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: 9/30/2018 | ||
Date of reporting period: 9/30/2018 |
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.
Eric Wietsma
“MassMutual believes that, although the financial markets will go up and down over time, taking a long-term approach to investing gives retirement investors more time to ride out the downturns as they work toward achieving their long-term investment goals.”
September 30, 2018
Despite the return of volatility, markets remained strong overall
I am pleased to present you with the MassMutual Premier Funds Annual Report, covering the year ended September 30, 2018 (the “fiscal year” or the “period”). During the first three quarters of 2018, U.S. stocks encountered more volatility than investors experienced in 2017. Nevertheless, total returns for the period were solidly positive.
Global economic optimism faded during the fiscal year under the weight of geopolitical tensions, mixed results, and trade war rhetoric, all of which dominated headlines for the majority of the fiscal year. Foreign stocks in developed markets trailed their U.S.-based counterparts for the period, but generally outpaced their emerging-market competitors.
Bond investors in the United States struggled to find positive returns in a rising yield environment fueled by rate hikes, a strong U.S. dollar, and central bank policy.
In MassMutual’s view, the dynamics of the investment markets during the fiscal year validate the importance of retirement investors maintaining a long-term perspective rather than reacting to current headlines. We also believe that individuals who follow certain investment guidelines, such as the ones below, may enhance their retirement income.
Suggestions for retirement investors under any market conditions
Save as much as possible
While you can’t control – or predict the direction of – the investment markets at any given time, you can control how often and how much you contribute to your retirement savings account. Contributing as much as possible and increasing contribution levels regularly is one way retirement investors can help themselves reach their retirement income goals, regardless of how the markets perform.
Invest continually
Financial professionals often advise their clients to stay in the market, regardless of short-term results. Here’s why: Individuals who can invest in all market conditions have the potential to be rewarded even during market downturns, when more favorable prices may enable them to accumulate larger positions. This has the potential to put them at an advantage when the markets turn around.
Invest for the long run
Investing for retirement doesn’t happen 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 achieving your long-term investment goals.
Monitor your asset allocation regularly – and diversify
The most common retirement plan investments – stocks, bonds, and short-term/money market investments – typically (although not always) behave differently at any given time. Each of these asset classes contains an array of sub-categories, such as small-cap stocks, international stocks, and high-yield bonds. Many financial professionals believe that investors can reduce the risk of over-exposure to one or two poorly performing investment types by investing in a diverse mix of investment types and sub-categories.*
* | Diversification and asset allocation do not ensure a profit or protect against loss in a declining market, but can be sound investment strategies. |
(Continued)
1
MassMutual Premier Funds – President’s Letter to Shareholders (Unaudited) (Continued)
Choose the investments you feel are right for you – and seek professional guidance
Many financial advisors believe that retirement savers who select an appropriate combination of investments that aligns with both their retirement income goals and how they feel about investing can help them withstand the inevitable ups and downs of the markets.
If you work with a financial professional, you may wish to consider reaching out to him or her for assistance in helping you ensure:
• | you are saving enough for retirement based on your long-term needs; |
• | your retirement account is invested properly for all market conditions, based on your goals and objectives, as well as your investment time horizon; and |
• | you are taking the right steps to help reduce your longevity risk, which is the risk that your retirement savings could “run out” during your lifetime. |
We’re people protecting people
MassMutual believes that your long-term financial security is crucial. Our ongoing commitment is to help people financially protect their families and put themselves on the path to a more secure retirement. And that’s why we continually remind retirement investors of the importance of maintaining a long-term perspective on retirement planning. We believe that those who invest with an eye toward helping their retirement savings withstand all market conditions have the potential to have more favorable long-term financial outcomes. Thank you for your continued confidence and trust in MassMutual.
Sincerely,
Eric Wietsma
President
The information provided is the opinion of MML Investment Advisers, LLC as of 10/1/18 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
September 30, 2018
Market Highlights
• | During the first three quarters of 2018, U.S. stocks encountered more volatility than investors experienced in 2017, but total returns for the fiscal year (or the “period”) were solidly positive. |
• | Global economic optimism faded during the fiscal year under the weight of geopolitical tensions, mixed results, and trade war rhetoric, which dominated year-to-date headlines in 2018. |
• | Foreign stocks in developed markets trailed their U.S. counterparts for the period, but generally fared better than emerging-market stocks. |
• | U.S. bond investors struggled to find positive returns in a rising yield environment fueled by rate hikes, a strong U.S. dollar, and central bank policy. |
Market Environment
U.S. equity investors enjoyed positive returns for the fiscal year beginning October 1, 2017, though those gains occurred in a more volatile market than they encountered during the previous fiscal year. After a two-and-a-half-year streak of positive quarterly results, both the S&P 500® Index* (S&P 500) and the Dow Jones Industrial AverageSM (the Dow) declined for the first quarter of 2018. Both indexes hit record highs in January, dropped sharply in February, and climbed back to record highs near the end of the fiscal year.
During the second and third quarters of the fiscal year, markets fought to find their footing. Wage growth in the U.S. triggered a major sell-off in early February 2018, as investors sought to balance the likelihood of continued growth against Federal Open Market Committee (FOMC) intentions to raise the short-term federal funds rate several times in the year ahead. (The federal funds rate is the interest rate that banks and financial institutions charge each other for borrowing funds overnight.) Scrutiny concerning revelations about how social media companies use data, and in particular, how social media giant Facebook had allowed customer data to be mined without users’ knowledge, undercut investor confidence in the information technology sector, triggering subsequent rounds of sell-offs. Political turbulence, which characterized the entire reporting period, unsettled markets as investors tried to assess the impacts of reduced taxes, increasing federal debt limits, and ongoing rhetoric over global trade wars.
As the first quarter of fiscal year began, strong corporate earnings reports and tempered rate hike expectations boosted investor confidence and the broad market S&P 500 delivered a strong 5.7% return for the quarter on the way to a 17.91% return for the fiscal year. The Dow followed a similar pattern to end at 20.76%. The technology-heavy NASDAQ Composite Index fared even better, advancing 25.17%, with prominent technology companies like Apple, Netflix, and Google leading the way. Small- and mid-cap stocks underperformed their larger peers and growth stocks widely outperformed their value counterparts during the period.
The information technology and consumer discretionary sectors led all others during the fiscal year, delivering double-digit returns and beating the S&P 500. Seven of the remaining sectors delivered positive returns, but lagged the S&P 500. Only two sectors – communication services and utilities – delivered negative returns for the fiscal year.
Developed international markets, as measured by the MSCI EAFE® Index, trailed their domestic peers and delivered a fiscal year return of 2.74%. Developed international markets struggled to gain traction under the weight of a strong U.S. dollar, widespread local political issues, including floundering Brexit negotiations, and tariff speculations. Emerging-market stocks, as measured by the MSCI Emerging Markets Index, fared even worse, ending at -0.81% for the period.
* | Indexes are unmanaged, do not incur fees or expenses, and cannot be purchased directly for investment. |
3
MassMutual Premier Funds – Economic and Market Overview (Unaudited) (Continued)
The Federal Reserve Board (the Fed) reasserted its influence on markets through actual and forecasted rate hikes and a change in leadership during the fiscal year. Under new Fed Chairman Jerome Powell, the FOMC raised the target range for the federal funds rate four times during the period – in December (2017), March, June, and September 2018. All rate hikes during the period were in line with expectations and markets absorbed them with little reaction from investors. At the end of the fiscal year, the Fed raised its projection for the federal funds rate to 2.00%–2.25% as the market was pricing in the probability of an additional 0.25% hike following the December 2018 FOMC meeting. The Fed’s action follows signals that inflation may be rising faster than desired.
Bond yields rose during the fiscal year, with the 10-year U.S. Treasury bond crossing the 3.00% threshold multiple times. After starting the fiscal year at 2.33%, yields rose 0.74% to end at 3.07%. Since rising yields drive bond prices down, returns on the Bloomberg Barclays U.S. Aggregate Bond Index ended the period at -1.22%. Investment-grade corporate bonds fared poorly in the rising yield environment. The Bloomberg Barclays U.S. Corporate 10+ Year Bond Index, which tracks investment-grade corporate bonds, ended the period at -1.18%. The Bloomberg Barclays U.S. Corporate High Yield Index fared better, ending with a gain of 3.05%.
Review and maintain your strategy
At MassMutual, we are people protecting people. That is why we are committed to helping people secure and protect their long-term financial future, so they can take care of the ones they love. Saving for retirement continues to be an important and urgent challenge for most. We remind you, as an investor in stock and bond funds, that it is important to maintain perspective and have realistic expectations about the future performance of your investment portfolio. As described in this report, financial markets can reverse suddenly, stumble along sideways, and reverse again. Our multi-managed and sub-advised mutual funds tap into the deep expertise of seasoned asset managers who are committed to helping long-term investors prepare for retirement – in all market conditions. As always, we recommend that you work with a personal financial professional, who can help you define an investment strategy that aligns with your comfort level with respect to markets like these, with how long you have to save and invest, and with your specific financial goals and risk tolerance. Thank you for your confidence in MassMutual.
The information provided is the opinion of MML Investment Advisers, LLC as of 10/1/18 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.
4
What is the investment approach of MassMutual Premier U.S. Government Money Market Fund, and who is the Fund’s subadviser?
The Fund seeks current income consistent with preservation of capital and liquidity. The Fund normally invests at least 99.5% of its total assets in cash, U.S. Government securities, and/or repurchase agreements fully collateralized by cash or U.S. Government securities. Under normal circumstances, the Fund invests at least 80% of its net assets in U.S. Government securities and repurchase agreements that are fully collateralized by U.S. Government securities. The Fund’s subadviser is Barings LLC (Barings). The Fund seeks to maintain, but does not guarantee, a stable $1.00 share price. You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.
How did the Fund perform during the 12 months ended September 30, 2018?
The Fund’s Class R5 shares returned 1.08%, underperforming the 1.57% return of the FTSE Treasury Bill 3 Month Bill Index (the “benchmark”), which measures the performance of the last three three-month Treasury bill month-end rates.
For a discussion on the economic and market environment during the 12-month period ended September 30, 2018, please see the Economic and Market Overview, beginning on page 3.
Subadviser discussion of factors that contributed to the Fund’s performance
The U.S. Federal Reserve Board (the Fed) increased the federal funds target rate four times over the last year. (The federal funds rate is the interest rate that banks and financial institutions charge each other for borrowing funds overnight.) Short-term interest rates responded in kind, moving off their low levels as monetary policy continued to tighten. LIBOR (London Interbank Offered Rate) rates increased, with 1-month LIBOR up 1.03% to 2.26% – and 3-month LIBOR up 1.07% to 2.40% over the year. (LIBOR is an interest rate used in the short-term international interbank market.) A large increase in LIBOR occurred at the beginning of 2018, when 3-month LIBOR jumped 0.61% due to rate hike expectations, in tandem with concerns about the impact of overseas corporate tax repatriation back to the U.S. (resulting from tax reform enacted in 2017). There was less demand for shorter-term money market instruments, as U.S. companies could use overseas cash for corporate activity. Short-term rates, such as 3-month LIBOR, rose slowly in the second and third quarters, as there was additional demand in the market after LIBOR’s sharp rise in the first quarter.
These rate moves benefited the Fund, as it purchased adjustable agency paper in order to maximize yield while keeping the weighted average maturity at a manageable level. (Agency paper is debt issued by the federal government for financing purposes.) These adjustable rate issues continued to provide an attractive yield advantage for the Fund over the period, particularly in light of the interest rate environment. At the end of the reporting period, the Fund held only a small allocation to longer-dated fixed maturity agency paper and U.S. Treasury Bills.
The Weighted Average Maturity (WAM) of the Fund has remained short, ending the period at 28 days – but the Weighted Average Life (WAL), which takes into account a bond’s final maturity date, ended the period at 79 days.
Subadviser outlook
Fund managers believe the U.S. economy, fueled by tax cuts and stimulus spending, appears to be a key factor in encouraging investors to look beyond negative contributing factors – like the trade sparring among the U.S., China and other nations – which could be a hindrance to global growth if escalated. For context, economic output is growing at its fastest rate since 2014, the unemployment rate is at its lowest level in almost two decades, and initial jobless claims have fallen to their lowest level since 1969. Corporate fundamentals also continue to improve, as both revenue and EBITDA growth are continuing to outpace debt growth as indicated by second-quarter data. (Earnings before interest, tax, depreciation and amortization [EBITDA] is a measure of a company’s operating performance.) Fund managers believe this is positive for securitized credit sectors, such as asset-backed securities (ABS) and corporate bonds.
5
MassMutual Premier U.S. Government Money Market Fund – Portfolio Manager Report (Unaudited) (Continued)
In Fund managers’ view, the market is pricing in another interest rate hike from the Fed in December. Consequently, the Fund has been buying adjustable agency paper when it makes sense, and keeping most fixed rate purchases on the shorter side, as Fund managers believe there may be future interest rate hikes into 2019. Fund managers believe that net Treasury Bill issuance will increase significantly in the fourth quarter of 2018, but not as much as we saw in the first quarter of the year. They expect short rates to continue to rise throughout the fourth quarter and will bide their time waiting for attractive opportunities as they present themselves.
MassMutual Premier U.S. Government Money Market Fund Portfolio Characteristics (% of Net Assets) on 9/30/18 | ||||
Discount Notes | 82.5 | % | ||
Repurchase Agreement | 13.3 | % | ||
U.S. Treasury Bonds & Notes | 7.0 | % | ||
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Total Short-Term Investments | 102.8 | % | ||
Other Assets and Liabilities | (2.8 | )% | ||
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Net Assets | 100.0 | % | ||
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6
MassMutual Premier U.S. Government Money Market Fund – Portfolio Manager Report (Unaudited) (Continued)
Growth of a $10,000 Investment
Hypothetical Investments in MassMutual Premier U.S. Government Money Market Fund Class R5 and the FTSE Treasury Bill 3 Month Index.
TOTAL RETURN | One Year 10/1/17 - 9/30/18 | Five Year Average Annual 10/1/13 - 9/30/18 | Ten Year Average Annual 10/1/08 - 9/30/18 | |||||||||
Class R5 | 1.08% | 0.26% | 0.19% | |||||||||
FTSE Treasury Bill 3 Month Index | 1.57% | 0.49% | 0.32% |
GROWTH OF $10,000 INVESTMENT FOR THE PAST 10 YEARS
Generally accepted accounting principles require adjustments to be made to the net assets of the Fund at period end for financial reporting purposes only, and as such, the total return based on the unadjusted net asset value per share may differ from the total return reported in the financial highlights.
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 FTSE Treasury Bill 3 Month 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.
You could lose money by investing in the MassMutual Premier U.S. Government Money Market Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.
7
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 (plus the amount of any borrowings for investment purposes) in investment grade fixed income securities (rated Baa3 or higher by Moody’s, BBB- or higher by Standard & Poor’s or the equivalent by any NRSRO, or, if unrated, determined to be of comparable quality by the subadviser). The Fund’s subadviser is Barings LLC (Barings).
How did the Fund perform during the 12 months ended September 30, 2018?
The Fund’s Class R5 shares returned 1.63%, outperforming the -0.01% return of the Bloomberg Barclays U.S. 1-3 Year Government Bond Index (the “benchmark”), which measures the performance of the U.S. Treasury and U.S. Agency Indexes with maturities of 1-3 years, including Treasuries and U.S. agency debentures. It is a component of the U.S. Government/Credit Index and the U.S. Aggregate Index.
For a discussion on the economic and market environment during the 12-month period ended September 30, 2018, please see the Economic and Market Overview, beginning on page 3.
Subadviser discussion of factors that contributed to the Fund’s performance
For the year ended September 30, 2018, bond duration and maturity positioning benefited the Fund, as it shifted duration in accordance with its duration management process. (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.) Duration of the Fund ended the period at 1.3 years.
The Fund’s allocation to corporate credit was the primary positive contributor to Fund performance for the year. Investment-grade and high-yield bonds rated BB contributed, and banking, leasing, and gas pipeline companies were the best-performing sub-sectors. Banks continued to demonstrate strong and improving fundamentals – less merger and acquisition risk, competitive spreads, and improved earnings after a one-time write-down resulting from tax reform. Gas pipelines have benefited from a required infrastructure buildout domestically, providing an avenue for growth and a reason for these companies to defend their investment-grade rating, as they need to access the capital markets to fund the buildout.
The securitized sector was the second primary contributor to performance, led by asset-backed securities (ABS). (Bond issuers create securitized bonds by pooling various types of contractual debt, such as mortgages, auto loans, and credit card debt.) Allocations to government-guaranteed Federal Family Education Loan Program (FFELP) student loans and subprime automobile ABS collateral were the largest contributing sub-sectors. The Fund increased its allocation to ABS over the period to 35% from 25% as the sector continued to have a natural liquidity profile (through monthly payments), and remained attractive, relative to other asset classes.
An underweight to U.S. agency debentures, which are unsecured loan certificates backed by general credit rather than specified assets, detracted from Fund performance. (“Agency” refers to debt issued by U.S. federal government agencies or government-sponsored entities for financing purposes.) The sector offers little income and the Fund held an underweight allocation, relative to the benchmark, over the year.
The Fund uses derivative instruments on occasion for yield curve, duration, downside risk management, and to gain exposures. Overall, derivatives 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.
8
MassMutual Premier Short-Duration Bond Fund – Portfolio Manager Report (Unaudited) (Continued)
Subadviser outlook
The U.S. economy, fueled by tax cuts and stimulus spending, appears, in Fund management’s view, to be a key factor in encouraging investors to look beyond negative contributing factors – like the trade sparring among the U.S., China and other nations – which could be a hindrance to global growth if escalated. For context, economic output is growing at its fastest rate since 2014, the unemployment rate is at its lowest level in almost two decades, and initial jobless claims have fallen to their lowest level since 1969. Corporate fundamentals also continue to improve, as both revenue and EBITDA growth are continuing to outpace debt growth as indicated by second-quarter data. (Earnings before interest, tax, depreciation and amortization [EBITDA] is a measure of a company’s operating performance.) Fund managers believe this is positive for securitized credit sectors such as ABS and corporate bonds.
At the close of the fiscal year, the Fund remained overweight in sectors such as corporates and securitized, relative to liquid products like governments and agencies – and Fund managers plan to continue focusing on bottom-up security selection.
MassMutual Premier Short-Duration Bond Fund Portfolio Characteristics (% of Net Assets) on 9/30/18 | ||||
Non-U.S. Government Agency Obligations | 47.1 | % | ||
Corporate Debt | 45.7 | % | ||
U.S. Treasury Obligations | 2.0 | % | ||
U.S. Government Agency Obligations and Instrumentalities | 1.2 | % | ||
Purchased Options | 1.1 | % | ||
Municipal Obligations | 0.0 | % | ||
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Total Long-Term Investments | 97.1 | % | ||
Short-Term Investments and Other Assets and Liabilities | 2.9 | % | ||
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Net Assets | 100.0 | % | ||
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9
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 R5, Service Class, Administrative Class, Class A, Class A (sales load deducted), Class R3, and the Bloomberg Barclays U.S. 1-3 Year Government Bond Index.
TOTAL RETURN | One Year 10/1/17 - 9/30/18 | Five Year Average Annual 10/1/13 - 9/30/18 | Ten Year Average Annual 10/1/08 - 9/30/18 | |||||||||
Class R5 | 1.63% | 1.84% | 3.31% | |||||||||
Service Class | 1.50% | 1.73% | 3.23% | |||||||||
Administrative Class | 1.35% | 1.63% | 3.13% | |||||||||
Class A | 1.20% | 1.38% | 2.89% | |||||||||
Class A (sales load deducted)* | -1.33% | 0.87% | 2.63% | |||||||||
Class R3 | 0.97% | 1.20% | 2.64% | |||||||||
Bloomberg Barclays U.S. 1-3 Year Government Bond Index | -0.01% | 0.57% | 1.20% |
Hypothetical Investments in MassMutual Premier Short-Duration Bond Fund Class I and the Bloomberg Barclays U.S. 1-3 Year Government Bond Index.
TOTAL RETURN | One Year 10/1/17 - 9/30/18 | Five Year Average Annual 10/1/13 - 9/30/18 | Since Inception Average Annual 12/3/10 - 9/30/18 | |||||||||
Class I | 1.65% | 1.93% | 2.24% | |||||||||
Bloomberg Barclays U.S. 1-3 Year Government Bond Index | -0.01% | 0.57% | 0.67% |
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 2.50% maximum sales charge.
Generally accepted accounting principles require adjustments to be made to the net assets of the Fund at period end for financial reporting purposes only, and as such, the total return based on the unadjusted net asset value per share may differ from the total return reported in the financial highlights.
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 Bloomberg 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.
10
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 R4 and the Bloomberg Barclays U.S. 1-3 Year Government Bond Index.
TOTAL RETURN | One Year 10/1/17 - 9/30/18 | Since Inception Average Annual 4/1/14 - 9/30/18 | ||||||
Class R4 | 1.21% | 1.53% | ||||||
Bloomberg Barclays U.S. 1-3 Year Government Bond Index | -0.01% | 0.59% |
GROWTH OF $10,000 INVESTMENT SINCE INCEPTION
Generally accepted accounting principles require adjustments to be made to the net assets of the Fund at period end for financial reporting purposes only, and as such, the total return based on the unadjusted net asset value per share may differ from the total return reported in the financial highlights.
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 Bloomberg 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
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 (plus the amount of any borrowings for investment purposes) in inflation-indexed bonds and other income-producing securities. The Fund’s subadviser is Barings LLC (Barings).
How did the Fund perform during the 12 months ended September 30, 2018?
The Fund’s Class R5 shares returned 0.63%, outperforming the 0.41% return of the Bloomberg Barclays U.S. Treasury Inflation Protected Securities (TIPS) Index (Series-L) (the “benchmark”), which measures the performance of rules-based, market value-weighted inflation-protected securities issued by the U.S. Treasury. It is a subset of the Global Inflation-Linked Index (Series-L).
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, 2018, please see the Economic and Market Overview, beginning on page 3.
Subadviser discussion of factors that contributed to the Fund’s performance
Consumer prices, as measured by the U.S. Bureau of Labor Statistics, were up for the year in 2018, as unadjusted Headline CPI came in at 2.9% in the second quarter, up from 2.1% at year end. (The Consumer Price Index [CPI] measures changes in the price of a market basket of consumer goods and services; Core CPI does not include food and energy prices. Headline CPI includes food and energy.) While shelter costs continued to be a major driver of inflation, service prices primarily drove the Headline CPI year-to-date increase. Core CPI increased to 2.3% in the second quarter of 2018, up from 1.8% at year-end 2017. For the third quarter of 2018, Headline and Core CPI saw modest declines to 2.3% and 2.2%, respectively. Core CPI is running modestly above the 2% inflation objective of the Federal Open Market Committee (FOMC).
TIPS positioning in aggregate contributed to the Fund’s performance during the period – notably, the Fund’s underweight positioning (relative to the benchmark) in short-maturity inflation securities was offset by allocations to high-quality, income-producing assets that earned higher yields than U.S. Treasuries.
In addition to TIPS, the Fund also invested in high-quality, income-producing securities, including asset-backed and money market securities. The income earned by these asset classes contributed positively over the reporting period. Asset-backed securities (ABS) were the main drivers of performance. (Bond issuers create securitized bonds by pooling various types of contractual debt – such as mortgages, auto loans, or credit card debt.) Security selections in auto loans and student loans were the primary contributors within the ABS sector. An 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 may use derivative instruments for yield curve and duration management – and for replicating cash bonds and gaining market exposure in order to implement manager views. (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
12
MassMutual Premier Inflation-Protected and Income Fund – Portfolio Manager Report (Unaudited) (Continued)
hedging, speculation, or both.) During the period, repurchase agreements, Treasury futures, CPI swaps, credit default swaps to hedge whole business ABS exposure, CMBX as a proxy for commercial mortgage-backed securities, and interest rate swaptions were used to manage the Fund. (An interest rate swaption is an over-the-counter option that grants its owner the right but not the obligation to enter an underlying interest rate swap.) The Fund’s use of derivatives marginally contributed to its performance over the reporting period.
Subadviser outlook
Fund managers remain constructive on longer-term inflation market performance, as inflation measured by CPI and PCE continues to edge higher to meet central bank objectives. (The “core” PCE price index is defined as personal consumption expenditures [PCE] prices, excluding food and energy prices. The core PCE price index measures the prices paid by consumers for goods and services without the volatility caused by movements in food and energy prices to reveal underlying inflation trends.) Nevertheless, they remain cautious on their shorter-term (fourth-quarter 2018) outlook, given recent softness in risk assets, seasonal pattern weakness in energy prices, weaker inflation sentiment, and tighter Federal Reserve policy.
MassMutual Premier Inflation-Protected and Income Fund Portfolio Characteristics (% of Net Assets) on 9/30/18 | ||||
U.S. Treasury Obligations | 81.7 | % | ||
Non-U.S. Government Agency Obligations | 35.1 | % | ||
Corporate Debt | 2.6 | % | ||
U.S. Government Agency Obligations and Instrumentalities | 0.6 | % | ||
Purchased Options | 0.5 | % | ||
Municipal Obligations | 0.0 | % | ||
|
| |||
Total Long-Term Investments | 120.5 | % | ||
Short-Term Investments and Other Assets and Liabilities | (20.5 | )% | ||
|
| |||
Net Assets | 100.0 | % | ||
|
|
13
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 R5, Service Class, Administrative Class, Class A, Class A (sales load deducted), Class R3, and the Bloomberg Barclays U.S. Treasury Inflation Protected Securities (TIPS) Index (Series-L).
TOTAL RETURN | One Year 10/1/17 - 9/30/18 | Five Year Average Annual 10/1/13 - 9/30/18 | Ten Year Average Annual 10/1/08 - 9/30/18 | |||||||||
Class R5 | 0.63% | 1.49% | 3.32% | |||||||||
Service Class | 0.51% | 1.39% | 3.20% | |||||||||
Administrative Class | 0.31% | 1.29% | 3.07% | |||||||||
Class A | 0.16% | 1.05% | 2.88% | |||||||||
Class A (sales load deducted)* | -4.09% | 0.18% | 2.43% | |||||||||
Class R3 | 0.03% | 0.87% | 2.64% | |||||||||
Bloomberg Barclays U.S. Treasury Inflation Protected Securities (TIPS) Index (Series-L) | 0.41% | 1.37% | 3.32% |
Hypothetical Investments in MassMutual Premier Inflation-Protected and Income Fund Class I and the Bloomberg Barclays U.S. Treasury Inflation Protected Securities (TIPS) Index (Series-L).
TOTAL RETURN | One Year 10/1/17 - 9/30/18 | Five Year Average Annual 10/1/13 - 9/30/18 | Since Inception Average Annual 3/1/11 - 9/30/18 | |||||||||
Class I | 0.74% | 1.61% | 2.61% | |||||||||
Bloomberg Barclays U.S. Treasury Inflation Protected Securities (TIPS) Index (Series-L) | 0.41% | 1.37% | 2.43% |
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 4.25% maximum sales charge.
Generally accepted accounting principles require adjustments to be made to the net assets of the Fund at period end for financial reporting purposes only, and as such, the total return based on the unadjusted net asset value per share may differ from the total return reported in the financial highlights.
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 Bloomberg 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.
14
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 R4 and the Bloomberg Barclays U.S. Treasury Inflation Protected Securities (TIPS) Index (Series-L).
TOTAL RETURN | One Year 10/1/17 - 9/30/18 | Since Inception Average Annual 4/1/14 - 9/30/18 | ||||||
Class R4 | 0.31% | 1.34% | ||||||
Bloomberg Barclays U.S. Treasury Inflation Protected Securities (TIPS) Index (Series-L) | 0.41% | 1.54% |
GROWTH OF $10,000 INVESTMENT SINCE INCEPTION
Generally accepted accounting principles require adjustments to be made to the net assets of the Fund at period end for financial reporting purposes only, and as such, the total return based on the unadjusted net asset value per share may differ from the total return reported in the financial highlights.
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 Bloomberg 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
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 (plus the amount of any borrowings for investment purposes) in investment grade fixed income securities (rated Baa3 or higher by Moody’s, BBB- or higher by Standard & Poor’s or the equivalent by any NRSRO, or, if unrated, determined to be of comparable quality by the subadviser). The Fund’s subadviser is Barings LLC (Barings).
How did the Fund perform during the 12 months ended September 30, 2018?
The Fund’s Class R5 shares returned -0.57%, outperforming the -1.22% return of the Bloomberg Barclays U.S. Aggregate Bond Index (the “benchmark”), which measures the performance of the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (MBS) (agency fixed-rate and hybrid ARM pass-throughs), asset-backed securities (ABS), and commercial mortgage-backed securities (CMBS).
For a discussion on the economic and market environment during the 12-month period ended September 30, 2018, please see the Economic and Market Overview, beginning on page 3.
Subadviser discussion of factors that contributed to the Fund’s performance
For the year ended September 30, 2018, ABS was the primary contributor to the Fund’s performance. (Bond issuers create securitized bonds by pooling various types of contractual debt, such as mortgages, auto loans, and credit card debt.) The Fund held an overweight allocation to the ABS sector, relative to the benchmark. The ABS asset class is generally shorter in duration and, consequently, less sensitive to increases in interest rates that can hurt a bond’s performance. Some sub-sectors, such as student loans, are floating rate bonds tied to the 3-month London Interbank Offered Rate (LIBOR), where their coupons reset on a quarterly basis. (LIBOR is an interest rate used in the short-term international interbank market.)
Within securitized asset classes, agency MBS also contributed to performance. (“Agency” refers to debt issued by U.S. federal government agencies or government-sponsored entities for financing purposes.) The Fund had an underweight stake in the sector relative to the benchmark, although within MBS, an overweight of 30-year securities versus 15-year securities helped performance. Fund holdings in 30-year securities issued by Fannie Mae were a detractor from MBS performance. Residential MBS and CMBS also modestly helped to drive the Fund’s results.
Elsewhere, the Fund’s overweight to investment-grade corporate bonds contributed to performance. Corporate fundamentals continued to improve over the year, while new issuance slowed versus a year ago – which were both positives for the sector. However, demand from investors in Europe and Asia slowed, as hedging costs increased with an increase in LIBOR relative to other countries. In other words, it became more expensive for foreign investors to purchase U.S. dollar-denominated bonds. This factor, coupled with rising interest rates, resulted in the underperformance of corporate bonds, although security selection within the sector did benefit performance.
The beverage, banking and cable sectors all detracted from performance over the period. An allocation to short-weighted average life collateralized loan obligations rated AAA also hampered the Fund’s full-year results. The Fund has approximately a 4% to 5% allocation in the out-of-benchmark sector.
The Fund uses derivative instruments for yield curve, duration, downside hedging, and to gain exposures. In aggregate, these positions positively contributed to 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
The U.S. economy, fueled by tax cuts and stimulus spending, appears, in Fund management’s view, to be a key factor in encouraging investors to look beyond negative contributing factors – like the trade sparring among the U.S., China and other
16
MassMutual Premier Core Bond Fund – Portfolio Manager Report (Unaudited) (Continued)
nations – which could be a hindrance to global growth if escalated. For context, economic output is growing at its fastest rate since 2014, the unemployment rate is at its lowest level in almost two decades, and initial jobless claims have fallen to their lowest level since 1969. Corporate fundamentals also continue to improve, as both revenue and EBITDA growth are continuing to outpace debt growth as indicated by second-quarter data. (Earnings before interest, tax, depreciation and amortization [EBITDA] is a measure of a company’s operating performance.) Fund management believes this is positive for securitized credit sectors such as ABS and corporate bonds.
At the close of the fiscal year, the Fund remained overweight in sectors such as corporates and securitized, relative to liquid products like governments and agencies – and Fund managers plan to continue focusing on bottom-up security selection.
MassMutual Premier Core Bond Fund Portfolio Characteristics (% of Net Assets) on 9/30/18 | ||||
Corporate Debt | 34.8 | % | ||
Non-U.S. Government Agency Obligations | 28.9 | % | ||
U.S. Government Agency Obligations and Instrumentalities | 25.9 | % | ||
U.S. Treasury Obligations | 7.7 | % | ||
Purchased Options | 0.8 | % | ||
Sovereign Debt Obligations | 0.7 | % | ||
Municipal Obligations | 0.5 | % | ||
Preferred Stock | 0.3 | % | ||
|
| |||
Total Long-Term Investments | 99.6 | % | ||
Short-Term Investments and Other Assets and Liabilities | 0.4 | % | ||
|
| |||
Net Assets | 100.0 | % | ||
|
|
17
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 R5, Service Class, Administrative Class, Class A, Class A (sales load deducted), Class R3, and the Bloomberg Barclays U.S. Aggregate Bond Index.
TOTAL RETURN | One Year 10/1/17 - 9/30/18 | Five Year Average Annual 10/1/13 - 9/30/18 | Ten Year Average Annual 10/1/08 - 9/30/18 | |||||||||
Class R5 | -0.57% | 2.28% | 4.37% | |||||||||
Service Class | -0.66% | 2.19% | 4.29% | |||||||||
Administrative Class | -0.70% | 2.10% | 4.20% | |||||||||
Class A | -1.00% | 1.83% | 3.94% | |||||||||
Class A (sales load deducted)* | -5.21% | 0.95% | 3.49% | |||||||||
Class R3 | -1.13% | 1.67% | 3.69% | |||||||||
Bloomberg Barclays U.S. Aggregate Bond Index | -1.22% | 2.16% | 3.77% |
Hypothetical Investments in MassMutual Premier Core Bond Fund Class I and the Bloomberg Barclays U.S. Aggregate Bond Index.
TOTAL RETURN | One Year 10/1/17 - 9/30/18 | Five Year Average Annual 10/1/13 - 9/30/18 | Since Inception Average Annual 12/3/10 - 9/30/18 | |||||||||
Class I | -0.46% | 2.39% | 3.07% | |||||||||
Bloomberg Barclays U.S. Aggregate Bond Index | -1.22% | 2.16% | 2.61% |
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 4.25% maximum sales charge.
Generally accepted accounting principles require adjustments to be made to the net assets of the Fund at period end for financial reporting purposes only, and as such, the total return based on the unadjusted net asset value per share may differ from the total return reported in the financial highlights.
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 Bloomberg 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.
18
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 R4 and the Bloomberg Barclays U.S. Aggregate Bond Index.
TOTAL RETURN | One Year 10/1/17 - 9/30/18 | Since Inception Average Annual 4/1/14 - 9/30/18 | ||||||
Class R4 | -0.88% | 1.70% | ||||||
Bloomberg Barclays U.S. Aggregate Bond Index | -1.22% | 2.02% |
GROWTH OF $10,000 INVESTMENT SINCE INCEPTION
Generally accepted accounting principles require adjustments to be made to the net assets of the Fund at period end for financial reporting purposes only, and as such, the total return based on the unadjusted net asset value per share may differ from the total return reported in the financial highlights.
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 Bloomberg 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
MassMutual Premier Diversified Bond Fund – Portfolio Manager Report (Unaudited)
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What is the investment approach of MassMutual Premier Diversified Bond Fund, and who is the Fund’s subadviser?
The Fund seeks a superior total rate of return by investing in fixed income instruments. Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in fixed income securities. The Fund’s subadviser is Barings LLC (Barings).
How did the Fund perform during the 12 months ended September 30, 2018?
The Fund’s Class R5 shares returned -0.69%, outperforming the -1.22% return of the Bloomberg Barclays U.S. Aggregate Bond Index (the “benchmark”), which measures the performance of the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (MBS) (agency fixed-rate and hybrid ARM pass-throughs), asset-backed securities (ABS), and commercial mortgage-backed securities (CMBS).
For a discussion on the economic and market environment during the 12-month period ended September 30, 2018, please see the Economic and Market Overview, beginning on page 3.
Subadviser discussion of factors that contributed to the Fund’s performance
For the year ended September 30, 2018, ABS was the primary contributor to the Fund’s performance. (Bond issuers create securitized bonds by pooling various types of contractual debt, such as mortgages, auto loans, and credit card debt.) The Fund held an overweight allocation to the ABS sector, relative to the benchmark. The ABS asset class is generally shorter in duration and, consequently, less sensitive to increases in interest rates that can hurt a bond’s performance. Some sub-sectors, such as student loans, are floating rate bonds tied to the 3-month London Interbank Offered Rate (LIBOR), where their coupons reset on a quarterly basis. (LIBOR is an interest rate used in the short-term international interbank market.)
Within securitized asset classes, agency MBS also contributed to performance. (“Agency” refers to debt issued by U.S. federal government agencies or government-sponsored entities for financing purposes.) The Fund had an underweight stake in the sector relative to the benchmark, although within MBS, an underweight to 15-year securities relative to 30-year securities helped performance. Fund holdings in 30-year securities issued by Fannie Mae were the largest detractor from MBS performance. Residential MBS and commercial MBS also modestly helped to drive the Fund’s results.
Elsewhere, the Fund’s overweight to investment-grade corporate bonds contributed to performance. Corporate fundamentals continued to improve over the year, while new issuance slowed versus a year ago – which were both positives for the sector. However, demand from investors in Europe and Asia slowed, as hedging costs increased with an increase in LIBOR relative to other countries. In other words, it became more expensive for foreign investors to purchase U.S. dollar-denominated bonds. This factor, coupled with rising interest rates, resulted in the underperformance of corporate bonds, although security selection within the sector did benefit performance.
The satellite, cable, and metals and mining sectors all detracted from performance over the period. An allocation to short-weighted average life collateralized loan obligations rated AAA also hampered the Fund’s full-year results. The Fund has approximately a 4% to 5% allocation in the out-of-benchmark sector.
The Fund uses derivative instruments for yield curve, duration, downside hedging, and to gain exposures. In aggregate, these positions positively contributed to 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
The U.S. economy, fueled by tax cuts and stimulus spending, appears, in Fund management’s view, to be a key factor in encouraging investors to look beyond negative contributing factors – like the trade sparring among the U.S., China and other nations – which could be a hindrance to global growth if escalated. For context, economic output is growing at its fastest rate since 2014, the unemployment rate is at its lowest level in almost two decades, and initial jobless claims have fallen to their
20
MassMutual Premier Diversified Bond Fund – Portfolio Manager Report (Unaudited) (Continued)
lowest level since 1969. Corporate fundamentals also continue to improve, as both revenue and EBITDA growth are continuing to outpace debt growth as indicated by second-quarter data. (Earnings before interest, tax, depreciation and amortization [EBITDA] is a measure of a company’s operating performance.) Barings believes this is positive for securitized credit sectors such as ABS and corporate bonds.
At the close of the fiscal year, the Fund remained overweight in sectors such as corporates and securitized, relative to liquid products like governments and agencies – and Fund managers plan to continue focusing on bottom-up security selection.
MassMutual Premier Diversified Bond Fund Portfolio Characteristics (% of Net Assets) on 9/30/18 | ||||
Corporate Debt | 41.0 | % | ||
Non-U.S. Government Agency Obligations | 28.6 | % | ||
U.S. Government Agency Obligations and Instrumentalities | 21.7 | % | ||
U.S. Treasury Obligations | 2.3 | % | ||
Purchased Options | 1.2 | % | ||
Sovereign Debt Obligations | 0.8 | % | ||
Municipal Obligations | 0.3 | % | ||
Preferred Stock | 0.1 | % | ||
Warrants | 0.0 | % | ||
Common Stock | 0.0 | % | ||
|
| |||
Total Long-Term Investments | 96.0 | % | ||
Short-Term Investments and Other Assets and Liabilities | 4.0 | % | ||
|
| |||
Net Assets | 100.0 | % | ||
|
|
21
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 R5, Service Class, Administrative Class, Class A, Class A (sales load deducted), and the Bloomberg Barclays U.S. Aggregate Bond Index.
TOTAL RETURN | One Year 10/1/17 - 9/30/18 | Five Year Average Annual 10/1/13 - 9/30/18 | Ten Year Average Annual 10/1/08 - 9/30/18 | |||||||||
Class R5 | -0.69% | 2.59% | 4.69% | |||||||||
Service Class | -0.69% | 2.51% | 4.63% | |||||||||
Administrative Class | -0.83% | 2.39% | 4.56% | |||||||||
Class A | -1.07% | 2.14% | 4.31% | |||||||||
Class A (sales load deducted)* | -5.28% | 1.26% | 3.85% | |||||||||
Bloomberg Barclays U.S. Aggregate Bond Index | -1.22% | 2.16% | 3.77% |
Hypothetical Investments in MassMutual Premier Diversified Bond Fund Class I and the Bloomberg Barclays U.S. Aggregate Bond Index.
TOTAL RETURN | One Year 10/1/17 - 9/30/18 | Five Year Average Annual 10/1/13 - 9/30/18 | Since Inception Average Annual 12/3/10 - 9/30/18 | |||||||||
Class I | -0.64% | 2.72% | 3.86% | |||||||||
Bloomberg Barclays U.S. Aggregate Bond Index | -1.22% | 2.16% | 2.61% |
Hypothetical Investments in MassMutual Premier Diversified Bond Fund Class R4, Class R3, and the Bloomberg Barclays U.S. Aggregate Bond Index.
TOTAL RETURN | One Year 10/1/17 - 9/30/18 | Since Inception Average Annual 4/1/14 - 9/30/18 | ||||||
Class R4 | -0.91% | 1.93% | ||||||
Class R3 | -1.24% | 1.66% | ||||||
Bloomberg Barclays U.S. Aggregate Bond Index | -1.22% | 2.02% |
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 4.25% maximum sales charge.
Generally accepted accounting principles require adjustments to be made to the net assets of the Fund at period end for financial reporting purposes only, and as such, the total return based on the unadjusted net asset value per share may differ from the total return reported in the financial highlights.
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 Bloomberg 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.
22
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 (plus the amount of any borrowings for investment purposes) in lower rated fixed income securities (rated below Baa3 by Moody’s, below BBB- by Standard & Poor’s or the equivalent by any NRSRO (using the lower rating) or, if unrated, determined to be of below investment grade quality by the Fund’s subadviser). The Fund’s subadviser is Barings LLC (Barings).
How did the Fund perform during the 12 months ended September 30, 2018?
The Fund’s Class R5 shares returned 2.65%, underperforming the 3.05% return of the Bloomberg Barclays U.S. Corporate High-Yield Bond Index (the “benchmark”), which measures the performance of U.S. dollar-denominated, non-investment grade, fixed-rate, taxable corporate bonds, including corporate bonds, fixed-rate bullet, puttable, and callable bonds, SEC Rule 144A securities, original issue zeros, pay-in-kind bonds, fixed-rate and fixed-to-floating capital securities.
For a discussion on the economic and market environment during the 12-month period ended September 30, 2018, please see the Economic and Market Overview, beginning on page 3.
Subadviser discussion of factors that contributed to the Fund’s performance
For the one-year period ended September 30, 2018, the U.S. high-yield bond market finished the fiscal year with positive performance, driven by stable to improving corporate fundamentals, moderate global economic growth, and subdued inflationary pressures.
The energy sector, which represented 14.3% of the benchmark as of September 30, 2018 was the top-performing industry during the year, led by a sustained rally in crude oil prices. Issuers in the refining and oil field services subsectors were the largest contributors to sector performance within the benchmark. The consumer cyclicals sector and the financial sector were the notable laggards across the market, while still generating positive returns overall. The lower end of the ratings spectrum significantly outperformed the broader market during the period, with CCC-rated issues generating strong returns of 8.7%. While still producing positive returns, the B- and BB-rated portions of the benchmark experienced more modest gains of 3.8% and 1.4%, respectively.
The consumer cyclicals sector was the primary driver of the Fund’s relative performance, led by prudent credit selection as well as an underweight allocation, relative to the benchmark. Overall, the energy sector led overall performance during the year, due to an overweight allocation as well as strong credit selection. The Fund lagged the benchmark in the communications and basic industry sectors – with the latter being attributable to Fund holding Appvion Inc., which entered bankruptcy in October 2017.
From a ratings perspective, an overweight position in CCC-rated issues contributed to relative outperformance during the year, although this was offset by credit selection within the category. B- and BB-rated issues within the Fund outperformed the benchmark due to both credit selection and an underweight allocation to BB-rated issues.
With respect to Fund holdings, the top detractors were Appvion, which makes coated paper products, including carbonless, thermal and security papers; Jupiter Resources, a Western Canadian natural gas producer; and Jonah Energy, a private energy exploration and production company in the U.S. Fund holdings that were standout performers included Bausch Health Companies, a specialty pharmaceutical manufacturer focused on several therapeutic areas, with key focuses on gastrointestinal, dermatology, and eye care; Coveris Holdings, which designs, manufactures, and supplies paper flexible packaging, plastic flexible packaging and film products, and coated products in North America and Europe; and Caelus Energy, a privately held energy exploration and production company in the U.S.
Subadviser outlook
Fund management’s view is that corporate fundamentals for high-yield borrowers remain strong. Both within the Fund and in the market in general, they continue to see growth in earnings and healthy interest coverage levels. Additionally, defaults remain
23
MassMutual Premier High Yield Fund – Portfolio Manager Report (Unaudited) (Continued)
below historical averages and they continue to expect a benign default environment in the near term. The U.S. economy remains stable to improving, and they do not expect to see significant volatility in the near term, although they will continue to monitor Federal Reserve movements and inflation.
MassMutual Premier High Yield Fund Portfolio Characteristics (% of Net Assets) on 9/30/18 | ||||
Corporate Debt | 87.4 | % | ||
Bank Loans | 3.2 | % | ||
Common Stock | 0.5 | % | ||
Preferred Stock | 0.2 | % | ||
Warrants | 0.0 | % | ||
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Total Long-Term Investments | 91.3 | % | ||
Short-Term Investments and Other Assets and Liabilities | 8.7 | % | ||
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Net Assets | 100.0 | % | ||
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24
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 R5, Service Class, Administrative Class, Class A, Class A (sales load deducted), Class R3, and the Bloomberg Barclays U.S. Corporate High-Yield Bond Index.
TOTAL RETURN | One Year 10/1/17 - 9/30/18 | Five Year Average Annual 10/1/13 - 9/30/18 | Ten Year Average Annual 10/1/08 - 9/30/18 | |||||||||
Class R5 | 2.65% | 6.03% | 8.68% | |||||||||
Service Class | 2.55% | 5.92% | 8.61% | |||||||||
Administrative Class | 2.49% | 5.81% | 8.47% | |||||||||
Class A | 2.21% | 5.54% | 8.20% | |||||||||
Class A (sales load deducted)* | -3.41% | 4.36% | 7.59% | |||||||||
Class R3 | 2.04% | 5.39% | 7.95% | |||||||||
Bloomberg Barclays U.S. Corporate High-Yield Bond Index | 3.05% | 5.54% | 9.46% |
GROWTH OF $10,000 INVESTMENT FOR THE PAST 10 YEARS
* Class A (sales load deducted) returns include the 5.50% maximum sales charge.
Generally accepted accounting principles require adjustments to be made to the net assets of the Fund at period end for financial reporting purposes only, and as such, the total return based on the unadjusted net asset value per share may differ from the total return reported in the financial highlights.
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 Bloomberg 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.
25
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 I and the Bloomberg Barclays U.S. Corporate High-Yield Bond Index.
TOTAL RETURN | One Year 10/1/17 - 9/30/18 | Five Year Average Annual 10/1/13 - 9/30/18 | Since Inception Average Annual 3/1/11 - 9/30/18 | |||||||||
Class I | 2.78% | 6.15% | 7.41% | |||||||||
Bloomberg Barclays U.S. Corporate High-Yield Bond Index | 3.05% | 5.54% | 6.35% |
Hypothetical Investments in MassMutual Premier High Yield Fund Class R4 and the Bloomberg Barclays U.S. Corporate High-Yield Bond Index.
TOTAL RETURN | One Year 10/1/17 - 9/30/18 | Since Inception Average Annual 4/1/14 - 9/30/18 | ||||||
Class R4 | 2.30% | 4.55% | ||||||
Bloomberg Barclays U.S. Corporate High-Yield Bond Index | 3.05% | 4.66% |
GROWTH OF $10,000 INVESTMENT SINCE INCEPTION
Generally accepted accounting principles require adjustments to be made to the net assets of the Fund at period end for financial reporting purposes only, and as such, the total return based on the unadjusted net asset value per share may differ from the total return reported in the financial highlights.
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 Bloomberg 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
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 Barings LLC (Barings).
How did the Fund perform during the 12 months ended September 30, 2018?
The Fund’s Class R5 shares returned 10.01%, underperforming, by a wide margin, the 17.91% return of the S&P 500® Index (“the stock component’s benchmark”), which measures the performance of 500 widely held stocks in the U.S. equity market – but significantly outperforming the 2.74% return of the MSCI EAFE Index (“the international component’s benchmark”), which measures the performance of the large-and mid-cap segments of developed markets, excluding the U.S. and Canada equity securities. It is free float-adjusted market-capitalization weighted. The Fund substantially outperformed the -1.22% return of the Bloomberg Barclays U.S. Aggregate Bond Index (“the bond component’s benchmark”), which measures the performance of the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (MBS) (agency fixed-rate and hybrid ARM pass-throughs), asset-backed securities (ABS), and commercial mortgage-backed securities (CMBS). Additionally, the Fund’s Class R5 shares outperformed the 6.91% return of the Lipper Balanced Fund Index, an unmanaged, equally weighted index of the 30 largest mutual funds within the Lipper Balanced Category; and outperformed the 8.48% 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, 2018, please see the Economic and Market Overview, beginning on page 3.
Subadviser discussion of factors that contributed to the Fund’s stock component performance
The Fund held an overweight allocation of stocks relative to bonds during the year, which helped performance, as stocks significantly outperformed bonds. Profits generated by stocks relative to their prices have been unusually high relative to fixed income alternatives, which is why the Fund held an overweight stake in equities, relative to bonds.
The Fund experienced the most drag on relative performance over the reporting period due to its underweight position relative to the Fund’s benchmark in high-growth stocks like Amazon, the internet retailing giant. Barings believes that Amazon is an exceptional company with huge growth rates, but considers its shares to be expensive relative to the market. Since value is a critical part of the Fund’s framework, the Fund’s underweight position in Amazon hurt its full-year performance.
Earlier in the performance period, the Fund held an overweight stake in industrial companies, which helped drive performance. One Fund holding that specifically contributed was Waste Management, a waste collection company, which rose 18% over the year.
Subadviser discussion of factors that contributed to the Fund’s bond component performance
In the fixed income component, the Fund’s allocation to ABS, particularly those with floating rate coupons, was the primary performance contributor. (Bond issuers create securitized bonds by pooling various types of contractual debt – such as mortgages, auto loans, or credit card debt.) The Fund’s positions in investment-grade corporate bonds, including gas pipeline and property and casualty companies, was additive – while allocations to the beverage, banking and cable sectors detracted.
The Fund occasionally uses derivatives. This proved modestly additive to performance during 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.
27
MassMutual Premier Balanced Fund – Portfolio Manager Report (Unaudited) (Continued)
Subadviser outlook
Basic finance would have us believe that stock prices generally move in the opposite direction of interest rates. Yet nothing is ever easy in finance. Over the past 17 years, stocks generally went up when interest rates rose. This odd state of affairs was likely due to low interest rates and low inflation. As a result, funds like Premier Balanced that own stocks and bonds received a significant benefit from diversification. When bond prices fell (bond prices move in the opposite direction of rates), stocks prices generally rose. The Fund received more return per unit of risk due to its diversification. Should stock prices begin falling, this relationship may begin changing and revert to the “normal relationship” stocks and bonds had before the last 17 years. Given the massive tax cut, a cessation of purchasing of bonds by the Federal Reserve, and a tight labor market, it would not be too surprising if rates rose. Since the rise may be due to inflation, Fund managers suspect the old dynamic between stocks and bonds may reassert itself.
For now, Barings plans to remain overweight in equities into the remainder of this business cycle, but will continue to monitor financial markets closely to see if a new trend may be emerging.
MassMutual Premier Balanced Fund Portfolio Characteristics (% of Net Assets) on 9/30/18 | ||||
Common Stock | 64.0 | % | ||
Corporate Debt | 9.7 | % | ||
Mutual Funds | 9.2 | % | ||
Non-U.S. Government Agency Obligations | 7.7 | % | ||
U.S. Government Agency Obligations and Instrumentalities | 6.9 | % | ||
U.S. Treasury Obligations | 1.4 | % | ||
Purchased Options | 0.2 | % | ||
Municipal Obligations | 0.2 | % | ||
Sovereign Debt Obligations | 0.2 | % | ||
Preferred Stock | 0.1 | % | ||
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Total Long-Term Investments | 99.6 | % | ||
Short-Term Investments and Other Assets and Liabilities | 0.4 | % | ||
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Net Assets | 100.0 | % | ||
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28
MassMutual Premier Balanced Fund – Portfolio Manager Report (Unaudited) (Continued)
Growth of a $10,000 Investment
Hypothetical Investments in MassMutual Premier Balanced Fund Class R5, Service Class, Administrative Class, Class A, Class A (sales load deducted), the S&P 500 Index, the MSCI EAFE Index, the Bloomberg Barclays U.S. Aggregate Bond Index, the Lipper Balanced Fund Index, and the Custom Balanced Index.
TOTAL RETURN | One Year 10/1/17 - 9/30/18 | Five Year Average Annual 10/1/13 - 9/30/18 | Ten Year Average Annual 10/1/08 - 9/30/18 | |||||||||
Class R5 | 10.01% | 8.53% | 8.59% | |||||||||
Service Class | 9.94% | 8.43% | 8.43% | |||||||||
Administrative Class | 9.88% | 8.32% | 8.30% | |||||||||
Class A | 9.48% | 8.04% | 8.03% | |||||||||
Class A (sales load deducted)* | 3.46% | 6.83% | 7.43% | |||||||||
S&P 500 Index# | 17.91% | 13.95% | 11.97% | |||||||||
MSCI EAFE Index | 2.74% | 4.42% | 5.38% | |||||||||
Bloomberg Barclays U.S. Aggregate Bond Index | -1.22% | 2.16% | 3.77% | |||||||||
Lipper Balanced Fund Index | 6.91% | 7.29% | 7.70% | |||||||||
Custom Balanced Index | 8.48% | 8.26% | 8.39% |
Hypothetical Investments in MassMutual Premier Balanced Fund Class I, Class R4, Class R3, the S&P 500 Index, the MSCI EAFE Index, the Bloomberg Barclays U.S. Aggregate Bond Index, the Lipper Balanced Fund Index, and the Custom Balanced Index.
TOTAL RETURN | One Year 10/1/17 - 9/30/18 | Since Inception Average Annual 4/1/14 - 9/30/18 | ||||||
Class I | 10.21% | 7.78% | ||||||
Class R4 | 9.58% | 7.26% | ||||||
Class R3 | 9.32% | 7.00% | ||||||
S&P 500 Index# | 17.91% | 12.62% | ||||||
MSCI EAFE Index | 2.74% | 3.48% | ||||||
Bloomberg Barclays U.S. Aggregate Bond Index | -1.22% | 2.02% | ||||||
Lipper Balanced Fund Index | 6.91% | 6.43% | ||||||
Custom Balanced Index | 8.48% | 7.46% |
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 5.50% maximum sales charge.
# Benchmark.
Generally accepted accounting principles require adjustments to be made to the net assets of the Fund at period end for financial reporting purposes only, and as such, the total return based on the unadjusted net asset value per share may differ from the total return reported in the financial highlights.
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 Bloomberg 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.
29
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 create a diversified portfolio of equity securities in order to outperform the total return performance of its benchmark, the Russell 1000® Value Index*. Under normal circumstances, the Fund invests mainly in common stocks of companies that the Fund’s subadviser considers to be undervalued. The Fund will normally invest in common stocks of companies with market capitalizations of at least $200 million at the time of purchase. The Fund’s subadviser is Barings LLC (Barings).
How did the Fund perform during the 12 months ended September 30, 2018?
The Fund’s Class R5 shares returned 9.20%, underperforming the 9.45% return of the Russell 1000 Value Index (the “benchmark”), which measures the performance of the large-cap value segment of U.S. equity securities. It includes the Russell 1000 Index companies with lower price-to-book ratios and lower expected growth values. It is market-capitalization weighted.
For a discussion on the economic and market environment during the 12-month period ended September 30, 2018, please see the Economic and Market Overview, beginning on page 3.
Subadviser discussion of factors that contributed to the Fund’s performance
Value stocks tend to be cyclical, asset-heavy, or in industries such as banking and energy, which are heavily dependent on factors that are outside of the company’s control, such as interest rates and oil prices. All of these characteristics also put these companies right in the middle of the current trade war. As the trade war heated up during the year, value stocks underperformed their growth counterparts.
For the year ended September 30, 2018, the Fund’s overweight position, relative to the benchmark, in the materials sector hampered performance. Fund holding Huntsman Corporation, a maker of specialty chemicals, was viewed as underpriced by Fund management. Unfortunately, the market focused more on Huntsman’s exposure to China ($1.1 billion in revenues), and shares of the company ultimately fell. Also detracting from Fund performance was its underweight stake in Chevron, the integrated oil company. Chevron’s fundamentals looked weak last year when oil prices were at $50. During the reporting period, however, oil prices rose and Chevron – along with energy stocks in general – did well. The Fund’s relative performance suffered due to its less-than-benchmark allocation to the energy sector.
Earlier in the reporting period, the Fund held an overweight allocation to industrial companies, which helped its full-year results. Fund holding Waste Management, a waste collection company, rose 18% over the year, which helped to drive the Fund’s absolute performance. Waste companies are domestic by the very nature of their business, and investors turned their eyes to these companies in the midst of the trade war. Another Fund holding, Caterpillar, is a company that designs and manufactures construction and mining equipment, selling to companies around the world. Caterpillar outperformed in the early part of the reporting period due to the expectation of better global growth, but then spent most of the rest of the period behind the market, as that optimism dissipated.
The Fund used derivatives to facilitate fund flows, which was modestly additive to performance over the 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
Fund management believes there are cyclical and secular pressures on the growth versus value dynamic in the market. Secularly, they believe that automation and artificial intelligence companies will change the manufacturing process, and that such change will be a significant development. Cyclically, the tepid economic recovery and the Federal Reserve’s tight control over interest
* | 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. |
30
MassMutual Premier Disciplined Value Fund – Portfolio Manager Report (Unaudited) (Continued)
rates hurt value relative to growth, in their opinion. Widely viewed as the real wild card, though, in the investment world is the trade war. Free trade has been the hallmark of this bull market. If the trade war continues, Fund management believes that free trade and economic growth and profits will suffer. If there is a positive resolution to the trade war, they believe that value stocks have the potential to do well.
MassMutual Premier Disciplined Value Fund Largest Holdings (% of Net Assets) on 9/30/18 | ||||
JP Morgan Chase & Co. | 2.8 | % | ||
Berkshire Hathaway, Inc. Class B | 2.5 | % | ||
Cisco Systems, Inc. | 2.4 | % | ||
Johnson & Johnson | 2.3 | % | ||
Pfizer, Inc. | 2.3 | % | ||
Bank of America Corp. | 2.2 | % | ||
Intel Corp. | 2.2 | % | ||
Verizon Communications, Inc. | 2.0 | % | ||
Exxon Mobil Corp. | 1.8 | % | ||
AT&T, Inc. | 1.7 | % | ||
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22.2 | % | |||
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MassMutual Premier Disciplined Value Fund Sector Table (% of Net Assets) on 9/30/18 | ||||
Financial | 28.9 | % | ||
Consumer, Non-cyclical | 17.4 | % | ||
Energy | 9.7 | % | ||
Communications | 9.6 | % | ||
Technology | 9.2 | % | ||
Consumer, Cyclical | 8.5 | % | ||
Industrial | 7.5 | % | ||
Basic Materials | 5.0 | % | ||
Utilities | 4.8 | % | ||
Diversified | 0.3 | % | ||
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Total Long-Term Investments | 100.9 | % | ||
Short-Term Investments and Other Assets and Liabilities | (0.9 | )% | ||
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Net Assets | 100.0 | % | ||
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31
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 R5, Service Class, Administrative Class, Class A, Class A (sales load deducted), Class R3, and the Russell 1000 Value Index.
TOTAL RETURN | One Year 10/1/17 - 9/30/18 | Five Year Average Annual 10/1/13 - 9/30/18 | Ten Year Average Annual 10/1/08 - 9/30/18 | |||||||||
Class R5 | 9.20% | 10.32% | 9.27% | |||||||||
Service Class | 9.10% | 10.20% | 9.15% | |||||||||
Administrative Class | 8.96% | 10.08% | 9.03% | |||||||||
Class A | 8.74% | 9.81% | 8.74% | |||||||||
Class A (sales load deducted)* | 2.76% | 8.57% | 8.13% | |||||||||
Class R3 | 8.53% | 9.63% | 8.49% | |||||||||
Russell 1000 Value Index | 9.45% | 10.72% | 9.79% |
GROWTH OF $10,000 INVESTMENT FOR THE PAST 10 YEARS
* Class A (sales load deducted) returns include the 5.50% maximum sales charge.
Generally accepted accounting principles require adjustments to be made to the net assets of the Fund at period end for financial reporting purposes only, and as such, the total return based on the unadjusted net asset value per share may differ from the total return reported in the financial highlights.
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.
32
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 I, Class R4, and the Russell 1000 Value Index.
TOTAL RETURN | One Year 10/1/17 - 9/30/18 | Since Inception Average Annual 4/1/14 - 9/30/18 | ||||||
Class I | 9.28% | 8.45% | ||||||
Class R4 | 8.84% | 7.98% | ||||||
Russell 1000 Value Index | 9.45% | 8.90% |
GROWTH OF $10,000 INVESTMENT SINCE INCEPTION
Generally accepted accounting principles require adjustments to be made to the net assets of the Fund at period end for financial reporting purposes only, and as such, the total return based on the unadjusted net asset value per share may differ from the total return reported in the financial highlights.
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.
33
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 “large capitalization” issuers, which are considered to be companies with market capitalizations at the time of purchase within the market capitalization range of companies included within the Russell 1000® Index, although it may purchase stocks of companies with any market capitalization. The Fund’s subadviser is OFI Global Institutional, Inc. (OFI Global).
How did the Fund perform during the 12 months ended September 30, 2018?
The Fund’s Class R5 shares returned 9.00%, substantially underperforming the 17.91% return of the S&P 500® Index (the “benchmark”), which measures the performance of 500 widely held stocks in the U.S. equity market.
For a discussion on the economic and market environment during the 12-month period ended September 30, 2018, please see the Economic and Market Overview, beginning on page 3.
Subadviser discussion of factors that contributed to the Fund’s performance
For the year ended September 30, 2018, the Fund’s stock selection drove its underperformance versus the benchmark. The most significant underperformers were in the information technology, industrials, and utilities sectors. The Fund outperformed the benchmark in the financial sector due to stock selection.
Fund holdings that detracted from performance included Celgene and PG&E. Celgene is a biotechnology company that experienced significant weakness in the fourth quarter of 2017 – which continued into 2018 after lowering earnings guidance for the quarter and longer term (through 2020). This was primarily due to lower expected revenues from Otezla, a drug that treats certain types of arthritis, which accounts for approximately 10% of the company’s revenues. Secondarily, there was disappointment due to the withdrawal of a pipeline drug. These concerns were amplified by the fact that the company’s blockbuster drug, Revlimid (more than 60% of sales), faces patent expirations beginning in 2022. PG&E is one of the largest utility companies in California. The stock has been under pressure since the start of the Northern California wildfires, due to concerns that some of the company’s equipment may have played a role in some of the fires. The stock saw further pressure after the company announced they would be suspending the dividend to preserve cash for potential future claims. The Fund exited its position in PG&E during the period. Finally, not owning Amazon through the end of April detracted from the Fund’s performance because Amazon, which is one of the largest names in the benchmark, continued its run of impressive performance. Fund managers reinitiated a position in the company in April 2018.
Fund holdings that were top individual contributors for the year included O’Reilly Automotive (consumer discretionary), Motorola Solutions (information technology), and Exact Sciences (health care). Following a deceleration of revenue growth in 2017 in the auto parts retail industry, O’Reilly’s sales improved in the first and second quarters of 2018. Previous fears that Amazon would disrupt this relatively attractive segment of the retail industry have subsided over time, as O’Reilly and peer AutoZone have continued to post solid results. Motorola Solutions continued to display strong execution and to benefit from a favorable environment for public-safety spending. Exact Sciences focuses on the early detection and prevention of colorectal cancer through molecular diagnostics. The company saw initial strength after reporting strong first-quarter results, which saw strong adoption of Cologuard, the company’s non-invasive test for the early detection of colorectal cancer. The stock got an additional boost after the American Cancer Society updated its guidelines to recommend colorectal cancer screening at age 45 versus 50.
* | 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® Index and Russell® are trademarks of the Frank Russell Company. |
34
MassMutual Premier Main Street Fund – Portfolio Manager Report (Unaudited) (Continued)
Subadviser outlook
In the short term, Fund managers expect the U.S. economy to continue showing decent economic growth. In their view, this could be driven by favorable ongoing consumer confidence, tax benefits, falling regulatory hurdles, and technological innovation. They believe the biggest macroeconomic risks are trade tariffs and higher interest rates.
MassMutual Premier Main Street Fund Largest Holdings (% of Net Assets) on 9/30/18 | ||||
Microsoft Corp. | 5.7 | % | ||
JP Morgan Chase & Co. | 3.7 | % | ||
Amazon.com, Inc. | 3.6 | % | ||
UnitedHealth Group, Inc. | 3.6 | % | ||
Apple, Inc. | 3.5 | % | ||
Merck & Co., Inc. | 3.0 | % | ||
Motorola Solutions, Inc. | 2.7 | % | ||
Lockheed Martin Corp. | 2.5 | % | ||
Facebook, Inc. Class A | 2.4 | % | ||
Suncor Energy, Inc. | 2.4 | % | ||
|
| |||
33.1 | % | |||
|
|
MassMutual Premier Main Street Fund Sector Table (% of Net Assets) on 9/30/18 | ||||
Consumer, Non-cyclical | 22.9 | % | ||
Financial | 20.0 | % | ||
Technology | 18.5 | % | ||
Communications | 11.5 | % | ||
Consumer, Cyclical | 9.0 | % | ||
Industrial | 7.7 | % | ||
Energy | 5.3 | % | ||
Utilities | 2.0 | % | ||
Basic Materials | 0.7 | % | ||
Mutual Funds | 0.6 | % | ||
|
| |||
Total Long-Term Investments | 98.2 | % | ||
Short-Term Investments and Other Assets and Liabilities | 1.8 | % | ||
|
| |||
Net Assets | 100.0 | % | ||
|
|
35
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 R5, Service Class, Administrative Class, Class A, Class A (sales load deducted), Class R3, and the S&P 500 Index.
TOTAL RETURN | One Year 10/1/17 - 9/30/18 | Five Year Average Annual 10/1/13 - 9/30/18 | Ten Year Average Annual 10/1/08 - 9/30/18 | |||||||||
Class R5 | 9.00% | 11.90% | 11.00% | |||||||||
Service Class | 8.94% | 11.79% | 10.92% | |||||||||
Administrative Class | 8.79% | 11.68% | 10.77% | |||||||||
Class A | 8.49% | 11.39% | 10.50% | |||||||||
Class A (sales load deducted)* | 2.52% | 10.14% | 9.87% | |||||||||
Class R3 | 8.34% | 11.22% | 10.24% | |||||||||
S&P 500 Index | 17.91% | 13.95% | 11.97% |
Hypothetical Investments in MassMutual Premier Main Street Fund Class I, Class R4, and the S&P 500 Index.
TOTAL RETURN | One Year 10/1/17 - 9/30/18 | Since Inception Average Annual 4/1/14 - 9/30/18 | ||||||
Class I | 9.11% | 10.64% | ||||||
Class R4 | 8.63% | 10.16% | ||||||
S&P 500 Index | 17.91% | 12.62% |
GROWTH OF $10,000 INVESTMENT FOR PAST 10 YEARS
GROWTH OF $10,000 INVESTMENT SINCE INCEPTION
* Class A (sales load deducted) returns include the 5.50% maximum sales charge.
Generally accepted accounting principles require adjustments to be made to the net assets of the Fund at period end for financial reporting purposes only, and as such, the total return based on the unadjusted net asset value per share may differ from the total return reported in the financial highlights.
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.
36
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 create a diversified portfolio of equity securities in order to outperform the total return performance of its benchmark, the Russell 1000® Growth Index*. Under normal circumstances, the Fund invests mainly in common stocks of companies that the Fund’s subadviser believes offer the potential for long-term growth. The Fund will normally invest in common stocks of companies with market capitalizations of at least $200 million at the time of purchase. The Fund’s subadviser is Barings LLC (Barings).
How did the Fund perform during the 12 months ended September 30, 2018?
The Fund’s Class R5 shares returned 23.72%, underperforming the 26.30% return of the Russell 1000 Growth Index (the “benchmark”), which measures the performance of the large-cap growth segment of U.S. equity securities. It includes the Russell 1000 Index companies with higher price-to-book ratios and higher forecasted growth values. It is market-capitalization weighted.
For a discussion on the economic and market environment during the 12-month period ended September 30, 2018, please see the Economic and Market Overview, beginning on page 3.
Subadviser discussion of factors that contributed to the Fund’s performance
For the year ended September 30, 2018, the primary driver of the Fund’s underperformance was its underweight allocation, relative to the benchmark, to high-growth stocks like Amazon, the internet retailing giant. These companies have exceptional growth rates, but are expensive relative to the market. Since value is a critical part of the Fund’s framework, its less-than-benchmark stake in these standouts hurt performance on a relative basis. Similarly, the Fund had an underweight allocation to Netflix, the video streaming company. Netflix, a top-rated service, is creating a new media delivery system. However, because each quarter the actual cash Netflix generated from operations after all expenses was actually negative, the Fund owned much less of Netflix than the benchmark over the period, and this dragged on the Fund’s relative returns.
The Fund’s valuation framework helped in other areas, though. Well-known Fund holding Apple, a company that designs and manufactures personal computing devices, has been rapidly growing earnings and cash after expenses. Investors were not paying a premium for this growth because they focused on their fears that the market was saturated with Apple devices. Nevertheless, Apple continued to innovate, and the stock was up almost 50% during the reporting period. The Fund’s overweight stake in this top performer helped to drive the Fund’s results. Additionally, the Fund had overweight allocations to technology companies that displayed strong growth, but were also selling at good values, like Zebra Technologies, a manufacturer of barcode scanners. Zebra was up 63% over the period, and this helped performance.
Subadviser outlook
Growth stocks have been the darlings of the market for the past few years. Perhaps rightfully so: They have high margins, strong top-line growth, and exciting prospects. In the last few months, however, growth stocks have received an added boost, due to investors’ desire to shield themselves from higher import prices and own companies that will still grow if the global economy slows. Many artificial intelligence (AI) and cloud companies in the U.S. fit that description. This recent push has lifted many growth stocks to values that Fund management believes are extreme.
The essence of growth stock investing is that there are a few tremendous long-term winners, but also many losers. Fund managers are confident that some of the AI stocks that are valued highly now are going to be winners, but are also of the opinion that many will not be. They believe their analysis will help identify which is which, but believe that to profit from this growth, the Fund needs to invest in companies, not trade them.
* | 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. |
37
MassMutual Premier Disciplined Growth Fund – Portfolio Manager Report (Unaudited) (Continued)
MassMutual Premier Disciplined Growth Fund Largest Holdings (% of Net Assets) on 9/30/18 | ||||
Apple, Inc. | 9.2 | % | ||
Microsoft Corp. | 6.9 | % | ||
Amazon.com, Inc. | 5.8 | % | ||
Alphabet, Inc. Class C | 3.2 | % | ||
Alphabet, Inc. Class A | 3.2 | % | ||
Facebook, Inc. Class A | 2.2 | % | ||
The Boeing Co. | 2.0 | % | ||
UnitedHealth Group, Inc. | 1.7 | % | ||
Amgen, Inc. | 1.5 | % | ||
AbbVie, Inc. | 1.5 | % | ||
|
| |||
37.2 | % | |||
|
|
MassMutual Premier Disciplined Growth Fund Sector Table (% of Net Assets) on 9/30/18 | ||||
Technology | 27.4 | % | ||
Communications | 19.7 | % | ||
Consumer, Non-cyclical | 19.6 | % | ||
Consumer, Cyclical | 10.5 | % | ||
Industrial | 10.1 | % | ||
Financial | 8.9 | % | ||
Basic Materials | 2.2 | % | ||
Energy | 0.6 | % | ||
Diversified | 0.3 | % | ||
|
| |||
Total Long-Term Investments | 99.3 | % | ||
Short-Term Investments and Other Assets and Liabilities | 0.7 | % | ||
|
| |||
Net Assets | 100.0 | % | ||
|
|
38
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 R5, Service Class, Administrative Class, Class A, Class A (sales load deducted), and the Russell 1000 Growth Index.
TOTAL RETURN | One Year 10/1/17 - 9/30/18 | Five Year Average Annual 10/1/13 - 9/30/18 | Ten Year Average Annual 10/1/08 - 9/30/18 | |||||||||
Class R5 | 23.72% | 15.41% | 13.76% | |||||||||
Service Class | 23.54% | 15.27% | 13.66% | |||||||||
Administrative Class | 23.51% | 15.18% | 13.53% | |||||||||
Class A | 23.22% | 14.88% | 13.24% | |||||||||
Class A (sales load deducted)* | 16.44% | 13.59% | 12.60% | |||||||||
Russell 1000 Growth Index | 26.30% | 16.58% | 14.31% |
Hypothetical Investments in MassMutual Premier Disciplined Growth Fund Class I, Class R4, Class R3, and the Russell 1000 Growth Index.
TOTAL RETURN | One Year 10/1/17 - 9/30/18 | Since Inception Average Annual 4/1/14 - 9/30/18 | ||||||
Class I | 23.95% | 14.31% | ||||||
Class R4 | 23.26% | 13.77% | ||||||
Class R3 | 23.01% | 13.49% | ||||||
Russell 1000 Growth Index | 26.30% | 15.71% |
GROWTH OF $10,000 INVESTMENT FOR THE PAST 10 YEARS
GROWTH OF $10,000 INVESTMENT SINCE INCEPTION
* Class A (sales load deducted) returns include the 5.50% maximum sales charge.
Generally accepted accounting principles require adjustments to be made to the net assets of the Fund at period end for financial reporting purposes only, and as such, the total return based on the unadjusted net asset value per share may differ from the total return reported in the financial highlights.
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.
39
MassMutual Premier Small Cap Opportunities Fund – Portfolio Manager Report (Unaudited)
What is the investment approach of MassMutual Premier Small Cap Opportunities Fund, and who is the Fund’s subadviser?
The Fund seeks capital appreciation by investing primarily in common stocks of small-capitalization U.S. companies that the Fund’s subadviser believes have favorable business trends or prospects based on fundamental analysis. Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in securities of small-cap companies. The Fund’s subadviser is OFI Global Institutional, Inc. (OFI Global).
How did the Fund perform during the 12 months ended September 30, 2018?
The Fund’s Class R5 shares returned 13.82%, underperforming the 15.24% return of the Russell 2000® Index (the “benchmark”), which measures the performance of the small-cap segment of the U.S. equity universe. It is a subset of the Russell 3000 Index and includes approximately 2000 of the smallest securities based on a combination of their market cap and current index membership.
For a discussion on the economic and market environment during the 12-month period ended September 30, 2018, please see the Economic and Market Overview, beginning on page 3.
Subadviser discussion of factors that contributed to the Fund’s performance
For the year ended September 30, 2018, underperforming sectors for the Fund included consumer discretionary, communication services, and materials, where stock selection detracted. Outperformers versus the benchmark included the health care, energy, and information technology sectors, due to stock selection.
Fund holdings that were detractors from performance included Prestige Brands (health care), Visteon Corporation (consumer discretionary), and Summit Materials, Inc. (materials). Prestige Brands markets, sells, and distributes various over-the-counter health care and consumer products. Organic sales trends for Prestige have slowed and cost pressures have increased, especially for transportation. The Fund exited the stock during the reporting period. Visteon designs, engineers, and manufactures cockpit electronics products and connected car solutions for most of the world’s major vehicle manufacturers. After a strong run over the past 2-3 years of meeting or beating analyst earnings estimates, the company reported disappointing second-quarter 2018 results in late July and lowered its previous 2018 guidance. Summit is one of the fastest-growing construction materials companies. In early August, the company reported softer-than-expected second-quarter 2018 results and lowered its full-year EBITDA guidance. (Earnings before interest, tax, depreciation and amortization [EBITDA] is a measure of a company’s operating performance.)
Fund holdings that were top individual contributors to full-year performance included Amedisys, Inc. (health care); Renewable Energy Group, Inc. (energy); and Etsy, Inc. (consumer discretionary). Home health provider Amedisys continued its strong 2018 run with better-than-expected second-quarter earnings due to operational improvements. Renewable Energy Group is North America’s largest producer of advanced biofuel. The company continued to lower input costs through internal development, which could lead to greater average profitability. Etsy is an e-commerce website focused on hand-made or vintage items and unique factory-manufactured items. Etsy’s stock moved substantially higher after instituting a significant price increase to narrow the “take rate” discount that was in place relative to other marketplaces.
Subadviser outlook
In the short term, Fund managers expect the U.S. economy to continue showing decent economic growth. In their view, this could be driven by favorable ongoing consumer confidence, tax benefits, falling regulatory hurdles, and technological innovation. They believe the biggest macroeconomic risks are trade tariffs and higher interest rates. Regarding trade tariffs, Fund managers believe that the market perceives bluster from D.C. as a negotiating tactic. So far, this has been borne out in trade negotiations between the U.S., Mexico, and Canada. Fund managers caution that a true escalation could severely hamper global growth and thereby stock prices. In addition, they are concerned that companies are addicted to low interest rates. In this regard, Fund managers believe that, if interest rates were to continue to rise materially, some companies’ historical decisions could look like a misallocation of capital and negatively impact their stock prices.
40
MassMutual Premier Small Cap Opportunities Fund – Portfolio Manager Report (Unaudited) (Continued)
MassMutual Premier Small Cap Opportunities Fund Largest Holdings (% of Net Assets) on 9/30/18 | ||||
CACI International, Inc. Class A | 2.0 | % | ||
ASGN, Inc. | 1.9 | % | ||
Korn/Ferry International | 1.9 | % | ||
Matador Resources Co. | 1.7 | % | ||
Zynga, Inc. Class A | 1.7 | % | ||
Yelp, Inc. | 1.6 | % | ||
Group 1 Automotive, Inc. | 1.6 | % | ||
Four Corners Property Trust, Inc. | 1.6 | % | ||
The Children’s Place, Inc. | 1.5 | % | ||
Amedisys, Inc. | 1.5 | % | ||
|
| |||
17.0 | % | |||
|
|
MassMutual Premier Small Cap Opportunities Fund Sector Table (% of Net Assets) on 9/30/18 | ||||
Consumer, Non-cyclical | 21.3 | % | ||
Financial | 20.7 | % | ||
Industrial | 14.5 | % | ||
Consumer, Cyclical | 14.3 | % | ||
Technology | 13.1 | % | ||
Communications | 4.7 | % | ||
Energy | 3.8 | % | ||
Basic Materials | 3.5 | % | ||
Mutual Funds | 3.1 | % | ||
Utilities | 2.7 | % | ||
|
| |||
Total Long-Term Investments | 101.7 | % | ||
Short-Term Investments and Other Assets and Liabilities | (1.7 | )% | ||
|
| |||
Net Assets | 100.0 | % | ||
|
|
41
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 R5, Service Class, Administrative Class, Class A, Class A (sales load deducted), and the Russell 2000 Index.
TOTAL RETURN | One Year 10/1/17 - 9/30/18 | Five Year Average Annual 10/1/13 - 9/30/18 | Ten Year Average Annual 10/1/08 - 9/30/18 | |||||||||
Class R5 | 13.82% | 11.27% | 12.48% | |||||||||
Service Class | 13.68% | 11.15% | 12.37% | |||||||||
Administrative Class | 13.59% | 11.05% | 12.26% | |||||||||
Class A | 13.34% | 10.76% | 11.98% | |||||||||
Class A (sales load deducted)* | 7.10% | 9.52% | 11.35% | |||||||||
Russell 2000 Index | 15.24% | 11.07% | 11.11% |
Hypothetical Investments in MassMutual Premier Small Cap Opportunities Fund Class I, Class R4, Class R3, and the Russell 2000 Index.
TOTAL RETURN | One Year 10/1/17 - 9/30/18 | Since Inception Average Annual 4/1/14 - 9/30/18 | ||||||
Class I | 13.93% | 10.07% | ||||||
Class R4 | 13.42% | 9.56% | ||||||
Class R3 | 13.14% | 9.28% | ||||||
Russell 2000 Index | 15.24% | 10.03% |
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 5.50% maximum sales charge.
Generally accepted accounting principles require adjustments to be made to the net assets of the Fund at period end for financial reporting purposes only, and as such, the total return based on the unadjusted net asset value per share may differ from the total return reported in the financial highlights.
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 is unmanaged, does not incur expenses, and cannot be purchased directly by investors. Investors should read the Fund’s prospectus with regard to the Fund’s investment objective, risks, and charges and expenses in conjunction with these financial statements. Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges. The performance tables and charts do not reflect the deduction of taxes that a shareholder would pay on the Fund distributions or the redemption of the Fund shares.
42
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 can invest without limit in foreign securities, including American Depositary Receipts, and can invest in any country, including developing or emerging market countries. However, the Fund currently emphasizes investments in developed markets such as the United States, Western European countries, and Japan. As a fundamental policy, the Fund normally will invest in at least three countries (one of which may be the United States) and typically invests in a number of different countries. The Fund’s subadviser is OppenheimerFunds, Inc. (OFI).
How did the Fund perform during the 12 months ended September 30, 2018?
The Fund’s Class R5 shares returned 10.28%, outperforming the 9.77% return of the MSCI All Country World Index (ACWI) (the “benchmark”), which measures the performance of the large- and mid-cap segments of all country markets. It is free float-adjusted market-capitalization weighted.
For a discussion on the economic and market environment during the 12-month period ended September 30, 2018, please see the Economic and Market Overview, beginning on page 3.
Subadviser discussion of factors that contributed to the Fund’s performance
For the year ended September 30, 2018, the Fund outperformed the benchmark in eight out of 11 sectors, led by stock selection in the communication services, health care, and industrials sectors. The Fund underperformed the benchmark in consumer discretionary and energy, due to stock selection and an underweight position (relative to the benchmark), respectively. The Fund is perennially underweight in the energy and materials sectors, as Fund management does not believe that it can consistently predict either energy or materials prices. On a country basis, the Fund’s stock selection in France and the United States, along with its lack of exposure to Canada, were the strongest outperformers versus the benchmark. Stock selection in Spain and China detracted from relative performance, as did the Fund’s overweight position in Germany.
Fund holdings that were top individual contributors included Adobe Systems, Inc. (information technology); Alphabet Inc. (communication services); and Intuit, Inc. (information technology). Adobe Systems has seen accelerating revenues, and widening margins driven by exceptional products and its transition to the cloud. Cloud-based software is cheaper for the customer, and cannot be pirated. Fund management believes Alphabet Inc. has a wonderful core business in search. Alphabet Inc.’s lead in artificial intelligence (AI), for example, has the potential to give it an advantage in the move to voice-based search, especially as an alternative to Amazon. Intuit Inc.’s small business and tax platforms, QuickBooks and TurboTax, continued to gain share during the reporting period.
Fund holdings that were detractors from performance included JD.com, Inc. (consumer discretionary), Bayer AG (health care), and Acadia Pharmaceuticals, Inc. (health care). JD.com, the number-two player in Chinese e-commerce, saw its share price drop by 50% since mid-January. During the reporting period, news reports indicated that its CEO was the subject of a sexual assault investigation in Minneapolis this past summer – although there has, thus far, been no indication about whether a criminal charge will be handed down. Bayer AG has been on a downward trend since a California jury awarded a terminally ill cancer patient $289 million as compensation for his illness, an illness that he claimed was caused by long-term exposure to the herbicide known as Roundup (a product Bayer acquired when it bought Monsanto in June). Acadia Pharmaceuticals is a biopharmaceutical company that focuses on central nervous system disorders. A recent drug launch for NUPLAZID, a treatment for psychosis, was looked into by the FDA on safety concerns.
Subadviser outlook
At the end of the reporting period, the Fund had its largest overweight positions in the industrials, communication services, consumer discretionary, health care, and information technology sectors – and its largest underweight stakes in the energy, materials, consumer staples, utilities, and real estate sectors.
43
MassMutual Premier Global Fund – Portfolio Manager Report (Unaudited) (Continued)
MassMutual Premier Global Fund Largest Holdings (% of Net Assets) on 9/30/18 | ||||
Alphabet, Inc. Class A | 6.6 | % | ||
Airbus SE | 3.6 | % | ||
LVMH Moet Hennessy Louis Vuitton SE | 3.2 | % | ||
Adobe Systems, Inc. | 2.9 | % | ||
Intuit, Inc. | 2.8 | % | ||
S&P Global, Inc. | 2.6 | % | ||
Anthem, Inc. | 2.5 | % | ||
Nidec Corp. | 2.4 | % | ||
SAP SE | 2.4 | % | ||
Facebook, Inc. Class A | 2.4 | % | ||
|
| |||
31.4 | % | |||
|
|
MassMutual Premier Global Fund Sector Table (% of Net Assets) on 9/30/18 | ||||
Consumer, Non-cyclical | 22.6 | % | ||
Industrial | 18.5 | % | ||
Financial | 15.3 | % | ||
Consumer, Cyclical | 14.4 | % | ||
Technology | 12.9 | % | ||
Communications | 12.9 | % | ||
Mutual Funds | 2.0 | % | ||
Basic Materials | 1.0 | % | ||
Energy | 0.9 | % | ||
|
| |||
Total Long-Term Investments | 100.5 | % | ||
Short-Term Investments and Other Assets and Liabilities | (0.5 | )% | ||
|
| |||
Net Assets | 100.0 | % | ||
|
|
44
MassMutual Premier Global Fund – Portfolio Manager Report (Unaudited) (Continued)
Growth of a $10,000 Investment
Hypothetical Investments in MassMutual Premier Global Fund Class R5, Service Class, Administrative Class, Class A, Class A (sales load deducted), Class R3, and the MSCI ACWI.
TOTAL RETURN | One Year 10/1/17 - 9/30/18 | Five Year Average Annual 10/1/13 - 9/30/18 | Ten Year Average Annual 10/1/08 - 9/30/18 | |||||||||
Class R5 | 10.28% | 9.85% | 10.17% | |||||||||
Service Class | 10.17% | 9.71% | 10.03% | |||||||||
Administrative Class | 10.07% | 9.61% | 9.92% | |||||||||
Class A | 9.74% | 9.32% | 9.62% | |||||||||
Class A (sales load deducted)* | 3.71% | 8.09% | 9.00% | |||||||||
Class R3 | 9.64% | 9.19% | 9.50% | |||||||||
MSCI ACWI | 9.77% | 8.67% | 8.19% |
Hypothetical Investments in MassMutual Premier Global Fund Class I, Class R4, and the MSCI ACWI.
TOTAL RETURN | One Year 10/1/17 - 9/30/18 | Since Inception Average Annual 4/1/14 - 9/30/18 | ||||||
Class I | 10.39% | 9.14% | ||||||
Class R4 | 9.90% | 8.66% | ||||||
MSCI ACWI | 9.77% | 7.71% |
GROWTH OF $10,000 INVESTMENT FOR THE PAST 10 YEARS
GROWTH OF $10,000 INVESTMENT SINCE INCEPTION
* Class A (sales load deducted) returns include the 5.50% maximum sales charge.
Generally accepted accounting principles require adjustments to be made to the net assets of the Fund at period end for financial reporting purposes only, and as such, the total return based on the unadjusted net asset value per share may differ from the total return reported in the financial highlights.
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 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.
45
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. The Fund invests primarily in the common stock of growth companies that are domiciled or that have their primary operations outside of the United States. Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in securities of foreign companies. The Fund’s subadviser is OFI Global Institutional, Inc. (OFI Global).
How did the Fund perform during the 12 months ended September 30, 2018?
The Fund’s Class R5 shares returned -2.32%, underperforming the 1.76% return of the MSCI All Country World Index (ACWI) ex USA (the “benchmark”), which measures the performance of the large- and mid-cap segments of the particular regions, excluding U.S. equity securities, including developed and emerging markets. It is free float-adjusted market-capitalization weighted.
For a discussion on the economic and market environment during the 12-month period ended September 30, 2018, please see the Economic and Market Overview, beginning on page 3.
Subadviser discussion of factors that contributed to the Fund’s performance
For the year ended September 30, 2018, the Fund’s underperformance versus the benchmark was due primarily to stock selection in the consumer discretionary and communication services sectors, and an underweight position, relative to the benchmark, in the energy sector. Outperformers for the Fund included an underweight position in the financial sector, as well as stock selection in the health care and consumer staples sectors.
With regard to countries, the Fund’s geographic exposure is purely the result of stock selection and does not reflect Fund management’s views regarding the general economy of any country. During the reporting period, the Fund underperformed the benchmark in Japan, the United Kingdom, and Germany as the result of stock selection. Stock selection in Switzerland, Sweden, and Australia contributed positively to relative performance.
Fund holdings that were top individual detractors during the reporting period included ams AG (information technology), Valeo SA (consumer discretionary), and Iliad S.A. (communication services). ams AG is an Austrian company in the 3D sensor market. Fund managers believe that demand for 3D sensors is growing, as they are increasingly required for facial recognition, factory process automation, and augmented reality applications. After rising to record highs earlier in the year, the stock price suffered from profit-taking and from concerns that a U.S.–Chinese trade war could disrupt the supply chains in which ams AG participates. Valeo SA is a French auto component supplier that is on the right side of the car evolution trend towards more complex componentry. Both demand for Valeo’s products and its pricing power over them are rising with this trend. In the short term, the tariff talk over the reporting period prompted profit-taking in Valeo’s shares, which reached record highs in 2017 and earlier this year. Iliad S.A., a French telecommunications and internet service provider, recently entered the Italian market as a fourth carrier and is incurring significant customer acquisition costs, which are weighing on the stock.
Fund holdings that contributed to performance during the reporting period included Temenos Group AG (information technology), CSL Limited (health care), and Amadeus IT Group SA (information technology). Temenos is a Swiss enterprise software company focused on the banking industry. Modern regulatory requirements and the sheer weight of antiquated IT systems, often a residual of decades of mergers and acquisitions, are providing a tailwind for the company. Temenos has been announcing strong earnings and new client wins, causing the share price to react favorably. CSL Limited is an Australian company that is a global leader in plasma products. The plasma products industry is highly concentrated due to the stringent safety requirements for blood collection. The industry is a beneficiary of the aging world population; with aging comes an increasing number of medical procedures, many of which require the ancillary use of blood products. CSL continued to earn good returns on the capital invested within it. Amadeus IT Group SA is a company that is benefiting from the increasing world digitization. Based in Spain, Amadeus processes transactions for the global travel industry. It connects travel agents with travel providers – such as airlines, railways, hotels, and cruise lines – and provides the passenger IT systems used by many airlines. During the reporting period, Amadeus announced strong earnings and an accretive acquisition, and the share price reacted favorably.
46
MassMutual Premier International Equity Fund – Portfolio Manager Report (Unaudited) (Continued)
Subadviser outlook
At the end of the reporting period, the Fund’s managers positioned the Fund with its largest overweight positions in the information technology, consumer discretionary, industrials, and health care sectors – and its largest underweight positions in the financials, energy, materials, and real estate sectors.
MassMutual Premier International Equity Fund Largest Holdings (% of Net Assets) on 9/30/18 | ||||
SAP SE | 2.5 | % | ||
Temenos Group AG Registered | 2.4 | % | ||
Infineon Technologies AG | 2.3 | % | ||
Nippon Telegraph & Telephone Corp. | 1.8 | % | ||
LVMH Moet Hennessy Louis Vuitton SE | 1.7 | % | ||
Lonza Group AG Registered | 1.7 | % | ||
Hermes International | 1.6 | % | ||
Bunzl PLC | 1.6 | % | ||
ASML Holding NV | 1.6 | % | ||
ICICI Bank Ltd. Sponsored ADR | 1.6 | % | ||
|
| |||
18.8 | % | |||
|
|
MassMutual Premier International Equity Fund Sector Table (% of Net Assets) on 9/30/18 | ||||
Consumer, Non-cyclical | 24.8 | % | ||
Consumer, Cyclical | 20.8 | % | ||
Industrial | 17.5 | % | ||
Technology | 16.6 | % | ||
Communications | 9.3 | % | ||
Mutual Funds | 5.8 | % | ||
Financial | 4.0 | % | ||
Basic Materials | 2.1 | % | ||
Energy | 1.1 | % | ||
|
| |||
Total Long-Term Investments | 102.0 | % | ||
Short-Term Investments and Other Assets and Liabilities | (2.0 | )% | ||
|
| |||
Net Assets | 100.0 | % | ||
|
|
47
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 R5, Service Class, Administrative Class, Class A, Class A (sales load deducted), and the MSCI ACWI ex USA.
TOTAL RETURN | One Year 10/1/17 - 9/30/18 | Five Year Average Annual 10/1/13 - 9/30/18 | Ten Year Average Annual 10/1/08 - 9/30/18 | |||||||||
Class R5 | -2.32% | 3.45% | 7.17% | |||||||||
Service Class | -2.33% | 3.35% | 7.12% | |||||||||
Administrative Class | -2.49% | 3.24% | 6.97% | |||||||||
Class A | -2.70% | 2.99% | 6.71% | |||||||||
Class A (sales load deducted)* | -8.05% | 1.83% | 6.11% | |||||||||
MSCI ACWI ex USA | 1.76% | 4.12% | 5.18% |
Hypothetical Investments in MassMutual Premier International Equity Fund Class I, Class R4, Class R3, and the MSCI ACWI ex USA.
TOTAL RETURN | One Year 10/1/17 - 9/30/18 | Since Inception Average Annual 4/1/14 - 9/30/18 | ||||||
Class I | -2.14% | 2.37% | ||||||
Class R4 | -2.63% | 1.89% | ||||||
Class R3 | -2.88% | 1.64% | ||||||
MSCI ACWI ex USA | 1.76% | 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 5.50% maximum sales charge.
Generally accepted accounting principles require adjustments to be made to the net assets of the Fund at period end for financial reporting purposes only, and as such, the total return based on the unadjusted net asset value per share may differ from the total return reported in the financial highlights.
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 USA is unmanaged, does not incur expenses, and cannot be purchased directly by investors. Investors should read the Fund's prospectus with regard to the Fund's investment objective, risks, and charges and expenses in conjunction with these financial statements. Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges. The performance tables and charts do not reflect the deduction of taxes that a shareholder would pay on the Fund distributions or the redemption of the Fund shares.
48
MassMutual Premier Strategic Emerging Markets Fund – Portfolio Manager Report (Unaudited)
What is the investment approach of MassMutual Premier Strategic Emerging Markets Fund, and who is the Fund’s subadviser?
The Fund seeks long-term capital growth by investing mainly in common stocks of issuers in developing and emerging markets throughout the world and, at times, up to 100% of its total assets in foreign securities. Under normal market conditions, the Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities of issuers whose principal activities are in a developing (or emerging) market, i.e., are in a developing market or are economically tied to a developing market country. The Fund will invest in at least three developing markets. In general, countries may be considered developing or emerging markets if they are included in any one of the Morgan Stanley Capital Index (MSCI) emerging markets indices, classified as a developing or emerging market, or classified under a similar or corresponding classification, by organizations such as the World Bank and the International Monetary Fund, or have economies, industries and stock markets with similar characteristics. The Fund’s subadviser is OFI Global Institutional, Inc. (OFI Global).
How did the Fund perform during the 12 months ended September 30, 2018?
The Fund’s Class R5 shares returned 0.21%, outperforming the -0.81% return of the MSCI Emerging Markets (EM) Index (the “benchmark”), which measures the performance of the large- and mid-cap segments of emerging market equity securities. It is free float-adjusted market-capitalization weighted.
For a discussion on the economic and market environment during the 12-month period ended September 30, 2018, please see the Economic and Market Overview, beginning on page 3.
Subadviser discussion of factors that contributed to the Fund’s performance
For the year ended September 30, 2018, on a sector basis, the Fund outperformed the benchmark, primarily in the health care, information technology, and consumer discretionary sectors, due to stock selection. Underperforming sectors versus the benchmark included consumer staples, materials, and industrials, where stock selection hurt performance. With regard to country exposure, an overweight position in France, along with stock selection in China and South Korea, contributed positively to relative performance versus the benchmark. Stock selection in South Africa, Russia, and the United Arab Emirates detracted from performance versus the benchmark.
Fund holdings that contributed to performance during the reporting period included Novatek (energy); Taiwan Semiconductor Manufacturing Co., Ltd. (information technology); and Kering SA (consumer discretionary). Novatek is a Russian energy company that has always stood at the forefront of technological and business innovation, finding creative ways to add value to its constantly expanding natural gas and condensate resource base. Novatek is going through a transformation that will allow for forward repayment of financing and should facilitate a cash distribution to shareholders. Taiwan Semiconductor Manufacturing Co. Ltd. (TSMC) is the world’s largest semiconductor foundry. The company is expected to deliver solid revenue growth on the back of strong and broad demand for efficient data processing. Kering, domiciled in France, is the third-largest luxury group in the world. The company controls iconic brands such as Gucci, Yves Saint Laurent, and Bottega Veneta. Kering has been successful in targeting a new customer base, Chinese consumers and millennials, and adapting to their tastes.
Fund holdings that were detractors from performance included Magnit PJSC (consumer staples), Steinhoff International Holdings NV (consumer discretionary), and Ctrip.com International Ltd. (consumer discretionary). Magnit, a leading Russian food retailer, announced during the first quarter of 2018 that the founder and CEO of the company was departing. Steinhoff International, the world’s second-largest household products and furniture retailer, generated significant investor concerns due to unresolved legal and tax disputes, accounting irregularities that resulted in the resignation of the CEO and the Chairman of the Board, and delays in reporting fiscal year 2017 results. Ctrip.com, a Chinese provider of travel services, has been facing potentially disruptive competition. Based on concerns about the company’s response to this challenge, including its lack of focus on cost as the pricing environment becomes more aggressive, the Fund exited its position.
Subadviser outlook
Fund managers believe that interest rates will continue to rise, inflation will return, and consequently, they will continue to see a meaningful retreat in global liquidity conditions. In their view, geopolitical risks are also likely to persist – which they believe
49
MassMutual Premier Strategic Emerging Markets Fund – Portfolio Manager Report (Unaudited) (Continued)
implies that the volatility we have seen thus far in 2018 will continue. They continue to believe that emerging markets (EM) should be an increasingly core allocation for global investors. The EM sector now represents a meaningful portion of global gross domestic product (GDP) and is the largest contributor to global growth. Fund managers believe that most investors are still under-allocated to the asset class and, especially for those who invest through passive vehicles, to the areas of EM that exhibit the most attractive growth characteristics.
MassMutual Premier Strategic Emerging Markets Fund Largest Holdings (% of Net Assets) on 9/30/18 | ||||
Taiwan Semiconductor Manufacturing Co. Ltd. | 5.9 | % | ||
Alibaba Group Holding Ltd. Sponsored ADR | 5.9 | % | ||
Tencent Holdings Ltd. | 4.7 | % | ||
Novatek PJSC Sponsored GDR Registered | 4.6 | % | ||
Glencore PLC | 4.1 | % | ||
Kering SA | 3.6 | % | ||
AIA Group Ltd. | 2.8 | % | ||
LVMH Moet Hennessy Louis Vuitton SE | 2.8 | % | ||
Housing Development Finance Corp. Ltd. | 2.7 | % | ||
Kotak Mahindra Bank Ltd. | 2.4 | % | ||
|
| |||
39.5 | % | |||
|
|
MassMutual Premier Strategic Emerging Markets Fund Sector Table (% of Net Assets) on 9/30/18 | ||||
Financial | 21.3 | % | ||
Communications | 18.4 | % | ||
Consumer, Non-cyclical | 16.1 | % | ||
Consumer, Cyclical | 14.5 | % | ||
Technology | 9.2 | % | ||
Basic Materials | 6.5 | % | ||
Energy | 5.6 | % | ||
Industrial | 3.7 | % | ||
Mutual Funds | 1.5 | % | ||
Diversified | 1.3 | % | ||
|
| |||
Total Long-Term Investments | 98.1 | % | ||
Short-Term Investments and Other Assets and Liabilities | 1.9 | % | ||
|
| |||
Net Assets | 100.0 | % | ||
|
|
50
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 R5, Service Class, Administrative Class, Class A, Class A (sales load deducted), and the MSCI Emerging Markets Index.
TOTAL RETURN | One Year 10/1/17 - 9/30/18 | Five Year Average Annual 10/1/13 - 9/30/18 | Since Inception Average Annual 11/3/08 - 9/30/18 | |||||||||
Class R5 | 0.21% | 2.85% | 7.36% | |||||||||
Service Class | 0.10% | 2.75% | 7.26% | |||||||||
Administrative Class | 0.02% | 2.65% | 7.14% | |||||||||
Class A | -0.23% | 2.42% | 6.87% | |||||||||
Class A (sales load deducted)* | -5.72% | 1.27% | 6.27% | |||||||||
MSCI Emerging Markets Index | -0.81% | 3.61% | 5.40% |
Hypothetical Investments in MassMutual Premier Strategic Emerging Markets Fund Class I and the MSCI Emerging Markets Index.
�� | ||||||||||||
TOTAL RETURN | One Year 10/1/17 - 9/30/18 | Five Year Average Annual 10/1/13 - 9/30/18 | Since Inception Average Annual 3/1/11 - 9/30/18 | |||||||||
Class I | 0.31% | 2.98% | 0.30% | |||||||||
MSCI Emerging Markets Index | -0.81% | 3.61% | 1.78% |
GROWTH OF $10,000 INVESTMENT SINCE INCEPTION
* Class A (sales load deducted) returns include the 5.50% maximum sales charge.
Generally accepted accounting principles require adjustments to be made to the net assets of the Fund at period end for financial reporting purposes only, and as such, the total return based on the unadjusted net asset value per share may differ from the total return reported in the financial highlights.
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.
51
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 R4, Class R3, and the MSCI Emerging Markets Index.
TOTL RETURN | One Year 10/1/17 - 9/30/18 | Since Inception Average Annual 4/1/14 - 9/30/18 | ||||||
Class R4 | -0.10% | 2.59% | ||||||
Class R3 | -0.39% | 2.32% | ||||||
MSCI Emerging Markets Index | -0.81% | 3.70% |
GROWTH OF $10,000 INVESTMENT SINCE INCEPTION
Generally accepted accounting principles require adjustments to be made to the net assets of the Fund at period end for financial reporting purposes only, and as such, the total return based on the unadjusted net asset value per share may differ from the total return reported in the financial highlights.
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.
52
September 30, 2018
Principal Amount | Value | |||||||
SHORT-TERM INVESTMENTS — 102.8% |
| |||||||
Discount Notes — 82.5% |
| |||||||
Federal Farm Credit Bank | $ | 7,000,000 | $ | 7,000,542 | ||||
1 mo. USD LIBOR + .045% | 1,075,000 | 1,075,166 | ||||||
Federal Home Loan Bank | 5,000,000 | 5,000,000 | ||||||
1.980% 10/01/18, 10/01/18 (a) | 4,700,000 | 4,700,000 | ||||||
1.996% FRN 10/09/18, 6/07/19 (a) (b) | 14,000,000 | 13,999,994 | ||||||
1.999% FRN 10/12/18, 10/12/18 (a) (b) | 15,000,000 | 15,000,000 | ||||||
2.000% 10/05/18, 10/05/18 (a) | 5,000,000 | 4,998,906 | ||||||
2.016% FRN 10/11/18, 1/11/19 (a) (b) | 25,000,000 | 25,000,000 | ||||||
2.028% FRN 10/15/18, 11/15/18 (a) (b) | 11,000,000 | 11,000,169 | ||||||
2.029% 10/03/18, 10/03/18 (a) | 7,144,000 | 7,143,206 | ||||||
2.039% 10/05/18, 10/05/18 (a) | 3,915,000 | 3,914,126 | ||||||
2.057% 10/26/18, 10/26/18 (a) | 1,890,000 | 1,887,362 | ||||||
2.068% FRN 10/17/18, 7/17/19 (a) (b) | 18,000,000 | 18,000,054 | ||||||
2.070% 10/10/18, 10/10/18 (a) | 3,000,000 | 2,998,470 | ||||||
2.082% FRN 10/21/18, 8/21/19 (a) (b) | 6,000,000 | 6,000,000 | ||||||
2.090% 10/12/18, 10/12/18 (a) | 3,960,000 | 3,957,507 | ||||||
2.092% 12/13/18, 12/13/18 (a) | 6,000,000 | 5,975,180 | ||||||
2.098% FRN 10/19/18, 12/19/18 (a) (b) | 12,000,000 | 12,001,002 | ||||||
2.101% FRN 10/25/18, 10/25/18 (a) (b) | 10,000,000 | 9,998,505 | ||||||
2.102% FRN 10/22/18, 4/22/19 (a) (b) | 2,000,000 | 2,000,280 | ||||||
2.106% 10/15/18, 10/15/18 (a) | 440,000 | 439,645 | ||||||
2.111% FRN 10/01/18, 11/01/18 (a) (b) | 8,000,000 | 8,000,000 | ||||||
2.112% 10/19/18, 10/19/18 (a) | 4,600,000 | 4,595,216 | ||||||
3 mo. USD LIBOR - .220% 2.121% FRN 11/09/18, 11/09/18 (a) | 2,000,000 | 2,000,375 | ||||||
2.122% 10/17/18, 10/17/18 (a) | 15,000,000 | 14,986,067 | ||||||
3 mo. USD LIBOR - .220% 2.123% FRN 11/01/18, 2/01/19 (a) | 7,000,000 | 7,003,035 | ||||||
1 mo. USD LIBOR - .090% 2.126% FRN 10/25/18, 1/25/19 (a) | 10,000,000 | 10,000,508 | ||||||
2.143% 10/19/18, 10/19/18 (a) | 1,982,000 | 1,979,908 | ||||||
3 mo. USD LIBOR - .160% 2.152% FRN 11/24/18, 5/24/19 (a) | 11,000,000 | 11,009,682 |
Principal Amount | Value | |||||||
2.153% 12/13/18, 12/13/18 (a) | $ | 2,816,000 | $ | 2,804,008 | ||||
2.164% 11/02/18, 11/02/18 (a) | 3,000,000 | 2,994,320 | ||||||
2.171% 10/26/18, 10/26/18 (a) | 20,000,000 | 19,970,306 | ||||||
2.173% 10/26/18, 10/26/18 (a) | 10,000,000 | 9,985,139 | ||||||
2.192% 11/23/18, 11/23/18 (a) | 12,200,000 | 12,161,294 | ||||||
2.210% 12/12/18, 12/12/18 (a) | 3,700,000 | 3,683,942 | ||||||
Federal National Mortgage Association | 7,000,000 | 7,000,000 | ||||||
|
| |||||||
TOTAL DISCOUNT NOTES (Cost $280,263,914) | 280,263,914 | |||||||
|
| |||||||
Repurchase Agreement — 13.3% |
| |||||||
HSBC Securities (USA) Inc., Tri-Party Repurchase Agreement, dated 9/28/18, | 45,000,000 | 45,000,000 | ||||||
|
| |||||||
U.S. Treasury Bonds & Notes — 7.0% |
| |||||||
U.S. Treasury Note | 12,000,000 | 11,957,206 | ||||||
1.500% 3/31/19 | 12,000,000 | 11,947,895 | ||||||
|
| |||||||
23,905,101 | ||||||||
|
| |||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $349,169,015) | 349,169,015 | |||||||
|
| |||||||
TOTAL INVESTMENTS — 102.8% (Cost $349,169,015) (d) | 349,169,015 | |||||||
Other Assets/(Liabilities) — (2.8)% | (9,618,047 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 339,550,968 | ||||||
|
|
Abbreviation Legend
FRN | Floating Rate Note |
Notes to Portfolio of Investments
Percentages are stated as a percent of net assets.
(a) | The stated maturity dates reflect demand date and stated maturity date, respectively. |
(b) | Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. The rates shown are the current interest rates at September 30, 2018. |
(c) | Maturity value of $45,008,325. Collateralized by U.S. Government Agency obligations with a rate of 0.000%, maturity date of 5/15/41, and an aggregate market value, including accrued interest, of $45,900,076. |
(d) | See Note 6 for aggregate cost for federal tax purposes. |
The accompanying notes are an integral part of the financial statements.
53
September 30, 2018
Principal Amount | Value | |||||||
BONDS & NOTES — 96.0% |
| |||||||
CORPORATE DEBT — 45.7% |
| |||||||
Advertising — 0.1% |
| |||||||
The Interpublic Group of Cos., Inc. | $ | 560,000 | $ | 561,110 | ||||
|
| |||||||
Aerospace & Defense — 0.4% |
| |||||||
Harris Corp. | 2,100,000 | 2,079,232 | ||||||
|
| |||||||
Agriculture — 1.0% |
| |||||||
Bunge Ltd. Finance Corp. | 2,350,000 | 2,342,662 | ||||||
Imperial Brands Finance PLC | 2,328,000 | 2,305,261 | ||||||
Reynolds American, Inc. | 274,000 | 275,692 | ||||||
|
| |||||||
4,923,615 | ||||||||
|
| |||||||
Airlines — 0.4% |
| |||||||
American Airlines Pass-Through Trust, Series 2014-1, Class B, | 80,213 | 79,699 | ||||||
Delta Air Lines, Inc. | 1,660,000 | 1,639,232 | ||||||
|
| |||||||
1,718,931 | ||||||||
|
| |||||||
Auto Manufacturers — 1.6% |
| |||||||
Ford Motor Credit Co. LLC | 660,000 | 655,846 | ||||||
3.549% FRN 2/15/23 (b) | 1,580,000 | 1,571,234 | ||||||
General Motors Financial Co., Inc. | 2,715,000 | 2,618,063 | ||||||
Hyundai Capital America | 2,350,000 | 2,349,857 | ||||||
Nissan Motor Acceptance Corp. | 735,000 | 700,117 | ||||||
|
| |||||||
7,895,117 | ||||||||
|
| |||||||
Auto Parts & Equipment — 0.4% |
| |||||||
Lear Corp. | 1,960,000 | 2,015,107 | ||||||
5.250% 1/15/25 | 100,000 | 103,333 | ||||||
|
| |||||||
2,118,440 | ||||||||
|
| |||||||
Banks — 7.6% |
| |||||||
Banco Santander SA | 2,600,000 | 2,544,746 | ||||||
Bancolombia SA | 415,000 | 434,505 | ||||||
Bank of America Corp. 3 mo. USD LIBOR + .930% | 4,640,000 | 4,484,924 | ||||||
Barclays PLC | 945,000 | 940,055 |
Principal Amount | Value | |||||||
Citigroup, Inc. | $ | 2,225,000 | $ | 2,182,184 | ||||
Compass Bank | 2,500,000 | 2,567,108 | ||||||
Discover Bank | 1,512,000 | 1,468,266 | ||||||
4.200% 8/08/23 | 1,000,000 | 1,003,561 | ||||||
First Horizon National Corp. | 2,420,000 | 2,423,568 | ||||||
The Goldman Sachs Group, Inc. | 4,610,000 | 4,509,022 | ||||||
JP Morgan Chase & Co. | 2,130,000 | 2,195,759 | ||||||
Macquarie Bank Ltd. | 380,000 | 373,790 | ||||||
Mitsubishi UFJ Financial Group, Inc. | 2,350,000 | 2,266,462 | ||||||
Morgan Stanley | 2,510,000 | 2,509,531 | ||||||
Regions Financial Corp. | 1,980,000 | 1,970,772 | ||||||
Sumitomo Mitsui Financial Group, Inc. | 1,220,000 | 1,172,931 | ||||||
2.846% 1/11/22 | 260,000 | 253,630 | ||||||
SVB Financial Group | 225,000 | 233,104 | ||||||
Synchrony Bank | 1,970,000 | 1,888,426 | ||||||
Turkiye Garanti Bankasi AS | 1,290,000 | 1,259,350 | ||||||
|
| |||||||
36,681,694 | ||||||||
|
| |||||||
Beverages — 0.8% |
| |||||||
Anheuser-Busch InBev Worldwide, Inc. | 1,190,000 | 1,177,613 | ||||||
Keurig Dr Pepper, Inc. | 1,450,000 | 1,452,531 | ||||||
Molson Coors Brewing Co. | 660,000 | 634,635 | ||||||
3.500% 5/01/22 | 720,000 | 713,862 | ||||||
|
| |||||||
3,978,641 | ||||||||
|
| |||||||
Biotechnology — 0.4% |
| |||||||
Celgene Corp. | 976,000 | 957,076 | ||||||
4.000% 8/15/23 | 924,000 | 932,517 | ||||||
|
| |||||||
1,889,593 | ||||||||
|
| |||||||
Building Materials — 1.1% |
| |||||||
Holcim US Finance Sarl & Cie SCS | 2,029,000 | 2,092,729 | ||||||
Martin Marietta Materials, Inc. 3 mo. USD LIBOR + .650% | 980,000 | 983,273 |
The accompanying notes are an integral part of the financial statements.
54
MassMutual Premier Short-Duration Bond Fund – Portfolio of Investments (Continued)
Principal Amount | Value | |||||||
Masco Corp. | $ | 490,000 | $ | 489,740 | ||||
7.125% 3/15/20 | 225,000 | 236,316 | ||||||
Standard Industries, Inc. | 1,472,000 | 1,488,560 | ||||||
|
| |||||||
5,290,618 | ||||||||
|
| |||||||
Chemicals — 2.1% |
| |||||||
CF Industries, Inc. | 94,000 | 99,170 | ||||||
Huntsman International LLC | 1,406,000 | 1,448,180 | ||||||
Incitec Pivot Finance LLC | 2,227,000 | 2,284,218 | ||||||
LyondellBasell Industries NV | 553,000 | 555,770 | ||||||
6.000% 11/15/21 | 1,410,000 | 1,497,151 | ||||||
RPM International, Inc. | 43,000 | 42,288 | ||||||
6.125% 10/15/19 | 1,722,000 | 1,767,212 | ||||||
The Sherwin-Williams Co. | 1,239,000 | 1,201,617 | ||||||
Syngenta Finance NV | 1,165,000 | 1,162,357 | ||||||
|
| |||||||
10,057,963 | ||||||||
|
| |||||||
Commercial Services — 0.2% |
| |||||||
S&P Global, Inc. | 900,000 | 900,187 | ||||||
|
| |||||||
Computers — 0.8% |
| |||||||
Dell International LLC/EMC Corp. | 505,000 | 506,276 | ||||||
4.420% 6/15/21 (a) | 980,000 | 994,775 | ||||||
DXC Technology Co. | 565,000 | 560,288 | ||||||
Leidos Holdings, Inc. | 1,861,000 | 1,882,401 | ||||||
|
| |||||||
3,943,740 | ||||||||
|
| |||||||
Diversified Financial Services — 2.1% |
| |||||||
AerCap Ireland Capital DAC/AerCap Global Aviation Trust | 250,000 | 253,880 | ||||||
AerCap Ireland Capital Ltd./AerCap Global Aviation Trust | 1,670,000 | 1,665,370 | ||||||
Aircastle Ltd. | 2,580,000 | 2,649,765 | ||||||
Antares Holdings LP | 1,830,000 | 1,837,203 | ||||||
Genpact Luxembourg Sarl | 2,640,000 | 2,577,833 | ||||||
Lazard Group LLC | 1,195,000 | 1,213,234 | ||||||
|
| |||||||
10,197,285 | ||||||||
|
|
Principal Amount | Value | |||||||
Electric — 1.4% |
| |||||||
Ameren Corp. | $ | 815,000 | $ | 802,809 | ||||
EDP Finance BV | 795,000 | 799,038 | ||||||
Enel Finance International NV | 755,000 | 718,107 | ||||||
Entergy Texas, Inc. | 605,000 | 589,031 | ||||||
7.125% 2/01/19 | 1,803,000 | 1,827,179 | ||||||
Israel Electric Corp. Ltd. | 728,000 | 734,821 | ||||||
Puget Energy, Inc. | 740,000 | 786,666 | ||||||
6.500% 12/15/20 | 334,000 | 353,869 | ||||||
|
| |||||||
6,611,520 | ||||||||
|
| |||||||
Electronics — 0.3% |
| |||||||
FLIR Systems, Inc. | 650,000 | 639,562 | ||||||
Tech Data Corp. | 580,000 | 567,717 | ||||||
|
| |||||||
1,207,279 | ||||||||
|
| |||||||
Foods — 0.9% |
| |||||||
Danone SA | 2,475,000 | 2,368,782 | ||||||
JBS Investments GmbH | 634,000 | 646,928 | ||||||
McCormick & Co., Inc. | 1,570,000 | 1,520,813 | ||||||
|
| |||||||
4,536,523 | ||||||||
|
| |||||||
Health Care – Products — 1.0% |
| |||||||
Abbott Laboratories | 845,000 | 834,436 | ||||||
3.250% 4/15/23 | 1,050,000 | 1,041,669 | ||||||
Becton Dickinson & Co. | 2,330,000 | 2,333,453 | ||||||
Boston Scientific Corp. | 385,000 | 382,233 | ||||||
|
| |||||||
4,591,791 | ||||||||
|
| |||||||
Health Care – Services — 0.5% |
| |||||||
Cigna Corp. | 971,000 | 978,565 | ||||||
4.500% 3/15/21 | 1,305,000 | 1,331,634 | ||||||
|
| |||||||
2,310,199 | ||||||||
|
| |||||||
Home Builders — 0.5% |
| |||||||
Lennar Corp. | 2,253,000 | 2,269,898 | ||||||
|
| |||||||
Household Products & Wares — 0.3% |
| |||||||
Church & Dwight Co., Inc. | 1,550,000 | 1,507,122 | ||||||
|
|
The accompanying notes are an integral part of the financial statements.
55
MassMutual Premier Short-Duration Bond Fund – Portfolio of Investments (Continued)
Principal Amount | Value | |||||||
Insurance — 3.7% |
| |||||||
American International Group, Inc. | $ | 1,200,000 | $ | 1,197,520 | ||||
AmTrust Financial Services, Inc. | 1,505,000 | 1,458,808 | ||||||
Athene Global Funding | 2,715,000 | 2,720,730 | ||||||
CNA Financial Corp. | 901,000 | 953,478 | ||||||
Enstar Group Ltd. | 1,435,000 | 1,441,291 | ||||||
Jackson National Life Global Funding | 1,940,000 | 1,867,248 | ||||||
Lincoln National Corp. | 310,000 | 313,501 | ||||||
6.250% 2/15/20 | 1,290,000 | 1,336,960 | ||||||
Nuveen Finance LLC | 2,325,000 | 2,321,810 | ||||||
Reinsurance Group of America, Inc. | 1,365,000 | 1,416,177 | ||||||
Trinity Acquisition PLC | 980,000 | 971,802 | ||||||
Willis Towers Watson PLC | 840,000 | 880,547 | ||||||
XLIT Ltd. | 1,035,000 | 1,095,108 | ||||||
|
| |||||||
17,974,980 | ||||||||
|
| |||||||
Investment Companies — 0.8% |
| |||||||
Ares Capital Corp. | 1,400,000 | 1,405,544 | ||||||
BlackRock TCP Capital Corp. | 1,805,000 | 1,713,829 | ||||||
FS Investment Corp. | 933,000 | 936,489 | ||||||
|
| |||||||
4,055,862 | ||||||||
|
| |||||||
Leisure Time — 0.6% |
| |||||||
Brunswick Corp. | 3,130,000 | 3,106,698 | ||||||
|
| |||||||
Lodging — 0.4% |
| |||||||
Marriott International, Inc. | 410,000 | 393,144 | ||||||
2.875% 3/01/21 | 1,315,000 | 1,295,165 | ||||||
|
| |||||||
1,688,309 | ||||||||
|
| |||||||
Machinery – Diversified — 1.0% |
| |||||||
CNH Industrial Capital LLC | 729,000 | 729,948 | ||||||
3.875% 10/15/21 | 1,015,000 | 1,012,161 | ||||||
4.875% 4/01/21 | 590,000 | 604,646 | ||||||
Wabtec Corp. | 2,400,000 | 2,383,117 | ||||||
|
| |||||||
4,729,872 | ||||||||
|
|
Principal Amount | Value | |||||||
Media — 0.9% |
| |||||||
Charter Communications Operating LLC/Charter Communications Operating Capital | $ | 1,045,000 | $ | 1,045,590 | ||||
Discovery Communications LLC | 905,000 | 865,587 | ||||||
Sirius XM Radio, Inc. | 2,275,000 | 2,237,758 | ||||||
|
| |||||||
4,148,935 | ||||||||
|
| |||||||
Mining — 1.5% |
| |||||||
Anglo American Capital PLC | 1,375,000 | 1,357,359 | ||||||
Glencore Funding LLC | 680,000 | 651,712 | ||||||
4.125% 5/30/23 (a) | 1,680,000 | 1,677,950 | ||||||
Kinross Gold Corp. | 550,000 | 565,125 | ||||||
5.950% 3/15/24 | 1,620,000 | 1,652,400 | ||||||
Newcrest Finance Pty Ltd. | 1,170,000 | 1,173,733 | ||||||
|
| |||||||
7,078,279 | ||||||||
|
| |||||||
Office Equipment/Supplies — 0.5% |
| |||||||
Pitney Bowes, Inc. | 2,715,000 | 2,589,431 | ||||||
|
| |||||||
Oil & Gas — 0.7% |
| |||||||
Antero Resources Corp. | 629,000 | 637,051 | ||||||
Continental Resources, Inc. | 1,480,000 | 1,501,460 | ||||||
EQT Corp. | 1,210,000 | 1,172,758 | ||||||
|
| |||||||
3,311,269 | ||||||||
|
| |||||||
Packaging & Containers — 0.5% |
| |||||||
Graphic Packaging International LLC | 2,230,000 | 2,252,300 | ||||||
|
| |||||||
Pharmaceuticals — 2.7% |
| |||||||
Bayer US Finance II LLC | 1,995,000 | 1,998,402 | ||||||
Cardinal Health, Inc. 3 mo. USD LIBOR + .770% | 2,345,000 | 2,348,914 | ||||||
CVS Health Corp. | 1,705,000 | 1,645,709 | ||||||
3.700% 3/09/23 | 835,000 | 830,630 | ||||||
Express Scripts Holding Co. | 2,595,000 | 2,581,717 | ||||||
Shire Acquisitions Investments Ireland DAC | 335,000 | 323,573 | ||||||
2.875% 9/23/23 | 900,000 | 857,103 |
The accompanying notes are an integral part of the financial statements.
56
MassMutual Premier Short-Duration Bond Fund – Portfolio of Investments (Continued)
Principal Amount | Value | |||||||
Teva Pharmaceutical Finance Netherlands III BV | $ | 2,525,000 | $ | 2,372,742 | ||||
|
| |||||||
12,958,790 | ||||||||
|
| |||||||
Pipelines — 1.4% |
| |||||||
Andeavor Logistics LP/Tesoro Logistics Finance Corp. | 450,000 | 443,101 | ||||||
Energy Transfer Partners LP | 2,390,000 | 2,408,972 | ||||||
EQT Midstream Partners LP | 1,400,000 | 1,420,697 | ||||||
The Williams Cos., Inc. | 2,470,000 | 2,444,287 | ||||||
|
| |||||||
6,717,057 | ||||||||
|
| |||||||
Private Equity — 0.6% |
| |||||||
Hercules Capital, Inc. | 2,895,000 | 2,786,039 | ||||||
|
| |||||||
Real Estate Investment Trusts (REITS) — 1.5% |
| |||||||
American Tower Corp. | 465,000 | 443,875 | ||||||
3.000% 6/15/23 | 1,520,000 | 1,463,350 | ||||||
3.300% 2/15/21 | 505,000 | 501,927 | ||||||
Crown Castle International Corp. | 1,319,000 | 1,315,617 | ||||||
Digital Realty Trust LP | 425,000 | 425,404 | ||||||
Healthcare Trust of America Holdings LP | 690,000 | 667,356 | ||||||
SBA Tower Trust | 880,000 | 862,891 | ||||||
Simon Property Group LP | 960,000 | 927,624 | ||||||
Weyerhaeuser Co. | 510,000 | 531,280 | ||||||
|
| |||||||
7,139,324 | ||||||||
|
| |||||||
Retail — 1.0% |
| |||||||
AutoNation, Inc. | 1,485,000 | 1,472,000 | ||||||
Dollar Tree, Inc. | 1,180,000 | 1,164,739 | ||||||
O’Reilly Automotive, Inc. | 501,000 | 501,854 | ||||||
QVC, Inc. | 1,550,000 | 1,530,983 | ||||||
|
| |||||||
4,669,576 | ||||||||
|
| |||||||
Semiconductors — 0.8% |
| |||||||
Broadcom Corp./Broadcom Cayman Finance Ltd. | 1,565,000 | 1,524,717 |
Principal Amount | Value | |||||||
Microchip Technology, Inc. | $ | 905,000 | $ | 899,698 | ||||
NXP BV/NXP Funding LLC | 1,225,000 | 1,223,677 | ||||||
|
| |||||||
3,648,092 | ||||||||
|
| |||||||
Telecommunications — 1.5% |
| |||||||
Ericsson LM | 3,320,000 | 3,298,994 | ||||||
Hughes Satellite Systems Corp. | 1,904,000 | 1,942,080 | ||||||
Sprint Communications, Inc. | 950,000 | 1,078,250 | ||||||
Verizon Communications, Inc. | 960,000 | 944,758 | ||||||
|
| |||||||
7,264,082 | ||||||||
|
| |||||||
Transportation — 0.4% |
| |||||||
Ryder System, Inc. | 170,000 | 163,995 | ||||||
2.500% 9/01/22 | 40,000 | 38,288 | ||||||
3.400% 3/01/23 | 485,000 | 478,661 | ||||||
3.750% 6/09/23 | 1,300,000 | 1,297,030 | ||||||
|
| |||||||
1,977,974 | ||||||||
|
| |||||||
Trucking & Leasing — 1.3% |
| |||||||
DAE Funding LLC | 522,000 | 516,127 | ||||||
GATX Corp. | 975,000 | 962,664 | ||||||
Park Aerospace Holdings Ltd. | 2,400,000 | 2,421,000 | ||||||
Penske Truck Leasing Co. LP/PTL Finance Corp. | 1,240,000 | 1,235,699 | ||||||
3.050% 1/09/20 (a) | 850,000 | 846,037 | ||||||
3.375% 2/01/22 (a) | 50,000 | 49,301 | ||||||
4.875% 7/11/22 (a) | 170,000 | 175,222 | ||||||
|
| |||||||
6,206,050 | ||||||||
|
| |||||||
TOTAL CORPORATE DEBT (Cost $222,715,418) | 219,573,417 | |||||||
|
| |||||||
MUNICIPAL OBLIGATIONS — 0.0% |
| |||||||
Louisiana State Public Facilities Authority, Series 2011-A, Class A2, 3 mo. USD LIBOR, | 120,655 | 120,794 | ||||||
|
| |||||||
TOTAL MUNICIPAL OBLIGATIONS (Cost $120,655) | 120,794 | |||||||
|
|
The accompanying notes are an integral part of the financial statements.
57
MassMutual Premier Short-Duration Bond Fund – Portfolio of Investments (Continued)
Principal Amount | Value | |||||||
NON-U.S. GOVERNMENT AGENCY OBLIGATIONS — 47.1% |
| |||||||
Auto Floor Plan ABS — 0.2% |
| |||||||
Navistar Financial Dealer Note Master Owner Trust II | $ | 280,000 | $ | 280,438 | ||||
Series 2018-1, Class D, | 471,000 | 471,013 | ||||||
|
| |||||||
751,451 | ||||||||
|
| |||||||
Automobile ABS — 8.3% |
| |||||||
American Credit Acceptance Receivables Trust, Series 2017-4, Class C | 2,700,000 | 2,687,428 | ||||||
AmeriCredit Automobile Receivables Trust, Series 2014-1, Class D | 647,807 | 647,784 | ||||||
CarFinance Capital Auto Trust, Series 2015-1A, Class A | 16,106 | 16,100 | ||||||
CPS Auto Trust | 316,632 | 315,195 | ||||||
Series 2018-A, Class A, | 144,391 | 143,887 | ||||||
Series 2016-C, Class B, | 564,196 | 563,622 | ||||||
Series 2017-A, Class B, | 1,870,000 | 1,864,803 | ||||||
Series 2018-C, Class B, | 240,000 | 239,489 | ||||||
Drive Auto Receivables Trust | 390,000 | 389,015 | ||||||
Series 2017-1, Class C, | 630,000 | 628,711 | ||||||
Series 2018-2, Class B, | 560,000 | 559,259 | ||||||
Series 2018-4, Class C, | 660,000 | 659,050 | ||||||
Enterprise Fleet Financing LLC, | 171,626 | 171,445 | ||||||
Exeter Automobile Receivables Trust | 670,000 | 664,095 | ||||||
Series 2016-3A, Class B, | 520,000 | 519,300 | ||||||
Series 2018-2A, Class B, | 660,000 | 657,737 | ||||||
Series 2015-2A, Class C, | 1,295,000 | 1,298,013 |
Principal Amount | Value | |||||||
First Investors Auto Owner Trust, | $ | 890,000 | $ | 870,351 | ||||
Flagship Credit Auto Trust | 15,961 | 15,957 | ||||||
Series 2015-3, Class A, | 208,336 | 208,178 | ||||||
Series 2016-3, Class B, | 1,150,000 | 1,144,478 | ||||||
Series 2016-4, Class C, | 890,000 | 863,444 | ||||||
Series 2016-1, Class A, | 183,329 | 183,337 | ||||||
Series 2017-1, Class B, | 1,515,000 | 1,508,500 | ||||||
Series 2017-4, Class C, | 1,800,000 | 1,755,687 | ||||||
Series 2018-1, Class B, | 3,250,000 | 3,218,114 | ||||||
Hertz Vehicle Financing II LP | 4,120,000 | 4,006,870 | ||||||
Series 2017-1A, Class B, | 500,000 | 495,829 | ||||||
Series 2018-1A, Class B, | 1,420,000 | 1,379,641 | ||||||
Hertz Vehicle Financing LLC, | 950,000 | 943,865 | ||||||
NextGear Floorplan Master Owner Trust | 780,000 | 779,946 | ||||||
Series 2016-1A, Class A1, 1 mo. LIBOR + 1.700% | 1,250,000 | 1,259,051 | ||||||
Oscar US Funding Trust II, Series 2015-1A, Class A4 | 982,056 | 979,508 | ||||||
Oscar US Funding Trust IV, Series 2016-1A, Class A2B, 1 mo. USD LIBOR + 1.700% | 31,529 | 31,598 | ||||||
Oscar US Funding Trust IX LLC, Series 2018-2A, Class A4 | 720,000 | 718,261 | ||||||
Oscar US Funding Trust V, Series 2016-2A, Class A2A | 28,577 | 28,565 | ||||||
Oscar US Funding Trust VI | 550,000 | 547,877 |
The accompanying notes are an integral part of the financial statements.
58
MassMutual Premier Short-Duration Bond Fund – Portfolio of Investments (Continued)
Principal Amount | Value | |||||||
Series 2017-1A, Class A4, | $ | 400,000 | $ | 398,032 | ||||
Oscar US Funding Trust VIII LLC, | 1,938,755 | 1,936,632 | ||||||
Santander Drive Auto Receivables Trust | 171,236 | 171,212 | ||||||
Series 2014-4, Class D, | 537,355 | 538,037 | ||||||
Series 2016-1, Class D, | 1,740,000 | 1,753,880 | ||||||
Securitized Equipment Receivable | 890,000 | 885,045 | ||||||
4.200% 10/11/24 | 845,000 | 839,870 | ||||||
Tesla Auto Lease Trust, Series 2018-A, Class B | 390,000 | 388,331 | ||||||
|
| |||||||
39,875,029 | ||||||||
|
| |||||||
Commercial MBS — 1.6% |
| |||||||
Bear Stearns Commercial Mortgage Securities, Series 2007-T26, Class AM, | 217,648 | 217,110 | ||||||
BHMS Mortgage Trust, | 2,600,000 | 2,603,985 | ||||||
GCCFC Commercial Mortgage Trust, Series 2006-GG7, Class AM, | 335,946 | 339,467 | ||||||
JP Morgan Chase Commercial Mortgage Securities Corp., Series 2018-LAQ, Class A, | 2,300,000 | 2,302,859 | ||||||
RETL, Series 2018-RVP, Class A, | 1,368,040 | 1,373,189 | ||||||
TIAA Seasoned Commercial Mortgage Trust, Series 2007-C4, Class AJ, | 25,960 | 26,081 | ||||||
TPG Real Estate Finance Issuer Ltd., Series 2018-FL1, Class A, | 500,000 | 499,851 | ||||||
Velocity Commercial Capital Loan Trust, Series 2016-2, Class AFX, | 542,734 | 538,884 | ||||||
|
| |||||||
7,901,426 | ||||||||
|
| |||||||
Home Equity ABS — 0.1% |
| |||||||
ACE Securities Corp., Series 2005-HE5, Class M2, 1 mo. USD LIBOR + .735% | 5,622 | 5,645 |
Principal Amount | Value | |||||||
Credit Suisse Seasoned Loan Trust, Series 2006-1, Class A, 1 mo. USD LIBOR + .240% | $ | 325,010 | $ | 324,382 | ||||
Mastr Asset-Backed Securities Trust, Series 2005-WMC1, Class M3, 1 mo. USD LIBOR + ..720% | 103,457 | 104,246 | ||||||
|
| |||||||
434,273 | ||||||||
|
| |||||||
Other ABS — 17.8% |
| |||||||
321 Henderson Receivables I LLC | 234,294 | 230,327 | ||||||
Series 2006-2A, Class A1, 1 mo. USD LIBOR + .200% | 322,187 | 315,596 | ||||||
AIMCO CLO, Series 2014-AA, Class AR, 3 mo. USD LIBOR + 1.100% | 420,000 | 420,036 | ||||||
ALM VII Ltd., Series 2012-7A, Class A1R, 3 mo. USD LIBOR + 1.480% | 1,290,000 | 1,296,667 | ||||||
American Tower Trust #1, Series 13, Class 2A | 1,400,000 | 1,358,377 | ||||||
Arbor Realty Commercial Real Estate Notes, Series 2018-FL1, Class A, | 880,000 | 882,203 | ||||||
Arbys Funding LLC, Series 2015-1A, Class A2 | 826,625 | 829,319 | ||||||
Avant Loans Funding Trust, Series 2017-B, Class A | 147,369 | 147,289 | ||||||
Avery Point III CLO Ltd., Series 2013-3A, Class AR, 3 mo. USD LIBOR + 1.120% | 884,881 | 884,973 | ||||||
BlueVirgo Trust, Series 2015-1A, Class NOTE | 480,271 | 480,271 | ||||||
BRE Grand Islander Timeshare Issuer LLC, Series 2017-1A, Class A | 431,556 | 421,570 | ||||||
CAL Funding III Ltd., Series 2018-2A, Class A | 790,000 | 789,911 | ||||||
Capital Automotive LLC, Series 2012-1A, Class A1 | 611,217 | 606,632 |
The accompanying notes are an integral part of the financial statements.
