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			811-08274

MassMutual Select Funds
(Exact name of registrant as specified in charter)

1295 State Street, Springfield, MA					01111
(Address of principal executive offices)					(Zip code)

Frederick C. Castellani 1295 State Street, Springfield, MA 01111
(Name and address of agent for service)

Registrant’s telephone number, including area code:				413-788-8411

Date of fiscal year end:	12/31/2007

Date of reporting period:		6/30/2007

Item 1. Reports to Stockholders.

MassMutual
Select Funds

Semi-annual Report

June 30, 2007

insure invest retire

Retirement Services

Table of Contents

Letter to Shareholders					1

Portfolio Manager Reports					3

Portfolio of Investments

MassMutual Select Strategic Bond Fund					87

MassMutual Select Strategic Balanced Fund					96

MassMutual Select Diversified Value Fund					105

MassMutual Select Fundamental Value Fund					108

MassMutual Select Value Equity Fund					111

MassMutual Select Large Cap Value Fund					114

MassMutual Select Indexed Equity Fund					117

MassMutual Select Core Opportunities Fund					123

MassMutual Select Blue Chip Growth Fund					125

MassMutual Select Large Cap Growth Fund					128

MassMutual Select Growth Equity Fund					131

MassMutual Select Aggressive Growth Fund					135

MassMutual Select OTC 100 Fund					137

MassMutual Select Focused Value Fund					140

MassMutual Select Mid-Cap Value Fund					143

MassMutual Select Small Cap Value Equity Fund					145

MassMutual Select Small Company Value Fund					151

MassMutual Select Small Cap Core Equity Fund					156

MassMutual Select Mid Cap Growth Equity Fund					160

MassMutual Select Mid Cap Growth Equity II Fund					163

MassMutual Select Small Cap Growth Equity Fund					169

MassMutual Select Small Company Growth Fund					174

MassMutual Select Emerging Growth Fund					178

MassMutual Select Diversified International Fund					181

MassMutual Select Overseas Fund					184

MassMutual Select Destination Retirement Income Fund					187

MassMutual Select Destination Retirement 2010 Fund					188

MassMutual Select Destination Retirement 2020 Fund					189

MassMutual Select Destination Retirement 2030 Fund					190

MassMutual Select Destination Retirement 2040 Fund					191

Statement of Assets and Liabilities					192

Statement of Operations					208

Statement of Changes in Net Assets					216

Financial Highlights					232

Notes to Financial Statements					313

Other Information (Unaudited)					365

This material must be preceded or accompanied by a current prospectus for the MassMutual Select 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. Read it carefully before investing.

MassMutual Select Funds – President's Letter to Shareholders

To Our Shareholders

June 30, 2007

Frederick C. Castellani

The stock market's impressive performance during the second quarter serves as a reminder of how difficult it can be to forecast stock market performance. Because the direction of the equity markets is constantly subject to change, MassMutual recommends that investors should generally avoid basing their investment activities on market forecasts – and instead adopt a buy-and-hold approach that employs thoughtful asset allocation.

Stocks continue to outperform bonds in first half of 2007

For the six-month period ended June 30, 2007, equities once again fared better than their fixed-income counterparts, as bonds continued to face numerous challenges. The Dow Jones Industrial Average^SM (the Dow), which tracks the progress of blue-chip stock activity, returned 7.59% for the six months ended June 30, 2007. The Nasdaq Composite^® Index (Nasdaq) gained 7.78%, outpacing the S&P 500^® Index, a measure of U.S. large-cap stock performance, which advanced 6.96%. Continuing the trend from 2006, a leader in worldwide equity markets for this period was once again the MSCI^® EAFE^® Index – a benchmark for foreign stocks that advanced 10.74%.*

The fixed-income market did not fare nearly as well in the first half of 2007, as the Lehman Brothers^® Aggregate Bond Index, a broad measure of the U.S. investment-grade bond markets, gained just 0.97%.*

Domestic stocks showed little change during the first quarter of 2007, despite a significant increase in volatility across the board. Although the Dow notched a new closing high in February, the blue-chip benchmark declined slightly for the three months ended March 31, 2007. The S&P 500 Index finished with a small advance, as did the Nasdaq Index, which barely managed to post a gain for the period. A depreciating U.S. dollar supported the returns of foreign stocks, helping the MSCI EAFE Index outperform its U.S. counterparts for the quarter.

Bond yields rose and prices fell early in 2007, reflecting expectations that the economy would achieve a "soft landing" – that is, a mild slowdown without recession. However, as concerns intensified about the weak housing market and problems with sub-prime lenders made headlines, bond yields eased and prices rallied. Overall, most Treasury securities ended the first quarter with modest price gains, and the Lehman Brothers Aggregate Bond Index closed out the period with a modest advance.

Higher Treasury yields and widening premiums for corporate and mortgage-backed securities reflected rising interest rates in the second quarter. The Treasury yield curve, representing yields across a range of maturities, went from slightly inverted – with yields on short-term bonds higher than those of longer-term bonds – to nearly flat, with longer yields marginally higher than short ones. Also of note, the 10-year bond yield topped the 5% level in its first excursion above that mark since the summer of 2006. Performance was mixed among fixed-income groups, but investors favored shorter-term issues, such as the 13-week U.S. Treasury Bill. High-yield bonds barely managed a positive return for the quarter, despite moderately favorable corporate earnings and low default rates on corporate high-yield securities.

* Indexes are unmanaged, do not incur fees or expenses and cannot be purchased directly for investment.

(Continued)
1

MassMutual Select Funds – President's Letter to Shareholders (Continued)

Long-term interest rates jump

Interest rates have made headlines during the past few years, often in response to adjustments in short-term rates made by the Federal Reserve Board (Fed). The Fed uses short-term rates as a tool to help keep the economy on a healthy growth track while controlling inflation. Consequently, when the economy hit a rough patch earlier in this decade, the Fed cut short-term rates to stimulate growth. Over the last few years, an economic recovery and concerns about a potential resurgence of inflation prompted the Fed to boost short-term rates from 1.00% to the current level of 5.25% (reached in June 2006).

Despite the Fed's rate hikes, long-term interest rates remained relatively low for the most part. Unlike the federal funds rate – the overnight bank lending rate that the Fed controls by buying and selling securities – long-term rates fluctuate according to market forces and are very sensitive to investors' expectations for inflation. Because inflation erodes the value of fixed-income investments, investors generally demand a higher yield for investing in bonds if they believe inflation is on the rise. Typically, short- and long-term rates move in tandem, although this is not always the case.

As of the end of the second quarter, long-term rates were once again on the rise, although historically, they still were not high. So why did the increase generate so much attention? For one thing, the rise was relatively swift – for instance, the average 30-year fixed-rate mortgage (which is based on longer term interest rates) spiked to 6.74% for the week ending June 14, 2007, from 6.53% the previous week. With the housing market already reeling from a spate of sub-prime mortgage defaults, burgeoning inventories of unsold homes and soft prices, there was concern that sharply higher mortgage rates could further hamper the industry. The housing market aside, long-term rates have also risen in sectors such as Treasuries and corporate securities, suggesting that a fundamental shift in perceptions about inflation might be occurring.

Outlook

The stock market's impressive performance during the second quarter – against the challenging backdrop of tepid economic growth, a weak housing market, high energy prices and rising long-term interest rates – serves as a reminder of how difficult it can be to forecast stock market performance. Going forward, any number of scenarios could develop that would negatively affect the equity markets. Conversely, the strength of the global economy, corporate earnings and continued low interest rates may keep investors and consumers optimistic. For this reason, MassMutual recommends that investors should generally avoid basing their investment activities on market forecasts – and instead adopt a buy-and-hold approach that employs thoughtful asset allocation.

Frederick C. Castellani
President

The information provided is the opinion of MassMutual Retirement Services Investments Marketing as of 7/2/07 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.

MassMutual Select Strategic Bond Fund – Portfolio Manager Report

What is the investment objective of the MassMutual Select Strategic Bond Fund – and who are the Fund's sub-advisers? The Fund seeks a superior total rate of return by investing in fixed-income instruments. The Fund normally invests at least 80% of its net assets in U.S. dollar-denominated, fixed-income securities and other debt instruments of domestic and foreign entities, including corporate bonds, securities issued or guaranteed by the U.S. government, its agencies or instrumentalities, mortgage-backed securities and money market instruments. The Fund's sub-advisers are Western Asset Management Company Limited (WAML) and Western Asset Management Company (Western Asset). WAML manages the non-U.S. dollar denominated investments of the Fund.

How did the Fund perform during the six months ended June 30, 2007? The Fund's Class S shares returned 0.10%, trailing the 0.97% return of the Lehman Brothers^® Aggregate Bond Index, an unmanaged index of fixed-rate investment-grade securities with at least one year to maturity, combining the Lehman Brothers U.S. Government/Credit Index and the Lehman Brothers Mortgage-Backed Securities Index.

What was the investment background during the period? In the fixed-income markets, short- and intermediate-term interest rates fell in the first quarter, as the economy proved to be somewhat weaker than expected, while long-term interest rates edged higher as inflation expectations rose. The Federal Reserve ("Fed") kept its target funds rate unchanged at 5.25%, and the central banks of Australia and Canada also kept their rates steady. The Bank of England raised rates, as did the Bank of Japan and the European Central Bank. The sudden sell-off in February in the Chinese equity market rattled markets worldwide, as did the rising delinquencies and bankruptcies associated with sub-prime lending. The yield disparities ("spreads") between corporate bonds and other non-Treasuries ("credits") and U.S. Treasuries jumped during the quarter, but lower-qual ity bonds and emerging market debt generally outperformed.

Interest rates moved up significantly in the second quarter, as the economy proved stronger than anticipated and expectations of future Fed easing were largely reversed. Short-term rates rose more than long-term rates as the market recalibrated its expectations of future Fed policy, leaving the yield curve almost flat with a modestly positive slope. (The yield curve is a graphical representation of bond yields with very short maturities to the longest available, with the curve indicating whether short-term rates are higher or lower than long-term rates.)

What factors contributed to the Fund's performance? During the first quarter, the portfolio's overweight position in the mortgage-backed securities sector added to returns, as spreads stabilized and volatility subsided. The Fund's underweight exposure to investment-grade credits was also a plus, as that sector underperformed. On the other hand, an overweight to lower-quality credits hampered returns, since they underperformed as spreads widened.

Yield spreads widened significantly in the second quarter; consequently, the Fund's overweight exposure in the mortgage-backed securities sector proved to be a major drag on performance. Underweight exposure to investment-grade credits also detracted a bit, as that sector outperformed. However, spreads remained relatively stable – so the Fund's overweight exposure to lower-quality credits contributed to returns.

What is your outlook? Despite a list of concerns that includes recession, inflation, a plunging U.S. housing market, a soaring U.S. current account deficit, the collapse of sub-prime lending, and a surge in leveraged buyouts, the global financial environment has been healthy and relatively calm. Leaving headlines aside, there have been no real major threats to growth. The bottom line is that regardless of the various factors that have the potential to affect the fixed-income markets, we are confident that the Fund is positioned to navigate the variety of market conditions that may arise throughout the remainder of this year.

MassMutual Select Strategic Bond Fund – Portfolio Manager Report (Continued)

*Select Strategic Bond Fund* *Quality Structure* *(% of Net Assets) on 6/30/07*
U.S. Government, Aaa/AAA	72.1	%
Aa/AA	3.3	%
A	2.8	%
Baa/BBB	8.7	%
Ba/BB	4.6	%
B and Below	3.0	%
Equities	0.1	%
Total Long-Term Investments	94.6	%
Short-Term Investments and Other Assets and Liabilities	5.4	%
	100.0	%

MassMutual Select Strategic Bond Fund – Portfolio Manager Report (Continued)

Growth of a $10,000 Investment

Hypothetical Investments in MassMutual Select Strategic Bond Fund Class S, Class A, Class A (sales load deducted), Class Y, Class L, Class N, Class N (CDSC fees deducted) and the Lehman Brothers Aggregate Bond Index.

MassMutual Select Strategic Bond Fund
Total Return

	_Year-to-Date_{1/1/07 - 6/30/07}			_{One Year}_{7/1/06 - 6/30/07}			_{Since Inception}_{Average Annual}_{12/31/04 - 6/30/07}
Class S		0.10	%		5.90	%		2.41	%
Class A		–0.10	%		5.47	%		2.09	%
Class A (sales load deducted)*		–4.85	%		0.46	%		0.12	%
Class Y		0.00	%		5.75	%		2.36	%
Class L		0.00	%		5.69	%		2.34	%
Class N		–0.30	%		5.21	%		1.75	%
Class N (CDSC fees deducted)*		–1.30	%		4.21	%		1.75	%
Lehman Brothers Aggregate Bond Index		0.97	%		6.11	%		3.18	%

GROWTH OF $10,000 INVESTMENT SINCE INCEPTION

* Class A (sales load deducted) returns include the 4.75% maximum sales charge and Class N (CDSC fees deducted) returns include the 1.00% maximum contingent deferred sales charge for the first 18 months shown.

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 Lehman Brothers 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.

MassMutual Select Strategic Balanced Fund – Portfolio Manager Report

What is the investment objective of the MassMutual Select Strategic Balanced Fund – and who are the Fund's sub-advisers? The Fund seeks long-term capital growth, consistent with preservation of capital and balanced by current income. Three sub-advisers each manage their own portion of the Fund's assets. ClearBridge Advisors, LLC (ClearBridge) manages the equity component and Western Asset Management Company Limited (WAML) and Western Asset Management Company (Western Asset) manage the fixed-income component. WAML manages the non-U.S. dollar denominated investments of the Fund.

How did the Fund perform during the six months ended June 30, 2007? The Fund's Class S shares returned 3.84%, behind the 5.73% return of the Lipper Balanced Fund Index, an unmanaged, equally weighted index of the 30 largest mutual funds within the Lipper Balanced Category. Conversely, the Fund's 3.84% advance outperformed the 0.97% return of the Lehman Brothers^® Aggregate Bond Index, an unmanaged index of fixed-rate investment-grade securities with at least one year to maturity, combining the Lehman Brothers U.S. Government/Credit Index and the Lehman Brothers Mortgage-Backed Securities Index – but trailed the 7.11% return of the Russell 3000^® Index, which measures the performance of the 3,000 largest U.S. companies based on total market capitalization.

What was the investment background during the period? Domestic stocks showed little change during the first quarter of 2007, despite a significant increase in volatility across the board. Although the Dow Jones Industrial Average^SM ("the Dow") notched a new closing high in February, the blue-chip benchmark declined slightly for the three months ended March 31, 2007. The S&P 500^® Index finished with a small advance, as did the Nasdaq Composite^® Index ("Nasdaq"), which barely managed to post a gain for the period.

In the fixed-income markets, short- and intermediate-term interest rates fell in the first quarter, as the economy proved to be somewhat weaker than expected, while long-term interest rates edged higher as inflation expectations rose. The Federal Reserve ("Fed") kept its target funds rate unchanged at 5.25%, and the central banks of Australia and Canada also kept their rates steady. The Bank of England raised rates, as did the Bank of Japan and the European Central Bank. The sudden sell-off in February in the Chinese equity market rattled markets worldwide, as did the rising delinquencies and bankruptcies associated with sub-prime lending. The yield disparities ("spreads") between corporate bonds and other non-Treasuries ("credits") and U.S. Treasuries jumped during the quarter, but lower-quality bonds and emerging market debt generally outperformed.

What factors contributed to the Fund's performance with respect to its stock portfolio? Although the Fund trailed the Lipper Balanced Fund Index for the six months ended June 30, 2007, during this time frame, portfolio holdings in the energy and industrials sectors were substantial contributors to its relative performance. Conversely, the portfolio's investments in the financials and consumer discretionary sectors contributed the least to returns. On a stock-specific basis, the five best performers were Honeywell International Inc., Vodafone Group PLC (ADS), Alcoa Inc., Schlumberger Ltd. and Caterpillar Inc. The five largest detractors were Merrill Lynch & Co. Inc., Motorola Inc., Novellus Systems Inc., Bank of America Corp. and Interpublic Group of Cos.

MassMutual Select Strategic Balanced Fund – Portfolio Manager Report (Continued)

What factors contributed to the Fund's performance with respect to its bond portfolio? During the first quarter, the portfolio's overweight position in the mortgage-backed securities sector added to returns, as spreads stabilized and volatility subsided. The Fund's underweight exposure to investment-grade credits was also a plus, as that sector underperformed. On the other hand, an overweight to lower-quality credits hampered returns, since they underperformed as spreads widened.

What is your outlook? Despite a list of concerns that includes recession, inflation, a plunging U.S. housing market, a soaring U.S. current account deficit, the collapse of sub-prime lending and a surge in leveraged buyouts, the global financial environment has been healthy and relatively calm. Leaving headlines aside, there have been no real major threats to growth. The bottom line is that regardless of the various factors that have the potential to affect the equity and fixed-income markets, we are confident that the Fund is positioned to navigate the variety of market conditions that may arise throughout the remainder of this year.

*MassMutual Select Strategic* *Balanced Fund* *Asset Allocation* *(% of Net Assets) on 6/30/07*
Equities	59.7	%
Bonds & Notes	35.3	%
Purchased Options	0.1	%
Total Long-Term Investments	95.1	%
Short-Term Investments and Other Assets and Liabilities	4.9	%
	100.0	%

*MassMutual Select Strategic* *Balanced Fund* *Largest Stock Holdings* *(% of Net Assets) on 6/30/07*
News Corp., Inc. Cl. B	1.8	%
JP Morgan Chase & Co.	1.6	%
Pearson PLC	1.5	%
Bank of America Corp.	1.5	%
Raytheon Co.	1.5	%
Wyeth	1.4	%
Abbott Laboratories	1.4	%
Vodafone Group PLC Sponsored ADR (United Kingdom)	1.4	%
Merrill Lynch & Co., Inc.	1.4	%
Texas Instruments, Inc.	1.3	%

MassMutual Select Strategic Balanced Fund – Portfolio Manager Report (Continued)

Growth of a $10,000 Investment

Hypothetical Investments in MassMutual Select Strategic Balanced Fund Class S, Class A, Class A (sales load deducted), Class Y, Class L, Class N, Class N (CDSC fees deducted), the Lipper Balanced Fund Index, the Lehman Brothers Aggregate Bond Index and the Russell 3000 Index.

MassMutual Select Strategic Balanced Fund
Total Return

	_Year-to-Date_{1/1/07 - 6/30/07}			_{One Year}_{7/1/06 - 6/30/07}			_{Since Inception}_{Average Annual}_{12/31/03 - 6/30/07}
Class S		3.84	%		14.01	%		7.24	%
Class A		3.59	%		13.50	%		6.77	%
Class A (sales load deducted)*		–2.37	%		6.98	%		4.98	%
Class Y		3.84	%		14.04	%		7.18	%
Class L		3.67	%		13.78	%		7.01	%
Class N		3.42	%		13.18	%		6.44	%
Class N (CDSC fees deducted)*		2.42	%		12.18	%		6.44	%
Lipper Balanced Fund Index		5.73	%		15.39	%		9.04	%
Lehman Brothers Aggregate Bond Index		0.97	%		6.11	%		3.48	%
Russell 3000 Index		7.11	%		20.07	%		11.70	%

GROWTH OF $10,000 INVESTMENT SINCE INCEPTION

* Class A (sales load deducted) returns include the 5.75% maximum sales charge and Class N (CDSC fees deducted) returns include the 1.00% maximum contingent deferred sales charge for the first 18 months shown.

Investors should note that the Fund is a professionally managed mutual fund, while the Lipper Balanced Fund Index, the Lehman Brothers Aggregate Bond Index and the Russell 3000 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.

MassMutual Select Diversified Value Fund – Portfolio Manager Report

What is the investment objective of the MassMutual Select Diversified Value Fund – and who is the Fund's sub-adviser? The Fund seeks to achieve long-term growth of capital and income by investing primarily in a diversified portfolio of equity securities of larger, well-established companies. The Fund's sub-adviser is AllianceBernstein L.P. (AllianceBernstein).

How did the Fund perform during the six months ended June 30, 2007? The Fund's Class S shares returned 6.24%, in line with the 6.23% return of the Russell 1000^® Value Index, an unmanaged index representative of stocks with a greater than average value orientation among the stocks of the largest 1000 U.S. companies based on capitalization.

What was the investment background during the period? Domestic stocks showed little change during the first quarter of 2007, despite a significant increase in volatility across the board. Equity markets around the world plunged in late February and remained volatile through most of March, rocked by events ranging from a sharp sell-off in Chinese stocks to troubles in the U.S. sub-prime mortgage market. Lulled into complacency by years of solid economic and corporate-profit growth and steadily rising stocks prices, investors were suddenly reminded that market conditions can turn on a dime – and financial markets are not without risk. By quarter-end, however, equity markets had regained their composure, reassured by statements from the U.S. Federal Reserve about the outlook for economic growth and inflation, and by the ongoing merger and acqui sition boom.

After climbing to new records through May on stronger-than-expected corporate-profit news, U.S. equities retreated in June, as investors grew nervous about rising bond yields, a deepening housing slump and losses from hedge funds invested in securities linked to sub-prime mortgages. Nevertheless, the S&P 500^® Index finished the second quarter up 6.3%.

What factors contributed to the Fund's performance? The Fund's relative performance in the first quarter was hurt by our financial holdings – notably Freddie Mac, Countrywide Financial and Merrill Lynch, which underperformed amid the indiscriminate sell-off in reaction to turmoil in the sub-prime mortgage sector. Among the key contributors to the Fund's returns during the first quarter were positions in steel maker Arcelor Mittal, DaimlerChrysler and Owens-Illinois, the world's largest maker of glass bottles.

In the second quarter, the portfolio's relative returns were helped by the Fund's investments in diesel-engine maker Cummins and Owens Illinois. Conversely, relative performance was hurt by Macy's (formerly known as Federated Department Stores), Office Depot and National City.

What is your outlook? Stock valuation spreads remain compressed, limiting the value opportunity as we measure it. Since a central tenet underpinning our investment process is to keep portfolio risk proportional to the value opportunity, the portfolio's tracking error remains low versus the broad market and the Russell 1000 Value Index. Despite this environment, our extensive bottom-up research effort continues to uncover what we believe are attractive value opportunities across diverse industries.

MassMutual Select Diversified Value Fund – Portfolio Manager Report (Continued)

*MassMutual Select Diversified Value Fund* *Industry Table* *(% of Net Assets) on 6/30/07*
Oil & Gas	12.3	%
Diversified Financial	11.8	%
Insurance	10.4	%
Banks	8.7	%
Telecommunications	8.1	%
Pharmaceuticals	5.5	%
Manufacturing	5.0	%
Retail	4.1	%
Foods	3.8	%
Media	3.5	%
Electric	2.8	%
Chemicals	2.7	%
Cosmetics & Personal Care	2.0	%
Agriculture	1.9	%
Computers	1.5	%
Beverages	1.3	%
Automotive & Parts	1.2	%
Savings & Loans	1.2	%
Iron & Steel	1.1	%
Household Products	1.0	%
Aerospace & Defense	0.9	%
Packaging & Containers	0.9	%
Electronics	0.9	%
Forest Products & Paper	0.8	%
Apparel	0.8	%
Commercial Services	0.8	%
Home Builders	0.7	%
Machinery — Diversified	0.5	%
Health Care — Products	0.5	%
Software	0.4	%
Hand & Machine Tools	0.4	%
Auto Manufacturers	0.3	%
Housewares	0.3	%
Advertising	0.2	%
Toys, Games & Hobbies	0.2	%
Health Care — Services	0.1	%
Computers & Information	0.1	%
Mining	0.1	%
Total Long-Term Investments	98.8	%
Short-Term Investments and Other Assets and Liabilities	1.2	%
	100.0	%

*MassMutual Select Diversified* *Value Fund* *Largest Stock Holdings* *(% of Net Assets) on 6/30/07*
Exxon Mobil Corp.	5.7	%
Citigroup, Inc.	3.7	%
General Electric Co.	3.5	%
Bank of America Corp.	3.4	%
Pfizer, Inc.	3.0	%
Chevron Corp.	2.9	%
AT&T, Inc.	2.9	%
JP Morgan Chase & Co.	2.6	%
American International Group, Inc.	2.2	%
Verizon Communications, Inc.	2.1	%

MassMutual Select Diversified Value Fund – Portfolio Manager Report (Continued)

Growth of a $10,000 Investment

Hypothetical Investments in MassMutual Select Diversified Value Fund Class S, Class A, Class A (sales load deducted), Class Y, Class L, Class N, Class N (CDSC fees deducted) and the Russell 1000 Value Index.

MassMutual Select Diversified Value Fund
Total Return

	_Year-to-Date_{1/1/07 - 6/30/07}			_{One Year}_{7/1/06 - 6/30/07}			_{Since Inception}_{Average Annual}_{10/15/04 - 6/30/07}
Class S		6.24	%		22.43	%		16.74	%
Class A		5.96	%		21.83	%		16.17	%
Class A (sales load deducted)*		–0.13	%		14.83	%		13.66	%
Class Y		6.17	%		22.29	%		16.62	%
Class L		6.02	%		22.11	%		16.47	%
Class N		5.73	%		21.37	%		15.79	%
Class N (CDSC fees deducted)*		4.73	%		20.37	%		15.79	%
Russell 1000 Value Index		6.23	%		21.86	%		17.32	%

GROWTH OF $10,000 INVESTMENT SINCE INCEPTION

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.

MassMutual Select Fundamental Value Fund – Portfolio Manager Report

What is the investment objective of the MassMutual Select Fundamental Value Fund – and who is the Fund's sub-adviser? The Fund seeks long-term total return by investing at least 80% of its net assets in equity securities, with a focus on companies with large capitalizations (generally having market capitalizations above $2 billion). The Fund's sub-adviser is Wellington Management Company, LLP (Wellington Management).

How did the Fund perform during the six months ended June 30, 2007? The Fund's Class S shares returned 8.66%, outpacing the 6.96% return of the S&P 500^® Index, a widely recognized, unmanaged index representative of common stocks of larger capitalized U.S. companies. The Fund also outperformed the 6.23% return of the Russell 1000^® Value Index, an unmanaged index representative of stocks with a greater than average value orientation among the stocks of the largest 1000 U.S. companies based on capitalization.

Going forward, the Fund's performance will be compared to the Russell 1000 Value Index rather than the S&P 500 Index because the Russell 1000 Value Index more closely represents the Fund's investment strategy.

What was the investment background during the period? Domestic stocks showed little change during the first quarter of 2007, despite a significant increase in volatility across the board. Although the Dow Jones Industrial Average^SM ("the Dow") notched a new closing high in February, the blue-chip benchmark declined slightly for the three months ended March 31, 2007. The S&P 500 Index finished with a small advance, as did the Nasdaq Composite^® Index ("Nasdaq"), which barely managed to post a gain for the period. A depreciating U.S. dollar supported the returns of foreign stocks, helping the MSCI^® EAFE^® Index outperform its U.S. counterparts for the quarter.

What factors contributed to the Fund's performance? Stock selection was additive to benchmark-relative performance in seven of the 10 broad sectors in the first quarter of 2007. In aggregate, sector allocation aided performance, especially our underweight position in financials. Within consumer staples, we benefited from strong results from CVS/Caremark, Tyson Foods, Safeway and Supervalu. Within financials, Host Hotels & Resorts performed well, while the Fund benefited from avoiding Countrywide Financial, Fannie Mae and Washington Mutual, all of which were down significantly. Conversely, the Fund's holdings in the consumer discretionary sector detracted from relative performance. In addition, despite strong absolute returns, the portfolio's positioning in utilities detracted from performance.

In the second quarter, the Fund's stock selection contributed to performance in eight of the 10 broad sectors. Overall, sector allocation aided performance, especially the Fund's strategic positioning in financials and industrials. Within information technology, the Fund's positions in EMC and Nokia provided double-digit returns, as did Corning and Hewlett-Packard. Within financials, portfolio holdings in Nuveen Investments and ACE were both up significantly. Meanwhile, the Fund's positioning in the REIT (real estate investment trust) sector was a positive, as REITs were down on an absolute basis. Hampering the Fund's performance was the fact that its industrials holdings lagged the market's. In addition, in a turnaround from the first quarter, Host Hotels & Resorts lost value – as did Sun Microsystems and Macy's.

MassMutual Select Fundamental Value Fund – Portfolio Manager Report (Continued)

What is your outlook? In our view, economic strength is sufficient to support global corporate profit growth, although we expect a deceleration to the single digits. While commodity inflation is real and sustainable, we believe that overall inflation will remain in the 2% to 3% range. In our view, the market seems overly obsessed with capital market losses, such as in the sub-prime sector. As the market restores risk premiums toward a normalized level, these events will likely rotate through one sub-sector at a time. However, we do not expect global growth to be derailed.

*MassMutual Select Fundamental Value Fund* *Industry Table* *(% of Net Assets) on 6/30/07*
Oil & Gas	13.5	%
Banks	10.1	%
Telecommunications	9.8	%
Diversified Financial	9.5	%
Foods	5.9	%
Insurance	5.3	%
Retail	4.9	%
Manufacturing	3.9	%
Electric	3.7	%
Aerospace & Defense	3.6	%
Chemicals	3.4	%
Pharmaceuticals	3.3	%
Computers	3.3	%
Media	2.3	%
Health Care — Services	1.9	%
Building Materials	1.6	%
Health Care — Products	1.6	%
Real Estate Investment Trusts (REITS)	1.6	%
Machinery — Diversified	1.5	%
Mining	1.4	%
Beverages	1.4	%
Agriculture	1.2	%
Semiconductors	1.0	%
Cosmetics & Personal Care	0.9	%
Office Equipment/Supplies	0.8	%
Household Products	0.8	%
Forest Products & Paper	0.3	%
Total Long-Term Investments	98.5	%
Short-Term Investments and Other Assets and Liabilities	1.5	%
	100.0	%

*MassMutual Select Fundamental* *Value Fund* *Largest Stock Holdings* *(% of Net Assets) on 6/30/07*
Exxon Mobil Corp.	4.8	%
Bank of America Corp.	3.7	%
AT&T, Inc.	3.6	%
Citigroup, Inc.	3.5	%
General Electric Co.	3.0	%
Verizon Communications, Inc.	2.5	%
JP Morgan Chase & Co.	2.5	%
CVS Caremark Corp.	2.1	%
American International Group, Inc.	2.0	%
General Dynamics Corp.	1.9	%

MassMutual Select Fundamental Value Fund – Portfolio Manager Report (Continued)

Growth of a $10,000 Investment

Hypothetical Investments in MassMutual Select Fundamental Value Fund Class S, Class A, Class A (sales load deducted), Class Y, Class L, the S&P 500 Index and the Russell 1000 Value Index.

MassMutual Select Fundamental Value Fund
Total Return

	_Year-_to-Date_{1/1/07 -}_6/30/07			_One_Year_{7/1/06 -}_6/30/07			_Five_Year_Average_Annual_{7/1/02 -}_6/30/07			_Since_Inception_Average_Annual_{12/31/01 -}_6/30/07
Class S		8.66	%		22.77	%		11.54	%		8.78	%
Class A		8.39	%		22.20	%		11.05	%		8.30	%
Class A (sales load deducted)*		2.16	%		15.17	%		9.75	%		7.14	%
Class Y		8.58	%		22.67	%		11.50	%		8.72	%
Class L		8.52	%		22.43	%		11.33	%		8.57	%
S&P 500 Index		6.96	%		20.57	%		10.70	%		6.69	%
Russell 1000 Value Index		6.23	%		21.86	%		13.31	%		10.90	%

Hypothetical Investments in MassMutual Select Fundamental Value Fund Class N, Class N (CDSC fees deducted), the S&P 500 Index and the Russell 1000 Value Index.

MassMutual Select Fundamental Value Fund
Total Return

	_Year-to-Date_{1/1/07 - 6/30/07}			_{One Year}_{7/1/06 - 6/30/07}			_{Since Inception}_{Average Annual}_{12/31/02 - 6/30/07}
Class N		8.28	%		21.88	%		16.06	%
Class N (CDSC fees deducted)*		7.28	%		20.88	%		16.06	%
S&P 500 Index		6.96	%		20.57	%		14.72	%
Russell 1000 Value Index		6.23	%		21.86	%		18.05	%

GROWTH OF $10,000 INVESTMENT SINCE INCEPTION

Investors should note that the Fund is a professionally managed mutual fund, while the S&P 500 Index and the Russell 1000 Value 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.

MassMutual Select Value Equity Fund – Portfolio Manager Report

What is the investment objective of the MassMutual Select Value Equity Fund – and who is the Fund's sub-adviser? The Fund seeks long-term growth of capital by investing in securities of companies that Fund management believes are undervalued in the marketplace relative to factors such as the company's assets, sales, earnings, growth potential, or cash flow – or relative to securities of other companies in the same industry. The Fund's sub-adviser is Fidelity Management & Research Company (Fidelity).

How did the Fund perform during the six months ended June 30, 2007? The Fund's Class S shares returned 7.70%, outpacing the 6.23% return of the Russell 1000^® Value Index, an unmanaged index representative of stocks with a greater-than-average value orientation among the stocks of the largest 1000 U.S. companies based on capitalization.

What was the investment background during the period? Domestic stocks showed little change during the first quarter of 2007, despite a significant increase in volatility across the board. Markets were roiled by a mid-quarter sell-off prompted by declines in Asian markets and worries over sub-prime mortgage defaults. The broad market, as measured by the S&P 500^® Index, declined nearly 6% from high levels achieved in late February, but regained ground to finish up 0.6% for the quarter. The Federal Reserve ("Fed") continued to hold short-term interest rates steady, while emphasizing that inflation remained a concern. Major commodity prices generally rose during the quarter. Existing home sales rose nearly 4% in February relative to January but remained down almost 4% from the same period in 2006, while median sales prices declined more than 1% versus the same period a year ago. In this environment, mid-cap stocks handily outperformed small- and large-cap stocks.

During the second quarter, virtually all major domestic equity indexes turned in positive returns. The Fed continued to hold short-term interest rates steady, while emphasizing that inflation remained a threat. Long-term Treasury yields spiked more than 0.30% during the quarter, as investors feared that faster economic growth and an increase in inflation could push up interest rates globally. Instead, tamer inflation readings and attempted terrorist activity in London and Scotland pushed long-term yields downward at the end of June. Major commodity price trends were mixed: oil and copper prices advanced; gold and corn prices dropped. The downturn in the housing market continued, with both existing and new home sales and median sales prices slipping again. Home sales continued to be impacted by tighter lending standards due to sub-prime mortgage market problems and a lack of buyer confidence in the housing market. In this environment, large-c ap stocks tended to outperform their small- and mid-cap counterparts.

What factors contributed to the Fund's performance? During the first quarter of 2007, the utilities, materials and telecommunications services sectors were the best performers. Also aiding results was active stock selection in the energy, consumer staples and materials sectors – which contributed the most to the Fund's performance relative to the Russell 1000 Value Index. Conversely, the Fund's holdings in the information technology sector detracted from returns.

In the second quarter of 2007, active stock selection in the financials, utilities and energy sectors contributed the most to relative performance. The portfolio's overweight position in mortgage finance firm Fannie Mae was the greatest portfolio contributor. Fannie Mae shares gained nearly 21% when the company filed its 2005 financial reports with the SEC and reinstated its dividend payment. On the other hand, the Fund's holdings in the consumer discretionary and materials sectors detracted from performance. Specifically, an overweight position in department store Macy's was the largest hindrance, as that company's shares fell 11% on weaker-than-expected first-quarter earnings.

MassMutual Select Value Equity Fund – Portfolio Manager Report (Continued)

What is your outlook? The portfolio comprises stocks that are trading at material discounts to our assessment of their worth. As the third quarter began, the Fund had an overweight position in insurance companies, as we believe that their valuations were attractive relative to other financials – and that insurers will be less impacted in a flat yield curve environment. (The yield curve is a graphical representation of bond yields with very short maturities to the longest available, with the curve indicating whether short-term rates are higher or lower than long-term rates.) The portfolio also held an overweight position in selected independent power producers, which we believed were trading at less than replacement cost and have been recovering from a long period of overcapacity. Lastly, within financials, the portfolio held an underweight p osition in REITs (real estate investment trusts) and commercial banks. Our belief is that this positioning makes sense for the near future, given our view of what may occur.

*MassMutual Select Value Equity Fund* *Industry Table* *(% of Net Assets) on 6/30/07*
Insurance	14.7	%
Oil & Gas	13.9	%
Diversified Financial	13.4	%
Telecommunications	6.5	%
Banks	5.2	%
Electric	5.0	%
Retail	3.8	%
Pharmaceuticals	3.4	%
Manufacturing	3.0	%
Health Care — Services	3.0	%
Iron & Steel	3.0	%
Transportation	2.6	%
Agriculture	2.5	%
Cosmetics & Personal Care	2.1	%
Media	2.0	%
Machinery — Diversified	1.8	%
Aerospace & Defense	1.7	%
Computers	1.6	%
Foods	1.6	%
Electronics	0.9	%
Semiconductors	0.9	%
Home Builders	0.9	%
Airlines	0.8	%
Metal Fabricate & Hardware	0.8	%
Machinery — Construction & Mining	0.8	%
Commercial Services	0.8	%
Automotive & Parts	0.6	%
Savings & Loans	0.6	%
Beverages	0.5	%
Gas	0.5	%
Computer Related Services	0.0	%
Total Long-Term Investments	98.9	%
Short-Term Investments and Other Assets and Liabilities	1.1	%
	100.0	%

*MassMutual Select Value Equity Fund* *Largest Stock Holdings* *(% of Net Assets) on 6/30/07*
AT&T, Inc.	4.3	%
Exxon Mobil Corp.	4.3	%
Bank of America Corp.	4.1	%
Pfizer, Inc.	3.4	%
General Electric Co.	3.1	%
JP Morgan Chase & Co.	3.0	%
Fannie Mae	2.6	%
Altria Group, Inc.	2.5	%
Citigroup, Inc.	2.4	%
Marathon Oil Corp.	2.2	%

MassMutual Select Value Equity Fund – Portfolio Manager Report (Continued)

Growth of a $10,000 Investment

Hypothetical Investments in MassMutual Select Value Equity Fund Class S, Class A, Class A (sales load deducted), Class Y, Class L and the Russell 1000 Value Index.

MassMutual Select Value Equity Fund
Total Return

	_Year-_to-Date_{1/1/07 -}_6/30/07			_One_Year_{7/1/06 -}_6/30/07			_Five_Year_Average_Annual_{7/1/02 -}_6/30/07			_Since_Inception_Average_Annual_{5/1/01 -}_6/30/07
Class S		7.70	%		18.21	%		11.30	%		6.96	%
Class A		7.55	%		17.65	%		10.79	%		6.49	%
Class A (sales load deducted)*		1.36	%		10.88	%		9.49	%		5.47	%
Class Y		7.79	%		18.13	%		11.25	%		6.92	%
Class L		7.74	%		17.99	%		11.07	%		6.76	%
Russell 1000 Value Index		6.23	%		21.86	%		13.31	%		8.99	%

Hypothetical Investments in MassMutual Select Value Equity Fund Class N, Class N (CDSC fees deducted) and the Russell 1000 Value Index.

MassMutual Select Value Equity Fund
Total Return

	_Year-to-Date_{1/1/07 - 6/30/07}			_{One Year}_{7/1/06 - 6/30/07}			_{Since Inception}_{Average Annual}_{12/31/02 - 6/30/07}
Class N		7.33	%		17.27	%		15.06	%
Class N (CDSC fees deducted)*		6.33	%		16.27	%		15.06	%
Russell 1000 Value Index		6.23	%		21.86	%		18.05	%

GROWTH OF $10,000 INVESTMENT SINCE INCEPTION

MassMutual Select Large Cap Value Fund – Portfolio Manager Report

What is the investment objective of the MassMutual Select Large Cap Value Fund – and who is the Fund's sub-adviser? The Fund seeks both capital growth and income by selecting businesses that possess characteristics that the Fund's sub-adviser, Davis Selected Advisers, L.P. (Davis), believes foster the creation of long-term value – such as proven management, a durable franchise and business model, and sustainable competitive advantages.

How did the Fund perform during the six months ended June 30, 2007? The Fund's Class S shares returned 7.12%, outpacing the 6.96% return of the S&P 500^® Index, a widely recognized, unmanaged index representative of common stocks of larger capitalized U.S. companies. The Fund also outperformed the 6.23% return of the Russell 1000^® Value Index, an unmanaged index representative of stocks with a greater-than-average value orientation among the stocks of the largest 1000 U.S. companies based on capitalization.

What was the investment background during the period? Domestic stocks showed little change during the first quarter of 2007, despite a significant increase in volatility across the board. Although the Dow Jones Industrial Average^SM ("the Dow") notched a new closing high in February, the blue-chip benchmark declined slightly for the three months ended March 31, 2007. The S&P 500 Index finished with a small advance, as did the Nasdaq Composite^® Index ("Nasdaq"), which barely managed to post a gain for the period. A depreciating U.S. dollar supported the returns of foreign stocks, helping the MSCI^® EAFE^® Index outperform its U.S. counterparts for the quarter.

What factors contributed to the Fund's performance? In the first three months of 2007, the Fund's allocations to the health care and materials sectors fueled its performance – and helped to balance the results from other sectors, which were flat to modestly negative. Individual contributors during the period included Martin Marietta, EOG Resources, Vulcan Materials, Loews Corp. and CVS/Caremark (formed out of the merger between CVS and Caremark Rx in March). Conversely, the stocks that detracted most from the Fund's return in the first quarter included Harley-Davidson, American Express, Comcast, American International Group and Progressive Corp.

In the second quarter, the Fund's allocations to the financials, energy, consumer discretionary and consumer staples sectors contributed to its performance, while detractors were largely stock specific. The top individual contributors included ConocoPhillips, Amazon, American Express, Occidental Petroleum and Costco. On the downside, News Corp, Wachovia Corp., Bed Bath & Beyond, Hershey Foods and UnitedHealth Group hampered the Fund's progress the most during this period.

What is your outlook? Whatever happens in the remainder of this year and whatever styles, industries or market capitalizations move into or out of favor, we feel that the Fund's investment approach of buying durable businesses at value prices and holding them for the long term is a perennial and sensible approach for building and preserving capital.

MassMutual Select Large Cap Value Fund – Portfolio Manager Report (Continued)

*MassMutual Select Large Cap Value Fund* *Industry Table* *(% of Net Assets) on 6/30/07*
Insurance	15.4	%
Oil & Gas	12.3	%
Diversified Financial	12.2	%
Banks	8.8	%
Retail	8.3	%
Media	6.0	%
Manufacturing	4.2	%
Commercial Services	3.7	%
Agriculture	3.2	%
Software	3.0	%
Telecommunications	2.3	%
Beverages	2.1	%
Packaging & Containers	1.9	%
Computers	1.8	%
Internet	1.6	%
Leisure Time	1.5	%
Mining	1.4	%
Pharmaceuticals	1.4	%
Cosmetics & Personal Care	1.3	%
Building Materials	1.2	%
Transportation	1.1	%
Health Care — Services	0.9	%
Holding Company — Diversified	0.8	%
Coal	0.6	%
Foods	0.5	%
Electronics	0.5	%
Advertising	0.3	%
Housewares	0.3	%
Real Estate	0.1	%
Total Long-Term Investments	98.7	%
Short-Term Investments and Other Assets and Liabilities	1.3	%
	100.0	%

*MassMutual Select Large Cap Value Fund* *Largest Stock Holdings* *(% of Net Assets) on 6/30/07*
American Express Co.	4.5	%
ConocoPhillips Co.	4.5	%
Tyco International Ltd.	4.2	%
American International Group, Inc.	4.1	%
Costco Wholesale Corp.	3.8	%
JP Morgan Chase & Co.	3.8	%
Altria Group, Inc.	3.3	%
Berkshire Hathaway, Inc. Cl. A	3.2	%
Comcast Corp. Special, Cl. A	3.1	%
HSBC Holdings PLC	2.6	%

MassMutual Select Large Cap Value Fund – Portfolio Manager Report (Continued)

Growth of a $10,000 Investment

Hypothetical Investments in MassMutual Select Large Cap Value Fund Class S, Class A, Class A (sales load deducted), Class Y, Class L, the S&P 500 Index and the Russell 1000 Value Index.

MassMutual Select Large Cap Value Fund
Total Return

	_Year-_to-Date_{1/1/07 -}_6/30/07			_One_Year_{7/1/06 -}_6/30/07			_Five_Year_Average_Annual_{7/1/02 -}_6/30/07			_Since_Inception_Average_Annual_{5/1/00 -}_6/30/07
Class S		7.12	%		19.20	%		12.82	%		5.38	%
Class A		6.78	%		18.59	%		12.28	%		4.87	%
Class A (sales load deducted)*		0.64	%		11.77	%		10.96	%		4.00	%
Class Y		7.05	%		19.05	%		12.72	%		5.28	%
Class L		6.99	%		18.95	%		12.54	%		5.12	%
S&P 500 Index		6.96	%		20.57	%		10.70	%		2.16	%
Russell 1000 Value Index		6.23	%		21.86	%		13.31	%		8.63	%

Hypothetical Investments in MassMutual Select Large Cap Value Fund Class N, Class N (CDSC fees deducted), the S&P 500 Index and the Russell 1000 Value Index.

MassMutual Select Large Cap Value Fund
Total Return

	_Year-to-Date_{1/1/07 - 6/30/07}			_{One Year}_{7/1/06 - 6/30/07}			_{Since Inception}_{Average Annual}_{12/31/02 - 6/30/07}
Class N		6.69	%		18.20	%		15.37	%
Class N (CDSC fees deducted)*		5.69	%		17.20	%		15.37	%
S&P 500 Index		6.96	%		20.57	%		14.72	%
Russell 1000 Value Index		6.23	%		21.86	%		18.05	%

GROWTH OF $10,000 INVESTMENT SINCE INCEPTION

MassMutual Select Indexed Equity Fund – Portfolio Manager Report

What is the investment objective of the MassMutual Select Indexed Equity Fund – and who is the Fund's sub-adviser?
The Fund seeks to approximate as closely as practicable (before fees and expenses) the capitalization – weighted total rate of return of that portion of the U.S. market for publicly traded common stocks composed of larger-capitalized companies. The Fund pursues this objective by investing at least 80% of its net assets in the equity securities of companies that make up the S&P 500^® Index ("the Index"). The Fund's sub-adviser is Northern Trust Investments, N.A. (Northern).

How did the Fund perform during the six months ended June 30, 2007?
The Fund's Class S shares returned 6.72%, trailing the 6.96% return of the S&P 500 Index, a widely recognized, unmanaged index representative of common stocks of larger capitalized U.S. companies.

What was the investment background during the period?
Overcoming a dip in the market in February, U.S. equity markets posted positive numbers for the first half of 2007, despite negative pressures surrounding sub-prime loan defaults, rising interest rates and geopolitical conflicts in the Middle East and Asia. The S&P 500 Index closed at an all-time high in May. Ongoing merger and acquisition activity, takeover announcements and strong earnings reports also contributed to the markets' performance in the first quarter.

On January 18, 2007, crude oil prices dropped to $51 a barrel on higher-than-expected supply news. This retreat was short-lived, as oil closed higher at the end of the second quarter at around $70 per barrel. The Federal Reserve ("Fed") kept the federal funds rate unchanged at 5.25% during the second quarter. However, Federal Open Market Committee minutes pointed to inflationary pressures that have the potential to prompt the Fed to increase rates later in the year.

What factors contributed to the Fund's performance?
All but three sectors of the S&P 500 Index posted positive results for the first quarter of 2007. The utilities sector was the top performer, followed by the materials sector. The primary detractors had the heaviest weights and the lowest returns. The financials sector, which represented a significant position in the portfolio, ended the quarter in negative territory. In addition, the information technology sector, another large Index component, posted a slightly negative return. At the close of business on March 30, 2007, we incorporated into the portfolio the Index's quarterly share changes. There were 10 additions and deletions to the Index during the quarter, and we incorporated these changes into the portfolio to maintain proper tracking.

For the year-to-date period ended June 30, 2007, financials and information technology constituted the Fund's largest sector positions. During this period, the best-performing sector in the S&P 500 Index was energy, which posted a double-digit return. Conversely, the worst-performing sector, financials, ended the quarter with a slightly negative return. On June 15, 2007, quarterly share changes were incorporated into the Index. There were a total of 19 additions and deletions to the Index during the year-to-date period.

What is your outlook?
Despite the direction in which the equity markets may head throughout the remainder of the year – and the effects that certain factors, such as the price of oil, inflation, geopolitical unrest and Fed policy, may have on the markets – we believe that the Fund is positioned to strive for returns that are consistent with those of the S&P 500 Index.

MassMutual Select Indexed Equity Fund – Portfolio Manager Report (Continued)

*MassMutual Select Indexed Equity Fund* *Industry Table* *(% of Net Assets) on 6/30/07*
Oil & Gas	8.6	%
Diversified Financial	8.0	%
Telecommunications	6.3	%
Banks	6.3	%
Pharmaceuticals	5.7	%
Retail	5.5	%
Manufacturing	5.3	%
Insurance	4.9	%
Computers	4.2	%
Software	3.8	%
Electric	3.2	%
Media	3.2	%
Health Care — Products	3.0	%
Semiconductors	2.7	%
Aerospace & Defense	2.2	%
Beverages	2.0	%
Cosmetics & Personal Care	1.8	%
Foods	1.8	%
Internet	1.8	%
Transportation	1.7	%
Chemicals	1.6	%
Oil & Gas Services	1.6	%
Agriculture	1.4	%
Health Care — Services	1.4	%
Real Estate Investment Trusts (REITS)	1.2	%
Biotechnology	0.9	%
Mining	0.7	%
Commercial Services	0.7	%
Lodging	0.5	%
Electronics	0.5	%
Auto Manufacturers	0.4	%
Apparel	0.4	%
Machinery — Construction & Mining	0.4	%
Household Products	0.4	%
Pipelines	0.4	%
Savings & Loans	0.4	%
Machinery — Diversified	0.4	%
Forest Products & Paper	0.3	%
Electrical Components & Equipment	0.3	%
Iron & Steel	0.3	%
Leisure Time	0.3	%
Automotive & Parts	0.3	%
Gas	0.2	%
Office Equipment/Supplies	0.2	%
Environmental Controls	0.2	%
Home Builders	0.2	%
Advertising	0.2	%
Building Materials	0.2	%
Coal	0.2	%
Packaging & Containers	0.1	%
Metal Fabricate & Hardware	0.1	%
Home Furnishing	0.1	%
Toys, Games & Hobbies	0.1	%
Hand & Machine Tools	0.1	%
Entertainment	0.1	%
Airlines	0.1	%
Engineering & Construction	0.1	%
Housewares	0.1	%
Industrial — Distribution	0.0	%
Real Estate	0.0	%
Total Long-Term Investments	99.1	%
Short-Term Investments and Other Assets and Liabilities	0.9	%
	100.0	%

*MassMutual Select Indexed* *Equity Fund* *Largest Stock Holdings* *(% of Net Assets) on 6/30/07*
Exxon Mobil Corp.	3.5	%
General Electric Co.	2.9	%
AT&T, Inc.	1.9	%
Citigroup, Inc.	1.9	%
Microsoft Corp.	1.8	%
Bank of America Corp.	1.6	%
The Procter & Gamble Co.	1.4	%
American International Group, Inc.	1.3	%
Chevron Corp.	1.3	%
Pfizer, Inc.	1.3	%

MassMutual Select Indexed Equity Fund – Portfolio Manager Report (Continued)

Growth of a $10,000 Investment

Hypothetical Investments in MassMutual Select Indexed Equity Fund Class S, Class A, Class A (sales load deducted), Class Y and the S&P 500 Index.

MassMutual Select Indexed Equity Fund
Total Return

	_Year-_to-Date_{1/1/07 -}_6/30/07			_One_Year_{7/1/06 -}_6/30/07			_Five_Year_Average_Annual_{7/1/02 -}_6/30/07			_Since_Inception_Average_Annual_{3/1/98 -}_6/30/07
Class S		6.72	%		20.10	%		10.25	%		5.14	%
Class A		6.60	%		19.72	%		9.86	%		4.70	%
Class A (sales load deducted)*		0.47	%		12.84	%		8.56	%		4.04	%
Class Y		6.71	%		20.08	%		10.21	%		5.08	%
S&P 500 Index		6.96	%		20.57	%		10.70	%		5.59	%

Hypothetical Investments in MassMutual Select Indexed Equity Fund Class L and the S&P 500 Index.

MassMutual Select Indexed Equity Fund
Total Return

	_Year-_to-Date_{1/1/07 -}_6/30/07			_One_Year_{7/1/06 -}_6/30/07			_Five_Year_Average_Annual_{7/1/02 -}_6/30/07			_Since_Inception_Average_Annual_{7/1/99 -}_6/30/07
Class L		6.81	%		20.10	%		10.15	%		2.23	%
S&P 500 Index		6.96	%		20.57	%		10.70	%		2.79	%

GROWTH OF $10,000 INVESTMENT SINCE INCEPTION

* Class A (sales load deducted) returns include the 5.75% maximum sales charge.

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.

MassMutual Select Indexed Equity Fund – Portfolio Manager Report (Continued)

Growth of a $10,000 Investment

Hypothetical Investments in MassMutual Select Indexed Equity Fund Class Z and the S&P 500 Index.

MassMutual Select Indexed Equity Fund
Total Return

	_Year-_to-Date_{1/1/07 -}_6/30/07			_One_Year_{7/1/06 -}_6/30/07			_Five_Year_Average_Annual_{7/1/02 -}_6/30/07			_Since_Inception_Average_Annual_{5/1/01 -}_6/30/07
Class Z		6.87	%		20.33	%		10.52	%		4.66	%
S&P 500 Index		6.96	%		20.57	%		10.70	%		4.85	%

Hypothetical Investments in MassMutual Select Indexed Equity Fund Class N, Class N (CDSC fees deducted) and the S&P 500 Index.

MassMutual Select Indexed Equity Fund
Total Return

	_Year-to-Date_{1/1/07 - 6/30/07}			_{One Year}_{7/1/06 - 6/30/07}			_{Since Inception}_{Average Annual}_{12/31/02 - 6/30/07}
Class N		6.51	%		19.50	%		13.53	%
Class N (CDSC fees deducted)*		5.51	%		18.50	%		13.53	%
S&P 500 Index		6.96	%		20.57	%		14.72	%

GROWTH OF $10,000 INVESTMENT SINCE INCEPTION

* Class N (CDSC fees deducted) returns include the 1.00% maximum contingent deferred sales charge for the first 18 months shown.

MassMutual Select Core Opportunities Fund – Portfolio Manager Report

What is the investment objective of the MassMutual Select Core Opportunities Fund – and who is the Fund's sub-adviser? The Fund seeks long-term growth of capital by normally investing at least 80% of its net assets in equity securities and securities convertible into common stocks traded on U.S. exchanges and issued by large, established companies. The Fund's sub-adviser, Victory Capital Management Inc. (Victory), seeks to invest in both growth and value securities.

How did the Fund perform during the six months ended June 30, 2007? The Fund's Class S shares returned 8.38%, outpacing the 6.96% return of the S&P 500^® Index ("the Index"), a widely recognized, unmanaged index representative of common stocks of larger capitalized U.S. companies.

What was the investment background during the period? Domestic stocks showed little change during the first quarter of 2007, despite a significant increase in volatility across the board. Although the Dow Jones Industrial Average^SM ("the Dow") notched a new closing high in February, the blue-chip benchmark declined slightly for the three months ended March 31, 2007. The S&P 500 Index finished with a small advance, as did the Nasdaq Composite^® Index ("Nasdaq"), which barely managed to post a gain for the period. A depreciating U.S. dollar supported the returns of foreign stocks, helping the MSCI^® EAFE^® Index outperform its U.S. counterparts for the quarter.

What factors contributed to the Fund's performance? Capital goods was the best-performing sector within the portfolio during the first quarter, both on an absolute basis and relative to the S&P 500 Index – as well-publicized weakness within the U.S. residential construction market was offset by strength in non-residential construction. Outside of sector attribution, the most notable performance differential was capitalization. Mega-capitalization companies (those with a market capitalization of more than $50 billion) significantly underperformed the rest of the market. Despite having an underweight position relative to the S&P 500 Index, the portfolio's mega-capitalization stocks declined more than the Index, and detracted from returns. This was due in part to company-specific issues, and in part to the market's affection for mid- t o large-market capitalization companies which have exhibited better earnings growth and interest from private equity/activist shareholders.

Capital goods was once again the portfolio's best-performing sector relative to the S&P 500 Index in the second quarter. This sector has been a long-term focus for the portfolio, evidenced by the portfolio's overweight position since the fourth quarter of 2005. Since then, it has been the second-largest contributor to outperformance. Capital spending on global infrastructure, energy and mining has been extremely healthy, fueled by a higher commodity price environment, robust emerging market growth, and steady growth in developed markets. The financials sector was the worst performer during the quarter, but due to an underweight position there, an emphasis on asset managers and a private equity takeout of a large holding, the portfolio's financial securities performed much better than the Index. The Fund's preference for asset managers over banks also proved beneficial.

What is your outlook?
Despite the crosscurrents, we remain optimistic and believe the portfolio is positioned for further equity appreciation. Higher-quality and larger-capitalization companies with stellar balance sheets remain attractive and, given the strong relative earnings growth these companies provided in the first-quarter earnings season, sentiment appears to have just begun to shift in their favor. Economically sensitive sectors, such as energy and capital goods, are still a focus for the Fund and we continue to find opportunities in growth stocks, which have underperformed value for the past seven years. As corporate profits decelerate, we believe investors may be willing to pay a higher multiple for companies that can exhibit above-average earni ngs growth over the next 12 months.

MassMutual Select Core Opportunities Fund – Portfolio Manager Report (Continued)

*MassMutual Select Core Opportunities Fund* *Industry Table* *(% of Net Assets) on 6/30/07*
Semiconductors	10.3	%
Diversified Financial	7.7	%
Oil & Gas Services	7.4	%
Pharmaceuticals	7.2	%
Beverages	6.8	%
Oil & Gas	5.9	%
Manufacturing	5.8	%
Insurance	4.2	%
Internet	4.1	%
Computers	4.0	%
Machinery — Construction & Mining	3.4	%
Transportation	3.1	%
Aerospace & Defense	2.7	%
Retail	2.4	%
Cosmetics & Personal Care	2.3	%
Chemicals	2.2	%
Engineering & Construction	1.7	%
Telecommunications	1.7	%
Environmental Controls	1.6	%
Mining	1.6	%
Banks	1.5	%
Auto Manufacturers	1.4	%
Machinery — Diversified	1.4	%
Coal	1.3	%
Media	1.3	%
Electric	1.2	%
Health Care — Products	1.2	%
Building Materials	1.1	%
Home Builders	0.7	%
Commercial Services	0.3	%
Foods	0.2	%
Total Long-Term Investments	97.7	%
Short-Term Investments and Other Assets and Liabilities	2.3	%
	100.0	%

*MassMutual Select Core* *Opportunities Fund* *Largest Stock Holdings* *(% of Net Assets) on 6/30/07*
Intel Corp.	4.6	%
General Electric Co.	4.5	%
Transocean, Inc.	4.1	%
Schlumberger Ltd.	3.5	%
Caterpillar, Inc.	3.4	%
United Parcel Service, Inc. Cl. B	3.2	%
Halliburton Co.	3.1	%
The Charles Schwab Corp.	2.9	%
The Coca-Cola Co.	2.9	%
United Technologies Corp.	2.7	%

MassMutual Select Core Opportunities Fund – Portfolio Manager Report (Continued)

Growth of a $10,000 Investment

Hypothetical Investments in MassMutual Select Core Opportunities Fund Class S, Class A, Class A (sales load deducted), Class Y, Class L, Class N, Class N (CDSC fees deducted) and the S&P 500 Index.

MassMutual Select Core Opportunities Fund
Total Return

	_Year-to-Date_{1/1/07 - 6/30/07}			_{One Year}_{7/1/06 - 6/30/07}			_{Since Inception}_{3/31/06 - 6/30/07}
Class S		8.38	%		21.43	%		13.31	%
Class A		8.12	%		20.87	%		12.80	%
Class A (sales load deducted)*		1.90	%		13.92	%		7.59	%
Class Y		8.29	%		21.29	%		13.20	%
Class L		8.20	%		21.08	%		13.05	%
Class N		7.94	%		20.42	%		12.47	%
Class N (CDSC fees deducted)*		6.94	%		19.42	%		11.69	%
S&P 500 Index		6.96	%		20.57	%		14.42	%

GROWTH OF $10,000 INVESTMENT SINCE INCEPTION

* Class A (sales load deducted) returns include the 5.75% maximum sales charge and Class N (CDSC fees deducted) returns include the 1.00% maximum contingent deferred sales charge.

MassMutual Select Blue Chip Growth Fund – Portfolio Manager Report

What is the investment objective of the MassMutual Select Blue Chip Growth Fund – and who is the Fund's sub-adviser?
The Fund seeks growth of capital over the long term by normally investing at least 80% of its net assets in the common stocks of large and medium-sized blue chip growth companies. The Fund's sub-adviser is T. Rowe Price Associates, Inc. (T. Rowe Price).

How did the Fund perform during the six months ended June 30, 2007?
The Fund's Class S shares returned 8.78%, exceeding the 6.96% return of the S&P 500^® Index, a widely recognized, unmanaged index representative of common stocks of larger capitalized U.S. companies. The Fund also outpaced the 8.13% return of the Russell 1000^® Growth Index, an unmanaged index consisting of those Russell 1000 securities (representing the 1000 largest U.S. companies based on market capitalization) with greater-than-average growth orientation that tend to exhibit higher price-to-book ratios and forecasted growth values than securities in the value universe.

Going forward, the Fund's performance will be compared to the Russell 1000 Growth Index rather than the S&P 500 Index because the Russell 1000 Growth Index more closely represents the Fund's investment strategy. The Fund will retain the S&P 500 Index as its supplemental benchmark for performance comparisons.

What was the investment background during the period?
Domestic stocks showed little change during the first quarter of 2007, despite a significant increase in volatility across the board. Although the Dow Jones Industrial Average^SM ("the Dow") notched a new closing high in February, the blue-chip benchmark declined slightly for the three months ended March 31, 2007. The S&P 500 Index finished with a small advance, as did the Nasdaq Composite^® Index ("Nasdaq"), which barely managed to post a gain for the period. A depreciating U.S. dollar supported the returns of foreign stocks, helping the MSCI^® EAFE^® Index outperform its U.S. counterparts for the quarter.

U.S. stocks produced robust gains in the second quarter and moved into positive territory, as several major indexes reached record highs. Better-than-expected first quarter earnings, especially among multi-national firms, combined with signs of an economic uplift and substantial merger and acquisition activity to boost the market. The Federal Reserve's ("Fed's") steady monetary policy also benefited investor confidence. Large- and mid-cap shares outperformed small caps. Growth stocks decisively surpassed value across all market capitalizations. Energy stocks far outpaced other sectors as fuel prices soared.

What factors contributed to the Fund's performance?
For the six-month period ended June 30, 2007, the consumer discretionary sector produced the greatest relative contribution behind stock selection. Returns in this sector were slightly positive, but performance was mixed, as consumers battled high gasoline prices, higher interest rates and housing weakness. Stock selection and an overweight position in the strong-performing energy sector (compared to the benchmark Russell 1000 Growth Index) combined to contribute to the Fund's relative outperformance – as oil prices topped $70 a barrel and natural gas prices rebounded after inventory concerns in 2006 dissipated. Portfolio strength was centered in energy equipment and services companies, such as Smith International and Schlumberger, which were both top overall portfolio contributors.

Underweight positions and stock selection in the industrials and business services sectors detracted from the Fund's relative results for the year-to-date period. Machinery was the largest source of weakness. During this time frame, the Fund selectively added to positions in the industrials and business services sectors, notably in the aerospace/defense and the construction/engineering industries. The Fund's large overweight position in financials also hurt relative performance, offsetting positive stock selection within that sector. Finally, avoiding the utilities sector and holding an underweight allocation to the materials sector also hurt the portfolio's relative performance, as these were among the top-performing sectors in the benchmark for the six-month period.

MassMutual Select Blue Chip Growth Fund – Portfolio Manager Report (Continued)

What is your outlook?
Investors remain concerned about the decline in housing prices, higher energy costs, geopolitical turmoil, and the Fed's future course on interest rates. Weighing these risks, we believe the housing correction may be stubborn, but manageable, in its effects on Gross Domestic Product ("GDP") growth. We do not expect any dramatic changes in interest rates by the Fed in the near term. The prospects for corporate earnings growth and relatively stable interest rates are favorable, although valuations are not as supportive as they were last year. High-quality, consistent-growth companies, in our opinion, continue to appear attractive.

*MassMutual Select Blue Chip Growth Fund* *Industry Table* *(% of Net Assets) on 6/30/07*
Diversified Financial	12.8	%
Telecommunications	8.8	%
Pharmaceuticals	7.7	%
Software	6.8	%
Retail	6.5	%
Manufacturing	6.3	%
Semiconductors	5.4	%
Oil & Gas Services	5.3	%
Internet	5.2	%
Health Care — Services	3.8	%
Banks	3.8	%
Health Care — Products	3.2	%
Insurance	3.1	%
Computers	3.0	%
Oil & Gas	2.9	%
Biotechnology	2.0	%
Media	1.9	%
Aerospace & Defense	1.7	%
Lodging	1.5	%
Cosmetics & Personal Care	1.2	%
Chemicals	0.9	%
Engineering & Construction	0.8	%
Home Furnishing	0.8	%
Commercial Services	0.6	%
Apparel	0.6	%
Beverages	0.5	%
Entertainment	0.5	%
Transportation	0.4	%
Advertising	0.4	%
Mining	0.3	%
Machinery — Construction & Mining	0.3	%
Foods	0.2	%
Electronics	0.2	%
Household Products	0.0	%
Total Long-Term Investments	99.4	%
Short-Term Investments and Other Assets and Liabilities	0.6	%
	100.0	%

*MassMutual Select Blue Chip* *Growth Fund* *Largest Stock Holdings* *(% of Net Assets) on 6/30/07*
General Electric Co.	3.6	%
Microsoft Corp.	2.5	%
Google, Inc. Cl. A	2.5	%
Schlumberger Ltd.	2.4	%
Danaher Corp.	2.3	%
State Street Corp.	1.8	%
Cisco Systems, Inc.	1.8	%
CVS Caremark Corp.	1.8	%
Amazon.com, Inc.	1.7	%
Kohl's Corp.	1.7	%

MassMutual Select Blue Chip Growth Fund – Portfolio Manager Report (Continued)

Growth of a $10,000 Investment

Hypothetical Investments in MassMutual Select Blue Chip Growth Fund Class S, Class A, Class A (sales load deducted), Class Y, Class L, the S&P 500 Index and the Russell 1000 Growth Index.

MassMutual Select Blue Chip Growth Fund
Total Return

	_Year-to-Date_{1/1/07 -}_6/30/07			_{One Year}_{7/1/06 -}_6/30/07			_{Five Year}_Average_Annual_{7/1/02 -}_6/30/07			_Since_Inception_Average_Annual_{6/1/01 -}_6/30/07
Class S		8.78	%		20.52	%		7.70	%		1.53	%
Class A		8.51	%		19.95	%		7.17	%		1.01	%
Class A (sales load deducted)*		2.27	%		13.06	%		5.91	%		0.03	%
Class Y		8.71	%		20.35	%		7.56	%		1.40	%
Class L		8.61	%		20.25	%		7.42	%		1.27	%
S&P 500 Index		6.96	%		20.57	%		10.70	%		4.81	%
Russell 1000 Growth Index		8.13	%		19.04	%		9.28	%		1.87	%

Hypothetical Investments in MassMutual Select Blue Chip Growth Fund Class N, Class N (CDSC fees deducted), the S&P 500 Index and the Russell 1000 Growth Index.

MassMutual Select Blue Chip Growth Fund
Total Return

	_Year-to-Date_{1/1/07 - 6/30/07}			_{One Year}_{7/1/06 - 6/30/07}			_{Since Inception}_{Average Annual}_{12/31/02 - 6/30/07}
Class N		8.31	%		19.61	%		10.40	%
Class N (CDSC fees deducted)*		7.31	%		18.61	%		10.40	%
S&P 500 Index		6.96	%		20.57	%		14.72	%
Russell 1000 Growth Index		8.13	%		19.04	%		12.70	%

GROWTH OF $10,000 INVESTMENT SINCE INCEPTION

Investors should note that the Fund is a professionally managed mutual fund, while the S&P 500 Index and the Russell 1000 Growth 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.

MassMutual Select Large Cap Growth Fund – Portfolio Manager Report

What is the investment objective of the MassMutual Select Large Cap Growth Fund – and who is the Fund's sub-adviser?
The Fund seeks long-term growth of capital and future income by normally investing at least 80% of its net assets in the common stocks and securities convertible into common stocks of companies which the Fund's sub-adviser believes offer prospects for long-term growth and which, at the time of purchase, have market capitalizations of at least approximately $10 billion. The Fund's sub-adviser is AllianceBernstein L.P. (AllianceBernstein).

How did the Fund perform during the six months ended June 30, 2007?
The Fund's Class S shares returned 7.04%, moderately outperforming the 6.96% return of the S&P 500^® Index, a widely recognized, unmanaged index representative of common stocks of larger capitalized U.S. companies. In addition, the Fund lagged the 8.13% return of the Russell 1000^® Growth Index, an unmanaged index consisting of those Russell 1000 securities (representing the 1000 largest U.S. companies based on market capitalization) with greater-than-average growth orientation that tend to exhibit higher price-to-book ratios and forecasted growth values than securities in the value universe.

What was the investment background during the period? Domestic stocks showed little change during the first quarter of 2007, despite a significant increase in volatility across the board. Although the Dow Jones Industrial Average^SM ("the Dow") notched a new closing high in February, the blue-chip benchmark declined slightly for the three months ended March 31, 2007. The S&P 500 Index finished with a small advance, as did the Nasdaq Composite^® Index ("Nasdaq"), which barely managed to post a gain for the period. A depreciating U.S. dollar supported the returns of foreign stocks, helping the MSCI^® EAFE^® Index outperform its U.S. counterparts for the quarter.

The U.S. stock market was inconsistent in the second quarter, with gains in April and May being partially offset by a pullback in June. Nevertheless, most major indexes ended solidly ahead for the time frame. Market moves were driven largely by economic indicators that suggested U.S. Gross Domestic Product ("GDP") growth, which appeared to have bottomed out in the first quarter, would show renewed strength in the second quarter. At first the market seemed heartened by the news of the economy's resilience, as corporate earnings held up better than expected. However, continued signs of strength prompted fears that the U.S. Federal Reserve might resume its tightening and add to the pressure on earnings growth – instead of starting to cut interest rates as previously expected.

What factors contributed to the Fund's performance? During the first quarter, the Fund benefited from strong stock selection in the health care sector – specifically, portfolio holdings in Alcon and Gilead. On the other hand, stock selection within the consumer discretionary and consumer staples sectors was the largest detractor from performance, as the Fund's positions in Comcast, Time Warner and Procter & Gamble hampered its progress. Sector allocation was a slight detractor from the Fund's returns in the first quarter. Specifically, the portfolio's overweight position in the financials sector, which was the worst performer, and a small underweight position in the strong-performing utilities sector, hindered the Fund.

In the second quarter, weak stock selection in the information technology sector detracted from returns, as the Fund's investments in Network Appliance, Broadcom and Sun Microsystems disappointed. On the positive side, stock selection within the materials and industrials sectors proved the largest contributor to second-quarter results, as the Fund's positions in agricultural product manufacturer Monsanto and industrial contractor Fluor contributed to relative performance. While the information technology sector as a whole was a detractor, Apple and Google contributed to performance. The portfolio also received a boost from its underweight allocation to the consumer staples sector, which was one of the worst-performing sectors for the period.

MassMutual Select Large Cap Growth Fund – Portfolio Manager Report (Continued)

What is your outlook? While we have been seeing a steady progression toward growth leadership for a number of quarters, what has been missing is investor willingness to reward, to the usual degree, those companies outpacing consensus expectations. But upside earnings surprise, which has been unusually plentiful in recent years, is unlikely to remain so. We therefore expect that companies that are able to continue to outpace earnings will be more richly rewarded.

*MassMutual Select Large Cap Growth Fund* *Industry Table* *(% of Net Assets) on 6/30/07*
Diversified Financial	17.3	%
Computers	10.4	%
Pharmaceuticals	9.4	%
Internet	7.8	%
Telecommunications	5.5	%
Aerospace & Defense	4.7	%
Retail	4.4	%
Health Care — Services	4.3	%
Oil & Gas Services	3.9	%
Lodging	3.6	%
Media	3.6	%
Cosmetics & Personal Care	3.6	%
Software	3.4	%
Biotechnology	3.3	%
Chemicals	2.9	%
Health Care — Products	2.4	%
Semiconductors	2.2	%
Manufacturing	1.2	%
Apparel	1.2	%
Insurance	1.1	%
Beverages	1.1	%
Engineering & Construction	0.7	%
Transportation	0.5	%
Commercial Services	0.5	%
Foods	0.4	%
Machinery — Diversified	0.3	%
Total Long-Term Investments	99.7	%
Short-Term Investments and Other Assets and Liabilities	0.3	%
	100.0	%

*MassMutual Select Large Cap* *Growth Fund* *Largest Stock Holdings* *(% of Net Assets) on 6/30/07*
Google, Inc. Cl. A	5.6	%
Apple, Inc.	5.1	%
WellPoint, Inc.	4.3	%
Cisco Systems, Inc.	3.9	%
Chicago Mercantile Exchange Holdings, Inc.	3.5	%
Comcast Corp. Special, Cl. A	3.3	%
Boeing Co.	3.3	%
Hewlett-Packard Co.	3.1	%
Franklin Resources, Inc.	3.0	%
Gilead Sciences, Inc.	2.9	%

MassMutual Select Large Cap Growth Fund – Portfolio Manager Report (Continued)

Growth of a $10,000 Investment

Hypothetical Investments in MassMutual Select Large Cap Growth Fund Class S, Class A, Class A (sales load deducted), Class Y, Class L, the S&P 500 Index and the Russell 1000 Growth Index.

MassMutual Select Large Cap Growth Fund
Total Return

	_Year-to-Date_{1/1/07 -}_6/30/07			_{One Year}_{7/1/06 -}_6/30/07			_{Five Year}_Average_Annual_{7/1/02 -}_6/30/07			_Since_Inception_Average_Annual_{12/31/01 -}_6/30/07
Class S		7.04	%		15.72	%		7.51	%		2.19	%
Class A		6.78	%		15.27	%		7.06	%		1.72	%
Class A (sales load deducted)*		0.64	%		8.64	%		5.80	%		0.63	%
Class Y		6.87	%		15.70	%		7.45	%		2.10	%
Class L		6.80	%		15.43	%		7.58	%		2.20	%
S&P 500 Index		6.96	%		20.57	%		10.70	%		6.69	%
Russell 1000 Growth Index		8.13	%		19.04	%		9.28	%		3.62	%

Hypothetical Investments in MassMutual Select Large Cap Growth Fund Class N, Class N (CDSC fees deducted), the S&P 500 Index and the Russell 1000 Growth Index.

MassMutual Select Large Cap Growth Fund
Total Return

	_Year-to-Date_{1/1/07 - 6/30/07}			_{One Year}_{7/1/06 - 6/30/07}			_{Since Inception}_{Average Annual}_{12/31/02 - 6/30/07}
Class N		6.59	%		14.85	%		10.62	%
Class N (CDSC fees deducted)*		5.59	%		13.85	%		10.62	%
S&P 500 Index		6.96	%		20.57	%		14.72	%
Russell 1000 Growth Index		8.13	%		19.04	%		12.70	%

GROWTH OF $10,000 INVESTMENT SINCE INCEPTION

MassMutual Select Growth Equity Fund – Portfolio Manager Report

What is the investment objective of the MassMutual Select Growth Equity Fund – and who is the Fund's sub-adviser? This Fund seeks long-term growth of capital and future income by normally investing at least 80% of its net assets in the common stocks and securities convertible into common stocks of companies which the Fund's sub-adviser, Grantham, Mayo, Van Otterloo & Co. LLC (GMO), believes offer prospects for long-term growth.

How did the Fund perform during the six months ended June 30, 2007? The Fund's Class S shares returned 5.19%, lagging the 6.96% return of the S&P 500^® Index, a widely recognized, unmanaged index representative of common stocks of larger capitalized U.S. companies. The Fund also lagged the 8.13% return of the Russell 1000^® Growth Index, an unmanaged index consisting of those Russell 1000 securities (representing the 1000 largest U.S. companies based on market capitalization) with greater-than-average growth orientation that tend to exhibit higher price-to-book ratios and forecasted growth values than securities in the value universe.

What was the investment background during the period? Domestic stocks showed little change during the first quarter of 2007, despite a significant increase in volatility across the board. Although the Dow Jones Industrial Average^SM ("the Dow") notched a new closing high in February, the blue-chip benchmark declined slightly for the three months ended March 31, 2007. The S&P 500 Index finished with a small advance, as did the Nasdaq Composite^® Index ("Nasdaq"), which barely managed to post a gain for the period. A depreciating U.S. dollar supported the returns of foreign stocks, helping the MSCI^® EAFE^® Index outperform its U.S. counterparts for the quarter.

What factors contributed to the Fund's performance? The portfolio's concentration in high-quality stocks – at the expense of their low-quality counterparts – detracted from returns in the first quarter of 2007. Of the portfolio's investment disciplines (valuation and momentum), momentum benefited performance during the period, whereas valuation detracted. The majority of the negative performance in the valuation discipline came in March, as investors regrouped following the market's late-February decline and once again turned their attention to low-quality, high-volatility stocks. Conversely, the momentum portfolio added to the Fund's returns, since the broad market was rising in January and most of February. After hindering the Fund's progress in the late-February decline, momentum resumed its favorable performance in March, with a pos itive finish for the first quarter. Sector selection was a positive influence on results, aided by the Fund's positions in the oil/gas and retail stores sectors and de-emphasis of technology. The Fund's relative positions in the machinery, services and utility sectors all detracted from performance.

The Fund's valuation discipline fared particularly poorly in April before stabilizing somewhat in May and June. On the other hand, the momentum portfolio declined steadily throughout the period. Sector selection detracted from the portfolio's returns, although holdings in the oil/gas, construction and automotive sectors contributed to returns. On the downside, the strategy's overall positioning in retail stores, technology and machinery detracted from the Fund's performance. In addition, stock selection provided mixed results for the quarter: Selections in the services and construction sectors added to returns, while the Fund's holdings in technology, retail stores and financials were among those detracting.

What is your outlook? Quarterly earnings announcements gave the market a boost in the second quarter, but it remains to be seen whether this scenario will be repeated. While the bullish bias in market sentiment has proven difficult to break thus far, the continued run has stretched current conditions to even greater extremes. The third quarter will tell if the June decline is the beginning of something larger—or if the bulls can regain the upper hand.

MassMutual Select Growth Equity Fund – Portfolio Manager Report (Continued)

*MassMutual Select Growth Equity Fund* *Industry Table* *(% of Net Assets) on 6/30/07*
Retail	18.1	%
Computers	8.4	%
Pharmaceuticals	7.9	%
Software	7.5	%
Health Care — Products	6.2	%
Oil & Gas	5.6	%
Telecommunications	4.6	%
Media	3.9	%
Insurance	3.3	%
Diversified Financial	2.7	%
Health Care — Services	2.4	%
Apparel	2.4	%
Foods	2.0	%
Beverages	1.7	%
Manufacturing	1.7	%
Aerospace & Defense	1.6	%
Leisure Time	1.2	%
Chemicals	1.2	%
Semiconductors	1.2	%
Auto Manufacturers	1.1	%
Commercial Services	1.1	%
Lodging	1.1	%
Transportation	1.0	%
Electric	0.9	%
Agriculture	0.9	%
Electronics	0.8	%
Household Products	0.8	%
Electrical Components & Equipment	0.8	%
Internet	0.7	%
Toys, Games & Hobbies	0.6	%
Building Materials	0.6	%
Cosmetics & Personal Care	0.4	%
Computers & Information	0.4	%
Metal Fabricate & Hardware	0.3	%
Home Builders	0.3	%
Packaging & Containers	0.3	%
Automotive & Parts	0.3	%
Machinery — Diversified	0.3	%
Advertising	0.2	%
Environmental Controls	0.2	%
Banks	0.2	%
Office Equipment/Supplies	0.1	%
Industrial — Distribution	0.1	%
Mining	0.1	%
Hand & Machine Tools	0.1	%
Home Furnishing	0.1	%
Iron & Steel	0.1	%
Biotechnology	0.1	%
Gas	0.0	%
Investment Companies	0.0	%
Computer Related Services	0.0	%
Textiles	0.0	%
Total Long-Term Investments	97.6	%
Short-Term Investments and Other Assets and Liabilities	2.4	%
	100.0	%

*MassMutual Select Growth* *Equity Fund* *Largest Stock Holdings* *(% of Net Assets) on 6/30/07*
Microsoft Corp.	3.7	%
Exxon Mobil Corp.	3.3	%
Merck & Co., Inc.	3.3	%
Cisco Systems, Inc.	3.2	%
International Business Machines Corp.	3.1	%
Johnson & Johnson	2.6	%
The Home Depot, Inc.	2.6	%
Wal-Mart Stores, Inc.	2.6	%
Oracle Corp.	2.0	%
Dell, Inc.	1.9	%

MassMutual Select Growth Equity Fund – Portfolio Manager Report (Continued)

Growth of a $10,000 Investment

Hypothetical Investments in MassMutual Select Growth Equity Fund Class S, Class A, Class A (sales load deducted), Class Y, Class L, the S&P 500 Index and the Russell 1000 Growth Index.

MassMutual Select Growth Equity Fund
Total Return

	_Year-to-Date_{1/1/07 -}_6/30/07			_{One Year}_{7/1/06 -}_6/30/07			_{Five Year}_Average_Annual_{7/1/02 -}_6/30/07			_Since_Inception_Average_Annual_{5/3/99 -}_6/30/07
Class S		5.19	%		13.11	%		4.91	%		-0.55	%
Class A		4.93	%		12.56	%		4.44	%		-1.00	%
Class A (sales load deducted)*		-1.11	%		6.08	%		3.21	%		-1.72	%
Class Y		5.21	%		13.03	%		4.85	%		-0.62	%
Class L		5.12	%		12.88	%		4.70	%		-0.75	%
S&P 500 Index		6.96	%		20.57	%		10.70	%		3.11	%
Russell 1000 Growth Index		8.13	%		19.04	%		9.28	%		-0.59	%

Hypothetical Investments in MassMutual Select Growth Equity Fund Class N, Class N (CDSC fees deducted), the S&P 500 Index and the Russell 1000 Growth Index.

MassMutual Select Growth Equity Fund
Total Return

	_Year-to-Date_{1/1/07 - 6/30/07}			_{One Year}_{7/1/06 - 6/30/07}			_{Since Inception}_{Average Annual}_{12/31/02 - 6/30/07}
Class N		4.88	%		12.33	%		7.67	%
Class N (CDSC fees deducted)*		3.88	%		11.33	%		7.67	%
S&P 500 Index		6.96	%		20.57	%		14.72	%
Russell 1000 Growth Index		8.13	%		19.04	%		12.70	%

GROWTH OF $10,000 INVESTMENT SINCE INCEPTION

MassMutual Select Aggressive Growth Fund – Portfolio Manager Report

What is the investment objective of the MassMutual Select Aggressive Growth Fund – and who are the Fund's sub-advisers? The Fund seeks long-term capital appreciation by investing primarily in U.S. common stocks and other equity securities. The Fund's sub-advisers are Sands Capital Management, LLC (Sands Capital) and Delaware Management Company (Delaware). Each sub-adviser is responsible for a portion of the portfolio, but not necessarily equal weighted.

How did the Fund perform during the six months ended June 30, 2007? The Fund's Class S shares returned 6.87%, moderately underperforming the 6.96% return of the S&P 500^® Index, a widely recognized, unmanaged index representative of common stocks of larger capitalized U.S. companies. The Fund also lagged the 8.13% return of the Russell 1000^® Growth Index, an unmanaged index consisting of those Russell 1000 securities (representing the 1000 largest U.S. companies based on market capitalization) with greater-than-average growth orientation that tend to exhibit higher price-to-book ratios and forecasted growth values than securities in the value universe.

What was the investment background during the period? U.S. stocks finished practically flat through the end of the first quarter of 2007, after suffering significant volatility that had been missing during the steady run-up of late 2006. On February 27, the S&P 500 Index fell 3.5%, triggered partially by a steep decline in the Chinese market earlier that day. With sub-prime lender troubles making headlines, many investors appeared to fear the onset of a credit crunch and a general shift away from risky assets like emerging markets and high-yield debt. At the end of the quarter, the full effects of a faltering sub-prime mortgage industry remained unknown, but the stock market had recovered from its March 5 lows.

Most U.S. stock indexes advanced in the second quarter, with some setting records along the way. Stocks rode a wave of optimism over corporate earnings early in the quarter and later overcame short periods of increased volatility associated with investor concerns about soft retail sales, rising interest rates, inflation, the housing market and sub-prime mortgages. During this time frame, the housing market remained depressed, and long-term interest rates moved decisively higher. Crude oil surged to close the quarter near $70 per barrel. Despite gains by the major domestic averages, the now almost five-year-old bull market in stocks did begin to show signs of weakness when risks related to mortgage-lending practices became news and performance turned volatile in June.

What factors contributed to the Fund's performance? In a continuation from 2006, cyclical sectors, such as utilities and energy, were among the leading performers of the Russell 1000 Growth Index during the first quarter. The Fund doesn't generally invest in businesses where commodity pricing drives most of the economics and upside of a company. This ordinarily precludes purchases in stocks such as those in the utilities and energy sectors. Where the Fund did find value during the first quarter was from certain holdings in the health care, consumer discretionary, information technology and financial services sectors. Conversely, specific holdings in the consumer discretionary, financial services and health care sectors hampered the Fund's performance in the first quarter.

The second quarter also continued a trend that began last summer, when some of the Index's best-performing sectors were traditional cyclical sectors, such as energy, materials and integrated oils. While they comprise a relatively small percentage of the Index, those sectors had outsized returns relative to the Russell 1000 Growth benchmark – in some cases, almost double the Index return. The Fund generally avoids investing in stocks in those sectors where the direction and magnitude of an economic cycle is the key driver of the company's results. Conversely, the Fund tends to own businesses that have a unique, sustainable competitive advantage that helps them to navigate through various economic cycles and whose returns are not subject to the cyclical swings in an underlying

MassMutual Select Aggressive Growth Fund – Portfolio Manager Report (Continued)

commodity price. Consequently, the Fund had difficulty keeping up with the Index for the quarter, despite having solid first-quarter earnings results from its portfolio holdings. Performance drivers in the second quarter were on a stock-specific level. Holdings in the information technology, consumer discretionary, utilities, energy and financial services sectors contributed to the Fund's results. Laggards for the period came from certain of the Fund's investments in consumer discretionary, health care and information technology.

What is your outlook? We will continue to keep a watchful eye on the various factors that have had a strong influence over the markets in recent cycles – specifically, housing and oil prices, inflation, geopolitical actions and Federal Reserve policy. While no one can be sure precisely how these factors will affect the equity markets in 2007, we are confident that the Fund is positioned to handle the wide array of market conditions that investors could face throughout the remainder of the year.

*MassMutual Select Aggressive Growth Fund* *Industry Table* *(% of Net Assets) on 6/30/07*
Internet	12.2	%
Retail	11.8	%
Diversified Financial	10.0	%
Telecommunications	9.0	%
Biotechnology	8.7	%
Health Care — Products	8.4	%
Computers	7.3	%
Pharmaceuticals	6.7	%
Oil & Gas Services	6.3	%
Commercial Services	4.6	%
Software	4.1	%
Transportation	3.1	%
Semiconductors	2.8	%
Health Care — Services	0.9	%
Cosmetics & Personal Care	0.8	%
Chemicals	0.8	%
Lodging	0.7	%
Entertainment	0.7	%
Total Long-Term Investments	98.9	%
Short-Term Investments and Other Assets and Liabilities	1.1	%
	100.0	%

*MassMutual Select Aggressive* *Growth Fund* *Largest Stock Holdings* *(% of Net Assets) on 6/30/07*
Google, Inc. Cl. A	9.0	%
Genentech, Inc.	5.2	%
IntercontinentalExchange, Inc.	5.2	%
Apple, Inc.	5.1	%
Chicago Mercantile Exchange Holdings, Inc.	4.8	%
Qualcomm, Inc.	4.6	%
Allergan, Inc.	4.4	%
Starbucks Corp.	4.4	%
Schlumberger Ltd.	4.2	%
America Movil SAB de CV Sponsored ADR (Mexico)	4.1	%

MassMutual Select Aggressive Growth Fund – Portfolio Manager Report (Continued)

Growth of a $10,000 Investment

Hypothetical Investments in MassMutual Select Aggressive Growth Fund Class S, Class A, Class A (sales load deducted), Class Y, Class L, the S&P 500 Index and the Russell 1000 Growth Index.

MassMutual Select Aggressive Growth Fund
Total Return

	_Year-to-Date_{1/1/07 -}_6/30/07			_{One Year}_{7/1/06 -}_6/30/07			_{Five Year}_Average_Annual_{7/1/02 -}_6/30/07			_Since_Inception_Average_Annual_{5/1/00 -}_6/30/07
Class S		6.87	%		10.95	%		8.30	%		–5.41	%
Class A		6.60	%		10.43	%		7.74	%		–5.88	%
Class A (sales load deducted)*		0.47	%		4.08	%		6.47	%		–6.66	%
Class Y		6.75	%		10.85	%		8.19	%		–5.51	%
Class L		6.65	%		10.77	%		8.04	%		–5.64	%
S&P 500 Index		6.96	%		20.57	%		10.70	%		2.16	%
Russell 1000 Growth Index		8.13	%		19.04	%		9.28	%		-3.99	%

Hypothetical Investments in MassMutual Select Aggressive Growth Fund Class N, Class N (CDSC fees deducted), the S&P 500 Index and the Russell 1000 Growth Index.

MassMutual Select Aggressive Growth Fund
Total Return

	_Year-to-Date_{1/1/07 - 6/30/07}			_{One Year}_{7/1/06 - 6/30/07}			_{Since Inception}_{Average Annual}_{12/31/02 - 6/30/07}
Class N		6.21	%		9.90	%		12.21	%
Class N (CDSC fees deducted)*		5.21	%		8.90	%		12.21	%
S&P 500 Index		6.96	%		20.57	%		14.72	%
Russell 1000 Growth Index		8.13	%		19.04	%		12.70	%

GROWTH OF $10,000 INVESTMENT SINCE INCEPTION

MassMutual Select OTC 100 Fund – Portfolio Manager Report

What is the investment objective of the MassMutual Select OTC 100 Fund – and who is the Fund's sub-adviser? The Fund seeks to approximate, as closely as practicable (before fees and expenses), the total return of the 100 largest publicly traded over-the-counter common stocks. The Fund pursues this objective by investing at least 80% of its net assets in the equity securities of companies included in the NASDAQ 100 Index^® ("the Index"), which is generally recognized as representative of the over-the-counter market. The Fund's sub-adviser is Northern Trust Investments, N.A. (Northern).

How did the Fund perform during the six months ended June 30, 2007? The Fund's Class S shares returned 9.98%, modestly underperforming the 10.09% return of the NASDAQ 100 Index. The NASDAQ 100 Index is a modified capitalization-weighted index composed of the 100 largest non-financial companies listed on the National Association of Securities Dealers Automated Quotations System (NASDAQ).

What was the investment background during the period? Overcoming a dip in the market in February, U.S. equity markets posted positive numbers for the first half of 2007, despite negative pressures surrounding sub-prime loan defaults, rising interest rates and geopolitical conflicts in the Middle East and Asia. The S&P 500^® Index closed at an all-time high in May. Ongoing merger and acquisition activity, takeover announcements and strong earnings reports also contributed to the markets' performance in the first quarter.

What factors contributed to the Fund's performance? In the first quarter of 2007, the telecommunication services sector (which represents a small position in the Index) turned in the strongest performance for the quarter. Another notable contribution came from the industrials sector. The Index's largest sector position, information technology, posted a very small return.

No individual sectors detracted from the Fund's total return in the second quarter, but the portfolio's underperforming stocks included Starbucks, Yahoo!, Network Appliance and Cognizant Technology.

For the overall year-to-date period ended June 30, 2007, information technology, which represented more than 60% of the Index, turned in a double-digit advance. Consumer Discretionary and Health Care, with a combined weight of 28% in the Index, lagged other sectors, negatively affecting the performance of the Index and the Fund.

What is your outlook? Numerous forces will continue to influence the direction that the market takes throughout the remainder of 2007. These include the price of oil, inflation, geopolitical unrest and Fed policy. We believe, however, that the Fund continues to be positioned to pursue returns that are consistent with those of the NASDAQ 100 Index.

MassMutual Select OTC 100 Fund – Portfolio Manager Report (Continued)

*MassMutual Select OTC 100 Fund* *Industry Table* *(% of Net Assets) on 6/30/07*
Computers	15.6	%
Software	15.0	%
Internet	13.1	%
Telecommunications	12.3	%
Semiconductors	10.5	%
Retail	6.1	%
Biotechnology	5.8	%
Pharmaceuticals	5.2	%
Media	4.3	%
Health Care — Products	1.9	%
Auto Manufacturers	1.5	%
Electronics	1.3	%
Commercial Services	1.3	%
Transportation	1.0	%
Lodging	0.6	%
Airlines	0.5	%
Textiles	0.5	%
Computers & Information	0.4	%
Machinery — Construction & Mining	0.4	%
Chemicals	0.3	%
Foods	0.3	%
Advertising	0.3	%
Oil & Gas	0.3	%
Total Long-Term Investments	98.5	%
Short-Term Investments and Other Assets and Liabilities	1.5	%
	100.0	%

*MassMutual Select* *OTC 100 Fund* *Largest Stock Holdings* *(% of Net Assets) on 6/30/07*
Apple, Inc.	8.8	%
Microsoft Corp.	5.8	%
Qualcomm, Inc.	5.2	%
Google, Inc. Cl. A	4.4	%
Cisco Systems, Inc.	3.6	%
Intel Corp.	2.9	%
Oracle Corp.	2.5	%
Comcast Corp. Cl. A	2.4	%
Research In Motion Ltd.	2.2	%
Gilead Sciences, Inc.	2.1	%

MassMutual Select OTC 100 Fund – Portfolio Manager Report (Continued)

Growth of a $10,000 Investment

Hypothetical Investments in MassMutual Select OTC 100 Fund Class S, Class A, Class A (sales load deducted), Class Y, Class L and the NASDAQ 100 Index.

MassMutual Select OTC 100 Fund
Total Return

	_Year-_to-Date_{1/1/07 -}_6/30/07			_One_Year_{7/1/06 -}_6/30/07			_Five_Year_Average_Annual_{7/1/02 -}_6/30/07			_Since_Inception_Average_Annual_{5/1/00 -}_6/30/07
Class S		9.98	%		22.77	%		12.88	%		–9.26	%
Class A		9.59	%		22.14	%		12.22	%		–9.72	%
Class A (sales load deducted)*		3.29	%		15.11	%		10.90	%		–10.46	%
Class Y		10.07	%		22.69	%		12.68	%		–9.37	%
Class L		9.91	%		22.61	%		12.54	%		–9.49	%
NASDAQ 100 Index		10.09	%		22.78	%		12.96	%		–8.90	%

Hypothetical Investments in MassMutual Select OTC 100 Fund Class N, Class N (CDSC fees deducted) and the NASDAQ 100 Index.

MassMutual Select OTC 100 Fund
Total Return

	_Year-to-Date_{1/1/07 - 6/30/07}			_{One Year}_{7/1/06 - 6/30/07}			_{Since Inception}_{Average Annual}_{12/31/02 - 6/30/07}
Class N		9.51	%		21.65	%		14.89	%
Class N (CDSC fees deducted)*		8.51	%		20.65	%		14.89	%
NASDAQ 100 Index		10.09	%		22.78	%		16.21	%

GROWTH OF A $10,000 INVESTMENT SINCE INCEPTION

Investors should note that the Fund is a professionally managed mutual fund, while the NASDAQ 100 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.

MassMutual Select Focused Value Fund – Portfolio Manager Report

What is the investment objective of the MassMutual Select Focused Value Fund – and who are the Fund's sub-advisers? The Fund seeks growth of capital over the long term by investing primarily in a non-diversified portfolio of U.S. equity securities. As a non-diversified fund, the Fund is not limited in the percentage of its assets that it may invest in any one company. (This means that the Fund may hold larger positions in a smaller number of stocks than a diversified fund. As a result, an increase or decrease in value of a single stock could have a greater impact on the Fund's net asset value and its total return.)

The Fund is managed by two sub-advisers, each being responsible for a portion of the portfolio, but not necessarily equal weighted. The sub-advisers are Harris Associates L.P. (Harris) and Cooke & Bieler, L.P. (Cooke & Bieler).

How did the Fund perform during the six months ended June 30, 2007? The Fund's Class S shares returned 11.08%, outpacing the 8.68% return of the Russell 2500^TM Index, a widely recognized, unmanaged index representative of common stocks of mid-capitalized U.S. companies. The Fund also outperformed the 7.18% return of the Russell 1000^® Index, a widely recognized, unmanaged index representing the performance of common stocks of larger capitalized U.S. companies.

Going forward, the Fund's performance will be compared to the Russell 1000 Index rather than the Russell 2500 Index because the Russell 1000 Index more closely represents the Fund's investment strategy.

What was the investment background during the period? Domestic stocks showed little change during the first quarter of 2007, despite a significant increase in volatility across the board. Although the Dow Jones Industrial Average^SM ("the Dow") notched a new closing high in February, the blue-chip benchmark declined slightly for the three months ended March 31, 2007. The S&P 500^® Index finished with a small advance, as did the Nasdaq Composite^® Index ("Nasdaq"), which barely managed to post a gain for the period.

What factors contributed to the Fund's performance? There is no question that the Fund benefited from takeover activity in the first quarter of 2007. Two holdings, American Power Conversion and Aramark, were eliminated from the portfolio after their acquisitions, which were announced in 2006, had been consummated. In addition, two other portfolio holdings, Dollar General and Catalina Marketing, announced that they, too, would be acquired – sending both stocks higher and placing them among the portfolio's top contributors to performance for the quarter. Other holdings that added to the Fund's bottom line were Tiffany, Discovery Holding and Sprint Nextel. On the downside, Lennar, Time Warner and Dell had a negative impact on the Fund's performance during the period.

In the second quarter, two more portfolio holdings, CDW Corporation and Guitar Centers, became the subject of takeovers. Consequently, these two stocks were top contributors to the Fund's results. In addition, in a departure from recent trends, the Fund's sector weights contributed significantly to its outperformance. Specifically, the portfolio's underweighted positions in utilities and REITs (real estate investment trusts) helped to drive results, as these interest-sensitive sectors performed poorly. In addition, an overweight position in industrials was a noteworthy contributor to the Fund's positive results. Conversely, the portfolio experienced a modest drag from its underweight position in the energy sector. The Fund's holdings in Hain Celestial, Zale Corporation, Lennar and Virgin Media also detracted from performance.

MassMutual Select Focused Value Fund – Portfolio Manager Report (Continued)

What is your outlook? While we recognize that further upheaval in the bond markets could spread to equity markets, we believe that investors could potentially view U.S. equities as the attractive asset class once again – because balance sheets, cash flow, dividends and buyback activity all remain favorable.

*MassMutual Select Focused Value Fund* *Industry Table* *(% of Net Assets) on 6/30/07*
Retail	14.3	%
Semiconductors	11.7	%
Media	10.8	%
Computers	9.4	%
Telecommunications	7.6	%
Diversified Financial	7.4	%
Chemicals	4.5	%
Banks	4.4	%
Leisure Time	3.6	%
Insurance	2.6	%
Transportation	2.3	%
Home Builders	2.3	%
Software	1.7	%
Manufacturing	1.6	%
Electronics	1.2	%
Foods	1.2	%
Advertising	1.0	%
Commercial Services	1.0	%
Machinery — Diversified	1.0	%
Electrical Components & Equipment	0.9	%
Health Care — Services	0.8	%
Real Estate Investment Trusts (REITS)	0.6	%
Computers & Information	0.5	%
Textiles	0.5	%
Office Furnishings	0.5	%
Apparel	0.4	%
Entertainment	0.3	%
Beverages	0.3	%
Pharmaceuticals	0.3	%
Oil & Gas	0.3	%
Total Long-Term Investments	95.0	%
Short-Term Investments and Other Assets and Liabilities	5.0	%
	100.0	%

*MassMutual Select Focused* *Value Fund* *Largest Stock Holdings* *(% of Net Assets) on 6/30/07*
Intel Corp.	4.7	%
McDonald's Corp.	4.5	%
Hewlett-Packard Co.	4.4	%
Dell, Inc.	4.3	%
Yum! Brands, Inc.	4.2	%
Tiffany & Co.	4.2	%
Mellon Financial Corp.	3.9	%
National Semiconductor Corp.	3.9	%
Sprint Nextel Corp.	3.9	%
JP Morgan Chase & Co.	3.8	%

MassMutual Select Focused Value Fund – Portfolio Manager Report (Continued)

Growth of a $10,000 Investment

Hypothetical Investments in MassMutual Select Focused Value Fund Class S, Class A, Class A (sales load deducted), Class Y, Class L, the Russell 2500 Index and the Russell 1000 Index.

MassMutual Select Focused Value Fund
Total Return

	_Year-_to-Date_{1/1/07 -}_6/30/07			_One_Year_{7/1/06 -}_6/30/07			_Five_Year_Average_Annual_{7/1/02 -}_6/30/07			_Since_Inception_Average_Annual_{5/1/00 -}_6/30/07
Class S		11.08	%		30.49	%		17.56	%		15.67	%
Class A		10.79	%		29.84	%		16.97	%		15.08	%
Class A (sales load deducted)*		4.42	%		22.37	%		15.60	%		14.14	%
Class Y		10.99	%		30.33	%		17.44	%		15.54	%
Class L		10.91	%		30.10	%		17.27	%		15.37	%
Russell 2500 Index		8.68	%		18.75	%		15.30	%		9.82	%
Russell 1000 Index		7.18	%		20.43	%		11.33	%		2.49	%

Hypothetical Investments in MassMutual Select Focused Value Fund Class N, Class N (CDSC fees deducted), the Russell 2500 Index and the Russell 1000 Index.

MassMutual Select Focused Value Fund
Total Return

	_Year-to-Date_{1/1/07 - 6/30/07}			_{One Year}_{7/1/06 - 6/30/07}			_{Since Inception}_{Average Annual}_{12/31/02 - 6/30/07}
Class N		10.57	%		29.38	%		19.16	%
Class N (CDSC fees deducted)*		9.57	%		28.38	%		19.16	%
Russell 2500 Index		8.68	%		18.75	%		21.04	%
Russell 1000 Index		7.18	%		20.43	%		15.40	%

GROWTH OF A $10,000 INVESTMENT SINCE INCEPTION

Investors should note that the Fund is a professionally managed mutual fund, while the Russell 2500 Index and the Russell 1000 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.

MassMutual Select Mid-Cap Value Fund – Portfolio Manager Report

What is the investment objective of the MassMutual Select Mid-Cap Value Fund – and who is the Fund's sub-adviser? The Fund seeks growth of capital over the long term by investing, under normal conditions, at least 80% of its net assets in the stocks of mid-cap companies. The Fund's sub-adviser is Cooke & Bieler, L.P. (Cooke & Bieler).

How did the Fund perform during the six months ended June 30, 2007? The Fund's Class S shares returned 9.98%, outperforming the 8.68% return of Russell Midcap^® Value Index, an unmanaged index that measures the performance of those companies in the Russell Midcap Index with lower price-to-book ratios and lower forecasted growth values. The Russell Midcap Index measures the performance of the 800 smallest companies in the Russell 1000^® Index, a capitalization-weighted index of the 1,000 U.S. companies with the largest market capitalization.

What was the investment background during the period? Domestic stocks showed little change during the first quarter of 2007, despite a significant increase in volatility across the board. Although the Dow Jones Industrial Average^SM ("the Dow") notched a new closing high in February, the blue-chip benchmark declined slightly for the three months ended March 31, 2007. The S&P 500^® Index finished with a small advance, as did the Nasdaq Composite^® Index ("Nasdaq"), which barely managed to post a gain for the period.

What factors contributed to the Fund's performance? There is no question that the Fund benefited from takeover activity in the first quarter of 2007. Two holdings, American Power Conversion and Aramark, were eliminated from the portfolio after their acquisitions, which were announced in 2006, had been consummated. In addition, two other portfolio holdings, Dollar General and Catalina Marketing, announced that they, too, would be acquired. This sent both stocks higher and placed them among the portfolio's top five contributors to performance for the quarter. The Fund's laggards, on the other hand, were not very noteworthy. There were a lot of slight underperformers spread across a variety of stocks. Examples included stocks like Hain Celestial and Moneygram – previous winners that simply gave back some of their recent gains.

In the second quarter, two more portfolio holdings, CDW Corporation and Guitar Centers, became the subject of takeovers. Consequently, these two stocks were top contributors to the Fund's results. In addition, in a departure from recent trends, the Fund's sector weights contributed significantly to its outperformance. Specifically, the portfolio's underweighted positions in utilities and REITs (real estate investment trusts) helped to drive results, as these interest-sensitive sectors performed poorly. In addition, an overweight position in industrials was a noteworthy contributor to the Fund's positive results. Conversely, the portfolio experienced a modest drag from its underweight position in the energy sector. The Fund's holdings in Hain Celestial and Zale Corporation also detracted from performance.

What is your outlook? Of course, the current pace of buyout activity will not last indefinitely. And history would argue that the recent run-ups in stock prices cannot continue either. But regardless of the market environment – including any change in the level of merger and acquisition activity – we believe that we have positioned the Fund to continue to pursue good progress throughout the remainder of the year.

MassMutual Select Mid-Cap Value Fund – Portfolio Manager Report (Continued)

*MassMutual Select Mid-Cap Value Fund* *Industry Table* *(% of Net Assets) on 6/30/07*
Insurance	12.0	%
Software	7.7	%
Manufacturing	7.4	%
Retail	6.2	%
Electronics	6.0	%
Foods	5.5	%
Chemicals	5.3	%
Commercial Services	4.7	%
Machinery — Diversified	4.5	%
Advertising	4.4	%
Electrical Components & Equipment	4.3	%
Health Care — Services	3.6	%
Semiconductors	3.6	%
Computers	3.3	%
Real Estate Investment Trusts (REITS)	2.6	%
Computers & Information	2.4	%
Textiles	2.4	%
Office Furnishings	2.2	%
Banks	2.1	%
Apparel	1.8	%
Entertainment	1.6	%
Oil & Gas	1.3	%
Beverages	1.3	%
Pharmaceuticals	1.3	%
Total Long-Term Investments	97.5	%
Short-Term Investments and Other Assets and Liabilities	2.5	%
	100.0	%

*MassMutual Select Mid-Cap* *Value Fund* *Largest Stock Holdings* *(% of Net Assets) on 6/30/07*
Corinthian Colleges, Inc.	4.7	%
Entegris, Inc.	3.6	%
Diebold, Inc.	3.3	%
International Flavors & Fragrances, Inc.	3.2	%
MoneyGram International, Inc.	3.0	%
Hain Celestial Group, Inc.	2.9	%
Cymer, Inc.	2.9	%
Guitar Center, Inc.	2.8	%
Quest Diagnostics, Inc.	2.8	%
Dover Corp.	2.7	%

MassMutual Select Mid-Cap Value Fund – Portfolio Manager Report (Continued)

Growth of a $10,000 Investment

Hypothetical Investments in MassMutual Select Mid-Cap Value Fund Class S, Class A, Class A (sales load deducted), Class Y, Class L, Class N, Class N (CDSC fees deducted) and the Russell Midcap Value Index.

MassMutual Select Mid-Cap Value Fund
Total Return

	_Year-to-Date_{1/1/07 - 6/30/07}			_{Since Inception}_{8/29/06 - 6/30/07}
Class S		9.98	%		25.94	%
Class A		9.74	%		25.40	%
Class A (sales load deducted)*		3.43	%		18.19	%
Class Y		9.89	%		25.73	%
Class L		9.81	%		25.69	%
Class N		9.82	%		25.43	%
Class N (CDSC fees deducted)*		8.82	%		24.43	%
Russell Midcap Value Index		8.68	%		20.38	%

GROWTH OF A $10,000 INVESTMENT SINCE INCEPTION

* Class A (sales load deducted) returns include the 5.75% maximum sales charge and Class N (CDSC fees deducted) returns include the 1.00% maximum contingent deferred sales charge.

Investors should note that the Fund is a professionally managed mutual fund, while the Russell Midcap 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.

MassMutual Select Small Cap Value Equity Fund – Portfolio Manager Report

What is the investment objective of the MassMutual Select Small Cap Value Equity Fund – and who is the Fund's sub-adviser? This Fund seeks to maximize total return through investment primarily in small-capitalization equity securities. The Fund's sub-adviser is SSgA Funds Management, Inc. (SSgA).

How did the Fund perform during the six months ended June 30, 2007? The Fund's Class S shares returned 4.30%, outpacing the 3.80% return of the Russell 2000^® Value Index, a widely recognized, unmanaged index that measures the performance of those Russell 2000^® Index Companies with lower price-to-book ratios and lower forecasted growth rates.

What was the investment background during the period? After a burst of volatility hurt global markets at the end of February, equity investors finished the first quarter of 2007 with more optimism. Interest rate tightening policy in non-U.S. regions heightened concerns that favorable financial conditions might have run their course, while the gloom in the U.S. housing market reinforced worries. But U.S. employment trends remained friendly, wage growth solid, and income resilient. As investors considered the idea that mortgage dislocations alone might not be enough to derail the U.S. economy, most equity averages recovered losses to finish even or slightly ahead for the quarter.

Signs of stress in the fixed-income markets brought a cautious end to the first half of 2007, with U.S. stocks and bonds both slipping in June. Risk aversion tended to increase in choppy fashion throughout the second quarter, especially after hopes for an official interest rate cut eroded through May. The second quarter did bring record highs for both the Dow Jones Industrial Average^SM ("the Dow") and the S&P 500^® Index, but after peaking in early June, major equity averages explored a lower trading range and closed the period with modest losses for the month, but still ahead for the second quarter and the first half of the year.

What factors contributed to the Fund's performance? The Fund's stock selection model's assessment of value demonstrated the strongest predictive power during the first three months of the year. Within the value model, the free cash flow yield factor was an exceptionally strong differentiator of stocks within the universe, as small-cap investors supported those firms generating the best free cash flow. The model's analysis of corporate insider stock purchases also worked well – companies whose insiders were purchasing their own shares witnessed strong stock performance. The strategy's growth model also produced positive results, as investors favored those small-cap firms that had experienced accelerating earnings growth over previous quarters. Conversely, the Fund's market sentiment model did not add value during the quarter. Small-cap stocks exhibiting a combination of high trading volume and positive price momentum leading into the quarter performed the best over the period. While Fund management favors positive price momentum in the process, they do not favor small-cap stocks trading on high volume. These high-volume issues are often bid up by bullish investors, and tend to underperform low-volume small-cap stocks over time.

The Fund's stock selection model's assessment of growth struggled during the second quarter. In its evaluation of growth, the Fund favors companies that have experienced accelerating earnings growth over the past year, as these stocks tend to outperform going forward. Unfortunately, factors that analyze the historical growth of small-cap companies did not perform well, particularly in the early part of the quarter. Fund management also looks at factors that incorporate a company's growth prospects (as opposed to historical growth), interpreting information from analyst price targets and changes in analyst recommendations. While these "expected growth" factors produced marginally positive results, the overall growth model did not perform well. The strategy's price momentum factor worked well during the quarter, but the overall sentiment model's power was muted as a result of the trading volume component.

MassMutual Select Small Cap Value Equity Fund – Portfolio Manager Report (Continued)

What is your outlook? Globalization continues to increase sovereign wealth, but there may be too much money allocated to bonds. Equity has typically offered much better protection from inflation and currency risk than fixed income. Investors may have a lot of difficult financial news to deal with through the summer, as U.S. housing will likely continue to struggle and difficulties may accelerate for many aggressive borrowers. The record levels of short interest and a healthy global economy, however, suggest that equities may still work their way higher in the second half of 2007.

*MassMutual Select Small Cap Value Equity Fund* *Industry Table* *(% of Net Assets) on 6/30/07*
Banks	10.9	%
Real Estate Investment Trusts (REITS)	8.6	%
Insurance	7.6	%
Commercial Services	5.5	%
Retail	4.5	%
Telecommunications	3.9	%
Chemicals	3.4	%
Manufacturing	2.9	%
Semiconductors	2.9	%
Electric	2.6	%
Computers	2.4	%
Media	2.2	%
Internet	2.2	%
Electronics	2.2	%
Savings & Loans	2.0	%
Household Products	2.0	%
Oil & Gas	1.9	%
Apparel	1.8	%
Transportation	1.8	%
Gas	1.8	%
Automotive & Parts	1.8	%
Engineering & Construction	1.7	%
Diversified Financial	1.6	%
Foods	1.5	%
Investment Companies	1.4	%
Forest Products & Paper	1.2	%
Health Care — Products	1.2	%
Health Care — Services	1.1	%
Oil & Gas Services	0.9	%
Environmental Controls	0.9	%
Machinery — Diversified	0.9	%
Metal Fabricate & Hardware	0.8	%
Pharmaceuticals	0.7	%
Leisure Time	0.6	%
Toys, Games & Hobbies	0.6	%
Airlines	0.6	%
Energy — Alternate Sources	0.5	%
Real Estate	0.5	%
Home Construction, Furnishings & Appliances	0.5	%
Packaging & Containers	0.5	%
Mining	0.5	%
Electrical Components & Equipment	0.5	%
Iron & Steel	0.4	%
Software	0.4	%
Agriculture	0.4	%
Aerospace & Defense	0.3	%
Consumer Services	0.3	%
Building Materials	0.2	%
Biotechnology	0.2	%
Home Builders	0.2	%
Office Furnishings	0.2	%
Lodging	0.2	%
Energy	0.2	%
Office Equipment/Supplies	0.2	%
Home Furnishing	0.1	%
Entertainment	0.1	%
Banking, Savings & Loans	0.1	%
Cosmetics & Personal Care	0.1	%
Computer Integrated Systems Design	0.0	%
Entertainment & Leisure	0.0	%
Total Long-Term Investments	97.2	%
Short-Term Investments and Other Assets and Liabilities	2.8	%
	100.0	%

*MassMutual Select Small Cap* *Value Equity Fund* *Largest Stock Holdings* *(% of Net Assets) on 6/30/07*
Aspen Insurance Holdings Ltd.	0.8	%
Emcor Group, Inc.	0.8	%
AptarGroup, Inc.	0.7	%
The Commerce Group, Inc.	0.7	%
Sunstone Hotel Investors, Inc.	0.7	%
Deluxe Corp.	0.7	%
Rockwood Holdings, Inc.	0.7	%
Westar Energy, Inc.	0.6	%
ArvinMeritor, Inc.	0.6	%
FirstMerit Corp.	0.6	%

MassMutual Select Small Cap Value Equity Fund – Portfolio Manager Report (Continued)

Growth of a $10,000 Investment

Hypothetical Investments in MassMutual Select Small Cap Value Equity Fund Class S, Class A, Class A (sales load deducted), Class Y, Class L, Class N, Class N (CDSC fees deducted) and the Russell 2000 Value Index.

MassMutual Small Cap Value Equity Fund
Total Return

	_Year-to-Date_{1/1/07 - 6/30/07}			_{One Year}_{7/1/06 - 6/30/07}			_{Since Inception}_{3/31/06 - 6/30/07}
Class S		4.30	%		16.92	%		11.39	%
Class A		4.13	%		16.40	%		10.91	%
Class A (sales load deducted)*		–1.86	%		9.71	%		5.78	%
Class Y		4.31	%		16.79	%		11.29	%
Class L		4.22	%		16.80	%		11.21	%
Class N		4.03	%		16.17	%		10.64	%
Class N (CDSC fees deducted)*		3.03	%		15.17	%		9.86	%
Russell 2000 Value Index		3.80	%		16.06	%		10.46	%

GROWTH OF A $10,000 INVESTMENT SINCE INCEPTION

* Class A (sales load deducted) returns include the 5.75% maximum sales charge and Class N (CDSC fees deducted) returns include the 1.00% maximum contingent deferred sales charge.

Investors should note that the Fund is a professionally managed mutual fund, while the Russell 2000 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.

MassMutual Select Small Company Value Fund – Portfolio Manager Report

What is the investment objective of the MassMutual Select Small Company Value Fund – and who are the Fund's sub-advisers? The Fund seeks to achieve long-term growth of capital by investing primarily in a diversified portfolio of equity securities of smaller companies. The Fund is managed by three sub-advisers, each being responsible for a portion of the portfolio, but not necessarily equal weighted. The Fund's sub-advisers include Clover Capital Management, Inc. (Clover), T. Rowe Price Associates, Inc. (T. Rowe Price) and EARNEST Partners, LLC (Earnest Partners).

How did the Fund perform during the six months ended June 30, 2007? The Fund's Class S shares returned 6.29%, moderately underperforming the 6.46% return of the Russell 2000^® Index, a widely recognized, unmanaged index representative of common stocks of smaller capitalized U.S. companies. Conversely, the Fund outperformed the 3.80% return of the Russell 2000^® Value Index, a widely recognized, unmanaged index that measures the performance of those Russell 2000^® Index Companies with lower price-to-book ratios and lower forecasted growth rates.

Going forward, the Fund's performance will be compared to the Russell 2000 Value Index rather than the Russell 2000 Index because the Russell 2000 Value Index more closely represents the Fund's investment strategy. The Fund will retain the Russell 2000 Index as its supplemental benchmark for performance comparisons.

What was the investment background during the period? The first quarter of 2007 began with a continuation of the optimism which characterized the second half of 2006. Unfortunately, this optimism was not sustained through the full quarter. At the end of February, the Chinese stock markets dropped precipitously and the ripple effects were felt around the world. In addition, investors began to discount the threat of a decelerating economy, weakening credit quality in segments of the mortgage market and continued headwinds in residential housing. Despite the variable market conditions in the quarter, major indexes delivered nearly flat to positive returns. Small stocks continued to defy consensus expectations by outperforming their large-cap counterparts.

During the second quarter of 2007, equity markets extended gains that began during the first quarter. Performance was uniformly positive across all major indexes, as investors balanced both positive and negative data points as they drove stocks higher. On the negative side of the ledger, continued housing market deterioration, spreading suspicions about credit quality in the mortgage market and higher interest rates weighed heavily. However, these concerns were more than offset by several positive developments, including a vibrant merger and acquisition (M&A) environment and a surprisingly resilient economy.

What factors contributed to the Fund's performance? In the first quarter, the Fund's performance benefited from stock selection in the information technology and financials sectors. The strength in these sectors was partially offset, however, by weakness in the health care and materials sectors, where a scattering of stocks was impacted by company-specific events. The first quarter was also a very active period for M&A activity, which also served to boost the Fund's returns. Specifically, five portfolio holdings received bids, most at significant premiums to their prior trading prices.

Turning to the second quarter of the year, stock selection in the industrials, financials, information technology and health care sectors helped to drive the Fund's performance. Within industrials, companies related to power generation, engineering and construction, and mining equipment were particularly strong. In addition, performance was aided by continuing M&A activity, with an additional five portfolio holdings either receiving bids or being acquired during the quarter – bringing the year-to-date total to 10. These strengths were partially offset by weakness in the consumer discretionary and staples sectors, and under-representation in the telecommunications services sector.

What is your outlook? We expect 2007 may be a decent year for equities, although stocks will have to swim against the currents of a gradually slowing economy and moderating profit margins. Should profits increase at a slower pace, investors would have to rely on expanding multiples, or increasing price-to-earnings or price-to-book ratios, for any major increase in stock prices. We expect a slowing economy, which has traditionally favored the stocks of larger growth companies that are not as reliant on good economic growth as more cyclical companies. Overall, stocks appear attractive relative to bonds, barring any unexpected increase in interest rates.

MassMutual Select Small Company Value Fund – Portfolio Manager Report (Continued)

*MassMutual Select Small Company Value Fund* *Industry Table* *(% of Net Assets) on 6/30/07*
Banks	6.7	%
Commercial Services	6.2	%
Insurance	5.9	%
Real Estate Investment Trusts (REITS)	5.7	%
Oil & Gas	5.3	%
Retail	4.7	%
Electronics	3.3	%
Manufacturing	3.3	%
Diversified Financial	2.9	%
Software	2.9	%
Transportation	2.9	%
Chemicals	2.5	%
Electric	2.5	%
Health Care — Services	2.0	%
Environmental Controls	1.9	%
Electrical Components & Equipment	1.8	%
Semiconductors	1.7	%
Building Materials	1.7	%
Telecommunications	1.6	%
Engineering & Construction	1.6	%
Apparel	1.6	%
Oil & Gas Services	1.4	%
Home Builders	1.4	%
Machinery — Diversified	1.3	%
Internet	1.3	%
Machinery — Construction & Mining	1.3	%
Foods	1.2	%
Investment Companies	1.2	%
Aerospace & Defense	1.2	%
Forest Products & Paper	1.1	%
Iron & Steel	1.1	%
Health Care — Products	1.1	%
Computers	1.1	%
Pharmaceuticals	1.0	%
Gas	0.9	%
Household Products	0.9	%
Automotive & Parts	0.9	%
Metal Fabricate & Hardware	0.9	%
Savings & Loans	0.8	%
Hand & Machine Tools	0.7	%
Airlines	0.7	%
Biotechnology	0.7	%
Media	0.7	%
Mining	0.6	%
Medical Supplies	0.6	%
Agriculture	0.5	%
Pipelines	0.5	%
Coal	0.5	%
Consumer Products	0.5	%
Textiles	0.4	%
Home Furnishing	0.4	%
Cosmetics & Personal Care	0.3	%
Energy — Alternate Sources	0.3	%
Entertainment	0.3	%
Packaging & Containers	0.2	%
Machinery & Components	0.2	%
Building Materials & Construction	0.2	%
Leisure Time	0.1	%
Financial Services	0.0	%
Total Long-Term Investments	97.2	%
Short-Term Investments and Other Assets and Liabilities	2.8	%
	100.0	%

*MassMutual Select Small Company* *Value Fund* *Largest Stock Holdings* *(% of Net Assets) on 6/30/07*
Cabot Oil & Gas Corp.	1.2	%
Bucyrus International, Inc. Cl. A	1.1	%
Aaron Rents, Inc.	1.0	%
Landstar System, Inc.	1.0	%
Forest Oil Corp.	0.9	%
Phillips-Van Heusen Corp.	0.8	%
First Republic Bank	0.8	%
Penn Virginia Corp.	0.8	%
ProAssurance Corp.	0.7	%
Innospec, Inc.	0.7	%

MassMutual Select Small Company Value Fund – Portfolio Manager Report (Continued)

Growth of a $10,000 Investment

Hypothetical Investments in MassMutual Select Small Company Value Fund Class S, Class A, Class A (sales load deducted), Class Y, Class L, the Russell 2000 Index and the Russell 2000 Value Index.

MassMutual Select Small Company Value Fund
Total Return

	_Year-_to-Date_{1/1/07 -}_6/30/07			_One_Year_{7/1/06 -}_6/30/07			_Five_Year_Average_Annual_{7/01/02 -}_6/30/07			_Since_Inception_Average_Annual_{12/31/01 -}_6/30/07
Class S		6.29	%		11.97	%		13.01	%		12.52	%
Class A		6.14	%		11.49	%		12.52	%		12.04	%
Class A (sales load deducted)*		0.03	%		5.08	%		11.19	%		10.84	%
Class Y		6.31	%		11.93	%		12.95	%		12.47	%
Class L		6.29	%		11.75	%		12.78	%		12.30	%
Russell 2000 Index		6.46	%		16.44	%		13.88	%		11.35	%
Russell 2000 Value Index		3.80	%		16.06	%		14.62	%		14.47	%

Hypothetical Investments in MassMutual Select Small Company Value Fund Class N, Class N (CDSC fees deducted), the Russell 2000 Index and the Russell 2000 Value Index.

MassMutual Select Small Company Value Fund
Total Return

	_Year-to-Date_{1/1/07 - 6/30/07}			_{One Year}_{7/1/06 - 6/30/07}			_{Since Inception}_{Average Annual}_{12/31/02 - 6/30/07}
Class N		5.97	%		11.18	%		18.35	%
Class N (CDSC fees deducted)*		4.97	%		10.18	%		18.35	%
Russell 2000 Index		6.46	%		16.44	%		20.35	%
Russell 2000 Value Index		3.80	%		16.06	%		21.51	%

GROWTH OF A $10,000 INVESTMENT SINCE INCEPTION

Investors should note that the Fund is a professionally managed mutual fund, while the Russell 2000 Index and the Russell 2000 Value 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.

MassMutual Select Small Cap Core Equity Fund – Portfolio Manager Report

What is the investment objective of the MassMutual Select Small Cap Core Equity Fund – and who is the Fund's sub-adviser? The Fund seeks long-term growth of capital through investment primarily in small capitalization equity securities. The Fund's sub-adviser is Goldman Sachs Asset Management, L.P. (GSAM).

How did the Fund perform during the six months ended June 30, 2007? The Fund's Class S shares returned 2.42%, trailing the 6.46% return of the Russell 2000^® Index, a widely recognized, unmanaged index representative of common stocks of smaller capitalized U.S. companies.

What was the investment background during the period? Domestic stocks showed little change during the first quarter of 2007, despite a significant increase in volatility across the board. Although the Dow Jones Industrial Average^SM ("the Dow") notched a new closing high in February, the blue-chip benchmark declined slightly for the three months ended March 31. The S&P 500^® Index finished with a small advance, as did the Nasdaq Composite^® Index ("Nasdaq"), which barely managed to post a gain for the period. A depreciating U.S. dollar supported the returns of foreign stocks, helping the MSCI^® EAFE^® Index outperform its U.S. counterparts for the quarter.

What factors contributed to the Fund's performance? In the first quarter of 2007, from a sector perspective, the Fund's stock selection within information technology, consumer discretionary and health care detracted from its performance. Compared to the fourth quarter of 2006, when stock selection was negative in most sectors, the shortfall in the first quarter of this year was concentrated in these three sectors. On the other hand, the Fund's stock selection was slightly negative to somewhat positive in all other sectors, in which the best results came from the Fund's industrials and consumer staples holdings. With respect to investment themes, the Fund's underperformance in the first quarter was largely the result of a drawdown in the momentum factor in the first few weeks of February – the period leading up to the market decline at the en d of that month. Other factors also experienced drawdowns over this period, although not quite as dramatic as momentum. Later in March, when momentum had returned to a more normal pattern of return, the Fund's profitability and valuation themes began to falter.

Turning to the second quarter, overall stock selection was less than favorable. The Fund's holdings in the information technology and financials sectors were the least successful relative to their peers in the Russell 2000 Index. On the upside, stock picks in the utilities and consumer discretionary sectors contributed the most to the Fund's relative performance. Returns to the investment themes were mixed for this period. Analyst sentiment contributed the most to relative performance, followed by valuation and management impact. Conversely, earnings quality detracted from excess returns, while profitability and momentum were flat for the period. Despite good results for the themes, most of the Fund's second-quarter shortfall was the result of stock-specific factors.

What is your outlook? Looking ahead, we continue to believe that cheaper stocks will likely outpace more expensive ones and good momentum stocks will likely do better than poor momentum stocks. We also prefer companies about which fundamental research analysts are becoming more positive, and firms that are profitable, have sustainable earnings and use their capital to enhance shareholder value. As such, we anticipate remaining fully invested and expect that the value we add over time may be due to stock selection rather than sector or size (market capitalization) allocations.

MassMutual Select Small Cap Core Equity Fund – Portfolio Manager Report (Continued)

*MassMutual Select Small Cap Core Equity Fund* *Industry Table* *(% of Net Assets) on 6/30/07*
Commercial Services	9.6	%
Real Estate Investment Trusts (REITS)	6.2	%
Telecommunications	5.5	%
Retail	5.3	%
Internet	4.9	%
Banks	4.5	%
Transportation	3.7	%
Chemicals	3.7	%
Pharmaceuticals	3.5	%
Automotive & Parts	2.8	%
Biotechnology	2.7	%
Health Care — Products	2.7	%
Insurance	2.6	%
Foods	2.5	%
Savings & Loans	2.5	%
Electrical Components & Equipment	2.4	%
Apparel	2.3	%
Oil & Gas	2.3	%
Health Care — Services	2.3	%
Mining	2.1	%
Diversified Financial	2.0	%
Semiconductors	1.9	%
Computers	1.8	%
Electronics	1.7	%
Iron & Steel	1.7	%
Manufacturing	1.6	%
Software	1.4	%
Communications	1.3	%
Electric	1.2	%
Forest Products & Paper	1.2	%
Engineering & Construction	1.2	%
Machinery — Diversified	1.1	%
Agriculture	0.9	%
Oil & Gas Services	0.8	%
Media	0.6	%
Hand & Machine Tools	0.5	%
Real Estate	0.5	%
Investment Companies	0.4	%
Computers & Information	0.4	%
Office Equipment/Supplies	0.3	%
Household Products	0.3	%
Airlines	0.3	%
Home Furnishing	0.3	%
Computer Related Services	0.3	%
Medical Supplies	0.2	%
Aerospace & Defense	0.2	%
Auto Manufacturers	0.2	%
Pipelines	0.1	%
Home Builders	0.1	%
Leisure Time	0.0	%
Beverages	0.0	%
Total Long-Term Investments	98.6	%
Short-Term Investments and Other Assets and Liabilities	1.4	%
	100.0	%

*MassMutual Select Small Cap Core* *Equity Fund* *Largest Stock Holdings* *(% of Net Assets) on 6/30/07*
CF Industries Holdings, Inc.	1.9	%
Usec, Inc.	1.9	%
Umpqua Holdings Corp.	1.6	%
Novatel Wireless, Inc.	1.6	%
Cooper Tire & Rubber Co.	1.4	%
Andrew Corp.	1.3	%
Cleveland-Cliffs, Inc.	1.2	%
Reliant Energy, Inc.	1.2	%
TeleTech Holdings, Inc.	1.2	%
Provident Financial Services, Inc.	1.2	%

MassMutual Select Small Cap Core Equity Fund – Portfolio Manager Report (Continued)

Growth of a $10,000 Investment

Hypothetical Investments in MassMutual Select Small Cap Core Equity Fund Class S, Class A, Class A (sales load deducted), Class Y, Class L, Class N, Class N (CDSC fees deducted) and the Russell 2000 Index.

MassMutual Select Small Cap Core Equity Fund
Total Return

	_Year-to-Date_{1/1/07 - 6/30/07}			_{One Year}_{7/1/06 - 6/30/07}			_{Since Inception}_{3/31/06 - 12/31/06}
Class S		2.42	%		11.69	%		4.93	%
Class A		2.13	%		11.13	%		4.43	%
Class A (sales load deducted)*		–3.74	%		4.74	%		–0.40	%
Class Y		2.32	%		11.54	%		4.91	%
Class L		2.32	%		11.43	%		4.74	%
Class N		1.94	%		10.85	%		4.13	%
Class N (CDSC fees deducted)*		0.94	%		9.85	%		3.34	%
Russell 2000 Index		6.46	%		16.44	%		8.66	%

GROWTH OF $10,000 INVESTMENT SINCE INCEPTION

* Class A (sales load deducted) returns include the 5.75% maximum sales charge and Class N (CDSC fees deducted) returns include the 1.00% maximum contingent deferred sales charge.

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.

MassMutual Select Mid Cap Growth Equity Fund – Portfolio Manager Report

What is the investment objective of the MassMutual Select Mid Cap Growth Equity Fund – and who is the Fund's sub-adviser? The Fund seeks long-term capital growth by investing primarily, under normal conditions, at least 80% of its net assets in stocks of companies with market capitalizations, at the time of purchase, that fall within the range of companies in either the S&P MidCap 400^® Index or the Russell Midcap^® Growth Index (as of January 31, 2007, between $597.69 million and $21.76 billion). The Fund's sub-adviser is Navellier & Associates, Inc. (Navellier).

How did the Fund perform during the six months ended June 30, 2007? The Fund's Class S shares returned 7.89%, underperforming the 8.68% return of the Russell 2500^TM Index, a widely recognized, unmanaged index representative of common stocks of mid-capitalized U.S. companies. The Fund also trailed the 10.97% return of the Russell Midcap Growth Index, a widely recognized, unmanaged index that measures the performance of those Russell Midcap companies (representing mid-capitalization U.S. common stocks) with higher price-to-book ratios and higher forecasted growth rates.

Going forward, the Fund's performance will be compared to the Russell Midcap Growth Index rather than the Russell 2500 Index because the Russell Midcap Growth Index more closely represents the Fund's investment strategy.

What was the investment background during the period? Domestic stocks showed little change during the first quarter of 2007, despite a significant increase in volatility across the board. Although the Dow Jones Industrial Average^SM ("the Dow") notched a new closing high in February, the blue-chip benchmark declined slightly for the three months ended March 31, 2007. The S&P 500^® Index finished with a small advance, as did the Nasdaq Composite^® Index ("Nasdaq"), which barely managed to post a gain for the period. A depreciating U.S. dollar supported the returns of foreign stocks, helping the MSCI^® EAFE^® Index outperform its U.S. counterparts for the quarter.

What factors contributed to the Fund's performance? During the first quarter of 2007, the sectors that helped to drive the portfolio's performance included technology, consumer staples and health care. On the other hand, the consumer discretionary, energy and transportation sectors detracted the most from relative performance. Stock selection was the foundation of positive portfolio returns, as the market began to focus on stocks with healthier fundamental characteristics, such as sales and earnings growth prospects. In terms of sector weighting, the three sectors in which the portfolio held the largest overweight positions were utilities, consumer staples and technology. The Fund's three largest underweight positions were in the energy, consumer discretionary and transportation sectors.

In a turnaround in the second quarter, stock selection was the key detractor from relative portfolio performance, as the market began to gravitate toward stocks that had not appreciated during the first quarter. The sectors that aided the Fund's performance were materials and transportation. Conversely, the technology and consumer discretionary sectors provided the greatest drag on the Fund's relative performance. In terms of sector weightings, the Fund held its largest overweight positions in health care, utilities and materials. Finally, the three sectors in which the portfolio had the largest underweight allocations were energy, durables and transportation.

What is your outlook? It appears to us that, due to the rising volatility associated with value stocks, especially financials, the exodus out of value stocks into growth may be accelerating. The recent annual rebalancing of the Russell indexes also clearly helped boost the institutional ownership stake in many of our portfolio holdings. As the second-quarter earnings announcement season unfolds, we remain confident that the portfolio is positioned in stocks that have the potential to produce strong earnings and price appreciation.

MassMutual Select Mid Cap Growth Equity Fund – Portfolio Manager Report (Continued)

*MassMutual Select Mid Cap Growth Equity Fund* *Industry Table* *(% of Net Assets) on 6/30/07*
Commercial Services	8.6	%
Health Care — Services	6.9	%
Retail	6.2	%
Diversified Financial	6.0	%
Computers	6.0	%
Telecommunications	5.8	%
Electronics	3.9	%
Semiconductors	3.5	%
Apparel	3.4	%
Health Care — Products	3.1	%
Iron & Steel	3.0	%
Machinery — Diversified	2.9	%
Electric	2.8	%
Insurance	2.6	%
Toys, Games & Hobbies	2.4	%
Lodging	2.4	%
Oil & Gas Services	2.2	%
Foods	2.2	%
Oil & Gas	2.2	%
Environmental Controls	2.1	%
Cosmetics & Personal Care	1.9	%
Electrical Components & Equipment	1.7	%
Internet	1.6	%
Software	1.6	%
Packaging & Containers	1.6	%
Biotechnology	1.5	%
Auto Manufacturers	1.5	%
Automotive & Parts	1.4	%
Real Estate	1.4	%
Household Products	1.3	%
Metal Fabricate & Hardware	1.2	%
Chemicals	1.2	%
Aerospace & Defense	1.0	%
Media	1.0	%
Real Estate Investment Trusts (REITS)	0.9	%
Pharmaceuticals	0.9	%
Total Long-Term Investments	99.9	%
Short-Term Investments and Other Assets and Liabilities	0.1	%
	100.0	%

*MassMutual Select Mid Cap Growth* *Equity Fund* *Largest Stock Holdings* *(% of Net Assets) on 6/30/07*
The Kroger Co.	2.2	%
Holly Corp.	2.2	%
WellCare Health Plans, Inc.	2.2	%
Stericycle, Inc.	2.1	%
Corrections Corp. of America	2.1	%
Quanta Services, Inc.	2.0	%
The Manitowoc Co., Inc.	1.9	%
Alberto-Culver Co.	1.9	%
Juniper Networks, Inc.	1.9	%
Nvidia Corp.	1.9	%

MassMutual Select Mid Cap Growth Equity Fund – Portfolio Manager Report (Continued)

Growth of a $10,000 Investment

Hypothetical Investments in MassMutual Select Mid Cap Growth Equity Fund Class S, Class A, Class A (sales load deducted), Class Y, Class L, the Russell 2500 Index and the Russell Midcap Growth Index.

MassMutual Select Mid Cap Growth Equity Fund
Total Return

	_Year-_to-Date_{1/1/07 -}_6/30/07			_One_Year_{7/1/06 -}_6/30/07			_Five_Year_Average_Annual_{7/1/02 -}_6/30/07			_Since_Inception_Average_Annual_{5/3/99 -}_6/30/07
Class S		7.89	%		7.43	%		10.67	%		3.04	%
Class A		7.63	%		6.99	%		10.19	%		2.57	%
Class A (sales load deducted)*		1.44	%		0.83	%		8.89	%		1.83	%
Class Y		7.82	%		7.36	%		10.60	%		2.97	%
Class L		7.69	%		7.22	%		10.44	%		2.83	%
Russell 2500 Index		8.68	%		18.75	%		15.30	%		11.53	%
Russell Midcap Growth Index		10.97	%		19.73	%		15.45	%		6.11	%

Hypothetical Investments in MassMutual Select Mid Cap Growth Equity Fund Class N, Class N (CDSC fees deducted), the Russell 2500 Index and the Russell Midcap Growth Index.

MassMutual Select Mid Cap Growth Equity Fund
Total Return

	_Year-to-Date_{1/1/07 - 6/30/07}			_{One Year}_{7/1/06 - 6/30/07}			_{Since Inception}_{Average Annual}_{12/31/02 - 6/30/07}
Class N		7.44	%		6.61	%		14.96	%
Class N (CDSC fees deducted)*		6.44	%		5.61	%		14.96	%
Russell 2500 Index		8.68	%		18.75	%		21.04	%
Russell Midcap Growth Index		10.97	%		19.73	%		20.06	%

GROWTH OF $10,000 INVESTMENT SINCE INCEPTION

Investors should note that the Fund is a professionally managed mutual fund, while the Russell 2500 Index and the Russell Midcap Growth 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.

MassMutual Select Mid Cap Growth Equity II Fund – Portfolio Manager Report

What is the investment objective of the MassMutual Select Mid Cap Growth Equity II Fund – and who is the Fund's sub-adviser? The Fund seeks growth of capital over the long term by investing, under normal conditions, at least 80% of its net assets in a broadly diversified portfolio of common stocks of mid-cap companies whose earnings the Fund's sub-adviser, T. Rowe Price Associates, Inc. (T. Rowe Price), expects to grow at a faster rate than the average company. Mid-cap companies are defined as those whose market capitalizations, at the time of purchase, fall within the range of companies in either the S&P MidCap 400^® Index or the Russell Midcap^® Growth Index (as of January 31, 2007, between $597.69 million and $21.76 billion).

How did the Fund perform during the six months ended June 30, 2007? The Fund's Class S shares returned 13.93%, exceeding the 11.97% return of the S&P MidCap 400 Index, a widely recognized, unmanaged index representative of common stocks of mid-capitalized U.S. companies. The Fund also outperformed the 10.97% return of the Russell Midcap Growth Index, a widely recognized, unmanaged index that measures the performance of those Russell Midcap companies (representing mid-capitalization U.S. common stocks) with higher price-to-book ratios and higher forecasted growth rates.

Going forward, the Fund's performance will be compared to the Russell Midcap Growth Index rather than the S&P MidCap 400 Index because the Russell Midcap Growth Index more closely represents the Fund's investment strategy. The Fund will retain the S&P MidCap 400 Index as its supplemental benchmark for performance comparisons.

What was the investment background during the period? Domestic stocks showed little change during the first quarter of 2007, despite a significant increase in volatility across the board. Although the Dow Jones Industrial Average^SM ("the Dow") notched a new closing high in February, the blue-chip benchmark declined slightly for the three months ended March 31, 2007. The S&P 500^® Index finished with a small advance, as did the Nasdaq Composite^® Index ("Nasdaq"), which barely managed to post a gain for the period. A depreciating U.S. dollar supported the returns of foreign stocks, helping the MSCI^® EAFE^® Index outperform its U.S. counterparts for the quarter.

What factors contributed to the Fund's performance? In the six-month period ended June 30, 2007, the Fund's stock selection was particularly strong in electronic equipment and instruments, as several alternative energy positions performed exceedingly well. The portfolio's outperformance in the financials sector was driven by an underweight position and stock selection decisions in capital markets and insurance companies. The financial services sector has been under pressure from sub-prime lending weakness and a flat yield curve, which only recently has returned to a more normal upward-sloping curve. (The yield curve is a graphical representation of bond yields with very short maturities to the longest available, with the curve indicating whether short-term rates are higher or lower than long-term rates.)

Stock selection in health care aided relative performance, particularly stock selection in biotechnology and pharmaceuticals. Meanwhile, the portfolio's overweight position in energy helped performance, but was not enough to offset less-than-favorable stock selection decisions. The price of oil increased to around $70 a barrel, while natural gas prices also rebounded after inventory concerns during the second half of 2006 dissipated.

Finally, the Fund's stock selection in the industrials and business service sector detracted from returns for the first half of 2007. Although several of the Fund's top holdings performed well on an absolute basis, relative to their peer group, their performance was weak; aerospace and defense company Rockwell Collins is one such example.

MassMutual Select Mid Cap Growth Equity II Fund – Portfolio Manager Report (Continued)

What is your outlook? Our outlook remains generally favorable, but we continue to watch the economy closely as it enters a seventh year of expansion. Consumers are likely to feel a greater pinch as the housing sector continues the process of unwinding from its largest expansion cycle since World War II. We believe the developing environment could continue to bode well for growth stocks.

*MassMutual Select Mid Cap Growth Equity II Fund* *Industry Table* *(% of Net Assets) on 6/30/07*
Telecommunications	7.5	%
Retail	6.6	%
Semiconductors	6.5	%
Commercial Services	5.9	%
Software	5.5	%
Pharmaceuticals	5.5	%
Oil & Gas Services	4.6	%
Internet	4.4	%
Diversified Financial	3.7	%
Health Care — Services	3.6	%
Health Care — Products	3.2	%
Oil & Gas	3.0	%
Computers	2.9	%
Advertising	2.6	%
Electronics	2.5	%
Media	2.4	%
Manufacturing	2.3	%
Aerospace & Defense	2.2	%
Insurance	2.1	%
Biotechnology	2.0	%
Coal	1.5	%
Lodging	1.4	%
Entertainment	1.4	%
Home Furnishing	1.1	%
Transportation	1.0	%
Electrical Components & Equipment	1.0	%
Airlines	0.8	%
Banks	0.8	%
Energy — Alternate Sources	0.7	%
Foods	0.7	%
Engineering & Construction	0.7	%
Mining	0.7	%
Auto Manufacturers	0.6	%
Building Materials	0.6	%
Electric	0.5	%
Home Builders	0.4	%
Beverages	0.4	%
Leisure Time	0.3	%
Machinery — Diversified	0.3	%
Metal Fabricate & Hardware	0.3	%
Environmental Controls	0.3	%
Apparel	0.3	%
Iron & Steel	0.3	%
Chemicals	0.2	%
Pipelines	0.2	%
Cosmetics & Personal Care	0.2	%
Household Products	0.2	%
Machinery — Construction & Mining	0.2	%
Industrial — Distribution	0.1	%
Packaging & Containers	0.1	%
Textiles	0.1	%
Office Furnishings	0.0	%
Financial Services	0.0	%
Total Long-Term Investments	96.4	%
Short-Term Investments and Other Assets and Liabilities	3.6	%
	100.0	%

*MassMutual Select Mid Cap Growth* *Equity II Fund* *Largest Stock Holdings* *(% of Net Assets) on 6/30/07*
Amazon.com, Inc.	1.4	%
Smith International, Inc.	1.3	%
Rockwell Collins, Inc.	1.3	%
Roper Industries, Inc.	1.3	%
Cephalon, Inc.	1.1	%
Crown Castle International Corp.	1.1	%
Lamar Advertising Co. Cl. A	1.1	%
Harman International Industries, Inc.	1.1	%
Manor Care, Inc.	1.0	%
VeriSign, Inc.	1.0	%

MassMutual Select Mid Cap Growth Equity II Fund – Portfolio Manager Report (Continued)

Growth of a $10,000 Investment

Hypothetical Investments in MassMutual Select Mid Cap Growth Equity II Fund Class S, Class A, Class A (sales load deducted), Class Y, Class L, the S&P MidCap 400 Index and the Russell Midcap Growth Index.

MassMutual Select Mid Cap Growth Equity II Fund
Total Return

	_Year-_to-Date_{1/1/07 -}_6/30/07			_One_Year_{7/1/06 -}_6/30/07			_Five_Year_Average_Annual_{7/1/02 -}_6/30/07			_Since_Inception_Average_Annual_{6/1/00 -}_6/30/07
Class S		13.93	%		20.87	%		14.80	%		9.16	%
Class A		13.67	%		20.23	%		14.24	%		8.62	%
Class A (sales load deducted)*		7.13	%		13.32	%		12.90	%		7.72	%
Class Y		13.86	%		20.76	%		14.72	%		9.07	%
Class L		13.80	%		20.56	%		14.53	%		8.90	%
S&P MidCap 400 Index		11.97	%		18.50	%		14.16	%		10.60	%
Russell Midcap Growth Index		10.97	%		19.73	%		15.45	%		1.92	%

Hypothetical Investments in MassMutual Select Mid Cap Growth Equity II Fund Class N, Class N (CDSC fees deducted), the S&P MidCap 400 Index and the Russell Midcap Growth Index.

MassMutual Select Mid Cap Growth Equity II Fund
Total Return

	_Year-to-Date_{1/1/07 - 6/30/07}			_{One Year}_{7/1/06 - 6/30/07}			_{Since Inception}_{Average Annual}_{12/31/02 - 6/30/07}
Class N		13.44	%		19.81	%		19.08	%
Class N (CDSC fees deducted)*		12.44	%		18.81	%		19.08	%
S&P MidCap 400 Index		11.97	%		18.50	%		19.26	%
Russell Midcap Growth Index		10.97	%		19.73	%		20.06	%

GROWTH OF $10,000 INVESTMENT SINCE INCEPTION

Investors should note that the Fund is a professionally managed mutual fund, while the S&P MidCap 400 Index and the Russell Midcap Growth 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.

MassMutual Select Small Cap Growth Equity Fund – Portfolio Manager Report

What is the investment objective of the MassMutual Select Small Cap Growth Equity Fund – and who are the Fund's sub-advisers? This Fund seeks long-term capital appreciation by investing primarily in common stocks and equity securities of smaller companies that the Fund's sub-advisers believe offer potential for long-term growth. The Fund's sub-advisers are Wellington Management Company, LLP (Wellington) and Waddell & Reed Investment Management Company (Waddell & Reed). Each sub-adviser is responsible for a portion of the portfolio, but not necessarily equal weighted.

How did the Fund perform during the six months ended June 30, 2007? The Fund's Class S shares returned 10.87%, outpacing the 6.46% return of the Russell 2000^® Index, a widely recognized, unmanaged index representative of common stocks of smaller capitalized U.S. companies. The Fund also outperformed the 9.34% return of the Russell 2000^® Growth Index, a widely recognized, unmanaged index that measures the performance of those Russell 2000 Index companies (representing small-capitalization U.S. common stocks) with higher price-to-book ratios and forecasted growth rates.

Going forward, the Fund's performance will be compared to the Russell 2000 Growth Index rather than the Russell 2000 Index because the Russell 2000 Growth Index more closely represents the Fund's investment strategy. The Fund will retain the Russell 2000 Index as its supplemental benchmark for performance comparisons.

What was the investment background during the period? U.S. equity markets rose in the first quarter of 2007, as solid corporate earnings and continued merger and acquisition activity offset concerns of a weakening housing and credit environment. Despite the fact that most major indexes posted positive results, first-quarter returns were marked by extreme volatility. The markets were roiled by the sub-prime shakeout, a slowing U.S. economy and sentiment swings in emerging markets. For the period, small-cap stocks led large caps, but trailed their mid-cap counterparts.

In the second quarter of 2007, equity markets generally rose, as better-than-expected corporate earnings and views of solidifying economic growth outweighed concerns of both rising interest rates and a continuing U.S. housing slump. For the quarter, small-cap stocks trailed both large- and mid-cap issues.

What factors contributed to the Fund's performance? Broad-based, positive results in the consumer discretionary sector aided the Fund's relative performance in the first quarter, as did portfolio holdings in the financials sector. Strong stock selection in the industrials, materials and producer durables sectors also proved beneficial. Within energy, lower realized energy prices and rising costs hurt two of the Fund's holdings. Certain telecommunications positions also underperformed. Overall, sector allocation was favorable due in large part to the portfolio's underweight of the poor-performing financials sector. On the downside, poor results from the portfolio's information technology stocks detracted. In the health care sector, two of the Fund's holdings were pressured by sub-par results from important clinical trials.

In the second quarter of the year, the portfolio benefited from strong stock selection in the health care, financials and consumer discretionary sectors. Poor results from information technology stocks VeriFone and Mentor Graphics and telecommunications stock InPhonic detracted from returns – although strong stock selection overall in the information technology sector fueled the portfolio's performance. Stock selection in consumer staples and telecommunication services hampered performance. Within the materials sector, three of the Fund's holdings posted double-digit gains. Finally, the Fund's performance was also aided by its underweight position in the poor-performing financials sector.

What is your outlook? Overall, we remain optimistic about the portfolio's prospects, even as we are somewhat guarded about the economic environment. We will continue to utilize the same techniques for finding the types of reasonably priced growth stocks that have served us well in the past.

