LOGO    Summary Prospectus     February 3, 2014,
Revised as of April 1, 2014

MassMutual Premier Funds

MassMutual Premier International Equity Fund

Ticker: Class I–MIZIX, Class R5–MIEDX, Service Class–MYIEX, Administrative Class–MIELX, Class A–MMIAX, Class R4–MEIRX, Class R3–MEERX

 

Before you invest, you may want to review the Fund’s prospectus, which contains more information about the Fund and its risks. You can find the Fund’s prospectus and other information about the Fund online at www.massmutual.com/funds. You can also get this information at no cost by calling 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

 

INVESTMENT OBJECTIVE

This Fund seeks to achieve long-term capital appreciation by investing primarily in common stock of foreign companies.

FEES AND EXPENSES OF THE FUND

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. For Class A shares, you may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $25,000 in MassMutual funds. More information about these and other discounts is available in the section titled Sales Charges by Class on page 116 of the Fund’s Prospectus or from your financial professional.

Shareholder Fees (fees paid directly from your investment)

 

     Class I   Class R5   Service
Class
  Admini-
strative
Class
  Class A   Class R4   Class R3

Maximum Sales Charge (Load) Imposed on Purchases (as a % of offering price)

  None   None   None   None   5.75%   None   None

Maximum Deferred Sales Charge (Load) (as a % of the lower of the original offering price or redemption proceeds)

  None   None   None   None   None   None   None

 

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

 

     Class I   Class R5   Service
Class
  Admini-
strative
Class
  Class A   Class R4   Class R3

Management Fees

  .85%   .85%   .85%   .85%   .85%   .85%   .85%

Distribution and Service (Rule 12b-1) Fees

  None   None   None   None   .25%   .25%   .50%

Other Expenses (1)

  .11%   .21%   .31%   .41%   .41%   .31%   .31%

Total Annual Fund Operating Expenses

  .96%   1.06%   1.16%   1.26%   1.51%   1.41%   1.66%

 

(1)   Other Expenses have been restated to reflect current fees.

Example

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. It assumes that you invest $10,000 in each share class of the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. For Class A shares, the example includes the initial sales charge. The example also assumes that your investment earns a 5% return each year and that the Fund’s operating expenses are exactly as described in the preceding table. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

 

    1 Year     3 Years     5 Years     10 Years  

Class I

  $ 98      $ 306      $ 531      $ 1,178   

Class R5

  $ 108      $ 337      $ 585      $ 1,294   

Service Class

  $ 118      $ 368      $ 638      $ 1,409   

Administrative Class

  $ 128      $ 400      $ 692      $ 1,523   

Class A

  $ 720      $ 1,025      $ 1,351      $ 2,273   

Class R4

  $ 144      $ 446      $ 771      $ 1,691   

Class R3

  $ 169      $ 523      $ 902      $ 1,965   
 

 

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Portfolio Turnover

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 56% of the average value of its portfolio.

INVESTMENTS, RISKS, AND PERFORMANCE

Principal Investment Strategies

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 in securities of foreign companies. The Fund may invest 100% of its total assets in such securities. The Fund may invest in emerging markets as well as in developed markets throughout the world. From time to time, the Fund may place greater emphasis on investing in one or more particular regions (such as Asia, Europe, or Latin America). Under normal market conditions, the Fund will:

 

·   invest at least 65% of its total assets in common and preferred stocks of issuers in at least three different countries outside of the United States, and

 

·   emphasize investments in common stock of issuers that the portfolio manager considers to be “growth” companies.

The Fund does not limit its investments to issuers within a specific market capitalization range and at times may invest a substantial portion of its assets in one or more particular capitalization ranges. Equity securities in which the Fund invests may include common stocks, depositary receipts, preferred stocks, securities convertible into common or preferred stock, rights, and warrants. The Fund may but will not necessarily engage in foreign currency forward contracts to take long or short positions in foreign currencies in order to enhance the Fund’s investment return or to attempt to protect against adverse changes in currency exchange rates. Use of derivatives by the Fund may create investment leverage. The Fund may hold a portion of its assets in cash or cash equivalents.

