Mutual Fund Summary Prospectus (497k)
11 February 2014 - 8:30AM
Edgar (US Regulatory)
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Summary Prospectus
February 3, 2014
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MassMutual
Premier Funds
MassMutual Premier Inflation-Protected and Income Fund
Ticker:
Class IMIPZX, Class R5MIPSX, Service ClassMIPYX, Administrative ClassMIPLX,
Class AMPSAX, Class R4MIPRX, Class R3MIPNX
Before you invest, you may want to review the Funds prospectus, which contains more information about
the Fund and its risks. You can find the Funds 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 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.
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 Funds Prospectus or from your financial professional.
Shareholder Fees
(fees paid directly from your investment)
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Class I
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Class R5
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Service
Class
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Admini-
strative
Class
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Class A
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Class R4
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Class R3
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Maximum Sales Charge (Load) Imposed on Purchases (as a % of offering price)
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None
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None
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None
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None
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4.75%
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None
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None
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Maximum Deferred Sales Charge (Load) (as a % of the lower of the original offering price or
redemption proceeds)
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None
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None
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None
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None
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None
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None
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None
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Annual Fund Operating Expenses
(expenses that you pay each year as a percentage of the value of your
investment)
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Class I
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Class R5
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Service
Class
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Admini-
strative
Class
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Class A
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Class R4
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Class R3
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Management
Fees
(1)
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.38%
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.38%
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.38%
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.38%
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.38%
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.38%
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.38%
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Distribution and Service
(Rule 12b-1)
Fees
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None
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None
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None
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None
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.25%
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.25%
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.50%
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Other Expenses
(1)
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.27%
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.37%
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.47%
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.57%
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.57%
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.47%
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.47%
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Interest Expense
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.20%
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.20%
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.20%
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.20%
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.20%
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.20%
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.20%
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Remainder of Other Expenses
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.07%
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.17%
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.27%
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.37%
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.37%
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.27%
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.27%
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Total Annual Fund Operating Expenses
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.65%
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.75%
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.85%
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.95%
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1.20%
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1.10%
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1.35%
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(1)
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Management Fees and Other Expenses have been restated to reflect current fees.
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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
$10,000 in each share class of the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. For Class A shares, the example includes the initial sales charge. The example also assumes that your
investment earns a 5% return each year and that the Funds operating expenses are exactly as described in the preceding table. Although
S-1
your actual costs may be higher or lower, based on these assumptions your costs would be:
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1 Year
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3 Years
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5 Years
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10 Years
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Class I
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$
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66
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$
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208
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$
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362
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$
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810
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Class R5
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$
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77
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$
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240
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$
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417
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$
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930
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Service Class
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$
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87
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$
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271
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$
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471
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$
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1,049
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Administrative Class
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$
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97
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$
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303
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$
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525
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$
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1,166
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Class A
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$
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591
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$
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838
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$
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1,103
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$
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1,860
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Class R4
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$
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112
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$
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350
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$
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606
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$
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1,340
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Class R3
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$
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137
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$
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428
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$
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739
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$
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1,624
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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 Funds performance.
During the most recent fiscal year, the Funds portfolio turnover rate was 56% of the average value of its portfolio.
INVESTMENTS, RISKS, AND
PERFORMANCE
Principal Investment Strategies
Under normal circumstances, the Fund invests at least 80% of its net assets in inflation-indexed bonds and other income-producing securities. Inflation-indexed
bonds are instruments indexed or otherwise linked to general measures of inflation because their principal is typically adjusted to reflect general movements of inflation in the country of issue. The Fund may invest in inflation-indexed bonds of
various maturities issued by the U.S. and
non-U.S.
governments or their agencies or instrumentalities, by government- sponsored enterprises, or by corporations.
The Fund may also invest in other income-producing securities of any kind (including, but not limited to, corporate bonds and notes, Rule 144A securities,
U.S. and
non-U.S.
government and agency or instrumentality bonds, money market instruments, and mortgage-related and asset-backed securities). The Fund may enter into repurchase agreement transactions. The
Fund may hold a portion of its assets in cash or cash equivalents. The Fund may invest up to 15% of its total assets in securities that are not denominated in U.S. dollars.
The Fund generally intends to maintain a dollar-weighted average credit quality of A or better (determined on the basis of the highest credit rating
of the Funds investments at the time of their purchase or, if unrated, determined to be of comparable quality by the subadviser). The Fund will invest primarily in assets rated investment
grade at the time of purchase (rated Baa or higher by Moodys or BBB or higher by Standard & Poors or, if unrated, determined to be of comparable quality by the subadviser) but not in assets rated below Ba3 (by Moodys) or
BB- (by Standard & Poors). In the event that a security is downgraded after its purchase by the Fund, the Fund may continue to hold the security if the Funds subadviser,
Babson Capital Management LLC
(Babson
Capital), considers that doing so would be consistent with the Funds investment objective. The Fund invests in a portfolio of securities that Babson Capital expects to provide an attractive rate of real return. Babson Capital defines
real return as the portfolios total return (before expenses) less the estimated rate of inflation, measured using the Consumer Price Index for All Urban Consumers (the CPI-U).
The Fund will seek to potentially earn additional income by entering into reverse repurchase agreement transactions and investing the proceeds of those
transactions in additional securities of a nature described above. Use of reverse repurchase agreements is a form of borrowing and creates leverage in the Fund.