59
MassMutual Premier Short-Duration Bond Fund – Portfolio of Investments (Continued)
Principal Amount | Value | |||||||
Castlelake Aircraft Structured Trust, Series 2018-1, Class A | $ | 864,248 | $ | 861,801 | ||||
Cazenovia Creek Funding I LLC, Series 2015-1A, Class A | 115,016 | 114,728 | ||||||
Citigroup Mortgage Loan Trust Asset Backed Pass-Through Certificates, Series 2005-OPT3, Class M2, 1 mo. USD LIBOR + .675% | 20,317 | 20,321 | ||||||
CLI Funding V LLC, Series 2014-1A, Class A | 1,185,165 | 1,161,664 | ||||||
CLI Funding VI LLC, Series 2017-1A, Class A | 938,986 | 917,952 | ||||||
Consumer Installment Loan Trust, Series 2016-LD1, Class A | 27,157 | 27,155 | ||||||
Countrywide Asset-Backed Certificates, Series 2004-5, Class 3A, 1 mo. USD LIBOR + .460% | 25,276 | 25,243 | ||||||
Denali Capital CLO X LLC, Series 2013-1A, Class A1, | 1,850,000 | 1,850,821 | ||||||
Diamond Resorts Owner Trust | 93,366 | 93,317 | ||||||
Series 2015-1, Class A, | 124,387 | 124,374 | ||||||
Series 2014-1, Class B, | 154,055 | 153,710 | ||||||
Series 2015-2, Class A, | 249,529 | 248,517 | ||||||
Series 2016-1, Class A, | 840,161 | 819,770 | ||||||
Series 2015-2, Class B, | 136,107 | 135,313 | ||||||
Domino’s Pizza Master Issuer LLC, Series 2018-1A, Class A2I | 967,575 | 961,759 | ||||||
Dong Fang Container Finance II SPV Ltd., Series 2014-1A, Class A1 | 41,667 | 41,572 | ||||||
Drug Royalty Corp., Inc., Series 2012-1, Class A1, 3 mo. USD LIBOR + 5.250% | 61,615 | 61,882 | ||||||
Drug Royalty II LP, Series 2014-1, Class A1, 3 mo. USD LIBOR + 2.850% | 190,736 | 192,275 |
Principal Amount | Value | |||||||
Elara HGV Timeshare Issuer LLC | $ | 529,883 | $ | 515,869 | ||||
Series 2014-A, Class B, | 229,585 | 222,323 | ||||||
Element Rail Leasing II LLC | 146,140 | 143,766 | ||||||
Series 2016-1A, Class A1, | 464,282 | 466,249 | ||||||
Entegry New Orleans Storm Recovery Funding I LLC, Series 2015-1, Class A | 224,079 | 218,263 | ||||||
FRS I LLC, Series 2013-1A, Class A1 | 42,772 | 42,571 | ||||||
Galaxy XX CLO Ltd., Series 2015-20A, Class AR, | 1,500,000 | 1,493,757 | ||||||
Gallatin CLO IX Ltd., Series 2018-1A, Class A, | 2,200,000 | 2,199,925 | ||||||
Global SC Finance IV Ltd., Series 2017-1A, Class A | 752,164 | 742,065 | ||||||
Goodgreen Trust | 1,082,164 | 1,042,624 | ||||||
Series 2018-1A, Class A, | 1,718,156 | 1,710,353 | ||||||
GSAMP Trust, Series 2005-AHL, Class M1, 1 mo. USD LIBOR + .645% | 37,174 | 37,108 | ||||||
Hercules Capital Funding Trust, Series 2014-1A, Class A | 11,419 | 11,419 | ||||||
Hero Funding Trust | 1,203,119 | 1,154,782 | ||||||
Series 2017-2A, Class A1, | 279,508 | 273,589 | ||||||
Series 2016-4A, Class A1, | 711,325 | 698,019 | ||||||
Series 2017-2A, Class A2, | 230,183 | 231,541 | ||||||
Series 2018-1A, Class A2, | 1,351,404 | 1,380,714 | ||||||
Hilton Grand Vacations Trust | 266,208 | 261,353 | ||||||
Series 2013-A, Class A, | 191,574 | 190,463 | ||||||
Series 2017-AA, Class B, | 590,336 | 571,739 |
The accompanying notes are an integral part of the financial statements.
60
MassMutual Premier Short-Duration Bond Fund – Portfolio of Investments (Continued)
Principal Amount | Value | |||||||
Lendmark Funding Trust | $ | 819,957 | $ | 807,159 | ||||
Series 2017-1A, Class A, | 630,000 | 626,387 | ||||||
Series 2018-1A, Class A, | 930,000 | 929,024 | ||||||
Magnetite XI Ltd., Series 2014-11A, Class A1R, 3 mo. USD LIBOR + 1.120% | 1,780,000 | 1,780,144 | ||||||
Mariner Finance Issuance Trust, Series 2017-BA, Class A | 3,150,000 | 3,099,581 | ||||||
Marlette Funding Trust | 381,662 | 380,272 | ||||||
Series 2017-2A, Class A, | 239,887 | 239,486 | ||||||
Series 2017-1A, Class A, | 276,260 | 276,172 | ||||||
Series 2018-2A, Class A, | 648,614 | 647,477 | ||||||
Mosaic Solar Loans LLC | 640,000 | 587,779 | ||||||
Series 2018-2GS, Class A, | 955,556 | 952,947 | ||||||
Series 2017-1A, Class A, | 222,369 | 223,952 | ||||||
MVW Owner Trust, Series 2013-1A, Class A | 215,323 | 212,183 | ||||||
Neuberger Berman CLO XX Ltd., Series 2015-20A, Class BR, | 750,000 | 741,914 | ||||||
New Residential Advance Receivables Trust, Series 2016-T2, Class AT2 | 2,100,000 | 2,082,052 | ||||||
NP SPE II LLC, Series 2017-1A, Class A1 | 499,188 | 488,059 | ||||||
NRZ Advance Receivables Trust, Series 2016-T4, Class AT4 | 1,500,000 | 1,485,900 | ||||||
Oak Hill Credit Partners X Ltd., Series 2014-10A, Class AR, 3 mo. USD LIBOR + 1.130% | 450,000 | 450,140 | ||||||
OCP CLO Ltd., Series 2015-8A, Class A2AR, | 2,150,000 | 2,143,954 |
Principal Amount | Value | |||||||
OHA Loan Funding Ltd., Series 2015-1A, Class AR, 3 mo. USD LIBOR + 1.410% | $ | 1,350,000 | $ | 1,355,709 | ||||
Orange Lake Timeshare Trust | 75,131 | 73,597 | ||||||
Series 2016-A, Class B, | 830,342 | 809,323 | ||||||
Oxford Finance Funding Trust | 75,491 | 75,522 | ||||||
Series 2016-1A, Class A, | 673,609 | 669,160 | ||||||
PNMAC GMSR Issuer Trust, Series 2018-GT1, Class A, (Acquired 2/21/18, Cost $670,000), | 670,000 | 677,752 | ||||||
RAAC, Series 2006-RP2, Class A, 1 mo. USD LIBOR + ..250% | 32,360 | 32,340 | ||||||
RR 3 Ltd., Series 2018-3A, Class A1R2, | 1,250,000 | 1,248,231 | ||||||
Sierra Receivables Funding Co. LLC | 465,869 | 463,430 | ||||||
Series 2015-3A, Class B, | 65,621 | 64,972 | ||||||
Sierra Timeshare Receivables Funding LLC | 174,990 | 172,211 | ||||||
Series 2016-2A, Class B, | 1,697,975 | 1,672,566 | ||||||
Series 2015-1A, Class B, | 850,909 | 845,281 | ||||||
SoFi Consumer Loan Program LLC, Series 2016-3, Class A | 419,772 | 417,804 | ||||||
Sofi Consumer Loan Program Trust, Series 2018-3, Class A1 | 824,171 | 824,044 | ||||||
Springleaf Funding Trust, Series 2016-AA, Class A | 2,560,000 | 2,553,064 | ||||||
SPS Servicer Advance Receivables Trust, Series 2016-T1, Class AT1 | 1,960,000 | 1,961,427 | ||||||
Taco Bell Funding LLC, Series 2016-1A, Class A2I | 1,310,050 | 1,311,426 |
The accompanying notes are an integral part of the financial statements.
61
MassMutual Premier Short-Duration Bond Fund – Portfolio of Investments (Continued)
Principal Amount | Value | |||||||
TAL Advantage V LLC, Series 2014-2A, Class A2 | $ | 961,278 | $ | 954,835 | ||||
TAL Advantage VI LLC, Series 2017-1A, Class A | 1,084,367 | 1,094,183 | ||||||
TCI-Symphony CLO Ltd., Series 2016-1A, Class A, 3 mo. USD LIBOR + 1.480% | 1,060,000 | 1,063,056 | ||||||
TLF National Tax Lien Trust, Series 2017-1A, Class A | 1,126,051 | 1,123,083 | ||||||
Trafigura Securitisation Finance PLC | 1,340,000 | 1,340,000 | ||||||
Series 2017-1A, Class B, 1 mo. USD LIBOR + 1.700% | 670,000 | 669,384 | ||||||
Series 2018-1A, Class B, | 1,870,000 | 1,869,876 | ||||||
Treman Park CLO Ltd., Series 2015-1A, Class AR, 3 mo. USD LIBOR + 1.370% | 1,960,000 | 1,960,672 | ||||||
Trinity Rail Leasing LP, Series 2018-1A, Class A1 | 1,462,500 | 1,465,391 | ||||||
Trip Rail Master Funding LLC | 366,299 | 360,678 | ||||||
Series 2011-1A, Class A2, | 2,248,923 | 2,327,899 | ||||||
Triton Container Finance IV LLC, Series 2017-2A, Class A | 2,236,875 | 2,188,743 | ||||||
Triton Container Finance VI LLC, Series 2018-2A, Class A | 1,443,000 | 1,440,106 | ||||||
VSE VOI Mortgage LLC, Series 2016-A, Class B | 772,771 | 754,465 | ||||||
Series 2018-A, Class C | 823,457 | 818,229 | ||||||
Welk Resorts LLC | 211,899 | 207,071 | ||||||
Series 2017-AA, Class B, | 1,281,249 | 1,245,708 | ||||||
Westgate Resorts LLC | 202,291 | 201,445 |
Principal Amount | Value | |||||||
Series 2015-2A, Class A, | $ | 395,147 | $ | 394,681 | ||||
Willis Engine Structured Trust IV, Series 2018-A, Class A, | 710,000 | 711,601 | ||||||
|
| |||||||
85,657,384 | ||||||||
|
| |||||||
Student Loans ABS — 13.7% |
| |||||||
Academic Loan Funding Trust, Series 2013-1A, Class A, 1 mo. USD LIBOR + .800% | 218,099 | 217,406 | ||||||
Access Group, Inc. | 727,658 | 725,424 | ||||||
Series 2015-1, Class B, 1 mo. USD LIBOR + 1.500% | 430,000 | 386,547 | ||||||
AccessLex Institute, Series 2003-A, Class A3, 3 mo. Treasury + 1.200% | 235,321 | 230,142 | ||||||
College Ave Student Loans LLC, Series 2018-A, Class A1, | 1,622,251 | 1,622,249 | ||||||
College Loan Corp. Trust I, Series 2005-2, Class B, 3 mo. USD LIBOR + .490% | 648,481 | 608,557 | ||||||
Commonbond Student Loan Trust | 479,616 | 464,987 | ||||||
Series 2018-AGS, Class C, | 490,000 | 485,984 | ||||||
Series 2018-BGS, Class C, | 625,000 | 623,152 | ||||||
Series 2017-AGS, Class C, | 618,319 | 614,946 | ||||||
Credit Suisse ABS Repackaging Trust, Series 2013-A, Class B | 269,804 | 249,452 | ||||||
DRB Prime Student Loan Trust | 96,736 | 96,067 | ||||||
Series 2015-B, Class A3, | 122,141 | 120,556 | ||||||
Series 2015-A, Class A2, | 269,588 | 266,530 | ||||||
Series 2015-D, Class A2, | 1,266,127 | 1,262,339 | ||||||
Series 2015-D, Class A1, 1 mo. USD LIBOR + 1.700% | 462,770 | 471,729 |
The accompanying notes are an integral part of the financial statements.
62
MassMutual Premier Short-Duration Bond Fund – Portfolio of Investments (Continued)
Principal Amount | Value | |||||||
Series 2016-R, Class A1, 1 mo. USD LIBOR + 1.900% | $ | 1,304,010 | $ | 1,323,927 | ||||
Earnest Student Loan Program LLC | 1,075,521 | 1,030,365 | ||||||
Series 2016-B, Class A1, 1 mo. USD LIBOR + 2.050% | 506,847 | 519,430 | ||||||
ECMC Group Student Loan Trust | 2,276,227 | 2,276,569 | ||||||
Series 2017-1A, Class A, 1 mo. USD LIBOR + 1.200% | 2,236,347 | 2,266,538 | ||||||
Edlinc Student Loan Funding, Series 2017-A, Class A (Acquired 12/22/17, Cost $1,936,440), | 1,684,717 | 1,665,951 | ||||||
ELFI Graduate Loan Program LLC | 1,524,673 | 1,524,672 | ||||||
Series 2018-A, Class B, | 630,000 | 608,452 | ||||||
Kentucky Higher Education Student Loan Corp., Series 2015-1, Class A1, 1 mo. USD LIBOR + .750% | 502,742 | 503,506 | ||||||
KeyCorp Student Loan Trust, Series 2006-A, Class 2A4, 3 mo. USD LIBOR + .310% | 96,727 | 96,504 | ||||||
Laurel Road Prime Student Loan Trust | 808,842 | 770,528 | ||||||
Series 2017-B, Class CFX, | 835,923 | 795,333 | ||||||
Navient Student Loan Trust | 1,830,000 | 1,832,449 | ||||||
Series 2018-3A, Class A3, | 2,500,000 | 2,523,493 | ||||||
Series 2017-1A, Class A3, 1 mo. USD LIBOR + 1.150% | 1,800,000 | 1,841,749 | ||||||
Nelnet Private Education Loan Trust | 447,887 | 430,507 | ||||||
Series 2016-A, Class A1A, 1 mo. USD LIBOR + 1.750% | 374,030 | 374,676 |
Principal Amount | Value | |||||||
Nelnet Student Loan Trust | $ | 489,622 | $ | 489,775 | ||||
Series 2007-2A, Class A4A2, 28 day ARS | 2,800,000 | 2,761,689 | ||||||
Series 2018-3A, Class A3, | 1,950,000 | 1,950,078 | ||||||
Series 2015-3A, Class B, 1 mo. USD LIBOR + 1.500% | 395,000 | 369,973 | ||||||
North Carolina State Education Assistance Authority, Series 2011-2, Class A2, 3 mo. USD LIBOR + .800% | 309,933 | 311,678 | ||||||
Pennsylvania Higher Education Assistance Agency, Series 2016-2A, Class A, 1 mo. USD LIBOR + .950% | 1,327,965 | 1,345,196 | ||||||
SLC Student Loan Trust, Series 2005-3, Class B, 3 mo. USD LIBOR + .250% | 1,543,646 | 1,447,464 | ||||||
SLM Student Loan Trust | 477,897 | 461,293 | ||||||
Series 2007-1, Class A6, 3 mo. USD LIBOR + .140% | 250,000 | 241,600 | ||||||
Series 2006-10, Class A6, 3 mo. USD LIBOR + .150% | 3,700,000 | 3,561,256 | ||||||
Series 2006-7, Class B, 3 mo. USD LIBOR + .200% | 3,251,990 | 3,100,797 | ||||||
Series 2006-10, Class B, 3 mo. USD LIBOR + .220% | 2,462,216 | 2,329,229 | ||||||
Series 2005-6, Class B,, 3 mo. USD LIBOR + .290% | 1,580,670 | 1,478,298 | ||||||
Series 2003-14, Class A6, 3 mo. USD LIBOR + .300% | 520,000 | 518,898 | ||||||
Series 2005-9, Class B, 3 mo. USD LIBOR + .300% | 1,155,944 | 1,104,130 | ||||||
Series 2005-8, Class B, 3 mo. USD LIBOR + .310% | 571,918 | 540,153 |
The accompanying notes are an integral part of the financial statements.
63
MassMutual Premier Short-Duration Bond Fund – Portfolio of Investments (Continued)
Principal Amount | Value | |||||||
Series 2004-3A, Class A6A, 3 mo. USD LIBOR + .550% | $ | 2,300,000 | $ | 2,309,976 | ||||
Series 2005-9, Class A7A, 3 mo. EURIBOR + .600% | 1,820,000 | 1,824,101 | ||||||
Series 2004-8A, Class A6, 3 mo. USD LIBOR + .630% | 450,000 | 451,244 | ||||||
Series 2003-11, Class B, 3 mo. USD LIBOR + .650% | 448,062 | 428,855 | ||||||
Series 2005-7, Class A5, 3 mo. USD LIBOR + .750% | 2,000,000 | 1,992,500 | ||||||
Series 2003-5, Class A7, 28 day ARS + 2.500% | 100,000 | 100,000 | ||||||
SMB Private Education Loan Trust | 415,661 | 424,667 | ||||||
Series 2015-C, Class A3, 1 mo. USD LIBOR + 1.950% | 1,350,000 | 1,396,235 | ||||||
SoFi Professional Loan Program LLC | 500 | 534,375 | ||||||
Series 2017-D, Class R1, (Acquired 7/19/17, Cost $1,320,697), | 2,333,800 | 1,470,294 | ||||||
Series 2018-A, Class R1, (Acquired 1/22/18, Cost $1,384,761), | 1,928,100 | 1,384,761 | ||||||
Series 2018-B, Class R1 (Acquired 3/15/18, Cost $932,839), | 1,727,800 | 971,389 | ||||||
Series 2018-D, Class R1 (Acquired 9/20/18, Cost $713,012) | 2,069,700 | 713,012 | ||||||
Series 2016-C, Class A2B, | 280,000 | 273,320 | ||||||
Series 2014-A, Class A2, | 90,689 | 90,286 | ||||||
Series 2016-A, Class A1, 1 mo. USD LIBOR + 1.750% | 493,695 | 508,472 | ||||||
|
| |||||||
65,715,710 | ||||||||
|
|
Principal Amount | Value | |||||||
WL Collateral CMO — 5.4% |
| |||||||
Bank of America Mortgage Securities, Series 2004-G, Class 2A7, | $ | 42,334 | $ | 42,775 | ||||
Countrywide Home Loans, Inc. | 23,813 | 23,935 | ||||||
Series 2003-42, Class 1A1, | 5,134 | 4,677 | ||||||
Deephaven Residential Mortgage Trust | 1,367,321 | 1,340,566 | ||||||
Series 2018-2A, Class A3, | 2,447,576 | 2,437,689 | ||||||
Series 2018-3A, Class A3, | 690,000 | 690,439 | ||||||
GSR Mortgage Loan Trust, Series 2004-9, Class 2A1, | 7,634 | 7,583 | ||||||
IndyMac Index Mortgage Loan Trust, Series 2004-AR4, Class 1A, | 55,664 | 54,561 | ||||||
JP Morgan Mortgage Trust | 1,008,416 | 994,678 | ||||||
Series 2018-3, Class A5, | 1,634,210 | 1,606,837 | ||||||
Series 2018-4, Class A15, | 1,415,453 | 1,396,233 | ||||||
Series 2017-6, Class A5, | 1,523,431 | 1,503,633 | ||||||
Merrill Lynch Mortgage Investors, Inc. | 4,769 | 4,616 | ||||||
Series 2004-A1, Class IIA2, | 128,566 | 129,293 | ||||||
Series 2003-A4, Class IA, | 3,569 | 3,575 | ||||||
Morgan Stanley Mortgage Loan Trust, Series 2004-2AR, Class 1A, | 278 | 298 | ||||||
New Residential Mortgage Loan Trust, Series 2016-4A, Class A1, | 813,895 | 810,181 | ||||||
PSMC Trust | 1,563,458 | 1,540,067 | ||||||
Series 2018-2, Class A3, | 1,610,502 | 1,584,698 | ||||||
Sequoia Mortgage Trust | 1,235,603 | 1,196,951 |
The accompanying notes are an integral part of the financial statements.
64
MassMutual Premier Short-Duration Bond Fund – Portfolio of Investments (Continued)
Principal Amount | Value | |||||||
Series 2018-3, Class A4, | $ | 1,879,095 | $ | 1,853,528 | ||||
Series 2018-5, Class A4, | 1,443,378 | 1,423,743 | ||||||
Series 2018-CH1, Class A10, | 1,230,547 | 1,234,927 | ||||||
Series 2018-CH2, Class A12, | 2,422,548 | 2,431,152 | ||||||
Series 2018-CH3, Class A11, | 1,901,733 | 1,911,207 | ||||||
Series 2018-7, Class A4, | 851,559 | 862,158 | ||||||
Structured Adjustable Rate Mortgage Loan Trust, Series 2004-2, Class 2A, | 28,702 | 28,847 | ||||||
Tiaa Bank Mortgage Loan Trust, Series 2018-2, Class A4, | 840,992 | 829,557 | ||||||
Washington Mutual Mortgage Pass-Through Certificates, Series 2004-AR2, Class A, 12 mo. MTA + 1.400% | 84,612 | 87,837 | ||||||
|
| |||||||
26,036,241 | ||||||||
|
| |||||||
TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $227,745,764) | 226,371,514 | |||||||
|
| |||||||
U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES — 1.2% |
| |||||||
Collateralized Mortgage Obligations — 1.0% |
| |||||||
Federal Home Loan Mortgage Corp. | 1,175,015 | 1,152,147 | ||||||
Series 4720, Class A, | 972,369 | 954,550 | ||||||
Federal National Mortgage Association | 1,568,711 | 1,538,896 | ||||||
Series 2015-63, Class KA, | 754,595 | 742,521 | ||||||
Government National Mortgage Association (b) | 394,592 | 418,820 | ||||||
|
| |||||||
4,806,934 | ||||||||
|
| |||||||
Pass-Through Securities — 0.2% |
| |||||||
Federal Home Loan Mortgage Corp. | 255,010 | 268,994 |
Principal Amount | Value | |||||||
Federal National Mortgage Association | $ | 129,859 | $ | 134,686 | ||||
Pool #725692 1 year CMT + 2.138% | 66,452 | 69,669 | ||||||
Pool #775539 12 mo. USD LIBOR + 1.645% 4.179% FRN 5/01/34 | 54,853 | 57,077 | ||||||
Pool #725796 5.500% 9/01/19 | 57,993 | 58,451 | ||||||
Pool #844564 5.500% 12/01/20 | 26,445 | 26,970 | ||||||
Government National Mortgage Association | 27,942 | 31,660 | ||||||
Government National Mortgage Association II | 156,918 | 162,500 | ||||||
Pool #82488 1 year CMT + 1.500% 3.375% FRN 3/20/40 | 184,865 | 191,378 | ||||||
|
| |||||||
1,001,385 | ||||||||
|
| |||||||
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (Cost $5,931,323) | 5,808,319 | |||||||
|
| |||||||
U.S. TREASURY OBLIGATIONS — 2.0% |
| |||||||
U.S. Treasury Bonds & Notes — 2.0% |
| |||||||
U.S. Treasury Note | 6,020,000 | 6,933,629 | ||||||
8.125% 8/15/19 | 2,800,000 | 2,931,622 | ||||||
|
| |||||||
9,865,251 | ||||||||
|
| |||||||
TOTAL U.S. TREASURY OBLIGATIONS (Cost $9,989,628) | 9,865,251 | |||||||
|
| |||||||
TOTAL BONDS & NOTES (Cost $466,502,788) | 461,739,295 | |||||||
|
| |||||||
TOTAL PURCHASED OPTIONS (#) — 1.1% (Cost $5,197,567) | 5,211,414 | |||||||
|
| |||||||
TOTAL LONG-TERM INVESTMENTS (Cost $471,700,355) | 466,950,709 | |||||||
|
| |||||||
SHORT-TERM INVESTMENTS — 5.4% |
| |||||||
Commercial Paper — 5.4% |
| |||||||
AT&T, Inc. | 1,000,000 | 995,045 |
The accompanying notes are an integral part of the financial statements.
65
MassMutual Premier Short-Duration Bond Fund – Portfolio of Investments (Continued)
Principal Amount | Value | |||||||
2.880% 12/06/18 (a) | $ | 1,500,000 | $ | 1,492,568 | ||||
2.890% 12/06/18 (a) | 900,000 | 895,541 | ||||||
Bell Canada, Citigroup Global Markets, Inc., | 2,500,000 | 2,487,200 | ||||||
Entergy Corp. | 2,000,000 | 1,997,142 | ||||||
Enterprise Products Operating LLC | 5,900,000 | 5,898,832 | ||||||
Northrop Grumman Corp. | 6,000,000 | 5,998,036 | ||||||
Suncor Energy, Inc. | 6,000,000 | 5,975,000 | ||||||
|
| |||||||
25,739,364 | ||||||||
|
| |||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $25,743,403) | 25,739,364 | |||||||
|
| |||||||
TOTAL INVESTMENTS — 102.5% (Cost $497,443,758) (g) | 492,690,073 | |||||||
Other Assets/(Liabilities) — (2.5)% | (12,205,265 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 480,484,808 | ||||||
|
|
Abbreviation Legend
ABS | Asset-Backed Security |
ARS | Auction Rate Security |
CLO | Collateralized Loan Obligation |
CMO | Collateralized Mortgage Obligation |
CMT | Constant Maturity Treasury Index |
FRN | Floating Rate Note |
MBS | Mortgage-Backed Security |
MTA | Monthly Treasury Average Index |
STEP | Step Up Bond |
VRN | Variable Rate Note |
WL | Whole Loan |
Notes to Portfolio of Investments
Percentages are stated as a percent of net assets.
(a) | Securities exempt from registration under rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At September 30, 2018, these securities amounted to a value of $266,469,155 or 55.46% of net assets. |
(b) | Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. The rates shown are the current interest rates at September 30, 2018. |
(c) | Investment was valued using significant unobservable inputs. |
(d) | Restricted security. Certain securities are restricted as to resale. At September 30, 2018, these securities amounted to a value of $7,417,534 or 1.54% of net assets. The Fund generally bears the costs, if any, associated with the disposition of restricted securities. |
(e) | This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At September 30, 2018, these securities amounted to a value of $713,012 or 0.15% of net assets. |
(f) | A portion of this security is pledged/held as collateral for open futures contracts and open swap agreements. (Note 2). |
(g) | See Note 6 for aggregate cost for federal tax purposes. |
(#) | Purchased Swaptions contracts at September 30, 2018: |
OTC Counterparty | Units | Notional Amount | Expiration Date | Pay/ Receive Exercise Rate | Description | Premiums Purchased | Value | Unrealized Appreciation/ (Depreciation) | ||||||||||||||||||||||
Call | ||||||||||||||||||||||||||||||
Barclays Bank PLC* | 16,660,000 | USD 16,660,000 | 12/13/32 | Receive | 3-Month USD LIBOR BBA 10 Year Swaption, Underlying swap terminates 12/15/42, Exercise Rate 2.44% | $ | 832,872 | $ | 571,629 | $ | (261,243 | ) | ||||||||||||||||||
Credit Suisse International* | 18,600,000 | USD 18,600,000 | 1/31/33 | Receive | 3-Month USD LIBOR BBA 10 Year Swaption, Underlying swap terminates 2/02/43, Exercise Rate 2.61% | 892,800 | 713,103 | (179,697 | ) | |||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||
1,725,672 | 1,284,732 | (440,940 | ) | |||||||||||||||||||||||||||
|
|
|
|
|
|
The accompanying notes are an integral part of the financial statements.
66
MassMutual Premier Short-Duration Bond Fund – Portfolio of Investments (Continued)
OTC Counterparty | Units | Notional Amount | Expiration Date | Pay/ Receive Exercise Rate | Description | Premiums Purchased | Value | Unrealized Appreciation/ (Depreciation) | ||||||||||||||||||||||
Put | ||||||||||||||||||||||||||||||
Barclays Bank PLC* | 33,920,000 | USD 33,920,000 | 12/13/32 | Pay | 3-Month USD LIBOR BBA 10 Year Swaption, Underlying swap terminates 12/15/42, Exercise Rate 2.94% | $ | 1,695,763 | $ | 1,971,690 | $ | 275,927 | |||||||||||||||||||
Credit Suisse International* | 37,080,000 | USD 37,080,000 | 1/31/33 | Pay | 3-Month USD LIBOR BBA 10 Year Swaption, Underlying swap terminates 2/02/43, Exercise Rate 3.11% | 1,776,132 | 1,954,992 | 178,860 | ||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||
3,471,895 | 3,926,682 | 454,787 | ||||||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||
$ | 5,197,567 | $ | 5,211,414 | $ | 13,847 | |||||||||||||||||||||||||
|
|
|
|
|
|
* | Contracts are subject to a Master Netting Agreement. |
Futures contracts at September 30, 2018:
Expiration Date | Number of Contracts | Notional Amount | Value/ Net Unrealized Appreciation/ (Depreciation) | |||||||||||||
Long | ||||||||||||||||
U.S. Treasury Note 10 Year | 12/19/18 | 539 | $ | 64,896,473 | $ | (873,379 | ) | |||||||||
U.S. Treasury Note 2 Year | 12/31/18 | 870 | 183,749,746 | (410,839 | ) | |||||||||||
|
| |||||||||||||||
$ | (1,284,218 | ) | ||||||||||||||
|
| |||||||||||||||
Short | ||||||||||||||||
U.S. Treasury Note Ultra 10 Year | 12/19/18 | 244 | $ | (31,167,677 | ) | $ | 423,677 | |||||||||
U.S. Treasury Note 5 Year | 12/31/18 | 1,548 | (175,560,625 | ) | 1,446,905 | |||||||||||
|
| |||||||||||||||
$ | 1,870,582 | |||||||||||||||
|
|
Swap agreements at September 30, 2018:
Counterparty | Currency | Notional Amount | Expiration Date | Payment Frequency | Receive (Pay) Fixed Rate | Deliverable on Default | Unrealized Appreciation (Depreciation) | Premium (Received) Paid | Value | |||||||||||||||||||
Credit Default Swaps — Sell Protection†† |
| |||||||||||||||||||||||||||
OTC Swaps |
| |||||||||||||||||||||||||||
Goldman Sachs International* | USD | 1,500,000 | 5/11/63 | Monthly | 3.000% | CMBX.NA.BBB-.6 (Rating: BBB-)† | $ | (177,820 | ) | $ | 924 | $ | (176,896 | ) | ||||||||||||||
Goldman Sachs International* | USD | 400,000 | 5/11/63 | Monthly | 3.000% | CMBX.NA.BBB-.6 (Rating: BBB-)† | (15,125 | ) | (32,048 | ) | (47,173 | ) | ||||||||||||||||
Goldman Sachs International* | USD | 1,120,000 | 5/11/63 | Monthly | 3.000% | CMBX.NA.BBB-.6 (Rating: BBB-)† | (35,091 | ) | (96,992 | ) | (132,083 | ) | ||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||
$ | (228,036 | ) | $ | (128,116 | ) | $ | (356,152 | ) | ||||||||||||||||||||
|
|
|
|
|
|
Collateral for swap agreements held by Goldman Sachs International amounted to $287,061 in securities at September 30, 2018.
* | Contracts are subject to a Master Netting Agreement. |
† | Payment is based on a percentage of the index. Reference entities are a number of individual issuers comprising the index. |
The accompanying notes are an integral part of the financial statements.
67
MassMutual Premier Short-Duration Bond Fund – Portfolio of Investments (Continued)
†† | For each credit derivative with sold protection, the credit ratings of the entities referenced, as rated by any rating organization, are included in the equivalent S&P Global Ratings. The reference entity rating represents the likelihood of a potential payment by the Fund if the referenced entity experiences a credit event as of period end. Notional amounts represent the maximum potential amount of future payments (undiscounted) the Fund could be required to make under the credit derivatives with sold protection. |
Currency Legend
USD | U.S. Dollar |
Country weightings, as a percentage of net assets, is as follows:
United States | 80.3 | % | ||
Cayman Islands | 5.8 | % | ||
Netherlands | 1.7 | % | ||
Ireland | 1.6 | % | ||
Japan | 1.3 | % | ||
United Kingdom | 1.2 | % | ||
Bermuda | 1.0 | % | ||
Luxembourg | 1.0 | % | ||
Sweden | 0.7 | % | ||
Spain | 0.5 | % | ||
France | 0.5 | % | ||
Canada | 0.5 | % | ||
Australia | 0.3 | % | ||
Turkey | 0.3 | % | ||
Israel | 0.2 | % | ||
Austria | 0.1 | % | ||
Colombia | 0.1 | % | ||
United States Virgin Islands | 0.0 | % | ||
|
| |||
Total Long-Term Investments | 97.1 | % | ||
Short-Term Investments and Other Assets and Liabilities | 2.9 | % | ||
|
| |||
Net Assets | 100.0 | % | ||
|
|
The accompanying notes are an integral part of the financial statements.
68
September 30, 2018
Principal Amount | Value | |||||||
BONDS & NOTES — 120.0% |
| |||||||
CORPORATE DEBT — 2.6% |
| |||||||
Auto Manufacturers — 0.9% |
| |||||||
Ford Motor Credit Co. LLC | $ | 1,360,000 | $ | 1,352,455 | ||||
General Motors Financial Co., Inc. 3 mo. USD LIBOR + 2.060% | 1,280,000 | 1,286,374 | ||||||
|
| |||||||
2,638,829 | ||||||||
|
| |||||||
Computers — 0.7% |
| |||||||
Dell International LLC/EMC Corp. | 800,000 | 802,021 | ||||||
Hewlett Packard Enterprise Co. 3 mo. USD LIBOR + 1.930% | 1,300,000 | 1,300,206 | ||||||
|
| |||||||
2,102,227 | ||||||||
|
| |||||||
Health Care – Products — 0.5% |
| |||||||
Becton Dickinson & Co. | 1,360,000 | 1,362,016 | ||||||
|
| |||||||
Pharmaceuticals — 0.5% |
| |||||||
Cardinal Health, Inc. | 1,360,000 | 1,362,270 | ||||||
|
| |||||||
TOTAL CORPORATE DEBT (Cost $5,342,961) | 7,465,342 | |||||||
|
| |||||||
MUNICIPAL OBLIGATIONS — 0.0% |
| |||||||
Louisiana State Public Facilities Authority, Series 2011-A, Class A2, | 82,045 | 82,139 | ||||||
|
| |||||||
TOTAL MUNICIPAL OBLIGATIONS (Cost $82,045) | 82,139 | |||||||
|
| |||||||
NON-U.S. GOVERNMENT AGENCY OBLIGATIONS — 35.1% |
| |||||||
Auto Floor Plan ABS — 0.2% |
| |||||||
NextGear Floorplan Master Owner Trust, Series 2018-1A, Class A1, | 530,000 | 531,110 | ||||||
|
| |||||||
Automobile ABS — 6.7% |
| |||||||
American Credit Acceptance Receivables Trust | 222,366 | 222,071 | ||||||
Series 2017-1, Class B, | 156,952 | 156,885 | ||||||
AmeriCredit Automobile Receivables Trust, Series 2014-3, Class C | 214,888 | 212,157 |
Principal Amount | Value | |||||||
ARI Fleet Lease Trust, | $ | 448,566 | $ | 448,216 | ||||
CarFinance Capital Auto Trust, Series 2015-1A, Class A | 11,291 | 11,287 | ||||||
Chesapeake Funding II LLC | 800,000 | 802,401 | ||||||
Series 2016-2A, Class A2, | 671,222 | 673,405 | ||||||
CPS Auto Trust | 119,311 | 118,769 | ||||||
Series 2018-A, Class A, | 132,359 | 131,896 | ||||||
Series 2018-C, Class B, | 220,000 | 219,532 | ||||||
Drive Auto Receivables Trust | 290,000 | 289,407 | ||||||
Series 2018-2, Class B, | 240,000 | 239,683 | ||||||
DT Auto Owner Trust | 402,768 | 402,078 | ||||||
Series 2017-3A, Class B, | 420,000 | 418,780 | ||||||
Series 2018-1A, Class B, | 340,000 | 339,062 | ||||||
Enterprise Fleet Financing LLC, Series 2016-1, Class A2 | 94,967 | 94,866 | ||||||
Exeter Automobile Receivables Trust | 291,831 | 290,980 | ||||||
Series 2018-1A, Class B, | 280,000 | 277,532 | ||||||
Series 2016-3A, Class B, | 310,000 | 309,583 | ||||||
Series 2017-1A, Class B, | 320,000 | 319,345 | ||||||
First Investors Auto Owner Trust | 696,079 | 691,886 | ||||||
Series 2017-3A, Class B, | 370,000 | 361,831 | ||||||
Series 2018-1A, Class A1, | 773,909 | 772,785 | ||||||
Flagship Credit Auto Trust | 22,272 | 22,265 |
The accompanying notes are an integral part of the financial statements.
69
MassMutual Premier Inflation-Protected and Income Fund – Portfolio of Investments (Continued)
Principal Amount | Value | |||||||
Series 2015-3, Class A, | $ | 149,373 | $ | 149,260 | ||||
Series 2017-4, Class B, | 1,330,000 | 1,304,398 | ||||||
Series 2016-4, Class C, | 370,000 | 358,960 | ||||||
Series 2016-1, Class A, | 107,553 | 107,558 | ||||||
Series 2017-1, Class B, | 760,000 | 756,739 | ||||||
Hertz Fleet Lease Funding LP | 1,660,000 | 1,663,263 | ||||||
Series 2016-1, Class A1, 1 mo. USD LIBOR + 1.100% | 538,423 | 539,888 | ||||||
NextGear Floorplan Master Owner Trust, Series 2016-1A, Class A1, 1 mo. LIBOR + 1.700% | 730,000 | 735,286 | ||||||
Oscar US Funding Trust II, Series 2015-1A, Class A4 | 596,936 | 595,387 | ||||||
Oscar US Funding Trust IV, Series 2016-1A, Class A2B, 1 mo. USD LIBOR + 1.700% | 18,072 | 18,111 | ||||||
Oscar US Funding Trust IX LLC, Series 2018-2A, Class A2B, | 1,000,000 | 999,685 | ||||||
Oscar US Funding Trust VI | 340,000 | 338,688 | ||||||
Series 2017-1A, Class A4, | 280,000 | 278,622 | ||||||
Oscar US Funding Trust VII LLC, Series 2017-2A, Class A2A | 618,393 | 615,936 | ||||||
Oscar US Funding Trust VIII LLC, Series 2018-1A, Class A2A | 332,630 | 332,265 | ||||||
Prestige Auto Receivables Trust, Series 2018-1A, Class A1 | 540,000 | 540,000 | ||||||
Santander Drive Auto Receivables Trust, Series 2015-2, Class C | 331,668 | 331,474 | ||||||
Securitized Equipment Receivable | 350,000 | 348,051 | ||||||
4.200% 10/11/24 | 370,000 | 367,754 | ||||||
Tesla Auto Lease Trust | 396,566 | 395,486 |
Principal Amount | Value | |||||||
Series 2018-A, Class B, | $ | 165,000 | $ | 164,294 | ||||
Westlake Automobile Receivables Trust, Series 2018-2A, Class A1 | 576,030 | 576,051 | ||||||
|
| |||||||
19,343,858 | ||||||||
|
| |||||||
Commercial MBS — 1.4% |
| |||||||
BHMS Mortgage Trust, | 1,150,000 | 1,151,763 | ||||||
GCCFC Commercial Mortgage Trust, Series 2006-GG7, Class AM, | 204,609 | 206,754 | ||||||
JP Morgan Chase Commercial Mortgage Securities Corp., Series 2018-LAQ, Class A, | 1,050,000 | 1,051,305 | ||||||
RETL, Series 2018-RVP, Class A, | 598,517 | 600,770 | ||||||
TPG Real Estate Finance Issuer Ltd., Series 2018-FL1, Class A, | 440,000 | 439,869 | ||||||
VMC Finance LLC, | 703,440 | 703,009 | ||||||
|
| |||||||
4,153,470 | ||||||||
|
| |||||||
Credit Card ABS — 0.3% |
| |||||||
Citibank Credit Card Issuance Trust, Series 2017-A6, Class A6, 1 mo. LIBOR + .770% | 950,000 | 957,089 | ||||||
|
| |||||||
Home Equity ABS — 0.0% |
| |||||||
ACE Securities Corp., Series 2005-HE5, Class M2, 1 mo. USD LIBOR + .735% | 3,428 | 3,442 | ||||||
|
| |||||||
Other ABS — 10.3% |
| |||||||
321 Henderson Receivables I LLC | 319,901 | 314,486 | ||||||
Series 2006-2A, Class A1, 1 mo. USD LIBOR + .200% | 1,248,312 | 1,222,776 | ||||||
Series 2006-4A, Class A1, 1 mo. USD LIBOR + .200% | 252,767 | 247,587 | ||||||
Series 2007-1A, Class A1, 1 mo. USD LIBOR + .200% | 537,082 | 505,443 |
The accompanying notes are an integral part of the financial statements.
70
MassMutual Premier Inflation-Protected and Income Fund – Portfolio of Investments (Continued)
Principal Amount | Value | |||||||
321 Henderson Receivables II LLC, Series 2006-3A, Class A1, 1 mo. USD LIBOR + .200% | $ | 135,843 | $ | 129,413 | ||||
AIMCO CLO, Series 2015-AA, Class AR, | 1,450,000 | 1,444,480 | ||||||
Arbor Realty Commercial Real Estate Notes, Series 2018-FL1, Class A, | 920,000 | 922,304 | ||||||
Avant Loans Funding Trust, Series 2017-B, Class A | 73,248 | 73,209 | ||||||
Avery Point IV CLO Ltd., Series 2014-1A, Class AR, 3 mo. USD LIBOR + 1.100% | 1,254,032 | 1,254,192 | ||||||
BCC Funding XIV LLC, Series 2018-1A, Class A2 | 610,000 | 606,609 | ||||||
BlueVirgo Trust, Series 2015-1A, Class NOTE | 300,170 | 300,170 | ||||||
Cazenovia Creek Funding I LLC, Series 2015-1A, Class A | 122,418 | 122,111 | ||||||
CCG Receivables Trust, Series 2018-2, Class A2 | 1,120,000 | 1,116,961 | ||||||
CIFC Funding II Ltd., Series 2015-2A, Class AR, | 1,450,000 | 1,444,299 | ||||||
Citigroup Mortgage Loan Trust Asset Backed Pass-Through Certificates, Series 2005-OPT3, Class M2, 1 mo. USD LIBOR + .675% | 12,063 | 12,066 | ||||||
Consumer Installment Loan Trust, Series 2016-LD1, Class A | 14,777 | 14,776 | ||||||
Countrywide Asset-Backed Certificates, Series 2004-5, Class 3A, 1 mo. USD LIBOR + .460% | 15,539 | 15,518 | ||||||
Diamond Resorts Owner Trust | 42,473 | 42,469 | ||||||
Series 2015-2, Class B, | 81,664 | 81,188 | ||||||
Dong Fang Container Finance II SPV Ltd., Series 2014-1A, Class A1 | 20,833 | 20,786 |
Principal Amount | Value | |||||||
Drug Royalty II LP, Series 2014-1, Class A1, 3 mo. USD | $ | 162,823 | $ | 164,137 | ||||
Elara HGV Timeshare Issuer LLC, Series 2014-A, Class B, | 129,403 | 125,309 | ||||||
Element Rail Leasing II LLC, Series 2016-1A, Class A1 | 271,936 | 273,089 | ||||||
Hilton Grand Vacations Trust, Series 2014-AA, Class A | 163,461 | 160,480 | ||||||
Lendmark Funding Trust, Series 2018-1A, Class A | 410,000 | 409,570 | ||||||
Mariner Finance Issuance Trust | 1,000,000 | 983,994 | ||||||
Series 2017-AA, Class A, | 510,000 | 509,913 | ||||||
Marlette Funding Trust | 119,557 | 119,121 | ||||||
Series 2017-2A, Class A, | 135,382 | 135,155 | ||||||
Series 2018-1A, Class A, | 849,650 | 847,025 | ||||||
Series 2017-1A, Class A, | 285,002 | 284,912 | ||||||
Series 2018-2A, Class A, | 656,429 | 655,278 | ||||||
Series 2018-3A, Class A, | 772,208 | 772,094 | ||||||
Neuberger Berman CLO XX Ltd., Series 2015-20A, Class AR, | 1,500,000 | 1,497,571 | ||||||
New Residential Advance Receivables Trust, Series 2016-T2, Class AT2 | 1,300,000 | 1,288,889 | ||||||
OCP CLO Ltd., Series 2015-10A, Class A1R, | 1,450,000 | 1,445,087 | ||||||
Orange Lake Timeshare Trust, Series 2016-A, Class A | 251,154 | 243,957 | ||||||
Oxford Finance Funding Trust | 42,464 | 42,481 | ||||||
Series 2016-1A, Class A, | 384,919 | 382,377 |
The accompanying notes are an integral part of the financial statements.
71
MassMutual Premier Inflation-Protected and Income Fund – Portfolio of Investments (Continued)
Principal Amount | Value | |||||||
PNMAC GMSR Issuer Trust, Series 2018-GT1, Class A (Acquired 2/21/18, Cost $270,000), | $ | 270,000 | $ | 273,124 | ||||
RAAC, Series 2006-RP2, Class A, 1 mo. USD LIBOR + ..250% | 16,585 | 16,574 | ||||||
Sierra Receivables Funding Co. LLC, Series 2014-3A, Class A | 155,290 | 154,477 | ||||||
Sierra Timeshare Receivables Funding LLC | 98,380 | 98,204 | ||||||
Series 2015-2A, Class A, | 289,879 | 286,288 | ||||||
Series 2014-3A, Class B, | 317,638 | 316,298 | ||||||
Series 2015-2A, Class B, | 826,156 | 818,576 | ||||||
Series 2015-1A, Class B, | 349,907 | 347,592 | ||||||
Series 2015-3A, Class B, | 37,185 | 36,817 | ||||||
SoFi Consumer Loan Program LLC | 229,962 | 228,884 | ||||||
Series 2016-5, Class A, | 1,118,047 | 1,113,625 | ||||||
Series 2016-2A, Class A, | 362,111 | 360,971 | ||||||
Series 2016-1A, Class A, | 483,586 | 482,849 | ||||||
Series 2017-2, Class A, | 473,893 | 472,697 | ||||||
SpringCastle America Funding LLC, Series 2016-AA, Class A | 604,679 | 602,025 | ||||||
Taco Bell Funding LLC, Series 2016-1A, Class A2I | 1,329,750 | 1,331,146 | ||||||
TLF National Tax Lien Trust, Series 2017-1A, Class A | 657,917 | 656,183 | ||||||
Trafigura Securitisation Finance PLC | 600,000 | 599,623 | ||||||
Series 2017-1A, Class B, 1 mo. USD LIBOR + 1.700% | 300,000 | 299,724 | ||||||
Trip Rail Master Funding LLC, Series 2017-1A, Class A1 | 135,372 | 133,294 |
Principal Amount | Value | |||||||
Westgate Resorts LLC | $ | 110,340 | $ | 109,879 | ||||
Series 2017-1A, Class A, | 239,884 | 237,018 | ||||||
Series 2015-2A, Class A, | 239,911 | 239,628 | ||||||
Series 2018-1A, Class A, | 473,420 | 470,967 | ||||||
|
| |||||||
29,917,745 | ||||||||
|
| |||||||
Student Loans ABS — 13.4% |
| |||||||
Academic Loan Funding Trust, Series 2013-1A, Class A, 1 mo. USD LIBOR + .800% | 1,563,046 | 1,558,080 | ||||||
AccessLex Institute | 44,056 | 44,056 | ||||||
Series 2005-1, Class B, 3 mo. USD LIBOR + .570% | 456,391 | 438,320 | ||||||
Series 2003-A, Class A3, 3 mo. Treasury + 1.200% | 67,234 | 65,755 | ||||||
Brazos Higher Education Authority, Inc., | 777,375 | 765,781 | ||||||
College Loan Corp. Trust I, Series 2005-2, Class B, 3 mo. USD LIBOR + .490% | 415,028 | 389,476 | ||||||
Commonbond Student Loan Trust, Series 2017-AGS, Class A2, 1 mo. USD LIBOR + .850% | 309,165 | 311,716 | ||||||
DRB Prime Student Loan Trust | 27,533 | 27,342 | ||||||
Series 2015-B, Class A3, | 70,231 | 69,319 | ||||||
Series 2016-B, Class A2, | 335,129 | 331,296 | ||||||
Series 2015-D, Class A1, 1 mo. USD LIBOR + 1.700% | 403,271 | 411,078 | ||||||
Series 2016-R, Class A1, 1 mo. USD LIBOR + 1.900% | 713,130 | 724,022 |
The accompanying notes are an integral part of the financial statements.
72
MassMutual Premier Inflation-Protected and Income Fund – Portfolio of Investments (Continued)
Principal Amount | Value | |||||||
Series 2016-A, Class A1, 1 mo. USD LIBOR + 2.000% | $ | 110,440 | $ | 113,499 | ||||
Earnest Student Loan Program LLC | 375,467 | 384,295 | ||||||
Series 2016-B, Class A1, 1 mo. USD LIBOR + 2.050% | 290,409 | 297,619 | ||||||
ECMC Group Student Loan Trust | 2,608,177 | 2,608,569 | ||||||
Series 2017-1A, Class A, 1 mo. USD LIBOR + 1.200% | 1,118,174 | 1,133,269 | ||||||
Series 2016-1A, Class A, 1 mo. USD LIBOR + 1.350% | 839,748 | 856,088 | ||||||
Edlinc Student Loan Funding, Series 2017-A, Class A (Acquired 12/22/17, Cost $800,000), | 691,166 | 683,467 | ||||||
Edsouth Indenture No. 10 LLC, Series 2015-2, Class B, 1 mo. USD LIBOR + 1.500% | 750,000 | 761,206 | ||||||
ELFI Graduate Loan Program LLC, Series 2018-A, Class A1, | 662,901 | 662,901 | ||||||
Goal Capital Funding Trust, Series 2010-1, Class A, 3 mo. USD LIBOR + .700% | 302,704 | 302,558 | ||||||
JP Morgan Student Loan Trust, Series 2007-A, Class B, 3 mo. USD LIBOR + .350% | 375,111 | 358,288 | ||||||
Kentucky Higher Education Student Loan Corp., Series 2015-1, Class A1, 1 mo. USD LIBOR + .750% | 302,180 | 302,639 | ||||||
KeyCorp Student Loan Trust | 112,735 | 111,902 | ||||||
Series 2006-A, Class 2A4, 3 mo. USD LIBOR + .310% | 211,810 | 211,322 | ||||||
Laurel Road Prime Student Loan Trust, Series 2017-C, Class A2A | 249,643 | 248,893 |
Principal Amount | Value | |||||||
Navient Private Education Loan Trust, Series 2015-AA, Class A2B, 1 mo. USD LIBOR + 1.200% | $ | 486,973 | $ | 493,681 | ||||
Navient Student Loan Trust | 501,618 | 501,618 | ||||||
Series 2018-1A, Class A3, | 680,000 | 683,083 | ||||||
Series 2016-5A, Class A, 1 mo. USD LIBOR + 1.250% | 1,872,798 | 1,920,200 | ||||||
Series 2016-6A, Class A3, 1 mo. USD LIBOR + 1.300% | 1,520,000 | 1,576,521 | ||||||
Nelnet Private Education Loan Trust, Series 2016-A, Class A1A, 1 mo. USD LIBOR + 1.750% | 329,737 | 330,307 | ||||||
Nelnet Student Loan Trust | 710,706 | 706,450 | ||||||
Series 2005-2, Class A5, 3 mo. USD LIBOR + .100% | 935,847 | 929,169 | ||||||
Series 2006-2, Class B, 3 mo. USD LIBOR + .200% | 551,244 | 524,253 | ||||||
Series 2005-2, Class B, 3 mo. USD LIBOR + .170% | 627,245 | 593,266 | ||||||
Series 2006-3, Class B, 3 mo. USD LIBOR + .250% | 346,331 | 317,788 | ||||||
Series 2018-3A, Class A2, | 900,000 | 900,036 | ||||||
Series 2004-3, Class B, 3 mo. USD LIBOR + .350% | 875,827 | 840,545 | ||||||
Series 2018-1A, Class A2, | 1,040,000 | 1,045,347 | ||||||
Series 2010-4A, Class A, 1 mo. USD LIBOR + .800% | 46,522 | 46,936 | ||||||
Series 2014-2A, Class B, 1 mo. USD LIBOR + 1.500% | 295,000 | 278,014 | ||||||
SLC Student Loan Trust | 399,431 | 375,924 |
The accompanying notes are an integral part of the financial statements.
73
MassMutual Premier Inflation-Protected and Income Fund – Portfolio of Investments (Continued)
Principal Amount | Value | |||||||
Series 2005-2, Class B, 3 mo. USD LIBOR + .280% | $ | 1,320,066 | $ | 1,235,516 | ||||
SLM Private Education Loan Trust, Series 2011-A, Class A3, 1 mo. USD LIBOR + 2.500% | 320,000 | 326,329 | ||||||
SLM Student Loan Trust | 457,984 | 442,072 | ||||||
Series 2005-5, Class A4, 3 mo. USD LIBOR + .140% | 485,874 | 484,669 | ||||||
Series 2006-10, Class A6, 3 mo. USD LIBOR + .150% | 1,220,000 | 1,174,252 | ||||||
Series 2006-4, Class B, 3 mo. USD LIBOR + .200% | 264,748 | 251,511 | ||||||
Series 2006-5, Class B, 3 mo. USD LIBOR + .210% | 321,032 | 304,368 | ||||||
Series 2006-2, Class B, 3 mo. USD LIBOR + .220% | 352,026 | 329,748 | ||||||
Series 2006-10, Class B, 3 mo. USD LIBOR + .220% | 651,850 | 616,643 | ||||||
Series 2003-14, Class A6, 3 mo. USD LIBOR + .300% | 300,000 | 299,364 | ||||||
Series 2005-8, Class B, 3 mo. USD LIBOR + .310% | 343,151 | 324,092 | ||||||
Series 2004-3, Class B, 3 mo. USD LIBOR + .470% | 263,767 | 250,666 | ||||||
Series 2003-14, Class A7, 3 mo. USD LIBOR + .600% | 400,000 | 400,058 | ||||||
Series 2003-11, Class B, 3 mo. USD LIBOR + .650% | 305,497 | 292,401 | ||||||
Series 2002-7, Class A11, 28 day ARS | 250,000 | 250,000 | ||||||
Series 2003-5, Class A9, 28 day ARS + 2.500% | 600,000 | 600,000 | ||||||
Series 2003-5, Class A7, 28 day ARS + 2.500% | 500,000 | 500,000 | ||||||
Series 2003-2, Class A7, 28 day ARS | 900,000 | 900,000 |
Principal Amount | Value | |||||||
SMB Private Education Loan Trust | $ | 236,916 | $ | 236,892 | ||||
Series 2018-B, Class A2B, | 1,300,000 | 1,301,293 | ||||||
Series 2016-C, Class A2B, 1 mo. USD LIBOR + 1.100% | 260,000 | 263,296 | ||||||
SoFi Professional Loan Program LLC | 100,417 | 100,216 | ||||||
Series 2017-F, Class A1FX, | 522,169 | 516,835 | ||||||
Series 2017-A, Class A1, 1 mo. USD LIBOR + .700% | 430,490 | 431,730 | ||||||
Series 2015-A, Class A1, 1 mo. USD LIBOR + 1.200% | 102,961 | 103,711 | ||||||
Series 2016-A, Class A1, 1 mo. USD LIBOR + 1.750% | 606,229 | 624,374 | ||||||
|
| |||||||
38,795,930 | ||||||||
|
| |||||||
WL Collateral CMO — 2.8% |
| |||||||
Credit Suisse First Boston Mortgage Securities Corp., Series 2005-CF1, Class M1, 1 mo. USD LIBOR + .700% | 13,759 | 13,929 | ||||||
Deephaven Residential Mortgage Trust | 559,015 | 547,556 | ||||||
Series 2018-1A, Class A2, | 566,569 | 555,483 | ||||||
Series 2018-2A, Class A1, | 1,539,490 | 1,533,225 | ||||||
JP Morgan Mortgage Trust | 458,371 | 452,126 | ||||||
Series 2018-3, Class A5, | 663,158 | 652,050 | ||||||
Series 2017-6, Class A5, | 643,831 | 635,464 | ||||||
PSMC Trust, Series 2018-1, Class A3, | 595,603 | 586,692 | ||||||
Sequoia Mortgage Trust | 551,012 | 533,775 | ||||||
Series 2018-3, Class A4, | 563,729 | 556,058 | ||||||
Series 2018-CH1, Class A10, | 463,562 | 465,212 | ||||||
Series 2018-CH2, Class A12, | 857,209 | 860,254 |
The accompanying notes are an integral part of the financial statements.
74
MassMutual Premier Inflation-Protected and Income Fund – Portfolio of Investments (Continued)
Principal Amount | Value | |||||||
Series 2018-CH3, Class A11, | $ | 808,237 | $ | 812,263 | ||||
|
| |||||||
8,204,087 | ||||||||
|
| |||||||
TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $101,407,056) | 101,906,731 | |||||||
|
| |||||||
U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES — 0.6% |
| |||||||
Pass-Through Securities — 0.0% |
| |||||||
Government National Mortgage Association II | 104,612 | 108,334 | ||||||
|
| |||||||
Whole Loans — 0.6% |
| |||||||
Federal National Mortgage Association Connecticut Avenue Securities | 762,619 | 762,536 | ||||||
Series 2016-C06, Class 1M1, 1 mo. USD LIBOR + 1.300% | 414,665 | 417,702 | ||||||
Series 2016-C05, Class 2M1, 1 mo. USD LIBOR + 1.350% | 152,583 | 152,993 | ||||||
Series 2016-C04, Class 1M1, 1 mo. USD LIBOR + 1.450% | 303,281 | 305,152 | ||||||
|
| |||||||
1,638,383 | ||||||||
|
| |||||||
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (Cost $1,744,200) | 1,746,717 | |||||||
|
| |||||||
U.S. TREASURY OBLIGATIONS — 81.7% |
| |||||||
U.S. Treasury Bonds & Notes — 81.7% |
| |||||||
U.S. Treasury Inflation Index | 3,083,526 | 3,019,808 | ||||||
0.125% 1/15/22 | 7,793,940 | 7,600,957 | ||||||
0.125% 4/15/22 (e) | 12,196,427 | 11,849,274 | ||||||
0.125% 7/15/22 (e) | 12,766,653 | 12,457,212 | ||||||
0.125% 1/15/23 (e) | 12,686,367 | 12,281,249 | ||||||
0.125% 7/15/24 (e) | 17,596,686 | 16,903,100 | ||||||
0.125% 7/15/26 (e) | 9,430,430 | 8,889,777 | ||||||
0.250% 1/15/25 (e) | 17,874,696 | 17,150,131 | ||||||
0.375% 7/15/23 | 3,660,134 | 3,588,296 | ||||||
0.375% 7/15/25 (e) (f) | 19,340,594 | 18,720,083 | ||||||
0.375% 1/15/27 | 4,642,463 | 4,431,557 |
Principal Amount | Value | |||||||
0.375% 7/15/27 (e) | $ | 9,786,900 | $ | 9,349,548 | ||||
0.500% 1/15/28 (e) | 12,821,708 | 12,302,996 | ||||||
0.625% 4/15/23 (e) | 14,883,449 | 14,690,235 | ||||||
0.625% 2/15/43 (e) | 6,138,160 | 5,576,694 | ||||||
0.750% 7/15/28 | 10,210,070 | 10,045,220 | ||||||
0.750% 2/15/45 (e) | 8,764,692 | 8,145,343 | ||||||
0.875% 2/15/47 (e) | 4,802,262 | 4,591,538 | ||||||
1.000% 2/15/48 (e) | 7,480,528 | 7,386,924 | ||||||
1.125% 1/15/21 (g) | 463,108 | 465,873 | ||||||
1.375% 2/15/44 (e) | 5,655,147 | 6,057,634 | ||||||
1.750% 1/15/28 (e) | 4,210,185 | 4,505,665 | ||||||
2.000% 1/15/26 (e) | 5,294,607 | 5,694,658 | ||||||
2.125% 2/15/41 (e) | 4,775,654 | 5,808,949 | ||||||
2.375% 1/15/25 (e) | 7,165,891 | 7,806,714 | ||||||
2.375% 1/15/27 (e) | 4,373,705 | 4,871,818 | ||||||
3.375% 4/15/32 (e) | 1,774,688 | 2,304,067 | ||||||
3.625% 4/15/28 (e) | 3,895,225 | 4,832,412 | ||||||
3.875% 4/15/29 (e) | 4,644,808 | 5,978,437 | ||||||
|
| |||||||
237,306,169 | ||||||||
|
| |||||||
TOTAL U.S. TREASURY OBLIGATIONS (Cost $243,480,315) | 237,306,169 | |||||||
|
| |||||||
TOTAL BONDS & NOTES (Cost $352,056,577) | 348,507,098 | |||||||
|
| |||||||
TOTAL PURCHASED OPTIONS (#) — 0.5% (Cost $1,610,040) | 1,615,977 | |||||||
|
| |||||||
TOTAL LONG-TERM INVESTMENTS (Cost $353,666,617) | 350,123,075 | |||||||
|
| |||||||
SHORT-TERM INVESTMENTS — 5.7% |
| |||||||
Commercial Paper — 5.6% |
| |||||||
Avangrid, Inc. | 3,500,000 | 3,499,074 | ||||||
Comcast Corp. | 3,250,000 | 3,247,592 | ||||||
Fedex Corp. | 3,000,000 | 2,994,286 | ||||||
Magna International, Inc. | 3,000,000 | 2,994,741 | ||||||
Mohawk Industries, Inc. | 3,500,000 | 3,499,074 | ||||||
|
| |||||||
16,234,767 | ||||||||
|
|
The accompanying notes are an integral part of the financial statements.
75
MassMutual Premier Inflation-Protected and Income Fund – Portfolio of Investments (Continued)
Principal Amount | Value | |||||||
Repurchase Agreement — 0.1% |
| |||||||
Fixed Income Clearing Corp., Repurchase Agreement, dated 9/28/18, | $ | 198,522 | $ | 198,522 | ||||
|
| |||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $16,436,594) | 16,433,289 | |||||||
|
| |||||||
TOTAL INVESTMENTS — 126.2% (Cost $370,103,211) (i) | 366,556,364 | |||||||
Other Assets/(Liabilities) — (26.2)% | (76,098,005 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 290,458,359 | ||||||
|
|
Abbreviation Legend
ABS | Asset-Backed Security |
ARS | Auction Rate Security |
CLO | Collateralized Loan Obligation |
CMO | Collateralized Mortgage Obligation |
CMT | Constant Maturity Treasury Index |
FRN | Floating Rate Note |
MBS | Mortgage-Backed Security |
VRN | Variable Rate Note |
WL | Whole Loan |
Notes to Portfolio of Investments
Percentages are stated as a percent of net assets.
(a) | Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. The rates shown are the current interest rates at September 30, 2018. |
(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, 2018, these securities amounted to a value of $101,060,834 or 34.79% of net assets. |
(c) | Investment was valued using significant unobservable inputs. |
(d) | Restricted security. Certain securities are restricted as to resale. At September 30, 2018, these securities amounted to a value of $956,591 or 0.33% of net assets. The Fund generally bears the costs, if any, associated with the disposition of restricted securities. |
(e) | All or a portion of this security is held as collateral for open reverse repurchase agreements. (Note 2). |
(f) | All or a portion of this security is held as collateral for open swap agreements. (Note 2). |
(g) | A portion of this security is pledged/held as collateral for open futures contracts and open swap agreements. (Note 2). |
(h) | Maturity value of $198,540. Collateralized by U.S. Government Agency obligations with a rate of 2.750%, maturity date of 11/15/42, and an aggregate market value, including accrued interest, of $206,243. |
(i) | See Note 6 for aggregate cost for federal tax purposes. |
(#) | Purchased Swaptions contracts at September 30, 2018: |
OTC Counterparty | Units | Notional Amount | Expiration Date | Pay/ Receive Exercise Rate | Description | Premiums Purchased | Value | Unrealized Appreciation/ (Depreciation) | ||||||||||||||||||||||||
Call | ||||||||||||||||||||||||||||||||
Barclays Bank PLC* | 6,970,000 | USD | 6,970,000 | 12/13/32 | Receive | 3-Month USD LIBOR BBA 10 Year Swaption, Underlying swap terminates 12/15/42, Exercise Rate 2.44% | $ | 348,446 | $ | 239,151 | $ | (109,295 | ) | |||||||||||||||||||
Credit Suisse International* | 3,850,000 | USD | 3,850,000 | 1/31/33 | Receive | 3-Month USD LIBOR BBA 10 Year Swaption, Underlying swap terminates 2/2/43, Exercise Rate 2.61% | 184,800 | 147,605 | (37,195 | ) | ||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||
533,246 | 386,756 | (146,490 | ) | |||||||||||||||||||||||||||||
|
|
|
|
|
|
The accompanying notes are an integral part of the financial statements.
76
MassMutual Premier Inflation-Protected and Income Fund – Portfolio of Investments (Continued)
OTC Counterparty | Units | Notional Amount | Expiration Date | Pay/ Receive Exercise Rate | Description | Premiums Purchased | Value | Unrealized Appreciation/ (Depreciation) | ||||||||||||||||||||||||
Put | ||||||||||||||||||||||||||||||||
Barclays Bank PLC* | 14,190,000 | USD | 14,190,000 | 12/13/32 | Pay | 3-Month USD LIBOR BBA 10 Year Swaption, Underlying swap terminates 12/15/42, Exercise Rate 2.94% | $ | 709,401 | $ | 824,831 | $ | 115,430 | ||||||||||||||||||||
Credit Suisse International* | 7,670,000 | USD | 7,670,000 | 1/31/33 | Pay | 3-Month USD LIBOR BBA 10 Year Swaption, Underlying swap terminates 2/2/43, Exercise Rate 3.11% | 367,393 | 404,390 | 36,997 | |||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||
1,076,794 | 1,229,221 | 152,427 | ||||||||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||
$ | 1,610,040 | $ | 1,615,977 | $ | 5,937 | |||||||||||||||||||||||||||
|
|
|
|
|
|
* | Contracts are subject to a Master Netting Agreement. |
Futures contracts at September 30, 2018:
Expiration Date | Number of Contracts | Notional Amount | Value/ Net Unrealized Appreciation/ (Depreciation) | |||||||||||||
Long | ||||||||||||||||
U.S. Treasury Long Bond | 12/19/18 | 1 | $ | 139,878 | $ | 622 | ||||||||||
|
| |||||||||||||||
Short | ||||||||||||||||
U.S. Treasury Note 10 Year | 12/19/18 | 8 | $ | (947,477 | ) | $ | (2,773 | ) | ||||||||
U.S. Treasury Ultra Long Bond | 12/19/18 | 4 | (634,604 | ) | 17,479 | |||||||||||
U.S. Treasury Note 2 Year | 12/31/18 | 40 | (8,458,263 | ) | 28,888 | |||||||||||
U.S. Treasury Note 5 Year | 12/31/18 | 1 | (112,497 | ) | 20 | |||||||||||
|
| |||||||||||||||
$ | 43,614 | |||||||||||||||
|
|
Swap agreements at September 30, 2018:
Counterparty | Currency | Notional Amount | Expiration Date | Payment Frequency | Receive (Pay) Fixed Rate | Deliverable on Default | Unrealized Appreciation (Depreciation) | Premium (Received) Paid | Value | |||||||||||||||||||
Credit Default Swaps — Sell Protection†† |
| |||||||||||||||||||||||||||
OTC Swaps |
| |||||||||||||||||||||||||||
Goldman Sachs International* | USD | 730,000 | 5/11/63 | Monthly | 3.000% | CMBX.NA.BBB-.6 (Rating: BBB-)† | $ | (22,872 | ) | $ | (63,218 | ) | $ | (86,090 | ) | |||||||||||||
Goldman Sachs International* | USD | 260,000 | 5/11/63 | Monthly | 3.000% | CMBX.NA.BBB-.6 (Rating: BBB-)† | (9,831 | ) | (20,832 | ) | (30,663 | ) | ||||||||||||||||
JP Morgan Chase Bank N.A.* | USD | 520,000 | 5/11/63 | Monthly | 3.000% | CMBX.NA.BBB-.6 (Rating: BBB-)† | (61,965 | ) | 641 | (61,324 | ) | |||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||
$ | (94,668 | ) | $ | (83,409 | ) | $ | (178,077 | ) | ||||||||||||||||||||
|
|
|
|
|
|
The accompanying notes are an integral part of the financial statements.
77
MassMutual Premier Inflation-Protected and Income Fund – Portfolio of Investments (Continued)
Counterparty | Currency | Notional Amount | Expiration Date | Payment Frequency | Payments Made by Fund | Payments Received by Fund | Unrealized Appreciation (Depreciation) | Premium Received (Paid) | Value | |||||||||||||||||||
Interest Rate Swaps |
| |||||||||||||||||||||||||||
Centrally Cleared Swaps |
| |||||||||||||||||||||||||||
USD | 12,300,000 | 7/02/20 | Quarterly/ Semi-Annually | 3-Month USD-LIBOR-BBA | 2.775% | $ | (37,159 | ) | $ | - | $ | (37,159 | ) | |||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||
OTC Swaps |
| |||||||||||||||||||||||||||
Bank of America N.A.* | USD | 5,300,000 | 11/20/19 | Maturity | 2.013% | U.S. Consumer Price Index | $ | 44,311 | $ | - | $ | 44,311 | ||||||||||||||||
Bank of America N.A.* | USD | 5,300,000 | 1/11/20 | Maturity | 2.057% | U.S. Consumer Price Index | 33,794 | - | 33,794 | |||||||||||||||||||
Bank of America N.A.* | USD | 8,600,000 | 1/19/20 | Maturity | 2.095% | U.S. Consumer Price Index | 46,571 | - | 46,571 | |||||||||||||||||||
Bank of America N.A.* | USD | 20,500,000 | 10/01/20 | Maturity | 2.314% | U.S. Consumer Price Index | 554 | - | 554 | |||||||||||||||||||
Bank of America N.A.* | USD | 14,700,000 | 10/02/21 | Maturity | 2.325% | U.S. Consumer Price Index | - | - | - | |||||||||||||||||||
JP Morgan Chase Bank N.A.* | USD | 10,600,000 | 12/20/19 | Maturity | 1.910% | U.S. Consumer Price Index | 100,079 | - | 100,079 | |||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||
$ | 225,309 | $ | - | $ | 225,309 | |||||||||||||||||||||||
|
|
|
|
|
|
Collateral for swap agreements held by Goldman Sachs International and Credit Suisse Securities amounted to $258,241 and $88,534 in securities, respectively, at September 30, 2018.
* | Contracts are subject to a Master Netting Agreement. |
† | Payment is based on a percentage of the index. Reference entities are a number of individual issuers comprising the index. |
†† | For each credit derivative with sold protection, the credit ratings of the entities referenced, as rated by any rating organization, are included in the equivalent S&P Global Ratings. The reference entity rating represents the likelihood of a potential payment by the Fund if the referenced entity experiences a credit event as of period end. Notional amounts represent the maximum potential amount of future payments (undiscounted) the Fund could be required to make under the credit derivatives with sold protection. |
Reverse Repurchase agreements at September 30, 2018:
Description | Value | Value Including Accrued Interest | ||||||
Agreement with BNP Paribas SA, dated 8/03/18, 2.240%, to be repurchased on demand until 11/02/18 at value plus accrued interest. | $ | 28,273,750 | $ | 28,377,546 | ||||
Agreement with Daiwa Securities, dated 7/10/18, 2.200%, to be repurchased on demand until 10/10/18 at value plus accrued interest. | 35,448,750 | 35,628,554 | ||||||
Agreement with HSBC Bank USA Inc., dated 7/17/18, 2.200%, to be repurchased on demand until 10/17/18 at value plus accrued interest. | 8,775,000 | 8,815,755 | ||||||
|
|
|
| |||||
$ | 72,497,500 | $ | 72,821,855 | |||||
|
|
|
|
Currency Legend
USD | U.S. Dollar |
The accompanying notes are an integral part of the financial statements.
78
September 30, 2018
Number of Shares | Value | |||||||
EQUITIES — 0.3% |
| |||||||
PREFERRED STOCK — 0.3% |
| |||||||
Financial — 0.3% |
| |||||||
Insurance — 0.3% |
| |||||||
Allstate Corp., The, 3 mo. USD LIBOR + 3.165% 5.100% VRN | 130,000 | $ | 3,250,000 | |||||
|
| |||||||
TOTAL PREFERRED STOCK (Cost $3,250,000) | 3,250,000 | |||||||
|
| |||||||
TOTAL EQUITIES (Cost $3,250,000) | 3,250,000 | |||||||
|
| |||||||
Principal Amount | ||||||||
BONDS & NOTES — 98.5% |
| |||||||
CORPORATE DEBT — 34.8% |
| |||||||
Advertising — 0.1% |
| |||||||
WPP Finance 2010 | $ | 1,338,000 | 1,368,418 | |||||
|
| |||||||
Aerospace & Defense — 0.0% |
| |||||||
United Technologies Corp. | 465,000 | 548,548 | ||||||
|
| |||||||
Agriculture — 0.4% |
| |||||||
Bunge Ltd. Finance Corp. | 2,093,000 | 1,893,931 | ||||||
4.350% 3/15/24 | 2,120,000 | 2,098,897 | ||||||
Reynolds American, Inc. | 1,025,000 | 1,114,663 | ||||||
|
| |||||||
5,107,491 | ||||||||
|
| |||||||
Airlines — 0.9% |
| |||||||
American Airlines Group, Inc. | 7,774,000 | 7,880,892 | ||||||
American Airlines Pass-Through Trust, Series 2014-1, Class B, 4.375% 4/01/24 | 219,713 | 218,307 | ||||||
Spirit Airlines Pass-Through Trust, Series 2015-1, Class A, | 1,490,265 | 1,484,676 | ||||||
United Airlines Pass-Through Trust, Series 2018-1, Class B, | 545,000 | 543,928 | ||||||
WestJet Airlines Ltd. | 807,000 | 793,869 | ||||||
|
| |||||||
10,921,672 | ||||||||
|
| |||||||
Auto Manufacturers — 0.8% |
| |||||||
Ford Motor Co. | 500,000 | 445,329 |
Principal Amount | Value | |||||||
Ford Motor Credit Co. LLC | $ | 3,005,000 | $ | 2,955,905 | ||||
4.375% 8/06/23 | 336,000 | 332,187 | ||||||
General Motors Co. | 1,290,000 | 1,216,846 | ||||||
5.150% 4/01/38 | 785,000 | 730,113 | ||||||
General Motors Financial Co., Inc. | 3,340,000 | 3,148,733 | ||||||
4.150% 6/19/23 | 1,375,000 | 1,369,501 | ||||||
|
| |||||||
10,198,614 | ||||||||
|
| |||||||
Auto Parts & Equipment — 0.0% |
| |||||||
Lear Corp. | 560,000 | 575,745 | ||||||
|
| |||||||
Banks — 4.9% |
| |||||||
Associated Banc-Corp. | 2,580,000 | 2,566,887 | ||||||
Banco Santander SA | 2,200,000 | 2,077,806 | ||||||
Bank of America Corp. | 2,705,000 | 2,640,166 | ||||||
3 mo. USD LIBOR + 1.814% | 1,125,000 | 1,098,273 | ||||||
6.110% 1/29/37 | 1,275,000 | 1,466,313 | ||||||
7.750% 5/14/38 | 555,000 | 749,122 | ||||||
Bank of Montreal | 1,460,000 | 1,364,136 | ||||||
The Bank of Nova Scotia | 1,235,000 | 1,235,596 | ||||||
4.650% VRN 12/31/99 (b) (c) | 2,675,000 | 2,509,484 | ||||||
Barclays PLC | 2,290,000 | 2,278,018 | ||||||
4.337% 1/10/28 | 1,600,000 | 1,514,138 | ||||||
BPCE SA | 1,600,000 | 1,584,423 | ||||||
CIT Group, Inc. | 2,095,000 | 2,100,133 | ||||||
Citigroup, Inc. | 3,796,000 | 3,691,239 | ||||||
8.125% 7/15/39 | 225,000 | 324,780 | ||||||
Credit Suisse AG | 2,325,000 | 2,482,170 | ||||||
Credit Suisse Group AG | 850,000 | 799,278 | ||||||
4.282% 1/09/28 (a) | 1,250,000 | 1,215,728 | ||||||
Deutsche Bank AG | 2,050,000 | 2,003,268 | ||||||
Discover Bank | 3,275,000 | 3,241,333 | ||||||
First Republic Bank | 4,140,000 | 3,844,861 |
The accompanying notes are an integral part of the financial statements.
79
MassMutual Premier Core Bond Fund – Portfolio of Investments (Continued)
Principal Amount | Value | |||||||
Fulton Financial Corp. | $ | 1,485,000 | $ | 1,453,010 | ||||
The Goldman Sachs Group, Inc. | 1,450,000 | 1,383,170 | ||||||
5.950% 1/15/27 | 1,333,000 | 1,457,683 | ||||||
6.250% 2/01/41 | 440,000 | 528,851 | ||||||
6.750% 10/01/37 | 1,065,000 | 1,281,147 | ||||||
HSBC Holdings PLC | 1,150,000 | 1,143,895 | ||||||
4.583% VRN 6/19/29 (b) | 1,495,000 | 1,495,024 | ||||||
ING Groep NV | 2,370,000 | 2,371,766 | ||||||
JP Morgan Chase & Co. | 1,135,000 | 1,070,432 | ||||||
Morgan Stanley | 3,925,000 | 3,894,721 | ||||||
Turkiye Garanti Bankasi AS | 2,955,000 | 2,884,789 | ||||||
Valley National Bancorp | 1,710,000 | 1,760,414 | ||||||
Wells Fargo & Co. | 851,000 | 914,258 | ||||||
5.606% 1/15/44 | 620,000 | 684,870 | ||||||
|
| |||||||
63,111,182 | ||||||||
|
| |||||||
Beverages — 0.5% |
| |||||||
Anheuser-Busch InBev Finance, Inc. | 4,925,000 | 4,980,755 | ||||||
Molson Coors Brewing Co. | 1,689,000 | 1,496,533 | ||||||
5.000% 5/01/42 | 350,000 | 347,033 | ||||||
|
| |||||||
6,824,321 | ||||||||
|
| |||||||
Biotechnology — 0.3% |
| |||||||
Amgen, Inc. | 500,000 | 529,907 | ||||||
Celgene Corp. | 2,875,000 | 2,683,917 | ||||||
4.350% 11/15/47 | 1,150,000 | 1,029,468 | ||||||
|
| |||||||
4,243,292 | ||||||||
|
| |||||||
Building Materials — 0.6% |
| |||||||
CRH America Finance, Inc. | 2,105,000 | 2,039,564 | ||||||
Standard Industries, Inc. | 3,366,000 | 3,168,248 | ||||||
5.375% 11/15/24 (a) | 1,612,000 | 1,609,985 | ||||||
5.500% 2/15/23 (a) | 1,207,000 | 1,220,579 | ||||||
|
| |||||||
8,038,376 | ||||||||
|
| |||||||
Chemicals — 0.9% |
| |||||||
Ashland, Inc. | 406,000 | 416,150 | ||||||
Incitec Pivot Finance LLC | 1,130,000 | 1,159,033 |
Principal Amount | Value | |||||||
The Mosaic Co. | $ | 2,003,000 | $ | 1,937,736 | ||||
RPM International, Inc. | 705,000 | 669,947 | ||||||
The Sherwin-Williams Co. | 685,000 | 658,825 | ||||||
Syngenta Finance NV | 2,040,000 | 2,035,371 | ||||||
4.441% 4/24/23 (a) | 2,400,000 | 2,385,368 | ||||||
Yara International ASA | 2,310,000 | 2,325,560 | ||||||
|
| |||||||
11,587,990 | ||||||||
|
| |||||||
Commercial Services — 0.4% |
| |||||||
The ADT Security Corp. | 4,903,000 | 5,143,296 | ||||||
ERAC USA Finance LLC | 355,000 | 425,065 | ||||||
|
| |||||||
5,568,361 | ||||||||
|
| |||||||
Computers — 0.5% |
| |||||||
Dell International LLC/EMC Corp. | 535,000 | 571,825 | ||||||
Leidos Holdings, Inc. | 6,280,000 | 6,352,220 | ||||||
|
| |||||||
6,924,045 | ||||||||
|
| |||||||
Diversified Financial Services — 2.9% |
| |||||||
AerCap Ireland Capital DAC/AerCap Global Aviation Trust | 2,550,000 | 2,456,833 | ||||||
3.875% 1/23/28 | 4,925,000 | 4,571,961 | ||||||
4.500% 5/15/21 | 1,975,000 | 2,005,650 | ||||||
Affiliated Managers Group, Inc. | 2,320,000 | 2,217,679 | ||||||
Aircastle Ltd. | 960,000 | 960,128 | ||||||
5.000% 4/01/23 | 1,950,000 | 2,002,730 | ||||||
Ally Financial, Inc. | 2,985,000 | 2,983,806 | ||||||
Antares Holdings LP | 3,260,000 | 3,272,831 | ||||||
Ares Finance Co. LLC | 2,380,000 | 2,250,562 | ||||||
Discover Financial Services | 1,710,000 | 1,634,575 | ||||||
GE Capital International Funding Co. Unlimited Co. | 2,790,000 | 2,625,821 | ||||||
Genpact Luxembourg Sarl | 2,295,000 | 2,240,957 | ||||||
High Street Funding Trust I | 3,290,000 | 3,208,737 |
The accompanying notes are an integral part of the financial statements.
80
MassMutual Premier Core Bond Fund – Portfolio of Investments (Continued)
Principal Amount | Value | |||||||
Lazard Group LLC | $ | 1,209,000 | $ | 1,127,488 | ||||
4.500% 9/19/28 | 755,000 | 742,592 | ||||||
Legg Mason, Inc. | 1,161,000 | 1,174,399 | ||||||
Neuberger Berman Group LLC/Neuberger Berman Finance Corp. | 1,080,000 | 1,073,086 | ||||||
|
| |||||||
36,549,835 | ||||||||
|
| |||||||
Electric — 1.7% |
| |||||||
The Cleveland Electric Illuminating Co. | 925,000 | 872,455 | ||||||
CMS Energy Corp. | 655,000 | 662,574 | ||||||
Duke Energy Corp. | 1,340,000 | 1,177,532 | ||||||
Duke Energy Progress, Inc. | 37,000 | 43,320 | ||||||
EDP Finance BV | 2,960,000 | 2,825,732 | ||||||
Infraestructura Energetica Nova SAB de CV | 795,000 | 711,525 | ||||||
IPALCO Enterprises, Inc. | 4,085,000 | 4,065,637 | ||||||
3.700% 9/01/24 | 1,040,000 | 1,008,735 | ||||||
Israel Electric Corp. Ltd. | 2,425,000 | 2,300,743 | ||||||
7.250% 1/15/19 (a) | 457,000 | 461,282 | ||||||
Nevada Power Co., Series N, | 1,000,000 | 1,264,054 | ||||||
Oncor Electric Delivery Co. | 130,000 | 182,685 | ||||||
Pacific Gas & Electric Co. | 800,000 | 892,393 | ||||||
Pennsylvania Electric Co. | 2,090,000 | 2,084,710 | ||||||
Progress Energy, Inc. | 505,000 | 629,802 | ||||||
Xcel Energy, Inc. | 1,550,000 | 1,964,451 | ||||||
|
| |||||||
21,147,630 | ||||||||
|
| |||||||
Electronics — 0.3% |
| |||||||
Arrow Electronics, Inc. | 945,000 | 893,180 | ||||||
3.875% 1/12/28 | 970,000 | 903,527 | ||||||
4.500% 3/01/23 | 135,000 | 136,501 | ||||||
5.125% 3/01/21 | 750,000 | 770,497 | ||||||
Ingram Micro, Inc. | 1,381,000 | 1,360,453 | ||||||
|
| |||||||
4,064,158 | ||||||||
|
|
Principal Amount | Value | |||||||
Forest Products & Paper — 0.1% |
| |||||||
Fibria Overseas Finance Ltd. | $ | 1,225,000 | $ | 1,135,116 | ||||
|
| |||||||
Gas — 0.2% |
| |||||||
Spire, Inc. | 2,000,000 | 1,989,624 | ||||||
|
| |||||||
Health Care – Products — 0.2% |
| |||||||
Becton Dickinson & Co. | 800,000 | 788,803 | ||||||
Zimmer Biomet Holdings, Inc. | 1,450,000 | 1,361,068 | ||||||
|
| |||||||
2,149,871 | ||||||||
|
| |||||||
Health Care – Services — 0.3% |
| |||||||
Advocate Health & Hospitals Corp. | 960,000 | 968,388 | ||||||
Humana, Inc. | 1,565,000 | 1,538,240 | ||||||
4.800% 3/15/47 | 780,000 | 795,542 | ||||||
|
| |||||||
3,302,170 | ||||||||
|
| |||||||
Home Builders — 0.4% |
| |||||||
Lennar Corp. | 3,767,000 | 3,795,252 | ||||||
4.750% 5/30/25 | 1,200,000 | 1,170,000 | ||||||
|
| |||||||
4,965,252 | ||||||||
|
| |||||||
Household Products & Wares — 0.0% |
| |||||||
Church & Dwight Co., Inc. | 515,000 | 476,855 | ||||||
|
| |||||||
Insurance — 3.3% |
| |||||||
The Allstate Corp. 3 mo. USD | 3,845,000 | 3,960,350 | ||||||
American International Group, Inc. | 1,425,000 | 1,410,005 | ||||||
4.500% 7/16/44 | 1,200,000 | 1,132,539 | ||||||
4.750% 4/01/48 | 450,000 | 442,379 | ||||||
5.750% VRN 4/01/48 (b) | 2,595,000 | 2,520,394 | ||||||
AmTrust Financial Services, Inc. | 2,965,000 | 2,873,998 | ||||||
Arch Capital Group US, Inc. | 1,150,000 | 1,218,584 | ||||||
The Athene Holding Ltd. | 5,590,000 | 5,222,728 | ||||||
AXIS Specialty Finance PLC | 2,760,000 | 2,610,727 | ||||||
CNA Financial Corp. | 1,095,000 | 1,013,883 | ||||||
CNO Financial Group, Inc. | 1,763,000 | 1,780,630 | ||||||
5.250% 5/30/25 | 2,164,000 | 2,212,690 | ||||||
Enstar Group Ltd. | 890,000 | 893,902 |
The accompanying notes are an integral part of the financial statements.
81
MassMutual Premier Core Bond Fund – Portfolio of Investments (Continued)
Principal Amount | Value | |||||||
The Progressive Corp. | $ | 1,150,000 | $ | 1,147,125 | ||||
Prudential Financial, Inc. | 2,730,000 | 2,720,663 | ||||||
Trinity Acquisition PLC | 500,000 | 497,478 | ||||||
USF&G Capital I | 1,015,000 | 1,397,265 | ||||||
Voya Financial, Inc. | 1,010,000 | 898,900 | ||||||
Willis North America, Inc. | 2,785,000 | 2,784,212 | ||||||
7.000% 9/29/19 | 706,000 | 730,143 | ||||||
XLIT Ltd. | 4,114,000 | 4,075,672 | ||||||
|
| |||||||
41,544,267 | ||||||||
|
| |||||||
Internet — 0.3% |
| |||||||
Amazon.com, Inc. | 2,055,000 | 2,024,315 | ||||||
Tencent Holdings Ltd. | 1,290,000 | 1,221,002 | ||||||
|
| |||||||
3,245,317 | ||||||||
|
| |||||||
Investment Companies — 0.9% |
| |||||||
Ares Capital Corp. | 3,465,000 | 3,311,049 | ||||||
3.875% 1/15/20 | 2,750,000 | 2,760,889 | ||||||
BlackRock TCP Capital Corp. | 2,810,000 | 2,668,066 | ||||||
FS Investment Corp. | 3,270,000 | 3,282,229 | ||||||
|
| |||||||
12,022,233 | ||||||||
|
| |||||||
Iron & Steel — 0.7% |
| |||||||
ArcelorMittal | 2,375,000 | 2,432,282 | ||||||
5.250% STEP 8/05/20 | 2,241,000 | 2,307,046 | ||||||
6.250% STEP 2/25/22 | 755,000 | 809,738 | ||||||
Vale Overseas Ltd. | 2,775,000 | 2,920,188 | ||||||
6.875% 11/21/36 | 600,000 | 696,720 | ||||||
|
| |||||||
9,165,974 | ||||||||
|
| |||||||
Lodging — 0.1% |
| |||||||
MGM Resorts International | 1,079,000 | 1,143,740 | ||||||
|
| |||||||
Machinery – Diversified — 0.2% |
| |||||||
CNH Industrial Capital LLC | 2,870,000 | 2,861,973 | ||||||
|
| |||||||
Media — 0.7% |
| |||||||
CCO Holdings LLC/CCO Holdings Capital Corp. | 1,200,000 | 1,137,000 |
Principal Amount | Value | |||||||
Charter Communications Operating LLC/Charter Communications Operating Capital | $ | 1,905,000 | $ | 2,047,843 | ||||
Comcast Corp. | 1,450,000 | 1,173,201 | ||||||
Discovery Communications LLC | 1,325,000 | 1,258,685 | ||||||
5.000% 9/20/37 | 975,000 | 950,703 | ||||||
Grupo Televisa SAB | 1,025,000 | 1,156,354 | ||||||
Time Warner Cable, Inc. | 655,000 | 714,340 | ||||||
8.250% 4/01/19 | 235,000 | 241,007 | ||||||
8.750% 2/14/19 | 365,000 | 372,541 | ||||||
Warner Media LLC | 15,000 | 16,220 | ||||||
|
| |||||||
9,067,894 | ||||||||
|
| |||||||
Mining — 0.7% |
| |||||||
Glencore Finance Canada Ltd. | 857,000 | 845,439 | ||||||
Glencore Funding LLC | 950,000 | 880,675 | ||||||
4.625% 4/29/24 (a) | 2,635,000 | 2,651,153 | ||||||
Kinross Gold Corp. | 996,000 | 890,225 | ||||||
5.125% 9/01/21 | 3,325,000 | 3,416,437 | ||||||
|
| |||||||
8,683,929 | ||||||||
|
| |||||||
Miscellaneous - Manufacturing — 0.0% |
| |||||||
General Electric Co. | 429,000 | 535,828 | ||||||
|
| |||||||
Office Equipment/Supplies — 0.3% |
| |||||||
Pitney Bowes, Inc. | 830,000 | 818,588 | ||||||
3.875% STEP 10/01/21 | 3,475,000 | 3,314,281 | ||||||
|
| |||||||
4,132,869 | ||||||||
|
| |||||||
Oil & Gas — 2.4% |
| |||||||
Anadarko Petroleum Corp. | 1,228,000 | 1,444,120 | ||||||
Andeavor | 495,000 | 461,388 | ||||||
Antero Resources Corp. | 3,265,000 | 3,306,792 | ||||||
Cenovus Energy, Inc. | 1,225,000 | 1,173,476 | ||||||
4.250% 4/15/27 | 2,075,000 | 2,005,799 | ||||||
6.750% 11/15/39 | 500,000 | 563,865 | ||||||
Continental Resources, Inc. | 1,556,000 | 1,544,369 | ||||||
Diamondback Energy, Inc. | 2,174,000 | 2,176,718 |
The accompanying notes are an integral part of the financial statements.
82
MassMutual Premier Core Bond Fund – Portfolio of Investments (Continued)
Principal Amount | Value | |||||||
Encana Corp. | $ | 530,000 | $ | 621,178 | ||||
EQT Corp. | 4,345,000 | 4,071,317 | ||||||
Helmerich & Payne International Drilling Co. | 1,415,000 | 1,447,032 | ||||||
Marathon Petroleum Corp. | 625,000 | 604,206 | ||||||
6.500% 3/01/41 | 1,060,000 | 1,240,378 | ||||||
Nabors Industries, Inc. | 1,335,000 | 1,311,382 | ||||||
Newfield Exploration Co. | 1,175,000 | 1,229,344 | ||||||
Patterson-UTI Energy, Inc. | 910,000 | 841,929 | ||||||
PBF Holding Co. LLC/PBF Finance Corp. | 1,150,000 | 1,196,000 | ||||||
Petroleos Mexicanos | 650,000 | 616,200 | ||||||
4.625% 9/21/23 | 550,000 | 545,050 | ||||||
5.350% 2/12/28 (a) | 1,075,000 | 1,013,188 | ||||||
5.500% 1/21/21 | 1,690,000 | 1,743,928 | ||||||
6.375% 1/23/45 | 640,000 | 592,640 | ||||||
6.500% 3/13/27 | 295,000 | 301,343 | ||||||
6.625% 6/15/38 | 202,000 | 193,920 | ||||||
|
| |||||||
30,245,562 | ||||||||
|
| |||||||
Oil & Gas Services — 0.1% |
| |||||||
National Oilwell Varco, Inc. | 1,423,000 | 1,234,386 | ||||||
|
| |||||||
Packaging & Containers — 0.3% |
| |||||||
Amcor Finance USA, Inc. | 3,960,000 | 3,746,887 | ||||||
|
| |||||||
Pharmaceuticals — 1.4% |
| |||||||
AbbVie, Inc. | 1,115,000 | 1,071,273 | ||||||
Allergan Funding SCS | 1,395,000 | 1,356,281 | ||||||
Bayer US Finance II LLC | 625,000 | 556,014 | ||||||
4.625% 6/25/38 (a) | 1,145,000 | 1,096,212 | ||||||
CVS Health Corp. | 959,000 | 951,480 | ||||||
5.050% 3/25/48 | 1,370,000 | 1,401,296 | ||||||
6.125% 9/15/39 | 895,000 | 1,015,716 | ||||||
CVS Pass-Through Trust | 1,965,601 | 2,106,394 | ||||||
Express Scripts Holding Co. | 1,150,000 | 1,160,301 | ||||||
4.800% 7/15/46 | 1,105,000 | 1,078,469 |
Principal Amount | Value | |||||||
Mylan, Inc. | $ | 711,000 | $ | 678,038 | ||||
Teva Pharmaceutical Finance IV LLC | 1,225,000 | 1,188,747 | ||||||
Teva Pharmaceutical Finance Netherlands III BV | 315,000 | 309,878 | ||||||
2.200% 7/21/21 | 4,269,000 | 4,011,579 | ||||||
4.100% 10/01/46 | 510,000 | 371,814 | ||||||
|
| |||||||
18,353,492 | ||||||||
|
| |||||||
Pipelines — 2.3% |
| |||||||
Alliance Pipeline LP | 191,445 | 193,838 | ||||||
Andeavor Logistics LP | 1,975,000 | 1,983,887 | ||||||
Andeavor Logistics LP/Tesoro Logistics Finance Corp. | 624,000 | 641,160 | ||||||
Energy Transfer Equity LP | 1,125,000 | 1,184,063 | ||||||
7.500% 10/15/20 | 1,075,000 | 1,150,250 | ||||||
Energy Transfer Partners LP | 1,025,000 | 990,052 | ||||||
6.125% 12/15/45 | 885,000 | 943,986 | ||||||
6.250% VRN 12/31/99 (b) (c) | 2,635,000 | 2,536,187 | ||||||
EnLink Midstream Partners LP | 1,875,000 | 1,777,900 | ||||||
4.850% 7/15/26 | 996,000 | 965,636 | ||||||
Enterprise Products Operating LLC | 1,120,000 | 1,037,301 | ||||||
EQT Midstream Partners LP | 2,870,000 | 2,912,428 | ||||||
Kinder Morgan Energy Partners LP | 400,000 | 456,027 | ||||||
6.500% 2/01/37 | 571,000 | 640,477 | ||||||
6.550% 9/15/40 | 535,000 | 612,637 | ||||||
6.950% 1/15/38 | 65,000 | 78,792 | ||||||
MPLX LP | 1,115,000 | 1,050,882 | ||||||
5.200% 3/01/47 | 240,000 | 240,482 | ||||||
5.500% 2/15/23 | 890,000 | 908,069 | ||||||
Phillips 66 Partners LP | 172,000 | 163,001 | ||||||
Plains All American Pipeline LP | 2,590,000 | 2,522,012 | ||||||
Plains All American Pipeline LP/PAA Finance Corp. | 1,300,000 | 1,298,677 | ||||||
4.700% 6/15/44 | 650,000 | 585,433 | ||||||
Sabine Pass Liquefaction LLC | 1,545,000 | 1,498,763 |
The accompanying notes are an integral part of the financial statements.
83
MassMutual Premier Core Bond Fund – Portfolio of Investments (Continued)
Principal Amount | Value | |||||||
Sunoco Logistics Partners Operations LP | $ | 1,370,000 | $ | 1,300,715 | ||||
5.300% 4/01/44 | 500,000 | 479,278 | ||||||
Western Gas Partners LP | 615,000 | 589,935 | ||||||
|
| |||||||
28,741,868 | ||||||||
|
| |||||||
Private Equity — 0.3% |
| |||||||
Hercules Capital, Inc. | 3,220,000 | 3,098,807 | ||||||
Icahn Enterprises LP/Icahn Enterprises Finance Corp. | 1,100,000 | 1,127,500 | ||||||
|
| |||||||
4,226,307 | ||||||||
|
| |||||||
Real Estate Investment Trusts (REITS) — 1.1% |
| |||||||
American Tower Corp. | 1,000,000 | 1,001,156 | ||||||
American Tower Trust #1 | 1,810,000 | 1,775,291 | ||||||
Crown Castle International Corp. | 775,000 | 750,898 | ||||||
Healthcare Trust of America Holdings LP | 1,385,000 | 1,291,876 | ||||||
Host Hotels & Resorts LP | 1,560,000 | 1,523,578 | ||||||
Kimco Realty Corp. | 945,000 | 896,633 | ||||||
Mid-America Apartments LP | 1,090,000 | 1,038,532 | ||||||
National Retail Properties, Inc. | 800,000 | 793,964 | ||||||
SBA Tower Trust | 1,350,000 | 1,327,355 | ||||||
3.156% 10/10/45 (a) | 1,500,000 | 1,488,750 | ||||||
3.168% 4/09/47 (a) | 1,840,000 | 1,804,226 | ||||||
Weingarten Realty Investors | 580,000 | 532,804 | ||||||
|
| |||||||
14,225,063 | ||||||||
|
| |||||||
Retail — 0.7% |
| |||||||
Dollar Tree, Inc. | 2,080,000 | 2,020,259 | ||||||
El Puerto de Liverpool SAB de CV | 3,375,000 | 3,235,815 | ||||||
The Home Depot, Inc. | 1,484,000 | 1,515,658 | ||||||
QVC, Inc. | 1,140,000 | 1,126,014 | ||||||
5.125% 7/02/22 | 750,000 | 759,790 | ||||||
|
| |||||||
8,657,536 | ||||||||
|
|
Principal Amount | Value | |||||||
Semiconductors — 0.1% |
| |||||||
Microchip Technology, Inc. | $ | 955,000 | $ | 949,405 | ||||
|
| |||||||
Software — 0.2% |
| |||||||
Microsoft Corp. | 2,560,000 | 2,741,420 | ||||||
|
| |||||||
Telecommunications — 1.5% |
| |||||||
AT&T, Inc. | 1,075,000 | 1,023,474 | ||||||
4.750% 5/15/46 | 2,800,000 | 2,558,181 | ||||||
5.250% 3/01/37 | 638,000 | 635,863 | ||||||
CenturyLink, Inc. | 760,000 | 774,250 | ||||||
Crown Castle Towers LLC | 1,750,000 | 1,766,048 | ||||||
Embarq Corp. | 200,000 | 200,000 | ||||||
Ericsson LM | 3,025,000 | 3,005,861 | ||||||
Hughes Satellite Systems Corp. | 1,100,000 | 1,122,000 | ||||||
Sprint Communications, Inc. | 2,500,000 | 2,837,500 | ||||||
Telecom Italia SpA | 600,000 | 584,250 | ||||||
Telefonica Emisiones SAU | 1,040,000 | 977,077 | ||||||
Turk Telekomunikasyon AS | 1,510,000 | 1,465,207 | ||||||
Verizon Communications, Inc. | 1,106,000 | 1,103,251 | ||||||
6.550% 9/15/43 | 996,000 | 1,211,528 | ||||||
|
| |||||||
19,264,490 | ||||||||
|
| |||||||
Transportation — 0.2% |
| |||||||
Autoridad del Canal de Panama | 1,340,000 | 1,383,550 | ||||||
Pacific National Finance Pty Ltd. | 845,000 | 854,485 | ||||||
|
| |||||||
2,238,035 | ||||||||
|
| |||||||
Trucking & Leasing — 0.6% |
| |||||||
DAE Funding LLC | 1,037,000 | 1,025,334 | ||||||
Park Aerospace Holdings Ltd. | 1,550,000 | 1,513,187 | ||||||
5.250% 8/15/22 (a) | 4,820,000 | 4,862,175 | ||||||
|
| |||||||
7,400,696 | ||||||||
|
| |||||||
TOTAL CORPORATE DEBT (Cost $452,583,525) | 445,227,737 | |||||||
|
|
The accompanying notes are an integral part of the financial statements.
84
MassMutual Premier Core Bond Fund – Portfolio of Investments (Continued)
Principal Amount | Value | |||||||
MUNICIPAL OBLIGATIONS — 0.5% |
| |||||||
JobsOhio Beverage System Series B | $ | 3,050,000 | $ | 3,225,924 | ||||
New York City Water & Sewer System | 390,000 | 494,738 | ||||||
State of California BAB | 505,000 | 737,088 | ||||||
7.600% 11/01/40 | 1,510,000 | 2,244,223 | ||||||
|
| |||||||
6,701,973 | ||||||||
|
| |||||||
TOTAL MUNICIPAL OBLIGATIONS (Cost $6,516,974) | 6,701,973 | |||||||
|
| |||||||
NON-U.S. GOVERNMENT AGENCY OBLIGATIONS — 28.9% | ||||||||
Automobile ABS — 1.4% |
| |||||||
Hertz Vehicle Financing II LP | 7,330,000 | 7,128,727 | ||||||
Series 2018-1A, Class B, | 3,610,000 | 3,507,396 | ||||||
Oscar US Funding Trust II, Series 2015-1A, Class A4 | 2,407,000 | 2,400,754 | ||||||
Oscar US Funding Trust IV, Series 2016-1A, Class A2B, 1 mo. USD LIBOR + 1.700% | 76,131 | 76,298 | ||||||
Oscar US Funding Trust V, Series 2016-2A, Class A4 | 4,000,000 | 3,963,100 | ||||||
Oscar US Funding Trust VI, Series 2017-1A, Class A4 | 830,000 | 825,917 | ||||||
|
| |||||||
17,902,192 | ||||||||
|
| |||||||
Commercial MBS — 2.1% |
| |||||||
Aventura Mall Trust, Series 2018-AVM, Class C, | 4,140,000 | 4,095,550 | ||||||
BBCMS 2018-CHRS Mortgage Trust, Series 2018-CHRS, Class B, | 2,200,000 | 2,195,020 | ||||||
BBCMS Mortgage Trust | 1,590,000 | 1,560,471 | ||||||
Series 2018-CHRS, Class D, | 1,220,000 | 1,175,082 | ||||||
BHMS Mortgage Trust, Series 2018-ATLS, Class B, | 4,800,000 | 4,807,358 |
Principal Amount | Value | |||||||
Commercial Mortgage Pass-Through Certificates | $ | 2,176,000 | $ | 2,211,903 | ||||
Series 2015-CR23, Class B, | 1,200,000 | 1,212,650 | ||||||
Series 2015-CR23, Class C, | 1,050,000 | 1,030,885 | ||||||
DBCCRE Mortgage Trust, Series 2014-ARCP, Class A | 1,100,000 | 1,127,981 | ||||||
DBUBS Mortgage Trust, Series 2011-LC1A, Class B, | 860,000 | 901,561 | ||||||
GCCFC Commercial Mortgage Trust, Series 2006-GG7, Class AM, | 995,396 | 1,005,828 | ||||||
GS Mortgage Securities Corp. II, | 800,000 | 834,149 | ||||||
Morgan Stanley Capital I Trust | 740,000 | 752,635 | ||||||
Series 2011-C2, Class B, | 825,000 | 852,897 | ||||||
TIAA Seasoned Commercial Mortgage Trust, Series 2007-C4, Class AJ, | 87,974 | 88,385 | ||||||
VNO Mortgage Trust, | 1,610,000 | 1,624,431 | ||||||
Wells Fargo Commercial Mortgage Trust | 91,107 | 91,401 | ||||||
Series 2018-C45, Class AS, | 1,400,000 | 1,419,097 | ||||||
Series 2018-C45, Class B, | 390,000 | 398,129 | ||||||
|
| |||||||
27,385,413 | ||||||||
|
| |||||||
Home Equity ABS — 0.1% |
| |||||||
Countrywide Partnership Trust, Series 2004-EC1, Class M1, 1 mo. USD LIBOR + .900% | 773,329 | 773,446 | ||||||
Mastr Asset-Backed Securities Trust, Series 2005-WMC1, Class M3, 1 mo. USD LIBOR + ..720% | 244,750 | 246,616 | ||||||
|
| |||||||
1,020,062 | ||||||||
|
|
The accompanying notes are an integral part of the financial statements.
85
MassMutual Premier Core Bond Fund – Portfolio of Investments (Continued)
Principal Amount | Value | |||||||
Other ABS — 12.5% |
| |||||||
321 Henderson Receivables I LLC, Series 2007-1A, Class A1, 1 mo. USD LIBOR + .200% | $ | 588,233 | $ | 553,580 | ||||
321 Henderson Receivables LLC, Series 2015-1A, Class A | 522,814 | 499,614 | ||||||
Aames Mortgage Investment Trust, Series 2004-1, Class M5, 1 mo. USD LIBOR + 1.725% | 506,650 | 502,971 | ||||||
ALM VII Ltd., Series 2012-7A, Class A1R, 3 mo. USD | 2,850,000 | 2,864,729 | ||||||
Arbys Funding LLC, Series 2015-1A, Class A2 | 2,139,500 | 2,146,472 | ||||||
ASSURANT CLO III Ltd., Series 2018-2A, Class C, | 1,400,000 | 1,397,159 | ||||||
Avery Point III CLO Ltd., Series 2013-3A, Class AR, 3 mo. USD LIBOR + 1.120% | 955,671 | 955,770 | ||||||
Bain Capital Credit CLO, Series 2017-1A, Class A1, 3 mo. USD LIBOR + 1.250% | 2,660,000 | 2,662,753 | ||||||
Benefit Street Partners CLO V-B Ltd., Series 2018-5BA, Class A1A, | 1,920,000 | 1,916,899 | ||||||
BlueVirgo Trust, Series 2015-1A, Class NOTE | 740,990 | 740,990 | ||||||
BRE Grand Islander Timeshare Issuer LLC, Series 2017-1A, Class A | 896,828 | 876,076 | ||||||
CAL Funding III Ltd., Series 2018-2A, Class A | 1,480,000 | 1,479,834 | ||||||
Capital Automotive REIT | 1,100,000 | 1,058,489 | ||||||
Series 2017-1A, Class A2, | 946,400 | 934,497 | ||||||
Carlyle Global Market Strategies CLO Ltd. | 3,900,000 | 3,905,698 |
Principal Amount | Value | |||||||
Series 2015-3A, Class CR, | $ | 310,000 | $ | 309,988 | ||||
Castlelake Aircraft Structured Trust, Series 2018-1, Class A | 1,571,360 | 1,566,911 | ||||||
Cazenovia Creek Funding I LLC, Series 2015-1A, Class A | 113,877 | 113,592 | ||||||
CBAM Ltd., Series 2017-3A, Class A, | 2,480,000 | 2,482,031 | ||||||
CIFC Funding V Ltd., Series 2017-5A, Class A1, | 2,100,000 | 2,100,643 | ||||||
Clear Creek CLO Ltd., Series 2015-1A, Class AR, | 2,120,000 | 2,123,534 | ||||||
CLI Funding V LLC, Series 2014-1A, Class A | 1,086,401 | 1,064,858 | ||||||
Consumer Installment Loan Trust, Series 2016-LD1, Class A | 60,704 | 60,699 | ||||||
Countrywide Asset-Backed Certificates, Series 2004-5, Class 3A, 1 mo. USD LIBOR + .460% | 77,331 | 77,229 | ||||||
Cronos Containers Program I Ltd., Series 2014-2A, Class A | 631,481 | 620,593 | ||||||
Diamond Resorts Owner Trust | 202,294 | 202,187 | ||||||
Series 2015-2, Class A, | 471,836 | 469,922 | ||||||
Series 2016-1, Class A, | 1,622,381 | 1,583,003 | ||||||
Series 2018-1, Class A, | 1,865,498 | 1,856,102 | ||||||
Domino’s Pizza Master Issuer LLC | 1,506,225 | 1,497,171 | ||||||
Series 2017-1A, Class A23, | 663,300 | 653,412 | ||||||
Series 2015-1A, Class A2II, | 3,665,625 | 3,688,264 | ||||||
Drug Royalty Corp., Inc. | 186,084 | 185,366 | ||||||
Series 2012-1, Class A2, | 48,462 | 48,411 | ||||||
Eaton Vance CLO Ltd., | 1,700,000 | 1,700,000 |
The accompanying notes are an integral part of the financial statements.
86
MassMutual Premier Core Bond Fund – Portfolio of Investments (Continued)
Principal Amount | Value | |||||||
Element Rail Leasing II LLC | $ | 409,192 | $ | 402,544 | ||||
Series 2016-1A, Class A1, | 1,160,704 | 1,165,622 | ||||||
Entegry New Orleans Storm Recovery Funding I LLC, Series 2015-1, Class A | 625,252 | 609,025 | ||||||
Fairway Outdoor Funding LLC, Series 2012-1A, Class A2 | 2,805,723 | 2,803,920 | ||||||
Galaxy XX CLO Ltd., Series 2015-20A, Class AR, | 1,100,000 | 1,095,422 | ||||||
Global Container Assets Ltd., Series 2015-1A, Class A2 | 1,211,746 | 1,184,152 | ||||||
Global SC Finance II SRL, Series 2014-1A, Class A1 | 291,667 | 285,586 | ||||||
Goldentree Loan Management US CLO Ltd., Series 2017-2A, Class A, | 2,250,000 | 2,252,878 | ||||||
Goodgreen Trust | 2,309,126 | 2,224,754 | ||||||
Series 2017-1A, Class A, | 1,088,775 | 1,079,182 | ||||||
Series 2018-1A, Class A, | 2,527,758 | 2,516,278 | ||||||
GSAMP Trust, Series 2005-AHL, Class M1, 1 mo. USD LIBOR + ..645% | 92,935 | 92,770 | ||||||
Helios Issuer LLC, Series 2017-1A, Class A | 1,576,660 | 1,608,193 | ||||||
Hercules Capital Funding Trust, Series 2014-1A, Class A | 27,188 | 27,188 | ||||||
Hero Funding Trust | 1,421,924 | 1,372,299 | ||||||
Series 2017-3A, Class A1, | 1,373,711 | 1,318,519 | ||||||
Series 2017-2A, Class A1, | 419,263 | 410,383 | ||||||
Series 2016-4A, Class A1, | 1,381,214 | 1,355,378 | ||||||
Series 2017-2A, Class A2, | 337,054 | 339,042 | ||||||
Series 2018-1A, Class A2, | 2,432,528 | 2,485,286 |
Principal Amount | Value | |||||||
Highbridge Loan Management Ltd. | $ | 1,700,000 | $ | 1,687,757 | ||||
Series 13A-18, Class C, | 1,000,000 | 1,000,000 | ||||||
Hilton Grand Vacations Trust | 210,579 | 209,358 | ||||||
Series 2018-AA, Class C, | 710,000 | 709,759 | ||||||
J.G. Wentworth XXXV LLC, Series 2015-2A, Class A | 722,951 | 713,991 | ||||||
Labrador Aviation Finance Ltd., Series 2016-1A, Class A1 | 2,436,667 | 2,438,240 | ||||||
Lendmark Funding Trust | 1,250,000 | 1,242,831 | ||||||
Series 2018-1A, Class A, | 1,650,000 | 1,648,269 | ||||||
Madiason Park Funding Ltd. | 680,000 | 680,000 | ||||||
Madison Park Funding XXVIII Ltd., Series 2018-28A, Class B, | 2,090,000 | 2,089,887 | ||||||
Magnetite XV Ltd., Series 2015-15A, Class CR, | 2,830,000 | 2,807,790 | ||||||
Marble Point CLO XI Ltd., Series 2017-2A, Class A, | 2,000,000 | 1,999,226 | ||||||
Marlette Funding Trust, Series 2017-2A, Class B | 970,000 | 968,014 | ||||||
Marriott Vacation Club Owner Trust, Series 2012-1A, Class A | 300,438 | 299,389 | ||||||
Milos CLO Ltd., Series 2017-1A, Class A, | 940,000 | 941,518 | ||||||
Mosaic Solar Loans LLC | 874,910 | 861,203 | ||||||
Series 2018-1A, Class A, | 400,111 | 396,639 | ||||||
Series 2017-1A, Class A, | 432,718 | 435,799 | ||||||
MP CLO III Ltd., Series 2013-1A, Class AR, | 1,850,000 | 1,850,940 |
The accompanying notes are an integral part of the financial statements.
87
MassMutual Premier Core Bond Fund – Portfolio of Investments (Continued)
Principal Amount | Value | |||||||
MVW Owner Trust | $ | 833,766 | $ | 814,727 | ||||
Series 2017-1A, Class A, | 472,631 | 456,960 | ||||||
Series 2015-1A, Class A, | 612,392 | 597,256 | ||||||
NP SPE II LLC, Series 2017-1A, Class A2 | 2,190,000 | 2,173,084 | ||||||
NRZ Advance Receivables Trust, Series 2016-T3, Class AT3 | 10,300,000 | 10,016,140 | ||||||
Orange Lake Timeshare Trust | 199,567 | 195,492 | ||||||
Series 2016-A, Class B, | 830,342 | 809,323 | ||||||
Oxford Finance Funding Trust | 188,727 | 188,805 | ||||||
Series 2016-1A, Class A, | 1,443,447 | 1,433,914 | ||||||
PNMAC GMSR Issuer Trust, Series 2018-GT1, Class A (Acquired 2/21/18, Cost $1,180,000), | 1,180,000 | 1,193,653 | ||||||
Race Point VIII CLO Ltd., Series 2013-8A, Class AR, 3 mo. USD LIBOR + 1.340% | 700,000 | 703,256 | ||||||
Regatta XIV Funding Ltd., Series 2018-3A, Class B, | 1,030,000 | 1,028,735 | ||||||
Sierra Timeshare Receivables Funding LLC | 185,926 | 184,087 | ||||||
Series 2018-2A, Class C, | 1,538,278 | 1,530,491 | ||||||
SoFi Consumer Loan Program LLC, Series 2017-2, Class A | 1,805,308 | 1,800,750 | ||||||
Spirit Master Funding LLC, Series 2014-4A, Class A1 | 1,096,218 | 1,094,643 | ||||||
SpringCastle America Funding LLC, Series 2016-AA, Class A | 930,276 | 926,192 | ||||||
SPS Servicer Advance Receivables Trust, Series 2016-T2, Class AT2 | 4,200,000 | 4,174,036 |
Principal Amount | Value | |||||||
Steele Creek CLO Ltd., Series 2018-2A, Class C, | $ | 1,660,000 | $ | 1,659,879 | ||||
Structured Receivables Finance LLC, Series 2010-B, Class A | 316,327 | 306,243 | ||||||
SuttonPark Structured Settlements LLC, Series 2017-1A, Class A | 1,936,556 | 1,824,001 | ||||||
Symphony CLO XV Ltd., Series 2014-15A, Class AR, 3 mo. USD LIBOR + 1.180% | 2,808,000 | 2,808,915 | ||||||
Taco Bell Funding LLC, Series 2016-1A, Class A2I | 2,610,250 | 2,612,991 | ||||||
TAL Advantage VI LLC, Series 2017-1A, Class A | 2,177,340 | 2,197,050 | ||||||
TCI-Symphony CLO Ltd., Series 2016-1A, Class A, 3 mo. USD LIBOR + 1.480% | 2,340,000 | 2,346,746 | ||||||
Trinity Rail Leasing L.P., Series 2018-1A, Class A2 | 2,370,000 | 2,389,222 | ||||||
Trip Rail Master Funding LLC | 493,708 | 486,132 | ||||||
Series 2017-1A, Class A2, | 820,000 | 808,045 | ||||||
Triton Container Finance IV LLC, Series 2017-2A, Class A | 3,048,644 | 2,983,044 | ||||||
Triton Container Finance VI LLC, Series 2017-1A, Class A | 825,314 | 803,085 | ||||||
Vivint Solar Financing V LLC, Series 2018-1A, Class B | 3,025,000 | 3,087,424 | ||||||
WAVE Trust | 3,696,805 | 3,643,685 | ||||||
Series 2017-1A, Class C, | 2,343,460 | 2,356,767 | ||||||
Wendy’s Funding LLC | 2,264,950 | 2,260,494 | ||||||
Series 2015-1A, Class A23, | 3,104,000 | 3,113,777 | ||||||
Westgate Resorts LLC, Series 2017-1A, Class A | 1,126,124 | 1,112,669 |
The accompanying notes are an integral part of the financial statements.
88
MassMutual Premier Core Bond Fund – Portfolio of Investments (Continued)
Principal Amount | Value | |||||||
Willis Engine Structured Trust IV, Series 2018-A, Class A, | $ | 1,350,000 | $ | 1,353,045 | ||||
|
| |||||||
159,983,236 | ||||||||
|
| |||||||
Student Loans ABS — 11.7% |
| |||||||
Academic Loan Funding Trust, Series 2012-1A, Class A2, 1 mo. USD LIBOR + 1.100% | 1,235,896 | 1,245,119 | ||||||
AccessLex Institute | 102,416 | 102,416 | ||||||
Series 2003-A, Class A3, 3 mo. Treasury + 1.200% | 260,534 | 254,800 | ||||||
College Loan Corp. Trust I, Series 2007-1, Class B2, 28 day ARS FRN1/25/47 | 875,000 | 688,134 | ||||||
DRB Prime Student Loan Trust | 3,005,335 | 2,998,487 | ||||||
Series 2015-B, Class A1, 1 mo. USD LIBOR + 1.900% | 171,006 | 175,952 | ||||||
Series 2016-A, Class A1, 1 mo. USD LIBOR + 2.000% | 451,224 | 463,726 | ||||||
Earnest Student Loan Program LLC | 1,188,917 | 1,165,166 | ||||||
Series 2016-B, Class A2, | 1,006,383 | 996,168 | ||||||
Series 2016-C, Class A1, 1 mo. USD LIBOR + 1.850% | 1,534,998 | 1,571,088 | ||||||
ECMC Group Student Loan Trust | 2,467,694 | 2,501,008 | ||||||
Series 2016-1A, Class A, 1 mo. USD LIBOR + 1.350% | 3,466,478 | 3,533,931 | ||||||
Edlinc Student Loan Funding, Series 2017-A, Class A (Acquired 12/22/17, Cost $3,624,618), | 3,153,444 | 3,118,319 | ||||||
Education Loan Asset-Backed Trust I | 1,300,000 | 1,220,488 |
Principal Amount | Value | |||||||
Series 2003-2, Class 2A1, 28 day ARS | $ | 1,950,000 | $ | 1,813,689 | ||||
Higher Education Funding I | 600,000 | 527,902 | ||||||
Series 2004-1, Class B2, 28 day ARS | 600,000 | 511,894 | ||||||
Laurel Road Prime Student Loan Trust | 994,431 | 963,067 | ||||||
Series 2018-B, Class BFX, | 800,000 | 795,352 | ||||||
Navient Private Education Loan Trust, Series 2018-BA, Class A2B, | 850,000 | 852,510 | ||||||
Navient Private Education Refi Loan Trust, Series 2018-CA, Class B | 1,480,000 | 1,479,180 | ||||||
Navient Student Loan Trust | 3,253,632 | 3,270,606 | ||||||
Series 2018-1A, Class A3, | 3,810,000 | 3,827,272 | ||||||
Series 2014-1, Class A4, 1 mo. USD LIBOR + .750% | 3,300,000 | 3,263,174 | ||||||
Series 2018-2A, Class A3, | 3,320,000 | 3,324,442 | ||||||
Series 2017-5A, Class A, | 1,774,059 | 1,791,042 | ||||||
Series 2018-3A, Class A3, | 4,650,000 | 4,693,697 | ||||||
Series 2016-5A, Class A, 1 mo. USD LIBOR + 1.250% | 2,831,852 | 2,903,528 | ||||||
Series 2016-6A, Class A3, 1 mo. USD LIBOR + 1.300% | 6,800,000 | 7,052,858 | ||||||
Series 2014-8, Class B, 1 mo. USD LIBOR + 1.500% | 2,500,000 | 2,537,524 | ||||||
Series 2015-3, Class B, 1 mo. USD LIBOR + 1.500% | 1,200,000 | 1,217,445 | ||||||
Nelnet Private Education Loan Trust, Series 2016-A, Class A1B | 856,400 | 823,168 | ||||||
Nelnet Student Loan Trust | 1,077,281 | 1,070,829 |
The accompanying notes are an integral part of the financial statements.
89
MassMutual Premier Core Bond Fund – Portfolio of Investments (Continued)
Principal Amount | Value | |||||||
Series 2005-2, Class A5, 3 mo. USD LIBOR + .100% | $ | 1,169,809 | $ | 1,161,461 | ||||
Series 2013-5A, Class A, 1 mo. USD LIBOR + .630% | 1,958,489 | 1,959,099 | ||||||
Series 2018-3A, Class A3, | 3,500,000 | 3,500,139 | ||||||
Series 2018-1A, Class A2, | 3,680,000 | 3,698,921 | ||||||
Series 2014-3A, Class B, 1 mo. USD LIBOR + 1.500% | 850,000 | 787,283 | ||||||
Series 2014-5A, Class B, 1 mo. USD LIBOR + 1.500% | 1,200,000 | 1,162,034 | ||||||
Series 2015-2A, Class B, 1 mo. USD LIBOR + 1.500% | 1,130,000 | 1,100,596 | ||||||
Series 2015-3A, Class B, 1 mo. USD LIBOR + 1.500% | 1,100,000 | 1,030,304 | ||||||
Pennsylvania Higher Education Assistance Agency, Series 2016-2A, Class A, 1 mo. USD | 2,543,054 | 2,576,050 | ||||||
SLC Student Loan Trust, Series 2005-1, Class B, 3 mo. USD LIBOR + .200% | 1,929,969 | 1,789,566 | ||||||
SLM Student Loan Trust | 2,235,020 | 2,229,476 | ||||||
Series 2007-1, Class A6, 3 mo. USD LIBOR + .140% | 600,000 | 579,840 | ||||||
Series 2006-10, Class A6, 3 mo. USD LIBOR + .150% | 9,980,000 | 9,605,766 | ||||||
Series 2006-5, Class B, 3 mo. USD LIBOR + .210% | 2,252,858 | 2,135,913 | ||||||
Series 2005-8, Class B, 3 mo. USD LIBOR + .310% | 1,663,762 | 1,571,354 | ||||||
Series 2005-9, Class A7A, 3 mo. EURIBOR + .600% | 3,280,000 | 3,287,391 | ||||||
Series 2003-14, Class A7, 3 mo. USD LIBOR + .600% | 14,500,000 | 14,502,087 |
Principal Amount | Value | |||||||
Series 2013-2, Class B, 1 mo. USD LIBOR + 1.500% | $ | 1,970,000 | $ | 1,942,516 | ||||
Series 2002-7, Class A11, 28 day ARS | 650,000 | 650,000 | ||||||
Series 2003-5, Class A7, 28 day ARS + 2.500% | 450,000 | 450,000 | ||||||
Series 2002-7, Class B, 28 day ARS | 3,800,000 | 3,745,620 | ||||||
Series 2003-2, Class A7, 28 day ARS | 600,000 | 600,000 | ||||||
SMB Private Education Loan Trust | 1,515,429 | 1,460,452 | ||||||
Series 2018-B, Class A2B, | 2,850,000 | 2,852,835 | ||||||
Series 2017-A, Class B, | 1,800,000 | 1,652,027 | ||||||
SoFi Professional Loan Program LLC | 1,200 | 1,282,500 | ||||||
Series 2017-D, Class R1, (Acquired 7/19/17, Cost $2,630,190), | 4,647,800 | 2,928,114 | ||||||
Series 2018-A, Class R1 (Acquired 1/22/18, Cost $2,492,585), | 3,470,600 | 2,492,585 | ||||||
Series 2018-B, Class R1 (Acquired 3/15/18, Cost $1,695,232), | 3,139,900 | 1,765,287 | ||||||
Series 2018-D, Class R1 (Acquired 9/20/18, Cost $1,956,347) | 5,678,800 | 1,956,347 | ||||||
Series 2016-C, Class A2B, | 630,000 | 614,970 | ||||||
Series 2016-B, Class A1, 1 mo. USD LIBOR + 1.200% | 1,133,046 | 1,150,680 | ||||||
Series 2017-A, Class B, | 1,180,000 | 1,132,200 | ||||||
South Carolina Student Loan Corp. | 2,030,000 | 2,042,545 | ||||||
Series 2014-1, Class B, 1 mo. USD LIBOR + 1.500% | 3,025,000 | 2,953,032 |
The accompanying notes are an integral part of the financial statements.
90
MassMutual Premier Core Bond Fund – Portfolio of Investments (Continued)
Principal Amount | Value | |||||||
South Texas Higher Education Authority, Inc., Series 2012-1, Class A3, 3 mo. USD LIBOR + .850% | $ | 2,000,000 | $ | 2,022,823 | ||||
|
| |||||||
149,125,794 | ||||||||
|
| |||||||
WL Collateral CMO — 1.1% |
| |||||||
Bank of America Mortgage Securities, Series 2004-G, Class 2A7, | 146,783 | 148,313 | ||||||
Countrywide Home Loans, Inc. | 83,853 | 84,285 | ||||||
Series 2003-42, Class 1A1, | 18,613 | 16,958 | ||||||
Deephaven Residential Mortgage Trust, Series 2018-1A, Class A3, | 906,511 | 891,672 | ||||||
GSR Mortgage Loan Trust, Series 2004-9, Class 2A1, | 26,068 | 25,893 | ||||||
IndyMac Index Mortgage Loan Trust, Series 2004-AR4, Class 1A, | 171,619 | 168,220 | ||||||
JP Morgan Mortgage Trust, Series 2017-1, Class A11, | 3,017,314 | 2,896,233 | ||||||
Merrill Lynch Mortgage Investors, Inc. | 18,101 | 17,520 | ||||||
Series 2003-A4, Class IA, | 8,898 | 8,914 | ||||||
Morgan Stanley Mortgage Loan Trust, Series 2004-2AR, Class 1A, | 925 | 993 | ||||||
PSMC Trust, Series 2018-2, Class A1, | 3,633,572 | 3,532,790 | ||||||
Sequoia Mortgage Trust | 3,384,530 | 3,379,489 | ||||||
Series 2018-CH4, Class A2, | 2,150,000 | 2,154,080 | ||||||
Structured Adjustable Rate Mortgage Loan Trust, Series 2004-2, Class 2A, | 102,916 | 103,438 | ||||||
Washington Mutual Mortgage Pass-Through Certificates, Series 2004-AR2, Class A, 12 mo. MTA + 1.400% | 291,065 | 302,159 | ||||||
|
| |||||||
13,730,957 | ||||||||
|
| |||||||
TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $370,649,444) | 369,147,654 | |||||||
|
|
Principal Amount | Value | |||||||
SOVEREIGN DEBT OBLIGATIONS — 0.7% |
| |||||||
Colombia Government International Bond | $ | 2,980,000 | $ | 3,374,850 | ||||
Mexico Government International Bond | 4,328,000 | 4,135,404 | ||||||
6.750% 9/27/34 | 950,000 | 1,135,250 | ||||||
|
| |||||||
8,645,504 | ||||||||
|
| |||||||
TOTAL SOVEREIGN DEBT OBLIGATIONS (Cost $8,551,708) | 8,645,504 | |||||||
|
| |||||||
U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES ��� 25.9% |
| |||||||
Collateralized Mortgage Obligations — 0.8% |
| |||||||
Federal Home Loan Mortgage Corp. | 2,494,009 | 2,461,324 | ||||||
Series 2617, Class Z, | 1,394,716 | 1,496,838 | ||||||
Series 2693, Class Z, | 2,494,405 | 2,666,507 | ||||||
Series 3423, Class PB, | 460,323 | 496,796 | ||||||
Series 2178, Class PB, | 209,950 | 228,701 | ||||||
Federal National Mortgage Association | 1,359,196 | 1,372,701 | ||||||
Series 2007-32, Class Z, | 733,796 | 791,318 | ||||||
Series 2010-60, Class HJ, | 532,157 | 561,713 | ||||||
Federal National Mortgage Association REMIC | 657,827 | 694,117 | ||||||
|
| |||||||
10,770,015 | ||||||||
|
| |||||||
Pass-Through Securities — 25.0% |
| |||||||
Federal Home Loan Mortgage Corp. | 536,262 | 531,277 | ||||||
Pool #Q42045 3.500% 7/01/46 | 672,748 | 666,704 | ||||||
Pool #Q41916 3.500% 7/01/46 | 1,580,296 | 1,566,098 | ||||||
Pool #Q44277 3.500% 11/01/46 | 402,561 | 398,064 | ||||||
Pool #Q44275 3.500% 11/01/46 | 1,329,925 | 1,317,560 | ||||||
Pool #Q52216 3.500% 11/01/47 | 5,132,483 | 5,055,896 | ||||||
Pool #V83763 3.500% 12/01/47 | 12,576,782 | 12,389,112 | ||||||
Pool #V83655 3.500% 12/01/47 | 10,682,880 | 10,523,471 | ||||||
Pool #V83886 3.500% 1/01/48 | 1,744,296 | 1,718,268 | ||||||
Pool #Z40047 4.000% 10/01/41 | 269,736 | 274,688 |
The accompanying notes are an integral part of the financial statements.
91
MassMutual Premier Core Bond Fund – Portfolio of Investments (Continued)
Principal Amount | Value | |||||||
Pool #Q52834 4.000% 12/01/47 | $ | 1,468,786 | $ | 1,485,195 | ||||
Pool #V83796 4.000% 12/01/47 | 15,911,516 | 16,089,278 | ||||||
Pool #V83764 4.000% 12/01/47 | 8,514,722 | 8,613,838 | ||||||
Pool #V83962 4.000% 2/01/48 | 2,605,908 | 2,633,393 | ||||||
Pool #Q57232 4.000% 7/01/48 | 2,285,357 | 2,308,835 | ||||||
Pool #C03537 4.500% 8/01/40 | 989,792 | 1,032,631 | ||||||
Pool #G06057 4.500% 10/01/40 | 1,150,081 | 1,198,420 | ||||||
Pool #G60485 4.500% 10/01/41 | 1,258,257 | 1,311,143 | ||||||
Pool #G60172 4.500% 9/01/43 | 1,402,271 | 1,462,963 | ||||||
Pool #Q48208 4.500% 5/01/47 | 1,193,298 | 1,233,386 | ||||||
Pool #Q48869 4.500% 6/01/47 | 7,830,046 | 8,093,087 | ||||||
Pool #C00836 7.000% 7/01/29 | 8,707 | 9,704 | ||||||
Pool #C49314 7.000% 4/01/31 | 4,654 | 5,251 | ||||||
Pool #C51422 7.000% 5/01/31 | 1,762 | 1,989 | ||||||
Pool #C53034 7.000% 6/01/31 | 12,272 | 13,772 | ||||||
Pool #G01311 7.000% 9/01/31 | 46,485 | 52,108 | ||||||
Pool #G01317 7.000% 10/01/31 | 28,193 | 31,576 | ||||||
Pool #G00143 7.500% 6/01/23 | 329 | 353 | ||||||
Pool #C55867 7.500% 2/01/30 | 21,147 | 23,278 | ||||||
Pool #C41497 7.500% 9/01/30 | 112 | 127 | ||||||
Pool #C44830 7.500% 11/01/30 | 22 | 25 | ||||||
Pool #C46038 7.500% 12/01/30 | 907 | 1,023 | ||||||
Pool #C45235 7.500% 12/01/30 | 15,161 | 17,054 | ||||||
Pool #C46309 7.500% 1/01/31 | 485 | 550 | ||||||
Pool #C01116 7.500% 1/01/31 | 878 | 996 | ||||||
Pool #C47060 7.500% 1/01/31 | 670 | 761 | ||||||
Pool #C47063 7.500% 1/01/31 | 2,680 | 3,025 | ||||||
Pool #C46810 7.500% 1/01/31 | 120 | 136 | ||||||
Pool #C46560 7.500% 1/01/31 | 497 | 549 | ||||||
Pool #G00653 8.500% 11/01/25 | 13,936 | 15,354 | ||||||
Federal Home Loan Mortgage Corp. TBA (d) | 8,140,000 | 8,011,541 | ||||||
Federal National Mortgage Association | 27,918,503 | 26,745,054 | ||||||
Pool #BM3564 3.000% 7/01/47 | 7,294,109 | 6,987,529 | ||||||
Pool #AS1304 3.500% 12/01/28 | 1,722,409 | 1,736,202 | ||||||
Pool #AV1897 3.500% 12/01/28 | 316,245 | 318,777 | ||||||
Pool #AV2325 3.500% 12/01/28 | 834,860 | 841,546 | ||||||
Pool #BF0196 3.500% 2/01/41 | 1,860,671 | 1,847,661 | ||||||
Pool #MA1356 3.500% 2/01/43 | 10,351,277 | 10,253,020 | ||||||
Pool #BM3994 3.500% 1/01/44 | 1,619,580 | 1,604,207 | ||||||
Pool #CA1073 3.500% 1/01/48 | 19,348,521 | 19,056,025 | ||||||
Pool #MA3287 3.500% 2/01/48 | 9,368,204 | 9,150,467 | ||||||
Pool #888586 1 year CMT + 2.198% | 396,254 | 410,984 | ||||||
Pool #CA0181 4.000% 8/01/47 | 3,164,234 | 3,199,213 | ||||||
Pool #BH9008 4.000% 8/01/47 | 343,882 | 347,683 | ||||||
Pool #BH9011 4.000% 9/01/47 | 359,435 | 363,408 | ||||||
Pool #CA0620 4.000% 10/01/47 | 4,150,128 | 4,196,007 | ||||||
Pool #BJ0686 4.000% 4/01/48 | 5,840,860 | 5,900,410 |
Principal Amount | Value | |||||||
Pool #CA2039 4.000% 7/01/48 | $ | 5,052,891 | $ | 5,108,749 | ||||
Pool #CA1951 4.000% 7/01/48 | 4,323,341 | 4,367,418 | ||||||
Pool #BF0105 4.000% 6/01/56 | 3,740,441 | 3,787,635 | ||||||
Pool #725692 1 year CMT + 2.138% | 225,558 | 236,475 | ||||||
Pool #775539 12 mo. USD | 164,772 | 171,453 | ||||||
Pool #AH6787 4.500% 3/01/41 | 1,070,735 | 1,116,618 | ||||||
Pool #CA1952 4.500% 6/01/48 | 3,206,082 | 3,310,405 | ||||||
Pool #AD6437 5.000% 6/01/40 | 601,957 | 640,261 | ||||||
Pool #AD6996 5.000% 7/01/40 | 4,001,167 | 4,242,019 | ||||||
Pool #AL8173 5.000% 2/01/44 | 1,514,407 | 1,605,094 | ||||||
Pool #254379 7.000% 7/01/32 | 31,124 | 34,926 | ||||||
Pool #252717 7.500% 9/01/29 | 1,812 | 2,037 | ||||||
Pool #535996 7.500% 6/01/31 | 6,846 | 7,735 | ||||||
Pool #254009 7.500% 10/01/31 | 19,027 | 21,454 | ||||||
Pool #253394 8.000% 7/01/20 | 2,500 | 2,568 | ||||||
Pool #323992 8.000% 11/01/29 | 1,360 | 1,538 | ||||||
Pool #525725 8.000% 2/01/30 | 3,171 | 3,637 | ||||||
Pool #537433 8.000% 5/01/30 | 2,309 | 2,645 | ||||||
Pool #253266 8.000% 5/01/30 | 3,774 | 4,311 | ||||||
Pool #253347 8.000% 6/01/30 | 3,812 | 4,358 | ||||||
Pool #544976 8.000% 7/01/30 | 399 | 453 | ||||||
Pool #535428 8.000% 8/01/30 | 4,846 | 5,513 | ||||||
Pool #553061 8.000% 9/01/30 | 10,904 | 12,274 | ||||||
Pool #550767 8.000% 9/01/30 | 1,909 | 2,192 | ||||||
Pool #547786 8.000% 9/01/30 | 1,815 | 2,041 | ||||||
Pool #543290 8.000% 9/01/30 | 54 | 61 | ||||||
Pool #535533 8.000% 10/01/30 | 3,980 | 4,537 | ||||||
Pool #253481 8.000% 10/01/30 | 4,476 | 5,114 | ||||||
Pool #253644 8.000% 2/01/31 | 2,186 | 2,498 | ||||||
Pool #581170 8.000% 5/01/31 | 1,308 | 1,473 | ||||||
Pool #593848 8.000% 7/01/31 | 883 | 1,014 | ||||||
Pool #190317 8.000% 8/01/31 | 25,164 | 28,643 | ||||||
Pool #545240 8.000% 9/01/31 | 2,336 | 2,663 | ||||||
Pool #541202 8.500% 8/01/26 | 6,548 | 7,047 | ||||||
Federal National Mortgage Association TBA | 14,730,000 | 14,093,618 | ||||||
Pool #17115 3.500% 2/01/48 (d) | 6,620,000 | 6,514,494 | ||||||
Pool #18388 4.000% 4/01/48 (d) | 11,275,000 | 11,384,227 | ||||||
Pool #21133 4.500% 5/01/48 (d) | 9,000,000 | 9,284,063 | ||||||
Government National Mortgage Association | 5,365,112 | 5,360,712 | ||||||
Pool #BF1053 3.500% 12/15/47 | 1,689,049 | 1,678,690 | ||||||
Pool #BF1120 3.500% 1/15/48 | 2,024,936 | 2,012,517 | ||||||
Pool #AV1854 3.500% 1/15/48 | 2,198,306 | 2,184,824 | ||||||
Pool #BF1214 3.500% 2/15/48 | 1,681,537 | 1,671,224 | ||||||
Pool #BF1245 3.500% 2/15/48 | 1,705,983 | 1,695,521 | ||||||
Pool #404246 6.500% 8/15/28 | 201 | 221 | ||||||
Pool #781038 6.500% 5/15/29 | 53,446 | 58,722 | ||||||
Pool #781468 6.500% 7/15/32 | 3,461 | 3,855 |
The accompanying notes are an integral part of the financial statements.