MassMutual Select Small Cap Growth Equity Fund – Portfolio Manager Report (Continued)

*MassMutual Select Small Cap Growth Equity Fund* *Industry Table* *(% of Net Assets) on 6/30/07*
Software	10.0	%
Commercial Services	8.6	%
Internet	6.5	%
Computers	5.9	%
Retail	5.0	%
Transportation	4.6	%
Health Care — Products	4.4	%
Oil & Gas	3.7	%
Investment Companies	3.4	%
Entertainment	3.3	%
Health Care — Services	3.0	%
Insurance	2.7	%
Diversified Financial	2.5	%
Telecommunications	2.3	%
Chemicals	2.2	%
Pharmaceuticals	2.1	%
Automotive & Parts	2.0	%
Lodging	1.9	%
Engineering & Construction	1.8	%
Machinery — Construction & Mining	1.8	%
Semiconductors	1.7	%
Aerospace & Defense	1.5	%
Apparel	1.3	%
Media	1.1	%
Oil & Gas Services	0.9	%
Biotechnology	0.8	%
Storage & Warehousing	0.8	%
Cosmetics & Personal Care	0.8	%
Household Products	0.7	%
Home Furnishing	0.6	%
Real Estate Investment Trusts (REITS)	0.6	%
Advertising	0.6	%
Environmental Controls	0.6	%
Trucking & Leasing	0.6	%
Banks	0.6	%
Machinery — Diversified	0.5	%
Packaging & Containers	0.5	%
Building Materials	0.5	%
Energy — Alternate Sources	0.5	%
Foods	0.4	%
Coal	0.4	%
Computer Related Services	0.4	%
Manufacturing	0.3	%
Airlines	0.2	%
Gas	0.2	%
Electric	0.2	%
Electronics	0.2	%
Building Materials & Construction	0.2	%
Apparel, Textiles & Shoes	0.2	%
Toys, Games & Hobbies	0.2	%
Holding Company — Diversified	0.1	%
Mining	0.1	%
Beverages	0.1	%
Total Long-Term Investments	96.1	%
Short-Term Investments and Other Assets and Liabilities	3.9	%
	100.0	%

*MassMutual Select Small Cap Growth* *Equity Fund* *Largest Stock Holdings* *(% of Net Assets) on 6/30/07*
iShares Russell 2000 Growth Index Fund	3.3	%
ITT Educational Services, Inc.	2.2	%
FactSet Research Systems, Inc.	1.9	%
Gaylord Entertainment Co.	1.9	%
Bucyrus International, Inc. Cl. A	1.8	%
Kansas City Southern	1.7	%
Blackbaud, Inc.	1.6	%
Blackboard, Inc.	1.6	%
Allscripts Healthcare Solutions, Inc.	1.6	%
J.B. Hunt Transport Services, Inc.	1.5	%

MassMutual Select Small Cap Growth Equity Fund – Portfolio Manager Report (Continued)

Growth of a $10,000 Investment

Hypothetical Investments in MassMutual Select Small Cap Growth Equity Fund Class S, Class A, Class A (sales load deducted), Class Y, Class L, the Russell 2000 Index and the Russell 2000 Growth Index.

MassMutual Select Small Cap Growth Equity Fund
Total Return

	_Year-_to-Date_{1/1/07 -}_6/30/07			_One_Year_{7/1/06 -}_6/30/07			_Five_Year_Average_Annual_{7/1/02 -}_6/30/07			_Since_Inception_Average_Annual_{5/3/99 -}_6/30/07
Class S		10.87	%		16.38	%		14.35	%		9.17	%
Class A		10.64	%		15.72	%		13.74	%		8.59	%
Class A (sales load deducted)*		4.28	%		9.06	%		12.40	%		7.80	%
Class Y		10.86	%		16.22	%		14.22	%		9.02	%
Class L		10.80	%		16.08	%		14.03	%		8.86	%
Russell 2000 Index		6.46	%		16.44	%		13.88	%		9.73	%
Russell 2000 Growth Index		9.34	%		16.84	%		13.08	%		4.56	%

Hypothetical Investments in MassMutual Select Small Cap Growth Equity Fund Class N, Class N (CDSC fees deducted), the Russell 2000 Index and the Russell 2000 Growth Index.

MassMutual Select Small Cap Growth Equity Fund
Total Return

	_Year-to-Date_{1/1/07 - 6/30/07}			_{One Year}_{7/1/06 - 6/30/07}			_{Since Inception}_{Average Annual}_{12/31/02 - 6/30/07}
Class N		10.51	%		15.46	%		18.48	%
Class N (CDSC fees deducted)*		9.51	%		14.46	%		18.48	%
Russell 2000 Index		6.46	%		16.44	%		20.35	%
Russell 2000 Growth Index		9.34	%		16.84	%		19.10	%

GROWTH OF $10,000 INVESTMENT SINCE INCEPTION

Investors should note that the Fund is a professionally managed mutual fund, while the Russell 2000 Index and the Russell 2000 Growth 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.

MassMutual Select Small Company Growth Fund – Portfolio Manager Report

What is the investment objective of the MassMutual Select Small Company Growth Fund – and who are the Fund's sub-advisers? The Fund seeks long-term capital appreciation by investing primarily in common stocks and equity securities of smaller companies that the Fund's sub-advisers believe offer potential for long-term growth. The Fund is managed by two sub-advisers, each being responsible for a portion of the portfolio, but not necessarily equal weighted. The sub-advisers are Mazama Capital Management, Inc. (Mazama) and Eagle Asset Management, Inc. (Eagle).

How did the Fund perform during the six months ended June 30, 2007? The Fund's Class S shares returned 12.44%, ahead of the 6.46% return of the Russell 2000^® Index, a widely recognized, unmanaged index representative of common stocks of smaller capitalized U.S. companies. In addition, the Fund exceeded the 9.34% return of the Russell 2000^® Growth Index, a widely recognized, unmanaged index that measures the performance of those Russell 2000 Index companies (representing small-capitalization U.S. common stocks) with higher price-to-book ratios and forecasted growth rates.

What was the investment background during the period? The first quarter witnessed increased volatility in the equity markets – due to investor reaction to a drop in the Chinese stock market, rising energy costs and mounting fears that troubles in the sub-prime mortgage market could spill over into other segments of the economy. Nevertheless, most major indexes finished the quarter near even or in positive territory. Strong employment and wage growth, continued flows into private equity funds and a rally in the bond market seemed to have helped mitigate some of the negative market sentiment.

During the second quarter, a continued favorable rate environment more than offset the news about the sub-prime meltdown and the rising cost of energy. The bond market experienced an unexpected rate increase during this period, but the rates later pulled back, somewhat reducing the impact on borrowing costs. The yield curve also returned to its pre-2006 non-inverted state. (The yield curve is a graphical representation of bond yields with very short maturities to the longest available, with the curve indicating whether short-term rates are higher or lower than long-term rates.) Additionally, this time frame marked the second consecutive quarter in which growth stocks outperformed value stocks in the small-cap segment since the first quarter of 2006 – indicating, perhaps, that growth investing was back in style. Another positive driver for the small-cap markets was the continued spate of merger and acquisition activity.

What factors contributed to the Fund's performance? During the quarter, the sectors that contributed the most to the Fund's absolute and relative performance were materials and consumer discretionary. Conversely, the financials sector hampered the Fund's results on both an absolute and a relative basis. During this period, the Fund's portfolio held overweight positions in the technology and producer durables sectors, as Fund management continued to invest in companies with strong financial models that were well positioned for the ongoing telecommunications build-out around the globe; the accelerating consumption of consumer electronics worldwide; and the long-awaited enterprise upgrade cycle in the U.S.

Turning to the second quarter, most major sectors in the Fund had positive absolute returns – with energy, industrials, materials and consumer discretionary each posting double-digit advances. During this time frame, the Fund's top-contributing sectors were consumer discretionary and industrials, with materials, energy and financials also positively contributing to returns. Also driving the Fund's performance during the quarter was the fact that 11 acquisitions were announced for holdings within the Fund's portfolio. On the downside, the Fund lagged the benchmark in the information technology and health care sectors.

MassMutual Select Small Company Growth Fund – Portfolio Manager Report (Continued)

What is your outlook? Overall, our optimism remains for continued growth in the small-cap equity markets throughout the remainder of the year. We believe there are ample opportunities for equity investors, as several sectors have produced – and are expected to continue to produce – solid returns. We expect the strong gains of the first half of the year in the energy, information technology, industrials and materials sectors may continue for the duration of 2007.

*MassMutual Select Small Company Growth Fund* *Industry Table* *(% of Net Assets) on 6/30/07*
Software	8.3	%
Pharmaceuticals	7.3	%
Diversified Financial	6.3	%
Apparel	5.9	%
Internet	5.8	%
Health Care — Products	5.4	%
Telecommunications	5.1	%
Retail	5.1	%
Electronics	4.4	%
Commercial Services	3.6	%
Oil & Gas Services	3.3	%
Semiconductors	3.3	%
Chemicals	2.9	%
Health Care — Services	2.8	%
Biotechnology	2.4	%
Oil & Gas	2.1	%
Electrical Components & Equipment	1.8	%
Home Furnishing	1.8	%
Banks	1.7	%
Advertising	1.6	%
Media	1.6	%
Machinery — Construction & Mining	1.5	%
Environmental Controls	1.3	%
Computers	1.2	%
Automotive & Parts	1.2	%
Metal Fabricate & Hardware	1.2	%
Insurance	1.2	%
Engineering & Construction	0.9	%
Manufacturing	0.9	%
Building Materials	0.9	%
Cosmetics & Personal Care	0.8	%
Entertainment	0.8	%
Real Estate	0.5	%
Office Furnishings	0.5	%
Electric	0.5	%
Iron & Steel	0.4	%
Energy — Alternate Sources	0.4	%
Machinery — Diversified	0.4	%
Consumer Products	0.4	%
Industrial — Distribution	0.3	%
Toys, Games & Hobbies	0.2	%
Home Builders	0.2	%
Transportation	0.1	%
Foods	0.1	%
Household Products	0.1	%
Beverages	0.0	%
Total Long-Term Investments	98.5	%
Short-Term Investments and Other Assets and Liabilities	1.5	%
	100.0	%

*MassMutual Select Small Company* *Growth Fund* *Largest Stock Holdings* *(% of Net Assets) on 6/30/07*
Red Hat, Inc.	2.2	%
Cephalon, Inc.	2.1	%
Terra Industries, Inc.	1.9	%
Quiksilver, Inc.	1.9	%
Universal Electronics, Inc.	1.8	%
Crocs, Inc.	1.8	%
Volcom, Inc.	1.6	%
Polycom, Inc.	1.6	%
Oyo Geospace Corp.	1.5	%
Bucyrus International, Inc. Cl. A	1.5	%

MassMutual Select Small Company Growth Fund – Portfolio Manager Report (Continued)

Growth of a $10,000 Investment

Hypothetical Investments in MassMutual Select Small Company Growth Fund Class S, Class A, Class A (sales load deducted), Class Y, Class L, the Russell 2000 Index and the Russell 2000 Growth Index.

MassMutual Select Small Company Growth Fund
Total Return

	_Year-_to-Date_{1/1/07 -}_6/30/07			_One_Year_{7/1/06 -}_6/30/07			_Five_Year_Average_Annual_{7/1/02 -}_6/30/07			_Since_Inception_Average_Annual_{12/31/01 -}_6/30/07
Class S		12.44	%		24.64	%		12.13	%		7.51	%
Class A		12.21	%		24.12	%		11.61	%		7.01	%
Class A (sales load deducted)*		5.76	%		16.98	%		10.29	%		5.86	%
Class Y		12.49	%		24.62	%		12.07	%		7.45	%
Class L		12.39	%		24.49	%		11.90	%		7.31	%
Russell 2000 Index		6.46	%		16.44	%		13.88	%		11.35	%
Russell 2000 Growth Index		9.34	%		16.84	%		13.08	%		7.79	%

Hypothetical Investments in MassMutual Select Small Company Growth Fund Class N, Class N (CDSC fees deducted), the Russell 2000 Index and the Russell 2000 Growth Index.

MassMutual Select Small Company Growth Fund
Total Return

	_Year-to-Date_{1/1/07 - 6/30/07}			_{One Year}_{7/1/06 - 6/30/07}			_{Since Inception}_{Average Annual}_{12/31/02 - 6/30/07}
Class N		12.06	%		23.82	%		17.50	%
Class N (CDSC fees deducted)*		11.06	%		22.82	%		17.50	%
Russell 2000 Index		6.46	%		16.44	%		20.35	%
Russell 2000 Growth Index		9.34	%		16.84	%		19.10	%

GROWTH OF $10,000 INVESTMENT SINCE INCEPTION

MassMutual Select Emerging Growth Fund – Portfolio Manager Report

What is the investment objective of the MassMutual Select Emerging Growth Fund – and who are the Fund's sub-advisers? The Fund seeks capital appreciation by investing primarily in smaller, rapidly growing emerging companies – generally in industry segments experiencing rapid growth, and often including technology and technology-related stocks. The Fund will normally invest at least 80% of its net assets in equity securities (primarily common stocks) of these emerging growth companies in both the U.S. and abroad. The Fund's sub-advisers are Delaware Management Company (Delaware) and Insight Capital Research & Management, Inc. (Insight).

How did the Fund perform during the six months ended June 30, 2007? The Fund's Class S shares returned 13.95%, exceeding the 6.46% return of the Russell 2000^® Index, a widely recognized, unmanaged index representative of common stocks of smaller capitalized U.S. companies. The Fund also outpaced the 9.34% return of the Russell 2000^® Growth Index, a widely recognized, unmanaged index that measures the performance of those Russell 2000 Index companies (representing small-capitalization U.S. common stocks) with higher price-to-book ratios and forecasted growth rates.

What was the investment backdrop during the period? The strength of corporate profit growth and heightened deal activity in the first quarter of 2007 extended the market rally that began in August 2006, but not before the market took a major hit in February. Rising fears about contagion spreading from the sub-prime lending market, relatively weak economic growth data and announcements from Chinese authorities about their intent to curb market speculation all converged to cause a major sell-off late in the month. Over the ensuing weeks, many of these concerns abated, and the markets rebounded. For the quarter, all but the largest stocks posted positive returns, with mid-cap stocks leading the way. Among small-cap stocks, growth outperformed value and gains were widespread, with nearly every sector of the Russell 2000 Growth Index in the black. The exception was the financials sector, which fell, in part, due to the negative sentiment emanating from the sub-prime lending industry.

Investors bought stocks with conviction during the second quarter, as the major indexes advanced throughout the period. Growth and value both performed well; likewise, small, mid and large companies all gained ground. From a leadership perspective, growth stocks asserted dominance over the marketplace, as all the Russell growth indexes beat their value counterparts during the quarter and year-to-date periods.

What factors contributed to the Fund's performance? In the first quarter, overall stock selection was positive, with the top contributors coming from the consumer nondurables, materials, health care and basic industry/capital goods sectors. Conversely, weakness in the information technology, industrials and consumer services sectors hindered the Fund's relative performance. From an industry standpoint, stocks from the commercial services and airline industries proved beneficial to the Fund's results, while Internet software and services and household durable positions were detrimental.

In the second quarter, a slightly negative impact from sector allocation was more than overcome by superior stock selection. Leading the way with strong performance were the Fund's holdings in the business services, consumer services and health care sectors.

What is your outlook? As we enter the second half of the year, it appears that positive momentum for further stock appreciation remains. Whereas overall economic conditions also still appear to be favorable, the potential for higher energy prices and interest rates are potential roadblocks that may preclude recent price gains from continuing. We are optimistic, however, that companies that demonstrate the ability to deliver strong earnings and sales growth will be rewarded and we will continue to seek out and hold on to companies that demonstrate these characteristics.

MassMutual Select Emerging Growth Fund – Portfolio Manager Report (Continued)

*MassMutual Select Emerging Growth Fund* *Industry Table* *(% of Net Assets) on 6/30/07*
Internet	9.3	%
Commercial Services	7.7	%
Apparel	6.4	%
Telecommunications	6.2	%
Retail	4.7	%
Semiconductors	4.7	%
Transportation	4.0	%
Oil & Gas Services	3.6	%
Health Care — Products	3.3	%
Software	3.0	%
Insurance	2.9	%
Engineering & Construction	2.4	%
Foods	2.3	%
Metal Fabricate & Hardware	2.3	%
Health Care — Services	2.3	%
Pharmaceuticals	2.2	%
Machinery — Diversified	2.2	%
Forest Products & Paper	2.1	%
Computer Programming Services	1.9	%
Entertainment	1.8	%
Manufacturing	1.7	%
Computers	1.6	%
Airlines	1.5	%
Biotechnology	1.3	%
Chemicals	1.3	%
Automotive & Parts	1.3	%
Leisure Time	1.2	%
Electrical Components & Equipment	1.2	%
Computer Related Services	1.2	%
Energy — Alternate Sources	1.1	%
Banks	1.0	%
Environmental Controls	1.0	%
Hand & Machine Tools	1.0	%
Medical Supplies	0.9	%
Diversified Financial	0.8	%
Home Builders	0.7	%
Media	0.5	%
Cosmetics & Personal Care	0.4	%
Real Estate Investment Trusts (REITS)	0.4	%
Advertising	0.4	%
Total Long-Term Investments	95.8	%
Short-Term Investments and Other Assets and Liabilities	4.2	%
	100.0	%

*MassMutual Select Emerging* *Growth Fund* *Largest Stock Holdings* *(% of Net Assets) on 6/30/07*
Crocs, Inc.	3.0	%
Priceline.com, Inc.	2.7	%
Huron Consulting Group, Inc.	2.7	%
Align Technology, Inc.	2.5	%
Sanderson Farms, Inc.	2.3	%
Rock-Tenn Co. Cl. A	2.1	%
Blue Coat Systems, Inc.	2.0	%
Shanda Interactive Entertainment Limited ADR (Cayman Islands)	1.9	%
Silicon Motion Technology Corp. ADR (Taiwan)	1.6	%
Perini Corp.	1.6	%

MassMutual Select Emerging Growth Fund – Portfolio Manager Report (Continued)

Growth of a $10,000 Investment

Hypothetical Investments in MassMutual Select Emerging Growth Fund Class S, Class A, Class A (sales load deducted), Class Y, Class L, the Russell 2000 Index and the Russell 2000 Growth Index.

MassMutual Select Emerging Growth Fund
Total Return

	_Year-_to-Date_{1/1/07 -}_6/30/07			_{One Year}_{7/1/06 -}_6/30/07			_{Five Year}_Average_Annual_{7/1/02 -}_6/30/07			_Since_Inception_Average_Annual_{5/1/00 -}_6/30/07
Class S		13.95	%		16.67	%		10.81	%		–4.20	%
Class A		13.83	%		16.26	%		10.18	%		–4.70	%
Class A (sales load deducted)*		7.28	%		9.57	%		8.88	%		–5.49	%
Class Y		13.88	%		16.80	%		10.66	%		–4.30	%
Class L		13.92	%		16.32	%		10.45	%		–4.48	%
Russell 2000 Index		6.46	%		16.44	%		13.88	%		8.57	%
Russell 2000 Growth Index		9.34	%		16.84	%		13.08	%		1.28	%

Hypothetical Investments in MassMutual Select Emerging Growth Fund Class N, Class N (CDSC fees deducted), the Russell 2000 Index and the Russell 2000 Growth Index.

MassMutual Select Emerging Growth Fund
Total Return

	_Year-to-Date_{1/1/07 - 6/30/07}			_{One Year}_{7/1/06 - 6/30/07}			_{Since Inception}_{Average Annual}_{12/31/02 - 6/30/07}
Class N		13.73	%		16.00	%		16.51	%
Class N (CDSC fees deducted)*		12.73	%		15.00	%		16.51	%
Russell 2000 Index		6.46	%		16.44	%		20.35	%
Russell 2000 Growth Index		9.34	%		16.84	%		19.10	%

GROWTH OF $10,000 INVESTMENT SINCE INCEPTION

MassMutual Select Diversified International Fund – Portfolio Manager Report

What is the investment objective of the MassMutual Select Diversified International Fund – and who is the Fund's sub-adviser? The Fund seeks growth of capital over the long term by investing primarily in a diversified portfolio of equity securities of established companies selected from more than 40 industries and more than 40 developed and emerging market countries. The Fund normally invests in companies in at least three countries other than the United States. The Fund's sub-adviser is AllianceBernstein L.P. (AllianceBernstein).

How did the Fund perform during the six months ended June 30, 2007? The Fund's Class S shares returned 14.12%, outperforming the 12.25% return of the Morgan Stanley Capital International All Country World Index (MSCI^® ACWI^®) ex-U.S., an unmanaged index representative of stocks domiciled in global developed and emerging markets, excluding the United States.

What was the investment background during the period? International equity markets took investors for a bumpy ride in the first quarter. After continuing to trend gently upwards at the start of the year, a sell-off in Chinese equities and jitters about rising defaults on sub-prime mortgages in the U.S. sent markets around the world plunging in late February and into early March. By quarter-end, however, equity markets had regained their composure, reassured by the U.S. Federal Reserve's outlook for growth and inflation in the world's largest economy, and booming global merger and acquisition activity. Most regions gained modestly over the quarter, though sector returns were more mixed. Industrial commodities did particularly well, but technology, finance and medical companies lagged.

During the second quarter, international equity markets advanced once again, as stocks were generally supported by better-than-expected corporate earnings and robust merger and acquisition activity. Nevertheless, investors continued to worry about the sub-prime mortgage market throughout the quarter. Furthermore, equity markets retreated slightly in June amid increased fears of global inflation and national security concerns in the UK. Most sectors gained during the three-month period, led by energy shares, which rose on a rebound in oil prices. The industrial commodities sector was also strong due to robust demand for metals. On the other hand, the construction and housing sector underperformed. Among currencies, the U.S. dollar depreciated versus the euro and sterling, but appreciated against the yen.

What factors contributed to the Fund's performance? Top contributors to portfolio performance in the first quarter included steel companies Arcelor Mittal and JFE Holdings. Elsewhere, portfolio returns were strengthened by sustained market share gains from Sainsbury, which showed that the UK supermarket operator's plans to boost sales remained on track. Chief detractors from portfolio performance in the first quarter were concentrated within the financials sector and included ORIX, Sumitomo Mitsui Financial and ING Groep. French carmaker Renault also detracted from returns, as its 44% stake in Nissan suffered when Nissan failed to reach its profit forecast for the first time in four years.

In the second quarter, an overweight position in the industrial commodities sector contributed to performance, as did an underweight position in the construction/housing and consumer cyclicals sectors. An overweight allocation to the financials sector detracted. In a reversal from the first quarter, one of the portfolio's leading second-quarter contributors was Renault – which moved higher following positive market reaction to its new Laguna model and on investors' reassessment of the company's prospects following restructuring efforts at Nissan, which reported a 3.2% increase in U.S. vehicle sales in May. Chief detractors from performance in the second quarter included BAE Systems, Fortis and HBOS.

What is your outlook? We continue to believe that global equity markets are reasonably valued and that these valuations are supported by the prospect of continued – if more moderate – economic and profit growth. The overall value opportunity is lower than average, but our fundamental research continues to uncover interesting value investments on a stock-by-stock basis.

MassMutual Select Diversified International Fund – Portfolio Manager Report (Continued)

*MassMutual Select Diversified International Fund* *Country Weightings* *(% of Net Assets) on 6/30/07*
Japan	19.5	%
United Kingdom	13.6	%
France	10.6	%
Germany	9.5	%
Canada	5.1	%
South Korea	4.6	%
Taiwan	4.2	%
Holland	3.5	%
Brazil	3.5	%
Switzerland	2.9	%
Italy	2.8	%
Netherlands	2.7	%
Australia	2.0	%
China	1.5	%
Belgium	1.1	%
Austria	1.1	%
Spain	1.1	%
South Africa	0.9	%
Sweden	0.9	%
Hong Kong	0.7	%
Finland	0.7	%
Thailand	0.7	%
Philippine Islands	0.5	%
Hungary	0.5	%
Israel	0.5	%
Denmark	0.4	%
Singapore	0.4	%
Greece	0.3	%
Total Long-Term Investments	95.8	%
Short-Term Investments and Other Assets and Liabilities	4.2	%
	100.0	%

*MassMutual Select Diversified* *International Fund* *Largest Stock Holdings* *(% of Net Assets) on 6/30/07*
Allianz AG	2.0	%
Renault SA	2.0	%
ING Groep NV	1.8	%
Total SA (France)	1.8	%
Vodafone Group PLC	1.8	%
Royal Dutch Shell PLC	1.7	%
BASF AG	1.7	%
E.ON AG	1.7	%
Royal Bank of Scotland Group PLC	1.7	%
ENI SpA	1.6	%

MassMutual Select Diversified International Fund – Portfolio Manager Report (Continued)

Growth of a $10,000 Investment

Hypothetical Investments in MassMutual Select Diversified International Fund Class S, Class A, Class A (sales load deducted), Class Y, Class L, Class N, Class N (CDSC fees deducted) and the MSCI ACWI ex US.

MassMutual Select Diversified International Fund
Total Return

	_Year-to-Date_{1/1/07 - 6/30/07}			_{Since Inception}_{12/14/06 - 6/30/07}
Class S		14.12	%		14.92	%
Class A		13.92	%		14.69	%
Class A (sales load deducted)*		7.37	%		8.10	%
Class Y		14.02	%		14.81	%
Class L		14.02	%		14.81	%
Class N		13.72	%		14.48	%
Class N (CDSC fees deducted)*		12.72	%		13.48	%
MSCI ACWI ex US		12.25	%		13.89	%

GROWTH OF $10,000 INVESTMENT SINCE INCEPTION

* Class A (sales load deducted) returns include the 5.75% maximum sales charge and Class N (CDSC fees deducted) returns include the 1.00% maximum contingent deferred sales charge.

Investors should note that the Fund is a professionally managed mutual fund, while the MSCI ACWI ex US 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.

MassMutual Select Overseas Fund – Portfolio Manager Report

What is the investment objective of the MassMutual Select Overseas Fund – and who are the Fund's sub-advisers? The Fund seeks growth of capital over the long term by investing in both foreign and domestic equity securities. The Fund invests at least 80% of its net assets in stocks of foreign companies – including companies located in Europe, Latin America and Asia. The Fund's two sub-advisers, Massachusetts Financial Services Company (MFS) and Harris Associates L.P. (Harris), are each responsible for a portion of the portfolio, but not necessarily equal weighted.

How did the Fund perform during the six months ended June 30, 2007? The Fund's Class S shares returned 8.42%, trailing the 10.74% return of the Morgan Stanley Capital International Europe, Australasia, Far East (MSCI^® EAFE^®) Index, a widely recognized, unmanaged index representative of foreign securities in the major non-U.S. markets of Europe, Australia and the Far East.

What was the investment background during the period? Domestic stocks showed little change during the first quarter of 2007, despite a significant increase in volatility across the board. Although the Dow Jones Industrial Average^SM ("the Dow") notched a new closing high in February, the blue-chip benchmark declined slightly for the three months ended March 31. The S&P 500^® Index finished with a small advance, as did the Nasdaq Composite^® Index ("Nasdaq"), which barely managed to post a gain for the period. A depreciating U.S. dollar supported the returns of foreign stocks, helping the MSCI EAFE Index outperform its U.S. counterparts for the quarter.

What factors contributed to the Fund's performance? In the first quarter of 2007, numerous factors hindered the Fund's performance. From a sector perspective, the portfolio's underweight position in special products/services detracted from returns, as did an overweight position in health care. In addition, stock selection in the autos, housing, technology and health care sectors hurt the Fund's results. Conversely, overweight positions in consumer staples and retailing and an underweight allocation in financial services helped to drive the Fund's performance. Stock selection in consumer staples and retailing also fueled the Fund's progress. From a geographic perspective, the greatest contributors to performance for the quarter were the Fund's positions in the UK, Japan and Germany. The greatest detractors from relative performance included an ove rweight allocation to South Korea and the Fund's positions in Switzerland.

The Fund's overweight position in consumer staples and underweight allocations to basic materials and special products/services hampered the Fund's progress in the second quarter, as did stock selection in the consumer staples and basic materials sectors. Conversely, contributing to the Fund's performance was its underweight position in the struggling financial services sector and stock selection in financial services, utilities/communications and industrial goods/services. On a stock-specific basis, the five stocks that added the most to the Fund's performance during the quarter were Adecco S.A., British Sky Broadcasting Group, DaimlerChrysler, BMW and SK Telecom Co. Ltd.

What is your outlook? Equity market valuation levels appear reasonable, although investors' recent concerns over slowing growth in the U.S., and sub-prime lending in particular, have resulted in increased volatility in equity markets worldwide. After strong relative performance, many stocks with small capitalizations, those domiciled in emerging markets or operating in more cyclical areas of the economy are trading at high valuations versus their history. Given peak corporate profit margins and recent increases in global interest rates, the risk to profit estimates would seem to be rising, particularly in these areas. In this environment, we are finding a number of stocks that, in our opinion, will be able to generate above-average earnings growth with little volatility and are trading at more attractive valuations than normal.

MassMutual Select Overseas Fund – Portfolio Manager Report (Continued)

*MassMutual Select Overseas Fund* *Industry Table* *(% of Net Assets) on 6/30/07*
Diversified Financial	11.6	%
Banks	10.8	%
Pharmaceuticals	7.8	%
Media	7.1	%
Auto Manufacturers	5.3	%
Beverages	4.5	%
Foods	4.5	%
Semiconductors	4.4	%
Insurance	4.2	%
Chemicals	3.9	%
Telecommunications	3.0	%
Electronics	2.7	%
Oil & Gas	2.6	%
Retail	2.3	%
Electrical Components & Equipment	2.0	%
Cosmetics & Personal Care	2.0	%
Office Equipment/Supplies	1.9	%
Commercial Services	1.9	%
Advertising	1.9	%
Holding Company — Diversified	1.8	%
Household Products	1.5	%
Entertainment	1.4	%
Electric	1.3	%
Transportation	1.2	%
Building Materials & Construction	0.9	%
Automotive & Parts	0.8	%
Gas	0.8	%
Manufacturing	0.7	%
Food Services	0.7	%
Building Materials	0.6	%
Mining	0.4	%
Toys, Games & Hobbies	0.4	%
Health Care — Products	0.3	%
Electrical Equipment & Electronics	0.0	%
Total Long-Term Investments	97.2	%
Short-Term Investments and Other Assets and Liabilities	2.8	%
	100.0	%

*MassMutual Select Overseas Fund* *Largest Stock Holdings* *(% of Net Assets) on 6/30/07*
UBS AG Registered	3.5	%
GlaxoSmithKline PLC	3.3	%
Nestle SA	3.0	%
Diageo PLC	2.6	%
Samsung Electronics Co., Ltd.	2.4	%
HSBC Holdings PLC	2.3	%
Bayerische Motoren Werke AG	2.0	%
LVMH Moet Hennessy Louis Vuitton SA	1.8	%
Roche Holding AG	1.7	%
Credit Suisse Group	1.7	%

MassMutual Select Overseas Fund – Portfolio Manager Report (Continued)

Growth of a $10,000 Investment

Hypothetical Investments in MassMutual Select Overseas Fund Class S, Class A, Class A (sales load deducted), Class Y, Class L and the MSCI EAFE Index.

MassMutual Select Overseas Fund
Total Return

	_Year-_to-Date_{1/1/07 -}_6/30/07			_One_Year_{7/1/06 -}_6/30/07			_Five_Year_Average_Annual_{1/1/02 -}_6/30/07			_Since_Inception_Average_Annual_{5/1/01 -}_6/30/07
Class S		8.42	%		24.77	%		15.19	%		9.68	%
Class A		8.13	%		24.33	%		14.71	%		9.21	%
Class A (sales load deducted)*		1.91	%		17.18	%		13.36	%		8.17	%
Class Y		8.37	%		24.69	%		15.12	%		9.61	%
Class L		8.31	%		24.68	%		15.01	%		9.48	%
MSCI EAFE Index		10.74	%		27.00	%		17.73	%		10.91	%

Hypothetical Investments in MassMutual Select Overseas Fund Class N, Class N (CDSC fees deducted) and the MSCI EAFE Index.

MassMutual Short-Duration Bond Fund
Total Return

	_Year-to-Date_{1/1/07 - 6/30/07}			_{One Year}_{7/1/06 - 6/30/07}			_{Since Inception}_{Average Annual}_{12/31/02 - 6/30/07}
Class N		8.05	%		23.99	%		20.76	%
Class N (CDSC fees deducted)*		7.05	%		22.99	%		20.76	%
MSCI EAFE Index		10.74	%		27.00	%		24.37	%

GROWTH OF $10,000 INVESTMENT SINCE INCEPTION

Investors should note that the Fund is a professionally managed mutual fund, while the MSCI EAFE 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.

MassMutual Select Destination Retirement Series – Portfolio Manager Report

What are the investment objectives of the Funds that comprise the MassMutual Select Destination Retirement Series? Destination Retirement Income Fund: This Fund seeks to achieve high current income and, as a secondary objective, capital appreciation, by investing in a combination of MassMutual equity, fixed-income and money market funds using an asset allocation strategy designed for investors already in retirement.

Destination Retirement 2010 / 2020 / 2030 / 2040 Funds: Each of these Funds seeks to achieve as high a total rate of return on an annual basis as is considered consistent with prudent investment risk and the preservation of capital by investing in a combination of MassMutual equity, fixed-income and money market funds. Each Fund uses an asset allocation strategy designed for investors expecting to retire around the year 2010, 2020, 2030, or 2040, respectively.

How did the Funds perform during the six months ended June 30, 2007? For the six months ended June 30, 2007, each Fund's return appears below. Also shown are the returns of each Fund's custom benchmark; the Lipper Balanced Fund Index, an unmanaged, equally weighted index of the 30 largest mutual funds within the Lipper Balanced Category; the Lehman Brothers^®Aggregate Bond Index, an unmanaged index of fixed-rate investment-grade securities with at least one year to maturity combining the Lehman Brothers Government/Credit Index and the Lehman Brothers Mortgage-Backed Securities Index; and the S&P 500^®Index, a widely recognized, unmanaged index representative of common stocks of larger capitalized U.S. companies.

Destination Retirement Income Fund			Custom Benchmark			Lipper Balanced Fund Index			Lehman Brothers Aggregate Bond Index			S&P 500 Index
	3.12	%		2.86	%		5.73	%		0.97	%		6.96	%
Destination Retirement 2010 Fund
	3.97	%		3.72	%		5.73	%		0.97	%		6.96	%
Destination Retirement 2020 Fund
	5.42	%		4.97	%		5.73	%		0.97	%		6.96	%
Destination Retirement 2030 Fund
	7.34	%		6.66	%		5.73	%		0.97	%		6.96	%
Destination Retirement 2040 Fund
	8.51	%		7.85	%		5.73	%		0.97	%		6.96	%

All of the Destination Retirement Funds outperformed their respective custom benchmarks for the six-month period. With respect to the Lipper Balanced Fund Index, only the Destination Retirement 2030 and 2040 Funds outperformed that benchmark. Those same two Funds also outpaced the S&P 500 Index. Conversely, all of the Destination Retirement Funds (each of which has a stock component) outperformed the Lehman Brothers Aggregate Bond Index for the six-month time frame.

Destination Retirement Custom Benchmarks

• The Custom Destination Income Index comprises the MSCI^® EAFE^®, Dow Jones Wilshire 5000 (full cap), Lehman Brothers Aggregate Bond and T-Bill Indexes. The weightings of each Index can vary, depending on the weightings of the underlying mutual funds that comprise the Destination Retirement Income Fund.

• The Custom Destination 2010 Index comprises the MSCI EAFE, Dow Jones Wilshire 5000 (full cap), Lehman Brothers Aggregate Bond and T-Bill Indexes. The weightings of each Index can vary, depending on the weightings of the underlying mutual funds that comprise the Destination Retirement 2010 Fund.

• The Custom Destination 2020 Index comprises the MSCI EAFE, Dow Jones Wilshire 5000 (full cap) and Lehman Brothers Aggregate Bond Indexes. The weightings of each Index can vary, depending on the weightings of the underlying mutual funds that comprise the Destination Retirement 2020 Fund.

MassMutual Select Destination Retirement Series – Portfolio Manager Report (Continued)

• The Custom Destination 2030 Index comprises the MSCI EAFE, Dow Jones Wilshire 5000 (full cap) and Lehman Brothers Aggregate Bond Indexes. The weightings of each Index can vary, depending on the weightings of the underlying mutual funds that comprise the Destination Retirement 2030 Fund.

• The Custom Destination 2040 Index comprises the MSCI EAFE and Dow Jones Wilshire 5000 (full cap) Indexes. The weightings of each Index can vary, depending on the weightings of the underlying mutual funds that comprise the Destination Retirement 2040 Fund.

What was the investment background during the period? Domestic stocks showed little change during the first quarter of 2007, despite a significant increase in volatility across the board. Although the Dow Jones Industrial Average^SM ("the Dow") notched a new closing high in February, the blue-chip benchmark declined slightly for the three months ended March 31. The S&P 500 Index finished with a small advance, as did the Nasdaq Composite^® Index ("Nasdaq"). A depreciating U.S. dollar supported the returns of foreign stocks, helping the MSCI EAFE Index outperform its U.S. counterparts for the quarter.

Bond yields rose and prices fell early in 2007. However, as concerns intensified about the weak housing market and problems with sub-prime lenders made headlines, bond yields eased and prices rallied. Overall, most Treasury securities ended the first quarter with modest price gains, and the Lehman Brothers Aggregate Bond Index posted a modest advance.

Most U.S. stock indexes advanced in the second quarter, with some setting records along the way. During the period, the housing market remained depressed, and long-term interest rates moved decisively higher. Crude oil surged to close the quarter near $70 per barrel.

What factors contributed to the Fund's performance? Performance of the portfolios' asset classes varied during the first quarter of 2007. Within equities, the portfolios benefited from exposure to small-cap and international stocks. On the fixed-income side, the portfolios benefited from exposure to Treasury inflation-protected securities ("TIPS") due to their investment in Premier Inflation-Protected Bond Fund. During this time frame, we completed a large number of changes to the Destination portfolios as part of our goal to increase the diversification of the underlying funds held by these investment options. Each Destination portfolio was reallocated to hold a larger number of investment options. Among the underlying funds, some of the top relative performers were Premier Strategic Income Fund, Premier Value Fund, Premier Main Street Small Cap Fund, Select Overseas Fund, Premier Short-Duration Bond Fund and Select Mid Cap Growth Equity II Fund. Among the laggards relative to their respective indexes were Premier Enhanced Index Value Fund, Select Large Cap Value Fund, Select Growth Equity Fund, Select Blue Chip Growth Fund and Select Small Cap Core Equity Fund.

During the second quarter of 2007, the portfolios benefited from exposure to large-cap growth and international stocks. On the fixed-income side, in a turnaround from the first quarter, the portfolios' exposure to TIPS through Premier Inflation-Protected Bond Fund hampered the portfolios' performance, as that Fund ended the quarter in negative territory. Conversely, Premier Strategic Income Fund posted a slight gain, largely due to its exposure to foreign bonds of both emerging markets and developed countries, as these markets benefited from attractive yields and strong currency gains relative to the U.S. dollar. Both Premier Core Bond Fund and Premier Diversified Bond Fund were down in absolute returns and trailed the Lehman Brothers Aggregate Bond Index for the period. During the second quarter, we continued to adjust the Destination portfolios as part of our goal to improve the diversification of the underlying funds held by these investm ent options and provide the appropriate risk profile for each fund. Having portfolios diversified with a wide number of investment managers was beneficial in many ways during the second quarter, since some of the top relative performers included funds that we added as part of our readjustment process – such as Select

MassMutual Select Destination Retirement Series – Portfolio Manager Report (Continued)

Blue Chip Growth Fund, Premier International Equity Fund, Select Diversified International Fund, Premier Value Fund and Select Emerging Growth Fund. On the other hand, the underlying funds which detracted from performance included Select Growth Equity Fund, Select Aggressive Growth Fund, Select Overseas Fund and Select Small Cap Core Equity Fund.

What is your outlook? Our goal for the Destination Retirement Series is to build portfolios that are appropriate for investors seeking easy-to-use, long-term investment solutions that deliver consistent results without taking excessive risk. As part of this mandate, we seek to balance opportunities for return with their risks. Portfolios are widely diversified by security and style. Our approach seeks to utilize both those investment managers that seek to deliver a level of tracking to their respective asset classes along with more highly active managers. In addition, the interaction of their respective strategies is managed with the goal of delivering the optimal mix of market exposure and active management. We believe that this process delivers a long-term solution for participants and plan sponsors that will help manage volatility while delive ring the benefits of our investment program's core strengths: identifying, delivering and monitoring a multitude of strategies from a diverse group of investment managers.

*MassMutual Select Destination* *Retirement Income Fund* *Asset Allocation* *(% of Net Assets) on 6/30/07*
Equity Funds	34.1	%
Fixed Income Funds	65.9	%
Short-Term Investments and Other Assets and Liabilities	(0.0	)%
	100.0	%

*MassMutual Select Destination* *Retirement 2010 Fund* *Asset Allocation* *(% of Net Assets) on 6/30/07*
Equity Funds	41.9	%
Fixed Income Funds	58.1	%
Short-Term Investments and Other Assets and Liabilities	(0.0	)%
	100.0	%

*MassMutual Select Destination* *Retirement 2020 Fund* *Asset Allocation* *(% of Net Assets) on 6/30/07*
Equity Funds	63.9	%
Fixed Income Funds	36.1	%
Short-Term Investments and Other Assets and Liabilities	(0.0	)%
	100.0	%

*MassMutual Select Destination* *Retirement 2030 Fund* *Asset Allocation* *(% of Net Assets) on 6/30/07*
Equity Funds	85.1	%
Fixed Income Funds	14.9	%
Short-Term Investments and Other Assets and Liabilities	(0.0	)%
	100.0	%

*MassMutual Select Destination* *Retirement 2040 Fund* *Asset Allocation* *(% of Net Assets) on 6/30/07*
Equity Funds	97.2	%
Fixed Income Funds	2.8	%
Short-Term Investments and Other Assets and Liabilities	(0.0	)%
	100.0	%

MassMutual Select Destination Retirement Series – Portfolio Manager Report (Continued)

Growth of a $10,000 Investment

Hypothetical Investments in MassMutual Select Destination Retirement Income Fund Class S, Class A, Class A (sales load deducted), Class Y, Class L, Class N, Class N (CDSC fees deducted) and the Custom Destination Income Index, the Lipper Balanced Fund Index, the Lehman Brothers Aggregate Bond Index and the S&P 500 Index.

MassMutual Select Destination Retirement Income Fund
Total Return

	_Year-to-Date_{1/1/07 - 6/30/07}			_{One Year}_{7/1/06 - 6/30/07}			_{Since Inception}_{Annual Average}_{12/31/03 - 6/30/07}
Class S		3.12	%		8.55	%		5.31	%
Class A		2.93	%		8.11	%		4.94	%
Class A (sales load deducted)**		-2.99	%		1.90	%		3.18	%
Class Y		3.12	%		8.42	%		5.30	%
Class L		3.12	%		8.41	%		5.21	%
Class N		2.73	%		7.69	%		4.59	%
Class N (CDSC fees deducted)**		1.73	%		6.69	%		4.59	%
Custom Destination Income Index		2.86	%		9.87	%		6.12	%
Lipper Balanced Fund Index		5.73	%		15.39	%		9.04	%
Lehman Brothers Aggregate Bond Index		0.97	%		6.11	%		3.48	%
S&P 500 Index		6.96	%		20.57	%		11.06	%

GROWTH OF $10,000 INVESTMENT SINCE INCEPTION*

* The custom benchmark $10,000 growth chart values commence on 1/1/04.

** Class A (sales load deducted) returns include the 5.75% maximum sales charge and Class N (CDSC fees deducted) returns include the 1.00% maximum contingent deferred sales charge for the first 18 months shown.

Investors should note that the Fund is a professionally managed mutual fund, while the Custom Destination Income Index, the Lipper Balanced Fund Index, the Lehman Brothers Aggregate Bond Index and the S&P 500 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.

MassMutual Select Destination Retirement Series – Portfolio Manager Report (Continued)

Growth of a $10,000 Investment

Hypothetical Investments in MassMutual Select Destination Retirement 2010 Fund Class S, Class A, Class A (sales load deducted), Class Y, Class L, Class N, Class N (CDSC fees deducted) and the Custom Destination 2010 Index, the Lipper Balanced Fund Index, the Lehman Brothers Aggregate Bond Index and the S&P 500 Index.

MassMutual Select Destination Retirement 2010 Fund
Total Return

	_Year-to-Date_{1/1/07 - 6/30/07}			_{One Year}_{7/1/06 - 6/30/07}			_{Since Inception}_{Average Annual}_{12/31/03 - 6/30/07}
Class S		3.97	%		10.32	%		6.53	%
Class A		3.71	%		9.83	%		6.09	%
Class A (sales load deducted)**		-2.25	%		3.51	%		4.31	%
Class Y		3.88	%		10.19	%		6.45	%
Class L		3.89	%		10.10	%		6.37	%
Class N		3.61	%		9.56	%		5.79	%
Class N (CDSC fees deducted)**		2.61	%		8.56	%		5.79	%
Custom Destination 2010 Index		3.72	%		11.70	%		7.36	%
Lipper Balanced Fund Index		5.73	%		15.39	%		9.04	%
Lehman Brothers Aggregate Bond Index		0.97	%		6.11	%		3.48	%
S&P 500 Index		6.96	%		20.57	%		11.06	%

GROWTH OF $10,000 INVESTMENT SINCE INCEPTION*

* The custom benchmark $10,000 growth chart values commence on 1/1/04.

Investors should note that the Fund is a professionally managed mutual fund, while the Custom Destination 2010 Index, the Lipper Balanced Fund Index, the Lehman Brothers Aggregate Bond Index and the S&P 500 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.

MassMutual Select Destination Retirement Series – Portfolio Manager Report (Continued)

Growth of a $10,000 Investment

Hypothetical Investments in MassMutual Select Destination Retirement 2020 Fund Class S, Class A, Class A (sales load deducted), Class Y, Class L, Class N, Class N (CDSC fees deducted) and the Custom Destination 2020 Index, the Lipper Balanced Fund Index, the Lehman Brothers Aggregate Bond Index and the S&P 500 Index.

MassMutual Select Destination Retirement 2020 Fund

Total Return

	_Year-to-Date_{1/1/07 - 6/30/07}			_{One Year}_{7/1/06 - 6/30/07}			_{Since Inception}_{Average Annual}_{12/31/03 - 6/30/07}
Class S		5.42	%		13.25	%		8.41	%
Class A		5.18	%		12.78	%		7.98	%
Class A (sales load deducted)**		-0.87	%		6.30	%		6.17	%
Class Y		5.33	%		13.12	%		8.34	%
Class L		5.42	%		13.10	%		8.26	%
Class N		5.08	%		12.45	%		7.66	%
Class N (CDSC fees deducted)**		4.08	%		11.45	%		7.66	%
Custom Destination 2020 Index		4.97	%		14.60	%		9.21	%
Lipper Balanced Fund Index		5.73	%		15.39	%		9.04	%
Lehman Brothers Aggregate Bond Index		0.97	%		6.11	%		3.48	%
S&P 500 Index		6.96	%		20.57	%		11.06	%

GROWTH OF $10,000 INVESTMENT SINCE INCEPTION*

* The custom benchmark $10,000 growth chart values commence on 1/1/04.

Investors should note that the Fund is a professionally managed mutual fund, while the Custom Destination 2020 Index, the Lipper Balanced Fund Index, the Lehman Brothers Aggregate Bond Index and the S&P 500 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.

MassMutual Select Destination Retirement Series – Portfolio Manager Report (Continued)

Growth of a $10,000 Investment

Hypothetical Investments in MassMutual Select Destination Retirement 2030 Fund Class S, Class A, Class A (sales load deducted), Class Y, Class L, Class N, Class N (CDSC fees deducted) and the Custom Destination 2030 Index, the Lipper Balanced Fund Index, the Lehman Brothers Aggregate Bond Index and the S&P 500 Index.

MassMutual Select Destination Retirement 2030 Fund
Total Return

	_Year-to-Date_{1/1/07 - 6/30/07}			_{One Year}_{7/1/06 - 6/30/07}			_{Since Inception}_{Average Annual}_{12/31/03 - 6/30/07}
Class S		7.34	%		16.65	%		10.67	%
Class A		7.14	%		16.12	%		10.22	%
Class A (sales load deducted)**		0.98	%		9.44	%		8.37	%
Class Y		7.36	%		16.53	%		10.60	%
Class L		7.27	%		16.41	%		10.49	%
Class N		7.04	%		15.78	%		9.89	%
Class N (CDSC fees deducted)**		6.04	%		14.78	%		9.89	%
Custom Destination 2030 Index		6.66	%		18.30	%		11.63	%
Lipper Balanced Fund Index		5.73	%		15.39	%		9.04	%
Lehman Brothers Aggregate Bond Index		0.97	%		6.11	%		3.48	%
S&P 500 Index		6.96	%		20.57	%		11.06	%

GROWTH OF $10,000 INVESTMENT SINCE INCEPTION*

* The custom benchmark $10,000 growth chart values commence on 1/1/04.

Investors should note that the Fund is a professionally managed mutual fund, while the Custom Destination 2030 Index, the Lipper Balanced Fund Index, the Lehman Brothers Aggregate Bond Index and the S&P 500 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.

MassMutual Select Destination Retirement Series – Portfolio Manager Report (Continued)

Growth of a $10,000 Investment

Hypothetical Investments in MassMutual Select Destination Retirement 2040 Fund Class S, Class A, Class A (sales load deducted), Class Y, Class L, Class N, Class N (CDSC fees deducted) and the Custom Destination 2040 Index, the Lipper Balanced Fund Index, the Lehman Brothers Aggregate Bond Index and the S&P 500 Index.

MassMutual Select Destination Retirement 2040 Fund
Total Return

	_Year-to-Date_{1/1/07 - 6/30/07}			_{One Year}_{7/1/06 - 6/30/07}			_{Since Inception}_{Average Annual}_{12/31/03 - 6/30/07}
Class S		8.51	%		18.82	%		12.02	%
Class A		8.23	%		18.31	%		11.58	%
Class A (sales load deducted)**		2.01	%		11.51	%		9.71	%
Class Y		8.44	%		18.71	%		11.95	%
Class L		8.35	%		18.59	%		11.85	%
Class N		8.14	%		18.04	%		11.24	%
Class N (CDSC fees deducted)**		7.14	%		17.04	%		11.24	%
Custom Destination 2040 Index		7.85	%		20.99	%		13.18	%
Lipper Balanced Fund Index		5.73	%		15.39	%		9.04	%
Lehman Brothers Aggregate Bond Index		0.97	%		6.11	%		3.48	%
S&P 500 Index		6.96	%		20.57	%		11.06	%

GROWTH OF $10,000 INVESTMENT SINCE INCEPTION*

* The custom benchmark $10,000 growth chart values commence on 1/1/04.

Investors should note that the Fund is a professionally managed mutual fund, while the Custom Destination 2040 Index, the Lipper Balanced Fund Index, the Lehman Brothers Aggregate Bond Index and the S&P 500 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.

MassMutual Select Strategic Bond Fund – Portfolio of Investments

June 30, 2007 (Unaudited)

	Number of Shares		Market Value
EQUITIES — 0.1%
PREFERRED STOCK — 0.1%
Auto Manufacturers
General Motors Corp.		5,000	$	97,800
General Motors Corp., Series C		5,375		135,047
TOTAL PREFERRED STOCK (Cost $194,564)				232,847
TOTAL EQUITIES (Cost $194,564)				232,847
	Principal Amount
BONDS & NOTES — 94.5%
ASSET BACKED SECURITIES — 3.3%
Commercial MBS — 1.1%
Banc of America Commercial Mortgage, Inc., Series 2005-5, Class A4 5.115% 09/10/2015	$	280,000		266,724
Banc of America Commercial Mortgage, Inc., Series 2005-6, Class A4 VRN 5.353% 09/10/2047		840,000		807,487
GE Capital Commercial Mortgage Corp., Series 2005-C4, Class A4 VRN 5.512% 11/10/2045		350,000		339,972
Merrill Lynch Mortgage Trust, Series 2006-C1, Class A4 VRN 5.659% 05/12/2039		610,000		605,261
Morgan Stanley Capital I, Series 2005-HQ6, Class A4A 4.989% 08/13/2042		240,000		226,848
Morgan Stanley Capital I, Series 2007-IQ14, Class A4 5.692% 04/15/2049		1,100,000		1,081,825
				3,328,117

	Principal Amount		Market Value
Home Equity ABS — 1.2%
Delta Funding Home Equity Loan Trust, Series 1999-1, Class A6F 6.340% 12/15/2028	$	20,117	$	19,963
GSAA Trust, Series 2005-7, Class AV1 FRN 5.430% 05/25/2035		75,747		75,759
Irwin Home Equity, Series 2006-1, Class 2A1 FRN 5.470% 09/25/2035		481,499		481,158
IXIS Real Estate Capital Trust, Series 2006-HE1, Class A1 FRN 5.410% 03/25/2036		239,483		239,483
Renaissance Home Equity Loan Trust, Series 2007-2, Class AF6 5.879% 06/25/2037		2,100,000		2,089,164
Residential Funding Mortgage Securities II, Inc., Series 2005-HSA1, Class AI1 FRN 5.440% 12/25/2035		508,737		508,816
Structured Asset Securities Corp., Series 2002-AL1, Class A3 3.450% 02/25/2032		206,502		182,496
				3,596,839
Other ABS — 1.0%
Bear Stearns Asset Backed Securities, Inc., Series 2005-AQ2, Class A1 FRN 5.480% 09/25/2035		219,829		219,932
Bear Stearns Asset Backed Securities, Inc., Series 2005-AQ2, Class A2 FRN 5.590% 09/25/2035		900,000		902,250
Bear Stearns Asset Backed Securities, Inc., Series 2005-AQ2, Class A3 FRN 5.680% 09/25/2035		900,000		898,528

	Principal Amount		Market Value
Bear Stearns Asset Backed Securities, Inc., Series 2005-SD4, Class 2A1 FRN 5.720% 12/25/2042	$	453,512	$	455,142
Countrywide Asset Backed Certificates, Series 2005-17, Class 1AF1 FRN 5.520% 05/25/2036		336,321		336,336
Credit-Based Asset Servicing and Securitization, Series 2004-CB8, Class AV1 FRN 5.580% 12/25/2035		30,960		30,965
First Franklin Mortgage Loan Asset Backed Certificates, Series 2004-FF10, Class A2 FRN 5.720% 12/25/2032		72,387		72,478
Lehman XS Trust, Series 2005-5N, Class 1A1 FRN 5.620% 11/25/2035		361,888		362,680
				3,278,311
TOTAL ASSET BACKED SECURITIES (Cost $10,323,514)				10,203,267
CORPORATE DEBT — 23.8%
Advertising — 0.0%
Lamar Media Corp. 6.625% 08/15/2015		90,000		85,275
Aerospace & Defense — 0.0%
DRS Technologies, Inc. 6.625% 02/01/2016		55,000		53,075
Agriculture — 0.3%
Altria Group, Inc. 7.000% 11/04/2013		580,000		615,176
Reynolds American, Inc. 6.750% 06/15/2017		215,000		216,825
				832,001

(Continued)

The accompanying notes are an integral part of the financial statements.
87

MassMutual Select Strategic Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Market Value
Apparel — 0.0%
Oxford Industries, Inc. 8.875% 06/01/2011	$	45,000	$	46,462
Auto Manufacturers — 0.7%
DaimlerChrysler NA Holding 5.750% 05/18/2009		140,000		140,365
DaimlerChrysler NA Holding 5.875% 03/15/2011		380,000		381,940
DaimlerChrysler NA Holding 7.200% 09/01/2009		65,000		67,086
Ford Motor Co. 4.250% 12/15/2036		150,000		187,875
Ford Motor Co. 6.625% 10/01/2028		40,000		29,900
Ford Motor Co.(a) 7.450% 07/16/2031		190,000		151,762
General Motors Corp. 8.250% 07/15/2023		80,000		72,900
General Motors Corp.(a) 8.375% 07/15/2033		1,130,000		1,031,125
General Motors Corp. EUR(b) 8.375% 07/05/2033		40,000		51,114
				2,114,067
Automotive & Parts — 0.1%
Visteon Corp. 8.250% 08/01/2010		150,000		148,875
Banks — 2.5%
Bank of America Corp. 5.375% 08/15/2011		770,000		766,635
Bank One Corp. 2.625% 06/30/2008		205,000		199,444
Glitnir Banki HF(c) 6.330% 07/28/2011		290,000		295,165
Glitnir Banki HF VRN(c) 6.693% 06/15/2011		420,000		432,589
Hypothekenbank in Essen(c) 5.000% 01/20/2012		100,000		98,682
ICICI Bank Ltd. VRN(a) (c) 6.375% 04/30/2022		428,000		406,704
Landsbanki Islands HF(c) 6.100% 08/25/2011		670,000		678,471
Rabobank Capital Fund II VRN(c) 5.260% 12/31/2049		10,000		9,590
Rabobank Capital Funding Trust III VRN(c) 5.254% 12/31/2016		95,000		88,950
RSHB Capital SA for OJSC Russian Agricultural Bank(c) 6.299% 05/15/2017		790,000		773,252

	Principal Amount		Market Value
Shinsei Finance Cayman Ltd. VRN(c) 6.418% 07/20/2016	$	300,000	$	291,691
Turanalem Finance BV(c) 8.250% 01/22/2037		1,170,000		1,126,125
Wachovia Capital Trust III VRN 5.800% 03/15/2042		230,000		228,998
Wachovia Corp. 5.250% 08/01/2014		990,000		961,672
Wachovia Corp. 5.625% 10/15/2016		330,000		321,419
Wells Fargo & Co. 5.300% 08/26/2011		1,070,000		1,062,245
Wells Fargo Capital 5.950% 12/15/2036		100,000		93,276
				7,834,908
Chemicals — 0.0%
Georgia Gulf Corp. 9.500% 10/15/2014		40,000		39,800
Lyondell Chemical Co. 8.000% 09/15/2014		25,000		25,687
Lyondell Chemical Co. 8.250% 09/15/2016		15,000		15,675
Westlake Chemicals 6.625% 01/15/2016		40,000		37,900
				119,062
Coal — 0.0%
Peabody Energy Corp. 6.875% 03/15/2013		40,000		39,800
Commercial Services — 0.1%
Ashtead Capital, Inc.(c) 9.000% 08/15/2016		31,000		32,472
Di Finance/Dyncorp International, Series B 9.500% 02/15/2013		45,000		47,869
Hertz Corp. 8.875% 01/01/2014		80,000		83,400
Service Corp. International(c) 7.500% 04/01/2027		135,000		127,237
Service Corp. International 7.625% 10/01/2018		10,000		10,125
Service Corp. International, US 6.750% 04/01/2016		30,000		28,425
				329,528
Computers — 0.2%
Electronic Data Systems Corp. 7.125% 10/15/2009		620,000		638,070

	Principal Amount		Market Value
Sungard Data Systems, Inc. 9.125% 08/15/2013	$	50,000	$	51,187
Sungard Data Systems, Inc.(a) 10.250% 08/15/2015		35,000		37,012
				726,269
Diversified Financial — 8.0%
AAC Group Holding Corp. FRN 0.000% 10/01/2008		40,000		36,000
Aiful Corp.(c) 5.000% 08/10/2010		320,000		311,910
American Express Co. VRN 6.800% 09/01/2016		190,000		195,913
Banque Paribas - New York 6.875% 03/01/2009		110,000		112,510
Citigroup, Inc. 4.125% 02/22/2010		445,000		431,684
Citigroup, Inc. 5.100% 09/29/2011		860,000		846,758
Credit Suisse Guernsey, Ltd. VRN 5.860% 05/15/2017		200,000		192,692
E*TRADE Financial Corp. 7.375% 09/15/2013		40,000		40,600
El Paso Performance-Linked Trust(c) 7.750% 07/15/2011		650,000		669,500
Ford Motor Credit Co. 4.950% 01/15/2008		110,000		109,176
Ford Motor Credit Co. 7.250% 10/25/2011		80,000		76,995
Ford Motor Credit Co. 7.375% 10/28/2009		3,075,000		3,052,417
Ford Motor Credit Co. 7.375% 02/01/2011		130,000		127,004
Ford Motor Credit Co., Series WI FRN 10.610% 06/15/2011		298,000		321,912
General Electric Capital Corp. 4.125% 09/01/2009		1,100,000		1,073,368
General Electric Capital Corp. 4.250% 01/15/2008		230,000		228,690
General Motors Acceptance Corp. 4.375% 12/10/2007		140,000		138,991
General Motors Acceptance Corp. 5.125% 05/09/2008		200,000		197,502

(Continued)

The accompanying notes are an integral part of the financial statements.
88

MassMutual Select Strategic Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Market Value
General Motors Acceptance Corp. 5.625% 05/15/2009	$	420,000	$	410,648
General Motors Acceptance Corp. 5.850% 01/14/2009		240,000		236,529
General Motors Acceptance Corp. 6.125% 08/28/2007		1,320,000		1,320,899
General Motors Acceptance Corp. 6.311% 11/30/2007		50,000		49,880
General Motors Acceptance Corp. 8.000% 11/01/2031		3,150,000		3,221,130
GMAC LLC 0.000% 06/15/2015		10,000		5,563
Goldman Sachs Group, Inc. 4.500% 06/15/2010		430,000		419,246
Goldman Sachs Group, Inc. 5.000% 01/15/2011		100,000		98,152
Household Finance Corp. 4.625% 01/15/2008		560,000		557,832
Household Finance Corp. Series 4.125% 11/16/2009		300,000		291,313
HSBC Finance Corp. 4.625% 09/15/2010		460,000		447,665
Idearc, Inc. 8.000% 11/15/2016		225,000		227,250
ILFC E-Capital Trust II VRN(c) 6.250% 12/21/2015		10,000		9,753
JP Morgan Chase & Co. 5.125% 09/15/2014		1,160,000		1,113,902
JP Morgan Chase & Co. 5.150% 10/01/2015		600,000		570,537
Kaupthing Bank(c) 5.750% 10/04/2011		100,000		99,655
Kaupthing Bank (Iceland)(c) 7.125% 05/19/2016		375,000		396,136
Kaupthing Bank FRN(c) 6.045% 04/12/2011		690,000		695,349
Lehman Brothers Holdings 5.250% 02/06/2012		415,000		407,916
Lehman Brothers Holdings, Inc. 5.500% 04/04/2016		240,000		233,016
Morgan Stanley 3.625% 04/01/2008		110,000		108,496
Morgan Stanley 5.625% 01/09/2012		660,000		658,576

	Principal Amount		Market Value
MUFG Capital Finance 1 Ltd. VRN 6.346% 07/25/2016	$	180,000	$	176,864
Residential Capital Corp. 6.000% 02/22/2011		720,000		696,698
Residential Capital LLC 6.500% 06/01/2012		230,000		224,432
Resona Preferred Global Securities VRN(c) 7.191% 07/30/2015		455,000		465,242
Sigma Finance, Inc. VRN(c) 8.000% 06/22/2009		890,000		890,000
SLM Corp. 5.000% 10/01/2013		510,000		435,139
SLM Corp. 5.000% 04/15/2015		20,000		16,435
SLM Corp. 5.050% 11/14/2014		120,000		99,789
SLM Corp. 5.375% 05/15/2014		1,070,000		916,916
SLM Corp. 5.625% 08/01/2033		90,000		70,177
SLM Corp., Series X FRN(c) 5.330% 04/18/2008		770,000		765,381
TNK-BP Finance SA(c) 6.625% 03/20/2017		200,000		193,760
TNK-BP Finance SA(c) 7.500% 07/18/2016		400,000		412,400
				25,106,298
Electric — 2.0%
AES Corp. 7.750% 03/01/2014		328,000		328,820
AES Corp. 8.875% 02/15/2011		10,000		10,537
CE Electric UK Funding Co.(c) 6.995% 12/30/2007		1,000,000		1,006,862
The Cleveland Electric Illuminating Co. 5.700% 04/01/2017		20,000		19,296
Dominion Resources, Inc. 4.750% 12/15/2010		30,000		29,299
Dominion Resources, Inc. 5.700% 09/17/2012		600,000		600,476
Duke Energy Corp. 5.625% 11/30/2012		705,000		704,795
Duke Energy Corp. 6.250% 01/15/2012		50,000		51,323
Edison Mission Energy(c) 7.000% 05/15/2017		150,000		141,375
Edison Mission Energy(c) 7.200% 05/15/2019		200,000		188,000

	Principal Amount		Market Value
Edison Mission Energy(c) 7.625% 05/15/2027	$	70,000	$	66,150
Exelon Corp. 5.625% 06/15/2035		530,000		473,499
FirstEnergy Corp., Series B 6.450% 11/15/2011		230,000		235,845
FirstEnergy Corp., Series C 7.375% 11/15/2031		620,000		671,181
NRG Energy, Inc. 7.375% 02/01/2016		80,000		80,200
NRG Energy, Inc. 7.375% 01/15/2017		150,000		150,562
Pacific Gas & Electric Co. 5.800% 03/01/2037		130,000		121,260
Pacific Gas & Electric Co. 6.050% 03/01/2034		375,000		363,258
TXU Corp., Series P 5.550% 11/15/2014		230,000		195,253
TXU Corp., Series Q 6.500% 11/15/2024		60,000		49,611
TXU Corp., Series R 6.550% 11/15/2034		845,000		683,452
				6,171,054
Electronics — 0.0%
NXP BV / NXP Funding LLC 7.875% 10/15/2014		15,000		14,775
Entertainment — 0.0%
AMC Entertainment, Inc.(a) 11.000% 02/01/2016		30,000		33,150
Environmental Controls — 0.2%
Waste Management, Inc. 6.375% 11/15/2012		400,000		409,097
Waste Management, Inc. 6.500% 11/15/2008		90,000		91,016
				500,113
Financial Services — 0.2%
XX, Note 7.110% 07/01/2012		600,000		599,982
Forest Products & Paper — 0.2%
Weyerhaeuser Co. 6.750% 03/15/2012		475,000		491,462
Gas — 0.2%
Intergas Finance BV(c) 6.375% 05/14/2017		790,000		756,425
Health Care – Products — 0.0%
Fresenius Medical Care Capital Trust II 7.875% 02/01/2008		42,000		42,210

(Continued)

The accompanying notes are an integral part of the financial statements.
89

MassMutual Select Strategic Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Market Value
Health Care – Services — 0.4%
Community Health Systems, Inc.(c) 8.875% 07/15/2015	$	190,000	$	192,612
DaVita, Inc.(c) 6.625% 03/15/2013		160,000		156,200
HCA, Inc. 5.750% 03/15/2014		84,000		71,085
HCA, Inc. 6.250% 02/15/2013		169,000		152,522
HCA, Inc. 6.375% 01/15/2015		170,000		144,500
HCA, Inc. 6.500% 02/15/2016		8,000		6,770
HCA, Inc.(c) 9.125% 11/15/2014		30,000		31,537
HCA, Inc.(c) 9.250% 11/15/2016		230,000		244,950
HCA, Inc.(c) 9.625% 11/15/2016		125,000		134,375
Tenet Healthcare Corp. 9.250% 02/01/2015		174,000		165,300
				1,299,851
Insurance — 0.2%
American International Group, Inc. 6.250% 03/15/2037		670,000		633,494
ASIF Global Financing(c) 4.900% 01/17/2013		20,000		19,385
				652,879
Investment Companies — 0.3%
Gaz Capital SA(c)(a) 6.212% 11/22/2016		960,000		935,040
Iron & Steel — 0.0%
Steel Dynamics, Inc.(c) 6.750% 04/01/2015		140,000		137,200
Lodging — 0.2%
Boyd Gaming Corp. 7.125% 02/01/2016		50,000		48,500
Inn of the Mountain Gods Resort & Casino 12.000% 11/15/2010		50,000		53,625
MGM Mirage 6.750% 09/01/2012		10,000		9,550
MGM Mirage 7.625% 01/15/2017		245,000		233,056
MGM Mirage 8.375% 02/01/2011		95,000		97,137
Station Casinos, Inc. 7.750% 08/15/2016		200,000		198,000
				639,868

	Principal Amount		Market Value
Manufacturing — 0.6%
Eastman Kodak Co. 3.625% 05/15/2008	$	120,000	$	116,700
Eastman Kodak Co. 7.250% 11/15/2013		290,000		290,000
Tyco International Group SA 6.000% 11/15/2013		310,000		318,319
Tyco International Group SA 6.125% 11/01/2008		40,000		40,357
Tyco International Group SA 6.125% 01/15/2009		10,000		10,127
Tyco International Group SA 6.375% 10/15/2011		470,000		484,176
Tyco International Group SA 6.750% 02/15/2011		80,000		83,840
Tyco International Group SA 6.875% 01/15/2029		340,000		392,425
				1,735,944
Media — 1.7%
AOL Time Warner, Inc. 6.875% 05/01/2012		600,000		625,962
AOL Time Warner, Inc. 7.700% 05/01/2032		60,000		64,881
CCH I LLC 11.000% 10/01/2015		130,000		135,687
Clear Channel Communications, Inc. 4.250% 05/15/2009		50,000		48,324
Clear Channel Communications, Inc. 4.625% 01/15/2008		10,000		9,915
Clear Channel Communications, Inc. 5.500% 09/15/2014		570,000		487,101
Clear Channel Communications, Inc. 6.250% 03/15/2011		10,000		9,623
Comcast Corp. 6.500% 01/15/2015		1,405,000		1,440,614
Comcast Corp. 6.500% 01/15/2017		390,000		398,173
Cox Communications, Inc. 3.875% 10/01/2008		75,000		73,454
CSC Holdings, Inc. 7.625% 07/15/2018		55,000		52,250
CSC Holdings, Inc. 7.875% 02/15/2018		5,000		4,825
DirecTV Holdings LLC/DirecTV Financing Co. 8.375% 03/15/2013		55,000		57,544
Echostar DBS Corp. 6.625% 10/01/2014		45,000		42,975

	Principal Amount		Market Value
Echostar DBS Corp. 7.000% 10/01/2013	$	95,000	$	93,575
Echostar DBS Corp. 7.125% 02/01/2016		40,000		39,100
Liberty Media Corp. 7.875% 07/15/2009		1,240,000		1,286,250
News America, Inc. 6.200% 12/15/2034		20,000		18,644
Rogers Cable, Inc. 6.750% 03/15/2015		40,000		41,239
Shaw Communications, Inc. 7.250% 04/06/2011		20,000		20,600
Sun Media Corp. 7.625% 02/15/2013		25,000		25,125
Time Warner Entertainment Co., LP 8.375% 07/15/2033		60,000		69,632
TL Acquisitions, Inc.(c) 10.500% 01/15/2015		80,000		79,517
Umbella Acquistion, Inc.(c) 9.750% 03/15/2015		70,000		69,125
				5,194,135
Medical Supplies — 0.1%
FMC Finance III SA(c) 6.875% 07/15/2017		240,000		235,200
Mining — 0.3%
Freeport-McMoran Copper & Gold, Inc. 8.375% 04/01/2017		250,000		266,875
Vale Overseas Ltd. 6.875% 11/21/2036		741,000		744,843
				1,011,718
Multi-National — 0.6%
International Finance Corp. 4.750% 04/25/2012		2,000,000		1,964,856
Office Equipment/Supplies — 0.0%
Xerox Corp. 6.750% 02/01/2017		30,000		30,773
Oil & Gas — 1.9%
Amerada Hess Corp. 7.300% 08/15/2031		655,000		702,434
Amerada Hess Corp. 7.875% 10/01/2029		90,000		101,446
Anadarko Finance Co., Series B 7.500% 05/01/2031		230,000		247,122
Anadarko Petroleum Corp. 6.450% 09/15/2036		290,000		278,930
Anadarko Petroleum Corp. FRN 5.760% 09/15/2009		480,000		480,427

(Continued)

The accompanying notes are an integral part of the financial statements.
90

MassMutual Select Strategic Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Market Value
Chesapeake Energy Corp. 6.375% 06/15/2015	$	40,000	$	38,150
Chesapeake Energy Corp. 6.500% 08/15/2017		40,000		37,900
ChevronTexaco Capital Co. 3.500% 09/17/2007		150,000		149,488
Conoco, Inc. 6.950% 04/15/2029		145,000		158,248
Gaz Capital SA(c) 6.510% 03/07/2022		340,000		335,580
Kerr-McGee Corp. 6.950% 07/01/2024		290,000		300,875
Kerr-McGee Corp. 7.875% 09/15/2031		650,000		751,116
OPTI Canada, Inc.(c) 7.875% 12/15/2014		200,000		200,000
Opti Cananda, Inc.(c) 8.250% 12/15/2014		75,000		76,125
Pemex Project Funding Master Trust 6.625% 06/15/2035		550,000		558,250
Petrobras International Finance Co. 6.125% 10/06/2016		550,000		539,000
Pogo Producing Co. 6.625% 03/15/2015		100,000		99,000
Pogo Producing Co. 6.875% 10/01/2017		15,000		14,888
Pride International, Inc. 7.375% 07/15/2014		40,000		40,100
Western Oil Sands, Inc. 8.375% 05/01/2012		70,000		76,563
XTO Energy, Inc. 7.500% 04/15/2012		600,000		645,060
				5,830,702
Oil & Gas Services — 0.1%
Compagnie Generale de Geophysique-Veritas 7.500% 05/15/2015		35,000		35,000
Compagnie Generale de Geophysique-Veritas 7.750% 05/15/2017		195,000		197,438
Complete Production Services, Inc.(c) 8.000% 12/15/2016		170,000		171,700
				404,138
Packaging & Containers — 0.1%
Graham Packaging Co.(a) 9.875% 10/15/2014		55,000		55,619
Graham Packaging Co., Inc. 8.500% 10/15/2012		110,000		110,688
				166,307

	Principal Amount		Market Value
Pharmaceuticals — 0.1%
Wyeth 5.950% 04/01/2037	$	460,000	$	439,614
Pipelines — 1.0%
Dynegy Holdings, Inc.(c) 7.750% 06/01/2019		260,000		241,800
El Paso Corp. 7.000% 06/15/2017		680,000		672,550
El Paso Corp.(a) 7.750% 01/15/2032		84,000		84,614
El Paso Corp. 7.800% 08/01/2031		19,000		19,240
El Paso Natural Gas Co. 8.375% 06/15/2032		349,000		409,237
Kinder Morgan Energy Partners LP 5.000% 12/15/2013		100,000		94,625
Kinder Morgan Energy Partners LP 6.000% 02/01/2017		400,000		391,448
Kinder Morgan Energy Partners LP 6.300% 02/01/2009		60,000		60,644
Kinder Morgan Energy Partners LP 6.750% 03/15/2011		60,000		62,092
Kinder Morgan Energy Partners LP 7.125% 03/15/2012		20,000		21,040
Pacific Energy Partners, LP/Pacific Energy Finance Corp. 7.125% 06/15/2014		20,000		20,692
Semgroup LP(c) 8.750% 11/15/2015		35,000		35,175
Southern Natural Gas Co. 8.000% 03/01/2032		5,000		5,671
Tennessee Gas Pipeline 7.625% 04/01/2037		50,000		54,865
Williams Cos., Inc. 7.750% 06/15/2031		210,000		222,338
Williams Cos., Inc. Series A(a) 7.500% 01/15/2031		645,000		667,575
				3,063,606
Real Estate — 0.0%
Forest City Enterprises, Inc. 7.625% 06/01/2015		35,000		35,263
Real Estate Investment Trusts (REITS) — 0.0%
Ventas Realty Corp. REIT 6.500% 06/01/2016		35,000		34,125
Ventas Realty LP Capital Corp. 6.750% 04/01/2017		30,000		29,625
				63,750

	Principal Amount		Market Value
Retail — 0.1%
Amerigas Partners, LP 7.250% 05/20/2015	$	30,000	$	29,700
CVS Corp.(c) 5.298% 01/11/2027		17,675		16,414
Suburban Propane Partners 6.875% 12/15/2013		80,000		77,200
Wal-Mart Stores, Inc. 3.375% 10/01/2008		255,000		248,771
				372,085
Semiconductors — 0.0%
Freescale Semiconductor, Inc.(c) 8.875% 12/15/2014		45,000		42,975
Telecommunications — 1.4%
BellSouth Corp. 4.750% 11/15/2012		10,000		9,557
British Telecom PLC FRN 8.625% 12/15/2010		130,000		142,060
Cincinnati Bell, Inc. 7.000% 02/15/2015		60,000		58,800
Citizens Communications Co. 7.125% 03/15/2019		65,000		61,425
Citizens Communications Co. 7.875% 01/15/2027		95,000		92,388
Deutsche Telekom International Finance BV 5.750% 03/23/2016		390,000		380,450
Intelsat Bermuda, Ltd. 9.250% 06/15/2016		40,000		42,500
Koninklijke KPN NV 8.000% 10/01/2010		715,000		765,247
Koninklijke KPN NV 8.375% 10/01/2030		200,000		224,262
Level 3 Financing, Inc.(c) 8.750% 02/15/2017		45,000		44,494
Level 3 Financing, Inc. 9.250% 11/01/2014		50,000		50,500
Qwest Communications International, Inc. 7.500% 02/15/2014		35,000		35,438
Qwest Communications International, Inc. FRN 8.860% 02/15/2009		10,000		10,100
Qwest Corp. 6.875% 09/15/2033		130,000		121,875
Qwest Corp. 7.500% 10/01/2014		55,000		56,375
SBC Communications, Inc. 5.100% 09/15/2014		230,000		219,383

(Continued)

The accompanying notes are an integral part of the financial statements.
91

MassMutual Select Strategic Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Market Value
Sprint Capital 8.750% 03/15/2032	$	260,000	$	292,014
Sprint Capital Corp. 8.375% 03/15/2012		30,000		32,682
Sprint Nextel Corp. 6.000% 12/01/2016		980,000		929,682
Telecom Italia Capital SA 4.950% 09/30/2014		100,000		92,653
Telecom Italia Capital SA 5.250% 10/01/2015		310,000		288,258
Verizon Global Funding Corp. 7.375% 09/01/2012		220,000		236,949
Windsream Corp. 8.625% 08/01/2016		160,000		169,200
				4,356,292
Transportation — 0.0%
Gulfmark Offshore, Inc. 7.750% 07/15/2014		20,000		20,200
Horizon Lines LLC 9.000% 11/01/2012		65,000		68,738
				88,938
TOTAL CORPORATE DEBT (Cost $76,159,807)				74,745,925
NON-U.S. GOVERNMENT AGENCY OBLIGATIONS — 7.6%
Collateralized Mortgage Obligations — 7.4%
American Home Mortgage Investment Trust, Series 2005-4, Class 1A1 FRN 5.610% 11/25/2045		464,667		466,048
Countrywide Alternative Loan Trust, Series 2005-24, Class 4A1 FRN 5.550% 07/20/2035		202,232		202,187
Countrywide Alternative Loan Trust, Series 2005-38, Class A3 FRN 5.670% 09/25/2035		129,601		129,821
Countrywide Alternative Loan Trust, Series 2005-44, Class 1A1 FRN 5.650% 10/25/2035		339,571		339,864
Countrywide Alternative Loan Trust, Series 2005-59, Class 1A1 FRN 5.649% 11/20/2035		574,709		575,262

	Principal Amount		Market Value
Countrywide Alternative Loan Trust, Series 2005-J12, Class 2A1 FRN 5.590% 08/25/2035	$	551,727	$	551,962
Countrywide Home Equity Loan Trust, Series 2005-G, Class 2A FRN 5.550% 12/15/2035		293,106		293,341
Countrywide Home Loan Mortgage Pass Through Trust, Series 2005-R3, Class AF FRN(c) 5.720% 09/25/2035		792,639		795,541
GS Mortgage Securities Corp. II, Series 2005-GG4, Class AABA 4.680% 07/10/2039		200,000		190,798
GSMPS Mortgage Loan Trust, Series 2005-RP3, Class 1AF FRN 5.670% 09/25/2035		539,270		540,203
GSR Mortgage Loan Trust, Series 2005-AR5, Class 2A3 VRN 5.182% 10/25/2035		678,375		670,697
Harborview Mortgage Loan Trust, Series 2006-2, Class 1A VRN 5.441% 02/25/2036		468,331		465,823
HSI Asset Securitization Corp. Trust, Series 2005-I1, Class 2A4 FRN 5.710% 11/25/2035		1,400,000		1,396,424
Impac Secured Assets Corp., Series 2005-2, Class A1 FRN 5.640% 03/25/2036		897,545		898,924
Indymac Index Mortgage Loan Trust, Series 2004-AR12, Class A1 FRN 5.710% 12/25/2034		131,375		132,007
JP Morgan Chase Commercial Mortgage Securities Corp., Series 2005-CB12, Class A4 4.895% 09/12/2037		500,000		469,612
JP Morgan Chase Commercial Mortgage Securities Corp., Series 2005-CB13, Class A4 VRN 5.472% 01/12/2043		100,000		96,740

	Principal Amount		Market Value
JP Morgan Chase Commercial Mortgage Securities Corp., Series 2007-LDPX, Class A3 5.420% 01/15/2049	$	1,110,000	$	1,070,069
Keycorp Student Loan Trust, Series 2005-A, Class 1A1 FRN 5.378% 12/27/2019		53,959		53,934
LB-UBS Commercial Mortgage Trust, Series 2005-C3, Class A5 4.739% 07/15/2030		140,000		130,364
LB-UBS Commercial Mortgage Trust, Series 2005-C3, Class AAB 4.664% 07/15/2030		100,000		95,257
LB-UBS Commercial Mortgage Trust, Series 2005-C5, Class A4 4.954% 09/15/2040		100,000		94,442
Lehman XS Trust, Series 2006-2N, Class 1A1 FRN 5.580% 02/25/2046		1,023,796		1,025,236
MASTR Adjustable Rate Mortgages Trust, Series 2006-2, Class 3A1 VRN 4.848% 01/25/2036		804,304		790,641
MASTR Reperforming Loan Trust, Series 2005-2, Class 1A1F FRN(c) 5.670% 05/25/2035		535,561		536,462
Merrill Lynch/Countrywide Commercial Mortgage Trust, Series 2007-6, Class A4 VRN 5.485% 03/12/2051		700,000		678,213
Morgan Stanley Mortgage Loan Trust, Series 2006-3AR, Class 2A3 VRN 5.893% 03/25/2036		466,841		466,209
MSDWCC Heloc Trust, Series 2005-1, Class A FRN 5.510% 07/25/2017		21,972		22,003
Origen Manufactured Housing, Series 2005-B, Class A3 5.605% 05/15/2022		3,000,000		2,906,721

(Continued)

The accompanying notes are an integral part of the financial statements.
92

MassMutual Select Strategic Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Market Value
Prime Mortgage Trust, Series 2006-DR1, Class 1A1(c) 5.500% 05/25/2035	$	994,716	$	972,437
Prime Mortgage Trust, Series 2006-DR1, Class 1A2(c) 6.000% 05/25/2035		435,178		434,448
Prime Mortgage Trust, Series 2006-DR1, Class 2A2(c) 6.000% 05/25/2035		2,161,503		2,123,339
Washington Mutual, Inc., Series 2005-AR11, Class A1A FRN 5.640% 08/25/2045		593,999		594,437
Washington Mutual, Inc., Series 2005-AR13, Class A1A1 FRN 5.610% 10/25/2045		373,308		373,702
Washington Mutual, Inc., Series 2005-AR15, Class A1A1 FRN 5.580% 11/25/2045		496,037		494,770
Washington Mutual, Inc., Series 2005-AR15, Class A1A2 FRN 5.600% 11/25/2045		496,037		493,575
Washington Mutual, Inc., Series 2005-AR19, Class A1A1 FRN 5.590% 12/25/2045		529,978		530,058
Washington Mutual, Inc., Series 2005-AR19, Class A1A2 FRN 5.610% 12/25/2045		662,473		662,356
Washington Mutual, Inc., Series 2005-AR8, Class 1A1A FRN 5.590% 07/25/2045		119,298		119,377
Washington Mutual, Inc., Series 2005-AR9, Class A1A FRN 5.640% 07/25/2045		413,511		414,209
				23,297,513
Pass-Through Securities — 0.2%
CVS Corp. Lease. Pass Through(c) 5.880% 01/10/2028		155,234		148,713
CVS Corp. Lease. Pass Through(c) 6.036% 12/10/2028		178,375		172,595

	Principal Amount		Market Value
CVS Corp. Lease. Pass Through(c) 9.350% 01/10/2023	$	240,000	$	290,294
				611,602
TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $24,201,656)				23,909,115
SOVEREIGN DEBT OBLIGATIONS — 1.0%
Sovereign
Bundesrepub Deutschland EUR(b) 3.750% 01/04/2015		710,000		908,796
Republic of Brazil 8.875% 04/15/2024		20,000		24,900
Republic of Brazil 10.125% 05/15/2027		95,000		133,950
Republic of Brazil(a) 11.000% 08/17/2040		624,000		818,376
Russian Federation FRN 7.500% 03/31/2030		292,325		321,996
United Mexican States 6.750% 09/27/2034		847,000		903,326
				3,111,344
TOTAL SOVEREIGN DEBT OBLIGATIONS (Cost $3,072,509)				3,111,344
U.S. GOVERNMENT AGENCY OBLIGATIONS — 48.8%
U.S. Government Agencies
Pass-Through Securities
Federal Home Loan Bank 4.875% 11/18/2011- 05/17/2017		1,070,000		1,040,492
Federal Home Loan Bank 5.125% 06/13/2008		50,000		49,896
Federal Home Loan Bank 5.375% 08/19/2011		50,000		50,233
FHLMC 4.375% 11/16/2007		220,000		219,330
FHLMC 4.650% 10/10/2013		700,000		668,051
FHLMC 4.750% 01/18/2011- 03/05/2012		820,000		803,075
FHLMC 5.125% 04/18/2011		340,000		338,398
FHLMC 5.250% 02/24/2011		1,060,000		1,052,410
FHLMC 5.300% 05/12/2020		970,000		920,393

	Principal Amount		Market Value
FHLMC 5.625% 03/15/2011- 11/23/2035	$	210,000	$	200,405
FHLMC 6.750% 09/15/2029		50,000		57,114
FHLMC FRN 5.942% 10/01/2036		1,397,494		1,401,004
FHLMC FRN 6.331% 03/01/2037		1,377,658		1,390,133
FNMA 4.610% 10/10/2013		510,000		485,870
FNMA 5.000% 11/01/2021- 08/01/2034		55,991,324		52,961,382
FNMA 5.200% 11/08/2010		440,000		437,660
FNMA 5.500% 01/01/2021- 06/01/2037		41,810,724		40,572,262
FNMA 5.625% 05/19/2011		770,000		770,714
FNMA 6.000% 10/01/2035- 04/01/2037		24,593,528		24,336,743
FNMA 6.500% 09/01/2035- 06/01/2037		10,263,003		10,367,574
FNMA 6.625% 09/15/2009		490,000		504,420
FNMA FRN 6.723% 03/01/2036		899,422		913,554
FNMA TBA(d) 6.000% 07/01/2037		10,000,000		9,889,844
GNMA 6.000% 04/15/2029- 05/15/2037		3,740,140		3,724,079
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $155,946,762)				153,155,036
U.S. TREASURY OBLIGATIONS — 10.0%
U.S. Government Agencies
U.S. Treasury Bond(a) 4.500% 02/15/2036		1,905,000		1,725,216
U.S. Treasury Bond 4.750% 02/15/2037		150,000		141,445
U.S. Treasury Inflation Index 1.875% 07/15/2015		616,041		582,174
U.S. Treasury Inflation Index 2.000% 01/15/2014		961,575		924,091
U.S. Treasury Inflation Index 2.000% 01/15/2016		1,686,274		1,601,686

(Continued)

The accompanying notes are an integral part of the financial statements.
93

MassMutual Select Strategic Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Market Value
U.S. Treasury Inflation Index 2.000% 01/15/2026	$	1,394,819	$	1,262,346
U.S. Treasury Inflation Index 2.375% 01/15/2017		1,085,928		1,060,405
U.S. Treasury Inflation Index 2.375% 01/15/2025		3,594,946		3,455,012
U.S. Treasury Inflation Index 2.375% 01/15/2027		4,702,271		4,514,181
U.S. Treasury Inflation Index 3.375% 04/15/2032		244,425		281,341
U.S. Treasury Inflation Index 3.875% 01/15/2009		113,377		115,171
U.S. Treasury Inflation Index 3.875% 04/15/2029		2,312,365		2,789,218
U.S. Treasury Note 3.000% 02/15/2008		10,000		9,878
U.S. Treasury Note 3.750% 05/15/2008		70,000		69,234
U.S. Treasury Note 4.500% 03/31/2009		130,000		129,086
U.S. Treasury Note 4.500% 05/15/2010		440,000		435,325
U.S. Treasury Note 4.500% 09/30/2011		1,370,000		1,347,845
U.S. Treasury Note(a) 4.500% 03/31/2012		7,540,000		7,401,570
U.S. Treasury Note(a) 4.500% 04/30/2012		2,660,000		2,610,956
U.S. Treasury Note(a) 4.625% 10/31/2011		390,000		385,399
U.S. Treasury Note 4.750% 02/15/2010		370,000		368,584
U.S. Treasury Note 4.750% 03/31/2011		40,000		39,788
U.S. Treasury Note 5.125% 05/15/2016		1,000		1,005
U.S. Treasury Note 6.000% 08/15/2009		100,000		102,172
U.S. Treasury Principal Strips 0.000% 05/15/2030		430,000		133,585
				31,486,713
TOTAL U.S. TREASURY OBLIGATIONS (Cost $32,101,609)				31,486,713
TOTAL BONDS & NOTES (Cost $301,805,857)				296,611,400

	Principal Amount		Market Value
OPTIONS — 0.2%
90 Day Eurodollar Futures, December 2007 Call, Expires 12/17/2007, Strike 94	$	95,000	$	67,925
Eurodollar Future Options, September 2007 Call, Expires 9/17/07, Strike 94		582,500		390,275
Eurodollar Future Options, September 2007 Call, Expires 9/17/07, Strike 94.5		97,500		16,819
Eurodollar Future Options, September 2007 Call, Expires 9/17/07, Strike 94.75		195,000		4,387
Eurodollar Future Options, September 2007 Put, Expires 9/17/07, Strike 94		32,500		81
U.S. 4 Year Treasury Note (CBT) Futures, September 2007 Call, Expires 0824/2007, Strike 103		78,000		95,063
U.S. 5 Year Treasury Note (CBT) Futures, September 2007 Call, Expires 08/24/2007, Strike 104.5		17,000		5,578
TOTAL OPTIONS (Cost $844,124)				580,128
TOTAL LONG TERM INVESTMENTS (Cost $302,844,545)				297,424,375
SHORT-TERM INVESTMENTS — 12.5%
Cash Equivalents — 5.1%(g)
Abbey National PLC Eurodollar Time Deposit 5.280% 07/05/2007		207,952		207,952
Abbey National PLC Eurodollar Time Deposit 5.285% 07/09/2007		519,864		519,864
American Beacon Money Market Fund(e)		583,264		583,264
Banco Bilbao Vizcaya Argentaria SA Eurodollar Time Deposit 5.300% 08/10/2007		389,898		389,898
Bank of America 5.270% 07/06/2007		519,864		519,864

	Principal Amount		Market Value
Bank of America 5.270% 07/16/2007	$	103,973	$	103,973
Bank of America 5.270% 08/17/2007		129,966		129,966
Bank of America 5.300% 09/17/2007		259,932		259,932
Bank of Ireland Eurodollar Time Deposit 5.300% 08/13/2007		519,864		519,864
Bank of Montreal Eurodollar Time Deposit 5.280% 07/03/2007		129,966		129,966
Bank of Montreal Eurodollar Time Deposit 5.290% 07/02/2007		103,973		103,973
Bank of Montreal Eurodollar Time Deposit 5.310% 08/14/2007		77,980		77,980
Bank of Nova Scotia Eurodollar Time Deposit 5.280% 07/09/2007		493,871		493,871
Bank Of Nova Scotia Eurodollar Time Deposit 5.285% 07/11/2007		285,925		285,925
Barclays Eurodollar Time Deposit 5.290% 07/06/2007		519,864		519,864
Barclays Eurodollar Time Deposit 5.295% 07/16/2007		103,973		103,973
Barclays Eurodollar Time Deposit 5.320% 09/04/2007		259,932		259,932
Bear Stearns & Co Commercial Paper 5.435% 07/10/2007		77,980		77,980
BGI Institutional Money Market Fund(e)		337,912		337,912
BNP Paribas Eurodollar Time Deposit 5.350% 07/02/2007		779,796		779,796
Calyon Eurodollar Time Deposit 5.290% 07/17/2007		259,932		259,932
Calyon Eurodollar Time Deposit 5.380% 07/02/2007		779,796		779,796
Canadian Imperial Bank of Commerce Eurodollar Time Deposit 5.300% 07/30/2007		519,864		519,864
Dexia Group Eurodollar Time Deposit 5.290% 08/08/2007		519,864		519,864

(Continued)

The accompanying notes are an integral part of the financial statements.
94

MassMutual Select Strategic Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Market Value
Dreyfus Institutional Cash Advantage Money Market Fund(e)	$	155,959	$	155,959
Federal Home Loan Bank Discount Note 5.174% 07/20/2007		38,557		38,557
First Tennessee National Corp. Eurodollar Time Deposit 5.300% 07/18/2007		129,966		129,966
Fortis Bank Eurodollar Time Deposit 5.290% 07/06/2007		129,966		129,966
Fortis Bank Eurodollar Time Deposit 5.290% 07/09/2007		181,952		181,952
Fortis Bank Eurodollar Time Deposit 5.300% 07/20/2007		129,966		129,966
Fortis Bank Eurodollar Time Deposit 5.300% 07/26/2007		103,973		103,973
Fortis Bank Eurodollar Time Deposit 5.350% 07/05/2007		259,932		259,932
Freddie Mac Discount Note 5.155% 07/16/2007		49,083		49,083
Freddie Mac Discount Note 5.185% 07/09/2007		25,624		25,624
Morgan Stanley & Co Commercial Paper 5.445% 08/01/2007		233,939		233,939
National Australia Bank Eurodollar Time Deposit 5.320% 07/02/2007		259,932		259,932
Nationwide Building Society Commercial Paper 5.301% 07/09/2007		259,397		259,397
Rabobank Nederland Eurodollar Time Deposit 5.280% 07/05/2007		389,898		389,898
Rabobank Nederland Eurodollar Time Deposit 5.290% 07/16/2007		519,864		519,864
Rabobank Nederland Eurodollar Time Deposit 5.330% 07/02/2007		779,796		779,796
Reserve Primary Money Market Fund(e)		516,089		516,089
Royal Bank of Canada Eurodollar Time Deposit 5.305% 08/30/2007		519,864		519,864
Royal Bank of Scotland Eurodollar Time Deposit 5.270% 07/11/2007		129,966		129,966

	Principal Amount		Market Value
Skandinaviska Enskilda Banken AB Eurodollar Time Deposit 5.290% 07/13/2007	$	519,864	$	519,864
Skandinaviska Enskilda Banken AB Eurodollar Time Deposit 5.290% 07/19/2007		77,980		77,980
Svenska Handlesbanken Eurodollar Time Deposit 5.300% 07/02/2007		87,325		87,325
UBS AG Eurodollar Time Deposit 5.277% 07/05/2007		363,905		363,905
UBS AG Eurodollar Time Deposit 5.285% 07/05/2007		519,864		519,864
Vanguard Prime Money Market Fund(e)		259,932		259,932
Wells Fargo Eurodollar Time Deposit 5.260% 07/02/2007		140,363		140,363
Wells Fargo Eurodollar Time Deposit 5.280% 07/11/2007		519,864		519,864
Wells Fargo Eurodollar Time Deposit 5.280% 07/12/2007		259,932		259,932
				16,047,957
Repurchase Agreements — 7.2%
Investors Bank & Trust Company Repurchase Agreement, dated 6/29/2007, 3.50%, due 7/02/2007(h)		22,522,943		22,522,944
U.S. Government Agencies — 0.2%
FNMA(f) 5.010% 03/17/2008		750,000		722,862
TOTAL SHORT-TERM INVESTMENTS (Cost $39,293,763)				39,293,763
TOTAL INVESTMENTS — 107.3% (Cost $342,138,308)(i)				336,718,138
Other Assets/ (Liabilities) — (7.3%)				(22,952,313	)
NET ASSETS — 100.0%			$	313,765,825

Notes to Portfolio of Investments

EUR - Euro

FRN - Floating Rate Note

TBA - To be announced

VRN - Variable Rate Note

(a) Denotes all or a portion of security on loan. (Note 2).

(b) The principal amount of the security is in foreign currency. The market value is in U.S. dollars.

(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 June 30, 2007, these securities amounted to a value of $20,302,059 or 6.5% of net assets.

(d) A portion of this security is purchased on a forward commitment basis. (Note 2).

(e) Amount represents shares owned of the fund.

(f) This security is held as collateral for open futures contracts. (Note 2).

(g) Represents investments of security lending collateral. (Note 2).

(h) Maturity value $22,529,514. Collateralized by a U.S. Government Agency obligation with a rate of 5.82%, maturity date of 11/15/2033, and an aggregate market value, including accrued interest, of $23,649,092.

(i) See Note 6 for aggregate cost for Federal tax purposes.

The accompanying notes are an integral part of the financial statements.
95

MassMutual Select Strategic Balanced Fund – Portfolio of Investments

June 30, 2007 (Unaudited)

	Number of Shares		Market Value
EQUITIES — 59.7%
COMMON STOCK — 59.6%
Advertising — 1.0%
Interpublic Group of Companies, Inc.(a) (b)		211,600	$	2,412,240
Aerospace & Defense — 2.4%
Boeing Co.		23,300		2,281,091
Raytheon Co.		64,200		3,459,738
				5,740,829
Automotive & Parts — 0.1%
Magna International, Inc. Cl. A(b)		1,590		144,674
Banks — 2.7%
Bank of America Corp.		71,820		3,511,280
State Street Corp.(b)		43,100		2,948,040
				6,459,320
Biotechnology — 0.4%
Enzo Biochem, Inc.(a) (b)		56,745		848,338
Building Materials — 0.2%
Simpson Manufacturing Co., Inc.(b)		13,700		462,238
Chemicals — 1.6%
The Dow Chemical Co.		36,100		1,596,342
Du Pont (E.I.) de Nemours & Co.		44,500		2,262,380
				3,858,722
Computers — 1.0%
International Business Machines Corp.		20,300		2,136,575
Socket Communications, Inc.(a)		800		695
Wave Systems Corp. Cl. A(a) (b)		72,067		149,899
				2,287,169
Diversified Financial — 4.6%
American Express Co.		43,800		2,679,684
Blackstone Group (The), LP(a)		300		8,781
Franklin Resources, Inc.		4,600		609,362
JP Morgan Chase & Co.		78,140		3,785,883
Merrill Lynch & Co., Inc.		38,600		3,226,188
Nuveen Investments, Inc. Cl. A		9,788		608,324
				10,918,222

	Number of Shares		Market Value
Electronics — 0.6%
Agilent Technologies, Inc.(a)		40,500	$	1,556,820
Foods — 2.0%
Kraft Foods, Inc. Cl. A		41,461		1,461,500
Smithfield Foods, Inc.(a)		8,500		261,715
Unilever PLC GBP(c)		32,555		1,048,359
Unilever PLC, Sponsored ADR (United Kingdom)		65,680		2,118,837
				4,890,411
Forest Products & Paper — 0.8%
Weyerhaeuser Co.		25,200		1,989,036
Health Care – Products — 1.1%
Johnson & Johnson		41,500		2,557,230
Household Products — 0.8%
Kimberly-Clark Corp.		28,800		1,926,432
Insurance — 4.8%
Allied World Assurance Holdings Ltd.		17,530		898,412
American International Group, Inc.		25,500		1,785,765
Chubb Corp.		47,800		2,587,892
The Hartford Financial Services Group, Inc.		15,000		1,477,650
MGIC Investment Corp.(b)		30,600		1,739,916	��
The PMI Group, Inc.		66,800		2,983,956
				11,473,591
Internet — 0.9%
Bridgeline Software, Inc.		6,400		32,000
eBay, Inc.(a)		28,300		910,694
VeriSign, Inc.(a) (b)		35,100		1,113,723
				2,056,417
Machinery – Construction & Mining — 1.0%
Caterpillar, Inc.		30,300		2,372,490
Manufacturing — 2.9%
Dover Corp.		15,200		777,480
General Electric Co.		80,000		3,062,400
Honeywell International, Inc.		56,400		3,174,192
				7,014,072
Media — 5.8%
News Corp., Inc., Cl. B(b)		189,200		4,340,248
Pearson PLC GBP		213,600		3,589,869
Time Warner, Inc.		130,500		2,745,720
The Walt Disney Co.		93,900		3,205,746
				13,881,583

	Number of Shares		Market Value
Mining — 1.0%
Alcoa, Inc.		54,800	$	2,221,044
AngloGold Ashanti, Ltd. ADR(b)		1,800		68,076
Newmont Mining Corp.		1,700		66,402
				2,355,522
Oil & Gas — 2.8%
Anadarko Petroleum Corp.		31,500		1,637,685
Chevron Corp.		17,600		1,482,624
ConocoPhillips		8,800		690,800
Exxon Mobil Corp.		14,000		1,174,320
GlobalSantaFe Corp.		23,300		1,683,425
				6,668,854
Oil & Gas Services — 2.0%
Baker Hughes, Inc.		13,300		1,118,929
BJ Services Co.		30,600		870,264
Halliburton Co.		35,100		1,210,950
Schlumberger Ltd.		18,700		1,588,378
				4,788,521
Pharmaceuticals — 6.1%
Abbott Laboratories		61,900		3,314,745
Bentley Pharmaceuticals, Inc.(a)		24,920		302,529
Eli Lilly & Co.		23,500		1,313,180
GlaxoSmithKline PLC ADR (United Kingdom)		40,600		2,126,222
Novartis AG ADR (Switzerland)		26,800		1,502,676
Pfizer, Inc.		103,600		2,649,052
Wyeth		57,900		3,319,986
				14,528,390
Pipelines — 0.6%
The Williams Cos., Inc.		43,700		1,381,794
Retail — 3.1%
The Gap, Inc.		85,400		1,631,140
The Home Depot, Inc.		58,500		2,301,975
Wal-Mart Stores, Inc.		57,600		2,771,136
Williams-Sonoma, Inc.(b)		20,580		649,916
				7,354,167
Semiconductors — 4.7%
Applied Materials, Inc.		154,700		3,073,889
Novellus Systems, Inc.(a)		39,200		1,112,104
Samsung Electronics Co. Ltd. GDR (Korea)(d)		5,000		1,531,551
Taiwan Semiconductor Manufacturing Co. Ltd. Sponsored ADR (Taiwan)		179,664		1,999,657

(Continued)

The accompanying notes are an integral part of the financial statements.
96

MassMutual Select Strategic Balanced Fund – Portfolio of Investments (Continued)

	Number of Shares		Market Value
Texas Instruments, Inc.		83,700	$	3,149,631
Verigy Ltd.(a)		11,179		319,831
				11,186,663
Software — 1.2%
Microsoft Corp.		98,800		2,911,636
Telecommunications — 3.4%
Cisco Systems, Inc.(a)		76,800		2,138,880
Motorola, Inc.		148,900		2,635,530
Vodafone Group PLC Sponsored ADR (United Kingdom)		97,012		3,262,514
				8,036,924
TOTAL COMMON STOCK (Cost $115,246,491)				142,062,305
PREFERRED STOCK — 0.1%
Auto Manufacturers
General Motors Corp., Series C		4,150		104,269
TOTAL PREFERRED STOCK (Cost $94,916)				104,269
TOTAL EQUITIES (Cost $115,341,407)				142,166,574
	Principal Amount
BONDS & NOTES — 35.3%
ASSET BACKED SECURITIES — 0.1%
Home Equity ABS — 0.1%
Wachovia Asset Securitization, Inc., Series 2002-HE1, Class A FRN 5.690% 09/27/2032	$	163,929		164,518
Other ABS — 0.0%
First Franklin Mortgage Loan Asset Backed Certificates, Series 2004-FF10, Class A2 FRN 5.720% 12/25/2032		81,436		81,538
TOTAL ASSET BACKED SECURITIES (Cost $246,466)				246,056
CORPORATE DEBT — 11.2%
Advertising — 0.0%
Lamar Media Corp. 6.625% 08/15/2015		40,000		37,900

	Principal Amount		Market Value
Aerospace & Defense — 0.0%
DRS Technologies, Inc. 6.625% 02/01/2016	$	20,000	$	19,300
Agriculture — 0.1%
Altria Group, Inc. 7.000% 11/04/2013		225,000		238,646
Reynolds American, Inc. 6.750% 06/15/2017		65,000		65,912
				304,558
Airlines — 0.1%
Delta Air Lines, Inc., Series 2000-1, Class A2 7.570% 11/18/2010		200,000		207,542
Apparel — 0.0%
Oxford Industries, Inc. 8.875% 06/01/2011		15,000		15,487
Auto Manufacturers — 0.6%
DaimlerChrysler NA Holding 4.050% 06/04/2008		55,000		54,228
DaimlerChrysler NA Holding 5.750% 05/18/2009		60,000		60,156
DaimlerChrysler NA Holding 5.875% 03/15/2011		100,000		100,510
DaimlerChrysler NA Holding 7.200% 09/01/2009		80,000		82,568
Ford Motor Co. 4.250% 12/15/2036		60,000		75,150
Ford Motor Co. 6.625% 10/01/2028		50,000		37,375
Ford Motor Co.(b) 7.450% 07/16/2031		150,000		119,812
General Motors Corp.(b) 8.375% 07/15/2033		740,000		675,250
General Motors Corp. EUR(c) 8.375% 07/05/2033		90,000		115,006
				1,320,055
Automotive & Parts — 0.0%
Visteon Corp. 8.250% 08/01/2010		50,000		49,625
Banks — 1.1%
Bank of America Corp. 5.375% 08/15/2011		280,000		278,776
Bank One Corp. 2.625% 06/30/2008		545,000		530,230
Glitnir Banki HF(d) 6.330% 07/28/2011		160,000		162,850
Glitnir Banki HF VRN(d) 6.693% 06/15/2011		140,000		144,196
Hypothekenbank in Essen(d) 5.000% 01/20/2012		20,000		19,736

	Principal Amount		Market Value
ICICI Bank Ltd. VRN(d) 6.375% 04/30/2022	$	136,000	$	129,233
ICICI Bank, Ltd. VRN 6.375% 04/30/2017		100,000		94,900
Landsbanki Islands HF(d) 6.100% 08/25/2011		280,000		283,540
Rabobank Capital Funding Trust III VRN(d) 5.254% 12/31/2016		20,000		18,726
RSHB Capital SA for OJSC Russian Agricultural Bank(d) 6.299% 05/15/2017		200,000		195,760
Shinsei Finance Cayman Ltd. VRN(d) 6.418% 07/20/2016		100,000		97,230
TuranAlem Finance 8.250% 01/22/2037		100,000		96,000
Turanalem Finance BV(d) 8.250% 01/22/2037		360,000		346,500
Wachovia Capital Trust III VRN 5.800% 03/15/2042		120,000		119,477
Wells Fargo & Co. 5.300% 08/26/2011		15,000		14,891
Wells Fargo Capital 5.950% 12/15/2036		100,000		93,276
				2,625,321
Chemicals — 0.0%
Georgia Gulf Corp. 9.500% 10/15/2014		10,000		9,950
Lyondell Chemical Co. 8.000% 09/15/2014		10,000		10,275
Lyondell Chemical Co. 8.250% 09/15/2016		5,000		5,225
Westlake Chemicals 6.625% 01/15/2016		15,000		14,212
				39,662
Coal — 0.0%
Peabody Energy Corp. 6.875% 03/15/2013		15,000		14,925
Commercial Services — 0.0%
Ashtead Capital, Inc.(d) 9.000% 08/15/2016		16,000		16,760
Di Finance/Dyncorp International, Series B 9.500% 02/15/2013		15,000		15,956
Hertz Corp. 8.875% 01/01/2014		30,000		31,275
Service Corp. International(d) 7.500% 04/01/2027		35,000		32,987

(Continued)

The accompanying notes are an integral part of the financial statements.
97

MassMutual Select Strategic Balanced Fund – Portfolio of Investments (Continued)

	Principal Amount		Market Value
Service Corp. International, US 6.750% 04/01/2016	$	15,000	$	14,212
				111,190
Computers — 0.0%
Electronic Data Systems Corp. 7.125% 10/15/2009		10,000		10,291
Sungard Data Systems, Inc. 9.125% 08/15/2013		10,000		10,237
Sungard Data Systems, Inc.(b) 10.250% 08/15/2015		15,000		15,862
				36,390
Diversified Financial — 3.5%
AAC Group Holding Corp. FRN 0.000% 10/01/2008		15,000		13,500
Aiful Corp.(d) 5.000% 08/10/2010		100,000		97,472
American Express Co. VRN 6.800% 09/01/2016		65,000		67,023
Banque Paribas - New York 6.875% 03/01/2009		170,000		173,880
Citigroup, Inc. 5.100% 09/29/2011		370,000		364,303
E*TRADE Financial Corp. 7.375% 09/15/2013		20,000		20,300
El Paso Performance-Linked Trust(d) 7.750% 07/15/2011		270,000		278,100
Ford Motor Credit Co. 7.375% 10/28/2009		730,000		724,639
Ford Motor Credit Co. 7.375% 02/01/2011		120,000		117,235
Ford Motor Credit Co. 8.000% 12/15/2016		280,000		268,197
Ford Motor Credit Co., Series WI FRN 10.610% 06/15/2011		551,000		595,214
General Electric Capital Corp. 4.125% 09/01/2009		150,000		146,368
General Electric Capital Corp. 4.250% 01/15/2008		110,000		109,374
General Electric Capital Corp., Series A FRN 5.620% 09/15/2014		380,000		382,222
General Motors Acceptance Corp. 4.375% 12/10/2007		90,000		89,351

	Principal Amount		Market Value
General Motors Acceptance Corp. 5.125% 05/09/2008	$	120,000	$	118,501
General Motors Acceptance Corp. 5.850% 01/14/2009		130,000		128,120
General Motors Acceptance Corp. 6.125% 08/28/2007		240,000		240,163
General Motors Acceptance Corp. 6.311% 11/30/2007		80,000		79,808
General Motors Acceptance Corp. 8.000% 11/01/2031		1,070,000		1,094,162
Goldman Sachs Group, Inc. 4.500% 06/15/2010		110,000		107,249
Goldman Sachs Group, Inc. 5.000% 01/15/2011		80,000		78,521
Household Finance Corp. Series 4.125% 11/16/2009		375,000		364,141
Idearc, Inc. 8.000% 11/15/2016		70,000		70,700
ILFC E-Capital Trust II VRN(d) 6.250% 12/21/2015		190,000		185,315
Kaupthing Bank (Iceland)(d) 7.125% 05/19/2016		100,000		105,636
Kaupthing Bank FRN(d) 6.045% 04/12/2011		320,000		322,481
Lehman Brothers Holdings 5.250% 02/06/2012		190,000		186,757
Morgan Stanley 3.625% 04/01/2008		50,000		49,316
Morgan Stanley 5.625% 01/09/2012		190,000		189,590
MUFG Capital Finance 1 Ltd. VRN 6.346% 07/25/2016		100,000		98,258
Residential Capital Corp. 6.000% 02/22/2011		70,000		67,735
Residential Capital LLC 6.500% 06/01/2012		20,000		19,516
Resona Preferred Global Securities VRN(d) 7.191% 07/30/2015		155,000		158,489
Sigma Finance, Inc. VRN(d) 8.000% 06/22/2009		280,000		280,000
SLM Corp. 5.000% 10/01/2013		180,000		153,579
SLM Corp. 5.000% 04/15/2015		10,000		8,218

	Principal Amount		Market Value
SLM Corp. 5.050% 11/14/2014	$	40,000	$	33,263
SLM Corp. 5.375% 05/15/2014		285,000		244,225
SLM Corp. 5.625% 08/01/2033		40,000		31,190
SLM Corp. FRN 3.900% 04/01/2009		20,000		18,728
SLM Corp., Series X FRN(d) 5.330% 04/18/2008		240,000		238,560
TNK-BP Finance SA(d) 7.500% 07/18/2016		170,000		175,270
				8,294,669
Electric — 0.9%
AES Corp. 7.750% 03/01/2014		652,000		653,630
AES Corp. 8.875% 02/15/2011		10,000		10,537
The Cleveland Electric Illuminating Co. 5.700% 04/01/2017		5,000		4,824
Dominion Resources, Inc. 4.750% 12/15/2010		40,000		39,065
Dominion Resources, Inc.(b) 5.700% 09/17/2012		165,000		165,131
Duke Energy Corp. 5.625% 11/30/2012		145,000		144,958
Duke Energy Corp. 6.250% 01/15/2012		80,000		82,117
Edison Mission Energy(d) 7.000% 05/15/2017		50,000		47,125
Edison Mission Energy(d) 7.200% 05/15/2019		60,000		56,400
Edison Mission Energy(d) 7.625% 05/15/2027		20,000		18,900
Exelon Corp. 5.625% 06/15/2035		30,000		26,802
FirstEnergy Corp., Series B 6.450% 11/15/2011		60,000		61,525
FirstEnergy Corp., Series C 7.375% 11/15/2031		240,000		259,812
NRG Energy, Inc. 7.250% 02/01/2014		10,000		10,025
NRG Energy, Inc. 7.375% 02/01/2016		20,000		20,050
NRG Energy, Inc. 7.375% 01/15/2017		40,000		40,150
Pacific Gas & Electric Co. 5.800% 03/01/2037		10,000		9,328
Pacific Gas & Electric Co. 6.050% 03/01/2034		160,000		154,990
TXU Corp., Series P 5.550% 11/15/2014		60,000		50,936

(Continued)

The accompanying notes are an integral part of the financial statements.
98

MassMutual Select Strategic Balanced Fund – Portfolio of Investments (Continued)

	Principal Amount		Market Value
TXU Corp., Series Q 6.500% 11/15/2024	$	140,000	$	115,760
TXU Corp., Series R 6.550% 11/15/2034		290,000		234,558
				2,206,623
Electronics — 0.0%
NXP BV / NXP Funding LLC 7.875% 10/15/2014		5,000		4,925
Entertainment — 0.0%
AMC Entertainment, Inc.(b) 11.000% 02/01/2016		15,000		16,575
Environmental Controls — 0.1%
Waste Management, Inc. 6.375% 11/15/2012		115,000		117,615
Waste Management, Inc. 6.500% 11/15/2008		30,000		30,339
				147,954
Forest Products & Paper — 0.1%
Weyerhaeuser Co. 6.750% 03/15/2012		175,000		181,065
Gas — 0.1%
Intergas Finance BV(d) 6.375% 05/14/2017		240,000		229,800
Health Care – Products — 0.0%
Fresenius Medical Care Capital Trust II 7.875% 02/01/2008		16,000		16,080
Health Care – Services — 0.4%
Community Health Systems, Inc.(d) 8.875% 07/15/2015		60,000		60,825
DaVita, Inc.(d) 6.625% 03/15/2013		60,000		58,575
HCA, Inc. 6.250% 02/15/2013		132,000		119,130
HCA, Inc. 6.375% 01/15/2015		320,000		272,000
HCA, Inc. 6.500% 02/15/2016		34,000		28,772
HCA, Inc. 7.500% 11/06/2033		20,000		16,950
HCA, Inc. 7.690% 06/15/2025		10,000		8,698
HCA, Inc.(d) 9.125% 11/15/2014		10,000		10,512
HCA, Inc.(d) 9.250% 11/15/2016		90,000		95,850
HCA, Inc.(d) 9.625% 11/15/2016		30,000		32,250

	Principal Amount		Market Value
Tenet Healthcare Corp. 9.250% 02/01/2015	$	318,000	$	302,100
				1,005,662
Insurance — 0.0%
ASIF Global Financing(d) 4.900% 01/17/2013		20,000		19,385
Investment Companies — 0.2%
Gaz Capital SA(b) (d) 6.212% 11/22/2016		400,000		389,600
Iron & Steel — 0.0%
Steel Dynamics, Inc.(d) 6.750% 04/01/2015		45,000		44,100
Lodging — 0.1%
Boyd Gaming Corp. 7.125% 02/01/2016		20,000		19,400
Inn of the Mountain Gods Resort & Casino 12.000% 11/15/2010		20,000		21,450
MGM Mirage 6.625% 07/15/2015		5,000		4,544
MGM Mirage 7.625% 01/15/2017		55,000		52,319
MGM Mirage 8.375% 02/01/2011		40,000		40,900
Station Casinos, Inc. 7.750% 08/15/2016		55,000		54,450
				193,063
Manufacturing — 0.3%
Eastman Kodak Co. 3.625% 05/15/2008		140,000		136,150
Eastman Kodak Co. 7.250% 11/15/2013		240,000		240,000
Tyco International Group SA 6.125% 11/01/2008		10,000		10,089
Tyco International Group SA 6.375% 10/15/2011		220,000		226,635
Tyco International Group SA 6.750% 02/15/2011		30,000		31,440
Tyco International Group SA 6.875% 01/15/2029		160,000		184,671
				828,985
Media — 1.0%
AOL Time Warner, Inc. 6.875% 05/01/2012		355,000		370,361
CCH I LLC 11.000% 10/01/2015		40,000		41,750
Clear Channel Communications, Inc. 4.250% 05/15/2009		50,000		48,324

	Principal Amount		Market Value
Clear Channel Communications, Inc. 4.625% 01/15/2008	$	10,000	$	9,915
Clear Channel Communications, Inc. 5.500% 09/15/2014		150,000		128,185
Comcast Corp. 6.500% 01/15/2015		255,000		261,464
Comcast Corp. 6.500% 01/15/2017		140,000		142,934
Cox Communications, Inc. 3.875% 10/01/2008		120,000		117,526
CSC Holdings, Inc. 7.625% 07/15/2018		25,000		23,750
DirecTV Holdings LLC/DirecTV Financing Co. 8.375% 03/15/2013		25,000		26,156
Echostar DBS Corp. 6.625% 10/01/2014		20,000		19,100
Echostar DBS Corp. 7.000% 10/01/2013		20,000		19,700
Echostar DBS Corp. 7.125% 02/01/2016		15,000		14,662
Liberty Media Corp. 7.875% 07/15/2009		1,000,000		1,037,298
Rogers Cable, Inc. 6.750% 03/15/2015		20,000		20,620
Shaw Communications, Inc. 7.200% 12/15/2011		10,000		10,350
Sun Media Corp. 7.625% 02/15/2013		10,000		10,050
TL Acquisitions, Inc.(d) 10.500% 01/15/2015		30,000		29,819
Umbella Acquistion, Inc.(d) 9.750% 03/15/2015		20,000		19,750
				2,351,714
Medical Supplies — 0.0%
FMC Finance III SA(d) 6.875% 07/15/2017		70,000		68,600
Mining — 0.1%
Freeport-McMoran Copper & Gold, Inc. 8.375% 04/01/2017		70,000		74,725
Vale Overseas Ltd. 6.875% 11/21/2036		230,000		231,193
				305,918
Multi-National — 0.4%
International Finance Corp. 4.750% 04/25/2012		1,000,000		982,428
Office Equipment/Supplies — 0.0%
Xerox Corp. 6.750% 02/01/2017		10,000		10,258

(Continued)

The accompanying notes are an integral part of the financial statements.
99

MassMutual Select Strategic Balanced Fund – Portfolio of Investments (Continued)

	Principal Amount		Market Value
Oil & Gas — 0.8%
Amerada Hess Corp. 7.300% 08/15/2031	$	190,000	$	203,760
Amerada Hess Corp. 7.875% 10/01/2029		30,000		33,815
Anadarko Finance Co. 6.750% 05/01/2011		35,000		36,137
Anadarko Finance Co., Series B 7.500% 05/01/2031		10,000		10,744
Anadarko Petroleum Corp. 6.450% 09/15/2036		140,000		134,656
Anadarko Petroleum Corp. FRN 5.760% 09/15/2009		200,000		200,178
Chesapeake Energy Corp. 6.375% 06/15/2015		5,000		4,769
Chesapeake Energy Corp. 6.500% 08/15/2017		20,000		18,950
Conoco Funding Co. 6.350% 10/15/2011		40,000		41,245
Conoco, Inc. 6.950% 04/15/2029		50,000		54,568
ConocoPhillips Co. 4.750% 10/15/2012		150,000		145,335
Gaz Capital SA(d) 6.510% 03/07/2022		110,000		108,570
Kerr-McGee Corp. 6.950% 07/01/2024		20,000		20,750
Kerr-McGee Corp. 7.875% 09/15/2031		265,000		306,224
OPTI Canada, Inc.(d) 7.875% 12/15/2014		70,000		70,000
Opti Cananda, Inc.(d) 8.250% 12/15/2014		20,000		20,300
Pemex Project Funding Master Trust 6.625% 06/15/2035		100,000		101,500
Petrobras International Finance Co. 6.125% 10/06/2016		160,000		156,800
Pogo Producing Co. 6.625% 03/15/2015		30,000		29,700
Pogo Producing Co.(b) 6.875% 10/01/2017		5,000		4,962
Pride International, Inc. 7.375% 07/15/2014		15,000		15,038
Western Oil Sands, Inc. 8.375% 05/01/2012		25,000		27,344
XTO Energy, Inc. 7.500% 04/15/2012		50,000		53,755
				1,799,100
Oil & Gas Services — 0.1%
Compagnie Generale de Geophysique-Veritas 7.500% 05/15/2015		10,000		10,000

	Principal Amount		Market Value
Compagnie Generale de Geophysique-Veritas 7.750% 05/15/2017	$	60,000	$	60,750
Complete Production Services, Inc.(d) 8.000% 12/15/2016		50,000		50,500
				121,250
Packaging & Containers — 0.0%
Graham Packaging Co.(b) 9.875% 10/15/2014		20,000		20,225
Graham Packaging Co., Inc. 8.500% 10/15/2012		30,000		30,188
				50,413
Pharmaceuticals — 0.1%
Wyeth 5.950% 04/01/2037		130,000		124,239
Pipelines — 0.4%
Dynegy Holdings, Inc.(d) 7.750% 06/01/2019		80,000		74,400
El Paso Corp. 7.000% 06/15/2017		210,000		207,699
El Paso Corp. 7.750% 01/15/2032		15,000		15,110
El Paso Corp. 7.800% 08/01/2031		57,000		57,721
El Paso Natural Gas Co. 8.375% 06/15/2032		168,000		196,996
Kinder Morgan Energy Partners LP 5.000% 12/15/2013		30,000		28,388
Kinder Morgan Energy Partners LP 6.000% 02/01/2017		40,000		39,145
Kinder Morgan Energy Partners LP 6.300% 02/01/2009		30,000		30,322
Kinder Morgan Energy Partners LP 6.750% 03/15/2011		40,000		41,395
Pacific Energy Partners, LP/Pacific Energy Finance Corp. 7.125% 06/15/2014		5,000		5,173
Semgroup LP(d) 8.750% 11/15/2015		10,000		10,050
Southern Natural Gas Co. 8.000% 03/01/2032		10,000		11,341
Tennessee Gas Pipeline 7.625% 04/01/2037		30,000		32,919
Williams Cos., Inc. Series A(b) 7.500% 01/15/2031		220,000		227,700
				978,359

	Principal Amount		Market Value
Real Estate — 0.0%
Forest City Enterprises, Inc. 7.625% 06/01/2015	$	15,000	$	15,113
Real Estate Investment Trusts (REITS) — 0.0%
Ventas Realty Corp. REIT 6.500% 06/01/2016		15,000		14,625
Ventas Realty LP Capital Corp. 6.750% 04/01/2017		10,000		9,875
				24,500
Retail — 0.0%
Amerigas Partners, LP 7.250% 05/20/2015		10,000		9,900
Suburban Propane Partners 6.875% 12/15/2013		35,000		33,775
				43,675
Semiconductors — 0.0%
Freescale Semiconductor, Inc.(d) 8.875% 12/15/2014		15,000		14,325
Sovereign — 0.0%
Export-Import Bank of Korea(d) 5.250% 02/10/2014		5,000		4,857
Telecommunications — 0.6%
BellSouth Corp. 4.750% 11/15/2012		10,000		9,557
British Telecom PLC FRN 8.625% 12/15/2010		160,000		174,843
Cincinnati Bell, Inc. 7.000% 02/15/2015		25,000		24,500
Citizens Communications Co. 7.125% 03/15/2019		20,000		18,900
Citizens Communications Co. 7.875% 01/15/2027		25,000		24,313
Deutsche Telekom International Finance BV 5.750% 03/23/2016		75,000		73,163
Intelsat Bermuda, Ltd. 9.250% 06/15/2016		15,000		15,938
Koninklijke KPN NV 8.000% 10/01/2010		180,000		192,650
Koninklijke KPN NV 8.375% 10/01/2030		125,000		140,164
Level 3 Financing, Inc.(d) 8.750% 02/15/2017		15,000		14,831
Level 3 Financing, Inc. 9.250% 11/01/2014		20,000		20,200
Qwest Communications International, Inc. 7.500% 02/15/2014		30,000		30,375

(Continued)

The accompanying notes are an integral part of the financial statements.
100

MassMutual Select Strategic Balanced Fund – Portfolio of Investments (Continued)

	Principal Amount		Market Value
Qwest Corp. 6.875% 09/15/2033	$	10,000	$	9,375
SBC Communications, Inc. 5.100% 09/15/2014		120,000		114,461
Sprint Capital 8.750% 03/15/2032		120,000		134,776
Sprint Capital Corp. 8.375% 03/15/2012		50,000		54,470
Telecom Italia Capital SA 4.950% 09/30/2014		120,000		111,183
U.S. West Communications, Inc. 5.625% 11/15/2008		30,000		29,888
Verizon Global Funding Corp. 7.375% 09/01/2012		60,000		64,623
Windsream Corp. 8.625% 08/01/2016		45,000		47,588
				1,305,798
Transportation — 0.0%
Gulfmark Offshore, Inc. 7.750% 07/15/2014		10,000		10,100
Horizon Lines LLC 9.000% 11/01/2012		25,000		26,438
				36,538
TOTAL CORPORATE DEBT (Cost $27,020,159)				26,597,526
NON-U.S. GOVERNMENT AGENCY OBLIGATIONS — 2.9%
Collateralized Mortgage Obligations — 2.8%
Amresco Residential Securities Mortgage Loan Trust, Series 1997-3, Class M1A FRN 5.875% 09/25/2027		64,181		64,198
Bear Stearns Adjustable Rate Mortgage Trust, Series 2004-4, Class A6 VRN 3.516% 06/25/2034		400,000		389,115
Countrywide Home Equity Loan Trust, Series 2005-G, Class 2A FRN 5.550% 12/15/2035		329,744		330,009
CRIIMI MAE Commercial Mortgage Trust, Series 1998-C1, Class A2(d) 7.000% 06/02/2033		67,653		67,907
Greenpoint Mortgage Funding Trust, Series 2005-HE4, Class 2A1A FRN 5.540% 07/25/2030		117,492		117,657

	Principal Amount		Market Value
GS Mortgage Securities Corp. II, Series 2005-GG4, Class AABA 4.680% 07/10/2039	$	300,000	$	286,197
Harborview Mortgage Loan Trust, Series 2006-2, Class 1A VRN 5.441% 02/25/2036		156,110		155,274
Indymac Index Mortgage Loan Trust, Series 2005-AR15, Class A2 VRN 5.099% 09/25/2035		137,094		133,502
JP Morgan Chase Commercial Mortgage Securities Corp., Series 2005-CB12, Class A4 4.895% 09/12/2037		600,000		563,535
JP Morgan Chase Commercial Mortgage Securities Corp., Series 2007-LDPX, Class A3 5.420% 01/15/2049		300,000		289,208
Keycorp Student Loan Trust, Series 2005-A, Class 1A1 FRN 5.378% 12/27/2019		356,960		356,793
LB-UBS Commercial Mortgage Trust, Series 2005-C3, Class A5 4.739% 07/15/2030		210,000		195,546
LB-UBS Commercial Mortgage Trust, Series 2005-C3, Class AAB 4.664% 07/15/2030		200,000		190,514
LB-UBS Commercial Mortgage Trust, Series 2005-C5, Class A4 4.954% 09/15/2040		200,000		188,885
Mach One Trust Commercial Mortgage-Backed, Series 2004-1A, Class X, IO VRN(d) 1.623% 05/28/2040		2,344,691		79,157
MASTR Adjustable Rate Mortgages Trust, Series 2005-1, Class 1A3(d) 7.000% 08/25/2034		276,518		281,945

	Principal Amount		Market Value
Merrill Lynch/Countrywide Commercial Mortgage Trust, Series 2007-6, Class A4 VRN 5.485% 03/12/2051	$	200,000	$	193,775
MLCC Mortgage Investors, Inc., Series 2004-B, Class A3 FRN 7.068% 05/25/2029		143,314		144,692
Morgan Stanley Mortgage Loan Trust, Series 2007-11AR, Class 2A3 6.639% 06/25/2037		400,000		404,544
MSDWCC Heloc Trust, Series 2005-1, Class A FRN 5.510% 07/25/2017		364,103		364,615
Mutual Fund Fee Trust, Series 2000-3 9.070% 07/01/2008		657,437		47,993
Option One Mortgage Loan Trust, Series 2003-3, Class A1 FRN 5.610% 06/25/2033		377,989		378,461
Prime Mortgage Trust, Series 2006-DR1, Class 1A1(d) 5.500% 05/25/2035		361,715		353,614
Prime Mortgage Trust, Series 2006-DR1, Class 1A2(d) 6.000% 05/25/2035		174,071		173,779
Prime Mortgage Trust, Series 2006-DR1, Class 2A2(d) 6.000% 05/25/2035		563,870		553,915
Residential Asset Mortgage Products, Inc., Series 2002-RS4, Class A11 FRN 5.640% 08/25/2032		7,340		7,342
Terwin Mortgage Trust, Series 2006-10SL, Class A1 4.750% 10/25/2037		149,983		146,530
UCFC Home Equity Loan, Series 1998-D, Class MF1 6.905% 04/15/2030		74,862		74,686

(Continued)

The accompanying notes are an integral part of the financial statements.
101

MassMutual Select Strategic Balanced Fund – Portfolio of Investments (Continued)

	Principal Amount		Market Value
Washington Mutual MSC Mortgage Pass-Through Certificates, Series 2004-RA1, Class 2A 7.000% 03/25/2034	$	173,655	$	175,026
				6,708,414
Pass-Through Securities — 0.1%
CVS Corp. Lease. Pass Through(d) 5.880% 01/10/2028		32,017		30,672
CVS Corp. Lease. Pass Through(d) 6.036% 12/10/2028		36,655		35,468
CVS Corp. Lease. Pass Through(d) 9.350% 01/10/2023		100,000		120,956
				187,096
TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $7,319,393)				6,895,510
SOVEREIGN DEBT OBLIGATIONS — 0.5%
Sovereign
Bundesrepub Deutschland EUR(c) 3.750% 01/04/2015		320,000		409,598
Canada Government CAD(c) 4.000% 12/01/2031		73,253		94,522
Republic of Brazil 10.125% 05/15/2027		15,000		21,150
Republic of Brazil(b) 11.000% 08/17/2040		206,000		270,169
Russian Federation FRN 7.500% 03/31/2030		42,018		46,282
United Mexican States(b) 6.750% 09/27/2034		329,000		350,879
				1,192,600
TOTAL SOVEREIGN DEBT OBLIGATIONS (Cost $1,107,230)				1,192,600
U.S. GOVERNMENT AGENCY OBLIGATIONS — 17.6%
Pass-Through Securities
Federal Home Loan Bank 5.125% 06/13/2008		110,000		109,770
FHLMC 4.650% 10/10/2013		760,000		725,312
FHLMC 5.625% 11/23/2035		140,000		131,678
FHLMC 5.920% 04/01/2037		903,852		904,928

	Principal Amount		Market Value
FHLMC 6.750% 09/15/2029	$	100,000	$	114,227
FNMA 5.000% 09/01/2021- 02/01/2036		16,715,996		15,810,003
FNMA 5.500% 08/01/2021- 02/01/2037		12,992,749		12,599,388
FNMA 6.000% 08/01/2031- 03/01/2037		6,711,281		6,644,689
FNMA 6.500% 06/01/2036- 06/01/2037		3,171,365		3,204,805
FNMA, FRN 7.024% 11/01/2035		72,432		73,766
FNMA, FRN 7.026% 11/01/2035		138,966		141,526
FNMA, FRN 7.028% 11/01/2035		144,563		147,223
FNMA, FRN 7.036% 11/01/2035		144,477		147,137
FNMA, FRN 7.038% 11/01/2035		138,847		141,428
GNMA 6.000% 01/15/2032- 03/15/2033		1,075,320		1,073,277
GNMA 6.500% 10/15/2032		68,280		69,795
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $42,908,940)				42,038,952
U.S. TREASURY OBLIGATIONS — 3.0%
U.S. Government Agencies
U.S. Treasury Bond(b) 4.500% 02/15/2036		685,000		620,353
U.S. Treasury Bond(b) 4.750% 02/15/2037		230,000		216,883
U.S. Treasury Inflation Index 1.875% 07/15/2015		201,807		190,712
U.S. Treasury Inflation Index 2.000% 01/15/2014		614,961		590,989
U.S. Treasury Inflation Index 2.000% 01/15/2016		166,546		158,191
U.S. Treasury Inflation Index 2.000% 01/15/2026		458,000		414,502
U.S. Treasury Inflation Index 2.375% 01/15/2017		348,316		340,130
U.S. Treasury Inflation Index 2.375% 01/15/2025		964,498		926,955
U.S. Treasury Inflation Index 2.375% 01/15/2027		1,434,244		1,376,874

	Principal Amount		Market Value
U.S. Treasury Inflation Index 3.375% 04/15/2032	$	81,475	$	93,780
U.S. Treasury Inflation Index 3.875% 01/15/2009		37,792		38,390
U.S. Treasury Inflation Index 3.875% 04/15/2029		879,704		1,061,116
U.S. Treasury Note(b) 4.375% 11/15/2008		60,000		59,522
U.S. Treasury Note 4.500% 03/31/2009		70,000		69,508
U.S. Treasury Note 4.500% 11/30/2011		40,000		39,331
U.S. Treasury Note(b) 4.500% 03/31/2012		50,000		49,082
U.S. Treasury Note(b) 4.500% 04/30/2012		70,000		68,709
U.S. Treasury Note 4.500% 05/15/2017		10,000		9,589
U.S. Treasury Note 4.625% 12/31/2011		740,000		730,981
U.S. Treasury Note 4.750% 02/15/2010		140,000		139,464
U.S. Treasury Note 6.000% 08/15/2009		50,000		51,086
U.S. Treasury Strips 0.000% 05/15/2030		130,000		40,386
				7,286,533
TOTAL U.S. TREASURY OBLIGATIONS (Cost $7,503,894)				7,286,533
TOTAL BONDS & NOTES (Cost $86,106,081)				84,257,177
OPTIONS — 0.1%
Eurodollar Future Options, September 2007 Call, Expires 9/17/07, Strike 94		192,500		128,975
Eurodollar Future Options, September 2007 Call, Expires 9/17/07, Strike 94.5		45,000		7,762
Eurodollar Future Options, September 2007 Call, Expires 9/17/07, Strike 94.75		45,000		1,012
Eurodollar Future Options, September 2007 Put, Expires 9/17/07, Strike 94		5,000		13
TOTAL OPTIONS (Cost $179,450)				137,762
TOTAL LONG TERM INVESTMENTS (Cost $201,626,938)				226,561,513

(Continued)

The accompanying notes are an integral part of the financial statements.
102

MassMutual Select Strategic Balanced Fund – Portfolio of Investments (Continued)

	Principal Amount		Market Value
SHORT-TERM INVESTMENTS — 8.6%
Cash Equivalents — 5.6%(h)
Abbey National PLC Eurodollar Time Deposit 5.280% 07/05/2007	$	172,685	$	172,685
Abbey National PLC Eurodollar Time Deposit 5.285% 07/09/2007		431,703		431,703
American Beacon Money Market Fund(e)		484,351		484,351
Banco Bilbao Vizcaya Argentaria SA Eurodollar Time Deposit 5.300% 08/10/2007		323,778		323,778
Bank of America 5.270% 07/06/2007		431,703		431,703
Bank of America 5.270% 07/16/2007		86,340		86,340
Bank of America 5.270% 08/17/2007		107,926		107,926
Bank of America 5.300% 09/17/2007		215,852		215,852
Bank of Ireland Eurodollar Time Deposit 5.300% 08/13/2007		431,703		431,703
Bank of Montreal Eurodollar Time Deposit 5.280% 07/03/2007		107,926		107,926
Bank of Montreal Eurodollar Time Deposit 5.290% 07/02/2007		86,340		86,340
Bank of Montreal Eurodollar Time Deposit 5.310% 08/14/2007		64,755		64,755
Bank of Nova Scotia Eurodollar Time Deposit 5.280% 07/09/2007		410,118		410,118
Bank Of Nova Scotia Eurodollar Time Deposit 5.285% 07/11/2007		237,437		237,437
Barclays Eurodollar Time Deposit 5.290% 07/06/2007		431,703		431,703
Barclays Eurodollar Time Deposit 5.295% 07/16/2007		86,340		86,340
Barclays Eurodollar Time Deposit 5.320% 09/04/2007		215,852		215,852
Bear Stearns & Co Commercial Paper 5.435% 07/10/2007		64,755		64,755
BGI Institutional Money Market Fund(e)		280,608		280,608

	Principal Amount		Market Value
BNP Paribas Eurodollar Time Deposit 5.350% 07/02/2007	$	647,555	$	647,555
Calyon Eurodollar Time Deposit 5.290% 07/17/2007		215,852		215,852
Calyon Eurodollar Time Deposit 5.380% 07/02/2007		647,555		647,555
Canadian Imperial Bank of Commerce Eurodollar Time Deposit 5.300% 07/30/2007		431,703		431,703
Dexia Group Eurodollar Time Deposit 5.290% 08/08/2007		431,703		431,703
Dreyfus Institutional Cash Advantage Money Market Fund(e)		129,511		129,511
Federal Home Loan Bank Discount Note 5.174% 07/20/2007		32,018		32,018
First Tennessee National Corp. Eurodollar Time Deposit 5.300% 07/18/2007		107,926		107,926
Fortis Bank Eurodollar Time Deposit 5.290% 07/06/2007		107,926		107,926
Fortis Bank Eurodollar Time Deposit 5.290% 07/09/2007		151,096		151,096
Fortis Bank Eurodollar Time Deposit 5.300% 07/20/2007		107,926		107,926
Fortis Bank Eurodollar Time Deposit 5.300% 07/26/2007		86,340		86,340
Fortis Bank Eurodollar Time Deposit 5.350% 07/05/2007		215,852		215,852
Freddie Mac Discount Note 5.155% 07/16/2007		40,759		40,759
Freddie Mac Discount Note 5.185% 07/09/2007		21,279		21,279
Morgan Stanley & Co Commercial Paper 5.445% 08/01/2007		194,266		194,266
National Australia Bank Eurodollar Time Deposit 5.320% 07/02/2007		215,852		215,852
Nationwide Building Society Commercial Paper 5.301% 07/09/2007		215,408		215,408

	Principal Amount		Market Value
Rabobank Nederland Eurodollar Time Deposit 5.280% 07/05/2007	$	323,778	$	323,778
Rabobank Nederland Eurodollar Time Deposit 5.290% 07/16/2007		431,703		431,703
Rabobank Nederland Eurodollar Time Deposit 5.330% 07/02/2007		647,555		647,555
Reserve Primary Money Market Fund(e)		428,568		428,568
Royal Bank of Canada Eurodollar Time Deposit 5.305% 08/30/2007		431,703		431,703
Royal Bank of Scotland Eurodollar Time Deposit 5.270% 07/11/2007		107,926		107,926
Skandinaviska Enskilda Banken AB Eurodollar Time Deposit 5.290% 07/13/2007		431,703		431,703
Skandinaviska Enskilda Banken AB Eurodollar Time Deposit 5.290% 07/19/2007		64,755		64,755
Svenska Handlesbanken Eurodollar Time Deposit 5.300% 07/02/2007		72,516		72,516
UBS AG Eurodollar Time Deposit 5.277% 07/05/2007		302,193		302,193
UBS AG Eurodollar Time Deposit 5.285% 07/05/2007		431,703		431,703
Vanguard Prime Money Market Fund(e)		215,852		215,852
Wells Fargo Eurodollar Time Deposit 5.260% 07/02/2007		116,560		116,560
Wells Fargo Eurodollar Time Deposit 5.280% 07/11/2007		431,703		431,703
Wells Fargo Eurodollar Time Deposit 5.280% 07/12/2007		215,852		215,852
				13,326,472
Certificates of Deposit — 0.1%
Deutsche Bank AG CD 5.500% 07/02/2007		300,000		300,000
Repurchase Agreements — 2.8%
Investors Bank & Trust Company Repurchase Agreement, dated 6/29/2007, 3.50%, due 7/02/2007(g)		6,708,940		6,708,940

(Continued)

The accompanying notes are an integral part of the financial statements.
103

MassMutual Select Strategic Balanced Fund – Portfolio of Investments (Continued)

	Principal Amount		Market Value
U.S. Government Agencies — 0.1%
FNMA(f) 5.000% 03/17/2008	$	20,000	$	19,269
FNMA(f) 5.010% 03/17/2008		125,000		120,373
				139,642
TOTAL SHORT-TERM INVESTMENTS (Cost $20,475,054)				20,475,054
TOTAL INVESTMENTS — 103.7% (Cost $222,101,992)(i)				247,036,567
Other Assets/ (Liabilities) — (3.7%)				(8,726,475	)
NET ASSETS — 100.0%			$	238,310,092

Notes to Portfolio of Investments

ADR - American Depository Receipt

CAD - Canadian Dollar

EUR - Euro

FRN - Floating Rate Note

GBP - British Pound

GDR - Global Depository Receipt

VRN - Variable Rate Note

(a) Non-income producing security.

(b) Denotes all or a portion of security on loan. (Note 2).

(d) 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 June 30, 2007, these securities amounted to a value of $8,067,129 or 3.4% of net assets.

(e) Amount represents shares owned of the fund.

(f) This security is held as collateral for open futures contracts. (Note 2).

(g) Maturity value of $6,710,896. Collaterized by a U.S. Government Agency obligation with a rate of 7.875%, maturity date of 2/25/2030, and an aggregate market value, including accrued interest, of $7,044,387.

(h) Represents investments of security lending collateral. (Note 2).

(i) See Note 6 for aggregate cost for Federal tax purposes.

The remainder of this page is intentionally left blank.

