc. | 3,500 | 189,210 | ||||||
American International Group, Inc. | 69,702 | 3,389,608 | ||||||
American National Insurance Co. | 2,700 | 264,708 | ||||||
Aon PLC | 460 | 34,242 | ||||||
Arch Capital Group Ltd. (a) | 4,100 | 221,933 | ||||||
Aspen Insurance Holdings Ltd. | 2,400 | 87,096 | ||||||
Assurant, Inc. | 15,290 | 827,189 | ||||||
Assured Guaranty Ltd. | 20,200 | 378,750 | ||||||
Axis Capital Holdings Ltd. | 3,400 | 147,254 | ||||||
Berkshire Hathaway, Inc. Class B (a) | 72,450 | 8,223,800 | ||||||
Brown & Brown, Inc. | 1,100 | 35,310 | ||||||
The Chubb Corp. | 6,660 | 594,472 | ||||||
Cincinnati Financial Corp. | 3,620 | 170,719 |
The accompanying notes are an integral part of the financial statements.
164
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MassMutual Premier Disciplined Value Fund – Portfolio of Investments (Continued)
Number of Shares | Value | |||||||
CNA Financial Corp. | 2,500 | $ | 95,450 | |||||
Endurance Specialty Holdings Ltd. | 2,400 | 128,928 | ||||||
Everest Re Group Ltd. | 3,130 | 455,133 | ||||||
Fidelity National Financial, Inc. Class A | 5,700 | 151,620 | ||||||
Genworth Financial, Inc. Class A (a) | 36,460 | 466,323 | ||||||
The Hanover Insurance Group, Inc. | 9,300 | 514,476 | ||||||
The Hartford Financial Services Group, Inc. | 17,490 | 544,289 | ||||||
HCC Insurance Holdings, Inc. | 4,470 | 195,875 | ||||||
ING US, Inc. | 4,500 | 131,445 | ||||||
Kemper Corp. | 6,150 | 206,640 | ||||||
Lincoln National Corp. | 13,598 | 570,980 | ||||||
Loews Corp. | 7,520 | 351,485 | ||||||
Markel Corp. (a) | 285 | 147,565 | ||||||
Marsh & McLennan Cos., Inc. | 3,600 | 156,780 | ||||||
MBIA, Inc. (a) | 3,100 | 31,713 | ||||||
Mercury General Corp. | 790 | 38,165 | ||||||
MetLife, Inc. | 36,540 | 1,715,553 | ||||||
Old Republic International Corp. | 9,200 | 141,680 | ||||||
PartnerRe Ltd. | 3,100 | 283,774 | ||||||
Principal Financial Group, Inc. | 15,600 | 667,992 | ||||||
ProAssurance Corp. | 3,800 | 171,228 | ||||||
The Progressive Corp. | 3,300 | 89,859 | ||||||
Protective Life Corp. | 4,180 | 177,859 | ||||||
Prudential Financial, Inc. | 13,200 | 1,029,336 | ||||||
Reinsurance Group of America, Inc. Class A | 2,950 | 197,621 | ||||||
RenaissanceRe Holdings Ltd. | 2,000 | 181,060 | ||||||
StanCorp Financial Group, Inc. | 8,070 | 444,011 | ||||||
Torchmark Corp. | 3,660 | 264,801 | ||||||
The Travelers Cos., Inc. | 9,269 | 785,733 | ||||||
Unum Group | 13,900 | 423,116 | ||||||
Validus Holdings Ltd. | 2,800 | 103,544 | ||||||
W.R. Berkley Corp. | 2,100 | 90,006 | ||||||
White Mountains Insurance Group Ltd. | 353 | 200,370 | ||||||
XL Group PLC | 14,250 | 439,185 | ||||||
|
| |||||||
29,290,345 | ||||||||
|
| |||||||
Investment Companies — 0.1% | ||||||||
American Capital Ltd. (a) | 6,900 | 94,875 | ||||||
Ares Capital Corp. | 8,100 | 140,049 | ||||||
|
| |||||||
234,924 | ||||||||
|
| |||||||
Real Estate — 0.2% | ||||||||
The Howard Hughes Corp. (a) | 2,330 | 261,822 | ||||||
Jones Lang LaSalle, Inc. | 1,600 | 139,680 | ||||||
Realogy Holdings Corp. (a) | 700 | 30,114 | ||||||
WP Carey, Inc. | 2,600 | 168,220 | ||||||
|
| |||||||
599,836 | ||||||||
|
| |||||||
Real Estate Investment Trusts (REITS) — 2.5% | ||||||||
Alexandria Real Estate Equities, Inc. | 1,600 | 102,160 | ||||||
American Campus Communities, Inc. | 100 | 3,415 |
Number of Shares | Value | |||||||
American Capital Agency Corp. | 20,200 | $ | 455,914 | |||||
Annaly Capital Management, Inc. | 50,160 | 580,853 | ||||||
AvalonBay Communities, Inc. | 4 | 508 | ||||||
BioMed Realty Trust, Inc. | 1,600 | 29,744 | ||||||
Boston Properties, Inc. | 3,620 | 386,978 | ||||||
Brandywine Realty Trust | 7,200 | 94,896 | ||||||
BRE Properties, Inc. | 2,200 | 111,672 | ||||||
Camden Property Trust | 3,900 | 239,616 | ||||||
CBL & Associates Properties, Inc. | 6,500 | 124,150 | ||||||
Chimera Investment Corp. | 101,900 | 309,776 | ||||||
CommonWealth | 30,967 | 678,487 | ||||||
Corporate Office Properties Trust | 600 | 13,860 | ||||||
DDR Corp. | 8,400 | 131,964 | ||||||
Douglas Emmett, Inc. | 4,700 | 110,309 | ||||||
Extra Space Storage, Inc. | 3,100 | 141,825 | ||||||
Federal Realty Investment Trust | 700 | 71,015 | ||||||
General Growth Properties, Inc. | 11,140 | 214,891 | ||||||
Hatteras Financial Corp. | 8,700 | 162,777 | ||||||
HCP, Inc. | 900 | 36,855 | ||||||
Health Care, Inc. | 3,100 | 193,378 | ||||||
Home Properties, Inc. | 2,300 | 132,825 | ||||||
Hospitality Properties Trust | 4,540 | 128,482 | ||||||
Host Hotels & Resorts, Inc. | 303 | 5,354 | ||||||
Kilroy Realty Corp. | 3,100 | 154,845 | ||||||
Kimco Realty Corp. | 17,000 | 343,060 | ||||||
Liberty Property Trust | 2,170 | 77,252 | ||||||
The Macerich Co. | 6,182 | 348,912 | ||||||
Mack-Cali Realty Corp. | 3,560 | 78,106 | ||||||
MFA Financial, Inc. | 16,000 | 119,200 | ||||||
Mid-America Apartment Communities, Inc. | 100 | 6,250 | ||||||
National Retail Properties, Inc. | 4,300 | 136,826 | ||||||
Piedmont Office Realty Trust, Inc. Class A | 7,600 | 131,936 | ||||||
Post Properties, Inc. | 900 | 40,518 | ||||||
Prologis, Inc. | 385 | 14,484 | ||||||
Realty Income Corp. | 8,500 | 337,875 | ||||||
Regency Centers Corp. | 500 | 24,175 | ||||||
Retail Properties of America, Inc. Class A | 6,000 | 82,500 | ||||||
Senior Housing Properties Trust | 100 | 2,334 | ||||||
Simon Property Group, Inc. | 1,420 | 210,487 | ||||||
SL Green Realty Corp. | 2,100 | 186,564 | ||||||
Starwood Property Trust, Inc. | 8,200 | 196,554 | ||||||
Two Harbors Investment Corp. | 25,400 | 246,634 | ||||||
UDR, Inc. | 1,900 | 45,030 | ||||||
Ventas, Inc. | 6,800 | 418,200 | ||||||
Vornado Realty Trust | 5,358 | 450,393 | ||||||
Weingarten Realty Investors | 5,400 | 158,382 | ||||||
|
| |||||||
8,272,221 | ||||||||
|
| |||||||
Savings & Loans — 0.3% | ||||||||
BankUnited, Inc. | 900 | 28,071 | ||||||
First Niagara Financial Group, Inc. | 12,700 | 131,699 |
The accompanying notes are an integral part of the financial statements.
165
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MassMutual Premier Disciplined Value Fund – Portfolio of Investments (Continued)
Number of Shares | Value | |||||||
Hudson City Bancorp, Inc. | 10,350 | $ | 93,667 | |||||
New York Community Bancorp, Inc. | 21,290 | 321,692 | ||||||
People’s United Financial, Inc. | 18,900 | 271,782 | ||||||
Washington Federal, Inc. | 3,716 | 76,847 | ||||||
|
| |||||||
923,758 | ||||||||
|
| |||||||
95,498,116 | ||||||||
|
| |||||||
Industrial — 10.6% | ||||||||
Aerospace & Defense — 1.8% | ||||||||
Alliant Techsystems, Inc. | 4,100 | 399,996 | ||||||
Exelis, Inc. | 60,600 | 952,026 | ||||||
General Dynamics Corp. | 11,280 | 987,225 | ||||||
L-3 Communications Holdings, Inc. | 5,160 | 487,620 | ||||||
Northrop Grumman Corp. | 14,050 | 1,338,403 | ||||||
Raytheon Co. | 15,770 | 1,215,394 | ||||||
Rockwell Collins, Inc. | 3,900 | 264,654 | ||||||
Spirit AeroSystems Holdings, Inc. Class A (a) | 900 | 21,816 | ||||||
United Technologies Corp. | 1,150 | 123,993 | ||||||
|
| |||||||
5,791,127 | ||||||||
|
| |||||||
Building Materials — 0.1% | ||||||||
Fortune Brands Home & Security, Inc. | 800 | 33,304 | ||||||
Owens Corning, Inc. (a) | 4,700 | 178,506 | ||||||
|
| |||||||
211,810 | ||||||||
|
| |||||||
Electrical Components & Equipment — 0.4% | ||||||||
Emerson Electric Co. | 5,400 | 349,380 | ||||||
Energizer Holdings, Inc. | 8,690 | 792,094 | ||||||
Hubbell, Inc. Class B | 400 | 41,896 | ||||||
Molex, Inc. | 1,200 | 46,224 | ||||||
|
| |||||||
1,229,594 | ||||||||
|
| |||||||
Electronics — 1.3% | ||||||||
Agilent Technologies, Inc. | 10,000 | 512,500 | ||||||
Arrow Electronics, Inc. (a) | 8,600 | 417,358 | ||||||
Avnet, Inc. | 6,900 | 287,799 | ||||||
AVX Corp. | 46,200 | 606,606 | ||||||
Dolby Laboratories, Inc. Class A | 1,400 | 48,314 | ||||||
FLIR Systems, Inc. | 9,900 | 310,860 | ||||||
Garmin Ltd. | 3,300 | 149,127 | ||||||
Gentex Corp/MI | 47,300 | 1,210,407 | ||||||
Jabil Circuit, Inc. | 18,500 | 401,080 | ||||||
PerkinElmer, Inc. | 310 | 11,702 | ||||||
Vishay Intertechnology, Inc. (a) | 26,100 | 336,429 | ||||||
|
| |||||||
4,292,182 | ||||||||
|
| |||||||
Engineering & Construction — 0.8% | ||||||||
AECOM Technology Corp. (a) | 27,900 | 872,433 | ||||||
Fluor Corp. | 2,200 | 156,112 | ||||||
Jacobs Engineering Group, Inc. (a) | 9,400 | 546,892 | ||||||
KBR, Inc. | 2,400 | 78,336 | ||||||
McDermott International, Inc. (a) | 9,900 | 73,557 | ||||||
URS Corp. | 14,600 | 784,750 | ||||||
|
| |||||||
2,512,080 | ||||||||
|
|
Number of Shares | Value | |||||||
Environmental Controls — 0.2% | ||||||||
Republic Services, Inc. | 4,690 | $ | 156,458 | |||||
Waste Connections, Inc. | 450 | 20,435 | ||||||
Waste Management, Inc. | 11,340 | 467,662 | ||||||
|
| |||||||
644,555 | ||||||||
|
| |||||||
Hand & Machine Tools — 0.1% | ||||||||
Kennametal, Inc. | 2,800 | 127,680 | ||||||
Snap-on, Inc. | 2,030 | 201,985 | ||||||
Stanley Black & Decker, Inc. | 1,635 | 148,082 | ||||||
|
| |||||||
477,747 | ||||||||
|
| |||||||
Machinery – Construction & Mining — 0.4% | ||||||||
Caterpillar, Inc. | 4,300 | 358,491 | ||||||
CNH Industrial NV (a) | 22,585 | 282,315 | ||||||
Ingersoll-Rand PLC | 1,800 | 116,892 | ||||||
Joy Global, Inc. | 4,500 | 229,680 | ||||||
Terex Corp. (a) | 11,500 | 386,400 | ||||||
|
| |||||||
1,373,778 | ||||||||
|
| |||||||
Machinery – Diversified — 0.4% | ||||||||
AGCO Corp. | 7,970 | 481,547 | ||||||
Cummins, Inc. | 1,200 | 159,444 | ||||||
IDEX Corp. | 5,000 | 326,250 | ||||||
Zebra Technologies Corp. Class A (a) | 3,600 | 163,908 | ||||||
|
| |||||||
1,131,149 | ||||||||
|
| |||||||
Manufacturing — 3.9% | ||||||||
3M Co. | 1,400 | 167,174 | ||||||
A.O. Smith Corp. | 900 | 40,680 | ||||||
AptarGroup, Inc. | 1,000 | 60,130 | ||||||
Carlisle Cos., Inc. | 2,000 | 140,580 | ||||||
Crane Co. | 11,520 | 710,438 | ||||||
Danaher Corp. | 9,600 | 665,472 | ||||||
Dover Corp. | 5,400 | 485,082 | ||||||
Eaton Corp. PLC | 3,072 | 211,476 | ||||||
General Electric Co. | 359,490 | 8,588,216 | ||||||
Illinois Tool Works, Inc. | 7,200 | 549,144 | ||||||
Leggett & Platt, Inc. | 4,610 | 138,992 | ||||||
Parker Hannifin Corp. | 2,810 | 305,503 | ||||||
Pentair Ltd. | 19 | 1,234 | ||||||
SPX Corp. | 1,700 | 143,888 | ||||||
Teleflex, Inc. | 1,020 | 83,926 | ||||||
Textron, Inc. | 4,100 | 113,201 | ||||||
Trinity Industries, Inc. | 4,700 | 213,145 | ||||||
|
| |||||||
12,618,281 | ||||||||
|
| |||||||
Metal Fabricate & Hardware — 0.1% | ||||||||
The Timken Co. | 5,000 | 302,000 | ||||||
|
| |||||||
Packaging & Containers — 0.2% | ||||||||
Bemis Co., Inc. | 760 | 29,648 | ||||||
Crown Holdings, Inc. (a) | 900 | 38,052 | ||||||
Greif, Inc. Class A | 2,216 | 108,650 | ||||||
Owens-Illinois, Inc. (a) | 7,400 | 222,148 | ||||||
Sonoco Products Co. | 4,200 | 163,548 | ||||||
|
| |||||||
562,046 | ||||||||
|
|
The accompanying notes are an integral part of the financial statements.
166
Table of Contents
MassMutual Premier Disciplined Value Fund – Portfolio of Investments (Continued)
Number of Shares | Value | |||||||
Transportation — 0.8% | ||||||||
Con-way, Inc. | 11,500 | $ | 495,535 | |||||
CSX Corp. | 14,800 | 380,952 | ||||||
FedEx Corp. | 9,530 | 1,087,468 | ||||||
Norfolk Southern Corp. | 3,300 | 255,255 | ||||||
Ryder System, Inc. | 5,390 | 321,783 | ||||||
|
| |||||||
2,540,993 | ||||||||
|
| |||||||
Trucking & Leasing — 0.1% | ||||||||
AMERCO | 2,250 | 414,293 | ||||||
GATX Corp. | 1,200 | 57,024 | ||||||
|
| |||||||
471,317 | ||||||||
|
| |||||||
34,158,659 | ||||||||
|
| |||||||
Technology — 6.7% | ||||||||
Computers — 3.2% | ||||||||
Apple, Inc. | 5,700 | 2,717,475 | ||||||
Brocade Communications Systems, Inc. (a) | 66,800 | 537,740 | ||||||
Computer Sciences Corp. | 13,570 | 702,112 | ||||||
Dell, Inc. | 82,200 | 1,131,894 | ||||||
DST Systems, Inc. | 2,200 | 165,902 | ||||||
EMC Corp. | 34,500 | 881,820 | ||||||
Hewlett-Packard Co. | 105,000 | 2,202,900 | ||||||
Lexmark International, Inc. Class A | 21,500 | 709,500 | ||||||
SanDisk Corp. | 6,300 | 374,913 | ||||||
Synopsys, Inc. (a) | 3,800 | 143,260 | ||||||
Western Digital Corp. | 14,100 | 893,940 | ||||||
|
| |||||||
10,461,456 | ||||||||
|
| |||||||
Office Equipment/Supplies — 0.5% | ||||||||
Pitney Bowes, Inc. | 45,600 | 829,464 | ||||||
Xerox Corp. | 67,956 | 699,267 | ||||||
|
| |||||||
1,528,731 | ||||||||
|
| |||||||
Semiconductors — 2.0% | ||||||||
Analog Devices, Inc. | 5,800 | 272,890 | ||||||
Applied Materials, Inc. | 4,000 | 70,160 | ||||||
Broadcom Corp. Class A | 6,900 | 179,469 | ||||||
Freescale Semiconductor Ltd. (a) | 5,000 | 83,250 | ||||||
Intel Corp. | 131,500 | 3,013,980 | ||||||
KLA-Tencor Corp. | 6,600 | 401,610 | ||||||
Lam Research Corp. (a) | 9,152 | 468,491 | ||||||
LSI Corp. | 16,700 | 130,594 | ||||||
Marvell Technology Group Ltd. | 36,500 | 419,750 | ||||||
Micron Technology, Inc. (a) | 29,800 | 520,606 | ||||||
NVIDIA Corp. | 24,900 | 387,444 | ||||||
Rovi Corp. (a) | 18,200 | 348,894 | ||||||
Teradyne, Inc. (a) | 8,800 | 145,376 | ||||||
|
| |||||||
6,442,514 | ||||||||
|
| |||||||
Software — 1.0% | ||||||||
Activision Blizzard, Inc. | 29,600 | 493,432 | ||||||
Adobe Systems, Inc. (a) | 1,500 | 77,910 | ||||||
CA, Inc. | 17,090 | 507,060 |
Number of Shares | Value | |||||||
Compuware Corp. | 190 | $ | 2,128 | |||||
The Dun & Bradstreet Corp. | 2,610 | 271,049 | ||||||
Electronic Arts, Inc. (a) | 14,900 | 380,695 | ||||||
Fidelity National Information Services, Inc. | 9,200 | 427,248 | ||||||
Leidos Holdings, Inc. | 13,150 | 598,588 | ||||||
Science Applications International Corp. (a) | 7,514 | 253,607 | ||||||
VeriFone Systems, Inc. (a) | 8,800 | 201,168 | ||||||
|
| |||||||
3,212,885 | ||||||||
|
| |||||||
21,645,586 | ||||||||
|
| |||||||
Utilities — 5.7% | ||||||||
Electric — 5.1% | ||||||||
The AES Corp. | 62,300 | 827,967 | ||||||
Alliant Energy Corp. | 4,300 | 213,065 | ||||||
Ameren Corp. | 2,760 | 96,158 | ||||||
American Electric Power Co., Inc. | 23,530 | 1,020,025 | ||||||
Calpine Corp. (a) | 700 | 13,601 | ||||||
CenterPoint Energy, Inc. | 23,300 | 558,501 | ||||||
CMS Energy Corp. | 13,900 | 365,848 | ||||||
Consolidated Edison, Inc. | 11,060 | 609,848 | ||||||
DTE Energy Co. | 5,510 | 363,550 | ||||||
Duke Energy Corp. | 2,114 | 141,173 | ||||||
Edison International | 16,980 | 782,099 | ||||||
Entergy Corp. | 4,600 | 290,674 | ||||||
Exelon Corp. | 50,675 | 1,502,007 | ||||||
FirstEnergy Corp. | 19,927 | 726,339 | ||||||
Great Plains Energy, Inc. | 9,837 | 218,381 | ||||||
Hawaiian Electric Industries, Inc. | 1,700 | 42,670 | ||||||
Integrys Energy Group, Inc. | 2,040 | 114,016 | ||||||
MDU Resources Group, Inc. | 3,700 | 103,489 | ||||||
NextEra Energy, Inc. | 30,210 | 2,421,634 | ||||||
Northeast Utilities | 11,381 | 469,466 | ||||||
NRG Energy, Inc. | 200 | 5,466 | ||||||
NV Energy, Inc. | 15,100 | 356,511 | ||||||
OGE Energy Corp. | 1,520 | 54,857 | ||||||
Pepco Holdings, Inc. | 6,910 | 127,559 | ||||||
PG&E Corp. | 27,030 | 1,106,068 | ||||||
Pinnacle West Capital Corp. | 4,360 | 238,666 | ||||||
PPL Corp. | 33,100 | 1,005,578 | ||||||
Public Service Enterprise Group, Inc. | 29,200 | 961,556 | ||||||
SCANA Corp. | 4,420 | 203,497 | ||||||
The Southern Co. | 9,850 | 405,623 | ||||||
TECO Energy, Inc. | 8,030 | 132,816 | ||||||
Westar Energy, Inc. | 7,600 | 232,940 | ||||||
Wisconsin Energy Corp. | 10,660 | 430,451 | ||||||
Xcel Energy, Inc. | 15,620 | 431,268 | ||||||
|
| |||||||
16,573,367 | ||||||||
|
| |||||||
Gas — 0.6% | ||||||||
AGL Resources, Inc. | 7,060 | 324,972 | ||||||
Atmos Energy Corp. | 4,350 | 185,266 | ||||||
NiSource, Inc. | 3,290 | 101,628 |
The accompanying notes are an integral part of the financial statements.
167
Table of Contents
MassMutual Premier Disciplined Value Fund – Portfolio of Investments (Continued)
Number of Shares | Value | |||||||
Sempra Energy | 8,710 | $ | 745,576 | |||||
UGI Corp. | 6,890 | 269,606 | ||||||
Vectren Corp. | 4,150 | 138,403 | ||||||
|
| |||||||
1,765,451 | ||||||||
|
| |||||||
Water — 0.0% | ||||||||
American Water Works Co., Inc. | 1,400 | 57,792 | ||||||
Aqua America, Inc. | 2,625 | 64,916 | ||||||
|
| |||||||
122,708 | ||||||||
|
| |||||||
18,461,526 | ||||||||
|
| |||||||
TOTAL COMMON STOCK (Cost $293,107,885) | 321,461,230 | |||||||
|
| |||||||
TOTAL EQUITIES (Cost $293,107,885) | 321,461,230 | |||||||
|
| |||||||
TOTAL LONG-TERM INVESTMENTS (Cost $293,107,885) | 321,461,230 | |||||||
|
| |||||||
Principal Amount | ||||||||
SHORT-TERM INVESTMENTS — 0.1% | ||||||||
Repurchase Agreement — 0.1% | ||||||||
State Street Bank & Trust Co. Repurchase Agreement, dated 9/30/13, 0.010%, due 10/01/13 (b) | $ | 288,316 | 288,316 | |||||
|
| |||||||
Time Deposits — 0.0% | ||||||||
Euro Time Deposit | 3,133 | 3,133 | ||||||
|
| |||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $291,449) | 291,449 | |||||||
|
| |||||||
TOTAL INVESTMENTS — 99.8% (Cost $293,399,334) (c) | 321,752,679 | |||||||
Other Assets/(Liabilities) — 0.2% | 695,318 | |||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 322,447,997 | ||||||
|
|
Notes to Portfolio of Investments
(a) | Non-income producing security. |
(b) | Maturity value of $288,316. Collateralized by U.S. Government Agency obligations with a rate of 2.750%, maturity date of 11/15/28, and an aggregate market value, including accrued interest, of $294,601. |
(c) | See Note 6 for aggregate cost for federal tax purposes. |
The accompanying notes are an integral part of the financial statements.
168
Table of Contents
MassMutual Premier Main Street Fund – Portfolio of Investments
September 30, 2013
Number of Shares | Value | |||||||
EQUITIES — 99.0% | ||||||||
COMMON STOCK — 98.2% | ||||||||
Basic Materials — 3.1% | ||||||||
Chemicals — 0.9% | ||||||||
Air Products & Chemicals, Inc. | 10,840 | $ | 1,155,219 | |||||
PPG Industries, Inc. | 2,260 | 377,556 | ||||||
|
| |||||||
1,532,775 | ||||||||
|
| |||||||
Mining — 2.2% | ||||||||
Vulcan Materials Co. | 78,015 | 4,041,957 | ||||||
|
| |||||||
5,574,732 | ||||||||
|
| |||||||
Communications — 14.2% | ||||||||
Internet — 6.4% | ||||||||
eBay, Inc. (a) | 95,910 | 5,350,819 | ||||||
Facebook, Inc. Class A (a) | 65,555 | 3,293,483 | ||||||
Google, Inc. Class A (a) | 3,508 | 3,072,692 | ||||||
|
| |||||||
11,716,994 | ||||||||
|
| |||||||
Media — 4.4% | ||||||||
The McGraw Hill Financial, Inc. | 70,880 | 4,649,019 | ||||||
Time Warner, Inc. | 52,650 | 3,464,897 | ||||||
|
| |||||||
8,113,916 | ||||||||
|
| |||||||
Telecommunications — 3.4% | ||||||||
Amdocs Ltd. | 38,710 | 1,418,334 | ||||||
America Movil SAB de CV Series L ADR (Mexico) | 58,771 | 1,164,254 | ||||||
Corning, Inc. | 62,304 | 909,015 | ||||||
QUALCOMM, Inc. | 40,383 | 2,720,199 | ||||||
|
| |||||||
6,211,802 | ||||||||
|
| |||||||
26,042,712 | ||||||||
|
| |||||||
Consumer, Cyclical — 7.4% | ||||||||
Auto Manufacturers — 1.2% | ||||||||
Ford Motor Co. | 127,470 | 2,150,419 | ||||||
|
| |||||||
Automotive & Parts — 0.7% | ||||||||
Delphi Automotive PLC | 22,780 | 1,330,807 | ||||||
|
| |||||||
Retail — 5.5% | ||||||||
AutoZone, Inc. (a) | 12,956 | 5,476,890 | ||||||
PVH Corp. | 11,430 | 1,356,627 | ||||||
The TJX Cos., Inc. | 56,490 | 3,185,471 | ||||||
|
| |||||||
10,018,988 | ||||||||
|
| |||||||
13,500,214 | ||||||||
|
| |||||||
Consumer, Non-cyclical — 28.6% | ||||||||
Agriculture — 3.0% | ||||||||
Philip Morris International, Inc. | 63,931 | 5,535,785 | ||||||
|
| |||||||
Beverages — 0.5% | ||||||||
Dr. Pepper Snapple Group, Inc. | 19,460 | 872,197 | ||||||
|
| |||||||
Commercial Services — 3.2% | ||||||||
The ADT Corp. | 29,405 | 1,195,607 | ||||||
MasterCard, Inc. Class A | 1,530 | 1,029,354 |
Number of Shares | Value | |||||||
Towers Watson & Co. Class A | 34,716 | $ | 3,713,223 | |||||
|
| |||||||
5,938,184 | ||||||||
|
| |||||||
Foods — 3.4% | ||||||||
The J.M. Smucker Co. | 8,119 | 852,820 | ||||||
Kraft Foods Group, Inc. | 45,313 | 2,376,214 | ||||||
Mondelez International, Inc. Class A | 97,070 | 3,049,939 | ||||||
|
| |||||||
6,278,973 | ||||||||
|
| |||||||
Health Care – Products — 3.0% | ||||||||
Covidien PLC | 90,039 | 5,486,977 | ||||||
|
| |||||||
Health Care – Services — 1.9% | ||||||||
UnitedHealth Group, Inc. | 48,010 | 3,437,996 | ||||||
|
| |||||||
Household Products — 0.9% | ||||||||
Henkel AG & Co. KGaA | 17,715 | 1,568,916 | ||||||
|
| |||||||
Pharmaceuticals — 12.7% | ||||||||
AbbVie, Inc. | 39,878 | 1,783,743 | ||||||
Actavis, Inc. (a) | 20,854 | 3,002,976 | ||||||
Allergan, Inc. | 40,660 | 3,677,697 | ||||||
Express Scripts Holding Co. (a) | 93,370 | 5,768,399 | ||||||
Gilead Sciences, Inc. (a) | 18,280 | 1,148,715 | ||||||
Pfizer, Inc. | 92,603 | 2,658,632 | ||||||
Sanofi | 18,080 | 1,833,467 | ||||||
Zoetis, Inc. | 108,945 | 3,390,369 | ||||||
|
| |||||||
23,263,998 | ||||||||
|
| |||||||
52,383,026 | ||||||||
|
| |||||||
Energy — 8.9% | ||||||||
Oil & Gas — 5.4% | ||||||||
Chevron Corp. | 50,880 | 6,181,920 | ||||||
Noble Energy, Inc. | 56,450 | 3,782,715 | ||||||
|
| |||||||
9,964,635 | ||||||||
|
| |||||||
Oil & Gas Services — 3.5% | ||||||||
National Oilwell Varco, Inc. | 81,782 | 6,387,992 | ||||||
|
| |||||||
16,352,627 | ||||||||
|
| |||||||
Financial — 16.6% | ||||||||
Diversified Financial — 12.5% | ||||||||
CIT Group, Inc. (a) | 94,174 | 4,592,866 | ||||||
Citigroup, Inc. | 63,774 | 3,093,677 | ||||||
CME Group, Inc. | 22,285 | 1,646,416 | ||||||
Discover Financial Services | 115,220 | 5,823,219 | ||||||
JP Morgan Chase & Co. | 151,031 | 7,806,792 | ||||||
|
| |||||||
22,962,970 | ||||||||
|
| |||||||
Insurance — 4.1% | ||||||||
American International Group, Inc. | 69,350 | 3,372,491 | ||||||
Lincoln National Corp. | 27,270 | 1,145,067 | ||||||
Marsh & McLennan Cos., Inc. | 67,113 | 2,922,771 | ||||||
|
| |||||||
7,440,329 | ||||||||
|
| |||||||
30,403,299 | ||||||||
|
|
The accompanying notes are an integral part of the financial statements.
169
Table of Contents
MassMutual Premier Main Street Fund – Portfolio of Investments (Continued)
Number of Shares | Value | |||||||
Industrial — 8.2% | ||||||||
Aerospace & Defense — 0.6% | ||||||||
L-3 Communications Holdings, Inc. | 10,770 | $ | 1,017,765 | |||||
|
| |||||||
Electronics — 0.4% | ||||||||
Avnet, Inc. | 15,320 | 638,997 | ||||||
|
| |||||||
Manufacturing — 2.4% | ||||||||
Tyco International Ltd. | 127,450 | 4,458,201 | ||||||
|
| |||||||
Transportation — 4.8% | ||||||||
Canadian National Railway Co. | 49,860 | 5,054,308 | ||||||
CSX Corp. | 64,869 | 1,669,728 | ||||||
United Parcel Service, Inc. Class B | 23,519 | 2,148,931 | ||||||
|
| |||||||
8,872,967 | ||||||||
|
| |||||||
14,987,930 | ||||||||
|
| |||||||
Technology — 10.5% | ||||||||
Computers — 8.2% | ||||||||
Apple, Inc. | 15,785 | 7,525,499 | ||||||
International Business Machines Corp. | 29,538 | 5,469,847 | ||||||
Western Digital Corp. | 31,906 | 2,022,840 | ||||||
|
| |||||||
15,018,186 | ||||||||
|
| |||||||
Software — 2.3% | ||||||||
Microsoft Corp. | 126,740 | 4,221,709 | ||||||
|
| |||||||
19,239,895 | ||||||||
|
| |||||||
Utilities — 0.7% | ||||||||
Electric — 0.7% | ||||||||
Exelon Corp. | 42,520 | 1,260,293 | ||||||
|
| |||||||
TOTAL COMMON STOCK (Cost $137,172,338) | 179,744,728 | |||||||
|
| |||||||
PREFERRED STOCK — 0.8% | ||||||||
Consumer, Non-cyclical — 0.8% | ||||||||
Household Products — 0.8% | ||||||||
Henkel AG & Co. KGaA | 14,998 | 1,545,351 | ||||||
|
| |||||||
TOTAL PREFERRED STOCK (Cost $1,298,419) | 1,545,351 | |||||||
|
| |||||||
TOTAL EQUITIES (Cost $138,470,757) | 181,290,079 | |||||||
|
| |||||||
TOTAL LONG-TERM INVESTMENTS (Cost $138,470,757) | 181,290,079 | |||||||
|
|
Principal Amount | Value | |||||||
SHORT-TERM INVESTMENTS — 1.5% | ||||||||
Repurchase Agreement — 1.5% | ||||||||
State Street Bank & Trust Co. Repurchase Agreement, dated 9/30/13, 0.010%, due 10/01/13 (b) | $ | 2,688,463 | $ | 2,688,463 | ||||
|
| |||||||
Time Deposits — 0.0% | ||||||||
Euro Time Deposit | 17,921 | 17,921 | ||||||
|
| |||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $2,706,384) | 2,706,384 | |||||||
|
| |||||||
TOTAL INVESTMENTS — 100.5% (Cost $141,177,141) (c) | 183,996,463 | |||||||
Other Assets/(Liabilities) — (0.5)% | (887,397 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 183,109,066 | ||||||
|
|
Notes to Portfolio of Investments
ADR | American Depositary Receipt |
(a) | Non-income producing security. |
(b) | Maturity value of $2,688,463. Collateralized by U.S. Government Agency obligations with a rate of 3.500%, maturity date of 1/01/32, and an aggregate market value, including accrued interest, of $2,742,292. |
(c) | See Note 6 for aggregate cost for federal tax purposes. |
The accompanying notes are an integral part of the financial statements.
170
Table of Contents
MassMutual Premier Capital Appreciation Fund – Portfolio of Investments
September 30, 2013
Number of Shares | Value | |||||||
EQUITIES — 99.4% | ||||||||
COMMON STOCK — 99.4% | ||||||||
Basic Materials — 2.5% | ||||||||
Chemicals — 2.5% | ||||||||
Ecolab, Inc. | 23,640 | $ | 2,334,686 | |||||
PPG Industries, Inc. | 29,460 | 4,921,588 | ||||||
|
| |||||||
7,256,274 | ||||||||
|
| |||||||
Communications — 19.3% | ||||||||
Internet — 12.6% | ||||||||
Amazon.com, Inc. (a) | 19,668 | 6,149,004 | ||||||
eBay, Inc. (a) | 99,213 | 5,535,093 | ||||||
Facebook, Inc. Class A (a) | 110,460 | 5,549,510 | ||||||
Google, Inc. Class A (a) | 13,230 | 11,588,289 | ||||||
LinkedIn Corp. (a) | 17,390 | 4,278,983 | ||||||
TripAdvisor, Inc. (a) | 40,990 | 3,108,682 | ||||||
|
| |||||||
36,209,561 | ||||||||
|
| |||||||
Media — 4.7% | ||||||||
Twenty-First Century Fox, Inc. | 172,100 | 5,748,140 | ||||||
The Walt Disney Co. | 118,630 | 7,650,449 | ||||||
|
| |||||||
13,398,589 | ||||||||
|
| |||||||
Telecommunications — 2.0% | ||||||||
Cisco Systems, Inc. | 207,120 | 4,850,750 | ||||||
QUALCOMM, Inc. | 12,550 | 845,368 | ||||||
|
| |||||||
5,696,118 | ||||||||
|
| |||||||
55,304,268 | ||||||||
|
| |||||||
Consumer, Cyclical — 14.7% | ||||||||
Apparel — 3.5% | ||||||||
Nike, Inc. Class B | 78,420 | 5,696,429 | ||||||
Ralph Lauren Corp. | 16,551 | 2,726,446 | ||||||
VF Corp. | 7,730 | 1,538,657 | ||||||
|
| |||||||
9,961,532 | ||||||||
|
| |||||||
Retail — 11.2% | ||||||||
Costco Wholesale Corp. | 39,970 | 4,601,346 | ||||||
CVS Caremark Corp. | 73,840 | 4,190,420 | ||||||
The Home Depot, Inc. | 67,050 | 5,085,743 | ||||||
O’Reilly Automotive, Inc. (a) | 30,580 | 3,901,702 | ||||||
Panera Bread Co. Class A (a) | 16,910 | 2,680,742 | ||||||
Tiffany & Co. | 40,350 | 3,091,617 | ||||||
The TJX Cos., Inc. | 99,610 | 5,617,008 | ||||||
Yum! Brands, Inc. | 39,710 | 2,834,897 | ||||||
|
| |||||||
32,003,475 | ||||||||
|
| |||||||
41,965,007 | ||||||||
|
| |||||||
Consumer, Non-cyclical — 25.3% | ||||||||
Beverages — 2.7% | ||||||||
Brown-Forman Corp. Class B | 44,255 | 3,015,093 | ||||||
SABMiller PLC | 90,410 | 4,608,745 | ||||||
|
| |||||||
7,623,838 | ||||||||
|
|
Number of Shares | Value | |||||||
Biotechnology — 7.0% | ||||||||
Amgen, Inc. | 28,210 | $ | 3,157,827 | |||||
Biogen Idec, Inc. (a) | 30,200 | 7,270,952 | ||||||
Celgene Corp. (a) | 35,949 | 5,533,630 | ||||||
Vertex Pharmaceuticals, Inc. (a) | 53,290 | 4,040,448 | ||||||
|
| |||||||
20,002,857 | ||||||||
|
| |||||||
Commercial Services — 4.5% | ||||||||
MasterCard, Inc. Class A | 7,570 | 5,092,944 | ||||||
United Rentals, Inc. (a) | 52,820 | 3,078,878 | ||||||
Visa, Inc. Class A | 24,460 | 4,674,306 | ||||||
|
| |||||||
12,846,128 | ||||||||
|
| |||||||
Foods — 1.6% | ||||||||
The Hershey Co. | 12,110 | 1,120,175 | ||||||
The J.M. Smucker Co. | 32,470 | 3,410,649 | ||||||
|
| |||||||
4,530,824 | ||||||||
|
| |||||||
Health Care – Products — 1.7% | ||||||||
Becton, Dickinson & Co. | 11,560 | 1,156,231 | ||||||
Medtronic, Inc. | 69,180 | 3,683,835 | ||||||
|
| |||||||
4,840,066 | ||||||||
|
| |||||||
Health Care – Services — 1.0% | ||||||||
UnitedHealth Group, Inc. | 41,260 | 2,954,629 | ||||||
|
| |||||||
Pharmaceuticals — 6.8% | ||||||||
Bristol-Myers Squibb Co. | 107,670 | 4,982,968 | ||||||
Gilead Sciences, Inc. (a) | 119,900 | 7,534,516 | ||||||
Novo Nordisk A/S Class B | 10,658 | 1,806,830 | ||||||
Perrigo Co. | 9,500 | 1,172,110 | ||||||
Roche Holding AG | 14,616 | 3,942,778 | ||||||
|
| |||||||
19,439,202 | ||||||||
|
| |||||||
72,237,544 | ||||||||
|
| |||||||
Energy — 5.2% | ||||||||
Oil & Gas — 2.9% | ||||||||
Cabot Oil & Gas Corp. | 80,600 | 3,007,992 | ||||||
Noble Energy, Inc. | 35,920 | 2,406,999 | ||||||
Pioneer Natural Resources Co. | 15,600 | 2,945,280 | ||||||
|
| |||||||
8,360,271 | ||||||||
|
| |||||||
Oil & Gas Services — 2.3% | ||||||||
Halliburton Co. | 64,900 | 3,124,935 | ||||||
Oceaneering International, Inc. | 42,130 | 3,422,641 | ||||||
|
| |||||||
6,547,576 | ||||||||
|
| |||||||
14,907,847 | ||||||||
|
| |||||||
Financial — 3.6% | ||||||||
Banks — 0.7% | ||||||||
Northern Trust Corp. | 34,150 | 1,857,419 | ||||||
|
| |||||||
Diversified Financial — 2.9% | ||||||||
Ameriprise Financial, Inc. | 33,390 | 3,041,161 | ||||||
The Charles Schwab Corp. | 151,460 | 3,201,864 |
The accompanying notes are an integral part of the financial statements.
171
Table of Contents
MassMutual Premier Capital Appreciation Fund – Portfolio of Investments (Continued)
Number of Shares | Value | |||||||
The Goldman Sachs Group, Inc. | 13,650 | $ | 2,159,567 | |||||
|
| |||||||
8,402,592 | ||||||||
|
| |||||||
10,260,011 | ||||||||
|
| |||||||
Industrial — 10.7% | ||||||||
Aerospace & Defense — 1.1% | ||||||||
BE Aerospace, Inc. (a) | 41,360 | 3,053,195 | ||||||
|
| |||||||
Building Materials — 0.7% | ||||||||
Fortune Brands Home & Security, Inc. | 49,090 | 2,043,617 | ||||||
|
| |||||||
Electrical Components & Equipment — 0.7% | ||||||||
AMETEK, Inc. | 41,740 | 1,920,875 | ||||||
|
| |||||||
Machinery – Construction & Mining — 1.6% | ||||||||
Ingersoll-Rand PLC | 69,690 | 4,525,669 | ||||||
|
| |||||||
Manufacturing — 1.5% | ||||||||
Honeywell International, Inc. | 50,980 | 4,233,379 | ||||||
|
| |||||||
Metal Fabricate & Hardware — 1.3% | ||||||||
Precision Castparts Corp. | 17,110 | 3,888,076 | ||||||
|
| |||||||
Packaging & Containers — 1.3% | ||||||||
Crown Holdings, Inc. (a) | 90,280 | 3,817,038 | ||||||
|
| |||||||
Transportation — 2.5% | ||||||||
J.B. Hunt Transport Services, Inc. | 38,640 | 2,818,015 | ||||||
Kansas City Southern | 26,490 | 2,896,946 | ||||||
Union Pacific Corp. | 8,990 | 1,396,507 | ||||||
|
| |||||||
7,111,468 | ||||||||
|
| |||||||
30,593,317 | ||||||||
|
| |||||||
Technology — 18.1% | ||||||||
Computers — 11.0% | ||||||||
Apple, Inc. | 36,692 | 17,492,911 | ||||||
EMC Corp. | 252,770 | 6,460,801 | ||||||
Teradata Corp. (a) | 79,270 | 4,394,729 | ||||||
Western Digital Corp. | 46,840 | 2,969,656 | ||||||
|
| |||||||
31,318,097 | ||||||||
|
| |||||||
Semiconductors — 1.4% | ||||||||
Xilinx, Inc. | 87,270 | 4,089,472 | ||||||
|
| |||||||
Software — 5.7% | ||||||||
Autodesk, Inc. (a) | 95,100 | 3,915,267 | ||||||
Cerner Corp. (a) | 85,890 | 4,513,520 | ||||||
Citrix Systems, Inc. (a) | 40,100 | 2,831,461 |
Number of Shares | Value | |||||||
Salesforce.com, Inc. (a) | 98,620 | $ | 5,119,364 | |||||
|
| |||||||
16,379,612 | ||||||||
|
| |||||||
51,787,181 | ||||||||
|
| |||||||
TOTAL COMMON STOCK (Cost $219,918,314) | 284,311,449 | |||||||
|
| |||||||
TOTAL EQUITIES (Cost $219,918,314) | 284,311,449 | |||||||
|
| |||||||
TOTAL LONG-TERM INVESTMENTS (Cost $219,918,314) | 284,311,449 | |||||||
|
| |||||||
Principal Amount | ||||||||
SHORT-TERM INVESTMENTS — 0.5% | ||||||||
Repurchase Agreement — 0.5% | ||||||||
State Street Bank & Trust Co. Repurchase Agreement, dated 9/30/13, 0.010%, due 10/01/13 (b) | $ | 1,329,102 | 1,329,102 | |||||
|
| |||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $1,329,102) | 1,329,102 | |||||||
|
| |||||||
TOTAL INVESTMENTS — 99.9% (Cost $221,247,416) (c) | 285,640,551 | |||||||
Other Assets/(Liabilities) — 0.1% | 251,079 | |||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 285,891,630 | ||||||
|
|
Notes to Portfolio of Investments
(a) | Non-income producing security. |
(b) | Maturity value of $1,329,102. Collateralized by U.S. Government Agency obligations with a rate of 3.500%, maturity date of 1/01/32, and an aggregate market value, including accrued interest, of $1,356,224. |
(c) | 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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September 30, 2013
Number of Shares | Value | |||||||
EQUITIES — 100.0% | ||||||||
COMMON STOCK — 100.0% | ||||||||
Basic Materials — 3.2% | ||||||||
Chemicals — 2.5% | ||||||||
Albemarle Corp. | 2,000 | $ | 125,880 | |||||
Celanese Corp. Series A | 5,990 | 316,212 | ||||||
The Dow Chemical Co. | 9,900 | 380,160 | ||||||
E.I. du Pont de Nemours & Co. | 27,400 | 1,604,544 | ||||||
Eastman Chemical Co. | 6,196 | 482,668 | ||||||
Ecolab, Inc. | 2,078 | 205,223 | ||||||
International Flavors & Fragrances, Inc. | 2,500 | 205,750 | ||||||
LyondellBasell Industries NV Class A | 22,200 | 1,625,706 | ||||||
Monsanto Co. | 1,050 | 109,589 | ||||||
NewMarket Corp. | 70 | 20,154 | ||||||
PPG Industries, Inc. | 6,270 | 1,047,466 | ||||||
Praxair, Inc. | 1,200 | 144,252 | ||||||
Rockwood Holdings, Inc. | 800 | 53,520 | ||||||
RPM International, Inc. | 1,700 | 61,540 | ||||||
The Sherwin-Williams Co. | 670 | 122,061 | ||||||
Sigma-Aldrich Corp. | 1,570 | 133,921 | ||||||
The Valspar Corp. | 1,900 | 120,517 | ||||||
W.R. Grace & Co. (a) | 7,400 | 646,760 | ||||||
Westlake Chemical Corp. | 4,740 | 496,088 | ||||||
|
| |||||||
7,902,011 | ||||||||
|
| |||||||
Forest Products & Paper — 0.6% | ||||||||
International Paper Co. | 21,200 | 949,760 | ||||||
Rayonier, Inc. | 4,565 | 254,042 | ||||||
Rock-Tenn Co. Class A | 7,020 | 710,916 | ||||||
|
| |||||||
1,914,718 | ||||||||
|
| |||||||
Mining — 0.1% | ||||||||
Compass Minerals International, Inc. | 1,500 | 114,405 | ||||||
Royal Gold, Inc. | 3,800 | 184,908 | ||||||
Southern Copper Corp. | 402 | 10,950 | ||||||
|
| |||||||
310,263 | ||||||||
|
| |||||||
10,126,992 | ||||||||
|
| |||||||
Communications — 15.0% | ||||||||
Advertising — 0.2% | ||||||||
Clear Channel Outdoor Holdings, Inc. Class A (a) | 600 | 4,920 | ||||||
The Interpublic Group of Companies, Inc. | 1,500 | 25,770 | ||||||
Lamar Advertising Co. Class A (a) | 2,000 | 94,060 | ||||||
Omnicom Group, Inc. | 5,400 | 342,576 | ||||||
|
| |||||||
467,326 | ||||||||
|
| |||||||
Internet — 6.4% | ||||||||
Akamai Technologies, Inc. (a) | 3,300 | 170,610 | ||||||
Amazon.com, Inc. (a) | 7,161 | 2,238,815 |
Number of Shares | Value | |||||||
eBay, Inc. (a) | 6,930 | $ | 386,625 | |||||
Equinix, Inc. (a) | 20 | 3,673 | ||||||
Expedia, Inc. | 5,400 | 279,666 | ||||||
F5 Networks, Inc. (a) | 2,830 | 242,701 | ||||||
Facebook, Inc. Class A (a) | 69,600 | 3,496,704 | ||||||
Google, Inc. Class A (a) | 8,069 | 7,067,718 | ||||||
Groupon, Inc. (a) | 25,600 | 286,976 | ||||||
HomeAway, Inc. (a) | 2,000 | 56,000 | ||||||
IAC/InterActiveCorp | 1,400 | 76,538 | ||||||
Liberty Interactive Corp. Class A (a) | 1,900 | 44,593 | ||||||
Liberty Ventures Series A (a) | 10,600 | 934,602 | ||||||
LinkedIn Corp. (a) | 2,790 | 686,507 | ||||||
Netflix, Inc. (a) | 2,571 | 794,979 | ||||||
Priceline.com, Inc. (a) | 1,735 | 1,753,998 | ||||||
Symantec Corp. | 28,900 | 715,275 | ||||||
TripAdvisor, Inc. (a) | 3,800 | 288,192 | ||||||
VeriSign, Inc. (a) | 12,440 | 633,072 | ||||||
|
| |||||||
20,157,244 | ||||||||
|
| |||||||
Media — 4.6% | ||||||||
AMC Networks, Inc. (a) | 9,600 | 657,408 | ||||||
Cablevision Systems Corp. Class A | 24,500 | 412,580 | ||||||
CBS Corp. Class B | 21,900 | 1,208,004 | ||||||
Charter Communications, Inc. Class A (a) | 510 | 68,728 | ||||||
Comcast Corp. Class A | 107,900 | 4,871,685 | ||||||
DIRECTV (a) | 19,200 | 1,147,200 | ||||||
Discovery Communications, Inc. Series A (a) | 600 | 50,652 | ||||||
DISH Network Corp. Class A | 5,600 | 252,056 | ||||||
FactSet Research Systems, Inc. | 50 | 5,455 | ||||||
Liberty Global PLC Series A (a) | 4,427 | 351,282 | ||||||
The McGraw Hill Financial, Inc. | 5,670 | 371,895 | ||||||
News Corp. Class A (a) | 13,000 | 208,780 | ||||||
Pandora Media, Inc. (a) | 2,600 | 65,338 | ||||||
Scripps Networks Interactive Class A | 2,800 | 218,708 | ||||||
Sirius XM Radio, Inc. | 6,200 | 23,994 | ||||||
Starz - Liberty Capital (a) | 23,700 | 666,681 | ||||||
Time Warner Cable, Inc. | 13,830 | 1,543,428 | ||||||
Twenty-First Century Fox Class A | 27,100 | 907,850 | ||||||
Viacom, Inc. Class B | 14,700 | 1,228,626 | ||||||
The Walt Disney Co. | 4,100 | 264,409 | ||||||
|
| |||||||
14,524,759 | ||||||||
|
| |||||||
Telecommunications — 3.8% | ||||||||
Crown Castle International Corp. (a) | 1,100 | 80,333 | ||||||
Harris Corp. | 10,870 | 644,591 | ||||||
JDS Uniphase Corp. (a) | 5,700 | 83,847 | ||||||
Juniper Networks, Inc. (a) | 26,900 | 534,234 | ||||||
Level 3 Communications, Inc. (a) | 400 | 10,676 | ||||||
Motorola Solutions, Inc. | 6,000 | 356,280 | ||||||
NeuStar, Inc. Class A (a) | 17,400 | 860,952 | ||||||
Palo Alto Networks, Inc. (a) | 1,700 | 77,894 |
The accompanying notes are an integral part of the financial statements.
173
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MassMutual Premier Disciplined Growth Fund – Portfolio of Investments (Continued)
Number of Shares | Value | |||||||
QUALCOMM, Inc. | 47,590 | $ | 3,205,663 | |||||
SBA Communications Corp. Class A (a) | 70 | 5,632 | ||||||
Sprint Corp. (a) | 96,200 | 597,402 | ||||||
tw telecom, Inc. (a) | 200 | 5,973 | ||||||
Verizon Communications, Inc. | 113,200 | 5,281,912 | ||||||
Windstream Corp. | 12,570 | 100,560 | ||||||
|
| |||||||
11,845,949 | ||||||||
|
| |||||||
46,995,278 | ||||||||
|
| |||||||
Consumer, Cyclical — 16.2% | ||||||||
Airlines — 1.2% | ||||||||
Alaska Air Group, Inc. | 15,400 | 964,348 | ||||||
Copa Holdings SA Class A | 7,000 | 970,690 | ||||||
Delta Air Lines, Inc. | 35,100 | 828,009 | ||||||
Southwest Airlines Co. | 71,700 | 1,043,952 | ||||||
|
| |||||||
3,806,999 | ||||||||
|
| |||||||
Apparel — 1.0% | ||||||||
Ascena Retail Group, Inc. (a) | 2,800 | 55,804 | ||||||
Carter’s, Inc. | 2,400 | 182,136 | ||||||
Deckers Outdoor Corp. (a) | 4,100 | 270,272 | ||||||
Nike, Inc. Class B | 26,680 | 1,938,035 | ||||||
Ralph Lauren Corp. | 1,560 | 256,979 | ||||||
VF Corp. | 3,150 | 627,007 | ||||||
|
| |||||||
3,330,233 | ||||||||
|
| |||||||
Auto Manufacturers — 0.5% | ||||||||
Ford Motor Co. | 71,400 | 1,204,518 | ||||||
Navistar International Corp. (a) | 8,300 | 302,784 | ||||||
|
| |||||||
1,507,302 | ||||||||
|
| |||||||
Automotive & Parts — 1.2% | ||||||||
Allison Transmission Holdings, Inc. | 200 | 5,010 | ||||||
BorgWarner, Inc. | 4,540 | 460,311 | ||||||
Delphi Automotive PLC | 14,900 | 870,458 | ||||||
The Goodyear Tire & Rubber Co. (a) | 32,000 | 718,400 | ||||||
Lear Corp. | 11,800 | 844,526 | ||||||
Visteon Corp/New (a) | 10,300 | 779,092 | ||||||
WABCO Holdings, Inc. (a) | 2,300 | 193,798 | ||||||
|
| |||||||
3,871,595 | ||||||||
|
| |||||||
Distribution & Wholesale — 0.3% | ||||||||
Fastenal Co. | 2,300 | 115,575 | ||||||
Fossil Group, Inc. (a) | 2,040 | 237,129 | ||||||
Genuine Parts Co. | 1,300 | 105,157 | ||||||
MRC Global, Inc. (a) | 2,100 | 56,280 | ||||||
W.W. Grainger, Inc. | 1,280 | 334,989 | ||||||
|
| |||||||
849,130 | ||||||||
|
| |||||||
Entertainment — 1.2% | ||||||||
Bally Technologies, Inc. (a) | 16,200 | 1,167,372 | ||||||
Cinemark Holdings, Inc. | 15,800 | 501,492 | ||||||
International Game Technology | 19,200 | 363,456 | ||||||
Lions Gate Entertainment Corp. (a) | 18,800 | 658,940 |
Number of Shares | Value | |||||||
The Madison Square Garden Co. Class A (a) | 2,800 | $ | 162,596 | |||||
Regal Entertainment Group Class A | 43,500 | 825,630 | ||||||
Six Flags Entertainment Corp. | 1,200 | 40,548 | ||||||
|
| |||||||
3,720,034 | ||||||||
|
| |||||||
Home Builders — 0.2% | ||||||||
NVR, Inc. (a) | 120 | 110,303 | ||||||
PulteGroup, Inc. | 15,100 | 249,150 | ||||||
Taylor Morrison Home Corp. (a) | 400 | 9,060 | ||||||
Thor Industries, Inc. | 3,500 | 203,140 | ||||||
|
| |||||||
571,653 | ||||||||
|
| |||||||
Home Furnishing — 0.2% | ||||||||
Whirlpool Corp. | 3,950 | 578,438 | ||||||
|
| |||||||
Housewares — 0.1% | ||||||||
Newell Rubbermaid, Inc. | 5,700 | 156,750 | ||||||
The Toro Co. | 580 | 31,523 | ||||||
|
| |||||||
188,273 | ||||||||
|
| |||||||
Leisure Time — 0.1% | ||||||||
Harley-Davidson, Inc. | 5,100 | 327,624 | ||||||
Norwegian Cruise Line Holdings Ltd. (a) | 200 | 6,170 | ||||||
|
| |||||||
333,794 | ||||||||
|
| |||||||
Lodging — 0.9% | ||||||||
Choice Hotels International, Inc. | 100 | 4,319 | ||||||
Las Vegas Sands Corp. | 12,700 | 843,534 | ||||||
Marriott International, Inc. Class A | 3,267 | 137,410 | ||||||
Starwood Hotels & Resorts Worldwide, Inc. | 6,700 | 445,215 | ||||||
Wyndham Worldwide Corp. | 10,000 | 609,700 | ||||||
Wynn Resorts Ltd. | 4,500 | 711,045 | ||||||
|
| |||||||
2,751,223 | ||||||||
|
| |||||||
Retail — 9.1% | ||||||||
Abercrombie & Fitch Co. Class A | 14,700 | 519,939 | ||||||
Advance Auto Parts, Inc. | 2,740 | 226,543 | ||||||
American Eagle Outfitters, Inc. | 7,200 | 100,728 | ||||||
AutoZone, Inc. (a) | 1,048 | 443,021 | ||||||
Bed Bath & Beyond, Inc. (a) | 500 | 38,680 | ||||||
Best Buy Co., Inc. | 38,200 | 1,432,500 | ||||||
Big Lots, Inc. (a) | 600 | 22,254 | ||||||
Brinker International, Inc. | 2,100 | 85,113 | ||||||
Cabela’s, Inc. (a) | 1,700 | 107,151 | ||||||
CarMax, Inc. (a) | 13,600 | 659,192 | ||||||
Chico’s FAS, Inc. | 5,500 | 91,630 | ||||||
Chipotle Mexican Grill, Inc. (a) | 493 | 211,349 | ||||||
Coach, Inc. | 2,309 | 125,910 | ||||||
Copart, Inc. (a) | 100 | 3,179 | ||||||
Costco Wholesale Corp. | 7,420 | 854,190 | ||||||
CVS Caremark Corp. | 3,300 | 187,275 | ||||||
Darden Restaurants, Inc. | 300 | 13,887 | ||||||
Dick’s Sporting Goods, Inc. | 400 | 21,352 |
The accompanying notes are an integral part of the financial statements.
174
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MassMutual Premier Disciplined Growth Fund – Portfolio of Investments (Continued)
Number of Shares | Value | |||||||
Dillard’s, Inc. Class A | 3,800 | $ | 297,540 | |||||
Dollar General Corp. (a) | 5,300 | 299,238 | ||||||
Dollar Tree, Inc. (a) | 20 | 1,143 | ||||||
Domino’s Pizza, Inc. | 6,200 | 421,290 | ||||||
DSW, Inc. Class A | 4,600 | 392,472 | ||||||
Dunkin’ Brands Group, Inc. | 3,700 | 167,462 | ||||||
Family Dollar Stores, Inc. | 130 | 9,363 | ||||||
Foot Locker, Inc. | 400 | 13,576 | ||||||
The Gap, Inc. | 12,400 | 499,472 | ||||||
GNC Holdings, Inc. Class A | 3,600 | 196,668 | ||||||
Hanesbrands, Inc. | 15,800 | 984,498 | ||||||
The Home Depot, Inc. | 52,700 | 3,997,295 | ||||||
L Brands, Inc. | 5,500 | 336,050 | ||||||
Lowe’s Cos., Inc. | 67,000 | 3,189,870 | ||||||
Macy’s, Inc. | 14,100 | 610,107 | ||||||
McDonald’s Corp. | 21,680 | 2,085,833 | ||||||
Michael Kors Holdings Ltd. (a) | 4,100 | 305,532 | ||||||
MSC Industrial Direct Co., Inc. Class A | 200 | 16,270 | ||||||
Nordstrom, Inc. | 4,600 | 258,520 | ||||||
Nu Skin Enterprises, Inc. Class A | 12,100 | 1,158,454 | ||||||
O’Reilly Automotive, Inc. (a) | 5,790 | 738,746 | ||||||
Panera Bread Co. Class A (a) | 120 | 19,024 | ||||||
PetSmart, Inc. | 2,200 | 167,772 | ||||||
PVH Corp. | 1,110 | 131,746 | ||||||
Ross Stores, Inc. | 2,680 | 195,104 | ||||||
Sally Beauty Holdings, Inc. (a) | 2,100 | 54,936 | ||||||
Starbucks Corp. | 20,000 | 1,539,400 | ||||||
Target Corp. | 7,500 | 479,850 | ||||||
Tiffany & Co. | 4,600 | 352,452 | ||||||
The TJX Cos., Inc. | 15,020 | 846,978 | ||||||
Tractor Supply Co. | 1,800 | 120,906 | ||||||
Ulta Salon Cosmetics & Fragrance, Inc. (a) | 100 | 11,946 | ||||||
Urban Outfitters, Inc. (a) | 2,900 | 106,633 | ||||||
Wal-Mart Stores, Inc. | 22,840 | 1,689,246 | ||||||
Walgreen Co. | 24,400 | 1,312,720 | ||||||
Williams-Sonoma, Inc. | 4,000 | 224,800 | ||||||
World Fuel Services Corp. | 4,900 | 182,819 | ||||||
Yum! Brands, Inc. | 2,740 | 195,609 | ||||||
|
| |||||||
28,755,233 | ||||||||
|
| |||||||
Textiles — 0.0% | ||||||||
Cintas Corp. | 500 | 25,600 | ||||||
|
| |||||||
Toys, Games & Hobbies — 0.2% | ||||||||
Hasbro, Inc. | 6,970 | 328,566 | ||||||
Mattel, Inc. | 4,800 | 200,928 | ||||||
|
| |||||||
529,494 | ||||||||
|
| |||||||
50,819,001 | ||||||||
|
| |||||||
Consumer, Non-cyclical — 26.8% | ||||||||
Agriculture — 2.6% | ||||||||
Altria Group, Inc. | 67,870 | 2,331,335 | ||||||
Archer-Daniels-Midland Co. | 23,200 | 854,688 |
Number of Shares | Value | |||||||
Lorillard, Inc. | 9,390 | $ | 420,484 | |||||
Philip Morris International, Inc. | 50,970 | 4,413,492 | ||||||
Reynolds American, Inc. | 4,500 | 219,510 | ||||||
|
| |||||||
8,239,509 | ||||||||
|
| |||||||
Beverages — 3.5% | ||||||||
Brown-Forman Corp. Class B | 987 | 67,244 | ||||||
The Coca-Cola Co. | 114,460 | 4,335,745 | ||||||
Coca-Cola Enterprises, Inc. | 8,500 | 341,785 | ||||||
Constellation Brands, Inc. Class A (a) | 6,000 | 344,400 | ||||||
Dr. Pepper Snapple Group, Inc. | 4,000 | 179,280 | ||||||
Green Mountain Coffee Roasters, Inc. (a) | 13,900 | 1,047,087 | ||||||
Monster Beverage Corp. (a) | 600 | 31,350 | ||||||
PepsiCo, Inc. | 58,023 | 4,612,829 | ||||||
|
| |||||||
10,959,720 | ||||||||
|
| |||||||
Biotechnology — 3.1% | ||||||||
Alexion Pharmaceuticals, Inc. (a) | 1,540 | 178,886 | ||||||
Alkermes PLC (a) | 12,300 | 413,526 | ||||||
Amgen, Inc. | 33,840 | 3,788,050 | ||||||
Biogen Idec, Inc. (a) | 4,140 | 996,746 | ||||||
Celgene Corp. (a) | 18,420 | 2,835,391 | ||||||
Charles River Laboratories International, Inc. (a) | 1,300 | 60,138 | ||||||
Illumina, Inc. (a) | 6,000 | 484,980 | ||||||
Life Technologies Corp. (a) | 4,145 | 310,170 | ||||||
Myriad Genetics, Inc. (a) | 20,000 | 470,000 | ||||||
Regeneron Pharmaceuticals, Inc. (a) | 270 | 84,475 | ||||||
Vertex Pharmaceuticals, Inc. (a) | 700 | 53,074 | ||||||
|
| |||||||
9,675,436 | ||||||||
|
| |||||||
Commercial Services — 5.2% | ||||||||
Aaron’s, Inc. | 2,750 | 76,175 | ||||||
Alliance Data Systems Corp. (a) | 1,660 | 351,040 | ||||||
Automatic Data Processing, Inc. | 12,280 | 888,827 | ||||||
Avis Budget Group, Inc. (a) | 10,900 | 314,247 | ||||||
Booz Allen Hamilton Holding Corp. | 45,900 | 886,788 | ||||||
Corrections Corporation of America | 3,800 | 131,290 | ||||||
Donnelley (R.R.) & Sons Co. | 58,900 | 930,620 | ||||||
Equifax, Inc. | 1,800 | 107,730 | ||||||
FleetCor Technologies, Inc. (a) | 1,600 | 176,256 | ||||||
Gartner, Inc. (a) | 1,400 | 84,000 | ||||||
Genpact Ltd. (a) | 7,000 | 132,160 | ||||||
Global Payments, Inc. | 3,050 | 155,794 | ||||||
H&R Block, Inc. | 40,700 | 1,085,062 | ||||||
Hertz Global Holdings, Inc. (a) | 24,900 | 551,784 | ||||||
Iron Mountain, Inc. | 1,999 | 54,013 | ||||||
KAR Auction Services, Inc. | 600 | 16,926 | ||||||
Lender Processing Services, Inc. | 1,000 | 33,270 | ||||||
MasterCard, Inc. Class A | 3,736 | 2,513,506 | ||||||
McKesson Corp. | 12,560 | 1,611,448 | ||||||
Moody’s Corp. | 6,000 | 421,980 | ||||||
Morningstar, Inc. | 1,500 | 118,890 | ||||||
Paychex, Inc. | 3,600 | 146,304 |
The accompanying notes are an integral part of the financial statements.
175
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Number of Shares | Value | |||||||
Robert Half International, Inc. | 4,100 | $ | 160,023 | |||||
Service Corp. International | 35,500 | 661,010 | ||||||
Total System Services, Inc. | 17,300 | 508,966 | ||||||
United Rentals, Inc. (a) | 7,100 | 413,859 | ||||||
Vantiv, Inc. (a) | 3,200 | 89,408 | ||||||
Verisk Analytics, Inc. Class A (a) | 600 | 38,976 | ||||||
Visa, Inc. Class A | 17,000 | 3,248,700 | ||||||
Weight Watchers International, Inc. | 600 | 22,422 | ||||||
Western Union Co. | 26,920 | 502,327 | ||||||
|
| |||||||
16,433,801 | ||||||||
|
| |||||||
Cosmetics & Personal Care — 0.7% | ||||||||
Avon Products, Inc. | 18,500 | 381,100 | ||||||
Colgate-Palmolive Co. | 27,180 | 1,611,774 | ||||||
The Estee Lauder Cos., Inc. Class A | 1,960 | 137,004 | ||||||
|
| |||||||
2,129,878 | ||||||||
|
| |||||||
Foods — 2.3% | ||||||||
Campbell Soup Co. | 1,200 | 48,852 | ||||||
ConAgra Foods, Inc. | 5,100 | 154,734 | ||||||
Flowers Foods, Inc. | 1,500 | 32,160 | ||||||
General Mills, Inc. | 25,560 | 1,224,835 | ||||||
The Hershey Co. | 4,400 | 407,000 | ||||||
Hillshire Brands Co. | 4,980 | 153,085 | ||||||
Hormel Foods Corp. | 6,100 | 256,932 | ||||||
Ingredion, Inc. | 700 | 46,319 | ||||||
The J.M. Smucker Co. | 880 | 92,435 | ||||||
Kellogg Co. | 3,440 | 202,031 | ||||||
Kraft Foods Group, Inc. | 30,666 | 1,608,125 | ||||||
The Kroger Co. | 42,160 | 1,700,735 | ||||||
McCormick & Co., Inc. | 700 | 45,290 | ||||||
Pinnacle Foods, Inc. | 700 | 18,529 | ||||||
Safeway, Inc. | 25,000 | 799,750 | ||||||
Sysco Corp. | 1,200 | 38,196 | ||||||
WhiteWave Foods Co. Class A (a) | 2,423 | 48,388 | ||||||
Whole Foods Market, Inc. | 5,800 | 339,300 | ||||||
|
| |||||||
7,216,696 | ||||||||
|
| |||||||
Health Care – Products — 2.1% | ||||||||
Baxter International, Inc. | 26,220 | 1,722,392 | ||||||
Becton, Dickinson & Co. | 7,810 | 781,156 | ||||||
C.R. Bard, Inc. | 1,650 | 190,080 | ||||||
The Cooper Cos., Inc. | 1,380 | 178,972 | ||||||
Edwards Lifesciences Corp. (a) | 1,820 | 126,727 | ||||||
Henry Schein, Inc. (a) | 2,590 | 268,583 | ||||||
Hologic, Inc. (a) | 2,800 | 57,820 | ||||||
IDEXX Laboratories, Inc. (a) | 800 | 79,720 | ||||||
Intuitive Surgical, Inc. (a) | 46 | 17,308 | ||||||
Johnson & Johnson | 17,180 | 1,489,334 | ||||||
ResMed, Inc. | 5,900 | 311,638 | ||||||
St. Jude Medical, Inc. | 10,840 | 581,458 | ||||||
Stryker Corp. | 9,000 | 608,310 | ||||||
Techne Corp. | 840 | 67,250 | ||||||
Varian Medical Systems, Inc. (a) | 1,100 | 82,203 |
Number of Shares | Value | |||||||
Zimmer Holdings, Inc. | 400 | $ | 32,856 | |||||
|
| |||||||
6,595,807 | ||||||||
|
| |||||||
Health Care – Services — 1.3% | ||||||||
Aetna, Inc. | 14,500 | 928,290 | ||||||
Catamaran Corp. (a) | 5,960 | 273,862 | ||||||
Cigna Corp. | 13,900 | 1,068,354 | ||||||
Community Health Systems, Inc. | 2,700 | 112,050 | ||||||
Covance, Inc. (a) | 100 | 8,646 | ||||||
DaVita HealthCare Partners, Inc. (a) | 4,660 | 265,154 | ||||||
HCA Holdings, Inc. | 600 | 25,650 | ||||||
Health Management Associates, Inc. Class A (a) | 13,000 | 166,400 | ||||||
Laboratory Corporation of America Holdings (a) | 1,610 | 159,615 | ||||||
MEDNAX, Inc. (a) | 1,600 | 160,640 | ||||||
Quest Diagnostics, Inc. | 1,300 | 80,327 | ||||||
Tenet Healthcare Corp. (a) | 8,100 | 333,639 | ||||||
Universal Health Services, Inc. Class B | 5,200 | 389,948 | ||||||
|
| |||||||
3,972,575 | ||||||||
|
| |||||||
Household Products — 0.8% | ||||||||
Avery Dennison Corp. | 13,000 | 565,760 | ||||||
Church & Dwight Co., Inc. | 1,260 | 75,663 | ||||||
The Clorox Co. | 3,480 | 284,386 | ||||||
Jarden Corp. (a) | 7,650 | 370,260 | ||||||
Kimberly-Clark Corp. | 10,710 | 1,009,096 | ||||||
Tupperware Brands Corp. | 2,500 | 215,925 | ||||||
|
| |||||||
2,521,090 | ||||||||
|
| |||||||
Pharmaceuticals — 5.2% | ||||||||
AbbVie, Inc. | 98,800 | 4,419,324 | ||||||
Allergan, Inc. | 7,820 | 707,319 | ||||||
AmerisourceBergen Corp. | 13,700 | 837,070 | ||||||
BioMarin Pharmaceutical, Inc. (a) | 3,200 | 231,104 | ||||||
Bristol-Myers Squibb Co. | 11,900 | 550,732 | ||||||
Cubist Pharmaceuticals, Inc. (a) | 2,600 | 165,230 | ||||||
DENTSPLY International, Inc. | 1,950 | 84,649 | ||||||
Eli Lilly & Co. | 14,520 | 730,792 | ||||||
Endo Health Solutions, Inc. (a) | 15,200 | 690,688 | ||||||
Express Scripts Holding Co. (a) | 16,380 | 1,011,956 | ||||||
Gilead Sciences, Inc. (a) | 36,200 | 2,274,808 | ||||||
Herbalife Ltd. | 11,180 | 780,029 | ||||||
Jazz Pharmaceuticals Plc (a) | 11,300 | 1,039,261 | ||||||
Mead Johnson Nutrition Co. | 5,400 | 401,004 | ||||||
Mylan, Inc. (a) | 13,400 | 511,478 | ||||||
Onyx Pharmaceuticals, Inc. (a) | 100 | 12,467 | ||||||
Patterson Cos., Inc. | 1,700 | 68,340 | ||||||
Perrigo Co. | 350 | 43,183 | ||||||
Pharmacyclics, Inc. (a) | 1,420 | 196,556 | ||||||
Salix Pharmaceuticals Ltd. (a) | 4,900 | 327,712 | ||||||
Sirona Dental Systems, Inc. (a) | 2,400 | 160,632 | ||||||
United Therapeutics Corp. (a) | 9,900 | 780,615 |
The accompanying notes are an integral part of the financial statements.