92
MassMutual Premier Core Bond Fund – Portfolio of Investments (Continued)
Principal Amount | Value | |||||||
Pool #781496 6.500% 9/15/32 | $ | 17,285 | $ | 19,163 | ||||
Pool #363066 7.000% 8/15/23 | 2,167 | 2,307 | ||||||
Pool #354674 7.000% 10/15/23 | 2,104 | 2,238 | ||||||
Pool #352049 7.000% 10/15/23 | 1,789 | 1,909 | ||||||
Pool #345964 7.000% 11/15/23 | 804 | 858 | ||||||
Pool #380866 7.000% 3/15/24 | 683 | 730 | ||||||
Pool #781124 7.000% 12/15/29 | 6,437 | 7,178 | ||||||
Pool #781319 7.000% 7/15/31 | 120,815 | 135,626 | ||||||
Pool #565982 7.000% 7/15/32 | 14,024 | 15,927 | ||||||
Pool #581417 7.000% 7/15/32 | 30,964 | 34,852 | ||||||
Pool #357262 7.500% 9/15/23 | 1,007 | 1,082 | ||||||
Pool #441009 8.000% 11/15/26 | 806 | 904 | ||||||
Pool #522777 8.000% 12/15/29 | 5,120 | 5,841 | ||||||
Pool #529134 8.000% 3/15/30 | 1,625 | 1,885 | ||||||
Pool #523043 8.000% 3/15/30 | 271 | 311 | ||||||
Pool #528714 8.000% 4/15/30 | 1,718 | 1,995 | ||||||
Pool #503157 8.000% 4/15/30 | 14,027 | 16,283 | ||||||
Pool #477036 8.000% 4/15/30 | 652 | 757 | ||||||
Pool #544640 8.000% 11/15/30 | 10,803 | 12,592 | ||||||
Pool #531298 8.500% 8/15/30 | 1,029 | 1,176 | ||||||
Government National Mortgage Association II | 665,032 | 688,691 | ||||||
Pool #82488 1 year CMT + 1.500% 3.375% FRN 3/20/40 | 790,430 | 818,276 | ||||||
Pool #784314 3.500% 5/20/43 | 904,697 | 903,319 | ||||||
Pool #784026 3.500% 12/20/44 | 3,094,509 | 3,085,927 | ||||||
Pool #BC4641 3.500% 9/20/47 | 2,846,137 | 2,827,570 | ||||||
Pool #MA4778 3.500% 10/20/47 | 1,837,228 | 1,828,688 | ||||||
Pool #BC4885 3.500% 11/20/47 | 4,359,158 | 4,338,214 | ||||||
Pool #BD6940 3.500% 12/20/47 | 2,478,909 | 2,462,738 | ||||||
Pool #BE4328 3.500% 12/20/47 | 1,813,257 | 1,803,978 | ||||||
Pool #BD6461 3.500% 1/20/48 | 2,123,435 | 2,109,583 | ||||||
Pool #BF1119 3.500% 1/20/48 | 3,205,173 | 3,184,264 | ||||||
Pool #BE6487 3.500% 1/20/48 | 1,111,302 | 1,104,053 | ||||||
Pool #BD3899 3.500% 1/20/48 | 4,784,572 | 4,760,088 | ||||||
Pool #BF1269 3.500% 2/20/48 | 1,706,317 | 1,695,186 | ||||||
Pool #AC2985 4.000% 10/20/47 | 751,359 | 765,565 | ||||||
Pool #BF1270 4.000% 2/20/48 | 1,649,381 | 1,679,148 | ||||||
Government National Mortgage Association II TBA | 7,125,000 | 7,082,695 | ||||||
Pool #1367 4.000% 4/01/48 (d) | 16,315,000 | 16,587,767 | ||||||
|
| |||||||
319,729,583 | ||||||||
�� |
|
| ||||||
Whole Loans — 0.1% |
| |||||||
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes | 180,250 | 180,393 |
Principal Amount | Value | |||||||
Series 2016-HQA3, Class M2, 1 mo. USD LIBOR + 1.350% | $ | 790,000 | $ | 800,168 | ||||
|
| |||||||
980,561 | ||||||||
|
| |||||||
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (Cost $339,248,005) | 331,480,159 | |||||||
|
| |||||||
U.S. TREASURY OBLIGATIONS — 7.7% |
| |||||||
U.S. Treasury Bonds & Notes — 7.7% |
| |||||||
U.S. Treasury Bond | 28,700,000 | 25,026,400 | ||||||
3.500% 2/15/39 (h) | 7,500,000 | 7,899,609 | ||||||
U.S. Treasury Note | 31,000,000 | 29,065,163 | ||||||
1.875% 11/30/21 | 38,000,000 | 36,838,921 | ||||||
|
| |||||||
98,830,093 | ||||||||
|
| |||||||
TOTAL U.S. TREASURY OBLIGATIONS (Cost $99,182,574) | 98,830,093 | |||||||
|
| |||||||
TOTAL BONDS & NOTES (Cost $1,276,732,229) | 1,260,033,120 | |||||||
|
| |||||||
TOTAL PURCHASED OPTIONS (#) — 0.8% (Cost $9,652,703) | 9,679,113 | |||||||
|
| |||||||
TOTAL LONG-TERM INVESTMENTS (Cost $1,289,634,932) | 1,272,962,233 | |||||||
|
| |||||||
SHORT-TERM INVESTMENTS — 7.8% |
| |||||||
Commercial Paper — 7.8% |
| |||||||
Amphenol Corp. | 8,000,000 | 7,997,907 | ||||||
AT&T, Inc. | 4,500,000 | 4,477,704 | ||||||
Avangrid, Inc. | 11,500,000 | 11,496,958 | ||||||
2.353% 02396, 10/01/18 (a) | 3,500,000 | 3,499,307 | ||||||
Comcast Corp. | 7,000,000 | 6,991,435 | ||||||
Enterprise Products Operating LLC | 12,475,000 | 12,464,891 | ||||||
Fedex Corp. | 9,000,000 | 8,982,857 | ||||||
Fortive Corp. | 5,000,000 | 4,994,220 |
The accompanying notes are an integral part of the financial statements.
93
MassMutual Premier Core Bond Fund – Portfolio of Investments (Continued)
Principal Amount | Value | |||||||
Glencore Funding LLC | $ | 10,500,000 | $ | 10,495,080 | ||||
Leggett & Platt, Inc. | 9,500,000 | 9,498,120 | ||||||
Mohawk Industries, Inc. | 11,500,000 | 11,496,958 | ||||||
Suncor Energy, Inc. | 7,500,000 | 7,484,171 | ||||||
|
| |||||||
99,879,608 | ||||||||
|
| |||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $99,898,868) | 99,879,608 | |||||||
|
| |||||||
TOTAL INVESTMENTS — 107.4% (Cost $1,389,533,800) (i) | 1,372,841,841 | |||||||
Other Assets/(Liabilities) — (7.4)% | (94,001,998 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 1,278,839,843 | ||||||
|
|
Abbreviation Legend
ABS | Asset-Backed Security |
ARS | Auction Rate Security |
BAB | Build America Bonds |
CLO | Collateralized Loan Obligation |
CMO | Collateralized Mortgage Obligation |
CMT | Constant Maturity Treasury Index |
FRN | Floating Rate Note |
MBS | Mortgage-Backed Security |
MTA | Monthly Treasury Average Index |
STEP | Step Up Bond |
TBA | To Be Announced |
VRN | Variable Rate Note |
WL | Whole Loan |
Notes to Portfolio of Investments
Percentages are stated as a percent of net assets.
(a) | Securities exempt from registration under rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At September 30, 2018, these securities amounted to a value of $507,227,536 or 39.66% of net assets. |
(b) | Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. The rates shown are the current interest rates at September 30, 2018. |
(c) | Security is perpetual and has no stated maturity date. |
(d) | A portion of this security is purchased on a when-issued, delayed-delivery or forward commitment basis. (Note 2). |
(e) | Investment was valued using significant unobservable inputs. |
(f) | Restricted security. Certain securities are restricted as to resale. At September 30, 2018, these securities amounted to a value of $14,736,805 or 1.15% of net assets. The Fund generally bears the costs, if any, associated with the disposition of restricted securities. |
(g) | This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At September 30, 2018, these securities amounted to a value of $1,956,347 or 0.15% of net assets. |
(h) | A portion of this security is pledged/held as collateral for open futures contracts and open swap agreements. (Note 2). |
(i) | See Note 6 for aggregate cost for federal tax purposes. |
(#) | Purchased Swaptions contracts at September 30, 2018: |
OTC Counterparty | Units | Notional Amount | Expiration Date | Pay/ Receive Exercise Rate | Description | Premiums Purchased | Value | Unrealized Appreciation/ (Depreciation) | ||||||||||||||||||||||||||
Call | ||||||||||||||||||||||||||||||||||
Barclays Bank PLC* | 31,720,000 | USD | 31,720,000 | 12/13/32 | Receive | 3-Month USD LIBOR BBA 10 Year Swaption, Underlying swap terminates 12/15/42, Exercise Rate 2.44% | $ | 1,585,755 | $ | 1,088,360 | $ | (497,395 | ) | |||||||||||||||||||||
Credit Suisse International* | 33,720,000 | USD | 33,720,000 | 1/31/33 | Receive | 3-Month USD LIBOR BBA 10 Year Swaption, Underlying swap terminates 2/02/43, Exercise Rate 2.61% | 1,618,560 | 1,292,787 | (325,773 | ) | ||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||||
3,204,315 | 2,381,147 | (823,168 | ) | |||||||||||||||||||||||||||||||
|
|
|
|
|
|
The accompanying notes are an integral part of the financial statements.
94
MassMutual Premier Core Bond Fund – Portfolio of Investments (Continued)
OTC Counterparty | Units | Notional Amount | Expiration Date | Pay/ Receive Exercise Rate | Description | Premiums Purchased | Value | Unrealized Appreciation/ (Depreciation) | ||||||||||||||||||||||||||
Put | ||||||||||||||||||||||||||||||||||
Barclays Bank PLC* | 64,580,000 | USD | 64,580,000 | 12/13/32 | Pay | 3-Month USD LIBOR BBA 10 Year Swaption, Underlying swap terminates 12/15/42, Exercise Rate 2.94% | $ | 3,228,549 | $ | 3,753,884 | $ | 525,335 | ||||||||||||||||||||||
Credit Suisse International* | 67,220,000 | USD | 67,220,000 | 1/31/33 | Pay | 3-Month USD LIBOR BBA 10 Year Swaption, Underlying swap terminates 2/02/43, Exercise Rate 3.11% | 3,219,839 | 3,544,082 | 324,243 | |||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||||
6,448,388 | 7,297,966 | 849,578 | ||||||||||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||||
$ | 9,652,703 | $ | 9,679,113 | $ | 26,410 | |||||||||||||||||||||||||||||
|
|
|
|
|
|
* | Contracts are subject to a Master Netting Agreement. |
Futures contracts at September 30, 2018:
Expiration Date | Number of Contracts | Notional Amount | Value/ Net Unrealized Appreciation/ (Depreciation) | |||||||||||||
Long | ||||||||||||||||
U.S. Treasury Ultra Bond | 12/19/18 | 354 | $ | 56,577,827 | $ | (1,962,264 | ) | |||||||||
U.S. Treasury Note 2 Year | 12/31/18 | 499 | 105,520,712 | (364,258 | ) | |||||||||||
U.S. Treasury Note 5 Year | 12/31/18 | 704 | 79,839,767 | (656,267 | ) | |||||||||||
|
| |||||||||||||||
$ | (2,982,789 | ) | ||||||||||||||
|
| |||||||||||||||
Short | ||||||||||||||||
U.S. Treasury Long Bond | 12/19/18 | 135 | $ | (19,498,262 | ) | $ | 530,762 | |||||||||
U.S. Treasury Note Ultra 10 Year | 12/19/18 | 34 | (4,292,095 | ) | 8,095 | |||||||||||
|
| |||||||||||||||
$ | 538,857 | |||||||||||||||
|
|
Swap agreements at September 30, 2018:
Counterparty | Currency | Notional Amount | Expiration Date | Payment Frequency | Receive (Pay) Fixed Rate | Deliverable on Default | Unrealized Appreciation (Depreciation) | Premium (Received) Paid | Value | |||||||||||||||||||
Credit Default Swaps — Sell Protection†† |
| |||||||||||||||||||||||||||
OTC Swaps |
| |||||||||||||||||||||||||||
Goldman Sachs International* | USD | 3,000,000 | 5/11/63 | Monthly | 3.000% | CMBX.NA.BBB-.6 (Rating: BBB-)† | $ | (355,642 | ) | $ | 1,848 | $ | (353,794 | ) | ||||||||||||||
Goldman Sachs International* | USD | 970,000 | 5/11/63 | Monthly | 3.000% | CMBX.NA.BBB-.6 (Rating: BBB-)† | (36,677 | ) | (77,716 | ) | (114,393 | ) | ||||||||||||||||
Goldman Sachs International* | USD | 2,660,000 | 5/11/63 | Monthly | 3.000% | CMBX.NA.BBB-.6 (Rating: BBB-)† | (83,341 | ) | (230,356 | ) | (313,697 | ) | ||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||
$ | (475,660 | ) | $ | (306,224 | ) | $ | (781,884 | ) | ||||||||||||||||||||
|
|
|
|
|
|
The accompanying notes are an integral part of the financial statements.
95
MassMutual Premier Core Bond Fund – Portfolio of Investments (Continued)
Collateral for swap agreements held by Goldman Sachs International amounted to $763,546 in securities at September 30, 2018.
* | Contracts are subject to a Master Netting Agreement. |
† | Payment is based on a percentage of the index. Reference entities are a number of individual issuers comprising the index. |
†† | For each credit derivative with sold protection, the credit ratings of the entities referenced, as rated by any rating organization, are included in the equivalent S&P Global Ratings. The reference entity rating represents the likelihood of a potential payment by the Fund if the referenced entity experiences a credit event as of period end. Notional amounts represent the maximum potential amount of future payments (undiscounted) the Fund could be required to make under the credit derivatives with sold protection. |
Currency Legend
USD | U.S. Dollar |
Country weightings, as a percentage of net assets, is as follows:
United States | 85.0 | % | ||
Cayman Islands | 5.3 | % | ||
Canada | 1.2 | % | ||
Mexico | 1.2 | % | ||
Netherlands | 1.1 | % | ||
Bermuda | 1.0 | % | ||
Ireland | 0.9 | % | ||
United Kingdom | 0.9 | % | ||
Luxembourg | 0.7 | % | ||
Switzerland | 0.4 | % | ||
Turkey | 0.3 | % | ||
Colombia | 0.3 | % | ||
Spain | 0.2 | % | ||
Sweden | 0.2 | % | ||
Norway | 0.2 | % | ||
Israel | 0.2 | % | ||
Germany | 0.2 | % | ||
France | 0.1 | % | ||
Panama | 0.1 | % | ||
Australia | 0.1 | % | ||
Italy | 0.0 | % | ||
Barbados | 0.0 | % | ||
|
| |||
Total Long-Term Investments | 99.6 | % | ||
Short-Term Investments and Other Assets and Liabilities | 0.4 | % | ||
|
| |||
Net Assets | 100.0 | % | ||
|
|
The accompanying notes are an integral part of the financial statements.
96
September 30, 2018
Number of Shares | Value | |||||||
EQUITIES — 0.1% |
| |||||||
COMMON STOCK — 0.0% |
| |||||||
Basic Materials — 0.0% |
| |||||||
Forest Products & Paper — 0.0% |
| |||||||
The Newark Group, Inc. (a) (b) (i) | 26,904 | $ | 807 | |||||
|
| |||||||
TOTAL COMMON STOCK (Cost $2,032) | 807 | |||||||
|
| |||||||
PREFERRED STOCK — 0.1% |
| |||||||
Financial — 0.1% |
| |||||||
Insurance — 0.1% |
| |||||||
The Allstate Corp. 3 mo. | 10,000 | 250,000 | ||||||
|
| |||||||
TOTAL PREFERRED STOCK (Cost $250,000) | 250,000 | |||||||
|
| |||||||
TOTAL EQUITIES (Cost $252,032) | 250,807 | |||||||
|
| |||||||
Principal Amount | ||||||||
BONDS & NOTES — 94.7% |
| |||||||
CORPORATE DEBT — 41.0% |
| |||||||
Advertising — 0.1% |
| |||||||
WPP Finance 2010 | $ | 225,000 | 230,115 | |||||
|
| |||||||
Aerospace & Defense — 0.3% |
| |||||||
Moog, Inc. | 173,000 | 174,297 | ||||||
TransDigm, Inc. | 225,000 | 227,250 | ||||||
United Technologies Corp. | 105,000 | 123,866 | ||||||
|
| |||||||
525,413 | ||||||||
|
| |||||||
Agriculture — 0.5% |
| |||||||
Bunge Ltd. Finance Corp. | 325,000 | 294,089 | ||||||
4.350% 3/15/24 | 360,000 | 356,417 | ||||||
Reynolds American, Inc. | 200,000 | 201,474 | ||||||
5.850% 8/15/45 | 150,000 | 163,121 | ||||||
|
| |||||||
1,015,101 | ||||||||
|
| |||||||
Airlines — 0.2% |
| |||||||
American Airlines Pass-Through Trust, | 17,438 | 17,326 |
Principal Amount | Value | |||||||
Guanay Finance Ltd. | $ | 122,297 | $ | 122,603 | ||||
United Airlines Pass-Through Trust, Series 2018-1, Class B, | 100,000 | 99,803 | ||||||
WestJet Airlines Ltd. | 98,000 | 96,405 | ||||||
|
| |||||||
336,137 | ||||||||
|
| |||||||
Auto Manufacturers — 1.0% |
| |||||||
Ford Motor Co. | 270,000 | 299,898 | ||||||
Ford Motor Credit Co. LLC | 485,000 | 477,076 | ||||||
General Motors Co. | 215,000 | 202,808 | ||||||
5.150% 4/01/38 | 130,000 | 120,911 | ||||||
5.200% 4/01/45 | 225,000 | 204,402 | ||||||
General Motors Financial Co., Inc. | 315,000 | 296,961 | ||||||
4.150% 6/19/23 | 255,000 | 253,980 | ||||||
4.300% 7/13/25 | 200,000 | 194,532 | ||||||
|
| |||||||
2,050,568 | ||||||||
|
| |||||||
Auto Parts & Equipment — 0.1% |
| |||||||
The Goodyear Tire & Rubber Co. | 212,000 | 194,775 | ||||||
|
| |||||||
Banks — 6.0% |
| |||||||
Associated Banc-Corp. | 495,000 | 492,484 | ||||||
Banco General SA | 260,000 | 245,863 | ||||||
Banco Santander SA | 600,000 | 586,199 | ||||||
Bank of America Corp. | 425,000 | 414,814 | ||||||
3 mo. USD LIBOR + 1.814% | 210,000 | 205,011 | ||||||
6.110% 1/29/37 | 190,000 | 218,509 | ||||||
7.750% 5/14/38 | 125,000 | 168,721 | ||||||
Bank of Montreal | 250,000 | 233,585 | ||||||
The Bank of Nova Scotia | 300,000 | 300,145 | ||||||
4.650% VRN 12/31/99 (d) (e) | 490,000 | 459,681 | ||||||
Barclays Bank PLC | 175,000 | 199,364 | ||||||
Barclays PLC | 365,000 | 363,090 | ||||||
4.337% 1/10/28 | 230,000 | 217,657 | ||||||
BPCE SA | 415,000 | 378,195 |
The accompanying notes are an integral part of the financial statements.
97
MassMutual Premier Diversified Bond Fund – Portfolio of Investments (Continued)
Principal Amount | Value | |||||||
CIT Group, Inc. | $ | 500,000 | $ | 510,000 | ||||
6.125% 3/09/28 | 484,000 | 505,780 | ||||||
Citigroup, Inc. | 440,000 | 427,857 | ||||||
4.600% 3/09/26 | 345,000 | 347,282 | ||||||
5.875% 1/30/42 | 275,000 | 319,599 | ||||||
Credit Suisse AG | 375,000 | 400,350 | ||||||
Credit Suisse Group AG | 305,000 | 286,800 | ||||||
Deutsche Bank AG | 330,000 | 322,477 | ||||||
First Republic Bank | 560,000 | 520,078 | ||||||
Fulton Financial Corp. | 240,000 | 234,830 | ||||||
The Goldman Sachs Group, Inc. | 255,000 | 243,247 | ||||||
5.150% 5/22/45 | 290,000 | 295,968 | ||||||
5.950% 1/15/27 | 220,000 | 240,578 | ||||||
6.250% 2/01/41 | 35,000 | 42,068 | ||||||
6.750% 10/01/37 | 165,000 | 198,488 | ||||||
HSBC Holdings PLC | 200,000 | 198,938 | ||||||
4.583% VRN 6/19/29 (d) | 275,000 | 275,004 | ||||||
6.500% 9/15/37 | 125,000 | 148,240 | ||||||
Huntington Bancshares, Inc. | 510,000 | 505,537 | ||||||
ING Groep NV | 380,000 | 380,283 | ||||||
JP Morgan Chase & Co. | 200,000 | 188,622 | ||||||
4.950% 6/01/45 | 270,000 | 283,136 | ||||||
Morgan Stanley | 650,000 | 644,986 | ||||||
Valley National Bancorp | 110,000 | 113,243 | ||||||
Wells Fargo & Co. | 144,000 | 154,704 | ||||||
5.606% 1/15/44 | 105,000 | 115,986 | ||||||
|
| |||||||
12,387,399 | ||||||||
|
| |||||||
Beverages — 0.6% |
| |||||||
Anheuser-Busch InBev Worldwide, Inc. | 255,000 | 247,014 | ||||||
8.200% 1/15/39 | 250,000 | 350,943 | ||||||
Becle SAB de CV | 350,000 | 336,220 | ||||||
Molson Coors Brewing Co. | 291,000 | 257,840 | ||||||
5.000% 5/01/42 | 60,000 | 59,491 | ||||||
|
| |||||||
1,251,508 | ||||||||
|
|
Principal Amount | Value | |||||||
Biotechnology — 0.4% |
| |||||||
Amgen, Inc. | $ | 85,000 | $ | 90,084 | ||||
Celgene Corp. | 490,000 | 457,433 | ||||||
4.350% 11/15/47 | 205,000 | 183,514 | ||||||
|
| |||||||
731,031 | ||||||||
|
| |||||||
Building Materials — 0.4% |
| |||||||
CRH America Finance, Inc. | 135,000 | 130,803 | ||||||
Standard Industries, Inc. | 282,000 | 260,483 | ||||||
5.000% 2/15/27 (c) | 490,000 | 461,213 | ||||||
|
| |||||||
852,499 | ||||||||
|
| |||||||
Chemicals — 1.0% |
| |||||||
Incitec Pivot Finance LLC | 190,000 | 194,882 | ||||||
LYB International Finance BV | 250,000 | 255,163 | ||||||
Methanex Corp. | 40,000 | 40,948 | ||||||
The Mosaic Co. | 303,000 | 293,127 | ||||||
RPM International, Inc. | 115,000 | 109,282 | ||||||
The Sherwin-Williams Co. | 115,000 | 110,606 | ||||||
Syngenta Finance NV | 325,000 | 324,263 | ||||||
4.441% 4/24/23 (c) | 425,000 | 422,409 | ||||||
Yara International ASA | 370,000 | 372,492 | ||||||
|
| |||||||
2,123,172 | ||||||||
|
| |||||||
Commercial Services — 0.4% |
| |||||||
The ADT Security Corp. | 393,000 | 412,261 | ||||||
ERAC USA Finance LLC | 505,000 | 452,287 | ||||||
7.000% 10/15/37 (c) | 50,000 | 62,617 | ||||||
|
| |||||||
927,165 | ||||||||
|
| |||||||
Computers — 0.4% |
| |||||||
Dell International LLC/EMC Corp. | 275,000 | 342,308 | ||||||
Leidos Holdings, Inc. | 550,000 | 556,325 | ||||||
|
| |||||||
898,633 | ||||||||
|
| |||||||
Diversified Financial Services — 4.0% |
| |||||||
AerCap Ireland Capital DAC/AerCap Global Aviation Trust | 1,015,000 | 956,472 |
The accompanying notes are an integral part of the financial statements.
98
MassMutual Premier Diversified Bond Fund – Portfolio of Investments (Continued)
Principal Amount | Value | |||||||
Affiliated Managers Group, Inc. | $ | 265,000 | $ | 253,313 | ||||
4.250% 2/15/24 | 245,000 | 247,821 | ||||||
Aircastle Ltd. | 200,000 | 196,717 | ||||||
4.400% 9/25/23 | 175,000 | 175,023 | ||||||
5.000% 4/01/23 | 350,000 | 359,464 | ||||||
Ally Financial, Inc. | 495,000 | 509,850 | ||||||
8.000% 11/01/31 | 651,000 | 788,524 | ||||||
Antares Holdings LP | 540,000 | 542,125 | ||||||
Ares Finance Co. LLC | 225,000 | 212,763 | ||||||
Brookfield Finance, Inc. | 430,000 | 424,533 | ||||||
Discover Financial Services | 275,000 | 262,870 | ||||||
5.500% VRN 12/31/99 (d) (e) | 1,015,000 | 1,002,312 | ||||||
GE Capital International Funding Co. Unlimited Co. | 230,000 | 216,466 | ||||||
Genpact Luxembourg Sarl | 435,000 | 424,757 | ||||||
High Street Funding Trust I | 1,020,000 | 994,806 | ||||||
Lazard Group LLC | 196,000 | 182,785 | ||||||
4.500% 9/19/28 | 150,000 | 147,535 | ||||||
Legg Mason, Inc. | 235,000 | 237,712 | ||||||
Neuberger Berman Group LLC/Neuberger Berman Finance Corp. | 180,000 | 178,848 | ||||||
|
| |||||||
8,314,696 | ||||||||
|
| |||||||
Electric — 1.3% |
| |||||||
Berkshire Hathaway Energy Co. | 120,000 | 141,964 | ||||||
The Cleveland Electric Illuminating Co. | 155,000 | 146,195 | ||||||
CMS Energy Corp. | 115,000 | 116,330 | ||||||
Duke Energy Corp. | 175,000 | 153,782 | ||||||
Elwood Energy LLC | 223,917 | 249,108 | ||||||
Entergy Louisiana LLC | 110,000 | 110,698 | ||||||
Indianapolis Power & Light Co. | 110,000 | 104,936 | ||||||
IPALCO Enterprises, Inc. | 290,000 | 288,625 | ||||||
3.700% 9/01/24 | 175,000 | 169,739 |
Principal Amount | Value | |||||||
Israel Electric Corp. Ltd. | $ | 425,000 | $ | 403,223 | ||||
Pennsylvania Electric Co. | 150,000 | 149,620 | ||||||
Puget Energy, Inc. | 100,000 | 96,474 | ||||||
Tri-State Pass-Through Trust, Series 2003, Class B, | 185,000 | 209,729 | ||||||
Xcel Energy, Inc. | 270,000 | 342,195 | ||||||
|
| |||||||
2,682,618 | ||||||||
|
| |||||||
Electronics — 0.3% |
| |||||||
Arrow Electronics, Inc. | 160,000 | 151,226 | ||||||
3.875% 1/12/28 | 160,000 | 149,036 | ||||||
4.500% 3/01/23 | 45,000 | 45,500 | ||||||
Ingram Micro, Inc. | 335,000 | 330,016 | ||||||
|
| |||||||
675,778 | ||||||||
|
| |||||||
Engineering & Construction — 0.0% |
| |||||||
Zachry Holdings, Inc. | 56,000 | 56,140 | ||||||
|
| |||||||
Foods — 0.2% |
| |||||||
Post Holdings, Inc. | 500,000 | 481,250 | ||||||
|
| |||||||
Forest Products & Paper — 0.1% |
| |||||||
Fibria Overseas Finance Ltd. | 225,000 | 208,491 | ||||||
|
| |||||||
Gas — 0.3% |
| |||||||
CenterPoint Energy Resources Corp. | 220,000 | 252,173 | ||||||
NiSource, Inc. | 340,000 | 344,144 | ||||||
|
| |||||||
596,317 | ||||||||
|
| |||||||
Health Care – Products — 0.4% |
| |||||||
Becton Dickinson & Co. | 125,000 | 123,250 | ||||||
Ortho-Clinical Diagnostics, Inc./Ortho-Clinical Diagnostics SA | 702,000 | 685,854 | ||||||
|
| |||||||
809,104 | ||||||||
|
| |||||||
Health Care – Services — 1.1% |
| |||||||
HCA, Inc. | 493,000 | 482,524 | ||||||
5.250% 4/15/25 | 800,000 | 825,000 | ||||||
5.375% 2/01/25 | 350,000 | 357,000 | ||||||
Humana, Inc. | 260,000 | 255,554 | ||||||
4.800% 3/15/47 | 130,000 | 132,591 |
The accompanying notes are an integral part of the financial statements.
99
MassMutual Premier Diversified Bond Fund – Portfolio of Investments (Continued)
Principal Amount | Value | |||||||
IHC Health Services, Inc. | $ | 275,000 | $ | 264,358 | ||||
|
| |||||||
2,317,027 | ||||||||
|
| |||||||
Home Builders — 0.6% |
| |||||||
Lennar Corp. | 592,000 | 568,320 | ||||||
PulteGroup, Inc. | 198,000 | 187,605 | ||||||
5.500% 3/01/26 | 441,000 | 438,795 | ||||||
|
| |||||||
1,194,720 | ||||||||
|
| |||||||
Household Products & Wares — 0.0% |
| |||||||
Church & Dwight Co., Inc. | 85,000 | 78,704 | ||||||
|
| |||||||
Housewares — 0.1% |
| |||||||
The Toro Co. | 170,000 | 199,859 | ||||||
|
| |||||||
Insurance — 3.6% |
| |||||||
The Allstate Corp. 3 mo. USD LIBOR + 2.938% | 790,000 | 813,700 | ||||||
American International Group, Inc. | 135,000 | 131,979 | ||||||
4.200% 4/01/28 | 220,000 | 217,685 | ||||||
4.750% 4/01/48 | 195,000 | 191,698 | ||||||
5.750% VRN 4/01/48 (d) | 530,000 | 514,762 | ||||||
AmTrust Financial Services, Inc. | 490,000 | 474,961 | ||||||
Arch Capital Finance LLC | 75,000 | 78,369 | ||||||
Arch Capital Group US, Inc. | 80,000 | 84,771 | ||||||
The Athene Holding Ltd. | 925,000 | 864,226 | ||||||
AXIS Specialty Finance PLC | 420,000 | 397,285 | ||||||
CNA Financial Corp. | 185,000 | 171,295 | ||||||
CNO Financial Group, Inc. | 535,000 | 547,037 | ||||||
Enstar Group Ltd. | 145,000 | 145,636 | ||||||
The Progressive Corp. | 510,000 | 508,725 | ||||||
Prudential Financial, Inc. | 450,000 | 448,461 | ||||||
6.200% 11/15/40 | 125,000 | 144,737 | ||||||
Trinity Acquisition PLC | 390,000 | 388,033 | ||||||
USF&G Capital I | 95,000 | 130,778 |
Principal Amount | Value | |||||||
Willis North America, Inc. | $ | 450,000 | $ | 449,873 | ||||
7.000% 9/29/19 | 43,000 | 44,470 | ||||||
XLIT Ltd. | 510,000 | 505,249 | ||||||
5.500% 3/31/45 | 200,000 | 210,481 | ||||||
|
| |||||||
7,464,211 | ||||||||
|
| |||||||
Internet — 0.4% |
| |||||||
Amazon.com, Inc. | 400,000 | 394,027 | ||||||
Expedia Group, Inc. | 280,000 | 285,219 | ||||||
Tencent Holdings Ltd. | 225,000 | 212,966 | ||||||
|
| |||||||
892,212 | ||||||||
|
| |||||||
Investment Companies — 1.0% |
| |||||||
Ares Capital Corp. | 510,000 | 487,341 | ||||||
3.875% 1/15/20 | 520,000 | 522,059 | ||||||
BlackRock TCP Capital Corp. | 470,000 | 446,260 | ||||||
FS Investment Corp. | 605,000 | 607,262 | ||||||
|
| |||||||
2,062,922 | ||||||||
|
| |||||||
Iron & Steel — 0.5% |
| |||||||
Vale Overseas Ltd. | 825,000 | 868,164 | ||||||
6.875% 11/21/36 | 100,000 | 116,120 | ||||||
|
| |||||||
984,284 | ||||||||
|
| |||||||
Lodging — 0.2% |
| |||||||
MGM Resorts International | 534,000 | 497,955 | ||||||
|
| |||||||
Media — 1.9% |
| |||||||
Altice Financing SA | 200,000 | 201,500 | ||||||
CCO Holdings LLC/CCO Holdings Capital Corp. | 250,000 | 234,975 | ||||||
5.750% 1/15/24 | 600,000 | 609,750 | ||||||
Comcast Corp. | 140,000 | 113,275 | ||||||
Discovery Communications LLC | 200,000 | 187,406 | ||||||
5.000% 9/20/37 | 165,000 | 160,888 | ||||||
DISH DBS Corp. | 545,000 | 488,456 | ||||||
Grupo Televisa SAB | 175,000 | 197,426 | ||||||
Sirius XM Radio, Inc. | 1,000,000 | 1,003,750 |
The accompanying notes are an integral part of the financial statements.
100
MassMutual Premier Diversified Bond Fund – Portfolio of Investments (Continued)
Principal Amount | Value | |||||||
TEGNA, Inc. | $ | 500,000 | $ | 503,750 | ||||
Time Warner Cable, Inc. | 400,000 | 341,357 | ||||||
|
| |||||||
4,042,533 | ||||||||
|
| |||||||
Mining — 1.4% |
| |||||||
First Quantum Minerals Ltd. | 1,000,000 | 908,750 | ||||||
Glencore Finance Canada Ltd. | 149,000 | 146,990 | ||||||
Glencore Funding LLC | 260,000 | 241,027 | ||||||
4.000% 4/16/25 (c) | 280,000 | 268,929 | ||||||
4.625% 4/29/24 (c) | 200,000 | 201,226 | ||||||
Kinross Gold Corp. | 225,000 | 201,105 | ||||||
5.125% 9/01/21 | 625,000 | 642,187 | ||||||
Teck Resources Ltd. | 97,000 | 89,483 | ||||||
6.250% 7/15/41 | 143,000 | 150,150 | ||||||
|
| |||||||
2,849,847 | ||||||||
|
| |||||||
Miscellaneous – Manufacturing — 0.0% |
| |||||||
General Electric Co. | 72,000 | 89,929 | ||||||
|
| |||||||
Office Equipment/Supplies — 0.4% |
| |||||||
Pitney Bowes, Inc. | 140,000 | 138,075 | ||||||
3.875% STEP 10/01/21 | 675,000 | 643,781 | ||||||
|
| |||||||
781,856 | ||||||||
|
| |||||||
Oil & Gas — 2.6% |
| |||||||
Anadarko Petroleum Corp. | 235,000 | 276,359 | ||||||
Andeavor | 85,000 | 79,228 | ||||||
Cenovus Energy, Inc. | 200,000 | 191,588 | ||||||
4.250% 4/15/27 | 300,000 | 289,995 | ||||||
6.750% 11/15/39 | 175,000 | 197,353 | ||||||
Citgo Holding, Inc. | 500,000 | 530,000 | ||||||
Encana Corp. | 160,000 | 187,525 | ||||||
EP Energy LLC/Everest Acquisition Finance, Inc. | 220,000 | 168,300 | ||||||
9.375% 5/01/24 (c) | 47,000 | 38,775 | ||||||
EQT Corp. | 685,000 | 641,853 | ||||||
Helmerich & Payne International Drilling Co. | 150,000 | 153,396 |
Principal Amount | Value | |||||||
Jupiter Resources, Inc. | $ | 225,000 | $ | 106,875 | ||||
Marathon Petroleum Corp. | 175,000 | 204,779 | ||||||
Murphy Oil USA, Inc. | 175,000 | 179,813 | ||||||
Newfield Exploration Co. | 152,000 | 157,510 | ||||||
Patterson-UTI Energy, Inc. | 175,000 | 161,909 | ||||||
PBF Holding Co. LLC/PBF Finance Corp. | 200,000 | 208,000 | ||||||
Petroleos Mexicanos | 350,000 | 331,800 | ||||||
4.625% 9/21/23 | 100,000 | 99,100 | ||||||
5.350% 2/12/28 (c) | 190,000 | 179,075 | ||||||
5.500% 1/21/21 | 375,000 | 386,966 | ||||||
6.375% 1/23/45 | 35,000 | 32,410 | ||||||
6.500% 3/13/27 | 65,000 | 66,398 | ||||||
6.625% 6/15/38 | 51,000 | 48,960 | ||||||
Transocean Guardian Ltd. | 115,000 | 116,006 | ||||||
Vine Oil & Gas LP/Vine Oil & Gas Finance Corp. | 200,000 | 195,500 | ||||||
WPX Energy, Inc. | 262,000 | 265,275 | ||||||
|
| |||||||
5,494,748 | ||||||||
|
| |||||||
Oil & Gas Services — 0.1% |
| |||||||
National Oilwell Varco, Inc. | 239,000 | 207,321 | ||||||
|
| |||||||
Packaging & Containers — 0.1% |
| |||||||
BWAY Holding Co. | 200,000 | 196,750 | ||||||
|
| |||||||
Pharmaceuticals — 1.6% |
| |||||||
AbbVie, Inc. | 200,000 | 192,157 | ||||||
Bausch Health Cos., Inc. | 113,000 | 107,350 | ||||||
7.000% 3/15/24 (c) | 115,000 | 121,498 | ||||||
9.250% 4/01/26 (c) | 400,000 | 431,500 | ||||||
Bayer US Finance II LLC | 100,000 | 88,962 | ||||||
4.625% 6/25/38 (c) | 215,000 | 205,839 | ||||||
CVS Health Corp. | 169,000 | 167,675 | ||||||
5.050% 3/25/48 | 240,000 | 245,482 | ||||||
6.125% 9/15/39 | 25,000 | 28,372 | ||||||
CVS Pass-Through Trust | 204,750 | 219,416 | ||||||
7.507% 1/10/32 (c) | 15,577 | 18,096 |
The accompanying notes are an integral part of the financial statements.
101
MassMutual Premier Diversified Bond Fund – Portfolio of Investments (Continued)
Principal Amount | Value | |||||||
Express Scripts Holding Co. | $ | 185,000 | $ | 186,657 | ||||
4.800% 7/15/46 | 185,000 | 180,558 | ||||||
McKesson Corp. | 70,000 | 69,839 | ||||||
Mylan NV | 350,000 | 327,373 | ||||||
Teva Pharmaceutical Finance Netherlands III BV | 63,000 | 61,976 | ||||||
2.200% 7/21/21 | 669,000 | 628,659 | ||||||
4.100% 10/01/46 | 85,000 | 61,969 | ||||||
|
| |||||||
3,343,378 | ||||||||
|
| |||||||
Pipelines — 2.6% |
| |||||||
Andeavor Logistics LP | 325,000 | 326,462 | ||||||
Energy Transfer Partners LP | 60,000 | 60,773 | ||||||
4.200% 4/15/27 | 170,000 | 164,204 | ||||||
4.750% 1/15/26 | 200,000 | 202,067 | ||||||
6.125% 12/15/45 | 180,000 | 191,997 | ||||||
6.250% VRN 12/31/99 (d) (e) | 390,000 | 375,375 | ||||||
EnLink Midstream Partners LP | 200,000 | 199,347 | ||||||
4.150% 6/01/25 | 125,000 | 118,527 | ||||||
4.850% 7/15/26 | 154,000 | 149,305 | ||||||
6.000% VRN 12/31/99 (d) (e) | 375,000 | 339,024 | ||||||
Enterprise Products Operating LLC | 200,000 | 185,232 | ||||||
EQT Midstream Partners LP | 535,000 | 542,909 | ||||||
Kinder Morgan Energy Partners LP | 65,000 | 74,104 | ||||||
6.500% 2/01/37 | 85,000 | 95,343 | ||||||
6.550% 9/15/40 | 80,000 | 91,609 | ||||||
6.950% 1/15/38 | 15,000 | 18,183 | ||||||
MPLX LP | 195,000 | 183,787 | ||||||
5.200% 3/01/47 | 40,000 | 40,080 | ||||||
5.500% 2/15/23 | 142,000 | 144,883 | ||||||
Phillips 66 Partners LP | 18,000 | 17,058 | ||||||
4.900% 10/01/46 | 90,000 | 88,345 | ||||||
Plains All American Pipeline LP/PAA Finance Corp. | 515,000 | 514,476 | ||||||
4.700% 6/15/44 | 230,000 | 207,153 | ||||||
Sabine Pass Liquefaction LLC | 638,000 | 680,456 | ||||||
Sunoco Logistics Partners Operations LP | 120,000 | 113,931 | ||||||
5.300% 4/01/44 | 75,000 | 71,892 |
Principal Amount | Value | |||||||
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp. | $ | 102,000 | $ | 103,913 | ||||
Western Gas Partners LP | 110,000 | 105,517 | ||||||
|
| |||||||
5,405,952 | ||||||||
|
| |||||||
Private Equity — 0.5% |
| |||||||
Hercules Capital, Inc. | 945,000 | 909,433 | ||||||
Icahn Enterprises LP/Icahn Enterprises Finance Corp. | 200,000 | 204,750 | ||||||
|
| |||||||
1,114,183 | ||||||||
|
| |||||||
Real Estate Investment Trusts (REITS) — 0.9% |
| |||||||
Crown Castle International Corp. | 125,000 | 121,113 | ||||||
4.750% 5/15/47 | 70,000 | 66,363 | ||||||
CubeSmart LP | 305,000 | 278,300 | ||||||
Healthcare Trust of America Holdings LP | 240,000 | 226,006 | ||||||
Host Hotels & Resorts LP | 255,000 | 249,046 | ||||||
Kimco Realty Corp. | 160,000 | 151,811 | ||||||
Mid-America Apartments LP | 185,000 | 176,264 | ||||||
National Retail Properties, Inc. | 150,000 | 148,868 | ||||||
SBA Tower Trust | 180,000 | 176,981 | ||||||
3.156% 10/10/45 (c) | 180,000 | 178,650 | ||||||
Weingarten Realty Investors | 75,000 | 68,897 | ||||||
|
| |||||||
1,842,299 | ||||||||
|
| |||||||
Retail — 0.7% |
| |||||||
Dollar Tree, Inc. | 330,000 | 320,522 | ||||||
El Puerto de Liverpool SAB de CV | 280,000 | 268,453 | ||||||
The Home Depot, Inc. | 100,000 | 124,494 | ||||||
Penske Automotive Group, Inc. | 500,000 | 486,100 | ||||||
QVC, Inc. | 225,000 | 222,240 | ||||||
|
| |||||||
1,421,809 | ||||||||
|
| |||||||
Semiconductors — 0.7% |
| |||||||
Microchip Technology, Inc. | 350,000 | 347,949 |
The accompanying notes are an integral part of the financial statements.
102
MassMutual Premier Diversified Bond Fund – Portfolio of Investments (Continued)
Principal Amount | Value | |||||||
NXP BV/NXP Funding LLC | $ | 1,000,000 | $ | 1,013,750 | ||||
|
| |||||||
1,361,699 | ||||||||
|
| |||||||
Telecommunications — 1.5% |
| |||||||
AT&T, Inc. | 200,000 | 190,414 | ||||||
4.750% 5/15/46 | 465,000 | 424,841 | ||||||
5.250% 3/01/37 | 108,000 | 107,638 | ||||||
Embarq Corp. | 45,000 | 45,000 | ||||||
Ericsson LM | 325,000 | 322,944 | ||||||
Hughes Satellite Systems Corp. | 444,000 | 429,570 | ||||||
Sprint Capital Corp. | 500,000 | 502,500 | ||||||
Sprint Corp. | 400,000 | 415,000 | ||||||
T-Mobile USA, Inc. | 165,000 | 164,381 | ||||||
Telefonica Emisiones SAU | 185,000 | 173,807 | ||||||
Verizon Communications, Inc. | 357,000 | 434,252 | ||||||
|
| |||||||
3,210,347 | ||||||||
|
| |||||||
Transportation — 0.4% |
| |||||||
The Kenan Advantage Group, Inc. | 720,000 | 744,750 | ||||||
Pacific National Finance Pty Ltd. | 45,000 | 45,505 | ||||||
|
| |||||||
790,255 | ||||||||
|
| |||||||
Trucking & Leasing — 0.1% |
| |||||||
Penske Truck Leasing Co. LP/PTL Finance Corp. | 145,000 | 144,497 | ||||||
|
| |||||||
TOTAL CORPORATE DEBT (Cost $86,831,426) | 85,337,207 | |||||||
|
| |||||||
MUNICIPAL OBLIGATIONS — 0.3% |
| |||||||
State of California BAB | 275,000 | 401,384 | ||||||
7.600% 11/01/40 | 150,000 | 222,936 | ||||||
|
| |||||||
624,320 | ||||||||
|
| |||||||
TOTAL MUNICIPAL OBLIGATIONS (Cost $574,223) | 624,320 | |||||||
|
|
Principal Amount | Value | |||||||
NON-U.S. GOVERNMENT AGENCY OBLIGATIONS — 28.6% |
| |||||||
Automobile ABS — 1.4% |
| |||||||
Flagship Credit Auto Trust | $ | 300,000 | $ | 291,049 | ||||
Series 2016-2, Class A2, | 347,942 | 348,186 | ||||||
Hertz Vehicle Financing II LP | 650,000 | 631,526 | ||||||
Series 2018-1A, Class C, | 330,000 | 322,317 | ||||||
Oscar US Funding Trust II, | 308,096 | 307,296 | ||||||
Oscar US Funding Trust IV, | 9,997 | 10,019 | ||||||
Oscar US Funding Trust V, | 600,000 | 594,465 | ||||||
Oscar US Funding Trust VI, | 150,000 | 149,262 | ||||||
Santander Drive Auto Receivables Trust, | 250,766 | 251,084 | ||||||
|
| |||||||
2,905,204 | ||||||||
|
| |||||||
Commercial MBS — 1.9% |
| |||||||
Aventura Mall Trust, Series 2018-AVM, Class D, | 530,000 | 514,133 | ||||||
BBCMS 2018-CHRS Mortgage Trust, | 400,000 | 399,094 | ||||||
BBCMS Mortgage Trust | 280,000 | 274,800 | ||||||
Series 2018-CHRS, Class D, | 270,000 | 260,059 | ||||||
BHMS Mortgage Trust, | 900,000 | 901,380 | ||||||
Commercial Mortgage Pass-Through Certificates | 152,000 | 154,508 | ||||||
Series 2014-UBS2, Class AM, | 100,000 | 101,082 | ||||||
Series 2014-CR14, Class A4, | 110,000 | 113,794 |
The accompanying notes are an integral part of the financial statements.
103
MassMutual Premier Diversified Bond Fund – Portfolio of Investments (Continued)
Principal Amount | Value | |||||||
Series 2015-CR23, Class C, | $ | 110,000 | $ | 107,997 | ||||
DBCCRE Mortgage Trust, | 100,000 | 102,544 | ||||||
GCCFC Commercial Mortgage Trust, | 100,922 | 101,980 | ||||||
GS Mortgage Securities Corp. II, | 109,000 | 88,736 | ||||||
TIAA Seasoned Commercial Mortgage Trust, Series 2007-C4, Class AJ, | 5,769 | 5,796 | ||||||
VNO Mortgage Trust, Series 2013-PENN, Class A | 110,000 | 110,986 | ||||||
Wells Fargo Commercial Mortgage Trust, Series 2015-NXS1, Class C, | 140,000 | 134,997 | ||||||
WF-RBS Commercial Mortgage Trust | 110,000 | 111,966 | ||||||
Series 2012-C8, Class C, | 100,000 | 102,089 | ||||||
Series 2011-C5, Class C, | 170,000 | 177,504 | ||||||
Series 2011-C5, Class D, | 115,000 | 117,877 | ||||||
|
| |||||||
3,881,322 | ||||||||
|
| |||||||
Home Equity ABS — 0.2% |
| |||||||
Accredited Mortgage Loan Trust, | 5,358 | 5,361 | ||||||
ACE Securities Corp., Series 2005-HE5, Class M2, 1 mo. USD LIBOR + .735% | 2,742 | 2,754 | ||||||
Countrywide Partnership Trust, | 193,391 | 193,420 | ||||||
Credit Suisse Seasoned Loan Trust, | 100,598 | 100,404 | ||||||
Mastr Asset-Backed Securities Trust | 99,504 | 97,944 | ||||||
Series 2005-WMC1, Class M3, 1 mo. USD LIBOR + .720% | 14,188 | 14,297 |
Principal Amount | Value | |||||||
Option One Mortgage Loan Trust, | $ | 5,568 | $ | 5,573 | ||||
|
| |||||||
419,753 | ||||||||
|
| |||||||
Other ABS — 14.0% |
| |||||||
321 Henderson Receivables LLC, | 80,433 | 76,864 | ||||||
Aames Mortgage Investment Trust, | 32,374 | 32,139 | ||||||
ALM VII Ltd., Series 2012-7A, Class A1R, 3 mo. USD LIBOR + 1.480% | 390,000 | 392,016 | ||||||
Apidos CLO XXV, Series 2016-25A, Class A1, 3 mo. USD LIBOR + 1.460% | 250,000 | 250,047 | ||||||
Arbys Funding LLC, Series 2015-1A, Class A2 | 262,575 | 263,431 | ||||||
Argent Securities, Inc. Asset-Backed Pass-Through Certificates, Series 2004-W10, Class M1, 1 mo. USD LIBOR + .900% | 340,436 | 336,884 | ||||||
Avery Point III CLO Ltd., Series 2013-3A, Class AR, 3 mo. USD LIBOR + 1.120% | 147,480 | 147,495 | ||||||
Bain Capital Credit CLO, Series 2017-1A, Class A1, 3 mo. USD LIBOR + 1.250% | 330,000 | 330,342 | ||||||
Benefit Street Partners CLO V-B Ltd., Series 2018-5BA, Class A1A, | 380,000 | 379,386 | ||||||
Blackbird Capital Aircraft Lease Securitization Ltd., Series 2016-1A, Class A, | 447,917 | 450,007 | ||||||
BlueVirgo Trust, Series 2015-1A, Class NOTE | 87,478 | 87,478 | ||||||
BRE Grand Islander Timeshare Issuer LLC | 155,091 | 151,502 | ||||||
Series 2017-1A, Class B, | 128,118 | 123,884 | ||||||
Capital Automotive REIT | 100,000 | 96,226 | ||||||
Series 2017-1A, Class A2, | 157,733 | 155,750 |
The accompanying notes are an integral part of the financial statements.
104
MassMutual Premier Diversified Bond Fund – Portfolio of Investments (Continued)
Principal Amount | Value | |||||||
Carlyle Global Market Strategies CLO Ltd., Series 2013-1A, Class A1R, 3 mo. USD LIBOR + 1.220% | $ | 250,000 | $ | 250,365 | ||||
CIFC Funding V Ltd., Series 2017-5A, Class A1, | 250,000 | 250,076 | ||||||
Citigroup Mortgage Loan Trust, Inc., Series 2006-WFH2, Class A2A, 1 mo. USD LIBOR + ..150% | 6,143 | 6,138 | ||||||
CLI Funding V LLC, Series 2014-2A, Class A | 58,676 | 57,490 | ||||||
CLI Funding VI LLC | 324,377 | 317,111 | ||||||
Series 2016-1A, Class A, | 374,376 | 365,911 | ||||||
Countrywide Asset-Backed Certificates, Series 2004-5, Class 3A, 1 mo. USD LIBOR + .460% | 16,575 | 16,553 | ||||||
CWABS Asset-Backed Certificates Trust, Series 2005-4, Class MV5, 1 mo. USD LIBOR + 1.005% | 440,000 | 435,700 | ||||||
DB Master Finance LLC, Series 2015-1A, Class A2II | 386,000 | 386,288 | ||||||
Diamond Resorts Owner Trust | 318,682 | 309,728 | ||||||
Series 2015-2, Class B, | 41,739 | 41,496 | ||||||
Domino’s Pizza Master Issuer LLC | 269,325 | 267,706 | ||||||
Series 2017-1A, Class A23, | 168,300 | 165,791 | ||||||
Series 2015-1A, Class A2II, | 606,050 | 609,793 | ||||||
Dong Fang Container Finance II SPV Ltd., Series 2014-1A, Class A2 | 169,572 | 160,916 | ||||||
Drug Royalty Corp., Inc., Series 2012-1, Class A2 | 6,923 | 6,916 | ||||||
Elara HGV Timeshare Issuer LLC | 204,426 | 200,033 | ||||||
Series 2016-A, Class B, | 124,650 | 121,106 |
Principal Amount | Value | |||||||
Element Rail Leasing II LLC | $ | 48,713 | $ | 47,922 | ||||
Series 2015-1A, Class A2, | 160,000 | 157,835 | ||||||
Series 2016-1A, Class A1, | 145,917 | 146,535 | ||||||
Fairway Outdoor Funding LLC, Series 2012-1A, Class A2 | 195,361 | 195,236 | ||||||
Fremont Home Loan Trust, Series 2005-2, Class M2, 1 mo. USD LIBOR + .720% | 40,402 | 40,407 | ||||||
Galaxy XX CLO Ltd., Series 2015-20A, Class AR, | 250,000 | 248,960 | ||||||
Global SC Finance IV Ltd., Series 2017-1A, Class A | 250,721 | 247,355 | ||||||
Goldentree Loan Management US CLO Ltd., Series 2017-2A, Class A, | 750,000 | 750,959 | ||||||
Goodgreen Trust | 373,423 | 359,779 | ||||||
Series 2017-1A, Class A, | 201,005 | 199,234 | ||||||
Helios Issuer LLC, Series 2017-1A, Class A | 278,234 | 283,799 | ||||||
Hercules Capital Funding Trust, Series 2014-1A, Class A | 6,797 | 6,797 | ||||||
Hero Funding Trust | 193,332 | 186,585 | ||||||
Series 2017-3A, Class A1, | 233,441 | 224,062 | ||||||
Series 2017-2A, Class A1, | 90,429 | 88,514 | ||||||
Series 2016-4A, Class A2, | 186,464 | 187,728 | ||||||
Hilton Grand Vacations Trust | 32,692 | 32,096 | ||||||
Series 2013-A, Class A, | 37,251 | 37,034 | ||||||
J.G. Wentworth XXXV LLC, Series 2015-2A, Class A | 81,332 | 80,324 | ||||||
JP Morgan Mortgage Acquisition Trust, Series 2006-CH1, Class A5, 1 mo. USD LIBOR + .230% | 37,037 | 36,997 |
The accompanying notes are an integral part of the financial statements.
105
MassMutual Premier Diversified Bond Fund – Portfolio of Investments (Continued)
Principal Amount | Value | |||||||
KDAC Aircraft Finance Ltd., | $ | 397,019 | $ | 391,814 | ||||
Labrador Aviation Finance Ltd., | 421,042 | 421,313 | ||||||
LCM XXIII Ltd., Series 23A, Class A1, 3 mo. USD LIBOR + 1.400% | 480,000 | 481,855 | ||||||
Madison Park Funding XIV Ltd., | 500,000 | 500,049 | ||||||
Madison Park Funding XXII Ltd., | 250,000 | 250,871 | ||||||
Madison Park Funding XXVIII Ltd., Series 2018-28A, Class B, | 950,000 | 949,949 | ||||||
Magnetite XV Ltd., Series 2015-15A, Class CR, | 490,000 | 486,154 | ||||||
Marble Point CLO XI Ltd., | 250,000 | 249,903 | ||||||
Mariner Finance Issuance Trust, | 320,000 | 319,945 | ||||||
Marlette Funding Trust, | 140,000 | 139,713 | ||||||
Mosaic Solar Loans LLC, | 72,120 | 72,633 | ||||||
MP CLO III Ltd., | 250,000 | 250,127 | ||||||
MVW Owner Trust, | 35,299 | 34,784 | ||||||
New Residential Advance Receivables Trust, Series 2016-T2, Class AT2 | 900,000 | 892,308 | ||||||
NP SPE II LLC, | 380,000 | 377,065 | ||||||
NRZ Advance Receivables Trust | 1,700,000 | 1,653,149 | ||||||
Series 2016-T4, Class AT4, | 470,000 | 465,582 |
Principal Amount | Value | |||||||
OHA Loan Funding Ltd., Series 2015-1A, Class AR, 3 mo. USD LIBOR + 1.410% | $ | 480,000 | $ | 482,030 | ||||
Orange Lake Timeshare Trust | 23,478 | 22,999 | ||||||
Series 2016-A, Class B, | 133,265 | 129,891 | ||||||
Oxford Finance Funding Trust, Series 2014-1A, Class A | 66,054 | 66,082 | ||||||
Park Place Securities, Inc. | 68,748 | 69,150 | ||||||
Series 2005-WCW2, Class M1, ABS, 1 mo. USD LIBOR + .750% | 32,074 | 32,100 | ||||||
Planet Fitness Master Issuer LLC, Series 2018-1A, Class A2II | 750,000 | 740,333 | ||||||
PNMAC GMSR Issuer Trust, Series 2018-GT1, Class A (Acquired 2/21/18, Cost $210,000), | 210,000 | 212,430 | ||||||
Popular ABS Mortgage Pass-Through Trust, Series 2006-B, Class A3, 1 mo. USD LIBOR + .280% | 48,090 | 48,056 | ||||||
RAAC, Series 2006-RP2, Class A, 1 mo. USD LIBOR + ..250% | 6,472 | 6,468 | ||||||
Race Point VIII CLO Ltd., Series 2013-8A, Class AR, 3 mo. USD LIBOR + 1.340% | 250,000 | 251,163 | ||||||
RR 3 Ltd., Series 2018-3A, Class A1R2, | 500,000 | 499,292 | ||||||
Seneca Park CLO Ltd., Series 2014-1A, Class AR, 3 mo. USD LIBOR + 1.120% | 250,000 | 250,006 | ||||||
Sierra Timeshare Receivables Funding LLC | 54,684 | 53,816 | ||||||
Series 2015-2A, Class B, | 32,611 | 32,312 | ||||||
Series 2015-3A, Class B, | 24,061 | 23,823 | ||||||
Series 2016-1A, Class B, | 62,609 | 62,393 | ||||||
SoFi Consumer Loan Program LLC, Series 2017-2, Class A | 293,363 | 292,622 |
The accompanying notes are an integral part of the financial statements.
106
MassMutual Premier Diversified Bond Fund – Portfolio of Investments (Continued)
Principal Amount | Value | |||||||
Spirit Master Funding LLC, Series 2014-4A, Class A1 | $ | 109,622 | $ | 109,464 | ||||
SpringCastle America Funding LLC, Series 2016-AA, Class A | 222,233 | 221,257 | ||||||
SPS Servicer Advance Receivables Trust, Series 2016-T2, Class AT2 | 710,000 | 705,611 | ||||||
Steele Creek CLO Ltd., Series 2018-2A, Class C, | 490,000 | 489,964 | ||||||
Store Master Funding LLC, Series 2013-3A, Class A1 | 110,562 | 110,675 | ||||||
SuttonPark Structured Settlements LLC, Series 2017-1A, Class A | 306,292 | 288,490 | ||||||
Symphony CLO XV Ltd., Series 2014-15A, Class AR, 3 mo. USD LIBOR + 1.180% | 300,000 | 300,098 | ||||||
Taco Bell Funding LLC | 472,800 | 473,296 | ||||||
Series 2016-1A, Class A23, | 433,400 | 447,351 | ||||||
TCI-Symphony CLO Ltd., Series 2016-1A, Class A, 3 mo. USD LIBOR + 1.480% | 320,000 | 320,923 | ||||||
Textainer Marine Containers V Ltd. | 207,089 | 201,687 | ||||||
Series 2017-1A, Class A, | 266,132 | 263,269 | ||||||
Textainer Marine Containers VII Ltd., Series 2018-1A, Class A | 395,200 | 391,892 | ||||||
Trafigura Securitisation Finance PLC, Series 2017-1A, Class B, 1 mo. USD LIBOR + 1.700% | 230,000 | 229,789 | ||||||
Trinity Rail Leasing L.P., Series 2018-1A, Class A2 | 430,000 | 433,487 | ||||||
Trip Rail Master Funding LLC, | 140,000 | 137,959 | ||||||
Triton Container Finance IV LLC, | 532,160 | 520,709 | ||||||
Triton Container Finance VI LLC, Series 2017-1A, Class A | 166,819 | 162,326 |
Principal Amount | Value | |||||||
VSE VOI Mortgage LLC, Series 2016-A, Class B | $ | 67,618 | $ | 66,016 | ||||
Welk Resorts LLC, Series 2017-AA, Class B | 207,148 | 201,402 | ||||||
Wendy’s Funding LLC | 320,100 | 319,470 | ||||||
Series 2015-1A, Class A23, | 339,500 | 340,569 | ||||||
Westgate Resorts LLC | 49,653 | 49,446 | ||||||
Series 2017-1A, Class A, | 179,913 | 177,764 | ||||||
Willis Engine Structured Trust IV, Series 2018-A, Class A, | 260,000 | 260,586 | ||||||
|
| |||||||
29,236,406 | ||||||||
|
| |||||||
Student Loans ABS — 10.8% |
| |||||||
Academic Loan Funding Trust, Series 2012-1A, Class A2, 1 mo. USD LIBOR + 1.100% | 430,275 | 433,486 | ||||||
Access Group, Inc. | 538,906 | 524,293 | ||||||
Series 2015-1, Class B, 1 mo. USD LIBOR + 1.500% | 130,000 | 116,863 | ||||||
AccessLex Institute | 800,000 | 789,174 | ||||||
Series 2005-1, Class B, 3 mo. USD LIBOR + .570% | 342,293 | 328,740 | ||||||
Series 2003-A, Class A3, 3 mo. Treasury + 1.200% | 16,809 | 16,439 | ||||||
Commonbond Student Loan Trust, Series 2017-AGS, Class C | 210,791 | 209,641 | ||||||
Credit Suisse ABS Repackaging Trust, Series 2013-A, Class B | 134,448 | 124,306 | ||||||
DRB Prime Student Loan Trust | 83,171 | 82,227 | ||||||
Series 2016-R, Class A2, | 458,441 | 457,396 |
The accompanying notes are an integral part of the financial statements.
107
MassMutual Premier Diversified Bond Fund – Portfolio of Investments (Continued)
Principal Amount | Value | |||||||
Series 2015-B, Class A1, 1 mo. USD LIBOR + 1.900% | $ | 65,552 | $ | 67,448 | ||||
Earnest Student Loan Program LLC | 186,216 | 182,496 | ||||||
Series 2016-B, Class A1, 1 mo. USD LIBOR + 2.050% | 150,684 | 154,425 | ||||||
ECMC Group Student Loan Trust, Series 2016-1A, Class A, 1 mo. USD LIBOR + 1.350% | 463,541 | 472,561 | ||||||
EdLinc Student Loan Funding Trust, Series 2017-A, Class A (Acquired 12/22/17, Cost $595,828), | 518,374 | 512,600 | ||||||
KeyCorp Student Loan Trust | 14,763 | 14,765 | ||||||
Series 1999-B, Class CTFS, 3 mo. USD LIBOR + .900% | 33,558 | 33,599 | ||||||
Navient Private Education Refi Loan Trust, Series 2018-CA, Class B | 280,000 | 279,845 | ||||||
Navient Student Loan Trust | 650,000 | 652,947 | ||||||
Series 2017-5A, Class A, | 331,044 | 334,214 | ||||||
Series 2017-1A, Class A3, 1 mo. USD LIBOR + 1.150% | 400,000 | 409,278 | ||||||
Series 2018-1A, Class B, | 250,000 | 250,000 | ||||||
Series 2016-6A, Class A3, 1 mo. USD LIBOR + 1.300% | 1,030,000 | 1,068,301 | ||||||
Nelnet Private Education Loan Trust | 137,812 | 132,464 | ||||||
Series 2016-A, Class A1A, 1 mo. USD LIBOR + 1.750% | 123,036 | 123,249 | ||||||
Nelnet Student Loan Trust | 150,000 | 146,351 | ||||||
Series 2006-3, Class B, 3 mo. USD LIBOR + .250% | 165,173 | 151,561 |
Principal Amount | Value | |||||||
Series 2012-2A, Class B, 1 mo. USD LIBOR + 1.000% | $ | 200,000 | $ | 188,743 | ||||
Series 2012-1A, Class B, 1 mo. USD LIBOR + 1.000% | 150,000 | 141,599 | ||||||
Series 2014-2A, Class B, 1 mo. USD LIBOR + 1.500% | 100,000 | 94,242 | ||||||
Series 2014-1A, Class B, 1 mo. USD LIBOR + 1.500% | 440,000 | 422,295 | ||||||
Series 2014-5A, Class B, 1 mo. USD LIBOR + 1.500% | 100,000 | 96,836 | ||||||
Pennsylvania Higher Education Assistance Agency | 424,949 | 430,463 | ||||||
Series 2015-1A, Class B, 1 mo. USD LIBOR + 1.500% | 130,000 | 121,740 | ||||||
SLM Student Loan Trust | 100,000 | 96,640 | ||||||
Series 2005-3, Class B, 3 mo. USD LIBOR + .150% | 144,289 | 132,196 | ||||||
Series 2006-10, Class A6, 3 mo. USD LIBOR + .150% | 1,280,000 | 1,232,002 | ||||||
Series 2006-7, Class B, 3 mo. USD LIBOR + .200% | 397,276 | 378,806 | ||||||
Series 2006-4, Class B, 3 mo. USD LIBOR + .200% | 205,915 | 195,619 | ||||||
Series 2006-5, Class B, 3 mo. USD LIBOR + .210% | 168,964 | 160,193 | ||||||
Series 2006-10, Class B, 3 mo. USD LIBOR + .220% | 414,814 | 392,409 | ||||||
Series 2005-6, Class B,, 3 mo. USD LIBOR + .290% | 407,915 | 381,496 | ||||||
Series 2005-9, Class B, 3 mo. USD LIBOR + .300% | 501,425 | 478,949 | ||||||
Series 2004-3, Class B, 3 mo. USD LIBOR + .470% | 136,280 | 129,511 |
The accompanying notes are an integral part of the financial statements.
108
MassMutual Premier Diversified Bond Fund – Portfolio of Investments (Continued)
Principal Amount | Value | |||||||
Series 2004-3A, Class A6A, 3 mo. USD LIBOR + .550% | $ | 700,000 | $ | 703,036 | ||||
Series 2005-9, Class A7A, 3 mo. EURIBOR + .600% | 570,000 | 571,284 | ||||||
Series 2003-14, Class A7, 3 mo. USD LIBOR + .600% | 2,610,000 | 2,610,376 | ||||||
Series 2013-2, Class B, 1 mo. USD LIBOR + 1.500% | 310,000 | 305,675 | ||||||
Series 2013-1, Class B,, 1 mo. USD LIBOR + 1.800% | 381,000 | 393,779 | ||||||
Series 2002-7, Class A11, 28 day ARS | 100,000 | 100,000 | ||||||
Series 2003-5, Class A7, 28 day ARS + 2.500% | 50,000 | 50,000 | ||||||
Series 2002-7, Class B, 28 day ARS | 600,000 | 591,414 | ||||||
SMB Private Education Loan Trust, Series 2016-B, Class A2A | 197,439 | 190,276 | ||||||
SoFi Professional Loan Program LLC | 200 | 213,750 | ||||||
Series 2017-D, Class R1 (Acquired 7/19/17, Cost $565,900), | 1,000,000 | 630,000 | ||||||
Series 2018-A, Class R1 (Acquired 1/22/18, Cost $718,200), | 1,000,000 | 718,200 | ||||||
Series 2018-D, Class R1 (Acquired 9/20/18, Cost $314,012), | 911,500 | 314,012 | ||||||
Series 2016-B, Class A2B, | 272,891 | 270,472 | ||||||
Series 2014-A, Class A2, | 24,866 | 24,756 | ||||||
Series 2017-D, Class BFX, | 500,000 | 482,144 | ||||||
Series 2016-A, Class A1, 1 mo. USD LIBOR + 1.750% | 61,712 | 63,559 | ||||||
Series 2017-C, Class C, | 180,000 | 169,682 | ||||||
Series 2017-A, Class C, | 170,000 | 164,545 |
Principal Amount | Value | |||||||
South Carolina Student Loan Corp. | $ | 550,000 | $ | 536,915 | ||||
Series 2015-A, Class A, 1 mo. USD LIBOR + 1.500% | 130,476 | 131,511 | ||||||
|
| |||||||
22,377,794 | ||||||||
|
| |||||||
WL Collateral CMO — 0.3% |
| |||||||
Bank of America Mortgage Securities, Series 2004-G, Class 2A7, | 23,476 | 23,721 | ||||||
Countrywide Home Loans, Inc. | 10,494 | 10,548 | ||||||
Series 2003-42, Class 1A1, | 2,423 | 2,207 | ||||||
GSR Mortgage Loan Trust, Series 2004-9, Class 2A1, | 3,817 | 3,791 | ||||||
IndyMac Index Mortgage Loan Trust, Series 2004-AR4, Class 1A, | 26,788 | 26,258 | ||||||
JP Morgan Mortgage Trust, Series 2017-1, Class A11, | 481,021 | 461,718 | ||||||
Merrill Lynch Mortgage Investors, Inc. | 2,018 | 1,953 | ||||||
Series 2003-A4, Class IA, | 1,561 | 1,564 | ||||||
Morgan Stanley Mortgage Loan Trust, Series 2004-2AR, Class 1A, | 114 | 123 | ||||||
Structured Adjustable Rate Mortgage Loan Trust, Series 2004-2, Class 2A, | 11,583 | 11,642 | ||||||
Washington Mutual Mortgage Pass-Through Certificates, Series 2004-AR2, Class A, 12 mo. MTA + 1.400% | 37,443 | 38,869 | ||||||
|
| |||||||
582,394 | ||||||||
|
| |||||||
TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $59,518,669) | 59,402,873 | |||||||
|
| |||||||
SOVEREIGN DEBT OBLIGATIONS — 0.8% |
| |||||||
Brazilian Government International Bond | 100,000 | 101,401 |
The accompanying notes are an integral part of the financial statements.
109
MassMutual Premier Diversified Bond Fund – Portfolio of Investments (Continued)
Principal Amount | Value | |||||||
Colombia Government International Bond | $ | 440,000 | $ | 498,300 | ||||
Mexico Government International Bond | 554,000 | 529,347 | ||||||
6.750% 9/27/34 | 375,000 | 448,125 | ||||||
|
| |||||||
1,577,173 | ||||||||
|
| |||||||
TOTAL SOVEREIGN DEBT OBLIGATIONS (Cost $1,656,955) | 1,577,173 | |||||||
|
| |||||||
U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES — 21.7% |
| |||||||
Collateralized Mortgage Obligations — 0.4% |
| |||||||
Federal Home Loan Mortgage Corp. | 182,070 | 179,684 | ||||||
Series 2617, Class Z, | 101,531 | 108,965 | ||||||
Series 2693, Class Z, | 184,265 | 196,979 | ||||||
Series 3423, Class PB, | 50,217 | 54,196 | ||||||
Series 2178, Class PB, | 11,410 | 12,429 | ||||||
Federal National Mortgage Association | 97,663 | 98,633 | ||||||
Series 2007-32, Class Z, | 78,191 | 84,321 | ||||||
Series 2010-60, Class HJ, | 39,129 | 41,302 | ||||||
Federal National Mortgage Association REMIC | 47,669 | 50,298 | ||||||
|
| |||||||
826,807 | ||||||||
|
| |||||||
Pass-Through Securities — 21.3% |
| |||||||
Federal Home Loan Mortgage Corp. | 104,273 | 103,304 | ||||||
Pool #Q41916 3.500% 7/01/46 | 255,857 | 253,559 | ||||||
Pool #Q42045 3.500% 7/01/46 | 102,375 | 101,455 | ||||||
Pool #Q44275 3.500% 11/01/46 | 212,135 | 210,163 | ||||||
Pool #Q44277 3.500% 11/01/46 | 48,307 | 47,768 | ||||||
Pool #Q52216 3.500% 11/01/47 | 337,346 | 332,312 | ||||||
Pool #V83655 3.500% 12/01/47 | 1,780,480 | 1,753,912 | ||||||
Pool #V83763 3.500% 12/01/47 | 2,171,702 | 2,139,296 | ||||||
Pool #V83764 4.000% 12/01/47 | 1,154,539 | 1,167,978 | ||||||
Pool #V83796 4.000% 12/01/47 | 2,715,438 | 2,745,775 | ||||||
Pool #Q52834 4.000% 12/01/47 | 251,240 | 254,046 | ||||||
Pool #V83962 4.000% 2/01/48 | 482,576 | 487,665 |
Principal Amount | Value | |||||||
Pool #Q57232 4.000% 7/01/48 | $ | 427,262 | $ | 431,652 | ||||
Pool #C03537 4.500% 8/01/40 | 169,304 | 176,631 | ||||||
Pool #G06057 4.500% 10/01/40 | 153,344 | 159,789 | ||||||
Pool #G60485 4.500% 10/01/41 | 164,120 | 171,019 | ||||||
Pool #G60172 4.500% 9/01/43 | 179,778 | 187,559 | ||||||
Pool #Q48208 4.500% 5/01/47 | 137,688 | 142,314 | ||||||
Pool #Q48869 4.500% 6/01/47 | 1,254,538 | 1,296,682 | ||||||
Pool #G11476 5.000% 11/01/18 | 30 | 30 | ||||||
Pool #B16010 5.000% 8/01/19 | 78 | 79 | ||||||
Pool #B17058 5.000% 9/01/19 | 291 | 294 | ||||||
Pool #B18677 5.000% 1/01/20 | 101 | 102 | ||||||
Pool #G01311 7.000% 9/01/31 | 980 | 1,099 | ||||||
Pool #C80207 7.500% 9/01/24 | 728 | 790 | ||||||
Pool #C00530 7.500% 7/01/27 | 770 | 859 | ||||||
Pool #C00563 7.500% 11/01/27 | 2,797 | 3,123 | ||||||
Pool #C00612 7.500% 4/01/28 | 143 | 158 | ||||||
Pool #C55867 7.500% 2/01/30 | 3,193 | 3,514 | ||||||
Federal National Mortgage Association | 207,207 | 199,793 | ||||||
Pool #BC9003 3.000% 11/01/46 | 352,745 | 337,918 | ||||||
Pool #MA2806 3.000% 11/01/46 | 4,003,816 | 3,835,531 | ||||||
Pool #BM3564 3.000% 7/01/47 | 933,189 | 893,966 | ||||||
Pool #AS1304 3.500% 12/01/28 | 235,806 | 237,694 | ||||||
Pool #AV1897 3.500% 12/01/28 | 39,531 | 39,847 | ||||||
Pool #AV2325 3.500% 12/01/28 | 115,153 | 116,075 | ||||||
Pool #BF0196 3.500% 2/01/41 | 291,430 | 289,393 | ||||||
Pool #MA1356 3.500% 2/01/43 | 1,371,130 | 1,358,115 | ||||||
Pool #BM3994 3.500% 1/01/44 | 305,138 | 302,242 | ||||||
Pool #CA1073 3.500% 1/01/48 | 2,049,228 | 2,018,249 | ||||||
Pool #MA3287 3.500% 2/01/48 | 989,939 | 966,931 | ||||||
Pool #888586 1 year CMT + 2.198% | 119,972 | 124,432 | ||||||
Pool #AX0120 4.000% 9/01/39 | 94,434 | 95,743 | ||||||
Pool #CA0181 4.000% 8/01/47 | 2,027,784 | 2,050,200 | ||||||
Pool #BH9008 4.000% 8/01/47 | 49,126 | 49,669 | ||||||
Pool #BH9011 4.000% 9/01/47 | 190,289 | 192,393 | ||||||
Pool #CA0620 4.000% 10/01/47 | 186,523 | 188,585 | ||||||
Pool #BJ0686 4.000% 4/01/48 | 1,265,520 | 1,278,422 | ||||||
Pool #CA1951 4.000% 7/01/48 | 642,325 | 648,874 | ||||||
Pool #CA2039 4.000% 7/01/48 | 1,213,685 | 1,227,101 | ||||||
Pool #BF0105 4.000% 6/01/56 | 506,518 | 512,909 | ||||||
Pool #725692 1 year CMT + 2.138% | 58,685 | 61,526 | ||||||
Pool #AH6787 4.500% 3/01/41 | 137,666 | 143,565 | ||||||
Pool #CA1952 4.500% 6/01/48 | 841,102 | 868,470 | ||||||
Pool #BK7877 4.500% 7/01/48 | 491,107 | 507,087 | ||||||
Pool #735010 5.000% 11/01/19 | 10,365 | 10,414 | ||||||
Pool #AD6437 5.000% 6/01/40 | 78,350 | 83,336 | ||||||
Pool #AD6996 5.000% 7/01/40 | 522,819 | 554,290 | ||||||
Pool #AL8173 5.000% 2/01/44 | 200,118 | 212,102 | ||||||
Pool #575579 7.500% 4/01/31 | 6,710 | 7,557 | ||||||
Pool #535996 7.500% 6/01/31 | 947 | 1,070 |
The accompanying notes are an integral part of the financial statements.
110
MassMutual Premier Diversified Bond Fund – Portfolio of Investments (Continued)
Principal Amount | Value | |||||||
Federal National Mortgage Association TBA | $ | 870,000 | $ | 832,413 | ||||
Pool #21133 4.500% 5/01/48 (g) | 995,000 | 1,026,405 | ||||||
Government National Mortgage Association | 381,335 | 381,022 | ||||||
Pool #BF1053 3.500% 12/15/47 | 342,706 | 340,604 | ||||||
Pool #BF1120 3.500% 1/15/48 | 345,721 | 343,600 | ||||||
Pool #AV1854 3.500% 1/15/48 | 370,501 | 368,229 | ||||||
Pool #BF1214 3.500% 2/15/48 | 296,742 | 294,922 | ||||||
Pool #BF1245 3.500% 2/15/48 | 296,693 | 294,873 | ||||||
Pool #579140 6.500% 1/15/32 | 755 | 833 | ||||||
Pool #587280 6.500% 9/15/32 | 1,090 | 1,200 | ||||||
Pool #550659 6.500% 9/15/35 | 70,998 | 79,276 | ||||||
Pool #538689 6.500% 12/15/35 | 16,099 | 18,008 | ||||||
Pool #780651 7.000% 10/15/27 | 1,119 | 1,229 | ||||||
Pool #462384 7.000% 11/15/27 | 544 | 595 | ||||||
Pool #482668 7.000% 8/15/28 | 924 | 1,025 | ||||||
Pool #506804 7.000% 5/15/29 | 5,722 | 6,233 | ||||||
Pool #506914 7.000% 5/15/29 | 1,196 | 1,206 | ||||||
Pool #581417 7.000% 7/15/32 | 1,884 | 2,120 | ||||||
Pool #423836 8.000% 8/15/26 | 789 | 881 | ||||||
Pool #444619 8.000% 3/15/27 | 6,757 | 7,506 | ||||||
Government National Mortgage Association II | 37,361 | 38,691 | ||||||
Pool #82488 1 year CMT + 1.500% | 46,648 | 48,292 | ||||||
Pool #784314 3.500% 5/20/43 | 173,240 | 172,976 | ||||||
Pool #784026 3.500% 12/20/44 | 416,713 | 415,557 | ||||||
Pool #BC4641 3.500% 9/20/47 | 441,642 | 438,761 | ||||||
Pool #MA4778 3.500% 10/20/47 | 211,988 | 211,002 | ||||||
Pool #BC4885 3.500% 11/20/47 | 678,091 | 674,833 | ||||||
Pool #BD6940 3.500% 12/20/47 | 413,152 | 410,456 | ||||||
Pool #BE4328 3.500% 12/20/47 | 314,298 | 312,690 | ||||||
Pool #BD3899 3.500% 1/20/48 | 825,764 | 821,538 | ||||||
Pool #BE6487 3.500% 1/20/48 | 197,565 | 196,276 | ||||||
Pool #BD6461 3.500% 1/20/48 | 375,305 | 372,857 | ||||||
Pool #BF1119 3.500% 1/20/48 | 558,477 | 554,834 | ||||||
Pool #BF1269 3.500% 2/20/48 | 296,751 | 294,815 | ||||||
Pool #AC2985 4.000% 10/20/47 | 113,842 | 115,995 | ||||||
Pool #BF1270 4.000% 2/20/48 | 315,323 | 321,014 | ||||||
Government National Mortgage Association II TBA | 1,150,000 | 1,143,172 | ||||||
Pool #1367 4.000% 4/01/48 (g) | 2,025,000 | 2,058,856 | ||||||
|
| |||||||
44,191,221 | ||||||||
|
| |||||||
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (Cost $46,201,131) | 45,018,028 | |||||||
|
|
Principal Amount | Value | |||||||
U.S. TREASURY OBLIGATIONS — 2.3% |
| |||||||
U.S. Treasury Bonds & Notes — 2.3% |
| |||||||
U.S. Treasury Bond | $ | 1,780,000 | $ | 1,552,160 | ||||
3.500% 2/15/39 (h) | 765,000 | 805,760 | ||||||
U.S. Treasury Note | 2,500,000 | 2,423,612 | ||||||
|
| |||||||
4,781,532 | ||||||||
|
| |||||||
TOTAL U.S. TREASURY OBLIGATIONS (Cost $4,858,061) | 4,781,532 | |||||||
|
| |||||||
TOTAL BONDS & NOTES (Cost $199,640,465) | 196,741,133 | |||||||
|
| |||||||
TOTAL PURCHASED OPTIONS (#) — 1.2% (Cost $2,504,186) | 2,511,011 | |||||||
|
| |||||||
Number of Shares | ||||||||
WARRANTS — 0.0% |
| |||||||
Consumer, Non-cyclical — 0.0% |
| |||||||
Chemicals — 0.0% |
| |||||||
Hercules LLC, Expires 3/31/29, Strike 0.09 (a) (b) (i) | 150 | 3,965 | ||||||
|
| |||||||
TOTAL WARRANTS (Cost $0) | 3,965 | |||||||
|
| |||||||
TOTAL LONG-TERM INVESTMENTS (Cost $202,396,683) | 199,506,916 | |||||||
|
| |||||||
Principal Amount | ||||||||
SHORT-TERM INVESTMENTS — 8.3% |
| |||||||
Commercial Paper — 8.3% |
| |||||||
Avangrid, Inc. | $ | 2,500,000 | 2,499,506 | |||||
Comcast Corp. | 2,500,000 | 2,496,941 | ||||||
Ei Dupont | 1,000,000 | 994,941 | ||||||
Entergy Corp. | 1,675,000 | 1,666,216 | ||||||
Mondelez International, Inc. | 2,250,000 | 2,238,023 | ||||||
Nutrien Ltd. | 700,000 | 695,056 | ||||||
Sempra Energy Holdings | 2,250,000 | 2,246,177 |
The accompanying notes are an integral part of the financial statements.
111
MassMutual Premier Diversified Bond Fund – Portfolio of Investments (Continued)
Principal Amount | Value | |||||||
Suncor Energy, Inc. | $ | 2,500,000 | $ | 2,494,723 | ||||
Transcanada Pipelines Ltd. | 2,000,000 | 1,999,067 | ||||||
|
| |||||||
17,330,650 | ||||||||
|
| |||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $17,335,833) | 17,330,650 | |||||||
|
| |||||||
TOTAL INVESTMENTS — 104.3% (Cost $219,732,516) (j) | 216,837,566 | |||||||
Other Assets/(Liabilities) — (4.3)% | (8,986,614 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 207,850,952 | ||||||
|
|
Abbreviation Legend
ABS | Asset-Backed Security |
ARS | Auction Rate Security |
BAB | Build America Bonds |
CLO | Collateralized Loan Obligation |
CMO | Collateralized Mortgage Obligation |
CMT | Constant Maturity Treasury Index |
FRN | Floating Rate Note |
MBS | Mortgage-Backed Security |
MTA | Monthly Treasury Average Index |
STEP | Step Up Bond |
TBA | To Be Announced |
VRN | Variable Rate Note |
WL | Whole Loan |
Notes to Portfolio of Investments
Percentages are stated as a percent of net assets.
(a) | Investment was valued using significant unobservable inputs. |
(b) | This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At September 30, 2018, these securities amounted to a value of $318,783 or 0.15% 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, 2018, these securities amounted to a value of $84,519,384 or 40.66% of net assets. |
(d) | Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. The rates shown are the current interest rates at September 30, 2018. |
(e) | Security is perpetual and has no stated maturity date. |
(f) | Restricted security. Certain securities are restricted as to resale. At September 30, 2018, these securities amounted to a value of $2,600,992 or 1.25% of net assets. The Fund generally bears the costs, if any, associated with the disposition of restricted securities. |
(g) | A portion of this security is purchased on a when-issued, delayed-delivery or forward commitment basis. (Note 2). |
(h) | A portion of this security is pledged/held as collateral for open futures contracts. (Note 2). |
(i) | Non-income producing security. |
(j) | See Note 6 for aggregate cost for federal tax purposes. |
(#) Purchased Swaptions contracts at September 30, 2018:
OTC Counterparty | Units | Notional Amount | Expiration Date | Pay/ Receive Exercise Rate | Description | Premiums Purchased | Value | Unrealized Appreciation/ (Depreciation) | ||||||||||||||||||||||||
Call | ||||||||||||||||||||||||||||||||
Barclays Bank PLC* | 8,070,000 | USD | 8,070,000 | 12/13/32 | Receive | 3-Month USD LIBOR BBA 10 Year Swaption, Underlying swap terminates 12/15/42, Exercise Rate 2.44% | $ | 403,438 | $ | 276,894 | $ | (126,544 | ) | |||||||||||||||||||
Credit Suisse International* | 8,910,000 | USD | 8,910,000 | 1/31/33 | Receive | 3-Month USD LIBOR BBA 10 Year Swaption, Underlying swap terminates 2/02/43, Exercise Rate 2.61% | 427,679 | 341,599 | (86,080 | ) | ||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||
831,117 | 618,493 | (212,624 | ) | |||||||||||||||||||||||||||||
|
|
|
|
|
|
The accompanying notes are an integral part of the financial statements.
112
MassMutual Premier Diversified Bond Fund – Portfolio of Investments (Continued)
OTC Counterparty | Units | Notional Amount | Expiration Date | Pay/ Receive Exercise Rate | Description | Premiums Purchased | Value | Unrealized Appreciation/ (Depreciation) | ||||||||||||||||||||||||
Put | ||||||||||||||||||||||||||||||||
Barclays Bank PLC* | 16,440,000 | USD | 16,440,000 | 12/13/32 | Pay | 3-Month USD LIBOR BBA 10 Year Swaption, Underlying swap terminates 12/15/42, Exercise Rate 2.94% | $ | 821,886 | $ | 955,619 | $ | 133,733 | ||||||||||||||||||||
Credit Suisse International* | 17,770,000 | USD | 17,770,000 | 1/31/33 | Pay | 3-Month USD LIBOR BBA 10 Year Swaption, Underlying swap terminates 2/02/43, Exercise Rate 3.11% | 851,183 | 936,899 | 85,716 | |||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||
1,673,069 | 1,892,518 | 219,449 | ||||||||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||
$ | 2,504,186 | $ | 2,511,011 | $ | 6,825 | |||||||||||||||||||||||||||
|
|
|
|
|
|
* | Contracts are subject to a Master Netting Agreement. |
Forward contracts at September 30, 2018:
Counterparty | Settlement Date | In Exchange for | Unrealized Appreciation/ (Depreciation) | |||||||||||||
Contracts to Buy | ||||||||||||||||
ARS | 3,082,240 | Bank of America N.A.* | 2/12/19 | $ | 128,000 | $ | (63,605 | ) | ||||||||
EUR | 24,678 | Bank of America N.A.* | 10/17/18 | 29,155 | (469 | ) | ||||||||||
PEN | 660,100 | Bank of America N.A.* | 2/01/19 | 202,846 | (3,928 | ) | ||||||||||
RUB | 24,054,980 | Bank of America N.A.* | 10/17/18 | 385,858 | (19,245 | ) | ||||||||||
|
|
|
| |||||||||||||
745,859 | (87,247 | ) | ||||||||||||||
|
|
|
| |||||||||||||
EUR | 120,171 | Barclays Bank PLC* | 10/17/18 | 141,211 | (1,523 | ) | ||||||||||
MYR | 1,053,403 | Barclays Bank PLC* | 10/24/18 | 260,389 | (5,976 | ) | ||||||||||
|
|
|
| |||||||||||||
401,600 | (7,499 | ) | ||||||||||||||
|
|
|
| |||||||||||||
BRL | 59,191 | BNP Paribas SA* | 10/10/18 | 15,000 | (353 | ) | ||||||||||
|
|
|
| |||||||||||||
BRL | 165,752 | Citibank N.A.* | 10/10/18 | 40,000 | 1,015 | |||||||||||
CNH | 1,635,181 | Citibank N.A.* | 10/24/18 | 239,412 | (1,831 | ) | ||||||||||
EUR | 231,438 | Citibank N.A.* | 10/17/18 | 264,336 | 4,691 | |||||||||||
MXN | 19,465,709 | Citibank N.A.* | 10/10/18 | 1,009,781 | 29,094 | |||||||||||
SEK | 841,069 | Citibank N.A.* | 10/17/18 | 96,883 | (2,131 | ) | ||||||||||
|
|
|
| |||||||||||||
1,650,412 | 30,838 | |||||||||||||||
|
|
|
| |||||||||||||
BRL | 1,860,969 | Goldman Sachs International* | 10/10/18 | 471,275 | (10,777 | ) | ||||||||||
|
|
|
| |||||||||||||
ARS | 4,051,716 | JP Morgan Chase Bank N.A.* | 12/11/18 | 99,200 | (9,262 | ) | ||||||||||
ARS | 3,023,760 | JP Morgan Chase Bank N.A.* | 2/12/19 | 129,000 | (65,827 | ) | ||||||||||
COP | 723,071,100 | JP Morgan Chase Bank N.A.* | 10/10/18 | 250,198 | (6,137 | ) | ||||||||||
GHS | 452,880 | JP Morgan Chase Bank N.A.* | 10/17/18 | 91,399 | 628 | |||||||||||
TRY | 679,000 | JP Morgan Chase Bank N.A.* | 10/17/18 | 100,000 | 11,359 | |||||||||||
|
|
|
| |||||||||||||
669,797 | (69,239 | ) | ||||||||||||||
|
|
|
| |||||||||||||
$ | 3,953,943 | $ | (144,277 | ) | ||||||||||||
|
|
|
|
The accompanying notes are an integral part of the financial statements.
113
MassMutual Premier Diversified Bond Fund – Portfolio of Investments (Continued)
Counterparty | Settlement Date | In Exchange for | Unrealized Appreciation/ (Depreciation) | |||||||||||||
Contracts to Deliver |
| |||||||||||||||
ARS | 3,053,000 | Bank of America N.A.* | 2/12/19 | $ | 89,048 | $ | 25,264 | |||||||||
CLP | 64,896,500 | Bank of America N.A.* | 10/10/18 | 99,148 | 471 | |||||||||||
EUR | 437,201 | Bank of America N.A.* | 10/17/18 | 502,000 | (6,209 | ) | ||||||||||
|
|
|
| |||||||||||||
690,196 | 19,526 | |||||||||||||||
|
|
|
| |||||||||||||
BRL | 26,376 | Barclays Bank PLC* | 10/10/18 | 7,000 | 473 | |||||||||||
CNH | 1,635,181 | Barclays Bank PLC* | 10/24/18 | 242,926 | 5,345 | |||||||||||
INR | 17,152,470 | Barclays Bank PLC* | 10/24/18 | 247,818 | 11,823 | |||||||||||
MYR | 37,274 | Barclays Bank PLC* | 10/24/18 | 9,000 | (2 | ) | ||||||||||
PEN | 326,799 | Barclays Bank PLC* | 10/10/18 | 99,000 | 119 | |||||||||||
PEN | 660,100 | Barclays Bank PLC* | 2/01/19 | 202,082 | 3,164 | |||||||||||
|
|
|
| |||||||||||||
807,826 | 20,922 | |||||||||||||||
|
|
|
| |||||||||||||
COP | 723,071,100 | Citibank N.A.* | 10/10/18 | 246,597 | 2,536 | |||||||||||
IDR | 1,473,000,000 | Citibank N.A.* | 10/24/18 | 100,000 | 1,405 | |||||||||||
MXN | 10,098,635 | Citibank N.A.* | 10/10/18 | 537,668 | (1,291 | ) | ||||||||||
THB | 16,274,640 | Citibank N.A.* | 10/24/18 | 489,130 | (14,443 | ) | ||||||||||
TRY | 679,000 | Citibank N.A.* | 10/17/18 | 102,259 | (9,100 | ) | ||||||||||
|
|
|
| |||||||||||||
1,475,654 | (20,893 | ) | ||||||||||||||
|
|
|
| |||||||||||||
ARS | 3,053,000 | JP Morgan Chase Bank N.A.* | 2/12/19 | 122,660 | 58,876 | |||||||||||
EUR | 30,024 | JP Morgan Chase Bank N.A.* | 10/17/18 | 35,265 | 365 | |||||||||||
RUB | 15,806,720 | JP Morgan Chase Bank N.A.* | 10/17/18 | 233,000 | (7,905 | ) | ||||||||||
|
|
|
| |||||||||||||
390,925 | 51,336 | |||||||||||||||
|
|
|
| |||||||||||||
$ | 3,364,601 | $ | 70,891 | |||||||||||||
|
|
|
| |||||||||||||
Cross Currency Forwards |
| |||||||||||||||
HUF | 41,364,446 | Bank of America N.A.* | 10/17/18 | EUR | 127,000 | $ | 1,084 | |||||||||
|
| |||||||||||||||
EUR | 213,741 | Citibank N.A.* | 10/17/18 | CZK | 5,552,825 | $ | (1,893 | ) | ||||||||
EUR | 111,000 | Citibank N.A.* | 10/17/18 | PLN | 477,249 | (461 | ) | |||||||||
|
| |||||||||||||||
(2,354 | ) | |||||||||||||||
|
| |||||||||||||||
EUR | 230,000 | Goldman Sachs International* | 10/17/18 | PLN | 985,780 | $ | (111 | ) | ||||||||
PLN | 2,814,875 | Goldman Sachs International* | 10/17/18 | EUR | 647,626 | 10,934 | ||||||||||
|
| |||||||||||||||
10,823 | ||||||||||||||||
|
| |||||||||||||||
$ | 9,553 | |||||||||||||||
|
|
* | Contracts are subject to a Master Netting Agreement. |
The accompanying notes are an integral part of the financial statements.
114
MassMutual Premier Diversified Bond Fund – Portfolio of Investments (Continued)
Futures contracts at September 30, 2018:
Expiration Date | Number of Contracts | Notional Amount | Value/ Net Unrealized Appreciation/ (Depreciation) | |||||||||||
Long | ||||||||||||||
U.S. Treasury Ultra Bond | 12/19/18 | 81 | $ | 12,962,951 | $ | (466,170 | ) | |||||||
U.S. Treasury Note 2 Year | 12/31/18 | 132 | 27,898,644 | (81,706 | ) | |||||||||
U.S. Treasury Note 5 Year | 12/31/18 | 85 | 9,639,067 | (78,559 | ) | |||||||||
|
| |||||||||||||
$ | (626,435 | ) | ||||||||||||
|
| |||||||||||||
Short | ||||||||||||||
U.S. Treasury Long Bond | 12/19/18 | 35 | $ | (5,071,878 | ) | $ | 154,378 | |||||||
U.S. Treasury Note Ultra 10 Year | 12/19/18 | 21 | (2,660,355 | ) | 14,355 | |||||||||
|
| |||||||||||||
$ | 168,733 | |||||||||||||
|
|
Swap agreements at September 30, 2018:
Counterparty | Currency | Notional Amount | Expiration Date | Payment Frequency | Receive (Pay) Fixed Rate | Deliverable on Default | Unrealized Appreciation (Depreciation) | Premium (Received) Paid | Value | |||||||||||||||||||
Credit Default Swaps — Sell Protection†† |
| |||||||||||||||||||||||||||
OTC Swaps |
| |||||||||||||||||||||||||||
Goldman Sachs International* | USD | 450,000 | 5/11/63 | Monthly | 3.000% | CMBX.NA.BBB-.6 (Rating: BBB-)† | $ | (53,346 | ) | $ | 277 | $ | (53,069 | ) | ||||||||||||||
Goldman Sachs International* | USD | 380,000 | 5/11/63 | Monthly | 3.000% | CMBX.NA.BBB-.6 (Rating: BBB-)† | (11,906 | ) | (32,908 | ) | (44,814 | ) | ||||||||||||||||
Goldman Sachs International* | USD | 140,000 | 5/11/63 | Monthly | 3.000% | CMBX.NA.BBB-.6 (Rating: BBB-)† | (5,294 | ) | (11,217 | ) | (16,511 | ) | ||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||
$ | (70,546 | ) | $ | (43,848 | ) | $ | (114,394 | ) | ||||||||||||||||||||
|
|
|
|
|
|
* | Contracts are subject to a Master Netting Agreement. |
† | Payment is based on a percentage of the index. Reference entities are a number of individual issuers comprising the index. |
†† | For each credit derivative with sold protection, the credit ratings of the entities referenced, as rated by any rating organization, are included in the equivalent S&P Global Ratings. The reference entity rating represents the likelihood of a potential payment by the Fund if the referenced entity experiences a credit event as of period end. Notional amounts represent the maximum potential amount of future payments (undiscounted) the Fund could be required to make under the credit derivatives with sold protection. |
Currency Legend
ARS | Argentinean Peso |
BRL | Brazilian Real |
CLP | Chilean Peso |
CNH | Offshore Chinese Yuan |
COP | Colombian Peso |
CZK | Czech Koruna |
EUR | Euro |
GHS | Ghanaian Cedis |
HUF | Hungarian Forint |
IDR | Indonesian Rupiah |
INR | Indian Rupee |
MXN | Mexican Peso |
MYR | Malaysian Ringgit |
PEN | Peruvian New Sol |
PLN | Polish Zloty |
The accompanying notes are an integral part of the financial statements.
115
MassMutual Premier Diversified Bond Fund – Portfolio of Investments (Continued)
Currency Legend (Continued)
RUB | Russian Ruble |
SEK | Swedish Krona |
THB | Thai Baht |
TRY | New Turkish Lira |
USD | U.S. Dollar |
Country weightings, as a percentage of net assets, is as follows:
United States | 79.8 | % | ||
Cayman Islands | 5.6 | % | ||
Canada | 2.4 | % | ||
Netherlands | 1.7 | % | ||
Mexico | 1.4 | % | ||
United Kingdom | 1.2 | % | ||
Bermuda | 0.8 | % | ||
Ireland | 0.7 | % | ||
Spain | 0.4 | % | ||
Switzerland | 0.3 | % | ||
Luxembourg | 0.3 | % | ||
Colombia | 0.2 | % | ||
Israel | 0.2 | % | ||
France | 0.2 | % | ||
Norway | 0.2 | % | ||
Sweden | 0.2 | % | ||
Germany | 0.2 | % | ||
Panama | 0.1 | % | ||
United States Virgin Islands | 0.1 | % | ||
Brazil | 0.0 | % | ||
Australia | 0.0 | % | ||
|
| |||
Total Long-Term Investments | 96.0 | % | ||
Short-Term Investments and Other Assets and Liabilities | 4.0 | % | ||
|
| |||
Net Assets | 100.0 | % | ||
|
|
The accompanying notes are an integral part of the financial statements.
116
September 30, 2018
Number of Shares | Value | |||||||
EQUITIES — 0.7% |
| |||||||
COMMON STOCK — 0.5% |
| |||||||
Basic Materials — 0.5% |
| |||||||
Forest Products & Paper — 0.0% |
| |||||||
The Newark Group, Inc. (a) (b) (c) | 329,969 | $ | 9,899 | |||||
|
| |||||||
Oil & Gas — 0.5% |
| |||||||
Fieldwood Energy LLC (c) | 44,668 | 2,278,069 | ||||||
Fieldwood Energy LLC (c) | 10,960 | 558,960 | ||||||
|
| |||||||
2,837,029 | ||||||||
|
| |||||||
2,846,928 | ||||||||
|
| |||||||
TOTAL COMMON STOCK (Cost $1,384,293) | 2,846,928 | |||||||
|
| |||||||
PREFERRED STOCK — 0.2% |
| |||||||
Consumer, Non-cyclical — 0.2% |
| |||||||
Agriculture — 0.2% |
| |||||||
Pinnacle Agriculture Holdings LLC (c) | 2,011,244 | 1,246,971 | ||||||
|
| |||||||
TOTAL PREFERRED STOCK (Cost $1,282,342) | 1,246,971 | |||||||
|
| |||||||
TOTAL EQUITIES (Cost $2,666,635) | 4,093,899 | |||||||
|
| |||||||
Principal Amount | ||||||||
BONDS & NOTES — 90.6% |
| |||||||
BANK LOANS — 3.2% |
| |||||||
Advertising — 0.5% |
| |||||||
Getty Images, Inc., Term Loan B, 1 mo. LIBOR + 3.500% | $ | 3,265,843 | 3,239,880 | |||||
|
| |||||||
Oil & Gas — 1.7% |
| |||||||
Caelus Energy Alaska O3 LLC, | 5,254,429 | 4,807,802 | ||||||
Fieldwood Energy LLC | 2,255,879 | 2,265,466 | ||||||
Exit 2nd Lien TL, 1 mo. | 1,911,561 | 1,851,022 | ||||||
Gulf Finance LLC, Term Loan B, 3 mo. LIBOR + 5.250% | 1,509,059 | 1,261,679 | ||||||
|
| |||||||
10,185,969 | ||||||||
|
|
Principal Amount | Value | |||||||
Telecommunications — 1.0% |
| |||||||
CenturyLink, Inc., 2017 Term Loan B, | $ | 5,984,925 | $ | 5,941,534 | ||||
|
| |||||||
TOTAL BANK LOANS (Cost $18,923,250) | 19,367,383 | |||||||
|
| |||||||
CORPORATE DEBT — 87.4% |
| |||||||
Aerospace & Defense — 3.1% |
| |||||||
Enterprise Merger | 6,000,000 | 6,000,000 | ||||||
Moog, Inc. | 948,000 | 955,110 | ||||||
TransDigm UK Holdings PLC | 1,407,000 | 1,443,934 | ||||||
TransDigm, Inc. | 4,092,000 | 4,132,920 | ||||||
Triumph Group, Inc. | 1,501,000 | 1,448,465 | ||||||
5.250% 6/01/22 | 1,180,000 | 1,112,150 | ||||||
7.750% 8/15/25 | 4,034,000 | 3,918,022 | ||||||
|
| |||||||
19,010,601 | ||||||||
|
| |||||||
Agriculture — 0.4% |
| |||||||
Pinnacle Operating Corp. | 2,930,270 | 2,607,940 | ||||||
|
| |||||||
Airlines — 2.9% |
| |||||||
Allegiant Travel Co. | 4,000,000 | 4,040,000 | ||||||
American Airlines Group, Inc. | 6,758,000 | 6,850,923 | ||||||
4.625% 3/01/20 (e) | 3,440,000 | 3,452,900 | ||||||
VistaJet Malta Finance PLC / VistaJet Co. Finance LLC | 3,291,000 | 3,321,606 | ||||||
|
| |||||||
17,665,429 | ||||||||
|
| |||||||
Auto Manufacturers — 1.3% |
| |||||||
Deck Chassis Acquisition, Inc. | 6,676,000 | 7,076,560 | ||||||
JB Poindexter & Co., Inc. | 1,046,000 | 1,085,225 | ||||||
|
| |||||||
8,161,785 | ||||||||
|
| |||||||
Auto Parts & Equipment — 0.2% |
| |||||||
The Goodyear Tire & Rubber Co. | 1,505,000 | 1,415,076 | ||||||
|
| |||||||
Building Materials — 1.3% |
| |||||||
Griffon Corp. | 616,000 | 609,070 | ||||||
James Hardie International Finance DAC | 1,808,000 | 1,706,300 |
The accompanying notes are an integral part of the financial statements.
117
MassMutual Premier High Yield Fund – Portfolio of Investments (Continued)
Principal Amount | Value | |||||||
PGT Escrow Issuer, Inc. | $ | 1,551,000 | $ | 1,609,162 | ||||
Standard Industries, Inc. | 4,491,000 | 4,148,337 | ||||||
|
| |||||||
8,072,869 | ||||||||
|
| |||||||
Chemicals — 2.9% |
| |||||||
The Chemours Co. | 1,424,000 | 1,510,138 | ||||||
Consolidated Energy Finance SA | 3,011,000 | 3,127,676 | ||||||
Kissner Holdings LP/Kissner Milling Co. Ltd./BSC Holding, Inc./Kissner USA | 3,800,000 | 3,885,500 | ||||||
Platform Specialty Products Corp. | 2,033,000 | 2,006,103 | ||||||
6.500% 2/01/22 (e) | 864,000 | 879,120 | ||||||
Starfruit Finco BV/Starfruit US Holdco LLC | 6,008,000 | 6,098,120 | ||||||
|
| |||||||
17,506,657 | ||||||||
|
| |||||||
Coal — 2.3% |
| |||||||
Alliance Resource Operating Partners LP/Alliance Resource Finance Corp. | 3,803,000 | 4,050,195 | ||||||
Peabody Energy Corp. | 5,104,000 | 5,193,320 | ||||||
SunCoke Energy Partners LP/SunCoke Energy Partners Finance Corp. | 3,410,000 | 3,512,300 | ||||||
Warrior Met Coal, Inc. | 1,257,000 | 1,288,425 | ||||||
|
| |||||||
14,044,240 | ||||||||
|
| |||||||
Commercial Services — 4.2% |
| |||||||
Cardtronics, Inc./Cardtronics USA, Inc. | 1,939,000 | 1,851,745 | ||||||
Financial & Risk US Holdings, Inc. | 1,722,000 | 1,728,354 | ||||||
8.250% 11/15/26 (d) (e) | 2,228,000 | 2,214,498 | ||||||
The Hertz Corp. | 4,157,000 | 4,105,037 | ||||||
Nielsen Finance LLC/Nielsen Finance Co. | 4,200,000 | 4,095,000 | ||||||
Prime Security Services Borrower LLC/Prime Finance, Inc. | 6,084,000 | 6,506,838 | ||||||
StoneMor Partners LP/Cornerstone Family Services of West Virginia Subsidiary | 2,120,000 | 1,950,400 |
Principal Amount | Value | |||||||
TMS International Corp. | $ | 1,046,000 | $ | 1,053,845 | ||||
United Rentals North America, Inc. | 887,000 | 860,390 | ||||||
4.875% 1/15/28 | 1,303,000 | 1,221,563 | ||||||
|
| |||||||
25,587,670 | ||||||||
|
| |||||||
Computers — 1.0% |
| |||||||
Dell International LLC/EMC Corp. | 1,319,000 | 1,414,892 | ||||||
Dell, Inc. | 1,807,000 | 1,777,636 | ||||||
GCI LLC | 3,000,000 | 3,102,120 | ||||||
|
| |||||||
6,294,648 | ||||||||
|
| |||||||
Diversified Financial Services — 3.1% |
| |||||||
Alliance Data Systems Corp. | 7,000,000 | 7,140,000 | ||||||
LPL Holdings, Inc. | 4,350,000 | 4,246,688 | ||||||
Tempo Acquisition LLC/Tempo Acquisition Finance Corp. | 2,168,000 | 2,108,380 | ||||||
VFH Parent LLC/Orchestra Co-Issuer, Inc. | 5,291,000 | 5,462,957 | ||||||
|
| |||||||
18,958,025 | ||||||||
|
| |||||||
Electric — 0.8% |
| |||||||
NRG Energy, Inc. | 4,738,000 | 5,140,730 | ||||||
|
| |||||||
Engineering & Construction — 0.8% |
| |||||||
Zachry Holdings, Inc. | 5,009,000 | 5,021,523 | ||||||
|
| |||||||
Entertainment — 0.4% |
| |||||||
Boyne USA, Inc. | 632,000 | 668,340 | ||||||
Delta Merger Sub, Inc. | 1,162,000 | 1,176,525 | ||||||
WMG Acquisition Corp. | 634,000 | 634,000 | ||||||
|
| |||||||
2,478,865 | ||||||||
|
| |||||||
Environmental Controls — 0.1% |
| |||||||
Waste Pro USA, Inc. | 370,000 | 361,675 | ||||||
|
| |||||||
Foods — 3.6% |
| |||||||
C&S Group Enterprises LLC | 4,365,000 | 4,321,350 | ||||||
JBS USA LUX SA/JBS USA Finance, Inc. | 2,234,000 | 2,200,490 | ||||||
6.750% 2/15/28 (e) | 3,053,000 | 3,033,919 |
The accompanying notes are an integral part of the financial statements.
118
MassMutual Premier High Yield Fund – Portfolio of Investments (Continued)
Principal Amount | Value | |||||||
KeHE Distributors LLC/KeHE Finance Corp. | $ | 3,250,000 | $ | 3,128,125 | ||||
Pilgrim’s Pride Corp. | 884,000 | 850,850 | ||||||
5.875% 9/30/27 (e) | 4,140,000 | 3,912,300 | ||||||
Post Holdings, Inc. | 1,088,000 | 1,079,840 | ||||||
5.625% 1/15/28 (e) | 1,641,000 | 1,579,462 | ||||||
5.750% 3/01/27 (e) | 1,346,000 | 1,319,080 | ||||||
Simmons Foods, Inc. | 639,000 | 661,365 | ||||||
|
| |||||||
22,086,781 | ||||||||
|
| |||||||
Forest Products & Paper — 0.0% |
| |||||||
Appvion Inc. Escrow Shares | 5,428,000 | - | ||||||
|
| |||||||
Gas — 0.5% |
| |||||||
LBC Tank Terminals Holding Netherlands BV | 3,188,000 | 3,164,090 | ||||||
|
| |||||||
Hand & Machine Tools — 0.8% |
| |||||||
Apex Tool Group LLC/BC Mountain Finance, Inc. | 5,236,000 | 5,092,010 | ||||||
|
| |||||||
Health Care – Products — 4.1% |
| |||||||
Avanos Medical, Inc. | 3,824,000 | 3,905,757 | ||||||
Avantor, Inc. | 2,323,000 | 2,357,845 | ||||||
9.000% 10/01/25 (e) | 4,981,000 | 5,142,882 | ||||||
Mallinckrodt International Finance SA/Mallinckrodt CB LLC | 1,411,000 | 1,181,713 | ||||||
5.625% 10/15/23 (e) | 718,000 | 635,430 | ||||||
5.750% 8/01/22 (e) | 1,417,000 | 1,307,183 | ||||||
Ortho-Clinical Diagnostics, Inc./Ortho-Clinical Diagnostics SA | 10,522,000 | 10,279,994 | ||||||
|
| |||||||
24,810,804 | ||||||||
|
| |||||||
Health Care – Services — 1.8% |
| |||||||
Catalent Pharma Solutions, Inc. | 918,000 | 883,575 | ||||||
HCA, Inc. | 1,500,000 | 1,468,125 | ||||||
5.250% 4/15/25 | 1,159,000 | 1,195,219 | ||||||
5.875% 2/15/26 | 2,241,000 | 2,333,441 | ||||||
RegionalCare Hospital Partners Holdings, Inc. | 2,618,000 | 2,748,900 |
Principal Amount | Value | |||||||
Tenet Healthcare Corp. | $ | 1,125,000 | $ | 1,094,062 | ||||
8.125% 4/01/22 | 1,050,000 | 1,106,490 | ||||||
|
| |||||||
10,829,812 | ||||||||
|
| |||||||
Home Builders — 1.7% |
| |||||||
Brookfield Residential Properties, Inc. | 897,000 | 879,060 | ||||||
6.500% 12/15/20 (e) | 2,230,000 | 2,238,362 | ||||||
M/I Homes, Inc. | 1,629,000 | 1,531,260 | ||||||
6.750% 1/15/21 | 1,262,000 | 1,287,177 | ||||||
William Lyon Homes, Inc. | 4,000,000 | 3,715,000 | ||||||
6.000% 9/01/23 | 676,000 | 652,340 | ||||||
|
| |||||||
10,303,199 | ||||||||
|
| |||||||
Insurance — 2.6% |
| |||||||
Acrisure LLC/Acrisure Finance, Inc. | 4,126,000 | 3,847,289 | ||||||
AssuredPartners, Inc. | 1,871,000 | 1,852,290 | ||||||
USIS Merger Sub, Inc. | 7,456,000 | 7,437,360 | ||||||
York Risk Services Holding Corp. | 2,879,000 | 2,526,322 | ||||||
|
| |||||||
15,663,261 | ||||||||
|
| |||||||
Internet — 0.4% |
| |||||||
Netflix, Inc. | 2,126,000 | 2,118,028 | ||||||
|
| |||||||
Iron & Steel — 0.7% |
| |||||||
Allegheny Technologies, Inc. | 4,169,000 | 4,236,746 | ||||||
|
| |||||||
Leisure Time — 1.6% |
| |||||||
Brunswick Corp. | 650,000 | 727,682 | ||||||
7.125% 8/01/27 | 4,693,000 | 5,339,626 | ||||||
Carlson Travel, Inc. | 1,299,000 | 1,303,871 | ||||||
9.500% 12/15/24 (e) | 2,423,000 | 2,338,195 | ||||||
|
| |||||||
9,709,374 | ||||||||
|
| |||||||
Lodging — 0.8% |
| |||||||
Marriott Ownership Resorts, Inc. | 2,917,000 | 2,946,170 | ||||||
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. | 1,655,000 | 1,537,081 | ||||||
5.500% 3/01/25 (e) | 500,000 | 483,125 | ||||||
|
| |||||||
4,966,376 | ||||||||
|
| |||||||
Machinery – Diversified — 0.2% |
| |||||||
Stevens Holding Co., Inc. | 1,195,000 | 1,214,419 | ||||||
|
|
The accompanying notes are an integral part of the financial statements.
119
MassMutual Premier High Yield Fund – Portfolio of Investments (Continued)
Principal Amount | Value | |||||||
Media — 7.6% |
| |||||||
Altice Financing SA | $ | 2,100,000 | $ | 2,115,750 | ||||
Altice Finco SA | 1,094,000 | 1,104,940 | ||||||
Altice Luxembourg SA | 3,960,000 | 3,609,144 | ||||||
Block Communications, Inc. | 2,096,000 | 2,148,400 | ||||||
CCO Holdings LLC/CCO Holdings Capital Corp. | 3,656,000 | 3,436,274 | ||||||
5.750% 1/15/24 | 879,000 | 893,284 | ||||||
5.750% 2/15/26 (e) | 1,833,000 | 1,837,583 | ||||||
5.875% 4/01/24 (e) | 2,700,000 | 2,743,875 | ||||||
5.875% 5/01/27 (e) | 6,941,000 | 6,880,266 | ||||||
Cequel Communications Holdings I LLC/Cequel Capital Corp. | 2,001,000 | 2,098,549 | ||||||
Clear Channel Worldwide Holdings, Inc. | 2,000,000 | 2,005,000 | ||||||
7.625% 3/15/20 | 2,706,000 | 2,712,765 | ||||||
DISH DBS Corp. | 3,301,000 | 3,113,833 | ||||||
LIN Television Corp. | 3,000,000 | 3,045,000 | ||||||
Midcontinent Communications/Midcontinent Finance Corp. | 1,624,000 | 1,699,597 | ||||||
Sirius XM Radio, Inc. | 1,951,000 | 1,958,316 | ||||||
5.375% 7/15/26 (e) | 2,893,000 | 2,871,302 | ||||||
Virgin Media Secured Finance PLC | 701,000 | 692,238 | ||||||
Ziggo BV | 1,747,000 | 1,639,123 | ||||||
|
| |||||||
46,605,239 | ||||||||
|
| |||||||
Mining — 3.5% |
| |||||||
Compass Minerals International, Inc. | 1,040,000 | 963,300 | ||||||
First Quantum Minerals Ltd. | 2,288,000 | 2,093,520 | ||||||
6.875% 3/01/26 (e) | 1,191,000 | 1,082,321 | ||||||
7.500% 4/01/25 (e) | 6,341,000 | 6,016,024 | ||||||
Hecla Mining Co. | 2,433,000 | 2,439,083 | ||||||
Kinross Gold Corp. | 2,214,000 | 1,978,873 | ||||||
5.950% 3/15/24 | 1,879,000 | 1,916,580 | ||||||
6.875% 9/01/41 | 1,276,000 | 1,301,520 |
Principal Amount | Value | |||||||
New Gold, Inc. | $ | 2,889,000 | $ | 2,520,652 | ||||
Northwest Acquisitions ULC/Dominion Finco, Inc. | 996,000 | 1,018,410 | ||||||
|
| |||||||
21,330,283 | ||||||||
|
| |||||||
Miscellaneous – Manufacturing — 1.1% |
| |||||||
Amsted Industries, Inc. | 2,454,000 | 2,429,460 | ||||||
EnPro Industries, Inc. | 4,059,000 | 4,135,106 | ||||||
|
| |||||||
6,564,566 | ||||||||
|
| |||||||
Oil & Gas — 9.3% |
| |||||||
Calumet Specialty Products Partners LP/Calumet Finance Corp. | 3,276,000 | 3,284,190 | ||||||
7.750% 4/15/23 | 716,000 | 716,000 | ||||||
Chesapeake Energy Corp. | 3,090,000 | 3,090,000 | ||||||
8.000% 1/15/25 | 2,946,000 | 3,038,062 | ||||||
8.000% 6/15/27 | 75,000 | 76,500 | ||||||
Citgo Holding, Inc. | 9,414,000 | 9,978,840 | ||||||
Ensco PLC | 834,000 | 827,745 | ||||||
EP Energy LLC/Everest Acquisition Finance, Inc. | 6,214,000 | 4,753,710 | ||||||
9.375% 5/01/24 (e) | 1,266,000 | 1,044,450 | ||||||
Jonah Energy LLC/Jonah Energy Finance Corp. | 3,495,000 | 2,673,675 | ||||||
Jupiter Resources, Inc. | 7,357,000 | 3,494,575 | ||||||
Kosmos Energy Ltd. | 7,535,000 | 7,666,862 | ||||||
7.875% 8/01/21 (e) | 1,499,000 | 1,525,233 | ||||||
PBF Holding Co. LLC/PBF Finance Corp. | 2,436,000 | 2,533,440 | ||||||
7.250% 6/15/25 | 2,368,000 | 2,486,400 | ||||||
SM Energy Co. | 667,000 | 689,511 | ||||||
Transocean Guardian Ltd. | 909,000 | 916,954 | ||||||
Transocean Pontus Ltd. | 1,000,000 | 1,016,240 | ||||||
Transocean, Inc. | 1,715,000 | 1,483,475 | ||||||
9.350% STEP 12/15/41 | 520,000 | 523,250 |
The accompanying notes are an integral part of the financial statements.
120
MassMutual Premier High Yield Fund – Portfolio of Investments (Continued)
Principal Amount | Value | |||||||
Tullow Oil PLC | $ | 5,203,000 | $ | 5,204,041 | ||||
|
| |||||||
57,023,153 | ||||||||
|
| |||||||
Oil & Gas Services — 1.1% |
| |||||||
KCA Deutag UK Finance PLC | 1,209,000 | 1,184,820 | ||||||
Weatherford International Ltd. | 2,132,000 | 2,089,360 | ||||||
Welltec A/S | 3,500,000 | 3,631,250 | ||||||
|
| |||||||
6,905,430 | ||||||||
|
| |||||||
Packaging & Containers — 0.1% |
| |||||||
Crown Americas LLC/Crown Americas Capital Corp. VI | 722,000 | 689,510 | ||||||
|
| |||||||
Pharmaceuticals — 3.7% |
| |||||||
Bausch Health Cos., Inc. | 1,402,000 | 1,349,425 | ||||||
6.500% 3/15/22 (e) | 595,000 | 618,800 | ||||||
9.000% 12/15/25 (e) | 943,000 | 1,014,904 | ||||||
Bausch Health Cos., Inc. | 92,000 | 92,000 | ||||||
5.875% 5/15/23 (e) | 676,000 | 659,100 | ||||||
6.125% 4/15/25 (e) | 5,735,000 | 5,448,250 | ||||||
7.000% 3/15/24 (e) | 1,021,000 | 1,078,686 | ||||||
9.250% 4/01/26 (e) | 5,000,000 | 5,393,750 | ||||||
Endo Dac/Endo Finance LLC/Endo Finco, Inc. | 3,890,000 | 3,353,180 | ||||||
Endo Finance LLC/Endo Finco, Inc. | 495,000 | 435,600 | ||||||
7.250% STEP 1/15/22 (e) | 562,000 | 547,950 | ||||||
Endo Finance LLC/Endo Ltd./Endo Finco, Inc. | 1,000,000 | 887,500 | ||||||
Teva Pharmaceutical Finance Netherlands III BV | 1,091,000 | 1,107,849 | ||||||
6.750% 3/01/28 | 621,000 | 655,072 | ||||||
|
| |||||||
22,642,066 | ||||||||
|
| |||||||
Pipelines — 1.7% |
| |||||||
Cheniere Energy Partners LP | 2,599,000 | 2,617,713 | ||||||
Energy Transfer Equity LP | 4,862,000 | 4,831,613 | ||||||
Genesis Energy LP/Genesis Energy Finance Corp. | 689,000 | 679,526 | ||||||
6.500% 10/01/25 | 2,432,000 | 2,352,960 | ||||||
|
| |||||||
10,481,812 | ||||||||
|
|
Principal Amount | Value | |||||||
Private Equity — 0.8% |
| |||||||
Icahn Enterprises LP/Icahn Enterprises Finance Corp. | $ | 4,754,000 | $ | 4,771,828 | ||||
|
| |||||||
Real Estate Investment Trusts (REITS) — 0.8% |
| |||||||
The GEO Group, Inc. | 1,887,000 | 1,806,803 | ||||||
MPT Operating Partnership LP/MPT Finance Corp. | 1,928,000 | 1,858,110 | ||||||
RHP Hotel Properties LP/RHP Finance Corp. | 1,426,000 | 1,422,435 | ||||||
|
| |||||||
5,087,348 | ||||||||
|
| |||||||
Retail — 2.5% |
| |||||||
Ferrellgas LP/Ferrellgas Finance Corp. | 3,000,000 | 2,617,500 | ||||||
Ferrellgas Partners LP/Ferrellgas Partners Finance Corp. | 3,484,000 | 3,309,800 | ||||||
Golden Nugget, Inc. | 3,897,000 | 4,085,147 | ||||||
KGA Escrow LLC | 1,481,000 | 1,536,538 | ||||||
Penske Automotive Group, Inc. | 4,000,000 | 3,888,800 | ||||||
|
| |||||||
15,437,785 | ||||||||
|
| |||||||
Software — 2.5% |
| |||||||
RP Crown Parent LLC | 1,073,000 | 1,113,238 | ||||||
TIBCO Software, Inc. | 8,653,000 | 9,237,077 | ||||||
Veritas US, Inc./Veritas Bermuda Ltd. | 5,035,000 | 4,607,025 | ||||||
|
| |||||||
14,957,340 | ||||||||
|
| |||||||
Telecommunications — 7.5% |
| |||||||
CenturyLink, Inc. | 500,000 | 519,375 | ||||||
Citizens Communications Co. | 5,632,000 | 5,667,481 | ||||||
Hughes Satellite Systems Corp. | 1,961,000 | 1,911,975 | ||||||
6.625% 8/01/26 | 5,954,000 | 5,760,495 | ||||||
Intelsat Connect Finance SA | 547,000 | 544,265 | ||||||
Intelsat Jackson Holdings SA | 3,066,000 | 3,104,325 | ||||||
8.500% 10/15/24 (e) | 2,521,000 | 2,548,731 | ||||||
9.750% 7/15/25 (e) | 2,468,000 | 2,612,995 | ||||||
Sprint Capital Corp. | 2,000,000 | 2,250,000 |
The accompanying notes are an integral part of the financial statements.
121
MassMutual Premier High Yield Fund – Portfolio of Investments (Continued)
Principal Amount | Value | |||||||
Sprint Corp. | $ | 1,460,000 | $ | 1,543,950 | ||||
7.625% 3/01/26 | 6,508,000 | 6,890,345 | ||||||
7.875% 9/15/23 | 5,037,000 | 5,433,664 | ||||||
T-Mobile USA, Inc. | 529,000 | 504,862 | ||||||
4.750% 2/01/28 | 815,000 | 767,119 | ||||||
5.375% 4/15/27 | 1,125,000 | 1,120,781 | ||||||
6.000% 4/15/24 | 951,000 | 985,474 | ||||||
6.500% 1/15/26 | 1,318,000 | 1,380,868 | ||||||
Telecom Italia SpA | 2,109,000 | 2,053,639 | ||||||
|
| |||||||
45,600,344 | ||||||||
|
| |||||||
Textiles — 0.1% |
| |||||||
Eagle Intermediate Global Holding BV/Ruyi US Finance LLC | 464,000 | 454,720 | ||||||
|
| |||||||
Toys, Games & Hobbies — 0.1% |
| |||||||
Mattel, Inc. | 464,000 | 454,720 | ||||||
|
| |||||||
Transportation — 1.2% |
| |||||||
The Kenan Advantage Group, Inc. | 6,839,000 | 7,074,091 | ||||||
|
| |||||||
Trucking & Leasing — 0.2% |
| |||||||
Park Aerospace Holdings Ltd. | 894,000 | 901,823 | ||||||
|
| |||||||
TOTAL CORPORATE DEBT (Cost $542,440,502) | 533,504,691 | |||||||
|
| |||||||
TOTAL BONDS & NOTES (Cost $561,363,752) | 552,872,074 | |||||||
|
| |||||||
Number of Shares | ||||||||
WARRANTS — 0.0% |
| |||||||
Basic Materials — 0.0% |
| |||||||
Forest Products & Paper — 0.0% |
| |||||||
Appvion Holding Corp. (a) (b) (c) | 5,301 | - | ||||||
Appvion Holding Corp. (a) (b) (c) | 5,301 | 56,447 | ||||||
|
| |||||||
56,447 | ||||||||
|
| |||||||
TOTAL WARRANTS (Cost $0) | 56,447 | |||||||
|
| |||||||
TOTAL LONG-TERM INVESTMENTS (Cost $564,030,387) | 557,022,420 | |||||||
|
|
Principal Amount | Value | |||||||
SHORT-TERM INVESTMENTS — 4.8% |
| |||||||
Commercial Paper — 4.8% |
| |||||||
Avangrid, Inc. | $ | 1,000,000 | $ | 999,802 | ||||
2.353% 10/01/18 (e) | 6,000,000 | 5,998,813 | ||||||
BAT International Finance | 7,000,000 | 6,998,615 | ||||||
Enterprise Products Operating LLC | 5,000,000 | 4,995,948 | ||||||
Leggett & Platt, Inc. | 5,500,000 | 5,498,911 | ||||||
Reckitt Benckiser Treasury Services PLC | 5,000,000 | 4,998,186 | ||||||
|
| |||||||
29,490,275 | ||||||||
|
| |||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $29,496,034) | 29,490,275 | |||||||
|
| |||||||
TOTAL INVESTMENTS — 96.1% (Cost $593,526,421) (f) | 586,512,695 | |||||||
Other Assets/(Liabilities) — 3.9% | 23,920,585 | |||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 610,433,280 | ||||||
|
|
Abbreviation Legend
STEP | Step Up Bond |
VRN | Variable Rate Note |
Notes to Portfolio of Investments
Percentages are stated as a percent of net assets.
(a) | Investment was valued using significant unobservable inputs. |
(b) | This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At September 30, 2018, these securities amounted to a value of $66,346 or 0.01% of net assets. |
(c) | Non-income producing security. |
(d) | A portion of this security is purchased on a when-issued, delayed-delivery or forward commitment basis. (Note 2). |
(e) | 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, 2018, these securities amounted to a value of $384,641,374 or 63.01% 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.
122
MassMutual Premier High Yield Fund – Portfolio of Investments (Continued)
Country weightings, as a percentage of net assets, is as follows:
United States | 73.3 | % | ||
Canada | 6.3 | % | ||
Luxembourg | 3.6 | % | ||
Bermuda | 1.9 | % | ||
United Kingdom | 1.5 | % | ||
Netherlands | 1.1 | % | ||
Free Of Tax | 1.1 | % | ||
Cayman Islands | 0.8 | % | ||
Denmark | 0.6 | % | ||
Malta | 0.5 | % | ||
Italy | 0.3 | % | ||
Ireland | 0.3 | % | ||
|
| |||
Total Long-Term Investments | 91.3 | % | ||
Short-Term Investments and Other Assets and Liabilities | 8.7 | % | ||
|
| |||
Net Assets | 100.0 | % | ||
|
|
The accompanying notes are an integral part of the financial statements.