The accompanying notes are an integral part of the financial statements.
104

MassMutual Select Diversified Value Fund – Portfolio of Investments

June 30, 2007 (Unaudited)

	Number of Shares		Market Value
EQUITIES — 98.8%
COMMON STOCK — 98.8%
Advertising — 0.2%
Interpublic Group of Companies, Inc.(a) (b)		117,700	$	1,341,780
Aerospace & Defense — 0.9%
Boeing Co.		25,000		2,404,000
Northrop Grumman Corp.		50,200		3,909,075
				6,313,075
Agriculture — 1.9%
Altria Group, Inc.		149,200		10,464,888
Bunge Ltd.(b)		10,500		887,250
UST, Inc.		27,900		1,498,509
				12,850,647
Apparel — 0.8%
Jones Apparel Group, Inc.		64,500		1,822,125
VF Corp.		38,700		3,544,146
				5,366,271
Auto Manufacturers — 0.3%
General Motors Corp.		50,200		1,897,560
Automotive & Parts — 1.2%
Autoliv, Inc.		52,400		2,979,988
BorgWarner, Inc.		27,100		2,331,684
Magna International, Inc. Cl. A(b)		32,400		2,948,076
				8,259,748
Banks — 8.7%
Bank of America Corp.		464,800		22,724,072
Comerica, Inc.		67,000		3,984,490
Fifth Third Bancorp		85,400		3,396,358
KeyCorp(b)		76,000		2,609,080
National City Corp.(b)		145,300		4,841,396
Regions Financial Corp.		50,900		1,684,790
SunTrust Banks, Inc.		56,900		4,878,606
U.S. Bancorp(b)		162,200		5,344,490
Wachovia Corp.		71,900		3,684,875
Wells Fargo & Co.		163,500		5,750,295
				58,898,452
Beverages — 1.3%
The Coca-Cola Co.		12,400		648,644
Coca-Cola Enterprises, Inc.		117,300		2,815,200
Molson Coors Brewing Co. Cl. B		41,600		3,846,336
PepsiCo, Inc.		27,200		1,763,920
				9,074,100

	Number of Shares		Market Value
Chemicals — 2.7%
Ashland, Inc.		29,600	$	1,892,920
The Dow Chemical Co.		147,000		6,500,340
Du Pont (E.I.) de Nemours & Co.		104,600		5,317,864
The Lubrizol Corp.		33,400		2,155,970
PPG Industries, Inc.		35,000		2,663,850
				18,530,944
Commercial Services — 0.8%
Accenture Ltd. Cl. A		35,900		1,539,751
McKesson Corp.		62,300		3,715,572
				5,255,323
Computers — 1.5%
Dell, Inc.(a)		28,800		822,240
Electronic Data Systems Corp.		90,300		2,504,019
International Business Machines Corp.		41,900		4,409,975
Lexmark International, Inc. Cl. A(a)		50,100		2,470,431
				10,206,665
Computers & Information — 0.1%
Tech Data Corp.(a)		17,200		661,512
Cosmetics & Personal Care — 2.0%
Colgate-Palmolive Co.		37,600		2,438,360
The Procter & Gamble Co.		179,800		11,001,962
				13,440,322
Diversified Financial — 11.8%
Ameriprise Financial, Inc.		25,900		1,646,463
CIT Group, Inc.		23,100		1,266,573
Citigroup, Inc.		483,300		24,788,457
Countrywide Financial Corp.		139,200		5,059,920
Fannie Mae		136,400		8,911,012
Freddie Mac		81,200		4,928,840
The Goldman Sachs Group, Inc.		6,100		1,322,175
JP Morgan Chase & Co.		361,900		17,534,055
Janus Capital Group, Inc.(b)		102,000		2,839,680
Merrill Lynch & Co., Inc.		83,800		7,004,004
Morgan Stanley		42,400		3,556,512
Waddell & Reed Financial, Inc. Cl. A(b)		40,600		1,056,006
				79,913,697
Electric — 2.8%
Allegheny Energy, Inc.(a)		62,400		3,228,576
American Electric Power Co., Inc.		109,200		4,918,368

	Number of Shares		Market Value
Constellation Energy Group, Inc.		32,300	$	2,815,591
Dominion Resources, Inc.		42,600		3,676,806
Entergy Corp.		30,700		3,295,645
Pinnacle West Capital Corp.		20,700		824,895
				18,759,881
Electronics — 0.9%
Arrow Electronics, Inc.(a)		34,100		1,310,463
Celestica, Inc.(a)		28,200		176,250
Flextronics International Ltd.(a) (b)		275,500		2,975,400
Sanmina-SCI Corp.(a)		154,500		483,585
Solectron Corp.(a)		287,375		1,057,540
				6,003,238
Foods — 3.8%
ConAgra Foods, Inc.		78,000		2,095,080
General Mills, Inc.		47,700		2,786,634
Kellogg Co.		57,200		2,962,388
Kraft Foods, Inc. Cl. A		197,947		6,977,631
The Kroger Co.		101,200		2,846,756
Safeway, Inc.		123,200		4,192,496
Sara Lee Corp.		217,700		3,787,980
				25,648,965
Forest Products & Paper — 0.8%
Smurfit-Stone Container Corp.(a)		138,900		1,848,759
Temple-Inland, Inc.		61,400		3,777,942
				5,626,701
Hand & Machine Tools — 0.4%
The Black & Decker Corp.		28,500		2,516,835
Health Care – Products — 0.5%
Johnson & Johnson		50,000		3,081,000
Health Care – Services — 0.1%
Tenet Healthcare Corp.(a) (b)		135,100		879,501
Home Builders — 0.7%
Centex Corp.(b)		35,400		1,419,540
KB Home		61,300		2,413,381
Pulte Homes, Inc.		50,900		1,142,705
				4,975,626
Household Products — 1.0%
Avery Dennison Corp.		34,300		2,280,264
The Clorox Co.		32,900		2,043,090
Kimberly-Clark Corp.		37,300		2,494,997
				6,818,351

(Continued)

The accompanying notes are an integral part of the financial statements.
105

MassMutual Select Diversified Value Fund – Portfolio of Investments (Continued)

	Number of Shares		Market Value
Housewares — 0.3%
Newell Rubbermaid, Inc.		56,700	$	1,668,681
Insurance — 10.4%
ACE Ltd.		18,000		1,125,360
Allstate Corp.		49,100		3,020,141
Ambac Financial Group, Inc.		30,600		2,668,014
American International Group, Inc.		210,700		14,755,321
Aon Corp.		50,900		2,168,849
Chubb Corp.		32,400		1,754,136
Fidelity National Financial, Inc.		140,400		3,327,480
Genworth Financial, Inc. Cl. A		124,200		4,272,480
The Hartford Financial Services Group, Inc.		58,800		5,792,388
MBIA, Inc.(b)		48,700		3,030,114
Metlife, Inc.		84,400		5,442,112
MGIC Investment Corp.(b)		46,100		2,621,246
Old Republic International Corp.		147,600		3,137,976
PartnerRe Ltd.(b)		18,100		1,402,750
Prudential Financial, Inc.		18,100		1,759,863
RenaissanceRe Holdings Ltd.		21,000		1,301,790
Torchmark Corp.		17,500		1,172,500
St. Paul Travelers Companies		122,900		6,575,150
Unum Group		78,600		2,052,246
XL Capital Ltd. Cl. A		29,700		2,503,413
				69,883,329
Iron & Steel — 1.1%
Arcelor Mittal Cl. A(b)		59,200		3,694,080
United States Steel Corp.		33,900		3,686,625
				7,380,705
Machinery – Diversified — 0.5%
Cummins, Inc.		35,400		3,582,834
Manufacturing — 5.0%
Cooper Industries Ltd. Cl. A		28,380		1,620,214
Eaton Corp.		23,600		2,194,800
General Electric Co.		614,910		23,538,755
SPX Corp.		29,400		2,581,614
Tyco International Ltd.		102,200		3,453,338
				33,388,721
Media — 3.5%
CBS Corp. Cl. B		152,100		5,067,972
Citadel Broadcasting Corp.		4,891		31,547
Comcast Corp. Cl. A(a)		235,950		6,634,914
Gannett Co., Inc.		9,800		538,510
Time Warner, Inc.		307,125		6,461,910
Tribune Co.		20,172		593,057

	Number of Shares		Market Value
Viacom, Inc. Cl. B(a)		77,900	$	3,242,977
The Walt Disney Co.		31,700		1,082,238
				23,653,125
Mining — 0.1%
Alcoa, Inc.		10,300		417,459
Oil & Gas — 12.3%
BP PLC, Sponsored ADR (United Kingdom)		44,600		3,217,444
Chevron Corp.		235,500		19,838,520
ConocoPhillips		83,200		6,531,200
Exxon Mobil Corp.		457,000		38,333,160
Marathon Oil Corp.		123,200		7,387,072
Occidental Petroleum Corp.		14,400		833,472
Royal Dutch Shell PLC Sponsored ADR (United Kingdom)		42,300		3,434,760
Total SA Sponsored ADR (France)		41,200		3,336,376
				82,912,004
Packaging & Containers — 0.9%
Bemis Co., Inc.		14,800		491,064
Crown Holdings, Inc.(a)		90,700		2,264,779
Owens-Illinois, Inc.(a)		64,000		2,240,000
Sonoco Products Co.		27,400		1,172,994
				6,168,837
Pharmaceuticals — 5.5%
AmerisourceBergen Corp.		34,700		1,716,609
Eli Lilly & Co.		78,200		4,369,816
Merck & Co., Inc.		129,700		6,459,060
Pfizer, Inc.		794,400		20,312,808
Schering-Plough Corp.		127,800		3,890,232
				36,748,525
Retail — 4.1%
Dillards, Inc. Cl. A		30,000		1,077,900
Dollar Tree Stores, Inc.(a)		38,900		1,694,095
Family Dollar Stores, Inc.		18,000		617,760
The Gap, Inc.		176,200		3,365,420
The Home Depot, Inc.		35,000		1,377,250
Limited Brands, Inc.		61,800		1,696,410
Macy's, Inc.		111,200		4,423,536
McDonald's Corp.		168,800		8,568,288
Office Depot, Inc.(a)		60,700		1,839,210
Saks, Inc.		68,900		1,471,015
Wal-Mart Stores, Inc.		27,000		1,298,970
				27,429,854
Savings & Loans — 1.2%
Astoria Financial Corp.		61,500		1,539,960
Washington Mutual, Inc.(b)		153,100		6,528,184
				8,068,144

	Number of Shares		Market Value
Software — 0.4%
Microsoft Corp.		93,300	$	2,749,551
Telecommunications — 8.1%
American Tower Corp. Cl. A(a)		31,000		1,302,000
AT&T, Inc.		472,300		19,600,450
Cisco Systems, Inc.(a)		88,400		2,461,940
Embarq Corp.		47,900		3,035,423
Nokia Oyj Sponsored ADR (Finland)		102,700		2,886,897
Sprint Nextel Corp.		358,400		7,422,464
Verizon Communications, Inc.		342,700		14,108,959
Vodafone Group PLC Sponsored ADR (United Kingdom)		114,500		3,850,635
				54,668,768
Toys, Games & Hobbies — 0.2%
Mattel, Inc.		47,100		1,191,159
TOTAL EQUITIES (Cost $550,194,277)				666,231,890
	Principal Amount
SHORT-TERM INVESTMENTS — 7.0%
Cash Equivalents — 6.1%(d)
Abbey National PLC Eurodollar Time Deposit 5.280% 07/05/2007	$	537,006		537,006
Abbey National PLC Eurodollar Time Deposit 5.285% 07/09/2007		1,342,517		1,342,517
American Beacon Money Market Fund(c)		1,506,242		1,506,242
Banco Bilbao Vizcaya Argentaria SA Eurodollar Time Deposit 5.300% 08/10/2007		1,006,888		1,006,888
Bank of America 5.270% 07/06/2007		1,342,517		1,342,517
Bank of America 5.270% 07/16/2007		268,503		268,503
Bank of America 5.270% 08/17/2007		335,629		335,629
Bank of America 5.300% 09/17/2007		671,258		671,258
Bank of Ireland Eurodollar Time Deposit 5.300% 08/13/2007		1,342,517		1,342,517
Bank of Montreal Eurodollar Time Deposit 5.280% 07/03/2007		335,629		335,629

(Continued)

The accompanying notes are an integral part of the financial statements.
106

MassMutual Select Diversified Value Fund – Portfolio of Investments (Continued)

	Principal Amount		Market Value
Bank of Montreal Eurodollar Time Deposit 5.290% 07/02/2007	$	268,503	$	268,503
Bank of Montreal Eurodollar Time Deposit 5.310% 08/14/2007		201,378		201,378
Bank of Nova Scotia Eurodollar Time Deposit 5.280% 07/09/2007		1,275,391		1,275,391
Bank Of Nova Scotia Eurodollar Time Deposit 5.285% 07/11/2007		738,384		738,384
Barclays Eurodollar Time Deposit 5.290% 07/06/2007		1,342,517		1,342,517
Barclays Eurodollar Time Deposit 5.295% 07/16/2007		268,503		268,503
Barclays Eurodollar Time Deposit 5.320% 09/04/2007		671,258		671,258
Bear Stearns & Co Commercial Paper 5.435% 07/10/2007		201,378		201,378
BGI Institutional Money Market Fund(c)		872,636		872,636
BNP Paribas Eurodollar Time Deposit 5.350% 07/02/2007		2,013,775		2,013,775
Calyon Eurodollar Time Deposit 5.290% 07/17/2007		671,258		671,258
Calyon Eurodollar Time Deposit 5.380% 07/02/2007		2,013,775		2,013,775
Canadian Imperial Bank of Commerce Eurodollar Time Deposit 5.300% 07/30/2007		1,342,517		1,342,517
Dexia Group Eurodollar Time Deposit 5.290% 08/08/2007		1,342,517		1,342,517
Dreyfus Institutional Cash Advantage Money Market Fund(c)		402,755		402,755
Federal Home Loan Bank Discount Note 5.174% 07/20/2007		99,570		99,570
First Tennessee National Corp. Eurodollar Time Deposit 5.300% 07/18/2007		335,629		335,629
Fortis Bank Eurodollar Time Deposit 5.290% 07/06/2007		335,629		335,629

	Principal Amount		Market Value
Fortis Bank Eurodollar Time Deposit 5.290% 07/09/2007	$	469,881	$	469,881
Fortis Bank Eurodollar Time Deposit 5.300% 07/20/2007		335,629		335,629
Fortis Bank Eurodollar Time Deposit 5.300% 07/26/2007		268,503		268,503
Fortis Bank Eurodollar Time Deposit 5.350% 07/05/2007		671,258		671,258
Freddie Mac Discount Note 5.155% 07/16/2007		126,754		126,754
Freddie Mac Discount Note 5.185% 07/09/2007		66,173		66,173
Morgan Stanley & Co Commercial Paper 5.445% 08/01/2007		604,133		604,133
National Australia Bank Eurodollar Time Deposit 5.320% 07/02/2007		671,258		671,258
Nationwide Building Society Commercial Paper 5.301% 07/09/2007		669,877		669,877
Rabobank Nederland Eurodollar Time Deposit 5.280% 07/05/2007		1,006,888		1,006,888
Rabobank Nederland Eurodollar Time Deposit 5.290% 07/16/2007		1,342,517		1,342,517
Rabobank Nederland Eurodollar Time Deposit 5.330% 07/02/2007		2,013,775		2,013,775
Reserve Primary Money Market Fund(c)		1,332,768		1,332,768
Royal Bank of Canada Eurodollar Time Deposit 5.305% 08/30/2007		1,342,517		1,342,517
Royal Bank of Scotland Eurodollar Time Deposit 5.270% 07/11/2007		335,629		335,629
Skandinaviska Enskilda Banken AB Eurodollar Time Deposit 5.290% 07/13/2007		1,342,517		1,342,517
Skandinaviska Enskilda Banken AB Eurodollar Time Deposit 5.290% 07/19/2007		201,378		201,378
Svenska Handlesbanken Eurodollar Time Deposit 5.300% 07/02/2007		225,510		225,510

	Principal Amount		Market Value
UBS AG Eurodollar Time Deposit 5.277% 07/05/2007	$	939,762	$	939,762
UBS AG Eurodollar Time Deposit 5.285% 07/05/2007		1,342,517		1,342,517
Vanguard Prime Money Market Fund(c)		671,258		671,258
Wells Fargo Eurodollar Time Deposit 5.260% 07/02/2007		362,480		362,480
Wells Fargo Eurodollar Time Deposit 5.280% 07/11/2007		1,342,517		1,342,517
Wells Fargo Eurodollar Time Deposit 5.280% 07/12/2007		671,258		671,258
				41,442,836
Repurchase Agreements — 0.9%
Investors Bank & Trust Company Repurchase Agreement, dated 6/29/2007, 3.50%, due 7/02/2007(e)		6,057,134		6,057,134
TOTAL SHORT-TERM INVESTMENTS (Cost $47,499,970)				47,499,970
TOTAL INVESTMENTS — 105.8% (Cost $597,694,247)(f)				713,731,860
Other Assets/ (Liabilities) — (5.8%)				(39,050,790	)
NET ASSETS — 100.0%			$	674,681,070

Notes to Portfolio of Investments

ADR - American Depository Receipt

(a) Non-income producing security.

(b) Denotes all or a portion of security on loan. (Note 2).

(d) Represents investments of security lending collateral. (Note 2).

(e) Maturity value of $6,058,900. Collateralized by a U.S. Government Agency obligation with a rate of 8.625%, maturity date of 11/25/2022, and an aggregate market value, including accrued interest, of $6,359,990.

(f) See Note 6 for aggregate cost for Federal tax purposes.

The accompanying notes are an integral part of the financial statements.
107

MassMutual Select Fundamental Value Fund – Portfolio of Investments

June 30, 2007 (Unaudited)

	Number of Shares		Market Value
EQUITIES — 98.5%
COMMON STOCK — 98.5%
Aerospace & Defense — 3.6%
General Dynamics Corp.		319,600	$	24,999,112
Goodrich Corp.		247,100		14,717,276
Teledyne Technologies, Inc.(a)		163,600		7,517,420
				47,233,808
Agriculture — 1.2%
Altria Group, Inc.		213,200		14,953,848
Banks — 10.1%
Bank of America Corp.		982,900		48,053,981
The Bank of New York Co., Inc.		329,800		13,666,912
PNC Financial Services Group, Inc.		177,300		12,691,134
State Street Corp.(b)		273,700		18,721,080
U.S. Bancorp		365,300		12,036,635
Wachovia Corp.		260,134		13,331,868
Wells Fargo & Co.		377,900		13,290,743
				131,792,353
Beverages — 1.4%
PepsiCo, Inc.		283,900		18,410,915
Building Materials — 1.6%
American Standard Cos., Inc.		362,300		21,368,454
Chemicals — 3.4%
Agrium, Inc.		374,100		16,366,875
The Dow Chemical Co.		285,400		12,620,388
Du Pont (E.I.) de Nemours & Co.		303,100		15,409,604
				44,396,867
Computers — 3.3%
EMC Corp.(a)		869,500		15,737,950
Hewlett-Packard Co.		355,500		15,862,410
Sun Microsystems, Inc.(a)		2,188,600		11,512,036
				43,112,396
Cosmetics & Personal Care — 0.9%
Colgate-Palmolive Co.		186,800		12,113,980
Diversified Financial — 9.5%
Citigroup, Inc.		901,300		46,227,677
The Goldman Sachs Group, Inc.		94,800		20,547,900
JP Morgan Chase & Co.		668,236		32,376,034
Nuveen Investments, Inc. Cl. A		177,000		11,000,550

	Number of Shares		Market Value
UBS AG		231,900	$	13,916,319
				124,068,480
Electric — 3.7%
Entergy Corp.		61,000		6,548,350
Exelon Corp.		324,300		23,544,180
FPL Group, Inc.		192,500		10,922,450
SCANA Corp.		185,600		7,106,624
				48,121,604
Foods — 5.9%
Kellogg Co.		221,700		11,481,843
The Kroger Co.		438,700		12,340,631
Safeway, Inc.		369,000		12,557,070
SuperValu, Inc.		371,100		17,189,352
Tyson Foods, Inc. Cl. A		1,043,400		24,039,936
				77,608,832
Forest Products & Paper — 0.3%
Smurfit-Stone Container Corp.(a)		332,000		4,418,920
Health Care – Products — 1.6%
Baxter International, Inc.		323,500		18,225,990
Beckman Coulter, Inc.(b)		46,000		2,975,280
				21,201,270
Health Care – Services — 1.9%
Aetna, Inc.		265,700		13,125,580
WellPoint, Inc.(a)		138,300		11,040,489
				24,166,069
Household Products — 0.8%
Kimberly-Clark Corp.		154,800		10,354,572
Insurance — 5.3%
ACE Ltd.		174,500		10,909,740
Allstate Corp.		249,300		15,334,443
American International Group, Inc.		364,400		25,518,932
Chubb Corp.		315,600		17,086,584
				68,849,699
Machinery – Diversified — 1.5%
Deere & Co.		163,400		19,728,916
Manufacturing — 3.9%
General Electric Co.		1,015,700		38,880,996
Textron, Inc.		105,700		11,638,627
				50,519,623
Media — 2.3%
Comcast Corp. Cl. A(a)		436,850		12,284,222
Time Warner, Inc.		806,700		16,972,968
				29,257,190

	Number of Shares		Market Value
Mining — 1.4%
Alcoa, Inc.		167,400	$	6,784,722
Cameco Corp.(b)		230,600		11,700,644
				18,485,366
Office Equipment/Supplies — 0.8%
Pitney Bowes, Inc.		223,900		10,482,998
Oil & Gas — 13.5%
Chevron Corp.		269,000		22,660,560
ConocoPhillips		240,400		18,871,400
Exxon Mobil Corp.		748,100		62,750,628
GlobalSantaFe Corp.		167,600		12,109,100
Newfield Exploration Co.(a)		487,700		22,214,735
Occidental Petroleum Corp.		421,500		24,396,420
XTO Energy, Inc.		231,000		13,883,100
				176,885,943
Pharmaceuticals — 3.3%
Abbott Laboratories		235,800		12,627,090
Bristol-Myers Squibb Co.		206,500		6,517,140
Wyeth		426,000		24,426,840
				43,571,070
Real Estate Investment Trusts (REITS) — 1.6%
Host Hotels & Resorts, Inc. REIT(b)		910,643		21,054,066
Retail — 4.9%
CVS Caremark Corp.		765,200		27,891,540
The Gap, Inc.		604,600		11,547,860
Macy's, Inc.		284,300		11,309,454
McDonald's Corp.		265,400		13,471,704
				64,220,558
Semiconductors — 1.0%
Intel Corp.		542,000		12,877,920
Telecommunications — 9.8%
AT&T, Inc.		1,120,920		46,518,180
Cisco Systems, Inc.(a)		653,800		18,208,330
Corning, Inc.(a)		449,800		11,492,390
Nokia Oyj Sponsored ADR (Finland)		686,500		19,297,515
Verizon Communications, Inc.		787,300		32,413,141
				127,929,556
TOTAL EQUITIES (Cost $999,879,182)				1,287,185,273

(Continued)

The accompanying notes are an integral part of the financial statements.
108

MassMutual Select Fundamental Value Fund – Portfolio of Investments (Continued)

	Principal Amount		Market Value
SHORT-TERM INVESTMENTS — 6.7%
Cash Equivalents — 4.3%(d)
Abbey National PLC Eurodollar Time Deposit 5.280% 07/05/2007	$	723,014	$	723,014
Abbey National PLC Eurodollar Time Deposit 5.285% 07/09/2007		1,807,536		1,807,536
American Beacon Money Market Fund(c)		2,027,970		2,027,970
Banco Bilbao Vizcaya Argentaria SA Eurodollar Time Deposit 5.300% 08/10/2007		1,355,651		1,355,651
Bank of America 5.270% 07/06/2007		1,807,534		1,807,534
Bank of America 5.270% 07/16/2007		361,507		361,507
Bank of America 5.270% 08/17/2007		451,884		451,884
Bank of America 5.300% 09/17/2007		903,767		903,767
Bank of Ireland Eurodollar Time Deposit 5.300% 08/13/2007		1,807,534		1,807,534
Bank of Montreal Eurodollar Time Deposit 5.280% 07/03/2007		451,884		451,884
Bank of Montreal Eurodollar Time Deposit 5.290% 07/02/2007		361,507		361,507
Bank of Montreal Eurodollar Time Deposit 5.310% 08/14/2007		271,130		271,130
Bank of Nova Scotia Eurodollar Time Deposit 5.280% 07/09/2007		1,717,158		1,717,158
Bank Of Nova Scotia Eurodollar Time Deposit 5.285% 07/11/2007		994,144		994,144
Barclays Eurodollar Time Deposit 5.290% 07/06/2007		1,807,534		1,807,534
Barclays Eurodollar Time Deposit 5.295% 07/16/2007		361,507		361,507
Barclays Eurodollar Time Deposit 5.320% 09/04/2007		903,767		903,767
Bear Stearns & Co Commercial Paper 5.435% 07/10/2007		271,130		271,130
BGI Institutional Money Market Fund(c)		1,174,897		1,174,897

	Principal Amount		Market Value
BNP Paribas Eurodollar Time Deposit 5.350% 07/02/2007	$	2,711,302	$	2,711,302
Calyon Eurodollar Time Deposit 5.290% 07/17/2007		903,767		903,767
Calyon Eurodollar Time Deposit 5.380% 07/02/2007		2,711,302		2,711,302
Canadian Imperial Bank of Commerce Eurodollar Time Deposit 5.300% 07/30/2007		1,807,534		1,807,534
Dexia Group Eurodollar Time Deposit 5.290% 08/08/2007		1,807,534		1,807,534
Dreyfus Institutional Cash Advantage Money Market Fund(c)		542,260		542,260
Federal Home Loan Bank Discount Note 5.174% 07/20/2007		134,059		134,059
First Tennessee National Corp. Eurodollar Time Deposit 5.300% 07/18/2007		451,884		451,884
Fortis Bank Eurodollar Time Deposit 5.290% 07/06/2007		451,884		451,884
Fortis Bank Eurodollar Time Deposit 5.290% 07/09/2007		632,637		632,637
Fortis Bank Eurodollar Time Deposit 5.300% 07/20/2007		451,884		451,884
Fortis Bank Eurodollar Time Deposit 5.300% 07/26/2007		361,507		361,507
Fortis Bank Eurodollar Time Deposit 5.350% 07/05/2007		903,767		903,767
Freddie Mac Discount Note 5.155% 07/16/2007		170,659		170,659
Freddie Mac Discount Note 5.185% 07/09/2007		89,094		89,094
Morgan Stanley & Co Commercial Paper 5.445% 08/01/2007		813,390		813,390
National Australia Bank Eurodollar Time Deposit 5.320% 07/02/2007		903,767		903,767
Nationwide Building Society Commercial Paper 5.301% 07/09/2007		901,908		901,908

	Principal Amount		Market Value
Rabobank Nederland Eurodollar Time Deposit 5.280% 07/05/2007	$	1,355,651	$	1,355,651
Rabobank Nederland Eurodollar Time Deposit 5.290% 07/16/2007		1,807,534		1,807,534
Rabobank Nederland Eurodollar Time Deposit 5.330% 07/02/2007		2,711,302		2,711,302
Reserve Primary Money Market Fund(c)		1,794,410		1,794,410
Royal Bank of Canada Eurodollar Time Deposit 5.305% 08/30/2007		1,807,534		1,807,534
Royal Bank of Scotland Eurodollar Time Deposit 5.270% 07/11/2007		451,884		451,884
Skandinaviska Enskilda Banken AB Eurodollar Time Deposit 5.290% 07/13/2007		1,807,534		1,807,534
Skandinaviska Enskilda Banken AB Eurodollar Time Deposit 5.290% 07/19/2007		271,130		271,130
Svenska Handlesbanken Eurodollar Time Deposit 5.300% 07/02/2007		303,622		303,622
UBS AG Eurodollar Time Deposit 5.277% 07/05/2007		1,265,274		1,265,274
UBS AG Eurodollar Time Deposit 5.285% 07/05/2007		1,807,534		1,807,534
Vanguard Prime Money Market Fund(c)		903,767		903,767
Wells Fargo Eurodollar Time Deposit 5.260% 07/02/2007		488,034		488,034
Wells Fargo Eurodollar Time Deposit 5.280% 07/11/2007		1,807,534		1,807,534
Wells Fargo Eurodollar Time Deposit 5.280% 07/12/2007		903,767		903,767
				55,797,705

(Continued)

The accompanying notes are an integral part of the financial statements.
109

MassMutual Select Fundamental Value Fund – Portfolio of Investments (Continued)

	Principal Amount		Market Value
Repurchase Agreements — 2.4%
Investors Bank & Trust Company Repurchase Agreement, dated 6/29/2007, 3.50%, due 7/02/2007(e)	$	31,699,682	$	31,699,682
TOTAL SHORT-TERM INVESTMENTS (Cost $87,497,387)				87,497,387
TOTAL INVESTMENTS — 105.2% (Cost $1,087,376,569)(f)				1,374,682,660
Other Assets/ (Liabilities) — (5.2%)				(67,475,958	)
NET ASSETS — 100.0%			$	1,307,206,702

Notes to Portfolio of Investments

ADR - American Depository Receipt

(a) Non-income producing security.

(b) Denotes all or a portion of security on loan. (Note 2).

(d) Represents investments of security lending collateral. (Note 2).

(e) Maturity value of $31,708,928. Collateralized by a U.S. Government Agency obligation with a rate of 5.67%, maturity date of 12/15/2034, and an aggregate market value, including accrued interest, of $33,284,666.

(f) See Note 6 for aggregate cost for Federal tax purposes.

The remainder of this page is intentionally left blank.

The accompanying notes are an integral part of the financial statements.
110

MassMutual Select Value Equity Fund – Portfolio of Investments

June 30, 2007 (Unaudited)

	Number of Shares		Market Value
EQUITIES — 98.9%
COMMON STOCK — 98.9%
Aerospace & Defense — 1.7%
Raytheon Co.		32,580	$	1,755,736
Agriculture — 2.5%
Altria Group, Inc.		37,000		2,595,180
Airlines — 0.8%
AMR Corp.(a)		32,800		864,280
Automotive & Parts — 0.6%
Autoliv, Inc.		10,600		602,822
Banks — 5.2%
Bank of America Corp.		85,800		4,194,762
Peoples United Financial		18,900		335,097
SunTrust Banks, Inc.		9,300		797,382
				5,327,241
Beverages — 0.5%
Molson Coors Brewing Co. Cl. B		5,900		545,514
Commercial Services — 0.8%
McKesson Corp.		13,000		775,320
Computer Related Services — 0.0%
Ingram Micro, Inc. Cl. A(a)		71		1,542
Computers — 1.6%
Hewlett-Packard Co.		36,700		1,637,554
Cosmetics & Personal Care — 2.1%
The Procter & Gamble Co.		35,200		2,153,888
Diversified Financial — 13.4%
AmeriCredit Corp.(a) (b)		22,000		584,100
Citigroup, Inc.		48,400		2,482,436
Countrywide Financial Corp.(b)		34,400		1,250,440
Fannie Mae		40,600		2,652,398
JP Morgan Chase & Co.		63,800		3,091,110
Merrill Lynch & Co., Inc.		19,400		1,621,452
Morgan Stanley		23,900		2,004,732
				13,686,668
Electric — 5.0%
CenterPoint Energy, Inc.		1,000		17,400
Constellation Energy Group, Inc.		13,880		1,209,920
Edison International		27,700		1,554,524
Northeast Utilities		27,600		782,736
NRG Energy, Inc.(a)		25,600		1,064,192
Progress Energy, Inc.		10,500		478,695
				5,107,467

	Number of Shares			Market Value
Electronics — 0.9%
Avnet, Inc.(a) (b)		23,900		$	947,396
Foods — 1.6%
The Kroger Co.		57,500			1,617,475
Gas — 0.5%
Energen Corp.		9,400			516,436
Health Care – Services — 3.0%
Aetna, Inc.		21,200			1,047,280
WellPoint, Inc.(a)		25,300			2,019,699
					3,066,979
Home Builders — 0.9%
KB Home(b)		22,400	��		881,888
Insurance — 14.7%
ACE Ltd.		27,100			1,694,292
Allstate Corp.		19,700			1,211,747
American Financial Group, Inc.		14,600			498,590
American International
Group, Inc.		15,600			1,092,468
Assurant, Inc.		14,700			866,124
Axis Capital Holdings Ltd.		11,000			447,150
Chubb Corp.		34,100			1,846,174
Fidelity National Financial, Inc.		27,126			642,886
Genworth Financial, Inc. Cl. A		20,500			705,200
The Hartford Financial Services Group, Inc.		15,700			1,546,607
Loews Corp.		33,200			1,692,536
MBIA, Inc.(b)		8,500			528,870
Metlife, Inc.		28,600			1,844,128
MGIC Investment Corp.(b)		7,500			426,450
					15,043,222
Iron & Steel — 3.0%
Nucor Corp.		20,100			1,178,865
United States Steel Corp.		16,900			1,837,875
					3,016,740
Machinery – Construction & Mining — 0.8%
Terex Corp.(a)		10,000			813,000
Machinery – Diversified — 1.8%
AGCO Corp.(a)		20,100			872,541
Deere & Co.		8,100			977,994
					1,850,535
Manufacturing — 3.0%
General Electric Co.		81,400			3,115,992

	Number of Shares		Market Value
Media — 2.0%
Time Warner, Inc.		95,948	$	2,018,746
Metal Fabricate & Hardware — 0.8%
Commercial Metals Co.		24,300		820,611
Oil & Gas — 13.9%
Chevron Corp.		16,900		1,423,656
ConocoPhillips		15,100		1,185,350
Exxon Mobil Corp.		51,900		4,353,372
Marathon Oil Corp.		37,200		2,230,512
Patterson-UTI Energy, Inc.		24,992		655,040
Pioneer Natural Resources Co.		21,800		1,061,878
Plains Exploration & Production Co.(a)		7,900		377,699
Tesoro Corp.		17,100		977,265
Valero Energy Corp.		26,200		1,935,132
				14,199,904
Pharmaceuticals — 3.4%
Pfizer, Inc.		135,000		3,451,950
Retail — 3.8%
Best Buy Co., Inc.(b)		18,000		840,060
J.C. Penney Co., Inc.		9,900		716,562
Macy's, Inc.		27,272		1,084,880
The TJX Cos., Inc.		45,400		1,248,500
				3,890,002
Savings & Loans — 0.6%
Hudson City Bancorp, Inc.(b)		46,900		573,118
Semiconductors — 0.9%
Applied Materials, Inc.		46,100		916,007
Telecommunications — 6.5%
AT&T, Inc.		106,300		4,411,450
CenturyTel, Inc.		28,400		1,393,020
Embarq Corp.		13,000		823,810
Qwest Communications International, Inc.(a)		200		1,940
				6,630,220
Transportation — 2.6%
Burlington Northern Santa Fe Corp.		9,600		817,344
Tidewater, Inc.(b)		15,000		1,063,200
YRC Worldwide, Inc.(a) (b)		20,578		757,270
				2,637,814
TOTAL EQUITIES (Cost $93,111,917)				101,061,247

(Continued)

The accompanying notes are an integral part of the financial statements.
111

MassMutual Select Value Equity Fund – Portfolio of Investments (Continued)

	Principal Amount		Market Value
SHORT-TERM INVESTMENTS — 6.2%
Cash Equivalents — 5.4%(d)
Abbey National PLC Eurodollar Time Deposit 5.280% 07/05/2007	$	71,366	$	71,366
Abbey National PLC Eurodollar Time Deposit 5.285% 07/09/2007		178,421		178,421
American Beacon Money Market Fund(c)		200,175		200,175
Banco Bilbao Vizcaya Argentaria SA Eurodollar Time Deposit 5.300% 08/10/2007		133,812		133,812
Bank of America 5.270% 07/06/2007		178,416		178,416
Bank of America 5.270% 07/16/2007		35,683		35,683
Bank of America 5.270% 08/17/2007		44,604		44,604
Bank of America 5.300% 09/17/2007		89,208		89,208
Bank of Ireland Eurodollar Time Deposit 5.300% 08/13/2007		178,416		178,416
Bank of Montreal Eurodollar Time Deposit 5.280% 07/03/2007		44,604		44,604
Bank of Montreal Eurodollar Time Deposit 5.290% 07/02/2007		35,683		35,683
Bank of Montreal Eurodollar Time Deposit 5.310% 08/14/2007		26,762		26,762
Bank of Nova Scotia Eurodollar Time Deposit 5.280% 07/09/2007		169,495		169,495
Bank Of Nova Scotia Eurodollar Time Deposit 5.285% 07/11/2007		98,129		98,129
Barclays Eurodollar Time Deposit 5.290% 07/06/2007		178,416		178,416
Barclays Eurodollar Time Deposit 5.295% 07/16/2007		35,683		35,683
Barclays Eurodollar Time Deposit 5.320% 09/04/2007		89,208		89,208
Bear Stearns & Co Commercial Paper 5.435% 07/10/2007		26,762		26,762

	Principal Amount		Market Value
BGI Institutional Money Market Fund(c)	$	115,970	$	115,970
BNP Paribas Eurodollar Time Deposit 5.350% 07/02/2007		267,624		267,624
Calyon Eurodollar Time Deposit 5.290% 07/17/2007		89,208		89,208
Calyon Eurodollar Time Deposit 5.380% 07/02/2007		267,624		267,624
Canadian Imperial Bank of Commerce Eurodollar Time Deposit 5.300% 07/30/2007		178,416		178,416
Dexia Group Eurodollar Time Deposit 5.290% 08/08/2007		178,416		178,416
Dreyfus Institutional Cash Advantage Money Market Fund(c)		53,525		53,525
Federal Home Loan Bank Discount Note 5.174% 07/20/2007		13,233		13,233
First Tennessee National Corp. Eurodollar Time Deposit 5.300% 07/18/2007		44,604		44,604
Fortis Bank Eurodollar Time Deposit 5.290% 07/06/2007		44,604		44,604
Fortis Bank Eurodollar Time Deposit 5.290% 07/09/2007		62,446		62,446
Fortis Bank Eurodollar Time Deposit 5.300% 07/20/2007		44,604		44,604
Fortis Bank Eurodollar Time Deposit 5.300% 07/26/2007		35,683		35,683
Fortis Bank Eurodollar Time Deposit 5.350% 07/05/2007		89,208		89,208
Freddie Mac Discount Note 5.155% 07/16/2007		16,845		16,845
Freddie Mac Discount Note 5.185% 07/09/2007		8,794		8,794
Morgan Stanley & Co Commercial Paper 5.445% 08/01/2007		80,287		80,287

	Principal Amount		Market Value
National Australia Bank Eurodollar Time Deposit 5.320% 07/02/2007	$	89,208	$	89,208
Nationwide Building Society Commercial Paper 5.301% 07/09/2007		89,025		89,025
Rabobank Nederland Eurodollar Time Deposit 5.280% 07/05/2007		133,812		133,812
Rabobank Nederland Eurodollar Time Deposit 5.290% 07/16/2007		178,416		178,416
Rabobank Nederland Eurodollar Time Deposit 5.330% 07/02/2007		267,624		267,624
Reserve Primary Money Market Fund(c)		177,121		177,121
Royal Bank of Canada Eurodollar Time Deposit 5.305% 08/30/2007		178,416		178,416
Royal Bank of Scotland Eurodollar Time Deposit 5.270% 07/11/2007		44,604		44,604
Skandinaviska Enskilda Banken AB Eurodollar Time Deposit 5.290% 07/13/2007		178,416		178,416
Skandinaviska Enskilda Banken AB Eurodollar Time Deposit 5.290% 07/19/2007		26,762		26,762
Svenska Handlesbanken Eurodollar Time Deposit 5.300% 07/02/2007		29,970		29,970
UBS AG Eurodollar Time Deposit 5.277% 07/05/2007		124,891		124,891
UBS AG Eurodollar Time Deposit 5.285% 07/05/2007		178,416		178,416
Vanguard Prime Money Market Fund(c)		89,208		89,208
Wells Fargo Eurodollar Time Deposit 5.260% 07/02/2007		48,172		48,172
Wells Fargo Eurodollar Time Deposit 5.280% 07/11/2007		178,416		178,416
Wells Fargo Eurodollar Time Deposit 5.280% 07/12/2007		89,208		89,208
				5,507,619

(Continued)

The accompanying notes are an integral part of the financial statements.
112

MassMutual Select Value Equity Fund – Portfolio of Investments (Continued)

	Principal Amount		Market Value
Repurchase Agreements — 0.8%
Investors Bank & Trust Company Repurchase Agreement, dated 6/29/2007, 3.50%, due 7/02/2007(e)	$	809,929	$	809,929
TOTAL SHORT-TERM INVESTMENTS (Cost $6,317,548)				6,317,548
TOTAL INVESTMENTS — 105.1% (Cost $99,429,465)(f)				107,378,795
Other Assets/ (Liabilities) — (5.1%)				(5,224,352	)
NET ASSETS — 100.0%			$	102,154,443

Notes to Portfolio of Investments

(a) Non-income producing security.

(b) Denotes all or a portion of security on loan. (Note 2).

(d) Represents investments of security lending collateral. (Note 2).

(e) Maturity value of $810,165. Collateralized by a U.S. Government Agency obligation with a rate of 7.625%, maturity date of 6/25/2026, and an aggregate market value, including accrued interest, of $850,425.

(f) See Note 6 for aggregate cost for Federal tax purposes.

The remainder of this page is intentionally left blank.

The accompanying notes are an integral part of the financial statements.
113

MassMutual Select Large Cap Value Fund – Portfolio of Investments

June 30, 2007 (Unaudited)

	Number of Shares		Market Value
EQUITIES — 98.7%
COMMON STOCK — 98.7%
Advertising — 0.3%
WPP Group PLC Sponsored ADR (United Kingdom)(a)		52,500	$	3,924,375
Agriculture — 3.2%
Altria Group, Inc.		701,000		49,168,140
Banks — 8.8%
Commerce Bancorp, Inc.(a)		226,600		8,381,934
HSBC Holdings PLC GBP		2,180,087		39,861,017
Mellon Financial Corp.		410,800		18,075,200
State Street Corp.(a)		38,900		2,660,760
Wachovia Corp.		580,714		29,761,593
Wells Fargo & Co.		960,000		33,763,200
				132,503,704
Beverages — 2.1%
Diageo PLC Sponsored ADR (United Kingdom)		224,600		18,711,426
Heineken Holding NV Cl. A EUR		266,050		13,720,064
				32,431,490
Building Materials — 1.2%
Martin Marietta Materials, Inc.		109,600		17,757,392
Coal — 0.6%
Chine Coal Energy Co. HKD(b)		5,612,200		8,417,910
Commercial Services — 3.7%
Apollo Group, Inc. Cl. A(b)		47,300		2,763,739
Block (H&R), Inc.(a)		613,600		14,339,832
Cosco Pacific Ltd. HKD		1,921,100		5,054,968
Iron Mountain, Inc.(a) (b)		631,550		16,502,401
Moody's Corp.(a)		266,500		16,576,300
				55,237,240
Computers — 1.8%
Dell, Inc.(b)		618,200		17,649,610
Hewlett-Packard Co.		217,300		9,695,926
				27,345,536

	Number of Shares		Market Value
Cosmetics & Personal Care — 1.3%
Avon Products, Inc.		162,700	$	5,979,225
The Procter & Gamble Co.		234,000		14,318,460
				20,297,685
Diversified Financial — 12.2%
American Express Co.		1,115,500		68,246,290
Ameriprise Financial, Inc.		293,660		18,667,966
Citigroup, Inc.		553,600		28,394,144
E*TRADE Financial Corp.(b)		84,400		1,864,396
JP Morgan Chase & Co.		1,174,088		56,884,564
Morgan Stanley		121,100		10,157,868
				184,215,228
Electronics — 0.5%
Agilent Technologies, Inc.(b)		201,700		7,753,348
Foods — 0.5%
The Hershey Co.		154,200		7,805,604
Health Care – Services — 0.9%
UnitedHealth Group, Inc.		281,300		14,385,682
Holding Company – Diversified — 0.8%
China Merchants Holdings International Co. Ltd. HKD		2,496,104		12,089,257
Housewares — 0.3%
Hunter Douglas NV EUR		40,862		3,842,285
Insurance — 15.4%
Ambac Financial Group, Inc.		63,800		5,562,722
American International Group, Inc.		882,500		61,801,475
Aon Corp.(a)		246,700		10,511,887
Berkshire Hathaway, Inc. Cl. A(b)		439		48,059,525
Chubb Corp.		67,700		3,665,278
Loews Corp.		688,900		35,120,122
Markel Corp.(b)		2,570		1,245,319
Millea Holdings, Inc. JPY		370,000		15,149,914
Nipponkoa Insurance Co., Ltd. JPY		214,100		1,921,344
Principal Financial Group, Inc.		78,000		4,546,620
Progressive Corp.		1,202,200		28,768,646
Sun Life Financial, Inc.(a)		49,500		2,363,625
Transatlantic Holdings, Inc.		201,262		14,315,766
				233,032,243

	Number of Shares		Market Value
Internet — 1.6%
Amazon.com, Inc.(a) (b)		166,500	$	11,390,265
Expedia, Inc.(b)		85,748		2,511,559
Google, Inc. Cl. A(b)		5,850		3,061,773
IAC/InterActiveCorp(a) (b)		85,248		2,950,433
Liberty Media Holding Corp. Interactive Cl. A(b)		202,900		4,530,757
				24,444,787
Leisure Time — 1.5%
Harley-Davidson, Inc.(a)		388,100		23,134,641
Manufacturing — 4.2%
Tyco International Ltd.		1,898,524		64,151,126
Media — 6.0%
Comcast Corp. Special, Cl. A(a) (b)		1,666,300		46,589,748
Gannett Co., Inc.		57,000		3,132,150
Lagardere S.C.A. SA EUR(a)		153,700		13,309,661
Liberty Media Holding Corp. Capital Cl. A(b)		40,720		4,791,930
News Corp., Inc. Cl. A		1,103,000		23,394,630
				91,218,119
Mining — 1.4%
BHP Billiton PLC GBP		157,900		4,369,759
Rio Tinto PLC GBP		56,300		4,291,781
Vulcan Materials Co.(a)		108,800		12,461,952
				21,123,492
Oil & Gas — 12.3%
Canadian Natural Resources Ltd.(a)		101,700		6,747,795
ConocoPhillips		865,292		67,925,422
Devon Energy Corp.		435,700		34,110,953
EOG Resources, Inc.		374,200		27,339,052
Occidental Petroleum Corp.		595,700		34,479,116
Transocean, Inc.(b)		139,500		14,784,210
				185,386,548
Packaging & Containers — 1.9%
Sealed Air Corp.		928,900		28,814,478
Pharmaceuticals — 1.4%
Cardinal Health, Inc.		192,200		13,577,008
Express Scripts, Inc.(b)		145,400		7,271,454
				20,848,462
Real Estate — 0.1%
Hang Lung Development Co. HKD		416,000		1,876,401

(Continued)

The accompanying notes are an integral part of the financial statements.
114

MassMutual Select Large Cap Value Fund – Portfolio of Investments (Continued)

	Number of Shares		Market Value
Retail — 8.3%
Bed Bath & Beyond, Inc.(a) (b)		237,300	$	8,540,427
Carmax, Inc.(a) (b)		281,300		7,173,150
Costco Wholesale Corp.		974,300		57,016,036
CVS Caremark Corp.		516,261		18,817,713
Lowe's Companies, Inc.		218,100		6,693,489
Sears Holdings Corp.(b)		20,140		3,413,730
Wal-Mart Stores, Inc.		489,900		23,569,089
				125,223,634
Software — 3.0%
Dun & Bradstreet Corp.		141,550		14,576,819
Microsoft Corp.		1,021,100		30,091,817
				44,668,636
Telecommunications — 2.3%
Nokia Oyj Sponsored ADR (Finland)		155,200		4,362,672
SK Telecom Co. Ltd. ADR (South Korea)(a)		274,500		7,507,575
Sprint Nextel Corp.		801,100		16,590,781
Virgin Media, Inc.		253,738		6,183,595
				34,644,623
Transportation — 1.1%
Asciano Group AUD(b)		155,200		1,336,430
Kuehne & Nagel International AG SEK		62,450		5,718,729
Toll Holdings, Ltd. AUD		208,600		2,551,796
United Parcel Service, Inc. Cl. B		87,100		6,358,300
				15,965,255
TOTAL EQUITIES (Cost $1,021,910,238)				1,491,707,321
	Principal Amount
SHORT-TERM INVESTMENTS — 6.9%
Cash Equivalents — 5.6%(d)
Abbey National PLC Eurodollar Time Deposit 5.280% 07/05/2007	$	1,091,190		1,091,190
Abbey National PLC Eurodollar Time Deposit 5.285% 07/09/2007		2,727,967		2,727,967
American Beacon Money Market Fund(c)		3,060,653		3,060,653
Banco Bilbao Vizcaya Argentaria SA Eurodollar Time Deposit 5.300% 08/10/2007		2,045,975		2,045,975

	Principal Amount		Market Value
Bank of America 5.270% 07/06/2007	$	2,727,967	$	2,727,967
Bank of America 5.270% 07/16/2007		545,593		545,593
Bank of America 5.270% 08/17/2007		681,992		681,992
Bank of America 5.300% 09/17/2007		1,363,983		1,363,983
Bank of Ireland Eurodollar Time Deposit 5.300% 08/13/2007		2,727,967		2,727,967
Bank of Montreal Eurodollar Time Deposit 5.280% 07/03/2007		681,992		681,992
Bank of Montreal Eurodollar Time Deposit 5.290% 07/02/2007		545,593		545,593
Bank of Montreal Eurodollar Time Deposit 5.310% 08/14/2007		409,195		409,195
Bank of Nova Scotia Eurodollar Time Deposit 5.280% 07/09/2007		2,591,569		2,591,569
Bank Of Nova Scotia Eurodollar Time Deposit 5.285% 07/11/2007		1,500,382		1,500,382
Barclays Eurodollar Time Deposit 5.290% 07/06/2007		2,727,967		2,727,967
Barclays Eurodollar Time Deposit 5.295% 07/16/2007		545,593		545,593
Barclays Eurodollar Time Deposit 5.320% 09/04/2007		1,363,983		1,363,983
Bear Stearns & Co Commercial Paper 5.435% 07/10/2007		409,195		409,195
BGI Institutional Money Market Fund(c)		1,773,178		1,773,178
BNP Paribas Eurodollar Time Deposit 5.350% 07/02/2007		4,091,950		4,091,950
Calyon Eurodollar Time Deposit 5.290% 07/17/2007		1,363,983		1,363,983
Calyon Eurodollar Time Deposit 5.380% 07/02/2007		4,091,950		4,091,950
Canadian Imperial Bank of Commerce Eurodollar Time Deposit 5.300% 07/30/2007		2,727,967		2,727,967

	Principal Amount		Market Value
Dexia Group Eurodollar Time Deposit 5.290% 08/08/2007	$	2,727,967	$	2,727,967
Dreyfus Institutional Cash Advantage Money Market Fund(c)		818,390		818,390
Federal Home Loan Bank Discount Note 5.174% 07/20/2007		202,324		202,324
First Tennessee National Corp. Eurodollar Time Deposit 5.300% 07/18/2007		681,992		681,992
Fortis Bank Eurodollar Time Deposit 5.290% 07/06/2007		681,992		681,992
Fortis Bank Eurodollar Time Deposit 5.290% 07/09/2007		954,788		954,788
Fortis Bank Eurodollar Time Deposit 5.300% 07/20/2007		681,992		681,992
Fortis Bank Eurodollar Time Deposit 5.300% 07/26/2007		545,593		545,593
Fortis Bank Eurodollar Time Deposit 5.350% 07/05/2007		1,363,983		1,363,983
Freddie Mac Discount Note 5.155% 07/16/2007		257,562		257,562
Freddie Mac Discount Note 5.185% 07/09/2007		134,463		134,463
Morgan Stanley & Co Commercial Paper 5.445% 08/01/2007		1,227,585		1,227,585
National Australia Bank Eurodollar Time Deposit 5.320% 07/02/2007		1,363,983		1,363,983
Nationwide Building Society Commercial Paper 5.301% 07/09/2007		1,361,177		1,361,177
Rabobank Nederland Eurodollar Time Deposit 5.280% 07/05/2007		2,045,975		2,045,975
Rabobank Nederland Eurodollar Time Deposit 5.290% 07/16/2007		2,727,967		2,727,967
Rabobank Nederland Eurodollar Time Deposit 5.330% 07/02/2007		4,091,950		4,091,950

(Continued)

The accompanying notes are an integral part of the financial statements.
115

MassMutual Select Large Cap Value Fund – Portfolio of Investments (Continued)

	Principal Amount		Market Value
Reserve Primary Money Market Fund(c)	$	2,708,159	$	2,708,159
Royal Bank of Canada Eurodollar Time Deposit 5.305% 08/30/2007		2,727,967		2,727,967
Royal Bank of Scotland Eurodollar Time Deposit 5.270% 07/11/2007		681,992		681,992
Skandinaviska Enskilda Banken AB Eurodollar Time Deposit 5.290% 07/13/2007		2,727,967		2,727,967
Skandinaviska Enskilda Banken AB Eurodollar Time Deposit 5.290% 07/19/2007		409,195		409,195
Svenska Handlesbanken Eurodollar Time Deposit 5.300% 07/02/2007		458,232		458,232
UBS AG Eurodollar Time Deposit 5.277% 07/05/2007		1,909,577		1,909,577
UBS AG Eurodollar Time Deposit 5.285% 07/05/2007		2,727,967		2,727,967
Vanguard Prime Money Market Fund(c)		1,363,983		1,363,983
Wells Fargo Eurodollar Time Deposit 5.260% 07/02/2007		736,551		736,551
Wells Fargo Eurodollar Time Deposit 5.280% 07/11/2007		2,727,967		2,727,967
Wells Fargo Eurodollar Time Deposit 5.280% 07/12/2007		1,363,983		1,363,983
				84,211,007
Repurchase Agreements — 1.3%
Investors Bank & Trust Company Repurchase Agreement, dated 6/29/2007, 3.50%, due 7/02/2007(e)		20,645,909		20,645,909
TOTAL SHORT-TERM INVESTMENTS (Cost $104,856,916)				104,856,916
TOTAL INVESTMENTS — 105.6% (Cost $1,126,767,154)(f)				1,596,564,237
Other Assets/ (Liabilities) — (5.6%)				(84,396,790	)
NET ASSETS — 100.0%			$	1,512,167,447

Notes to Portfolio of Investments

ADR - American Depository Receipt

AUD - Australian Dollar

EUR - Euro

GBP - British Pound

HKD - Hong Kong Dollar

JPY - Japanese Yen

SEK - Swedish Kronor

(a) Denotes all or a portion of security on loan. (Note 2).

(b) Non-income producing security.

(d) Represents investments of security lending collateral. (Note 2).

(e) Maturity value of $20,651,931. Collateralized by a U.S. Government Agency obligation with a rate of 5.67%, maturity date of 5/15/2036, and an aggregate market value, including accrued interest, of $21,678,205.

(f) See Note 6 for aggregate cost for Federal tax purposes.

The accompanying notes are an integral part of the financial statements.
116

MassMutual Select Indexed Equity Fund – Portfolio of Investments

June 30, 2007 (Unaudited)

	Number of Shares		Market Value
EQUITIES — 99.1%
COMMON STOCK — 99.1%
Advertising — 0.2%
Interpublic Group of Companies, Inc.(a) (b)		79,943	$	911,349
Omnicom Group, Inc.		58,828		3,113,178
				4,024,527
Aerospace & Defense — 2.2%
Boeing Co.		140,940		13,552,790
General Dynamics Corp.		72,808		5,695,042
Goodrich Corp.		21,290		1,268,032
L-3 Communications Holdings, Inc.		21,700		2,113,363
Lockheed Martin Corp.		64,007		6,024,979
Northrop Grumman Corp.		61,278		4,771,718
Raytheon Co.		81,700		4,402,813
Rockwell Collins, Inc.		30,932		2,185,037
United Technologies Corp.		180,162		12,778,891
				52,792,665
Agriculture — 1.4%
Altria Group, Inc.		375,939		26,368,361
Archer-Daniels-Midland Co.		114,879		3,801,346
Reynolds American, Inc.(b)		31,000		2,021,200
UST, Inc.		28,987		1,556,892
				33,747,799
Airlines — 0.1%
Southwest Airlines Co.		139,065		2,073,459
Apparel — 0.4%
Coach, Inc.(a)		65,500		3,104,045
Jones Apparel Group, Inc.		18,189		513,839
Liz Claiborne, Inc.		17,292		644,992
Nike, Inc. Cl. B		66,366		3,868,474
Polo Ralph Lauren Corp.		10,700		1,049,777
VF Corp.		16,202		1,483,779
				10,664,906
Auto Manufacturers — 0.4%
Ford Motor Co.(b)		340,214		3,204,816
General Motors Corp.(b)		100,045		3,781,701
Paccar, Inc.		45,405		3,952,051
				10,938,568
Automotive & Parts — 0.3%
Genuine Parts Co.		29,312		1,453,875
The Goodyear Tire & Rubber Co.(a)		35,976		1,250,526
Johnson Controls, Inc.		34,602		4,005,874
				6,710,275

	Number of Shares		Market Value
Banks — 6.3%
Bank of America Corp.		795,876	$	38,910,378
The Bank of New York Co., Inc.		138,303		5,731,276
BB&T Corp.		96,016		3,905,931
Capital One Financial Corp.		75,210		5,899,472
Comerica, Inc.		29,576		1,758,885
Commerce Bancorp, Inc.(b)		31,000		1,146,690
Compass Bancshares, Inc.		23,000		1,586,540
Fifth Third Bancorp(b)		101,088		4,020,270
First Horizon National Corp.(b)		23,000		897,000
Huntington Bancshares, Inc.(b)		65,621		1,492,222
KeyCorp(b)		73,568		2,525,589
M&T Bank Corp.		14,200		1,517,980
Marshall and Ilsley Corp.		44,100		2,100,483
Mellon Financial Corp.		72,068		3,170,992
National City Corp.(b)		104,571		3,484,306
Northern Trust Corp.		30,893		1,984,566
PNC Financial Services Group, Inc.		61,213		4,381,627
Regions Financial Corp.		128,749		4,261,592
State Street Corp.(b)		71,268		4,874,731
SunTrust Banks, Inc.		65,334		5,601,737
Synovus Financial Corp.		54,899		1,685,399
U.S. Bancorp(b)		315,534		10,396,845
Wachovia Corp.		345,617		17,712,871
Wells Fargo & Co.		597,274		21,006,127
Zions Bancorp		18,300		1,407,453
				151,460,962
Beverages — 2.0%
Anheuser-Busch Cos., Inc.		136,696		7,130,063
Brown-Forman Corp. Cl. B(b)		14,542		1,062,729
The Coca-Cola Co.		358,172		18,735,977
Coca-Cola Enterprises, Inc.		52,543		1,261,032
Constellation Brands, Inc. Cl. A(a) (b)		35,100		852,228
Molson Coors Brewing Co. Cl. B		8,765		810,412
The Pepsi Bottling Group, Inc.		25,482		858,234
PepsiCo, Inc.		290,666		18,849,690
				49,560,365

	Number of Shares		Market Value
Biotechnology — 0.9%
Amgen, Inc.(a) (b)		207,990	$	11,499,767
Biogen Idec, Inc.(a)		51,291		2,744,069
Celgene Corp.(a)		69,100		3,961,503
Genzyme Corp.(a)		48,300		3,110,520
Millipore Corp.(a) (b)		9,181		689,401
				22,005,260
Building Materials — 0.2%
American Standard Cos., Inc.		32,100		1,893,258
Masco Corp.		70,492		2,006,907
				3,900,165
Chemicals — 1.6%
Air Products & Chemicals, Inc.		37,505		3,014,277
Ashland, Inc.		11,825		756,209
The Dow Chemical Co.		169,320		7,487,330
Du Pont (E.I.) de Nemours & Co.		166,950		8,487,738
Eastman Chemical Co.		15,735		1,012,233
Ecolab, Inc.		32,458		1,385,957
Hercules, Inc.(a) (b)		22,689		445,839
International Flavors & Fragrances, Inc.		14,182		739,449
Monsanto Co.		96,448		6,514,098
PPG Industries, Inc.		28,108		2,139,300
Praxair, Inc.		55,756		4,013,874
Rohm & Haas Co.(b)		24,284		1,327,849
The Sherwin-Williams Co.		18,989		1,262,199
Sigma-Aldrich Corp.		24,702		1,054,034
				39,640,386
Coal — 0.2%
CONSOL Energy, Inc.		31,600		1,457,076
Peabody Energy Corp.(b)		47,000		2,273,860
				3,730,936
Commercial Services — 0.7%
Apollo Group, Inc. Cl. A(a)		25,900		1,513,337
Block (H&R), Inc.(b)		54,296		1,268,898
Convergys Corp.(a)		22,171		537,425
Donnelley (R.R.) & Sons Co.(b)		37,815		1,645,331
Equifax, Inc.		24,549		1,090,467
McKesson Corp.		52,898		3,154,837
Monster Worldwide, Inc.(a)		24,418		1,003,580
Moody's Corp.		41,672		2,591,998
Robert Half International, Inc.(b)		30,900		1,127,850
Western Union		136,151		2,836,025
				16,769,748

(Continued)

The accompanying notes are an integral part of the financial statements.
117

MassMutual Select Indexed Equity Fund – Portfolio of Investments (Continued)

	Number of Shares		Market Value
Computers — 4.2%
Affiliated Computer Services, Inc. Cl. A(a)		19,100	$	1,083,352
Apple, Inc.(a)		154,850		18,897,894
Cognizant Technology Solutions Corp. Cl. A(a)		26,500		1,989,885
Computer Sciences Corp.(a)		30,296		1,792,008
Dell, Inc.(a)		410,248		11,712,580
Electronic Data Systems Corp.		88,623		2,457,516
EMC Corp.(a) (b)		380,833		6,893,077
Hewlett-Packard Co.		472,152		21,067,422
International Business Machines Corp.		244,202		25,702,261
Lexmark International, Inc. Cl. A(a)		17,928		884,030
NCR Corp.(a)		31,036		1,630,631
Network Appliance, Inc.(a) (b)		68,038		1,986,710
SanDisk Corp.(a)		40,400		1,977,176
Sun Microsystems, Inc.(a)		648,604		3,411,657
Unisys Corp.(a)		54,051		494,026
				101,980,225
Cosmetics & Personal Care — 1.8%
Avon Products, Inc.		79,938		2,937,722
Colgate-Palmolive Co.		93,619		6,071,192
The Estee Lauder Cos., Inc. Cl. A		21,100		960,261
The Procter & Gamble Co.		564,323		34,530,924
				44,500,099
Diversified Financial — 8.0%
American Express Co.		214,960		13,151,253
Ameriprise Financial, Inc.		43,592		2,771,143
The Bear Stearns Cos., Inc.		21,495		3,009,300
The Charles Schwab Corp.		184,605		3,788,095
Chicago Mercantile Exchange Holdings, Inc.(b)		6,200		3,313,032
CIT Group, Inc.		33,700		1,847,771
Citigroup, Inc.		885,741		45,429,656
Countrywide Financial Corp.(b)		104,998		3,816,677
E*TRADE Financial Corp.(a)		79,000		1,745,110
Fannie Mae		175,779		11,483,642
Federated Investors, Inc. Cl. B		16,600		636,278
Franklin Resources, Inc.		30,130		3,991,321
Freddie Mac		120,328		7,303,910
The Goldman Sachs Group, Inc.		73,000		15,822,750

	Number of Shares		Market Value
JP Morgan Chase & Co.		611,048	$	29,605,276
Janus Capital Group, Inc.(b)		35,594		990,937
Legg Mason, Inc.		22,900		2,252,902
Lehman Brothers Holdings, Inc.		96,636		7,201,315
Merrill Lynch & Co., Inc.		157,370		13,152,985
Morgan Stanley		190,199		15,953,892
SLM Corp.		74,931		4,314,527
T. Rowe Price Group, Inc.		48,026		2,492,069
				194,073,841
Electric — 3.2%
AES Corp.(a)		119,253		2,609,256
Allegheny Energy, Inc.(a)		30,700		1,588,418
Ameren Corp.		37,042		1,815,428
American Electric Power Co., Inc.		72,408		3,261,256
CenterPoint Energy, Inc.		59,222		1,030,463
CMS Energy Corp.		35,854		616,689
Consolidated Edison, Inc.		51,174		2,308,971
Constellation Energy Group, Inc.		32,564		2,838,604
Dominion Resources, Inc.		64,320		5,551,459
DTE Energy Co.		29,052		1,400,887
Duke Energy Corp.		230,268		4,213,904
Dynegy, Inc. Cl. A(a)		68,007		641,986
Edison International		57,087		3,203,722
Entergy Corp.		36,706		3,940,389
Exelon Corp.		122,248		8,875,205
FirstEnergy Corp.		56,987		3,688,769
FPL Group, Inc.		73,330		4,160,744
Integrys Energy Group, Inc.		13,300		674,709
PG&E Corp.		60,481		2,739,789
Pinnacle West Capital Corp.		15,350		611,698
PPL Corp.		66,910		3,130,719
Progress Energy, Inc.		44,121		2,011,476
Public Service Enterprise Group, Inc.		44,882		3,939,742
Southern Co.		137,046		4,699,307
Teco Energy, Inc.		34,600		594,428
TXU Corp.		82,232		5,534,214
Xcel Energy, Inc.(b)		75,287		1,541,125
				77,223,357
Electrical Components & Equipment — 0.3%
Emerson Electric Co.		143,508		6,716,174
Molex, Inc.		26,647		799,676
				7,515,850
Electronics — 0.5%
Agilent Technologies, Inc.(a)		73,405		2,821,688
Applera Corp. – Applied Biosystems Group		34,068		1,040,437

	Number of Shares		Market Value
Jabil Circuit, Inc.		31,600	$	697,412
PerkinElmer, Inc.		20,474		533,552
Solectron Corp.(a)		159,353		586,419
Tektronix, Inc.(b)		16,770		565,820
Thermo Fisher Scientific, Inc.(a)		74,375		3,846,675
Waters Corp.(a)		18,900		1,121,904
				11,213,907
Engineering & Construction — 0.1%
Fluor Corp.		15,235		1,696,722
Entertainment — 0.1%
International Game Technology		58,156		2,308,793
Environmental Controls — 0.2%
Allied Waste Industries, Inc.(a)		41,634		560,394
Waste Management, Inc.		93,097		3,635,438
				4,195,832
Foods — 1.8%
Campbell Soup Co.		37,646		1,461,041
ConAgra Foods, Inc.		91,369		2,454,171
Dean Foods Co.		23,100		736,197
General Mills, Inc.		62,851		3,671,755
Heinz (H. J.) Co.		56,422		2,678,352
The Hershey Co.		30,384		1,538,038
Kellogg Co.		43,216		2,238,157
Kraft Foods, Inc. Cl. A		291,452		10,273,683
The Kroger Co.		129,475		3,642,132
McCormick & Co., Inc.		21,000		801,780
Safeway, Inc.		77,777		2,646,751
Sara Lee Corp.		129,636		2,255,666
SuperValu, Inc.		36,041		1,669,419
Sysco Corp.		111,178		3,667,762
Tyson Foods, Inc. Cl. A		41,600		958,464
Whole Foods Market, Inc.(b)		26,600		1,018,780
Wrigley (Wm.) Jr. Co.(b)		40,355		2,232,035
				43,944,183
Forest Products & Paper — 0.3%
International Paper Co.		77,988		3,045,431
MeadWestvaco Corp.		30,750		1,086,090
Temple-Inland, Inc.		18,886		1,162,056
Weyerhaeuser Co.		37,864		2,988,606
				8,282,183
Gas — 0.2%
KeySpan Corp.		29,400		1,234,212
Nicor, Inc.(b)		9,482		406,967
NiSource, Inc.		45,285		937,852
Sempra Energy		45,761		2,710,424
				5,289,455

(Continued)

The accompanying notes are an integral part of the financial statements.
118

MassMutual Select Indexed Equity Fund – Portfolio of Investments (Continued)

	Number of Shares		Market Value
Hand & Machine Tools — 0.1%
The Black & Decker Corp.		12,950	$	1,143,615
Snap-on, Inc.		9,103		459,793
The Stanley Works		13,555		822,789
				2,426,197
Health Care – Products — 3.0%
Bard (C.R.), Inc.		17,478		1,444,207
Bausch & Lomb, Inc.		10,494		728,703
Baxter International, Inc.		117,126		6,598,879
Becton, Dickinson & Co.		42,746		3,184,577
Biomet, Inc.		45,994		2,102,846
Boston Scientific Corp.(a)		211,240		3,240,422
Johnson & Johnson		518,100		31,925,322
Medtronic, Inc.		208,414		10,808,350
Patterson Cos., Inc.(a)		23,900		890,753
St. Jude Medical, Inc.(a) (b)		62,392		2,588,644
Stryker Corp.		53,402		3,369,132
Varian Medical Systems, Inc.(a)		22,700		964,977
Zimmer Holdings, Inc.(a)		42,878		3,639,913
				71,486,725
Health Care – Services — 1.4%
Aetna, Inc.		92,996		4,594,002
Coventry Health Care, Inc.(a)		26,990		1,555,974
Humana, Inc.(a)		29,196		1,778,328
Laboratory Corp. of America Holdings(a) (b)		21,800		1,706,068
Manor Care, Inc.(b)		13,881		906,291
Quest Diagnostics, Inc.		29,370		1,516,961
Tenet Healthcare Corp.(a) (b)		76,128		495,593
UnitedHealth Group, Inc.		238,996		12,222,255
WellPoint, Inc.(a)		111,240		8,880,289
				33,655,761
Home Builders — 0.2%
Centex Corp.(b)		20,810		834,481
D.R. Horton, Inc.(b)		48,900		974,577
KB Home(b)		14,470		569,684
Lennar Corp. Cl. A		23,200		848,192
Pulte Homes, Inc.		35,792		803,530
				4,030,464
Home Furnishing — 0.1%
Harman International Industries, Inc.		11,100		1,296,480
Whirlpool Corp.		13,695		1,522,884
				2,819,364

	Number of Shares		Market Value
Household Products — 0.4%
Avery Dennison Corp.		17,698	$	1,176,563
The Clorox Co.		25,615		1,590,692
Fortune Brands, Inc.(b)		26,280		2,164,684
Kimberly-Clark Corp.		82,281		5,503,776
				10,435,715
Housewares — 0.1%
Newell Rubbermaid, Inc.		47,171		1,388,243
Industrial – Distribution — 0.0%
W.W. Grainger, Inc.		13,766		1,280,926
Insurance — 4.9%
ACE Ltd.		56,700		3,544,884
AFLAC, Inc.		88,838		4,566,273
Allstate Corp.		111,615		6,865,439
Ambac Financial Group, Inc.		18,900		1,647,891
American International Group, Inc.		464,108		32,501,483
Aon Corp.		55,352		2,358,549
Assurant, Inc.		17,800		1,048,776
Chubb Corp.		70,318		3,807,017
Cigna Corp.		53,364		2,786,668
Cincinnati Financial Corp.		27,885		1,210,209
Genworth Financial, Inc. Cl. A		78,800		2,710,720
The Hartford Financial Services Group, Inc.		57,034		5,618,419
Lincoln National Corp.		49,103		3,483,858
Loews Corp.		78,344		3,993,977
Marsh & McLennan Cos., Inc.		97,052		2,996,966
MBIA, Inc.(b)		24,611		1,531,296
Metlife, Inc.		133,100		8,582,288
MGIC Investment Corp.(b)		15,887		903,335
Principal Financial Group, Inc.		46,100		2,687,169
Progressive Corp.		131,148		3,138,372
Prudential Financial, Inc.		84,300		8,196,489
Safeco Corp.		21,025		1,309,017
Torchmark Corp.		18,026		1,207,742
St. Paul Travelers Companies		121,159		6,482,007
Unum Group		63,725		1,663,860
XL Capital Ltd. Cl. A		32,300		2,722,567
				117,565,271
Internet — 1.8%
Amazon.com, Inc.(a) (b)		55,094		3,768,981
eBay, Inc.(a)		206,000		6,629,080
Google, Inc. Cl. A(a)		39,064		20,445,316
IAC/InterActiveCorp(a)		38,600		1,335,946

	Number of Shares		Market Value
Symantec Corp.(a)		164,682	$	3,326,576
VeriSign, Inc.(a)		44,900		1,424,677
Yahoo!, Inc.(a)		217,320		5,895,892
				42,826,468
Iron & Steel — 0.3%
Allegheny Technologies, Inc.		18,347		1,924,233
Nucor Corp.		53,300		3,126,045
United States Steel Corp.		21,556		2,344,215
				7,394,493
Leisure Time — 0.3%
Brunswick Corp.		16,555		540,190
Carnival Corp.		78,368		3,822,007
Harley-Davidson, Inc.		45,936		2,738,245
				7,100,442
Lodging — 0.5%
Harrah's Entertainment, Inc.		33,016		2,814,944
Hilton Hotels Corp.		68,751		2,301,096
Marriott International, Inc. Cl. A		57,846		2,501,261
Starwood Hotels & Resorts Worldwide, Inc.		37,627		2,523,643
Wyndham Worldwide Corp.(a)		33,988		1,232,405
				11,373,349
Machinery – Construction & Mining — 0.4%
Caterpillar, Inc.		116,032		9,085,306
Terex Corp.(a)		18,600		1,512,180
				10,597,486
Machinery – Diversified — 0.4%
Cummins, Inc.(b)		19,146		1,937,767
Deere & Co.		41,113		4,963,984
Rockwell Automation, Inc.		29,732		2,064,590
				8,966,341
Manufacturing — 5.3%
3M Co.		130,698		11,343,279
Cooper Industries Ltd. Cl. A		31,230		1,782,921
Danaher Corp.		43,600		3,291,800
Dover Corp.		34,859		1,783,038
Eastman Kodak Co.(b)		52,947		1,473,515
Eaton Corp.		25,256		2,348,808
General Electric Co.		1,843,675		70,575,879
Honeywell International, Inc.		141,710		7,975,439
Illinois Tool Works, Inc.		72,066		3,905,257
Ingersoll-Rand Co. Ltd. Cl. A		55,772		3,057,421
ITT Corp.		30,910		2,110,535

(Continued)

The accompanying notes are an integral part of the financial statements.
119

MassMutual Select Indexed Equity Fund – Portfolio of Investments (Continued)

	Number of Shares		Market Value
Leggett & Platt, Inc.(b)		30,747	$	677,971
Pall Corp.		20,718		952,821
Parker Hannifin Corp.		21,898		2,144,033
Textron, Inc.		21,955		2,417,465
Tyco International Ltd.		358,554		12,115,540
				127,955,722
Media — 3.2%
CBS Corp. Cl. B		136,009		4,531,820
Clear Channel Communications, Inc.		90,121		3,408,376
Comcast Corp. Cl. A(a)		561,794		15,797,647
The DIRECTV Group, Inc.(a)		136,600		3,156,826
Dow Jones & Co., Inc.(b)		12,557		721,400
Gannett Co., Inc.		40,471		2,223,881
The McGraw-Hill Companies, Inc.		62,488		4,254,183
Meredith Corp.		5,689		350,442
New York Times Co. Cl. A(b)		23,000		584,200
News Corp., Inc. Cl. A		417,200		8,848,812
The Scripps (E.W.) Co. Cl. A		14,400		657,936
The McClatchy Co. Cl. A		1		25
Time Warner, Inc.		674,194		14,185,042
Tribune Co.		14,757		433,856
Viacom, Inc. Cl. B(a)		123,409		5,137,517
The Walt Disney Co.		359,784		12,283,026
				76,574,989
Metal Fabricate & Hardware — 0.1%
Precision Castparts Corp.		24,300		2,949,048
Mining — 0.7%
Alcoa, Inc.		157,666		6,390,203
Freeport-McMoran Copper & Gold, Inc.(b)		66,820		5,534,032
Newmont Mining Corp.(b)		79,097		3,089,529
Vulcan Materials Co.(b)		17,178		1,967,568
				16,981,332
Office Equipment/Supplies — 0.2%
Pitney Bowes, Inc.		41,355		1,936,241
Xerox Corp.(a)		166,777		3,082,039
				5,018,280
Oil & Gas — 8.6%
Anadarko Petroleum Corp.		84,608		4,398,770
Apache Corp.		59,456		4,851,015
Chesapeake Energy Corp.		75,600		2,615,760
Chevron Corp.		385,016		32,433,748
ConocoPhillips		292,218		22,939,113
Devon Energy Corp.		78,400		6,137,936
ENSCO International, Inc.		26,400		1,610,664
EOG Resources, Inc.		42,600		3,112,356

	Number of Shares		Market Value
Exxon Mobil Corp.		1,009,798	$	84,701,856
Hess Corp.		47,680		2,811,213
Marathon Oil Corp.		124,314		7,453,867
Murphy Oil Corp.		32,400		1,925,856
Nabors Industries Ltd.(a) (b)		52,738		1,760,394
Noble Corp.		25,000		2,438,000
Occidental Petroleum Corp.		151,502		8,768,936
Rowan Companies, Inc.		21,666		887,873
Sunoco, Inc.		22,612		1,801,724
Transocean, Inc.(a)		50,972		5,402,013
Valero Energy Corp.		97,800		7,223,508
XTO Energy, Inc.		70,366		4,228,997
				207,503,599
Oil & Gas Services — 1.6%
Baker Hughes, Inc.		58,283		4,903,349
BJ Services Co.(b)		53,400		1,518,696
Halliburton Co.		161,868		5,584,446
National Oilwell Varco, Inc.(a)		32,600		3,398,224
Schlumberger Ltd.		212,010		18,008,129
Smith International, Inc.		34,600		2,028,944
Weatherford International Ltd.(a)		58,800		3,248,112
				38,689,900
Packaging & Containers — 0.1%
Ball Corp.		17,608		936,217
Bemis Co., Inc.		15,988		530,482
Pactiv Corp.(a)		23,598		752,540
Sealed Air Corp.		27,896		865,334
				3,084,573
Pharmaceuticals — 5.7%
Abbott Laboratories		274,937		14,722,876
Allergan, Inc.		55,258		3,185,071
AmerisourceBergen Corp.		34,032		1,683,563
Barr Pharmaceuticals, Inc.(a)		18,200		914,186
Bristol-Myers Squibb Co.		355,684		11,225,387
Cardinal Health, Inc.		70,579		4,985,701
Eli Lilly & Co.		178,695		9,985,477
Express Scripts, Inc.(a)		50,200		2,510,502
Forest Laboratories, Inc.(a)		55,900		2,551,835
Gilead Sciences, Inc.(a)		169,276		6,562,831
Hospira, Inc.(a)		26,193		1,022,575
King Pharmaceuticals, Inc.(a)		45,348		927,820
Medco Health Solutions, Inc.(a)		51,241		3,996,286
Merck & Co., Inc.		387,662		19,305,568

	Number of Shares		Market Value
Mylan Laboratories, Inc.(b)		41,900	$	762,161
Pfizer, Inc.		1,259,821		32,213,623
Schering-Plough Corp.		265,586		8,084,438
Watson Pharmaceutical, Inc.(a)		19,871		646,404
Wyeth		240,204		13,773,297
				139,059,601
Pipelines — 0.4%
El Paso Corp.		122,335		2,107,832
Questar Corp.		29,600		1,564,360
Spectra Energy Corp.		112,734		2,926,575
The Williams Cos., Inc.		109,591		3,465,267
				10,064,034
Real Estate — 0.0%
CB Richard Ellis Group, Inc. Cl. A(a)		32,600		1,189,900
Real Estate Investment Trusts (REITS) — 1.2%
Apartment Investment & Management Co. Cl. A(b)		18,000		907,560
Archstone-Smith Trust REIT(b)		41,400		2,447,154
AvalonBay Communities, Inc.		15,000		1,783,200
Boston Properties, Inc.		21,400		2,185,582
Developers Diversified Realty Corp. REIT		22,500		1,185,975
Equity Residential REIT		54,000		2,464,020
General Growth Properties, Inc. REIT		44,000		2,329,800
Host Hotels & Resorts, Inc. REIT(b)		92,200		2,131,664
Kimco Realty Corp.		40,700		1,549,449
Plum Creek Timber Co., Inc.		29,500		1,228,970
ProLogis		46,700		2,657,230
Public Storage		22,604		1,736,439
Simon Property Group, Inc. REIT		41,100		3,823,944
Vornado Realty Trust		24,400		2,680,096
				29,111,083
Retail — 5.5%
Abercrombie & Fitch Co. Cl. A		15,600		1,138,488
AutoNation, Inc.(a)		28,468		638,822
AutoZone, Inc.(a)		9,336		1,275,484
Bed Bath & Beyond, Inc.(a)		48,196		1,734,574
Best Buy Co., Inc.(b)		71,411		3,332,751
Big Lots, Inc.(a)		18,996		558,862
Circuit City Stores, Inc.(b)		25,659		386,938

(Continued)

The accompanying notes are an integral part of the financial statements.
120

MassMutual Select Indexed Equity Fund – Portfolio of Investments (Continued)

	Number of Shares		Market Value
Costco Wholesale Corp.		82,089	$	4,803,848
CVS Caremark Corp.		275,332		10,035,851
Darden Restaurants, Inc.		24,128		1,061,391
Dillards, Inc. Cl. A		11,365		408,344
Dollar General Corp.		54,331		1,190,936
Family Dollar Stores, Inc.		25,924		889,712
The Gap, Inc.		95,203		1,818,377
The Home Depot, Inc.		357,387		14,063,178
J.C. Penney Co., Inc.(b)		39,161		2,834,473
Kohl's Corp.(a)		56,676		4,025,696
Limited Brands, Inc.		60,459		1,659,600
Lowe's Companies, Inc.		267,800		8,218,782
Macy's, Inc.		81,462		3,240,558
McDonald's Corp.		216,060		10,967,206
Nordstrom, Inc.		39,376		2,012,901
Office Depot, Inc.(a)		49,859		1,510,728
OfficeMax, Inc.		13,101		514,869
RadioShack Corp.(b)		23,830		789,726
Sears Holdings Corp.(a)		15,198		2,576,061
Staples, Inc.		131,384		3,117,742
Starbucks Corp.(a)		132,496		3,476,695
Target Corp.(b)		154,210		9,807,756
Tiffany & Co.		24,156		1,281,717
The TJX Cos., Inc.		79,060		2,174,150
Walgreen Co.		177,780		7,740,541
Wal-Mart Stores, Inc.		436,973		21,022,771
Wendy's International, Inc.		17,601		646,837
Yum! Brands, Inc.		96,840		3,168,605
				134,124,970
Savings & Loans — 0.4%
Hudson City Bancorp, Inc.		87,800		1,072,916
Sovereign Bancorp, Inc.(b)		66,739		1,410,862
Washington Mutual, Inc.		162,399		6,924,693
				9,408,471
Semiconductors — 2.7%
Advanced Micro Devices, Inc.(a) (b)		97,442		1,393,421
Altera Corp.		64,804		1,434,113
Analog Devices, Inc.		61,125		2,300,745
Applied Materials, Inc.(b)		248,652		4,940,715
Broadcom Corp. Cl. A(a)		81,300		2,378,025
Intel Corp.		1,039,032		24,687,400
KLA-Tencor Corp.		35,628		1,957,759
Linear Technology Corp.(b)		47,549		1,720,323
LSI Corp.(a)		136,442		1,024,679
Maxim Integrated Products, Inc.		60,099		2,007,908
MEMC Electronic Materials, Inc.(a)		39,800		2,432,576
Micron Technology, Inc.(a) (b)		132,080		1,654,962
National Semiconductor Corp.(b)		53,024		1,498,988

	Number of Shares		Market Value
Novellus Systems, Inc.(a) (b)		22,931	$	650,552
Nvidia Corp.(a)		63,900		2,639,709
QLogic Corp.(a)		29,600		492,840
Teradyne, Inc.(a) (b)		36,406		640,017
Texas Instruments, Inc.		259,969		9,782,633
Xilinx, Inc.		56,368		1,508,971
				65,146,336
Software — 3.8%
Adobe Systems, Inc.(a)		106,944		4,293,802
Autodesk, Inc.(a)		42,612		2,006,173
Automatic Data Processing, Inc.		99,208		4,808,612
BMC Software, Inc.(a)		35,631		1,079,619
CA, Inc.		77,387		1,998,906
Citrix Systems, Inc.(a)		32,927		1,108,652
Compuware Corp.(a)		59,137		701,365
Electronic Arts, Inc.(a)		56,900		2,692,508
Fidelity National Information Services, Inc.		28,200		1,530,696
First Data Corp.		137,351		4,487,257
Fiserv, Inc.(a)		31,401		1,783,577
IMS Health, Inc.		36,625		1,176,761
Intuit, Inc.(a)		59,600		1,792,768
Microsoft Corp.		1,511,140		44,533,296
Novell, Inc.(a)		63,682		496,083
Oracle Corp.(a)		707,028		13,935,522
Paychex, Inc.		63,106		2,468,707
				90,894,304
Telecommunications — 6.3%
Alltel Corp.		63,957		4,320,295
AT&T, Inc.		1,104,775		45,848,163
Avaya, Inc.(a)		82,075		1,382,143
CenturyTel, Inc.		21,848		1,071,644
Ciena Corp.(a)		15,128		546,575
Cisco Systems, Inc.(a)		1,087,087		30,275,373
Citizens Communications Co.(b)		61,800		943,686
Corning, Inc.(a)		280,561		7,168,334
Embarq Corp.		25,605		1,622,589
JDS Uniphase Corp.(a) (b)		38,147		512,314
Juniper Networks, Inc.(a) (b)		103,300		2,600,061
Motorola, Inc.		415,502		7,354,385
Qualcomm, Inc.		297,518		12,909,306
Qwest Communications International, Inc.(a) (b)		278,821		2,704,564
Sprint Nextel Corp.		516,913		10,705,268
Tellabs, Inc.(a)		80,723		868,579
Verizon Communications, Inc.		518,663		21,353,356
Windstream Corp.		88,363		1,304,238
				153,490,873

	Number of Shares		Market Value
Textiles — 0.0%
Cintas Corp.		23,900	$	942,377
Toys, Games & Hobbies — 0.1%
Hasbro, Inc.		30,304		951,849
Mattel, Inc.		67,952		1,718,506
				2,670,355
Transportation — 1.7%
Burlington Northern Santa Fe Corp.		62,856		5,351,560
C.H. Robinson Worldwide, Inc.		30,800		1,617,616
CSX Corp.		78,872		3,555,550
FedEx Corp.		55,112		6,115,779
Norfolk Southern Corp.		72,377		3,804,859
Ryder System, Inc.(b)		10,705		575,929
Union Pacific Corp.		49,238		5,669,756
United Parcel Service, Inc. Cl. B		191,300		13,964,900
				40,655,949
TOTAL EQUITIES (Cost $1,843,203,982)				2,399,107,409
	Principal Amount
SHORT-TERM INVESTMENTS — 5.9%
Cash Equivalents — 5.0%(e)
Abbey National PLC Eurodollar Time Deposit 5.280% 07/05/2007	$	1,559,266		1,559,266
Abbey National PLC Eurodollar Time Deposit 5.285% 07/09/2007		3,898,179		3,898,179
American Beacon Money Market Fund(c)		4,373,576		4,373,576
Banco Bilbao Vizcaya Argentaria SA Eurodollar Time Deposit 5.300% 08/10/2007		2,923,634		2,923,634
Bank of America 5.270% 07/06/2007		3,898,179		3,898,179
Bank of America 5.270% 07/16/2007		779,636		779,636
Bank of America 5.270% 08/17/2007		974,545		974,545
Bank of America 5.300% 09/17/2007		1,949,089		1,949,089
Bank of Ireland Eurodollar Time Deposit 5.300% 08/13/2007		3,898,179		3,898,179

(Continued)

The accompanying notes are an integral part of the financial statements.
121

MassMutual Select Indexed Equity Fund – Portfolio of Investments (Continued)

	Principal Amount		Market Value
Bank of Montreal Eurodollar Time Deposit 5.280% 07/03/2007	$	974,545	$	974,545
Bank of Montreal Eurodollar Time Deposit 5.290% 07/02/2007		779,636		779,636
Bank of Montreal Eurodollar Time Deposit 5.310% 08/14/2007		584,727		584,727
Bank of Nova Scotia Eurodollar Time Deposit 5.280% 07/09/2007		3,703,270		3,703,270
Bank Of Nova Scotia Eurodollar Time Deposit 5.285% 07/11/2007		2,143,998		2,143,998
Barclays Eurodollar Time Deposit 5.290% 07/06/2007		3,898,179		3,898,179
Barclays Eurodollar Time Deposit 5.295% 07/16/2007		779,636		779,636
Barclays Eurodollar Time Deposit 5.320% 09/04/2007		1,949,089		1,949,089
Bear Stearns & Co Commercial Paper 5.435% 07/10/2007		584,727		584,727
BGI Institutional Money Market Fund(c)		2,533,816		2,533,816
BNP Paribas Eurodollar Time Deposit 5.350% 07/02/2007		5,847,268		5,847,268
Calyon Eurodollar Time Deposit 5.290% 07/17/2007		1,949,089		1,949,089
Calyon Eurodollar Time Deposit 5.380% 07/02/2007		5,847,268		5,847,268
Canadian Imperial Bank of Commerce Eurodollar Time Deposit 5.300% 07/30/2007		3,898,179		3,898,179
Dexia Group Eurodollar Time Deposit 5.290% 08/08/2007		3,898,179		3,898,179
Dreyfus Institutional Cash Advantage Money Market Fund(c)		1,169,454		1,169,454
Federal Home Loan Bank Discount Note 5.174% 07/20/2007		289,115		289,115
First Tennessee National Corp. Eurodollar Time Deposit 5.300% 07/18/2007		974,545		974,545

	Principal Amount		Market Value
Fortis Bank Eurodollar Time Deposit 5.290% 07/06/2007	$	974,545	$	974,545
Fortis Bank Eurodollar Time Deposit 5.290% 07/09/2007		1,364,363		1,364,363
Fortis Bank Eurodollar Time Deposit 5.300% 07/20/2007		974,545		974,545
Fortis Bank Eurodollar Time Deposit 5.300% 07/26/2007		779,636		779,636
Fortis Bank Eurodollar Time Deposit 5.350% 07/05/2007		1,949,089		1,949,089
Freddie Mac Discount Note 5.155% 07/16/2007		368,048		368,048
Freddie Mac Discount Note 5.185% 07/09/2007		192,143		192,143
Morgan Stanley & Co Commercial Paper 5.445% 08/01/2007		1,754,180		1,754,180
National Australia Bank Eurodollar Time Deposit 5.320% 07/02/2007		1,949,089		1,949,089
Nationwide Building Society Commercial Paper 5.301% 07/09/2007		1,945,080		1,945,080
Rabobank Nederland Eurodollar Time Deposit 5.280% 07/05/2007		2,923,634		2,923,634
Rabobank Nederland Eurodollar Time Deposit 5.290% 07/16/2007		3,898,179		3,898,179
Rabobank Nederland Eurodollar Time Deposit 5.330% 07/02/2007		5,847,268		5,847,268
Reserve Primary Money Market Fund(c)		3,869,873		3,869,873
Royal Bank of Canada Eurodollar Time Deposit 5.305% 08/30/2007		3,898,179		3,898,179
Royal Bank of Scotland Eurodollar Time Deposit 5.270% 07/11/2007		974,545		974,545
Skandinaviska Enskilda Banken AB Eurodollar Time Deposit 5.290% 07/13/2007		3,898,179		3,898,179
Skandinaviska Enskilda Banken AB Eurodollar Time Deposit 5.290% 07/19/2007		584,727		584,727
Svenska Handlesbanken Eurodollar Time Deposit 5.300% 07/02/2007		654,799		654,799

	Principal Amount		Market Value
UBS AG Eurodollar Time Deposit 5.277% 07/05/2007	$	2,728,725	$	2,728,725
UBS AG Eurodollar Time Deposit 5.285% 07/05/2007		3,898,179		3,898,179
Vanguard Prime Money Market Fund(c)		1,949,089		1,949,089
Wells Fargo Eurodollar Time Deposit 5.260% 07/02/2007		1,052,508		1,052,508
Wells Fargo Eurodollar Time Deposit 5.280% 07/11/2007		3,898,179		3,898,179
Wells Fargo Eurodollar Time Deposit 5.280% 07/12/2007		1,949,089		1,949,089
				120,334,873
Repurchase Agreements — 0.8%
Investors Bank & Trust Company Repurchase Agreement, dated 6/29/2007, 3.50%, due 7/02/2007(f)		17,868,316		17,868,316
U.S. Government Agencies — 0.1%
U.S. Treasury Bill(d) 4.946% 08/09/2007		3,185,000		3,167,496
TOTAL SHORT-TERM INVESTMENTS (Cost $141,370,685)				141,370,685
TOTAL INVESTMENTS — 105.0% (Cost $1,984,574,667)(g)				2,540,478,094
Other Assets/ (Liabilities) — (5.0%)				(120,211,610	)
NET ASSETS — 100.0%			$	2,420,266,484

Notes to Portfolio of Investments

(a) Non-income producing security.

(b) Denotes all or a portion of security on loan. (Note 2).

(d) This security is held as collateral for open futures contracts. (Note 2).

(e) Represents investments of security lending collateral. (Note 2).

(f) Maturity value of $17,873,528. Collateralized by a U.S. Government Agency obligation with a rate of 7.625%, maturity date 11/25/2030, and an aggregate market value, including accrued interest, of $18,761,732.

(g) See Note 6 for aggregate cost for Federal tax purposes.

The accompanying notes are an integral part of the financial statements.
122

MassMutual Select Core Opportunities Fund – Portfolio of Investments

June 30, 2007 (Unaudited)

	Number of Shares		Market Value
EQUITIES — 97.7%
COMMON STOCK — 97.7%
Aerospace & Defense — 2.7%
United Technologies Corp.		18,200	$	1,290,926
Auto Manufacturers — 1.4%
Ford Motor Co.(a)		72,300		681,066
Banks — 1.5%
Bank of America Corp.		14,100		689,349
Beverages — 6.8%
The Coca-Cola Co.		26,100		1,365,291
Diageo PLC Sponsored ADR (United Kingdom)		8,700		724,797
PepsiCo, Inc.		17,500		1,134,875
				3,224,963
Building Materials — 1.1%
USG Corp.(a) (b)		10,923		535,664
Chemicals — 2.2%
PPG Industries, Inc.		13,400		1,019,874
Coal — 1.3%
Peabody Energy Corp.		13,103		633,923
Commercial Services — 0.3%
Western Union		6,800		141,644
Computers — 4.0%
Dell, Inc.(b)		23,600		673,780
Seagate Technology(a)		55,685		1,212,262
				1,886,042
Cosmetics & Personal Care — 2.3%
The Procter & Gamble Co.		18,000		1,101,420
Diversified Financial — 7.7%
The Charles Schwab Corp.		67,200		1,378,944
Citigroup, Inc.		11,900		610,351
Franklin Resources, Inc.		3,600		476,892
Legg Mason, Inc.		11,864		1,167,180
				3,633,367
Electric — 1.2%
Exelon Corp.		8,100		588,060
Engineering & Construction — 1.7%
ABB Ltd. Sponsored ADR (Switzerland)		35,400		800,040
Environmental Controls — 1.6%
Waste Management, Inc.		19,100		745,855

	Number of Shares		Market Value
Foods — 0.2%
General Mills, Inc.		1,483	$	86,637
Health Care – Products — 1.2%
Medtronic, Inc.		10,600		549,716
Home Builders — 0.7%
Toll Brothers, Inc.(a) (b)		13,700		342,226
Insurance — 4.2%
Ambac Financial Group, Inc.		8,363		729,170
American International Group, Inc.		17,900		1,253,537
				1,982,707
Internet — 4.1%
Google, Inc. Cl. A(b)		1,800		942,084
Yahoo!, Inc.(b)		36,700		995,671
				1,937,755
Machinery – Construction & Mining — 3.4%
Caterpillar, Inc.		20,400		1,597,320
Machinery – Diversified — 1.4%
Rockwell Automation, Inc.		9,563		664,055
Manufacturing — 5.8%
General Electric Co.		55,900		2,139,852
Textron, Inc.		5,559		612,102
				2,751,954
Media — 1.3%
Viacom, Inc. Cl. B(b)		14,600		607,798
Mining — 1.6%
Newmont Mining Corp.(a)		18,900		738,234
Oil & Gas — 5.9%
Chesapeake Energy Corp.(a)		24,300		840,780
Transocean, Inc.(b)		18,300		1,939,434
				2,780,214
Oil & Gas Services — 7.4%
BJ Services Co.		13,600		386,784
Halliburton Co.		42,400		1,462,800
Schlumberger Ltd.		19,344		1,643,079
				3,492,663
Pharmaceuticals — 7.2%
Gilead Sciences, Inc.(b)		17,600		682,352
Merck & Co., Inc.		16,500		821,700
Novartis AG ADR (Switzerland)		5,800		325,206
Pfizer, Inc.		33,600		859,152
Wyeth		12,600		722,484
				3,410,894

	Number of Shares		Market Value
Retail — 2.4%
Best Buy Co., Inc.		4,800	$	224,016
The Home Depot, Inc.		16,000		629,600
Tiffany & Co.		4,968		263,602
				1,117,218
Semiconductors — 10.3%
Intel Corp.		91,200		2,166,912
STMicroelectronics NV NY Shares(a)		32,400		621,756
Taiwan Semiconductor Manufacturing Co. Ltd. Sponsored ADR (Taiwan)		95,801		1,066,263
Texas Instruments, Inc.		27,400		1,031,062
				4,885,993
Telecommunications — 1.7%
Cisco Systems, Inc.(b)		8,400		233,940
Juniper Networks, Inc.(b)		21,900		551,223
				785,163
Transportation — 3.1%
United Parcel Service, Inc. Cl. B		20,400		1,489,200
TOTAL EQUITIES (Cost $42,790,565)				46,191,940
	Principal Amount
SHORT-TERM INVESTMENTS — 13.1%
Cash Equivalents — 8.4%(d)
Abbey National PLC Eurodollar Time Deposit 5.280% 07/05/2007	$	51,126		51,126
Abbey National PLC Eurodollar Time Deposit 5.285% 07/09/2007		127,810		127,810
American Beacon Money Market Fund(c)		143,401		143,401
Banco Bilbao Vizcaya Argentaria SA Eurodollar Time Deposit 5.300% 08/10/2007		95,860		95,860
Bank of America 5.270% 07/06/2007		127,814		127,814
Bank of America 5.270% 07/16/2007		25,563		25,563
Bank of America 5.270% 08/17/2007		31,954		31,954
Bank of America 5.300% 09/17/2007		63,907		63,907
Bank of Ireland Eurodollar Time Deposit 5.300% 08/13/2007		127,814		127,814

(Continued)

The accompanying notes are an integral part of the financial statements.
123

MassMutual Select Core Opportunities Fund – Portfolio of Investments (Continued)

	Principal Amount		Market Value
Bank of Montreal Eurodollar Time Deposit 5.280% 07/03/2007	$	31,954	$	31,954
Bank of Montreal Eurodollar Time Deposit 5.290% 07/02/2007		25,563		25,563
Bank of Montreal Eurodollar Time Deposit 5.310% 08/14/2007		19,172		19,172
Bank of Nova Scotia Eurodollar Time Deposit 5.280% 07/09/2007		121,423		121,423
Bank Of Nova Scotia Eurodollar Time Deposit 5.285% 07/11/2007		70,298		70,298
Barclays Eurodollar Time Deposit 5.290% 07/06/2007		127,814		127,814
Barclays Eurodollar Time Deposit 5.295% 07/16/2007		25,563		25,563
Barclays Eurodollar Time Deposit 5.320% 09/04/2007		63,907		63,907
Bear Stearns & Co Commercial Paper 5.435% 07/10/2007		19,172		19,172
BGI Institutional Money Market Fund(c)		83,079		83,079
BNP Paribas Eurodollar Time Deposit 5.350% 07/02/2007		191,721		191,721
Calyon Eurodollar Time Deposit 5.290% 07/17/2007		63,907		63,907
Calyon Eurodollar Time Deposit 5.380% 07/02/2007		191,721		191,721
Canadian Imperial Bank of Commerce Eurodollar Time Deposit 5.300% 07/30/2007		127,814		127,814
Dexia Group Eurodollar Time Deposit 5.290% 08/08/2007		127,814		127,814
Dreyfus Institutional Cash Advantage Money Market Fund(c)		38,344		38,344
Federal Home Loan Bank Discount Note 5.174% 07/20/2007		9,480		9,480
First Tennessee National Corp. Eurodollar Time Deposit 5.300% 07/18/2007		31,954		31,954

	Principal Amount		Market Value
Fortis Bank Eurodollar Time Deposit 5.290% 07/06/2007	$	31,954	$	31,954
Fortis Bank Eurodollar Time Deposit 5.290% 07/09/2007		44,735		44,735
Fortis Bank Eurodollar Time Deposit 5.300% 07/20/2007		31,954		31,954
Fortis Bank Eurodollar Time Deposit 5.300% 07/26/2007		25,563		25,563
Fortis Bank Eurodollar Time Deposit 5.350% 07/05/2007		63,907		63,907
Freddie Mac Discount Note 5.155% 07/16/2007		12,068		12,068
Freddie Mac Discount Note 5.185% 07/09/2007		6,300		6,300
Morgan Stanley & Co Commercial Paper 5.445% 08/01/2007		57,516		57,516
National Australia Bank Eurodollar Time Deposit 5.320% 07/02/2007		63,907		63,907
Nationwide Building Society Commercial Paper 5.301% 07/09/2007		63,776		63,776
Rabobank Nederland Eurodollar Time Deposit 5.280% 07/05/2007		95,860		95,860
Rabobank Nederland Eurodollar Time Deposit 5.290% 07/16/2007		127,814		127,814
Rabobank Nederland Eurodollar Time Deposit 5.330% 07/02/2007		191,721		191,721
Reserve Primary Money Market Fund(c)		126,886		126,886
Royal Bank of Canada Eurodollar Time Deposit 5.305% 08/30/2007		127,814		127,814
Royal Bank of Scotland Eurodollar Time Deposit 5.270% 07/11/2007		31,954		31,954
Skandinaviska Enskilda Banken AB Eurodollar Time Deposit 5.290% 07/13/2007		127,814		127,814
Skandinaviska Enskilda Banken AB Eurodollar Time Deposit 5.290% 07/19/2007		19,172		19,172

	Principal Amount		Market Value
Svenska Handlesbanken Eurodollar Time Deposit 5.300% 07/02/2007	$	21,470	$	21,470
UBS AG Eurodollar Time Deposit 5.277% 07/05/2007		89,470		89,470
UBS AG Eurodollar Time Deposit 5.285% 07/05/2007		127,814		127,814
Vanguard Prime Money Market Fund(c)		63,907		63,907
Wells Fargo Eurodollar Time Deposit 5.260% 07/02/2007		34,510		34,510
Wells Fargo Eurodollar Time Deposit 5.280% 07/11/2007		127,814		127,814
Wells Fargo Eurodollar Time Deposit 5.280% 07/12/2007		63,907		63,907
				3,945,556
Repurchase Agreements — 4.7%
Investors Bank & Trust Company Repurchase Agreement, dated 6/29/2007, 3.50%, due 7/02/2007(e)		2,222,036		2,222,036
TOTAL SHORT-TERM INVESTMENTS (Cost $6,167,592)				6,167,592
TOTAL INVESTMENTS — 110.8% (Cost $48,958,157)(f)				52,359,532
Other Assets/ (Liabilities) — (10.8%)				(5,087,318	)
NET ASSETS — 100.0%			$	47,272,214

Notes to Portfolio of Investments

ADR - American Depository Receipt

(a) Denotes all or a portion of security on loan. (Note 2).

(b) Non-income producing security.

(d) Represents investments of security lending collateral. (Note 2).

(e) Maturity value of $2,222,685. Collateralized by a U.S. Government Agency Obligation with a rate of 8.125%, maturity date of 11/25/2027, and an aggregate market value, including accrued interest, of $2,333,138.

(f) See Note 6 for aggregate cost for Federal tax purposes.

The accompanying notes are an integral part of the financial statements.
124

MassMutual Select Blue Chip Growth Fund – Portfolio of Investments

June 30, 2007 (Unaudited)

	Number of Shares		Market Value
EQUITIES — 99.4%
COMMON STOCK — 99.4%
Advertising — 0.4%
Omnicom Group, Inc.		40,400	$	2,137,968
Aerospace & Defense — 1.7%
General Dynamics Corp.		71,300		5,577,086
Rockwell Collins, Inc.		26,100		1,843,704
United Technologies Corp.		29,800		2,113,714
				9,534,504
Apparel — 0.6%
Coach, Inc.(a)		72,300		3,426,297
Banks — 3.8%
Mellon Financial Corp.		65,200		2,868,800
Northern Trust Corp.		72,700		4,670,248
State Street Corp.(b)		146,300		10,006,920
Wells Fargo & Co.		99,200		3,488,864
				21,034,832
Beverages — 0.5%
PepsiCo, Inc.		45,200		2,931,220
Biotechnology — 2.0%
Amgen, Inc.(a)		100		5,529
Celgene Corp.(a)		74,700		4,282,551
Genentech, Inc.(a)		95,400		7,217,964
				11,506,044
Chemicals — 0.9%
Monsanto Co.		75,400		5,092,516
Commercial Services — 0.6%
Accenture Ltd. Cl. A		27,700		1,188,053
Monster Worldwide, Inc.(a)		55,600		2,285,160
				3,473,213
Computers — 3.0%
Apple, Inc.(a)		69,400		8,469,576
Dell, Inc.(a)		111,800		3,191,890
EMC Corp.(a)		191,000		3,457,100
Hewlett-Packard Co.		32,400		1,445,688
				16,564,254
Cosmetics & Personal Care — 1.2%
The Procter & Gamble Co.		108,000		6,608,520
Diversified Financial — 12.8%
American Express Co.		132,900		8,130,822
Ameriprise Financial, Inc.		38,800		2,466,516
The Charles Schwab Corp.		250,500		5,140,260

	Number of Shares		Market Value
Chicago Mercantile Exchange Holdings, Inc.(b)		3,900	$	2,084,004
Citigroup, Inc.		125,700		6,447,153
Countrywide Financial Corp.(b)		83,800		3,046,130
Deutsche Boerse AG		4,750		536,282
E*TRADE Financial Corp.(a)		142,000		3,136,780
Franklin Resources, Inc.		66,200		8,769,514
The Goldman Sachs Group, Inc.		35,500		7,694,625
Interactive Brokers Group, Inc.(a)		10,900		295,717
Intercontinental Exchange, Inc.(a)		10,500		1,552,425
Legg Mason, Inc.		45,300		4,456,614
Merrill Lynch & Co., Inc.		40,400		3,376,632
Morgan Stanley		92,200		7,733,736
UBS AG Registered		109,900		6,531,751
				71,398,961
Electronics — 0.2%
Thermo Fisher Scientific, Inc.(a)		18,300		946,476
Engineering & Construction — 0.8%
Foster Wheeler Ltd.(a)		25,100		2,685,449
McDermott International, Inc.(a)		22,900		1,903,448
				4,588,897
Entertainment — 0.5%
International Game Technology		70,900		2,814,730
Foods — 0.2%
Sysco Corp.		37,000		1,220,630
Health Care – Products — 3.2%
Alcon, Inc.		13,700		1,848,267
Baxter International, Inc.		18,800		1,059,192
Medtronic, Inc.		127,900		6,632,894
St. Jude Medical, Inc.(a) (b)		99,700		4,136,553
Stryker Corp.		64,500		4,069,305
				17,746,211
Health Care – Services — 3.8%
Aetna, Inc.		106,900		5,280,860
Humana, Inc.(a)		32,400		1,973,484
Laboratory Corp. of America Holdings(a) (b)		23,900		1,870,414

	Number of Shares		Market Value
UnitedHealth Group, Inc.		100,300	$	5,129,342
WellPoint, Inc.(a)		87,500		6,985,125
				21,239,225
Home Furnishing — 0.8%
Harman International Industries, Inc.		38,300		4,473,440
Household Products — 0.0%
Fortune Brands, Inc.(b)		1,300		107,081
Insurance — 3.1%
American International Group, Inc.		123,900		8,676,717
The Hartford Financial Services Group, Inc.		21,300		2,098,263
Prudential Financial, Inc.		65,800		6,397,734
				17,172,714
Internet — 5.2%
Amazon.com, Inc.(a) (b)		136,900		9,365,329
eBay, Inc.(a)		143,000		4,601,740
Google, Inc. Cl. A(a)		26,200		13,712,556
Yahoo!, Inc.(a)		53,400		1,448,742
				29,128,367
Lodging — 1.5%
Marriott International, Inc. Cl. A		89,100		3,852,684
MGM Mirage(a)		19,300		1,591,864
Wynn Resorts Ltd.(b)		32,300		2,896,987
				8,341,535
Machinery – Construction & Mining — 0.3%
Joy Global, Inc.		26,600		1,551,578
Manufacturing — 6.3%
Danaher Corp.		168,200		12,699,100
General Electric Co.		525,500		20,116,140
Illinois Tool Works, Inc.		41,400		2,243,466
				35,058,706
Media — 1.9%
Grupo Televisa SA Sponsored ADR (Mexico)		61,200		1,689,732
Rogers Communications, Inc. Cl. B(b)		122,200		5,192,278
Time Warner, Inc.		58,200		1,224,528
Viacom, Inc. Cl. B(a)		58,000		2,414,540
				10,521,078
Mining — 0.3%
Freeport-McMoran Copper & Gold, Inc.		19,300		1,598,426

(Continued)

The accompanying notes are an integral part of the financial statements.
125

MassMutual Select Blue Chip Growth Fund – Portfolio of Investments (Continued)

	Number of Shares		Market Value
Oil & Gas — 2.9%
EOG Resources, Inc.		26,200	$	1,914,172
Exxon Mobil Corp.		77,800		6,525,864
Murphy Oil Corp.		43,200		2,567,808
Sunoco, Inc.		9,000		717,120
Total SA Sponsored ADR (France)		58,000		4,696,840
				16,421,804
Oil & Gas Services — 5.3%
Baker Hughes, Inc.		84,200		7,083,746
Schlumberger Ltd.		156,700		13,310,098
Smith International, Inc.		156,000		9,147,840
				29,541,684
Pharmaceuticals — 7.7%
Allergan, Inc.		41,000		2,363,240
Cardinal Health, Inc.		39,700		2,804,408
Eli Lilly & Co.		40,000		2,235,200
Express Scripts, Inc.(a)		75,800		3,790,758
Gilead Sciences, Inc.(a)		214,600		8,320,042
Medco Health Solutions, Inc.(a)		51,300		4,000,887
Merck & Co., Inc.		64,100		3,192,180
Novartis AG		51,800		2,898,866
Roche Holding AG		25,134		4,432,840
Schering-Plough Corp.		100,100		3,047,044
Sepracor, Inc.(a) (b)		26,100		1,070,622
Wyeth		82,700		4,742,018
				42,898,105
Retail — 6.5%
Bed Bath & Beyond, Inc.(a)		66,900		2,407,731
CVS Caremark Corp.		270,168		9,847,624
The Home Depot, Inc.		82,500		3,246,375
Kohl's Corp.(a)		130,700		9,283,621
McDonald's Corp.		18,000		913,680
Target Corp.		108,800		6,919,680
Wal-Mart Stores, Inc.		74,100		3,564,951
				36,183,662
Semiconductors — 5.4%
Analog Devices, Inc.		105,600		3,974,784
Applied Materials, Inc.		67,500		1,341,225
ASML Holding NV(a) (b)		83,500		2,292,075
Intel Corp.		185,600		4,409,856
Marvell Technology Group Ltd.(a) (b)		280,700		5,111,547
Maxim Integrated Products, Inc.		113,300		3,785,353
Texas Instruments, Inc.		126,000		4,741,380
Xilinx, Inc.		180,000		4,818,600
				30,474,820

	Number of Shares		Market Value
Software — 6.8%
Adobe Systems, Inc.(a)		83,300	$	3,344,495
Autodesk, Inc.(a)		99,800		4,698,584
Automatic Data Processing, Inc.		148,300		7,188,101
Electronic Arts, Inc.(a)		66,300		3,137,316
Intuit, Inc.(a)		44,300		1,332,544
Microsoft Corp.		468,700		13,812,589
Oracle Corp.(a)		214,400		4,225,824
Paychex, Inc.		13,800		539,856
				38,279,309
Telecommunications — 8.8%
America Movil SAB de CV Sponsored ADR (Mexico)		132,400		8,199,532
American Tower Corp. Cl. A(a)		183,500		7,707,000
AT&T, Inc.		30,800		1,278,200
Cisco Systems, Inc.(a)		357,000		9,942,450
Corning, Inc.(a)		105,600		2,698,080
Juniper Networks, Inc.(a) (b)		222,900		5,610,393
MetroPCS Communications, Inc.(a)		38,900		1,285,256
Nokia Oyj Sponsored ADR (Finland)		181,400		5,099,154
Qualcomm, Inc.		104,900		4,551,611
Telefonaktiebolaget LM Ericsson Cl. B Sponsored ADR (Sweden)(b)		76,100		3,035,629
				49,407,305
Transportation — 0.4%
Expeditors International of Washington, Inc.		51,800		2,139,340
TOTAL EQUITIES (Cost $478,147,669)				555,563,452
	Principal Amount
SHORT-TERM INVESTMENTS — 9.5%
Cash Equivalents — 7.0%(d)
Abbey National PLC Eurodollar Time Deposit 5.280% 07/05/2007	$	502,385		502,385
Abbey National PLC Eurodollar Time Deposit 5.285% 07/09/2007		1,255,973		1,255,973
American Beacon Money Market Fund(c)		1,409,144		1,409,144

	Principal Amount		Market Value
Banco Bilbao Vizcaya Argentaria SA Eurodollar Time Deposit 5.300% 08/10/2007	$	941,980	$	941,980
Bank of America 5.270% 07/06/2007		1,255,973		1,255,973
Bank of America 5.270% 07/16/2007		251,195		251,195
Bank of America 5.270% 08/17/2007		313,993		313,993
Bank of America 5.300% 09/17/2007		627,987		627,987
Bank of Ireland Eurodollar Time Deposit 5.300% 08/13/2007		1,255,973		1,255,973
Bank of Montreal Eurodollar Time Deposit 5.280% 07/03/2007		313,993		313,993
Bank of Montreal Eurodollar Time Deposit 5.290% 07/02/2007		251,195		251,195
Bank of Montreal Eurodollar Time Deposit 5.310% 08/14/2007		188,396		188,396
Bank of Nova Scotia Eurodollar Time Deposit 5.280% 07/09/2007		1,193,174		1,193,174
Bank Of Nova Scotia Eurodollar Time Deposit 5.285% 07/11/2007		690,785		690,785
Barclays Eurodollar Time Deposit 5.290% 07/06/2007		1,255,973		1,255,973
Barclays Eurodollar Time Deposit 5.295% 07/16/2007		251,195		251,195
Barclays Eurodollar Time Deposit 5.320% 09/04/2007		627,987		627,987
Bear Stearns & Co Commercial Paper 5.435% 07/10/2007		188,396		188,396
BGI Institutional Money Market Fund(c)		816,382		816,382
BNP Paribas Eurodollar Time Deposit 5.350% 07/02/2007		1,883,960		1,883,960
Calyon Eurodollar Time Deposit 5.290% 07/17/2007		627,987		627,987
Calyon Eurodollar Time Deposit 5.380% 07/02/2007		1,883,960		1,883,960

(Continued)

The accompanying notes are an integral part of the financial statements.
126

MassMutual Select Blue Chip Growth Fund – Portfolio of Investments (Continued)

	Principal Amount		Market Value
Canadian Imperial Bank of Commerce Eurodollar Time Deposit 5.300% 07/30/2007	$	1,255,973	$	1,255,973
Dexia Group Eurodollar Time Deposit 5.290% 08/08/2007		1,255,973		1,255,973
Dreyfus Institutional Cash Advantage Money Market Fund(c)		376,792		376,792
Federal Home Loan Bank Discount Note 5.174% 07/20/2007		93,151		93,151
First Tennessee National Corp. Eurodollar Time Deposit 5.300% 07/18/2007		313,993		313,993
Fortis Bank Eurodollar Time Deposit 5.290% 07/06/2007		313,993		313,993
Fortis Bank Eurodollar Time Deposit 5.290% 07/09/2007		439,591		439,591
Fortis Bank Eurodollar Time Deposit 5.300% 07/20/2007		313,993		313,993
Fortis Bank Eurodollar Time Deposit 5.300% 07/26/2007		251,195		251,195
Fortis Bank Eurodollar Time Deposit 5.350% 07/05/2007		627,987		627,987
Freddie Mac Discount Note 5.155% 07/16/2007		118,583		118,583
Freddie Mac Discount Note 5.185% 07/09/2007		61,908		61,908
Morgan Stanley & Co Commercial Paper 5.445% 08/01/2007		565,188		565,188
National Australia Bank Eurodollar Time Deposit 5.320% 07/02/2007		627,987		627,987
Nationwide Building Society Commercial Paper 5.301% 07/09/2007		626,695		626,695
Rabobank Nederland Eurodollar Time Deposit 5.280% 07/05/2007		941,980		941,980

	Principal Amount		Market Value
Rabobank Nederland Eurodollar Time Deposit 5.290% 07/16/2007	$	1,255,973	$	1,255,973
Rabobank Nederland Eurodollar Time Deposit 5.330% 07/02/2007		1,883,960		1,883,960
Reserve Primary Money Market Fund(c)		1,246,853		1,246,853
Royal Bank of Canada Eurodollar Time Deposit 5.305% 08/30/2007		1,255,973		1,255,973
Royal Bank of Scotland Eurodollar Time Deposit 5.270% 07/11/2007		313,993		313,993
Skandinaviska Enskilda Banken AB Eurodollar Time Deposit 5.290% 07/13/2007		1,255,973		1,255,973
Skandinaviska Enskilda Banken AB Eurodollar Time Deposit 5.290% 07/19/2007		188,396		188,396
Svenska Handlesbanken Eurodollar Time Deposit 5.300% 07/02/2007		210,973		210,973
UBS AG Eurodollar Time Deposit 5.277% 07/05/2007		879,181		879,181
UBS AG Eurodollar Time Deposit 5.285% 07/05/2007		1,255,973		1,255,973
Vanguard Prime Money Market Fund(c)		627,987		627,987
Wells Fargo Eurodollar Time Deposit 5.260% 07/02/2007		339,113		339,113
Wells Fargo Eurodollar Time Deposit 5.280% 07/11/2007		1,255,973		1,255,973
Wells Fargo Eurodollar Time Deposit 5.280% 07/12/2007		627,987		627,987
				38,771,276
Repurchase Agreements — 2.5%
Investors Bank & Trust Company Repurchase Agreement, dated 6/29/2007, 3.50%, due 7/02/2007(e)		14,112,841		14,112,841

	Market Value
TOTAL SHORT-TERM INVESTMENTS (Cost $52,884,117)	$	52,884,117
TOTAL INVESTMENTS — 108.9% (Cost $531,031,786)(f)		608,447,569
Other Assets/ (Liabilities) — (8.9%)		(49,777,955	)
NET ASSETS — 100.0%	$	558,669,614

Notes to Portfolio of Investments

ADR - American Depository Receipt

(a) Non-income producing security.

(b) Denotes all or a portion of security on loan. (Note 2).

(d) Represents investments of security lending collateral. (Note 2).

(e) Maturity value of $14,116,958. Collaterized by a U.S. Government Agency obligation with a rate of 4.694%, maturity date 8/01/2035, and an aggregate market value, including accrued interest, of $14,818,484.

(f) See Note 6 for aggregate cost for Federal tax purposes.

The accompanying notes are an integral part of the financial statements.
127

MassMutual Select Large Cap Growth Fund – Portfolio of Investments

June 30, 2007 (Unaudited)

	Number of Shares		Market Value
EQUITIES — 99.7%
COMMON STOCK — 99.7%
Aerospace & Defense — 4.7%
Boeing Co.		14,990	$	1,441,438
Spirit AeroSystems Holdings, Inc. Cl. A(a)		18,300		659,715
				2,101,153
Apparel — 1.2%
Nike, Inc. Cl. B		8,800		512,952
Beverages — 1.1%
PepsiCo, Inc.		7,775		504,209
Biotechnology — 3.3%
Celgene Corp.(a)		9,300		533,169
Genentech, Inc.(a)		12,250		926,835
				1,460,004
Chemicals — 2.9%
Air Products & Chemicals, Inc.		4,000		321,480
Monsanto Co.		14,000		945,560
				1,267,040
Commercial Services — 0.5%
Moody's Corp.(b)		3,300		205,260
Computers — 10.4%
Apple, Inc.(a)		18,535		2,262,011
Hewlett-Packard Co.		30,500		1,360,910
Network Appliance, Inc.(a)		18,550		541,660
Sun Microsystems, Inc.(a)		81,800		430,268
				4,594,849
Cosmetics & Personal Care — 3.6%
Colgate-Palmolive Co.		6,800		440,980
The Procter & Gamble Co.		18,900		1,156,491
				1,597,471
Diversified Financial — 17.3%
Blackstone Group (The), LP(a) (b)		13,700		400,999
Chicago Mercantile Exchange Holdings, Inc.(b)		2,900		1,549,644
Credit Suisse Group, Sponsored ADR (Switzerland)		7,900		560,584
Franklin Resources, Inc.		10,000		1,324,700
The Goldman Sachs Group, Inc.		2,595		562,466
JP Morgan Chase & Co.		12,250		593,513
Janus Capital Group, Inc.(b)		8,700		242,208

	Number of Shares		Market Value
Lazard Ltd. Cl. A		4,400	$	198,132
Legg Mason, Inc.		9,020		887,388
Merrill Lynch & Co., Inc.		12,000		1,002,960
NYSE Euronext(b)		4,050		298,161
				7,620,755
Engineering & Construction — 0.7%
Fluor Corp.		2,665		296,801
Foods — 0.4%
Wrigley (Wm.) Jr. Co.(b)		3,040		168,142
Health Care – Products — 2.4%
Alcon, Inc.		7,800		1,052,298
Health Care – Services — 4.3%
WellPoint, Inc.(a)		23,690		1,891,173
Insurance — 1.1%
American International Group, Inc.		7,280		509,819
Internet — 7.8%
Akamai Technologies, Inc.(a) (b)		11,975		582,464
eBay, Inc.(a)		11,900		382,942
Google, Inc. Cl. A(a)		4,725		2,472,971
				3,438,377
Lodging — 3.6%
Hilton Hotels Corp.		10,400		348,088
Las Vegas Sands Corp.(a) (b)		5,300		404,867
Starwood Hotels & Resorts Worldwide, Inc.		12,800		858,496
				1,611,451
Machinery – Diversified — 0.3%
Deere & Co.		1,260		152,132
Manufacturing — 1.2%
Honeywell International, Inc.		9,130		513,836
Media — 3.6%
Comcast Corp. Special, Cl. A(a) (b)		52,700		1,473,492
Time Warner, Inc.		6,200		130,448
				1,603,940
Oil & Gas Services — 3.9%
Baker Hughes, Inc.		3,600		302,868
Halliburton Co.		18,550		639,975
Schlumberger Ltd.		9,160		778,050
				1,720,893

	Number of Shares		Market Value
Pharmaceuticals — 9.4%
Abbott Laboratories		21,200	$	1,135,260
Gilead Sciences, Inc.(a)		33,260		1,289,490
Medco Health Solutions, Inc.(a)		5,800		452,342
Merck & Co., Inc.		11,100		552,780
Teva Pharmaceutical Sponsored ADR (Israel)		5,800		239,250
Wyeth		8,200		470,188
				4,139,310
Retail — 4.4%
Kohl's Corp.(a)		10,200		724,506
McDonald's Corp.		7,775		394,659
Target Corp.		12,700		807,720
				1,926,885
Semiconductors — 2.2%
Broadcom Corp. Cl. A(a)		33,945		992,891
Software — 3.4%
Adobe Systems, Inc.(a)		16,200		650,430
Microsoft Corp.		28,400		836,948
				1,487,378
Telecommunications — 5.5%
America Movil SAB de CV, Series L, Sponsored ADR (Mexico)		1,600		99,088
Cisco Systems, Inc.(a)		61,600		1,715,560
Qualcomm, Inc.		14,550		631,325
				2,445,973
Transportation — 0.5%
Hertz Global Holdings, Inc.(a)		8,000		212,560
TOTAL EQUITIES (Cost $39,375,820)				44,027,552
	Principal Amount
SHORT-TERM INVESTMENTS — 10.6%
Cash Equivalents — 10.5%(d)
Abbey National PLC Eurodollar Time Deposit 5.280% 07/05/2007	$	59,931		59,931
Abbey National PLC Eurodollar Time Deposit 5.285% 07/09/2007		149,817		149,817
American Beacon Money Market Fund(c)		168,088		168,088

(Continued)

The accompanying notes are an integral part of the financial statements.
128

MassMutual Select Large Cap Growth Fund – Portfolio of Investments (Continued)

	Principal Amount		Market Value
Banco Bilbao Vizcaya Argentaria SA Eurodollar Time Deposit 5.300% 08/10/2007	$	112,363	$	112,363
Bank of America 5.270% 07/06/2007		149,817		149,817
Bank of America 5.270% 07/16/2007		29,963		29,963
Bank of America 5.270% 08/17/2007		37,454		37,454
Bank of America 5.300% 09/17/2007		74,909		74,909
Bank of Ireland Eurodollar Time Deposit 5.300% 08/13/2007		149,817		149,817
Bank of Montreal Eurodollar Time Deposit 5.280% 07/03/2007		37,454		37,454
Bank of Montreal Eurodollar Time Deposit 5.290% 07/02/2007		29,963		29,963
Bank of Montreal Eurodollar Time Deposit 5.310% 08/14/2007		22,473		22,473
Bank of Nova Scotia Eurodollar Time Deposit 5.280% 07/09/2007		142,327		142,327
Bank Of Nova Scotia Eurodollar Time Deposit 5.285% 07/11/2007		82,400		82,400
Barclays Eurodollar Time Deposit 5.290% 07/06/2007		149,817		149,817
Barclays Eurodollar Time Deposit 5.295% 07/16/2007		29,963		29,963
Barclays Eurodollar Time Deposit 5.320% 09/04/2007		74,909		74,909
Bear Stearns & Co Commercial Paper 5.435% 07/10/2007		22,473		22,473
BGI Institutional Money Market Fund(c)		97,381		97,381
BNP Paribas Eurodollar Time Deposit 5.350% 07/02/2007		224,726		224,726
Calyon Eurodollar Time Deposit 5.290% 07/17/2007		74,909		74,909

	Principal Amount		Market Value
Calyon Eurodollar Time Deposit 5.380% 07/02/2007	$	224,726	$	224,726
Canadian Imperial Bank of Commerce Eurodollar Time Deposit 5.300% 07/30/2007		149,817		149,817
Dexia Group Eurodollar Time Deposit 5.290% 08/08/2007		149,817		149,817
Dreyfus Institutional Cash Advantage Money Market Fund(c)		44,945		44,945
Federal Home Loan Bank Discount Note 5.174% 07/20/2007		11,111		11,111
First Tennessee National Corp. Eurodollar Time Deposit 5.300% 07/18/2007		37,454		37,454
Fortis Bank Eurodollar Time Deposit 5.290% 07/06/2007		37,454		37,454
Fortis Bank Eurodollar Time Deposit 5.290% 07/09/2007		52,436		52,436
Fortis Bank Eurodollar Time Deposit 5.300% 07/20/2007		37,454		37,454
Fortis Bank Eurodollar Time Deposit 5.300% 07/26/2007		29,963		29,963
Fortis Bank Eurodollar Time Deposit 5.350% 07/05/2007		74,909		74,909
Freddie Mac Discount Note 5.155% 07/16/2007		14,145		14,145
Freddie Mac Discount Note 5.185% 07/09/2007		7,385		7,385
Morgan Stanley & Co Commercial Paper 5.445% 08/01/2007		67,418		67,418
National Australia Bank Eurodollar Time Deposit 5.320% 07/02/2007		74,909		74,909
Nationwide Building Society Commercial Paper 5.301% 07/09/2007		74,755		74,755

	Principal Amount		Market Value
Rabobank Nederland Eurodollar Time Deposit 5.280% 07/05/2007	$	112,363	$	112,363
Rabobank Nederland Eurodollar Time Deposit 5.290% 07/16/2007		149,817		149,817
Rabobank Nederland Eurodollar Time Deposit 5.330% 07/02/2007		224,726		224,726
Reserve Primary Money Market Fund(c)		148,730		148,730
Royal Bank of Canada Eurodollar Time Deposit 5.305% 08/30/2007		149,817		149,817
Royal Bank of Scotland Eurodollar Time Deposit 5.270% 07/11/2007		37,454		37,454
Skandinaviska Enskilda Banken AB Eurodollar Time Deposit 5.290% 07/13/2007		149,817		149,817
Skandinaviska Enskilda Banken AB Eurodollar Time Deposit 5.290% 07/19/2007		22,473		22,473
Svenska Handlesbanken Eurodollar Time Deposit 5.300% 07/02/2007		25,166		25,166
UBS AG Eurodollar Time Deposit 5.277% 07/05/2007		104,872		104,872
UBS AG Eurodollar Time Deposit 5.285% 07/05/2007		149,817		149,817
Vanguard Prime Money Market Fund(c)		74,909		74,909
Wells Fargo Eurodollar Time Deposit 5.260% 07/02/2007		40,451		40,451
Wells Fargo Eurodollar Time Deposit 5.280% 07/11/2007		149,817		149,817
Wells Fargo Eurodollar Time Deposit 5.280% 07/12/2007		74,909		74,909
				4,624,790
Repurchase Agreements — 0.1%
Investors Bank & Trust Company Repurchase Agreement, dated 6/29/2007, 3.50%, due 7/02/2007(e)		44,159		44,159

(Continued)

The accompanying notes are an integral part of the financial statements.
129

MassMutual Select Large Cap Growth Fund – Portfolio of Investments (Continued)

	Market Value
TOTAL SHORT-TERM INVESTMENTS (Cost $4,668,949)	$	4,668,949
TOTAL INVESTMENTS — 110.3% (Cost $44,044,769)(f)		48,696,501
Other Assets/ (Liabilities) — (10.3%)		(4,564,903	)
NET ASSETS — 100.0%	$	44,131,598

Notes to Portfolio of Investments

ADR - American Depository Receipt

(a) Non-income producing security.

(b) Denotes all or a portion of security on loan. (Note 2).

(d) Represents investments of security lending collateral. (Note 2).

(e) Maturity value of $44,172. Collateralized by a U.S. Government Agency obligation with a rate of 4.495%, maturity date of 1/01/2034, and an aggregate market value, including accrued interest, of $46,367.

(f) See Note 6 for aggregate cost for Federal tax purposes.

The remainder of this page is intentionally left blank.

The accompanying notes are an integral part of the financial statements.
130

MassMutual Select Growth Equity Fund – Portfolio of Investments

June 30, 2007 (Unaudited)

	Number of Shares		Market Value
EQUITIES — 97.6%
COMMON STOCK — 97.6%
Advertising — 0.2%
Omnicom Group, Inc.		20,000	$	1,058,400
Aerospace & Defense — 1.6%
General Dynamics Corp.		9,500		743,090
Lockheed Martin Corp.		43,200		4,066,416
Northrop Grumman Corp.		7,000		545,090
Raytheon Co.		12,900		695,181
United Technologies Corp.		17,500		1,241,275
				7,291,052
Agriculture — 0.9%
Altria Group, Inc.		23,700		1,662,318
UST, Inc.		41,100		2,207,481
				3,869,799
Apparel — 2.4%
Coach, Inc.(a)		101,900		4,829,041
Columbia Sportswear Co.(b)		3,700		254,116
Liz Claiborne, Inc.		10,200		380,460
Nike, Inc. Cl. B		51,900		3,025,251
Polo Ralph Lauren Corp.		8,000		784,880
VF Corp.		17,900		1,639,282
				10,913,030
Auto Manufacturers — 1.1%
Paccar, Inc.		58,950		5,131,008
Automotive & Parts — 0.3%
The Goodyear Tire & Rubber Co.(a)		38,100		1,324,356
Banks — 0.2%
Investors Financial Services Corp.		6,400		394,688
Peoples United Financial(b)		16,740		296,800
				691,488
Beverages — 1.7%
Anheuser-Busch Cos., Inc.		71,000		3,703,360
The Coca-Cola Co.		77,300		4,043,563
				7,746,923
Biotechnology — 0.1%
Amgen, Inc.(a)		3,900		215,631

	Number of Shares		Market Value
Building Materials — 0.6%
American Standard Cos., Inc.		27,300	$	1,610,154
Martin Marietta Materials, Inc.		2,300		372,646
Masco Corp.(b)		21,100		600,717
				2,583,517
Chemicals — 1.2%
Albemarle Corp.		19,700		759,041
Ecolab, Inc.		15,600		666,120
Hercules, Inc.(a) (b)		24,700		485,355
International Flavors & Fragrances, Inc.		15,600		813,384
Lyondell Chemical Co.		7,500		278,400
PPG Industries, Inc.		9,000		684,990
The Sherwin-Williams Co.		23,600		1,568,692
				5,255,982
Commercial Services — 1.1%
Apollo Group, Inc. Cl. A(a)		4,100		239,563
Career Education Corp.(a)		11,400		384,978
Corrections Corp. of America(a)		3,000		189,330
ITT Educational Services, Inc.(a)		9,100		1,068,158
Manpower, Inc.		11,200		1,033,088
McKesson Corp.		17,200		1,025,808
Moody's Corp.		12,100		752,620
Rent-A-Center, Inc.(a)		13,400		351,482
				5,045,027
Computer Related Services — 0.0%
Ingram Micro, Inc. Cl. A(a)		7,300		158,483
Computers — 8.4%
Affiliated Computer Services, Inc. Cl. A(a)		6,800		385,696
Apple, Inc.(a)		48,800		5,955,552
Cognizant Technology Solutions Corp. Cl. A(a)		20,600		1,546,854
Dell, Inc.(a)		302,800		8,644,940
EMC Corp.(a)		142,500		2,579,250
FactSet Research Systems, Inc.		11,000		751,850
Hewlett-Packard Co.		46,700		2,083,754
International Business Machines Corp.		132,800		13,977,200
Lexmark International, Inc. Cl. A(a)		43,600		2,149,916
				38,075,012

	Number of Shares		Market Value
Computers & Information — 0.4%
CDW Corp.(a)		20,000	$	1,699,400
Cosmetics & Personal Care — 0.4%
Avon Products, Inc.		26,300		966,525
Colgate-Palmolive Co.		3,600		233,460
The Estee Lauder Cos., Inc. Cl. A		11,900		541,569
				1,741,554
Diversified Financial — 2.7%
Citigroup, Inc.		14,700		753,963
Countrywide Financial Corp.(b)		12,300		447,105
Eaton Vance Corp.		3,400		150,212
The First Marblehead Corp.(b)		17,900		691,656
Franklin Resources, Inc.		9,800		1,298,206
The Goldman Sachs Group, Inc.		27,300		5,917,275
Morgan Stanley		37,800		3,170,664
				12,429,081
Electric — 0.9%
AES Corp.(a)		51,600		1,129,008
American Electric Power Co., Inc.		11,200		504,448
CenterPoint Energy, Inc.		21,600		375,840
Constellation Energy Group, Inc.		7,700		671,209
Entergy Corp.		14,200		1,524,370
				4,204,875
Electrical Components & Equipment — 0.8%
Emerson Electric Co.		17,800		833,040
Energizer Holdings, Inc.(a)		21,300		2,121,480
Molex, Inc.		17,600		528,176
				3,482,696
Electronics — 0.8%
Amphenol Corp. Cl. A		18,300		652,395
Avnet, Inc.(a)		14,900		590,636
FLIR Systems, Inc.(a) (b)		14,200		656,750
Trimble Navigation Ltd.(a)		19,200		618,240
Waters Corp.(a)		21,000		1,246,560
				3,764,581
Environmental Controls — 0.2%
Nalco Holding Co.		5,200		142,740
Waste Management, Inc.		20,200		788,810
				931,550

(Continued)

The accompanying notes are an integral part of the financial statements.
131

MassMutual Select Growth Equity Fund – Portfolio of Investments (Continued)

	Number of Shares		Market Value
Foods — 2.0%
Campbell Soup Co.		5,600	$	217,336
Corn Products International, Inc.		7,900		359,055
General Mills, Inc.		3,900		227,838
Heinz (H. J.) Co.		24,700		1,172,509
Kraft Foods, Inc. Cl. A		24,626		868,066
The Kroger Co.		59,000		1,659,670
McCormick & Co., Inc.		15,900		607,062
Safeway, Inc.		36,000		1,225,080
Sara Lee Corp.		19,500		339,300
Sysco Corp.		73,800		2,434,662
				9,110,578
Gas — 0.0%
Sempra Energy		3,400		201,382
Hand & Machine Tools — 0.1%
Lincoln Electric Holdings, Inc.		4,900		363,776
Health Care – Products — 6.2%
Bard (C.R.), Inc.		10,100		834,563
Baxter International, Inc.		40,600		2,287,404
Becton, Dickinson & Co.		20,500		1,527,250
Biomet, Inc.		6,000		274,320
Dentsply International, Inc.		2,900		110,954
IDEXX Laboratories, Inc.(a)		3,100		293,353
Immucor, Inc.(a)		14,700		411,159
Johnson & Johnson		194,100		11,960,442
Kinetic Concepts, Inc.(a)		2,300		119,531
Patterson Cos., Inc.(a)		17,600		655,952
Respironics, Inc.(a)		3,900		166,101
St. Jude Medical, Inc.(a)		4,900		203,301
Stryker Corp.		64,600		4,075,614
Techne Corp.(a)		4,200		240,282
Zimmer Holdings, Inc.(a)		59,000		5,008,510
				28,168,736
Health Care – Services — 2.4%
Aetna, Inc.		22,400		1,106,560
Laboratory Corp. of America Holdings(a) (b)		10,900		853,034
Lincare Holdings, Inc.(a)		12,200		486,170
Manor Care, Inc.(b)		10,500		685,545
Quest Diagnostics, Inc.		38,500		1,988,525
UnitedHealth Group, Inc.		108,552		5,551,349
WellPoint, Inc.(a)		4,300		343,269
				11,014,452
Home Builders — 0.3%
Centex Corp.(b)		8,100		324,810
Lennar Corp. Cl. A		7,200		263,232
Thor Industries, Inc.(b)		19,600		884,744
				1,472,786

	Number of Shares		Market Value
Home Furnishing — 0.1%
Tempur-Pedic International, Inc.(b)		9,900	$	256,410
Household Products — 0.8%
Church & Dwight Co., Inc.		4,800		232,608
Kimberly-Clark Corp.		52,600		3,518,414
				3,751,022
Industrial – Distribution — 0.1%
W.W. Grainger, Inc.		5,300		493,165
Insurance — 3.3%
AFLAC, Inc.(b)		32,400		1,665,360
Allstate Corp.		25,100		1,543,901
Ambac Financial Group, Inc.		10,100		880,619
American International Group, Inc.		34,500		2,416,035
W.R. Berkley Corp.		1,400		45,556
Brown & Brown, Inc.		15,100		379,614
Cigna Corp.		38,600		2,015,692
Markel Corp.(a)		500		242,280
MBIA, Inc.(b)		8,600		535,092
Odyssey Re Holdings Corp.		1,200		51,468
Philadelphia Consolidated Holding Corp.(a)		2,700		112,860
The PMI Group, Inc.		13,800		616,446
Progressive Corp.		21,800		521,674
Prudential Financial, Inc.		9,900		962,577
Radian Group, Inc.		4,200		226,800
Reinsurance Group of America, Inc.		1,900		114,456
Torchmark Corp.		10,200		683,400
St. Paul Travelers Companies		35,000		1,872,500
				14,886,330
Internet — 0.7%
Amazon.com, Inc.(a)		17,200		1,176,652
eBay, Inc.(a)		19,500		627,510
Expedia, Inc.(a)		12,400		363,196
IAC/InterActiveCorp(a)		8,000		276,880
McAfee, Inc.(a)		25,000		880,000
				3,324,238
Investment Companies — 0.0%
American Capital Strategies Ltd.(b)		4,700		199,844
Iron & Steel — 0.1%
Cleveland-Cliffs, Inc.		3,200		248,544
Leisure Time — 1.2%
Harley-Davidson, Inc.(b)		88,600		5,281,446

	Number of Shares		Market Value
Lodging — 1.1%
Choice Hotels International, Inc.		6,100	$	241,072
Marriott International, Inc. Cl. A		61,100		2,641,964
MGM Mirage(a)		23,700		1,954,776
				4,837,812
Machinery – Diversified — 0.3%
Deere & Co.		8,400		1,014,216
Graco, Inc.		5,400		217,512
				1,231,728
Manufacturing — 1.7%
Carlisle Cos., Inc.		5,700		265,107
Crane Co.		4,800		218,160
Danaher Corp.		36,600		2,763,300
Honeywell International, Inc.		22,400		1,260,672
Illinois Tool Works, Inc.		28,300		1,533,577
Textron, Inc.		2,700		297,297
Tyco International Ltd.		38,900		1,314,431
				7,652,544
Media — 3.9%
Citadel Broadcasting Corp.		3,279		21,150
Comcast Corp. Cl. A(a)		241,800		6,799,416
The DIRECTV Group, Inc.(a)		203,400		4,700,574
EchoStar Communications Corp. Cl. A(a)		1,900		82,403
Gannett Co., Inc.		22,100		1,214,395
Liberty Media Holding Corp. Capital Cl. A(a)		8,100		953,208
The McGraw-Hill Companies, Inc.		9,300		633,144
News Corp., Inc. Cl. A		32,700	��	693,567
Time Warner, Inc.		65,700		1,382,328
The Walt Disney Co.		39,800		1,358,772
				17,838,957
Metal Fabricate & Hardware — 0.3%
Precision Castparts Corp.		12,200		1,480,592
Mining — 0.1%
Southern Copper Corp.(b)		1,100		103,686
Vulcan Materials Co.(b)		2,800		320,712
				424,398
Office Equipment/Supplies — 0.1%
Pitney Bowes, Inc.		11,300		529,066
Oil & Gas — 5.6%
Anadarko Petroleum Corp.		8,300		431,517
Apache Corp.		4,600		375,314

(Continued)

The accompanying notes are an integral part of the financial statements.
132

MassMutual Select Growth Equity Fund – Portfolio of Investments (Continued)

	Number of Shares		Market Value
Chevron Corp.		83,600	$	7,042,464
ConocoPhillips		18,637		1,463,005
Devon Energy Corp.		5,800		454,082
Exxon Mobil Corp.		178,900		15,006,132
Occidental Petroleum Corp.		6,800		393,584
				25,166,098
Packaging & Containers — 0.3%
Owens-Illinois, Inc.(a)		8,200		287,000
Pactiv Corp.(a)		33,100		1,055,559
				1,342,559
Pharmaceuticals — 7.9%
Abbott Laboratories		34,800		1,863,540
Bristol-Myers Squibb Co.		17,000		536,520
Cardinal Health, Inc.		20,400		1,441,056
Express Scripts, Inc.(a)		40,600		2,030,406
Forest Laboratories, Inc.(a)		98,600		4,501,090
Merck & Co., Inc.		296,100		14,745,780
NBTY, Inc.(a)		11,200		483,840
Pfizer, Inc.		132,600		3,390,582
Schering-Plough Corp.		204,500		6,224,980
Wyeth		9,400		538,996
				35,756,790
Retail — 18.1%
Abercrombie & Fitch Co. Cl. A		9,400		686,012
American Eagle Outfitters, Inc.		83,400		2,140,044
AutoNation, Inc.(a)		33,800		758,472
AutoZone, Inc.(a)		15,400		2,103,948
Bed Bath & Beyond, Inc.(a)		53,500		1,925,465
Best Buy Co., Inc.		11,600		541,372
Big Lots, Inc.(a) (b)		19,400		570,748
Brinker International, Inc.(b)		7,050		206,354
Carmax, Inc.(a) (b)		50,400		1,285,200
Costco Wholesale Corp.		9,000		526,680
Dollar General Corp.		28,800		631,296
Dollar Tree Stores, Inc.(a)		30,400		1,323,920
Family Dollar Stores, Inc.		40,200		1,379,664
The Gap, Inc.		25,000		477,500
The Home Depot, Inc.		301,500		11,864,025
J.C. Penney Co., Inc.		16,800		1,215,984
Jack in the Box, Inc.(a)		12,500		886,750
Kohl's Corp.(a)		103,700		7,365,811
Limited Brands, Inc.(b)		44,300		1,216,035
Lowe's Companies, Inc.(b)		209,800		6,438,762
McDonald's Corp.		121,100		6,147,036
Nordstrom, Inc.		43,800		2,239,056
OfficeMax, Inc.		12,700		499,110
O'Reilly Automotive, Inc.(a)		10,200		372,810

	Number of Shares		Market Value
Petsmart, Inc.		11,800	$	382,910
RadioShack Corp.(b)		26,700		884,838
Sears Holdings Corp.(a)		6,400		1,084,800
Staples, Inc.		87,000		2,064,510
Starbucks Corp.(a)		51,800		1,359,232
Target Corp.		78,600		4,998,960
Tiffany & Co.		16,900		896,714
The TJX Cos., Inc.		42,100		1,157,750
Walgreen Co.		55,600		2,420,824
Wal-Mart Stores, Inc.		242,000		11,642,620
Yum! Brands, Inc.		64,200		2,100,624
				81,795,836
Semiconductors — 1.2%
Intel Corp.		194,800		4,628,448
Novellus Systems, Inc.(a) (b)		21,000		595,770
				5,224,218
Software — 7.5%
Adobe Systems, Inc.(a)		21,800		875,270
BEA Systems, Inc.(a)		16,300		223,147
BMC Software, Inc.(a)		26,800		812,040
CA, Inc.		9,400		242,802
Citrix Systems, Inc.(a)		4,700		158,249
Compuware Corp.(a)		18,300		217,038
First Data Corp.		28,600		934,362
Fiserv, Inc.(a)		38,800		2,203,840
Intuit, Inc.(a)		11,600		348,928
Microsoft Corp.		566,100		16,682,967
MoneyGram International, Inc.		18,900		528,255
Oracle Corp.(a)		465,800		9,180,918
SEI Investments Co.		32,000		929,280
Total System Services, Inc.(b)		13,300		392,483
				33,729,579
Telecommunications — 4.6%
AT&T, Inc.		118,260		4,907,790
Cisco Systems, Inc.(a)		526,600		14,665,810
Juniper Networks, Inc.(a)		9,500		239,115
Polycom, Inc.(a)		21,100		708,960
Telephone and Data Systems, Inc.		6,900		431,733
				20,953,408
Textiles — 0.0%
Cintas Corp.(b)		3,900		153,777
Toys, Games & Hobbies — 0.6%
Hasbro, Inc.		16,600		521,406
Mattel, Inc.		88,100		2,228,049
				2,749,455

	Number of Shares		Market Value
Transportation — 1.0%
C.H. Robinson Worldwide, Inc.		10,800	$	567,216
CSX Corp.		10,900		491,372
Expeditors International of Washington, Inc.		4,600		189,980
FedEx Corp.		29,600		3,284,712
				4,533,280
TOTAL EQUITIES (Cost $416,627,779)				441,786,251
RIGHTS — 0.0%
Computers Seagate Technology(a) (c)		66,000		0
TOTAL RIGHTS (Cost $0)				0
TOTAL LONG TERM INVESTMENTS (Cost $416,627,779)				441,786,251
	Principal Amount
SHORT-TERM INVESTMENTS — 6.0%
Cash Equivalents — 3.6%(e)
Abbey National PLC Eurodollar Time Deposit 5.280% 07/05/2007	$	213,308		213,308
Abbey National PLC Eurodollar Time Deposit 5.285% 07/09/2007		533,270		533,270
American Beacon Money Market Fund(d)		598,303		598,303
Banco Bilbao Vizcaya Argentaria SA Eurodollar Time Deposit 5.300% 08/10/2007		399,952		399,952
Bank of America 5.270% 07/06/2007		533,269		533,269
Bank of America 5.270% 07/16/2007		106,654		106,654
Bank of America 5.270% 08/17/2007		133,317		133,317
Bank of America 5.300% 09/17/2007		266,634		266,634
Bank of Ireland Eurodollar Time Deposit 5.300% 08/13/2007		533,269		533,269
Bank of Montreal Eurodollar Time Deposit 5.280% 07/03/2007		133,317		133,317

(Continued)

The accompanying notes are an integral part of the financial statements.
133

MassMutual Select Growth Equity Fund – Portfolio of Investments (Continued)

	Principal Amount		Market Value
Bank of Montreal Eurodollar Time Deposit 5.290% 07/02/2007	$	106,654	$	106,654
Bank of Montreal Eurodollar Time Deposit 5.310% 08/14/2007		79,990		79,990
Bank of Nova Scotia Eurodollar Time Deposit 5.280% 07/09/2007		506,605		506,605
Bank Of Nova Scotia Eurodollar Time Deposit 5.285% 07/11/2007		293,298		293,298
Barclays Eurodollar Time Deposit 5.290% 07/06/2007		533,269		533,269
Barclays Eurodollar Time Deposit 5.295% 07/16/2007		106,654		106,654
Barclays Eurodollar Time Deposit 5.320% 09/04/2007		266,634		266,634
Bear Stearns & Co Commercial Paper 5.435% 07/10/2007		79,990		79,990
BGI Institutional Money Market Fund(d)		346,625		346,625
BNP Paribas Eurodollar Time Deposit 5.350% 07/02/2007		799,903		799,903
Calyon Eurodollar Time Deposit 5.290% 07/17/2007		266,634		266,634
Calyon Eurodollar Time Deposit 5.380% 07/02/2007		799,903		799,903
Canadian Imperial Bank of Commerce Eurodollar Time Deposit 5.300% 07/30/2007		533,269		533,269
Dexia Group Eurodollar Time Deposit 5.290% 08/08/2007		533,269		533,269
Dreyfus Institutional Cash Advantage Money Market Fund(d)		159,981		159,981
Federal Home Loan Bank Discount Note 5.174% 07/20/2007		39,551		39,551
First Tennessee National Corp. Eurodollar Time Deposit 5.300% 07/18/2007		133,317		133,317

	Principal Amount		Market Value
Fortis Bank Eurodollar Time Deposit 5.290% 07/06/2007	$	133,317	$	133,317
Fortis Bank Eurodollar Time Deposit 5.290% 07/09/2007		186,644		186,644
Fortis Bank Eurodollar Time Deposit 5.300% 07/20/2007		133,317		133,317
Fortis Bank Eurodollar Time Deposit 5.300% 07/26/2007		106,654		106,654
Fortis Bank Eurodollar Time Deposit 5.350% 07/05/2007		266,634		266,634
Freddie Mac Discount Note 5.155% 07/16/2007		50,349		50,349
Freddie Mac Discount Note 5.185% 07/09/2007		26,285		26,285
Morgan Stanley & Co Commercial Paper 5.445% 08/01/2007		239,971		239,971
National Australia Bank Eurodollar Time Deposit 5.320% 07/02/2007		266,634		266,634
Nationwide Building Society Commercial Paper 5.301% 07/09/2007		266,086		266,086
Rabobank Nederland Eurodollar Time Deposit 5.280% 07/05/2007		399,952		399,952
Rabobank Nederland Eurodollar Time Deposit 5.290% 07/16/2007		533,269		533,269
Rabobank Nederland Eurodollar Time Deposit 5.330% 07/02/2007		799,903		799,903
Reserve Primary Money Market Fund(d)		529,397		529,397
Royal Bank of Canada Eurodollar Time Deposit 5.305% 08/30/2007		533,269		533,269
Royal Bank of Scotland Eurodollar Time Deposit 5.270% 07/11/2007		133,317		133,317
Skandinaviska Enskilda Banken AB Eurodollar Time Deposit 5.290% 07/13/2007		533,269		533,269
Skandinaviska Enskilda Banken AB Eurodollar Time Deposit 5.290% 07/19/2007		79,990		79,990

	Principal Amount		Market Value
Svenska Handlesbanken Eurodollar Time Deposit 5.300% 07/02/2007	$	89,576	$	89,576
UBS AG Eurodollar Time Deposit 5.277% 07/05/2007		373,288		373,288
UBS AG Eurodollar Time Deposit 5.285% 07/05/2007		533,269		533,269
Vanguard Prime Money Market Fund(d)		266,634		266,634
Wells Fargo Eurodollar Time Deposit 5.260% 07/02/2007		143,983		143,983
Wells Fargo Eurodollar Time Deposit 5.280% 07/11/2007		533,269		533,269
Wells Fargo Eurodollar Time Deposit 5.280% 07/12/2007		266,634		266,634
				16,461,749
Repurchase Agreements — 2.4%
Investors Bank & Trust Company Repurchase Agreement, dated 6/29/2007, 3.50%, due 7/02/2007(f)		10,639,757		10,639,757
TOTAL SHORT-TERM INVESTMENTS (Cost $27,101,506)				27,101,506
TOTAL INVESTMENTS — 103.6% (Cost $443,729,285)(g)				468,887,757
Other Assets/ (Liabilities) — (3.6%)				(16,293,667	)
NET ASSETS — 100.0%			$	452,594,090

Notes to Portfolio of Investments

(a) Non-income producing security.

(b) Denotes all or a portion of security on loan. (Note 2).

(d) Amount represents shares owned of the fund.

(e) Represents investments of security lending collateral. (Note 2).

(f) Maturity value of $10,642,861. Collateralized by a U.S. Government Agency obligation with a rate of 8.20%, maturity date of 2/25/2029, and an aggregate market value, including accrued interest, of $11,171,745.

(g) See Note 6 for aggregate cost for Federal tax purposes.

The accompanying notes are an integral part of the financial statements.
134

MassMutual Select Aggressive Growth Fund – Portfolio of Investments

June 30, 2007 (Unaudited)

	Number of Shares		Market Value
EQUITIES — 98.9%
COMMON STOCK — 98.9%
Biotechnology — 8.7%
Genentech, Inc.(a)		363,900	$	27,532,674
Genzyme Corp.(a)		284,700		18,334,680
				45,867,354
Chemicals — 0.8%
Praxair, Inc.		60,000		4,319,400
Commercial Services — 4.6%
Iron Mountain, Inc.(a) (b)		176,350		4,608,025
Moody's Corp.(b)		227,300		14,138,060
Weight Watchers International, Inc.		60,000		3,050,400
Western Union		120,000		2,499,600
				24,296,085
Computers — 7.3%
Apple, Inc.(a)		221,700		27,056,268
Research In Motion Ltd.(a)		22,500		4,499,775
SanDisk Corp.(a)		65,000		3,181,100
Seagate Technology(b)		175,000		3,809,750
				38,546,893
Cosmetics & Personal Care — 0.8%
The Procter & Gamble Co.		72,000		4,405,680
Diversified Financial — 10.0%
Chicago Mercantile Exchange Holdings, Inc.(b)		47,700		25,488,972
Intercontinental Exchange, Inc.(a)		186,100		27,514,885
				53,003,857
Entertainment — 0.7%
International Game Technology		100,000		3,970,000
Health Care – Products — 8.4%
Intuitive Surgical, Inc.(a) (b)		74,400		10,324,488
Patterson Cos., Inc.(a)		142,000		5,292,340
Stryker Corp.(b)		151,600		9,564,444
Varian Medical Systems, Inc.(a)		219,500		9,330,945
Zimmer Holdings, Inc.(a)		115,800		9,830,262
				44,342,479

	Number of Shares		Market Value
Health Care – Services — 0.9%
UnitedHealth Group, Inc.		95,000	$	4,858,300
Internet — 12.2%
eBay, Inc.(a)		155,000		4,987,900
Google, Inc. Cl. A(a)		91,200		47,732,256
Yahoo!, Inc.(a)		432,700		11,739,151
				64,459,307
Lodging — 0.7%
MGM Mirage(a)		48,500		4,000,280
Oil & Gas Services — 6.3%
National Oilwell Varco, Inc.(a)		109,800		11,445,552
Schlumberger Ltd.		259,500		22,041,930
				33,487,482
Pharmaceuticals — 6.7%
Abraxis BioScience, Inc.(b)		159,300		3,541,239
Allergan, Inc.		404,600		23,321,144
Teva Pharmaceutical Sponsored ADR (Israel)		208,200		8,588,250
				35,450,633
Retail — 11.8%
Lowe's Companies, Inc.		496,800		15,246,792
Staples, Inc.		175,000		4,152,750
Starbucks Corp.(a) (b)		885,200		23,227,648
Walgreen Co.		367,300		15,992,242
Wal-Mart Stores, Inc.		75,000		3,608,250
				62,227,682
Semiconductors — 2.8%
Broadcom Corp. Cl. A(a)		498,600		14,584,050
Software — 4.1%
Cerner Corp.(a) (b)		111,200		6,168,264
Intuit, Inc.(a)		140,000		4,211,200
Paychex, Inc.		100,000		3,912,000
Salesforce.com, Inc.(a) (b)		171,700		7,359,062
				21,650,526
Telecommunications — 9.0%
America Movil SAB de CV Sponsored ADR (Mexico)		348,800		21,601,184
Crown Castle International Corp.(a)		53,400		1,936,818
Qualcomm, Inc.		557,200		24,176,908
				47,714,910

	Number of Shares		Market Value
Transportation — 3.1%
Expeditors International of Washington, Inc.		281,000	$	11,605,300
United Parcel Service, Inc. Cl. B		63,000		4,599,000
				16,204,300
TOTAL EQUITIES (Cost $440,692,640)				523,389,218
	Principal Amount
SHORT-TERM INVESTMENTS — 14.7%
Cash Equivalents — 13.7%(d)
Abbey National PLC Eurodollar Time Deposit 5.280% 07/05/2007	$	935,962		935,962
Abbey National PLC Eurodollar Time Deposit 5.285% 07/09/2007		2,339,903		2,339,903
American Beacon Money Market Fund(c)		2,625,265		2,625,265
Banco Bilbao Vizcaya Argentaria SA Eurodollar Time Deposit 5.300% 08/10/2007		1,754,928		1,754,928
Bank of America 5.270% 07/06/2007		2,339,905		2,339,905
Bank of America 5.270% 07/16/2007		467,981		467,981
Bank of America 5.270% 08/17/2007		584,976		584,976
Bank of America 5.300% 09/17/2007		1,169,952		1,169,952
Bank of Ireland Eurodollar Time Deposit 5.300% 08/13/2007		2,339,905		2,339,905
Bank of Montreal Eurodollar Time Deposit 5.280% 07/03/2007		584,976		584,976
Bank of Montreal Eurodollar Time Deposit 5.290% 07/02/2007		467,981		467,981
Bank of Montreal Eurodollar Time Deposit 5.310% 08/14/2007		350,985		350,985
Bank of Nova Scotia Eurodollar Time Deposit 5.280% 07/09/2007		2,222,909		2,222,909

(Continued)

The accompanying notes are an integral part of the financial statements.
135

MassMutual Select Aggressive Growth Fund – Portfolio of Investments (Continued)

	Principal Amount		Market Value
Bank Of Nova Scotia Eurodollar Time Deposit 5.285% 07/11/2007	$	1,286,947	$	1,286,947
Barclays Eurodollar Time Deposit 5.290% 07/06/2007		2,339,905		2,339,905
Barclays Eurodollar Time Deposit 5.295% 07/16/2007		467,981		467,981
Barclays Eurodollar Time Deposit 5.320% 09/04/2007		1,169,952		1,169,952
Bear Stearns & Co Commercial Paper 5.435% 07/10/2007		350,985		350,985
BGI Institutional Money Market Fund(c)		1,520,937		1,520,937
BNP Paribas Eurodollar Time Deposit 5.350% 07/02/2007		3,509,857		3,509,857
Calyon Eurodollar Time Deposit 5.290% 07/17/2007		1,169,952		1,169,952
Calyon Eurodollar Time Deposit 5.380% 07/02/2007		3,509,857		3,509,857
Canadian Imperial Bank of Commerce Eurodollar Time Deposit 5.300% 07/30/2007		2,339,905		2,339,905
Dexia Group Eurodollar Time Deposit 5.290% 08/08/2007		2,339,905		2,339,905
Dreyfus Institutional Cash Advantage Money Market Fund(c)		701,971		701,971
Federal Home Loan Bank Discount Note 5.174% 07/20/2007		173,543		173,543
First Tennessee National Corp. Eurodollar Time Deposit 5.300% 07/18/2007		584,976		584,976
Fortis Bank Eurodollar Time Deposit 5.290% 07/06/2007		584,976		584,976
Fortis Bank Eurodollar Time Deposit 5.290% 07/09/2007		818,966		818,966
Fortis Bank Eurodollar Time Deposit 5.300% 07/20/2007		584,976		584,976

	Principal Amount		Market Value
Fortis Bank Eurodollar Time Deposit 5.300% 07/26/2007	$	467,981	$	467,981
Fortis Bank Eurodollar Time Deposit 5.350% 07/05/2007		1,169,952		1,169,952
Freddie Mac Discount Note 5.155% 07/16/2007		220,923		220,923
Freddie Mac Discount Note 5.185% 07/09/2007		115,335		115,335
Morgan Stanley & Co Commercial Paper 5.445% 08/01/2007		1,052,957		1,052,957
National Australia Bank Eurodollar Time Deposit 5.320% 07/02/2007		1,169,952		1,169,952
Nationwide Building Society Commercial Paper 5.301% 07/09/2007		1,167,546		1,167,546
Rabobank Nederland Eurodollar Time Deposit 5.280% 07/05/2007		1,754,928		1,754,928
Rabobank Nederland Eurodollar Time Deposit 5.290% 07/16/2007		2,339,905		2,339,905
Rabobank Nederland Eurodollar Time Deposit 5.330% 07/02/2007		3,509,857		3,509,857
Reserve Primary Money Market Fund(c)		2,322,914		2,322,914
Royal Bank of Canada Eurodollar Time Deposit 5.305% 08/30/2007		2,339,905		2,339,905
Royal Bank of Scotland Eurodollar Time Deposit 5.270% 07/11/2007		584,976		584,976
Skandinaviska Enskilda Banken AB Eurodollar Time Deposit 5.290% 07/13/2007		2,339,905		2,339,905
Skandinaviska Enskilda Banken AB Eurodollar Time Deposit 5.290% 07/19/2007		350,985		350,985
Svenska Handlesbanken Eurodollar Time Deposit 5.300% 07/02/2007		393,047		393,047
UBS AG Eurodollar Time Deposit 5.277% 07/05/2007		1,637,933		1,637,933
UBS AG Eurodollar Time Deposit 5.285% 07/05/2007		2,339,905		2,339,905

	Principal Amount		Market Value
Vanguard Prime Money Market Fund(c)	$	1,169,952	$	1,169,952
Wells Fargo Eurodollar Time Deposit 5.260% 07/02/2007		631,775		631,775
Wells Fargo Eurodollar Time Deposit 5.280% 07/11/2007		2,339,905		2,339,905
Wells Fargo Eurodollar Time Deposit 5.280% 07/12/2007		1,169,952		1,169,952
				72,231,709
Repurchase Agreements — 1.0%
Investors Bank & Trust Company Repurchase Agreement, dated 6/29/2007, 3.50%, due 7/02/2007(e)		5,508,800		5,508,800
TOTAL SHORT-TERM INVESTMENTS (Cost $77,740,509)				77,740,509
TOTAL INVESTMENTS — 113.6% (Cost $518,433,149)(f)				601,129,727
Other Assets/ (Liabilities) — (13.6%)				(72,081,635	)
NET ASSETS — 100.0%			$	529,048,092

Notes to Portfolio of Investments

ADR - American Depository Receipt

(a) Non-income producing security.