176
Table of Contents
MassMutual Premier Disciplined Growth Fund – Portfolio of Investments (Continued)
Number of Shares | Value | |||||||
Warner Chilcott PLC Class A | 8,500 | $ | 194,225 | |||||
|
| |||||||
16,219,174 | ||||||||
|
| |||||||
83,963,686 | ||||||||
|
| |||||||
Diversified — 0.1% | ||||||||
Holding Company – Diversified — 0.1% | ||||||||
Leucadia National Corp. | 11,100 | 302,364 | ||||||
|
| |||||||
Energy — 4.4% | ||||||||
Oil & Gas — 2.2% | ||||||||
Anadarko Petroleum Corp. | 10,600 | 985,694 | ||||||
Atwood Oceanics, Inc. (a) | 2,000 | 110,080 | ||||||
Cabot Oil & Gas Corp. | 9,600 | 358,272 | ||||||
Cheniere Energy, Inc. (a) | 7,700 | 262,878 | ||||||
Cobalt International Energy, Inc. (a) | 400 | 9,944 | ||||||
Continental Resources, Inc. (a) | 600 | 64,356 | ||||||
CVR Energy, Inc. | 26,500 | 1,020,780 | ||||||
EOG Resources, Inc. | 9,300 | 1,574,304 | ||||||
EQT Corp. | 3,100 | 275,032 | ||||||
Gulfport Energy Corp. (a) | 5,700 | 366,738 | ||||||
Noble Energy, Inc. | 2,440 | 163,504 | ||||||
Oasis Petroleum, Inc. (a) | 3,900 | 191,607 | ||||||
Pioneer Natural Resources Co. | 3,300 | 623,040 | ||||||
Questar Corp. | 900 | 20,241 | ||||||
Seadrill Ltd. | 10,800 | 486,864 | ||||||
SM Energy Co. | 2,100 | 162,099 | ||||||
Southwestern Energy Co. (a) | 4,100 | 149,158 | ||||||
Whiting Petroleum Corp. (a) | 500 | 29,925 | ||||||
|
| |||||||
6,854,516 | ||||||||
|
| |||||||
Oil & Gas Services — 2.0% | ||||||||
Cameron International Corp. (a) | 80 | 4,670 | ||||||
Dresser-Rand Group, Inc. (a) | 70 | 4,368 | ||||||
Dril-Quip, Inc. (a) | 1,560 | 179,010 | ||||||
FMC Technologies, Inc. (a) | 400 | 22,168 | ||||||
Halliburton Co. | 37,100 | 1,786,365 | ||||||
Oceaneering International, Inc. | 2,900 | 235,596 | ||||||
RPC, Inc. | 43,303 | 669,897 | ||||||
Schlumberger Ltd. | 39,900 | 3,525,564 | ||||||
|
| |||||||
6,427,638 | ||||||||
|
| |||||||
Pipelines — 0.2% | ||||||||
Kinder Morgan, Inc. | 8,054 | 286,481 | ||||||
ONEOK, Inc. | 4,100 | 218,612 | ||||||
The Williams Cos., Inc. | 3,200 | 116,352 | ||||||
|
| |||||||
621,445 | ||||||||
|
| |||||||
13,903,599 | ||||||||
|
| |||||||
Financial — 5.3% | ||||||||
Banks — 0.0% | ||||||||
Signature Bank (a) | 100 | 9,152 | ||||||
|
| |||||||
Diversified Financial — 2.5% | ||||||||
Affiliated Managers Group, Inc. (a) | 1,860 | 339,710 | ||||||
American Express Co. | 34,200 | 2,582,784 | ||||||
Ameriprise Financial, Inc. | 7,200 | 655,776 |
Number of Shares | Value | |||||||
Artisan Partners Asset Management, Inc. | 2,749 | $ | 143,938 | |||||
BlackRock, Inc. | 1,760 | 476,291 | ||||||
CBOE Holdings, Inc. | 6,300 | 284,949 | ||||||
Eaton Vance Corp. | 3,500 | 135,905 | ||||||
Federated Investors, Inc. Class B | 1,780 | 48,345 | ||||||
Franklin Resources, Inc. | 14,590 | 737,525 | ||||||
IntercontinentalExchange, Inc. (a) | 1,140 | 206,819 | ||||||
Lazard Ltd. Class A | 2,700 | 97,254 | ||||||
LPL Financial Holdings, Inc. | 1,400 | 53,634 | ||||||
Nationstar Mortgage Holdings, Inc. (a) | 12,400 | 697,252 | ||||||
Ocwen Financial Corp. (a) | 6,000 | 334,620 | ||||||
T. Rowe Price Group, Inc. | 6,500 | 467,545 | ||||||
Waddell & Reed Financial, Inc. Class A | 7,100 | 365,508 | ||||||
|
| |||||||
7,627,855 | ||||||||
|
| |||||||
Insurance — 2.2% | ||||||||
Allied World Assurance Co. Holdings Ltd. | 5,100 | 506,889 | ||||||
American Financial Group, Inc. | 8,300 | 448,698 | ||||||
Aon PLC | 6,700 | 498,748 | ||||||
Arch Capital Group Ltd. (a) | 5,000 | 270,650 | ||||||
Arthur J. Gallagher & Co. | 3,200 | 139,680 | ||||||
Axis Capital Holdings Ltd. | 6,700 | 290,177 | ||||||
Brown & Brown, Inc. | 5,000 | 160,500 | ||||||
The Chubb Corp. | 7,600 | 678,376 | ||||||
Endurance Specialty Holdings Ltd. | 9,900 | 531,828 | ||||||
Erie Indemnity Co. Class A | 90 | 6,522 | ||||||
The Hanover Insurance Group, Inc. | 19,100 | 1,056,612 | ||||||
Marsh & McLennan Cos., Inc. | 10,600 | 461,630 | ||||||
The Progressive Corp. | 19,000 | 517,370 | ||||||
Prudential Financial, Inc. | 8,700 | 678,426 | ||||||
The Travelers Cos., Inc. | 7,300 | 618,821 | ||||||
Validus Holdings Ltd. | 3,400 | 125,732 | ||||||
|
| |||||||
6,990,659 | ||||||||
|
| |||||||
Real Estate — 0.1% | ||||||||
CBRE Group, Inc. (a) | 12,700 | 293,751 | ||||||
Realogy Holdings Corp. (a) | 100 | 4,302 | ||||||
The St. Joe Co. (a) | 300 | 5,886 | ||||||
|
| |||||||
303,939 | ||||||||
|
| |||||||
Real Estate Investment Trusts (REITS) — 0.5% | ||||||||
American Tower Corp. | 315 | 23,351 | ||||||
Apartment Investment & Management Co. Class A | 1,400 | 39,116 | ||||||
Boston Properties, Inc. | 930 | 99,417 | ||||||
Digital Realty Trust, Inc. | 100 | 5,310 | ||||||
Equity Lifestyle Properties, Inc. | 3,000 | 102,510 | ||||||
Extra Space Storage, Inc. | 300 | 13,725 | ||||||
Federal Realty Investment Trust | 1,030 | 104,493 | ||||||
OMEGA Healthcare Investors, Inc. | 3,800 | 113,506 | ||||||
Plum Creek Timber Co., Inc. | 3,100 | 145,173 |
The accompanying notes are an integral part of the financial statements.
177
Table of Contents
MassMutual Premier Disciplined Growth Fund – Portfolio of Investments (Continued)
Number of Shares | Value | |||||||
Public Storage | 360 | $ | 57,798 | |||||
Regency Centers Corp. | 2,100 | 101,535 | ||||||
Simon Property Group, Inc. | 2,329 | 345,228 | ||||||
Tanger Factory Outlet Centers, Inc. | 500 | 16,325 | ||||||
Ventas, Inc. | 2,700 | 166,050 | ||||||
Weyerhaeuser Co. | 8,300 | 237,629 | ||||||
|
| |||||||
1,571,166 | ||||||||
|
| |||||||
16,502,771 | ||||||||
|
| |||||||
Industrial — 12.1% | ||||||||
Aerospace & Defense — 2.6% | ||||||||
BE Aerospace, Inc. (a) | 2,600 | 191,932 | ||||||
The Boeing Co. | 32,040 | 3,764,700 | ||||||
Lockheed Martin Corp. | 10,950 | 1,396,673 | ||||||
Rockwell Collins, Inc. | 4,400 | 298,584 | ||||||
Spirit AeroSystems Holdings, Inc. Class A (a) | 500 | 12,120 | ||||||
TransDigm Group, Inc. | 250 | 34,675 | ||||||
United Technologies Corp. | 22,170 | 2,390,369 | ||||||
|
| |||||||
8,089,053 | ||||||||
|
| |||||||
Building Materials — 0.2% | ||||||||
Armstrong World Industries, Inc. (a) | 800 | 43,968 | ||||||
Eagle Materials, Inc. | 500 | 36,275 | ||||||
Fortune Brands Home & Security, Inc. | 4,700 | 195,661 | ||||||
Lennox International, Inc. | 1,410 | 106,117 | ||||||
Martin Marietta Materials, Inc. | 1,040 | 102,097 | ||||||
Masco Corp. | 9,500 | 202,160 | ||||||
|
| |||||||
686,278 | ||||||||
|
| |||||||
Electrical Components & Equipment — 0.4% | ||||||||
AMETEK, Inc. | 4,075 | 187,532 | ||||||
The Babcock & Wilcox Co. | 3,400 | 114,648 | ||||||
Emerson Electric Co. | 12,610 | 815,867 | ||||||
Hubbell, Inc. Class B | 900 | 94,266 | ||||||
|
| |||||||
1,212,313 | ||||||||
|
| |||||||
Electronics — 1.0% | ||||||||
Agilent Technologies, Inc. | 11,920 | 610,900 | ||||||
Amphenol Corp. Class A | 3,500 | 270,830 | ||||||
Dolby Laboratories, Inc. Class A | 930 | 32,094 | ||||||
FLIR Systems, Inc. | 17,900 | 562,060 | ||||||
Gentex Corp/MI | 50,060 | 1,281,036 | ||||||
Mettler-Toledo International, Inc. (a) | 160 | 38,414 | ||||||
Trimble Navigation Ltd. (a) | 1,220 | 36,246 | ||||||
Waters Corp. (a) | 3,140 | 333,500 | ||||||
|
| |||||||
3,165,080 | ||||||||
|
| |||||||
Engineering & Construction — 0.7% | ||||||||
AECOM Technology Corp. (a) | 47,400 | 1,482,198 | ||||||
Chicago Bridge & Iron Co. NV | 5,000 | 338,850 | ||||||
Fluor Corp. | 4,300 | 305,128 | ||||||
|
| |||||||
2,126,176 | ||||||||
|
|
Number of Shares | Value | |||||||
Environmental Controls — 0.1% | ||||||||
Clean Harbors, Inc. (a) | 700 | $ | 41,062 | |||||
Stericycle, Inc. (a) | 360 | 41,544 | ||||||
Waste Connections, Inc. | 3,400 | 154,394 | ||||||
|
| |||||||
237,000 | ||||||||
|
| |||||||
Hand & Machine Tools — 0.1% | ||||||||
Lincoln Electric Holdings, Inc. | 6,000 | 399,720 | ||||||
Snap-on, Inc. | 300 | 29,850 | ||||||
|
| |||||||
429,570 | ||||||||
|
| |||||||
Machinery – Construction & Mining — 0.2% | ||||||||
Caterpillar, Inc. | 1,590 | 132,558 | ||||||
Ingersoll-Rand PLC | 7,800 | 506,532 | ||||||
|
| |||||||
639,090 | ||||||||
|
| |||||||
Machinery – Diversified — 1.4% | ||||||||
Cummins, Inc. | 5,700 | 757,359 | ||||||
Deere & Co. | 8,600 | 699,954 | ||||||
Flowserve Corp. | 4,390 | 273,892 | ||||||
Graco, Inc. | 1,900 | 140,714 | ||||||
IDEX Corp. | 6,850 | 446,962 | ||||||
The Manitowoc Co., Inc. | 45,200 | 885,016 | ||||||
Nordson Corp. | 2,200 | 161,986 | ||||||
Rockwell Automation, Inc. | 5,300 | 566,782 | ||||||
Roper Industries, Inc. | 1,870 | 248,467 | ||||||
Wabtec Corp. | 2,800 | 176,036 | ||||||
Zebra Technologies Corp. Class A (a) | 1,750 | 79,678 | ||||||
|
| |||||||
4,436,846 | ||||||||
|
| |||||||
Manufacturing — 2.0% | ||||||||
3M Co. | 6,920 | 826,317 | ||||||
A.O. Smith Corp. | 8,900 | 402,280 | ||||||
AptarGroup, Inc. | 1,500 | 90,195 | ||||||
Carlisle Cos., Inc. | 200 | 14,058 | ||||||
Colfax Corp. (a) | 5,900 | 333,291 | ||||||
Crane Co. | 11,900 | 733,873 | ||||||
Danaher Corp. | 3,420 | 237,074 | ||||||
Donaldson Co., Inc. | 200 | 7,626 | ||||||
Dover Corp. | 7,000 | 628,810 | ||||||
Honeywell International, Inc. | 24,660 | 2,047,767 | ||||||
Illinois Tool Works, Inc. | 4,600 | 350,842 | ||||||
ITT Corp. | 13,400 | 481,730 | ||||||
Pall Corp. | 3,300 | 254,232 | ||||||
|
| |||||||
6,408,095 | ||||||||
|
| |||||||
Metal Fabricate & Hardware — 0.2% | ||||||||
Precision Castparts Corp. | 210 | 47,720 | ||||||
Valmont Industries, Inc. | 4,790 | 665,379 | ||||||
|
| |||||||
713,099 | ||||||||
|
| |||||||
Packaging & Containers — 1.0% | ||||||||
Ball Corp. | 4,400 | 197,472 | ||||||
Crown Holdings, Inc. (a) | 5,800 | 245,224 | ||||||
Greif, Inc. Class A | 6,001 | 294,229 | ||||||
Owens-Illinois, Inc. (a) | 9,100 | 273,182 |
The accompanying notes are an integral part of the financial statements.
178
Table of Contents
MassMutual Premier Disciplined Growth Fund – Portfolio of Investments (Continued)
Number of Shares | Value | |||||||
Packaging Corporation of America | 18,000 | $ | 1,027,620 | |||||
Sealed Air Corp. | 38,100 | 1,035,939 | ||||||
Silgan Holdings, Inc. | 2,500 | 117,500 | ||||||
|
| |||||||
3,191,166 | ||||||||
|
| |||||||
Shipbuilding — 0.3% | ||||||||
Huntington Ingalls Industries, Inc. | 11,900 | 802,060 | ||||||
|
| |||||||
Transportation — 1.4% | ||||||||
C.H. Robinson Worldwide, Inc. | 300 | 17,868 | ||||||
Con-way, Inc. | 16,500 | 710,985 | ||||||
CSX Corp. | 17,900 | 460,746 | ||||||
Expeditors International of Washington, Inc. | 2,700 | 118,962 | ||||||
J.B. Hunt Transport Services, Inc. | 100 | 7,293 | ||||||
Kansas City Southern | 610 | 66,709 | ||||||
Kirby Corp. (a) | 1,140 | 98,667 | ||||||
Landstar System, Inc. | 1,060 | 59,339 | ||||||
Norfolk Southern Corp. | 200 | 15,470 | ||||||
Union Pacific Corp. | 13,120 | 2,038,061 | ||||||
United Continental Holdings, Inc. (a) | 17,455 | 536,043 | ||||||
United Parcel Service, Inc. Class B | 3,100 | 283,247 | ||||||
|
| |||||||
4,413,390 | ||||||||
|
| |||||||
Trucking & Leasing — 0.5% | ||||||||
AMERCO | 8,010 | 1,474,881 | ||||||
|
| |||||||
38,024,097 | ||||||||
|
| |||||||
Technology — 16.8% | ||||||||
Computers — 7.5% | ||||||||
3D Systems Corp. (a) | 3,700 | 199,763 | ||||||
Accenture PLC Class A | 21,800 | 1,605,352 | ||||||
Apple, Inc. | 23,269 | 11,093,496 | ||||||
Cadence Design Systems, Inc. (a) | 9,400 | 126,900 | ||||||
DST Systems, Inc. | 2,320 | 174,951 | ||||||
EMC Corp. | 44,980 | 1,149,689 | ||||||
IHS, Inc. Class A (a) | 200 | 22,836 | ||||||
International Business Machines Corp. | 35,700 | 6,610,926 | ||||||
Jack Henry & Associates, Inc. | 7,500 | 387,075 | ||||||
MICROS Systems, Inc. (a) | 600 | 29,964 | ||||||
NCR Corp. (a) | 5,160 | 204,388 | ||||||
NetApp, Inc. | 23,160 | 987,079 | ||||||
Riverbed Technology, Inc. (a) | 5,100 | 74,409 | ||||||
SanDisk Corp. | 14,100 | 839,091 | ||||||
Teradata Corp. (a) | 2,200 | 121,968 | ||||||
|
| |||||||
23,627,887 | ||||||||
|
| |||||||
Office Equipment/Supplies — 0.2% | ||||||||
Pitney Bowes, Inc. | 43,500 | 791,265 | ||||||
|
| |||||||
Semiconductors — 2.6% | ||||||||
Advanced Micro Devices, Inc. (a) | 13,900 | 52,820 | ||||||
Altera Corp. | 800 | 29,728 | ||||||
Analog Devices, Inc. | 3,880 | 182,554 | ||||||
Applied Materials, Inc. | 8,700 | 152,598 |
Number of Shares | Value | |||||||
Avago Technologies Ltd. | 4,000 | $ | 172,480 | |||||
Broadcom Corp. Class A | 5,400 | 140,454 | ||||||
Cree, Inc. (a) | 4,800 | 288,912 | ||||||
Freescale Semiconductor Ltd. (a) | 28,300 | 471,195 | ||||||
Intel Corp. | 14,900 | 341,508 | ||||||
Lam Research Corp. (a) | 18,700 | 957,253 | ||||||
Linear Technology Corp. | 12,920 | 512,407 | ||||||
LSI Corp. | 60,900 | 476,238 | ||||||
Maxim Integrated Products, Inc. | 600 | 17,880 | ||||||
Microchip Technology, Inc. | 7,000 | 282,030 | ||||||
ON Semiconductor Corp. (a) | 17,600 | 128,480 | ||||||
Rovi Corp. (a) | 54,400 | 1,042,848 | ||||||
Silicon Laboratories, Inc. (a) | 1,400 | 59,794 | ||||||
Skyworks Solutions, Inc. (a) | 3,000 | 74,520 | ||||||
Texas Instruments, Inc. | 51,950 | 2,092,026 | ||||||
Xilinx, Inc. | 14,110 | 661,195 | ||||||
|
| |||||||
8,136,920 | ||||||||
|
| |||||||
Software — 6.5% | ||||||||
Adobe Systems, Inc. (a) | 5,950 | 309,043 | ||||||
ANSYS, Inc. (a) | 4,700 | 406,644 | ||||||
Autodesk, Inc. (a) | 1,250 | 51,462 | ||||||
Broadridge Financial Solutions, Inc. | 4,260 | 135,255 | ||||||
Cerner Corp. (a) | 1,700 | 89,335 | ||||||
Citrix Systems, Inc. (a) | 3,100 | 218,891 | ||||||
The Dun & Bradstreet Corp. | 4,420 | 459,017 | ||||||
Electronic Arts, Inc. (a) | 19,300 | 493,115 | ||||||
Fidelity National Information Services, Inc. | 3,800 | 176,472 | ||||||
Fiserv, Inc. (a) | 4,950 | 500,197 | ||||||
Informatica Corp. (a) | 4,600 | 179,262 | ||||||
Intuit, Inc. | 6,760 | 448,256 | ||||||
Microsoft Corp. | 297,460 | 9,908,393 | ||||||
MSCI, Inc. (a) | 1,000 | 40,260 | ||||||
NetSuite, Inc. (a) | 1,020 | 110,099 | ||||||
Oracle Corp. | 169,100 | 5,609,047 | ||||||
Red Hat, Inc. (a) | 4,700 | 216,858 | ||||||
Salesforce.com, Inc. (a) | 4,740 | 246,053 | ||||||
SEI Investments Co. | 1,800 | 55,638 | ||||||
Solarwinds, Inc. (a) | 1,900 | 66,614 | ||||||
Solera Holdings, Inc. | 2,900 | 153,323 | ||||||
Splunk, Inc. (a) | 3,100 | 186,124 | ||||||
VMware, Inc. Class A (a) | 2,480 | 200,632 | ||||||
|
| |||||||
20,259,990 | ||||||||
|
| |||||||
52,816,062 | ||||||||
|
| |||||||
Utilities — 0.1% | ||||||||
Electric — 0.1% | ||||||||
ITC Holdings Corp. | 2,400 | 225,264 | ||||||
|
|
The accompanying notes are an integral part of the financial statements.
179
Table of Contents
MassMutual Premier Disciplined Growth Fund – Portfolio of Investments (Continued)
Number of Shares | Value | |||||||
Water — 0.0% | ||||||||
Aqua America, Inc. | 8,125 | $ | 200,931 | |||||
|
| |||||||
426,195 | ||||||||
|
| |||||||
TOTAL COMMON STOCK (Cost $286,488,632) | 313,880,045 | |||||||
|
| |||||||
TOTAL EQUITIES (Cost $286,488,632) | 313,880,045 | |||||||
|
| |||||||
TOTAL LONG-TERM INVESTMENTS (Cost $286,488,632) | 313,880,045 | |||||||
|
| |||||||
Principal Amount | ||||||||
SHORT-TERM INVESTMENTS — 0.2% | ||||||||
Repurchase Agreement — 0.2% | ||||||||
State Street Bank & Trust Co. Repurchase Agreement, dated 9/30/13, 0.010%, due 10/01/13 (b) | $ | 451,775 | 451,775 | |||||
|
| |||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $451,775) | 451,775 | |||||||
|
| |||||||
TOTAL INVESTMENTS — 100.2% (Cost $286,940,407) (c) | 314,331,820 | |||||||
Other Assets/(Liabilities) — (0.2)% | (530,689 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 313,801,131 | ||||||
|
|
Notes to Portfolio of Investments
(a) | Non-income producing security. |
(b) | Maturity value of $451,775. Collateralized by U.S. Government Agency obligations with a rate of 2.750%, maturity date of 11/15/28, and an aggregate market value, including accrued interest, of $462,648. |
(c) | See Note 6 for aggregate cost for federal tax purposes. |
The accompanying notes are an integral part of the financial statements.
180
Table of Contents
MassMutual Premier Small Cap Opportunities Fund – Portfolio of Investments
September 30, 2013
Number of Shares | Value | |||||||
EQUITIES — 97.6% | ||||||||
COMMON STOCK — 97.6% | ||||||||
Basic Materials — 6.0% | ||||||||
Chemicals — 2.5% | ||||||||
A. Schulman, Inc. | 54,031 | $ | 1,591,753 | |||||
Cytec Industries, Inc. | 16,977 | 1,381,249 | ||||||
W.R. Grace & Co. (a) | 15,978 | 1,396,477 | ||||||
|
| |||||||
4,369,479 | ||||||||
|
| |||||||
Forest Products & Paper — 1.6% | ||||||||
P.H. Glatfelter Co. | 103,759 | 2,808,756 | ||||||
|
| |||||||
Mining — 1.9% | ||||||||
Century Aluminum Co. (a) | 151,510 | 1,219,656 | ||||||
Kaiser Aluminum Corp. | 27,920 | 1,989,300 | ||||||
|
| |||||||
3,208,956 | ||||||||
|
| |||||||
10,387,191 | ||||||||
|
| |||||||
Communications — 3.9% | ||||||||
Internet — 2.0% | ||||||||
FireEye, Inc. (a) | 2,360 | 98,011 | ||||||
Liquidity Services, Inc. (a) (b) | 23,770 | 797,721 | ||||||
TIBCO Software, Inc. (a) | 38,779 | 992,355 | ||||||
Web.com Group, Inc. (a) | 48,380 | 1,564,609 | ||||||
|
| |||||||
3,452,696 | ||||||||
|
| |||||||
Telecommunications — 1.9% | ||||||||
Finisar Corp. (a) | 141,537 | 3,202,982 | ||||||
|
| |||||||
6,655,678 | ||||||||
|
| |||||||
Consumer, Cyclical — 12.4% | ||||||||
Airlines — 0.5% | ||||||||
Spirit Airlines, Inc. (a) | 26,240 | 899,245 | ||||||
|
| |||||||
Automotive & Parts — 2.6% | ||||||||
Dana Holding Corp. | 197,528 | 4,511,539 | ||||||
|
| |||||||
Distribution & Wholesale — 0.5% | ||||||||
Pool Corp. | 15,912 | 893,141 | ||||||
|
| |||||||
Home Builders — 0.5% | ||||||||
Toll Brothers, Inc. (a) | 26,723 | 866,627 | ||||||
|
| |||||||
Retail — 6.6% | ||||||||
Brinker International, Inc. | 39,230 | 1,589,992 | ||||||
Dunkin’ Brands Group, Inc. | 30,654 | 1,387,400 | ||||||
Nu Skin Enterprises, Inc. Class A | 26,920 | 2,577,321 | ||||||
Pier 1 Imports, Inc. | 113,733 | 2,220,068 | ||||||
Signet Jewelers Ltd. | 22,890 | 1,640,068 | ||||||
Texas Roadhouse, Inc. | 73,700 | 1,936,836 | ||||||
|
| |||||||
11,351,685 | ||||||||
|
| |||||||
Storage & Warehousing — 1.7% | ||||||||
Mobile Mini, Inc. (a) | 45,050 | 1,534,403 | ||||||
Wesco Aircraft Holdings, Inc. (a) | 63,430 | 1,327,590 | ||||||
|
| |||||||
2,861,993 | ||||||||
|
| |||||||
21,384,230 | ||||||||
|
|
Number of Shares | Value | |||||||
Consumer, Non-cyclical — 21.6% | ||||||||
Biotechnology — 0.8% | ||||||||
Avant Immunotherapeutics, Inc. (a) | 26,130 | $ | 925,786 | |||||
Foundation Medicine, Inc. (a) | 1,770 | 70,163 | ||||||
Merrimack Pharmaceuticals, Inc. (a) (b) | 79,860 | 303,468 | ||||||
|
| |||||||
1,299,417 | ||||||||
|
| |||||||
Commercial Services — 9.5% | ||||||||
KAR Auction Services, Inc. | 122,480 | 3,455,161 | ||||||
Korn/Ferry International (a) | 126,743 | 2,712,300 | ||||||
LifeLock, Inc. (a) (b) | 124,370 | 1,844,407 | ||||||
MAXIMUS, Inc. | 39,928 | 1,798,357 | ||||||
Monro Muffler Brake, Inc. | 24,842 | 1,154,904 | ||||||
Robert Half International, Inc. | 94,871 | 3,702,815 | ||||||
Team Health Holdings, Inc. (a) | 48,140 | 1,826,432 | ||||||
|
| |||||||
16,494,376 | ||||||||
|
| |||||||
Foods — 1.5% | ||||||||
Flowers Foods, Inc. | 118,340 | 2,537,210 | ||||||
|
| |||||||
Health Care – Products — 1.1% | ||||||||
Dexcom, Inc. (a) | 52,790 | 1,490,262 | ||||||
Spectranetics Corp. (a) | 21,630 | 362,951 | ||||||
|
| |||||||
1,853,213 | ||||||||
|
| |||||||
Health Care – Services — 4.3% | ||||||||
HealthSouth Corp. | 92,553 | 3,191,227 | ||||||
Vanguard Health Systems, Inc. (a) | 51,190 | 1,075,502 | ||||||
WellCare Health Plans, Inc. (a) | 44,836 | 3,126,863 | ||||||
|
| |||||||
7,393,592 | ||||||||
|
| |||||||
Household Products — 0.9% | ||||||||
Acco Brands Corp. (a) | 247,000 | 1,640,080 | ||||||
|
| |||||||
Pharmaceuticals — 3.5% | ||||||||
AcelRx Pharmaceuticals, Inc. (a) | 36,780 | 396,121 | ||||||
Keryx Biopharmaceuticals, Inc. (a) (b) | 97,600 | 985,760 | ||||||
Medivation, Inc. (a) | 12,530 | 751,048 | ||||||
Questcor Pharmaceuticals, Inc. | 17,865 | 1,036,170 | ||||||
Santarus, Inc. (a) | 92,925 | 2,097,317 | ||||||
Sarepta Therapeutics, Inc. (a) (b) | 17,560 | 829,359 | ||||||
|
| |||||||
6,095,775 | ||||||||
|
| |||||||
37,313,663 | ||||||||
|
| |||||||
Energy — 6.3% | ||||||||
Energy – Alternate Sources — 1.2% | ||||||||
Renewable Energy Group, Inc. (a) | 137,112 | 2,077,247 | ||||||
|
| |||||||
Oil & Gas — 4.1% | ||||||||
EPL Oil & Gas, Inc. (a) | 108,665 | 4,032,558 | ||||||
Western Refining, Inc. (b) | 100,550 | 3,020,522 | ||||||
|
| |||||||
7,053,080 | ||||||||
|
|
The accompanying notes are an integral part of the financial statements.
181
Table of Contents
MassMutual Premier Small Cap Opportunities Fund – Portfolio of Investments (Continued)
Number of Shares | Value | |||||||
Pipelines — 1.0% | ||||||||
Phillips 66 Partners LP (a) | 58,000 | $ | 1,784,080 | |||||
|
| |||||||
10,914,407 | ||||||||
|
| |||||||
Financial — 23.2% | ||||||||
Banks — 3.0% | ||||||||
CapitalSource, Inc. | 165,972 | 1,971,747 | ||||||
FirstMerit Corp. | 77,469 | 1,681,852 | ||||||
Webster Financial Corp. | 60,550 | 1,545,842 | ||||||
|
| |||||||
5,199,441 | ||||||||
|
| |||||||
Diversified Financial — 4.0% | ||||||||
Financial Engines, Inc. | 68,404 | 4,065,934 | ||||||
Ocwen Financial Corp. (a) | 20,534 | 1,145,181 | ||||||
WisdomTree Investments, Inc. (a) | 144,010 | 1,671,956 | ||||||
|
| |||||||
6,883,071 | ||||||||
|
| |||||||
Insurance — 0.7% | ||||||||
AmTrust Financial Services, Inc. (b) | 33,788 | 1,319,759 | ||||||
|
| |||||||
Investment Companies — 1.8% | ||||||||
Home Loan Servicing Solutions Ltd. | 142,180 | 3,129,382 | ||||||
|
| |||||||
Real Estate Investment Trusts (REITS) — 9.6% | ||||||||
Apollo Commercial Real Estate Finance, Inc. | 118,342 | 1,807,082 | ||||||
Ares Commercial Real Estate Corp. (b) | 48,499 | 602,843 | ||||||
Chatham Lodging Trust | 93,735 | 1,674,107 | ||||||
Hatteras Financial Corp. | 121,575 | 2,274,668 | ||||||
LaSalle Hotel Properties | 135,396 | 3,861,494 | ||||||
Mid-America Apartment Communities, Inc. | 39,171 | 2,448,187 | ||||||
Redwood Trust, Inc. (b) | 95,240 | 1,875,276 | ||||||
Starwood Property Trust, Inc. | 85,646 | 2,052,935 | ||||||
|
| |||||||
16,596,592 | ||||||||
|
| |||||||
Savings & Loans — 4.1% | ||||||||
BankUnited, Inc. | 64,318 | 2,006,078 | ||||||
First Niagara Financial Group, Inc. | 249,410 | 2,586,382 | ||||||
Flagstar Bancorp, Inc. (a) | 74,350 | 1,097,406 | ||||||
Oritani Financial Corp. | 81,288 | 1,338,001 | ||||||
|
| |||||||
7,027,867 | ||||||||
|
| |||||||
40,156,112 | ||||||||
|
| |||||||
Industrial — 13.5% | ||||||||
Building Materials — 1.1% | ||||||||
Boise Cascade Co. (a) | 69,330 | 1,868,444 | ||||||
|
| |||||||
Electrical Components & Equipment — 1.2% | ||||||||
General Cable Corp. | 23,600 | 749,300 | ||||||
Greatbatch, Inc. (a) | 37,732 | 1,284,020 | ||||||
|
| |||||||
2,033,320 | ||||||||
|
| |||||||
Electronics — 1.5% | ||||||||
Imax Corp. (a) (b) | 86,051 | 2,602,182 | ||||||
|
|
Number of Shares | Value | |||||||
Engineering & Construction — 1.7% | ||||||||
AECOM Technology Corp. (a) | 42,266 | $ | 1,321,658 | |||||
KBR, Inc. | 51,196 | 1,671,037 | ||||||
|
| |||||||
2,992,695 | ||||||||
|
| |||||||
Environmental Controls — 1.8% | ||||||||
Waste Connections, Inc. | 66,634 | 3,025,850 | ||||||
|
| |||||||
Machinery – Diversified — 1.2% | ||||||||
Wabtec Corp. | 33,752 | 2,121,988 | ||||||
|
| |||||||
Packaging & Containers — 1.0% | ||||||||
Packaging Corporation of America | 30,339 | 1,732,054 | ||||||
|
| |||||||
Transportation — 2.7% | ||||||||
Hub Group, Inc. Class A (a) | 35,357 | 1,387,055 | ||||||
Old Dominion Freight Line, Inc. (a) | 43,181 | 1,985,894 | ||||||
Swift Transportation Co. (a) | 63,069 | 1,273,363 | ||||||
|
| |||||||
4,646,312 | ||||||||
|
| |||||||
Trucking & Leasing — 1.3% | ||||||||
The Greenbrier Cos., Inc. (a) | 89,870 | 2,222,485 | ||||||
|
| |||||||
23,245,330 | ||||||||
|
| |||||||
Technology — 9.6% | ||||||||
Computers — 2.1% | ||||||||
Fortinet, Inc. (a) | 108,157 | 2,191,261 | ||||||
j2 Global, Inc. | 28,726 | 1,422,511 | ||||||
|
| |||||||
3,613,772 | ||||||||
|
| |||||||
Semiconductors — 3.8% | ||||||||
Cavium, Inc. (a) | 55,410 | 2,282,892 | ||||||
Semtech Corp. (a) | 65,259 | 1,957,117 | ||||||
Skyworks Solutions, Inc. (a) | 92,188 | 2,289,950 | ||||||
|
| |||||||
6,529,959 | ||||||||
|
| |||||||
Software — 3.7% | ||||||||
Guidewire Software, Inc. (a) | 56,850 | 2,678,203 | ||||||
Infoblox, Inc. (a) | 20,430 | 854,383 | ||||||
Servicenow, Inc. (a) | 31,830 | 1,653,569 | ||||||
Splunk, Inc. (a) | 21,753 | 1,306,050 | ||||||
|
| |||||||
6,492,205 | ||||||||
|
| |||||||
16,635,936 | ||||||||
|
| |||||||
Utilities — 1.1% | ||||||||
Gas — 0.6% | ||||||||
PAA Natural Gas Storage LP | 43,170 | 1,005,429 | ||||||
|
| |||||||
Water — 0.5% | ||||||||
Aqua America, Inc. | 37,763 | 933,879 | ||||||
|
| |||||||
1,939,308 | ||||||||
|
| |||||||
TOTAL COMMON STOCK (Cost $134,271,116) | 168,631,855 | |||||||
|
| |||||||
TOTAL EQUITIES (Cost $134,271,116) | 168,631,855 | |||||||
|
|
The accompanying notes are an integral part of the financial statements.
182
Table of Contents
MassMutual Premier Small Cap Opportunities Fund – Portfolio of Investments (Continued)
Number of Shares | Value | |||||||
MUTUAL FUNDS — 6.8% | ||||||||
Diversified Financial — 6.8% | ||||||||
State Street Navigator Securities Lending Prime Portfolio (c) | 11,743,903 | $ | 11,743,903 | |||||
|
| |||||||
TOTAL MUTUAL FUNDS (Cost $11,743,903) | 11,743,903 | |||||||
|
| |||||||
TOTAL LONG-TERM INVESTMENTS (Cost $146,015,019) | 180,375,758 | |||||||
|
| |||||||
Principal Amount | ||||||||
SHORT-TERM INVESTMENTS — 3.4% | ||||||||
Repurchase Agreement — 3.4% | ||||||||
State Street Bank & Trust Co. Repurchase Agreement, dated 9/30/13, 0.010%, due 10/01/13 (d) | $ | 5,840,111 | 5,840,111 | |||||
|
| |||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $5,840,111) | 5,840,111 | |||||||
|
| |||||||
TOTAL INVESTMENTS — 107.8% (Cost $151,855,130) (e) | 186,215,869 | |||||||
Other Assets/(Liabilities) — (7.8)% | (13,513,319 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 172,702,550 | ||||||
|
|
Notes to Portfolio of Investments
(a) | Non-income producing security. |
(b) | Denotes all or a portion of security on loan. The total value of securities on loan as of September 30, 2013, was $11,435,142. Total securities on loan may not correspond with the amounts identified in the Portfolio of Investments because pending sales may be in the process of recall from the brokers. (Note 2). |
(c) | Represents investment of security lending collateral. (Note 2). |
(d) | Maturity value of $5,840,112. Collateralized by U.S. Government Agency obligations with a rate of 3.500%, maturity date of 8/15/29, and an aggregate market value, including accrued interest, of $5,957,975. |
(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 Global Fund – Portfolio of Investments
September 30, 2013
Number of Shares | Value | |||||||
EQUITIES — 98.6% | ||||||||
COMMON STOCK — 96.5% | ||||||||
Basic Materials — 1.0% | ||||||||
Chemicals — 1.0% | ||||||||
Linde AG | 19,698 | $ | 3,903,529 | |||||
|
| |||||||
Communications — 16.2% | ||||||||
Internet — 5.5% | ||||||||
eBay, Inc. (a) | 152,280 | 8,495,701 | ||||||
Facebook, Inc. Class A (a) | 90,620 | 4,552,749 | ||||||
Google, Inc. Class A (a) | 10,420 | 9,126,982 | ||||||
|
| |||||||
22,175,432 | ||||||||
|
| |||||||
Media — 5.1% | ||||||||
Grupo Televisa SAB Sponsored ADR (Mexico) | 116,900 | 3,267,355 | ||||||
The McGraw Hill Financial, Inc. | 111,090 | 7,286,393 | ||||||
The Walt Disney Co. | 120,180 | 7,750,408 | ||||||
Zee Entertainment Enterprises Ltd. | 556,600 | 2,043,581 | ||||||
|
| |||||||
20,347,737 | ||||||||
|
| |||||||
Telecommunications — 5.6% | ||||||||
Juniper Networks, Inc. (a) | 155,500 | 3,088,230 | ||||||
KDDI Corp. (b) | 126,646 | 6,518,936 | ||||||
Telefonaktiebolaget LM Ericsson | 966,654 | 12,875,083 | ||||||
|
| |||||||
22,482,249 | ||||||||
|
| |||||||
65,005,418 | ||||||||
|
| |||||||
Consumer, Cyclical — 7.9% | ||||||||
Apparel — 1.1% | ||||||||
Tod’s SpA | 22,651 | 4,247,165 | ||||||
|
| |||||||
Entertainment — 0.4% | ||||||||
Gtech SpA | 61,007 | 1,742,342 | ||||||
|
| |||||||
Retail — 6.3% | ||||||||
Inditex SA | 46,825 | 7,235,790 | ||||||
Kering | 33,300 | 7,466,370 | ||||||
McDonald’s Corp. | 57,300 | 5,512,833 | ||||||
Tiffany & Co. | 63,980 | 4,902,148 | ||||||
|
| |||||||
25,117,141 | ||||||||
|
| |||||||
Textiles — 0.1% | ||||||||
Brunello Cucinelli SpA | 14,676 | 477,012 | ||||||
|
| |||||||
31,583,660 | ||||||||
|
| |||||||
Consumer, Non-cyclical — 19.1% | ||||||||
Beverages — 1.9% | ||||||||
Companhia de Bebidas das Americas ADR (Brazil) | 78,700 | 3,018,145 | ||||||
Fomento Economico Mexicano SAB de CV, Series B Sponsored ADR (Mexico) | 46,673 | 4,531,482 | ||||||
|
| |||||||
7,549,627 | ||||||||
|
|
Number of Shares | Value | |||||||
Biotechnology — 1.4% | ||||||||
Biogen Idec, Inc. (a) | 8,390 | $ | 2,019,976 | |||||
Vertex Pharmaceuticals, Inc. (a) | 48,490 | 3,676,512 | ||||||
|
| |||||||
5,696,488 | ||||||||
|
| |||||||
Cosmetics & Personal Care — 1.7% | ||||||||
Colgate-Palmolive Co. | 116,530 | 6,910,229 | ||||||
|
| |||||||
Foods — 2.6% | ||||||||
Nestle SA | 61,504 | 4,307,871 | ||||||
Unilever PLC | 154,932 | 5,983,736 | ||||||
|
| |||||||
10,291,607 | ||||||||
|
| |||||||
Health Care – Products — 1.6% | ||||||||
St. Jude Medical, Inc. | 39,800 | 2,134,872 | ||||||
Zimmer Holdings, Inc. | 48,980 | 4,023,217 | ||||||
|
| |||||||
6,158,089 | ||||||||
|
| |||||||
Health Care – Services — 3.6% | ||||||||
Aetna, Inc. | 97,330 | 6,231,066 | ||||||
WellPoint, Inc. | 99,670 | 8,333,409 | ||||||
|
| |||||||
14,564,475 | ||||||||
|
| |||||||
Pharmaceuticals — 6.3% | ||||||||
Allergan, Inc. | 28,450 | 2,573,303 | ||||||
Bayer AG | 50,198 | 5,919,057 | ||||||
Gilead Sciences, Inc. (a) | 70,930 | 4,457,241 | ||||||
Medivation, Inc. (a) | 19,850 | 1,189,809 | ||||||
Roche Holding AG | 17,318 | 4,671,664 | ||||||
Shire Ltd. | 74,230 | 2,972,195 | ||||||
Theravance, Inc. (a) (b) | 83,580 | 3,417,586 | ||||||
ThromboGenics NV (a) (b) | 2,246 | 58,310 | ||||||
|
| |||||||
25,259,165 | ||||||||
|
| |||||||
76,429,680 | ||||||||
|
| |||||||
Diversified — 2.1% | ||||||||
Holding Company – Diversified — 2.1% | ||||||||
LVMH Moet Hennessy Louis Vuitton SA | 42,420 | 8,360,318 | ||||||
|
| |||||||
Energy — 3.4% | ||||||||
Oil & Gas — 0.8% | ||||||||
Repsol YPF SA | 133,249 | 3,314,391 | ||||||
|
| |||||||
Oil & Gas Services — 2.6% | ||||||||
Technip SA | 61,810 | 7,260,103 | ||||||
Transocean Ltd. | 65,382 | 2,909,499 | ||||||
|
| |||||||
10,169,602 | ||||||||
|
| |||||||
13,483,993 | ||||||||
|
| |||||||
Financial — 18.3% | ||||||||
Banks — 6.4% | ||||||||
Banco Bilbao Vizcaya Argentaria SA | 456,814 | 5,132,080 | ||||||
Deutsche Bank AG | 134,599 | 6,180,201 | ||||||
ICICI Bank Ltd. Sponsored ADR (India) | 137,200 | 4,181,856 |
The accompanying notes are an integral part of the financial statements.
184
Table of Contents
MassMutual Premier Global Fund – Portfolio of Investments (Continued)
Number of Shares | Value | |||||||
Itau Unibanco Holding SA Sponsored ADR (Brazil) | 243,791 | $ | 3,442,329 | |||||
Societe Generale SA | 55,520 | 2,768,903 | ||||||
Sumitomo Mitsui Financial Group, Inc. (b) | 84,100 | 4,082,884 | ||||||
|
| |||||||
25,788,253 | ||||||||
|
| |||||||
Diversified Financial — 6.5% | ||||||||
BM&F BOVESPA SA | 559,300 | 3,124,186 | ||||||
Citigroup, Inc. | 93,130 | 4,517,736 | ||||||
Credit Suisse Group | 123,249 | 3,776,750 | ||||||
The Goldman Sachs Group, Inc. | 25,770 | 4,077,072 | ||||||
Moscow Exchange OAO (c) | 1,031,479 | 1,973,727 | ||||||
UBS AG | 426,312 | 8,721,548 | ||||||
|
| |||||||
26,191,019 | ||||||||
|
| |||||||
Insurance — 4.8% | ||||||||
Allianz SE | 40,721 | 6,401,493 | ||||||
The Dai-ichi Life Insurance Co. Ltd. (b) | 292,100 | 4,186,885 | ||||||
Fidelity National Financial, Inc. Class A | 92,660 | 2,464,756 | ||||||
Prudential PLC | 325,842 | 6,074,538 | ||||||
|
| |||||||
19,127,672 | ||||||||
|
| |||||||
Real Estate — 0.6% | ||||||||
DLF Ltd. | 1,133,358 | 2,305,801 | ||||||
|
| |||||||
73,412,745 | ||||||||
|
| |||||||
Industrial — 16.5% | ||||||||
Aerospace & Defense — 3.7% | ||||||||
Embraer SA Sponsored ADR (Brazil) (b) | 110,580 | 3,590,533 | ||||||
European Aeronautic Defence and Space Co. | 175,700 | 11,199,009 | ||||||
|
| |||||||
14,789,542 | ||||||||
|
| |||||||
Electrical Components & Equipment — 1.6% | ||||||||
Emerson Electric Co. | 58,900 | 3,810,830 | ||||||
OSRAM Licht AG (a) | 4,961 | 232,900 | ||||||
Prysmian SpA | 94,285 | 2,307,781 | ||||||
|
| |||||||
6,351,511 | ||||||||
|
| |||||||
Electronics — 5.1% | ||||||||
Fanuc Corp. (b) | 15,800 | 2,612,784 | ||||||
Keyence Corp. (b) | 14,820 | 5,644,782 | ||||||
Kyocera Corp. (b) | 59,200 | 3,154,155 | ||||||
Murata Manufacturing Co. Ltd. (b) | 74,710 | 5,724,796 | ||||||
Nidec Corp. (b) | 41,900 | 3,469,688 | ||||||
|
| |||||||
20,606,205 | ||||||||
|
| |||||||
Machinery – Diversified — 0.5% | ||||||||
FLSmidth & Co. A/S (b) | 34,909 | 1,879,999 | ||||||
|
| |||||||
Manufacturing — 2.9% | ||||||||
3M Co. | 50,110 | 5,983,635 | ||||||
Siemens AG | 47,634 | 5,742,711 | ||||||
|
| |||||||
11,726,346 | ||||||||
|
|
Number of Shares | Value | |||||||
Metal Fabricate & Hardware — 1.6% | ||||||||
Assa Abloy AB Series B | 142,034 | $ | 6,521,376 | |||||
|
| |||||||
Transportation — 1.1% | ||||||||
United Parcel Service, Inc. Class B | 46,130 | 4,214,898 | ||||||
|
| |||||||
66,089,877 | ||||||||
|
| |||||||
Technology — 11.5% | ||||||||
Computers — 0.5% | ||||||||
Fusion-io, Inc. (a) (b) | 153,030 | 2,049,072 | ||||||
|
| |||||||
Semiconductors — 4.1% | ||||||||
Altera Corp. | 187,500 | 6,967,500 | ||||||
Maxim Integrated Products, Inc. | 193,770 | 5,774,346 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd. | 1,043,505 | 3,548,028 | ||||||
|
| |||||||
16,289,874 | ||||||||
|
| |||||||
Software — 6.9% | ||||||||
Adobe Systems, Inc. (a) | 124,400 | 6,461,336 | ||||||
Infosys Technologies Ltd. | 40,326 | 1,938,912 | ||||||
Intuit, Inc. | 87,710 | 5,816,050 | ||||||
Microsoft Corp. | 156,810 | 5,223,341 | ||||||
Red Hat, Inc. (a) | 7,580 | 349,741 | ||||||
SAP AG | 108,176 | 7,995,509 | ||||||
|
| |||||||
27,784,889 | ||||||||
|
| |||||||
46,123,835 | ||||||||
|
| |||||||
Utilities — 0.5% | ||||||||
Electric — 0.5% | ||||||||
Fortum OYJ | 99,382 | 2,242,576 | ||||||
|
| |||||||
TOTAL COMMON STOCK (Cost $256,414,895) | 386,635,631 | |||||||
|
| |||||||
PREFERRED STOCK — 2.1% | ||||||||
Consumer, Cyclical — 2.1% | ||||||||
Auto Manufacturers — 2.1% | ||||||||
Bayerische Motoren Werke AG 5.450% | 103,407 | 8,434,895 | ||||||
|
| |||||||
TOTAL PREFERRED STOCK (Cost $3,742,018) | 8,434,895 | |||||||
|
| |||||||
TOTAL EQUITIES (Cost $260,156,913) | 395,070,526 | |||||||
|
| |||||||
MUTUAL FUNDS — 11.6% | ||||||||
Diversified Financial — 11.6% | ||||||||
Oppenheimer Institutional Money Market Fund Class E (d) | 5,971,868 | 5,971,868 | ||||||
State Street Navigator Securities Lending Prime Portfolio (e) | 40,283,192 | 40,283,192 | ||||||
|
| |||||||
46,255,060 | ||||||||
|
| |||||||
TOTAL MUTUAL FUNDS (Cost $46,255,060) | 46,255,060 | |||||||
|
|
The accompanying notes are an integral part of the financial statements.
185
Table of Contents
MassMutual Premier Global Fund – Portfolio of Investments (Continued)
Number of Shares | Value | |||||||
RIGHTS — 0.0% | ||||||||
Financial — 0.0% | ||||||||
Banks — 0.0% | ||||||||
Banco Bilbao Vizcaya Argentaria SA, Expires 10/14/13 Strike 0.000% (Spain) (a) | 418,984 | $ | 57,249 | |||||
|
| |||||||
TOTAL RIGHTS (Cost $56,148) | 57,249 | |||||||
|
| |||||||
TOTAL LONG-TERM INVESTMENTS (Cost $306,468,121) | 441,382,835 | |||||||
|
| |||||||
Principal Amount | ||||||||
SHORT-TERM INVESTMENTS — 0.0% | ||||||||
Time Deposits — 0.0% | ||||||||
Euro Time Deposit 0.010% 10/01/13 | $ | 1 | 1 | |||||
|
| |||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $1) | 1 | |||||||
|
| |||||||
TOTAL INVESTMENTS — 110.2% (Cost $306,468,122) (f) | 441,382,836 | |||||||
Other Assets/(Liabilities) — (10.2)% | (40,758,434 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 400,624,402 | ||||||
|
|
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, 2013, was $38,476,650. Total securities on loan may not correspond with the amounts identified in the Portfolio of Investments because pending sales may be in the process of recall from the brokers. (Note 2). |
(c) | This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At September 30, 2013, these securities amounted to a value of $1,973,727 or 0.49% of net assets. |
(d) | Affiliated issuer. (See Note 7 for a summary of transactions in the investments of affiliated issuers). |
(e) | Represents investment of security lending collateral. (Note 2). |
(f) | 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 International Equity Fund – Portfolio of Investments
September 30, 2013
Number of Shares | Value | |||||||
EQUITIES — 96.1% | ||||||||
COMMON STOCK — 96.1% | ||||||||
Basic Materials — 3.5% | ||||||||
Chemicals — 3.4% | �� | |||||||
Brenntag AG | 37,389 | $ | 6,226,740 | |||||
Essentra PLC | 596,354 | 7,222,286 | ||||||
Syngenta AG | 12,854 | 5,251,536 | ||||||
|
| |||||||
18,700,562 | ||||||||
|
| |||||||
Mining — 0.1% | ||||||||
Orica Ltd. | 30,042 | 562,363 | ||||||
|
| |||||||
19,262,925 | ||||||||
|
| |||||||
Communications — 13.5% | ||||||||
Internet — 4.6% | ||||||||
Ctrip.com International Ltd. ADR (Cayman Islands) (a) | 94,140 | 5,500,600 | ||||||
United Internet AG | 230,650 | 8,740,482 | ||||||
Yahoo! Japan Corp. (b) | 867,100 | 4,937,196 | ||||||
Yoox SpA (a) | 171,891 | 5,902,488 | ||||||
|
| |||||||
25,080,766 | ||||||||
|
| |||||||
Media — 1.0% | ||||||||
Grupo Televisa SAB Sponsored ADR (Mexico) | 46,680 | 1,304,706 | ||||||
Liberty Global PLC Series A (a) | 21,994 | 1,745,224 | ||||||
Liberty Global PLC Series C (a) | 16,427 | 1,239,089 | ||||||
Zee Entertainment Enterprises Ltd. | 375,957 | 1,380,342 | ||||||
|
| |||||||
5,669,361 | ||||||||
|
| |||||||
Telecommunications — 7.9% | ||||||||
BT Group PLC | 2,519,761 | 13,961,896 | ||||||
Inmarsat PLC | 518,070 | 5,951,436 | ||||||
SES SA | 174,810 | 5,003,457 | ||||||
Telecity Group PLC | 355,240 | 4,774,448 | ||||||
Telefonaktiebolaget LM Ericsson | 588,706 | 7,841,108 | ||||||
Ziggo NV | 136,849 | 5,544,292 | ||||||
|
| |||||||
43,076,637 | ||||||||
|
| |||||||
73,826,764 | ||||||||
|
| |||||||
Consumer, Cyclical — 12.9% | ||||||||
Apparel — 0.8% | ||||||||
Burberry Group PLC | 164,278 | 4,350,439 | ||||||
|
| |||||||
Auto Manufacturers — 1.1% | ||||||||
Bayerische Motoren Werke AG | 53,415 | 5,742,374 | ||||||
|
| |||||||
Distribution & Wholesale — 0.9% | ||||||||
Wolseley PLC | 93,847 | 4,858,909 | ||||||
|
| |||||||
Entertainment — 1.2% | ||||||||
William Hill PLC | 1,026,415 | 6,686,200 | ||||||
|
| |||||||
Home Furnishing — 1.0% | ||||||||
SEB SA (b) | 62,857 | 5,512,030 | ||||||
|
|
Number of Shares | Value | |||||||
Leisure Time — 1.0% | ||||||||
Carnival Corp. | 171,610 | $ | 5,601,351 | |||||
|
| |||||||
Retail — 6.8% | ||||||||
Cie Financiere Richemont SA | 44,428 | 4,440,001 | ||||||
CP ALL PCL | 1,119,600 | 1,261,698 | ||||||
Dollarama, Inc. | 64,479 | 5,240,073 | ||||||
Domino’s Pizza UK & IRL PLC | 612,220 | 5,789,585 | ||||||
Inditex SA | 49,197 | 7,602,332 | ||||||
Kering | 29,870 | 6,697,311 | ||||||
Shoppers Drug Mart Corp. (b) | 36,001 | 2,073,277 | ||||||
Swatch Group AG | 6,270 | 4,044,785 | ||||||
|
| |||||||
37,149,062 | ||||||||
|
| |||||||
Toys, Games & Hobbies — 0.1% | ||||||||
Nintendo Co. Ltd. (b) | 5,000 | 568,163 | ||||||
|
| |||||||
70,468,528 | ||||||||
|
| |||||||
Consumer, Non-cyclical — 27.1% | ||||||||
Agriculture — 0.6% | ||||||||
Swedish Match AB | 99,775 | 3,521,936 | ||||||
|
| |||||||
Beverages — 4.3% | ||||||||
C&C Group PLC | 552,482 | 2,990,224 | ||||||
Diageo PLC | 210,460 | 6,687,710 | ||||||
Heineken NV | 103,095 | 7,300,587 | ||||||
Pernod Ricard SA | 50,825 | 6,314,882 | ||||||
|
| |||||||
23,293,403 | ||||||||
|
| |||||||
Biotechnology — 1.1% | ||||||||
CSL Ltd. | 96,500 | 5,757,513 | ||||||
|
| |||||||
Commercial Services — 6.4% | ||||||||
Aggreko PLC | 171,830 | 4,463,264 | ||||||
Benesse Holdings, Inc. (b) | 115,947 | 4,219,230 | ||||||
Bunzl PLC | 355,247 | 7,691,682 | ||||||
Dignity PLC | 210,875 | 4,951,648 | ||||||
Edenred | 72,790 | 2,364,033 | ||||||
Experian PLC | 323,706 | 6,165,682 | ||||||
Prosegur Cia de Seguridad SA (b) | 882,065 | 5,156,663 | ||||||
|
| |||||||
35,012,202 | ||||||||
|
| |||||||
Cosmetics & Personal Care — 0.3% | ||||||||
L’Oreal | 8,640 | 1,484,392 | ||||||
|
| |||||||
Foods — 4.8% | ||||||||
Aryzta AG | 115,903 | 7,747,341 | ||||||
Barry Callebaut AG | 5,891 | 5,911,511 | ||||||
Danone SA | 73,080 | 5,502,473 | ||||||
Unilever PLC | 141,749 | 5,474,586 | ||||||
Woolworths Ltd. | 54,465 | 1,779,085 | ||||||
|
| |||||||
26,414,996 | ||||||||
|
| |||||||
Health Care – Products — 4.7% | ||||||||
Cie Generale d’Optique Essilor International SA | 48,220 | 5,187,876 | ||||||
DiaSorin SpA (b) | 126,189 | 5,437,262 |
The accompanying notes are an integral part of the financial statements.
187
Table of Contents
MassMutual Premier International Equity Fund – Portfolio of Investments (Continued)
Number of Shares | Value | |||||||
Luxottica Group SpA | 77,923 | $ | 4,145,030 | |||||
Ortivus AB Class B (a) | 16,429 | 13,677 | ||||||
Sonova Holding AG | 42,838 | 5,324,251 | ||||||
Straumann Holding AG (b) | 2,755 | 500,285 | ||||||
William Demant Holding (a) | 53,608 | 4,953,918 | ||||||
|
| |||||||
25,562,299 | ||||||||
|
| |||||||
Health Care – Services — 1.1% | ||||||||
Sonic Healthcare Ltd. | 388,967 | 5,875,716 | ||||||
|
| |||||||
Household Products — 1.0% | ||||||||
Reckitt Benckiser Group PLC | 71,566 | 5,236,783 | ||||||
|
| |||||||
Pharmaceuticals — 2.8% | ||||||||
Grifols SA | 164,785 | 6,767,045 | ||||||
Novogen Ltd. (a) (b) | 445,155 | 69,634 | ||||||
Roche Holding AG | 31,930 | 8,613,363 | ||||||
|
| |||||||
15,450,042 | ||||||||
|
| |||||||
147,609,282 | ||||||||
|
| |||||||
Diversified — 1.2% | ||||||||
Holding Company – Diversified — 1.2% | ||||||||
LVMH Moet Hennessy Louis Vuitton SA | 33,360 | 6,574,734 | ||||||
|
| |||||||
Energy — 4.0% | ||||||||
Oil & Gas — 1.5% | ||||||||
BG Group PLC | 296,290 | 5,663,981 | ||||||
Cairn Energy PLC (a) | 534,821 | 2,271,571 | ||||||
|
| |||||||
7,935,552 | ||||||||
|
| |||||||
Oil & Gas Services — 2.5% | ||||||||
Hunting PLC | 38,360 | 495,799 | ||||||
Saipem SpA | 164,805 | 3,583,514 | ||||||
Schoeller-Bleckmann Oilfield Equipment AG | 36,881 | 4,363,559 | ||||||
Technip SA | 46,690 | 5,484,132 | ||||||
|
| |||||||
13,927,004 | ||||||||
|
| |||||||
21,862,556 | ||||||||
|
| |||||||
Financial — 5.0% | ||||||||
Banks — 0.7% | ||||||||
ICICI Bank Ltd. Sponsored ADR (India) | 116,935 | 3,564,179 | ||||||
|
| |||||||
Diversified Financial — 3.3% | ||||||||
BinckBank NV (b) | 170,504 | 1,562,504 | ||||||
Housing Development Finance Corp. | 36,779 | 444,939 | ||||||
ICAP PLC | 1,140,443 | 6,912,682 | ||||||
Tullett Prebon PLC | 492,999 | 2,763,303 | ||||||
UBS AG | 306,112 | 6,262,480 | ||||||
|
| |||||||
17,945,908 | ||||||||
|
| |||||||
Insurance — 1.0% | ||||||||
Prudential PLC | 296,468 | 5,526,930 | ||||||
|
| |||||||
27,037,017 | ||||||||
|
|
Number of Shares | Value | |||||||
Industrial — 18.8% | ||||||||
Aerospace & Defense — 2.1% | ||||||||
Empresa Brasileira de Aeronautica SA | 578,119 | $ | 4,648,324 | |||||
European Aeronautic Defence and Space Co. | 91,420 | 5,827,054 | ||||||
Rolls-Royce Holdings PLC | 42,590 | 767,548 | ||||||
|
| |||||||
11,242,926 | ||||||||
|
| |||||||
Building Materials — 2.3% | ||||||||
James Hardie Industries NV | 712,500 | 7,099,912 | ||||||
Sika AG | 1,941 | 5,658,624 | ||||||
|
| |||||||
12,758,536 | ||||||||
|
| |||||||
Electrical Components & Equipment — 2.1% | ||||||||
Legrand SA | 106,320 | 5,906,256 | ||||||
Schneider Electric SA | 65,870 | 5,573,449 | ||||||
|
| |||||||
11,479,705 | ||||||||
|
| |||||||
Electronics — 3.9% | ||||||||
Fanuc Corp. (b) | 11,900 | 1,967,856 | ||||||
Hoya Corp. (b) | 305,200 | 7,229,861 | ||||||
Keyence Corp. (b) | 17,309 | 6,592,816 | ||||||
Nidec Corp. (b) | 38,900 | 3,221,262 | ||||||
Omron Corp. (b) | 59,721 | 2,161,321 | ||||||
|
| |||||||
21,173,116 | ||||||||
|
| |||||||
Engineering & Construction — 3.7% | ||||||||
ABB Ltd. | 232,520 | 5,492,973 | ||||||
Boskalis Westminster (b) | 144,559 | 6,396,214 | ||||||
Leighton Holdings Ltd. (b) | 260,542 | 4,680,466 | ||||||
Trevi Finanziaria SpA | 412,605 | 3,436,189 | ||||||
|
| |||||||
20,005,842 | ||||||||
|
| |||||||
Machinery – Construction & Mining — 1.1% | ||||||||
Atlas Copco AB A Shares | 183,870 | 5,386,547 | ||||||
Outotec OYJ (b) | 62,863 | 862,766 | ||||||
|
| |||||||
6,249,313 | ||||||||
|
| |||||||
Machinery – Diversified — 1.0% | ||||||||
The Weir Group PLC | 152,742 | 5,763,844 | ||||||
|
| |||||||
Manufacturing — 1.6% | ||||||||
Aalberts Industries NV | 322,665 | 8,599,439 | ||||||
|
| |||||||
Transportation — 1.0% | ||||||||
Koninklijke Vopak NV | 94,819 | 5,429,155 | ||||||
|
| |||||||
102,701,876 | ||||||||
|
| |||||||
Technology — 9.4% | ||||||||
Biotechnology — 0.0% | ||||||||
Tyrian Diagnostics Ltd. (a) | 16,676,300 | 15,557 | ||||||
|
| |||||||
Computers — 1.2% | ||||||||
Gemalto NV (b) | 58,307 | 6,260,757 | ||||||
|
| |||||||
Semiconductors — 1.0% | ||||||||
ARM Holdings PLC | 343,750 | 5,503,661 | ||||||
|
|
The accompanying notes are an integral part of the financial statements.
188
Table of Contents
MassMutual Premier International Equity Fund – Portfolio of Investments (Continued)
Number of Shares | Value | |||||||
Software — 7.2% | ||||||||
Amadeus IT Holding SA | 215,509 | $ | 7,648,036 | |||||
Aveva Group PLC | 91,447 | 3,846,954 | ||||||
Compugroup Holding AG | 72,006 | 1,758,595 | ||||||
Dassault Systemes SA | 43,640 | 5,830,727 | ||||||
Infosys Technologies Ltd. | 16,542 | 795,355 | ||||||
The Sage Group PLC | 691,793 | 3,692,635 | ||||||
SAP AG | 140,755 | 10,403,489 | ||||||
Temenos Group AG (b) | 218,275 | 5,367,993 | ||||||
|
| |||||||
39,343,784 | ||||||||
|
| |||||||
51,123,759 | ||||||||
|
| |||||||
Utilities — 0.7% | ||||||||
Electric — 0.7% | ||||||||
APR Energy PLC (b) | 235,467 | 3,707,865 | ||||||
|
| |||||||
TOTAL COMMON STOCK (Cost $379,573,669) | 524,175,306 | |||||||
|
| |||||||
TOTAL EQUITIES (Cost $379,573,669) | 524,175,306 | |||||||
|
| |||||||
MUTUAL FUNDS — 12.3% | ||||||||
Diversified Financial — 12.3% | ||||||||
Oppenheimer Institutional Money Market Fund Class E (c) | 19,588,063 | 19,588,063 | ||||||
State Street Navigator Securities Lending Prime Portfolio (d) | 47,799,972 | 47,799,972 | ||||||
|
| |||||||
67,388,035 | ||||||||
|
| |||||||
TOTAL MUTUAL FUNDS (Cost $67,388,035) | 67,388,035 | |||||||
|
| |||||||
WARRANTS — 0.1% | ||||||||
Consumer, Non-cyclical — 0.1% | ||||||||
Biotechnology — 0.1% | ||||||||
Mei Pharma, Inc., Expires 5/10/17 Strike 7.14 (a) (e) | 301,298 | 316,363 | ||||||
Tyrian Diagnostics Ltd., Expires 12/20/13 Strike 0.12 (a) | 4,657,320 | 4,345 | ||||||
|
| |||||||
320,708 | ||||||||
|
| |||||||
TOTAL WARRANTS (Cost $0) | 320,708 | |||||||
|
| |||||||
TOTAL LONG-TERM INVESTMENTS (Cost $446,961,704) | 591,884,049 | |||||||
|
| |||||||
TOTAL INVESTMENTS — 108.5% (Cost $446,961,704) (f) | 591,884,049 | |||||||
Other Assets/(Liabilities) — (8.5)% | (46,483,053 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 545,400,996 | ||||||
|
|
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, 2013, was $45,498,324. Total securities on loan may not correspond with the amounts identified in the Portfolio of Investments because pending sales may be in the process of recall from the brokers. (Note 2). |
(c) | Affiliated issuer. (See Note 7 for a summary of transactions in the investments of affiliated issuers). |
(d) | Represents investment of security lending collateral. (Note 2). |
(e) | This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At September 30, 2013, these securities amounted to a value of $316,363 or 0.06% 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.
189
Table of Contents
MassMutual Premier Focused International Fund – Portfolio of Investments
September 30, 2013
Number of Shares | Value | |||||||
EQUITIES — 98.9% | ||||||||
COMMON STOCK — 98.9% | ||||||||
Basic Materials — 7.0% | ||||||||
Chemicals — 2.9% | ||||||||
Israel Chemicals Ltd. | 141,424 | $ | 1,193,731 | |||||
Syngenta AG | 5,535 | 2,261,339 | ||||||
|
| |||||||
3,455,070 | ||||||||
|
| |||||||
Iron & Steel — 1.3% | ||||||||
Hitachi Metals Ltd. (a) | 122,000 | 1,499,652 | ||||||
|
| |||||||
Mining — 2.8% | ||||||||
Fresnillo PLC | 60,679 | 956,486 | ||||||
Paladin Energy Ltd. (a) (b) | 53,838 | 24,364 | ||||||
Randgold Resources Ltd. | 12,574 | 901,598 | ||||||
Yamana Gold, Inc. (a) | 136,152 | 1,415,981 | ||||||
|
| |||||||
3,298,429 | ||||||||
|
| |||||||
8,253,151 | ||||||||
|
| |||||||
Communications — 8.5% | ||||||||
Advertising — 2.2% | ||||||||
WPP PLC | 124,836 | 2,569,965 | ||||||
|
| |||||||
Internet — 1.9% | ||||||||
Rakuten, Inc. | 151,800 | 2,306,678 | ||||||
|
| |||||||
Telecommunications — 4.4% | ||||||||
KDDI Corp. (a) | 45,300 | 2,331,758 | ||||||
Mobile TeleSystems Sponsored ADR (Russia) (b) | 43,117 | 959,785 | ||||||
SES SA | 64,220 | 1,838,121 | ||||||
|
| |||||||
5,129,664 | ||||||||
|
| |||||||
10,006,307 | ||||||||
|
| |||||||
Consumer, Cyclical — 7.1% | ||||||||
Apparel — 1.8% | ||||||||
Adidas AG | 19,286 | 2,094,388 | ||||||
|
| |||||||
Auto Manufacturers — 3.5% | ||||||||
Bayerische Motoren Werke AG | 18,634 | 2,003,246 | ||||||
Toyota Motor Corp. | 31,800 | 2,039,370 | ||||||
|
| |||||||
4,042,616 | ||||||||
|
| |||||||
Automotive & Parts — 1.8% | ||||||||
Denso Corp. | 45,300 | 2,122,430 | ||||||
|
| |||||||
8,259,434 | ||||||||
|
| |||||||
Consumer, Non-cyclical — 23.5% | ||||||||
Agriculture — 3.8% | ||||||||
Golden Agri-Resources Ltd. (a) | 3,551,000 | 1,472,928 | ||||||
Japan Tobacco, Inc. (a) | 80,800 | 2,917,526 | ||||||
|
| |||||||
4,390,454 | ||||||||
|
| |||||||
Beverages — 1.5% | ||||||||
SABMiller PLC | 34,275 | 1,747,204 | ||||||
|
| |||||||
Commercial Services — 1.1% | ||||||||
Experian PLC | 68,457 | 1,303,912 | ||||||
|
|
Number of Shares | Value | |||||||
Health Care – Products — 2.8% | ||||||||
Elekta AB | 79,919 | $ | 1,286,496 | |||||
Fresenius SE & Co. KGaA | 16,391 | 2,036,132 | ||||||
|
| |||||||
3,322,628 | ||||||||
|
| |||||||
Household Products — 3.8% | ||||||||
Reckitt Benckiser Group PLC | 41,719 | 3,052,753 | ||||||
Societe BIC SA | 11,698 | 1,360,386 | ||||||
|
| |||||||
4,413,139 | ||||||||
|
| |||||||
Pharmaceuticals — 10.5% | ||||||||
Bayer AG | 15,782 | 1,860,922 | ||||||
GlaxoSmithKline PLC | 73,358 | 1,843,702 | ||||||
Roche Holding AG | 7,061 | 1,904,759 | ||||||
Sanofi | 28,648 | 2,905,154 | ||||||
Takeda Pharmaceutical Co. Ltd. (a) | 41,500 | 1,963,007 | ||||||
Teva Pharmaceutical Industries Ltd. Sponsored ADR (Israel) | 49,606 | 1,874,115 | ||||||
|
| |||||||
12,351,659 | ||||||||
|
| |||||||
27,528,996 | ||||||||
|
| |||||||
Diversified — 1.8% | ||||||||
Holding Company – Diversified — 1.8% | ||||||||
Keppel Corp. Ltd. | 257,400 | 2,138,398 | ||||||
|
| |||||||
Energy — 7.1% | ||||||||
Oil & Gas — 7.1% | ||||||||
BG Group PLC | 87,924 | 1,680,785 | ||||||
Royal Dutch Shell PLC Class A | 107,334 | 3,540,801 | ||||||
Total SA (a) | 34,059 | 1,979,555 | ||||||
Tullow Oil PLC | 70,144 | 1,163,724 | ||||||
|
| |||||||
8,364,865 | ||||||||
|
| |||||||
Financial — 27.5% | ||||||||
Banks — 7.6% | ||||||||
Barclays PLC | 410,581 | 1,766,499 | ||||||
Julius Baer Group Ltd. | 50,333 | 2,349,599 | ||||||
Sberbank of Russia Sponsored ADR (Russia) | 154,280 | 1,859,271 | ||||||
Sumitomo Mitsui Trust Holdings, Inc. (a) | 600,000 | 2,979,769 | ||||||
|
| |||||||
8,955,138 | ||||||||
|
| |||||||
Diversified Financial — 7.0% | ||||||||
Credit Suisse Group | 94,536 | 2,896,890 | ||||||
Deutsche Boerse AG | 42,063 | 3,165,183 | ||||||
UBS AG | 102,897 | 2,105,081 | ||||||
|
| |||||||
8,167,154 | ||||||||
|
| |||||||
Insurance — 12.9% | ||||||||
Admiral Group PLC | 99,812 | 1,992,850 | ||||||
AIA Group Ltd. | 462,000 | 2,174,966 | ||||||
AXA SA | 73,348 | 1,702,202 | ||||||
China Pacific Insurance Group Co. Ltd. Class H | 431,000 | 1,537,751 | ||||||
Prudential PLC | 110,205 | 2,054,506 |
The accompanying notes are an integral part of the financial statements.
190
Table of Contents
MassMutual Premier Focused International Fund – Portfolio of Investments (Continued)
Number of Shares | Value | |||||||
SCOR SE | 39,075 | $ | 1,294,858 | |||||
Tokio Marine Holdings, Inc. | 66,800 | 2,191,393 | ||||||
Zurich Insurance Group AG | 8,471 | 2,181,663 | ||||||
|
| |||||||
15,130,189 | ||||||||
|
| |||||||
Real Estate Investment Trusts (REITS) — 0.0% | ||||||||
Keppel REIT (a) | 22,032 | 21,608 | ||||||
|
| |||||||
32,274,089 | ||||||||
|
| |||||||
Industrial — 11.6% | ||||||||
Aerospace & Defense — 1.5% | ||||||||
Rolls-Royce Holdings PLC | 95,342 | 1,718,233 | ||||||
|
| |||||||
Electrical Components & Equipment — 2.1% | ||||||||
Mitsubishi Electric Corp. | 231,000 | 2,438,350 | ||||||
|
| |||||||
Electronics — 3.2% | ||||||||
Koninklijke Philips Electronics NV | 66,943 | 2,158,950 | ||||||
Kyocera Corp. (a) | 31,200 | 1,662,325 | ||||||
|
| |||||||
3,821,275 | ||||||||
|
| |||||||
Machinery – Construction & Mining — 2.9% | ||||||||
BHP Billiton PLC | 58,202 | 1,714,267 | ||||||
Komatsu Ltd. (a) | 68,400 | 1,707,514 | ||||||
|
| |||||||
3,421,781 | ||||||||
|
| |||||||
Transportation — 1.9% | ||||||||
East Japan Railway | 25,700 | 2,215,295 | ||||||
|
| |||||||
13,614,934 | ||||||||
|
| |||||||
Technology — 3.7% | ||||||||
Semiconductors — 1.7% | ||||||||
Taiwan Semiconductor Manufacturing Co. Ltd. Sponsored ADR (Taiwan) | 114,300 | 1,938,528 | ||||||
|
| |||||||
Software — 2.0% | ||||||||
SAP AG | 31,825 | 2,352,251 | ||||||
|
| |||||||
4,290,779 | ||||||||
|
| |||||||
Utilities — 1.1% | ||||||||
Water — 1.1% | ||||||||
Suez Environnement Co. | 79,640 | 1,292,156 | ||||||
|
| |||||||
TOTAL COMMON STOCK (Cost $105,825,867) | 116,023,109 | |||||||
|
| |||||||
TOTAL EQUITIES (Cost $105,825,867) | 116,023,109 | |||||||
|
| |||||||
MUTUAL FUNDS — 11.9% | ||||||||
Diversified Financial — 11.9% | ||||||||
State Street Navigator Securities Lending Prime Portfolio (c) | 13,876,073 | 13,876,073 | ||||||
|
| |||||||
TOTAL MUTUAL FUNDS (Cost $13,876,073) | 13,876,073 | |||||||
|
|
Number of Shares | Value | |||||||
RIGHTS — 0.1% | ||||||||
Financial — 0.1% | ||||||||
Banks — 0.1% | ||||||||
Barclays PLC, Expires 10/02/13, | 102,645 | $ | 134,184 | |||||
|
| |||||||
TOTAL RIGHTS (Cost $0) | 134,184 | |||||||
|
| |||||||
TOTAL LONG-TERM INVESTMENTS (Cost $119,701,940) | 130,033,366 | |||||||
|
| |||||||
Principal Amount | ||||||||
SHORT-TERM INVESTMENTS — 0.5% | ||||||||
Repurchase Agreement — 0.5% | ||||||||
State Street Bank & Trust Co. Repurchase Agreement, dated 9/30/13, 0.010%, due 10/01/13 (d) | $ | 606,573 | 606,573 | |||||
|
| |||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $606,573) | 606,573 | |||||||
|
| |||||||
TOTAL INVESTMENTS — 111.4% (Cost $120,308,513) (e) | 130,639,939 | |||||||
Other Assets/(Liabilities) — (11.4)% | (13,346,006 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 117,293,933 | ||||||
|
|
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, 2013, was $13,217,411. Total securities on loan may not correspond with the amounts identified in the Portfolio of Investments because pending sales may be in the process of recall from the brokers. (Note 2). |
(b) | Non-income producing security. |
(c) | Represents investment of security lending collateral. (Note 2). |
(d) | Maturity value of $606,574. Collateralized by U.S. Government Agency obligations with a rate of 3.500%, maturity date of 1/01/32, and an aggregate market value, including accrued interest, of $620,083. |
(e) | 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 Strategic Emerging Markets Fund – Portfolio of Investments
September 30, 2013
Number of Shares | Value | |||||||
EQUITIES — 99.1% | ||||||||
COMMON STOCK — 93.4% | ||||||||
Basic Materials — 3.6% | ||||||||
Iron & Steel — 2.9% | ||||||||
Kumba Iron Ore Ltd. | 27,797 | $ | 1,284,162 | |||||
POSCO | 5,010 | 1,483,404 | ||||||
Severstal OAO GDR (Russia) (a) | 92,091 | 793,496 | ||||||
|
| |||||||
3,561,062 | ||||||||
|
| |||||||
Mining — 0.7% | ||||||||
Grupo Mexico SAB de CV | 289,689 | 867,330 | ||||||
|
| |||||||
4,428,392 | ||||||||
|
| |||||||
Communications — 17.3% | ||||||||
Internet — 6.8% | ||||||||
Mail.ru Group Ltd. GDR | 48,016 | 1,834,343 | ||||||
NAVER Corp. | 4,701 | 2,438,674 | ||||||
NetEase.com, Inc. Sponsored ADR (Cayman Islands) | 19,100 | 1,386,851 | ||||||
Tencent Holdings Ltd. | 37,100 | 1,948,751 | ||||||
Yandex NV (b) | 19,213 | 699,737 | ||||||
|
| |||||||
8,308,356 | ||||||||
|
| |||||||
Media — 2.7% | ||||||||
Naspers Ltd. | 22,876 | 2,110,333 | ||||||
Sun TV Network Ltd. | 191,477 | 1,208,225 | ||||||
|
| |||||||
3,318,558 | ||||||||
|
| |||||||
Telecommunications — 7.8% | ||||||||
America Movil SAB de CV | 791,300 | 784,680 | ||||||
China Mobile Ltd. | 202,500 | 2,280,609 | ||||||
Mobile TeleSystems Sponsored ADR (Russia) (b) | 58,837 | 1,309,712 | ||||||
MTN Group Ltd. | 100,896 | 1,969,173 | ||||||
SK Telecom Co. Ltd. | 9,728 | 1,984,576 | ||||||
Telekomunikasi Indonesia Persero Tbk PT | 7,120,532 | 1,293,111 | ||||||
|
| |||||||
9,621,861 | ||||||||
|
| |||||||
21,248,775 | ||||||||
|
| |||||||
Consumer, Cyclical — 7.2% | ||||||||
Auto Manufacturers — 3.9% | ||||||||
Ford Otomotiv Sanayi AS | 44,938 | 618,670 | ||||||
Hyundai Motor Co. | 11,857 | 2,770,710 | ||||||
Kia Motors Corp. | 11,769 | 713,976 | ||||||
Tata Motors Ltd. | 124,332 | 659,446 | ||||||
|
| |||||||
4,762,802 | ||||||||
|
| |||||||
Automotive & Parts — 1.1% | ||||||||
Hyundai Mobis | 5,330 | 1,419,231 | ||||||
|
| |||||||
Lodging — 1.4% | ||||||||
Galaxy Entertainment Group Ltd. (b) | 244,000 | 1,715,950 | ||||||
|
|
Number of Shares | Value | |||||||
Retail — 0.8% | ||||||||
Golden Eagle Retail Group Ltd. | 410,000 | $ | 639,288 | |||||
SACI Falabella | 36,025 | 345,440 | ||||||
|
| |||||||
984,728 | ||||||||
|
| |||||||
8,882,711 | ||||||||
|
| |||||||
Consumer, Non-cyclical — 8.1% | ||||||||
Agriculture — 2.7% | ||||||||
British American Tobacco PLC | 31,551 | 1,683,212 | ||||||
KT&G Corp. | 22,235 | 1,593,695 | ||||||
|
| |||||||
3,276,907 | ||||||||
|
| |||||||
Commercial Services — 2.6% | ||||||||
CCR SA | 162,089 | 1,268,891 | ||||||
Cosco Pacific Ltd. | 394,000 | 605,042 | ||||||
Kroton Educacional SA | 55,800 | 793,330 | ||||||
OHL Mexico SAB de CV (b) | 210,710 | 554,564 | ||||||
|
| |||||||
3,221,827 | ||||||||
|
| |||||||
Foods — 1.6% | ||||||||
Magnit OJSC GDR (Russia) (a) | 31,079 | 1,919,128 | ||||||
|
| |||||||
Health Care – Products — 1.2% | ||||||||
Hengan International Group Co. Ltd. | 131,500 | 1,537,081 | ||||||
|
| |||||||
9,954,943 | ||||||||
|
| |||||||
Diversified — 2.6% | ||||||||
Holding Company – Diversified — 2.6% | ||||||||
Alliance Global Group, Inc. | 2,156,000 | 1,165,197 | ||||||
Bidvest Group Ltd. | 60,130 | 1,507,040 | ||||||
Grana y Montero SA Sponsored ADR (Peru) (b) | 28,963 | 578,101 | ||||||
|
| |||||||
3,250,338 | ||||||||
|
| |||||||
Energy — 9.2% | ||||||||
Oil & Gas — 9.2% | ||||||||
CNOOC Ltd. | 1,368,000 | 2,764,744 | ||||||
Gazprom OAO Sponsored ADR (Russia) | 198,817 | 1,753,566 | ||||||
LUKOIL OAO Sponsored ADR (Russia) | 13,855 | 878,847 | ||||||
NovaTek OAO GDR (Russia) (a) | 15,144 | 2,002,037 | ||||||
PetroChina Co. Ltd. Class H | 1,448,000 | 1,591,015 | ||||||
Petroleo Brasileiro SA Sponsored ADR (Brazil) | 77,663 | 1,299,302 | ||||||
Sasol Ltd. | 22,805 | 1,088,079 | ||||||
|
| |||||||
11,377,590 | ||||||||
|
| |||||||
Financial — 26.1% | ||||||||
Banks — 18.0% | ||||||||
Banco do Brasil SA | 61,242 | 714,301 | ||||||
Bank Zachodni WBK SA | 11,380 | 1,263,712 | ||||||
China Construction Bank Corp. Class H | 4,311,890 | 3,330,886 |
The accompanying notes are an integral part of the financial statements.