123
September 30, 2018
Number of Shares | Value | |||||||
EQUITIES — 64.1% |
| |||||||
COMMON STOCK — 64.0% |
| |||||||
Basic Materials — 1.5% |
| |||||||
Chemicals — 1.2% |
| |||||||
Air Products & Chemicals, Inc. | 550 | $ | 91,877 | |||||
Albemarle Corp. | 760 | 75,833 | ||||||
CF Industries Holdings, Inc. | 2,425 | 132,017 | ||||||
DowDuPont, Inc. | 4,760 | 306,116 | ||||||
Eastman Chemical Co. | 894 | 85,574 | ||||||
International Flavors & Fragrances, Inc. | 3 | 417 | ||||||
LyondellBasell Industries NV Class A | 2,580 | 264,476 | ||||||
The Mosaic Co. | 9,000 | 292,320 | ||||||
PPG Industries, Inc. | 8 | 873 | ||||||
Praxair, Inc. | 974 | 156,551 | ||||||
The Sherwin-Williams Co. | 7 | 3,186 | ||||||
|
| |||||||
1,409,240 | ||||||||
|
| |||||||
Forest Products & Paper — 0.0% |
| |||||||
International Paper Co. | 607 | 29,834 | ||||||
|
| |||||||
Iron & Steel — 0.1% |
| |||||||
Nucor Corp. | 1,761 | 111,736 | ||||||
|
| |||||||
Mining — 0.2% |
| |||||||
Freeport-McMoRan, Inc. | 10,448 | 145,436 | ||||||
Newmont Mining Corp. | 884 | 26,697 | ||||||
|
| |||||||
172,133 | ||||||||
|
| |||||||
1,722,943 | ||||||||
|
| |||||||
Communications — 9.5% |
| |||||||
Advertising — 0.1% |
| |||||||
The Interpublic Group of Cos., Inc. | 933 | 21,338 | ||||||
Omnicom Group, Inc. | 798 | 54,280 | ||||||
|
| |||||||
75,618 | ||||||||
|
| |||||||
Internet — 6.0% |
| |||||||
Alphabet, Inc. Class A (a) | 1,004 | 1,211,908 | ||||||
Alphabet, Inc. Class C (a) | 1,136 | 1,355,782 | ||||||
Amazon.com, Inc. (a) | 1,156 | 2,315,468 | ||||||
Booking Holdings, Inc. (a) | 134 | 265,856 | ||||||
eBay, Inc. (a) | 3,165 | 104,508 | ||||||
Expedia Group, Inc. | 743 | 96,947 | ||||||
F5 Networks, Inc. (a) | 950 | 189,449 | ||||||
Facebook, Inc. Class A (a) | 5,070 | 833,812 | ||||||
Netflix, Inc. (a) | 1,262 | 472,152 | ||||||
Symantec Corp. | 79 | 1,681 | ||||||
TripAdvisor, Inc. (a) | 43 | 2,196 | ||||||
VeriSign, Inc. (a) | 439 | 70,293 | ||||||
|
| |||||||
6,920,052 | ||||||||
|
| |||||||
Media — 1.2% |
| |||||||
CBS Corp. Class B | 70 | 4,022 | ||||||
Charter Communications, Inc. Class A (a) | 466 | 151,860 | ||||||
Comcast Corp. Class A | 15,762 | 558,132 |
Number of Shares | Value | |||||||
Discovery, Inc. Class A (a) | 100 | $ | 3,200 | |||||
Discovery, Inc. Class C (a) | 2,395 | 70,844 | ||||||
DISH Network Corp. Class A (a) | 7,700 | 275,352 | ||||||
News Corp. Class A | 1,130 | 14,905 | ||||||
Twenty-First Century Fox, Inc. Class A | 2,921 | 135,330 | ||||||
Twenty-First Century Fox, Inc. Class B | 1,300 | 59,566 | ||||||
Viacom, Inc. Class B | 1,890 | 63,806 | ||||||
The Walt Disney Co. | 2 | 234 | ||||||
|
| |||||||
1,337,251 | ||||||||
|
| |||||||
Telecommunications — 2.2% |
| |||||||
AT&T, Inc. | 21,235 | 713,071 | ||||||
CenturyLink, Inc. | 54 | 1,145 | ||||||
Cisco Systems, Inc. | 23,524 | 1,144,443 | ||||||
Juniper Networks, Inc. | 3,848 | 115,324 | ||||||
Motorola Solutions, Inc. | 534 | 69,495 | ||||||
Verizon Communications, Inc. | 9,132 | 487,557 | ||||||
|
| |||||||
2,531,035 | ||||||||
|
| |||||||
10,863,956 | ||||||||
|
| |||||||
Consumer, Cyclical — 5.6% |
| |||||||
Airlines — 0.6% |
| |||||||
Alaska Air Group, Inc. | 100 | 6,886 | ||||||
American Airlines Group, Inc. | 4,300 | 177,719 | ||||||
Delta Air Lines, Inc. | 2,000 | 115,660 | ||||||
Southwest Airlines Co. | 1,566 | 97,797 | ||||||
United Continental Holdings, Inc. (a) | 3,300 | 293,898 | ||||||
|
| |||||||
691,960 | ||||||||
|
| |||||||
Apparel — 0.8% |
| |||||||
Hanesbrands, Inc. | 5,800 | 106,894 | ||||||
Michael Kors Holdings Ltd. (a) | 2,700 | 185,112 | ||||||
NIKE, Inc. Class B | 1,784 | 151,140 | ||||||
PVH Corp. | 240 | 34,656 | ||||||
Ralph Lauren Corp. | 2,700 | 371,385 | ||||||
VF Corp. | 400 | 37,380 | ||||||
|
| |||||||
886,567 | ||||||||
|
| |||||||
Auto Manufacturers — 0.4% |
| |||||||
Ford Motor Co. | 18,462 | 170,774 | ||||||
General Motors Co. | 4,600 | 154,882 | ||||||
PACCAR, Inc. | 1,934 | 131,879 | ||||||
|
| |||||||
457,535 | ||||||||
|
| |||||||
Auto Parts & Equipment — 0.1% |
| |||||||
Aptiv PLC | 200 | 16,780 | ||||||
BorgWarner, Inc. | 3,300 | 141,174 | ||||||
The Goodyear Tire & Rubber Co. | 1,061 | 24,817 | ||||||
|
| |||||||
182,771 | ||||||||
|
| |||||||
Distribution & Wholesale — 0.1% |
| |||||||
Fastenal Co. | 70 | 4,062 | ||||||
W.W. Grainger, Inc. | 164 | 58,615 | ||||||
|
| |||||||
62,677 | ||||||||
|
|
The accompanying notes are an integral part of the financial statements.
124
MassMutual Premier Balanced Fund – Portfolio of Investments (Continued)
Number of Shares | Value | |||||||
Home Builders — 0.2% |
| |||||||
D.R. Horton, Inc. | 759 | $ | 32,015 | |||||
PulteGroup, Inc. | 8,374 | 207,424 | ||||||
|
| |||||||
239,439 | ||||||||
|
| |||||||
Home Furnishing — 0.0% |
| |||||||
Leggett & Platt, Inc. | 95 | 4,160 | ||||||
Whirlpool Corp. | 184 | 21,850 | ||||||
|
| |||||||
26,010 | ||||||||
|
| |||||||
Housewares — 0.0% |
| |||||||
Newell Brands, Inc. | �� | 83 | 1,685 | |||||
|
| |||||||
Leisure Time — 0.1% |
| |||||||
Harley-Davidson, Inc. | 1,508 | 68,312 | ||||||
|
| |||||||
Lodging — 0.3% |
| |||||||
Hilton Worldwide Holdings, Inc. | 1,800 | 145,404 | ||||||
Marriott International, Inc. Class A | 141 | 18,616 | ||||||
MGM Resorts International | 5,900 | 164,669 | ||||||
Wynn Resorts Ltd. | 449 | 57,050 | ||||||
|
| |||||||
385,739 | ||||||||
|
| |||||||
Retail — 2.9% |
| |||||||
AutoZone, Inc. (a) | 96 | 74,467 | ||||||
Best Buy Co., Inc. | 3,308 | 262,523 | ||||||
Costco Wholesale Corp. | 1,098 | 257,898 | ||||||
Darden Restaurants, Inc. | 373 | 41,474 | ||||||
Dollar Tree, Inc. (a) | 71 | 5,790 | ||||||
Foot Locker, Inc. | 6,100 | 310,978 | ||||||
The Gap, Inc. | 1,705 | 49,189 | ||||||
Genuine Parts Co. | 36 | 3,578 | ||||||
The Home Depot, Inc. | 1,140 | 236,151 | ||||||
Kohl’s Corp. | 3,761 | 280,383 | ||||||
L Brands, Inc. | 600 | 18,180 | ||||||
Lowe’s Cos., Inc. | 29 | 3,330 | ||||||
Macy’s, Inc. | 8,140 | 282,702 | ||||||
McDonald’s Corp. | 305 | 51,023 | ||||||
Nordstrom, Inc. | 411 | 24,582 | ||||||
O’Reilly Automotive, Inc. (a) | 534 | 185,469 | ||||||
Ross Stores, Inc. | 1,392 | 137,947 | ||||||
Starbucks Corp. | 90 | 5,116 | ||||||
Tapestry, Inc. | 84 | 4,223 | ||||||
Target Corp. | 2,567 | 226,435 | ||||||
Tiffany & Co. | 111 | 14,316 | ||||||
The TJX Cos., Inc. | 1,140 | 127,703 | ||||||
Walgreens Boots Alliance, Inc. | 2,406 | 175,397 | ||||||
Walmart, Inc. | 5,853 | 549,655 | ||||||
Yum! Brands, Inc. | 36 | 3,273 | ||||||
|
| |||||||
3,331,782 | ||||||||
|
| |||||||
Toys, Games & Hobbies — 0.1% |
| |||||||
Hasbro, Inc. | 747 | 78,524 | ||||||
Mattel, Inc. | 61 | 958 | ||||||
|
| |||||||
79,482 | ||||||||
|
| |||||||
6,413,959 | ||||||||
|
|
Number of Shares | Value | |||||||
Consumer, Non-cyclical — 13.0% |
| |||||||
Agriculture — 0.5% |
| |||||||
Altria Group, Inc. | 1,541 | $ | 92,937 | |||||
Archer-Daniels-Midland Co. | 26 | 1,307 | ||||||
Philip Morris International, Inc. | 6,146 | 501,145 | ||||||
|
| |||||||
595,389 | ||||||||
|
| |||||||
Beverages — 0.8% |
| |||||||
Brown-Forman Corp. Class B | 2 | 101 | ||||||
The Coca-Cola Co. | 3,324 | 153,535 | ||||||
Constellation Brands, Inc. Class A | 82 | 17,681 | ||||||
Molson Coors Brewing Co. Class B | 4,336 | 266,664 | ||||||
Monster Beverage Corp. (a) | 750 | 43,710 | ||||||
PepsiCo, Inc. | 3,652 | 408,294 | ||||||
|
| |||||||
889,985 | ||||||||
|
| |||||||
Biotechnology — 1.6% |
| |||||||
Amgen, Inc. | 3,325 | 689,239 | ||||||
Biogen, Inc. (a) | 1,094 | 386,521 | ||||||
Celgene Corp. (a) | 2,398 | 214,597 | ||||||
Gilead Sciences, Inc. | 7,252 | 559,927 | ||||||
|
| |||||||
1,850,284 | ||||||||
|
| |||||||
Commercial Services — 1.3% |
| |||||||
Automatic Data Processing, Inc. | 1,561 | 235,180 | ||||||
Cintas Corp. | 449 | 88,817 | ||||||
Ecolab, Inc. | 4 | 627 | ||||||
Equifax, Inc. | 216 | 28,203 | ||||||
H&R Block, Inc. | 10,142 | 261,157 | ||||||
Moody’s Corp. | 325 | 54,340 | ||||||
PayPal Holdings, Inc. (a) | 65 | 5,710 | ||||||
Quanta Services, Inc. (a) | 4,224 | 140,997 | ||||||
Robert Half International, Inc. | 1,835 | 129,147 | ||||||
S&P Global, Inc. | 149 | 29,113 | ||||||
Total System Services, Inc. | 1,221 | 120,562 | ||||||
United Rentals, Inc. (a) | 1,060 | 173,416 | ||||||
The Western Union Co. | 11,307 | 215,511 | ||||||
|
| |||||||
1,482,780 | ||||||||
|
| |||||||
Cosmetics & Personal Care — 0.8% |
| |||||||
Colgate-Palmolive Co. | 906 | 60,657 | ||||||
The Estee Lauder Cos., Inc. Class A | 726 | 105,502 | ||||||
The Procter & Gamble Co. | 7,933 | 660,264 | ||||||
|
| |||||||
826,423 | ||||||||
|
| |||||||
Foods — 0.5% |
| |||||||
Campbell Soup Co. | 1,265 | 46,337 | ||||||
Conagra Brands, Inc. | 1,184 | 40,220 | ||||||
General Mills, Inc. | 294 | 12,618 | ||||||
The Hershey Co. | 419 | 42,738 | ||||||
Hormel Foods Corp. | 2,288 | 90,147 | ||||||
The J.M. Smucker Co. | 724 | 74,290 | ||||||
Kellogg Co. | 135 | 9,453 | ||||||
The Kraft Heinz Co. | 173 | 9,534 | ||||||
The Kroger Co. | 5,068 | 147,529 |
The accompanying notes are an integral part of the financial statements.
125
MassMutual Premier Balanced Fund – Portfolio of Investments (Continued)
Number of Shares | Value | |||||||
McCormick & Co., Inc. | 73 | $ | 9,618 | |||||
Mondelez International, Inc. Class A | 21 | 902 | ||||||
Sysco Corp. | 866 | 63,435 | ||||||
Tyson Foods, Inc. Class A | 720 | 42,862 | ||||||
|
| |||||||
589,683 | ||||||||
|
| |||||||
Health Care – Products — 1.1% |
| |||||||
Abbott Laboratories | 2,889 | 211,937 | ||||||
Baxter International, Inc. | 1,422 | 109,622 | ||||||
Becton, Dickinson & Co. | 38 | 9,918 | ||||||
Boston Scientific Corp. (a) | 121 | 4,659 | ||||||
The Cooper Cos., Inc. | 190 | 52,658 | ||||||
Danaher Corp. | 1,072 | 116,484 | ||||||
DENTSPLY SIRONA, Inc. | 61 | 2,302 | ||||||
Edwards Lifesciences Corp. (a) | 540 | 94,014 | ||||||
Hologic, Inc. (a) | 200 | 8,196 | ||||||
Intuitive Surgical, Inc. (a) | 42 | 24,108 | ||||||
Medtronic PLC | 4,116 | 404,891 | ||||||
Stryker Corp. | 49 | 8,706 | ||||||
Thermo Fisher Scientific, Inc. | 578 | 141,078 | ||||||
Varian Medical Systems, Inc. (a) | 4 | 448 | ||||||
Zimmer Biomet Holdings, Inc. | 364 | 47,855 | ||||||
|
| |||||||
1,236,876 | ||||||||
|
| |||||||
Health Care – Services — 1.7% |
| |||||||
Aetna, Inc. | 902 | 182,971 | ||||||
Anthem, Inc. | 878 | 240,616 | ||||||
Centene Corp. (a) | 440 | 63,703 | ||||||
Cigna Corp. | 969 | 201,794 | ||||||
DaVita, Inc. (a) | 446 | 31,947 | ||||||
HCA Healthcare, Inc. | 400 | 55,648 | ||||||
Humana, Inc. | 635 | 214,960 | ||||||
IQVIA Holdings, Inc. (a) | 1,030 | 133,632 | ||||||
Laboratory Corp. of America Holdings (a) | 1 | 174 | ||||||
Quest Diagnostics, Inc. | 635 | 68,523 | ||||||
UnitedHealth Group, Inc. | 2,891 | 769,122 | ||||||
Universal Health Services, Inc. Class B | 10 | 1,278 | ||||||
|
| |||||||
1,964,368 | ||||||||
|
| |||||||
Household Products & Wares — 0.2% |
| |||||||
Avery Dennison Corp. | 382 | 41,390 | ||||||
The Clorox Co. | 547 | 82,274 | ||||||
Kimberly-Clark Corp. | 1,120 | 127,277 | ||||||
|
| |||||||
250,941 | ||||||||
|
| |||||||
Pharmaceuticals — 4.5% |
| |||||||
AbbVie, Inc. | 7,204 | 681,354 | ||||||
Allergan PLC | 1,189 | 226,481 | ||||||
AmerisourceBergen Corp. | 230 | 21,211 | ||||||
Bristol-Myers Squibb Co. | 3,112 | 193,193 | ||||||
Cardinal Health, Inc. | 2,255 | 121,770 | ||||||
CVS Health Corp. | 2,703 | 212,780 | ||||||
Eli Lilly & Co. | 2,407 | 258,295 |
Number of Shares | Value | |||||||
Express Scripts Holding Co. (a) | 3,445 | $ | 327,310 | |||||
Johnson & Johnson | 8,449 | 1,167,398 | ||||||
McKesson Corp. | 1,091 | 144,721 | ||||||
Merck & Co., Inc. | 7,829 | 555,389 | ||||||
Mylan NV (a) | 1,859 | 68,039 | ||||||
Perrigo Co. PLC | 400 | 28,320 | ||||||
Pfizer, Inc. | 24,422 | 1,076,278 | ||||||
Zoetis, Inc. | 610 | 55,852 | ||||||
|
| |||||||
5,138,391 | ||||||||
|
| |||||||
14,825,120 | ||||||||
|
| |||||||
Energy — 3.2% |
| |||||||
Oil & Gas — 3.1% |
| |||||||
Anadarko Petroleum Corp. | 2,897 | 195,287 | ||||||
Andeavor | 376 | 57,716 | ||||||
Apache Corp. | 98 | 4,672 | ||||||
Cabot Oil & Gas Corp. | 92 | 2,072 | ||||||
Chevron Corp. | 4,660 | 569,825 | ||||||
ConocoPhillips | 6,210 | 480,654 | ||||||
Devon Energy Corp. | 17 | 679 | ||||||
EOG Resources, Inc. | 2 | 255 | ||||||
EQT Corp. | 29 | 1,283 | ||||||
Exxon Mobil Corp. | 5,249 | 446,270 | ||||||
Helmerich & Payne, Inc. | 40 | 2,751 | ||||||
Hess Corp. | 47 | 3,364 | ||||||
HollyFrontier Corp. | 1,700 | 118,830 | ||||||
Marathon Oil Corp. | 15,685 | 365,147 | ||||||
Marathon Petroleum Corp. | 3,564 | 285,013 | ||||||
Newfield Exploration Co. (a) | 9,000 | 259,470 | ||||||
Noble Energy, Inc. | 66 | 2,058 | ||||||
Occidental Petroleum Corp. | 1,930 | 158,588 | ||||||
Phillips 66 | 1,805 | 203,459 | ||||||
Pioneer Natural Resources Co. | 793 | 138,133 | ||||||
Valero Energy Corp. | 1,530 | 174,037 | ||||||
|
| |||||||
3,469,563 | ||||||||
|
| |||||||
Oil & Gas Services — 0.1% |
| |||||||
Baker Hughes a GE Co. | 74 | 2,503 | ||||||
Halliburton Co. | 171 | 6,931 | ||||||
National Oilwell Varco, Inc. | 1,009 | 43,468 | ||||||
Schlumberger Ltd. | 687 | 41,852 | ||||||
TechnipFMC PLC | 1,272 | 39,750 | ||||||
|
| |||||||
134,504 | ||||||||
|
| |||||||
Pipelines — 0.0% |
| |||||||
Kinder Morgan, Inc. | 60 | 1,064 | ||||||
The Williams Cos., Inc. | 33 | 897 | ||||||
|
| |||||||
1,961 | ||||||||
|
| |||||||
3,606,028 | ||||||||
|
| |||||||
Financial — 11.9% |
| |||||||
Banks — 5.3% |
| |||||||
Bank of America Corp. | 27,942 | 823,171 | ||||||
The Bank of New York Mellon Corp. | 2,495 | 127,220 |
The accompanying notes are an integral part of the financial statements.
126
MassMutual Premier Balanced Fund – Portfolio of Investments (Continued)
Number of Shares | Value | |||||||
BB&T Corp. | 512 | $ | 24,852 | |||||
Capital One Financial Corp. | 2,075 | 196,980 | ||||||
Citigroup, Inc. | 12,584 | 902,776 | ||||||
Citizens Financial Group, Inc. | 3,900 | 150,423 | ||||||
Comerica, Inc. | 2,424 | 218,645 | ||||||
Fifth Third Bancorp | 6,321 | 176,482 | ||||||
The Goldman Sachs Group, Inc. | 1,898 | 425,608 | ||||||
Huntington Bancshares, Inc. | 1,110 | 16,561 | ||||||
JP Morgan Chase & Co. | 10,055 | 1,134,606 | ||||||
KeyCorp | 4,872 | 96,904 | ||||||
M&T Bank Corp. | 281 | 46,236 | ||||||
Morgan Stanley | 6,596 | 307,176 | ||||||
Northern Trust Corp. | 2,011 | 205,383 | ||||||
The PNC Financial Services Group, Inc. | 1,945 | 264,890 | ||||||
Regions Financial Corp. | 11,643 | 213,649 | ||||||
State Street Corp. | 1,785 | 149,547 | ||||||
SunTrust Banks, Inc. | 2,500 | 166,975 | ||||||
SVB Financial Group (a) | 560 | 174,065 | ||||||
US Bancorp | 1,129 | 59,623 | ||||||
Wells Fargo & Co. | 2,664 | 140,020 | ||||||
Zions Bancorporation | 649 | 32,547 | ||||||
|
| |||||||
6,054,339 | ||||||||
|
| |||||||
Diversified Financial Services — 2.6% |
| |||||||
Alliance Data Systems Corp. | 1,200 | 283,392 | ||||||
American Express Co. | 368 | 39,188 | ||||||
Ameriprise Financial, Inc. | 1,065 | 157,258 | ||||||
BlackRock, Inc. | 470 | 221,525 | ||||||
The Charles Schwab Corp. | 3,022 | 148,531 | ||||||
CME Group, Inc. | 5 | 851 | ||||||
Discover Financial Services | 295 | 22,553 | ||||||
E*TRADE Financial Corp. (a) | 1,893 | 99,174 | ||||||
Franklin Resources, Inc. | 948 | 28,829 | ||||||
Intercontinental Exchange, Inc. | 10 | 749 | ||||||
Invesco Ltd. | 323 | 7,390 | ||||||
Jefferies Financial Group, Inc. | 36 | 791 | ||||||
Mastercard, Inc. Class A | 3,330 | 741,291 | ||||||
Nasdaq, Inc. | 22 | 1,888 | ||||||
Raymond James Financial, Inc. | 800 | 73,640 | ||||||
Synchrony Financial | 1,900 | 59,052 | ||||||
T. Rowe Price Group, Inc. | 1,886 | 205,913 | ||||||
Visa, Inc. Class A | 5,580 | 837,502 | ||||||
|
| |||||||
2,929,517 | ||||||||
|
| |||||||
Insurance — 2.9% |
| |||||||
Aflac, Inc. | 4,490 | 211,344 | ||||||
The Allstate Corp. | 1,786 | 176,278 | ||||||
American International Group, Inc. | 11 | 586 | ||||||
Aon PLC | 706 | 108,569 | ||||||
Assurant, Inc. | 790 | 85,281 | ||||||
Berkshire Hathaway, Inc. Class B (a) | 5,633 | 1,206,082 | ||||||
Brighthouse Financial, Inc. (a) | 29 | 1,283 | ||||||
Chubb Ltd. | 1,114 | 148,875 |
Number of Shares | Value | |||||||
Cincinnati Financial Corp. | 724 | $ | 55,610 | |||||
Everest Re Group Ltd. | 450 | 102,812 | ||||||
The Hartford Financial Services Group, Inc. | 890 | 44,464 | ||||||
Lincoln National Corp. | 1,558 | 105,414 | ||||||
Loews Corp. | 3,034 | 152,398 | ||||||
Marsh & McLennan Cos., Inc. | 1,230 | 101,746 | ||||||
MetLife, Inc. | 4,729 | 220,939 | ||||||
Principal Financial Group, Inc. | 1,235 | 72,359 | ||||||
The Progressive Corp. | 1,634 | 116,079 | ||||||
Prudential Financial, Inc. | 2,295 | 232,529 | ||||||
Torchmark Corp. | 480 | 41,611 | ||||||
The Travelers Cos., Inc. | 797 | 103,379 | ||||||
Unum Group | 435 | 16,995 | ||||||
|
| |||||||
3,304,633 | ||||||||
|
| |||||||
Real Estate — 0.1% |
| |||||||
CBRE Group, Inc. Class A (a) | 3,598 | 158,672 | ||||||
|
| |||||||
Real Estate Investment Trusts (REITS) — 0.9% |
| |||||||
American Tower Corp. | 18 | 2,615 | ||||||
Apartment Investment & Management Co. Class A | 64 | 2,824 | ||||||
AvalonBay Communities, Inc. | 424 | 76,808 | ||||||
Boston Properties, Inc. | 7 | 862 | ||||||
Crown Castle International Corp. | 400 | 44,532 | ||||||
Digital Realty Trust, Inc. | 50 | 5,624 | ||||||
Duke Realty Corp. | 1,400 | 39,718 | ||||||
Equinix, Inc. | 20 | 8,658 | ||||||
Equity Residential | 1 | 66 | ||||||
Essex Property Trust, Inc. | 300 | 74,013 | ||||||
Extra Space Storage, Inc. | 800 | 69,312 | ||||||
Federal Realty Investment Trust | 510 | 64,500 | ||||||
HCP, Inc. | 676 | 17,792 | ||||||
Host Hotels & Resorts, Inc. | 4,130 | 87,143 | ||||||
Iron Mountain, Inc. | 73 | 2,520 | ||||||
Kimco Realty Corp. | 510 | 8,537 | ||||||
Mid-America Apartment Communities, Inc. | 10 | 1,002 | ||||||
Prologis, Inc. | 1,816 | 123,107 | ||||||
Public Storage | 27 | 5,444 | ||||||
Simon Property Group, Inc. | 94 | 16,614 | ||||||
SL Green Realty Corp. | 2,710 | 264,306 | ||||||
Ventas, Inc. | 236 | 12,834 | ||||||
Vornado Realty Trust | 265 | 19,345 | ||||||
Welltower, Inc. | 374 | 24,056 | ||||||
Weyerhaeuser Co. | 2,993 | 96,584 | ||||||
|
| |||||||
1,068,816 | ||||||||
|
| |||||||
Savings & Loans — 0.1% |
| |||||||
People’s United Financial, Inc. | 3,659 | 62,642 | ||||||
|
| |||||||
13,578,619 | ||||||||
|
|
The accompanying notes are an integral part of the financial statements.
127
MassMutual Premier Balanced Fund – Portfolio of Investments (Continued)
Number of Shares | Value | |||||||
Industrial — 5.3% |
| |||||||
Aerospace & Defense — 1.3% |
| |||||||
Arconic, Inc. | 15 | $ | 330 | |||||
The Boeing Co. | 2,426 | 902,230 | ||||||
General Dynamics Corp. | 88 | 18,015 | ||||||
Harris Corp. | 154 | 26,058 | ||||||
L3 Technologies, Inc. | 44 | 9,355 | ||||||
Lockheed Martin Corp. | 241 | 83,376 | ||||||
Northrop Grumman Corp. | 53 | 16,821 | ||||||
Raytheon Co. | 706 | 145,902 | ||||||
Rockwell Collins, Inc. | 7 | 983 | ||||||
United Technologies Corp. | 2,132 | 298,075 | ||||||
|
| |||||||
1,501,145 | ||||||||
|
| |||||||
Building Materials — 0.1% |
| |||||||
Johnson Controls International PLC | 2,826 | 98,910 | ||||||
Masco Corp. | 94 | 3,440 | ||||||
Vulcan Materials Co. | 8 | 890 | ||||||
|
| |||||||
103,240 | ||||||||
|
| |||||||
Electrical Components & Equipment — 0.1% |
| |||||||
AMETEK, Inc. | 1,200 | 94,944 | ||||||
Emerson Electric Co. | 943 | 72,215 | ||||||
|
| |||||||
167,159 | ||||||||
|
| |||||||
Electronics — 0.8% |
| |||||||
Agilent Technologies, Inc. | 773 | 54,527 | ||||||
Allegion PLC | 300 | 27,171 | ||||||
Amphenol Corp. Class A | 672 | 63,181 | ||||||
Corning, Inc. | 5,974 | 210,882 | ||||||
FLIR Systems, Inc. | 435 | 26,740 | ||||||
Fortive Corp. | 836 | 70,391 | ||||||
Garmin Ltd. | 400 | 28,020 | ||||||
Honeywell International, Inc. | 2,215 | 368,576 | ||||||
PerkinElmer, Inc. | 24 | 2,335 | ||||||
Waters Corp. (a) | 300 | 58,404 | ||||||
|
| |||||||
910,227 | ||||||||
|
| |||||||
Engineering & Construction — 0.3% |
| |||||||
Fluor Corp. | 2,447 | 142,171 | ||||||
Jacobs Engineering Group, Inc. | 2,624 | 200,736 | ||||||
|
| |||||||
342,907 | ||||||||
|
| |||||||
Environmental Controls — 0.1% |
| |||||||
Pentair PLC | 2,600 | 112,710 | ||||||
Republic Services, Inc. | 87 | 6,322 | ||||||
Stericycle, Inc. (a) | 87 | 5,105 | ||||||
Waste Management, Inc. | 345 | 31,174 | ||||||
|
| |||||||
155,311 | ||||||||
|
| |||||||
Hand & Machine Tools — 0.2% |
| |||||||
Snap-on, Inc. | 1,165 | 213,894 | ||||||
Stanley Black & Decker, Inc. | 2 | 293 | ||||||
|
| |||||||
214,187 | ||||||||
|
|
Number of Shares | Value | |||||||
Machinery – Construction & Mining — 0.2% |
| |||||||
Caterpillar, Inc. | 1,650 | $ | 251,608 | |||||
|
| |||||||
Machinery – Diversified — 0.3% |
| |||||||
Cummins, Inc. | 493 | 72,012 | ||||||
Deere & Co. | 1 | 150 | ||||||
Dover Corp. | 803 | 71,090 | ||||||
Flowserve Corp. | 91 | 4,977 | ||||||
Rockwell Automation, Inc. | 76 | 14,252 | ||||||
Roper Technologies, Inc. | 434 | 128,555 | ||||||
Xylem, Inc. | 701 | 55,989 | ||||||
|
| |||||||
347,025 | ||||||||
|
| |||||||
Miscellaneous – Manufacturing — 0.4% |
| |||||||
3M Co. | 5 | 1,053 | ||||||
Eaton Corp. PLC | 1,982 | 171,899 | ||||||
General Electric Co. | 86 | 971 | ||||||
Illinois Tool Works, Inc. | 50 | 7,056 | ||||||
Ingersoll-Rand PLC | 1,500 | 153,450 | ||||||
Parker-Hannifin Corp. | 420 | 77,251 | ||||||
Textron, Inc. | 685 | 48,957 | ||||||
|
| |||||||
460,637 | ||||||||
|
| |||||||
Packaging & Containers — 0.3% |
| |||||||
Ball Corp. | 40 | 1,760 | ||||||
Packaging Corp. of America | 110 | 12,066 | ||||||
Sealed Air Corp. | 47 | 1,887 | ||||||
WestRock Co. | 5,305 | 283,499 | ||||||
|
| |||||||
299,212 | ||||||||
|
| |||||||
Shipbuilding — 0.2% |
| |||||||
Huntington Ingalls Industries, Inc. | 1,010 | 258,641 | ||||||
|
| |||||||
Transportation — 1.0% |
| |||||||
C.H. Robinson Worldwide, Inc. | 254 | 24,872 | ||||||
CSX Corp. | 4,373 | 323,821 | ||||||
Expeditors International of Washington, Inc. | 84 | 6,176 | ||||||
FedEx Corp. | 6 | 1,445 | ||||||
Norfolk Southern Corp. | 983 | 177,431 | ||||||
Union Pacific Corp. | 2,470 | 402,190 | ||||||
United Parcel Service, Inc. Class B | 1,435 | 167,536 | ||||||
|
| |||||||
1,103,471 | ||||||||
|
| |||||||
6,114,770 | ||||||||
|
| |||||||
Technology — 12.5% |
| |||||||
Computers — 5.2% |
| |||||||
Accenture PLC Class A | 330 | 56,166 | ||||||
Apple, Inc. | 17,056 | 3,850,221 | ||||||
Cognizant Technology Solutions Corp. Class A | 1,518 | 117,114 | ||||||
DXC Technology Co. | 4,145 | 387,640 | ||||||
Hewlett Packard Enterprise Co. | 16,063 | 261,988 | ||||||
HP, Inc. | 10,463 | 269,632 | ||||||
International Business Machines Corp. | 2,230 | 337,198 | ||||||
NetApp, Inc. | 3,609 | 309,977 |
The accompanying notes are an integral part of the financial statements.
128
MassMutual Premier Balanced Fund – Portfolio of Investments (Continued)
Number of Shares | Value | |||||||
Seagate Technology PLC | 4,700 | $ | 222,545 | |||||
Western Digital Corp. | 1,120 | 65,565 | ||||||
|
| |||||||
5,878,046 | ||||||||
|
| |||||||
Office & Business Equipment — 0.0% |
| |||||||
Xerox Corp. | 143 | 3,858 | ||||||
|
| |||||||
Semiconductors — 2.3% |
| |||||||
Analog Devices, Inc. | 217 | 20,064 | ||||||
Applied Materials, Inc. | 367 | 14,184 | ||||||
Broadcom, Inc. | 1,024 | 252,651 | ||||||
Intel Corp. | 22,111 | 1,045,629 | ||||||
KLA-Tencor Corp. | 1,508 | 153,379 | ||||||
Lam Research Corp. | 183 | 27,761 | ||||||
Microchip Technology, Inc. | 24 | 1,894 | ||||||
Micron Technology, Inc. (a) | 4,433 | 200,505 | ||||||
NVIDIA Corp. | 85 | 23,887 | ||||||
QUALCOMM, Inc. | 5,088 | 366,489 | ||||||
Skyworks Solutions, Inc. | 890 | 80,732 | ||||||
Texas Instruments, Inc. | 3,345 | 358,885 | ||||||
Xilinx, Inc. | 561 | 44,975 | ||||||
|
| |||||||
2,591,035 | ||||||||
|
| |||||||
Software — 5.0% |
| |||||||
Activision Blizzard, Inc. | 100 | 8,319 | ||||||
Adobe Systems, Inc. (a) | 1,845 | 498,058 | ||||||
Akamai Technologies, Inc. (a) | 2,910 | 212,867 | ||||||
ANSYS, Inc. (a) | 350 | 65,338 | ||||||
Autodesk, Inc. (a) | 47 | 7,337 | ||||||
Broadridge Financial Solutions, Inc. | 890 | 117,436 | ||||||
CA, Inc. | 2,285 | 100,883 | ||||||
Cadence Design Systems, Inc. (a) | 600 | 27,192 | ||||||
Citrix Systems, Inc. (a) | 2,615 | 290,683 | ||||||
Electronic Arts, Inc. (a) | 136 | 16,387 | ||||||
Fidelity National Information Services, Inc. | 860 | 93,800 | ||||||
Fiserv, Inc. (a) | 588 | 48,439 | ||||||
Intuit, Inc. | 819 | 186,241 | ||||||
Microsoft Corp. | 29,291 | 3,350,012 | ||||||
Oracle Corp. | 7,988 | 411,861 | ||||||
Paychex, Inc. | 13 | 957 | ||||||
Red Hat, Inc. (a) | 4 | 545 | ||||||
salesforce.com, Inc. (a) | 1,980 | 314,879 | ||||||
Synopsys, Inc. (a) | 100 | 9,861 | ||||||
|
| |||||||
5,761,095 | ||||||||
|
| |||||||
14,234,034 | ||||||||
|
| |||||||
Utilities — 1.5% |
| |||||||
Electric — 1.5% |
| |||||||
AES Corp. | 8,277 | 115,878 | ||||||
Ameren Corp. | 1,072 | 67,772 | ||||||
American Electric Power Co., Inc. | 296 | 20,981 | ||||||
CenterPoint Energy, Inc. | 3,535 | 97,743 | ||||||
CMS Energy Corp. | 1,110 | 54,390 | ||||||
Consolidated Edison, Inc. | 909 | 69,257 |
Number of Shares | Value | |||||||
Dominion Energy, Inc. | 362 | $ | 25,441 | |||||
DTE Energy Co. | 452 | 49,327 | ||||||
Duke Energy Corp. | 2,186 | 174,924 | ||||||
Edison International | 134 | 9,069 | ||||||
Entergy Corp. | 811 | 65,796 | ||||||
Eversource Energy | 622 | 38,216 | ||||||
Exelon Corp. | 2,923 | 127,618 | ||||||
FirstEnergy Corp. | 166 | 6,170 | ||||||
NextEra Energy, Inc. | 456 | 76,426 | ||||||
NRG Energy, Inc. | 220 | 8,228 | ||||||
PG&E Corp. | 6,923 | 318,527 | ||||||
Pinnacle West Capital Corp. | 250 | 19,795 | ||||||
PPL Corp. | 784 | 22,940 | ||||||
Public Service Enterprise Group, Inc. | 1,209 | 63,823 | ||||||
SCANA Corp. | 1,072 | 41,690 | ||||||
Sempra Energy | 332 | 37,765 | ||||||
The Southern Co. | 3,934 | 171,522 | ||||||
WEC Energy Group, Inc. | 364 | 24,301 | ||||||
Xcel Energy, Inc. | 1,145 | 54,055 | ||||||
|
| |||||||
1,761,654 | ||||||||
|
| |||||||
Gas — 0.0% |
| |||||||
NiSource, Inc. | 172 | 4,286 | ||||||
|
| |||||||
1,765,940 | ||||||||
|
| |||||||
TOTAL COMMON STOCK (Cost $61,300,515) | 73,125,369 | |||||||
|
| |||||||
PREFERRED STOCK — 0.1% |
| |||||||
Financial — 0.1% |
| |||||||
Insurance — 0.1% |
| |||||||
The Allstate Corp., | 5,000 | 125,000 | ||||||
|
| |||||||
TOTAL PREFERRED STOCK (Cost $125,000) | 125,000 | |||||||
|
| |||||||
TOTAL EQUITIES (Cost $61,425,515) | 73,250,369 | |||||||
|
| |||||||
Principal Amount | ||||||||
BONDS & NOTES — 26.1% |
| |||||||
CORPORATE DEBT — 9.7% |
| |||||||
Aerospace & Defense — 0.0% |
| |||||||
United Technologies Corp. | $ | 15,000 | 17,694 | |||||
|
| |||||||
Agriculture — 0.1% |
| |||||||
Bunge Ltd. Finance Corp. | 31,000 | 28,052 | ||||||
4.350% 3/15/24 | 55,000 | 54,452 |
The accompanying notes are an integral part of the financial statements.
129
MassMutual Premier Balanced Fund – Portfolio of Investments (Continued)
Principal Amount | Value | |||||||
Reynolds American, Inc. | $ | 30,000 | $ | 32,624 | ||||
|
| |||||||
115,128 | ||||||||
|
| |||||||
Airlines — 0.3% |
| |||||||
American Airlines Group, Inc. | 202,000 | 204,777 | ||||||
American Airlines Pass-Through Trust, Series 2014-1, Class B, | 10,463 | 10,396 | ||||||
Spirit Airlines Pass-Through Trust, Series 2015-1, Class A, | 73,433 | 73,158 | ||||||
United Airlines Pass-Through Trust, Series 2018-1, Class B, | 15,000 | 14,971 | ||||||
WestJet Airlines Ltd. | 22,000 | 21,642 | ||||||
|
| |||||||
324,944 | ||||||||
|
| |||||||
Auto Manufacturers — 0.3% |
| |||||||
Ford Motor Co. | 15,000 | 13,360 | ||||||
Ford Motor Credit Co. LLC | 200,000 | 190,676 | ||||||
General Motors Co. | 30,000 | 28,299 | ||||||
5.150% 4/01/38 | 20,000 | 18,601 | ||||||
General Motors Financial Co., Inc. | 75,000 | 70,705 | ||||||
3.550% 4/09/21 | 25,000 | 24,983 | ||||||
4.150% 6/19/23 | 35,000 | 34,860 | ||||||
|
| |||||||
381,484 | ||||||||
|
| |||||||
Auto Parts & Equipment — 0.0% |
| |||||||
Lear Corp. | 20,000 | 20,562 | ||||||
|
| |||||||
Banks — 1.3% |
| |||||||
Associated Banc-Corp. | 110,000 | 109,564 | ||||||
Bank of America Corp. | 60,000 | 58,562 | ||||||
3 mo. USD LIBOR + 1.814% | 25,000 | 24,406 | ||||||
4.750% 4/21/45 | 45,000 | 45,255 | ||||||
7.750% 5/14/38 | 20,000 | 26,995 | ||||||
Bank of Montreal | 35,000 | 32,702 | ||||||
The Bank of Nova Scotia | 40,000 | 40,019 | ||||||
4.650% VRN 12/31/99 (c) (g) | 60,000 | 56,287 | ||||||
Barclays Bank PLC | 80,000 | 91,138 |
Principal Amount | Value | |||||||
CIT Group, Inc. | $ | 50,000 | $ | 50,123 | ||||
Citigroup, Inc. | 75,000 | 79,900 | ||||||
5.875% 1/30/42 | 20,000 | 23,244 | ||||||
8.125% 7/15/39 | 15,000 | 21,652 | ||||||
Credit Suisse Group AG | 250,000 | 243,146 | ||||||
Fulton Financial Corp. | 45,000 | 44,031 | ||||||
The Goldman Sachs Group, Inc. | 40,000 | 38,156 | ||||||
5.950% 1/15/27 | 80,000 | 87,483 | ||||||
6.750% 10/01/37 | 35,000 | 42,103 | ||||||
JP Morgan Chase & Co. | 10,000 | 9,816 | ||||||
3.625% 12/01/27 | 30,000 | 28,293 | ||||||
5.600% 7/15/41 | 45,000 | 51,943 | ||||||
Morgan Stanley | 85,000 | 84,344 | ||||||
SVB Financial Group | 85,000 | 82,187 | ||||||
Valley National Bancorp | 50,000 | 51,474 | ||||||
Wells Fargo & Co. | 14,000 | 15,041 | ||||||
5.606% 1/15/44 | 15,000 | 16,569 | ||||||
|
| |||||||
1,454,433 | ||||||||
|
| |||||||
Beverages — 0.1% |
| |||||||
Anheuser-Busch InBev Finance, Inc. | 95,000 | 96,075 | ||||||
Molson Coors Brewing Co. | 39,000 | 34,556 | ||||||
5.000% 5/01/42 | 5,000 | 4,958 | ||||||
|
| |||||||
135,589 | ||||||||
|
| |||||||
Biotechnology — 0.1% |
| |||||||
Amgen, Inc. | 15,000 | 15,897 | ||||||
Celgene Corp. | 85,000 | 79,351 | ||||||
4.350% 11/15/47 | 30,000 | 26,856 | ||||||
|
| |||||||
122,104 | ||||||||
|
| |||||||
Building Materials — 0.3% |
| |||||||
CRH America Finance, Inc. | 200,000 | 193,783 | ||||||
Standard Industries, Inc. | 81,000 | 76,241 | ||||||
5.375% 11/15/24 (b) | 38,000 | 37,953 | ||||||
5.500% 2/15/23 (b) | 32,000 | 32,360 | ||||||
|
| |||||||
340,337 | ||||||||
|
|
The accompanying notes are an integral part of the financial statements.
130
MassMutual Premier Balanced Fund – Portfolio of Investments (Continued)
Principal Amount | Value | |||||||
Chemicals — 0.2% |
| |||||||
Ashland, Inc. | $ | 11,000 | $ | 11,275 | ||||
Incitec Pivot Finance LLC | 30,000 | 30,771 | ||||||
The Mosaic Co. | 44,000 | 42,566 | ||||||
RPM International, Inc. | 20,000 | 19,006 | ||||||
The Sherwin-Williams Co. | 20,000 | 19,236 | ||||||
Yara International ASA | 75,000 | 75,505 | ||||||
|
| |||||||
198,359 | ||||||||
|
| |||||||
Commercial Services — 0.1% |
| |||||||
The ADT Security Corp. | 140,000 | 146,861 | ||||||
|
| |||||||
Computers — 0.0% |
| |||||||
Dell International LLC/EMC Corp. | 15,000 | 16,033 | ||||||
|
| |||||||
Diversified Financial Services — 0.8% |
| |||||||
AerCap Ireland Capital DAC/AerCap Global Aviation Trust | 150,000 | 139,248 | ||||||
4.500% 5/15/21 | 105,000 | 106,629 | ||||||
Affiliated Managers Group, Inc. | 70,000 | 66,913 | ||||||
Aircastle Ltd. | 25,000 | 25,003 | ||||||
5.000% 4/01/23 | 50,000 | 51,352 | ||||||
Ares Finance Co. LLC | 85,000 | 80,377 | ||||||
Discover Financial Services | 90,000 | 86,030 | ||||||
Genpact Luxembourg Sarl | 65,000 | 63,469 | ||||||
High Street Funding Trust I | 145,000 | 141,419 | ||||||
Lazard Group LLC | 34,000 | 31,708 | ||||||
4.500% 9/19/28 | 20,000 | 19,671 | ||||||
Legg Mason, Inc. | 35,000 | 35,404 | ||||||
Neuberger Berman Group LLC/Neuberger Berman Finance Corp. | 30,000 | 29,808 | ||||||
|
| |||||||
877,031 | ||||||||
|
| |||||||
Electric — 0.4% |
| |||||||
The Cleveland Electric Illuminating Co. | 25,000 | 23,580 | ||||||
CMS Energy Corp. | 25,000 | 25,289 |
Principal Amount | Value | |||||||
Duke Energy Corp. | $ | 35,000 | $ | 30,756 | ||||
Entergy Louisiana LLC | 40,000 | 40,254 | ||||||
IPALCO Enterprises, Inc. | 115,000 | 114,455 | ||||||
3.700% 9/01/24 | 25,000 | 24,248 | ||||||
Nevada Power Co., Series N, | 20,000 | 25,281 | ||||||
Pennsylvania Electric Co. | 70,000 | 69,823 | ||||||
Progress Energy, Inc. | 5,000 | 6,236 | ||||||
Puget Energy, Inc. | 5,000 | 4,824 | ||||||
Xcel Energy, Inc. | 60,000 | 76,043 | ||||||
|
| |||||||
440,789 | ||||||||
|
| |||||||
Electronics — 0.1% |
| |||||||
Arrow Electronics, Inc. | 25,000 | 23,629 | ||||||
3.875% 1/12/28 | 25,000 | 23,287 | ||||||
4.500% 3/01/23 | 10,000 | 10,111 | ||||||
|
| |||||||
57,027 | ||||||||
|
| |||||||
Forest Products & Paper — 0.0% |
| |||||||
Fibria Overseas Finance Ltd. | 35,000 | 32,432 | ||||||
|
| |||||||
Gas — 0.0% |
| |||||||
CenterPoint Energy Resources Corp. | 35,000 | 40,118 | ||||||
|
| |||||||
Health Care – Products — 0.1% |
| |||||||
Becton Dickinson & Co. | 25,000 | 24,650 | ||||||
Zimmer Biomet Holdings, Inc. | 35,000 | 32,853 | ||||||
|
| |||||||
57,503 | ||||||||
|
| |||||||
Health Care – Services — 0.1% |
| |||||||
Advocate Health & Hospitals Corp. | 25,000 | 25,218 | ||||||
Humana, Inc. | 45,000 | 44,231 | ||||||
4.800% 3/15/47 | 25,000 | 25,498 | ||||||
|
| |||||||
94,947 | ||||||||
|
| |||||||
Home Builders — 0.0% |
| |||||||
Lennar Corp. | 30,000 | 29,250 | ||||||
|
| |||||||
Household Products & Wares — 0.0% |
| |||||||
Church & Dwight Co., Inc. | 10,000 | 9,259 | ||||||
|
|
The accompanying notes are an integral part of the financial statements.
131
MassMutual Premier Balanced Fund – Portfolio of Investments (Continued)
Principal Amount | Value | |||||||
Insurance — 0.9% |
| |||||||
The Allstate Corp. 3 mo. USD LIBOR + 2.938% | $ | 100,000 | $ | 103,000 | ||||
American International Group, Inc. | 40,000 | 39,579 | ||||||
4.500% 7/16/44 | 25,000 | 23,595 | ||||||
4.750% 4/01/48 | 15,000 | 14,746 | ||||||
5.750% VRN 4/01/48 (c) | 60,000 | 58,275 | ||||||
AmTrust Financial Services, Inc. | 75,000 | 72,698 | ||||||
Arch Capital Finance LLC | 30,000 | 31,347 | ||||||
The Athene Holding Ltd. | 115,000 | 107,444 | ||||||
AXIS Specialty Finance PLC | 60,000 | 56,755 | ||||||
CNA Financial Corp. | 25,000 | 23,148 | ||||||
CNO Financial Group, Inc. | 60,000 | 60,600 | ||||||
5.250% 5/30/25 | 72,000 | 73,620 | ||||||
Enstar Group Ltd. | 25,000 | 25,110 | ||||||
The Progressive Corp. | 25,000 | 24,937 | ||||||
Prudential Financial, Inc. | 65,000 | 64,778 | ||||||
Trinity Acquisition PLC | 10,000 | 9,950 | ||||||
USF&G Capital I | 35,000 | 48,181 | ||||||
Voya Financial, Inc. | 25,000 | 22,250 | ||||||
Willis North America, Inc. | 65,000 | 64,982 | ||||||
7.000% 9/29/19 | 21,000 | 21,718 | ||||||
XLIT Ltd. | 94,000 | 93,124 | ||||||
|
| |||||||
1,039,837 | ||||||||
|
| |||||||
Internet — 0.0% |
| |||||||
Amazon.com, Inc. | 45,000 | 44,328 | ||||||
|
| |||||||
Investment Companies — 0.3% |
| |||||||
Ares Capital Corp. | 75,000 | 71,668 | ||||||
3.875% 1/15/20 | 75,000 | 75,297 | ||||||
BlackRock TCP Capital Corp. | 70,000 | 66,464 | ||||||
FS Investment Corp. | 90,000 | 90,337 | ||||||
|
| |||||||
303,766 | ||||||||
|
|
Principal Amount | Value | |||||||
Iron & Steel — 0.2% |
| |||||||
ArcelorMittal | $ | 80,000 | $ | 81,930 | ||||
5.250% STEP 8/05/20 | 60,000 | 61,768 | ||||||
Vale Overseas Ltd. | 75,000 | 78,924 | ||||||
6.875% 11/21/36 | 35,000 | 40,642 | ||||||
|
| |||||||
263,264 | ||||||||
|
| |||||||
Lodging — 0.1% |
| |||||||
MGM Resorts International | 54,000 | 57,240 | ||||||
|
| |||||||
Machinery – Diversified — 0.1% |
| |||||||
CNH Industrial Capital LLC | 95,000 | 94,734 | ||||||
|
| |||||||
Media — 0.2% |
| |||||||
CCO Holdings LLC/CCO Holdings Capital Corp. | 30,000 | 28,425 | ||||||
Charter Communications Operating LLC/Charter Communications Operating Capital | 35,000 | 37,624 | ||||||
Comcast Corp. | 45,000 | 36,410 | ||||||
Discovery Communications LLC | 35,000 | 33,248 | ||||||
5.000% 9/20/37 | 25,000 | 24,377 | ||||||
Time Warner Cable, Inc. | 30,000 | 32,718 | ||||||
8.250% 4/01/19 | 10,000 | 10,256 | ||||||
8.750% 2/14/19 | 10,000 | 10,207 | ||||||
Warner Media LLC | 5,000 | 5,406 | ||||||
|
| |||||||
218,671 | ||||||||
|
| |||||||
Mining — 0.2% |
| |||||||
Glencore Finance Canada Ltd. | 23,000 | 22,690 | ||||||
Glencore Funding LLC | 25,000 | 23,176 | ||||||
4.625% 4/29/24 (b) | 85,000 | 85,521 | ||||||
Kinross Gold Corp. | 31,000 | 27,708 | ||||||
5.125% 9/01/21 | 85,000 | 87,337 | ||||||
|
| |||||||
246,432 | ||||||||
|
| |||||||
Miscellaneous – Manufacturing — 0.0% |
| |||||||
General Electric Co. | 60,000 | 53,516 | ||||||
|
| |||||||
Office Equipment/Supplies — 0.1% |
| |||||||
Pitney Bowes, Inc. | 20,000 | 19,725 | ||||||
3.875% STEP 10/01/21 | 80,000 | 76,300 | ||||||
|
| |||||||
96,025 | ||||||||
|
|
The accompanying notes are an integral part of the financial statements.
132
MassMutual Premier Balanced Fund – Portfolio of Investments (Continued)
Principal Amount | Value | |||||||
Oil & Gas — 0.7% |
| |||||||
Anadarko Petroleum Corp. | $ | 31,000 | $ | 36,456 | ||||
Andeavor | 10,000 | 9,321 | ||||||
Antero Resources Corp. | 83,000 | 84,062 | ||||||
Cenovus Energy, Inc. | 30,000 | 28,738 | ||||||
4.250% 4/15/27 | 50,000 | 48,333 | ||||||
6.750% 11/15/39 | 15,000 | 16,916 | ||||||
Continental Resources, Inc. | 38,000 | 37,716 | ||||||
Diamondback Energy, Inc. | 58,000 | 58,072 | ||||||
Encana Corp. | 15,000 | 17,581 | ||||||
EQT Corp. | 115,000 | 107,756 | ||||||
Helmerich & Payne International Drilling Co. | 45,000 | 46,019 | ||||||
Marathon Petroleum Corp. | 35,000 | 40,956 | ||||||
Nabors Industries, Inc. | 35,000 | 34,381 | ||||||
Newfield Exploration Co. | 25,000 | 26,156 | ||||||
Patterson-UTI Energy, Inc. | 22,000 | 20,354 | ||||||
PBF Holding Co. LLC/PBF Finance Corp. | 25,000 | 26,000 | ||||||
Petroleos Mexicanos | 20,000 | 18,960 | ||||||
4.625% 9/21/23 | 10,000 | 9,910 | ||||||
5.350% 2/12/28 (b) | 30,000 | 28,275 | ||||||
5.500% 1/21/21 | 60,000 | 61,915 | ||||||
6.375% 1/23/45 | 15,000 | 13,890 | ||||||
6.500% 3/13/27 | 10,000 | 10,215 | ||||||
6.625% 6/15/38 | 5,000 | 4,800 | ||||||
|
| |||||||
786,782 | ||||||||
|
| |||||||
Oil & Gas Services — 0.0% |
| |||||||
National Oilwell Varco, Inc. | 40,000 | 34,698 | ||||||
|
| |||||||
Packaging & Containers — 0.1% |
| |||||||
Amcor Finance USA, Inc. | 95,000 | 89,887 | ||||||
|
| |||||||
Pharmaceuticals — 0.4% |
| |||||||
AbbVie, Inc. | 25,000 | 24,019 | ||||||
Allergan Funding SCS | 45,000 | 43,751 |
Principal Amount | Value | |||||||
Bayer US Finance II LLC | $ | 55,000 | $ | 48,929 | ||||
CVS Health Corp. | 24,000 | 23,812 | ||||||
5.050% 3/25/48 | 35,000 | 35,799 | ||||||
6.125% 9/15/39 | 10,000 | 11,349 | ||||||
CVS Pass-Through Trust | 49,140 | 52,660 | ||||||
Express Scripts Holding Co. | 30,000 | 30,269 | ||||||
4.800% 7/15/46 | 30,000 | 29,280 | ||||||
McKesson Corp. | 10,000 | 9,977 | ||||||
6.000% 3/01/41 | 30,000 | 33,049 | ||||||
Mylan, Inc. | 16,000 | 15,258 | ||||||
Teva Pharmaceutical Finance IV LLC | 30,000 | 29,112 | ||||||
Teva Pharmaceutical Finance Netherlands III BV | 13,000 | 12,789 | ||||||
2.200% 7/21/21 | 99,000 | 93,030 | ||||||
4.100% 10/01/46 | 15,000 | 10,936 | ||||||
|
| |||||||
504,019 | ||||||||
|
| |||||||
Pipelines — 0.8% |
| |||||||
Andeavor Logistics LP | 40,000 | 40,180 | ||||||
Andeavor Logistics LP/Tesoro Logistics Finance Corp. | 19,000 | 19,522 | ||||||
Energy Transfer Equity LP | 30,000 | 31,575 | ||||||
7.500% 10/15/20 | 25,000 | 26,750 | ||||||
Energy Transfer Partners LP | 30,000 | 28,977 | ||||||
6.125% 12/15/45 | 25,000 | 26,666 | ||||||
6.250% VRN 12/31/99 (c) (g) | 60,000 | 57,750 | ||||||
EnLink Midstream Partners LP | 50,000 | 47,411 | ||||||
4.850% 7/15/26 | 24,000 | 23,268 | ||||||
Enterprise Products Operating LLC | 30,000 | 27,785 | ||||||
EQT Midstream Partners LP | 70,000 | 71,035 | ||||||
Kinder Morgan Energy Partners LP | 10,000 | 11,401 | ||||||
6.500% 2/01/37 | 25,000 | 28,042 | ||||||
6.550% 9/15/40 | 15,000 | 17,177 | ||||||
6.950% 1/15/38 | 5,000 | 6,061 | ||||||
Magellan Midstream Partners LP | 30,000 | 31,116 |
The accompanying notes are an integral part of the financial statements.
133
MassMutual Premier Balanced Fund – Portfolio of Investments (Continued)
Principal Amount | Value | |||||||
MPLX LP | $ | 30,000 | $ | 28,275 | ||||
5.200% 3/01/47 | 5,000 | 5,010 | ||||||
5.500% 2/15/23 | 24,000 | 24,487 | ||||||
Phillips 66 Partners LP | 20,000 | 19,041 | ||||||
4.680% 2/15/45 | 4,000 | 3,791 | ||||||
Plains All American Pipeline LP | 55,000 | 53,556 | ||||||
Plains All American Pipeline LP/PAA Finance Corp. | 32,000 | 31,608 | ||||||
4.500% 12/15/26 | 40,000 | 39,959 | ||||||
4.700% 6/15/44 | 25,000 | 22,517 | ||||||
Sabine Pass Liquefaction LLC | 45,000 | 43,653 | ||||||
Sunoco Logistics Partners Operations LP | 30,000 | 28,483 | ||||||
5.300% 4/01/44 | 25,000 | 23,964 | ||||||
Western Gas Partners LP | 85,000 | 84,629 | ||||||
4.500% 3/01/28 | 15,000 | 14,389 | ||||||
|
| |||||||
918,078 | ||||||||
|
| |||||||
Private Equity — 0.1% |
| |||||||
Hercules Capital, Inc. | 70,000 | 67,365 | ||||||
Icahn Enterprises LP/Icahn Enterprises Finance Corp. | 30,000 | 30,750 | ||||||
|
| |||||||
98,115 | ||||||||
|
| |||||||
Real Estate Investment Trusts (REITS) — 0.4% |
| |||||||
American Tower Corp. | 25,000 | 25,029 | ||||||
American Tower Trust #1 | 50,000 | 49,041 | ||||||
Crown Castle International Corp. | 20,000 | 19,378 | ||||||
Healthcare Trust of America Holdings LP | 40,000 | 37,311 | ||||||
Host Hotels & Resorts LP | 45,000 | 43,949 | ||||||
Kimco Realty Corp. | 25,000 | 23,720 | ||||||
Mid-America Apartments LP | 25,000 | 23,820 | ||||||
National Retail Properties, Inc. | 20,000 | 19,849 | ||||||
SBA Tower Trust | 40,000 | 39,329 | ||||||
3.168% 4/09/47 (b) | 90,000 | 88,250 | ||||||
UDR, Inc. | 35,000 | 33,100 |
Principal Amount | Value | |||||||
Weingarten Realty Investors | $ | 15,000 | $ | 13,779 | ||||
|
| |||||||
416,555 | ||||||||
|
| |||||||
Retail — 0.1% |
| |||||||
Dollar Tree, Inc. | 45,000 | 43,708 | ||||||
The Home Depot, Inc. | 30,000 | 37,348 | ||||||
QVC, Inc. | 25,000 | 24,693 | ||||||
5.125% 7/02/22 | 10,000 | 10,131 | ||||||
|
| |||||||
115,880 | ||||||||
|
| |||||||
Semiconductors — 0.1% |
| |||||||
Marvell Technology Group Ltd. | 40,000 | 39,804 | ||||||
Microchip Technology, Inc. | 25,000 | 24,853 | ||||||
|
| |||||||
64,657 | ||||||||
|
| |||||||
Software — 0.1% |
| |||||||
Microsoft Corp. | 64,000 | 68,536 | ||||||
|
| |||||||
Telecommunications — 0.3% |
| |||||||
AT&T, Inc. | 30,000 | 28,562 | ||||||
4.750% 5/15/46 | 30,000 | 27,409 | ||||||
5.250% 3/01/37 | 35,000 | 34,883 | ||||||
CenturyLink, Inc. | 30,000 | 30,563 | ||||||
Crown Castle Towers LLC | 40,000 | 40,367 | ||||||
Ericsson LM | 75,000 | 74,525 | ||||||
Hughes Satellite Systems Corp. | 25,000 | 25,500 | ||||||
Sprint Communications, Inc. | 65,000 | 73,775 | ||||||
Verizon Communications, Inc. | 15,000 | 14,963 | ||||||
6.550% 9/15/43 | 34,000 | 41,357 | ||||||
|
| |||||||
391,904 | ||||||||
|
| |||||||
Transportation — 0.0% |
| |||||||
Pacific National Finance Pty Ltd. | 20,000 | 20,225 | ||||||
|
| |||||||
Trucking & Leasing — 0.2% |
| |||||||
DAE Funding LLC | 25,000 | 24,719 | ||||||
Park Aerospace Holdings Ltd. | 50,000 | 48,813 | ||||||
5.250% 8/15/22 (b) | 90,000 | 90,787 |
The accompanying notes are an integral part of the financial statements.
134
MassMutual Premier Balanced Fund – Portfolio of Investments (Continued)
Principal Amount | Value | |||||||
Penske Truck Leasing Co. LP/PTL Finance Corp. | $ | 70,000 | $ | 69,049 | ||||
|
| |||||||
233,368 | ||||||||
|
| |||||||
TOTAL CORPORATE DEBT (Cost $11,255,209) | 11,072,401 | |||||||
|
| |||||||
MUNICIPAL OBLIGATIONS — 0.2% |
| |||||||
JobsOhio Beverage System Series B | 150,000 | 158,652 | ||||||
State of California BAB | 45,000 | 65,681 | ||||||
7.600% 11/01/40 | 10,000 | 14,863 | ||||||
|
| |||||||
239,196 | ||||||||
|
| |||||||
TOTAL MUNICIPAL OBLIGATIONS (Cost $229,673) | 239,196 | |||||||
|
| |||||||
NON-U.S. GOVERNMENT AGENCY OBLIGATIONS — 7.7% |
| |||||||
Automobile ABS — 0.4% |
| |||||||
First Investors Auto Owner Trust, Series 2016-2A, Class B | 80,000 | 78,859 | ||||||
Hertz Vehicle Financing II LP, Series 2018-1A, Class A | 150,000 | 145,881 | ||||||
Hertz Vehicle Financing LLC | 100,000 | 100,050 | ||||||
Oscar US Funding Trust IV, Series 2016-1A, Class A2B, 1 mo. USD LIBOR + 1.700% | 1,923 | 1,927 | ||||||
Oscar US Funding Trust V, Series 2016-2A, Class A4 | 110,000 | 108,985 | ||||||
Oscar US Funding Trust VI, Series 2017-1A, Class A4 | 30,000 | 29,853 | ||||||
|
| |||||||
465,555 | ||||||||
|
| |||||||
Commercial MBS — 0.7% |
| |||||||
Aventura Mall Trust, Series 2018-AVM, Class C, | 100,000 | 98,926 | ||||||
BBCMS 2018-CHRS Mortgage Trust, Series 2018-CHRS, Class B, | 100,000 | 99,774 | ||||||
BHMS Mortgage Trust, Series 2018-ATLS, Class B, | 100,000 | 100,153 |
Principal Amount | Value | |||||||
Commercial Mortgage Pass-Through Certificates | $ | 46,859 | $ | 46,000 | ||||
Series 2012-CR4, Class B, | 35,000 | 34,479 | ||||||
Series 2015-CR23, Class C, | 35,000 | 34,363 | ||||||
DBCCRE Mortgage Trust, Series 2014-ARCP, Class A | 100,000 | 102,544 | ||||||
GCCFC Commercial Mortgage Trust, Series 2006-GG7, Class AM, | 27,650 | 27,940 | ||||||
JP Morgan Chase Commercial Mortgage Securities Corp., Series 2007-CB18, Class AM, | 18,273 | 18,283 | ||||||
Morgan Stanley Capital I Trust | 20,000 | 20,341 | ||||||
Series 2011-C2, Class B, | 100,000 | 103,382 | ||||||
TIAA Seasoned Commercial Mortgage Trust, Series 2007-C4, Class AJ, | 2,884 | 2,898 | ||||||
Wells Fargo Commercial Mortgage Trust | 14,017 | 14,062 | ||||||
Series 2018-C45, Class AS, | 30,000 | 30,409 | ||||||
Series 2018-C45, Class B, | 10,000 | 10,208 | ||||||
WF-RBS Commercial Mortgage Trust | 40,000 | 40,715 | ||||||
Series 2011-C3, Class B, | 50,000 | 50,976 | ||||||
|
| |||||||
835,453 | ||||||||
|
| |||||||
Home Equity ABS — 0.0% |
| |||||||
Mastr Asset-Backed Securities Trust, Series 2005-WMC1, Class M3, 1 mo. USD LIBOR + ..720% | 8,868 | 8,935 | ||||||
|
| |||||||
Other ABS — 3.0% |
| |||||||
321 Henderson Receivables LLC, Series 2015-1A, Class A | 40,217 | 38,432 | ||||||
American Tower Trust #1, Series 13, Class 2A | 50,000 | 48,513 |
The accompanying notes are an integral part of the financial statements.
135
MassMutual Premier Balanced Fund – Portfolio of Investments (Continued)
Principal Amount | Value | |||||||
Apidos CLO XXV, Series 2016-25A, Class A1, 3 mo. USD LIBOR + 1.460% | $ | 250,000 | $ | 250,047 | ||||
Arbys Funding LLC, Series 2015-1A, Class A2 | 68,075 | 68,297 | ||||||
BlueVirgo Trust, Series 2015-1A, Class NOTE | 20,583 | 20,583 | ||||||
Carlyle Global Market Strategies CLO Ltd., Series 2013-1A, Class A1R, 3 mo. USD LIBOR + 1.220% | 250,000 | 250,365 | ||||||
Cazenovia Creek Funding I LLC, Series 2015-1A, Class A | 5,694 | 5,680 | ||||||
CLI Funding V LLC, Series 2014-1A, Class A | 56,436 | 55,317 | ||||||
Countrywide Asset-Backed Certificates, Series 2004-5, Class 3A, 1 mo. USD LIBOR + .460% | 2,693 | 2,690 | ||||||
Diamond Resorts Owner Trust | 15,561 | 15,553 | ||||||
Series 2015-1, Class A, | 15,169 | 15,167 | ||||||
Series 2016-1, Class A, | 57,942 | 56,536 | ||||||
Domino’s Pizza Master Issuer LLC, Series 2015-1A, Class A2II | 107,525 | 108,189 | ||||||
Eaton Vance CLO Ltd., Series 2018-1A, Class B, | 250,000 | 250,000 | ||||||
Elara HGV Timeshare Issuer LLC, Series 2016-A, Class A | 49,860 | 48,789 | ||||||
Element Rail Leasing II LLC, Series 2015-1A, Class A1 | 48,713 | 47,922 | ||||||
Fairway Outdoor Funding LLC, Series 2012-1A, Class A2 | 83,133 | 83,079 | ||||||
First Franklin Mortgage Loan Trust, Series 2004-FFH4, Class M6, 1 mo. USD LIBOR + 1.725% | 80,000 | 82,885 | ||||||
GSAMP Trust, Series 2005-AHL, Class M1, 1 mo. USD LIBOR + ..645% | 3,717 | 3,711 |
Principal Amount | Value | |||||||
Helios Issuer LLC, Series 2017-1A, Class A | $ | 92,745 | $ | 94,600 | ||||
Hero Funding Trust, Series 2016-4A, Class A1 | 89,779 | 88,100 | ||||||
Hilton Grand Vacations Trust, Series 2013-A, Class A | 15,204 | 15,116 | ||||||
Highbridge Loan Management Ltd., Series 13A-18, Class C, | 250,000 | 250,000 | ||||||
Mariner Finance Issuance Trust, Series 2017-BA, Class A | 100,000 | 98,399 | ||||||
MP CLO III Ltd., Series 2013-1A, Class AR, | 250,000 | 250,127 | ||||||
NRZ Advance Receivables Trust | 320,000 | 311,181 | ||||||
Series 2016-T4, Class AT4, | 150,000 | 148,590 | ||||||
Orange Lake Timeshare Trust | 30,754 | 29,872 | ||||||
Series 2016-A, Class B, | 25,628 | 24,979 | ||||||
Oxford Finance Funding Trust, Series 2016-1A, Class A | 48,115 | 47,797 | ||||||
Sierra Timeshare Receivables Funding LLC, Series 2015-3A, Class B | 21,874 | 21,657 | ||||||
SoFi Consumer Loan Program LLC | 31,998 | 32,027 | ||||||
Series 2017-2, Class A, | 54,159 | 54,022 | ||||||
SPS Servicer Advance Receivables Trust, Series 2016-T2, Class AT2 | 110,000 | 109,320 | ||||||
Taco Bell Funding LLC, Series 2016-1A, Class A2I | 78,800 | 78,883 | ||||||
Textainer Marine Containers V Ltd., Series 2017-1A, Class A | 87,256 | 86,318 | ||||||
Textainer Marine Containers VII Ltd., Series 2018-1A, Class A | 98,800 | 97,973 | ||||||
Welk Resorts LLC, Series 2015-AA, Class A | 19,620 | 19,173 |
The accompanying notes are an integral part of the financial statements.
136
MassMutual Premier Balanced Fund – Portfolio of Investments (Continued)
Principal Amount | Value | |||||||
Wendy’s Funding LLC | $ | 48,500 | $ | 48,405 | ||||
Series 2015-1A, Class A23, | 72,750 | 72,979 | ||||||
|
| |||||||
3,431,273 | ||||||||
|
| |||||||
Student Loans ABS — 3.4% |
| |||||||
Access Group, Inc., Series 2015-1, Class B, 1 mo. USD LIBOR + 1.500% | 100,000 | 89,895 | ||||||
AccessLex Institute | 100,000 | 98,647 | ||||||
Series 2003-A, Class A3, 3 mo. Treasury + 1.200% | 8,404 | 8,219 | ||||||
College Loan Corp. Trust I, Series 2007-1, Class B2, 28 day ARS | 35,000 | 27,525 | ||||||
DRB Prime Student Loan Trust Series 2016-R, Class A1, 1 mo. USD LIBOR + 1.900% | 76,407 | 77,574 | ||||||
Series 2016-A, Class A1, 1 mo. USD LIBOR + 2.000% | 31,554 | 32,428 | ||||||
Earnest Student Loan Program LLC | 44,173 | 45,211 | ||||||
Series 2016-B, Class A1, 1 mo. USD LIBOR + 2.050% | 30,137 | 30,885 | ||||||
ECMC Group Student Loan Trust | 77,115 | 78,156 | ||||||
Series 2016-1A, Class A, 1 mo. USD LIBOR + 1.350% | 94,052 | 95,882 | ||||||
Edlinc Student Loan Funding, Series 2017-A, Class A (Acquired 12/22/17, Cost $99,305), | 86,396 | 85,433 | ||||||
EdLinc Student Loan Funding Trust, Series 2012-1, Class B, 1 mo. USD LIBOR + 4.240% | 65,000 | 77,071 | ||||||
Education Loan Asset-Backed Trust I, Series 2003-2, Class 2A1, 28 day ARS | 50,000 | 46,505 |
Principal Amount | Value | |||||||
Kentucky Higher Education Student Loan Corp., Series 2015-1, Class A1, 1 mo. USD LIBOR + .750% | $ | 53,483 | $ | 53,565 | ||||
KnowledgeWorks Foundation, Series 2010-1, Class A, 3 mo. USD LIBOR + .950% | 31,654 | 31,745 | ||||||
Navient Student Loan Trust | 72,303 | 72,680 | ||||||
Series 2018-1A, Class A3, | 100,000 | 100,453 | ||||||
Series 2014-1, Class A4, 1 mo. USD LIBOR + .750% | 100,000 | 98,884 | ||||||
Series 2018-3A, Class A3, | 100,000 | 100,940 | ||||||
Series 2016-5A, Class A, 1 mo. USD LIBOR + 1.250% | 83,068 | 85,170 | ||||||
Series 2016-6A, Class A3, 1 mo. USD LIBOR + 1.300% | 210,000 | 217,809 | ||||||
Series 2015-3, Class B, 1 mo. USD LIBOR + 1.500% | 40,000 | 40,582 | ||||||
Navient Student Loan Trust 2018-4, Series 2018-4A, Class B, | 100,000 | 99,998 | ||||||
Nelnet Private Education Loan Trust | 49,218 | 47,309 | ||||||
Series 2016-A, Class A1A, 1 mo. USD LIBOR + 1.750% | 49,214 | 49,300 | ||||||
Nelnet Student Loan Trust | 77,987 | 77,431 | ||||||
Series 2013-5A, Class A, 1 mo. USD LIBOR + .630% | 40,802 | 40,815 | ||||||
Series 2018-3A, Class A3, | 100,000 | 100,004 | ||||||
Series 2018-1A, Class A2, | 100,000 | 100,514 | ||||||
PHEAA Student Loan Trust, Series 2016-2A, Class A, 1 mo. USD LIBOR + .950% | 79,678 | 80,712 |
The accompanying notes are an integral part of the financial statements.
137
MassMutual Premier Balanced Fund – Portfolio of Investments (Continued)
Principal Amount | Value | |||||||
SLC Student Loan Trust, Series 2005-1, Class B, 3 mo. USD LIBOR + .200% | $ | 47,072 | $ | 43,648 | ||||
SLM Student Loan Trust | 200,000 | 193,280 | ||||||
Series 2006-10, Class A6, 3 mo. USD LIBOR + .150% | 200,000 | 192,500 | ||||||
Series 2005-4, Class B, 3 mo. USD LIBOR + .180% | 106,842 | 101,756 | ||||||
Series 2006-5, Class B, 3 mo. USD LIBOR + .210% | 157,137 | 148,980 | ||||||
Series 2006-10, Class B, 3 mo. USD LIBOR + .220% | 59,259 | 56,058 | ||||||
Series 2005-8, Class B, 3 mo. USD LIBOR + .310% | 51,993 | 49,105 | ||||||
Series 2003-14, Class A7, 3 mo. USD LIBOR + .600% | 250,000 | 250,036 | ||||||
Series 2005-7, Class A5, 3 mo. USD LIBOR + .750% | 100,000 | 99,625 | ||||||
Series 2006-5, Class A6B, 3 mo. USD LIBOR + .750% | 100,000 | 99,875 | ||||||
Series 2003-5, Class A9, 28 day ARS + 2.500% | 50,000 | 50,000 | ||||||
Series 2003-5, Class A7, 28 day ARS + 2.500% | 50,000 | 50,000 | ||||||
SMB Private Education Loan Trust, Series 2017-A, Class B | 100,000 | 91,779 | ||||||
SoFi Professional Loan Program LLC | 35,743 | 36,299 | ||||||
Series 2017-A, Class B, | 100,000 | 95,949 | ||||||
South Carolina Student Loan Corp., Series 2010-1, Class A3, 3 mo. USD LIBOR + 1.050% | 100,000 | 102,009 | ||||||
|
| |||||||
3,852,241 | ||||||||
|
|
Principal Amount | Value | |||||||
WL Collateral CMO — 0.2% |
| |||||||
Countrywide Home Loans, Inc. | $ | 5,247 | $ | 5,274 | ||||
Series 2003-42, Class 1A1, | 1,123 | 1,023 | ||||||
GSR Mortgage Loan Trust, Series 2004-9, Class 2A1, | 1,618 | 1,607 | ||||||
IndyMac Index Mortgage Loan Trust, Series 2004-AR4, Class 1A, | 12,176 | 11,935 | ||||||
JP Morgan Mortgage Trust, Series 2017-1, Class A11, | 87,458 | 83,949 | ||||||
Merrill Lynch Mortgage Investors, Inc. | 1,101 | 1,065 | ||||||
Series 2003-A4, Class IA, | 892 | 894 | ||||||
Morgan Stanley Mortgage Loan Trust, Series 2004-2AR, Class 1A, | 65 | 70 | ||||||
PSMC Trust, Series 2018-2, Class A1, | 98,205 | 95,481 | ||||||
Structured Adjustable Rate Mortgage Loan Trust, Series 2004-2, Class 2A, | 6,407 | 6,439 | ||||||
Washington Mutual Mortgage Pass-Through Certificates, Series 2004-AR2, Class A, 12 mo. MTA + 1.400% | 17,988 | 18,674 | ||||||
|
| |||||||
226,411 | ||||||||
|
| |||||||
TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $8,792,184) | 8,819,868 | |||||||
|
| |||||||
SOVEREIGN DEBT OBLIGATIONS — 0.2% |
| |||||||
Colombia Government International Bond | 100,000 | 113,250 | ||||||
Mexico Government International Bond | 123,000 | 117,527 | ||||||
|
| |||||||
230,777 | ||||||||
|
| |||||||
TOTAL SOVEREIGN DEBT OBLIGATIONS (Cost $230,862) | 230,777 | |||||||
|
|
The accompanying notes are an integral part of the financial statements.
138
MassMutual Premier Balanced Fund – Portfolio of Investments (Continued)
Principal Amount | Value | |||||||
U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES — 6.9% |
| |||||||
Collateralized Mortgage Obligations — 0.3% |
| |||||||
Federal Home Loan Mortgage Corp. | $ | 84,164 | $ | 83,061 | ||||
Series 2617, Class Z, | 46,312 | 49,703 | ||||||
Series 2693, Class Z, | 85,308 | 91,194 | ||||||
Series 3423, Class PB, | 16,739 | 18,065 | ||||||
Federal National Mortgage Association | 44,106 | 44,544 | ||||||
Series 2007-32, Class Z, | 27,066 | 29,188 | ||||||
Series 2010-60, Class HJ, | 15,652 | 16,521 | ||||||
Federal National Mortgage Association REMIC | 22,245 | 23,473 | ||||||
|
| |||||||
355,749 | ||||||||
|
| |||||||
Pass-Through Securities — 6.6% |
| |||||||
Federal Home Loan Mortgage Corp. | ||||||||
Pool #U90432 3.500% 11/01/42 | 14,896 | 14,758 | ||||||
Pool #Q41916 3.500% 7/01/46 | 60,202 | 59,661 | ||||||
Pool #Q44277 3.500% 11/01/46 | 20,128 | 19,903 | ||||||
Pool #Q44275 3.500% 11/01/46 | 40,795 | 40,416 | ||||||
Pool #V83655 3.500% 12/01/47 | 261,137 | 257,240 | ||||||
Pool #V83763 3.500% 12/01/47 | 310,243 | 305,614 | ||||||
Pool #V83764 4.000% 12/01/47 | 240,529 | 243,329 | ||||||
Pool #V83796 4.000% 12/01/47 | 404,934 | 409,458 | ||||||
Pool #Q52834 4.000% 12/01/47 | 144,946 | 146,565 | ||||||
Pool #V83962 4.000% 2/01/48 | 48,258 | 48,767 | ||||||
Pool #Q57232 4.000% 7/01/48 | 59,618 | 60,230 | ||||||
Pool #C03537 4.500% 8/01/40 | 38,202 | 39,855 | ||||||
Pool #G06057 4.500% 10/01/40 | 28,113 | 29,295 | ||||||
Pool #G60485 4.500% 10/01/41 | 32,824 | 34,204 | ||||||
Pool #G60172 4.500% 9/01/43 | 33,387 | 34,832 | ||||||
Pool #Q48208 4.500% 5/01/47 | 22,948 | 23,719 | ||||||
Pool #Q48869 4.500% 6/01/47 | 216,300 | 223,566 | ||||||
Pool #G05253 5.000% 2/01/39 | 7,289 | 7,743 | ||||||
Pool #G00729 8.000% 6/01/27 | 12,043 | 13,493 | ||||||
Federal Home Loan Mortgage Corp. TBA (d) | ||||||||
Pool # 3376 3.500% 2/29/48 | 250,000 | 246,055 | ||||||
Federal National Mortgage Association | ||||||||
Pool #BC9003 3.000% 11/01/46 | 88,186 | 84,480 | ||||||
Pool #MA2806 3.000% 11/01/46 | 437,173 | 418,799 | ||||||
Pool #BM3564 3.000% 7/01/47 | 285,670 | 273,663 |
Principal Amount | Value | |||||||
Pool #AV2325 3.500% 12/01/28 | $ | 19,192 | $ | 19,346 | ||||
Pool #AS1304 3.500% 12/01/28 | 41,010 | 41,338 | ||||||
Pool #BF0196 3.500% 2/01/41 | 44,835 | 44,522 | ||||||
Pool #MA1356 3.500% 2/01/43 | 301,347 | 298,487 | ||||||
Pool #BM3994 3.500% 1/01/44 | 46,944 | 46,499 | ||||||
Pool #CA1073 3.500% 1/01/48 | 238,282 | 234,680 | ||||||
Pool #MA3287 3.500% 2/01/48 | 241,449 | 235,837 | ||||||
Pool #888586 1 year CMT + 2.198% | 14,600 | 15,142 | ||||||
Pool #CA0181 4.000% 8/01/47 | 66,850 | 67,589 | ||||||
Pool #BH9011 4.000% 9/01/47 | 21,143 | 21,377 | ||||||
Pool #CA0620 4.000% 10/01/47 | 69,946 | 70,719 | ||||||
Pool #BJ0686 4.000% 4/01/48 | 107,082 | 108,174 | ||||||
Pool #CA1951 4.000% 7/01/48 | 123,524 | 124,783 | ||||||
Pool #CA2039 4.000% 7/01/48 | 198,153 | 200,343 | ||||||
Pool #BF0105 4.000% 6/01/56 | 116,889 | 118,364 | ||||||
Pool #725692 1 year CMT + 2.138% | 8,630 | 9,048 | ||||||
Pool #AH6787 4.500% 3/01/41 | 30,592 | 31,903 | ||||||
Pool #CA1952 4.500% 6/01/48 | 49,477 | 51,086 | ||||||
Pool #AD6437 5.000% 6/01/40 | 15,288 | 16,261 | ||||||
Pool #AD6996 5.000% 7/01/40 | 106,698 | 113,120 | ||||||
Pool #AL8173 5.000% 2/01/44 | 37,860 | 40,127 | ||||||
Pool #564594 7.000% 1/01/31 | 6,609 | 7,351 | ||||||
Pool #253795 7.000% 5/01/31 | 4,180 | 4,680 | ||||||
Pool #507061 7.500% 10/01/29 | 640 | 718 | ||||||
Pool #527761 7.500% 2/01/30 | 1,035 | 1,104 | ||||||
Pool #531196 7.500% 2/01/30 | 757 | 849 | ||||||
Pool #253183 7.500% 4/01/30 | 1,819 | 2,045 | ||||||
Pool #253265 7.500% 5/01/30 | 990 | 1,101 | ||||||
Pool #535248 8.000% 4/01/30 | 99 | 113 | ||||||
Pool #539460 8.000% 5/01/30 | 1,080 | 1,236 | ||||||
Pool #190317 8.000% 8/01/31 | 1,275 | 1,452 | ||||||
Federal National Mortgage Association TBA | ||||||||
Pool #9768 3.000% 4/29/47 (d) | 160,000 | 153,087 | ||||||
Pool #17115 3.500% 1/29/48 (d) | 30,000 | 29,522 | ||||||
Pool #18388 4.000% 3/29/48 (d) | 310,000 | 313,003 | ||||||
Pool #21133 4.500% 4/29/48 (d) | 310,000 | 319,784 | ||||||
Government National Mortgage Association | ||||||||
Pool #783896 3.500% 5/15/44 | 185,004 | 184,852 | ||||||
Pool #BF1053 3.500% 12/15/47 | 24,479 | 24,329 | ||||||
Pool #AV1854 3.500% 1/15/48 | 42,853 | 42,590 | ||||||
Pool #BF1120 3.500% 1/15/48 | 49,389 | 49,086 | ||||||
Pool #BF1214 3.500% 2/15/48 | 49,457 | 49,154 | ||||||
Pool #BF1245 3.500% 2/15/48 | 49,449 | 49,146 | ||||||
Pool #352049 7.000% 10/15/23 | 600 | 640 | ||||||
Government National Mortgage Association II | ||||||||
Pool #82462 1 year CMT + 1.500% | 14,945 | 15,476 | ||||||
Pool #82488 1 year CMT + 1.500% | 15,549 | 16,097 |
The accompanying notes are an integral part of the financial statements.
139
MassMutual Premier Balanced Fund – Portfolio of Investments (Continued)
Principal Amount | Value | |||||||
Pool #784314 3.500% 5/20/43 | $ | 38,498 | $ | 38,439 | ||||
Pool #784026 3.500% 12/20/44 | 50,006 | 49,867 | ||||||
Pool #BC4641 3.500% 9/20/47 | 73,607 | 73,127 | ||||||
Pool #BC4885 3.500% 11/20/47 | 96,870 | 96,405 | ||||||
Pool #BD6940 3.500% 12/20/47 | 48,606 | 48,289 | ||||||
Pool #BE4328 3.500% 12/20/47 | 72,530 | 72,159 | ||||||
Pool #BD3899 3.500% 1/20/48 | 121,436 | 120,814 | ||||||
Pool #BE6487 3.500% 1/20/48 | 24,804 | 24,642 | ||||||
Pool #BD6461 3.500% 1/20/48 | 49,382 | 49,060 | ||||||
Pool #BF1119 3.500% 1/20/48 | 72,845 | 72,370 | ||||||
Pool #BF1269 3.500% 2/20/48 | 39,160 | 38,905 | ||||||
Pool #AC2985 4.000% 10/20/47 | 22,768 | 23,199 | ||||||
Pool #BF1270 4.000% 2/20/48 | 24,256 | 24,693 | ||||||
Government National Mortgage Association II TBA | ||||||||
Pool #1635 3.500% 11/29/47 (d) | 175,000 | 173,961 | ||||||
Pool #1367 4.000% 3/29/48 (d) | 375,000 | 381,270 | ||||||
|
| |||||||
7,499,005 | ||||||||
|
| |||||||
Whole Loans — 0.0% |
| |||||||
Federal National Mortgage Association Connecticut Avenue Securities | 17,510 | 17,557 | ||||||
|
| |||||||
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (Cost $8,061,044) | 7,872,311 | |||||||
|
| |||||||
U.S. TREASURY OBLIGATIONS — 1.4% |
| |||||||
U.S. Treasury Bonds & Notes — 1.4% |
| |||||||
U.S. Treasury Bond | 525,000 | 457,800 | ||||||
U.S. Treasury Note | 610,000 | 571,927 | ||||||
1.875% 11/30/21 | 620,000 | 601,056 | ||||||
|
| |||||||
1,630,783 | ||||||||
|
| |||||||
TOTAL U.S. TREASURY OBLIGATIONS (Cost $1,648,470) | 1,630,783 | |||||||
|
| |||||||
TOTAL BONDS & NOTES (Cost $30,217,442) | 29,865,336 | |||||||
|
| |||||||
TOTAL PURCHASED OPTIONS (#) — 0.2% (Cost $245,589) | 246,367 | |||||||
|
|
Principal Amount | Value | |||||||
MUTUAL FUNDS — 9.2% |
| |||||||
Diversified Financial Services — 9.2% |
| |||||||
iShares China Large-Cap ETF | $ | 2,800 | $ | 119,896 | ||||
iShares MSCI Australia ETF | 7,000 | 154,840 | ||||||
iShares MSCI EAFE ETF | 43,430 | 2,952,806 | ||||||
iShares MSCI France ETF | 8,500 | 266,815 | ||||||
iShares MSCI Germany ETF | 7,200 | 214,128 | ||||||
iShares MSCI India ETF | 13,000 | 422,110 | ||||||
iShares MSCI Italy ETF | 2,900 | 80,214 | ||||||
iShares MSCI Japan ETF | 10,300 | 620,369 | ||||||
iShares MSCI Singapore ETF | 1,150 | 27,910 | ||||||
iShares MSCI South Korea ETF | 1,800 | 122,886 | ||||||
iShares MSCI Spain ETF | 3,400 | 100,674 | ||||||
iShares MSCI Sweden ETF | 2,100 | 68,922 | ||||||
iShares MSCI Switzerland Capped ETF | 6,400 | 222,016 | ||||||
iShares MSCI Turkey Investable Market ETF | 1,700 | 40,477 | ||||||
iShares MSCI United Kingdom ETF | 10,500 | 358,260 | ||||||
Vanguard FTSE Developed Markets ETF | 74,840 | 3,238,327 | ||||||
Vanguard FTSE Emerging Markets ETF | 35,200 | 1,443,200 | ||||||
|
| |||||||
TOTAL MUTUAL FUNDS (Cost $9,275,224) | 10,453,850 | |||||||
|
| |||||||
TOTAL LONG-TERM INVESTMENTS (Cost $101,163,770) | 113,815,922 | |||||||
|
| |||||||
SHORT-TERM INVESTMENTS — 2.2% |
| |||||||
Commercial Paper — 2.2% |
| |||||||
Avangrid, Inc. | 750,000 | 749,801 | ||||||
Fedex Corp. | 1,000,000 | 998,095 | ||||||
Reckitt Benckiser Treasury Services PLC | 700,000 | 699,402 | ||||||
|
| |||||||
2,447,298 | ||||||||
|
| |||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $2,447,774) | 2,447,298 | |||||||
|
| |||||||
TOTAL INVESTMENTS — 101.8% (Cost $103,611,544) (h) | 116,263,220 | |||||||
Other Assets/(Liabilities) — (1.8)% | (2,024,984 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 114,238,236 | ||||||
|
|
The accompanying notes are an integral part of the financial statements.
140
MassMutual Premier Balanced Fund – Portfolio of Investments (Continued)
Abbreviation Legend
ABS | Asset-Backed Security |
ARS | Auction Rate Security |
BAB | Build America Bonds |
CLO | Collateralized Loan Obligation |
CMO | Collateralized Mortgage Obligation |
CMT | Constant Maturity Treasury Index |
ETF | Exchange-Traded Fund |
FRN | Floating Rate Note |
MBS | Mortgage-Backed Security |
MTA | Monthly Treasury Average Index |
STEP | Step Up Bond |
TBA | To Be Announced |
VRN | Variable Rate Note |
WL | Whole Loan |
Notes to Portfolio of Investments
Percentages are stated as a percent of net assets.
(a) | Non-income producing security. |
(b) | 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, 2018, these securities amounted to a value of $11,700,486 or 10.24% of net assets. |
(c) | Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. The rates shown are the current interest rates at September 30, 2018. |
(d) | A portion of this security is purchased on a when-issued, delayed-delivery or forward commitment basis. (Note 2). |
(e) | Investment was valued using significant unobservable inputs. |
(f) | Restricted security. Certain securities are restricted as to resale. At September 30, 2018, these securities amounted to a value of $85,433 or 0.07% of net assets. The Fund generally bears the costs, if any, associated with the disposition of restricted securities. |
(g) | Security is perpetual and has no stated maturity date. |
(h) | See Note 6 for aggregate cost for federal tax purposes. |
(#) Purchased Swaptions contracts at September 30, 2018:
OTC Counterparty | Units | Notional Amount | Expiration Date | Pay/ Receive Exercise Rate | Description | Premiums Purchased | Value | Unrealized Appreciation/ (Depreciation) | ||||||||||||||||||||
Call | ||||||||||||||||||||||||||||
Barclays Bank PLC* | 790,000 | USD 790,000 | 12/13/32 | Receive | 3-Month USD LIBOR BBA 10 Year Swaption, Underlying swap terminates 12/15/42, Exercise Rate 2.44% | $ | 39,494 | $ | 27,106 | $ | (12,388 | ) | ||||||||||||||||
Credit Suisse International* | 870,000 | USD 870,000 | 1/31/33 | Receive | 3-Month USD LIBOR BBA 10 Year Swaption, Underlying swap terminates 2/02/43, Exercise Rate 2.61% | 41,760 | 33,355 | (8,405 | ) | |||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||
81,254 | 60,461 | (20,793 | ) | |||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||
Put | ||||||||||||||||||||||||||||
Barclays Bank PLC* | 1,620,000 | USD 1,620,000 | 12/13/32 | Pay | 3-Month USD LIBOR BBA 10 Year Swaption, Underlying swap terminates 12/15/42, Exercise Rate 2.94% | $ | 80,989 | $ | 94,167 | $ | 13,178 | |||||||||||||||||
Credit Suisse International* | 1,740,000 | USD 1,740,000 | 1/31/33 | Pay | 3-Month USD LIBOR BBA 10 Year Swaption, Underlying swap terminates 2/02/43, Exercise Rate 3.11% | 83,346 | 91,739 | 8,393 | ||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||
164,335 | 185,906 | 21,571 | ||||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||
$ | 245,589 | $ | 246,367 | $ | 778 | |||||||||||||||||||||||
|
|
|
|
|
|
* | Contracts are subject to a Master Netting Agreement. |
The accompanying notes are an integral part of the financial statements.
141
MassMutual Premier Balanced Fund – Portfolio of Investments (Continued)
Futures contracts at September 30, 2018:
Expiration Date | Number of Contracts | Notional Amount | Value/ Net Unrealized Appreciation/ (Depreciation) | |||||||||||||
Long | ||||||||||||||||
U.S. Treasury Ultra Bond | 12/19/18 | 10 | $ | 1,601,889 | $ | (59,076 | ) | |||||||||
Mini MSCI EAFE Index | 12/21/18 | 17 | 1,669,548 | 9,627 | ||||||||||||
S&P 500 E-Mini Index | 12/21/18 | 13 | 1,882,606 | 14,744 | ||||||||||||
U.S. Treasury Note 2 Year | 12/31/18 | 11 | 2,325,082 | (7,004 | ) | |||||||||||
U.S. Treasury Note 5 Year | 12/31/18 | 22 | 2,496,208 | (21,724 | ) | |||||||||||
|
| |||||||||||||||
$ | (63,433 | ) | ||||||||||||||
|
| |||||||||||||||
Short | ||||||||||||||||
U.S. Treasury Long Bond | 12/19/18 | 3 | $ | (429,896 | ) | $ | 8,396 | |||||||||
U.S. Treasury Note 10 Year | 12/19/18 | 1 | (120,396 | ) | 1,615 | |||||||||||
U.S. Treasury Note Ultra 10 Year | 12/19/18 | 2 | (253,571 | ) | 1,571 | |||||||||||
|
| |||||||||||||||
$ | 11,582 | |||||||||||||||
|
|
Swap agreements at September 30, 2018:
Counterparty | Currency | Notional Amount | Expiration Date | Payment Frequency | Receive (Pay) Fixed Rate | Deliverable on Default | Unrealized Appreciation (Depreciation) | Premium (Received) Paid | Value | |||||||||||||||||||
Credit Default Swaps — Sell Protection†† |
| |||||||||||||||||||||||||||
OTC Swaps |
| |||||||||||||||||||||||||||
Goldman Sachs International* | USD | 140,000 | 5/11/63 | Monthly | 3.000% | CMBX.NA.BBB-.6 (Rating: BBB-)† | $ | (16,597 | ) | $ | 86 | $ | (16,511 | ) | ||||||||||||||
Goldman Sachs International* | USD | 20,000 | 5/11/63 | Monthly | 3.000% | CMBX.NA.BBB-.6 (Rating: BBB-)† | (756 | ) | (1,602 | ) | (2,358 | ) | ||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||
$ | (17,353 | ) | $ | (1,516 | ) | $ | (18,869 | ) | ||||||||||||||||||||
|
|
|
|
|
|
* | Contracts are subject to a Master Netting Agreement. |
† | Payment is based on a percentage of the index. Reference entities are a number of individual issuers comprising the index. |
†† | For each credit derivative with sold protection, the credit ratings of the entities referenced, as rated by any rating organization, are included in the equivalent S&P Global Ratings. The reference entity rating represents the likelihood of a potential payment by the Fund if the referenced entity experiences a credit event as of period end. Notional amounts represent the maximum potential amount of future payments (undiscounted) the Fund could be required to make under the credit derivatives with sold protection. |
Currency Legend
USD | U.S. Dollar |
The accompanying notes are an integral part of the financial statements.
142
September 30, 2018
Number of Shares | Value | |||||||
EQUITIES — 100.9% |
| |||||||
COMMON STOCK — 100.9% |
| |||||||
Basic Materials — 5.0% |
| |||||||
Chemicals — 3.6% |
| |||||||
Air Products & Chemicals, Inc. | 2,300 | $ | 384,215 | |||||
Albemarle Corp. | 10 | 998 | ||||||
Ashland Global Holdings, Inc. | 700 | 58,702 | ||||||
Cabot Corp. | 200 | 12,544 | ||||||
Celanese Corp. Series A | 5,110 | 582,540 | ||||||
CF Industries Holdings, Inc. | 2,900 | 157,876 | ||||||
DowDuPont, Inc. | 18,810 | 1,209,671 | ||||||
Eastman Chemical Co. | 3,060 | 292,903 | ||||||
FMC Corp. | 500 | 43,590 | ||||||
Huntsman Corp. | 13,600 | 370,328 | ||||||
LyondellBasell Industries NV Class A | 6,200 | 635,562 | ||||||
The Mosaic Co. | 14,900 | 483,952 | ||||||
Olin Corp. | 12,800 | 328,704 | ||||||
Praxair, Inc. | 5,030 | 808,472 | ||||||
Westlake Chemical Corp. | 4,360 | 362,360 | ||||||
|
| |||||||
5,732,417 | ||||||||
|
| |||||||
Forest Products & Paper — 0.5% |
| |||||||
Domtar Corp. | 10,237 | 534,064 | ||||||
International Paper Co. | 5,800 | 285,070 | ||||||
|
| |||||||
819,134 | ||||||||
|
| |||||||
Iron & Steel — 0.5% |
| |||||||
Nucor Corp. | 2,300 | 145,935 | ||||||
Reliance Steel & Aluminum Co. | 4,000 | 341,160 | ||||||
Steel Dynamics, Inc. | 4,200 | 189,798 | ||||||
United States Steel Corp. | 4,390 | 133,807 | ||||||
|
| |||||||
810,700 | ||||||||
|
| |||||||
Mining — 0.4% |
| |||||||
Freeport-McMoRan, Inc. | 25,731 | 358,176 | ||||||
Newmont Mining Corp. | 7,800 | 235,560 | ||||||
|
| |||||||
593,736 | ||||||||
|
| |||||||
7,955,987 | ||||||||
|
| |||||||
Communications — 9.6% |
| |||||||
Advertising — 0.2% |
| |||||||
The Interpublic Group of Cos., Inc. | 5,200 | 118,924 | ||||||
Omnicom Group, Inc. | 2,300 | 156,446 | ||||||
|
| |||||||
275,370 | ||||||||
|
| |||||||
Internet — 0.1% |
| |||||||
eBay, Inc. (a) | 7,300 | 241,046 | ||||||
FireEye, Inc. (a) | 700 | 11,900 | ||||||
|
| |||||||
252,946 | ||||||||
|
| |||||||
Media — 2.9% |
| |||||||
Charter Communications, Inc. Class A (a) | 570 | 185,751 |
Number of Shares | Value | |||||||
Comcast Corp. Class A | 55,200 | $ | 1,954,632 | |||||
Discovery, Inc. Class A (a) | 1,500 | 48,000 | ||||||
Discovery, Inc. Class C (a) | 1,328 | 39,282 | ||||||
DISH Network Corp. Class A (a) | 12,800 | 457,728 | ||||||
John Wiley & Sons, Inc. Class A | 3,100 | 187,860 | ||||||
Liberty Media Corp-Liberty SiriusXM Class A (a) | 4,000 | 173,760 | ||||||
Liberty Media Corp-Liberty SiriusXM Class C (a) | 2,100 | 91,245 | ||||||
News Corp. Class A | 2,800 | 36,932 | ||||||
Tribune Media Co. Class A | 11,000 | 422,730 | ||||||
Twenty-First Century Fox, Inc. Class A | 10,900 | 504,997 | ||||||
Twenty-First Century Fox, Inc. Class B | 4,300 | 197,026 | ||||||
Viacom, Inc. Class A | 1,500 | 54,825 | ||||||
Viacom, Inc. Class B | 1,500 | 50,640 | ||||||
The Walt Disney Co. | 1,120 | 130,973 | ||||||
|
| |||||||
4,536,381 | ||||||||
|
| |||||||
Telecommunications — 6.4% |
| |||||||
AT&T, Inc. | 79,036 | 2,654,029 | ||||||
CenturyLink, Inc. | 14,307 | 303,308 | ||||||
Cisco Systems, Inc. | 77,700 | 3,780,105 | ||||||
EchoStar Corp. Class A (a) | 700 | 32,459 | ||||||
Juniper Networks, Inc. | 3,600 | 107,892 | ||||||
LogMeIn, Inc. | 20 | 1,782 | ||||||
Motorola Solutions, Inc. | 320 | 41,645 | ||||||
T-Mobile US, Inc. (a) | 50 | 3,509 | ||||||
Telephone & Data Systems, Inc. | 5,618 | 170,956 | ||||||
Verizon Communications, Inc. | 58,100 | 3,101,959 | ||||||
|
| |||||||
10,197,644 | ||||||||
|
| |||||||
15,262,341 | ||||||||
|
| |||||||
Consumer, Cyclical — 8.5% |
| |||||||
Airlines — 1.2% |
| |||||||
Alaska Air Group, Inc. | 1,400 | 96,404 | ||||||
American Airlines Group, Inc. | 10,000 | 413,300 | ||||||
Copa Holdings SA Class A | 380 | 30,339 | ||||||
Delta Air Lines, Inc. | 8,000 | 462,640 | ||||||
JetBlue Airways Corp. (a) | 8,800 | 170,368 | ||||||
United Continental Holdings, Inc. (a) | 8,200 | 730,292 | ||||||
|
| |||||||
1,903,343 | ||||||||
|
| |||||||
Apparel — 0.2% |
| |||||||
Columbia Sportswear Co. | 100 | 9,307 | ||||||
Michael Kors Holdings Ltd. (a) | 2,400 | 164,544 | ||||||
PVH Corp. | 400 | 57,760 | ||||||
Ralph Lauren Corp. | 980 | 134,799 | ||||||
VF Corp. | 100 | 9,345 | ||||||
|
| |||||||
375,755 | ||||||||
|
|
The accompanying notes are an integral part of the financial statements.
143
MassMutual Premier Disciplined Value Fund – Portfolio of Investments (Continued)
Number of Shares | Value | |||||||
Auto Manufacturers — 0.9% |
| |||||||
Ford Motor Co. | 49,200 | $ | 455,100 | |||||
General Motors Co. | 19,200 | 646,464 | ||||||
PACCAR, Inc. | 4,900 | 334,131 | ||||||
|
| |||||||
1,435,695 | ||||||||
|
| |||||||
Auto Parts & Equipment — 0.6% |
| |||||||
Adient PLC | 62 | 2,437 | ||||||
BorgWarner, Inc. | 7,700 | 329,406 | ||||||
The Goodyear Tire & Rubber Co. | 3,400 | 79,526 | ||||||
Lear Corp. | 3,200 | 464,000 | ||||||
Visteon Corp. (a) | 30 | 2,787 | ||||||
|
| |||||||
878,156 | ||||||||
|
| |||||||
Distribution & Wholesale — 0.2% |
| |||||||
HD Supply Holdings, Inc. (a) | 5,100 | 218,229 | ||||||
WESCO International, Inc. (a) | 1,200 | 73,740 | ||||||
|
| |||||||
291,969 | ||||||||
|
| |||||||
Entertainment — 0.1% |
| |||||||
Cinemark Holdings, Inc. | 3,500 | 140,700 | ||||||
Dolby Laboratories, Inc. Class A | 800 | 55,976 | ||||||
|
| |||||||
196,676 | ||||||||
|
| |||||||
Food Services — 0.0% |
| |||||||
Aramark | 400 | 17,208 | ||||||
|
| |||||||
Home Builders — 0.4% |
| |||||||
D.R. Horton, Inc. | 2,000 | 84,360 | ||||||
Lennar Corp. Class A | 70 | 3,268 | ||||||
Lennar Corp. Class B | 49 | 1,887 | ||||||
PulteGroup, Inc. | 22,400 | 554,848 | ||||||
Toll Brothers, Inc. | 1,200 | 39,636 | ||||||
|
| |||||||
683,999 | ||||||||
|
| |||||||
Home Furnishing — 0.1% |
| |||||||
Whirlpool Corp. | 970 | 115,188 | ||||||
|
| |||||||
Leisure Time — 0.2% |
| |||||||
Brunswick Corp. | 500 | 33,510 | ||||||
Carnival Corp. | 1,900 | 121,163 | ||||||
Harley-Davidson, Inc. | 900 | 40,770 | ||||||
Norwegian Cruise Line Holdings Ltd. (a) | 1,700 | 97,631 | ||||||
|
| |||||||
293,074 | ||||||||
|
| |||||||
Lodging — 0.3% |
| |||||||
Extended Stay America, Inc. | 300 | 6,069 | ||||||
Hyatt Hotels Corp. Class A | 800 | 63,672 | ||||||
Las Vegas Sands Corp. | 3,400 | 201,722 | ||||||
MGM Resorts International | 5,600 | 156,296 | ||||||
|
| |||||||
427,759 | ||||||||
|
| |||||||
Retail — 4.3% |
| |||||||
AutoNation, Inc. (a) | 7,100 | 295,005 | ||||||
AutoZone, Inc. (a) | 190 | 147,383 | ||||||
Best Buy Co., Inc. | 6,200 | 492,032 | ||||||
Dick’s Sporting Goods, Inc. | 8,800 | 312,224 |
Number of Shares | Value | |||||||
Foot Locker, Inc. | 10,100 | $ | 514,898 | |||||
The Gap, Inc. | 400 | 11,540 | ||||||
Kohl’s Corp. | 5,000 | 372,750 | ||||||
Macy’s, Inc. | 14,644 | 508,586 | ||||||
McDonald’s Corp. | 1,000 | 167,290 | ||||||
The Michaels Cos., Inc. (a) | 3,000 | 48,690 | ||||||
Nu Skin Enterprises, Inc. Class A | 7,200 | 593,424 | ||||||
Penske Automotive Group, Inc. | 7,200 | 341,208 | ||||||
Qurate Retail, Inc. (a) | 4,800 | 106,608 | ||||||
Target Corp. | 6,700 | 591,007 | ||||||
Tiffany & Co. | 500 | 64,485 | ||||||
Walgreens Boots Alliance, Inc. | 6,439 | 469,403 | ||||||
Walmart, Inc. | 13,400 | 1,258,394 | ||||||
Williams-Sonoma, Inc. | 4,100 | 269,452 | ||||||
Yum China Holdings, Inc. | 8,300 | 291,413 | ||||||
|
| |||||||
6,855,792 | ||||||||
|
| |||||||
13,474,614 | ||||||||
|
| |||||||
Consumer, Non-cyclical — 17.4% |
| |||||||
Agriculture — 0.0% |
| |||||||
Bunge Ltd. | 300 | 20,613 | ||||||
Philip Morris International, Inc. | 60 | 4,892 | ||||||
|
| |||||||
25,505 | ||||||||
|
| |||||||
Beverages — 0.2% |
| |||||||
The Coca-Cola Co. | 1,400 | 64,666 | ||||||
Molson Coors Brewing Co. Class B | 3,160 | 194,340 | ||||||
PepsiCo, Inc. | 240 | 26,832 | ||||||
|
| |||||||
285,838 | ||||||||
|
| |||||||
Biotechnology — 1.5% |
| |||||||
Amgen, Inc. | 2,630 | 545,173 | ||||||
Bio-Rad Laboratories, Inc. Class A (a) | 10 | 3,130 | ||||||
Biogen, Inc. (a) | 1,270 | 448,704 | ||||||
Gilead Sciences, Inc. | 10,800 | 833,868 | ||||||
United Therapeutics Corp. (a) | 4,590 | 586,969 | ||||||
|
| |||||||
2,417,844 | ||||||||
|
| |||||||
Commercial Services — 1.2% |
| |||||||
Booz Allen Hamilton Holding Corp. | 900 | 44,667 | ||||||
CoreLogic, Inc. (a) | 400 | 19,764 | ||||||
Graham Holdings Co. Class B | 1,016 | 588,569 | ||||||
H&R Block, Inc. | 19,900 | 512,425 | ||||||
ManpowerGroup, Inc. | 930 | 79,943 | ||||||
Sabre Corp. | 2,000 | 52,160 | ||||||
The Western Union Co. | 32,200 | 613,732 | ||||||
|
| |||||||
1,911,260 | ||||||||
|
| |||||||
Cosmetics & Personal Care — 0.9% |
| |||||||
Colgate-Palmolive Co. | 2,400 | 160,680 | ||||||
The Procter & Gamble Co. | 15,710 | 1,307,543 | ||||||
|
| |||||||
1,468,223 | ||||||||
|
|
The accompanying notes are an integral part of the financial statements.
144
MassMutual Premier Disciplined Value Fund – Portfolio of Investments (Continued)
Number of Shares | Value | |||||||
Foods — 1.3% |
| |||||||
Conagra Brands, Inc. | 8,600 | $ | 292,142 | |||||
General Mills, Inc. | 9,100 | 390,572 | ||||||
Ingredion, Inc. | 160 | 16,793 | ||||||
The J.M. Smucker Co. | 1,780 | 182,646 | ||||||
The Kraft Heinz Co. | 400 | 22,044 | ||||||
The Kroger Co. | 10,100 | 294,011 | ||||||
Lamb Weston Holdings, Inc. | 33 | 2,198 | ||||||
Mondelez International, Inc. Class A | 3,150 | 135,324 | ||||||
Pilgrim’s Pride Corp. (a) | 7,200 | 130,248 | ||||||
Pinnacle Foods, Inc. | 100 | 6,481 | ||||||
Post Holdings, Inc. (a) | 300 | 29,412 | ||||||
Seaboard Corp. | 30 | 111,301 | ||||||
Tyson Foods, Inc. Class A | 4,700 | 279,791 | ||||||
US Foods Holding Corp. (a) | 5,400 | 166,428 | ||||||
|
| |||||||
2,059,391 | ||||||||
|
| |||||||
Health Care – Products — 1.5% |
| |||||||
Abbott Laboratories | 8,000 | 586,880 | ||||||
Baxter International, Inc. | 4,600 | 354,614 | ||||||
Danaher Corp. | 2,780 | 302,075 | ||||||
Hologic, Inc. (a) | 100 | 4,098 | ||||||
Medtronic PLC | 9,369 | 921,629 | ||||||
QIAGEN NV (a) | 3,000 | 113,640 | ||||||
STERIS PLC | 400 | 45,760 | ||||||
Zimmer Biomet Holdings, Inc. | 390 | 51,273 | ||||||
|
| |||||||
2,379,969 | ||||||||
|
| |||||||
Health Care – Services — 2.2% |
| |||||||
Aetna, Inc. | 1,921 | 389,675 | ||||||
Anthem, Inc. | 2,670 | 731,713 | ||||||
Centene Corp. (a) | 1,660 | 240,335 | ||||||
Cigna Corp. | 2,290 | 476,893 | ||||||
HCA Healthcare, Inc. | 1,210 | 168,335 | ||||||
Humana, Inc. | 860 | 291,127 | ||||||
IQVIA Holdings, Inc. (a) | 3,430 | 445,008 | ||||||
Molina Healthcare, Inc. (a) | 870 | 129,369 | ||||||
Quest Diagnostics, Inc. | 10 | 1,079 | ||||||
WellCare Health Plans, Inc. (a) | 1,950 | 624,956 | ||||||
|
| |||||||
3,498,490 | ||||||||
|
| |||||||
Household Products & Wares — 0.1% |
| |||||||
Kimberly-Clark Corp. | 770 | 87,503 | ||||||
|
| |||||||
Pharmaceuticals — 8.5% |
| |||||||
Allergan PLC | 3,490 | 664,775 | ||||||
Bristol-Myers Squibb Co. | 7,800 | 484,224 | ||||||
Cardinal Health, Inc. | 3,300 | 178,200 | ||||||
CVS Health Corp. | 13,180 | 1,037,530 | ||||||
Eli Lilly & Co. | 5,300 | 568,743 | ||||||
Express Scripts Holding Co. (a) | 8,600 | 817,086 | ||||||
Herbalife Nutrition Ltd. (a) | 11,500 | 627,325 | ||||||
Johnson & Johnson | 26,580 | 3,672,559 | ||||||
McKesson Corp. | 1,430 | 189,689 | ||||||
Merck & Co., Inc. | 15,528 | 1,101,556 | ||||||
Mylan NV (a) | 11,300 | 413,580 |
Number of Shares | Value | |||||||
Perrigo Co. PLC | 1,300 | $ | 92,040 | |||||
Pfizer, Inc. | 80,915 | 3,565,924 | ||||||
|
| |||||||
13,413,231 | ||||||||
|
| |||||||
27,547,254 | ||||||||
|
| |||||||
Diversified — 0.3% |
| |||||||
Holding Company – Diversified — 0.3% |
| |||||||
Spectrum Brands Holdings, Inc. | 7,300 | 545,456 | ||||||
|
| |||||||
Energy — 9.7% |
| |||||||
Energy – Alternate Sources — 0.3% |
| |||||||
First Solar, Inc. (a) | 11,000 | 532,620 | ||||||
|
| |||||||
Oil & Gas — 9.1% |
| |||||||
Anadarko Petroleum Corp. | 6,300 | 424,683 | ||||||
Andeavor | 1,560 | 239,460 | ||||||
Apache Corp. | 28 | 1,335 | ||||||
Chevron Corp. | 18,975 | 2,320,263 | ||||||
CNX Resources Corp. (a) | 27,400 | 392,094 | ||||||
ConocoPhillips | 18,248 | 1,412,395 | ||||||
Devon Energy Corp. | 50 | 1,997 | ||||||
Diamondback Energy, Inc. | 60 | 8,111 | ||||||
EOG Resources, Inc. | 1,590 | 202,836 | ||||||
Extraction Oil & Gas, Inc. (a) | 35,200 | 397,408 | ||||||
Exxon Mobil Corp. | 33,590 | 2,855,822 | ||||||
Hess Corp. | 2,300 | 164,634 | ||||||
HollyFrontier Corp. | 5,600 | 391,440 | ||||||
Marathon Oil Corp. | 25,200 | 586,656 | ||||||
Marathon Petroleum Corp. | 9,240 | 738,923 | ||||||
Murphy Oil Corp. | 1,700 | 56,678 | ||||||
Newfield Exploration Co. (a) | 15,500 | 446,865 | ||||||
Noble Energy, Inc. | 80 | 2,495 | ||||||
Occidental Petroleum Corp. | 7,130 | 585,872 | ||||||
PBF Energy, Inc. Class A | 5,200 | 259,532 | ||||||
Phillips 66 | 8,760 | 987,427 | ||||||
Pioneer Natural Resources Co. | 840 | 146,320 | ||||||
QEP Resources, Inc. (a) | 5,000 | 56,600 | ||||||
SM Energy Co. | 20,900 | 658,977 | ||||||
Transocean Ltd. (a) | 15,200 | 212,040 | ||||||
Valero Energy Corp. | 6,934 | 788,743 | ||||||
Whiting Petroleum Corp. (a) | 750 | 39,780 | ||||||
WPX Energy, Inc. (a) | 66 | 1,328 | ||||||
|
| |||||||
14,380,714 | ||||||||
|
| |||||||
Oil & Gas Services — 0.2% |
| |||||||
Apergy Corp. (a) | 2,150 | 93,654 | ||||||
Baker Hughes a GE Co. | 3 | 101 | ||||||
National Oilwell Varco, Inc. | 6,500 | 280,020 | ||||||
Schlumberger Ltd. | 40 | 2,437 | ||||||
|
| |||||||
376,212 | ||||||||
|
| |||||||
Pipelines — 0.1% |
| |||||||
Kinder Morgan, Inc. | 4,000 | 70,920 | ||||||
The Williams Cos., Inc. | 1,100 | 29,909 | ||||||
|
| |||||||
100,829 | ||||||||
|
| |||||||
15,390,375 | ||||||||
|
|
The accompanying notes are an integral part of the financial statements.
145
MassMutual Premier Disciplined Value Fund – Portfolio of Investments (Continued)
Number of Shares | Value | |||||||
Financial — 28.9% |
| |||||||
Banks — 15.5% |
| |||||||
Associated Banc-Corp. | 4,050 | $ | 105,300 | |||||
Bank of America Corp. | 120,073 | 3,537,351 | ||||||
Bank of Hawaii Corp. | 820 | 64,706 | ||||||
The Bank of New York Mellon Corp. | 6,350 | 323,786 | ||||||
BankUnited, Inc. | 6,600 | 233,640 | ||||||
BB&T Corp. | 6,319 | 306,724 | ||||||
BOK Financial Corp. | 1,600 | 155,648 | ||||||
Capital One Financial Corp. | 8,750 | 830,637 | ||||||
CIT Group, Inc. | 7,100 | 366,431 | ||||||
Citigroup, Inc. | 35,871 | 2,573,386 | ||||||
Citizens Financial Group, Inc. | 11,600 | 447,412 | ||||||
Comerica, Inc. | 2,600 | 234,520 | ||||||
Commerce Bancshares, Inc. | 1,066 | 70,377 | ||||||
Cullen/Frost Bankers, Inc. | 1,470 | 153,527 | ||||||
East West Bancorp, Inc. | 2,900 | 175,073 | ||||||
F.N.B. Corp. | 4,000 | 50,880 | ||||||
Fifth Third Bancorp | 20,160 | 562,867 | ||||||
First Horizon National Corp. | 716 | 12,358 | ||||||
The Goldman Sachs Group, Inc. | 6,380 | 1,430,651 | ||||||
Huntington Bancshares, Inc. | 12,871 | 192,035 | ||||||
JP Morgan Chase & Co. | 38,677 | 4,364,313 | ||||||
KeyCorp | 17,096 | 340,039 | ||||||
M&T Bank Corp. | 2,355 | 387,492 | ||||||
Morgan Stanley | 20,000 | 931,400 | ||||||
Northern Trust Corp. | 3,530 | 360,519 | ||||||
PacWest Bancorp | 2,400 | 114,360 | ||||||
The PNC Financial Services Group, Inc. | 5,426 | 738,967 | ||||||
Popular, Inc. | 12,800 | 656,000 | ||||||
Prosperity Bancshares, Inc. | 900 | 62,415 | ||||||
Regions Financial Corp. | 32,460 | 595,641 | ||||||
State Street Corp. | 3,000 | 251,340 | ||||||
SunTrust Banks, Inc. | 10,100 | 674,579 | ||||||
SVB Financial Group (a) | 900 | 279,747 | ||||||
Synovus Financial Corp. | 2,871 | 131,463 | ||||||
TCF Financial Corp. | 5,000 | 119,050 | ||||||
US Bancorp | 4,290 | 226,555 | ||||||
Webster Financial Corp. | 1,200 | 70,752 | ||||||
Wells Fargo & Co. | 41,953 | 2,205,050 | ||||||
Western Alliance Bancorp (a) | 200 | 11,378 | ||||||
Wintrust Financial Corp. | 1,400 | 118,916 | ||||||
Zions Bancorporation | 950 | 47,643 | ||||||
|
| |||||||
24,514,928 | ||||||||
|
| |||||||
Diversified Financial Services — 2.1% |
| |||||||
Air Lease Corp. | 1,600 | 73,408 | ||||||
Ally Financial, Inc. | 18,800 | 497,260 | ||||||
American Express Co. | 470 | 50,050 | ||||||
Ameriprise Financial, Inc. | 3,000 | 442,980 | ||||||
CME Group, Inc. | 1,670 | 284,251 | ||||||
Credit Acceptance Corp. (a) | 120 | 52,568 |
Number of Shares | Value | |||||||
Discover Financial Services | 2,700 | $ | 206,415 | |||||
E*TRADE Financial Corp. (a) | 2,500 | 130,975 | ||||||
Franklin Resources, Inc. | 2,600 | 79,066 | ||||||
Intercontinental Exchange, Inc. | 35 | 2,621 | ||||||
Invesco Ltd. | 3,900 | 89,232 | ||||||
Lazard Ltd. Class A | 1,100 | 52,943 | ||||||
Legg Mason, Inc. | 4,600 | 143,658 | ||||||
Navient Corp. | 23,500 | 316,780 | ||||||
OneMain Holdings, Inc. (a) | 2,200 | 73,942 | ||||||
Raymond James Financial, Inc. | 600 | 55,230 | ||||||
Santander Consumer USA Holdings, Inc. | 18,700 | 374,748 | ||||||
SLM Corp. (a) | 6,600 | 73,590 | ||||||
Synchrony Financial | 10,800 | 335,664 | ||||||
T. Rowe Price Group, Inc. | 610 | 66,600 | ||||||
|
| |||||||
3,401,981 | ||||||||
|
| |||||||
Insurance — 6.6% |
| |||||||
Aflac, Inc. | 9,300 | 437,751 | ||||||
Alleghany Corp. | 165 | 107,668 | ||||||
The Allstate Corp. | 5,900 | 582,330 | ||||||
American Financial Group, Inc. | 250 | 27,743 | ||||||
American International Group, Inc. | 2 | 107 | ||||||
American National Insurance Co. | 1,720 | 222,379 | ||||||
Arch Capital Group Ltd. (a) | 1,200 | 35,772 | ||||||
Assurant, Inc. | 820 | 88,519 | ||||||
Assured Guaranty Ltd. | 1,200 | 50,676 | ||||||
Athene Holding Ltd. Class A (a) | 8,100 | 418,446 | ||||||
Axis Capital Holdings Ltd. | 4,700 | 271,237 | ||||||
Berkshire Hathaway, Inc. Class B (a) | 18,420 | 3,943,906 | ||||||
Brighthouse Financial, Inc. (a) | 30 | 1,327 | ||||||
Chubb Ltd. | 231 | 30,871 | ||||||
Cincinnati Financial Corp. | 320 | 24,579 | ||||||
CNA Financial Corp. | 400 | 18,260 | ||||||
Everest Re Group Ltd. | 120 | 27,416 | ||||||
Fidelity National Financial, Inc. | 2,557 | 100,618 | ||||||
First American Financial Corp. | 2,700 | 139,293 | ||||||
The Hanover Insurance Group, Inc. | 1,260 | 155,446 | ||||||
The Hartford Financial Services Group, Inc. | 6,090 | 304,256 | ||||||
Lincoln National Corp. | 3,398 | 229,909 | ||||||
Loews Corp. | 4,220 | 211,971 | ||||||
Markel Corp. (a) | 5 | 5,943 | ||||||
Mercury General Corp. | 90 | 4,514 | ||||||
MetLife, Inc. | 19,540 | 912,909 | ||||||
Old Republic International Corp. | 4,300 | 96,234 | ||||||
Principal Financial Group, Inc. | 4,300 | 251,937 | ||||||
Prudential Financial, Inc. | 5,960 | 603,867 | ||||||
Reinsurance Group of America, Inc. | 770 | 111,311 | ||||||
RenaissanceRe Holdings Ltd. | 1,230 | 164,303 | ||||||
Torchmark Corp. | 890 | 77,154 | ||||||
The Travelers Cos., Inc. | 809 | 104,935 | ||||||
Unum Group | 2,600 | 101,582 |
The accompanying notes are an integral part of the financial statements.
146
MassMutual Premier Disciplined Value Fund – Portfolio of Investments (Continued)
Number of Shares | Value | |||||||
Voya Financial, Inc. | 8,800 | $ | 437,096 | |||||
W.R. Berkley Corp. | 900 | 71,937 | ||||||
White Mountains Insurance Group Ltd. | 3 | 2,808 | ||||||
|
| |||||||
10,377,010 | ||||||||
|
| |||||||
Real Estate — 0.3% |
| |||||||
CBRE Group, Inc. Class A (a) | 4,200 | 185,220 | ||||||
Jones Lang LaSalle, Inc. | 2,380 | 343,482 | ||||||
|
| |||||||
528,702 | ||||||||
|
| |||||||
Real Estate Investment Trusts (REITS) — 4.2% |
| |||||||
AGNC Investment Corp. | 26,900 | 501,147 | ||||||
Alexandria Real Estate Equities, Inc. | 20 | 2,516 | ||||||
American Campus Communities, Inc. | 100 | 4,116 | ||||||
Annaly Capital Management, Inc. | 44,960 | 459,941 | ||||||
Apartment Investment & Management Co. Class A | 100 | 4,413 | ||||||
Apple Hospitality REIT, Inc. | 2,500 | 43,725 | ||||||
AvalonBay Communities, Inc. | 324 | 58,693 | ||||||
Boston Properties, Inc. | 50 | 6,155 | ||||||
Brixmor Property Group, Inc. | 3,300 | 57,783 | ||||||
Camden Property Trust | 100 | 9,357 | ||||||
Chimera Investment Corp. | 19,420 | 352,085 | ||||||
Columbia Property Trust, Inc. | 19,700 | 465,708 | ||||||
Digital Realty Trust, Inc. | 30 | 3,374 | ||||||
Duke Realty Corp. | 900 | 25,533 | ||||||
EPR Properties | 900 | 61,569 | ||||||
Equity Commonwealth (a) | 67 | 2,150 | ||||||
Equity Residential | 800 | 53,008 | ||||||
Essex Property Trust, Inc. | 113 | 27,878 | ||||||
Gaming and Leisure Properties, Inc. | 1,000 | 35,250 | ||||||
HCP, Inc. | 600 | 15,792 | ||||||
Highwoods Properties, Inc. | 800 | 37,808 | ||||||
Hospitality Properties Trust | 540 | 15,574 | ||||||
Host Hotels & Resorts, Inc. | 3 | 63 | ||||||
Hudson Pacific Properties, Inc. | 1,300 | 42,536 | ||||||
JBG SMITH Properties | 19 | 700 | ||||||
Kilroy Realty Corp. | 100 | 7,169 | ||||||
Kimco Realty Corp. | 200 | 3,348 | ||||||
Liberty Property Trust | 2,170 | 91,682 | ||||||
Life Storage, Inc. | 3,500 | 333,060 | ||||||
The Macerich Co. | 1,882 | 104,056 | ||||||
Medical Properties Trust, Inc. | 19,100 | 284,781 | ||||||
MFA Financial, Inc. | 6,300 | 46,305 | ||||||
Mid-America Apartment Communities, Inc. | 183 | 18,333 | ||||||
National Retail Properties, Inc. | 300 | 13,446 | ||||||
New Residential Investment Corp. | 34,500 | 614,790 | ||||||
Omega Healthcare Investors, Inc. | 400 | 13,108 | ||||||
Park Hotels & Resorts, Inc. | 18,600 | 610,452 | ||||||
Prologis, Inc. | 693 | 46,978 | ||||||
Rayonier, Inc. | 5,100 | 172,431 | ||||||
Realty Income Corp. | 600 | 34,134 |
Number of Shares | Value | |||||||
Senior Housing Properties Trust | 3,600 | $ | 63,216 | |||||
SL Green Realty Corp. | 1,180 | 115,085 | ||||||
Spirit Realty Capital, Inc. | 5,200 | 41,912 | ||||||
Starwood Property Trust, Inc. | 8,300 | 178,616 | ||||||
Two Harbors Investment Corp. | 49,750 | 742,767 | ||||||
UDR, Inc. | 3,100 | 125,333 | ||||||
Uniti Group, Inc. (a) | 72 | 1,451 | ||||||
Ventas, Inc. | 900 | 48,942 | ||||||
Vornado Realty Trust | 38 | 2,774 | ||||||
Weingarten Realty Investors | 900 | 26,784 | ||||||
Welltower, Inc. | 600 | 38,592 | ||||||
Weyerhaeuser Co. | 14,700 | 474,369 | ||||||
WP Carey, Inc. | 800 | 51,448 | ||||||
|
| |||||||
6,592,236 | ||||||||
|
| |||||||
Savings & Loans — 0.2% |
| |||||||
New York Community Bancorp, Inc. | 90 | 933 | ||||||
People’s United Financial, Inc. | 4,200 | 71,904 | ||||||
Sterling Bancorp | 8,500 | 187,000 | ||||||
|
| |||||||
259,837 | ||||||||
|
| |||||||
45,674,694 | ||||||||
|
| |||||||
Industrial — 7.5% |
| |||||||
Aerospace & Defense — 0.7% |
| |||||||
Curtiss-Wright Corp. | 1,080 | 148,413 | ||||||
Lockheed Martin Corp. | 160 | 55,354 | ||||||
United Technologies Corp. | 6,990 | 977,272 | ||||||
|
| |||||||
1,181,039 | ||||||||
|
| |||||||
Building Materials — 0.4% |
| |||||||
Fortune Brands Home & Security, Inc. | 200 | 10,472 | ||||||
Johnson Controls International PLC | 13,029 | 456,015 | ||||||
Owens Corning | 2,300 | 124,821 | ||||||
USG Corp. (a) | 1,000 | 43,310 | ||||||
|
| |||||||
634,618 | ||||||||
|
| |||||||
Electrical Components & Equipment — 0.6% |
| |||||||
AMETEK, Inc. | 3,400 | 269,008 | ||||||
Emerson Electric Co. | 3,200 | 245,056 | ||||||
Energizer Holdings, Inc. | 7,500 | 439,875 | ||||||
|
| |||||||
953,939 | ||||||||
|
| |||||||
Electronics — 1.1% |
| |||||||
Agilent Technologies, Inc. | 1,100 | 77,594 | ||||||
Arrow Electronics, Inc. (a) | 500 | 36,860 | ||||||
Corning, Inc. | 9,000 | 317,700 | ||||||
FLIR Systems, Inc. | 2,400 | 147,528 | ||||||
Garmin Ltd. | 800 | 56,040 | ||||||
Gentex Corp. | 1,400 | 30,044 | ||||||
Honeywell International, Inc. | 4,120 | 685,568 | ||||||
Jabil, Inc. | 2,300 | 62,284 | ||||||
Keysight Technologies, Inc. (a) | 2,400 | 159,072 | ||||||
nVent Electric PLC | 1,519 | 41,256 | ||||||
PerkinElmer, Inc. | 810 | 78,789 |
The accompanying notes are an integral part of the financial statements.
147
MassMutual Premier Disciplined Value Fund – Portfolio of Investments (Continued)
Number of Shares | Value | |||||||
Trimble, Inc. (a) | 600 | $ | 26,076 | |||||
|
| |||||||
1,718,811 | ||||||||
|
| |||||||
Engineering & Construction — 0.7% |
| |||||||
AECOM (a) | 19,811 | 647,027 | ||||||
Fluor Corp. | 4,600 | 267,260 | ||||||
Jacobs Engineering Group, Inc. | 2,000 | 153,000 | ||||||
|
| |||||||
1,067,287 | ||||||||
|
| |||||||
Environmental Controls — 0.3% |
| |||||||
Pentair PLC | 10,419 | 451,664 | ||||||
Republic Services, Inc. | 290 | 21,071 | ||||||
Waste Management, Inc. | 340 | 30,722 | ||||||
|
| |||||||
503,457 | ||||||||
|
| |||||||
Hand & Machine Tools — 0.4% |
| |||||||
Regal Beloit Corp. | 2,500 | 206,125 | ||||||
Snap-on, Inc. | 1,910 | 350,676 | ||||||
Stanley Black & Decker, Inc. | 5 | 732 | ||||||
|
| |||||||
557,533 | ||||||||
|
| |||||||
Machinery - Construction & Mining — 0.3% |
| |||||||
Caterpillar, Inc. | 360 | 54,896 | ||||||
Oshkosh Corp. | 300 | 21,372 | ||||||
Terex Corp. | 9,300 | 371,163 | ||||||
|
| |||||||
447,431 | ||||||||
|
| |||||||
Machinery – Diversified — 0.7% |
| |||||||
AGCO Corp. | 1,066 | 64,802 | ||||||
Cummins, Inc. | 1,040 | 151,913 | ||||||
Dover Corp. | 900 | 79,677 | ||||||
Gates Industrial Corp. PLC (a) | 8,900 | 173,550 | ||||||
GrafTech International Ltd. | 15,900 | 310,209 | ||||||
IDEX Corp. | 810 | 122,035 | ||||||
Roper Technologies, Inc. | 530 | 156,991 | ||||||
Xylem, Inc. | 1,100 | 87,857 | ||||||
|
| |||||||
1,147,034 | ||||||||
|
| |||||||
Miscellaneous - Manufacturing — 1.0% |
| |||||||
AptarGroup, Inc. | 600 | 64,644 | ||||||
Carlisle Cos., Inc. | 760 | 92,568 | ||||||
Crane Co. | 820 | 80,647 | ||||||
Eaton Corp. PLC | 6,772 | 587,336 | ||||||
General Electric Co. | 90 | 1,016 | ||||||
Ingersoll-Rand PLC | 1,500 | 153,450 | ||||||
ITT, Inc. | 1,000 | 61,260 | ||||||
Parker-Hannifin Corp. | 1,200 | 220,716 | ||||||
Textron, Inc. | 3,400 | 242,998 | ||||||
Trinity Industries, Inc. | 3,900 | 142,896 | ||||||
|
| |||||||
1,647,531 | ||||||||
|
| |||||||
Packaging & Containers — 0.5% |
| |||||||
Ardagh Group SA | 200 | 3,338 | ||||||
Ball Corp. | 100 | 4,399 | ||||||
Bemis Co., Inc. | 60 | 2,916 | ||||||
Owens-Illinois, Inc. (a) | 5,500 | 103,345 | ||||||
Sealed Air Corp. | 700 | 28,105 |
Number of Shares | Value | |||||||
Sonoco Products Co. | 2,100 | $ | 116,550 | |||||
WestRock Co. | 9,040 | 483,098 | ||||||
|
| |||||||
741,751 | ||||||||
|
| |||||||
Shipbuilding — 0.1% |
| |||||||
Huntington Ingalls Industries, Inc. | 460 | 117,797 | ||||||
|
| |||||||
Transportation — 0.7% |
| |||||||
CSX Corp. | 6,600 | 488,730 | ||||||
Norfolk Southern Corp. | 3,360 | 606,480 | ||||||
Ryder System, Inc. | 90 | 6,576 | ||||||
Union Pacific Corp. | 320 | 52,106 | ||||||
|
| |||||||
1,153,892 | ||||||||
|
| |||||||
11,872,120 | ||||||||
|
| |||||||
Technology — 9.2% |
| |||||||
Computers — 2.7% |
| |||||||
Amdocs Ltd. | 3,000 | 197,940 | ||||||
Conduent, Inc. (a) | 27,651 | 622,701 | ||||||
Dell Technologies ,Inc. Class V (a) | 3,400 | 330,208 | ||||||
DXC Technology Co. | 8,300 | 776,216 | ||||||
Hewlett Packard Enterprise Co. | 41,200 | 671,972 | ||||||
HP, Inc. | 27,800 | 716,406 | ||||||
International Business Machines Corp. | 4,320 | 653,227 | ||||||
Leidos Holdings, Inc. | 1,650 | 114,114 | ||||||
Teradata Corp. (a) | 600 | 22,626 | ||||||
Western Digital Corp. | 3,336 | 195,289 | ||||||
|
| |||||||
4,300,699 | ||||||||
|
| |||||||
Office & Business Equipment — 0.0% |
| |||||||
Xerox Corp. | 714 | 19,264 | ||||||
|
| |||||||
Semiconductors — 4.4% |
| |||||||
Analog Devices, Inc. | 1,700 | 157,182 | ||||||
Broadcom, Inc. | 1,170 | 288,674 | ||||||
Cypress Semiconductor Corp. | 4,400 | 63,756 | ||||||
Intel Corp. | 74,100 | 3,504,189 | ||||||
Micron Technology, Inc. (a) | 6,600 | 298,518 | ||||||
NXP Semiconductor NV | 1,960 | 167,580 | ||||||
QUALCOMM, Inc. | 28,200 | 2,031,246 | ||||||
Teradyne, Inc. | 10,100 | 373,498 | ||||||
|
| |||||||
6,884,643 | ||||||||
|
| |||||||
Software — 2.1% |
| |||||||
Akamai Technologies, Inc. (a) | 3,300 | 241,395 | ||||||
CA, Inc. | 3,990 | 176,158 | ||||||
The Dun & Bradstreet Corp. | 2,930 | 417,554 | ||||||
Fidelity National Information Services, Inc. | 570 | 62,170 | ||||||
Microsoft Corp. | 4,840 | 553,551 | ||||||
Oracle Corp. | 34,600 | 1,783,976 | ||||||
SS&C Technologies Holdings, Inc | 100 | 5,683 | ||||||
Synopsys, Inc. (a) | 523 | 51,573 | ||||||
|
| |||||||
3,292,060 | ||||||||
|
| |||||||
14,496,666 | ||||||||
|
|
The accompanying notes are an integral part of the financial statements.