In selecting investments for the Fund, the Fund’s subadviser, OFI Global Institutional, Inc. (“OFI Global”), evaluates investment opportunities on a company-by-company basis. OFI Global looks primarily for foreign companies with high growth potential using a “bottom up” investment approach, that is, by looking at the investment performance of individual stocks before considering the impact of general or industry-specific economic trends. This approach includes fundamental analysis of a company’s financial statements and management structure and consideration of the company’s operations, product development, and industry position.

OFI Global currently focuses on the following factors, which may vary in particular cases and may change over time:

 

·   companies that enjoy a strong competitive position and high demand for their products or services;

 

·   companies with accelerating earnings growth and cash flow; and

 

·   diversity among companies, industries and countries to help reduce the risks of foreign investing, such as currency fluctuations and stock market volatility.

OFI Global also considers the effect of worldwide trends on the growth of particular business sectors and looks for companies that may benefit from those trends. The trends currently considered include: mass affluence, new technologies, restructuring, and aging. OFI Global does not invest any fixed amount of the Fund’s assets according to these criteria and the trends that are considered may change over time. OFI Global monitors individual issuers for changes in the factors above, which may trigger a decision to sell a security, but does not require a decision to do so.

Principal Risks

The following are the Principal Risks of the Fund. You have the potential to make money by investing in the Fund, but you can also lose money.

Cash Position Risk The ability of the Fund to meet its objective may be limited to the extent that it holds assets in cash or otherwise uninvested.

Convertible Securities Risk  Convertible securities are subject to the risks of both debt securities and equity securities. The values of convertible securities tend to decline as interest rates rise and, due to the

 

 

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conversion feature, tend to vary with fluctuations in the market value of the underlying common or preferred stock.

Credit Risk  The Fund is subject to the risk that the issuer of an investment held by the Fund or the counterparty to a transaction entered into by the Fund will be unable or unwilling to honor its obligations.

Derivatives Risk Derivatives involve risks different from, and potentially greater than, direct investments, including risks of imperfect correlation between the value of derivatives and underlying assets, counterparty default, potential losses that partially or completely offset gains, and illiquidity. Derivatives can create investment leverage and be highly volatile. Derivatives may result in losses greater than the amount invested. If the value of a derivative does not correlate well with the particular market or asset class the derivative is designed to provide exposure to, the derivative may not have the effect anticipated. Many derivatives are traded in the over-the-counter market and not on exchanges.

Foreign Investment Risk; Emerging Markets Risk; Currency Risk Foreign securities, including ADRs, are subject to additional risks compared to securities of U.S. issuers, including international trade, currency, political, regulatory, and diplomatic risks. In addition, fluctuations in currency exchange rates may adversely affect the values of foreign securities and the price of the Fund’s shares. Emerging markets securities are subject to greater risks than securities issued in developed foreign markets, including less liquidity, greater price volatility, higher relative rates of inflation, greater political, economic, and social instability, greater custody and operational risks, and greater volatility in currency exchange rates.

Geographic Focus Risk  When a Fund focuses investments on a particular country, group of countries, or geographic region, its performance will be closely tied to the market, currency, economic, political, or regulatory conditions and developments in those countries or that region, and could be more volatile than the performance of more geographically diversified funds.

Growth Company Risk The prices of growth securities are often more sensitive to market fluctuations because of their heavy dependence on future earnings expectations, and can be more volatile than the market in general.

Liquidity Risk  Certain securities may be difficult (or impossible) to sell or positions difficult to close out at a desirable time and price, and the Fund may be required to hold an investment that is declining in value or be prevented from realizing capital gains.

Management Risk The Fund relies on the manager’s ability to achieve its investment objective. There can be no assurance that the Fund will achieve the desired results and the Fund may incur significant losses.

Market Risk The value of the Fund’s portfolio securities may decline, at times sharply and unpredictably, as a result of unfavorable market- induced changes affecting particular industries, sectors, or issuers. Stock market prices in general may decline over short or extended periods, subjecting the Fund to unpredictable declines in the value of its shares and poor performance. The Fund is subject to risks affecting issuers, such as management performance, financial leverage, industry problems, and reduced demand for goods or services.