(b) Denotes all or a portion of security on loan. (Note 2).

(d) Represents investments of security lending collateral. (Note 2).

(e) Maturity value of $5,510,407. Collaterized by a U.S. Government Agency obligation with a rate of 8.625%, maturity date of 3/25/2016, and an aggregate market value, including accrued interest, of $5,784,240.

(f) See Note 6 for aggregate cost for Federal tax purposes.

The accompanying notes are an integral part of the financial statements.
136

MassMutual Select OTC 100 Fund – Portfolio of Investments

June 30, 2007 (Unaudited)

	Number of Shares		Market Value
EQUITIES — 98.5%
COMMON STOCK — 98.5%
Advertising — 0.3%
Lamar Advertising Co. Cl. A		2,148	$	134,808
Airlines — 0.5%
Ryanair Holdings PLC Sponsored ADR (Ireland)(a) (b)		3,112		117,478
UAL Corp.(a) (b)		2,917		118,401
				235,879
Auto Manufacturers — 1.5%
Paccar, Inc.		7,451		648,535
Biotechnology — 5.8%
Amgen, Inc.(a)		14,464		799,715
Biogen Idec, Inc.(a)		9,982		534,037
Celgene Corp.(a)		10,081		577,944
Genzyme Corp.(a)		8,858		570,455
Vertex Pharmaceuticals, Inc.(a)		3,630		103,673
				2,585,824
Chemicals — 0.3%
Sigma-Aldrich Corp.		3,414		145,675
Commercial Services — 1.3%
Apollo Group, Inc. Cl. A(a)		4,687		273,861
Fastenal Co.(b)		3,865		161,789
Monster Worldwide, Inc.(a)		3,616		148,618
				584,268
Computers — 15.6%
Apple, Inc.(a)		32,283		3,939,817
Cadence Design Systems, Inc.(a)		7,804		171,376
Cognizant Technology Solutions Corp. Cl. A(a)		3,750		281,587
Dell, Inc.(a)		22,363		638,464
Logitech International S.A.(a) (b)		4,763		125,696
Network Appliance, Inc.(a)		10,383		303,184
Research In Motion Ltd.(a)		4,978		995,550
SanDisk Corp.(a)		5,603		274,211
Sun Microsystems, Inc.(a)		41,560		218,606
				6,948,491
Computers & Information — 0.4%
CDW Corp.(a)		2,205		187,359

	Number of Shares		Market Value
Electronics — 1.3%
Flextronics International Ltd.(a)		17,671	$	190,847
Garmin Ltd.(b)		5,368		397,071
				587,918
Foods — 0.3%
Whole Foods Market, Inc.(b)		3,710		142,093
Health Care – Products — 1.9%
Biomet, Inc.		8,849		404,576
Dentsply International, Inc.		3,948		151,050
Intuitive Surgical, Inc.(a)		1,002		139,048
Patterson Cos., Inc.(a)		3,570		133,054
				827,728
Internet — 13.1%
Akamai Technologies, Inc.(a) (b)		4,251		206,769
Amazon.com, Inc.(a) (b)		7,280		498,025
Check Point Software Technologies Ltd.(a)		5,967		136,107
Checkfree Corp.(a) (b)		2,247		90,329
eBay, Inc.(a)		27,218		875,875
Expedia, Inc.(a) (b)		8,019		234,877
Google, Inc. Cl. A(a)		3,768		1,972,096
IAC/InterActiveCorp(a)		8,002		276,949
Liberty Media Holding Corp. Interactive Cl. A(a)		16,040		358,173
Symantec Corp.(a)		25,211		509,262
VeriSign, Inc.(a)		6,129		194,473
Yahoo!, Inc.(a)		17,288		469,023
				5,821,958
Lodging — 0.6%
Wynn Resorts Ltd.(b)		2,975		266,828
Machinery – Construction & Mining — 0.4%
Joy Global, Inc.		2,855		166,532
Media — 4.3%
Comcast Corp. Cl. A(a)		38,763		1,090,016
Discovery Holding Co. Cl. A(a)		6,375		146,561
EchoStar Communications Corp. Cl. A(a)		5,756		249,638
Liberty Global, Inc. Cl. A(a)		5,192		213,080
Sirius Satellite Radio, Inc.(a) (b)		42,369		127,954
XM Satellite Radio Holdings, Inc. Cl. A(a)		8,593		101,140
				1,928,389

	Number of Shares		Market Value
Oil & Gas — 0.3%
Patterson-UTI Energy, Inc.		4,285	$	112,310
Pharmaceuticals — 5.2%
Amylin Pharmaceuticals, Inc.(a) (b)		3,392		139,615
Cephalon, Inc.(a) (b)		1,700		136,663
Express Scripts, Inc.(a)		6,506		325,365
Gilead Sciences, Inc.(a)		24,610		954,130
Sepracor, Inc.(a)		2,798		114,774
Teva Pharmaceutical Sponsored ADR (Israel)		16,201		668,291
				2,338,838
Retail — 6.1%
Bed Bath & Beyond, Inc.(a) (b)		9,972		358,892
Costco Wholesale Corp.		6,296		368,442
Petsmart, Inc.		3,606		117,015
Ross Stores, Inc.		3,704		114,083
Sears Holdings Corp.(a)		4,269		723,595
Staples, Inc.		12,856		305,073
Starbucks Corp.(a)		27,562		723,227
				2,710,327
Semiconductors — 10.5%
Altera Corp.		13,364		295,745
Applied Materials, Inc.		19,125		380,014
Broadcom Corp. Cl. A(a)		11,431		334,357
Intel Corp.		54,442		1,293,542
KLA-Tencor Corp.		6,214		341,459
Lam Research Corp.(a) (b)		3,733		191,876
Linear Technology Corp.(b)		9,079		328,478
Marvell Technology Group Ltd.(a)		14,944		272,130
Maxim Integrated Products, Inc.		12,025		401,755
Microchip Technology, Inc.		4,877		180,644
Nvidia Corp.(a)		9,537		393,973
Xilinx, Inc.		10,575		283,093
				4,697,066
Software — 15.0%
Activision, Inc.(a) (b)		6,851		127,908
Adobe Systems, Inc.(a)		15,421		619,153
Autodesk, Inc.(a)		6,447		303,525
BEA Systems, Inc.(a)		9,725		133,135
Citrix Systems, Inc.(a)		5,742		193,333
Electronic Arts, Inc.(a)		8,403		397,630
Fiserv, Inc.(a)		5,630		319,784

(Continued)

The accompanying notes are an integral part of the financial statements.
137

MassMutual Select OTC 100 Fund – Portfolio of Investments (Continued)

	Number of Shares		Market Value
Infosys Technologies Ltd. Sponsored ADR (India)		3,010	$	151,644
Intuit, Inc.(a)		11,351		341,438
Microsoft Corp.		88,106		2,596,484
Oracle Corp.(a)		57,361		1,130,585
Paychex, Inc.		9,696		379,308
				6,693,927
Telecommunications — 12.3%
Cisco Systems, Inc.(a)		58,043		1,616,498
Juniper Networks, Inc.(a)		9,960		250,693
Level 3 Communications, Inc.(a) (b)		39,908		233,462
Millicom International Cellular SA(a) (b)		2,620		240,097
NII Holdings, Inc. Cl. B(a)		4,254		343,468
Qualcomm, Inc.		53,792		2,334,035
Telefonaktiebolaget LM Ericsson Cl. B Sponsored ADR (Sweden)(b)		3,555		141,809
Tellabs, Inc.(a)		6,765		72,791
Virgin Media, Inc.		9,590		233,708
				5,466,561
Textiles — 0.5%
Cintas Corp.		5,093		200,817
Transportation — 1.0%
C.H. Robinson Worldwide, Inc.		4,476		235,080
Expeditors International of Washington, Inc.		5,600		231,280
				466,360
TOTAL EQUITIES (Cost $34,676,759)				43,898,491
	Principal Amount
SHORT-TERM INVESTMENTS — 10.4%
Cash Equivalents — 9.0%(d)
Abbey National PLC Eurodollar Time Deposit 5.280% 07/05/2007	$	52,064		52,064
Abbey National PLC Eurodollar Time Deposit 5.285% 07/09/2007		130,155		130,155
American Beacon Money Market Fund(c)		146,032		146,032
Banco Bilbao Vizcaya Argentaria SA Eurodollar Time Deposit 5.300% 08/10/2007		97,619		97,619
Bank of America 5.270% 07/06/2007		130,159		130,159

	Principal Amount		Market Value
Bank of America 5.270% 07/16/2007	$	26,032	$	26,032
Bank of America 5.270% 08/17/2007		32,540		32,540
Bank of America 5.300% 09/17/2007		65,079		65,079
Bank of Ireland Eurodollar Time Deposit 5.300% 08/13/2007		130,159		130,159
Bank of Montreal Eurodollar Time Deposit 5.280% 07/03/2007		32,540		32,540
Bank of Montreal Eurodollar Time Deposit 5.290% 07/02/2007		26,032		26,032
Bank of Montreal Eurodollar Time Deposit 5.310% 08/14/2007		19,524		19,524
Bank of Nova Scotia Eurodollar Time Deposit 5.280% 07/09/2007		123,651		123,651
Bank Of Nova Scotia Eurodollar Time Deposit 5.285% 07/11/2007		71,587		71,587
Barclays Eurodollar Time Deposit 5.290% 07/06/2007		130,159		130,159
Barclays Eurodollar Time Deposit 5.295% 07/16/2007		26,032		26,032
Barclays Eurodollar Time Deposit 5.320% 09/04/2007		65,079		65,079
Bear Stearns & Co Commercial Paper 5.435% 07/10/2007		19,524		19,524
BGI Institutional Money Market Fund(c)		84,603		84,603
BNP Paribas Eurodollar Time Deposit 5.350% 07/02/2007		195,238		195,238
Calyon Eurodollar Time Deposit 5.290% 07/17/2007		65,079		65,079
Calyon Eurodollar Time Deposit 5.380% 07/02/2007		195,238		195,238
Canadian Imperial Bank of Commerce Eurodollar Time Deposit 5.300% 07/30/2007		130,159		130,159
Dexia Group Eurodollar Time Deposit 5.290% 08/08/2007		130,159		130,159

	Principal Amount		Market Value
Dreyfus Institutional Cash Advantage Money Market Fund(c)	$	39,048	$	39,048
Federal Home Loan Bank Discount Note 5.174% 07/20/2007		9,653		9,653
First Tennessee National Corp. Eurodollar Time Deposit 5.300% 07/18/2007		32,540		32,540
Fortis Bank Eurodollar Time Deposit 5.290% 07/06/2007		32,540		32,540
Fortis Bank Eurodollar Time Deposit 5.290% 07/09/2007		45,556		45,556
Fortis Bank Eurodollar Time Deposit 5.300% 07/20/2007		32,540		32,540
Fortis Bank Eurodollar Time Deposit 5.300% 07/26/2007		26,032		26,032
Fortis Bank Eurodollar Time Deposit 5.350% 07/05/2007		65,079		65,079
Freddie Mac Discount Note 5.155% 07/16/2007		12,289		12,289
Freddie Mac Discount Note 5.185% 07/09/2007		6,416		6,416
Morgan Stanley & Co Commercial Paper 5.445% 08/01/2007		58,571		58,571
National Australia Bank Eurodollar Time Deposit 5.320% 07/02/2007		65,079		65,079
Nationwide Building Society Commercial Paper 5.301% 07/09/2007		64,946		64,946
Rabobank Nederland Eurodollar Time Deposit 5.280% 07/05/2007		97,619		97,619
Rabobank Nederland Eurodollar Time Deposit 5.290% 07/16/2007		130,159		130,159
Rabobank Nederland Eurodollar Time Deposit 5.330% 07/02/2007		195,238		195,238
Reserve Primary Money Market Fund(c)		129,214		129,214
Royal Bank of Canada Eurodollar Time Deposit 5.305% 08/30/2007		130,159		130,159
Royal Bank of Scotland Eurodollar Time Deposit 5.270% 07/11/2007		32,540		32,540

(Continued)

The accompanying notes are an integral part of the financial statements.
138

MassMutual Select OTC 100 Fund – Portfolio of Investments (Continued)

	Principal Amount		Market Value
Skandinaviska Enskilda Banken AB Eurodollar Time Deposit 5.290% 07/13/2007	$	130,159	$	130,159
Skandinaviska Enskilda Banken AB Eurodollar Time Deposit 5.290% 07/19/2007		19,524		19,524
Svenska Handlesbanken Eurodollar Time Deposit 5.300% 07/02/2007		21,864		21,864
UBS AG Eurodollar Time Deposit 5.277% 07/05/2007		91,111		91,111
UBS AG Eurodollar Time Deposit 5.285% 07/05/2007		130,159		130,159
Vanguard Prime Money Market Fund(c)		65,079		65,079
Wells Fargo Eurodollar Time Deposit 5.260% 07/02/2007		35,143		35,143
Wells Fargo Eurodollar Time Deposit 5.280% 07/11/2007		130,159		130,159
Wells Fargo Eurodollar Time Deposit 5.280% 07/12/2007		65,079		65,079
				4,017,938
Repurchase Agreements — 1.2%
Investors Bank & Trust Company Repurchase Agreement, dated 6/29/2007, 3.50%, due 7/02/2007(f)		508,650		508,650
U.S. Government Agencies — 0.2%
U.S. Treasury Bill(e) 4.946% 08/09/2007		100,000		99,465
TOTAL SHORT-TERM INVESTMENTS (Cost $4,626,053)				4,626,053
TOTAL INVESTMENTS — 108.9% (Cost $39,302,812)(g)				48,524,544
Other Assets/ (Liabilities) — (8.9%)				(3,953,026	)
NET ASSETS — 100.0%			$	44,571,518

Notes to Portfolio of Investments

ADR - American Depository Receipt

(a) Non-income producing security.

(b) Denotes all or a portion of security on loan. (Note 2).

(d) Represents investments of security lending collateral. (Note 2).

(e) This security is held as collateral for open future contracts. (Note 2).

(f) Maturity value of $508,799. Collateralized by a U.S. Government Agency obligation with a rate of 8.125%, maturity date of 8/25/2014, and an aggregate market value, including accrued interest, of $534,083.

(g) See Note 6 for aggregate cost for Federal tax purposes.

The accompanying notes are an integral part of the financial statements.
139

MassMutual Select Focused Value Fund – Portfolio of Investments

June 30, 2007 (Unaudited)

	Number of Shares		Market Value
EQUITIES — 95.0%
COMMON STOCK — 95.0%
Advertising — 1.0%
Catalina Marketing Corp.		172,697	$	5,439,956
Harte-Hanks, Inc.		196,765		5,052,925
				10,492,881
Apparel — 0.4%
Jones Apparel Group, Inc.		138,393		3,909,602
Banks — 4.4%
City National Corp.		51,694		3,933,396
Mellon Financial Corp.(a)		900,000		39,600,000
The South Financial Group, Inc.		41,293		934,874
				44,468,270
Beverages — 0.3%
PepsiAmericas, Inc.		123,373		3,030,041
Chemicals — 4.5%
Huntsman Corp.		1,400,000		34,034,000
International Flavors & Fragrances, Inc.		130,617		6,810,370
The Valspar Corp.		164,900		4,684,809
				45,529,179
Commercial Services — 1.0%
Corinthian Colleges, Inc.(b)		623,170		10,151,439
Computers — 9.4%
Dell, Inc.(b)		1,500,000		42,825,000
Diebold, Inc.(a)		139,873		7,301,371
Hewlett-Packard Co.		1,000,000		44,620,000
				94,746,371
Computers & Information — 0.5%
CDW Corp.(b)		64,290		5,462,721
Diversified Financial — 7.4%
JP Morgan Chase & Co.		800,000		38,760,000
Morgan Stanley		420,000		35,229,600
				73,989,600
Electrical Components & Equipment — 0.9%
Hubbell, Inc. Cl. B		106,702		5,785,382
Molex, Inc.		122,250		3,668,723
				9,454,105
Electronics — 1.2%
Cymer, Inc.(b)		139,385		5,603,277

	Number of Shares		Market Value
Flextronics International Ltd.(b)		265,555	$	2,867,994
Mettler-Toledo International, Inc.(b)		41,879		3,999,863
				12,471,134
Entertainment — 0.3%
International Speedway Corp. Cl. A		61,479		3,240,558
Foods — 1.2%
Hain Celestial Group, Inc.(b)		241,793		6,562,262
Pilgrim's Pride Corp.		142,576		5,442,126
				12,004,388
Health Care – Services — 0.8%
Quest Diagnostics, Inc.		113,092		5,841,202
Universal Health Services, Inc. Cl. B		30,626		1,883,499
				7,724,701
Home Builders — 2.3%
Lennar Corp. Cl. A(a)		619,100		22,634,296
Insurance — 2.6%
Ambac Financial Group, Inc.		23,215		2,024,116
Gallagher (Arthur J.) & Co.(a)		183,103		5,104,912
MBIA, Inc.(a)		68,043		4,233,635
RenaissanceRe Holdings Ltd.		36,000		2,231,640
Stewart Information Services		109,128		4,346,568
Unum Group		79,658		2,079,870
White Mountains Insurance Group Ltd.		8,904		5,396,002
Willis Group Holdings Ltd.		26,600		1,171,996
				26,588,739
Leisure Time — 3.6%
Carnival Corp.(a)		740,000		36,089,800
Machinery – Diversified — 1.0%
Albany International Corp. Cl. A(a)		105,533		4,267,755
Briggs & Stratton Corp.(a)		135,800		4,285,848
Tennant Co.		35,071		1,280,092
				9,833,695
Manufacturing — 1.6%
Carlisle Cos., Inc.		51,125		2,377,824
Dover Corp.		120,256		6,151,094

	Number of Shares		Market Value
Federal Signal Corp.(a)		216,237	$	3,429,519
Pall Corp.		95,819		4,406,716
				16,365,153
Media — 10.8%
Cablevision Systems Corp. Cl. A(b)		411,800		14,903,042
Discovery Holding Co. Cl. A(b)		1,600,000		36,784,000
Liberty Media Holding Corp. Capital Cl. A(b)		182,500		21,476,600
Time Warner, Inc.		1,700,000		35,768,000
				108,931,642
Office Furnishings — 0.5%
Steelcase, Inc. Cl. A		249,388		4,613,678
Oil & Gas — 0.3%
Cimarex Energy Co.		69,935		2,756,138
Pharmaceuticals — 0.3%
Medco Health Solutions, Inc.(b)		38,064		2,968,611
Real Estate Investment Trusts (REITS) — 0.6%
CapitalSource, Inc.(a)		224,254		5,514,406
Retail — 14.3%
CBRL Group, Inc.(a)		59,445		2,525,224
Guitar Center, Inc.(b)		96,568		5,775,732
McDonald's Corp.		901,500		45,760,140
Tiffany & Co.(a)		800,000		42,448,000
Yum! Brands, Inc.		1,300,000		42,536,000
Zale Corp.(a) (b)		195,620		4,657,712
				143,702,808
Semiconductors — 11.7%
Entegris, Inc.(a) (b)		662,275		7,867,827
Intel Corp.		2,000,000		47,520,000
Micron Technology, Inc.(a) (b)		1,849,000		23,167,970
National Semiconductor Corp.(a)		1,400,000		39,578,000
				118,133,797
Software — 1.7%
IMS Health, Inc.		177,052		5,688,681
MoneyGram International, Inc.		236,550		6,611,573
Parametric Technology Corp.(b)		207,013		4,473,551
				16,773,805

(Continued)

The accompanying notes are an integral part of the financial statements.
140

MassMutual Select Focused Value Fund – Portfolio of Investments (Continued)

	Number of Shares		Market Value
Telecommunications — 7.6%
Sprint Nextel Corp.		1,900,000	$	39,349,000
Virgin Media, Inc.		1,540,000		37,529,800
				76,878,800
Textiles — 0.5%
G&K Services, Inc. Cl. A		137,145		5,418,598
Transportation — 2.3%
Union Pacific Corp.		200,000		23,030,000
TOTAL EQUITIES (Cost $735,433,732)				956,908,956
	Principal Amount
SHORT-TERM INVESTMENTS — 21.0%
Cash Equivalents — 15.8%(d)
Abbey National PLC Eurodollar Time Deposit 5.280% 07/05/2007	$	2,064,733		2,064,733
Abbey National PLC Eurodollar Time Deposit 5.285% 07/09/2007		5,161,823		5,161,823
American Beacon Money Market Fund(c)		5,791,327		5,791,327
Banco Bilbao Vizcaya Argentaria SA Eurodollar Time Deposit 5.300% 08/10/2007		3,871,367		3,871,367
Bank of America 5.270% 07/06/2007		5,161,823		5,161,823
Bank of America 5.270% 07/16/2007		1,032,365		1,032,365
Bank of America 5.270% 08/17/2007		1,290,456		1,290,456
Bank of America 5.300% 09/17/2007		2,580,911		2,580,911
Bank of Ireland Eurodollar Time Deposit 5.300% 08/13/2007		5,161,823		5,161,823
Bank of Montreal Eurodollar Time Deposit 5.280% 07/03/2007		1,290,456		1,290,456
Bank of Montreal Eurodollar Time Deposit 5.290% 07/02/2007		1,032,365		1,032,365
Bank of Montreal Eurodollar Time Deposit 5.310% 08/14/2007		774,274		774,274
Bank of Nova Scotia Eurodollar Time Deposit 5.280% 07/09/2007		4,903,735		4,903,735

	Principal Amount		Market Value
Bank Of Nova Scotia Eurodollar Time Deposit 5.285% 07/11/2007	$	2,839,002	$	2,839,002
Barclays Eurodollar Time Deposit 5.290% 07/06/2007		5,161,823		5,161,823
Barclays Eurodollar Time Deposit 5.295% 07/16/2007		1,032,365		1,032,365
Barclays Eurodollar Time Deposit 5.320% 09/04/2007		2,580,911		2,580,911
Bear Stearns & Co Commercial Paper 5.435% 07/10/2007		774,274		774,274
BGI Institutional Money Market Fund(c)		3,355,185		3,355,185
BNP Paribas Eurodollar Time Deposit 5.350% 07/02/2007		7,742,735		7,742,735
Calyon Eurodollar Time Deposit 5.290% 07/17/2007		2,580,911		2,580,911
Calyon Eurodollar Time Deposit 5.380% 07/02/2007		7,742,735		7,742,735
Canadian Imperial Bank of Commerce Eurodollar Time Deposit 5.300% 07/30/2007		5,161,823		5,161,823
Dexia Group Eurodollar Time Deposit 5.290% 08/08/2007		5,161,823		5,161,823
Dreyfus Institutional Cash Advantage Money Market Fund(c)		1,548,547		1,548,547
Federal Home Loan Bank Discount Note 5.174% 07/20/2007		382,835		382,835
First Tennessee National Corp. Eurodollar Time Deposit 5.300% 07/18/2007		1,290,456		1,290,456
Fortis Bank Eurodollar Time Deposit 5.290% 07/06/2007		1,290,456		1,290,456
Fortis Bank Eurodollar Time Deposit 5.290% 07/09/2007		1,806,642		1,806,642
Fortis Bank Eurodollar Time Deposit 5.300% 07/20/2007		1,290,456		1,290,456

	Principal Amount		Market Value
Fortis Bank Eurodollar Time Deposit 5.300% 07/26/2007	$	1,032,365	$	1,032,365
Fortis Bank Eurodollar Time Deposit 5.350% 07/05/2007		2,580,911		2,580,911
Freddie Mac Discount Note 5.155% 07/16/2007		487,355		487,355
Freddie Mac Discount Note 5.185% 07/09/2007		254,429		254,429
Morgan Stanley & Co Commercial Paper 5.445% 08/01/2007		2,322,820		2,322,820
National Australia Bank Eurodollar Time Deposit 5.320% 07/02/2007		2,580,911		2,580,911
Nationwide Building Society Commercial Paper 5.301% 07/09/2007		2,575,602		2,575,602
Rabobank Nederland Eurodollar Time Deposit 5.280% 07/05/2007		3,871,367		3,871,367
Rabobank Nederland Eurodollar Time Deposit 5.290% 07/16/2007		5,161,823		5,161,823
Rabobank Nederland Eurodollar Time Deposit 5.330% 07/02/2007		7,742,735		7,742,735
Reserve Primary Money Market Fund(c)		5,124,342		5,124,342
Royal Bank of Canada Eurodollar Time Deposit 5.305% 08/30/2007		5,161,823		5,161,823
Royal Bank of Scotland Eurodollar Time Deposit 5.270% 07/11/2007		1,290,456		1,290,456
Skandinaviska Enskilda Banken AB Eurodollar Time Deposit 5.290% 07/13/2007		5,161,823		5,161,823
Skandinaviska Enskilda Banken AB Eurodollar Time Deposit 5.290% 07/19/2007		774,274		774,274
Svenska Handlesbanken Eurodollar Time Deposit 5.300% 07/02/2007		867,060		867,060
UBS AG Eurodollar Time Deposit 5.277% 07/05/2007		3,613,276		3,613,276
UBS AG Eurodollar Time Deposit 5.285% 07/05/2007		5,161,823		5,161,823

(Continued)

The accompanying notes are an integral part of the financial statements.
141

MassMutual Select Focused Value Fund – Portfolio of Investments (Continued)

	Principal Amount		Market Value
Vanguard Prime Money Market Fund(c)	$	2,580,911	$	2,580,911
Wells Fargo Eurodollar Time Deposit 5.260% 07/02/2007		1,393,692		1,393,692
Wells Fargo Eurodollar Time Deposit 5.280% 07/11/2007		5,161,823		5,161,823
Wells Fargo Eurodollar Time Deposit 5.280% 07/12/2007		2,580,911		2,580,911
				159,342,969
Repurchase Agreements — 5.2%
Investors Bank & Trust Company Repurchase Agreement, dated 6/29/2007, 3.50%, due 7/02/2007(e)		51,760,521		51,760,521
TOTAL SHORT-TERM INVESTMENTS (Cost $211,103,490)				211,103,490
TOTAL INVESTMENTS — 116.0% (Cost $946,537,222)(f)				1,168,012,446
Other Assets/ (Liabilities) — (16.0%)				(160,800,925	)
NET ASSETS — 100.0%			$	1,007,211,521

Notes to Portfolio of Investments

(a) Denotes all or a portion of security on loan. (Note 2).

(b) Non-income producing security.

(d) Represents investments of security lending collateral. (Note 2).

(e) Maturity value of $51,775,618. Collateralized by a U.S. Government Agency obligation with a rate of 5.62%, maturity date of 8/15/2036, and an aggregate market value, including accrued interest, of $54,348,547.

(f) See Note 6 for aggregate cost for Federal tax purposes.

The remainder of this page is intentionally left blank.

The accompanying notes are an integral part of the financial statements.
142

MassMutual Select Mid-Cap Value Fund – Portfolio of Investments

June 30, 2007 (Unaudited)

	Number of Shares		Market Value
EQUITIES — 97.5%
COMMON STOCK — 97.5%
Advertising — 4.4%
Catalina Marketing Corp.		171,373	$	5,398,249
Harte-Hanks, Inc.		169,435		4,351,091
				9,749,340
Apparel — 1.8%
Jones Apparel Group, Inc.		138,437		3,910,845
Banks — 2.1%
City National Corp.		49,806		3,789,739
The South Financial Group, Inc.		36,716		831,250
				4,620,989
Beverages — 1.3%
PepsiAmericas, Inc.		118,987		2,922,321
Chemicals — 5.3%
International Flavors & Fragrances, Inc.		133,843		6,978,574
The Valspar Corp.		163,960		4,658,104
				11,636,678
Commercial Services — 4.7%
Corinthian Colleges, Inc.(a)		632,400		10,301,796
Computers — 3.3%
Diebold, Inc.		141,427		7,382,489
Computers & Information — 2.4%
CDW Corp.(a)		63,350		5,382,850
Electrical Components & Equipment — 4.3%
Hubbell, Inc. Cl. B		110,758		6,005,299
Molex, Inc.		118,100		3,544,181
				9,549,480
Electronics — 6.0%
Cymer, Inc.(a)		159,450		6,409,890
Flextronics International Ltd.(a) (b)		271,055		2,927,394
Mettler-Toledo International, Inc.(a)		41,611		3,974,267
				13,311,551
Entertainment — 1.6%
International Speedway Corp. Cl. A		67,351		3,550,071
Foods — 5.5%
Hain Celestial Group, Inc.(a)		240,117		6,516,775
Pilgrim's Pride Corp.(b)		147,514		5,630,609
				12,147,384

	Number of Shares		Market Value
Health Care – Services — 3.6%
Quest Diagnostics, Inc.		117,978	$	6,093,564
Universal Health Services, Inc. Cl. B		30,084		1,850,166
				7,943,730
Insurance — 12.0%
Ambac Financial Group, Inc.(b)		23,195		2,022,372
Gallagher (Arthur J.) & Co.(b)		192,537		5,367,932
MBIA, Inc.(b)		67,527		4,201,530
RenaissanceRe Holdings Ltd.		37,700		2,337,023
Stewart Information Services		101,972		4,061,545
Unum Group		76,862		2,006,867
White Mountains Insurance Group Ltd.		9,067		5,494,783
Willis Group Holdings Ltd.		25,600		1,127,936
				26,619,988
Machinery – Diversified — 4.5%
Albany International Corp. Cl. A(b)		108,367		4,382,361
Briggs & Stratton Corp.(b)		134,200		4,235,352
Tennant Co.		35,644		1,301,006
				9,918,719
Manufacturing — 7.4%
Carlisle Cos., Inc.(b)		48,775		2,268,525
Dover Corp.		118,864		6,079,894
Federal Signal Corp.		223,473		3,544,282
Pall Corp.		98,311		4,521,323
				16,414,024
Office Furnishings — 2.2%
Steelcase, Inc. Cl. A(b)		262,402		4,854,437
Oil & Gas — 1.3%
Cimarex Energy Co.		74,825		2,948,853
Pharmaceuticals — 1.3%
Medco Health Solutions, Inc.(a)		36,746		2,865,821
Real Estate Investment Trusts (REITS) — 2.6%
CapitalSource, Inc.(b)		236,272		5,809,928
Retail — 6.2%
CBRL Group, Inc.(b)		64,344		2,733,333
Guitar Center, Inc.(a)		105,088		6,285,313
Zale Corp.(a) (b)		194,960		4,641,998
				13,660,644

	Number of Shares		Market Value
Semiconductors — 3.6%
Entegris, Inc.(a) (b)		663,105	$	7,877,687
Software — 7.7%
IMS Health, Inc.		181,328		5,826,069
MoneyGram International, Inc.(b)		238,130		6,655,734
Parametric Technology Corp.(a) (b)		206,117		4,454,188
				16,935,991
Textiles — 2.4%
G&K Services, Inc. Cl. A		135,195		5,341,554
TOTAL EQUITIES (Cost $204,515,658)				215,657,170
	Principal Amount
SHORT-TERM INVESTMENTS — 26.0%
Cash Equivalents — 21.9%(d)
Abbey National PLC Eurodollar Time Deposit 5.280% 07/05/2007	$	628,348		628,348
Abbey National PLC Eurodollar Time Deposit 5.285% 07/09/2007		1,570,870		1,570,870
American Beacon Money Market Fund(c)		1,762,444		1,762,444
Banco Bilbao Vizcaya Argentaria SA Eurodollar Time Deposit 5.300% 08/10/2007		1,178,153		1,178,153
Bank of America 5.270% 07/06/2007		1,570,871		1,570,871
Bank of America 5.270% 07/16/2007		314,174		314,174
Bank of America 5.270% 08/17/2007		392,718		392,718
Bank of America 5.300% 09/17/2007		785,435		785,435
Bank of Ireland Eurodollar Time Deposit 5.300% 08/13/2007		1,570,871		1,570,871
Bank of Montreal Eurodollar Time Deposit 5.280% 07/03/2007		392,718		392,718
Bank of Montreal Eurodollar Time Deposit 5.290% 07/02/2007		314,174		314,174

(Continued)

The accompanying notes are an integral part of the financial statements.
143

MassMutual Select Mid-Cap Value Fund – Portfolio of Investments (Continued)

	Principal Amount		Market Value
Bank of Montreal Eurodollar Time Deposit 5.310% 08/14/2007	$	235,631	$	235,631
Bank of Nova Scotia Eurodollar Time Deposit 5.280% 07/09/2007		1,492,327		1,492,327
Bank Of Nova Scotia Eurodollar Time Deposit 5.285% 07/11/2007		863,979		863,979
Barclays Eurodollar Time Deposit 5.290% 07/06/2007		1,570,871		1,570,871
Barclays Eurodollar Time Deposit 5.295% 07/16/2007		314,174		314,174
Barclays Eurodollar Time Deposit 5.320% 09/04/2007		785,435		785,435
Bear Stearns & Co Commercial Paper 5.435% 07/10/2007		235,631		235,631
BGI Institutional Money Market Fund(c)		1,021,066		1,021,066
BNP Paribas Eurodollar Time Deposit 5.350% 07/02/2007		2,356,306		2,356,306
Calyon Eurodollar Time Deposit 5.290% 07/17/2007		785,435		785,435
Calyon Eurodollar Time Deposit 5.380% 07/02/2007		2,356,306		2,356,306
Canadian Imperial Bank of Commerce Eurodollar Time Deposit 5.300% 07/30/2007		1,570,871		1,570,871
Dexia Group Eurodollar Time Deposit 5.290% 08/08/2007		1,570,871		1,570,871
Dreyfus Institutional Cash Advantage Money Market Fund(c)		471,261		471,261
Federal Home Loan Bank Discount Note 5.174% 07/20/2007		116,506		116,506
First Tennessee National Corp. Eurodollar Time Deposit 5.300% 07/18/2007		392,718		392,718
Fortis Bank Eurodollar Time Deposit 5.290% 07/06/2007		392,718		392,718

	Principal Amount		Market Value
Fortis Bank Eurodollar Time Deposit 5.290% 07/09/2007	$	549,805	$	549,805
Fortis Bank Eurodollar Time Deposit 5.300% 07/20/2007		392,718		392,718
Fortis Bank Eurodollar Time Deposit 5.300% 07/26/2007		314,174		314,174
Fortis Bank Eurodollar Time Deposit 5.350% 07/05/2007		785,435		785,435
Freddie Mac Discount Note 5.155% 07/16/2007		148,314		148,314
Freddie Mac Discount Note 5.185% 07/09/2007		77,429		77,429
Morgan Stanley & Co Commercial Paper 5.445% 08/01/2007		706,892		706,892
National Australia Bank Eurodollar Time Deposit 5.320% 07/02/2007		785,435		785,435
Nationwide Building Society Commercial Paper 5.301% 07/09/2007		783,820		783,820
Rabobank Nederland Eurodollar Time Deposit 5.280% 07/05/2007		1,178,153		1,178,153
Rabobank Nederland Eurodollar Time Deposit 5.290% 07/16/2007		1,570,871		1,570,871
Rabobank Nederland Eurodollar Time Deposit 5.330% 07/02/2007		2,356,306		2,356,306
Reserve Primary Money Market Fund(c)		1,559,464		1,559,464
Royal Bank of Canada Eurodollar Time Deposit 5.305% 08/30/2007		1,570,871		1,570,871
Royal Bank of Scotland Eurodollar Time Deposit 5.270% 07/11/2007		392,718		392,718
Skandinaviska Enskilda Banken AB Eurodollar Time Deposit 5.290% 07/13/2007		1,570,871		1,570,871
Skandinaviska Enskilda Banken AB Eurodollar Time Deposit 5.290% 07/19/2007		235,631		235,631
Svenska Handlesbanken Eurodollar Time Deposit 5.300% 07/02/2007		263,868		263,868

	Principal Amount		Market Value
UBS AG Eurodollar Time Deposit 5.277% 07/05/2007	$	1,099,610	$	1,099,610
UBS AG Eurodollar Time Deposit 5.285% 07/05/2007		1,570,871		1,570,871
Vanguard Prime Money Market Fund(c)		785,435		785,435
Wells Fargo Eurodollar Time Deposit 5.260% 07/02/2007		424,135		424,135
Wells Fargo Eurodollar Time Deposit 5.280% 07/11/2007		1,570,871		1,570,871
Wells Fargo Eurodollar Time Deposit 5.280% 07/12/2007		785,435		785,435
				48,492,014
Repurchase Agreements — 4.1%
Investors Bank & Trust Company Repurchase Agreement, dated 6/29/2007, 3.50%, due 7/02/2007(e)		8,916,885		8,916,885
TOTAL SHORT-TERM INVESTMENTS (Cost $57,408,899)				57,408,899
TOTAL INVESTMENTS — 123.5% (Cost $261,924,557)(f)				273,066,069
Other Assets/ (Liabilities) — (23.5%)				(51,906,292	)
NET ASSETS — 100.0%			$	221,159,777

Notes to Portfolio of Investments

(a) Non-income producing security.

(b) Denotes all or a portion of security on loan. (Note 2).

(d) Represents investments of security lending collateral. (Note 2).

(e) Maturity value of $8,919,485. Collateralized by a U.S. Government Agency Obligation with a rate of 8.525%, maturity date of 2/25/2028, and an aggregate market value, including accrued interest, of $9,362,729.

(f) See Note 6 for aggregate cost for Federal tax purposes.

The accompanying notes are an integral part of the financial statements.
144

MassMutual Select Small Cap Value Equity Fund – Portfolio of Investments

June 30, 2007 (Unaudited)

	Number of Shares		Market Value
EQUITIES — 97.2%
COMMON STOCK — 97.2%
Aerospace & Defense — 0.3%
Curtiss-Wright Corp.		7,300	$	340,253
Kaman Corp.		2,700		84,213
Orbital Sciences Corp.(a)		300		6,303
Teledyne Technologies, Inc.(a)		1,100		50,545
				481,314
Agriculture — 0.4%
Universal Corp.		9,300		566,556
Airlines — 0.6%
Alaska Air Group, Inc.(a)		6,300		175,518
ExpressJet Holdings, Inc.(a)		5,900		35,282
Republic Airways Holdings, Inc.(a)		20,400		415,140
SkyWest, Inc.		11,700		278,811
				904,751
Apparel — 1.8%
Cherokee, Inc.		2,400		87,696
Columbia Sportswear Co.(b)		13,300		913,444
Kellwood Co.		17,500		492,100
Maidenform Brands, Inc.(a)		5,000		99,300
Perry Ellis International, Inc.(a)		9,900		318,483
The Warnaco Group, Inc.(a)		24,000		944,160
Wolverine World Wide, Inc.		1,700		47,107
				2,902,290
Automotive & Parts — 1.8%
Aftermarket Technology Corp.(a)		27,800		825,104
ArvinMeritor, Inc.(b)		46,000		1,021,200
Lear Corp.(a)		12,000		427,320
Modine Manufacturing Co.		14,400		325,440
Standard Motor Products, Inc.		11,300		169,839
				2,768,903
Banking, Savings & Loans — 0.1%
Berkshire Hills Bancorp, Inc.		2,700		85,077
Sterling Financial Corp./PA		3,700		38,924
				124,001
Banks — 10.9%
Amcore Financial, Inc.		12,300		356,577
Bancfirst Corp.		2,100		89,922

	Number of Shares		Market Value
Banner Corp.		4,400	$	149,864
Centennial Bank Holdings, Inc.(a)		53,000		448,910
Central Pacific Financial Corp.		16,800		554,568
Chemical Financial Corp.(b)		18,300		473,421
Chittenden Corp.		12,700		443,865
Citizens Republic Bancorp, Inc.		52,294		956,980
City Bank Lynnwood WA		400		12,604
City Holding Co.		7,200		275,976
CVB Financial Corp.(b)		5,170		57,490
F.N.B. Corp.(b)		34,100		570,834
First Bancorp(b)		19,200		211,008
First Bancorp, North Carolina		12,300		230,379
First Charter Corp.		19,600		381,612
First Commonwealth Financial Corp.(b)		11,700		127,764
First Community Bancorp		16,600		949,686
First Community Bancshares, Inc.		1,100		34,309
First Financial Bancorp		39,100		586,109
First Indiana Corp.		100		2,212
First Merchants Corp.		15,500		372,465
First Midwest Bancorp, Inc.		800		28,408
First Regional Bancorp/Los Angeles, CA(a)		1,500		38,160
FirstMerit Corp.		48,000		1,004,640
Fremont General Corp.(b)		8,800		94,688
Frontier Financial Corp.(b)		7,700		173,481
Great Southern Bancorp, Inc.(b)		6,900		186,645
Hanmi Financial Corp.		16,500		281,490
Horizon Financial Corp.		3,875		84,436
IBERIABANK Corp.		2,800		138,460
Independent Bank Corp.		27,655		475,943
Integra Bank Corp.		19,300		414,371
Irwin Financial Corp.		21,100		315,867
ITLA Capital Corp.		4,500		234,540
Lakeland Bancorp, Inc.(b)		6,900		91,770
Macatawa Bank Corp.		8,200		130,462
MainSource Financial Group, Inc.		1,230		20,652
National Penn Bancshares, Inc.(b)		5,600		93,408
Old National Bancorp(b)		17,600		292,336
Omega Financial Corp.		7,900		212,431
Oriental Financial Group, Inc.		67,500		736,425
Peoples Bancorp, Inc.		600		16,242

	Number of Shares		Market Value
Provident Bankshares Corp.		23,300	$	763,774
Renasant Corp.		1,600		36,384
S&T Bancorp		11,900		391,510
Santander BanCorp		2,400		35,664
SCBT Financial Corp.		1,215		44,226
Simmons First National Corp. Cl. A		7,000		193,130
Sun Bancorp, Inc.(a)		5,355		90,339
Susquehanna Bancshares, Inc.(b)		23,100		516,747
Taylor Capital Group, Inc.		11,800		324,854
Trustmark Corp.		3,700		95,682
UMB Financial Corp.		12,200		449,814
United Bankshares, Inc.(b)		24,800		788,640
W Holding Co., Inc.(b)		54,400		143,616
WesBanco, Inc.		27,000		796,500
West Coast Bancorp		4,200		127,638
				17,149,928
Biotechnology — 0.2%
Bio-Rad Laboratories, Inc. Cl. A(a)		3,100		234,267
Celera Genomics Group - Applera Corp.(a)		5,600		69,440
Incyte Corp.(a) (b)		5,800		34,800
Maxygen, Inc.(a)		4,500		38,565
				377,072
Building Materials — 0.2%
Goodman Global, Inc.(a)		17,500		388,850
Chemicals — 3.4%
Arch Chemicals, Inc.		5,500		193,270
CF Industries Holdings, Inc.		12,800		766,592
Georgia Gulf Corp.(b)		4,200		76,062
H.B. Fuller Co.		21,400		639,646
Hercules, Inc.(a)		13,500		265,275
Innospec, Inc.		14,300		846,703
Minerals Technologies, Inc.		3,200		214,240
NL Industries		7,200		72,144
OM Group, Inc.(a)		5,400		285,768
Rockwood Holdings, Inc.(a)		29,200		1,067,260
Sensient Technologies Corp.		19,400		492,566
Spartech Corp.		4,400		116,820
Tronox, Inc. Cl. B		19,800		278,190
				5,314,536
Commercial Services — 5.5%
ABM Industries, Inc.(b)		30,900		797,529
Albany Molecular Research, Inc.(a)		2,900		43,065
Bowne & Co., Inc.		4,900		95,599

(Continued)

The accompanying notes are an integral part of the financial statements.
145

MassMutual Select Small Cap Value Equity Fund – Portfolio of Investments (Continued)

	Number of Shares		Market Value
CDI Corp.		3,800	$	122,360
Clayton Holdings, Inc.(a)		11,600		132,124
Coinstar, Inc.(a)		6,300		198,324
Consolidated Graphics, Inc.(a)		5,800		401,824
Cross Country Healthcare, Inc.(a)		12,900		215,172
Deluxe Corp.(b)		26,600		1,080,226
DynCorp International, Inc.(a)		34,700		763,053
Exponent, Inc.(a)		4,900		109,613
Global Cash Access Holdings, Inc.(a)		4,800		76,896
Healthspring, Inc.(a)		21,500		409,790
Heidrick & Struggles International, Inc.(a)		14,500		742,980
Interactive Data Corp.		28,900		773,942
Jackson Hewitt Tax Service, Inc.		1,000		28,110
Korn/Ferry International(a)		4,100		107,666
MPS Group, Inc.(a)		2,400		32,088
PharmaNet Development Group, Inc.(a)		2,400		76,512
QC Holdings, Inc.(b)		2,400		36,000
Rent-A-Center, Inc.(a) (b)		3,000		78,690
Spherion Corp.(a)		76,200		715,518
Standard Parking Corp.(a)		800		28,104
Stewart Enterprises, Inc. Cl. A(b)		70,100		546,079
Valassis Communications, Inc.(a)		1,300		22,347
Viad Corp.		20,200		851,834
Volt Information Sciences, Inc.(a) (b)		1,050		19,362
Watson Wyatt Worldwide, Inc. Cl. A		2,700		136,296
Wright Express Corp.(a)		1,400		47,978
				8,689,081
Computer Integrated Systems Design — 0.0%
3Com Corp.(a)		15,900		65,667
Computers — 2.4%
Agilysys, Inc.		35,800		805,500
CACI International, Inc. Cl. A(a)		1,800		87,930
Ciber, Inc.(a)		63,400		518,612
Electronics for Imaging, Inc.(a)		2,200		62,084
Manhattan Associates, Inc.(a)		9,700		270,727
Mentor Graphics Corp.(a)		3,900		51,363
MTS Systems Corp.		6,500		290,355
Palm, Inc.(a) (b)		52,800		845,328

	Number of Shares		Market Value
Perot Systems Corp. Cl. A(a)		36,200	$	616,848
Quantum Corp.(a) (b)		3,500		11,095
Silicon Storage Technology, Inc.(a)		71,500		266,695
				3,826,537
Consumer Services — 0.3%
Core-Mark Holding Co., Inc.(a)		12,700		456,946
Cosmetics & Personal Care — 0.1%
Elizabeth Arden, Inc.(a)		4,800		116,448
Diversified Financial — 1.6%
Asset Acceptance Capital Corp.(a)		8,900		157,530
Asta Funding, Inc.(b)		2,300		88,389
CompuCredit Corp.(a) (b)		18,300		640,866
Doral Financial Corp.(a) (b)		1,500		1,770
Friedman, Billings, Ramsey Group, Inc. Cl. A(b)		89,500		488,670
Knight Capital Group, Inc. Cl. A(a)		800		13,280
LaBranche & Co., Inc.(a)		17,200		126,936
Piper Jaffray Cos.(a)		5,600		312,088
SWS Group, Inc.		500		10,810
Waddell & Reed Financial, Inc. Cl. A		29,400		764,694
				2,605,033
Electric — 2.6%
Black Hills Corp.(b)		23,100		918,225
CH Energy Group, Inc.(b)		3,800		170,886
El Paso Electric Co.(a)		36,900		906,264
Empire District Electric Co. (The)(b)		6,800		152,116
Idacorp, Inc.		3,000		96,120
PNM Resources, Inc.(b)		22,200		616,938
Portland General Electric Co.		7,300		200,312
Westar Energy, Inc.		42,100		1,022,188
				4,083,049
Electrical Components & Equipment — 0.5%
EnerSys(a)		4,200		76,860
Graftech International Ltd.(a)		35,700		601,188
Greatbatch, Inc.(a)		700		22,680
Littelfuse, Inc.(a)		900		30,393
				731,121
Electronics — 2.2%
Bel Fuse, Inc. Cl. B		500		17,015
Checkpoint Systems, Inc.(a)		36,200		914,050
Coherent, Inc.(a)		10,900		332,559
Cubic Corp.		2,300		69,414

	Number of Shares		Market Value
Kemet Corp.(a)		71,200	$	501,960
Methode Electronics, Inc.		50,500		790,325
Park Electrochemical Corp.		15,600		439,608
Stoneridge, Inc.(a)		800		9,872
TTM Technologies, Inc.(a)		4,400		57,200
Varian, Inc.(a)		4,800		263,184
				3,395,187
Energy — 0.2%
Energy Partners Ltd.(a)		18,900		315,441
Energy – Alternate Sources — 0.5%
Headwaters, Inc.(a) (b)		48,400		835,868
Engineering & Construction — 1.7%
Dycom Industries, Inc.(a)		28,200		845,436
Emcor Group, Inc.(a)		16,200		1,180,980
Perini Corp.(a)		10,200		627,606
				2,654,022
Entertainment — 0.1%
Pinnacle Entertainment, Inc.(a)		100		2,815
Steinway Musical Instruments, Inc.		4,100		141,819
				144,634
Entertainment & Leisure — 0.0%
Lakes Entertainment, Inc.(a) (b)		2,300		27,163
Environmental Controls — 0.9%
TETRA Technologies, Inc.(a)		27,200		586,160
Waste Connections, Inc.(a)		27,450		830,088
				1,416,248
Foods — 1.5%
Flowers Foods, Inc.		2,300		76,728
Nash Finch Co.(b)		15,800		782,100
Seaboard Corp.(b)		200		469,000
Spartan Stores, Inc.		1,700		55,947
TreeHouse Foods, Inc.(a)		28,100		747,741
Village Super Market, Inc. Cl. A		6,100		291,641
				2,423,157
Forest Products & Paper — 1.2%
BlueLinx Holdings, Inc.		2,100		22,029
Buckeye Technologies, Inc.(a)		56,900		880,243
Building Materials Holding Corp.(b)		1,300		18,447
Rock-Tenn Co. Cl. A		14,000		444,080
Schweitzer-Mauduit International, Inc.		13,100		406,100
Wausau Paper Corp.		12,000		160,800
				1,931,699

(Continued)

The accompanying notes are an integral part of the financial statements.
146

MassMutual Select Small Cap Value Equity Fund – Portfolio of Investments (Continued)

	Number of Shares		Market Value
Gas — 1.8%
New Jersey Resources Corp.		17,500	$	892,850
Nicor, Inc.(b)		7,900		339,068
Northwest Natural Gas Co.		10,200		471,138
Piedmont Natural Gas Co., Inc.(b)		20,000		493,000
South Jersey Industries, Inc.		500		17,690
Southwest Gas Corp.		12,600		426,006
WGL Holdings, Inc.(b)		4,900		159,936
				2,799,688
Health Care – Products — 1.2%
CONMED Corp.(a)		27,500		805,200
Invacare Corp.		1,400		25,662
Medical Action Industries, Inc.(a)		2,300		41,538
Steris Corp.		30,900		945,540
Symmetry Medical, Inc.(a)		600		9,606
				1,827,546
Health Care – Services — 1.1%
Alliance Imaging, Inc.(a)		800		7,512
Apria Healthcare Group, Inc.(a) (b)		4,800		138,096
Centene Corp.(a)		37,700		807,534
Medcath Corp.(a) (b)		3,000		95,400
Odyssey Healthcare, Inc.(a)		900		10,674
RehabCare Group, Inc.(a)		15,100		215,024
Res-Care, Inc.(a)		6,000		126,840
Sunrise Senior Living, Inc.(a) (b)		6,500		259,935
				1,661,015
Home Builders — 0.2%
AMREP Corp.(b)		200		9,510
Levitt Corp. Cl. A		300		2,829
M/I Homes, Inc.		700		18,620
Meritage Homes Corp.(a) (b)		3,600		96,300
Monaco Coach Corp.		600		8,610
WCI Communities, Inc.(a) (b)		1,200		20,016
Winnebago Industries, Inc.		6,300		185,976
				341,861
Home Construction, Furnishings & Appliances — 0.5%
Beazer Homes USA, Inc.		1,200		29,604
Brookfield Homes Corp.(b)		24,500		712,705
				742,309
Home Furnishing — 0.1%
Kimball International, Inc. Cl. B		4,400		61,644
Sealy Corp.		5,600		92,512
				154,156

	Number of Shares		Market Value
Household Products — 2.0%
ACCO Brands Corp.(a) (b)		5,400	$	124,470
American Greetings Corp. Cl. A		19,100		541,103
Blyth, Inc.		9,000		239,220
Playtex Products, Inc.(a)		40,000		592,400
Prestige Brands Holdings, Inc.(a)		57,200		742,456
Tupperware Brands Corp.(b)		20,300		583,422
WD-40 Co.		7,800		256,386
				3,079,457
Insurance — 7.6%
Alfa Corp.		1,000		15,570
American Equity Investment Life Holding Co.(b)		71,600		864,928
American Physicians Capital, Inc.(a)		13,800		558,900
Amtrust Financial Services, Inc.(b)		26,900		505,451
Argonaut Group, Inc.		9,400		293,374
Aspen Insurance Holdings Ltd.(b)		45,100		1,265,957
Bristol West Holdings, Inc.		9,400		210,278
CNA Surety Corp.(a)		6,500		122,915
The Commerce Group, Inc.		32,100		1,114,512
Delphi Financial Group, Inc. Cl. A		5,100		213,282
FBL Financial Group, Inc. Cl. A		17,300		680,236
First Mercury Financial Corp.(a)		10,300		215,991
Flagstone Reinsurance Holdings Ltd(a)		26,700		355,644
FPIC Insurance Group, Inc.(a)		18,800		766,476
Horace Mann Educators Corp.		21,500		456,660
Independence Holding Co.		800		16,344
IPC Holdings Ltd.		1,800		58,122
Max Capital Group Ltd.		4,700		133,010
The Midland Co.		9,000		422,460
Navigators Group, Inc.(a)		16,600		894,740
NYMAGIC, Inc.		2,300		92,460
Odyssey Re Holdings Corp.(b)		10,200		437,478
The Phoenix Companies, Inc.		13,900		208,639
PMA Capital Corp. Cl. A(a)		35,900		383,771
SeaBright Insurance Holdings(a)		13,200		230,736
State Auto Financial Corp.		11,900		364,735
Stewart Information Services		1,300		51,779

	Number of Shares		Market Value
Triad Guaranty, Inc.(a) (b)		11,200	$	447,216
United Fire & Casualty Co.(b)		15,100		534,238
Universal American Financial Corp.(a)		5,000		106,400
				12,022,302
Internet — 2.2%
Authorize.Net Holdings, Inc.(a)		5,200		93,028
CMGI, Inc.(a)		191,700		373,815
EarthLink, Inc.(a)		7,000		52,290
FTD Group, Inc.		4,900		90,209
Harris Interactive, Inc.(a)		10,800		57,780
i2 Technologies, Inc.(a) (b)		8,100		150,984
Interwoven, Inc.(a)		12,000		168,480
Ipass, Inc.(a) (b)		1,000		5,420
RealNetworks, Inc.(a)		7,800		63,726
Secure Computing Corp.(a) (b)		62,500		474,375
SonicWALL, Inc.(a)		6,000		51,540
TIBCO Software, Inc.(a)		101,200		915,860
United Online, Inc.		33,900		559,011
Vignette Corp.(a)		20,500		392,780
				3,449,298
Investment Companies — 1.4%
Apollo Investment Corp.		23,100		497,112
Ares Capital Corp.(b)		4,000		67,400
Capital Southwest Corp.(b)		1,000		155,790
Compass Diversified Trust		46,200		823,746
Gladstone Capital Corp.(b)		3,100		66,526
MCG Capital Corp.		14,500		232,290
NGP Capital Resources Co.(b)		21,000		351,120
				2,193,984
Iron & Steel — 0.4%
Schnitzer Steel Industries, Inc. Cl. A		13,000		623,220
Leisure Time — 0.6%
Polaris Industries, Inc.(b)		14,300		774,488
Town Sports International Holdings, Inc.(a)		10,700		206,724
				981,212
Lodging — 0.2%
Ameristar Casinos, Inc.		8,500		295,290
Lodgian, Inc.(a)		1,400		21,042
				316,332
Machinery – Diversified — 0.9%
Cascade Corp.		800		62,752
Chart Industries, Inc.(a)		1,200		34,128

(Continued)

The accompanying notes are an integral part of the financial statements.
147

MassMutual Select Small Cap Value Equity Fund – Portfolio of Investments (Continued)

	Number of Shares		Market Value
NACCO Industries, Inc. Cl. A		5,300	$	824,097
Nordson Corp.		8,900		446,424
				1,367,401
Manufacturing — 2.9%
A.O. Smith Corp.		11,300		450,757
AptarGroup, Inc.(b)		33,100		1,177,036
Barnes Group, Inc.		21,700		687,456
Blount International, Inc.(a)		11,600		151,728
Clarcor, Inc.		8,500		318,155
EnPro Industries, Inc.(a)		15,300		654,687
Koppers Holdings, Inc.		3,200		107,776
Reddy Ice Holdings, Inc.(b)		11,900		339,388
Tredegar Corp.		35,800		762,540
				4,649,523
Media — 2.2%
Belo Corp. Cl. A(b)		12,800		263,552
Citadel Broadcasting Corp.(b)		128,900		831,405
Cox Radio, Inc. Cl. A(a)		100		1,424
Entravision Communications Corp. Cl. A(a)		41,000		427,630
Gray Television, Inc.		67,600		626,652
Journal Communications, Inc. Cl. A		24,400		317,444
Lee Enterprises, Inc.		16,300		340,018
Lin TV Corp. Cl. A(a)		27,800		522,918
Westwood One, Inc.		22,800		163,932
				3,494,975
Metal Fabricate & Hardware — 0.8%
Ampco-Pittsburgh Corp.		18,700		749,683
Castle (A.M.) & Co.		3,100		111,321
Circor International, Inc.		3,600		145,548
NN, Inc.		200		2,360
Quanex Corp.		3,800		185,060
				1,193,972
Mining — 0.5%
Usec, Inc.(a) (b)		33,500		736,330
Office Equipment/Supplies — 0.2%
Ikon Office Solutions, Inc.(b)		16,800		262,248
Office Furnishings — 0.2%
CompX International, Inc.		17,900		331,150
Oil & Gas — 1.9%
Berry Petroleum Co. Cl. A		8,000		301,440
Bill Barrett Corp.(a) (b)		300		11,049
Bois d'Arc Energy, Inc.(a)		1,400		23,842
Bronco Drilling Co., Inc.(a) (b)		9,200		150,972
Callon Petroleum Co.(a)		1,300		18,421
EXCO Resources, Inc.(a) (b)		25,400		442,976

	Number of Shares		Market Value
Forest Oil Corp.(a)		1,507	$	63,686
Giant Industries, Inc.(a)		1,600		123,232
Grey Wolf, Inc.(a) (b)		69,500		572,680
Petrohawk Energy Corp.(a) (b)		18,900		299,754
Rosetta Resources, Inc.(a)		33,500		721,590
Stone Energy Corp.(a)		8,300		284,358
Swift Energy Co.(a) (b)		900		38,484
				3,052,484
Oil & Gas Services — 0.9%
Gulf Island Fabrication, Inc.		5,100		176,970
Hornbeck Offshore Services, Inc.(a) (b)		15,400		596,904
Oil States International, Inc.(a) (b)		6,000		248,040
Trico Marine Services, Inc.(a) (b)		6,000		245,280
Union Drilling, Inc.(a)		11,200		183,904
				1,451,098
Packaging & Containers — 0.5%
Silgan Holdings, Inc.		13,400		740,752
Pharmaceuticals — 0.7%
Neurocrine Biosciences, Inc.(a) (b)		5,200		58,396
Par Pharmaceutical Cos., Inc.(a)		5,500		155,265
Perrigo Co.		4,400		86,152
Sciele Pharma, Inc.(a) (b)		18,900		445,284
ViroPharma, Inc.(a)		25,400		350,520
				1,095,617
Real Estate — 0.5%
Affordable Residential Communities(a) (b)		2,359		27,883
Avatar Holdings, Inc.(a) (b)		9,900		761,706
				789,589
Real Estate Investment Trusts (REITS) — 8.6%
American Financial Realty Trust		8,500		87,720
American Home Mortgage Investment Corp. REIT(b)		41,400		760,932
Anthracite Capital, Inc.		12,500		146,250
Anworth Mortgage Asset Corp.		300		2,715
Arbor Realty Trust, Inc.		21,300		549,753
Ashford Hospitality Trust		43,500		511,560
Capital Lease Funding, Inc.		33,700		362,275
Crystal River Capital, Inc.		20,200		490,456
DiamondRock Hospitality Co.		5,400		103,032
Entertainment Properties Trust		2,000		107,560

	Number of Shares		Market Value
Equity One, Inc.(b)		29,700	$	758,835
Extra Space Storage, Inc.(b)		13,500		222,750
First Industrial Realty Trust, Inc.(b)		20,500		794,580
Gramercy Capital Corp.(b)		24,400		671,976
Hersha Hospitality Trust		66,400		784,848
IMPAC Mortgage Holdings, Inc.(b)		73,800		340,218
Inland Real Estate Corp.(b)		2,800		47,544
Investors Real Estate Trust(b)		7,200		74,376
JER Investors Trust, Inc.(b)		19,900		298,500
Luminent Mortgage Capital, Inc.(b)		10,900		109,981
Medical Properties Trust, Inc.		6,000		79,380
MFA Mortgage Investments, Inc.		54,100		393,848
National Retail Properties, Inc.(b)		39,100		854,726
Newcastle Investment Corp.		15,400		386,078
Novastar Financial, Inc.(b)		81,800		570,964
Pennsylvania REIT		21,800		966,394
Ramco-Gershenson Properties Trust(b)		4,900		176,057
Realty Income Corp.(b)		32,700		823,713
Senior Housing Properties Trust		6,700		136,345
Spirit Finance Corp.		36,000		524,160
Sunstone Hotel Investors, Inc.(b)		38,300		1,087,337
Winston Hotels, Inc.		18,100		271,500
				13,496,363
Retail — 4.5%
99 Cents Only Stores(a)		5,300		69,483
AFC Enterprises, Inc.(a)		39,900		689,871
Blockbuster, Inc. Cl. A(a) (b)		71,800		309,458
Books-A-Million, Inc.		1,500		25,410
Brown Shoe Co., Inc.		1,725		41,952
Casey's General Stores, Inc.		7,300		198,998
CEC Entertainment, Inc.(a)		3,600		126,720
Charming Shoppes, Inc.(a)		6,000		64,980
CSK Auto Corp.(a)		47,000		864,800
Domino's Pizza, Inc.(b)		15,300		279,531
Dress Barn, Inc.(a)		33,900		695,628
Fred's, Inc.		4,400		58,872
Group 1 Automotive, Inc.		2,300		92,782
Hot Topic, Inc.(a)		33,100		359,797
IHOP Corp.(b)		300		16,329
Insight Enterprises, Inc.(a)		3,900		88,023
Jack in the Box, Inc.(a)		1,900		134,786
Jo-Ann Stores, Inc.(a)		17,400		494,682

(Continued)

The accompanying notes are an integral part of the financial statements.
148

MassMutual Select Small Cap Value Equity Fund – Portfolio of Investments (Continued)

	Number of Shares		Market Value
Longs Drug Stores Corp.		500	$	26,260
Movado Group, Inc.		12,900		435,246
O'Charley's, Inc.		9,700		195,552
Papa John's International, Inc.(a)		1,900		54,644
Payless ShoeSource, Inc.(a)		29,100		918,105
The PEP Boys - Manny, Moe & Jack		5,900		118,944
School Specialty, Inc.(a) (b)		19,900		705,256
Shoe Carnival, Inc.(a)		3,000		82,470
Syms Corp.(a) (b)		100		1,973
Systemax, Inc.(b)		800		16,648
				7,167,200
Savings & Loans — 2.0%
Bankunited Financial Corp. Cl. A(b)		10,600		212,742
Dime Community Bancshares		4,400		58,036
Downey Financial Corp.(b)		9,100		600,418
First Niagara Financial Group, Inc.		9,000		117,900
FirstFed Financial Corp.(a) (b)		14,300		811,239
Franklin Bank Corp.(a) (b)		31,600		470,840
KNBT Bancorp, Inc.		10,500		154,350
NewAlliance Bancshares, Inc.(b)		27,600		406,272
Oceanfirst Financial Corp.		200		3,520
Partners Trust Financial Group, Inc.		27,100		284,550
Provident Financial Services, Inc.(b)		3,100		48,856
United Community Financial Corp.		5,600		55,888
				3,224,611
Semiconductors — 2.9%
Actel Corp.(a)		15,700		218,387
Asyst Technologies, Inc.(a)		6,400		46,272
ATMI, Inc.(a)		300		9,000
Axcelis Technologies, Inc.(a)		2,600		16,874
Brooks Automation, Inc.(a) (b)		16,600		301,290
Credence Systems Corp.(a)		135,700		488,520
Emulex Corp.(a)		30,500		666,120
Entegris, Inc.(a) (b)		81,700		970,596
Genesis Microchip, Inc.(a)		1,800		16,848
MKS Instruments, Inc.(a) (b)		11,200		310,240
Pericom Semiconductor Corp.(a)		1,900		21,204
Photronics, Inc.(a)		55,200		821,376
Rudolph Technologies, Inc.(a)		19,700		327,217

	Number of Shares		Market Value
Skyworks Solutions, Inc.(a)		6,700	$	49,245
Triquint Semiconductor, Inc.(a)		2,700		13,662
Veeco Instruments, Inc.(a)		100		2,074
Zoran Corp.(a)		14,400		288,576
				4,567,501
Software — 0.4%
Blackbaud, Inc.		100		2,208
Bottomline Technologies, Inc.(a)		17,500		216,125
Digi International, Inc.(a)		1,600		23,584
ManTech International Corp. Cl. A(a)		500		15,415
OPNET Technologies, Inc.(a)		200		2,302
Pegasystems, Inc.		18,500		202,205
Sybase, Inc.(a)		5,000		119,450
				581,289
Telecommunications — 3.9%
Adaptec, Inc.(a)		2,700		10,287
Alaska Communications Systems Group, Inc.		22,400		354,816
Arris Group, Inc.(a)		11,000		193,490
Atlantic Tele-Network, Inc.		9,700		277,808
Cincinnati Bell, Inc.(a)		44,300		256,054
Consolidated Communications Holdings, Inc.		33,400		754,840
Ditech Networks, Inc.(a)		15,500		126,945
EMS Technologies, Inc.(a)		8,800		194,128
Extreme Networks, Inc.(a)		2,100		8,505
Foundry Networks, Inc.(a)		27,400		456,484
General Communication, Inc. Cl. A(a)		20,400		261,324
Premiere Global Services, Inc.(a)		61,800		804,636
RF Micro Devices, Inc.(a) (b)		97,300		607,152
Savvis, Inc.(a)		1,100		54,461
Surewest Communications		27,900		759,996
Sycamore Networks, Inc.(a)		3,500		14,070
Symmetricom, Inc.(a)		44,400		372,960
Syniverse Holdings, Inc.(a)		34,100		438,526
USA Mobility, Inc.(a)		1,700		45,492
UTStarcom, Inc.(a) (b)		29,200		163,812
				6,155,786
Toys, Games & Hobbies — 0.6%
JAKKS Pacific, Inc.(a) (b)		26,400		742,896
Leapfrog Enterprises, Inc.(a) (b)		12,100		124,025
RC2 Corp.(a)		2,600		104,026
				970,947

	Number of Shares		Market Value
Transportation — 1.8%
Atlas Air Worldwide Holdings, Inc.(a)		15,000	$	884,100
General Maritime Corp.(b)		30,600		819,468
Gulfmark Offshore, Inc.(a)		17,300		886,106
Heartland Express, Inc.		15,800		257,540
Sirva, Inc.(a)		1,400		2,772
				2,849,986
TOTAL EQUITIES (Cost $152,486,290)				153,066,704
	Principal Amount
SHORT-TERM INVESTMENTS — 26.9%
Cash Equivalents — 24.6%(d)
Abbey National PLC Eurodollar Time Deposit 5.280% 07/05/2007	$	501,103		501,103
Abbey National PLC Eurodollar Time Deposit 5.285% 07/09/2007		1,252,765		1,252,765
American Beacon Money Market Fund(c)		1,405,535		1,405,535
Banco Bilbao Vizcaya Argentaria SA Eurodollar Time Deposit 5.300% 08/10/2007		939,567		939,567
Bank of America 5.270% 07/06/2007		1,252,756		1,252,756
Bank of America 5.270% 07/16/2007		250,551		250,551
Bank of America 5.270% 08/17/2007		313,189		313,189
Bank of America 5.300% 09/17/2007		626,378		626,378
Bank of Ireland Eurodollar Time Deposit 5.300% 08/13/2007		1,252,756		1,252,756
Bank of Montreal Eurodollar Time Deposit 5.280% 07/03/2007		313,189		313,189
Bank of Montreal Eurodollar Time Deposit 5.290% 07/02/2007		250,551		250,551
Bank of Montreal Eurodollar Time Deposit 5.310% 08/14/2007		187,913		187,913
Bank of Nova Scotia Eurodollar Time Deposit 5.280% 07/09/2007		1,190,119		1,190,119

(Continued)

The accompanying notes are an integral part of the financial statements.
149

MassMutual Select Small Cap Value Equity Fund – Portfolio of Investments (Continued)

	Principal Amount		Market Value
Bank Of Nova Scotia Eurodollar Time Deposit 5.285% 07/11/2007	$	689,016	$	689,016
Barclays Eurodollar Time Deposit 5.290% 07/06/2007		1,252,756		1,252,756
Barclays Eurodollar Time Deposit 5.295% 07/16/2007		250,551		250,551
Barclays Eurodollar Time Deposit 5.320% 09/04/2007		626,378		626,378
Bear Stearns & Co Commercial Paper 5.435% 07/10/2007		187,913		187,913
BGI Institutional Money Market Fund(c)		814,292		814,292
BNP Paribas Eurodollar Time Deposit 5.350% 07/02/2007		1,879,135		1,879,135
Calyon Eurodollar Time Deposit 5.290% 07/17/2007		626,378		626,378
Calyon Eurodollar Time Deposit 5.380% 07/02/2007		1,879,135		1,879,135
Canadian Imperial Bank of Commerce Eurodollar Time Deposit 5.300% 07/30/2007		1,252,756		1,252,756
Dexia Group Eurodollar Time Deposit 5.290% 08/08/2007		1,252,756		1,252,756
Dreyfus Institutional Cash Advantage Money Market Fund(c)		375,827		375,827
Federal Home Loan Bank Discount Note 5.174% 07/20/2007		92,913		92,913
First Tennessee National Corp. Eurodollar Time Deposit 5.300% 07/18/2007		313,189		313,189
Fortis Bank Eurodollar Time Deposit 5.290% 07/06/2007		313,189		313,189
Fortis Bank Eurodollar Time Deposit 5.290% 07/09/2007		438,465		438,465
Fortis Bank Eurodollar Time Deposit 5.300% 07/20/2007		313,189		313,189

	Principal Amount		Market Value
Fortis Bank Eurodollar Time Deposit 5.300% 07/26/2007	$	250,551	$	250,551
Fortis Bank Eurodollar Time Deposit 5.350% 07/05/2007		626,378		626,378
Freddie Mac Discount Note 5.155% 07/16/2007		118,279		118,279
Freddie Mac Discount Note 5.185% 07/09/2007		61,749		61,749
Morgan Stanley & Co Commercial Paper 5.445% 08/01/2007		563,740		563,740
National Australia Bank Eurodollar Time Deposit 5.320% 07/02/2007		626,378		626,378
Nationwide Building Society Commercial Paper 5.301% 07/09/2007		625,090		625,090
Rabobank Nederland Eurodollar Time Deposit 5.280% 07/05/2007		939,567		939,567
Rabobank Nederland Eurodollar Time Deposit 5.290% 07/16/2007		1,252,756		1,252,756
Rabobank Nederland Eurodollar Time Deposit 5.330% 07/02/2007		1,879,135		1,879,135
Reserve Primary Money Market Fund(c)		1,243,660		1,243,660
Royal Bank of Canada Eurodollar Time Deposit 5.305% 08/30/2007		1,252,756		1,252,756
Royal Bank of Scotland Eurodollar Time Deposit 5.270% 07/11/2007		313,189		313,189
Skandinaviska Enskilda Banken AB Eurodollar Time Deposit 5.290% 07/13/2007		1,252,756		1,252,756
Skandinaviska Enskilda Banken AB Eurodollar Time Deposit 5.290% 07/19/2007		187,913		187,913
Svenska Handlesbanken Eurodollar Time Deposit 5.300% 07/02/2007		210,433		210,433
UBS AG Eurodollar Time Deposit 5.277% 07/05/2007		876,930		876,930
UBS AG Eurodollar Time Deposit 5.285% 07/05/2007		1,252,756		1,252,756

	Principal Amount		Market Value
Vanguard Prime Money Market Fund(c)	$	626,378	$	626,378
Wells Fargo Eurodollar Time Deposit 5.260% 07/02/2007		338,244		338,244
Wells Fargo Eurodollar Time Deposit 5.280% 07/11/2007		1,252,756		1,252,756
Wells Fargo Eurodollar Time Deposit 5.280% 07/12/2007		626,378		626,378
				38,671,982
Repurchase Agreements — 2.3%
Investors Bank & Trust Company Repurchase Agreement, dated 6/29/2007, 3.50%, due 7/02/2007(e)		3,678,296		3,678,296
TOTAL SHORT-TERM INVESTMENTS (Cost $42,350,278)				42,350,278
TOTAL INVESTMENTS — 124.1% (Cost $194,836,568)(f)				195,416,982
Other Assets/ (Liabilities) — (24.1%)				(38,004,823	)
NET ASSETS — 100.0%			$	157,412,159

Notes to Portfolio of Investments

(a) Non-income producing security.

(b) Denotes all or a portion of security on loan. (Note 2).

(d) Represents investments of security lending collateral. (Note 2).

(e) Maturity value of $3,679,369. Collateralized by a U.S. Government Agency obligation with a rate of 9.125%, maturity date of 01/25/2015, and an aggregate market value, including accrued interest, of $3,862,211.

(f) See Note 6 for aggregate cost for Federal tax purposes.

The accompanying notes are an integral part of the financial statements.
150

MassMutual Select Small Company Value Fund – Portfolio of Investments

June 30, 2007 (Unaudited)

	Number of Shares		Market Value
EQUITIES — 96.9%
COMMON STOCK — 96.9%
Aerospace & Defense — 1.2%
AAR Corp.(a) (b)		53,100	$	1,752,830
EDO Corp.(b)		40,800		1,341,096
Moog, Inc. Cl. A(a)		57,248		2,525,209
Orbital Sciences Corp.(a) (b)		93,825		1,971,263
Teledyne Technologies, Inc.(a)		26,400		1,213,080
				8,803,478
Agriculture — 0.5%
Alliance One International, Inc.(a)		124,500		1,251,225
Universal Corp.		42,025		2,560,163
				3,811,388
Airlines — 0.7%
Airtran Holdings, Inc.(a) (b)		158,800		1,734,096
Republic Airways Holdings, Inc.(a)		94,250		1,917,987
SkyWest, Inc.		61,200		1,458,396
				5,110,479
Apparel — 1.6%
Kellwood Co.		41,550		1,168,386
K-Swiss, Inc. Cl. A(b)		58,400		1,654,472
Maidenform Brands, Inc.(a)		76,775		1,524,751
Phillips-Van Heusen Corp.		99,525		6,028,229
Wolverine World Wide, Inc.		47,800		1,324,538
				11,700,376
Automotive & Parts — 0.9%
Accuride Corp.(a)		60,900		938,469
ArvinMeritor, Inc.(b)		77,400		1,718,280
Tenneco, Inc.(a)		107,950		3,782,568
				6,439,317
Banks — 6.7%
Boston Private Financial Holdings, Inc.(b)		57,000		1,531,590
Central Pacific Financial Corp.		77,375		2,554,149
City Holding Co.		60,725		2,327,589
Columbia Banking Systems, Inc.		108,800		3,182,400
East West Bancorp, Inc.(b)		115,500		4,490,640
First Charter Corp.		39,950		777,826
First Republic Bank		109,100		5,854,306

	Number of Shares		Market Value
FirstMerit Corp.		82,500	$	1,726,725
Glacier Bancorp, Inc.(b)		75,600		1,538,460
Home Bancshares, Inc.(b)		49,200		1,109,460
IBERIABANK Corp.		47,600		2,353,820
Independent Bank Corp./Rockland, MA		59,575		1,759,845
National Penn Bancshares, Inc.(b)		105,975		1,767,663
Oriental Financial Group, Inc.		29,348		320,187
Pacific Capital Bancorp		139,200		3,755,616
Prosperity Bancshares, Inc.(b)		57,900		1,896,804
Sterling Bancshares, Inc.		106,812		1,208,044
Sterling Financial Corp.(b)		62,700		1,814,538
SVB Financial Group(a) (b)		90,000		4,779,900
West Coast Bancorp		44,050		1,338,679
Westamerica Bancorp.(b)		49,825		2,204,258
Wintrust Financial Corp.		36,400		1,596,140
				49,888,639
Biotechnology — 0.7%
Exelixis, Inc.(a)		116,100		1,404,810
Myriad Genetics, Inc.(a) (b)		94,800		3,525,612
				4,930,422
Building Materials — 1.7%
Drew Industries, Inc.(a)		28,900		957,746
Florida Rock Industries, Inc.(b)		55,400		3,739,500
Genlyte Group, Inc.(a)		41,500		3,259,410
Gibraltar Industries, Inc.		113,100		2,505,165
Universal Forest Products, Inc.		48,800		2,062,288
				12,524,109
Building Materials & Construction — 0.2%
Beacon Roofing Supply, Inc.(a) (b)		96,500		1,639,535
Chemicals — 2.5%
Airgas, Inc.		87,500		4,191,250
American Vanguard Corp.(b)		100,000		1,432,000
Arch Chemicals, Inc.		80,000		2,811,200
Ferro Corp.		65,500		1,632,915
Innospec, Inc.		89,300		5,287,453
OM Group, Inc.(a)		21,175		1,120,581
Symyx Technologies, Inc.(a) (b)		85,400		982,954
The Valspar Corp.		34,800		988,668
				18,447,021

	Number of Shares		Market Value
Coal — 0.5%
Alpha Natural Resources, Inc.(a)		60,525	$	1,258,315
Foundation Coal Holdings, Inc.		56,450		2,294,128
				3,552,443
Commercial Services — 6.2%
Aaron Rents, Inc.(b)		264,300		7,717,560
Administaff, Inc.		25,498		853,928
Consolidated Graphics, Inc.(a)		20,075		1,390,796
Dollar Thrifty Automotive Group, Inc.(a)		80,800		3,299,872
Electro Rent Corp.		146,900		2,135,926
FTI Consulting, Inc.(a)		101,400		3,856,242
Landauer, Inc.		29,800		1,467,650
Live Nation, Inc.(a) (b)		36,400		814,632
Macquarie Infrastructure Co. LLC(b)		37,500		1,555,500
McGrath Rentcorp		120,600		4,063,014
MPS Group, Inc.(a)		229,900		3,073,763
Pharmaceutical Product Development, Inc.		106,700		4,083,409
Quanta Services, Inc.(a) (b)		101,375		3,109,171
Rent-A-Center, Inc.(a) (b)		66,600		1,746,918
Service Corp. International		135,175		1,727,536
Sotheby's		53,800		2,475,876
Startek, Inc.		83,100		896,649
Steiner Leisure Ltd.(a)		19,300		948,016
Volt Information Sciences, Inc.(a) (b)		32,712		603,209
				45,819,667
Computers — 1.1%
Brocade Communications Systems, Inc.(a)		181,750		1,421,285
Imation Corp.		35,500		1,308,530
Mentor Graphics Corp.(a)		56,250		740,812
Perot Systems Corp. Cl. A(a)		81,475		1,388,334
SYKES Enterprises, Inc.(a)		83,200		1,579,968
Xyratex Ltd.(a)		61,000		1,356,030
				7,794,959
Consumer Products — 0.5%
Pool Corp.(b)		88,800		3,465,864
Cosmetics & Personal Care — 0.3%
Elizabeth Arden, Inc.(a)		87,950		2,133,667
Diversified Financial — 2.9%
Advanta Corp. Cl. B		70,687		2,201,193

(Continued)

The accompanying notes are an integral part of the financial statements.
151

MassMutual Select Small Company Value Fund – Portfolio of Investments (Continued)

	Number of Shares		Market Value
Affiliated Managers Group, Inc.(a) (b)		16,350	$	2,105,226
Asset Acceptance Capital Corp.(a)		49,200		870,840
Calamos Asset Management, Inc. Cl. A		50,697		1,295,308
Eaton Vance Corp.		84,127		3,716,731
Jefferies Group, Inc.		105,700		2,851,786
JMP Group, Inc.(a)		34,700		362,615
Raymond James Financial, Inc.		112,003		3,460,893
Student Loan Corp.		11,400		2,324,460
Waddell & Reed Financial, Inc. Cl. A		96,075		2,498,911
				21,687,963
Electric — 2.5%
Avista Corp.		99,350		2,140,992
Black Hills Corp.(b)		117,400		4,666,650
Cleco Corp.		173,150		4,242,175
El Paso Electric Co.(a)		95,500		2,345,480
MGE Energy, Inc.(b)		36,250		1,184,287
PNM Resources, Inc.		67,100		1,864,709
Westar Energy, Inc.		71,700		1,740,876
				18,185,169
Electrical Components & Equipment — 1.8%
Advanced Energy Industries, Inc.(a)		94,200		2,134,572
Belden, Inc.		87,100		4,820,985
C&D Technologies, Inc.(a) (b)		86,000		481,600
Graftech International Ltd.(a)		132,025		2,223,301
Greatbatch, Inc.(a)		58,900		1,908,360
Littelfuse, Inc.(a)		62,600		2,114,002
				13,682,820
Electronics — 3.3%
Analogic Corp.		19,100		1,404,041
Avnet, Inc.(a)		48,950		1,940,378
Benchmark Electronics, Inc.(a) (b)		73,500		1,662,570
Checkpoint Systems, Inc.(a)		89,398		2,257,299
CTS Corp.		79,975		1,012,483
FLIR Systems, Inc.(a) (b)		103,100		4,768,375
Itron, Inc.(a) (b)		62,850		4,898,529
Methode Electronics, Inc.		32,600		510,190
Sanmina-SCI Corp.(a)		387,700		1,213,501
TTM Technologies, Inc.(a)		90,800		1,180,400
Woodward Governor Co.		68,900		3,697,863
				24,545,629

	Number of Shares		Market Value
Energy – Alternate Sources — 0.3%
Headwaters, Inc.(a) (b)		76,635	$	1,323,486
Verenium Corp.(a) (b)		134,000		679,380
				2,002,866
Engineering & Construction — 1.6%
Emcor Group, Inc.(a)		29,500		2,150,550
Granite Construction, Inc.		14,525		932,214
Insituform Technologies, Inc. Cl. A(a) (b)		130,300		2,841,843
URS Corp.(a)		98,625		4,788,244
Washington Group International, Inc.(a)		17,300		1,384,173
				12,097,024
Entertainment — 0.3%
Macrovision Corp.(a) (b)		64,525		1,939,621
Environmental Controls — 1.9%
Allied Waste Industries, Inc.(a)		169,700		2,284,162
Calgon Carbon Corp.(a) (b)		222,750		2,583,900
Casella Waste Systems, Inc. Cl. A(a)		127,400		1,373,372
Metal Management, Inc.		84,000		3,701,880
Mine Safety Appliances Co.(b)		37,025		1,620,214
Waste Connections, Inc.(a)		84,050		2,541,672
				14,105,200
Foods — 1.2%
Nash Finch Co.(b)		49,000		2,425,500
Spartan Stores, Inc.		60,175		1,980,359
TreeHouse Foods, Inc.(a)		101,075		2,689,606
Wild Oats Markets, Inc.(a) (b)		47,000		787,720
Winn-Dixie Stores Inc.-W/I(a) (b)		43,300		1,268,690
				9,151,875
Forest Products & Paper — 1.1%
Buckeye Technologies, Inc.(a)		176,075		2,723,880
Building Materials Holding Corp.(b)		91,700		1,301,223
Deltic Timber Corp.		49,900		2,735,518
Wausau Paper Corp.		122,300		1,638,820
				8,399,441
Gas — 0.9%
AGL Resources, Inc.		44,325		1,794,276
Nicor, Inc.(b)		33,550		1,439,966
Southwest Gas Corp.		67,000		2,265,270
Vectren Corp.		47,900		1,289,947
				6,789,459

	Number of Shares		Market Value
Hand & Machine Tools — 0.7%
Franklin Electric Co., Inc.(b)		65,900	$	3,109,162
Snap-on, Inc.		46,100		2,328,511
				5,437,673
Health Care – Products — 1.1%
Arrow International, Inc.		48,500		1,856,580
CONMED Corp.(a)		46,575		1,363,716
PSS World Medical, Inc.(a)		90,975		1,657,565
West Pharmaceutical Services, Inc.		66,500		3,135,475
				8,013,336
Health Care – Services — 2.0%
AMERIGROUP Corp.(a) (b)		73,900		1,758,820
Centene Corp.(a) (b)		66,100		1,415,862
Covance, Inc.(a)		59,000		4,045,040
Healthways, Inc.(a) (b)		56,730		2,687,300
Medcath Corp.(a) (b)		84,325		2,681,535
Sunrise Senior Living, Inc.(a) (b)		63,500		2,539,365
				15,127,922
Home Builders — 1.4%
Hovnanian K. Enterprises, Inc.(a) (b)		81,104		1,340,649
M/I Homes, Inc.(b)		61,600		1,638,560
Meritage Homes Corp.(a) (b)		45,700		1,222,475
Skyline Corp.		39,600		1,188,396
Standard-Pacific Corp.(b)		88,000		1,542,640
Winnebago Industries, Inc.(b)		109,400		3,229,488
				10,162,208
Home Furnishing — 0.4%
Ethan Allen Interiors, Inc.(b)		41,600		1,424,800
Stanley Furniture Co., Inc.(b)		80,400		1,651,416
				3,076,216
Household Products — 0.9%
Church & Dwight Co., Inc.		37,900		1,836,634
CSS Industries, Inc.		57,400		2,273,614
The Scotts Miracle-Gro Co.(b)		55,300		2,374,582
				6,484,830
Insurance — 5.9%
Argonaut Group, Inc.		48,725		1,520,707
Delphi Financial Group, Inc. Cl. A		111,752		4,673,469
Employers Holdings, Inc.		15,000		318,600
The Hanover Insurance Group, Inc.		49,825		2,430,962

(Continued)

The accompanying notes are an integral part of the financial statements.
152

MassMutual Select Small Company Value Fund – Portfolio of Investments (Continued)

	Number of Shares		Market Value
HCC Insurance Holdings, Inc.		44,000	$	1,470,040
Horace Mann Educators Corp.		100,600		2,136,744
IPC Holdings Ltd.		57,400		1,853,446
James River Group, Inc.		3,000		99,690
Markel Corp.(a)		5,500		2,665,080
Max Capital Group Ltd.		92,700		2,623,410
The Midland Co.		59,000		2,769,460
National Interstate Corp.(b)		6,400		166,912
Navigators Group, Inc.(a)		38,175		2,057,633
Philadelphia Consolidated Holding Corp.(a)		87,110		3,641,198
The Phoenix Companies, Inc.		133,800		2,008,338
ProAssurance Corp.(a) (b)		99,500		5,539,165
Protective Life Corp.		44,700		2,137,107
State Auto Financial Corp.		60,800		1,863,520
United America Indemnity Ltd. Cl. A(a)		105,568		2,625,476
United Fire & Casualty Co.(b)		36,000		1,273,680
				43,874,637
Internet — 1.3%
Digital River, Inc.(a)		24,750		1,119,938
Harris Interactive, Inc.(a)		242,725		1,298,579
j2 Global Communications, Inc.(a)		44,425		1,550,433
United Online, Inc.		90,350		1,489,872
Vignette Corp.(a)		87,625		1,678,895
Websense, Inc.(a)		107,600		2,286,500
				9,424,217
Investment Companies — 0.9%
Ares Capital Corp.(b)		96,800		1,631,080
Compass Diversified Trust		77,800		1,387,174
Hercules Technology Growth Capital, Inc.(b)		116,800		1,577,968
Kohlberg Capital Corp.		126,100		2,339,155
				6,935,377
Iron & Steel — 1.1%
Carpenter Technology Corp.		34,700		4,521,757
Chaparral Steel Co.		24,225		1,741,051
Cleveland-Cliffs, Inc.(b)		23,825		1,850,488
				8,113,296
Leisure Time — 0.1%
Multimedia Games, Inc.(a) (b)		64,175		818,873
Machinery – Construction & Mining — 1.3%
Bucyrus International, Inc. Cl. A(b)		112,875		7,989,293
Joy Global, Inc.		23,250		1,356,173
				9,345,466

	Number of Shares		Market Value
Machinery – Diversified — 1.3%
Flowserve Corp.		21,975	$	1,573,410
IDEX Corp.		105,425		4,063,080
Nordson Corp.		75,900		3,807,144
				9,443,634
Machinery & Components — 0.2%
Watsco, Inc.(b)		31,603		1,719,203
Manufacturing — 3.3%
Ameron International Corp.		36,900		3,328,011
AptarGroup, Inc.(b)		114,000		4,053,840
Barnes Group, Inc.		57,575		1,823,976
Freightcar America, Inc.		40,900		1,956,656
Harsco Corp.		61,700		3,208,400
Hexcel Corp.(a) (b)		153,300		3,230,031
Matthews International Corp. Cl. A		103,300		4,504,913
Myers Industries, Inc.		103,400		2,286,174
				24,392,001
Media — 0.7%
Journal Register Co.		96,000		430,080
Lee Enterprises, Inc.		64,700		1,349,642
Saga Communications, Inc. Cl. A(a)		119,200		1,168,160
Scholastic Corp.(a) (b)		54,125		1,945,253
				4,893,135
Medical Supplies — 0.6%
Owens & Minor, Inc.		118,700		4,147,378
Metal Fabricate & Hardware — 0.9%
Ampco-Pittsburgh Corp.		41,025		1,644,692
Commercial Metals Co.		48,075		1,623,493
Timken Co.		85,100		3,072,961
				6,341,146
Mining — 0.6%
Meridian Gold, Inc.(a)		66,200		1,825,796
Royal Gold, Inc.(b)		55,700		1,323,989
Stillwater Mining Co.(a)		144,050		1,585,991
				4,735,776
Oil & Gas — 5.3%
Atwood Oceanics, Inc.(a) (b)		37,100		2,545,802
Cabot Oil & Gas Corp.		244,875		9,030,990
Forest Oil Corp.(a) (b)		155,553		6,573,670
GeoMet, Inc.(a) (b)		60,100		460,366
Mariner Energy, Inc.(a)		68,384		1,658,312
Penn Virginia Corp.		142,200		5,716,440
Petrohawk Energy Corp.(a) (b)		126,875		2,012,238
Swift Energy Co.(a) (b)		47,600		2,035,376
Todco(a)		77,200		3,644,612

	Number of Shares		Market Value
W&T Offshore, Inc.		54,400	$	1,522,656
Whiting Petroleum Corp.(a)		101,875		4,127,975
				39,328,437
Oil & Gas Services — 1.4%
CARBO Ceramics, Inc.(b)		35,000		1,533,350
Oceaneering International, Inc.(a)		8,459		445,282
TETRA Technologies, Inc.(a) (b)		184,600		5,205,720
Union Drilling, Inc.(a)		32,300		530,366
W-H Energy Services, Inc.(a)		46,500		2,878,815
				10,593,533
Packaging & Containers — 0.2%
Chesapeake Corp.		28,500		358,245
Graphic Packaging Corp.(a) (b)		292,625		1,416,305
				1,774,550
Pharmaceuticals — 1.0%
Barr Pharmaceuticals, Inc.(a)		28,000		1,406,440
Noven Pharmaceuticals, Inc.(a)		93,625		2,195,506
Pharmion Corp.(a) (b)		60,600		1,754,370
ViroPharma, Inc.(a)		126,625		1,747,425
				7,103,741
Pipelines — 0.5%
Oneok, Inc.		74,400		3,750,504
Real Estate Investment Trusts (REITS) — 5.7%
American Campus Communities REIT		64,425		1,822,583
Anworth Mortgage Asset Corp.		145,450		1,316,323
FelCor Lodging Trust, Inc.		124,500		3,240,735
First Potomac Realty Trust REIT		90,200		2,100,758
Highwoods Properties, Inc.		36,575		1,371,563
Home Properties, Inc.(b)		30,025		1,559,198
Innkeepers USA Trust		11,000		195,030
Kilroy Realty Corp.		74,300		5,263,412
LaSalle Hotel Properties		74,000		3,213,080
Lexington Realty Trust REIT(b)		107,300		2,231,840
LTC Properties, Inc.		80,825		1,838,769
MFA Mortgage Investments, Inc.		194,450		1,415,596
National Retail Properties, Inc.(b)		72,475		1,584,304
Parkway Properties, Inc. REIT(b)		31,100		1,493,733

(Continued)

The accompanying notes are an integral part of the financial statements.
153

MassMutual Select Small Company Value Fund – Portfolio of Investments (Continued)

	Number of Shares		Market Value
Potlatch Corp.		103,843	$	4,470,441
SL Green Realty Corp.		22,300		2,762,747
Strategic Hotels & Resorts, Inc. REIT(b)		119,900		2,696,551
Sun Communities, Inc.(b)		52,575		1,565,158
Washington REIT(b)		66,300		2,254,200
				42,396,021
Retail — 4.7%
AFC Enterprises, Inc.(a)		76,900		1,329,601
Brinker International, Inc.(b)		68,001		1,990,389
Brown Shoe Co., Inc.		61,175		1,487,776
Casey's General Stores, Inc.		81,200		2,213,512
Cash America International, Inc.		44,061		1,747,019
CEC Entertainment, Inc.(a)		37,375		1,315,600
Dollar Tree Stores, Inc.(a)		43,100		1,877,005
Fred's, Inc.(b)		86,100		1,152,018
Group 1 Automotive, Inc.		24,350		982,279
Haverty Furniture Companies, Inc.(b)		131,500		1,534,605
Hot Topic, Inc.(a) (b)		147,000		1,597,890
OfficeMax, Inc.		28,400		1,116,120
The Pantry, Inc.(a)		19,275		888,578
RARE Hospitality International, Inc.(a)		116,200		3,110,674
Ruby Tuesday, Inc.		56,500		1,487,645
School Specialty, Inc.(a) (b)		39,600		1,403,424
Sonic Corp.(a)		86,250		1,907,850
Stein Mart, Inc.		263,981		3,236,407
Tractor Supply Co.(a) (b)		35,425		1,843,871
Wet Seal, Inc. Cl. A(a) (b)		287,300		1,726,673
Zale Corp.(a)		48,825		1,162,523
				35,111,459
Savings & Loans — 0.8%
Astoria Financial Corp.		95,150		2,382,556
Flushing Financial Corp.		116,950		1,878,217
Northwest Bancorp, Inc.(b)		65,500		1,712,170
				5,972,943
Semiconductors — 1.7%
Atmel Corp.(a)		306,675		1,705,113
ATMI, Inc.(a) (b)		48,100		1,443,000
Brooks Automation, Inc.(a)		195,900		3,555,585
Fairchild Semiconductor International, Inc.(a)		100,000		1,932,000
GSI Group, Inc.(a)		181,400		1,775,906
OmniVision Technologies, Inc.(a) (b)		33,425		605,327
Zoran Corp.(a)		93,875		1,881,255
				12,898,186

	Number of Shares		Market Value
Software — 2.9%
CSG Systems International, Inc.(a)		52,675	$	1,396,414
Global Payments, Inc.		73,100		2,898,415
MicroStrategy, Inc. Cl. A(a) (b)		11,775		1,112,620
MoneyGram International, Inc.(b)		79,100		2,210,845
Packeteer, Inc.(a)		65,400		510,774
Progress Software Corp.(a)		108,500		3,449,215
SeaChange International, Inc.(a)		242,350		1,880,636
SPSS, Inc.(a) (b)		118,450		5,228,383
Wind River Systems, Inc.(a)		242,100		2,663,100
				21,350,402
Telecommunications — 1.6%
CommScope, Inc.(a)		47,675		2,781,836
Ixia(a)		154,800		1,433,448
Nice Systems Ltd. ADR (Israel) (a)		52,500		1,823,850
Oplink Communications, Inc.(a)		98,800		1,482,000
Premiere Global Services, Inc.(a)		192,900		2,511,558
Symmetricom, Inc.(a)		120,675		1,013,670
UTStarcom, Inc.(a) (b)		146,300		820,743
Wireless Facilities, Inc.(a) (b)		200,300		336,504
				12,203,609
Textiles — 0.4%
Culp, Inc.(a)		57,800		520,778
G&K Services, Inc. Cl. A		67,400		2,662,974
				3,183,752
Transportation — 2.9%
Genesee & Wyoming, Inc. Cl. A(a)		109,700		3,273,448
Hub Group, Inc. Cl. A(a)		48,300		1,698,228
Kirby Corp.(a)		121,300		4,656,707
Landstar System, Inc.		149,700		7,223,025
Pacer International, Inc.		38,600		907,872
UTI Worldwide, Inc.(b)		130,700		3,501,453
				21,260,733
TOTAL EQUITIES (Cost $597,982,034)				718,062,625
MUTUAL FUNDS — 0.3%
Financial Services — 0.0%
Government Reserve Investment Fund		6,301		6,301

	Number of Shares		Market Value
Investment Companies — 0.3%
First Financial Fund(b)		142,631	$	1,962,603
TOTAL MUTUAL FUNDS (Cost $2,494,461)				1,968,904
TOTAL LONG TERM INVESTMENTS (Cost $600,476,495)				720,031,529
	Principal Amount
SHORT-TERM INVESTMENTS — 26.5%
Cash Equivalents — 23.5%(d)
Abbey National PLC Eurodollar Time Deposit 5.280% 07/05/2007	$	2,249,391		2,249,391
Abbey National PLC Eurodollar Time Deposit 5.285% 07/09/2007		5,623,475		5,623,475
American Beacon Money Market Fund(c)		6,309,279		6,309,279
Banco Bilbao Vizcaya Argentaria SA Eurodollar Time Deposit 5.300% 08/10/2007		4,217,605		4,217,605
Bank of America 5.270% 07/06/2007		5,623,475		5,623,475
Bank of America 5.270% 07/16/2007		1,124,695		1,124,695
Bank of America 5.270% 08/17/2007		1,405,868		1,405,868
Bank of America 5.300% 09/17/2007		2,811,737		2,811,737
Bank of Ireland Eurodollar Time Deposit 5.300% 08/13/2007		5,623,475		5,623,475
Bank of Montreal Eurodollar Time Deposit 5.280% 07/03/2007		1,405,868		1,405,868
Bank of Montreal Eurodollar Time Deposit 5.290% 07/02/2007		1,124,695		1,124,695
Bank of Montreal Eurodollar Time Deposit 5.310% 08/14/2007		843,521		843,521
Bank of Nova Scotia Eurodollar Time Deposit 5.280% 07/09/2007		5,342,301		5,342,301
Bank Of Nova Scotia Eurodollar Time Deposit 5.285% 07/11/2007		3,092,912		3,092,912
Barclays Eurodollar Time Deposit 5.290% 07/06/2007		5,623,475		5,623,475

(Continued)

The accompanying notes are an integral part of the financial statements.
154

MassMutual Select Small Company Value Fund – Portfolio of Investments (Continued)

	Principal Amount		Market Value
Barclays Eurodollar Time Deposit 5.295% 07/16/2007	$	1,124,695	$	1,124,695
Barclays Eurodollar Time Deposit 5.320% 09/04/2007		2,811,737		2,811,737
Bear Stearns & Co Commercial Paper 5.435% 07/10/2007		843,521		843,521
BGI Institutional Money Market Fund(c)		3,655,259		3,655,259
BNP Paribas Eurodollar Time Deposit 5.350% 07/02/2007		8,435,212		8,435,212
Calyon Eurodollar Time Deposit 5.290% 07/17/2007		2,811,737		2,811,737
Calyon Eurodollar Time Deposit 5.380% 07/02/2007		8,435,212		8,435,212
Canadian Imperial Bank of Commerce Eurodollar Time Deposit 5.300% 07/30/2007		5,623,475		5,623,475
Dexia Group Eurodollar Time Deposit 5.290% 08/08/2007		5,623,475		5,623,475
Dreyfus Institutional Cash Advantage Money Market Fund(c)		1,687,042		1,687,042
Federal Home Loan Bank Discount Note 5.174% 07/20/2007		417,075		417,075
First Tennessee National Corp. Eurodollar Time Deposit 5.300% 07/18/2007		1,405,868		1,405,868
Fortis Bank Eurodollar Time Deposit 5.290% 07/06/2007		1,405,868		1,405,868
Fortis Bank Eurodollar Time Deposit 5.290% 07/09/2007		1,968,216		1,968,216
Fortis Bank Eurodollar Time Deposit 5.300% 07/20/2007		1,405,868		1,405,868
Fortis Bank Eurodollar Time Deposit 5.300% 07/26/2007		1,124,695		1,124,695
Fortis Bank Eurodollar Time Deposit 5.350% 07/05/2007		2,811,737		2,811,737
Freddie Mac Discount Note 5.155% 07/16/2007		530,942		530,942

	Principal Amount		Market Value
Freddie Mac Discount Note 5.185% 07/09/2007	$	277,184	$	277,184
Morgan Stanley & Co Commercial Paper 5.445% 08/01/2007		2,530,563		2,530,563
National Australia Bank Eurodollar Time Deposit 5.320% 07/02/2007		2,811,737		2,811,737
Nationwide Building Society Commercial Paper 5.301% 07/09/2007		2,805,952		2,805,952
Rabobank Nederland Eurodollar Time Deposit 5.280% 07/05/2007		4,217,605		4,217,605
Rabobank Nederland Eurodollar Time Deposit 5.290% 07/16/2007		5,623,475		5,623,475
Rabobank Nederland Eurodollar Time Deposit 5.330% 07/02/2007		8,435,212		8,435,212
Reserve Primary Money Market Fund(c)		5,582,642		5,582,642
Royal Bank of Canada Eurodollar Time Deposit 5.305% 08/30/2007		5,623,475		5,623,475
Royal Bank of Scotland Eurodollar Time Deposit 5.270% 07/11/2007		1,405,868		1,405,868
Skandinaviska Enskilda Banken AB Eurodollar Time Deposit 5.290% 07/13/2007		5,623,475		5,623,475
Skandinaviska Enskilda Banken AB Eurodollar Time Deposit 5.290% 07/19/2007		843,521		843,521
Svenska Handlesbanken Eurodollar Time Deposit 5.300% 07/02/2007		944,607		944,607
UBS AG Eurodollar Time Deposit 5.277% 07/05/2007		3,936,433		3,936,433
UBS AG Eurodollar Time Deposit 5.285% 07/05/2007		5,623,475		5,623,475
Vanguard Prime Money Market Fund(c)		2,811,737		2,811,737
Wells Fargo Eurodollar Time Deposit 5.260% 07/02/2007		1,518,339		1,518,339
Wells Fargo Eurodollar Time Deposit 5.280% 07/11/2007		5,623,476		5,623,476

	Principal Amount		Market Value
Wells Fargo Eurodollar Time Deposit 5.280% 07/12/2007	$	2,811,738	$	2,811,738
				173,593,920
Repurchase Agreements — 3.0%
Investors Bank & Trust Company Repurchase Agreement, dated 6/29/2007, 3.50%, due 7/02/2007(e)		22,357,497		22,357,497
TOTAL SHORT-TERM INVESTMENTS (Cost $195,951,417)				195,951,417
TOTAL INVESTMENTS — 123.7% (Cost $796,427,912)(f)				915,982,946
Other Assets/ (Liabilities) — (23.7%)				(175,214,148	)
NET ASSETS — 100.0%			$	740,768,798

Notes to Portfolio of Investments

ADR - American Depository Receipt

(a) Non-income producing security.

(b) Denotes all or a portion of security on loan. (Note 2).

(d) Represents investments of security lending collateral. (Note 2).

(e) Maturity value of $22,364,018. Collateralized by a U.S. Government Agency obligation with a rate of 5.82%, maturity date of 11/15/2033, and an aggregate market value, including accrued interest, of $23,475,372.

(f) See Note 6 for aggregate cost for Federal tax purposes.

The accompanying notes are an integral part of the financial statements.
155

MassMutual Select Small Cap Core Equity Fund – Portfolio of Investments

June 30, 2007 (Unaudited)

	Number of Shares		Market Value
EQUITIES — 98.5%
COMMON STOCK — 98.5%
Aerospace & Defense — 0.2%
Aerovironment, Inc.(a)		4,900	$	100,989
Agriculture — 0.9%
Alliance One International, Inc.(a)		19,300		193,965
Universal Corp.		4,700		286,324
				480,289
Airlines — 0.3%
ExpressJet Holdings, Inc.(a)		22,500		134,550
Pinnacle Airlines Corp.(a)(b)		2,100		39,375
				173,925
Apparel — 2.3%
Deckers Outdoor Corp.(a)		6,271		632,744
Jones Apparel Group, Inc.		630		17,798
Kellwood Co.		3,520		98,982
Perry Ellis International, Inc.(a)		17,250		554,933
				1,304,457
Auto Manufacturers — 0.2%
Force Protection, Inc.(a) (b)		4,300		88,752
Automotive & Parts — 2.8%
American Axle & Manufacturing Holdings, Inc.		7,000		207,340
ArvinMeritor, Inc.		1,400		31,080
Cooper Tire & Rubber Co.		29,200		806,504
Lear Corp.(a)		1,900		67,659
Standard Motor Products, Inc.		11,300		169,839
Visteon Corp.(a)		35,200		285,120
				1,567,542
Banks — 4.5%
1st Source Corp.		200		4,984
Bank Mutual Corp.		10,700		123,371
Banner Corp.		100		3,406
Cascade Bancorp(b)		6,522		150,919
Chemical Financial Corp.		100		2,587
Chittenden Corp.		684		23,906
City National Corp.		4,200		319,578
East West Bancorp, Inc.		1,000		38,880
First Regional Bancorp/ Los Angeles, CA(a)		6,335		161,162
First South Bancorp, Inc.(b)		3		81
Greater Bay Bancorp		1,009		28,091
Hanmi Financial Corp.		15,500		264,430
Horizon Financial Corp.		221		4,816

	Number of Shares		Market Value
Preferred Bank/ Los Angeles, CA		4,771	$	190,840
Signature Bank(a)		700		23,870
TriCo Bancshares		400		8,944
Umpqua Holdings Corp.		38,900		914,539
Vineyard National Bancorp Co.(b)		9,790		224,876
Wintrust Financial Corp.		200		8,770
				2,498,050
Beverages — 0.0%
National Beverage Corp.(a)		24		276
Biotechnology — 2.7%
Cambrex Corp.		12,200		161,894
Celera Genomics Group - Applera Corp.(a)		33,950		420,980
Millennium Pharmaceuticals, Inc.(a)		44,606		471,485
Omrix Biopharmaceuticals, Inc.(a)		1,800		56,628
Savient Pharmaceuticals, Inc.(a)		33,135		411,537
				1,522,524
Chemicals — 3.7%
Albemarle Corp.		100		3,853
CF Industries Holdings, Inc.(b)		17,940		1,074,427
Innospec, Inc.		5,010		296,642
OM Group, Inc.(a)		4,557		241,156
Stepan Co.		900		27,252
Terra Industries, Inc.(a)		17,800		452,476
				2,095,806
Commercial Services — 9.6%
ABM Industries, Inc.		21,000		542,010
Albany Molecular Research, Inc.(a)		9,400		139,590
Arbitron, Inc.		700		36,071
Bowne & Co., Inc.		14,900		290,699
CDI Corp.		100		3,220
CorVel Corp.(a)		9,658		252,460
CPI Corp.		6,889		478,786
Diamond Management & Technology Consultants, Inc.		9,400		124,080
DynCorp International, Inc.(a)		10,300		226,497
Gartner Group, Inc.(a)		5,000		122,950
Great Lakes Dredge & Dock Corp.(a)		7,800		74,100
ITT Educational Services, Inc.(a)		2,400		281,712

	Number of Shares		Market Value
Kelly Services, Inc. Cl. A		100	$	2,746
MPS Group, Inc.(a)		4,251		56,836
PharmaNet Development Group, Inc.(a)		12,000		382,560
Pre-Paid Legal Services, Inc.(a) (b)		10,100		649,531
Service Corp. International		100		1,278
Sotheby's		6,100		280,722
Spherion Corp.(a)		60,683		569,813
Stanley, Inc.(a)		5,400		95,148
TeleTech Holdings, Inc.(a)		21,150		686,952
Volt Information Sciences, Inc.(a) (b)		4,860		89,618
				5,387,379
Communications — 1.3%
Andrew Corp.(a) (b)		51,600		745,104
Computer Related Services — 0.3%
Ingram Micro, Inc. Cl. A(a)		6,519		141,527
Computers — 1.8%
Agilysys, Inc.		3,600		81,000
Ansoft Corp.(a)		11,377		335,508
Ciber, Inc.(a)		20,200		165,236
Covansys Corp.(a)		900		30,537
Manhattan Associates, Inc.(a)		5,300		147,923
SYKES Enterprises, Inc.(a)		73		1,386
Synopsys, Inc.(a)		8,555		226,109
				987,699
Computers & Information — 0.4%
Tech Data Corp.(a)		5,405		207,876
Diversified Financial — 2.0%
AmeriCredit Corp.(a)(b)		22,400		594,720
Cowen Group, Inc.(a)		2,200		39,402
GAMCO Investors, Inc. Cl. A		1,300		72,865
Piper Jaffray Cos.(a)		3,100		172,763
SWS Group, Inc.		2,350		50,807
World Acceptance Corp.(a)		4,020		171,775
				1,102,332
Electric — 1.2%
OGE Energy Corp.		45		1,649
Portland General Electric Co.		300		8,232
Reliant Energy, Inc.(a)		25,500		687,225
				697,106
Electrical Components & Equipment — 2.4%
Advanced Energy Industries, Inc.(a)		20,300		459,998
Belden, Inc.		10,855		600,824
Energizer Holdings, Inc.(a)		300		29,880

(Continued)

The accompanying notes are an integral part of the financial statements.
156

MassMutual Select Small Cap Core Equity Fund – Portfolio of Investments (Continued)

	Number of Shares		Market Value
General Cable Corp.(a)		925	$	70,069
Superior Essex, Inc.(a)		5,743		214,501
				1,375,272
Electronics — 1.7%
Avnet, Inc.(a)		13,100		519,284
II-VI, Inc.(a)		200		5,434
Mettler-Toledo International, Inc.(a)		100		9,551
Varian, Inc.(a)		8,000		438,640
				972,909
Engineering & Construction — 1.2%
Emcor Group, Inc.(a)		3,007		219,210
Perini Corp.(a)		7,200		443,016
				662,226
Foods — 2.5%
American Dairy, Inc.(a)		1,700		31,722
Chiquita Brands International, Inc.(a)(b)		14,200		269,232
Dean Foods Co.		2,500		79,675
Fresh Del Monte Produce, Inc.		3,300		82,665
Ingles Markets, Inc. Cl. A		4,249		146,378
Nash Finch Co.(b)		5,700		282,150
Performance Food Group Co.(a)		13,772		447,452
Seaboard Corp.(b)		18		42,210
Spartan Stores, Inc.		1,223		40,249
Village Super Market, Inc. Cl. A		200		9,562
				1,431,295
Forest Products & Paper — 1.2%
Buckeye Technologies, Inc.(a)		2,200		34,034
Domtar Corp.(a)		9,200		102,672
Rock-Tenn Co. Cl. A		6,714		212,968
United Stationers, Inc.(a)		5,200		346,528
				696,202
Hand & Machine Tools — 0.5%
Baldor Electric Co.		6,000		295,680
Health Care – Products — 2.7%
Align Technology, Inc.(a)(b)		8,400		202,944
CONMED Corp.(a)		12,200		357,216
Dentsply International, Inc.		2,800		107,128
Immucor, Inc.(a)		14,600		408,362
West Pharmaceutical Services, Inc.		3,800		179,170
Zoll Medical Corp.(a)		11,636		259,599
				1,514,419
Health Care – Services — 2.3%
Apria Healthcare Group, Inc.(a)(b)		17,300		497,721

	Number of Shares		Market Value
Kindred Healthcare, Inc.(a)		12,600	$	387,072
Medcath Corp.(a)		7,100		225,780
WellCare Health Plans, Inc.(a)		1,700		153,867
				1,264,440
Home Builders — 0.1%
AMREP Corp.(b)		759		36,090
Coachmen Industries, Inc.		1,600		15,456
				51,546
Home Furnishing — 0.3%
Tempur-Pedic International, Inc.(b)		6,300		163,170
Household Products — 0.3%
American Greetings Corp. Cl. A		6,300		178,479
Insurance — 2.6%
Alleghany Corp.(a)		100		40,650
American Physicians Capital, Inc.(a)		900		36,450
Aspen Insurance Holdings Ltd.(b)		3,900		109,473
Assured Guaranty Ltd.(b)		5,300		156,668
Infinity Property & Casualty Corp.		600		30,438
IPC Holdings Ltd.		6,300		203,427
Max Capital Group Ltd.		8,800		249,040
Meadowbrook Insurance Group, Inc.(a)		7,300		80,008
NYMAGIC, Inc.		5,000		201,000
The PMI Group, Inc.		1,900		84,873
Reinsurance Group of America, Inc.		3,995		240,659
Wesco Financial Corp.		50		19,250
				1,451,936
Internet — 4.9%
Authorize.Net Holdings, Inc.(a)		16,300		291,607
Blue Nile, Inc.(a)(b)		4,600		277,840
Chordiant Software, Inc.(a)		16,100		252,126
CMGI, Inc.(a)		108,500		211,575
InfoSpace, Inc.		500		11,605
Interwoven, Inc.(a)		38,975		547,209
RealNetworks, Inc.(a)		12,700		103,759
S1 Corp.(a)		44,026		351,768
Shutterfly, Inc.(a)(b)		5,300		114,215
Vignette Corp.(a)		29,600		567,136
				2,728,840
Investment Companies — 0.3%
Capital Southwest Corp.(b)		1,200		186,948

	Number of Shares		Market Value
Iron & Steel — 1.7%
Cleveland-Cliffs, Inc.		9,000	$	699,030
Ryerson, Inc.(b)		6,900		259,785
				958,815
Leisure Time — 0.0%
K2, Inc.(a)		1,300		19,747
WMS Industries, Inc.(a)		50		1,443
				21,190
Machinery – Diversified — 1.1%
AGCO Corp.(a)		7,804		338,772
Gerber Scientific, Inc.(a)		392		4,555
NACCO Industries, Inc. Cl. A		700		108,843
Robbins & Myers, Inc.(b)		2,600		138,138
				590,308
Manufacturing — 1.6%
AZZ, Inc.(a)		1,700		57,205
EnPro Industries, Inc.(a)		1,174		50,235
SPX Corp.		1,964		172,459
Tredegar Corp.		28,900		615,570
				895,469
Media — 0.6%
Belo Corp. Cl. A(b)		16,300		335,617
Medical Supplies — 0.2%
Cynosure, Inc. Cl. A(a)		800		29,144
Sonic Innovations, Inc.(a)		8,500		74,375
				103,519
Mining — 2.1%
Brush Engineered Materials, Inc.(a)		3,500		146,965
Usec, Inc.(a)(b)		47,455		1,043,061
				1,190,026
Office Equipment/Supplies — 0.3%
Ikon Office Solutions, Inc.(b)		12,199		190,426
Oil & Gas — 2.3%
Holly Corp.		3,481		258,255
Plains Exploration & Production Co.(a)		4,200		200,802
Pogo Producing Co.(b)		1,800		91,422
Rosetta Resources, Inc.(a)		11,200		241,248
Swift Energy Co.(a)(b)		3,400		145,384
Western Refining, Inc.		5,700		329,460
				1,266,571
Oil & Gas Services — 0.8%
Matrix Service Co.(a)		5,000		124,250
Trico Marine Services, Inc.(a)		7,700		314,776
				439,026

(Continued)

The accompanying notes are an integral part of the financial statements.
157

MassMutual Select Small Cap Core Equity Fund – Portfolio of Investments (Continued)

	Number of Shares		Market Value
Pharmaceuticals — 3.5%
Caraco Pharmaceutical Laboratories Ltd.(a)		12,220	$	185,500
NBTY, Inc.(a)		12,900		557,280
Pharmion Corp.(a)		9,800		283,710
Pozen, Inc.(a)		21,000		379,470
Watson Pharmaceutical, Inc.(a)		16,600		539,998
				1,945,958
Pipelines — 0.1%
Oneok, Inc.		1,500		75,615
Real Estate — 0.5%
Jones Lang Lasalle, Inc.		2,500		283,750
Real Estate Investment Trusts (REITS) — 6.2%
Agree Realty Corp. REIT		700		21,875
Anthracite Capital, Inc.		44,101		515,982
Arbor Realty Trust, Inc.		10,714		276,528
BRT Realty Trust REIT		4,200		109,242
Cousins Properties, Inc.		50		1,451
Crystal River Capital, Inc.		19,000		461,320
Entertainment Properties Trust		10,100		543,178
Gramercy Capital Corp.(b)		4,300		118,422
Health Care Property Investors, Inc.		100		2,893
HRPT Properties Trust		20,800		216,320
Medical Properties Trust, Inc.(b)		17,160		227,027
NorthStar Realty Finance Corp. REIT(b)		5,900		73,809
Omega Healthcare Investors, Inc. REIT		8,500		134,555
RAIT Financial Trust(b)		12,200		317,444
Redwood Trust, Inc.(b)		6,382		308,761
Resource Capital Corp.		8,300		116,034
Senior Housing Properties Trust		700		14,245
Winston Hotels, Inc.		84		1,260
				3,460,346
Retail — 5.3%
Aeropostale, Inc.(a)		400		16,672
Asbury Automotive Group, Inc.		14,697		366,690
Bell Microproducts, Inc.(a)		2,600		16,952
Big Lots, Inc.(a)		1,706		50,191
Brown Shoe Co., Inc.		1,900		46,208
CEC Entertainment, Inc.(a)		10,800		380,160
EZCORP, Inc. Cl. A(a)		17,024		225,398
Jack in the Box, Inc.(a)		3,100		219,914
Jo-Ann Stores, Inc.(a)		5,600		159,208
Landry's Restaurants, Inc.		10,100		305,626

	Number of Shares		Market Value
O'Charley's, Inc.		19,600	$	395,136
Payless ShoeSource, Inc.(a)		900		28,395
RadioShack Corp.(b)		10,200		338,028
Sonic Automotive, Inc.		14,100		408,477
				2,957,055
Savings & Loans — 2.5%
Bankfinancial Corp.		1,400		21,630
Downey Financial Corp.(b)		5,100		336,498
Partners Trust Financial Group, Inc.(b)		38,200		401,100
Provident Financial Services, Inc.(b)		42,200		665,072
				1,424,300
Semiconductors — 1.9%
Actel Corp.(a)		2,000		27,820
Applied Micro Circuits Corp.(a)		1,900		4,750
Atmel Corp.(a)		21,748		120,919
Exar Corp.(a)		5,029		67,389
Novellus Systems, Inc.(a)		9,700		275,189
Skyworks Solutions, Inc.(a)		78,700		578,445
Triquint Semiconductor, Inc.(a)		2,185		11,056
				1,085,568
Software — 1.4%
Captaris, Inc.(a)		18,694		95,713
Compuware Corp.(a)		100		1,186
Double-Take Software, Inc.(a)		19,000		311,790
MicroStrategy, Inc. Cl. A(a)		755		71,340
Pegasystems, Inc.		3,200		34,976
SYNNEX Corp.(a)		13,081		269,599
Total System Services, Inc.		800		23,608
				808,212
Telecommunications — 5.5%
Cbeyond, Inc.(a)		5,200		200,252
C-COR, Inc.(a)		31,700		445,702
CT Communications, Inc.		2,939		89,669
Ditech Networks, Inc.(a)		1,400		11,466
EMS Technologies, Inc.(a)		3,700		81,622
IDT Corp. Cl. B		7,500		77,400
Novatel Wireless, Inc.(a)		33,900		882,078
NTELOS Holdings Corp.		4,800		132,672
PAETEC Holding Corp.(a)(b)		20,600		232,574
Polycom, Inc.(a)		5,700		191,520
Surewest Communications		4,000		108,960
USA Mobility, Inc.(a)		12,500		334,500
UTStarcom, Inc.(a)(b)		49,592		278,211
				3,066,626
Transportation — 3.7%
General Maritime Corp.(b)		5,700		152,646

	Number of Shares		Market Value
Gulfmark Offshore, Inc.(a)		11,800	$	604,396
Hub Group, Inc. Cl. A(a)		13,800		485,208
Overseas Shipholding Group, Inc.		907		73,830
P.A.M. Transportation Services, Inc.(a)		14,686		268,460
Saia, Inc.(a)		3,200		87,232
Ship Finance International Ltd.		13,700		406,616
U.S. Xpress Enterprises, Inc. Cl. A(a)		127		2,360
YRC Worldwide, Inc.(a)		600		22,080
				2,102,828
TOTAL EQUITIES (Cost $54,003,982)				55,276,220
MUTUAL FUND — 0.1%
Investment Companies
iShares Russell 2000 Index Fund(b)		500		41,470
TOTAL MUTUAL FUND (Cost $38,870)				41,470
TOTAL LONG TERM INVESTMENTS (Cost $54,042,852)				55,317,690
	Principal Amount
SHORT-TERM INVESTMENTS — 18.0%
Cash Equivalents — 17.5%(d)
Abbey National PLC Eurodollar Time Deposit 5.280% 07/05/2007	$	126,912		126,912
Abbey National PLC Eurodollar Time Deposit 5.285% 07/09/2007		317,295		317,295
American Beacon Money Market Fund(c)		355,990		355,990
Banco Bilbao Vizcaya Argentaria SA Eurodollar Time Deposit 5.300% 08/10/2007		237,971		237,971
Bank of America 5.270% 07/06/2007		317,295		317,295
Bank of America 5.270% 07/16/2007		63,459		63,459
Bank of America 5.270% 08/17/2007		79,324		79,324
Bank of America 5.300% 09/17/2007		158,647		158,647
Bank of Ireland Eurodollar Time Deposit 5.300% 08/13/2007		317,295		317,295

(Continued)

The accompanying notes are an integral part of the financial statements.
158

MassMutual Select Small Cap Core Equity Fund – Portfolio of Investments (Continued)

	Principal Amount		Market Value
Bank of Montreal Eurodollar Time Deposit 5.280% 07/03/2007	$	79,324	$	79,324
Bank of Montreal Eurodollar Time Deposit 5.290% 07/02/2007		63,459		63,459
Bank of Montreal Eurodollar Time Deposit 5.310% 08/14/2007		47,594		47,594
Bank of Nova Scotia Eurodollar Time Deposit 5.280% 07/09/2007		301,430		301,430
Bank Of Nova Scotia Eurodollar Time Deposit 5.285% 07/11/2007		174,512		174,512
Barclays Eurodollar Time Deposit 5.290% 07/06/2007		317,295		317,295
Barclays Eurodollar Time Deposit 5.295% 07/16/2007		63,459		63,459
Barclays Eurodollar Time Deposit 5.320% 09/04/2007		158,647		158,647
Bear Stearns & Co Commercial Paper 5.435% 07/10/2007		47,594		47,594
BGI Institutional Money Market Fund(c)		206,241		206,241
BNP Paribas Eurodollar Time Deposit 5.350% 07/02/2007		475,942		475,942
Calyon Eurodollar Time Deposit 5.290% 07/17/2007		158,647		158,647
Calyon Eurodollar Time Deposit 5.380% 07/02/2007		475,942		475,942
Canadian Imperial Bank of Commerce Eurodollar Time Deposit 5.300% 07/30/2007		317,295		317,295
Dexia Group Eurodollar Time Deposit 5.290% 08/08/2007		317,295		317,295
Dreyfus Institutional Cash Advantage Money Market Fund(c)		95,188		95,188
Federal Home Loan Bank Discount Note 5.174% 07/20/2007		23,533		23,533
First Tennessee National Corp. Eurodollar Time Deposit 5.300% 07/18/2007		79,324		79,324

	Principal Amount		Market Value
Fortis Bank Eurodollar Time Deposit 5.290% 07/06/2007	$	79,324	$	79,324
Fortis Bank Eurodollar Time Deposit 5.290% 07/09/2007		111,053		111,053
Fortis Bank Eurodollar Time Deposit 5.300% 07/20/2007		79,324		79,324
Fortis Bank Eurodollar Time Deposit 5.300% 07/26/2007		63,459		63,459
Fortis Bank Eurodollar Time Deposit 5.350% 07/05/2007		158,647		158,647
Freddie Mac Discount Note 5.155% 07/16/2007		29,957		29,957
Freddie Mac Discount Note 5.185% 07/09/2007		15,640		15,640
Morgan Stanley & Co Commercial Paper 5.445% 08/01/2007		142,783		142,783
National Australia Bank Eurodollar Time Deposit 5.320% 07/02/2007		158,647		158,647
Nationwide Building Society Commercial Paper 5.301% 07/09/2007		158,321		158,321
Rabobank Nederland Eurodollar Time Deposit 5.280% 07/05/2007		237,971		237,971
Rabobank Nederland Eurodollar Time Deposit 5.290% 07/16/2007		317,295		317,295
Rabobank Nederland Eurodollar Time Deposit 5.330% 07/02/2007		475,942		475,942
Reserve Primary Money Market Fund(c)		314,991		314,991
Royal Bank of Canada Eurodollar Time Deposit 5.305% 08/30/2007		317,295		317,295
Royal Bank of Scotland Eurodollar Time Deposit 5.270% 07/11/2007		79,324		79,324
Skandinaviska Enskilda Banken AB Eurodollar Time Deposit 5.290% 07/13/2007		317,295		317,295
Skandinaviska Enskilda Banken AB Eurodollar Time Deposit 5.290% 07/19/2007		47,594		47,594

	Principal Amount		Market Value
Svenska Handlesbanken Eurodollar Time Deposit 5.300% 07/02/2007	$	53,298	$	53,298
UBS AG Eurodollar Time Deposit 5.277% 07/05/2007		222,106		222,106
UBS AG Eurodollar Time Deposit 5.285% 07/05/2007		317,295		317,295
Vanguard Prime Money Market Fund(c)		158,647		158,647
Wells Fargo Eurodollar Time Deposit 5.260% 07/02/2007		85,670		85,670
Wells Fargo Eurodollar Time Deposit 5.280% 07/11/2007		317,295		317,295
Wells Fargo Eurodollar Time Deposit 5.280% 07/12/2007		158,647		158,647
				9,794,729
Repurchase Agreements — 0.5%
Investors Bank & Trust Company Repurchase Agreement, dated 6/29/2007, 3.50%, due 7/02/2007(e)		286,855		286,855
TOTAL SHORT-TERM INVESTMENTS (Cost $10,081,584)				10,081,584
TOTAL INVESTMENTS — 116.6% (Cost $64,124,436)(f)				65,399,274
Other Assets/ (Liabilities) — (16.6%)				(9,296,351	)
NET ASSETS — 100.0%			$	56,102,923

Notes to Portfolio of Investments

(a) Non-income producing security.

(b) Denotes all or a portion of security on loan. (Note 2).

(d) Represents investments of security lending collateral. (Note 2).

(e) Maturity value of $286,939. Collateralized by a U.S. Government Agency obligation with a rate of 8.125%, maturity date of 11/25/2009, and an aggregate market value, including accrued interest, of $301,198.

(f) See Note 6 for aggregate cost for Federal tax purposes.

The accompanying notes are an integral part of the financial statements.
159

MassMutual Select Mid Cap Growth Equity Fund – Portfolio of Investments

June 30, 2007 (Unaudited)

	Number of Shares		Market Value
EQUITIES — 99.9%
COMMON STOCK — 99.9%
Aerospace & Defense — 1.0%
Rockwell Collins, Inc.		24,525	$	1,732,446
Apparel — 3.4%
Coach, Inc.(a)		40,225		1,906,263
Phillips-Van Heusen Corp.		30,800		1,865,556
VF Corp.		20,425		1,870,521
				5,642,340
Auto Manufacturers — 1.5%
Paccar, Inc.		28,100		2,445,824
Automotive & Parts — 1.4%
The Goodyear Tire & Rubber Co.(a)		68,825		2,392,357
Biotechnology — 1.5%
Celgene Corp.(a)		44,000		2,522,520
Chemicals — 1.2%
Albemarle Corp.		51,425		1,981,405
Commercial Services — 8.6%
Convergys Corp.(a)		71,900		1,742,856
Corrections Corp. of America(a)		54,550		3,442,650
ITT Educational Services, Inc.(a)		16,275		1,910,359
Manpower, Inc.		22,800		2,103,072
Quanta Services, Inc.(a) (b)		109,650		3,362,965
Ritchie Bros. Auctioneers, Inc.		28,200		1,765,884
				14,327,786
Computers — 6.0%
Brocade Communications Systems, Inc.(a)		191,900		1,500,658
Cognizant Technology Solutions Corp. Cl. A(a)		37,575		2,821,507
Electronic Data Systems Corp.		60,000		1,663,800
FactSet Research Systems, Inc.		39,550		2,703,242
Lexmark International, Inc. Cl. A(a)		25,000		1,232,750
				9,921,957
Cosmetics & Personal Care — 1.9%
Alberto-Culver Co.		133,125		3,157,725

	Number of Shares		Market Value
Diversified Financial — 6.0%
Ameriprise Financial, Inc.		30,175	$	1,918,225
Chicago Mercantile Exchange Holdings, Inc.		3,325		1,776,747
The First Marblehead Corp.(b)		33,950		1,311,828
IntercontinentalExchange, Inc.(a)		19,400		2,868,290
T. Rowe Price Group, Inc.		40,300		2,091,167
				9,966,257
Electric — 2.8%
Allegheny Energy, Inc.(a)		34,425		1,781,149
Constellation Energy Group, Inc.		32,125		2,800,336
				4,581,485
Electrical Components & Equipment — 1.7%
General Cable Corp.(a)		37,100		2,810,325
Electronics — 3.9%
Amphenol Corp. Cl. A		63,000		2,245,950
Avnet, Inc.(a)		59,500		2,358,580
Thermo Fisher Scientific, Inc.(a)		35,125		1,816,665
				6,421,195
Environmental Controls — 2.1%
Stericycle, Inc.(a)		79,100		3,516,786
Foods — 2.2%
The Kroger Co.		131,150		3,689,249
Health Care – Products — 3.1%
Dentsply International, Inc.		46,500		1,779,090
Intuitive Surgical, Inc.(a)		13,100		1,817,887
St. Jude Medical, Inc.(a) (b)		38,600		1,601,514
				5,198,491
Health Care – Services — 6.9%
Health Net, Inc.(a)		29,700		1,568,160
Laboratory Corp. of America Holdings(a) (b)		27,200		2,128,672
Manor Care, Inc.		32,200		2,102,338
Universal Health Services, Inc. Cl. B		34,925		2,147,887
WellCare Health Plans, Inc.(a) (b)		39,900		3,611,349
				11,558,406
Household Products — 1.3%
Church & Dwight Co., Inc.		46,150		2,236,429

	Number of Shares		Market Value
Insurance — 2.6%
CNA Financial Corp.(b)		58,200	$	2,775,558
Philadelphia Consolidated Holding Corp.(a)		38,075		1,591,535
				4,367,093
Internet — 1.6%
HLTH Corp.(a) (b)		195,300		2,736,153
Iron & Steel — 3.0%
Allegheny Technologies, Inc.		25,775		2,703,282
Chaparral Steel Co.		31,800		2,285,466
				4,988,748
Lodging — 2.4%
Starwood Hotels & Resorts Worldwide, Inc.		36,200		2,427,934
Wynn Resorts Ltd.(b)		17,100		1,533,699
				3,961,633
Machinery – Diversified — 2.9%
The Manitowoc Co., Inc.		40,225		3,233,286
Zebra Technologies Corp. Cl. A(a)		43,200		1,673,568
				4,906,854
Media — 1.0%
EchoStar Communications Corp. Cl. A(a)		37,500		1,626,375
Metal Fabricate & Hardware — 1.2%
Precision Castparts Corp.		17,100		2,075,256
Oil & Gas — 2.2%
Holly Corp.		49,350		3,661,277
Oil & Gas Services — 2.2%
FMC Technologies, Inc.(a) (b)		22,900		1,814,138
National Oilwell Varco, Inc.(a)		18,175		1,894,562
				3,708,700
Packaging & Containers — 1.6%
Owens-Illinois, Inc.(a)		76,100		2,663,500
Pharmaceuticals — 0.9%
ImClone Systems, Inc.(a)		40,300		1,425,008
Real Estate — 1.4%
Jones Lang Lasalle, Inc.		20,125		2,284,188
Real Estate Investment Trusts (REITS) — 0.9%
Boston Properties, Inc.		14,500		1,480,885

(Continued)

The accompanying notes are an integral part of the financial statements.
160

MassMutual Select Mid Cap Growth Equity Fund – Portfolio of Investments (Continued)

	Number of Shares		Market Value
Retail — 6.2%
AutoZone, Inc.(a)		15,950	$	2,179,089
Dick's Sporting Goods, Inc.(a) (b)		39,000		2,268,630
J.C. Penney Co., Inc.(b)		31,225		2,260,066
RadioShack Corp.(b)		56,500		1,872,410
Yum! Brands, Inc.		54,800		1,793,056
				10,373,251
Semiconductors — 3.5%
MEMC Electronic Materials, Inc.(a)		43,675		2,669,416
Nvidia Corp.(a)		74,800		3,089,988
				5,759,404
Software — 1.6%
Nuance Communications, Inc.(a) (b)		162,150		2,712,770
Telecommunications — 5.8%
Juniper Networks, Inc.(a) (b)		124,900		3,143,733
Qwest Communications International, Inc.(a) (b)		220,225		2,136,183
SBA Communications Corp. Cl. A(a)		69,200		2,324,428
US Cellular Corp.(a)		22,575		2,045,295
				9,649,639
Toys, Games & Hobbies — 2.4%
Hasbro, Inc.		60,475		1,899,520
Mattel, Inc.		82,875		2,095,909
				3,995,429
TOTAL EQUITIES (Cost $147,540,108)				166,479,146
	Principal Amount
SHORT-TERM INVESTMENTS — 15.6%
Cash Equivalents — 15.6%(d)
Abbey National PLC Eurodollar Time Deposit 5.280% 07/05/2007	$	337,833		337,833
Abbey National PLC Eurodollar Time Deposit 5.285% 07/09/2007		844,599		844,599
American Beacon Money Market Fund(c)		947,601		947,601
Banco Bilbao Vizcaya Argentaria SA Eurodollar Time Deposit 5.300% 08/10/2007		633,449		633,449

	Principal Amount		Market Value
Bank of America 5.270% 07/06/2007	$	844,599	$	844,599
Bank of America 5.270% 07/16/2007		168,920		168,920
Bank of America 5.270% 08/17/2007		211,150		211,150
Bank of America 5.300% 09/17/2007		422,299		422,299
Bank of Ireland Eurodollar Time Deposit 5.300% 08/13/2007		844,599		844,599
Bank of Montreal Eurodollar Time Deposit 5.280% 07/03/2007		211,150		211,150
Bank of Montreal Eurodollar Time Deposit 5.290% 07/02/2007		168,920		168,920
Bank of Montreal Eurodollar Time Deposit 5.310% 08/14/2007		126,690		126,690
Bank of Nova Scotia Eurodollar Time Deposit 5.280% 07/09/2007		802,369		802,369
Bank Of Nova Scotia Eurodollar Time Deposit 5.285% 07/11/2007		464,529		464,529
Barclays Eurodollar Time Deposit 5.290% 07/06/2007		844,599		844,599
Barclays Eurodollar Time Deposit 5.295% 07/16/2007		168,920		168,920
Barclays Eurodollar Time Deposit 5.320% 09/04/2007		422,299		422,299
Bear Stearns & Co Commercial Paper 5.435% 07/10/2007		126,690		126,690
BGI Institutional Money Market Fund(c)		548,989		548,989
BNP Paribas Eurodollar Time Deposit 5.350% 07/02/2007		1,266,898		1,266,898
Calyon Eurodollar Time Deposit 5.290% 07/17/2007		422,299		422,299
Calyon Eurodollar Time Deposit 5.380% 07/02/2007		1,266,898		1,266,898
Canadian Imperial Bank of Commerce Eurodollar Time Deposit 5.300% 07/30/2007		844,599		844,599

	Principal Amount		Market Value
Dexia Group Eurodollar Time Deposit 5.290% 08/08/2007	$	844,599	$	844,599
Dreyfus Institutional Cash Advantage Money Market Fund(c)		253,380		253,380
Federal Home Loan Bank Discount Note 5.174% 07/20/2007		62,641		62,641
First Tennessee National Corp. Eurodollar Time Deposit 5.300% 07/18/2007		211,150		211,150
Fortis Bank Eurodollar Time Deposit 5.290% 07/06/2007		211,150		211,150
Fortis Bank Eurodollar Time Deposit 5.290% 07/09/2007		295,610		295,610
Fortis Bank Eurodollar Time Deposit 5.300% 07/20/2007		211,150		211,150
Fortis Bank Eurodollar Time Deposit 5.300% 07/26/2007		168,920		168,920
Fortis Bank Eurodollar Time Deposit 5.350% 07/05/2007		422,299		422,299
Freddie Mac Discount Note 5.155% 07/16/2007		79,743		79,743
Freddie Mac Discount Note 5.185% 07/09/2007		41,631		41,631
Morgan Stanley & Co Commercial Paper 5.445% 08/01/2007		380,069		380,069
National Australia Bank Eurodollar Time Deposit 5.320% 07/02/2007		422,299		422,299
Nationwide Building Society Commercial Paper 5.301% 07/09/2007		421,431		421,431
Rabobank Nederland Eurodollar Time Deposit 5.280% 07/05/2007		633,449		633,449
Rabobank Nederland Eurodollar Time Deposit 5.290% 07/16/2007		844,599		844,599
Rabobank Nederland Eurodollar Time Deposit 5.330% 07/02/2007		1,266,898		1,266,898
Reserve Primary Money Market Fund(c)		838,466		838,466

(Continued)

The accompanying notes are an integral part of the financial statements.
161

MassMutual Select Mid Cap Growth Equity Fund – Portfolio of Investments (Continued)

	Principal Amount		Market Value
Royal Bank of Canada Eurodollar Time Deposit 5.305% 08/30/2007	$	844,599	$	844,599
Royal Bank of Scotland Eurodollar Time Deposit 5.270% 07/11/2007		211,150		211,150
Skandinaviska Enskilda Banken AB Eurodollar Time Deposit 5.290% 07/13/2007		844,599		844,599
Skandinaviska Enskilda Banken AB Eurodollar Time Deposit 5.290% 07/19/2007		126,690		126,690
Svenska Handlesbanken Eurodollar Time Deposit 5.300% 07/02/2007		141,872		141,872
UBS AG Eurodollar Time Deposit 5.277% 07/05/2007		591,219		591,219
UBS AG Eurodollar Time Deposit 5.285% 07/05/2007		844,599		844,599
Vanguard Prime Money Market Fund(c)		422,299		422,299
Wells Fargo Eurodollar Time Deposit 5.260% 07/02/2007		228,042		228,042
Wells Fargo Eurodollar Time Deposit 5.280% 07/11/2007		844,599		844,599
Wells Fargo Eurodollar Time Deposit 5.280% 07/12/2007		422,299		422,299
				26,072,349
TOTAL SHORT-TERM INVESTMENTS (Cost $26,072,349)				26,072,349
TOTAL INVESTMENTS — 115.5% (Cost $173,612,457)(e)				192,551,495
Other Assets/ (Liabilities) — (15.5%)				(25,883,980	)
NET ASSETS — 100.0%			$	166,667,515

Notes to Portfolio of Investments

(a) Non-income producing security.

(b) Denotes all or a portion of security on loan. (Note 2).

(d) Represents investments of security lending collateral. (Note 2).

(e) See Note 6 for aggregate cost for Federal tax purposes.

The remainder of this page is intentionally left blank.