148
MassMutual Premier Disciplined Value Fund – Portfolio of Investments (Continued)
Number of Shares | Value | |||||||
Utilities — 4.8% |
| |||||||
Electric — 4.7% |
| |||||||
AES Corp. | 29,500 | $ | 413,000 | |||||
Alliant Energy Corp. | 600 | 25,542 | ||||||
Ameren Corp. | 2,360 | 149,199 | ||||||
American Electric Power Co., Inc. | 2,830 | 200,591 | ||||||
CenterPoint Energy, Inc. | 7,900 | 218,435 | ||||||
CMS Energy Corp. | 2,300 | 112,700 | ||||||
Consolidated Edison, Inc. | 2,260 | 172,189 | ||||||
Dominion Energy, Inc. | 2,500 | 175,700 | ||||||
DTE Energy Co. | 460 | 50,200 | ||||||
Duke Energy Corp. | 8,914 | 713,298 | ||||||
Edison International | 680 | 46,022 | ||||||
Entergy Corp. | 3,300 | 267,729 | ||||||
Evergy, Inc. | 4,260 | 233,959 | ||||||
Eversource Energy | 4,881 | 299,889 | ||||||
Exelon Corp. | 2,875 | 125,523 | ||||||
FirstEnergy Corp. | 2,727 | 101,363 | ||||||
Hawaiian Electric Industries, Inc. | 9,100 | 323,869 | ||||||
NextEra Energy, Inc. | 932 | 156,203 | ||||||
NRG Energy, Inc. | 11,800 | 441,320 | ||||||
OGE Energy Corp. | 3,600 | 130,752 | ||||||
PG&E Corp. | 13,230 | 608,712 | ||||||
Pinnacle West Capital Corp. | 160 | 12,669 | ||||||
PPL Corp. | 14,000 | 409,640 | ||||||
Public Service Enterprise Group, Inc. | 4,800 | 253,392 | ||||||
SCANA Corp. | 2,520 | 98,003 | ||||||
Sempra Energy | 840 | 95,550 | ||||||
The Southern Co. | 19,050 | 830,580 | ||||||
Vistra Energy Corp. (a) | 23,900 | 594,632 | ||||||
WEC Energy Group, Inc. | 920 | 61,419 | ||||||
Xcel Energy, Inc. | 1,520 | 71,759 | ||||||
|
| |||||||
7,393,839 | ||||||||
|
| |||||||
Gas — 0.1% |
| |||||||
Atmos Energy Corp. | 250 | 23,477 | ||||||
National Fuel Gas Co. | 1,150 | 64,469 | ||||||
NiSource, Inc. | 490 | 12,211 | ||||||
UGI Corp. | 435 | 24,134 | ||||||
Vectren Corp. | 150 | 10,724 | ||||||
|
| |||||||
135,015 | ||||||||
|
|
Number of Shares | Value | |||||||
Water — 0.0% |
| |||||||
Aqua America, Inc. | 25 | $ | 922 | |||||
|
| |||||||
7,529,776 | ||||||||
|
| |||||||
TOTAL COMMON STOCK (Cost $145,134,097) | 159,749,283 | |||||||
|
| |||||||
TOTAL EQUITIES (Cost $145,134,097) | 159,749,283 | |||||||
|
| |||||||
TOTAL LONG-TERM INVESTMENTS (Cost $145,134,097) | 159,749,283 | |||||||
|
| |||||||
TOTAL INVESTMENTS — 100.9% (Cost $145,134,097) (b) | 159,749,283 | |||||||
Other Assets/(Liabilities) — (0.9)% | (1,456,864 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 158,292,419 | ||||||
|
|
Notes to Portfolio of Investments
Percentages are stated as a percent of net assets.
(a) | Non-income producing security. |
(b) | See Note 6 for aggregate cost for federal tax purposes. |
The accompanying notes are an integral part of the financial statements.
149
September 30, 2018
Number of Shares | Value | |||||||
EQUITIES — 97.6% |
| |||||||
COMMON STOCK — 97.6% |
| |||||||
Basic Materials — 0.7% |
| |||||||
Chemicals — 0.7% |
| |||||||
PPG Industries, Inc. | 8,924 | $ | 973,877 | |||||
|
| |||||||
Communications — 11.5% |
| |||||||
Internet — 6.0% |
| |||||||
Amazon.com, Inc. (a) | 2,573 | 5,153,719 | ||||||
Facebook, Inc. Class A (a) | 20,946 | 3,444,779 | ||||||
|
| |||||||
8,598,498 | ||||||||
|
| |||||||
Media — 1.4% |
| |||||||
Comcast Corp. Class A | 57,722 | 2,043,936 | ||||||
|
| |||||||
Telecommunications — 4.1% |
| |||||||
Motorola Solutions, Inc. | 29,490 | 3,837,829 | ||||||
Verizon Communications, Inc. | 38,350 | 2,047,506 | ||||||
|
| |||||||
5,885,335 | ||||||||
|
| |||||||
16,527,769 | ||||||||
|
| |||||||
Consumer, Cyclical — 9.0% |
| |||||||
Airlines — 0.3% |
| |||||||
Alaska Air Group, Inc. | 7,070 | 486,840 | ||||||
|
| |||||||
Auto Parts & Equipment — 0.6% |
| |||||||
Aptiv PLC | 9,234 | 774,733 | ||||||
|
| |||||||
Distribution & Wholesale — 1.0% |
| |||||||
Fastenal Co. | 25,190 | 1,461,524 | ||||||
|
| |||||||
Home Builders — 0.2% |
| |||||||
NVR, Inc. (a) | 120 | 296,496 | ||||||
|
| |||||||
Retail — 6.9% |
| |||||||
Best Buy Co., Inc. | 36,210 | 2,873,625 | ||||||
Lowe’s Cos., Inc. | 27,990 | 3,213,812 | ||||||
McDonald’s Corp. | 7,337 | 1,227,407 | ||||||
O’Reilly Automotive, Inc. (a) | 4,960 | 1,722,707 | ||||||
Ulta Salon Cosmetics & Fragrance, Inc. (a) | 2,960 | 835,075 | ||||||
|
| |||||||
9,872,626 | ||||||||
|
| |||||||
12,892,219 | ||||||||
|
| |||||||
Consumer, Non-cyclical — 22.9% |
| |||||||
Agriculture — 1.3% |
| |||||||
Philip Morris International, Inc. | 22,939 | 1,870,446 | ||||||
|
| |||||||
Beverages — 1.6% |
| |||||||
PepsiCo, Inc. | 20,229 | 2,261,602 | ||||||
|
| |||||||
Biotechnology — 2.3% |
| |||||||
Celgene Corp. (a) | 7,092 | 634,663 | ||||||
Exact Sciences Corp. (a) | 12,570 | 992,025 | ||||||
Gilead Sciences, Inc. | 22,220 | 1,715,606 | ||||||
|
| |||||||
3,342,294 | ||||||||
|
| |||||||
Commercial Services — 3.3% |
| |||||||
Ecolab, Inc. | 10,370 | 1,625,809 |
Number of Shares | Value | |||||||
Nielsen Holdings PLC | 28,150 | $ | 778,629 | |||||
S&P Global, Inc. | 11,780 | 2,301,694 | ||||||
|
| |||||||
4,706,132 | ||||||||
|
| |||||||
Foods — 1.1% |
| |||||||
The Kraft Heinz Co. | 29,870 | 1,646,136 | ||||||
|
| |||||||
Health Care – Products — 1.9% |
| |||||||
Boston Scientific Corp. (a) | 40,863 | 1,573,226 | ||||||
Zimmer Biomet Holdings, Inc. | 8,320 | 1,093,830 | ||||||
|
| |||||||
2,667,056 | ||||||||
|
| |||||||
Health Care – Services — 6.4% |
| |||||||
DaVita, Inc. (a) | 37,030 | 2,652,459 | ||||||
Laboratory Corp. of America Holdings (a) | 8,250 | 1,432,860 | ||||||
UnitedHealth Group, Inc. | 19,369 | 5,152,928 | ||||||
|
| |||||||
9,238,247 | ||||||||
|
| |||||||
Household Products & Wares — 2.0% |
| |||||||
Church & Dwight Co., Inc. | 47,980 | 2,848,572 | ||||||
|
| |||||||
Pharmaceuticals — 3.0% |
| |||||||
Merck & Co., Inc. | 59,801 | 4,242,283 | ||||||
|
| |||||||
32,822,768 | ||||||||
|
| |||||||
Energy — 5.3% |
| |||||||
Oil & Gas — 3.4% |
| |||||||
Exxon Mobil Corp. | 17,300 | 1,470,846 | ||||||
Suncor Energy, Inc. | 87,298 | 3,377,560 | ||||||
|
| |||||||
4,848,406 | ||||||||
|
| |||||||
Pipelines — 1.9% |
| |||||||
Magellan Midstream Partners LP (b) | 40,974 | 2,774,759 | ||||||
|
| |||||||
7,623,165 | ||||||||
|
| |||||||
Financial — 20.0% |
| |||||||
Banks — 6.9% |
| |||||||
The Bank of New York Mellon Corp. | 45,537 | 2,321,932 | ||||||
JP Morgan Chase & Co. | 46,580 | 5,256,087 | ||||||
SunTrust Banks, Inc. | 24,888 | 1,662,270 | ||||||
Wells Fargo & Co. | 12,190 | 640,706 | ||||||
|
| |||||||
9,880,995 | ||||||||
|
| |||||||
Diversified Financial Services — 5.4% |
| |||||||
CME Group, Inc. | 12,215 | 2,079,115 | ||||||
Discover Financial Services | 12,318 | 941,711 | ||||||
Intercontinental Exchange, Inc. | 40,570 | 3,038,287 | ||||||
Visa, Inc. Class A | 11,390 | 1,709,525 | ||||||
|
| |||||||
7,768,638 | ||||||||
|
| |||||||
Insurance — 5.3% |
| |||||||
AXA Equitable Holdings, Inc. | 89,305 | 1,915,592 | ||||||
Berkshire Hathaway, Inc. Class B (a) | 8,880 | 1,901,297 | ||||||
Marsh & McLennan Cos., Inc. | 24,213 | 2,002,899 | ||||||
The Progressive Corp. | 25,190 | 1,789,498 | ||||||
|
| |||||||
7,609,286 | ||||||||
|
|
The accompanying notes are an integral part of the financial statements.
150
MassMutual Premier Main Street Fund – Portfolio of Investments (Continued)
Number of Shares | Value | |||||||
Real Estate Investment Trusts (REITS) — 2.4% |
| |||||||
Mid-America Apartment Communities, Inc. | 8,761 | $ | 877,677 | |||||
Prologis, Inc. | 39,125 | 2,652,284 | ||||||
|
| |||||||
3,529,961 | ||||||||
|
| |||||||
28,788,880 | ||||||||
|
| |||||||
Industrial — 7.7% |
| |||||||
Aerospace & Defense — 2.5% |
| |||||||
Lockheed Martin Corp. | 10,333 | 3,574,805 | ||||||
|
| |||||||
Electronics — 1.7% |
| |||||||
Agilent Technologies, Inc. | 33,604 | 2,370,426 | ||||||
|
| |||||||
Environmental Controls — 1.0% |
| |||||||
Republic Services, Inc. | 19,534 | 1,419,341 | ||||||
|
| |||||||
Miscellaneous – Manufacturing — 1.1% |
| |||||||
Illinois Tool Works, Inc. | 11,670 | 1,646,870 | ||||||
|
| |||||||
Transportation — 1.4% |
| |||||||
Union Pacific Corp. | 12,730 | 2,072,826 | ||||||
|
| |||||||
11,084,268 | ||||||||
|
| |||||||
Technology — 18.5% |
| |||||||
Computers — 7.9% |
| |||||||
Amdocs Ltd. | 35,059 | 2,313,193 | ||||||
Apple, Inc. | 22,312 | 5,036,711 | ||||||
DXC Technology Co. | 22,130 | 2,069,597 | ||||||
NetApp, Inc. | 12,730 | 1,093,380 | ||||||
Western Digital Corp. | 14,698 | 860,421 | ||||||
|
| |||||||
11,373,302 | ||||||||
|
| |||||||
Semiconductors — 1.5% |
| |||||||
Applied Materials, Inc. | 34,203 | 1,321,946 | ||||||
Microchip Technology, Inc. (c) | 10,730 | 846,704 | ||||||
|
| |||||||
2,168,650 | ||||||||
|
| |||||||
Software — 9.1% |
| |||||||
Activision Blizzard, Inc. | 20,480 | 1,703,731 | ||||||
Cerner Corp. (a) | 15,505 | 998,677 | ||||||
First Data Corp. Class A (a) | 49,508 | 1,211,461 | ||||||
Microsoft Corp. | 70,980 | 8,117,983 | ||||||
ServiceNow, Inc. (a) | 4,860 | 950,762 | ||||||
|
| |||||||
12,982,614 | ||||||||
|
| |||||||
26,524,566 | ||||||||
|
| |||||||
Utilities — 2.0% |
| |||||||
Electric — 1.0% |
| |||||||
Duke Energy Corp. | 17,560 | 1,405,151 | ||||||
|
| |||||||
Gas — 1.0% |
| |||||||
National Grid PLC | 146,767 | 1,513,371 | ||||||
|
| |||||||
2,918,522 | ||||||||
|
| |||||||
TOTAL COMMON STOCK (Cost $119,165,059) | 140,156,034 | |||||||
|
| |||||||
TOTAL EQUITIES (Cost $119,165,059) | 140,156,034 | |||||||
|
|
Number of Shares | Value | |||||||
MUTUAL FUNDS — 0.6% |
| |||||||
Diversified Financial Services — 0.6% |
| |||||||
State Street Navigator Securities Lending Prime Portfolio (d) | 854,991 | $ | 854,991 | |||||
|
| |||||||
854,991 | ||||||||
|
| |||||||
TOTAL MUTUAL FUNDS (Cost $854,991) | 854,991 | |||||||
|
| |||||||
TOTAL LONG-TERM INVESTMENTS (Cost $120,020,050) | 141,011,025 | |||||||
|
| |||||||
Principal Amount | ||||||||
SHORT-TERM INVESTMENTS — 2.7% |
| |||||||
Repurchase Agreement — 2.7% |
| |||||||
Fixed Income Clearing Corp., Repurchase Agreement, dated 9/28/18, 1.100%, due 10/01/18 (e) | $ | 3,782,378 | 3,782,378 | |||||
|
| |||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $3,782,378) | 3,782,378 | |||||||
|
| |||||||
TOTAL INVESTMENTS — 100.9% (Cost $123,802,428) (f) | 144,793,403 | |||||||
Other Assets/(Liabilities) — (0.9)% | (1,240,534 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 143,552,869 | ||||||
|
|
Notes to Portfolio of Investments
Percentages are stated as a percent of net assets.
(a) | Non-income producing security. |
(b) | Security is a Master Limited Partnership. |
(c) | Denotes all or a portion of security on loan. The total value of securities on loan as of September 30, 2018, was $838,103 or 0.58% of net assets. Total securities on loan may not correspond with the amounts identified in the Portfolio of Investments because pending sales may be in the process of recall from the brokers. (Note 2). |
(d) | Represents investment of security lending collateral. (Note 2). |
(e) | Maturity value of $3,782,725. Collateralized by U.S. Government Agency obligations with a rate of 2.750%, maturity date of 11/15/42, and an aggregate market value, including accrued interest, of $3,862,360. |
(f) | See Note 6 for aggregate cost for federal tax purposes. |
The accompanying notes are an integral part of the financial statements.
151
September 30, 2018
Number of Shares | Value | |||||||
EQUITIES — 99.3% |
| |||||||
COMMON STOCK — 99.3% |
| |||||||
Basic Materials — 2.2% |
| |||||||
Chemicals — 1.7% |
| |||||||
Celanese Corp. Series A | 8,960 | $ | 1,021,440 | |||||
The Chemours Co. | 8,200 | 323,408 | ||||||
FMC Corp. | 1,700 | 148,206 | ||||||
LyondellBasell Industries NV Class A | 12,170 | 1,247,547 | ||||||
Platform Specialty Products Corp. (a) | 1,300 | 16,211 | ||||||
Praxair, Inc. | 6,930 | 1,113,859 | ||||||
The Sherwin-Williams Co. | 1,780 | 810,274 | ||||||
Versum Materials, Inc. | 20 | 720 | ||||||
Westlake Chemical Corp. | 13,620 | 1,131,958 | ||||||
|
| |||||||
5,813,623 | ||||||||
|
| |||||||
Forest Products & Paper — 0.2% |
| |||||||
International Paper Co. | 12,700 | 624,205 | ||||||
|
| |||||||
Iron & Steel — 0.2% |
| |||||||
Steel Dynamics, Inc. | 17,300 | 781,787 | ||||||
|
| |||||||
Mining — 0.1% |
| |||||||
Royal Gold, Inc. | 300 | 23,118 | ||||||
Southern Copper Corp. | 2,102 | 90,680 | ||||||
|
| |||||||
113,798 | ||||||||
|
| |||||||
7,333,413 | ||||||||
|
| |||||||
Communications — 19.7% |
| |||||||
Advertising — 0.0% |
| |||||||
The Interpublic Group of Cos., Inc. | 100 | 2,287 | ||||||
Omnicom Group, Inc. | 2,300 | 156,446 | ||||||
|
| |||||||
158,733 | ||||||||
|
| |||||||
Internet — 18.4% |
| |||||||
Alphabet, Inc. Class A (a) | 8,909 | 10,753,876 | ||||||
Alphabet, Inc. Class C (a) | 9,069 | 10,823,579 | ||||||
Amazon.com, Inc. (a) | 9,811 | 19,651,433 | ||||||
Booking Holdings, Inc. (a) | 1,005 | 1,993,920 | ||||||
CDW Corp. | 4,500 | 400,140 | ||||||
eBay, Inc. (a) | 22,800 | 752,856 | ||||||
Expedia Group, Inc. | 2,052 | 267,745 | ||||||
F5 Networks, Inc. (a) | 6,850 | 1,366,027 | ||||||
Facebook, Inc. Class A (a) | 45,610 | 7,501,020 | ||||||
GoDaddy, Inc. Class A (a) | 13,000 | 1,084,070 | ||||||
IAC/InterActiveCorp (a) | 3,470 | 752,018 | ||||||
Match Group, Inc. (a) | 3,400 | 196,894 | ||||||
Netflix, Inc. (a) | 9,797 | 3,665,352 | ||||||
Okta, Inc. (a) | 5,400 | 379,944 | ||||||
Palo Alto Networks, Inc. (a) | 1,910 | 430,247 | ||||||
Twilio, Inc. Class A (a) | 2,900 | 250,212 | ||||||
Twitter, Inc. (a) | 22,200 | 631,812 | ||||||
VeriSign, Inc. (a) | 2,650 | 424,318 |
Number of Shares | Value | |||||||
Zendesk, Inc. (a) | 7,600 | $ | 539,600 | |||||
|
| |||||||
61,865,063 | ||||||||
|
| |||||||
Media — 0.7% |
| |||||||
AMC Networks, Inc. Class A (a) | 17,900 | 1,187,486 | ||||||
CBS Corp. Class B | 400 | 22,980 | ||||||
Charter Communications, Inc. Class A (a) | 2,640 | 860,323 | ||||||
Sirius XM Holdings, Inc. | 20,300 | 128,296 | ||||||
The Walt Disney Co. | 1,810 | 211,662 | ||||||
|
| |||||||
2,410,747 | ||||||||
|
| |||||||
Telecommunications — 0.6% |
| |||||||
Arista Networks, Inc. (a) | 1,590 | 422,717 | ||||||
LogMeIn, Inc. | 40 | 3,564 | ||||||
Motorola Solutions, Inc. | 400 | 52,056 | ||||||
T-Mobile US, Inc. (a) | 9,500 | 666,710 | ||||||
Ubiquiti Networks, Inc. | 10,000 | 988,600 | ||||||
|
| |||||||
2,133,647 | ||||||||
|
| |||||||
66,568,190 | ||||||||
|
| |||||||
Consumer, Cyclical — 10.5% |
| |||||||
Airlines — 0.5% |
| |||||||
Delta Air Lines, Inc. | 21,300 | 1,231,779 | ||||||
Southwest Airlines Co. | 8,000 | 499,600 | ||||||
|
| |||||||
1,731,379 | ||||||||
|
| |||||||
Apparel — 0.9% |
| |||||||
Carter’s, Inc. | 100 | 9,860 | ||||||
Columbia Sportswear Co. | 100 | 9,307 | ||||||
Hanesbrands, Inc. | 8,900 | 164,027 | ||||||
Michael Kors Holdings Ltd. (a) | 5,400 | 370,224 | ||||||
NIKE, Inc. Class B | 26,580 | 2,251,858 | ||||||
Skechers U.S.A., Inc. Class A (a) | 10 | 279 | ||||||
VF Corp. | 800 | 74,760 | ||||||
|
| |||||||
2,880,315 | ||||||||
|
| |||||||
Auto Parts & Equipment — 0.8% |
| |||||||
Allison Transmission Holdings, Inc. | 24,600 | 1,279,446 | ||||||
Aptiv PLC | 7,700 | 646,030 | ||||||
Lear Corp. | 5,810 | 842,450 | ||||||
Visteon Corp. (a) | 100 | 9,290 | ||||||
|
| |||||||
2,777,216 | ||||||||
|
| |||||||
Distribution & Wholesale — 0.4% |
| |||||||
HD Supply Holdings, Inc. (a) | 18,600 | 795,894 | ||||||
KAR Auction Services, Inc. | 4,200 | 250,698 | ||||||
W.W. Grainger, Inc. | 1,140 | 407,447 | ||||||
|
| |||||||
1,454,039 | ||||||||
|
| |||||||
Entertainment — 0.5% |
| |||||||
Lions Gate Entertainment Corp. Class A | 35,900 | 875,601 | ||||||
Lions Gate Entertainment Corp. Class B | 29,500 | 687,350 |
The accompanying notes are an integral part of the financial statements.
152
MassMutual Premier Disciplined Growth Fund – Portfolio of Investments (Continued)
Number of Shares | Value | |||||||
Live Nation Entertainment, Inc. (a) | 3,700 | $ | 201,539 | |||||
The Madison Square Garden Co. Class A (a) | 43 | 13,559 | ||||||
|
| |||||||
1,778,049 | ||||||||
|
| |||||||
Home Builders — 0.6% |
| |||||||
D.R. Horton, Inc. | 10,400 | 438,672 | ||||||
NVR, Inc. (a) | 10 | 24,708 | ||||||
PulteGroup, Inc. | 46,200 | 1,144,374 | ||||||
Thor Industries, Inc. | 920 | 77,004 | ||||||
Toll Brothers, Inc. | 10,000 | 330,300 | ||||||
|
| |||||||
2,015,058 | ||||||||
|
| |||||||
Home Furnishing — 0.0% |
| |||||||
Tempur Sealy International, Inc. (a) | 1,200 | 63,480 | ||||||
|
| |||||||
Housewares — 0.0% |
| |||||||
The Toro Co. | 60 | 3,598 | ||||||
|
| |||||||
Leisure Time — 0.2% |
| |||||||
Brunswick Corp. | 10,900 | 730,518 | ||||||
|
| |||||||
Lodging — 0.5% |
| |||||||
Choice Hotels International, Inc. | 700 | 58,310 | ||||||
Extended Stay America, Inc. | 2,300 | 46,529 | ||||||
Hilton Worldwide Holdings, Inc. | 5,700 | 460,446 | ||||||
Las Vegas Sands Corp. | 10,200 | 605,166 | ||||||
Marriott International, Inc. Class A | 977 | 128,993 | ||||||
Wyndham Destinations, Inc. | 3,850 | 166,936 | ||||||
Wyndham Hotels & Resorts, Inc. | 50 | 2,779 | ||||||
Wynn Resorts Ltd. | 60 | 7,624 | ||||||
|
| |||||||
1,476,783 | ||||||||
|
| |||||||
Retail — 6.1% |
| |||||||
Advance Auto Parts, Inc. | 5,290 | 890,466 | ||||||
AutoZone, Inc. (a) | 1,718 | 1,332,653 | ||||||
Best Buy Co., Inc. | 18,500 | 1,468,160 | ||||||
Burlington Stores, Inc. (a) | 3,000 | 488,760 | ||||||
Chipotle Mexican Grill, Inc. (a) | 3 | 1,364 | ||||||
Copart, Inc. (a) | 7,700 | 396,781 | ||||||
Costco Wholesale Corp. | 10,020 | 2,353,498 | ||||||
Darden Restaurants, Inc. | 1,290 | 143,435 | ||||||
Dollar General Corp. | 8,440 | 922,492 | ||||||
Dollar Tree, Inc. (a) | 27 | 2,202 | ||||||
Domino’s Pizza, Inc. | 20 | 5,896 | ||||||
Dunkin’ Brands Group, Inc. | 4,200 | 309,624 | ||||||
The Gap, Inc. | 400 | 11,540 | ||||||
The Home Depot, Inc. | 16,060 | 3,326,829 | ||||||
L Brands, Inc. | 800 | 24,240 | ||||||
Lowe’s Cos., Inc. | 5,790 | 664,808 | ||||||
Lululemon Athletica, Inc. (a) | 4,510 | 732,830 | ||||||
McDonald’s Corp. | 780 | 130,486 | ||||||
The Michaels Cos., Inc. (a) | 400 | 6,492 | ||||||
Nordstrom, Inc. | 13,300 | 795,473 | ||||||
Nu Skin Enterprises, Inc. Class A | 13,930 | 1,148,111 | ||||||
O’Reilly Automotive, Inc. (a) | 2,270 | 788,416 |
Number of Shares | Value | |||||||
Ross Stores, Inc. | 9,660 | $ | 957,306 | |||||
Starbucks Corp. | 5,600 | 318,304 | ||||||
Tapestry, Inc. | 9 | 452 | ||||||
The TJX Cos., Inc. | 3,920 | 439,118 | ||||||
Tractor Supply Co. | 3,600 | 327,168 | ||||||
Urban Outfitters, Inc. (a) | 33,200 | 1,357,880 | ||||||
Williams-Sonoma, Inc. | 17,100 | 1,123,812 | ||||||
Yum China Holdings, Inc. | 800 | 28,088 | ||||||
Yum! Brands, Inc. | 40 | 3,636 | ||||||
|
| |||||||
20,500,320 | ||||||||
|
| |||||||
Toys, Games & Hobbies — 0.0% |
| |||||||
Hasbro, Inc. | 270 | 28,382 | ||||||
|
| |||||||
35,439,137 | ||||||||
|
| |||||||
Consumer, Non-cyclical — 19.6% |
| |||||||
Agriculture — 0.7% |
| |||||||
Altria Group, Inc. | 39,670 | 2,392,498 | ||||||
|
| |||||||
Beverages — 0.7% |
| |||||||
Brown-Forman Corp. Class B | 17 | 859 | ||||||
The Coca-Cola Co. | 14,660 | 677,146 | ||||||
Constellation Brands, Inc. Class A | 1,280 | 275,994 | ||||||
Keurig Dr Pepper, Inc. | 1,400 | 32,438 | ||||||
Monster Beverage Corp. (a) | 750 | 43,710 | ||||||
PepsiCo, Inc. | 10,929 | 1,221,862 | ||||||
|
| |||||||
2,252,009 | ||||||||
|
| |||||||
Biotechnology — 4.5% |
| |||||||
Alexion Pharmaceuticals, Inc. (a) | 3,040 | 422,590 | ||||||
Amgen, Inc. | 24,260 | 5,028,855 | ||||||
Biogen, Inc. (a) | 7,550 | 2,667,491 | ||||||
Celgene Corp. (a) | 13,900 | 1,243,911 | ||||||
Gilead Sciences, Inc. | 38,820 | 2,997,292 | ||||||
Illumina, Inc. (a) | 3,430 | 1,259,016 | ||||||
Regeneron Pharmaceuticals, Inc. (a) | 1,670 | 674,747 | ||||||
Vertex Pharmaceuticals, Inc. (a) | 5,730 | 1,104,400 | ||||||
|
| |||||||
15,398,302 | ||||||||
|
| |||||||
Commercial Services — 3.4% |
| |||||||
Automatic Data Processing, Inc. | 11,770 | 1,773,268 | ||||||
Booz Allen Hamilton Holding Corp. | 6,100 | 302,743 | ||||||
Cintas Corp. | 20 | 3,956 | ||||||
CoreLogic, Inc. (a) | 5,800 | 286,578 | ||||||
CoStar Group, Inc. (a) | 180 | 75,751 | ||||||
Ecolab, Inc. | 728 | 114,136 | ||||||
Euronet Worldwide, Inc. (a) | 7,740 | 775,703 | ||||||
FleetCor Technologies, Inc. (a) | 3,140 | 715,418 | ||||||
Grand Canyon Education, Inc. (a) | 860 | 97,008 | ||||||
H&R Block, Inc. | 56,500 | 1,454,875 | ||||||
Moody’s Corp. | 750 | 125,400 | ||||||
Quanta Services, Inc. (a) | 25,200 | 841,176 | ||||||
Robert Half International, Inc. | 11,100 | 781,218 | ||||||
Rollins, Inc. | 1,000 | 60,690 | ||||||
S&P Global, Inc. | 880 | 171,943 | ||||||
Sabre Corp. | 24,000 | 625,920 |
The accompanying notes are an integral part of the financial statements.
153
MassMutual Premier Disciplined Growth Fund – Portfolio of Investments (Continued)
Number of Shares | Value | |||||||
Service Corp. International | 800 | $ | 35,360 | |||||
ServiceMaster Global Holdings, Inc. (a) | 6,700 | 415,601 | ||||||
Square, Inc. Class A (a) | 1,600 | 158,416 | ||||||
Total System Services, Inc. | 7,200 | 710,928 | ||||||
TransUnion | 500 | 36,790 | ||||||
United Rentals, Inc. (a) | 3,110 | 508,796 | ||||||
Verisk Analytics, Inc. (a) | 200 | 24,110 | ||||||
The Western Union Co. | 63,720 | 1,214,503 | ||||||
WEX, Inc. (a) | 220 | 44,167 | ||||||
Worldpay, Inc. Class A (a) | 600 | 60,762 | ||||||
|
| |||||||
11,415,216 | ||||||||
|
| |||||||
Cosmetics & Personal Care — 0.2% |
| |||||||
Colgate-Palmolive Co. | 380 | 25,441 | ||||||
The Estee Lauder Cos., Inc. Class A | 3,860 | 560,935 | ||||||
|
| |||||||
586,376 | ||||||||
|
| |||||||
Foods — 0.6% |
| |||||||
Campbell Soup Co. | 2,600 | 95,238 | ||||||
General Mills, Inc. | 2,560 | 109,875 | ||||||
The Hershey Co. | 900 | 91,800 | ||||||
Kellogg Co. | 2,840 | 198,857 | ||||||
Post Holdings, Inc. (a) | 5,900 | 578,436 | ||||||
Sysco Corp. | 12,100 | 886,325 | ||||||
US Foods Holding Corp. (a) | 400 | 12,328 | ||||||
|
| |||||||
1,972,859 | ||||||||
|
| |||||||
Health Care – Products — 1.4% |
| |||||||
ABIOMED, Inc. (a) | 400 | 179,900 | ||||||
Align Technology, Inc. (a) | 1,480 | 579,006 | ||||||
Baxter International, Inc. | 2,620 | 201,976 | ||||||
Becton, Dickinson & Co. | 13 | 3,393 | ||||||
Boston Scientific Corp. (a) | 2,700 | 103,950 | ||||||
Edwards Lifesciences Corp. (a) | 1,380 | 240,258 | ||||||
Henry Schein, Inc. (a) | 80 | 6,802 | ||||||
Hill-Rom Holdings, Inc. | 1,900 | 179,360 | ||||||
ICU Medical, Inc. (a) | 3,160 | 893,490 | ||||||
IDEXX Laboratories, Inc. (a) | 470 | 117,340 | ||||||
Intuitive Surgical, Inc. (a) | 2,888 | 1,657,712 | ||||||
ResMed, Inc. | 1,450 | 167,243 | ||||||
Stryker Corp. | 860 | 152,805 | ||||||
Teleflex, Inc. | 190 | 50,557 | ||||||
Thermo Fisher Scientific, Inc. | 580 | 141,566 | ||||||
Varian Medical Systems, Inc. (a) | 350 | 39,176 | ||||||
|
| |||||||
4,714,534 | ||||||||
|
| |||||||
Health Care – Services — 3.4% |
| |||||||
Aetna, Inc. | 550 | 111,568 | ||||||
Centene Corp. (a) | 1,951 | 282,466 | ||||||
Charles River Laboratories International, Inc. (a) | 800 | 107,632 | ||||||
Cigna Corp. | 4,980 | 1,037,085 | ||||||
HCA Healthcare, Inc. | 5,420 | 754,030 | ||||||
Humana, Inc. | 4,570 | 1,547,036 |
Number of Shares | Value | |||||||
Molina Healthcare, Inc. (a) | 4,990 | $ | 742,013 | |||||
UnitedHealth Group, Inc. | 21,680 | 5,767,747 | ||||||
WellCare Health Plans, Inc. (a) | 3,840 | 1,230,682 | ||||||
|
| |||||||
11,580,259 | ||||||||
|
| |||||||
Household Products & Wares — 0.2% |
| |||||||
Avery Dennison Corp. | 2,600 | 281,710 | ||||||
Church & Dwight Co., Inc. | 2,820 | 167,423 | ||||||
The Clorox Co. | 370 | 55,652 | ||||||
Kimberly-Clark Corp. | 1,580 | 179,551 | ||||||
|
| |||||||
684,336 | ||||||||
|
| |||||||
Pharmaceuticals — 4.5% |
| |||||||
AbbVie, Inc. | 52,583 | 4,973,300 | ||||||
AmerisourceBergen Corp. | 7,660 | 706,405 | ||||||
Bristol-Myers Squibb Co. | 22,100 | 1,371,968 | ||||||
Eli Lilly & Co. | 19,300 | 2,071,083 | ||||||
Express Scripts Holding Co. (a) | 12,580 | 1,195,226 | ||||||
Herbalife Nutrition Ltd. (a) | 26,860 | 1,465,213 | ||||||
Jazz Pharmaceuticals PLC (a) | 5,610 | 943,209 | ||||||
Johnson & Johnson | 11,500 | 1,588,955 | ||||||
McKesson Corp. | 570 | 75,611 | ||||||
Merck & Co., Inc. | 3,000 | 212,820 | ||||||
Zoetis, Inc. | 5,000 | 457,800 | ||||||
|
| |||||||
15,061,590 | ||||||||
|
| |||||||
66,057,979 | ||||||||
|
| |||||||
Diversified — 0.3% |
| |||||||
Holding Company – Diversified — 0.3% |
| |||||||
Spectrum Brands Holdings, Inc. | 15,600 | 1,165,632 | ||||||
|
| |||||||
Energy — 0.6% |
| |||||||
Oil & Gas — 0.6% |
| |||||||
Anadarko Petroleum Corp. | 7,800 | 525,798 | ||||||
Cimarex Energy Co. | 1,200 | 111,528 | ||||||
Continental Resources, Inc. (a) | 3,340 | 228,055 | ||||||
EOG Resources, Inc. | 90 | 11,481 | ||||||
Newfield Exploration Co. (a) | 24,200 | 697,686 | ||||||
Pioneer Natural Resources Co. | 2,610 | 454,636 | ||||||
|
| |||||||
2,029,184 | ||||||||
|
| |||||||
Oil & Gas Services — 0.0% |
| |||||||
Halliburton Co. | 1,100 | 44,583 | ||||||
|
| |||||||
Pipelines — 0.0% |
| |||||||
ONEOK, Inc. | 1,300 | 88,127 | ||||||
|
| |||||||
2,161,894 | ||||||||
|
| |||||||
Financial — 8.9% |
| |||||||
Banks — 1.0% |
| |||||||
Capital One Financial Corp. | 6,600 | 626,538 | ||||||
Comerica, Inc. | 6,000 | 541,200 | ||||||
East West Bancorp, Inc. | 500 | 30,185 | ||||||
Northern Trust Corp. | 10,050 | 1,026,407 | ||||||
Pinnacle Financial Partners, Inc. | 7,800 | 469,170 | ||||||
State Street Corp. | 500 | 41,890 |
The accompanying notes are an integral part of the financial statements.
154
MassMutual Premier Disciplined Growth Fund – Portfolio of Investments (Continued)
Number of Shares | Value | |||||||
SVB Financial Group (a) | 1,000 | $ | 310,830 | |||||
Synovus Financial Corp. | 6,800 | 311,372 | ||||||
Western Alliance Bancorp (a) | 1,600 | 91,024 | ||||||
|
| |||||||
3,448,616 | ||||||||
|
| |||||||
Diversified Financial Services — 5.5% |
| |||||||
Air Lease Corp. | 100 | 4,588 | ||||||
Alliance Data Systems Corp. | 5,940 | 1,402,790 | ||||||
American Express Co. | 2,300 | 244,927 | ||||||
Ameriprise Financial, Inc. | 7,960 | 1,175,374 | ||||||
The Charles Schwab Corp. | 27,600 | 1,356,540 | ||||||
CME Group, Inc. | 1,470 | 250,209 | ||||||
Credit Acceptance Corp. (a) | 240 | 105,137 | ||||||
Discover Financial Services | 4,700 | 359,315 | ||||||
E*TRADE Financial Corp. (a) | 3,400 | 178,126 | ||||||
Eaton Vance Corp. | 900 | 47,304 | ||||||
Evercore, Inc. Class A | 2,100 | 211,155 | ||||||
Interactive Brokers Group, Inc. Class A | 4,100 | 226,771 | ||||||
Intercontinental Exchange, Inc. | 1,250 | 93,612 | ||||||
Lazard Ltd. Class A | 3,200 | 154,016 | ||||||
LPL Financial Holdings, Inc. | 10,000 | 645,100 | ||||||
Mastercard, Inc. Class A | 20,940 | 4,661,453 | ||||||
OneMain Holdings, Inc. (a) | 200 | 6,722 | ||||||
Raymond James Financial, Inc. | 1,100 | 101,255 | ||||||
Santander Consumer USA Holdings, Inc. | 49,300 | 987,972 | ||||||
SEI Investments Co. | 3,800 | 232,180 | ||||||
Synchrony Financial | 4,300 | 133,644 | ||||||
T. Rowe Price Group, Inc. | 6,820 | 744,608 | ||||||
TD Ameritrade Holding Corp. | 11,900 | 628,677 | ||||||
Virtu Financial, Inc. Class A | 800 | 16,360 | ||||||
Visa, Inc. Class A | 31,170 | 4,678,305 | ||||||
|
| |||||||
18,646,140 | ||||||||
|
| |||||||
Insurance — 0.7% |
| |||||||
Alleghany Corp. | 50 | 32,627 | ||||||
American International Group, Inc. | 200 | 10,648 | ||||||
Aon PLC | 200 | 30,756 | ||||||
Axis Capital Holdings Ltd. | 400 | 23,084 | ||||||
Berkshire Hathaway, Inc. Class B (a) | 2,900 | 620,919 | ||||||
Erie Indemnity Co. Class A | 70 | 8,927 | ||||||
Marsh & McLennan Cos., Inc. | 200 | 16,544 | ||||||
The Progressive Corp. | 15,900 | 1,129,536 | ||||||
RenaissanceRe Holdings Ltd. | 4,330 | 578,401 | ||||||
Voya Financial, Inc. | 300 | 14,901 | ||||||
|
| |||||||
2,466,343 | ||||||||
|
| |||||||
Real Estate — 0.4% |
| |||||||
CBRE Group, Inc. Class A (a) | 25,600 | 1,128,960 | ||||||
|
| |||||||
Real Estate Investment Trusts (REITS) — 1.3% |
| |||||||
American Tower Corp. | 1,945 | 282,609 | ||||||
Crown Castle International Corp. | 1,270 | 141,389 | ||||||
Equinix, Inc. | 447 | 193,502 |
Number of Shares | Value | |||||||
Equity LifeStyle Properties, Inc. | 100 | $ | 9,645 | |||||
Extra Space Storage, Inc. | 100 | 8,664 | ||||||
Gaming and Leisure Properties, Inc. | 7,400 | 260,850 | ||||||
Lamar Advertising Co. Class A | 300 | 23,340 | ||||||
Life Storage, Inc. | 100 | 9,516 | ||||||
Omega Healthcare Investors, Inc. | 28,700 | 940,499 | ||||||
Public Storage | 3,950 | 796,438 | ||||||
Simon Property Group, Inc. | 8,689 | 1,535,781 | ||||||
|
| |||||||
4,202,233 | ||||||||
|
| |||||||
29,892,292 | ||||||||
|
| |||||||
Industrial — 10.1% |
| |||||||
Aerospace & Defense — 3.4% |
| |||||||
The Boeing Co. | 18,050 | 6,712,795 | ||||||
Curtiss-Wright Corp. | 2,380 | 327,060 | ||||||
General Dynamics Corp. | 470 | 96,218 | ||||||
HEICO Corp. | 312 | 28,894 | ||||||
HEICO Corp. Class A | 468 | 35,334 | ||||||
Lockheed Martin Corp. | 1,730 | 598,511 | ||||||
Northrop Grumman Corp. | 2,030 | 644,261 | ||||||
Raytheon Co. | 7,050 | 1,456,953 | ||||||
Rockwell Collins, Inc. | 10 | 1,405 | ||||||
Spirit AeroSystems Holdings, Inc. Class A | 9,000 | 825,030 | ||||||
TransDigm Group, Inc. (a) | 1,680 | 625,464 | ||||||
|
| |||||||
11,351,925 | ||||||||
|
| |||||||
Building Materials — 0.0% |
| |||||||
Eagle Materials, Inc. | 10 | 852 | ||||||
Fortune Brands Home & Security, Inc. | 200 | 10,472 | ||||||
Lennox International, Inc. | 60 | 13,104 | ||||||
|
| |||||||
24,428 | ||||||||
|
| |||||||
Electrical Components & Equipment — 0.7% |
| |||||||
AMETEK, Inc. | 1,175 | 92,966 | ||||||
Emerson Electric Co. | 14,710 | 1,126,492 | ||||||
Energizer Holdings, Inc. | 17,500 | 1,026,375 | ||||||
Universal Display Corp. | 1,040 | 122,616 | ||||||
|
| |||||||
2,368,449 | ||||||||
|
| |||||||
Electronics — 1.3% |
| |||||||
Amphenol Corp. Class A | 6,300 | 592,326 | ||||||
FLIR Systems, Inc. | 4,000 | 245,880 | ||||||
Fortive Corp. | 960 | 80,832 | ||||||
Gentex Corp. | 4,720 | 101,291 | ||||||
Honeywell International, Inc. | 13,920 | 2,316,288 | ||||||
Mettler-Toledo International, Inc. (a) | 130 | 79,168 | ||||||
National Instruments Corp. | 3,300 | 159,489 | ||||||
Sensata Technologies Holding PLC (a) | 5,500 | 272,525 | ||||||
Waters Corp. (a) | 2,550 | 496,434 | ||||||
|
| |||||||
4,344,233 | ||||||||
|
|
The accompanying notes are an integral part of the financial statements.
155
MassMutual Premier Disciplined Growth Fund – Portfolio of Investments (Continued)
Number of Shares | Value | |||||||
Environmental Controls — 0.3% |
| |||||||
Waste Management, Inc. | 9,800 | $ | 885,528 | |||||
|
| |||||||
Hand & Machine Tools — 0.0% |
| |||||||
Lincoln Electric Holdings, Inc. | 500 | 46,720 | ||||||
|
| |||||||
Machinery – Construction & Mining — 0.7% |
| |||||||
BWX Technologies, Inc. | 400 | 25,016 | ||||||
Caterpillar, Inc. | 15,190 | 2,316,323 | ||||||
|
| |||||||
2,341,339 | ||||||||
|
| |||||||
Machinery – Diversified — 0.5% |
| |||||||
Cummins, Inc. | 1,980 | 289,219 | ||||||
Gardner Denver Holdings, Inc. (a) | 1,100 | 31,174 | ||||||
Graco, Inc. | 3,390 | 157,093 | ||||||
IDEX Corp. | 2,190 | 329,945 | ||||||
Nordson Corp. | 10 | 1,389 | ||||||
Rockwell Automation, Inc. | 4,000 | 750,080 | ||||||
Roper Technologies, Inc. | 130 | 38,507 | ||||||
Xylem, Inc. | 500 | 39,935 | ||||||
|
| |||||||
1,637,342 | ||||||||
|
| |||||||
Miscellaneous – Manufacturing — 0.2% |
| |||||||
Donaldson Co., Inc. | 100 | 5,826 | ||||||
Illinois Tool Works, Inc. | 930 | 131,241 | ||||||
Ingersoll-Rand PLC | 4,900 | 501,270 | ||||||
Parker-Hannifin Corp. | 520 | 95,644 | ||||||
|
| |||||||
733,981 | ||||||||
|
| |||||||
Packaging & Containers — 0.2% |
| |||||||
Berry Plastics Group, Inc. (a) | 3,800 | 183,882 | ||||||
Crown Holdings, Inc. (a) | 2,600 | 124,800 | ||||||
Packaging Corp. of America | 2,630 | 288,485 | ||||||
Sealed Air Corp. | 1,400 | 56,210 | ||||||
Silgan Holdings, Inc. | 2,200 | 61,160 | ||||||
|
| |||||||
714,537 | ||||||||
|
| |||||||
Shipbuilding — 0.4% |
| |||||||
Huntington Ingalls Industries, Inc. | 4,690 | 1,201,015 | ||||||
|
| |||||||
Transportation — 2.4% |
| |||||||
C.H. Robinson Worldwide, Inc. | 7,600 | 744,192 | ||||||
CSX Corp. | 18,900 | 1,399,545 | ||||||
Expeditors International of Washington, Inc. | 4,900 | 360,297 | ||||||
Landstar System, Inc. | 1,360 | 165,920 | ||||||
Old Dominion Freight Line, Inc. | 2,180 | 351,547 | ||||||
Schneider National, Inc. Class B | 24,700 | 617,006 | ||||||
Union Pacific Corp. | 17,570 | 2,860,923 | ||||||
United Parcel Service, Inc. Class B | 14,990 | 1,750,082 | ||||||
|
| |||||||
8,249,512 | ||||||||
|
| |||||||
33,899,009 | ||||||||
|
| |||||||
Technology — 27.4% |
| |||||||
Computers — 12.4% |
| |||||||
Accenture PLC Class A | 16,480 | 2,804,896 | ||||||
Apple, Inc. | 137,203 | 30,972,205 |
Number of Shares | Value | |||||||
Cognizant Technology Solutions Corp. Class A | 11,800 | $ | 910,370 | |||||
Dell Technologies ,Inc. Class V (a) | 1,300 | 126,256 | ||||||
DXC Technology Co. | 12,400 | 1,159,648 | ||||||
Fortinet, Inc. (a) | 14,900 | 1,374,823 | ||||||
Genpact Ltd. | 1,700 | 52,037 | ||||||
International Business Machines Corp. | 20,090 | 3,037,809 | ||||||
NCR Corp. (a) | 5,600 | 159,096 | ||||||
NetApp, Inc. | 13,300 | 1,142,337 | ||||||
Teradata Corp. (a) | 2,400 | 90,504 | ||||||
|
| |||||||
41,829,981 | ||||||||
|
| |||||||
Office & Business Equipment — 0.1% |
| |||||||
Zebra Technologies Corp. Class A (a) | 2,470 | 436,770 | ||||||
|
| |||||||
Semiconductors — 3.4% |
| |||||||
Analog Devices, Inc. | 4,565 | 422,080 | ||||||
Broadcom, Inc. | 5,990 | 1,477,913 | ||||||
IPG Photonics Corp. (a) | 660 | 103,006 | ||||||
KLA-Tencor Corp. | 6,670 | 678,406 | ||||||
Lam Research Corp. | 3,290 | 499,093 | ||||||
Maxim Integrated Products, Inc. | 19,800 | 1,116,522 | ||||||
Micron Technology, Inc. (a) | 24,500 | 1,108,135 | ||||||
MKS Instruments, Inc. | 200 | 16,030 | ||||||
NVIDIA Corp. | 3,170 | 890,833 | ||||||
NXP Semiconductor NV | 5,480 | 468,540 | ||||||
ON Semiconductor Corp. (a) | 33,500 | 617,405 | ||||||
Skyworks Solutions, Inc. | 1,920 | 174,163 | ||||||
Teradyne, Inc. | 22,700 | 839,446 | ||||||
Texas Instruments, Inc. | 26,940 | 2,890,392 | ||||||
Xilinx, Inc. | 1,410 | 113,040 | ||||||
|
| |||||||
11,415,004 | ||||||||
|
| |||||||
Software — 11.5% |
| |||||||
Activision Blizzard, Inc. | 2,100 | 174,699 | ||||||
Adobe Systems, Inc. (a) | 13,260 | 3,579,537 | ||||||
Akamai Technologies, Inc. (a) | 9,100 | 665,665 | ||||||
ANSYS, Inc. (a) | 450 | 84,006 | ||||||
Aspen Technology, Inc. (a) | 3,700 | 421,467 | ||||||
Atlassian Corp. PLC Class A (a) | 5,700 | 547,998 | ||||||
Autodesk, Inc. (a) | 280 | 43,711 | ||||||
Broadridge Financial Solutions, Inc. | 4,310 | 568,705 | ||||||
Cadence Design Systems, Inc. (a) | 9,500 | 430,540 | ||||||
CDK Global, Inc. | 3,500 | 218,960 | ||||||
Citrix Systems, Inc. (a) | 13,580 | 1,509,553 | ||||||
The Dun & Bradstreet Corp. | 4,650 | 662,671 | ||||||
Electronic Arts, Inc. (a) | 710 | 85,548 | ||||||
Fair Isaac Corp. (a) | 1,190 | 271,975 | ||||||
Fidelity National Information Services, Inc. | 190 | 20,723 | ||||||
First Data Corp. Class A (a) | 19,600 | 479,612 | ||||||
Fiserv, Inc. (a) | 2,280 | 187,826 | ||||||
Guidewire Software, Inc. (a) | 1,910 | 192,929 | ||||||
Intuit, Inc. | 2,710 | 616,254 |
The accompanying notes are an integral part of the financial statements.
156
MassMutual Premier Disciplined Growth Fund – Portfolio of Investments (Continued)
Number of Shares | Value | |||||||
Jack Henry & Associates, Inc. | 2,840 | $ | 454,627 | |||||
Manhattan Associates, Inc. (a) | 20,000 | 1,092,000 | ||||||
Microsoft Corp. | 204,190 | 23,353,210 | ||||||
MSCI, Inc. | 400 | 70,964 | ||||||
Oracle Corp. | 7,600 | 391,856 | ||||||
Paychex, Inc. | 3,200 | 235,680 | ||||||
PTC, Inc. (a) | 6,300 | 668,997 | ||||||
salesforce.com, Inc. (a) | 320 | 50,890 | ||||||
ServiceNow, Inc. (a) | 2,260 | 442,124 | ||||||
Synopsys, Inc. (a) | 300 | 29,583 | ||||||
Tableau Software, Inc. Class A (a) | 1,400 | 156,436 | ||||||
Take-Two Interactive Software, Inc. (a) | 230 | 31,738 | ||||||
Veeva Systems, Inc. Class A (a) | 600 | 65,322 | ||||||
VMware, Inc. Class A (a) | 5,950 | 928,557 | ||||||
|
| |||||||
38,734,363 | ||||||||
|
| |||||||
92,416,118 | ||||||||
|
| |||||||
TOTAL COMMON STOCK (Cost $274,081,496) | 334,933,664 | |||||||
|
| |||||||
TOTAL EQUITIES (Cost $274,081,496) | 334,933,664 | |||||||
|
| |||||||
TOTAL LONG-TERM INVESTMENTS (Cost $274,081,496) | 334,933,664 | |||||||
|
| |||||||
Principal Amount | ||||||||
SHORT-TERM INVESTMENTS — 1.0% |
| |||||||
Repurchase Agreement — 1.0% |
| |||||||
Fixed Income Clearing Corp., Repurchase Agreement, dated 9/28/18, 1.100%, due 10/01/18 (b) | $ | 3,191,062 | 3,191,062 | |||||
|
| |||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $3,191,062) | 3,191,062 | |||||||
|
| |||||||
TOTAL INVESTMENTS — 100.3% (Cost $277,272,558) (c) | 338,124,726 | |||||||
Other Assets/(Liabilities) — (0.3)% | (968,636 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 337,156,090 | ||||||
|
|
Notes to Portfolio of Investments
Percentages are stated as a percent of net assets.
(a) | Non-income producing security. |
(b) | Maturity value of $3,191,354. Collateralized by U.S. Government Agency obligations with a rate of 2.750%, maturity date of 11/15/42, and an aggregate market value, including accrued interest, of $3,257,694. |
(c) | See Note 6 for aggregate cost for federal tax purposes. |
The accompanying notes are an integral part of the financial statements.
157
September 30, 2018
Number of Shares | Value | |||||||
EQUITIES — 98.6% |
| |||||||
COMMON STOCK — 98.6% |
| |||||||
Basic Materials — 3.5% |
| |||||||
Iron & Steel — 1.2% |
| |||||||
Allegheny Technologies, Inc. (a) | 99,299 | $ | 2,934,286 | |||||
|
| |||||||
Mining — 2.3% |
| |||||||
Compass Minerals International, Inc. (b) | 37,200 | 2,499,840 | ||||||
Kaiser Aluminum Corp. | 31,574 | 3,443,460 | ||||||
|
| |||||||
5,943,300 | ||||||||
|
| |||||||
8,877,586 | ||||||||
|
| |||||||
Communications — 4.7% |
| |||||||
Internet — 4.0% |
| |||||||
Etsy, Inc. (a) | 68,180 | 3,503,088 | ||||||
Q2 Holdings, Inc. (a) | 40,970 | 2,480,734 | ||||||
Yelp, Inc. (a) | 84,130 | 4,139,196 | ||||||
|
| |||||||
10,123,018 | ||||||||
|
| |||||||
Media — 0.7% |
| |||||||
Houghton Mifflin Harcourt Co. (a) | 270,403 | 1,892,821 | ||||||
|
| |||||||
12,015,839 | ||||||||
|
| |||||||
Consumer, Cyclical — 14.3% |
| |||||||
Airlines — 1.1% |
| |||||||
Spirit Airlines, Inc. (a) | 59,350 | 2,787,670 | ||||||
|
| |||||||
Auto Manufacturers — 0.8% |
| |||||||
Navistar International Corp. (a) | 54,110 | 2,083,235 | ||||||
|
| |||||||
Auto Parts & Equipment — 2.9% |
| |||||||
Dorman Products, Inc. (a) | 45,950 | 3,534,474 | ||||||
Visteon Corp. (a) | 39,240 | 3,645,396 | ||||||
|
| |||||||
7,179,870 | ||||||||
|
| |||||||
Retail — 9.5% |
| |||||||
The Children’s Place, Inc. | 30,720 | 3,926,016 | ||||||
Group 1 Automotive, Inc. | 63,520 | 4,122,448 | ||||||
Jack in the Box, Inc. | 31,520 | 2,642,322 | ||||||
The Michaels Cos., Inc. (a) | 78,320 | 1,271,134 | ||||||
Nu Skin Enterprises, Inc. Class A | 33,730 | 2,780,026 | ||||||
Suburban Propane Partners LP (c) | 153,760 | 3,617,973 | ||||||
Texas Roadhouse, Inc. | 47,960 | 3,323,148 | ||||||
The Wendy’s Co. | 144,600 | 2,478,444 | ||||||
|
| |||||||
24,161,511 | ||||||||
|
| |||||||
36,212,286 | ||||||||
|
| |||||||
Consumer, Non-cyclical — 21.3% |
| |||||||
Agriculture — 0.9% |
| |||||||
Universal Corp. | 32,970 | 2,143,050 | ||||||
|
| |||||||
Biotechnology — 2.6% |
| |||||||
Emergent BioSolutions, Inc. (a) | 40,000 | 2,633,200 | ||||||
Ligand Pharmaceuticals, Inc. (a) | 10,930 | 3,000,175 |
Number of Shares | Value | |||||||
Sage Therapeutics, Inc. (a) | 5,884 | $ | 831,115 | |||||
|
| |||||||
6,464,490 | ||||||||
|
| |||||||
Commercial Services — 5.3% |
| |||||||
ASGN, Inc. (a) | 60,897 | 4,806,600 | ||||||
Korn/Ferry International | 96,611 | 4,757,126 | ||||||
Monro, Inc. | 23,250 | 1,618,200 | ||||||
Paylocity Holding Corp. (a) | 29,100 | 2,337,312 | ||||||
|
| |||||||
13,519,238 | ||||||||
|
| |||||||
Health Care – Products — 4.3% |
| |||||||
Inogen, Inc. (a) | 8,070 | 1,970,048 | ||||||
Inspire Medical Systems, Inc. (a) | 30,394 | 1,278,980 | ||||||
Intersect ENT, Inc. (a) | 47,180 | 1,356,425 | ||||||
Quidel Corp. (a) | 32,150 | 2,095,215 | ||||||
Repligen Corp. (a) | 42,080 | 2,333,757 | ||||||
Wright Medical Group NV (a) (b) | 67,340 | 1,954,207 | ||||||
|
| |||||||
10,988,632 | ||||||||
|
| |||||||
Health Care – Services — 4.7% |
| |||||||
Addus HomeCare Corp. (a) | 24,726 | 1,734,529 | ||||||
Amedisys, Inc. (a) | 31,210 | 3,900,002 | ||||||
American Renal Associates Holdings, Inc. (a) | 48,220 | 1,043,963 | ||||||
Molina Healthcare, Inc. (a) | 12,780 | 1,900,386 | ||||||
Teladoc Health, Inc. (a) (b) | 37,590 | 3,245,896 | ||||||
|
| |||||||
11,824,776 | ||||||||
|
| |||||||
Household Products & Wares — 1.2% |
| |||||||
Acco Brands Corp. | 276,740 | 3,127,162 | ||||||
|
| |||||||
Pharmaceuticals — 2.3% |
| |||||||
Diplomat Pharmacy, Inc. (a) | 90,230 | 1,751,364 | ||||||
Senseonics Holdings, Inc. (a) (b) | 233,957 | 1,115,975 | ||||||
TherapeuticsMD, Inc. (a) (b) | 229,650 | 1,506,504 | ||||||
uniQure NV (a) | 22,020 | 801,308 | ||||||
Zogenix, Inc. (a) | 15,290 | 758,384 | ||||||
|
| |||||||
5,933,535 | ||||||||
|
| |||||||
54,000,883 | ||||||||
|
| |||||||
Energy — 3.8% |
| |||||||
Energy – Alternate Sources — 1.3% |
| |||||||
Renewable Energy Group, Inc. (a) | 117,544 | 3,385,267 | ||||||
|
| |||||||
Oil & Gas — 1.7% |
| |||||||
Matador Resources Co. (a) | 133,285 | 4,405,070 | ||||||
|
| |||||||
Pipelines — 0.8% |
| |||||||
Noble Midstream Partners LP (c) | 53,020 | 1,877,438 | ||||||
|
| |||||||
9,667,775 | ||||||||
|
| |||||||
Financial — 20.7% |
| |||||||
Banks — 6.2% |
| |||||||
The Bank of NT Butterfield & Son Ltd. | 30,540 | 1,583,804 | ||||||
BankUnited, Inc. | 70,018 | 2,478,637 | ||||||
Chemical Financial Corp. | 48,223 | 2,575,108 |
The accompanying notes are an integral part of the financial statements.
158
MassMutual Premier Small Cap Opportunities Fund – Portfolio of Investments (Continued)
Number of Shares | Value | |||||||
Columbia Banking System, Inc. | 44,400 | $ | 1,721,388 | |||||
Customers Bancorp, Inc. (a) | 52,890 | 1,244,502 | ||||||
FCB Financial Holdings, Inc. Class A (a) | 47,436 | 2,248,467 | ||||||
Heritage Financial Corp. | 36,220 | 1,273,133 | ||||||
IBERIABANK Corp. | 33,060 | 2,689,431 | ||||||
|
| |||||||
15,814,470 | ||||||||
|
| |||||||
Diversified Financial Services — 1.6% |
| |||||||
Focus Financial Partners, Inc. Class A (a) (b) | 30,300 | 1,438,038 | ||||||
Stifel Financial Corp. | 52,090 | 2,670,134 | ||||||
|
| |||||||
4,108,172 | ||||||||
|
| |||||||
Insurance — 1.5% |
| |||||||
James River Group Holdings Ltd. | 32,832 | 1,399,300 | ||||||
ProAssurance Corp. | 54,470 | 2,557,366 | ||||||
|
| |||||||
3,956,666 | ||||||||
|
| |||||||
Real Estate Investment Trusts (REITS) — 6.3% |
| |||||||
Brandywine Realty Trust | 199,150 | 3,130,638 | ||||||
DiamondRock Hospitality Co. | 326,850 | 3,814,339 | ||||||
EPR Properties | 24,280 | 1,660,995 | ||||||
Four Corners Property Trust, Inc. | 153,340 | 3,939,305 | ||||||
National Storage Affiliates Trust | 132,310 | 3,365,966 | ||||||
|
| |||||||
15,911,243 | ||||||||
|
| |||||||
Savings & Loans — 5.1% |
| |||||||
Beneficial Bancorp, Inc. | 101,220 | 1,710,618 | ||||||
Berkshire Hills Bancorp, Inc. | 53,970 | 2,196,579 | ||||||
OceanFirst Financial Corp. | 76,502 | 2,082,384 | ||||||
Pacific Premier Bancorp, Inc. (a) | 33,420 | 1,243,224 | ||||||
Sterling Bancorp | 109,640 | 2,412,080 | ||||||
WSFS Financial Corp. | 67,790 | 3,196,299 | ||||||
|
| |||||||
12,841,184 | ||||||||
|
| |||||||
52,631,735 | ||||||||
|
| |||||||
Industrial — 14.5% |
| |||||||
Building Materials — 2.0% |
| |||||||
Masonite International Corp. (a) | 42,628 | 2,732,454 | ||||||
Summit Materials, Inc. Class A (a) | 126,110 | 2,292,680 | ||||||
|
| |||||||
5,025,134 | ||||||||
|
| |||||||
Electrical Components & Equipment — 2.7% |
| |||||||
Energizer Holdings, Inc. | 50,560 | 2,965,344 | ||||||
Generac Holdings, Inc. (a) | 68,680 | 3,874,239 | ||||||
|
| |||||||
6,839,583 | ||||||||
|
| |||||||
Engineering & Construction — 2.8% |
| |||||||
Dycom Industries, Inc. (a) | 29,400 | 2,487,240 | ||||||
KBR, Inc. | 144,948 | 3,062,751 | ||||||
TopBuild Corp. (a) | 28,070 | 1,594,938 | ||||||
|
| |||||||
7,144,929 | ||||||||
|
| |||||||
Environmental Controls — 1.9% |
| |||||||
Advanced Disposal Services, Inc. (a) | 100,513 | 2,721,892 |
Number of Shares | Value | |||||||
Evoqua Water Technologies Corp. (a) | 112,650 | $ | 2,002,917 | |||||
|
| |||||||
4,724,809 | ||||||||
|
| |||||||
Machinery – Diversified — 0.5% |
| |||||||
The Manitowoc Co., Inc. (a) | 56,263 | 1,349,749 | ||||||
|
| |||||||
Metal Fabricate & Hardware — 1.2% |
| |||||||
Rexnord Corp. (a) | 102,230 | 3,148,684 | ||||||
|
| |||||||
Miscellaneous – Manufacturing — 0.8% |
| |||||||
EnPro Industries, Inc. | 28,190 | 2,055,897 | ||||||
|
| |||||||
Transportation — 1.4% |
| |||||||
CryoPort, Inc. (a) (b) | 48,850 | 625,768 | ||||||
Genesee & Wyoming, Inc. Class A (a) | 31,010 | 2,821,600 | ||||||
|
| |||||||
3,447,368 | ||||||||
|
| |||||||
Trucking & Leasing — 1.2% |
| |||||||
The Greenbrier Cos., Inc. | 49,530 | 2,976,753 | ||||||
|
| |||||||
36,712,906 | ||||||||
|
| |||||||
Technology — 13.1% |
| |||||||
Computers — 4.0% |
| |||||||
CACI International, Inc. Class A (a) | 27,956 | 5,148,097 | ||||||
Perspecta, Inc. | 100,290 | 2,579,459 | ||||||
Teradata Corp. (a) | 65,650 | 2,475,662 | ||||||
|
| |||||||
10,203,218 | ||||||||
|
| |||||||
Semiconductors — 2.0% |
| |||||||
Brooks Automation, Inc. | 67,170 | 2,352,965 | ||||||
MKS Instruments, Inc. | 32,980 | 2,643,347 | ||||||
|
| |||||||
4,996,312 | ||||||||
|
| |||||||
Software — 7.1% |
| |||||||
Blackline, Inc. (a) | 47,590 | 2,687,407 | ||||||
Envestnet, Inc. (a) | 27,400 | 1,670,030 | ||||||
j2 Global, Inc. | 45,386 | 3,760,230 | ||||||
Pegasystems, Inc. | 47,842 | 2,994,909 | ||||||
SendGrid, Inc. (a) | 72,692 | 2,674,339 | ||||||
Zynga, Inc. Class A (a) | 1,057,901 | 4,242,183 | ||||||
|
| |||||||
18,029,098 | ||||||||
|
| |||||||
33,228,628 | ||||||||
|
| |||||||
Utilities — 2.7% |
| |||||||
Electric — 2.7% |
| |||||||
Black Hills Corp. | 63,580 | 3,693,362 | ||||||
NorthWestern Corp. | 53,980 | 3,166,467 | ||||||
|
| |||||||
6,859,829 | ||||||||
|
| |||||||
TOTAL COMMON STOCK (Cost $210,485,190) | 250,207,467 | |||||||
|
| |||||||
TOTAL EQUITIES (Cost $210,485,190) | 250,207,467 | |||||||
|
|
The accompanying notes are an integral part of the financial statements.
159
MassMutual Premier Small Cap Opportunities Fund – Portfolio of Investments (Continued)
Number of Shares | Value | |||||||
MUTUAL FUNDS — 3.1% |
| |||||||
Diversified Financial Services — 3.1% |
| |||||||
State Street Navigator Securities Lending Prime Portfolio (e) | 7,889,549 | $ | 7,889,549 | |||||
|
| |||||||
TOTAL MUTUAL FUNDS (Cost $7,889,549) | 7,889,549 | |||||||
|
| |||||||
TOTAL LONG-TERM INVESTMENTS (Cost $218,374,739) | 258,097,016 | |||||||
|
| |||||||
Principal Amount | ||||||||
SHORT-TERM INVESTMENTS — 2.3% |
| |||||||
Repurchase Agreement — 2.3% |
| |||||||
Fixed Income Clearing Corp., Repurchase Agreement, dated 9/28/18, 1.100%, due 10/01/18 (f) | $ | 5,803,834 | 5,803,834 | |||||
|
| |||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $5,803,834) | 5,803,834 | |||||||
|
| |||||||
TOTAL INVESTMENTS — 104.0% (Cost $224,178,573) (g) | 263,900,850 | |||||||
Other Assets/(Liabilities) — (4.0)% | (10,246,930 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 253,653,920 | ||||||
|
|
Notes to Portfolio of Investments
Percentages are stated as a percent of net assets.
(a) | Non-income producing security. |
(b) | Denotes all or a portion of security on loan. The total value of securities on loan as of September 30, 2018, was $7,695,925 or 3.03% of net assets. Total securities on loan may not correspond with the amounts identified in the Portfolio of Investments because pending sales may be in the process of recall from the brokers. (Note 2). |
(c) | Security is a Master Limited Partnership. |
(e) | Represents investment of security lending collateral. (Note 2). |
(f) | Maturity value of $5,804,366. Collateralized by U.S. Government Agency obligations with a rate of 2.750%, maturity date of 11/15/42, and an aggregate market value, including accrued interest, of $5,920,098. |
(g) | See Note 6 for aggregate cost for federal tax purposes. |
The accompanying notes are an integral part of the financial statements.
160
September 30, 2018
Number of Shares | Value | |||||||
EQUITIES — 98.5% |
| |||||||
COMMON STOCK — 97.0% |
| |||||||
Cayman Islands — 2.1% |
| |||||||
Baidu, Inc. Sponsored ADR (a) | 11,410 | $ | 2,609,238 | |||||
Farfetch Ltd. Class A (a) | 5,360 | 145,953 | ||||||
JD.com, Inc. ADR (a) | 139,511 | 3,639,842 | ||||||
|
| |||||||
6,395,033 | ||||||||
|
| |||||||
Denmark — 0.6% |
| |||||||
FLSmidth & Co. A/S | 31,427 | 1,953,808 | ||||||
|
| |||||||
France — 6.1% |
| |||||||
Kering SA | 11,140 | 5,956,794 | ||||||
LVMH Moet Hennessy Louis Vuitton SE | 28,330 | 10,002,332 | ||||||
Societe Generale SA | 69,270 | 2,970,511 | ||||||
|
| |||||||
18,929,637 | ||||||||
|
| |||||||
Germany — 7.4% |
| |||||||
Allianz SE Registered | 24,866 | 5,539,340 | ||||||
Bayer AG Registered | 31,041 | 2,757,477 | ||||||
Linde AG | 13,542 | 3,202,575 | ||||||
Puma SE | 1,110 | 547,726 | ||||||
SAP SE | 60,579 | 7,455,539 | ||||||
Siemens AG Registered | 26,662 | 3,413,908 | ||||||
|
| |||||||
22,916,565 | ||||||||
|
| |||||||
India — 2.5% |
| |||||||
DLF Ltd. | 1,978,910 | 4,410,225 | ||||||
ICICI Bank Ltd. Sponsored ADR | 401,530 | 3,408,990 | ||||||
|
| |||||||
7,819,215 | ||||||||
|
| |||||||
Italy — 0.3% |
| |||||||
Brunello Cucinelli SpA | 21,107 | 821,882 | ||||||
|
| |||||||
Japan — 13.7% |
| |||||||
Capcom Co. Ltd. | 77,900 | 1,973,160 | ||||||
Dai-ichi Life Holdings, Inc. | 118,800 | 2,473,191 | ||||||
FANUC Corp. | 16,300 | 3,073,849 | ||||||
Keyence Corp. | 8,400 | 4,873,198 | ||||||
MinebeaMitsumi, Inc. | 102,000 | 1,849,984 | ||||||
Murata Manufacturing Co. Ltd. | 37,510 | 5,752,112 | ||||||
Nidec Corp. | 52,100 | 7,497,056 | ||||||
Nintendo Co. Ltd. | 7,800 | 2,846,941 | ||||||
Omron Corp. | 54,100 | 2,285,399 | ||||||
Renesas Electronics Corp. (a) | 235,100 | 1,469,439 | ||||||
Suzuki Motor Corp. | 58,600 | 3,357,271 | ||||||
TDK Corp. | 45,300 | 4,941,936 | ||||||
|
| |||||||
42,393,536 | ||||||||
|
| |||||||
Netherlands — 3.8% |
| |||||||
Airbus SE | 88,040 | 11,038,046 | ||||||
uniQure NV (a) | 21,310 | 775,471 | ||||||
|
| |||||||
11,813,517 | ||||||||
|
|
Number of Shares | Value | |||||||
Spain — 2.8% |
| |||||||
Banco Bilbao Vizcaya Argentaria SA | 208,031 | $ | 1,315,298 | |||||
Industria de Diseno Textil SA | 151,625 | 4,584,813 | ||||||
International Consolidated Airlines Group SA | 311,620 | 2,678,062 | ||||||
|
| |||||||
8,578,173 | ||||||||
|
| |||||||
Sweden — 1.1% |
| |||||||
Assa Abloy AB Class B | 174,770 | 3,513,046 | ||||||
|
| |||||||
Switzerland — 2.5% |
| |||||||
Credit Suisse Group AG Registered | 211,984 | 3,181,270 | ||||||
UBS Group AG Registered | 277,315 | 4,373,541 | ||||||
|
| |||||||
7,554,811 | ||||||||
|
| |||||||
United Kingdom — 5.9% |
| |||||||
Circassia Pharmaceuticals PLC (a) (b) | 473,847 | 458,328 | ||||||
Earthport PLC (a) | 1,793,362 | 193,769 | ||||||
International Game Technology PLC | 92,902 | 1,834,814 | ||||||
Prudential PLC | 233,312 | 5,350,102 | ||||||
Shire Ltd. | 25,510 | 1,539,079 | ||||||
TechnipFMC PLC | 90,110 | 2,829,743 | ||||||
Unilever PLC | 110,836 | 6,087,226 | ||||||
|
| |||||||
18,293,061 | ||||||||
|
| |||||||
United States — 48.2% |
| |||||||
3M Co. | 21,530 | 4,536,586 | ||||||
ACADIA Pharmaceuticals, Inc. (a) (b) | 53,540 | 1,111,490 | ||||||
Adobe Systems, Inc. (a) | 33,470 | 9,035,226 | ||||||
Agilent Technologies, Inc. | 50,690 | 3,575,673 | ||||||
Alphabet, Inc. Class A (a) | 16,790 | 20,266,873 | ||||||
Amazon.com, Inc. (a) | 530 | 1,061,590 | ||||||
AnaptysBio, Inc. (a) | 15,810 | 1,577,364 | ||||||
Anthem, Inc. | 28,390 | 7,780,280 | ||||||
Biogen, Inc. (a) | 8,730 | 3,084,396 | ||||||
Bluebird Bio, Inc. (a) | 11,420 | 1,667,320 | ||||||
Blueprint Medicines Corp. (a) | 24,080 | 1,879,685 | ||||||
Centene Corp. (a) | 20,120 | 2,912,974 | ||||||
Citigroup, Inc. | 102,000 | 7,317,480 | ||||||
Colgate-Palmolive Co. | 96,740 | 6,476,743 | ||||||
Equifax, Inc. | 16,870 | 2,202,716 | ||||||
Facebook, Inc. Class A (a) | 44,620 | 7,338,205 | ||||||
Fidelity National Financial, Inc. | 60,300 | 2,372,805 | ||||||
Gilead Sciences, Inc. | 32,520 | 2,510,869 | ||||||
GlycoMimetics, Inc. (a) | 63,690 | 917,136 | ||||||
The Goldman Sachs Group, Inc. | 19,890 | 4,460,134 | ||||||
Incyte Corp. (a) | 25,740 | 1,778,119 | ||||||
Intuit, Inc. | 37,810 | 8,597,994 | ||||||
Ionis Pharmaceuticals, Inc. (a) | 30,070 | 1,551,011 | ||||||
Loxo Oncology, Inc. (a) | 13,580 | 2,319,871 |
The accompanying notes are an integral part of the financial statements.
161
MassMutual Premier Global Fund – Portfolio of Investments (Continued)
Number of Shares | Value | |||||||
MacroGenics, Inc. (a) | 58,980 | $ | 1,264,531 | |||||
Maxim Integrated Products, Inc. | 115,220 | 6,497,256 | ||||||
Mirati Therapeutics, Inc. (a) (b) | 7,579 | 356,971 | ||||||
Newell Brands, Inc. | 129,740 | 2,633,722 | ||||||
PayPal Holdings, Inc. (a) | 60,958 | 5,354,551 | ||||||
S&P Global, Inc. | 41,490 | 8,106,731 | ||||||
Sage Therapeutics, Inc. (a) | 20,060 | 2,833,475 | ||||||
Tiffany & Co. | 35,890 | 4,628,733 | ||||||
United Parcel Service, Inc. Class B | 31,660 | 3,696,305 | ||||||
The Walt Disney Co. | 39,520 | 4,621,469 | ||||||
Zimmer Biomet Holdings, Inc. | 18,420 | 2,421,677 | ||||||
|
| |||||||
148,747,961 | ||||||||
|
| |||||||
TOTAL COMMON STOCK (Cost $182,113,809) | 299,730,245 | |||||||
|
| |||||||
PREFERRED STOCK — 1.5% |
| |||||||
Germany — 1.5% |
| |||||||
Bayerische Motoren Werke AG 5.860% | 58,407 | 4,584,352 | ||||||
|
| |||||||
India — 0.0% |
| |||||||
Zee Entertainment Enterprises Ltd. 6.000% | 573,050 | 61,898 | ||||||
|
| |||||||
TOTAL PREFERRED STOCK (Cost $3,208,473) | 4,646,250 | |||||||
|
| |||||||
TOTAL EQUITIES (Cost $185,322,282) | 304,376,495 | |||||||
|
| |||||||
MUTUAL FUNDS — 2.0% |
| |||||||
United States — 2.0% |
| |||||||
Oppenheimer Institutional Government Money Market Fund Class E (c) | 4,096,417 | 4,096,417 | ||||||
State Street Navigator Securities Lending Prime Portfolio (d) | 1,906,985 | 1,906,985 | ||||||
|
| |||||||
6,003,402 | ||||||||
|
| |||||||
TOTAL MUTUAL FUNDS (Cost $6,003,402) | 6,003,402 | |||||||
|
| |||||||
TOTAL LONG-TERM INVESTMENTS (Cost $191,325,684) | 310,379,897 | |||||||
|
| |||||||
TOTAL INVESTMENTS — 100.5% (Cost $191,325,684) (e) | 310,379,897 | |||||||
Other Assets/(Liabilities) — (0.5)% | (1,454,039 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 308,925,858 | ||||||
|
|
Abbreviation Legend
ADR | American Depositary Receipt |
Notes to Portfolio of Investments
Percentages are stated as a percent of net assets.
(a) | Non-income producing security. |
(b) | Denotes all or a portion of security on loan. The total value of securities on loan as of September 30, 2018, was $1,839,608 or 0.60% of net assets. Total securities on loan may not correspond with the amounts identified in the Portfolio of Investments because pending sales may be in the process of recall from the brokers. (Note 2). |
(c) | Affiliated issuer. See Note 7 for a summary of transactions in the investments of affiliated issuers. |
(d) | Represents investment of security lending collateral. (Note 2). |
(e) | See Note 6 for aggregate cost for federal tax purposes. |
Sector weightings, as a percentage of net assets, is as follows:
Consumer, Non-cyclical | 22.6 | % | ||
Industrial | 18.5 | % | ||
Financial | 15.3 | % | ||
Consumer, Cyclical | 14.4 | % | ||
Technology | 12.9 | % | ||
Communications | 12.9 | % | ||
Mutual Funds | 2.0 | % | ||
Basic Materials | 1.0 | % | ||
Energy | 0.9 | % | ||
|
| |||
Total Long-Term Investments | 100.5 | % | ||
Short-Term Investments and Other Assets and Liabilities | (0.5 | )% | ||
|
| |||
Net Assets | 100.0 | % | ||
|
|
The accompanying notes are an integral part of the financial statements.
162
September 30, 2018
Number of Shares | Value | |||||||
EQUITIES — 96.2% |
| |||||||
COMMON STOCK — 96.2% |
| |||||||
Australia — 1.4% |
| |||||||
CSL Ltd. | 51,729 | $ | 7,479,660 | |||||
|
| |||||||
Austria — 1.1% |
| |||||||
ams AG (a) | 103,259 | 5,771,597 | ||||||
|
| |||||||
Canada — 4.0% |
| |||||||
Alimentation Couche-Tard, Inc. Class B | 112,825 | 5,643,652 | ||||||
CCL Industries, Inc. Class B | 142,165 | 6,407,963 | ||||||
Dollarama, Inc. | 138,425 | 4,360,712 | ||||||
Saputo, Inc. | 162,490 | 4,833,249 | ||||||
|
| |||||||
21,245,576 | ||||||||
|
| |||||||
Cayman Islands — 3.4% |
| |||||||
Alibaba Group Holding Ltd. Sponsored ADR (b) | 20,346 | 3,352,207 | ||||||
Baidu, Inc. Sponsored ADR (b) | 28,020 | 6,407,614 | ||||||
JD.com, Inc. ADR (b) | 124,262 | 3,241,996 | ||||||
WH Group Ltd. (c) | 6,940,000 | 4,887,565 | ||||||
|
| |||||||
17,889,382 | ||||||||
|
| |||||||
Denmark — 3.3% |
| |||||||
Novo Nordisk A/S Class B | 159,537 | 7,510,045 | ||||||
Novozymes A/S Class B | 87,921 | 4,816,149 | ||||||
William Demant Holding A/S (b) | 138,537 | 5,202,449 | ||||||
|
| |||||||
17,528,643 | ||||||||
|
| |||||||
Finland — 1.5% |
| |||||||
Nokia OYJ | 1,396,433 | 7,744,709 | ||||||
|
| |||||||
France — 12.7% |
| |||||||
Atos SE | 66,820 | 7,941,262 | ||||||
Dassault Systemes SE | 32,381 | 4,832,703 | ||||||
Edenred | 182,351 | 6,942,106 | ||||||
Essilor International Cie Generale d’Optique SA | 32,178 | 4,758,154 | ||||||
Hermes International | 12,676 | 8,388,361 | ||||||
Legrand SA | 82,130 | 5,980,423 | ||||||
LVMH Moet Hennessy Louis Vuitton SE | 26,080 | 9,207,936 | ||||||
Pernod Ricard SA | 39,035 | 6,403,603 | ||||||
SEB SA | 2,120 | 360,650 | ||||||
SEB SA (b) (d) | 35,867 | 6,104,922 | ||||||
Technicolor SA Registered (a) (b) | 801 | 959 | ||||||
Valeo SA | 135,134 | 5,867,569 | ||||||
|
| |||||||
66,788,648 | ||||||||
|
| |||||||
Germany — 12.0% |
| |||||||
Bayer AG Registered | 61,359 | 5,450,728 | ||||||
Bayerische Motoren Werke AG | 54,606 | 4,918,631 | ||||||
Brenntag AG | 86,671 | 5,349,459 | ||||||
Continental AG | 37,148 | 6,466,563 |
Number of Shares | Value | |||||||
Infineon Technologies AG | 538,470 | $ | 12,234,263 | |||||
SAP SE | 105,446 | 12,977,382 | ||||||
Scout24 AG (c) | 142,483 | 6,643,667 | ||||||
Siemens Healthineers AG (b) (c) | 106,628 | 4,688,943 | ||||||
United Internet AG Registered | 93,906 | 4,442,956 | ||||||
|
| |||||||
63,172,592 | ||||||||
|
| |||||||
India — 2.8% |
| |||||||
Hero MotoCorp Ltd. | 161,712 | 6,489,494 | ||||||
ICICI Bank Ltd. Sponsored ADR | 983,188 | 8,347,266 | ||||||
|
| |||||||
14,836,760 | ||||||||
|
| |||||||
Ireland — 0.5% |
| |||||||
James Hardie Industries PLC | 193,600 | 2,923,154 | ||||||
|
| |||||||
Japan — 11.9% |
| |||||||
Hitachi Ltd. | 211,800 | 7,197,301 | ||||||
Hoya Corp. | 102,300 | 6,073,131 | ||||||
Keyence Corp. | 14,300 | 8,296,039 | ||||||
Koito Manufacturing Co. Ltd. | 111,200 | 7,293,180 | ||||||
Kubota Corp. | 348,300 | 5,893,630 | ||||||
Nidec Corp. | 47,900 | 6,892,687 | ||||||
Nippon Telegraph & Telephone Corp. | 205,200 | 9,269,450 | ||||||
Nitori Holdings Co. Ltd. | 39,300 | 5,636,133 | ||||||
Subaru Corp. | 193,800 | 5,936,860 | ||||||
|
| |||||||
62,488,411 | ||||||||
|
| |||||||
Luxembourg — 1.5% |
| |||||||
SES SA | 364,970 | 8,005,557 | ||||||
|
| |||||||
Netherlands — 7.7% |
| |||||||
Aalberts Industries NV | 132,046 | 5,622,317 | ||||||
Airbus SE | 58,100 | 7,284,308 | ||||||
ASML Holding NV | 44,832 | 8,371,575 | ||||||
Boskalis Westminster (a) | 213,500 | 6,719,430 | ||||||
Heineken NV | 54,632 | 5,115,538 | ||||||
STMicroelectronics NV | 415,620 | 7,560,847 | ||||||
|
| |||||||
40,674,015 | ||||||||
|
| |||||||
New Zealand — 0.8% |
| |||||||
Xero Ltd. (b) | 112,553 | 3,983,087 | ||||||
|
| |||||||
Panama — 1.5% |
| |||||||
Carnival Corp. | 126,190 | 8,047,136 | ||||||
|
| |||||||
South Africa — 0.5% |
| |||||||
The SPAR Group Ltd. | 212,697 | 2,766,740 | ||||||
|
| |||||||
Spain — 4.5% |
| |||||||
Amadeus IT Group SA | 80,819 | 7,499,631 | ||||||
Grifols SA | 269,775 | 7,590,295 | ||||||
Prosegur Cash SA (c) | 1,424,196 | 3,118,846 | ||||||
Prosegur Cia de Seguridad SA | 848,154 | 5,268,115 | ||||||
|
| |||||||
23,476,887 | ||||||||
|
| |||||||
Sweden — 2.5% |
| |||||||
Atlas Copco AB Class A | 166,303 | 4,787,513 |
The accompanying notes are an integral part of the financial statements.
163
MassMutual Premier International Equity Fund – Portfolio of Investments (Continued)
Number of Shares | Value | |||||||
Epiroc AB Class A (b) | 322,199 | $ | 3,599,641 | |||||
Swedish Match AB | 98,215 | 5,025,060 | ||||||
|
| |||||||
13,412,214 | ||||||||
|
| |||||||
Switzerland — 10.2% |
| |||||||
Barry Callebaut AG Registered | 2,669 | 5,052,468 | ||||||
Cie Financiere Richemont SA Registered | 54,143 | 4,407,935 | ||||||
Lonza Group AG Registered | 25,989 | 8,862,379 | ||||||
Roche Holding AG | 21,363 | 5,169,404 | ||||||
Sika AG Registered | 40,863 | 5,942,192 | ||||||
Sonova Holding AG Registered | 30,171 | 6,002,925 | ||||||
Temenos Group AG Registered | 79,337 | 12,849,225 | ||||||
VAT Group AG (c) | 47,342 | 5,305,857 | ||||||
|
| |||||||
53,592,385 | ||||||||
|
| |||||||
Thailand — 0.9% |
| |||||||
CP ALL PCL | 2,154,100 | 4,595,946 | ||||||
|
| |||||||
United Kingdom — 10.8% |
| |||||||
Bunzl PLC | 266,681 | 8,382,457 | ||||||
Domino’s Pizza Group PLC | 1,028,520 | 3,742,980 | ||||||
Essentra PLC (a) | 163,900 | 864,284 | ||||||
Ferguson PLC | 46,746 | 3,965,475 | ||||||
Intertek Group PLC | 56,710 | 3,687,192 | ||||||
Legal & General Group PLC | 889,970 | 3,037,791 | ||||||
Melrose Industries PLC | 1,138,724 | 2,962,426 | ||||||
Prudential PLC | 295,443 | 6,774,834 | ||||||
Reckitt Benckiser Group PLC | 86,891 | 7,937,866 | ||||||
TechnipFMC PLC | 191,134 | 6,002,220 | ||||||
The Weir Group PLC | 150,836 | 3,465,771 | ||||||
Whitbread PLC | 95,435 | 5,864,056 | ||||||
|
| |||||||
56,687,352 | ||||||||
|
| |||||||
United States — 0.7% |
| |||||||
EPAM Systems, Inc. (b) | 26,120 | 3,596,724 | ||||||
|
| |||||||
TOTAL COMMON STOCK (Cost $428,710,935) | 506,707,175 | |||||||
|
| |||||||
PREFERRED STOCK — 0.0% |
| |||||||
India — 0.0% |
| |||||||
Zee Entertainment Enterprises Ltd. 6.000% | 653,347 | 70,571 | ||||||
|
| |||||||
TOTAL PREFERRED STOCK (Cost $19,495) | 70,571 | |||||||
|
| |||||||
TOTAL EQUITIES (Cost $428,730,430) | 506,777,746 | |||||||
|
| |||||||
MUTUAL FUNDS — 5.8% |
| |||||||
United States — 5.8% |
| |||||||
Oppenheimer Institutional Government Money Market Fund Class E (e) | 17,496,757 | 17,496,757 |
Number of Shares | Value | |||||||
State Street Navigator Securities Lending Prime Portfolio (f) | 12,953,709 | $ | 12,953,709 | |||||
|
| |||||||
30,450,466 | ||||||||
|
| |||||||
TOTAL MUTUAL FUNDS (Cost $30,450,466) | 30,450,466 | |||||||
|
| |||||||
TOTAL LONG-TERM INVESTMENTS (Cost $459,180,896) | 537,228,212 | |||||||
|
| |||||||
TOTAL INVESTMENTS — 102.0% (Cost $459,180,896) (g) | 537,228,212 | |||||||
Other Assets/(Liabilities) — (2.0)% | (10,605,017 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 526,623,195 | ||||||
|
|
Abbreviation Legend
ADR | American Depositary Receipt |
Notes to Portfolio of Investments
Percentages are stated as a percent of net assets.
(a) | Denotes all or a portion of security on loan. The total value of securities on loan as of September 30, 2018, was $12,314,819 or 2.34% of net assets. Total securities on loan may not correspond with the amounts identified in the Portfolio of Investments because pending sales may be in the process of recall from the brokers. (Note 2). |
(b) | Non-income producing security. |
(c) | Securities exempt from registration under rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At September 30, 2018, these securities amounted to a value of $24,644,878 or 4.68% of net assets. |
(d) | This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At September 30, 2018, these securities amounted to a value of $6,104,922 or 1.16% of net assets. |
(e) | Affiliated issuer. See Note 7 for a summary of transactions in the investments of affiliated issuers. |
(f) | Represents investment of security lending collateral. (Note 2). |
(g) | See Note 6 for aggregate cost for federal tax purposes. |
The accompanying notes are an integral part of the financial statements.
164
MassMutual Premier International Equity Fund – Portfolio of Investments (Continued)
Sector weightings, as a percentage of net assets, is as follows:
Consumer, Non-cyclical | 24.8 | % | ||
Consumer, Cyclical | 20.8 | % | ||
Industrial | 17.5 | % | ||
Technology | 16.6 | % | ||
Communications | 9.3 | % | ||
Mutual Funds | 5.8 | % | ||
Financial | 4.0 | % | ||
Basic Materials | 2.1 | % | ||
Energy | 1.1 | % | ||
|
| |||
Total Long-Term Investments | 102.0 | % | ||
Short-Term Investments and Other Assets and Liabilities | (2.0 | )% | ||
|
| |||
Net Assets | 100.0 | % | ||
|
|
The accompanying notes are an integral part of the financial statements.
165
September 30, 2018
Number of Shares | Value | |||||||
EQUITIES — 96.6% |
| |||||||
COMMON STOCK — 95.5% |
| |||||||
Bermuda — 2.6% |
| |||||||
Credicorp Ltd. | 12,720 | $ | 2,837,577 | |||||
Jardine Strategic Holdings Ltd. | 81,314 | 2,951,480 | ||||||
|
| |||||||
5,789,057 | ||||||||
|
| |||||||
Brazil — 4.1% |
| |||||||
Atacadao Distribuicao Comercio e Industria Ltda | 590,500 | 2,165,457 | ||||||
B3 SA - Brasil Bolsa Balcao | 591,288 | 3,426,016 | ||||||
Itau Unibanco Holding SA Sponsored ADR | 99,610 | 1,093,718 | ||||||
Vale SA Sponsored ADR | 168,650 | 2,502,766 | ||||||
|
| |||||||
9,187,957 | ||||||||
|
| |||||||
Cayman Islands — 18.0% |
| |||||||
3SBio, Inc. (a) | 138,500 | 232,965 | ||||||
AAC Technologies Holdings, Inc. | 67,500 | 693,007 | ||||||
Alibaba Group Holding Ltd. Sponsored ADR (b) | 79,356 | 13,074,695 | ||||||
BEST, Inc. ADR (b) (c) | 43,480 | 257,402 | ||||||
Huazhu Group Ltd. ADR | 140,739 | 4,545,870 | ||||||
Hutchison China MediTech Ltd. ADR (b) | 15,250 | 490,898 | ||||||
Meituan Dianping Class B (b) | 309,800 | 2,718,741 | ||||||
New Oriental Education & Technology Group, Inc. Sponsored ADR | 29,420 | 2,177,374 | ||||||
Pinduoduo, Inc. ADR (b) (c) | 70,260 | 1,847,135 | ||||||
Ping An Healthcare and Technology Co. Ltd. (a) (b) | 17,620 | 117,803 | ||||||
Sunny Optical Technology Group Co. Ltd. | 63,800 | 736,511 | ||||||
Tencent Holdings Ltd. | 253,793 | 10,487,288 | ||||||
Wuxi Biologics Cayman, Inc. (a) (b) | 73,500 | 736,114 | ||||||
ZTO Express Cayman, Inc. ADR | 134,020 | 2,220,711 | ||||||
|
| |||||||
40,336,514 | ||||||||
|
| |||||||
Chile — 0.2% |
| |||||||
Banco de Chile | 2,467,365 | 377,699 | ||||||
|
| |||||||
China — 4.3% |
| |||||||
China International Capital Corp. Ltd. Class H (a) | 518,000 | 957,360 | ||||||
Dong-E-E-Jiao Co. Ltd. | 157,700 | 1,088,688 | ||||||
Jiangsu Hengrui Medicine Co. Ltd. Class A | 299,453 | 2,765,806 | ||||||
Sinopharm Group Co. Ltd. Class H | 995,200 | 4,877,564 | ||||||
|
| |||||||
9,689,418 | ||||||||
|
| |||||||
Colombia — 0.7% |
| |||||||
Grupo Aval Acciones y Valores SA ADR | 164,070 | 1,273,183 |
Number of Shares | Value | |||||||
Grupo de Inversiones Suramericana SA | 26,687 | $ | 313,096 | |||||
|
| |||||||
1,586,279 | ||||||||
|
| |||||||
Egypt — 0.5% |
| |||||||
Commercial International Bank Egypt SAE | 222,127 | 1,041,193 | ||||||
|
| |||||||
France — 6.4% |
| |||||||
Kering SA | 15,243 | 8,150,754 | ||||||
LVMH Moet Hennessy Louis Vuitton SE | 17,488 | 6,174,401 | ||||||
|
| |||||||
14,325,155 | ||||||||
|
| |||||||
Hong Kong — 3.9% |
| |||||||
AIA Group Ltd. | 701,000 | 6,263,244 | ||||||
Hong Kong Exchanges & Clearing Ltd. | 89,766 | 2,550,690 | ||||||
|
| |||||||
8,813,934 | ||||||||
|
| |||||||
India — 9.5% |
| |||||||
Apollo Hospitals Enterprise Ltd. | 42,389 | 617,958 | ||||||
Biocon Ltd. | 156,593 | 1,490,926 | ||||||
Cholamandalam Investment & Finance Co. Ltd. | 41,921 | 676,300 | ||||||
Dalmia Bharat Ltd. | 8,761 | 278,392 | ||||||
Housing Development Finance Corp. Ltd. | 254,062 | 6,131,690 | ||||||
Kotak Mahindra Bank Ltd. | 345,545 | 5,416,417 | ||||||
Tata Consultancy Services Ltd. | 88,579 | 2,666,736 | ||||||
UltraTech Cement Ltd. | 27,921 | 1,567,485 | ||||||
Zee Entertainment Enterprises Ltd. | 395,354 | 2,400,739 | ||||||
|
| |||||||
21,246,643 | ||||||||
|
| |||||||
Indonesia — 0.9% |
| |||||||
Bank Central Asia Tbk PT | 680,100 | 1,101,419 | ||||||
Indocement Tunggal Prakarsa Tbk PT | 758,500 | 940,771 | ||||||
|
| |||||||
2,042,190 | ||||||||
|
| |||||||
Italy — 1.4% |
| |||||||
PRADA SpA | 659,000 | 3,157,768 | ||||||
|
| |||||||
Malaysia — 0.4% |
| |||||||
Genting Bhd | 406,400 | 766,838 | ||||||
|
| |||||||
Mexico — 5.3% |
| |||||||
Fomento Economico Mexicano SAB de CV | 382,098 | 3,780,145 | ||||||
Fomento Economico Mexicano SAB de CV Sponsored ADR | 18,730 | 1,853,708 | ||||||
Grupo Aeroportuario del Sureste SAB de CV Class B | 73,149 | 1,494,719 | ||||||
Grupo Financiero Inbursa SAB de CV Class O | 1,291,866 | 2,030,923 | ||||||
Grupo Mexico SAB de CV Series B | 899,216 | 2,587,997 | ||||||
|
| |||||||
11,747,492 | ||||||||
|
|
The accompanying notes are an integral part of the financial statements.
166
MassMutual Premier Strategic Emerging Markets Fund – Portfolio of Investments (Continued)
Number of Shares | Value | |||||||
Netherlands — 1.4% |
| |||||||
Steinhoff International Holdings NV (b) (c) | 701,228 | $ | 114,011 | |||||
Yandex NV Class A (b) | 93,440 | 3,073,242 | ||||||
|
| |||||||
3,187,253 | ||||||||
|
| |||||||
Philippines — 3.6% |
| |||||||
Ayala Corp. | 45,540 | 782,731 | ||||||
Ayala Land, Inc. | 1,888,400 | 1,400,133 | ||||||
BDO Unibank, Inc. | 97,230 | 215,603 | ||||||
Jollibee Foods Corp. | 259,850 | 1,236,127 | ||||||
SM Investments Corp. | 161,385 | 2,700,185 | ||||||
SM Prime Holdings, Inc. | 2,518,600 | 1,690,005 | ||||||
|
| |||||||
8,024,784 | ||||||||
|
| |||||||
Republic of Korea — 8.6% |
| |||||||
Amorepacific Corp. | 6,341 | 1,492,149 | ||||||
AMOREPACIFIC Group | 3,536 | 297,288 | ||||||
Kakao Corp. | 7,725 | 828,848 | ||||||
LG Household & Health Care Ltd. | 3,425 | 3,938,037 | ||||||
NAVER Corp. | 7,544 | 4,860,185 | ||||||
Netmarble Corp. (a) | 5,475 | 567,310 | ||||||
Samsung Biologics Co. Ltd. (a) (b) | 6,828 | 3,285,485 | ||||||
Samsung Electronics Co. Ltd. | 93,365 | 3,910,337 | ||||||
|
| |||||||
19,179,639 | ||||||||
|
| |||||||
Russia — 6.8% |
| |||||||
LUKOIL PJSC Sponsored ADR | 6,880 | 525,907 | ||||||
LUKOIL PJSC Sponsored ADR | 21,414 | 1,640,196 | ||||||
Magnit PJSC | 8,222 | 480,112 | ||||||
Novatek PJSC Sponsored GDR Registered | 56,432 | 10,366,656 | ||||||
Polyus PJSC GDR (a) (d) | 14,800 | 464,720 | ||||||
Sberbank of Russia PJSC | 590,630 | 1,828,307 | ||||||
|
| |||||||
15,305,898 | ||||||||
|
| |||||||
South Africa — 2.5% |
| |||||||
FirstRand Ltd. | 827,946 | 3,966,838 | ||||||
Shoprite Holdings Ltd. | 126,755 | 1,716,324 | ||||||
|
| |||||||
5,683,162 | ||||||||
|
| |||||||
Taiwan — 5.9% |
| |||||||
Taiwan Semiconductor Manufacturing Co. Ltd. | 1,547,000 | 13,208,983 | ||||||
|
| |||||||
Thailand — 0.5% |
| |||||||
Siam Commercial Bank PCL | 262,300 | 1,208,494 | ||||||
|
| |||||||
Turkey — 0.6% |
| |||||||
Anadolu Efes Biracilik Ve Malt Sanayii AS | 232,115 | 810,394 | ||||||
BIM Birlesik Magazalar AS | 40,084 | 540,202 | ||||||
|
| |||||||
1,350,596 | ||||||||
|
| |||||||
United Arab Emirates — 1.6% |
| |||||||
DP World Ltd. | 132,734 | 2,531,123 |
Number of Shares | Value | |||||||
Emaar Properties PJSC | 764,851 | $ | 1,031,265 | |||||
|
| |||||||
3,562,388 | ||||||||
|
| |||||||
United Kingdom — 4.5% |
| |||||||
Glencore PLC | 2,106,395 | 9,080,049 | ||||||
Mediclinic International PLC | 154,610 | 863,525 | ||||||
|
| |||||||
9,943,574 | ||||||||
|
| |||||||
United States — 1.3% |
| |||||||
MercadoLibre, Inc. | 3,180 | 1,082,694 | ||||||
Snap, Inc. Class A (b) (c) | 91,093 | 772,469 | ||||||
Yum China Holdings, Inc. | 29,910 | 1,050,140 | ||||||
|
| |||||||
2,905,303 | ||||||||
|
| |||||||
TOTAL COMMON STOCK (Cost $184,354,666) | 213,668,211 | |||||||
|
| |||||||
PREFERRED STOCK — 1.1% |
| |||||||
Brazil — 1.1% |
| |||||||
Lojas Americanas SA 0.410% | 594,720 | 2,337,029 | ||||||
|
| |||||||
India — 0.0% |
| |||||||
Zee Entertainment Enterprises Ltd. 6.000% | 612,906 | 66,203 | ||||||
|
| |||||||
TOTAL PREFERRED STOCK (Cost $3,023,214) | 2,403,232 | |||||||
|
| |||||||
TOTAL EQUITIES (Cost $187,377,880) | 216,071,443 | |||||||
|
| |||||||
MUTUAL FUNDS — 1.5% |
| |||||||
United States — 1.5% |
| |||||||
State Street Navigator Securities Lending Prime Portfolio (e) | 3,289,620 | 3,289,620 | ||||||
|
| |||||||
TOTAL MUTUAL FUNDS (Cost $3,289,620) | 3,289,620 | |||||||
|
| |||||||
TOTAL LONG-TERM INVESTMENTS (Cost $190,667,500) | 219,361,063 | |||||||
|
|
The accompanying notes are an integral part of the financial statements.
167
MassMutual Premier Strategic Emerging Markets Fund – Portfolio of Investments (Continued)
Principal Amount | Value | |||||||
SHORT-TERM INVESTMENTS — 3.4% |
| |||||||
Repurchase Agreement — 3.4% |
| |||||||
Fixed Income Clearing Corp., Repurchase Agreement, dated 9/28/18, 1.100%, due 10/01/18 (f) | $ | 7,709,303 | $ | 7,709,303 | ||||
|
| |||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $7,709,303) | 7,709,303 | |||||||
|
| |||||||
TOTAL INVESTMENTS — 101.5% (Cost $198,376,803) (g) | 227,070,366 | |||||||
Other Assets/(Liabilities) — (1.5)% | (3,386,551 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 223,683,815 | ||||||
|
|
Abbreviation Legend
ADR American Depositary Receipt
GDR Global Depositary Receipt
Notes to Portfolio of Investments
Percentages are stated as a percent of net assets.
(a) | Securities exempt from registration under rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At September 30, 2018, these securities amounted to a value of $6,361,757 or 2.84% of net assets. |
(b) | Non-income producing security. |
(c) | Denotes all or a portion of security on loan. The total value of securities on loan as of September 30, 2018, was $3,170,938 or 1.42% of net assets. Total securities on loan may not correspond with the amounts identified in the Portfolio of Investments because pending sales may be in the process of recall from the brokers. (Note 2). |
(d) | This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At September 30, 2018, these securities amounted to a value of $464,720 or 0.21% of net assets. |
(e) | Represents investment of security lending collateral. (Note 2). |
(f) | Maturity value of $7,710,010. Collateralized by U.S. Government Agency obligations with a rate of 2.275%, maturity date of 8/15/42, and an aggregate market value, including accrued interest, of $7,864,237. |
(g) | See Note 6 for aggregate cost for federal tax purposes. |
Sector weightings, as a percentage of net assets, is as follows:
Financial | 21.3 | % | ||
Communications | 18.4 | % | ||
Consumer, Non-cyclical | 16.1 | % | ||
Consumer, Cyclical | 14.5 | % | ||
Technology | 9.2 | % | ||
Basic Materials | 6.5 | % | ||
Energy | 5.6 | % | ||
Industrial | 3.7 | % | ||
Mutual Funds | 1.5 | % | ||
Diversified | 1.3 | % | ||
|
| |||
Total Long-Term Investments | 98.1 | % | ||
Short-Term Investments and Other Assets and Liabilities | 1.9 | % | ||
|
| |||
Net Assets | 100.0 | % | ||
|
|
The accompanying notes are an integral part of the financial statements.
168
THIS PAGE INTENTIONALLY LEFT BLANK
169
MassMutual Premier Funds – Financial Statements
Statements of Assets and Liabilities
September 30, 2018
MassMutual Premier U.S. Government Money Market Fund | MassMutual Premier Short- Duration Bond Fund | |||||||
Assets: | ||||||||
Investments, at value (Note 2) (a) | $ | - | $ | 466,950,709 | ||||
Repurchase agreements, at value (Note 2) (b) | 45,000,000 | - | ||||||
Other short-term investments, at value (Note 2) (c) | 304,169,015 | 25,739,364 | ||||||
|
|
|
| |||||
Total investments | 349,169,015 | 492,690,073 | ||||||
|
|
|
| |||||
Cash | 10,216 | 4,267,145 | ||||||
Foreign currency, at value (d) | - | - | ||||||
Receivables from: | ||||||||
Investments sold | - | - | ||||||
Investments sold on a when-issued basis (Note 2) | - | - | ||||||
Collateral pledged for reverse repurchase agreements (Note 2) | - | - | ||||||
Open forward contracts (Note 2) | - | - | ||||||
Investment adviser (Note 3) | - | - | ||||||
Fund shares sold | 3,827,974 | 34,621 | ||||||
Variation margin on open derivative instruments (Note 2) | - | - | ||||||
Interest and dividends | 308,546 | 2,997,166 | ||||||
Interest tax reclaim receivable | - | 304 | ||||||
Open swap agreements, at value (Note 2) | - | - | ||||||
Prepaid expenses | 10,762 | 35,642 | ||||||
|
|
|
| |||||
Total assets | 353,326,513 | 500,024,951 | ||||||
|
|
|
| |||||
Liabilities: | ||||||||
Payables for: | ||||||||
Investments purchased | - | 6,171,997 | ||||||
Collateral held for open purchased options (Note 2) | - | 5,359,000 | ||||||
Dividends (Note 2) | 30 | - | ||||||
Reverse repurchase agreements (Note 2) | - | - | ||||||
Open forward contracts (Note 2) | - | - | ||||||
Investments purchased on a when-issued basis (Note 2) | - | - | ||||||
Fund shares repurchased | 13,396,729 | 7,092,066 | ||||||
Open swap agreements, at value (Note 2) | - | 356,152 | ||||||
Trustees’ fees and expenses (Note 3) | 109,859 | 115,472 | ||||||
Variation margin on open derivative instruments (Note 2) | - | 27,032 | ||||||
Affiliates (Note 3): | ||||||||
Investment advisory fees | 110,797 | 166,047 | ||||||
Administration fees | 91,831 | 86,671 | ||||||
Service fees | - | 49,848 | ||||||
Shareholder service fees | - | 14,034 | ||||||
Distribution fees | - | 4,946 | ||||||
Due to custodian | - | - | ||||||
Commitment and Contingent Liabilities (Note 10) | - | - | ||||||
Accrued expense and other liabilities | 66,299 | 96,878 | ||||||
|
|
|
| |||||
Total liabilities | 13,775,545 | 19,540,143 | ||||||
|
|
|
| |||||
Net assets | $ | 339,550,968 | $ | 480,484,808 | ||||
|
|
|
| |||||
Net assets consist of: | ||||||||
Paid-in capital | $ | 339,654,063 | $ | 487,653,929 | ||||
Accumulated undistributed (distributions in excess of) net investment income | (104,879 | ) | 13,817,391 | |||||
Accumulated net realized gain (loss) on investments and foreign currency transactions | 1,784 | (16,591,155 | ) | |||||
Net unrealized appreciation (depreciation) on investments and foreign currency translations | - | (4,395,357 | ) | |||||
|
|
|
| |||||
Net assets | $ | 339,550,968 | $ | 480,484,808 | ||||
|
|
|
| |||||
(a) Cost of investments: | $ | - | $ | 471,700,355 | ||||
(b) Cost of repurchase agreements: | $ | 45,000,000 | $ | - | ||||
(c) Cost of other short-term investments: | $ | 304,169,015 | $ | 25,743,403 | ||||
(d) Cost of foreign currency: | $ | - | $ | - |
The accompanying notes are an integral part of the financial statements.
170
MassMutual Premier Inflation- Protected and Income Fund | MassMutual Premier Core Bond Fund | MassMutual Premier Diversified Bond Fund | MassMutual Premier High Yield Fund | MassMutual Premier Balanced Fund | ||||||||||||||
$ | 350,123,075 | $ | 1,272,962,233 | $ | 199,506,916 | $ | 557,022,420 | $ | 113,815,922 | |||||||||
198,522 | - | - | - | - | ||||||||||||||
16,234,767 | 99,879,608 | 17,330,650 | 29,490,275 | 2,447,298 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
366,556,364 | 1,372,841,841 | 216,837,566 | 586,512,695 | 116,263,220 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
- | 638,038 | 398,868 | 57,751,630 | 128,216 | ||||||||||||||
- | 2 | 3,128 | - | - | ||||||||||||||
- | 1,058,098 | 539,100 | 3,755 | 142,855 | ||||||||||||||
- | 2,768,594 | 601,453 | - | 85,922 | ||||||||||||||
1,610,000 | - | - | - | - | ||||||||||||||
- | - | 168,646 | - | - | ||||||||||||||
1 | 1 | - | - | 13,240 | ||||||||||||||
305,498 | 2,650,269 | 102,900 | 226,180 | 19,455 | ||||||||||||||
- | - | 56,258 | - | 154,293 | ||||||||||||||
804,127 | 8,285,947 | 1,502,520 | 10,882,294 | 292,371 | ||||||||||||||
- | 3,179 | 3,985 | 4,228 | - | ||||||||||||||
225,309 | - | - | - | - | ||||||||||||||
34,918 | 42,382 | 36,192 | 41,001 | 35,213 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
369,536,217 | 1,388,288,351 | 220,250,616 | 655,421,783 | 117,134,785 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
1,459,461 | 13,734,516 | 3,594,287 | 26,814,469 | 138,576 | ||||||||||||||
1,630,000 | 9,779,000 | 2,500,000 | - | 270,000 | ||||||||||||||
- | - | - | - | - | ||||||||||||||
72,821,855 | - | - | - | - | ||||||||||||||
- | - | 232,479 | - | - | ||||||||||||||
- | 79,018,144 | 5,668,755 | 15,976,750 | 2,206,345 | ||||||||||||||
2,646,593 | 5,051,620 | 5,579 | 1,659,898 | 17,799 | ||||||||||||||
178,077 | 781,884 | 114,394 | - | 18,869 | ||||||||||||||
59,942 | 308,284 | 39,050 | 57,375 | 34,082 | ||||||||||||||
11,190 | 41,354 | - | - | 1,284 | ||||||||||||||
88,260 | 360,768 | 63,708 | 193,266 | 44,974 | ||||||||||||||
56,869 | 129,755 | 59,878 | 75,481 | 56,344 | ||||||||||||||
20,736 | 76,062 | 26,978 | 67,441 | 26,681 | ||||||||||||||
6,462 | 26,051 | 8,120 | 9,090 | 5,051 | ||||||||||||||
3,203 | 512 | 2,823 | 28,017 | 5,092 | ||||||||||||||
8,601 | - | - | - | - | ||||||||||||||
- | - | - | - | - | ||||||||||||||
86,609 | 140,558 | 83,613 | 106,716 | 71,452 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
79,077,858 | 109,448,508 | 12,399,664 | 44,988,503 | 2,896,549 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
$ | 290,458,359 | $ | 1,278,839,843 | $ | 207,850,952 | $ | 610,433,280 | $ | 114,238,236 | |||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
$ | 297,039,837 | $ | 1,306,965,990 | $ | 209,491,778 | $ | 600,874,614 | $ | 93,648,200 | |||||||||
7,520,348 | 30,094,743 | 5,283,381 | 21,882,233 | 1,419,307 | ||||||||||||||
(10,692,697 | ) | (38,609,339 | ) | (3,429,786 | ) | (5,309,841 | ) | 6,588,257 | ||||||||||
(3,409,129 | ) | (19,611,551 | ) | (3,494,421 | ) | (7,013,726 | ) | 12,582,472 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
$ | 290,458,359 | $ | 1,278,839,843 | $ | 207,850,952 | $ | 610,433,280 | $ | 114,238,236 | |||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
$ | 353,666,617 | $ | 1,289,634,932 | $ | 202,396,683 | $ | 564,030,387 | $ | 101,163,770 | |||||||||
$ | 198,522 | $ | - | $ | - | $ | - | $ | - | |||||||||
$ | 16,238,072 | $ | 99,898,868 | $ | 17,335,833 | $ | 29,496,034 | $ | 2,447,774 | |||||||||
$ | - | $ | 2 | $ | 3,265 | $ | - | $ | - |
171
MassMutual Premier Funds – Financial Statements (Continued)
Statements of Assets and Liabilities
September 30, 2018
MassMutual Premier U.S. Government Money Market Fund | MassMutual Premier Short- Duration Bond Fund | |||||||
Class I shares: | ||||||||
Net assets | $ | - | $ | 163,465,151 | ||||
|
|
|
| |||||
Shares outstanding (a) | - | 15,871,615 | ||||||
|
|
|
| |||||
Net asset value, offering price and redemption price per share | $ | - | $ | 10.30 | ||||
|
|
|
| |||||
Class R5 shares: | ||||||||
Net assets | $ | 339,550,968 | $ | 135,410,711 | ||||
|
|
|
| |||||
Shares outstanding (a) | 339,793,948 | 13,112,390 | ||||||
|
|
|
| |||||
Net asset value, offering price and redemption price per share | $ | 1.00 | $ | 10.33 | ||||
|
|
|
| |||||
Service Class shares: | ||||||||
Net assets | $ | - | $ | 72,407,699 | ||||
|
|
|
| |||||
Shares outstanding (a) | - | 7,064,548 | ||||||
|
|
|
| |||||
Net asset value, offering price and redemption price per share | $ | - | $ | 10.25 | ||||
|
|
|
| |||||
Administrative Class shares: | ||||||||
Net assets | $ | - | $ | 34,341,765 | ||||
|
|
|
| |||||
Shares outstanding (a) | - | 3,363,104 | ||||||
|
|
|
| |||||
Net asset value, offering price and redemption price per share | $ | - | $ | 10.21 | ||||
|
|
|
| |||||
Class A shares: | ||||||||
Net assets | $ | - | $ | 53,188,389 | ||||
|
|
|
| |||||
Shares outstanding (a) | - | 5,247,159 | ||||||
|
|
|
| |||||
Net asset value, and redemption price per share | $ | - | $ | 10.14 | ||||
|
|
|
| |||||
Offering price per share (100/[100-maximum sales charge] of net asset value) | $ | - | $ | 10.40 | ||||
|
|
|
| |||||
Class R4 shares: | ||||||||
Net assets | $ | - | $ | 13,690,716 | ||||
|
|
|
| |||||
Shares outstanding (a) | - | 1,334,277 | ||||||
|
|
|
| |||||
Net asset value, offering price and redemption price per share | $ | - | $ | 10.26 | ||||
|
|
|
| |||||
Class R3 shares: | ||||||||
Net assets | $ | - | $ | 7,980,377 | ||||
|
|
|
| |||||
Shares outstanding (a) | - | 782,660 | ||||||
|
|
|
| |||||
Net asset value, offering price and redemption price per share | $ | - | $ | 10.20 | ||||
|
|
|
|
(a) | Authorized unlimited number of shares with no par value. |
The accompanying notes are an integral part of the financial statements.
172
MassMutual Premier Inflation- Protected and Income Fund | MassMutual Premier Core Bond Fund | MassMutual Premier Diversified Bond Fund | MassMutual Premier High Yield Fund | MassMutual Premier Balanced Fund | ||||||||||||||
$ | 133,152,813 | $ | 695,500,829 | $ | 21,746,405 | $ | 382,926,656 | $ | 11,637,006 | |||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
13,006,071 | 65,221,378 | 2,054,366 | 41,325,723 | 905,229 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
$ | 10.24 | $ | 10.66 | $ | 10.59 | $ | 9.27 | $ | 12.86 | |||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
$ | 60,120,989 | $ | 294,369,880 | $ | 98,402,410 | $ | 43,612,883 | $ | 45,211,458 | |||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
5,871,125 | 27,528,802 | 10,056,935 | 4,684,170 | 3,518,141 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
$ | 10.24 | $ | 10.69 | $ | 9.78 | $ | 9.31 | $ | 12.85 | |||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
$ | 50,449,036 | $ | 101,502,153 | $ | 18,946,349 | $ | 45,295,813 | $ | 7,243,050 | |||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
4,944,500 | 9,552,416 | 1,912,314 | 4,865,875 | 536,613 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
$ | 10.20 | $ | 10.63 | $ | 9.91 | $ | 9.31 | $ | 13.50 | |||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
$ | 14,744,292 | $ | 69,477,687 | $ | 27,039,355 | $ | 31,250,003 | $ | 8,129,027 | |||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
1,430,801 | 6,586,497 | 2,736,026 | 3,412,652 | 630,883 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
$ | 10.30 | $ | 10.55 | $ | 9.88 | $ | 9.16 | $ | 12.89 | |||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
$ | 20,582,263 | $ | 106,562,411 | $ | 32,455,785 | $ | 27,392,962 | $ | 30,517,067 | |||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
2,048,546 | 10,197,976 | 3,293,575 | 2,999,656 | 2,439,080 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
$ | 10.05 | $ | 10.45 | $ | 9.85 | $ | 9.13 | $ | 12.51 | |||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
$ | 10.50 | $ | 10.91 | $ | 10.29 | $ | 9.66 | $ | 13.24 | |||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
$ | 6,840,415 | $ | 10,624,290 | $ | 4,730,297 | $ | 35,011,089 | $ | 3,498,895 | |||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
684,329 | 1,022,441 | 483,748 | 3,873,437 | 281,650 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
$ | 10.00 | $ | 10.39 | $ | 9.78 | $ | 9.04 | $ | 12.42 | |||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
$ | 4,568,551 | $ | 802,593 | $ | 4,530,351 | $ | 44,943,874 | $ | 8,001,733 | |||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
457,276 | 75,223 | 465,983 | 4,870,967 | 647,347 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
$ | 9.99 | $ | 10.67 | $ | 9.72 | $ | 9.23 | $ | 12.36 | |||||||||
|
|
|
|
|
|
|
|
|
|
173
MassMutual Premier Funds – Financial Statements (Continued)
Statements of Assets and Liabilities
September 30, 2018
MassMutual Premier Disciplined Value Fund | MassMutual Premier Main Street Fund | |||||||
Assets: | ||||||||
Investments, at value — unaffiliated issuers (Note 2) (a) | $ | 159,749,283 | $ | 141,011,025 | ||||
Investments, at value — affiliated issuers (Note 2 & 7) (b) | - | - | ||||||
Repurchase agreements, at value (Note 2) (c) | - | 3,782,378 | ||||||
|
|
|
| |||||
Total investments (e) | 159,749,283 | 144,793,403 | ||||||
|
|
|
| |||||
Cash | - | - | ||||||
Foreign currency, at value (f) | - | - | ||||||
Receivables from: | ||||||||
Investments sold | - | 451,955 | ||||||
Investment adviser (Note 3) | - | - | ||||||
Fund shares sold | 31,921 | 97,322 | ||||||
Interest and dividends | 191,227 | 136,665 | ||||||
Foreign taxes withheld | - | - | ||||||
Prepaid expenses | 36,669 | 28,270 | ||||||
|
|
|
| |||||
Total assets | 160,009,100 | 145,507,615 | ||||||
|
|
|
| |||||
Liabilities: | ||||||||
Payables for: | ||||||||
Investments purchased | - | 252,909 | ||||||
Fund shares repurchased | 1,386,398 | 621,293 | ||||||
Securities on loan (Note 2) | - | 854,991 | ||||||
Trustees’ fees and expenses (Note 3) | 55,903 | 32,929 | ||||||
Affiliates (Note 3): | ||||||||
Investment advisory fees | 77,616 | 64,996 | ||||||
Administration fees | 55,480 | 55,841 | ||||||
Service fees | 12,835 | 14,245 | ||||||
Shareholder service fees | 4,381 | 5,306 | ||||||
Distribution fees | 2,634 | 1,135 | ||||||
Due to custodian | 74,127 | - | ||||||
Commitment and Contingent Liabilities (Note 10) | - | - | ||||||
Accrued expense and other liabilities | 47,307 | 51,101 | ||||||
|
|
|
| |||||
Total liabilities | 1,716,681 | 1,954,746 | ||||||
|
|
|
| |||||
Net assets | $ | 158,292,419 | $ | 143,552,869 | ||||
|
|
|
| |||||
Net assets consist of: | ||||||||
Paid-in capital | $ | 123,450,067 | $ | 108,321,212 | ||||
Accumulated undistributed (distributions in excess of) net investment income | 2,503,043 | 764,017 | ||||||
Accumulated net realized gain (loss) on investments and foreign currency transactions | 17,724,123 | 13,476,665 | ||||||
Net unrealized appreciation (depreciation) on investments and foreign currency translations | 14,615,186 | 20,990,975 | ||||||
|
|
|
| |||||
Net assets | $ | 158,292,419 | $ | 143,552,869 | ||||
|
|
|
| |||||
(a) Cost of investments: | $ | 145,134,097 | $ | 120,020,050 | ||||
(b) Cost of investments — affiliated issuers: | $ | - | $ | - | ||||
(c) Cost of repurchase agreements: | $ | - | $ | 3,782,378 | ||||
(d) Cost of other short-term investments: | $ | - | $ | - | ||||
(e) Securities on loan with market value of: | $ | - | $ | 838,103 | ||||
(f) Cost of foreign currency: | $ | - | $ | - |
The accompanying notes are an integral part of the financial statements.
174
MassMutual Premier Disciplined Growth Fund | MassMutual Premier Small Cap Opportunities Fund | MassMutual Premier Global Fund | MassMutual Premier International Equity Fund | MassMutual Premier Strategic Emerging Markets Fund | ||||||||||||||
$ | 334,933,664 | $ | 258,097,016 | $ | 306,283,480 | $ | 519,731,455 | $ | 219,361,063 | |||||||||
- | - | 4,096,417 | 17,496,757 | - | ||||||||||||||
3,191,062 | 5,803,834 | - | - | 7,709,303 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
338,124,726 | 263,900,850 | 310,379,897 | 537,228,212 | 227,070,366 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
- | - | 171,692 | 5 | 52,928 | ||||||||||||||
- | - | - | 908,832 | 297,375 | ||||||||||||||
- | - | - | 3,782,258 | 647,795 | ||||||||||||||
- | - | - | - | 95,588 | ||||||||||||||
55,290 | 181,299 | 552,644 | 576,508 | 71,099 | ||||||||||||||
139,576 | 155,690 | 236,580 | 656,160 | 338,458 | ||||||||||||||
- | - | 295,641 | 924,225 | 12,955 | ||||||||||||||
36,518 | 42,044 | 28,178 | 36,355 | 44,927 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
338,356,110 | 264,279,883 | 311,664,632 | 544,112,555 | 228,631,491 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
- | - | - | 1,077,079 | - | ||||||||||||||
791,466 | 2,361,633 | 281,005 | 2,319,973 | 677,960 | ||||||||||||||
- | 7,889,549 | 1,906,985 | 12,953,709 | 3,289,620 | ||||||||||||||
65,529 | 48,837 | 74,450 | 129,959 | 31,418 | ||||||||||||||
143,394 | 123,443 | 192,277 | 331,856 | 193,087 | ||||||||||||||
77,789 | 64,666 | 77,600 | 80,047 | 47,555 | ||||||||||||||
47,526 | 58,998 | 32,105 | 33,946 | 1,584 | ||||||||||||||
12,943 | 12,813 | 15,862 | 6,293 | 162 | ||||||||||||||
4,399 | 6,650 | 7,108 | 5,736 | 488 | ||||||||||||||
- | - | - | - | - | ||||||||||||||
- | - | - | - | - | ||||||||||||||
56,974 | 59,374 | 151,382 | 550,762 | 705,802 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
1,200,020 | 10,625,963 | 2,738,774 | 17,489,360 | 4,947,676 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
$ | 337,156,090 | $ | 253,653,920 | $ | 308,925,858 | $ | 526,623,195 | $ | 223,683,815 | |||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
$ | 210,307,019 | $ | 196,356,604 | $ | 138,583,739 | $ | 435,247,707 | $ | 204,059,528 | |||||||||
2,130,813 | 112,405 | 170,090 | 4,117,064 | (471,716 | ) | |||||||||||||
63,866,090 | 17,462,634 | 51,119,823 | 9,450,351 | (8,313,812 | ) | |||||||||||||
60,852,168 | 39,722,277 | 119,052,206 | 77,808,073 | 28,409,815 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
$ | 337,156,090 | $ | 253,653,920 | $ | 308,925,858 | $ | 526,623,195 | $ | 223,683,815 | |||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
$ | 274,081,496 | $ | 218,374,739 | $ | 187,229,267 | $ | 441,684,139 | $ | 190,667,500 | |||||||||
$ | - | $ | - | $ | 4,096,417 | $ | 17,496,757 | $ | - | |||||||||
$ | 3,191,062 | $ | 5,803,834 | $ | - | $ | - | $ | 7,709,303 | |||||||||
$ | - | $ | - | $ | - | $ | - | $ | - | |||||||||
$ | - | $ | 7,695,925 | $ | 1,839,608 | $ | 12,314,819 | $ | 3,170,938 | |||||||||
$ | - | $ | - | $ | - | $ | 909,818 | $ | 297,464 |
175
MassMutual Premier Funds – Financial Statements (Continued)
Statements of Assets and Liabilities
September 30, 2018
MassMutual Premier Disciplined Value Fund | MassMutual Premier Main Street Fund | |||||||
Class I shares: | ||||||||
Net assets | $ | 19,545,787 | $ | 24,122,818 | ||||
|
|
|
| |||||
Shares outstanding (a) | 1,145,533 | 2,002,895 | ||||||
|
|
|
| |||||
Net asset value, offering price and redemption price per share | $ | 17.06 | $ | 12.04 | ||||
|
|
|
| |||||
Class R5 shares: | ||||||||
Net assets | $ | 59,987,394 | $ | 67,694,739 | ||||
|
|
|
| |||||
Shares outstanding (a) | 3,510,316 | 5,625,270 | ||||||
|
|
|
| |||||
Net asset value, offering price and redemption price per share | $ | 17.09 | $ | 12.03 | ||||
|
|
|
| |||||
Service Class shares: | ||||||||
Net assets | $ | 50,102,009 | $ | 737,675 | ||||
|
|
|
| |||||
Shares outstanding (a) | 2,955,451 | 59,306 | ||||||
|
|
|
| |||||
Net asset value, offering price and redemption price per share | $ | 16.95 | $ | 12.44 | ||||
|
|
|
| |||||
Administrative Class shares: | ||||||||
Net assets | $ | 9,147,152 | $ | 28,295,061 | ||||
|
|
|
| |||||
Shares outstanding (a) | 529,532 | 2,355,453 | ||||||
|
|
|
| |||||
Net asset value, offering price and redemption price per share | $ | 17.27 | $ | 12.01 | ||||
|
|
|
| |||||
Class A shares: | ||||||||
Net assets | $ | 8,885,811 | $ | 14,494,854 | ||||
|
|
|
| |||||
Shares outstanding (a) | 529,477 | 1,224,871 | ||||||
|
|
|
| |||||
Net asset value, and redemption price per share | $ | 16.78 | $ | 11.83 | ||||
|
|
|
| |||||
Offering price per share (100/[100-maximum sales charge] of net asset value) | $ | 17.76 | $ | 12.52 | ||||
|
|
|
| |||||
Class R4 shares: | ||||||||
Net assets | $ | 6,428,437 | $ | 6,394,243 | ||||
|
|
|
| |||||
Shares outstanding (a) | 385,659 | 544,073 | ||||||
|
|
|
| |||||
Net asset value, offering price and redemption price per share | $ | 16.67 | $ | 11.75 | ||||
|
|
|
| |||||
Class R3 shares: | ||||||||
Net assets | $ | 4,195,829 | $ | 1,813,479 | ||||
|
|
|
| |||||
Shares outstanding (a) | 248,211 | 152,999 | ||||||
|
|
|
| |||||
Net asset value, offering price and redemption price per share | $ | 16.90 | $ | 11.85 | ||||
|
|
|
|
(a) | Authorized unlimited number of shares with no par value. |
The accompanying notes are an integral part of the financial statements.
176
MassMutual Premier Disciplined Growth Fund | MassMutual Premier Small Cap Opportunities Fund | MassMutual Premier Global Fund | MassMutual Premier International Equity Fund | MassMutual Premier Strategic Emerging Markets Fund | ||||||||||||||
$ | 30,278,934 | $ | 40,439,377 | $ | 50,502,638 | $ | 293,575,459 | $ | 216,084,661 | |||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
2,107,162 | 2,455,387 | 3,140,033 | 22,606,961 | 16,951,443 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
$ | 14.37 | $ | 16.47 | $ | 16.08 | $ | 12.99 | $ | 12.75 | |||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
$ | 112,177,515 | $ | 77,025,068 | $ | 101,536,289 | $ | 147,653,921 | $ | 4,047,402 | |||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
7,807,573 | 4,686,021 | 6,311,630 | 11,372,603 | 313,239 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
$ | 14.37 | $ | 16.44 | $ | 16.09 | $ | 12.98 | $ | 12.92 | |||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
$ | 74,294,190 | $ | 18,192,347 | $ | 16,103,831 | $ | 23,068,822 | $ | 230,325 | |||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
5,158,338 | 1,109,774 | 1,010,263 | 1,783,163 | 18,096 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
$ | 14.40 | $ | 16.39 | $ | 15.94 | $ | 12.94 | $ | 12.73 | |||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
$ | 42,622,068 | $ | 26,503,428 | $ | 90,239,255 | $ | 11,908,433 | $ | 879,365 | |||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
2,930,296 | 1,627,296 | 5,618,515 | 925,105 | 68,799 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
$ | 14.55 | $ | 16.29 | $ | 16.06 | $ | 12.87 | $ | 12.78 | |||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
$ | 39,398,997 | $ | 69,157,059 | $ | 31,724,781 | $ | 30,719,256 | $ | 385,961 | |||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
2,785,176 | 4,345,310 | 1,998,412 | 2,459,440 | 30,325 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
$ | 14.15 | $ | 15.92 | $ | 15.87 | $ | 12.49 | $ | 12.73 | |||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
$ | 14.97 | $ | 16.85 | $ | 16.79 | $ | 13.22 | $ | 13.47 | |||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
$ | 31,265,209 | $ | 11,773,098 | $ | 7,790,008 | $ | 10,673,445 | $ | 1,294,925 | |||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
2,224,899 | 744,748 | 495,942 | 862,221 | 102,546 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
$ | 14.05 | $ | 15.81 | $ | 15.71 | $ | 12.38 | $ | 12.63 | |||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
$ | 7,119,177 | $ | 10,563,543 | $ | 11,029,056 | $ | 9,023,859 | $ | 761,176 | |||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
507,847 | 672,397 | 698,240 | 731,230 | 60,418 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
$ | 14.02 | $ | 15.71 | $ | 15.80 | $ | 12.34 | $ | 12.60 | |||||||||
|
|
|
|
|
|
|
|
|
|
177
MassMutual Premier Funds – Financial Statements
For the Year Ended September 30, 2018
MassMutual Premier U.S. Government Money Market Fund | MassMutual Premier Short-Duration Bond Fund | |||||||
Investment income (Note 2): | ||||||||
Dividends | $ | - | $ | - | ||||
Interest (a) | 5,977,313 | 19,100,997 | ||||||
|
|
|
| |||||
Total investment income | 5,977,313 | 19,100,997 | ||||||
|
|
|
| |||||
Expenses (Note 3): | ||||||||
Investment advisory fees | 1,355,022 | 2,133,349 | ||||||
Custody fees | 35,128 | 68,495 | ||||||
Interest expense | - | - | ||||||
Audit fees | 33,053 | 38,975 | ||||||
Legal fees | 5,971 | 7,785 | ||||||
Proxy fees | 997 | 997 | ||||||
Accounting & Administration fees | 64,282 | 57,229 | ||||||
Shareholder reporting fees | 17,633 | 33,996 | ||||||
Trustees’ fees | 21,455 | 36,832 | ||||||
Registration and filing fees | 23,003 | 89,579 | ||||||
Transfer agent fees | 3,000 | 3,000 | ||||||
|
|
|
| |||||
1,559,544 | 2,470,237 | |||||||
Administration fees: | ||||||||
Class R5 | 387,149 | 147,747 | ||||||
Service Class | - | 112,560 | ||||||
Administrative Class | - | 46,485 | ||||||
Class A | - | 83,245 | ||||||
Class R4 | - | 27,496 | ||||||
Class R3 | - | 14,362 | ||||||
Distribution fees: | ||||||||
Class R3 | - | 17,952 | ||||||
Distribution and Service fees: | ||||||||
Class A | - | 138,741 | ||||||
Class R4 | - | 34,370 | ||||||
Class R3 | - | 17,952 | ||||||
Shareholder service fees: | ||||||||
Service Class | - | 37,520 | ||||||
Administrative Class | - | 46,485 | ||||||
Class A | - | 83,245 | ||||||
|
|
|
| |||||
Total expenses | 1,946,693 | 3,278,397 | ||||||
Expenses waived (Note 3): | ||||||||
Class I fees reimbursed by adviser | - | - | ||||||
Class R5 fees reimbursed by adviser | - | - | ||||||
Service Class fees reimbursed by adviser | - | - | ||||||
Administrative Class fees reimbursed by adviser | - | - | ||||||
Class A fees reimbursed by adviser | - | - | ||||||
Class R4 fees reimbursed by adviser | - | - | ||||||
Class R3 fees reimbursed by adviser | - | - | ||||||
Class I advisory fees waived | - | - | ||||||
Class R5 advisory fees waived | - | - | ||||||
Service Class advisory fees waived | - | - | ||||||
Administrative Class advisory fees waived | - | - | ||||||
Class A advisory fees waived | - | - | ||||||
Class R4 advisory fees waived | - | - | ||||||
Class R3 advisory fees waived | - | - | ||||||
|
|
|
| |||||
Net expenses: | 1,946,693 | 3,278,397 | ||||||
|
|
|
| |||||
Net investment income (loss) | 4,030,620 | 15,822,600 | ||||||
|
|
|
|
The accompanying notes are an integral part of the financial statements.