Preferred Stock Risk  Preferred stocks are subject to the risks associated with other types of equity securities, as well as additional risks, such as potentially greater volatility and risks related to deferral, non-cumulative dividends, subordination, liquidity, limited voting rights, and special redemption rights.

Smaller and Mid-Cap Company Risk  Market risk and liquidity risk are particularly pronounced for securities of smaller companies, which may trade less frequently and in smaller volumes than more widely-held securities, and may fluctuate in price more than other securities. Smaller companies may have limited product lines, markets, or financial resources and may be dependent on a limited management group; they may have been recently organized and have little or no track record of success.

Valuation Risk The Fund is subject to the risk of mispricing or improper valuation of its investments, in particular to the extent that its securities are fair valued.

Performance Information

The following bar chart and table provide some indication of the risks of investing in the Fund. The bar chart shows changes in the Fund’s performance from year to year for Class R5 shares. The table shows how the Fund’s average annual returns for 1, 5, and 10 years compare with those of a broad

 

 

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measure of market performance. Performance for Class I, Class R4, and Class R3 shares of the Fund for periods prior to their inception date (04/01/14) is based on the performance of Class R5 shares, adjusted for Class R4 and Class R3 shares to reflect Class R4 and Class R3 expenses, respectively. Performance for Class A shares of the Fund reflects any applicable sales charge. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. More up-to-date performance information is available at http://www.massmutual.com/funds or by calling 1-888-309-3539 .

Annual Performance

Class R5 Shares

 

LOGO

 

Highest

Quarter:

    2Q  ’09,        22.57%      

Lowest

Quarter:

    4Q  ’08,        -20.52%   

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Class R5 only. After-tax returns for other classes will vary.

Average Annual Total Returns

(For the periods ended December 31, 2013)

 

          One
Year
    Five
Years
    Ten
Years
 
Class R5   Return Before Taxes     25.88%        17.66%        9.61%   
   

 

 
    Return After Taxes on Distributions     23.02%        16.56%        8.92%   
   

 

 
    Return After Taxes on Distributions and Sale of Fund Shares     16.76%        14.56%        8.05%   
        One
Year
    Five
Years
    Ten
Years
 
Class I   Return Before Taxes     25.88%        17.66%        9.61%   
Service Class   Return Before Taxes     25.84%        17.61%        9.58%   
Administrative Class   Return Before Taxes     25.66%        17.43%        9.41%   
Class A   Return Before Taxes     18.13%        15.76%        8.49%   
Class R4   Return Before Taxes     25.43%        17.24%        9.22%   
Class R3   Return Before Taxes     25.12%        16.95%        8.95%   
MSCI ACWI ex US (1) (reflects no deduction for fees or expenses)     15.29%        12.81%        7.57%   
MSCI EAFE Index (reflects no deduction for fees or expenses)     22.78%        12.44%        6.91%   

 

(1)   Going forward, the Fund’s performance benchmark index will be the MSCI ® ACWI ® ex US rather than the MSCI EAFE Index because the MSCI ACWI ex US more closely represents the Fund’s investment strategy.

MANAGEMENT

Investment Adviser: MML Investment Advisers, LLC

Subadviser: OFI Global Institutional, Inc.

Portfolio Managers:

George R. Evans

Mr. Evans is a portfolio manager with OFI Global. He has managed the Fund since its inception.

Robert B. Dunphy

Mr. Dunphy is a portfolio manager with OFI Global. He has managed the Fund since March 2012.

PURCHASE AND SALE OF FUND SHARES

Shares of the Fund are generally available to retirement plans, other institutional investors, and individual retirement accounts. Fund shares are redeemable on any business day by written request, telephone or internet (available to certain customers).

TAX INFORMATION

The Fund intends to make distributions that may be taxed as ordinary income or capital gains, unless you are an investor eligible for preferential tax treatment.

PAYMENTS TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES

If you purchase the Fund through a broker-dealer or other financial intermediary, the intermediary may

 

 

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receive a one-time or continuing payments from the Fund, MML Advisers or its affiliates, or others for the sale of Fund shares or continuing shareholder services provided by the intermediary. These payments may create a conflict of interest by

influencing the broker-dealer or other intermediary to recommend the Fund over another investment. You should contact your intermediary to obtain more information about the compensation it may receive in connection with your investment.

 

 

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