Fund MSCI ACWI Ex USA Index

Sector Weightings: Defines what % of each sector this fund holdscompared to its benchmark listed here.

QTD YTD

Portfolio Attribution: Describes how fund manager sector and stockweighting decisions affected returns.

Sector Attribution Details: Sector Fund Weight Q T D Y T D

Communication Services 3.19 0.22 0.24

Consumer Discretionary 9.42 -1.11 0.29

Consumer Staples 14.00 0.34 0.64

Energy 0.99 0.40 1.82

Financials 8.44 0.95 3.60

Health Care 18.30 -0.77 1.22

Industrials 12.43 -0.13 -0.96

Information Technology 10.06 -0.84 2.58

Materials 1.22 -0.26 -0.35

Real Estate 0.34 0.06 0.43

Utilities 3.09 -0.02 -0.20

Cash 15.95 -3.41 -2.72

Quarterly Portfolio Commentary:

Michael Friedman, CFA Investment DirectorInvestment Experience: 20 Years

HIGHLIGHTS • The MSCI ACWI Ex USA Index® returned just over 6% in the quarter,outperforming its MSCI EAFE Index® peer but underperforming theMSCI Global and Emerging Markets Indexes.• Consumer discretionary and information technology were the topperforming sectors on the backs of technology-related stocks. Defensivesectors such as energy tended to underperform the Index.• The Fund benefited from sector selection in the quarter, largely drivenby an overweight position in information technology and anunderweight to financials.• Weak stock selection, particularly within consumer discretionary andinformation technology, more than offset strength in communicationservices and consumer staples.

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

These materials and the platform of investments made available by MassMutual are offered without regard to the individualized needs of any plan, itsparticipants, or beneficiaries. These materials are not intended as impartial investment advice or to give advice in a fiduciary capacity to any plan.

NOT FDIC INSURED MAY LOSE VALUE NO BANK GUARANTEE

Quarterly Review

I SHARE CLASS TICKER: MIZIX

As of 09/30/2020

MassMutual Premier International Equity FundWellington Management Company LLP | Thompson, Siegel & Walmsley, LLC

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Quarterly Portfolio Commentary:

The MSCI ACWI Ex USA Index continued its comeback from the first quarter decline, returning over 6% and nearly touching the all-time high it achievedin January 2020. It outperformed the MSCI EAFE Index but underperformed the Global and Emerging Markets Indexes.

ACWI markets soared on the performance of technology-related stocks in the quarter, through holdings in both the information technology and consumerdiscretionary sectors. The sectors converged in top performers such as Alibaba Group Holdings, a Chinese consumer discretionary company thatspecializes in eCommerce. Information technology also benefited from other holdings, such as contract manufacturer Taiwan Semiconductor andSamsung Electronics, both of which gained on renewed strength in technology. Defensive stocks in the energy sector underperformed, as continued lowoil prices weighed on earnings.

Country outperformance was mixed, with a slight bias toward emerging markets and smaller countries in developed markets. Taiwan was the leadingperformer in the country, followed Denmark, Ireland and India. Note that smaller countries have fewer stocks in the index, exaggerating each stock’sperformance.

The Fund outperformed the Index as positive sector allocation offset somewhat weaker stock selection and country allocation. Sector exposure wasparticularly strong, with an overweight to outperforming sectors such as information technology and significant underweights to underperformers, such asenergy and financials. Information technology benefited from a recovering technology sector, as semiconductor manufacturer Taiwan Semiconductorand software firm SAP accelerated during the quarter. These gains offset an overweight position in healthcare, which detracted from performance.

Stock and country selection were negative in the quarter. Toshiba corporation was the leading detractor, as the company posted its first operating loss infour nears. Boohoo Group, a UK fast-fashion retailer, was another underperformer. The stock plummeted in July on media reports of horrendous factoryworking conditions. Country selection was also negative, as an underweight in China weighed on performance. These positions outweighed some of thestrong performers in the quarter. Positions in both Alibaba Group and Taiwan Semiconductor were favorable, as the market returned to technology andinternet stocks on strengthening demand. The Fund also benefited from its overweight exposure to Japan, which slightly outperformed.

The Fund underwent a subadvisor change during the quarter when Wellington Management and TSW replaced Invesco-Oppenheimer. As a result, the theFund's positioning at quarter end differed dramatically from the beginning of the quarter. The new managers focus on cash flow compounding anddislocations between the inherent value of a stock and the market price of that stock. The biggest changes were a significant overweight shift in financialsand a move to underweighting the consumer discretionary and information technology sectors.