178
MassMutual Premier Inflation- Protected and Income Fund | MassMutual Premier Core Bond Fund | MassMutual Premier Diversified Bond Fund | MassMutual Premier High Yield Fund | MassMutual Premier Balanced Fund | ||||||||||||||
$ | - | $ | 165,750 | $ | 12,750 | $ | - | $ | 1,721,660 | |||||||||
13,703,637 | 41,766,824 | 7,943,061 | 32,981,807 | 1,003,480 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
13,703,637 | 41,932,574 | 7,955,811 | 32,981,807 | 2,725,140 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
1,029,223 | 4,424,524 | 772,442 | 2,252,611 | 551,068 | ||||||||||||||
64,592 | 109,767 | 56,336 | 78,144 | 48,384 | ||||||||||||||
3,398,935 | - | - | - | - | ||||||||||||||
38,999 | 40,343 | 39,845 | 37,914 | 39,794 | ||||||||||||||
3,085 | 14,448 | 2,584 | 6,241 | 1,410 | ||||||||||||||
997 | 997 | 997 | 997 | 997 | ||||||||||||||
42,904 | 76,864 | 44,856 | 50,461 | 49,747 | ||||||||||||||
21,854 | 47,292 | 19,678 | 36,503 | 16,569 | ||||||||||||||
15,659 | 69,332 | 12,169 | 28,089 | 6,714 | ||||||||||||||
87,849 | 89,014 | 87,453 | 87,372 | 87,723 | ||||||||||||||
3,000 | 3,000 | 3,000 | 3,000 | 3,000 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
4,707,097 | 4,875,581 | 1,039,360 | 2,581,332 | 805,406 | ||||||||||||||
62,887 | 323,978 | 92,378 | 50,380 | 46,466 | ||||||||||||||
77,407 | 147,725 | 24,258 | 69,568 | 10,859 | ||||||||||||||
21,584 | 103,212 | 38,870 | 48,152 | 12,729 | ||||||||||||||
32,204 | 164,639 | 50,967 | 41,779 | 47,473 | ||||||||||||||
12,289 | 28,800 | 9,653 | 65,328 | 6,451 | ||||||||||||||
9,851 | 1,452 | 8,358 | 83,377 | 15,605 | ||||||||||||||
12,314 | 1,815 | 10,447 | 104,221 | 19,507 | ||||||||||||||
53,673 | 274,398 | 84,944 | 69,632 | 79,122 | ||||||||||||||
15,361 | 36,000 | 12,066 | 81,660 | 8,063 | ||||||||||||||
12,314 | 1,815 | 10,447 | 104,221 | 19,507 | ||||||||||||||
25,802 | 49,242 | 8,086 | 23,189 | 3,620 | ||||||||||||||
21,584 | 103,212 | 38,870 | 48,152 | 12,729 | ||||||||||||||
32,204 | 164,639 | 50,967 | 41,779 | 47,473 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
5,096,571 | 6,276,508 | 1,479,671 | 3,412,770 | 1,135,010 | ||||||||||||||
- | - | - | - | (10,125 | ) | |||||||||||||
- | - | - | - | (47,149 | ) | |||||||||||||
- | - | - | - | (7,352 | ) | |||||||||||||
- | - | - | - | (8,641 | ) | |||||||||||||
- | - | - | - | (32,093 | ) | |||||||||||||
- | - | - | - | (3,289 | ) | |||||||||||||
- | - | - | - | (7,921 | ) | |||||||||||||
(32,839 | ) | - | - | - | - | |||||||||||||
(18,871 | ) | - | - | - | - | |||||||||||||
(15,474 | ) | - | - | - | - | |||||||||||||
(4,313 | ) | - | - | - | - | |||||||||||||
(6,437 | ) | - | - | - | - | |||||||||||||
(1,844 | ) | - | - | - | - | |||||||||||||
(1,477 | ) | - | - | - | - | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
5,015,316 | 6,276,508 | 1,479,671 | 3,412,770 | 1,018,440 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
8,688,321 | 35,656,066 | 6,476,140 | 29,569,037 | 1,706,700 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
179
MassMutual Premier Funds – Financial Statements (Continued)
Statements of Operations
For the Year Ended September 30, 2018
MassMutual Premier U.S. Government Money Market Fund | MassMutual Premier Short-Duration Bond Fund | |||||||
Realized and unrealized gain (loss): | ||||||||
Net realized gain (loss) on: | ||||||||
Investment transactions | $ | 2,060 | $ | (1,668,386 | ) | |||
Futures contracts | - | 2,814,785 | ||||||
Swap agreements | - | 44,237 | ||||||
Foreign currency transactions | - | - | ||||||
Forward contracts | - | - | ||||||
|
|
|
| |||||
Net realized gain (loss) | 2,060 | 1,190,636 | ||||||
|
|
|
| |||||
Net change in unrealized appreciation (depreciation) on: | ||||||||
Investment transactions | - | (7,723,921 | ) | |||||
Futures contracts | - | (8,052 | ) | |||||
Swap agreements | - | 140,152 | ||||||
Translation of assets and liabilities in foreign currencies | - | - | ||||||
Forward contracts | - | - | ||||||
|
|
|
| |||||
Net change in unrealized appreciation (depreciation) | - | (7,591,821 | ) | |||||
|
|
|
| |||||
Net realized gain (loss) and change in unrealized appreciation (depreciation) | 2,060 | (6,401,185 | ) | |||||
|
|
|
| |||||
Net increase (decrease) in net assets resulting from operations | $ | 4,032,680 | $ | 9,421,415 | ||||
|
|
|
| |||||
(a) Net of foreign withholding tax of: | $ | - | $ | 152 |
The accompanying notes are an integral part of the financial statements.
180
MassMutual Premier Inflation- Protected and Income Fund | MassMutual Premier Core Bond Fund | MassMutual Premier Diversified Bond Fund | MassMutual Premier High Yield Fund | MassMutual Premier Balanced Fund | ||||||||||||||
$ | (1,554,919 | ) | $ | (4,349,525 | ) | $ | (812,486 | ) | $ | (1,816,793 | ) | $ | 8,353,559 | |||||
116,187 | (5,601,291 | ) | (724,535 | ) | - | (77,788 | ) | |||||||||||
312,933 | (74,079 | ) | 2,717 | - | (595 | ) | ||||||||||||
- | - | 2,861 | - | - | ||||||||||||||
- | - | (63,630 | ) | - | - | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
(1,125,799 | ) | (10,024,895 | ) | (1,595,073 | ) | (1,816,793 | ) | 8,275,176 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
(6,216,042 | ) | (31,303,746 | ) | (6,074,767 | ) | (15,726,783 | ) | 869,800 | ||||||||||
47,597 | (1,091,750 | ) | (252,566 | ) | - | (19,590 | ) | |||||||||||
236,956 | 503,125 | 52,888 | - | 11,614 | ||||||||||||||
- | 2 | (7,661 | ) | - | - | |||||||||||||
- | - | (53,770 | ) | - | - | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
(5,931,489 | ) | (31,892,369 | ) | (6,335,876 | ) | (15,726,783 | ) | 861,824 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
(7,057,288 | ) | (41,917,264 | ) | (7,930,949 | ) | (17,543,576 | ) | 9,137,000 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
$ | 1,631,033 | $ | (6,261,198 | ) | $ | (1,454,809 | ) | $ | 12,025,461 | $ | 10,843,700 | |||||||
|
|
|
|
|
|
|
|
|
| |||||||||
$ | 97 | $ | - | $ | 347 | $ | - | $ | - |
181
MassMutual Premier Funds – Financial Statements (Continued)
Statements of Operations
For the Year Ended September 30, 2018
MassMutual Premier Disciplined Value Fund | MassMutual Premier Main Street Fund | |||||||
Investment income (Note 2): |
| |||||||
Dividends — unaffiliated issuers (a) | $ | 4,871,683 | $ | 2,519,302 | ||||
Dividends — affiliated issuers (Note 7) | - | - | ||||||
Interest (b) | 10,182 | 16,039 | ||||||
Securities lending net income | - | 4,552 | ||||||
Non cash income | - | - | ||||||
|
|
|
| |||||
Total investment income | 4,881,865 | 2,539,893 | ||||||
|
|
|
| |||||
Expenses (Note 3): |
| |||||||
Investment advisory fees | 949,586 | 752,891 | ||||||
Custody fees | 17,540 | 18,419 | ||||||
Audit fees | 38,424 | 35,761 | ||||||
Legal fees | 2,160 | 1,757 | ||||||
Proxy fees | 997 | 997 | ||||||
Accounting & Administration fees | 42,818 | 46,563 | ||||||
Shareholder reporting fees | 43,552 | 15,974 | ||||||
Trustees’ fees | 12,224 | 8,094 | ||||||
Registration and filing fees | 86,908 | 89,193 | ||||||
Transfer agent fees | 3,000 | 3,000 | ||||||
|
|
|
| |||||
1,197,209 | 972,649 | |||||||
Administration fees: | ||||||||
Class R5 | 53,293 | 72,033 | ||||||
Service Class | 75,602 | 1,334 | ||||||
Administrative Class | 11,176 | 45,334 | ||||||
Class A | 13,519 | 20,520 | ||||||
Class R4 | 17,096 | 11,737 | ||||||
Class R3 | 8,006 | 2,998 | ||||||
Distribution fees: | ||||||||
Class R3 | 10,007 | 3,747 | ||||||
Distribution and Service fees: | ||||||||
Class A | 22,531 | 34,200 | ||||||
Class R4 | 21,370 | 14,671 | ||||||
Class R3 | 10,007 | 3,747 | ||||||
Shareholder service fees: | ||||||||
Service Class | 25,201 | 445 | ||||||
Administrative Class | 11,176 | 45,334 | ||||||
Class A | 13,519 | 20,520 | ||||||
|
|
|
| |||||
Total expenses | 1,489,712 | 1,249,269 | ||||||
Expenses waived (Note 3): | ||||||||
Class I fees reimbursed by adviser | - | - | ||||||
Class R5 fees reimbursed by adviser | - | - | ||||||
Service Class fees reimbursed by adviser | - | - | ||||||
Administrative Class fees reimbursed by adviser | - | - | ||||||
Class A fees reimbursed by adviser | - | - | ||||||
Class R4 fees reimbursed by adviser | - | - | ||||||
Class R3 fees reimbursed by adviser | - | - | ||||||
Class I advisory fees waived | - | - | ||||||
Class R5 advisory fees waived | - | - | ||||||
Service Class advisory fees waived | - | - | ||||||
Administrative Class advisory fees waived | - | - | ||||||
Class A advisory fees waived | - | - | ||||||
Class R4 advisory fees waived | - | - | ||||||
Class R3 advisory fees waived | - | - | ||||||
|
|
|
| |||||
Net expenses: | 1,489,712 | 1,249,269 | ||||||
|
|
|
| |||||
Net investment income (loss) | 3,392,153 | 1,290,624 | ||||||
|
|
|
|
The accompanying notes are an integral part of the financial statements.
182
MassMutual Premier Disciplined Growth Fund | MassMutual Premier Small Cap Opportunities Fund | MassMutual Premier Global Fund | MassMutual Premier International Equity Fund | MassMutual Premier Strategic Emerging Markets Fund | ||||||||||||||
$ | 5,213,961 | $ | 2,929,627 | $ | 5,209,251 | $ | 8,478,298 | $ | 4,213,502 | |||||||||
- | - | 70,353 | 182,672 | - | ||||||||||||||
18,090 | 30,395 | - | 3 | 70,611 | ||||||||||||||
- | 215,614 | 52,043 | 145,677 | 58,967 | ||||||||||||||
- | - | - | 1,405,239 | 40,646 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
5,232,051 | 3,175,636 | 5,331,647 | 10,211,889 | 4,383,726 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
1,801,647 | 1,310,902 | 2,463,387 | 4,504,067 | 2,620,539 | ||||||||||||||
27,773 | 29,005 | 135,972 | 339,454 | 460,189 | ||||||||||||||
38,527 | 36,793 | 45,761 | 44,599 | 62,129 | ||||||||||||||
4,714 | 2,685 | 4,134 | 6,971 | 3,408 | ||||||||||||||
997 | 997 | 997 | 997 | 997 | ||||||||||||||
47,123 | 43,012 | 53,252 | 61,906 | 50,664 | ||||||||||||||
49,100 | 21,567 | 23,753 | 28,315 | 20,743 | ||||||||||||||
23,261 | 12,954 | 19,355 | 31,642 | 15,475 | ||||||||||||||
86,984 | 87,832 | 89,501 | 89,150 | 87,318 | ||||||||||||||
3,000 | 3,000 | 3,000 | 3,000 | 3,000 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
2,083,126 | 1,548,747 | 2,839,112 | 5,110,101 | 3,324,462 | ||||||||||||||
101,720 | 67,986 | 112,593 | 177,540 | 4,187 | ||||||||||||||
108,801 | 25,517 | 30,288 | 34,806 | 604 | ||||||||||||||
61,110 | 36,975 | 153,894 | 22,376 | 2,237 | ||||||||||||||
55,749 | 104,069 | 48,058 | 55,849 | 416 | ||||||||||||||
57,692 | 21,428 | 11,845 | 24,198 | 2,490 | ||||||||||||||
11,471 | 19,083 | 22,660 | 18,005 | 1,659 | ||||||||||||||
14,338 | 23,854 | 28,324 | 22,506 | 2,074 | ||||||||||||||
92,916 | 173,449 | 80,096 | 93,081 | 694 | ||||||||||||||
72,115 | 26,785 | 14,807 | 30,247 | 3,112 | ||||||||||||||
14,338 | 23,854 | 28,324 | 22,506 | 2,074 | ||||||||||||||
36,267 | 8,506 | 10,096 | 11,602 | 201 | ||||||||||||||
61,110 | 36,975 | 153,894 | 22,376 | 2,237 | ||||||||||||||
55,749 | 104,069 | 48,058 | 55,849 | 416 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
2,826,502 | 2,221,297 | 3,582,049 | 5,701,042 | 3,346,863 | ||||||||||||||
- | - | - | - | (554,472 | ) | |||||||||||||
- | - | - | - | (9,179 | ) | |||||||||||||
- | - | - | - | (872 | ) | |||||||||||||
- | - | - | - | (3,213 | ) | |||||||||||||
- | - | - | - | (612 | ) | |||||||||||||
- | - | - | - | (2,732 | ) | |||||||||||||
- | - | - | - | (1,816 | ) | |||||||||||||
- | - | - | (51,640 | ) | - | |||||||||||||
- | - | - | (35,478 | ) | - | |||||||||||||
- | - | - | (4,649 | ) | - | |||||||||||||
- | - | - | (2,973 | ) | - | |||||||||||||
- | - | - | (7,441 | ) | - | |||||||||||||
- | - | - | (2,421 | ) | - | |||||||||||||
- | - | - | (1,801 | ) | - | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
2,826,502 | 2,221,297 | 3,582,049 | 5,594,639 | 2,773,967 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
2,405,549 | 954,339 | 1,749,598 | 4,617,250 | 1,609,759 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
183
MassMutual Premier Funds – Financial Statements (Continued)
Statements of Operations
For the Year Ended September 30, 2018
MassMutual Premier Disciplined Value Fund | MassMutual Premier Main Street Fund | |||||||
Realized and unrealized gain (loss): | ||||||||
Net realized gain (loss) on: | ||||||||
Investment transactions unaffiliated issuers | $ | 21,635,298 | $ | 14,630,299 | ||||
Futures contracts | 70,226 | - | ||||||
Foreign currency transactions | - | (7,154 | ) | |||||
|
|
|
| |||||
Net realized gain (loss) | 21,705,524 | 14,623,145 | ||||||
|
|
|
| |||||
Net change in unrealized appreciation (depreciation) on: | ||||||||
Investment transactions unaffiliated issuers | (5,052,593 | ) | (4,089,515 | ) | ||||
Translation of assets and liabilities in foreign currencies | - | 2 | ||||||
|
|
|
| |||||
Net change in unrealized appreciation (depreciation) | (5,052,593 | ) | (4,089,513 | ) | ||||
|
|
|
| |||||
Net realized gain (loss) and change in unrealized appreciation (depreciation) | 16,652,931 | 10,533,632 | ||||||
|
|
|
| |||||
Net increase (decrease) in net assets resulting from operations | $ | 20,045,084 | $ | 11,824,256 | ||||
|
|
|
| |||||
(a) Net of foreign withholding tax of: | $ | 1,652 | $ | 16,676 | ||||
(b) Net of foreign withholding tax of: | $ | - | $ | - | ||||
* Net increase (decrease) in accrued foreign capital gains tax of: | $ | - | $ | - |
184
MassMutual Premier Disciplined Growth Fund | MassMutual Premier Small Cap Opportunities Fund | MassMutual Premier Global Fund | MassMutual Premier International Equity Fund | MassMutual Premier Strategic Emerging Markets Fund | ||||||||||||||
$ | 71,761,027 | $ | 21,010,831 | $ | 55,239,298 | $ | 19,320,089 | $ | 16,783,918 | |||||||||
- | - | - | - | - | ||||||||||||||
- | (4,586 | ) | (43,100 | ) | (245,904 | ) | (130,206 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
71,761,027 | 21,006,245 | 55,196,198 | 19,074,185 | 16,653,712 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
10,477,180 | 7,502,778 | (24,692,290 | )* | (33,514,244 | )* | (17,674,031 | )* | |||||||||||
- | - | (2,058 | ) | (10,531 | ) | (4,822 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
10,477,180 | 7,502,778 | (24,694,348 | ) | (33,524,775 | ) | (17,678,853 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
82,238,207 | 28,509,023 | 30,501,850 | (14,450,590 | ) | (1,025,141 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
$ | 84,643,756 | $ | 29,463,362 | $ | 32,251,448 | $ | (9,833,340 | ) | $ | 584,618 | ||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
$ | 2,108 | $ | - | $ | 466,213 | $ | 1,089,897 | $ | 509,471 | |||||||||
$ | - | $ | - | $ | - | $ | - | $ | 3 | |||||||||
$ | - | $ | - | $ | 7,994 | $ | 82,779 | $ | (263,290 | ) |
185
MassMutual Premier Funds – Financial Statements (Continued)
Statements of Changes in Net Assets
MassMutual Premier U.S. Government Money Market Fund | ||||||||
Year Ended September 30, 2018 | Year Ended September 30, 2017 | |||||||
Increase (Decrease) in Net Assets: | ||||||||
Operations: | ||||||||
Net investment income (loss) | $ | 4,030,620 | $ | 788,680 | ||||
Net realized gain (loss) | 2,060 | 15,375 | ||||||
Net change in unrealized appreciation (depreciation) | - | - | ||||||
|
|
|
| |||||
Net increase (decrease) in net assets resulting from operations | 4,032,680 | 804,055 | ||||||
|
|
|
| |||||
Distributions to shareholders (Note 2): | ||||||||
From net investment income: | ||||||||
Class I | - | - | ||||||
Class R5 | (4,036,266 | ) | (789,917 | ) | ||||
Service Class | - | - | ||||||
Administrative Class | - | - | ||||||
Class A | - | - | ||||||
Class R4 | - | - | ||||||
Class R3 | - | - | ||||||
|
|
|
| |||||
Total distributions from net investment income | (4,036,266 | ) | (789,917 | ) | ||||
|
|
|
| |||||
From net realized gains: | ||||||||
Class R5 | (15,250 | ) | - | |||||
|
|
|
| |||||
Total distributions from net realized gains | (15,250 | ) | - | |||||
|
|
|
| |||||
Net fund share transactions (Note 5): | ||||||||
Class I | - | - | ||||||
Class R5 | (12,746,760 | ) | 17,582,182 | |||||
Service Class | - | - | ||||||
Administrative Class | - | - | ||||||
Class A | - | - | ||||||
Class R4 | - | - | ||||||
Class R3 | - | - | ||||||
|
|
|
| |||||
Increase (decrease) in net assets from fund share transactions | (12,746,760 | ) | 17,582,182 | |||||
|
|
|
| |||||
Total increase (decrease) in net assets | (12,765,596 | ) | 17,596,320 | |||||
Net assets | ||||||||
Beginning of year | 352,316,564 | 334,720,244 | ||||||
|
|
|
| |||||
End of year | $ | 339,550,968 | $ | 352,316,564 | ||||
|
|
|
| |||||
Accumulated undistributed (distributions in excess of) net investment income at end of year | $ | (104,879 | ) | $ | (98,779 | ) | ||
|
|
|
|
The accompanying notes are an integral part of the financial statements.
186
MassMutual Premier Short-Duration Bond Fund | MassMutual Premier Inflation-Protected and Income Fund | |||||||||||||
Year Ended September 30, 2018 | Year Ended September 30, 2017 | Year Ended September 30, 2018 | Year Ended September 30, 2017 | |||||||||||
$ | 15,822,600 | $ | 12,184,024 | $ | 8,688,321 | $ | 5,913,766 | |||||||
1,190,636 | 1,632,795 | (1,125,799 | ) | 659,302 | ||||||||||
(7,591,821 | ) | 103,559 | (5,931,489 | ) | (8,610,480 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||
9,421,415 | 13,920,378 | 1,631,033 | (2,037,412 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||
(7,691,067 | ) | (5,251,944 | ) | (2,927,040 | ) | (3,303,684 | ) | |||||||
(3,581,314 | ) | (4,576,584 | ) | (1,630,948 | ) | (1,716,053 | ) | |||||||
(1,800,199 | ) | (1,118,894 | ) | (1,365,911 | ) | (1,685,214 | ) | |||||||
(675,313 | ) | (646,507 | ) | (362,670 | ) | (380,046 | ) | |||||||
(1,139,950 | ) | (1,566,898 | ) | (495,760 | ) | (479,336 | ) | |||||||
(295,883 | ) | (192,528 | ) | (157,975 | ) | (140,571 | ) | |||||||
(127,705 | ) | (74,927 | ) | (112,214 | ) | (71,044 | ) | |||||||
|
|
|
|
|
|
|
| |||||||
(15,311,431 | ) | (13,428,282 | ) | (7,052,518 | ) | (7,775,948 | ) | |||||||
|
|
|
|
|
|
|
| |||||||
- | - | - | - | |||||||||||
|
|
|
|
|
|
|
| |||||||
- | - | - | - | |||||||||||
|
|
|
|
|
|
|
| |||||||
(133,404,809 | ) | 132,199,050 | 37,219,643 | (20,398,922 | ) | |||||||||
(18,465,362 | ) | (43,682,185 | ) | 1,064,004 | (3,014,284 | ) | ||||||||
(2,398,278 | ) | 20,200,806 | (6,220,838 | ) | (11,059,868 | ) | ||||||||
5,826,575 | (4,144,691 | ) | 529,779 | 588,103 | ||||||||||
2,813,673 | (36,253,064 | ) | (1,140,259 | ) | (587,313 | ) | ||||||||
126,583 | 4,170,379 | 755,178 | 1,040,525 | |||||||||||
1,346,594 | 2,990,995 | (12,607 | ) | 1,986,688 | ||||||||||
|
|
|
|
|
|
|
| |||||||
(144,155,024 | ) | 75,481,290 | 32,194,900 | (31,445,071 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||
(150,045,040 | ) | 75,973,386 | 26,773,415 | (41,258,431 | ) | |||||||||
630,529,848 | 554,556,462 | 263,684,944 | 304,943,375 | |||||||||||
|
|
|
|
|
|
|
| |||||||
$ | 480,484,808 | $ | 630,529,848 | $ | 290,458,359 | $ | 263,684,944 | |||||||
|
|
|
|
|
|
|
| |||||||
$ | 13,817,391 |
| $ | 11,398,802 | $ | 7,520,348 | $ | 5,034,643 | ||||||
|
|
|
|
|
|
|
|
187
MassMutual Premier Funds – Financial Statements (Continued)
Statements of Changes in Net Assets
MassMutual Premier Core Bond Fund | ||||||||
Year Ended September 30, 2018 | Year Ended September 30, 2017 | |||||||
Increase (Decrease) in Net Assets: | ||||||||
Operations: | ||||||||
Net investment income (loss) | $ | 35,656,066 | $ | 30,471,112 | ||||
Net realized gain (loss) | (10,024,895 | ) | (1,704,963 | ) | ||||
Net change in unrealized appreciation (depreciation) | (31,892,369 | ) | (13,053,035 | ) | ||||
|
|
|
| |||||
Net increase (decrease) in net assets resulting from operations | (6,261,198 | ) | 15,713,114 | |||||
|
|
|
| |||||
Distributions to shareholders (Note 2): | ||||||||
From net investment income: | ||||||||
Class I | (16,298,876 | ) | (14,601,868 | ) | ||||
Class R5 | (10,042,498 | ) | (12,612,757 | ) | ||||
Service Class | (2,847,221 | ) | (2,383,497 | ) | ||||
Administrative Class | (1,969,162 | ) | (2,568,484 | ) | ||||
Class A | (2,716,702 | ) | (3,580,048 | ) | ||||
Class R4 | (452,049 | ) | (472,193 | ) | ||||
Class R3 | (12,415 | ) | (21,128 | ) | ||||
|
|
|
| |||||
Total distributions from net investment income | (34,338,923 | ) | (36,239,975 | ) | ||||
|
|
|
| |||||
Net fund share transactions (Note 5): | ||||||||
Class I | 166,983,933 | 51,023,270 | ||||||
Class R5 | (52,188,665 | ) | (41,235,128 | ) | ||||
Service Class | 4,056,318 | 9,993,431 | ||||||
Administrative Class | 433,553 | (12,086,916 | ) | |||||
Class A | (3,930,113 | ) | (32,957,250 | ) | ||||
Class R4 | (3,486,576 | ) | 259,884 | |||||
Class R3 | (5,723 | ) | 60,373 | |||||
|
|
|
| |||||
Increase (decrease) in net assets from fund share transactions | 111,862,727 | (24,942,336 | ) | |||||
|
|
|
| |||||
Total increase (decrease) in net assets | 71,262,606 | (45,469,197 | ) | |||||
Net assets | ||||||||
Beginning of year | 1,207,577,237 | 1,253,046,434 | ||||||
|
|
|
| |||||
End of year | $ | 1,278,839,843 | $ | 1,207,577,237 | ||||
|
|
|
| |||||
Accumulated undistributed (distributions in excess of) net investment income at end of year | $ | 30,094,743 | $ | 26,265,149 | ||||
|
|
|
|
The accompanying notes are an integral part of the financial statements.
188
MassMutual Premier Diversified Bond Fund | MassMutual Premier High Yield Fund | |||||||||||||
Year Ended September 30, 2018 | Year Ended September 30, 2017 | Year Ended September 30, 2018 | Year Ended September 30, 2017 | |||||||||||
$ | 6,476,140 | $ | 5,178,829 | $ | 29,569,037 | $ | 28,539,734 | |||||||
(1,595,073 | ) | 119,163 | (1,816,793 | ) | 12,393,363 | |||||||||
(6,335,876 | ) | (1,375,365 | ) | (15,726,783 | ) | 1,369,001 | ||||||||
|
|
|
|
|
|
|
| |||||||
(1,454,809 | ) | 3,922,627 | 12,025,461 | 42,302,098 | ||||||||||
|
|
|
|
|
|
|
| |||||||
(843,981 | ) | (510,116 | ) | (15,260,676 | ) | (11,671,304 | ) | |||||||
(2,762,770 | ) | (1,924,560 | ) | (3,402,827 | ) | (2,992,693 | ) | |||||||
(455,302 | ) | (405,459 | ) | (2,834,872 | ) | (3,214,659 | ) | |||||||
(738,553 | ) | (765,843 | ) | (1,983,745 | ) | (1,772,049 | ) | |||||||
(874,975 | ) | (742,829 | ) | (1,668,415 | ) | (1,587,444 | ) | |||||||
(142,412 | ) | (113,297 | ) | (1,876,196 | ) | (1,369,341 | ) | |||||||
(101,773 | ) | (60,325 | ) | (2,304,959 | ) | (873,103 | ) | |||||||
|
|
|
|
|
|
|
| |||||||
(5,919,766 | ) | (4,522,429 | ) | (29,331,690 | ) | (23,480,593 | ) | |||||||
|
|
|
|
|
|
|
| |||||||
(4,798,803 | ) | 7,268,356 | 148,669,885 | 11,089,432 | ||||||||||
12,969,568 | 11,132,841 | (9,672,854 | ) | 7,594,632 | ||||||||||
3,407,027 | (804,633 | ) | (2,569,351 | ) | (11,805,108 | ) | ||||||||
1,403,086 | (7,847,618 | ) | (371,889 | ) | 2,756,858 | |||||||||
(427,770 | ) | (2,915,667 | ) | (878,585 | ) | (779,251 | ) | |||||||
(114,082 | ) | 1,309,395 | 5,484,715 | 11,190,268 | ||||||||||
811,774 | 1,269,728 | 9,740,791 | 21,695,534 | |||||||||||
|
|
|
|
|
|
|
| |||||||
13,250,800 | 9,412,402 | 150,402,712 | 41,742,365 | |||||||||||
|
|
|
|
|
|
|
| |||||||
5,876,225 | 8,812,600 | 133,096,483 | 60,563,870 | |||||||||||
201,974,727 | 193,162,127 | 477,336,797 | 416,772,927 | |||||||||||
|
|
|
|
|
|
|
| |||||||
$ | 207,850,952 | $ | 201,974,727 | $ | 610,433,280 | $ | 477,336,797 | |||||||
|
|
|
|
|
|
|
| |||||||
$ | 5,283,381 |
| $ | 4,542,277 | $ | 21,882,233 | $ | 21,695,746 | ||||||
|
|
|
|
|
|
|
|
189
MassMutual Premier Funds – Financial Statements (Continued)
Statements of Changes in Net Assets
MassMutual Premier Balanced Fund | ||||||||
Year Ended September 30, 2018 | Year Ended September 30, 2017 | |||||||
Increase (Decrease) in Net Assets: | ||||||||
Operations: | ||||||||
Net investment income (loss) | $ | 1,706,700 | $ | 1,751,134 | ||||
Net realized gain (loss) | 8,275,176 | 5,051,820 | ||||||
Net change in unrealized appreciation (depreciation) | 861,824 | 7,829,385 | ||||||
|
|
|
| |||||
Net increase (decrease) in net assets resulting from operations | 10,843,700 | 14,632,339 | ||||||
|
|
|
| |||||
Distributions to shareholders (Note 2): | ||||||||
From net investment income: | ||||||||
Class I | (150,517 | ) | (38,945 | ) | ||||
Class R5 | (825,274 | ) | (941,540 | ) | ||||
Service Class | (112,228 | ) | (159,963 | ) | ||||
Administrative Class | (142,305 | ) | (223,479 | ) | ||||
Class A | (418,692 | ) | (491,694 | ) | ||||
Class R4 | (46,983 | ) | (39,384 | ) | ||||
Class R3 | (95,231 | ) | (88,704 | ) | ||||
|
|
|
| |||||
Total distributions from net investment income | (1,791,230 | ) | (1,983,709 | ) | ||||
|
|
|
| |||||
From net realized gains: | ||||||||
Class I | (419,886 | ) | (10,064 | ) | ||||
Class R5 | (2,441,906 | ) | (256,998 | ) | ||||
Service Class | (363,420 | ) | (48,115 | ) | ||||
Administrative Class | (489,679 | ) | (65,382 | ) | ||||
Class A | (1,685,763 | ) | (171,366 | ) | ||||
Class R4 | (165,644 | ) | (12,808 | ) | ||||
Class R3 | (408,357 | ) | (31,686 | ) | ||||
|
|
|
| |||||
Total distributions from net realized gains | (5,974,655 | ) | (596,419 | ) | ||||
|
|
|
| |||||
Net fund share transactions (Note 5): | ||||||||
Class I | 2,964,193 | 6,906,875 | ||||||
Class R5 | (5,395,557 | ) | (9,420,450 | ) | ||||
Service Class | 54,703 | (8,076,631 | ) | |||||
Administrative Class | (1,477,601 | ) | (1,577,286 | ) | ||||
Class A | (2,896,428 | ) | (1,584,590 | ) | ||||
Class R4 | 594,136 | 186,346 | ||||||
Class R3 | 564,095 | 1,536,213 | ||||||
|
|
|
| |||||
Increase (decrease) in net assets from fund share transactions | (5,592,459 | ) | (12,029,523 | ) | ||||
|
|
|
| |||||
Total increase (decrease) in net assets | (2,514,644 | ) | 22,688 | |||||
Net assets | ||||||||
Beginning of year | 116,752,880 | 116,730,192 | ||||||
|
|
|
| |||||
End of year | $ | 114,238,236 | $ | 116,752,880 | ||||
|
|
|
| |||||
Accumulated undistributed (distributions in excess of) net investment income at end of year | $ | 1,419,307 | $ | 1,376,633 | ||||
|
|
|
|
The accompanying notes are an integral part of the financial statements.
190
MassMutual Premier Disciplined Value Fund | MassMutual Premier Main Street Fund | |||||||||||||
Year Ended September 30, 2018 | Year Ended September 30, 2017 | Year Ended September 30, 2018 | Year Ended September 30, 2017 | |||||||||||
$ | 3,392,153 | $ | 3,520,568 | $ | 1,290,624 | $ | 1,674,847 | |||||||
21,705,524 | 19,144,450 | 14,623,145 | 8,374,518 | |||||||||||
(5,052,593 | ) | 9,683,417 | (4,089,513 | ) | 13,443,348 | |||||||||
|
|
|
|
|
|
|
| |||||||
20,045,084 | 32,348,435 | 11,824,256 | 23,492,713 | |||||||||||
|
|
|
|
|
|
|
| |||||||
(1,604,136 | ) | (2,353,643 | ) | (121,371 | ) | (17,545 | ) | |||||||
(858,883 | ) | (1,696,950 | ) | (792,770 | ) | (985,628 | ) | |||||||
(884,855 | ) | (1,494,180 | ) | (10,364 | ) | (10,280 | ) | |||||||
(104,018 | ) | (168,634 | ) | (274,091 | ) | (330,203 | ) | |||||||
(119,815 | ) | (282,683 | ) | (86,861 | ) | (110,288 | ) | |||||||
(157,778 | ) | (176,562 | ) | (36,158 | ) | (45,456 | ) | |||||||
(58,916 | ) | (22,222 | ) | (4,833 | ) | (12,257 | ) | |||||||
|
|
|
|
|
|
|
| |||||||
(3,788,401 | ) | (6,194,874 | ) | (1,326,448 | ) | (1,511,657 | ) | |||||||
|
|
|
|
|
|
|
| |||||||
(8,075,905 | ) | (2,496,839 | ) | (698,041 | ) | (35,014 | ) | |||||||
(4,566,582 | ) | (1,850,616 | ) | (5,009,325 | ) | (2,116,947 | ) | |||||||
(4,962,387 | ) | (1,718,634 | ) | (72,606 | ) | (27,618 | ) | |||||||
(612,898 | ) | (198,868 | ) | (2,130,007 | ) | (845,330 | ) | |||||||
(891,635 | ) | (351,909 | ) | (909,629 | ) | (348,342 | ) | |||||||
(982,879 | ) | (202,498 | ) | (339,371 | ) | (100,602 | ) | |||||||
(391,570 | ) | (32,613 | ) | (74,044 | ) | (33,223 | ) | |||||||
|
|
|
|
|
|
|
| |||||||
(20,483,856 | ) | (6,851,977 | ) | (9,233,023 | ) | (3,507,076 | ) | |||||||
|
|
|
|
|
|
|
| |||||||
(58,258,893 | ) | (726,741 | ) | 15,084,689 | 7,019,354 | |||||||||
13,626,961 | (5,341,282 | ) | (11,236,498 | ) | (5,501,152 | ) | ||||||||
2,124,271 | (19,780,583 | ) | (360,590 | ) | (990,407 | ) | ||||||||
3,202,911 | (418,640 | ) | (2,799,613 | ) | (2,708,436 | ) | ||||||||
(13,134 | ) | (2,258,550 | ) | 1,231,559 | (511,751 | ) | ||||||||
(3,240,465 | ) | 5,343,898 | 1,001,065 | 1,198,900 | ||||||||||
502,778 | 2,984,902 | 634,542 | 183,668 | |||||||||||
|
|
|
|
|
|
|
| |||||||
(42,055,571 | ) | (20,196,996 | ) | 3,555,154 | (1,309,824 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||
(46,282,744 | ) | (895,412 | ) | 4,819,939 | 17,164,156 | |||||||||
204,575,163 | 205,470,575 | 138,732,930 | 121,568,774 | |||||||||||
|
|
|
|
|
|
|
| |||||||
$ | 158,292,419 | $ | 204,575,163 | $ | 143,552,869 | $ | 138,732,930 | |||||||
|
|
|
|
|
|
|
| |||||||
$ | 2,503,043 | $ | 2,778,592 | $ | 764,017 | $ | 914,647 | |||||||
|
|
|
|
|
|
|
|
191
MassMutual Premier Funds – Financial Statements (Continued)
Statements of Changes in Net Assets
MassMutual Premier Disciplined Growth Fund | ||||||||
Year Ended September 30, 2018 | Year Ended September 30, 2017 | |||||||
Increase (Decrease) in Net Assets: | ||||||||
Operations: | ||||||||
Net investment income (loss) | $ | 2,405,549 | $ | 3,305,024 | ||||
Net realized gain (loss) | 71,761,027 | 38,424,086 | ||||||
Net change in unrealized appreciation (depreciation) | 10,477,180 | 31,210,877 | ||||||
|
|
|
| |||||
Net increase (decrease) in net assets resulting from operations | 84,643,756 | 72,939,987 | ||||||
|
|
|
| |||||
Distributions to shareholders (Note 2): | ||||||||
From net investment income: | ||||||||
Class I | (1,067,533 | ) | (1,520,687 | ) | ||||
Class R5 | (749,015 | ) | (1,102,028 | ) | ||||
Service Class | (553,563 | ) | (813,275 | ) | ||||
Administrative Class | (250,708 | ) | (419,940 | ) | ||||
Class A | (132,436 | ) | (338,412 | ) | ||||
Class R4 | (154,197 | ) | (176,073 | ) | ||||
Class R3 | (15,204 | ) | (21,868 | ) | ||||
|
|
|
| |||||
Total distributions from net investment income | (2,922,656 | ) | (4,392,283 | ) | ||||
|
|
|
| |||||
From net realized gains: | ||||||||
Class I | (12,964,775 | ) | (7,245,299 | ) | ||||
Class R5 | (10,132,474 | ) | (5,658,271 | ) | ||||
Service Class | (8,469,423 | ) | (4,637,195 | ) | ||||
Administrative Class | (4,565,652 | ) | (2,532,802 | ) | ||||
Class A | (4,168,816 | ) | (2,628,927 | ) | ||||
Class R4 | (3,156,438 | ) | (1,097,568 | ) | ||||
Class R3 | (526,943 | ) | (226,206 | ) | ||||
|
|
|
| |||||
Total distributions from net realized gains | (43,984,521 | ) | (24,026,268 | ) | ||||
|
|
|
| |||||
Net fund share transactions (Note 5): | ||||||||
Class I | (93,351,991 | ) | (7,147,349 | ) | ||||
Class R5 | 14,764,969 | 105,106 | ||||||
Service Class | (5,939,826 | ) | (15,272,706 | ) | ||||
Administrative Class | (2,914,451 | ) | (1,693,636 | ) | ||||
Class A | (663,139 | ) | (6,702,224 | ) | ||||
Class R4 | 1,753,320 | 10,011,003 | ||||||
Class R3 | 2,177,229 | 674,295 | ||||||
|
|
|
| |||||
Increase (decrease) in net assets from fund share transactions | (84,173,889 | ) | (20,025,511 | ) | ||||
|
|
|
| |||||
Total increase (decrease) in net assets | (46,437,310 | ) | 24,495,925 | |||||
Net assets | ||||||||
Beginning of year | 383,593,400 | 359,097,475 | ||||||
|
|
|
| |||||
End of year | $ | 337,156,090 | $ | 383,593,400 | ||||
|
|
|
| |||||
Accumulated undistributed (distributions in excess of) net investment income at end of year | $ | 2,130,813 | $ | 2,296,234 | ||||
|
|
|
|
The accompanying notes are an integral part of the financial statements.
192
MassMutual Premier Small Cap Opportunities Fund | MassMutual Premier Global Fund | |||||||||||||
Year Ended September 30, 2018 | Year Ended September 30, 2017 | Year Ended September 30, 2018 | Year Ended September 30, 2017 | |||||||||||
$ | 954,339 | $ | 795,492 | $ | 1,749,598 | $ | 1,350,303 | |||||||
21,006,245 | 23,120,189 | 55,196,198 | 37,011,190 | |||||||||||
7,502,778 | 15,507,454 | (24,694,348 | ) | 36,431,704 | ||||||||||
|
|
|
|
|
|
|
| |||||||
29,463,362 | 39,423,135 | 32,251,448 | 74,793,197 | |||||||||||
|
|
|
|
|
|
|
| |||||||
(80,448 | ) | (51,423 | ) | (371,046 | ) | (225,061 | ) | |||||||
(217,215 | ) | (722,512 | ) | (973,977 | ) | (1,469,473 | ) | |||||||
(37,295 | ) | (151,647 | ) | (148,279 | ) | (261,598 | ) | |||||||
(36,981 | ) | (203,773 | ) | (697,807 | ) | (980,579 | ) | |||||||
- | (521,329 | ) | (127,246 | ) | (216,133 | ) | ||||||||
(4,317 | ) | (61,557 | ) | (34,562 | ) | (48,672 | ) | |||||||
- | (47,585 | ) | (38,175 | ) | (62,240 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||
(376,256 | ) | (1,759,826 | ) | (2,391,092 | ) | (3,263,756 | ) | |||||||
|
|
|
|
|
|
|
| |||||||
(2,130,989 | ) | (99,887 | ) | (4,234,464 | ) | (467,366 | ) | |||||||
(7,472,114 | ) | (1,518,131 | ) | (12,439,902 | ) | (3,331,064 | ) | |||||||
(1,770,371 | ) | (342,433 | ) | (2,169,952 | ) | (667,597 | ) | |||||||
(2,825,371 | ) | (496,326 | ) | (11,456,262 | ) | (2,666,566 | ) | |||||||
(8,525,904 | ) | (1,730,203 | ) | (3,406,608 | ) | (843,373 | ) | |||||||
(1,168,317 | ) | (155,824 | ) | (660,525 | ) | (137,972 | ) | |||||||
(1,100,523 | ) | (148,261 | ) | (1,219,812 | ) | (238,876 | ) | |||||||
|
|
|
|
|
|
|
| |||||||
(24,993,589 | ) | (4,491,065 | ) | (35,587,525 | ) | (8,352,814 | ) | |||||||
|
|
|
|
|
|
|
| |||||||
23,997,096 | 10,238,249 | 16,911,349 | 11,216,037 | |||||||||||
10,569,424 | (7,400,125 | ) | (17,243,489 | ) | (27,637,117 | ) | ||||||||
2,989,994 | (1,103,797 | ) | (2,649,614 | ) | (13,942,751 | ) | ||||||||
2,296,458 | 2,571,457 | (11,029,054 | ) | (16,093,724 | ) | |||||||||
(4,373,792 | ) | (8,136,910 | ) | 1,512,000 | (7,679,208 | ) | ||||||||
1,742,077 | 3,905,603 | 2,389,927 | 244,024 | |||||||||||
1,463,944 | 2,235,598 | 622,053 | 100,516 | |||||||||||
|
|
|
|
|
|
|
| |||||||
38,685,201 | 2,310,075 | (9,486,828 | ) | (53,792,223 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||
42,778,718 | 35,482,319 | (15,213,997 | ) | 9,384,404 | ||||||||||
210,875,202 | 175,392,883 | 324,139,855 | 314,755,451 | |||||||||||
|
|
|
|
|
|
|
| |||||||
$ | 253,653,920 | $ | 210,875,202 | $ | 308,925,858 | $ | 324,139,855 | |||||||
|
|
|
|
|
|
|
| |||||||
$ | 112,405 |
| $ | (45,126 | ) | $ | 170,090 | $ | (115,699 | ) | ||||
|
|
|
|
|
|
|
|
193
MassMutual Premier Funds – Financial Statements (Continued)
Statements of Changes in Net Assets
MassMutual Premier International Equity Fund | ||||||||
Year Ended September 30, 2018 | Year Ended September 30, 2017 | |||||||
Increase (Decrease) in Net Assets: | ||||||||
Operations: | ||||||||
Net investment income (loss) | $ | 4,617,250 | $ | 6,783,674 | ||||
Net realized gain (loss) | 19,074,185 | (5,358,092 | ) | |||||
Net change in unrealized appreciation (depreciation) | (33,524,775 | ) | 72,296,900 | |||||
|
|
|
| |||||
Net increase (decrease) in net assets resulting from operations | (9,833,340 | ) | 73,722,482 | |||||
|
|
|
| |||||
Distributions to shareholders (Note 2): | ||||||||
From net investment income: | ||||||||
Class I | (3,222,891 | ) | (2,520,657 | ) | ||||
Class R5 | (2,165,164 | ) | (2,377,345 | ) | ||||
Service Class | (228,348 | ) | (235,477 | ) | ||||
Administrative Class | (161,875 | ) | (179,212 | ) | ||||
Class A | (277,389 | ) | (279,085 | ) | ||||
Class R4 | (124,071 | ) | (55,387 | ) | ||||
Class R3 | (57,228 | ) | (32,828 | ) | ||||
|
|
|
| |||||
Total distributions from net investment income | (6,236,966 | ) | (5,679,991 | ) | ||||
|
|
|
| |||||
From net realized gains: | ||||||||
Class I | - | (2,890,225 | ) | |||||
Class R5 | - | (2,979,941 | ) | |||||
Service Class | - | (319,197 | ) | |||||
Administrative Class | - | (268,503 | ) | |||||
Class A | - | (588,484 | ) | |||||
Class R4 | - | (77,734 | ) | |||||
Class R3 | - | (59,351 | ) | |||||
|
|
|
| |||||
Total distributions from net realized gains | - | (7,183,435 | ) | |||||
|
|
|
| |||||
Net fund share transactions (Note 5): | ||||||||
Class I | 55,812,142 | 23,943,833 | ||||||
Class R5 | (43,165,875 | ) | (47,878,604 | ) | ||||
Service Class | 2,530,771 | (3,063,669 | ) | |||||
Administrative Class | (5,901,391 | ) | (2,982,208 | ) | ||||
Class A | (8,005,463 | ) | (7,701,580 | ) | ||||
Class R4 | 176,900 | 6,088,990 | ||||||
Class R3 | 307,655 | 4,245,079 | ||||||
|
|
|
| |||||
Increase (decrease) in net assets from fund share transactions | 1,754,739 | (27,348,159 | ) | |||||
|
|
|
| |||||
Total increase (decrease) in net assets | (14,315,567 | ) | 33,510,897 | |||||
Net assets | ||||||||
Beginning of year | 540,938,762 | 507,427,865 | ||||||
|
|
|
| |||||
End of year | $ | 526,623,195 | $ | 540,938,762 | ||||
|
|
|
| |||||
Accumulated undistributed (distributions in excess of) net investment income at end of year | $ | 4,117,064 | $ | 6,115,835 | ||||
|
|
|
|
The accompanying notes are an integral part of the financial statements.
194
MassMutual Premier Strategic Emerging Markets Fund | ||||||
Year Ended September 30, 2018 | Year Ended September 30, 2017 | |||||
$ | 1,609,759 | $ | 1,317,482 | |||
16,653,712 | 5,360,842 | |||||
(17,678,853 | ) | 32,275,972 | ||||
|
|
|
| |||
584,618 | 38,954,296 | |||||
|
|
|
| |||
(3,266,714 | ) | (2,039,263 | ) | |||
(48,833 | ) | (31,977 | ) | |||
(4,633 | ) | (73,865 | ) | |||
(15,720 | ) | (11,682 | ) | |||
(1,765 | ) | (183 | ) | |||
(9,767 | ) | (8,779 | ) | |||
(5,088 | ) | (5,018 | ) | |||
|
|
|
| |||
(3,352,520 | ) | (2,170,767 | ) | |||
|
|
|
| |||
- | - | |||||
- | - | |||||
- | - | |||||
- | - | |||||
- | - | |||||
- | - | |||||
- | - | |||||
|
|
|
| |||
- | - | |||||
|
|
|
| |||
(18,248,392 | ) | (3,386,325 | ) | |||
209,650 | 106,292 | |||||
(209,251 | ) | (7,587,580 | ) | |||
(679,287 | ) | 607,467 | ||||
286,103 | 2,452 | |||||
310,852 | 243,951 | |||||
(53,744 | ) | 41,892 | ||||
|
|
|
| |||
(18,384,069 | ) | (9,971,851 | ) | |||
|
|
|
| |||
(21,151,971 | ) | 26,811,678 | ||||
244,835,786 | 218,024,108 | |||||
|
|
|
| |||
$ | 223,683,815 | $ | 244,835,786 | |||
|
|
|
| |||
$ | (471,716 | ) | $ | (487,118 | ) | |
|
|
|
|
195
MassMutual Premier Funds – Financial Statements (Continued)
For the Year Ended September 30, 2018
MassMutual Premier Inflation- Protected and Income Fund | ||||
Cash flows from operating activities: | ||||
Net increase (decrease) in net assets resulting from operations | $ | 1,631,033 | ||
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by (used in) operating activities: | ||||
Investments purchased | (237,695,778 | ) | ||
Investments sold | 229,220,780 | |||
(Increase) Decrease to the principal amount of inflation-linked securities | (6,927,783 | ) | ||
(Purchase) Sale of short-term investments, net | 125,991,539 | |||
Amortization (Accretion) of discount and premium, net | 516,277 | |||
(Increase) Decrease in receivable from interest and dividends | (159,249 | ) | ||
(Increase) Decrease in prepaid expenses | (1,241 | ) | ||
(Increase) Decrease in receivable from open swap agreements, at value | 10,768 | |||
(Increase) Decrease in receivable for variation margin on open derivative instruments | 4,404 | |||
Increase (Decrease) in payable for variation margin on open derivative instruments | 10,937 | |||
Increase (Decrease) in payable for Trustees’ fees and expenses | 3,273 | |||
Increase (Decrease) in payable for investment advisory fees | 3,410 | |||
Increase (Decrease) in payable for administration fees | 18,764 | |||
Increase (Decrease) in payable for service fees | 40 | |||
Increase (Decrease) in payable for distribution fees | 341 | |||
Increase (Decrease) in payable for shareholder service fees | (512 | ) | ||
Increase (Decrease) in payable for open swap agreements, at value | (281,101 | ) | ||
Increase (Decrease) in collateral held on purchased options | 1,180,000 | |||
Increase (Decrease) in payable for accrued expenses and other liabilities | 26,660 | |||
Net change in unrealized (appreciation) depreciation on investments | 6,216,042 | |||
Net realized (gain) loss from investments | 1,554,919 | |||
|
| |||
Net cash from (used in) operating activities | 121,323,523 | |||
|
| |||
Cash flows from (used in) financing activities: | ||||
Increase (Decrease) in due to custodian | 8,601 | |||
Proceeds from shares sold | 123,130,011 | |||
Payment on shares redeemed | (102,200,650 | ) | ||
Cash distributions paid | (152 | ) | ||
Net Increase (Decrease) in reverse repurchase agreements | (140,227,454 | ) | ||
(Increase) Decrease in collateral pledged for reverse repurchase agreements | (2,033,879 | ) | ||
|
| |||
Net cash from (used in) financing activities | (121,323,523 | ) | ||
|
| |||
Net increase (decrease) in cash | - | |||
Cash at beginning of period | - | |||
|
| |||
Cash at end of period | $ | - | ||
|
| |||
Non cash financing activities not included herein consist of: | ||||
Reinvestment of distributions | $ | 7,052,366 | ||
Cash paid out for interest on reverse repurchase agreements | $ | 3,429,322 |
The accompanying notes are an integral part of the financial statements.
196
MassMutual Premier U.S. Government Money Market Fund – Financial Statements (Continued)
Financial Highlights (For a share outstanding throughout each period)
Income (loss) from investment operations | Less distributions to shareholders | Ratios / Supplemental Data | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value, beginning of the period | Net investment income (loss)c,j | Net realized and unrealized gain (loss) on investments | Total income (loss) from investment operations | From net investment income | From net realized gains | Total distributions | Net asset value, end of the period | Total returnl | Net assets, end of the period (000’s) | Ratio of expenses to average daily net assets before expense waivers | Ratio of expenses to average daily net assets after expense waiversj | Net investment income (loss) to average daily net assets | ||||||||||||||||||||||||||||||||||||||||
Class R5 |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/18 | $ | 1.00 | $ | 0.01 | $ | 0.00 | d | $ | 0.01 | $ | (0.01 | ) | $ | (0.00 | )d | $ | (0.01 | ) | $ | 1.00 | 1.08% | $ | 339,551 | 0.50% | N/A | 1.04% | ||||||||||||||||||||||||||
9/30/17 | 1.00 | 0.00 | d | 0.00 | d | 0.00 | d | (0.00 | )d | - | (0.00 | )d | 1.00 | 0.23% | 352,317 | 0.52% | 0.51% | 0.22% | ||||||||||||||||||||||||||||||||||
9/30/16 | 1.00 | 0.00 | d | 0.00 | d | 0.00 | d | (0.00 | )d | - | (0.00 | )d | 1.00 | 0.00% | e | 334,720 | 0.51% | 0.36% | 0.00% | e | ||||||||||||||||||||||||||||||||
9/30/15 | 1.00 | 0.00 | d | 0.00 | d | 0.00 | d | (0.00 | )d | - | (0.00 | )d | 1.00 | 0.01% | 400,017 | 0.50% | 0.14% | 0.00% | e | |||||||||||||||||||||||||||||||||
9/30/14 | 1.00 | 0.00 | d | 0.00 | d | 0.00 | d | (0.00 | )d | - | (0.00 | )d | 1.00 | 0.00% | e | 474,520 | 0.48% | 0.12% | 0.00% | e |
c | Per share amount calculated on the average shares method. |
d | Amount is less than $0.005 per share. |
e | Amount is less than 0.005%. |
j | Computed after giving effect to an agreement by MML Advisers and/or MassMutual to waive certain fees and expenses of the Fund. |
l | Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges. |
The accompanying notes are an integral part of the financial statements.
197
MassMutual Premier Short-Duration Bond Fund – Financial Statements (Continued)
Financial Highlights (For a share outstanding throughout each period)
Income (loss) from investment operations | Less distributions to shareholders | Ratios / Supplemental Data | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value, beginning of the period | Net investment income (loss)c,j | Net realized and unrealized gain (loss) on investments | Total income (loss) from investment operations | From net investment income | From net realized gains | Total distributions | Net asset value, end of the period | Total returnl,m | Net assets, end of the period (000’s) | Ratio of expenses to average daily net assets before expense waivers | Ratio of expenses to average daily net assets after expense waiversj | Net investment income (loss) to average daily net assets | ||||||||||||||||||||||||||||||||||||||||
Class I |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/18 | $ | 10.40 | $ | 0.27 | $ | (0.10 | ) | $ | 0.17 | $ | (0.27 | ) | $ | - | $ | (0.27 | ) | $ | 10.30 | 1.65% | $ | 163,465 | 0.39% | N/A | 2.64% | |||||||||||||||||||||||||||
9/30/17 | 10.39 | 0.23 | 0.03 | 0.26 | (0.25 | ) | - | (0.25 | ) | 10.40 | 2.57% | 299,768 | 0.40% | N/A | 2.20% | |||||||||||||||||||||||||||||||||||||
9/30/16 | 10.46 | 0.20 | 0.00 | d | 0.20 | (0.27 | ) | - | (0.27 | ) | 10.39 | 1.98% | 166,281 | 0.40% | N/A | 1.97% | ||||||||||||||||||||||||||||||||||||
9/30/15 | 10.50 | 0.19 | 0.01 | 0.20 | (0.24 | ) | (0.00 | )d | (0.24 | ) | 10.46 | 2.00% | 154,219 | 0.40% | N/A | 1.83% | ||||||||||||||||||||||||||||||||||||
9/30/14 | 10.57 | 0.17 | (0.01 | ) | 0.16 | (0.23 | ) | - | (0.23 | ) | 10.50 | 1.46% | 193,155 | 0.44% | 0.37% | 1.62% | ||||||||||||||||||||||||||||||||||||
Class R5 |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/18 | $ | 10.42 | $ | 0.26 | $ | (0.09 | ) | $ | 0.17 | $ | (0.26 | ) | $ | - | $ | (0.26 | ) | $ | 10.33 | 1.63% | $ | 135,411 | 0.49% | N/A | 2.55% | |||||||||||||||||||||||||||
9/30/17 | 10.42 | 0.22 | 0.02 | 0.24 | (0.24 | ) | - | (0.24 | ) | 10.42 | 2.36% | 155,172 | 0.50% | N/A | 2.09% | |||||||||||||||||||||||||||||||||||||
9/30/16 | 10.49 | 0.19 | 0.00 | d | 0.19 | (0.26 | ) | - | (0.26 | ) | 10.42 | 1.88% | 199,354 | 0.50% | N/A | 1.87% | ||||||||||||||||||||||||||||||||||||
9/30/15 | 10.52 | 0.18 | 0.02 | 0.20 | (0.23 | ) | (0.00 | )d | (0.23 | ) | 10.49 | 1.95% | 159,429 | 0.50% | N/A | 1.73% | ||||||||||||||||||||||||||||||||||||
9/30/14 | 10.59 | 0.15 | (0.01 | ) | 0.14 | (0.21 | ) | - | (0.21 | ) | 10.52 | 1.36% | 179,221 | 0.59% | 0.52% | 1.47% | ||||||||||||||||||||||||||||||||||||
Service Class |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/18 | $ | 10.35 | $ | 0.25 | $ | (0.10 | ) | $ | 0.15 | $ | (0.25 | ) | $ | - | $ | (0.25 | ) | $ | 10.25 | 1.50% | $ | 72,408 | 0.59% | N/A | 2.45% | |||||||||||||||||||||||||||
9/30/17 | 10.35 | 0.21 | 0.02 | 0.23 | (0.23 | ) | - | (0.23 | ) | 10.35 | 2.24% | 75,544 | 0.60% | N/A | 2.00% | |||||||||||||||||||||||||||||||||||||
9/30/16 | 10.42 | 0.18 | 0.00 | d | 0.18 | (0.25 | ) | - | (0.25 | ) | 10.35 | 1.78% | 55,309 | 0.60% | N/A | 1.75% | ||||||||||||||||||||||||||||||||||||
9/30/15 | 10.45 | 0.17 | 0.02 | 0.19 | (0.22 | ) | (0.00 | )d | (0.22 | ) | 10.42 | 1.87% | 86,058 | 0.60% | N/A | 1.64% | ||||||||||||||||||||||||||||||||||||
9/30/14 | 10.53 | 0.15 | (0.02 | ) | 0.13 | (0.21 | ) | - | (0.21 | ) | 10.45 | 1.25% | 75,423 | 0.66% | 0.59% | 1.40% |
Year ended September 30 | ||||||||||||||||||||
2018 | 2017 | 2016 | 2015 | 2014 | ||||||||||||||||
Portfolio turnover rate | 68 | % | 72 | % | 87 | % | 59 | % | 90 | % |
a | Annualized. |
b | Percentage represents the results for the period and is not annualized. |
c | Per share amount calculated on the average shares method. |
d | Amount is less than $0.005 per share. |
j | Computed after giving effect to an agreement by MML Advisers and/or MassMutual to waive certain fees and expenses of the Fund. |
l | Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges. |
m | Total return excludes sales charges, if any, and would be lower for the period presented if it reflected these charges. |
gg | For the period April 1, 2014 (commencement of operations) through September 30, 2014. |
The accompanying notes are an integral part of the financial statements.
198
Income (loss) from investment operations | Less distributions to shareholders | Ratios / Supplemental Data | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value, beginning of the period | Net investment income (loss)c,j | Net realized and unrealized gain (loss) on investments | Total income (loss) from investment operations | From net investment income | From net realized gains | Total distributions | Net asset value, end of the period | Total returnl,m | Net assets, end of the period (000’s) | Ratio of expenses to average daily net assets before expense waivers | Ratio of expenses to average daily net assets after expense waiversj | Net investment income (loss) to average daily net assets | ||||||||||||||||||||||||||||||||||||||||
Administrative Class |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/18 | $ | 10.31 | $ | 0.24 | $ | (0.10 | ) | $ | 0.14 | $ | (0.24 | ) | $ | - | $ | (0.24 | ) | $ | 10.21 | 1.35% | $ | 34,342 | 0.69% | N/A | 2.37% | |||||||||||||||||||||||||||
9/30/17 | 10.30 | 0.19 | 0.04 | 0.23 | (0.22 | ) | - | (0.22 | ) | 10.31 | 2.24% | 28,771 | 0.70% | N/A | 1.89% | |||||||||||||||||||||||||||||||||||||
9/30/16 | 10.37 | 0.17 | 0.00 | d | 0.17 | (0.24 | ) | - | (0.24 | ) | 10.30 | 1.69% | 32,906 | 0.70% | N/A | 1.66% | ||||||||||||||||||||||||||||||||||||
9/30/15 | 10.41 | 0.16 | 0.01 | 0.17 | (0.21 | ) | (0.00 | )d | (0.21 | ) | 10.37 | 1.69% | 36,789 | 0.70% | N/A | 1.53% | ||||||||||||||||||||||||||||||||||||
9/30/14 | 10.49 | 0.14 | (0.02 | ) | 0.12 | (0.20 | ) | - | (0.20 | ) | 10.41 | 1.19% | 42,999 | 0.75% | 0.68% | 1.31% | ||||||||||||||||||||||||||||||||||||
Class A |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/18 | $ | 10.24 | $ | 0.21 | $ | (0.10 | ) | $ | 0.11 | $ | (0.21 | ) | $ | - | $ | (0.21 | ) | $ | 10.14 | 1.10% | $ | 53,188 | 0.94% | N/A | 2.11% | |||||||||||||||||||||||||||
9/30/17 | 10.23 | 0.16 | 0.04 | 0.20 | (0.19 | ) | - | (0.19 | ) | 10.24 | 2.00% | 50,893 | 0.95% | N/A | 1.62% | |||||||||||||||||||||||||||||||||||||
9/30/16 | 10.30 | 0.14 | 0.00 | d | 0.14 | (0.21 | ) | - | (0.21 | ) | 10.23 | 1.49% | 87,598 | 0.95% | N/A | 1.42% | ||||||||||||||||||||||||||||||||||||
9/30/15 | 10.34 | 0.13 | 0.02 | 0.15 | (0.19 | ) | (0.00 | )d | (0.19 | ) | 10.30 | 1.44% | 75,507 | 0.95% | N/A | 1.28% | ||||||||||||||||||||||||||||||||||||
9/30/14 | 10.41 | 0.11 | (0.01 | ) | 0.10 | (0.17 | ) | - | (0.17 | ) | 10.34 | 0.88% | 77,196 | 1.00% | 0.93% | 1.06% | ||||||||||||||||||||||||||||||||||||
Class R4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/18 | $ | 10.36 | $ | 0.23 | $ | (0.11 | ) | $ | 0.12 | $ | (0.22 | ) | $ | - | $ | (0.22 | ) | $ | 10.26 | 1.21% | $ | 13,691 | 0.84% | N/A | 2.21% | |||||||||||||||||||||||||||
9/30/17 | 10.36 | 0.18 | 0.03 | 0.21 | (0.21 | ) | - | (0.21 | ) | 10.36 | 2.05% | 13,693 | 0.85% | N/A | 1.75% | |||||||||||||||||||||||||||||||||||||
9/30/16 | 10.45 | 0.16 | 0.00 | d | 0.16 | (0.25 | ) | - | (0.25 | ) | 10.36 | 1.59% | 9,446 | 0.85% | N/A | 1.53% | ||||||||||||||||||||||||||||||||||||
9/30/15 | 10.50 | 0.14 | 0.02 | 0.16 | (0.21 | ) | (0.00 | )d | (0.21 | ) | 10.45 | 1.57% | 5,881 | 0.85% | N/A | 1.39% | ||||||||||||||||||||||||||||||||||||
9/30/14gg | 10.45 | 0.06 | (0.01 | ) | 0.05 | - | - | - | 10.50 | 0.48% | b | 100 | 0.84% | a | N/A | 1.22% | a | |||||||||||||||||||||||||||||||||||
Class R3 |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/18 | $ | 10.30 | $ | 0.20 | $ | (0.10 | ) | $ | 0.10 | $ | (0.20 | ) | $ | - | $ | (0.20 | ) | $ | 10.20 | 0.97% | $ | 7,980 | 1.09% | N/A | 1.97% | |||||||||||||||||||||||||||
9/30/17 | 10.31 | 0.15 | 0.03 | 0.18 | (0.19 | ) | - | (0.19 | ) | 10.30 | 1.79% | 6,689 | 1.10% | N/A | 1.50% | |||||||||||||||||||||||||||||||||||||
9/30/16 | 10.42 | 0.13 | 0.00 | d | 0.13 | (0.24 | ) | - | (0.24 | ) | 10.31 | 1.27% | 3,661 | 1.10% | N/A | 1.29% | ||||||||||||||||||||||||||||||||||||
9/30/15 | 10.46 | 0.12 | 0.01 | 0.13 | (0.17 | ) | (0.00 | )d | (0.17 | ) | 10.42 | 1.27% | 1,561 | 1.10% | N/A | 1.15% | ||||||||||||||||||||||||||||||||||||
9/30/14 | 10.44 | 0.09 | (0.02 | ) | 0.07 | (0.05 | ) | - | (0.05 | ) | 10.46 | 0.72% | 618 | 1.23% | 1.16% | 0.82% |
199
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 waivers (including interest expense)p | Ratio of expenses to average daily net assets after expense waivers (including interest expense)j,p | Ratio of expenses to average daily net assets after expense waivers (excluding interest expense)j | Net investment income (loss) to average daily net assets (including interest expense)p | |||||||||||||||||||||||||||||||||||||||||||||||
Class I |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/18 | $ | 10.46 | $ | 0.34 | $ | (0.26 | ) | $ | 0.08 | $ | (0.30 | ) | $ | - | $ | (0.30 | ) | $ | 10.24 | 0.74% | $ | 133,153 | 1.74% | 1.71% | 0.45% | 3.33% | ||||||||||||||||||||||||||||||||||
9/30/17 | 10.79 | 0.23 | (0.27 | ) | (0.04 | ) | (0.29 | ) | - | (0.29 | ) | 10.46 | (0.32% | ) | 98,194 | 1.26% | 1.23% | 0.45% | 2.24% | |||||||||||||||||||||||||||||||||||||||||
9/30/16 | 10.19 | 0.13 | 0.59 | 0.72 | (0.12 | ) | - | (0.12 | ) | 10.79 | 7.16% | 122,515 | 0.91% | 0.90% | 0.46% | 1.23% | ||||||||||||||||||||||||||||||||||||||||||||
9/30/15 | 10.56 | 0.06 | (0.17 | ) | (0.11 | ) | (0.26 | ) | - | (0.26 | ) | 10.19 | (1.12% | ) | 153,421 | 0.67% | N/A | 0.47% | 0.56% | |||||||||||||||||||||||||||||||||||||||||
9/30/14 | 11.00 | 0.26 | (0.08 | ) | 0.18 | (0.26 | ) | (0.36 | ) | (0.62 | ) | 10.56 | 1.79% | 160,396 | 0.64% | 0.58% | 0.45% | 2.42% | ||||||||||||||||||||||||||||||||||||||||||
Class R5 |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/18 | $ | 10.46 | $ | 0.34 | $ | (0.27 | ) | $ | 0.07 | $ | (0.29 | ) | $ | - | $ | (0.29 | ) | $ | 10.24 | 0.63% | $ | 60,121 | 1.84% | 1.81% | 0.55% | 3.29% | ||||||||||||||||||||||||||||||||||
9/30/17 | 10.80 | 0.22 | (0.28 | ) | (0.06 | ) | (0.28 | ) | - | (0.28 | ) | 10.46 | (0.51% | ) | 60,155 | 1.36% | 1.33% | 0.55% | 2.07% | |||||||||||||||||||||||||||||||||||||||||
9/30/16 | 10.19 | 0.13 | 0.59 | 0.72 | (0.11 | ) | - | (0.11 | ) | 10.80 | 7.14% | 65,361 | 1.01% | 1.00% | 0.56% | 1.22% | ||||||||||||||||||||||||||||||||||||||||||||
9/30/15 | 10.56 | 0.05 | (0.18 | ) | (0.13 | ) | (0.24 | ) | - | (0.24 | ) | 10.19 | (1.22% | ) | 60,285 | 0.77% | N/A | 0.57% | 0.48% | |||||||||||||||||||||||||||||||||||||||||
9/30/14 | 10.99 | 0.24 | (0.07 | ) | 0.17 | (0.24 | ) | (0.36 | ) | (0.60 | ) | 10.56 | 1.62% | 57,910 | 0.75% | 0.69% | 0.56% | 2.30% | ||||||||||||||||||||||||||||||||||||||||||
Service Class |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/18 | $ | 10.42 | $ | 0.32 | $ | (0.27 | ) | $ | 0.05 | $ | (0.27 | ) | $ | - | $ | (0.27 | ) | $ | 10.20 | 0.51% | $ | 50,449 | 1.94% | 1.91% | 0.65% | 3.16% | ||||||||||||||||||||||||||||||||||
9/30/17 | 10.76 | 0.21 | (0.29 | ) | (0.08 | ) | (0.26 | ) | - | (0.26 | ) | 10.42 | (0.63% | ) | 57,719 | 1.46% | 1.43% | 0.65% | 2.00% | |||||||||||||||||||||||||||||||||||||||||
9/30/16 | 10.16 | 0.10 | 0.60 | 0.70 | (0.10 | ) | - | (0.10 | ) | 10.76 | 6.96% | 71,040 | 1.11% | 1.10% | 0.66% | 0.95% | ||||||||||||||||||||||||||||||||||||||||||||
9/30/15 | 10.52 | 0.04 | (0.17 | ) | (0.13 | ) | (0.23 | ) | - | (0.23 | ) | 10.16 | (1.23% | ) | 77,147 | 0.87% | N/A | 0.67% | 0.37% | |||||||||||||||||||||||||||||||||||||||||
9/30/14 | 10.96 | 0.23 | (0.08 | ) | 0.15 | (0.23 | ) | (0.36 | ) | (0.59 | ) | 10.52 | 1.54% | 77,120 | 0.85% | 0.79% | 0.66% | 2.16% |
Year ended September 30 | ||||||||||||||||||||
2018 | 2017 | 2016 | 2015 | 2014 | ||||||||||||||||
Portfolio turnover rate | 62 | % | 25 | % | 46 | % | 59 | % | 65 | % |
a | Annualized. |
b | Percentage represents the results for the period and is not annualized. |
c | Per share amount calculated on the average shares method. |
d | Amount is less than $0.005 per share. |
j | Computed after giving effect to an agreement by MML Advisers and/or MassMutual to waive certain fees and expenses of the Fund. |
l | Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges. |
m | Total return excludes sales charges, if any, and would be lower for the period presented if it reflected these charges. |
p | Interest expense incurred as a result of entering into reverse repurchase agreements and Treasury roll transactions is included in the Fund’s net expenses in the Statements of Operations. Income earned on investing proceeds from reverse repurchase agreements and Treasury roll transactions is included in interest income in the Statements of Operations. |
gg | For the period April 1, 2014 (commencement of operations) through September 30, 2014. |
The accompanying notes are an integral part of the financial statements.
200
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 waivers (including interest expense)p | Ratio of expenses to average daily net assets after expense waivers (including interest expense)j,p | Ratio of expenses to average daily net assets after expense waivers (excluding interest expense)j | Net investment income (loss) to average daily net assets (including interest expense)p | |||||||||||||||||||||||||||||||||||||||||||||||
Administrative Class |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/18 | $ | 10.53 | $ | 0.31 | $ | (0.28 | ) | $ | 0.03 | $ | (0.26 | ) | $ | - | $ | (0.26 | ) | $ | 10.30 | 0.31% | $ | 14,744 | 2.04% | 2.01% | 0.75% | 3.02% | ||||||||||||||||||||||||||||||||||
9/30/17 | 10.86 | 0.20 | (0.27 | ) | (0.07 | ) | (0.26 | ) | - | (0.26 | ) | 10.53 | (0.58% | ) | 14,519 | 1.56% | 1.53% | 0.75% | 1.94% | |||||||||||||||||||||||||||||||||||||||||
9/30/16 | 10.26 | 0.10 | 0.59 | 0.69 | (0.09 | ) | - | (0.09 | ) | 10.86 | 6.80% | 14,408 | 1.21% | 1.20% | 0.76% | 0.96% | ||||||||||||||||||||||||||||||||||||||||||||
9/30/15 | 10.62 | 0.04 | (0.17 | ) | (0.13 | )�� | (0.23 | ) | - | (0.23 | ) | 10.26 | (1.30% | ) | 11,859 | 0.97% | N/A | 0.77% | 0.36% | |||||||||||||||||||||||||||||||||||||||||
9/30/14 | 11.06 | 0.23 | (0.09 | ) | 0.14 | (0.22 | ) | (0.36 | ) | (0.58 | ) | 10.62 | 1.42% | 10,584 | 0.92% | 0.86% | 0.73% | 2.15% | ||||||||||||||||||||||||||||||||||||||||||
Class A |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/18 | $ | 10.27 | $ | 0.28 | $ | (0.26 | ) | $ | 0.02 | $ | (0.24 | ) | $ | - | $ | (0.24 | ) | $ | 10.05 | 0.16% | $ | 20,582 | 2.29% | 2.26% | 1.00% | 2.80% | ||||||||||||||||||||||||||||||||||
9/30/17 | 10.60 | 0.17 | (0.27 | ) | (0.10 | ) | (0.23 | ) | - | (0.23 | ) | 10.27 | (0.92% | ) | 22,180 | 1.81% | 1.78% | 1.00% | 1.67% | |||||||||||||||||||||||||||||||||||||||||
9/30/16 | 10.00 | 0.08 | 0.58 | 0.66 | (0.06 | ) | - | (0.06 | ) | 10.60 | 6.65% | 23,476 | 1.46% | 1.45% | 1.01% | 0.76% | ||||||||||||||||||||||||||||||||||||||||||||
9/30/15 | 10.36 | (0.00 | )d | (0.16 | ) | (0.16 | ) | (0.20 | ) | - | (0.20 | ) | 10.00 | (1.58% | ) | 22,320 | 1.22% | N/A | 1.02% | (0.02% | ) | |||||||||||||||||||||||||||||||||||||||
9/30/14 | 10.80 | 0.19 | (0.08 | ) | 0.11 | (0.19 | ) | (0.36 | ) | (0.55 | ) | 10.36 | 1.16% | 26,054 | 1.18% | 1.11% | 0.98% | 1.79% | ||||||||||||||||||||||||||||||||||||||||||
Class R4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/18 | $ | 10.22 | $ | 0.29 | $ | (0.26 | ) | $ | 0.03 | $ | (0.25 | ) | $ | - | $ | (0.25 | ) | $ | 10.00 | 0.31% | $ | 6,840 | 2.19% | 2.16% | 0.90% | 2.87% | ||||||||||||||||||||||||||||||||||
9/30/17 | 10.57 | 0.18 | (0.28 | ) | (0.10 | ) | (0.25 | ) | - | (0.25 | ) | 10.22 | (0.84% | ) | 6,231 | 1.71% | 1.68% | 0.90% | 1.78% | |||||||||||||||||||||||||||||||||||||||||
9/30/16 | 10.00 | 0.12 | 0.55 | 0.67 | (0.10 | ) | - | (0.10 | ) | 10.57 | 6.77% | 5,352 | 1.36% | 1.35% | 0.91% | 1.21% | ||||||||||||||||||||||||||||||||||||||||||||
9/30/15 | 10.37 | 0.14 | (0.29 | ) | (0.15 | ) | (0.22 | ) | - | (0.22 | ) | 10.00 | (1.47% | ) | 996 | 1.12% | N/A | 0.92% | 1.42% | |||||||||||||||||||||||||||||||||||||||||
9/30/14gg | 10.22 | 0.16 | (0.01 | ) | 0.15 | - | - | - | 10.37 | 1.47% | b | 101 | 1.03% | a | N/A | 0.90% | a | 3.03% | a | |||||||||||||||||||||||||||||||||||||||||
Class R3 |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/18 | $ | 10.22 | $ | 0.27 | $ | (0.27 | ) | $ | 0.00 | d | $ | (0.23 | ) | $ | - | $ | (0.23 | ) | $ | 9.99 | 0.03% | $ | 4,569 | 2.44% | 2.41% | 1.15% | 2.69% | |||||||||||||||||||||||||||||||||
9/30/17 | 10.57 | 0.16 | (0.27 | ) | (0.11 | ) | (0.24 | ) | - | (0.24 | ) | 10.22 | (1.00% | ) | 4,686 | 1.97% | 1.94% | 1.16% | 1.54% | |||||||||||||||||||||||||||||||||||||||||
9/30/16 | 10.01 | 0.15 | 0.48 | 0.63 | (0.07 | ) | - | (0.07 | ) | 10.57 | 6.37% | 2,792 | 1.61% | 1.60% | 1.16% | 1.46% | ||||||||||||||||||||||||||||||||||||||||||||
9/30/15 | 10.37 | (0.03 | ) | (0.15 | ) | (0.18 | ) | (0.18 | ) | - | (0.18 | ) | 10.01 | (1.76% | ) | 386 | 1.37% | N/A | 1.17% | (0.30% | ) | |||||||||||||||||||||||||||||||||||||||
9/30/14 | 10.82 | 0.17 | (0.09 | ) | 0.08 | (0.17 | ) | (0.36 | ) | (0.53 | ) | 10.37 | 0.93% | 1,593 | 1.40% | 1.33% | 1.20% | 1.66% |
201
MassMutual Premier Core Bond Fund – Financial Statements (Continued)
Financial Highlights (For a share outstanding throughout each period)
Income (loss) from investment operations | Less distributions to shareholders | Ratios / Supplemental Data | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value, beginning of the period | Net investment income (loss)c,j | Net realized and unrealized gain (loss) on investments | Total income (loss) from investment operations | From net investment income | From net realized gains | Total distributions | Net asset value, end of the period | Total returnl,m | Net assets, end of the period (000’s) | Ratio of expenses to average daily net assets before expense waivers | Ratio of expenses to average daily net assets after expense waiversj | Net investment income (loss) to average daily net assets | ||||||||||||||||||||||||||||||||||||||||
Class I |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/18 | $ | 11.04 | $ | 0.34 | $ | (0.39 | ) | $ | (0.05 | ) | $ | (0.33 | ) | $ | - | $ | (0.33 | ) | $ | 10.66 | (0.46% | ) | $ | 695,501 | 0.42% | N/A | 3.19% | |||||||||||||||||||||||||
9/30/17 | 11.26 | 0.29 | (0.15 | ) | 0.14 | (0.36 | ) | - | (0.36 | ) | 11.04 | 1.41% | 546,975 | 0.42% | N/A | 2.70% | ||||||||||||||||||||||||||||||||||||
9/30/16 | 11.27 | 0.29 | 0.19 | 0.48 | (0.34 | ) | (0.15 | ) | (0.49 | ) | 11.26 | 4.54% | 501,737 | 0.42% | N/A | 2.59% | ||||||||||||||||||||||||||||||||||||
9/30/15 | 11.43 | 0.30 | (0.11 | ) | 0.19 | (0.30 | ) | (0.05 | ) | (0.35 | ) | 11.27 | 1.67% | 677,427 | 0.42% | N/A | 2.61% | |||||||||||||||||||||||||||||||||||
9/30/14 | 11.27 | 0.29 | 0.25 | 0.54 | (0.38 | ) | - | (0.38 | ) | 11.43 | 4.92% | 620,248 | 0.49% | 0.40% | 2.59% | |||||||||||||||||||||||||||||||||||||
Class R5 |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/18 | $ | 11.07 | $ | 0.33 | $ | (0.39 | ) | $ | (0.06 | ) | $ | (0.32 | ) | $ | - | $ | (0.32 | ) | $ | 10.69 | (0.57% | ) | $ | 294,370 | 0.52% | N/A | 3.07% | |||||||||||||||||||||||||
9/30/17 | 11.29 | 0.28 | (0.15 | ) | 0.13 | (0.35 | ) | - | (0.35 | ) | 11.07 | 1.30% | 358,319 | 0.52% | N/A | 2.58% | ||||||||||||||||||||||||||||||||||||
9/30/16 | 11.30 | 0.28 | 0.19 | 0.47 | (0.33 | ) | (0.15 | ) | (0.48 | ) | 11.29 | 4.40% | 408,472 | 0.52% | N/A | 2.49% | ||||||||||||||||||||||||||||||||||||
9/30/15 | 11.45 | 0.29 | (0.11 | ) | 0.18 | (0.28 | ) | (0.05 | ) | (0.33 | ) | 11.30 | 1.63% | 489,222 | 0.52% | N/A | 2.51% | |||||||||||||||||||||||||||||||||||
9/30/14 | 11.27 | 0.27 | 0.26 | 0.53 | (0.35 | ) | - | (0.35 | ) | 11.45 | 4.72% | 511,202 | 0.64% | 0.55% | 2.43% | |||||||||||||||||||||||||||||||||||||
Service Class |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/18 | $ | 11.01 | $ | 0.32 | $ | (0.39 | ) | $ | (0.07 | ) | $ | (0.31 | ) | $ | - | $ | (0.31 | ) | $ | 10.63 | (0.66% | ) | $ | 101,502 | 0.62% | N/A | 2.98% | |||||||||||||||||||||||||
9/30/17 | 11.22 | 0.27 | (0.15 | ) | 0.12 | (0.33 | ) | - | (0.33 | ) | 11.01 | 1.24% | 100,903 | 0.62% | N/A | 2.51% | ||||||||||||||||||||||||||||||||||||
9/30/16 | 11.23 | 0.26 | 0.20 | 0.46 | (0.32 | ) | (0.15 | ) | (0.47 | ) | 11.22 | 4.34% | 91,885 | 0.62% | N/A | 2.40% | ||||||||||||||||||||||||||||||||||||
9/30/15 | 11.38 | 0.27 | (0.10 | ) | 0.17 | (0.27 | ) | (0.05 | ) | (0.32 | ) | 11.23 | 1.49% | 130,923 | 0.62% | N/A | 2.40% | |||||||||||||||||||||||||||||||||||
9/30/14 | 11.22 | 0.27 | 0.24 | 0.51 | (0.35 | ) | - | (0.35 | ) | 11.38 | 4.65% | 166,094 | 0.71% | 0.63% | 2.36% |
Year ended September 30 | ||||||||||||||||||||
2018 | 2017 | 2016 | 2015 | 2014 | ||||||||||||||||
Portfolio turnover rate | 140 | % | 213 | % | 330 | % | 361 | % | 361 | % |
a | Annualized. |
b | Percentage represents the results for the period and is not annualized. |
c | Per share amount calculated on the average shares method. |
j | Computed after giving effect to an agreement by MML Advisers and/or MassMutual to waive certain fees and expenses of the Fund. |
l | Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges. |
m | Total return excludes sales charges, if any, and would be lower for the period presented if it reflected these charges. |
gg | For the period April 1, 2014 (commencement of operations) through September 30, 2014. |
The accompanying notes are an integral part of the financial statements.
202
Income (loss) from investment operations | Less distributions to shareholders | Ratios / Supplemental Data | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value, beginning of the period | Net investment income (loss)c,j | Net realized and unrealized gain (loss) on investments | Total income (loss) from investment operations | From net investment income | From net realized gains | Total distributions | Net asset value, end of the period | Total returnl,m | Net assets, end of the period (000’s) | Ratio of expenses to average daily net assets before expense waivers | Ratio of expenses to average daily net assets after expense waiversj | Net investment income (loss) to average daily net assets | ||||||||||||||||||||||||||||||||||||||||
Administrative Class |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/18 | $ | 10.92 | $ | 0.31 | $ | (0.38 | ) | $ | (0.07 | ) | $ | (0.30 | ) | $ | - | $ | (0.30 | ) | $ | 10.55 | (0.70% | ) | $ | 69,478 | 0.72% | N/A | 2.88% | |||||||||||||||||||||||||
9/30/17 | 11.14 | 0.26 | (0.15 | ) | 0.11 | (0.33 | ) | - | (0.33 | ) | 10.92 | 1.11% | 71,425 | 0.72% | N/A | 2.38% | ||||||||||||||||||||||||||||||||||||
9/30/16 | 11.16 | 0.25 | 0.19 | 0.44 | (0.31 | ) | (0.15 | ) | (0.46 | ) | 11.14 | 4.19% | 85,249 | 0.72% | N/A | 2.29% | ||||||||||||||||||||||||||||||||||||
9/30/15 | 11.32 | 0.26 | (0.10 | ) | 0.16 | (0.27 | ) | (0.05 | ) | (0.32 | ) | 11.16 | 1.38% | 84,709 | 0.72% | N/A | 2.31% | |||||||||||||||||||||||||||||||||||
9/30/14 | 11.16 | 0.25 | 0.25 | 0.50 | (0.34 | ) | - | (0.34 | ) | 11.32 | 4.60% | 70,975 | 0.81% | 0.71% | 2.27% | |||||||||||||||||||||||||||||||||||||
Class A |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/18 | $ | 10.82 | $ | 0.28 | $ | (0.38 | ) | $ | (0.10 | ) | $ | (0.27 | ) | $ | - | $ | (0.27 | ) | $ | 10.45 | (1.00% | ) | $ | 106,562 | 0.97% | N/A | 2.63% | |||||||||||||||||||||||||
9/30/17 | 11.03 | 0.23 | (0.15 | ) | 0.08 | (0.29 | ) | - | (0.29 | ) | 10.82 | 0.87% | 114,317 | 0.97% | N/A | 2.13% | ||||||||||||||||||||||||||||||||||||
9/30/16 | 11.04 | 0.22 | 0.20 | 0.42 | (0.28 | ) | (0.15 | ) | (0.43 | ) | 11.03 | 4.01% | 150,014 | 0.97% | N/A | 2.04% | ||||||||||||||||||||||||||||||||||||
9/30/15 | 11.20 | 0.23 | (0.10 | ) | 0.13 | (0.24 | ) | (0.05 | ) | (0.29 | ) | 11.04 | 1.12% | 166,649 | 0.97% | N/A | 2.06% | |||||||||||||||||||||||||||||||||||
9/30/14 | 11.04 | 0.22 | 0.25 | 0.47 | (0.31 | ) | - | (0.31 | ) | 11.20 | 4.25% | 174,618 | 1.05% | 0.96% | 2.02% | |||||||||||||||||||||||||||||||||||||
Class R4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/18 | $ | 10.78 | $ | 0.29 | $ | (0.39 | ) | $ | (0.10 | ) | $ | (0.29 | ) | $ | - | $ | (0.29 | ) | $ | 10.39 | (0.97% | ) | $ | 10,624 | 0.87% | N/A | 2.72% | |||||||||||||||||||||||||
9/30/17 | 11.00 | 0.24 | (0.14 | ) | 0.10 | (0.32 | ) | - | (0.32 | ) | 10.78 | 1.03% | 14,811 | 0.87% | N/A | 2.23% | ||||||||||||||||||||||||||||||||||||
9/30/16 | 11.03 | 0.23 | 0.19 | 0.42 | (0.30 | ) | (0.15 | ) | (0.45 | ) | 11.00 | 4.09% | 14,906 | 0.87% | N/A | 2.14% | ||||||||||||||||||||||||||||||||||||
9/30/15 | 11.20 | 0.25 | (0.11 | ) | 0.14 | (0.26 | ) | (0.05 | ) | (0.31 | ) | 11.03 | 1.28% | 8,960 | 0.87% | N/A | 2.21% | |||||||||||||||||||||||||||||||||||
9/30/14gg | 10.95 | 0.12 | 0.13 | 0.25 | - | - | - | 11.20 | 2.28% | b | 102 | 0.86% | a | N/A | 2.08% | a | ||||||||||||||||||||||||||||||||||||
Class R3 |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/18 | $ | 11.02 | $ | 0.27 | $ | (0.39 | ) | $ | (0.12 | ) | $ | (0.23 | ) | $ | - | $ | (0.23 | ) | $ | 10.67 | (1.13% | ) | $ | 803 | 1.12% | N/A | 2.49% | |||||||||||||||||||||||||
9/30/17 | 11.25 | 0.22 | (0.16 | ) | 0.06 | (0.29 | ) | - | (0.29 | ) | 11.02 | 0.64% | 828 | 1.12% | N/A | 1.99% | ||||||||||||||||||||||||||||||||||||
9/30/16 | 11.25 | 0.21 | 0.20 | 0.41 | (0.26 | ) | (0.15 | ) | (0.41 | ) | 11.25 | 3.89% | 783 | 1.12% | N/A | 1.89% | ||||||||||||||||||||||||||||||||||||
9/30/15 | 11.40 | 0.22 | (0.10 | ) | 0.12 | (0.22 | ) | (0.05 | ) | (0.27 | ) | 11.25 | 1.02% | 625 | 1.12% | N/A | 1.90% | |||||||||||||||||||||||||||||||||||
9/30/14 | 11.20 | 0.20 | 0.24 | 0.44 | (0.24 | ) | - | (0.24 | ) | 11.40 | 4.02% | 1,231 | 1.29% | 1.20% | 1.78% |
203
MassMutual Premier Diversified Bond Fund – Financial Statements (Continued)
Financial Highlights (For a share outstanding throughout each period)
Income (loss) from investment operations | Less distributions to shareholders | Ratios / Supplemental Data | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value, beginning of the period | Net investment income (loss)c,j | Net realized and unrealized gain (loss) on investments | Total income (loss) from investment operations | From net investment income | From net realized gains | Total distributions | Net asset value, end of the period | Total returnl,m | Net assets, end of the period (000’s) | Ratio of expenses to average daily net assets before expense waivers | Ratio of expenses to average daily net assets after expense waiversj | Net investment income (loss) to average daily net assets | ||||||||||||||||||||||||||||||||||||||||
Class I |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/18 | $ | 10.97 | $ | 0.35 | $ | (0.41 | ) | $ | (0.06 | ) | $ | (0.32 | ) | $ | - | $ | (0.32 | ) | $ | 10.59 | (0.55% | ) | $ | 21,746 | 0.50% | 0.50% | n | 3.33% | ||||||||||||||||||||||||
9/30/17 | 11.01 | 0.31 | (0.09 | ) | 0.22 | (0.26 | ) | - | (0.26 | ) | 10.97 | 2.16% | 27,548 | 0.51% | 0.51% | n | 2.87% | |||||||||||||||||||||||||||||||||||
9/30/16 | 10.73 | 0.28 | 0.31 | 0.59 | (0.26 | ) | (0.05 | ) | (0.31 | ) | 11.01 | 5.71% | 20,147 | 0.53% | 0.52% | 2.60% | ||||||||||||||||||||||||||||||||||||
9/30/15 | 10.88 | 0.28 | (0.19 | ) | 0.09 | (0.23 | ) | (0.01 | ) | (0.24 | ) | 10.73 | 0.81% | 15,756 | 0.56% | 0.52% | 2.54% | |||||||||||||||||||||||||||||||||||
9/30/14 | 10.61 | 0.29 | 0.30 | 0.59 | (0.31 | ) | (0.01 | ) | (0.32 | ) | 10.88 | 5.75% | 5,659 | 0.59% | 0.51% | 2.68% | ||||||||||||||||||||||||||||||||||||
Class R5 |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/18 | $ | 10.16 | $ | 0.32 | $ | (0.39 | ) | $ | (0.07 | ) | $ | (0.31 | ) | $ | - | $ | (0.31 | ) | $ | 9.78 | (0.69% | ) | $ | 98,402 | 0.60% | 0.60% | n | 3.24% | ||||||||||||||||||||||||
9/30/17 | 10.22 | 0.28 | (0.09 | ) | 0.19 | (0.25 | ) | - | (0.25 | ) | 10.16 | 2.02% | 88,740 | 0.61% | 0.61% | n | 2.76% | |||||||||||||||||||||||||||||||||||
9/30/16 | 9.98 | 0.25 | 0.29 | 0.54 | (0.25 | ) | (0.05 | ) | (0.30 | ) | 10.22 | 5.63% | 77,693 | 0.63% | 0.62% | 2.50% | ||||||||||||||||||||||||||||||||||||
9/30/15 | 10.14 | 0.24 | (0.17 | ) | 0.07 | (0.22 | ) | (0.01 | ) | (0.23 | ) | 9.98 | 0.66% | 65,209 | 0.66% | 0.62% | 2.41% | |||||||||||||||||||||||||||||||||||
9/30/14 | 9.90 | 0.26 | 0.28 | 0.54 | (0.29 | ) | (0.01 | ) | (0.30 | ) | 10.14 | 5.49% | 68,204 | 0.69% | 0.59% | 2.59% | ||||||||||||||||||||||||||||||||||||
Service Class |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/18 | $ | 10.28 | $ | 0.31 | $ | (0.38 | ) | $ | (0.07 | ) | $ | (0.30 | ) | $ | - | $ | (0.30 | ) | $ | 9.91 | (0.69% | ) | $ | 18,946 | 0.70% | 0.70% | n | 3.14% | ||||||||||||||||||||||||
9/30/17 | 10.34 | 0.27 | (0.09 | ) | 0.18 | (0.24 | ) | - | (0.24 | ) | 10.28 | 1.89% | 16,047 | 0.71% | 0.71% | n | 2.65% | |||||||||||||||||||||||||||||||||||
9/30/16 | 10.09 | 0.24 | 0.30 | 0.54 | (0.24 | ) | (0.05 | ) | (0.29 | ) | 10.34 | 5.53% | 16,990 | 0.73% | 0.72% | 2.39% | ||||||||||||||||||||||||||||||||||||
9/30/15 | 10.24 | 0.24 | (0.17 | ) | 0.07 | (0.21 | ) | (0.01 | ) | (0.22 | ) | 10.09 | 0.59% | 20,226 | 0.76% | 0.72% | 2.32% | |||||||||||||||||||||||||||||||||||
9/30/14 | 10.00 | 0.25 | 0.28 | 0.53 | (0.28 | ) | (0.01 | ) | (0.29 | ) | 10.24 | 5.37% | 15,644 | 0.79% | 0.69% | 2.51% |
Year ended September 30 | ||||||||||||||||||||
2018 | 2017 | 2016 | 2015 | 2014 | ||||||||||||||||
Portfolio turnover rate | 142 | % | 207 | % | 314 | % | 362 | % | 382 | % |
a | Annualized. |
b | Percentage represents the results for the period and is not annualized. |
c | Per share amount calculated on the average shares method. |
j | Computed after giving effect to an agreement by MML Advisers and/or MassMutual to waive certain fees and expenses of the Fund. |
l | Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges. |
m | Total return excludes sales charges, if any, and would be lower for the period presented if it reflected these charges. |
n | Expenses incurred during the period fell under the expense cap. |
gg | For the period April 1, 2014 (commencement of operations) through September 30, 2014. |
The accompanying notes are an integral part of the financial statements.
204
Income (loss) from investment operations | Less distributions to shareholders | Ratios / Supplemental Data | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value, beginning of the period | Net investment income (loss)c,j | Net realized and unrealized gain (loss) on investments | Total income (loss) from investment operations | From net investment income | From net realized gains | Total distributions | Net asset value, end of the period | Total returnl,m | Net assets, end of the period (000’s) | Ratio of expenses to average daily net assets before expense waivers | Ratio of expenses to average daily net assets after expense waiversj | Net investment income (loss) to average daily net assets | ||||||||||||||||||||||||||||||||||||||||
Administrative Class |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/18 | $ | 10.25 | $ | 0.30 | $ | (0.38 | ) | $ | (0.08 | ) | $ | (0.29 | ) | $ | - | $ | (0.29 | ) | $ | 9.88 | (0.83% | ) | $ | 27,039 | 0.80% | 0.80% | n | 3.03% | ||||||||||||||||||||||||
9/30/17 | 10.31 | 0.26 | (0.09 | ) | 0.17 | (0.23 | ) | - | (0.23 | ) | 10.25 | 1.78% | 26,601 | 0.81% | 0.81% | n | 2.54% | |||||||||||||||||||||||||||||||||||
9/30/16 | 10.07 | 0.23 | 0.29 | 0.52 | (0.23 | ) | (0.05 | ) | (0.28 | ) | 10.31 | 5.38% | 34,731 | 0.83% | 0.82% | 2.29% | ||||||||||||||||||||||||||||||||||||
9/30/15 | 10.22 | 0.23 | (0.17 | ) | 0.06 | (0.20 | ) | (0.01 | ) | (0.21 | ) | 10.07 | 0.54% | 35,581 | 0.86% | 0.82% | 2.22% | |||||||||||||||||||||||||||||||||||
9/30/14 | 9.99 | 0.24 | 0.28 | 0.52 | (0.28 | ) | (0.01 | ) | (0.29 | ) | 10.22 | 5.26% | 22,159 | 0.89% | 0.79% | 2.41% | ||||||||||||||||||||||||||||||||||||
Class A |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/18 | $ | 10.23 | $ | 0.28 | $ | (0.40 | ) | $ | (0.12 | ) | $ | (0.26 | ) | $ | - | $ | (0.26 | ) | $ | 9.85 | (1.17% | ) | $ | 32,456 | 1.05% | 1.05% | n | 2.78% | ||||||||||||||||||||||||
9/30/17 | 10.28 | 0.23 | (0.07 | ) | 0.16 | (0.21 | ) | - | (0.21 | ) | 10.23 | 1.63% | 34,137 | 1.06% | 1.06% | n | 2.30% | |||||||||||||||||||||||||||||||||||
9/30/16 | 10.04 | 0.20 | 0.29 | 0.49 | (0.20 | ) | (0.05 | ) | (0.25 | ) | 10.28 | 5.06% | 37,243 | 1.08% | 1.07% | 2.04% | ||||||||||||||||||||||||||||||||||||
9/30/15 | 10.17 | 0.20 | (0.16 | ) | 0.04 | (0.16 | ) | (0.01 | ) | (0.17 | ) | 10.04 | 0.21% | 36,941 | 1.11% | 1.07% | 1.96% | |||||||||||||||||||||||||||||||||||
9/30/14 | 9.94 | 0.22 | 0.27 | 0.49 | (0.25 | ) | (0.01 | ) | (0.26 | ) | 10.17 | 5.04% | 34,703 | 1.16% | 1.06% | 2.15% | ||||||||||||||||||||||||||||||||||||
Class R4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/18 | $ | 10.16 | $ | 0.28 | $ | (0.38 | ) | $ | (0.10 | ) | $ | (0.28 | ) | $ | - | $ | (0.28 | ) | $ | 9.78 | (1.01% | ) | $ | 4,730 | 0.95% | 0.95% | n | 2.87% | ||||||||||||||||||||||||
9/30/17 | 10.22 | 0.24 | (0.07 | ) | 0.17 | (0.23 | ) | - | (0.23 | ) | 10.16 | 1.77% | 5,032 | 0.96% | 0.96% | n | 2.41% | |||||||||||||||||||||||||||||||||||
9/30/16 | 10.01 | 0.21 | 0.29 | 0.50 | (0.24 | ) | (0.05 | ) | (0.29 | ) | 10.22 | 5.18% | 3,765 | 0.98% | 0.97% | 2.15% | ||||||||||||||||||||||||||||||||||||
9/30/15 | 10.18 | 0.22 | (0.18 | ) | 0.04 | (0.20 | ) | (0.01 | ) | (0.21 | ) | 10.01 | 0.34% | 2,959 | 1.01% | 0.97% | 2.17% | |||||||||||||||||||||||||||||||||||
9/30/14gg | 9.93 | 0.11 | 0.14 | 0.25 | - | - | - | 10.18 | 2.52% | b | 102 | 1.00% | a | 0.97% | a | 2.12% | a | |||||||||||||||||||||||||||||||||||
Class R3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/18 | $ | 10.10 | $ | 0.26 | $ | (0.38 | ) | $ | (0.12 | ) | $ | (0.26 | ) | $ | - | $ | (0.26 | ) | $ | 9.72 | (1.24% | ) | $ | 4,530 | 1.20% | 1.20% | n | 2.64% | ||||||||||||||||||||||||
9/30/17 | 10.19 | 0.22 | (0.09 | ) | 0.13 | (0.22 | ) | - | (0.22 | ) | 10.10 | 1.41% | 3,869 | 1.21% | 1.21% | n | 2.18% | |||||||||||||||||||||||||||||||||||
9/30/16 | 9.99 | 0.19 | 0.29 | 0.48 | (0.23 | ) | (0.05 | ) | (0.28 | ) | 10.19 | 4.94% | 2,592 | 1.23% | 1.22% | 1.95% | ||||||||||||||||||||||||||||||||||||
9/30/15 | 10.16 | 0.19 | (0.17 | ) | 0.02 | (0.18 | ) | (0.01 | ) | (0.19 | ) | 9.99 | 0.15% | 412 | 1.26% | 1.22% | 1.84% | |||||||||||||||||||||||||||||||||||
9/30/14gg | 9.93 | 0.09 | 0.14 | 0.23 | - | - | - | 10.16 | 2.32% | b | 102 | 1.25% | a | 1.22% | a | 1.87% | a |
205
MassMutual Premier High Yield Fund – Financial Statements (Continued)
Financial Highlights (For a share outstanding throughout each period)
Income (loss) from investment operations | Less distributions to shareholders | Ratios / Supplemental Data | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value, beginning of the period | Net investment income (loss)c,j | Net realized and unrealized gain (loss) on investments | Total income (loss) from investment operations | From net investment income | From net realized gains | Total distributions | Net asset value, end of the period | Total returnl,m | Net assets, end of the period (000’s) | Ratio of expenses to average daily net assets before expense waivers | Ratio of expenses to average daily net assets after expense waiversj | Net investment income (loss) to average daily net assets | ||||||||||||||||||||||||||||||||||||||||
Class I |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/18 | $ | 9.62 | $ | 0.58 | $ | (0.33 | ) | $ | 0.25 | $ | (0.60 | ) | $ | - | $ | (0.60 | ) | $ | 9.27 | 2.78% | $ | 382,927 | 0.54% | 0.54% | n | 6.32% | ||||||||||||||||||||||||||
9/30/17 | 9.29 | 0.62 | 0.28 | 0.90 | (0.57 | ) | - | (0.57 | ) | 9.62 | 10.22% | 242,645 | 0.54% | 0.54%n | 6.63% | |||||||||||||||||||||||||||||||||||||
9/30/16 | 8.98 | 0.62 | 0.28 | 0.90 | (0.59 | ) | - | (0.59 | ) | 9.29 | 10.86% | 220,759 | 0.57% | 0.55% | 7.05% | |||||||||||||||||||||||||||||||||||||
9/30/15 | 10.16 | 0.61 | (0.86 | ) | (0.25 | ) | (0.69 | ) | (0.24 | ) | (0.93 | ) | 8.98 | (2.27% | ) | 106,575 | 0.58% | 0.55% | 6.47% | |||||||||||||||||||||||||||||||||
9/30/14 | 10.07 | 0.68 | 0.25 | 0.93 | (0.67 | ) | (0.17 | ) | (0.84 | ) | 10.16 | 9.79% | 105,460 | 0.57% | 0.52% | 6.68% | ||||||||||||||||||||||||||||||||||||
Class R5 |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/18 | $ | 9.66 | $ | 0.57 | $ | (0.33 | ) | $ | 0.24 | $ | (0.59 | ) | $ | - | $ | (0.59 | ) | $ | 9.31 | 2.65% | $ | 43,613 | 0.64% | 0.64% | n | 6.20% | ||||||||||||||||||||||||||
9/30/17 | 9.33 | 0.61 | 0.28 | 0.89 | (0.56 | ) | - | (0.56 | ) | 9.66 | 10.08% | 55,628 | 0.64% | 0.64%n | 6.54% | |||||||||||||||||||||||||||||||||||||
9/30/16 | 9.02 | 0.61 | 0.28 | 0.89 | (0.58 | ) | - | (0.58 | ) | 9.33 | 10.68% | 45,867 | 0.67% | 0.65% | 6.93% | |||||||||||||||||||||||||||||||||||||
9/30/15 | 10.19 | 0.60 | (0.85 | ) | (0.25 | ) | (0.68 | ) | (0.24 | ) | (0.92 | ) | 9.02 | (2.28% | ) | 41,616 | 0.68% | 0.65% | 6.38% | |||||||||||||||||||||||||||||||||
9/30/14 | 10.09 | 0.66 | 0.26 | 0.92 | (0.65 | ) | (0.17 | ) | (0.82 | ) | 10.19 | 9.63% | 39,737 | 0.72% | 0.67% | 6.52% | ||||||||||||||||||||||||||||||||||||
Service Class |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/18 | $ | 9.66 | $ | 0.56 | $ | (0.33 | ) | $ | 0.23 | $ | (0.58 | ) | $ | - | $ | (0.58 | ) | $ | 9.31 | 2.55% | $ | 45,296 | 0.74% | 0.74% | n | 6.11% | ||||||||||||||||||||||||||
9/30/17 | 9.33 | 0.60 | 0.28 | 0.88 | (0.55 | ) | - | (0.55 | ) | 9.66 | 9.93% | 49,581 | 0.74% | 0.74%n | 6.45% | |||||||||||||||||||||||||||||||||||||
9/30/16 | 9.01 | 0.60 | 0.29 | 0.89 | (0.57 | ) | - | (0.57 | ) | 9.33 | 10.70% | 59,787 | 0.77% | 0.75% | 6.83% | |||||||||||||||||||||||||||||||||||||
9/30/15 | 10.18 | 0.59 | (0.86 | ) | (0.27 | ) | (0.66 | ) | (0.24 | ) | (0.90 | ) | 9.01 | (2.40% | ) | 62,734 | 0.78% | 0.75% | 6.27% | |||||||||||||||||||||||||||||||||
9/30/14 | 10.09 | 0.65 | 0.26 | 0.91 | (0.65 | ) | (0.17 | ) | (0.82 | ) | 10.18 | 9.46% | 61,150 | 0.80% | 0.75% | 6.45% |
Year ended September 30 | ||||||||||||||||||||
2018 | 2017 | 2016 | 2015 | 2014 | ||||||||||||||||
Portfolio turnover rate | 38 | % | 70 | % | 50 | % | 76 | % | 80 | % |
a | Annualized. |
b | Percentage represents the results for the period and is not annualized. |
c | Per share amount calculated on the average shares method. |
j | Computed after giving effect to an agreement by MML Advisers and/or MassMutual to waive certain fees and expenses of the Fund. |
l | Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges. |
m | Total return excludes sales charges, if any, and would be lower for the period presented if it reflected these charges. |
n | Expenses incurred during the period fell under the expense cap. |
gg | For the period April 1, 2014 (commencement of operations) through September 30, 2014. |
The accompanying notes are an integral part of the financial statements.
206
Income (loss) from investment operations | Less distributions to shareholders | Ratios / Supplemental Data | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value, beginning of the period | Net investment income (loss)c,j | Net realized and unrealized gain (loss) on investments | Total income (loss) from investment operations | From net investment income | From net realized gains | Total distributions | Net asset value, end of the period | Total returnl,m | Net assets, end of the period (000’s) | Ratio of expenses to average daily net assets before expense waivers | Ratio of expenses to average daily net assets after expense waiversj | Net investment income (loss) to average daily net assets | ||||||||||||||||||||||||||||||||||||||||
Administrative Class |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/18 | $ | 9.51 | $ | 0.55 | $ | (0.33 | ) | $ | 0.22 | $ | (0.57 | ) | $ | - | $ | (0.57 | ) | $ | 9.16 | 2.49% | $ | 31,250 | 0.84% | 0.84% | n | 6.01% | ||||||||||||||||||||||||||
9/30/17 | 9.20 | 0.58 | 0.28 | 0.86 | (0.55 | ) | - | (0.55 | ) | 9.51 | 9.79% | 32,889 | 0.84% | 0.84%n | 6.34% | |||||||||||||||||||||||||||||||||||||
9/30/16 | 8.89 | 0.58 | 0.29 | 0.87 | (0.56 | ) | - | (0.56 | ) | 9.20 | 10.63% | 28,948 | 0.87% | 0.85% | 6.74% | |||||||||||||||||||||||||||||||||||||
9/30/15 | 10.07 | 0.57 | (0.85 | ) | (0.28 | ) | (0.66 | ) | (0.24 | ) | (0.90 | ) | 8.89 | (2.58% | ) | 24,221 | 0.88% | 0.85% | 6.18% | |||||||||||||||||||||||||||||||||
9/30/14 | 9.99 | 0.64 | 0.25 | 0.89 | (0.64 | ) | (0.17 | ) | (0.81 | ) | 10.07 | 9.37% | 22,802 | 0.92% | 0.87% | 6.33% | ||||||||||||||||||||||||||||||||||||
Class A |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/18 | $ | 9.49 | $ | 0.52 | $ | (0.33 | ) | $ | 0.19 | $ | (0.55 | ) | $ | - | $ | (0.55 | ) | $ | 9.13 | 2.10% | $ | 27,393 | 1.09% | 1.09% | n | 5.76% | ||||||||||||||||||||||||||
9/30/17 | 9.17 | 0.56 | 0.28 | 0.84 | (0.52 | ) | - | (0.52 | ) | 9.49 | 9.63% | 29,357 | 1.09% | 1.09%n | 6.09% | |||||||||||||||||||||||||||||||||||||
9/30/16 | 8.86 | 0.56 | 0.29 | 0.85 | (0.54 | ) | - | (0.54 | ) | 9.17 | 10.31% | 29,055 | 1.12% | 1.10% | 6.49% | |||||||||||||||||||||||||||||||||||||
9/30/15 | 10.02 | 0.55 | (0.85 | ) | (0.30 | ) | (0.62 | ) | (0.24 | ) | (0.86 | ) | 8.86 | (2.78% | ) | 28,572 | 1.13% | 1.10% | 5.93% | |||||||||||||||||||||||||||||||||
9/30/14 | 9.94 | 0.61 | 0.25 | 0.86 | (0.61 | ) | (0.17 | ) | (0.78 | ) | 10.02 | 9.10% | 33,597 | 1.17% | 1.12% | 6.08% | ||||||||||||||||||||||||||||||||||||
Class R4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/18 | $ | 9.40 | $ | 0.53 | $ | (0.33 | ) | $ | 0.20 | $ | (0.56 | ) | $ | - | $ | (0.56 | ) | $ | 9.04 | 2.30% | $ | 35,011 | 0.99% | 0.99% | n | 5.87% | ||||||||||||||||||||||||||
9/30/17 | 9.11 | 0.56 | 0.28 | 0.84 | (0.55 | ) | - | (0.55 | ) | 9.40 | 9.66% | 30,611 | 0.99% | 0.99%n | 6.18% | |||||||||||||||||||||||||||||||||||||
9/30/16 | 8.84 | 0.57 | 0.28 | 0.85 | (0.58 | ) | - | (0.58 | ) | 9.11 | 10.44% | 18,428 | 1.02% | 1.00% | 6.66% | |||||||||||||||||||||||||||||||||||||
9/30/15 | 10.02 | 0.54 | (0.83 | ) | (0.29 | ) | (0.65 | ) | (0.24 | ) | (0.89 | ) | 8.84 | (2.67% | ) | 2,672 | 1.03% | 1.00% | 5.97% | |||||||||||||||||||||||||||||||||
9/30/14gg | 9.89 | 0.31 | (0.18 | ) | 0.13 | - | - | - | 10.02 | 1.31% | b | 101 | 1.01% | a | 1.00% | a | 6.05% | a | ||||||||||||||||||||||||||||||||||
Class R3 |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/18 | $ | 9.60 | $ | 0.51 | $ | (0.33 | ) | $ | 0.18 | $ | (0.55 | ) | $ | - | $ | (0.55 | ) | $ | 9.23 | 2.04% | $ | 44,944 | 1.24% | 1.24% | n | 5.62% | ||||||||||||||||||||||||||
9/30/17 | 9.29 | 0.55 | 0.29 | 0.84 | (0.53 | ) | - | (0.53 | ) | 9.60 | 9.43% | 36,626 | 1.24% | 1.24%n | 5.93% | |||||||||||||||||||||||||||||||||||||
9/30/16 | 9.01 | 0.56 | 0.28 | 0.84 | (0.56 | ) | - | (0.56 | ) | 9.29 | 10.12% | 13,928 | 1.27% | 1.25% | 6.38% | |||||||||||||||||||||||||||||||||||||
9/30/15 | 10.17 | 0.54 | (0.85 | ) | (0.31 | ) | (0.61 | ) | (0.24 | ) | (0.85 | ) | 9.01 | (2.91% | ) | 3,423 | 1.28% | 1.25% | 5.74% | |||||||||||||||||||||||||||||||||
9/30/14 | 10.07 | 0.59 | 0.27 | 0.86 | (0.59 | ) | (0.17 | ) | (0.76 | ) | 10.17 | 8.92% | 726 | 1.39% | 1.34% | 5.84% |
207
MassMutual Premier Balanced Fund – Financial Statements (Continued)
Financial Highlights (For a share outstanding throughout each period)
Income (loss) from investment operations | Less distributions to shareholders | Ratios / Supplemental Data | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value, beginning of the period | Net investment income (loss)c,j | Net realized and unrealized gain (loss) on investments | Total income (loss) from investment operations | From net investment income | From net realized gains | Total distributions | Net asset value, end of the period | Total returnl,m | Net assets, end of the period (000’s) | Ratio of expenses to average daily net assets before expense waivers | Ratio of expenses to average daily net assets after expense waiversj | Net investment income (loss) to average daily net assets | ||||||||||||||||||||||||||||||||||||||||
Class I | ||||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/18 | $ | 12.53 | $ | 0.22 | $ | 1.02 | $ | 1.24 | $ | (0.24 | ) | $ | (0.67 | ) | $ | (0.91 | ) | $ | 12.86 | 10.21% | $ | 11,637 | 0.70% | 0.60% | 1.79% | |||||||||||||||||||||||||||
9/30/17 | 11.32 | 0.21 | 1.28 | 1.49 | (0.22 | ) | (0.06 | ) | (0.28 | ) | 12.53 | 13.39% | 8,270 | 0.68% | 0.60% | 1.76% | ||||||||||||||||||||||||||||||||||||
9/30/16 | 11.48 | 0.22 | 0.84 | 1.06 | (0.29 | ) | (0.93 | ) | (1.22 | ) | 11.32 | 9.96% | 967 | 0.68% | 0.60% | 1.98% | ||||||||||||||||||||||||||||||||||||
9/30/15 | 13.01 | 0.22 | (0.44 | ) | (0.22 | ) | (0.24 | ) | (1.07 | ) | (1.31 | ) | 11.48 | (1.96% | ) | 376 | 0.65% | 0.60% | 1.77% | |||||||||||||||||||||||||||||||||
9/30/14gg | 12.51 | 0.12 | 0.38 | 0.50 | - | - | - | 13.01 | 4.00% | b | 36,306 | 0.61% | a | 0.60% | a | 1.82% | a | |||||||||||||||||||||||||||||||||||
Class R5 |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/18 | $ | 12.53 | $ | 0.21 | $ | 1.01 | $ | 1.22 | $ | (0.23 | ) | $ | (0.67 | ) | $ | (0.90 | ) | $ | 12.85 | 10.01% | $ | 45,211 | 0.80% | 0.70% | 1.67% | |||||||||||||||||||||||||||
9/30/17 | 11.32 | 0.20 | 1.28 | 1.48 | (0.21 | ) | (0.06 | ) | (0.27 | ) | 12.53 | 13.27% | 49,381 | 0.78% | 0.70% | 1.66% | ||||||||||||||||||||||||||||||||||||
9/30/16 | 11.48 | 0.21 | 0.84 | 1.05 | (0.28 | ) | (0.93 | ) | (1.21 | ) | 11.32 | 9.82% | 53,727 | 0.78% | 0.70% | 1.87% | ||||||||||||||||||||||||||||||||||||
9/30/15 | 13.00 | 0.21 | (0.44 | ) | (0.23 | ) | (0.22 | ) | (1.07 | ) | (1.29 | ) | 11.48 | (2.03% | ) | 62,971 | 0.75% | 0.70% | 1.70% | |||||||||||||||||||||||||||||||||
9/30/14 | 12.38 | 0.21 | 1.25 | 1.46 | (0.21 | ) | (0.63 | ) | (0.84 | ) | 13.00 | 12.33% | 74,267 | 0.67% | 0.67% | k | 1.69% | |||||||||||||||||||||||||||||||||||
Service Class |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/18 | $ | 13.11 | $ | 0.21 | $ | 1.06 | $ | 1.27 | $ | (0.21 | ) | $ | (0.67 | ) | $ | (0.88 | ) | $ | 13.50 | 9.94% | $ | 7,243 | 0.90% | 0.80% | 1.58% | |||||||||||||||||||||||||||
9/30/17 | 11.83 | 0.19 | 1.34 | 1.53 | (0.19 | ) | (0.06 | ) | (0.25 | ) | 13.11 | 13.11% | 6,978 | 0.88% | 0.80% | 1.54% | ||||||||||||||||||||||||||||||||||||
9/30/16 | 11.94 | 0.20 | 0.89 | 1.09 | (0.27 | ) | (0.93 | ) | (1.20 | ) | 11.83 | 9.76% | 14,130 | 0.88% | 0.80% | 1.87% | ||||||||||||||||||||||||||||||||||||
9/30/15 | 13.48 | 0.20 | (0.46 | ) | (0.26 | ) | (0.21 | ) | (1.07 | ) | (1.28 | ) | 11.94 | (2.18% | ) | 12,545 | 0.85% | 0.80% | 1.60% | |||||||||||||||||||||||||||||||||
9/30/14 | 12.80 | 0.21 | 1.29 | 1.50 | (0.19 | ) | (0.63 | ) | (0.82 | ) | 13.48 | 12.23% | 11,914 | 0.80% | 0.80% | k | 1.57% |
Year ended September 30 | ||||||||||||||||||||
2018 | 2017 | 2016 | 2015 | 2014 | ||||||||||||||||
Portfolio turnover rate | 77 | % | 108 | % | 176 | % | 204 | % | 192 | % |
a | Annualized. |
b | Percentage represents the results for the period and is not annualized. |
c | Per share amount calculated on the average shares method. |
j | Computed after giving effect to an agreement by MML Advisers and/or MassMutual to waive certain fees and expenses of the Fund. |
k | Amount waived had no impact on the ratio of expenses to average daily net assets. |
l | Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges. |
m | Total return excludes sales charges, if any, and would be lower for the period presented if it reflected these charges. |
gg | For the period April 1, 2014 (commencement of operations) through September 30, 2014. |
The accompanying notes are an integral part of the financial statements.
208
Income (loss) from investment operations | Less distributions to shareholders | Ratios / Supplemental Data | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value, beginning of the period | Net investment income (loss)c,j | Net realized and unrealized gain (loss) on investments | Total income (loss) from investment operations | From net investment income | From net realized gains | Total distributions | Net asset value, end of the period | Total returnl,m | Net assets, end of the period (000’s) | Ratio of expenses to average daily net assets before expense waivers | Ratio of expenses to average daily net assets after expense waiversj | Net investment income (loss) to average daily net assets | ||||||||||||||||||||||||||||||||||||||||
Administrative Class |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/18 | $ | 12.55 | $ | 0.18 | $ | 1.02 | $ | 1.20 | $ | (0.19 | ) | $ | (0.67 | ) | $ | (0.86 | ) | $ | 12.89 | 9.88% | $ | 8,129 | 1.00% | 0.90% | 1.47% | |||||||||||||||||||||||||||
9/30/17 | 11.35 | 0.17 | 1.28 | 1.45 | (0.19 | ) | (0.06 | ) | (0.25 | ) | 12.55 | 13.01% | 9,413 | 0.98% | 0.90% | 1.46% | ||||||||||||||||||||||||||||||||||||
9/30/16 | 11.51 | 0.19 | 0.84 | 1.03 | (0.26 | ) | (0.93 | ) | (1.19 | ) | 11.35 | 9.59% | 9,751 | 0.98% | 0.90% | 1.68% | ||||||||||||||||||||||||||||||||||||
9/30/15 | 13.04 | 0.19 | (0.44 | ) | (0.25 | ) | (0.21 | ) | (1.07 | ) | (1.28 | ) | 11.51 | (2.23% | ) | 8,691 | 0.95% | 0.90% | 1.51% | |||||||||||||||||||||||||||||||||
9/30/14 | 12.41 | 0.19 | 1.25 | 1.44 | (0.18 | ) | (0.63 | ) | (0.81 | ) | 13.04 | 12.09% | 7,089 | 0.92% | 0.92% | k | 1.46% | |||||||||||||||||||||||||||||||||||
Class A |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/18 | $ | 12.22 | $ | 0.15 | $ | 0.98 | $ | 1.13 | $ | (0.17 | ) | $ | (0.67 | ) | $ | (0.84 | ) | $ | 12.51 | 9.48% | $ | 30,517 | 1.25% | 1.15% | 1.22% | |||||||||||||||||||||||||||
9/30/17 | 11.05 | 0.14 | 1.25 | 1.39 | (0.16 | ) | (0.06 | ) | (0.22 | ) | 12.22 | 12.78% | 32,637 | 1.23% | 1.15% | 1.21% | ||||||||||||||||||||||||||||||||||||
9/30/16 | 11.22 | 0.15 | 0.83 | 0.98 | (0.22 | ) | (0.93 | ) | (1.15 | ) | 11.05 | 9.38% | 30,781 | 1.23% | 1.15% | 1.42% | ||||||||||||||||||||||||||||||||||||
9/30/15 | 12.73 | 0.15 | (0.43 | ) | (0.28 | ) | (0.16 | ) | (1.07 | ) | (1.23 | ) | 11.22 | (2.49% | ) | 31,375 | 1.20% | 1.15% | 1.26% | |||||||||||||||||||||||||||||||||
9/30/14 | 12.14 | 0.15 | 1.22 | 1.37 | (0.15 | ) | (0.63 | ) | (0.78 | ) | 12.73 | 11.80% | 34,260 | 1.18% | 1.17% | 1.18% | ||||||||||||||||||||||||||||||||||||
Class R4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/18 | $ | 12.15 | $ | 0.16 | $ | 0.97 | $ | 1.13 | $ | (0.19 | ) | $ | (0.67 | ) | $ | (0.86 | ) | $ | 12.42 | 9.58% | $ | 3,499 | 1.15% | 1.05% | 1.34% | |||||||||||||||||||||||||||
9/30/17 | 10.99 | 0.15 | 1.24 | 1.39 | (0.17 | ) | (0.06 | ) | (0.23 | ) | 12.15 | 12.88% | 2,822 | 1.13% | 1.05% | 1.32% | ||||||||||||||||||||||||||||||||||||
9/30/16 | 11.20 | 0.16 | 0.83 | 0.99 | (0.27 | ) | (0.93 | ) | (1.20 | ) | 10.99 | 9.51% | 2,373 | 1.13% | 1.05% | 1.54% | ||||||||||||||||||||||||||||||||||||
9/30/15 | 12.74 | 0.17 | (0.44 | ) | (0.27 | ) | (0.20 | ) | (1.07 | ) | (1.27 | ) | 11.20 | (2.46% | ) | 2,010 | 1.10% | 1.05% | 1.49% | |||||||||||||||||||||||||||||||||
9/30/14gg | 12.28 | 0.09 | 0.37 | 0.46 | - | - | - | 12.74 | 3.75% | b | 104 | 1.06% | a | 1.05% | a | 1.38% | a | |||||||||||||||||||||||||||||||||||
Class R3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/18 | $ | 12.09 | $ | 0.13 | $ | 0.97 | $ | 1.10 | $ | (0.16 | ) | $ | (0.67 | ) | $ | (0.83 | ) | $ | 12.36 | 9.32% | $ | 8,002 | 1.40% | 1.30% | 1.08% | |||||||||||||||||||||||||||
9/30/17 | 10.95 | 0.12 | 1.24 | 1.36 | (0.16 | ) | (0.06 | ) | (0.22 | ) | 12.09 | 12.58% | 7,251 | 1.38% | 1.30% | 1.08% | ||||||||||||||||||||||||||||||||||||
9/30/16 | 11.18 | 0.14 | 0.82 | 0.96 | (0.26 | ) | (0.93 | ) | (1.19 | ) | 10.95 | 9.29% | 5,002 | 1.38% | 1.30% | 1.31% | ||||||||||||||||||||||||||||||||||||
9/30/15 | 12.72 | 0.14 | (0.44 | ) | (0.30 | ) | (0.17 | ) | (1.07 | ) | (1.24 | ) | 11.18 | (2.66% | ) | 1,734 | 1.35% | 1.30% | 1.16% | |||||||||||||||||||||||||||||||||
9/30/14gg | 12.28 | 0.07 | 0.37 | 0.44 | - | - | - | 12.72 | 3.58% | b | 104 | 1.31%a | 1.30% | a | 1.13% | a |
209
MassMutual Premier Disciplined Value Fund – Financial Statements (Continued)
Financial Highlights (For a share outstanding throughout each period)
Income (loss) from investment operations | Less distributions to shareholders | Ratios / Supplemental Data | ||||||||||||||||||||||||||||||||||||||||||||||
Net asset value, beginning of the period | Net investment income (loss)c | Net realized and unrealized gain (loss) on investments | Total income (loss) from investment operations | From net investment income | From net realized gains | Total distributions | Net asset value, end of the period | Total returnl,m | Net assets, end of the period (000’s) | Ratio of expenses to average daily net assets | Net investment income (loss) to average daily net assets | |||||||||||||||||||||||||||||||||||||
Class I | ||||||||||||||||||||||||||||||||||||||||||||||||
9/30/18 | $ | 17.67 | $ | 0.29 | $ | 1.28 | $ | 1.57 | $ | (0.36 | ) | $ | (1.82 | ) | $ | (2.18 | ) | $ | 17.06 | 9.34% | $ | 19,546 | 0.57% | 1.74% | ||||||||||||||||||||||||
9/30/17 | 16.05 | 0.31 | 2.40 | 2.71 | (0.53 | ) | (0.56 | ) | (1.09 | ) | 17.67 | 17.36% | 79,531 | 0.57% | 1.87% | |||||||||||||||||||||||||||||||||
9/30/16 | 14.75 | 0.35 | 1.56 | 1.91 | (0.32 | ) | (0.29 | ) | (0.61 | ) | 16.05 | 13.26% | 73,202 | 0.53% | 2.29% | |||||||||||||||||||||||||||||||||
9/30/15 | 15.75 | 0.29 | (1.00 | ) | (0.71 | ) | (0.29 | ) | - | (0.29 | ) | 14.75 | (4.64% | ) | 163,640 | 0.53% | 1.84% | |||||||||||||||||||||||||||||||
9/30/14gg | 15.15 | 0.14 | 0.46 | 0.60 | - | - | - | 15.75 | 3.96% | b | 182,826 | 0.50% | a | 1.73% | a | |||||||||||||||||||||||||||||||||
Class R5 |
| |||||||||||||||||||||||||||||||||||||||||||||||
9/30/18 | $ | 17.69 | $ | 0.28 | $ | 1.28 | $ | 1.56 | $ | (0.34 | ) | $ | (1.82 | ) | $ | (2.16 | ) | $ | 17.09 | 9.27% | $ | 59,987 | 0.67% | 1.65% | ||||||||||||||||||||||||
9/30/17 | 16.06 | 0.30 | 2.40 | 2.70 | (0.51 | ) | (0.56 | ) | (1.07 | ) | 17.69 | 17.31% | 46,583 | 0.67% | 1.78% | |||||||||||||||||||||||||||||||||
9/30/16 | 14.76 | 0.34 | 1.55 | 1.89 | (0.30 | ) | (0.29 | ) | (0.59 | ) | 16.06 | 13.11% | 46,644 | 0.63% | 2.22% | |||||||||||||||||||||||||||||||||
9/30/15 | 15.76 | 0.28 | (1.01 | ) | (0.73 | ) | (0.27 | ) | - | (0.27 | ) | 14.76 | (4.74% | ) | 46,754 | 0.63% | 1.73% | |||||||||||||||||||||||||||||||
9/30/14 | 13.55 | 0.27 | 2.20 | 2.47 | (0.26 | ) | - | (0.26 | ) | 15.76 | 18.30% | 71,929 | 0.57% | 1.81% | ||||||||||||||||||||||||||||||||||
Service Class |
| |||||||||||||||||||||||||||||||||||||||||||||||
9/30/18 | $ | 17.57 | $ | 0.26 | $ | 1.26 | $ | 1.52 | $ | (0.32 | ) | $ | (1.82 | ) | $ | (2.14 | ) | $ | 16.95 | 9.10% | $ | 50,102 | 0.77% | 1.55% | ||||||||||||||||||||||||
9/30/17 | 15.95 | 0.28 | 2.39 | 2.67 | (0.49 | ) | (0.56 | ) | (1.05 | ) | 17.57 | 17.19% | 49,413 | 0.77% | 1.65% | |||||||||||||||||||||||||||||||||
9/30/16 | 14.66 | 0.32 | 1.55 | 1.87 | (0.29 | ) | (0.29 | ) | (0.58 | ) | 15.95 | 13.03% | 64,634 | 0.73% | 2.12% | |||||||||||||||||||||||||||||||||
9/30/15 | 15.66 | 0.26 | (1.00 | ) | (0.74 | ) | (0.26 | ) | - | (0.26 | ) | 14.66 | (4.84% | ) | 65,799 | 0.73% | 1.65% | |||||||||||||||||||||||||||||||
9/30/14 | 13.48 | 0.25 | 2.17 | 2.42 | (0.24 | ) | - | (0.24 | ) | 15.66 | 18.15% | 68,003 | 0.68% | 1.66% |
Year ended September 30 | ||||||||||||||||||||
2018 | 2017 | 2016 | 2015 | 2014 | ||||||||||||||||
Portfolio turnover rate | 80 | % | 102 | % | 109 | % | 113 | % | 92 | % |
a | Annualized. |
b | Percentage represents the results for the period and is not annualized. |
c | Per share amount calculated on the average shares method. |
l | Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges. |
m | Total return excludes sales charges, if any, and would be lower for the period presented if it reflected these charges. |
gg | For the period April 1, 2014 (commencement of operations) through September 30, 2014. |
The accompanying notes are an integral part of the financial statements.