192
Table of Contents
MassMutual Premier Strategic Emerging Markets Fund – Portfolio of Investments (Continued)
Number of Shares | Value | |||||||
Grupo Financiero Santander Mexico SAB de CV Sponsored ADR Class B (Mexico) | 85,563 | $ | 1,182,481 | |||||
HDFC Bank Ltd. ADR (India) | 45,100 | 1,388,178 | ||||||
ICICI Bank Ltd. | 80,829 | 1,136,661 | ||||||
Industrial & Commercial Bank of China | 4,090,670 | 2,858,941 | ||||||
Kasikornbank PCL Sponsored ADR (Thailand) | 229,600 | 1,288,357 | ||||||
KB Financial Group, Inc. | 46,605 | 1,627,747 | ||||||
Malayan Banking Bhd | 222,100 | 670,834 | ||||||
Metropolitan Bank & Trust | 309,660 | 589,135 | ||||||
OTP Bank PLC | 41,358 | 818,603 | ||||||
Sberbank | 760,750 | 2,292,179 | ||||||
Standard Bank Group Ltd. | 64,507 | 770,000 | ||||||
Turkiye Garanti Bankasi AS | 165,840 | 653,965 | ||||||
Turkiye Halk Bankasi AS | 209,016 | 1,531,248 | ||||||
|
| |||||||
22,117,228 | ||||||||
|
| |||||||
Diversified Financial — 4.1% | ||||||||
BM&F BOVESPA SA | 160,500 | 896,535 | ||||||
Bolsa Mexicana de Valores SAB de CV | 401,315 | 959,329 | ||||||
Mega Financial Holding Co. Ltd. | 3,849,560 | 3,156,935 | ||||||
|
| |||||||
5,012,799 | ||||||||
|
| |||||||
Insurance — 1.4% | ||||||||
AIA Group Ltd. | 109,800 | 516,907 | ||||||
China Life Insurance Co. Ltd. | 452,000 | 1,171,412 | ||||||
|
| |||||||
1,688,319 | ||||||||
|
| |||||||
Real Estate — 2.0% | ||||||||
Agile Property Holdings Ltd. | 678,000 | 747,540 | ||||||
China Overseas Land & Investment Ltd. | 604,000 | 1,781,320 | ||||||
|
| |||||||
2,528,860 | ||||||||
|
| |||||||
Real Estate Investment Trusts (REITS) — 0.6% | ||||||||
Macquarie Mexico Real Estate Management SA de CV | 438,300 | 749,726 | ||||||
|
| |||||||
32,096,932 | ||||||||
|
| |||||||
Industrial — 6.8% | ||||||||
Building Materials — 0.8% | ||||||||
Anhui Conch Cement Co. Ltd. Class H | 300,000 | 963,275 | ||||||
|
| |||||||
Electronics — 2.6% | ||||||||
Hon Hai Precision Industry Co. Ltd. | 619,638 | 1,588,966 | ||||||
Kinsus Interconnect Technology Corp. | 326,000 | 1,147,413 | ||||||
Phison Electronics Corp. | 72,000 | 519,019 | ||||||
|
| |||||||
3,255,398 | ||||||||
|
|
Number of Shares | Value | |||||||
Engineering & Construction — 2.1% | ||||||||
China Railway Construction Corp. Ltd. | 595,000 | $ | 628,463 | |||||
Gamuda Bhd | 527,300 | 744,495 | ||||||
Hyundai Engineering & Construction Co. Ltd. | 13,827 | 795,576 | ||||||
Larsen & Toubro Ltd. | 31,676 | 397,598 | ||||||
|
| |||||||
2,566,132 | ||||||||
|
| |||||||
Manufacturing — 0.5% | ||||||||
Largan Precision Co. Ltd. | 18,000 | 606,093 | ||||||
|
| |||||||
Shipbuilding — 0.8% | ||||||||
Samsung Heavy Industries Co. Ltd. | 24,750 | 989,734 | ||||||
|
| |||||||
8,380,632 | ||||||||
|
| |||||||
Technology — 12.5% | ||||||||
Computers — 1.2% | ||||||||
Tata Consultancy Services Ltd. | 48,309 | 1,483,785 | ||||||
|
| |||||||
Semiconductors — 9.3% | ||||||||
MediaTek, Inc. | 113,000 | 1,397,804 | ||||||
Samsung Electronics Co., Ltd. | 3,544 | 4,487,073 | ||||||
SK Hynix, Inc. (b) | 37,740 | 1,059,343 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd. Sponsored ADR (Taiwan) | 266,617 | 4,521,824 | ||||||
|
| |||||||
11,466,044 | ||||||||
|
| |||||||
Software — 2.0% | ||||||||
Changyou.com Ltd. Sponsored ADR (Cayman Islands) (b) | 32,300 | 1,147,296 | ||||||
Tech Mahindra Ltd. | 59,408 | 1,260,254 | ||||||
|
| |||||||
2,407,550 | ||||||||
|
| |||||||
15,357,379 | ||||||||
|
| |||||||
TOTAL COMMON STOCK (Cost $107,120,336) | 114,977,692 | |||||||
|
| |||||||
PREFERRED STOCK — 5.7% | ||||||||
Basic Materials — 2.8% | ||||||||
Mining — 2.8% | ||||||||
Vale SA Sponsored ADR (Brazil) 7.250% | 240,603 | 3,418,969 | ||||||
|
| |||||||
Financial — 1.9% | ||||||||
Banks — 1.9% | ||||||||
Itau Unibanco Holding SA | 160,807 | 2,282,628 | ||||||
|
|
The accompanying notes are an integral part of the financial statements.
193
Table of Contents
MassMutual Premier Strategic Emerging Markets Fund – Portfolio of Investments (Continued)
Number of Shares | Value | |||||||
Utilities — 1.0% | ||||||||
Electric — 1.0% | ||||||||
Cia Energetica de Minas Gerais 21.770% | 146,531 | $ | 1,272,055 | |||||
|
| |||||||
TOTAL PREFERRED STOCK (Cost $7,955,094) | 6,973,652 | |||||||
|
| |||||||
TOTAL EQUITIES (Cost $115,075,430) | 121,951,344 | |||||||
|
| |||||||
TOTAL LONG-TERM INVESTMENTS (Cost $115,075,430) | 121,951,344 | |||||||
|
| |||||||
Principal Amount | ||||||||
SHORT-TERM INVESTMENTS — 0.7% | ||||||||
Repurchase Agreement — 0.7% | ||||||||
State Street Bank & Trust Co. Repurchase Agreement, dated 9/30/13, 0.010%, due 10/01/13 (c) | $ | 896,784 | 896,784 | |||||
|
| |||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $896,784) | 896,784 | |||||||
|
| |||||||
TOTAL INVESTMENTS — 99.8% (Cost $115,972,214) (d) | 122,848,128 | |||||||
Other Assets/(Liabilities) — 0.2% | 262,738 | |||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 123,110,866 | ||||||
|
|
Notes to Portfolio of Investments
ADR | American Depositary Receipt |
GDR | Global Depositary Receipt |
(a) | Security exempt from registration under Regulation S of the Securities Act of 1933, which exempts from registration securities offered and sold outside the United States. Security may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933. At September 30, 2013, these securities amounted to a value of $6,549,004 or 5.32% of net assets. |
(b) | Non-income producing security. |
(c) | Maturity value of $896,784. Collateralized by U.S. Government Agency obligations with a rate of 3.500%, maturity date of 8/15/29, and an aggregate market value, including accrued interest, of $916,612. |
(d) | See Note 6 for aggregate cost for federal tax purposes. |
The accompanying notes are an integral part of the financial statements.
194
Table of Contents
THIS PAGE INTENTIONALLY LEFT BLANK
Table of Contents
MassMutual Premier Funds – Financial Statements
Statements of Assets and Liabilities
September 30, 2013
MassMutual Premier Money Market Fund | MassMutual Premier Short- Duration Bond Fund | |||||||
Assets: | ||||||||
Investments, at value (Note 2) (a) | $ | - | $ | 356,832,497 | ||||
Short-term investments, at value (Note 2) (b) | 427,221,213 | 246,065,651 | ||||||
|
|
|
| |||||
Total investments | 427,221,213 | 602,898,148 | ||||||
|
|
|
| |||||
Foreign currency, at value (c) | - | - | ||||||
Receivables from: | ||||||||
Investments sold | - | - | ||||||
Investments sold on a when-issued basis (Note 2) | - | - | ||||||
Collateral held for reverse repurchase agreements (Note 2) | - | - | ||||||
Open forward foreign currency contracts (Note 2) | - | - | ||||||
Investment adviser (Note 3) | 199,650 | 67,754 | ||||||
Fund shares sold | 349,264 | 4,862,826 | ||||||
Variation margin on open derivative instruments (Note 2) | - | - | ||||||
Interest and dividends | 105,226 | 3,331,575 | ||||||
Open swap agreements, at value (Note 2) | - | - | ||||||
|
|
|
| |||||
Total assets | 427,875,353 | 611,160,303 | ||||||
|
|
|
| |||||
Liabilities: | ||||||||
Payables for: | ||||||||
Investments purchased | - | 12,355,680 | ||||||
Collateral pledged for reverse repurchase agreements (Note 2) | - | - | ||||||
Reverse repurchase agreements (Note 2) | - | - | ||||||
Interest for reverse repurchase agreements (Note 2) | - | - | ||||||
Open forward foreign currency contracts (Note 2) | - | - | ||||||
Fund shares repurchased | 16,439,067 | 2,714,203 | ||||||
Interest and dividends | - | - | ||||||
Investments purchased on a when-issued basis (Note 2) | - | 9,833,841 | ||||||
Trustees’ fees and expenses (Note 3) | 75,240 | 58,022 | ||||||
Variation margin on open derivative instruments (Note 2) | - | 19,593 | ||||||
Affiliates (Note 3): | ||||||||
Investment management fees | 128,033 | 190,617 | ||||||
Administration fees | 72,775 | 113,918 | ||||||
Service fees | 101,614 | 50,670 | ||||||
Distribution fees | - | 795 | ||||||
Due to custodian | - | - | ||||||
Accrued expense and other liabilities | 49,361 | 58,810 | ||||||
|
|
|
| |||||
Total liabilities | 16,866,090 | 25,396,149 | ||||||
|
|
|
| |||||
Net assets | $ | 411,009,263 | $ | 585,764,154 | ||||
|
|
|
| |||||
Net assets consist of: | ||||||||
Paid-in capital | $ | 411,903,704 | $ | 578,017,115 | ||||
Undistributed (accumulated) net investment income (loss) | - | 8,979,318 | ||||||
Distributions in excess of net investment income | (64,975 | ) | - | |||||
Accumulated net realized gain (loss) on investments and foreign currency transactions | (829,466 | ) | (4,381,831 | ) | ||||
Net unrealized appreciation (depreciation) on investments and foreign currency translations | - | 3,149,552 | ||||||
|
|
|
| |||||
Net assets | $ | 411,009,263 | $ | 585,764,154 | ||||
|
|
|
| |||||
(a) Cost of investments: | $ | - | $ | 353,223,075 | ||||
(b) Cost of short-term investments: | $ | 427,221,213 | $ | 246,065,651 | ||||
(c) Cost of foreign currency: | $ | - | $ | - |
The accompanying notes are an integral part of the financial statements.
196
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 | ||||||||||||||
$ | 409,946,496 | $ | 1,387,354,947 | $ | 91,756,873 | $ | 224,520,018 | $ | 45,841,201 | |||||||||
130,000,974 | 285,510,858 | 18,080,087 | 14,889,588 | 234,594 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
539,947,470 | 1,672,865,805 | 109,836,960 | 239,409,606 | 46,075,795 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
- | - | 4,379 | - | 115,308 | ||||||||||||||
1,544,170 | - | 881,665 | 1,760,964 | 1,279,918 | ||||||||||||||
- | 6,232,625 | 389,539 | 2,128,537 | - | ||||||||||||||
341,377 | - | - | - | - | ||||||||||||||
- | - | - | - | 160,177 | ||||||||||||||
32,061 | 213,156 | 13,388 | 19,676 | 4,318 | ||||||||||||||
97,365 | 2,859,334 | 20,178 | 1,442,460 | 32,266 | ||||||||||||||
- | 69,750 | 7,425 | - | - | ||||||||||||||
1,069,089 | 9,412,877 | 784,710 | 4,797,353 | 472,323 | ||||||||||||||
- | - | 292 | - | - | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
543,031,532 | 1,691,653,547 | 111,938,536 | 249,558,596 | 48,140,105 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
6,495,407 | 12,626,632 | 784,475 | 3,795,439 | 949,085 | ||||||||||||||
639,000 | - | - | - | - | ||||||||||||||
240,650,001 | - | - | - | - | ||||||||||||||
40,087 | - | - | - | - | ||||||||||||||
- | - | - | - | 299,331 | ||||||||||||||
196,840 | 968,791 | 123,402 | 355,035 | 135,938 | ||||||||||||||
- | - | 412 | - | - | ||||||||||||||
- | 268,858,266 | 17,881,000 | 9,305,000 | - | ||||||||||||||
31,780 | 189,585 | 22,651 | 20,130 | 4,547 | ||||||||||||||
13,654 | - | - | - | - | ||||||||||||||
118,375 | 568,414 | 39,376 | 98,381 | 24,134 | ||||||||||||||
41,125 | 263,092 | 21,192 | 41,323 | 2,172 | ||||||||||||||
20,401 | 118,273 | 21,041 | 20,801 | 358 | ||||||||||||||
872 | 1,147 | 1 | 459 | - | ||||||||||||||
556,495 | 40 | - | - | - | ||||||||||||||
54,147 | 104,621 | 41,931 | 50,013 | 35,263 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
248,858,184 | 283,698,861 | 18,935,481 | 13,686,581 | 1,450,828 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
$ | 294,173,348 | $ | 1,407,954,686 | $ | 93,003,055 | $ | 235,872,015 | $ | 46,689,277 | |||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
$ | 280,746,826 | $ | 1,373,837,781 | $ | 91,314,280 | $ | 219,264,664 | $ | 47,762,654 | |||||||||
5,370,777 | 30,901,371 | 1,693,426 | 11,402,452 | 135,013 | ||||||||||||||
- | - | - | - | - | ||||||||||||||
3,753,442 | (18,820,228 | ) | (669,836 | ) | 3,524,598 | 176,445 | ||||||||||||
4,302,303 | 22,035,762 | 665,185 | 1,680,301 | (1,384,835 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
$ | 294,173,348 | $ | 1,407,954,686 | $ | 93,003,055 | $ | 235,872,015 | $ | 46,689,277 | |||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
$ | 405,601,740 | $ | 1,366,937,540 | $ | 91,117,722 | $ | 222,839,717 | $ | 47,096,445 | |||||||||
$ | 130,000,974 | $ | 285,510,858 | $ | 18,080,087 | $ | 14,889,588 | $ | 234,594 | |||||||||
$ | - | $ | - | $ | 4,249 | $ | - | $ | 116,204 |
197
Table of Contents
MassMutual Premier Funds – Financial Statements (Continued)
Statements of Assets and Liabilities
September 30, 2013
MassMutual Premier Money Market Fund | MassMutual Premier Short- Duration Bond Fund | |||||||
Class Z shares: | ||||||||
Net assets | $ | - | $ | 188,113,939 | ||||
|
|
|
| |||||
Shares outstanding (a) | - | 17,791,412 | ||||||
|
|
|
| |||||
Net asset value, offering price and redemption price per share | $ | - | $ | 10.57 | ||||
|
|
|
| |||||
Class S shares: | ||||||||
Net assets | $ | 152,075,884 | $ | 196,789,892 | ||||
|
|
|
| |||||
Shares outstanding (a) | 152,278,867 | 18,586,641 | ||||||
|
| �� |
|
| ||||
Net asset value, offering price and redemption price per share | $ | 1.00 | $ | 10.59 | ||||
|
|
|
| |||||
Class Y shares: | ||||||||
Net assets | $ | 102,824,518 | $ | 75,944,212 | ||||
|
|
|
| |||||
Shares outstanding (a) | 102,808,607 | 7,214,297 | ||||||
|
|
|
| |||||
Net asset value, offering price and redemption price per share | $ | 1.00 | $ | 10.53 | ||||
|
|
|
| |||||
Class L shares: | ||||||||
Net assets | $ | - | $ | 48,953,948 | ||||
|
|
|
| |||||
Shares outstanding (a) | - | 4,666,370 | ||||||
|
|
|
| |||||
Net asset value, offering price and redemption price per share | $ | - | $ | 10.49 | ||||
|
|
|
| |||||
Class A shares: | ||||||||
Net assets | $ | 156,108,861 | $ | 74,710,708 | ||||
|
|
|
| |||||
Shares outstanding (a) | 156,169,469 | 7,173,584 | ||||||
|
|
|
| |||||
Net asset value and redemption price per share | $ | 1.00 | $ | 10.41 | ||||
|
|
|
| |||||
Offering price per share | ||||||||
(100/[100-maximum sales charge] of net asset value) | $ | - | $ | 10.79 | ||||
|
|
|
| |||||
Class N shares: | ||||||||
Net assets | $ | - | $ | 1,251,455 | ||||
|
|
|
| |||||
Shares outstanding (a) | - | 119,899 | ||||||
|
|
|
| |||||
Net asset value, offering price and redemption price per share | $ | - | $ | 10.44 | ||||
|
|
|
|
(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 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 | ||||||||||||||
$ | 115,191,698 | $ | 485,302,196 | $ | 117 | $ | 99,456,826 | $ | - | |||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
10,472,493 | 43,065,506 | 11 | 9,878,262 | - | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
$ | 11.00 | $ | 11.27 | $ | 10.61 | * | $ | 10.07 | $ | - | ||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
$ | 56,343,530 | $ | 516,103,329 | $ | 37,501,482 | $ | 31,340,624 | $ | 46,110,274 | |||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
5,125,549 | 45,776,702 | 3,786,902 | 3,105,278 | 4,749,990 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
$ | 10.99 | $ | 11.27 | $ | 9.90 | $ | 10.09 | $ | 9.71 | |||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
$ | 82,272,734 | $ | 143,459,577 | $ | 10,226,230 | $ | 58,569,034 | $ | 105,018 | |||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
7,508,099 | 12,791,083 | 1,022,131 | 5,805,901 | 10,826 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
$ | 10.96 | $ | 11.22 | $ | 10.00 | $ | 10.09 | $ | 9.70 | |||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
$ | 10,183,185 | $ | 80,693,769 | $ | 13,270,701 | $ | 14,288,369 | $ | 113,338 | |||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
921,065 | 7,232,669 | 1,327,884 | 1,430,615 | 11,328 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
$ | 11.06 | $ | 11.16 | $ | 9.99 | $ | 9.99 | $ | 10.01 | |||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
$ | 28,778,018 | $ | 180,653,686 | $ | 32,004,525 | $ | 31,489,940 | $ | 360,647 | |||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
2,665,374 | 16,358,029 | 3,220,038 | 3,167,836 | 37,412 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
$ | 10.80 | $ | 11.04 | $ | 9.94 | $ | 9.94 | $ | 9.64 | |||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
$ | 11.34 | $ | 11.59 | $ | 10.44 | $ | 10.55 | $ | 10.12 | |||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
$ | 1,404,183 | $ | 1,742,129 | $ | - | $ | 727,222 | $ | - | |||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
129,835 | 155,587 | - | 72,189 | - | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
$ | 10.82 | $ | 11.20 | $ | - | $ | 10.07 | $ | - | |||||||||
|
|
|
|
|
|
|
|
|
|
199
Table of Contents
MassMutual Premier Funds – Financial Statements (Continued)
Statements of Assets and Liabilities
September 30, 2013
MassMutual Premier Balanced Fund | MassMutual Premier Value Fund | |||||||
Assets: | ||||||||
Investments, at value (Note 2) (a) | $ | 145,962,351 | $ | 123,255,001 | ||||
Short-term investments, at value (Note 2) (b) | 21,992,381 | 1,717,877 | ||||||
|
|
|
| |||||
Total investments (c) | 167,954,732 | 124,972,878 | ||||||
|
|
|
| |||||
Cash | - | - | ||||||
Receivables from: | ||||||||
Investments sold | 7,951,651 | 131,017 | ||||||
Investments sold on a when-issued basis (Note 2) | 68,742 | - | ||||||
Investment adviser (Note 3) | 3 | - | ||||||
Fund shares sold | 43,351 | 18,871 | ||||||
Variation margin on open derivative instruments (Note 2) | 2,126 | - | ||||||
Interest and dividends | 431,005 | 164,254 | ||||||
Foreign taxes withheld | - | - | ||||||
|
|
|
| |||||
Total assets | 176,451,610 | 125,287,020 | ||||||
|
|
|
| |||||
Liabilities: | ||||||||
Payables for: | ||||||||
Investments purchased | 8,595,179 | 186,765 | ||||||
Fund shares repurchased | 402,720 | 66,069 | ||||||
Investments purchased on a when-issued basis (Note 2) | 9,478,373 | - | ||||||
Securities on loan (Note 2) | - | 1,120,730 | ||||||
Trustees’ fees and expenses (Note 3) | 22,266 | 48,084 | ||||||
Affiliates (Note 3): | ||||||||
Investment management fees | 64,194 | 52,496 | ||||||
Administration fees | 23,704 | 11,396 | ||||||
Service fees | 22,424 | 5,371 | ||||||
Distribution fees | - | 56 | ||||||
Due to custodian | 144,915 | - | ||||||
Accrued expense and other liabilities | 47,186 | 40,594 | ||||||
|
|
|
| |||||
Total liabilities | 18,800,961 | 1,531,561 | ||||||
|
|
|
| |||||
Net assets | $ | 157,650,649 | $ | 123,755,459 | ||||
|
|
|
| |||||
Net assets consist of: | ||||||||
Paid-in capital | $ | 142,001,933 | $ | 167,782,728 | ||||
Undistributed (accumulated) net investment income (loss) | 1,748,661 | 1,484,297 | ||||||
Accumulated net realized gain (loss) on investments and foreign currency transactions | 5,542,173 | (56,488,854 | ) | |||||
Net unrealized appreciation (depreciation) on investments and foreign currency translations | 8,357,882 | 10,977,288 | ||||||
|
|
|
| |||||
Net assets | $ | 157,650,649 | $ | 123,755,459 | ||||
|
|
|
| |||||
(a) Cost of investments: | $ | 137,654,903 | $ | 112,277,713 | ||||
(b) Cost of short-term investments: | $ | 21,992,381 | $ | 1,717,877 | ||||
(c) Securities on loan with market value of: | $ | - | $ | 1,091,694 |
The accompanying notes are an integral part of the financial statements.
200
Table of Contents
MassMutual Premier Disciplined Value Fund | MassMutual Premier Main Street Fund | MassMutual Premier Capital Appreciation Fund | MassMutual Premier Disciplined Growth Fund | |||||||||||
$ | 321,461,230 | $ | 181,290,079 | $ | 284,311,449 | $ | 313,880,045 | |||||||
291,449 | 2,706,384 | 1,329,102 | 451,775 | |||||||||||
|
|
|
|
|
|
|
| |||||||
321,752,679 | 183,996,463 | 285,640,551 | 314,331,820 | |||||||||||
|
|
|
|
|
|
|
| |||||||
1,430 | - | - | - | |||||||||||
29,751,362 | - | 2,482,902 | 29,925,639 | |||||||||||
- | - | - | - | |||||||||||
- | 15,795 | 21,083 | - | |||||||||||
117,908 | 6,633 | 1,773 | 150,552 | |||||||||||
- | - | - | - | |||||||||||
446,639 | 102,165 | 156,219 | 295,803 | |||||||||||
- | 3,756 | 318,210 | - | |||||||||||
|
|
|
|
|
|
|
| |||||||
352,070,018 | 184,124,812 | 288,620,738 | 344,703,814 | |||||||||||
|
|
|
|
|
|
|
| |||||||
29,174,350 | 712,447 | 2,112,262 | 30,424,896 | |||||||||||
206,275 | 110,002 | 287,264 | 242,423 | |||||||||||
- | - | - | - | |||||||||||
- | - | - | - | |||||||||||
31,207 | 18,470 | 48,755 | 24,931 | |||||||||||
137,899 | 100,340 | 158,335 | 132,200 | |||||||||||
16,388 | 25,056 | 36,190 | 18,879 | |||||||||||
7,652 | 8,664 | 37,536 | 12,298 | |||||||||||
99 | 44 | 10 | - | |||||||||||
- | - | - | - | |||||||||||
48,151 | 40,723 | 48,756 | 47,056 | |||||||||||
|
|
|
|
|
|
|
| |||||||
29,622,021 | 1,015,746 | 2,729,108 | 30,902,683 | |||||||||||
|
|
|
|
|
|
|
| |||||||
$ | 322,447,997 | $ | 183,109,066 | $ | 285,891,630 | $ | 313,801,131 | |||||||
|
|
|
|
|
|
|
| |||||||
$ | 360,151,108 | $ | 172,211,743 | $ | 218,060,005 | $ | 231,687,724 | |||||||
4,348,237 | 1,135,157 | 967,813 | 2,531,345 | |||||||||||
(70,404,693 | ) | (33,057,264 | ) | 2,438,500 | 52,190,649 | |||||||||
28,353,345 | 42,819,430 | 64,425,312 | 27,391,413 | |||||||||||
|
|
|
|
|
|
|
| |||||||
$ | 322,447,997 | $ | 183,109,066 | $ | 285,891,630 | $ | 313,801,131 | |||||||
|
|
|
|
|
|
|
| |||||||
$ | 293,107,885 | $ | 138,470,757 | $ | 219,918,314 | $ | 286,488,632 | |||||||
$ | 291,449 | $ | 2,706,384 | $ | 1,329,102 | $ | 451,775 | |||||||
$ | - | $ | - | $ | - | $ | - |
201
Table of Contents
MassMutual Premier Funds – Financial Statements (Continued)
Statements of Assets and Liabilities
September 30, 2013
MassMutual Premier Balanced Fund | MassMutual Premier Value Fund | |||||||
Class S shares: | ||||||||
Net assets | $ | 106,660,899 | $ | 99,625,524 | ||||
|
|
|
| |||||
Shares outstanding (a) | 8,617,581 | 5,423,564 | ||||||
|
|
|
| |||||
Net asset value, offering price and redemption price per share | $ | 12.38 | $ | 18.37 | ||||
|
|
|
| |||||
Class Y shares: | ||||||||
Net assets | $ | 9,369,659 | $ | 110,037 | ||||
|
|
|
| |||||
Shares outstanding (a) | 732,000 | 5,970 | ||||||
|
|
|
| |||||
Net asset value, offering price and redemption price per share | $ | 12.80 | $ | 18.43 | ||||
|
|
|
| |||||
Class L shares: | ||||||||
Net assets | $ | 3,603,092 | $ | 15,627,793 | ||||
|
|
|
| |||||
Shares outstanding (a) | 290,287 | 849,466 | ||||||
|
|
|
| |||||
Net asset value, offering price and redemption price per share | $ | 12.41 | $ | 18.40 | ||||
|
|
|
| |||||
Class A shares: | ||||||||
Net assets | $ | 38,016,999 | $ | 8,304,111 | ||||
|
|
|
| |||||
Shares outstanding (a) | 3,131,125 | 452,437 | ||||||
|
|
|
| |||||
Net asset value and redemption price per share | $ | 12.14 | $ | 18.35 | ||||
|
|
|
| |||||
Offering price per share | ||||||||
(100/[100-maximum sales charge] of net asset value) | $ | 12.88 | $ | 19.47 | ||||
|
|
|
| |||||
Class N shares: | ||||||||
Net assets | $ | - | $ | 87,994 | ||||
|
|
|
| |||||
Shares outstanding (a) | - | 4,818 | ||||||
|
|
|
| |||||
Net asset value, offering price and redemption price per share | $ | - | $ | 18.26 | ||||
|
|
|
|
(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 Disciplined Value Fund | MassMutual Premier Main Street Fund | MassMutual Premier Capital Appreciation Fund | MassMutual Premier Disciplined Growth Fund | |||||||||||
$ | 236,829,595 | $ | 131,114,830 | $ | 203,375,600 | $ | 209,794,999 | |||||||
|
|
|
|
|
|
|
| |||||||
17,472,682 | 10,833,843 | 14,742,760 | 15,821,042 | |||||||||||
|
|
|
|
|
|
|
| |||||||
$ | 13.55 | $ | 12.10 | $ | 13.79 | $ | 13.26 | |||||||
|
|
|
|
|
|
|
| |||||||
$ | 69,161,988 | $ | 5,266,895 | $ | 18,695,132 | $ | 64,469,460 | |||||||
|
|
|
|
|
|
|
| |||||||
5,132,280 | 429,618 | 1,358,162 | 4,853,961 | |||||||||||
|
|
|
|
|
|
|
| |||||||
$ | 13.48 | $ | 12.26 | $ | 13.77 | $ | 13.28 | |||||||
|
|
|
|
|
|
|
| |||||||
$ | 4,459,162 | $ | 33,164,465 | $ | 6,801,148 | $ | 20,092,154 | |||||||
|
|
|
|
|
|
|
| |||||||
325,932 | 2,745,009 | 497,252 | 1,504,642 | |||||||||||
|
|
|
|
|
|
|
| |||||||
$ | 13.68 | $ | 12.08 | $ | 13.68 | $ | 13.35 | |||||||
|
|
|
|
|
|
|
| |||||||
$ | 11,844,351 | $ | 13,493,118 | $ | 57,002,743 | $ | 19,444,518 | |||||||
|
|
|
|
|
|
|
| |||||||
886,758 | 1,126,238 | 4,178,018 | 1,478,913 | |||||||||||
|
|
|
|
|
|
|
| |||||||
$ | 13.36 | $ | 11.98 | $ | 13.64 | $ | 13.15 | |||||||
|
|
|
|
|
|
|
| |||||||
$ | 14.18 | $ | 12.71 | $ | 14.47 | $ | 13.95 | |||||||
|
|
|
|
|
|
|
| |||||||
$ | 152,901 | $ | 69,758 | $ | 17,007 | $ | - | |||||||
|
|
|
|
|
|
|
| |||||||
11,384 | 5,797 | 1,283 | - | |||||||||||
|
|
|
|
|
|
|
| |||||||
$ | 13.43 | $ | 12.03 | $ | 13.26 | $ | - | |||||||
|
|
|
|
|
|
|
|
203
Table of Contents
MassMutual Premier Funds – Financial Statements (Continued)
Statements of Assets and Liabilities
September 30, 2013
MassMutual Premier Small Cap Opportunities Fund | MassMutual Premier Global Fund | |||||||
Assets: | ||||||||
Investments, at value — unaffiliated issuers (Note 2) (a) | $ | 180,375,758 | $ | 435,410,967 | ||||
Investments, at value — affiliated issuers (Note 7) (b) | - | 5,971,868 | ||||||
Short-term investments, at value (Note 2) (c) | 5,840,111 | 1 | ||||||
|
|
|
| |||||
Total investments (d) | 186,215,869 | 441,382,836 | ||||||
|
|
|
| |||||
Foreign currency, at value (e) | - | 205,075 | ||||||
Receivables from: | ||||||||
Investments sold | 102,966 | 253,661 | ||||||
Investment adviser (Note 3) | - | 42,285 | ||||||
Fund shares sold | 118,073 | 14,957 | ||||||
Interest and dividends | 317,368 | 347,401 | ||||||
Foreign tax receivable | - | - | ||||||
Foreign taxes withheld | - | 321,531 | ||||||
|
|
|
| |||||
Total assets | 186,754,276 | 442,567,746 | ||||||
|
|
|
| |||||
Liabilities: | ||||||||
Payables for: | ||||||||
Investments purchased | 1,978,404 | 651,895 | ||||||
Fund shares repurchased | 99,350 | 506,053 | ||||||
Securities on loan (Note 2) | 11,743,903 | 40,283,192 | ||||||
Trustees’ fees and expenses (Note 3) | 31,269 | 41,397 | ||||||
Affiliates (Note 3): | ||||||||
Investment management fees | 83,696 | 269,349 | ||||||
Administration fees | 28,754 | 87,845 | ||||||
Service fees | 48,071 | 30,764 | ||||||
Distribution fees | - | 773 | ||||||
Accrued expense and other liabilities | 38,279 | 72,076 | ||||||
|
|
|
| |||||
Total liabilities | 14,051,726 | 41,943,344 | ||||||
|
|
|
| |||||
Net assets | $ | 172,702,550 | $ | 400,624,402 | ||||
|
|
|
| |||||
Net assets consist of: | ||||||||
Paid-in capital | $ | 141,798,741 | $ | 270,632,220 | ||||
Undistributed (accumulated) net investment income (loss) | 660,029 | 2,261,714 | ||||||
Accumulated net realized gain (loss) on investments and foreign currency transactions | (4,116,959 | ) | (7,215,640 | ) | ||||
Net unrealized appreciation (depreciation) on investments and foreign currency translations | 34,360,739 | 134,946,108 | ||||||
|
|
|
| |||||
Net assets | $ | 172,702,550 | $ | 400,624,402 | ||||
|
|
|
| |||||
(a) Cost of investments — unaffiliated issuers: | $ | 146,015,019 | $ | 300,496,253 | ||||
(b) Cost of investments — affiliated issuers: | $ | - | $ | 5,971,868 | ||||
(c) Cost of short-term investments: | $ | 5,840,111 | $ | 1 | ||||
(d) Securities on loan with market value of: | $ | 11,435,142 | $ | 38,476,650 | ||||
(e) Cost of foreign currency: | $ | - | $ | 204,418 |
The accompanying notes are an integral part of the financial statements.
204
Table of Contents
MassMutual Premier International Equity Fund | MassMutual Premier Focused International Fund | MassMutual Premier Strategic Emerging Markets Fund | ||||||||
$ | 572,295,986 | $ | 130,033,366 | $ | 121,951,344 | |||||
19,588,063 | - | - | ||||||||
- | 606,573 | 896,784 | ||||||||
|
|
|
|
|
| |||||
591,884,049 | 130,639,939 | 122,848,128 | ||||||||
|
|
|
|
|
| |||||
23,476 | - | 54,603 | ||||||||
1,232,631 | 137,639 | - | ||||||||
- | 9,944 | 28,381 | ||||||||
1,633,395 | 136,838 | 67,060 | ||||||||
740,602 | 364,490 | 289,201 | ||||||||
- | - | 55,525 | ||||||||
646,616 | 90,410 | 3,838 | ||||||||
|
|
|
|
|
| |||||
596,160,769 | 131,379,260 | 123,346,736 | ||||||||
|
|
|
|
|
| |||||
1,866,493 | 80 | - | ||||||||
418,782 | 36,821 | 48,655 | ||||||||
47,799,972 | 13,876,073 | - | ||||||||
82,450 | 11,423 | 11,883 | ||||||||
385,654 | 89,495 | 109,233 | ||||||||
75,222 | 12,523 | 5,300 | ||||||||
34,883 | 10,093 | 202 | ||||||||
- | 608 | - | ||||||||
96,317 | 48,211 | 60,597 | ||||||||
|
|
|
|
|
| |||||
50,759,773 | 14,085,327 | 235,870 | ||||||||
|
|
|
|
|
| |||||
$ | 545,400,996 | $ | 117,293,933 | $ | 123,110,866 | |||||
|
|
|
|
|
| |||||
$ | 361,789,568 | $ | 122,029,534 | $ | 128,620,726 | |||||
5,385,929 | 1,781,734 | 1,386,727 | ||||||||
33,245,964 | (16,863,951 | ) | (13,758,510 | ) | ||||||
144,979,535 | 10,346,616 | 6,861,923 | ||||||||
|
|
|
|
|
| |||||
$ | 545,400,996 | $ | 117,293,933 | $ | 123,110,866 | |||||
|
|
|
|
|
| |||||
$ | 427,373,641 | $ | 119,701,940 | $ | 115,075,430 | |||||
$ | 19,588,063 | $ | - | $ | - | |||||
$ | - | $ | 606,573 | $ | 896,784 | |||||
$ | 45,498,324 | $ | 13,217,411 | $ | - | |||||
$ | 23,460 | $ | - | $ | 54,353 |
205
Table of Contents
MassMutual Premier Funds – Financial Statements (Continued)
Statements of Assets and Liabilities
September 30, 2013
MassMutual Premier Small Cap Opportunities Fund | MassMutual Premier Global Fund | |||||||
Class Z shares: | ||||||||
Net assets | $ | - | $ | - | ||||
|
|
|
| |||||
Shares outstanding (a) | - | - | ||||||
|
|
|
| |||||
Net asset value, offering price and redemption price per share | $ | - | $ | - | ||||
|
|
|
| |||||
Class S shares: | ||||||||
Net assets | $ | 83,213,099 | $ | 213,576,606 | ||||
|
|
|
| |||||
Shares outstanding (a) | 5,576,394 | 15,271,704 | ||||||
|
|
|
| |||||
Net asset value, offering price and redemption price per share | $ | 14.92 | $ | 13.99 | ||||
|
|
|
| |||||
Class Y shares: | ||||||||
Net assets | $ | 2,627,309 | $ | 8,558,067 | ||||
|
|
|
| |||||
Shares outstanding (a) | 176,065 | 615,847 | ||||||
|
|
|
| |||||
Net asset value, offering price and redemption price per share | $ | 14.92 | $ | 13.90 | ||||
|
|
|
| |||||
Class L shares: | ||||||||
Net assets | $ | 9,661,193 | $ | 128,754,758 | ||||
|
|
|
| |||||
Shares outstanding (a) | 650,848 | 9,223,274 | ||||||
|
|
|
| |||||
Net asset value, offering price and redemption price per share | $ | 14.84 | $ | 13.96 | ||||
|
|
|
| |||||
Class A shares: | ||||||||
Net assets | $ | 77,200,949 | $ | 48,499,637 | ||||
|
|
|
| |||||
Shares outstanding (a) | 5,281,292 | 3,509,487 | ||||||
|
|
|
| |||||
Net asset value and redemption price per share | $ | 14.62 | $ | 13.82 | ||||
|
|
|
| |||||
Offering price per share | ||||||||
(100/[100-maximum sales charge] of net asset value) | $ | 15.51 | $ | 14.66 | ||||
|
|
|
| |||||
Class N shares: | ||||||||
Net assets | $ | - | $ | 1,235,334 | ||||
|
|
|
| |||||
Shares outstanding (a) | - | 89,102 | ||||||
|
|
|
| |||||
Net asset value, offering price and redemption price per share | $ | - | $ | 13.86 | ||||
|
|
|
|
(a) | Authorized unlimited number of shares with no par value. |
The accompanying notes are an integral part of the financial statements.
206
Table of Contents
MassMutual Premier International Equity Fund | MassMutual Premier Focused International Fund | MassMutual Premier Strategic Emerging Markets Fund | ||||||||
$ | - | $ | 90,059,757 | $ | 115,463,317 | |||||
|
|
|
|
|
| |||||
- | 7,212,072 | 9,888,133 | ||||||||
|
|
|
|
|
| |||||
$ | - | $ | 12.49 | $ | 11.68 | |||||
|
|
|
|
|
| |||||
$ | 445,259,667 | $ | 5,270,114 | $ | 7,007,720 | |||||
|
|
|
|
|
| |||||
27,963,196 | 422,188 | 593,531 | ||||||||
|
|
|
|
|
| |||||
$ | 15.92 | $ | 12.48 | $ | 11.81 | |||||
|
|
|
|
|
| |||||
$ | 25,987,050 | $ | 2,948,840 | $ | 205,892 | |||||
|
|
|
|
|
| |||||
1,634,449 | 236,829 | 17,665 | ||||||||
|
|
|
|
|
| |||||
$ | 15.90 | $ | 12.45 | $ | 11.66 | |||||
|
|
|
|
|
| |||||
$ | 18,017,233 | $ | 3,704,908 | $ | 98,291 | |||||
|
|
|
|
|
| |||||
1,138,657 | 296,100 | 8,388 | ||||||||
|
|
|
|
|
| |||||
$ | 15.82 | $ | 12.51 | $ | 11.72 | |||||
|
|
|
|
|
| |||||
$ | 56,137,046 | $ | 14,358,210 | $ | 335,646 | |||||
|
|
|
|
|
| |||||
3,625,641 | 1,156,973 | 28,906 | ||||||||
|
|
|
|
|
| |||||
$ | 15.48 | $ | 12.41 | $ | 11.61 | |||||
|
|
|
|
|
| |||||
$ | 16.42 | $ | 13.17 | $ | 12.32 | |||||
|
|
|
|
|
| |||||
$ | - | $ | 952,104 | $ | - | |||||
|
|
|
|
|
| |||||
- | 77,892 | - | ||||||||
|
|
|
|
|
| |||||
$ | - | $ | 12.22 | $ | - | |||||
|
|
|
|
|
|
207
Table of Contents
MassMutual Premier Funds – Financial Statements (Continued)
For the Year Ended September 30, 2013
MassMutual Premier Money Market Fund | MassMutual Premier Short- Duration Bond Fund | |||||||
Investment income (Note 2): | ||||||||
Dividends | $ | - | $ | - | ||||
Interest | 675,501 | 10,577,532 | ||||||
|
|
|
| |||||
Total investment income | 675,501 | 10,577,532 | ||||||
|
|
|
| |||||
Expenses (Note 3): | ||||||||
Investment management fees | 1,490,515 | 2,069,086 | ||||||
Custody fees | 42,228 | 61,198 | ||||||
Interest expense | - | - | ||||||
Audit fees | 30,360 | 35,799 | ||||||
Legal fees | 496 | 575 | ||||||
Proxy fees | 1,028 | 1,028 | ||||||
Shareholder reporting fees | 14,334 | 19,973 | ||||||
Trustees’ fees | 30,416 | 38,258 | ||||||
|
|
|
| |||||
1,609,377 | 2,225,917 | |||||||
Administration fees: | ||||||||
Class Z | - | 107,903 | ||||||
Class S | 128,752 | 449,927 | ||||||
Class Y | 197,605 | 230,194 | ||||||
Class L | - | 157,522 | ||||||
Class A | 476,457 | 297,252 | ||||||
Class N | - | 4,698 | ||||||
Distribution fees: | ||||||||
Class N | - | 2,676 | ||||||
Service fees: | ||||||||
Class A | 364,710 | 191,085 | ||||||
Class N | - | 2,676 | ||||||
|
|
|
| |||||
Total expenses | 2,776,901 | 3,669,850 | ||||||
Expenses waived (Note 3): | ||||||||
Class S fees reimbursed by adviser | (507,156 | ) | - | |||||
Class Y fees reimbursed by adviser | (450,054 | ) | - | |||||
Class L fees reimbursed by adviser | - | - | ||||||
Class A fees reimbursed by adviser | (849,894 | ) | - | |||||
Class A administrative fees waived | (320,945 | ) | - | |||||
Class Z management fees waived | - | (215,906 | ) | |||||
Class S management fees waived | - | (243,337 | ) | |||||
Class Y management fees waived | - | (104,170 | ) | |||||
Class L management fees waived | - | (56,720 | ) | |||||
Class A management fees waived | - | (107,011 | ) | |||||
Class N management fees waived | - | (1,501 | ) | |||||
|
|
|
| |||||
Net expenses | 648,852 | 2,941,205 | ||||||
|
|
|
| |||||
Net investment income (loss) | 26,649 | 7,636,327 | ||||||
|
|
|
| |||||
Realized and unrealized gain (loss): | ||||||||
Net realized gain (loss) on: | ||||||||
Investment transactions | 4,430 | (177,704 | ) | |||||
Futures contracts | - | 1,394,336 | ||||||
Swap agreements | - | (1,616,409 | ) | |||||
Foreign currency transactions | - | - | ||||||
|
|
|
| |||||
Net realized gain (loss) | 4,430 | (399,777 | ) | |||||
|
|
|
| |||||
Net change in unrealized appreciation (depreciation) on: | ||||||||
Investment transactions | - | (1,231,029 | ) | |||||
Futures contracts | - | (317,661 | ) | |||||
Swap agreements | - | 958,868 | ||||||
Translation of assets and liabilities in foreign currencies | - | - | ||||||
|
|
|
| |||||
Net change in unrealized appreciation (depreciation) | - | (589,822 | ) | |||||
|
|
|
| |||||
Net realized gain (loss) and change in unrealized appreciation (depreciation) | 4,430 | (989,599 | ) | |||||
|
|
|
| |||||
Net increase (decrease) in net assets resulting from operations | $ | 31,079 | $ | 6,646,728 | ||||
|
|
|
|
† | Amount rounds to less than $0.50. |
The accompanying notes are an integral part of the financial statements.
208
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 | ||||||||||||||
$ | - | $ | 126,615 | $ | 9,740 | $ | - | $ | - | |||||||||
10,265,511 | 45,466,521 | 3,526,860 | 17,616,126 | 1,633,049 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
10,265,511 | 45,593,136 | 3,536,600 | 17,616,126 | 1,633,049 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
1,604,796 | 7,621,366 | 502,395 | 1,162,477 | 358,088 | ||||||||||||||
73,026 | 174,829 | 36,448 | 66,620 | 38,879 | ||||||||||||||
673,312 | - | - | - | - | ||||||||||||||
35,731 | 37,763 | 36,304 | 34,550 | 29,055 | ||||||||||||||
448 | 1,998 | 552 | 347 | 3,048 | ||||||||||||||
1,028 | 1,028 | 1,028 | 1,028 | 1,028 | ||||||||||||||
14,531 | 59,240 | 6,482 | 12,336 | 5,220 | ||||||||||||||
24,097 | 114,116 | 7,228 | 16,911 | 4,327 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
2,426,969 | 8,010,340 | 590,437 | 1,294,269 | 439,645 | ||||||||||||||
63,256 | 294,125 | 0 | † | 40,366 | - | |||||||||||||
115,116 | 1,782,751 | 104,564 | 66,331 | 29,207 | ||||||||||||||
235,320 | 493,899 | 56,693 | 172,278 | 630 | ||||||||||||||
38,909 | 335,900 | 44,611 | 48,698 | 463 | ||||||||||||||
107,958 | 739,263 | 133,379 | 152,449 | 2,080 | ||||||||||||||
4,664 | 8,063 | 3 | 3,051 | - | ||||||||||||||
3,232 | 4,429 | 2 | 1,543 | - | ||||||||||||||
86,838 | 479,916 | 86,385 | 85,780 | 1,733 | ||||||||||||||
3,232 | 4,429 | 2 | 1,543 | - | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
3,085,494 | 12,153,115 | 1,016,076 | 1,866,308 | 473,758 | ||||||||||||||
- | - | - | - | (21,407 | ) | |||||||||||||
- | - | - | - | (370 | ) | |||||||||||||
- | - | - | - | (136 | ) | |||||||||||||
- | - | - | - | (598 | ) | |||||||||||||
- | - | - | - | - | ||||||||||||||
(164,481 | ) | (882,513 | ) | 0 | † | (100,900 | ) | - | ||||||||||
(93,058 | ) | (1,210,188 | ) | (64,919 | ) | (27,205 | ) | - | ||||||||||
(117,280 | ) | (282,001 | ) | (27,103 | ) | (58,545 | ) | - | ||||||||||
(13,393 | ) | (157,040 | ) | (20,060 | ) | (10,977 | ) | - | ||||||||||
(45,145 | ) | (345,780 | ) | (58,732 | ) | (34,250 | ) | - | ||||||||||
(1,687 | ) | (3,192 | ) | (1 | ) | (618 | ) | - | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
2,650,450 | 9,272,401 | 845,261 | 1,633,813 | 451,247 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
7,615,061 | 36,320,735 | 2,691,339 | 15,982,313 | 1,181,802 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
8,302,765 | (4,538,562 | ) | 787,623 | 11,661,754 | (285,345 | ) | ||||||||||||
125,118 | (3,570,763 | ) | (312,399 | ) | - | - | ||||||||||||
(1,267 | ) | (4,046,468 | ) | (1,394,857 | ) | - | - | |||||||||||
- | - | 10,548 | - | (2,300,256 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
8,426,616 | (12,155,793 | ) | (909,085 | ) | 11,661,754 | (2,585,601 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
(36,814,888 | ) | (42,615,664 | ) | (1,950,233 | ) | (4,455,035 | ) | (3,550,388 | ) | |||||||||
(24,939 | ) | 1,344,150 | 91,923 | - | - | |||||||||||||
(17,514 | ) | 3,411,061 | 494,285 | - | - | |||||||||||||
- | - | (8,736 | ) | - | 5,994 | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
(36,857,341 | ) | (37,860,453 | ) | (1,372,761 | ) | (4,455,035 | ) | (3,544,394 | ) | |||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
(28,430,725 | ) | (50,016,246 | ) | (2,281,846 | ) | 7,206,719 | (6,129,995 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
$ | (20,815,664 | ) | $ | (13,695,511 | ) | $ | 409,493 | $ | 23,189,032 | $ | (4,948,193 | ) | ||||||
|
|
|
|
|
|
|
|
|
|
209
Table of Contents
MassMutual Premier Funds – Financial Statements (Continued)
Statements of Operations
For the Year Ended September 30, 2013
MassMutual Premier Balanced Fund | MassMutual Premier Value Fund | |||||||
Investment income (Note 2): | ||||||||
Dividends (a) | $ | 2,080,430 | $ | 3,164,148 | ||||
Interest | 1,373,273 | 1,273 | ||||||
Securities lending net income | - | 10,972 | ||||||
|
|
|
| |||||
Total investment income | 3,453,703 | 3,176,393 | ||||||
|
|
|
| |||||
Expenses (Note 3): | ||||||||
Investment management fees | 688,121 | 686,263 | ||||||
Custody fees | 52,637 | 25,905 | ||||||
Audit fees | 36,366 | 34,139 | ||||||
Legal fees | 487 | 135 | ||||||
Proxy fees | 1,028 | 1,028 | ||||||
Shareholder reporting fees | 8,824 | 7,519 | ||||||
Trustees’ fees | 10,588 | 9,752 | ||||||
|
|
|
| |||||
798,051 | 764,741 | |||||||
Administration fees: | ||||||||
Class S | 90,309 | 73,685 | ||||||
Class Y | 20,531 | 193 | ||||||
Class L | 12,600 | 45,664 | ||||||
Class A | 110,395 | 26,891 | ||||||
Class N | - | 304 | ||||||
Distribution fees: | ||||||||
Class N | - | 202 | ||||||
Service fees: | ||||||||
Class A | 69,553 | 21,288 | ||||||
Class N | - | 202 | ||||||
|
|
|
| |||||
Total expenses | 1,101,439 | 933,170 | ||||||
Expenses waived (Note 3): | ||||||||
Class S fees reimbursed by adviser | - | - | ||||||
Class Y fees reimbursed by adviser | - | - | ||||||
Class L fees reimbursed by adviser | - | - | ||||||
Class A fees reimbursed by adviser | - | - | ||||||
Class N fees reimbursed by adviser | - | - | ||||||
Class S administrative fees waived | (13,664 | ) | - | |||||
Class Y administrative fees waived | (1,032 | ) | - | |||||
Class L administrative fees waived | (419 | ) | - | |||||
Class A administrative fees waived | (3,268 | ) | - | |||||
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 | 1,083,056 | 933,170 | ||||||
|
|
|
| |||||
Net investment income (loss) | 2,370,647 | 2,243,223 | ||||||
|
|
|
| |||||
Realized and unrealized gain (loss): | ||||||||
Net realized gain (loss) on: | ||||||||
Investment transactions | 10,671,446 | 30,369,712 | ||||||
Futures contracts | 463,706 | - | ||||||
Swap agreements | (92,006 | ) | - | |||||
Foreign currency transactions | - | 1,132 | ||||||
|
|
|
| |||||
Net realized gain (loss) | 11,043,146 | 30,370,844 | ||||||
|
|
|
| |||||
Net change in unrealized appreciation (depreciation) on: | ||||||||
Investment transactions | 1,498,657 | (4,184,156 | ) | |||||
Futures contracts | 36,670 | - | ||||||
Swap agreements | 80,162 | - | ||||||
Translation of assets and liabilities in foreign currencies | - | - | ||||||
|
|
|
| |||||
Net change in unrealized appreciation (depreciation) | 1,615,489 | (4,184,156 | ) | |||||
|
|
|
| |||||
Net realized gain (loss) and change in unrealized appreciation (depreciation) | 12,658,635 | 26,186,688 | ||||||
|
|
|
| |||||
Net increase (decrease) in net assets resulting from operations | $ | 15,029,282 | $ | 28,429,911 | ||||
|
|
|
| |||||
(a) Net of withholding tax of: | $ | 2,008 | $ | 45,222 |
The accompanying notes are an integral part of the financial statements.
210
Table of Contents
MassMutual Premier Disciplined Value Fund | MassMutual Premier Main Street Fund | MassMutual Premier Capital Appreciation Fund | MassMutual Premier Disciplined Growth Fund | |||||||||||
$ | 8,363,226 | $ | 3,217,332 | $ | 4,690,745 | $ | 6,061,745 | |||||||
114 | 253 | 349 | 115 | |||||||||||
- | 16,142 | - | - | |||||||||||
|
|
|
|
|
|
|
| |||||||
8,363,340 | 3,233,727 | 4,691,094 | 6,061,860 | |||||||||||
|
|
|
|
|
|
|
| |||||||
1,599,386 | 1,121,393 | 1,896,266 | 1,492,738 | |||||||||||
37,383 | 20,928 | 46,285 | 35,157 | |||||||||||
35,260 | 32,697 | 33,436 | 35,236 | |||||||||||
623 | 345 | 468 | 643 | |||||||||||
1,028 | 1,028 | 1,028 | 1,028 | |||||||||||
14,950 | 9,295 | 15,358 | 14,271 | |||||||||||
23,501 | 12,640 | 21,086 | 21,939 | |||||||||||
|
|
|
|
|
|
|
| |||||||
1,712,131 | 1,198,326 | 2,013,927 | 1,601,012 | |||||||||||
67,135 | 136,273 | 201,449 | 50,714 | |||||||||||
82,742 | 7,829 | 16,228 | 69,175 | |||||||||||
9,579 | 97,142 | 50,129 | 33,021 | |||||||||||
27,516 | 38,220 | 187,830 | 43,898 | |||||||||||
434 | 286 | 512 | - | |||||||||||
352 | 198 | 366 | - | |||||||||||
26,611 | 30,823 | 156,525 | 43,139 | |||||||||||
352 | 198 | 366 | - | |||||||||||
|
|
|
|
|
|
|
| |||||||
1,926,852 | 1,509,295 | 2,627,332 | 1,840,959 | |||||||||||
- | (117,186 | ) | (162,119 | ) | - | |||||||||
- | (4,628 | ) | (2,538 | ) | - | |||||||||
- | (29,642 | ) | (2,987 | ) | - | |||||||||
- | (11,662 | ) | (93,906 | ) | - | |||||||||
- | (75 | ) | (114 | ) | - | |||||||||
- | - | - | - | |||||||||||
- | - | - | - | |||||||||||
- | - | - | - | |||||||||||
- | - | - | - | |||||||||||
(75,528 | ) | - | - | (68,029 | ) | |||||||||
(23,300 | ) | - | - | (19,468 | ) | |||||||||
(1,120 | ) | - | - | (3,801 | ) | |||||||||
(3,371 | ) | - | - | (5,468 | ) | |||||||||
(45 | ) | - | - | - | ||||||||||
|
|
|
|
|
|
|
| |||||||
1,823,488 | 1,346,102 | 2,365,668 | 1,744,193 | |||||||||||
|
|
|
|
|
|
|
| |||||||
6,539,852 | 1,887,625 | 2,325,426 | 4,317,667 | |||||||||||
|
|
|
|
|
|
|
| |||||||
53,490,981 | 19,746,341 | 49,900,849 | 55,992,581 | |||||||||||
- | - | - | - | |||||||||||
- | - | - | - | |||||||||||
- | (69 | ) | 34,428 | - | ||||||||||
|
|
|
|
|
|
|
| |||||||
53,490,981 | 19,746,272 | 49,935,277 | 55,992,581 | |||||||||||
|
|
|
|
|
|
|
| |||||||
5,762,260 | 7,882,950 | (9,790,501 | ) | (2,977,653 | ) | |||||||||
- | - | - | - | |||||||||||
- | - | - | - | |||||||||||
- | 121 | (38,256 | ) | - | ||||||||||
|
|
|
|
|
|
|
| |||||||
5,762,260 | 7,883,071 | (9,828,757 | ) | (2,977,653 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||
59,253,241 | 27,629,343 | 40,106,520 | 53,014,928 | |||||||||||
|
|
|
|
|
|
|
| |||||||
$ | 65,793,093 | $ | 29,516,968 | $ | 42,431,946 | $ | 57,332,595 | |||||||
|
|
|
|
|
|
|
| |||||||
$ | 10,615 | $ | 18,961 | $ | 57,088 | $ | 11,735 |
211
Table of Contents
MassMutual Premier Funds – Financial Statements (Continued)
Statements of Operations
For the Year Ended September 30, 2013
MassMutual Premier Small Cap Opportunities Fund | MassMutual Premier Global Fund | |||||||
Investment income (Note 2): | ||||||||
Dividends — unaffiliated issuers (a) | $ | 2,720,460 | $ | 8,041,341 | ||||
Dividends — affiliated issuers (Note 7) | - | 6,163 | ||||||
Interest | 28,310 | 251 | ||||||
Securities lending net income | 131,884 | 240,154 | ||||||
|
|
|
| |||||
Total investment income | 2,880,654 | 8,287,909 | ||||||
|
|
|
| |||||
Expenses (Note 3): | ||||||||
Investment management fees | 868,365 | 3,063,905 | ||||||
Custody fees | 23,277 | 162,648 | ||||||
Audit fees | 33,582 | 47,609 | ||||||
Legal fees | 1,018 | 614 | ||||||
Proxy fees | 1,028 | 1,028 | ||||||
Shareholder reporting fees | 8,222 | 16,927 | ||||||
Trustees’ fees | 11,093 | 27,983 | ||||||
|
|
|
| |||||
946,585 | 3,320,714 | |||||||
Administration fees: | ||||||||
Class Z | - | - | ||||||
Class S | 71,334 | 376,846 | ||||||
Class Y | 5,699 | 16,664 | ||||||
Class L | 22,065 | 433,869 | ||||||
Class A | 195,895 | 158,970 | ||||||
Class N | - | 4,471 | ||||||
Distribution fees: | ||||||||
Class N | - | 2,726 | ||||||
Service fees: | ||||||||
Class A | 164,840 | 110,396 | ||||||
Class N | - | 2,726 | ||||||
|
|
|
| |||||
Total expenses | 1,406,418 | 4,427,382 | ||||||
Expenses waived (Note 3): | ||||||||
Class Z fees reimbursed by adviser | - | - | ||||||
Class S fees reimbursed by adviser | (21,734 | ) | (328,394 | ) | ||||
Class Y fees reimbursed by adviser | (966 | ) | (3,719 | ) | ||||
Class L fees reimbursed by adviser | (2,079 | ) | (104,743 | ) | ||||
Class A fees reimbursed by adviser | (19,223 | ) | (20,736 | ) | ||||
Class N fees reimbursed by adviser | - | (2,803 | ) | |||||
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 | 1,362,416 | 3,966,987 | ||||||
|
|
|
| |||||
Net investment income (loss) | 1,518,238 | 4,320,922 | ||||||
|
|
|
| |||||
Realized and unrealized gain (loss): | ||||||||
Net realized gain (loss) on: | ||||||||
Investment transactions | 23,593,973 | 18,737,281 | ||||||
Foreign currency transactions | 2 | (126,976 | ) | |||||
|
|
|
| |||||
Net realized gain (loss) | 23,593,975 | 18,610,305 | ||||||
|
|
|
| |||||
Net change in unrealized appreciation (depreciation) on: | ||||||||
Investment transactions | 21,735,614 | 66,060,040 | ||||||
Translation of assets and liabilities in foreign currencies | - | 19,383 | ||||||
|
|
|
| |||||
Net change in unrealized appreciation (depreciation) | 21,735,614 | 66,079,423 | ||||||
|
|
|
| |||||
Net realized gain (loss) and change in unrealized appreciation (depreciation) | 45,329,589 | 84,689,728 | ||||||
|
|
|
| |||||
Net increase (decrease) in net assets resulting from operations | $ | 46,847,827 | $ | 89,010,650 | ||||
|
|
|
| |||||
(a) Net of withholding tax of: | $ | 114 | $ | 660,621 |
The accompanying notes are an integral part of the financial statements.
212
Table of Contents
MassMutual Premier International Equity Fund | MassMutual Premier Focused International Fund | MassMutual Premier Strategic Emerging MarketsFund | ||||||||
$ | 12,325,116 | $ | 3,274,306 | $ | 3,015,997 | |||||
18,254 | - | - | ||||||||
343 | 86 | 704 | ||||||||
481,399 | 88,242 | 9,407 | ||||||||
|
|
|
|
|
| |||||
12,825,112 | 3,362,634 | 3,026,108 | ||||||||
|
|
|
|
|
| |||||
4,302,273 | 1,179,260 | 1,383,782 | ||||||||
303,013 | 76,680 | 130,912 | ||||||||
42,316 | 41,158 | 39,006 | ||||||||
997 | 315 | 533 | ||||||||
1,028 | 1,028 | 1,028 | ||||||||
20,836 | 7,768 | 7,955 | ||||||||
37,142 | 9,537 | 9,432 | ||||||||
|
|
|
|
|
| |||||
4,707,605 | 1,315,746 | 1,572,648 | ||||||||
- | 47,343 | 49,733 | ||||||||
580,992 | 30,594 | 13,676 | ||||||||
37,405 | 18,512 | 609 | ||||||||
54,140 | 22,233 | 374 | ||||||||
160,950 | 71,131 | 1,492 | ||||||||
- | 5,400 | - | ||||||||
- | 2,454 | - | ||||||||
126,057 | 44,457 | 829 | ||||||||
- | 2,454 | - | ||||||||
|
|
|
|
|
| |||||
5,667,149 | 1,560,324 | 1,639,361 | ||||||||
- | - | (116,011 | ) | |||||||
- | - | (6,384 | ) | |||||||
- | - | (189 | ) | |||||||
- | - | (78 | ) | |||||||
- | - | (310 | ) | |||||||
- | - | - | ||||||||
- | (79,017 | ) | (186,490 | ) | ||||||
- | (20,330 | ) | (10,266 | ) | ||||||
- | (7,395 | ) | (305 | ) | ||||||
- | (5,537 | ) | (125 | ) | ||||||
- | (17,767 | ) | (497 | ) | ||||||
- | (983 | ) | - | |||||||
|
|
|
|
|
| |||||
5,667,149 | 1,429,295 | 1,318,706 | ||||||||
|
|
|
|
|
| |||||
7,157,963 | 1,933,339 | 1,707,402 | ||||||||
|
|
|
|
|
| |||||
42,271,668 | 3,267,324 | (10,832,520 | ) | |||||||
(271,455 | ) | (145,220 | ) | (310,958 | ) | |||||
|
|
|
|
|
| |||||
42,000,213 | 3,122,104 | (11,143,478 | ) | |||||||
|
|
|
|
|
| |||||
68,751,005 | 5,501,426 | 6,350,059 | ||||||||
(19,770 | ) | (5,150 | ) | (12,576 | ) | |||||
|
|
|
|
|
| |||||
68,731,235 | 5,496,276 | 6,337,483 | ||||||||
|
|
|
|
|
| |||||
110,731,448 | 8,618,380 | (4,805,995 | ) | |||||||
|
|
|
|
|
| |||||
$ | 117,889,411 | $ | 10,551,719 | $ | (3,098,593 | ) | ||||
|
|
|
|
|
| |||||
$ | 803,296 | $ | 305,537 | $ | 381,383 |
213
Table of Contents
MassMutual Premier Funds – Financial Statements (Continued)
Statements of Changes in Net Assets
MassMutual Premier Money Market Fund | ||||||||||||
Year Ended September 30, 2013 | Period Ended September 30, 2012*** | Year Ended October 31, 2011 | ||||||||||
Increase (Decrease) in Net Assets: | ||||||||||||
Operations: | ||||||||||||
Net investment income (loss) | $ | 26,649 | $ | 25,703 | $ | 15,550 | ||||||
Net realized gain (loss) on investment transactions | 4,430 | 3,650 | 13,349 | |||||||||
Net change in unrealized appreciation (depreciation) on investments | - | - | - | |||||||||
|
|
|
|
|
| |||||||
Net increase (decrease) in net assets resulting from operations | 31,079 | 29,353 | 28,899 | |||||||||
|
|
|
|
|
| |||||||
Distributions to shareholders (Note 2): | ||||||||||||
From net investment income: | ||||||||||||
Class Z | - | - | - | |||||||||
Class S | (25,200 | ) | (8,502 | ) | (5,031 | ) | ||||||
Class Y | (14,760 | ) | (8,189 | ) | (5,000 | ) | ||||||
Class L | - | - | - | |||||||||
Class A | (22,805 | ) | (8,850 | ) | (5,716 | ) | ||||||
Class N | - | - | - | |||||||||
|
|
|
|
|
| |||||||
Total distributions from net investment income | (62,765 | ) | (25,541 | ) | (15,747 | ) | ||||||
|
|
|
|
|
| |||||||
From net realized gains: | ||||||||||||
Class Z | - | - | - | |||||||||
Class S | - | - | - | |||||||||
Class Y | - | - | - | |||||||||
Class L | - | - | - | |||||||||
Class A | - | - | - | |||||||||
Class N | - | - | - | |||||||||
|
|
|
|
|
| |||||||
Total distributions from net realized gains | - | - | - | |||||||||
|
|
|
|
|
| |||||||
Net fund share transactions (Note 5): | ||||||||||||
Class Z | - | - | - | |||||||||
Class S | (10,817,961 | ) | (26,859,326 | ) | (31,580,844 | ) | ||||||
Class Y | (5,781,332 | ) | (124,756,718 | ) | 38,905,238 | |||||||
Class L | - | - | - | |||||||||
Class A | 12,304,753 | (54,881,279 | ) | (952,594 | ) | |||||||
Class N | - | - | - | |||||||||
|
|
|
|
|
| |||||||
Increase (decrease) in net assets from fund share transactions | (4,294,540 | ) | (206,497,323 | ) | 6,371,800 | |||||||
|
|
|
|
|
| |||||||
Captial contribution | - | - | 750,000 | |||||||||
|
|
|
|
|
| |||||||
Total increase (decrease) in net assets | (4,326,226 | ) | (206,493,511 | ) | 7,134,952 | |||||||
Net assets | ||||||||||||
Beginning of year | 415,335,489 | 621,829,000 | 614,694,048 | |||||||||
|
|
|
|
|
| |||||||
End of year | $ | 411,009,263 | $ | 415,335,489 | $ | 621,829,000 | ||||||
|
|
|
|
|
| |||||||
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 | $ | (64,975 | ) | $ | (28,893 | ) | $ | (39,643 | ) | |||
|
|
|
|
|
|
* | 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.