The accompanying notes are an integral part of the financial statements.
162

MassMutual Select Mid Cap Growth Equity II Fund – Portfolio of Investments

June 30, 2007 (Unaudited)

	Number of Shares		Market Value
EQUITIES — 96.4%
COMMON STOCK — 96.4%
Advertising — 2.6%
Catalina Marketing Corp.		185,000	$	5,827,500
Clear Channel Outdoor Holdings, Inc. Cl. A(a)		317,300		8,992,282
Focus Media Holding Ltd. ADR (China)(a) (b)		32,300		1,631,150
Getty Images, Inc.(a)		10,900		521,129
Lamar Advertising Co. Cl. A		248,800		15,614,688
Omnicom Group, Inc.		47,200		2,497,824
WPP Group PLC Sponsored ADR (United Kingdom)		28,600		2,137,850
				37,222,423
Aerospace & Defense — 2.2%
Alliant Techsystems, Inc.(a)		114,500		11,352,675
Empresa Brasileira de Aeronautica SA ADR (Brazil)(b)		31,400		1,513,794
Rockwell Collins, Inc.		255,800		18,069,712
				30,936,181
Airlines — 0.8%
SkyWest, Inc.		52,400		1,248,692
Southwest Airlines Co.		677,200		10,097,052
				11,345,744
Apparel — 0.3%
Coach, Inc.(a)		79,700		3,776,983
Auto Manufacturers — 0.6%
Oshkosh Truck Corp.		144,000		9,060,480
Banks — 0.8%
City National Corp.		8,500		646,765
East West Bancorp, Inc.		16,700		649,296
First Horizon National Corp.(b)		19,700		768,300
Northern Trust Corp.		60,600		3,892,944
State Street Corp.		12,000		820,800
SVB Financial Group(a) (b)		56,800		3,016,648
Synovus Financial Corp.		23,700		727,590
UCBH Holdings, Inc.		29,900		546,273
				11,068,616

	Number of Shares		Market Value
Beverages — 0.4%
Brown-Forman Corp. Cl. B		32,200	$	2,353,176
Cott Corp.(a) (b)		223,000		3,208,970
				5,562,146
Biotechnology — 2.0%
Celgene Corp.(a) (b)		57,400		3,290,742
Charles River Laboratories International, Inc.(a)		21,700		1,120,154
Decode Genetics, Inc.(a) (b)		86,300		322,330
Genzyme Corp.(a)		15,600		1,004,640
Human Genome Sciences, Inc.(a) (b)		196,000		1,748,320
Illumina, Inc.(a) (b)		104,600		4,245,714
Integra LifeSciences Holdings Corp.(a) (b)		17,600		869,792
Invitrogen Corp.(a)		20,700		1,526,625
Martek Biosciences Corp.(a) (b)		26,500		688,205
Millipore Corp.(a) (b)		20,200		1,516,818
PDL BioPharma, Inc.(a)		119,000		2,772,700
QIAGEN NV(a) (b)		221,500		3,940,485
Vertex Pharmaceuticals, Inc.(a)		192,200		5,489,232
				28,535,757
Building Materials — 0.6%
American Standard Cos., Inc.		132,000		7,785,360
Genlyte Group, Inc.(a)		14,000		1,099,560
				8,884,920
Chemicals — 0.2%
Ecolab, Inc.		42,400		1,810,480
Sigma-Aldrich Corp.		24,100		1,028,347
The Valspar Corp.		22,900		650,589
				3,489,416
Coal — 1.5%
CONSOL Energy, Inc.		292,500		13,487,175
Foundation Coal Holdings, Inc.		129,700		5,271,008
Peabody Energy Corp.(b)		66,000		3,193,080
				21,951,263
Commercial Services — 5.9%
Apollo Group, Inc. Cl. A(a)		31,706		1,852,582
Block (H&R), Inc.(b)		34,900		815,613

	Number of Shares		Market Value
ChoicePoint, Inc.(a)		122,900	$	5,217,105
The Corporate Executive Board Co.		60,900		3,953,019
DeVry, Inc.(b)		35,200		1,197,504
Equifax, Inc.		25,500		1,132,710
Fastenal Co.(b)		158,100		6,618,066
Iron Mountain, Inc.(a) (b)		292,975		7,655,437
ITT Educational Services, Inc.(a)		14,700		1,725,486
Laureate Education, Inc.(a)		82,000		5,056,120
LECG Corp.(a)		41,800		631,598
Manpower, Inc.		132,800		12,249,472
Monster Worldwide, Inc.(a)		258,900		10,640,790
Moody's Corp.(b)		10,100		628,220
Quanta Services, Inc.(a) (b)		214,800		6,587,916
Resources Connection, Inc.(a)		44,000		1,459,920
Ritchie Bros. Auctioneers, Inc.(b)		38,900		2,435,918
Robert Half International, Inc.(b)		178,900		6,529,850
SAIC, Inc.(a)		95,000		1,716,650
United Rentals, Inc.(a) (b)		119,000		3,872,260
VistaPrint Ltd.(a) (b)		23,500		898,875
Western Union		41,400		862,362
				83,737,473
Computers — 2.9%
Cadence Design Systems, Inc.(a)		34,000		746,640
Cognizant Technology Solutions Corp. Cl. A(a)		37,200		2,793,348
DST Systems, Inc.(a) (b)		174,800		13,845,908
FactSet Research Systems, Inc.		24,000		1,640,400
IHS, Inc. Cl. A(a)		66,000		3,036,000
Jack Henry & Associates, Inc.		203,800		5,247,850
Network Appliance, Inc.(a)		110,300		3,220,760
Perot Systems Corp. Cl. A(a)		79,000		1,346,160
Seagate Technology		428,000		9,317,560
Synopsys, Inc.(a)		24,100		636,963
				41,831,589

(Continued)

The accompanying notes are an integral part of the financial statements.
163

MassMutual Select Mid Cap Growth Equity II Fund – Portfolio of Investments (Continued)

	Number of Shares		Market Value
Cosmetics & Personal Care — 0.2%
Avon Products, Inc.		82,100	$	3,017,175
Diversified Financial — 3.7%
Affiliated Managers Group, Inc.(a) (b)		12,900		1,661,004
BlackRock, Inc.(b)		10,400		1,628,536
CBOT Holdings, Inc. Cl. A(a) (b)		4,600		950,360
Chicago Mercantile Exchange Holdings, Inc.(b)		5,200		2,778,672
E*TRADE Financial Corp.(a)		315,200		6,962,768
Eaton Vance Corp.		248,800		10,991,984
Federated Investors, Inc. Cl. B		31,000		1,188,230
Interactive Brokers Group, Inc.(a)		125,400		3,402,102
Intercontinental Exchange, Inc.(a)		18,100		2,676,085
Janus Capital Group, Inc.(b)		38,600		1,074,624
Lazard Ltd. Cl. A		78,300		3,525,849
Legg Mason, Inc.		30,890		3,038,958
Nuveen Investments, Inc. Cl. A(b)		124,000		7,706,600
Nymex Holdings, Inc.(b)		23,800		2,989,994
optionsXpress Holdings, Inc.(b)		24,600		631,236
TD Ameritrade Holding Corp.(a)		34,300		686,000
				51,893,002
Electric — 0.5%
AES Corp.(a)		138,000		3,019,440
Reliant Energy, Inc.(a)		130,300		3,511,585
				6,531,025
Electrical Components & Equipment — 1.0%
Ametek, Inc.		351,500		13,947,520
Electronics — 2.5%
Cogent, Inc.(a) (b)		243,400		3,575,546
Cymer, Inc.(a)		14,600		586,920
Dolby Laboratories, Inc. Cl. A(a)		198,800		7,039,508
FLIR Systems, Inc.(a)		224,500		10,383,125
Garmin Ltd.(b)		46,400		3,432,208
Gentex Corp.		43,600		858,484
II-VI, Inc.(a)		24,100		654,797
Jabil Circuit, Inc.		279,400		6,166,358
National Instruments Corp.		21,300		693,741

	Number of Shares		Market Value
Thermo Fisher Scientific, Inc.(a)		13,100	$	677,532
Waters Corp.(a)		31,700		1,881,712
				35,949,931
Energy – Alternate Sources — 0.7%
First Solar, Inc.(a) (b)		67,000		5,982,430
SunPower Corp. Cl. A(a) (b)		68,000		4,287,400
				10,269,830
Engineering & Construction — 0.7%
Fluor Corp.		29,700		3,307,689
Foster Wheeler Ltd.(a)		26,600		2,845,934
McDermott International, Inc.(a)		47,300		3,931,576
				10,085,199
Entertainment — 1.4%
DreamWorks Animation SKG, Inc. Cl. A(a)		137,100		3,953,964
International Game Technology		304,800		12,100,560
Pinnacle Entertainment, Inc.(a)		108,000		3,040,200
Shuffle Master, Inc.(a) (b)		25,450		422,470
				19,517,194
Environmental Controls — 0.3%
Republic Services, Inc.		62,150		1,904,276
Stericycle, Inc.(a)		45,000		2,000,700
				3,904,976
Foods — 0.7%
The Hershey Co.		33,900		1,716,018
McCormick & Co., Inc.		44,400		1,695,192
Whole Foods Market, Inc.(b)		111,000		4,251,300
Wrigley (Wm.) Jr. Co.(b)		45,275		2,504,160
				10,166,670
Health Care – Products — 3.2%
American Medical Systems Holdings, Inc.(a) (b)		34,300		618,772
ArthoCare Corp.(a)		19,900		873,809
Bard (C.R.), Inc.		76,900		6,354,247
Becton, Dickinson & Co.		8,100		603,450
Dade Behring Holdings, Inc.		15,700		833,984
Dentsply International, Inc.		28,400		1,086,584
Edwards Lifesciences Corp.(a) (b)		180,900		8,925,606

	Number of Shares		Market Value
Gen-Probe, Inc.(a)		114,700	$	6,930,174
Henry Schein, Inc.(a)		59,700		3,189,771
Hologic, Inc.(a) (b)		19,100		1,056,421
Intuitive Surgical, Inc.(a)		10,800		1,498,716
Kyphon, Inc.(a)		21,200		1,020,780
Patterson Cos., Inc.(a)		17,100		637,317
Resmed, Inc.(a)		90,100		3,717,526
Respironics, Inc.(a)		22,200		945,498
St. Jude Medical, Inc.(a) (b)		81,100		3,364,839
Techne Corp.(a)		27,000		1,544,670
Varian Medical Systems, Inc.(a)		24,900		1,058,499
Zimmer Holdings, Inc.(a)		9,400		797,966
				45,058,629
Health Care – Services — 3.6%
Community Health Systems, Inc.(a)		155,000		6,269,750
Coventry Health Care, Inc.(a)		93,200		5,372,980
DaVita, Inc.(a)		70,850		3,817,398
Health Management Associates, Inc. Cl. A(b)		257,500		2,925,200
Health Net, Inc.(a)		148,700		7,851,360
Healthways, Inc.(a) (b)		21,900		1,037,403
Humana, Inc.(a)		62,500		3,806,875
Laboratory Corp. of America Holdings(a) (b)		24,100		1,886,066
Lincare Holdings, Inc.(a)		43,600		1,737,460
Manor Care, Inc.		227,200		14,833,888
Quest Diagnostics, Inc.		28,500		1,472,025
				51,010,405
Home Builders — 0.4%
Centex Corp.(b)		15,000		601,500
KB Home(b)		18,400		724,408
Lennar Corp. Cl. A(b)		27,300		998,088
Meritage Homes Corp.(a) (b)		24,300		650,025
Pulte Homes, Inc.		33,800		758,810
Thor Industries, Inc.(b)		13,600		613,904
Toll Brothers, Inc.(a) (b)		26,100		651,978
Winnebago Industries, Inc.		29,800		879,696
				5,878,409
Home Furnishing — 1.1%
Harman International Industries, Inc.		133,000		15,534,400
Household Products — 0.2%
Avery Dennison Corp.		17,300		1,150,104
The Clorox Co.		28,200		1,751,220
				2,901,324

(Continued)

The accompanying notes are an integral part of the financial statements.
164

MassMutual Select Mid Cap Growth Equity II Fund – Portfolio of Investments (Continued)

	Number of Shares		Market Value
Industrial – Distribution — 0.1%
W.W. Grainger, Inc.(b)		21,200	$	1,972,660
Insurance — 2.1%
Ambac Financial Group, Inc.		18,900		1,647,891
Aon Corp.		24,000		1,022,640
Arch Capital Group Ltd.(a)		23,900		1,733,706
Assurant, Inc.		110,000		6,481,200
Axis Capital Holdings Ltd.		195,900		7,963,335
Brown & Brown, Inc.		34,000		854,760
Cigna Corp.		30,000		1,566,600
Markel Corp.(a)		1,660		804,370
Marsh & McLennan Cos., Inc.(b)		27,500		849,200
MBIA, Inc.(b)		15,600		970,632
OneBeacon Insurance Group Ltd.		23,900		605,387
Principal Financial Group, Inc.		65,000		3,788,850
RenaissanceRe Holdings Ltd.		15,000		929,850
Willis Group Holdings Ltd.		20,100		885,606
				30,104,027
Internet — 4.4%
Amazon.com, Inc.(a)		292,400		20,003,084
Baidu.com ADR (China)(a) (b)		8,900		1,495,022
Checkfree Corp.(a) (b)		188,200		7,565,640
CNET Networks, Inc.(a) (b)		480,000		3,931,200
Digital River, Inc.(a)		87,600		3,963,900
F5 Networks, Inc.(a)		30,000		2,418,000
McAfee, Inc.(a)		167,200		5,885,440
Sina Corp.(a) (b)		27,800		1,163,708
Symantec Corp.(a)		44,600		900,920
VeriSign, Inc.(a)		466,900		14,814,737
				62,141,651
Iron & Steel — 0.3%
Carpenter Technology Corp.		28,600		3,726,866
Leisure Time — 0.3%
Harley-Davidson, Inc.		55,500		3,308,355
Royal Caribbean Cruises Ltd.(b)		14,100		606,018
WMS Industries, Inc.(a) (b)		27,450		792,207
				4,706,580
Lodging — 1.4%
Boyd Gaming Corp.		13,900		683,741

	Number of Shares		Market Value
Choice Hotels International, Inc.		36,900	$	1,458,288
Gaylord Entertainment Co.(a)		69,000		3,701,160
Hilton Hotels Corp.		80,500		2,694,335
Marriott International, Inc. Cl. A		45,400		1,963,096
Melco PBL Entertainment Ltd. ADR (Hong Kong)(a) (b)		65,500		822,680
Starwood Hotels & Resorts Worldwide, Inc.		40,100		2,689,507
Wynn Resorts Ltd.(b)		64,700		5,802,943
				19,815,750
Machinery – Construction & Mining — 0.2%
Joy Global, Inc.		37,600		2,193,208
Machinery – Diversified — 0.3%
Graco, Inc.		39,700		1,599,116
IDEX Corp.		54,525		2,101,393
Zebra Technologies Corp. Cl. A(a)		14,400		557,856
				4,258,365
Manufacturing — 2.3%
Danaher Corp.		55,000		4,152,500
Donaldson Co., Inc.		44,000		1,564,200
ITT Corp.		122,900		8,391,612
Pall Corp.		18,700		860,013
Roper Industries, Inc.		314,800		17,975,080
				32,943,405
Media — 2.4%
Cablevision Systems Corp. Cl. A(a)		167,900		6,076,301
Discovery Holding Co. Cl. A(a)		313,000		7,195,870
The McGraw-Hill Companies, Inc.		8,600		585,488
Meredith Corp.		9,800		603,680
Rogers Communications, Inc. Cl. B(b)		303,750		12,906,337
Salem Communications Corp. Cl. A		21,600		239,544
The Scripps (E.W.) Co. Cl. A		14,600		667,074
XM Satellite Radio Holdings, Inc. Cl. A(a) (b)		444,000		5,225,880
				33,500,174
Metal Fabricate & Hardware — 0.3%
Precision Castparts Corp.		33,200		4,029,152

	Number of Shares		Market Value
Mining — 0.7%
Agnico-Eagle Mines Ltd.(b)		147,100	$	5,369,150
Teck Cominco Ltd. Cl. B(b)		108,000		4,590,000
				9,959,150
Office Furnishings — 0.0%
HNI Corp.		13,600		557,600
Oil & Gas — 3.0%
Bill Barrett Corp.(a) (b)		18,800		692,404
CNX Gas Corp.(a) (b)		163,000		4,987,800
Compton Petroleum Corp.(a)		87,800		873,610
Diamond Offshore Drilling, Inc.		9,400		954,664
EOG Resources, Inc.		165,000		12,054,900
Mariner Energy, Inc.(a)		37,800		916,650
Murphy Oil Corp.		151,000		8,975,440
Nabors Industries Ltd.(a) (b)		21,800		727,684
Ultra Petroleum Corp.(a)		23,700		1,309,188
XTO Energy, Inc.		189,367		11,380,957
				42,873,297
Oil & Gas Services — 4.6%
BJ Services Co.		377,000		10,721,880
Cameron International Corp.(a)		153,400		10,963,498
Core Laboratories N.V.(a)		22,700		2,308,363
FMC Technologies, Inc.(a) (b)		153,800		12,184,036
Grant Prideco, Inc.(a)		66,000		3,552,780
Smith International, Inc.		315,100		18,477,464
TETRA Technologies, Inc.(a)		178,800		5,042,160
Weatherford International Ltd.(a)		28,500		1,574,340
				64,824,521
Packaging & Containers — 0.1%
Sealed Air Corp.		42,500		1,318,350
Pharmaceuticals — 5.5%
Alkermes, Inc.(a)		248,200		3,623,720
Allergan, Inc.		61,310		3,533,908
Amylin Pharmaceuticals, Inc.(a) (b)		110,900		4,564,644
Barr Pharmaceuticals, Inc.(a)		195,000		9,794,850
Cephalon, Inc.(a) (b)		197,900		15,909,181
Elan Corp. PLC Sponsored ADR (Ireland)(a) (b)		485,500		10,647,015
Express Scripts, Inc.(a)		63,200		3,160,632
Gilead Sciences, Inc.(a)		60,000		2,326,200

(Continued)

The accompanying notes are an integral part of the financial statements.
165

MassMutual Select Mid Cap Growth Equity II Fund – Portfolio of Investments (Continued)

	Number of Shares		Market Value
Medarex, Inc.(a) (b)		152,600	$	2,180,654
Medco Health Solutions, Inc.(a)		10,900		850,091
Medicis Pharmaceutical Corp. Cl. A(b)		83,000		2,534,820
Mylan Laboratories, Inc.(b)		137,000		2,492,030
Omnicare, Inc.(b)		68,000		2,452,080
OSI Pharmaceuticals, Inc.(a) (b)		64,000		2,317,440
Sepracor, Inc.(a) (b)		109,300		4,483,486
Theravance, Inc.(a)		110,200		3,526,400
Valeant Pharmaceuticals International		248,000		4,139,120
				78,536,271
Pipelines — 0.2%
The Williams Cos., Inc.		95,800		3,029,196
Retail — 6.6%
Advance Auto Parts, Inc.		171,100		6,934,683
AnnTaylor Stores Corp.(a)		22,900		811,118
Bed Bath & Beyond, Inc.(a)		240,800		8,666,392
Best Buy Co., Inc.		110,000		5,133,700
Carmax, Inc.(a)		218,000		5,559,000
The Cheesecake Factory(a) (b)		161,900		3,969,788
Chipotle Mexican Grill, Inc. Cl. B(a)		83,000		6,526,290
Dick's Sporting Goods, Inc.(a) (b)		10,900		634,053
Family Dollar Stores, Inc.(b)		37,600		1,290,432
Men's Wearhouse, Inc.		17,200		878,404
MSC Industrial Direct Co. Cl. A		26,000		1,430,000
O'Reilly Automotive, Inc.(a)		215,600		7,880,180
P.F. Chang's China Bistro, Inc.(a) (b)		67,000		2,358,400
Panera Bread Co. Cl. A(a) (b)		39,700		1,828,582
Petsmart, Inc.(b)		324,200		10,520,290
Ross Stores, Inc.		54,200		1,669,360
Shoppers Drug Mart Corp. CAD		57,000		2,670,446
Shoppers Drug Mart Corp. CAD		38,000		1,780,297
Staples, Inc.		60,650		1,439,225
Tiffany & Co.		53,000		2,812,180
Tim Hortons, Inc.		182,800		5,621,100
The TJX Cos., Inc.		89,600		2,464,000
Tractor Supply Co.(a) (b)		12,600		655,830

	Number of Shares		Market Value
Under Armour, Inc. Cl. A(a)		42,000	$	1,917,300
Urban Outfitters, Inc.(a)		42,600		1,023,678
Williams-Sonoma, Inc.(b)		152,000		4,800,160
Yum! Brands, Inc.		99,600		3,258,912
				94,533,800
Semiconductors — 6.5%
Altera Corp.(b)		445,300		9,854,489
Analog Devices, Inc.		83,000		3,124,120
Broadcom Corp. Cl. A(a)		59,100		1,728,675
Fairchild Semiconductor International, Inc.(a)		202,600		3,914,232
Integrated Device Technology, Inc.(a)		58,500		893,295
Intersil Corp. Cl. A		304,800		9,589,008
KLA-Tencor Corp.		13,700		752,815
Lam Research Corp.(a)		14,900		765,860
Linear Technology Corp.(b)		109,600		3,965,328
Marvell Technology Group Ltd.(a)		524,900		9,558,429
Maxim Integrated Products, Inc.		88,800		2,966,808
MEMC Electronic Materials, Inc.(a)		24,900		1,521,888
Microchip Technology, Inc.		264,400		9,793,376
National Semiconductor Corp.(b)		80,000		2,261,600
ON Semiconductor Corp.(a) (b)		425,000		4,556,000
PMC-Sierra, Inc.(a) (b)		552,000		4,266,960
QLogic Corp.(a)		77,600		1,292,040
Silicon Laboratories, Inc.(a)		45,400		1,571,294
Spansion LLC Cl. A(a) (b)		160,000		1,776,000
Teradyne, Inc.(a) (b)		405,400		7,126,932
Xilinx, Inc.(b)		403,100		10,790,987
				92,070,136
Software — 5.5%
Activision, Inc.(a)		95,110		1,775,704
American Reprographics Co.(a) (b)		58,300		1,795,057
Autodesk, Inc.(a)		213,800		10,065,704
Avid Technology, Inc.(a) (b)		131,000		4,630,850
Cerner Corp.(a) (b)		67,000		3,716,490
Citrix Systems, Inc.(a)		36,600		1,232,322
Cognos, Inc.(a)		19,900		789,433
Dun & Bradstreet Corp.		14,900		1,534,402
Electronic Arts, Inc.(a)		60,800		2,877,056

	Number of Shares		Market Value
Fidelity National Information Services, Inc.		12,400	$	673,072
Fiserv, Inc.(a)		23,900		1,357,520
Global Payments, Inc.(b)		197,300		7,822,945
Intuit, Inc.(a)		191,500		5,760,320
MoneyGram International, Inc.		180,900		5,056,155
NAVTEQ Corp.(a)		214,800		9,094,632
Paychex, Inc.		93,500		3,657,720
Red Hat, Inc.(a) (b)		409,000		9,112,520
Salesforce.com, Inc.(a) (b)		73,000		3,128,780
Satyam Computer Services Ltd. ADR (India)		97,800		2,421,528
SEI Investments Co.		39,600		1,149,984
THQ, Inc.(a) (b)		34,250		1,045,310
				78,697,504
Telecommunications — 7.5%
ADTRAN, Inc.		79,000		2,051,630
Amdocs Ltd.(a)		238,000		9,477,160
American Tower Corp. Cl. A(a)		348,000		14,616,000
Ciena Corp.(a) (b)		109,000		3,938,170
Comverse Technology, Inc.(a)		108,000		2,251,800
Crown Castle International Corp.(a)		434,000		15,741,180
Foundry Networks, Inc.(a)		54,300		904,638
Harris Corp.		168,000		9,164,400
Juniper Networks, Inc.(a)		544,200		13,697,514
Leap Wireless International, Inc.(a)		168,600		14,246,700
MetroPCS Communications, Inc.(a)		201,600		6,660,864
NeuStar, Inc. Cl. A(a) (b)		32,300		935,731
NII Holdings, Inc. Cl. B(a)		38,500		3,108,490
SBA Communications Corp. Cl. A(a) (b)		188,800		6,341,792
Time Warner Telecom, Inc. Cl. A(a)		179,000		3,597,900
				106,733,969
Textiles — 0.1%
Cintas Corp.		31,000		1,222,330
Transportation — 1.0%
C.H. Robinson Worldwide, Inc.		46,800		2,457,936
Expeditors International of Washington, Inc.		59,800		2,469,740

(Continued)

The accompanying notes are an integral part of the financial statements.
166

MassMutual Select Mid Cap Growth Equity II Fund – Portfolio of Investments (Continued)

	Number of Shares		Market Value
Landstar System, Inc.		48,700	$	2,349,775
UTI Worldwide, Inc.		264,400		7,083,276
				14,360,727
TOTAL EQUITIES (Cost $1,029,078,200)				1,371,177,369
MUTUAL FUND — 0.0%
Financial Services
Government Reserve Investment Fund		104,623		104,623
TOTAL MUTUAL FUND (Cost $104,623)				104,623
TOTAL LONG TERM INVESTMENTS (Cost $1,029,182,823)				1,371,281,992
	Principal Amount
SHORT-TERM INVESTMENTS — 18.1%
Cash Equivalents — 14.2%(d)
Abbey National PLC Eurodollar Time Deposit 5.280% 07/05/2007	$	2,610,130		2,610,130
Abbey National PLC Eurodollar Time Deposit 5.285% 07/09/2007		6,525,341		6,525,341
American Beacon Money Market Fund(c)		7,321,132		7,321,132
Banco Bilbao Vizcaya Argentaria SA Eurodollar Time Deposit 5.300% 08/10/2007		4,894,006		4,894,006
Bank of America 5.270% 07/06/2007		6,525,341		6,525,341
Bank of America 5.270% 07/16/2007		1,305,068		1,305,068
Bank of America 5.270% 08/17/2007		1,631,335		1,631,335
Bank of America 5.300% 09/17/2007		3,262,671		3,262,671
Bank of Ireland Eurodollar Time Deposit 5.300% 08/13/2007		6,525,341		6,525,341
Bank of Montreal Eurodollar Time Deposit 5.280% 07/03/2007		1,631,335		1,631,335
Bank of Montreal Eurodollar Time Deposit 5.290% 07/02/2007		1,305,068		1,305,068

	Principal Amount		Market Value
Bank of Montreal Eurodollar Time Deposit 5.310% 08/14/2007	$	978,801	$	978,801
Bank of Nova Scotia Eurodollar Time Deposit 5.280% 07/09/2007		6,199,074		6,199,074
Bank Of Nova Scotia Eurodollar Time Deposit 5.285% 07/11/2007		3,588,937		3,588,937
Barclays Eurodollar Time Deposit 5.290% 07/06/2007		6,525,341		6,525,341
Barclays Eurodollar Time Deposit 5.295% 07/16/2007		1,305,068		1,305,068
Barclays Eurodollar Time Deposit 5.320% 09/04/2007		3,262,671		3,262,671
Bear Stearns & Co Commercial Paper 5.435% 07/10/2007		978,801		978,801
BGI Institutional Money Market Fund(c)		4,241,471		4,241,471
BNP Paribas Eurodollar Time Deposit 5.350% 07/02/2007		9,788,011		9,788,011
Calyon Eurodollar Time Deposit 5.290% 07/17/2007		3,262,671		3,262,671
Calyon Eurodollar Time Deposit 5.380% 07/02/2007		9,788,011		9,788,011
Canadian Imperial Bank of Commerce Eurodollar Time Deposit 5.300% 07/30/2007		6,525,341		6,525,341
Dexia Group Eurodollar Time Deposit 5.290% 08/08/2007		6,525,341		6,525,341
Dreyfus Institutional Cash Advantage Money Market Fund(c)		1,957,602		1,957,602
Federal Home Loan Bank Discount Note 5.174% 07/20/2007		483,963		483,963
First Tennessee National Corp. Eurodollar Time Deposit 5.300% 07/18/2007		1,631,335		1,631,335
Fortis Bank Eurodollar Time Deposit 5.290% 07/06/2007		1,631,335		1,631,335

	Principal Amount		Market Value
Fortis Bank Eurodollar Time Deposit 5.290% 07/09/2007	$	2,283,869	$	2,283,869
Fortis Bank Eurodollar Time Deposit 5.300% 07/20/2007		1,631,335		1,631,335
Fortis Bank Eurodollar Time Deposit 5.300% 07/26/2007		1,305,068		1,305,068
Fortis Bank Eurodollar Time Deposit 5.350% 07/05/2007		3,262,671		3,262,671
Freddie Mac Discount Note 5.155% 07/16/2007		616,093		616,093
Freddie Mac Discount Note 5.185% 07/09/2007		321,637		321,637
Morgan Stanley & Co Commercial Paper 5.445% 08/01/2007		2,936,403		2,936,403
National Australia Bank Eurodollar Time Deposit 5.320% 07/02/2007		3,262,671		3,262,671
Nationwide Building Society Commercial Paper 5.301% 07/09/2007		3,255,959		3,255,959
Rabobank Nederland Eurodollar Time Deposit 5.280% 07/05/2007		4,894,006		4,894,006
Rabobank Nederland Eurodollar Time Deposit 5.290% 07/16/2007		6,525,341		6,525,341
Rabobank Nederland Eurodollar Time Deposit 5.330% 07/02/2007		9,788,011		9,788,011
Reserve Primary Money Market Fund(c)		6,477,960		6,477,960
Royal Bank of Canada Eurodollar Time Deposit 5.305% 08/30/2007		6,525,341		6,525,341
Royal Bank of Scotland Eurodollar Time Deposit 5.270% 07/11/2007		1,631,335		1,631,335
Skandinaviska Enskilda Banken AB Eurodollar Time Deposit 5.290% 07/13/2007		6,525,341		6,525,341
Skandinaviska Enskilda Banken AB Eurodollar Time Deposit 5.290% 07/19/2007		978,801		978,801

(Continued)

The accompanying notes are an integral part of the financial statements.
167

MassMutual Select Mid Cap Growth Equity II Fund – Portfolio of Investments (Continued)

	Principal Amount		Market Value
Svenska Handlesbanken Eurodollar Time Deposit 5.300% 07/02/2007	$	1,096,099	$	1,096,099
UBS AG Eurodollar Time Deposit 5.277% 07/05/2007		4,567,738		4,567,738
UBS AG Eurodollar Time Deposit 5.285% 07/05/2007		6,525,341		6,525,341
Vanguard Prime Money Market Fund(c)		3,262,671		3,262,671
Wells Fargo Eurodollar Time Deposit 5.260% 07/02/2007		1,761,842		1,761,842
Wells Fargo Eurodollar Time Deposit 5.280% 07/11/2007		6,525,341		6,525,341
Wells Fargo Eurodollar Time Deposit 5.280% 07/12/2007		3,262,671		3,262,671
				201,434,087
Repurchase Agreements — 3.9%
Investors Bank & Trust Company Repurchase Agreement, dated 6/29/2007, 3.50%, due 7/02/2007(e)		55,622,742		55,622,742
TOTAL SHORT-TERM INVESTMENTS (Cost $257,056,829)				257,056,829
TOTAL INVESTMENTS — 114.5% (Cost $1,286,239,652)(f)				1,628,338,821
Other Assets/ (Liabilities) — (14.5%)				(206,722,784	)
NET ASSETS — 100.0%			$	1,421,616,037

Notes to Portfolio of Investments

ADR - American Depository Receipt

CAD - Canadian Dollar

(a) Non-income producing security.

(b) Denotes all or a portion of security on loan. (Note 2).

(d) Represents investments of security lending collateral. (Note 2).

(e) Maturity value of $55,638,965. Collateralized by a U.S. Government Agency obligation with a rate of 5.62%, maturity date of 8/15/2036, and an aggregate market value, including accrued interest, of $58,403,879.

(f) See Note 6 for aggregate cost for Federal tax purposes.

The remainder of this page is intentionally left blank.

The accompanying notes are an integral part of the financial statements.
168

MassMutual Select Small Cap Growth Equity Fund – Portfolio of Investments

June 30, 2007 (Unaudited)

	Number of Shares		Market Value
EQUITIES — 92.8%
COMMON STOCK — 92.8%
Advertising — 0.6%
Catalina Marketing Corp.		65,400	$	2,060,100
Focus Media Holding Ltd. ADR (China)(a) (b)		47,440		2,395,720
				4,455,820
Aerospace & Defense — 1.5%
Orbital Sciences Corp.(a) (b)		72,400		1,521,124
Teledyne Technologies, Inc.(a)		89,540		4,114,363
Transdigm Group, Inc.(a)		60,800		2,459,968
Triumph Group, Inc.		34,730		2,273,773
				10,369,228
Airlines — 0.2%
Airtran Holdings, Inc.(a) (b)		154,000		1,681,680
Apparel — 1.3%
Crocs, Inc.(a) (b)		18,570		799,067
Heelys, Inc.(a) (b)		124,100		3,209,226
Phillips-Van Heusen Corp.		30,800		1,865,556
Skechers U.S.A., Inc. Cl. A(a)		59,400		1,734,480
Stride Rite Corp.		83,400		1,689,684
				9,298,013
Apparel, Textiles & Shoes — 0.2%
J. Crew Group, Inc.(a)		20,200		1,092,618
Automotive & Parts — 2.0%
LKQ Corp.(a)		415,728		10,251,852
Tenneco, Inc.(a)		54,100		1,895,664
TRW Automotive Holdings Corp.(a)		44,700		1,646,301
				13,793,817
Banks — 0.6%
First Community Bancorp(b)		53,700		3,072,177
UCBH Holdings, Inc.		44,300		809,361
				3,881,538
Beverages — 0.1%
Jones Soda Co.(a) (b)		54,800		768,296
Biotechnology — 0.8%
Arena Pharmaceuticals, Inc.(a) (b)		49,560		544,664

	Number of Shares		Market Value
Charles River Laboratories International, Inc.(a)		47,290	$	2,441,110
Human Genome Sciences, Inc.(a) (b)		128,700		1,148,004
Incyte Corp.(a) (b)		158,900		953,400
Vertex Pharmaceuticals, Inc.(a)		18,190		519,506
				5,606,684
Building Materials — 0.5%
Genlyte Group, Inc.(a)		12,100		950,334
Goodman Global, Inc.(a)		110,090		2,446,200
				3,396,534
Building Materials & Construction — 0.2%
Beacon Roofing Supply, Inc.(a) (b)		66,233		1,125,299
Chemicals — 2.2%
Agrium, Inc.		47,440		2,075,500
CF Industries Holdings, Inc.(b)		39,600		2,371,644
Cytec Industries, Inc.		34,700		2,212,819
Ferro Corp.(b)		110,000		2,742,300
Hercules, Inc.(a)		110,400		2,169,360
Minerals Technologies, Inc.		25,600		1,713,920
Terra Industries, Inc.(a) (b)		73,130		1,858,965
				15,144,508
Coal — 0.4%
Arch Coal, Inc.		30,930		1,076,364
Foundation Coal Holdings, Inc.		39,200		1,593,088
				2,669,452
Commercial Services — 8.6%
AerCap Holdings NV(a)		55,600		1,779,200
Bankrate, Inc.(a) (b)		117,500		5,630,600
Bowne & Co., Inc.		102,500		1,999,775
CoStar Group, Inc.(a) (b)		95,400		5,044,752
Dollar Financial Corp.(a)		59,090		1,684,065
Emergency Medical Services Corp. Cl. A(a)		37,150		1,453,679
Interactive Data Corp.		78,270		2,096,071
ITT Educational Services, Inc.(a)		129,150		15,159,627
Kenexa Corp.(a) (b)		88,155		3,324,325
Lifecell Corp.(a) (b)		114,000		3,481,560
Live Nation, Inc.(a) (b)		69,550		1,556,529
Resources Connection, Inc.(a)		57,780		1,917,140

	Number of Shares		Market Value
Sotheby's		100,000	$	4,602,000
Stewart Enterprises, Inc. Cl. A(b)		270,000		2,103,300
TeleTech Holdings, Inc.(a) (b)		76,670		2,490,242
VistaPrint Ltd.(a) (b)		144,550		5,529,037
				59,851,902
Computer Related Services — 0.4%
Ingram Micro, Inc. Cl. A(a)		121,000		2,626,910
Computers — 5.9%
The BISYS Group, Inc.(a)		132,100		1,562,743
Comtech Group, Inc.(a) (b)		272,500		4,498,975
Diebold, Inc.		40,884		2,134,145
Electronics for Imaging, Inc.(a) (b)		97,500		2,751,450
FactSet Research Systems, Inc.		194,144		13,269,742
IHS, Inc. Cl. A(a)		35,930		1,652,780
Mentor Graphics Corp.(a)		55,300		728,301
MICROS Systems, Inc.(a)		131,100		7,131,840
Riverbed Technology, Inc.(a) (b)		65,100		2,852,682
Smart Modular Technologies(a)		267,900		3,686,304
Syntel, Inc.		23,340		709,303
				40,978,265
Cosmetics & Personal Care — 0.8%
Bare Escentuals, Inc.(a) (b)		153,250		5,233,487
Diversified Financial — 2.5%
Aberdeen Asset Management PLC GBP		467,780		1,824,069
Advanta Corp. Cl. B		67,950		2,115,963
FCStone Group, Inc.(a) (b)		56,650		3,246,611
Financial Federal Corp.(b)		197,624		5,893,148
JMP Group, Inc.(a)		43,325		452,746
The Nasdaq Stock Market, Inc.(a) (b)		46,700		1,387,457
Nuveen Investments, Inc. Cl. A		20,500		1,274,075
Portfolio Recovery Associates, Inc.(b)		26,870		1,612,737
				17,806,806
Electric — 0.2%
El Paso Electric Co.(a)		62,900		1,544,824

(Continued)

The accompanying notes are an integral part of the financial statements.
169

MassMutual Select Small Cap Growth Equity Fund – Portfolio of Investments (Continued)

	Number of Shares		Market Value
Electronics — 0.2%
Benchmark Electronics, Inc.(a) (b)		57,450	$	1,299,519
Energy – Alternate Sources — 0.5%
C. Rokas SA Cl. C		29,148		776,338
Evergreen Solar, Inc.(a) (b)		112,070		1,042,251
Trina Solar Ltd. Sponsored ADR (China)(a)		25,600		1,317,120
				3,135,709
Engineering & Construction — 1.8%
Chicago Bridge & Iron Co.		229,848		8,674,464
Washington Group International, Inc.(a)		51,830		4,146,918
				12,821,382
Entertainment — 3.3%
Churchill Downs, Inc.		33,700		1,765,206
DreamWorks Animation SKG, Inc. Cl. A(a)		80,700		2,327,388
National CineMedia, Inc.(a) (b)		112,700		3,156,727
Pinnacle Entertainment, Inc.(a)		46,390		1,305,878
Scientific Games Corp. Cl. A(a) (b)		250,150		8,742,742
Vail Resorts, Inc.(a) (b)		90,200		5,490,474
				22,788,415
Environmental Controls — 0.6%
Stericycle, Inc.(a)		33,940		1,508,972
Waste Connections, Inc.(a)		91,560		2,768,774
				4,277,746
Foods — 0.4%
United Natural Foods, Inc.(a) (b)		117,100		3,112,518
Gas — 0.2%
UGI Corp.		60,900		1,661,352
Health Care – Products — 4.4%
AngioDynamics, Inc.(a)		66,230		1,192,802
Arrow International, Inc.		35,300		1,351,284
Cytyc Corp.(a)		73,970		3,188,847
Dade Behring Holdings, Inc.		47,500		2,523,200
Hologic, Inc.(a) (b)		27,080		1,497,795
ICU Medical, Inc.(a)		17,260		741,144
Kensey Nash Corp.(a) (b)		60,800		1,630,048
Kyphon, Inc.(a) (b)		210,800		10,150,020
Mindray Medical International, Ltd., ADR (China)(b)		22,400		683,872
Visicu, Inc.(a) (b)		272,400		2,492,460

	Number of Shares		Market Value
Vital Images, Inc.(a)		148,300	$	4,027,828
Volcano Corp.(a)		54,710		1,105,689
				30,584,989
Health Care – Services — 3.0%
Community Health Systems, Inc.(a)		45,200		1,828,340
Healthways, Inc.(a) (b)		196,250		9,296,362
Icon PLC Sponsored ADR (United Kingdom)(a)		37,900		1,657,746
LifePoint Hospitals, Inc.(a)		56,890		2,200,505
Magellan Health Services, Inc.(a)		30,600		1,421,982
Manor Care, Inc.		47,180		3,080,382
Matria Healthcare, Inc.(a) (b)		50,950		1,542,766
				21,028,083
Holding Company – Diversified — 0.1%
Freedom Acquisition Holding, Inc.(a) (b)		90,110		992,111
Home Furnishing — 0.6%
DTS, Inc.(a) (b)		136,650		2,974,871
TiVo, Inc.(a) (b)		266,500		1,543,035
				4,517,906
Household Products — 0.7%
Fossil, Inc.(a)		82,070		2,420,244
Jarden Corp.(a) (b)		64,850		2,789,199
				5,209,443
Insurance — 2.7%
Allied World Assurance Holdings Ltd.		47,530		2,435,913
Aspen Insurance Holdings Ltd.		66,000		1,852,620
Assured Guaranty Ltd.		40,600		1,200,136
FPIC Insurance Group, Inc.(a)		17,800		725,706
Platinum Underwriters Holdings Ltd.		49,600		1,723,600
ProAssurance Corp.(a) (b)		82,960		4,618,383
Reinsurance Group of America, Inc.		29,900		1,801,176
Security Capital Assurance Ltd.		143,540		4,431,080
				18,788,614
Internet — 6.5%
Checkfree Corp.(a) (b)		94,049		3,780,770
Cogent Communications Group, Inc.(a) (b)		27,500		821,425
Ctrip.com International Ltd. ADR (China)		17,800		1,399,614

	Number of Shares		Market Value
DealerTrack Holdings, Inc.(a)		80,250	$	2,956,410
Equinix, Inc.(a) (b)		23,520		2,151,374
Harris Interactive, Inc.(a)		205,200		1,097,820
Knot (The), Inc.(a) (b)		189,000		3,815,910
LoopNet, Inc.(a) (b)		277,000		6,462,410
Opsware, Inc.(a) (b)		156,800		1,491,168
Priceline.com, Inc.(a) (b)		26,280		1,806,487
S1 Corp.(a)		207,300		1,656,327
Sapient Corp.(a)		257,300		1,988,929
Sina Corp.(a) (b)		185,500		7,765,030
Stamps.com, Inc.(a)		237,100		3,267,238
The TriZetto Group, Inc.(a) (b)		134,420		2,602,371
Vocus, Inc.(a)		106,800		2,681,748
				45,745,031
Investment Companies — 0.1%
Babcock & Brown Wind Partners		530,640		876,256
Lodging — 1.9%
Gaylord Entertainment Co.(a)		243,300		13,050,612
Machinery – Construction & Mining — 1.8%
Bucyrus International, Inc. Cl. A(b)		178,250		12,616,535
Machinery – Diversified — 0.5%
Flowserve Corp.		30,190		2,161,604
Lindsay Corp.(b)		31,860		1,411,079
				3,572,683
Manufacturing — 0.3%
Hexcel Corp.(a) (b)		101,100		2,130,177
Media — 1.1%
Central European Media Enterprises Ltd.(a) (b)		11,410		1,113,388
Charter Communications, Inc. Cl. A(a) (b)		823,000		3,333,150
LodgeNet Entertainment Corp.(a)		51,400		1,647,884
NET Servicos de Comunicacao SA, ADR (Brazil)(b)		101,640		1,680,109
				7,774,531
Mining — 0.1%
SXR Uranium One, Inc.(a)		68,895		887,723
Oil & Gas — 3.7%
Bill Barrett Corp.(a) (b)		231,050		8,509,572
Cabot Oil & Gas Corp.		54,660		2,015,861
Comstock Resources, Inc.(a)		69,100		2,070,927

(Continued)

The accompanying notes are an integral part of the financial statements.
170

MassMutual Select Small Cap Growth Equity Fund – Portfolio of Investments (Continued)

	Number of Shares		Market Value
Denbury Resources, Inc.(a)		58,740	$	2,202,750
Forest Oil Corp.(a) (b)		29,450		1,244,557
Grey Wolf, Inc.(a) (b)		152,400		1,255,776
Newfield Exploration Co.(a)		117,750		5,363,513
OPTI Canada, Inc. CAD(a)		86,200		1,859,625
Whiting Petroleum Corp.(a)		40,800		1,653,216
				26,175,797
Oil & Gas Services — 0.9%
Complete Production Services, Inc.(a)		99,370		2,568,715
Core Laboratories N.V.(a)		18,800		1,911,772
TETRA Technologies, Inc.(a)		70,600		1,990,920
				6,471,407
Packaging & Containers — 0.5%
Greif, Inc. Cl. A		14,810		882,824
Owens-Illinois, Inc.(a)		72,870		2,550,450
				3,433,274
Pharmaceuticals — 2.1%
Adams Respiratory Therapeutics, Inc.(a) (b)		131,450		5,177,816
Alkermes, Inc.(a)		128,460		1,875,516
Amylin Pharmaceuticals, Inc.(a) (b)		77,160		3,175,906
The Medicines Co.(a)		82,760		1,458,231
Perrigo Co.		92,500		1,811,150
Warner Chilcott, Ltd. Cl. A(a)		49,600		897,264
				14,395,883
Real Estate Investment Trusts (REITS) — 0.6%
American Campus Communities REIT		58,600		1,657,794
Redwood Trust, Inc.(b)		33,600		1,625,568
U-Store-It Trust REIT		72,500		1,188,275
				4,471,637
Retail — 5.0%
BJ's Wholesale Club, Inc.(a)		34,230		1,233,307
Borders Group, Inc.(b)		81,800		1,559,108
California Pizza Kitchen, Inc.(a)		65,385		1,404,470
Childrens Place(a)		16,180		835,535
Chipotle Mexican Grill, Inc. Cl. A(a) (b)		16,000		1,364,480
Citi Trends, Inc.(a) (b)		32,540		1,235,218
Denny's Corp.(a)		383,700		1,707,465
Dick's Sporting Goods, Inc.(a)		27,400		1,593,858

	Number of Shares		Market Value
Dollar Tree Stores, Inc.(a)		54,130	$	2,357,362
Gamestop Corp. Cl. A(a)		25,210		985,711
Nu Skin Enterprises, Inc. Cl. A		121,000		1,996,500
O'Reilly Automotive, Inc.(a)		221,070		8,080,109
P.F. Chang's China Bistro, Inc.(a) (b)		40,100		1,411,520
Retail Ventures, Inc.(a)		63,340		1,021,674
Stella International Holdings, Ltd.		56,500		112,036
Under Armour, Inc. Cl. A(a) (b)		14,180		647,317
United Auto Group, Inc.		103,400		2,201,386
Urban Outfitters, Inc.(a)		59,400		1,427,382
Zumiez, Inc.(a) (b)		96,900		3,660,882
				34,835,320
Semiconductors — 1.7%
Cypress Semiconductor Corp.(a) (b)		84,200		1,961,018
Emulex Corp.(a)		85,550		1,868,412
ON Semiconductor Corp.(a) (b)		228,600		2,450,592
Semtech Corp.(a) (b)		115,500		2,001,615
Spreadtrum Communications, Inc., ADR (China)(a)		20,400		296,412
Varian Semiconductor Equipment Associates, Inc.(a)		33,990		1,361,639
Verigy Ltd.(a)		68,000		1,945,480
				11,885,168
Software — 10.0%
Activision, Inc.(a) (b)		110,170		2,056,874
Allscripts Healthcare Solutions, Inc.(a) (b)		425,350		10,837,918
American Reprographics Co.(a) (b)		13,150		404,889
Ansys, Inc.(a)		74,580		1,976,370
Blackbaud, Inc.		506,150		11,175,792
Blackboard, Inc.(a) (b)		265,250		11,172,330
Cerner Corp.(a) (b)		171,500		9,513,105
Concur Technologies, Inc.(a) (b)		93,500		2,136,475
EPIQ Systems, Inc.(a) (b)		211,918		3,424,595
InPhonic, Inc.(a) (b)		34,400		160,304
MoneyGram International, Inc.		54,480		1,522,716
Omnicell, Inc.(a)		147,700		3,069,206
Red Hat, Inc.(a) (b)		261,390		5,823,769
THQ, Inc.(a) (b)		41,675		1,271,921

	Number of Shares		Market Value
Transaction Systems Architects, Inc. Cl. A(a)		20,890	$	703,157
Trident Microsystems, Inc.(a) (b)		82,700		1,517,545
VeriFone Holdings, Inc.(a) (b)		62,284		2,195,511
Verint Systems, Inc.(a)		34,800		1,089,240
				70,051,717
Storage & Warehousing — 0.8%
Mobile Mini, Inc.(a)		184,600		5,390,320
Telecommunications — 2.3%
ADC Telecommunications, Inc.(a)		112,800		2,067,624
CommScope, Inc.(a)		18,400		1,073,640
Foundry Networks, Inc.(a)		70,400		1,172,864
General Communication, Inc. Cl. A(a)		158,900		2,035,509
Leap Wireless International, Inc.(a)		19,030		1,608,035
NeuStar, Inc. Cl. A(a) (b)		49,700		1,439,809
Polycom, Inc.(a)		62,500		2,100,000
Powerwave Technologies, Inc.(a) (b)		241,900		1,620,730
Sonus Networks, Inc.(a) (b)		308,390		2,627,483
				15,745,694
Toys, Games & Hobbies — 0.2%
Marvel Entertainment, Inc.(a) (b)		42,510		1,083,155
Transportation — 4.6%
American Commercial Lines, Inc.(a) (b)		26,930		701,527
Con-way, Inc.		29,800		1,497,152
Florida East Coast Industries(b)		19,140		1,588,237
J.B. Hunt Transport Services, Inc.(b)		351,150		10,295,718
Kansas City Southern(a) (b)		311,000		11,674,940
Landstar System, Inc.		33,560		1,619,270
Navios Maritime Holdings, Inc.		168,070		2,030,286
Werner Enterprises, Inc.		67,500		1,360,125
YRC Worldwide, Inc.(a) (b)		41,300		1,519,840
				32,287,095
Trucking & Leasing — 0.6%
Aircastle, Ltd.		58,920		2,345,605
GATX Corp.		33,000		1,625,250
				3,970,855
TOTAL EQUITIES (Cost $495,689,804)				648,394,338

(Continued)

The accompanying notes are an integral part of the financial statements.
171

MassMutual Select Small Cap Growth Equity Fund – Portfolio of Investments (Continued)

	Number of Shares		Market Value
MUTUAL FUND — 3.3%
Investment Companies
iShares Russell 2000 Growth Index Fund(b)		267,510	$	22,947,008
TOTAL MUTUAL FUND (Cost $20,657,831)				22,947,008
TOTAL LONG TERM INVESTMENTS (Cost $516,347,635)				671,341,346
	Principal Amount
SHORT-TERM INVESTMENTS — 43.4%
Cash Equivalents — 39.5%(d)
Abbey National PLC Eurodollar Time Deposit 5.280% 07/05/2007	$	3,578,694		3,578,694
Abbey National PLC Eurodollar Time Deposit 5.285% 07/09/2007		8,946,711		8,946,711
American Beacon Money Market Fund(c)		10,037,797		10,037,797
Banco Bilbao Vizcaya Argentaria SA Eurodollar Time Deposit 5.300% 08/10/2007		6,710,034		6,710,034
Bank of America 5.270% 07/06/2007		8,946,711		8,946,711
Bank of America 5.270% 07/16/2007		1,789,342		1,789,342
Bank of America 5.270% 08/17/2007		2,236,678		2,236,678
Bank of America 5.300% 09/17/2007		4,473,356		4,473,356
Bank of Ireland Eurodollar Time Deposit 5.300% 08/13/2007		8,946,711		8,946,711
Bank of Montreal Eurodollar Time Deposit 5.280% 07/03/2007		2,236,678		2,236,678
Bank of Montreal Eurodollar Time Deposit 5.290% 07/02/2007		1,789,342		1,789,342
Bank of Montreal Eurodollar Time Deposit 5.310% 08/14/2007		1,342,007		1,342,007
Bank of Nova Scotia Eurodollar Time Deposit 5.280% 07/09/2007		8,499,376		8,499,376

	Principal Amount		Market Value
Bank Of Nova Scotia Eurodollar Time Deposit 5.285% 07/11/2007	$	4,920,691	$	4,920,691
Barclays Eurodollar Time Deposit 5.290% 07/06/2007		8,946,711		8,946,711
Barclays Eurodollar Time Deposit 5.295% 07/16/2007		1,789,342		1,789,342
Barclays Eurodollar Time Deposit 5.320% 09/04/2007		4,473,356		4,473,356
Bear Stearns & Co Commercial Paper 5.435% 07/10/2007		1,342,007		1,342,007
BGI Institutional Money Market Fund(c)		5,815,364		5,815,364
BNP Paribas Eurodollar Time Deposit 5.350% 07/02/2007		13,420,068		13,420,068
Calyon Eurodollar Time Deposit 5.290% 07/17/2007		4,473,356		4,473,356
Calyon Eurodollar Time Deposit 5.380% 07/02/2007		13,420,068		13,420,068
Canadian Imperial Bank of Commerce Eurodollar Time Deposit 5.300% 07/30/2007		8,946,711		8,946,711
Dexia Group Eurodollar Time Deposit 5.290% 08/08/2007		8,946,711		8,946,711
Dreyfus Institutional Cash Advantage Money Market Fund(c)		2,684,014		2,684,014
Federal Home Loan Bank Discount Note 5.174% 07/20/2007		663,549		663,549
First Tennessee National Corp. Eurodollar Time Deposit 5.300% 07/18/2007		2,236,678		2,236,678
Fortis Bank Eurodollar Time Deposit 5.290% 07/06/2007		2,236,678		2,236,678
Fortis Bank Eurodollar Time Deposit 5.290% 07/09/2007		3,131,349		3,131,349
Fortis Bank Eurodollar Time Deposit 5.300% 07/20/2007		2,236,678		2,236,678

	Principal Amount		Market Value
Fortis Bank Eurodollar Time Deposit 5.300% 07/26/2007	$	1,789,342	$	1,789,342
Fortis Bank Eurodollar Time Deposit 5.350% 07/05/2007		4,473,356		4,473,356
Freddie Mac Discount Note 5.155% 07/16/2007		844,707		844,707
Freddie Mac Discount Note 5.185% 07/09/2007		440,987		440,987
Morgan Stanley & Co Commercial Paper 5.445% 08/01/2007		4,026,020		4,026,020
National Australia Bank Eurodollar Time Deposit 5.320% 07/02/2007		4,473,356		4,473,356
Nationwide Building Society Commercial Paper 5.301% 07/09/2007		4,464,153		4,464,153
Rabobank Nederland Eurodollar Time Deposit 5.280% 07/05/2007		6,710,034		6,710,034
Rabobank Nederland Eurodollar Time Deposit 5.290% 07/16/2007		8,946,711		8,946,711
Rabobank Nederland Eurodollar Time Deposit 5.330% 07/02/2007		13,420,068		13,420,068
Reserve Primary Money Market Fund(c)		8,881,749		8,881,749
Royal Bank of Canada Eurodollar Time Deposit 5.305% 08/30/2007		8,946,711		8,946,711
Royal Bank of Scotland Eurodollar Time Deposit 5.270% 07/11/2007		2,236,678		2,236,678
Skandinaviska Enskilda Banken AB Eurodollar Time Deposit 5.290% 07/13/2007		8,946,711		8,946,711
Skandinaviska Enskilda Banken AB Eurodollar Time Deposit 5.290% 07/19/2007		1,342,007		1,342,007
Svenska Handlesbanken Eurodollar Time Deposit 5.300% 07/02/2007		1,502,830		1,502,830
UBS AG Eurodollar Time Deposit 5.277% 07/05/2007		6,262,699		6,262,699
UBS AG Eurodollar Time Deposit 5.285% 07/05/2007		8,946,711		8,946,711

(Continued)

The accompanying notes are an integral part of the financial statements.
172

MassMutual Select Small Cap Growth Equity Fund – Portfolio of Investments (Continued)

	Principal Amount		Market Value
Vanguard Prime Money Market Fund(c)	$	4,473,356	$	4,473,356
Wells Fargo Eurodollar Time Deposit 5.260% 07/02/2007		2,415,612		2,415,612
Wells Fargo Eurodollar Time Deposit 5.280% 07/11/2007		8,946,711		8,946,711
Wells Fargo Eurodollar Time Deposit 5.280% 07/12/2007		4,473,356		4,473,356
				276,180,633
Repurchase Agreements — 3.9%
Investors Bank & Trust Company Repurchase Agreement, dated 6/29/2007, 3.50%, due 7/02/2007(e)		27,495,200		27,495,200
TOTAL SHORT-TERM INVESTMENTS (Cost $303,675,833)				303,675,833
TOTAL INVESTMENTS — 139.5% (Cost $820,023,468)(f)				975,017,179
Other Assets/ (Liabilities) — (39.5%)				(276,011,168	)
NET ASSETS — 100.0%			$	699,006,011

Notes to Portfolio of Investments

ADR - American Depository Receipt

CAD - Canadian Dollar

GBP - British Pound

(a) Non-income producing security.

(b) Denotes all or a portion of security on loan. (Note 2).

(d) Represents investments of security lending collateral. (Note 2).

(e) Maturity value of $27,503,219. Collateralized by a U.S. Government Agency obligation with a rate of 5.82%, maturity date of 6/15/2034, and an aggregate market value, including accrued interest, of $28,869,960.

(f) See Note 6 for aggregate cost for Federal tax purposes.

The remainder of this page is intentionally left blank.

The accompanying notes are an integral part of the financial statements.
173

MassMutual Select Small Company Growth Fund – Portfolio of Investments

June 30, 2007 (Unaudited)

	Number of Shares		Market Value
EQUITIES — 98.5%
COMMON STOCK — 98.5%
Advertising — 1.6%
Gaiam, Inc. Cl. A(a) (b)		54,900	$	1,000,827
Marchex, Inc. Cl. B(b)		101,800		1,661,376
				2,662,203
Apparel — 5.9%
Carter's, Inc.(a)		40,720		1,056,277
Crocs, Inc.(a) (b)		68,800		2,960,464
Quiksilver, Inc.(a)		223,700		3,160,881
Volcom, Inc.(a) (b)		54,630		2,738,602
				9,916,224
Automotive & Parts — 1.2%
Titan International, Inc.(b)		65,030		2,055,598
Banks — 1.7%
Bancorp, Inc.(a)		3,600		80,496
Bank of the Ozarks, Inc.		2,900		80,823
Boston Private Financial Holdings, Inc.		13,785		370,403
Cascade Bancorp(b)		16,168		374,128
Cobiz Inc.		12,200		221,064
East West Bancorp, Inc.		16,100		625,968
Glacier Bancorp, Inc.(b)		13,602		276,801
SVB Financial Group(a)		3,600		191,196
UCBH Holdings, Inc.		21,900		400,113
Virginia Commerce Bancorp(a) (b)		8,269		139,829
WSB Financial Group, Inc.(a)		10,900		172,220
				2,933,041
Beverages — 0.0%
Peet's Coffee & Tea, Inc.(a)		3,100		76,353
Biotechnology — 2.4%
3SBio, Inc., Sponsored ADR (China) (a)		56,300		542,732
Affymetrix, Inc.(a) (b)		63,500		1,580,515
Cell Genesys, Inc.(a) (b)		233,700		782,895
Illumina, Inc.(a)		6,300		255,717
Integra LifeSciences Holdings Corp.(a) (b)		1,700		84,014
Myriad Genetics, Inc.(a) (b)		14,960		556,362
Tercica, Inc.(a) (b)		51,600		263,160
				4,065,395
Building Materials — 0.9%
Texas Industries, Inc.(b)		18,530		1,452,937

	Number of Shares		Market Value
Chemicals — 2.9%
Hercules, Inc.(a)		4,400	$	86,460
Metabolix, Inc.(a) (b)		28,900		723,367
Quaker Chemical Corp.		18,200		429,520
Terra Industries, Inc.(a) (b)		128,200		3,258,844
Zoltek Cos., Inc.(a)		10,370		430,666
				4,928,857
Commercial Services — 3.6%
Corrections Corp. of America(a)		30,245		1,908,762
Gartner Group, Inc.(a)		3,400		83,606
The Geo Group, Inc.(a)		21,160		615,756
Global Cash Access Holdings, Inc.(a)		110,455		1,769,489
Heartland Payment Systems, Inc.(b)		14,700		431,151
Kenexa Corp.(a) (b)		16,700		629,757
Strayer Education, Inc.(b)		3,900		513,669
Wright Express Corp.(a)		2,500		85,675
				6,037,865
Computers — 1.2%
Digimarc Corp.(a)		34,600		339,426
FactSet Research Systems, Inc.		16,585		1,133,585
Immersion Corp.(a)		37,300		558,754
Limelight Networks, Inc.(a)		2,100		41,538
				2,073,303
Consumer Products — 0.4%
Pool Corp.(b)		15,275		596,183
Cosmetics & Personal Care — 0.8%
Bare Escentuals, Inc.(a)		19,800		676,170
Physicians Formula Holdings, Inc.(a)		46,750		735,144
				1,411,314
Diversified Financial — 6.3%
Affiliated Managers Group, Inc.(a) (b)		8,600		1,107,336
Cohen & Steers, Inc.(b)		12,000		521,400
Cowen Group, Inc.(a)		50,310		901,052
Evercore Partners, Inc. Cl. A		26,800		797,836
Federated Investors, Inc. Cl. B		19,800		758,934
Greenhill & Co., Inc.(b)		29,790		2,046,871
Investment Technology Group, Inc.(a)		21,870		947,627
The Nasdaq Stock Market, Inc.(a) (b)		49,500		1,470,645
optionsXpress Holdings, Inc.		8,600		220,676
Piper Jaffray Cos.(a)		16,700		930,691

	Number of Shares		Market Value
Thomas Weisel Partners Group, Inc.(a) (b)		26,000	$	432,900
TradeStation Group, Inc.(a)		18,500		215,525
Waddell & Reed Financial, Inc. Cl. A		9,600		249,696
				10,601,189
Electric — 0.5%
EnerNOC, Inc.(a)		13,310		507,510
Ormat Technologies, Inc.		7,000		263,760
				771,270
Electrical Components & Equipment — 1.8%
Active Power, Inc.(a)		89,600		159,488
Advanced Energy Industries, Inc.(a)		21,320		483,111
General Cable Corp.(a)		21,085		1,597,189
Superior Essex, Inc.(a)		5,300		197,955
Universal Display Corp.(a) (b)		37,800		593,838
				3,031,581
Electronics — 4.4%
Cogent, Inc.(a)		9,600		141,024
Coherent, Inc.(a)		62,695		1,912,824
Cymer, Inc.(a)		19,800		795,960
Daktronics, Inc.(b)		15,975		343,143
Dolby Laboratories, Inc. Cl. A(a)		31,035		1,098,949
Eagle Test Systems, Inc.(a)		34,530		554,552
Oyo Geospace Corp.(a) (b)		34,534		2,562,077
				7,408,529
Energy – Alternate Sources — 0.4%
Evergreen Solar, Inc.(a) (b)		49,500		460,350
US Bioenergy Corp.(a) (b)		24,500		278,320
				738,670
Engineering & Construction — 0.9%
Emcor Group, Inc.(a)		1,300		94,770
ENGlobal Corp.(a)		8,900		108,135
Infrasource Services, Inc.(a)		37,240		1,381,604
				1,584,509
Entertainment — 0.8%
Vail Resorts, Inc.(a) (b)		21,745		1,323,618
Environmental Controls — 1.3%
ADA-ES, Inc.(a)		11,200		234,416
Waste Connections, Inc.(a)		63,440		1,918,426
				2,152,842
Foods — 0.1%
B&G Foods, Inc. Cl. A		15,900		209,880

(Continued)

The accompanying notes are an integral part of the financial statements.
174

MassMutual Select Small Company Growth Fund – Portfolio of Investments (Continued)

	Number of Shares		Market Value
Health Care – Products — 5.4%
American Medical Systems Holdings, Inc.(a) (b)		88,905	$	1,603,846
Arrow International, Inc.		45,085		1,725,854
Cutera, Inc.(a)		46,795		1,166,131
DJO, Inc.(a)		16,950		699,527
Foxhollow Technologies, Inc.(a)		15,400		327,096
Home Diagnostics, Inc.(a)		24,500		288,365
Lemaitre Vascular, Inc.(a)		26,300		157,800
OraSure Technologies, Inc.(a)		34,600		283,028
Respironics, Inc.(a)		28,255		1,203,380
Somanetics Corp.(a)		15,400		281,974
Thoratec Corp.(a) (b)		45,475		836,285
Vital Images, Inc.(a)		22,345		606,890
				9,180,176
Health Care – Services — 2.8%
Alliance Imaging, Inc.(a)		84,900		797,211
Centene Corp.(a) (b)		49,280		1,055,578
Five Star Quality Care, Inc.(a) (b)		74,200		592,116
Icon PLC Sponsored ADR (United Kingdom) (a)		17,265		755,171
Matria Healthcare, Inc.(a) (b)		36,895		1,117,181
Sun Healthcare Group, Inc.(a)		29,200		423,108
				4,740,365
Home Builders — 0.2%
Meritage Homes Corp.(a) (b)		10,700		286,225
Home Furnishing — 1.8%
Universal Electronics, Inc.(a)		81,698		2,967,271
Household Products — 0.1%
Church & Dwight Co., Inc.		1,800		87,228
Industrial – Distribution — 0.3%
MWI Veterinary Supply, Inc.(a)		10,765		429,416
Insurance — 1.2%
American Safety Insurance Holdings Ltd.(a)		21,090		502,575
Castlepoint Holdings Ltd.(b)		23,700		348,153
First Mercury Financial Corp.(a)		52,440		1,099,667
				1,950,395
Internet — 5.8%
Avocent Corp.(a)		47,700		1,383,777
CNET Networks, Inc.(a) (b)		270,480		2,215,231
Cogent Communications Group, Inc.(a) (b)		27,100		809,477
DealerTrack Holdings, Inc.(a)		10,200		375,768
i2 Technologies, Inc.(a) (b)		13,500		251,640
Internet Capital Group, Inc.(a)		50,775		629,610

	Number of Shares		Market Value
Knot (The), Inc.(a) (b)		34,600	$	698,574
Liquidity Services, Inc.(a)		40,100		753,078
Move, Inc.(a)		151,600		679,168
Online Resources Corp.(a)		8,900		97,722
Opsware, Inc.(a)		22,400		213,024
Secure Computing Corp.(a) (b)		78,100		592,779
Shutterfly, Inc.(a) (b)		33,600		724,080
Sourcefire, Inc.(a)		6,000		83,940
US Auto Parts Network, Inc.(a)		38,805		367,095
				9,874,963
Iron & Steel — 0.4%
Claymont Steel Holdings, Inc.(a)		35,460		758,489
Machinery – Construction & Mining — 1.5%
Bucyrus International, Inc. Cl. A(b)		35,115		2,485,440
Machinery – Diversified — 0.4%
Chart Industries, Inc.(a)		22,700		645,588
Manufacturing — 0.9%
A.O. Smith Corp.		6,300		251,307
Actuant Corp. Cl. A		20,610		1,299,667
				1,550,974
Media — 1.6%
Entravision Communications Corp. Cl. A(a)		94,775		988,503
Martha Stewart Living Omnimedia, Inc. Cl. A(b)		61,300		1,054,360
Outdoor Channel Holdings, Inc.(a)		53,100		598,437
				2,641,300
Metal Fabricate & Hardware — 1.2%
Dynamic Materials Corp.		10,200		382,500
Kaydon Corp.(b)		24,335		1,268,340
Northwest Pipe Co.(a)		9,050		321,909
				1,972,749
Office Furnishings — 0.5%
Knoll, Inc.		41,400		927,360
Oil & Gas — 2.1%
Arena Resources Inc.(a)		4,200		244,062
Atwood Oceanics, Inc.(a) (b)		9,600		658,752
Edge Petroleum Corp.(a) (b)		16,315		228,573
Goodrich Petroleum Corp.(a) (b)		37,200		1,288,236
Kodiak Oil & Gas Corp.(a)		27,900		161,820
Unit Corp.(a)		14,990		943,021
				3,524,464

	Number of Shares		Market Value
Oil & Gas Services — 3.3%
Cal Dive International, Inc.(a) (b)		56,800	$	944,584
Complete Production Services, Inc.(a)		14,300		369,655
Core Laboratories N.V.(a)		10,210		1,038,255
Hercules Offshore, Inc.(a) (b)		6,000		194,280
Lufkin Industries, Inc.		8,905		574,818
Natural Gas Services Group, Inc.(a)		22,100		395,148
Superior Offshore International, Inc.(a)		27,300		496,860
TETRA Technologies, Inc.(a)		52,189		1,471,730
Union Drilling, Inc.(a)		7,800		128,076
				5,613,406
Pharmaceuticals — 7.3%
Alkermes, Inc.(a)		89,100		1,300,860
Altus Pharmaceuticals, Inc.(a) (b)		25,000		288,500
Animal Health International, Inc.(a)		61,005		883,962
Cephalon, Inc.(a) (b)		44,800		3,601,472
Cubist Pharmaceuticals, Inc.(a) (b)		114,710		2,260,934
CV Therapeutics, Inc.(a) (b)		81,800		1,080,578
Ista Pharmaceuticals, Inc.(a) (b)		76,300		563,094
Medarex, Inc.(a) (b)		166,700		2,382,143
				12,361,543
Real Estate — 0.5%
HFF, Inc. Cl. A(a)		20,800		322,608
Meruelo Maddux Properties, Inc.(a)		74,200		605,472
				928,080
Retail — 5.1%
BJ's Restaurants, Inc.(a)		26,580		524,689
Build-A-Bear Workshop, Inc.(a) (b)		55,340		1,446,588
Cash America International, Inc.		41,640		1,651,026
Genesco, Inc.(a) (b)		44,460		2,325,703
Hot Topic, Inc.(a)		6,000		65,220
Jamba, Inc.(a) (b)		7,800		71,292
McCormick & Schmick's Seafood Restaurants, Inc.(a)		3,400		88,196
Red Robin Gourmet Burgers, Inc.(a)		27,150		1,096,046
School Specialty, Inc.(a) (b)		30,255		1,072,237
Zumiez, Inc.(a) (b)		8,300		313,574
				8,654,571

(Continued)

The accompanying notes are an integral part of the financial statements.
175

MassMutual Select Small Company Growth Fund – Portfolio of Investments (Continued)

	Number of Shares		Market Value
Semiconductors — 3.3%
Brooks Automation, Inc.(a) (b)		9,900	$	179,685
IPG Photonics Corp.(a)		11,700		233,415
Lattice Semiconductor Corp.(a)		315,000		1,801,800
PLX Technology, Inc.(a)		47,112		525,770
Rudolph Technologies, Inc.(a)		10,900		181,049
Skyworks Solutions, Inc.(a)		179,200		1,317,120
Triquint Semiconductor, Inc.(a)		255,000		1,290,300
				5,529,139
Software — 8.3%
Advent Software, Inc.(a) (b)		17,200		559,860
Ansys, Inc.(a)		57,150		1,514,475
Avid Technology, Inc.(a) (b)		28,795		1,017,903
Commvault Systems, Inc.(a)		19,500		336,765
Eclipsys Corp.(a)		85,995		1,702,701
Red Hat, Inc.(a) (b)		164,100		3,656,148
THE9 Ltd. ADR (Cayman Islands) (a) (b)		25,680		1,187,957
THQ, Inc.(a) (b)		51,600		1,574,832
Trident Microsystems, Inc.(a) (b)		37,840		694,364
Wind River Systems, Inc.(a)		161,200		1,773,200
				14,018,205
Telecommunications — 5.1%
Acme Packet, Inc.(a)		7,300		83,876
BigBand Networks, Inc.(a) (b)		18,000		235,980
Clearwire Corp. Cl. A(a) (b)		47,700		1,165,311
EMS Technologies, Inc.(a)		38,135		841,258
Ixia(a)		73,135		677,230
Polycom, Inc.(a)		78,100		2,624,160
RF Micro Devices, Inc.(a) (b)		297,100		1,853,904
RRSat Global Communications(a)		19,300		385,421
Sirenza Microdevices, Inc.(a) (b)		18,180		215,797
Switch & Data Facilities Co., Inc.(a) (b)		30,315		581,745
				8,664,682
Toys, Games & Hobbies — 0.2%
Marvel Entertainment, Inc.(a) (b)		14,600		372,008
Transportation — 0.1%
Hub Group, Inc. Cl. A(a)		4,800		168,768
Knight Transportation, Inc.		4,400		85,272
				254,040
TOTAL EQUITIES (Cost $142,450,182)				166,449,438

	Principal Amount		Market Value
SHORT-TERM INVESTMENTS — 32.5%
Cash Equivalents — 31.3%(d)
Abbey National PLC Eurodollar Time Deposit 5.280% 07/05/2007	$	685,505	$	685,505
Abbey National PLC Eurodollar Time Deposit 5.285% 07/09/2007		1,713,763		1,713,763
American Beacon Money Market Fund(c)		1,922,760		1,922,760
Banco Bilbao Vizcaya Argentaria SA Eurodollar Time Deposit 5.300% 08/10/2007		1,285,321		1,285,321
Bank of America 5.270% 07/06/2007		1,713,761		1,713,761
Bank of America 5.270% 07/16/2007		342,752		342,752
Bank of America 5.270% 08/17/2007		428,441		428,441
Bank of America 5.300% 09/17/2007		856,880		856,880
Bank of Ireland Eurodollar Time Deposit 5.300% 08/13/2007		1,713,761		1,713,761
Bank of Montreal Eurodollar Time Deposit 5.280% 07/03/2007		428,441		428,441
Bank of Montreal Eurodollar Time Deposit 5.290% 07/02/2007		342,752		342,752
Bank of Montreal Eurodollar Time Deposit 5.310% 08/14/2007		257,064		257,064
Bank of Nova Scotia Eurodollar Time Deposit 5.280% 07/09/2007		1,628,072		1,628,072
Bank Of Nova Scotia Eurodollar Time Deposit 5.285% 07/11/2007		942,569		942,569
Barclays Eurodollar Time Deposit 5.290% 07/06/2007		1,713,761		1,713,761
Barclays Eurodollar Time Deposit 5.295% 07/16/2007		342,752		342,752
Barclays Eurodollar Time Deposit 5.320% 09/04/2007		856,880		856,880
Bear Stearns & Co Commercial Paper 5.435% 07/10/2007		257,064		257,064

	Principal Amount		Market Value
BGI Institutional Money Market Fund(c)	$	1,113,944	$	1,113,944
BNP Paribas Eurodollar Time Deposit 5.350% 07/02/2007		2,570,641		2,570,641
Calyon Eurodollar Time Deposit 5.290% 07/17/2007		856,880		856,880
Calyon Eurodollar Time Deposit 5.380% 07/02/2007		2,570,641		2,570,641
Canadian Imperial Bank of Commerce Eurodollar Time Deposit 5.300% 07/30/2007		1,713,761		1,713,761
Dexia Group Eurodollar Time Deposit 5.290% 08/08/2007		1,713,761		1,713,761
Dreyfus Institutional Cash Advantage Money Market Fund(c)		514,128		514,128
Federal Home Loan Bank Discount Note 5.174% 07/20/2007		127,104		127,104
First Tennessee National Corp. Eurodollar Time Deposit 5.300% 07/18/2007		428,441		428,441
Fortis Bank Eurodollar Time Deposit 5.290% 07/06/2007		428,441		428,441
Fortis Bank Eurodollar Time Deposit 5.290% 07/09/2007		599,816		599,816
Fortis Bank Eurodollar Time Deposit 5.300% 07/20/2007		428,441		428,441
Fortis Bank Eurodollar Time Deposit 5.300% 07/26/2007		342,752		342,752
Fortis Bank Eurodollar Time Deposit 5.350% 07/05/2007		856,880		856,880
Freddie Mac Discount Note 5.155% 07/16/2007		161,805		161,805
Freddie Mac Discount Note 5.185% 07/09/2007		84,472		84,472
Morgan Stanley & Co Commercial Paper 5.445% 08/01/2007		771,192		771,192
National Australia Bank Eurodollar Time Deposit 5.320% 07/02/2007		856,880		856,880
Nationwide Building Society Commercial Paper 5.301% 07/09/2007		855,118		855,118

(Continued)

The accompanying notes are an integral part of the financial statements.
176

MassMutual Select Small Company Growth Fund – Portfolio of Investments (Continued)

	Principal Amount		Market Value
Rabobank Nederland Eurodollar Time Deposit 5.280% 07/05/2007	$	1,285,321	$	1,285,321
Rabobank Nederland Eurodollar Time Deposit 5.290% 07/16/2007		1,713,761		1,713,761
Rabobank Nederland Eurodollar Time Deposit 5.330% 07/02/2007		2,570,641		2,570,641
Reserve Primary Money Market Fund(c)		1,701,317		1,701,317
Royal Bank of Canada Eurodollar Time Deposit 5.305% 08/30/2007		1,713,761		1,713,761
Royal Bank of Scotland Eurodollar Time Deposit 5.270% 07/11/2007		428,441		428,441
Skandinaviska Enskilda Banken AB Eurodollar Time Deposit 5.290% 07/13/2007		1,713,761		1,713,761
Skandinaviska Enskilda Banken AB Eurodollar Time Deposit 5.290% 07/19/2007		257,064		257,064
Svenska Handlesbanken Eurodollar Time Deposit 5.300% 07/02/2007		287,870		287,870
UBS AG Eurodollar Time Deposit 5.277% 07/05/2007		1,199,633		1,199,633
UBS AG Eurodollar Time Deposit 5.285% 07/05/2007		1,713,761		1,713,761
Vanguard Prime Money Market Fund(c)		856,880		856,880
Wells Fargo Eurodollar Time Deposit 5.260% 07/02/2007		462,715		462,715
Wells Fargo Eurodollar Time Deposit 5.280% 07/11/2007		1,713,761		1,713,761
Wells Fargo Eurodollar Time Deposit 5.280% 07/12/2007		856,880		856,880
				52,902,964
Repurchase Agreements — 1.2%
Investors Bank & Trust Company Repurchase Agreement, dated 6/29/2007, 3.50%, due 7/2/2007(e)		2,044,320		2,044,320

	Market Value
TOTAL SHORT-TERM INVESTMENTS (Cost $54,947,284)	$	54,947,284
TOTAL INVESTMENTS — 131.0% (Cost $197,397,466) (f)		221,396,722
Other Assets/ (Liabilities) — (31.0%)		(52,371,043	)
NET ASSETS — 100.0%	$	169,025,679

Notes to Portfolio of Investments

ADR - American Depository Receipt

(a) Non-income producing security.

(b) Denotes all or a portion of security on loan. (Note 2).

(d) Represents investments of security lending collateral. (Note 2).

(e) Maturity value of $2,044,916. Collateralized by a U.S. Government Agency Obligation with a rate of 8.875%, maturity date of 9/25/2015, and an aggregate market value, including accrued interest, of $2,146,536.

(f) See Note 6 for aggregate cost for Federal tax purposes.

The accompanying notes are an integral part of the financial statements.
177

MassMutual Select Emerging Growth Fund – Portfolio of Investments

June 30, 2007 (Unaudited)

	Number of Shares		Market Value
EQUITIES — 95.8%
COMMON STOCK — 95.8%
Advertising — 0.4%
Marchex, Inc. Cl. B(a)		22,200	$	362,304
Airlines — 1.5%
Copa Holdings SA Cl. A		22,900		1,539,796
Apparel — 6.4%
Coach, Inc.(b)		22,900		1,085,231
Crocs, Inc.(a) (b)		72,000		3,098,160
Deckers Outdoor Corp.(b)		16,000		1,614,400
Volcom, Inc.(a) (b)		14,400		721,872
				6,519,663
Automotive & Parts — 1.3%
Cooper Tire & Rubber Co.		46,600		1,287,092
Banks — 1.0%
Midwest Banc Holdings, Inc.(a)		12,500		181,250
Signature Bank(b)		14,500		494,450
Sterling Financial Corp.(a)		13,200		382,008
				1,057,708
Biotechnology — 1.3%
Digene Corp.(a) (b)		2,800		168,140
Martek Biosciences Corp.(a) (b)		4,900		127,253
Omrix Biopharmaceuticals, Inc.(b)		19,200		604,032
PDL BioPharma, Inc.(b)		10,900		253,970
Regeneron Pharmaceuticals, Inc.(b)		13,000		232,960
				1,386,355
Chemicals — 1.3%
KMG Chemicals, Inc.(a)		18,700		494,241
Terra Industries, Inc.(b)		31,700		805,814
				1,300,055
Commercial Services — 7.7%
The Advisory Board Co.(b)		10,800		600,048
AMN Healthcare Services, Inc.(b)		23,500		517,000
Capella Education Co.(b)		1,400		64,442
DynCorp International, Inc.(b)		43,100		947,769
Euronet Worldwide, Inc.(a) (b)		13,800		402,408
FTI Consulting, Inc.(b)		36,500		1,388,095
Huron Consulting Group, Inc.(b)		37,300		2,723,273
TeleTech Holdings, Inc.(a) (b)		39,200		1,273,216
				7,916,251

	Number of Shares		Market Value
Computer Programming Services — 1.9%
Shanda Interactive Entertainment Limited ADR (Cayman Islands) (b)		63,500	$	1,968,500
Computer Related Services — 1.2%
Sierra Wireless(a) (b)		48,800		1,214,632
Computers — 1.6%
Riverbed Technology, Inc.(a) (b)		37,500		1,643,250
Cosmetics & Personal Care — 0.4%
Chattem, Inc.(b)		1,700		107,746
Physicians Formula Holdings, Inc.(b)		22,200		349,095
				456,841
Diversified Financial — 0.8%
FBR Capital Markets Corp.(a) (b)		7,900		133,510
Portfolio Recovery Associates, Inc.(a)		12,200		732,244
				865,754
Electrical Components & Equipment — 1.2%
Graftech International Ltd.(b)		73,000		1,229,320
Energy – Alternate Sources — 1.1%
Trina Solar Ltd. Sponsored ADR (China) (a) (b)		22,000		1,131,900
Engineering & Construction — 2.4%
Aecom Technology Corp.(b)		19,200		476,352
KHD Humboldt Wedag International Ltd.(b)		5,100		313,650
Perini Corp.(b)		27,000		1,661,310
				2,451,312
Entertainment — 1.8%
Macrovision Corp.(b)		22,500		676,350
Vail Resorts, Inc.(a) (b)		19,800		1,205,226
				1,881,576
Environmental Controls — 1.0%
Basin Water, Inc.(a) (b)		32,900		286,230
Clean Harbors, Inc.(b)		14,500		716,590
				1,002,820
Foods — 2.3%
Sanderson Farms, Inc.(a)		53,200		2,395,064
Forest Products & Paper — 2.1%
Rock-Tenn Co. Cl. A		67,600		2,144,272

	Number of Shares		Market Value
Hand & Machine Tools — 1.0%
Lincoln Electric Holdings, Inc.		13,200	$	979,968
Health Care – Products — 3.3%
Align Technology, Inc.(a) (b)		106,900		2,582,704
Conceptus, Inc.(b)		18,700		362,219
Home Diagnostics, Inc.(b)		21,900		257,763
Micrus Endovascular Corp.(b)		9,600		236,160
				3,438,846
Health Care – Services — 2.3%
Icon PLC Sponsored ADR (United Kingdom) (b)		19,400		848,556
WellCare Health Plans, Inc.(a) (b)		16,400		1,484,364
				2,332,920
Home Builders — 0.7%
Williams Scotsman International, Inc.(b)		29,100		692,871
Insurance — 2.9%
Amerisafe, Inc.(b)		20,982		411,877
Castlepoint Holdings Ltd.(a)		34,500		506,805
Delphi Financial Group, Inc. Cl. A		18,400		769,488
Life Partners Holdings, Inc.(a)		27,000		879,660
United Fire & Casualty Co.(a)		12,400		438,712
				3,006,542
Internet — 9.3%
Akamai Technologies, Inc.(b)		10,800		525,312
aQuantive, Inc.(b)		10,300		657,140
Blue Coat Systems, Inc.(b)		42,200		2,089,744
Navisite, Inc.(b)		61,400		466,640
NutriSystem, Inc.(a) (b)		9,900		691,416
Priceline.com, Inc.(a) (b)		40,900		2,811,466
Shutterfly, Inc.(a) (b)		35,100		756,405
Vasco Data Security International, Inc.(b)		67,300		1,531,748
				9,529,871
Leisure Time — 1.2%
Life Time Fitness, Inc.(a) (b)		13,900		739,897
WMS Industries, Inc.(a) (b)		17,200		496,392
				1,236,289
Machinery – Diversified — 2.2%
Chart Industries, Inc.(b)		22,400		637,056
Dxp Enterprises, Inc.(a) (b)		33,500		1,432,125
Flow International Corp.(b)		15,400		194,040
				2,263,221

(Continued)

The accompanying notes are an integral part of the financial statements.
178

MassMutual Select Emerging Growth Fund – Portfolio of Investments (Continued)

	Number of Shares		Market Value
Manufacturing — 1.7%
Ceradyne, Inc.(a) (b)		12,300	$	909,708
ESCO Technologies, Inc.(a) (b)		9,100		329,966
Hexcel Corp.(b)		21,800		459,326
				1,699,000
Media — 0.5%
LodgeNet Entertainment Corp.(b)		15,800		506,548
Medical Supplies — 0.9%
Cynosure, Inc. Cl. A(b)		20,500		746,815
Wright Medical Group, Inc.(b)		7,200		173,664
				920,479
Metal Fabricate & Hardware — 2.3%
Dynamic Materials Corp.		25,100		941,250
Haynes International, Inc.(b)		16,600		1,401,538
				2,342,788
Oil & Gas Services — 3.6%
Bolt Technology Corp.(a) (b)		18,800		827,952
Cal Dive International, Inc.(a) (b)		39,100		650,233
CARBO Ceramics, Inc.		10,300		451,243
Flotek Industries, Inc.(b)		9,500		569,525
Input/Output, Inc.(a) (b)		36,100		563,521
W-H Energy Services, Inc.(b)		9,600		594,336
				3,656,810
Pharmaceuticals — 2.2%
Acadia Pharmaceuticals, Inc.(a) (b)		13,300		181,811
Angiotech Pharmaceuticals, Inc.(b)		24,400		173,484
Medarex, Inc.(a) (b)		32,200		460,138
Penwest Pharmaceuticals Co.(a) (b)		47,100		587,337
United Therapeutics Corp.(a) (b)		13,700		873,512
				2,276,282
Real Estate Investment Trusts (REITS) — 0.4%
RAIT Financial Trust		14,500		377,290
Retail — 4.7%
BJ's Restaurants, Inc.(a) (b)		22,900		452,046
Chipotle Mexican Grill, Inc. Cl. A(a) (b)		11,400		972,192
Citi Trends, Inc.(a) (b)		10,200		387,192
First Cash Financial Services, Inc.(b)		33,900		794,616
Hibbett Sports, Inc.(b)		21,200		580,456
McCormick & Schmick's Seafood Restaurants, Inc.(b)		16,900		438,386

	Number of Shares		Market Value
Under Armour, Inc. Cl. A(a) (b)		13,100	$	598,015
Zumiez, Inc.(a) (b)		16,500		623,370
				4,846,273
Semiconductors — 4.7%
Cavium Networks, Inc.(b)		1,200		27,144
Microsemi Corp.(a) (b)		30,000		718,500
Silicon Motion Technology Corp. ADR (Taiwan) (b)		68,000		1,688,440
SiRF Technology Holdings, Inc.(b)		500		10,370
Tessera Technologies, Inc.(b)		11,300		458,215
Varian Semiconductor Equipment Associates, Inc.(b)		11,650		466,699
Verigy Ltd.(b)		51,600		1,476,276
				4,845,644
Software — 3.0%
Double-Take Software, Inc.(b)		5,700		93,537
Emageon, Inc.(a) (b)		11,900		107,338
Informatica Corp.(b)		38,300		565,691
Omniture, Inc.(b)		9,600		220,032
Synchronoss Technologies, Inc.(b)		37,500		1,100,250
Trident Microsystems, Inc.(a) (b)		23,100		423,885
VeriFone Holdings, Inc.(b)		16,000		564,000
				3,074,733
Telecommunications — 6.2%
Allot Communications Ltd.(a) (b)		50,891		346,059
Aruba Networks, Inc.(b)		10,900		219,090
BigBand Networks, Inc.(a) (b)		16,000		209,760
Ceragon Networks Ltd.(b)		77,000		883,190
Golden Telecom, Inc.(a)		21,500		1,182,715
Novatel Wireless, Inc.(b)		59,700		1,553,394
Polycom, Inc.(b)		20,800		698,880
Powerwave Technologies, Inc.(a) (b)		93,500		626,450
Switch & Data Facilities Co., Inc.(b)		19,500		374,205
Symmetricom, Inc.(b)		36,300		304,920
				6,398,663
Transportation — 4.0%
Diana Shipping, Inc.		41,000		918,400
DryShips, Inc.(a)		32,200		1,396,836
Knight Transportation, Inc.		25,500		494,190
Navios Maritime Holdings, Inc.		110,500		1,334,839
				4,144,265
TOTAL EQUITIES (Cost $82,670,060)				98,323,768

	Principal Amount		Market Value
SHORT-TERM INVESTMENTS — 32.2%
Cash Equivalents — 28.9%(d)
Abbey National PLC Eurodollar Time Deposit 5.280% 07/05/2007	$	384,520	$	384,520
Abbey National PLC Eurodollar Time Deposit 5.285% 07/09/2007		961,300		961,300
American Beacon Money Market Fund(c)		1,078,535		1,078,535
Banco Bilbao Vizcaya Argentaria SA Eurodollar Time Deposit 5.300% 08/10/2007		720,975		720,975
Bank of America 5.270% 07/06/2007		961,300		961,300
Bank of America 5.270% 07/16/2007		192,260		192,260
Bank of America 5.270% 08/17/2007		240,325		240,325
Bank of America 5.300% 09/17/2007		480,650		480,650
Bank of Ireland Eurodollar Time Deposit 5.300% 08/13/2007		961,300		961,300
Bank of Montreal Eurodollar Time Deposit 5.280% 07/03/2007		240,325		240,325
Bank of Montreal Eurodollar Time Deposit 5.290% 07/02/2007		192,260		192,260
Bank of Montreal Eurodollar Time Deposit 5.310% 08/14/2007		144,195		144,195
Bank of Nova Scotia Eurodollar Time Deposit 5.280% 07/09/2007		913,235		913,235
Bank Of Nova Scotia Eurodollar Time Deposit 5.285% 07/11/2007		528,715		528,715
Barclays Eurodollar Time Deposit 5.290% 07/06/2007		961,300		961,300
Barclays Eurodollar Time Deposit 5.295% 07/16/2007		192,260		192,260
Barclays Eurodollar Time Deposit 5.320% 09/04/2007		480,650		480,650
Bear Stearns & Co Commercial Paper 5.435% 07/10/2007		144,195		144,195

(Continued)

The accompanying notes are an integral part of the financial statements.
179

MassMutual Select Emerging Growth Fund – Portfolio of Investments (Continued)

	Principal Amount		Market Value
BGI Institutional Money Market Fund(c)	$	624,845	$	624,845
BNP Paribas Eurodollar Time Deposit 5.350% 07/02/2007		1,441,950		1,441,950
Calyon Eurodollar Time Deposit 5.290% 07/17/2007		480,650		480,650
Calyon Eurodollar Time Deposit 5.380% 07/02/2007		1,441,950		1,441,950
Canadian Imperial Bank of Commerce Eurodollar Time Deposit 5.300% 07/30/2007		961,300		961,300
Dexia Group Eurodollar Time Deposit 5.290% 08/08/2007		961,300		961,300
Dreyfus Institutional Cash Advantage Money Market Fund(c)		288,390		288,390
Federal Home Loan Bank Discount Note 5.174% 07/20/2007		71,296		71,296
First Tennessee National Corp. Eurodollar Time Deposit 5.300% 07/18/2007		240,325		240,325
Fortis Bank Eurodollar Time Deposit 5.290% 07/06/2007		240,325		240,325
Fortis Bank Eurodollar Time Deposit 5.290% 07/09/2007		336,455		336,455
Fortis Bank Eurodollar Time Deposit 5.300% 07/20/2007		240,325		240,325
Fortis Bank Eurodollar Time Deposit 5.300% 07/26/2007		192,260		192,260
Fortis Bank Eurodollar Time Deposit 5.350% 07/05/2007		480,650		480,650
Freddie Mac Discount Note 5.155% 07/16/2007		90,761		90,761
Freddie Mac Discount Note 5.185% 07/09/2007		47,383		47,383
Morgan Stanley & Co Commercial Paper 5.445% 08/01/2007		432,585		432,585
National Australia Bank Eurodollar Time Deposit 5.320% 07/02/2007		480,650		480,650

	Principal Amount		Market Value
Nationwide Building Society Commercial Paper 5.301% 07/09/2007	$	479,661	$	479,661
Rabobank Nederland Eurodollar Time Deposit 5.280% 07/05/2007		720,975		720,975
Rabobank Nederland Eurodollar Time Deposit 5.290% 07/16/2007		961,300		961,300
Rabobank Nederland Eurodollar Time Deposit 5.330% 07/02/2007		1,441,950		1,441,950
Reserve Primary Money Market Fund(c)		954,320		954,320
Royal Bank of Canada Eurodollar Time Deposit 5.305% 08/30/2007		961,300		961,300
Royal Bank of Scotland Eurodollar Time Deposit 5.270% 07/11/2007		240,325		240,325
Skandinaviska Enskilda Banken AB Eurodollar Time Deposit 5.290% 07/13/2007		961,300		961,300
Skandinaviska Enskilda Banken AB Eurodollar Time Deposit 5.290% 07/19/2007		144,195		144,195
Svenska Handlesbanken Eurodollar Time Deposit 5.300% 07/02/2007		161,475		161,475
UBS AG Eurodollar Time Deposit 5.277% 07/05/2007		672,910		672,910
UBS AG Eurodollar Time Deposit 5.285% 07/05/2007		961,300		961,300
Vanguard Prime Money Market Fund(c)		480,650		480,650
Wells Fargo Eurodollar Time Deposit 5.260% 07/02/2007		259,551		259,551
Wells Fargo Eurodollar Time Deposit 5.280% 07/11/2007		961,300		961,300
Wells Fargo Eurodollar Time Deposit 5.280% 07/12/2007		480,650		480,650
				29,674,862

	Principal Amount		Market Value
Repurchase Agreements — 3.3%
Investors Bank & Trust Company Repurchase Agreement, dated 6/29/2007, 3.50%, due 7/02/2007(e)	$	3,393,035	$	3,393,035
TOTAL SHORT-TERM INVESTMENTS (Cost $33,067,897)				33,067,897
TOTAL INVESTMENTS — 128.0% (Cost $115,737,957)(f)			$	131,391,665
Other Assets/ (Liabilities) — (28.0%)				(28,725,644	)
NET ASSETS — 100.0%			$	102,666,021

Notes to Portfolio of Investments

ADR - American Depository Receipt

(a) Denotes all or a portion of security on loan. (Note 2).

(b) Non-income producing security.

(d) Represents investments of security lending collateral. (Note 2).

(e) Maturity value of $3,394,026. Collateralized by a U.S. Government Agency Obligation with a rate of 8.375% maturity date of 6/25/2025 and an aggregate market value, including accrued interest, $3,562,688.

(f) See Note 6 for aggregate cost for Federal tax purposes.

The accompanying notes are an integral part of the financial statements.
180

MassMutual Select Diversified International Fund – Portfolio of Investments

June 30, 2007 (Unaudited)

	Number of Shares		Market Value
EQUITIES — 95.8%
COMMON STOCK — 95.8%
Aerospace & Defense — 1.4%
BAE Systems PLC		158,700	$	1,283,042
European Aeronautic Defense and Space Co.(a)		22,460		724,955
				2,007,997
Airlines — 1.0%
Air France		11,900		551,796
Deutsche Lufthansa		32,700		914,178
				1,465,974
Auto Manufacturers — 5.8%
DaimlerChrysler AG		5,000		460,015
Honda Motor Co. Ltd.		34,700		1,261,613
Hyundai Motor Co.		5,000		394,291
Isuzu Motors Ltd.		148,000		798,227
Nissan Motor Co. Ltd.		144,400		1,543,812
Renault SA		17,800		2,843,648
Toyota Motor Corp.		15,700		987,697
				8,289,303
Automotive & Parts — 2.1%
Aisin Seiki Co., Ltd.		19,400		709,851
Compagnie Generale des Etablissements Michelin Cl. B		10,600		1,475,931
Hyundai Mobis		8,290		786,077
				2,971,859
Banks — 16.6%
Banco Do Brasil SA		61,200		882,142
Bank Hapoalim, Ltd.		150,000		732,470
Barclays PLC		127,700		1,768,378
BNP Paribas SA		17,400		2,065,576
Canadian Imperial Bank of Commerce		12,000		1,093,747
Credit Agricole SA		33,360		1,348,335
Fortis		38,500		1,624,575
HBOS PLC		116,090		2,278,554
Kookmin Bank		9,600		840,924
Mitsubishi Tokyo Financial Group, Inc.		171		1,880,286
National Australia Bank		7,500		260,855
Nordea AB		35,700		556,119
Royal Bank of Canada(a)		19,300		1,037,617
Royal Bank of Scotland Group PLC		189,796		2,395,174
Societe Generale Cl. A		9,400		1,730,851

	Number of Shares		Market Value
Standard Bank Group Ltd.		23,900	$	329,889
Sumitomo Mitsui Financial Group, Inc.		195		1,813,104
Unibanco-Uniao de Banco Brasileiros SA Sponsored GDR		11,200		1,264,144
				23,902,740
Beverages — 1.0%
Carlsberg AS Cl. B		4,600		554,354
Greene King PLC		21,500		416,607
Marstons PLC		54,300		429,195
				1,400,156
Building Materials — 0.5%
Italcementi SpA		24,100		740,915
Chemicals — 3.3%
BASF AG		18,700		2,446,701
Dainippon Ink & Chemical, Inc.		113,000		435,513
Methanex Corp.		23,200		582,451
Mitsubishi Chemical Holdings Corp.		146,500		1,344,975
				4,809,640
Commercial Services — 0.7%
Mitsui & Co. Ltd.		53,000		1,049,218
Computers — 0.3%
Fujitsu, Ltd.		63,000		462,982
Computers & Information — 0.3%
Corporate Express		26,500		403,980
Diversified Financial — 2.9%
Credit Suisse Group		26,700		1,882,733
ORIX Corp.		6,390		1,674,617
Shinhan Financial Group Co. Ltd.		10,180		616,937
				4,174,287
Electric — 4.7%
British Energy Group PLC		71,300		770,220
E.ON AG		14,400		2,411,051
Kyushu Electric Power Co., Inc.		27,200		709,802
Public Power Corp.		16,840		472,828
RWE AG		13,940		1,483,212
Tokyo Electric Power Co.		27,900		894,698
				6,741,811

	Number of Shares		Market Value
Electrical Components & Equipment — 2.3%
LG Electronics, Inc.		6,130	$	505,338
Sharp Corp.		69,000		1,304,447
Toshiba Corp.(a)		179,000		1,554,296
				3,364,081
Electronics — 1.6%
Alps Electric Co. Ltd.		21,300		212,106
Au Optronics Corp.		626,000		1,071,268
Hon Hai Precision Industry Co. Ltd.		124,000		1,070,947
				2,354,321
Engineering & Construction — 0.6%
Koninklijke BAM Groep NV		11,800		331,715
Macquarie Airports		157,897		540,803
				872,518
Forest Products & Paper — 0.4%
Rengo Co Ltd.		35,000		172,078
Stora Enso OYJ Cl. R		20,400		381,239
				553,317
Gas — 0.1%
Centrica PLC		22,100		170,969
Home Furnishing — 0.5%
Electrolux AB Cl. B		29,800		703,794
Insurance — 8.4%
Allianz AG		12,234		2,856,687
Aviva PLC		77,900		1,154,378
Fondiaria-Sai SpA		21,000		1,010,746
ING Canada, Inc.		5,100		229,685
ING Groep NV		60,600		2,659,085
Muenchener Rueckversicherungs AG		11,800		2,157,263
QBE Insurance Group Ltd.		16,081		424,806
Salam Ltd.		323,400		1,022,215
Sun Life Financial, Inc.		12,300		592,839
				12,107,704
Investment Companies — 0.3%
Macquarie Infrastructure Group		160,110		487,843
Iron & Steel — 6.1%
Arcelor Mittal		25,200		1,569,502
China Steel Corp.		678,000		824,961
Gerdau Ameristeel Corp.		48,300		721,874
Gerdau SA ADR(a)		44,900		1,154,828
JFE Holdings, Inc.		36,300		2,244,835
Nippon Steel Corp.		60,000		422,859

(Continued)

The accompanying notes are an integral part of the financial statements.
181

MassMutual Select Diversified International Fund – Portfolio of Investments (Continued)

	Number of Shares		Market Value
POSCO		1,600	$	767,684
Voestalpine AG		13,400		1,119,604
				8,826,147
Manufacturing — 0.2%
Bombardier, Inc. Cl. B(b)		56,500		343,351
Media — 1.0%
Trinity Mirror PLC		58,400		613,223
Wolters Kluwer NV		25,500		775,345
				1,388,568
Mining — 2.9%
Antofagasta PLC		15,100		184,832
Kazakhmys PLC		15,000		377,142
Teck Cominco Ltd. Cl. B		28,200		1,210,312
Xstrata PLC		27,460		1,634,652
Zinifex Ltd.		52,600		834,765
				4,241,703
Office Equipment/Supplies — 0.3%
Canon, Inc.		7,300		427,417
Oil & Gas — 12.5%
BP PLC		77,300		929,263
China Petroleum & Chemical		1,438,000		1,609,612
Cosmo Oil Company Ltd.		54,000		296,841
EnCana Corp.		23,800		1,480,678
ENI SpA(a)		64,500		2,329,656
Mol Hungarian Oil and Gas Nyrt.		5,000		754,774
Nippon Mining Holdings, Inc.		101,500		968,505
Omv AG		6,500		432,212
Petroleo Brasileiro S.A.		64,800		1,733,430
PTT Public Co. Ltd.		120,800		944,228
Repsol YPF SA		39,100		1,536,332
Royal Dutch Shell PLC		60,600		2,467,381
Total SA (France)		31,800		2,572,267
				18,055,179
Pharmaceuticals — 3.7%
AstraZeneca PLC		33,800		1,807,521
GlaxoSmithKline PLC		29,800		778,975
Novartis AG		12,690		710,166
Sanofi-Aventis		24,500		1,971,333
				5,267,995
Retail — 2.2%
Coles Myer Ltd.		27,100		370,175
Home Retail Group		86,500		793,088
Mitchells & Butlers PLC		31,200		545,684
Mitsubishi Corp.		43,300		1,128,899
Punch Taverns PLC		14,200		347,017
				3,184,863

	Number of Shares		Market Value
Semiconductors — 4.1%
Hynix Semiconductor, Inc.(b)		24,400	$	878,108
Samsung Electronics Co. Ltd.		2,200		1,027,180
Samsung Electronics Co., Ltd.		1,330		812,488
Siliconware Precision Industries Co.		637,000		1,352,228
Taiwan Semiconductor Manufacturing Co. Ltd.		324,615		699,972
United Microelectronics Corp.		1,761,000		1,063,215
				5,833,191
Telecommunications — 6.1%
China Netcom Group Corp. Hk Ltd.		383,500		1,062,184
China Telecom Corp. Ltd.		942,000		556,128
Deutsche Telekom AG		51,500		949,200
France Telecom SA		25,700		703,263
Nippon Telegraph & Telephone Corp.		312		1,379,421
Nokia Oyj		21,600		605,077
Oki Electric Industry Co. Ltd.(a)(b)		102,000		188,888
Philippine Long Distance Telephone Co.		13,500		772,207
Vodafone Group PLC		760,400		2,553,234
				8,769,602
Transportation — 1.9%
Mitsui OSK Lines Ltd.		109,000		1,471,687
Neptune Orient Lines Ltd.		142,000		490,553
Nippon Yusen Kabushiki Kaish		86,000		788,698
				2,750,938
TOTAL EQUITIES (Cost $125,317,284)				138,124,363
	Principal Amount
SHORT-TERM INVESTMENTS — 6.8%
Cash Equivalents — 3.9%(d)
Abbey National PLC Eurodollar Time Deposit 5.280% 07/05/2007	$	71,968		71,968
Abbey National PLC Eurodollar Time Deposit 5.285% 07/09/2007		179,916		179,916
American Beacon Money Market Fund(c)		201,861		201,861

	Principal Amount		Market Value
Banco Bilbao Vizcaya Argentaria SA Eurodollar Time Deposit 5.300% 08/10/2007	$	134,940	$	134,940
Bank of America Bank 5.270% 07/06/2007		179,919		179,919
Bank of America Bank 5.270% 07/16/2007		35,984		35,984
Bank of America Bank 5.270% 08/17/2007		44,980		44,980
Bank of America Bank 5.300% 09/17/2007		89,960		89,960
Bank of Ireland Eurodollar Time Deposit 5.300% 08/13/2007		179,919		179,919
Bank of Montreal Eurodollar Time Deposit 5.280% 07/03/2007		44,980		44,980
Bank of Montreal Eurodollar Time Deposit 5.290% 07/02/2007		35,984		35,984
Bank of Montreal Eurodollar Time Deposit 5.310% 08/14/2007		26,988		26,988
Bank of Nova Scotia Eurodollar Time Deposit 5.280% 07/09/2007		170,923		170,923
Bank of Nova Scotia Eurodollar Time Deposit 5.285% 07/11/2007		98,956		98,956
Barclays Eurodollar Time Deposit 5.290% 07/06/2007		179,919		179,919
Barclays Eurodollar Time Deposit 5.295% 07/16/2007		35,984		35,984
Barclays Eurodollar Time Deposit 5.320% 09/04/2007		89,960		89,960
Bear Stearns & Co Commercial Paper 5.435% 07/10/2007		26,988		26,988
BGI Institutional Money Market Fund(c)		116,948		116,948
BNP Paribas Eurodollar Time Deposit 5.350% 07/02/2007		269,879		269,879
Calyon Eurodollar Time Deposit 5.290% 07/17/2007		89,960		89,960
Calyon Eurodollar Time Deposit 5.380% 07/02/2007		269,879		269,879

(Continued)

The accompanying notes are an integral part of the financial statements.
182

MassMutual Select Diversified International Fund – Portfolio of Investments (Continued)

	Principal Amount		Market Value
Canadian Imperial Bank of Commerce Eurodollar Time Deposit 5.300% 07/30/2007	$	179,919	$	179,919
Dexia Group Eurodollar Time Deposit 5.290% 08/08/2007		179,919		179,919
Dreyfus Institutional Cash Advantage Money Market Fund(c)		53,976		53,976
Federal Home Loan Bank Discount Note 5.174% 07/20/2007		13,344		13,344
First Tennessee National Corp. Eurodollar Time Deposit 5.300% 07/18/2007		44,980		44,980
Fortis Bank Eurodollar Time Deposit 5.290% 07/06/2007		44,980		44,980
Fortis Bank Eurodollar Time Deposit 5.290% 07/09/2007		62,972		62,972
Fortis Bank Eurodollar Time Deposit 5.300% 07/20/2007		44,980		44,980
Fortis Bank Eurodollar Time Deposit 5.300% 07/26/2007		35,984		35,984
Fortis Bank Eurodollar Time Deposit 5.350% 07/05/2007		89,960		89,960
Freddie Mac Discount Note 5.155% 07/16/2007		16,987		16,987
Freddie Mac Discount Note 5.185% 07/09/2007		8,868		8,868
Morgan Stanley & Co Commercial Paper 5.445% 08/01/2007		80,964		80,964
National Australia Bank Eurodollar Time Deposit 5.320% 07/02/2007		89,960		89,960
Nationwide Building Society Commercial Paper 5.301% 07/09/2007		89,775		89,775
Rabobank Nederland Eurodollar Time Deposit 5.280% 07/05/2007		134,940		134,940
Rabobank Nederland Eurodollar Time Deposit 5.290% 07/16/2007		179,919		179,919
Rabobank Nederland Eurodollar Time Deposit 5.330% 07/02/2007		269,879		269,879

	Principal Amount		Market Value
Reserve Primary Money Market Fund(c)	$	178,613	$	178,613
Royal Bank of Canada Eurodollar Time Deposit 5.305% 08/30/2007		179,919		179,919
Royal Bank of Scotland Eurodollar Time Deposit 5.270% 07/11/2007		44,980		44,980
Skandinaviska Enskilda Banken AB Eurodollar Time Deposit 5.290% 07/13/2007		179,919		179,919
Skandinaviska Enskilda Banken AB Eurodollar Time Deposit 5.290% 07/19/2007		26,988		26,988
Svenska Handlesbanken Eurodollar Time Deposit 5.300% 07/02/2007		30,222		30,222
UBS AG Eurodollar Time Deposit 5.277% 07/05/2007		125,944		125,944
UBS AG Eurodollar Time Deposit 5.285% 07/05/2007		179,919		179,919
Vanguard Prime Money Market Fund(c)		89,960		89,960
Wells Fargo Eurodollar Time Deposit 5.260% 07/02/2007		48,578		48,578
Wells Fargo Eurodollar Time Deposit 5.280% 07/11/2007		179,919		179,919
Wells Fargo Eurodollar Time Deposit 5.280% 07/12/2007		89,960		89,960
				5,554,022
Repurchase Agreements — 2.9%
Investors Bank & Trust Company Repurchase Agreement, dated 6/29/2007, 3.50%, due 7/2/2007(e)		4,155,620		4,155,620
TOTAL SHORT-TERM INVESTMENTS (Cost $9,709,642)				9,709,642
TOTAL INVESTMENTS — 102.6% (Cost $135,026,926)(f)				147,834,005
Other Assets/ (Liabilities) — (2.6%)				(3,703,734	)
NET ASSETS — 100.0%			$	144,130,271

Notes to Portfolio of Investments

ADR - American Depository Receipt

GDR - Global Depository Receipt

(a) Denotes all or a portion of security on loan. (Note 2).

(b) Non-income producing security.

(d) Represents investments of security lending collateral. (Note 2).

(e) Maturity value of $4,156,832. Collateralized by a U.S. Government Obligation with a rate of 8.125%, maturity date of 9/25/2027, and an aggregate market value, including accrued interest, of $4,363,401.

(f) See Note 6 for aggregate cost for Federal tax purposes.

The accompanying notes are an integral part of the financial statements.
183

MassMutual Select Overseas Fund – Portfolio of Investments

June 30, 2007 (Unaudited)

	Number of Shares		Market Value
EQUITIES — 97.2%
COMMON STOCK — 97.2%
Advertising — 1.9%
Publicis Groupe(a)		279,500	$	12,191,308
WPP Group PLC		882,920		13,179,717
				25,371,025
Auto Manufacturers — 5.3%
Bayerische Motoren Werke AG(a)		418,800		27,074,692
DaimlerChrysler AG		216,100		19,881,847
Honda Motor Co. Ltd.		269,500		9,798,407
Toyota Motor Corp.		246,900		15,532,638
				72,287,584
Automotive & Parts — 0.8%
Bridgestone Corp.		248,500		5,316,409
Continental AG		44,140		6,204,326
				11,520,735
Banks — 10.8%
Australia & New Zealand Banking Group Ltd.		137,800		3,387,490
Banco Bilbao Vizcaya Argentaria SA		181,790		4,427,077
Banco Bilbao Vizcaya Argentaria SA (FRA)		89,353		2,187,956
Bangkok Bank PCL		396,390		1,399,350
Bank Central Asia Tbk PT		5,132,500		3,093,602
Bank of Ireland (Ireland)		578,000		11,671,028
BNP Paribas SA		132,900		15,776,726
Credit Agricole SA		363,874		14,706,951
Erste Bank der oesterreichischen Sparkassen AG		87,873		6,835,769
HSBC Holdings PLC		1,753,340		32,058,315
Intesa Sanpaolo		896,504		6,643,500
Julius Baer Holding AG		123,342		8,768,396
Komercni Banka AS		24,802		4,600,347
Kookmin Bank		94,000		8,234,048
Lloyds TSB Group PLC		1,569,800		17,506,458
Shinsei Bank Ltd.		37,000		148,358
Shizuoka Bank Ltd. (The)		378,000		3,826,551
United Overseas Bank Ltd.		162,200		2,326,719
				147,598,641
Beverages — 4.5%
Diageo PLC		1,684,627		34,919,141
Heineken NV		98,500		5,765,086

	Number of Shares		Market Value
Lotte Chilsung Beverage Co. Ltd.		5,830	$	7,500,750
Pernod-Ricard SA(a)		63,088		13,907,989
				62,092,966
Building Materials — 0.6%
Asahi Glass Co. Ltd.(a)		587,000		7,890,818
Building Materials & Construction — 0.9%
Linde AG(a)		106,190		12,765,476
Chemicals — 3.9%
Air Liquide		88,072		11,516,502
Akzo Nobel, Inc.		45,500		3,911,745
Bayer AG		228,680		17,262,780
Givaudan SA Registered		21,270		20,881,270
				53,572,297
Commercial Services — 1.9%
Adecco SA		261,200		20,045,421
G4S PLC		278,200		1,168,401
Meitec Corp.(a)		148,700		4,255,724
				25,469,546
Cosmetics & Personal Care — 2.0%
Kao Corp.		715,000		18,474,617
L'Oreal SA		42,800		5,040,623
Uni-Charm Corp.		56,000		3,165,517
				26,680,757
Diversified Financial — 11.6%
Aeon Credit Service Co. Ltd		252,700		3,999,566
Chinatrust Financial Holding Co.		21,365,366		16,641,854
Credit Suisse Group		325,200		22,931,260
Daiwa Securities Group, Inc.		2,024,020		21,444,496
Nikko Cordial Corp.		1,340,500		17,466,323
Nomura Holdings, Inc.		560,400		10,852,058
Schroders PLC		709,700		18,022,039
UBS AG Registered		794,757		47,235,260
				158,592,856
Electric — 1.3%
E.ON AG		107,210		17,950,613
Electrical Components & Equipment — 2.0%
Legrand SA(a)		210,660		7,554,128
Schneider Electric SA		140,804		19,647,306
				27,201,434
Electrical Equipment & Electronics — 0.0%
ASML Holding NV(b)		8,200		225,174

	Number of Shares		Market Value
Electronics — 2.7%
Fanuc Ltd.		73,100	$	7,513,891
Hirose Electric Co. Ltd.		27,800		3,643,042
Koninklijke Philips Electronics NV		335,000		14,151,326
Omron Corp.		430,100		11,248,264
Orbotech Ltd.(b)		39,100		872,712
				37,429,235
Entertainment — 1.4%
Ladbrokes PLC		828,534		7,150,555
William Hill PLC		1,018,076		12,446,844
				19,597,399
Food Services — 0.7%
Compass Group PLC		1,408,300		9,715,036
Foods — 4.5%
Cadbury Schweppes PLC		1,037,100		14,080,833
Nestle SA		107,781		40,699,001
Tesco PLC		728,877		6,088,598
				60,868,432
Gas — 0.8%
Gaz De France(a)		130,000		6,527,411
Tokyo Gas Co. Ltd.		858,000		4,056,135
				10,583,546
Health Care – Products — 0.3%
Synthes, Inc.		30,583		3,649,323
Holding Company – Diversified — 1.8%
LVMH Moet Hennessy Louis Vuitton SA		215,426		24,740,615
Household Products — 1.5%
Reckitt Benckiser PLC		364,108		19,894,358
Insurance — 4.2%
Allianz AG		16,200		3,782,764
Assicurazioni Generali SpA(a)		82,753		3,301,538
AXA SA(a)		349,047		14,924,781
Hannover Rueckversicherungs AG(a)		195,300		9,430,087
QBE Insurance Group Ltd.		208,992		5,520,868
Swiss Reinsurance(a)		154,889		14,035,796
Willis Group Holdings Ltd.		158,000		6,961,480
				57,957,314
Manufacturing — 0.7%
Smiths Group PLC(c)		474,590		0
Smiths Group PLC		426,268		10,103,341
				10,103,341

(Continued)

The accompanying notes are an integral part of the financial statements.
184

MassMutual Select Overseas Fund – Portfolio of Investments (Continued)

	Number of Shares		Market Value
Media — 7.1%
British Sky Broadcasting Group PLC		1,604,200	$	20,515,800
Gestevision Telecinco SA(a)		536,000		15,153,151
Grupo Televisa SA Sponsored ADR (Mexico)(a)		174,500		4,817,945
Johnston Press PLC		1,412,000		11,551,251
Societe Television Francaise 1(a)		479,142		16,516,212
Trinity Mirror PLC		1,169,000		12,274,959
Vivendi SA		365,820		15,673,947
				96,503,265
Mining — 0.4%
BHP Billiton PLC		212,310		5,875,513
Office Equipment/Supplies — 1.9%
Canon, Inc.		256,850		15,038,649
Ricoh Co. Ltd.		497,000		11,444,188
				26,482,837
Oil & Gas — 2.6%
BG Group PLC		341,418		5,593,064
Royal Dutch Shell Plc Class A Shs		307,860		12,513,493
Total SA (France)(a)		215,600		17,439,647
				35,546,204
Pharmaceuticals — 7.8%
Actelion, Ltd.(a)(b)		77,650		3,445,666
GlaxoSmithKline PLC		1,700,420		44,449,127
Novartis AG		405,800		22,709,653
Roche Holding AG		133,602		23,563,154
Sanofi-Aventis		52,218		4,201,595
Takeda Pharmaceutical Co. Ltd.		131,300		8,454,532
				106,823,727
Retail — 2.3%
Giordano International Ltd.		8,745,000		4,311,730
Li & Fung Ltd.		1,798,800		6,496,160
Next PLC		115,530		4,621,574
Signet Group PLC		7,499,000		15,553,647
				30,983,111
Semiconductors — 4.4%
Rohm Co. Ltd.		245,798		21,762,351
Samsung Electronics Co., Ltd.		54,707		33,420,147
Taiwan Semiconductor Manufacturing Co. Ltd. Sponsored ADR (Taiwan)		481,700		5,361,321
				60,543,819

	Number of Shares		Market Value
Telecommunications — 3.0%
Singapore Telecommunications Ltd.		3,240,500	$	7,183,788
SK Telecom Co. Ltd		98,430		22,685,590
SK Telecom Co. Ltd. ADR (South Korea)(a)		72,500		1,982,875
Telefonaktiebolaget LM Ericsson Cl. B		1,185,010		4,715,045
Vodafone Group PLC		1,106,600		3,715,688
				40,282,986
Toys, Games & Hobbies — 0.4%
Nintendo Co., Ltd.		13,400		4,882,860
Transportation — 1.2%
Canadian National Railway Co.(a)		120,420		6,132,991
TPG NV		236,280		10,617,777
				16,750,768
TOTAL EQUITIES (Cost $1,085,281,146)				1,328,433,611
	Principal Amount
SHORT-TERM INVESTMENTS — 11.9%
Cash Equivalents — 9.3%(e)
Abbey National PLC Eurodollar Time Deposit 5.280% 07/05/2007	$	1,657,660		1,657,660
Abbey National PLC Eurodollar Time Deposit 5.285% 07/09/2007		4,144,155		4,144,155
American Beacon Money Market Fund(d)		4,649,550		4,649,550
Banco Bilbao Vizcaya Argentaria SA Eurodollar Time Deposit 5.300% 08/10/2007		3,108,116		3,108,116
Bank of America 5.270% 07/06/2007		4,144,154		4,144,154
Bank of America 5.270% 07/16/2007		828,831		828,831
Bank of America 5.270% 08/17/2007		1,036,039		1,036,039
Bank of America 5.300% 09/17/2007		2,072,078		2,072,078
Bank of Ireland Eurodollar Time Deposit 5.300% 08/13/2007		4,144,154		4,144,154
Bank of Montreal Eurodollar Time Deposit 5.280% 07/03/2007		1,036,039		1,036,039

	Principal Amount		Market Value
Bank of Montreal Eurodollar Time Deposit 5.290% 07/02/2007	$	828,831	$	828,831
Bank of Montreal Eurodollar Time Deposit 5.310% 08/14/2007		621,623		621,623
Bank of Nova Scotia Eurodollar Time Deposit 5.280% 07/09/2007		3,936,947		3,936,947
Bank Of Nova Scotia Eurodollar Time Deposit 5.285% 07/11/2007		2,279,285		2,279,285
Barclays Eurodollar Time Deposit 5.290% 07/06/2007		4,144,154		4,144,154
Barclays Eurodollar Time Deposit 5.295% 07/16/2007		828,831		828,831
Barclays Eurodollar Time Deposit 5.320% 09/04/2007		2,072,078		2,072,078
Bear Stearns & Co Commercial Paper 5.435% 07/10/2007		621,623		621,623
BGI Institutional Money Market Fund(d)		2,693,701		2,693,701
BNP Paribas Eurodollar Time Deposit 5.350% 07/02/2007		6,216,232		6,216,232
Calyon Eurodollar Time Deposit 5.290% 07/17/2007		2,072,078		2,072,078
Calyon Eurodollar Time Deposit 5.380% 07/02/2007		6,216,232		6,216,232
Canadian Imperial Bank of Commerce Eurodollar Time Deposit 5.300% 07/30/2007		4,144,154		4,144,154
Dexia Group Eurodollar Time Deposit 5.290% 08/08/2007		4,144,154		4,144,154
Dreyfus Institutional Cash Advantage Money Market Fund(d)		1,243,247		1,243,247
Federal Home Loan Bank Discount Note 5.174% 07/20/2007		307,358		307,358
First Tennessee National Corp. Eurodollar Time Deposit 5.300% 07/18/2007		1,036,039		1,036,039

(Continued)

The accompanying notes are an integral part of the financial statements.
185

MassMutual Select Overseas Fund – Portfolio of Investments (Continued)

	Principal Amount		Market Value
Fortis Bank Eurodollar Time Deposit 5.290% 07/06/2007	$	1,036,039	$	1,036,039
Fortis Bank Eurodollar Time Deposit 5.290% 07/09/2007		1,450,454		1,450,454
Fortis Bank Eurodollar Time Deposit 5.300% 07/20/2007		1,036,039		1,036,039
Fortis Bank Eurodollar Time Deposit 5.300% 07/26/2007		828,831		828,831
Fortis Bank Eurodollar Time Deposit 5.350% 07/05/2007		2,072,078		2,072,078
Freddie Mac Discount Note 5.155% 07/16/2007		391,272		391,272
Freddie Mac Discount Note 5.185% 07/09/2007		204,268		204,268
Morgan Stanley & Co Commercial Paper 5.445% 08/01/2007		1,864,870		1,864,870
National Australia Bank Eurodollar Time Deposit 5.320% 07/02/2007		2,072,078		2,072,078
Nationwide Building Society Commercial Paper 5.301% 07/09/2007		2,067,815		2,067,815
Rabobank Nederland Eurodollar Time Deposit 5.280% 07/05/2007		3,108,116		3,108,116
Rabobank Nederland Eurodollar Time Deposit 5.290% 07/16/2007		4,144,154		4,144,154
Rabobank Nederland Eurodollar Time Deposit 5.330% 07/02/2007		6,216,232		6,216,232
Reserve Primary Money Market Fund(d)		4,114,063		4,114,063
Royal Bank of Canada Eurodollar Time Deposit 5.305% 08/30/2007		4,144,154		4,144,154
Royal Bank of Scotland Eurodollar Time Deposit 5.270% 07/11/2007		1,036,039		1,036,039
Skandinaviska Enskilda Banken AB Eurodollar Time Deposit 5.290% 07/13/2007		4,144,154		4,144,154

	Principal Amount		Market Value
Skandinaviska Enskilda Banken AB Eurodollar Time Deposit 5.290% 07/19/2007	$	621,623	$	621,623
Svenska Handlesbanken Eurodollar Time Deposit 5.300% 07/02/2007		696,117		696,117
UBS AG Eurodollar Time Deposit 5.277% 07/05/2007		2,900,908		2,900,908
UBS AG Eurodollar Time Deposit 5.285% 07/05/2007		4,144,154		4,144,154
Vanguard Prime Money Market Fund(d)		2,072,078		2,072,078
Wells Fargo Eurodollar Time Deposit 5.260% 07/02/2007		1,118,922		1,118,922
Wells Fargo Eurodollar Time Deposit 5.280% 07/11/2007		4,144,154		4,144,154
Wells Fargo Eurodollar Time Deposit 5.280% 07/12/2007		2,072,078		2,072,078
				127,928,033
Repurchase Agreements — 2.6%
Investors Bank & Trust Company Repurchase Agreement, dated 6/29/2007, 3.50%, due 7/02/2007(f)		35,079,587		35,079,586
TOTAL SHORT-TERM INVESTMENTS (Cost $163,007,619)				163,007,619
TOTAL INVESTMENTS — 109.1% (Cost $1,248,288,765)(g)				1,491,441,230
Other Assets/ (Liabilities) — (9.1%)				(124,196,872	)
NET ASSETS — 100.0%			$	1,367,244,358

Notes to Portfolio of Investments

ADR - American Depository Receipt

(a) Denotes all or a portion of security on loan. (Note 2).

(b) Non-income producing security.

(d) Amount represents shares owned of the fund.

(e) Represents investments of security lending collateral. (Note 2).

(f) Maturity value of $35,089,818. Collateralized by a U.S. Government Agency obligation with a rate of 5.67%, maturity date of 12/15/2035, and an aggregate market value, including accrued interest, of $36,833,566.

(g) See Note 6 for aggregate cost for Federal tax purposes.

The accompanying notes are an integral part of the financial statements.
186

MassMutual Select Destination Retirement Income Fund – Portfolio of Investments

June 30, 2007 (Unaudited)

	Number of Shares		Market Value
MUTUAL FUNDS — 100.0%
Investment Companies
MassMutual Premier Capital Appreciation Fund, Class S		140,341	$	1,727,601
MassMutual Premier Core Bond Fund, Class S		4,045,729		43,289,297
MassMutual Premier Diversified Bond Fund, Class S		3,167,258		33,541,261
MassMutual Premier Enhanced Index Growth Fund, Class S		735,245		7,448,031
MassMutual Premier Enhanced Index Value Fund, Class S		754,471		10,690,856
MassMutual Premier Inflation Protected Bond Fund, Class S		4,553,341		45,351,275
MassMutual Premier International Equity Fund, Class S		257,310		4,580,120
MassMutual Premier Main Street Small Cap Fund, Class S(a)		471,875		5,572,847
MassMutual Premier Money Market Fund, Class S(a)		11,181,346		11,181,347
MassMutual Premier Short-Duration Bond Fund, Class S		3,573,151		36,481,872
MassMutual Premier Strategic Income Fund, Class S		989,698		10,441,311
MassMutual Premier Value Fund, Class S		24,164		501,160
MassMutual Select Aggressive Growth Fund, Class S(a)		579,398		3,876,171
MassMutual Select Blue Chip Growth Fund, Class S		272,151		2,933,790
MassMutual Select Diversified International Fund, Class S(a)		416,067		4,776,451
MassMutual Select Diversified Value Fund, Class S		267,755		3,737,862
MassMutual Select Emerging Growth Fund, Class S(a)		130,755		961,050

	Number of Shares		Market Value
MassMutual Select Focused Value Fund, Class S		370,334	$	7,647,389
MassMutual Select Fundamental Value Fund, Class S		387,563		5,204,975
MassMutual Select Growth Equity Fund, Class S(a)		671,031		5,844,676
MassMutual Select Large Cap Value Fund, Class S		134,984		1,869,535
MassMutual Select Mid Cap Growth Equity Fund, Class S(a)		128,361		1,474,872
MassMutual Select Mid Cap Growth Equity II Fund, Class S(a)		139,644		2,306,916
MassMutual Select Mid-Cap Value Fund, Class S(a)		301,096		3,781,768
MassMutual Select Overseas Fund, Class S(a)		702,729		9,859,282
MassMutual Select Small Cap Core Equity Fund, Class S(a)		214,446		2,273,131
MassMutual Select Small Cap Growth Equity Fund, Class S(a)		51,793		956,102
MassMutual Select Small Cap Value Equity Fund, Class S(a)		150,295		1,711,862
MassMutual Select Small Company Growth Fund, Class S(a)		150,798		1,812,590
MassMutual Select Small Company Value Fund, Class S		110,869		1,837,092
				273,672,492
TOTAL MUTUAL FUNDS (Cost $271,854,533)				273,672,492
TOTAL INVESTMENTS — 100.0% (Cost $271,854,533)(b)				273,672,492
Other Assets/ (Liabilities) — 0.0%				(93,898	)
NET ASSETS — 100.0%			$	273,578,594

Notes to Portfolio of Investments

(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.
187

MassMutual Select Destination Retirement 2010 Fund – Portfolio of Investments

June 30, 2007 (Unaudited)

	Number of Shares		Market Value
MUTUAL FUNDS — 100.0%
Investment Companies
MassMutual Premier Capital Appreciation Fund, Class S		133,589	$	1,644,482
MassMutual Premier Core Bond Fund, Class S		3,217,051		34,422,448
MassMutual Premier Diversified Bond Fund, Class S		2,640,810		27,966,176
MassMutual Premier Enhanced Index Growth Fund, Class S		1,224,946		12,408,706
MassMutual Premier Enhanced Index Value Fund, Class S		1,087,762		15,413,590
MassMutual Premier Inflation Protected Bond Fund, Class S		3,255,941		32,429,174
MassMutual Premier International Equity Fund, Class S		243,406		4,332,626
MassMutual Premier Main Street Small Cap Fund, Class S(a)		341,253		4,030,193
MassMutual Premier Money Market Fund, Class S(a)		10,295,756		10,295,756
MassMutual Premier Short-Duration Bond Fund, Class S		2,345,113		23,943,604
MassMutual Premier Strategic Income Fund, Class S		723,003		7,627,682
MassMutual Premier Value Fund, Class S		26,202		543,421
MassMutual Select Aggressive Growth Fund, Class S(a)		549,823		3,678,318
MassMutual Select Blue Chip Growth Fund, Class S		258,515		2,786,794
MassMutual Select Diversified International Fund, Class S(a)		434,765		4,991,107
MassMutual Select Diversified Value Fund, Class S		192,523		2,687,618
MassMutual Select Emerging Growth Fund, Class S(a)		95,457		701,611

	Number of Shares		Market Value
MassMutual Select Focused Value Fund, Class S		269,419	$	5,563,493
MassMutual Select Fundamental Value Fund, Class S		354,814		4,765,153
MassMutual Select Growth Equity Fund, Class S(a)		626,209		5,454,281
MassMutual Select Large Cap Value Fund, Class S		189,703		2,627,391
MassMutual Select Mid Cap Growth Equity Fund, Class S(a)		182,217		2,093,674
MassMutual Select Mid Cap Growth Equity II Fund, Class S(a)		199,013		3,287,689
MassMutual Select Mid-Cap Value Fund, Class S(a)		428,437		5,381,165
MassMutual Select Overseas Fund, Class S(a)		700,520		9,828,292
MassMutual Select Small Cap Core Equity Fund, Class S(a)		154,716		1,639,990
MassMutual Select Small Cap Growth Equity Fund, Class S(a)		36,642		676,415
MassMutual Select Small Cap Value Equity Fund, Class S(a)		107,683		1,226,506
MassMutual Select Small Company Growth Fund, Class S(a)		115,720		1,390,953
MassMutual Select Small Company Value Fund, Class S		79,665		1,320,052
				235,158,360
TOTAL MUTUAL FUNDS (Cost $231,112,774)				235,158,360
TOTAL INVESTMENTS — 100.0% (Cost $231,112,774)(b)				235,158,360
Other Assets/ (Liabilities) — 0.0%				(98,446	)
NET ASSETS — 100.0%			$	235,059,914

Notes to Portfolio of Investments

(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.
188

MassMutual Select Destination Retirement 2020 Fund – Portfolio of Investments

June 30, 2007 (Unaudited)

	Number of Shares		Market Value
MUTUAL FUNDS — 100.0%
Investment Companies
MassMutual Premier Capital Appreciation Fund, Class S		725,730	$	8,933,739
MassMutual Premier Core Bond Fund, Class S		6,861,975		73,423,135
MassMutual Premier Diversified Bond Fund, Class S		5,524,799		58,507,625
MassMutual Premier Enhanced Index Growth Fund, Class S		3,957,757		40,092,078
MassMutual Premier Enhanced Index Value Fund, Class S		3,167,042		44,876,986
MassMutual Premier Inflation Protected Bond Fund, Class S		6,812,583		67,853,329
MassMutual Premier International Equity Fund, Class S		1,168,119		20,792,512
MassMutual Premier Main Street Small Cap Fund, Class S(a)		1,979,110		23,373,286
MassMutual Premier Short-Duration Bond Fund, Class S		3,007,233		30,703,854
MassMutual Premier Strategic Income Fund, Class S		1,529,489		16,136,107
MassMutual Premier Value Fund, Class S		173,006		3,588,152
MassMutual Select Aggressive Growth Fund, Class S(a)		3,378,382		22,601,379
MassMutual Select Blue Chip Growth Fund, Class S		1,447,417		15,603,155
MassMutual Select Diversified International Fund, Class S(a)		1,878,232		21,562,104
MassMutual Select Diversified Value Fund, Class S		1,247,527		17,415,473
MassMutual Select Emerging Growth Fund, Class S(a)		298,556		2,194,383
MassMutual Select Focused Value Fund, Class S		770,916		15,919,405

	Number of Shares		Market Value
MassMutual Select Fundamental Value Fund, Class S		2,312,094	$	31,051,427
MassMutual Select Growth Equity Fund, Class S(a)		2,279,465		19,854,140
MassMutual Select Large Cap Value Fund, Class S		1,236,942		17,131,642
MassMutual Select Mid Cap Growth Equity Fund, Class S(a)		1,078,546		12,392,499
MassMutual Select Mid Cap Growth Equity II Fund, Class S(a)		1,170,818		19,341,914
MassMutual Select Mid-Cap Value Fund, Class S(a)		2,519,563		31,645,710
MassMutual Select Overseas Fund, Class S(a)		3,219,067		45,163,504
MassMutual Select Small Cap Core Equity Fund, Class S(a)		901,066		9,551,303
MassMutual Select Small Cap Growth Equity Fund, Class S(a)		114,606		2,115,624
MassMutual Select Small Cap Value Equity Fund, Class S(a)		316,950		3,610,059
MassMutual Select Small Company Growth Fund, Class S(a)		361,792		4,348,735
MassMutual Select Small Company Value Fund, Class S		249,214		4,129,482
				683,912,741
TOTAL MUTUAL FUNDS (Cost $655,529,212)				683,912,741
TOTAL INVESTMENTS — 100.0% (Cost $655,529,212)(b)				683,912,741
Other Assets/ (Liabilities) — 0.0%				(237,158	)
NET ASSETS — 100.0%			$	683,675,583

Notes to Portfolio of Investments

(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.
189

MassMutual Select Destination Retirement 2030 Fund – Portfolio of Investments

June 30, 2007 (Unaudited)

	Number of Shares		Market Value
MUTUAL FUNDS — 100.0%
Investment Companies
MassMutual Premier Capital Appreciation Fund, Class S		947,373	$	11,662,156
MassMutual Premier Core Bond Fund, Class S		1,671,147		17,881,274
MassMutual Premier Diversified Bond Fund, Class S		1,702,364		18,028,030
MassMutual Premier Enhanced Index Growth Fund, Class S		2,665,400		27,000,506
MassMutual Premier Enhanced Index Value Fund, Class S		1,881,686		26,663,485
MassMutual Premier Inflation Protected Bond Fund, Class S		2,611,310		26,008,646
MassMutual Premier International Equity Fund, Class S		1,251,894		22,283,719
MassMutual Premier Main Street Small Cap Fund, Class S(a)		1,701,896		20,099,386
MassMutual Premier Short-Duration Bond Fund, Class S		417,515		4,262,824
MassMutual Premier Strategic Income Fund, Class S		1,021,607		10,777,954
MassMutual Premier Value Fund, Class S		225,714		4,681,305
MassMutual Select Aggressive Growth Fund, Class S(a)		4,896,258		32,755,964
MassMutual Select Blue Chip Growth Fund, Class S		1,952,358		21,046,418
MassMutual Select Diversified International Fund, Class S(a)		1,962,557		22,530,151
MassMutual Select Diversified Value Fund, Class S		1,651,218		23,050,999
MassMutual Select Emerging Growth Fund, Class S(a)		2,415,601		17,754,664
MassMutual Select Focused Value Fund, Class S		545,963		11,274,129

	Number of Shares		Market Value
MassMutual Select Fundamental Value Fund, Class S		3,106,898	$	41,725,637
MassMutual Select Growth Equity Fund, Class S(a)		2,950,378		25,697,795
MassMutual Select Large Cap Value Fund, Class S		1,651,232		22,869,559
MassMutual Select Mid Cap Growth Equity Fund, Class S(a)		281,863		3,238,610
MassMutual Select Mid Cap Growth Equity II Fund, Class S(a)		980,027		16,190,054
MassMutual Select Mid-Cap Value Fund, Class S(a)		1,788,317		22,461,261
MassMutual Select Overseas Fund, Class S(a)		3,159,304		44,325,034
MassMutual Select Small Cap Core Equity Fund, Class S(a)		349,393		3,703,563
MassMutual Select Small Cap Growth Equity Fund, Class S(a)		82,367		1,520,494
MassMutual Select Small Cap Value Equity Fund, Class S(a)		465,234		5,299,010
MassMutual Select Small Company Growth Fund, Class S(a)		215,369		2,588,733
MassMutual Select Small Company Value Fund, Class S		549,376		9,103,162
				516,484,522
TOTAL MUTUAL FUNDS (Cost $478,878,309)				516,484,522
TOTAL INVESTMENTS — 100.0% (Cost $478,878,309)(b)				516,484,522
Other Assets/ (Liabilities) — 0.0%				(186,954	)
NET ASSETS — 100.0%			$	516,297,568

Notes to Portfolio of Investments

(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.
190

MassMutual Select Destination Retirement 2040 Fund – Portfolio of Investments

June 30, 2007 (Unaudited)

	Number of Shares		Market Value
MUTUAL FUNDS — 100.0%
Investment Companies
MassMutual Premier Capital Appreciation Fund, Class S		697,832	$	8,590,315
MassMutual Premier Core Bond Fund, Class S		156,094		1,670,210
MassMutual Premier Diversified Bond Fund, Class S		157,710		1,670,146
MassMutual Premier Enhanced Index Growth Fund, Class S		1,731,049		17,535,531
MassMutual Premier Enhanced Index Value Fund, Class S		1,194,714		16,929,101
MassMutual Premier Inflation Protected Bond Fund, Class S		258,556		2,575,217
MassMutual Premier International Equity Fund, Class S		800,181		14,243,224
MassMutual Premier Main Street Small Cap Fund, Class S(a)		900,708		10,637,359
MassMutual Premier Strategic Income Fund, Class S		211,298		2,229,196
MassMutual Premier Value Fund, Class S		159,353		3,304,988
MassMutual Select Aggressive Growth Fund, Class S(a)		3,193,803		21,366,539
MassMutual Select Blue Chip Growth Fund, Class S		1,213,635		13,082,990
MassMutual Select Diversified International Fund, Class S(a)		1,236,621		14,196,410
MassMutual Select Diversified Value Fund, Class S		1,136,595		15,866,864
MassMutual Select Emerging Growth Fund, Class S(a)		1,461,360		10,740,996
MassMutual Select Focused Value Fund, Class S		289,244		5,972,881
MassMutual Select Fundamental Value Fund, Class S		2,135,060		28,673,861

	Number of Shares		Market Value
MassMutual Select Growth Equity Fund, Class S(a)		1,868,099	$	16,271,145
MassMutual Select Large Cap Value Fund, Class S		1,129,952		15,649,834
MassMutual Select Mid Cap Growth Equity Fund, Class S(a)		178,925		2,055,849
MassMutual Select Mid Cap Growth Equity II Fund, Class S(a)		527,813		8,719,474
MassMutual Select Mid-Cap Value Fund, Class S(a)		1,190,045		14,946,963
MassMutual Select Overseas Fund, Class S(a)		1,987,638		27,886,565
MassMutual Select Small Cap Core Equity Fund, Class S(a)		201,315		2,133,942
MassMutual Select Small Cap Growth Equity Fund, Class S(a)		56,464		1,042,323
MassMutual Select Small Cap Value Equity Fund, Class S(a)		374,428		4,264,735
MassMutual Select Small Company Growth Fund, Class S(a)		153,136		1,840,695
MassMutual Select Small Company Value Fund, Class S		416,767		6,905,830
				291,003,183
TOTAL MUTUAL FUNDS (Cost $266,833,900)				291,003,183
TOTAL INVESTMENTS — 100.0% (Cost $266,833,900)(b)				291,003,183
Other Assets/ (Liabilities) — 0.0%				(102,755	)
NET ASSETS — 100.0%			$	290,900,428

Notes to Portfolio of Investments

(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.
191

MassMutual Select Funds – Financial Statements

Statement of Assets and Liabilities

June 30, 2007 (Unaudited)

	MassMutual Select Strategic Bond Fund			MassMutual Select Strategic Balanced Fund		MassMutual Select Diversified Value Fund		MassMutual Select Fundamental Value Fund
Assets:
Investments, at value (Note 2)(a)	$	297,424,375		$	226,561,513	$	666,231,890	$	1,287,185,273
Short-term investments, at value (Note 2)(b)		39,293,763			20,475,054		47,499,970		87,497,387
Total investments(c)		336,718,138			247,036,567		713,731,860		1,374,682,660
Cash		-			1,107,959		-		-
Foreign currency, at value(d)		20,891			135,051		-		-
Receivables from:
Investments sold		3,193,279			5,725,257		5,469,861		-
Open forward foreign currency contracts (Note 2)		970,189			1,133,506		-		-
Investment Adviser (Note 3)		6,129			-		-		-
Fund shares sold		109,306			193,460		554,695		1,302,777
Interest and dividends		2,494,923			1,162,090		1,112,826		1,955,494
Variation margin on open futures contracts (Note 2)		94,506			23,468		-		-
Foreign taxes withheld		-			-		113		54,166
Open swap agreements, at value (Note 2)		-			136,121		-		-
Prepaid expenses		-			-		-		-
Total assets		343,607,361			256,653,479		720,869,355		1,377,995,097
Liabilities:
Payables for:
Investments purchased		11,683,956			3,291,107		4,175,768		13,306,483
Written options outstanding, at value (Note 2)(e)		436,612			128,794		-		-
Open forward foreign currency contracts (Note 2)		965,848			1,139,413		-		-
Fund shares repurchased		217,480			93,262		126,566		535,401
Variation margin on open futures contracts (Note 2)		-			-		-		-
Securities on loan (Note 2)		16,047,957			13,326,472		41,442,836		55,797,705
Open swap agreements, at value (Note 2)		238,250			155,683		-		-
Directors' fees and expenses (Note 3)		6,068			10,073		15,158		50,316
Affiliates (Note 3):
Investment management fees		135,743			115,282		269,496		678,498
Administration fees		31,265			47,516		79,142		223,781
Service fees		36,078			19,528		61,840		187,118
Distribution fees		1,547			364		1,430		1,398
Accrued expense and other liabilities		40,732			15,893		16,049		7,695
Total liabilities		29,841,536			18,343,387		46,188,285		70,788,395
Net assets	$	313,765,825		$	238,310,092	$	674,681,070	$	1,307,206,702
Net assets consist of:
Paid-in capital	$	315,764,338		$	201,425,368	$	533,491,226	$	938,842,281
Undistributed net investment income (distributions in excess of net investment income)		6,712,071			3,110,075		5,717,454		7,422,197
Accumulated net realized gain (loss) on investments		(2,709,390	)		8,901,059		19,434,777		73,636,133
Net unrealized appreciation (depreciation) on investments		(6,001,194	)		24,873,590		116,037,613		287,306,091
Net Assets	$	313,765,825		$	238,310,092	$	674,681,070	$	1,307,206,702
(a) Cost of investments - unaffiliated issuers:	$	302,844,545		$	201,626,938	$	550,194,277	$	999,879,182
(b) Cost of short-term investments:	$	39,293,763		$	20,475,054	$	47,499,970	$	87,497,387
(c) Securities on loan with market value of:	$	15,703,586		$	12,848,395	$	40,204,146	$	53,867,352
(d) Cost of foreign currency:	$	20,479		$	120,945	$	-	$	-

The accompanying notes are an integral part of the financial statements.
192

	MassMutual Select Value Equity Fund		MassMutual Select Large Cap Value Fund		MassMutual Select Indexed Equity Fund			MassMutual Select Core Opportunities Fund
Assets:
Investments, at value (Note 2)(a)	$	101,061,247	$	1,491,707,321	$	2,399,107,409		$	46,191,940
Short-term investments, at value (Note 2)(b)		6,317,548		104,856,916		141,370,685			6,167,592
Total investments(c)		107,378,795		1,596,564,237		2,540,478,094			52,359,532
Cash		-		-		-			-
Foreign currency, at value(d)		-		118,663		-			-
Receivables from:
Investments sold		211,856		2,450,480		1,626,167			532,030
Open forward foreign currency contracts (Note 2)		-		-		-			-
Investment Adviser (Note 3)		-		-		-			591
Fund shares sold		79,427		1,126,049		1,674,783			30,463
Interest and dividends		126,212		1,465,290		2,987,671			59,431
Variation margin on open futures contracts (Note 2)		-		-		-			-
Foreign taxes withheld		-		27,918		-			5,025
Open swap agreements, at value (Note 2)		-		-		-			-
Prepaid expenses		-		-		14,635			-
Total assets		107,796,290		1,601,752,637		2,546,781,350			52,987,072
Liabilities:
Payables for:
Investments purchased		-		3,260,624		3,623,270			1,687,513
Written options outstanding, at value (Note 2)(e)		-		-		-			-
Open forward foreign currency contracts (Note 2)		-		-		-			-
Fund shares repurchased		24,611		736,592		1,485,363			12,611
Variation margin on open futures contracts (Note 2)		-		-		51,884			-
Securities on loan (Note 2)		5,507,619		84,211,007		120,334,873			3,945,556
Open swap agreements, at value (Note 2)		-		-		-			-
Directors' fees and expenses (Note 3)		5,850		72,623		108,014			484
Affiliates (Note 3):
Investment management fees		57,963		788,443		193,623			26,272
Administration fees		13,313		245,815		613,884			8,206
Service fees		17,679		256,761		87,441			11,999
Distribution fees		95		1,153		2,879			70
Accrued expense and other liabilities		14,717		12,172		13,635			22,147
Total liabilities		5,641,847		89,585,190		126,514,866			5,714,858
Net assets	$	102,154,443	$	1,512,167,447	$	2,420,266,484		$	47,272,214
Net assets consist of:
Paid-in capital	$	85,770,669	$	981,069,503	$	1,890,489,008		$	42,026,915
Undistributed net investment income (distributions in excess of net investment income)		511,163		7,306,137		18,063,473			151,267
Accumulated net realized gain (loss) on investments		7,923,281		53,993,973		(44,059,298	)		1,692,657
Net unrealized appreciation (depreciation) on investments		7,949,330		469,797,834		555,773,301			3,401,375
Net Assets	$	102,154,443	$	1,512,167,447	$	2,420,266,484		$	47,272,214
(a) Cost of investments - unaffiliated issuers:	$	93,111,917	$	1,021,910,238	$	1,843,203,982		$	42,790,565
(b) Cost of short-term investments:	$	6,317,548	$	104,856,916	$	141,370,685		$	6,167,592
(c) Securities on loan with market value of:	$	5,309,886	$	81,681,799	$	116,531,908		$	3,815,714
(d) Cost of foreign currency:	$	-	$	118,694	$	-		$	-

193

MassMutual Select Funds – Financial Statements (Continued)

Statement of Assets and Liabilities

June 30, 2007 (Unaudited)

	MassMutual Select Strategic Bond Fund		MassMutual Select Strategic Balanced Fund		MassMutual Select Diversified Value Fund		MassMutual Select Fundamental Value Fund
Class A shares:
Net assets	$	60,812,721	$	30,584,318	$	100,781,617	$	297,796,970
Shares outstanding		6,093,198		2,583,766		7,273,028		22,373,645
Net asset value and redemption price per share	$	9.98	$	11.84	$	13.86	$	13.31
Offering price per share (100/[100-maximum sales charge] of net asset value)	$	10.48	$	12.56	$	14.71	$	14.12
Class L shares:
Net assets	$	21,135,226	$	90,334,931	$	87,359,579	$	291,878,365
Shares outstanding		2,110,774		7,607,780		6,274,789		21,810,805
Net asset value, offering price and redemption price per share	$	10.01	$	11.87	$	13.92	$	13.38
Class Y shares:
Net assets	$	146,512,571	$	87,350,807	$	150,947,393	$	149,838,461
Shares outstanding		14,621,097		7,348,415		10,837,320		11,172,068
Net asset value, offering price and redemption price per share	$	10.02	$	11.89	$	13.93	$	13.41
Class S shares:
Net assets	$	82,760,435	$	29,456,246	$	333,142,591	$	564,939,905
Shares outstanding		8,253,179		2,477,248		23,872,158		42,063,126
Net asset value, offering price and redemption price per share	$	10.03	$	11.89	$	13.96	$	13.43
Class Z shares:
Net assets	$	-	$	-	$	-	$	-
Shares outstanding		-		-		-		-
Net asset value, offering price and redemption price per share	$	-	$	-	$	-	$	-
Class N shares:
Net assets	$	2,544,872	$	583,790	$	2,449,890	$	2,753,001
Shares outstanding		256,221		49,475		176,963		208,344
Net asset value, offering price and redemption price per share	$	9.93	$	11.80	$	13.84	$	13.21

The accompanying notes are an integral part of the financial statements.
194

	MassMutual Select Value Equity Fund		MassMutual Select Large Cap Value Fund		MassMutual Select Indexed Equity Fund		MassMutual Select Core Opportunities Fund
Class A shares:
Net assets	$	28,134,847	$	416,313,893	$	315,053,412	$	19,885,712
Shares outstanding		2,597,537		30,362,553		22,676,502		1,716,231
Net asset value and redemption price per share	$	10.83	$	13.71	$	13.89	$	11.59
Offering price per share (100/[100-maximum sales charge] of net asset value)	$	11.49	$	14.55	$	14.74	$	12.30
Class L shares:
Net assets	$	12,242,876	$	248,312,699	$	357,158,959	$	9,294,237
Shares outstanding		1,127,447		18,024,615		25,588,917		800,561
Net asset value, offering price and redemption price per share	$	10.86	$	13.78	$	13.96	$	11.61
Class Y shares:
Net assets	$	5,775,139	$	194,905,341	$	511,270,199	$	6,492,127
Shares outstanding		528,462		14,100,875		36,519,903		558,242
Net asset value, offering price and redemption price per share	$	10.93	$	13.82	$	14.00	$	11.63
Class S shares:
Net assets	$	55,848,269	$	651,599,218	$	787,049,567	$	11,484,455
Shares outstanding		5,117,533		47,044,776		55,661,526		986,948
Net asset value, offering price and redemption price per share	$	10.91	$	13.85	$	14.14	$	11.64
Class Z shares:
Net assets	$	-	$	-	$	445,460,491	$	-
Shares outstanding		-		-		31,467,647		-
Net asset value, offering price and redemption price per share	$	-	$	-	$	14.16	$	-
Class N shares:
Net assets	$	153,312	$	1,036,296	$	4,273,856	$	115,683
Shares outstanding		14,153		76,415		311,155		10,010
Net asset value, offering price and redemption price per share	$	10.83	$	13.56	$	13.74	$	11.56

195

MassMutual Select Funds – Financial Statements (Continued)

Statement of Assets and Liabilities

June 30, 2007 (Unaudited)

	MassMutual Select Blue Chip Growth Fund			MassMutual Select Large Cap Growth Fund			MassMutual Select Growth Equity Fund			MassMutual Select Aggressive Growth Fund
Assets:
Investments, at value (Note 2)(a)	$	555,563,452		$	44,027,552		$	441,786,251		$	523,389,218
Short-term investments, at value (Note 2)(b)		52,884,117			4,668,949			27,101,506			77,740,509
Total investments(c)		608,447,569			48,696,501			468,887,757			601,129,727
Receivables from:
Investments sold		2,923,705			93,491			-			281,216
Fund shares sold		562,064			2,905			365,121			537,714
Interest and dividends		411,391			21,513			609,767			146,522
Foreign taxes withheld		20,530			80			-			-
Total assets		612,365,259			48,814,490			469,862,645			602,095,179
Liabilities:
Payables for:
Investments purchased		14,329,688			-			-			-
Fund shares repurchased		111,623			2,252			340,184			297,271
Variation margin on open futures contracts (Note 2)		-			-			6,750			-
Securities on loan (Note 2)		38,771,276			4,624,790			16,461,749			72,231,709
Directors' fees and expenses (Note 3)		25,672			2,226			47,780			28,441
Affiliates (Note 3):
Investment management fees		258,355			23,103			270,283			309,353
Administration fees		150,903			7,775			84,638			93,425
Service fees		30,954			5,468			46,077			71,180
Distribution fees		1,823			1			41			784
Accrued expense and other liabilities		15,351			17,277			11,053			14,924
Total liabilities		53,695,645			4,682,892			17,268,555			73,047,087
Net assets	$	558,669,614		$	44,131,598		$	452,594,090		$	529,048,092
Net assets consist of:
Paid-in capital	$	530,302,045		$	37,544,962		$	501,291,553		$	483,535,564
Undistributed net investment income (distributions in excess of net investment income)		644,756			(26,625	)		1,075,112			(1,785,682	)
Accumulated net realized gain (loss) on investments		(49,693,438	)		1,961,529			(74,917,862	)		(35,398,368	)
Net unrealized appreciation (depreciation) on investments		77,416,251			4,651,732			25,145,287			82,696,578
Net Assets	$	558,669,614		$	44,131,598		$	452,594,090		$	529,048,092
(a) Cost of investments - unaffiliated issuers:	$	478,147,669		$	39,375,820		$	416,627,779		$	440,692,640
(b) Cost of short-term investments:	$	52,884,117		$	4,668,949		$	27,101,506		$	77,740,509
(c) Securities on loan with market value of:	$	37,617,554		$	4,495,176		$	15,898,486		$	70,415,785

The accompanying notes are an integral part of the financial statements.
196

	MassMutual Select OTC 100 Fund			MassMutual Select Focused Value Fund		MassMutual Select Mid-Cap Value Fund
Assets:
Investments, at value (Note 2)(a)	$	43,898,491		$	956,908,956	$	215,657,170
Short-term investments, at value (Note 2)(b)		4,626,053			211,103,490		57,408,899
Total investments(c)		48,524,544			1,168,012,446		273,066,069
Receivables from:
Investments sold		-			3,552,394		1,714,497
Fund shares sold		122,118			1,412,281		207,161
Interest and dividends		10,310			948,611		417,929
Foreign taxes withheld		-			-		-
Total assets		48,656,972			1,173,925,732		275,405,656
Liabilities:
Payables for:
Investments purchased		-			5,923,360		5,563,146
Fund shares repurchased		6,279			506,021		47,394
Variation margin on open futures contracts (Note 2)		49			-		-
Securities on loan (Note 2)		4,017,938			159,342,969		48,492,014
Directors' fees and expenses (Note 3)		4,427			46,033		770
Affiliates (Note 3):
Investment management fees		5,321			555,568		121,761
Administration fees		19,000			172,306		26,020
Service fees		12,253			162,474		4,420
Distribution fees		285			1,676		27
Accrued expense and other liabilities		19,902			3,804		(9,673	)
Total liabilities		4,085,454			166,714,211		54,245,879
Net assets	$	44,571,518		$	1,007,211,521	$	221,159,777
Net assets consist of:
Paid-in capital	$	56,595,759		$	694,592,866	$	203,263,224
Undistributed net investment income (distributions in excess of net investment income)		(56,652	)		1,340,594		494,205
Accumulated net realized gain (loss) on investments		(21,188,754	)		89,802,837		6,260,836
Net unrealized appreciation (depreciation) on investments		9,221,165			221,475,224		11,141,512
Net Assets	$	44,571,518		$	1,007,211,521	$	221,159,777
(a) Cost of investments - unaffiliated issuers:	$	34,676,759		$	735,433,732	$	204,515,658
(b) Cost of short-term investments:	$	4,626,053		$	211,103,490	$	57,408,899
(c) Securities on loan with market value of:	$	3,820,795		$	154,361,449	$	46,642,755

197

MassMutual Select Funds – Financial Statements (Continued)

Statement of Assets and Liabilities

June 30, 2007 (Unaudited)

