# EDGAR Filing Document

**Accession Number:** 0000927972
**File Stem:** 0001104659-23-008755
**Filing Date:** 2023-1
**Character Count:** 21759
**Document Hash:** d94148396ddc0dadd4ed0b010e980034
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-23-008755.hdr.sgml**: 20230131

**ACCESSION NUMBER**: 0001104659-23-008755

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20230131

**DATE AS OF CHANGE**: 20230131

**EFFECTIVENESS DATE**: 20230131

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MASSMUTUAL PREMIER FUNDS
- **CENTRAL INDEX KEY:** 0000927972
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 033-82366
- **FILM NUMBER:** 23573560

**BUSINESS ADDRESS:**
- **STREET 1:** 1295 STATE STREET
- **CITY:** SPRINGFIELD
- **STATE:** MA
- **ZIP:** 01111
- **BUSINESS PHONE:** 413-744-1000

**MAIL ADDRESS:**
- **STREET 1:** 1295 STATE STREET
- **CITY:** SPRINGFIELD
- **STATE:** MA
- **ZIP:** 01111

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** DLB FUND GROUP
- **DATE OF NAME CHANGE:** 19940804

## Series and Classes Contracts Data

### MassMutual Disciplined Growth Fund (Series ID: S000003795)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000010563 | Class A              | MPGAX           |
| C000010564 | Administrative Class | MPGLX           |
| C000010566 | Class R5             | MPGSX           |
| C000010567 | Service Class        | DEIGX           |
| C000137086 | Class R4             | MPDGX           |
| C000137087 | Class I              | MPDIX           |
| C000137088 | Class R3             | MPDRX           |
| C000241054 | Class Y              |  |

![[MISSING IMAGE: lg_massmutualdots-k.jpg]](lg_massmutualdots-k.jpg)

Summary Prospectus February 1, 2023

## MassMutual Funds

#### MassMutual Disciplined Growth Fund
**Ticker:** Class I–MPDIX, Class R5–MPGSX, Service Class–DEIGX, Administrative Class–MPGLX,

Class R4–MPDGX, Class A–MPGAX, Class R3–MPDRX, Class Y–MMNYX

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 https://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
The Fund seeks long-term total return.

#### FEES AND EXPENSES OF THE FUND
This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay brokerage commissions and other fees to financial intermediaries which are not reflected in the tables and examples below. For Class A shares, you may qualify for sales charge discounts if you 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* beginning on page 114 of the Fund's Prospectus or from your financial professional.

#### Shareholder Fees (fees paid directly from your investment)

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Class I**  | **Class R5**  | **Service <br>Class**  | **Administrative <br>Class**  | **Class R4**  | **Class A**  | **Class R3**  | **Class Y**  |
|  Maximum Sales Charge (Load) Imposed on Purchases (as a % of offering price)  |  |  |  |  |  | 5.50%  |  |  |
|  Maximum Deferred Sales Charge (Load) (as a % of the lower of the original offering price or redemption proceeds)  |  |  |  |  |  |  |  |  |

---

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

investment)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Class I**  | **Class R5**  | **Service <br>Class**  | **Administrative <br>Class**  | **Class R4**  | **Class A**  | **Class R3**  | **Class Y**  |
| Management Fees | 0.45%  | 0.45%  | 0.45%  | 0.45%  | 0.45%  | 0.45%  | 0.45%  | 0.45%  |
|  Distribution and Service (Rule 12b-1) Fees  |  |  |  |  | 0.25%  | 0.25%  | 0.50%  |  |
| Other Expenses | 0.13% | 0.23% | 0.33% | 0.43% | 0.33% | 0.43% | 0.33% | 0.23%<sup>(1)</sup>  |
|  **Total Annual Fund Operating Expenses**  | **0.58%**  | **0.68%**  | **0.78%**  | **0.88%**  | **1.03%**  | **1.13%**  | **1.28%**  | **0.68%**  |

---

(1) Other Expenses are based on estimated amounts for the current fiscal year of the Fund.

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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 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:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **1 Year**  | **3 Years**  | **5 Years**  | **10 Years**  |
| Class I | $59 | $186 | $324 | $726 |
| Class R5 | $69 | $218 | $379 | $847 |
| Service Class | $80 | $249 | $433 | $966 |
| Administrative Class  | $90 | $281 | $488 | $1084 |
| Class R4 | $105 | $328 | $569 | $1259 |
| Class A | $659 | $889 | $1138 | $1849 |
| Class R3 | $130 | $406 | $702 | $1545 |
| Class Y | $69 | $218 | $379 | $847 |

---

#### 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 60% of the average value of its portfolio.

#### INVESTMENTS, RISKS, AND PERFORMANCE

#### Principal Investment Strategies
The Fund invests primarily in equity securities of U.S. large- and mid-cap companies. The Fund currently invests substantially all of its assets in companies represented in the Russell 1000<sup>®</sup> Growth Index at the time of purchase, although the Fund is actively managed and is not an index fund or a passively managed investment. Constituents of the Russell 1000 Growth Index are companies that exhibit certain growth characteristics, as defined by the index providers, such as historical and predicted future earnings per share growth rates and trends, historical sales per share growth trends, and internal growth rate. As of December 31, 2022, the market capitalization range of companies included in the Russell 1000 Growth Index was $306.43 million to $2,066.94 billion.