The Fund may engage in exchange-traded and over-the-counter derivative transactions, including, but not limited to, total return swaps (for hedging purposes
or to adjust various portfolio characteristics, including the duration (interest rate volatility) of the Funds portfolio), interest rate swaps (for hedging purposes, to adjust various portfolio characteristics, including the duration (interest
rate volatility) of the Funds portfolio, or as a substitute for direct investments), credit default swaps (for hedging purposes or as a substitute for direct investments), and futures contracts (for hedging purposes, to adjust various
portfolio characteristics, including the duration (interest rate volatility) of the Funds portfolio, or as a substitute for direct investments). The Fund may also enter into forward commitment transactions. The use of such techniques may have
the effect of creating investment leverage in the Fund.
In selecting investments for the Fund, Babson Capital seeks to construct a portfolio of
inflation-indexed and other income-producing securities and other financial instruments, including derivatives, designed to meet
S-2
the real return objective of the Fund. Babson Capital may choose to sell securities with deteriorating credit or limited upside potential compared to other securities.
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.
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.
Fixed Income Securities Risk
The values of fixed income
securities typically will decline during periods of rising interest rates, and can also decline in response to changes in the financial condition of the issuer, borrower, counterparty, or underlying collateral assets, or changes in market, economic,
industry, political, and regulatory conditions affecting a particular type of security or issuer or fixed income securities generally. Fixed income securities are subject to interest rate risk (the risk that the value of a fixed income security will
fall when interest rates rise), extension risk (the risk that the average life of a security will be extended through a slowing of principal payments), prepayment risk (the risk that a security will be prepaid and the Fund will be required to
reinvest at a less favorable rate), and credit risk.
Foreign Investment Risk; Emerging Markets Risk; Currency Risk
Foreign securities 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 Funds 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.
Leveraging Risk
Instruments and transactions, including derivatives and reverse repurchase agreement transactions, that create leverage may
cause the value of an investment in the Fund to be more volatile and all other risks will tend to be compounded.
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 managers 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
Funds portfolio securities may decline, at times sharply and unpredictably, as a result of unfavorable market-induced changes affecting particular industries, sectors, or issuers. The Fund is subject to risks affecting issuers, such as
management performance, financial leverage, industry problems, and reduced demand for goods or services.
Mortgage- and Asset-Backed Securities Risk
Investments in
mortgage-
and asset-backed securities subject the Fund to credit risk, interest rate risk, extension risk, and prepayment risk, among other risks. Mortgage-backed and asset-backed
securities not issued by a government agency generally involve greater credit risk than securities issued by government agencies. The types of mortgages (for example, residential or commercial mortgages) underlying securities held by the Fund may
differ and be affected differently by market factors. Investments that receive only the interest portion or the principal portion of payments on the underlying assets may be more volatile than other investments. The market for
S-3
mortgage- and asset-backed securities has recently experienced high volatility and a lack of liquidity. As a result, the value of many of these securities has significantly declined.
Repurchase Agreement Risk
These transactions 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.
Reverse Repurchase Agreement Transaction Risk
These transactions may create leverage and subject the Fund to the credit risk of the counterparty.
U.S. Government Securities Risk
Obligations of certain U.S. government agencies and instrumentalities are not backed by the full faith and credit of the U.S. government, and there can be no assurance that the U.S. government would provide financial support to such agencies
and instrumentalities.
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.
When-Issued, Delayed Delivery, and Forward Commitment Transaction Risk
These
transactions may create leverage and involve a risk of loss if the value of the securities declines prior to settlement.
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 Funds
performance from year to year for Class R5 shares. The table shows how the Funds average annual returns for 1 year, 5 years, and since inception (or 1 year and since inception for Class I shares) compare with those of a broad measure of
market performance. Performance for Class R4 shares of the Fund for periods prior to its inception date (04/01/14) is based on the performance of Administrative Class shares, adjusted for Class R4 expenses. 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
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Highest
Quarter:
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1Q 08,
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5.13%
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Lowest Quarter:
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2Q 13,
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-7.15%
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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 investors 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)
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One
Year
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Since
Inception
(03/01/11)
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Class I
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Return Before Taxes
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-8.70%
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3.39%
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Barclays U.S. Treasury Inflation Protected Securities (TIPS) Index (Series L) (reflects no deduction for fees, expenses, or taxes)
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-8.61%
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3.37%
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One
Year
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Five
Years
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Ten
Years
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Class R5
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Return Before Taxes
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-8.77%
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5.29%
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4.58%
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Return After Taxes on Distributions
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-10.36%
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4.08%
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3.08%
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Return After Taxes on Distributions and Sale of Fund Shares
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-4.36%
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3.78%
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3.06%
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Service Class
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Return Before Taxes
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-8.86%
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5.17%
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4.47%
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Administrative Class
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Return Before Taxes
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-8.95%
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5.02%
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4.32%
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Class A
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Return Before Taxes
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-13.39%
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3.84%
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3.59%
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S-4
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One
Year
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Five
Years
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Ten
Years
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Class R4
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Return Before Taxes
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-9.08%
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4.87%
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4.16%
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Class R3
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Return Before Taxes
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-9.40%
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4.56%
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3.81%
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Barclays U.S. Treasury Inflation Protected Securities (TIPS) Index (Series L) (reflects no deduction for fees, expenses, or taxes)
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-8.61%
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5.63%
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4.85%
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MANAGEMENT
Investment
Adviser:
MML Investment Advisers, LLC
Subadviser:
Babson Capital Management LLC
Portfolio Managers:
Ronald E.
Desautels
is a Managing Director and member of Babson Capitals Fixed Income Team. He has managed the Fund since its inception.
David L. Nagle
is a Managing Director and member of Babson Capitals Fixed Income Team. He has managed the Fund since its
inception.
Douglas M. Trevallion, II
is a Managing Director and member of Babson Capitals Fixed Income Team. He has managed
the Fund since October 2008.
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 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.
S-5
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