	MassMutual Select Blue Chip Growth Fund		MassMutual Select Large Cap Growth Fund		MassMutual Select Growth Equity Fund		MassMutual Select Aggressive Growth Fund
Class A shares:
Net assets	$	47,833,388	$	9,051,409	$	69,092,556	$	111,968,708
Shares outstanding		4,522,255		858,342		8,105,604		17,342,715
Net asset value and redemption price per share	$	10.58	$	10.55	$	8.52	$	6.46
Offering price per share (100/[100-maximum sales charge] of net asset value)	$	11.23	$	11.19	$	9.04	$	6.85
Class L shares:
Net assets	$	364,559,113	$	1,412,026	$	171,353,304	$	134,531,095
Shares outstanding		34,003,735		130,344		19,879,916		20,460,660
Net asset value, offering price and redemption price per share	$	10.72	$	10.83	$	8.62	$	6.58
Class Y shares:
Net assets	$	31,330,518	$	12,556,969	$	60,134,209	$	41,726,256
Shares outstanding		2,920,051		1,169,023		6,925,925		6,284,676
Net asset value, offering price and redemption price per share	$	10.73	$	10.74	$	8.68	$	6.64
Class S shares:
Net assets	$	112,068,343	$	21,109,775	$	151,948,139	$	239,640,133
Shares outstanding		10,399,982		1,955,217		17,438,513		35,841,578
Net asset value, offering price and redemption price per share	$	10.78	$	10.80	$	8.71	$	6.69
Class N shares:
Net assets	$	2,878,252	$	1,419	$	65,882	$	1,181,900
Shares outstanding		275,958		135		7,864		186,598
Net asset value, offering price and redemption price per share	$	10.43	$	10.51	$	8.38	$	6.33

The accompanying notes are an integral part of the financial statements.
198

	MassMutual Select OTC 100 Fund		MassMutual Select Focused Value Fund		MassMutual Select Mid-Cap Value Fund
Class A shares:
Net assets	$	19,052,658	$	266,485,875	$	8,993,560
Shares outstanding		3,967,432		13,308,471		718,991
Net asset value and redemption price per share	$	4.80	$	20.02	$	12.51
Offering price per share (100/[100-maximum sales charge] of net asset value)	$	5.09	$	21.24	$	13.27
Class L shares:
Net assets	$	8,394,975	$	185,301,567	$	77,481,680
Shares outstanding		1,720,525		9,112,118		6,178,403
Net asset value, offering price and redemption price per share	$	4.88	$	20.34	$	12.54
Class Y shares:
Net assets	$	1,474,376	$	149,612,475	$	897,330
Shares outstanding		299,630		7,299,853		71,450
Net asset value, offering price and redemption price per share	$	4.92	$	20.50	$	12.56
Class S shares:
Net assets	$	15,174,722	$	402,648,902	$	133,741,801
Shares outstanding		3,058,613		19,504,475		10,652,656
Net asset value, offering price and redemption price per share	$	4.96	$	20.64	$	12.55
Class N shares:
Net assets	$	474,787	$	3,162,702	$	45,406
Shares outstanding		100,593		160,786		3,625
Net asset value, offering price and redemption price per share	$	4.72	$	19.67	$	12.52

199

MassMutual Select Funds – Financial Statements (Continued)

Statement of Assets and Liabilities

June 30, 2007 (Unaudited)

	MassMutual Select Small Cap Value Equity Fund		MassMutual Select Small Company Value Fund		MassMutual Select Small Cap Core Equity Fund			MassMutual Select Mid Cap Growth Equity Fund
Assets:
Investments, at value (Note 2)(a)	$	153,066,704	$	720,031,529	$	55,317,690		$	166,479,146
Short-term investments, at value (Note 2)(b)		42,350,278		195,951,417		10,081,584			26,072,349
Total investments(c)		195,416,982		915,982,946		65,399,274			192,551,495
Receivables from:
Investments sold		314,004		5,929,460		34,200			2,568,748
Open forward foreign currency contracts (Note 2)		-		-		-			-
Fund shares sold		110,987		627,580		45,725			207,968
Interest and dividends		337,547		663,360		520,460			52,920
Broker for collateral held for open futures contracts (Note 2)		108,800		-		-			-
Variation margin on open futures contracts (Note 2)		-		-		2,030			-
Foreign taxes withheld		-		-		-			-
Total assets		196,288,320		923,203,346		66,001,689			195,381,131
Liabilities:
Payables for:
Investments purchased		-		7,535,487		-			1,970,569
Fund shares repurchased		54,554		489,264		40,536			140,118
Variation margin on open futures contracts (Note 2)		9,467		-		-			-
Securities on loan (Note 2)		38,671,982		173,593,920		9,794,729			26,072,349
Directors' fees and expenses (Note 3)		626		28,965		423			11,474
Affiliates (Note 3):
Investment management fees		94,121		507,048		33,262			94,915
Administration fees		17,535		152,279		7,139			25,782
Service fees		6,365		108,633		1,915			18,974
Distribution fees		71		1,022		66			188
Due to custodian		-		-		-			362,717
Accrued expense and other liabilities		21,440		17,930		20,696			16,530
Total liabilities		38,876,161		182,434,548		9,898,766			28,713,616
Net assets	$	157,412,159	$	740,768,798	$	56,102,923		$	166,667,515
Net assets consist of:
Paid-in capital	$	150,650,515	$	548,616,430	$	54,855,676		$	208,090,734
Undistributed net investment income (distributions in excess of net investment income)		979,319		1,172,076		83,834			(283,513	)
Accumulated net realized gain (loss) on investments		5,211,790		71,425,258		(112,511	)		(60,078,744	)
Net unrealized appreciation (depreciation) on investments		570,535		119,555,034		1,275,924			18,939,038
Net Assets	$	157,412,159	$	740,768,798	$	56,102,923		$	166,667,515
(a) Cost of investments - unaffiliated issuers:	$	152,486,290	$	600,476,495	$	54,042,852		$	147,540,108
(b) Cost of short-term investments:	$	42,350,278	$	195,951,417	$	10,081,584		$	26,072,349
(c) Securities on loan with market value of:	$	36,934,104	$	166,892,948	$	9,391,652		$	25,271,372

The accompanying notes are an integral part of the financial statements.
200

	MassMutual Select Mid Cap Growth Equity II Fund			MassMutual Select Small Cap Growth Equity Fund			MassMutual Select Small Company Growth Fund			MassMutual Select Emerging Growth Fund
Assets:
Investments, at value (Note 2)(a)	$	1,371,281,992		$	671,341,346		$	166,449,438		$	98,323,768
Short-term investments, at value (Note 2)(b)		257,056,829			303,675,833			54,947,284			33,067,897
Total investments(c)		1,628,338,821			975,017,179			221,396,722			131,391,665
Receivables from:
Investments sold		3,324,384			4,682,842			1,462,490			1,983,577
Open forward foreign currency contracts (Note 2)		-			-			-			-
Fund shares sold		1,702,633			782,713			295,424			58,794
Interest and dividends		522,557			287,008			52,760			46,616
Broker for collateral held for open futures contracts (Note 2)		-			-			-			-
Variation margin on open futures contracts (Note 2)		-			-			-			-
Foreign taxes withheld		1,461			709			-			-
Total assets		1,633,889,856			980,770,451			223,207,396			133,480,652
Liabilities:
Payables for:
Investments purchased		8,690,134			4,565,967			949,881			1,017,785
Fund shares repurchased		730,871			301,903			110,058			6,697
Variation margin on open futures contracts (Note 2)		-			-			-			-
Securities on loan (Note 2)		201,434,087			276,180,633			52,902,964			29,674,862
Directors' fees and expenses (Note 3)		55,863			33,268			8,048			8,282
Affiliates (Note 3):
Investment management fees		845,092			456,651			114,290			63,329
Administration fees		280,741			136,269			37,428			17,322
Service fees		225,749			72,310			35,287			8,122
Distribution fees		2,161			677			452			118
Due to custodian		-			-			-			-
Accrued expense and other liabilities		9,121			16,762			23,309			18,114
Total liabilities		212,273,819			281,764,440			54,181,717			30,814,631
Net assets	$	1,421,616,037		$	699,006,011		$	169,025,679		$	102,666,021
Net assets consist of:
Paid-in capital	$	986,500,346		$	504,717,254		$	135,165,064		$	115,335,704
Undistributed net investment income (distributions in excess of net investment income)		(99,316	)		(1,879,528	)		(693,093	)		(151,567	)
Accumulated net realized gain (loss) on investments		93,114,948			41,173,031			10,554,452			(28,171,824	)
Net unrealized appreciation (depreciation) on investments		342,100,059			154,995,254			23,999,256			15,653,708
Net Assets	$	1,421,616,037		$	699,006,011		$	169,025,679		$	102,666,021
(a) Cost of investments - unaffiliated issuers:	$	1,029,182,823		$	516,347,635		$	142,450,182		$	82,670,060
(b) Cost of short-term investments:	$	257,056,829		$	303,675,833		$	54,947,284		$	33,067,897
(c) Securities on loan with market value of:	$	194,555,185		$	265,621,522		$	50,738,387		$	28,716,807

201

MassMutual Select Funds – Financial Statements (Continued)

Statement of Assets and Liabilities

June 30, 2007 (Unaudited)

	MassMutual Select Small Cap Value Equity Fund		MassMutual Select Small Company Value Fund		MassMutual Select Small Cap Core Equity Fund		MassMutual Select Mid Cap Growth Equity Fund
Class A shares:
Net assets	$	12,248,820	$	170,734,359	$	3,365,187	$	29,311,049
Shares outstanding		1,079,956		10,503,309		318,888		2,632,065
Net asset value and redemption price per share	$	11.34	$	16.26	$	10.55	$	11.14
Offering price per share (100/[100-maximum sales charge] of net asset value)	$	12.03	$	17.25	$	10.55	$	11.82
Class L shares:
Net assets	$	42,708,555	$	123,619,735	$	20,490,834	$	44,932,882
Shares outstanding		3,756,272		7,540,833		1,937,003		3,961,364
Net asset value, offering price and redemption price per share	$	11.37	$	16.39	$	10.58	$	11.34
Class Y shares:
Net assets	$	3,587,713	$	156,033,353	$	2,124,037	$	5,744,118
Shares outstanding		315,172		9,451,906		200,439		501,480
Net asset value, offering price and redemption price per share	$	11.38	$	16.51	$	10.60	$	11.45
Class S shares:
Net assets	$	98,753,475	$	288,445,969	$	30,017,574	$	86,374,230
Shares outstanding		8,667,259		17,405,388		2,832,291		7,516,670
Net asset value, offering price and redemption price per share	$	11.39	$	16.57	$	10.60	$	11.49
Class N shares:
Net assets	$	113,596	$	1,935,382	$	105,291	$	305,236
Shares outstanding		10,010		121,148		10,010		27,817
Net asset value, offering price and redemption price per share	$	11.35	$	15.98	$	10.52	$	10.97

The accompanying notes are an integral part of the financial statements.
202

	MassMutual Select Mid Cap Growth Equity II Fund		MassMutual Select Small Cap Growth Equity Fund		MassMutual Select Small Company Growth Fund		MassMutual Select Emerging Growth Fund
Class A shares:
Net assets	$	374,798,429	$	117,033,095	$	58,365,635	$	13,585,240
Shares outstanding		23,469,767		6,620,298		4,999,939		1,919,539
Net asset value and redemption price per share	$	15.97	$	17.68	$	11.67	$	7.08
Offering price per share (100/[100-maximum sales charge] of net asset value)	$	16.94	$	18.76	$	12.38	$	7.51
Class L shares:
Net assets	$	510,304,597	$	117,435,881	$	41,855,000	$	39,769,697
Shares outstanding		31,409,773		6,508,740		3,523,207		5,520,600
Net asset value, offering price and redemption price per share	$	16.25	$	18.04	$	11.88	$	7.20
Class Y shares:
Net assets	$	210,433,903	$	143,503,945	$	17,916,882	$	783,374
Shares outstanding		12,810,327		7,857,930		1,495,584		107,274
Net asset value, offering price and redemption price per share	$	16.43	$	18.26	$	11.98	$	7.30
Class S shares:
Net assets	$	322,330,291	$	319,906,498	$	50,421,663	$	48,327,002
Shares outstanding		19,512,459		17,329,332		4,193,884		6,572,641
Net asset value, offering price and redemption price per share	$	16.52	$	18.46	$	12.02	$	7.35
Class N shares:
Net assets	$	3,748,817	$	1,126,592	$	466,499	$	200,708
Shares outstanding		238,728		64,958		40,810		28,856
Net asset value, offering price and redemption price per share	$	15.70	$	17.34	$	11.43	$	6.96

203

MassMutual Select Funds – Financial Statements (Continued)

Statement of Assets and Liabilities

June 30, 2007 (Unaudited)

	MassMutual Select Diversified International Fund		MassMutual Select Overseas Fund		MassMutual Select Destination Retirement Income Fund		MassMutual Select Destination Retirement 2010 Fund
Assets:
Investments at value
Unaffiliated issuer(s)(a)	$	138,124,363	$	1,328,433,611	$	-	$	-
Affiliated issuer(s)(b)		-		-		273,672,492		235,158,360
Investments, at value (Note 2)		-		-		-		-
Short-term investments, at value (Note 2)(c)		9,709,642		163,007,619		-		-
Total investments(d)		147,834,005		1,491,441,230		273,672,492		235,158,360
Foreign currency, at value(e)		469,604		677,301		-		-
Receivables from:
Investments sold		149,503		4,018,538		116,894		794
Open forward foreign currency contracts (Note 2)		79,915,358		115,073,919		-		-
Investment Adviser (Note 3)		14,198		-		-		-
Fund shares sold		101,386		1,208,418		381,574		164,969
Interest and dividends		471,929		2,578,844		-		-
Variation margin on open futures contracts (Note 2)		56,329		-		-		-
Foreign taxes withheld		5,079		782,972		-		-
Total assets		229,017,391		1,615,781,222		274,170,960		235,324,123
Liabilities:
Payables for:
Investments purchased		45,041		1,914,596		381,574		96,120
Open forward foreign currency contracts (Note 2)		79,136,707		116,469,535		-		-
Fund shares repurchased		6,044		681,610		116,894		69,643
Securities on loan (Note 2)		5,554,022		127,928,033		-		-
Directors' fees and expenses (Note 3)		289		42,695		10,289		4,646
Affiliates (Note 3):
Investment management fees		99,920		1,091,212		10,914		9,044
Administration fees		15,614		109,362		21,509		21,593
Service fees		171		194,217		34,225		43,030
Distribution fees		68		1,961		80		241
Accrued expense and other liabilities		29,244		103,643		16,881		19,892
Total liabilities		84,887,120		248,536,864		592,366		264,209
Net assets	$	144,130,271	$	1,367,244,358	$	273,578,594	$	235,059,914
Net assets consist of:
Paid-in capital	$	127,524,891	$	990,626,344	$	264,525,901	$	225,841,086
Undistributed net investment income (distributions in excess of net investment income)		1,443,558		17,618,008		714		(66,121	)
Accumulated net realized gain (loss) on investments		1,510,323		117,766,591		7,234,020		5,239,363
Net unrealized appreciation (depreciation) on investments		13,651,499		241,233,415		1,817,959		4,045,586
Net Assets	$	144,130,271	$	1,367,244,358	$	273,578,594	$	235,059,914
(a) Cost of investments - unaffiliated issuers:	$	125,317,284	$	1,085,281,146	$	-	$	-
(b) Cost of investments - affiliated issuers:	$	-	$	-	$	271,854,533	$	231,112,774
(c) Cost of short-term investments:	$	9,709,642	$	163,007,619	$	-	$	-
(d) Securities on loan with market value of:	$	5,259,272	$	121,699,087	$	-	$	-
(e) Cost of foreign currency:	$	462,193	$	746,077	$	-	$	-

The accompanying notes are an integral part of the financial statements.
204

	MassMutual Select Destination Retirement 2020 Fund			MassMutual Select Destination Retirement 2030 Fund			MassMutual Select Destination Retirement 2040 Fund
Assets:
Investments at value
Unaffiliated issuer(s)(a)	$	-		$	-		$	-
Affiliated issuer(s)(b)		683,912,741			516,484,522			291,003,183
Investments, at value (Note 2)		-			-			-
Short-term investments, at value (Note 2)(c)		-			-			-
Total investments(d)		683,912,741			516,484,522			291,003,183
Foreign currency, at value(e)		-			-			-
Receivables from:
Investments sold		7,347			98,234			8,201
Open forward foreign currency contracts (Note 2)		-			-			-
Investment Adviser (Note 3)		-			-			-
Fund shares sold		885,005			643,141			416,884
Interest and dividends		-			-			-
Variation margin on open futures contracts (Note 2)		-			-			-
Foreign taxes withheld		-			-			-
Total assets		684,805,093			517,225,897			291,428,268
Liabilities:
Payables for:
Investments purchased		571,542			521,563			325,680
Open forward foreign currency contracts (Note 2)		-			-			-
Fund shares repurchased		320,809			219,813			99,405
Securities on loan (Note 2)		-			-			-
Directors' fees and expenses (Note 3)		18,313			13,245			7,572
Affiliates (Note 3):
Investment management fees		26,857			20,259			11,441
Administration fees		73,924			56,494			29,348
Service fees		104,388			80,850			35,885
Distribution fees		230			167			137
Accrued expense and other liabilities		13,447			15,938			18,372
Total liabilities		1,129,510			928,329			527,840
Net assets	$	683,675,583		$	516,297,568		$	290,900,428
Net assets consist of:
Paid-in capital	$	623,003,795		$	444,037,048		$	245,019,120
Undistributed net investment income (distributions in excess of net investment income)		(870,891	)		(671,505	)		(358,118	)
Accumulated net realized gain (loss) on investments		33,159,150			35,325,812			22,070,143
Net unrealized appreciation (depreciation) on investments		28,383,529			37,606,213			24,169,283
Net Assets	$	683,675,583		$	516,297,568		$	290,900,428
(a) Cost of investments - unaffiliated issuers:	$	-		$	-		$	-
(b) Cost of investments - affiliated issuers:	$	655,529,212		$	478,878,309		$	266,833,900
(c) Cost of short-term investments:	$	-		$	-		$	-
(d) Securities on loan with market value of:	$	-		$	-		$	-
(e) Cost of foreign currency:	$	-		$	-		$	-

205

MassMutual Select Funds – Financial Statements (Continued)

Statement of Assets and Liabilities

June 30, 2007 (Unaudited)

	MassMutual Select Diversified International Fund		MassMutual Select Overseas Fund		MassMutual Select Destination Retirement Income Fund		MassMutual Select Destination Retirement 2010 Fund
Class A shares:
Net assets	$	248,677	$	305,928,796	$	54,855,063	$	70,687,830
Shares outstanding		21,704		22,103,531		5,210,449		6,326,082
Net asset value and redemption price per share	$	11.46	$	13.84	$	10.53	$	11.17
Offering price per share (100/[100-maximum sales charge] of net asset value)	$	12.16	$	14.68	$	11.17	$	11.85
Class L shares:
Net assets	$	49,863,011	$	337,025,275	$	92,911,890	$	60,967,249
Shares outstanding		4,347,740		24,166,164		8,777,569		5,427,540
Net asset value, offering price and redemption price per share	$	11.47	$	13.95	$	10.59	$	11.23
Class Y shares:
Net assets	$	367,841	$	230,590,064	$	116,069,908	$	72,478,379
Shares outstanding		32,057		16,481,614		10,959,591		6,445,505
Net asset value, offering price and redemption price per share	$	11.47	$	13.99	$	10.59	$	11.24
Class S shares:
Net assets	$	93,536,227	$	490,130,589	$	9,613,278	$	30,529,408
Shares outstanding		8,147,074		34,945,303		907,807		2,711,933
Net asset value, offering price and redemption price per share	$	11.48	$	14.03	$	10.59	$	11.26
Class N shares:
Net assets	$	114,515	$	3,569,634	$	128,455	$	397,048
Shares outstanding		10,010		260,756		12,183		35,495
Net asset value, offering price and redemption price per share	$	11.44	$	13.69	$	10.54	$	11.19

The accompanying notes are an integral part of the financial statements.
206

	MassMutual Select Destination Retirement 2020 Fund		MassMutual Select Destination Retirement 2030 Fund		MassMutual Select Destination Retirement 2040 Fund
Class A shares:
Net assets	$	172,685,438	$	135,241,315	$	61,255,782
Shares outstanding		14,656,112		10,476,120		4,568,691
Net asset value and redemption price per share	$	11.78	$	12.91	$	13.41
Offering price per share (100/[100-maximum sales charge] of net asset value)	$	12.50	$	13.70	$	14.23
Class L shares:
Net assets	$	291,257,889	$	235,090,709	$	150,953,552
Shares outstanding		24,568,081		18,094,277		11,190,829
Net asset value, offering price and redemption price per share	$	11.86	$	12.99	$	13.49
Class Y shares:
Net assets	$	135,980,383	$	89,837,604	$	40,722,567
Shares outstanding		11,471,985		6,916,701		3,017,940
Net asset value, offering price and redemption price per share	$	11.85	$	12.99	$	13.49
Class S shares:
Net assets	$	83,344,514	$	55,843,800	$	37,733,867
Shares outstanding		7,022,146		4,293,344		2,793,606
Net asset value, offering price and redemption price per share	$	11.87	$	13.01	$	13.51
Class N shares:
Net assets	$	407,359	$	284,140	$	234,660
Shares outstanding		34,555		21,995		17,492
Net asset value, offering price and redemption price per share	$	11.79	$	12.92	$	13.42

207

MassMutual Select Funds – Financial Statements (Continued)

Statement of Operations

For the Six Months Ended June 30, 2007 (Unaudited)

	MassMutual Select Strategic Bond Fund			MassMutual Select Strategic Balanced Fund			MassMutual Select Diversified Value Fund		MassMutual Select Fundamental Value Fund
Investment Income (Note 2):
Dividends(a)	$	8,809		$	1,432,966		$	7,519,595	$	13,135,340
Interest		7,712,992			2,671,914			344,675		178,889
Securities lending net income		12,406			24,313			36,253		44,876
Total investment income		7,734,207			4,129,193			7,900,523		13,359,105
Expenses (Note 3):
Investment management fees (Note 3)		778,536			716,664			1,538,621		4,061,259
Custody fees		35,768			42,119			25,167		51,866
Trustee reporting		1,280			1,280			1,276		1,280
Audit and legal fees		19,909			20,429			16,576		18,828
Proxy fees		503			623			540		623
Shareholder reporting fees		2,679			2,607			5,934		13,676
Directors' fees (Note 3)		4,696			4,548			10,444		23,920
		843,371			788,270			1,598,558		4,171,452
Administration fees (Note 3):
Class A		63,011			51,498			140,597		461,928
Class L		24,938			149,639			110,196		451,257
Class Y		66,616			80,406			115,024		114,363
Class S		19,312			15,520			85,954		321,744
Class Z		-			-			-		-
Class N		3,396			1,081			3,504		3,506
Distribution fees (Note 3):
Class N		2,830			717			2,378		2,415
Service fees (Note 3):
Class A		63,011			39,372			114,010		369,070
Class N		2,830			717			2,378		2,415
Total expenses		1,089,315			1,127,220			2,172,599		5,898,150
Expenses waived (Note 3):		(34,999	)		(10,858	)		-		-
Class A Administration fees waived (Note 3)		-			-			-		-
Class L Administration fees waived (Note 3)		-			-			-		-
Class N Administration fees waived (Note 3)		-			-			-		-
Net expenses		1,054,316			1,116,362			2,172,599		5,898,150
Net investment income (loss)		6,679,891			3,012,831			5,727,924		7,460,955
Realized and unrealized gain (loss):
Net realized gain (loss) on:
Investment transactions		(1,008,545	)		8,297,911			16,833,826		45,885,430
Closed futures contracts		(1,098,903	)		(249,924	)		-		-
Written options		571,432			208,195			-		-
Closed swap contracts		147,600			11,883			-		-
Foreign currency transactions		(50,343	)		(25,654	)		-		-
Net realized gain (loss)		(1,438,759	)		8,242,411			16,833,826		45,885,430
Net change in unrealized appreciation (depreciation) on:
Investments		(5,547,419	)		(2,367,600	)		15,064,960		50,279,444
Open futures contracts		(47,429	)		14,325			-		-
Written options		(156,532	)		(63,123	)		-		-
Open swap contracts		(238,250	)		66,450			-		-
Translation of assets and liabilities in foreign currencies		40,769			10,860			-		-
Net unrealized appreciation (depreciation)		(5,948,861	)		(2,339,088	)		15,064,960		50,279,444
Net realized and unrealized gain (loss)		(7,387,620	)		5,903,323			31,898,786		96,164,874
Net increase (decrease) in net assets resulting from operations	$	(707,729	)	$	8,916,154		$	37,626,710	$	103,625,829
(a) Net of withholding tax of:	$	-		$	18,457		$	48,177	$	117,226

The accompanying notes are an integral part of the financial statements.
208

	MassMutual Select Value Equity Fund		MassMutual Select Large Cap Value Fund		MassMutual Select Indexed Equity Fund			MassMutual Select Core Opportunities Fund
Investment Income (Note 2):
Dividends(a)	$	975,919	$	14,112,093	$	21,830,047		$	354,312
Interest		20,085		375,402		765,050			31,016
Securities lending net income		2,530		70,964		54,787			4,832
Total investment income		998,534		14,558,459		22,649,884			390,160
Expenses (Note 3):
Investment management fees (Note 3)		350,346		4,889,584		1,159,483			147,713
Custody fees		13,405		128,516		104,880			13,582
Trustee reporting		1,249		1,249		1,249			888
Audit and legal fees		15,160		20,087		22,934			15,412
Proxy fees		747		623		540			378
Shareholder reporting fees		1,062		17,059		24,394			347
Directors' fees (Note 3)		1,855		29,754		42,598			575
		383,824		5,086,872		1,356,078			178,895
Administration fees (Note 3):
Class A		38,843		654,203		729,326			25,789
Class L		17,069		513,697		832,760			12,416
Class Y		3,530		183,896		827,426			4,477
Class S		21,315		241,107		1,127,483			2,664
Class Z		-		-		174,664			-
Class N		241		4,149		12,677			191
Distribution fees (Note 3):
Class N		184		2,770		5,983			136
Service fees (Note 3):
Class A		34,868		504,163		380,095			21,491
Class N		184		2,770		5,983			136
Total expenses		500,058		7,193,627		5,452,475			246,195
Expenses waived (Note 3):		-		-		-			(7,534	)
Class A Administration fees waived (Note 3)		-		-		(304,076	)		-
Class L Administration fees waived (Note 3)		-		-		(347,200	)		-
Class N Administration fees waived (Note 3)		-		-		(4,787	)		-
Net expenses		500,058		7,193,627		4,796,412			238,661
Net investment income (loss)		498,476		7,364,832		17,853,472			151,499
Realized and unrealized gain (loss):
Net realized gain (loss) on:
Investment transactions		5,054,012		83,418,504		3,628,819			1,487,581
Closed futures contracts		-		-		2,195,822			-
Written options		-		-		-			-
Closed swap contracts		-		-		-			-
Foreign currency transactions		-		134,660		-			-
Net realized gain (loss)		5,054,012		83,553,164		5,824,641			1,487,581
Net change in unrealized appreciation (depreciation) on:
Investments		1,973,437		9,433,969		129,148,167			1,866,167
Open futures contracts		-		-		(181,858	)		-
Written options		-		-		-			-
Open swap contracts		-		-		-			-
Translation of assets and liabilities in foreign currencies		-		1,128		-			-
Net unrealized appreciation (depreciation)		1,973,437		9,435,097		128,966,309			1,866,167
Net realized and unrealized gain (loss)		7,027,449		92,988,261		134,790,950			3,353,748
Net increase (decrease) in net assets resulting from operations	$	7,525,925	$	100,353,093	$	152,644,422		$	3,505,247
(a) Net of withholding tax of:	$	-	$	109,634	$	-		$	6,264

209

MassMutual Select Funds – Financial Statements (Continued)

Statement of Operations

For the Six Months Ended June 30, 2007 (Unaudited)

	MassMutual Select Blue Chip Growth Fund			MassMutual Select Large Cap Growth Fund			MassMutual Select Growth Equity Fund			MassMutual Select Aggressive Growth Fund
Investment Income (Note 2):
Dividends(a)	$	2,845,737		$	172,306		$	3,790,720		$	971,447
Interest		137,865			7,346			267,056			116,651
Securities lending net income		32,297			12,332			10,446			19,762
Total investment income		3,015,899			191,984			4,068,222			1,107,860
Expenses (Note 3):
Investment management fees (Note 3)		1,630,025			139,084			2,057,539			1,996,325
Custody fees		28,645			2,387			95,234			105,094
Trustee reporting		1,249			1,280			1,280			1,280
Audit and legal fees		16,355			14,699			17,160			16,746
Proxy fees		623			540			540			623
Shareholder reporting fees		4,714			445			7,770			6,300
Directors' fees (Note 3)		8,250			777			13,498			10,966
		1,689,861			159,212			2,193,021			2,137,334
Administration fees (Note 3):
Class A		89,442			15,130			124,402			196,389
Class L		602,791			2,723			400,721			273,603
Class Y		63,821			11,954			46,076			50,104
Class S		62,910			17,017			82,946			104,412
Class N		7,296			3			119			2,457
Distribution fees (Note 3):
Class N		3,978			2			86			1,558
Service fees (Note 3):
Class A		54,738			10,718			104,540			142,558
Class N		3,978			2			86			1,558
Total expenses		2,578,815			216,761			2,951,997			2,909,973
Expenses waived (Note 3):		(232,861	)		-			-			-
Net expenses		2,345,954			216,761			2,951,997			2,909,973
Net investment income (loss)		669,945			(24,777	)		1,116,225			(1,802,113	)
Realized and unrealized gain (loss):
Net realized gain (loss) on:
Investment transactions		9,039,784			1,813,860			47,482,820			33,650,143
Realized gain distributions from affiliated issuers (Note 7)		-			-			-			-
Closed futures contracts		-			-			265,614			-
Foreign currency transactions		(9,697	)		-			4			-
Net realized gain (loss)		9,030,087			1,813,860			47,748,438			33,650,143
Net change in unrealized appreciation (depreciation) on:
Investments		29,829,153			1,063,267			(17,071,634	)		4,184,578
Open futures contracts		-			-			(21,374	)		-
Translation of assets and liabilities in foreign currencies		(9	)		-			(7	)		-
Net unrealized appreciation (depreciation)		29,829,144			1,063,267			(17,093,015	)		4,184,578
Net realized and unrealized gain (loss)		38,859,231			2,877,127			30,655,423			37,834,721
Net increase (decrease) in net assets resulting from operations	$	39,529,176		$	2,852,350		$	31,771,648		$	36,032,608
(a) Net of withholding tax of:	$	87,474		$	5,768		$	-		$	4,893

The accompanying notes are an integral part of the financial statements.
210

	MassMutual Select OTC 100 Fund			MassMutual Select Focused Value Fund			MassMutual Select Mid-Cap Value Fund
Investment Income (Note 2):
Dividends(a)	$	106,401		$	(5,346,617	)	$	1,060,333
Interest		46,503			967,858			174,639
Securities lending net income		6,033			47,690			12,878
Total investment income		158,937			(4,331,069	)		1,247,850
Expenses (Note 3):
Investment management fees (Note 3)		34,479			3,347,767			581,279
Custody fees		17,731			46,583			15,036
Trustee reporting		1,249			1,280			1,249
Audit and legal fees		15,407			18,165			15,347
Proxy fees		540			540			507
Shareholder reporting fees		522			10,729			994
Directors' fees (Note 3)		907			18,527			1,801
		70,835			3,443,591			616,213
Administration fees (Note 3):
Class A		62,157			421,380			7,710
Class L		26,881			309,866			99,231
Class Y		3,383			136,639			282
Class S		29,162			161,253			23,597
Class N		1,510			5,198			41
Distribution fees (Note 3):
Class N		560			3,380			29
Service fees (Note 3):
Class A		24,886			315,027			6,425
Class N		560			3,380			29
Total expenses		219,934			4,799,714			753,557
Expenses waived (Note 3):		-			-			-
Net expenses		219,934			4,799,714			753,557
Net investment income (loss)		(60,997	)		(9,130,783	)		494,293
Realized and unrealized gain (loss):
Net realized gain (loss) on:
Investment transactions		2,864,591			81,643,443			6,150,473
Realized gain distributions from affiliated issuers (Note 7)		-			-			-
Closed futures contracts		24,487			-			-
Foreign currency transactions		-			-			-
Net realized gain (loss)		2,889,078			81,643,443			6,150,473
Net change in unrealized appreciation (depreciation) on:
Investments		1,435,536			28,083,854			10,675,265
Open futures contracts		3,872			-			-
Translation of assets and liabilities in foreign currencies		-			-			-
Net unrealized appreciation (depreciation)		1,439,408			28,083,854			10,675,265
Net realized and unrealized gain (loss)		4,328,486			109,727,297			16,825,738
Net increase (decrease) in net assets resulting from operations	$	4,267,489		$	100,596,514		$	17,320,031
(a) Net of withholding tax of:	$	721		$	-		$	-

211

MassMutual Select Funds – Financial Statements (Continued)

Statement of Operations

For the Six Months Ended June 30, 2007 (Unaudited)

	MassMutual Select Small Cap Value Equity Fund			MassMutual Select Small Company Value Fund			MassMutual Select Small Cap Core Equity Fund			MassMutual Select Mid Cap Growth Equity Fund
Investment Income (Note 2):
Dividends(a)	$	1,329,568		$	4,460,030		$	252,899		$	410,483
Interest		87,776			334,247			26,431			67,113
Securities lending net income		51,136			174,168			14,845			14,325
Total investment income		1,468,480			4,968,445			294,175			491,921
Expenses (Note 3):
Investment management fees (Note 3)		381,883			3,289,511			159,307			564,889
Custody fees		11,857			72,426			5,544			13,840
Trustee reporting		888			1,280			888			1,249
Audit and legal fees		15,089			17,253			14,999			15,365
Proxy fees		378			623			378			540
Shareholder reporting fees		555			8,585			329			1,652
Directors' fees (Note 3)		979			15,028			557			2,890
		411,629			3,404,706			182,002			600,425
Administration fees (Note 3):
Class A		11,593			310,800			3,025			46,208
Class L		48,603			282,581			19,745			63,063
Class Y		2,099			177,994			1,416			13,155
Class S		14,699			230,349			6,328			32,088
Class N		194			3,067			182			497
Distribution fees (Note 3):
Class N		138			1,873			130			348
Service fees (Note 3):
Class A		9,661			216,254			2,520			37,567
Class N		139			1,873			130			348
Total expenses		498,755			4,629,497			215,478			793,699
Expenses waived (Note 3):		-			-			(591	)		-
Net expenses		498,755			4,629,497			214,887			793,699
Net investment income (loss)		969,725			338,948			79,288			(301,778	)
Realized and unrealized gain (loss):
Net realized gain (loss) on:
Investment transactions		4,666,709			52,651,062			369,397			12,344,079
Realized gain distributions from affiliated issuers (Note 7)		-			-			-			-
Closed futures contracts		139,842			-			37,434			-
Foreign currency transactions		-			-			-			-
Net realized gain (loss)		4,806,551			52,651,062			406,831			12,344,079
Net change in unrealized appreciation (depreciation) on:
Investments		(1,385,863	)		(4,821,443	)		144,787			(287,076	)
Open futures contracts		(3,960	)		-			10			-
Translation of assets and liabilities in foreign currencies		-			-			-			-
Net unrealized appreciation (depreciation)		(1,389,823	)		(4,821,443	)		144,797			(287,076	)
Net realized and unrealized gain (loss)		3,416,728			47,829,619			551,628			12,057,003
Net increase (decrease) in net assets resulting from operations	$	4,386,453		$	48,168,567		$	630,916		$	11,755,225
(a) Net of withholding tax of:	$	1,138		$	(115	)	$	-		$	1,924

The accompanying notes are an integral part of the financial statements.
212

	MassMutual Select Mid Cap Growth Equity II Fund			MassMutual Select Small Cap Growth Equity Fund			MassMutual Select Small Company Growth Fund			MassMutual Select Emerging Growth Fund
Investment Income (Note 2):
Dividends(a)	$	6,131,599		$	1,037,760		$	154,865		$	177,152
Interest		677,612			564,011			54,211			72,060
Securities lending net income		223,553			284,195			157,797			199,596
Total investment income		7,032,764			1,885,966			366,873			448,808
Expenses (Note 3):
Investment management fees (Note 3)		4,879,658			2,690,181			680,537			413,402
Custody fees		79,696			56,098			52,790			27,177
Trustee reporting		1,249			1,280			1,280			1,249
Audit and legal fees		19,099			16,982			15,103			15,195
Proxy fees		540			623			540			623
Shareholder reporting fees		13,588			6,778			1,730			1,183
Directors' fees (Note 3)		23,769			11,850			3,022			2,059
		5,017,599			2,783,792			755,002			460,888
Administration fees (Note 3):
Class A		553,537			232,675			99,221			21,682
Class L		840,344			222,382			72,550			72,834
Class Y		168,896			179,389			18,048			786
Class S		103,422			171,801			34,074			19,873
Class N		5,838			2,385			1,507			353
Distribution fees (Note 3):
Class N		3,898			1,303			944			230
Service fees (Note 3):
Class A		426,585			142,746			71,055			16,210
Class N		3,898			1,303			944			230
Total expenses		7,124,017			3,737,776			1,053,345			593,086
Expenses waived (Note 3):		-			-			-			-
Net expenses		7,124,017			3,737,776			1,053,345			593,086
Net investment income (loss)		(91,253	)		(1,851,810	)		(686,472	)		(144,278	)
Realized and unrealized gain (loss):
Net realized gain (loss) on:
Investment transactions		76,624,456			33,109,578			9,865,093			9,875,040
Realized gain distributions from affiliated issuers (Note 7)		-			-			-			-
Closed futures contracts		-			-			-			-
Foreign currency transactions		(10,456	)		(10,365	)		-			-
Net realized gain (loss)		76,614,000			33,099,213			9,865,093			9,875,040
Net change in unrealized appreciation (depreciation) on:
Investments		93,046,231			36,637,747			9,720,728			3,986,392
Open futures contracts		-			-			-			-
Translation of assets and liabilities in foreign currencies		3,472			1,641			-			-
Net unrealized appreciation (depreciation)		93,049,703			36,639,388			9,720,728			3,986,392
Net realized and unrealized gain (loss)		169,663,703			69,738,601			19,585,821			13,861,432
Net increase (decrease) in net assets resulting from operations	$	169,572,450		$	67,886,791		$	18,899,349		$	13,717,154
(a) Net of withholding tax of:	$	30,465		$	7,578		$	-		$	748

213

MassMutual Select Funds – Financial Statements (Continued)

Statement of Operations

For the Six Months Ended June 30, 2007 (Unaudited)

	MassMutual Select Diversified International Fund			MassMutual Select Overseas Fund			MassMutual Select Destination Retirement Income Fund			MassMutual Select Destination Retirement 2010 Fund
Investment Income (Note 2):
Dividends(a)	$	1,808,903		$	25,807,590		$	-		$	-
Dividend from affiliated issuers		-			-			281,991			193,533
Interest		104,695			607,528			-			-
Securities lending net income		65,104			635,406			-			-
Total investment income		1,978,702			27,050,524			281,991			193,533
Expenses (Note 3):
Investment management fees (Note 3)		465,792			6,554,940			69,931			49,888
Custody fees		60,257			677,952			34,320			33,808
Trustee reporting		1,249			1,280			1,249			1,249
Audit and legal fees		15,128			19,405			14,548			14,224
Proxy fees		507			540			517			517
Shareholder reporting fees		460			13,926			2,996			1,951
Directors' fees (Note 3)		860			24,397			5,206			3,416
		544,253			7,292,440			128,767			105,053
Administration fees (Note 3):
Class A		206			366,523			38,770			53,977
Class L		62,675			388,180			66,117			43,174
Class Y		103			119,038			29,129			21,497
Class S		15,337			96,978			890			2,241
Class N		182			4,191			122			384
Distribution fees (Note 3):
Class N		130			3,560			156			437
Service fees (Note 3):
Class A		172			375,074			66,433			79,566
Class N		130			3,560			156			437
Total expenses		623,188			8,649,544			330,540			306,766
Expenses waived (Note 3):		(72,469	)		-			-			(14,172	)
Class A Administration fees waived (Note 3)		-			(150,029	)		-			-
Class L Administration fees waived (Note 3)		-			(158,895	)		-			-
Class N Administration fees waived (Note 3)		-			(1,424	)		-			-
Net expenses		550,719			8,339,196			330,540			292,594
Net investment income (loss)		1,427,983			18,711,328			(48,549	)		(99,061	)
Realized and unrealized gain (loss):
Net realized gain (loss) on:
Investment transactions		444,215			94,243,765			-			-
Investment transactions with affiliated issuers		-			-			2,966,981			1,661,651
Realized gain distributions from affiliated issuers (Note 7)		-			-			-			-
Closed futures contracts		230,410			-			-			-
Foreign currency transactions		839,431			(768,157	)		-			-
Net realized gain (loss)		1,514,056			93,475,608			2,966,981			1,661,651
Net change in unrealized appreciation (depreciation) on:
Investments		12,760,831			(7,192,870	)		5,702,218			5,796,342
Open futures contracts		52,474			-			-			-
Translation of assets and liabilities in foreign currencies		788,335			(1,925,550	)		-			-
Net unrealized appreciation (depreciation)		13,601,640			(9,118,420	)		5,702,218			5,796,342
Net realized and unrealized gain (loss)		15,115,696			84,357,188			8,669,199			7,457,993
Net increase (decrease) in net assets resulting from operations	$	16,543,679		$	103,068,516		$	8,620,650		$	7,358,932
(a) Net of withholding tax of:	$	217,551		$	2,551,083		$	-		$	-

The accompanying notes are an integral part of the financial statements.
214

	MassMutual Select Destination Retirement 2020 Fund			MassMutual Select Destination Retirement 2030 Fund			MassMutual Select Destination Retirement 2040 Fund
Investment Income (Note 2):
Dividends(a)	$	-		$	-		$	-
Dividend from affiliated issuers		-			-			-
Interest		-			-			-
Securities lending net income		-			-			-
Total investment income		-			-			-
Expenses (Note 3):
Investment management fees (Note 3)		156,723			117,650			65,800
Custody fees		32,636			32,310			31,731
Trustee reporting		1,249			1,249			1,249
Audit and legal fees		15,627			15,106			14,438
Proxy fees		517			517			517
Shareholder reporting fees		6,388			4,725			2,622
Directors' fees (Note 3)		11,178			8,278			4,599
		224,318			179,835			120,956
Administration fees (Note 3):
Class A		138,462			105,829			42,551
Class L		243,349			191,181			114,495
Class Y		45,222			29,191			11,263
Class S		9,399			5,584			1,859
Class N		383			275			219
Distribution fees (Note 3):
Class N		424			308			259
Service fees (Note 3):
Class A		196,902			152,668			65,828
Class N		424			308			259
Total expenses		858,883			665,179			357,689
Expenses waived (Note 3):		-			(1,975	)		(4,368	)
Class A Administration fees waived (Note 3)		-			-			-
Class L Administration fees waived (Note 3)		-			-			-
Class N Administration fees waived (Note 3)		-			-			-
Net expenses		858,883			663,204			353,321
Net investment income (loss)		(858,883	)		(663,204	)		(353,321	)
Realized and unrealized gain (loss):
Net realized gain (loss) on:
Investment transactions		-			-			-
Investment transactions with affiliated issuers		9,673,700			12,892,879			7,572,113
Realized gain distributions from affiliated issuers (Note 7)		-			-			-
Closed futures contracts		-			-			-
Foreign currency transactions		-			-			-
Net realized gain (loss)		9,673,700			12,892,879			7,572,113
Net change in unrealized appreciation (depreciation) on:
Investments		23,869,175			21,162,959			14,115,540
Open futures contracts		-			-			-
Translation of assets and liabilities in foreign currencies		-			-			-
Net unrealized appreciation (depreciation)		23,869,175			21,162,959			14,115,540
Net realized and unrealized gain (loss)		33,542,875			34,055,838			21,687,653
Net increase (decrease) in net assets resulting from operations	$	32,683,992		$	33,392,634		$	21,334,332
(a) Net of withholding tax of:	$	-		$	-		$	-

215

MassMutual Select Funds – Financial Statements

Statement of Changes in Net Assets

	MassMutual Select Strategic Bond Fund						MassMutual Select Strategic Balanced Fund
	Six Months Ended June 30, 2007 (Unaudited)			Year Ended December 31, 2006			Six Months Ended June 30, 2007 (Unaudited)			Year Ended December 31, 2006
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	6,679,891		$	8,929,292		$	3,012,831		$	5,590,542
Net realized gain (loss) on investment transactions		(1,438,759	)		67,503			8,242,411			3,072,054
Net change in unrealized appreciation (depreciation) on investments		(5,948,861	)		56,647			(2,339,088	)		17,109,706
Net increase (decrease) in net assets resulting from operations		(707,729	)		9,053,442			8,916,154			25,772,302
Distributions to shareholders (Note 2):
From net investment income:
Class A		-			(1,410,657	)		-			(654,351	)
Class L		-			(688,929	)		-			(2,142,821	)
Class Y		-			(4,163,489	)		-			(2,244,347	)
Class S		-			(2,717,448	)		-			(514,084	)
Class Z		-			-			-			-
Class N		-			(73,384	)		-			(10,465	)
Total distributions from net investment income		-			(9,053,907	)		-			(5,566,068	)
From net realized gains:
Class A		-			-			-			(294,380	)
Class L		-			-			-			(883,188	)
Class Y		-			-			-			(864,620	)
Class S		-			-			-			(192,641	)
Class N		-			-			-			(5,293	)
Total distributions from net realized gains		-			-			-			(2,240,122	)
Net fund share transactions (Note 5):
Class A		21,605,269			18,794,891			(2,664,296	)		3,637,037
Class L		3,225,261			14,021,659			(7,943,001	)		(13,991,003	)
Class Y		37,298,784			50,252,505			(11,176,456	)		10,128,663
Class S		11,448,971			8,746,002			5,540,575			6,783,607
Class N		515,980			1,806,357			(8,594	)		113,468
Increase (decrease) in net assets from fund share transactions		74,094,265			93,621,414			(16,251,772	)		6,671,772
Total increase (decrease) in net assets		73,386,536			93,620,949			(7,335,618	)		24,637,884
Net assets:
Beginning of year		240,379,289			146,758,340			245,645,710			221,007,826
End of year	$	313,765,825		$	240,379,289		$	238,310,092		$	245,645,710
Undistributed net investment income (distributions in excess of net investment income) included in net assets at the end of the year	$	6,712,071		$	32,180		$	3,110,075		$	97,244

The accompanying notes are an integral part of the financial statements.
216

	Select Diversified Value Fund						MassMutual Select Fundamental Value Fund
	Six Months Ended June 30, 2007 (Unaudited)			Year Ended December 31, 2006			Six Months Ended June 30, 2007 (Unaudited)			Year Ended December 31, 2006
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	5,727,924		$	7,830,949		$	7,460,955		$	14,027,101
Net realized gain (loss) on investment transactions		16,833,826			16,550,397			45,885,430			121,602,600
Net change in unrealized appreciation (depreciation) on investments		15,064,960			58,437,836			50,279,444			88,290,063
Net increase (decrease) in net assets resulting from operations		37,626,710			82,819,182			103,625,829			223,919,764
Distributions to shareholders (Note 2):
From net investment income:
Class A		-			(1,033,357	)		-			(2,692,300	)
Class L		-			(813,624	)		-			(3,246,135	)
Class Y		-			(2,103,559	)		-			(1,621,468	)
Class S		-			(3,754,434	)		-			(6,575,828	)
Class Z		-			-			-			-
Class N		-			(17,485	)		-			(7,783	)
Total distributions from net investment income		-			(7,722,459	)		-			(14,143,514	)
From net realized gains:
Class A		-			(2,376,436	)		-			(23,956,139	)
Class L		-			(1,702,691	)		-			(23,603,240	)
Class Y		-			(4,216,805	)		-			(10,181,038	)
Class S		-			(7,183,386	)		-			(40,888,297	)
Class N		-			(46,595	)		-			(127,470	)
Total distributions from net realized gains		-			(15,525,913	)		-			(98,756,184	)
Net fund share transactions (Note 5):
Class A		13,067,564			45,277,561			(36,706,814	)		33,077,332
Class L		24,282,806			22,488,886			(30,512,569	)		39,124,863
Class Y		(656,816	)		70,411,890			3,573,541			39,618,929
Class S		68,382,737			29,220,209			(18,751,670	)		72,867,232
Class N		782,574			1,269,832			928,025			(498,239	)
Increase (decrease) in net assets from fund share transactions		105,858,865			168,668,378			(81,469,487	)		184,190,117
Total increase (decrease) in net assets		143,485,575			228,239,188			22,156,342			295,210,183
Net assets:
Beginning of year		531,195,495			302,956,307			1,285,050,360			989,840,177
End of year	$	674,681,070		$	531,195,495		$	1,307,206,702		$	1,285,050,360
Undistributed net investment income (distributions in excess of net investment income) included in net assets at the end of the year	$	5,717,454		$	(10,470	)	$	7,422,197		$	(38,758	)

217

MassMutual Select Funds – Financial Statements (Continued)

Statement of Changes in Net Assets

	MassMutual Select Value Equity Fund						MassMutual Select Large Cap Value Fund
	Six Months Ended June 30, 2007 (Unaudited)			Year Ended December 31, 2006			Six Months Ended June 30, 2007 (Unaudited)			Year Ended December 31, 2006
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	498,476		$	950,238		$	7,364,832		$	10,311,506
Net realized gain (loss) on investment transactions		5,054,012			16,631,806			83,553,164			52,648,115
Net change in unrealized appreciation (depreciation) on investments		1,973,437			(4,892,525	)		9,435,097			151,979,004
Net increase (decrease) in net assets resulting from operations		7,525,925			12,689,519			100,353,093			214,938,625
Distributions to shareholders (Note 2):
From net investment income:
Class A		-			(153,963	)		-			(1,362,073	)
Class L		-			(106,358	)		-			(2,220,553	)
Class Y		-			(49,718	)		-			(1,520,505	)
Class S		-			(580,749	)		-			(4,722,424	)
Class Z		-			-			-			-
Class N		-			(569	)		-			(1,869	)
Total distributions from net investment income		-			(891,357	)		-			(9,827,424	)
From tax return of capital:
Class A		-			-			-			-
Class L		-			-			-			-
Class Y		-			-			-			-
Class S		-			-			-			-
Class Z		-			-			-			-
Class N		-			-			-			-
Total distributions from tax return of capital		-			-			-			-
From net realized gains:
Class A		-			(4,080,380	)		-			-
Class L		-			(1,739,186	)		-			-
Class Y		-			(734,447	)		-			-
Class S		-			(8,192,930	)		-			-
Class N		-			(23,310	)		-			-
Total distributions from net realized gains		-		$	(14,770,253	)		-			-
Net fund share transactions (Note 5):
Class A		(2,070,208	)		(62,467	)		(12,342,568	)		(2,420,806	)
Class L		(755,849	)		3,815,547			(169,886,344	)		(23,176,223	)
Class Y		235,293			1,194,325			(38,325,100	)		46,261,428
Class S		(904,899	)		(1,588,050	)		(1,025,916	)		(10,482,514	)
Class Z		-			-			-			-
Class N		709			8,612			(1,719,001	)		7,666
Increase (decrease) in net assets from fund share transactions		(3,494,954	)		3,367,967			(223,298,929	)		10,189,551
Total increase (decrease) in net assets		4,030,971			395,876			(122,945,836	)		215,300,752
Net assets:
Beginning of year		98,123,472			97,727,596			1,635,113,283			1,419,812,531
End of year	$	102,154,443		$	98,123,472		$	1,512,167,447		$	1,635,113,283
Undistributed net investment income (distributions in excess of net investment income) included in net assets at the end of the year	$	511,163		$	12,687		$	7,306,137		$	(58,695	)

* Fund commenced operations on March 31, 2006.

The accompanying notes are an integral part of the financial statements.
218

	MassMutual Select Indexed Equity Fund						MassMutual Select Core Opportunities Fund
	Six Months Ended June 30, 2007 (Unaudited)			Year Ended December 31, 2006			Six Months Ended June 30, 2007 (Unaudited)		Period Ended December 31, 2006*
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	17,853,472		$	31,682,283		$	151,499	$	50,687
Net realized gain (loss) on investment transactions		5,824,641			(2,427,519	)		1,487,581		260,500
Net change in unrealized appreciation (depreciation) on investments		128,966,309			266,431,803			1,866,167		1,535,208
Net increase (decrease) in net assets resulting from operations		152,644,422			295,686,567			3,505,247		1,846,395
Distributions to shareholders (Note 2):
From net investment income:
Class A		-			(3,503,000	)		-		(8,948	)
Class L		-			(4,715,531	)		-		(16,426	)
Class Y		-			(6,712,978	)		-		(232	)
Class S		-			(10,405,026	)		-		(26,002	)
Class Z		-			(5,924,624	)		-		-
Class N		-			(44,183	)		-		-
Total distributions from net investment income		-			(31,305,342	)		-		(51,608	)
From tax return of capital:
Class A		-			(19,575	)		-		-
Class L		-			(26,350	)		-		-
Class Y		-			(37,511	)		-		-
Class S		-			(58,143	)		-		-
Class Z		-			(33,107	)		-		-
Class N		-			(247	)		-		-
Total distributions from tax return of capital		-			(174,933	)		-		-
From net realized gains:
Class A		-			-			-		(17,291	)
Class L		-			-			-		(15,874	)
Class Y		-			-			-		(227	)
Class S		-			-			-		(21,806	)
Class N		-			-			-		(227	)
Total distributions from net realized gains		-			-			-		(55,425	)
Net fund share transactions (Note 5):
Class A		(1,984,002	)		(10,789,263	)		9,227,804		8,558,915
Class L		(3,394,300	)		16,443,280			631,669		7,597,681
Class Y		(15,468,120	)		(33,427,438	)		1,575,902		4,440,570
Class S		(14,387,359	)		(12,278,095	)		260,762		9,634,202
Class Z		44,700,492			80,860,748			-		-
Class N		(1,118,689	)		(307,426	)		-		100,100
Increase (decrease) in net assets from fund share transactions		8,348,022			40,501,806			11,696,137		30,331,468
Total increase (decrease) in net assets		160,992,444			304,708,098			15,201,384		32,070,830
Net assets:
Beginning of year		2,259,274,040			1,954,565,942			32,070,830		-
End of year	$	2,420,266,484		$	2,259,274,040		$	47,272,214	$	32,070,830
Undistributed net investment income (distributions in excess of net investment income) included in net assets at the end of the year	$	18,063,473		$	210,001		$	151,267	$	(232	)

219

MassMutual Select Funds – Financial Statements (Continued)

Statement of Changes in Net Assets

	MassMutual Select Blue Chip Growth Fund						MassMutual Select Large Cap Growth Fund
	Six Months Ended June 30, 2007 (Unaudited)			Year Ended December 31, 2006			Six Months Ended June 30, 2007 (Unaudited)			Year Ended December 31, 2006
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	669,945		$	607,619		$	(24,777	)	$	(89,095	)
Net realized gain (loss) on investment transactions		9,030,087			23,811,187			1,813,860			3,543,859
Net change in unrealized appreciation (depreciation) on investments		29,829,144			11,130,027			1,063,267			(3,241,378	)
Net increase (decrease) in net assets resulting from operations		39,529,176			35,548,833			2,852,350			213,386
Distributions to shareholders (Note 2):
From net investment income:
Class A		-			-			-			-
Class L		-			(167,310	)		-			-
Class Y		-			(121,087	)		-			-
Class S		-			(185,359	)		-			-
Class N		-			-			-			-
Total distributions from net investment income		-			(473,756	)		-			-
From net realized gains:
Class A		-			-			-			(328,937	)
Class L		-			-			-			(62,649	)
Class Y		-			-			-			(390,256	)
Class S		-			-			-			(817,582	)
Class N		-			-			-			(53	)
Total distributions from net realized gains		-			-			-			(1,599,477	)
Net fund share transactions (Note 5):
Class A		5,187,406			(885,289	)		223,002			5,064,052
Class L		59,444,833			(12,322,659	)		(326,027	)		900,400
Class Y		(17,485,405	)		35,988,478			1,736,033			(1,753,415	)
Class S		38,687,606			(10,122,894	)		(1,215,400	)		(4,789,114	)
Class N		(871,323	)		1,303,714			-			53
Increase (decrease) in net assets from fund share transactions		84,963,117			13,961,350			417,608			(578,024	)
Total increase (decrease) in net assets		124,492,293			49,036,427			3,269,958			(1,964,115	)
Net assets:
Beginning of year		434,177,321			385,140,894			40,861,640			42,825,755
End of year	$	558,669,614		$	434,177,321		$	44,131,598		$	40,861,640
Undistributed net investment income (distributions in excess of net investment income) included in net assets at the end of the year	$	644,756		$	(25,189	)	$	(26,625	)	$	(1,848	)

The accompanying notes are an integral part of the financial statements.
220

	MassMutual Select Growth Equity Fund						MassMutual Select Aggressive Growth Fund
	Six Months Ended June 30, 2007 (Unaudited)			Year Ended December 31, 2006			Six Months Ended June 30, 2007 (Unaudited)			Year Ended December 31, 2006
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	1,116,225		$	3,443,436		$	(1,802,113	)	$	(4,380,205	)
Net realized gain (loss) on investment transactions		47,748,438			31,326,940			33,650,143			7,160,794
Net change in unrealized appreciation (depreciation) on investments		(17,093,015	)		(20,557,640	)		4,184,578			(40,891,616	)
Net increase (decrease) in net assets resulting from operations		31,771,648			14,212,736			36,032,608			(38,111,027	)
Distributions to shareholders (Note 2):
From net investment income:
Class A		-			(6,261	)		-			-
Class L		-			(1,413,920	)		-			-
Class Y		-			(329,284	)		-			-
Class S		-			(1,659,839	)		-			-
Class N		-			-			-			-
Total distributions from net investment income		-			(3,409,304	)		-			-
From net realized gains:
Class A		-			-			-			-
Class L		-			-			-			-
Class Y		-			-			-			-
Class S		-			-			-			-
Class N		-			-			-			-
Total distributions from net realized gains		-			-			-			-
Net fund share transactions (Note 5):
Class A		(55,204,221	)		(111,135,419	)		(9,354,875	)		(14,923,500	)
Class L		(162,518,449	)		22,270,146			(69,524,048	)		10,848,600
Class Y		(6,456,310	)		(50,845,101	)		(15,806,687	)		16,306,622
Class S		(116,633,692	)		(14,183,831	)		(13,483,891	)		12,849,517
Class N		(16,895	)		(1,165,063	)		(97,849	)		210,540
Increase (decrease) in net assets from fund share transactions		(340,829,567	)		(155,059,268	)		(108,267,350	)		25,291,779
Total increase (decrease) in net assets		(309,057,919	)		(144,255,836	)		(72,234,742	)		(12,819,248	)
Net assets:
Beginning of year		761,652,009			905,907,845			601,282,834			614,102,082
End of year	$	452,594,090		$	761,652,009		$	529,048,092		$	601,282,834
Undistributed net investment income (distributions in excess of net investment income) included in net assets at the end of the year	$	1,075,112		$	(41,113	)	$	(1,785,682	)	$	16,431

221

MassMutual Select Funds – Financial Statements (Continued)

Statement of Changes in Net Assets

	MassMutual Select OTC 100 Fund						MassMutual Select Focused Value Fund
	Six Months Ended June 30, 2007 (Unaudited)			Year Ended December 31, 2006			Six Months Ended June 30, 2007 (Unaudited)			Year Ended December 31, 2006
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	(60,997	)	$	(151,002	)	$	(9,130,783	)	$	15,718,929
Net realized gain (loss) on investment transactions		2,889,078			3,433,656			81,643,443			95,447,118
Net change in unrealized appreciation (depreciation) on investments		1,439,408			(124,005	)		28,083,854			62,812,113
Net increase (decrease) in net assets resulting from operations		4,267,489			3,158,649			100,596,514			173,978,160
Distributions to shareholders (Note 2):
From net investment income:
Class A		-			-			-			(3,658,397	)
Class L		-			-			-			(3,143,920	)
Class Y		-			-			-			(2,373,809	)
Class S		-			-			-			(6,582,889	)
Class N		-			-			-			(29,866	)
Total distributions from net investment income		-			-			-			(15,788,881	)
From net realized gains:
Class A		-			-			-			(22,576,332	)
Class L		-			-			-			(16,975,932	)
Class Y		-			-			-			(11,510,012	)
Class S		-			-			-			(30,619,407	)
Class N		-			-			-			(212,331	)
Total distributions from net realized gains		-			-			-			(81,894,014	)
Net fund share transactions (Note 5):
Class A		(4,423,900	)		(5,944,441	)		(35,589,656	)		5,344,278
Class L		(2,398,756	)		(3,607,659	)		(37,801,705	)		5,131,188
Class Y		(144,902	)		(1,178,623	)		(10,726,227	)		18,416,185
Class S		(2,422,057	)		(4,391,517	)		(21,144,285	)		(88,762	)
Class N		(12,024	)		(30,902	)		336,337			586,935
Increase (decrease) in net assets from fund share transactions		(9,401,639	)		(15,153,142	)		(104,925,536	)		29,389,824
Total increase (decrease) in net assets		(5,134,150	)		(11,994,493	)		(4,329,022	)		105,685,089
Net assets:
Beginning of year		49,705,668			61,700,161			1,011,540,543			905,855,454
End of year	$	44,571,518		$	49,705,668		$	1,007,211,521		$	1,011,540,543
Undistributed net investment income (distributions in excess of net investment income) included in net assets at the end of the year	$	(56,652	)	$	4,345		$	1,340,594		$	10,471,377

* Fund commenced operations on August 29, 2006.

The accompanying notes are an integral part of the financial statements.
222

	MassMutual Select Mid-Cap Value Fund
	Six Months Ended June 30, 2007 (Unaudited)		Period Ended December 31, 2006*
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	494,293	$	68,580
Net realized gain (loss) on investment transactions		6,150,473		206,403
Net change in unrealized appreciation (depreciation) on investments		10,675,265		466,247
Net increase (decrease) in net assets resulting from operations		17,320,031		741,230
Distributions to shareholders (Note 2):
From net investment income:
Class A		-		(785	)
Class L		-		(2,035	)
Class Y		-		-
Class S		-		(95,745	)
Class N		-		-
Total distributions from net investment income		-		(98,565	)
From net realized gains:
Class A		-		(626	)
Class L		-		(1,727	)
Class Y		-		-
Class S		-		(63,811	)
Class N		-		-
Total distributions from net realized gains		-		(66,164	)
Net fund share transactions (Note 5):
Class A		8,025,814		481,541
Class L		68,675,530		1,592,125
Class Y		855,040		(14,419	)
Class S		63,408,359		60,211,343
Class N		42,096		(14,184	)
Increase (decrease) in net assets from fund share transactions		141,006,839		62,256,406
Total increase (decrease) in net assets		158,326,870		62,832,907
Net assets:
Beginning of year		62,832,907		-
End of year	$	221,159,777	$	62,832,907
Undistributed net investment income (distributions in excess of net investment income) included in net assets at the end of the year	$	494,205	$	(88	)

223

MassMutual Select Funds – Financial Statements (Continued)

Statement of Changes in Net Assets

	MassMutual Select Small Cap Value Equity Fund						MassMutual Select Small Company Value Fund
	Six Months Ended June 30, 2007 (Unaudited)			Period Ended December 31, 2006*			Six Months Ended June 30, 2007 (Unaudited)			Year Ended December 31, 2006
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	969,725		$	181,481		$	338,948		$	898,625
Net realized gain (loss) on investment transactions		4,806,551			401,406			52,651,062			63,349,857
Net change in unrealized appreciation (depreciation) on investments		(1,389,823	)		1,960,358			(4,821,443	)		29,735,361
Net increase (decrease) in net assets resulting from operations		4,386,453			2,543,245			48,168,567			93,983,843
Distributions to shareholders (Note 2):
From net investment income:
Class A		-			(13,927	)		-			-
Class L		-			(4,760	)		-			-
Class Y		-			(11,044	)		-			(64,858	)
Class S		-			(138,323	)		-			(163,538	)
Total distributions from net investment income		-			(168,054	)		-			(228,396	)
From net realized gains:
Class A		-			-			-			(10,802,878	)
Class L		-			-			-			(10,055,595	)
Class Y		-			-			-			(10,656,131	)
Class S		-			-			-			(17,877,441	)
Class N		-			-			-			(88,269	)
Total distributions from net realized gains		-			-			-			(49,480,314	)
Net fund share transactions (Note 5):
Class A		8,338,585			3,401,430			(14,187,995	)		29,056,512
Class L		39,761,603			1,003,523			(51,149,230	)		28,318,396
Class Y		1,090,753			2,172,039			(29,751,445	)		68,192,291
Class S		66,690,551			28,091,931			(15,791,567	)		50,176,887
Class N		-			100,100			452,683			54,418
Increase (decrease) in net assets from fund share transactions		115,881,492			34,769,023			(110,427,554	)		175,798,504
Total increase (decrease) in net assets		120,267,945			37,144,214			(62,258,987	)		220,073,637
Net assets:
Beginning of year		37,144,214			-			803,027,785			582,954,148
End of year	$	157,412,159		$	37,144,214		$	740,768,798		$	803,027,785
Undistributed net investment income (distributions in excess of net investment income) included in net assets at the end of the year	$	979,319		$	9,594		$	1,172,076		$	833,128

* Fund commenced operations on March 31, 2006.

The accompanying notes are an integral part of the financial statements.
224

	MassMutual Select Small Cap Core Equity Fund					MassMutual Select Mid Cap Growth Equity Fund
	Six Months Ended June 30, 2007 (Unaudited)		Period Ended December 31, 2006*			Six Months Ended June 30, 2007 (Unaudited)			Year Ended December 31, 2006
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	79,288	$	57,183		$	(301,778	)	$	841,905
Net realized gain (loss) on investment transactions		406,831		(523,954	)		12,344,079			19,278,831
Net change in unrealized appreciation (depreciation) on investments		144,797		1,131,127			(287,076	)		(14,650,156	)
Net increase (decrease) in net assets resulting from operations		630,916		664,356			11,755,225			5,470,580
Distributions to shareholders (Note 2):
From net investment income:
Class A		-		(554	)		-			(50,421	)
Class L		-		(4,035	)		-			(139,593	)
Class Y		-		(2,955	)		-			(124,608	)
Class S		-		(41,395	)		-			(472,320	)
Total distributions from net investment income		-		(48,939	)		-			(786,942	)
From net realized gains:
Class A		-		-			-			-
Class L		-		-			-			-
Class Y		-		-			-			-
Class S		-		-			-			-
Class N		-		-			-			-
Total distributions from net realized gains		-		-			-			-
Net fund share transactions (Note 5):
Class A		2,543,636		753,669			(3,355,166	)		(4,709,260	)
Class L		17,902,761		2,443,541			8,445,819			(9,971,536	)
Class Y		391,436		1,609,742			(15,458,376	)		(2,454,801	)
Class S		8,717,858		20,393,847			13,121,737			(4,093,209	)
Class N		-		100,100			39,289			70,462
Increase (decrease) in net assets from fund share transactions		29,555,691		25,300,899			2,793,303			(21,158,344	)
Total increase (decrease) in net assets		30,186,607		25,916,316			14,548,528			(16,474,706	)
Net assets:
Beginning of year		25,916,316		-			152,118,987			168,593,693
End of year	$	56,102,923	$	25,916,316		$	166,667,515		$	152,118,987
Undistributed net investment income (distributions in excess of net investment income) included in net assets at the end of the year	$	83,834	$	4,546		$	(283,513	)	$	18,265

225

MassMutual Select Funds – Financial Statements (Continued)

Statement of Changes in Net Assets

	MassMutual Select Mid Cap Growth Equity II Fund						MassMutual Select Small Cap Growth Equity Fund
	Six Months Ended June 30, 2007 (Unaudited)			Year Ended December 31, 2006			Six Months Ended June 30, 2007 (Unaudited)			Year Ended December 31, 2006
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	(91,253	)	$	(453,865	)	$	(1,851,810	)	$	(2,754,200	)
Net realized gain (loss) on investment transactions		76,614,000			101,662,325			33,099,213			69,524,983
Net change in unrealized appreciation (depreciation) on investments		93,049,703			(13,562,210	)		36,639,388			(15,729,101	)
Net increase (decrease) in net assets resulting from operations		169,572,450			87,646,250			67,886,791			51,041,682
Distributions to shareholders (Note 2):
From net realized gains:
Class A		-			(22,630,116	)		-			(7,545,360	)
Class L		-			(38,621,636	)		-			(6,062,153	)
Class Y		-			(12,838,903	)		-			(8,456,512	)
Class S		-			(16,913,241	)		-			(18,359,819	)
Class N		-			(187,256	)		-			(67,738	)
Total distributions from net realized gains		-			(91,191,152	)		-			(40,491,582	)
Net fund share transactions (Note 5):
Class A		12,343,749			10,412,101			(8,659,937	)		14,377,135
Class L		(89,738,909	)		24,296,375			13,190,400			(18,344,498	)
Class Y		6,411,252			41,126,530			(4,793,385	)		36,810,331
Class S		62,138,354			(46,496,757	)		5,122,017			(10,701,031	)
Class N		671,155			931,594			30,556			45,843
Increase (decrease) in net assets from fund share transactions		(8,174,399	)		30,269,843			4,889,651			22,187,780
Total increase (decrease) in net assets		161,398,051			26,724,941			72,776,442			32,737,880
Net assets:
Beginning of year		1,260,217,986			1,233,493,045			626,229,569			593,491,689
End of year	$	1,421,616,037		$	1,260,217,986		$	699,006,011		$	626,229,569
Undistributed net investment income (distributions in excess of net investment income) included in net assets at the end of the year	$	(99,316	)	$	(8,063	)	$	(1,879,528	)	$	(27,718	)

The accompanying notes are an integral part of the financial statements.
226

	MassMutual Select Small Company Growth Fund						MassMutual Select Emerging Growth Fund
	Six Months Ended June 30, 2007 (Unaudited)			Year Ended December 31, 2006			Six Months Ended June 30, 2007 (Unaudited)			Year Ended December 31, 2006
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	(686,472	)	$	(1,512,557	)	$	(144,278	)	$	(802,346	)
Net realized gain (loss) on investment transactions		9,865,093			12,542,147			9,875,040			8,102,266
Net change in unrealized appreciation (depreciation) on investments		9,720,728			8,300,619			3,986,392			(1,022,868	)
Net increase (decrease) in net assets resulting from operations		18,899,349			19,330,209			13,717,154			6,277,052
Distributions to shareholders (Note 2):
From net realized gains:
Class A		-			(4,581,222	)		-			-
Class L		-			(2,225,883	)		-			-
Class Y		-			(1,295,426	)		-			-
Class S		-			(2,438,259	)		-			-
Class N		-			(52,842	)		-			-
Total distributions from net realized gains		-			(10,593,632	)		-			-
Net fund share transactions (Note 5):
Class A		(17,391,483	)		3,141,193			(1,735,938	)		(1,791,276	)
Class L		5,351,947			941,751			(10,882,310	)		(22,077,858	)
Class Y		(4,307,279	)		(9,492,527	)		(287,058	)		(3,948,084	)
Class S		6,039,780			13,364,071			(8,349,774	)		5,492,808
Class N		(407,813	)		(195,713	)		-			-
Increase (decrease) in net assets from fund share transactions		(10,714,848	)		7,758,775			(21,255,080	)		(22,324,410	)
Total increase (decrease) in net assets		8,184,501			16,495,352			(7,537,926	)		(16,047,358	)
Net assets:
Beginning of year		160,841,178			144,345,826			110,203,947			126,251,305
End of year	$	169,025,679		$	160,841,178		$	102,666,021		$	110,203,947
Undistributed net investment income (distributions in excess of net investment income) included in net assets at the end of the year	$	(693,093	)	$	(6,621	)	$	(151,567	)	$	(7,289	)

227

MassMutual Select Funds – Financial Statements (Continued)

Statement of Changes in Net Assets

	MassMutual Select Diversified International Fund					MassMutual Select Overseas Fund
Six Months	Ended June 30, 2007 (Unaudited)		Six Months Period Ended December 31, 2006*			Ended June 30, 2007 (Unaudited)			Six Months Year Ended December 31, 2006
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	1,427,983	$	7,040		$	18,711,328		$	20,635,558
Net realized gain (loss) on investment transactions		1,514,056		15,335			93,475,608			109,119,618
Net change in unrealized appreciation (depreciation) on investments		13,601,640		49,859			(9,118,420	)		134,871,490
Net increase (decrease) in net assets resulting from operations		16,543,679		72,234			103,068,516			264,626,666
Distributions to shareholders (Note 2):
From net investment income:
Class A		-		(82	)		-			(4,073,572	)
Class L		-		(95	)		-			(4,442,693	)
Class Y		-		(99	)		-			(3,961,109	)
Class S		-		(10,190	)		-			(7,530,640	)
Class N		-		(67	)		-			(27,147	)
Total distributions from net investment income		-		(10,533	)		-			(20,035,161	)
From net realized gains:
Class A		-		-			-			(20,650,432	)
Class L		-		-			-			(19,761,801	)
Class Y		-		-			-			(16,664,769	)
Class S		-		-			-			(31,023,295	)
Class N		-		-			-			(169,262	)
Total distributions from net realized gains		-		-			-			(88,269,559	)
Net fund share transactions (Note 5):
Class A		128,509		100,100			(16,676,299	)		65,569,304
Class L		43,286,906		100,100			28,049,318			32,431,250
Class Y		251,561		100,100			(38,553,167	)		91,692,594
Class S		72,112,457		11,345,058			(1,051,800	)		95,615,530
Class N		-		100,100			903,536			485,262
Increase (decrease) in net assets from fund share transactions		115,779,433		11,745,458			(27,328,412	)		285,793,940
Total increase (decrease) in net assets		132,323,112		11,807,159			75,740,104			442,115,886
Net assets:
Beginning of year		11,807,159		-			1,291,504,254			849,388,368
End of year	$	144,130,271	$	11,807,159		$	1,367,244,358		$	1,291,504,254
Undistributed net investment income (distributions in excess of net investment income) included in net assets at the end of the year	$	1,443,558	$	15,575		$	17,618,008		$	(1,093,320	)

* Fund commenced operations on December 14, 2006.

The accompanying notes are an integral part of the financial statements.
228

	MassMutual Select Destination Retirement Income Fund						MassMutual Select Destination Retirement 2010 Fund
Six Months	Ended June 30, 2007 (Unaudited)			Six Months Year Ended December 31, 2006			Ended June 30, 2007 (Unaudited)			Year Ended December 31, 2006
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	(48,549	)	$	8,816,993		$	(99,061	)	$	4,818,363
Net realized gain (loss) on investment transactions		2,966,981			6,454,122			1,661,651			4,791,203
Net change in unrealized appreciation (depreciation) on investments		5,702,218			(1,451,218	)		5,796,342			(124,788	)
Net increase (decrease) in net assets resulting from operations		8,620,650			13,819,897			7,358,932			9,484,778
Distributions to shareholders (Note 2):
From net investment income:
Class A		-			(1,531,570	)		-			(1,500,208	)
Class L		-			(3,081,345	)		-			(1,393,414	)
Class Y		-			(4,216,776	)		-			(1,748,962	)
Class S		-			(267,270	)		-			(552,426	)
Class N		-			(3,466	)		-			(5,263	)
Total distributions from net investment income		-			(9,100,427	)		-			(5,200,273	)
From net realized gains:
Class A		-			(662,156	)		-			(766,860	)
Class L		-			(1,321,548	)		-			(615,003	)
Class Y		-			(1,608,621	)		-			(729,016	)
Class S		-			(95,327	)		-			(205,575	)
Class N		-			(1,712	)		-			(2,944	)
Total distributions from net realized gains		-			(3,689,364	)		-			(2,319,398	)
Net fund share transactions (Note 5):
Class A		1,469,786			11,244,647			14,053,475			23,252,365
Class L		(4,180,913	)		(8,564,651	)		11,673,151			11,157,595
Class Y		(13,827,232	)		20,003,796			12,266,049			27,044,114
Class S		576,722			4,357,661			11,759,196			5,719,939
Class N		3,913			15,800			136,131			111,604
Increase (decrease) in net assets from fund share transactions		(15,957,724	)		27,057,253			49,888,002			67,285,617
Total increase (decrease) in net assets		(7,337,074	)		28,087,359			57,246,934			69,250,724
Net assets:
Beginning of year		280,915,668			252,828,309			177,812,980			108,562,256
End of year	$	273,578,594		$	280,915,668		$	235,059,914		$	177,812,980
Undistributed net investment income (distributions in excess of net investment income) included in net assets at the end of the year	$	714		$	49,263		$	(66,121	)	$	(2,281	)

229

MassMutual Select Funds – Financial Statements (Continued)

Statement of Changes in Net Assets

	MassMutual Select Destination Retirement 2020 Fund						MassMutual Select Destination Retirement 2030 Fund
	Six Months Ended June 30, 2007 (Unaudited)			Year Ended December 31, 2006			Six Months Ended June 30, 2007 (Unaudited)			Year Ended December 31, 2006
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	(858,883	)	$	11,904,727		$	(663,204	)	$	5,057,546
Net realized gain (loss) on investment transactions		9,673,700			30,507,664			12,892,879			29,708,788
Net change in unrealized appreciation (depreciation) on investments		23,869,175			(2,497,858	)		21,162,959			687,987
Net increase (decrease) in net assets resulting from operations		32,683,992			39,914,533			33,392,634			35,454,321
Distributions to shareholders (Note 2):
From net investment income:
Class A		-			(3,136,552	)		-			(1,639,686	)
Class L		-			(6,424,077	)		-			(3,439,766	)
Class Y		-			(2,578,683	)		-			(1,184,437	)
Class S		-			(1,570,368	)		-			(699,932	)
Class N		-			(5,880	)		-			(2,513	)
Total distributions from net investment income		-			(13,715,560	)		-			(6,966,334	)
From net realized gains:
Class A		-			(3,362,064	)		-			(3,100,821	)
Class L		-			(6,723,592	)		-			(6,174,734	)
Class Y		-			(2,316,380	)		-			(1,736,195	)
Class S		-			(1,413,065	)		-			(1,046,333	)
Class N		-			(7,343	)		-			(5,757	)
Total distributions from net realized gains		-			(13,822,444	)		-			(12,063,840	)
Net fund share transactions (Note 5):
Class A		20,367,697			52,046,825			14,217,412			45,529,843
Class L		3,158,655			29,632,727			8,010,632			21,294,973
Class Y		24,179,308			37,913,330			15,687,790			32,490,050
Class S		12,716,128			29,782,159			9,617,551			23,392,444
Class N		81,558			64,500			58,169			39,269
Increase (decrease) in net assets from fund share transactions		60,503,346			149,439,541			47,591,554			122,746,579
Total increase (decrease) in net assets		93,187,338			161,816,070			80,984,188			139,170,726
Net assets:
Beginning of year		590,488,245			428,672,175			435,313,380			296,142,654
End of year	$	683,675,583		$	590,488,245		$	516,297,568		$	435,313,380
Undistributed net investment income (distributions in excess of net investment income) included in net assets at the end of the year	$	(870,891	)	$	(12,008	)	$	(671,505	)	$	(8,301	)

The accompanying notes are an integral part of the financial statements.
230

	MassMutual Select Destination Retirement 2040 Fund
	Six Months Ended June 30, 2007 (Unaudited)			Year Ended December 31, 2006
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	(353,321	)	$	1,471,376
Net realized gain (loss) on investment transactions		7,572,113			21,479,123
Net change in unrealized appreciation (depreciation) on investments		14,115,540			(729,493	)
Net increase (decrease) in net assets resulting from operations		21,334,332			22,221,006
Distributions to shareholders (Note 2):
From net investment income:
Class A		-			(461,655	)
Class L		-			(1,563,379	)
Class Y		-			(389,713	)
Class S		-			(338,930	)
Class N		-			(1,331	)
Total distributions from net investment income		-			(2,755,008	)
From net realized gains:
Class A		-			(1,881,363	)
Class L		-			(5,801,884	)
Class Y		-			(1,248,775	)
Class S		-			(1,055,588	)
Class N		-			(8,120	)
Total distributions from net realized gains		-			(9,995,730	)
Net fund share transactions (Note 5):
Class A		10,097,568			18,379,418
Class L		4,484,322			21,473,945
Class Y		6,312,635			22,117,975
Class S		7,227,866			(314,756	)
Class N		29,757			39,160
Increase (decrease) in net assets from fund share transactions		28,152,148			61,695,742
Total increase (decrease) in net assets		49,486,480			71,166,010
Net assets:
Beginning of year		241,413,948			170,247,938
End of year	$	290,900,428		$	241,413,948
Undistributed net investment income (distributions in excess of net investment income) included in net assets at the end of the year	$	(358,118	)	$	(4,797	)

231

MassMutual Select Strategic Bond Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class A
	Six months ended 6/30/07 (Unaudited)			Year ended 12/31/06			Year ended 12/31/05			Period ended 12/31/04+
Net asset value, beginning of period	$	9.99		$	9.97		$	10.00		$	10.00
Income (loss) from investment operations:
Net investment income (loss)		0.22	***		0.43	***		0.33	***		-
Net realized and unrealized gain (loss) on investments		(0.23	)		(0.03	)		(0.19	)		-
Total income (loss) from investment operations		(0.01	)		0.40			0.14			-
Less distributions to shareholders:
From net investment income		-			(0.38	)		(0.17	)		-
Net asset value, end of period	$	9.98		$	9.99		$	9.97		$	10.00

Total Return (a)		(0.10	)% (b)**		3.99	% (b)		1.37	% (b)		0.00	%‡
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	60,813		$	39,420		$	20,689		$	101
Ratio of expenses to average daily net assets:
Before expense waiver		1.10	% *		1.11	%		1.21	%		-	‡
After expense waiver		1.00	% *#		0.96	% #		1.00	% #		N/A
Net investment income (loss) to average daily net assets		4.46	% *		4.28	%		3.25	%		0.00	%‡
Portfolio turnover rate		230	% **		162	%		566	%		N/A
	Class L
	Six months ended 6/30/07 (Unaudited)			Year ended 12/31/06			Year ended 12/31/05			Period ended 12/31/04+
Net asset value, beginning of period	$	10.01		$	9.98		$	10.00		$	10.00
Income (loss) from investment operations:
Net investment income (loss)		0.23	***		0.46	***		0.39	***		-
Net realized and unrealized gain (loss) on investments		(0.23	)		(0.03	)		(0.23	)		-
Total income from investment operations		0.00			0.43			0.16			-
Less distributions to shareholders:
From net investment income		-			(0.40	)		(0.18	)		-
Net asset value, end of period	$	10.01		$	10.01		$	9.98		$	10.00

Total Return (a)		0.00	% **		4.31	%		1.57	%		0.00	%‡
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	21,135		$	17,942		$	3,933		$	101
Ratio of expenses to average daily net assets:
Before expense waiver		0.85	% *		0.86	%		0.96	%		-	‡
After expense waiver		0.75	% *#		0.71	% #		0.75	% #		N/A
Net investment income (loss) to average daily net assets		4.67	% *		4.53	%		3.82	%		0.00	%‡
Portfolio turnover rate		230	% **		162	%		566	%		N/A

* Annualized.

** Percentage represents results for the period and is not annualized.

*** Per share amount calculated on the average shares method.

+ The Fund commenced operations on December 31, 2004.

‡ Amount is de minimis due to the short period of operations.

# Computed after giving effect to an agreement by MassMutual to waive certain fees and expenses of the Fund.

(a) 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.

(b) Total return excludes sales charges and would be lower for the period presented if it reflected these charges.

The accompanying notes are an integral part of the financial statements.
232

MassMutual Select Strategic Bond Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class Y
	Six months ended 6/30/07 (Unaudited)			Year ended 12/31/06			Year ended 12/31/05			Period ended 12/31/04+
Net asset value, beginning of period	$	10.02		$	9.98		$	10.00		$	10.00
Income (loss) from investment operations:
Net investment income (loss)		0.24	***		0.46	***		0.37	***		-
Net realized and unrealized gain (loss) on investments		(0.24	)		(0.03	)		(0.21	)		-
Total income from investment operations		0.00			0.43			0.16			-
Less distributions to shareholders:
From net investment income		-			(0.39	)		(0.18	)		-
Net asset value, end of period	$	10.02		$	10.02		$	9.98		$	10.00

Total Return (a)		0.00	% **		4.38	%		1.57	%		0.00	%‡
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	146,513		$	109,603		$	59,396		$	101
Ratio of expenses to average daily net assets:
Before expense waiver		0.70	% *		0.70	%		0.81	%		-	‡
After expense waiver		N/A			N/A			0.75	% #		N/A
Net investment income (loss) to average daily net assets		4.74	% *		4.53	%		3.64	%		0.00	%‡
Portfolio turnover rate		230	% **		162	%		566	%		N/A
	Class S
	Six months ended 6/30/07 (Unaudited)			Year ended 12/31/06			Year ended 12/31/05			Period ended 12/31/04+
Net asset value, beginning of period	$	10.02		$	9.99		$	10.00		$	10.00
Income (loss) from investment operations:
Net investment income (loss)		0.24	***		0.46	***		0.33	***		-
Net realized and unrealized gain (loss) on investments		(0.23	)		(0.03	)		(0.16	)		-
Total income from investment operations		0.01			0.43			0.17			-
Less distributions to shareholders:
From net investment income		-			(0.40	)		(0.18	)		-
Net asset value, end of period	$	10.03		$	10.02		$	9.99		$	10.00

Total Return (a)		0.10	% **		4.31	%		1.65	%		0.00	%‡
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	82,760		$	71,375		$	62,533		$	49,596
Ratio of expenses to average daily net assets:
Before expense waiver		0.65	% *		0.65	%		0.76	%		-	‡
After expense waiver		N/A			N/A			0.70	% #		N/A
Net investment income (loss) to average daily net assets		4.78	% *		4.56	%		3.23	%		0.00	%‡
Portfolio turnover rate		230	% **		162	%		566	%		N/A

* Annualized.

** Percentage represents results for the period and is not annualized.

*** Per share amount calculated on the average shares method.

+ The Fund commenced operations on December 31, 2004.

‡ Amount is de minimis due to the short period of operations.

# Computed after giving effect to an agreement by MassMutual to waive certain fees and expenses of the Fund.

The accompanying notes are an integral part of the financial statements.
233

MassMutual Select Strategic Bond Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class N
	Six months ended 6/30/07 (Unaudited)			Year ended 12/31/06			Year ended 12/31/05			Period ended 12/31/04+
Net asset value, beginning of period	$	9.96		$	9.96		$	10.00		$	10.00
Income (loss) from investment operations:
Net investment income (loss)		0.21	***		0.40	***		0.28	***		-
Net realized and unrealized gain (loss) on investments		(0.24	)		(0.03	)		(0.18	)		-
Total income from investment operations		(0.03	)		0.37			0.10			-
Less distributions to shareholders:
From net investment income		-			(0.37	)		(0.14	)		-
Net asset value, end of period	$	9.93		$	9.96		$	9.96		$	10.00
Total Return (a)		(0.30	)% (b)**		3.73	% (b)		0.99	% (b)		0.00	%‡
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	2,545		$	2,040		$	208		$	101
Ratio of expenses to average daily net assets:
Before expense waiver		1.40	% *		1.41	%		1.51	%		-	‡
After expense waiver		1.30	% *#		1.26	% #		1.30	% #		N/A
Net investment income (loss) to average daily net assets		4.14	% *		3.99	%		2.78	%		0.00	%‡
Portfolio turnover rate		230	% **		162	%		566	%		N/A

* Annualized.

** Percentage represents results for the period and is not annualized.

*** Per share amount calculated on the average shares method.

+ The Fund commenced operations on December 31, 2004.

‡ Amount is de minimis due to the short period of operations.

# Computed after giving effect to an agreement by MassMutual to waive certain fees and expenses of the Fund.

(b) Total return excludes sales charges and would be lower for the period presented if it reflected these charges.

The accompanying notes are an integral part of the financial statements.
234

MassMutual Select Strategic Balanced Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class A
	Six months ended 6/30/07 (Unaudited)			Year ended 12/31/06			Year ended 12/31/05†			Year ended 12/31/04			Period ended 12/31/03+
Net asset value, beginning of period	$	11.42		$	10.56		$	10.45		$	10.00		$	10.00
Income (loss) from investment operations:
Net investment income (loss)		0.13	***		0.24	***		0.15	***		0.11	***		-
Net realized and unrealized gain (loss) on investments		0.29			0.97			0.20			0.42			-
Total income from investment operations		0.42			1.21			0.35			0.53			-
Less distributions to shareholders:
From net investment income		-			(0.24	)		(0.18	)		(0.08	)		-
From net realized gains		-			(0.11	)		(0.06	)		-			-
Total distributions		-			(0.35	)		(0.24	)		(0.08	)		-
Net asset value, end of period	$	11.84		$	11.42		$	10.56		$	10.45		$	10.00
Total Return (a)		3.59	%(b)**		11.54	% (b)		3.33	% (b)		5.34	% (b)		-	‡
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	30,584		$	32,130		$	26,267		$	32,987		$	1
Ratio of expenses to average daily net assets:
Before expense waiver		1.24	%*		1.23	%		1.23	%		1.24	%		-	‡
After expense waiver		1.23	%*#		1.21	% #		1.21	% #		1.21	% (c)#		-	‡
Net investment income (loss) to average daily net assets		2.21	%*		2.16	%		1.40	%		1.10	%		-	‡
Portfolio turnover rate		79	%**		85	%		211	%		129	%		N/A
	Class L
	Six months ended 6/30/07 (Unaudited)			Year ended 12/31/06			Year ended 12/31/05†			Year ended 12/31/04			Period ended 12/31/03+
Net asset value, beginning of period	$	11.45		$	10.58		$	10.48		$	10.00		$	10.00
Income (loss) from investment operations:
Net investment income (loss)		0.14	***		0.26	***		0.18	***		0.13	***		-
Net realized and unrealized gain (loss) on investments		0.28			0.98			0.20			0.43			-
Total income from investment operations		0.42			1.24			0.38			0.56			-
Less distributions to shareholders:
From net investment income		-			(0.26	)		(0.22	)		(0.08	)		-
From net realized gains		-			(0.11	)		(0.06	)		-			-
Total distributions		-			(0.37	)		(0.28	)		(0.08	)		-
Net asset value, end of period	$	11.87		$	11.45		$	10.58		$	10.48		$	10.00
Total Return (a)		3.67	%**		11.73	%		3.63	%		5.62	%		-	‡
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	90,335		$	94,872		$	101,151		$	104,995		$	1
Ratio of expenses to average daily net assets:
Before expense waiver		0.99	%*		0.98	%		0.98	%		0.98	%		-	‡
After expense waiver		0.98	%*#		0.96	% #		0.96	% #		0.96	% (c)#		-	‡
Net investment income (loss) to average daily net assets		2.46	%*		2.39	%		1.68	%		1.28	%		-	‡
Portfolio turnover rate		79	%**		85	%		211	%		129	%		N/A

* Annualized.

** Percentage represents results for the period and is not annualized.

*** Per share amount calculated on the average shares method.

† Effective January 1, 2005, rebated brokerage commissions are included with realized gain or loss on investment transactions. Prior to January 1, 2005, these amounts were presented as a reduction of expenses. Prior year amounts have not been restated to reflect this change due to immateriality.

+ The Fund commenced operations on December 31, 2003.

‡ Amount is de minimis due to the short period of operations.

# Computed after giving effect to an agreement by MassMutual to waive certain fees and expenses of the Fund.

(b) Total return excludes sales charges and would be lower for the period presented if it reflected these charges.

(c) The Fund has entered into an agreement with certain brokers to rebate a portion of brokerage commissions. The rebated commissions were used to reduce operating expenses of the Fund.

The accompanying notes are an integral part of the financial statements.
235

MassMutual Select Strategic Balanced Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class Y
	Six months ended 6/30/07 (Unaudited)			Year ended 12/31/06			Year ended 12/31/05†			Year ended 12/31/04			Period ended 12/31/03+
Net asset value, beginning of period	$	11.45		$	10.58		$	10.48		$	10.00		$	10.00
Income (loss) from investment operations:
Net investment income (loss)		0.15	***		0.28	***		0.19	***		0.14	***		-
Net realized and unrealized gain (loss) on investments		0.29			0.98			0.20			0.43			-
Total income from investment operations		0.44			1.26			0.39			0.57			-
Less distributions to shareholders:
From net investment income		-			(0.28	)		(0.23	)		(0.09	)		-
From net realized gains		-			(0.11	)		(0.06	)		-			-
Total distributions		-			(0.39	)		(0.29	)		(0.09	)		-
Net asset value, end of period	$	11.89		$	11.45		$	10.58		$	10.48		$	10.00

Total Return (a)		3.84	%**		11.90	%		3.76	%		5.74	%		-	‡
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	87,351		$	95,028		$	78,145		$	99,246		$	1
Ratio of expenses to average daily net assets:
Before expense waiver		0.84	%*		0.83	%		0.83	%		0.83	%		-	‡
After expense waiver		0.83	%*#		0.81	% #		0.81	% #		0.81	% (b)#		-	‡
Net investment income (loss) to average daily net assets		2.60	%*		2.54	%		1.82	%		1.41	%		-	‡
Portfolio turnover rate		79	%**		85	%		211	%		129	%		N/A
	Class S
	Six months ended 6/30/07 (Unaudited)			Year ended 12/31/06			Year ended 12/31/05†			Year ended 12/31/04			Period ended 12/31/03+
Net asset value, beginning of period	$	11.45		$	10.58		$	10.49		$	10.00		$	10.00
Income (loss) from investment operations:
Net investment income (loss)		0.16	***		0.29	***		0.20	***		0.12	***		-
Net realized and unrealized gain (loss) on investments		0.28			0.98			0.19			0.47			-
Total income from investment operations		0.44			1.27			0.39			0.59			-
Less distributions to shareholders:
From net investment income		-			(0.29	)		(0.24	)		(0.10	)		-
From net realized gains		-			(0.11	)		(0.06	)		-			-
Total distributions		-			(0.40	)		(0.30	)		(0.10	)		-
Net asset value, end of period	$	11.89		$	11.45		$	10.58		$	10.49		$	10.00

Total Return (a)		3.84	%**		11.97	%		3.85	%		5.76	%		-	‡
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	29,456		$	23,044		$	15,026		$	13,159		$	10,001
Ratio of expenses to average daily net assets:
Before expense waiver		0.79	%*		0.78	%		0.78	%		0.84	%		-	‡
After expense waiver		0.78	%*#		0.76	% #		0.76	% #		0.76	% (b)#		-	‡
Net investment income (loss) to average daily net assets		2.73	%*		2.60	%		1.90	%		1.18	%		-	‡
Portfolio turnover rate		79	%**		85	%		211	%		129	%		N/A

* Annualized.

** Percentage represents results for the period and is not annualized.

*** Per share amount calculated on the average shares method.

+ The Fund commenced operations on December 31, 2003.

‡ Amount is de minimis due to the short period of operations.

# Computed after giving effect to an agreement by MassMutual to waive certain fees and expenses of the Fund.

(b) The Fund has entered into an agreement with certain brokers to rebate a portion of brokerage commissions. The rebated commissions were used to reduce operating expenses of the Fund.

The accompanying notes are an integral part of the financial statements.
236

MassMutual Select Strategic Balanced Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class N
	Six months ended 6/30/07 (Unaudited)			Year ended 12/31/06			Year ended 12/31/05†			Year ended 12/31/04			Period ended 12/31/03+
Net asset value, beginning of period	$	11.41		$	10.56		$	10.46		$	10.00		$	10.00
Income (loss) from investment operations:
Net investment income (loss)		0.11	***		0.20	***		0.12	***		0.08	***		-
Net realized and unrealized gain (loss) on investments		0.28			0.97			0.21			0.42			-
Total income from investment operations		0.39			1.17			0.33			0.50			-
Less distributions to shareholders:
From net investment income		-			(0.21	)		(0.17	)		(0.04	)		-
From net realized gains		-			(0.11	)		(0.06	)		-			-
Total distributions		-			(0.32	)		(0.23	)		(0.04	)		-
Net asset value, end of period	$	11.80		$	11.41		$	10.56		$	10.46		$	10.00

Total Return (a)		3.42	%(b)**		11.21	% (b)		3.02	% (b)		5.02	% (b)		-	‡
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	584		$	572		$	419		$	422		$	1
Ratio of expenses to average daily net assets:
Before expense waiver		1.54	%*		1.53	%		1.53	%		1.55	%		-	‡
After expense waiver		1.53	%*#		1.51	% #		1.51	% #		1.51	% (c)#		-	‡
Net investment income (loss) to average daily net assets		1.92	%*		1.83	%		1.13	%		0.78	%		-	‡
Portfolio turnover rate		79	%**		85	%		211	%		129	%		N/A

* Annualized.

** Percentage represents results for the period and is not annualized.

*** Per share amount calculated on the average shares method.

+ The Fund commenced operations on December 31, 2003.

‡ Amount is de minimis due to the short period of operations.

# Computed after giving effect to an agreement by MassMutual to waive certain fees and expenses of the Fund.

(b) Total return excludes sales charges and would be lower for the period presented if it reflected these charges.

(c) The Fund has entered into an agreement with certain brokers to rebate a portion of brokerage commissions. The rebated commissions were used to reduce operating expenses of the Fund.

The accompanying notes are an integral part of the financial statements.
237

MassMutual Select Diversified Value Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class A
	Six months ended 6/30/07 (Unaudited)			Year ended 12/31/06			Year ended 12/31/05			Period ended 12/31/04†
Net asset value, beginning of period	$	13.08		$	11.26		$	10.93		$	10.00
Income (loss) from investment operations:
Net investment income (loss)		0.10	***		0.20	***		0.14	***		0.04	***
Net realized and unrealized gain (loss) on investments		0.68			2.20			0.54			0.94
Total income from investment operations		0.78			2.40			0.68			0.98
Less distributions to shareholders:
From net investment income		-			(0.17	)		(0.12	)		(0.04	)
From net realized gains		-			(0.41	)		(0.23	)		(0.01	)
Total distributions		-			(0.58	)		(0.35	)		(0.05	)
Net asset value, end of period	$	13.86		$	13.08		$	11.26		$	10.93

Total Return (a)		5.96	%(b)**		21.41	% (b)		6.23	% (b)		9.83	% (b)**
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	100,782		$	82,361		$	29,953		$	4,998
Ratio of expenses to average daily net assets:
Before expense waiver		1.08	%*		1.08	%		1.09	%		1.15	% *
After expense waiver		N/A			N/A			N/A			1.09	% *#
Net investment income (loss) to average daily net assets		1.48	%*		1.58	%		1.27	%		1.99	% *
Portfolio turnover rate		8	%**		15	%		16	%		5	% **
	Class L
	Six months ended 6/30/07 (Unaudited)			Year ended 12/31/06			Year ended 12/31/05			Period ended 12/31/04†
Net asset value, beginning of period	$	13.13		$	11.28		$	10.93		$	10.00
Income (loss) from investment operations:
Net investment income (loss)		0.12	***		0.23	***		0.17	***		0.05	***
Net realized and unrealized gain (loss) on investments		0.67			2.22			0.54			0.94
Total income from investment operations		0.79			2.45			0.71			0.99
Less distributions to shareholders:
From net investment income		-			(0.19	)		(0.13	)		(0.05	)
From net realized gains		-			(0.41	)		(0.23	)		(0.01	)
Total distributions		-			(0.60	)		(0.36	)		(0.06	)
Net asset value, end of period	$	13.92		$	13.13		$	11.28		$	10.93

Total Return (a)		6.02	%**		21.82	%		6.42	%		9.99	% **
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	87,360		$	57,853		$	29,455		$	20,480
Ratio of expenses to average daily net assets:
Before expense waiver		0.79	%*		0.79	%		0.80	%		0.86	% *
After expense waiver		N/A			N/A			N/A			0.80	% *#
Net investment income (loss) to average daily net assets		1.80	%*		1.84	%		1.55	%		2.28	% *
Portfolio turnover rate		8	%**		15	%		16	%		5	% **

* Annualized.

** Percentage represents results for the period and is not annualized.

*** Per share amount calculated on the average shares method.

† For the period from October 15, 2004 (commencement of operations) through December 31, 2004.

# Computed after giving effect to an agreement by MassMutual to waive certain fees and expenses of the Fund.

(b) Total return excludes sales charges and would be lower for the period presented if it reflected these charges.

The accompanying notes are an integral part of the financial statements.
238

MassMutual Select Diversified Value Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class Y
	Six months ended 6/30/07 (Unaudited)			Year ended 12/31/06			Year ended 12/31/05			Period ended 12/31/04†
Net asset value, beginning of period	$	13.12		$	11.27		$	10.93		$	10.00
Income (loss) from investment operations:
Net investment income (loss)		0.13	***		0.24	***		0.19	***		0.05	***
Net realized and unrealized gain (loss) on investments		0.68			2.22			0.53			0.94
Total income from investment operations		0.81			2.46			0.72			0.99
Less distributions to shareholders:
From net investment income		-			(0.20	)		(0.15	)		(0.05	)
From net realized gains		-			(0.41	)		(0.23	)		(0.01	)
Total distributions		-			(0.61	)		(0.38	)		(0.06	)
Net asset value, end of period	$	13.93		$	13.12		$	11.27		$	10.93

Total Return (a)		6.17	%**		21.92	%		6.61	%		9.91	% **
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	150,947		$	142,836		$	56,761		$	1,273
Ratio of expenses to average daily net assets:
Before expense waiver		0.68	%*		0.68	%		0.69	%		0.75	% *
After expense waiver		N/A			N/A			N/A			0.69	% *#
Net investment income (loss) to average daily net assets		1.88	%*		1.95	%		1.70	%		2.39	% *
Portfolio turnover rate		8	%**		15	%		16	%		5	% **
	Class S
	Six months ended 6/30/07 (Unaudited)			Year ended 12/31/06			Year ended 12/31/05			Period ended 12/31/04†
Net asset value, beginning of period	$	13.14		$	11.28		$	10.94		$	10.00
Income (loss) from investment operations:
Net investment income (loss)		0.13	***		0.25	***		0.19	***		0.06	***
Net realized and unrealized gain (loss) on investments		0.69			2.23			0.53			0.94
Total income from investment operations		0.82			2.48			0.72			1.00
Less distributions to shareholders:
From net investment income		-			(0.21	)		(0.15	)		(0.05	)
From net realized gains		-			(0.41	)		(0.23	)		(0.01	)
Total distributions		-			(0.62	)		(0.38	)		(0.06	)
Net asset value, end of period	$	13.96		$	13.14		$	11.28		$	10.94

Total Return (a)		6.24	%**		22.08	%		6.59	%		10.03	% **
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	333,143		$	246,598		$	186,641		$	173,341
Ratio of expenses to average daily net assets:
Before expense waiver		0.58	%*		0.58	%		0.59	%		0.65	% *
After expense waiver		N/A			N/A			N/A			0.59	% *#
Net investment income (loss) to average daily net assets		1.97	%*		2.02	%		1.75	%		2.49	% *
Portfolio turnover rate		8	%**		15	%		16	%		5	% **

* Annualized.

** Percentage represents results for the period and is not annualized.

*** Per share amount calculated on the average shares method.

† For the period from October 15, 2004 (commencement of operations) through December 31, 2004.

# Computed after giving effect to an agreement by MassMutual to waive certain fees and expenses of the Fund.

(b) Total return excludes sales charges and would be lower for the period presented if it reflected these charges.

The accompanying notes are an integral part of the financial statements.
239

MassMutual Select Diversified Value Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class N
	Six months ended 6/30/07 (Unaudited)			Year ended 12/31/06			Year ended 12/31/05			Period ended 12/31/04†
Net asset value, beginning of period	$	13.09		$	11.28		$	10.94		$	10.00
Income (loss) from investment operations:
Net investment income (loss)		0.08	***		0.16	***		0.11	***		0.04	***
Net realized and unrealized gain (loss) on investments		0.67			2.21			0.52			0.94
Total income from investment operations		0.75			2.37			0.63			0.98
Less distributions to shareholders:
From net investment income		-			(0.15	)		(0.06	)		(0.03	)
From net realized gains		-			(0.41	)		(0.23	)		(0.01	)
Total distributions		-			(0.56	)		(0.29	)		(0.04	)
Net asset value, end of period	$	13.84		$	13.09		$	11.28		$	10.94

Total Return (a)		5.73	%(b)**		21.11	% (b)		5.77	% (b)		9.84	% (b)**
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	2,450		$	1,547		$	147		$	187
Ratio of expenses to average daily net assets:
Before expense waiver		1.39	%*		1.39	%		1.40	%		1.46	% *
After expense waiver		N/A			N/A			N/A			1.40	% *#
Net investment income (loss) to average daily net assets		1.16	%*		1.30	%		0.95	%		1.63	% *
Portfolio turnover rate		8	%**		15	%		16	%		5	% **

* Annualized.

** Percentage represents results for the period and is not annualized.

*** Per share amount calculated on the average shares method.

† For the period from October 15, 2004 (commencement of operations) through December 31, 2004.

# Computed after giving effect to an agreement by MassMutual to waive certain fees and expenses of the Fund.

(b) Total return excludes sales charges and would be lower for the period presented if it reflected these charges.

The accompanying notes are an integral part of the financial statements.
240

MassMutual Select Fundamental Value Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class A
	Six months ended 6/30/07 (Unaudited)			Year ended 12/31/06			Year ended 12/31/05†			Year ended 12/31/04			Year ended 12/31/03			Year ended 12/31/02
Net asset value, beginning of period	$	12.28		$	11.14		$	10.75		$	10.01		$	7.79		$	10.00
Income (loss) from investment operations:
Net investment income (loss)		0.06	***		0.11	***		0.11	***		0.10	***		0.10	***		0.08	***
Net realized and unrealized gain (loss) on investments		0.97			2.16			0.65			0.84			2.19			(2.25	)
Total income (loss) from investment operations		1.03			2.27			0.76			0.94			2.29			(2.17	)
Less distributions to shareholders:
From net investment income		-			(0.11	)		(0.11	)		(0.09	)		(0.07	)		(0.04	)
From net realized gains		-			(1.02	)		(0.26	)		(0.11	)		-			-
Total distributions		-			(1.13	)		(0.37	)		(0.20	)		(0.07	)		(0.04	)
Net asset value, end of period	$	13.31		$	12.28		$	11.14		$	10.75		$	10.01		$	7.79
Total Return (a)		8.39	%(c)**		20.54	% (c)		7.08	% (c)		9.34	% (c)		29.43	%		(21.67	)%
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	297,797		$	310,438		$	252,362		$	214,886		$	129,552		$	37,973
Ratio of expenses to average daily net assets:
Before expense waiver		1.23	%*		1.23	%		1.23	%		1.23	%		1.24	%		1.27	%
After expense waiver		N/A			N/A			N/A			1.22	% (b)#		1.22	% (b)#		1.20	% (b)#
Net investment income (loss) to average daily net assets		0.91	%*		0.92	%		0.97	%		0.96	%		1.18	%		1.00	%
Portfolio turnover rate		16	%**		43	%		33	%		31	%		28	%		38	%
	Class L
	Six months ended 6/30/07 (Unaudited)			Year ended 12/31/06			Year ended 12/31/05†			Year ended 12/31/04			Year ended 12/31/03			Year ended 12/31/02
Net asset value, beginning of period	$	12.33		$	11.17		$	10.78		$	10.03		$	7.81		$	10.00
Income (loss) from investment operations:
Net investment income (loss)		0.07	***		0.14	***		0.14	***		0.12	***		0.13	***		0.10	***
Net realized and unrealized gain (loss) on investments		0.98			2.18			0.64			0.85			2.18			(2.24	)
Total income (loss) from investment operations		1.05			2.32			0.78			0.97			2.31			(2.14	)
Less distributions to shareholders:
From net investment income		-			(0.14	)		(0.13	)		(0.11	)		(0.09	)		(0.05	)
From net realized gains		-			(1.02	)		(0.26	)		(0.11	)		-			-
Total distributions		-			(1.16	)		(0.39	)		(0.22	)		(0.09	)		(0.05	)
Net asset value, end of period	$	13.38		$	12.33		$	11.17		$	10.78		$	10.03		$	7.81
Total Return (a)		8.52	%**		20.90	%		7.28	%		9.65	%		29.56	%		(21.40	)%
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	291,878		$	298,276		$	231,639		$	236,583		$	133,178		$	44,235
Ratio of expenses to average daily net assets:
Before expense waiver		0.98	%*		0.98	%		0.98	%		0.98	%		0.99	%		1.02	%
After expense waiver		N/A			N/A			N/A			0.97	% (b)#		0.97	% (b)#		0.95	% (b)#
Net investment income (loss) to average daily net assets		1.14	%*		1.18	%		1.23	%		1.21	%		1.44	%		1.24	%
Portfolio turnover rate		16	%**		43	%		33	%		31	%		28	%		38	%

* Annualized.

** Percentage represents results for the period and is not annualized.

*** Per share amount calculated on the average shares method.

# Computed after giving effect to an agreement by MassMutual to waive certain fees and expenses of the Fund.

(a) Employee 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.

(b) The Fund has entered into an agreement with certain brokers to rebate a portion of brokerage commissions. The rebated commissions were used to reduce operating expenses of the Fund.

The accompanying notes are an integral part of the financial statements.
241

MassMutual Select Fundamental Value Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class Y
	Six months ended 6/30/07 (Unaudited)			Year ended 12/31/06			Year ended 12/31/05†			Year ended 12/31/04			Year ended 12/31/03			Year ended 12/31/02
Net asset value, beginning of period	$	12.34		$	11.19		$	10.78		$	10.03		$	7.80		$	10.00
Income (loss) from investment operations:
Net investment income (loss)		0.08	***		0.16	***		0.15	***		0.14	***		0.14	***		0.12	***
Net realized and unrealized gain (loss) on investments		0.99			2.17			0.66			0.84			2.19			(2.26	)
Total income (loss) from investment operations		1.07			2.33			0.81			0.98			2.33			(2.14	)
Less distributions to shareholders:
From net investment income		-			(0.16	)		(0.14	)		(0.12	)		(0.10	)		(0.06	)
From net realized gains		-			(1.02	)		(0.26	)		(0.11	)		-			-
Total distributions		-			(1.18	)		(0.40	)		(0.23	)		(0.10	)		(0.06	)
Net asset value, end of period	$	13.41		$	12.34		$	11.19		$	10.78		$	10.03		$	7.80
Total Return (a)		8.58	%**		21.05	%		7.55	%		9.78	%		29.82	%		(21.41	)%
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	149,838		$	134,485		$	85,569		$	120,769		$	82,989		$	40,511
Ratio of expenses to average daily net assets:
Before expense waiver		0.83	%*		0.83	%		0.83	%		0.83	%		0.84	%		0.87	%
After expense waiver		N/A			N/A			N/A			0.82	% (b)#		0.82	% (b)#		0.81	% (b)#
Net investment income (loss) to average daily net assets		1.30	%*		1.32	%		1.35	%		1.35	%		1.60	%		1.44	%
Portfolio turnover rate		16	%**		43	%		33	%		31	%		28	%		38	%
	Class S
	Six months ended 6/30/07 (Unaudited)			Year ended 12/31/06			Year ended 12/31/05†			Year ended 12/31/04			Year ended 12/31/03			Year ended 12/31/02
Net asset value, beginning of period	$	12.36		$	11.20		$	10.80		$	10.05		$	7.81		$	10.00
Income (loss) from investment operations:
Net investment income (loss)		0.09	***		0.17	***		0.16	***		0.14	***		0.14	***		0.12	***
Net realized and unrealized gain (loss) on investments		0.98			2.17			0.66			0.85			2.20			(2.25	)
Total income (loss) from investment operations		1.07			2.34			0.82			0.99			2.34			(2.13	)
Less distributions to shareholders:
From net investment income		-			(0.16	)		(0.16	)		(0.13	)		(0.10	)		(0.06	)
From net realized gains		-			(1.02	)		(0.26	)		(0.11	)		-			-
Total distributions		-			(1.18	)		(0.42	)		(0.24	)		(0.10	)		(0.06	)
Net asset value, end of period	$	13.43		$	12.36		$	11.20		$	10.80		$	10.05		$	7.81
Total Return (a)		8.66	%**		21.06	%		7.57	%		9.80	%		29.97	%		(21.35	)%
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	564,940		$	540,185		$	418,271		$	325,701		$	228,535		$	101,228
Ratio of expenses to average daily net assets:
Before expense waiver		0.79	%*		0.79	%		0.79	%		0.79	%		0.80	%		0.83	%
After expense waiver		N/A			N/A			N/A			0.78	% (b)#		0.78	% (b)#		0.77	% (b)#
Net investment income (loss) to average daily net assets		1.34	%*		1.37	%		1.41	%		1.40	%		1.63	%		1.36	%
Portfolio turnover rate		16	%**		43	%		33	%		31	%		28	%		38	%

* Annualized.

** Percentage represents results for the period and is not annualized.

*** Per share amount calculated on the average shares method.

# Computed after giving effect to an agreement by MassMutual to waive certain fees and expenses of the Fund.

(b) The Fund has entered into an agreement with certain brokers to rebate a portion of brokerage commissions. The rebated commissions were used to reduce operating expenses of the Fund.

The accompanying notes are an integral part of the financial statements.
242

MassMutual Select Fundamental Value Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class N
	Six months ended 6/30/07 (Unaudited)			Year ended 12/31/06			Year ended 12/31/05†			Year ended 12/31/04			Year ended 12/31/03			Year ended 12/31/02++
Net asset value, beginning of period	$	12.20		$	11.07		$	10.69		$	9.94		$	7.76		$	7.76
Income (loss) from investment operations:
Net investment income (loss)		0.04	***		0.07	***		0.07	***		0.07	***		0.08	***		(0.00	)***††
Net realized and unrealized gain (loss) on investments		0.97			2.14			0.65			0.84			2.17			(0.00	)††
Total income (loss) from investment operations		1.01			2.21			0.72			0.91			2.25			(0.00	)
Less distributions to shareholders:
From net investment income		-			(0.06	)		(0.08	)		(0.05	)		(0.07	)		-
From net realized gains		-			(1.02	)		(0.26	)		(0.11	)		-			-
Total distributions		-			(1.08	)		(0.34	)		(0.16	)		(0.07	)		-
Net asset value, end of period	$	13.21		$	12.20		$	11.07		$	10.69		$	9.94		$	7.76
Total Return (a)		8.28	%(c)**		20.09	% (c)		6.76	% (c)		9.10	% (c)		29.03	% (c)		-	‡
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	2,753		$	1,667		$	1,998		$	1,644		$	1,968		$	101
Ratio of expenses to average daily net assets:
Before expense waiver		1.53	%*		1.53	%		1.53	%		1.53	%		1.54	%		-	‡
After expense waiver		N/A			N/A			N/A			1.52	% (b)#		1.52	% (b)#		-	‡
Net investment income (loss) to average daily net assets		0.63	%*		0.62	%		0.67	%		0.65	%		0.83	%		-	‡
Portfolio turnover rate		16	%**		43	%		33	%		31	%		28	%		38	%

* Annualized.

** Percentage represents results for the period and is not annualized.

*** Per share amount calculated on the average shares method.

†† Amount is less than $0.01 per share.

++ Class N commenced operations on December 31, 2002.

‡ Amount is de minimis due to the short period of operations.

# Computed after giving effect to an agreement by MassMutual to waive certain fees and expenses of the Fund.

(b) The Fund has entered into an agreement with certain brokers to rebate a portion of brokerage commissions. The rebated commissions were used to reduce operating expenses of the Fund.

The accompanying notes are an integral part of the financial statements.
243

MassMutual Select Value Equity Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class A
	Six months ended 6/30/07 (Unaudited)			Year ended 12/31/06			Year ended 12/31/05†			Year ended 12/31/04			Year ended 12/31/03			Year ended 12/31/02
Net asset value, beginning of period	$	10.07		$	10.49		$	10.48		$	9.55		$	7.66		$	9.34
Income (loss) from investment operations:
Net investment income (loss)		0.04	***		0.07	***		0.04	***		0.07	***		0.08	***		0.07	***
Net realized and unrealized gain (loss) on investments		0.72			1.25			1.02			1.16			1.91			(1.68	)
Total income (loss) from investment operations		0.76			1.32			1.06			1.23			1.99			(1.61	)
Less distributions to shareholders:
From net investment income		-			(0.06	)		(0.04	)		(0.07	)		(0.10	)		(0.07	)
From net realized gains		-			(1.68	)		(1.01	)		(0.23	)		-			-
Total distributions		-			(1.74	)		(1.05	)		(0.30	)		(0.10	)		(0.07	)
Net asset value, end of period	$	10.83		$	10.07		$	10.49		$	10.48		$	9.55		$	7.66

Total Return (a)		7.55	%(c)**		12.83	% (c)		10.16	% (c)		12.91	% (c)		25.96	%		(17.28	)%
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	28,135		$	28,143		$	28,829		$	25,523		$	21,341		$	15,852
Ratio of expenses to average daily net assets:
Before expense waiver		1.30	%*		1.31	%		1.30	%		1.33	%		1.29	%		1.30	%
After expense waiver		N/A			N/A			N/A			1.29	% (b)#		1.27	% (b)#		1.29	% #
Net investment income (loss) to average daily net assets		0.70	%*		0.65	%		0.36	%		0.69	%		0.99	%		0.79	%
Portfolio turnover rate		62	%**		177	%		94	%		161	%		66	%		105	%
	Class L
	Six months ended 6/30/07 (Unaudited)			Year ended 12/31/06			Year ended 12/31/05†			Year ended 12/31/04			Year ended 12/31/03			Year ended 12/31/02
Net asset value, beginning of period	$	10.08		$	10.51		$	10.50		$	9.57		$	7.67		$	9.34
Income (loss) from investment operations:
Net investment income (loss)		0.05	***		0.10	***		0.06	***		0.09	***		0.10	***		0.09	***
Net realized and unrealized gain (loss) on investments		0.73			1.25			1.02			1.17			1.92			(1.67	)
Total income (loss) from investment operations		0.78			1.35			1.08			1.26			2.02			(1.58	)
Less distributions to shareholders:
From net investment income		-			(0.10	)		(0.06	)		(0.10	)		(0.12	)		(0.09	)
From net realized gains		-			(1.68	)		(1.01	)		(0.23	)		-			-
Total distributions		-			(1.78	)		(1.07	)		(0.33	)		(0.12	)		(0.09	)
Net asset value, end of period	$	10.86		$	10.08		$	10.51		$	10.50		$	9.57		$	7.67

Total Return (a)		7.74	%**		13.06	%		10.39	%		13.16	%		26.34	%		(16.97	)%
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	12,243		$	12,075		$	8,753		$	7,461		$	6,313		$	4,727
Ratio of expenses to average daily net assets:
Before expense waiver		1.05	%*		1.06	%		1.05	%		1.08	%		1.04	%		1.05	%
After expense waiver		N/A			N/A			N/A			1.04	% (b)#		1.02	% (b)#		1.04	% #
Net investment income (loss) to average daily net assets		0.94	%*		0.93	%		0.60	%		0.94	%		1.24	%		1.07	%
Portfolio turnover rate		62	%**		177	%		94	%		161	%		66	%		105	%

* Annualized.

** Percentage represents results for the period and is not annualized.

*** Per share amount calculated on the average shares method.

# Computed after giving effect to an agreement by MassMutual to waive certain fees and expenses of the Fund.

(b) The Fund has entered into an agreement with certain brokers to rebate a portion of brokerage commissions. The rebated commissions were used to reduce operating expenses of the Fund.

The accompanying notes are an integral part of the financial statements.
244

MassMutual Select Value Equity Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class Y
	Six months ended 6/30/07 (Unaudited)			Year ended 12/31/06			Year ended 12/31/05†			Year ended 12/31/04			Year ended 12/31/03			Year ended 12/31/02
Net asset value, beginning of period	$	10.14		$	10.55		$	10.54		$	9.59		$	7.68		$	9.35
Income (loss) from investment operations:
Net investment income (loss)		0.06	***		0.12	***		0.08	***		0.10	***		0.12	***		0.10	***
Net realized and unrealized gain (loss) on investments		0.73			1.26			1.02			1.19			1.91			(1.67	)
Total income (loss) from investment operations		0.79			1.38			1.10			1.29			2.03			(1.57	)
Less distributions to shareholders:
From net investment income		-			(0.11	)		(0.08	)		(0.11	)		(0.12	)		(0.10	)
From net realized gains		-			(1.68	)		(1.01	)		(0.23	)		-			-
Total distributions		-			(1.79	)		(1.09	)		(0.34	)		(0.12	)		(0.10	)
Net asset value, end of period	$	10.93		$	10.14		$	10.55		$	10.54		$	9.59		$	7.68

Total Return (a)		7.79	%**		13.33	%		10.49	%		13.47	%		26.40	%		(16.87	)%
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	5,775		$	5,136		$	4,110		$	2,891		$	3,378		$	7,543
Ratio of expenses to average daily net assets:
Before expense waiver		0.90	%*		0.91	%		0.90	%		0.93	%		0.88	%		0.90	%
After expense waiver		N/A			N/A			N/A			0.88	% (b)#		0.86	% (b)#		0.89	% #
Net investment income (loss) to average daily net assets		1.09	%*		1.06	%		0.75	%		1.06	%		1.42	%		1.18	%
Portfolio turnover rate		62	%**		177	%		94	%		161	%		66	%		105	%
	Class S
	Six months ended 6/30/07 (Unaudited)			Year ended 12/31/06			Year ended 12/31/05†			Year ended 12/31/04			Year ended 12/31/03			Year ended 12/31/02
Net asset value, beginning of period	$	10.12		$	10.54		$	10.52		$	9.59		$	7.68		$	9.35
Income (loss) from investment operations:
Net investment income (loss)		0.06	***		0.12	***		0.09	***		0.11	***		0.12	***		0.10	***
Net realized and unrealized gain (loss) on investments		0.73			1.26			1.02			1.17			1.92			(1.68	)
Total income (loss) from investment operations		0.79			1.38			1.11			1.28			2.04			(1.58	)
Less distributions to shareholders:
From net investment income		-			(0.12	)		(0.08	)		(0.12	)		(0.13	)		(0.09	)
From net realized gains		-			(1.68	)		(1.01	)		(0.23	)		-			-
Total distributions		-			(1.80	)		(1.09	)		(0.35	)		(0.13	)		(0.09	)
Net asset value, end of period	$	10.91		$	10.12		$	10.54		$	10.52		$	9.59		$	7.68

Total Return (a)		7.70	%**		13.40	%		10.66	%		13.31	%		26.63	%		(16.83	)%
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	55,848		$	52,627		$	55,895		$	51,940		$	67,536		$	60,499
Ratio of expenses to average daily net assets:
Before expense waiver		0.85	%*		0.86	%		0.85	%		0.88	%		0.84	%		0.85	%
After expense waiver		N/A			N/A			N/A			0.84	% (b)#		0.82	% (b)#		0.84	% #
Net investment income (loss) to average daily net assets		1.14	%*		1.11	%		0.81	%		1.12	%		1.45	%		1.22	%
Portfolio turnover rate		62	%**		177	%		94	%		161	%		66	%		105	%

* Annualized.

** Percentage represents results for the period and is not annualized.

*** Per share amount calculated on the average shares method.

# Computed after giving effect to an agreement by MassMutual to waive certain fees and expenses of the Fund.

(b) The Fund has entered into an agreement with certain brokers to rebate a portion of brokerage commissions. The rebated commissions were used to reduce operating expenses of the Fund.

The accompanying notes are an integral part of the financial statements.
245

MassMutual Select Value Equity Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class N
	Six months ended 6/30/07 (Unaudited)			Year ended 12/31/06			Year ended 12/31/05†			Year ended 12/31/04			Year ended 12/31/03			Period ended 12/31/02++
Net asset value, beginning of period	$	10.09		$	10.51		$	10.50		$	9.56		$	7.63		$	7.62
Income (loss) from investment operations:
Net investment income (loss)		0.02	***		0.04	***		0.01	***		0.04	***		0.06	***		0.00	***††
Net realized and unrealized gain (loss) on investments		0.72			1.26			1.01			1.15			1.90			0.01
Total income from investment operations		0.74			1.30			1.02			1.19			1.96			0.01
Less distributions to shareholders:
From net investment income		-			(0.04	)		(0.00	)††		(0.02	)		(0.03	)		-
From net realized gains		-			(1.68	)		(1.01	)		(0.23	)		-			-
Total distributions		-			(1.72	)		(1.01	)		(0.25	)		(0.03	)		-
Net asset value, end of period	$	10.83		$	10.09		$	10.51		$	10.50		$	9.56		$	7.63

Total Return (a)		7.33	%(c)**		12.59	% (c)		9.83	% (c)		12.51	% (c)		25.73	% (c)		-	‡
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	153		$	142		$	140		$	282		$	315		$	101
Ratio of expenses to average daily net assets:
Before expense waiver		1.60	%*		1.61	%		1.59	%		1.63	%		1.58	%		-	‡
After expense waiver		N/A			N/A			N/A			1.58	% (b)#		1.56	% (b)#		-	‡
Net investment income (loss) to average daily net assets		0.40	%*		0.36	%		0.06	%		0.39	%		0.70	%		-	‡
Portfolio turnover rate		62	%**		177	%		94	%		161	%		66	%		105	%

* Annualized.

** Percentage represents results for the period and is not annualized.

*** Per share amount calculated on the average shares method.

†† Amount is less than $0.01 per share.

++ Class N commenced operations on December 31, 2002.

‡ Amount is de minimis due to the short period of operations.

# Computed after giving effect to an agreement by MassMutual to waive certain fees and expenses of the Fund.

(b) The Fund has entered into an agreement with certain brokers to rebate a portion of brokerage commissions. The rebated commissions were used to reduce operating expenses of the Fund.

The accompanying notes are an integral part of the financial statements.
246

MassMutual Select Large Cap Value Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class A
	Six months ended 6/30/07 (Unaudited)			Year ended 12/31/06			Year ended 12/31/05†			Year ended 12/31/04			Year ended 12/31/03			Year ended 12/31/02
Net asset value, beginning of period	$	12.84		$	11.28		$	10.39		$	9.35		$	7.24		$	8.74
Income (loss) from investment operations:
Net investment income (loss)		0.04	***		0.04	***		0.05	***		0.04	***		0.04	***		0.02	***
Net realized and unrealized gain (loss) on investments		0.83			1.56			0.89			1.04			2.10			(1.49	)
Total income (loss) from investment operations		0.87			1.60			0.94			1.08			2.14			(1.47	)
Less distributions to shareholders:
From net investment income		-			(0.04	)		(0.05	)		(0.04	)		(0.03	)		(0.03	)
Net asset value, end of period	$	13.71		$	12.84		$	11.28		$	10.39		$	9.35		$	7.24
Total Return (a)		6.78	%(c)**		14.21	% (c)		9.05	% (c)		11.55	% (c)		29.61	%		(16.86	)%
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	416,314		$	401,790		$	354,647		$	266,753		$	153,918		$	92,001
Ratio of expenses to average daily net assets:
Before expense waiver		1.25	%*		1.25	%		1.25	%		1.25	%		1.25	%		1.24	%
After expense waiver		N/A			N/A			N/A			1.25	% (b)#		1.24	% (b)#		1.23	% (b)#
Net investment income (loss) to average daily net assets		0.69	%*		0.37	%		0.44	%		0.41	%		0.45	%		0.29	%
Portfolio turnover rate		4	%**		18	%		7	%		3	%		7	%		25	%
	Class L
	Six months ended 6/30/07 (Unaudited)			Year ended 12/31/06			Year ended 12/31/05†			Year ended 12/31/04			Year ended 12/31/03			Year ended 12/31/02
Net asset value, beginning of period	$	12.88		$	11.32		$	10.43		$	9.37		$	7.26		$	8.76
Income (loss) from investment operations:
Net investment income (loss)		0.06	***		0.07	***		0.07	***		0.06	***		0.06	***		0.04	***
Net realized and unrealized gain (loss) on investments		0.84			1.56			0.90			1.06			2.10			(1.50	)
Total income (loss) from investment operations		0.90			1.63			0.97			1.12			2.16			(1.46	)
Less distributions to shareholders:
From net investment income		-			(0.07	)		(0.08	)		(0.06	)		(0.05	)		(0.04	)
Net asset value, end of period	$	13.78		$	12.88		$	11.32		$	10.43		$	9.37		$	7.26
Total Return (a)		6.99	%**		14.42	%		9.25	%		11.94	%		29.79	%		(16.64	)%
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	248,313		$	397,105		$	369,858		$	316,841		$	207,025		$	114,417
Ratio of expenses to average daily net assets:
Before expense waiver		1.00	%*		1.00	%		1.00	%		1.00	%		1.00	%		1.00	%
After expense waiver		N/A			N/A			N/A			1.00	% (b)#		0.99	% (b)#		0.98	% (b)#
Net investment income (loss) to average daily net assets		0.93	%*		0.63	%		0.69	%		0.65	%		0.70	%		0.53	%
Portfolio turnover rate		4	%**		18	%		7	%		3	%		7	%		25	%

* Annualized.

** Percentage represents results for the period and is not annualized.

*** Per share amount calculated on the average shares method.

# Computed after giving effect to an agreement by MassMutual to waive certain fees and expenses of the Fund.

(b) The Fund has entered into an agreement with certain brokers to rebate a portion of brokerage commissions. The rebated commissions were used to reduce operating expenses of the Fund.

The accompanying notes are an integral part of the financial statements.
247

MassMutual Select Large Cap Value Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class Y
	Six months ended 6/30/07 (Unaudited)			Year ended 12/31/06			Year ended 12/31/05†			Year ended 12/31/04			Year ended 12/31/03			Year ended 12/31/02
Net asset value, beginning of period	$	12.91		$	11.34		$	10.45		$	9.39		$	7.27		$	8.77
Income (loss) from investment operations:
Net investment income (loss)		0.07	***		0.09	***		0.09	***		0.08	***		0.07	***		0.05	***
Net realized and unrealized gain (loss) on investments		0.84			1.57			0.89			1.05			2.11			(1.50	)
Total income (loss) from investment operations		0.91			1.66			0.98			1.13			2.18			(1.45	)
Less distributions to shareholders:
From net investment income		-			(0.09	)		(0.09	)		(0.07	)		(0.06	)		(0.05	)
Net asset value, end of period	$	13.82		$	12.91		$	11.34		$	10.45		$	9.39		$	7.27
Total Return (a)		7.05	%**		14.65	%		9.37	%		12.06	%		30.04	%		(16.52	)%
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	194,905		$	218,268		$	146,699		$	127,223		$	78,751		$	39,762
Ratio of expenses to average daily net assets:
Before expense waiver		0.85	%*		0.85	%		0.85	%		0.85	%		0.85	%		0.84	%
After expense waiver		N/A			N/A			N/A			0.85	% (b)#		0.84	% (b)#		0.83	% (b)#
Net investment income (loss) to average daily net assets		1.10	%*		0.78	%		0.84	%		0.81	%		0.85	%		0.66	%
Portfolio turnover rate		4	%**		18	%		7	%		3	%		7	%		25	%
	Class S
	Six months ended 6/30/07 (Unaudited)			Year ended 12/31/06			Year ended 12/31/05†			Year ended 12/31/04			Year ended 12/31/03			Year ended 12/31/02
Net asset value, beginning of period	$	12.93		$	11.36		$	10.46		$	9.40		$	7.27		$	8.78
Income (loss) from investment operations:
Net investment income (loss)		0.08	***		0.10	***		0.10	***		0.09	***		0.08	***		0.06	***
Net realized and unrealized gain (loss) on investments		0.84			1.57			0.90			1.05			2.12			(1.51	)
Total income (loss) from investment operations		0.92			1.67			1.00			1.14			2.20			(1.45	)
Less distributions to shareholders:
From net investment income		-			(0.10	)		(0.10	)		(0.08	)		(0.07	)		(0.06	)
Net asset value, end of period	$	13.85		$	12.93		$	11.36		$	10.46		$	9.40		$	7.27
Total Return (a)		7.12	%**		14.71	%		9.57	%		12.11	%		30.24	%		(16.53	)%
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	651,599		$	615,354		$	546,331		$	436,983		$	339,287		$	233,510
Ratio of expenses to average daily net assets: Before expense waiver		0.76	%*		0.76	%		0.76	%		0.76	%		0.76	%		0.75	%
After expense waiver		N/A			N/A			N/A			0.76	% (b)#		0.75	% (b)#		0.74	% (b)#
Net investment income (loss) to average daily net assets		1.15	%*		0.86	%		0.93	%		0.88	%		0.94	%		0.76	%
Portfolio turnover rate		4	%**		18	%		7	%		3	%		7	%		25	%

* Annualized.

** Percentage represents results for the period and is not annualized.

*** Per share amount calculated on the average shares method.

# Computed after giving effect to an agreement by MassMutual to waive certain fees and expenses of the Fund.

(b) The Fund has entered into an agreement with certain brokers to rebate a portion of brokerage commissions. The rebated commissions were used to reduce operating expenses of the Fund.

The accompanying notes are an integral part of the financial statements.
248

MassMutual Select Large Cap Value Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class N
	Six months ended 6/30/07 (Unaudited)			Year ended 12/31/06			Year ended 12/31/05†			Year ended 12/31/04			Year ended 12/31/03			Period ended 12/31/02++
Net asset value, beginning of period	$	12.71		$	11.17		$	10.29		$	9.25		$	7.21		$	7.19
Income (loss) from investment operations:
Net investment income (loss)		0.03	***		0.01	***		0.02	***		0.01	***		0.03	***		0.00	***††
Net realized and unrealized gain (loss) on investments		0.82			1.54			0.87			1.03			2.07			0.02
Total income from investment operations		0.85			1.55			0.89			1.04			2.10			0.02
Less distributions to shareholders:
From net investment income		-			(0.01	)		(0.01	)		-			(0.06	)		-
Net asset value, end of period	$	13.56		$	12.71		$	11.17		$	10.29		$	9.25		$	7.21
Total Return (a)		6.69	%(c)**		13.87	% (c)		8.65	% (c)		11.24	%(c)		29.18	% (c)		-	‡
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	1,036		$	2,596		$	2,279		$	2,911		$	2,891		$	101
Ratio of expenses to average daily net assets: Before expense waiver		1.55	%*		1.55	%		1.55	%		1.55	%		1.57	%		-	‡
After expense waiver		N/A			N/A			N/A			1.55	%#		1.56	% (b)#		N/A
Net investment income (loss) to average daily net assets		0.52	%*		0.08	%		0.15	%		0.08	%		0.33	%		0.00	%‡
Portfolio turnover rate		4	%**		18	%		7	%		3	%		7	%		25	%

* Annualized.

** Percentage represents results for the period and is not annualized.

*** Per share amount calculated on the average shares method.

†† Amount is less than $0.01 per share.

++ Class N commenced operations on December 31, 2002.

‡ Amount is de minimis due to the short period of operations.

# Computed after giving effect to an agreement by MassMutual to waive certain fees and expenses of the Fund.

(b) The Fund has entered into an agreement with certain brokers to rebate a portion of brokerage commissions. The rebated commissions were used to reduce operating expenses of the Fund.

The accompanying notes are an integral part of the financial statements.
249

MassMutual Select Indexed Equity Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class A
	Six months ended 6/30/07 (Unaudited)			Year ended 12/31/06			Year ended 12/31/05			Year ended 12/31/04			Year ended 12/31/03			Year ended 12/31/02
Net asset value, beginning of period	$	13.03		$	11.47		$	11.12		$	10.23		$	8.09		$	10.55
Income (loss) from investment operations:
Net investment income (loss)		0.09	***		0.16	***		0.13	***		0.13	***		0.08	***		0.07	***
Net realized and unrealized gain (loss) on investments		0.77			1.55			0.33			0.89			2.14			(2.47	)
Total income (loss) from investment operations		0.86			1.71			0.46			1.02			2.22			(2.40	)
Less distributions to shareholders:
From net investment income		-			(0.15	)		(0.11	)		(0.13	)		(0.08	)		(0.06	)
Tax return of capital		-			(0.00	)†		-			-			-			-
Total distributions		-			(0.15	)		(0.11	)		(0.13	)		(0.08	)		(0.06	)
Net asset value, end of period	$	13.89		$	13.03		$	11.47		$	11.12		$	10.23		$	8.09
Total Return (a)		6.60	%(b)**		14.95	% (b)		4.17	% (b)		10.01	% (b)		27.49	%		(22.74	)%
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	315,053		$	297,468		$	271,778		$	275,920		$	160,470		$	70,695
Ratio of expenses to average daily net assets:
Before expense waiver		0.85	%*		0.85	%		0.85	%		0.85	%		0.85	%		0.85	%
After expense waiver		0.65	%#*		0.67	% #		0.75	% #		0.78	% #		N/A			N/A
Net investment income (loss) to average daily net assets		1.30	%*		1.30	%		1.13	%		1.32	%		0.94	%		0.78	%
Portfolio turnover rate		2	%**		4	%		6	%		3	%		2	%		5	%
	Class L
	Six months ended 6/30/07 (Unaudited)			Year ended 12/31/06			Year ended 12/31/05			Year ended 12/31/04			Year ended 12/31/03			Year ended 12/31/02
Net asset value, beginning of period	$	13.07		$	11.50		$	11.16		$	10.26		$	8.11		$	10.58
Income (loss) from investment operations:
Net investment income (loss)		0.10	***		0.19	***		0.15	***		0.16	***		0.11	***		0.10	***
Net realized and unrealized gain (loss) on investments		0.79			1.57			0.34			0.89			2.15			(2.48	)
Total income (loss) from investment operations		0.89			1.76			0.49			1.05			2.26			(2.38	)
Less distributions to shareholders:
From net investment income		-			(0.19	)		(0.15	)		(0.15	)		(0.11	)		(0.09	)
Tax return of capital		-			(0.00	)†		-			-			-			-
Total distributions		-			(0.19	)		(0.15	)		(0.15	)		(0.11	)		(0.09	)
Net asset value, end of period	$	13.96		$	13.07		$	11.50		$	11.16		$	10.26		$	8.11
Total Return (a)		6.81	%**		15.28	%		4.41	%		10.25	%		27.88	%		(22.53	)%
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	357,159		$	337,639		$	282,034		$	218,755		$	176,247		$	54,756
Ratio of expenses to average daily net assets:
Before expense waiver		0.60	%*		0.60	%		0.60	%		0.60	%		0.60	%		0.60	%
After expense waiver		0.40	%#*		0.42	% #		0.50	% #		0.53	% #		N/A			N/A
Net investment income (loss) to average daily net assets		1.55	%*		1.56	%		1.38	%		1.52	%		1.21	%		1.05	%
Portfolio turnover rate		2	%**		4	%		6	%		3	%		2	%		5	%

* Annualized.

** Percentage represents results for the period and is not annualized.

*** Per share amount calculated on the average shares method.

† Amount is less than $0.01 per share.

# Computed after giving effect to an agreement by MassMutual to waive certain fees and expenses of the Fund.

(b) Total return excludes sales charges and would be lower for the period presented if it reflected these charges.

The accompanying notes are an integral part of the financial statements.
250

MassMutual Select Indexed Equity Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class Y
	Six months ended 6/30/07 (Unaudited)			Year ended 12/31/06			Year ended 12/31/05			Year ended 12/31/04			Year ended 12/31/03			Year ended 12/31/02
Net asset value, beginning of period	$	13.12		$	11.54		$	11.19		$	10.29		$	8.12		$	10.60
Income (loss) from investment operations:
Net investment income (loss)		0.10	***		0.19	***		0.16	***		0.17	***		0.12	***		0.11	***
Net realized and unrealized gain (loss) on investments		0.78			1.57			0.34			0.89			2.16			(2.49	)
Total income (loss) from investment operations		0.88			1.76			0.50			1.06			2.28			(2.38	)
Less distributions to shareholders:
From net investment income		-			(0.18	)		(0.15	)		(0.16	)		(0.11	)		(0.10	)
Tax return of capital		-			(0.00	)†		-			-			-			-
Total distributions		-			(0.18	)		(0.15	)		(0.16	)		(0.11	)		(0.10	)
Net asset value, end of period	$	14.00		$	13.12		$	11.54		$	11.19		$	10.29		$	8.12
Total Return (a)		6.71	%**		15.27	%		4.49	%		10.31	%		28.10	%		(22.47	)%
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	511,270		$	494,849		$	467,422		$	419,366		$	299,713		$	198,240
Net expenses to average daily net assets		0.45	%*		0.45	%		0.45	%		0.45	%		0.45	%		0.45	%
Net investment income (loss) to average daily net assets		1.50	%*		1.53	%		1.43	%		1.63	%		1.34	%		1.18	%
Portfolio turnover rate		2	%**		4	%		6	%		3	%		2	%		5	%
	Class S
	Six months ended 6/30/07 (Unaudited)			Year ended 12/31/06			Year ended 12/31/05			Year ended 12/31/04			Year ended 12/31/03			Year ended 12/31/02
Net asset value, beginning of period	$	13.25		$	11.65		$	11.30		$	10.38		$	8.19		$	10.68
Income (loss) from investment operations:
Net investment income (loss)		0.10	***		0.19	***		0.16	***		0.17	***		0.12	***		0.11	***
Net realized and unrealized gain (loss) on investments		0.79			1.60			0.35			0.91			2.18			(2.50	)
Total income (loss) from investment operations		0.89			1.79			0.51			1.08			2.30			(2.39	)
Less distributions to shareholders:
From net investment income		-			(0.19	)		(0.16	)		(0.16	)		(0.11	)		(0.10	)
Tax return of capital		-			(0.00	)†		-			-			-			-
Total distributions		-			(0.19	)		(0.16	)		(0.16	)		(0.11	)		(0.10	)
Net asset value, end of period	$	14.14		$	13.25		$	11.65		$	11.30		$	10.38		$	8.19
Total Return (a)		6.72	%**		15.35	%		4.47	%		10.39	%		28.10	%		(22.41	)%
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	787,050		$	751,170		$	677,171		$	724,614		$	710,691		$	567,426
Net expenses to average daily net assets		0.42	%*		0.42	%		0.42	%		0.42	%		0.42	%		0.42	%
Net investment income (loss) to average daily net assets		1.53	%*		1.56	%		1.45	%		1.62	%		1.37	%		1.20	%
Portfolio turnover rate		2	%**		4	%		6	%		3	%		2	%		5	%

* Annualized.

** Percentage represents results for the period and is not annualized.

*** Per share amount calculated on the average shares method.

† Amount is less than $0.01 per share.

The accompanying notes are an integral part of the financial statements.
251

MassMutual Select Indexed Equity Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

Class Z

	Six months ended 6/30/07 (Unaudited)			Year ended 12/31/06			Year ended 12/31/05			Year ended 12/31/04			Year ended 12/31/03			Year ended 12/31/02
Net asset value, beginning of period	$	13.25		$	11.65		$	11.30		$	10.38		$	8.19		$	10.68
Income (loss) from investment operations:
Net investment income (loss)		0.12	***		0.22	***		0.19	***		0.21	***		0.15	***		0.13	***
Net realized and unrealized gain (loss) on investments		0.79			1.59			0.34			0.90			2.17			(2.50	)
Total income (loss) from investment operations		0.91			1.81			0.53			1.11			2.32			(2.37	)
Less distributions to shareholders:
From net investment income		-			(0.21	)		(0.18	)		(0.19	)		(0.13	)		(0.12	)
Tax return of capital		-			(0.00	)†		-			-			-			-
Total distributions		-			(0.21	)		(0.18	)		(0.19	)		(0.13	)		(0.12	)
Net asset value, end of period	$	14.16		$	13.25		$	11.65		$	11.30		$	10.38		$	8.19
Total Return (a)		6.87	%**		15.59	%		4.72	%		10.68	%		28.39	%		(22.23	)%
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	445,460		$	373,069		$	251,403		$	130,164		$	42,906		$	16,821
Net expenses to average daily net assets		0.20	%*		0.20	%		0.20	%		0.20	%		0.21	%		0.20	%
Net investment income (loss) to average daily net assets		1.74	%*		1.78	%		1.68	%		1.93	%		1.59	%		1.42	%
Portfolio turnover rate		2	%**		4	%		6	%		3	%		2	%		5	%

Class N

	Six months ended 6/30/07 (Unaudited)			Year ended 12/31/06			Year ended 12/31/05			Year ended 12/31/04			Year ended 12/31/03			Period ended 12/31/02++
Net asset value, beginning of period	$	12.90		$	11.35		$	11.02		$	10.15		$	8.05		$	8.05
Income (loss) from investment operations:
Net investment income (loss)		0.07	***		0.12	***		0.09	***		0.10	***		0.06	***		0.00	†
Net realized and unrealized gain (loss) on investments		0.77			1.54			0.34			0.87			2.14			(0.00	)†
Total income (loss) from investment operations		0.84			1.66			0.43			0.97			2.20			0.00
Less distributions to shareholders:
From net investment income		-			(0.11	)		(0.10	)		(0.10	)		(0.10	)		-
Tax return of capital		-			(0.00	)†		-			-			-			-
Total distributions		-			(0.11	)		(0.10	)		(0.10	)		(0.10	)		-
Net asset value, end of period	$	13.74		$	12.90		$	11.35		$	11.02		$	10.15		$	8.05
Total Return (a)		6.51	%(b)**		14.67	% (b)		3.86	% (b)		9.59	% (b)		27.34	% (b)		0.00	% ‡
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	4,274		$	5,079		$	4,757		$	3,710		$	2,487		$	101
Ratio of expenses to average daily net assets:
Before expense waiver		1.15	%*		1.15	%		1.15	%		1.15	%		1.15	%		-	‡
After expense waiver		0.95	%#*		0.97	% #		1.05	% #		1.07	% #		N/A			N/A
Net investment income (loss) to average daily net assets		1.00	%*		1.00	%		0.84	%		1.00	%		0.64	%		0.00	% ‡
Portfolio turnover rate		2	%**		4	%		6	%		3	%		2	%		5	%

* Annualized.

** Percentage represents results for the period and is not annualized.

*** Per share amount calculated on the average shares method.

† Amount is less than $0.01 per share.

++ Class N commenced operations on December 31, 2002.

‡ Amount is de minimis due to the short period of operations.

# Computed after giving effect to an agreement by MassMutual to waive certain fees and expenses of the Fund.

(b) Total return excludes sales charges and would be lower for the period presented if it reflected these charges.

The accompanying notes are an integral part of the financial statements.
252

MassMutual Select Core Opportunities Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class A						Class L						Class Y
	Six months ended 6/30/07 (Unaudited)			Period ended 12/31/06+			Six months ended 6/30/07 (Unaudited)			Period ended 12/31/06+			Six months ended 6/30/07 (Unaudited)			Period ended 12/31/06+
Net asset value, beginning of period	$	10.72		$	10.00		$	10.73		$	10.00		$	10.74		$	10.00
Income (loss) from investment operations:
Net investment income (loss)		0.03	***		0.01	***		0.04	***		0.03	***		0.05	***		(0.01	) ***
Net realized and unrealized gain (loss) on investments		0.84			0.74			0.84			0.74			0.84			0.79
Total income from investment operations		0.87			0.75			0.88			0.77			0.89			0.78
Less distributions to shareholders:
From net investment income		-			(0.01	)		-			(0.02	)		-			(0.02	)
From net realized gains		-			(0.02	)		-			(0.02	)		-			(0.02	)
Total distributions		-			(0.03	)		-			(0.04	)		-			(0.04	)
Net asset value, end of period	$	11.59		$	10.72		$	11.61		$	10.73		$	11.63		$	10.74
Total Return (a)		8.12	%(b)**		7.55	% (b)**		8.20	%**		7.76	% **		8.29	%**		7.86	% **
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	19,886		$	9,179		$	9,294		$	8,000		$	11,484		$	4,436
Ratio of expenses to average daily net assets:
Before expense waiver		1.40	%*		1.67	% *		1.15	%*		1.42	% *		1.00	%*		1.27	% *
After expense waiver		1.35	%*#		1.35	% *#		1.10	%*#		1.10	% *#		0.95	%*#		0.95	% *#
Net investment income (loss) to average daily net assets		0.50	%*		0.13	% *		0.74	%*		0.43	% *		0.90	%*		(0.08	)% *
Portfolio turnover rate		51	%**		79	% **		51	%**		79	% **		51	%**		79	% **

* Annualized.

** Percentage represents results for the period and is not annualized.

*** Per share amount calculated on the average shares method.

+ The Fund commenced operations on March 31, 2006.

# Computed after giving effect to an agreement by MassMutual to waive certain fees and expenses of the Fund.

(b) Total return excludes sales charges and would be lower for the period if it reflected these charges.

The accompanying notes are an integral part of the financial statements.
253

MassMutual Select Core Opportunities Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class S						Class N
	Six months ended 6/30/07 (Unaudited)			Period ended 12/31/06+			Six months ended 6/30/07 (Unaudited)			Period ended 12/31/06+
Net asset value, beginning of period	$	10.74		$	10.00		$	10.71		$	10.00
Income (loss) from investment operations:
Net investment income (loss)		0.05	***		(0.04	)***		0.01	***		(0.02	)***
Net realized and unrealized gain (loss) on investments		0.85			0.75			0.84			0.75
Total income from investment operations		0.90			0.79			0.85			0.73
Less distributions to shareholders:
From net investment income		-			(0.03	)		-			-
From net realized gains		-			(0.02	)		-			(0.02	)
Total distributions		-			(0.05	)		-			(0.02	)
Net asset value, end of period	$	11.64		$	10.74		$	11.56		$	10.71
Total Return (a)		8.38	%**		7.90	% **		7.94	%(b)**		7.33	% (b)**
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	6,492		$	10,349		$	116		$	107
Ratio of expenses to average daily net assets:
Before expense waiver		0.90	%*		1.17	% *		1.70	%*		1.97	% *
After expense waiver		0.90	%*#		0.90	% *#		1.65	%*#		1.65	% *#
Net investment income (loss) to average daily net assets		0.94	%*		(0.53	)% *		0.19	%*		(0.22	)% *
Portfolio turnover rate		51	%**		79	% **		51	%**		79	% **

* Annualized.

** Percentage represents results for the period and is not annualized.

*** Per share amount calculated on the average shares method.

+ The Fund commenced operations on March 31, 2006.

# Computed after giving effect to an agreement by MassMutual to waive certain fees and expenses of the Fund.

(b) Total return excludes sales charges and would be lower for the period if it reflected these charges.