214
Table of Contents
MassMutual Premier Short-Duration Bond Fund | MassMutual Premier Inflation-Protected and Income Fund | |||||||||||||||||||||
Year Ended September 30, 2013 | Period Ended September 30, 2012*** | Year Ended October 31, 2011 | Year Ended September 30, 2013 | Period Ended September 30, 2012*** | Year Ended October 31, 2011 | |||||||||||||||||
$ | 7,636,327 | $ | 7,207,974 | $ | 8,916,111 | $ | 7,615,061 | $ | 5,906,632 | $ | 12,738,189 | |||||||||||
(399,777 | ) | 6,221,034 | 10,492,517 | 8,426,616 | 7,757,425 | 6,153,701 | ||||||||||||||||
(589,822 | ) | 816,011 | (7,945,378 | ) | (36,857,341 | ) | 8,377,084 | 7,144,423 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
6,646,728 | 14,245,019 | 11,463,250 | (20,815,664 | ) | 22,041,141 | 26,036,313 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
(2,972,939 | ) | (2,778,529 | ) | (2,263 | )* | (4,436,438 | ) | (5,552,157 | ) | - | ** | |||||||||||
(3,039,953 | ) | (2,596,888 | ) | (4,449,365 | ) | (2,425,789 | ) | (2,682,692 | ) | (2,787,672 | ) | |||||||||||
(1,354,062 | ) | (1,264,242 | ) | (1,073,958 | ) | (2,851,252 | ) | (3,300,262 | ) | (2,901,460 | ) | |||||||||||
(703,233 | ) | (580,575 | ) | (2,726,346 | ) | (301,336 | ) | (186,582 | ) | (1,087,830 | ) | |||||||||||
(1,231,459 | ) | (977,160 | ) | (1,478,363 | ) | (968,498 | ) | (1,527,238 | ) | (1,021,318 | ) | |||||||||||
- | (107,332 | ) | (124,772 | ) | (32,628 | ) | (26,280 | ) | (10,413 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
(9,301,646 | ) | (8,304,726 | ) | (9,855,067 | ) | (11,015,941 | ) | (13,275,211 | ) | (7,808,693 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
(1,629,804 | ) | (2,762,898 | ) | (605 | )* | (1,189,400 | ) | - | - | ** | ||||||||||||
(1,820,845 | ) | (2,981,108 | ) | (1,244,771 | ) | (672,137 | ) | - | - | |||||||||||||
(852,974 | ) | (1,448,835 | ) | (313,779 | ) | (817,900 | ) | - | - | |||||||||||||
(458,633 | ) | (888,417 | ) | (809,421 | ) | (89,066 | ) | - | - | |||||||||||||
(896,491 | ) | (1,423,969 | ) | (499,908 | ) | (314,661 | ) | - | - | |||||||||||||
(11,757 | ) | (181,674 | ) | (49,223 | ) | (10,875 | ) | - | - | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
(5,670,504 | ) | (9,686,901 | ) | (2,917,707 | ) | (3,094,039 | ) | - | - | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
55,641,215 | (1,485,333 | ) | 136,450,951 | * | 3,873,943 | 20,252,314 | 94,826,894 | ** | ||||||||||||||
41,101,424 | 3,802,325 | (33,347,998 | ) | (11,703,148 | ) | (15,910,355 | ) | (8,349,313 | ) | |||||||||||||
(2,802,482 | ) | 5,356,049 | 15,643,912 | (3,918,056 | ) | 12,637,414 | (19,620,604 | ) | ||||||||||||||
12,326,336 | (7,207,594 | ) | (79,839,801 | ) | 1,795,096 | 2,871,708 | (34,482,400 | ) | ||||||||||||||
5,086,870 | 1,965,255 | (28,013,435 | ) | (6,575,388 | ) | 425,927 | (868,049 | ) | ||||||||||||||
313,225 | (7,718,909 | ) | 870,707 | 389,218 | 463,529 | 244,151 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
111,666,588 | (5,288,207 | ) | 11,764,336 | (16,138,335 | ) | 20,740,537 | 31,750,679 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
- | - | - | - | - | - | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
103,341,166 | (9,034,815 | ) | 10,454,812 | (51,063,979 | ) | 29,506,467 | 49,978,299 | |||||||||||||||
482,422,988 | 491,457,803 | 481,002,991 | 345,237,327 | 315,730,860 | 265,752,561 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
$ | 585,764,154 | $ | 482,422,988 | $ | 491,457,803 | $ | 294,173,348 | $ | 345,237,327 | $ | 315,730,860 | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
$ | 8,979,318 | $ | 7,625,644 | $ | 7,366,206 | $ | 5,370,777 | $ | 6,708,696 | $ | 12,787,427 | |||||||||||
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|
|
|
|
|
|
|
|
|
|
| |||||||||||
$ | - | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||||||
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215
Table of Contents
MassMutual Premier Funds – Financial Statements (Continued)
Statements of Changes in Net Assets
MassMutual Premier Core Bond Fund | ||||||||||||
Year Ended September 30, 2013 | Period Ended September 30, 2012*** | Year Ended October 31, 2011 | ||||||||||
Increase (Decrease) in Net Assets: | ||||||||||||
Operations: | ||||||||||||
Net investment income (loss) | $ | 36,320,735 | $ | 32,684,343 | $ | 33,402,904 | ||||||
Net realized gain (loss) on investment transactions | (12,155,793 | ) | 36,612,873 | 34,526,417 | ||||||||
Net change in unrealized appreciation (depreciation) on investments | (37,860,453 | ) | 32,059,899 | (3,265,264 | ) | |||||||
|
|
|
|
|
| |||||||
Net increase (decrease) in net assets resulting from operations | (13,695,511 | ) | 101,357,115 | 64,664,057 | ||||||||
|
|
|
|
|
| |||||||
Distributions to shareholders (Note 2): | ||||||||||||
From net investment income: | ||||||||||||
Class Z | (11,760,419 | ) | (9,881,932 | ) | (2,942 | )* | ||||||
Class S | (16,715,444 | ) | (15,089,695 | ) | (22,218,153 | ) | ||||||
Class Y | (3,683,072 | ) | (3,091,504 | ) | (4,353,171 | ) | ||||||
Class L | (1,973,054 | ) | (1,681,301 | ) | (5,788,601 | ) | ||||||
Class A | (3,742,227 | ) | (3,622,276 | ) | (5,117,959 | ) | ||||||
Class N | (34,038 | ) | (14,873 | ) | (21,129 | ) | ||||||
|
|
|
|
|
| |||||||
Total distributions from net investment income | (37,908,254 | ) | (33,381,581 | ) | (37,501,955 | ) | ||||||
|
|
|
|
|
| |||||||
From net realized gains: | ||||||||||||
Class Z | (9,935,218 | ) | (9,034,969 | ) | (3,053 | )* | ||||||
Class S | (15,393,523 | ) | (15,441,069 | ) | (23,756,510 | ) | ||||||
Class Y | (3,454,333 | ) | (3,216,420 | ) | (4,742,690 | ) | ||||||
Class L | (1,923,454 | ) | (2,009,415 | ) | (6,475,477 | ) | ||||||
Class A | (4,106,871 | ) | (4,416,598 | ) | (6,242,223 | ) | ||||||
Class N | (39,187 | ) | (21,459 | ) | (28,760 | ) | ||||||
|
|
|
|
|
| |||||||
Total distributions from net realized gains | (34,852,586 | ) | (34,139,930 | ) | (41,248,713 | ) | ||||||
|
|
|
|
|
| |||||||
Net fund share transactions (Note 5): | ||||||||||||
Class Z | (7,474,661 | ) | 192,368,971 | 308,278,395 | * | |||||||
Class S | (175,185,370 | ) | (86,327,032 | ) | 20,548,812 | |||||||
Class Y | (10,881,494 | ) | 5,457,771 | (3,927,041 | ) | |||||||
Class L | (5,891,616 | ) | (2,032,555 | ) | (119,852,869 | ) | ||||||
Class A | (1,528,224 | ) | (12,378,903 | ) | (1,922,748 | ) | ||||||
Class N | 293,834 | 501,686 | 29,796 | |||||||||
|
|
|
|
|
| |||||||
Increase (decrease) in net assets from fund share transactions | (200,667,531 | ) | 97,589,938 | 203,154,345 | ||||||||
|
|
|
|
|
| |||||||
Total increase (decrease) in net assets | (287,123,882 | ) | 131,425,542 | 189,067,734 | ||||||||
Net assets | ||||||||||||
Beginning of year | 1,695,078,568 | 1,563,653,026 | 1,374,585,292 | |||||||||
|
|
|
|
|
| |||||||
End of year | $ | 1,407,954,686 | $ | 1,695,078,568 | $ | 1,563,653,026 | ||||||
|
|
|
|
|
| |||||||
Undistributed (accumulated) net investment income (loss) included in net assets at end of year | $ | 30,901,371 | $ | 29,327,365 | $ | 27,144,732 | ||||||
|
|
|
|
|
|
* | Class Z shares commenced operations on December 3, 2010. |
** | Class Z shares commenced operations on March 1, 2011. |
*** | For the period November 1, 2011 through September 30, 2012. |
The accompanying notes are an integral part of the financial statements.
216
Table of Contents
MassMutual Premier Diversified Bond Fund | MassMutual Premier High Yield Fund | |||||||||||||||||||||
Year Ended September 30, 2013 | Period Ended September 30, 2012*** | Year Ended October 31, 2011 | Year Ended September 30, 2013 | Period Ended September 30, 2012*** | Year Ended October 31, 2011 | |||||||||||||||||
$ | 2,691,339 | $ | 3,125,344 | $ | 6,197,721 | $ | 15,982,313 | $ | 14,716,593 | $ | 11,900,579 | |||||||||||
(909,085 | ) | 2,668,086 | 8,297,477 | 11,661,754 | 7,286,454 | 3,952,575 | ||||||||||||||||
(1,372,761 | ) | 2,790,644 | (5,767,858 | ) | (4,455,035 | ) | 5,264,407 | (5,444,900 | ) | |||||||||||||
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|
|
|
| |||||||||||
409,493 | 8,584,074 | 8,727,340 | 23,189,032 | 27,267,454 | 10,408,254 | |||||||||||||||||
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| |||||||||||
(5 | ) | - | (4,276 | )* | (7,686,693 | ) | (6,322,701 | ) | - | ** | ||||||||||||
(1,451,138 | ) | (1,388,245 | ) | (1,997,405 | ) | (1,599,632 | ) | (806,955 | ) | (4,926,019 | ) | |||||||||||
(333,301 | ) | (1,604,789 | ) | (1,354,620 | ) | (4,014,533 | ) | (3,174,861 | ) | (4,829,400 | ) | |||||||||||
(398,553 | ) | (378,992 | ) | (4,038,036 | ) | (664,781 | ) | (296,498 | ) | (473,093 | ) | |||||||||||
(1,262,840 | ) | (1,546,682 | ) | (1,749,656 | ) | (2,491,300 | ) | (1,798,896 | ) | (3,391,988 | ) | |||||||||||
(51 | ) | - | (3,413 | ) | (33,142 | ) | (18,352 | ) | (52,842 | ) | ||||||||||||
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|
|
|
|
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| |||||||||||
(3,445,888 | ) | (4,918,708 | ) | (9,147,406 | ) | (16,490,081 | ) | (12,418,263 | ) | (13,673,342 | ) | |||||||||||
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| |||||||||||
(3 | ) | (7 | ) | (843 | )* | - | - | - | ** | |||||||||||||
(1,042,719 | ) | (2,133,819 | ) | (417,603 | ) | - | - | - | ||||||||||||||
(312,639 | ) | (2,455,693 | ) | (281,667 | ) | - | - | - | ||||||||||||||
(289,570 | ) | (799,099 | ) | (849,885 | ) | - | - | - | ||||||||||||||
(993,942 | ) | (2,567,850 | ) | (388,089 | ) | - | - | - | ||||||||||||||
(44 | ) | (105 | ) | (1,557 | ) | - | - | - | ||||||||||||||
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|
|
|
|
|
|
|
|
|
|
| |||||||||||
(2,638,917 | ) | (7,956,573 | ) | (1,939,644 | ) | - | - | - | ||||||||||||||
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|
|
|
|
|
|
|
|
|
|
| |||||||||||
8 | 7 | (702,076 | )* | (5,133,707 | ) | 18,134,696 | 75,648,142 | ** | ||||||||||||||
884,703 | 8,515,356 | (21,252,464 | ) | 7,909,272 | (16,878,862 | ) | (18,265,084 | ) | ||||||||||||||
(24,106,947 | ) | 495,258 | 1,567,095 | (308,924 | ) | (1,733,691 | ) | 1,366,939 | ||||||||||||||
3,752,807 | (471,535 | ) | (90,475,152 | ) | 5,069,235 | 3,486,034 | (20,748 | ) | ||||||||||||||
(3,569,715 | ) | 1,611,541 | (10,888,954 | ) | (10,863,366 | ) | 7,085,604 | (7,081,349 | ) | |||||||||||||
(1,577 | ) | 105 | (174,746 | ) | 182,077 | 151,616 | (281,498 | ) | ||||||||||||||
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|
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|
|
|
|
|
|
|
| |||||||||||
(23,040,721 | ) | 10,150,732 | (121,926,297 | ) | (3,145,413 | ) | 10,245,397 | 51,366,402 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
(28,716,033 | ) | 5,859,525 | (124,286,007 | ) | 3,553,538 | 25,094,588 | 48,101,314 | |||||||||||||||
121,719,088 | 115,859,563 | 240,145,570 | 232,318,477 | 207,223,889 | 159,122,575 | |||||||||||||||||
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|
|
|
|
|
|
|
|
|
|
| |||||||||||
$ | 93,003,055 | $ | 121,719,088 | $ | 115,859,563 | $ | 235,872,015 | $ | 232,318,477 | $ | 207,223,889 | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
$ | 1,693,426 | $ | 2,821,570 | $ | 4,637,928 | $ | 11,402,452 | $ | 11,850,002 | $ | 9,578,594 | |||||||||||
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217
Table of Contents
MassMutual Premier Funds – Financial Statements (Continued)
Statements of Changes in Net Assets
MassMutual Premier International Bond Fund | ||||||||||||
Year Ended September 30, 2013 | Period Ended September 30, 2012* | Year Ended October 31, 2011 | ||||||||||
Increase (Decrease) in Net Assets: | ||||||||||||
Operations: | ||||||||||||
Net investment income (loss) | $ | 1,181,802 | $ | 952,870 | $ | 957,628 | ||||||
Net realized gain (loss) on investment transactions | (2,585,601 | ) | 218,390 | 496,544 | ||||||||
Net change in unrealized appreciation (depreciation) on investments | (3,544,394 | ) | (107,398 | ) | 240,411 | |||||||
|
|
|
|
|
| |||||||
Net increase (decrease) in net assets resulting from operations | (4,948,193 | ) | 1,063,862 | 1,694,583 | ||||||||
|
|
|
|
|
| |||||||
Distributions to shareholders (Note 2): | ||||||||||||
From net investment income: | ||||||||||||
Class S | (830,239 | ) | (1,672,757 | ) | (1,274,002 | ) | ||||||
Class Y | (5,498 | ) | (3,520 | ) | (5,416 | ) | ||||||
Class L | (1,691 | ) | - | (5,271 | ) | |||||||
Class A | (5,076 | ) | (32,227 | ) | (51,360 | ) | ||||||
Class N | - | - | - | |||||||||
|
|
|
|
|
| |||||||
Total distributions from net investment income | (842,504 | ) | (1,708,504 | ) | (1,336,049 | ) | ||||||
|
|
|
|
|
| |||||||
From net realized gains: | ||||||||||||
Class S | (45,299 | ) | - | (14,524 | ) | |||||||
Class Y | (306 | ) | - | (62 | ) | |||||||
Class L | (106 | ) | - | (62 | ) | |||||||
Class A | (528 | ) | - | (635 | ) | |||||||
|
|
|
|
|
| |||||||
Total distributions from net realized gains | (46,239 | ) | - | (15,283 | ) | |||||||
|
|
|
|
|
| |||||||
Net fund share transactions (Note 5): | ||||||||||||
Class S | (1,539,579 | ) | 1,279,102 | 26,574,707 | ||||||||
Class Y | (266,406 | ) | 290,038 | 5,478 | ||||||||
Class L | (20,360 | ) | 33,615 | (383,095 | ) | |||||||
Class A | (507,629 | ) | (205,365 | ) | 115,473 | |||||||
Class N | - | - | - | |||||||||
|
|
|
|
|
| |||||||
Increase (decrease) in net assets from fund share transactions | (2,333,974 | ) | 1,397,390 | 26,312,563 | ||||||||
|
|
|
|
|
| |||||||
Total increase (decrease) in net assets | (8,170,910 | ) | 752,748 | 26,655,814 | ||||||||
Net assets | ||||||||||||
Beginning of year | 54,860,187 | 54,107,439 | 27,451,625 | |||||||||
|
|
|
|
|
| |||||||
End of year | $ | 46,689,277 | $ | 54,860,187 | $ | 54,107,439 | ||||||
|
|
|
|
|
| |||||||
Undistributed (accumulated) net investment income (loss) included in net assets at end of year | $ | 135,013 | $ | 892,012 | $ | 1,515,016 | ||||||
|
|
|
|
|
|
* | For the period November 1, 2011 through September 30, 2012. |
The accompanying notes are an integral part of the financial statements.
218
Table of Contents
MassMutual Premier Balanced Fund | MassMutual Premier Value Fund | |||||||||||||||||||||
Year Ended September 30, 2013 | Period Ended September 30, 2012* | Year Ended October 31, 2011 | Year Ended September 30, 2013 | Period Ended September 30, 2012* | Year Ended October 31, 2011 | |||||||||||||||||
$ | 2,370,647 | $ | 2,076,768 | $ | 2,283,764 | $ | 2,243,223 | $ | 2,853,421 | $ | 2,372,904 | |||||||||||
11,043,146 | 6,917,638 | 10,929,761 | 30,370,844 | (1,266,103 | ) | 24,852,652 | ||||||||||||||||
| 1,615,489 | | 4,396,071 | (5,920,248 | ) | (4,184,156 | ) | 15,212,452 | (19,840,713 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
| 15,029,282 | | 13,390,477 | 7,293,277 | 28,429,911 | 16,799,770 | 7,384,843 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
(1,795,172 | ) | (1,993,202 | ) | (2,081,718 | ) | (2,084,066 | ) | (2,329,663 | ) | (2,231,112 | ) | |||||||||||
(117,156 | ) | (87,987 | ) | (74,703 | ) | (1,968 | ) | (2,246 | ) | (1,923 | ) | |||||||||||
(50,821 | ) | (8,115 | ) | (58,152 | ) | (251,497 | ) | (271,243 | ) | (279,210 | ) | |||||||||||
(327,247 | ) | (212,675 | ) | (175,277 | ) | (100,464 | ) | (95,730 | ) | (123,289 | ) | |||||||||||
- | - | - | (684 | ) | (990 | ) | (833 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
(2,290,396 | ) | (2,301,979 | ) | (2,389,850 | ) | (2,438,679 | ) | (2,699,872 | ) | (2,636,367 | ) | |||||||||||
|
|
|
|
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|
|
|
|
|
|
| |||||||||||
- | - | - | - | - | - | |||||||||||||||||
- | - | - | - | - | - | |||||||||||||||||
- | - | - | - | - | - | |||||||||||||||||
- | - | - | - | - | - | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
- | - | - | - | - | - | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
(2,989,975 | ) | (5,852,214 | ) | (16,817,100 | ) | (49,984,671 | ) | (23,988,384 | ) | (21,821,294 | ) | |||||||||||
2,341,724 | 1,164,654 | 198,947 | (39,466 | ) | (28,648 | ) | (62,322 | ) | ||||||||||||||
100,901 | 2,228,764 | (2,666,462 | ) | (6,209,417 | ) | (2,584,442 | ) | (4,893,887 | ) | |||||||||||||
17,651,046 | 3,751,478 | 1,536 | (2,899,523 | ) | (1,017,930 | ) | (4,065,822 | ) | ||||||||||||||
- | - | - | (1,166 | ) | (49,250 | ) | (2,371 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
| 17,103,696 | | 1,292,682 | (19,283,079 | ) | (59,134,243 | ) | (27,668,654 | ) | (30,845,696 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
29,842,582 | 12,381,180 | (14,379,652 | ) | (33,143,011 | ) | (13,568,756 | ) | (26,097,220 | ) | |||||||||||||
127,808,067 | 115,426,887 | 129,806,539 | 156,898,470 | 170,467,226 | 196,564,446 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
$ | 157,650,649 | $ | 127,808,067 | $ | 115,426,887 | $ | 123,755,459 | $ | 156,898,470 | $ | 170,467,226 | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
$ | 1,748,661 | | $ | 1,592,811 | $ | 1,784,736 | $ | 1,484,297 | $ | 1,678,621 | $ | 1,718,931 | ||||||||||
|
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|
|
219
Table of Contents
MassMutual Premier Funds – Financial Statements (Continued)
Statements of Changes in Net Assets
MassMutual Premier Disciplined Value Fund | ||||||||||||
Year Ended September 30, 2013 | Period Ended September 30, 2012* | Year Ended October 31, 2011 | ||||||||||
Increase (Decrease) in Net Assets: | ||||||||||||
Operations: | ||||||||||||
Net investment income (loss) | $ | 6,539,852 | $ | 5,644,438 | $ | 4,870,948 | ||||||
Net realized gain (loss) on investment transactions | 53,490,981 | 13,855,806 | 31,669,420 | |||||||||
Net change in unrealized appreciation (depreciation) on investments | 5,762,260 | 21,397,825 | (18,020,365 | ) | ||||||||
|
|
|
|
|
| |||||||
Net increase (decrease) in net assets resulting from operations | 65,793,093 | 40,898,069 | 18,520,003 | |||||||||
|
|
|
|
|
| |||||||
Distributions to shareholders (Note 2): | ||||||||||||
From net investment income: | ||||||||||||
Class S | (4,771,965 | ) | (3,902,644 | ) | (2,603,279 | ) | ||||||
Class Y | (1,438,085 | ) | (960,990 | ) | (1,017,694 | ) | ||||||
Class L | (58,924 | ) | - | (1,080,621 | ) | |||||||
Class A | (173,369 | ) | (130,901 | ) | (132,449 | ) | ||||||
Class N | (2,011 | ) | (1,236 | ) | (1,995 | ) | ||||||
|
|
|
|
|
| |||||||
Total distributions from net investment income | (6,444,354 | ) | (4,995,771 | ) | (4,836,038 | ) | ||||||
|
|
|
|
|
| |||||||
Net fund share transactions (Note 5): | ||||||||||||
Class S | (19,419,372 | ) | (15,179,899 | ) | 56,384,904 | |||||||
Class Y | (10,302,557 | ) | 5,086,379 | (6,620,493 | ) | |||||||
Class L | 1,078,517 | 447,303 | (70,213,930 | ) | ||||||||
Class A | 438,974 | (867,470 | ) | (845,603 | ) | |||||||
Class N | 1,343 | (18,060 | ) | (73,278 | ) | |||||||
|
|
|
|
|
| |||||||
Increase (decrease) in net assets from fund share transactions | (28,203,095 | ) | (10,531,747 | ) | (21,368,400 | ) | ||||||
|
|
|
|
|
| |||||||
Total increase (decrease) in net assets | 31,145,644 | 25,370,551 | (7,684,435 | ) | ||||||||
Net assets | ||||||||||||
Beginning of year | 291,302,353 | 265,931,802 | 273,616,237 | |||||||||
|
|
|
|
|
| |||||||
End of year | $ | 322,447,997 | $ | 291,302,353 | $ | 265,931,802 | ||||||
|
|
|
|
|
| |||||||
Undistributed (accumulated) net investment income (loss) included in net assets at end of year | $ | 4,348,237 | $ | 4,429,398 | $ | 3,801,700 | ||||||
|
|
|
|
|
|
* | For the period November 1, 2011 through September 30, 2012. |
The accompanying notes are an integral part of the financial statements.
220
Table of Contents
MassMutual Premier Main Street Fund | MassMutual Premier Capital Appreciation Fund | |||||||||||||||||||||
Year Ended September 30, 2013 | Period Ended September 30, 2012* | Year Ended October 31, 2011 | Year Ended September 30, 2013 | Period Ended September 30, 2012* | Year Ended October 31, 2011 | |||||||||||||||||
$ | 1,887,625 | $ | 1,355,443 | $ | 1,484,572 | $ | 2,325,426 | $ | 2,070,230 | $ | 2,470,451 | |||||||||||
19,746,272 | 15,053,911 | 9,728,609 | 49,935,277 | 28,902,846 | 71,465,388 | |||||||||||||||||
| 7,883,071 | | 11,799,258 | (3,637,155 | ) | (9,828,757 | ) | 11,891,908 | (36,794,432 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
| 29,516,968 | | 28,208,612 | 7,576,026 | 42,431,946 | 42,864,984 | 37,141,407 | |||||||||||||||
|
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|
|
|
|
|
|
|
|
|
| |||||||||||
(1,502,544 | ) | (901,422 | ) | (1,118,985 | ) | (2,132,742 | ) | (1,870,912 | ) | (1,569,344 | ) | |||||||||||
(58,713 | ) | - | (18,824 | ) | (74,639 | ) | (7,821 | ) | (26,161 | ) | ||||||||||||
(323,331 | ) | (230,920 | ) | (322,753 | ) | (166,936 | ) | (111,929 | ) | (61,944 | ) | |||||||||||
(107,123 | ) | (23,819 | ) | (43,395 | ) | (417,475 | ) | (290,256 | ) | (7,982 | ) | |||||||||||
(280 | ) | (564 | ) | (445 | ) | (1,399 | ) | - | - | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
(1,991,991 | ) | (1,156,725 | ) | (1,504,402 | ) | (2,793,191 | ) | (2,280,918 | ) | (1,665,431 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
(9,868,078 | ) | (9,842,229 | ) | (17,608,496 | ) | (26,721,571 | ) | (72,250,926 | ) | (212,731,510 | ) | |||||||||||
(397,238 | ) | 4,711,583 | (2,032,933 | ) | 9,858,382 | 5,211,948 | (7,940,848 | ) | ||||||||||||||
(4,311,819 | ) | (13,560,858 | ) | (7,703,126 | ) | (18,614,866 | ) | (4,845,226 | ) | (19,242,676 | ) | |||||||||||
(454,382 | ) | 2,324,059 | (1,410,777 | ) | (23,836,108 | ) | (35,869,549 | ) | (53,730,977 | ) | ||||||||||||
(37,273 | ) | (265,768 | ) | 35,713 | (231,031 | ) | (19,614 | ) | (172,981 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
| (15,068,790 | ) | (16,633,213 | ) | (28,719,619 | ) | (59,545,194 | ) | (107,773,367 | ) | (293,818,992 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
12,456,187 | 10,418,674 | (22,647,995 | ) | (19,906,439 | ) | (67,189,301 | ) | (258,343,016 | ) | |||||||||||||
170,652,879 | 160,234,205 | 182,882,200 | 305,798,069 | 372,987,370 | 631,330,386 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
$ | 183,109,066 | $ | 170,652,879 | $ | 160,234,205 | $ | 285,891,630 | $ | 305,798,069 | $ | 372,987,370 | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
$ | 1,135,157 |
| $ | 1,259,438 | $ | 1,208,065 | $ | 967,813 | $ | 1,401,150 | $ | 1,702,373 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
221
Table of Contents
MassMutual Premier Funds – Financial Statements (Continued)
Statements of Changes in Net Assets
MassMutual Premier Disciplined Growth Fund | ||||||||||||
Year Ended September 30, 2013 | Period Ended September 30, 2012* | Year Ended October 31, 2011 | ||||||||||
Increase (Decrease) in Net Assets: | ||||||||||||
Operations: | ||||||||||||
Net investment income (loss) | $ | 4,317,667 | $ | 3,419,403 | $ | 2,134,759 | ||||||
Net realized gain (loss) on investment transactions | 55,992,581 | 23,895,398 | 24,966,840 | |||||||||
Net change in unrealized appreciation (depreciation) on investments | (2,977,653 | ) | 13,134,930 | (8,983,689 | ) | |||||||
|
|
|
|
|
| |||||||
Net increase (decrease) in net assets resulting from operations | 57,332,595 | 40,449,731 | 18,117,910 | |||||||||
|
|
|
|
|
| |||||||
Distributions to shareholders (Note 2): | ||||||||||||
From net investment income: | ||||||||||||
Class S | (3,049,735 | ) | (1,885,057 | ) | (846,424 | ) | ||||||
Class Y | (814,371 | ) | (481,683 | ) | (446,373 | ) | ||||||
Class L | (127,057 | ) | - | (608,941 | ) | |||||||
Class A | (190,668 | ) | (39,504 | ) | (33,756 | ) | ||||||
Class N | - | - | - | |||||||||
|
|
|
|
|
| |||||||
Total distributions from net investment income | (4,181,831 | ) | (2,406,244 | ) | (1,935,494 | ) | ||||||
|
|
|
|
|
| |||||||
From net realized gains: | ||||||||||||
Class S | (582,878 | ) | - | - | ||||||||
Class Y | (165,016 | ) | - | - | ||||||||
Class L | (27,034 | ) | - | - | ||||||||
Class A | (47,338 | ) | - | - | ||||||||
|
|
|
|
|
| |||||||
Total distributions from net realized gains | (822,266 | ) | - | - | ||||||||
|
|
|
|
|
| |||||||
Net fund share transactions (Note 5): | ||||||||||||
Class S | (37,811,753 | ) | 6,467,954 | 93,691,180 | ||||||||
Class Y | (3,848,490 | ) | 676,103 | 1,195,831 | ||||||||
Class L | 8,992,605 | 7,591,965 | (72,439,038 | ) | ||||||||
Class A | 1,793,971 | 6,617,219 | 1,497,949 | |||||||||
Class N | - | - | - | |||||||||
|
|
|
|
|
| |||||||
Increase (decrease) in net assets from fund share transactions | (30,873,667 | ) | 21,353,241 | 23,945,922 | ||||||||
|
|
|
|
|
| |||||||
Total increase (decrease) in net assets | 21,454,831 | 59,396,728 | 40,128,338 | |||||||||
Net assets | ||||||||||||
Beginning of year | 292,346,300 | 232,949,572 | 192,821,234 | |||||||||
|
|
|
|
|
| |||||||
End of year | $ | 313,801,131 | $ | 292,346,300 | $ | 232,949,572 | ||||||
|
|
|
|
|
| |||||||
Undistributed (accumulated) net investment income (loss) included in net assets at end of year | $ | 2,531,345 | $ | 2,532,160 | $ | 1,559,801 | ||||||
|
|
|
|
|
|
* | 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 Small Cap Opportunities Fund | MassMutual Premier Global Fund | |||||||||||||||||||||
Year Ended September 30, 2013 | Period Ended September 30, 2012* | Year Ended October 31, 2011 | Year Ended September 30, 2013 | Period Ended September 30, 2012* | Year Ended October 31, 2011 | |||||||||||||||||
$ | 1,518,238 | $ | 1,002,211 | $ | 1,227,009 | $ | 4,320,922 | $ | 4,205,138 | $ | 4,592,565 | |||||||||||
23,593,975 | 15,016,278 | 35,434,137 | 18,610,305 | (751,668 | ) | 2,013,364 | ||||||||||||||||
| 21,735,614 | | 643,552 | (21,063,989 | ) | 66,079,423 | 21,602,012 | (3,994,478 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
| 46,847,827 | | 16,662,041 | 15,597,157 | 89,010,650 | 25,055,482 | 2,611,451 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
(771,082 | ) | (872,574 | ) | (987,135 | ) | (2,614,685 | ) | (2,838,694 | ) | (3,378,699 | ) | |||||||||||
(35,673 | ) | (6,689 | ) | (11,538 | ) | (85,643 | ) | (85,125 | ) | (123,930 | ) | |||||||||||
(66,410 | ) | (13,546 | ) | (8,366 | ) | (1,211,149 | ) | (1,321,950 | ) | (1,642,661 | ) | |||||||||||
(432,796 | ) | (133,946 | ) | (213,659 | ) | (330,289 | ) | (312,829 | ) | (456,438 | ) | |||||||||||
- | - | - | (7,743 | ) | (6,835 | ) | (7,240 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
(1,305,961 | ) | (1,026,755 | ) | (1,220,698 | ) | (4,249,509 | ) | (4,565,433 | ) | (5,608,968 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
- | - | - | - | - | - | |||||||||||||||||
- | - | - | - | - | - | |||||||||||||||||
- | - | - | - | - | - | |||||||||||||||||
- | - | - | - | - | - | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
- | - | - | - | - | - | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
(7,213,806 | ) | (57,866,649 | ) | (20,884,874 | ) | (28,424,289 | ) | (18,526,765 | ) | (14,841,025 | ) | |||||||||||
(1,568,133 | ) | 1,132,074 | 145,219 | (568,700 | ) | 43,390 | 445,465 | |||||||||||||||
1,468,750 | 2,802,979 | (2,984,940 | ) | (7,363,036 | ) | (15,102,666 | ) | (13,297,150 | ) | |||||||||||||
(1,394,859 | ) | (6,898,393 | ) | (14,998,768 | ) | (2,584,287 | ) | 1,460,810 | (4,049,799 | ) | ||||||||||||
- | - | - | 64,996 | 54,808 | 73,367 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
| (8,708,048 | ) | (60,829,989 | ) | (38,723,363 | ) | (38,875,316 | ) | (32,070,423 | ) | (31,669,142 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
36,833,818 | (45,194,703 | ) | (24,346,904 | ) | 45,885,825 | (11,580,374 | ) | (34,666,659 | ) | |||||||||||||
135,868,732 | 181,063,435 | 205,410,339 | 354,738,577 | 366,318,951 | 400,985,610 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
$ | 172,702,550 | $ | 135,868,732 | $ | 181,063,435 | $ | 400,624,402 | $ | 354,738,577 | $ | 366,318,951 | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
$ | 660,029 | $ | 429,865 | $ | 539,067 | $ | 2,261,714 | $ | 2,242,242 | $ | 2,136,122 | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
223
Table of Contents
MassMutual Premier Funds – Financial Statements (Continued)
Statements of Changes in Net Assets
MassMutual Premier International Equity Fund | ||||||||||||
Year Ended September 30, 2013 | Period Ended September 30, 2012*** | Year Ended October 31, 2011 | ||||||||||
Increase (Decrease) in Net Assets: | ||||||||||||
Operations: | ||||||||||||
Net investment income (loss) | $ | 7,157,963 | $ | 6,536,742 | $ | 7,352,096 | ||||||
Net realized gain (loss) on investment transactions | 42,000,213 | 15,332,230 | 61,159,324 | |||||||||
Net change in unrealized appreciation (depreciation) on investments | 68,731,235 | 2,492,455 | (59,263,592 | ) | ||||||||
|
|
|
|
|
| |||||||
Net increase (decrease) in net assets resulting from operations | 117,889,411 | 24,361,427 | 9,247,828 | |||||||||
|
|
|
|
|
| |||||||
Distributions to shareholders (Note 2): | ||||||||||||
From net investment income: | ||||||||||||
Class Z | - | - | - | |||||||||
Class S | (5,786,543 | ) | (6,144,878 | ) | (5,860,173 | ) | ||||||
Class Y | (321,754 | ) | (325,047 | ) | (136,382 | ) | ||||||
Class L | (212,882 | ) | (136,285 | ) | (412,749 | ) | ||||||
Class A | (503,389 | ) | (597,267 | ) | (325,765 | ) | ||||||
Class N | - | - | - | |||||||||
|
|
|
|
|
| |||||||
Total distributions from net investment income | (6,824,568 | ) | (7,203,477 | ) | (6,735,069 | ) | ||||||
|
|
|
|
|
| |||||||
From net realized gains: | ||||||||||||
Class Z | - | - | - | |||||||||
Class S | (12,314,694 | ) | (38,481,874 | ) | - | |||||||
Class Y | (696,090 | ) | (1,974,045 | ) | - | |||||||
Class L | (499,651 | ) | (1,277,744 | ) | - | |||||||
Class A | (1,496,537 | ) | (4,863,637 | ) | - | |||||||
|
|
|
|
|
| |||||||
Total distributions from net realized gains | (15,006,972 | ) | (46,597,300 | ) | - | |||||||
|
|
|
|
|
| |||||||
Net fund share transactions (Note 5): | ||||||||||||
Class Z | - | - | - | |||||||||
Class S | (30,655,748 | ) | (130,624,584 | ) | (29,722,973 | ) | ||||||
Class Y | (37,831 | ) | 2,992,576 | 3,963,096 | ||||||||
Class L | (278,031 | ) | 3,073,896 | (41,415,227 | ) | |||||||
Class A | 256,543 | 807,899 | (3,185,875 | ) | ||||||||
Class N | - | - | - | |||||||||
|
|
|
|
|
| |||||||
Increase (decrease) in net assets from fund share transactions | (30,715,067 | ) | (123,750,213 | ) | (70,360,979 | ) | ||||||
|
|
|
|
|
| |||||||
Total increase (decrease) in net assets | 65,342,804 | (153,189,563 | ) | (67,848,220 | ) | |||||||
Net assets | ||||||||||||
Beginning of year | 480,058,192 | 633,247,755 | 701,095,975 | |||||||||
|
|
|
|
|
| |||||||
End of year | $ | 545,400,996 | $ | 480,058,192 | $ | 633,247,755 | ||||||
|
|
|
|
|
| |||||||
Undistributed (accumulated) net investment income (loss) included in net assets at end of year | $ | 5,385,929 | $ | 4,726,276 | $ | 4,843,359 | ||||||
|
|
|
|
|
| |||||||
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.
224
Table of Contents
MassMutual Premier Focused International Fund | MassMutual Premier Strategic Emerging Markets Fund | |||||||||||||||||||||
Year Ended September 30, 2013 | Period Ended September 30, 2012*** | Year Ended October 31, 2011 | Year Ended September 30, 2013 | Period Ended September 30, 2012*** | Year Ended October 31, 2011 | |||||||||||||||||
$ | 1,933,339 | $ | 2,422,436 | $ | 1,318,958 | $ | 1,707,402 | $ | 1,307,216 | $ | 1,938,890 | |||||||||||
3,122,104 | 3,422,874 | 6,114,989 | (11,143,478 | ) | (2,545,074 | ) | 16,759,854 | |||||||||||||||
5,496,276 | (1,630,167 | ) | (10,246,953 | ) | 6,337,483 | 1,583,831 | (39,491,211 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
10,551,719 | 4,215,143 | (2,813,006 | ) | (3,098,593 | ) | 345,973 | (20,792,467 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
(1,063,618 | ) | (206,554 | ) | (1,884 | )* | (1,094,858 | ) | (1,553,000 | ) | - | ** | |||||||||||
(513,418 | ) | (205,670 | ) | (395,980 | ) | (47,848 | ) | - | (368,037 | ) | ||||||||||||
(100,077 | ) | (51,354 | ) | (140,147 | ) | (1,277 | ) | (1,604 | ) | (412 | ) | |||||||||||
(89,498 | ) | (3,363 | ) | (315,154 | ) | (441 | ) | - | (61,460 | ) | ||||||||||||
(191,242 | ) | (30,244 | ) | (422,195 | ) | - | (1,069 | ) | - | |||||||||||||
(7,648 | ) | - | (10,327 | ) | - | - | - | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
(1,965,501 | ) | (497,185 | ) | (1,285,687 | ) | (1,144,424 | ) | (1,555,673 | ) | (429,909 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
- | - | - | - | (16,945,727 | ) | - | ||||||||||||||||
- | - | - | - | (658,272 | ) | (10,551,103 | ) | |||||||||||||||
- | - | - | - | (23,263 | ) | (17,778 | ) | |||||||||||||||
- | - | - | - | (61 | ) | (4,909,924 | ) | |||||||||||||||
- | - | - | - | (49,912 | ) | (55,982 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
- | - | - | - | (17,677,235 | ) | (15,534,787 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
12,360,280 | 47,518,932 | 25,466,667 | * | (15,339,014 | ) | 55,831,436 | 105,040,250 | ** | ||||||||||||||
(29,751,796 | ) | 3,622,930 | 6,901,166 | 1,132,650 | (40,006,448 | ) | (38,912,501 | ) | ||||||||||||||
(5,785,553 | ) | 133,740 | 208,266 | 8,794 | 37,415 | 28,518 | ||||||||||||||||
(3,617,348 | ) | 912,429 | (13,781,341 | ) | 38,107 | 63,560 | (50,195,656 | ) | ||||||||||||||
(8,819,128 | ) | (3,006,797 | ) | (9,673,629 | ) | (35,247 | ) | 43,028 | (125,408 | ) | ||||||||||||
(83,149 | ) | 5,209 | (20,660 | ) | - | - | - | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
(35,696,694 | ) | 49,186,443 | 9,100,469 | (14,194,710 | ) | 15,968,991 | 15,835,203 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
(27,110,476 | ) | 52,904,401 | 5,001,776 | (18,437,727 | ) | (2,917,944 | ) | (20,921,960 | ) | |||||||||||||
144,404,409 | 91,500,008 | 86,498,232 | 141,548,593 | 144,466,537 | 165,388,497 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
$ | 117,293,933 | $ | 144,404,409 | $ | 91,500,008 | $ | 123,110,866 | $ | 141,548,593 | $ | 144,466,537 | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
$ | 1,781,734 | $ | 1,335,573 | $ | - | $ | 1,386,727 | $ | 1,134,707 | $ | 1,488,973 | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
$ | - | $ | - | $ | (594,260 | ) | $ | - | $ | - | $ | - | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
225
Table of Contents
MassMutual Premier Funds – Financial Statements (Continued)
For the Year Ended September 30, 2013
MassMutual Premier Inflation-Protected and Income Fund | ||||
Cash flows from operating activities: | ||||
Net decrease in net assets resulting from operations | $ | (20,815,664 | ) | |
Adjustments to reconcile net decrease in net assets resulting from operations to net cash provided by (used in) operating activities: | ||||
Investments purchased | (248,224,146 | ) | ||
Investments sold | 246,524,336 | |||
Increases in the principal amount of inflation-indexed bonds | (5,546,960 | ) | ||
(Purchase) Sale of short-term investments, net | 64,911,710 | |||
Amortization (accretion) of discount and premium, net | 1,753,813 | |||
(Increase) Decrease in receivable from interest and dividends | 119,348 | |||
(Increase) Decrease in receivable from investment adviser | 4,202 | |||
Increase (Decrease) in collateral pledged for reverse repurchase agreements | 587,623 | |||
Increase (Decrease) in payable for interest for reverse repurchase agreements | (34,249 | ) | ||
Increase (Decrease) in payable for Trustees’ fees and expenses | 8,676 | |||
Increase (Decrease) in payable for investment management fees | (15,520 | ) | ||
Increase (Decrease) in payable for administration fees | (7,259 | ) | ||
Increase (Decrease) in payable for service fees | (5,730 | ) | ||
Increase (Decrease) in payable for distribution fees | 180 | |||
Increase (Decrease) in variation margin on open derivative instruments | 13,654 | |||
Increase (Decrease) in payable for accrued expenses and other liabilities | 3,070 | |||
Net change in unrealized (appreciation) depreciation on investments | 36,814,888 | |||
Net realized (gain) loss from investments | (8,302,765 | ) | ||
|
| |||
Net cash from (used in) operating activities | 67,789,207 | |||
|
| |||
Cash flows from (used in) financing activities: | ||||
Proceeds from shares sold | 120,384,660 | |||
Payment on shares redeemed | (150,632,346 | ) | ||
Cash distributions paid | (358 | ) | ||
Proceeds from reverse repurchase agreements | 149,642,837 | |||
Repayment of reverse repurchase agreements | (187,740,495 | ) | ||
|
| |||
Net cash from (used in) financing activities | (68,345,702 | ) | ||
|
| |||
Net increase (decrease) in cash | (556,495 | ) | ||
Due to custodian at beginning of year | - | |||
|
| |||
Due to custodian at end of year | $ | (556,495 | ) | |
|
| |||
Non cash financing activities not included herein consist of reinvestment of all distributions in the amount of: | $ | 14,109,622 | ||
Cash paid out for interest on reverse repurchase agreements | $ | 707,561 |
The accompanying notes are an integral part of the financial statements.
226
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 waiversj | Net investment income (loss) to average daily net assets | ||||||||||||||||||||||||||||||||||||||||
Class S | ||||||||||||||||||||||||||||||||||||||||||||||||||||
09/30/13 | $ | 1.00 | $ | 0.00 | d | $ | (0.00 | )d | $ | 0.00 | d | $ | (0.00 | )d | $ | - | $ | (0.00 | )d | $ | 1.00 | 0.01% | $ | 152,076 | 0.45% | 0.15% | 0.01% | |||||||||||||||||||||||||
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 | 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% | 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% | 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% | 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% | ||||||||||||||||||||||||||||||||||
Class Y | ||||||||||||||||||||||||||||||||||||||||||||||||||||
09/30/13 | $ | 1.00 | $ | 0.00 | d | $ | (0.00 | )d | $ | 0.00 | d | $ | (0.00 | )d | $ | - | $ | (0.00 | )d | $ | 1.00 | 0.01% | $ | 102,825 | 0.56% | 0.15% | 0.01% | |||||||||||||||||||||||||
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 | 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% | 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% | 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% | 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% | ||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||||||||||||||||||
09/30/13 | $ | 1.00 | $ | 0.00 | d | $ | (0.00 | )d | $ | 0.00 | d | $ | (0.00 | )d | $ | - | $ | (0.00 | )d | $ | 1.00 | 0.02% | $ | 156,109 | 0.95% | 0.15% | 0.01% | |||||||||||||||||||||||||
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 | 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% | 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% | 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% | 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% | 2.30% |
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.
227
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 waiversj | Net investment income (loss) to average daily net assets | ||||||||||||||||||||||||||||||||||||||||
Class Z |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
09/30/13 | $ | 10.77 | $ | 0.18 | $ | (0.02 | ) | $ | 0.16 | $ | (0.23 | ) | $ | (0.13 | ) | $ | (0.36 | ) | $ | 10.57 | 1.62% | $ | 188,114 | 0.50% | 0.36% | 1.68% | ||||||||||||||||||||||||||
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 | 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 | 2.07% | a | ||||||||||||||||||||||||||||||||
Class S |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
09/30/13 | $ | 10.79 | $ | 0.16 | $ | (0.02 | ) | $ | 0.14 | $ | (0.21 | ) | $ | (0.13 | ) | $ | (0.34 | ) | $ | 10.59 | 1.43% | $ | 196,790 | 0.69% | 0.55% | 1.48% | ||||||||||||||||||||||||||
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 | 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% | 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% | |||||||||||||||||||||||||||||||||
Class Y |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
09/30/13 | $ | 10.72 | $ | 0.15 | $ | (0.01 | ) | $ | 0.14 | $ | (0.20 | ) | $ | (0.13 | ) | $ | (0.33 | ) | $ | 10.53 | 1.33% | $ | 75,944 | 0.74% | 0.60% | 1.43% | ||||||||||||||||||||||||||
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 | 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% | 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% | |||||||||||||||||||||||||||||||||
Class L |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
09/30/13 | $ | 10.69 | $ | 0.14 | $ | (0.01 | ) | $ | 0.13 | $ | (0.20 | ) | $ | (0.13 | ) | $ | (0.33 | ) | $ | 10.49 | 1.27% | $ | 48,954 | 0.82% | 0.68% | 1.36% | ||||||||||||||||||||||||||
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 | 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% | 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% | 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% | 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% | 3.88% | ||||||||||||||||||||||||||||||||||
Class A |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
09/30/13 | $ | 10.62 | $ | 0.12 | $ | (0.02 | ) | $ | 0.10 | $ | (0.18 | ) | $ | (0.13 | ) | $ | (0.31 | ) | $ | 10.41 | 0.99% | $ | 74,711 | 1.07% | 0.93% | 1.11% | ||||||||||||||||||||||||||
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 | 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% | 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% | 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% | 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% | 3.59% | ||||||||||||||||||||||||||||||||||
Class N |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
09/30/13 | $ | 10.49 | $ | 0.08 | $ | - | $ | 0.08 | $ | - | $ | (0.13 | ) | $ | (0.13 | ) | $ | 10.44 | 0.74% | $ | 1,251 | 1.37% | 1.23% | 0.81% | ||||||||||||||||||||||||||||
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 | 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% | 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% | 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% | 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% | 3.28% |
Year ended September 30, 2013 | Period ended September 30, 2012b,i | Year ended October 31 | ||||||||||||||||||||||
2011 | 2010 | 2009 | 2008 | |||||||||||||||||||||
Portfolio turnover rate for all share classes | 146 | % | 349 | % | 384 | % | 332 | % | 232 | % | 140 | % |
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.
228
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 | From net realized gains | 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 waiversj,o | Interest expense to average daily net assets p | Ratio of expenses to average daily net assets before expense waiversn | Ratio of expenses to average daily net assets after expense waiversj,n | Net investment income (loss) to average daily net assets | |||||||||||||||||||||||||||||||||||||||||||||||||
Class Z |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
09/30/13 | $ | 12.22 | $ | 0.28 | $ | (0.99 | ) | $ | (0.71 | ) | $ | (0.40 | ) | $ | (0.11 | ) | $ | (0.51 | ) | $ | 11.00 | (6.12% | ) | $ | 115,192 | 0.57% | 0.44% | 0.20% | 0.77% | 0.64% | 2.43% | |||||||||||||||||||||||||||||||||
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 | 0.21% | a | 0.79% | a | 0.66% | a | 2.10% | a | |||||||||||||||||||||||||||||||||||||||
10/31/11h | 10.67 | 0.30 | 0.94 | 1.24 | - | - | - | 11.91 | 11.62% | b | 101,708 | 0.59% | a | 0.45% | a | 0.15% | a | 0.74% | a | 0.60% | a | 3.88% | a | |||||||||||||||||||||||||||||||||||||||||
Class S |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
09/30/13 | $ | 12.22 | $ | 0.27 | $ | (1.00 | ) | $ | (0.73 | ) | $ | (0.39 | ) | $ | (0.11 | ) | $ | (0.50 | ) | $ | 10.99 | (6.22% | ) | $ | 56,344 | 0.68% | 0.55% | 0.20% | 0.88% | 0.75% | 2.29% | |||||||||||||||||||||||||||||||||
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 | 0.21% | a | 0.90% | a | 0.77% | a | 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% | 0.17% | 0.83% | 0.73% | 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% | |||||||||||||||||||||||||||||||||||||||||||
Class Y |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
09/30/13 | $ | 12.18 | $ | 0.26 | $ | (1.00 | ) | $ | (0.74 | ) | $ | (0.37 | ) | $ | (0.11 | ) | $ | (0.48 | ) | $ | 10.96 | (6.35% | ) | $ | 82,273 | 0.78% | 0.65% | 0.20% | 0.98% | 0.85% | 2.20% | |||||||||||||||||||||||||||||||||
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 | 0.21% | a | 1.00% | a | 0.87% | a | 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% | 0.18% | 0.92% | 0.84% | 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% | |||||||||||||||||||||||||||||||||||||||||||
Class L |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
09/30/13 | $ | 12.28 | $ | 0.24 | $ | (0.99 | ) | $ | (0.75 | ) | $ | (0.36 | ) | $ | (0.11 | ) | $ | (0.47 | ) | $ | 11.06 | (6.46% | ) | $ | 10,183 | 0.90% | 0.77% | 0.20% | 1.10% | 0.97% | 2.08% | |||||||||||||||||||||||||||||||||
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 | 0.21% | a | 1.15% | a | 1.02% | a | 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% | 0.18% | 1.07% | 0.99% | 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% | |||||||||||||||||||||||||||||||||||||||||||
Class A |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
09/30/13 | $ | 12.00 | $ | 0.22 | $ | (0.98 | ) | $ | (0.76 | ) | $ | (0.33 | ) | $ | (0.11 | ) | $ | (0.44 | ) | $ | 10.80 | (6.62% | ) | $ | 28,778 | 1.08% | 0.95% | 0.20% | 1.28% | 1.15% | 1.93% | |||||||||||||||||||||||||||||||||
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 | 0.21% | a | 1.30% | a | 1.17% | a | 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% | 0.18% | 1.26% | 1.14% | 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% | 0.17% | 1.23% | 1.13% | 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% | 0.07% | 1.12% | 1.02% | (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% | N/A | N/A | N/A | 5.46% | |||||||||||||||||||||||||||||||||||||||||||
Class N |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
09/30/13 | $ | 12.04 | $ | 0.18 | $ | (0.97 | ) | $ | (0.79 | ) | $ | (0.32 | ) | $ | (0.11 | ) | $ | (0.43 | ) | $ | 10.82 | (6.84% | ) | $ | 1,404 | 1.39% | 1.26% | 0.20% | 1.59% | 1.46% | 1.59% | |||||||||||||||||||||||||||||||||
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 | 0.21% | a | 1.60% | a | 1.47% | a | 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% | 0.17% | 1.56% | 1.43% | 3.85% | ||||||||||||||||||||||||||||||||||||||||||||||
10/31/10 | 10.20 | 0.28 | 0.70 | 0.98 | - | - | - | 11.18 | 9.61% | 384 | 1.35% | 1.25% | 0.17% | 1.52% | 1.42% | 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% | 0.07% | 1.42% | 1.32% | (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% | N/A | N/A | N/A | 5.13% |
Year ended September 30, 2013 | Period ended September 30, 2012b,i | Year ended October 31 | ||||||||||||||||||||||
2011 | 2010 | 2009 | 2008 | |||||||||||||||||||||
Portfolio turnover rate for all share classes | 56 | % | 29 | % | 46 | % | 41 | % | 35 | % | 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. |
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. |
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.
229
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 waiversj | Net investment income (loss) to average daily net assets | ||||||||||||||||||||||||||||||||||||||||
Class Z |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
09/30/13 | $ | 11.88 | $ | 0.28 | $ | (0.36 | ) | $ | (0.08 | ) | $ | (0.29 | ) | $ | (0.24 | ) | $ | (0.53 | ) | $ | 11.27 | (0.70% | ) | $ | 485,302 | 0.56% | 0.38% | 2.48% | ||||||||||||||||||||||||
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 | 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 | 2.65% | a | ||||||||||||||||||||||||||||||||
Class S |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
09/30/13 | $ | 11.89 | $ | 0.26 | $ | (0.37 | ) | $ | (0.11 | ) | $ | (0.27 | ) | $ | (0.24 | ) | $ | (0.51 | ) | $ | 11.27 | (0.81% | ) | $ | 516,103 | 0.77% | 0.59% | 2.25% | ||||||||||||||||||||||||
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 | 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% | 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% | |||||||||||||||||||||||||||||||||
Class Y |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
09/30/13 | $ | 11.83 | $ | 0.25 | $ | (0.36 | ) | $ | (0.11 | ) | $ | (0.26 | ) | $ | (0.24 | ) | $ | (0.50 | ) | $ | 11.22 | (0.94% | ) | $ | 143,460 | 0.82% | 0.64% | 2.21% | ||||||||||||||||||||||||
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 | 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% | 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% | |||||||||||||||||||||||||||||||||
Class L |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
09/30/13 | $ | 11.77 | $ | 0.24 | $ | (0.36 | ) | $ | (0.12 | ) | $ | (0.25 | ) | $ | (0.24 | ) | $ | (0.49 | ) | $ | 11.16 | (1.03% | ) | $ | 80,694 | 0.89% | 0.71% | 2.15% | ||||||||||||||||||||||||
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 | 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% | 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% | 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% | 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% | 4.34% | ||||||||||||||||||||||||||||||||||
Class A |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
09/30/13 | $ | 11.65 | $ | 0.21 | $ | (0.36 | ) | $ | (0.15 | ) | $ | (0.22 | ) | $ | (0.24 | ) | $ | (0.46 | ) | $ | 11.04 | (1.20% | ) | $ | 180,654 | 1.14% | 0.96% | 1.90% | ||||||||||||||||||||||||
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 | 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% | 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% | 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% | 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% | 4.06% | ||||||||||||||||||||||||||||||||||
Class N |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
09/30/13 | $ | 11.83 | $ | 0.18 | $ | (0.36 | ) | $ | (0.18 | ) | $ | (0.21 | ) | $ | (0.24 | ) | $ | (0.45 | ) | $ | 11.20 | (1.53% | ) | $ | 1,742 | 1.46% | 1.28% | 1.59% | ||||||||||||||||||||||||
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 | 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% | 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% | 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% | 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% | 4.04% |
Year ended September 30, 2013 | Period ended September 30, 2012b,i | Year ended October 31 | ||||||||||||||||||||||
2011 | 2010 | 2009 | 2008 | |||||||||||||||||||||
Portfolio turnover rate for all share classes | 452 | % | 447 | % | 539 | % | 463 | % | 333 | % | 263 | % |
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.
230
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 waiversj | Net investment income (loss) to average daily net assets | ||||||||||||||||||||||||||||||||||||||||
Class Z |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
09/30/13 | $ | 11.24 | $ | 0.37 | $ | (0.22 | ) | $ | 0.15 | $ | (0.48 | ) | $ | (0.30 | ) | $ | (0.78 | ) | $ | 10.61 | 1.36% | $ | 0 | f | 0.66% | 0.48% | 3.44% | |||||||||||||||||||||||||
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 | 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 | 3.22% | a | |||||||||||||||||||||||||||||||
Class S |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
09/30/13 | $ | 10.57 | $ | 0.29 | $ | (0.25 | ) | $ | 0.04 | $ | (0.41 | ) | $ | (0.30 | ) | $ | (0.71 | ) | $ | 9.90 | 0.40% | $ | 37,501 | 0.86% | 0.69% | 2.83% | ||||||||||||||||||||||||||
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 | 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% | 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% | 4.56% | |||||||||||||||||||||||||||||||||
Class Y |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
09/30/13 | $ | 10.58 | $ | 0.28 | $ | (0.25 | ) | $ | 0.03 | $ | (0.31 | ) | $ | (0.30 | ) | $ | (0.61 | ) | $ | 10.00 | 0.34% | $ | 10,226 | 0.94% | 0.77% | 2.71% | ||||||||||||||||||||||||||
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 | 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% | 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% | 4.54% | |||||||||||||||||||||||||||||||||
Class L |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
09/30/13 | $ | 10.67 | $ | 0.28 | $ | (0.25 | ) | $ | 0.03 | $ | (0.41 | ) | $ | (0.30 | ) | $ | (0.71 | ) | $ | 9.99 | 0.26% | $ | 13,271 | 0.97% | 0.80% | 2.73% | ||||||||||||||||||||||||||
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 | 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% | 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% | 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% | 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% | 4.53% | |||||||||||||||||||||||||||||||||
Class A |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
09/30/13 | $ | 10.61 | $ | 0.25 | $ | (0.25 | ) | $ | - | $ | (0.37 | ) | $ | (0.30 | ) | $ | (0.67 | ) | $ | 9.94 | (0.05% | ) | $ | 32,005 | 1.22% | 1.05% | 2.47% | |||||||||||||||||||||||||
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 | 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% | 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% | 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% | 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% | 4.27% |
Year ended September 30, 2013 | Period ended September 30, 2012b,i | Year ended October 31 | ||||||||||||||||||||||
2011 | 2010 | 2009 | 2008 | |||||||||||||||||||||
Portfolio turnover rate for all share classes | 438 | % | 463 | % | 566 | % | 465 | % | 322 | % | 282 | % |
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 it reflected these charges. |
The accompanying notes are an integral part of the financial statements.
231
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 waiversj | Net investment income (loss) to average daily net assets | ||||||||||||||||||||||||||||||||||||||||
Class Z |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
09/30/13 | $ | 9.78 | $ | 0.70 | $ | 0.30 | $ | 1.00 | $ | (0.71 | ) | $ | - | $ | (0.71 | ) | $ | 10.07 | 10.75% | $ | 99,457 | 0.60% | 0.50% | 7.09% | ||||||||||||||||||||||||||||
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 | 7.59% | a | |||||||||||||||||||||||||||||||||
10/31/11h | 9.06 | 0.45 | (0.32 | ) | 0.13 | - | - | - | 9.19 | 1.43% | b | 77,527 | 0.61% | a | 0.50% | a | 7.42% | a | ||||||||||||||||||||||||||||||||||
Class S |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
09/30/13 | $ | 9.80 | $ | 0.68 | $ | 0.30 | $ | 0.98 | $ | (0.69 | ) | $ | - | $ | (0.69 | ) | $ | 10.09 | 10.51% | $ | 31,341 | 0.80% | 0.70% | 6.86% | ||||||||||||||||||||||||||||
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 | 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% | 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% | |||||||||||||||||||||||||||||||||
Class Y |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
09/30/13 | $ | 9.80 | $ | 0.67 | $ | 0.31 | $ | 0.98 | $ | (0.69 | ) | $ | - | $ | (0.69 | ) | $ | 10.09 | 10.56% | $ | 58,569 | 0.85% | 0.75% | 6.82% | ||||||||||||||||||||||||||||
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 | 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% | 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% | |||||||||||||||||||||||||||||||||
Class L |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
09/30/13 | $ | 9.72 | $ | 0.65 | $ | 0.31 | $ | 0.96 | $ | (0.69 | ) | $ | - | $ | (0.69 | ) | $ | 9.99 | 10.40% | $ | 14,288 | 1.00% | 0.90% | 6.66% | ||||||||||||||||||||||||||||
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 | 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% | 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% | |||||||||||||||||||||||||||||||||
Class A |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
09/30/13 | $ | 9.66 | $ | 0.63 | $ | 0.29 | $ | 0.92 | $ | (0.64 | ) | $ | - | $ | (0.64 | ) | $ | 9.94 | 10.09% | $ | 31,490 | 1.25% | 1.15% | 6.43% | ||||||||||||||||||||||||||||
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 | 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% | 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% | |||||||||||||||||||||||||||||||||
Class N |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
09/30/13 | $ | 9.78 | $ | 0.60 | $ | 0.31 | $ | 0.91 | $ | (0.62 | ) | $ | - | $ | (0.62 | ) | $ | 10.07 | 9.69% | $ | 727 | 1.55% | 1.45% | 6.10% | ||||||||||||||||||||||||||||
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 | 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% | 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% |
Year ended September 30, 2013 | Period ended September 30, 2012b,i | Year ended October 31 | ||||||||||||||||||||||
2011 | 2010 | 2009 | 2008 | |||||||||||||||||||||
Portfolio turnover rate for all share classes | 106 | % | 86 | % | 72 | % | 120 | % | 101 | % | 87 | % |
a | Annualized. |
b | Percentage represents the results for the period and is not annualized. |
c | Per share amount calculated on the average shares method. |
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.
232
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 waiversj | Net investment income (loss) to average daily net assets | |||||||||||||||||||||||||||||||||||||||||||
Class S |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||
09/30/13 | $ | 10.59 | $ | 0.20 | $ | (0.94 | ) | $ | (0.74 | ) | $ | (0.13 | ) | $ | (0.01 | ) | $ | - | $ | (0.14 | ) | $ | 9.71 | (7.14% | ) | $ | 46,110 | 0.79% | 0.75% | 1.99% | ||||||||||||||||||||||||||
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 | 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% | 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% | 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% | 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 | 3.49% | a | ||||||||||||||||||||||||||||||||||||
Class Y |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||
09/30/13 | $ | 10.59 | $ | 0.24 | $ | (0.99 | ) | $ | (0.75 | ) | $ | (0.13 | ) | $ | (0.01 | ) | $ | - | $ | (0.14 | ) | $ | 9.70 | (7.26% | ) | $ | 105 | 0.89% | 0.80% | 2.47% | ||||||||||||||||||||||||||
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 | 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% | 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% | 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% | 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 | 3.44% | a | ||||||||||||||||||||||||||||||||||||
Class L |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||
09/30/13 | $ | 10.92 | $ | 0.24 | $ | (1.02 | ) | $ | (0.78 | ) | $ | (0.12 | ) | $ | (0.01 | ) | $ | - | $ | (0.13 | ) | $ | 10.01 | (7.27% | ) | $ | 113 | 1.04% | 0.95% | 2.39% | ||||||||||||||||||||||||||
09/30/12i | 10.67 | 0.19 | 0.06 | 0.25 | - | - | - | - | 10.92 | 2.34% | b | 148 | 1.05% | a | 0.95% | a | 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% | 2.10% | ||||||||||||||||||||||||||||||||||||||
10/31/10 | 10.28 | 0.25 | 0.47 | 0.72 | - | - | - | - | 11.00 | 7.00% | 108 | 1.02% | 0.95% | 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% | 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 | 3.29% | a | ||||||||||||||||||||||||||||||||||||
Class A |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||
09/30/13 | $ | 10.50 | $ | 0.11 | $ | (0.89 | ) | $ | (0.78 | ) | $ | (0.07 | ) | $ | (0.01 | ) | $ | - | $ | (0.08 | ) | $ | 9.64 | (7.59% | ) | $ | 361 | 1.29% | 1.20% | 1.11% | ||||||||||||||||||||||||||
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 | 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% | 1.96% | ||||||||||||||||||||||||||||||||||||||
10/31/10 | 10.25 | 0.23 | 0.46 | 0.69 | - | - | - | - | 10.94 | 6.63% | 1,076 | 1.27% | 1.20% | 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% | 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 | 3.01% | a |
Yar ended September 30, 2013 | Period ended September 30, 2012b,i | Year ended October 31 | ||||||||||||||||||||||
2011 | 2010 | 2009 | 2008 | |||||||||||||||||||||
Portfolio turnover rate for all share classes | 91 | % | 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 it reflected these charges. |
The accompanying notes are an integral part of the financial statements.
233
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 waiversj | Net investment income (loss) to average daily net assets | ||||||||||||||||||||||||||||||||||||||||
Class S |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
09/30/13 | $ | 11.34 | $ | 0.21 | $ | 1.04 | $ | 1.25 | $ | (0.21 | ) | $ | - | $ | (0.21 | ) | $ | 12.38 | 11.17% | $ | 106,661 | 0.64% | 0.63% | 1.78% | ||||||||||||||||||||||||||||
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 | 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% | 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% | 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% | 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% | 2.50% | |||||||||||||||||||||||||||||||||
Class Y |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
09/30/13 | $ | 11.73 | $ | 0.20 | $ | 1.06 | $ | 1.26 | $ | (0.19 | ) | $ | - | $ | (0.19 | ) | $ | 12.80 | 10.92% | $ | 9,370 | 0.80% | 0.79% | 1.63% | ||||||||||||||||||||||||||||
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 | 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% | 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% | 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% | 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% | 2.33% | |||||||||||||||||||||||||||||||||
Class L |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
09/30/13 | $ | 11.38 | $ | 0.17 | $ | 1.04 | $ | 1.21 | $ | (0.18 | ) | $ | - | $ | (0.18 | ) | $ | 12.41 | 10.69% | $ | 3,603 | 0.95% | 0.94% | 1.47% | ||||||||||||||||||||||||||||
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 | 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% | 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% | 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% | 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% | 2.18% | |||||||||||||||||||||||||||||||||
Class A |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
09/30/13 | $ | 11.15 | $ | 0.14 | $ | 1.01 | $ | 1.15 | $ | (0.16 | ) | $ | - | $ | (0.16 | ) | $ | 12.14 | 10.50% | $ | 38,017 | 1.20% | 1.19% | 1.23% | ||||||||||||||||||||||||||||
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 | 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% | 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% | 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% | 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% | 1.94% |
Year ended September 30, 2013 | Period ended September 30, 2012b,i | Year ended October 31 | ||||||||||||||||||||||
2011 | 2010 | 2009 | 2008 | |||||||||||||||||||||
Portfolio turnover rate for all share classes | 242 | % | 228 | % | 272 | % | 243 | % | 215 | % | 184 | % |
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.
234
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 | 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 | ||||||||||||||||||||||||||||||||||||||||||||||||
09/30/13 | $ | 15.23 | $ | 0.28 | $ | 3.12 | $ | 3.40 | $ | (0.26 | ) | $ | - | $ | (0.26 | ) | $ | 18.37 | 22.56% | $ | 99,626 | 0.62% | 1.69% | |||||||||||||||||||||||||
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% | ||||||||||||||||||||||||||||||
Class Y | ||||||||||||||||||||||||||||||||||||||||||||||||
09/30/13 | $ | 15.29 | $ | 0.26 | $ | 3.12 | $ | 3.38 | $ | (0.24 | ) | $ | - | $ | (0.24 | ) | $ | 18.43 | 22.42% | $ | 110 | 0.72% | 1.59% | |||||||||||||||||||||||||
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% | ||||||||||||||||||||||||||||||
Class L | ||||||||||||||||||||||||||||||||||||||||||||||||
09/30/13 | $ | 15.25 | $ | 0.25 | $ | 3.12 | $ | 3.37 | $ | (0.22 | ) | $ | - | $ | (0.22 | ) | $ | 18.40 | 22.32% | $ | 15,628 | 0.83% | 1.48% | |||||||||||||||||||||||||
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% | ||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||||||||||||||
09/30/13 | $ | 15.22 | $ | 0.20 | $ | 3.11 | $ | 3.31 | $ | (0.18 | ) | $ | - | $ | (0.18 | ) | $ | 18.35 | 21.94% | $ | 8,304 | 1.12% | 1.19% | |||||||||||||||||||||||||
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% | ||||||||||||||||||||||||||||||
Class N | ||||||||||||||||||||||||||||||||||||||||||||||||
09/30/13 | $ | 15.15 | $ | 0.15 | $ | 3.10 | $ | 3.25 | $ | (0.14 | ) | $ | - | $ | (0.14 | ) | $ | 18.26 | 21.54% | $ | 88 | 1.43% | 0.87% | |||||||||||||||||||||||||
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% |
Year ended September 30, 2013 | Period ended September 30, 2012b,i | Year ended October 31 | ||||||||||||||||||||||
2011 | 2010 | 2009 | 2008 | |||||||||||||||||||||
Portfolio turnover rate for all share classes | 150 | % | 72 | % | 93 | % | 100 | % | 138 | % | 156 | % |
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.
235
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 | Total distributions | Net asset value, end of the period | Total Returnl,m | Net assets, end of the period (000’s) | Ratio of expenses to average daily net assets before expense waivers | Ratio of expenses to average daily net assets after expense waiversj | Net investment income (loss) to average daily net assets | |||||||||||||||||||||||||||||||||||||
Class S |
| |||||||||||||||||||||||||||||||||||||||||||||||
09/30/13 | $ | 11.29 | $ | 0.26 | $ | 2.26 | $ | 2.52 | $ | (0.26 | ) | $ | (0.26 | ) | $ | 13.55 | 22.88% | $ | 236,830 | 0.56% | 0.53% | 2.08% | ||||||||||||||||||||||||||
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 | 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% | 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% | ||||||||||||||||||||||||||||||
Class Y |
| |||||||||||||||||||||||||||||||||||||||||||||||
09/30/13 | $ | 11.22 | $ | 0.25 | $ | 2.26 | $ | 2.51 | $ | (0.25 | ) | $ | (0.25 | ) | $ | 13.48 | 22.82% | $ | 69,162 | 0.65% | 0.62% | 2.01% | ||||||||||||||||||||||||||
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 | 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% | 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% | ||||||||||||||||||||||||||||||
Class L |
| |||||||||||||||||||||||||||||||||||||||||||||||
09/30/13 | $ | 11.40 | $ | 0.23 | $ | 2.29 | $ | 2.52 | $ | (0.24 | ) | $ | (0.24 | ) | $ | 13.68 | 22.60% | $ | 4,459 | 0.79% | 0.76% | 1.82% | ||||||||||||||||||||||||||
09/30/12i | 9.85 | 0.20 | 1.35 | 1.55 | - | - | 11.40 | 15.74% | b | 2,717 | 0.80% | a | 0.75% | a | 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% | ||||||||||||||||||||||||||||||
Class A |
| |||||||||||||||||||||||||||||||||||||||||||||||
09/30/13 | $ | 11.13 | $ | 0.20 | $ | 2.24 | $ | 2.44 | $ | (0.21 | ) | $ | (0.21 | ) | $ | 13.36 | 22.26% | $ | 11,844 | 1.04% | 1.01% | 1.60% | ||||||||||||||||||||||||||
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 | 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% | 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% | ||||||||||||||||||||||||||||||
Class N |
| |||||||||||||||||||||||||||||||||||||||||||||||
09/30/13 | $ | 11.19 | $ | 0.16 | $ | 2.26 | $ | 2.42 | $ | (0.18 | ) | $ | (0.18 | ) | $ | 13.43 | 21.92% | $ | 153 | 1.34% | 1.31% | 1.30% | ||||||||||||||||||||||||||
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 | 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% | 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% |
Year ended September 30, 2013 | Period ended September 30, 2012b,i | Year ended October 31 | ||||||||||||||||||||||
2011 | 2010 | 2009 | 2008 | |||||||||||||||||||||
Portfolio turnover rate for all share classes | 145 | % | 127 | % | 124 | % | 107 | % | 115 | % | 148 | % |
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.
236
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 waiversj | Net investment income (loss) to average daily net assets | ||||||||||||||||||||||||||||||||||||||||
Class S |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
09/30/13 | $ | 10.32 | $ | 0.13 | $ | 1.78 | $ | 1.91 | $ | (0.13 | ) | $ | - | $ | (0.13 | ) | $ | 12.10 | 18.65% | $ | 131,115 | 0.80% | 0.71% | 1.16% | ||||||||||||||||||||||||||||
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 | 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% | 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% | 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% | 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% | 1.24% | |||||||||||||||||||||||||||||||||
Class Y |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
09/30/13 | $ | 10.46 | $ | 0.12 | $ | 1.81 | $ | 1.93 | $ | (0.13 | ) | $ | - | $ | (0.13 | ) | $ | 12.26 | 18.71% | $ | 5,267 | 0.85% | 0.76% | 1.11% | ||||||||||||||||||||||||||||
09/30/12i | 8.81 | 0.08 | 1.57 | 1.65 | - | - | - | 10.46 | 18.73% | b | 4,905 | 0.86% | a | 0.76% | a | 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% | 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% | 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% | 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% | 1.20% | ||||||||||||||||||||||||||||||||||
Class L |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
09/30/13 | $ | 10.30 | $ | 0.11 | $ | 1.78 | $ | 1.89 | $ | (0.11 | ) | $ | - | $ | (0.11 | ) | $ | 12.08 | 18.52% | $ | 33,164 | 1.00% | 0.91% | 0.97% | ||||||||||||||||||||||||||||
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 | 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% | 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% | 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% | 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% | 1.04% | |||||||||||||||||||||||||||||||||
Class A |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
09/30/13 | $ | 10.23 | $ | 0.08 | $ | 1.76 | $ | 1.84 | $ | (0.09 | ) | $ | - | $ | (0.09 | ) | $ | 11.98 | 18.18% | $ | 13,493 | 1.25% | 1.16% | 0.71% | ||||||||||||||||||||||||||||
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 | 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% | 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% | 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% | 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% | 0.79% | |||||||||||||||||||||||||||||||||
Class N |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
09/30/13 | $ | 10.24 | $ | 0.05 | $ | 1.77 | $ | 1.82 | $ | (0.03 | ) | $ | - | $ | (0.03 | ) | $ | 12.03 | 17.82% | $ | 70 | 1.55% | 1.46% | 0.45% | ||||||||||||||||||||||||||||
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 | 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% | 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% | 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% | 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% | 0.48% |
Year ended September 30, 2013 | Period ended September 30, 2012b,i | Year ended October 31 | ||||||||||||||||||||||
2011 | 2010 | 2009 | 2008 | |||||||||||||||||||||
Portfolio turnover rate for all share classes | 43 | % | 37 | % | 37 | % | 51 | % | 121 | % | 116 | % |
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 it reflected these charges. |
The accompanying notes are an integral part of the financial statements.
237
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 waiversj | Net investment income (loss) to average daily net assets | |||||||||||||||||||||||||||||||||||||||||||
Class S |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||
09/30/13 | $ | 12.02 | $ | 0.11 | $ | 1.79 | $ | 1.90 | $ | (0.13 | ) | $ | - | $ | - | $ | (0.13 | ) | $ | 13.79 | 16.00% | $ | 203,376 | 0.79% | 0.71% | 0.89% | ||||||||||||||||||||||||||||||
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 | 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% | 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% | 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% | 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% | 0.19% | |||||||||||||||||||||||||||||||||||
Class Y |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||
09/30/13 | $ | 12.00 | $ | 0.08 | $ | 1.82 | $ | 1.90 | $ | (0.13 | ) | $ | - | $ | - | $ | (0.13 | ) | $ | 13.77 | 15.89% | $ | 18,695 | 0.84% | 0.82% | 0.59% | ||||||||||||||||||||||||||||||
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 | 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% | 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% | 0.21% | ||||||||||||||||||||||||||||||||||||||||
10/31/09 | 7.57 | 0.02 | 1.24 | 1.26 | - | - | - | - | 8.83 | 16.64% | 14,797 | 0.84% | 0.82% | 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% | 0.10% | |||||||||||||||||||||||||||||||||||||
Class L |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||
09/30/13 | $ | 11.91 | $ | 0.10 | $ | 1.76 | $ | 1.86 | $ | (0.09 | ) | $ | - | $ | - | $ | (0.09 | ) | $ | 13.68 | 15.78% | $ | 6,801 | 0.99% | 0.97% | 0.78% | ||||||||||||||||||||||||||||||
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 | 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% | 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% | 0.04% | |||||||||||||||||||||||||||||||||||||||
10/31/09 | 7.54 | 0.01 | 1.23 | 1.24 | - | - | - | - | 8.78 | 16.45% | 55,614 | 0.99% | 0.97% | 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% | (0.07% | ) | |||||||||||||||||||||||||||||||||||
Class A |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||
09/30/13 | $ | 11.88 | $ | 0.07 | $ | 1.77 | $ | 1.84 | $ | (0.08 | ) | $ | - | $ | - | $ | (0.08 | ) | $ | 13.64 | 15.55% | $ | 57,003 | 1.24% | 1.09% | 0.54% | ||||||||||||||||||||||||||||||
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 | 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% | 0.23% | ||||||||||||||||||||||||||||||||||||||||
10/31/10 | 8.76 | (0.00 | )d | 1.21 | 1.21 | - | - | - | - | 9.97 | 13.81% | 142,653 | 1.24% | 1.09% | (0.05% | ) | ||||||||||||||||||||||||||||||||||||||||
10/31/09 | 7.53 | 0.00 | d | 1.23 | 1.23 | - | - | - | - | 8.76 | 16.33% | 187,245 | 1.24% | 1.09% | 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% | (0.18% | ) | |||||||||||||||||||||||||||||||||||
Class N |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||
09/30/13 | $ | 11.58 | $ | 0.05 | $ | 1.69 | $ | 1.74 | $ | (0.06 | ) | $ | - | $ | - | $ | (0.06 | ) | $ | 13.26 | 15.12% | $ | 17 | 1.54% | 1.46% | 0.43% | ||||||||||||||||||||||||||||||
09/30/12i | 10.30 | 0.00 | d | 1.28 | 1.28 | - | - | - | - | 11.58 | 12.43% | b | 226 | 1.54% | a | 1.46% | a | 0.04% | a | |||||||||||||||||||||||||||||||||||||
10/31/11 | 9.76 | (0.01 | ) | 0.55 | 0.54 | - | - | - | - | 10.30 | 5.53% | 222 | 1.55% | 1.46% | (0.11% | ) | ||||||||||||||||||||||||||||||||||||||||
10/31/10 | 8.60 | (0.04 | ) | 1.20 | 1.16 | - | - | - | - | 9.76 | 13.49% | 366 | 1.54% | 1.46% | (0.43% | ) | ||||||||||||||||||||||||||||||||||||||||
10/31/09 | 7.42 | (0.03 | ) | 1.21 | 1.18 | - | - | - | - | 8.60 | 15.90% | 1,136 | 1.54% | 1.46% | (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% | (0.55% | ) |
Year ended September 30, 2013 | Period ended September 30, 2012b,i | Year ended October 31 | ||||||||||||||||||||||
2011 | 2010 | 2009 | 2008 | |||||||||||||||||||||
Portfolio turnover rate for all share classes | 65 | % | 25 | % | 30 | % | 56 | % | 51 | % | 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. |
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.