210
Income (loss) from investment operations | Less distributions to shareholders | Ratios / Supplemental Data | ||||||||||||||||||||||||||||||||||||||||||||||
Net asset value, beginning of the period | Net investment income (loss)c | Net realized and unrealized gain (loss) on investments | Total income (loss) from investment operations | From net investment income | From net realized gains | Total distributions | Net asset value, end of the period | Total returnl,m | Net assets, end of the period (000’s) | Ratio of expenses to average daily net assets | Net investment income (loss) to average daily net assets | |||||||||||||||||||||||||||||||||||||
Administrative Class |
| |||||||||||||||||||||||||||||||||||||||||||||||
9/30/18 | $ | 17.86 | $ | 0.25 | $ | 1.29 | $ | 1.54 | $ | (0.31 | ) | $ | (1.82 | ) | $ | (2.13 | ) | $ | 17.27 | 9.02% | $ | 9,147 | 0.87% | 1.46% | ||||||||||||||||||||||||
9/30/17 | 16.21 | 0.27 | 2.41 | 2.68 | (0.47 | ) | (0.56 | ) | (1.03 | ) | 17.86 | 17.01% | 5,970 | 0.87% | 1.57% | |||||||||||||||||||||||||||||||||
9/30/16 | 14.88 | 0.31 | 1.58 | 1.89 | (0.27 | ) | (0.29 | ) | (0.56 | ) | 16.21 | 12.97% | 5,801 | 0.83% | 2.00% | |||||||||||||||||||||||||||||||||
9/30/15 | 15.90 | 0.25 | (1.02 | ) | (0.77 | ) | (0.25 | ) | - | (0.25 | ) | 14.88 | (4.97% | ) | 7,460 | 0.83% | 1.55% | |||||||||||||||||||||||||||||||
9/30/14 | 13.68 | 0.23 | 2.23 | 2.46 | (0.24 | ) | - | (0.24 | ) | 15.90 | 18.02% | 7,047 | 0.80% | 1.54% | ||||||||||||||||||||||||||||||||||
Class A |
| |||||||||||||||||||||||||||||||||||||||||||||||
9/30/18 | $ | 17.39 | $ | 0.20 | $ | 1.25 | $ | 1.45 | $ | (0.24 | ) | $ | (1.82 | ) | $ | (2.06 | ) | $ | 16.78 | 8.74% | $ | 8,886 | 1.12% | 1.20% | ||||||||||||||||||||||||
9/30/17 | 15.82 | 0.22 | 2.36 | 2.58 | (0.45 | ) | (0.56 | ) | (1.01 | ) | 17.39 | 16.74% | 9,120 | 1.12% | 1.32% | |||||||||||||||||||||||||||||||||
9/30/16 | 14.53 | 0.27 | 1.53 | 1.80 | (0.22 | ) | (0.29 | ) | (0.51 | ) | 15.82 | 12.65% | 10,415 | 1.08% | 1.78% | |||||||||||||||||||||||||||||||||
9/30/15 | 15.51 | 0.20 | (0.98 | ) | (0.78 | ) | (0.20 | ) | - | (0.20 | ) | 14.53 | (5.13% | ) | 8,081 | 1.08% | 1.30% | |||||||||||||||||||||||||||||||
9/30/14 | 13.36 | 0.19 | 2.15 | 2.34 | (0.19 | ) | - | (0.19 | ) | 15.51 | 17.67% | 10,718 | 1.05% | 1.29% | ||||||||||||||||||||||||||||||||||
Class R4 |
| |||||||||||||||||||||||||||||||||||||||||||||||
9/30/18 | $ | 17.32 | $ | 0.22 | $ | 1.24 | $ | 1.46 | $ | (0.29 | ) | $ | (1.82 | ) | $ | (2.11 | ) | $ | 16.67 | 8.84% | $ | 6,428 | 1.02% | 1.30% | ||||||||||||||||||||||||
9/30/17 | 15.77 | 0.24 | 2.36 | 2.60 | (0.49 | ) | (0.56 | ) | (1.05 | ) | 17.32 | 16.94% | 10,139 | 1.02% | 1.43% | |||||||||||||||||||||||||||||||||
9/30/16 | 14.51 | 0.28 | 1.53 | 1.81 | (0.26 | ) | (0.29 | ) | (0.55 | ) | 15.77 | 12.75% | 4,127 | 0.98% | 1.90% | |||||||||||||||||||||||||||||||||
9/30/15 | 15.52 | 0.21 | (0.98 | ) | (0.77 | ) | (0.24 | ) | - | (0.24 | ) | 14.51 | (5.10% | ) | 2,524 | 0.98% | 1.34% | |||||||||||||||||||||||||||||||
9/30/14gg | 14.96 | 0.10 | 0.46 | 0.56 | - | - | - | 15.52 | 3.74% | b | 104 | 0.95% | a | 1.32% | a | |||||||||||||||||||||||||||||||||
Class R3 |
| |||||||||||||||||||||||||||||||||||||||||||||||
9/30/18 | $ | 17.56 | $ | 0.18 | $ | 1.25 | $ | 1.43 | $ | (0.27 | ) | $ | (1.82 | ) | $ | (2.09 | ) | $ | 16.90 | 8.53% | $ | 4,196 | 1.27% | 1.05% | ||||||||||||||||||||||||
9/30/17 | 15.92 | 0.20 | 2.38 | 2.58 | (0.38 | ) | (0.56 | ) | (0.94 | ) | 17.56 | 16.62% | 3,820 | 1.27% | 1.18% | |||||||||||||||||||||||||||||||||
9/30/16 | 14.62 | 0.25 | 1.54 | 1.79 | (0.20 | ) | (0.29 | ) | (0.49 | ) | 15.92 | 12.49% | 648 | 1.23% | 1.66% | |||||||||||||||||||||||||||||||||
9/30/15 | 15.61 | 0.19 | (1.00 | ) | (0.81 | ) | (0.18 | ) | - | (0.18 | ) | 14.62 | (5.29% | ) | 185 | 1.23% | 1.19% | |||||||||||||||||||||||||||||||
9/30/14 | 13.43 | 0.16 | 2.17 | 2.33 | (0.15 | ) | - | (0.15 | ) | 15.61 | 17.48% | 174 | 1.27% | 1.06% |
211
MassMutual Premier Main Street Fund – Financial Statements (Continued)
Financial Highlights (For a share outstanding throughout each period)
Income (loss) from investment operations | Less distributions to shareholders | Ratios / Supplemental Data | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value, beginning of the period | Net investment income (loss)c,j | Net realized and unrealized gain (loss) on investments | Total income (loss) from investment operations | From net investment income | From net realized gains | Total distributions | Net asset value, end of the period | Total returnl,m | Net assets, end of the period (000’s) | Ratio of expenses to average daily net assets before expense waivers | Ratio of expenses to average daily net assets after expense waiversj | Net investment income (loss) to average daily net assets | ||||||||||||||||||||||||||||||||||||||||
Class I | ||||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/18 | $ | 11.94 | $ | 0.14 | $ | 0.89 | $ | 1.03 | $ | (0.14 | ) | $ | (0.79 | ) | $ | (0.93 | ) | $ | 12.04 | 9.11% | $ | 24,123 | 0.71% | N/A | 1.17% | |||||||||||||||||||||||||||
9/30/17 | 10.42 | 0.16 | 1.81 | 1.97 | (0.15 | ) | (0.30 | ) | (0.45 | ) | 11.94 | 19.50% | 8,516 | 0.71% | N/A | 1.40% | ||||||||||||||||||||||||||||||||||||
9/30/16 | 13.75 | 0.18 | 1.43 | 1.61 | (0.22 | ) | (4.72 | ) | (4.94 | ) | 10.42 | 14.34% | 739 | 0.72% | N/A | 1.68% | ||||||||||||||||||||||||||||||||||||
9/30/15 | 14.23 | 0.14 | (0.19 | ) | (0.05 | ) | (0.13 | ) | (0.30 | ) | (0.43 | ) | 13.75 | (0.36% | ) | 37 | 0.65% | N/A | 0.99% | |||||||||||||||||||||||||||||||||
9/30/14gg | 13.41 | 0.08 | 0.74 | 0.82 | - | - | - | 14.23 | 6.11% | b | 47,537 | 0.62% | a | N/A | 1.07% | a | ||||||||||||||||||||||||||||||||||||
Class R5 |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/18 | $ | 11.93 | $ | 0.12 | $ | 0.90 | $ | 1.02 | $ | (0.13 | ) | $ | (0.79 | ) | $ | (0.92 | ) | $ | 12.03 | 9.00% | $ | 67,695 | 0.81% | N/A | 1.04% | |||||||||||||||||||||||||||
9/30/17 | 10.41 | 0.15 | 1.81 | 1.96 | (0.14 | ) | (0.30 | ) | (0.44 | ) | 11.93 | 19.40% | 78,580 | 0.81% | N/A | 1.36% | ||||||||||||||||||||||||||||||||||||
9/30/16 | 13.73 | 0.13 | 1.48 | 1.61 | (0.21 | ) | (4.72 | ) | (4.93 | ) | 10.41 | 14.28% | 73,380 | 0.82% | N/A | 1.27% | ||||||||||||||||||||||||||||||||||||
9/30/15 | 14.22 | 0.14 | (0.21 | ) | (0.07 | ) | (0.12 | ) | (0.30 | ) | (0.42 | ) | 13.73 | (0.50% | ) | 69,529 | 0.76% | N/A | 0.95% | |||||||||||||||||||||||||||||||||
9/30/14 | 12.10 | 0.12 | 2.11 | 2.23 | (0.11 | ) | - | (0.11 | ) | 14.22 | 18.54% | 97,358 | 0.76% | 0.72% | 0.89% | |||||||||||||||||||||||||||||||||||||
Service Class |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/18 | $ | 12.30 | $ | 0.11 | $ | 0.93 | $ | 1.04 | $ | (0.11 | ) | $ | (0.79 | ) | $ | (0.90 | ) | $ | 12.44 | 8.94% | $ | 738 | 0.91% | N/A | 0.95% | |||||||||||||||||||||||||||
9/30/17 | 10.71 | 0.15 | 1.85 | 2.00 | (0.11 | ) | (0.30 | ) | (0.41 | ) | 12.30 | 19.21% | 1,133 | 0.91% | N/A | 1.28% | ||||||||||||||||||||||||||||||||||||
9/30/16 | 13.91 | 0.12 | 1.51 | 1.63 | (0.11 | ) | (4.72 | ) | (4.83 | ) | 10.71 | 14.21% | 1,979 | 0.92% | N/A | 0.98% | ||||||||||||||||||||||||||||||||||||
9/30/15 | 14.40 | 0.13 | (0.21 | ) | (0.08 | ) | (0.11 | ) | (0.30 | ) | (0.41 | ) | 13.91 | (0.57% | ) | 6,517 | 0.86% | N/A | 0.88% | |||||||||||||||||||||||||||||||||
9/30/14 | 12.26 | 0.11 | 2.14 | 2.25 | (0.11 | ) | - | (0.11 | ) | 14.40 | 18.40% | 6,742 | 0.84% | 0.79% | 0.82% |
Year ended September 30 | ||||||||||||||||||||
2018 | 2017 | 2016 | 2015 | 2014 | ||||||||||||||||
Portfolio turnover rate | 64 | % | 35 | % | 38 | % | 54 | % | 53 | % |
a | Annualized. |
b | Percentage represents the results for the period and is not annualized. |
c | Per share amount calculated on the average shares method. |
j | Computed after giving effect to an agreement by MML Advisers and/or MassMutual to waive certain fees and expenses of the Fund. |
l | Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges. |
m | Total return excludes sales charges, if any, and would be lower for the period presented if it reflected these charges. |
gg | For the period April 1, 2014 (commencement of operations) through September 30, 2014. |
The accompanying notes are an integral part of the financial statements.
212
Income (loss) from investment operations | Less distributions to shareholders | Ratios / Supplemental Data | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value, beginning of the period | Net investment income (loss)c,j | Net realized and unrealized gain (loss) on investments | Total income (loss) from investment operations | From net investment income | From net realized gains | Total distributions | Net asset value, end of the period | Total returnl,m | Net assets, end of the period (000’s) | Ratio of expenses to average daily net assets before expense waivers | Ratio of expenses to average daily net assets after expense waiversj | Net investment income (loss) to average daily net assets | ||||||||||||||||||||||||||||||||||||||||
Administrative Class |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/18 | $ | 11.91 | $ | 0.10 | $ | 0.89 | $ | 0.99 | $ | (0.10 | ) | $ | (0.79 | ) | $ | (0.89 | ) | $ | 12.01 | 8.79% | $ | 28,295 | 1.01% | N/A | 0.84% | |||||||||||||||||||||||||||
9/30/17 | 10.40 | 0.13 | 1.80 | 1.93 | (0.12 | ) | (0.30 | ) | (0.42 | ) | 11.91 | 19.07% | 30,996 | 1.01% | N/A | 1.17% | ||||||||||||||||||||||||||||||||||||
9/30/16 | 13.71 | 0.11 | 1.48 | 1.59 | (0.18 | ) | (4.72 | ) | (4.90 | ) | 10.40 | 14.11% | 29,371 | 1.02% | N/A | 1.05% | ||||||||||||||||||||||||||||||||||||
9/30/15 | 14.19 | 0.11 | (0.20 | ) | (0.09 | ) | (0.09 | ) | (0.30 | ) | (0.39 | ) | 13.71 | (0.63% | ) | 31,644 | 0.96% | N/A | 0.77% | |||||||||||||||||||||||||||||||||
9/30/14 | 12.08 | 0.09 | 2.11 | 2.20 | (0.09 | ) | - | (0.09 | ) | 14.19 | 18.26% | 35,299 | 0.96% | 0.92% | 0.69% | |||||||||||||||||||||||||||||||||||||
Class A |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/18 | $ | 11.75 | $ | 0.07 | $ | 0.88 | $ | 0.95 | $ | (0.08 | ) | $ | (0.79 | ) | $ | (0.87 | ) | $ | 11.83 | 8.49% | $ | 14,495 | 1.26% | N/A | 0.60% | |||||||||||||||||||||||||||
9/30/17 | 10.26 | 0.10 | 1.79 | 1.89 | (0.10 | ) | (0.30 | ) | (0.40 | ) | 11.75 | 18.88% | 13,096 | 1.26% | N/A | 0.90% | ||||||||||||||||||||||||||||||||||||
9/30/16 | 13.58 | 0.09 | 1.45 | 1.54 | (0.14 | ) | (4.72 | ) | (4.86 | ) | 10.26 | 13.78% | 11,877 | 1.27% | N/A | 0.82% | ||||||||||||||||||||||||||||||||||||
9/30/15 | 14.07 | 0.07 | (0.20 | ) | (0.13 | ) | (0.06 | ) | (0.30 | ) | (0.36 | ) | 13.58 | (0.96% | ) | 12,906 | 1.21% | N/A | 0.52% | |||||||||||||||||||||||||||||||||
9/30/14 | 11.98 | 0.06 | 2.09 | 2.15 | (0.06 | ) | - | (0.06 | ) | 14.07 | 17.99% | 13,580 | 1.21% | 1.17% | 0.44% | |||||||||||||||||||||||||||||||||||||
Class R4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/18 | $ | 11.67 | $ | 0.08 | $ | 0.87 | $ | 0.95 | $ | (0.08 | ) | $ | (0.79 | ) | $ | (0.87 | ) | $ | 11.75 | 8.63% | $ | 6,394 | 1.16% | N/A | 0.70% | |||||||||||||||||||||||||||
9/30/17 | 10.22 | 0.11 | 1.78 | 1.89 | (0.14 | ) | (0.30 | ) | (0.44 | ) | 11.67 | 19.02% | 5,268 | 1.16% | N/A | 0.99% | ||||||||||||||||||||||||||||||||||||
9/30/16 | 13.57 | 0.15 | 1.40 | 1.55 | (0.18 | ) | (4.72 | ) | (4.90 | ) | 10.22 | 13.88% | 3,421 | 1.17% | N/A | 1.45% | ||||||||||||||||||||||||||||||||||||
9/30/15 | 14.07 | 0.09 | (0.21 | ) | (0.12 | ) | (0.08 | ) | (0.30 | ) | (0.38 | ) | 13.57 | (0.85% | ) | 105 | 1.11% | N/A | 0.63% | |||||||||||||||||||||||||||||||||
9/30/14gg | 13.29 | 0.04 | 0.74 | 0.78 | - | - | - | 14.07 | 5.87% | b | 106 | 1.07% | a | N/A | 0.60% | a | ||||||||||||||||||||||||||||||||||||
Class R3 |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/18 | $ | 11.76 | $ | 0.05 | $ | 0.88 | $ | 0.93 | $ | (0.05 | ) | $ | (0.79 | ) | $ | (0.84 | ) | $ | 11.85 | 8.34% | $ | 1,813 | | 1.41% | | N/A | 0.45% | |||||||||||||||||||||||||
9/30/17 | 10.30 | 0.08 | 1.79 | 1.87 | (0.11 | ) | (0.30 | ) | (0.41 | ) | 11.76 | 18.69% | 1,144 | 1.41% | N/A | 0.74% | ||||||||||||||||||||||||||||||||||||
9/30/16 | 13.66 | 0.07 | 1.46 | 1.53 | (0.17 | ) | (4.72 | ) | (4.89 | ) | 10.30 | 13.60% | 802 | 1.42% | N/A | 0.70% | ||||||||||||||||||||||||||||||||||||
9/30/15 | 14.15 | 0.05 | (0.20 | ) | (0.15 | ) | (0.04 | ) | (0.30 | ) | (0.34 | ) | 13.66 | (1.07% | ) | 140 | 1.36% | N/A | 0.38% | |||||||||||||||||||||||||||||||||
9/30/14 | 12.03 | 0.03 | 2.11 | 2.14 | (0.02 | ) | - | (0.02 | ) | 14.15 | 17.78% | 119 | 1.41% | 1.38% | 0.24% |
213
MassMutual Premier Disciplined Growth Fund – Financial Statements (Continued)
Financial Highlights (For a share outstanding throughout each period)
Income (loss) from investment operations | Less distributions to shareholders | Ratios / Supplemental Data | ||||||||||||||||||||||||||||||||||||||||||||||
Net asset value, beginning of the period | Net investment income (loss)c,j | Net realized and unrealized gain (loss) on investments | Total income (loss) from investment operations | From net investment income | From net realized gains | Total distributions | Net asset value, end of the period | Total returnl,m | Net assets, end of the period (000’s) | Ratio of expenses to average daily net assets | Net investment income (loss) to average daily net assets | |||||||||||||||||||||||||||||||||||||
Class I | ||||||||||||||||||||||||||||||||||||||||||||||||
9/30/18 | $ | 13.13 | $ | 0.10 | $ | 2.81 | $ | 2.91 | $ | (0.12 | ) | $ | (1.55 | ) | $ | (1.67 | ) | $ | 14.37 | 23.95% | $ | 30,279 | 0.52% | 0.78% | ||||||||||||||||||||||||
9/30/17 | 11.69 | 0.13 | 2.30 | 2.43 | (0.17 | ) | (0.82 | ) | (0.99 | ) | 13.13 | 22.32% | 113,313 | 0.53% | 1.09% | |||||||||||||||||||||||||||||||||
9/30/16 | 11.37 | 0.14 | 1.17 | 1.31 | (0.14 | ) | (0.85 | ) | (0.99 | ) | 11.69 | 11.94% | 107,336 | 0.51% | 1.22% | |||||||||||||||||||||||||||||||||
9/30/15 | 12.87 | 0.15 | 0.04 | 0.19 | (0.14 | ) | (1.55 | ) | (1.69 | ) | 11.37 | 1.30% | 184,981 | 0.50% | 1.21% | |||||||||||||||||||||||||||||||||
9/30/14gg | 12.13 | 0.07 | 0.67 | 0.74 | - | - | - | 12.87 | 6.18% | b | 182,512 | 0.50% | a | 1.14% | a | |||||||||||||||||||||||||||||||||
Class R5 |
| |||||||||||||||||||||||||||||||||||||||||||||||
9/30/18 | $ | 13.14 | $ | 0.09 | $ | 2.80 | $ | 2.89 | $ | (0.11 | ) | $ | (1.55 | ) | $ | (1.66 | ) | $ | 14.37 | 23.72% | $ | 112,178 | 0.62% | 0.69% | ||||||||||||||||||||||||
9/30/17 | 11.69 | 0.12 | 2.31 | 2.43 | (0.16 | ) | (0.82 | ) | (0.98 | ) | 13.14 | 22.27% | 87,103 | 0.63% | 1.00% | |||||||||||||||||||||||||||||||||
9/30/16 | 11.38 | 0.13 | 1.16 | 1.29 | (0.13 | ) | (0.85 | ) | (0.98 | ) | 11.69 | 11.70% | 76,893 | 0.61% | 1.12% | |||||||||||||||||||||||||||||||||
9/30/15 | 12.88 | 0.14 | 0.04 | 0.18 | (0.13 | ) | (1.55 | ) | (1.68 | ) | 11.38 | 1.29% | 85,630 | 0.60% | 1.12% | |||||||||||||||||||||||||||||||||
9/30/14 | 13.26 | 0.15 | 2.17 | 2.32 | (0.16 | ) | (2.54 | ) | (2.70 | ) | 12.88 | 19.60% | 110,762 | 0.57% | 1.16% | |||||||||||||||||||||||||||||||||
Service Class |
| |||||||||||||||||||||||||||||||||||||||||||||||
9/30/18 | $ | 13.17 | $ | 0.08 | $ | 2.80 | $ | 2.88 | $ | (0.10 | ) | $ | (1.55 | ) | $ | (1.65 | ) | $ | 14.40 | 23.54% | $ | 74,294 | 0.72% | 0.59% | ||||||||||||||||||||||||
9/30/17 | 11.71 | 0.11 | 2.31 | 2.42 | (0.14 | ) | (0.82 | ) | (0.96 | ) | 13.17 | 22.15% | 73,755 | 0.73% | 0.89% | |||||||||||||||||||||||||||||||||
9/30/16 | 11.40 | 0.12 | 1.16 | 1.28 | (0.12 | ) | (0.85 | ) | (0.97 | ) | 11.71 | 11.58% | 80,551 | 0.71% | 1.02% | |||||||||||||||||||||||||||||||||
9/30/15 | 12.90 | 0.12 | 0.05 | 0.17 | (0.12 | ) | (1.55 | ) | (1.67 | ) | 11.40 | 1.19% | 87,882 | 0.70% | 1.02% | |||||||||||||||||||||||||||||||||
9/30/14 | 13.28 | 0.13 | 2.18 | 2.31 | (0.15 | ) | (2.54 | ) | (2.69 | ) | 12.90 | 19.45% | 86,743 | 0.67% | 1.02% |
Year ended September 30 | ||||||||||||||||||||
2018 | 2017 | 2016 | 2015 | 2014 | ||||||||||||||||
Portfolio turnover rate | 73 | % | 105 | % | 124 | % | 138 | % | 142 | % |
a | Annualized. |
b | Percentage represents the results for the period and is not annualized. |
c | Per share amount calculated on the average shares method. |
j | Computed after giving effect to an agreement by MML Advisers and/or MassMutual to waive certain fees and expenses of the Fund. |
l | Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges. |
m | Total return excludes sales charges, if any, and would be lower for the period presented if it reflected these charges. |
gg | For the period April 1, 2014 (commencement of operations) through September 30, 2014. |
The accompanying notes are an integral part of the financial statements.
214
Income (loss) from investment operations | Less distributions to shareholders | Ratios / Supplemental Data | ||||||||||||||||||||||||||||||||||||||||||||||
Net asset value, beginning of the period | Net investment income (loss)c,j | Net realized and unrealized gain (loss) on investments | Total income (loss) from investment operations | From net investment income | From net realized gains | Total distributions | Net asset value, end of the period | Total returnl,m | Net assets, end of the period (000’s) | Ratio of expenses to average daily net assets | Net investment income (loss) to average daily net assets | |||||||||||||||||||||||||||||||||||||
Administrative Class |
| |||||||||||||||||||||||||||||||||||||||||||||||
9/30/18 | $ | 13.28 | $ | 0.07 | $ | 2.83 | $ | 2.90 | $ | (0.08 | ) | $ | (1.55 | ) | $ | (1.63 | ) | $ | 14.55 | 23.51% | $ | 42,622 | 0.82% | 0.49% | ||||||||||||||||||||||||
9/30/17 | 11.81 | 0.09 | 2.34 | 2.43 | (0.14 | ) | (0.82 | ) | (0.96 | ) | 13.28 | 21.95% | 41,678 | 0.83% | 0.78% | |||||||||||||||||||||||||||||||||
9/30/16 | 11.48 | 0.10 | 1.19 | 1.29 | (0.11 | ) | (0.85 | ) | (0.96 | ) | 11.81 | 11.57% | 38,399 | 0.81% | 0.91% | |||||||||||||||||||||||||||||||||
9/30/15 | 12.98 | 0.11 | 0.04 | 0.15 | (0.10 | ) | (1.55 | ) | (1.65 | ) | 11.48 | 1.08% | 33,634 | 0.80% | 0.91% | |||||||||||||||||||||||||||||||||
9/30/14 | 13.35 | 0.12 | 2.19 | 2.31 | (0.14 | ) | (2.54 | ) | (2.68 | ) | 12.98 | 19.33% | 24,252 | 0.79% | 0.92% | |||||||||||||||||||||||||||||||||
Class A |
| |||||||||||||||||||||||||||||||||||||||||||||||
9/30/18 | $ | 12.95 | $ | 0.03 | $ | 2.77 | $ | 2.80 | $ | (0.05 | ) | $ | (1.55 | ) | $ | (1.60 | ) | $ | 14.15 | 23.22% | $ | 39,399 | 1.07% | 0.24% | ||||||||||||||||||||||||
9/30/17 | 11.53 | 0.07 | 2.28 | 2.35 | (0.11 | ) | (0.82 | ) | (0.93 | ) | 12.95 | 21.73% | 36,625 | 1.08% | 0.55% | |||||||||||||||||||||||||||||||||
9/30/16 | 11.23 | 0.07 | 1.15 | 1.22 | (0.07 | ) | (0.85 | ) | (0.92 | ) | 11.53 | 11.23% | 38,743 | 1.06% | 0.67% | |||||||||||||||||||||||||||||||||
9/30/15 | 12.74 | 0.08 | 0.04 | 0.12 | (0.08 | ) | (1.55 | ) | (1.63 | ) | 11.23 | 0.78% | 38,035 | 1.05% | 0.66% | |||||||||||||||||||||||||||||||||
9/30/14 | 13.15 | 0.08 | 2.16 | 2.24 | (0.11 | ) | (2.54 | ) | (2.65 | ) | 12.74 | 19.02% | 35,193 | 1.04% | 0.66% | |||||||||||||||||||||||||||||||||
Class R4 | ||||||||||||||||||||||||||||||||||||||||||||||||
9/30/18 | $ | 12.89 | $ | 0.04 | $ | 2.74 | $ | 2.78 | $ | (0.07 | ) | $ | (1.55 | ) | $ | (1.62 | ) | $ | 14.05 | 23.26% | $ | 31,265 | 0.97% | 0.34% | ||||||||||||||||||||||||
9/30/17 | 11.50 | 0.07 | 2.27 | 2.34 | (0.13 | ) | (0.82 | ) | (0.95 | ) | 12.89 | 21.80% | 26,809 | 0.98% | 0.61% | |||||||||||||||||||||||||||||||||
9/30/16 | 11.23 | 0.08 | 1.16 | 1.24 | (0.12 | ) | (0.85 | ) | (0.97 | ) | 11.50 | 11.38% | 14,016 | 0.96% | 0.75% | |||||||||||||||||||||||||||||||||
9/30/15 | 12.74 | 0.09 | 0.05 | 0.14 | (0.10 | ) | (1.55 | ) | (1.65 | ) | 11.23 | 0.94% | 6,003 | 0.95% | 0.78% | |||||||||||||||||||||||||||||||||
9/30/14gg | 12.03 | 0.04 | 0.67 | 0.71 | - | - | - | 12.74 | 5.90% | b | 106 | 0.95% | a | 0.68% | a | |||||||||||||||||||||||||||||||||
Class R3 | ||||||||||||||||||||||||||||||||||||||||||||||||
9/30/18 | $ | 12.86 | $ | 0.01 | $ | 2.74 | $ | 2.75 | $ | (0.04 | ) | $ | (1.55 | ) | $ | (1.59 | ) | $ | 14.02 | 23.01% | $ | 7,119 | 1.22% | 0.10% | ||||||||||||||||||||||||
9/30/17 | 11.45 | 0.04 | 2.27 | 2.31 | (0.08 | ) | (0.82 | ) | (0.90 | ) | 12.86 | 21.52% | 4,310 | 1.23% | 0.38% | |||||||||||||||||||||||||||||||||
9/30/16 | 11.21 | 0.06 | 1.14 | 1.20 | (0.11 | ) | (0.85 | ) | (0.96 | ) | 11.45 | 11.01% | 3,159 | 1.21% | 0.55% | |||||||||||||||||||||||||||||||||
9/30/15 | 12.73 | 0.06 | 0.04 | 0.10 | (0.07 | ) | (1.55 | ) | (1.62 | ) | 11.21 | 0.66% | 3,637 | 1.20% | 0.51% | |||||||||||||||||||||||||||||||||
9/30/14gg | 12.03 | 0.03 | 0.67 | 0.70 | - | - | - | 12.73 | 5.82% | b | 106 | 1.20% | a | 0.43% | a |
215
MassMutual Premier Small Cap Opportunities Fund – Financial Statements (Continued)
Financial Highlights (For a share outstanding throughout each period)
Income (loss) from investment operations | Less distributions to shareholders | Ratios / Supplemental Data | ||||||||||||||||||||||||||||||||||||||||||||||
Net asset value, beginning of the period | Net investment income (loss)c | Net realized and unrealized gain (loss) on investments | Total income (loss) from investment operations | From net investment income | From net realized gains | Total distributions | Net asset value, end of the period | Total returnl,m | Net assets, end of the period (000’s) | Ratio of expenses to average daily net assets | Net investment income (loss) to average daily net assets | |||||||||||||||||||||||||||||||||||||
Class I | ||||||||||||||||||||||||||||||||||||||||||||||||
9/30/18 | $ | 16.41 | $ | 0.11 | $ | 1.96 | $ | 2.07 | $ | (0.07 | ) | $ | (1.94 | ) | $ | (2.01 | ) | $ | 16.47 | 13.93% | $ | 40,439 | 0.69% | 0.73% | ||||||||||||||||||||||||
9/30/17 | 13.81 | 0.11 | 3.01 | 3.12 | (0.18 | ) | (0.34 | ) | (0.52 | ) | 16.41 | 23.05% | 15,105 | 0.70% | 0.75% | |||||||||||||||||||||||||||||||||
9/30/16 | 13.84 | 0.17 | 1.31 | 1.48 | (0.12 | ) | (1.39 | ) | (1.51 | ) | 13.81 | 11.60% | 3,642 | 0.71% | 1.33% | |||||||||||||||||||||||||||||||||
9/30/15 | 15.78 | 0.13 | 0.44 | 0.57 | (0.17 | ) | (2.34 | ) | (2.51 | ) | 13.84 | 2.63% | 0 | f | 0.68% | 0.84% | ||||||||||||||||||||||||||||||||
9/30/14gg | 16.45 | 0.39 | (1.06 | ) | (0.67 | ) | - | - | - | 15.78 | (4.07% | )b | 4,801 | 0.66% | a | 4.79% | a | |||||||||||||||||||||||||||||||
Class R5 |
| |||||||||||||||||||||||||||||||||||||||||||||||
9/30/18 | $ | 16.38 | $ | 0.10 | $ | 1.96 | $ | 2.06 | $ | (0.06 | ) | $ | (1.94 | ) | $ | (2.00 | ) | $ | 16.44 | 13.82% | $ | 77,025 | 0.79% | 0.62% | ||||||||||||||||||||||||
9/30/17 | 13.78 | 0.10 | 3.00 | 3.10 | (0.16 | ) | (0.34 | ) | (0.50 | ) | 16.38 | 22.99% | 64,889 | 0.80% | 0.63% | |||||||||||||||||||||||||||||||||
9/30/16 | 13.82 | 0.15 | 1.30 | 1.45 | (0.10 | ) | (1.39 | ) | (1.49 | ) | 13.78 | 11.40% | 61,310 | 0.81% | 1.16% | |||||||||||||||||||||||||||||||||
9/30/15 | 15.77 | 0.13 | 0.41 | 0.54 | (0.15 | ) | (2.34 | ) | (2.49 | ) | 13.82 | 2.44% | 58,840 | 0.79% | 0.82% | |||||||||||||||||||||||||||||||||
9/30/14 | 14.92 | 0.17 | 0.83 | 1.00 | (0.15 | ) | - | (0.15 | ) | 15.77 | 6.75% | 73,288 | 0.74% | 1.04% | ||||||||||||||||||||||||||||||||||
Service Class |
| |||||||||||||||||||||||||||||||||||||||||||||||
9/30/18 | $ | 16.34 | $ | 0.08 | $ | 1.95 | $ | 2.03 | $ | (0.04 | ) | $ | (1.94 | ) | $ | (1.98 | ) | $ | 16.39 | 13.68% | $ | 18,192 | 0.89% | 0.52% | ||||||||||||||||||||||||
9/30/17 | 13.75 | 0.08 | 3.00 | 3.08 | (0.15 | ) | (0.34 | ) | (0.49 | ) | 16.34 | 22.87% | 14,726 | 0.90% | 0.54% | |||||||||||||||||||||||||||||||||
9/30/16 | 13.81 | 0.14 | 1.29 | 1.43 | (0.10 | ) | (1.39 | ) | (1.49 | ) | 13.75 | 11.23% | 13,313 | 0.91% | 1.08% | |||||||||||||||||||||||||||||||||
9/30/15 | 15.76 | 0.11 | 0.43 | 0.54 | (0.15 | ) | (2.34 | ) | (2.49 | ) | 13.81 | 2.41% | 6,927 | 0.89% | 0.73% | |||||||||||||||||||||||||||||||||
9/30/14 | 14.92 | 0.16 | 0.82 | 0.98 | (0.14 | ) | - | (0.14 | ) | 15.76 | 6.60% | 6,865 | 0.84% | 0.98% |
Year ended September 30 | ||||||||||||||||||||
2108 | 2017 | 2016 | 2015 | 2014 | ||||||||||||||||
Portfolio turnover rate | 57 | % | 62 | % | 57 | % | 52 | % | 66 | % |
a | Annualized. |
b | Percentage represents the results for the period and is not annualized. |
c | Per share amount calculated on the average shares method. |
d | Amount is less than $0.005 per share. |
f | Amount is less than $500. |
l | Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges. |
m | Total return excludes sales charges, if any, and would be lower for the period presented if it reflected these charges. |
gg | For the period April 1, 2014 (commencement of operations) through September 30, 2014. |
The accompanying notes are an integral part of the financial statements.
216
Income (loss) from investment operations | Less distributions to shareholders | Ratios / Supplemental Data | ||||||||||||||||||||||||||||||||||||||||||||||
Net asset value, beginning of the period | Net investment income (loss)c | Net realized and unrealized gain (loss) on investments | Total income (loss) from investment operations | From net investment income | From net realized gains | Total distributions | Net asset value, end of the period | Total returnl,m | Net assets, end of the period (000’s) | Ratio of expenses to average daily net assets | Net investment income (loss) to average daily net assets | |||||||||||||||||||||||||||||||||||||
Administrative Class |
| |||||||||||||||||||||||||||||||||||||||||||||||
9/30/18 | $ | 16.25 | $ | 0.07 | $ | 1.94 | $ | 2.01 | $ | (0.03 | ) | $ | (1.94 | ) | $ | (1.97 | ) | $ | 16.29 | 13.59% | $ | 26,503 | 0.99% | 0.42% | ||||||||||||||||||||||||
9/30/17 | 13.68 | 0.07 | 2.98 | 3.05 | (0.14 | ) | (0.34 | ) | (0.48 | ) | 16.25 | 22.75% | 23,967 | 1.00% | 0.44% | |||||||||||||||||||||||||||||||||
9/30/16 | 13.72 | 0.12 | 1.29 | 1.41 | (0.06 | ) | (1.39 | ) | (1.45 | ) | 13.68 | 11.17% | 17,641 | 1.01% | 0.94% | |||||||||||||||||||||||||||||||||
9/30/15 | 15.68 | 0.10 | 0.41 | 0.51 | (0.13 | ) | (2.34 | ) | (2.47 | ) | 13.72 | 2.25% | 18,171 | 0.99% | 0.64% | |||||||||||||||||||||||||||||||||
9/30/14 | 14.84 | 0.14 | 0.83 | 0.97 | (0.13 | ) | - | (0.13 | ) | 15.68 | 6.55% | 17,595 | 0.95% | 0.86% | ||||||||||||||||||||||||||||||||||
Class A |
| |||||||||||||||||||||||||||||||||||||||||||||||
9/30/18 | $ | 15.93 | $ | 0.03 | $ | 1.90 | $ | 1.93 | $ | - | $ | (1.94 | ) | $ | (1.94 | ) | $ | 15.92 | 13.34% | $ | 69,157 | 1.24% | 0.17% | |||||||||||||||||||||||||
9/30/17 | 13.42 | 0.03 | 2.92 | 2.95 | (0.10 | ) | (0.34 | ) | (0.44 | ) | 15.93 | 22.42% | 73,462 | 1.25% | 0.19% | |||||||||||||||||||||||||||||||||
9/30/16 | 13.49 | 0.09 | 1.26 | 1.35 | (0.03 | ) | (1.39 | ) | (1.42 | ) | 13.42 | 10.88% | 69,495 | 1.26% | 0.70% | |||||||||||||||||||||||||||||||||
9/30/15 | 15.43 | 0.06 | 0.42 | 0.48 | (0.08 | ) | (2.34 | ) | (2.42 | ) | 13.49 | 2.04% | 66,359 | 1.24% | 0.38% | |||||||||||||||||||||||||||||||||
9/30/14 | 14.62 | 0.09 | 0.81 | 0.90 | (0.09 | ) | - | (0.09 | ) | 15.43 | 6.19% | 70,281 | 1.19% | 0.60% | ||||||||||||||||||||||||||||||||||
Class R4 | ||||||||||||||||||||||||||||||||||||||||||||||||
9/30/18 | $ | 15.83 | $ | 0.04 | $ | 1.89 | $ | 1.93 | $ | (0.01 | ) | $ | (1.94 | ) | $ | (1.95 | ) | $ | 15.81 | 13.42% | $ | 11,773 | 1.14% | 0.26% | ||||||||||||||||||||||||
9/30/17 | 13.36 | 0.04 | 2.91 | 2.95 | (0.14 | ) | (0.34 | ) | (0.48 | ) | 15.83 | 22.50% | 9,717 | 1.15% | 0.29% | |||||||||||||||||||||||||||||||||
9/30/16 | 13.48 | 0.10 | 1.27 | 1.37 | (0.10 | ) | (1.39 | ) | (1.49 | ) | 13.36 | 11.06% | 4,467 | 1.16% | 0.75% | |||||||||||||||||||||||||||||||||
9/30/15 | 15.44 | 0.12 | 0.38 | 0.50 | (0.12 | ) | (2.34 | ) | (2.46 | ) | 13.48 | 2.17% | 571 | 1.14% | 0.84% | |||||||||||||||||||||||||||||||||
9/30/14gg | 16.14 | 0.04 | (0.74 | ) | (0.70 | ) | - | - | - | 15.44 | (4.34% | )b | 96 | 1.11% | a | 0.46% | a | |||||||||||||||||||||||||||||||
Class R3 | ||||||||||||||||||||||||||||||||||||||||||||||||
9/30/18 | $ | 15.77 | $ | 0.00 | d | $ | 1.88 | $ | 1.88 | $ | - | $ | (1.94 | ) | $ | (1.94 | ) | $ | 15.71 | 13.14% | $ | 10,564 | 1.39% | 0.02% | ||||||||||||||||||||||||
9/30/17 | 13.32 | 0.01 | 2.89 | 2.90 | (0.11 | ) | (0.34 | ) | (0.45 | ) | 15.77 | 22.19% | 9,008 | 1.40% | 0.04% | |||||||||||||||||||||||||||||||||
9/30/16 | 13.46 | 0.07 | 1.25 | 1.32 | (0.07 | ) | (1.39 | ) | (1.46 | ) | 13.32 | 10.72% | 5,524 | 1.41% | 0.51% | |||||||||||||||||||||||||||||||||
9/30/15 | 15.42 | 0.07 | 0.40 | 0.47 | (0.09 | ) | (2.34 | ) | (2.43 | ) | 13.46 | 1.97% | 1,245 | 1.39% | 0.45% | |||||||||||||||||||||||||||||||||
9/30/14gg | 16.14 | 0.02 | (0.74 | ) | (0.72 | ) | - | - | - | 15.42 | (4.46% | )b | 96 | 1.36% | a | 0.21% | a |
217
MassMutual Premier Global Fund – Financial Statements (Continued)
Financial Highlights (For a share outstanding throughout each period)
Income (loss) from investment operations | Less distributions to shareholders | Ratios / Supplemental Data | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value, beginning of the period | Net investment income (loss)c,j | Net realized and unrealized gain (loss) on investments | Total income (loss) from investment operations | From net investment income | From net realized gains | Total distributions | Net asset value, end of the period | Total returnl,m | Net assets, end of the period (000’s) | Ratio of expenses to average daily net assets before expense waivers | Ratio of expenses to average daily net assets after expense waiversj | Net investment income (loss) to average daily net assets | ||||||||||||||||||||||||||||||||||||||||
Class I | ||||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/18 | $ | 16.46 | $ | 0.13 | $ | 1.52 | $ | 1.65 | $ | (0.16 | ) | $ | (1.87 | ) | $ | (2.03 | ) | $ | 16.08 | 10.39% | $ | 50,503 | 0.86% | N/A | 0.79% | |||||||||||||||||||||||||||
9/30/17 | 13.47 | 0.12 | 3.43 | 3.55 | (0.18 | ) | (0.38 | ) | (0.56 | ) | 16.46 | 27.53% | 34,308 | 0.86% | N/A | 0.78% | ||||||||||||||||||||||||||||||||||||
9/30/16 | 13.94 | 0.11 | 0.66 | 0.77 | (0.14 | ) | (1.10 | ) | (1.24 | ) | 13.47 | 5.50% | 16,576 | 0.85% | N/A | 0.85% | ||||||||||||||||||||||||||||||||||||
9/30/15 | 15.11 | 0.18 | (0.46 | ) | (0.28 | ) | (0.19 | ) | (0.70 | ) | (0.89 | ) | 13.94 | (1.92% | ) | 1,044 | 0.84% | N/A | 1.16% | |||||||||||||||||||||||||||||||||
9/30/14gg | 14.85 | 0.13 | 0.13 | 0.26 | - | - | - | 15.11 | 1.75% | b | 102 | 0.84% | a | N/A | 1.75% | a | ||||||||||||||||||||||||||||||||||||
Class R5 |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/18 | $ | 16.47 | $ | 0.11 | $ | 1.53 | $ | 1.64 | $ | (0.15 | ) | $ | (1.87 | ) | $ | (2.02 | ) | $ | 16.09 | 10.28% | $ | 101,536 | 0.96% | N/A | 0.65% | |||||||||||||||||||||||||||
9/30/17 | 13.46 | 0.08 | 3.48 | 3.56 | (0.17 | ) | (0.38 | ) | (0.55 | ) | 16.47 | 27.55% | 120,521 | 0.96% | N/A | 0.54% | ||||||||||||||||||||||||||||||||||||
9/30/16 | 13.93 | 0.12 | 0.63 | 0.75 | (0.12 | ) | (1.10 | ) | (1.22 | ) | 13.46 | 5.37% | 125,171 | 0.95% | N/A | 0.89% | ||||||||||||||||||||||||||||||||||||
9/30/15 | 15.11 | 0.15 | (0.46 | ) | (0.31 | ) | (0.17 | ) | (0.70 | ) | (0.87 | ) | 13.93 | (2.07% | ) | 166,316 | 0.94% | N/A | 0.99% | |||||||||||||||||||||||||||||||||
9/30/14 | 13.99 | 0.15 | 1.25 | 1.40 | (0.16 | ) | (0.12 | ) | (0.28 | ) | 15.11 | 10.18% | 206,074 | 0.99% | 0.91% | 0.99% | ||||||||||||||||||||||||||||||||||||
Service Class |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/18 | $ | 16.33 | $ | 0.10 | $ | 1.51 | $ | 1.61 | $ | (0.13 | ) | $ | (1.87 | ) | $ | (2.00 | ) | $ | 15.94 | 10.17% | $ | 16,104 | 1.06% | N/A | 0.60% | |||||||||||||||||||||||||||
9/30/17 | 13.35 | 0.07 | 3.44 | 3.51 | (0.15 | ) | (0.38 | ) | (0.53 | ) | 16.33 | 27.37% | 19,086 | 1.06% | N/A | 0.46% | ||||||||||||||||||||||||||||||||||||
9/30/16 | 13.83 | 0.11 | 0.62 | 0.73 | (0.11 | ) | (1.10 | ) | (1.21 | ) | 13.35 | 5.28% | 28,699 | 1.05% | N/A | 0.87% | ||||||||||||||||||||||||||||||||||||
9/30/15 | 15.01 | 0.14 | (0.46 | ) | (0.32 | ) | (0.16 | ) | (0.70 | ) | (0.86 | ) | 13.83 | (2.15% | ) | 30,582 | 1.04% | N/A | 0.95% | |||||||||||||||||||||||||||||||||
9/30/14 | 13.90 | 0.15 | 1.22 | 1.37 | (0.14 | ) | (0.12 | ) | (0.26 | ) | 15.01 | 9.96% | 14,038 | 1.05% | 1.03% | 0.99% |
Year ended September 30 | ||||||||||||||||||||
2018 | 2017 | 2016 | 2015 | 2014 | ||||||||||||||||
Portfolio turnover rate | 42 | % | 30 | % | 25 | % | 32 | % | 27 | % |
a | Annualized. |
b | Percentage represents the results for the period and is not annualized. |
c | Per share amount calculated on the average shares method. |
d | Amount is less than $0.005 per share. |
j | Computed after giving effect to an agreement by MML Advisers and/or MassMutual to waive certain fees and expenses of the Fund. |
l | Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges. |
m | Total return excludes sales charges, if any, and would be lower for the period presented if it reflected these charges. |
gg | For the period April 1, 2014 (commencement of operations) through September 30, 2014. |
The accompanying notes are an integral part of the financial statements.
218
Income (loss) from investment operations | Less distributions to shareholders | Ratios / Supplemental Data | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value, beginning of the period | Net investment income (loss)c,j | Net realized and unrealized gain (loss) on investments | Total income (loss) from investment operations | From net investment income | From net realized gains | Total distributions | Net asset value, end of the period | Total returnl,m | Net assets, end of the period (000’s) | Ratio of expenses to average daily net assets before expense waivers | Ratio of expenses to average daily net assets after expense waiversj | Net investment income (loss) to average daily net assets | ||||||||||||||||||||||||||||||||||||||||
Administrative Class |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/18 | $ | 16.44 | $ | 0.07 | $ | 1.53 | $ | 1.60 | $ | (0.11 | ) | $ | (1.87 | ) | $ | (1.98 | ) | $ | 16.06 | 10.07% | $ | 90,239 | 1.16% | N/A | 0.46% | |||||||||||||||||||||||||||
9/30/17 | 13.44 | 0.05 | 3.47 | 3.52 | (0.14 | ) | (0.38 | ) | (0.52 | ) | 16.44 | 27.24% | 103,200 | 1.16% | N/A | 0.36% | ||||||||||||||||||||||||||||||||||||
9/30/16 | 13.91 | 0.09 | 0.63 | 0.72 | (0.09 | ) | (1.10 | ) | (1.19 | ) | 13.44 | 5.15% | 99,085 | 1.15% | N/A | 0.68% | ||||||||||||||||||||||||||||||||||||
9/30/15 | 15.08 | 0.12 | (0.45 | ) | (0.33 | ) | (0.14 | ) | (0.70 | ) | (0.84 | ) | 13.91 | (2.23% | ) | 120,753 | 1.14% | N/A | 0.79% | |||||||||||||||||||||||||||||||||
9/30/14 | 13.96 | 0.11 | 1.25 | 1.36 | (0.12 | ) | (0.12 | ) | (0.24 | ) | 15.08 | 9.87% | 136,272 | 1.18% | 1.14% | 0.77% | ||||||||||||||||||||||||||||||||||||
Class A |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/18 | $ | 16.27 | $ | 0.03 | $ | 1.51 | $ | 1.54 | $ | (0.07 | ) | $ | (1.87 | ) | $ | (1.94 | ) | $ | 15.87 | 9.74% | $ | 31,725 | 1.41% | N/A | 0.21% | |||||||||||||||||||||||||||
9/30/17 | 13.29 | 0.02 | 3.44 | 3.46 | (0.10 | ) | (0.38 | ) | (0.48 | ) | 16.27 | 26.99% | 30,769 | 1.41% | N/A | 0.12% | ||||||||||||||||||||||||||||||||||||
9/30/16 | 13.77 | 0.06 | 0.61 | 0.67 | (0.05 | ) | (1.10 | ) | (1.15 | ) | 13.29 | 4.85% | 32,200 | 1.40% | N/A | 0.44% | ||||||||||||||||||||||||||||||||||||
9/30/15 | 14.92 | 0.08 | (0.44 | ) | (0.36 | ) | (0.09 | ) | (0.70 | ) | (0.79 | ) | 13.77 | (2.44% | ) | 40,690 | 1.39% | N/A | 0.54% | |||||||||||||||||||||||||||||||||
9/30/14 | 13.82 | 0.07 | 1.24 | 1.31 | (0.09 | ) | (0.12 | ) | (0.21 | ) | 14.92 | 9.54% | 46,399 | 1.43% | 1.41% | 0.48% | ||||||||||||||||||||||||||||||||||||
Class R4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/18 | $ | 16.13 | $ | 0.04 | $ | 1.51 | $ | 1.55 | $ | (0.10 | ) | $ | (1.87 | ) | $ | (1.97 | ) | $ | 15.71 | 9.90% | $ | 7,790 | 1.31% | N/A | 0.27% | |||||||||||||||||||||||||||
9/30/17 | 13.21 | 0.03 | 3.41 | 3.44 | (0.14 | ) | (0.38 | ) | (0.52 | ) | 16.13 | 27.05% | 5,560 | 1.31% | N/A | 0.20% | ||||||||||||||||||||||||||||||||||||
9/30/16 | 13.74 | 0.09 | 0.61 | 0.70 | (0.13 | ) | (1.10 | ) | (1.23 | ) | 13.21 | 5.05% | 4,322 | 1.30% | N/A | 0.73% | ||||||||||||||||||||||||||||||||||||
9/30/15 | 14.93 | 0.12 | (0.48 | ) | (0.36 | ) | (0.13 | ) | (0.70 | ) | (0.83 | ) | 13.74 | (2.44% | ) | 729 | 1.29% | N/A | 0.79% | |||||||||||||||||||||||||||||||||
9/30/14gg | 14.70 | 0.10 | 0.13 | 0.23 | - | - | - | 14.93 | 1.56% | b | 102 | 1.29% | a | N/A | 1.30% | a | ||||||||||||||||||||||||||||||||||||
Class R3 |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/18 | $ | 16.21 | $ | 0.01 | $ | 1.51 | $ | 1.52 | $ | (0.06 | ) | $ | (1.87 | ) | $ | (1.93 | ) | $ | 15.80 | 9.64% | $ | 11,029 | 1.56% | N/A | 0.06% | |||||||||||||||||||||||||||
9/30/17 | 13.27 | (0.00 | )d | 3.42 | 3.42 | (0.10 | ) | (0.38 | ) | (0.48 | ) | 16.21 | 26.73% | 10,696 | 1.56% | N/A | (0.03% | ) | ||||||||||||||||||||||||||||||||||
9/30/16 | 13.79 | 0.05 | 0.61 | 0.66 | (0.08 | ) | (1.10 | ) | (1.18 | ) | 13.27 | 4.78% | 8,702 | 1.55% | N/A | 0.42% | ||||||||||||||||||||||||||||||||||||
9/30/15 | 14.97 | 0.05 | (0.43 | ) | (0.38 | ) | (0.10 | ) | (0.70 | ) | (0.80 | ) | 13.79 | (2.63% | ) | 2,905 | 1.54% | N/A | 0.36% | |||||||||||||||||||||||||||||||||
9/30/14 | 13.86 | 0.07 | 1.24 | 1.31 | (0.08 | ) | (0.12 | ) | (0.20 | ) | 14.97 | 9.49% | 1,523 | 1.64% | 1.53% | 0.48% |
219
MassMutual Premier International Equity Fund – Financial Statements (Continued)
Financial Highlights (For a share outstanding throughout each period)
Income (loss) from investment operations | Less distributions to shareholders | Ratios /Supplemental Data | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value, beginning of the period | Net investment income (loss)c,j | Net realized and unrealized gain (loss) on investments | Total income (loss) from investment operations | From net investment income | From net realized gains | Total distributions | Net asset value, end of the period | Total returnl,m | Net assets, end of the period (000’s) | Ratio of expenses to average daily net assets before expense waiver | Ratio of expenses to average daily net assets after expense waiversj | Net investment income (loss) to average daily net assets | ||||||||||||||||||||||||||||||||||||||||
Class I | ||||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/18 | $ | 13.44 | $ | 0.14 | $ | (0.42 | ) | $ | (0.28 | ) | $ | (0.17 | ) | $ | - | $ | (0.17 | ) | $ | 12.99 | (2.14% | ) | $ | 293,575 | 0.96% | 0.94% | 1.01% | |||||||||||||||||||||||||
9/30/17 | 11.97 | 0.18 | 1.61 | 1.79 | (0.15 | ) | (0.17 | ) | (0.32 | ) | 13.44 | 15.60% | 246,510 | 0.96% | 0.94% | 1.46% | ||||||||||||||||||||||||||||||||||||
9/30/16 | 11.55 | 0.15 | 0.85 | 1.00 | (0.14 | ) | (0.44 | ) | (0.58 | ) | 11.97 | 8.86% | 195,019 | 0.95% | 0.94% | 1.30% | ||||||||||||||||||||||||||||||||||||
9/30/15 | 14.39 | 0.18 | (0.60 | ) | (0.42 | ) | (0.18 | ) | (2.24 | ) | (2.42 | ) | 11.55 | (3.02% | ) | 169,842 | 0.96% | N/A | 1.42% | |||||||||||||||||||||||||||||||||
9/30/14gg | 15.47 | 0.14 | (1.22 | ) | (1.08 | ) | - | - | - | 14.39 | (6.98% | )b | 64,208 | 0.96% | a | N/A | 1.83% | a | ||||||||||||||||||||||||||||||||||
Class R5 |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/18 | $ | 13.44 | $ | 0.12 | $ | (0.42 | ) | $ | (0.30 | ) | $ | (0.16 | ) | $ | - | $ | (0.16 | ) | $ | 12.98 | (2.32% | ) | $ | 147,654 | 1.06% | 1.04% | 0.85% | |||||||||||||||||||||||||
9/30/17 | 11.97 | 0.17 | 1.61 | 1.78 | (0.14 | ) | (0.17 | ) | (0.31 | ) | 13.44 | 15.47% | 195,316 | 1.06% | 1.04% | 1.38% | ||||||||||||||||||||||||||||||||||||
9/30/16 | 11.54 | 0.14 | 0.85 | 0.99 | (0.12 | ) | (0.44 | ) | (0.56 | ) | 11.97 | 8.83% | 221,320 | 1.05% | 1.04% | 1.18% | ||||||||||||||||||||||||||||||||||||
9/30/15 | 14.38 | 0.13 | (0.57 | ) | (0.44 | ) | (0.16 | ) | (2.24 | ) | (2.40 | ) | 11.54 | (3.17% | ) | 251,687 | 1.06% | N/A | 1.05% | |||||||||||||||||||||||||||||||||
9/30/14 | 15.92 | 0.15 | (0.16 | ) | (0.01 | ) | (0.19 | ) | (1.34 | ) | (1.53 | ) | 14.38 | (0.32% | ) | 351,818 | 1.06% | N/A | 0.97% | |||||||||||||||||||||||||||||||||
Service Class |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/18 | $ | 13.39 | $ | 0.11 | $ | (0.41 | ) | $ | (0.30 | ) | $ | (0.15 | ) | $ | - | $ | (0.15 | ) | $ | 12.94 | (2.33% | ) | $ | 23,069 | 1.16% | 1.14% | 0.79% | |||||||||||||||||||||||||
9/30/17 | 11.93 | 0.15 | 1.61 | 1.76 | (0.13 | ) | (0.17 | ) | (0.30 | ) | 13.39 | 15.33% | 21,422 | 1.16% | 1.14% | 1.25% | ||||||||||||||||||||||||||||||||||||
9/30/16 | 11.51 | 0.13 | 0.84 | 0.97 | (0.11 | ) | (0.44 | ) | (0.55 | ) | 11.93 | 8.66% | 22,510 | 1.15% | 1.14% | 1.09% | ||||||||||||||||||||||||||||||||||||
9/30/15 | 14.34 | 0.13 | (0.57 | ) | (0.44 | ) | (0.15 | ) | (2.24 | ) | (2.39 | ) | 11.51 | (3.20% | ) | 21,741 | 1.16% | N/A | 1.03% | |||||||||||||||||||||||||||||||||
9/30/14 | 15.90 | 0.14 | (0.17 | ) | (0.03 | ) | (0.19 | ) | (1.34 | ) | (1.53 | ) | 14.34 | (0.46% | ) | 23,473 | 1.12% | N/A | 0.88% |
Year ended September 30 | ||||||||||||||||||||
2018 | 2017 | 2016 | 2015 | 2014 | ||||||||||||||||
Portfolio turnover rate | 70 | % | 44 | % | 36 | % | 45 | % | 76 | % |
a | Annualized. |
b | Percentage represents the results for the period and is not annualized. |
c | Per share amount calculated on the average shares method. |
j | Computed after giving effect to an agreement by MML Advisers and/or MassMutual to waive certain fees and expenses of the Fund. |
l | Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges. |
m | Total return excludes sales charges, if any, and would be lower for the period presented if it reflected these charges. |
gg | For the period April 1, 2014 (commencement of operations) through September 30, 2014. |
The accompanying notes are an integral part of the financial statements.
220
Income (loss) from investment operations | Less distributions to shareholders | Ratios /Supplemental Data | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value, beginning of the period | Net investment income (loss)c,j | Net realized and unrealized gain (loss) on investments | Total income (loss) from investment operations | From net investment income | From net realized gains | Total distributions | Net asset value, end of the period | Total returnl,m | Net assets, end of the period (000’s) | Ratio of expenses to average daily net assets before expense waivers | Ratio of expenses to average daily net assets after expense waiversj | Net investment income (loss) to average daily net assets | ||||||||||||||||||||||||||||||||||||||||
Administrative Class |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/18 | $ | 13.32 | $ | 0.08 | $ | (0.40 | ) | $ | (0.32 | ) | $ | (0.13 | ) | $ | - | $ | (0.13 | ) | $ | 12.87 | (2.49% | ) | $ | 11,908 | 1.26% | 1.24% | 0.58% | |||||||||||||||||||||||||
9/30/17 | 11.87 | 0.15 | 1.58 | 1.73 | (0.11 | ) | (0.17 | ) | (0.28 | ) | 13.32 | 15.19% | 17,968 | 1.26% | 1.24% | 1.22% | ||||||||||||||||||||||||||||||||||||
9/30/16 | 11.45 | 0.11 | 0.85 | 0.96 | (0.10 | ) | (0.44 | ) | (0.54 | ) | 11.87 | 8.59% | 18,407 | 1.25% | 1.24% | 0.97% | ||||||||||||||||||||||||||||||||||||
9/30/15 | 14.27 | 0.12 | (0.56 | ) | (0.44 | ) | (0.14 | ) | (2.24 | ) | (2.38 | ) | 11.45 | (3.28% | ) | 19,307 | 1.26% | N/A | 0.96% | |||||||||||||||||||||||||||||||||
9/30/14 | 15.82 | 0.13 | (0.18 | ) | (0.05 | ) | (0.16 | ) | (1.34 | ) | (1.50 | ) | 14.27 | (0.57% | ) | 18,339 | 1.25% | N/A | 0.86% | |||||||||||||||||||||||||||||||||
Class A |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/18 | $ | 12.93 | $ | 0.05 | $ | (0.39 | ) | $ | (0.34 | ) | $ | (0.10 | ) | $ | - | $ | (0.10 | ) | $ | 12.49 | (2.70% | ) | $ | 30,719 | 1.51% | 1.49% | 0.41% | |||||||||||||||||||||||||
9/30/17 | 11.52 | 0.10 | 1.56 | 1.66 | (0.08 | ) | (0.17 | ) | (0.25 | ) | 12.93 | 14.95% | 39,746 | 1.51% | 1.49% | 0.90% | ||||||||||||||||||||||||||||||||||||
9/30/16 | 11.12 | 0.08 | 0.83 | 0.91 | (0.07 | ) | (0.44 | ) | (0.51 | ) | 11.52 | 8.34% | 42,907 | 1.50% | 1.49% | 0.72% | ||||||||||||||||||||||||||||||||||||
9/30/15 | 13.94 | 0.08 | (0.56 | ) | (0.48 | ) | (0.10 | ) | (2.24 | ) | (2.34 | ) | 11.12 | (3.54% | ) | 47,166 | 1.51% | N/A | 0.65% | |||||||||||||||||||||||||||||||||
9/30/14 | 15.48 | 0.09 | (0.17 | ) | (0.08 | ) | (0.12 | ) | (1.34 | ) | (1.46 | ) | 13.94 | (0.77% | ) | 53,155 | 1.50% | N/A | 0.58% | |||||||||||||||||||||||||||||||||
Class R4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/18 | $ | 12.84 | $ | 0.07 | $ | (0.40 | ) | $ | (0.33 | ) | $ | (0.13 | ) | $ | - | $ | (0.13 | ) | $ | 12.38 | (2.63% | ) | $ | 10,673 | 1.41% | 1.39% | 0.54% | |||||||||||||||||||||||||
9/30/17 | 11.47 | 0.13 | 1.53 | 1.66 | (0.12 | ) | (0.17 | ) | (0.29 | ) | 12.84 | 15.10% | 10,932 | 1.41% | 1.39% | 1.10% | ||||||||||||||||||||||||||||||||||||
9/30/16 | 11.11 | 0.14 | 0.77 | 0.91 | (0.11 | ) | (0.44 | ) | (0.55 | ) | 11.47 | 8.42% | 3,648 | 1.40% | 1.39% | 1.28% | ||||||||||||||||||||||||||||||||||||
9/30/15 | 13.94 | 0.09 | (0.55 | ) | (0.46 | ) | (0.13 | ) | (2.24 | ) | (2.37 | ) | 11.11 | (3.46% | ) | 349 | 1.41% | N/A | 0.73% | |||||||||||||||||||||||||||||||||
9/30/14gg | 15.03 | 0.11 | (1.20 | ) | (1.09 | ) | - | - | - | 13.94 | (7.25% | )b | 93 | 1.41% | a | N/A | 1.47% | a | ||||||||||||||||||||||||||||||||||
Class R3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/18 | $ | 12.79 | $ | 0.03 | $ | (0.39 | ) | $ | (0.36 | ) | $ | (0.09 | ) | $ | - | $ | (0.09 | ) | $ | 12.34 | (2.88% | ) | $ | 9,024 | 1.66% | 1.64% | 0.25% | |||||||||||||||||||||||||
9/30/17 | 11.43 | 0.09 | 1.54 | 1.63 | (0.10 | ) | (0.17 | ) | (0.27 | ) | 12.79 | 14.77% | 9,045 | 1.66% | 1.64% | 0.77% | ||||||||||||||||||||||||||||||||||||
9/30/16 | 11.09 | 0.09 | 0.80 | 0.89 | (0.11 | ) | (0.44 | ) | (0.55 | ) | 11.43 | 8.24% | 3,618 | 1.65% | 1.64% | 0.82% | ||||||||||||||||||||||||||||||||||||
9/30/15 | 13.93 | 0.05 | (0.54 | ) | (0.49 | ) | (0.11 | ) | (2.24 | ) | (2.35 | ) | 11.09 | (3.76% | ) | 524 | 1.66% | N/A | 0.41% | |||||||||||||||||||||||||||||||||
9/30/14gg | 15.03 | 0.09 | (1.19 | ) | (1.10 | ) | - | - | - | 13.93 | (7.32% | )b | 93 | 1.66% | a | N/A | 1.22% | a |
221
MassMutual Premier Strategic Emerging Markets Fund – Financial Statements (Continued)
Financial Highlights (For a share outstanding throughout each period)
Income (loss) from investment operations | Less distributions to shareholders | Ratios / Supplemental Data | ||||||||||||||||||||||||||||||||||||||||||||||
Net asset value, beginning of the period | Net investment income (loss)c,j | Net realized and unrealized gain (loss) on investments | Total income (loss) from investment operations | From net investment income | Total distributions | Net asset value, end of the period | Total returnl,m | Net assets, end of the period (000’s) | Ratio of expenses to average daily net assets before expense waivers | Ratio of expenses to average daily net assets after expense waiversj | Net investment income (loss) to average daily net assets | |||||||||||||||||||||||||||||||||||||
Class I |
| |||||||||||||||||||||||||||||||||||||||||||||||
9/30/18 | $ | 12.88 | $ | 0.08 | $ | (0.04 | ) | $ | 0.04 | $ | (0.17 | ) | $ | (0.17 | ) | $ | 12.75 | 0.31% | $ | 216,085 | 1.27% | 1.05% | 0.62% | |||||||||||||||||||||||||
9/30/17 | 10.79 | 0.07 | 2.14 | 2.21 | (0.12 | ) | (0.12 | ) | 12.88 | 20.85% | 236,991 | 1.28% | 1.05% | 0.65% | ||||||||||||||||||||||||||||||||||
9/30/16 | 9.19 | 0.07 | 1.61 | 1.68 | (0.08 | ) | (0.08 | ) | 10.79 | 18.36% | 204,626 | 1.31% | 1.05% | 0.69% | ||||||||||||||||||||||||||||||||||
9/30/15 | 12.11 | 0.09 | (2.87 | ) | (2.78 | ) | (0.14 | ) | (0.14 | ) | 9.19 | (23.13% | ) | 127,823 | 1.37% | 1.05% | 0.77% | |||||||||||||||||||||||||||||||
9/30/14 | 11.68 | 0.08 | 0.50 | 0.58 | (0.15 | ) | (0.15 | ) | 12.11 | 5.01% | 140,584 | 1.34% | 1.02% | 0.68% | ||||||||||||||||||||||||||||||||||
Class R5 |
| |||||||||||||||||||||||||||||||||||||||||||||||
9/30/18 | $ | 13.05 | $ | 0.07 | $ | (0.04 | ) | $ | 0.03 | $ | (0.16 | ) | $ | (0.16 | ) | $ | 12.92 | 0.21% | $ | 4,047 | 1.37% | 1.15% | 0.53% | |||||||||||||||||||||||||
9/30/17 | 10.94 | 0.06 | 2.16 | 2.22 | (0.11 | ) | (0.11 | ) | 13.05 | 20.59% | 3,887 | 1.38% | 1.15% | 0.54% | ||||||||||||||||||||||||||||||||||
9/30/16 | 9.30 | 0.04 | 1.65 | 1.69 | (0.05 | ) | (0.05 | ) | 10.94 | 18.22% | 3,148 | 1.41% | 1.15% | 0.38% | ||||||||||||||||||||||||||||||||||
9/30/15 | 12.24 | 0.08 | (2.89 | ) | (2.81 | ) | (0.13 | ) | (0.13 | ) | 9.30 | (23.20% | ) | 7,389 | 1.47% | 1.15% | 0.67% | |||||||||||||||||||||||||||||||
9/30/14 | 11.81 | 0.07 | 0.49 | 0.56 | (0.13 | ) | (0.13 | ) | 12.24 | 4.88% | 8,869 | 1.47% | 1.15% | 0.55% | ||||||||||||||||||||||||||||||||||
Service Class |
| |||||||||||||||||||||||||||||||||||||||||||||||
9/30/18 | $ | 12.85 | $ | 0.05 | $ | (0.03 | ) | $ | 0.02 | $ | (0.14 | ) | $ | (0.14 | ) | $ | 12.73 | 0.10% | $ | 230 | 1.47% | 1.25% | 0.41% | |||||||||||||||||||||||||
9/30/17 | 10.78 | (0.02 | ) | 2.19 | 2.17 | (0.10 | ) | (0.10 | ) | 12.85 | 20.41% | 434 | 1.48% | 1.25% | (0.20% | ) | ||||||||||||||||||||||||||||||||
9/30/16 | 9.17 | 0.04 | 1.63 | 1.67 | (0.06 | ) | (0.06 | ) | 10.78 | 18.27% | 8,238 | 1.51% | 1.25% | 0.43% | ||||||||||||||||||||||||||||||||||
9/30/15 | 12.09 | 0.07 | (2.87 | ) | (2.80 | ) | (0.12 | ) | (0.12 | ) | 9.17 | (23.23% | ) | 7,015 | 1.57% | 1.25% | 0.63% | |||||||||||||||||||||||||||||||
9/30/14 | 11.66 | 0.06 | 0.49 | 0.55 | (0.12 | ) | (0.12 | ) | 12.09 | 4.75% | 256 | 1.57% | 1.25% | 0.46% |
Year ended September 30 | ||||||||||||||||||||
2018 | 2017 | 2016 | 2015 | 2014 | ||||||||||||||||
Portfolio turnover rate | 38 | % | 51 | % | 33 | % | 40 | % | 108 | % |
a | Annualized. |
b | Percentage represents the results for the period and is not annualized. |
c | Per share amount calculated on the average shares method. |
d | Amount is less than $0.005 per share. |
j | Computed after giving effect to an agreement by MML Advisers and/or MassMutual to waive certain fees and expenses of the Fund. |
l | Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges. |
m | Total return excludes sales charges, if any, and would be lower for the period presented if it reflected these charges. |
gg | For the period April 1, 2014 (commencement of operations) through September 30, 2014. |
The accompanying notes are an integral part of the financial statements.
222
Income (loss) from investment operations | Less distributions to shareholders | Ratios / Supplemental Data | ||||||||||||||||||||||||||||||||||||||||||||||
Net asset value, beginning of the period | Net investment income (loss)c,j | Net realized and unrealized gain (loss) on investments | Total income (loss) from investment operations | From net investment income | Total distributions | Net asset value, end of the period | Total returnl,m | Net assets, end of the period (000’s) | Ratio of expenses to average daily net assets before expense waivers | Ratio of expenses to average daily net assets after expense waiversj | Net investment income (loss) to average daily net assets | |||||||||||||||||||||||||||||||||||||
Administrative Class |
| |||||||||||||||||||||||||||||||||||||||||||||||
9/30/18 | $ | 12.91 | $ | 0.04 | $ | (0.03 | ) | $ | 0.01 | $ | (0.14 | ) | $ | (0.14 | ) | $ | 12.78 | 0.02% | $ | 879 | 1.57% | 1.35% | 0.33% | |||||||||||||||||||||||||
9/30/17 | 10.84 | 0.05 | 2.13 | 2.18 | (0.11 | ) | (0.11 | ) | 12.91 | 20.35% | 1,565 | 1.58% | 1.35% | 0.41% | ||||||||||||||||||||||||||||||||||
9/30/16 | 9.23 | 0.04 | 1.62 | 1.66 | (0.05 | ) | (0.05 | ) | 10.84 | 18.02% | 677 | 1.61% | 1.35% | 0.42% | ||||||||||||||||||||||||||||||||||
9/30/15 | 12.15 | 0.06 | (2.88 | ) | (2.82 | ) | (0.10 | ) | (0.10 | ) | 9.23 | (23.32% | ) | 431 | 1.67% | 1.35% | 0.54% | |||||||||||||||||||||||||||||||
9/30/14 | 11.72 | 0.07 | 0.47 | 0.54 | (0.11 | ) | (0.11 | ) | 12.15 | 4.61% | 409 | 1.68% | 1.37% | 0.59% | ||||||||||||||||||||||||||||||||||
Class A |
| |||||||||||||||||||||||||||||||||||||||||||||||
9/30/18 | $ | 12.88 | $ | 0.04 | $ | (0.07 | ) | $ | (0.03 | ) | $ | (0.12 | ) | $ | (0.12 | ) | $ | 12.73 | (0.23% | ) | $ | 386 | 1.82% | 1.60% | 0.30% | |||||||||||||||||||||||
9/30/17 | 10.74 | 0.02 | 2.14 | 2.16 | (0.02 | ) | (0.02 | ) | 12.88 | 20.18% | 118 | 1.83% | 1.60% | 0.14% | ||||||||||||||||||||||||||||||||||
9/30/16 | 9.13 | 0.01 | 1.60 | 1.61 | (0.00 | )d | (0.00 | )d | 10.74 | 17.68% | 95 | 1.86% | 1.60% | 0.11% | ||||||||||||||||||||||||||||||||||
9/30/15 | 12.04 | 0.00 | d | (2.81 | ) | (2.81 | ) | (0.10 | ) | (0.10 | ) | 9.13 | (23.47% | ) | 190 | 1.92% | 1.60% | 0.02% | ||||||||||||||||||||||||||||||
9/30/14 | 11.61 | (0.01 | ) | 0.51 | 0.50 | (0.07 | ) | (0.07 | ) | 12.04 | 4.36% | 470 | 1.94% | 1.62% | (0.05% | ) | ||||||||||||||||||||||||||||||||
Class R4 | ||||||||||||||||||||||||||||||||||||||||||||||||
9/30/18 | $ | 12.76 | $ | 0.03 | $ | (0.04 | ) | $ | (0.01 | ) | $ | (0.12 | ) | $ | (0.12 | ) | $ | 12.63 | (0.10% | ) | $ | 1,295 | 1.72% | 1.50% | 0.22% | |||||||||||||||||||||||
9/30/17 | 10.72 | 0.03 | 2.11 | 2.14 | (0.10 | ) | (0.10 | ) | 12.76 | 20.23% | 1,019 | 1.73% | 1.50% | 0.24% | ||||||||||||||||||||||||||||||||||
9/30/16 | 9.14 | 0.02 | 1.61 | 1.63 | (0.05 | ) | (0.05 | ) | 10.72 | 17.87% | 599 | 1.76% | 1.50% | 0.23% | ||||||||||||||||||||||||||||||||||
9/30/15 | 12.05 | 0.03 | (2.84 | ) | (2.81 | ) | (0.10 | ) | (0.10 | ) | 9.14 | (23.45% | ) | 112 | 1.82% | 1.50% | 0.27% | |||||||||||||||||||||||||||||||
9/30/14gg | 11.64 | 0.05 | 0.36 | 0.41 | - | - | 12.05 | 3.52% | b | 103 | 1.82% | a | 1.50% | a | 0.76% | a | ||||||||||||||||||||||||||||||||
Class R3 | ||||||||||||||||||||||||||||||||||||||||||||||||
9/30/18 | $ | 12.73 | $ | (0.01 | ) | $ | (0.04 | ) | $ | (0.05 | ) | $ | (0.08 | ) | $ | (0.08 | ) | $ | 12.60 | (0.39% | ) | $ | 761 | 1.97% | 1.75% | (0.09% | ) | |||||||||||||||||||||
9/30/17 | 10.70 | (0.01 | ) | 2.12 | 2.11 | (0.08 | ) | (0.08 | ) | 12.73 | 19.88% | 821 | 1.98% | 1.75% | (0.07% | ) | ||||||||||||||||||||||||||||||||
9/30/16 | 9.12 | 0.00 | d | 1.61 | 1.61 | (0.03 | ) | (0.03 | ) | 10.70 | 17.66% | 642 | 2.01% | 1.75% | 0.04% | |||||||||||||||||||||||||||||||||
9/30/15 | 12.03 | 0.03 | (2.86 | ) | (2.83 | ) | (0.08 | ) | (0.08 | ) | 9.12 | (23.57% | ) | 184 | 2.07% | 1.75% | 0.24% | |||||||||||||||||||||||||||||||
9/30/14gg | 11.64 | 0.03 | 0.36 | 0.39 | - | - | 12.03 | 3.35% | b | 103 | 2.07% | a | 1.75% | a | 0.51% | a |
223
1. | The Funds |
MassMutual Premier Funds (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end, management investment company. The Trust is organized under the laws of the Commonwealth of Massachusetts as a Massachusetts business trust pursuant to an Agreement and Declaration of Trust dated August 1, 1994, as amended and restated as of November 21, 2011, as it may be further amended from time to time. The following are 14 series of the Trust (each individually referred to as a “Fund” or collectively as the “Funds”):
MassMutual Premier U.S. Government Money Market Fund (“U.S. Government Money Market Fund”)
MassMutual Premier Short-Duration Bond Fund (“Short-Duration Bond Fund”)
MassMutual Premier Inflation-Protected and Income Fund (“Inflation-Protected and Income Fund”)
MassMutual Premier Core Bond Fund (“Core Bond Fund”)
MassMutual Premier Diversified Bond Fund (“Diversified Bond Fund”)
MassMutual Premier High Yield Fund (“High Yield Fund”)
MassMutual Premier Balanced Fund (“Balanced Fund”)
MassMutual Premier Disciplined Value Fund (“Disciplined Value Fund”)
MassMutual Premier Main Street Fund (“Main Street Fund”)
MassMutual Premier Disciplined Growth Fund (“Disciplined Growth Fund”)
MassMutual Premier Small Cap Opportunities Fund (“Small Cap Opportunities Fund”)
MassMutual Premier Global Fund (“Global Fund”)
MassMutual Premier International Equity Fund (“International Equity Fund”)
MassMutual Premier Strategic Emerging Markets Fund (“Strategic Emerging Markets Fund”)
Each share class of a Fund represents an interest in the same portfolio of assets. The principal difference among the classes is the level of service and administration fees, and shareholder and distribution service expenses borne by the classes. Because each class will have different fees and expenses, performance and share prices will vary between the classes. The classes of shares are offered to different types of investors, as outlined in the Funds’ Prospectus.
2. | Significant Accounting Policies |
The following is a summary of significant accounting policies followed consistently by each Fund in the preparation of the financial statements in conformity with accounting principles generally accepted in the United States of America (“generally accepted accounting principles”). The preparation of the financial statements in accordance with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.
Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946, Financial Services – Investment Companies.
Investment Valuation
The net asset value of each Fund’s shares is determined once daily as of the close of regular trading on the New York Stock Exchange (“NYSE”), on each day the NYSE is open for trading (a “business day”). The NYSE normally closes at 4:00 p.m. Eastern Time, but may close earlier on some days. If the NYSE is scheduled to close early, the business day will be considered to end as of the time of the NYSE’s scheduled close. A Fund will not treat an intraday disruption in NYSE trading or other event that causes an unscheduled closing of the NYSE as a close of business of the NYSE for these purposes and will instead fair value securities in accordance with procedures approved annually by the Trustees, and under the general oversight of the Trustees. On holidays and other days when the NYSE is closed, each Fund’s net asset value generally is not calculated and the Funds do not anticipate accepting buy or sell orders. However, the value of each Fund’s assets may still be affected on such days to the extent that a Fund holds foreign securities that trade on days that foreign securities markets are open.
224
Notes to Financial Statements (Continued)
Equity securities and derivative contracts that are actively traded on a national securities exchange or contract market are valued on the basis of information furnished by a pricing service, which provides the last reported sale price, or, in the case of futures contracts, the settlement price, for securities or derivatives listed on the exchange or contract market or the official closing price on the NASDAQ National Market System (“NASDAQ System”), or in the case of over-the-counter (“OTC”) securities for which an official closing price is unavailable or not reported on the NASDAQ System, the last reported bid price. Portfolio securities traded on more than one national securities exchange are valued at the last price at the close of the exchange representing the principal market for such securities. Debt securities (with the exception of debt securities held by the U.S. Government Money Market Fund) are valued on the basis of valuations furnished by a pricing service, which generally determines valuations taking into account factors such as institutional-size trading in similar securities, yield, quality, coupon rate, maturity, type of issue, trading characteristics, and other market data. Shares of other open-end mutual funds are valued at their closing net asset values as reported on each business day. The U.S. Government Money Market Fund’s debt securities are typically valued at amortized cost, but may be valued using a vendor quote if the Fund’s investment adviser determines it more closely approximates current market value, in accordance with Rule 2a-7 under the 1940 Act pursuant to which the U.S. Government Money Market Fund must adhere to certain conditions. It is the intention of the U.S. Government Money Market Fund to maintain a stable net asset value per share of $1.00, although this cannot be assured.
Investments for which market quotations are readily available are marked to market daily based on those quotations. Market quotations may be provided by third-party vendors or market makers, and may be determined on the basis of a variety of factors, such as broker quotations, financial modeling, and other market data, such as market indexes and yield curves, counterparty information, and foreign exchange rates. U.S. Government and agency securities may be valued on the basis of market quotations or using a model that may incorporate market observable data such as reported sales of similar securities, broker quotes, yields, bids, offers, quoted market prices, and reference data. The fair values of OTC derivative contracts, including forward, swap, and option contracts related to interest rates, foreign currencies, credit standing of reference entities, equity prices, or commodity prices, may be based on market quotations or may be modeled using a series of techniques, including simulation models, depending on the contract and the terms of the transaction. The fair values of asset-backed securities and mortgage-backed securities are estimated based on models that consider the estimated cash flows of each debt tranche of the issuer, established benchmark yield, and estimated tranche-specific spread to the benchmark yield based on the unique attributes of the tranche, including, but not limited to, prepayment speed assumptions and attributes of the collateral. Restricted securities are generally valued at a discount to similar publicly traded securities.
Investments for which market quotations are not available or for which a pricing service or vendor does not provide a value, or for which such market quotations or values are considered by the investment adviser or subadviser to be unreliable (including, for example, certain foreign securities, thinly-traded securities, certain restricted securities, certain initial public offerings, or securities whose values may have been affected by a significant event) are stated at fair valuations determined in good faith by the Funds’ Valuation Committee1 in accordance with procedures approved annually by the Board of Trustees (“Trustees”), and under the general oversight of the Trustees. The Funds’ Valuation Committee employs various methods to determine fair valuations including a regular review of significant inputs and assumptions and review of any related market activity. The Funds’ Valuation Committee reports to the Trustees at its 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 vendor, based on certain factors and methodologies applied by such vendor, in the event that there is movement in the U.S. market,
1 | The Valuation Committee consists of the President, Treasurer, Assistant Treasurers, Vice Presidents (except for the CCO), Secretary, and Assistant Secretaries of the Trust, as well as such alternate members as the Trustees may from time to time designate. The Valuation Committee reviews and determines the fair valuation of portfolio securities and the Funds’ pricing procedures in general. |
225
Notes to Financial Statements (Continued)
between the close of the foreign market and the time the Funds calculate their net asset values. All assets and liabilities expressed in foreign currencies are converted into U.S. dollars at the mean between the buying and selling rates of such currencies against the U.S. dollar at the end of each business day.
For investments in equity or debt issued by privately held companies or funds (“Private Company” or collectively, the “Private Companies”) and any other investments fair valued using significant unobservable inputs, as described below, the fair valuation approaches used by third party service providers and/or the Funds’ subadvisers utilize one or a combination of, but not limited to, the following inputs:
Market approach: (i) recent market transactions, including subsequent rounds of financing, in the underlying investment or comparable issuers; (ii) recapitalizations and other transactions across the capital structure; and (iii) market multiples of comparable issuers.
Income approach: (i) future cash flows discounted to present value and adjusted as appropriate for liquidity, credit, and/or market risks; (ii) quoted prices for similar investments or assets in active markets; and (iii) other risk factors, such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, recovery rates, liquidation amounts, and/or default rates.
Cost approach: (i) audited or unaudited financial statements, investor communications, and financial or operational metrics issued by the Private Company; (ii) changes in the valuation of relevant indices or publicly traded companies comparable to the Private Company; (iii) relevant news and other public sources; and (iv) known secondary market transactions in the Private Company’s interests and merger or acquisition activity in companies comparable to the Private Company.
Investments in series of preferred stock issued by Private Companies are typically valued utilizing Market approach in determining the enterprise value of the company. Such investments often contain rights and preferences that differ from other series of preferred and common stock of the same issuer. Valuation techniques such as the current value method (“CVM”), an option pricing model (“OPM”), a probability weighted expected return model (“PWERM”), or a hybrid of those techniques are used in allocating enterprise value of the company, as deemed appropriate under the circumstances. The CVM allocates value among the various parts of a company’s capital structure assuming that the value of convertible preferred stock is represented by the most favorable claim the preferred stockholders have on the enterprise value as of the valuation date. The use of OPM and PWERM techniques involve a determination of the exit scenarios of the investment in order to appropriately allocate the enterprise value of the company among the various parts of its capital structure.
The Private Companies are not subject to the public company disclosure, timing, and reporting standards as other investments held by a Fund. Typically, the most recently available information for a Private Company is as of a date that is earlier than the date a Fund is calculating its net asset value. This factor may result in a difference between the value of the investment and the price a Fund could receive upon the sale of the investment.
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A three-tier hierarchy is utilized to maximize the use of observable market data inputs and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, for example, the risk inherent in a particular valuation technique used to measure fair value (such as a 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
226
Notes to Financial Statements (Continued)
The types of assets and liabilities categorized in Level 1 generally include actively traded domestic and certain foreign equity securities, derivatives actively traded on a national securities exchange (such as some warrants, rights, futures, and options), and shares of open-end mutual funds.
Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)
The types of assets and liabilities categorized in Level 2 generally include debt securities such as U.S. Government and agency securities, mortgage-backed securities, asset-backed securities, municipal obligations, sovereign debt obligations, bank loans, corporate bonds, and those securities valued at amortized cost; OTC derivatives such as swaps, options, swaptions, and forward foreign currency exchange contracts; certain restricted securities; and non-exchange traded equity securities and certain foreign equity securities traded on particular foreign exchanges that close before the Funds determine their net asset values.
Level 3 – significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments)
The types of assets and liabilities categorized in Level 3 generally include securities for which prices, spreads, or any of the other aforementioned significant inputs are unobservable. Generally, securities whose trading has been suspended or that have been de-listed from their current primary trading exchange; securities in default or bankruptcy proceedings for which there is no current market quotation; securities and certain derivatives valued by broker quotes which may include brokers’ assumptions; and any illiquid Rule 144A securities or restricted securities issued by non-public entities are categorized in Level 3.
The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.
Changes in valuation techniques may result in transfers in or out of an investment’s assigned Level within the hierarchy. In addition, in periods of market dislocation, the observability of prices and inputs may be reduced for many instruments. This condition, as well as changes related to liquidity of investments, could cause a security to be reclassified between Level 1, Level 2, or Level 3.
In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes the level in the fair value hierarchy within which the fair value measurement falls is determined based on the lowest level input that is significant to the overall fair value measurement.
The U.S. Government Money Market Fund characterized all investments at Level 2, as of September 30, 2018. The Disciplined Value Fund characterized all investments at Level 1, as of September 30, 2018. The Disciplined Growth Fund and Small Cap Opportunities Fund characterized all long-term investments at Level 1, and all short-term investments at Level 2, as of September 30, 2018. 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, 2018, for the remaining Funds’ investments:
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Short-Duration Bond Fund | ||||||||||||||||
Asset Investments | ||||||||||||||||
Corporate Debt | $ | - | $ | 219,573,417 | $ | - | $ | 219,573,417 | ||||||||
Municipal Obligations | - | 120,794 | - | 120,794 | ||||||||||||
Non-U.S. Government Agency Obligations | - | 218,953,980 | 7,417,534 | ** | 226,371,514 | |||||||||||
U.S. Government Agency Obligations and Instrumentalities | - | 5,808,319 | - | 5,808,319 | ||||||||||||
U.S. Treasury Obligations | - | 9,865,251 | - | 9,865,251 |
227
Notes to Financial Statements (Continued)
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Short-Duration Bond Fund (Continued) | ||||||||||||||||
Asset Investments (Continued) | ||||||||||||||||
Purchased Options | $ | - | $ | 5,211,414 | $ | - | $ | 5,211,414 | ||||||||
Short-Term Investments | - | 25,739,364 | - | 25,739,364 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | - | $ | 485,272,539 | $ | 7,417,534 | $ | 492,690,073 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Asset Derivatives | ||||||||||||||||
Futures Contracts | $ | 1,870,582 | $ | - | $ | - | $ | 1,870,582 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Liability Derivatives | ||||||||||||||||
Futures Contracts | $ | (1,284,218 | ) | $ | - | $ | - | $ | (1,284,218 | ) | ||||||
Swap Agreements | - | (356,152 | ) | - | (356,152 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | (1,284,218 | ) | $ | (356,152 | ) | $ | - | $ | (1,640,370 | ) | |||||
|
|
|
|
|
|
|
| |||||||||
Inflation-Protected and Income Fund | ||||||||||||||||
Asset Investments | ||||||||||||||||
Corporate Debt | $ | - | $ | 7,465,342 | $ | - | $ | 7,465,342 | ||||||||
Municipal Obligations | - | 82,139 | - | 82,139 | ||||||||||||
Non-U.S. Government Agency Obligations | - | 100,950,140 | 956,591 | ** | 101,906,731 | |||||||||||
U.S. Government Agency Obligations and Instrumentalities | - | 1,746,717 | - | 1,746,717 | ||||||||||||
U.S. Treasury Obligations | - | 237,306,169 | - | 237,306,169 | ||||||||||||
Purchased Options | - | 1,615,977 | - | 1,615,977 | ||||||||||||
Short-Term Investments | - | 16,433,289 | - | 16,433,289 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | - | $ | 365,599,773 | $ | 956,591 | $ | 366,556,364 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Asset Derivatives | ||||||||||||||||
Futures Contracts | $ | 47,009 | $ | - | $ | - | $ | 47,009 | ||||||||
Swap Agreements | 225,309 | - | 225,309 | |||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | 47,009 | $ | 225,309 | $ | - | $ | 272,318 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Liability Derivatives | ||||||||||||||||
Futures Contracts | $ | (2,773 | ) | $ | - | $ | - | $ | (2,773 | ) | ||||||
Swap Agreements | - | (215,236 | ) | - | (215,236 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | (2,773 | ) | $ | (215,236 | ) | $ | - | $ | (218,009 | ) | |||||
|
|
|
|
|
|
|
| |||||||||
Core Bond Fund |
| |||||||||||||||
Asset Investments | ||||||||||||||||
Preferred Stock | $ | 3,250,000 | $ | - | $ | - | $ | 3,250,000 | ||||||||
Corporate Debt | - | 445,227,737 | - | 445,227,737 | ||||||||||||
Municipal Obligations | - | 6,701,973 | - | 6,701,973 | ||||||||||||
Non-U.S. Government Agency Obligations | - | 354,410,849 | 14,736,805 | ** | 369,147,654 | |||||||||||
Sovereign Debt Obligations | - | 8,645,504 | - | 8,645,504 | ||||||||||||
U.S. Government Agency Obligations and Instrumentalities | - | 331,480,159 | - | 331,480,159 | ||||||||||||
U.S. Treasury Obligations | - | 98,830,093 | - | 98,830,093 | ||||||||||||
Purchased Options | - | 9,679,113 | - | 9,679,113 | ||||||||||||
Short-Term Investments | - | 99,879,608 | - | 99,879,608 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | 3,250,000 | $ | 1,354,855,036 | $ | 14,736,805 | $ | 1,372,841,841 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Asset Derivatives | ||||||||||||||||
Futures Contracts | $ | 538,857 | $ | - | $ | - | $ | 538,857 | ||||||||
|
|
|
|
|
|
|
|
228
Notes to Financial Statements (Continued)
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Core Bond Fund (Continued) |
| |||||||||||||||
Liability Derivatives | ||||||||||||||||
Futures Contracts | $ | (2,982,789 | ) | $ | - | $ | - | $ | (2,982,789 | ) | ||||||
Swap Agreements | - | (781,884 | ) | - | (781,884 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | (2,982,789 | ) | $ | (781,884 | ) | $ | - | $ | (3,764,673 | ) | |||||
|
|
|
|
|
|
|
| |||||||||
Diversified Bond Fund |
| |||||||||||||||
Asset Investments |
| |||||||||||||||
Common Stock | $ | - | $ | - | $ | 807 | ** | $ | 807 | |||||||
Preferred Stock | 250,000 | - | - | 250,000 | ||||||||||||
Corporate Debt | - | 85,337,207 | - | 85,337,207 | ||||||||||||
Municipal Obligations | - | 624,320 | - | 624,320 | ||||||||||||
Non-U.S. Government Agency Obligations | - | 56,801,881 | 2,600,992 | ** | 59,402,873 | |||||||||||
Sovereign Debt Obligations | - | 1,577,173 | - | 1,577,173 | ||||||||||||
U.S. Government Agency Obligations and Instrumentalities | - | 45,018,028 | - | 45,018,028 | ||||||||||||
U.S. Treasury Obligations | - | 4,781,532 | - | 4,781,532 | ||||||||||||
Purchased Options | - | 2,511,011 | - | 2,511,011 | ||||||||||||
Warrants | - | - | 3,965 | ** | 3,965 | |||||||||||
Short-Term Investments | - | 17,330,650 | - | 17,330,650 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | 250,000 | $ | 213,981,802 | $ | 2,605,764 | $ | 216,837,566 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Asset Derivatives | ||||||||||||||||
Forward Contracts | $ | - | $ | 168,646 | $ | - | $ | 168,646 | ||||||||
Futures Contracts | 168,733 | - | - | 168,733 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | 168,733 | $ | 168,646 | $ | - | $ | 337,379 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Liability Derivatives | ||||||||||||||||
Forward Contracts | $ | - | $ | (232,479 | ) | $ | - | $ | (232,479 | ) | ||||||
Futures Contracts | (626,435 | ) | - | - | (626,435 | ) | ||||||||||
Swap Agreements | - | (114,394 | ) | - | (114,394 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | (626,435 | ) | $ | (346,873 | ) | $ | - | $ | (973,308 | ) | |||||
|
|
|
|
|
|
|
| |||||||||
High Yield Fund |
| |||||||||||||||
Asset Investments |
| |||||||||||||||
Common Stock | $ | - | $ | 2,837,029 | $ | 9,899 | ** | $ | 2,846,928 | |||||||
Preferred Stock | - | 1,246,971 | - | 1,246,971 | ||||||||||||
Bank Loans | - | 19,367,383 | - | 19,367,383 | ||||||||||||
Corporate Debt | - | 533,504,691 | - | 533,504,691 | ||||||||||||
Warrants | - | - | 56,447 | ** | 56,447 | |||||||||||
Short-Term Investments | - | 29,490,275 | - | 29,490,275 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | - | $ | 586,446,349 | $ | 66,346 | $ | 586,512,695 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Balanced Fund |
| |||||||||||||||
Asset Investments | ||||||||||||||||
Common Stock | $ | 73,125,369 | $ | - | $ | - | $ | 73,125,369 | ||||||||
Preferred Stock | 125,000 | - | - | 125,000 | ||||||||||||
Corporate Debt | - | 11,072,401 | - | 11,072,401 | ||||||||||||
Municipal Obligations | - | 239,196 | - | 239,196 | ||||||||||||
Non-U.S. Government Agency Obligations | - | 8,734,435 | 85,433 | ** | 8,819,868 | |||||||||||
Sovereign Debt Obligations | - | 230,777 | - | 230,777 | ||||||||||||
U.S. Government Agency Obligations and Instrumentalities | - | 7,872,311 | - | 7,872,311 |
229
Notes to Financial Statements (Continued)
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Balanced Fund (Continued) |
| |||||||||||||||
Asset Investments (Continued) | ||||||||||||||||
U.S. Treasury Obligations | $ | - | $ | 1,630,783 | $ | - | $ | 1,630,783 | ||||||||
Purchased Options | - | 246,367 | - | 246,367 | ||||||||||||
Mutual Funds | 10,453,850 | - | - | 10,453,850 | ||||||||||||
Short-Term Investments | - | 2,447,298 | - | 2,447,298 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | 83,704,219 | $ | 32,473,568 | $ | 85,433 | $ | 116,263,220 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Asset Derivatives | ||||||||||||||||
Futures Contracts | $ | 35,953 | $ | - | $ | - | $ | 35,953 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Liability Derivatives | ||||||||||||||||
Futures Contracts | $ | (87,804 | ) | $ | - | $ | - | $ | (87,804 | ) | ||||||
Swap Agreements | - | (18,869 | ) | - | (18,869 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | (87,804 | ) | $ | (18,869 | ) | $ | - | $ | (106,673 | ) | |||||
|
|
|
|
|
|
|
| |||||||||
Main Street Fund |
| |||||||||||||||
Asset Investments |
| |||||||||||||||
Common Stock | $ | 138,642,663 | $ | 1,513,371 | * | $ | - | $ | 140,156,034 | |||||||
Mutual Funds | 854,991 | - | - | 854,991 | ||||||||||||
Short-Term Investments | - | 3,782,378 | - | 3,782,378 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | 139,497,654 | $ | 5,295,749 | $ | - | $ | 144,793,403 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Global Fund |
| |||||||||||||||
Asset Investments | ||||||||||||||||
Common Stock* | ||||||||||||||||
Cayman Islands | $ | 6,395,033 | $ | - | $ | - | $ | 6,395,033 | ||||||||
Denmark | - | 1,953,808 | - | 1,953,808 | ||||||||||||
France | - | 18,929,637 | - | 18,929,637 | ||||||||||||
Germany | - | 22,916,565 | - | 22,916,565 | ||||||||||||
India | 3,408,990 | 4,410,225 | - | 7,819,215 | ||||||||||||
Italy | - | 821,882 | - | 821,882 | ||||||||||||
Japan | - | 42,393,536 | - | 42,393,536 | ||||||||||||
Netherlands | 775,471 | 11,038,046 | - | 11,813,517 | ||||||||||||
Spain | - | 8,578,173 | - | 8,578,173 | ||||||||||||
Sweden | - | 3,513,046 | - | 3,513,046 | ||||||||||||
Switzerland | - | 7,554,811 | - | 7,554,811 | ||||||||||||
United Kingdom | 1,834,814 | 16,458,247 | - | 18,293,061 | ||||||||||||
United States | 148,747,961 | - | - | 148,747,961 | ||||||||||||
Preferred Stock* | ||||||||||||||||
Germany | - | 4,584,352 | - | 4,584,352 | ||||||||||||
India | 61,898 | - | - | 61,898 | ||||||||||||
Mutual Funds | 6,003,402 | - | - | 6,003,402 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | 167,227,569 | $ | 143,152,328 | $ | - | $ | 310,379,897 | ||||||||
|
|
|
|
|
|
|
| |||||||||
International Equity Fund |
| |||||||||||||||
Asset Investments | ||||||||||||||||
Common Stock* | ||||||||||||||||
Australia | $ | - | $ | 7,479,660 | $ | - | $ | 7,479,660 | ||||||||
Austria | - | 5,771,597 | - | 5,771,597 | ||||||||||||
Canada | 21,245,576 | - | - | 21,245,576 |
230
Notes to Financial Statements (Continued)
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
International Equity Fund (Continued) |
| |||||||||||||||
Asset Investments (Continued) | ||||||||||||||||
Cayman Islands | $ | 13,001,817 | $ | 4,887,565 | $ | - | $ | 17,889,382 | ||||||||
Denmark | - | 17,528,643 | - | 17,528,643 | ||||||||||||
Finland | - | 7,744,709 | - | 7,744,709 | ||||||||||||
France | - | 66,788,648 | - | 66,788,648 | ||||||||||||
Germany | - | 63,172,592 | - | 63,172,592 | ||||||||||||
India | 8,347,266 | 6,489,494 | - | 14,836,760 | ||||||||||||
Ireland | - | 2,923,154 | - | 2,923,154 | ||||||||||||
Japan | - | 62,488,411 | - | 62,488,411 | ||||||||||||
Luxembourg | - | 8,005,557 | - | 8,005,557 | ||||||||||||
Netherlands | - | 40,674,015 | - | 40,674,015 | ||||||||||||
New Zealand | - | 3,983,087 | - | 3,983,087 | ||||||||||||
Panama | 8,047,136 | - | - | 8,047,136 | ||||||||||||
South Africa | - | 2,766,740 | - | 2,766,740 | ||||||||||||
Spain | - | 23,476,887 | - | 23,476,887 | ||||||||||||
Sweden | - | 13,412,214 | - | 13,412,214 | ||||||||||||
Switzerland | - | 53,592,385 | - | 53,592,385 | ||||||||||||
Thailand | 4,595,946 | - | - | 4,595,946 | ||||||||||||
United Kingdom | - | 56,687,352 | - | 56,687,352 | ||||||||||||
United States | 3,596,724 | - | - | 3,596,724 | ||||||||||||
Preferred Stock | ||||||||||||||||
India | 70,571 | - | - | 70,571 | ||||||||||||
Mutual Funds | 30,450,466 | - | - | 30,450,466 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | 89,355,502 | $ | 447,872,710 | $ | - | $ | 537,228,212 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Strategic Emerging Markets Fund |
| |||||||||||||||
Asset Investments | ||||||||||||||||
Common Stock* | ||||||||||||||||
Bermuda | $ | 2,837,577 | $ | 2,951,480 | $ | - | $ | 5,789,057 | ||||||||
Brazil | 9,187,957 | - | - | 9,187,957 | ||||||||||||
Cayman Islands | 27,332,826 | 13,003,688 | - | 40,336,514 | ||||||||||||
Chile | 377,699 | - | - | 377,699 | ||||||||||||
China | - | 9,689,418 | - | 9,689,418 | ||||||||||||
Colombia | 1,586,279 | - | - | 1,586,279 | ||||||||||||
Egypt | - | 1,041,193 | - | 1,041,193 | ||||||||||||
France | - | 14,325,155 | - | 14,325,155 | ||||||||||||
Hong Kong | - | 8,813,934 | - | 8,813,934 | ||||||||||||
India | - | 21,246,643 | - | 21,246,643 | ||||||||||||
Indonesia | - | 2,042,190 | - | 2,042,190 | ||||||||||||
Italy | - | 3,157,768 | - | 3,157,768 | ||||||||||||
Malaysia | - | 766,838 | - | 766,838 | ||||||||||||
Mexico | 11,747,492 | - | - | 11,747,492 | ||||||||||||
Netherlands | 3,073,242 | 114,011 | - | 3,187,253 | ||||||||||||
Philippines | - | 8,024,784 | - | 8,024,784 | ||||||||||||
Republic of Korea | - | 19,179,639 | - | 19,179,639 | ||||||||||||
Russia | - | 15,305,898 | - | 15,305,898 | ||||||||||||
South Africa | - | 5,683,162 | - | 5,683,162 | ||||||||||||
Taiwan | - | 13,208,983 | - | 13,208,983 | ||||||||||||
Thailand | 1,208,494 | - | - | 1,208,494 | ||||||||||||
Turkey | - | 1,350,596 | - | 1,350,596 |
231
Notes to Financial Statements (Continued)
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Strategic Emerging Markets Fund (Continued) |
| |||||||||||||||
Asset Investments (Continued) | ||||||||||||||||
United Arab Emirates | $ | - | $ | 3,562,388 | $ | - | $ | 3,562,388 | ||||||||
United Kingdom | - | 9,943,574 | - | 9,943,574 | ||||||||||||
United States | 2,905,303 | - | - | 2,905,303 | ||||||||||||
Preferred Stock | ||||||||||||||||
Brazil | 2,337,029 | - | - | 2,337,029 | ||||||||||||
India | 66,203 | - | - | 66,203 | ||||||||||||
Mutual Funds | 3,289,620 | - | - | 3,289,620 | ||||||||||||
Short-Term Investments | - | 7,709,303 | - | 7,709,303 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | 65,949,721 | $ | 161,120,645 | $ | - | $ | 227,070,366 | ||||||||
|
|
|
|
|
|
|
|
* | Includes foreign equity securities whose values were adjusted to reflect market trading of comparable securities or other correlated instruments after the close of trading in their applicable foreign markets, as applicable. |
** | None of the unobservable inputs for Level 3 assets, individually or collectively, had a material impact on the Fund(s). Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the year ended September 30, 2018 is not presented. |
The following tables show Fund(s) with certain assets and liabilities, which approximate fair value and would be categorized at Level 2 as of September 30, 2018.
Statements of Assets and Liabilities location | Short- | Inflation- | Core Bond Fund | Diversified Bond | High Fund | Balanced Fund | ||||||
Receivables from: | ||||||||||||
Investments sold on a when-issued basis | X | X | X | |||||||||
Collateral pledged for reverse repurchase agreements | X | |||||||||||
Payables for: | ||||||||||||
Reverse repurchase agreements | X | |||||||||||
Investments purchased on a when-issued basis | X | X | X | X | ||||||||
Collateral held for open purchased options | X | X | X | X | X | |||||||
Due to custodian | X |
Statements of Assets and Liabilities location: | Disciplined Fund | Main Street Fund | Small Cap Opportunities Fund | Global Fund | International Equity Fund | Strategic Emerging | ||||||
Payables for: | ||||||||||||
Securities on loan | X | X | X | X | X | |||||||
Due to custodian | X |
The Funds, with the exception of the Strategic Emerging Markets Fund, had no transfers between Levels of the fair value hierarchy during the year ended September 30, 2018. The Funds recognize transfers between the Levels as of the beginning of the year.
232
Notes to Financial Statements (Continued)
The following table shows transfers between Level 1 and Level 2 of the fair value hierarchy:
Transfers In* | Transfers Out* | |||||||||||||||
Level 1 - Quoted Prices | Level 2 - Other Significant Observable Inputs | Level 1 - Quoted Prices | Level 2 - Other Significant Observable Inputs | |||||||||||||
Strategic Emerging Markets Fund | $ | 269,060 | $ | 6,378,708 | $ | (6,378,708 | ) | $ | (269,060 | ) |
* | Transfers occurred between Level 1 and Level 2 as inputs were more/less observable. |
Derivative Instruments
Derivatives are financial instruments whose values are based on the values of one or more indicators, such as a security, asset, currency, interest rate, or index. Derivative transactions can create investment leverage and may be highly volatile. Losses from derivatives can be substantially greater than their original cost and can sometimes be unlimited. A Fund may not be able to close out a derivative transaction at a favorable time or price. For those Funds that held derivatives during the year ended September 30, 2018, the following table shows how the Fund used these types of derivatives during the period (marked with an “A”), as well as additional uses, if any, it may have for them in the future (marked with an “M”).
Type of Derivative and Objective for Use | Short- Bond Fund | Inflation- Protected and Fund | Core Bond Fund | Diversified Bond Fund | Balanced Fund | Disciplined | ||||||
Foreign Currency Exchange Transactions* | ||||||||||||
Hedging/Risk Management | A | |||||||||||
Directional Exposures to Currencies | M | |||||||||||
Intention to Create Investment Leverage in Portfolio | M | |||||||||||
Futures Contracts** | ||||||||||||
Hedging/Risk Management | A | A | A | A | A | A | ||||||
Duration/Credit Quality Management | A | A | A | A | A | M | ||||||
Substitution for Direct Investment | A | A | A | A | A | A | ||||||
Intention to Create Investment Leverage in Portfolio | M | M | M | M | M | M | ||||||
Interest Rate Swaps*** | ||||||||||||
Hedging/Risk Management | A | |||||||||||
Duration Management | A | |||||||||||
Asset/Liability Management | A | |||||||||||
Substitution for Direct Investment | A | |||||||||||
Intention to Create Investment Leverage in Portfolio | M | |||||||||||
Credit Default Swaps (Protection Buyer) | ||||||||||||
Hedging/Risk Management | A | |||||||||||
Duration/Credit Quality Management | A | |||||||||||
Income | A | |||||||||||
Substitution for Direct Investment | A | |||||||||||
Intention to Create Investment Leverage in Portfolio | M |
233
Notes to Financial Statements (Continued)
Type of Derivative and Objective for Use | Short- Bond Fund | Inflation- Protected and Fund | Core Bond Fund | Diversified Bond Fund | Balanced Fund | Disciplined | ||||||
Credit Default Swaps (Protection Seller) | ||||||||||||
Hedging/Risk Management | A | A | A | A | A | |||||||
Duration/Credit Quality Management | A | A | A | A | A | |||||||
Income | A | A | A | A | A | |||||||
Substitution for Direct Investment | A | A | A | A | A | |||||||
Intention to Create Investment Leverage in Portfolio | M | M | M | M | M | |||||||
Options (Purchased) | ||||||||||||
Hedging/Risk Management | A | A | A | A | A | |||||||
Duration/Credit Quality Management | A | A | A | A | A | |||||||
Substitution for Direct Investment | A | A | A | A | A | |||||||
Directional Investment | A | A | A | A | A | |||||||
Intention to Create Investment Leverage in Portfolio | M | M | M | M | M |
* | Includes any options purchased or written, futures contracts, forward contracts, and swap agreements, if applicable. |
** | Includes any options purchased or written on futures contracts, if applicable. |
*** | Includes any caps, floors, and collars, and related purchased or written options, if applicable. |
At September 30, 2018, 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 | ||||||||||||||||||||
Purchased Options* | $ | - | $ | - | $ | - | $ | 5,211,414 | $ | 5,211,414 | ||||||||||
Futures Contracts^^ | - | - | - | 1,870,582 | 1,870,582 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Value | $ | - | $ | - | $ | - | $ | 7,081,996 | $ | 7,081,996 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Liability Derivatives | ||||||||||||||||||||
Futures Contracts^^ | $ | - | $ | - | $ | - | $ | (1,284,218 | ) | $ | (1,284,218 | ) | ||||||||
Swap Agreements^ | (356,152 | ) | - | - | - | (356,152 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Value | $ | (356,152 | ) | $ | - | $ | - | $ | (1,284,218 | ) | $ | (1,640,370 | ) | |||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Realized Gain (Loss)# | ||||||||||||||||||||
Purchased Options | $ | - | $ | - | $ | - | $ | (116,891 | ) | $ | (116,891 | ) | ||||||||
Futures Contracts | - | - | - | 2,814,785 | 2,814,785 | |||||||||||||||
Swap Agreements | 44,237 | - | - | - | 44,237 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Realized Gain (Loss) | $ | 44,237 | $ | - | $ | - | $ | 2,697,894 | $ | 2,742,131 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Change in Appreciation (Depreciation)## | ||||||||||||||||||||
Purchased Options | $ | - | $ | - | $ | - | $ | 42,870 | $ | 42,870 | ||||||||||
Futures Contracts | - | - | - | (8,052 | ) | (8,052 | ) | |||||||||||||
Swap Agreements | 140,152 | - | - | - | 140,152 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Change in Appreciation (Depreciation) | $ | 140,152 | $ | - | $ | - | $ | 34,818 | $ | 174,970 | ||||||||||
|
|
|
|
|
|
|
|
|
|
234
Notes to Financial Statements (Continued)
Credit Risk | Equity Risk | Foreign Exchange Risk | Interest Rate Risk | Total | ||||||||||||||||
Inflation-Protected and Income Fund |
| |||||||||||||||||||
Asset Derivatives | ||||||||||||||||||||
Purchased Options* | $ | - | $ | - | $ | - | $ | 1,615,977 | $ | 1,615,977 | ||||||||||
Futures Contracts^^ | - | - | - | 47,009 | 47,009 | |||||||||||||||
Swap Agreements* | - | - | - | 225,309 | 225,309 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Value | $ | - | $ | - | $ | - | $ | 1,888,295 | $ | 1,888,295 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Liability Derivatives | ||||||||||||||||||||
Futures Contracts^^ | $ | - | $ | - | $ | - | $ | (2,773 | ) | $ | (2,773 | ) | ||||||||
Swap Agreements^ | (178,077 | ) | - | - | - | (178,077 | ) | |||||||||||||
Swap Agreements^^,^^^ | - | - | - | (37,159 | ) | (37,159 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Value | $ | (178,077 | ) | $ | - | $ | - | $ | (39,932 | ) | $ | (218,009 | ) | |||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Realized Gain (Loss)# | ||||||||||||||||||||
Purchased Options | $ | - | $ | - | $ | - | $ | (50,690 | ) | $ | (50,690 | ) | ||||||||
Futures Contracts | - | - | - | 116,187 | 116,187 | |||||||||||||||
Swap Agreements | (99,607 | ) | - | - | 412,540 | 312,933 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Realized Gain (Loss) | $ | (99,607 | ) | $ | - | $ | - | $ | 478,037 | $ | 378,430 | |||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Change in Appreciation (Depreciation)## | ||||||||||||||||||||
Purchased Options | $ | - | $ | - | $ | - | $ | 18,535 | $ | 18,535 | ||||||||||
Futures Contracts | - | - | - | 47,597 | 47,597 | |||||||||||||||
Swap Agreements | 239,655 | - | - | (2,699 | ) | 236,956 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Change in Appreciation (Depreciation) | $ | 239,655 | $ | - | $ | - | $ | 63,433 | $ | 303,088 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Core Bond Fund | ||||||||||||||||||||
Asset Derivatives | ||||||||||||||||||||
Purchased Options* | $ | - | $ | - | $ | - | $ | 9,679,113 | $ | 9,679,113 | ||||||||||
Futures Contracts^^ | - | - | - | 538,857 | 538,857 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Value | $ | - | $ | - | $ | - | $ | 10,217,970 | $ | 10,217,970 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Liability Derivatives | ||||||||||||||||||||
Futures Contracts^^ | $ | - | $ | - | $ | - | $ | (2,982,789 | ) | $ | (2,982,789 | ) | ||||||||
Swap Agreements^ | (781,884 | ) | - | - | - | (781,884 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Value | $ | (781,884 | ) | $ | - | $ | - | $ | (2,982,789 | ) | $ | (3,764,673 | ) | |||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Realized Gain (Loss)# | ||||||||||||||||||||
Purchased Options | $ | - | $ | - | $ | - | $ | (233,575 | ) | $ | (233,575 | ) | ||||||||
Futures Contracts | - | - | - | (5,601,291 | ) | (5,601,291 | ) | |||||||||||||
Swap Agreements | (74,079 | ) | - | - | - | (74,079 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Realized Gain (Loss) | $ | (74,079 | ) | $ | - | $ | - | $ | (5,834,866 | ) | $ | (5,908,945 | ) | |||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Change in Appreciation (Depreciation)## | ||||||||||||||||||||
Purchased Options | $ | - | $ | - | $ | - | $ | 84,368 | $ | 84,368 | ||||||||||
Futures Contracts | - | - | - | (1,091,750 | ) | (1,091,750 | ) | |||||||||||||
Swap Agreements | 503,125 | - | - | - | 503,125 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Change in Appreciation (Depreciation) | $ | 503,125 | $ | - | $ | - | $ | (1,007,382 | ) | $ | (504,257 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|
235
Notes to Financial Statements (Continued)
Credit Risk | Equity Risk | Foreign Exchange Risk | Interest Rate Risk | Total | ||||||||||||||||
Diversified Bond Fund | ||||||||||||||||||||
Asset Derivatives | ||||||||||||||||||||
Purchased Options* | $ | - | $ | - | $ | - | $ | 2,511,011 | $ | 2,511,011 | ||||||||||
Forward Contracts* | - | - | 168,646 | - | 168,646 | |||||||||||||||
Futures Contracts^^ | - | - | - | 168,733 | 168,733 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Value | $ | - | $ | - | $ | 168,646 | $ | 2,679,744 | $ | 2,848,390 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Liability Derivatives | ||||||||||||||||||||
Forward Contracts^ | $ | - | $ | - | $ | (232,479 | ) | $ | - | $ | (232,479 | ) | ||||||||
Futures Contracts^^ | - | - | - | (626,435 | ) | (626,435 | ) | |||||||||||||
Swap Agreements^ | (114,394 | ) | - | - | - | (114,394 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Value | $ | (114,394 | ) | $ | - | $ | (232,479 | ) | $ | (626,435 | ) | $ | (973,308 | ) | ||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Realized Gain (Loss)# | ||||||||||||||||||||
Purchased Options | $ | - | $ | - | $ | - | $ | (77,860 | ) | $ | (77,860 | ) | ||||||||
Forward Contracts | - | - | (63,630 | ) | - | (63,630 | ) | |||||||||||||
Futures Contracts | - | - | - | (724,535 | ) | (724,535 | ) | |||||||||||||
Swap Agreements | 2,717 | - | - | - | 2,717 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Realized Gain (Loss) | $ | 2,717 | $ | - | $ | (63,630 | ) | $ | (802,395 | ) | $ | (863,308 | ) | |||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Change in Appreciation (Depreciation)## | ||||||||||||||||||||
Purchased Options | $ | - | $ | - | $ | - | $ | 26,131 | $ | 26,131 | ||||||||||
Forward Contracts | - | - | (53,770 | ) | - | (53,770 | ) | |||||||||||||
Futures Contracts | - | - | - | (252,566 | ) | (252,566 | ) | |||||||||||||
Swap Agreements | 52,888 | - | - | - | 52,888 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Change in Appreciation (Depreciation) | $ | 52,888 | $ | - | $ | (53,770 | ) | $ | (226,435 | ) | $ | (227,317 | ) | |||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Balanced Fund | ||||||||||||||||||||
Asset Derivatives | ||||||||||||||||||||
Purchased Options* | $ | - | $ | - | $ | - | $ | 246,367 | $ | 246,367 | ||||||||||
Futures Contracts^^ | - | 24,371 | - | 11,582 | 35,953 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Value | $ | - | $ | 24,371 | $ | - | $ | 257,949 | $ | 282,320 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Liability Derivatives | ||||||||||||||||||||
Futures Contracts^^ | $ | - | $ | - | $ | - | $ | (87,804 | ) | $ | (87,804 | ) | ||||||||
Swap Agreements^ | (18,869 | ) | - | - | - | (18,869 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Value | $ | (18,869 | ) | $ | - | $ | - | $ | (87,804 | ) | $ | (106,673 | ) | |||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Realized Gain (Loss)# | ||||||||||||||||||||
Purchased Options | $ | - | $ | - | $ | - | $ | (5,670 | ) | $ | (5,670 | ) | ||||||||
Futures Contracts | - | 111,777 | - | (189,565 | ) | (77,788 | ) | |||||||||||||
Swap Agreements | (595 | ) | - | - | - | (595 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Realized Gain (Loss) | $ | (595 | ) | $ | 111,777 | $ | - | $ | (195,235 | ) | $ | (84,053 | ) | |||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Change in Appreciation (Depreciation)## | ||||||||||||||||||||
Purchased Options | $ | - | $ | - | $ | - | $ | 2,171 | $ | 2,171 | ||||||||||
Futures Contracts | - | 13,961 | - | (33,551 | ) | (19,590 | ) | |||||||||||||
Swap Agreements | 11,614 | - | - | - | 11,614 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Change in Appreciation (Depreciation) | $ | 11,614 | $ | 13,961 | $ | - | $ | (31,380 | ) | $ | (5,805 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|
236
Notes to Financial Statements (Continued)
Credit Risk | Equity Risk | Foreign Exchange Risk | Interest Rate Risk | Total | ||||||||||||||||
Disciplined Value Fund | ||||||||||||||||||||
Realized Gain (Loss)# | ||||||||||||||||||||
Futures Contracts | $ | - | $ | 70,226 | $ | - | $ | - | $ | 70,226 | ||||||||||
|
|
|
|
|
|
|
|
|
|
* | Statements of Assets and Liabilities location: Investments, at value, or Receivables from: open forward contracts or open swap agreements at value, as applicable. |
^ | Statements of Assets and Liabilities location: Payables for: open forward contracts, or open swap agreements, at value, as applicable. |
^^ | 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. |
^^^ | Represents centrally cleared swaps which are not subject to a master netting agreement. |
# | Statements of Operations location: Amounts are included in net realized gain (loss) on: investment transactions, futures contracts, swap agreements, or forward contracts, as applicable. |
## | Statements of Operations location: Amounts are included in net change in unrealized appreciation (depreciation) on: investment transactions, futures contracts, swap agreements, or forward contracts, as applicable. |
For the year ended September 30, 2018, the number of contracts, notional amounts, or shares/units for each derivative type was as follows:
Number of Contracts, Notional Amounts, or Shares/Units† | ||||||||||||||||
Fund Name | Futures Contracts | Forward Contracts | Swap Agreements | Purchased Swaptions | ||||||||||||
Short-Duration Bond Fund | 3,232 | $ | - | $ | 4,096,667 | $ | 86,578,333 | |||||||||
Inflation-Protected and Income Fund | 60 | - | 43,546,667 | 27,430,000 | ||||||||||||
Core Bond Fund | 1,619 | - | 10,328,333 | 161,288,333 | ||||||||||||
Diversified Bond Fund | 290 | 7,233,154 | 1,536,667 | 42,213,333 | ||||||||||||
Balanced Fund | 70 | - | 268,333 | 4,095,833 | ||||||||||||
Disciplined Value Fund | 37 | - | - | - |
† | Amount(s) disclosed represent average number of contracts for futures contracts, notional amounts for forward contracts, swap agreements, and purchased swaptions, based on absolute values, which is indicative of volume of this derivative type, for the months that the Fund held such derivatives during the year ended September 30, 2018. |
The following table presents derivative assets by counterparty net of amounts available for offset under a master netting agreement (“MNA”), or similar agreement, and net of the related collateral received by the Fund(s) as of September 30, 2018.
Counterparty | Derivative Assets Subject to an MNA by Counterparty† | Financial Instruments Available for Offset | Collateral Received*** | Net Amount* | ||||||||||||
Short-Duration Bond Fund | ||||||||||||||||
Barclays Bank PLC | $ | 2,543,319 | $ | - | $ | (2,543,319 | ) | $ | - | |||||||
Credit Suisse International | 2,668,095 | - | (2,668,095 | ) | - | |||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 5,211,414 | $ | - | $ | (5,211,414 | ) | $ | - | ||||||||
|
|
|
|
|
|
|
| |||||||||
Inflation-Protected and Income Fund | ||||||||||||||||
Bank of America N.A. | $ | 125,230 | $ | - | $ | - | $ | 125,230 | ||||||||
Barclays Bank PLC | 1,063,982 | - | (1,030,000 | ) | 33,982 | |||||||||||
Credit Suisse International | 551,995 | - | (551,995 | ) | - | |||||||||||
JP Morgan Chase Bank N.A. | 100,079 | (61,324 | ) | - | 38,755 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 1,841,286 | $ | (61,324 | ) | $ | (1,581,995 | ) | $ | 197,967 | |||||||
|
|
|
|
|
|
|
|
237
Notes to Financial Statements (Continued)
Counterparty | Derivative Assets Subject to an MNA by Counterparty† | Financial Instruments Available for Offset | Collateral Received*** | Net Amount* | ||||||||||||
Core Bond Fund | ||||||||||||||||
Barclays Bank PLC | $ | 4,842,244 | $ | - | $ | (4,842,244 | ) | $ | - | |||||||
Credit Suisse International | 4,836,869 | - | (4,836,869 | ) | - | |||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 9,679,113 | $ | - | $ | (9,679,113 | ) | $ | - | ||||||||
|
|
|
|
|
|
|
| |||||||||
Diversified Bond Fund | ||||||||||||||||
Bank of America N.A. | $ | 26,819 | $ | (26,819 | ) | $ | - | $ | - | |||||||
Barclays Bank PLC | 1,253,437 | (7,501 | ) | (1,200,000 | ) | 45,936 | ||||||||||
Citibank N.A. | 38,741 | (31,150 | ) | - | 7,591 | |||||||||||
Credit Suisse International | 1,278,498 | - | (1,278,498 | ) | - | |||||||||||
Goldman Sachs International | 10,934 | (10,934 | ) | - | - | |||||||||||
JP Morgan Chase Bank N.A. | 71,228 | (71,228 | ) | - | - | |||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 2,679,657 | $ | (147,632 | ) | $ | (2,478,498 | ) | $ | 53,527 | |||||||
|
|
|
|
|
|
|
| |||||||||
Balanced Fund | ||||||||||||||||
Barclays Bank PLC | $ | 121,273 | $ | - | $ | (120,000 | ) | $ | 1,273 | |||||||
Credit Suisse International | 125,094 | - | (125,094 | ) | - | |||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 246,367 | $ | - | $ | (245,094 | ) | $ | 1,273 | ||||||||
|
|
|
|
|
|
|
|
The following table presents derivative liabilities by counterparty net of amounts available for offset under an MNA, or similar agreement, and net of the related collateral pledged by the Fund(s) as of September 30, 2018.
Counterparty | Derivative Liabilities Subject to an MNA by Counterparty† | Financial Instruments Available for Offset | Collateral Pledged*** | Net Amount** | ||||||||||||
Short-Duration Bond Fund | ||||||||||||||||
Goldman Sachs International | $ | (356,152 | ) | $ | - | $ | 287,061 | $ | (69,091 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
Inflation-Protected and Income Fund | ||||||||||||||||
Goldman Sachs International | $ | (116,753 | ) | $ | - | $ | 116,753 | $ | - | |||||||
JP Morgan Chase Bank N.A. | (61,324 | ) | 61,324 | - | - | |||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | (178,077 | ) | $ | 61,324 | $ | 116,753 | $ | - | ||||||||
|
|
|
|
|
|
|
| |||||||||
Core Bond Fund | ||||||||||||||||
Goldman Sachs International | $ | (781,884 | ) | $ | - | $ | 763,546 | $ | (18,338 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
Diversified Bond Fund | ||||||||||||||||
Bank of America N.A. | $ | (93,456 | ) | $ | 26,819 | $ | - | $ | (66,637 | ) | ||||||
Barclays Bank PLC | (7,501 | ) | 7,501 | - | - | |||||||||||
BNP Paribas SA | (353 | ) | - | - | (353 | ) | ||||||||||
Citibank N.A. | (31,150 | ) | 31,150 | - | - | |||||||||||
Goldman Sachs International | (125,282 | ) | 10,934 | - | (114,348 | ) | ||||||||||
JP Morgan Chase Bank N.A. | (89,131 | ) | 71,228 | - | (17,903 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | (346,873 | ) | $ | 147,632 | $ | - | $ | (199,241 | ) | |||||||
|
|
|
|
|
|
|
| |||||||||
Balanced Fund | ||||||||||||||||
Goldman Sachs International | $ | (18,869 | ) | $ | - | $ | - | $ | (18,869 | ) | ||||||
|
|
|
|
|
|
|
|
* | Represents the net amount receivable from the counterparty in the event of default. |
** | Represents the net amount payable to the counterparty in the event of default. |
238
Notes to Financial Statements (Continued)
*** | The amount presented here may be less than the total amount of collateral received/pledged as the net amount of derivative assets and liabilities for a counterparty cannot be less than $0. |
† | The amount presented here may be less than the total amount shown in the Statements of Assets and Liabilities as some derivatives held by the counterparty are not covered within the master netting agreements. |
Such agreements typically permit a single net payment in the event of default, including the bankruptcy or insolvency of the counterparty. Typically, the Fund(s) and counterparties are not permitted to sell, re-pledge, or use the collateral they receive.
Further details regarding the derivatives and other investments held by the Fund(s) during the year ended September 30, 2018, are discussed below.
Foreign Currency Exchange Transactions
A Fund may engage in foreign currency exchange transactions for hedging purposes in order to protect against uncertainty in the level of future foreign currency exchange rates, or for other, non-hedging purposes.
A Fund may enter into foreign currency exchange transactions, including foreign currency forward contracts. These contracts call for the Fund to deliver in the future an amount of one currency in return for an amount of another currency, at an exchange rate determined at the time the contract is entered into. Forward contracts are private contractual arrangements and a Fund is subject to the risk that its counterparty will not, or will not be able to, perform its obligations. This type of arrangement may require the Fund to post margin. A Fund may enter into foreign currency exchange transactions in order to hedge against changes in the values of the assets or liabilities denominated in one or more foreign currencies, or otherwise to increase or reduce a Fund’s exposure to various foreign currencies. The use of foreign currency exchange transactions may create investment leverage.
Whenever a Fund enters into a foreign currency exchange transaction, it is subject to the risk that the value of the transaction will move in a direction unfavorable to it. When the Fund uses the transactions for hedging purposes, it is likely that the Fund will have an asset or liability that will offset any loss (or gain) on the transactions, at least in part. If a Fund enters into foreign currency exchange transactions other than for hedging purposes (for example, seeking to profit from an anticipated change in the values of currencies by creating directional exposures in the portfolio with respect to one or more currencies), it will generally be subject to the same risks, but is less likely to have assets or liabilities that will offset any losses on the transactions. There can be no assurance that a Fund will be able to terminate any foreign currency exchange transaction prior to its maturity in order to limit its loss on the transaction.
Forward foreign currency contracts are marked to market daily and the change in their value is recorded by the Funds as an unrealized gain or loss. Forward foreign currency contracts are valued at the settlement price established through dealers or other market sources on the day which they are traded. When a forward foreign currency contract is extinguished, through delivery or offset by entering into another forward foreign currency contract, the Funds record a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value of the contract at the time it was extinguished or offset. The notional or contractual amounts of these instruments do not necessarily represent the amounts potentially subject to risk. The measurement of the risk associated with these instruments is meaningful only when all related and offsetting transactions and counterparty risks are considered.
Forward foreign currency contracts outstanding at the end of the year, if any, are listed in each applicable Fund’s Portfolio of Investments. A Fund’s current exposure to a counterparty is the unrealized appreciation on the contract.
Futures Contracts
A Fund may seek to manage a variety of different risks, such as interest rate risk, equity price risk, and currency risk, through the use of futures contracts. A Fund may use interest rate futures contracts to adjust the interest rate sensitivity (duration) of its portfolio or the credit exposure of the portfolio. Interest rate futures contracts obligate the long or short holder to take or make delivery of a specified quantity of a financial instrument, such as a specific fixed-income security, during a specified future period at a specified price. A Fund may use index futures contracts to hedge against broad market risks to its portfolio or to gain broad
239
Notes to Financial Statements (Continued)
market exposure when it holds uninvested cash or as an inexpensive substitute for cash investments directly in securities or other assets, including commodities and precious metals. Securities index futures contracts are contracts to buy or sell units of a securities index at a specified future date at a price agreed upon when the contract is made and are settled in cash. Positions in futures contracts may be closed out only on an exchange or board of trade which provides a secondary market for such futures. Because futures contracts are exchange-traded, they typically have minimal exposure to counterparty risk.
Parties to a futures contract are not required to post the entire notional amount of the contract, but rather a small percentage of that amount (by way of margin), both at the time they enter into futures transactions, and then on a daily basis if their positions decline in value; as a result, futures contracts are highly leveraged. Such payments are known as variation margin and are recorded by the Funds as unrealized gains or losses. Because futures markets are highly leveraged, they can be extremely volatile, and there can be no assurance that the pricing of a futures contract will correlate precisely with the pricing of the asset or index underlying it or the asset or liability of the Fund that is the subject of the hedge. It may not always be possible for a Fund to enter into a closing transaction with respect to a futures contract it has entered into, at a favorable time or price. When a Fund enters into a futures transaction, it is subject to the risk that the value of the futures contract will move in a direction unfavorable to it. When a Fund uses futures contracts for hedging purposes, it is likely that the Fund will have an asset or liability that will offset any loss (or gain) on the transactions, at least in part.
When a futures contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded.
Futures contracts outstanding at the end of the year, if any, are listed in each applicable Fund’s Portfolio of Investments.
Swap Agreements
Swap agreements are typically two-party contracts entered into primarily by institutional investors. In a standard “swap” transaction, two parties agree to exchange the returns (or differentials in rates of return) earned or realized on particular predetermined investments or instruments or rates, which may be adjusted for an interest factor. The gross returns to be exchanged or “swapped” between the parties are generally calculated with respect to a “notional amount,” (i.e., the return on or increase in value of a particular dollar amount invested at a particular interest rate or in a “basket” of securities representing a particular index).
Interest Rate Swaps. When a Fund enters into an interest rate swap, it typically agrees to make payments to its counterparty based on a specified long- or short-term interest rate, and will receive payments from its counterparty based on another interest rate. Other forms of interest rate swap agreements include, among others, interest rate caps, under which, in return for a specified payment stream, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or “cap”; interest rate floors, under which, in return for a specified payment stream, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or “floor”; and interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels. A Fund may enter into an interest rate swap in order, for example, to hedge against the effect of interest rate changes on the value of specific securities in its portfolio, or to adjust the interest rate sensitivity (duration) or the credit exposure of its portfolio overall, or otherwise as a substitute for a direct investment in debt securities.
Credit Default Swaps. A Fund also may enter into credit default swap transactions, as a “buyer” or “seller” of credit protection. In a credit default swap, one party provides what is in effect insurance against a default or other adverse credit event affecting an issuer of debt securities (typically referred to as a “reference entity”). In general, the buyer of credit protection is obligated to pay the protection seller an upfront amount or a periodic stream of payments over the term of the swap. If a “credit event” occurs, the buyer has the right to deliver to the seller bonds or other obligations of the reference entity (with a value up to the full notional value of the swap), and to receive a payment equal to the par value of the bonds or other obligations. Credit events that would trigger a request that the seller make payment are specific to each credit default swap agreement, but generally include bankruptcy, failure to pay, restructuring, acceleration, default, or repudiation/moratorium. When a Fund buys protection, it may or may not own securities of the reference entity. If it does own securities of the reference entity, the swap serves as a hedge against a decline in the value of the securities due to the occurrence of a credit event involving the issuer of the securities. If the Fund does not own securities of the
240
Notes to Financial Statements (Continued)
reference entity, the credit default swap may be seen to create a short position in the reference entity. If a Fund is a buyer and no credit event occurs, the Fund will typically recover nothing under the swap, but will have had to pay the required upfront payment or stream of continuing payments under the swap. When a Fund sells protection under a credit default swap, the position may have the effect of creating leverage in the Fund’s portfolio through the Fund’s indirect long exposure to the issuer or securities on which the swap is written. When a Fund sells protection, it may do so either to earn additional income or to create a “synthetic” long position.
Whenever a Fund enters into a swap agreement, it takes on counterparty risk — the risk that its counterparty will be unable or unwilling to meet its obligations under the swap agreement. The Fund also takes the risk that the market will move against its position in the swap agreement. In the case of an interest rate swap, the value of the swap may increase or decrease depending on changes in interest rates. In the case of a credit default swap, the swap will become more or less valuable depending on the credit of the issuer of the underlying security, and, if a credit event occurs under a swap where the Fund is the seller of credit protection, the Fund could be required to purchase the security at par value, resulting in a significant loss to the Fund. When the Fund enters into any type of swap for hedging purposes, it is likely that the Fund will have an asset or liability that will offset any loss (or gain) on the swap, at least in part. Swap agreements may be non-transferable or otherwise highly illiquid, and a Fund may not be able to terminate or transfer a swap agreement at any particular time or at an acceptable price.
Swaptions. A Fund may also enter into options on swap agreements (“swaptions”). A swaption is a contract that gives a counterparty the right (but not the obligation) to enter into a new swap agreement or to shorten, extend, cancel, or otherwise modify an existing swap agreement, at some designated future time on specified terms. A Fund may write (sell) and purchase put and call swaptions. Depending on the terms of the particular option agreement, a Fund will generally incur a greater degree of risk when it writes a swaption than it will incur when it purchases a swaption. When a Fund purchases a swaption, it risks losing only the amount of the premium it has paid should it decide to let the option expire unexercised. However, when a Fund writes a swaption, upon exercise of the option the Fund will become obligated according to the terms of the underlying agreement. A Fund may enter into swaptions for the same purposes as swaps. For information regarding the accounting treatment of options, see “Options, Rights, and Warrants” below.
Centrally Cleared Swaps. Certain clearinghouses currently offer clearing for limited types of derivatives transactions, principally certain interest rate swaps, certain index swaps, and credit derivatives. In a cleared derivative transaction, a Fund typically enters into the transaction with a financial institution counterparty, and performance of the transaction is effectively guaranteed by a central clearinghouse, thereby reducing or eliminating the Fund’s exposure to the credit risk of its original counterparty. The Fund will be required to post amounts (“initial margin”) with the clearinghouse or at the instruction of the clearinghouse. The initial margin required by a clearinghouse may be greater than the initial margin the Fund would be required to post in an uncleared transaction. If cash is deposited as the initial margin, it is shown as collateral on a Fund’s Statement of Assets and Liabilities. Swap agreements are marked-to-market daily and subsequent payments (“variation margin”) are made or received by a Fund depending on whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on a Fund’s Statement of Assets and Liabilities (“Variation margin on open derivative instruments”) and as a component of net change in unrealized appreciation (depreciation) on a Fund’s Statement of Operations. Only a limited number of transaction types are currently eligible for clearing.
During the term of a swap transaction, changes in the value of the swap are recognized as unrealized gains or losses by marking to market to reflect the market value of the swap. When the swap is terminated, a Fund will record a realized gain or loss equal to the difference, if any, between the proceeds from (or cost of) the closing transaction and a Fund’s basis in the agreement. Upfront swap premium payments paid or received by a Fund, if any, are recorded within the value of the open swap agreement on the Fund’s Statement of Assets and Liabilities and represent payments paid or received upon entering into the swap agreement to compensate for differences between stated terms of the swap agreement and prevailing market conditions (credit spreads, currency exchange rates, and other relevant factors). These upfront payments are recorded as realized gain or loss on the Fund’s Statement of Operations upon termination or maturity of the swap agreement.
During the term of a swap transaction, the periodic net payments can be made for a set period of time or may be triggered by a predetermined credit event. The net periodic payments may be based on a fixed or variable interest rate, the change in market value of a specified security, basket of securities or index, or the return generated by a security. These periodic payments received or made by the Funds are recorded in the accompanying Statements of Operations as realized gains and losses, respectively.
241
Notes to Financial Statements (Continued)
Swap agreements outstanding at the end of the year, if any, are listed in each applicable Fund’s Portfolio of Investments. A Fund’s current exposure to a counterparty is the fair value of the transaction.
Options, Rights, and Warrants
A Fund may purchase and sell put and call options on securities or an index of securities to enhance investment performance or to protect against changes in market prices. A Fund that invests in debt securities may also purchase and sell put and call options to adjust the interest rate sensitivity of its portfolio or the credit exposure of the portfolio.
Call Options. A call option gives the holder the right to purchase, and obligates the writer to sell, a security at the strike price at any time before the expiration date.
Put Options. A put option gives the holder the right to sell, and obligates the writer to buy, a security at the exercise price at any time before the expiration date.
Writing put and call options. A Fund may write call options on a security it owns, in a “directional” strategy hoping to realize a greater current return through the receipt of premiums. In return for the option premium, the Fund takes the risk that it will have to forego any increase in the value of the security over the strike price. When a Fund has written a call option on a security it does not own, its exposure on such an option is theoretically unlimited. A Fund may enter into closing purchase transactions in order to realize a profit or limit a loss on a previously written call option or, in the case of a call option on a security it owns, to free itself to sell the underlying security or to write another call on the security, or protect a security from being called in an unexpected market rise. Any profits from a closing purchase transaction in the case of a call option on a security a Fund owns may be offset by a decline in the value of the underlying security. Conversely, because increases in the market price of a call option will generally reflect increases in the market price of the underlying security, any loss resulting from a closing purchase transaction relating to a call option on a security a Fund owns is likely to be offset in whole or in part by unrealized appreciation of the underlying security owned by the Fund. A Fund may not be able to close out a call option that it has previously written. A Fund may write put options in order to enhance its current return by taking a long directional position as to a security or index of securities. By writing a put option, the Fund assumes the risk that it may be required to purchase the underlying security for an exercise price higher than its then current market value, resulting in a potential capital loss unless the security later appreciates in value. A Fund may terminate a put option that it has written before it expires by entering into a closing purchase transaction. Any loss from this transaction may be partially or entirely offset by the premium received on the terminated option. A Fund may not be able to close out a put option that it has previously written.
When a Fund writes a call or put option, an amount equal to the premium received is recorded as a liability. Premiums received from writing options which expire are treated as realized gains. Premiums received from writing options which are exercised or closed are added to the proceeds or offset against the amount paid on the underlying investment to determine the realized gain or loss.