Equity securities in which the Fund invests may include common stocks, preferred stocks, securities convertible into common or preferred stock, rights, and warrants. The Fund may hold a portion of its assets in unlisted securities. The Fund may invest in exchange-traded funds and may use equity index futures contracts as a substitute for direct investments in order to help manage cash flows. Use of derivatives by the Fund may create investment leverage. The Fund may at times have significant exposure to one or more industries or sectors. The Fund may hold a portion of its assets in cash or cash equivalents. The Fund is non-diversified, which means that it may hold larger positions in a smaller number of issuers than a diversified fund.

The Fund's subadviser, *Wellington Management Company LLP* ("Wellington Management"), manages the Fund's assets using a proprietary, dynamic multi-factor approach that is based on quantitative and qualitative research and analysis. In selecting securities, Wellington Management seeks to allocate the Fund's assets to equity securities that it believes share complementary factor exposures. Factors are characteristics that are important in explaining the returns and risks of a group of securities. Wellington Management selects securities for the Fund based on their factor characteristics and diversification benefits; typically this will mean that securities demonstrate one of the following: (1) mean-reversion (e.g., stocks that are inexpensive relative to their historical fundamentals); (2) trend following (e.g., strong momentum and higher growth potential); or (3) risk aversion (e.g., financially healthy, stable, and lower volatility companies). Securities are typically sold as a byproduct of the factor selection, allocation, and rebalancing processes. In exceptional circumstances, Wellington Management may exclude or remove an issuer or security from the Fund where it believes the data available does not accurately reflect current events.

The Fund expects that it will engage in active and frequent trading and so will typically have a relatively high portfolio turnover rate.

#### Principal Risks
The following are the Principal Risks of the Fund. The value of your investment in the Fund could go down as well as up. You can lose money by investing in the Fund. Certain risks relating to instruments and strategies used in the management of the Fund are placed first. The significance of any specific risk to an investment in the Fund will

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vary over time, depending on the composition of the Fund's portfolio, market conditions, and other factors. You should read all of the risk information presented below carefully, because any one or more of these risks may result in losses to the Fund.

***Equity Securities Risk*** Although stocks may have the potential to outperform other asset classes over the long term, their prices tend to fluctuate more dramatically over the shorter term. These movements may result from factors affecting individual companies, or from broader influences like changes in interest rates, market conditions, or investor confidence, or announcements of economic, political, or financial information.

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

***Large Company Risk*** Large-capitalization stocks as a group could fall out of favor with the market, causing the Fund's investments in large-capitalization stocks to underperform investments that focus on small- or medium-capitalization stocks. Larger, more established companies may be slow to respond to challenges and may grow more slowly than smaller companies.

***Small and Mid-Cap Company Risk*** Market risk and liquidity risk are particularly pronounced for securities of small and medium-sized companies, which may trade less frequently and in smaller volumes than more widely-held securities, and may fluctuate in price more than other securities. Their shares can be less liquid than those of larger companies, especially during market declines. Small and medium-sized 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.

***Cash Position Risk*** If the Fund holds a significant portion of its assets in cash or cash equivalents, its investment returns may be adversely affected and the Fund may not achieve its investment objective.

***Derivatives Risk*** Derivatives can be highly volatile and 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. Losses from derivatives can be substantially greater than the derivatives' original cost and can sometimes be unlimited. 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 or benefit anticipated. Derivatives can also reduce the opportunity for gains or result in losses by offsetting positive returns in other investments. Many derivatives are traded in the over-the-counter market and not on exchanges.

***Frequent Trading/Portfolio Turnover Risk*** Portfolio turnover generally involves some expense to the Fund and may result in the realization of taxable capital gains (including short-term gains). The trading costs and tax effects associated with portfolio turnover may adversely affect the Fund's performance.

***Liquidity Risk*** Certain securities may be difficult (or impossible) to sell or certain positions may be difficult to close out at a desirable time and price, and the Fund may be required to hold an illiquid investment that is declining in value, or it may be required to sell certain illiquid investments at a price or time that is not advantageous in order to meet redemptions or other cash needs. Some securities may be subject to restrictions on resale. There can be no assurance that there will be a liquid market for instruments held by the Fund at any time. The Fund may not receive the proceeds from the sale of certain investments for an extended period.

***Management Risk*** The Fund relies on the manager's investment analysis and its selection of investments to achieve its investment objective. There can be no assurance that the Fund will achieve the intended 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 and bond markets can decline significantly in response to issuer, market, economic, industry, political, regulatory, geopolitical, public health, and other conditions, as well as investor perceptions of these conditions. The Fund is subject to risks affecting issuers, such as management performance, financial

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leverage, industry problems, and reduced demand for goods or services.