238
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 waiversj | Net investment income (loss) to average daily net assets | ||||||||||||||||||||||||||||||||||||||||
Class S |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
09/30/13 | $ | 11.17 | $ | 0.18 | $ | 2.11 | $ | 2.29 | $ | (0.17 | ) | $ | (0.03 | ) | $ | (0.20 | ) | $ | 13.26 | 20.83% | $ | 209,795 | 0.56% | 0.53% | 1.50% | |||||||||||||||||||||||||||
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 | 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% | 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% | ||||||||||||||||||||||||||||||||
Class Y |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
09/30/13 | $ | 11.19 | $ | 0.17 | $ | 2.11 | $ | 2.28 | $ | (0.16 | ) | $ | (0.03 | ) | $ | (0.19 | ) | $ | 13.28 | 20.79% | $ | 64,469 | 0.65% | 0.62% | 1.42% | |||||||||||||||||||||||||||
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 | 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% | 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% | ||||||||||||||||||||||||||||||||
Class L |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
09/30/13 | $ | 11.26 | $ | 0.15 | $ | 2.12 | $ | 2.27 | $ | (0.15 | ) | $ | (0.03 | ) | $ | (0.18 | ) | $ | 13.35 | 20.58% | $ | 20,092 | 0.78% | 0.75% | 1.23% | |||||||||||||||||||||||||||
09/30/12i | 9.65 | 0.12 | 1.49 | 1.61 | - | - | - | 11.26 | 16.68% | b | 8,593 | 0.80% | a | 0.75% | a | 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% | ||||||||||||||||||||||||||||||||
Class A |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
09/30/13 | $ | 11.10 | $ | 0.12 | $ | 2.09 | $ | 2.21 | $ | (0.13 | ) | $ | (0.03 | ) | $ | (0.16 | ) | $ | 13.15 | 20.27% | $ | 19,445 | 1.04% | 1.01% | 1.03% | |||||||||||||||||||||||||||
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 | 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% | 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% | 0.32% |
Year ended September 30, 2013 | Period ended September 30, 2012b,i | Year ended October 31 | ||||||||||||||||||||||
2011 | 2010 | 2009 | 2008 | |||||||||||||||||||||
Portfolio turnover rate for all share classes | 153 | % | 142 | % | 134 | % | 100 | % | 125 | % | 155 | % |
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 it reflected these charges. |
The accompanying notes are an integral part of the financial statements.
239
Table of Contents
MassMutual Premier Small Cap Opportunities Fund – Financial Statements (Continued)
Financial Highlights (For a share outstanding throughout each period)
Income (loss) from investment operations | Less distributions to shareholders | Ratios / Supplemental Data | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value, beginning of the period | Net investment income (loss)c,j | Net realized and unrealized gain (loss) on investments | Total income (loss) from investment operations | From net investment income | From net realized gains | Total distributions | Net asset value, end of the period | Total Returnl,m | Net assets, end of the period (000’s) | Ratio of expenses to average daily net assets before expense waivers | Ratio of expenses to average daily net assets after expense waiversj | Net investment income (loss) to average daily net assets | ||||||||||||||||||||||||||||||||||||||||
Class S | ||||||||||||||||||||||||||||||||||||||||||||||||||||
09/30/13 | $ | 11.03 | $ | 0.16 | $ | 3.86 | $ | 4.02 | $ | (0.13 | ) | $ | - | $ | (0.13 | ) | $ | 14.92 | 36.88% | $ | 83,213 | 0.73% | 0.70% | 1.23% | ||||||||||||||||||||||||||||
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 | 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% | 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% | 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% | 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% | 0.52% | |||||||||||||||||||||||||||||||||
Class Y | ||||||||||||||||||||||||||||||||||||||||||||||||||||
09/30/13 | $ | 11.03 | $ | 0.14 | $ | 3.88 | $ | 4.02 | $ | (0.13 | ) | $ | - | $ | (0.13 | ) | $ | 14.92 | 36.79% | $ | 2,627 | 0.83% | 0.80% | 1.15% | ||||||||||||||||||||||||||||
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 | 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% | 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% | 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% | 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% | 0.48% | |||||||||||||||||||||||||||||||||
Class L | ||||||||||||||||||||||||||||||||||||||||||||||||||||
09/30/13 | $ | 10.98 | $ | 0.13 | $ | 3.85 | $ | 3.98 | $ | (0.12 | ) | $ | - | $ | (0.12 | ) | $ | 14.84 | 36.60% | $ | 9,661 | 0.93% | 0.90% | 1.02% | ||||||||||||||||||||||||||||
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 | 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% | 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% | 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% | 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% | 0.33% | |||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||||||||||||||||||
09/30/13 | $ | 10.80 | $ | 0.10 | $ | 3.80 | $ | 3.90 | $ | (0.08 | ) | $ | - | $ | (0.08 | ) | $ | 14.62 | 36.40% | $ | 77,201 | 1.18% | 1.15% | 0.77% | ||||||||||||||||||||||||||||
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 | 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% | 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% | 0.24% | |||||||||||||||||||||||||||||||||||||
10/31/09 | 6.28 | 0.02 | 0.91 | 0.93 | - | - | - | 7.21 | 14.81% | 63,549 | 1.29% | 1.14% | 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% | 0.08% |
Year ended September 30, 2013 | Period ended September 30, 2012b,i | Year ended October 31 | ||||||||||||||||||||||
2011 | 2010 | 2009 | 2008 | |||||||||||||||||||||
Portfolio turnover rate for all share classes | 91 | % | 79 | %q | 96 | % | 62 | % | 137 | % | 109 | % |
a | Annualized. |
b | Percentage represents the results for the period and is not annualized. |
c | Per share amount calculated on the average shares method. |
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.
240
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 waiversj | Net investment income (loss) to average daily net assets | ||||||||||||||||||||||||||||||||||||||||
Class S |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
09/30/13 | $ | 11.19 | $ | 0.16 | $ | 2.79 | $ | 2.95 | $ | (0.15 | ) | $ | - | $ | (0.15 | ) | $ | 13.99 | 26.55% | $ | 213,577 | 1.05% | 0.89% | 1.28% | ||||||||||||||||||||||||||||
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 | 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% | 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% | 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% | 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% | 1.48% | |||||||||||||||||||||||||||||||||
Class Y |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
09/30/13 | $ | 11.12 | $ | 0.14 | $ | 2.78 | $ | 2.92 | $ | (0.14 | ) | $ | - | $ | (0.14 | ) | $ | 13.90 | 26.47% | $ | 8,558 | 1.08% | 1.03% | 1.13% | ||||||||||||||||||||||||||||
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 | 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% | 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% | 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% | 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% | 1.23% | |||||||||||||||||||||||||||||||||
Class L |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
09/30/13 | $ | 11.17 | $ | 0.13 | $ | 2.79 | $ | 2.92 | $ | (0.13 | ) | $ | - | $ | (0.13 | ) | $ | 13.96 | 26.30% | $ | 128,755 | 1.23% | 1.14% | 1.01% | ||||||||||||||||||||||||||||
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 | 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% | 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% | 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% | 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% | 1.24% | |||||||||||||||||||||||||||||||||
Class A |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
09/30/13 | $ | 11.06 | $ | 0.09 | $ | 2.76 | $ | 2.85 | $ | (0.09 | ) | $ | - | $ | (0.09 | ) | $ | 13.82 | 25.94% | $ | 48,500 | 1.48% | 1.43% | 0.72% | ||||||||||||||||||||||||||||
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 | 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% | 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% | 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% | 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% | 0.97% | |||||||||||||||||||||||||||||||||
Class N |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
09/30/13 | $ | 11.10 | $ | 0.08 | $ | 2.77 | $ | 2.85 | $ | (0.09 | ) | $ | - | $ | (0.09 | ) | $ | 13.86 | 25.81% | $ | 1,235 | 1.78% | 1.52% | 0.63% | ||||||||||||||||||||||||||||
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 | 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% | 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% | 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% | 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% | 0.89% |
Year ended September 30, 2013 | Period ended September 30, 2012b,i | Year ended October 31 | ||||||||||||||||||||||
2011 | 2010 | 2009 | 2008 | |||||||||||||||||||||
Portfolio turnover rate for all share classes | 28 | % | 27 | % | 26 | % | 29 | % | 34 | % | 13 | % |
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.
241
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 waiversj | Net investment income (loss) to average daily net assets | ||||||||||||||||||||||||||||||||||||||||
Class S |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
09/30/13 | $ | 13.20 | $ | 0.21 | $ | 3.14 | $ | 3.35 | $ | (0.20 | ) | $ | (0.43 | ) | $ | (0.63 | ) | $ | 15.92 | 26.22% | $ | 445,260 | 1.07% | N/A | 1.46% | |||||||||||||||||||||||||||
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% | 1.29% | ||||||||||||||||||||||||||||||||||
Class Y |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
09/30/13 | $ | 13.18 | $ | 0.20 | $ | 3.15 | $ | 3.35 | $ | (0.20 | ) | $ | (0.43 | ) | $ | (0.63 | ) | $ | 15.90 | 26.23% | $ | 25,987 | 1.10% | N/A | 1.42% | |||||||||||||||||||||||||||
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% | 1.17% | ||||||||||||||||||||||||||||||||||
Class L |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
09/30/13 | $ | 13.13 | $ | 0.19 | $ | 3.11 | $ | 3.30 | $ | (0.18 | ) | $ | (0.43 | ) | $ | (0.61 | ) | $ | 15.82 | 25.96% | $ | 18,017 | 1.25% | N/A | 1.31% | |||||||||||||||||||||||||||
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% | 1.12% | ||||||||||||||||||||||||||||||||||
Class A |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
09/30/13 | $ | 12.85 | $ | 0.14 | $ | 3.06 | $ | 3.20 | $ | (0.14 | ) | $ | (0.43 | ) | $ | (0.57 | ) | $ | 15.48 | 25.70% | $ | 56,137 | 1.50% | N/A | 1.04% | |||||||||||||||||||||||||||
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% | 0.82% |
Year ended September 30, 2013 | Period ended September 30, 2012b,i | Year ended October 31 | ||||||||||||||||||||||
2011 | 2010 | 2009 | 2008 | |||||||||||||||||||||
Portfolio turnover rate for all share classes | 56 | % | 36 | % | 47 | % | 32 | % | 42 | % | 29 | % |
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.
242
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 waiversj | Net investment income (loss) to average daily net assets | ||||||||||||||||||||||||||||||||||||||||
Class Z |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
09/30/13 | $ | 11.64 | $ | 0.22 | $ | 0.82 | $ | 1.04 | $ | (0.19 | ) | $ | - | $ | (0.19 | ) | $ | 12.49 | 8.94% | $ | 90,060 | 1.06% | 0.96% | 1.88% | ||||||||||||||||||||||||||||
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 | 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 | 0.65% | a | |||||||||||||||||||||||||||||||
Class S |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
09/30/13 | $ | 11.65 | $ | 0.07 | $ | 0.94 | $ | 1.01 | $ | (0.18 | ) | $ | - | $ | (0.18 | ) | $ | 12.48 | 8.75% | $ | 5,270 | 1.15% | 1.05% | 0.64% | ||||||||||||||||||||||||||||
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 | 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% | 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% | |||||||||||||||||||||||||||||||||
Class Y |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
09/30/13 | $ | 11.62 | $ | 0.16 | $ | 0.83 | $ | 0.99 | $ | (0.16 | ) | $ | - | $ | (0.16 | ) | $ | 12.45 | 8.63% | $ | 2,949 | 1.25% | 1.15% | 1.36% | ||||||||||||||||||||||||||||
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 | 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% | 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% | 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% | 1.47% | |||||||||||||||||||||||||||||||||
Class L |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
09/30/13 | 11.67 | $ | 0.11 | $ | 0.88 | $ | 0.99 | $ | (0.15 | ) | $ | - | $ | (0.15 | ) | $ | 12.51 | 8.58% | $ | 3,705 | 1.40% | 1.30% | 0.91% | |||||||||||||||||||||||||||||
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 | 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% | 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% | 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% | 1.62% | |||||||||||||||||||||||||||||||||
Class A |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
09/30/13 | $ | 11.57 | $ | 0.11 | $ | 0.84 | $ | 0.95 | $ | (0.11 | ) | $ | - | $ | (0.11 | ) | $ | 12.41 | 8.28% | $ | 14,358 | 1.65% | 1.55% | 0.92% | ||||||||||||||||||||||||||||
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 | 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% | 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% | 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% | 1.38% | |||||||||||||||||||||||||||||||||
Class N |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
09/30/13 | $ | 11.42 | $ | 0.07 | $ | 0.82 | $ | 0.89 | $ | (0.09 | ) | $ | - | $ | (0.09 | ) | $ | 12.22 | 7.81% | $ | 952 | 2.05% | 1.95% | 0.63% | ||||||||||||||||||||||||||||
09/30/12i | 11.00 | 0.11 | 0.31 | 0.42 | - | - | - | 11.42 | 3.82% | b | 968 | 2.05% | a | 1.95% | a | 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% | 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% | 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% | 1.08% |
Year ended September 30, 2013 | Period ended September 30, 2012b,i | Year ended October 31 | ||||||||||||||||||||||
2011 | 2010 | 2009 | 2008 | |||||||||||||||||||||
Portfolio turnover rate for all share classes | 59 | % | 23 | % | 59 | % | 65 | % | 74 | % | 106 | % |
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. |
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.
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MassMutual Premier Strategic Emerging Markets Fund – Financial Statements (Continued)
Financial Highlights (For a share outstanding throughout each period)
Income (loss) from investment operations | Less distributions to shareholders | Ratios / Supplemental Data | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value, beginning of the period | Net investment income (loss)c,j | Net realized and unrealized gain (loss) on investments | Total income (loss) from investment operations | From net investment income | From net realized gains | Total distributions | Net asset value, end of the period | Total Returnl,m | Net assets, end of the period (000’s) | Ratio of expenses to average daily net assets before expense waivers | Ratio of expenses to average daily net assets after expense waiversj | Net investment income (loss) to average daily net assets | ||||||||||||||||||||||||||||||||||||||||
Class Z |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
09/30/13 | $ | 12.03 | $ | 0.16 | $ | (0.41 | ) | $ | (0.25 | ) | $ | (0.10 | ) | $ | - | $ | (0.10 | ) | $ | 11.68 | (2.10% | ) | $ | 115,463 | 1.23% | 0.99% | 1.30% | |||||||||||||||||||||||||
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 | 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 | 1.98% | a | |||||||||||||||||||||||||||||||||
Class S |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
09/30/13 | $ | 12.17 | $ | 0.15 | $ | (0.42 | ) | $ | (0.27 | ) | $ | (0.09 | ) | $ | - | $ | (0.09 | ) | $ | 11.81 | (2.29% | ) | $ | 7,008 | 1.39% | 1.15% | 1.22% | |||||||||||||||||||||||||
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 | 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% | 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% | 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 | 1.23% | a | |||||||||||||||||||||||||||||||||
Class Y |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
09/30/13 | $ | 12.01 | $ | 0.13 | $ | (0.40 | ) | $ | (0.27 | ) | $ | (0.08 | ) | $ | - | $ | (0.08 | ) | $ | 11.66 | (2.34% | ) | $ | 206 | 1.49% | 1.25% | 1.06% | |||||||||||||||||||||||||
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 | 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% | 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% | 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 | 1.08% | a | |||||||||||||||||||||||||||||||||
Class L |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
09/30/13 | $ | 12.09 | $ | 0.13 | $ | (0.43 | ) | $ | (0.30 | ) | $ | (0.07 | ) | $ | - | $ | (0.07 | ) | $ | 11.72 | (2.50% | ) | $ | 98 | 1.64% | 1.40% | 1.09% | |||||||||||||||||||||||||
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 | 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% | 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% | 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 | 0.98% | a | |||||||||||||||||||||||||||||||||||
Class A |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
09/30/13 | $ | 11.94 | $ | 0.08 | $ | (0.41 | ) | $ | (0.33 | ) | $ | - | $ | - | $ | - | $ | 11.61 | (2.76% | ) | $ | 336 | 1.89% | 1.65% | 0.63% | |||||||||||||||||||||||||||
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 | 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% | 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% | 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 | 0.73% | a |
Year ended September 30, 2013 | Period ended September 30, 2012b,i | Year ended October 31 | ||||||||||||||||||
2011 | 2010 | 2009 | ||||||||||||||||||
Portfolio turnover rate for all share classes | 75 | % | 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.
244
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 Cap Opportunities Fund (formerly known as MassMutual Premier Small/Mid Cap Opportunities Fund) (“Small Cap Opportunities Fund”)
MassMutual Premier Global Fund (“Global Fund”)
MassMutual Premier International Equity Fund (“International Equity Fund”)
MassMutual Premier Focused International Fund (“Focused International Fund”)
MassMutual Premier Strategic Emerging Markets Fund (“Strategic Emerging Markets Fund”)
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.
Each share class of a Fund represents an interest in the same portfolio of assets. The principal difference among the classes is the level of service and administration fees, and shareholder and distribution service expenses borne by the classes. Because each class will have different fees and expenses, performance and share prices will vary between the classes. The classes of shares are offered to different types of investors, as outlined in the Funds’ Prospectus.
2. | Significant Accounting Policies |
The following is a summary of significant accounting policies followed consistently by each Fund in the preparation of the financial statements in conformity with accounting principles generally accepted in the United States of America (“generally accepted accounting principles”). The preparation of the financial statements in accordance with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.
Investment Valuation
The net asset value of each Fund’s shares is determined once daily as of the close of regular trading on the New York Stock Exchange, on each day the New York Stock Exchange is open for trading (a “business day”). The New York Stock Exchange normally closes at 4:00 p.m. Eastern Time, but may close earlier on some days.
Equity securities and derivative contracts that are actively traded on a national securities exchange or contract market are valued on the basis of information furnished by a pricing service, which provides the last reported sale price for securities or derivatives listed on the
245
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Notes to Financial Statements (Continued)
exchange or contract market or the official closing price on the NASDAQ National Market System, or in the case of over-the-counter (“OTC”) securities for which an official closing price is unavailable or not reported on the NASDAQ System, the last reported bid price. Portfolio securities traded on more than one national securities exchange are valued at the last price at the close of the exchange representing the principal market for such securities. Debt securities (other than short-term obligations) are valued on the basis of valuations furnished by a pricing service, which generally determines valuations taking into account factors such as institutional-size trading in similar securities, yield, quality, coupon rate, maturity, type of issue, trading characteristics, and other market data. For all Funds other than the Money Market Fund, short-term debt securities are valued at either amortized cost or at original cost plus accrued interest, whichever the Funds’ investment adviser determines more closely approximates current market value. The Money Market Fund’s portfolio securities are valued at amortized cost, which approximates current market value, in accordance with Rule 2a-7 under the 1940 Act pursuant to which the Money Market Fund must adhere to certain conditions. It is the intention of the Money Market Fund to maintain a stable net asset value per share of $1.00, although this cannot be assured. Shares of other open-end mutual funds are valued at their closing net asset values as reported on each business day.
Investments for which market quotations are readily available are marked to market daily based on those quotations. Market quotations may be provided by third-party vendors or market makers, and may be determined on the basis of a variety of factors, such as broker quotations, financial modeling, and other market data, such as market indexes and yield curves, counterparty information, and foreign exchange rates. U.S. Government and agency securities may be valued on the basis of market quotations or using a model that may incorporate market observable data such as reported sales of similar securities, broker quotes, yields, bids, offers, quoted market prices, and reference data. The fair values of OTC derivative contracts, including forward, swap, and option contracts related to interest rates, foreign currencies, credit standing of reference entities, equity prices, or commodity prices, may be based on market quotations or may be modeled using a series of techniques, including simulation models, depending on the contract and the terms of the transaction. The fair values of asset-backed securities and mortgage-backed securities are estimated based on models that consider the estimated cash flows of each debt tranche of the issuer, establish a benchmark yield, and develop an estimated tranche-specific spread to the benchmark yield based on the unique attributes of the tranche including, but not limited to, prepayment speed assumptions and attributes of the collateral. Many pricing models do not entail material subjectivity because the methodologies employed do not necessitate significant judgments and the pricing inputs are observed from actively quoted markets, as is the case of interest rate swap and option contracts. Restricted securities are generally valued at a discount to similar publicly traded securities.
Investments for which market quotations are not available or for which a pricing service or vendor does not provide a value, or for which such market quotations or values are considered by the investment adviser or subadviser to be unreliable (including, for example, certain foreign securities, thinly-traded securities, certain restricted securities, certain initial public offerings, or securities whose values may have been affected by a significant event) are stated at fair valuations determined in good faith by the Funds’ Valuation Committee1 in accordance with procedures approved annually by the Board of Trustees (“Trustees”), and under the general oversight of the Trustees. The Funds’ Valuation Committee employs various methods to determine fair valuations including a regular review of key inputs and assumptions and review of any related market activity. The Funds’ Valuation Committee reports to the Trustees at their regularly scheduled meetings. It is possible that fair value prices will be used by the Funds to a significant extent. The value determined for an investment using the Funds’ fair value procedures may differ from recent market prices for the investment and may be significantly different from the value realized upon the sale of such investment.
The Funds may invest in securities that are traded principally in foreign markets and that trade on weekends and other days when the Funds do not price their shares. As a result, the values of the Funds’ portfolio securities may change on days when the prices of the Funds’ shares are not calculated. The prices of the Funds’ shares will reflect any such changes when the prices of the Funds’ shares are next calculated, which is the next business day. The Funds may use fair value pricing more frequently for securities primarily traded in foreign markets because, among other things, most foreign markets close well before the Funds value their securities. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim. The Funds’ investments may be priced based on fair values provided by a third-party fair valuation vendor, based on certain factors and methodologies applied by such vendor, in the event that there is movement in the
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. |
246
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Notes to Financial Statements (Continued)
U.S. market, between the close of the foreign market and the time the Funds calculate their net asset values. All assets and liabilities expressed in foreign currencies are converted into U.S. dollars at the mean between the buying and selling rates of such currencies against the U.S. dollar at the end of each business day.
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A three-tier hierarchy is utilized to maximize the use of observable market data inputs and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, for example, the risk inherent in a particular valuation technique used to measure fair value (such as a pricing model) and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability and are developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability and are developed based on the best information available in the circumstances. The three-tier hierarchy of inputs is summarized in the three broad Levels listed below. The inputs or methodology used for valuing investments are not necessarily an indication of the risk associated with investing in those investments and the determination of the significance of a particular input to the fair value measurement in its entirety requires judgment and consideration of factors specific to each security.
Level 1 – quoted prices (unadjusted) in active markets for identical investments that the Funds can access at the measurement date
The types of assets and liabilities categorized in Level 1 generally include actively traded domestic and certain foreign equity securities, derivatives actively traded on a national securities exchange (such as some warrants, rights, futures, and options), and shares of open-end mutual funds.
Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)
The types of assets and liabilities categorized in Level 2 generally include debt securities such as U.S. government and agency securities, mortgage-backed securities, asset-backed securities, municipal obligations, sovereign debt obligations, bank loans, corporate bonds, and those securities valued at amortized cost; OTC derivatives such as swaps, options, swaptions, and forward foreign currency exchange contracts; certain restricted securities; and non-exchange traded equity securities and certain foreign equity securities traded on particular foreign exchanges that close before the Funds determine their net asset values.
Level 3 – significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments)
The types of assets and liabilities categorized in Level 3 generally include securities for which prices, spreads, or any of the other aforementioned key inputs are unobservable. Generally, securities whose trading has been suspended or that have been de-listed from their current primary trading exchange; securities in default or bankruptcy proceedings for which there is no current market quotation; securities and certain derivatives valued by broker quotes which may include brokers’ assumptions; and any illiquid Rule 144A securities or restricted securities issued by non-public entities are categorized in Level 3.
The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.
Changes in valuation techniques may result in transfers in or out of an investment’s assigned Level within the hierarchy. In addition, in periods of market dislocation, the observability of prices and inputs may be reduced for many instruments. This condition, as well as changes related to liquidity of investments, could cause a security to be reclassified between Level 1, Level 2, or Level 3.
In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes the level in the fair value hierarchy within which the fair value measurement falls is determined based on the lowest level input that is significant to the overall fair value measurement.
247
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Notes to Financial Statements (Continued)
The Money Market Fund characterized all investments at Level 2, as of September 30, 2013. The Disciplined Value Fund, Disciplined Growth Fund, and Small Cap Opportunities Fund characterized all long-term investments at Level 1, and all short-term investments at Level 2, as of September 30, 2013. For each Fund noted in the preceding sentences, the level classification by major category of investments is the same as the category presentation in the Portfolio of Investments.
The following is the aggregate value by input level, as of September 30, 2013, for the remaining Funds’ investments:
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Short-Duration Bond Fund | ||||||||||||||||
Asset Investments | ||||||||||||||||
Corporate Debt | $ | - | $ | 220,696,026 | $ | - | $ | 220,696,026 | ||||||||
Municipal Obligations | - | 2,993,578 | - | 2,993,578 | ||||||||||||
Non-U.S. Government Agency Obligations | - | 102,411,069 | 4,201,340 | 106,612,409 | ||||||||||||
U.S. Government Agency Obligations and Instrumentalities | - | 15,073,306 | - | 15,073,306 | ||||||||||||
U.S. Treasury Obligations | - | 11,457,178 | - | 11,457,178 | ||||||||||||
Short-Term Investments | - | 246,065,651 | - | 246,065,651 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | - | $ | 598,696,808 | $ | 4,201,340 | $ | 602,898,148 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Asset Derivatives | ||||||||||||||||
Swap Agreements | $ | - | $ | 1,192,256 | $ | - | $ | 1,192,256 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Liability Derivatives | ||||||||||||||||
Futures Contracts | $ | (544,178 | ) | $ | - | $ | - | $ | (544,178 | ) | ||||||
Swap Agreements | - | (1,412,720 | ) | - | (1,412,720 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | (544,178 | ) | $ | (1,412,720 | ) | $ | - | $ | (1,956,898 | ) | |||||
|
|
|
|
|
|
|
| |||||||||
Inflation-Protected and Income Fund | ||||||||||||||||
Asset Investments | ||||||||||||||||
Corporate Debt | $ | - | $ | 4,652,835 | $ | - | $ | 4,652,835 | ||||||||
Municipal Obligations | - | 882,960 | - | 882,960 | ||||||||||||
Non-U.S. Government Agency Obligations | - | 105,495,309 | 1,320,111 | 106,815,420 | ||||||||||||
U.S. Government Agency Obligations and Instrumentalities | - | 359,638 | - | 359,638 | ||||||||||||
U.S. Treasury Obligations | - | 297,235,643 | - | 297,235,643 | ||||||||||||
Short-Term Investments | - | 130,000,974 | - | 130,000,974 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | - | $ | 538,627,359 | $ | 1,320,111 | $ | 539,947,470 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Asset Derivatives | ||||||||||||||||
Swap Agreements | $ | - | $ | 714,308 | $ | - | $ | 714,308 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Liability Derivatives | ||||||||||||||||
Futures Contracts | $ | (24,939 | ) | $ | - | $ | - | $ | (24,939 | ) | ||||||
Swap Agreements | - | (731,822 | ) | - | (731,822 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | (24,939 | ) | $ | (731,822 | ) | $ | - | $ | (756,761 | ) | |||||
|
|
|
|
|
|
|
| |||||||||
Core Bond Fund | ||||||||||||||||
Asset Investments | ||||||||||||||||
Preferred Stock | $ | 3,016,000 | $ | - | $ | - | $ | 3,016,000 | ||||||||
Corporate Debt | - | 625,705,394 | - | 625,705,394 | ||||||||||||
Municipal Obligations | - | 15,629,383 | - | 15,629,383 | ||||||||||||
Non-U.S. Government Agency Obligations | - | 206,801,864 | 4,941,000 | 211,742,864 | ||||||||||||
Sovereign Debt Obligations | - | 12,487,138 | - | 12,487,138 | ||||||||||||
U.S. Government Agency Obligations and Instrumentalities | - | 356,670,494 | - | 356,670,494 |
248
Table of Contents
Notes to Financial Statements (Continued)
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Core Bond Fund (Continued) | ||||||||||||||||
Asset Investments (Continued) | ||||||||||||||||
U.S. Treasury Obligations | $ | - | $ | 162,103,674 | $ | - | $ | 162,103,674 | ||||||||
Short-Term Investments | - | 285,510,858 | - | 285,510,858 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | 3,016,000 | $ | 1,664,908,805 | $ | 4,941,000 | $ | 1,672,865,805 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Asset Derivatives | ||||||||||||||||
Futures Contracts | $ | 1,396,802 | $ | - | $ | - | $ | 1,396,802 | ||||||||
Swap Agreements | - | 2,990,286 | - | 2,990,286 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | 1,396,802 | $ | 2,990,286 | $ | - | $ | 4,387,088 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Liability Derivatives | ||||||||||||||||
Swap Agreements | $ | - | $ | (3,557,088 | ) | $ | - | $ | (3,557,088 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
Diversified Bond Fund | ||||||||||||||||
Asset Investments | ||||||||||||||||
Common Stock | $ | - | $ | - | $ | 64,153 | $ | 64,153 | ||||||||
Preferred Stock | 232,000 | - | - | 232,000 | ||||||||||||
Corporate Debt | - | 44,055,409 | - | 44,055,409 | ||||||||||||
Municipal Obligations | - | 611,740 | - | 611,740 | ||||||||||||
Non-U.S. Government Agency Obligations | - | 11,676,224 | 1,161,135 | 12,837,359 | ||||||||||||
Sovereign Debt Obligations | - | 1,024,510 | - | 1,024,510 | ||||||||||||
U.S. Government Agency Obligations and Instrumentalities | - | 24,142,376 | - | 24,142,376 | ||||||||||||
U.S. Treasury Obligations | - | 8,789,326 | - | 8,789,326 | ||||||||||||
Short-Term Investments | - | 18,080,087 | - | 18,080,087 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | 232,000 | $ | 108,379,672 | $ | 1,225,288 | $ | 109,836,960 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Asset Derivatives | ||||||||||||||||
Futures Contracts | $ | 119,119 | $ | - | $ | - | $ | 119,119 | ||||||||
Swap Agreements | - | 196,449 | - | 196,449 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | 119,119 | $ | 196,449 | $ | - | $ | 315,568 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Liability Derivatives | ||||||||||||||||
Futures Contracts | $ | (75,346 | ) | $ | - | $ | - | $ | (75,346 | ) | ||||||
Swap Agreements | - | (544,140 | ) | - | (544,140 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | (75,346 | ) | $ | (544,140 | ) | $ | - | $ | (619,486 | ) | |||||
|
|
|
|
|
|
|
| |||||||||
High Yield Fund | ||||||||||||||||
Asset Investments | ||||||||||||||||
Common Stock | $ | - | $ | - | $ | 786,811 | $ | 786,811 | ||||||||
Bank Loans | - | 4,417,694 | - | 4,417,694 | ||||||||||||
Corporate Debt | - | 219,315,513 | - | 219,315,513 | ||||||||||||
Short-Term Investments | - | 14,889,588 | - | 14,889,588 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | - | $ | 238,622,795 | $ | 786,811 | $ | 239,409,606 | ||||||||
|
|
|
|
|
|
|
| |||||||||
International Bond Fund | ||||||||||||||||
Asset Investments | ||||||||||||||||
Corporate Debt | $ | - | $ | 8,457,288 | $ | - | $ | 8,457,288 | ||||||||
Sovereign Debt Obligations | - | 37,383,913 | - | 37,383,913 | ||||||||||||
Short-Term Investments | - | 234,594 | - | 234,594 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | - | $ | 46,075,795 | $ | - | $ | 46,075,795 | ||||||||
|
|
|
|
|
|
|
|
249
Table of Contents
Notes to Financial Statements (Continued)
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
International Bond Fund (Continued) | ||||||||||||||||
Asset Derivatives | ||||||||||||||||
Forward Contracts | $ | - | $ | 160,177 | $ | - | $ | 160,177 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Liability Derivatives | ||||||||||||||||
Forward Contracts | $ | - | $ | (299,331 | ) | $ | - | $ | (299,331 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
Balanced Fund | ||||||||||||||||
Asset Investments | ||||||||||||||||
Common Stock | $ | 83,756,654 | $ | - | $ | - | $ | 83,756,654 | ||||||||
Preferred Stock | 116,000 | - | - | 116,000 | ||||||||||||
Corporate Debt | - | 21,578,325 | - | 21,578,325 | ||||||||||||
Municipal Obligations | - | 432,721 | - | 432,721 | ||||||||||||
Non-U.S. Government Agency Obligations | - | 6,988,649 | 247,050 | 7,235,699 | ||||||||||||
Sovereign Debt Obligations | - | 486,458 | - | 486,458 | ||||||||||||
U.S. Government Agency Obligations and Instrumentalities | - | 12,093,605 | - | 12,093,605 | ||||||||||||
U.S. Treasury Obligations | - | 7,332,019 | - | 7,332,019 | ||||||||||||
Mutual Funds | 12,930,870 | - | - | 12,930,870 | ||||||||||||
Short-Term Investments | - | 21,992,381 | - | 21,992,381 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | 96,803,524 | $ | 70,904,158 | $ | 247,050 | $ | 167,954,732 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Asset Derivatives | ||||||||||||||||
Futures Contracts | $ | 42,941 | $ | - | $ | - | $ | 42,941 | ||||||||
Swap Agreements | - | 106,031 | - | 106,031 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | 42,941 | $ | 106,031 | $ | - | $ | 148,972 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Liability Derivatives | ||||||||||||||||
Swap Agreements | $ | - | $ | (125,958 | ) | $ | - | $ | (125,958 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
Value Fund | ||||||||||||||||
Asset Investments | ||||||||||||||||
Common Stock | $ | 118,101,672 | $ | 4,032,599 | $ | - | $ | 122,134,271 | ||||||||
Mutual Funds | 1,120,730 | - | - | 1,120,730 | ||||||||||||
Short-Term Investments | - | 1,717,877 | - | 1,717,877 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | 119,222,402 | $ | 5,750,476 | $ | - | $ | 124,972,878 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Main Street Fund | ||||||||||||||||
Asset Investments | ||||||||||||||||
Common Stock | $ | 176,342,345 | $ | 3,402,383 | $ | - | $ | 179,744,728 | ||||||||
Preferred Stock | - | 1,545,351 | - | 1,545,351 | ||||||||||||
Short-Term Investments | - | 2,706,384 | - | 2,706,384 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | 176,342,345 | $ | 7,654,118 | $ | - | $ | 183,996,463 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Capital Appreciation Fund | ||||||||||||||||
Asset Investments | ||||||||||||||||
Common Stock | $ | 273,953,096 | $ | 10,358,353 | $ | - | $ | 284,311,449 | ||||||||
Short-Term Investments | - | 1,329,102 | - | 1,329,102 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | 273,953,096 | $ | 11,687,455 | $ | - | $ | 285,640,551 | ||||||||
|
|
|
|
|
|
|
|
250
Table of Contents
Notes to Financial Statements (Continued)
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Global Fund | ||||||||||||||||
Asset Investments | ||||||||||||||||
Common Stock | $ | 178,334,176 | $ | 208,301,455 | $ | - | $ | 386,635,631 | ||||||||
Preferred Stock | - | 8,434,895 | - | 8,434,895 | ||||||||||||
Mutual Funds | 46,255,060 | - | - | 46,255,060 | ||||||||||||
Rights | 57,249 | - | - | 57,249 | ||||||||||||
Short-Term Investments | - | 1 | - | 1 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | 224,646,485 | $ | 216,736,351 | $ | - | $ | 441,382,836 | ||||||||
|
|
|
|
|
|
|
| |||||||||
International Equity Fund | ||||||||||||||||
Asset Investments | ||||||||||||||||
Common Stock | $ | 26,268,499 | $ | 497,906,807 | $ | - | $ | 524,175,306 | ||||||||
Mutual Funds | 67,388,035 | - | - | 67,388,035 | ||||||||||||
Warrants | - | 4,345 | 316,363 | 320,708 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | 93,656,534 | $ | 497,911,152 | $ | 316,363 | $ | 591,884,049 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Focused International Fund | ||||||||||||||||
Asset Investments | ||||||||||||||||
Common Stock | $ | 6,188,409 | $ | 109,834,700 | $ | - | $ | 116,023,109 | ||||||||
Mutual Funds | 13,876,073 | - | - | 13,876,073 | ||||||||||||
Rights | 134,184 | - | - | 134,184 | ||||||||||||
Short-Term Investments | - | 606,573 | - | 606,573 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | 20,198,666 | $ | 110,441,273 | $ | - | $ | 130,639,939 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Strategic Emerging Markets Fund | ||||||||||||||||
Asset Investments | ||||||||||||||||
Common Stock | $ | 21,350,276 | $ | 93,627,416 | $ | - | $ | 114,977,692 | ||||||||
Preferred Stock | 3,418,969 | 3,554,683 | - | 6,973,652 | ||||||||||||
Short-Term Investments | - | 896,784 | - | 896,784 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | 24,769,245 | $ | 98,078,883 | $ | - | $ | 122,848,128 | ||||||||
|
|
|
|
|
|
|
|
The following tables show Funds with certain assets and liabilities, which approximate fair value and would be categorized at Level 2 as of September 30, 2013.
Statements of Assets and Liabilities location: | Short-Duration | Inflation-Protected and Income Fund | Core Bond Fund | Diversified Bond | High Fund | Balanced Fund | ||||||
Receivables from: | ||||||||||||
Investments sold on a when-issued basis | X | X | X | X | ||||||||
Collateral held for reverse repurchase agreements | X | |||||||||||
Payables for: | ||||||||||||
Reverse repurchase agreements | X | |||||||||||
Investments purchased on a when-issued basis | X | X | X | X | X | |||||||
Due to custodian | X | X | X |
Statements of Assets and Liabilities location: | Value | Small Cap Opportunities Fund | Global Fund | International Equity Fund | Focused International Fund | |||||
Payables for: | ||||||||||
Securities on loan | X | X | X | X | X |
251
Table of Contents
Notes to Financial Statements (Continued)
The Funds had no transfers between Level 1 and Level 2 of the fair value hierarchy during the year ended September 30, 2013. The Funds recognize transfers between the Levels as of the beginning of the year.
Following is a reconciliation of investments for which significant unobservable inputs (Level 3) were used in determining value:
Asset Valuation Inputs
Investments in Securities | ||||||||||||||||||||||||||||||||||||||||
Balance as of 9/30/12 | Accrued Discounts (Premiums) | Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Purchases | (Sales) | Transfers into Level 3* | Transfers (out) of Level 3* | Balance as of 9/30/13 | Net Change in Unrealized Appreciation (Depreciation) from Investments Still Held as of 9/30/13 | |||||||||||||||||||||||||||||||
Short-Duration Bond Fund | ||||||||||||||||||||||||||||||||||||||||
Non-U.S. Government | ||||||||||||||||||||||||||||||||||||||||
Agency Obligations† | $ | 1,325,280 | $ | - | $ | - | $ | 256,060 | $ | 2,620,000 | $ | - | $ | - | $ | - | $ | 4,201,340 | $ | 256,060 | ||||||||||||||||||||
Non-U.S. Government | ||||||||||||||||||||||||||||||||||||||||
Agency Obligations | 931,245 | - | (10,650 | ) | 2,552 | 1,185,000 | (923,147 | ) | - | (1,185,000 | )** | - | - | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
$ | 2,256,525 | $ | - | $ | (10,650 | ) | $ | 258,612 | $ | 3,805,000 | $ | (923,147 | ) | $ | - | $ | (1,185,000 | ) | $ | 4,201,340 | $ | 256,060 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Inflation-Protected and Income Fund |
| |||||||||||||||||||||||||||||||||||||||
Long-Term Investments | ||||||||||||||||||||||||||||||||||||||||
Non-U.S. Government | ||||||||||||||||||||||||||||||||||||||||
Agency Obligations† | $ | - | $ | - | $ | - | $ | 111 | $ | 1,320,000 | $ | - | $ | - | $ | - | $ | 1,320,111 | $ | 111 | ||||||||||||||||||||
Non-U.S. Government | ||||||||||||||||||||||||||||||||||||||||
Agency Obligations | 1,049,580 | - | (23,441 | ) | 14,314 | 1,113,200 | (1,040,453 | ) | - | (1,113,200 | )** | - | - | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
$ | 1,049,580 | $ | - | $ | (23,441 | ) | $ | 14,425 | $ | 2,433,200 | $ | (1,040,453 | ) | $ | - | $ | (1,113,200 | ) | $ | 1,320,111 | $ | 111 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Core Bond Fund | ||||||||||||||||||||||||||||||||||||||||
Non-U.S. Government | ||||||||||||||||||||||||||||||||||||||||
Agency Obligations† | $ | 4,141,500 | $ | - | $ | - | $ | 799,500 | $ | - | $ | - | $ | - | $ | - | $ | 4,941,000 | $ | 799,500 | ||||||||||||||||||||
Non-U.S. Government | ||||||||||||||||||||||||||||||||||||||||
Agency Obligations | 3,908,205 | - | 78,190 | (30,738 | ) | 1,089,994 | (3,955,657 | ) | - | (1,089,994 | )** | - | - | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
$ | 8,049,705 | $ | - | $ | 78,190 | $ | 768,762 | $ | 1,089,994 | $ | (3,955,657 | ) | $ | - | $ | (1,089,994 | ) | $ | 4,941,000 | $ | 799,500 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Diversified Bond Fund | ||||||||||||||||||||||||||||||||||||||||
Common Stock | $ | 51,884 | $ | - | $ | - | $ | 12,269 | $ | - | $ | - | $ | - | $ | - | $ | 64,153 | $ | 12,269 | ||||||||||||||||||||
Non-U.S. Government | ||||||||||||||||||||||||||||||||||||||||
Agency Obligations† | 973,252 | - | - | 187,883 | - | - | - | - | 1,161,135 | 187,883 | ||||||||||||||||||||||||||||||
Non-U.S. Government | ||||||||||||||||||||||||||||||||||||||||
Agency Obligations | 231,525 | - | (2,754 | ) | 741 | - | (229,512 | ) | - | - | - | - | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
$ | 1,256,661 | $ | - | $ | (2,754 | ) | $ | 200,893 | $ | - | $ | (229,512 | ) | $ | - | $ | - | $ | 1,225,288 | $ | 200,152 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
High Yield Fund | ||||||||||||||||||||||||||||||||||||||||
Common Stock | $ | 636,345 | $ | - | $ | - | $ | 150,466 | $ | - | $ | - | $ | - | $ | - | $ | 786,811 | $ | 150,466 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
International Bond Fund | ||||||||||||||||||||||||||||||||||||||||
Sovereign Debt Obligations† | $ | 1,460,845 | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | (1,460,845 | )*** | $ | - | $ | - | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Balanced Fund | ||||||||||||||||||||||||||||||||||||||||
Non-U.S. Government | ||||||||||||||||||||||||||||||||||||||||
Agency Obligations† | $ | 207,075 | $ | - | $ | - | $ | 39,975 | $ | - | $ | - | $ | - | $ | - | $ | 247,050 | $ | 39,975 | ||||||||||||||||||||
Non-U.S. Government | ||||||||||||||||||||||||||||||||||||||||
Agency Obligations | 102,900 | - | (370 | ) | (525 | ) | - | (102,005 | ) | - | - | - | - | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
$ | 309,975 | $ | - | $ | (370 | ) | $ | 39,450 | $ | - | $ | (102,005 | ) | $ | - | $ | - | $ | 247,050 | $ | 39,975 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
252
Table of Contents
Notes to Financial Statements (Continued)
Investments in Securities | ||||||||||||||||||||||||||||||||||||||||
Balance as of 9/30/12 | Accrued Discounts (Premiums) | Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Purchases | (Sales) | Transfers into Level 3* | Transfers (out) of Level 3* | Balance as of 9/30/13 | Net Change in Unrealized Appreciation (Depreciation) from Investments Still Held as of 9/30/13 | |||||||||||||||||||||||||||||||
Small Cap Opportunities Fund |
| |||||||||||||||||||||||||||||||||||||||
Common Stock | $ | - | **** | $ | - | $ | - | $ | - | $ | - | $ | - | †† | $ | - | $ | - | $ | - | $ | - | ||||||||||||||||||
Rights | 6 | - | - | (6 | ) | - | - | †† | - | - | - | - | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
$ | 6 | $ | - | $ | - | $ | (6 | ) | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
International Equity Fund | ||||||||||||||||||||||||||||||||||||||||
Warrants | $ | - | **** | $ | - | $ | - | $ | 316,363 | $ | - | $ | - | †† | $ | - | $ | - | $ | 316,363 | $ | 316,363 | ||||||||||||||||||
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|
* | The Funds recognize transfers between the Levels as of the beginning of the year. |
** | Transfers occurred between Level 3 and Level 2 as a result of securities receiving a price directly from a pricing service rather than being fair valued in good faith in accordance with procedures approved by the Board of Trustees. |
*** | Transfers occurred between Level 3 and Level 2 as a result of changes in liquidity. |
**** | Represents security at zero value as of 9/30/12. |
† | Represents (i) an illiquid 144A security valued by a broker quote or vendor price or (ii) a restricted security issued by a non-public entity valued by a broker quote or vendor price. |
†† | Represents security at $0 value at the time of sale. |
None of the unobservable inputs, individually or collectively, had a material impact on the Fund(s).
Derivative Instruments
Derivatives are financial instruments whose values are based on the values of one or more indicators, such as a security, asset, currency, interest rate, or index. Derivative transactions can create investment leverage and may be highly volatile. 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 year ended September 30, 2013, the following tables show how the Fund used these derivatives during the period (marked with an “A”), as well as additional uses, if any, it may have for them in the future (marked with an “M”).
Type of Derivative and Objective for Use | Short- | Inflation- | Core | Diversified | International | Balanced | ||||||
Foreign Currency Exchange Transactions* | ||||||||||||
Hedging/Risk Management | A | |||||||||||
Directional Exposures to Currencies | A | |||||||||||
Futures Contracts** | ||||||||||||
Hedging/Risk Management | A | A | A | A | A | |||||||
Duration/Credit Quality Management | A | A | A | A | A | |||||||
Substitution for Direct Investment | A | A | A | A | A | |||||||
Intention to Create Investment Leverage in Portfolio | M | M | M | A | M | |||||||
Interest Rate Swaps*** | ||||||||||||
Hedging/Risk Management | A | A | A | A | A | |||||||
Duration Management | M | M | M | M | M | |||||||
Asset/Liability Management | M | M | M | M | M | |||||||
Substitution for Direct Investment | M | M | M | M | M | |||||||
Intention to Create Investment Leverage in Portfolio | M | M | M | M | M |
253
Table of Contents
Notes to Financial Statements (Continued)
Type of Derivative and Objective for Use | Short- | Core | Diversified | Balanced | ||||
Credit Default Swaps (Protection Buyer) | ||||||||
Hedging/Risk Management | A | A | A | A | ||||
Duration/Credit Quality Management | A | A | A | A | ||||
Income | A | A | A | A | ||||
Substitution for Direct Investment | A | A | A | A | ||||
Intention to Create Investment Leverage in Portfolio | M | M | M | A |
Type of Derivative and Objective for Use | Main | Small Cap | Global | International | Focused | Strategic | ||||||
Rights and Warrants | ||||||||||||
Result of a Corporate Action | 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. |
*** | Includes any caps, floors, and collars, and related purchased or written options, if applicable. |
At September 30, 2013, and during the year 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^^ | $ | - | $ | - | $ | - | $ | 1,192,256 | $ | 1,192,256 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Liability Derivatives | ||||||||||||||||||||
Futures Contracts^^ | $ | - | $ | - | $ | - | $ | (544,178 | ) | $ | (544,178 | ) | ||||||||
Swap Agreements^^ | (304,379 | ) | - | - | (1,108,341 | ) | (1,412,720 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Value | $ | (304,379 | ) | $ | - | $ | - | $ | (1,652,519 | ) | $ | (1,956,898 | ) | |||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Realized Gain (Loss)# | ||||||||||||||||||||
Futures Contracts | $ | - | $ | - | $ | - | $ | 1,394,336 | $ | 1,394,336 | ||||||||||
Swap Agreements | (1,619,899 | ) | - | - | 3,490 | (1,616,409 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Realized Gain (Loss) | $ | (1,619,899 | ) | $ | - | $ | - | $ | 1,397,826 | $ | (222,073 | ) | ||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Change in Appreciation (Depreciation)## | ||||||||||||||||||||
Futures Contracts | $ | - | $ | - | $ | - | $ | (317,661 | ) | $ | (317,661 | ) | ||||||||
Swap Agreements | 874,953 | - | - | 83,915 | 958,868 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Change in Appreciation (Depreciation) | $ | 874,953 | $ | - | $ | - | $ | (233,746 | ) | $ | 641,207 | |||||||||
|
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|
|
|
|
|
|
| |||||||||||
Number of Contracts, Notional Amounts or Shares/Units† | ||||||||||||||||||||
Futures Contracts | - | - | - | 359 | 359 | |||||||||||||||
Swap Agreements | $ | 28,042,491 | $ | - | $ | - | $ | 141,675,000 | $ | 169,717,491 |
254
Table of Contents
Notes to Financial Statements (Continued)
Credit Risk | Equity Risk | Foreign Exchange Risk | Interest Rate Risk | Total | ||||||||||||||||
Inflation-Protected and Income Fund | ||||||||||||||||||||
Asset Derivatives | ||||||||||||||||||||
Swap Agreements^^ | $ | - | $ | - | $ | - | $ | 714,308 | $ | 714,308 | ||||||||||
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|
|
|
|
|
|
| |||||||||||
Liability Derivatives | ||||||||||||||||||||
Futures Contracts^^ | $ | - | $ | - | $ | - | $ | (24,939 | ) | $ | (24,939 | ) | ||||||||
Swap Agreements^^ | - | - | - | (731,822 | ) | (731,822 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Value | $ | - | $ | - | $ | - | $ | (756,761 | ) | $ | (756,761 | ) | ||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Realized Gain (Loss)# | ||||||||||||||||||||
Futures Contracts | $ | - | $ | - | $ | - | $ | 125,118 | $ | 125,118 | ||||||||||
Swap Agreements | - | - | - | (1,267 | ) | (1,267 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Realized Gain (Loss) | $ | - | $ | - | $ | - | $ | 123,851 | $ | 123,851 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Change in Appreciation (Depreciation)## | ||||||||||||||||||||
Futures Contracts | $ | - | $ | - | $ | - | $ | (24,939 | ) | $ | (24,939 | ) | ||||||||
Swap Agreements | - | - | - | (17,514 | ) | (17,514 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Change in Appreciation (Depreciation) | $ | - | $ | - | $ | - | $ | (42,453 | ) | $ | (42,453 | ) | ||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Number of Contracts, Notional Amounts or Shares/Units† | ||||||||||||||||||||
Futures Contracts | - | - | - | 33 | 33 | |||||||||||||||
Swap Agreements | $ | - | $ | - | $ | - | $ | 82,000,000 | $ | 82,000,000 | ||||||||||
Core Bond Fund | ||||||||||||||||||||
Asset Derivatives | ||||||||||||||||||||
Futures Contracts^^ | $ | - | $ | - | $ | - | $ | 1,396,802 | $ | 1,396,802 | ||||||||||
Swap Agreements^^ | - | - | - | 2,990,286 | 2,990,286 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Value | $ | - | $ | - | $ | - | $ | 4,387,088 | $ | 4,387,088 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Liability Derivatives | ||||||||||||||||||||
Swap Agreements^^ | $ | (787,605 | ) | $ | - | $ | - | $ | (2,769,483 | ) | $ | (3,557,088 | ) | |||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Realized Gain (Loss)# | ||||||||||||||||||||
Futures Contracts | $ | - | $ | - | $ | - | $ | (3,570,763 | ) | $ | (3,570,763 | ) | ||||||||
Swap Agreements | (5,757,641 | ) | - | - | 1,711,173 | (4,046,468 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Realized Gain (Loss) | $ | (5,757,641 | ) | $ | - | $ | - | $ | (1,859,590 | ) | $ | (7,617,231 | ) | |||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Change in Appreciation (Depreciation)## | ||||||||||||||||||||
Futures Contracts | $ | - | $ | - | $ | - | $ | 1,344,150 | $ | 1,344,150 | ||||||||||
Swap Agreements | 3,190,526 | - | - | 220,535 | 3,411,061 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Change in Appreciation (Depreciation) | $ | 3,190,526 | $ | - | $ | - | $ | 1,564,685 | $ | 4,755,211 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Number of Contracts, Notional Amounts or Shares/Units† | ||||||||||||||||||||
Futures Contracts | - | - | - | 1,057 | 1,057 | |||||||||||||||
Swap Agreements | $ | 94,687,354 | $ | - | $ | - | $ | 182,366,667 | $ | 277,054,021 |
255
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^^ | $ | - | $ | - | $ | - | $ | 119,119 | $ | 119,119 | ||||||||||
Swap Agreements^^ | 292 | - | - | 196,157 | 196,449 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Value | $ | 292 | $ | - | $ | - | $ | 315,276 | $ | 315,568 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Liability Derivatives | ||||||||||||||||||||
Futures Contracts^^ | $ | - | $ | - | $ | - | $ | (75,346 | ) | $ | (75,346 | ) | ||||||||
Swap Agreements^^ | (361,901 | ) | - | - | (182,239 | ) | (544,140 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Value | $ | (361,901 | ) | $ | - | $ | - | $ | (257,585 | ) | $ | (619,486 | ) | |||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Realized Gain (Loss)# | ||||||||||||||||||||
Futures Contracts | $ | - | $ | - | $ | - | $ | (312,399 | ) | $ | (312,399 | ) | ||||||||
Swap Agreements | (1,538,236 | ) | - | - | 143,379 | (1,394,857 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Realized Gain (Loss) | $ | (1,538,236 | ) | $ | - | $ | - | $ | (169,020 | ) | $ | (1,707,256 | ) | |||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Change in Appreciation (Depreciation)## | ||||||||||||||||||||
Futures Contracts | $ | - | $ | - | $ | - | $ | 91,923 | $ | 91,923 | ||||||||||
Swap Agreements | 480,367 | - | - | 13,918 | 494,285 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Change in Appreciation (Depreciation) | $ | 480,367 | $ | - | $ | - | $ | 105,841 | $ | 586,208 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Number of Contracts, Notional Amounts or Shares/Units† | ||||||||||||||||||||
Futures Contracts | - | - | - | 158 | 158 | |||||||||||||||
Swap Agreements | $ | 13,167,416 | $ | - | $ | - | $ | 19,420,000 | $ | 32,587,416 | ||||||||||
International Bond Fund | ||||||||||||||||||||
Asset Derivatives | ||||||||||||||||||||
Forward Contracts* | $ | - | $ | - | $ | 160,177 | $ | - | $ | 160,177 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Liability Derivatives | ||||||||||||||||||||
Forward Contracts^ | $ | - | $ | - | $ | (299,331 | ) | $ | - | $ | (299,331 | ) | ||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Realized Gain (Loss)# | ||||||||||||||||||||
Forward Contracts | $ | - | $ | - | $ | (2,358,265 | ) | $ | - | $ | (2,358,265 | ) | ||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Change in Appreciation (Depreciation)## | ||||||||||||||||||||
Forward Contracts | $ | - | $ | - | $ | (20,439 | ) | $ | - | $ | (20,439 | ) | ||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Number of Contracts, Notional Amounts or Shares/Units† | ||||||||||||||||||||
Forward Contracts | $ | - | $ | - | $ | 36,054,718 | $ | - | $ | 36,054,718 | ||||||||||
Balanced Fund | ||||||||||||||||||||
Asset Derivatives | ||||||||||||||||||||
Futures Contracts^^ | $ | - | $ | - | $ | - | $ | 42,941 | $ | 42,941 | ||||||||||
Swap Agreements^^ | - | - | 106,031 | 106,031 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Value | $ | - | $ | - | $ | - | $ | 148,972 | $ | 148,972 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Liability Derivatives | ||||||||||||||||||||
Swap Agreements^^ | $ | (27,385 | ) | $ | - | $ | - | $ | (98,573 | ) | $ | (125,958 | ) | |||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Realized Gain (Loss)# | ||||||||||||||||||||
Futures Contracts | $ | - | $ | 535,380 | $ | - | $ | (71,674 | ) | $ | 463,706 | |||||||||
Swap Agreements | (138,074 | ) | - | - | 46,068 | (92,006 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Realized Gain (Loss) | $ | (138,074 | ) | $ | 535,380 | $ | - | $ | (25,606 | ) | $ | 371,700 | ||||||||
|
|
|
|
|
|
|
|
|
|
256
Table of Contents
Notes to Financial Statements (Continued)
Credit Risk | Equity Risk | Foreign Exchange Risk | Interest Rate Risk | Total | ||||||||||||||||
Balanced Fund (Continued) | ||||||||||||||||||||
Change in Appreciation (Depreciation)## | ||||||||||||||||||||
Futures Contracts | $ | - | $ | - | $ | - | $ | 36,670 | $ | 36,670 | ||||||||||
Swap Agreements | 72,704 | - | - | 7,458 | 80,162 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Change in Appreciation (Depreciation) | $ | 72,704 | $ | - | $ | - | $ | 44,128 | $ | 116,832 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Number of Contracts, Notional Amounts or Shares/Units† | ||||||||||||||||||||
Futures Contracts | - | 41 | - | 29 | 70 | |||||||||||||||
Swap Agreements | $ | 2,480,026 | $ | - | $ | - | $ | 9,120,000 | $ | 11,600,026 | ||||||||||
Main Street Fund | ||||||||||||||||||||
Realized Gain (Loss)# | ||||||||||||||||||||
Warrants | $ | - | $ | 8,278 | $ | - | $ | - | $ | 8,278 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Change in Appreciation (Depreciation)## | ||||||||||||||||||||
Warrants | $ | - | $ | (7,252 | ) | $ | - | $ | - | $ | (7,252 | ) | ||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Number of Contracts, Notional Amounts or Shares/Units† | ||||||||||||||||||||
Warrants | - | 4,576 | - | - | 4,576 | |||||||||||||||
Small Cap Opportunities Fund | ||||||||||||||||||||
Change in Appreciation (Depreciation)## | ||||||||||||||||||||
Rights | $ | - | $ | (6 | ) | $ | - | $ | - | $ | (6 | ) | ||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Number of Contracts, Notional Amounts or Shares/Units† | ||||||||||||||||||||
Rights | - | 600 | - | - | 600 | |||||||||||||||
Global Fund | ||||||||||||||||||||
Asset Derivatives | ||||||||||||||||||||
Rights* | $ | - | $ | 57,249 | $ | - | $ | - | $ | 57,249 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Realized Gain (Loss)# | ||||||||||||||||||||
Rights | $ | - | $ | (11,431 | ) | $ | - | $ | - | $ | (11,431 | ) | ||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Change in Appreciation (Depreciation)## | ||||||||||||||||||||
Rights | $ | - | $ | 1,101 | $ | - | $ | - | $ | 1,101 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Number of Contracts, Notional Amounts or Shares/Units† | ||||||||||||||||||||
Rights | - | 307,388 | - | - | 307,388 | |||||||||||||||
International Equity Fund | ||||||||||||||||||||
Asset Derivatives | ||||||||||||||||||||
Warrants* | $ | - | $ | 320,708 | $ | - | $ | - | $ | 320,708 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Realized Gain (Loss)# | ||||||||||||||||||||
Rights | $ | - | $ | 161,104 | $ | - | $ | - | $ | 161,104 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Change in Appreciation (Depreciation)## | ||||||||||||||||||||
Warrants | $ | - | $ | 315,877 | $ | - | $ | - | $ | 315,877 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Number of Contracts, Notional Amounts or Shares/Units† | ||||||||||||||||||||
Rights | - | 171,834 | - | - | 171,834 | |||||||||||||||
Warrants | - | 4,958,618 | - | - | 4,958,618 |
257
Table of Contents
Notes to Financial Statements (Continued)
Credit Risk | Equity Risk | Foreign Exchange Risk | Interest Rate Risk | Total | ||||||||||||||||
Focused International Fund | ||||||||||||||||||||
Asset Derivatives | ||||||||||||||||||||
Rights* | $ | - | $ | 134,184 | $ | - | $ | - | $ | 134,184 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Realized Gain (Loss)# | ||||||||||||||||||||
Rights | $ | - | $ | 13 | $ | - | $ | - | $ | 13 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Change in Appreciation (Depreciation)## | ||||||||||||||||||||
Rights | $ | - | $ | 134,184 | $ | - | $ | - | $ | 134,184 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Number of Contracts, Notional Amounts or Shares/Units† | ||||||||||||||||||||
Rights | - | 87,016 | - | - | 87,016 | |||||||||||||||
Strategic Emerging Markets Fund | ||||||||||||||||||||
Realized Gain (Loss)# | ||||||||||||||||||||
Rights | $ | - | $ | 111 | $ | - | $ | - | $ | 111 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Number of Contracts, Notional Amounts or Shares/Units† | ||||||||||||||||||||
Rights | - | 22 | - | - | 22 |
* | 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. |
^^ | Cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps is reported in “Futures Contracts” and “Swap Agreements” below. Only current day’s variation margin, if any, is reported within the Statements of Assets and Liabilities. |
# | Statements of Operations location: Amounts are included in net realized gain (loss) on: investment transactions, futures contracts, swap agreements, or foreign currency transactions, as applicable. |
## | Statements of Operations location: Amounts are included in net change in unrealized appreciation (depreciation) on: investment transactions, futures contracts, swap agreements, or translation of assets and liabilities in foreign currencies, as applicable. |
† | Amount(s) disclosed represent average number of contracts for futures contracts, notional amounts for forward contracts and swap agreements, or shares/units outstanding for rights and warrants, which is indicative of volume of this derivative type, for the months that the Fund held such derivatives during the year ended September 30, 2013. |
The Small Cap Opportunities Fund had no realized gain (loss) on rights during the year ended September 30, 2013.
Further details regarding the derivatives and other investments held by the Funds during the year ended September 30, 2013, are discussed below.
Foreign Currency Exchange Transactions
A Fund may engage in foreign currency exchange transactions for hedging purposes in order to protect against uncertainty in the level of future foreign currency exchange rates, or for other, non-hedging purposes.
A Fund may enter into foreign currency exchange transactions, including foreign currency forward contracts. These contracts call for the Fund to deliver in the future an amount of one currency in return for an amount of another currency, at an exchange rate determined at the time the contract is entered into. Forward contracts are private contractual arrangements and a Fund is subject to the risk that its counterparty will not, or will not be able to, perform its obligations. This type of arrangement may require the Fund to post margin. A Fund may enter into foreign currency exchange transactions in order to hedge against changes in the values of
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the assets or liabilities denominated in one or more foreign currencies, or otherwise to increase or reduce a Fund’s exposure to various foreign currencies. The use of foreign currency exchange transactions may create investment leverage.
Whenever a Fund enters into a foreign currency exchange transaction, it is subject to the risk that the value of the transaction will move in a direction unfavorable to it. When the Fund uses the transactions for hedging purposes, it is likely that the Fund will have an asset or liability that will offset any loss (or gain) on the transactions, at least in part. If a Fund enters into foreign currency exchange transactions other than for hedging purposes (for example, seeking to profit from an anticipated change in the values of currencies by creating directional exposures in the portfolio with respect to one or more currencies), it will generally be subject to the same risks, but is less likely to have assets or liabilities that will offset any losses on the transactions. There can be no assurance that a Fund will be able to terminate any foreign currency exchange transaction prior to its maturity in order to limit its loss on the transaction.
Forward foreign currency contracts are marked to market daily and the change in their value is recorded by the Funds as an unrealized gain or loss. Forward foreign currency contracts are valued at the settlement price established through dealers or other market sources on the day which they are traded. When a forward foreign currency contract is extinguished, through delivery or offset by entering into another forward foreign currency contract, the Funds record a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value of the contract at the time it was extinguished or offset. The notional or contractual amounts of these instruments do not necessarily represent the amounts potentially subject to risk. The measurement of the risk associated with these instruments is meaningful only when all related and offsetting transactions and counterparty risks are considered.
The Fund(s) listed in the following table had open forward foreign currency contracts at September 30, 2013. A Fund’s current exposure to a counterparty is typically the unrealized appreciation on the contract.
Counterparty | Settlement | In Exchange for | Unrealized Appreciation/ (Depreciation) | |||||||||||||
International Bond Fund | ||||||||||||||||
Contracts to Buy | ||||||||||||||||
EUR | 245,000 | Barclays Bank PLC | 11/29/13 | $ | 323,922 | $ | 7,577 | |||||||||
MXN | 4,350,000 | Barclays Bank PLC | 10/11/13 | 325,871 | 6,205 | |||||||||||
NOK | 7,200,000 | Barclays Bank PLC | 11/29/13 | 1,176,580 | 18,205 | |||||||||||
|
|
|
| |||||||||||||
1,826,373 | 31,987 | |||||||||||||||
|
|
|
| |||||||||||||
EUR | 1,343,000 | Canadian Imperial Bank of Commerce | 11/29/13 | 1,779,220 | 37,938 | |||||||||||
|
|
|
| |||||||||||||
NOK | 2,101,000 | Deutsche Bank AG | 11/29/13 | 354,898 | (6,253 | ) | ||||||||||
SEK | 1,600,000 | Deutsche Bank AG | 11/29/13 | 241,915 | 6,713 | |||||||||||
|
|
|
| |||||||||||||
596,813 | 460 | |||||||||||||||
|
|
|
| |||||||||||||
AUD | 30,800 | State Street Bank | 11/29/13 | 28,603 | 21 | |||||||||||
JPY | 531,000,000 | State Street Bank | 10/11/13 | 5,417,980 | (15,603 | ) | ||||||||||
MXN | 6,000,000 | State Street Bank | 10/11/13 | 456,132 | 1,904 | |||||||||||
PLN | 870,000 | State Street Bank | 10/11/13 | 268,390 | 10,052 | |||||||||||
|
|
|
| |||||||||||||
6,171,105 | (3,626 | ) | ||||||||||||||
|
|
|
| |||||||||||||
ZAR | 6,800,000 | UBS AG | 11/22/13 | 648,199 | 24,134 | |||||||||||
|
|
|
| |||||||||||||
$ | 11,021,710 | $ | 90,893 | |||||||||||||
|
|
|
|
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Counterparty | Settlement | In Exchange for | Unrealized Appreciation/ (Depreciation) | |||||||||||||
Contracts to Deliver | ||||||||||||||||
GBP | 1,328,000 | Barclays Bank PLC | 11/29/13 | $ | 2,057,457 | $ | (91,506 | ) | ||||||||
|
|
|
| |||||||||||||
AUD | 3,154,000 | Canadian Imperial Bank of Commerce | 11/29/13 | 2,801,982 | (129,282 | ) | ||||||||||
CAD | 260,000 | Canadian Imperial Bank of Commerce | 10/18/13 | 249,688 | (2,622 | ) | ||||||||||
MXN | 6,400,000 | Canadian Imperial Bank of Commerce | 10/11/13 | 494,686 | 6,114 | |||||||||||
|
|
|
| |||||||||||||
3,546,356 | (125,790 | ) | ||||||||||||||
|
|
|
| |||||||||||||
ZAR | 4,000,000 | Deutsche Bank AG | 11/22/13 | 402,003 | 6,513 | |||||||||||
|
|
|
| |||||||||||||
CAD | 100,000 | Goldman Sachs International | 10/18/13 | 96,089 | (953 | ) | ||||||||||
|
|
|
| |||||||||||||
JPY | 130,000,000 | State Street Bank | 10/11/13 | 1,319,232 | (3,383 | ) | ||||||||||
MXN | 20,250,000 | State Street Bank | 10/11/13 | 1,580,673 | 34,801 | |||||||||||
PLN | 5,800,000 | State Street Bank | 10/11/13 | 1,816,218 | (40,063 | ) | ||||||||||
|
|
|
| |||||||||||||
4,716,123 | (8,645 | ) | ||||||||||||||
|
|
|
| |||||||||||||
SEK | 2,600,000 | UBS AG | 11/29/13 | 394,355 | (9,666 | ) | ||||||||||
|
|
|
| |||||||||||||
$ | 11,212,383 | $ | (230,047 | ) | ||||||||||||
|
|
|
|
AUD | Australian Dollar |
CAD | Canadian Dollar |
EUR | Euro |
GBP | British Pound |
JPY | Japanese Yen |
MXN | Mexican Peso |
NOK | Norwegian Krone |
PLN | Polish Zloty |
SEK | Swedish Krona |
ZAR | South African Rand |
Futures Contracts
A Fund may seek to manage a variety of different risks, such as interest rate risk, equity price risk, and currency risk, through the use of futures contracts. A Fund may use interest rate futures contracts to adjust the interest rate sensitivity (duration) of its portfolio or the credit exposure of the portfolio. Interest rate futures contracts obligate the long or short holder to take or make delivery of a specified quantity of a financial instrument, such as a specific fixed-income security, during a specified future period 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
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transaction with respect to a futures contract it has entered into, at a favorable time or price. When a Fund enters into a futures transaction, it is subject to the risk that the value of the futures contract will move in a direction unfavorable to it. When the Fund uses futures contracts for hedging purposes, it is likely that the Fund will have an asset or liability that will offset any loss (or gain) on the transactions, at least in part.
When a futures contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded.
The Fund(s) listed in the following table had open futures contracts at September 30, 2013:
Expiration Date | Number of Contracts | Notional Amount | Net Unrealized Appreciation/ (Depreciation) | |||||||||||
Short-Duration Bond Fund | ||||||||||||||
Futures Contracts — Short | ||||||||||||||
U.S. Treasury Note 10 Year | 12/19/13 | 134 | $ | (16,936,344 | ) | $ | (336,550 | ) | ||||||
U.S. Treasury Note 5 Year | 12/31/13 | 120 | (14,525,625 | ) | (207,628 | ) | ||||||||
|
| |||||||||||||
$ | (544,178 | ) | ||||||||||||
|
| |||||||||||||
Inflation-Protected and Income Fund | ||||||||||||||
Futures Contracts — Long | ||||||||||||||
U.S. Treasury Ultra Long Bond | 12/19/13 | 2 | $ | 284,187 | $ | (319 | ) | |||||||
|
| |||||||||||||
Futures Contracts — Short | ||||||||||||||
U.S. Treasury Bond 30 Year | 12/19/13 | 4 | $ | (533,500 | ) | $ | (136 | ) | ||||||
U.S. Treasury Note 2 Year | 12/31/13 | 39 | (8,590,359 | ) | (24,484 | ) | ||||||||
|
| |||||||||||||
$ | (24,620 | ) | ||||||||||||
|
| |||||||||||||
Core Bond Fund | ||||||||||||||
Futures Contracts — Long | ||||||||||||||
U.S. Treasury Note 2 Year | 12/31/13 | 426 | $ | 93,833,157 | $ | 167,147 | ||||||||
U.S. Treasury Note 5 Year | 12/31/13 | 717 | 86,790,609 | 1,229,655 | ||||||||||
|
| |||||||||||||
$ | 1,396,802 | |||||||||||||
|
| |||||||||||||
Diversified Bond Fund | ||||||||||||||
Futures Contracts — Long | ||||||||||||||
Ultra Long U.S. Treasury Bond | 12/19/13 | 1 | $ | 142,094 | $ | 933 | ||||||||
U.S. Treasury Note 2 Year | 12/31/13 | 49 | 10,793,016 | 23,861 | ||||||||||
U.S. Treasury Note 5 Year | 12/31/13 | 55 | 6,657,578 | 94,325 | ||||||||||
|
| |||||||||||||
$ | 119,119 | |||||||||||||
|
| |||||||||||||
Futures Contracts — Short | ||||||||||||||
U.S. Treasury Note 10 Year | 12/19/13 | 30 | $ | (3,791,719 | ) | $ | (75,346 | ) | ||||||
|
| |||||||||||||
Balanced Fund | ||||||||||||||
Futures Contracts — Long | ||||||||||||||
U.S. Treasury Note 10 Year | 12/19/13 | 3 | $ | 379,172 | $ | 7,536 | ||||||||
U.S. Treasury Note 2 Year | 12/31/13 | 18 | 3,964,781 | 9,680 | ||||||||||
U.S. Treasury Note 5 Year | 12/31/13 | 15 | 1,815,703 | 25,725 | ||||||||||
|
| |||||||||||||
$ | 42,941 | |||||||||||||
|
|
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Swap Agreements
Swap agreements are typically two-party contracts entered into primarily by institutional investors. In a standard “swap” transaction, two parties agree to exchange the returns (or differentials in rates of return) earned or realized on particular predetermined investments or instruments, which may be adjusted for an interest factor. The gross returns to be exchanged or “swapped” between the parties are generally calculated with respect to a “notional amount,” (i.e., the return on or increase in value of a particular dollar amount invested at a particular interest rate or in a “basket” of securities representing a particular index).
Interest Rate Swaps. When a Fund enters into an interest rate swap, it typically agrees to make payments to its counterparty based on a specified long- or short-term interest rate, and will receive payments from its counterparty based on another interest rate. Other forms of interest rate swap agreements include interest rate caps, under which, in return for a specified payment stream, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or “cap”; interest rate floors, under which, in return for a specified payment stream, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or “floor”; and interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels. A Fund may enter into an interest rate swap in order, for example, to hedge against the effect of interest rate changes on the value of specific securities in its portfolio, or to adjust the interest rate sensitivity (duration) or the credit exposure of its portfolio overall, or otherwise as a substitute for a direct investment in debt securities.
Credit Default Swaps. A Fund also may enter into credit default swap transactions, as a “buyer” or “seller” of credit protection. In a credit default swap, one party provides what is in effect insurance against a default or other adverse credit event affecting an issuer of debt securities (typically referred to as a “reference entity”). In general, the buyer of credit protection is obligated to pay the protection seller an upfront amount or a periodic stream of payments over the term of the swap. If a “credit event” occurs, the buyer has the right to deliver to the seller bonds or other obligations of the reference entity (with a value up to the full notional value of the swap), and to receive a payment equal to the par value of the bonds or other obligations. Credit events that would trigger a request that the seller make payment are specific to each credit default swap agreement, but generally include bankruptcy, failure to pay, restructuring, obligation acceleration, obligation default, or repudiation/moratorium. When a Fund buys protection, it may or may not own securities of the reference entity. If it does own securities of the reference entity, the swap serves as a hedge against a decline in the value of the securities due to the 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 an interest rate swap, the value of the swap may increase or decrease depending on changes in interest rates. In the case of a credit default swap, the swap will become more or less valuable depending on the credit of the issuer of the underlying security, and, if a credit event occurs under a swap where the Fund is the seller of credit protection, the Fund could be required to purchase the security at par value, resulting in a significant loss to the Fund. When the Fund enters into any type of swap for hedging purposes, it is likely that the Fund will have an asset or liability that will offset any loss (or gain) on the swap, at least in part. Swap agreements may be non-transferable or otherwise highly illiquid, and a Fund may not be able to terminate or transfer a swap agreement at any particular time or at an acceptable price.