TICKER: MIZIX Fund Inception: 1/31/1995Morningstar Category: Foreign Large Growth

Average Annual Total Return

Q T D Y T D 1 Y 3 Y 5 Y 1 0 Y

MassMutual Premier International Eq I 4.56% 0.93% 13.17% 2.59% 6.33% 6.47%

MSCI ACWI Ex USA Index 6.25% -5.44% 3.00% 1.16% 6.23% 4.00%

Category Average Returns -- -- 18.53% 7.17% 9.70% 7.12%

Category Rank -- -- 64 94 91 62

# of Funds in Category -- -- 469 420 336 243

Performance shown is for class I shares. Gross expenses = 0.91%, Net expense = 0.89%. Max Sales charge for I is 0.00%. The expenses reflect a contractualagreement by MML Advisers to cap the fees and expenses of the Fund through January 31, 2021. Please refer to the Fund's prospectus for moreinformation.Performance shown is past performance. Past performance does not guarantee future results . You can lose money, includingloss of pr incipal , by invest ing in this fund. Investors should careful ly consider investment objectives, r isks , charges andexpenses. This and other important information is contained in the fund prospectuses and summary prospectuses, which can beobtained from www.massmutualfunds.com and should be read careful ly before invest ing. A l ist of the Fund’s holdings can alsobe obtained from www.massmutualfunds.com. Current performance may be lower or higher than return data quoted herein. Formore current information, including month-end performance, please cal l 1-866-444-2601. You cannot invest directly in an index.Pre-Inception Returns - The inception date listed is that of the oldest share class of the Fund. Performance shown subsequent to the inception date

is the actual performance of the share class. Other share classes of the investment itself have existed longer, which accounts for any pre-inceptionperformance shown. The pre-inception performance of Class I for the periods prior to its inception date of (04/01/2014) is based on the performance ofan older share class, Class R5, using the expenses and fees of Class R5 (inception date 01/31/1995). If the expenses of the newer share class was used ratherthan the expenses of the old share class (due to lower expenses of the new share class), it would have resulted in better performance.The Fund’s Princ ipa l R isks include - Cash Position Risk, Convertible Securities Risk, Derivatives Risk, Equity Securities Risk, Foreign Investment;Emerging Markets; Currency Risk, Geographic Focus Risk, Growth Company Risk, Large Company Risk, Liquidity Risk, Management Risk, Market Risk,Preferred Stock Risk, Sector Risk, Small and Mid-Cap Company Risk, Valuation Risk. Please refer to the summary prospectus (via the link below or bysending an email to fundinfo@massmutual.com) for more information on the specific risks.The Morningstar percenti le ranking is based on the fund’s total-return percenti le rank relat ive to al l funds that have the same

category for the same t ime period. The highest (or most favorable) percentile rank is 1%, and the lowest (or least favorable) percentile rank is 100%.Morningstar total return includes both income and capital gains or losses and is not adjusted for sales charges. © 2020 Morningstar, Inc. All RightsReserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) isnot warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from anyuse of this information.

MassMutual Premier International Equity Fund

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Quarter to Date:

Top 5 Contributors F u n dW e i g h t

AbsoluteReturn*

Portfol ioContr ibut ion

Alibaba Group Holding LtdADR 0.47 24.57 0.39

Sysmex Corp 0.81 22.58 0.28

Shopify Inc A 0.29 26.65 0.27

Alimentation Couche-TardInc Class B 0.58 12.20 0.26

Taiwan SemiconductorManufacturing Co Ltd 0.24 10.43 0.25

Top 5 Detractors F u n dW e i g h t

AbsoluteReturn*

Portfol ioContr ibut ion

KDDI Corp 1.23 -16.28 -0.36

Boohoo Group PLC 0.24 -24.07 -0.30

Royal Philips NV 1.51 -10.72 -0.30

Vinci SA 1.36 -10.09 -0.24

Total SE 0.83 -12.84 -0.19

Year to Date:

Top 5 Contributors F u n dW e i g h t

AbsoluteReturn*

Portfol ioContr ibut ion

Shopify Inc A 0.64 201.23 1.01

Tencent Holdings Ltd 1.25 50.34 0.71

ASML Holding NV 2.14 25.72 0.69

Swedish Match AB 1.33 44.96 0.61

Adyen NV 0.53 107.59 0.56

Top 5 Detractors F u n dW e i g h t

AbsoluteReturn*

Portfol ioContr ibut ion

Melrose Industries PLC 0.82 -62.07 -1.11

Airbus SE 1.07 -54.61 -1.07

Compass Group PLC 1.09 -42.33 -0.62

Amadeus IT Group SA A 0.82 -40.12 -0.56

Next PLC 1.19 -26.52 -0.52

RS9093b RS-49269-02

Portfolio Holdings:

Fund Weightings are shown as an average for the time period.*Absolute Return is the return that an asset achieves over a certain period of time. This measure looks at the appreciation or depreciation (expressed as apercentage) that a holding achieves over a given period of time.For a complete listing of fund holdings, visit massmutualfunds.com or please call 1-866-444-2601. The mention of individual stocks and other securities inthis document does not constitute investment advice.

©2020 Massachusetts Mutual Life Insurance Company (MassMutual®), Springfield, MA. All rights reserved. www.MassMutual.com Principal Underwriter:MML Distributors, LLC. (MMLD) Member FINRA and SIPC (www.FINRA.org and www.SIPC.org) MMLD is a subsidiary of Massachusetts Mutual LifeInsurance Company, 100 Bright Meadow Blvd., Enfield, CT 06082. Investment advisory services provided to the Funds by MML Investment Advisers, LLC.

MassMutual Premier International Equity Fund

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