***Non-Diversification Risk*** Because the Fund may invest a relatively large percentage of its assets in a single issuer or small number of issuers than a diversified fund, the Fund's performance could be closely tied to the value of one issuer or a small number of issuers and could be more volatile than the performance of a diversified fund.

***Quantitative Models Risk*** The portfolio managers use quantitative models as part of the idea generation process. Quantitative models are based upon many factors that measure individual securities relative to each other. Such models may not produce the intended results and can be adversely affected by errors or imperfections in the factors or the data on which measurements are based, changing sources of market return or market risk, or any technical issues with the design, construction, implementation, or maintenance of the models.

***Risk of Investment in Other Funds or Pools*** The Fund is indirectly exposed to all of the risks of the underlying funds, including ETFs, in which it invests, including the risk that the underlying funds will not perform as expected. ETFs are subject to additional risks, including secondary market trading risks and the risk that an ETF's shares may trade above or below net asset value. The Fund indirectly pays a portion of the expenses incurred by the underlying funds.

***Sector Risk*** The Fund may allocate more of its assets to particular industries or to particular economic, market, or industry sectors than to others. This could increase the volatility of the Fund's portfolio, and the Fund's performance may be more susceptible to developments affecting issuers in those industries or sectors than if the Fund invested more broadly.

***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 Service Class shares. The table shows how the Fund's average annual returns for 1, 5, and 10 years compare with those of a broad measure of market performance. The Fund's

investment objective and investment strategy changed on November 18, 2020. The performance results shown below would not necessarily have been achieved had the Fund's current investment strategy been in effect for the entire period for which performance results are presented. Performance for Class I, Class R4, and Class R3 shares of the Fund for periods prior to their inception date (04/01/14) and performance for Class Y shares of the Fund for periods prior to its inception date (02/01/23) 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 https://www.massmutual.com/funds or by calling 1-888-309-3539.

#### Annual Performance

#### Service Class Shares
![[MISSING IMAGE: past-performance.jpg]](past-performance.jpg)

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Highest Quarter:  | 2Q '20,  | 26.42%  | Lowest Quarter: | 2Q '22,  | –19.98% |

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After-tax returns are calculated using the historical highest individual U.S. 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-advantaged arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Service Class only. After-tax returns for other classes will vary.

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#### Average Annual Total Returns
(for the periods ended December 31, 2022)

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| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **One <br>Year**  | **Five <br>Years**  | **Ten <br>Years**  |
| Service Class  | Return Before <br> Taxes  | -31.91% | 7.84% | 12.18% |
| Service Class  | Return After Taxes on Distributions | -32.66% | 3.06% | 7.66% |
| Service Class  | Return After Taxes on Distributions and sales of Fund Shares | -18.29% | 5.83% | 8.88% |
| Class I | Return Before <br> Taxes | -31.76% | 8.07% | 12.41% |
| Class R5 | Return Before <br> Taxes | -31.89% | 7.95% | 12.30% |
| Administrative <br> Class | Return Before <br> Taxes | -31.98% | 7.74% | 12.07% |
| Class R4 | Return Before <br> Taxes | -32.02% | 7.59% | 11.92% |
| Class A | Return Before <br> Taxes | -35.87% | 6.27% | 11.16% |
| Class R3 | Return Before <br> Taxes | -32.26% | 7.29% | 11.63% |
| Class Y | Return Before <br> Taxes | -31.89% | 7.95% | 12.30% |
| Russell 1000 Growth Index <br> (reflects no deduction for fees, <br> expenses, or taxes) | Russell 1000 Growth Index <br> (reflects no deduction for fees, <br> expenses, or taxes) | -29.14% | 10.96% | 14.10% |

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#### MANAGEMENT
**Investment Adviser:** MML Investment Advisers, LLC ("MML Advisers")

**Subadviser(s):** Wellington Management Company LLP ("Wellington Management")

#### Portfolio Manager(s):
**Matt J. Kyller, CFA** is a Managing Director and Research Manager at Wellington Management. He has managed the Fund since February 2021.

**Tom S. Simon, CFA, FRM** is a Senior Managing Director and Portfolio Manager at Wellington Management. He has managed the Fund since November 2020.

#### PURCHASE AND SALE OF FUND SHARES
Shares of the Fund are generally available through distribution channels, such as broker-dealers or financial institutions, and 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).

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| | |
|:---|:---|
| **Purchase Minimums\*** | **Purchase Minimums\*** |
| | **Class Y**  |
| **Initial Investment** | **$100000**  |
| **Subsequent Investment** | **$250**  |

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\*

The Fund reserves the right to change or waive the investment minimums. For retirement plans, the investment minimum is $250 for each of the initial investment and subsequent investments.

#### TAX INFORMATION
The Fund intends to make distributions that may be taxed as ordinary income, qualified dividend 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.

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