Centrally Cleared Swaps. Certain clearinghouses currently offer clearing for limited types of derivatives transactions, principally credit derivatives. In a cleared derivative transaction, a Fund typically enters into the transaction with a financial institution counterparty, and performance of the transaction is effectively guaranteed by a central clearinghouse, thereby reducing or eliminating the Fund’s exposure to the credit risk of its original counterparty. The Fund will be required to post amounts (“initial margin”) with the clearinghouse or at the instruction of the clearinghouse; the initial margin required by a clearinghouse may be greater than the initial margin the Fund would be required to post in an uncleared transaction. If cash is deposited as the initial margin, it is shown as collateral on a Fund’s Statement of Assets and Liabilities. Swap agreements are marked-to-market daily and subsequent payments (“variation margin”) are made or received by a Fund depending on whether unrealized gains or losses are
262
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incurred. These amounts are reflected as receivables or payables on a Fund’s Statement of Assets and Liabilities and as a component of net change in unrealized appreciation/depreciation on a Fund’s Statement of Operations. Only a limited number of transactions are currently eligible for clearing.
During the term of a swap transaction, changes in the value of the swap are recognized as unrealized gains or losses by marking to market to reflect the market value of the swap. When the swap is terminated, a Fund will record a realized gain or loss equal to the difference, if any, between the proceeds from (or cost of) the closing transaction and a Fund’s basis in the agreement. Upfront swap premium payments paid or received by a Fund, if any, are recorded within the value of the open swap agreement on the Fund’s Statement of Assets and Liabilities and represent payments paid or received upon entering into the swap agreement to compensate for differences between stated terms of the swap agreement and prevailing market conditions (credit spreads, currency exchange rates, and other relevant factors). These upfront payments are recorded as realized gain or loss on the Fund’s Statement of Operations upon termination or maturity of the swap agreement.
During the term of a swap transaction, the periodic net payments can be made for a set period of time or may be triggered by a predetermined credit event. The net periodic payments may be based on a fixed or variable interest rate, the change in market value of a specified security, basket of securities or index, or the return generated by a security. These periodic payments received or made by the Funds are recorded in the accompanying Statements of Operations as realized gains and losses, respectively.
The Fund(s) listed in the following table had open swap agreements at September 30, 2013. A Fund’s current exposure to a counterparty is the fair value of the agreement.
Counterparty | Currency | Notional Amount | Expiration | Receive | Deliverable on Default | Unrealized Appreciation (Depreciation) | Premium (Received) Paid | Value | ||||||||||||||||
Short-Duration Bond Fund* |
| |||||||||||||||||||||||
Credit Default Swaps — Buy Protection | ||||||||||||||||||||||||
Centrally Cleared Swaps |
| |||||||||||||||||||||||
USD | 25,120,000 | 6/20/18 | (1.000)% | CDX.NA.IG.20† | $ | 393 | $ | (304,772 | ) | $ | (304,379 | ) | ||||||||||||
|
|
|
|
|
|
Counterparty | Currency | Notional Amount | Expiration | Payments Made by Fund | Payments Received by Fund | Unrealized Appreciation (Depreciation) | Premium Received (Paid) | Value | ||||||||||||||||
Interest Rate Swaps | ||||||||||||||||||||||||
Centrally Cleared Swaps | ||||||||||||||||||||||||
USD | 91,075,000 | 8/23/18 | Fixed 1.756% | 3-Month USD-LIBOR-BBA | $ | (1,108,341 | ) | $ | - | $ | (1,108,341 | ) | ||||||||||||
USD | 50,600,000 | 8/23/23 | 3-Month USD-LIBOR-BBA | Fixed 3.011% | 1,192,256 | - | 1,192,256 | |||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||
83,915 | - | 83,915 | ||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||
Inflation-Protected and Income Fund** | ||||||||||||||||||||||||
Interest Rate Swaps |
| |||||||||||||||||||||||
Centrally Cleared Swaps |
| |||||||||||||||||||||||
USD | 4,450,000 | 8/05/14 | Fixed 0.337% | 3-Month USD-LIBOR-BBA | $ | (1,282 | ) | $ | - | $ | (1,282 | ) | ||||||||||||
USD | 4,450,000 | 8/13/14 | Fixed 0.328% | 3-Month USD-LIBOR-BBA | (743 | ) | - | (743 | ) | |||||||||||||||
USD | 23,500,000 | 8/23/18 | Fixed 1.756% | 3-Month USD-LIBOR-BBA | (285,984 | ) | - | (285,984 | ) | |||||||||||||||
USD | 23,500,000 | 8/28/18 | Fixed 1.900% | 3-Month USD-LIBOR-BBA | (443,813 | ) | - | (443,813 | ) | |||||||||||||||
USD | 13,050,000 | 8/23/23 | 3-Month USD-LIBOR-BBA | Fixed 3.011% | 307,489 | - | 307,489 | |||||||||||||||||
USD | 13,050,000 | 8/28/23 | 3-Month USD-LIBOR-BBA | Fixed 3.096% | 406,819 | - | 406,819 | |||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||
(17,514 | ) | - | (17,514 | ) | ||||||||||||||||||||
|
|
|
|
|
|
Counterparty | Currency | Notional Amount | Expiration | Receive | Deliverable on Default | Unrealized Appreciation (Depreciation) | Premium (Received) Paid | Value | ||||||||||||||||
Core Bond Fund*** | ||||||||||||||||||||||||
Credit Default Swaps — Buy Protection | ||||||||||||||||||||||||
Centrally Cleared Swaps | ||||||||||||||||||||||||
USD | 65,000,000 | 6/20/18 | (1.000)% | CDX.NA.IG.20† | $ | 1,018 | $ | (788,623 | ) | $ | (787,605 | ) | ||||||||||||
|
|
|
|
|
|
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Counterparty | Currency | Notional Amount | Expiration | Payments Made by Fund | Payments Received by Fund | Unrealized Appreciation (Depreciation) | Premium Received (Paid) | Value | ||||||||||||||||
Core Bond Fund*** (continued) | ||||||||||||||||||||||||
Interest Rate Swaps | ||||||||||||||||||||||||
Centrally Cleared Swaps | ||||||||||||||||||||||||
USD | 4,000,000 | 5/17/16 | Fixed 0.530% | 3-Month USD-LIBOR-BBA | $ | 11,146 | $ | 268 | $ | 11,414 | ||||||||||||||
USD | 227,575,000 | 8/23/18 | Fixed 1.756% | 3-Month USD-LIBOR-BBA | (2,769,483 | ) | - | (2,769,483 | ) | |||||||||||||||
USD | 126,425,000 | 8/23/23 | 3-Month USD-LIBOR-BBA | Fixed 3.011% | 2,978,872 | - | 2,978,872 | |||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||
220,535 | 268 | 220,803 | ||||||||||||||||||||||
|
|
|
|
|
|
Counterparty | Currency | Notional Amount | Expiration | Receive | Deliverable on Default | Unrealized Appreciation (Depreciation) | Premium (Received) Paid | Value | ||||||||||||||||
Diversified Bond Fund**** | ||||||||||||||||||||||||
Credit Default Swaps — Buy Protection | ||||||||||||||||||||||||
OTC Swaps | ||||||||||||||||||||||||
Goldman Sachs & Co. | EUR | 1,000,000 | 6/20/18 | (1.000)% | Deutsche Bank | $ | (11,222 | ) | $ | 11,514 | $ | 292 | ||||||||||||
Centrally Cleared Swaps | ||||||||||||||||||||||||
USD | 5,100,000 | 6/20/18 | (5.000)% | CDX.NA.HY.20† | (19,921 | ) | (274,125 | ) | (294,046 | ) | ||||||||||||||
USD | 5,600,000 | 6/20/18 | (1.000)% | CDX.NA.IG.20† | 88 | (67,943 | ) | (67,855 | ) | |||||||||||||||
|
|
|
|
|
| |||||||||||||||||||
(31,055 | ) | (330,554 | ) | (361,609 | ) | |||||||||||||||||||
|
|
|
|
|
|
Counterparty | Currency | Notional Amount | Expiration | Payments Made by Fund | Payments Received by Fund | Unrealized Appreciation (Depreciation) | Premium Received (Paid) | Value | ||||||||||||||||
Interest Rate Swaps | ||||||||||||||||||||||||
Centrally Cleared Swaps | ||||||||||||||||||||||||
USD | 14,975,000 | 8/23/18 | Fixed 1.756% | 3-Month USD-LIBOR-BBA | $ | (182,239 | ) | $ | - | $ | (182,239 | ) | ||||||||||||
USD | 8,325,000 | 8/23/23 | 3-Month USD-LIBOR-BBA | Fixed 3.011% | 196,157 | - | 196,157 | |||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||
13,918 | - | 13,918 | ||||||||||||||||||||||
|
|
|
|
|
|
Counterparty | Currency | Notional Amount | Expiration | Receive | Deliverable on Default | Unrealized Appreciation (Depreciation) | Premium (Received) Paid | Value | ||||||||||||||||
Balanced Fund***** | ||||||||||||||||||||||||
Credit Default Swaps — Buy Protection | ||||||||||||||||||||||||
Centrally Cleared Swaps | ||||||||||||||||||||||||
USD | 2,260,000 | 6/20/18 | (1.000)% | CDX.NA.IG.20† | $ | 35 | $ | (27,420 | ) | $ | (27,385 | ) | ||||||||||||
|
|
|
|
|
|
Counterparty | Currency | Notional Amount | Expiration | Payments Made by Fund | Payments Received by Fund | Unrealized Appreciation (Depreciation) | Premium Received (Paid) | Value | ||||||||||||||||
Interest Rate Swaps | ||||||||||||||||||||||||
Centrally Cleared Swaps | ||||||||||||||||||||||||
USD | 8,100,000 | 8/23/18 | Fixed 1.756% | 3-Month USD-LIBOR-BBA | $ | (98,573 | ) | $ | - | $ | (98,573 | ) | ||||||||||||
USD | 4,500,000 | 8/23/23 | 3-Month USD-LIBOR-BBA | Fixed 3.011% | 106,031 | - | 106,031 | |||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||
7,458 | - | 7,458 | ||||||||||||||||||||||
|
|
|
|
|
|
EUR | Euro |
USD | U.S. Dollar |
* | Collateral for swap agreements held by Goldman Sachs & Co. amounted to $941,865 in securities at September 30, 2013. |
** | Collateral for swap agreements held by Goldman Sachs & Co. amounted to $422,636 in securities at September 30, 2013. |
*** | Collateral for swap agreements held by Goldman Sachs & Co. amounted to $2,362,621 in securities at September 30, 2013. |
**** | Collateral for swap agreements held by Goldman Sachs & Co. amounted to $344,191 in securities at September 30, 2013. |
***** | Collateral for swap agreements held by Goldman Sachs & Co. amounted to $93,781 in securities at September 30, 2013. |
† | Payment is based on a percentage of the index. Reference entities are a number of individual issuers comprising the index. |
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Rights and Warrants
A Fund may purchase or hold warrants or rights in order to gain exposure to the underlying security without owning the security, including, for example, cases where the Fund hopes to lock in the price today of a security it may wish to purchase in the future. Warrants generally give the holder the right, but not the obligation, to buy a security at a stated price. In order for a warrant to be profitable, the market price of the underlying security must rise sufficiently above the exercise price to cover any premium and transaction costs. Rights may similarly confer on the holder the right to purchase or acquire securities, including through participation in a so-called rights offering. Bonds may be issued with warrants or other rights attached to purchase or acquire equity or other debt securities, typically of the bond issuer. The market prices of bonds with warrants or rights attached to purchase equity securities or bonds may, to some degree, reflect changes in the values of the underlying securities.
When a Fund purchases or otherwise acquires warrants or other rights, it runs the risk that it will lose its entire investment in the warrants or rights, unless the Fund exercises the warrant or right, acquires the underlying securities, or enters into a closing transaction before expiration. If the price of the underlying security does not rise to an extent sufficient to cover any premium and transaction costs, the Fund will lose part or all of its investment. Any premiums or purchase price paid for warrants or other rights that expire are treated as realized losses. Warrants and similar rights differ from options in that they are typically written by the issuer of the security underlying the warrant or right. Although some warrants and rights may be non-transferable, others may be traded over-the-counter or on an exchange.
Inflation-Indexed Bonds
The Funds may invest in inflation-indexed bonds, which are fixed income securities whose principal value or coupon is periodically adjusted according to the rate of inflation, as measured by the Consumer Price Index for All Urban Consumers (“CPI-U”) (for U.S. Treasury inflation-indexed bonds) or, generally, by a comparable inflation index calculated by the foreign government issuing the inflation-indexed bonds.
If the periodic adjustment rate measuring inflation falls, the principal value of inflation-indexed bonds will be adjusted downward, and consequently the interest payable on these securities (calculated with respect to a smaller principal amount) will be reduced. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury inflation-indexed bonds, even during a period of deflation. However, the current market value of the bonds is not guaranteed, and will fluctuate. The Funds may also invest in other inflation related bonds which may or may not provide a similar guarantee. If a guarantee of principal is not provided, the adjusted principal value of the bond repaid at maturity may be less than the original principal. Any adjustments to the principal amount of an inflation-indexed bond due to inflation will be reflected as increases or decreases to interest income. Such adjustments may have a significant impact on the Fund’s distributions.
The value of inflation-indexed bonds is generally based on changes in real interest rates, which in turn are tied to the relationship between nominal interest rates and the rate of inflation. Therefore, if nominal interest rates increased at a faster rate than inflation, real interest rates might rise, leading to a decrease in value of inflation-indexed bonds. While the values of these securities are expected to be protected from long-term inflationary trends, short-term increases in inflation may lead to a decline in value. There can be no assurance that the CPI-U or any foreign inflation index will accurately measure the real rate of inflation, or that the rate of inflation in a foreign country will correlate to the rate of inflation in the United States. Additionally, if interest rates rise due to reasons other than inflation, investors in these securities may not be protected to the extent that the increase is not reflected in the bond’s inflation measure.
Bank Loans
Certain of the Funds may invest in bank loans including, for example, corporate loans, loan participations, direct debt, bank debt, and bridge debt. A Fund may invest in a loan by lending money to a borrower directly as part of a syndicate of lenders. In a syndicated loan, the agent that originated and structured the loan typically administers and enforces the loan on behalf of the syndicate. Failure by the agent to fulfill its obligations may delay or adversely affect receipt of payment by a Fund. A Fund may also invest in loans through novations, assignments, and participation interests. In a novation, a Fund typically assumes all of the rights of a lending institution in a loan, including the right to receive payments of principal and interest and other amounts directly
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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, 2013, the Funds had no unfunded loan commitments.
Repurchase Agreements
Each Fund may enter into repurchase agreements with certain banks and broker-dealers whereby a Fund acquires a security for cash and obtains a simultaneous commitment from the seller to repurchase the security at an agreed upon price and date. A Fund, through its custodian, takes possession of the securities collateralizing the repurchase agreement in a segregated account. Repurchase agreements must be fully collateralized at all times, but involve some risk to a Fund if the other party should default on its obligation and the Fund is delayed or prevented from recovering the collateral, or if the Fund is required to return collateral to a borrower at a time when it may realize a loss on the investment of that collateral.
Reverse Repurchase Agreements
Each Fund may enter into reverse repurchase agreements with banks and broker-dealers to enhance return. Reverse repurchase agreements involve sales by a Fund of portfolio securities concurrently with an agreement by the Fund to repurchase the same securities at a later date at a fixed price (typically equal to the original sale price plus interest). During the reverse repurchase agreement period, the Fund continues to receive principal and interest payments on the securities and also has the opportunity to earn a return on the purchase price received by it from the counterparty.
Reverse repurchase agreements generally create investment leverage. If the counterparty in such a transaction files for bankruptcy or becomes insolvent, a Fund’s use of the proceeds from the sale of its securities may be restricted or forfeited, and the counterparty may fail to return/resell the securities in question to the Fund.
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The Fund(s) listed in the following table had open reverse repurchase agreements during the year ended September 30, 2013:
Description | Value | |||
Inflation-Protected and Income Fund | ||||
Agreement with Banque Paribas, dated 7/25/13, 0.140%, to be repurchased on demand until 10/23/13 at value plus accrued interest. | $ | 7,669,000 | ||
Agreement with Banque Paribas, dated 8/15/13, 0.150%, to be repurchased on demand until 11/14/13 at value plus accrued interest. | 710,000 | |||
Agreement with Banque Paribas, dated 7/10/13, 0.140%, to be repurchased on demand until 10/10/13 at value plus accrued interest. | 1,883,000 | |||
Agreement with Banque Paribas, dated 9/13/13, 0.140%, to be repurchased on demand until 11/13/13 at value plus accrued interest. | 8,096,000 | |||
Agreement with Banque Paribas, dated 9/20/13, 0.140%, to be repurchased on demand until 11/19/13 at value plus accrued interest. | 15,213,000 | |||
Agreement with Barclays Bank PLC, dated 9/06/13, 0.160%, to be repurchased on demand until 12/06/13 at value plus accrued interest. | 8,611,613 | |||
Agreement with Barclays Bank PLC, dated 9/13/13, 0.130%, to be repurchased on demand until 12/13/13 at value plus accrued interest. | 879,800 | |||
Agreement with Barclays Bank PLC, dated 9/20/13, 0.140%, to be repurchased on demand until 11/19/13 at value plus accrued interest. | 17,263,750 | |||
Agreement with Daiwa Securities, dated 7/26/13, 0.150%, to be repurchased on demand until 10/25/13 at value plus accrued interest. | 1,340,000 | |||
Agreement with Deutsche Bank AG, dated 7/10/13, 0.160%, to be repurchased on demand until 10/10/13 at value plus accrued interest. | 1,343,450 | |||
Agreement with Deutsche Bank AG, dated 7/24/13, 0.170%, to be repurchased on demand until 10/23/13 at value plus accrued interest. | 12,767,988 | |||
Agreement with Deutsche Bank AG, dated 9/12/13, 0.160%, to be repurchased on demand until 1/10/14 at value plus accrued interest. | 16,798,397 | |||
Agreement with Goldman Sachs & Co., dated 7/26/13, 0.160%, to be repurchased on demand until 10/25/13 at value plus accrued interest. | 2,681,869 | |||
Agreement with Goldman Sachs & Co., dated 8/13/13, 0.150%, to be repurchased on demand until 11/13/13 at value plus accrued interest. | 12,268,938 | |||
Agreement with Goldman Sachs & Co., dated 8/21/13, 0.150%, to be repurchased on demand until 11/21/13 at value plus accrued interest. | 26,286,385 | |||
Agreement with HSBC Finance Corp., dated 7/10/13, 0.160%, to be repurchased on demand until 10/10/13 at value plus accrued interest. | 14,894,000 | |||
Agreement with HSBC Finance Corp., dated 7/25/13, 0.120%, to be repurchased on demand until 10/24/13 at value plus accrued interest. | 9,327,900 | |||
Agreement with HSBC Finance Corp., dated 8/14/13, 0.140%, to be repurchased on demand until 10/10/13 at value plus accrued interest. | 11,706,344 | |||
Agreement with HSBC Finance Corp., dated 8/16/13, 0.150%, to be repurchased on demand until 11/15/13 at value plus accrued interest. | 14,393,188 | |||
Agreement with HSBC Finance Corp., dated 8/28/13, 0.130%, to be repurchased on demand until 11/15/13 at value plus accrued interest. | 15,205,000 | |||
Agreement with HSBC Finance Corp., dated 9/06/13, 0.150%, to be repurchased on demand until 1/03/14 at value plus accrued interest. | 4,110,000 | |||
Agreement with HSBC Finance Corp., dated 9/12/13, 0.130%, to be repurchased on demand until 11/12/13 at value plus accrued interest. | 9,615,450 | |||
Agreement with Morgan Stanley, dated 7/25/13, 0.140%, to be repurchased on demand until 10/24/13 at value plus accrued interest. | 1,052,901 | |||
Agreement with Morgan Stanley, dated 8/14/13, 0.140%, to be repurchased on demand until 10/11/13 at value plus accrued interest. | 18,077,315 |
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Description | Value | |||
Inflation-Protected and Income Fund (continued) | ||||
Agreement with Morgan Stanley, dated 9/06/13, 0.160%, to be repurchased on demand until 10/04/13 at value plus accrued interest. | $ | 8,454,713 | ||
|
| |||
$ | 240,650,001 | |||
|
| |||
Average balance outstanding | $ | 282,911,444 | ||
Maximum balance outstanding | $ | 310,106,770 | ||
Average interest rate | 0.24% | |||
Weighted average maturity | 67 days |
Average balance outstanding was calculated based on daily balances outstanding during the period that the Fund had entered into reverse repurchase agreements.
When-Issued, Delayed-Delivery, Forward Commitment, and To-Be-Announced Transactions
A Fund may enter into when-issued, delayed-delivery, forward commitment, or to-be-announced (“TBA”) transactions (collectively, the “Forward Transactions”) in order to lock in the purchase price of the underlying security, or in order to adjust the interest rate exposure of the Fund’s existing portfolio. In Forward Transactions, a Fund commits to purchase or sell particular securities, with payment and delivery to take place at a future date. In the case of TBA purchase commitments, the unit price and the estimated principal amount are established when the Fund enters into a commitment, with the actual principal amount being within a specified range of the estimate. Although a Fund does not typically pay for the securities in these types of transactions until they are delivered, it immediately assumes the risks of ownership, including the risk of price fluctuation. If a Fund’s counterparty fails to deliver a security purchased in a Forward Transaction, there may be a loss, and the Fund may have missed an opportunity to make an alternative investment.
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 Forward Transaction is closed, the Funds record a realized gain or loss equal to the difference between the value of the transaction at the time it was opened and the value of the transaction at the time it was closed.
Dollar Roll Transactions
A Fund may enter into dollar roll transactions, in which the Fund sells mortgage-backed securities for delivery in the current month and simultaneously contracts to purchase substantially similar securities on a specified future date from the same party. A Fund may invest in dollar rolls in order to benefit from anticipated changes in pricing for the mortgage-backed securities during the term of the transaction, or for the purpose of creating investment leverage. In a dollar roll, the securities that are to be purchased will be of the same type as the securities sold, but will be supported by different pools of mortgages.
Dollar rolls involve the risk that the Fund’s counterparty will be unable to deliver the mortgage-backed securities underlying the dollar roll at the fixed time. If the counterparty files for bankruptcy or becomes insolvent, a Fund’s use of the transaction proceeds may be restricted pending a determination by the counterparty or its representative, whether to enforce the Fund’s obligation to repurchase the securities. A Fund can incur a loss on a dollar roll transaction (either because its counterparty fails to perform or because the value of the mortgages subject to the transaction declines) and on the investments made by the Fund with the proceeds of the dollar roll transaction.
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A Fund accounts for a dollar roll transaction as a purchase and sale whereby the difference in the sales price and purchase price of the security sold is recorded as a realized gain (loss). If certain criteria are met, these dollar roll transactions may be considered financing transactions, whereby the difference in the sales price and the future purchase price is recorded as an adjustment to interest income. Dollar roll transactions generally have the effect of creating leverage in a Fund’s portfolio.
Securities Lending
Each Fund may lend its securities to qualified brokers, under the terms of a master netting agreement. Securities lending cannot exceed 33% of the total assets of the Fund taken at current value.
The loans are collateralized at all times with cash or securities with a market value at least equal to 100% of the market value of the securities on loan. The market value of the loaned securities is determined at the close of business of a Fund and any additional collateral is delivered to the Fund the next business day. As with other extensions of credit, the Funds may bear the risk of delay in recovery or even loss of rights in the collateral should the borrower of the securities fail financially. The Funds receive compensation for lending their securities in the form of a securities loan fee paid by the borrower, as well as a share of the income earned on investment of the cash collateral received for the loan of securities.
The Funds employs an agent to implement their securities lending program and the agent receives a fee from the Funds for its services. In addition, the Funds may be required to pay a rebate to the borrower. Accordingly, a Fund’s compensation for lending its securities is reduced by any such fees or rebate paid to the securities lending agent or borrower, respectively. For the year ended September 30, 2013, the Fund(s) earned securities lending net income as follows:
Securities Lending Gross Income | Securities Lending Fees and Expenses | Securities Lending Net Income | ||||||||||
Value Fund | $ | 13,715 | $ | 2,743 | $ | 10,972 | ||||||
Main Street Fund | 20,177 | 4,035 | 16,142 | |||||||||
Small Cap Opportunities Fund | 164,871 | 32,987 | 131,884 | |||||||||
Global Fund | 300,250 | 60,096 | 240,154 | |||||||||
International Equity Fund | 602,821 | 121,422 | 481,399 | |||||||||
Focused International Fund | 110,289 | 22,047 | 88,242 | |||||||||
Strategic Emerging Markets Fund | 11,758 | 2,351 | 9,407 | |||||||||
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| |||||||
$ | 1,223,881 | $ | 245,681 | $ | 978,200 | |||||||
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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 is recorded on the ex-dividend date. Withholding taxes on foreign interest, dividends, and capital gains have been provided for in accordance with the applicable country’s tax rules and rates. Foreign dividend income is recorded on the ex-dividend date or as soon as practicable after the Fund determines the existence of a dividend declaration after exercising reasonable due diligence. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The Funds estimate the components of distributions received that may be considered return of capital distributions or capital gain distributions.
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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 of 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 a Fund’s shares. Emerging markets securities are subject to greater risks than securities issued in developed foreign markets, including less liquidity, greater price volatility, higher relative rates of inflation, greater political, economic, and social instability, greater custody and operational risks, and greater volatility in currency exchange rates.
Federal Income Tax
It is each Fund’s intent to continue to comply with the provisions of subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to a regulated investment company. Under such provisions, the Funds would not be subject to federal income taxes on their ordinary income and net realized capital gains to the extent they are distributed or deemed to have been distributed to their shareholders. Therefore, the Funds have not made any provision for federal income tax.
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.
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3. | Management Fees and Other Transactions |
Investment Management Fees
Under agreements between Massachusetts Mutual Life Insurance Company (“MassMutual”) and the Trust on behalf of each Fund, MassMutual is responsible for providing investment management services for each Fund. In return for these services, MassMutual receives advisory fees, based upon each Fund’s average daily net assets, at the following annual rates:
Money Market Fund | 0.35% | |
Short-Duration Bond Fund | 0.40% on the first $500 million; and | |
0.35% on any excess over $500 million | ||
Inflation-Protected and Income Fund | 0.48% on the first $350 million; and | |
0.43% on any excess over $350 million | ||
Core Bond Fund | 0.48% on the first $1.5 billion; | |
0.43% on the next $500 million; and | ||
0.38% on any excess over $2 billion | ||
Diversified Bond Fund | 0.50% on the first $150 million; and | |
0.45% on any excess over $150 million | ||
High Yield Fund | 0.50% on the first $250 million; and | |
0.475% on any excess over $250 million | ||
International Bond Fund | 0.60% on the first $350 million; and | |
0.55% on any excess over $350 million | ||
Balanced Fund | 0.48% on the first $350 million; and | |
0.43% on any excess over $350 million | ||
Value Fund | 0.50% on the first $250 million; and | |
0.47% on any excess over $250 million | ||
Disciplined Value Fund | 0.50% on the first $400 million; and | |
0.45% on any excess over $400 million | ||
Main Street Fund | 0.65% on the first $300 million; and | |
0.60% on any excess over $300 million | ||
Capital Appreciation Fund | 0.65% on the first $500 million; and | |
0.60% on any excess over $500 million | ||
Disciplined Growth Fund | 0.50% on the first $400 million; and | |
0.45% on any excess over $400 million | ||
Small Cap Opportunities Fund | 0.58% on the first $400 million; and | |
0.53% on any excess over $400 million | ||
Global Fund | 0.80% on the first $400 million; and | |
0.75% on any excess over $400 million | ||
International Equity Fund | 0.85% on the first $500 million; | |
0.80% on the next $500 million; and | ||
0.75% on any excess over $1 billion | ||
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 |
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MassMutual has entered into investment subadvisory agreements with Babson Capital Management LLC (“Babson Capital”), a wholly-owned subsidiary of MM Asset Management Holding LLC, itself a wholly-owned subsidiary of MassMutual Holding LLC, a controlled subsidiary of MassMutual, on behalf of certain Funds. These agreements provide that Babson Capital manage the investment and reinvestment of assets of these Funds. Babson Capital receives a subadvisory fee from MassMutual, based upon each Fund’s average daily net assets, at the following annual rates:
Money Market Fund | 0.05% | |
Short-Duration Bond Fund | 0.08% | |
Inflation-Protected and Income Fund | 0.08% | |
Core Bond Fund | 0.10% | |
Diversified Bond Fund | 0.10% | |
High Yield Fund | 0.20% | |
Balanced Fund: fixed income portion | 0.09% | |
Balanced Fund: equity portion* | 0.22% of the first $50 million, | |
0.21% of the next $50 million, | ||
0.20% of any excess over $100 million | ||
Disciplined Value Fund* | 0.25% of the first $50 million, | |
0.21% of the next $50 million, | ||
0.17% of the next $650 million, | ||
0.14% of any excess over $750 million | ||
Disciplined Growth Fund* | 0.25% of the first $50 million, | |
0.21% of the next $50 million, | ||
0.17% of the next $650 million, | ||
0.14% of any excess over $750 million |
* | Subadvisory fee based on Aggregate Assets. For purposes of these subadvisory agreements, “Aggregate Assets” means the aggregate of (i) the average daily net assets of the Fund determined at the close of the New York Stock Exchange on each day that the Exchange is open for trading, and (ii) the average daily net assets of certain other funds or accounts of MassMutual or its affiliates, including other funds registered under the 1940 Act, for which Babson Capital provides investment advisory services, as agreed upon from time to time by MassMutual and Babson Capital, determined at the close of the Exchange on each day that the Exchange is open for trading. |
In addition, Cornerstone Real Estate Advisers LLC (“Cornerstone”) serves as sub-subadviser for the Short-Duration Bond Fund, Inflation-Protected and Income Fund, Core Bond Fund, Diversified Bond Fund, High Yield Fund, and Balanced Fund and is primarily responsible for managing each Fund’s commercial mortgage backed securities. Cornerstone is a wholly-owned subsidiary of Babson Capital. The appointment of Cornerstone as a sub-subadviser to each Fund does not relieve Babson Capital of any obligation or liability to any of the Funds that it would otherwise have pursuant to investment subadvisory agreements between MassMutual and Babson Capital with respect to each Fund, and any and all acts and omissions of Cornerstone in respect of any Fund shall be considered the acts and omissions of Babson Capital.
MassMutual has entered into investment subadvisory agreements with Baring International Investment Ltd. (“Baring”), an indirect wholly-owned subsidiary of MassMutual Holdings (Bermuda) Ltd., itself and indirect wholly-owned subsidiary of MassMutual 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% |
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MassMutual has entered into investment subadvisory agreements with OppenheimerFunds, Inc. (“OFI”), a wholly-owned subsidiary of Oppenheimer Acquisition Corp., itself an indirect majority-owned subsidiary of MassMutual Holding LLC, on behalf of certain Funds. These agreements provide that OFI manage the investment and reinvestment of the assets of these Funds. OFI receives a subadvisory fee from MassMutual, based upon each Fund’s average daily net assets, at the following annual rates:
Capital Appreciation Fund* | 0.40% of the first $75 million; | |
0.35% of the next $200 million; | ||
0.30% of the next $250 million; and | ||
0.25% of any excess over $525 million | ||
Global Fund* | 0.50% of the first $50 million; | |
0.40% of the next $200 million; | ||
0.35% of the next $250 million; | ||
0.30% of the next $250 million; | ||
0.28% of the next $50 million; and | ||
0.25% of any excess over $800 million |
* | Prior to June 1, 2013, the subadvisory fees were as follows: |
Capital Appreciation Fund | 0.42% of the first $700 million, | |
0.25% of any excess over $700 million | ||
Global Fund | 0.50% of the first $750 million, | |
0.28% of the next $50 million, | ||
0.25% of any excess over $800 million |
MassMutual has entered into investment subadvisory agreements with OFI Institutional Asset Management, Inc. (now known as OFI Global Institutional, Inc. (“OFI Global Institutional”)), a wholly-owned subsidiary of OFI, on behalf of certain Funds. These agreements provide that OFI Global Institutional manage the investment and reinvestment of the assets of these Funds. OFI Global Institutional receives a subadvisory fee from MassMutual, based upon each Fund’s average daily net assets, at the following annual rates:
Value Fund | 0.23% | |
Main Street Fund | 0.33% of the first $1 billion; and | |
0.30% of any excess over $1 billion | ||
Small Cap Opportunities Fund | 0.40% of the first $1 billion; and | |
0.30% of any excess over $1 billion | ||
International Equity Fund* | 0.50% of the first $50 million; | |
0.45% of the next $150 million; | ||
0.40% of the next $250 million; and | ||
0.35% of any excess over $450 million |
* | Prior to June 1, 2013, the subadvisory fees were as follows: |
International Equity Fund | 0.50% of the first $250 million; | |
0.475% of the next $250 million; | ||
0.425% of the next $500 million; | ||
0.40% of the next $500 million; and | ||
0.375% of any excess over $1.5 billion |
The Funds’ subadvisory fees are paid by MassMutual out of the management fees previously disclosed above.
273
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Notes to Financial Statements (Continued)
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% | 0.3108% | 0.3108% | 0.3608% | ||||||||||||||||||
Core Bond Fund | 0.0600% | 0.2651% | 0.3151% | 0.3851% | 0.3851% | 0.4551% | ||||||||||||||||||
Diversified Bond Fund* | 0.0700% | 0.1460% | 0.2460% | 0.3460% | 0.3860% | None | ||||||||||||||||||
High Yield Fund | 0.0400% | 0.2443% | 0.2943% | 0.4443% | 0.4443% | 0.4943% | ||||||||||||||||||
International Bond Fund | None | 0.0500% | 0.1500% | 0.3000% | 0.3000% | None | ||||||||||||||||||
Balanced Fund | None | 0.0868% | 0.2468% | 0.3968% | 0.3968% | None | ||||||||||||||||||
Value Fund | None | 0.0658% | 0.1658% | 0.2758% | 0.3158% | 0.3758% | ||||||||||||||||||
Disciplined Value Fund | None | 0.0285% | 0.1185% | 0.2585% | 0.2585% | 0.3085% | ||||||||||||||||||
Main Street Fund | None | 0.1100% | 0.1600% | 0.3100% | 0.3100% | 0.3600% | ||||||||||||||||||
Capital Appreciation Fund | None | 0.1000% | 0.1500% | 0.3000% | 0.3000% | 0.3500% | ||||||||||||||||||
Disciplined Growth Fund | None | 0.0244% | 0.1144% | 0.2544% | 0.2544% | None | ||||||||||||||||||
Small Cap Opportunities Fund | None | 0.0971% | 0.1971% | 0.2971% | 0.2971% | None | ||||||||||||||||||
Global Fund | None | 0.1800% | 0.2100% | 0.3600% | 0.3600% | 0.4100% | ||||||||||||||||||
International Equity Fund | None | 0.1392% | 0.1692% | 0.3192% | 0.3192% | None | ||||||||||||||||||
Focused International Fund | 0.0600% | 0.1500% | 0.2500% | 0.4000% | 0.4000% | 0.5500% | ||||||||||||||||||
Strategic Emerging Markets Fund | 0.0400% | 0.2000% | 0.3000% | 0.4500% | 0.4500% | None |
* | Prior to June 1, 2013, the administrative fees per share class were as follows: |
Class Z | Class S | Class Y | Class L | Class A | Class N | |||||||||||||||||||
Inflation-Protected and Income Fund | 0.0500% | 0.1608% | 0.2608% | 0.4108% | 0.3108% | 0.3608% | ||||||||||||||||||
Diversified Bond Fund | 0.0700% | 0.3360% | 0.3860% | 0.3960% | 0.3860% | 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.
274
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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#, interest expense, short sale dividend and loan expense, or other non-recurring or unusual expenses such as, for example, organizational expenses and shareholder meeting expenses) based upon the average daily net assets of the applicable class of shares for the Funds, as follows:
Class Z | Class S | Class Y | Class L | Class A | Class N | |||||||||||||||
International Bond Fund* | None | 0.75% | 0.80% | 0.95% | 1.20% | None | ||||||||||||||
Main Street Fund* | None | 0.71% | 0.76% | 0.91% | 1.16% | 1.46% | ||||||||||||||
Capital Appreciation Fund* | None | 0.71% | 0.82% | 0.97% | 1.09% | 1.46% | ||||||||||||||
Small Cap Opportunities Fund** | None | 0.69% | 0.79% | 0.89% | 1.14% | None | ||||||||||||||
Global Fund* | None | 0.89% | 1.03% | 1.14% | 1.43% | 1.52% | ||||||||||||||
Strategic Emerging Markets Fund* | 0.99% | 1.15% | 1.25% | 1.40% | 1.65% | None |
# | Acquired Fund fees and expenses are expenses borne indirectly by a Fund through investments in other pooled investment vehicles. |
* | Expense caps in effect through February 2, 2014. |
** | Expense caps in effect through May 31, 2013. |
For the Money Market Fund, MassMutual has agreed to voluntarily waive some or all of its fees in an attempt to allow each class of the Fund to avoid a negative yield. There is no guarantee that a class of the Fund will be able to avoid a negative yield. Payments made to intermediaries will be unaffected. MassMutual may amend or discontinue this waiver at any time without advance notice.
MassMutual has agreed to waive, through February 2, 2014, 0.14% of the management fee for each class of the Short-Duration Bond Fund, 0.13% of the management fee for each class of the Inflation-Protected and Income Fund, 0.18% of the management fee for each class of the Core Bond Fund, 0.17% of the management fee for each class of the Diversified Bond Fund, 0.10% of the management fee for each class of the High Yield Fund, 0.10% of the management fee for each class of the Focused International Fund, and 0.15% of the management fee for each class of the Strategic Emerging Markets Fund based upon each class’s average daily net assets. MassMutual had agreed to waive, through May 31, 2013, 0.05% of the management fee for each class of the Disciplined Value Fund, and 0.05% of the management fee for each class of the Disciplined Growth Fund based upon each class’s average daily net assets.
MassMutual has agreed to waive, through February 2, 2014, 0.22% of the administration fees for Class A of the Money Market Fund. MassMutual had agreed to waive, through May 31, 2013, 0.02% of the administration fees for Classes S, Y, L, and A of the Balanced Fund.
Expense caps and waiver amounts are reflected as a reduction of expenses on the Statements of Operations.
Deferred Compensation
Trustees of the Funds who are not employees of MassMutual or its subsidiaries may elect to defer receipt of their annual fees in accordance with terms of a Non-Qualified Deferred Compensation Plan. Amounts deferred shall accrue interest 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.
275
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Notes to Financial Statements (Continued)
The following table shows beneficial ownership of Funds’ shares by affiliated parties at September 30, 2013:
Total % of Ownership by Related Party | ||||
Money Market Fund | 69.7% | |||
Short-Duration Bond Fund | 88.6% | |||
Inflation-Protected and Income Fund | 91.3% | |||
Core Bond Fund | 90.2% | |||
Diversified Bond Fund | 69.2% | |||
High Yield Fund | 87.5% | |||
International Bond Fund | 99.9% | |||
Balanced Fund | 84.2% | |||
Value Fund | 96.4% | |||
Disciplined Value Fund | 86.8% | |||
Main Street Fund | 97.1% | |||
Capital Appreciation Fund | 97.1% | |||
Disciplined Growth Fund | 85.3% | |||
Small Cap Opportunities Fund | 92.7% | |||
Global Fund | 93.4% | |||
International Equity Fund | 94.0% | |||
Focused International Fund | 38.0% | |||
Strategic Emerging Markets Fund | 100.0% |
4. | Purchases and Sales of Investments |
Cost of purchases and proceeds from sales of investment securities (excluding short-term investments) for the year ended September 30, 2013, were as follows:
Purchases | Sales | |||||||||||||||
Long-Term U.S. Government Securities | Other Long-Term Securities | Long-Term U.S. Government Securities | Other Long-Term Securities | |||||||||||||
Short-Duration Bond Fund | $ | 355,097,278 | $ | 186,136,538 | $ | 375,160,655 | $ | 112,656,284 | ||||||||
Inflation-Protected and Income Fund | 135,751,710 | 114,054,061 | 158,129,939 | 88,558,378 | ||||||||||||
Core Bond Fund | 6,679,291,042 | 448,296,005 | 6,924,942,677 | 403,694,925 | ||||||||||||
Diversified Bond Fund | 415,388,599 | 24,147,281 | 425,731,625 | 38,782,850 | ||||||||||||
High Yield Fund | - | 237,764,106 | - | 245,021,556 | ||||||||||||
International Bond Fund | - | 52,794,691 | - | 56,069,968 | ||||||||||||
Balanced Fund | 200,360,638 | 133,570,197 | 199,922,423 | 117,126,584 | ||||||||||||
Value Fund | - | 200,098,215 | - | 253,864,495 | ||||||||||||
Disciplined Value Fund | - | 460,176,530 | - | 486,900,395 | ||||||||||||
Main Street Fund | - | 73,117,382 | - | 87,825,136 | ||||||||||||
Capital Appreciation Fund | - | 186,290,389 | - | 248,594,174 | ||||||||||||
Disciplined Growth Fund | - | 455,143,450 | - | 484,533,188 | ||||||||||||
Small Cap Opportunities Fund | - | 133,604,428 | - | 143,235,905 | ||||||||||||
Global Fund | - | 105,485,023 | - | 144,839,458 | ||||||||||||
International Equity Fund | - | 284,001,196 | - | 326,669,190 | ||||||||||||
Focused International Fund | - | 76,241,171 | - | 110,344,557 | ||||||||||||
Strategic Emerging Markets Fund | - | 96,687,889 | - | 111,172,845 |
276
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Notes to Financial Statements (Continued)
5. | Capital Share Transactions |
Changes in shares outstanding for each Fund were as follows:
Year Ended September 30, 2013 | Period Ended September 30, 2012+ | Year Ended October 31, 2011 | ||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||
Money Market Fund Class S | ||||||||||||||||||||||||
Sold | 340,068,101 | $ | 340,068,101 | 378,764,507 | $ | 378,764,507 | 299,380,590 | $ | 299,380,590 | |||||||||||||||
Issued as reinvestment of dividends | 25,200 | 25,200 | 8,502 | 8,502 | 5,031 | 5,031 | ||||||||||||||||||
Redeemed | (350,911,262 | ) | (350,911,262 | ) | (405,632,335 | ) | (405,632,335 | ) | (330,966,465 | ) | (330,966,465 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) | (10,817,961 | ) | $ | (10,817,961 | ) | (26,859,326 | ) | $ | (26,859,326 | ) | (31,580,844 | ) | $ | (31,580,844 | ) | |||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Money Market Fund Class Y | ||||||||||||||||||||||||
Sold | 448,610,233 | $ | 448,610,233 | 266,368,558 | $ | 266,368,558 | 305,430,395 | $ | 305,430,395 | |||||||||||||||
Issued as reinvestment of dividends | 14,760 | 14,760 | 8,188 | 8,188 | 5,000 | 5,000 | ||||||||||||||||||
Redeemed | (454,406,325 | ) | (454,406,325 | ) | (391,133,464 | ) | (391,133,464 | ) | (266,530,157 | ) | (266,530,157 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) | (5,781,332 | ) | $ | (5,781,332 | ) | (124,756,718 | ) | $ | (124,756,718 | ) | 38,905,238 | $ | 38,905,238 | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Money Market Fund Class A | ||||||||||||||||||||||||
Sold | 553,502,060 | $ | 553,502,060 | 528,367,318 | $ | 528,367,318 | 450,389,020 | $ | 450,389,020 | |||||||||||||||
Issued as reinvestment of dividends | 22,798 | 22,798 | 8,847 | 8,847 | 5,714 | 5,714 | ||||||||||||||||||
Redeemed | (541,220,105 | ) | (541,220,105 | ) | (583,257,444 | ) | (583,257,444 | ) | (451,347,328 | ) | (451,347,328 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) | 12,304,753 | $ | 12,304,753 | (54,881,279 | ) | $ | (54,881,279 | ) | (952,594 | ) | $ | (952,594 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Short-Duration Bond Fund Class Z* | ||||||||||||||||||||||||
Sold | 10,344,692 | $ | 109,286,274 | 3,400,604 | $ | 36,162,666 | 15,293,057 | $ | 165,101,559 | |||||||||||||||
Issued as reinvestment of dividends | 440,033 | 4,602,743 | 529,773 | 5,541,427 | 0 | ++ | 3 | |||||||||||||||||
Redeemed | (5,508,514 | ) | (58,247,802 | ) | (4,059,431 | ) | (43,189,426 | ) | (2,648,802 | ) | (28,650,611 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) | 5,276,211 | $ | 55,641,215 | (129,054 | ) | $ | (1,485,333 | ) | 12,644,255 | $ | 136,450,951 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Short-Duration Bond Fund Class S | ||||||||||||||||||||||||
Sold | 7,881,845 | $ | 83,327,185 | 3,584,993 | $ | 38,299,086 | 7,614,010 | $ | 81,913,050 | |||||||||||||||
Issued as reinvestment of dividends | 463,375 | 4,860,798 | 531,744 | 5,577,996 | 540,241 | 5,694,136 | ||||||||||||||||||
Redeemed | (4,441,304 | ) | (47,086,559 | ) | (3,752,545 | ) | (40,074,757 | ) | (11,224,683 | ) | (120,955,184 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) | 3,903,916 | $ | 41,101,424 | 364,192 | $ | 3,802,325 | (3,070,432 | ) | $ | (33,347,998 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Short-Duration Bond Fund Class Y | ||||||||||||||||||||||||
Sold | 3,292,794 | $ | 34,705,844 | 2,699,198 | $ | 28,521,125 | 4,505,124 | $ | 47,953,738 | |||||||||||||||
Issued as reinvestment of dividends | 211,402 | 2,207,036 | 260,122 | 2,713,077 | 132,418 | 1,387,737 | ||||||||||||||||||
Redeemed | (3,751,518 | ) | (39,715,362 | ) | (2,436,209 | ) | (25,878,153 | ) | (3,130,690 | ) | (33,697,563 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) | (247,322 | ) | $ | (2,802,482 | ) | 523,111 | $ | 5,356,049 | 1,506,852 | $ | 15,643,912 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
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Notes to Financial Statements (Continued)
Year Ended September 30, 2013 | Period Ended September 30, 2012+ | Year Ended October 31, 2011 | ||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||
Short-Duration Bond Fund Class L | ||||||||||||||||||||||||
Sold | 1,960,110 | $ | 20,556,332 | 890,605 | $ | 9,407,738 | 3,879,334 | $ | 41,221,923 | |||||||||||||||
Issued as reinvestment of dividends | 111,611 | 1,161,866 | 141,113 | 1,468,992 | 339,325 | 3,535,767 | ||||||||||||||||||
Redeemed | (895,677 | ) | (9,391,862 | ) | (1,707,602 | ) | (18,084,324 | ) | (11,690,221 | ) | (124,597,491 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) | 1,176,044 | $ | 12,326,336 | (675,884 | ) | $ | (7,207,594 | ) | (7,471,562 | ) | $ | (79,839,801 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Short-Duration Bond Fund Class A | ||||||||||||||||||||||||
Sold | 1,877,073 | $ | 19,630,447 | 2,022,817 | $ | 21,254,984 | 1,312,431 | $ | 13,860,401 | |||||||||||||||
Issued as reinvestment of dividends | 205,582 | 2,127,773 | 231,759 | 2,401,025 | 190,028 | 1,978,197 | ||||||||||||||||||
Redeemed | (1,599,526 | ) | (16,671,350 | ) | (2,067,742 | ) | (21,690,754 | ) | (4,121,514 | ) | (43,852,033 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) | 483,129 | $ | 5,086,870 | 186,834 | $ | 1,965,255 | (2,619,055 | ) | $ | (28,013,435 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Short-Duration Bond Fund Class N | ||||||||||||||||||||||||
Sold | 38,675 | $ | 404,037 | 25,677 | $ | 270,572 | 71,039 | $ | 743,329 | |||||||||||||||
Issued as reinvestment of dividends | 1,130 | 11,757 | 28,141 | 289,006 | 16,844 | 173,995 | ||||||||||||||||||
Redeemed | (9,815 | ) | (102,569 | ) | (797,480 | ) | (8,278,487 | ) | (4,416 | ) | (46,617 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) | 29,990 | $ | 313,225 | (743,662 | ) | $ | (7,718,909 | ) | 83,467 | $ | 870,707 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Inflation-Protected and Income Fund Class Z** | ||||||||||||||||||||||||
Sold | 5,141,729 | $ | 59,545,445 | 5,320,737 | $ | 63,726,842 | 10,087,639 | $ | 112,767,761 | |||||||||||||||
Issued as reinvestment of dividends | 477,170 | 5,625,838 | 479,461 | 5,552,157 | - | - | ||||||||||||||||||
Redeemed | (5,335,045 | ) | (61,297,340 | ) | (4,148,236 | ) | (49,026,685 | ) | (1,550,962 | ) | (17,940,867 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) | 283,854 | $ | 3,873,943 | 1,651,962 | $ | 20,252,314 | 8,536,677 | $ | 94,826,894 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Inflation-Protected and Income Fund Class S | ||||||||||||||||||||||||
Sold | 1,327,570 | $ | 15,501,902 | 1,736,949 | $ | 20,565,866 | 6,190,581 | $ | 68,710,907 | |||||||||||||||
Issued as reinvestment of dividends | 262,759 | 3,097,926 | 231,665 | 2,682,692 | 264,235 | 2,787,672 | ||||||||||||||||||
Redeemed | (2,662,808 | ) | (30,302,976 | ) | (3,285,711 | ) | (39,158,913 | ) | (7,156,248 | ) | (79,847,892 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) | (1,072,479 | ) | $ | (11,703,148 | ) | (1,317,097 | ) | $ | (15,910,355 | ) | (701,432 | ) | $ | (8,349,313 | ) | |||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Inflation-Protected and Income Fund Class Y | ||||||||||||||||||||||||
Sold | 2,678,604 | $ | 31,417,945 | 2,550,292 | $ | 30,266,681 | 1,499,718 | $ | 16,794,836 | |||||||||||||||
Issued as reinvestment of dividends | 312,003 | 3,669,152 | 285,490 | 3,300,262 | 275,542 | 2,901,460 | ||||||||||||||||||
Redeemed | (3,318,590 | ) | (39,005,153 | ) | (1,750,840 | ) | (20,929,529 | ) | (3,532,241 | ) | (39,316,900 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) | (327,983 | ) | $ | (3,918,056 | ) | 1,084,942 | $ | 12,637,414 | (1,756,981 | ) | $ | (19,620,604 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
278
Table of Contents
Notes to Financial Statements (Continued)
Year Ended September 30, 2013 | Period Ended September 30, 2012+ | Year Ended October 31, 2011 | ||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||
Inflation-Protected and Income Fund Class L | ||||||||||||||||||||||||
Sold | 412,663 | $ | 4,836,561 | 616,239 | $ | 7,425,693 | 2,514,060 | $ | 27,194,117 | |||||||||||||||
Issued as reinvestment of dividends | 32,862 | 390,402 | 15,989 | 186,582 | 103,406 | 1,087,830 | ||||||||||||||||||
Redeemed | (295,036 | ) | (3,431,867 | ) | (393,875 | ) | (4,740,567 | ) | (5,660,763 | ) | (62,764,347 | ) | ||||||||||||
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| |||||||||||||
Net increase (decrease) | 150,489 | $ | 1,795,096 | 238,353 | $ | 2,871,708 | (3,043,297 | ) | $ | (34,482,400 | ) | |||||||||||||
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Inflation-Protected and Income Fund Class A | ||||||||||||||||||||||||
Sold | 715,655 | $ | 8,256,557 | 797,681 | $ | 9,349,632 | 618,554 | $ | 6,820,429 | |||||||||||||||
Issued as reinvestment of dividends | 110,396 | 1,282,801 | 133,843 | 1,527,145 | 98,103 | 1,021,254 | ||||||||||||||||||
Redeemed | (1,407,791 | ) | (16,114,746 | ) | (891,528 | ) | (10,450,850 | ) | (793,280 | ) | (8,709,732 | ) | ||||||||||||
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| |||||||||||||
Net increase (decrease) | (581,740 | ) | $ | (6,575,388 | ) | 39,996 | $ | 425,927 | (76,623 | ) | $ | (868,049 | ) | |||||||||||
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Inflation-Protected and Income Fund Class N | ||||||||||||||||||||||||
Sold | 65,345 | $ | 745,548 | 64,572 | $ | 757,078 | 30,188 | $ | 334,967 | |||||||||||||||
Issued as reinvestment of dividends | 3,731 | 43,503 | 1,912 | 21,952 | 712 | 7,471 | ||||||||||||||||||
Redeemed | (35,158 | ) | (399,833 | ) | (26,999 | ) | (315,501 | ) | (8,777 | ) | (98,287 | ) | ||||||||||||
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| |||||||||||||
Net increase (decrease) | 33,918 | $ | 389,218 | 39,485 | $ | 463,529 | 22,123 | $ | 244,151 | |||||||||||||||
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Core Bond Fund Class Z* | ||||||||||||||||||||||||
Sold | 11,818,817 | $ | 135,205,202 | 21,650,949 | $ | 251,954,916 | 30,741,396 | $ | 350,182,504 | |||||||||||||||
Issued as reinvestment of dividends | 1,904,797 | 21,695,637 | 1,681,502 | 18,916,901 | 1 | 6 | ||||||||||||||||||
Redeemed | (14,303,720 | ) | (164,375,500 | ) | (6,780,931 | ) | (78,502,846 | ) | (3,647,305 | ) | (41,904,115 | ) | ||||||||||||
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| |||||||||||||
Net increase (decrease) | (580,106 | ) | $ | (7,474,661 | ) | 16,551,520 | $ | 192,368,971 | 27,094,092 | $ | 308,278,395 | |||||||||||||
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Core Bond Fund Class S | ||||||||||||||||||||||||
Sold | 5,769,887 | $ | 67,332,514 | 7,382,769 | $ | 85,345,334 | 20,866,361 | $ | 237,808,654 | |||||||||||||||
Issued as reinvestment of dividends | 2,814,108 | 32,108,967 | 2,706,628 | 30,530,764 | 4,208,779 | 45,917,783 | ||||||||||||||||||
Redeemed | (24,078,587 | ) | (274,626,851 | ) | (17,398,238 | ) | (202,203,130 | ) | (23,250,584 | ) | (263,177,625 | ) | ||||||||||||
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|
| |||||||||||||
Net increase (decrease) | (15,494,592 | ) | $ | (175,185,370 | ) | (7,308,841 | ) | $ | (86,327,032 | ) | 1,824,556 | $ | 20,548,812 | |||||||||||
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Core Bond Fund Class Y | ||||||||||||||||||||||||
Sold | 2,333,728 | $ | 26,700,679 | 4,186,812 | $ | 47,906,773 | 3,829,359 | $ | 43,182,844 | |||||||||||||||
Issued as reinvestment of dividends | 628,846 | 7,137,405 | 561,703 | 6,307,924 | 836,786 | 9,095,861 | ||||||||||||||||||
Redeemed | (3,926,756 | ) | (44,719,578 | ) | (4,248,119 | ) | (48,756,926 | ) | (5,007,987 | ) | (56,205,746 | ) | ||||||||||||
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|
| |||||||||||||
Net increase (decrease) | (964,182 | ) | $ | (10,881,494 | ) | 500,396 | $ | 5,457,771 | (341,842 | ) | $ | (3,927,041 | ) | |||||||||||
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Core Bond Fund Class L | ||||||||||||||||||||||||
Sold | 1,282,742 | $ | 14,641,530 | 2,039,755 | $ | 23,412,466 | 8,987,754 | $ | 100,721,220 | |||||||||||||||
Issued as reinvestment of dividends | 344,824 | 3,896,508 | 330,413 | 3,690,716 | 1,135,563 | 12,264,078 | ||||||||||||||||||
Redeemed | (2,163,061 | ) | (24,429,654 | ) | (2,536,927 | ) | (29,135,737 | ) | (20,771,340 | ) | (232,838,167 | ) | ||||||||||||
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|
|
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|
| |||||||||||||
Net increase (decrease) | (535,495 | ) | $ | (5,891,616 | ) | (166,759 | ) | $ | (2,032,555 | ) | (10,648,023 | ) | $ | (119,852,869 | ) | |||||||||
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279
Table of Contents
Notes to Financial Statements (Continued)
Year Ended September 30, 2013 | Period Ended September 30, 2012+ | Year Ended October 31, 2011 | ||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||
Core Bond Fund Class A | ||||||||||||||||||||||||
Sold | 2,161,957 | $ | 24,608,105 | 2,164,689 | $ | 24,595,967 | 2,947,680 | $ | 32,844,058 | |||||||||||||||
Issued as reinvestment of dividends | 700,102 | 7,848,149 | 724,815 | 8,038,203 | 1,057,656 | 11,359,226 | ||||||||||||||||||
Redeemed | (3,032,471 | ) | (33,984,478 | ) | (3,986,702 | ) | (45,013,073 | ) | (4,150,033 | ) | (46,126,032 | ) | ||||||||||||
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| |||||||||||||
Net increase (decrease) | (170,412 | ) | $ | (1,528,224 | ) | (1,097,198 | ) | $ | (12,378,903 | ) | (144,697 | ) | $ | (1,922,748 | ) | |||||||||
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Core Bond Fund Class N | ||||||||||||||||||||||||
Sold | 49,865 | $ | 584,278 | 53,986 | $ | 617,345 | 30,989 | $ | 350,981 | |||||||||||||||
Issued as reinvestment of dividends | 6,429 | 73,225 | 3,218 | 36,332 | 4,564 | 49,889 | ||||||||||||||||||
Redeemed | (32,067 | ) | (363,669 | ) | (13,164 | ) | (151,991 | ) | (33,053 | ) | (371,074 | ) | ||||||||||||
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|
| |||||||||||||
Net increase (decrease) | 24,227 | $ | 293,834 | 44,040 | $ | 501,686 | 2,500 | $ | 29,796 | |||||||||||||||
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Diversified Bond Fund Class Z* | ||||||||||||||||||||||||
Sold | - | $ | - | - | $ | - | 6,303,033 | $ | 68,451,860 | |||||||||||||||
Issued as reinvestment of dividends | 1 | 8 | 1 | 7 | 1 | 5 | ||||||||||||||||||
Redeemed | - | - | - | - | (6,303,025 | ) | (69,153,941 | ) | ||||||||||||||||
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| |||||||||||||
Net increase (decrease) | 1 | $ | 8 | 1 | $ | 7 | 9 | $ | (702,076 | ) | ||||||||||||||
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Diversified Bond Fund Class S | ||||||||||||||||||||||||
Sold | 654,627 | $ | 6,556,096 | 1,053,125 | $ | 10,748,259 | 662,006 | $ | 7,103,329 | |||||||||||||||
Issued as reinvestment of dividends | 250,639 | 2,493,857 | 355,764 | 3,522,064 | 232,436 | 2,415,008 | ||||||||||||||||||
Redeemed | (806,510 | ) | (8,165,250 | ) | (557,513 | ) | (5,754,967 | ) | (2,860,158 | ) | (30,770,801 | ) | ||||||||||||
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| |||||||||||||
Net increase (decrease) | 98,756 | $ | 884,703 | 851,376 | $ | 8,515,356 | (1,965,716 | ) | $ | (21,252,464 | ) | |||||||||||||
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Diversified Bond Fund Class Y | ||||||||||||||||||||||||
Sold | 248,537 | $ | 2,523,968 | 571,857 | $ | 5,820,290 | 375,541 | $ | 4,081,617 | |||||||||||||||
Issued as reinvestment of dividends | 64,209 | 645,940 | 409,736 | 4,060,482 | 157,184 | 1,636,287 | ||||||||||||||||||
Redeemed | (2,572,987 | ) | (27,276,855 | ) | (920,455 | ) | (9,385,514 | ) | (386,765 | ) | (4,150,809 | ) | ||||||||||||
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| |||||||||||||
Net increase (decrease) | (2,260,241 | ) | $ | (24,106,947 | ) | 61,138 | $ | 495,258 | 145,960 | $ | 1,567,095 | |||||||||||||
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Diversified Bond Fund Class L | ||||||||||||||||||||||||
Sold | 669,773 | $ | 6,734,881 | 330,150 | $ | 3,468,128 | 1,167,724 | $ | 12,516,970 | |||||||||||||||
Issued as reinvestment of dividends | 68,470 | 688,123 | 117,927 | 1,178,091 | 471,807 | 4,887,921 | ||||||||||||||||||
Redeemed | (364,104 | ) | (3,670,197 | ) | (500,214 | ) | (5,117,754 | ) | (10,000,277 | ) | (107,880,043 | ) | ||||||||||||
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| |||||||||||||
Net increase (decrease) | 374,139 | $ | 3,752,807 | (52,137 | ) | $ | (471,535 | ) | (8,360,746 | ) | $ | (90,475,152 | ) | |||||||||||
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Diversified Bond Fund Class A | ||||||||||||||||||||||||
Sold | 455,717 | $ | 4,620,290 | 553,991 | $ | 5,760,011 | 636,914 | $ | 6,908,203 | |||||||||||||||
Issued as reinvestment of dividends | 225,217 | 2,256,672 | 413,085 | 4,114,329 | 204,757 | 2,137,661 | ||||||||||||||||||
Redeemed | (1,026,749 | ) | (10,446,677 | ) | (798,005 | ) | (8,262,799 | ) | (1,831,159 | ) | (19,934,818 | ) | ||||||||||||
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| |||||||||||||
Net increase (decrease) | (345,815 | ) | $ | (3,569,715 | ) | 169,071 | $ | 1,611,541 | (989,488 | ) | $ | (10,888,954 | ) | |||||||||||
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280
Table of Contents
Notes to Financial Statements (Continued)
Year Ended September 30, 2013 | Period Ended September 30, 2012+ | Year Ended October 31, 2011 | ||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||
Diversified Bond Fund Class N*** | ||||||||||||||||||||||||
Sold | - | $ | - | - | $ | - | 405 | $ | 4,397 | |||||||||||||||
Issued as reinvestment of dividends | 9 | 95 | 10 | 105 | 473 | 4,970 | ||||||||||||||||||
Redeemed | (157 | ) | (1,672 | ) | - | - | (17,434 | ) | (184,113 | ) | ||||||||||||||
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Net increase (decrease) | (148 | ) | $ | (1,577 | ) | 10 | $ | 105 | (16,556 | ) | $ | (174,746 | ) | |||||||||||
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High Yield Fund Class Z** | ||||||||||||||||||||||||
Sold | 4,099,190 | $ | 40,659,215 | 5,953,976 | $ | 55,063,722 | 9,117,001 | $ | 81,836,139 | |||||||||||||||
Issued as reinvestment of dividends | 815,997 | 7,686,693 | 733,492 | 6,322,701 | - | - | ||||||||||||||||||
Redeemed | (5,421,214 | ) | (53,479,615 | ) | (4,736,355 | ) | (43,251,727 | ) | (683,825 | ) | (6,187,997 | ) | ||||||||||||
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Net increase (decrease) | (506,027 | ) | $ | (5,133,707 | ) | 1,951,113 | $ | 18,134,696 | 8,433,176 | $ | 75,648,142 | |||||||||||||
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High Yield Fund Class S | ||||||||||||||||||||||||
Sold | 1,531,423 | $ | 15,283,811 | 1,499,216 | $ | 13,359,558 | 1,799,059 | $ | 16,454,914 | |||||||||||||||
Issued as reinvestment of dividends | 169,094 | 1,599,632 | 93,289 | 806,955 | 570,802 | 4,926,019 | ||||||||||||||||||
Redeemed | (913,468 | ) | (8,974,171 | ) | (3,404,456 | ) | (31,045,375 | ) | (4,327,811 | ) | (39,646,017 | ) | ||||||||||||
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Net increase (decrease) | 787,049 | $ | 7,909,272 | (1,811,951 | ) | $ | (16,878,862 | ) | (1,957,950 | ) | $ | (18,265,084 | ) | |||||||||||
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High Yield Fund Class Y | ||||||||||||||||||||||||
Sold | 1,024,207 | $ | 10,168,389 | 1,110,472 | $ | 10,173,773 | 1,128,685 | $ | 10,285,710 | |||||||||||||||
Issued as reinvestment of dividends | 422,942 | 4,001,029 | 365,618 | 3,162,596 | 550,354 | 4,771,568 | ||||||||||||||||||
Redeemed | (1,471,258 | ) | (14,478,342 | ) | (1,641,916 | ) | (15,070,060 | ) | (1,492,651 | ) | (13,690,339 | ) | ||||||||||||
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| |||||||||||||
Net increase (decrease) | (24,109 | ) | $ | (308,924 | ) | (165,826 | ) | $ | (1,733,691 | ) | 186,388 | $ | 1,366,939 | |||||||||||
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High Yield Fund Class L | ||||||||||||||||||||||||
Sold | 686,251 | $ | 6,766,114 | 505,536 | $ | 4,710,704 | 1,483,305 | $ | 13,626,930 | |||||||||||||||
Issued as reinvestment of dividends | 70,872 | 664,781 | 34,517 | 296,498 | 54,947 | 473,093 | ||||||||||||||||||
Redeemed | (241,092 | ) | (2,361,660 | ) | (171,169 | ) | (1,521,168 | ) | (1,554,100 | ) | (14,120,771 | ) | ||||||||||||
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| |||||||||||||
Net increase (decrease) | 516,031 | $ | 5,069,235 | 368,884 | $ | 3,486,034 | (15,848 | ) | $ | (20,748 | ) | |||||||||||||
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High Yield Fund Class A | ||||||||||||||||||||||||
Sold | 597,004 | $ | 5,846,469 | 1,577,476 | $ | 13,840,667 | 690,950 | $ | 6,241,730 | |||||||||||||||
Issued as reinvestment of dividends | 266,419 | 2,491,023 | 210,307 | 1,798,127 | 395,798 | 3,391,988 | ||||||||||||||||||
Redeemed | (1,995,839 | ) | (19,200,858 | ) | (941,352 | ) | (8,553,190 | ) | (1,851,023 | ) | (16,715,067 | ) | ||||||||||||
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| |||||||||||||
Net increase (decrease) | (1,132,416 | ) | $ | (10,863,366 | ) | 846,431 | $ | 7,085,604 | (764,275 | ) | $ | (7,081,349 | ) | |||||||||||
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High Yield Fund Class N | ||||||||||||||||||||||||
Sold | 23,457 | $ | 232,977 | 46,557 | $ | 425,680 | 10,792 | $ | 97,466 | |||||||||||||||
Issued as reinvestment of dividends | 3,489 | 33,142 | 2,114 | 18,352 | 6,080 | 52,842 | ||||||||||||||||||
Redeemed | (8,539 | ) | (84,042 | ) | (31,565 | ) | (292,416 | ) | (47,509 | ) | (431,806 | ) | ||||||||||||
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|
| |||||||||||||
Net increase (decrease) | 18,407 | $ | 182,077 | 17,106 | $ | 151,616 | (30,637 | ) | $ | (281,498 | ) | |||||||||||||
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281
Table of Contents
Notes to Financial Statements (Continued)
Year Ended September 30, 2013 | Period Ended September 30, 2012+ | Year Ended October 31, 2011 | ||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||
International Bond Fund Class S | ||||||||||||||||||||||||
Sold | 2,295,038 | $ | 23,875,258 | 2,066,556 | $ | 21,324,818 | 3,632,132 | $ | 38,033,883 | |||||||||||||||
Issued as reinvestment of dividends | 85,169 | 875,538 | 166,775 | 1,672,757 | 132,292 | 1,288,526 | ||||||||||||||||||
Redeemed | (2,668,730 | ) | (26,290,375 | ) | (2,125,247 | ) | (21,718,473 | ) | (1,205,080 | ) | (12,747,702 | ) | ||||||||||||
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|
| |||||||||||||
Net increase (decrease) | (288,523 | ) | $ | (1,539,579 | ) | 108,084 | $ | 1,279,102 | 2,559,344 | $ | 26,574,707 | |||||||||||||
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International Bond Fund Class Y | ||||||||||||||||||||||||
Sold | 5,475 | $ | 55,780 | 28,057 | $ | 286,518 | - | $ | - | |||||||||||||||
Issued as reinvestment of dividends | 565 | 5,804 | 351 | 3,520 | 563 | 5,478 | ||||||||||||||||||
Redeemed | (33,954 | ) | (327,990 | ) | - | - | - | - | ||||||||||||||||
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|
|
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|
| |||||||||||||
Net increase (decrease) | (27,914 | ) | $ | (266,406 | ) | 28,408 | $ | 290,038 | 563 | $ | 5,478 | |||||||||||||
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| |||||||||||||
International Bond Fund Class L | ||||||||||||||||||||||||
Sold | 3,144 | $ | 32,331 | 3,160 | $ | 33,631 | 2,052,793 | $ | 21,226,514 | |||||||||||||||
Issued as reinvestment of dividends | 169 | 1,797 | - | - | 548 | 5,333 | ||||||||||||||||||
Redeemed | (5,559 | ) | (54,488 | ) | (2 | ) | (16 | ) | (2,052,701 | ) | (21,614,942 | ) | ||||||||||||
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|
|
|
|
|
| |||||||||||||
Net increase (decrease) | (2,246 | ) | $ | (20,360 | ) | 3,158 | $ | 33,615 | 640 | $ | (383,095 | ) | ||||||||||||
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| |||||||||||||
International Bond Fund Class A | ||||||||||||||||||||||||
Sold | 18,167 | $ | 180,383 | 51,358 | $ | 526,182 | 57,469 | $ | 602,173 | |||||||||||||||
Issued as reinvestment of dividends | 547 | 5,604 | 3,229 | 32,227 | 5,366 | 51,995 | ||||||||||||||||||
Redeemed | (70,511 | ) | (693,616 | ) | (74,704 | ) | (763,774 | ) | (51,919 | ) | (538,695 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) | (51,797 | ) | $ | (507,629 | ) | (20,117 | ) | $ | (205,365 | ) | 10,916 | $ | 115,473 | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Balanced Fund Class S | ||||||||||||||||||||||||
Sold | 657,030 | $ | 7,744,560 | 690,747 | $ | 7,390,088 | 560,807 | $ | 5,743,009 | |||||||||||||||
Issued as reinvestment of dividends | 159,713 | 1,795,172 | 201,741 | 1,993,202 | 207,964 | 2,081,718 | ||||||||||||||||||
Redeemed | (1,060,590 | ) | (12,529,707 | ) | (1,444,296 | ) | (15,235,504 | ) | (2,396,920 | ) | (24,641,827 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) | (243,847 | ) | $ | (2,989,975 | ) | (551,808 | ) | $ | (5,852,214 | ) | (1,628,149 | ) | $ | (16,817,100 | ) | |||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Balanced Fund Class Y | ||||||||||||||||||||||||
Sold | 392,319 | $ | 4,740,924 | 127,538 | $ | 1,450,155 | 58,154 | $ | 616,008 | |||||||||||||||
Issued as reinvestment of dividends | 10,065 | 117,156 | 8,609 | 87,987 | 7,218 | 74,703 | ||||||||||||||||||
Redeemed | (207,006 | ) | (2,516,356 | ) | (33,559 | ) | (373,488 | ) | (46,472 | ) | (491,764 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) | 195,378 | $ | 2,341,724 | 102,588 | $ | 1,164,654 | 18,900 | $ | 198,947 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Balanced Fund Class L | ||||||||||||||||||||||||
Sold | 120,709 | $ | 1,446,795 | 234,129 | $ | 2,551,800 | 29,820 | $ | 302,811 | |||||||||||||||
Issued as reinvestment of dividends | 4,497 | 50,821 | 816 | 8,115 | 5,827 | 58,152 | ||||||||||||||||||
Redeemed | (118,985 | ) | (1,396,715 | ) | (30,416 | ) | (331,151 | ) | (308,308 | ) | (3,027,425 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) | 6,221 | $ | 100,901 | 204,529 | $ | 2,228,764 | (272,661 | ) | $ | (2,666,462 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
282
Table of Contents
Notes to Financial Statements (Continued)
Year Ended September 30, 2013 | Period Ended September 30, 2012+ | Year Ended October 31, 2011 | ||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||
Balanced Fund Class A | ||||||||||||||||||||||||
Sold | 2,010,209 | $ | 23,201,565 | 594,826 | $ | 6,369,033 | 237,564 | $ | 2,423,188 | |||||||||||||||
Issued as reinvestment of dividends | 29,503 | 326,595 | 21,757 | 212,131 | 17,675 | 174,809 | ||||||||||||||||||
Redeemed | (501,159 | ) | (5,877,114 | ) | (265,622 | ) | (2,829,686 | ) | (254,781 | ) | (2,596,461 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) | 1,538,553 | $ | 17,651,046 | 350,961 | $ | 3,751,478 | 458 | $ | 1,536 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Value Fund Class S | ||||||||||||||||||||||||
Sold | 155,136 | $ | 2,626,329 | 262,309 | $ | 3,723,758 | 695,491 | $ | 10,212,977 | |||||||||||||||
Issued as reinvestment of dividends | 135,681 | 2,084,066 | 179,620 | 2,329,663 | 156,022 | 2,231,112 | ||||||||||||||||||
Redeemed | (3,291,712 | ) | (54,695,066 | ) | (2,104,005 | ) | (30,041,805 | ) | (2,388,847 | ) | (34,265,383 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) | (3,000,895 | ) | $ | (49,984,671 | ) | (1,662,076 | ) | $ | (23,988,384 | ) | (1,537,334 | ) | $ | (21,821,294 | ) | |||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Value Fund Class Y | ||||||||||||||||||||||||
Sold | 972 | $ | 16,585 | 2,631 | $ | 36,616 | 1,527 | $ | 22,487 | |||||||||||||||
Issued as reinvestment of dividends | 128 | 1,968 | 172 | 2,246 | 134 | 1,923 | ||||||||||||||||||
Redeemed | (3,463 | ) | (58,019 | ) | (4,682 | ) | (67,510 | ) | (5,816 | ) | (86,732 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) | (2,363 | ) | $ | (39,466 | ) | (1,879 | ) | $ | (28,648 | ) | (4,155 | ) | $ | (62,322 | ) | |||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Value Fund Class L | ||||||||||||||||||||||||
Sold | 49,887 | $ | 826,140 | 84,666 | $ | 1,210,773 | 283,983 | $ | 4,251,549 | |||||||||||||||
Issued as reinvestment of dividends | 16,320 | 251,497 | 20,849 | 271,243 | 19,471 | 279,210 | ||||||||||||||||||
Redeemed | (442,941 | ) | (7,287,054 | ) | (280,839 | ) | (4,066,458 | ) | (648,642 | ) | (9,424,646 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) | (376,734 | ) | $ | (6,209,417 | ) | (175,324 | ) | $ | (2,584,442 | ) | (345,188 | ) | $ | (4,893,887 | ) | |||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Value Fund Class A | ||||||||||||||||||||||||
Sold | 43,736 | $ | 734,155 | 71,383 | $ | 1,020,509 | 103,430 | $ | 1,461,492 | |||||||||||||||
Issued as reinvestment of dividends | 6,519 | 100,464 | 7,358 | 95,730 | 8,572 | 122,659 | ||||||||||||||||||
Redeemed | (231,939 | ) | (3,734,142 | ) | (149,207 | ) | (2,134,169 | ) | (394,324 | ) | (5,649,973 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) | (181,684 | ) | $ | (2,899,523 | ) | (70,466 | ) | $ | (1,017,930 | ) | (282,322 | ) | $ | (4,065,822 | ) | |||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Value Fund Class N | ||||||||||||||||||||||||