The accompanying notes are an integral part of the financial statements.
254

MassMutual Select Blue Chip Growth Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class A
	Six months ended 6/30/07 (Unaudited)			Year ended 12/31/06			Year ended 12/31/05††			Year ended 12/31/04			Year ended 12/31/03			Year ended 12/31/02
Net asset value, beginning of period	$	9.75		$	9.01		$	8.74		$	8.33		$	6.72		$	9.07
Income (loss) from investment operations:
Net investment income (loss)		0.00	***†		(0.01	)***		(0.02	)***		0.03	***		(0.01	)***		(0.01	)***
Net realized and unrealized gain (loss) on investments		0.83			0.75			0.29			0.41			1.63			(2.34	)
Total income (loss) from investment operations		0.83			0.74			0.27			0.44			1.62			(2.35	)
Less distributions to shareholders:
From net investment income		-			-			-			(0.03	)		(0.01	)		(0.00	)†
Net asset value, end of period	$	10.58		$	9.75		$	9.01		$	8.74		$	8.33		$	6.72
Total Return (a)		8.51	%(c)**		8.21	% (c)		3.09	% (c)		5.32	% (c)		24.09	%		(25.91	)%
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	47,833		$	39,055		$	36,742		$	37,377		$	26,955		$	4,914
Ratio of expenses to average daily net assets:
Before expense waiver		1.38	%*		1.39	%		1.39	%		1.38	%		1.39	%		1.38	%
After expense waiver		1.28	%#*		1.31	% #		N/A			1.38	% (b)#		1.38	% (b)#		1.38	% #
Net investment income (loss) to average daily net assets		0.03	%*		(0.12	)%		(0.20	)%		0.37	%		(0.13	)%		(0.20	)%
Portfolio turnover rate		19	%**		98	%		28	%		22	%		23	%		30	%
	Class L
	Six months ended 6/30/07 (Unaudited)			Year ended 12/31/06			Year ended 12/31/05††			Year ended 12/31/04			Year ended 12/31/03			Year ended 12/31/02
Net asset value, beginning of period	$	9.87		$	9.10		$	8.81		$	8.39		$	6.76		$	9.09
Income (loss) from investment operations:
Net investment income (loss)		0.01	***		0.01	***		0.00	***†		0.05	***		0.01	***		(0.00	)***†
Net realized and unrealized gain (loss) on investments		0.84			0.77			0.29			0.42			1.63			(2.33	)
Total income (loss) from investment operations		0.85			0.78			0.29			0.47			1.64			(2.33	)
Less distributions to shareholders:
From net investment income		-			(0.01	)		-			(0.05	)		(0.01	)		-
Net asset value, end of period	$	10.72		$	9.87		$	9.10		$	8.81		$	8.39		$	6.76
Total Return (a)		8.61	%**		8.52	%		3.32	%		5.58	%		24.25	%		(25.63	)%
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	364,559		$	280,094		$	270,082		$	301,734		$	302,292		$	217,427
Ratio of expenses to average daily net assets:
Before expense waiver		1.13	%*		1.14	%		1.14	%		1.13	%		1.13	%		1.13	%
After expense waiver		1.03	%#*		1.06	% #		N/A			1.13	% (b)#		1.12	% (b)#		1.13	% #
Net investment income (loss) to average daily net assets		0.25	%*		0.13	%		0.05	%		0.54	%		0.14	%		(0.05	)%
Portfolio turnover rate		19	%**		98	%		28	%		22	%		23	%		30	%

* Annualized.

** Percentage represents results for the period and is not annualized.

*** Per share amount calculated on the average shares method.

† Amount is less than $0.01 per share.

†† Effective January 1, 2005, rebated brokerage commissions are included with realized gain or loss on investment transactions. Prior to January 1, 2005, these amounts were presented as a reduction of expenses. Prior year amounts have not been restated to reflect this change due to immateriality.

# Computed after giving effect to an agreement by MassMutual to waive certain fees and expenses of the Fund.

(b) The Fund has entered into an agreement with certain brokers to rebate a portion of brokerage commissions. The rebated commissions were used to reduce operating expenses of the Fund.

The accompanying notes are an integral part of the financial statements.
255

MassMutual Select Blue Chip Growth Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class Y
	Six months ended 6/30/07 (Unaudited)			Year ended 12/31/06			Year ended 12/31/05††			Year ended 12/31/04			Year ended 12/31/03			Year ended 12/31/02
Net asset value, beginning of period	$	9.87		$	9.11		$	8.82		$	8.39		$	6.77		$	9.10
Income (loss) from investment operations:
Net investment income (loss)		0.02	***		0.03	***		0.01	***		0.06	***		0.02	***		0.01	***
Net realized and unrealized gain (loss) on investments		0.84			0.76			0.30			0.43			1.62			(2.34	)
Total income (loss) from investment operations		0.86			0.79			0.31			0.49			1.64			(2.33	)
Less distributions to shareholders:
From net investment income		-			(0.03	)		(0.02	)		(0.06	)		(0.02	)		(0.00	)†
Net asset value, end of period	$	10.73		$	9.87		$	9.11		$	8.82		$	8.39		$	6.77
Total Return (a)		8.71	%**		8.64	%		3.46	%		5.83	%		24.26	%		(25.56	)%
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	31,331		$	44,656		$	4,732		$	4,331		$	3,626		$	827
Ratio of expenses to average daily net assets:
Before expense waiver		1.01	%*		1.00	%		1.02	%		1.01	%		1.01	%		1.01	%
After expense waiver		0.91	%#*		0.93	% #		N/A			1.01	% (b)#		1.01	% (b)#		1.01	% #
Net investment income (loss) to average daily net assets		0.43	%*		0.29	%		0.17	%		0.68	%		0.26	%		0.12	%
Portfolio turnover rate		19	%**		98	%		28	%		22	%		23	%		30	%
	Class S
	Six months ended 6/30/07 (Unaudited)			Year ended 12/31/06			Year ended 12/31/05††			Year ended 12/31/04			Year ended 12/31/03			Year ended 12/31/02
Net asset value, beginning of period	$	9.91		$	9.14		$	8.84		$	8.42		$	6.78		$	9.10
Income (loss) from investment operations:
Net investment income (loss)		0.03	***		0.03	***		0.03	***		0.07	***		0.03	***		0.02	***
Net realized and unrealized gain (loss) on investments		0.84			0.77			0.30			0.42			1.64			(2.33	)
Total income (loss) from investment operations		0.87			0.80			0.33			0.49			1.67			(2.31	)
Less distributions to shareholders:
From net investment income		-			(0.03	)		(0.03	)		(0.07	)		(0.03	)		(0.01	)
Net asset value, end of period	$	10.78		$	9.91		$	9.14		$	8.84		$	8.42		$	6.78
Total Return (a)		8.78	%**		8.74	%		3.68	%		5.80	%		24.58	%		(25.43	)%
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	112,068		$	66,864		$	71,627		$	79,072		$	91,674		$	72,210
Ratio of expenses to average daily net assets:
Before expense waiver		0.88	%*		0.89	%		0.88	%		0.88	%		0.88	%		0.88	%
After expense waiver		0.78	%#*		0.82	% #		N/A			0.87	% (b)#		0.87	% (b)#		0.88	% #
Net investment income (loss) to average daily net assets		0.49	%*		0.37	%		0.30	%		0.77	%		0.39	%		0.20	%
Portfolio turnover rate		19	%**		98	%		28	%		22	%		23	%		30	%

* Annualized.

** Percentage represents results for the period and is not annualized.

*** Per share amount calculated on the average shares method.

† Amount is less than $0.01 per share.

# Computed after giving effect to an agreement by MassMutual to waive certain fees and expenses of the Fund.

(b) The Fund has entered into an agreement with certain brokers to rebate a portion of brokerage commissions. The rebated commissions were used to reduce operating expenses of the Fund.

The accompanying notes are an integral part of the financial statements.
256

MassMutual Select Blue Chip Growth Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class N
	Six months ended 6/30/07 (Unaudited)			Year ended 12/31/06			Year ended 12/31/05††			Year ended 12/31/04			Year ended 12/31/03			Period ended 12/31/02++
Net asset value, beginning of period	$	9.63		$	8.92		$	8.68		$	8.27		$	6.69		$	6.69
Income (loss) from investment operations:
Net investment income (loss)		(0.01	)***		(0.04	)***		(0.04	)***		0.01	***		(0.03	)***		0.00	***†
Net realized and unrealized gain (loss) on investments		0.81			0.75			0.28			0.41			1.61			(0.00	)†
Total income (loss) from investment operations		0.80			0.71			0.24			0.42			1.58			0.00
Less distributions to shareholders:
From net investment income		-			-			-			(0.01	)		(0.00	)†		-
Net asset value, end of period	$	10.43		$	9.63		$	8.92		$	8.68		$	8.27		$	6.69
Total Return (a)		8.31	% (c)**		7.96	% (c)		2.77	% (c)		5.05	% (c)		23.64	% (c)		0.00	% ‡
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	2,878		$	3,509		$	1,957		$	2,185		$	1,493		$	101
Ratio of expenses to average daily net assets:
Before expense waiver		1.68	% *		1.69	%		1.69	%		1.68	%		1.69	%		-	‡
After expense waiver		1.58	% #*		1.61	% #		N/A			1.68	% (b)#		1.69	% (b)#		N/A
Net investment income (loss) to average daily net assets		(0.28	)% *		(0.41	)%		(0.50	)%		0.08	%		(0.45	)%		0.00	% ‡
Portfolio turnover rate		19	% **		98	%		28	%		22	%		23	%		30	%

* Annualized.

** Percentage represents results for the period and is not annualized.

*** Per share amount calculated on the average shares method.

† Amount is less than $0.01 per share.

++ Class N commenced operations on December 31, 2002.

‡ Amount is de minimis due to the short period of operations.

# Computed after giving effect to an agreement by MassMutual to waive certain fees and expenses of the Fund.

(b) The Fund has entered into an agreement with certain brokers to rebate a portion of brokerage commissions. The rebated commissions were used to reduce operating expenses of the Fund.

The accompanying notes are an integral part of the financial statements.
257

MassMutual Select Large Cap Growth Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class A
	Six months ended 6/30/07 (Unaudited)			Year ended 12/31/06			Year ended 12/31/05††			Year ended 12/31/04			Year ended 12/31/03			Year ended 12/31/02
Net asset value, beginning of period	$	9.88		$	10.29		$	9.03		$	8.48		$	6.97		$	10.00
Income (loss) from investment operations:
Net investment income (loss)		(0.02	)***		(0.05	)***		(0.06	)***		(0.02	)***		(0.03	)***		(0.04	)***
Net realized and unrealized gain (loss) on investments		0.69			0.05			1.32			0.57			1.54			(2.99	)
Total income (loss) from investment operations		0.67			0.00			1.26			0.55			1.51			(3.03	)
Less distributions to shareholders:
From net realized gains		-			(0.41	)		-			-			-			-
Net asset value, end of period	$	10.55		$	9.88		$	10.29		$	9.03		$	8.48		$	6.97
Total Return (a)		6.78	% (c)**		(0.02	)% (c)		13.95	% (c)		6.49	% (c)		21.66	%		(30.30	)%
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	9,051		$	8,278		$	3,452		$	1,997		$	1,374		$	826
Ratio of expenses to average daily net assets:
Before expense waiver		1.35	% *		1.39	%		1.38	%		1.37	%		1.34	%		1.40	%
After expense waiver		N/A			N/A			1.35	% #		1.25	% (b)#		1.25	% (b)#		1.22	% (b)#
Net investment income (loss) to average daily net assets		(0.45	)% *		(0.55	)%		(0.65	)%		(0.20	)%		(0.34	)%		(0.48	)%
Portfolio turnover rate		46	% **		98	%		83	%		68	%		47	%		56	%
	Class L
	Six months ended 6/30/07 (Unaudited)			Year ended 12/31/06			Year ended 12/31/05††			Year ended 12/31/04			Year ended 12/31/03			Year ended 12/31/02
Net asset value, beginning of period	$	10.14		$	10.53		$	9.09		$	8.52		$	6.99		$	10.00
Income (loss) from investment operations:
Net investment income (loss)		(0.01	)***		(0.03	)***		(0.05	)***		0.00	***†		(0.01	)***		(0.01	)***
Net realized and unrealized gain (loss) on investments		0.70			0.05			1.49			0.57			1.54			(3.00	)
Total income (loss) from investment operations		0.69			0.02			1.44			0.57			1.53			(3.01	)
Less distributions to shareholders:
From net investment income		-			-			-			(0.00	)†		-			-
From net realized gains		-			(0.41	)		-			-			-			-
Total distributions		-			(0.41	)		-			(0.00	)		-			-
Net asset value, end of period	$	10.83		$	10.14		$	10.53		$	9.09		$	8.52		$	6.99
Total Return (a)		6.80	% **		0.17	%		15.84	%		6.72	%		21.89	%		(30.10	)%
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	1,412		$	1,630		$	1,032		$	9,272		$	7,628		$	3,883
Ratio of expenses to average daily net assets:
Before expense waiver		1.10	% *		1.15	%		1.09	%		1.12	%		1.09	%		1.15	%
After expense waiver		N/A			N/A			1.06	% #		1.00	% (b)#		1.00	% (b)#		0.98	% (b)#
Net investment income (loss) to average daily net assets		(0.21	)% *		(0.30	)%		(0.55	)%		0.04	%		(0.08	)%		(0.20	)%
Portfolio turnover rate		46	% **		98	%		83	%		68	%		47	%		56	%

* Annualized.

** Percentage represents results for the period and is not annualized.

*** Per share amount calculated on the average shares method.

† Amount is less than $0.01 per share.

# Computed after giving effect to an agreement by MassMutual to waive certain fees and expenses of the Fund.

(b) The Fund has entered into an agreement with certain brokers to rebate a portion of brokerage commissions. The rebated commissions were used to reduce operating expenses of the Fund.

The accompanying notes are an integral part of the financial statements.
258

MassMutual Select Large Cap Growth Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class Y
	Six months ended 6/30/07 (Unaudited)			Year ended 12/31/06			Year ended 12/31/05††			Year ended 12/31/04			Year ended 12/31/03			Year ended 12/31/02
Net asset value, beginning of period	$	10.05		$	10.42		$	9.10		$	8.53		$	7.00		$	10.00
Income (loss) from investment operations:
Net investment income (loss)		(0.00	)***†		(0.02	)***		(0.02	)***		0.02	***		0.01	***		(0.01	)***
Net realized and unrealized gain (loss) on investments		0.69			0.06			1.34			0.57			1.53			(2.99	)
Total income (loss) from investment operations		0.69			0.04			1.32			0.59			1.54			(3.00	)
Less distributions to shareholders:
From net investment income		-			-			-			(0.02	)		(0.01	)		-
From net realized gains		-			(0.41	)		-			-			-			-

Total distributions		-			(0.41	)		-			(0.02	)		(0.01	)		-
Net asset value, end of period	$	10.74		$	10.05		$	10.42		$	9.10		$	8.53		$	7.00
Total Return (a)		6.87	% **		0.37	%		14.51	%		6.86	%		22.04	%		(30.00	)%
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	12,557		$	10,043		$	12,099		$	9,052		$	7,697		$	78
Ratio of expenses to average daily net assets:
Before expense waiver		0.95	% *		0.98	%		0.98	%		0.97	%		0.94	%		1.00	%
After expense waiver		N/A			N/A			0.95	% #		0.85	% (b)#		0.86	% (b)#		0.82	% (b)#
Net investment income (loss) to average daily net assets		(0.05	)% *		(0.19	)%		(0.26	)%		0.19	%		0.08	%		(0.11	)%
Portfolio turnover rate		46	% **		98	%		83	%		68	%		47	%		56	%
	Class S
	Six months ended 6/30/07 (Unaudited)			Year ended 12/31/06			Year ended 12/31/05††			Year ended 12/31/04			Year ended 12/31/03			Year ended 12/31/02
Net asset value, beginning of period	$	10.09		$	10.46		$	9.14		$	8.55		$	7.01		$	10.00
Income (loss) from investment operations:
Net investment income (loss)		(0.00	)***†		(0.02	)***		(0.02	)***		0.01	***		0.01	***		(0.00	)***†
Net realized and unrealized gain (loss) on investments		0.71			0.06			1.34			0.59			1.54			(2.99	)
Total income (loss) from investment operations		0.71			0.04			1.32			0.60			1.55			(2.99	)
Less distributions to shareholders:
From net investment income		-			-			-			(0.01	)		(0.01	)		-
From net realized gains		-			(0.41	)		-			-			-			-
Total distributions		-			(0.41	)		-			(0.01	)		(0.01	)		-
Net asset value, end of period	$	10.80		$	10.09		$	10.46		$	9.14		$	8.55		$	7.01
Total Return (a)		7.04	% **		0.36	%		14.44	%		7.08	%		22.05	%		(29.90	)%
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	21,110		$	20,909		$	26,241		$	18,791		$	33,787		$	28,029
Ratio of expenses to average daily net assets:
Before expense waiver		0.91	% *		0.94	%		0.94	%		0.93	%		0.90	%		0.96	%
After expense waiver		N/A			N/A			0.91	% #		0.81	% (b)#		0.81	% (b)#		0.77	% (b)#
Net investment income (loss) to average daily net assets		(0.01	)% *		(0.15	)%		(0.21	)%		0.16	%		0.11	%		(0.05	)%
Portfolio turnover rate		46	% **		98	%		83	%		68	%		47	%		56	%

* Annualized.

** Percentage represents results for the period and is not annualized.

*** Per share amount calculated on the average shares method.

† Amount is less than $0.01 per share.

# Computed after giving effect to an agreement by MassMutual to waive certain fees and expenses of the Fund.

(b) The Fund has entered into an agreement with certain brokers to rebate a portion of brokerage commissions. The rebated commissions were used to reduce operating expenses of the Fund.

The accompanying notes are an integral part of the financial statements.
259

MassMutual Select Large Cap Growth Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class N
	Six months ended 6/30/07 (Unaudited)			Year ended 12/31/06			Year ended 12/31/05††			Year ended 12/31/04			Year ended 12/31/03			Period ended 12/31/02++
Net asset value, beginning of period	$	9.86		$	10.31		$	9.07		$	8.42		$	6.94		$	6.95
Income (loss) from investment operations:
Net investment income (loss)		(0.04	)***		(0.09	)***		(0.09	)***		(0.07	)***		(0.05	)***		(0.00	)***†
Net realized and unrealized gain (loss) on investments		0.69			0.05			1.33			0.72			1.53			(0.01	)
Total income from investment operations		0.65			(0.04	)		1.24			0.65			1.48			(0.01	)
Less distributions to shareholders:
From net realized gains		-			(0.41	)		-			-			-			-
Net asset value, end of period	$	10.51		$	9.86		$	10.31		$	9.07		$	8.42		$	6.94
Total Return (a)		6.59	% (c)**		(0.41	)% (c)		13.67	% (c)		7.72	% (c)		21.33	% (c)		-	‡
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	1		$	1		$	1		$	5		$	125		$	101
Ratio of expenses to average daily net assets:
Before expense waiver		1.65	% *		1.69	%		1.66	%		1.67	%		1.64	%		-	‡
After expense waiver		N/A			N/A			1.63	% #		1.56	% (b)#		1.55	% (b)#		-	‡
Net investment income (loss) to average daily net assets		(0.73	)% *		(0.93	)%		(0.94	)%		(0.83	)%		(0.63	)%		-	‡
Portfolio turnover rate		46	% **		98	%		83	%		68	%		47	%		56	%

* Annualized.

** Percentage represents results for the period and is not annualized.

*** Per share amount calculated on the average shares method.

† Amount is less than $0.01 per share.

++ Class N commenced operations on December 31, 2002.

‡ Amount is de minimis due to the short period of operations.

# Computed after giving effect to an agreement by MassMutual to waive certain fees and expenses of the Fund.

(b) The Fund has entered into an agreement with certain brokers to rebate a portion of brokerage commissions. The rebated commissions were used to reduce operating expenses of the Fund.

The accompanying notes are an integral part of the financial statements.
260

MassMutual Select Growth Equity Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class A
	Six months ended 6/30/07 (Unaudited)			Year ended 12/31/06			Year ended 12/31/05†			Year ended 12/31/04			Year ended 12/31/03			Year ended 12/31/02
Net asset value, beginning of period	$	8.12		$	8.00		$	7.74		$	7.40		$	6.04		$	8.39
Income (loss) from investment operations:
Net investment income (loss)		0.00	***††		0.01	***		0.00	***††		0.00	***††		(0.02	)***		(0.03	)***
Net realized and unrealized gain (loss) on investments		0.40			0.11			0.26			0.34			1.38			(2.32	)
Total income (loss) from investment operations		0.40			0.12			0.26			0.34			1.36			(2.35	)
Less distributions to shareholders:
From net investment income		-			(0.00	)††		(0.00	)††		(0.00	)††		-			-
Net asset value, end of period	$	8.52		$	8.12		$	8.00		$	7.74		$	7.40		$	6.04
Total Return (a)		4.93	%(c)**		1.51	% (c)		3.39	% (c)		4.60	% (c)		22.52	%		(28.01	)%
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	69,093		$	119,863		$	229,120		$	224,998		$	206,097		$	79,267
Ratio of expenses to average daily net assets:
Before expense waiver		1.27	%*		1.25	%		1.25	%		1.26	%		1.26	%		1.26	%
After expense waiver		N/A			N/A			N/A			1.24	% (b)#		1.18	% (b)#		1.22	% (b)#
Net investment income (loss) to average daily net assets		0.07	%*		0.11	%		0.05	%		0.01	%		(0.31	)%		(0.41	)%
Portfolio turnover rate		50	%**		114	%		92	%		181	%		260	%		224	%
	Class L
	Six months ended 6/30/07 (Unaudited)			Year ended 12/31/06			Year ended 12/31/05†			Year ended 12/31/04			Year ended 12/31/03			Year ended 12/31/02
Net asset value, beginning of period	$	8.20		$	8.09		$	7.83		$	7.49		$	6.10		$	8.45
Income (loss) from investment operations:
Net investment income (loss)		0.01	***		0.03	***		0.02	***		0.02	***		(0.00	)***††		(0.01	)***
Net realized and unrealized gain (loss) on investments		0.41			0.12			0.26			0.34			1.39			(2.34	)
Total income (loss) from investment operations		0.42			0.15			0.28			0.36			1.39			(2.35	)
Less distributions to shareholders:
From net investment income		-			(0.04	)		(0.02	)		(0.02	)		-			-
Net asset value, end of period	$	8.62		$	8.20		$	8.09		$	7.83		$	7.49		$	6.10
Total Return (a)		5.12	%**		1.80	%		3.61	%		4.82	%		22.79	%		(27.81	)%
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	171,353		$	319,548		$	291,037		$	276,387		$	201,623		$	99,882
Ratio of expenses to average daily net assets:
Before expense waiver		1.02	%*		1.00	%		1.00	%		1.01	%		1.01	%		1.01	%
After expense waiver		N/A			N/A			N/A			0.99	% (b)#		0.92	% (b)#		0.97	% (b)#
Net investment income (loss) to average daily net assets		0.32	%*		0.36	%		0.30	%		0.29	%		(0.05	)%		(0.17	)%
Portfolio turnover rate		50	%**		114	%		92	%		181	%		260	%		224	%

* Annualized.

** Percentage represents results for the period and is not annualized.

*** Per share amount calculated on the average shares method.

†† Amount is less than $0.01 per share.

# Computed after giving effect to an agreement by MassMutual to waive certain fees and expenses of the Fund.

(b) The Fund has entered into an agreement with certain brokers to rebate a portion of brokerage commissions. The rebated commission were used to reduce operating expenses of the Fund.

The accompanying notes are an integral part of the financial statements.
261

MassMutual Select Growth Equity Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class Y
	Six months ended 6/30/07 (Unaudited)			Year ended 12/31/06			Year ended 12/31/05†			Year ended 12/31/04			Year ended 12/31/03			Year ended 12/31/02
Net asset value, beginning of period	$	8.25		$	8.14		$	7.88		$	7.54		$	6.12		$	8.47
Income (loss) from investment operations:
Net investment income (loss)		0.02	***		0.04	***		0.04	***		0.03	***		0.01	***		(0.00	)***††
Net realized and unrealized gain (loss) on investments		0.41			0.11			0.25			0.34			1.41			(2.35	)
Total income (loss) from investment operations		0.43			0.15			0.29			0.37			1.42			(2.35	)
Less distributions to shareholders:
From net investment income		-			(0.04	)		(0.03	)		(0.03	)		-			-
Net asset value, end of period	$	8.68		$	8.25		$	8.14		$	7.88		$	7.54		$	6.12
Total Return (a)		5.21	%**		1.88	%		3.72	%		4.92	%		23.20	%		(27.75	)%
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	60,134		$	63,323		$	115,290		$	112,683		$	101,937		$	70,469
Ratio of expenses to average daily net assets:
Before expense waiver		0.87	%*		0.85	%		0.85	%		0.86	%		0.86	%		0.86	%
After expense waiver		N/A			N/A			N/A			0.84	% (b)#		0.77	%(b)#		0.82	% (b)#
Net investment income (loss) to average daily net assets		0.47	%*		0.54	%		0.45	%		0.42	%		0.10	%		(0.03	)%
Portfolio turnover rate		50	%**		114	%		92	%		181	%		260	%		224	%
	Class S
	Six months ended 6/30/07 (Unaudited)			Year ended 12/31/06			Year ended 12/31/05†			Year ended 12/31/04			Year ended 12/31/03			Year ended 12/31/02
Net asset value, beginning of period	$	8.28		$	8.17		$	7.90		$	7.56		$	6.14		$	8.49
Income (loss) from investment operations:
Net investment income (loss)		0.02	***		0.05	***		0.04	***		0.04	***		0.01	***		0.00	***††
Net realized and unrealized gain (loss) on investments		0.41			0.11			0.27			0.34			1.41			(2.35	)
Total income (loss) from investment operations		0.43			0.16			0.31			0.38			1.42			(2.35	)
Less distributions to shareholders:
From net investment income		-			(0.05	)		(0.04	)		(0.04	)		-			-
Net asset value, end of period	$	8.71		$	8.28		$	8.17		$	7.90		$	7.56		$	6.14
Total Return (a)		5.19	%**		2.00	%		3.91	%		4.96	%		23.13	%		(27.68	)%
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	151,948		$	258,838		$	269,166		$	229,407		$	217,508		$	130,165
Ratio of expenses to average daily net assets:
Before expense waiver		0.81	%*		0.79	%		0.79	%		0.80	%		0.80	%		0.80	%
After expense waiver		N/A			N/A			N/A			0.78	% (b)#		0.71	%(b)#		0.76	% (b)#
Net investment income (loss) to average daily net assets		0.53	%*		0.58	%		0.51	%		0.48	%		0.16	%		0.04	%
Portfolio turnover rate		50	%**		114	%		92	%		181	%		260	%		224	%

* Annualized.

** Percentage represents results for the period and is not annualized.

*** Per share amount calculated on the average shares method.

†† Amount is less than $0.01 per share.

# Computed after giving effect to an agreement by MassMutual to waive certain fees and expenses of the Fund.

(b) The Fund has entered into an agreement with certain brokers to rebate a portion of brokerage commissions. The rebated commissions were used to reduce operating expenses of the Fund.

The accompanying notes are an integral part of the financial statements.
262

MassMutual Select Growth Equity Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class N
	Six months ended 6/30/07 (Unaudited)			Year ended 12/31/06			Year ended 12/31/05†			Year ended 12/31/04			Year ended 12/31/03			Period ended 12/31/02++
Net asset value, beginning of period	$	7.99		$	7.89		$	7.65		$	7.34		$	6.01		$	6.01
Income (loss) from investment operations:
Net investment income (loss)		(0.01	)***		(0.01	)***		(0.02	)***		(0.02	)***		(0.05	)***		0.00	***††
Net realized and unrealized gain (loss) on investments		0.40			0.11			0.26			0.33			1.38			(0.00	)††
Total income from investment operations		0.39			0.10			0.24			0.31			1.33			0.00
Net asset value, end of period	$	8.38		$	7.99		$	7.89		$	7.65		$	7.34		$	6.01
Total Return (a)		4.88	% (c)**		1.27	% (c)		3.14	% (c)		4.22	% (c)		22.13	% (c)		-	‡
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	66		$	79		$	1,294		$	1,472		$	1,661		$	101
Ratio of expenses to average daily net assets:
Before expense waiver		1.57	% *		1.55	%		1.55	%		1.56	%		1.57	%		-	‡
After expense waiver		N/A			N/A			N/A			1.54	% (b)#		1.52	% (b)#		-	‡
Net investment income (loss) to average daily net assets		(0.24	)% *		(0.12	)%		(0.25	)%		(0.31	)%		(0.65	)%		-	‡
Portfolio turnover rate		50	% **		114	%		92	%		181	%		260	%		224	%

* Annualized.

** Percentage represents results for the period and is not annualized.

*** Per share amount calculated on the average shares method.

†† Amount is less than $0.01 per share.

++ Class N commenced operations on December 31, 2002.

‡ Amount is de minimis due to short period of operations.

# Computed after giving effect to an agreement by MassMutual to waive certain fees and expenses of the Fund.

(b) The Fund has entered into an agreement with certain brokers to rebate a portion of brokerage commissions. The rebated commissions were used to reduce operating expenses of the Fund.

The accompanying notes are an integral part of the financial statements.
263

MassMutual Select Aggressive Growth Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class A
	Six months ended 6/30/07 (Unaudited)			Year ended 12/31/06			Year ended 12/31/05††			Year ended 12/31/04			Year ended 12/31/03			Year ended 12/31/02
Net asset value, beginning of period	$	6.06		$	6.47		$	5.89		$	4.96		$	3.80		$	5.28
Income (loss) from investment operations:
Net investment income (loss)		(0.03	)***		(0.06	)***		(0.06	)***		(0.04	)***		(0.02	)***		(0.02	)***
Net realized and unrealized gain (loss) on investments		0.43			(0.35	)		0.64			0.97			1.18			(1.46	)
Total income (loss) from investment operations		0.40			(0.41	)		0.58			0.93			1.16			(1.48	)
Net asset value, end of period	$	6.46		$	6.06		$	6.47		$	5.89		$	4.96		$	3.80
Total Return (a)		6.60	% (c)**		(6.34	)% (c)		9.85	% (c)		18.75	% (c)		30.53	%		(28.03	)%
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	111,969		$	114,139		$	137,756		$	117,232		$	65,012		$	37,203
Ratio of expenses to average daily net assets:
Before expense waiver		1.38	% *		1.35	%		1.35	%		1.36	%		1.37	%		1.37	%
After expense waiver		N/A			1.33	% #		1.27	% #		1.30	% (b)#		1.33	% (b)#		1.34	% (b)#
Net investment income (loss) to average daily net assets		(0.96	)% *		(1.01	)%		(1.02	)%		(0.67	)%		(0.56	)%		(0.56	)%
Portfolio turnover rate		12	% **		49	%		24	%		85	%		93	%		112	%
	Class L
	Six months ended 6/30/07 (Unaudited)			Year ended 12/31/06			Year ended 12/31/05††			Year ended 12/31/04			Year ended 12/31/03			Year ended 12/31/02
Net asset value, beginning of period	$	6.17		$	6.56		$	5.97		$	5.01		$	3.82		$	5.31
Income (loss) from investment operations:
Net investment income (loss)		(0.02	)***		(0.05	)***		(0.05	)***		(0.02	)***		(0.01	)***		(0.01	)***
Net realized and unrealized gain (loss) on investments		0.43			(0.34	)		0.64			0.98			1.20			(1.48	)
Total income (loss) from investment operations		0.41			(0.39	)		0.59			0.96			1.19			(1.49	)
Net asset value, end of period	$	6.58		$	6.17		$	6.56		$	5.97		$	5.01		$	3.82
Total Return (a)		6.65	% **		(5.95	)%		9.88	%		19.16	%		31.15	%		(28.06	)%
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	134,531		$	192,839		$	193,605		$	152,518		$	76,120		$	31,012
Ratio of expenses to average daily net assets:
Before expense waiver		1.13	% *		1.10	%		1.10	%		1.11	%		1.12	%		1.12	%
After expense waiver		N/A			1.08	% #		1.02	% #		1.05	% (b)#		1.08	% (b)#		1.09	% (b)#
Net investment income (loss) to average daily net assets		(0.72	)% *		(0.76	)%		(0.77	)%		(0.42	)%		(0.32	)%		(0.31	)%
Portfolio turnover rate		12	% **		49	%		24	%		85	%		93	%		112	%

* Annualized.

** Percentage represents results for the period and is not annualized.

*** Per share amount calculated on the average shares method.

# Computed after giving effect to an agreement by MassMutual to waive certain fees and expenses of the Fund.

(b) The Fund has entered into an agreement with certain brokers to rebate a portion of brokerage commissions. The rebated commissions were used to reduce operating expenses of the Fund.

The accompanying notes are an integral part of the financial statements.
264

MassMutual Select Aggressive Growth Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class Y
	Six months ended 6/30/07 (Unaudited)			Year ended 12/31/06			Year ended 12/31/05††			Year ended 12/31/04			Year ended 12/31/03			Year ended 12/31/02
Net asset value, beginning of period	$	6.22		$	6.61		$	6.00		$	5.03		$	3.83		$	5.31
Income (loss) from investment operations:
Net investment income (loss)		(0.02	)***		(0.04	)***		(0.04	)***		(0.01	)***		(0.01	)***		(0.01	)***
Net realized and unrealized gain (loss) on investments		0.44			(0.35	)		0.65			0.98			1.21			(1.47	)
Total income (loss) from investment operations		0.42			(0.39	)		0.61			0.97			1.20			(1.48	)
Net asset value, end of period	$	6.64		$	6.22		$	6.61		$	6.00		$	5.03		$	3.83
Total Return (a)		6.75	% **		(5.90	)%		10.17	%		19.28	%		31.33	%		(27.87	)%
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	41,726		$	53,940		$	41,705		$	32,242		$	17,333		$	10,145
Ratio of expenses to average daily net assets:
Before expense waiver		0.97	% *		0.95	%		0.95	%		0.96	%		0.97	%		0.97	%
After expense waiver		N/A			0.93	% #		0.87	% #		0.90	% (b)#		0.93	% (b)#		0.94	% (b)#
Net investment income (loss) to average daily net assets		(0.57	)% *		(0.61	)%		(0.62	)%		(0.27	)%		(0.16	)%		(0.16	)%
Portfolio turnover rate		12	% **		49	%		24	%		85	%		93	%		112	%
	Class S
	Six months ended 6/30/07 (Unaudited)			Year ended 12/31/06			Year ended 12/31/05††			Year ended 12/31/04			Year ended 12/31/03			Year ended 12/31/02
Net asset value, beginning of period	$	6.26		$	6.65		$	6.03		$	5.05		$	3.84		$	5.32
Income (loss) from investment operations:
Net investment income (loss)		(0.02	)***		(0.03	)***		(0.03	)***		(0.01	)***		(0.00	)***†		(0.01	)***
Net realized and unrealized gain (loss) on investments		0.45			(0.36	)		0.65			0.99			1.21			(1.47	)
Total income (loss) from investment operations		0.43			(0.39	)		0.62			0.98			1.21			(1.48	)
Net asset value, end of period	$	6.69		$	6.26		$	6.65		$	6.03		$	5.05		$	3.84
Total Return (a)		6.87	% **		(5.86	)%		10.28	%		19.41	%		31.51	%		(27.82	)%
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	239,640		$	239,162		$	240,002		$	198,154		$	108,281		$	46,026
Ratio of expenses to average daily net assets:
Before expense waiver		0.88	% *		0.85	%		0.85	%		0.86	%		0.87	%		0.87	%
After expense waiver		N/A			0.83	% #		0.77	% #		0.80	% (b)#		0.83	% (b)#		0.84	% (b)#
Net investment income (loss) to average daily net assets		(0.46	)% *		(0.51	)%		(0.51	)%		(0.17	)%		(0.06	)%		(0.07	)%
Portfolio turnover rate		12	% **		49	%		24	%		85	%		93	%		112	%

* Annualized.

** Percentage represents results for the period and is not annualized.

*** Per share amount calculated on the average shares method.

† Amount is less than $0.01 per share.

# Computed after giving effect to an agreement by MassMutual to waive certain fees and expenses of the Fund.

(b) The Fund has entered into an agreement with certain brokers to rebate a portion of brokerage commissions. The rebated commissions were used to reduce operating expenses of the Fund.

The accompanying notes are an integral part of the financial statements.
265

MassMutual Select Aggressive Growth Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class N
	Six months ended 6/30/07 (Unaudited)			Year ended 12/31/06			Year ended 12/31/05††			Year ended 12/31/04			Year ended 12/31/03			Period ended 12/31/02++
Net asset value, beginning of period	$	5.96		$	6.37		$	5.83		$	4.92		$	3.77		$	3.77
Income (loss) from investment operations:
Net investment income (loss)		(0.04	)***		(0.08	)***		(0.08	)***		(0.05	)***		(0.04	)***		0.00	***†
Net realized and unrealized gain (loss) on investments		0.41			(0.33	)		0.62			0.96			1.19			(0.00	)†
Total income from investment operations		0.37			(0.41	)		0.54			0.91			1.15			0.00
Net asset value, end of period	$	6.33		$	5.96		$	6.37		$	5.83		$	4.92		$	3.77
Total Return (a)		6.21	% (c)**		(6.44	)% (c)		9.26	% (c)		18.50	% (c)		30.50	% (c)		-	‡
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	1,182		$	1,203		$	1,034		$	1,144		$	636		$	101
Ratio of expenses to average daily net assets:
Before expense waiver		1.68	% *		1.65	%		1.65	%		1.66	%		1.68	%		-	‡
After expense waiver		N/A			1.63	% #		1.57	% #		1.59	% (b)#		1.64	% (b)#		-	‡
Net investment income (loss) to average daily net assets		(1.26	)% *		(1.31	)%		(1.32	)%		(0.99	)%		(0.91	)%		-	‡
Portfolio turnover rate		12	% **		49	%		24	%		85	%		93	%		112	%

* Annualized.

** Percentage represents results for the period and is not annualized.

*** Per share amount calculated on the average shares method.

† Amount is less than $0.01 per share.

++ Class N commenced operations on December 31, 2002.

‡ Amount is de minimis due to the short period of operations.

# Computed after giving effect to an agreement by MassMutual to waive certain fees and expenses of the Fund.

(b) The Fund has entered into an agreement with certain brokers to rebate a portion of brokerage commissions. The rebated commissions are used to reduce operating expenses of the Fund.

The accompanying notes are an integral part of the financial statements.
266

MassMutual Select OTC 100 Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class A
	Six months ended 6/30/07 (Unaudited)			Year ended 12/31/06			Year ended 12/31/05			Year ended 12/31/04			Year ended 12/31/03			Year ended 12/31/02
Net asset value, beginning of period	$	4.37		$	4.12		$	4.09		$	3.74		$	2.53		$	4.08
Income (loss) from investment operations:
Net investment income (loss)		(0.01	)***		(0.02	)***		(0.02	)***		0.00	***†		(0.03	)***		(0.03	)***
Net realized and unrealized gain (loss) on investments		0.44			0.27			0.05			0.35			1.24			(1.52	)
Total income (loss) from investment operations		0.43			0.25			0.03			0.35			1.21			(1.55	)
Less distributions to shareholders:
From net investment income		-			-			-			(0.00	)†		-			-
Net asset value, end of period	$	4.80		$	4.37		$	4.12		$	4.09		$	3.74		$	2.53
Total Return (a)		9.59	% (b)**		6.31	% (b)		0.73	% (b)		9.47	% (b)		47.83	%		(37.99	)%
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	19,053		$	21,627		$	26,216		$	32,176		$	30,349		$	11,644
Ratio of expenses to average daily net assets:
Before expense waiver		1.18	% *		1.15	%		1.11	%		1.12	%		1.17	%		1.18	%
After expense waiver		N/A			N/A			N/A			N/A			1.12	% #		1.04	% #
Net investment income (loss) to average daily net assets		(0.49	)% *		(0.50	)%		(0.50	)%		0.12	%		(0.86	)%		(0.90	)%
Portfolio turnover rate		5	% **		7	%		17	%		30	%		66	%		65	%
	Class L
	Six months ended 6/30/07 (Unaudited)			Year ended 12/31/06			Year ended 12/31/05			Year ended 12/31/04			Year ended 12/31/03			Year ended 12/31/02
Net asset value, beginning of period	$	4.44		$	4.17		$	4.13		$	3.77		$	2.54		$	4.10
Income (loss) from investment operations:
Net investment income (loss)		(0.01	)***		(0.01	)***		(0.01	)***		0.01	***		(0.02	)***		(0.02	)***
Net realized and unrealized gain (loss) on investments		0.45			0.28			0.05			0.36			1.25			(1.54	)
Total income (loss) from investment operations		0.44			0.27			0.04			0.37			1.23			(1.56	)
Less distributions to shareholders:
From net investment income		-			-			-			(0.01	)		-			-
Net asset value, end of period	$	4.88		$	4.44		$	4.17		$	4.13		$	3.77		$	2.54
Total Return (a)		9.91	% **		6.47	%		0.97	%		9.82	%		48.43	%		(38.05	)%
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	8,395		$	9,960		$	13,000		$	13,101		$	15,508		$	6,389
Ratio of expenses to average daily net assets:
Before expense waiver		0.93	% *		0.90	%		0.86	%		0.87	%		0.91	%		0.93	%
After expense waiver		N/A			N/A			N/A			N/A			0.87	% #		0.79	% #
Net investment income (loss) to average daily net assets		(0.24	)% *		(0.26	)%		(0.24	)%		0.26	%		(0.61	)%		(0.65	)%
Portfolio turnover rate		5	% **		7	%		17	%		30	%		66	%		65	%

* Annualized.

** Percentage represents results for the period and is not annualized.

*** Per share amount calculated on the average shares method.

† Amount is less than $0.01 per share.

# Computed after giving effect to an agreement by MassMutual to waive certain fees and expenses of the Fund.

(b) Total return excludes sales charges and would be lower for the period presented if it reflected these charges.

The accompanying notes are an integral part of the financial statements.
267

MassMutual Select OTC 100 Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class Y
	Six months ended 6/30/07 (Unaudited)			Year ended 12/31/06			Year ended 12/31/05			Year ended 12/31/04			Year ended 12/31/03			Year ended 12/31/02
Net asset value, beginning of period	$	4.47		$	4.19		$	4.15		$	3.79		$	2.54		$	4.11
Income (loss) from investment operations:
Net investment income (loss)		(0.00	)***†		(0.01	)***		(0.00	)***†		0.02	***		(0.01	)***		(0.01	)***
Net realized and unrealized gain (loss) on investments		0.45			0.29			0.04			0.36			1.26			(1.56	)
Total income (loss) from investment operations		0.45			0.28			0.04			0.38			1.25			(1.57	)
Less distributions to shareholders:
From net investment income		-			-			-			(0.02	)		-			-
Net asset value, end of period	$	4.92		$	4.47		$	4.19		$	4.15		$	3.79		$	2.54
Total Return (a)		10.07	% **		6.68	%		0.96	%		9.98	%		48.63	%		(37.96	)%
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	1,474		$	1,495		$	2,628		$	3,777		$	3,827		$	998
Ratio of expenses to average daily net assets:
Before expense waiver		0.78	% *		0.75	%		0.71	%		0.72	%		0.77	%		0.78	%
After expense waiver		N/A			N/A			N/A			N/A			0.73	% #		0.64	% #
Net investment income (loss) to average daily net assets		(0.10	)% *		(0.12	)%		(0.11	)%		0.49	%		(0.45	)%		(0.50	)%
Portfolio turnover rate		5	% **		7	%		17	%		30	%		66	%		65	%
	Class S
	Six months ended 6/30/07 (Unaudited)			Year ended 12/31/06			Year ended 12/31/05			Year ended 12/31/04			Year ended 12/31/03			Year ended 12/31/02
Net asset value, beginning of period	$	4.51		$	4.22		$	4.17		$	3.81		$	2.56		$	4.12
Income (loss) from investment operations:
Net investment income (loss)		0.00	***†		(0.00	)***†		(0.00	)***†		0.02	***		(0.01	)***		(0.01	)***
Net realized and unrealized gain (loss) on investments		0.45			0.29			0.05			0.36			1.26			(1.55	)
Total income (loss) from investment operations		0.45			0.29			0.05			0.38			1.25			(1.56	)
Less distributions to shareholders:
From net investment income		-			-			-			(0.02	)		-			-
Net asset value, end of period	$	4.96		$	4.51		$	4.22		$	4.17		$	3.81		$	2.56
Total Return (a)		9.98	% **		6.87	%		1.20	%		10.00	%		48.83	%		(37.71	)%
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	15,175		$	16,179		$	19,404		$	25,880		$	26,424		$	7,211
Ratio of expenses to average daily net assets:
Before expense waiver		0.68	% *		0.65	%		0.61	%		0.62	%		0.67	%		0.68	%
After expense waiver		N/A			N/A			N/A			N/A			0.63	% #		0.54	% #
Net investment income (loss) to average daily net assets		0.01	% *		(0.00	)%		(0.01	)%		0.45	%		(0.36	)%		(0.41	)%
Portfolio turnover rate		5	% **		7	%		17	%		30	%		66	%		65	%

* Annualized.

** Percentage represents results for the period and is not annualized.

*** Per share amount calculated on the average shares method.

† Amount is less than $0.01 per share.

# Computed after giving effect to an agreement by MassMutual to waive certain fees and expenses of the Fund.

The accompanying notes are an integral part of the financial statements.
268

MassMutual Select OTC 100 Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class N
	Six months ended 6/30/07 (Unaudited)			Year ended 12/31/06			Year ended 12/31/05			Year ended 12/31/04			Year ended 12/31/03			Period ended 12/31/02++
Net asset value, beginning of period	$	4.31		$	4.07		$	4.05		$	3.71		$	2.52		$	2.53
Income (loss) from investment operations:
Net investment income (loss)		(0.02	)***		(0.03	)***		(0.03	)***		0.00	***†		(0.04	)***		(0.00	)***†
Net realized and unrealized gain (loss) on investments		0.43			0.27			0.05			0.34			1.23			(0.01	)
Total income (loss) from investment operations		0.41			0.24			0.02			0.34			1.19			(0.01	)
Less distributions to shareholders:
From net investment income		-			-			-			(0.00	)†		-			-
Net asset value, end of period	$	4.72		$	4.31		$	4.07		$	4.05		$	3.71		$	2.52
Total Return (a)		9.51	% (b)**		5.90	% (b)		0.49	% (b)		9.25	% (b)		47.22	% (b)		-	‡
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	475		$	445		$	451		$	432		$	150		$	100
Ratio of expenses to average daily net assets:
Before expense waiver		1.48	% *		1.45	%		1.41	%		1.41	%		1.46	%		-	‡
After expense waiver		N/A			N/A			N/A			N/A			1.42	% #		-	‡
Net investment income (loss) to average daily net assets		(0.79	)% *		(0.79	)%		(0.79	)%		0.11	%		(1.15	)%		-	‡
Portfolio turnover rate		5	% **		7	%		17	%		30	%		66	%		65	%

* Annualized.

** Percentage represents results for the period and is not annualized.

*** Per share amount calculated on the average shares method.

† Amount is less than $0.01 per share.

++ Class N commenced operations on December 31, 2002.

‡ Amount is de minimis due to the short period of operations.

# Computed after giving effect to an agreement by MassMutual to waive certain fees and expenses of the Fund.

(b) Total return excludes sales charges and would be lower for the period presented if it reflected these charges.

The accompanying notes are an integral part of the financial statements.
269

MassMutual Select Focused Value Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class A
	Six months ended 6/30/07 (Unaudited)			Year ended 12/31/06			Year ended 12/31/05††			Year ended 12/31/04			Year ended 12/31/03			Year ended 12/31/02
Net asset value, beginning of period	$	18.08		$	16.70		$	17.78		$	16.92		$	11.94		$	13.41
Income (loss) from investment operations:
Net investment income (loss)		(0.20	)***		0.25	***		(0.00	)***†		(0.07	)***		(0.06	)***		(0.04	)***
Net realized and unrealized gain (loss) on investments		2.14			3.02			0.53			1.96			5.45			(1.33	)
Total income (loss) from investment operations		1.94			3.27			0.53			1.89			5.39			(1.37	)
Less distributions to shareholders:
From net investment income		-			(0.26	)		(0.01	)		-			(0.00	)†		-
From net realized gains		-			(1.63	)		(1.60	)		(1.03	)		(0.41	)		(0.10	)
Total distributions		-			(1.89	)		(1.61	)		(1.03	)		(0.41	)		(0.10	)
Net asset value, end of period	$	20.02		$	18.08		$	16.70		$	17.78		$	16.92		$	11.94
Total Return (a)		10.79	% (c)**		19.65	% (c)		2.98	% (c)		11.33	% (c)		45.13	%		(10.18	)%
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	266,486		$	275,925		$	252,047		$	228,871		$	158,981		$	54,319
Ratio of expenses to average daily net assets:
Before expense waiver		1.29	% *		1.29	%		1.30	%		1.30	%		1.30	%		1.30	%
After expense waiver		N/A			N/A			N/A			1.28	% (b)#		1.29	% (b)#		1.30	% (b)#
Net investment income (loss) to average daily net assets		(2.13	)% *		1.39	%		(0.01	)%		(0.40	)%		(0.40	)%		(0.33	)%
Portfolio turnover rate		21	% **		36	%		31	%		32	%		31	%		78	%
	Class L
	Six months ended 6/30/07 (Unaudited)			Year ended 12/31/06			Year ended 12/31/05††			Year ended 12/31/04			Year ended 12/31/03			Year ended 12/31/02
Net asset value, beginning of period	$	18.34		$	16.91		$	17.98		$	17.05		$	12.00		$	13.45
Income (loss) from investment operations:
Net investment income (loss)		(0.18	)***		0.30	***		0.05	***		(0.03	)***		(0.02	)***		(0.01	)***
Net realized and unrealized gain (loss) on investments		2.18			3.06			0.53			1.99			5.48			(1.34	)
Total income (loss) from investment operations		2.00			3.36			0.58			1.96			5.46			(1.35	)
Less distributions to shareholders:
From net investment income		-			(0.30	)		(0.05	)		-			(0.00	)†		-
From net realized gains		-			(1.63	)		(1.60	)		(1.03	)		(0.41	)		(0.10	)
Total distributions		-			(1.93	)		(1.65	)		(1.03	)		(0.41	)		(0.10	)
Net asset value, end of period	$	20.34		$	18.34		$	16.91		$	17.98		$	17.05		$	12.00
Total Return (a)		10.91	% **		19.94	%		3.26	%		11.65	%		45.49	%		(10.00	)%
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	185,302		$	203,635		$	180,827		$	163,742		$	114,730		$	39,942
Ratio of expenses to average daily net assets:
Before expense waiver		1.04	% *		1.04	%		1.05	%		1.05	%		1.05	%		1.05	%
After expense waiver		N/A			N/A			N/A			1.03	% (b)#		1.04	% (b)#		1.05	% (b)#
Net investment income (loss) to average daily net assets		(1.87	)% *		1.66	%		0.26	%		(0.16	)%		(0.16	)%		(0.11	)%
Portfolio turnover rate		21	% **		36	%		31	%		32	%		31	%		78	%

* Annualized.

** Percentage represents results for the period and is not annualized.

*** Per share amount calculated on the average shares method.

† Amount is less than $0.01 per share.

# Computed after giving effect to an agreement by MassMutual to waive certain fees and expenses of the Fund.

(b) The Fund has entered into an agreement with certain brokers to rebate a portion of brokerage commissions. The rebated commissions were used to reduce operating expenses of the Fund.

The accompanying notes are an integral part of the financial statements.
270

MassMutual Select Focused Value Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class Y
	Six months ended 6/30/07 (Unaudited)			Year ended 12/31/06			Year ended 12/31/05††			Year ended 12/31/04			Year ended 12/31/03			Year ended 12/31/02
Net asset value, beginning of period	$	18.47		$	17.02		$	18.08		$	17.12		$	12.03		$	13.46
Income (loss) from investment operations:
Net investment income (loss)		(0.18	)***		0.32	***		0.07	***		(0.00	)***†		(0.00	)***†		0.03	***
Net realized and unrealized gain (loss) on investments		2.21			3.09			0.55			1.99			5.50			(1.36	)
Total income (loss) from investment operations		2.03			3.41			0.62			1.99			5.50			(1.33	)
Less distributions to shareholders:
From net investment income		-			(0.33	)		(0.08	)		-			(0.00	)†		-
From net realized gains		-			(1.63	)		(1.60	)		(1.03	)		(0.41	)		(0.10	)
Total distributions		-			(1.96	)		(1.68	)		(1.03	)		(0.41	)		(0.10	)
Net asset value, end of period	$	20.50		$	18.47		$	17.02		$	18.08		$	17.12		$	12.03
Total Return (a)		10.99	% **		20.12	%		3.44	%		11.78	%		45.71	%		(9.85	)%
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	149,612		$	144,555		$	116,392		$	94,538		$	78,549		$	45,302
Ratio of expenses to average daily net assets:
Before expense waiver		0.89	% *		0.89	%		0.90	%		0.90	%		0.89	%		0.90	%
After expense waiver		N/A			N/A			N/A			0.88	% (b)#		0.89	% (b)#		0.90	% (b)#
Net investment income (loss) to average daily net assets		(1.83	)% *		1.79	%		0.40	%		(0.01	)%		(0.01	)%		0.24	%
Portfolio turnover rate		21	% **		36	%		31	%		32	%		31	%		78	%
	Class S
	Six months ended 6/30/07 (Unaudited)			Year ended 12/31/06			Year ended 12/31/05††			Year ended 12/31/04			Year ended 12/31/03			Year ended 12/31/02
Net asset value, beginning of period	$	18.59		$	17.11		$	18.18		$	17.19		$	12.06		$	13.48
Income (loss) from investment operations:
Net investment income (loss)		(0.17	)***		0.34	***		0.09	***		0.01	***		0.01	***		0.02	***
Net realized and unrealized gain (loss) on investments		2.22			3.12			0.54			2.01			5.53			(1.34	)
Total income (loss) from investment operations		2.05			3.46			0.63			2.02			5.54			(1.32	)
Less distributions to shareholders:
From net investment income		-			(0.35	)		(0.10	)		-			(0.00	)†		-
From net realized gains		-			(1.63	)		(1.60	)		(1.03	)		(0.41	)		(0.10	)
Total distributions		-			(1.98	)		(1.70	)		(1.03	)		(0.41	)		(0.10	)
Net asset value, end of period	$	20.64		$	18.59		$	17.11		$	18.18		$	17.19		$	12.06
Total Return (a)		11.08	% **		20.28	%		3.45	%		11.91	%		45.94	%		(9.76	)%
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	402,649		$	384,859		$	354,769		$	326,445		$	293,759		$	114,178
Ratio of expenses to average daily net assets:
Before expense waiver		0.79	% *		0.79	%		0.80	%		0.80	%		0.80	%		0.80	%
After expense waiver		N/A			N/A			N/A			0.78	% (b)#		0.79	% (b)#		0.80	% (b)#
Net investment income (loss) to average daily net assets		(1.71	)% *		1.89	%		0.50	%		0.08	%		0.09	%		0.13	%
Portfolio turnover rate		21	% **		36	%		31	%		32	%		31	%		78	%

* Annualized.

** Percentage represents results for the period and is not annualized.

*** Per share amount calculated on the average shares method.

† Amount is less than $0.01 per share.

# Computed after giving effect to an agreement by MassMutual to waive certain fees and expenses of the Fund.

(b) The Fund has entered into an agreement with certain brokers to rebate a portion of brokerage commissions. The rebated commissions were used to reduce operating expenses of the Fund.

The accompanying notes are an integral part of the financial statements.
271

MassMutual Select Focused Value Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class N
	Six months ended 6/30/07 (Unaudited)			Year ended 12/31/06			Year ended 12/31/05††			Year ended 12/31/04			Year ended 12/31/03			Period ended 12/31/02++
Net asset value, beginning of period	$	17.79		$	16.48		$	17.60		$	16.81		$	11.90		$	11.77
Income (loss) from investment operations:
Net investment income (loss)		(0.24	)***		0.18	***		(0.05	)***		(0.12	)***		(0.11	)***		(0.00	)***†
Net realized and unrealized gain (loss) on investments		2.12			2.99			0.53			1.94			5.43			0.13
Total income from investment operations		1.88			3.17			0.48			1.82			5.32			0.13
Less distributions to shareholders:
From net investment income		-			(0.23	)		-			-			(0.00	)†		-
Tax return of capital		-			-			-			-			(0.41	)		-
From net realized gains		-			(1.63	)		(1.60	)		(1.03	)		-			-
Total distributions		-			(1.86	)		(1.60	)		(1.03	)		(0.41	)		-
Net asset value, end of period	$	19.67		$	17.79		$	16.48		$	17.60		$	16.81		$	11.90
Total Return (a)		10.57	% (c)**		19.35	% (c)		2.61	% (c)		11.05	% (c)		44.70	% (c)		-	‡
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	3,163		$	2,567		$	1,820		$	1,006		$	904		$	102
Ratio of expenses to average daily net assets:
Before expense waiver		1.59	% *		1.60	%		1.60	%		1.60	%		1.61	%		-	‡
After expense waiver		N/A			N/A			N/A			1.58	% (b)#		1.60	% (b)#		-	‡
Net investment income (loss) to average daily net assets		(2.62	)% *		1.03	%		(0.27	)%		(0.72	)%		(0.70	)%		-	‡
Portfolio turnover rate		21	% **		36	%		31	%		32	%		31	%		78	%

* Annualized.

** Percentage represents results for the period and is not annualized.

*** Per share amount calculated on the average shares method.

† Amount is less than $0.01 per share.

++ Class N commenced operations on December 31, 2002.

‡ Amount is de minimis due to the short period of operations.

# Computed after giving effect to an agreement by MassMutual to waive certain fees and expenses of the Fund.

(b) The Fund has entered into an agreement with certain brokers to rebate a portion of brokerage commissions. The rebated commissions were used to reduce operating expenses of the Fund.

The accompanying notes are an integral part of the financial statements.
272

MassMutual Select Mid-Cap Value Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class A						Class L						Class Y
	Six months ended 6/30/07 (Unaudited)			Period ended 12/31/06+			Six months ended 6/30/07 (Unaudited)			Period ended 12/31/06+			Six months ended 6/30/07 (Unaudited)			Period ended 12/31/06+
Net asset value, beginning of period	$	11.40		$	10.00		$	11.42		$	10.00		$	11.43		$	10.00
Income (loss) from investment operations:
Net investment income (loss)		0.02	***		0.02	***		0.03	***		0.05	***		0.05	***		0.03	***
Net realized and unrealized gain (loss) on investments		1.09			1.41			1.09			1.39			1.08			1.40
Total income from investment operations		1.11			1.43			1.12			1.44			1.13			1.43
Less distributions to shareholders:
From net investment income		-			(0.02	)		-			(0.01	)		-			-
From net realized gains		-			(0.01	)		-			(0.01	)		-			-
Total distributions		-			(0.03	)		-			(0.02	)		-			-
Net asset value, end of period	$	12.51		$	11.40		$	12.54		$	11.42		$	12.56		$	11.43
Total Return (a)		9.74	%(b)**		14.27	% (b)**		9.81	%**		14.47	% **		9.89	%**		14.42	%**
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	8,994		$	497		$	77,482		$	1,628		$	897			-
Ratio of expenses to average daily net assets:
Before expense waiver		1.29	%*		2.02	% *		1.04	%*		1.77	% *		0.89	%*		1.62	%*
After expense waiver		N/A			1.38	% *#		N/A			1.13	% *#		N/A			0.98	%*#
Net investment income (loss) to average daily net assets		0.29	%*		0.45	% *		0.49	%*		1.31	% *		0.81	%*		0.68	%*
Portfolio turnover rate		25	%**		7	% **		25	%**		7	% **		25	%**		7	%**

	Class S						Class N
	Six months ended 6/30/07 (Unaudited)			Period ended 12/31/06+			Six months ended 6/30/07 (Unaudited)			Period ended 12/31/06+
Net asset value, beginning of period	$	11.42		$	10.00		$	11.41		$	10.00
Income (loss) from investment operations:
Net investment income (loss)		0.04	***		0.06	***		0.00	***†		0.00	****‡
Net realized and unrealized gain (loss) on investments		1.09			1.39			1.11			1.41
Total income from investment operations		1.13			1.45			1.11			1.41
Less distributions to shareholders:
From net investment income		-			(0.02	)		-			-
From net realized gains		-			(0.01	)		-			-
Total distributions		-			(0.03	)		-			-
Net asset value, end of period	$	12.55		$	11.42		$	12.52		$	11.41
Total Return (a)		9.98	%**		14.50	% **		9.82	%(b)**		14.22	% (b)**
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	133,742		$	60,708		$	45			-
Ratio of expenses to average daily net assets:
Before expense waiver		0.79	%*		1.52	% *		1.59	%*		2.32	% *
After expense waiver		N/A			0.88	% *#		N/A			1.68	% *#
Net investment income (loss) to average daily net assets		0.68	%*		1.51	% *		0.01	%*		(0.02	)% *
Portfolio turnover rate		25	%**		7	% **		25	%**		7	% **

* Annualized.

** Percentage represents results for the period and is not annualized.

*** Per share amount calculated on the average shares method.

+ The Fund commenced operations on August 29, 2006.

‡ Amount is de minimis due to the short period of operations.

# Computed after giving effect to an agreement by MassMutual to waive certain fees and expenses of the Fund.

(b) Total return excludes sales charges and would be lower for the period presented if it reflected these charges.

The accompanying notes are an integral part of the financial statements.
273

MassMutual Select Small Cap Value Equity Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class A						Class L						Class Y
	Six months ended 6/30/07 (Unaudited)			Period ended 12/31/06+			Six months ended 6/30/07 (Unaudited)			Period ended 12/31/06+			Six months ended 6/30/07 (Unaudited)			Period ended 12/31/06+
Net asset value, beginning of period	$	10.90		$	10.00		$	10.91		$	10.00		$	10.91		$	10.00
Income (loss) from investment operations:
Net investment income (loss)		0.08	***		0.10	***		0.10	***		0.13	***		0.10	***		0.10	***
Net realized and unrealized gain (loss) on investments		0.36			0.84			0.36			0.83			0.37			0.86
Total income from investment operations		0.44			0.94			0.46			0.96			0.47			0.96
Less distributions to shareholders:
From net investment income		-			(0.04	)		-			(0.05	)		-			(0.05	)
Net asset value, end of period	$	11.34		$	10.90		$	11.37		$	10.91		$	11.38		$	10.91
Total Return (a)		4.13	%**		9.32	% (b)**		4.22	%**		9.61	% **		4.31	%**		9.61	% **
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	12,249		$	3,653		$	42,709		$	1,041		$	3,588		$	2,402
Ratio of expenses to average daily net assets:
Before expense waiver		1.36	%*		1.72	% *		1.11	%*		1.47	% *		0.96	%*		1.32	% *
After expense waiver		N/A			1.40	% *#		N/A			1.15	% *#		N/A			1.00	% *#
Net investment income (loss) to average daily net assets		1.46	%*		1.23	% *		1.70	%*		1.69	% *		1.76	%*		1.34	% *
Portfolio turnover rate		49	%**		63	% **		49	%**		63	% **		49	%**		63	% **

	Class S						Class N
	Six months ended 6/30/07 (Unaudited)			Period ended 12/31/06+			Six months ended 6/30/07 (Unaudited)			Period ended 12/31/06+
Net asset value, beginning of period	$	10.91		$	10.00		$	10.91		$	10.00
Income (loss) from investment operations:
Net investment income (loss)		0.12	***		0.11	***		0.05	***		0.04	***
Net realized and unrealized gain (loss) on investments		0.36			0.85			0.39			0.87
Total income from investment operations		0.48			0.96			0.44			0.91
Less distributions to shareholders:
From net investment income		-			(0.05	)		-			-
Net asset value, end of period	$	11.39		$	10.91		$	11.35		$	10.91
Total Return (a)		4.30	%**		9.74	% **		4.03	%**		9.10	% (b)**
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	98,753		$	29,939		$	114		$	109
Ratio of expenses to average daily net assets:
Before expense waiver		0.86	%*		1.22	% *		1.66	%*		2.02	% *
After expense waiver		N/A			0.95	% *#		N/A			1.70	% *#
Net investment income (loss) to average daily net assets		2.07	%*		1.40	% *		0.94	%*		0.50	% *
Portfolio turnover rate		49	%**		63	% **		49	%**		63	% **

* Annualized.

** Percentage represents results for the period and is not annualized.

*** Per share amount calculated on the average shares method.

+ The Fund commenced operations on March 31, 2006.

# Computed after giving effect to an agreement by MassMutual to waive certain fees and expenses of the Fund.

(b) Total return excludes sales charges and would be lower for the period presented if it reflected these charges.

The accompanying notes are an integral part of the financial statements.
274

MassMutual Select Small Company Value Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class A
	Six months ended 6/30/07 (Unaudited)			Year ended 12/31/06			Year ended 12/31/05†			Year ended 12/31/04			Year ended 12/31/03			Year ended 12/31/02
Net asset value, beginning of period	$	15.32		$	14.28		$	14.28		$	11.96		$	8.66		$	10.00
Income (loss) from investment operations:
Net investment income (loss)		(0.02	)***		(0.03	)***		(0.03	)***		0.00	***††		0.02	***		0.05	***
Net realized and unrealized gain (loss) on investments		0.96			2.07			0.68			2.65			3.31			(1.37	)
Total income (loss) from investment operations		0.94			2.04			0.65			2.65			3.33			(1.32	)
Less distributions to shareholders:
From net investment income		-			-			-			-			(0.01	)		(0.02	)
From net realized gains		-			(1.00	)		(0.65	)		(0.33	)		(0.02	)		-
Total distributions		-			(1.00	)		(0.65	)		(0.33	)		(0.03	)		(0.02	)
Net asset value, end of period	$	16.26		$	15.32		$	14.28		$	14.28		$	11.96		$	8.66
Total Return (a)		6.14	% (c)**		14.46	% (c)		4.56	% (c)		22.30	% (c)		38.66	%		(13.27	)%
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	170,734		$	174,732		$	136,675		$	115,807		$	44,754		$	8,602
Ratio of expenses to average daily net assets:
Before expense waiver		1.49	% *		1.49	%		1.49	%		1.49	%		1.51	%		1.64	%
After expense waiver		N/A			N/A			N/A			1.44	% (b)#		1.41	% (b)#		1.37	% (b)#
Net investment income (loss) to average daily net assets		(0.20	)% *		(0.18	)%		(0.24	)%		(0.02	)%		0.17	%		0.52	%
Portfolio turnover rate		21	% **		50	%		56	%		36	%		58	%		69	%
	Class L
	Six months ended 6/30/07 (Unaudited)			Year ended 12/31/06			Year ended 12/31/05†			Year ended 12/31/04			Year ended 12/31/03			Year ended 12/31/02
Net asset value, beginning of period	$	15.43		$	14.34		$	14.31		$	11.96		$	8.65		$	10.00
Income (loss) from investment operations:
Net investment income (loss)		0.00	***		0.01	***		0.00	***††		0.03	***		0.05	***		0.08	***
Net realized and unrealized gain (loss) on investments		0.96			2.08			0.68			2.67			3.31			(1.39	)
Total income (loss) from investment operations		0.96			2.09			0.68			2.70			3.36			(1.31	)
Less distributions to shareholders:
From net investment income		-			-			-			(0.02	)		(0.03	)		(0.04	)
From net realized gains		-			(1.00	)		(0.65	)		(0.33	)		(0.02	)		-
Total distributions		-			(1.00	)		(0.65	)		(0.35	)		(0.05	)		(0.04	)
Net asset value, end of period	$	16.39		$	15.43		$	14.34		$	14.31		$	11.96		$	8.65
Total Return (a)		6.29	% **		14.75	%		4.76	%		22.68	%		38.92	%		(13.10	)%
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	123,620		$	163,441		$	125,631		$	116,485		$	37,776		$	3,252
Ratio of expenses to average daily net assets:
Before expense waiver		1.24	%*		1.24	%		1.24	%		1.24	%		1.26	%		1.39	%
After expense waiver		N/A			N/A			N/A			1.19	% (b)#		1.17	% (b)#		1.11	% (b)#
Net investment income (loss) to average daily net assets		0.04	%*		0.07	%		0.00	% †††		0.24	%		0.45	%		0.86	%
Portfolio turnover rate		21	%**		50	%		56	%		36	%		58	%		69	%

* Annualized.

** Percentage represents results for the period and is not annualized.

*** Per share amount calculated on the average shares method.

†† Amount is less than $0.01 per share.

# Computed after giving effect to an agreement by MassMutual to waive certain fees and expenses of the Fund.

(b) The Fund has entered into an agreement with certain brokers to rebate a portion of brokerage commissions. The rebated commissions were used to reduce operating expenses of the Fund.

The accompanying notes are an integral part of the financial statements.
275

MassMutual Select Small Company Value Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class Y
	Six months ended 6/30/07 (Unaudited)			Year ended 12/31/06			Year ended 12/31/05†			Year ended 12/31/04			Year ended 12/31/03			Year ended 12/31/02
Net asset value, beginning of period	$	15.53		$	14.41		$	14.35		$	11.99		$	8.66		$	10.00
Income (loss) from investment operations:
Net investment income (loss)		0.02	***		0.04	***		0.02	***		0.05	***		0.06	***		0.11	***
Net realized and unrealized gain (loss) on investments		0.96			2.09			0.69			2.67			3.33			(1.40	)
Total income (loss) from investment operations		0.98			2.13			0.71			2.72			3.39			(1.29	)
Less distributions to shareholders:
From net investment income		-			(0.01	)		-			(0.03	)		(0.04	)		(0.05	)
From net realized gains		-			(1.00	)		(0.65	)		(0.33	)		(0.02	)		-
Total distributions		-			(1.01	)		(0.65	)		(0.36	)		(0.06	)		(0.05	)
Net asset value, end of period	$	16.51		$	15.53		$	14.41		$	14.35		$	11.99		$	8.66
Total Return (a)		6.31	%**		14.93	%		4.96	%		22.80	%		39.16	%		(12.92	)%
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	156,033		$	174,630		$	98,126		$	100,488		$	46,409		$	19,708
Ratio of expenses to average daily net assets:
Before expense waiver		1.09	%*		1.09	%		1.09	%		1.09	%		1.11	%		1.24	%
After expense waiver		N/A			N/A			N/A			1.04	% (b)#		1.01	% (b)#		0.92	% (b)#
Net investment income (loss) to average daily net assets		0.20	%*		0.22	%		0.13	%		0.37	%		0.58	%		1.32	%
Portfolio turnover rate		21	%**		50	%		56	%		36	%		58	%		69	%
	Class S
	Six months ended 6/30/07 (Unaudited)			Year ended 12/31/06			Year ended 12/31/05†			Year ended 12/31/04			Year ended 12/31/03			Year ended 12/31/02
Net asset value, beginning of period	$	15.58		$	14.46		$	14.39		$	12.02		$	8.67		$	10.00
Income (loss) from investment operations:
Net investment income (loss)		0.02	***		0.04	***		0.03	***		0.05	***		0.06	***		0.07	***
Net realized and unrealized gain (loss) on investments		0.97			2.09			0.69			2.68			3.35			(1.36	)
Total income (loss) from investment operations		0.99			2.13			0.72			2.73			3.41			(1.29	)
Less distributions to shareholders:
From net investment income		-			(0.01	)		-			(0.03	)		(0.04	)		(0.04	)
From net realized gains		-			(1.00	)		(0.65	)		(0.33	)		(0.02	)		-
Total distributions		-			(1.01	)		(0.65	)		(0.36	)		(0.06	)		(0.04	)
Net asset value, end of period	$	16.57	��	$	15.58		$	14.46		$	14.39		$	12.02		$	8.67
Total Return (a)		6.29	%**		14.97	%		5.01	%		22.86	%		39.37	%		(12.92	)%
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	288,446		$	288,826		$	221,271		$	188,743		$	80,661		$	44,356
Ratio of expenses to average daily net assets:
Before expense waiver		1.05	%*		1.05	%		1.05	%		1.05	%		1.07	%		1.20	%
After expense waiver		N/A			N/A			N/A			1.00	% (b)#		0.97	% (b)#		0.96	% (b)#
Net investment income (loss) to average daily net assets		0.23	%*		0.26	%		0.20	%		0.40	%		0.58	%		0.76	%
Portfolio turnover rate		21	%**		50	%		56	%		36	%		58	%		69	%

* Annualized.

** Percentage represents results for the period and is not annualized.

*** Per share amount calculated on the average shares method.

# Computed after giving effect to an agreement by MassMutual to waive certain fees and expenses of the Fund.

(b) The Fund has entered into an agreement with certain brokers to rebate a portion of brokerage commissions. The rebated commissions were used to reduce operating expenses of the Fund.

The accompanying notes are an integral part of the financial statements.
276

MassMutual Select Small Company Value Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class N
	Six months ended 6/30/07 (Unaudited)			Year ended 12/31/06			Year ended 12/31/05†			Year ended 12/31/04			Year ended 12/31/03			Period ended 12/31/02+
Net asset value, beginning of period	$	15.08		$	14.11		$	14.16		$	11.90		$	8.63		$	8.59
Income (loss) from investment operations:
Net investment income (loss)		(0.04	)***		(0.07	)***		(0.08	)***		(0.05	)***		(0.01	)***		0.00	***††
Net realized and unrealized gain (loss) on investments		0.94			2.04			0.68			2.64			3.30			0.04
Total income from investment operations		0.90			1.97			0.60			2.59			3.29			0.04
Less distributions to shareholders:
From net investment income		-			-			-			-			(0.00	)††		-
From net realized gains		-			(1.00	)		(0.65	)		(0.33	)		(0.02	)		-
Total distributions		-			(1.00	)		(0.65	)		(0.33	)		(0.02	)		-
Net asset value, end of period	$	15.98		$	15.08		$	14.11		$	14.16		$	11.90		$	8.63
Total Return (a)		5.97	% (c)**		14.14	% (c)		4.25	% (c)		21.91	% (c)		38.20	% (c)		-	‡
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	1,935		$	1,398		$	1,251		$	916		$	564		$	101
Ratio of expenses to average daily net assets:
Before expense waiver		1.79	% *		1.79	%		1.79	%		1.79	%		1.81	%		-	‡
After expense waiver		N/A			N/A			N/A			1.74	% (b)#		1.72	% (b)#		-	‡
Net investment income (loss) to average daily net assets		(0.51	)% *		(0.48	)%		(0.54	)%		(0.37	)%		(0.08	)%		-	‡
Portfolio turnover rate		21	% **		50	%		56	%		36	%		58	%		69	%

* Annualized.

** Percentage represents results for the period and is not annualized.

*** Per share amount calculated on the average shares method.

†† Amount is less than $0.01 per share.

+ Class N commenced operations on December 31, 2002.

‡ Amount is de minimis due to the short period of operations.

# Computed after giving effect to an agreement by MassMutual to waive certain fees and expenses of the Fund.

(b) The Fund has entered into an agreement with certain brokers to rebate a portion of brokerage commissions. The rebated commissions were used to reduce operating expenses of the Fund.

The accompanying notes are an integral part of the financial statements.
277

MassMutual Select Small Cap Core Equity Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class A						Class L
	Six months ended 6/30/07 (Unaudited)			Period ended 12/31/06+			Six months ended 6/30/07 (Unaudited)			Period ended 12/31/06+
Net asset value, beginning of period	$	10.33		$	10.00		$	10.34		$	10.00
Income (loss) from investment operations:
Net investment income (loss)		(0.00	)***		0.02	***		0.01	***		0.04	***
Net realized and unrealized gain (loss) on investments		0.22			0.32			0.23			0.32
Total income from investment operations		0.22			0.34			0.24			0.36
Less distributions to shareholders:
From net investment income		-			(0.01	)		-			(0.02	)
Net asset value, end of period	$	10.55		$	10.33		$	10.58		$	10.34
Total Return (a)		2.13	% **		3.37	% (b)**		2.32	%**		3.56	%**
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	3,365		$	792		$	20,491		$	2,559
Ratio of expenses to average daily net assets:
Before expense waiver		1.41	% *		1.99	% *		1.16	%*		1.74	% *
After expense waiver		1.40	% #*		1.40	% *#		1.15	%*#		1.15	% *#
Net investment income (loss) to average daily net assets		(0.08	)% *		0.23	% *		0.27	%*		0.57	% *
Portfolio turnover rate		73	% **		99	% **		73	%**		99	% **

	Class Y						Class S						Class N
	Six months ended 6/30/07 (Unaudited)			Period ended 12/31/06+			Six months ended 6/30/07 (Unaudited)			Period ended 12/31/06+			Six months ended 6/30/07 (Unaudited)			Period ended 12/31/06+
Net asset value, beginning of period	$	10.36		$	10.00		$	10.35		$	10.00		$	10.32		$	10.00
Income (loss) from investment operations:
Net investment income (loss)		0.02	***		0.05	***		0.02	***		0.05	***		(0.02	)***		(0.02	)***
Net realized and unrealized gain (loss) on investments		0.22			0.33			0.23			0.32			0.22			0.34
Total income from investment operations		0.24			0.38			0.25			0.37			0.20			0.32
Less distributions to shareholders:
From net investment income		-			(0.02	)		-			(0.02	)		-			-
Net asset value, end of period	$	10.60		$	10.36		$	10.60		$	10.35		$	10.52		$	10.32
Total Return (a)		2.32	% **		3.78	% **		2.42	%**		3.71	% **		1.94	% **		3.20	% (b)**
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	2,124		$	1,707		$	30,018		$	20,755		$	105		$	103
Ratio of expenses to average daily net assets:
Before expense waiver		1.01	% *		1.59	% *		0.91	%*		1.49	% *		1.71	% *		2.29	% *
After expense waiver		1.00	% *#		1.00	% *#		0.91	%*#		0.95	% *#		1.70	% *#		1.70	% *#
Net investment income (loss) to average daily net assets		0.37	% *		0.63	% *		0.46	%*		0.63	% *		(0.35	)% *		(0.27	)% *
Portfolio turnover rate		73	% **		99	% **		73	%**		99	% **		73	% **		99	% **

* Annualized.

** Percentage represents results for the period and is not annualized.

*** Per share amount calculated on the average shares method.

+ The Fund commenced operations on March 31, 2006.

# Computed after giving effect to an agreement by MassMutual to waive certain fees and expenses of the Fund.

(b) Total return excludes sales charges and would be lower for the period presented if it reflected these charges.

The accompanying notes are an integral part of the financial statements.
278

MassMutual Select Mid Cap Growth Equity Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class A
	Six months ended 6/30/07 (Unaudited)			Year ended 12/31/06			Year ended 12/31/05†			Year ended 12/31/04			Year ended 12/31/03			Year ended 12/31/02
Net asset value, beginning of period	$	10.35		$	9.82		$	8.74		$	7.64		$	5.87		$	8.18
Income (loss) from investment operations:
Net investment income (loss)		(0.04	)***		0.02	***		(0.05	)***		(0.05	)***		(0.05	)***		(0.06	)***
Net realized and unrealized gain (loss) on investments		0.83			0.53			1.13			1.15			1.82			(2.25	)
Total income (loss) from investment operations		0.79			0.55			1.08			1.10			1.77			(2.31	)
Less distributions to shareholders:
From net investment income		-			(0.02	)		-			-			-			-
Net asset value, end of period	$	11.14		$	10.35		$	9.82		$	8.74		$	7.64		$	5.87
Total Return (a)		7.63	% (c)**		5.47	% (c)		12.47	% (c)		14.40	% (c)		30.15	%		(28.24	)%
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	29,311		$	30,406		$	34,053		$	29,642		$	37,976		$	23,351
Ratio of expenses to average daily net assets:
Before expense waiver		1.30	% *		1.31	%		1.30	%		1.30	%		1.30	%		1.30	%
After expense waiver		N/A			N/A			N/A			1.27	% (b)#		1.26	% (b)#		1.29	% #
Net investment income (loss) to average daily net assets		(0.69	)% *		0.18	%		(0.59	)%		(0.68	)%		(0.78	)%		(0.90	)%
Portfolio turnover rate		63	% **		130	%		117	%		93	%		128	%		284	%
	Class L
	Six months ended 6/30/07 (Unaudited)			Year ended 12/31/06			Year ended 12/31/05†			Year ended 12/31/04			Year ended 12/31/03			Year ended 12/31/02
Net asset value, beginning of period	$	10.53		$	10.00		$	8.87		$	7.73		$	5.93		$	8.24
Income (loss) from investment operations:
Net investment income (loss)		(0.02	)***		0.05	***		(0.03	)***		(0.03	)***		(0.04	)***		(0.04	)***
Net realized and unrealized gain (loss) on investments		0.83			0.52			1.16			1.17			1.84			(2.27	)
Total income (loss) from investment operations		0.81			0.57			1.13			1.14			1.80			(2.31	)
Less distributions to shareholders:
From net investment income		-			(0.04	)		-			-			-			-
Net asset value, end of period	$	11.34		$	10.53		$	10.00		$	8.87		$	7.73		$	5.93
Total Return (a)		7.69	% **		5.74	%		12.74	%		14.75	%		30.35	%		(28.03	)%
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	44,933		$	33,742		$	42,353		$	39,546		$	35,668		$	24,204
Ratio of expenses to average daily net assets:
Before expense waiver		1.05	% *		1.06	%		1.05	%		1.06	%		1.05	%		1.05	%
After expense waiver		N/A			N/A			N/A			1.02	% (b)#		1.01	% (b)#		1.04	% #
Net investment income (loss) to average daily net assets		(0.44	)% *		0.43	%		(0.35	)%		(0.44	)%		(0.54	)%		(0.65	)%
Portfolio turnover rate		63	% **		130	%		117	%		93	%		128	%		284	%

* Annualized.

** Percentage represents results for the period and is not annualized.

*** Per share amount calculated on the average shares method.

# Computed after giving effect to an agreement by MassMutual to waive certain fees and expenses of the Fund.

(b) The Fund has entered into an agreement with certain brokers to rebate a portion of brokerage commissions. The rebated commissions were used to reduce the operating expenses of the Fund.

The accompanying notes are an integral part of the financial statements.
279

MassMutual Select Mid Cap Growth Equity Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class Y
	Six months ended 6/30/07 (Unaudited)			Year ended 12/31/06			Year ended 12/31/05†			Year ended 12/31/04			Year ended 12/31/03			Year ended 12/31/02
Net asset value, beginning of period	$	10.62		$	10.08		$	8.94		$	7.78		$	5.95		$	8.26
Income (loss) from investment operations:
Net investment income (loss)		(0.02	)***		0.06	***		(0.02	)***		(0.02	)***		(0.03	)***		(0.03	)***
Net realized and unrealized gain (loss) on investments		0.85			0.54			1.16			1.18			1.86			(2.28	)
Total income (loss) from investment operations		0.83			0.60			1.14			1.16			1.83			(2.31	)
Less distributions to shareholders:
From net investment income		-			(0.06	)		-			-			-			-
Net asset value, end of period	$	11.45		$	10.62		$	10.08		$	8.94		$	7.78		$	5.95
Total Return (a)		7.82	% **		5.90	%		12.86	%		14.91	%		30.76	%		(27.97	)%
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	5,744		$	19,475		$	21,345		$	15,791		$	16,202		$	9,379
Ratio of expenses to average daily net assets:
Before expense waiver		0.90	% *		0.91	%		0.90	%		0.90	%		0.90	%		0.90	%
After expense waiver		N/A			N/A			N/A			0.87	% (b)#		0.86	% (b)#		0.89	% #
Net investment income (loss) to average daily net assets		(0.28	)% *		0.55	%		(0.19	)%		(0.29	)%		(0.38	)%		(0.50	)%
Portfolio turnover rate		63	% **		130	%		117	%		93	%		128	%		284	%
	Class S
	Six months ended 6/30/07 (Unaudited)			Year ended 12/31/06			Year ended 12/31/05†			Year ended 12/31/04			Year ended 12/31/03			Year ended 12/31/02
Net asset value, beginning of period	$	10.65		$	10.12		$	8.97		$	7.79		$	5.96		$	8.27
Income (loss) from investment operations:
Net investment income (loss)		(0.01	)***		0.06	***		(0.01	)***		(0.02	)***		(0.02	)***		(0.03	)***
Net realized and unrealized gain (loss) on investments		0.85			0.54			1.16			1.20			1.85			(2.28	)
Total income (loss) from investment operations		0.84			0.60			1.15			1.18			1.83			(2.31	)
Less distributions to shareholders:
From net investment income		-			(0.07	)		-			-			-			-
Net asset value, end of period	$	11.49		$	10.65		$	10.12		$	8.97		$	7.79		$	5.96
Total Return (a)		7.89	% **		5.97	%		12.82	%		15.15	%		30.70	%		(27.93	)%
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	86,374		$	68,251		$	70,676		$	50,160		$	68,504		$	47,443
Ratio of expenses to average daily net assets:
Before expense waiver		0.83	% *		0.84	%		0.83	%		0.83	%		0.83	%		0.83	%
After expense waiver		N/A			N/A			N/A			0.80	% (b)#		0.79	% (b)#		0.82	% #
Net investment income (loss) to average daily net assets		(0.22	)% *		0.59	%		(0.12	)%		(0.22	)%		(0.32	)%		(0.43	)%
Portfolio turnover rate		63	% **		130	%		117	%		93	%		128	%		284	%

* Annualized.

** Percentage represents results for the period and is not annualized.

*** Per share amount calculated on the average shares method.

# Computed after giving effect to an agreement by MassMutual to waive certain fees and expenses of the Fund.

(b) The Fund has entered into an agreement with certain brokers to rebate a portion of brokerage commissions. The rebated commissions were used to reduce the operating expenses of the Fund.

The accompanying notes are an integral part of the financial statements.
280

MassMutual Select Mid Cap Growth Equity Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class N
	Six months ended 6/30/07 (Unaudited)			Year ended 12/31/06			Year ended 12/31/05†			Year ended 12/31/04			Year ended 12/31/03			Period ended 12/31/02++
Net asset value, beginning of period	$	10.21		$	9.71		$	8.67		$	7.59		$	5.85		$	5.86
Income (loss) from investment operations:
Net investment income (loss)		(0.05	)***		(0.00	)***††		(0.08	)***		(0.08	)***		(0.07	)***		(0.00	)***††
Net realized and unrealized gain (loss) on investments		0.81			0.50			1.12			1.16			1.81			(0.01	)
Total income from investment operations		0.76			0.50			1.04			1.08			1.74			(0.01	)
Net asset value, end of period	$	10.97		$	10.21		$	9.71		$	8.67		$	7.59		$	5.85
Total Return (a)		7.44	% (c)**		5.15	% (c)		12.00	% (c)		14.23	% (c)		29.74	% (c)		-	‡
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	305		$	246		$	167		$	149		$	137		$	100
Ratio of expenses to average daily net assets:
Before expense waiver		1.60	% *		1.61	%		1.60	%		1.60	%		1.60	%		-	‡
After expense waiver		N/A			N/A			N/A			1.57	% (b)		1.56	% (b)		-	‡
Net investment income (loss) to average daily net assets		(0.99	)% *		(0.01	)%		(0.89	)%		(0.99	)%		(1.09	)%		-	‡
Portfolio turnover rate		63	% **		130	%		117	%		93	%		128	%		284	%

* Annualized.

** Percentage represents results for the period and is not annualized.

*** Per share amount calculated on the average shares method.

†† Amount is less than $0.01 per share.

++ Class N commenced operations on December 31, 2002.

‡ Amount is de minimis due to the short period of operations.

(b) The Fund has entered into an agreement with the certain brokers to rebate a portion of brokerage commissions. The rebated commissions were used to reduce operating expenses of the Fund.

The accompanying notes are an integral part of the financial statements.
281

MassMutual Select Mid Cap Growth Equity II Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class A
	Six months ended 6/30/07 (Unaudited)			Year ended 12/31/06			Year ended 12/31/05†			Year ended 12/31/04			Year ended 12/31/03			Year ended 12/31/02
Net asset value, beginning of period	$	14.05		$	14.13		$	13.09		$	11.17		$	8.12		$	10.33
Income (loss) from investment operations:
Net investment income (loss)		(0.02	)***		(0.04	)***		(0.09	)***		(0.10	)***		(0.09	)***		(0.08	)***
Net realized and unrealized gain (loss) on investments		1.94			1.01			1.74			2.04			3.14			(2.13	)
Total income (loss) from investment operations		1.92			0.97			1.65			1.94			3.05			(2.21	)
Less distributions to shareholders:
From net realized gains		-			(1.05	)		(0.61	)		(0.02	)		-			-
Net asset value, end of period	$	15.97		$	14.05		$	14.13		$	13.09		$	11.17		$	8.12
Total Return (a)		13.67	% (c)**		6.97	% (c)		12.63	% (c)		17.41	% (c)		37.56	%		(21.39	)%
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	374,798		$	318,260		$	310,072		$	208,278		$	93,526		$	30,968
Ratio of expenses to average daily net assets:
Before expense waiver		1.35	% *		1.35	%		1.35	%		1.35	%		1.35	%		1.36	%
After expense waiver		N/A			N/A			N/A			1.34	% (b)#		1.34	% (b)#		1.35	% (b)#
Net investment income (loss) to average daily net assets		(0.26	)% *		(0.29	)%		(0.68	)%		(0.89	)%		(0.93	)%		(0.96	)%
Portfolio turnover rate		20	% **		42	%		28	%		42	%		54	%		61	%
	Class L
	Six months ended 6/30/07 (Unaudited)			Year ended 12/31/06			Year ended 12/31/05†			Year ended 12/31/04			Year ended 12/31/03			Year ended 12/31/02
Net asset value, beginning of period	$	14.28		$	14.34		$	13.24		$	11.27		$	8.17		$	10.37
Income (loss) from investment operations:
Net investment income (loss)		0.00	***††		(0.01	)***		(0.06	)***		(0.08	)***		(0.07	)***		(0.07	)***
Net realized and unrealized gain (loss) on investments		1.97			1.04			1.77			2.07			3.17			(2.13	)
Total income (loss) from investment operations		1.97			1.03			1.71			1.99			3.10			(2.20	)
Less distributions to shareholders:
From net realized gains		-			(1.09	)		(0.61	)		(0.02	)		-			-
Net asset value, end of period	$	16.25		$	14.28		$	14.34		$	13.24		$	11.27		$	8.17
Total Return (a)		13.80	%**		7.28	%		12.94	%		17.70	%		37.94	%		(21.22	)%
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	510,305		$	531,194		$	508,296		$	403,972		$	225,279		$	116,835
Ratio of expenses to average daily net assets:
Before expense waiver		1.09	%*		1.10	%		1.10	%		1.10	%		1.10	%		1.11	%
After expense waiver		N/A			N/A			N/A			1.09	% (b)#		1.09	% (b)#		1.09	% (b)#
Net investment income (loss) to average daily net assets		0.00	%*†††		(0.05	)%		(0.43	)%		(0.65	)%		(0.68	)%		(0.72	)%
Portfolio turnover rate		20	%**		42	%		28	%		42	%		54	%		61	%

* Annualized.

** Percentage represents results for the period and is not annualized.

*** Per share amount calculated on the average shares method.

†† Amount is less than $0.01 per share.

††† The ratio is less than 0.01%

# Computed after giving effect to an agreement by MassMutual to waive certain fees and expenses of the Fund.

(b) The Fund has entered into an agreement with the certain brokers to rebate a portion of brokerage commissions. The rebated commissions were used to reduce operating expenses of the Fund.

The accompanying notes are an integral part of the financial statements.
282

MassMutual Select Mid Cap Growth Equity II Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class Y
	Six months ended 6/30/07 (Unaudited)			Year ended 12/31/06			Year ended 12/31/05†			Year ended 12/31/04			Year ended 12/31/03			Year ended 12/31/02
Net asset value, beginning of period	$	14.43		$	14.48		$	13.35		$	11.34		$	8.21		$	10.40
Income (loss) from investment operations:
Net investment income (loss)		0.01	***		0.01	***		(0.04	)***		(0.06	)***		(0.05	)***		(0.04	)***
Net realized and unrealized gain (loss) on investments		1.99			1.06			1.78			2.09			3.18			(2.15	)
Total income (loss) from investment operations		2.00			1.07			1.74			2.03			3.13			(2.19	)
Less distributions to shareholders:
From net realized gains		-			(1.12	)		(0.61	)		(0.02	)		-			-
Net asset value, end of period	$	16.43		$	14.43		$	14.48		$	13.35		$	11.34		$	8.21
Total Return (a)		13.86	%**		7.45	%		13.06	%		17.94	%		38.12	%		(21.06	)%
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	210,434		$	178,542		$	139,779		$	99,126		$	51,284		$	27,835
Ratio of expenses to average daily net assets:
Before expense waiver		0.95	%*		0.95	%		0.95	%		0.95	%		0.95	%		0.98	%
After expense waiver		N/A			N/A			N/A			0.94	% (b)#		0.94	% (b)#		0.96	% (b)#
Net investment income (loss) to average daily net assets		0.15	%*		0.10	%		(0.28	)%		(0.49	)%		(0.53	)%		(0.51	)%
Portfolio turnover rate		20	%**		42	%		28	%		42	%		54	%		61	%
	Class S
	Six months ended 6/30/07 (Unaudited)			Year ended 12/31/06			Year ended 12/31/05†			Year ended 12/31/04			Year ended 12/31/03			Year ended 12/31/02
Net asset value, beginning of period	$	14.50		$	14.54		$	13.39		$	11.37		$	8.22		$	10.41
Income (loss) from investment operations:
Net investment income (loss)		0.01	***		0.03	***		(0.03	)***		(0.05	)***		(0.04	)***		(0.04	)***
Net realized and unrealized gain (loss) on investments		2.01			1.05			1.79			2.09			3.19			(2.15	)
Total income (loss) from investment operations		2.02			1.08			1.76			2.04			3.15			(2.19	)
Less distributions to shareholders:
From net realized gains		-			(1.12	)		(0.61	)		(0.02	)		-			-
Net asset value, end of period	$	16.52		$	14.50		$	14.54		$	13.39		$	11.37		$	8.22
Total Return (a)		13.93	%**		7.55	%		13.17	%		17.98	%		38.32	%		(21.04	)%
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	322,330		$	229,547		$	273,591		$	206,865		$	125,907		$	72,595
Ratio of expenses to average daily net assets:
Before expense waiver		0.86	%*		0.86	%		0.86	%		0.86	%		0.86	%		0.87	%
After expense waiver		N/A			N/A			N/A			0.85	% (b)#		0.85	% (b)#		0.85	% (b)#
Net investment income (loss) to average daily net assets		0.18	%*		0.21	%		(0.19	)%		(0.41	)%		(0.44	)%		(0.48	)%
Portfolio turnover rate		20	%**		42	%		28	%		42	%		54	%		61	%

* Annualized.

** Percentage represents results for the period and is not annualized.

*** Per share amount calculated on the average shares method.

# Computed after giving effect to an agreement by MassMutual to waive certain fees and expenses of the Fund.

(b) The Fund has entered into an agreement with certain brokers to rebate a portion of brokerage commissions. The rebated commissions were used to reduce operating expenses of the Fund.

The accompanying notes are an integral part of the financial statements.
283

MassMutual Select Mid Cap Growth Equity II Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class N
	Six months ended 6/30/07 (Unaudited)			Year ended 12/31/06			Year ended 12/31/05†			Year ended 12/31/04			Year ended 12/31/03			Period ended 12/31/02++
Net asset value, beginning of period	$	13.84		$	13.95		$	12.97		$	11.10		$	8.09		$	8.05
Income (loss) from investment operations:
Net investment income (loss)		(0.04	)***		(0.09	)***		(0.13	)***		(0.14	)***		(0.12	)***		(0.00	)***††
Net realized and unrealized gain (loss) on investments		1.90			1.01			1.72			2.03			3.13			0.04
Total income (loss) from investment operations		1.86			0.92			1.59			1.89			3.01			0.04
Less distributions to shareholders:
From net realized gains		-			(1.03	)		(0.61	)		(0.02	)		-			-
Net asset value, end of period	$	15.70		$	13.84		$	13.95		$	12.97		$	11.10		$	8.09
Total Return (a)		13.44	% (c)**		6.68	% (c)		12.28	% (c)		17.07	% (c)		37.21	% (c)		-	‡
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	3,749		$	2,674		$	1,755		$	1,096		$	617		$	101
Ratio of expenses to average daily net assets:
Before expense waiver		1.65	% *		1.65	%		1.65	%		1.65	%		1.66	%		-	‡
After expense waiver		N/A			N/A			N/A			1.64	% (b)#		1.65	% (b)#		-	‡
Net investment income (loss) to average daily net assets		(0.58	)% *		(0.63	)%		(0.97	)%		(1.19	)%		(1.22	)%		-	‡
Portfolio turnover rate		20	% **		42	%		28	%		42	%		54	%		61	%

* Annualized.

** Percentage represents results for the period and is not annualized.

*** Per share amount calculated on the average shares method.

†† Amount is less than $0.01 per share.

++ Class N commenced operations on December 31, 2002.

‡ Amount is de minimis due to the short period of operations.

# Computed after giving effect to an agreement by MassMutual to waive certain fees and expenses of the Fund.

(b) The Fund has entered into an agreement with certain brokers to rebate a portion of brokerage commissions. The rebated commissions were used to reduce operating expenses of the Fund.

The accompanying notes are an integral part of the financial statements.
284

MassMutual Select Small Cap Growth Equity Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class A
	Six months ended 6/30/07 (Unaudited)			Year ended 12/31/06			Year ended 12/31/05†			Year ended 12/31/04			Year ended 12/31/03			Year ended 12/31/02
Net asset value, beginning of period	$	15.98		$	15.72		$	14.22		$	12.56		$	8.76		$	11.79
Income (loss) from investment operations:
Net investment income (loss)		(0.08	)***		(0.13	)***		(0.12	)***		(0.13	)***		(0.12	)***		(0.11	)***
Net realized and unrealized gain (loss) on investments		1.78			1.53			1.62			1.79			3.92			(2.92	)
Total income (loss) from investment operations		1.70			1.40			1.50			1.66			3.80			(3.03	)
Less distributions to shareholders:
From net realized gains		-			(1.14	)		-			-			-			-
Net asset value, end of period	$	17.68		$	15.98		$	15.72		$	14.22		$	12.56		$	8.76
Total Return (a)		10.64	% (c)**		8.91	% (c)		10.55	% (c)		13.22	% (c)		43.38	%		(25.70	)%
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	117,033		$	114,136		$	98,945		$	77,739		$	67,686		$	35,509
Ratio of expenses to average daily net assets:
Before expense waiver		1.51	% *		1.51	%		1.51	%		1.52	%		1.51	%		1.51	%
After expense waiver		N/A			N/A			N/A			1.48	% (b)#		1.49	% (b)#		1.50	% (b)#
Net investment income (loss) to average daily net assets		(0.93	)% *		(0.80	)%		(0.83	)%		(1.01	)%		(1.11	)%		(1.08	)%
Portfolio turnover rate		35	% **		84	%		59	%		64	%		56	%		51	%
	Class L
	Six months ended 6/30/07 (Unaudited)			Year ended 12/31/06			Year ended 12/31/05†			Year ended 12/31/04			Year ended 12/31/03			Year ended 12/31/02
Net asset value, beginning of period	$	16.29		$	15.97		$	14.41		$	12.70		$	8.83		$	11.85
Income (loss) from investment operations:
Net investment income (loss)		(0.06	)***		(0.09	)***		(0.08	)***		(0.10	)***		(0.09	)***		(0.08	)***
Net realized and unrealized gain (loss) on investments		1.81			1.55			1.64			1.81			3.96			(2.94	)
Total income (loss) from investment operations		1.75			1.46			1.56			1.71			3.87			(3.02	)
Less distributions to shareholders:
From net realized gains		-			(1.14	)		-			-			-			-
Net asset value, end of period	$	18.04		$	16.29		$	15.97		$	14.41		$	12.70		$	8.83
Total Return (a)		10.80	% **		9.15	%		10.83	%		13.46	%		43.83	%		(25.49	)%
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	117,436		$	92,914		$	108,840		$	90,941		$	85,885		$	44,419
Ratio of expenses to average daily net assets:
Before expense waiver		1.26	% *		1.26	%		1.26	%		1.26	%		1.26	%		1.26	%
After expense waiver		N/A			N/A			N/A			1.23	% (b)#		1.24	% (b)#		1.25	% (b)#
Net investment income (loss) to average daily net assets		(0.67	)% *		(0.55	)%		(0.58	)%		(0.76	)%		(0.86	)%		(0.83	)%
Portfolio turnover rate		35	% **		84	%		59	%		64	%		56	%		51	%

* Annualized.

** Percentage represents results for the period and is not annualized.

*** Per share amount calculated on the average shares method.

# Computed after giving effect to an agreement by MassMutual to waive certain fees and expenses of the Fund.

(b) The Fund has entered into an agreement with certain brokers to rebate a portion of brokerage commissions. The rebated commissions were used to reduce operating expenses of the Fund.

The accompanying notes are an integral part of the financial statements.
285

MassMutual Select Small Cap Growth Equity Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class Y
	Six months ended 6/30/07 (Unaudited)			Year ended 12/31/06			Year ended 12/31/05†			Year ended 12/31/04			Year ended 12/31/03			Year ended 12/31/02
Net asset value, beginning of period	$	16.48		$	16.11		$	14.52		$	12.77		$	8.87		$	11.89
Income (loss) from investment operations:
Net investment income (loss)		(0.05	)***		(0.07	)***		(0.06	)***		(0.08	)***		(0.08	)***		(0.07	)***
Net realized and unrealized gain (loss) on investments		1.83			1.58			1.65			1.83			3.98			(2.95	)
Total income (loss) from investment operations		1.78			1.51			1.59			1.75			3.90			(3.02	)
Less distributions to shareholders:
From net realized gains		-			(1.14	)		-			-			-			-
Net asset value, end of period	$	18.26		$	16.48		$	16.11		$	14.52		$	12.77		$	8.87
Total Return (a)		10.86	% **		9.32	%		11.02	%		13.70	%		43.97	%		(25.40	)%
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	143,504		$	133,777		$	95,822		$	92,812		$	87,801		$	43,123
Ratio of expenses to average daily net assets:
Before expense waiver		1.11	% *		1.11	%		1.11	%		1.12	%		1.11	%		1.11	%
After expense waiver		N/A			N/A			N/A			1.08	% (b)#		1.09	% (b)#		1.10	% (b)#
Net investment income (loss) to average daily net assets		(0.53	)% *		(0.41	)%		(0.44	)%		(0.61	)%		(0.71	)%		(0.68	)%
Portfolio turnover rate		35	% **		84	%		59	%		64	%		56	%		51	%
	Class S
	Six months ended 6/30/07 (Unaudited)			Year ended 12/31/06			Year ended 12/31/05†			Year ended 12/31/04			Year ended 12/31/03			Year ended 12/31/02
Net asset value, beginning of period	$	16.64		$	16.24		$	14.61		$	12.84		$	8.91		$	11.92
Income (loss) from investment operations:
Net investment income (loss)		(0.03	)***		(0.04	)***		(0.04	)***		(0.06	)***		(0.06	)***		(0.06	)***
Net realized and unrealized gain (loss) on investments		1.85			1.58			1.67			1.83			3.99			(2.95	)
Total income (loss) from investment operations		1.82			1.54			1.63			1.77			3.93			(3.01	)
Less distributions to shareholders:
From net realized gains		-			(1.14	)		-			-			-			-
Net asset value, end of period	$	18.46		$	16.64		$	16.24		$	14.61		$	12.84		$	8.91
Total Return (a)		10.87	% **		9.49	%		11.23	%		13.79	%		44.11	%		(25.25	)%
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	319,906		$	284,413		$	288,954		$	241,673		$	243,909		$	123,762
Ratio of expenses to average daily net assets:
Before expense waiver		0.97	% *		0.97	%		0.97	%		0.97	%		0.97	%		0.97	%
After expense waiver		N/A			N/A			N/A			0.94	% (b)#		0.95	% (b)#		0.96	% (b)#
Net investment income (loss) to average daily net assets		(0.39	)% *		(0.26	)%		(0.29	)%		(0.47	)%		(0.57	)%		(0.54	)%
Portfolio turnover rate		35	% **		84	%		59	%		64	%		56	%		51	%

* Annualized.

** Percentage represents results for the period and is not annualized.

*** Per share amount calculated on the average shares method.

# Computed after giving effect to an agreement by MassMutual to waive certain fees and expenses of the Fund.

(b) The Fund has entered into an agreement with certain brokers to rebate a portion of brokerage commissions. The rebated commissions were used to reduce operating expenses of the Fund.

The accompanying notes are an integral part of the financial statements.
286

MassMutual Select Small Cap Growth Equity Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class N
	Six months ended 6/30/07 (Unaudited)			Year ended 12/31/06			Year ended 12/31/05††			Year ended 12/31/04			Year ended 12/31/03			Period ended 12/31/02+
Net asset value, beginning of period	$	15.70		$	15.51		$	14.07		$	12.47		$	8.72		$	8.68
Income (loss) from investment operations:
Net investment income (loss)		(0.10	)***		(0.18	)***		(0.16	)		(0.16	)		(0.15	)***		(0.00	)***†
Net realized and unrealized gain (loss) on investments		1.74			1.51			1.60			1.76			3.90			0.04
Total income from investment operations		1.64			1.33			1.44			1.60			3.75			0.04
Less distributions to shareholders:
From net realized gains		-			(1.14	)		-			-			-			-
Net asset value, end of period	$	17.34		$	15.70		$	15.51		$	14.07		$	12.47		$	8.72
Total Return (a)		10.51	% (c)**		8.51	% (c)		10.31	% (c)		12.83	% (c)		43.00	% (c)		-	‡
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	1,127		$	990		$	930		$	816		$	149		$	101
Ratio of expenses to average daily net assets:
Before expense waiver		1.81	% *		1.81	%		1.81	%		1.82	%		1.81	%		-	‡
After expense waiver		N/A			N/A			N/A			1.78	% (b)#		1.79	% (b)#		-	‡
Net investment income (loss) to average daily net assets		(1.22	)% *		(1.11	)%		(1.13	)%		(1.31	)%		(1.41	)%		-	‡
Portfolio turnover rate		35	% **		84	%		59	%		64	%		56	%		51	%

* Annualized.

** Percentage represents results for the period and is not annualized.

*** Per share amount calculated on the average shares method.

† Amount is less than $0.01 per share.

+ Class N commenced operations on December 31, 2002.

‡ Amount is de minimis due to the short period of operations.

# Computed after giving effect to an agreement by MassMutual to waive certain fees and expenses of the Fund.

(a) Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges.

(b) The Fund has entered into an agreement with certain brokers to rebate a portion of brokerage commissions. The rebated commissions were used to reduce operating expenses of the Fund.

The accompanying notes are an integral part of the financial statements.
287

MassMutual Select Small Company Growth Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class A
	Six months ended 6/30/07 (Unaudited)			Year ended 12/31/06			Year ended 12/31/05†			Year ended 12/31/04			Year ended 12/31/03			Year ended 12/31/02
Net asset value, beginning of period	$	10.40		$	9.69		$	10.05		$	10.67		$	6.99		$	10.00
Income (loss) from investment operations:
Net investment income (loss)		(0.06	)***		(0.12	)***		(0.11	)***		(0.08	)***		(0.10	)***		(0.06	)***
Net realized and unrealized gain (loss) on investments		1.33			1.54			(0.02	)		0.20	††		4.30			(2.95	)
Total income (loss) from investment operations		1.27			1.42			(0.13	)		0.12			4.20			(3.01	)
Less distributions to shareholders:
From net realized gains		-			(0.71	)		(0.23	)		(0.74	)		(0.52	)		-
Net asset value, end of period	$	11.67		$	10.40		$	9.69		$	10.05		$	10.67		$	6.99
Total Return (a)		12.21	% (c) **		14.95	% (c)		(1.09	)% (c)		1.70	% (c)		60.01	%		(30.10	)%
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	58,366		$	69,380		$	62,461		$	66,985		$	54,038		$	5,038
Ratio of expenses to average daily net assets:
Before expense waiver		1.54	% *		1.55	%		1.54	%		1.52	%		1.58	%		1.83	%
After expense waiver		N/A			N/A			1.52	% #		1.35	% (b)#		1.37	% (b)#		1.16	% (b)#
Net investment income (loss) to average daily net assets		(1.08	)% *		(1.15	)%		(1.18	)%		(0.77	)%		(1.00	)%		(0.80	)%
Portfolio turnover rate		43	% **		102	%		149	%		220	%		141	%		150	%
	Class L
	Six months ended 6/30/07 (Unaudited)			Year ended 12/31/06			Year ended 12/31/05†			Year ended 12/31/04			Year ended 12/31/03			Year ended 12/31/02
Net asset value, beginning of period	$	10.57		$	9.81		$	10.14		$	10.74		$	7.01		$	10.00
Income (loss) from investment operations:
Net investment income (loss)		(0.05	)***		(0.09	)***		(0.09	)***		(0.05	)***		(0.07	)***		(0.04	)***
Net realized and unrealized gain (loss) on investments		1.36			1.56			(0.01	)		0.19	††		4.32			(2.95	)
Total income (loss) from investment operations		1.31			1.47			(0.10	)		0.14			4.25			(2.99	)
Less distributions to shareholders:
From net realized gains		-			(0.71	)		(0.23	)		(0.74	)		(0.52	)		-
Net asset value, end of period	$	11.88		$	10.57		$	9.81		$	10.14		$	10.74		$	7.01
Total Return (a)		12.39	% **		15.28	%		(0.88	)%		1.97	%		60.55	%		(29.90	)%
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	41,855		$	31,256		$	28,468		$	43,008		$	35,948		$	10,319
Ratio of expenses to average daily net assets:
Before expense waiver		1.29	% *		1.30	%		1.29	%		1.27	%		1.33	%		1.58	%
After expense waiver		N/A			N/A			1.26	% #		1.10	% (b)#		1.10	% (b)#		0.92	% (b)#
Net investment income (loss) to average daily net assets		(0.82	)% *		(0.89	)%		(0.91	)%		(0.54	)%		(0.72	)%		(0.59	)%
Portfolio turnover rate		43	% **		102	%		149	%		220	%		141	%		150	%

* Annualized.

** Percentage represents results for the period and is not annualized.

*** Per share amount calculated on the average shares method.

†† The amount shown for a share outstanding does not correspond with the aggregate net realized and unrealized gain (loss) for the period due to the timing of purchases and redemptions of Fund shares in relation to the fluctuating market values of the Fund.

# Computed after giving effect to an agreement by MassMutual to waive certain fees and expenses of the Fund.

(b) The Fund has entered into an agreement with certain brokers to rebate a portion of brokerage commissions. The rebated commissions were used to reduce operating expenses of the Fund.

The accompanying notes are an integral part of the financial statements.
288

MassMutual Select Small Company Growth Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class Y
	Six months ended 6/30/07 (Unaudited)			Year ended 12/31/06			Year ended 12/31/05†			Year ended 12/31/04			Year ended 12/31/03			Year ended 12/31/02
Net asset value, beginning of period	$	10.65		$	9.87		$	10.19		$	10.77		$	7.02		$	10.00
Income (loss) from investment operations:
Net investment income (loss)		(0.04	)***		(0.08	)***		(0.07	)***		(0.04	)***		(0.05	)***		(0.04	)***
Net realized and unrealized gain (loss) on investments		1.37			1.57			(0.02	)		0.20	††		4.32			(2.94	)
Total income (loss) from investment operations		1.33			1.49			(0.09	)		0.16			4.27			(2.98	)
Less distributions to shareholders:
From net realized gains		-			(0.71	)		(0.23	)		(0.74	)		(0.52	)		-
Net asset value, end of period	$	11.98		$	10.65		$	9.87		$	10.19		$	10.77		$	7.02
Total Return (a)		12.49	% **		15.39	%		(0.68	)%		2.06	%		60.75	%		(29.80	)%
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	17,917		$	20,226		$	27,617		$	40,990		$	37,730		$	10,545
Ratio of expenses to average daily net assets:
Before expense waiver		1.14	% *		1.15	%		1.14	%		1.12	%		1.18	%		1.43	%
After expense waiver		N/A			N/A			1.12	% #		0.95	% (b)#		0.95	% (b)#		0.83	% (b)#
Net investment income (loss) to average daily net assets		(0.69	)% *		(0.73	)%		(0.77	)%		(0.40	)%		(0.60	)%		(0.52	)%
Portfolio turnover rate		43	% **		102	%		149	%		220	%		141	%		150	%
	Class S
	Six months ended 6/30/07 (Unaudited)			Year ended 12/31/06			Year ended 12/31/05†			Year ended 12/31/04			Year ended 12/31/03			Year ended 12/31/02
Net asset value, beginning of period	$	10.69		$	9.90		$	10.21		$	10.78		$	7.02		$	10.00
Income (loss) from investment operations:
Net investment income (loss)		(0.04	)***		(0.07	)***		(0.07	)***		(0.04	)***		(0.05	)***		(0.03	)***
Net realized and unrealized gain (loss) on investments		1.37			1.57			(0.01	)		0.21	††		4.33			(2.95	)
Total income (loss) from investment operations		1.33			1.50			(0.08	)		0.17			4.28			(2.98	)
Less distributions to shareholders:
From net realized gains		-			(0.71	)		(0.23	)		(0.74	)		(0.52	)		-
Net asset value, end of period	$	12.02		$	10.69		$	9.90		$	10.21		$	10.78		$	7.02
Total Return (a)		12.44	% **		15.44	%		(0.67	)%		2.25	%		60.66	%		(29.70	)%
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	50,422		$	39,194		$	24,869		$	28,081		$	30,181		$	8,763
Ratio of expenses to average daily net assets:
Before expense waiver		1.10	% *		1.11	%		1.10	%		1.08	%		1.14	%		1.39	%
After expense waiver		N/A			N/A			1.08	% #		0.92	% (b)#		0.92	% (b)#		0.80	% (b)#
Net investment income (loss) to average daily net assets		(0.64	)% *		(0.70	)%		(0.74	)%		(0.34	)%		(0.55	)%		(0.41	)%
Portfolio turnover rate		43	% **		102	%		149	%		220	%		141	%		150	%

* Annualized.

** Percentage represents results for the period and is not annualized.

*** Per share amount calculated on the average shares method.

# Computed after giving effect to an agreement by MassMutual to waive certain fees and expenses of the Fund.

(b) The Fund has entered into an agreement with certain brokers to rebate a portion of brokerage commissions. The rebated commissions were used to reduce operating expenses of the Fund.

The accompanying notes are an integral part of the financial statements.
289

MassMutual Select Small Company Growth Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class N
	Six months ended 6/30/07 (Unaudited)			Year ended 12/31/06			Year ended 12/31/05††			Year ended 12/31/04			Year ended 12/31/03			Period ended 12/31/02++
Net asset value, beginning of period	$	10.20		$	9.54		$	9.93		$	10.59		$	6.95		$	6.90
Income (loss) from investment operations:
Net investment income (loss)		(0.07	)***		(0.15	)***		(0.14	)***		(0.11	)***		(0.13	)***		0.00	***†
Net realized and unrealized gain (loss) on investments		1.30			1.52			(0.02	)		0.19	†††		4.29			0.05
Total income (loss) from investment operations		1.23			1.37			(0.16	)		0.08			4.16			0.05
Less distributions to shareholders:
From net realized gains		-			(0.71	)		(0.23	)		(0.74	)		(0.52	)		-
Net asset value, end of period	$	11.43		$	10.20		$	9.54		$	9.93		$	10.59		$	6.95
Total Return (a)		12.06	% (c)**		14.66	% (c)		(1.41	)% (c)		1.33	% (c)		59.78	% (c)		-	‡
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	466		$	786		$	931		$	910		$	953		$	101
Ratio of expenses to average daily net assets:
Before expense waiver		1.84	% *		1.85	%		1.84	%		1.82	%		1.88	%		-	‡
After expense waiver		N/A			N/A			1.82	% #		1.65	% (b)#		1.68	% (b)#		-	‡
Net investment income (loss) to average daily net assets		(1.36	)% *		(1.44	)%		(1.49	)%		(1.06	)%		(1.31	)%		-	‡
Portfolio turnover rate		43	% **		102	%		149	%		220	%		141	%		150	%

* Annualized.

** Percentage represents results for the period and is not annualized.

*** Per share amount calculated on the average shares method.

† Amount is less than $0.01 per share.

††† The amount shown for a share outstanding does not correspond with the aggregate net realized and unrealized gain (loss) for the period due to the timing of purchases and redemptions of Fund shares in relation to the fluctuating market values of the Fund.

++ Class N commenced operations on December 31, 2002.

‡ Amount is de minimis due to the short period of operations.

# Computed after giving effect to an agreement by MassMutual to waive certain fees and expenses of the Fund.

(b) The Fund has entered into an agreement with certain brokers to rebate a portion of brokerage commissions. The rebated commissions were used to reduce operating expenses of the Fund.

The accompanying notes are an integral part of the financial statements.
290

MassMutual Select Emerging Growth Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class A
	Six months ended 6/30/07 (Unaudited)			Year ended 12/31/06			Year ended 12/31/05			Year ended 12/31/04			Year ended 12/31/03			Year ended 12/31/02
Net asset value, beginning of period	$	6.22		$	5.90		$	5.88		$	5.13		$	3.53		$	6.11
Income (loss) from investment operations:
Net investment income (loss)		(0.02	)***		(0.06	)***		(0.06	)***		(0.07	)***		(0.06	)***		(0.05	)***
Net realized and unrealized gain (loss) on investments		0.88			0.38			0.08			0.82			1.66			(2.53	)
Total income (loss) from investment operations		0.86			0.32			0.02			0.75			1.60			(2.58	)
Net asset value, end of period	$	7.08		$	6.22		$	5.90		$	5.88		$	5.13		$	3.53
Total Return (a)		13.83	% (b)**		5.42	% (b)		0.34	% (b)		14.62	% (b)		45.33	%		(42.23	)%
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	13,585		$	13,650		$	14,956		$	27,052		$	26,130		$	10,153
Ratio of expenses to average daily net assets:
Before expense waiver		1.47	% *		1.46	%		1.45	%		1.47	%		1.48	%		1.46	%
After expense waiver		N/A			N/A			N/A			N/A			1.45	% #		1.39	% #
Net investment income (loss) to average daily net assets		(0.61	)% *		(0.97	)%		(1.09	)%		(1.32	)%		(1.32	)%		(1.23	)%
Portfolio turnover rate		75	% **		288	%		124	%		176	%		198	%		175	%
	Class L
	Six months ended 6/30/07 (Unaudited)			Year ended 12/31/06			Year ended 12/31/05			Year ended 12/31/04			Year ended 12/31/03			Year ended 12/31/02
Net asset value, beginning of period	$	6.32		$	5.99		$	5.94		$	5.18		$	3.55		$	6.13
Income (loss) from investment operations:
Net investment income (loss)		(0.01	)***		(0.04	)***		(0.05	)***		(0.06	)***		(0.05	)***		(0.04	)***
Net realized and unrealized gain (loss) on investments		0.89			0.37			0.10			0.82			1.68			(2.54	)
Total income (loss) from investment operations		0.88			0.33			0.05			0.76			1.63			(2.58	)
Net asset value, end of period	$	7.20		$	6.32		$	5.99		$	5.94		$	5.18		$	3.55
Total Return (a)		13.92	% **		5.51	%		0.84	%		14.67	%		45.92	%		(42.09	)%
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	39,770		$	44,933		$	63,777		$	65,342		$	49,424		$	20,924
Ratio of expenses to average daily net assets:
Before expense waiver		1.21	% *		1.21	%		1.21	%		1.22	%		1.23	%		1.21	%
After expense waiver		N/A			N/A			N/A			N/A			1.20	% #		1.14	% #
Net investment income (loss) to average daily net assets		(0.35	)% *		(0.73	)%		(0.84	)%		(1.06	)%		(1.07	)%		(0.98	)%
Portfolio turnover rate		75	% **		288	%		124	%		176	%		198	%		175	%

* Annualized.

** Percentage represents results for the period and is not annualized.

*** Per share amount calculated on the average shares method.

# Computed after giving effect to an agreement by MassMutual to waive certain fees and expenses of the Fund.

(b) Total return excludes sales charges and would be lower for the period presented if it reflected these charges.

The accompanying notes are an integral part of the financial statements.
291

MassMutual Select Emerging Growth Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class Y
	Six months ended 6/30/07 (Unaudited)			Year ended 12/31/06			Year ended 12/31/05			Year ended 12/31/04			Year ended 12/31/03			Year ended 12/31/02
Net asset value, beginning of period	$	6.40		$	6.05		$	5.99		$	5.21		$	3.57		$	6.15
Income (loss) from investment operations:
Net investment income (loss)		(0.01	)***		(0.04	)***		(0.04	)***		(0.05	)***		(0.04	)***		(0.04	)***
Net realized and unrealized gain (loss) on investments		0.91			0.39			0.10			0.83			1.68			(2.54	)
Total income (loss) from investment operations		0.90			0.35			0.06			0.78			1.64			(2.58	)
Net asset value, end of period	$	7.30		$	6.40		$	6.05		$	5.99		$	5.21		$	3.57
Total Return (a)		13.88	% **		6.13	%		0.83	%		14.97	%		45.94	%		(41.95	)%
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	783		$	980		$	4,760		$	4,427		$	3,051		$	1,664
Ratio of expenses to average daily net assets:
Before expense waiver		1.07	% *		1.06	%		1.05	%		1.07	%		1.08	%		1.06	%
After expense waiver		N/A			N/A			N/A			N/A			1.04	% #		0.99	% #
Net investment income (loss) to average daily net assets		(0.22	)% *		(0.57	)%		(0.68	)%		(0.91	)%		(0.91	)%		(0.83	)%
Portfolio turnover rate		75	% **		288	%		124	%		176	%		198	%		175	%
	Class S
	Six months ended 6/30/07 (Unaudited)			Year ended 12/31/06			Year ended 12/31/05			Year ended 12/31/04			Year ended 12/31/03			Year ended 12/31/02
Net asset value, beginning of period	$	6.45		$	6.09		$	6.03		$	5.24		$	3.58		$	6.15
Income (loss) from investment operations:
Net investment income (loss)		(0.00	)***		(0.03	)***		(0.03	)***		(0.04	)***		(0.04	)***		(0.03	)***
Net realized and unrealized gain (loss) on investments		0.90			0.39			0.09			0.83			1.70			(2.54	)
Total income (loss) from investment operations		0.90			0.36			0.06			0.79			1.66			(2.57	)
Net asset value, end of period	$	7.35		$	6.45		$	6.09		$	6.03		$	5.24		$	3.58
Total Return (a)		13.95	% **		5.91	%		1.00	%		15.08	%		46.37	%		(41.79	)%
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	48,327		$	50,464		$	42,591		$	39,812		$	41,306		$	24,658
Ratio of expenses to average daily net assets:
Before expense waiver		0.97	% *		0.96	%		0.96	%		0.97	%		0.98	%		0.96	%
After expense waiver		N/A			N/A			N/A			N/A			0.94	% #		0.89	% #
Net investment income (loss) to average daily net assets		(0.11	)% *		(0.46	)%		(0.59	)%		0.81	%		(0.81	)%		(0.73	)%
Portfolio turnover rate		75	% **		288	%		124	%		176	%		198	%		175	%

* Annualized.

** Percentage represents results for the period and is not annualized.

*** Per share amount calculated on the average shares method.

# Computed after giving effect to an agreement by MassMutual to waive certain fees and expenses of the Fund.

The accompanying notes are an integral part of the financial statements.
292

MassMutual Select Emerging Growth Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class N
	Six months ended 6/30/07 (Unaudited)			Year ended 12/31/06			Year ended 12/31/05			Year ended 12/31/04			Year ended 12/31/03			Period ended 12/31/02++
Net asset value, beginning of period	$	6.12		$	5.83		$	5.82		$	5.09		$	3.51		$	3.50
Income (loss) from investment operations:
Net investment income (loss)		(0.03	)***		(0.08	)***		(0.08	)***		(0.08	)***		(0.07	)***		(0.00	)***†
Net realized and unrealized gain (loss) on investments		0.87			0.37			0.09			0.81			1.65			0.01
Total income (loss) from investment operations		0.84			0.29			0.01			0.73			1.58			0.01
Net asset value, end of period	$	6.96		$	6.12		$	5.83		$	5.82		$	5.09		$	3.51
Total Return (a)		13.73	% (b)**		4.97	% (b)		0.17	% (b)		14.34	% (b)		45.01	% (b)		-	‡
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	201		$	177		$	168		$	168		$	147		$	101
Ratio of expenses to average daily net assets:
Before expense waiver		1.77	% *		1.76	%		1.76	%		1.77	%		1.78	%		-	‡
After expense waiver		N/A			N/A			N/A			N/A			1.74	% #		-	‡
Net investment income (loss) to average daily net assets		(0.91	)% *		(1.27	)%		(1.39	)%		(1.61	)%		(1.61	)%		-	‡
Portfolio turnover rate		75	% **		288	%		124	%		176	%		198	%		175	%

* Annualized.

** Percentage represents results for the period and is not annualized.

*** Per share amount calculated on the average shares method.

† Amount is less than $0.01 per share.

++ Class N commenced operations on December 31, 2002.

‡ Amount is de minimis due to the short period of operations.

# Computed after giving effect to an agreement by MassMutual to waive certain fees and expenses of the Fund.

(b) Total return excludes sales charges and would be lower for the period presented if it reflected these charges.

The accompanying notes are an integral part of the financial statements.
293

MassMutual Select Diversified International Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class A						Class L
	Six months ended 6/30/07 (Unaudited)			Period ended 12/31/06+			Six months ended 6/30/07 (Unaudited)			Period ended 12/31/06+
Net asset value, beginning of period	$	10.06		$	10.00		$	10.06		$	10.00
Income (loss) from investment operations:
Net investment income (loss)		0.12	***		0.00	†		0.14	***		0.01	***
Net realized and unrealized gain (loss) on investments		1.28			0.07			1.27			0.06
Total income from investment operations		1.40			0.07			1.41			0.07
Less distributions to shareholders:
From net investment income		-			(0.01	)		-			(0.01	)
Net asset value, end of period	$	11.46		$	10.06		$	11.47		$	10.06

Total Return (a)		13.92	%(b)**		0.68	% (b)**		14.02	%**		0.70	% **
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	249		$	101		$	49,863		$	101
Ratio of expenses to average daily net assets:
Before expense waiver		1.60	%*		8.81	% *		1.35	%*		8.56	% *
After expense waiver		1.42	%*#		1.42	% *#		1.17	%*#		1.17	% *#
Net investment income (loss) to average daily net assets		2.29	%*		0.97	% *		2.61	%*		1.23	% *
Portfolio turnover rate		6	%**		0	% **		6	%**		0	% **

	Class Y						Class S						Class N
	Six months ended 6/30/07 (Unaudited)			Period ended 12/31/06+			Six months ended 6/30/07 (Unaudited)			Period ended 12/31/06+			Six months ended 6/30/07 (Unaudited)			Period ended 12/31/06+
Net asset value, beginning of period	$	10.06		$	10.00		$	10.06		$	10.00		$	10.06		$	10.00
Income (loss) from investment operations:
Net investment income (loss)		0.13	***		0.01	***		0.15	***		0.01	***		0.10	***		0.00	††
Net realized and unrealized gain (loss) on investments		1.28			0.06			1.27			0.06			1.28			0.07
Total income from investment operations		1.41			0.07			1.42			0.07			1.38			0.07
Less distributions to shareholders:
From net investment income		-			(0.01	)		-			(0.01	)		-			(0.01	)
Net asset value, end of period	$	11.47		$	10.06		$	11.48		$	10.06		$	11.44		$	10.06

Total Return (a)		14.02	%**		0.70	% **		14.12	%**		0.70	% **		13.72	%(b)**		0.67	% (b)**
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	368		$	101		$	93,536		$	11,404		$	115		$	101
Ratio of expenses to average daily net assets:
Before expense waiver		1.20	%*		8.41	% *		1.10	%*		8.30	% *		1.90	%*		9.11	% *
After expense waiver		1.09	%*#		1.09	% *#		0.99	%*#		0.99	% *#		1.72	%*#		1.72	% *#
Net investment income (loss) to average daily net assets		2.41	%*		1.32	% *		2.84	%*		1.40	% *		1.88	%*		0.67	% *
Portfolio turnover rate		6	%**		0	% **		6	%**		0	% **		6	%		0	%

* Annualized.

** Percentage represents results for the period and is not annualized.

*** Per share amount calculated on the average shares method.

† Amount is less than $0.01 per share.

†† Net investment income (loss) is less than $0.01 per share.

+ The Fund commenced operations on December 14, 2006.

# Computed after giving effect to an agreement by MassMutual to waive certain fees and expenses of the fund.

(a) Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth by their respective Plan Documents. Total return figures would be lower for the period presented if they reflected these charges.

(b) Total return excludes sales charges and would be lower for the period presented if it reflected these charges.

The accompanying notes are an integral part of the financial statements.
294

MassMutual Select Overseas Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class A
	Six months ended 6/30/07 (Unaudited)			Year ended 12/31/06			Year ended 12/31/05††			Year ended 12/31/04			Year ended 12/31/03			Year ended 12/31/02
Net asset value, beginning of period	$	12.80		$	10.95		$	10.94		$	9.55		$	7.36		$	8.41
Income (loss) from investment operations:
Net investment income (loss)		0.17	***		0.21	***		0.08	***		0.05	***		0.02	***		0.01	***
Net realized and unrealized gain (loss) on investments		0.87			2.78			1.15			1.63			2.18			(1.05	)
Total income (loss) from investment operations		1.04			2.99			1.23			1.68			2.20			(1.04	)
Less distributions to shareholders:
From net investment income		-			(0.19	)		(0.18	)		(0.06	)		(0.01	)		(0.01	)
Tax return of capital		-			-			-			-			-			(0.00	)†
From net realized gains		-			(0.95	)		(1.04	)		(0.23	)		-			-
Total distributions		-			(1.14	)		(1.22	)		(0.29	)		(0.01	)		(0.01	)
Net asset value, end of period	$	13.84		$	12.80		$	10.95		$	10.94		$	9.55		$	7.36
Total Return (a)		8.13	%(c)**		27.38	% (c)		11.17	% (c)		17.53	% (c)		30.27	%		(12.66	)%
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	305,929		$	299,546		$	198,300		$	134,927		$	65,012		$	18,674
Ratio of expenses to average daily net assets:
Before expense waiver		1.61	%*		1.61	%		1.62	%		1.64	%		1.74	%		2.13	%
After expense waiver		1.51	%#*		1.53	% #		N/A			1.63	% (b)#		1.64	% (b)#		1.63	% (b)#
Net investment income (loss) to average daily net assets		2.59	%*		1.66	%		0.69	%		0.49	%		0.22	%		0.09	%
Portfolio turnover rate		22	%**		36	%		88	%		66	%		92	%		138	%
	Class L
	Six months ended 6/30/07 (Unaudited)			Year ended 12/31/06			Year ended 12/31/05††			Year ended 12/31/04			Year ended 12/31/03			Year ended 12/31/02
Net asset value, beginning of period	$	12.88		$	11.00		$	10.99		$	9.59		$	7.35		$	8.42
Income (loss) from investment operations:
Net investment income (loss)		0.19	***		0.24	***		0.11	***		0.08	***		0.04	***		0.02	***
Net realized and unrealized gain (loss) on investments		0.88			2.80			1.14			1.63			2.23			(1.08	)
Total income (loss) from investment operations		1.07			3.04			1.25			1.71			2.27			(1.06	)
Less distributions to shareholders:
From net investment income		-			(0.21	)		(0.20	)		(0.08	)		(0.03	)		(0.01	)
Tax return of capital		-			-			-			-			-			(0.00	)†
From net realized gains		-			(0.95	)		(1.04	)		(0.23	)		-			-
Total distributions		-			(1.16	)		(1.24	)		(0.31	)		(0.03	)		(0.01	)
Net asset value, end of period	$	13.95		$	12.88		$	11.00		$	10.99		$	9.59		$	7.35
Total Return (a)		8.31	%**		27.66	%		11.44	%		17.77	%		30.68	%		(12.44	)%
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	337,025		$	283,387		$	210,428		$	175,493		$	81,542		$	19,236
Ratio of expenses to average daily net assets:
Before expense waiver		1.36	%*		1.36	%		1.37	%		1.39	%		1.49	%		1.88	%
After expense waiver		1.26	%#*		1.28	% #		N/A			1.38	% (b)#		1.39	% (b)#		1.37	% (b)#
Net investment income (loss) to average daily net assets		2.89	%*		1.90	%		0.94	%		0.75	%		0.44	%		0.20	%
Portfolio turnover rate		22	%**		36	%		88	%		66	%		92	%		138	%

* Annualized.

** Percentage represents results for the period and is not annualized.

*** Per share amount calculated on the average shares method.

† Amount is less than $0.01 per share.

# Computed after giving effect to an agreement by MassMutual to waive certain fees and expenses of the Fund.

(b) The Fund has entered into an agreement with certain brokers to rebate a portion of brokerage commissions. The rebated commissions were used to reduce operating expenses of the Fund.

The accompanying notes are an integral part of the financial statements.
295

MassMutual Select Overseas Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class Y
	Six months ended 6/30/07 (Unaudited)			Year ended 12/31/06			Year ended 12/31/05††			Year ended 12/31/04			Year ended 12/31/03			Year ended 12/31/02
Net asset value, beginning of period	$	12.91		$	11.03		$	11.01		$	9.61		$	7.36		$	8.43
Income (loss) from investment operations:
Net investment income (loss)		0.19	***		0.24	***		0.12	***		0.09	***		0.04	***		(0.00	)***†
Net realized and unrealized gain (loss) on investments		0.89			2.81			1.16			1.63			2.25			(1.05	)
Total income (loss) from investment operations		1.08			3.05			1.28			1.72			2.29			(1.05	)
Less distributions to shareholders:
From net investment income		-			(0.22	)		(0.22	)		(0.09	)		(0.04	)		(0.02	)
Tax return of capital		-			-			-			-			-			(0.00	)†
From net realized gains		-			(0.95	)		(1.04	)		(0.23	)		-			-
Total distributions		-			(1.17	)		(1.26	)		(0.32	)		(0.04	)		(0.02	)
Net asset value, end of period	$	13.99		$	12.91		$	11.03		$	11.01		$	9.61		$	7.36
Total Return (a)		8.37	%**		27.67	%		11.69	%		17.84	%		30.88	%		(12.34	)%
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	230,590		$	248,042		$	130,666		$	93,675		$	72,650		$	19,204
Ratio of expenses to average daily net assets:
Before expense waiver		1.21	%*		1.21	%		1.22	%		1.24	%		1.34	%		1.73	%
After expense waiver		1.21	%*#		N/A			N/A			1.23	% (b)#		1.24	% (b)#		1.22	% (b)#
Net investment income (loss) to average daily net assets		2.88	%*		1.95	%		1.05	%		0.91	%		0.50	%		(0.02	)%
Portfolio turnover rate		22	%**		36	%		88	%		66	%		92	%		138	%
	Class S
	Six months ended 6/30/07 (Unaudited)			Year ended 12/31/06			Year ended 12/31/05††			Year ended 12/31/04			Year ended 12/31/03			Year ended 12/31/02
Net asset value, beginning of period	$	12.94		$	11.05		$	11.03		$	9.62		$	7.37		$	8.43
Income (loss) from investment operations:
Net investment income (loss)		0.20	***		0.26	***		0.13	***		0.10	***		0.06	***		0.05	***
Net realized and unrealized gain (loss) on investments		0.89			2.81			1.16			1.63			2.23			(1.09	)
Total income from investment operations		1.09			3.07			1.29			1.73			2.29			(1.04	)
Less distributions to shareholders:
From net investment income		-			(0.23	)		(0.23	)		(0.09	)		(0.04	)		(0.02	)
Tax return of capital		-			-			-			-			-			(0.00	)†
From net realized gains		-			(0.95	)		(1.04	)		(0.23	)		-			-
Total distributions		-			(1.18	)		(1.27	)		(0.32	)		(0.04	)		(0.02	)
Net asset value, end of period	$	14.03		$	12.94		$	11.05		$	11.03		$	9.62		$	7.37
Total Return (a)		8.42	%**		27.77	%		11.73	%		17.98	%		30.87	%		(12.23	)%
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	490,131		$	458,067		$	308,301		$	211,818		$	134,965		$	54,437
Ratio of expenses to average daily net assets:
Before expense waiver		1.16	%*		1.16	%		1.17	%		1.19	%		1.29	%		1.68	%
After expense waiver		1.16	%*#		N/A			N/A			1.18	% (b)#		1.19	% (b)#		1.18	% (b)#
Net investment income (loss) to average daily net assets		2.95	%*		2.05	%		1.11	%		0.96	%		0.69	%		0.68	%
Portfolio turnover rate		22	%**		36	%		88	%		66	%		92	%		138	%

* Annualized.

** Percentage represents results for the period and is not annualized.

*** Per share amount calculated on the average shares method.

† Amount is less than $0.01 per share.

# Computed after giving effect to an agreement by MassMutual to waive certain fees and expenses of the Fund.

(b) The Fund has entered into an agreement with certain brokers to rebate a portion of brokerage commissions. The rebated commissions were used to reduce operating expenses of the Fund.

The accompanying notes are an integral part of the financial statements.
296

MassMutual Select Overseas Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class N
	Six months ended 6/30/07 (Unaudited)			Year ended 12/31/06			Year ended 12/31/05††			Year ended 12/31/04			Year ended 12/31/03			Period ended 12/31/02++
Net asset value, beginning of period	$	12.67		$	10.86		$	10.86		$	9.50		$	7.31		$	7.24
Income (loss) from investment operations:
Net investment income (loss)		0.16	***		0.17	***		0.05	***		0.02	***		(0.02	)***		(0.00	)***†
Net realized and unrealized gain (loss) on investments		0.86			2.74			1.13			1.61			2.21			0.07
Total income from investment operations		1.02			2.91			1.18			1.63			2.19			0.07
Less distributions to shareholders:
From net investment income		-			(0.15	)		(0.14	)		(0.04	)		-			-
From net realized gains		-			(0.95	)		(1.04	)		(0.23	)		-			-
Total distributions		-			(1.10	)		(1.18	)		(0.27	)		-			-
Net asset value, end of period	$	13.69		$	12.67		$	10.86		$	10.86		$	9.50		$	7.31
Total Return (a)		8.05	%(c)**		26.91	% (c)		10.86	% (c)		17.12	% (c)		29.96	% (c)		-	‡
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	3,570		$	2,462		$	1,693		$	884		$	255		$	102
Ratio of expenses to average daily net assets:
Before expense waiver		1.91	%*		1.91	%		1.92	%		1.94	%		2.04	%		-	‡
After expense waiver		1.81	%#*		1.83	% #		N/A			1.93	% (b)#		1.94	% (b)#		-	‡
Net investment income (loss) to average daily net assets		2.44	%*		1.40	%		0.44	%		0.17	%		(0.22	)%		-	‡
Portfolio turnover rate		22	%**		36	%		88	%		66	%		92	%		138	%

* Annualized.

** Percentage represents results for the period and is not annualized.

*** Per share amount calculated on the average shares method.

† Amount is less than $0.01 per share.

++ Class N commenced operations on December 31, 2002.

‡ Amount is de minimis due to the short period of operations.

# Computed after giving effect to an agreement by MassMutual to waive certain fees and expenses of the Fund.

(b) The Fund has entered into an agreement with certain brokers to rebate a portions of brokerage commissions. The rebated commissions were used to reduce operating expenses of the Fund.

The accompanying notes are an integral part of the financial statements.
297

MassMutual Select Destination Retirement Income Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class A
	Six months ended 6/30/07 (Unaudited)			Year ended 12/31/06			Year ended 12/31/05			Year ended 12/31/04			Period ended 12/31/03†
Net asset value, beginning of period	$	10.23		$	10.18		$	10.32		$	10.00		$	10.00
Income (loss) from investment operations:
Net investment income (loss)		(0.01	)***		0.33	***		0.51	***		0.62	***		-
Net realized and unrealized gain (loss) on investments		0.31			0.20			(0.22	)		0.01			-
Total income from investment operations		0.30			0.53			0.29			0.63			-
Less distributions to shareholders:
From net investment income		-			(0.33	)		(0.35	)		(0.27	)		-
From net realized gains		-			(0.15	)		(0.08	)		(0.04	)		-
Total distributions		-			(0.48	)		(0.43	)		(0.31	)		-
Net asset value, end of period	$	10.53		$	10.23		$	10.18		$	10.32		$	10.00

Total Return (a)		2.93	% (b)**		5.14	% (b)		2.85	% (b)		6.35	% (b)		-	‡
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	54,855		$	51,843		$	40,457		$	11,819		$	101
Ratio of expenses to average daily net assets:
Before expense waiver		0.49	% *		0.47	%		0.47	%		0.50	%		-	‡
After expense waiver		N/A			N/A			N/A			0.50	% #		-	‡
Net investment income (loss) to average daily net assets		(0.29	)% *		3.22	%		4.92	%		6.00	%		-	‡
Portfolio turnover rate		22	% **		27	%		15	%		33	%		N/A
	Class L
	Six months ended 6/30/07 (Unaudited)			Year ended 12/31/06			Year ended 12/31/05			Year ended 12/31/04			Period ended 12/31/03†
Net asset value, beginning of period	$	10.27		$	10.22		$	10.34		$	10.00		$	10.00
Income (loss) from investment operations:
Net investment income (loss)		(0.00	)***††		0.32	***		0.33	***		0.34	***		-
Net realized and unrealized gain (loss) on investments		0.32			0.23			(0.01	)		0.32			-
Total income from investment operations		0.32			0.55			0.32			0.66			-
Less distributions to shareholders:
From net investment income		-			(0.35	)		(0.36	)		(0.28	)		-
From net realized gains		-			(0.15	)		(0.08	)		(0.04	)		-
Total distributions		-			(0.50	)		(0.44	)		(0.32	)		-
Net asset value, end of period	$	10.59		$	10.27		$	10.22		$	10.34		$	10.00

Total Return (a)		3.12	% **		5.34	%		3.15	%		6.62	%		-	‡
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	92,912		$	94,347		$	102,343		$	97,859		$	101
Ratio of expenses to average daily net assets:
Before expense waiver		0.24	% *		0.22	%		0.22	%		0.23	%		-	‡
After expense waiver		N/A			N/A			N/A			0.23	% #		-	‡
Net investment income (loss) to average daily net assets		(0.03	)% *		3.13	%		3.19	%		3.36	%		-	‡
Portfolio turnover rate		22	% **		27	%		15	%		33	%		N/A

* Annualized.

** Percentage represents results for the period and is not annualized.

*** Per share amount calculated on the average shares method.

† The Fund commenced operations on December 31, 2003.

†† Amount is less than $0.01 per share.

‡ Amount is de minimis due to the short period of operations.

# Computed after giving effect to an agreement by MassMutual to waive certain fees and expenses of the Fund.

(b) Total return excludes sales charges and would be lower for the period presented if it reflected these charges.

The accompanying notes are an integral part of the financial statements.
298

MassMutual Select Destination Retirement Income Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class Y
	Six months ended 6/30/07 (Unaudited)			Year ended 12/31/06			Year ended 12/31/05			Year ended 12/31/04			Period ended 12/31/03†
Net asset value, beginning of period	$	10.27		$	10.22		$	10.35		$	10.00		$	10.00
Income (loss) from investment operations:
Net investment income (loss)		0.00	***††		0.38	***		0.40	***		0.45	***		-
Net realized and unrealized gain (loss) on investments		0.32			0.18			(0.07	)		0.23			-
Total income from investment operations		0.32			0.56			0.33			0.68			-
Less distributions to shareholders:
From net investment income		-			(0.36	)		(0.38	)		(0.29	)		-
From net realized gains		-			(0.15	)		(0.08	)		(0.04	)		-
Total distributions		-			(0.51	)		(0.46	)		(0.33	)		-
Net asset value, end of period	$	10.59		$	10.27		$	10.22		$	10.35		$	10.00

Total Return (a)		3.12	%**		5.45	%		3.16	%		6.80	%		-	‡
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	116,070		$	125,831		$	105,478		$	80,590		$	101
Ratio of expenses to average daily net assets:
Before expense waiver		0.14	%*		0.12	%		0.12	%		0.13	%		-	‡
After expense waiver		N/A			N/A			N/A			0.13	% #		-	‡
Net investment income (loss) to average daily net assets		0.06	%*		3.62	%		3.84	%		4.38	%		-	‡
Portfolio turnover rate		22	%**		27	%		15	%		33	%		N/A
	Class S
	Six months ended 6/30/07 (Unaudited)			Year ended 12/31/06			Year ended 12/31/05			Year ended 12/31/04			Period ended 12/31/03†
Net asset value, beginning of period	$	10.27		$	10.22		$	10.34		$	10.00		$	10.00
Income (loss) from investment operations:
Net investment income (loss)		0.00	***††		0.35	***		0.61	***		0.37	***		-
Net realized and unrealized gain (loss) on investments		0.32			0.21			(0.27	)		0.30			-
Total income from investment operations		0.32			0.56			0.34			0.67			-
Less distributions to shareholders:
From net investment income		-			(0.36	)		(0.38	)		(0.29	)		-
From net realized gains		-			(0.15	)		(0.08	)		(0.04	)		-
Total distributions		-			(0.51	)		(0.46	)		(0.33	)		-
Net asset value, end of period	$	10.59		$	10.27		$	10.22		$	10.34		$	10.00

Total Return (a)		3.12	%**		5.47	%		3.29	%		6.71	%		-	‡
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	9,613		$	8,773		$	4,445		$	1,195		$	601
Ratio of expenses to average daily net assets:
Before expense waiver		0.11	%*		0.10	%		0.09	%		0.71	%		-	‡
After expense waiver		N/A			N/A			N/A			0.12	% #		-	‡
Net investment income (loss) to average daily net assets		0.09	%*		3.41	%		5.82	%		3.64	%		-	‡
Portfolio turnover rate		22	%**		27	%		15	%		33	%		N/A

* Annualized.

** Percentage represents results for the period and is not annualized.

*** Per share amount calculated on the average shares method.

† The Fund commenced operations on December 31, 2003.

‡ Amount is de minimis due to the short period of operations.

# Computed after giving effect to an agreement by MassMutual to waive certain fees and expenses of the Fund.

†† Amount is less than $0.01 per share.

The accompanying notes are an integral part of the financial statements.
299

MassMutual Select Destination Retirement Income Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class N
	Six months ended 6/30/07 (Unaudited)			Year ended 12/31/06			Year ended 12/31/05			Year ended 12/31/04			Period ended 12/31/03†
Net asset value, beginning of period	$	10.26		$	10.21		$	10.34		$	10.00		$	10.00
Income (loss) from investment operations:
Net investment income (loss)		(0.03	)***		0.30	***		0.30	***		0.15	***		-
Net realized and unrealized gain (loss) on investments		0.31			0.20			(0.04	)		0.45			-
Total income from investment operations		0.28			0.50			0.26			0.60			-
Less distributions to shareholders:
From net investment income		-			(0.30	)		(0.31	)		(0.22	)		-
From net realized gains		-			(0.15	)		(0.08	)		(0.04	)		-
Total distributions		-			(0.45	)		(0.39	)		(0.26	)		-
Net asset value, end of period	$	10.54		$	10.26		$	10.21		$	10.34		$	10.00

Total Return (a)		2.73	% (b)**		4.83	% (b)		2.50	% (b)		6.02	% (b)		0.00	%‡
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	128		$	121		$	105		$	104		$	101
Ratio of expenses to average daily net assets:
Before expense waiver		0.79	% *		0.77	%		0.77	%		1.53	%		-	‡
After expense waiver		N/A			N/A			N/A			0.80	% #		N/A
Net investment income (loss) to average daily net assets		(0.58	)% *		2.95	%		2.85	%		1.52	%		0.00	%‡
Portfolio turnover rate		22	% **		27	%		15	%		33	%		N/A

* Annualized.

** Percentage represents results for the period and is not annualized.

*** Per share amount calculated on the average shares method.

† The Fund commenced operations on December 31, 2003.

‡ Amount is de minimis due to the short period of operations.

# Computed after giving effect to an agreement by MassMutual to waive certain fees and expenses of the Fund.

(b) Total return excludes sales charges and would be lower for the period presented if it reflected these charges.

The accompanying notes are an integral part of the financial statements.
300

MassMutual Select Destination Retirement 2010 Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class A
	Six months ended 6/30/07 (Unaudited)			Year ended 12/31/06			Year ended 12/31/05			Year ended 12/31/04			Period ended 12/31/03+
Net asset value, beginning of period	$	10.77		$	10.57		$	10.54		$	10.00		$	10.00
Income (loss) from investment operations:
Net investment income (loss)		(0.02	)***		0.33	***		0.45	***		0.56	***		-
Net realized and unrealized gain (loss) on investments		0.42			0.34			(0.05	)		0.18			-
Total income from investment operations		0.40			0.67			0.40			0.74			-
Less distributions to shareholders:
From net investment income		-			(0.31	)		(0.31	)		(0.18	)		-
From net realized gains		-			(0.16	)		(0.06	)		(0.02	)		-
Total distributions		-			(0.47	)		(0.37	)		(0.20	)		-
Net asset value, end of period	$	11.17		$	10.77		$	10.57		$	10.54		$	10.00

Total Return (a)		3.71	% (b)**		6.39	% (b)		3.82	% (b)		7.36	% (b)		-	‡
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	70,688		$	54,312		$	30,338		$	7,272		$	101
Ratio of expenses to average daily net assets:
Before expense waiver		0.52	% *		0.52	%		0.54	%		1.13	%		-	‡
After expense waiver		0.51	% *#		0.50	% #		0.50	% #		0.50	% #		-	‡
Net investment income (loss) to average daily net assets		(0.31	)% *		3.10	%		4.24	%		5.34	%		-	‡
Portfolio turnover rate		17	% **		34	%		17	%		28	%		N/A
	Class L
	Six months ended 6/30/07 (Unaudited)			Year ended 12/31/06			Year ended 12/31/05			Year ended 12/31/04			Period ended 12/31/03+
Net asset value, beginning of period	$	10.82		$	10.60		$	10.56		$	10.00		$	10.00
Income (loss) from investment operations:
Net investment income (loss)		(0.00	)***†		0.36	***		0.36	***		1.25	***		-
Net realized and unrealized gain (loss) on investments		0.41			0.35			0.07			(0.48	)		-
Total income from investment operations		0.41			0.71			0.43			0.77			-
Less distributions to shareholders:
From net investment income		-			(0.33	)		(0.33	)		(0.19	)		-
From net realized gains		-			(0.16	)		(0.06	)		(0.02	)		-
Total distributions		-			(0.49	)		(0.39	)		(0.21	)		-
Net asset value, end of period	$	11.23		$	10.82		$	10.60		$	10.56		$	10.00

Total Return (a)		3.89	% **		6.69	%		4.03	%		7.68	%		-	‡
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	60,967		$	47,387		$	35,621		$	22,880		$	101
Ratio of expenses to average daily net assets:
Before expense waiver		0.27	% *		0.27	%		0.29	%		0.88	%		-	‡
After expense waiver		0.26	% *#		0.25	% #		0.25	% #		0.25	% #		-	‡
Net investment income (loss) to average daily net assets		(0.07	)% *		3.35	%		3.37	%		12.10	%		-	‡
Portfolio turnover rate		17	% **		34	%		17	%		28	%		N/A

* Annualized.

** Percentage represents results for the period and is not annualized.

*** Per share amount calculated on the average shares method.

+ The Fund commenced operations on December 31, 2003.

† Amount is less than $0.01 per share.

‡ Amount is de minimis due to the short period of operations.

# Computed after giving effect to an agreement by MassMutual to waive certain fees and expenses of the Fund.

(b) Total return excludes sales charges and would be lower for the period presented if it reflected these charges.