Purchasing put and call options. A Fund may purchase put options to protect portfolio holdings against a decline in market value of a security or securities held by it. A Fund may also purchase a put option hoping to profit from an anticipated decline in the value of the underlying security. If the Fund holds the security underlying the option, the option premium and any transaction costs will reduce any profit the Fund might have realized had it sold the underlying security instead of buying the put option. A Fund may purchase call options to hedge against an increase in the price of securities that the Fund wants ultimately to buy. A Fund may also purchase a call option as a long directional investment hoping to profit from an anticipated increase in the value of the underlying security. In order for a call option to be profitable, the market price of the underlying security must rise sufficiently above the exercise price to cover the premium and transaction costs. These costs will reduce any profit the Fund might have realized had it bought the underlying security at the time it purchased the call option.
When a Fund purchases an option, it runs the risk that it will lose its entire investment in the option in a relatively short period of time, unless the Fund exercises the option or enters into a closing sale transaction before the option’s expiration. If the price of the underlying security does not rise (in the case of a call) or fall (in the case of a put) to an extent sufficient to cover the option premium and transaction costs, the Fund will lose part or all of its investment in the option. This contrasts with an investment by a Fund in the underlying security, since the Fund will not realize a loss if the security’s price does not change. Premiums paid for purchasing options that expire are treated as realized losses.
242
Notes to Financial Statements (Continued)
OTC Options. OTC options purchased or sold by a Fund are not traded on securities or options exchanges or backed by clearinghouses. Rather, they are entered into directly between a Fund and the counterparty to the option. In the case of an OTC option purchased by the Fund, the value of the option to the Fund will depend on the willingness and ability of the option writer to perform its obligations to the Fund. In addition, OTC options may not be transferable and there may be little or no secondary market for them, so they may be considered illiquid. It may not be possible to enter into closing transactions with respect to OTC options or otherwise to terminate such options, and as a result a Fund may be required to remain obligated on an unfavorable OTC option until its expiration. OTC options are valued using prices supplied by a primary pricing source, selected pursuant to procedures approved by the Trustees.
Rights and Warrants. A Fund may purchase or hold warrants or rights in order to gain exposure to the underlying security without owning the security, including, for example, cases where the Fund hopes to lock in the price today of a security it may wish to purchase in the future. Warrants generally give the holder the right, but not the obligation, to buy a security at a stated price. In order for a warrant to be profitable, the market price of the underlying security must rise sufficiently above the exercise price to cover any premium and transaction costs. Rights may similarly confer on the holder the right to purchase or acquire securities, including through participation in a so-called rights offering. Bonds may be issued with warrants or other rights attached to purchase or acquire equity or other debt securities, typically of the bond issuer. The market prices of bonds with warrants or rights attached to purchase equity securities or bonds may, to some degree, reflect changes in the values of the underlying securities.
When a Fund purchases or otherwise acquires warrants or other rights, it runs the risk that it will lose its entire investment in the warrants or rights, unless the Fund exercises the warrant or right, acquires the underlying securities, or enters into a closing transaction before expiration. If the price of the underlying security does not rise to an extent sufficient to cover any premium and transaction costs, the Fund will lose part or all of its investment. Any premiums or purchase price paid for warrants or other rights that expire are treated as realized losses. Warrants and similar rights differ from options in that they are typically written by the issuer of the security underlying the warrant or right. Although some warrants and rights may be non-transferable, others may be traded over-the-counter or on an exchange.
Inflation-Linked Securities
Inflation-linked securities are typically fixed income securities whose principal values are periodically adjusted according to a measure of inflation. If the index measuring inflation falls, the principal value of an inflation-linked security will be adjusted downward, and consequently the interest payable on the security (calculated with respect to a smaller principal amount) will be reduced. Repayment of the original principal of the security upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury inflation-linked securities. For securities that do not provide a similar guarantee, the adjusted principal value of the security repaid at maturity may be less than the original principal.
Alternatively, the interest rates payable on certain inflation-linked securities may be adjusted according to a measure of inflation. As a result, the principal values of such securities do not adjust according to the rate of inflation, although the interest payable on such securities may decline during times of falling inflation.
The values of inflation-linked securities are expected to change in response to changes in real interest rates. Real interest rates are tied to the relationship between nominal interest rates and the rate of inflation. If nominal interest rates increase at a faster rate than inflation, real interest rates may rise, leading to a decrease in value of inflation-linked securities. Inflation-linked securities may cause a potential cash flow mismatch to investors, because an increase in the principal amount of an inflation-linked security will be treated as interest income currently subject to tax at ordinary income rates even though investors will not receive repayment of principal until maturity. If a Fund invests in such securities, it will be required to distribute such interest income in order to qualify for treatment as a regulated investment company and eliminate the Fund-level tax, without a corresponding receipt of cash, and therefore may be required to dispose of portfolio securities at a time when it may not be advantageous to do so in order to make such distributions.
Bank Loans
A Fund may invest in bank loans including, for example, corporate loans, loan participations, direct debt, bank debt, and bridge debt. A Fund may invest in a loan by lending money to a borrower directly as part of a syndicate of lenders. In a syndicated loan,
243
Notes to Financial Statements (Continued)
the agent that originated and structured the loan typically administers and enforces the loan on behalf of the syndicate. Failure by the agent to fulfill its obligations may delay or adversely affect receipt of payment by a Fund. A Fund may also invest in loans through novations, assignments, and participation interests. In a novation, a Fund typically assumes all of the rights of a lending institution in a loan, including the right to receive payments of principal and interest and other amounts directly from the borrower and to enforce its rights as a lender directly against the borrower. When a Fund takes an assignment of a loan, the Fund acquires some or all of the interest of another lender (or assignee) in the loan. In such cases, the Fund may be required generally to rely upon the assignor to demand payment and enforce rights under the loan. If a Fund acquires a participation in the loan, the Fund purchases an indirect interest in a loan held by a third party and the Fund typically will have a contractual relationship only with the third party loan investor, not with the borrower. As a result, a Fund may have the right to receive payments of principal, interest, and any fees to which it is entitled only from the loan investor selling the participation and only upon receipt by such loan investor of such payments from the borrower. In such cases, a Fund assumes the credit risk of both the borrower and the loan investor selling the participation, and the Fund may be unable to realize some or all of the value of its interest in the loan in the event of the insolvency of the third party.
Changes in the financial condition of the borrower or economic conditions or other circumstances may reduce the capacity of the borrower to make principal and interest payments on such instruments and may lead to defaults. The value of any collateral securing a bank loan may decline after the Fund invests, and there is a risk that the value of the collateral may not be sufficient to cover the amount owed to the Fund.
At September 30, 2018, the Funds had no unfunded loan commitments.
Repurchase Agreements
Each Fund may enter into repurchase agreements with certain banks and broker-dealers whereby a Fund acquires a security for cash and obtains a simultaneous commitment from the seller to repurchase the security at an agreed upon price and date. A Fund, through its custodian, takes possession of the securities collateralizing the repurchase agreement in a segregated account. Repurchase agreements must be fully collateralized at all times, but involve some risk to a Fund if the other party should default on its obligation and the Fund is delayed or prevented from recovering the collateral, or if the Fund is required to return collateral to a borrower at a time when it may realize a loss on the investment of that collateral. Collateral for certain tri-party repurchase agreements is held at the Fund’s custodian or sub-custodian in a segregated account for the benefit of the Fund and the counterparty.
Reverse Repurchase Agreements
Each Fund may enter into reverse repurchase agreements with banks and broker-dealers to enhance return. Reverse repurchase agreements involve sales by a Fund of portfolio securities concurrently with an agreement by the Fund to repurchase the same securities at a later date at a fixed price (typically equal to the original sale price plus interest). During the reverse repurchase agreement period, the Fund continues to receive principal and interest payments on the securities and also has the opportunity to earn a return on the purchase price received by it from the counterparty.
Certain agreements have no stated maturity and can be terminated by either party at any time. Interest on the value of the reverse repurchase agreements issued and outstanding is based upon competitive market rates determined at the time of issuance. A Fund may utilize reverse repurchase agreements when it is anticipated that the interest income to be earned from the investment of the proceeds of the transaction is greater than the interest expense of the transaction. Reverse repurchase agreements generally create investment leverage and involve the risk that the market value of the security that a Fund is obligated to repurchase under the agreement may decline below the repurchase price. For financial reporting purposes, cash received in exchange for securities delivered plus accrued interest payments to be made to the counterparty is recorded as a liability in the Statements of Assets and Liabilities at face value including accrued interest. Due to the short term nature of reverse repurchase agreements, face value approximates fair value. Interest payments made by a Fund to the counterparties are recorded as a component of interest expense in the Statements of Operations. In periods of increased demand for a security, a Fund may receive a fee for use of the security by the counterparty, which may result in interest income to the Fund.
Reverse repurchase transactions are entered into by a Fund under a Master Repurchase Agreement (“MRA”), which permits the Fund, under certain circumstances, including an event of default (such as bankruptcy or insolvency), to offset payables and/or
244
Notes to Financial Statements (Continued)
receivables under the MRA with collateral held and/or posted to the counterparty and creates one single net payment due to or from the Fund. With reverse repurchase transactions, typically a Fund and the counterparties are permitted to sell, re-pledge, or use the collateral associated with the transaction. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MRA counterparty’s bankruptcy or insolvency. Pursuant to the terms of the MRA, a Fund receives or posts securities as collateral with a market value in excess of the repurchase price to be paid or received by the Fund upon the maturity of the transaction. Upon a bankruptcy or insolvency of the MRA counterparty, the Fund is considered an unsecured creditor with respect to excess collateral and, as such, the return of excess collateral may be delayed.
In the event the buyer of securities under an MRA files for bankruptcy or becomes insolvent, a Fund’s use of the proceeds from the sale of its securities may be restricted or forfeited, and the counterparty may fail to return/resell the securities in question to the Fund.
The following table is a summary of the Fund(s) open reverse repurchase transactions which are subject to an MRA on a net basis at September 30, 2018:
Counterparty | Reverse Repurchase Agreements | Fair Value of Non-Cash Collateral* | Cash Collateral Pledged* | Net Amount | ||||||||||||
Inflation-Protected and Income Fund | ||||||||||||||||
BNP Paribas SA | $ | (28,273,750 | ) | $ | 28,273,750 | $ | - | $ | - | |||||||
Daiwa Securities | (35,448,750 | ) | 35,382,118 | 66,632 | - | |||||||||||
HSBC Bank USA | (8,775,000 | ) | 8,775,000 | - | - | |||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | (72,497,500 | ) | $ | 72,430,868 | $ | 66,632 | $ | - | ||||||||
|
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|
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|
|
|
|
* | Collateral with a value of $72,980,532 has been pledged in connection with open reverse repurchase transactions. Excess collateral pledged to the individual counterparty is not shown for financial reporting purposes. |
Reverse repurchase transactions outstanding at September 30, 2018, if any, are listed in each applicable Fund’s Portfolio of Investments.
At September 30, 2018, the average balance outstanding for open reverse repurchase agreements for the Inflation-Protected Bond and Income Fund was $190,664,393. The maximum balance outstanding for the Inflation-Protected Bond and Income Fund was $212,694,567 during the year ended September 30, 2018. The weighted average maturity was 50 days, at a weighted average interest rate of 1.783%.
Average balance outstanding was calculated based on daily balances outstanding during the period that the Inflation-Protected Bond and Income Fund had entered into reverse repurchase transactions.
The type of underlying collateral and the remaining maturity of open reverse repurchase transactions in relation to the reverse repurchase agreements on the Statements of Assets and Liabilities is as follows:
Remaining Contractual Maturity of the Agreements | ||||||||||||||||||||
Overnight and Continuous | Up to 30 days | 31-90 days | Greater Than 90 days | Total | ||||||||||||||||
Inflation-Protected and Income Fund | ||||||||||||||||||||
U.S. Treasury Obligations | $ | - | $ | 44,223,750 | $ | 28,273,750 | $ | - | $ | 72,497,500 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Borrowings | $ | - | $ | 44,223,750 | $ | 28,273,750 | $ | - | $ | 72,497,500 | ||||||||||
|
|
|
|
|
|
|
|
|
|
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
245
Notes to Financial Statements (Continued)
interest rate exposure of the Fund’s existing portfolio. In Forward Transactions, a Fund commits to purchase or sell particular securities, with payment and delivery to take place at a future date. In the case of TBA purchase commitments, the unit price and the estimated principal amount are established when the Fund enters into a commitment, with the actual principal amount being within a specified range of the estimate. Although a Fund does not typically pay for the securities in these types of transactions until they are delivered, it immediately assumes the risks of ownership, including the risk of price fluctuation. As a result, each of these types of transactions may create investment leverage in a Fund’s portfolio and increase the volatility of the Fund. If a Fund’s counterparty fails to deliver a security purchased in a Forward Transaction, there may be a loss, and the Fund may have missed an opportunity to make an alternative investment.
These securities are valued on the basis of valuations furnished by a pricing service, selected pursuant to procedures approved by the Trustees, which determines valuations taking into account appropriate factors such as institutional-size trading in similar groups of securities, yield, quality, coupon rate, maturity, type of issue, trading characteristics, and other market data. Securities for which no market quotation is available are valued at fair value in accordance with procedures approved by the Trustees. The Funds record on a daily basis the unrealized appreciation (depreciation) based upon changes in the values of these securities. When a Forward Transaction is closed, the Funds record a realized gain or loss equal to the difference between the value of the transaction at the time it was opened and the value of the transaction at the time it was closed.
Dollar Roll Transactions
A Fund may enter into dollar roll transactions, in which the Fund sells mortgage-backed securities for delivery in the current month and simultaneously contracts to purchase substantially similar securities on a specified future date from the same party. A Fund may invest in dollar rolls in order to benefit from anticipated changes in pricing for the mortgage-backed securities during the term of the transaction, or for the purpose of creating investment leverage. In a dollar roll, the securities that are to be purchased will be of the same type as the securities sold, but will be supported by different pools of mortgages.
Dollar rolls involve the risk that the Fund’s counterparty will be unable to deliver the mortgage-backed securities underlying the dollar roll at the fixed time. If the counterparty files for bankruptcy or becomes insolvent, a Fund’s use of the transaction proceeds may be restricted pending a determination by the counterparty or its representative, whether to enforce the Fund’s obligation to repurchase the securities. A Fund can incur a loss on a dollar roll transaction (either because its counterparty fails to perform or because the value of the mortgages subject to the transaction declines) and on the investments made by the Fund with the proceeds of the dollar roll transaction.
A Fund accounts for a dollar roll transaction as a purchase and sale whereby the difference in the sales price and purchase price of the security sold is recorded as a realized gain (loss). If certain criteria are met, these dollar roll transactions may be considered financing transactions, whereby the difference in the sales price and the future purchase price is recorded as an adjustment to interest income. Dollar roll transactions generally have the effect of creating leverage in a Fund’s portfolio.
Securities Lending
Each Fund may lend its securities; however, lending cannot exceed 33% of the total assets of the Fund taken at current value. The Funds’ securities lending activities are governed by a Securities Lending Agency Agreement (“Lending Agreement”) between each Fund and the lending agent (“Agent”). The Lending Agreement authorizes the Agent to lend portfolio securities held by a Fund to approved borrowers (each, a “Borrower”).
Each Fund expects that in connection with any securities on loan, the loan will be secured continuously by collateral consisting of cash (U.S. currency) adjusted daily to have value at least equal to the current market value of the securities loaned. The market value of the loaned securities is determined at the close of business of a Fund and any additional collateral is delivered to the Fund the next business day. The Funds bear the risk of loss with respect to the investment of cash collateral. As with other extensions of credit, the Funds may bear the risk of delay in recovery of the loaned securities or even loss of rights in the collateral should the Borrower of the securities fail financially. Pursuant to the Lending Agreement, the Agent has provided indemnification to the Funds in the event of default by a Borrower with respect to a loan. The Funds receive compensation for lending their securities in the form of a securities loan fee paid by the Borrower, as well as a share of the income earned on investment of the cash collateral
246
Notes to Financial Statements (Continued)
received for the loaned securities. At September 30, 2018, the Funds’ collateral was equal to or greater than 100% of the market value of securities on loan.
Subject to the terms of the Lending Agreement and the agreement between the Agent and the applicable Borrower (“Borrowing Agreement”), security loans can be terminated by the Agent, the Fund, or the Borrower and the related securities must be returned within the earlier of the customary settlement period for such securities or the period of time specified in the Borrowing Agreement. For all Funds, all securities on loan are classified as common stock in the Fund’s Portfolio of Investments at September 30, 2018.
The Funds employ the Agent to implement their securities lending program and the Agent receives a fee from the Funds for its services. In addition, the Funds may be required to pay a rebate to the Borrower. Accordingly, a Fund’s compensation for lending its securities is reduced by any such fees or rebate paid to the Agent or Borrower, respectively. For the year ended September 30, 2018, the Fund(s) earned securities lending net income as follows:
Securities Lending Gross Income | Securities Lending Fees and Expenses | Securities Lending Net Income | ||||||||||
Main Street Fund | $ | 5,580 | $ | 1,028 | $ | 4,552 | ||||||
Small Cap Opportunities Fund | 257,728 | 42,114 | 215,614 | |||||||||
Global Fund | 61,590 | 9,547 | 52,043 | |||||||||
International Equity Fund | 171,859 | 26,182 | 145,677 | |||||||||
Strategic Emerging Markets Fund | 69,784 | 10,817 | 58,967 |
Accounting for Investment Transactions
Investment transactions are accounted for on the trade date. Realized gains and losses on sales of investments and unrealized appreciation and depreciation of investments are computed by the specific identification cost method. Proceeds received from litigation, if any, are included in realized gains on investment transactions for any investments that are no longer held in the portfolio and as a reduction in cost for investments that continue to be held in the portfolio. Interest income, adjusted for amortization of discounts and premiums on debt securities, is earned from the settlement date and is recorded on the accrual basis. Dividend income and realized capital gain distributions are recorded on the ex-dividend date. Non-cash dividends received in the form of stock are recorded as dividend income at market value. Withholding taxes on foreign interest, dividends, and capital gains have been provided for in accordance with the applicable country’s tax rules and rates. Foreign dividend income is recorded on the ex-dividend date or as soon as practicable after the Fund determines the existence of a dividend declaration after exercising reasonable due diligence. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The Funds determine the classification of distributions received as return of capital distributions or capital gain distributions.
Foreign Currency Translation
The books and records of the Funds are maintained in U.S. dollars. The market values of foreign currencies, foreign securities, and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the mean of the buying and selling rates of such currencies against the U.S. dollar at the end of each business day. Purchases and sales of foreign securities and income and expense items are translated at the rates of exchange prevailing on the respective dates of such transactions. The Funds do not isolate that portion of the results of operations arising from changes in the exchange rates from that portion arising from changes in the market prices of securities. Net realized foreign currency gains and losses resulting from changes in exchange rates include foreign currency gains and losses between trade date and settlement date on investment securities transactions, foreign currency transactions, and the difference between the amounts of dividends or interest recorded on the books of the Funds and the amount actually received.
Allocation of Operating Activity
In maintaining the records for the Funds, the income and expense accounts are allocated daily to each class of shares. Investment income and loss, and unrealized and realized gains or losses are prorated among the classes of shares based on the relative net
247
Notes to Financial Statements (Continued)
assets of each. Expenses are allocated to each class of shares depending on the nature of the expenditures. Administration and service fees, if any, which are directly attributable to a class of shares, are charged to that class’s operations. Expenses of a Fund not directly attributable to the operations of any specific class of shares of the Fund are prorated among the classes to which the expense relates based on relative net assets.
Foreign Securities
The Global Fund invests a significant amount of its assets in foreign securities and each of the International Equity Fund and Strategic Emerging Markets Fund invests substantially all of its assets in foreign securities. The other Funds may also invest in foreign securities. Foreign securities, including American Depositary Receipts, are subject to additional risks compared to securities of U.S. issuers, including international trade, currency, political, regulatory, and diplomatic risks. In addition, fluctuations in currency exchange rates may adversely affect the values of foreign securities and the price of a Fund’s shares. Emerging markets securities are subject to greater risks than securities issued in developed foreign markets, including less liquidity, greater price volatility, higher relative rates of inflation, greater political, economic, and social instability, greater custody and operational risks, and greater volatility in currency exchange rates.
Federal Income Tax
It is each Fund’s intent to continue to comply with the provisions of subchapter M of the Internal Revenue Code of 1986, as amended, applicable to a regulated investment company. Under such provisions, the Funds would not be subject to federal income taxes on their ordinary income and net realized capital gains to the extent they are distributed or deemed to have been distributed to their shareholders. Therefore, the Funds have not made any provision for federal income tax.
Dividends and Distributions to Shareholders
Dividends from net investment income of each Fund, other than the U.S. Government Money Market Fund, are declared and paid annually and at other times as may be required to satisfy tax or regulatory requirements. Dividends from net investment income are declared daily and paid monthly for the U.S. Government Money Market Fund. Distributions of any net realized capital gains of each Fund are declared and paid annually and at other times as may be required to satisfy tax or regulatory requirements.
Distributions to shareholders are recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. As a result, net investment income and net realized capital gains on investment transactions for a reporting period may differ significantly from distributions during such period.
3. Advisory Fees and Other Transactions
Investment Advisory Fees and Investment Subadvisers
MML Investment Advisers, LLC (“MML Advisers”), a wholly-owned subsidiary of Massachusetts Mutual Life Insurance Company (“MassMutual”), serves as investment adviser to each Fund. Under the investment advisory agreements between MML Advisers and the Trust on behalf of each Fund, MML Advisers is responsible for providing investment management services for each Fund. In return for these services, MML Advisers receives advisory fees, based upon each Fund’s average daily net assets, computed and accrued daily and payable monthly, at the following annual rates:
Fund | Investment Advisory Fee | |
U.S. Government Money Market Fund | 0.35% on the first $1 billion; and | |
0.33% on any excess over $1 billion | ||
Short-Duration Bond Fund | 0.35% on the first $500 million; and | |
0.30% on any excess over $500 million | ||
Inflation-Protected and Income Fund | 0.38% on the first $350 million; and | |
0.33% on any excess over $350 million |
248
Notes to Financial Statements (Continued)
Fund | Investment Advisory Fee | |
Core Bond Fund | 0.38% on the first $1.5 billion; | |
0.33% on the next $500 million; and | ||
0.28% on any excess over $2 billion | ||
Diversified Bond Fund | 0.40% on the first $150 million; and | |
0.30% on any excess over $150 million | ||
High Yield Fund | 0.48% on the first $250 million; and | |
0.455% on any excess over $250 million | ||
Balanced Fund | 0.48% on the first $300 million; and | |
0.43% on any excess over $300 million | ||
Disciplined Value Fund | 0.45% on the first $400 million; and | |
0.40% on any excess over $400 million | ||
Main Street Fund | 0.55% on the first $300 million; and | |
0.50% on any excess over $300 million | ||
Disciplined Growth Fund | 0.45% on the first $400 million; and | |
0.40% on any excess over $400 million | ||
Small Cap Opportunities Fund | 0.58% on the first $300 million; and | |
0.53% on any excess over $300 million | ||
Global Fund | 0.75% on the first $400 million; and | |
0.70% on any excess over $400 million | ||
International Equity Fund | 0.85% on the first $500 million; | |
0.80% on the next $500 million; and | ||
0.75% on any excess over $1 billion | ||
Strategic Emerging Markets Fund | 1.00% on the first $350 million; and | |
0.95% on any excess over $350 million |
MML Advisers has entered into investment subadvisory agreements with Barings LLC (“Barings”), a wholly-owned subsidiary of MM Asset Management Holding LLC, itself a wholly-owned subsidiary of MassMutual Holding LLC, a controlled subsidiary of MassMutual, on behalf of certain Funds. These agreements provide that Barings manage the investment and reinvestment of assets of these Funds. Barings receives a subadvisory fee from MML Advisers, based upon each Fund’s average daily net assets, at the following annual rates:
U.S. Government Money Market Fund | 0.05% | |
Short-Duration Bond Fund | 0.08% | |
Inflation-Protected and Income Fund | 0.08% | |
Core Bond Fund | 0.10% | |
Diversified Bond Fund | 0.10% | |
High Yield Fund | 0.20% | |
Balanced Fund: fixed income portion | 0.09% | |
Balanced Fund: equity portion* | 0.22% of the first $50 million; | |
0.21% of the next $50 million; and | ||
0.20% of any excess over $100 million | ||
Disciplined Value Fund* | 0.25% of the first $50 million; | |
0.21% of the next $50 million; | ||
0.17% of the next $650 million; and | ||
0.14% of any excess over $750 million | ||
Disciplined Growth Fund* | 0.25% of the first $50 million; | |
0.21% of the next $50 million; | ||
0.17% of the next $650 million; and | ||
0.14% of any excess over $750 million |
* | Subadvisory fee based on Aggregate Assets. For purposes of these subadvisory agreements, “Aggregate Assets” means the aggregate of (i) the average daily net assets of the Fund determined at the close of the NYSE on each day that the NYSE is open |
249
Notes to Financial Statements (Continued)
for trading, and (ii) the average daily net assets of certain other funds or accounts of MML Advisers or its affiliates, including other funds registered under the 1940 Act, for which Barings provides investment advisory services, as agreed upon from time to time by MML Advisers and Barings, determined at the close of the NYSE on each day that the NYSE is open for trading. |
MML Advisers has entered into investment subadvisory agreements with OppenheimerFunds, Inc. (“OFI”), a wholly-owned subsidiary of Oppenheimer Acquisition Corp., itself an indirect majority-owned subsidiary of MassMutual Holding LLC, on behalf of the Global Fund. This agreement provides that OFI manage the investment and reinvestment of the assets of the Global Fund. OFI receives a subadvisory fee from MML Advisers, based upon the Global Fund’s average daily net assets, at the following annual rate:
Global Fund | 0.40% of the first $100 million; | |
0.35% of the next $250 million; and | ||
0.30% of any excess over $350 million |
MML Advisers has entered into investment subadvisory agreements with OFI Global Institutional, Inc. (“OFI Global Institutional”), a wholly-owned subsidiary of OFI, on behalf of certain Funds. These agreements provide that OFI Global Institutional manage the investment and reinvestment of the assets of these Funds. OFI Global Institutional receives a subadvisory fee from MML Advisers, based upon each Fund’s average daily net assets, at the following annual rates:
Main Street Fund | 0.30% | |
Small Cap Opportunities Fund | 0.40% of the first $1 billion; and | |
0.30% of any excess over $1 billion | ||
International Equity Fund | 0.50% of the first $50 million; | |
0.45% of the next $150 million; | ||
0.40% of the next $250 million; and | ||
0.35% of any excess over $450 million | ||
Strategic Emerging Markets Fund | 0.70% |
The Funds’ subadvisory fees are paid monthly by MML Advisers out of the advisory fees previously disclosed above.
Administration Fees
Under an Administrative and Shareholder Services Agreement between the Trust and MML Advisers, on behalf of each Fund, MML Advisers is obligated to provide certain administrative and shareholder services. In return for these services, MML Advisers receives an administrative services fee, based upon the average daily net assets of the applicable class of shares of the Funds, at the following annual rates:
Class I | Class R5 | Service Class | Administrative Class | Class A | Class R4 | Class R3 | ||||||||||||||||||||||
U.S. Government Money Market Fund | N/A | 0.10% | N/A | N/A | N/A | N/A | N/A | |||||||||||||||||||||
Short-Duration Bond Fund | None | 0.10% | 0.15% | 0.15% | 0.15% | 0.20% | 0.20% | |||||||||||||||||||||
Inflation-Protected and Income Fund | None | 0.10% | 0.15% | 0.15% | 0.15% | 0.20% | 0.20% | |||||||||||||||||||||
Core Bond Fund | None | 0.10% | 0.15% | 0.15% | 0.15% | 0.20% | 0.20% | |||||||||||||||||||||
Diversified Bond Fund | None | 0.10% | 0.15% | 0.15% | 0.15% | 0.20% | 0.20% | |||||||||||||||||||||
High Yield Fund | None | 0.10% | 0.15% | 0.15% | 0.15% | 0.20% | 0.20% | |||||||||||||||||||||
Balanced Fund | None | 0.10% | 0.15% | 0.15% | 0.15% | 0.20% | 0.20% | |||||||||||||||||||||
Disciplined Value Fund | None | 0.10% | 0.15% | 0.15% | 0.15% | 0.20% | 0.20% | |||||||||||||||||||||
Main Street Fund | None | 0.10% | 0.15% | 0.15% | 0.15% | 0.20% | 0.20% | |||||||||||||||||||||
Disciplined Growth Fund | None | 0.10% | 0.15% | 0.15% | 0.15% | 0.20% | 0.20% | |||||||||||||||||||||
Small Cap Opportunities Fund | None | 0.10% | 0.15% | 0.15% | 0.15% | 0.20% | 0.20% | |||||||||||||||||||||
Global Fund | None | 0.10% | 0.15% | 0.15% | 0.15% | 0.20% | 0.20% | |||||||||||||||||||||
International Equity Fund | None | 0.10% | 0.15% | 0.15% | 0.15% | 0.20% | 0.20% | |||||||||||||||||||||
Strategic Emerging Markets Fund | None | 0.10% | 0.15% | 0.15% | 0.15% | 0.20% | 0.20% |
250
Notes to Financial Statements (Continued)
Distribution and Service Fees
MML Distributors, LLC (the “Distributor”) acts as distributor to each Fund. Pursuant to a 12b-1 Plan adopted by the Trust, Class A shares and Class R4 shares of each Fund pay an annual fee of 0.25% of the average daily net assets of the class; and Class R3 shares of each Fund pay an annual fee of 0.50% of the average daily net assets of the class, to the Distributor. Such payments compensate the Distributor for services provided and expenses incurred by it for purposes of promoting the sale of the relevant class of shares, reducing redemptions of shares, or maintaining or improving services provided to each Fund’s shareholders. The Distributor is a wholly-owned subsidiary of MassMutual.
Effective April 1, 2014, the Trust entered into a separate Supplemental Shareholder Services Agreement with MassMutual, on behalf of Service Class shares, Administrative Class shares, and Class A shares of each Fund. Fees payable under the Supplemental Shareholder Services Agreement are intended to compensate MassMutual for its provision of shareholder services to the Funds’ investors and are calculated and paid based on the average daily net assets attributable to the relevant share classes of the Funds separately, at the following annual rates: 0.05% for Service Class shares, and 0.15% for Administrative Class shares and Class A shares. MassMutual may pay these fees to other intermediaries for providing shareholder services to the Funds’ investors.
Expense Caps and Waivers
MML Advisers contractually agreed to cap the fees and expenses of the Funds noted below (other than extraordinary litigation and legal expenses, Acquired Fund Fees and Expenses#, interest expense, short sale dividend and loan expense, or other non-recurring or unusual expenses such as organizational expenses and shareholder meeting expenses, as applicable) through January 31, 2019 based upon the average daily net assets of the applicable class of shares for the Funds, as follows:
Class I | Class R5 | Service Class | Administrative Class | Class A | Class R4 | Class R3 | ||||||||||||||||||||||
Diversified Bond Fund | 0.52% | 0.62% | 0.72% | 0.82% | 1.07% | 0.97% | 1.22% | |||||||||||||||||||||
High Yield Fund | 0.55% | 0.65% | 0.75% | 0.85% | 1.10% | 1.00% | 1.25% | |||||||||||||||||||||
Balanced Fund | 0.60% | 0.70% | 0.80% | 0.90% | 1.15% | 1.05% | 1.30% | |||||||||||||||||||||
Strategic Emerging Markets Fund | 1.05% | 1.15% | 1.25% | 1.35% | 1.60% | 1.50% | 1.75% |
# | Acquired Fund Fees and Expenses are expenses borne indirectly by a Fund through investments in other pooled investment vehicles. |
For the U.S. Government Money Market Fund, MML Advisers has agreed to voluntarily waive some or all of its fees in an attempt to allow the Fund to avoid a negative yield. There is no guarantee that the Fund will be able to avoid a negative yield. Payments made to intermediaries will be unaffected. MML Advisers may amend or discontinue this waiver at any time without advance notice.
For the Inflation-Protected and Income Fund, MML Advisers has agreed to voluntarily waive .03% of its management fees through January 31, 2019. MML Advisers may amend or discontinue this waiver at any time without advance notice.
For the International Equity Fund, MML Advisers has agreed to voluntarily waive .02% of its management fees through January 31, 2019. MML Advisers may amend or discontinue this waiver at any time without advance notice.
Expense caps and waiver amounts are reflected as a reduction of expenses on the Statements of Operations.
Deferred Compensation
Trustees of the Funds who are not officers or employees of MassMutual may elect to defer receipt of their annual fees in accordance with terms of a Non-Qualified Deferred Compensation Plan. Amounts deferred shall accrue interest or earnings and shall be recorded on the Funds’ books as other liabilities. Deferred compensation is included within Trustees’ fees and expenses in the Statements of Assets and Liabilities.
Other
Certain officers and trustees of the Funds may also be employees of MassMutual. The compensation of a trustee who is not an employee of MassMutual is borne by the Funds.
251
Notes to Financial Statements (Continued)
The following table shows beneficial ownership of Funds’ shares by affiliated parties at September 30, 2018:
Total % Ownership by Related Party | ||||
U.S. Government Money Market Fund | 94.2 | % | ||
Short-Duration Bond Fund | 92.3 | % | ||
Inflation-Protected and Income Fund | 91.9 | % | ||
Core Bond Fund | 92.2 | % | ||
Diversified Bond Fund | 77.3 | % | ||
High Yield Fund | 79.9 | % | ||
Balanced Fund | 98.2 | % | ||
Disciplined Value Fund | 99.1 | % | ||
Main Street Fund | 87.7 | % | ||
Disciplined Growth Fund | 99.1 | % | ||
Small Cap Opportunities Fund | 78.8 | % | ||
Global Fund | 91.5 | % | ||
International Equity Fund | 98.2 | % | ||
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, 2018, 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 | $ | 32,213,361 | $ | 342,549,511 | $ | 37,550,172 | $ | 351,035,618 | ||||||||
Inflation-Protected and Income Fund | 104,427,735 | 130,332,374 | 116,918,071 | 109,963,083 | ||||||||||||
Core Bond Fund | 1,315,762,976 | 436,209,857 | 1,260,334,964 | 375,366,377 | ||||||||||||
Diversified Bond Fund | 224,748,509 | 72,571,483 | 224,785,953 | 60,830,557 | ||||||||||||
High Yield Fund | - | 292,127,272 | - | 179,886,168 | ||||||||||||
Balanced Fund | 37,123,773 | 49,973,768 | 37,302,883 | 61,505,860 | ||||||||||||
Disciplined Value Fund | - | 164,464,741 | - | 225,288,791 | ||||||||||||
Main Street Fund | - | 85,619,507 | - | 92,144,085 | ||||||||||||
Disciplined Growth Fund | - | 286,464,599 | - | 419,351,854 | ||||||||||||
Small Cap Opportunities Fund | - | 142,442,051 | - | 126,424,825 | ||||||||||||
Global Fund | - | 137,495,666 | - | 183,998,573 | ||||||||||||
International Equity Fund | - | 374,197,988 | - | 373,693,731 | ||||||||||||
Strategic Emerging Markets Fund | - | 95,916,192 | - | 116,770,383 |
The Funds may purchase from, or sell securities to, other affiliated Funds under procedures adopted by the Trustees. These procedures have been designed to ensure that cross trades conducted by the Funds comply with Rule 17a-7 under the 1940 Act. The cross trades disclosed in the table below are included within the respective purchases and sales amounts shown in the table above, as applicable.
Fund | Purchases | Sales | ||||||
Main Street Fund | $ | 159,723 | $ | 274,157 | ||||
Small Cap Opportunities Fund | 2,567,923 | 114,398 | ||||||
Global Fund | 255,699 | 311,689 | ||||||
International Equity Fund | 492,186 | 398,593 | ||||||
Strategic Emerging Markets Fund | - | 219,235 |
252
Notes to Financial Statements (Continued)
5. | Capital Share Transactions |
Changes in shares outstanding for each Fund were as follows:
Year Ended September 30, 2018 | Year Ended September 30, 2017 | |||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||
U.S. Government Money Market Fund Class R5 |
| |||||||||||||||
Sold | 1,634,442,005 | $ | 1,634,442,005 | 1,667,017,896 | $ | 1,667,017,896 | ||||||||||
Issued as reinvestment of dividends | 4,051,053 | 4,051,053 | 789,917 | 789,917 | ||||||||||||
Redeemed | (1,651,239,818 | ) | (1,651,239,818 | ) | (1,650,225,631 | ) | (1,650,225,631 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) | (12,746,760 | ) | $ | (12,746,760 | ) | 17,582,182 | $ | 17,582,182 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Short-Duration Bond Fund Class I |
| |||||||||||||||
Sold | 10,106,165 | $ | 103,558,175 | 24,677,044 | $ | 254,122,849 | ||||||||||
Issued as reinvestment of dividends | 743,720 | 7,548,756 | 505,892 | 5,124,688 | ||||||||||||
Redeemed | (23,810,795 | ) | (244,511,740 | ) | (12,349,609 | ) | (127,048,487 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) | (12,960,910 | ) | $ | (133,404,809 | ) | 12,833,327 | $ | 132,199,050 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Short-Duration Bond Fund Class R5 |
| |||||||||||||||
Sold | 4,974,732 | $ | 51,046,998 | 4,494,152 | $ | 46,232,992 | ||||||||||
Issued as reinvestment of dividends | 351,454 | 3,581,314 | 450,451 | 4,576,584 | ||||||||||||
Redeemed | (7,101,253 | ) | (73,093,674 | ) | (9,191,175 | ) | (94,491,761 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) | (1,775,067 | ) | $ | (18,465,362 | ) | (4,246,572 | ) | $ | (43,682,185 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
Short-Duration Bond Fund Service Class |
| |||||||||||||||
Sold | 2,762,265 | $ | 28,231,157 | 5,101,752 | $ | 52,345,346 | ||||||||||
Issued as reinvestment of dividends | 177,885 | 1,800,199 | 110,782 | 1,118,894 | ||||||||||||
Redeemed | (3,172,568 | ) | (32,429,634 | ) | (3,260,281 | ) | (33,263,434 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) | (232,418 | ) | $ | (2,398,278 | ) | 1,952,253 | $ | 20,200,806 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Short-Duration Bond Fund Administrative Class |
| |||||||||||||||
Sold | 1,202,823 | $ | 12,242,262 | 1,009,028 | $ | 10,319,430 | ||||||||||
Issued as reinvestment of dividends | 66,929 | 675,313 | 64,201 | 646,507 | ||||||||||||
Redeemed | (697,315 | ) | (7,091,000 | ) | (1,475,833 | ) | (15,110,628 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) | 572,437 | $ | 5,826,575 | (402,604 | ) | $ | (4,144,691 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Short-Duration Bond Fund Class A |
| |||||||||||||||
Sold | 2,381,969 | $ | 24,087,817 | 1,569,035 | $ | 15,960,892 | ||||||||||
Issued as reinvestment of dividends | 113,653 | 1,139,950 | 156,533 | 1,566,893 | ||||||||||||
Redeemed | (2,220,862 | ) | (22,414,094 | ) | (5,314,558 | ) | (53,780,849 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) | 274,760 | $ | 2,813,673 | (3,588,990 | ) | $ | (36,253,064 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Short-Duration Bond Fund Class R4 |
| |||||||||||||||
Sold | 359,847 | $ | 3,672,330 | 607,838 | $ | 6,207,024 | ||||||||||
Issued as reinvestment of dividends | 29,151 | 295,883 | 19,006 | 192,528 | ||||||||||||
Redeemed | (376,372 | ) | (3,841,630 | ) | (216,955 | ) | (2,229,173 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) | 12,626 | $ | 126,583 | 409,889 | $ | 4,170,379 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Short-Duration Bond Fund Class R3 |
| |||||||||||||||
Sold | 290,039 | $ | 2,940,092 | 475,044 | $ | 4,848,762 | ||||||||||
Issued as reinvestment of dividends | 12,632 | 127,705 | 7,426 | 74,927 | ||||||||||||
Redeemed | (169,578 | ) | (1,721,203 | ) | (187,965 | ) | (1,932,694 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) | 133,093 | $ | 1,346,594 | 294,505 | $ | 2,990,995 | ||||||||||
|
|
|
|
|
|
|
|
253
Notes to Financial Statements (Continued)
Year Ended September 30, 2018 | Year Ended September 30, 2017 | |||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||
Inflation-Protected and Income Fund Class I |
| |||||||||||||||
Sold | 7,869,782 | $ | 80,850,575 | 4,174,785 | $ | 43,720,647 | ||||||||||
Issued as reinvestment of dividends | 285,844 | 2,927,040 | 327,422 | 3,303,684 | ||||||||||||
Redeemed | (4,536,837 | ) | (46,557,972 | ) | (6,464,706 | ) | (67,423,253 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) | 3,618,789 | $ | 37,219,643 | (1,962,499 | ) | $ | (20,398,922 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Inflation-Protected and Income Fund Class R5 |
| |||||||||||||||
Sold | 2,066,590 | $ | 21,140,242 | 1,859,926 | $ | 19,503,721 | ||||||||||
Issued as reinvestment of dividends | 158,962 | 1,630,948 | 169,906 | 1,716,053 | ||||||||||||
Redeemed | (2,104,030 | ) | (21,707,186 | ) | (2,334,640 | ) | (24,234,058 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) | 121,522 | $ | 1,064,004 | (304,808 | ) | $ | (3,014,284 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Inflation-Protected and Income Fund Service Class |
| |||||||||||||||
Sold | 825,796 | $ | 8,452,422 | 1,091,632 | $ | 11,393,848 | ||||||||||
Issued as reinvestment of dividends | 133,520 | 1,365,911 | 167,350 | 1,685,214 | ||||||||||||
Redeemed | (1,552,037 | ) | (16,039,171 | ) | (2,326,226 | ) | (24,138,930 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) | (592,721 | ) | $ | (6,220,838 | ) | (1,067,244 | ) | $ | (11,059,868 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
Inflation-Protected and Income Fund Administrative Class |
| |||||||||||||||
Sold | 369,129 | $ | 3,816,046 | 615,865 | $ | 6,479,434 | ||||||||||
Issued as reinvestment of dividends | 35,074 | 362,670 | 37,333 | 380,046 | ||||||||||||
Redeemed | (352,788 | ) | (3,648,937 | ) | (600,076 | ) | (6,271,377 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) | 51,415 | $ | 529,779 | 53,122 | $ | 588,103 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Inflation-Protected and Income Fund Class A |
| |||||||||||||||
Sold | 400,937 | $ | 4,049,416 | 350,072 | $ | 3,601,819 | ||||||||||
Issued as reinvestment of dividends | 49,070 | 495,608 | 48,160 | 479,192 | ||||||||||||
Redeemed | (561,452 | ) | (5,685,283 | ) | (453,751 | ) | (4,668,324 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) | (111,445 | ) | $ | (1,140,259 | ) | (55,519 | ) | $ | (587,313 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
Inflation-Protected and Income Fund Class R4 |
| |||||||||||||||
Sold | 285,772 | $ | 2,886,526 | 417,215 | $ | 4,259,457 | ||||||||||
Issued as reinvestment of dividends | 15,735 | 157,975 | 14,213 | 140,571 | ||||||||||||
Redeemed | (226,782 | ) | (2,289,323 | ) | (328,355 | ) | (3,359,503 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) | 74,725 | $ | 755,178 | 103,073 | $ | 1,040,525 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Inflation-Protected and Income Fund Class R3 |
| |||||||||||||||
Sold | 203,780 | $ | 2,042,245 | 268,065 | $ | 2,745,586 | ||||||||||
Issued as reinvestment of dividends | 11,166 | 112,214 | 7,169 | 71,044 | ||||||||||||
Redeemed | (216,085 | ) | (2,167,066 | ) | (80,830 | ) | (829,942 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) | (1,139 | ) | $ | (12,607 | ) | 194,404 | $ | 1,986,688 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Core Bond Fund Class I |
| |||||||||||||||
Sold | 22,783,365 | $ | 243,037,250 | 17,235,560 | $ | 185,829,287 | ||||||||||
Issued as reinvestment of dividends | 1,514,765 | 16,298,876 | 1,386,692 | 14,601,868 | ||||||||||||
Redeemed | (8,603,406 | ) | (92,352,193 | ) | (13,640,947 | ) | (149,407,885 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) | 15,694,724 | $ | 166,983,933 | 4,981,305 | $ | 51,023,270 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Core Bond Fund Class R5 |
| |||||||||||||||
Sold | 2,778,298 | $ | 29,909,932 | 4,806,352 | $ | 52,575,651 | ||||||||||
Issued as reinvestment of dividends | 929,861 | 10,042,498 | 1,194,390 | 12,612,757 | ||||||||||||
Redeemed | (8,540,433 | ) | (92,141,095 | ) | (9,818,043 | ) | (106,423,536 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) | (4,832,274 | ) | $ | (52,188,665 | ) | (3,817,301 | ) | $ | (41,235,128 | ) | ||||||
|
|
|
|
|
|
|
|
254
Notes to Financial Statements (Continued)
Year Ended September 30, 2018 | Year Ended September 30, 2017 | |||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||
Core Bond Fund Service Class |
| |||||||||||||||
Sold | 1,696,831 | $ | 18,067,651 | 3,488,190 | $ | 37,533,577 | ||||||||||
Issued as reinvestment of dividends | 265,104 | 2,847,221 | 226,784 | 2,383,497 | ||||||||||||
Redeemed | (1,577,235 | ) | (16,858,554 | ) | (2,737,161 | ) | (29,923,643 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) | 384,700 | $ | 4,056,318 | 977,813 | $ | 9,993,431 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Core Bond Fund Administrative Class |
| |||||||||||||||
Sold | 1,642,019 | $ | 17,332,769 | 1,569,916 | $ | 16,977,562 | ||||||||||
Issued as reinvestment of dividends | 184,551 | 1,969,162 | 246,023 | 2,568,484 | ||||||||||||
Redeemed | (1,778,250 | ) | (18,868,378 | ) | (2,927,929 | ) | (31,632,962 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) | 48,320 | $ | 433,553 | (1,111,990 | ) | $ | (12,086,916 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Core Bond Fund Class A |
| |||||||||||||||
Sold | 1,491,298 | $ | 15,702,424 | 1,385,830 | $ | 14,736,023 | ||||||||||
Issued as reinvestment of dividends | 256,523 | 2,716,576 | 345,543 | 3,579,825 | ||||||||||||
Redeemed | (2,115,044 | ) | (22,349,113 | ) | (4,765,211 | ) | (51,273,098 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) | (367,223 | ) | $ | (3,930,113 | ) | (3,033,838 | ) | $ | (32,957,250 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
Core Bond Fund Class R4 |
| |||||||||||||||
Sold | 599,474 | $ | 6,346,602 | 530,280 | $ | 5,663,731 | ||||||||||
Issued as reinvestment of dividends | 42,930 | 452,049 | 45,799 | 472,193 | ||||||||||||
Redeemed | (994,402 | ) | (10,285,227 | ) | (556,380 | ) | (5,876,040 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) | (351,998 | ) | $ | (3,486,576 | ) | 19,699 | $ | 259,884 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Core Bond Fund Class R3 |
| |||||||||||||||
Sold | 32,471 | $ | 347,294 | 28,304 | $ | 308,926 | ||||||||||
Issued as reinvestment of dividends | 1,146 | 12,415 | 1,999 | 21,128 | ||||||||||||
Redeemed | (33,483 | ) | (365,432 | ) | (24,845 | ) | (269,681 | ) | ||||||||
|
|
|
|
|
| �� |
| |||||||||
Net increase (decrease) | 134 | $ | (5,723 | ) | 5,458 | $ | 60,373 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Diversified Bond Fund Class I |
| |||||||||||||||
Sold | 1,324,721 | $ | 14,093,601 | 1,030,426 | $ | 11,005,092 | ||||||||||
Issued as reinvestment of dividends | 78,951 | 843,981 | 49,002 | 510,116 | ||||||||||||
Redeemed | (1,861,259 | ) | (19,736,385 | ) | (397,627 | ) | (4,246,852 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) | (457,587 | ) | $ | (4,798,803 | ) | 681,801 | $ | 7,268,356 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Diversified Bond Fund Class R5 |
| |||||||||||||||
Sold | 1,987,736 | $ | 19,520,566 | 2,122,705 | $ | 21,119,131 | ||||||||||
Issued as reinvestment of dividends | 279,350 | 2,762,770 | 199,436 | 1,924,560 | ||||||||||||
Redeemed | (945,032 | ) | (9,313,768 | ) | (1,190,612 | ) | (11,910,850 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) | 1,322,054 | $ | 12,969,568 | 1,131,529 | $ | 11,132,841 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Diversified Bond Fund Service Class |
| |||||||||||||||
Sold | 804,805 | $ | 7,956,675 | 352,965 | $ | 3,545,581 | ||||||||||
Issued as reinvestment of dividends | 45,439 | 455,302 | 41,458 | 405,459 | ||||||||||||
Redeemed | (498,529 | ) | (5,004,950 | ) | (477,247 | ) | (4,755,673 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) | 351,715 | $ | 3,407,027 | (82,824 | ) | $ | (804,633 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Diversified Bond Fund Administrative Class |
| |||||||||||||||
Sold | 629,189 | $ | 6,241,735 | 756,534 | $ | 7,540,949 | ||||||||||
Issued as reinvestment of dividends | 73,855 | 738,553 | 78,468 | 765,843 | ||||||||||||
Redeemed | (561,494 | ) | (5,577,202 | ) | (1,609,795 | ) | (16,154,410 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) | 141,550 | $ | 1,403,086 | (774,793 | ) | $ | (7,847,618 | ) | ||||||||
|
|
|
|
|
|
|
|
255
Notes to Financial Statements (Continued)
Year Ended September 30, 2018 | Year Ended September 30, 2017 | |||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||
Diversified Bond Fund Class A |
| |||||||||||||||
Sold | 787,151 | $ | 7,791,616 | 582,548 | $ | 5,826,937 | ||||||||||
Issued as reinvestment of dividends | 87,585 | 874,975 | 76,188 | 742,829 | ||||||||||||
Redeemed | (919,681 | ) | (9,094,361 | ) | (942,736 | ) | (9,485,433 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) | (44,945 | ) | $ | (427,770 | ) | (284,000 | ) | $ | (2,915,667 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
Diversified Bond Fund Class R4 |
| |||||||||||||||
Sold | 96,755 | $ | 951,473 | 338,989 | $ | 3,397,385 | ||||||||||
Issued as reinvestment of dividends | 14,371 | 142,412 | 11,704 | 113,297 | ||||||||||||
Redeemed | (122,877 | ) | (1,207,967 | ) | (223,446 | ) | (2,201,287 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) | (11,751 | ) | $ | (114,082 | ) | 127,247 | $ | 1,309,395 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Diversified Bond Fund Class R3 |
| |||||||||||||||
Sold | 130,676 | $ | 1,279,675 | 211,720 | $ | 2,101,371 | ||||||||||
Issued as reinvestment of dividends | 10,311 | 101,773 | 6,258 | 60,325 | ||||||||||||
Redeemed | (58,055 | ) | (569,674 | ) | (89,326 | ) | (891,968 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) | 82,932 | $ | 811,774 | 128,652 | $ | 1,269,728 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
High Yield Fund Class I |
| |||||||||||||||
Sold | 21,534,203 | $ | 198,712,130 | 14,888,726 | $ | 136,599,532 | ||||||||||
Issued as reinvestment of dividends | 1,686,568 | 15,212,849 | 1,314,336 | 11,671,304 | ||||||||||||
Redeemed | (7,118,844 | ) | (65,255,094 | ) | (14,739,865 | ) | (137,181,404 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) | 16,101,927 | $ | 148,669,885 | 1,463,197 | $ | 11,089,432 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
High Yield Fund Class R5 |
| |||||||||||||||
Sold | 1,210,212 | $ | 11,122,712 | 1,811,008 | $ | 16,788,321 | ||||||||||
Issued as reinvestment of dividends | 375,174 | 3,402,827 | 335,127 | 2,992,693 | ||||||||||||
Redeemed | (2,657,925 | ) | (24,198,393 | ) | (1,305,015 | ) | (12,186,382 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) | (1,072,539 | ) | $ | (9,672,854 | ) | 841,120 | $ | 7,594,632 | ||||||||
|
|
|
|
|
|
|
| |||||||||
High Yield Fund Service Class |
| |||||||||||||||
Sold | 514,400 | $ | 4,727,461 | 1,184,290 | $ | 11,156,689 | ||||||||||
Issued as reinvestment of dividends | 312,555 | 2,834,872 | 359,582 | 3,214,659 | ||||||||||||
Redeemed | (1,092,778 | ) | (10,131,684 | ) | (2,823,019 | ) | (26,176,456 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) | (265,823 | ) | $ | (2,569,351 | ) | (1,279,147 | ) | $ | (11,805,108 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
High Yield Fund Administrative Class |
| |||||||||||||||
Sold | 577,696 | $ | 5,236,660 | 1,023,534 | $ | 9,408,366 | ||||||||||
Issued as reinvestment of dividends | 222,144 | 1,983,745 | 201,141 | 1,772,049 | ||||||||||||
Redeemed | (843,838 | ) | (7,592,294 | ) | (916,006 | ) | (8,423,557 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) | (43,998 | ) | $ | (371,889 | ) | 308,669 | $ | 2,756,858 | ||||||||
|
|
|
|
|
|
|
| |||||||||
High Yield Fund Class A |
| |||||||||||||||
Sold | 670,122 | $ | 6,076,237 | 665,667 | $ | 6,096,763 | ||||||||||
Issued as reinvestment of dividends | 186,531 | 1,665,727 | 180,100 | 1,584,880 | ||||||||||||
Redeemed | (951,520 | ) | (8,620,549 | ) | (920,200 | ) | (8,460,894 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) | (94,867 | ) | $ | (878,585 | ) | (74,433 | ) | $ | (779,251 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
High Yield Fund Class R4 |
| |||||||||||||||
Sold | 1,456,931 | $ | 13,030,381 | 1,717,667 | $ | 15,666,668 | ||||||||||
Issued as reinvestment of dividends | 212,480 | 1,876,196 | 157,215 | 1,369,341 | ||||||||||||
Redeemed | (1,051,678 | ) | (9,421,862 | ) | (642,812 | ) | (5,845,741 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) | 617,733 | $ | 5,484,715 | 1,232,070 | $ | 11,190,268 | ||||||||||
|
|
|
|
|
|
|
|
256
Notes to Financial Statements (Continued)
Year Ended September 30, 2018 | Year Ended September 30, 2017 | |||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||
High Yield Fund Class R3 |
| |||||||||||||||
Sold | 1,632,126 | $ | 15,020,841 | 2,589,978 | $ | 24,303,425 | ||||||||||
Issued as reinvestment of dividends | 255,256 | 2,304,959 | 97,991 | 873,103 | ||||||||||||
Redeemed | (831,635 | ) | (7,585,009 | ) | (372,153 | ) | (3,480,994 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) | 1,055,747 | $ | 9,740,791 | 2,315,816 | $ | 21,695,534 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Balanced Fund Class I |
| |||||||||||||||
Sold | 474,665 | $ | 5,849,630 | 715,336 | $ | 8,574,640 | ||||||||||
Issued as reinvestment of dividends | 46,487 | 570,403 | 4,322 | 49,009 | ||||||||||||
Redeemed | (275,684 | ) | (3,455,840 | ) | (145,327 | ) | (1,716,774 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) | 245,468 | $ | 2,964,193 | 574,331 | $ | 6,906,875 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Balanced Fund Class R5 |
| |||||||||||||||
Sold | 291,984 | $ | 3,681,896 | 203,456 | $ | 2,375,393 | ||||||||||
Issued as reinvestment of dividends | 266,274 | 3,267,180 | 105,598 | 1,198,538 | ||||||||||||
Redeemed | (980,947 | ) | (12,344,633 | ) | (1,112,626 | ) | (12,994,381 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) | (422,689 | ) | $ | (5,395,557 | ) | (803,572 | ) | $ | (9,420,450 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
Balanced Fund Service Class |
| |||||||||||||||
Sold | 40,015 | $ | 528,265 | 49,915 | $ | 608,776 | ||||||||||
Issued as reinvestment of dividends | 36,872 | 475,648 | 17,515 | 208,078 | ||||||||||||
Redeemed | (72,452 | ) | (949,210 | ) | (729,307 | ) | (8,893,485 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) | 4,435 | $ | 54,703 | (661,877 | ) | $ | (8,076,631 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Balanced Fund Administrative Class |
| |||||||||||||||
Sold | 140,237 | $ | 1,751,607 | 399,431 | $ | 4,531,011 | ||||||||||
Issued as reinvestment of dividends | 51,256 | 631,984 | 25,361 | 288,861 | ||||||||||||
Redeemed | (310,393 | ) | (3,861,192 | ) | (533,821 | ) | (6,397,158 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) | (118,900 | ) | $ | (1,477,601 | ) | (109,029 | ) | $ | (1,577,286 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
Balanced Fund Class A |
| |||||||||||||||
Sold | 162,501 | $ | 1,985,151 | 467,692 | $ | 5,212,321 | ||||||||||
Issued as reinvestment of dividends | 175,481 | 2,104,021 | 59,723 | 662,927 | ||||||||||||
Redeemed | (570,242 | ) | (6,985,600 | ) | (641,004 | ) | (7,459,838 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) | (232,260 | ) | $ | (2,896,428 | ) | (113,589 | ) | $ | (1,584,590 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
Balanced Fund Class R4 |
| |||||||||||||||
Sold | 54,087 | $ | 660,514 | 30,654 | $ | 351,273 | ||||||||||
Issued as reinvestment of dividends | 17,868 | 212,627 | 4,732 | 52,192 | ||||||||||||
Redeemed | (22,635 | ) | (279,005 | ) | (18,933 | ) | (217,119 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) | 49,320 | $ | 594,136 | 16,453 | $ | 186,346 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Balanced Fund Class R3 |
| |||||||||||||||
Sold | 91,437 | $ | 1,097,904 | 245,154 | $ | 2,715,591 | ||||||||||
Issued as reinvestment of dividends | 42,461 | 503,588 | 10,944 | 120,390 | ||||||||||||
Redeemed | (86,465 | ) | (1,037,397 | ) | (113,035 | ) | (1,299,768 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) | 47,433 | $ | 564,095 | 143,063 | $ | 1,536,213 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Disciplined Value Fund Class I |
| |||||||||||||||
Sold | 732,864 | $ | 12,390,961 | 2,154,943 | $ | 35,739,090 | ||||||||||
Issued as reinvestment of dividends | 587,738 | 9,680,040 | 295,221 | 4,850,482 | ||||||||||||
Redeemed | (4,674,834 | ) | (80,329,894 | ) | (2,512,339 | ) | (41,316,313 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) | (3,354,232 | ) | $ | (58,258,893 | ) | (62,175 | ) | $ | (726,741 | ) | ||||||
|
|
|
|
|
|
|
|
257
Notes to Financial Statements (Continued)
Year Ended September 30, 2018 | Year Ended September 30, 2017 | |||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||
Disciplined Value Fund Class R5 |
| |||||||||||||||
Sold | 1,002,794 | $ | 15,968,735 | 1,861,134 | $ | 30,682,843 | ||||||||||
Issued as reinvestment of dividends | 328,617 | 5,425,465 | 215,526 | 3,547,566 | ||||||||||||
Redeemed | (453,908 | ) | (7,767,239 | ) | (2,347,548 | ) | (39,571,691 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) | 877,503 | $ | 13,626,961 | (270,888 | ) | $ | (5,341,282 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Disciplined Value Fund Service Class |
| |||||||||||||||
Sold | 301,299 | $ | 4,960,574 | 275,439 | $ | 4,594,208 | ||||||||||
Issued as reinvestment of dividends | 356,756 | 5,847,242 | 196,502 | 3,212,814 | ||||||||||||
Redeemed | (515,208 | ) | (8,683,545 | ) | (1,712,103 | ) | (27,587,605 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) | 142,847 | $ | 2,124,271 | (1,240,162 | ) | $ | (19,780,583 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Disciplined Value Fund Administrative Class |
| |||||||||||||||
Sold | 208,182 | $ | 3,430,161 | 102,645 | $ | 1,744,764 | ||||||||||
Issued as reinvestment of dividends | 42,903 | 716,916 | 22,085 | 367,502 | ||||||||||||
Redeemed | (55,714 | ) | (944,166 | ) | (148,487 | ) | (2,530,906 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) | 195,371 | $ | 3,202,911 | (23,757 | ) | $ | (418,640 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Disciplined Value Fund Class A |
| |||||||||||||||
Sold | 84,628 | $ | 1,363,885 | 86,132 | $ | 1,439,786 | ||||||||||
Issued as reinvestment of dividends | 62,167 | 1,011,450 | 39,100 | 634,592 | ||||||||||||
Redeemed | (141,706 | ) | (2,388,469 | ) | (259,323 | ) | (4,332,928 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) | 5,089 | $ | (13,134 | ) | (134,091 | ) | $ | (2,258,550 | ) | |||||||
|
|
|
|
|
|
|
| |||||||||
Disciplined Value Fund Class R4 |
| |||||||||||||||
Sold | 95,743 | $ | 1,606,499 | 373,277 | $ | 6,174,346 | ||||||||||
Issued as reinvestment of dividends | 70,629 | 1,140,657 | 23,471 | 379,060 | ||||||||||||
Redeemed | (366,195 | ) | (5,987,621 | ) | (72,900 | ) | (1,209,508 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) | (199,823 | ) | $ | (3,240,465 | ) | 323,848 | $ | 5,343,898 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Disciplined Value Fund Class R3 |
| |||||||||||||||
Sold | 38,819 | $ | 645,381 | 221,791 | $ | 3,745,789 | ||||||||||
Issued as reinvestment of dividends | 27,451 | 450,486 | 3,344 | 54,835 | ||||||||||||
Redeemed | (35,644 | ) | (593,089 | ) | (48,291 | ) | (815,722 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) | 30,626 | $ | 502,778 | 176,844 | $ | 2,984,902 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Main Street Fund Class I |
| |||||||||||||||
Sold | 1,455,961 | $ | 17,025,915 | 757,372 | $ | 8,323,648 | ||||||||||
Issued as reinvestment of dividends | 72,068 | 819,412 | 5,006 | 52,559 | ||||||||||||
Redeemed | (238,679 | ) | (2,760,638 | ) | (119,776 | ) | (1,356,853 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) | 1,289,350 | $ | 15,084,689 | 642,602 | $ | 7,019,354 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Main Street Fund Class R5 |
| |||||||||||||||
Sold | 308,862 | $ | 3,546,126 | 727,751 | $ | 7,774,104 | ||||||||||
Issued as reinvestment of dividends | 510,299 | 5,802,095 | 295,483 | 3,102,575 | ||||||||||||
Redeemed | (1,781,903 | ) | (20,584,719 | ) | (1,481,980 | ) | (16,377,831 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) | (962,742 | ) | $ | (11,236,498 | ) | (458,746 | ) | $ | (5,501,152 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
Main Street Fund Service Class |
| |||||||||||||||
Sold | 18,878 | $ | 218,315 | 30,034 | $ | 331,268 | ||||||||||
Issued as reinvestment of dividends | 7,049 | 82,970 | 3,496 | 37,898 | ||||||||||||
Redeemed | (58,708 | ) | (661,875 | ) | (126,281 | ) | (1,359,573 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) | (32,781 | ) | $ | (360,590 | ) | (92,751 | ) | $ | (990,407 | ) | ||||||
|
|
|
|
|
|
|
|
258
Notes to Financial Statements (Continued)
Year Ended September 30, 2018 | Year Ended September 30, 2017 | |||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||
Main Street Fund Administrative Class |
| |||||||||||||||
Sold | 272,926 | $ | 3,205,249 | 698,392 | $ | 7,690,204 | ||||||||||
Issued as reinvestment of dividends | 211,442 | 2,404,098 | 111,956 | 1,175,533 | ||||||||||||
Redeemed | (731,927 | ) | (8,408,960 | ) | (1,032,777 | ) | (11,574,173 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) | (247,559 | ) | $ | (2,799,613 | ) | (222,429 | ) | $ | (2,708,436 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
Main Street Fund Class A |
| |||||||||||||||
Sold | 209,870 | $ | 2,365,366 | 147,563 | $ | 1,571,363 | ||||||||||
Issued as reinvestment of dividends | 88,812 | 996,464 | 44,183 | 458,618 | ||||||||||||
Redeemed | (188,836 | ) | (2,130,271 | ) | (234,045 | ) | (2,541,732 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) | 109,846 | $ | 1,231,559 | (42,299 | ) | $ | (511,751 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Main Street Fund Class R4 |
| |||||||||||||||
Sold | 134,127 | $ | 1,479,906 | 189,535 | $ | 2,014,675 | ||||||||||
Issued as reinvestment of dividends | 33,710 | 375,529 | 13,853 | 142,686 | ||||||||||||
Redeemed | (75,265 | ) | (854,370 | ) | (86,426 | ) | (958,461 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) | 92,572 | $ | 1,001,065 | 116,962 | $ | 1,198,900 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Main Street Fund Class R3 |
| |||||||||||||||
Sold | 75,280 | $ | 857,949 | 60,731 | $ | 641,845 | ||||||||||
Issued as reinvestment of dividends | 7,011 | 78,877 | 4,373 | 45,480 | ||||||||||||
Redeemed | (26,603 | ) | (302,284 | ) | (45,646 | ) | (503,657 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) | 55,688 | $ | 634,542 | 19,458 | $ | 183,668 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Disciplined Growth Fund Class I |
| |||||||||||||||
Sold | 1,248,695 | $ | 16,549,619 | 4,066,894 | $ | 48,088,326 | ||||||||||
Issued as reinvestment of dividends | 1,111,030 | 14,032,308 | 788,308 | 8,765,987 | ||||||||||||
Redeemed | (8,880,927 | ) | (123,933,918 | ) | (5,411,052 | ) | (64,001,662 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) | (6,521,202 | ) | $ | (93,351,991 | ) | (555,850 | ) | $ | (7,147,349 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
Disciplined Growth Fund Class R5 |
| |||||||||||||||
Sold | 1,802,066 | $ | 23,637,837 | 1,855,353 | $ | 22,015,055 | ||||||||||
Issued as reinvestment of dividends | 860,197 | 10,881,489 | 606,849 | 6,760,298 | ||||||||||||
Redeemed | (1,484,931 | ) | (19,754,357 | ) | (2,409,425 | ) | (28,670,247 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) | 1,177,332 | $ | 14,764,969 | 52,777 | $ | 105,106 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Disciplined Growth Fund Service Class |
| |||||||||||||||
Sold | 358,311 | $ | 4,838,194 | 558,809 | $ | 6,716,424 | ||||||||||
Issued as reinvestment of dividends | 711,031 | 9,022,986 | 487,956 | 5,450,470 | ||||||||||||
Redeemed | (1,513,105 | ) | (19,801,006 | ) | (2,323,747 | ) | (27,439,600 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) | (443,763 | ) | $ | (5,939,826 | ) | (1,276,982 | ) | $ | (15,272,706 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
Disciplined Growth Fund Administrative Class |
| |||||||||||||||
Sold | 318,113 | $ | 4,338,774 | 1,042,038 | $ | 12,553,291 | ||||||||||
Issued as reinvestment of dividends | 375,691 | 4,816,360 | 261,768 | 2,952,743 | ||||||||||||
Redeemed | (902,194 | ) | (12,069,585 | ) | (1,417,743 | ) | (17,199,670 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) | (208,390 | ) | $ | (2,914,451 | ) | (113,937 | ) | $ | (1,693,636 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
Disciplined Growth Fund Class A |
| |||||||||||||||
Sold | 381,606 | $ | 5,117,644 | 576,257 | $ | 6,887,465 | ||||||||||
Issued as reinvestment of dividends | 344,100 | 4,301,251 | 269,268 | 2,967,338 | ||||||||||||
Redeemed | (768,585 | ) | (10,082,034 | ) | (1,376,390 | ) | (16,557,027 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) | (42,879 | ) | $ | (663,139 | ) | (530,865 | ) | $ | (6,702,224 | ) | ||||||
|
|
|
|
|
|
|
|
259
Notes to Financial Statements (Continued)
Year Ended September 30, 2018 | Year Ended September 30, 2017 | |||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||
Disciplined Growth Fund Class R4 |
| |||||||||||||||
Sold | 258,063 | $ | 3,395,895 | 1,088,434 | $ | 12,787,698 | ||||||||||
Issued as reinvestment of dividends | 266,987 | 3,310,635 | 116,208 | 1,273,641 | ||||||||||||
Redeemed | (380,251 | ) | (4,953,210 | ) | (343,601 | ) | (4,050,336 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) | 144,799 | $ | 1,753,320 | 861,041 | $ | 10,011,003 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Disciplined Growth Fund Class R3 |
| |||||||||||||||
Sold | 185,821 | $ | 2,379,315 | 75,235 | $ | 881,963 | ||||||||||
Issued as reinvestment of dividends | 43,722 | 542,147 | 22,655 | 248,074 | ||||||||||||
Redeemed | (56,844 | ) | (744,233 | ) | (38,629 | ) | (455,742 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) | 172,699 | $ | 2,177,229 | 59,261 | $ | 674,295 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Small Cap Opportunities Fund Class I |
| |||||||||||||||
Sold | 1,720,561 | $ | 26,928,334 | 759,805 | $ | 11,808,262 | ||||||||||
Issued as reinvestment of dividends | 148,718 | 2,211,437 | 10,336 | 151,310 | ||||||||||||
Redeemed | (334,416 | ) | (5,142,675 | ) | (113,369 | ) | (1,721,323 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) | 1,534,863 | $ | 23,997,096 | 656,772 | $ | 10,238,249 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Small Cap Opportunities Fund Class R5 |
| |||||||||||||||
Sold | 1,329,365 | $ | 20,333,335 | 850,759 | $ | 12,845,922 | ||||||||||
Issued as reinvestment of dividends | 517,451 | 7,689,329 | 153,259 | 2,240,643 | ||||||||||||
Redeemed | (1,122,352 | ) | (17,453,240 | ) | (1,490,602 | ) | (22,486,690 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) | 724,464 | $ | 10,569,424 | (486,584 | ) | $ | (7,400,125 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Small Cap Opportunities Fund Service Class |
| |||||||||||||||
Sold | 396,002 | $ | 6,062,374 | 152,497 | $ | 2,259,272 | ||||||||||
Issued as reinvestment of dividends | 121,893 | 1,807,666 | 33,841 | 494,080 | ||||||||||||
Redeemed | (309,361 | ) | (4,880,046 | ) | (252,981 | ) | (3,857,149 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) | 208,534 | $ | 2,989,994 | (66,643 | ) | $ | (1,103,797 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Small Cap Opportunities Fund Administrative Class |
| |||||||||||||||
Sold | 230,055 | $ | 3,664,711 | 429,226 | $ | 6,203,116 | ||||||||||
Issued as reinvestment of dividends | 194,189 | 2,862,351 | 48,183 | 700,099 | ||||||||||||
Redeemed | (272,031 | ) | (4,230,604 | ) | (291,707 | ) | (4,331,758 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) | 152,213 | $ | 2,296,458 | 185,702 | $ | 2,571,457 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Small Cap Opportunities Fund Class A |
| |||||||||||||||
Sold | 379,961 | $ | 5,797,136 | 603,634 | $ | 8,731,191 | ||||||||||
Issued as reinvestment of dividends | 590,410 | 8,525,518 | 157,772 | 2,251,414 | ||||||||||||
Redeemed | (1,236,254 | ) | (18,696,446 | ) | (1,327,422 | ) | (19,119,515 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) | (265,883 | ) | $ | (4,373,792 | ) | (566,016 | ) | $ | (8,136,910 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
Small Cap Opportunities Fund Class R4 |
| |||||||||||||||
Sold | 267,011 | $ | 3,882,617 | 431,601 | $ | 6,143,412 | ||||||||||
Issued as reinvestment of dividends | 81,831 | 1,172,634 | 15,341 | 217,381 | ||||||||||||
Redeemed | (217,946 | ) | (3,313,174 | ) | (167,580 | ) | (2,455,190 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) | 130,896 | $ | 1,742,077 | 279,362 | $ | 3,905,603 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Small Cap Opportunities Fund Class R3 |
| |||||||||||||||
Sold | 226,966 | $ | 3,461,865 | 263,892 | $ | 3,807,799 | ||||||||||
Issued as reinvestment of dividends | 77,121 | 1,100,523 | 13,841 | 195,846 | ||||||||||||
Redeemed | (202,840 | ) | (3,098,444 | ) | (121,356 | ) | (1,768,047 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) | 101,247 | $ | 1,463,944 | 156,377 | $ | 2,235,598 | ||||||||||
|
|
|
|
|
|
|
|
260
Notes to Financial Statements (Continued)
Year Ended September 30, 2018 | Year Ended September 30, 2017 | |||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||
Global Fund Class I |
| |||||||||||||||
Sold | 2,179,660 | $ | 34,819,222 | 1,832,403 | $ | 25,204,364 | ||||||||||
Issued as reinvestment of dividends | 293,906 | 4,605,510 | 53,182 | 692,427 | ||||||||||||
Redeemed | (1,417,505 | ) | (22,513,383 | ) | (1,032,531 | ) | (14,680,754 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) | 1,056,061 | $ | 16,911,349 | 853,054 | $ | 11,216,037 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Global Fund Class R5 |
| |||||||||||||||
Sold | 394,219 | $ | 6,447,523 | 832,995 | $ | 12,003,450 | ||||||||||
Issued as reinvestment of dividends | 855,477 | 13,413,879 | 368,422 | 4,800,537 | ||||||||||||
Redeemed | (2,257,649 | ) | (37,104,891 | ) | (3,180,180 | ) | (44,441,104 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) | (1,007,953 | ) | $ | (17,243,489 | ) | (1,978,763 | ) | $ | (27,637,117 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
Global Fund Service Class |
| |||||||||||||||
Sold | 198,777 | $ | 3,228,615 | 274,224 | $ | 3,975,721 | ||||||||||
Issued as reinvestment of dividends | 149,082 | 2,318,231 | 71,863 | 929,195 | ||||||||||||
Redeemed | (506,365 | ) | (8,196,460 | ) | (1,327,391 | ) | (18,847,667 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) | (158,506 | ) | $ | (2,649,614 | ) | (981,304 | ) | $ | (13,942,751 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
Global Fund Administrative Class |
| |||||||||||||||
Sold | 439,272 | $ | 7,156,796 | 502,928 | $ | 7,454,986 | ||||||||||
Issued as reinvestment of dividends | 775,132 | 12,154,069 | 279,904 | 3,647,145 | ||||||||||||
Redeemed | (1,872,560 | ) | (30,339,919 | ) | (1,877,751 | ) | (27,195,855 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) | (658,156 | ) | $ | (11,029,054 | ) | (1,094,919 | ) | $ | (16,093,724 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
Global Fund Class A |
| |||||||||||||||
Sold | 308,652 | $ | 4,960,489 | 238,601 | $ | 3,424,388 | ||||||||||
Issued as reinvestment of dividends | 227,491 | 3,532,931 | 81,985 | 1,059,247 | ||||||||||||
Redeemed | (429,102 | ) | (6,981,420 | ) | (851,258 | ) | (12,162,843 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) | 107,041 | $ | 1,512,000 | (530,672 | ) | $ | (7,679,208 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Global Fund Class R4 |
| |||||||||||||||
Sold | 252,719 | $ | 4,011,669 | 101,640 | $ | 1,427,466 | ||||||||||
Issued as reinvestment of dividends | 45,283 | 695,087 | 14,582 | 186,644 | ||||||||||||
Redeemed | (146,839 | ) | (2,316,829 | ) | (98,679 | ) | (1,370,086 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) | 151,163 | $ | 2,389,927 | 17,543 | $ | 244,024 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Global Fund Class R3 |
| |||||||||||||||
Sold | 184,058 | $ | 2,936,668 | 168,348 | $ | 2,466,355 | ||||||||||
Issued as reinvestment of dividends | 81,318 | 1,257,987 | 23,360 | 301,116 | ||||||||||||
Redeemed | (227,096 | ) | (3,572,602 | ) | (187,674 | ) | (2,666,955 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) | 38,280 | $ | 622,053 | 4,034 | $ | 100,516 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
International Equity Fund Class I |
| |||||||||||||||
Sold | 8,323,476 | $ | 111,155,945 | 6,782,552 | $ | 80,313,443 | ||||||||||
Issued as reinvestment of dividends | 235,936 | 3,222,891 | 497,781 | 5,410,882 | ||||||||||||
Redeemed | (4,293,607 | ) | (58,566,694 | ) | (5,226,255 | ) | (61,780,492 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) | 4,265,805 | $ | 55,812,142 | 2,054,078 | $ | 23,943,833 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
International Equity Fund Class R5 |
| |||||||||||||||
Sold | 489,688 | $ | 6,750,033 | 942,955 | $ | 11,538,780 | ||||||||||
Issued as reinvestment of dividends | 158,503 | 2,165,164 | 492,851 | 5,357,286 | ||||||||||||
Redeemed | (3,809,968 | ) | (52,081,072 | ) | (5,390,129 | ) | (64,774,670 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) | (3,161,777 | ) | $ | (43,165,875 | ) | (3,954,323 | ) | $ | (47,878,604 | ) | ||||||
|
|
|
|
|
|
|
|
261
Notes to Financial Statements (Continued)
Year Ended September 30, 2018 | Year Ended September 30, 2017 | |||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||
International Equity Fund Service Class |
| |||||||||||||||
Sold | 580,432 | $ | 8,077,239 | 363,069 | $ | 4,547,245 | ||||||||||
Issued as reinvestment of dividends | 16,753 | 228,348 | 51,122 | 554,674 | ||||||||||||
Redeemed | (413,441 | ) | (5,774,816 | ) | (701,112 | ) | (8,165,588 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) | 183,744 | $ | 2,530,771 | (286,921 | ) | $ | (3,063,669 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
International Equity Fund Administrative Class |
| |||||||||||||||
Sold | 245,948 | $ | 3,294,013 | 620,329 | $ | 7,310,744 | ||||||||||
Issued as reinvestment of dividends | 11,930 | 161,875 | 41,455 | 447,715 | ||||||||||||
Redeemed | (681,611 | ) | (9,357,279 | ) | (863,832 | ) | (10,740,667 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) | (423,733 | ) | $ | (5,901,391 | ) | (202,048 | ) | $ | (2,982,208 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
International Equity Fund Class A |
| |||||||||||||||
Sold | 266,005 | $ | 3,541,329 | 315,344 | $ | 3,643,957 | ||||||||||
Issued as reinvestment of dividends | 21,028 | 277,357 | 82,618 | 867,485 | ||||||||||||
Redeemed | (900,925 | ) | (11,824,149 | ) | (1,048,089 | ) | (12,213,022 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) | (613,892 | ) | $ | (8,005,463 | ) | (650,127 | ) | $ | (7,701,580 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
International Equity Fund Class R4 |
| |||||||||||||||
Sold | 235,686 | $ | 3,093,177 | 747,613 | $ | 8,607,719 | ||||||||||
Issued as reinvestment of dividends | 9,500 | 124,071 | 12,775 | 133,121 | ||||||||||||
Redeemed | (234,483 | ) | (3,040,348 | ) | (226,836 | ) | (2,651,850 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) | 10,703 | $ | 176,900 | 533,552 | $ | 6,088,990 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
International Equity Fund Class R3 |
| |||||||||||||||
Sold | 162,404 | $ | 2,114,450 | 572,298 | $ | 6,343,478 | ||||||||||
Issued as reinvestment of dividends | 4,385 | 57,228 | 8,872 | 92,179 | ||||||||||||
Redeemed | (142,843 | ) | (1,864,023 | ) | (190,477 | ) | (2,190,578 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) | 23,946 | $ | 307,655 | 390,693 | $ | 4,245,079 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Strategic Emerging Markets Fund Class I |
| |||||||||||||||
Sold | 2,864,792 | $ | 38,498,964 | 6,810,089 | $ | 76,547,678 | ||||||||||
Issued as reinvestment of dividends | 250,132 | 3,266,714 | 204,745 | 2,039,263 | ||||||||||||
Redeemed | (4,566,502 | ) | (60,014,070 | ) | (7,567,834 | ) | (81,973,266 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) | (1,451,578 | ) | $ | (18,248,392 | ) | (553,000 | ) | $ | (3,386,325 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
Strategic Emerging Markets Fund Class R5 |
| |||||||||||||||
Sold | 14,639 | $ | 201,300 | 7,134 | $ | 77,714 | ||||||||||
Issued as reinvestment of dividends | 3,685 | 48,833 | 3,166 | 31,977 | ||||||||||||
Redeemed | (2,930 | ) | (40,483 | ) | (322 | ) | (3,399 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) | 15,394 | $ | 209,650 | 9,978 | $ | 106,292 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Strategic Emerging Markets Fund Service Class |
| |||||||||||||||
Sold | 7,875 | $ | 106,427 | 19,761 | $ | 215,897 | ||||||||||
Issued as reinvestment of dividends | 355 | 4,633 | 7,417 | 73,865 | ||||||||||||
Redeemed | (23,879 | ) | (320,311 | ) | (757,936 | ) | (7,877,342 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) | (15,649 | ) | $ | (209,251 | ) | (730,758 | ) | $ | (7,587,580 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
Strategic Emerging Markets Fund Administrative Class |
| |||||||||||||||
Sold | 21,635 | $ | 293,035 | 75,021 | $ | 798,642 | ||||||||||
Issued as reinvestment of dividends | 1,197 | 15,720 | 1,167 | 11,682 | ||||||||||||
Redeemed | (75,265 | ) | (988,042 | ) | (17,378 | ) | (202,857 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) | (52,433 | ) | $ | (679,287 | ) | 58,810 | $ | 607,467 | ||||||||
|
|
|
|
|
|
|
|
262
Notes to Financial Statements (Continued)
Year Ended September 30, 2018 | Year Ended September 30, 2017 | |||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||
Strategic Emerging Markets Fund Class A |
| |||||||||||||||
Sold | 41,318 | $ | 554,398 | 4,758 | $ | 51,823 | ||||||||||
Issued as reinvestment of dividends | 135 | 1,765 | 18 | 183 | ||||||||||||
Redeemed | (20,323 | ) | (270,060 | ) | (4,386 | ) | (49,554 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) | 21,130 | $ | 286,103 | 390 | $ | 2,452 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Strategic Emerging Markets Fund Class R4 |
| |||||||||||||||
Sold | 32,580 | $ | 441,272 | 46,969 | $ | 500,627 | ||||||||||
Issued as reinvestment of dividends | 752 | 9,767 | 799 | 7,912 | ||||||||||||
Redeemed | (10,626 | ) | (140,187 | ) | (23,845 | ) | (264,588 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) | 22,706 | $ | 310,852 | 23,923 | $ | 243,951 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Strategic Emerging Markets Fund Class R3 |
| |||||||||||||||
Sold | 14,865 | $ | 196,350 | 30,237 | $ | 333,180 | ||||||||||
Issued as reinvestment of dividends | 392 | 5,088 | 441 | 4,366 | ||||||||||||
Redeemed | (19,366 | ) | (255,182 | ) | (26,153 | ) | (295,654 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) | (4,109 | ) | $ | (53,744 | ) | 4,525 | $ | 41,892 | ||||||||
|
|
|
|
|
|
|
|
Purchases of Class A shares are subject to a front-end sales charge of up to 5.50% of the amount purchased. A portion of the front-end sales charge may be retained by the Distributor. The Distributor retained $110 for the Main Street Fund during the year ended September 30, 2018.
Redemptions of Class A shares made within eighteen months of purchase from initial investments of $1 million or more are subject to a contingent deferred sales charge of 1% of the amount redeemed. The Distributor receives all contingent deferred sales charges. Any contingent deferred sales charges imposed during the year ended September 30, 2018, were waived for any redemptions subject to such a charge.
6. | Federal Income Tax Information |
At September 30, 2018, the aggregate cost of investments and the unrealized appreciation (depreciation) in the value of all investments owned by the Fund(s), as computed on a federal income tax basis, were as follows:
Federal Income Tax Cost | Tax Basis Unrealized Appreciation | Tax Basis Unrealized (Depreciation) | Net Unrealized Appreciation (Depreciation) | |||||||||||||
U.S. Government Money Market Fund | $ | 349,169,015 | $ | - | $ | - | $ | - | ||||||||
Short-Duration Bond Fund | 499,771,608 | 6,537,920 | (13,261,127 | ) | (6,723,207 | ) | ||||||||||
Inflation-Protected and Income Fund | 373,756,966 | 3,262,050 | (10,513,084 | ) | (7,251,034 | ) | ||||||||||
Core Bond Fund | 1,388,698,534 | 11,753,348 | (30,529,633 | ) | (18,776,285 | ) | ||||||||||
Diversified Bond Fund | 220,029,092 | 2,047,068 | (5,238,594 | ) | (3,191,526 | ) | ||||||||||
High Yield Fund | 593,467,976 | 10,965,788 | (17,921,069 | ) | (6,955,281 | ) | ||||||||||
Balanced Fund | 103,761,290 | 14,672,316 | (2,239,590 | ) | 12,432,726 | |||||||||||
Disciplined Value Fund | 145,552,695 | 18,091,907 | (3,895,319 | ) | 14,196,588 | |||||||||||
Main Street Fund | 123,826,719 | 23,705,366 | (2,738,682 | ) | 20,966,684 | |||||||||||
Disciplined Growth Fund | 278,011,320 | 64,405,823 | (4,292,417 | ) | 60,113,406 | |||||||||||
Small Cap Opportunities Fund | 223,224,736 | 45,937,099 | (5,260,985 | ) | 40,676,114 | |||||||||||
Global Fund | 194,039,486 | 124,333,250 | (7,992,839 | ) | 116,340,411 | |||||||||||
International Equity Fund | 461,952,950 | 100,382,736 | (25,107,476 | ) | 75,275,260 | |||||||||||
Strategic Emerging Markets Fund | 202,510,734 | 37,066,519 | (12,506,887 | ) | 24,559,632 |
Note: The aggregate cost for investments for the U.S. Government Money Market Fund at September 30, 2018, is the same for financial reporting and federal income tax purposes.
263
Notes to Financial Statements (Continued)
Net capital loss carryforwards may be applied against any net realized taxable gains in succeeding years, subject to the carryforward period limitations, where applicable. On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the “Modernization Act”) was signed by the President. The Modernization Act changed the capital loss carryforward rules as they relate to regulated investment companies. Capital losses generated in tax years beginning after the date of enactment may now be carried forward indefinitely, and retain the character of the original loss. Under pre-enactment law, capital losses could be carried forward for up to eight tax years as short-term capital losses. The provisions affecting the utilization of capital loss carryforwards under the Modernization Act also require the utilization of post-enactment losses prior to the utilization of pre-enactment losses.
At September 30, 2018, for federal income tax purposes, there were no unused capital losses.
At September 30, 2018, the following Fund(s) had post-enactment accumulated capital loss carryforwards:
Short Term Capital Loss Carryforward | Long Term Capital Loss Carryforward | |||||||
Short-Duration Bond Fund | $ | 32,454 | $ | 14,006,690 | ||||
Inflation-Protected and Income Fund | 701,554 | 2,855,936 | ||||||
Core Bond Fund | 11,109,013 | 27,869,212 | ||||||
Diversified Bond Fund | - | 1,602,870 | ||||||
High Yield Fund | 1,294,420 | 4,073,866 | ||||||
Strategic Emerging Markets Fund | 5,990,877 | - |
Net capital loss carryforwards for the Fund(s) shown in the above table are from post-enactment years and are, therefore, not subject to the eight-year carryforward period and possible expiration.
The following Fund(s) elected to defer to the fiscal year beginning October 1, 2018, post-October capital losses:
Post-October Loss | Post October Currency Loss | |||||||
Inflation-Protected and Income Fund | $ | 3,389,285 | $ | - | ||||
Diversified Bond Fund | 1,989,371 | - |
Generally accepted accounting principles in the United States of America require that only distributions in excess of tax basis earnings and profits be reported in the financial statements as a return of capital.
264
Notes to Financial Statements (Continued)
The tax character of distributions (including capital gain dividends, if any, designated pursuant to Section 852 of the Code) paid during the year ended September 30, 2018, was as follows:
Ordinary Income | Long Term Capital Gain | Return of Capital | ||||||||||
U.S. Government Money Market Fund | $ | 4,051,516 | $ | - | $ | - | ||||||
Short-Duration Bond Fund | 15,311,431 | - | - | |||||||||
Inflation-Protected and Income Fund | 7,052,518 | - | - | |||||||||
Core Bond Fund | 34,338,923 | - | - | |||||||||
Diversified Bond Fund | 5,919,766 | - | - | |||||||||
High Yield Fund | 29,331,690 | - | - | |||||||||
Balanced Fund | 2,873,428 | 4,892,457 | - | |||||||||
Disciplined Value Fund | 11,270,704 | 13,001,553 | - | |||||||||
Main Street Fund | 2,132,665 | 8,426,806 | - | |||||||||
Disciplined Growth Fund | 23,976,151 | 22,931,026 | - | |||||||||
Small Cap Opportunities Fund | 5,166,910 | 20,202,935 | - | |||||||||
Global Fund | 3,313,284 | 34,665,333 | - | |||||||||
International Equity Fund | 6,236,966 | - | - | |||||||||
Strategic Emerging Markets Fund | 3,352,520 | - | - |
The 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, 2017, was as follows:
Ordinary Income | Long Term Capital Gain | Return of Capital | ||||||||||
U.S. Government Money Market Fund | $ | 789,917 | $ | - | $ | - | ||||||
Short-Duration Bond Fund | 13,428,282 | - | - | |||||||||
Inflation-Protected and Income Fund | 7,775,948 | - | - | |||||||||
Core Bond Fund | 36,239,975 | - | - | |||||||||
Diversified Bond Fund | 4,522,429 | - | - | |||||||||
High Yield Fund | 23,480,593 | - | - | |||||||||
Balanced Fund | 2,442,043 | 138,085 | - | |||||||||
Disciplined Value Fund | 6,103,273 | 6,943,578 | - | |||||||||
Main Street Fund | 1,643,081 | 3,375,652 | - | |||||||||
Disciplined Growth Fund | 9,734,083 | 18,684,468 | - | |||||||||
Small Cap Opportunities Fund | 1,759,826 | 4,491,065 | - | |||||||||
Global Fund | 3,263,756 | 8,352,814 | - | |||||||||
International Equity Fund | 5,913,749 | 6,949,677 | - | |||||||||
Strategic Emerging Markets Fund | 2,170,767 | - | - |
The following Fund(s) have elected to pass through the foreign tax credit for the year ended September 30, 2018:
Amount | ||||
Global Fund | $ | 372,318 | ||
International Equity Fund | 829,119 | |||
Strategic Emerging Markets Fund | 401,099 |
Capital accounts within the financial statements are periodically adjusted for permanent differences between book and tax accounting. These adjustments have no impact on net assets or the results of operations. Temporary book and tax accounting differences will reverse in subsequent periods. At September 30, 2018, temporary book and tax accounting differences were
265
Notes to Financial Statements (Continued)
primarily attributable to investments in forward contracts, futures contracts, swap agreements, premium amortization accruals, passive foreign investment companies, partnership basis adjustments, non-taxable dividends basis adjustments, the deferral of wash sale losses, corporate action basis adjustments and deferred Trustee compensation.
At September 30, 2018, the components of distributable earnings on a tax basis were as follows:
Undistributed Ordinary Income | Undistributed Long Term Capital Gain (Capital Loss Carryover) | Other Temporary Differences | Unrealized Appreciation (Depreciation) | |||||||||||||
U.S. Government Money Market Fund | $ | 4,433 | $ | - | $ | (107,528 | ) | $ | - | |||||||
Short-Duration Bond Fund | 13,704,775 | (14,039,144 | ) | (111,545 | ) | (6,723,207 | ) | |||||||||
Inflation-Protected and Income Fund | 7,486,373 | (3,557,490 | ) | (3,447,477 | ) | (7,062,884 | ) | |||||||||
Core Bond Fund | 29,929,414 | (38,978,225 | ) | (301,051 | ) | (18,776,285 | ) | |||||||||
Diversified Bond Fund | 5,261,623 | (1,602,870 | ) | (2,027,076 | ) | (3,272,503 | ) | |||||||||
High Yield Fund | 21,936,613 | (5,368,286 | ) | (54,380 | ) | (6,955,281 | ) | |||||||||
Balanced Fund | 2,733,702 | 5,456,978 | (33,370 | ) | 12,432,726 | |||||||||||
Disciplined Value Fund | 7,215,216 | 13,485,081 | (54,533 | ) | 14,196,588 | |||||||||||
Main Street Fund | 1,715,196 | 12,581,850 | (32,073 | ) | 20,966,684 | |||||||||||
Disciplined Growth Fund | 21,758,377 | 45,040,233 | (62,945 | ) | 60,113,406 | |||||||||||
Small Cap Opportunities Fund | 3,412,676 | 13,255,814 | (47,288 | ) | 40,676,114 | |||||||||||
Global Fund | 1,949,947 | 52,126,170 | (72,402 | ) | 116,338,404 | |||||||||||
International Equity Fund | 4,243,842 | 12,222,407 | (126,780 | ) | 75,036,019 | |||||||||||
Strategic Emerging Markets Fund | 1,369,055 | (5,990,877 | ) | (29,775 | ) | 24,275,884 |
During the year ended September 30, 2018, 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) | ||||||||||
U.S. Government Money Market Fund | $ | 726 | $ | (272 | ) | $ | (454 | ) | ||||
Short-Duration Bond Fund | 725 | (1,908,145 | ) | 1,907,420 | ||||||||
Inflation-Protected and Income Fund | 387 | (850,289 | ) | 849,902 | ||||||||
Core Bond Fund | 2,025 | (2,514,476 | ) | 2,512,451 | ||||||||
Diversified Bond Fund | 245 | (184,975 | ) | 184,730 | ||||||||
High Yield Fund | 334 | 50,526 | (50,860 | ) | ||||||||
Balanced Fund | 226 | (127,430 | ) | 127,204 | ||||||||
Disciplined Value Fund | (33,263 | ) | (87,436 | ) | 120,699 | |||||||
Main Street Fund | (116 | ) | 114,922 | (114,806 | ) | |||||||
Disciplined Growth Fund | 404 | (352,090 | ) | 351,686 | ||||||||
Small Cap Opportunities Fund | (2,835 | ) | 423,387 | (420,552 | ) | |||||||
Global Fund | 479 | (927,762 | ) | 927,283 | ||||||||
International Equity Fund | 846 | 378,209 | (379,055 | ) | ||||||||
Strategic Emerging Markets Fund | 181 | (1,758,344 | ) | 1,758,163 |
The Funds did not have any unrecognized tax benefits at September 30, 2018, 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, 2018, 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
266
Notes to Financial Statements (Continued)
for the prior three fiscal years. Foreign taxes are provided for based on the Funds’ understanding of the tax rules and rates that exist in the foreign markets in which they invest.
7. | Investment in Affiliated Issuers |
A summary of the Funds’ transactions in the securities of affiliated issuers during the year ended September 30, 2018, was as follows:
Beginning Value as of 9/30/17 | Purchases | Sales | Change in Unrealized Appreciation/ Depreciation | Net Realized Gain (Loss) | Value as of 9/30/18 | Number of Shares Held as of 9/30/18 | Dividend Income | Realized Gains Distributions | ||||||||||||||||||||||||||||
Global Fund |
| |||||||||||||||||||||||||||||||||||
Oppenheimer Institutional Government Money Market Fund Class E* | $ | 5,490,037 | $ | 78,161,431 | $ | (79,555,051 | ) | $ | - | $ | - | $ | 4,096,417 | 4,096,417 | $ | 70,353 | $ | - | ||||||||||||||||||
International Equity Fund |
| |||||||||||||||||||||||||||||||||||
Oppenheimer Institutional Government Money Market Fund Class E* | $ | 14,724,140 | $ | 190,282,496 | $ | (187,509,879 | ) | $ | - | $ | - | $ | 17,496,757 | 17,496,757 | $ | 182,672 | $ | - |
* | 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 |
In October 2016, the Securities and Exchange Commission (“SEC”) released its Final Rule on Investment Company Reporting Modernization (the “Rule”). The Rule, which introduces two new regulatory reporting forms for investment companies — Form N-PORT and Form N-CEN — also contains amendments to Regulation S-X which impact financial statement presentation, particularly the presentation of derivative investments, for all reporting periods ending after August 1, 2017. The Funds have adopted the Rule’s Regulation S-X amendments and the Funds’ financial statements are in compliance with those amendments. In December 2017, the SEC issued a temporary final rule (“Temporary Rule”) that provides for a nine-month delay of N-PORT filing with the SEC. Under the Temporary Rule, those funds subject to the original June 1, 2018 compliance date will still be required to gather and maintain all of the data required by Form N-PORT as of the original reporting date and such information will be subject to examination by the SEC staff.
In March 2017, FASB issued Accounting Standards Update 2017-08, Receivables — Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities (“ASU 2017-08”). For entities that hold callable debt securities at a premium, ASU 2017-08 requires that the premium be amortized to the earliest call date. ASU 2017-08 would first be effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Management is currently evaluating the implication, if any, of these changes and its impact on the Funds’ financial statements.
In August 2018, FASB issued Accounting Standards Update 2018-13 — Fair Value Measurement (Topic 820) Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”). The amendments modify fair value measurement disclosures and are effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Management is currently evaluating the implication, if any, of these changes and its impact on the Funds’ financial statements.
267
Notes to Financial Statements (Continued)
10. | Legal Proceedings |
On December 7, 2010, the Trust was named as a defendant and putative member of the proposed defendant class of shareholders named in an adversary proceeding brought by The Official Committee of Unsecured Creditors of Tribune Company (the “Official Committee”) in the U.S. Bankruptcy Court for the District of Delaware, in connection with Tribune Company’s Chapter 11 bankruptcy proceeding (In re Tribune Company). The proceeding relates to a leveraged buyout (“LBO”) transaction by which Tribune Company converted to a privately-held company in 2007, and the putative defendant class is comprised of beneficial owners of shares of Tribune Company who received proceeds (the “Proceeds”) of the LBO. The Official Committee seeks to recover payments of those Proceeds.
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 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 financials statements, management has evaluated the events and transactions subsequent to September 30, 2018, through the date when the financial statements were issued, and determined that there are no subsequent events or transactions that would require adjustments or disclosures in the Funds’ financial statements other than those disclosed below.
Effective November 1, 2018, MML Advisers has agreed to cap the fees and expenses of the Fund noted below (other than extraordinary litigation and legal expenses, Acquired Fund Fees and Expenses, short sale dividend and loan expense, or other non-recurring or unusual expenses such as organizational expenses and shareholder meeting expenses, as applicable) based upon the average daily net assets of the applicable class of shares of the Fund through January 31, 2020 as follows:
Class I | Class R5 | Service Class | Administrative Class | Class A | Class R4 | Class R3 | ||||||||||||||||||||||
Premier Inflation-Protected and Income Fund | 0.48% | 0.58% | 0.68% | 0.78% | 1.03% | 0.93% | 1.18% |
268
To the Board of Trustees of MassMutual Premier Funds and Shareholders of MassMutual Premier U.S. Government 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 Balanced Fund, MassMutual Premier Disciplined Value Fund, MassMutual Premier Main Street Fund, MassMutual Premier Disciplined Growth Fund, MassMutual Premier Small Cap Opportunities Fund, MassMutual Premier Global Fund, MassMutual Premier International Equity Fund, and MassMutual Premier Strategic Emerging Markets Fund (collectively, the “Funds”):
Opinion on the Financial Statements and Financial Highlights
We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of the Funds as of September 30, 2018, 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 each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the Funds as of September 30, 2018, and 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 each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. 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, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting 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.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of September 30, 2018, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
Deloitte & Touche LLP
Boston, Massachusetts
November 21, 2018
We have served as the auditor of one or more MassMutual investment companies since 1995.
269
The following table lists the Trust’s Trustees and Officers; 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 06082-1981, Attention: MassMutual U.S. Product and 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 | |||||
Allan W. Blair Age: 70 | Trustee | Since 2012 | Retired; President and Chief Executive Officer (1996-2014), Economic Development Council of Western Massachusetts (non-profit development company); President and Chief Executive Officer (1984-2014), Westover Metropolitan Development Corporation (quasi-public development company). | 111 | 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: 60 | Trustee
Chairman | Since 2003
2006- 2012 | Chief Executive Officer, AEE International LLC (since 2018); Founder and sole member of PR Academy of Executive Education, LLC (2016-2018); Chairman (2011-2016), Academy of Executive Education, LLC (predecessor to PR Academy of Executive Education, LLC). | 111 | Director (2011-2015), Argo Group International Holdings, Ltd. (underwriter of specialty insurance and reinsurance products); Trustee (since 2012), MassMutual Select Funds (open-end investment company); Trustee (since 2012), MML Series Investment Fund (open-end investment company); Trustee (since 2005), Chairman (2006-2012), MML Series Investment Fund II (open-end investment company). | |||||
Maria D. Furman Age: 64 | Trustee | Since 2004 | Retired. | 111 | 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). | |||||
R. Alan Hunter, Jr. Age: 71 | Chairperson Trustee | Since 2012 | Retired. | 111 | Director (since 2007), Actuant Corporation (diversified industrial company); Chairperson (since 2016), Trustee (since 2003), MassMutual Select Funds (open-end investment company); Chairperson (since 2016), Trustee (since 2003), MML Series Investment Fund (open-end investment company); Chairperson (since 2016), Trustee (since 2012), MML Series Investment Fund II (open-end investment company). |
270
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 | |||||
C. Ann Merrifield Age: 67 | Trustee | Since 2004 | Retired; President and Chief Executive Officer (2012-2014), PathoGenetix (genomics company). | 111 | Director (since 2015), Juniper Pharmaceuticals Inc. (specialty pharmaceutical company); Director (since 2014), Flexion Therapeutics (specialty pharmaceutical company); Director (since 2014), InVivo Therapeutics (research and clinical-stage biomaterials and biotechnology 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). | |||||
Susan B. Sweeney Age: 66 | Trustee | Since 2012 | Retired; Senior Vice President and Chief Investment Officer (2010-2014), Selective Insurance Group (property and casualty company). | 113^ | Trustee (since 2012), Barings Corporate Investors (closed-end investment company); Trustee (since 2012), Barings 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). |
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 | |||||
Teresa Hassara^^ Age: 56 | Trustee | Since | Director (since 2017), MML Advisers; Head of Workplace Solutions (since 2017), MassMutual; President of Institutional Retirement (2009-2016), TIAA-CREF. | 111 | Trustee (since 2017), MassMutual Select Funds (open-end investment company); Trustee (since 2017), MML Series Investment Fund (open-end investment company); Trustee (since 2017), MML Series Investment Fund II (open-end investment company). |
271
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 | |||||
Robert E. Joyal^^^ Age: 73 | Trustee | Since 2012 | Retired. | 113^ | Director (since 2013), Leucadia National Corporation (holding company); Director (2012-2017), Ormat Technologies, Inc. (provider of alternative and renewable energy technology); Director (2006-2014), Jefferies Group LLC (investment bank); Trustee (since 2003), Barings Corporate Investors (closed-end investment company); Trustee (since 2003), Barings 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). |
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 | ||||
Joseph Fallon Age: 43 | Vice President Assistant Vice President | Since 2017 2015- | Investment Director (since 2014), MML Advisers; Head of Investment Consulting & Strategy (since 2017), Investment Director (2006-2017), MassMutual; Vice President (since 2017), Assistant Vice President (2015-2017), MassMutual Select Funds (open-end investment company); Vice President (since 2017), Assistant Vice President (2015-2017), MML Series Investment Fund (open-end investment company); Vice President (since 2017), Assistant Vice President (2015-2017), MML Series Investment Fund II (open-end investment company). | 111 | ||||
Andrew M. Goldberg Age: 52 | Vice President, Secretary, and Chief Legal Officer Assistant Clerk | Since 2008 2004- | Assistant Vice President and Counsel (since 2004), MassMutual; Secretary (since 2015), Assistant Secretary (2013-2015), MML Advisers; 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). | 111 | ||||
Renee Hitchcock Age: 47 | Chief Financial Officer and Treasurer
Assistant Treasurer | Since 2016
2007- | Assistant Vice President (since 2015), Director (2007-2015), MassMutual; Chief Financial Officer and Treasurer (since 2016), Assistant Treasurer (2007-2016), MML Series Investment Fund (open-end investment company); Chief Financial Officer and Treasurer (since 2016), Assistant Treasurer (2007-2016), MassMutual Select Funds (open-end investment company); Chief Financial Officer and Treasurer (since 2016), Assistant Treasurer (2007-2016), MML Series Investment Fund II (open-end investment company). | 111 | ||||
Jill Nareau Robert Age: 46 | Vice President and Assistant Secretary
Assistant Secretary (formerly known as “Assistant Clerk”) | Since 2017
2008- | Assistant Vice President and Counsel (since 2009), MassMutual; Assistant Secretary (since 2015), MML Advisers; Vice President and Assistant Secretary (since 2017), Assistant Secretary (2008-2017), MassMutual Select Funds (open-end investment company); Vice President and Assistant Secretary (since 2017), Assistant Secretary (2008-2017), MML Series Investment Fund (open-end investment company); Vice President and Assistant Secretary (since 2017), Assistant Secretary (formerly known as “Assistant Clerk”) (2008-2017), MML Series Investment Fund II (open-end investment company). | 111 |
272
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 | ||||
Douglas Steele Age: 43 | Vice President | Since 2016 | Vice President and Head of Investment Management (since 2017), Head of Investment Due Diligence (2016-2017), MML Advisers; Head of Investment Management (since 2017), Assistant Vice President (2013-2017), Investment Director (2005-2013), MassMutual; Vice President (since 2016), MassMutual Select Funds (open-end investment company); Vice President (since 2016), MML Series Investment Fund (open-end investment company); Vice President (since 2016), MML Series Investment Fund II (open-end investment company). | 111 | ||||
Philip S. Wellman Age: 54 | Vice President and Chief Compliance Officer | Since 2007 | Vice President and Chief Compliance Officer (since 2013), MML Advisers; Vice President, Associate General Counsel, and Chief Compliance Officer (Mutual Funds) (since 2014), Vice President, Associate General Counsel, and Chief Compliance Officer (Mutual Funds and Investment Advisory) (2008-2014), 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). | 111 | ||||
Eric H. Wietsma Age: 52 | President
Vice President | Since 2008 2006- | Vice President (since 2018), Director (since 2013), and President (2013-2018), MML Advisers; Senior Vice President (since 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). | 111 | ||||
Tina Wilson Age: 47 | Vice President | Since 2016 | President (since 2018), Head of Investments (since 2016), and Vice President (2016-2018), MML Advisers; Senior Vice President (since 2014), Vice President (2009-2014), MassMutual; Vice President (since 2016), MassMutual Select Funds (open-end investment company); President (since 2017), Vice President (2016-2017), MML Series Investment Fund (open-end investment company); President (since 2017), Vice President (2016-2017), MML Series Investment Fund II (open-end investment company). | 111 |
* | The address of each Trustee and Principal Officer is the same as that for the Trust; 100 Bright Meadow Blvd., Enfield, CT 06082-1981. |
** | 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, unless the Trustees determine that it is desirable and in the best interest of the Trust that an exception to the retirement policy of the Trust be made, 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-five years, however, with the exception of Mr. Robert E. Joyal, an interested Trustee of the Trust shall no longer serve as a Trustee if or when they are no longer an employee of MassMutual or an affiliate. |
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. The Chairperson shall hold office at the pleasure of the Trustees. |
^ | Barings Participation Investors and Barings Corporate Investors are deemed to be a part of the Fund Complex, because they are managed by Barings LLC, an affiliate of MML Advisers. |
^^ | Ms. Hassara is an “Interested Person,” as that term is defined in the 1940 Act, as an employee of MassMutual. |
^^^ | Mr. Joyal is an Interested Person through his position as a director of Leucadia National Corporation, which controls Jefferies Group LLC, a broker-dealer that may execute portfolio transactions and/or engage in principal transactions with the Funds, other investment companies advised by MML Advisers or holding themselves out to investors as related companies for purposes of investment or investor services, or any other advisory accounts over which MML Advisers has brokerage placement discretion. |
# | The President, Treasurer, and Secretary and such other officers as the Trustees may in their discretion from time to time elect 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 officer shall hold office at the pleasure of the Trustees. |
273
For corporate shareholders, a portion of the ordinary dividends paid during the Fund(s)’ year ended September 30, 2018, qualified for the dividends received deduction, as follows:
Dividends Received Deductions | ||||
Core Bond Fund | 0.47% | |||
Diversified Bond Fund | 0.21% | |||
Balanced Fund | 48.53% | |||
Disciplined Value Fund | 40.02% | |||
Main Street Fund | 93.82% | |||
Disciplined Growth Fund | 24.47% | |||
Small Cap Opportunities Fund | 26.76% | |||
Global Fund | 46.12% | |||
Strategic Emerging Markets Fund | 0.37% |
For the year ended September 30, 2018, the following Fund(s) earned the following foreign sources of income:
Amount | ||||
Global Fund | $ | 4,120,665 | ||
International Equity Fund | 11,011,255 | |||
Strategic Emerging Markets Fund | 4,764,197 |
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, 2018:
Qualified Dividend Income | ||||
Core Bond Fund | $ | 165,750 | ||
Diversified Bond Fund | 12,750 | |||
Balanced Fund | 1,383,738 | |||
Disciplined Value Fund | 4,347,125 | |||
Main Street Fund | 2,231,954 | |||
Disciplined Growth Fund | 5,052,037 | |||
Small Cap Opportunities Fund | 1,467,877 | |||
Global Fund | 4,761,389 | |||
International Equity Fund | 7,986,989 | |||
Strategic Emerging Markets Fund | 2,900,742 |
274
A description of the policies and procedures that each Fund’s investment adviser and subadvisers use to vote proxies relating to the Fund’s portfolio securities is available, without charge, upon request, by calling 1-888-309-3539, and on the SEC’s EDGAR database on its website at http://www.sec.gov.
Information regarding how the Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available, without charge, upon request, on the MassMutual website at http://www.massmutual.com/funds and on the SEC’s EDGAR database on its website at http://www.sec.gov.
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 EDGAR database on its 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 May and June 2018, 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, MML Advisers, or the subadvisers (the “Independent Trustees”), re-approved the existing advisory and subadvisory agreements (collectively, the “Contracts”) for each of the U.S. Government Money Market Fund, Short-Duration Bond Fund, Inflation-Protected and Income Fund, Core Bond Fund, Diversified Bond Fund, High Yield Fund, Balanced Fund, Disciplined Value Fund, Main Street Fund, Disciplined Growth Fund, Small Cap Opportunities Fund, Global Fund, International Equity Fund, and Strategic Emerging Markets Fund. In preparation for the meetings, the Trustees requested, and MML Advisers 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 MML Advisers discussing the nature and quality of the services it provides as investment adviser to the Funds; (ii) a profitability analysis prepared by MML Advisers; 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 advisory 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 MML Advisers and each of the subadvisers.
The Committee considered the nature, scope, and quality of services MML Advisers provides to the Funds, including: (i) the financial condition, stability, and business strategy of MML Advisers; (ii) the capabilities of MML Advisers with respect to regulatory compliance and its ability to monitor compliance with the investment policies of the Funds; (iii) MML Advisers’ ability to provide investment oversight and provide for administrative and shareholder services to the Funds; and (iv) the experience and qualifications of the personnel of MML Advisers 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 net 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, MML Advisers provided commentary and analysis regarding each Fund’s expenses and performance and a recommendation as to the action to be taken by the Committee. The Committee noted that it had received in the Meeting Materials or during the course of the past year: (i) detailed information regarding MML Advisers’ ability to provide investment oversight and provide for administrative and shareholder services to the Funds; and (ii) a wide range of information about the subadvisers and their personnel with responsibility for providing services to the Funds and the fees payable to each subadviser by MML Advisers. MML Advisers reviewed with the Committee in detail the work MML Advisers does in its
275
Other Information (Unaudited) (Continued)
oversight roles, the expertise it brings to these roles, the size of its teams, and the financial commitment it has made to provide those services. Throughout the discussion, MML Advisers responded to Committee members’ questions and provided additional information concerning each Fund.
The Committee reviewed the expense and performance information for each Fund. (References to any one- or three-year period below are to periods ended December 31, 2017. 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 seven of the Funds, total net expense information showed the Funds to be in the first or second comparative quartile of their peer groups (least expensive), and performance information showed the Funds to have had first or second comparative quartile investment performance in their performance categories for the most recent one- and three-year periods. These Funds included the Diversified Bond Fund, Balanced Fund, Inflation-Protected and Income Fund, Global Fund, Short-Duration Bond Fund, Disciplined Growth Fund, and Premier High Yield Fund. The Committee also considered that the Core Bond Fund and Small Cap Opportunities Fund each had total net expenses in the first comparative quartile, and had performance that improved from the three-year period to the one-year period from the third comparative quartile to the second comparative quartile. The Committee determined that further inquiry as to expense or performance was not warranted at the time. With respect to the aforementioned Funds, the Committee considered the Funds’ net advisory fees in light of the Funds’ performance and total expenses and determined that they were acceptable.
As to the U.S. Government Money Market Fund, the Committee considered MML Advisers’ statement that the Fund had underperformed its performance category median by nine basis points for the one-year period and four basis points over the three-year period, and that the underperformance was the result in part of the portfolio management team’s shortening of the Fund’s weighted-average maturity amid Federal Reserve interest rate hikes. The Committee considered that the Fund had total net expenses and net advisory fees in the third comparative quartile (60th and 70th percentiles, respectively). The Committee considered MML Advisers’ statement that money market pricing is currently changing both in response to the increasing interest rate environment and the migration of many funds to a U.S. Government strategy, and that MML Advisers will wait until there is greater clarity as to expense levels in the market generally to recommend appropriate action as to the pricing of the Fund.
The Committee considered the remaining Funds which had total net expenses in the first or second comparative quartile, but experienced one- and three-year performance in the third or fourth comparative quartile (with the exception of the Main Street Fund, which had second comparative quartile performance for the three-year period).
• | Disciplined Value Fund – The Committee considered that the Fund had total net expenses in the first comparative quartile (12th percentile) and net advisory fees in the first comparative quartile (23rd percentile). The Committee considered that the Fund had experienced one- and three-year comparative performance in the third comparative quartile (73rd and 55th percentiles, respectively). The Committee considered MML Advisers’ statement that, although it has underperformed in recent years, the Fund’s subadviser has a long record of outperformance and MML Advisers has strong confidence in the subadviser’s ability to deliver favorable long-term performance. |
• | International Equity Fund – The Committee considered that the Fund’s total net expenses are in the second comparative quartile (44th percentile) and it net advisory fee is in the third comparative quartile (63rd percentile), six basis points above the peer group median. The Committee considered that the Fund had experienced performance in the third comparative quartile for the three-year period and fourth comparative quartile for the one-year period (71st and 89th percentiles, respectively). The Committee considered MML Advisers’ statements that recent underperformance was principally the result of the Fund’s underexposure to emerging markets, and that the Fund’s manager is one of the longest tenured managers in this space with a strong long-term performance record. The Committee considered MML Advisers’ statement that it has a high degree of confidence in the subadviser and its investment strategy. |
• | Main Street Fund – The Committee considered that the Fund’s total net expenses and net advisory fees were in the first comparative quartile (6th and 17th percentiles, respectively). The Committee considered that, although the Fund experienced performance in the fourth comparative quartile for the one-year period (84th percentile), the Fund has achieved second quartile comparative performance for the three-year period (39th percentile). The Committee considered MML Advisers’ statement that the Fund’s one-year underperformance was the result of stock selection relating to a relatively small number of portfolio positions, and that MML Advisers has a high degree of confidence in the long-term performance of the Fund’s portfolio management team. |
276
Other Information (Unaudited) (Continued)
• | Strategic Emerging Markets Fund – The Committee noted that the Fund had total net expenses and net advisory fees below the peer group medians (24th and 31st percentiles, respectively). The Committee considered that the Fund experienced third comparative quartile performance for the one- and three-year periods (62nd and 74th percentiles, respectively). The Committee considered MML Advisers’ statements that, although the current portfolio management team has underperformed since it began managing the Fund approximately four years ago, at least part of that underperformance is attributable to the high quality of the portfolio (during a period when high quality has underperformed) and the relatively low beta nature of the portfolio, which are factors that will typically cause a portfolio of this nature to underperform in strongly rising markets. The Committee considered that MML Advisers has conviction in the manager’s ability to deliver strong investment results over the long term. |
The Committee also reviewed and considered information included in the Meeting Materials, or discussed at the meeting and during the course of the year, concerning economies of scale and the profitability of MML Advisers’ advisory relationship with the various Funds, including: (i) a description of MML Advisers’ revenues from the Funds (including advisory fees and administrative and shareholder services fees, as applicable) and the expense allocation methodology employed by MML Advisers; and (ii) profitability information for each individual Fund. The discussions included consideration of the intangible benefits derived by MML Advisers and its affiliates resulting from their relationships with the Funds and any so-called “fallout benefits” to MML Advisers (which were not considered to be substantial in any event), 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 MML Advisers’ oversight of each Fund and the subadvisory process; (ii) MML Advisers’ levels of profitability from its relationship with the various Funds are not excessive and the advisory fees payable under the advisory agreements 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 MML Advisers 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 are fair and reasonable with respect to each Fund and are in the best interests of each Fund’s shareholders.
Submission of Matters to a Vote of Security Holders
Pursuant to a written consent dated August 7, 2018, MassMutual, as the owner of a majority of the issued and outstanding shares of the MassMutual Premier Core Bond Fund, MassMutual Premier Disciplined Growth Fund, MassMutual Premier Disciplined Value Fund, and MassMutual Premier Small Cap Opportunities Fund (each, a “Fund”), approved the ability for MML Advisers to appoint subadvisers for each Fund without shareholder approval, as described in the Information Statement dated July 18, 2018.
277
Other Information (Unaudited) (Continued)
Fund Expenses September 30, 2018
Expense Examples:
The following information is in regards to expenses for the six months ended September 30, 2018:
As a shareholder of the Funds, you may incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments or redemptions; and (2) ongoing costs, including advisory fees, distribution and/or service (12b-1) fees, and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds. These examples are based on an investment of $1,000 invested for the six months ended September 30, 2018.
Actual Expenses:
The first four columns of the table below provide information about actual account values and actual expenses. You may use this information, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading entitled “Operating Expenses Incurred” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes:
The last two columns of the table below provide information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the last two columns of the table are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Beginning Value | Annualized Expense Ratio | Ending Value (Based on Actual Returns and Expenses) | Operating Expenses Incurred* | Ending Value (Based on Hypothetical Returns and Expenses) | Operating Expenses Incurred* | |||||||||||||||||||
U.S. Government Money Market Fund | ||||||||||||||||||||||||
Class R5 | $ | 1,000 | 0.51 | % | $ | 1,006.90 | $ | 2.59 | $ | 1,022.80 | $ | 2.61 | ||||||||||||
Short-Duration Bond Fund | ||||||||||||||||||||||||
Class I | 1,000 | 0.39 | % | 1,014.80 | 1.99 | 1,023.40 | 2.00 | |||||||||||||||||
Class R5 | 1,000 | 0.49 | % | 1,014.70 | 2.50 | 1,022.90 | 2.51 | |||||||||||||||||
Service Class | 1,000 | 0.60 | % | 1,013.80 | 3.06 | 1,022.30 | 3.08 | |||||||||||||||||
Administrative Class | 1,000 | 0.70 | % | 1,012.90 | 3.57 | 1,021.80 | 3.59 | |||||||||||||||||
Class A | 1,000 | 0.94 | % | 1,012.00 | 4.79 | 1,020.60 | 4.81 | |||||||||||||||||
Class R4 | 1,000 | 0.84 | % | 1,011.80 | 4.28 | 1,021.10 | 4.30 | |||||||||||||||||
Class R3 | 1,000 | 1.09 | % | 1,010.90 | 5.55 | 1,019.80 | 5.58 |
278
Other Information (Unaudited) (Continued)
Beginning Value | Annualized Expense Ratio | Ending Value (Based on Actual Returns and Expenses) | Operating Expenses Incurred* | Ending Value (Based on Hypothetical Returns and Expenses) | Operating Expenses Incurred* | |||||||||||||||||||
Inflation-Protected and Income Fund | ||||||||||||||||||||||||
Class I | $ | 1,000 | 0.45 | % | $ | 1,002.00 | $ | 2.28 | $ | 1,023.10 | $ | 2.31 | ||||||||||||
Class R5 | 1,000 | 0.55 | % | 1,001.00 | 2.79 | 1,022.60 | 2.82 | |||||||||||||||||
Service Class | 1,000 | 0.65 | % | 1,000.00 | 3.29 | 1,022.00 | 3.33 | |||||||||||||||||
Administrative Class | 1,000 | 0.75 | % | 999.00 | 3.80 | 1,021.50 | 3.84 | |||||||||||||||||
Class A | 1,000 | 1.00 | % | 999.00 | 5.07 | 1,020.30 | 5.12 | |||||||||||||||||
Class R4 | 1,000 | 0.90 | % | 1,000.00 | 4.56 | 1,020.80 | 4.61 | |||||||||||||||||
Class R3 | 1,000 | 1.15 | % | 998.00 | 5.82 | 1,019.50 | 5.89 | |||||||||||||||||
Core Bond Fund | ||||||||||||||||||||||||
Class I | 1,000 | 0.42 | % | 1,001.90 | 2.13 | 1,023.20 | 2.15 | |||||||||||||||||
Class R5 | 1,000 | 0.52 | % | 1,001.90 | 2.64 | 1,022.70 | 2.67 | |||||||||||||||||
Service Class | 1,000 | 0.62 | % | 1,001.90 | 3.15 | 1,022.20 | 3.18 | |||||||||||||||||
Administrative Class | 1,000 | 0.72 | % | 1,000.90 | 3.65 | 1,021.70 | 3.69 | |||||||||||||||||
Class A | 1,000 | 0.97 | % | 1,000.00 | 4.92 | 1,020.40 | 4.97 | |||||||||||||||||
Class R4 | 1,000 | 0.87 | % | 1,000.00 | 4.41 | 1,020.90 | 4.46 | |||||||||||||||||
Class R3 | 1,000 | 1.12 | % | 999.10 | 5.67 | 1,019.70 | 5.73 | |||||||||||||||||
Diversified Bond Fund | ||||||||||||||||||||||||
Class I | 1,000 | 0.50 | % | 1,002.80 | 2.54 | 1,022.80 | 2.56 | |||||||||||||||||
Class R5 | 1,000 | 0.60 | % | 1,002.00 | 3.04 | 1,022.30 | 3.08 | |||||||||||||||||
Service Class | 1,000 | 0.70 | % | 1,002.00 | 3.55 | 1,021.80 | 3.59 | |||||||||||||||||
Administrative Class | 1,000 | 0.80 | % | 1,002.00 | 4.06 | 1,021.30 | 4.10 | |||||||||||||||||
Class A | 1,000 | 1.05 | % | 1,000.00 | 5.32 | 1,020.00 | 5.38 | |||||||||||||||||
Class R4 | 1,000 | 0.95 | % | 1,001.00 | 4.82 | 1,020.50 | 4.86 | |||||||||||||||||
Class R3 | 1,000 | 1.20 | % | 1,000.00 | 6.08 | 1,019.30 | 6.14 | |||||||||||||||||
High Yield Fund | ||||||||||||||||||||||||
Class I | 1,000 | 0.54 | % | 1,035.80 | 2.79 | 1,022.60 | 2.77 | |||||||||||||||||
Class R5 | 1,000 | 0.64 | % | 1,034.40 | 3.30 | 1,022.10 | 3.28 | |||||||||||||||||
Service Class | 1,000 | 0.74 | % | 1,034.40 | 3.82 | 1,021.60 | 3.79 | |||||||||||||||||
Administrative Class | 1,000 | 0.84 | % | 1,033.90 | 4.33 | 1,021.10 | 4.30 | |||||||||||||||||
Class A | 1,000 | 1.09 | % | 1,031.60 | 5.61 | 1,019.80 | 5.58 | |||||||||||||||||
Class R4 | 1,000 | 0.99 | % | 1,033.10 | 5.10 | 1,020.30 | 5.07 | |||||||||||||||||
Class R3 | 1,000 | 1.24 | % | 1,031.30 | 6.38 | 1,019.10 | 6.34 | |||||||||||||||||
Balanced Fund | ||||||||||||||||||||||||
Class I | 1,000 | 0.60 | % | 1,061.10 | 3.13 | 1,022.30 | 3.08 | |||||||||||||||||
Class R5 | 1,000 | 0.70 | % | 1,060.20 | 3.65 | 1,021.80 | 3.59 | |||||||||||||||||
Service Class | 1,000 | 0.80 | % | 1,059.70 | 4.18 | 1,021.30 | 4.10 | |||||||||||||||||
Administrative Class | 1,000 | 0.90 | % | 1,059.20 | 4.70 | 1,020.80 | 4.61 | |||||||||||||||||
Class A | 1,000 | 1.15 | % | 1,057.50 | 6.00 | 1,019.50 | 5.89 | |||||||||||||||||
Class R4 | 1,000 | 1.05 | % | 1,057.90 | 5.48 | 1,020.00 | 5.38 | |||||||||||||||||
Class R3 | 1,000 | 1.30 | % | 1,057.30 | 6.78 | 1,018.80 | 6.65 | |||||||||||||||||
Disciplined Value Fund | ||||||||||||||||||||||||
Class I | 1,000 | 0.56 | % | 1,060.30 | 2.92 | 1,022.50 | 2.87 | |||||||||||||||||
Class R5 | 1,000 | 0.67 | % | 1,059.50 | 3.50 | 1,021.90 | 3.43 | |||||||||||||||||
Service Class | 1,000 | 0.77 | % | 1,058.70 | 4.02 | 1,021.40 | 3.94 | |||||||||||||||||
Administrative Class | 1,000 | 0.87 | % | 1,058.20 | 4.54 | 1,020.90 | 4.46 | |||||||||||||||||
Class A | 1,000 | 1.12 | % | 1,057.30 | 5.84 | 1,019.70 | 5.73 | |||||||||||||||||
Class R4 | 1,000 | 1.02 | % | 1,057.70 | 5.32 | 1,020.20 | 5.22 | |||||||||||||||||
Class R3 | 1,000 | 1.27 | % | 1,056.30 | 6.62 | 1,018.90 | 6.50 |
279
Other Information (Unaudited) (Continued)
Beginning Value | Annualized Expense Ratio | Ending Value (Based on Actual Returns and Expenses) | Operating Expenses Incurred* | Ending Value (Based on Hypothetical Returns and Expenses) | Operating Expenses Incurred* | |||||||||||||||||||
Main Street Fund | ||||||||||||||||||||||||
Class I | $ | 1,000 | 0.72 | % | $ | 1,103.60 | $ | 3.84 | $ | 1,021.70 | $ | 3.69 | ||||||||||||
Class R5 | 1,000 | 0.82 | % | 1,102.70 | 4.37 | 1,021.20 | 4.20 | |||||||||||||||||
Service Class | 1,000 | 0.93 | % | 1,102.80 | 4.96 | 1,020.60 | 4.76 | |||||||||||||||||
Administrative Class | 1,000 | 1.02 | % | 1,101.80 | 5.43 | 1,020.20 | 5.22 | |||||||||||||||||
Class A | 1,000 | 1.27 | % | 1,100.50 | 6.76 | 1,018.90 | 6.50 | |||||||||||||||||
Class R4 | 1,000 | 1.17 | % | 1,100.20 | 6.23 | 1,019.40 | 5.99 | |||||||||||||||||
Class R3 | 1,000 | 1.42 | % | 1,099.30 | 7.55 | 1,018.10 | 7.26 | |||||||||||||||||
Disciplined Growth Fund | ||||||||||||||||||||||||
Class I | 1,000 | 0.52 | % | 1,135.10 | 2.81 | 1,022.70 | 2.67 | |||||||||||||||||
Class R5 | 1,000 | 0.62 | % | 1,133.30 | 3.35 | 1,022.20 | 3.18 | |||||||||||||||||
Service Class | 1,000 | 0.72 | % | 1,133.00 | 3.89 | 1,021.70 | 3.69 | |||||||||||||||||
Administrative Class | 1,000 | 0.82 | % | 1,132.30 | 4.43 | 1,021.20 | 4.20 | |||||||||||||||||
Class A | 1,000 | 1.07 | % | 1,131.10 | 5.78 | 1,019.90 | 5.48 | |||||||||||||||||
Class R4 | 1,000 | 0.97 | % | 1,131.20 | 5.24 | 1,020.40 | 4.97 | |||||||||||||||||
Class R3 | 1,000 | 1.22 | % | 1,129.70 | 6.58 | 1,019.20 | 6.24 | |||||||||||||||||
Small Cap Opportunities Fund | ||||||||||||||||||||||||
Class I | 1,000 | 0.69 | % | 1,126.50 | 3.72 | 1,021.80 | 3.54 | |||||||||||||||||
Class R5 | 1,000 | 0.79 | % | 1,126.00 | 4.26 | 1,021.30 | 4.05 | |||||||||||||||||
Service Class | 1,000 | 0.89 | % | 1,124.90 | 4.79 | 1,020.80 | 4.56 | |||||||||||||||||
Administrative Class | 1,000 | 0.99 | % | 1,125.00 | 5.33 | 1,020.30 | 5.07 | |||||||||||||||||
Class A | 1,000 | 1.24 | % | 1,123.50 | 6.67 | 1,019.10 | 6.34 | |||||||||||||||||
Class R4 | 1,000 | 1.14 | % | 1,123.70 | 6.14 | 1,019.60 | 5.83 | |||||||||||||||||
Class R3 | 1,000 | 1.39 | % | 1,122.10 | 7.48 | 1,018.30 | 7.11 | |||||||||||||||||
Global Fund | ||||||||||||||||||||||||
Class I | 1,000 | 0.87 | % | 1,030.10 | 4.48 | 1,020.90 | 4.46 | |||||||||||||||||
Class R5 | 1,000 | 0.97 | % | 1,030.10 | 4.99 | 1,020.40 | 4.97 | |||||||||||||||||
Service Class | 1,000 | 1.07 | % | 1,029.10 | 5.50 | 1,019.90 | 5.48 | |||||||||||||||||
Administrative Class | 1,000 | 1.17 | % | 1,028.80 | 6.02 | 1,019.40 | 5.99 | |||||||||||||||||
Class A | 1,000 | 1.42 | % | 1,027.20 | 7.30 | 1,018.10 | 7.26 | |||||||||||||||||
Class R4 | 1,000 | 1.32 | % | 1,028.10 | 6.78 | 1,018.70 | 6.75 | |||||||||||||||||
Class R3 | 1,000 | 1.57 | % | 1,027.30 | 8.07 | 1,017.40 | 8.03 | |||||||||||||||||
International Equity Fund | ||||||||||||||||||||||||
Class I | 1,000 | 0.95 | % | 943.40 | 4.68 | 1,020.50 | 4.86 | |||||||||||||||||
Class R5 | 1,000 | 1.05 | % | 941.90 | 5.17 | 1,020.00 | 5.38 | |||||||||||||||||
Service Class | 1,000 | 1.15 | % | 941.80 | 5.66 | 1,019.50 | 5.89 | |||||||||||||||||
Administrative Class | 1,000 | 1.25 | % | 940.80 | 6.15 | 1,019.00 | 6.40 | |||||||||||||||||
Class A | 1,000 | 1.50 | % | 939.80 | 7.37 | 1,017.70 | 7.67 | |||||||||||||||||
Class R4 | 1,000 | 1.40 | % | 940.70 | 6.89 | 1,018.20 | 7.16 | |||||||||||||||||
Class R3 | 1,000 | 1.65 | % | 939.10 | 8.11 | 1,017.00 | 8.43 | |||||||||||||||||
Strategic Emerging Markets Fund | ||||||||||||||||||||||||
Class I | 1,000 | 1.05 | % | 927.30 | 5.13 | 1,020.00 | 5.38 | |||||||||||||||||
Class R5 | 1,000 | 1.15 | % | 926.20 | 5.61 | 1,019.50 | 5.89 | |||||||||||||||||
Service Class | 1,000 | 1.25 | % | 925.80 | 6.10 | 1,019.00 | 6.40 | |||||||||||||||||
Administrative Class | 1,000 | 1.35 | % | 925.40 | 6.59 | 1,018.50 | 6.91 | |||||||||||||||||
Class A | 1,000 | 1.59 | % | 924.50 | 7.75 | 1,017.30 | 8.13 | |||||||||||||||||
Class R4 | 1,000 | 1.50 | % | 924.60 | 7.32 | 1,017.70 | 7.67 | |||||||||||||||||
Class R3 | 1,000 | 1.75 | % | 923.80 | 8.53 | 1,016.50 | 8.94 |
* | Expenses are calculated using the annualized expense ratio for the six months ended September 30, 2018, multiplied by the average account value over the period, multiplied by 185 days in the period, divided by 365 days in the year, unless stated otherwise. |
280
Underwriter:
MML Distributors, LLC 100 Bright Meadow Blvd. Enfield, CT 06082-1981 |
© 2018 Massachusetts Mutual Life Insurance Company (MassMutual), Springfield, MA 01111-0001. All rights reserved. www.massmutual.com. Investment Adviser: MML Investment Advisers, LLC | RS-45700-00 |
Item 2. Code of Ethics.
As of September 30, 2018, 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, 2018, there were no reportable 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 13(a)(1).
Item 3. Audit Committee Financial Expert.
The Registrant’s Board of Trustees has determined that Susan B. Sweeney 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”). Ms. Sweeney 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 years ended 2018 and 2017 were $481,929 and $477,407, respectively. |
(b) | AUDIT RELATED FEES: No such fees were billed to the Registrant by Deloitte & Touche LLP for the fiscal years ended 2018 and 2017. 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 years ended 2018 and 2017. |
(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 years ended 2018 and 2017 were $107,502 and $103,105, 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 years ended 2018 and 2017. |
(d) | ALL OTHER FEES: No such fees were billed to the Registrant by Deloitte & Touche LLP for the fiscal years ended 2018 and 2017. 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 years ended 2018 and 2017. |
(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 years ended 2018 and 2017 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 years ended 2018 and 2017 were $15,542,262 and $13,292,326, 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. |
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. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
Not applicable to this filing.
Item 13. Exhibits.
(a)(1) Code of Ethics (Item 2) is 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.
(a)(4) Not applicable to this filing.
(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 as required by Rule 30a-2(b), under the 1940 Act (17 CFR 270.30a-2(b)), Rule 15d-14(b) under the Securities Exchange Act of 1934 (17 CFR 240.15d-
14(b)) and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) are attached hereto as Exhibit 99.906CERT.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) | MassMutual Premier Funds |
By (Signature and Title) | /s/ Eric Wietsma | |
Eric Wietsma, President and Principal Executive Officer |
Date | 11/27/2018 |
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 | 11/27/2018 |
By (Signature and Title) | /s/ Renee Hitchcock | |
Renee Hitchcock, Treasurer and Principal Financial Officer |
Date | 11/27/2018 |