Sold | 37 | $ | 610 | 243 | $ | 3,333 | 658 | $ | 9,506 | |||||||||||||||
Issued as reinvestment of dividends | 4 | 45 | 35 | 459 | 27 | 395 | ||||||||||||||||||
Redeemed | (109 | ) | (1,821 | ) | (3,833 | ) | (53,042 | ) | (861 | ) | (12,272 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) | (68 | ) | $ | (1,166 | ) | (3,555 | ) | $ | (49,250 | ) | (176 | ) | $ | (2,371 | ) | |||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Disciplined Value Fund Class S | ||||||||||||||||||||||||
Sold | 4,294,025 | $ | 53,525,598 | 1,629,447 | $ | 16,967,675 | 9,666,741 | $ | 98,717,862 | |||||||||||||||
Issued as reinvestment of dividends | 423,047 | 4,771,965 | 416,949 | 3,902,644 | 265,370 | 2,603,279 | ||||||||||||||||||
Redeemed | (6,086,646 | ) | (77,716,935 | ) | (3,445,273 | ) | (36,050,218 | ) | (4,426,483 | ) | (44,936,237 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) | (1,369,574 | ) | $ | (19,419,372 | ) | (1,398,877 | ) | $ | (15,179,899 | ) | 5,505,628 | $ | 56,384,904 | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
283
Table of Contents
Notes to Financial Statements (Continued)
Year Ended September 30, 2013 | Period Ended September 30, 2012+ | Year Ended October 31, 2011 | ||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||
Disciplined Value Fund Class Y | ||||||||||||||||||||||||
Sold | 930,418 | $ | 11,494,855 | 1,455,872 | $ | 15,096,846 | 974,935 | $ | 9,674,110 | |||||||||||||||
Issued as reinvestment of dividends | 128,057 | 1,438,085 | 103,221 | 960,990 | 104,272 | 1,017,694 | ||||||||||||||||||
Redeemed | (1,834,869 | ) | (23,235,497 | ) | (1,074,879 | ) | (10,971,457 | ) | (1,680,660 | ) | (17,312,297 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) | (776,394 | ) | $ | (10,302,557 | ) | 484,214 | $ | 5,086,379 | (601,453 | ) | $ | (6,620,493 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Disciplined Value Fund Class L | ||||||||||||||||||||||||
Sold | 125,655 | $ | 1,579,693 | 75,188 | $ | 812,579 | 1,490,223 | $ | 15,275,665 | |||||||||||||||
Issued as reinvestment of dividends | 5,164 | 58,924 | - | - | 110,947 | 1,080,621 | ||||||||||||||||||
Redeemed | (43,265 | ) | (560,100 | ) | (34,514 | ) | (365,276 | ) | (8,525,382 | ) | (86,570,216 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) | 87,554 | $ | 1,078,517 | 40,674 | $ | 447,303 | (6,924,212 | ) | $ | (70,213,930 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Disciplined Value Fund Class A | ||||||||||||||||||||||||
Sold | 303,758 | $ | 3,812,349 | 147,821 | $ | 1,491,208 | 182,379 | $ | 1,789,999 | |||||||||||||||
Issued as reinvestment of dividends | 15,535 | 173,369 | 14,136 | 130,901 | 13,640 | 132,449 | ||||||||||||||||||
Redeemed | (286,531 | ) | (3,546,744 | ) | (240,811 | ) | (2,489,579 | ) | (280,903 | ) | (2,768,051 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) | 32,762 | $ | 438,974 | (78,854 | ) | $ | (867,470 | ) | (84,884 | ) | $ | (845,603 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Disciplined Value Fund Class N | ||||||||||||||||||||||||
Sold | 177 | $ | 2,254 | 642 | $ | 7,014 | 1,163 | $ | 11,541 | |||||||||||||||
Issued as reinvestment of dividends | 35 | 394 | 33 | 311 | 112 | 1,095 | ||||||||||||||||||
Redeemed | (101 | ) | (1,305 | ) | (2,519 | ) | (25,385 | ) | (8,202 | ) | (85,914 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) | 111 | $ | 1,343 | (1,844 | ) | $ | (18,060 | ) | (6,927 | ) | $ | (73,278 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Main Street Fund Class S | ||||||||||||||||||||||||
Sold | 472,554 | $ | 5,134,034 | 585,083 | $ | 5,568,235 | 730,747 | $ | 6,354,165 | |||||||||||||||
Issued as reinvestment of dividends | 147,888 | 1,502,544 | 106,551 | 901,422 | 127,157 | 1,118,985 | ||||||||||||||||||
Redeemed | (1,513,969 | ) | (16,504,656 | ) | (1,714,936 | ) | (16,311,886 | ) | (2,841,397 | ) | (25,081,646 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) | (893,527 | ) | $ | (9,868,078 | ) | (1,023,302 | ) | $ | (9,842,229 | ) | (1,983,493 | ) | $ | (17,608,496 | ) | |||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Main Street Fund Class Y | ||||||||||||||||||||||||
Sold | 59,924 | $ | 677,936 | 477,392 | $ | 4,798,826 | 51,632 | $ | 473,478 | |||||||||||||||
Issued as reinvestment of dividends | 5,700 | 58,713 | - | - | 2,127 | 18,824 | ||||||||||||||||||
Redeemed | (104,830 | ) | (1,133,887 | ) | (8,581 | ) | (87,243 | ) | (292,946 | ) | (2,525,235 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) | (39,206 | ) | $ | (397,238 | ) | 468,811 | $ | 4,711,583 | (239,187 | ) | $ | (2,032,933 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Main Street Fund Class L | ||||||||||||||||||||||||
Sold | 269,133 | $ | 3,045,108 | 244,276 | $ | 2,320,742 | 348,628 | $ | 3,093,575 | |||||||||||||||
Issued as reinvestment of dividends | 31,824 | 323,331 | 27,328 | 230,920 | 36,677 | 322,753 | ||||||||||||||||||
Redeemed | (719,144 | ) | (7,680,258 | ) | (1,676,291 | ) | (16,112,520 | ) | (1,250,346 | ) | (11,119,454 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) | (418,187 | ) | $ | (4,311,819 | ) | (1,404,687 | ) | $ | (13,560,858 | ) | (865,041 | ) | $ | (7,703,126 | ) | |||||||||
|
|
|
|
|
|
|
|
|
|
|
|
284
Table of Contents
Notes to Financial Statements (Continued)
Year Ended September 30, 2013 | Period Ended September 30, 2012+ | Year Ended October 31, 2011 | ||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||
Main Street Fund Class A | ||||||||||||||||||||||||
Sold | 274,645 | $ | 2,986,136 | 456,107 | $ | 4,377,900 | 199,426 | $ | 1,719,009 | |||||||||||||||
Issued as reinvestment of dividends | 10,606 | 107,123 | 2,832 | 23,819 | 4,959 | 43,337 | ||||||||||||||||||
Redeemed | (329,825 | ) | (3,547,641 | ) | (223,810 | ) | (2,077,660 | ) | (366,502 | ) | (3,173,123 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) | (44,574 | ) | $ | (454,382 | ) | 235,129 | $ | 2,324,059 | (162,117 | ) | $ | (1,410,777 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Main Street Fund Class N | ||||||||||||||||||||||||
Sold | 769 | $ | 8,346 | 1,425 | $ | 13,124 | 16,242 | $ | 129,572 | |||||||||||||||
Issued as reinvestment of dividends | 28 | 280 | 48 | 407 | 34 | 301 | ||||||||||||||||||
Redeemed | (4,217 | ) | (45,899 | ) | (30,020 | ) | (279,299 | ) | (10,534 | ) | (94,160 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) | (3,420 | ) | $ | (37,273 | ) | (28,547 | ) | $ | (265,768 | ) | 5,742 | $ | 35,713 | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Capital Appreciation Fund Class S | ||||||||||||||||||||||||
Sold | 535,876 | $ | 6,750,397 | 549,203 | $ | 6,245,890 | 654,600 | $ | 6,994,374 | |||||||||||||||
Issued as reinvestment of dividends | 180,741 | 2,132,742 | 185,422 | 1,870,912 | 147,912 | 1,569,344 | ||||||||||||||||||
Redeemed | (2,816,651 | ) | (35,604,710 | ) | (7,057,979 | ) | (80,367,728 | ) | (20,938,758 | ) | (221,295,228 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) | (2,100,034 | ) | $ | (26,721,571 | ) | (6,323,354 | ) | $ | (72,250,926 | ) | (20,136,246 | ) | $ | (212,731,510 | ) | |||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Capital Appreciation Fund Class Y | ||||||||||||||||||||||||
Sold | 830,774 | $ | 10,828,243 | 471,432 | $ | 5,564,059 | 49,459 | $ | 530,030 | |||||||||||||||
Issued as reinvestment of dividends | 6,336 | 74,639 | 776 | 7,821 | 2,475 | 26,161 | ||||||||||||||||||
Redeemed | (81,682 | ) | (1,044,500 | ) | (31,093 | ) | (359,932 | ) | (771,960 | ) | (8,497,039 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) | 755,428 | $ | 9,858,382 | 441,115 | $ | 5,211,948 | (720,026 | ) | $ | (7,940,848 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Capital Appreciation Fund Class L | ||||||||||||||||||||||||
Sold | 149,178 | $ | 1,861,029 | 169,148 | $ | 1,911,430 | 496,249 | $ | 5,274,959 | |||||||||||||||
Issued as reinvestment of dividends | 14,244 | 166,936 | 11,170 | 111,929 | 5,883 | 61,944 | ||||||||||||||||||
Redeemed | (1,628,207 | ) | (20,642,831 | ) | (597,905 | ) | (6,868,585 | ) | (2,301,421 | ) | (24,579,579 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) | (1,464,785 | ) | $ | (18,614,866 | ) | (417,587 | ) | $ | (4,845,226 | ) | (1,799,289 | ) | $ | (19,242,676 | ) | |||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Capital Appreciation Fund Class A | ||||||||||||||||||||||||
Sold | 251,186 | $ | 3,119,369 | 496,986 | $ | 5,539,207 | 291,897 | $ | 3,084,606 | |||||||||||||||
Issued as reinvestment of dividends | 35,651 | 417,474 | 29,025 | 290,256 | 760 | 7,982 | ||||||||||||||||||
Redeemed | (2,220,646 | ) | (27,372,951 | ) | (3,695,716 | ) | (41,699,012 | ) | (5,317,553 | ) | (56,823,565 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) | (1,933,809 | ) | $ | (23,836,108 | ) | (3,169,705 | ) | $ | (35,869,549 | ) | (5,024,896 | ) | $ | (53,730,977 | ) | |||||||||
|
|
|
|
|
|
|
|
|
|
|
|
285
Table of Contents
Notes to Financial Statements (Continued)
Year Ended September 30, 2013 | Period Ended September 30, 2012+ | Year Ended October 31, 2011 | ||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||
Capital Appreciation Fund Class N | ||||||||||||||||||||||||
Sold | 7,211 | $ | 83,058 | 2,994 | $ | 32,829 | 5,540 | $ | 57,650 | |||||||||||||||
Issued as reinvestment of dividends | 123 | 1,399 | - | - | - | - | ||||||||||||||||||
Redeemed | (25,614 | ) | (315,488 | ) | (5,038 | ) | (52,443 | ) | (21,411 | ) | (230,631 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) | (18,280 | ) | $ | (231,031 | ) | (2,044 | ) | $ | (19,614 | ) | (15,871 | ) | $ | (172,981 | ) | |||||||||
|
| �� |
|
|
|
|
|
|
|
|
|
| ||||||||||||
Disciplined Growth Fund Class S | ||||||||||||||||||||||||
Sold | 3,313,710 | $ | 39,569,475 | 3,948,289 | $ | 41,336,729 | 11,933,147 | $ | 114,686,312 | |||||||||||||||
Issued as reinvestment of dividends | 332,049 | 3,632,613 | 205,568 | 1,885,057 | 90,333 | 846,424 | ||||||||||||||||||
Redeemed | (6,733,019 | ) | (81,013,841 | ) | (3,504,514 | ) | (36,753,832 | ) | (2,272,241 | ) | (21,841,556 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) | (3,087,260 | ) | $ | (37,811,753 | ) | 649,343 | $ | 6,467,954 | 9,751,239 | $ | 93,691,180 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Disciplined Growth Fund Class Y | ||||||||||||||||||||||||
Sold | 698,501 | $ | 8,596,184 | 883,755 | $ | 8,970,417 | 1,011,517 | $ | 9,777,643 | |||||||||||||||
Issued as reinvestment of dividends | 89,360 | 979,387 | 52,414 | 481,683 | 47,537 | 446,373 | ||||||||||||||||||
Redeemed | (1,097,602 | ) | (13,424,061 | ) | (871,267 | ) | (8,775,997 | ) | (951,326 | ) | (9,028,185 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) | (309,741 | ) | $ | (3,848,490 | ) | 64,902 | $ | 676,103 | 107,728 | $ | 1,195,831 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Disciplined Growth Fund Class L | ||||||||||||||||||||||||
Sold | 870,580 | $ | 10,534,106 | 734,177 | $ | 7,851,989 | 2,249,476 | $ | 21,858,127 | |||||||||||||||
Issued as reinvestment of dividends | 13,970 | 154,091 | - | - | 64,988 | 608,941 | ||||||||||||||||||
Redeemed | (143,142 | ) | (1,695,592 | ) | (23,951 | ) | (260,024 | ) | (9,901,986 | ) | (94,906,106 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) | 741,408 | $ | 8,992,605 | 710,226 | $ | 7,591,965 | (7,587,522 | ) | $ | (72,439,038 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Disciplined Growth Fund Class A | ||||||||||||||||||||||||
Sold | 568,630 | $ | 6,802,771 | 805,387 | $ | 8,355,450 | 287,399 | $ | 2,763,660 | |||||||||||||||
Issued as reinvestment of dividends | 21,856 | 238,006 | 4,322 | 39,504 | 3,614 | 33,756 | ||||||||||||||||||
Redeemed | (434,829 | ) | (5,246,806 | ) | (172,979 | ) | (1,777,735 | ) | (137,513 | ) | (1,299,467 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) | 155,657 | $ | 1,793,971 | 636,730 | $ | 6,617,219 | 153,500 | $ | 1,497,949 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Small Cap Opportunities Fund Class S | ||||||||||||||||||||||||
Sold | 710,699 | $ | 9,125,094 | 6,385,210 | $ | 60,964,921 | 604,510 | $ | 6,012,611 | |||||||||||||||
Issued as reinvestment of dividends | 68,419 | 771,082 | 94,434 | 872,574 | 100,115 | 987,135 | ||||||||||||||||||
Redemptions in-kind | - | - | (5,362,903 | ) | (51,430,244 | ) | - | - | ||||||||||||||||
Redeemed | (1,378,627 | ) | (17,109,982 | ) | (7,070,698 | ) | (68,273,900 | ) | (2,770,151 | ) | (27,884,620 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) | (599,509 | ) | $ | (7,213,806 | ) | (5,953,957 | ) | $ | (57,866,649 | ) | (2,065,526 | ) | $ | (20,884,874 | ) | |||||||||
|
|
|
|
|
|
|
|
|
|
|
|
286
Table of Contents
Notes to Financial Statements (Continued)
Year Ended September 30, 2013 | Period Ended September 30, 2012+ | Year Ended October 31, 2011 | ||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||
Small Cap Opportunities Fund Class Y | ||||||||||||||||||||||||
Sold | 26,529 | $ | 339,542 | 195,531 | $ | 2,084,740 | 33,816 | $ | 339,116 | |||||||||||||||
Issued as reinvestment of dividends | 3,162 | 35,673 | 724 | 6,689 | 1,170 | 11,538 | ||||||||||||||||||
Redeemed | (152,688 | ) | (1,943,348 | ) | (99,205 | ) | (959,355 | ) | (20,981 | ) | (205,435 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) | (122,997 | ) | $ | (1,568,133 | ) | 97,050 | $ | 1,132,074 | 14,005 | $ | 145,219 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Small Cap Opportunities Fund Class L | ||||||||||||||||||||||||
Sold | 200,026 | $ | 2,577,134 | 598,756 | $ | 6,165,786 | 39,130 | $ | 391,440 | |||||||||||||||
Issued as reinvestment of dividends | 5,919 | 66,410 | 1,471 | 13,546 | 851 | 8,366 | ||||||||||||||||||
Redeemed | (95,174 | ) | (1,174,794 | ) | (320,772 | ) | (3,376,353 | ) | (367,823 | ) | (3,384,746 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) | 110,771 | $ | 1,468,750 | 279,455 | $ | 2,802,979 | (327,842 | ) | $ | (2,984,940 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Small Cap Opportunities Fund Class A | ||||||||||||||||||||||||
Sold | 918,981 | $ | 11,741,244 | 1,178,112 | $ | 12,058,988 | 713,009 | $ | 7,099,523 | |||||||||||||||
Issued as reinvestment of dividends | 39,059 | 432,774 | 14,752 | 133,946 | 22,072 | 213,659 | ||||||||||||||||||
Redeemed | (1,096,854 | ) | (13,568,877 | ) | (1,839,473 | ) | (19,091,327 | ) | (2,323,827 | ) | (22,311,950 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) | (138,814 | ) | $ | (1,394,859 | ) | (646,609 | ) | $ | (6,898,393 | ) | (1,588,746 | ) | $ | (14,998,768 | ) | |||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Global Fund Class S | ||||||||||||||||||||||||
Sold | 856,491 | $ | 10,824,510 | 513,894 | $ | 5,481,574 | 1,153,770 | $ | 12,891,475 | |||||||||||||||
Issued as reinvestment of dividends | 219,353 | 2,614,685 | 298,496 | 2,838,694 | 309,972 | 3,378,699 | ||||||||||||||||||
Redeemed | (3,284,672 | ) | (41,863,484 | ) | (2,565,548 | ) | (26,847,033 | ) | (2,809,940 | ) | (31,111,199 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) | (2,208,828 | ) | $ | (28,424,289 | ) | (1,753,158 | ) | $ | (18,526,765 | ) | (1,346,198 | ) | $ | (14,841,025 | ) | |||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Global Fund Class Y | ||||||||||||||||||||||||
Sold | 131,410 | $ | 1,631,727 | 176,286 | $ | 1,938,939 | 437,715 | $ | 4,831,883 | |||||||||||||||
Issued as reinvestment of dividends | 7,221 | 85,643 | 8,998 | 85,125 | 11,433 | 123,930 | ||||||||||||||||||
Redeemed | (187,448 | ) | (2,286,070 | ) | (188,406 | ) | (1,980,674 | ) | (415,381 | ) | (4,510,348 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) | (48,817 | ) | $ | (568,700 | ) | (3,122 | ) | $ | 43,390 | 33,767 | $ | 445,465 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Global Fund Class L | ||||||||||||||||||||||||
Sold | 682,886 | $ | 8,594,074 | 1,278,543 | $ | 13,353,647 | 1,196,943 | $ | 13,156,000 | |||||||||||||||
Issued as reinvestment of dividends | 101,607 | 1,211,149 | 139,006 | 1,321,950 | 150,703 | 1,642,661 | ||||||||||||||||||
Redeemed | (1,370,240 | ) | (17,168,259 | ) | (2,819,823 | ) | (29,778,263 | ) | (2,533,464 | ) | (28,095,811 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) | (585,747 | ) | $ | (7,363,036 | ) | (1,402,274 | ) | $ | (15,102,666 | ) | (1,185,818 | ) | $ | (13,297,150 | ) | |||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Global Fund Class A | ||||||||||||||||||||||||
Sold | 589,178 | $ | 7,523,605 | 762,398 | $ | 7,965,071 | 575,648 | $ | 6,327,533 | |||||||||||||||
Issued as reinvestment of dividends | 27,915 | 330,240 | 33,139 | 312,829 | 42,210 | 456,286 | ||||||||||||||||||
Redeemed | (847,310 | ) | (10,438,132 | ) | (654,886 | ) | (6,817,090 | ) | (992,661 | ) | (10,833,618 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) | (230,217 | ) | $ | (2,584,287 | ) | 140,651 | $ | 1,460,810 | (374,803 | ) | $ | (4,049,799 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
287
Table of Contents
Notes to Financial Statements (Continued)
Year Ended September 30, 2013 | Period Ended September 30, 2012+ | Year Ended October 31, 2011 | ||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||
Global Fund Class N | ||||||||||||||||||||||||
Sold | 15,980 | $ | 201,012 | 20,303 | $ | 213,754 | 21,547 | $ | 238,221 | |||||||||||||||
Issued as reinvestment of dividends | 652 | 7,743 | 721 | 6,835 | 666 | 7,240 | ||||||||||||||||||
Redeemed | (11,349 | ) | (143,759 | ) | (16,301 | ) | (165,781 | ) | (15,490 | ) | (172,094 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) | 5,283 | $ | 64,996 | 4,723 | $ | 54,808 | 6,723 | $ | 73,367 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
International Equity Fund Class S | ||||||||||||||||||||||||
Sold | 2,339,965 | $ | 33,545,806 | 3,135,232 | $ | 38,949,609 | 4,625,608 | $ | 68,037,040 | |||||||||||||||
Issued as reinvestment of dividends | 1,347,821 | 18,101,237 | 4,024,053 | 44,626,752 | 414,147 | 5,860,173 | ||||||||||||||||||
Redeemed | (5,781,155 | ) | (82,302,791 | ) | (16,831,960 | ) | (214,200,945 | ) | (7,218,356 | ) | (103,620,186 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) | (2,093,369 | ) | $ | (30,655,748 | ) | (9,672,675 | ) | $ | (130,624,584 | ) | (2,178,601 | ) | $ | (29,722,973 | ) | |||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
International Equity Fund Class Y | ||||||||||||||||||||||||
Sold | 363,884 | $ | 5,359,349 | 571,676 | $ | 7,256,719 | 622,783 | $ | 9,215,301 | |||||||||||||||
Issued as reinvestment of dividends | 75,902 | 1,017,844 | 207,499 | 2,299,092 | 9,638 | 136,382 | ||||||||||||||||||
Redeemed | (465,336 | ) | (6,415,024 | ) | (512,520 | ) | (6,563,235 | ) | (372,255 | ) | (5,388,587 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) | (25,550 | ) | $ | (37,831 | ) | 266,655 | $ | 2,992,576 | 260,166 | $ | 3,963,096 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
International Equity Fund Class L | ||||||||||||||||||||||||
Sold | 210,934 | $ | 2,947,496 | 466,992 | $ | 5,780,066 | 517,038 | $ | 7,572,679 | |||||||||||||||
Issued as reinvestment of dividends | 53,333 | 712,533 | 128,082 | 1,414,029 | 29,377 | 412,749 | ||||||||||||||||||
Redeemed | (281,602 | ) | (3,938,060 | ) | (331,255 | ) | (4,120,199 | ) | (3,341,708 | ) | (49,400,655 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) | (17,335 | ) | $ | (278,031 | ) | 263,819 | $ | 3,073,896 | (2,795,293 | ) | $ | (41,415,227 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
International Equity Fund Class A | ||||||||||||||||||||||||
Sold | 451,269 | $ | 6,308,625 | 528,657 | $ | 6,390,187 | 712,101 | $ | 10,106,735 | |||||||||||||||
Issued as reinvestment of dividends | 152,651 | 1,999,729 | 504,237 | 5,460,879 | 23,480 | 325,667 | ||||||||||||||||||
Redeemed | (580,651 | ) | (8,051,811 | ) | (904,842 | ) | (11,043,167 | ) | (949,431 | ) | (13,618,277 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) | 23,269 | $ | 256,543 | 128,052 | $ | 807,899 | (213,850 | ) | $ | (3,185,875 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Focused International Fund Class Z* | ||||||||||||||||||||||||
Sold | 3,491,643 | $ | 41,600,175 | 4,988,383 | $ | 57,895,990 | 2,580,191 | $ | 30,807,436 | |||||||||||||||
Issued as reinvestment of dividends | 91,770 | 1,063,618 | 20,370 | 206,554 | 0 | ++ | 2 | |||||||||||||||||
Redeemed | (2,555,264 | ) | (30,303,513 | ) | (951,456 | ) | (10,583,612 | ) | (453,565 | ) | (5,340,771 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) | 1,028,149 | $ | 12,360,280 | 4,057,297 | $ | 47,518,932 | 2,126,626 | $ | 25,466,667 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
288
Table of Contents
Notes to Financial Statements (Continued)
Year Ended September 30, 2013 | Period Ended September 30, 2012+ | Year Ended October 31, 2011 | ||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||
Focused International Fund Class S | ||||||||||||||||||||||||
Sold | 75,040 | $ | 909,106 | 662,761 | $ | 7,017,038 | 2,354,882 | $ | 27,564,874 | |||||||||||||||
Issued as reinvestment of dividends | 44,260 | 513,418 | 20,263 | 205,670 | 34,343 | 395,980 | ||||||||||||||||||
Redeemed | (2,610,711 | ) | (31,174,320 | ) | (320,339 | ) | (3,599,778 | ) | (1,756,942 | ) | (21,059,688 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) | (2,491,411 | ) | $ | (29,751,796 | ) | 362,685 | $ | 3,622,930 | 632,283 | $ | 6,901,166 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Focused International Fund Class Y | ||||||||||||||||||||||||
Sold | 136,384 | $ | 1,608,319 | 106,142 | $ | 1,179,272 | 118,018 | $ | 1,395,954 | |||||||||||||||
Issued as reinvestment of dividends | 8,642 | 100,077 | 5,070 | 51,354 | 12,176 | 140,147 | ||||||||||||||||||
Redeemed | (629,132 | ) | (7,493,949 | ) | (99,575 | ) | (1,096,886 | ) | (112,804 | ) | (1,327,835 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) | (484,106 | ) | $ | (5,785,553 | ) | 11,637 | $ | 133,740 | 17,390 | $ | 208,266 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Focused International Fund Class L | ||||||||||||||||||||||||
Sold | 60,429 | $ | 723,488 | 164,156 | $ | 1,802,420 | 451,603 | $ | 5,356,753 | |||||||||||||||
Issued as reinvestment of dividends | 7,689 | 89,498 | 330 | 3,363 | 27,357 | 315,154 | ||||||||||||||||||
Redeemed | (374,002 | ) | (4,430,334 | ) | (80,070 | ) | (893,354 | ) | (1,658,899 | ) | (19,453,248 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) | (305,884 | ) | $ | (3,617,348 | ) | 84,416 | $ | 912,429 | (1,179,939 | ) | $ | (13,781,341 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Focused International Fund Class A | ||||||||||||||||||||||||
Sold | 141,831 | $ | 1,679,782 | 190,954 | $ | 2,106,138 | 238,306 | $ | 2,772,640 | |||||||||||||||
Issued as reinvestment of dividends | 16,529 | 191,242 | 2,989 | 30,244 | 36,776 | 422,195 | ||||||||||||||||||
Redeemed | (909,818 | ) | (10,690,152 | ) | (474,432 | ) | (5,143,179 | ) | (1,113,936 | ) | (12,868,464 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) | (751,458 | ) | $ | (8,819,128 | ) | (280,489 | ) | $ | (3,006,797 | ) | (838,854 | ) | $ | (9,673,629 | ) | |||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Focused International Fund Class N | ||||||||||||||||||||||||
Sold | 24,035 | $ | 280,352 | 21,546 | $ | 231,783 | 16,510 | $ | 190,259 | |||||||||||||||
Issued as reinvestment of dividends | 669 | 7,648 | - | - | 907 | 10,327 | ||||||||||||||||||
Redeemed | (31,632 | ) | (371,149 | ) | (20,645 | ) | (226,574 | ) | (19,017 | ) | (221,246 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) | (6,928 | ) | $ | (83,149 | ) | 901 | $ | 5,209 | (1,600 | ) | $ | (20,660 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Strategic Emerging Markets Fund | ||||||||||||||||||||||||
Sold | 1,495,458 | $ | 18,022,037 | 5,234,160 | $ | 65,242,654 | 7,164,379 | $ | 113,582,138 | |||||||||||||||
Issued as reinvestment of dividends | 86,687 | 1,094,858 | 1,727,239 | 18,498,727 | - | - | ||||||||||||||||||
Redeemed | (2,899,249 | ) | (34,455,909 | ) | (2,345,927 | ) | (27,909,945 | ) | (574,614 | ) | (8,541,888 | ) | ||||||||||||
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Net increase (decrease) | (1,317,104 | ) | $ | (15,339,014 | ) | 4,615,472 | $ | 55,831,436 | 6,589,765 | $ | 105,040,250 | |||||||||||||
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Notes to Financial Statements (Continued)
Year Ended September 30, 2013 | Period Ended September 30, 2012+ | Year Ended October 31, 2011 | ||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||
Strategic Emerging Markets Fund | ||||||||||||||||||||||||
Sold | 150,056 | $ | 1,794,751 | 106,587 | $ | 1,328,500 | 1,974,957 | $ | 31,807,953 | |||||||||||||||
Issued as reinvestment of dividends | 3,741 | 47,848 | 60,670 | 658,272 | 674,021 | 10,919,140 | ||||||||||||||||||
Redeemed | (62,482 | ) | (709,949 | ) | (3,288,987 | ) | (41,993,220 | ) | (5,071,683 | ) | (81,639,594 | ) | ||||||||||||
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Net increase (decrease) | 91,315 | $ | 1,132,650 | (3,121,730 | ) | $ | (40,006,448 | ) | (2,422,705 | ) | $ | (38,912,501 | ) | |||||||||||
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Strategic Emerging Markets Fund | ||||||||||||||||||||||||
Sold | 970 | $ | 11,334 | 1,492 | $ | 16,140 | 644 | $ | 10,379 | |||||||||||||||
Issued as reinvestment of dividends | 101 | 1,277 | 2,320 | 24,867 | 1,123 | 18,190 | ||||||||||||||||||
Redeemed | (298 | ) | (3,817 | ) | (287 | ) | (3,592 | ) | (3 | ) | (51 | ) | ||||||||||||
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Net increase (decrease) | 773 | $ | 8,794 | 3,525 | $ | 37,415 | 1,764 | $ | 28,518 | |||||||||||||||
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Strategic Emerging Markets Fund | ||||||||||||||||||||||||
Sold | 4,766 | $ | 57,375 | 5,247 | $ | 64,197 | 141,727 | $ | 2,378,410 | |||||||||||||||
Issued as reinvestment of dividends | 35 | 441 | 5 | 61 | 307,445 | 4,971,384 | ||||||||||||||||||
Redeemed | (1,639 | ) | (19,709 | ) | (61 | ) | (698 | ) | (3,660,402 | ) | (57,545,450 | ) | ||||||||||||
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Net increase (decrease) | 3,162 | $ | 38,107 | 5,191 | $ | 63,560 | (3,211,230 | ) | $ | (50,195,656 | ) | |||||||||||||
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Strategic Emerging Markets Fund Class A | ||||||||||||||||||||||||
Sold | 7,494 | $ | 89,022 | 33,194 | $ | 396,902 | 5,041 | $ | 80,803 | |||||||||||||||
Issued as reinvestment of dividends | - | - | 4,769 | 50,981 | 3,471 | 55,982 | ||||||||||||||||||
Redeemed | (10,337 | ) | (124,269 | ) | (34,580 | ) | (404,855 | ) | (17,221 | ) | (262,193 | ) | ||||||||||||
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Net increase (decrease) | (2,843 | ) | $ | (35,247 | ) | 3,383 | $ | 43,028 | (8,709 | ) | $ | (125,408 | ) | |||||||||||
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* | Class Z shares commenced operations on December 3, 2010. |
** | Class Z shares commenced operations on March 1, 2011. |
*** | Class N shares were eliminated as of February 25, 2013. |
+ | For the period November 1, 2011 through September 30, 2012. |
++ | Amount rounds to less than 0.5 share. |
Class N shares of the Money Market Fund, International Bond Fund, Balanced Fund, Disciplined Growth Fund, Small Cap Opportunities Fund, International Equity Fund, and Strategic Emerging Markets Fund were eliminated as of February 22, 2011.
Purchases of Class A shares are subject to a front-end sales charge of up to 5.75% of the amount purchased. A portion of the front-end sales charge may be retained by the Distributor. For the year ended September 30, 2013, no material amounts have been retained by the Distributor.
Redemptions or exchanges of Class A shares made within eighteen months of purchase from initial investments of $1 million or more are subject to a contingent deferred sales charge of 1% of the amount redeemed. Redemptions or exchanges of Class N shares made within eighteen months of purchase are subject to a contingent deferred sales charge of 1% of the amount redeemed. The Distributor receives all contingent deferred sales charges. Any contingent deferred sales charges imposed during the year ended September 30, 2013, were waived for any redemptions or exchanges subject to such a charge.
290
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Notes to Financial Statements (Continued)
6. | Federal Income Tax Information |
At September 30, 2013, the cost of securities and the unrealized appreciation (depreciation) in the value of investments owned by the Funds, as computed on a federal income tax basis, were as follows:
Federal Income Tax Cost | Tax Basis Unrealized Appreciation | Tax Basis Unrealized (Depreciation) | Net Unrealized Appreciation (Depreciation) | |||||||||||||
Short-Duration Bond Fund | $ | 603,409,751 | $ | 7,760,430 | $ | (8,272,033 | ) | $ | (511,603 | ) | ||||||
Inflation-Protected and Income Fund | 540,936,858 | 6,420,996 | (7,410,384 | ) | (989,388 | ) | ||||||||||
Core Bond Fund | 1,661,621,116 | 35,536,398 | (24,291,709 | ) | 11,244,689 | |||||||||||
Diversified Bond Fund | 109,917,370 | 2,809,561 | (2,889,971 | ) | (80,410 | ) | ||||||||||
High Yield Fund | 237,989,602 | 6,781,856 | (5,361,852 | ) | 1,420,004 | |||||||||||
International Bond Fund | 47,642,910 | 1,198,150 | (2,765,265 | ) | (1,567,115 | ) | ||||||||||
Balanced Fund | 160,243,019 | 9,387,704 | (1,675,991 | ) | 7,711,713 | |||||||||||
Value Fund | 114,216,165 | 11,703,305 | (946,592 | ) | 10,756,713 | |||||||||||
Disciplined Value Fund | 298,435,212 | 26,587,081 | (3,269,614 | ) | 23,317,467 | |||||||||||
Main Street Fund | 141,260,451 | 43,456,428 | (720,416 | ) | 42,736,012 | |||||||||||
Capital Appreciation Fund | 221,420,034 | 66,305,558 | (2,085,041 | ) | 64,220,517 | |||||||||||
Disciplined Growth Fund | 288,018,740 | 28,503,997 | (2,190,917 | ) | 26,313,080 | |||||||||||
Small Cap Opportunities Fund | 152,417,741 | 36,067,795 | (2,269,667 | ) | 33,798,128 | |||||||||||
Global Fund | 311,793,234 | 136,066,760 | (6,477,158 | ) | 129,589,602 | |||||||||||
International Equity Fund | 453,607,577 | 145,995,232 | (7,718,760 | ) | 138,276,472 | |||||||||||
Focused International Fund | 120,791,260 | 13,555,985 | (3,707,306 | ) | 9,848,679 | |||||||||||
Strategic Emerging Markets Fund | 116,797,740 | 11,056,645 | (5,006,257 | ) | 6,050,388 |
Note: The aggregate cost for investments for the Money Market Fund at September 30, 2013, is the same for financial reporting and federal income tax purposes.
Net capital loss carryforwards may be applied against any net realized taxable gains in succeeding years, subject to the carryforward period limitations, where applicable. On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the “Modernization Act”) was signed by the President. The Modernization Act changed the capital loss carryforward rules as they relate to regulated investment companies. Capital losses generated in tax years beginning after the date of enactment may now be carried forward indefinitely, and retain the character of the original loss. Under pre-enactment law, capital losses could be carried forward for up to eight tax years as short-term capital losses. The provisions affecting the utilization of capital loss carryforwards under the Modernization Act also require the utilization of post-enactment losses prior to the utilization of pre-enactment losses.
At September 30, 2013, the following Fund(s) had available, for federal income tax purposes, pre-enactment unused capital losses:
Expiring 2016 | Expiring 2017 | Expiring 2018 | ||||||||||
Money Market Fund | $ | 829,466 | $ | - | $ | - | ||||||
Value Fund | - | 56,268,278 | - | |||||||||
Disciplined Value Fund | - | 65,368,812 | - | |||||||||
Main Street Fund | - | 32,973,953 | - | |||||||||
Small Cap Opportunities Fund | - | 3,794,999 | - | |||||||||
Global Fund | - | 2,358,258 | 949,075 | |||||||||
Focused International Fund | 487,296 | 15,014,828 | - |
291
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Notes to Financial Statements (Continued)
At September 30, 2013, the following Fund(s) had post-enactment accumulated capital loss carryforwards:
Short Term Capital Loss Carryforward | Long Term Capital Loss Carryforward | |||||||
Short-Duration Bond Fund | $ | 365,171 | $ | 438,860 | ||||
Diversified Bond Fund | 283,674 | - | ||||||
Strategic Emerging Markets Fund | 1,418,240 | - |
Net capital loss carryforwards for the Funds shown in the above table are from post-enactment years and are, therefore, not subject to the eight-year carryforward period and possible expiration.
The following Fund elected to defer to the fiscal year beginning October 1, 2013, post-October capital losses:
Post-October Loss | ||||
Core Bond Fund | $ | (10,094,371 | ) | |
Focused International Fund | (880,438 | ) | ||
Strategic Emerging Markets Fund | (11,514,744 | ) |
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 year ended September 30, 2013, was as follows:
Ordinary Income | Long Term Capital Gain | Return of Capital | ||||||||||
Money Market Fund | $ | 62,765 | $ | - | $ | - | ||||||
Short-Duration Bond Fund | 10,787,757 | 4,184,393 | - | |||||||||
Inflation-Protected and Income Fund | 11,015,941 | 3,094,039 | - | |||||||||
Core Bond Fund | 62,377,274 | 10,383,566 | - | |||||||||
Diversified Bond Fund | 4,397,509 | 1,687,297 | - | |||||||||
High Yield Fund | 16,490,081 | - | - | |||||||||
International Bond Fund | 760,449 | 128,294 | - | |||||||||
Balanced Fund | 2,290,396 | - | - | |||||||||
Value Fund | 2,438,679 | - | - | |||||||||
Disciplined Value Fund | 6,444,354 | - | - | |||||||||
Main Street Fund | 1,991,991 | - | - | |||||||||
Capital Appreciation Fund | 2,793,191 | - | - | |||||||||
Disciplined Growth Fund | 4,181,831 | 822,266 | - | |||||||||
Small Cap Opportunities Fund | 1,305,961 | - | - | |||||||||
Global Fund | 4,249,509 | - | - | |||||||||
International Equity Fund | 6,824,568 | 15,006,972 | - | |||||||||
Focused International Fund | 1,965,501 | - | - | |||||||||
Strategic Emerging Markets Fund | 1,144,424 | - | - |
292
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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 period ended September 30, 2012, was as follows:
Ordinary Income | Long Term Capital Gain | Return of Capital | ||||||||||
Money Market Fund | $ | 25,541 | $ | - | $ | - | ||||||
Short-Duration Bond Fund | 13,902,272 | 4,089,355 | - | |||||||||
Inflation-Protected and Income Fund | 13,275,211 | - | - | |||||||||
Core Bond Fund | 60,425,969 | 7,095,542 | - | |||||||||
Diversified Bond Fund | 9,056,942 | 3,818,339 | - | |||||||||
High Yield Fund | 12,418,263 | - | - | |||||||||
International Bond Fund | 1,708,504 | - | - | |||||||||
Balanced Fund | 2,301,979 | - | - | |||||||||
Value Fund | 2,699,872 | - | - | |||||||||
Disciplined Value Fund | 4,995,771 | - | - | |||||||||
Main Street Fund | 1,156,725 | - | - | |||||||||
Capital Appreciation Fund | 2,280,918 | - | - | |||||||||
Disciplined Growth Fund | 2,406,244 | - | - | |||||||||
Small Cap Opportunities Fund | 1,026,755 | - | - | |||||||||
Global Fund | 4,565,433 | - | - | |||||||||
International Equity Fund | 7,203,477 | 46,597,300 | - | |||||||||
Focused International Fund | 497,185 | - | - | |||||||||
Strategic Emerging Markets Fund | 1,555,673 | 17,677,235 | - |
The following Fund(s) have elected to pass through the foreign tax credit for the year ended September 30, 2013:
Amount | ||||
Global Fund | $ | 187,980 | ||
International Equity Fund | 246,936 | |||
Focused International Fund | 93,752 | |||
Strategic Emerging Markets Fund | 321,718 |
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, 2013, 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, 2013, 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 | $ | 7,324 | $ | (829,466 | ) | $ | (72,299 | ) | $ | - | ||||||
Short-Duration Bond Fund | 9,038,238 | (804,031 | ) | (58,920 | ) | (428,248 | ) | |||||||||
Inflation-Protected and Income Fund | 5,400,315 | 9,062,776 | (29,541 | ) | (1,007,028 | ) | ||||||||||
Core Bond Fund | 32,972,795 | - | (10,316,829 | ) | 11,460,939 | |||||||||||
Diversified Bond Fund | 2,079,702 | (283,674 | ) | (39,653 | ) | (67,600 | ) | |||||||||
High Yield Fund | 11,707,812 | 3,498,034 | (18,499 | ) | 1,420,004 |
293
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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 | $ | - | $ | 488,314 | $ | (4,139 | ) | $ | (1,557,552 | ) | ||||||
Balanced Fund | 3,211,513 | 4,740,834 | (22,667 | ) | 7,719,036 | |||||||||||
Value Fund | 1,531,476 | (56,268,278 | ) | (47,180 | ) | 10,756,713 | ||||||||||
Disciplined Value Fund | 4,377,033 | (65,368,812 | ) | (28,795 | ) | 23,317,463 | ||||||||||
Main Street Fund | 1,152,370 | (32,973,953 | ) | (17,214 | ) | 42,736,120 | ||||||||||
Capital Appreciation Fund | 1,014,492 | 2,611,116 | (46,677 | ) | 64,252,694 | |||||||||||
Disciplined Growth Fund | 32,281,215 | 23,541,830 | (12,769 | ) | 26,303,131 | |||||||||||
Small Cap Opportunities Fund | 930,813 | (3,794,999 | ) | (30,133 | ) | 33,798,128 | ||||||||||
Global Fund | 3,716,517 | (3,307,333 | ) | (38,654 | ) | 129,621,652 | ||||||||||
International Equity Fund | 9,617,464 | 35,738,094 | (78,784 | ) | 138,334,654 | |||||||||||
Focused International Fund | 1,796,017 | (15,502,124 | ) | (890,963 | ) | 9,861,469 | ||||||||||
Strategic Emerging Markets Fund | 1,397,726 | (1,418,240 | ) | (11,525,743 | ) | 6,036,397 |
During the year ended September 30, 2013, 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 | $ | – | $ | (34 | ) | $ | 34 | |||||
Short-Duration Bond Fund | – | (3,018,993 | ) | 3,018,993 | ||||||||
Inflation-Protected and Income Fund | – | (2,062,961 | ) | 2,062,961 | ||||||||
Core Bond Fund | – | (3,161,525 | ) | 3,161,525 | ||||||||
Diversified Bond Fund | – | 373,595 | (373,595 | ) | ||||||||
High Yield Fund | (87,994 | ) | 27,776 | 60,218 | ||||||||
International Bond Fund | (1,891,202 | ) | 2,987,499 | (1,096,297 | ) | |||||||
Balanced Fund | – | (75,599 | ) | 75,599 | ||||||||
Value Fund | – | (1,132 | ) | 1,132 | ||||||||
Disciplined Value Fund | 392 | 176,267 | (176,659 | ) | ||||||||
Main Street Fund | – | 19,915 | (19,915 | ) | ||||||||
Capital Appreciation Fund | – | (34,428 | ) | 34,428 | ||||||||
Disciplined Growth Fund | (12 | ) | 136,663 | (136,651 | ) | |||||||
Small Cap Opportunities Fund | (975 | ) | (16,912 | ) | 17,887 | |||||||
Global Fund | – | 51,941 | (51,941 | ) | ||||||||
International Equity Fund | – | (326,258 | ) | 326,258 | ||||||||
Focused International Fund | – | (478,323 | ) | 478,323 | ||||||||
Strategic Emerging Markets Fund | – | 310,958 | (310,958 | ) |
The Funds did not have any unrecognized tax benefits at September 30, 2013, nor were there any increases or decreases in unrecognized tax benefits for the year 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 year ended September 30, 2013, the Funds did not incur any such interest or penalties. The Funds are subject to examination by U.S. federal and state tax authorities for returns filed for the prior three fiscal years. Foreign taxes are provided for based on the Funds’ understanding of the tax rules and rates that exist in the foreign markets in which they invest.
294
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Notes to Financial Statements (Continued)
7. | Investment in Affiliated Issuers |
A summary of the Funds’ transactions in the securities of affiliated issuers during the year ended September 30, 2013, was as follows:
Number of Shares Held as of 9/30/12 | Purchases | Sales | Number of Shares Held as of 9/30/13 | Value as of 9/30/13 | Dividend Income | Net Realized Gain (Loss) | ||||||||||||||||||||||
Global Fund | ||||||||||||||||||||||||||||
Oppenheimer Institutional | 5,182,105 | 55,105,437 | 54,315,674 | 5,971,868 | $ | 5,971,868 | $ | 6,163 | $ | - | ||||||||||||||||||
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International Equity Fund | ||||||||||||||||||||||||||||
Oppenheimer Institutional | 15,511,786 | 132,605,692 | 128,529,415 | 19,588,063 | $ | 19,588,063 | $ | 18,254 | $ | - | ||||||||||||||||||
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* | Fund advised by OFI Global Asset Management, Inc. |
8. | Indemnifications |
Under the Funds’ organizational documents, current and former Trustees and Officers are provided with specified rights to indemnification against liabilities arising in connection with the performance of their duties to the Funds, and shareholders are indemnified against personal liability for obligations of the Funds. In the normal course of business, the Funds may also enter into contracts that provide general indemnifications. The Funds’ maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Funds. The risk of material loss from such claims is considered remote.
9. | New Accounting Pronouncements |
On December 16, 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2011-11, “Disclosures about Offsetting Assets and Liabilities” (“ASU 2011-11”), as clarified with ASU 2013-01 “Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities” issued in January 2013. ASU 2011-11 amends FASB Accounting Standards Codification Topic 210, specifically requiring an entity to disclose information about offsetting and related arrangements and the effect those arrangements have on the financial position. ASU 2011-11 is effective in annual reporting periods beginning on or after January 1, 2013, and for interim periods within those annual reporting periods. Management is currently evaluating the implications of these changes and their impact on the financial statements.
On June 7, 2013, The Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2013-08, Financial Services — Investment Companies (Topic 946): “Amendments to the Scope, Measurement, and Disclosure Requirements” (“ASU 2013-08”). ASU 2013-08 sets forth a new approach for determining whether a public or private company is an investment company and sets certain measurement and disclosure requirements for an investment company. ASU 2013-08 is effective in annual reporting periods beginning on or after December 15, 2013, and for interim periods within those annual reporting periods. Management is currently evaluating the implications of these changes and their impact on the financial statements.
10. | Legal Proceedings |
On December 7, 2010, the Trust was named as a defendant and putative member of the proposed defendant class of shareholders named in an adversary proceeding brought by The Official Committee of Unsecured Creditors of Tribune Company (the “Official Committee”) in the U.S. Bankruptcy Court for the District of Delaware, in connection with Tribune Company’s Chapter 11 bankruptcy proceeding (In re Tribune Company). The proceeding relates to a leveraged buyout transaction (“LBO”) by which Tribune Company converted to a privately-held company in 2007, and the putative defendant class is comprised of beneficial owners of shares of Tribune Company who received proceeds (the “Proceeds”) of the LBO. The Official Committee seeks to recover payments of those Proceeds.
295
Table of Contents
Notes to Financial Statements (Continued)
The potential amounts sought to be recovered from the Balanced Fund, Disciplined Value Fund, and Small Cap Opportunities Fund, plus interest and the Official Committee’s court costs, are approximately $44,200, $299,880, and $414,800, respectively.
In addition, on June 2, 2011, the Disciplined Value Fund and Small Cap Opportunities Fund, were named as defendants in a closely related, parallel adversary proceeding brought in connection with the Tribune Company’s LBO by Deutsche Bank Trust Company Americas, in its capacity as successor indenture trustee for a certain series of Senior Notes, Law Debenture Trust Company of New York, in its capacity as successor indenture trustee for a certain series of Senior Notes, and Wilmington Trust Company, in its capacity as successor indenture trustee for the PHONES Notes (together, the “Plaintiffs”) in the United States District Court for the District of Massachusetts. The Plaintiffs also seek to recover payments of the Proceeds.
The Funds cannot predict the outcome of these proceedings. Accordingly, the Funds have not accrued any amounts in the accompanying financial statements related to these proceedings. If the proceedings were to be decided in a manner adverse to the Funds, or if the Funds were to enter into a settlement agreement with the Official Committee or the Plaintiffs, as applicable, the payment of such judgment or settlement could potentially have a material adverse effect on the Funds’ net asset values depending on the net assets of each applicable Fund at the time of such judgment or settlement.
11. | Subsequent Events |
In preparation of these financial statements management has evaluated the events and transactions subsequent to September 30, 2013, through the date when the financial statements were issued, and determined that there are no material events or transactions that would require adjustments to or disclosures in the Funds’ financial statements other than those disclosed below.
Effective October 1, 2013, OFI Global Institutional, Inc. replaced Baring International Investment Limited as subadviser to the Strategic Emerging Markets Fund.
12. | Fund Liquidations |
The Trustees approved a Plan of Liquidation and Termination pursuant to which the International Bond Fund was dissolved. Effective on November 8, 2013 (the “Termination Date”), shareholders of the various classes of the shares of the Fund received proceeds in proportion to the number of shares of such class held by each of them on the Termination Date.
The Trustees also approved a Plan of Liquidation and Termination pursuant to which it is expected that the Capital Appreciation Fund will be dissolved. Effective on or after May 16, 2014 (the “Termination Date”), shareholders of the various classes of the shares of the Fund will receive proceeds in proportion to the number of shares of such class held by each of them on the Termination Date.
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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 Cap Opportunities Fund (formerly known as 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, 2013, and the related statements of operations for the year then ended, the statement of cash flows for the MassMutual Premier Inflation-Protected and Income Fund for the year then ended, the statements of changes in net assets for the year ended September 30, 2013, for the eleven months ended September 30, 2012, and for the year 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, 2013, 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, 2013, the results of their operations for the year then ended, the cash flows for the MassMutual Premier Inflation-Protected and Income Fund for the year then ended, the changes in their net assets for the year ended September 30, 2013, for the eleven months ended September 30, 2012, and for the year 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 25, 2013
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Trustees and Officers (Unaudited)
The following table lists the Trust’s Trustees and Officers as of September 30, 2013; 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, 100 Bright Meadow Blvd., Enfield, Connecticut 06082, 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: 70 | Chairman
Trustee | Since
Since | Retired. | 92 | 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: 65 | 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. | 92 | 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: 55 | 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. | 92 | 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 (2006-2012), Trustee (since 2005), MML Series Investment Fund II (open-end investment company). | |||||
Maria D. Furman Age: 59 | Trustee | Since 2004 | Retired. | 92 | 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: 66 | Trustee | Since 2012 | Retired. | 92 | 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: 71 | Trustee | Since 2012 | Retired; Consultant (1999-2009). | 130*** | 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: 62 | Trustee | Since 2004 | President and Chief Executive Officer (since 2012), PathoGenetix; Senior Vice President, Genzyme Business Excellence Initiative (2009-2011), President, Biosurgery (2003-2009), Genzyme Corporation. | 92 | 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: 61 | 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). | 94^ | 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: 68 | Trustee | Since 2012 | Retired | 94^ | Director (since 2013), Leucadia National Corporation (holding company); Director (since 2012), Ormat Technologies, Inc.; 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 (closed-end investment company); Trustee (since 2003), Babson Capital Participation Investors (closed-end investment company); 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). | |||||
Elaine A. Sarsynski^^^ Age: 58 | Trustee Vice Chairperson | Since (2011-2012) | Executive Vice President (since 2008), MassMutual Retirement Services Division, MassMutual; Chairman, President and CEO (since 2012), MassMutual International, LLC. | 92 | Director (since 2012), Horizon Technology Finance Management LLC; 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: 49 | 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). | 92 | ||||
Andrew M. Goldberg Age: 47 | 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). | 92 |
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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: 48 | 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). | 92 | ||||
Philip S. Wellman Age: 49 | 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), 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). | 92 | ||||
Eric H. Wietsma Age: 47 | President
Vice President | Since 2008
(2006- | Senior Vice President (since 2010), Corporate Vice President (2007- 2010), 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). | 92 |
* | The address of each Trustee and Principal Officer is the same as that for the Trust; 100 Bright Meadow Blvd., Enfield, Connecticut 06082. |
** | 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. |
^ | 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. |
^^ | 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. |
^^^ | 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)’ year ended September 30, 2013, qualified for the dividends received deduction, as follows:
Dividends Received Deductions | ||||
Diversified Bond Fund | 0.07% | |||
Balanced Fund | 56.61% | |||
Value Fund | 100.00% | |||
Disciplined Value Fund | 100.00% | |||
Main Street Fund | 100.00% | |||
Capital Appreciation Fund | 100.00% | |||
Disciplined Growth Fund | 65.40% | |||
Small Cap Opportunities Fund | 86.78% | |||
Global Fund | 41.13% |
For the year ended September 30, 2013, the following Fund(s) earned the following foreign sources of income:
Amount | ||||
Global Fund | $ | 3,324,706 | ||
International Equity Fund | 13,116,520 | |||
Focused International Fund | 2,204,554 | |||
Strategic Emerging Markets Fund | 3,397,379 |
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 year ended September 30, 2013:
Qualified Dividend Income | ||||
Core Bond Fund | $ | 126,615 | ||
Diversified Bond Fund | 9,740 | |||
Balanced Fund | 2,037,830 | |||
Value Fund | 2,822,685 | |||
Disciplined Value Fund | 7,518,958 | |||
Main Street Fund | 3,131,312 | |||
Capital Appreciation Fund | 4,666,770 | |||
Disciplined Growth Fund | 5,829,191 | |||
Small Cap Opportunities Fund | 1,533,651 | |||
Global Fund | 4,828,972 | |||
International Equity Fund | 8,280,388 | |||
Focused International Fund | 1,928,270 | |||
Strategic Emerging Markets Fund | 2,095,625 |
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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 2013, 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 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
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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.
The Committee reviewed expense and performance information for each Fund. (References to any one- or three-year period below are to periods ended December 31, 2012. 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 the 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 Diversified Bond Fund, Disciplined Value Fund, Global Fund, High Yield Fund, Inflation-Protected and Income Fund, Main Street Fund, Disciplined Growth Fund, Small Cap Opportunities Fund, and International Equity Fund. In the related discussion, the Committee noted that MassMutual was proposing a change in administrative service fees for certain classes of the Diversified Bond Fund that would result in a decrease in the total net expense ratios of Classes S, Y, and L, and a slight increase in the total net expense ratio of Class A. After discussion, MassMutual agreed not to implement the change for the Fund’s Class A shares. MassMutual noted that it was proposing a reduction in the administrative service fee for Class L shares of the Inflation-Protected and Income Fund. MassMutual also noted that the Small/Mid Cap Opportunities Fund was expected to be renamed the Small Cap Opportunities Fund and would invest principally in small-cap companies. MassMutual also noted that it was proposing to eliminate the expense limitations for that Fund and for the Disciplined Growth and Disciplined Value Funds, and that each of these Funds would still be quite favorably priced. MassMutual also noted that the rebranding of the Disciplined Growth and Disciplined Value Funds with the emphasis on each Fund’s disciplined investment approach had been very successful, and that each Fund was attracting substantially more assets. MassMutual noted that the Third-Party Report included pro forma expense analyses for the Diversified Bond, Disciplined Growth, Disciplined Value, and Small Cap Opportunities Funds, on the assumption that the proposed changes to those Funds were in effect during the measuring period. Additionally, with respect to the Global and International Equity Funds, MassMutual noted that the Meeting Materials included proposed modifications that are intended to make the fees paid to each Fund’s subadviser more competitive.
The Committee also considered two Funds whose expenses were in the first quartile of their peer groups, and whose performance for the three-year period had been favorable, although their performance was below, although relatively close to, the median of their performance categories (51st percentile) for the one-year period. Those Funds included the Short-Duration Bond Fund (56th percentile) and Balanced Fund (60th percentile). 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. In the course of the related discussion, MassMutual noted that, under its proposed fee change for the Balanced Fund, all of the Fund’s expense limitations would expire, reflecting MassMutual’s view that the Fund is well priced and performing well. MassMutual noted that the Third-Party Report included a pro forma expense analysis for the Balanced Fund.
The Committee also considered that, in the case of the Money Market Fund, expense information showed the Fund to be in the second quartile of its peer group, and performance information showed the Fund to have had first quartile investment performance in its performance category for the one-year period, showing an improvement from a third-quartile performance ranking for the three-year period. 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 number. They noted in particular the difficulty of comparing money market fund returns and expenses in the current market environment, but recognized the relatively favorable comparative information provided regarding the Money Market Fund.
The Committee considered information regarding the other Funds that had underperformed in recent periods compared to their peers. The Committee considered that each of the Funds had favorable expenses, first quartile, but had achieved unfavorable relative performance.
• | Core Bond Fund – The Committee considered MassMutual’s statements that the Fund’s subadviser, generally manages the Fund in a relatively conservative manner, attempting to realize much of the benefit of “up” markets, while protecting against substantial declines in value in “down” markets. MassMutual noted that the Fund’s subadviser tends to underperform in markets like the ones presented by the current market environment, which favor higher risk assets. MassMutual noted that the Fund has outperformed its benchmark index in three of the last four years. |
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• | International Bond Fund – The Committee considered that the Fund had experienced fourth-quartile one-year and three-year performance. The Committee considered MassMutual’s statements that the Fund is managed against a benchmark that does not include U.S. Government or corporate bonds, but that the category against which its performance is compared is the World Bond category, which has a heavy allocation to U.S. Government and corporate bonds. MassMutual noted that U.S. Government and corporate bonds have strongly outperformed in recent years. In the course of the discussion, MassMutual informed the Committee that it is considering proposing to the Trustees that the Fund be liquidated. |
• | Value Fund – The Committee considered MassMutual’s statements that the Fund’s one- and three-year periods of relative underperformance were due principally to four consecutive quarters of underperformance in the volatile period of 2011–2012. The Committee considered that, in the first quarter of 2013, the subadviser had implemented a change in the leadership of the Fund’s portfolio management team that is expected to implement a more diversified, potentially less volatile investment program for the Fund. The Committee determined to keep the Fund under heightened review in the coming year. |
• | Capital Appreciation Fund – The Committee considered MassMutual’s statements that the Fund’s relative performance has improved since the Fund’s portfolio management team was changed by its subadviser in 2010, although the Fund’s comparative performance since that time has been below the median of its category. The Committee considered MassMutual’s statements that it continues to have strong confidence in the subadviser and the current portfolio management team, and is not recommending any changes to the management of the Fund both in light of its low total net expense ratio and the potential MassMutual sees in the portfolio management team. MassMutual also noted that the Meeting Materials included proposed modifications that are intended to make the fees paid to the Fund’s subadviser more competitive. |
• | Focused International Fund and Strategic Emerging Markets Fund – The Committee noted that both Funds had achieved fourth quartile comparative three-year returns, although the one-year comparative return of the Premier Strategic Emerging Markets Fund had improved in the one-year period to the third quartile. MassMutual noted its disappointment in the Funds’ comparative performance records and reported that it is working with the Funds’ subadviser to seek to improve the Funds’ relative performance. The Committee determined to monitor developments in respect of both Funds carefully in the coming year. The Committee noted that both Funds have total net expense ratios in the first comparative quartile (the Strategic Emerging Markets Fund’s being in the first comparative percentile). In the course of the related discussion, MassMutual undertook to come back to the Trustees at their May meeting with a discussion of a possible “rebuild” of the Strategic Emerging Markets Fund. |
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 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.
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The amendments to the subadvisory agreements for the Capital Appreciation, Global, and International Equity Funds became effective on June 1, 2013.
At their meeting in August 2013, the Trustees, including the Independent Trustees, approved a new subadvisory agreement (“New Subadvisory Agreement”) with OFI Global Institutional for the Strategic Emerging Markets Fund (the “Fund”). In preparation for the meeting, the Trustees requested, and MassMutual provided in advance, certain materials relevant to the consideration of the New Subadvisory Agreement. In all of their deliberations, the Trustees were advised by independent counsel.
In reviewing the New Subadvisory Agreement, the Independent Trustees discussed with MassMutual and considered a wide range of information about, among other things: (i) OFI Global Institutional and its respective personnel with responsibilities for providing services to the Fund; (ii) the terms of the New Subadvisory Agreement; (iii) the scope and quality of services that OFI Global Institutional will provide under the New Subadvisory Agreement; (iv) the historical investment performance track record of OFI Global Institutional; and (v) the fees payable to OFI Global Institutional by MassMutual for the Fund and the effect of such fees on the profitability to MassMutual.
Prior to the votes being taken to approve the New Subadvisory Agreement, the Independent Trustees met separately in executive session to discuss the appropriateness of such contract. The Independent Trustees weighed the foregoing matters in light of the advice given to them by their independent legal counsel as to the law applicable to the review of investment advisory contracts. In arriving at a decision, the Trustees, including the Independent Trustees, did not identify any single matter as all-important or controlling. The foregoing summary does not detail all of the matters considered.
Based on the foregoing, the Trustees concluded that: (i) overall, they were satisfied with the nature, extent, and quality of services expected to be provided under the New Subadvisory Agreement; (ii) MassMutual’s projected levels of profitability due to the New Subadvisory Agreement were not excessive and the subadvisory fee amounts under the New Subadvisory Agreement are fair and reasonable; (iii) the investment processes, research capabilities, and philosophies of OFI Global Institutional appear well suited to the Fund, given its investment objectives and policies; and (iv) the terms of the New Subadvisory Agreement are fair and reasonable with respect to the Fund and are in the best interests of the Fund’s shareholders. After carefully considering the information summarized above, the Trustees, including the Independent Trustees voting separately, unanimously voted to approve the New Subadvisory Agreement.
The New Subadvisory Agreement became effective on October 1, 2013.
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Fund Expenses September 30, 2013
Expense Examples:
The following information is in regards to expenses for the six months ended September 30, 2013:
As a shareholder of the Funds, you may incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments or redemptions; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds. These examples are based on an investment of $1,000 invested for the six months ended September 30, 2013.
Actual Expenses:
The first four columns of the table below provide information about actual account values and actual expenses. You may use this information, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading entitled “Operating Expenses Incurred” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes:
The last two columns of the table below provide information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the last two columns of the table are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Beginning Value | Annualized Expense Ratio | Ending Value (Based on Actual Returns and Expenses) | Operating Expenses Incurred* | Ending Value (Based on Hypothetical Returns and Expenses) | Operating Expenses Incurred* | |||||||||||||||||||
Money Market Fund | ||||||||||||||||||||||||
Class S | $ | 1,000 | 0.14 | % | $ | 1,000.00 | $ | 0.71 | $ | 1,024.80 | $ | 0.72 | ||||||||||||
Class Y | 1,000 | 0.14 | % | 1,000.00 | 0.71 | 1,024.80 | 0.72 | |||||||||||||||||
Class A | 1,000 | 0.13 | % | 1,000.00 | 0.66 | 1,024.80 | 0.67 | |||||||||||||||||
Short-Duration Bond Fund | ||||||||||||||||||||||||
Class Z | 1,000 | 0.35 | % | 1,005.70 | 1.79 | 1,023.70 | 1.80 | |||||||||||||||||
Class S | 1,000 | 0.54 | % | 1,004.70 | 2.76 | 1,022.70 | 2.78 | |||||||||||||||||
Class Y | 1,000 | 0.59 | % | 1,004.80 | 3.01 | 1,022.50 | 3.04 | |||||||||||||||||
Class L | 1,000 | 0.67 | % | 1,003.80 | 3.42 | 1,022.10 | 3.45 | |||||||||||||||||
Class A | 1,000 | 0.92 | % | 1,002.90 | 4.70 | 1,020.80 | 4.74 | |||||||||||||||||
Class N | 1,000 | 1.22 | % | 1,001.00 | 6.22 | 1,019.30 | 6.28 |
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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 | % | $ | 936.20 | $ | 2.22 | $ | 1,023.20 | $ | 2.32 | ||||||||||||
Class S | 1,000 | 0.56 | % | 936.20 | 2.76 | 1,022.60 | 2.89 | |||||||||||||||||
Class Y | 1,000 | 0.66 | % | 935.20 | 3.25 | 1,022.10 | 3.40 | |||||||||||||||||
Class L | 1,000 | 0.74 | % | 934.90 | 3.65 | 1,021.70 | 3.81 | |||||||||||||||||
Class A | 1,000 | 0.96 | % | 933.40 | 4.73 | 1,020.60 | 4.94 | |||||||||||||||||
Class N | 1,000 | 1.26 | % | 932.80 | 6.21 | 1,019.10 | 6.48 | |||||||||||||||||
Core Bond Fund | ||||||||||||||||||||||||
Class Z | 1,000 | 0.38 | % | 984.30 | 1.92 | 1,023.50 | 1.96 | |||||||||||||||||
Class S | 1,000 | 0.59 | % | 983.40 | 2.98 | 1,022.50 | 3.04 | |||||||||||||||||
Class Y | 1,000 | 0.64 | % | 983.30 | 3.23 | 1,022.20 | 3.30 | |||||||||||||||||
Class L | 1,000 | 0.71 | % | 983.30 | 3.59 | 1,021.90 | 3.66 | |||||||||||||||||
Class A | 1,000 | 0.96 | % | 982.20 | 4.85 | 1,020.60 | 4.94 | |||||||||||||||||
Class N | 1,000 | 1.28 | % | 979.90 | 6.46 | 1,019.00 | 6.58 | |||||||||||||||||
Diversified Bond Fund | ||||||||||||||||||||||||
Class Z | 1,000 | 0.22 | % | 986.10 | 1.11 | 1,024.40 | 1.13 | |||||||||||||||||
Class S | 1,000 | 0.63 | % | 984.10 | 3.18 | 1,022.30 | 3.25 | |||||||||||||||||
Class Y | 1,000 | 0.71 | % | 983.30 | 3.59 | 1,021.90 | 3.66 | |||||||||||||||||
Class L | 1,000 | 0.78 | % | 983.30 | 3.94 | 1,021.50 | 4.02 | |||||||||||||||||
Class A | 1,000 | 1.05 | % | 981.20 | 5.30 | 1,020.10 | 5.40 | |||||||||||||||||
High Yield Fund | ||||||||||||||||||||||||
Class Z | 1,000 | 0.50 | % | 1,025.50 | 2.58 | 1,022.90 | 2.58 | |||||||||||||||||
Class S | 1,000 | 0.70 | % | 1,023.30 | 3.61 | 1,021.90 | 3.61 | |||||||||||||||||
Class Y | 1,000 | 0.75 | % | 1,023.30 | 3.87 | 1,021.70 | 3.86 | |||||||||||||||||
Class L | 1,000 | 0.90 | % | 1,023.60 | 4.64 | 1,020.90 | 4.63 | |||||||||||||||||
Class A | 1,000 | 1.15 | % | 1,021.60 | 5.92 | 1,019.60 | 5.92 | |||||||||||||||||
Class N | 1,000 | 1.45 | % | 1,019.20 | 7.46 | 1,018.10 | 7.46 | |||||||||||||||||
International Bond Fund | ||||||||||||||||||||||||
Class S | 1,000 | 0.75 | % | 997.90 | 3.82 | 1,021.70 | 3.86 | |||||||||||||||||
Class Y | 1,000 | 0.80 | % | 996.90 | 4.07 | 1,021.40 | 4.12 | |||||||||||||||||
Class L | 1,000 | 0.95 | % | 997.00 | 4.83 | 1,020.60 | 4.89 | |||||||||||||||||
Class A | 1,000 | 1.20 | % | 995.90 | 6.10 | 1,019.40 | 6.17 | |||||||||||||||||
Balanced Fund | ||||||||||||||||||||||||
Class S | 1,000 | 0.63 | % | 1,043.00 | 3.28 | 1,022.30 | 3.25 | |||||||||||||||||
Class Y | 1,000 | 0.79 | % | 1,041.50 | 4.11 | 1,021.50 | 4.07 | |||||||||||||||||
Class L | 1,000 | 0.94 | % | 1,041.10 | 4.89 | 1,020.70 | 4.84 | |||||||||||||||||
Class A | 1,000 | 1.19 | % | 1,039.40 | 6.18 | 1,019.40 | 6.12 | |||||||||||||||||
Value Fund | ||||||||||||||||||||||||
Class S | 1,000 | 0.63 | % | 1,089.60 | 3.35 | 1,022.30 | 3.25 | |||||||||||||||||
Class Y | 1,000 | 0.73 | % | 1,088.60 | 3.88 | 1,021.80 | 3.76 | |||||||||||||||||
Class L | 1,000 | 0.84 | % | 1,088.80 | 4.47 | 1,021.20 | 4.33 | |||||||||||||||||
Class A | 1,000 | 1.13 | % | 1,086.40 | 6.01 | 1,019.70 | 5.82 | |||||||||||||||||
Class N | 1,000 | 1.44 | % | 1,085.00 | 7.65 | 1,018.10 | 7.40 | |||||||||||||||||
Disciplined Value Fund | ||||||||||||||||||||||||
Class S | 1,000 | 0.54 | % | 1,069.40 | 2.85 | 1,022.70 | 2.78 | |||||||||||||||||
Class Y | 1,000 | 0.64 | % | 1,068.10 | 3.37 | 1,022.20 | 3.30 | |||||||||||||||||
Class L | 1,000 | 0.78 | % | 1,067.90 | 4.11 | 1,021.50 | 4.02 | |||||||||||||||||
Class A | 1,000 | 1.03 | % | 1,066.20 | 5.42 | 1,020.20 | 5.30 | |||||||||||||||||
Class N | 1,000 | 1.33 | % | 1,064.20 | 7.00 | 1,018.70 | 6.84 |
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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 | % | $ | 1,099.00 | $ | 3.80 | $ | 1,021.90 | $ | 3.66 | ||||||||||||
Class Y | 1,000 | 0.76 | % | 1,099.60 | 4.07 | 1,021.60 | 3.91 | |||||||||||||||||
Class L | 1,000 | 0.91 | % | 1,098.20 | 4.86 | 1,020.80 | 4.69 | |||||||||||||||||
Class A | 1,000 | 1.16 | % | 1,097.10 | 6.20 | 1,019.60 | 5.97 | |||||||||||||||||
Class N | 1,000 | 1.46 | % | 1,094.60 | 7.79 | 1,018.00 | 7.51 | |||||||||||||||||
Capital Appreciation Fund | ||||||||||||||||||||||||
Class S | 1,000 | 0.71 | % | 1,075.70 | 3.76 | 1,021.90 | 3.66 | |||||||||||||||||
Class Y | 1,000 | 0.82 | % | 1,075.00 | 4.34 | 1,021.30 | 4.22 | |||||||||||||||||
Class L | 1,000 | 0.97 | % | 1,074.60 | 5.13 | 1,020.50 | 4.99 | |||||||||||||||||
Class A | 1,000 | 1.09 | % | 1,074.00 | 5.76 | 1,019.90 | 5.61 | |||||||||||||||||
Class N | 1,000 | 1.46 | % | 1,071.10 | 7.70 | 1,018.00 | 7.51 | |||||||||||||||||
Disciplined Growth Fund | ||||||||||||||||||||||||
Class S | 1,000 | 0.54 | % | 1,105.00 | 2.90 | 1,022.70 | 2.78 | |||||||||||||||||
Class Y | 1,000 | 0.63 | % | 1,103.90 | 3.38 | 1,022.30 | 3.25 | |||||||||||||||||
Class L | 1,000 | 0.76 | % | 1,103.30 | 4.07 | 1,021.60 | 3.91 | |||||||||||||||||
Class A | 1,000 | 1.02 | % | 1,102.30 | 5.46 | 1,020.30 | 5.25 | |||||||||||||||||
Small Cap Opportunities Fund | ||||||||||||||||||||||||
Class S | 1,000 | 0.71 | % | 1,146.80 | 3.88 | 1,021.90 | 3.66 | |||||||||||||||||
Class Y | 1,000 | 0.80 | % | 1,145.90 | 4.37 | 1,021.40 | 4.12 | |||||||||||||||||
Class L | 1,000 | 0.91 | % | 1,145.10 | 4.97 | 1,020.80 | 4.69 | |||||||||||||||||
Class A | 1,000 | 1.16 | % | 1,144.00 | 6.34 | 1,019.60 | 5.97 | |||||||||||||||||
Global Fund | ||||||||||||||||||||||||
Class S | 1,000 | 0.89 | % | 1,100.80 | 4.76 | 1,020.90 | 4.58 | |||||||||||||||||
Class Y | 1,000 | 1.03 | % | 1,100.60 | 5.51 | 1,020.20 | 5.30 | |||||||||||||||||
Class L | 1,000 | 1.14 | % | 1,100.10 | 6.10 | 1,019.70 | 5.87 | |||||||||||||||||
Class A | 1,000 | 1.43 | % | 1,098.60 | 7.65 | 1,018.20 | 7.35 | |||||||||||||||||
Class N | 1,000 | 1.52 | % | 1,097.40 | 8.12 | 1,017.70 | 7.81 | |||||||||||||||||
International Equity Fund | ||||||||||||||||||||||||
Class S | 1,000 | 1.07 | % | 1,116.40 | 5.77 | 1,020.00 | 5.51 | |||||||||||||||||
Class Y | 1,000 | 1.10 | % | 1,116.60 | 5.93 | 1,019.90 | 5.66 | |||||||||||||||||
Class L | 1,000 | 1.25 | % | 1,115.70 | 6.74 | 1,019.10 | 6.43 | |||||||||||||||||
Class A | 1,000 | 1.50 | % | 1,113.70 | 8.08 | 1,017.80 | 7.71 | |||||||||||||||||
Focused International Fund | ||||||||||||||||||||||||
Class Z | 1,000 | 0.97 | % | 1,063.90 | 5.10 | 1,020.50 | 4.99 | |||||||||||||||||
Class S | 1,000 | 1.09 | % | 1,061.20 | 5.72 | 1,019.90 | 5.61 | |||||||||||||||||
Class Y | 1,000 | 1.16 | % | 1,061.40 | 6.09 | 1,019.60 | 5.97 | |||||||||||||||||
Class L | 1,000 | 1.32 | % | 1,061.10 | 6.93 | 1,018.80 | 6.79 | |||||||||||||||||
Class A | 1,000 | 1.57 | % | 1,059.80 | 8.24 | 1,017.50 | 8.07 | |||||||||||||||||
Class N | 1,000 | 1.96 | % | 1,058.00 | 10.28 | 1,015.50 | 10.07 | |||||||||||||||||
Strategic Emerging Markets Fund | ||||||||||||||||||||||||
Class Z | 1,000 | 0.99 | % | 974.10 | 4.98 | 1,020.40 | 5.10 | |||||||||||||||||
Class S | 1,000 | 1.15 | % | 972.80 | 5.78 | 1,019.60 | 5.92 | |||||||||||||||||
Class Y | 1,000 | 1.25 | % | 972.50 | 6.28 | 1,019.10 | 6.43 | |||||||||||||||||
Class L | 1,000 | 1.40 | % | 971.80 | 7.03 | 1,018.30 | 7.20 | |||||||||||||||||
Class A | 1,000 | 1.65 | % | 969.90 | 8.28 | 1,017.10 | 8.48 |
* | Expenses are calculated using the annualized expense ratio for the six months ended September 30, 2013, multiplied by the average account value over the period, multiplied by the number of days in the period, divided by the number of days in the year, unless stated otherwise. |
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Distributor:
MML Distributors, LLC
1295 State Street
Springfield, MA 01111-0001
November 29, 2013
©2013 Massachusetts Mutual Life Insurance Company, Springfield, MA. All rights reserved. www.massmutual.com. MassMutual Financial Group is a marketing name for Massachusetts Mutual Life Insurance Company (MassMutual) [of which Retirement Services is a division] and its affiliated companies and sales representatives. | L4544 1113 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 the 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
“In our view, one of the most effective ways you can prepare for retirement is by establishing a long-term investment plan that is suited to how comfortable you are with the market’s ups and downs, how long you have to save and invest before retirement, and what your specific retirement goals are.”
September 30, 2013
I am pleased to present you with the MassMutual Barings Dynamic Allocation Fund Annual Report, covering the year ended September 30, 2013. Equities in the U.S. and abroad mostly advanced for the year, with many widely followed indexes posting double-digit returns. Political wrangling in Washington, the near-term future of the Federal Reserve’s Quantitative Easing program (“QE”), and news-making events from across the globe drove periods of volatility in both the stock and bond markets and kept the attention of investors throughout the period. Foreign stock markets were also positive for the year, and investor confidence mainly increased throughout the period. A depreciating U.S. dollar also helped boost the returns of foreign stocks for U.S. investors. Conversely, domestic fixed-income investments lost traction in the U.S. for the period.
The generally strong performance of equity markets during the year was encouraging, but investors are wise to avoid basing investment decisions on short-term trends, whether positive or negative. Adhering to certain investment guidelines, such as the ones below, can also help you along the way.
Investment guidelines to keep in mind
You are likely in it for the long run
Investing for retirement is not something that happens overnight. Many people save and invest for retirement throughout their working years. It may help you to keep in mind that, although the financial markets will go up and down over time, taking a long-term approach to investing gives you more time to ride out the downturns as you work toward your long-term investment goals.
Make informed choices and seek professional guidance
You want to be confident you are giving yourself the best opportunity for success in your retirement investing, so it is important to select an appropriate combination of investments that aligns with that goal. If you work with a financial professional, this may be an excellent time to consider contacting him or her to help you monitor and evaluate your personal retirement investment strategy, make any appropriate adjustments, and help ensure that your plan remains compatible with your retirement income objectives.
Contribute as much as you can
When it comes to retirement planning, there are a lot of things you cannot control, such as the performance of the financial markets. But you can control how often and how much you save. Contributing as much as you can to your retirement account, and increasing those contributions when you are able, will help you to keep your investment goals on track.
1
Table of Contents
MassMutual Barings Dynamic Allocation Fund – President’s Letter to Shareholders (Unaudited) (Continued)
Who Matters Most
MassMutual believes “Who Matters Most to You Says the Most About You.” Our customers matter most to us, and our primary focus is to help you take the necessary steps to prepare for your future – one you can prepare to enjoy on your terms. In our view, one of the most effective ways you can prepare for retirement is by establishing a long-term investment plan that is suited to how comfortable you are with the market’s ups and downs, how long you have to save and invest before retirement, and what your specific retirement goals are. Thank you for your ongoing confidence in MassMutual.
Sincerely,
Eric Wietsma
President
The information provided is the opinion of MassMutual Retirement Services Investments Marketing as of 10/1/13 and is subject to change without notice. It is not to be construed as tax, legal or investment advice. Of course, past performance does not guarantee future results.
2
Table of Contents
MassMutual Barings Dynamic Allocation Fund – Economic and Market Overview (Unaudited)
September 30, 2013
Stock markets continue upward march despite ongoing challenges
For the year ended September 30, 2013, investors drove stocks higher in an environment that included the U.S. presidential election, multiple political standoffs over the federal budget, the acceleration of the Federal Reserve’s (the “Fed”) Quantitative Easing program (“QE”), mixed trends in economic indicators in the U.S., and varying degrees of economic recovery in Europe and the Far East.
The Fed continued its ongoing effort to foster an environment accommodative to economic growth. The central bank helped keep short-term interest rates at historically low levels by maintaining the federal funds rate at 0.0% to 0.25% – the level the rate has occupied since December 2008. The federal funds rate is the interest rate that banks and financial institutions charge each other for borrowing funds overnight. In September 2012, the Fed increased the bond purchases that constitute QE to $85 billion, adding $45 billion in mortgage-backed securities to a monthly shopping list that already included $40 billion in longer-dated Treasuries. The Fed’s actions helped support the prices of bonds by keeping demand high and contributed to the positive environment for stocks. The Fed kept QE in full force for the entire yearlong period and spurred considerable disruption in both the stock and bond markets when Fed Chairman Bernanke appeared before Congress on May 22 and indicated that the central bank was considering some near-term “tapering” or reduction of its bond purchases. The Fed’s policy announcement on September 18 offered a positive surprise to markets by indicating there would be no imminent changes to QE, as most observers had anticipated the implementation of at least a token decrease in the Fed’s monthly purchases.
The price of oil traded up and down, but followed an overall trend of advancement throughout much of the year. The commodity started the period on October 1, 2012 at more than $92 per barrel, dipped to $85 in November, crested above $110 in early September, and closed the year at about $102. Gas prices declined throughout the fourth quarter of 2012, giving consumers some relief at the pumps at the beginning of the period, but rose substantially in the first quarter of 2013. The average price moved in a range between approximately $3.50 and 3.70 per gallon for much of the second and third quarter before dropping to around $3.40 by the end of the yearlong period. Gold lost some of its luster with investors who sought the higher returns generated by equities and other investments in the positive market environment. The precious metal led off the year at around $1,771 per ounce and mainly drifted downward before closing at approximately $1,328 at the end of September 2013.
Market performance
Equity markets rewarded investors once again during the year ended September 30, 2013. The Russell 2000® Index, representing small-capitalization stocks, was the leader among broad-market indexes in the U.S., rising an impressive 30.06%. The Morgan Stanley Capital International (“MSCI®”) Europe, Australasia, Far East (EAFE®) Index, a barometer for foreign stocks in developed markets, also did well and gained 23.77%. The major technology stock benchmark in the U.S., the NASDAQ Composite® Index, returned 21.03% for the year. The S&P 500® Index of large-capitalization U.S. stocks posted a 19.34% advance, while the blue-chip Dow Jones Industrial AverageSM rose 15.59%. Stocks from developing economies did not fare as well as most other categories, but still landed in positive territory, with the MSCI Emerging Markets Index, a measure of the performance of emerging stock markets throughout the world, managing a 0.98% return for the year.
Bonds underperformed equities by a substantial margin during the 12 months, with the Barclays U.S. Aggregate Bond Index, a broad measure of the U.S. investment-grade bond markets, declining 1.68%. Unrelenting low interest rates continued to take their toll, with shorter-term debt investments barely managing to stay in positive territory. In this environment, the Barclays U.S. 1-3 Year Government Bond Index, which measures the performance of short-term U.S. government bonds, returned just 0.37%; and Treasury bills, as measured by the Citigroup 3-Month Treasury Bill Index, gained only 0.07%. Investors sought the higher returns offered by high-yield bonds, which helped the Barclays U.S. Corporate High-Yield Index, a measure of the performance of fixed-rate, non-investment-grade debt from corporate sectors, advance 7.14% for the year.*
Fourth quarter 2012: Many U.S. stocks down for the quarter
During the fourth quarter of 2012, investors first focused primarily on the U.S. national elections and then turned their attention to the “fiscal cliff.” (The fiscal cliff was a large reduction of the federal budget deficit through significant tax increases and spending
* | Indexes are unmanaged, do not incur fees or expenses and cannot be purchased directly for investment. |
3
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MassMutual Barings Dynamic Allocation Fund – Economic and Market Overview (Unaudited) (Continued)
cuts, which were scheduled to become effective on January 1, 2013, unless Congress could strike an alternate plan.) The elections and fiscal cliff created two major sources of uncertainty for the financial markets. Despite the uncertainty, U.S. stocks fell only modestly in the fourth quarter, but the slight change from beginning to end masked considerable volatility during the period. Signs of continued economic recovery in the United States gave investors some reason for optimism, despite the challenges brought about by the fiscal cliff. In October 2012, the Department of Labor reported an unexpected drop in the unemployment rate – from 8.1% to 7.8%. That same month, momentum in the housing market continued, as it was reported that the year-over-year median sales price rose the most since 2005 on strong demand, and housing starts surged by 15% to the highest level in four years.
Superstorm Sandy battered the East Coast as October drew to a close, bringing widespread damage and flooding and forcing U.S. financial markets to suspend operations for two days. In November, equity investors seemed relieved that the U.S. presidential election was over, but fiscal cliff concerns accelerated along with worries about the long-term economic impact of Superstorm Sandy. Aside from the fiscal cliff drama, the month of December was generally good for economic data, as job growth, increased construction spending, and an unexpected increase in vehicle sales were bright spots early in the month. In addition, reports released later in the month indicated an upward revision of more than 3% to the third-quarter gross domestic product (“GDP”) final reading, continued strength in housing data, and increases in consumer spending and incomes.
In news from around the world, the European Union (“EU”) won the Nobel Peace Prize in October 2012, signaling the Nobel Committee’s approval of the EU’s and the European Central Bank’s support of Greece, Portugal, and Spain. In November, Greece’s parliament hesitated to vote for another round of austerity, which caused European equities and the euro currency to sell off. In December, Japan’s announcement of stimulus to expand the country’s asset purchase program by more than 10% contributed to weakness in the Japanese yen. After slowing for much of 2012, China’s economy stabilized somewhat, along with other emerging markets in fourth-quarter 2012. China’s trade surplus ended 2012 at a four-year high, but the nation’s total trade growth rate was below the government’s target.
First quarter 2013: stocks outperform bonds to start the year
Congressional votes to secure passage of a deal to avert the fiscal cliff were confirmed late on January 1, 2013. In February, equity investors focused on the specter of sequestration – the automatic, across-the-board series of spending cuts to government agencies set to go into effect March 1, 2013. Ultimately, in March, Congress passed a stopgap spending bill to keep the federal government running through September 2013. Also in March, the Department of Labor reported that the U.S. unemployment rate fell to its lowest level since December 2008, and the Fed continued its commitment to keep the federal funds rate between 0% and 0.25% – announcing at the same time that it would maintain QE.
U.S. and foreign stocks rose in the first quarter of 2013, outperforming their fixed-income counterparts. 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.)
Overseas, the Japanese Cabinet approved a ¥20 trillion (yen) ($224 billion) stimulus package in January 2013, which was expected to create 600,000 jobs and help repair tsunami-ravaged coastland. In February, uncertainty over Italian elections led to a hung parliament, which struck fresh fears into the euro zone. Evidence of a possible slowdown in China caused concern over the world’s second-largest economy, but Chinese lending reached a two-year high and aggregate financing increased substantially, which indicated improving conditions. In March, banks in Cyprus, experiencing hard times because of their investments in Greek sovereign debt, took a $10 billion bailout from the European Union and the International Monetary Fund to resolve the country’s banking crisis – although the deal restricted Cyprus’s financial industry and limited its status as an offshore tax haven.
Second quarter 2013: prospect of Fed tapering gives investors pause
While stock prices advanced during April and much of May, they gave up a significant portion of those gains following Ben Bernanke’s May 22 remarks to Congress about tapering QE. The Fed chairman stated that the central bank might begin tapering bond purchases in its QE program later in 2013 if warranted by U.S. economic data. Despite the jitters this announcement sent through the markets, U.S. stocks ultimately managed to move higher during the second quarter.
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MassMutual Barings Dynamic Allocation Fund – Economic and Market Overview (Unaudited) (Continued)
Interest rates rose in the wake of Bernanke’s QE comments when investors sold bonds on the belief that demand would decline if the Fed were to stop its bond purchases, and ensuing price declines drove interest rates higher. Interestingly, concern about the end of QE gave new life to investors’ “bad news is good news” response to economic data. For example, the Commerce Department’s third and final estimate of first-quarter economic growth, released on June 26, came in at 1.8%, well below the previous estimate of 2.4%. Under normal circumstances, weaker-than-expected economic growth would tend to drive down stock prices. However, the news helped shares advance, as investors were hopeful that the disappointing data might convince the Fed to continue with QE for a while longer.
Also weighing on U.S. stocks late in the period was a swoon in Japanese equity prices. Japan’s stock market had been on a tear since mid-November 2012, and when the Bank of Japan announced a massive QE program of its own in April, the rally in that nation’s stocks accelerated, only to reverse sharply along with U.S. shares following Bernanke’s congressional testimony. Emerging markets, including Brazil and China, struggled with lackluster economic growth.
Third quarter 2013: stocks on top; Fed comes to the rescue
U.S. stocks posted strong returns in the third quarter of 2013. Share prices moved higher in July, but backed off in August, as investors remained uncertain of the Fed’s tapering timetable. Disappointing quarterly news from companies regarded as bellwethers for the broader economy, including Wal-Mart Stores and Cisco Systems, weighed on the market in August, as did the growing likelihood of U.S. military strikes in Syria in retaliation for the Assad regime’s alleged use of chemical weapons there.
Stocks rebounded again in September in the midst of talk of a possible diplomatic solution to the crisis in Syria. The market also got a lift from news that former U.S. Treasury Secretary Larry Summers was withdrawing from consideration as a possible replacement for current Fed Chairman Bernanke, who is expected to step down in January 2014. Summers’ decision seemed to clear the field for Fed Vice Chairwoman Janet Yellen, a stronger proponent of QE. President Obama ultimately nominated Yellen for the post in early October.
On the heels of the big boost stocks and bonds got from the Fed’s September 18 announcement that QE would continue, the final week of the quarter brought stock-price declines attributable to investor concerns about two looming issues. The first was a federal government shutdown that ultimately came to pass on October 1 due to Congress’s inability to reach a funding agreement prior to the September 30 deadline, and the second was a political stalemate over the U.S. debt ceiling, which needed resolution by mid-October to prevent a default. Sixteen days into the shutdown, legislators worked out a deal to fix both issues for the short term, President Obama signed the bill into law in the early hours of October 17, and federal workers were expected to return to work that same day.
In the waning days and aftermath of the year ended September 2013, investors got some insight into the kinds of challenges that may create market disruptions in the coming year, including the inevitable end of QE and new rounds of political wrangling in Washington over the federal budget and U.S. debt ceiling, which are likely to occur in January and February 2014, respectively. Investors will also keep an eye out for improving economic growth here and abroad to create a favorable environment for stocks and bonds once QE ends. We believe these important issues and numerous others will come into play as investors navigate the world’s financial markets in the year ahead.
The information provided is the opinion of MassMutual Retirement Services Investment Services as of 10/1/13 and is subject to change without notice. It is not to be construed as tax, legal or investment advice. Of course, past performance does not guarantee future results.
5
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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 during the 12 months ended September 30, 2013?
The Fund’s Class S shares returned 7.70%, substantially underperforming the 20.21% 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. The Fund’s 7.70% return outperformed the 1.20% 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, 2013, 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 gold holdings contributed to the Fund’s underperformance, as the price of the precious metal dropped substantially over the course of the year. Likewise, the Fund’s position in 30-year U.S. Treasury bonds, meant to provide diversification and protection against a weakening equity market, suffered when bonds sold off after comments by Federal Reserve (the “Fed”) Chairman Bernanke regarding the possibility the central bank would begin “tapering” the bond purchases that constitute its Quantitative Easing program (QE). Among equity holdings, the Fund’s positions in European equities hindered performance.
Tactical shifts in portfolio risk and allocation changes across asset classes primarily drove the Fund’s performance for the year. The Fund entered the fourth quarter of 2012 with a rather cautious stance and a tilt towards U.S. equities and fixed income, in particular U.S. corporate bonds.
U.S. equity holdings proved to be the most significant contributors to performance for the year. Overall, sector allocations to U.S. equities proved beneficial, in particular positions in U.S. financials and consumer discretionary stocks. Likewise, a tactical move into yen-hedged Japanese equities in February proved timely. Our positive view on Japan centered on the Bank of Japan’s aggressive policies to weaken the yen and spur inflation. Lastly, among fixed-income holdings, U.S. high-yield credit was by far the largest positive contributor, followed by Hungarian government bonds.
The portfolio’s only exposure to derivatives came from a long position in a EuroStoxx 50 index-traded future contract to gain exposure to European equities. (Derivatives are securities that derive their value from the performance of one or more other investments and take the form of a contract between two or more parties. Most derivatives are used for hedging, speculation, or both.) The Fund held the position in the index-traded future contract for roughly 30 days before swapping into an ETF, which offered the access to the same component of the market. The index-traded future contract had no impact on performance versus holding the ETF.
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MassMutual Barings Dynamic Allocation Fund – Portfolio Manager Report (Unaudited) (Continued)
Subadviser outlook
At the end of the yearlong period, the Fund’s portfolio positioning reflected our positive outlook for stocks and other “risk assets” over the next 12- to 18-month period. In particular, we think that U.S. economic growth is likely to accelerate, which could have spillover effects into other markets, such as Europe. We believe that equities may have the potential to be the best-performing asset class over the near term, led by accelerating earnings growth, while bonds could struggle to post gains, and cash may yield zero. Our positive outlook for equities assumes the markets will likely continue to be influenced by unorthodox and hard-to-predict monetary and fiscal policy decisions.
MassMutual Barings Dynamic Allocation Fund Portfolio Characteristics (% of Net Assets) on 9/30/13 | ||||
Mutual Funds* | 84.8 | % | ||
Bonds & Notes | 7.8 | % | ||
|
| |||
Total Long-Term Investments | 92.6 | % | ||
Short-Term Investments and Other Assets and Liabilities | 7.4 | % | ||
|
| |||
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 | One Year 10/1/12 - | Since 11/28/11 - | ||||||
Class Z | 7.90% | 7.84% | ||||||
Class S | 7.70% | 7.72% | ||||||
Class A | 7.24% | 7.22% | ||||||
Class A (sales load deducted)* | 1.07% | 3.84% | ||||||
Class Y | 7.50% | 7.56% | ||||||
Class L | 7.43% | 7.45% | ||||||
MSCI World Index# | 20.21% | 23.08% | ||||||
CPI-U | 1.20% | 1.89% | + |
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, 2013
Principal Amount | Value | |||||||
BONDS & NOTES — 7.8% | ||||||||
SOVEREIGN DEBT OBLIGATIONS — 4.8% | ||||||||
Australia Government Bond AUD (a) (b) | 644,000 | $ | 528,248 | |||||
Hungary Government Bond HUF (b) | 87,460,000 | 422,374 | ||||||
Poland Government Bond PLN (b) | 1,000 | 333 | ||||||
United Mexican States MXN (b) | 1,170,000 | 117,561 | ||||||
|
| |||||||
1,068,516 | ||||||||
|
| |||||||
TOTAL SOVEREIGN DEBT OBLIGATIONS (Cost $1,042,496) | 1,068,516 | |||||||
|
| |||||||
U.S. TREASURY OBLIGATIONS — 3.0% | ||||||||
U.S. Treasury Bonds & Notes — 3.0% | ||||||||
U.S. Treasury Bond | $ | 344,500 | 292,411 | |||||
U.S. Treasury Inflation Index | 140,551 | 196,771 | ||||||
U.S. Treasury Note | 182,400 | 180,906 | ||||||
|
| |||||||
670,088 | ||||||||
|
| |||||||
TOTAL U.S. TREASURY OBLIGATIONS (Cost $710,511) | 670,088 | |||||||
|
| |||||||
TOTAL BONDS & NOTES (Cost $1,753,007) | 1,738,604 | |||||||
|
| |||||||
Number of Shares | ||||||||
MUTUAL FUNDS — 84.8% | ||||||||
Commodity Fund — 1.0% | ||||||||
PowerShares DB Agriculture Fund (c) | 8,411 | 212,714 | ||||||
|
| |||||||
Diversified Financial — 83.8% | ||||||||
iShares Gold Trust | 29,059 | 374,570 | ||||||
iShares iBoxx $ High Yield Corporate Bond Fund | 13,742 | 1,258,218 | ||||||
iShares MSCI Japan Index Fund | 270,031 | 3,216,069 | ||||||
iShares MSCI United Kingdom Index Fund | 150,352 | 2,949,906 | ||||||
iShares S&P Global Industrials Sector Index Fund (d) | 17,293 | 1,135,804 | ||||||
SPDR Gold Trust (c) | 221 | 28,326 |
Number of Shares | Value | |||||||
SPDR S&P 500 ETF Trust | 17,831 | $ | 2,997,391 | |||||
State Street Navigator Securities Lending Prime Portfolio (e) | 678,309 | 678,309 | ||||||
Vanguard Consumer Discretionary ETF | 14,908 | 1,473,209 | ||||||
Vanguard Financials ETF (d) | 35,790 | 1,460,590 | ||||||
Vanguard FTSE Europe ETF | 37,188 | 2,027,118 | ||||||
Vanguard Information Technology ETF (d) | 6,962 | 562,042 | ||||||
Vanguard MSCI Emerging Markets ETF | 14,254 | 571,728 | ||||||
|
| |||||||
18,733,280 | ||||||||
|
| |||||||
TOTAL MUTUAL FUNDS (Cost $17,914,708) | 18,945,994 | |||||||
|
| |||||||
TOTAL LONG-TERM INVESTMENTS (Cost $19,667,715) | 20,684,598 | |||||||
|
| |||||||
Principal Amount | ||||||||
SHORT-TERM INVESTMENTS — 11.5% | ||||||||
Repurchase Agreement — 8.1% | ||||||||
State Street Bank & Trust Co. Repurchase Agreement, dated 9/30/13, 0.010%, due 10/01/13 (f) | $ | 1,808,708 | 1,808,708 | |||||
|
| |||||||
Time Deposits — 0.0% | ||||||||
Euro Time Deposit | 10,056 | 10,056 | ||||||
|
| |||||||
U.S. Treasury Bills — 3.4% | ||||||||
U.S. Treasury Bill | 762,800 | 762,759 | ||||||
|
| |||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $2,581,523) | 2,581,523 | |||||||
|
| |||||||
TOTAL INVESTMENTS — 104.1% (Cost $22,249,238) (g) | 23,266,121 | |||||||
Other Assets/(Liabilities) — (4.1)% | (911,380 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 22,354,741 | ||||||
|
|
Notes to Consolidated Portfolio of Investments
AUD | Australian Dollar |
ETF | Exchange-Traded Fund |
HUF | Hungarian Forint |
MXN | Mexican Peso |
PLN | Polish Zloty |
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)
(a) | Security exempt from registration under Regulation S of the Securities Act of 1933, which exempts from registration securities offered and sold outside the United States. Security may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933. At September 30, 2013, these securities amounted to a value of $528,248 or 2.36% of net assets. |
(b) | The principal amount of the security is in foreign currency. The market value is in U.S. dollars. |
(c) | Non-income producing security. |
(d) | Denotes all or a portion of security on loan. The total value of securities on loan as of September 30, 2013, was $664,857. Total securities on loan may not correspond with the amounts identified in the Portfolio of Investments because pending sales may be in the process of recall from the brokers. (Note 2). |
(e) | Represents investment of security lending collateral. (Note 2). |
(f) | Maturity value of $1,808,709. Collateralized by U.S. Government Agency obligations with a rate of 2.750%, maturity date of 11/15/28, and an aggregate market value, including accrued interest, of $1,846,441. |
(g) | See Note 6 for aggregate cost for federal tax purposes. |
The accompanying notes are an integral part of the consolidated financial statements.
10
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Table of Contents
MassMutual Barings Dynamic Allocation Fund – Consolidated Financial Statements
Consolidated Statement of Assets and Liabilities
September 30, 2013
Assets: | ||||
Investments, at value (Note 2) (a) | $ | 20,684,598 | ||
Short-term investments, at value (Note 2) (b) | 2,581,523 | |||
|
| |||
Total investments (c) | 23,266,121 | |||
|
| |||
Receivables from: | ||||
Open forward foreign currency contracts (Note 2) | 5,943 | |||
Investment adviser (Note 3) | 10,857 | |||
Interest and dividends | 50,149 | |||
|
| |||
Total assets | 23,333,070 | |||
|
| |||
Liabilities: | ||||
Payables for: | ||||
Open forward foreign currency contracts (Note 2) | 215,116 | |||
Securities on loan (Note 2) | 678,309 | |||
Trustees’ fees and expenses (Note 3) | 890 | |||
Affiliates (Note 3): | ||||
Investment management fees | 15,430 | |||
Administration fees | 7,236 | |||
Service fees | 730 | |||
Accrued expense and other liabilities | 60,618 | |||
|
| |||
Total liabilities | 978,329 | |||
|
| |||
Net assets | $ | 22,354,741 | ||
|
| |||
Net assets consist of: | ||||
Paid-in capital | $ | 20,367,768 | ||
Undistributed (accumulated) net investment income (loss) | 369,230 | |||
Accumulated net realized gain (loss) on investments and foreign currency transactions | 809,478 | |||
Net unrealized appreciation (depreciation) on investments and foreign currency translations | 808,265 | |||
|
| |||
Net assets | $ | 22,354,741 | ||
|
| |||
(a) Cost of investments: | $ | 19,667,715 | ||
(b) Cost of short-term investments: | $ | 2,581,523 | ||
(c) Securities on loan with market value of: | $ | 664,857 |
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 Assets and Liabilities
September 30, 2013
Class Z shares: | ||||
Net assets | $ | 11,420,156 | ||
|
| |||
Shares outstanding (a) | 1,016,446 | |||
|
| |||
Net asset value, offering price and redemption price per share | $ | 11.24 | ||
|
| |||
Class S shares: | ||||
Net assets | $ | 4,012,953 | ||
|
| |||
Shares outstanding (a) | 357,479 | |||
|
| |||
Net asset value, offering price and redemption price per share | $ | 11.23 | ||
|
| |||
Class Y shares: | ||||
Net assets | $ | 4,148,967 | ||
|
| |||
Shares outstanding (a) | 370,318 | |||
|
| |||
Net asset value, offering price and redemption price per share | $ | 11.20 | ||
|
| |||
Class L shares: | ||||
Net assets | $ | 1,635,769 | ||
|
| |||
Shares outstanding (a) | 146,084 | |||
|
| |||
Net asset value, offering price and redemption price per share | $ | 11.20 | ||
|
| |||
Class A shares: | ||||
Net assets | $ | 1,136,896 | ||
|
| |||
Shares outstanding (a) | 101,641 | |||
|
| |||
Net asset value and redemption price per share | $ | 11.19 | ||
|
| |||
Offering price per share (100/[100-maximum sales charge] of net asset value) | $ | 11.87 | ||
|
|
(a) | Authorized unlimited number of shares with no par value. |
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 Operations
For the Year Ended September 30, 2013
Investment income (Note 2): | ||||
Dividends | $ | 388,971 | ||
Interest | 71,076 | |||
Securities lending net income | 22,628 | |||
|
| |||
Total investment income | 482,675 | |||
|
| |||
Expenses (Note 3): | ||||
Investment management fees | 164,582 | |||
Custody fees | 6,763 | |||
Audit fees | 44,925 | |||
Legal fees | 49,404 | |||
Proxy fees | 1,028 | |||
Shareholder reporting fees | 18,607 | |||
Trustees’ fees | 1,483 | |||
Subsidiary administration fees | 29,871 | |||
|
| |||
316,663 | ||||
Administration fees: | ||||
Class Z | 2,777 | |||
Class S | 4,646 | |||
Class Y | 8,547 | |||
Class L | 5,676 | |||
Class A | 3,897 | |||
Service fees: | ||||
Class A | 2,783 | |||
|
| |||
Total expenses | 344,989 | |||
Expenses waived (Note 3): | ||||
Class Z fees reimbursed by adviser | (13,475 | ) | ||
Class S fees reimbursed by adviser | (5,636 | ) | ||
Class Y fees reimbursed by adviser | (5,656 | ) | ||
Class L fees reimbursed by adviser | (2,361 | ) | ||
Class A fees reimbursed by adviser | (1,959 | ) | ||
Class Z administrative fees waived | (16 | ) | ||
Class S administrative fees waived | (7 | ) | ||
Class Y administrative fees waived | (6 | ) | ||
Class L administrative fees waived | (2 | ) | ||
Class A administrative fees waived | (2 | ) | ||
Class Z management fees waived | (3,089 | ) | ||
Class S management fees waived | (1,292 | ) | ||
Class Y management fees waived | (1,297 | ) | ||
Class L management fees waived | (541 | ) | ||
Class A management fees waived | (372 | ) | ||
Subsidiary expenses waived (Note 3) | (85,775 | ) | ||
|
| |||
Net expenses | 223,503 | |||
|
| |||
Net investment income (loss) | 259,172 | |||
|
| |||
Realized and unrealized gain (loss): | ||||
Net realized gain (loss) on: | ||||
Investment transactions | 1,019,972 | |||
Futures contracts | 23,062 | |||
Foreign currency transactions | 43,925 | |||
|
| |||
Net realized gain (loss) | 1,086,959 | |||
|
| |||
Net change in unrealized appreciation (depreciation) on: | ||||
Investment transactions | 206,527 | |||
Translation of assets and liabilities in foreign currencies | (170,108 | ) | ||
|
| |||
Net change in unrealized appreciation (depreciation) | 36,419 | |||
|
| |||
Net realized gain (loss) and change in unrealized appreciation (depreciation) | 1,123,378 | |||
|
| |||
Net increase (decrease) in net assets resulting from operations | $ | 1,382,550 | ||
|
|
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 Statements of Changes in Net Assets
Year Ended September 30, 2013 | Period Ended September 30, 2012* | |||||||
Increase (Decrease) in Net Assets: | ||||||||
Operations: | ||||||||
Net investment income (loss) | $ | 259,172 | $ | 105,678 | ||||
Net realized gain (loss) on investment transactions | 1,086,959 | (177,150 | ) | |||||
Net change in unrealized appreciation (depreciation) on investments | 36,419 | 771,846 | ||||||
|
|
|
| |||||
Net increase (decrease) in net assets resulting from operations | 1,382,550 | 700,374 | ||||||
|
|
|
| |||||
Distributions to shareholders (Note 2): | ||||||||
From net investment income: | ||||||||
Class Z | (93,058 | ) | (13,411 | ) | ||||
Class S | (38,621 | ) | (13,115 | ) | ||||
Class Y | (35,546 | ) | (3,653 | ) | ||||
Class L | (13,658 | ) | (3,531 | ) | ||||
Class A | (6,501 | ) | (3,295 | ) | ||||
|
|
|
| |||||
Total distributions from net investment income | (187,384 | ) | (37,005 | ) | ||||
|
|
|
| |||||
From net realized gains: | ||||||||
Class Z | (56,983 | ) | - | |||||
Class S | (25,960 | ) | - | |||||
Class Y | (24,088 | ) | - | |||||
Class L | (11,023 | ) | - | |||||
Class A | (7,750 | ) | - | |||||
|
|
|
| |||||
Total distributions from net realized gains | (125,804 | ) | - | |||||
|
|
|
| |||||
Net fund share transactions (Note 5): | ||||||||
Class Z | 7,233,661 | 3,500,100 | ||||||
Class S | 64,581 | 3,513,215 | ||||||
Class Y | 531,175 | 3,293,753 | ||||||
Class L | (34,929 | ) | 1,503,931 | |||||
Class A | (28,321 | ) | 1,044,844 | |||||
|
|
|
| |||||
Increase (decrease) in net assets from fund share transactions | 7,766,167 | 12,855,843 | ||||||
|
|
|
| |||||
Total increase (decrease) in net assets | 8,835,529 | 13,519,212 | ||||||
Net assets | ||||||||
Beginning of year | 13,519,212 | - | ||||||
|
|
|
| |||||
End of year | $ | 22,354,741 | $ | 13,519,212 | ||||
|
|
|
| |||||
Undistributed (accumulated) net investment income (loss) included in net assets at end of year | $ | 369,230 | $ | 69,608 | ||||
|
|
|
|
* | Fund commenced operations on November 28, 2011. |
The accompanying notes are an integral part of the consolidated financial statements.
15
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 | From net realized gains | 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 j | Net investment income (loss) to average daily net assets | ||||||||||||||||||||||||||||||||||||||||
Class Z | ||||||||||||||||||||||||||||||||||||||||||||||||||||
09/30/13 | $ | 10.62 | $ | 0.16 | $ | 0.65 | $ | 0.81 | $ | (0.12 | ) | $ | (0.07 | ) | $ | (0.19 | ) | $ | 11.24 | 7.90% | $ | 11,420 | 1.63% | 1.02% | 1.42% | |||||||||||||||||||||||||||
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 | 1.31% | a | |||||||||||||||||||||||||||||||||
Class S | ||||||||||||||||||||||||||||||||||||||||||||||||||||
09/30/13 | $ | 10.61 | $ | 0.15 | $ | 0.65 | $ | 0.80 | $ | (0.11 | ) | $ | (0.07 | ) | $ | (0.18 | ) | $ | 11.23 | 7.70% | $ | 4,013 | 1.72% | 1.11% | 1.35% | |||||||||||||||||||||||||||
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 | 1.22% | a | |||||||||||||||||||||||||||||||||
Class Y | ||||||||||||||||||||||||||||||||||||||||||||||||||||
09/30/13 | $ | 10.60 | $ | 0.13 | $ | 0.65 | $ | 0.78 | $ | (0.11 | ) | $ | (0.07 | ) | $ | (0.18 | ) | $ | 11.20 | 7.50% | $ | 4,149 | 1.82% | 1.21% | 1.21% | |||||||||||||||||||||||||||
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 | 1.00% | a | |||||||||||||||||||||||||||||||||
Class L | ||||||||||||||||||||||||||||||||||||||||||||||||||||
09/30/13 | $ | 10.59 | $ | 0.12 | $ | 0.65 | $ | 0.77 | $ | (0.09 | ) | $ | (0.07 | ) | $ | (0.16 | ) | $ | 11.20 | 7.43% | $ | 1,636 | 1.95% | 1.34% | 1.11% | |||||||||||||||||||||||||||
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 | 0.96% | a | |||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||||||||||||||||||
09/30/13 | $ | 10.57 | $ | 0.10 | $ | 0.65 | $ | 0.75 | $ | (0.06 | ) | $ | (0.07 | ) | $ | (0.13 | ) | $ | 11.19 | 7.24% | $ | 1,137 | 2.20% | 1.56% | 0.91% | |||||||||||||||||||||||||||
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 | 0.74% | a |
Year ended September 30, 2013 | Period ended September 30, 2012b,g | |||||||
Portfolio turnover rate for all share classes | 123 | % | 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.
16
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.
Each share class of the Fund represents an interest in the same portfolio of assets. The principal difference among the classes is the level of service and administration fees, and shareholder and distribution service expenses borne by the classes. Because each class will have different fees and expenses, performance and share prices will vary between the classes. The classes of shares are offered to different types of investors, as outlined in the Fund’s Prospectus.
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 financial statements. Actual results could differ from those estimates.
Basis of Consolidation
The accompanying consolidated financial statements for the Fund include the accounts of MassMutual Barings Cayman Dynamic Allocation Fund I, Ltd. (the “Subsidiary”), a wholly owned subsidiary of the Fund, which primarily invests in commodity-related investments consistent with the Fund’s investment objectives and policies as stated in its Prospectus and Statement of Additional Information. The Subsidiary allows the Fund to hold these commodity-related investments and still satisfy regulated investment company tax requirements. The Fund may invest up to 25% of its total assets in the Subsidiary. Intercompany accounts and transactions have been eliminated. As of September 30, 2013, the Fund’s net assets were $22,354,741, of which $600,697 or 2.7%, represented the Fund’s ownership of the shares of the Subsidiary.
Investment Valuation
The net asset value of the Fund’s shares is determined once daily as of the close of regular trading on the New York Stock Exchange, on each day the New York Stock Exchange is open for trading (a “business day”). The New York Stock Exchange normally closes at 4:00 p.m. Eastern Time, but may close earlier on some days.
Equity securities and derivative contracts that are actively traded on a national securities exchange or contract market are valued on the basis of information furnished by a pricing service, which provides the last reported sale price for securities or derivatives listed on the exchange or contract market or the official closing price on the NASDAQ National Market System, or in the case of over-the-counter (“OTC”) securities for which an official closing price is unavailable or not reported on the NASDAQ System, the last reported bid price. Portfolio securities traded on more than one national securities exchange are valued at the last price at the close of the exchange representing the principal market for such securities. Debt securities (other than short-term obligations) are valued on the basis of valuations furnished by a pricing service, which generally determines valuations taking into account factors such as institutional-size trading in similar securities, yield, quality, coupon rate, maturity, type of issue, trading characteristics, and other market data. Short-term debt securities are valued at either amortized cost or at original cost plus accrued interest, whichever the Fund’s investment adviser determines more closely approximates current market value. Shares of other open-end mutual funds are valued at their closing net asset values as reported on each business day.
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
17
Table of Contents
Notes to Consolidated Financial Statements (Continued)
or using a model that may incorporate market observable data such as reported sales of similar securities, broker quotes, yields, bids, offers, quoted market prices, and reference data. The fair values of OTC derivative contracts, including forward, swap, and option contracts related to interest rates, foreign currencies, credit standing of reference entities, equity prices, or commodity prices, may be based on market quotations or may be modeled using a series of techniques, including simulation models, depending on the contract and the terms of the transaction. The fair values of asset-backed securities and mortgage-backed securities are estimated based on models that consider the estimated cash flows of each debt tranche of the issuer, establish a benchmark yield, and develop an estimated tranche-specific spread to the benchmark yield based on the unique attributes of the tranche including, but not limited to, prepayment speed assumptions and attributes of the collateral. Many pricing models do not entail material subjectivity because the methodologies employed do not necessitate significant judgments and the pricing inputs are observed from actively quoted markets, as is the case of interest rate swap and option contracts. Restricted securities are generally valued at a discount to similar publicly traded securities.
Investments for which market quotations are not available or for which a pricing service or vendor does not provide a value, or for which such market quotations or values are considered by the investment adviser or subadviser to be unreliable (including, for example, certain foreign securities, thinly-traded securities, certain restricted securities, certain initial public offerings, or securities whose values may have been affected by a significant event) are stated at fair valuations determined in good faith by the Fund’s Valuation Committee1 in accordance with procedures approved annually by the Board of Trustees (“Trustees”), and under the general oversight of the Trustees. The Fund’s Valuation Committee employs various methods to determine fair valuations including a regular review of key inputs and assumptions and review of any related market activity. The Fund’s Valuation Committee reports to the Trustees at their regularly scheduled meetings. It is possible that fair value prices will be used by the Fund to a significant extent. The value determined for an investment using the Fund’s fair value procedures may differ from recent market prices for the investment and may be significantly different from the value realized upon the sale of such investment.
The Fund may invest in securities that are traded principally in foreign markets and that trade on weekends and other days when the Fund does not price its shares. As a result, the values of the Fund’s portfolio securities may change on days when the prices of the Fund’s shares are not calculated. The prices of the Fund’s shares will reflect any such changes when the prices of the Fund’s shares are next calculated, which is the next business day. The Fund may use fair value pricing more frequently for securities primarily traded in foreign markets because, among other things, most foreign markets close well before the Fund values its securities. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim. The Fund’s investments may be priced based on fair values provided by a third-party fair valuation vendor, based on certain factors and methodologies applied by such vendor, in the event that there is movement in the U.S. market, between the close of the foreign market and the time the Fund calculates its net asset values. All assets and liabilities expressed in foreign currencies are converted into U.S. dollars at the mean between the buying and selling rates of such currencies against the U.S. dollar at the end of each business day.
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A three-tier hierarchy is utilized to maximize the use of observable market data inputs and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, for example, the risk inherent in a particular valuation technique used to measure fair value (such as a pricing model) and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability and are developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability and are developed based on the best information available in the circumstances. The three-tier hierarchy of inputs is summarized in 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.
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. |
18
Table of Contents
Notes to Consolidated Financial Statements (Continued)
Level 1 – quoted prices (unadjusted) in active markets for identical investments that the Fund can access at the measurement date
The types of assets and liabilities categorized in Level 1 generally include actively traded domestic and certain foreign equity securities, derivatives actively traded on a national securities exchange (such as some warrants, rights, futures, and options), and shares of open-end mutual funds.
Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)
The types of assets and liabilities categorized in Level 2 generally include debt securities such as U.S. government and agency securities, mortgage-backed securities, asset-backed securities, municipal obligations, sovereign debt obligations, bank loans, corporate bonds, and those securities valued at amortized cost; OTC derivatives such as swaps, options, swaptions, and forward foreign currency exchange contracts; certain restricted securities; and non-exchange traded equity securities and certain foreign equity securities traded on particular foreign exchanges that close before the Fund determines its net asset values.
Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)
The types of assets and liabilities categorized in Level 3 generally include securities for which prices, spreads, or any of the other aforementioned key inputs are unobservable. Generally, securities whose trading has been suspended or that have been de-listed from their current primary trading exchange; securities in default or bankruptcy proceedings for which there is no current market quotation; securities and certain derivatives valued by broker quotes which may include brokers’ assumptions; and any illiquid Rule 144A securities or restricted securities issued by non-public entities are categorized in Level 3.
The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.
Changes in valuation techniques may result in transfers in or out of an investment’s assigned Level within the hierarchy. In addition, in periods of market dislocation, the observability of prices and inputs may be reduced for many instruments. This condition, as well as changes related to liquidity of investments, could cause a security to be reclassified between Level 1, Level 2, or Level 3.
In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes the level in the fair value hierarchy within which the fair value measurement falls is determined based on the lowest level input that is significant to the overall fair value measurement.
The following is the aggregate value by input level, as of September 30, 2013, for the Fund’s investments:
Asset Investments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Sovereign Debt Obligations | $ | - | $ | 1,068,516 | $ | - | $ | 1,068,516 | ||||||||
U.S. Treasury Obligations | - | 670,088 | - | 670,088 | ||||||||||||
Mutual Funds | 18,945,994 | - | - | 18,945,994 | ||||||||||||
Short-Term Investments | - | 2,581,523 | - | 2,581,523 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | 18,945,994 | $ | 4,320,127 | $ | - | $ | 23,266,121 | ||||||||
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|
|
|
|
|
|
| |||||||||
Asset Derivatives | ||||||||||||||||
Forward Contracts | $ | - | $ | 5,943 | $ | - | $ | 5,943 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Liability Derivatives | ||||||||||||||||
Forward Contracts | $ | - | $ | (215,116 | ) | $ | - | $ | (215,116 | ) | ||||||
|
|
|
|
|
|
|
|
The liability shown in the Consolidated Statement of Assets and Liabilities related to securities on loan approximates fair value, which would be categorized at Level 2, as of September 30, 2013.
19
Table of Contents
Notes to Consolidated Financial Statements (Continued)
The Fund had no transfers between Level 1, Level 2, and Level 3 of the fair value hierarchy during the year ended September 30, 2013. The Fund recognizes transfers between the Levels as of the beginning of the year.
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 year ended September 30, 2013. The following table shows how the Fund used these derivatives during the period (marked with an “A”), as well as additional uses, if any, it may have for them in the future (marked with an “M”).
Type of Derivative and Objective for Use | ||
Foreign Currency Exchange Transactions* | ||
Hedging/Risk Management | A | |
Directional Exposures to Currencies | M | |
Futures Contracts** | ||
Hedging/Risk Management | M | |
Duration/Credit Quality Management | M | |
Substitution for Direct Investment | A |
* | Includes any options purchased or written, futures contracts, forward contracts, and swap agreements, if applicable. |
** | Includes any options purchased or written on futures contracts, if applicable. |
At September 30, 2013, and during the year then ended, the Fund had the following derivatives and transactions in derivatives, grouped into the indicated risk categories:
Equity Risk | Foreign Exchange Risk | Total | ||||||||||
Asset Derivatives | ||||||||||||
Forward Contracts* | $ | - | $ | 5,943 | $ | 5,943 | ||||||
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|
|
|
|
| |||||||
Liability Derivatives | ||||||||||||
Forward Contracts^ | $ | - | $ | (215,116 | ) | $ | (215,116 | ) | ||||
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|
|
|
|
| |||||||
Realized Gain (Loss)# | ||||||||||||
Forward Contracts | $ | - | $ | 4,053 | $ | 4,053 | ||||||
Futures Contracts | 23,062 | - | 23,062 | |||||||||
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|
|
| |||||||
Total Realized Gain (Loss) | $ | 23,062 | $ | 4,053 | $ | 27,115 | ||||||
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|
|
|
|
| |||||||
Change in Appreciation (Depreciation)## | ||||||||||||
Forward Contracts | $ | - | $ | (169,955 | ) | $ | (169,955 | ) | ||||
|
|
|
|
|
| |||||||
Number of Contracts, Notional Amounts or Shares/Units† | ||||||||||||
Forward Contracts | $ | - | $ | 4,588,679 | $ | 4,588,679 | ||||||
Futures Contracts | 16 | - | 16 |
* | Consolidated Statement of Assets and Liabilities location: Receivables from: open forward foreign currency contracts. |
^ | Consolidated Statement of Assets and Liabilities location: Payables for: open forward foreign currency contracts. |
# | Consolidated Statement of Operations location: Amounts are included in net realized gain (loss) on: futures contracts or foreign currency transactions, as applicable. |
## | Consolidated Statement of Operations location: Amounts are included in net change in unrealized appreciation (depreciation) on: translation of assets and liabilities in foreign currencies. |
20
Table of Contents
Notes to Consolidated Financial Statements (Continued)
† | Amount(s) disclosed represent average number of contracts for futures contracts and notional amounts for forward contracts, which is indicative of volume of this derivative type, for the months that the Fund held such derivatives during the year ended September 30, 2013. |
Further details regarding the derivatives and other investments held by the Fund during the year ended September 30, 2013, are discussed below.
Foreign Currency Exchange Transactions
The Fund may engage in foreign currency exchange transactions for hedging purposes in order to protect against uncertainty in the level of future foreign currency exchange rates, or for other, non-hedging purposes.
The Fund may enter into foreign currency exchange transactions, including foreign currency forward contracts. These contracts call for the Fund to deliver in the future an amount of one currency in return for an amount of another currency, at an exchange rate determined at the time the contract is entered into. Forward contracts are private contractual arrangements and the Fund is subject to the risk that its counterparty will not, or will not be able to, perform its obligations. This type of arrangement may require the Fund to post margin. The Fund may enter into foreign currency exchange transactions in order to hedge against changes in the values of the assets or liabilities denominated in one or more foreign currencies, or otherwise to increase or reduce the Fund’s exposure to various foreign currencies. The use of foreign currency exchange transactions may create investment leverage.
Whenever the Fund enters into a foreign currency exchange transaction, it is subject to the risk that the value of the transaction will move in a direction unfavorable to it. When the Fund uses the transactions for hedging purposes, it is likely that the Fund will have an asset or liability that will offset any loss (or gain) on the transactions, at least in part. If the Fund enters into foreign currency exchange transactions other than for hedging purposes (for example, seeking to profit from an anticipated change in the values of currencies by creating directional exposures in the portfolio with respect to one or more currencies), it will generally be subject to the same risks, but is less likely to have assets or liabilities that will offset any losses on the transactions. There can be no assurance that the Fund will be able to terminate any foreign currency exchange transaction prior to its maturity in order to limit its loss on the transaction.
Forward foreign currency contracts are marked to market daily and the change in their value is recorded by the Fund as an unrealized gain or loss. Forward foreign currency contracts are valued at the settlement price established through dealers or other market sources on the day which they are traded. When a forward foreign currency contract is extinguished, through delivery or offset by entering into another forward foreign currency contract, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value of the contract at the time it was extinguished or offset. The notional or contractual amounts of these instruments do not necessarily represent the amounts potentially subject to risk. The measurement of the risk associated with these instruments is meaningful only when all related and offsetting transactions and counterparty risks are considered.
21
Table of Contents
Notes to Consolidated Financial Statements (Continued)
The Fund had the following open forward foreign currency contracts at September 30, 2013. The Fund’s current exposure to a counterparty is typically the unrealized appreciation on the contract.
Counterparty | Settlement Date | In Exchange for | Unrealized Appreciation/ (Depreciation) | |||||||||||||||||
Contracts to Buy | ||||||||||||||||||||
JPY | 106,500,000 | UBS AG | 10/16/13 | $ | 1,096,993 | $ | (13,435 | ) | ||||||||||||
|
|
|
| |||||||||||||||||
Contracts to Deliver | ||||||||||||||||||||
AUD | 56,000 | Goldman Sachs International | 12/17/13 | $ | 52,624 | $ | 638 | |||||||||||||
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|
|
| |||||||||||||||||
AUD | 453,000 | The Northern Trust Company | 12/17/13 | 425,713 | 5,187 | |||||||||||||||
EUR | 632,000 | The Northern Trust Company | 12/17/13 | 855,289 | 118 | |||||||||||||||
GBP | 1,738,000 | The Northern Trust Company | 11/05/13 | 2,671,290 | (141,609 | ) | ||||||||||||||
|
|
|
| |||||||||||||||||
3,952,292 | (136,304 | ) | ||||||||||||||||||
|
|
|
| |||||||||||||||||
JPY | 301,085,000 | JP Morgan Chase Bank | 10/16/13 | 3,003,243 | (60,072 | ) | ||||||||||||||
|
|
|
| |||||||||||||||||
$ | 7,008,159 | $ | (195,738 | ) | ||||||||||||||||
|
|
|
|
AUD | Australian Dollar |
EUR | Euro |
GBP | British Pound |
JPY | Japanese Yen |
Futures Contracts
The Fund may seek to manage a variety of different risks, such as interest rate risk, equity price risk, and currency risk, through the use of futures contracts. The Fund may use interest rate futures contracts to adjust the interest rate sensitivity (duration) of its portfolio or the credit exposure of the portfolio. Interest rate futures contracts obligate the long or short holder to take or make delivery of a specified quantity of a financial instrument, such as a specific fixed-income security, during a specified future period at a specified price. The Fund may use index futures to hedge against broad market risks to its portfolio or to gain broad market exposure when it holds uninvested cash or as an inexpensive substitute for cash investments directly in securities or other assets. Securities index futures contracts are contracts to buy or sell units of a securities index at a specified future date at a price agreed upon when the contract is made and are settled in cash. Positions in futures may be closed out only on an exchange or board of trade which provides a secondary market for such futures. Because futures contracts are exchange-traded, they typically have minimal exposure to counterparty risk.
Parties to a futures contract are not required to post the entire notional amount of the contract, but rather a small percentage of that amount (by way of margin), both at the time they enter into futures transactions, and then on a daily basis if their positions decline in value; as a result, futures contracts are highly leveraged. Such payments are known as variation margin and are recorded by the Fund as unrealized gains or losses. Because futures markets are highly leveraged, they can be extremely volatile, and there can be no assurance that the pricing of a futures contract will correlate precisely with the pricing of the asset or index underlying it or the asset or liability of the Fund that is the subject of the hedge. It may not always be possible for the Fund to enter into a closing transaction with respect to a futures contract it has entered into, at a favorable time or price. When the Fund enters into a futures transaction, it is subject to the risk that the value of the futures contract will move in a direction unfavorable to it. When the Fund uses futures contracts for hedging purposes, it is likely that the Fund will have an asset or liability that will offset any loss (or gain) on the transactions, at least in part.
When a futures contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded.
Inflation-Indexed Bonds
The Fund 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.
22
Table of Contents
Notes to Consolidated Financial Statements (Continued)
Treasury inflation-indexed bonds) or, generally, by a comparable inflation index calculated by the foreign government issuing the inflation-indexed bonds.
If the periodic adjustment rate measuring inflation falls, the principal value of inflation-indexed bonds will be adjusted downward, and consequently the interest payable on these securities (calculated with respect to a smaller principal amount) will be reduced. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury inflation-indexed bonds, even during a period of deflation. However, the current market value of the bonds is not guaranteed, and will fluctuate. The Fund 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.
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.
Securities Lending
The Fund may lend its securities to qualified brokers, under the terms of a master netting agreement. 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 in the form of a securities loan fee paid by the borrower, as well as a share of the income earned on investment of the cash collateral received for the loan of securities.
The Fund employs an agent to implement its securities lending program and the agent receives a fee from the Fund for its services. In addition, the Fund may be required to pay a rebate to the borrower. Accordingly, the Fund’s compensation for lending its securities is reduced by any such fees or rebate paid to the securities lending agent or borrower, respectively. For the year ended September 30, 2013, the Fund earned securities lending net income as follows:
Securities Lending Gross Income | Securities Lending Fees and Expenses | Securities Lending Net Income | ||||||
$28,283 | $ | 5,655 | $ | 22,628 | ||||
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Notes to Consolidated Financial Statements (Continued)
Accounting for Investment Transactions
Investment transactions are accounted for on the trade date. Realized gains and losses on sales of investments and unrealized appreciation and depreciation of investments are computed by the specific identification cost method. Proceeds received from litigation, if any, are included in realized gains on investment transactions for any investments that are no longer held in the portfolio and as a reduction in cost for investments that continue to be held in the portfolio. Interest income, adjusted for amortization of discounts and premiums on debt securities, is earned from the settlement date and is recorded on the accrual basis. Dividend income and distributions are recorded on the ex-dividend date. Withholding taxes on foreign interest, dividends, and capital gains have been provided for in accordance with the applicable country’s tax rules and rates. Foreign dividend income is recorded on the ex-dividend date or as soon as practicable after the Fund determines the existence of a dividend declaration after exercising reasonable due diligence. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The Fund estimates the components of distributions received that may be considered return of capital distributions or capital gain distributions.
Foreign Currency Translation
The books and records of the Fund are maintained in U.S. dollars. The market values of foreign currencies, foreign securities, and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the mean of the buying and selling rates of such currencies against the U.S. dollar at the end of each business day. Purchases and sales of foreign securities and income and expense items are translated at the rates of exchange prevailing on the respective dates of such transactions. The Fund does not isolate that portion of the results of operations arising from changes in the exchange rates from that portion arising from changes in the market prices of securities. Net realized foreign currency gains and losses resulting from changes in exchange rates include foreign currency gains and losses between trade date and settlement date on investment securities transactions, foreign currency transactions, and the difference between the amounts of dividends or interest recorded on the books of the Fund and the amount actually received.
Allocation of Operating Activity
In maintaining the records of 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 may invest in foreign securities. Foreign securities, including ADRs, are subject to additional risks compared to securities of U.S. issuers, including international trade, currency, political, regulatory, and diplomatic risks. In addition, fluctuations in currency exchange rates may adversely affect the values of foreign securities and the price of a Fund’s shares. Emerging markets securities are subject to greater risks than securities issued in developed foreign markets, including less liquidity, greater price volatility, higher relative rates of inflation, greater political, economic, and social instability, greater custody and operational risks, and greater volatility in currency exchange rates.
Federal Income Tax
It is 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.
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Notes to Consolidated Financial Statements (Continued)
Dividends and Distributions to Shareholders
Dividends from net investment income and distributions of any net realized capital gains of the Fund are declared and paid annually and at other times as may be required to satisfy tax or regulatory requirements. Distributions to shareholders are recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. As a result, net investment income and net realized capital gains on investment transactions for a reporting period may differ significantly from distributions during such period.
3. | Management Fee and Other Transactions |
Investment Management Fee
Under an agreement between Massachusetts Mutual Life Insurance Company (“MassMutual”) and the Trust on behalf of the Fund, MassMutual is responsible for providing investment management services for the Fund. In return for these services, MassMutual receives an advisory fee, based upon the Fund’s average daily net assets, at the annual rate of 0.80%.
MassMutual has also entered into an investment subadvisory agreement with Baring International Investment Ltd. (“Baring”), an indirect wholly-owned subsidiary of MassMutual Holdings (Bermuda) Ltd., itself an indirect wholly-owned subsidiary of MassMutual Holding LLC. This agreement provides that Baring manage the investment and reinvestment of the assets of the Fund. Baring receives a subadvisory fee from MassMutual, based upon the Fund’s average daily net assets, at the annual rate of 0.60%.
The Fund’s subadvisory fee is paid by MassMutual out of the management fee previously disclosed above.
Baring provides investment management services to the Subsidiary pursuant to an investment advisory agreement. The Subsidiary pays an advisory fee to Baring based upon the Subsidiary’s average daily net assets. The rate of this fee is equal to the subadvisory fee rate that MassMutual pays Baring in respect of the Fund. The amount of the fee payable by MassMutual to Baring in respect of the Fund for any period is reduced by the amount of the advisory fee payable by the Subsidiary to Baring for that period. Under the Fund’s investment management agreement, the amount of the advisory fee payable by the Fund to MassMutual in respect of any period is also reduced by the amount of the advisory fee payable by the Subsidiary to Baring in respect of that period. The amount of the reduction to the Fund’s advisory fee is reflected as a reduction of expenses on the Consolidated Statement of Operations.
Administration Fees
Under a separate administrative and shareholder services agreement between the Fund and MassMutual, MassMutual provides certain administrative and shareholder services and bears some class specific administrative expenses. In return for these services, MassMutual receives an administrative services fee, based upon the average daily net assets of the applicable class of shares of the Fund, at the following annual rates:
Class Z | Class S | Class Y | Class L | Class A | ||||
0.0300% | 0.1200% | 0.2200% | 0.3500% | 0.3500% |
The Subsidiary also pays certain other expenses, including administrative, custodian, and transfer agent fees. In respect of certain (but not all) of these fees, the Fund has entered into offsetting arrangements with its service providers which result in a reduction of certain of the Fund’s expenses with respect to those assets held by the Subsidiary. Certain of these reductions are reflected as a reduction of expenses on the Consolidated Statement of Operations.
Distribution and Service Fees
MML Distributors, LLC (the “Distributor”) acts as distributor to the Fund. Pursuant to a 12b-1 Plan adopted by the Fund, Class A shares of the Fund pay an annual fee of 0.25% of the average daily net asset value of Class A shares to: (i) the Distributor for services provided and expenses incurred by it in connection with the distribution of Class A shares of the Fund; and/or
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Notes to Consolidated Financial Statements (Continued)
(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% | 1.50% |
# | Acquired Fund fees and expenses are expenses borne indirectly by the Fund through investments in other pooled investment vehicles. |
* | Expense caps in effect through May 31, 2014. |
** | Expense cap in effect from June 1, 2013 through May 31, 2014. Prior to June 1, 2013, the expense cap was 1.59%. |
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, 2013 was 66.5%.
4. Purchases and Sales of Investments
Cost of purchases and proceeds from sales of investment securities (excluding short-term investments) for the year ended September 30, 2013, were as follows:
Purchases | Sales | |||||||||||
Long-Term U.S. Government Securities | Other Long-Term Securities | Long-Term U.S. Government Securities | Other Long-Term Securities | |||||||||
$1,211,334 | $ | 27,324,737 | $ | 915,264 | $ | 20,536,965 |
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Notes to Consolidated Financial Statements (Continued)
5. Capital Share Transactions
Changes in shares outstanding for the Fund were as follows:
Year Ended September 30, 2013 | Period Ended September 30, 2012* | |||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||
Class Z | ||||||||||||||||
Sold | 691,261 | $ | 7,504,200 | 350,010 | $ | 3,500,100 | ||||||||||
Issued as reinvestment of dividends | 7,473 | 78,461 | - | - | ||||||||||||
Redeemed | (32,298 | ) | (349,000 | ) | - | - | ||||||||||
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Net increase (decrease) | 666,436 | $ | 7,233,661 | 350,010 | $ | 3,500,100 | ||||||||||
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Class S | ||||||||||||||||
Sold | - | $ | - | 350,010 | $ | 3,500,100 | ||||||||||
Issued as reinvestment of dividends | 6,151 | 64,581 | 1,318 | 13,115 | ||||||||||||
Redeemed | - | - | - | - | ||||||||||||
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Net increase (decrease) | 6,151 | $ | 64,581 | 351,328 | $ | 3,513,215 | ||||||||||
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Class Y | ||||||||||||||||
Sold | 52,319 | $ | 560,000 | 319,991 | $ | 3,290,100 | ||||||||||
Issued as reinvestment of dividends | 5,690 | 59,634 | 367 | 3,653 | ||||||||||||
Redeemed | (8,049 | ) | (88,459 | ) | - | - | ||||||||||
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Net increase (decrease) | 49,960 | $ | 531,175 | 320,358 | $ | 3,293,753 | ||||||||||
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Class L | ||||||||||||||||
Sold | 2,039 | $ | 22,000 | 148,821 | $ | 1,500,400 | ||||||||||
Issued as reinvestment of dividends | 2,352 | 24,681 | 355 | 3,531 | ||||||||||||
Redeemed | (7,483 | ) | (81,610 | ) | - | - | ||||||||||
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Net increase (decrease) | (3,092 | ) | $ | (34,929 | ) | 149,176 | $ | 1,503,931 | ||||||||
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Class A | ||||||||||||||||
Sold | 625 | $ | 6,645 | 103,939 | $ | 1,041,549 | ||||||||||
Issued as reinvestment of dividends | 1,358 | 14,251 | 331 | 3,295 | ||||||||||||
Redeemed | (4,612 | ) | (49,217 | ) | - | - | ||||||||||
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| |||||||||
Net increase (decrease) | (2,629 | ) | $ | (28,321 | ) | 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 year ended September 30, 2013, no material amounts have been retained by the Distributor.
Redemptions or exchanges of Class A shares made within eighteen months of purchase from initial investments of $1 million or more are subject to a contingent deferred sales charge of 1% of the amount redeemed. The Distributor receives all contingent deferred sales charges. There were no contingent deferred sales charges imposed during the year ended September 30, 2013.
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Notes to Consolidated Financial Statements (Continued)
6. | Federal Income Tax Information |
At September 30, 2013, the cost of securities and the unrealized appreciation (depreciation) in the value of investments owned by the Fund, as computed on a federal income tax basis, were as follows:
Federal Income Tax Cost | Tax Basis Unrealized Appreciation | Tax Basis Unrealized (Depreciation) | Net Unrealized Appreciation (Depreciation) | |||||||||
$22,277,308 | $ | 1,319,476 | $ | (330,663 | ) | $ | 988,813 |
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.
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 year ended September 30, 2013, was as follows:
Ordinary | Long Term Capital Gain | Return of Capital | ||
$313,188 | $ - | $ - |
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 consolidated financial statements are periodically adjusted for permanent differences between book and tax accounting. These adjustments have no impact on net assets or the results of operations. Temporary book and tax accounting differences will reverse in subsequent periods. At September 30, 2013, temporary book and tax accounting differences were primarily attributable to investments in forward contracts, premium amortization accruals, the deferral of wash sale losses, and deferred Trustee compensation.
At September 30, 2013, the components of distributable earnings on a tax basis were as follows:
Undistributed | Undistributed Long Term Capital Gain (Capital Loss Carryover) | Other Temporary Differences | Unrealized Appreciation (Depreciation) | |||
$687,768 | $310,574 | $(737) | $989,368 |
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Notes to Consolidated Financial Statements (Continued)
During the year ended September 30, 2013, the following amounts were reclassified due to permanent differences between book and tax accounting:
Paid-in Capital | Accumulated | Undistributed | ||
$(162,657) | $(65,177) | $227,834 |
The Fund did not have any unrecognized tax benefits at September 30, 2013, nor were there any increases or decreases in unrecognized tax benefits for the year 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 year ended September 30, 2013, the Fund did not incur any such interest or penalties. The Fund is subject to examination by U.S. federal and state tax authorities for 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.
8. | New Accounting Pronouncements |
On December 16, 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2011-11, “Disclosures about Offsetting Assets and Liabilities” (“ASU 2011-11”), as clarified with ASU 2013-01 “Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities” issued in January 2013. ASU 2011-11 amends FASB Accounting Standards Codification Topic 210, specifically requiring an entity to disclose information about offsetting and related arrangements and the effect those arrangements have on the financial position. ASU 2011-11 is effective in annual reporting periods beginning on or after January 1, 2013, and for interim periods within those annual reporting periods. Management is currently evaluating the implications of these changes and their impact on the financial statements.
On June 7, 2013, The Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2013-08, Financial Services — Investment Companies (Topic 946): “Amendments to the Scope, Measurement, and Disclosure Requirements” (“ASU 2013-08”). ASU 2013-08 sets forth a new approach for determining whether a public or private company is an investment company and sets certain measurement and disclosure requirements for an investment company. ASU 2013-08 is effective in annual reporting periods beginning on or after December 15, 2013, and for interim periods within those annual reporting periods. Management is currently evaluating the implications of these changes and their impact on the financial statements.
9. | Subsequent Events |
In preparation of these consolidated financial statements management has evaluated the events and transactions subsequent to September 30, 2013, through the date when the consolidated financial statements were issued, and determined that there are no material events or transactions that would require adjustments to or disclosures in the Fund’s consolidated financial statements.
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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, including the consolidated portfolio of investments, of MassMutual Barings Dynamic Allocation Fund and subsidiary (the “Fund”) as of September 30, 2013, and the related consolidated statement of operations for the year then ended, the consolidated statements of changes in net assets for the year then ended and for the period November 28, 2011 (commencement of operations) through September 30, 2012, and the consolidated financial highlights for each of the periods presented. These financial statements and financial highlights are the responsibility of the Fund’s 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 audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Fund is not required to have, nor were we engaged to perform, an audit of its 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 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, 2013, 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 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, 2013, the results of their operations for the year then ended, the changes in their net assets for the year then ended and for the period November 28, 2011 (commencement of operations) through September 30, 2012, 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 25, 2013
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Trustees and Officers (Unaudited)
The following table lists the Trust’s Trustees and Officers as of September 30, 2013; 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, 100 Bright Meadow Blvd., Enfield, Connecticut 06082, 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: 70 | Chairman Trustee | Since Since | Retired. | 92 | 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: 65 | 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. | 92 | 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: 55 | 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. | 92 | 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 (2006-2012), Trustee (since 2005), MML Series Investment Fund II (open-end investment company). | |||||
Maria D. Furman Age: 59 | Trustee | Since 2004 | Retired. | 92 | 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: 66 | Trustee | Since 2012 | Retired. | 92 | 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: 71 | Trustee | Since 2012 | Retired; Consultant (1999-2009). | 130*** | 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: 62 | Trustee | Since 2004 | President and Chief Executive Officer (since 2012), PathoGenetix; Senior Vice President, Genzyme Business Excellence Initiative (2009-2011), President, Biosurgery (2003-2009), Genzyme Corporation. | 92 | 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: 61 | 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). | 94^ | 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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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: 68 | Trustee | Since 2012 | Retired | 94^ | Director (since 2013), Leucadia National Corporation (holding company); Director (since 2012), Ormat Technologies, Inc.; 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 (closed-end investment company); Trustee (since 2003), Babson Capital Participation Investors (closed-end investment company); 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). | |||||
Elaine A. Sarsynski^^^ Age: 58 | Trustee
Vice Chairperson | Since
(2011-2012) | Executive Vice President (since 2008), MassMutual Retirement Services Division, MassMutual; Chairman, President and CEO (since 2012), MassMutual International, LLC. | 92 | Director (since 2012), Horizon Technology Finance Management LLC; 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: 49 | 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). | 92 | ||||
Andrew M. Goldberg Age: 47 | 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). | 92 |
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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: 48 | 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). | 92 | ||||
Philip S. Wellman Age: 49 | 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), 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). | 92 | ||||
Eric H. Wietsma Age: 47 | President
Vice President | Since 2008
(2006- | Senior Vice President (since 2010), Corporate Vice President (2007-2010), 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). | 92 |
* | The address of each Trustee and Principal Officer is the same as that for the Trust; 100 Bright Meadow Blvd., Enfield, Connecticut 06082. |
** | 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. |
^ | 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. |
^^ | 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. |
^^^ | 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 $240,959 as qualified dividends for purposes of the maximum rate under Section 1(h)(11) of the Code for the year ended September 30, 2013.
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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 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 Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms N-Q are available on the SEC’s website at http://www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington D.C. Information on the operation of the SEC’s Public Reference Room may be obtained by calling 1-800-SEC-0330.
Trustees’ Approval of Investment Advisory Contracts
At their meetings in April and May 2013, 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 the subadviser (the “Independent Trustees”), re-approved the existing advisory and subadvisory agreement (collectively, the “Contracts”) for the Fund. In preparation for the meetings, the Trustees requested, and MassMutual and the subadviser 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 Fund; (ii) a profitability analysis prepared by MassMutual; and (iii) a fee and performance study report (the “Third-Party Report”) with respect to the 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 the 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 the subadviser.
The Committee considered the nature, scope, and quality of services MassMutual provides to the Fund, 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 Fund; (iii) MassMutual’s ability to provide investment oversight and administrative and shareholder services to the Fund; and (iv) the experience and qualifications of the personnel of MassMutual that perform, or oversee the performance of, the services provided to the Fund and the needs of the Fund for administrative and shareholder services.
The Committee then reviewed and considered 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 the one-year period against peer funds and a benchmark index). In connection with the Committee’s review, MassMutual provided commentary and analysis regarding the 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 Fund; and (ii) a wide range of information about the subadviser and its personnel with responsibility for providing services to the Fund and the fee payable to the 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 the Fund.
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The Committee reviewed the expense and performance information for the Fund. (References to the one-year period below are to the period ended December 31, 2012. The comparative expense information is that of the Fund’s “peer group” and the comparative performance information is that of the Fund’s “performance category.”)
The Committee considered that the Fund is only recently organized and has not achieved a size that might be conducive to a lower total net expense ratio. In the ensuing discussion, the Committee asked MassMutual to consider a reduction in the expense limitation currently in place with respect to the total net expense ratio of Class A shares of the Fund in light of the Fund’s recent underperformance (fourth quartile for the one-year period). MassMutual considered this request and agreed to reduce the expense limitation with respect to the total next expense ratio of Class A shares of the Fund. With respect to the Fund’s investment performance, the Committee considered that the Fund was formed in November 2011, and so has a relatively short performance history. It considered MassMutual’s statement that funds in the Fund’s comparative universe have quite diverse allocations to equities versus bonds, and that the Fund has generally maintained a relatively conservative allocation to equities, which has hurt relative performance in the recent strong equity markets, but which MassMutual considers to be consistent with the subadviser’s general approach to management of this strategy. The Committee also considered MassMutual’s statements that, although the Fund invests largely in exchange-traded funds, the management fees paid by the Fund are for the strategic and asset-allocation decisions made by the subadviser and are not redundant of fees paid by the ETFs in which the Fund invests.
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 Fund, including: (i) a description of the revenue (including management fee and administrative and shareholder services fees, as applicable) and expense allocation methodology employed by MassMutual; and (ii) profitability information for the Fund. The discussions included consideration of the intangible benefits derived by MassMutual and its affiliates resulting from their relationships with the Fund and the so-called “fallout benefits” to MassMutual, such as any reputational value derived from serving as investment adviser to the Fund, and benefits accruing to the subadviser 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.
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 the Fund and the subadvisory process; (ii) MassMutual’s level of profitability from its relationship with the Fund was not excessive and the advisory fee payable under the Contract and the Fund’s total net expenses are fair and reasonable; (iii) the investment processes, research capabilities, and philosophies of the subadviser generally appear well suited to the Fund, given its investment objective and policies; (iv) the relative performance of the Fund (taking into account the applicable investment strategy and risk profile of the Fund) is sufficient to warrant continuation of the Contracts for the Fund; and (v) the terms of the Contracts were fair and reasonable with respect to the Fund and were in the best interests of the Fund’s shareholders.
The Committee also considered the information presented and discussed regarding the existing advisory agreement for the Subsidiary.
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Other Information (Unaudited)
Fund Expenses September 30, 2013
Expense Examples:
The following information is in regards to expenses for the six months ended September 30, 2013:
As a shareholder of the Fund, you may incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments or redemptions; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. These examples are based on an investment of $1,000 invested for the six months ended September 30, 2013.
Actual Expenses:
The first four columns of the table below provide information about actual account values and actual expenses. You may use this information, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading entitled “Operating Expenses Incurred” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes:
The last two columns of the table below provide information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the last two columns of the table are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Beginning Value | Annualized Expense Ratio | Ending Value (Based on Actual Returns and Expenses) | Operating Expenses Incurred* | Ending Value (Based on Hypothetical Returns and Expenses) | Operating Expenses Incurred* | |||||||||||||||||||
Class Z | 1,000 | 1.02 | % | $ | 1,033.10 | 5.28 | $ | 1,020.30 | 5.25 | |||||||||||||||
Class S | 1,000 | 1.11 | % | 1,033.10 | 5.75 | 1,019.80 | 5.71 | |||||||||||||||||
Class Y | 1,000 | 1.21 | % | 1,031.30 | 6.26 | 1,019.30 | 6.23 | |||||||||||||||||
Class L | 1,000 | 1.34 | % | 1,031.30 | 6.94 | 1,018.70 | 6.89 | |||||||||||||||||
Class A | 1,000 | 1.53 | % | 1,030.40 | 7.92 | 1,017.70 | 7.87 |
* | Expenses are calculated using the annualized expense ratio for the six months ended September 30, 2013, multiplied by the average account value over the period, multiplied by the number of days in the period, divided by the number of days in the year, unless stated otherwise. |
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Distributor:
MML Distributors, LLC
1295 State Street
Springfield, MA 01111-0001
November 29, 2013
©2013 Massachusetts Mutual Life Insurance Company, Springfield, MA. All rights reserved. www.massmutual.com. MassMutual Financial Group is a marketing name for Massachusetts Mutual Life Insurance Company (MassMutual) [of which Retirement Services is a division] and its affiliated companies and sales representatives. | L4544BAM 1113 C:31114-00 |
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Item 2. Code of Ethics.
As of September 30, 2013, 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 year ended September 30, 2013, 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 fiscal year ended September 30, 2013 and the 11-month period ended September 30, 2012 were $571,155 and $585,170, respectively. |
(b) | AUDIT RELATED FEES: No such fees were billed to the Registrant by Deloitte & Touche LLP for the fiscal year ended September 30, 2013 and the 11-month period ended September 30, 2012. 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 fiscal year ended September 30, 2013 and for the 11-month period ended September 30, 2012. |
(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 fiscal year ended September 30, 2013 and the 11-month period ended September 30, 2012 were $107,080 and $75,826, 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 fiscal year ended September 30, 2013 and for the 11-month period ended September 30, 2012. |
(d) | ALL OTHER FEES: No such fees were billed to the Registrant by Deloitte & Touche LLP for the fiscal year ended September 30, 2013 and the 11-month period ended September 30, 2012. 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 fiscal year ended September 30, 2013 and the 11-month period ended September 30, 2012. |
(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 fiscal year ended September 30, 2013 and the 11-month period ended September 30, 2012 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 fiscal year ended September 30, 2013 and the 11-month period ended September 30, 2012 were $2,088,292 and $4,548,641, 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 11/26/13 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By (Signature and Title) | /s/ Eric Wietsma | |||
Eric Wietsma, President and Principal Executive Officer | ||||
Date 11/26/13 | ||||
By (Signature and Title) | /s/ Nicholas H. Palmerino | |||
Nicholas H. Palmerino, Treasurer and Principal Financial Officer | ||||
Date 11/26/13 |