The accompanying notes are an integral part of the financial statements.
301

MassMutual Select Destination Retirement 2010 Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class Y
	Six months ended 6/30/07 (Unaudited)			Year ended 12/31/06			Year ended 12/31/05			Year ended 12/31/04			Period ended 12/31/03+
Net asset value, beginning of period	$	10.82		$	10.61		$	10.56		$	10.00		$	10.00
Income (loss) from investment operations:
Net investment income (loss)		0.00	***†		0.39	***		0.52	***		0.85	***		-
Net realized and unrealized gain (loss) on investments		0.42			0.32			(0.07	)		(0.08	)		-
Total income from investment operations		0.42			0.71			0.45			0.77			-
Less distributions to shareholders:
From net investment income		-			(0.34	)		(0.34	)		(0.19	)		-
From net realized gains		-			(0.16	)		(0.06	)		(0.02	)		-
Total distributions		-			(0.50	)		(0.40	)		(0.21	)		-
Net asset value, end of period	$	11.24		$	10.82		$	10.61		$	10.56		$	10.00

Total Return (a)		3.88	%**		6.77	%		4.22	%		7.69	%		-	‡
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	72,478		$	57,929		$	30,365		$	5,605		$	101
Ratio of expenses to average daily net assets:
Before expense waiver		0.17	%*		0.17	%		0.19	%		0.78	%		-	‡
After expense waiver		0.16	%*#		0.15	% #		0.15	% #		0.15	% #		-	‡
Net investment income (loss) to average daily net assets		0.04	%*		3.62	%		4.80	%		8.17	%		-	‡
Portfolio turnover rate		17	%**		34	%		17	%		28	%		N/A
	Class S
	Six months ended 6/30/07 (Unaudited)			Year ended 12/31/06			Year ended 12/31/05			Year ended 12/31/04			Period ended 12/31/03+
Net asset value, beginning of period	$	10.83		$	10.61		$	10.57		$	10.00		$	10.00
Income (loss) from investment operations:
Net investment income (loss)		0.00	***†		0.40	***		0.61	***		0.36	***		-
Net realized and unrealized gain (loss) on investments		0.43			0.33			(0.17	)		0.42			-
Total income from investment operations		0.43			0.73			0.44			0.78			-
Less distributions to shareholders:
From net investment income		-			(0.35	)		(0.34	)		(0.19	)		-
From net realized gains		-			(0.16	)		(0.06	)		(0.02	)		-
Total distributions		-			(0.51	)		(0.40	)		(0.21	)		-
Net asset value, end of period	$	11.26		$	10.83		$	10.61		$	10.57		$	10.00

Total Return (a)		3.97	%**		6.90	%		4.15	%		7.80	%		-	‡
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	30,529		$	17,935		$	12,104		$	2,319		$	601
Ratio of expenses to average daily net assets:
Before expense waiver		0.13	%*		0.12	%		0.14	%		0.73	%		-	‡
After expense waiver		0.11	%*#		0.10	% #		0.10	% #		0.10	% #		-	‡
Net investment income (loss) to average daily net assets		0.08	%*		3.66	%		5.69	%		3.49	%		-	‡
Portfolio turnover rate		17	%**		34	%		17	%		28	%		N/A

* Annualized.

** Percentage represents results for the period and is not annualized.

*** Per share amount calculated on the average shares method.

† Amount is less than $0.01 per share.

+ The Fund commenced operations on December 31, 2003.

‡ Amount is de minimis due to the short period of operations.

# Computed after giving effect to an agreement by MassMutual to waive certain fees and expenses of the Fund.

The accompanying notes are an integral part of the financial statements.
302

MassMutual Select Destination Retirement 2010 Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class N
	Six months ended 6/30/07 (Unaudited)			Year ended 12/31/06			Year ended 12/31/05			Year ended 12/31/04			Year ended 12/31/03+
Net asset value, beginning of period	$	10.80		$	10.60		$	10.56		$	10.00		$	10.00
Income (loss) from investment operations:
Net investment income (loss)		(0.03	)***		0.32	***		0.27	***		(0.00	)†		-
Net realized and unrealized gain (loss) on investments		0.42			0.32			0.10			0.70			-
Total income from investment operations		0.39			0.64			0.37			0.70			-
Less distributions to shareholders:
From net investment income		-			(0.28	)		(0.27	)		(0.12	)		-
From net realized gains		-			(0.16	)		(0.06	)		(0.02	)		-
Total distributions		-			(0.44	)		(0.33	)		(0.14	)		-
Net asset value, end of period	$	11.19		$	10.80		$	10.60		$	10.56		$	10.00

Total Return (a)		3.61	% (b)**		6.14	% (b)		3.51	% (b)		6.98	% (b)		-	‡
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	397		$	249		$	134		$	107		$	101
Ratio of expenses to average daily net assets:
Before expense waiver		0.83	% *		0.82	%		0.84	%		1.43	%		-	‡
After expense waiver		0.81	% *#		0.80	% #		0.80	% #		0.80	% #		N/A
Net investment income (loss) to average daily net assets		(0.62	)% *		3.00	%		2.50	%		0.02	%		-	‡
Portfolio turnover rate		17	% **		34	%		17	%		28	%		N/A

* Annualized.

** Percentage represents results for the period and is not annualized.

*** Per share amount calculated on the average shares method.

† Amount is less than $0.01 per share.

+ The Fund commenced operations on December 31, 2003.

‡ Amount is de minimis due to the short period of operations.

# Computed after giving effect to an agreement by MassMutual to waive certain fees and expenses of the Fund.

(b) Total return excludes sales charges and would be lower for the period presented if it reflected these charges.

The accompanying notes are an integral part of the financial statements.
303

MassMutual Select Destination Retirement 2020 Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class A
	Six months ended 6/30/07 (Unaudited)			Year ended 12/31/06			Year ended 12/31/05			Year ended 12/31/04			Period ended 12/31/03+
Net asset value, beginning of period	$	11.20		$	10.91		$	10.75		$	10.00		$	10.00
Income (loss) from investment operations:
Net investment income (loss)		(0.03	)***		0.26	***		0.37	***		0.64	***		-
Net realized and unrealized gain (loss) on investments		0.61			0.57			0.19			0.34			-
Total income from investment operations		0.58			0.83			0.56			0.98			-
Less distributions to shareholders:
From net investment income		-			(0.25	)		(0.27	)		(0.19	)		-
From net realized gains		-			(0.29	)		(0.13	)		(0.04	)		-
Total distributions		-			(0.54	)		(0.40	)		(0.23	)		-
Net asset value, end of period	$	11.78		$	11.20		$	10.91		$	10.75		$	10.00

Total Return (a)		5.18	% (b)**		7.72	% (b)		5.23	% (b)		9.76	% (b)		-	‡
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	172,685		$	144,228		$	89,351		$	21,577		$	101
Ratio of expenses to average daily net assets:
Before expense waiver		0.50	% *		0.50	%		0.50	%		0.52	%		-	‡
After expense waiver		N/A			N/A			N/A			0.50	% #		-	‡
Net investment income (loss) to average daily net assets		(0.50	)% *		2.32	%		3.43	%		6.11	%		-	‡
Portfolio turnover rate		22	% **		32	%		23	%		19	%		N/A
	Class L
	Six months ended 6/30/07 (Unaudited)			Year ended 12/31/06			Year ended 12/31/05			Year ended 12/31/04			Period ended 12/31/03+
Net asset value, beginning of period	$	11.25		$	10.96		$	10.77		$	10.00		$	10.00
Income (loss) from investment operations:
Net investment income (loss)		(0.01	)***		0.25	***		0.25	***		0.21	***		-
Net realized and unrealized gain (loss) on investments		0.62			0.60			0.35			0.79			-
Total income from investment operations		0.61			0.85			0.60			1.00			-
Less distributions to shareholders:
From net investment income		-			(0.27	)		(0.28	)		(0.19	)		-
From net realized gains		-			(0.29	)		(0.13	)		(0.04	)		-
Total distributions		-			(0.56	)		(0.41	)		(0.23	)		-
Net asset value, end of period	$	11.86		$	11.25		$	10.96		$	10.77		$	10.00

Total Return (a)		5.42	% **		7.87	%		5.50	%		10.07	%		-	‡
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	291,258		$	273,584		$	237,433		$	212,094		$	101
Ratio of expenses to average daily net assets:
Before expense waiver		0.25	% *		0.24	%		0.25	%		0.26	%		-	‡
After expense waiver		N/A			N/A			N/A			0.25	% #		-	‡
Net investment income (loss) to average daily net assets		(0.25	)% *		2.19	%		2.31	%		1.99	%		-	‡
Portfolio turnover rate		22	% **		32	%		23	%		19	%		N/A

* Annualized.

** Percentage represents results for the period and is not annualized.

*** Per share amount calculated on the average shares method.

+ The Fund commenced operations on December 31, 2003.

‡ Amount is de minimis due to the short period of operations.

# Computed after giving effect to an agreement by MassMutual to waive certain fees and expenses of the Fund.

(b) Total return excludes sales charges and would be lower for the period presented if it reflected these charges.

The accompanying notes are an integral part of the financial statements.
304

MassMutual Select Destination Retirement 2020 Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class Y
	Six months ended 6/30/07 (Unaudited)			Year ended 12/31/06			Year ended 12/31/05			Year ended 12/31/04			Period ended 12/31/03+
Net asset value, beginning of period	$	11.25		$	10.95		$	10.77		$	10.00		$	10.00
Income (loss) from investment operations:
Net investment income (loss)		(0.01	)***		0.30	***		0.45	***		0.81	***		-
Net realized and unrealized gain (loss) on investments		0.61			0.58			0.16			0.20			-
Total income from investment operations		0.60			0.88			0.61			1.01			-
Less distributions to shareholders:
From net investment income		-			(0.29	)		(0.30	)		(0.20	)		-
From net realized gains		-			(0.29	)		(0.13	)		(0.04	)		-
Total distributions		-			(0.58	)		(0.43	)		(0.24	)		-
Net asset value, end of period	$	11.85		$	11.25		$	10.95		$	10.77		$	10.00

Total Return (a)		5.33	% **		8.08	%		5.63	%		10.07	%		-	‡
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	135,980		$	105,565		$	65,716		$	10,249		$	101
Ratio of expenses to average daily net assets:
Before expense waiver		0.15	% *		0.15	%		0.14	%		0.19	%		-	‡
After expense waiver		N/A			N/A			N/A			0.15	% #		-	‡
Net investment income (loss) to average daily net assets		(0.15	)% *		2.66	%		4.04	%		7.69	%		-	‡
Portfolio turnover rate		22	% **		32	%		23	%		19	%		N/A
	Class S
	Six months ended 6/30/07 (Unaudited)			Year ended 12/31/06			Year ended 12/31/05			Year ended 12/31/04			Period ended 12/31/03+
Net asset value, beginning of period	$	11.26		$	10.96		$	10.78		$	10.00		$	10.00
Income (loss) from investment operations:
Net investment income (loss)		(0.01	)***		0.30	***		0.38	***		0.52	***		-
Net realized and unrealized gain (loss) on investments		0.62			0.58			0.23			0.50			-
Total income from investment operations		0.61			0.88			0.61			1.02			-
Less distributions to shareholders:
From net investment income		-			(0.29	)		(0.30	)		(0.20	)		-
From net realized gains		-			(0.29	)		(0.13	)		(0.04	)		-
Total distributions		-			(0.58	)		(0.43	)		(0.24	)		-
Net asset value, end of period	$	11.87		$	11.26		$	10.96		$	10.78		$	10.00

Total Return (a)		5.42	% **		8.12	%		5.65	%		10.19	%		-	‡
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	83,345		$	66,802		$	35,933		$	12,389		$	601
Ratio of expenses to average daily net assets:
Before expense waiver		0.10	% *		0.10	%		0.10	%		0.21	%		-	‡
After expense waiver		N/A			N/A			N/A			0.10	% #		-	‡
Net investment income (loss) to average daily net assets		(0.10	)% *		2.69	%		3.45	%		5.00	%		-	‡
Portfolio turnover rate		22	% **		32	%		23	%		19	%		N/A

* Annualized.

** Percentage represents results for the period and is not annualized.

*** Per share amount calculated on the average shares method.

+ The Fund commenced operations on December 31, 2003.

‡ Amount is de minimis due to the short period of operations.

# Computed after giving effect to an agreement by MassMutual to waive certain fees and expenses of the Fund.

The accompanying notes are an integral part of the financial statements.
305

MassMutual Select Destination Retirement 2020 Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class N
	Six months ended 6/30/07 (Unaudited)			Year ended 12/31/06			Year ended 12/31/05			Year ended 12/31/04			Period ended 12/31/03+
Net asset value, beginning of period	$	11.22		$	10.94		$	10.77		$	10.00		$	10.00
Income (loss) from investment operations:
Net investment income (loss)		(0.05	)***		0.21	***		0.27	***		0.06	***		-
Net realized and unrealized gain (loss) on investments		0.62			0.58			0.27			0.88			-
Total income from investment operations		0.57			0.79			0.54			0.94			-
Less distributions to shareholders:
From net investment income		-			(0.22	)		(0.24	)		(0.13	)		-
From net realized gains		-			(0.29	)		(0.13	)		(0.04	)		-
Total distributions		-			(0.51	)		(0.37	)		(0.17	)		-
Net asset value, end of period	$	11.79		$	11.22		$	10.94		$	10.77		$	10.00

Total Return (a)		5.08	% (b)**		7.31	% **(b)		4.99	% (b)		9.39	% (b)		-	‡
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	407		$	309		$	238		$	113		$	101
Ratio of expenses to average daily net assets:
Before expense waiver		0.80	% *		0.80	%		0.80	%		1.57	%		-	‡
After expense waiver		N/A			N/A			N/A			0.80	% #		N/A
Net investment income (loss) to average daily net assets		(0.80	)% *		1.93	%		2.46	%		0.55	%		-	‡
Portfolio turnover rate		22	% **		32	%		23	%		19	%		N/A

* Annualized.

** Percentage represents results for the period and is not annualized.

*** Per share amount calculated on the average shares method.

+ The Fund commenced operations on December 31, 2003.

‡ Amount is de minimis due to the short period of operations.

# Computed after giving effect to an agreement by MassMutual to waive certain fees and expenses of the Fund.

(b) Total return excludes sales charges and would be lower for the period presented if it reflected these charges.

The accompanying notes are an integral part of the financial statements.
306

MassMutual Select Destination Retirement 2030 Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class A
	Six months ended 6/30/07 (Unaudited)			Year ended 12/31/06			Year ended 12/31/05			Year ended 12/31/04			Period ended 12/31/03+
Net asset value, beginning of period	$	12.05		$	11.50		$	11.11		$	10.00		$	10.00
Income (loss) from investment operations:
Net investment income (loss)		(0.00	)***††		0.15	***		0.21	***		0.27	***		-
Net realized and unrealized gain (loss) on investments		0.86			0.95			0.52			0.95			-
Total income from investment operations		0.86			1.10			0.73			1.22			-
Less distributions to shareholders:
From net investment income		-			(0.18	)		(0.18	)		(0.10	)		-
From net realized gains		-			(0.37	)		(0.16	)		(0.01	)		-
Total distributions		-			(0.55	)		(0.34	)		(0.11	)		-
Net asset value, end of period	$	12.91		$	12.05		$	11.50		$	11.11		$	10.00

Total Return (a)		7.14	% (b)**		9.70	% (b)		6.56	% (b)		12.24	% (b)		-	‡
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	135,241		$	112,499		$	63,024		$	21,459		$	101
Ratio of expenses to average daily net assets:
Before expense waiver		0.50	% *		0.50	%		0.50	%		0.52	%		-	‡
After expense waiver		N/A			N/A			N/A			0.50	% #		N/A
Net investment income (loss) to average daily net assets		(0.50	)% *		1.31	%		1.89	%		2.58	%		-	‡
Portfolio turnover rate		25	% **		34	%		17	%		10	%		N/A
	Class L
	Six months ended 6/30/07 (Unaudited)			Year ended 12/31/06			Year ended 12/31/05			Year ended 12/31/04			Period ended 12/31/03+
Net asset value, beginning of period	$	12.11		$	11.55		$	11.13		$	10.00		$	10.00
Income (loss) from investment operations:
Net investment income (loss)		(0.00	)***††		0.15	***		0.14	***		0.10	***		-
Net realized and unrealized gain (loss) on investments		0.88			0.98			0.63			1.15			-
Total income from investment operations		0.88			1.13			0.77			1.25			-
Less distributions to shareholders:
From net investment income		-			(0.20	)		(0.19	)		(0.11	)		-
From net realized gains		-			(0.37	)		(0.16	)		(0.01	)		-
Total distributions		-			(0.57	)		(0.35	)		(0.12	)		-
Net asset value, end of period	$	12.99		$	12.11		$	11.55		$	11.13		$	10.00

Total Return (a)		7.27	% **		9.93	%		6.92	%		12.49	%		-	‡
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	235,091		$	211,382		$	180,837		$	168,132		$	101
Ratio of expenses to average daily net assets:
Before expense waiver		0.25	% *		0.25	%		0.25	%		0.26	%		-	‡
After expense waiver		N/A			N/A			N/A			0.25	% #		N/A
Net investment income (loss) to average daily net assets		(0.25	)% *		1.28	%		1.26	%		0.93	%		-	‡
Portfolio turnover rate		25	% **		34	%		17	%		10	%		N/A

* Annualized.

** Percentage represents results for the period and is not annualized.

*** Per share amount calculated on the average shares method.

†† Amount is less than $0.01 per share.

+ The Fund commenced operations on December 31, 2003.

‡ Amount is de minimis due to the short period of operations.

# Computed after giving effect to an agreement by MassMutual to waive certain fees and expenses of the Fund.

(b) Total return excludes sales charges and would be lower for the period presented if it reflected these charges.

The accompanying notes are an integral part of the financial statements.
307

MassMutual Select Destination Retirement 2030 Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class Y
	Six months ended 6/30/07 (Unaudited)			Year ended 12/31/06			Year ended 12/31/05			Year ended 12/31/04			Period ended 12/31/03+
Net asset value, beginning of period	$	12.10		$	11.54		$	11.13		$	10.00		$	10.00
Income (loss) from investment operations:
Net investment income (loss)		(0.00	)***††		0.22	***		0.32	***		0.43	***		-
Net realized and unrealized gain (loss) on investments		0.89			0.93			0.46			0.83			-
Total income from investment operations		0.89			1.15			0.78			1.26			-
Less distributions to shareholders:
From net investment income		-			(0.22	)		(0.21	)		(0.12	)		-
From net realized gains		-			(0.37	)		(0.16	)		(0.01	)		-
Total distributions		-			(0.59	)		(0.37	)		(0.13	)		-
Net asset value, end of period	$	12.99		$	12.10		$	11.54		$	11.13		$	10.00

Total Return (a)		7.36	% **		10.05	%		6.97	%		12.60	%		-	‡
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	89,838		$	68,388		$	33,819		$	3,169		$	101
Ratio of expenses to average daily net assets:
Before expense waiver		0.15	% *		0.15	%		0.15	%		0.23	%		-	‡
After expense waiver		N/A			N/A			N/A			0.15	% #		N/A
Net investment income (loss) to average daily net assets		(0.15	)% *		1.82	%		2.77	%		4.01	%		-	‡
Portfolio turnover rate		25	% **		34	%		17	%		10	%		N/A
	Class S
	Six months ended 6/30/07 (Unaudited)			Year ended 12/31/06			Year ended 12/31/05			Year ended 12/31/04			Period ended 12/31/03+
Net asset value, beginning of period	$	12.11		$	11.55		$	11.14		$	10.00		$	10.00
Income (loss) from investment operations:
Net investment income (loss)		(0.00	)***††		0.20	***		0.27	***		0.33	***		-
Net realized and unrealized gain (loss) on investments		0.90			0.95			0.51			0.94			-
Total income from investment operations		0.90			1.15			0.78			1.27			-
Less distributions to shareholders:
From net investment income		-			(0.22	)		(0.21	)		(0.12	)		-
From net realized gains		-			(0.37	)		(0.16	)		(0.01	)		-
Total distributions		-			(0.59	)		(0.37	)		(0.13	)		-
Net asset value, end of period	$	13.01		$	12.11		$	11.55		$	11.14		$	10.00

Total Return (a)		7.34	% **		10.17	%		6.98	%		12.71	%		-	‡
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	55,844		$	42,835		$	18,300		$	4,245		$	601
Ratio of expenses to average daily net assets:
Before expense waiver		0.10	% *		0.10	%		0.10	%		0.45	%		-	‡
After expense waiver		N/A			N/A			N/A			0.10	% #		N/A
Net investment income (loss) to average daily net assets		(0.10	)% *		1.66	%		2.42	%		3.16	%		-	‡
Portfolio turnover rate		25	% **		34	%		17	%		10	%		N/A

* Annualized.

** Percentage represents results for the period and is not annualized.

*** Per share amount calculated on the average shares method.

†† Amount is less than $0.01 per share.

+ The Fund commenced operations on December 31, 2003.

‡ Amount is de minimis due to the short period of operations.

# Computed after giving effect to an agreement by MassMutual to waive certain fees and expenses of the Fund.

The accompanying notes are an integral part of the financial statements.
308

MassMutual Select Destination Retirement 2030 Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class N
	Six months ended 6/30/07 (Unaudited)			Year ended 12/31/06			Year ended 12/31/05			Year ended 12/31/04			Period ended 12/31/03+
Net asset value, beginning of period	$	12.07		$	11.52		$	11.13		$	10.00		$	10.00
Income (loss) from investment operations:
Net investment income (loss)		(0.00	)***††		0.09	***		0.14	***		(0.02	)***		-
Net realized and unrealized gain (loss) on investments		0.85			0.98			0.55			1.21			-
Total income from investment operations		0.85			1.07			0.69			1.19			-
Less distributions to shareholders:
From net investment income		-			(0.15	)		(0.14	)		(0.05	)		-
From net realized gains		-			(0.37	)		(0.16	)		(0.01	)		-
Total distributions		-			(0.52	)		(0.30	)		(0.06	)		-
Net asset value, end of period	$	12.92		$	12.07		$	11.52		$	11.13		$	10.00

Total Return (a)		7.04	% (b)**		9.39	% (b)		6.20	% (b)		11.89	% (b)		-	‡
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	284		$	209		$	162		$	113		$	101
Ratio of expenses to average daily net assets:
Before expense waiver		0.80	% *		0.80	%		0.80	%		1.47	%		-	‡
After expense waiver		N/A			N/A			N/A			0.80	% #		N/A
Net investment income (loss) to average daily net assets		(0.80	)% *		0.78	%		1.26	%		(0.24	)%		-	‡
Portfolio turnover rate		25	% **		34	%		17	%		10	%		N/A

* Annualized.

** Percentage represents results for the period and is not annualized.

*** Per share amount calculated on the average shares method.

†† Amount is less than $0.01 per share.

+ The Fund commenced operations on December 31, 2003.

‡ Amount is de minimis due to the short period of operations.

# Computed after giving effect to an agreement by MassMutual to waive certain fees and expenses of the Fund.

(b) Total Return excludes sales charges and would be lower for the period presented if it reflected these charges.

The accompanying notes are an integral part of the financial statements.
309

MassMutual Select Destination Retirement 2040 Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class A
	Six months ended 6/30/07 (Unaudited)			Year ended 12/31/06			Year ended 12/31/05			Year ended 12/31/04			Period ended 12/31/03+
Net asset value, beginning of period	$	12.39		$	11.77		$	11.26		$	10.00		$	10.00
Income (loss) from investment operations:
Net investment income (loss)		(0.03	)***		0.07	***		0.10	***		0.20	***		-
Net realized and unrealized gain (loss) on investments		1.05			1.24			0.73			1.14			-
Total income from investment operations		1.02			1.31			0.83			1.34			-
Less distributions to shareholders:
From net investment income		-			(0.13	)		(0.11	)		(0.06	)		-
From net realized gains		-			(0.56	)		(0.21	)		(0.02	)		-
Total distributions		-			(0.69	)		(0.32	)		(0.08	)		-
Net asset value, end of period	$	13.41		$	12.39		$	11.77		$	11.26		$	10.00
Total Return (a)		8.23	% (b)**		11.26	% (b)		7.47	% (b)		13.39	% (b)		-	‡
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	61,256		$	46,934		$	26,913		$	6,414		$	101
Ratio of expenses to average daily net assets:
Before expense waiver		0.50	% *		0.50	%		0.50	%		0.55	%		-	‡
After expense waiver		N/A			N/A			0.50	% #		0.50	% #		-	‡
Net investment income (loss) to average daily net assets		(0.50	)% *		0.59	%		0.85	%		1.92	%		-	‡
Portfolio turnover rate		25	% **		42	%		18	%		13	%		N/A
	Class L
	Six months ended 6/30/07 (Unaudited)			Year ended 12/31/06			Year ended 12/31/05			Year ended 12/31/04			Period ended 12/31/03+
Net asset value, beginning of period	$	12.45		$	11.81		$	11.28		$	10.00		$	10.00
Income (loss) from investment operations:
Net investment income (loss)		(0.02	)***		0.08	***		0.07	***		0.04	***		-
Net realized and unrealized gain (loss) on investments		1.06			1.27			0.80			1.33			-
Total income from investment operations		1.04			1.35			0.87			1.37			-
Less distributions to shareholders:
From net investment income		-			(0.15	)		(0.13	)		(0.07	)		-
From net realized gains		-			(0.56	)		(0.21	)		(0.02	)		-
Total distributions		-			(0.71	)		(0.34	)		(0.09	)		-
Net asset value, end of period	$	13.49		$	12.45		$	11.81		$	11.28		$	10.00

Total Return (a)		8.35	% **		11.58	%		7.75	%		13.63	%		-	‡
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	150,954		$	134,968		$	107,540		$	101,487		$	101
Ratio of expenses to average daily net assets:
Before expense waiver		0.25	% *		0.25	%		0.25	%		0.27	%		-	‡
After expense waiver		N/A			N/A			0.25	% #		0.25	% #		-	‡
Net investment income (loss) to average daily net assets		(0.25	)% *		0.68	%		0.60	%		0.41	%		-	‡
Portfolio turnover rate		25	% **		42	%		18	%		13	%		N/A

* Annualized.

** Percentage represents results for the period and is not annualized.

*** Per share amount calculated on the average shares method.

+ The Fund commenced operations on December 31, 2003.

‡ Amount is de minimis due to the short period of operations.

# Computed after giving effect to an agreement by MassMutual to waive certain fees and expenses of the Fund.

(b) Total return excludes sales charges and would be lower for the period presented if it reflected these charges.

The accompanying notes are an integral part of the financial statements.
310

MassMutual Select Destination Retirement 2040 Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class Y
	Six months ended 6/30/07 (Unaudited)			Year ended 12/31/06			Year ended 12/31/05			Year ended 12/31/04			Period ended 12/31/03+
Net asset value, beginning of period	$	12.44		$	11.81		$	11.28		$	10.00		$	10.00
Income (loss) from investment operations:
Net investment income (loss)		(0.01	)***		0.12	***		0.16	***		0.27	***		-
Net realized and unrealized gain (loss) on investments		1.06			1.23			0.72			1.11			-
Total income from investment operations		1.05			1.35			0.88			1.38			-
Less distributions to shareholders:
From net investment income		-			(0.16	)		(0.14	)		(0.08	)		-
From net realized gains		-			(0.56	)		(0.21	)		(0.02	)		-
Total distributions		-			(0.72	)		(0.35	)		(0.10	)		-
Net asset value, end of period	$	13.49		$	12.44		$	11.81		$	11.28		$	10.00

Total Return (a)		8.44	% **		11.60	%		7.88	%		13.74	%		-	‡
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	40,723		$	31,379		$	8,379		$	596		$	101
Ratio of expenses to average daily net assets:
Before expense waiver		0.15	% *		0.15	%		0.15	%		0.54	%		-	‡
After expense waiver		N/A			N/A			0.15	% #		0.15	% #		-	‡
Net investment income (loss) to average daily net assets		(0.15	)% *		0.96	%		1.41	%		2.55	%		-	‡
Portfolio turnover rate		25	% **		42	%		18	%		13	%		N/A
	Class S
	Six months ended 6/30/07 (Unaudited)			Year ended 12/31/06			Year ended 12/31/05			Year ended 12/31/04			Period ended 12/31/03+
Net asset value, beginning of period	$	12.45		$	11.82		$	11.28		$	10.00		$	10.00
Income (loss) from investment operations:
Net investment income (loss)		(0.01	)***		0.08	***		0.27	***		0.09	***		-
Net realized and unrealized gain (loss) on investments		1.07			1.28			0.63			1.29			-
Total income from investment operations		1.06			1.36			0.90			1.38			-
Less distributions to shareholders:
From net investment income		-			(0.17	)		(0.15	)		(0.08	)		-
From net realized gains		-			(0.56	)		(0.21	)		(0.02	)		-
Total distributions		-			(0.73	)		(0.36	)		(0.10	)		-
Net asset value, end of period	$	13.51		$	12.45		$	11.82		$	11.28		$	10.00

Total Return (a)		8.51	% **		11.63	%		8.00	%		13.75	%		-	‡
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	37,734		$	27,944		$	27,274		$	1,741		$	601
Ratio of expenses to average daily net assets:
Before expense waiver		0.10	% *		0.10	%		0.10	%		0.66	%		-	‡
After expense waiver		N/A			N/A			0.10	% #		0.10	% #		-	‡
Net investment income (loss) to average daily net assets		(0.10	)% *		0.67	%		2.37	%		0.85	%		-	‡
Portfolio turnover rate		25	% **		42	%		18	%		13	%		N/A

* Annualized.

** Percentage represents results for the period and is not annualized.

*** Per share amount calculated on the average shares method.

+ The Fund commenced operations on December 31, 2003.

‡ Amount is de minimis due to the short period of operations.

# Computed after giving effect to an agreement by MassMutual to waive certain fees and expenses of the Fund.

The accompanying notes are an integral part of the financial statements.
311

MassMutual Select Destination Retirement 2040 Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class N
	Six months ended 6/30/07 (Unaudited)			Year ended 12/31/06			Year ended 12/31/05			Year ended 12/31/04			Period ended 12/31/03+
Net asset value, beginning of period	$	12.41		$	11.79		$	11.28		$	10.00		$	10.00
Income (loss) from investment operations:
Net investment income (loss)		(0.05	)***		0.02	***		0.07	***		(0.07	)***		-
Net realized and unrealized gain (loss) on investments		1.06			1.25			0.73			1.38			-
Total income from investment operations		1.01			1.27			0.80			1.31			-
Less distributions to shareholders:
From net investment income		-			(0.09	)		(0.08	)		(0.01	)		-
From net realized gains		-			(0.56	)		(0.21	)		(0.02	)		-
Total distributions		-			(0.65	)		(0.29	)		(0.03	)		-
Net asset value, end of period	$	13.42		$	12.41		$	11.79		$	11.28		$	10.00
Total Return (a)		8.14	% (b)**		10.91	% (b)		7.11	% (b)		13.03	% (b)		-	‡
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	235		$	189		$	142		$	114		$	101
Ratio of expenses to average daily net assets:
Before expense waiver		0.80	% *		0.80	%		0.80	%		1.54	%		-	‡
After expense waiver		N/A			N/A			0.80	% #		0.80	% #		N/A
Net investment income (loss) to average daily net assets		(0.80	)% *		0.18	%		0.59	%		(0.63	)%		-	‡
Portfolio turnover rate		25	% **		2	%		18	%		13	%		N/A

* Annualized.

** Percentage represents results for the period and is not annualized.

*** Per share amount calculated on the average shares method.

+ The Fund commenced operations on December 31, 2003.

‡ Amount is de minimis due to the short period of operations.

# Computed after giving effect to an agreement by MassMutual to waive certain fees and expenses of the Fund.

(b) Total return excludes sales charges and would be lower for the period presented if it reflected these charges.

The accompanying notes are an integral part of the financial statements.
312

Notes to Financial Statements (Unaudited)

1. The Fund
MassMutual Select 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 May 28, 1993, as amended. The Trust consists of the following series (each individually referred to as a "Fund" or collectively as the "Funds"): MassMutual Select Strategic Bond Fund ("Strategic Bond Fund"), MassMutual Select Strategic Balanced Fund ("Strategic Balanced Fund"), MassMutual Select Diversified Value Fund ("Diversified Value Fund"), MassMutual Select Fundamental Value Fund ("Fundamental Value Fund"), MassMu tual Select Value Equity Fund ("Value Equity Fund"), MassMutual Select Large Cap Value Fund ("Large Cap Value Fund"), MassMutual Select Indexed Equity Fund ("Indexed Equity Fund"), MassMutual Select Core Opportunities Fund ("Core Opportunities Fund"), MassMutual Select Blue Chip Growth Fund ("Blue Chip Growth Fund"), MassMutual Select Large Cap Growth Fund ("Large Cap Growth Fund"), MassMutual Select Growth Equity Fund ("Growth Equity Fund"), MassMutual Select Aggressive Growth Fund ("Aggressive Growth Fund"), MassMutual Select OTC 100 Fund ("OTC 100 Fund"), MassMutual Select Focused Value Fund ("Focused Value Fund"), MassMutual Select Mid-Cap Value Fund ("Mid-Cap Value Fund"), MassMutual Select Small Cap Value Equity Fund ("Small Cap Value Equity Fund"), MassMutual Select Small Company Value Fund ("Small Company Value Fund"), MassMutual Select Small Cap Core Equity Fund ("Small Cap Core Equity Fund"), MassMutual Select Mid Cap Growth Equity Fund ("Mid Cap Growth Equity Fund"), MassMutual Select Mid Cap Grow th Equity II Fund ("Mid Cap Growth Equity II Fund"), MassMutual Select Small Cap Growth Equity Fund ("Small Cap Growth Equity Fund"), MassMutual Select Small Company Growth Fund ("Small Company Growth Fund"), MassMutual Select Emerging Growth Fund ("Emerging Growth Fund"), MassMutual Select Diversified International Fund ("Diversified International Fund"), MassMutual Select Overseas Fund ("Overseas Fund"), MassMutual Select Destination Retirement Income Fund ("Destination Retirement Income Fund"), MassMutual Select Destination Retirement 2010 Fund ("Destination Retirement 2010 Fund"), MassMutual Select Destination Retirement 2020 Fund ("Destination Retirement 2020 Fund"), MassMutual Select Destination Retirement 2030 Fund ("Destination Retirement 2030 Fund") and MassMutual Select Destination Retirement 2040 Fund ("Destination Retirement 2040 Fund").

Each Fund has five classes of shares: Class A, Class L, Class Y, Class S and Class N. Additionally, the Indexed Equity Fund has a sixth class of shares: Class Z. The principal economic difference among the classes is the level of service and administration fees borne by the classes. The classes of shares are offered to different types of investors, as outlined in the Trust's Prospectus.

The five Destination Retirement Funds invest all of their investable assets in shares of various funds advised by MassMutual as a control affiliate of MassMutual. The financial statements included herein are those of the Destination Retirement Funds and the applicable MassMutual Select Funds. The financial statements of the applicable MassMutual Premier Funds, or Oppenheimer Funds which are advised by Oppenheimer Funds, Inc., a majority owned, indirect subsidiary of MassMutual, are presented separately and can be obtained from the SEC's EDGAR database on its Internet site at www.sec.gov or by calling MassMutual at 1-888-309-3539. The assets of each Destination Retirement Fund are diversified and a shareholder's interest is limited to the Select, Premier or Oppenheimer Funds in which the shares are invested.

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.

313

Notes to Financial Statements (Unaudited) (Continued)

Investment Valuation
Equity securities are valued on the basis of valuations furnished by a pricing service, authorized by the Board of Trustees ("Trustees"), which provides the last reported sale price for securities listed on a national securities exchange or the official closing price on the NASDAQ National Market System, or in the case of over-the-counter securities not so listed, the last reported bid price. Debt securities (other than short-term obligations with a remaining maturity of sixty days or less) are valued on the basis of valuations furnished by a pricing service, authorized 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, m aturity, type of issue, trading characteristics and other market data. Short-term securities with a remaining maturity of sixty days or less are valued at either amortized cost or at original cost plus accrued interest, whichever approximates current market value. Shares of other funds of the Trust are valued at their net asset value as reported on each business day. All other securities and other assets, including futures, options, swaps and debt securities for which the prices supplied by a pricing agent are deemed by the Trustees not to be representative of market values, including restricted securities and securities for which no market quotation is available, are valued at fair value in accordance with procedures approved by the Trustees. Securities are typically valued on the basis of valuations furnished by a primary pricing service or, if no such valuation is available, from a secondary pricing service. However, valuation methods approved by the Trustees which are intended to reflect fair value may b e used when pricing service information is not readily available or when a security's value is believed to have been materially affected by a significant event, such as a natural disaster, an economic event like a bankruptcy filing, or a substantial fluctuation in domestic or foreign markets, that has occurred after the close of the exchange or market on which the security is principally traded (for example, a foreign exchange or market). In such a case, a Fund's value for a security is likely to be different from the last quoted market price or pricing service information. In addition, a fair value pricing service is used to assist in the pricing of foreign securities held by the Trust's foreign funds. Due to the subjective and variable nature of fair value pricing, it is possible that the value determined for a particular asset may be materially different from the value realized upon such asset's sale.

Portfolio securities traded on more than one national securities exchange are valued at the last price on the business day as of which such value is being determined at the close of the exchange representing the principal market for such securities. 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 U.S. dollars last quoted by any major bank. If such quotations are not available, the rate of exchange is determined in accordance with policies established by the Trustees.

Securities Lending
Each Fund may lend its securities to qualified brokers; however, securities lending cannot exceed 33% of the total assets of the Funds taken at current value. The loans are collateralized at all times with cash or securities with a market value at least equal to 100% of the market value of the securities on loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional collateral is delivered to the Fund the next business day. As with other extensions of credit, the Funds may bear the risk of delay in recovery or even loss of rights in the collateral should the borrower of the securities fail financially. The Funds receive compensation for lending their securities. At June 30, 2007, the Funds loane d securities having the following market values collateralized by cash, which was invested in short-term instruments in the following amounts:

	Securities on Loan		Collateral
Strategic Bond Fund	$	15,703,586	$	16,047,957
Strategic Balanced Fund		12,848,395		13,326,472
Diversified Value Fund		40,204,146		41,442,836
Fundamental Value Fund		53,867,352		55,797,705
Value Equity Fund		5,309,886		5,507,619
Large Cap Value Fund		81,681,799		84,211,007
Indexed Equity Fund		116,531,908		120,334,873
Core Opportunities Fund		3,815,714		3,945,556
Blue Chip Growth Fund		37,617,554		38,771,276

314

Notes to Financial Statements (Unaudited) (Continued)

	Securities on Loan		Collateral
Large Cap Growth Fund	$	4,495,176	$	4,624,790
Growth Equity Fund		15,898,486		16,461,749
Aggressive Growth Fund		70,415,785		72,231,709
OTC 100 Fund		3,820,795		4,017,938
Focused Value Fund		154,361,449		159,342,969
Mid-Cap Value Fund		46,642,755		48,492,014
Small Cap Value Equity Fund		36,934,104		38,671,982
Small Company Value Fund		166,892,948		173,593,920
Small Cap Core Equity Fund		9,391,652		9,794,729
Mid Cap Growth Equity Fund		25,271,372		26,072,349
Mid Cap Growth Equity II Fund		194,555,185		201,434,087
Small Cap Growth Equity Fund		265,621,522		276,180,633
Small Company Growth Fund		50,738,387		52,902,964
Emerging Growth Fund		28,716,807		29,674,862
Diversified International Fund		5,259,272		5,554,022
Overseas Fund		121,699,087		127,928,033
	$	1,568,295,122	$	1,626,364,051

For each Fund the amount of securities on loan indicated in the table above may not correspond with the securities on loan identified on the Portfolio of Investments because securities with pending sales are in process of recall from the brokers.

The Trust receives, as fees, a share of the income earned on investment of the cash collateral received for the loan of securities. For the the six months ended June 30, 2007, the Trust earned securities lending income as follows:

	Securities Lending Gross Income		Securities Lending Fees and Expenses		Securities Lending Net Income
Strategic Bond Fund	$	232,455	$	220,049	$	12,406
Strategic Balanced Fund		578,767		554,454		24,313
Diversified Value Fund		942,278		906,025		36,253
Fundamental Value Fund		1,382,462		1,337,586		44,876
Value Equity Fund		173,922		171,392		2,530
Large Cap Value Fund		2,730,075		2,659,111		70,964
Indexed Equity Fund		2,746,802		2,692,015		54,787
Core Opportunities Fund		136,542		131,710		4,832
Blue Chip Growth Fund		986,826		954,529		32,297
Large Cap Growth Fund		95,871		83,539		12,332
Growth Equity Fund		654,412		643,966		10,446
Aggressive Growth Fund		1,296,585		1,276,823		19,762
OTC 100 Fund		159,951		153,918		6,033
Focused Value Fund		1,924,806		1,877,116		47,690
Mid-Cap Value Fund		620,193		607,315		12,878
Small Cap Value Equity Fund		492,108		440,972		51,136
Small Company Value Fund		4,034,048		3,859,880		174,168
Small Cap Core Equity Fund		193,637		178,792		14,845
Mid Cap Growth Equity Fund		733,877		719,552		14,325
Mid Cap Growth Equity II Fund		4,977,547		4,753,994		223,553
Small Cap Growth Equity Fund		5,998,921		5,714,726		284,195
Small Company Growth Fund		1,237,954		1,080,157		157,797
Emerging Growth Fund		834,442		634,846		199,596
Diversified International Fund		188,764		123,660		65,104
Overseas Fund		2,961,352		2,325,946		635,406
	$	36,314,597	$	34,102,073	$	2,212,524

315

Notes to Financial Statements (Unaudited) (Continued)

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. The Funds, through their custodian, take possession of the securities collateralizing the repurchase agreement. The collateral is marked to market daily to ensure that the market value of the underlying assets remains sufficient to protect the Funds in the event of default by the seller. Collateral for certain tri-party repurchase agreements is held at the counterparty's custodian in a segregated account for the benefit of the Funds and the counterparty. In connection with transactions in repurchase agreements , if the seller defaults and the value of the collateral declines or if the seller enters insolvency proceedings, realization of collateral by the Funds may be delayed or limited.

Accounting for Investments
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 on the specific identification cost method. 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 is recorded on the ex-dividend date.

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 (the "Code"), applicable to a regulated investment company. Under such provisions, the Funds will 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, no federal income tax provision is required. Withholding taxes on foreign interest, dividends, and capital gains have been provided for in accordance with the applicable country's tax rules and rates.

Dividends and Distributions to Shareholders
Dividends from net investment income of each Fund are declared and paid annually and at other times as may be required to satisfy tax or regulatory requirements. 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. These differences are primarily due to investments in forward contracts, passive foreign investment companies, the deferral of wash sale losses, and paydowns on certain mortg age-backed securities. As a result, net investment income and net realized gain on investment transactions for a reporting period may differ significantly from distributions during such period.

Accordingly, the Funds may periodically make reclassifications among certain of their capital accounts without affecting the net asset value of the Funds.

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 resul ting 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 recorded on the books of the Funds and the amount actually received.

Forward Foreign Currency
Contracts
Each Fund may enter into forward foreign currency contracts in order to hedge the effect of currency movements of foreign denominated securities or obligations, or for the Diversified International Fund to generate additional returns by buying currencies in excess of underlying equities when opportunities arise. A forward foreign currency contract is an agreement between two parties to buy and sell a currency at a set price on a future date. The market value of a forward foreign currency contract fluctuates with changes in foreign currency exchange and interest rates. 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. When a forward forei gn currency contract is extinguished, through delivery or offset by entering into another forward foreign currency contract, the Funds record a realized gain or

316

Notes to Financial Statements (Unaudited) (Continued)

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.

Forward foreign currency contracts involve a risk of loss from the potential inability of counterparties to meet the terms of their contracts and from unanticipated movements in foreign currency values and interest rates.

The notional or contractual amounts of these instruments represent the investments the Funds have in particular classes of financial instruments and 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 risk are considered.

A summary of open forward foreign currency contracts for the Strategic Bond Fund, Strategic Balanced Fund, Diversified International Fund and Overseas Fund at June 30, 2007 is as follows:

Settlement Date	Contracts to Deliver/Receive	Units of Currency		In Exchange for U.S. Dollars		Contracts at Value		Unrealized Appreciation (Depreciation)
Strategic Bond Fund
SELLS
08/08/07	Euro		712,885	$	970,190	$	965,849	$	4,341
								$	4,341
Strategic Balanced Fund
BUYS
08/08/07	Canadian Dollar		306,575		274,217		289,254	$	15,037
SELLS
08/08/07	Canadian Dollar		453,253		405,414		427,645		(22,231	)
08/08/07	Euro		322,810		438,838		437,551		1,287
									(20,944	)
								$	(5,907	)
Diversified International Fund
BUYS
09/18/07	Australian Dollar		22,290,000		18,761,994		18,870,883		108,889
09/18/07	British Pound		7,645,000		15,135,648		15,321,627		185,979
09/18/07	New Zealand Dollar		9,411,000		7,048,961		7,226,289		177,328
								$	472,196
SELLS
09/18/07	Australian Dollar		1,288,000		1,073,038		1,090,431		(17,393	)
09/18/07	British Pound		435,000		855,684		871,800		(16,116	)
09/18/07	Euro		10,602,000		14,300,641		14,354,833		(54,192	)
09/18/07	Japanese Yen		2,411,156,000		20,110,708		19,717,443		393,265
09/18/07	Swiss Franc		2,627,000		2,156,488		2,155,597		891
								$	306,455
								$	778,651
Overseas Fund
SELLS
07/18/07	British Pound		10,130,000		19,851,761		20,309,781		(458,020	)
07/25/07	British Pound		9,850,000		19,554,220		19,753,494		(199,274	)
10/05/07	British Pound		21,900,000		43,190,085		43,889,402		(699,317	)
10/19/07	British Pound		16,230,000		32,477,853		32,516,858		(39,005	)
								$	(1,395,616	)

317

Notes to Financial Statements (Unaudited) (Continued)

Delayed Delivery Transactions, When Issued Securities, and Forward Commitments
Each Fund may purchase or sell securities on a "when issued" or delayed delivery or on a forward commitment basis. The Funds use forward commitments to manage interest rate exposure or as a temporary substitute for purchasing or selling particular debt securities. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. These securities are valued on the basis of valuations furnished by a pricing service, authorized 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 value of these securities. When a forward commitment contract is closed, 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 closed. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract, or if the issuer does not issue the securities due to political, economic, or other factors. Funds monitor exposure to ensure counterparties are creditworthy and concentration of exposure is minimized.

A summary of open obligations for Strategic Bond Fund under these forward commitments at June 30, 2007 is as follows:

Forward Commitment Contracts to Buy	Expiration of Contracts	Aggregate Face Value of Contracts		Cost		Market Value		Unrealized Appreciation (Depreciation)
Strategic Bond Fund
FNMA TBA
6.0% 7/01/2037	Jul-07	$	10,000,000	$	9,846,305	$	9,889,844	$	43,539
								$	43,539

Financial Futures Contracts
The Funds may purchase and sell financial futures contracts and options on such futures contracts for the purpose of hedging the market risk on existing securities or as a substitute for the purchase of securities. Futures contracts are contracts for delayed delivery of securities at a specific future date and at a specific price or yield. Upon entering into a contract, the Funds deposit and maintain as collateral such initial margin as required by the exchange on which the transaction is effected. Pursuant to the contract, the Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in value of the contract. Such receipts or payments are known as variation margin and are recorded by the Funds as unreal ized gains or losses. When the contract is closed, each 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.

A summary of open futures contracts for the Strategic Bond Fund, Strategic Balanced Fund, Indexed Equity Fund, Growth Equity Fund, OTC 100 Fund, Small Cap Value Equity Fund, Small Cap Core Equity Fund, and Diversified International Fund at June 30, 2007, is as follows:

Number of Contracts		Type	Expiration Date	Notional Contract Value		Net Unrealized Appreciation (Depreciation)
Strategic Bond Fund
	BUYS 1	Euro FX Curr	9/19/07	$	169,600	$	1,695
	124	90 Day Euro	3/17/08		29,384,900		4,980
	59	90 Day Euro	9/17/07		13,963,825		(32,445	)
	126	90 Day Euro	12/7/07		29,835,225		(26,430	)

318

Notes to Financial Statements (Unaudited) (Continued)

Number of Contracts		Type	Expiration Date	Notional Contract Value		Net Unrealized Appreciation (Depreciation)
Strategic Bond Fund (continued)
	33	Euribor 3M	9/17/07	$	71,209	$	(67,320	)
	263	U.S. Treasury Note 5 Year	10/3/07		27,372,547		(78,033	)
	7	3MO GBP Libor	9/19/07		18		(147	)
	11	3MO GBP Libor	9/19/07		28		(234	)
	11	90 Day GBP Libor	9/19/07		2,585,512		(20,385	)
	6	Euro Bond Future	10/10/07		896,181		(20,787	)
	4	Euro Bond Future	8/24/07		755		(6,335	)
	234	U.S. Long Bond Future	9/28/07		25,213,500		(39,575	)
						$	(285,016	)
	SELLS 2	U.S. Treasury Note 2 Year	9/28/07	$	407,563	$	490
	70	U.S. Treasury Note 10 Year	9/28/07		7,339,219		(80,397	)
	5	U.S. Treasury Note 10 Year	12/31/07		527,344		(6,838	)
						$	(86,745	)
Strategic Balanced Fund
	BUYS 33	90 Day Euro	3/17/08	$	7,820,175	$	(3,428	)
	9	90 Day Euro	9/17/07		2,130,075		(4,258	)
	35	90 Day Euro	12/17/07		8,287,563		(7,300	)
	13	90 Day Euro	9/17/07		28,052		(17,422	)
	125	U.S. Treasury Note 5 Year	10/3/07		13,006,241		8,364
	2	3MO GBP Libor	9/19/07		5		(24	)
	4	3MO GBP Libor	9/19/07		10		(49	)
	4	90 Day GBP Libor	9/19/07		940,186		(4,196	)
	4	Euro Bond Future	10/10/07		597,454		(9,067	)
	55	U.S. Long Bond Future	9/28/07		5,926,250		(3,406	)
						$	(40,786	)
	SELLS 35	U.S. Treasury Note 10 Year	9/28/07	$	3,693,864	$	(12,788	)
	2	U.S. Treasury Note 10 Year	12/31/07		210,936		(2,729	)
						$	(15,517	)
Indexed Equity Fund
	BUYS 58	S&P 500 Index	9/15/07	$	21,973,300	$	(130,126	)
Growth Equity Fund
	BUYS 15	S&P 500 Index	9/15/07	$	5,682,750	$	(13,185	)
OTC 100 Fund
	BUYS 16	Nasdaq 100	9/21/07	$	625,920	$	(567	)
Small Cap Value Equity Fund
	BUYS 46	Russell Mini	9/21/07	$	3,873,660	$	(9,879	)
Small Cap Core Equity Fund
	BUYS 2	Russell Mini	9/21/07	$	168,420	$	1,086
Diversified International Fund
	BUYS 49	DJ Euro	9/20/07	$	2,983,695	$	56,801

319

Notes to Financial Statements (Unaudited) (Continued)

Options
The Funds may purchase put and call options. By purchasing a put option, a Fund obtains the right (but not the obligation) to sell the instrument underlying the option at a fixed strike price. In return for this right, a Fund pays the current market price for the option (known as the option premium). Options have various types of underlying instruments, including specific securities, indexes of securities, indexes of security prices, indexes of interest rates, futures contracts and swap agreements. A Fund may terminate its position in a put option it has purchased by allowing it to expire or by exercising the option. A Fund may also close out a put option position by entering into an offsetting transaction, if a liquid market exists. If the option is allowed to e xpire, a Fund will lose the entire premium it paid. Premiums paid for purchasing options which expire are treated as realized losses. If a Fund exercises a put option on a security, it will sell the instrument underlying the option at the strike price. If a Fund exercises an option on an index, settlement is in cash and does not involve the actual sale of securities.

The buyer of a typical put option can expect to realize a gain if the price of the underlying instrument falls substantially. However, if the price of the instrument underlying the option does not fall enough to offset the cost of purchasing the option, a put buyer can expect to suffer a loss (limited to the amount of the premium paid, plus related transaction costs).

The features of call options are essentially the same as those of put options, except that the purchaser of a call option obtains the right to purchase, rather than sell, the instrument underlying the option at the option's strike price. A call buyer typically attempts to participate in potential price increases of the instrument underlying the option with risk limited to the cost of the option if security prices fall. At the same time, the buyer can expect to suffer a loss if security prices do not rise sufficiently to offset the cost of the option. See the Portfolio of Investments of the Strategic Bond Fund and Strategic Balanced Fund for open purchased option contracts as of June 30, 2007.

The Funds may also "write" put and call options. When a Fund writes a put option, it takes the opposite side of the transaction from the option's purchaser. In return for receipt of the premium, a Fund assumes the obligation to pay the strike price for the instrument underlying the option if the other party to the option chooses to exercise it. A Fund may seek to terminate its position in a put option it writes before exercise by purchasing an offsetting option in the market at its current price. If the market is not liquid for a put option a Fund has written, however, a Fund must continue to be prepared to pay the strike price while the option is outstanding, regardless of price changes, and must continue to post margin as discussed below.

If the price of the underlying instrument rises, a put writer would generally expect to profit, although its gain would be limited to the amount of the premium it received. If security prices remain the same over time, it is likely that the writer will also profit, because it should be able to close out the option at a lower price. If security prices fall, the put writer would expect to suffer a loss. This loss should be less than the loss from purchasing and holding the underlying instrument directly, however, because the premium received for writing the option should offset a portion of the decline.

Writing a call option obligates a Fund to sell or deliver the option's underlying instrument in return for the strike price upon exercise of the option. The characteristics of writing call options are similar to those of writing put options, except that writing calls generally is a profitable strategy if prices remain the same or fall. Through receipt of the option premium a call writer offsets part of the effect of a price increase. At the same time, because a call writer must be prepared to deliver the underlying instrument in return for the strike price, even if its current value is greater, a call writer gives up some ability to participate in security price increases.

The writer of an exchange traded put or call option on a security, an index of securities or a futures contract is required to deposit cash or securities or a letter of credit as margin and to make mark to market payments of variation margin as the position becomes unprofitable. 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 investments to determine the realized gain or loss.

320

Notes to Financial Statements (Unaudited) (Continued)

A summary of open written option contracts for the Strategic Bond Fund and the Strategic Balanced Fund at June 30, 2007, is as follows:

Strategic Bond Fund
Notional Amount		Expiration Date	Market Description	Premiums		Value
$	107,500	3/17/2008	Call - IMM Euro Future	$	9,498	$	13,438
	60,000	9/17/2007	Call - IMM Euro Future		7,680		150
	40,000	9/17/2007	Call - IMM Euro Future		2,933		400
	70,000	12/17/2007	Call - IMM Euro Future		4,585		700
	132,500	9/17/2007	Put - 90 Day Euro Future		8,685		13,581
	10,000	8/24/2007	Call - 5 Year U.S. Treasury Note Future		3,325		5,469
	50,000	7/27/2007	Call - 10 Year U.S. Treasury Note Future		13,359		19,531
	34,000	7/27/2007	Put - 10 Year U.S. Treasury Note Future		13,189		3,188
	63,000	8/24/2007	Call - 10 Year U.S. Treasury Note Future		34,498		2,953
	60,000	8/24/2007	Call - 10 Year U.S. Treasury Note Future		20,887		1,875
	4,000	8/24/2007	Call - 10 Year U.S. Treasury Note Future		980		438
	9,000	8/24/2007	Call - 10 Year U.S. Treasury Note Future		2,189		2,391
	133,000	8/24/2007	Call - 10 Year U.S. Treasury Note Future		47,804		81,047
	24,000	8/24/2007	Put - 10 Year U.S. Treasury Note Future		16,271		2,625
	58,000	8/24/2007	Put - 10 Year U.S. Treasury Note Future		31,101		12,688
	13,000	8/24/2007	Put - 10 Year U.S. Treasury Note Future		2,779		813
	77,000	11/20/2007	Call - 10 Year U.S. Treasury Note Future		25,724		26,469
	102,000	11/20/2007	Call - 10 Year U.S. Treasury Note Future		35,365		58,969
	26,000	11/20/2007	Call - 10 Year U.S. Treasury Note Future		15,323		24,375
	9,000	11/20/2007	Put - 10 Year U.S. Treasury Note Future		3,611		5,766
	21,000	11/20/2007	Put - 10 Year U.S. Treasury Note Future		11,708		5,250
	12,000	11/20/2007	Put - 10 Year U.S. Treasury Note Future		5,753		4,875
	12,000	7/27/2007	Call - U.S. Treasury Bond Future		4,065		8,625
	9,000	8/24/2007	Call - U.S. Treasury Bond Future		3,189		140
	4,000	8/24/2007	Call - U.S. Treasury Bond Future		2,105		125
	8,000	8/24/2007	Call - U.S. Treasury Bond Future		2,148		3,000
	20,000	8/24/2007	Call - U.S. Treasury Bond Future		6,463		2,187
	114,000	8/27/2007	Call - U.S. Treasury Bond Future		47,305		74,812
	13,000	8/24/2007	Call - U.S. Treasury Bond Future		7,232		13,609
	80,000	8/24/2007	Put - U.S. Treasury Bond Future		53,163		28,750
	21,000	8/24/2007	Put - U.S. Treasury Bond Future		7,770		4,921
	21,000	11/20/2007	Call - U.S. Treasury Bond Future		9,083		13,453
				$	459,770	$	436,613
Strategic Balanced Fund
Notional Amount		Expiration Date	Market Description	Premiums		Value
$	25,000	3/17/2008	Call - IMM Euro Future	$	2,213	$	3,125
	17,500	9/17/2007	Call - IMM Euro Future		2,228		44
	10,000	9/17/2007	Call - IMM Euro Future		768		100
	20,000	12/17/2007	Put - IMM Euro Future		1,310		200
	42,500	9/17/2007	Put - 90 Day Euro Future		2,790		4,356
	3,000	8/24/2007	Call - 5 Year U.S. Treasury Note Future		1,016		1,641
	16,000	7/27/2007	Call - 10 Year U.S. Treasury Note Future		4,279		6,250
	10,000	7/27/2007	Put - 10 Year U.S. Treasury Note Future		3,841		938
	19,000	8/24/2007	Call - 10 Year U.S. Treasury Note Future		10,389		891

321

Notes to Financial Statements (Unaudited) (Continued)

Notional Amount	Expiration Date	Market Description	Premiums		Value
$ 18,000	8/24/2007	Call - 10 Year U.S. Treasury Note Future	$	6,238	$	563
1,000	8/24/2007	Call - 10 Year U.S. Treasury Note Future		245		109
3,000	8/24/2007	Call - 10 Year U.S. Treasury Note Future		735		797
39,000	8/24/2007	Call - 10 Year U.S. Treasury Note Future		14,008		23,766
6,000	8/24/2007	Put - 10 Year U.S. Treasury Note Future		4,048		656
18,000	8/24/2007	Put - 10 Year U.S. Treasury Note Future		9,660		3,938
4,000	8/24/2007	Put - 10 Year U.S. Treasury Note Future		855		250
25,000	11/20/2007	Call - 10 Year U.S. Treasury Note Future		8,391		8,594
32,000	11/20/2007	Call - 10 Year U.S. Treasury Note Future		11,293		18,500
8,000	11/20/2007	Call - 10 Year U.S. Treasury Note Future		4,726		7,500
3,000	11/20/2007	Put - 10 Year U.S. Treasury Note Future		1,204		1,922
7,000	11/20/2007	Put - 10 Year U.S. Treasury Note Future		3,903		1,750
4,000	11/20/2007	Put - 10 Year U.S. Treasury Note Future		1,918		1,625
3,000	7/27/2007	Call - U.S. Treasury Bond Future		1,016		2,156
3,000	8/24/2007	Call - U.S. Treasury Bond Future		1,063		47
1,000	8/24/2007	Call - U.S. Treasury Bond Future		526		31
2,000	8/24/2007	Call - U.S. Treasury Bond Future		536		750
5,000	8/24/2007	Call - U.S. Treasury Bond Future		1,616		547
32,000	8/27/2007	Call - U.S. Treasury Bond Future		13,324		21,000
4,000	8/24/2007	Call - U.S. Treasury Bond Future		2,214		4,188
21,000	8/24/2007	Put - U.S. Treasury Bond Future		14,113		7,546
5,000	8/24/2007	Put - U.S. Treasury Bond Future		1,850		1,171
6,000	11/20/2007	Call - U.S. Treasury Bond Future		2,595		3,843
			$	134,911	$	128,794

Transactions in options written for the Strategic Bond Fund and the Strategic Balanced Fund during the the six months ended June 30, 2007 were as follows:

	Number of Contracts			Premiums Received
Strategic Bond Fund
Options outstanding at December 31, 2006		787		$	399,050
Options written		2,528			1,029,991
Options terminated in closing purchase transactions		(2,144	)		(969,271	)
Options outstanding at June 30, 2007		1,171		$	459,770
Strategic Balanced Fund
Options outstanding at December 31, 2006		290		$	147,863
Options written		810			332,991
Options terminated in closing purchase transactions		(756	)		(345,943	)
Options outstanding at June 30, 2007		344		$	134,911

Exchange traded options are valued at the last sale price, or if no sales are reported, the last bid price for purchased options and the last ask price for written options. Options traded over-the-counter are valued using prices supplied by a primary pricing source chosen by the Trust.

Swaps
The Funds may engage in swap transactions, including, but not limited to, interest rate, currency, credit default, indices, basket, specific security and commodity swaps, interest rate caps, floors and collars and options on swaps (collectively defined as "swap transactions").

322

Notes to Financial Statements (Unaudited) (Continued)

Each Fund may enter into swap transactions for any legal purpose consistent with its investment objective and policies, such as for the purpose of attempting to obtain or preserve a particular return or spread at a lower cost than obtaining that return or spread through purchases and/or sales of instruments in cash markets, to protect against currency fluctuation, as a duration management technique, to protect against any increase in the price of securities a Fund anticipates purchasing at a later date, or to gain exposure to certain markets in the most economical way possible.

Swap agreements are two-party contracts entered into primarily by institutional counterparties for periods ranging from a few weeks to several years. In a standard swap transaction, two parties agree to exchange the returns (or differentials in rates of return) that would be earned or realized on specified notional investments or instruments. The gross returns to be exchanged or "swapped" between the parties are calculated by reference to a "notional amount," i.e., the return on or increase in value of a particular dollar amount invested at a particular interest rate, in a particular foreign currency or commodity, or in a "basket" of securities representing a particular index. The purchaser of an interest rate cap or floor, upon payment of a fee, has the right to receive payments (and the seller of the cap is obligated to make payments) to the extent a specified interest rate exceeds (in the case of a cap) or is less than (in the case of a f loor) a specified level over a specified period of time or at specified dates. The purchaser of an interest rate collar, upon payment of a fee, has the right to receive payments (and the seller of the collar is obligated to make payments) to the extent that a specified interest rate falls outside an agreed upon range over a specified period of time or at specified dates. The purchaser of an option on an interest rate swap, upon payment of a fee (either at the time of purchase or in the form of higher payments or lower receipts within an interest rate swap transaction) has the right, but not the obligation, to initiate a new swap transaction of a pre-specified notional amount with pre-specified terms with the seller of the option as the counterparty.

The amount of a Fund's potential gain or loss on any swap transaction is not subject to any fixed limit. Nor is there any fixed limit on a Fund's potential loss if it sells a cap or collar. If the Fund buys a cap, floor or collar, however, the Fund's potential loss is limited to the amount of the fee that it has paid. When measured against the initial amount of cash required to initiate the transaction, which is typically zero in the case of most conventional swap transactions, swaps, caps, floors and collars tend to be more volatile than many other types of instruments.

The Funds will maintain cash or liquid assets in an amount sufficient at all times to cover its current obligations under its swap transactions, caps, floors and collars. If a Fund enters into a swap agreement on a net basis, it will segregate assets with a daily value at least equal to the excess, if any, of a Fund's accrued obligations under the swap agreement over the accrued amount a Fund is entitled to receive under the agreement. If a Fund enters into a swap agreement on other than a net basis, or sells a cap, floor or collar, it will segregate assets with a daily value at least equal to the full amount of a Fund's accrued obligation under the agreement.

During the term of a swap, cap, floor or collar, changes in the value of the instrument are recognized as unrealized gains or losses by marking to market to reflect the market value of the instrument. When the instrument 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 contract.

During the term of a swap, cap, floor or collar, 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 specific security, basket of securities or index; or the return generated by a security. These periodic payments received or made by the Trust are recorded in the accompanying Statement of Operations as realized gains and losses, respectively.

The Funds may enter into credit default swaps to buy or sell credit protection on an individual issuer or a basket of issuers of bonds. When a Fund is the buyer of a credit default swap contract, the Fund is entitled to receive the par or other agreed-upon value, of a referenced debt obligation from the counterparty to the contract in the event of a default by a third party, such as a U.S. or foreign corporate issuer, on the debt obligation. In return, the Fund would pay the counterparty a periodic stream of

323

Notes to Financial Statements (Unaudited) (Continued)

payments over the term of the contract provided that no event of default has occurred. If no default occurs, the Fund would have spent the stream of payments and received no benefit from the contract. When a Fund is the seller of a credit default swap contract, it receives the stream of payments, but is obligated to pay upon default of the referenced debt obligation. As the seller, the Fund would effectively add leverage to its portfolio because, in addition to its total net assets, the Fund would be subject to investment exposure on the notional amount of the swap. During the period that the credit default swap contract is open, the contract is marked to market in accordance with the terms of the contract based on the current interest rate spreads and credit risk of the referred obligation of the underlying issuer and interest accrual through valuation date. Changes in the value of credit default swap contracts are recorded as unrealized ga ins or losses and periodic cash settlements are recorded as realized gains or losses. The Fund will segregate assets in the form of cash and cash equivalents in an amount equal to the aggregate market value of the credit default swaps of which it is the seller, marked to market on a daily basis. These transactions involve certain risks, including the risk that the seller may be unable to fulfill the transaction.

A summary of open swap agreements for the Strategic Bond Fund and Strategic Balanced Fund at June 30, 2007, is as follows:

Strategic Bond Fund
Notional Amount			Expiration Date	Description	Net Unrealized Appreciation (Depreciation)
Credit Default Swaps
	1,000,000	USD	06/20/12	Agreement with Barclays Capital Inc dated 4/26/07	$	(33,044	)
				to receive 1.87% per year times the notional amount.
				The Fund pays payment only upon a default event of
				The AES Corporation.
	1,000,000	USD	06/20/12	Agreement with Barclays Capital Inc dated 4/26/07 to receive 2.62% per year times the notional amount. The Fund makes payment only upon a default event of HCA INC. SR Note.		(23,258	)
	1,000,000	USD	06/20/12	Agreement with Barclays Capital Inc dated 4/26/07 to receive 1.75% per year times the notional amount. The Fund makes payment only upon a default event of The Eastman Kodak Company Note.		(16,854	)
	1,000,000	USD	06/20/12	Agreement with Barclays Capital Inc dated 4/26/07 to receive .95% per year times the notional amount. The Fund makes payment only upon a default event of El Paso Corporation.		(16,214	)
	2,000,000	USD	06/20/12	Agreement with Morgan Stanley & Co Inc dated 4/26/07 to receive 2.92% per year times the notional amount. The Fund makes payment only upon a default event of Ford Motor Credit Company Note.		(1,737	)
	8,400,000	USD	06/20/12	Agreement with Morgan Stanley & Co Inc dated 6/25/07 to receive .75% per year times the notional amount. The Fund makes payment only upon a default event of CDX.NA.IG.HVOL.8.		(99,264)
	2,100,000	USD	06/20/12	Agreement with Goldman Sachs Group Inc. dated 6/26/07 to receive 2.75% per year times the notional amount. The Fund makes payment only upon a default event of CDX.NA.HY.8.		(47,761	)
	100,000	USD	06/20/12	Agreement with Goldman Sachs Group Inc. dated 6/29/07 to receive 3.24% per year times the notional amount. The Fund makes payment only upon a default event of TXU CORP.		(118	)
					$	(238,250	)

324

Notes to Financial Statements (Unaudited) (Continued)

Strategic Balanced Fund

Notional
Amount

Expiration
Date

Description

Net Unrealized
Appreciation
(Depreciation)

Credit Default Swaps

100,000

USD

03/20/15

Agreement with Deutsche Bank AG dated 2/01/05

(13,761

)

to receive 2.93% per year times the notional amount.

The Fund makes payment only upon a default event

of Ford Motor Company Note.

100,000

USD

03/20/10

Agreement with Deutsche Bank AG dated 2/3/05 to
receive 1.25% per year times the notional amount.
The Fund makes payment only upon a default event
of Eastman Kodak Company Debt Obligation.

45,000

USD

01/25/35

Agreement with Deutsche Bank AG dated 2/19/05
to pay 1.30% per year times the notional amount. The
Fund receives payment only upon a default event of
Morgan Stanley Capital I Trust, Series 2005-WMC1,
Class B2.

3,192

45,000

USD

09/25/35

Agreement with Deutsche Bank AG dated 2/19/05
to pay 1.30% per year times the notional amount.
The Fund receives payment only upon a default
event of Merrill Lynch Mortgage Investors, Inc.,
Series 2005-WMC1, Class B2.

3,815

45,000

USD

02/25/35

Agreement with Deutsche Bank AG dated 2/19/05
to pay 1.25% per year times the notional amount.
The Fund receives payment only upon a default
event of Long Beach Mortgage Loan Trust
Series 2005-1, Class M9.

3,161

45,000

USD

01/25/35

Agreement with Deutsche Bank AG dated 2/19/05 to
pay 2.25% per year times the notional amount. The
Fund receives payment only upon a default event of
Morgan Stanley Capital I, Series 2005-WMC1,
Class B3.

6,150

45,000

USD

03/25/35

Agreement with Deutsche Bank AG dated 2/19/05 to
pay 2.25% per year times the notional amount. The
Fund receives payment only upon a default event of
New Century Home Equity Loan Trust,
Series 2005-1, Class M9.

3,834

45,000

USD

06/25/35

Agreement with Deutsche Bank AG dated 2/19/05 to
pay 1.35% per year times the notional amount. The
Fund receives payment only upon a default event of
Novastar Home Equity Loan Trust, Series 2005-1,
Class B2.

3,164

45,000

USD

06/25/35

Agreement with Deutsche Bank AG dated 2/19/05 to
pay 2.25% per year times the notional amount. The
Fund receives payment only upon a default event of
Novastar Home Equity Loan Trust, Series 2005-1,
Class B3.

4,169

45,000

USD

02/25/35

Agreement with Deutsche Bank AG dated 2/19/05 to
pay 1.30% per year times the notional amount. The
Fund receives payment only upon a default event of
ACE Securities Corp., Series 2005-HE1, Class M8.

3,671

45,000

USD

11/25/34

Agreement with Deutsche Bank AG dated 2/19/05 to
pay 1.40% per year times the notional amount. The
Fund receives payment only upon a default event of
Finance America Mortgage Loan, Series 2004-3,
Class M8.

3,494

325

Notes to Financial Statements (Unaudited) (Continued)

Notional
Amount

Expiration
Date

Description

Net Unrealized
Appreciation
(Depreciation)

Credit Default Swaps (continued)

45,000

USD

01/25/36

Agreement with Deutsche Bank AG dated 2/19/05 to

6,487

pay 2.25% per year times the notional amount. The

Fund receives payment only upon a default event of

Park Place Securities, Inc., Series 2005-WCH1,

Class M9.

45,000

USD

02/25/35

Agreement with Deutsche Bank AG dated 2/19/05 to
pay 2.20% per year times the notional amount. The
Fund receives payment only upon a default event of
ACE Securities Corp., Series 2005-HE1, Class M9.

4,556

45,000

USD

11/25/34

Agreement with Deutsche Bank AG dated 2/19/05 to
pay 1.40% per year times the notional amount. The
Fund receives payment only upon a default event of
Argent Securities, Inc., Series 2004-W11, Class M9.

1,923

45,000

USD

11/25/34

Agreement with Deutsche Bank AG dated 2/19/05 to
pay 2.25% per year times the notional amount. The
Fund receives payment only upon a default event of
Finance America Mortgage Loan, Series 2004-3,
Class M8.

2,349

45,000

USD

02/25/35

Agreement with Deutsche Bank AG dated 2/19/05 to
pay 2.25% per year times the notional amount. The
Fund receives payment only upon a default event of
Long Beach Mortgage Loan Trust, Series 2005-1,
Class M9.

5,728

45,000

USD

12/25/34

Agreement with Deutsche Bank AG dated 2/19/05 to
pay 1.25% per year times the notional amount. The
Fund receives payment only upon a default event of
MASTR Asset Backed Securities, Series 2005-NC1,
Class M8.

3,582

45,000

USD

12/25/34

Agreement with Deutsche Bank AG dated 2/19/05 to
pay 2.20% per year times the notional amount. The
Fund receives payment only upon a default event of
MASTR Asset Backed Securities, Series 2005-NC1,
Class M9.

4,482

45,000

USD

11/25/34

Agreement with Deutsche Bank AG dated 2/19/05 to
pay 2.25% per year times the notional amount. The
Fund receives payment only upon a default event of
Argent Securities, Inc., Series 2004-W11, Class M10.

4,311

45,000

USD

03/25/35

Agreement with Deutsche Bank AG dated 2/19/05 to
pay 1.45% per year times the notional amount. The
Fund receives payment only upon a default event of
Aegis Asset Backed Securities Trust, Series 2005-1,
Class B2.

4,453

45,000

USD

03/25/35

Agreement with Deutsche Bank AG dated 2/19/05 to
pay 2.25% per year times the notional amount. The
Fund receives payment only upon a default event of
Aegis Asset Backed Securities Trust, Series 2005-1,
Class B3.

7,403

45,000

USD

02/25/35

Agreement with Deutsche Bank AG dated 2/19/05 to
pay 1.25% per year times the notional amount. The
Fund receives payment only upon a default event of
Fremont Home Loan Trust, Series 2005-A, Class M9.

4,439

326

Notes to Financial Statements (Unaudited) (Continued)

Notional
Amount

Expiration
Date

Description

Net Unrealized
Appreciation
(Depreciation)

Credit Default Swaps (continued)

45,000

USD

04/25/35

Agreement with Deutsche Bank AG dated 2/19/05 to

2,586

pay 1.45% per year times the notional amount. The

Fund receives payment only upon a default event of

Aames Mortgage Investment Trust, Series 2005-1,

Class M8.

45,000

USD

02/25/35

Agreement with Deutsche Bank AG dated 2/19/05 to
pay 2.20% per year times the notional amount. The
Fund receives payment only upon a default event of
Fremont Home Loan Trust, Series 2005-A, Class M9.

5,310

45,000

USD

01/25/35

Agreement with Deutsche Bank AG dated 2/19/05 to
pay 2.25% per year times the notional amount. The
Fund receives payment only upon a default event of
People's Choice Home Loan Securities Trust,
Series 2005-1, Class B3.

3,877

45,000

USD

04/25/35

Agreement with Deutsche Bank AG dated 2/19/05 to
pay 2.25% per year times the notional amount. The
Fund receives payment only upon a default event of
Aames Mortgage Investment Trust, Series 2005-1,
Class M9.

3,359

45,000

USD

10/25/35

Agreement with Deutsche Bank AG dated 2/19/05 to
pay 2.25% per year times the notional amount. The
Fund receives payment only upon a default event of
Merrill Lynch Mortgage Investors, Series 2005-NC1,
Class B3.

5,043

45,000

USD

10/25/35

Agreement with Deutsche Bank AG dated 2/19/05 to
pay 1.30% per year times the notional amount. The
Fund receives payment only upon a default event of
Merrill Lynch Mortgage Investors, Series 2005-NC1,
Class B2.

2,553

45,000

USD

09/25/35

Agreement with Deutsche Bank AG dated 2/19/05
to pay 2.25% per year times the notional amount.
The Fund receives payment only upon a default
event of Merrill Lynch Mortgage Investors,
Series 2005-WMC1, Class B3.

1,229

45,000

USD

01/25/35

Agreement with Deutsche Bank AG dated 2/19/05 to
pay 1.40% per year times the notional amount. The
Fund receives payment only upon a default event of
People's Choice Home Loan Securities Trust,
Series 2005-1, Class B2.

4,967

45,000

USD

03/25/35

Agreement with Deutsche Bank AG dated 2/19/05 to
pay 1.30% per year times the notional amount. The
Fund receives payment only upon a default event of
New Century Home Equity Loan Trust, Series 2005-1,
Class M8.

2,324

45,000

USD

01/25/36

Agreement with Deutsche Bank AG dated 2/19/05 to
pay 1.35% per year times the notional amount. The
Fund receives payment only upon a default event of
Park Place Securities, Inc., Series 2005-WCH1,
Class M8.

4,302

114,545

USD

12/20/09

Agreement with Goldman Sachs dated 7/09/04 to
receive 4.00% per year times the notional amount.
The Fund makes payment only upon a default event of
an entity within the CDX.NA.HY.3 B IBOXX Index.

6,957

327

Notes to Financial Statements (Unaudited) (Continued)

Notional Amount			Expiration Date	Description	Net Unrealized Appreciation (Depreciation)
Credit Default Swaps (continued)
	100,000	USD	06/20/10	Agreement with Goldman Sachs dated 5/04/05 to	$	5,967
				receive 4.75% per year times the notional amount.
				The Fund makes payment only upon a default event
				of Ford Motor Credit Company Note.
	400,000	USD	12/20/09	Agreement with Deutsche Bank AG dated 11/02/04 to receive 0.215% per year times the notional amount. The Fund makes payment only upon a default event of FNMA Senior Debt..		1,516
	60,000	USD	09/20/10	Agreement with Deutsche Bank AG dated 7/28/05 to receive 2.30% per year times the notional amount. The Fund makes payment only upon a default event of Eastman Kodak Company.		1,646
	2,600,000	USD	06/20/12	Agreement with Morgan Stanley & Co Inc dated 6/25/07 to receives .75% per year times the notional amount. The Fund makes payment only upon a default event of CDX.NA.IG.HVOL.8.		(30,725	)
Interest Rate Swaps
	4,170,000	USD	01/10/08	Agreement with Deutsche Bank AG dated 1/10/05 to receive the notional amount multiplied by 3.754% and to pay the notional amount multiplied by the 3 month Floating Rate LIBOR.		(37,398	)
	2,510,000	USD	06/17/10	Agreement with Deutsche Bank AG dated 6/17/05 to receive the notional amount multiplied by 4.313% and to pay the notional amount multiplied by the 3 month Floating Rate LIBOR.		(73,800	)
					$	(19,652	)

Allocation of Operating Activity
In maintaining the records for the Funds, the income and expense accounts are allocated to each class of shares. Investment income, unrealized and realized gains or losses are prorated among the classes of shares based on the relative net assets of each. Expenses are allocated to each class of shares depending on the nature of the expenditures. Administration and service fees, which are directly attributable to a class of shares, are charged to that class' operations. Expenses of the Fund not directly attributable to the operations of any class of shares or Fund are prorated among the Funds and classes to which the expense relates based on the relative net assets of each.

In addition, the Destination Retirement Income Fund, Destination Retirement 2010 Fund, Destination Retirement 2020 Fund, Destination Retirement 2030 Fund and Destination Retirement 2040 Fund will also incur certain fees and expenses indirectly as a shareholder in the underlying funds. Because the underlying funds have varied expense and fee levels and each Fund may own different proportions of underlying funds at different times, the amount of fees and expenses indirectly incurred by each Fund will vary.

Foreign Securities
The Diversified International Fund and Overseas Fund invest substantially all of their assets in foreign securities. The other Funds may also invest in foreign securities, subject to certain percentage restrictions. Investing in securities of foreign companies and foreign governments involves special risks and considerations not typically associated with investing in securities of U.S. companies and the U.S. Government. These risks include revaluation of currencies and future adverse political and economic developments. Moreover, securities of many foreign companies and foreign governments and their markets may be less liquid and their prices more volatile than those of securities of comparable U.S. companies and the U.S. Government.

328

Notes to Financial Statements (Unaudited) (Continued)

3. Management
Fees and Other
Transactions

Investment Management Fees
Under agreements between the Trust and Massachusetts Mutual Life Insurance Company ("MassMutual") on behalf of each Fund, MassMutual is responsible for providing investment management services for each Fund. In return for this service, MassMutual receives advisory fees monthly based upon each Fund's average daily net assets at the following annual rates:

Strategic Bond Fund	0.55	%
Strategic Balanced Fund	0.60	%
Diversified Value Fund	0.50	%
Fundamental Value Fund	0.65	%
Value Equity Fund	0.70	%
Large Cap Value Fund	0.65	%
Indexed Equity Fund	0.10	%
Core Opportunities Fund	0.70	%
Blue Chip Growth Fund	0.70	%
Large Cap Growth Fund	0.65	%
Growth Equity Fund	0.68	%
Aggressive Growth Fund	0.73	%
OTC 100 Fund	0.15	%
Focused Value Fund	0.69	%
Mid-Cap Value Fund	0.70	%
Small Cap Value Equity	0.75	%
Small Company Value Fund	0.85	%
Small Cap Core Equity Fund	0.75	%
Mid Cap Growth Equity Fund	0.70	%
Mid Cap Growth Equity II Fund	0.75	%
Small Cap Growth Equity Fund	0.82	%
Small Company Growth Fund	0.85	%
Emerging Growth Fund	0.79	%
Diversified International Fund	0.90	%
Overseas Fund	1.00	%
Destination Retirement Income Fund	0.05	%
Destination Retirement 2010 Fund	0.05	%
Destination Retirement 2020 Fund	0.05	%
Destination Retirement 2030 Fund	0.05	%
Destination Retirement 2040 Fund	0.05	%

MassMutual has also entered into investment sub-advisory agreements with the following unaffiliated investment sub-advisers: AllianceBernstein L.P. for the Diversified Value Fund, the Large Cap Growth Fund and the Diversified International Fund; Wellington Management Company, LLP for the Fundamental Value Fund and a portion of the Small Cap Growth Equity Fund; Fidelity Management & Research Company for the Value Equity Fund; Davis Selected Advisers, L.P. for the Large Cap Value Fund; Northern Trust Investments, N.A. for the Indexed Equity Fund and the OTC 100 Fund; Grantham, Mayo, Van Otterloo & Co. LLC for the Growth Equity Fund; Sands Capital Management, LLC for a portion of the Aggressive Growth Fund; Cooke & Bieler, L.P. for the Mid-Cap Value Fund and a portion of the Focused Value Fund; Harris Associates, L.P. for a portion of the Focused Value Fund and a portion of the Overseas Fund; Clover Capital Management, Inc. for a po rtion of the Small Company Value Fund; EARNEST Partners, LLC for a portion of the Small Company Value Fund; Navellier & Associates, Inc. for the Mid Cap Growth Equity Fund; T. Rowe Price Associates, Inc. for the Blue Chip Growth Fund, the Mid Cap Growth Equity II Fund and a portion of the Small Company Value Fund; Waddell & Reed Investment Management Company for a portion of the Small Cap Growth Equity Fund; Mazama Capital Management, Inc. for a portion of the Small Company Growth Fund; Eagle Asset Management, Inc. for a portion of the Small Company Growth Fund; Delaware Management Company for a portion of the Emerging Growth Fund and a portion of the Aggressive Growth Fund; Insight Capital Research & Management, Inc. for a portion of the Emerging Growth Fund; Massachusetts Financial Services Company for a portion of the Overseas Fund; Western Asset Management Company for a portion of the Strategic Bond Fund and a portion of the Strategic Balanced Fund; Western Asset Management Company Limited fo r a portion of the Strategic Bond Fund and a portion of the Strategic Balanced Fund; Clear Bridge Advisors, LLC for a portion of the Strategic Balanced Fund; Victory Capital Management, Inc. for the Core Opportunities Fund; SSgA Funds Management, Inc. for the Small Cap Value Equity Fund; and Goldman Sachs Asset Management, L.P. for the Small Cap Core Equity Fund. MassMutual pays a sub-advisory fee to each of these sub-advisers based upon the aggregate net assets under management which include (1) the average daily net assets of the specified Fund which it manages, and (2) the average daily net assets of all other funds or

329

Notes to Financial Statements (Unaudited) (Continued)

accounts of MassMutual or its affiliates for which the sub-adviser provides sub-advisory services and which have substantially the same investment objective, policies and investment strategies.

The Fund sub-adviser fees are paid out of the management fees previously disclosed above.

Administration Fees
Under separate administrative and shareholder services agreements between each Fund and MassMutual, MassMutual provides certain administrative and shareholder services and bears some class specific administrative expenses. In return for these services, MassMutual receives an administrative services fee monthly based upon the average daily net assets of the applicable class of shares of the Funds at the following annual rates:

	Class A			Class L			Class Y			Class S			Class Z			Class N
Strategic Bond Fund		0.2500	%		0.2500	%		0.1000	%		0.0500	%	N/A				0.3000	%
Strategic Balanced Fund		0.3270	%		0.3270	%		0.1770	%		0.1270	%	N/A				0.3770	%
Diversified Value Fund		0.3083	%		0.2683	%		0.1583	%		0.0583	%	N/A				0.3683	%
Fundamental Value Fund		0.3129	%		0.3129	%		0.1629	%		0.1229	%	N/A				0.3629	%
Value Equity Fund		0.2785	%		0.2785	%		0.1285	%		0.0785	%	N/A				0.3285	%
Large Cap Value Fund		0.3244	%		0.3244	%		0.1744	%		0.0844	%	N/A				0.3744	%
Indexed Equity Fund		0.4797	%		0.4797	%		0.3297	%		0.2997	%		0.0855	%		0.5297	%
Core Opportunities Fund		0.3000	%		0.3000	%		0.1500	%		0.0500	%	N/A				0.3500	%
Blue Chip Growth Fund		0.4085	%		0.4085	%		0.2885	%		0.1585	%	N/A				0.4585	%
Large Cap Growth Fund		0.3529	%		0.3529	%		0.2029	%		0.1629	%	N/A				0.4029	%
Growth Equity Fund		0.2975	%		0.2975	%		0.1475	%		0.0875	%	N/A				0.3475	%
Aggressive Growth Fund		0.3444	%		0.3444	%		0.1944	%		0.0944	%	N/A				0.3944	%
OTC 100 Fund		0.6244	%		0.6244	%		0.4744	%		0.3744	%	N/A				0.6744	%
Focused Value Fund		0.3344	%		0.3344	%		0.1844	%		0.0844	%	N/A				0.3844	%
Mid-Cap Value Fund		0.3000	%		0.3000	%		0.1500	%		0.0500	%	N/A				0.3500	%
Small Cap Value Equity Fund		0.3000	%		0.3000	%		0.1500	%		0.0500	%	N/A				0.3500	%
Small Company Value Fund		0.3593	%		0.3593	%		0.2093	%		0.1693	%	N/A				0.4093	%
Small Cap Core Equity		0.3000	%		0.3000	%		0.1500	%		0.0500	%	N/A				0.3500	%
Mid Cap Growth Equity Fund		0.3075	%		0.3075	%		0.1575	%		0.0875	%	N/A				0.3575	%
Mid Cap Growth Equity II Fund		0.3244	%		0.3244	%		0.1744	%		0.0844	%	N/A				0.3744	%
Small Cap Growth Equity Fund		0.4075	%		0.4075	%		0.2575	%		0.1175	%	N/A				0.4575	%
Small Company Growth Fund		0.3491	%		0.3491	%		0.1991	%		0.1591	%	N/A				0.3991	%
Emerging Growth Fund		0.3344	%		0.3344	%		0.1844	%		0.0844	%	N/A				0.3844	%
Diversified International Fund		0.3000	%		0.3000	%		0.1500	%		0.0500	%	N/A				0.3500	%
Overseas Fund		0.2443	%		0.2443	%		0.0943	%		0.0443	%	N/A				0.2943	%
Destination Retirement Income Fund		0.1459	%		0.1459	%		0.0459	%		0.0200	%	N/A				0.1959	%
Destination Retirement 2010 Fund		0.1696	%		0.1696	%		0.0696	%		0.0196	%	N/A				0.2196	%
Destination Retirement 2020 Fund		0.1758	%		0.1758	%		0.0758	%		0.0258	%	N/A				0.2258	%
Destination Retirement 2030 Fund		0.1733	%		0.1733	%		0.0733	%		0.0233	%	N/A				0.2233	%
Destination Retirement 2040 Fund		0.1616	%		0.1616	%		0.0616	%		0.0116	%	N/A				0.2116	%

Distribution and Service Fees
MML Distributors, LLC (the "Distributor") acts as distributor to each Fund. Pursuant to separate 12b-1 Plans adopted by the Funds, Class A shares of each Fund pay an annual fee of 0.25% of the average daily net asset value of the Class A shares to: (i) the Distributor for services provided and expenses incurred by its connection with the distribution of Class A shares of the Fund; and (ii) MassMutual for services provided and expenses incurred by it for purposes of maintaining or providing personal services to Class A shareholders. Pursuant to separate 12b-1 Plans adopted by the Funds, Class N shares of each Fund pay an annual fee of 0.50% of the average daily net asset value of the Class N shares as follows: 0.25% of the average daily net a sset value of the Class N shares to the Distributor for services provided and expenses incurred by its connection with the distribution of Class N shares of the Fund;

330

Notes to Financial Statements (Unaudited) (Continued)

and 0.25% of the average daily net asset value of the Class N shares to MassMutual for services provided and expenses incurred by it for purposes of maintaining or providing personal services to Class N shareholders. The Distribution fee may be spent by the Distributor on any activities or expenses primarily intended to result in the sale of Class A or Class N shares of the Fund. The Servicing Fee may be spent by MassMutual on personal services rendered to Class A or Class N shareholders of a Fund and/or maintenance of Class A or Class N shareholder accounts. The Distributor is a majority owned subsidiary of MassMutual. In addition, OppenheimerFunds Distributor, Inc. (the "Sub-Distributor") acts as a sub-distributor to each Fund. The Sub-Distributor is an affiliate of the Distributor and an indirect majority owned subsidiary of MassMutual.

Indirect Expenses
The Destination Retirement Income Fund, Destination Retirement 2010 Fund, Destination Retirement 2020 Fund, Destination Retirement 2030 Fund and Destination Retirement 2040 Fund incur fees and expenses indirectly as shareholders in the underlying funds. For the the six months ended June 30, 2007, these expenses were as follows:

	Indirect Operating Expenses
Destination Retirement Income Fund		0.65	%
Destination Retirement 2010 Fund		0.67	%
Destination Retirement 2020 Fund		0.73	%
Destination Retirement 2030 Fund		0.80	%
Destination Retirement 2040 Fund		0.83	%

Expense Caps and Waivers
MassMutual agreed to cap the fees and expenses of the following Funds through March 31, 2008, unless otherwise noted, as follows:

	Class A			Class L			Class Y			Class S			Class N
Strategic Bond Fund		1.00	%		0.75	%		0.75	%		0.70	%		1.30	%
Strategic Balanced Fund*		1.21	%		0.96	%		0.81	%		0.76	%		1.51	%
Core Opportunities Fund		1.35	%		1.10	%		0.95	%		0.90	%		1.65	%
Mid-Cap Value Fund		1.38	%		1.13	%		0.98	%		0.88	%		1.68	%
Small Cap Value Equity Fund		1.40	%		1.15	%		1.00	%		0.95	%		1.70	%
Small Cap Core Equity Fund		1.40	%		1.15	%		1.00	%		0.95	%		1.70	%
Diversified International Fund		1.42	%		1.17	%		1.09	%		0.99	%		1.72	%
Destination Retirement Income Fund*		0.50	%		0.25	%		0.15	%		0.12	%		0.80	%
Destination Retirement 2010 Fund*		0.50	%		0.25	%		0.15	%		0.10	%		0.80	%
Destination Retirement 2020 Fund*		0.50	%		0.25	%		0.15	%		0.10	%		0.80	%
Destination Retirement 2030 Fund*		0.50	%		0.25	%		0.15	%		0.10	%		0.80	%
Destination Retirement 2040 Fund*		0.50	%		0.25	%		0.15	%		0.10	%		0.80	%

* Expense Caps in effect through March 31, 2007

MassMutual has agreed to voluntarily waive, through March 31, 2008, 0.20% of certain expenses for Classes A, L and N of the Indexed Equity Fund and 0.10% of certain expenses for Classes A, L and N of the Overseas Fund. MassMutual has also agreed to voluntarily waive, through March 31, 2008, 0.10% of the management fees for each class of the Blue Chip Growth Fund.

Rebated Brokerage Commissions
The Strategic Balanced Fund, Fundamental Value Fund, Large Cap Value Fund, Core Opportunities Fund, Blue Chip Growth Fund, Large Cap Growth Fund, Aggressive Growth Fund, Focused Value Fund, Mid-Cap Value Fund, Small Company Value Fund, Mid Cap Growth Equity Fund, Mid Cap Growth Equity II Fund, Small Cap Growth Equity Fund, and Small Company Growth Fund, have entered into agreements with certain brokers whereby the brokers will rebate, in cash, a portion of brokerage

331

Notes to Financial Statements (Unaudited) (Continued)

commissions. For the the six months ended June 30, 2007, brokerage commissions rebated under these agreements are as follows:

	Commissions
Strategic Balanced Fund	$	3,163
Fundamental Value Fund		28,491
Large Cap Value Fund		54,857
Core Opportunities Fund		10,310
Blue Chip Growth Fund		9,023
Large Cap Growth Fund		4,038
Aggressive Growth Fund		11,488
Focused Value Fund		90,966
Mid-Cap Value Fund		96,979
Small Company Value Fund		135,989
Mid Cap Growth Equity Fund		17,102
Mid Cap Growth Equity II Fund		15,348
Small Cap Growth Equity Fund		89,113
Small Company Growth Fund		39,983

Other
Certain officers and trustees of the Funds are also officers of MassMutual. The compensation of each trustee who is not an officer of MassMutual is borne by the Funds.

The following table shows certain concentrations of principal shareholders of each Fund with record or Beneficial ownership as of June 30, 2007. Investment activities of these shareholders could have a material effect on the respective Funds.

	Shareholders Holding in Excess of 10% of Fund's Outstanding Shares ("Principal Shareholders")		Total % owned by Principal Shareholders			Total % Ownership by Related Party
Strategic Bond Fund		3		94.9	%		88.1	%
Strategic Balanced Fund		3		92.4	%		81.7	%
Diversified Value Fund		4		85.2	%		51.0	%
Fundamental Value Fund		1		56.8	%		56.8	%
Value Equity Fund		2		95.4	%		95.4	%
Large Cap Value Fund		2		80.0	%		78.7	%
Indexed Equity Fund		2		80.5	%		72.8	%
Core Opportunities Fund		3		95.8	%		83.7	%
Blue Chip Growth Fund		4		79.9	%		79.9	%
Large Cap Growth Fund		2		91.7	%		91.7	%
Growth Equity Fund		6		83.0	%		66.0	%
Aggressive Growth Fund		4		80.5	%		77.8	%
OTC 100 Fund		2		92.9	%		92.9	%
Focused Value Fund		2		85.8	%		80.6	%
Mid-Cap Value Fund		6		87.0	%		85.3	%
Small Cap Value Equity Fund		3		76.9	%		76.9	%
Small Company Value Fund		2		88.4	%		79.3	%
Small Cap Core Equity Fund		6		80.0	%		78.6	%
Mid Cap Growth Equity Fund		4		98.2	%		98.2	%
Mid Cap Growth Equity II Fund		2		64.9	%		54.1	%
Small Cap Growth Equity Fund		3		90.8	%		88.6	%
Small Company Growth Fund		2		83.6	%		83.6	%
Emerging Growth Fund		5		84.2	%		84.2	%

332

Notes to Financial Statements (Unaudited) (Continued)

	Shareholders Holding in Excess of 10% of Fund's Outstanding Shares ("Principal Shareholders")		Total % owned by Principal Shareholders			Total % Ownership by Related Party
Diversified International Fund		6		83.7	%		83.7	%
Overseas Fund		2		76.4	%		76.4	%
Destination Retirement Income Fund		3		89.3	%		52.7	%
Destination Retirement 2010 Fund		3		81.5	%		66.7	%
Destination Retirement 2020 Fund		3		84.3	%		77.1	%
Destination Retirement 2030 Fund		3		88.4	%		77.8	%
Destination Retirement 2040 Fund		3		96.0	%		78.6	%

Principal shareholders hold 10% or more of shares outstanding.

Deferred Compensation
Trustees of the Funds who are not employees of MassMutual or its subsidiaries may elect to defer receipt of their annual fees in accordance with terms of the Non-Qualified Deferred Compensation Plan. Any amounts deferred shall accrue interest at a rate equal to eight percent (8%) per annum

For the the six months ended June 30, 2007, no significant amounts have been deferred.

4. Purchases and Sales of Investments
Cost of purchases and proceeds from sales of investment securities (excluding short-term investments) for the the six months ended June 30, 2007, were as follows:

		Long -Term U.S. Government Securities		Other Long -Term Securities
Purchases	Strategic Bond Fund	$	587,593,149	$	85,931,452
	Strategic Balanced Fund		149,608,475		33,848,332
	Diversified Value Fund				161,311,617
	Fundamental Value Fund				201,796,724
	Value Equity Fund				62,424,599
	Large Cap Value Fund				60,421,130
	Indexed Equity Fund				90,851,427
	Core Opportunities Fund				37,618,722
	Blue Chip Growth Fund				175,947,233
	Large Cap Growth Fund				20,148,942
	Growth Equity Fund				295,555,896
	Aggressive Growth Fund				63,475,569
	OTC 100 Fund				2,373,910
	Focused Value Fund				191,979,545
	Mid Cap Value Fund				178,180,750
	Small Cap Value Equity Fund				162,419,051
	Small Company Value Fund				157,889,099
	Small Cap Core Equity Fund				59,840,611
	Mid Cap Growth Equity Fund				107,965,346
	Mid Cap Growth Equity II Fund				254,628,149
	Small Cap Growth Equity Fund				230,163,155
	Small Company Growth Fund				68,528,566
	Emerging Growth Fund				78,203,597
	Diversified International Fund				121,857,194
	Overseas Fund				284,754,109
	Destination Retirement Income Fund				62,561,797
	Destination Retirement 2010 Fund				83,647,932
	Destination Retirement 2020 Fund				197,244,872
	Destination Retirement 2030 Fund				167,111,767
	Destination Retirement 2040 Fund				93,145,928

333

Notes to Financial Statements (Unaudited) (Continued)

		Long -Term U.S. Government Securities		Other Long -Term Securities
Sales	Strategic Bond Fund	$	507,496,099	$	63,191,818
	Strategic Balanced Fund		147,465,049		45,884,057
	Diversified Value Fund		-		47,374,176
	Fundamental Value Fund		-		269,095,803
	Value Equity Fund		-		65,379,484
	Large Cap Value Fund		-		272,016,103
	Indexed Equity Fund		-		35,229,304
	Core Opportunities Fund		-		20,333,343
	Blue Chip Growth Fund		-		91,388,540
	Large Cap Growth Fund		-		19,816,438
	Growth Equity Fund		-		635,821,862
	Aggressive Growth Fund		-		174,011,503
	OTC 100 Fund		-		12,265,798
	Focused Value Fund		-		282,357,319
	Mid Cap Value Fund		-		39,503,231
	Small Cap Value Equity Fund		-		47,076,624
	Small Company Value Fund		-		272,894,865
	Small Cap Core Equity Fund		-		30,566,208
	Mid Cap Growth Equity Fund		-		101,083,625
	Mid Cap Growth Equity II Fund		-		288,205,216
	Small Cap Growth Equity Fund		-		224,525,832
	Small Company Growth Fund		-		84,280,591
	Emerging Growth Fund		-		105,189,774
	Diversified International Fund		-		6,237,134
	Overseas Fund		-		324,257,544
	Destination Retirement Income Fund		-		78,583,207
	Destination Retirement 2010 Fund		-		33,851,943
	Destination Retirement 2020 Fund		-		137,598,336
	Destination Retirement 2030 Fund		-		120,182,080
	Destination Retirement 2040 Fund		-		65,349,854

5. Capital Share Transactions
The Funds are authorized to issue an unlimited number of shares, with no par value in each class of shares. Changes in shares outstanding for each Fund were as follows:

	Class A
	Six months ended June 30, 2007						Year ended December 31, 2006
	Shares			Amount			Shares			Amount
Strategic Bond Fund
Sold		2,697,325		$	27,124,832			2,776,260		$	27,948,119
Issued as reinvestment of dividends		-			-			140,762			1,410,514
Redeemed		(549,038	)		(5,519,563	)		(1,048,130	)		(10,563,742	)
Net increase (decrease)		2,148,287		$	21,605,269			1,868,892		$	18,794,891
Strategic Balanced Fund
Sold		469,115		$	5,425,686			825,933		$	9,080,612
Issued as reinvestment of dividends		-			-			83,294			948,726
Redeemed		(697,724	)		(8,089,982	)		(583,195	)		(6,392,301	)
Net increase (decrease)		(228,609	)	$	(2,664,296	)		326,032		$	3,637,037
Diversified Value Fund
Sold		1,942,729		$	26,046,037			4,408,393		$	54,575,392
Issued as reinvestment of dividends		-			-			263,206			3,409,637
Redeemed		(965,805	)		(12,978,473	)		(1,036,368	)		(12,707,468	)
Net increase (decrease)		976,924		$	13,067,564			3,635,231		$	45,277,561

334

Notes to Financial Statements (Unaudited) (Continued)

	Class A
	Six months ended June 30, 2007						Year ended December 31, 2006
	Shares			Amount			Shares			Amount
Fundamental Value Fund
Sold		4,191,109		$	53,345,663			9,204,707		$	112,589,433
Issued as reinvestment of dividends		-			-			2,179,576			26,646,405
Redeemed		(7,106,610	)		(90,052,477	)		(8,753,987	)		(106,158,506	)
Net increase (decrease)		(2,915,501	)	$	(36,706,814	)		2,630,296		$	33,077,332
Value Equity Fund
Sold		245,713		$	2,568,732			816,647		$	8,925,476
Issued as reinvestment of dividends		-			-			419,428			4,227,812
Redeemed		(442,645	)		(4,638,940	)		(1,190,353	)		(13,215,755	)
Net increase (decrease)		(196,932	)	$	(2,070,208	)		45,722		$	(62,467	)
Large Cap Value Fund
Sold		5,079,710		$	66,742,007			12,150,939		$	142,902,434
Issued as reinvestment of dividends		-			-			106,412			1,362,070
Redeemed		(6,020,497	)		(79,084,575	)		(12,400,519	)		(146,685,310	)
Net increase (decrease)		(940,787	)	$	(12,342,568	)		(143,168	)	$	(2,420,806	)
Indexed Equity Fund
Sold		4,252,593		$	56,706,585			7,845,772		$	95,167,656
Issued as reinvestment of dividends		-			-			271,793			3,522,431
Redeemed		(4,404,626	)		(58,690,587	)		(8,993,650	)		(109,479,350	)
Net increase (decrease)		(152,033	)	$	(1,984,002	)		(876,085	)	$	(10,789,263	)
Core Opportunities Fund*
Sold		1,277,664		$	13,867,073			898,589		$	8,988,287
Issued as reinvestment of dividends		-			-			2,429			25,896
Redeemed		(417,858	)		(4,639,269	)		(44,593	)		(455,268	)
Net increase (decrease)		859,806		$	9,227,804			856,425		$	8,558,915
Blue Chip Growth Fund
Sold		1,337,699		$	13,503,826			1,835,056		$	16,656,533
Issued as reinvestment of dividends		-			-			-			-
Redeemed		(819,705	)		(8,316,420	)		(1,909,956	)		(17,541,822	)
Net increase (decrease)		517,994		$	5,187,406			(74,900	)	$	(885,289	)
Large Cap Growth Fund
Sold		129,715		$	1,333,955			705,288		$	7,119,608
Issued as reinvestment of dividends		-			-			33,429			328,937
Redeemed		(109,183	)		(1,110,953	)		(236,258	)		(2,384,493	)
Net increase (decrease)		20,532		$	223,002			502,459		$	5,064,052
Growth Equity Fund
Sold		884,115		$	7,389,904			3,943,759		$	31,251,222
Issued as reinvestment of dividends		-			-			776			6,260
Redeemed		(7,544,600	)		(62,594,125	)		(17,827,647	)		(142,392,901	)
Net increase (decrease)		(6,660,485	)	$	(55,204,221	)		(13,883,112	)	$	(111,135,419	)
Aggressive Growth Fund
Sold		2,969,813		$	18,816,556			7,782,836		$	47,480,416
Issued as reinvestment of dividends		-			-			-			-
Redeemed		(4,455,777	)		(28,171,431	)		(10,258,886	)		(62,403,916	)
Net increase (decrease)		(1,485,964	)	$	(9,354,875	)		(2,476,050	)	$	(14,923,500	)
OTC 100 Fund
Sold		535,041		$	2,431,742			1,339,825		$	5,494,961
Issued as reinvestment of dividends		-			-			-			-
Redeemed		(1,511,102	)		(6,855,642	)		(2,760,942	)		(11,439,402	)
Net increase (decrease)		(976,061	)	$	(4,423,900	)		(1,421,117	)	$	(5,944,441	)
Focused Value Fund
Sold		2,837,030		$	53,387,535			6,004,128		$	107,872,935
Issued as reinvestment of dividends		-			-			1,460,006			26,234,307
Redeemed		(4,791,635	)		(88,977,191	)		(7,295,756	)		(128,762,964	)
Net increase (decrease)		(1,954,605	)	$	(35,589,656	)		168,378		$	5,344,278

335

Notes to Financial Statements (Unaudited) (Continued)

	Class A
	Six months ended June 30, 2007						Year ended December 31, 2006
	Shares			Amount			Shares			Amount
Mid-Cap Value Fund**
Sold		735,792		$	8,754,445			61,616		$	688,940
Issued as reinvestment of dividends		-			-			124			1,411
Redeemed		(60,339	)		(728,631	)		(18,202	)		(208,810	)
Net increase (decrease)		675,453		$	8,025,814			43,538		$	481,541
Small Cap Value Equity Fund*
Sold		873,087		$	9,787,352			344,341		$	3,495,332
Issued as reinvestment of dividends		-			-			1,251			13,502
Redeemed		(128,391	)		(1,448,767	)		(10,332	)		(107,404	)
Net increase (decrease)		744,696		$	8,338,585			335,260		$	3,401,430
Small Company Value Fund
Sold		3,216,382		$	50,652,387			6,424,793		$	99,568,954
Issued as reinvestment of dividends		-			-			713,445			10,802,432
Redeemed		(4,120,230	)		(64,840,382	)		(5,301,475	)		(81,314,874	)
Net increase (decrease)		(903,848	)	$	(14,187,995	)		1,836,763		$	29,056,512
Small Cap Core Equity Fund*
Sold		440,989		$	4,661,582			79,503		$	782,482
Issued as reinvestment of dividends		-			-			47			482
Redeemed		(198,734	)		(2,117,946	)		(2,917	)		(29,295	)
Net increase (decrease)		242,255		$	2,543,636			76,633		$	753,669
Mid Cap Growth Equity Fund
Sold		443,719		$	4,846,530			1,629,814		$	17,188,740
Issued as reinvestment of dividends		-			-			4,895			50,416
Redeemed		(750,037	)		(8,201,696	)		(2,162,386	)		(21,948,416	)
Net increase (decrease)		(306,318	)	$	(3,355,166	)		(527,677	)	$	(4,709,260	)
Mid Cap Growth Equity II Fund
Sold		5,305,817		$	79,485,084			9,861,471		$	143,065,514
Issued as reinvestment of dividends		-			-			1,616,135			22,627,219
Redeemed		(4,484,759	)		(67,141,335	)		(10,778,817	)		(155,280,632	)
Net increase (decrease)		821,058		$	12,343,749			698,789		$	10,412,101
Small Cap Growth Equity Fund
Sold		1,403,990		$	23,641,133			3,296,723		$	54,467,470
Issued as reinvestment of dividends		-			-			473,560			7,543,806
Redeemed		(1,926,168	)		(32,301,070	)		(2,921,175	)		(47,634,141	)
Net increase (decrease)		(522,178	)	$	(8,659,937	)		849,108		$	14,377,135
Small Company Growth Fund
Sold		863,513		$	9,431,875			3,341,080		$	35,384,659
Issued as reinvestment of dividends		-			-			450,503			4,581,035
Redeemed		(2,535,032	)		(26,823,358	)		(3,564,793	)		(36,824,501	)
Net increase (decrease)		(1,671,519	)	$	(17,391,483	)		226,790		$	3,141,193
Emerging Growth Fund
Sold		382,324		$	2,519,094			1,087,125		$	6,707,674
Issued as reinvestment of dividends		-			-			-			-
Redeemed		(657,724	)		(4,255,032	)		(1,426,372	)		(8,498,950	)
Net increase (decrease)		(275,400	)	$	(1,735,938	)		(339,247	)	$	(1,791,276	)
Diversified International Fund***
Sold		12,079		$	132,714			10,010		$	100,100
Issued as reinvestment of dividends		-			-			-			-
Redeemed		(385	)		(4,205	)		-			-
Net increase (decrease)		11,694		$	128,509			10,010		$	100,100
Overseas Fund
Sold		5,462,194		$	73,169,653			11,803,013		$	146,273,893
Issued as reinvestment of dividends		-			-			1,943,931			24,721,000
Redeemed		(6,768,051	)		(89,845,952	)		(8,453,687	)		(105,425,589	)
Net increase (decrease)		(1,305,857	)	$	(16,676,299	)		5,293,257		$	65,569,304

336

Notes to Financial Statements (Unaudited) (Continued)

	Class A
	Six months ended June 30, 2007						Year ended December 31, 2006
	Shares			Amount			Shares			Amount
Destination Retirement Income Fund
Sold		1,108,795		$	11,533,590			2,487,800		$	25,601,104
Issued as reinvestment of dividends		-			-			213,906			2,193,703
Redeemed		(966,329	)		(10,063,804	)		(1,607,348	)		(16,550,160	)
Net increase (decrease)		142,466		$	1,469,786			1,094,358		$	11,244,647
Destination Retirement 2010 Fund
Sold		2,403,328		$	26,364,747			3,343,813		$	35,854,891
Issued as reinvestment of dividends		-			-			210,404			2,266,373
Redeemed		(1,119,429	)		(12,311,272	)		(1,383,257	)		(14,868,899	)
Net increase (decrease)		1,283,899		$	14,053,475			2,170,960		$	23,252,365
Destination Retirement 2020 Fund
Sold		4,433,421		$	50,948,854			7,509,092		$	83,298,361
Issued as reinvestment of dividends		-			-			583,471			6,498,616
Redeemed		(2,657,381	)		(30,581,157	)		(3,399,372	)		(37,750,152	)
Net increase (decrease)		1,776,040		$	20,367,697			4,693,191		$	52,046,825
Destination Retirement 2030 Fund
Sold		3,238,285		$	40,321,894			5,699,913		$	67,240,317
Issued as reinvestment of dividends		-			-			398,633			4,739,725
Redeemed		(2,099,604	)		(26,104,482	)		(2,242,622	)		(26,450,199	)
Net increase (decrease)		1,138,681		$	14,217,412			3,855,924		$	45,529,843
Destination Retirement 2040 Fund
Sold		1,789,123		$	23,016,194			2,660,814		$	32,348,078
Issued as reinvestment of dividends		-			-			191,643			2,342,162
Redeemed		(1,009,253	)		(12,918,626	)		(1,350,830	)		(16,310,822	)
Net increase (decrease)		779,870		$	10,097,568			1,501,627		$	18,379,418
	Class L
	Six months ended June 30, 2007						Year ended December, 31 2006
	Shares			Amount			Shares			Amount
Strategic Bond Fund
Sold		432,301		$	4,366,626			1,427,387		$	14,320,171
Issued as reinvestment of dividends		-			-			68,614			688,929
Redeemed		(113,263	)		(1,141,365	)		(98,272	)		(987,441	)
Net increase (decrease)		319,038		$	3,225,261			1,397,729		$	14,021,659
Strategic Balanced Fund
Sold		742,204		$	8,652,402			1,881,633		$	20,810,824
Issued as reinvestment of dividends		-			-			265,207			3,026,009
Redeemed		(1,422,186	)		(16,595,403	)		(3,421,961	)		(37,827,836	)
Net increase (decrease)		(679,982	)	$	(7,943,001	)		(1,275,121	)	$	(13,991,003	)
Diversified Value Fund
Sold		3,064,478		$	40,676,226			2,725,099		$	33,476,404
Issued as reinvestment of dividends		-			-			193,585			2,516,315
Redeemed		(1,197,157	)		(16,393,420	)		(1,122,998	)		(13,503,833	)
Net increase (decrease)		1,867,321		$	24,282,806			1,795,686		$	22,488,886
Fundamental Value Fund
Sold		6,298,205		$	79,948,781			12,300,387		$	148,470,874
Issued as reinvestment of dividends		-			-			2,187,060			26,849,375
Redeemed		(8,680,318	)		(110,461,350	)		(11,025,060	)		(136,195,386	)
Net increase (decrease)		(2,382,113	)	$	(30,512,569	)		3,462,387		$	39,124,863
Value Equity Fund
Sold		130,769		$	1,376,407			403,675		$	4,444,324
Issued as reinvestment of dividends		-			-			182,898			1,845,544
Redeemed		(200,759	)		(2,132,256	)		(222,218	)		(2,474,321	)
Net increase (decrease)		(69,990	)	$	(755,849	)		364,355		$	3,815,547

337

Notes to Financial Statements (Unaudited) (Continued)

	Class L
	Six months ended June 30, 2007						Year ended December, 31 2006
	Shares			Amount			Shares			Amount
Large Cap Value Fund
Sold		3,650,035		$	47,964,276			11,470,621		$	135,569,050
Issued as reinvestment of dividends		-			-			172,806			2,220,553
Redeemed		(16,454,995	)		(217,850,620	)		(13,500,137	)		(160,965,826	)
Net increase (decrease)		(12,804,960	)	$	(169,886,344	)		(1,856,710	)	$	(23,176,223	)
Indexed Equity Fund
Sold		2,926,856		$	39,270,496			7,923,035		$	96,785,715
Issued as reinvestment of dividends		-			-			364,847			4,741,880
Redeemed		(3,163,478	)		(42,664,796	)		(6,981,915	)		(85,084,315	)
Net increase (decrease)		(236,622	)	$	(3,394,300	)		1,305,967		$	16,443,280
Core Opportunities Fund*
Sold		84,298		$	953,290			774,820		$	7,888,460
Issued as reinvestment of dividends		-			-			2,984			31,841
Redeemed		(29,436	)		(321,621	)		(32,105	)		(322,620	)
Net increase (decrease)		54,862		$	631,669			745,699		$	7,597,681
Blue Chip Growth Fund
Sold		11,830,553		$	122,909,863			11,648,346		$	107,753,876
Issued as reinvestment of dividends		-			-			17,020			167,310
Redeemed		(6,200,091	)		(63,465,030	)		(12,968,851	)		(120,243,845	)
Net increase (decrease)		5,630,462		$	59,444,833			(1,303,485	)	$	(12,322,659	)
Large Cap Growth Fund
Sold		15,759		$	167,216			343,758		$	3,627,493
Issued as reinvestment of dividends		-			-			6,203			62,649
Redeemed		(46,148	)		(493,243	)		(287,296	)		(2,789,742	)
Net increase (decrease)		(30,389	)	$	(326,027	)		62,665		$	900,400
Growth Equity Fund
Sold		5,483,000		$	45,586,497			20,226,554		$	160,352,050
Issued as reinvestment of dividends		-			-			173,655			1,413,920
Redeemed		(24,567,451	)		(208,104,946	)		(17,397,236	)		(139,495,824	)
Net increase (decrease)		(19,084,451	)	$	(162,518,449	)		3,002,973		$	22,270,146
Aggressive Growth Fund
Sold		4,387,493		$	28,161,406			17,113,585		$	105,466,073
Issued as reinvestment of dividends		-			-			-			-
Redeemed		(15,200,209	)		(97,685,454	)		(15,346,599	)		(94,617,473	)
Net increase (decrease)		(10,812,716	)	$	(69,524,048	)		1,766,986		$	10,848,600
OTC 100 Fund
Sold		216,160		$	996,192			565,891		$	2,380,620
Issued as reinvestment of dividends		-			-			-			-
Redeemed		(738,952	)		(3,394,948	)		(1,440,277	)		(5,988,279	)
Net increase (decrease)		(522,792	)	$	(2,398,756	)		(874,386	)	$	(3,607,659	)
Focused Value Fund
Sold		2,556,627		$	48,414,160			5,943,460		$	105,502,724
Issued as reinvestment of dividends		-			-			1,104,159			20,119,852
Redeemed		(4,549,227	)		(86,215,865	)		(6,639,203	)		(120,491,388	)
Net increase (decrease)		(1,992,600	)	$	(37,801,705	)		408,416		$	5,131,188
Mid-Cap Value Fund**
Sold		7,003,841		$	80,416,042			153,230		$	1,713,496
Issued as reinvestment of dividends		-			-			331			3,762
Redeemed		(968,065	)		(11,740,512	)		(10,934	)		(125,133	)
Net increase (decrease)		6,035,776		$	68,675,530			142,627		$	1,592,125
Small Cap Value Equity Fund*
Sold		3,983,475		$	43,407,456			95,295		$	1,002,037
Issued as reinvestment of dividends		-			-			394			4,252
Redeemed		(322,626	)		(3,645,853	)		(266	)		(2,766	)
Net increase (decrease)		3,660,849		$	39,761,603			95,423		$	1,003,523

338

Notes to Financial Statements (Unaudited) (Continued)

	Class L
	Six months ended June 30, 2007						Year ended December, 31 2006
	Shares			Amount			Shares			Amount
Small Company Value Fund
Sold		2,484,578		$	38,955,698			5,253,600		$	81,130,876
Issued as reinvestment of dividends		-			-			659,456			10,055,595
Redeemed		(5,536,201	)		(90,104,928	)		(4,080,260	)		(62,868,075	)
Net increase (decrease)		(3,051,623	)	$	(51,149,230	)		1,832,796		$	28,318,396
Small Cap Core Equity Fund*
Sold		1,795,536		$	19,031,904			256,062		$	2,526,095
Issued as reinvestment of dividends		-			-			377			3,871
Redeemed		(105,942	)		(1,129,143	)		(9,030	)		(86,425	)
Net increase (decrease)		1,689,594		$	17,902,761			247,409		$	2,443,541
Mid Cap Growth Equity Fund
Sold		1,816,575		$	20,237,418			1,303,412		$	14,057,986
Issued as reinvestment of dividends		-			-			13,320			139,593
Redeemed		(1,060,059	)		(11,791,599	)		(2,348,248	)		(24,169,115	)
Net increase (decrease)		756,516		$	8,445,819			(1,031,516	)	$	(9,971,536	)
Mid Cap Growth Equity II Fund
Sold		6,912,247		$	105,579,480			15,278,507		$	224,690,143
Issued as reinvestment of dividends		-			-			2,715,551			38,621,636
Redeemed		(12,704,511	)		(195,318,389	)		(16,244,135	)		(239,015,404	)
Net increase (decrease)		(5,792,264	)	$	(89,738,909	)		1,749,923		$	24,296,375
Small Cap Growth Equity Fund
Sold		2,138,805		$	36,254,615			2,191,537		$	36,890,961
Issued as reinvestment of dividends		-			-			373,515			6,062,153
Redeemed		(1,333,765	)		(23,064,215	)		(3,677,407	)		(61,297,612	)
Net increase (decrease)		805,040		$	13,190,400			(1,112,355	)	$	(18,344,498	)
Small Company Growth Fund
Sold		1,534,481		$	16,295,552			2,360,646		$	25,157,433
Issued as reinvestment of dividends		-			-			215,767			2,225,883
Redeemed		(967,664	)		(10,943,605	)		(2,520,749	)		(26,441,565	)
Net increase (decrease)		566,817		$	5,351,947			55,664		$	941,751
Emerging Growth Fund
Sold		2,027,567		$	13,090,754			2,965,454		$	18,379,237
Issued as reinvestment of dividends		-			-			-			-
Redeemed		(3,612,972	)		(23,973,064	)		(6,512,774	)		(40,457,095	)
Net increase (decrease)		(1,585,405	)	$	(10,882,310	)		(3,547,320	)	$	(22,077,858	)
Diversified International Fund***
Sold		5,010,995		$	50,493,523			10,010		$	100,100
Issued as reinvestment of dividends		-			-			-			-
Redeemed		(673,265	)		(7,206,617	)		-			-
Net increase (decrease)		4,337,730		$	43,286,906			10,010		$	100,100
Overseas Fund
Sold		6,323,107		$	83,929,365			12,336,284		$	151,856,410
Issued as reinvestment of dividends		-			-			1,891,415			24,204,494
Redeemed		(4,163,095	)		(55,880,047	)		(11,344,115	)		(143,629,654	)
Net increase (decrease)		2,160,012		$	28,049,318			2,883,584		$	32,431,250
Destination Retirement Income Fund
Sold		1,859,142		$	19,479,402			2,778,537		$	28,845,873
Issued as reinvestment of dividends		-			-			427,570			4,402,893
Redeemed		(2,265,403	)		(23,660,315	)		(4,037,309	)		(41,813,417	)
Net increase (decrease)		(406,261	)	$	(4,180,913	)		(831,202	)	$	(8,564,651	)
Destination Retirement 2010 Fund
Sold		1,751,446		$	19,445,501			2,092,093		$	22,660,053
Issued as reinvestment of dividends		-			-			185,633			2,008,417
Redeemed		(705,395	)		(7,772,350	)		(1,256,101	)		(13,510,875	)
Net increase (decrease)		1,046,051		$	11,673,151			1,021,625		$	11,157,595

339

Notes to Financial Statements (Unaudited) (Continued)

	Class L
	Six months ended June 30, 2007						Year ended December, 31 2006
	Shares			Amount			Shares			Amount
Destination Retirement 2020 Fund
Sold		4,332,053		$	50,311,437			7,852,565		$	87,765,918
Issued as reinvestment of dividends		-			-			1,174,305			13,147,669
Redeemed		(4,076,195	)		(47,152,782	)		(6,384,716	)		(71,280,860	)
Net increase (decrease)		255,858		$	3,158,655			2,642,154		$	29,632,727
Destination Retirement 2030 Fund
Sold		3,275,102		$	41,122,963			5,950,843		$	70,652,278
Issued as reinvestment of dividends		-			-			804,908			9,614,500
Redeemed		(2,634,598	)		(33,112,331	)		(4,965,560	)		(58,971,805	)
Net increase (decrease)		640,504		$	8,010,632			1,790,191		$	21,294,973
Destination Retirement 2040 Fund
Sold		2,197,016		$	28,493,122			4,639,907		$	56,854,306
Issued as reinvestment of dividends		-			-			600,257			7,365,263
Redeemed		(1,849,164	)		(24,008,800	)		(3,502,908	)		(42,745,624	)
Net increase (decrease)		347,852		$	4,484,322			1,737,256		$	21,473,945
	Class Y
	Six months ended June 30, 2007						Year ended December, 31 2006
	Shares			Amount			Shares			Amount
Strategic Bond Fund
Sold		4,279,278		$	43,341,398			6,214,089		$	62,493,589
Issued as reinvestment of dividends		-			-			414,247			4,163,489
Redeemed		(598,633	)		(6,042,614	)		(1,637,456	)		(16,404,573	)
Net increase (decrease)		3,680,645		$	37,298,784			4,990,880		$	50,252,505
Strategic Balanced Fund
Sold		515,645		$	6,029,260			3,382,597		$	37,132,285
Issued as reinvestment of dividends		-			-			272,239			3,108,967
Redeemed		(1,466,267	)		(17,205,716	)		(2,740,980	)		(30,112,589	)
Net increase (decrease)		(950,622	)	$	(11,176,456	)		913,856		$	10,128,663
Diversified Value Fund
Sold		1,334,781		$	17,841,676			8,325,737		$	99,628,898
Issued as reinvestment of dividends		-			-			486,656			6,320,364
Redeemed		(1,381,675	)		(18,498,492	)		(2,964,988	)		(35,537,372	)
Net increase (decrease)		(46,894	)	$	(656,816	)		5,847,405		$	70,411,890
Fundamental Value Fund
Sold		1,783,897		$	23,103,940			3,853,902		$	46,981,680
Issued as reinvestment of dividends		-			-			959,842			11,802,506
Redeemed		(1,506,290	)		(19,530,399	)		(1,566,182	)		(19,165,257	)
Net increase (decrease)		277,607		$	3,573,541			3,247,562		$	39,618,929
Value Equity Fund
Sold		83,294		$	886,515			230,879		$	2,522,788
Issued as reinvestment of dividends		-			-			77,280			784,165
Redeemed		(61,273	)		(651,222	)		(191,189	)		(2,112,628	)
Net increase (decrease)		22,021		$	235,293			116,970		$	1,194,325
Large Cap Value Fund
Sold		1,490,474		$	19,617,560			7,344,424		$	86,210,374
Issued as reinvestment of dividends		-			-			118,052			1,520,505
Redeemed		(4,293,011	)		(57,942,660	)		(3,492,196	)		(41,469,451	)
Net increase (decrease)		(2,802,537	)	$	(38,325,100	)		3,970,280		$	46,261,428
Indexed Equity Fund
Sold		9,002,877		$	122,207,832			11,684,942		$	143,859,082
Issued as reinvestment of dividends		-			-			517,825			6,750,490
Redeemed		(10,208,885	)		(137,675,952	)		(14,990,637	)		(184,037,010	)
Net increase (decrease)		(1,206,008	)	$	(15,468,120	)		(2,787,870	)	$	(33,427,438	)

340

Notes to Financial Statements (Unaudited) (Continued)

	Class Y
	Six months ended June 30, 2007						Year ended December, 31 2006
	Shares			Amount			Shares			Amount
Core Opportunities Fund*
Sold		176,531		$	1,915,023			413,025		$	4,440,570
Issued as reinvestment of dividends		-			-			-			-
Redeemed		(31,314	)		(339,121	)		-			-
Net increase (decrease)		145,217		$	1,575,902			413,025		$	4,440,570
Blue Chip Growth Fund
Sold		658,441		$	6,702,583			4,639,666		$	41,857,465
Issued as reinvestment of dividends		-			-			12,318			121,087
Redeemed		(2,261,789	)		(24,187,988	)		(648,180	)		(5,990,074	)
Net increase (decrease)		(1,603,348	)	$	(17,485,405	)		4,003,804		$	35,988,478
Large Cap Growth Fund
Sold		171,475		$	1,760,567			2,927		$	30,308
Issued as reinvestment of dividends		-			-			39,026			390,256
Redeemed		(2,250	)		(24,534	)		(203,677	)		(2,173,979	)
Net increase (decrease)		169,225		$	1,736,033			(161,724	)	$	(1,753,415	)
Growth Equity Fund
Sold		759,550		$	6,415,417			1,634,079		$	13,147,479
Issued as reinvestment of dividends		-			-			40,190			329,284
Redeemed		(1,505,491	)		(12,871,727	)		(8,162,175	)		(64,321,864	)
Net increase (decrease)		(745,941	)	$	(6,456,310	)		(6,487,906	)	$	(50,845,101	)
Aggressive Growth Fund
Sold		1,216,472		$	7,926,583			6,298,891		$	41,074,534
Issued as reinvestment of dividends		-			-			-			-
Redeemed		(3,602,195	)		(23,733,270	)		(3,938,751	)		(24,767,912	)
Net increase (decrease)		(2,385,723	)	$	(15,806,687	)		2,360,140		$	16,306,622
OTC 100 Fund
Sold		50,313		$	236,638			988,269		$	4,226,663
Issued as reinvestment of dividends		-			-			-			-
Redeemed		(84,846	)		(381,540	)		(1,280,823	)		(5,405,286	)
Net increase (decrease)		(34,533	)	$	(144,902	)		(292,554	)	$	(1,178,623	)
Focused Value Fund
Sold		1,110,317		$	21,407,034			1,970,847		$	36,176,870
Issued as reinvestment of dividends		-			-			756,235			13,883,821
Redeemed		(1,638,466	)		(32,133,261	)		(1,739,593	)		(31,644,506	)
Net increase (decrease)		(528,149	)	$	(10,726,227	)		987,489		$	18,416,185
Mid-Cap Value Fund**
Sold		87,238		$	1,046,016			10,010		$	100,081
Issued as reinvestment of dividends		-			-			-			-
Redeemed		(15,798	)		(190,976	)		(10,000	)		(114,500	)
Net increase (decrease)		71,440		$	855,040			10		$	(14,419	)
Small Cap Value Equity Fund*
Sold		131,160		$	1,496,713			233,052		$	2,304,332
Issued as reinvestment of dividends		-			-			976			10,536
Redeemed		(36,091	)		(405,960	)		(13,925	)		(142,829	)
Net increase (decrease)		95,069		$	1,090,753			220,103		$	2,172,039
Small Company Value Fund
Sold		1,038,208		$	16,794,195			6,021,113		$	92,746,485
Issued as reinvestment of dividends		-			-			698,933			10,720,989
Redeemed		(2,834,375	)		(46,545,640	)		(2,281,469	)		(35,275,183	)
Net increase (decrease)		(1,796,167	)	$	(29,751,445	)		4,438,577		$	68,192,291
Small Cap Core Equity Fund*
Sold		71,592		$	770,464			181,129		$	1,769,707
Issued as reinvestment of dividends		-			-			269			2,774
Redeemed		(35,987	)		(379,028	)		(16,564	)		(162,739	)
Net increase (decrease)		35,605		$	391,436			164,834		$	1,609,742

341

Notes to Financial Statements (Unaudited) (Continued)

	Class Y
	Six months ended June 30, 2007						Year ended December, 31 2006
	Shares			Amount			Shares			Amount
Mid Cap Growth Equity Fund
Sold		221,211		$	2,469,158			1,007,178		$	11,037,552
Issued as reinvestment of dividends		-			-			11,789			124,608
Redeemed		(1,553,595	)		(17,927,534	)		(1,301,607	)		(13,616,961	)
Net increase (decrease)		(1,332,384	)	$	(15,458,376	)		(282,640	)	$	(2,454,801	)
Mid Cap Growth Equity II Fund
Sold		2,126,385		$	32,518,300			5,653,209		$	85,210,078
Issued as reinvestment of dividends		-			-			893,128			12,838,903
Redeemed		(1,692,786	)		(26,107,048	)		(3,825,150	)		(56,922,451	)
Net increase (decrease)		433,599		$	6,411,252			2,721,187		$	41,126,530
Small Cap Growth Equity Fund
Sold		1,387,358		$	23,950,565			4,376,755		$	73,740,430
Issued as reinvestment of dividends		-			-			515,013			8,456,512
Redeemed		(1,648,516	)		(28,743,950	)		(2,719,595	)		(45,386,611	)
Net increase (decrease)		(261,158	)	$	(4,793,385	)		2,172,173		$	36,810,331
Small Company Growth Fund
Sold		265,908		$	2,952,677			845,836		$	9,212,161
Issued as reinvestment of dividends		-			-			124,520			1,295,426
Redeemed		(669,492	)		(7,259,956	)		(1,868,569	)		(20,000,114	)
Net increase (decrease)		(403,584	)	$	(4,307,279	)		(898,213	)	$	(9,492,527	)
Emerging Growth Fund
Sold		23,824		$	161,284			336,613		$	2,099,219
Issued as reinvestment of dividends		-			-			-			-
Redeemed		(69,514	)		(448,342	)		(970,552	)		(6,047,303	)
Net increase (decrease)		(45,690	)	$	(287,058	)		(633,939	)	$	(3,948,084	)
Diversified International Fund***
Sold		22,047		$	251,561			10,010		$	100,100
Issued as reinvestment of dividends		-			-			-			-
Redeemed		-			-			-			-
Net increase (decrease)		22,047		$	251,561			10,010		$	100,100
Overseas Fund
Sold		2,585,315		$	34,797,265			8,426,065		$	104,619,647
Issued as reinvestment of dividends		-			-			1,606,680			20,625,878
Redeemed		(5,309,456	)		(73,350,432	)		(2,669,500	)		(33,552,931	)
Net increase (decrease)		(2,724,141	)	$	(38,553,167	)		7,363,245		$	91,692,594
Destination Retirement Income Fund
Sold		1,529,369		$	15,964,553			2,662,426		$	27,651,785
Issued as reinvestment of dividends		-			-			565,676			5,825,397
Redeemed		(2,818,527	)		(29,791,785	)		(1,300,672	)		(13,473,386	)
Net increase (decrease)		(1,289,158	)	$	(13,827,232	)		1,927,430		$	20,003,796
Destination Retirement 2010 Fund
Sold		1,936,000		$	21,628,464			3,822,651		$	41,542,722
Issued as reinvestment of dividends		-			-			228,799			2,477,978
Redeemed		(843,615	)		(9,362,415	)		(1,561,398	)		(16,976,586	)
Net increase (decrease)		1,092,385		$	12,266,049			2,490,052		$	27,044,114
Destination Retirement 2020 Fund
Sold		3,102,085		$	36,032,913			4,999,467		$	56,022,275
Issued as reinvestment of dividends		-			-			436,963			4,895,063
Redeemed		(1,017,399	)		(11,853,605	)		(2,050,403	)		(23,004,008	)
Net increase (decrease)		2,084,686		$	24,179,308			3,386,027		$	37,913,330
Destination Retirement 2030 Fund
Sold		1,943,264		$	24,266,265			3,704,763		$	44,330,836
Issued as reinvestment of dividends		-			-			243,872			2,920,632
Redeemed		(677,916	)		(8,578,475	)		(1,228,582	)		(14,761,418	)
Net increase (decrease)		1,265,348		$	15,687,790			2,720,053		$	32,490,050

342

Notes to Financial Statements (Unaudited) (Continued)

	Class Y
	Six months ended June 30, 2007						Year ended December, 31 2006
	Shares			Amount			Shares			Amount
Destination Retirement 2040 Fund
Sold		931,780		$	12,003,617			2,464,622		$	30,092,449
Issued as reinvestment of dividends		-			-			133,247			1,638,488
Redeemed		(435,296	)		(5,690,982	)		(786,012	)		(9,612,962	)
Net increase (decrease)		496,484		$	6,312,635			1,811,857		$	22,117,975
	Class S
	Six months ended June 30, 2007						Year ended December, 31 2006
	Shares			Amount			Shares			Amount
Strategic Bond Fund
Sold		1,475,696		$	14,907,909			926,637		$	9,437,814
Issued as reinvestment of dividends		-			-			71,977			723,420
Redeemed		(343,541	)		(3,458,938	)		(138,065	)		(1,415,232	)
Net increase (decrease)		1,132,155		$	11,448,971			860,549		$	8,746,002
Strategic Balanced Fund
Sold		706,744		$	8,347,689			688,363		$	7,817,361
Issued as reinvestment of dividends		-			-			28,596			326,570
Redeemed		(242,325	)		(2,807,114	)		(123,732	)		(1,360,324	)
Net increase (decrease)		464,419		$	5,540,575			593,227		$	6,783,607
Diversified Value Fund
Sold		7,340,101		$	98,165,372			5,414,038		$	67,989,364
Issued as reinvestment of dividends		-			-			840,910			10,937,820
Redeemed		(2,232,378	)		(29,782,635	)		(4,031,118	)		(49,706,975	)
Net increase (decrease)		5,107,723		$	68,382,737			2,223,830		$	29,220,209
Fundamental Value Fund
Sold		6,584,482		$	85,216,855			17,120,035		$	210,273,954
Issued as reinvestment of dividends		-			-			3,856,744			47,464,125
Redeemed		(8,229,943	)		(103,968,525	)		(14,620,318	)		(184,870,847	)
Net increase (decrease)		(1,645,461	)	$	(18,751,670	)		6,356,461		$	72,867,232
Value Equity Fund
Sold		703,149		$	7,340,674			1,432,698		$	15,857,135
Issued as reinvestment of dividends		-			-			865,480			8,773,679
Redeemed		(783,710	)		(8,245,573	)		(2,404,390	)		(26,218,864	)
Net increase (decrease)		(80,561	)	$	(904,899	)		(106,212	)	$	(1,588,050	)
Large Cap Value Fund
Sold		11,130,081		$	150,729,969			15,777,721		$	187,985,838
Issued as reinvestment of dividends		-			-			366,079			4,722,424
Redeemed		(11,667,775	)		(151,755,885	)		(16,657,176	)		(203,190,776	)
Net increase (decrease)		(537,694	)	$	(1,025,916	)		(513,376	)	$	(10,482,514	)
Indexed Equity Fund
Sold		8,527,450		$	115,790,081			17,579,217		$	221,061,294
Issued as reinvestment of dividends		-			-			794,698			10,463,169
Redeemed		(9,575,899	)		(130,177,440	)		(19,785,035	)		(243,802,558	)
Net increase (decrease)		(1,048,449	)	$	(14,387,359	)		(1,411,120	)	$	(12,278,095	)
Core Opportunities Fund*
Sold		23,846		$	263,692			964,444		$	9,645,714
Issued as reinvestment of dividends		-			-			16			167
Redeemed		(263	)		(2,930	)		(1,095	)		(11,679	)
Net increase (decrease)		23,583		$	260,762			963,365		$	9,634,202
Blue Chip Growth Fund
Sold		7,324,104		$	75,163,404			1,607,129		$	15,148,154
Issued as reinvestment of dividends		-			-			18,799			185,359
Redeemed		(3,672,024	)		(36,475,798	)		(2,718,941	)		(25,456,407	)
Net increase (decrease)		3,652,080		$	38,687,606			(1,093,013	)	$	(10,122,894	)

343

Notes to Financial Statements (Unaudited) (Continued)

	Class S
	Six months ended June 30, 2007						Year ended December, 31 2006
	Shares			Amount			Shares			Amount
Large Cap Growth Fund
Sold		282,193		$	2,940,784			726,229		$	7,395,947
Issued as reinvestment of dividends		-			-			60,311			606,127
Redeemed		(398,350	)		(4,156,184	)		(1,223,490	)		(12,791,188	)
Net increase (decrease)		(116,157	)	$	(1,215,400	)		(436,950	)	$	(4,789,114	)
Growth Equity Fund
Sold		975,140		$	8,300,282			9,493,736		$	76,500,571
Issued as reinvestment of dividends		-			-			201,987			1,659,839
Redeemed		(14,795,093	)		(124,933,974	)		(11,378,556	)		(92,344,241	)
Net increase (decrease)		(13,819,953	)	$	(116,633,692	)		(1,682,833	)	$	(14,183,831	)
Aggressive Growth Fund
Sold		9,365,366		$	62,106,521			17,868,705		$	112,241,738
Issued as reinvestment of dividends		-			-			-			-
Redeemed		(11,714,120	)		(75,590,412	)		(15,788,301	)		(99,392,221	)
Net increase (decrease)		(2,348,754	)	$	(13,483,891	)		2,080,404		$	12,849,517
OTC 100 Fund
Sold		955,953		$	4,509,021			1,933,498		$	8,155,143
Issued as reinvestment of dividends		-			-			-			-
Redeemed		(1,485,614	)		(6,931,078	)		(2,938,737	)		(12,546,660	)
Net increase (decrease)		(529,661	)	$	(2,422,057	)		(1,005,239	)	$	(4,391,517	)
Focused Value Fund
Sold		4,579,498		$	89,616,601			6,263,898		$	115,697,724
Issued as reinvestment of dividends		-			-			2,013,610			37,202,296
Redeemed		(5,776,281	)		(110,760,886	)		(8,306,787	)		(152,988,782	)
Net increase (decrease)		(1,196,783	)	$	(21,144,285	)		(29,279	)	$	(88,762	)
Mid-Cap Value Fund**
Sold		5,735,330		$	68,214,024			5,766,999		$	65,388,624
Issued as reinvestment of dividends		-			-			14,021			159,556
Redeemed		(397,978	)		(4,805,665	)		(465,716	)		(5,336,837	)
Net increase (decrease)		5,337,352		$	63,408,359			5,315,304		$	60,211,343
Small Cap Value Equity Fund*
Sold		6,488,917		$	73,058,785			2,797,853		$	28,652,496
Issued as reinvestment of dividends		-			-			8,051			87,031
Redeemed		(564,916	)		(6,368,234	)		(62,646	)		(647,596	)
Net increase (decrease)		5,924,001		$	66,690,551			2,743,258		$	28,091,931
Small Company Value Fund
Sold		5,926,984		$	98,130,342			11,024,989		$	173,853,170
Issued as reinvestment of dividends		-			-			1,171,855			18,040,979
Redeemed		(7,055,173	)		(113,921,909	)		(8,970,153	)		(141,717,262	)
Net increase (decrease)		(1,128,189	)	$	(15,791,567	)		3,226,691		$	50,176,887
Small Cap Core Equity Fund*
Sold		843,463		$	8,887,242			2,009,309		$	20,440,025
Issued as reinvestment of dividends		-			-			2,073			21,326
Redeemed		(16,025	)		(169,384	)		(6,529	)		(67,504	)
Net increase (decrease)		827,438		$	8,717,858			2,004,853		$	20,393,847
Mid Cap Growth Equity Fund
Sold		3,030,038		$	34,532,632			5,560,405		$	60,768,613
Issued as reinvestment of dividends		-			-			44,558			472,320
Redeemed		(1,920,442	)		(21,410,895	)		(6,180,566	)		(65,334,142	)
Net increase (decrease)		1,109,596		$	13,121,737			(575,603	)	$	(4,093,209	)
Mid Cap Growth Equity II Fund
Sold		7,327,976		$	117,768,001			5,973,730		$	89,431,385
Issued as reinvestment of dividends		-			-			1,171,211			16,913,240
Redeemed		(3,647,196	)		(55,629,647	)		(10,131,246	)		(152,841,382	)
Net increase (decrease)		3,680,780		$	62,138,354			(2,986,305	)	$	(46,496,757	)

344

Notes to Financial Statements (Unaudited) (Continued)

	Class S
	Six months ended June 30, 2007						Year ended December, 31 2006
	Shares			Amount			Shares			Amount
Small Cap Growth Equity Fund
Sold		2,939,393		$	52,146,469			6,369,754		$	109,248,302
Issued as reinvestment of dividends		-			-			1,107,347			18,359,819
Redeemed		(2,698,810	)		(47,024,452	)		(8,177,262	)		(138,309,152	)
Net increase (decrease)		240,583		$	5,122,017			(700,161	)	$	(10,701,031	)
Small Company Growth Fund
Sold		1,455,508		$	16,440,441			2,692,915		$	29,484,859
Issued as reinvestment of dividends		-			-			163,666			1,713,217
Redeemed		(929,410	)		(10,400,661	)		(1,701,568	)		(17,834,005	)
Net increase (decrease)		526,098		$	6,039,780			1,155,013		$	13,364,071
Emerging Growth Fund
Sold		399,411		$	2,726,625			3,987,640		$	24,991,893
Issued as reinvestment of dividends		-			-			-			-
Redeemed		(1,656,417	)		(11,076,399	)		(3,156,178	)		(19,499,085	)
Net increase (decrease)		(1,257,006	)	$	(8,349,774	)		831,462		$	5,492,808
Diversified International Fund***
Sold		7,046,271		$	72,472,044			1,133,644		$	11,344,510
Issued as reinvestment of dividends		-			-			30			548
Redeemed		(32,871	)		(359,587	)		-			-
Net increase (decrease)		7,013,400		$	72,112,457			1,133,674		$	11,345,058
Overseas Fund
Sold		8,288,226		$	114,311,353			13,897,955		$	174,043,851
Issued as reinvestment of dividends		-			-			2,998,481			38,553,935
Redeemed		(8,730,285	)		(115,363,153	)		(9,401,443	)		(116,982,256	)
Net increase (decrease)		(442,059	)	$	(1,051,800	)		7,494,993		$	95,615,530
Destination Retirement Income Fund
Sold		285,377		$	2,998,013			893,169		$	9,240,597
Issued as reinvestment of dividends		-			-			35,213			362,597
Redeemed		(231,850	)		(2,421,291	)		(509,134	)		(5,245,533	)
Net increase (decrease)		53,527		$	576,722			419,248		$	4,357,661
Destination Retirement 2010 Fund
Sold		1,593,316		$	17,723,941			1,436,820		$	15,600,760
Issued as reinvestment of dividends		-			-			69,908			758,001
Redeemed		(537,302	)		(5,964,745	)		(991,171	)		(10,638,822	)
Net increase (decrease)		1,056,014		$	11,759,196			515,557		$	5,719,939
Destination Retirement 2020 Fund
Sold		2,173,660		$	25,333,968			3,698,072		$	41,392,192
Issued as reinvestment of dividends		-			-			266,032			2,983,433
Redeemed		(1,086,315	)		(12,617,840	)		(1,307,917	)		(14,593,466	)
Net increase (decrease)		1,087,345		$	12,716,128			2,656,187		$	29,782,159
Destination Retirement 2030 Fund
Sold		1,389,886		$	17,559,521			2,757,710		$	32,874,418
Issued as reinvestment of dividends		-			-			145,742			1,746,264
Redeemed		(632,809	)		(7,941,970	)		(951,913	)		(11,228,238	)
Net increase (decrease)		757,077		$	9,617,551			1,951,539		$	23,392,444
Destination Retirement 2040 Fund
Sold		1,056,838		$	13,810,963			1,588,091		$	19,470,179
Issued as reinvestment of dividends		-			-			113,295			1,394,518
Redeemed		(507,321	)		(6,583,097	)		(1,765,304	)		(21,179,453	)
Net increase (decrease)		549,517		$	7,227,866			(63,918	)	$	(314,756	)

345

Notes to Financial Statements (Unaudited) (Continued)

	Class Z
	Six months ended June 30, 2007						Year ended December, 31 2006
	Shares			Amount			Shares			Amount
Indexed Equity Fund
Sold		5,993,237		$	81,702,293			12,739,176		$	156,939,556
Issued as reinvestment of dividends		-			-			452,676			5,957,731
Redeemed		(2,688,196	)		(37,001,801	)		(6,606,015	)		(82,036,539	)
Net increase (decrease)		3,305,041		$	44,700,492			6,585,837		$	80,860,748
	Class N
	Six months ended June 30, 2007						Year ended December, 31 2006
	Shares			Amount			Shares			Amount
Strategic Bond Fund
Sold		60,197		$	603,355			182,606		$	1,793,930
Issued as reinvestment of dividends		-			-			6,969			69,625
Redeemed		(8,795	)		(87,375	)		(5,597	)		(57,198	)
Net increase (decrease)		51,402		$	515,980			183,978		$	1,806,357
Strategic Balanced Fund
Sold		1,656		$	19,242			18,231		$	198,159
Issued as reinvestment of dividends		-			-			1,106			12,572
Redeemed		(2,355	)		(27,836	)		(8,833	)		(97,263	)
Net increase (decrease)		(699	)	$	(8,594	)		10,504		$	113,468
Diversified Value Fund
Sold		67,657		$	901,415			123,669		$	1,483,862
Issued as reinvestment of dividends		-			-			4,384			56,776
Redeemed		(8,846	)		(118,841	)		(22,923	)		(270,806	)
Net increase (decrease)		58,811		$	782,574			105,130		$	1,269,832
Fundamental Value Fund
Sold		275,126		$	3,602,683			72,782		$	874,051
Issued as reinvestment of dividends		-			-			11,129			135,253
Redeemed		(203,401	)		(2,674,658	)		(127,865	)		(1,507,543	)
Net increase (decrease)		71,725		$	928,025			(43,954	)	$	(498,239	)
Value Equity Fund
Sold		87		$	900			644		$	7,366
Issued as reinvestment of dividends		-			-			124			1,250
Redeemed		(19	)		(191	)		-			(4	)
Net increase (decrease)		68		$	709			768		$	8,612
Large Cap Value Fund
Sold		12,500		$	164,313			28,719		$	332,052
Issued as reinvestment of dividends		-			-			147			1,869
Redeemed		(140,316	)		(1,883,314	)		(28,587	)		(326,255	)
Net increase (decrease)		(127,816	)	$	(1,719,001	)		279		$	7,666
Indexed Equity Fund
Sold		21,224		$	282,830			52,530		$	629,495
Issued as reinvestment of dividends		-			-			3,463			44,430
Redeemed		(103,788	)		(1,401,519	)		(81,353	)		(981,351	)
Net increase (decrease)		(82,564	)	$	(1,118,689	)		(25,360	)	$	(307,426	)
Core Opportunities Fund*
Sold		-		$	-			10,010		$	100,100
Issued as reinvestment of dividends		-			-			-			-
Redeemed		-			-			-			-
Net increase (decrease)		-		$	-			10,010		$	100,100
Blue Chip Growth Fund
Sold		9,846		$	97,807			178,502		$	1,603,841
Issued as reinvestment of dividends		-			-			-			-
Redeemed		(98,258	)		(969,130	)		(33,522	)		(300,127	)
Net increase (decrease)		(88,412	)	$	(871,323	)		144,980		$	1,303,714

346

Notes to Financial Statements (Unaudited) (Continued)

	Class N
	Six months ended June 30, 2007						Year ended December, 31 2006
	Shares			Amount			Shares			Amount
Large Cap Growth Fund
Sold		-		$	-			-		$	-
Issued as reinvestment of dividends		-			-			5			53
Redeemed		-			-			-			-
Net increase (decrease)		-		$	-			5		$	53
Growth Equity Fund
Sold		89		$	720			3,398		$	26,728
Issued as reinvestment of dividends		-			-			-			-
Redeemed		(2,147	)		(17,615	)		(157,603	)		(1,191,791	)
Net increase (decrease)		(2,058	)	$	(16,895	)		(154,205	)	$	(1,165,063	)
Aggressive Growth Fund
Sold		13,337		$	82,827			98,751		$	566,431
Issued as reinvestment of dividends		-			-			-			-
Redeemed		(28,761	)		(180,676	)		(58,959	)		(355,891	)
Net increase (decrease)		(15,424	)	$	(97,849	)		39,792		$	210,540
OTC 100 Fund
Sold		55		$	251			3,774		$	15,462
Issued as reinvestment of dividends		-			-			-			-
Redeemed		(2,745	)		(12,275	)		(11,413	)		(46,364	)
Net increase (decrease)		(2,690	)	$	(12,024	)		(7,639	)	$	(30,902	)
Focused Value Fund
Sold		83,096		$	1,578,453			76,648		$	1,305,149
Issued as reinvestment of dividends		-			-			13,700			242,197
Redeemed		(66,625	)		(1,242,116	)		(56,493	)		(960,411	)
Net increase (decrease)		16,471		$	336,337			33,855		$	586,935
Mid-Cap Value Fund**
Sold		3,657		$	42,618			10,010		$	100,116
Issued as reinvestment of dividends		-			-			-			-
Redeemed		(42	)		(522	)		(10,000	)		(114,300	)
Net increase (decrease)		3,615		$	42,096			10		$	(14,184	)
Small Cap Value Equity Fund*
Sold		-		$	-			10,010		$	100,100
Issued as reinvestment of dividends		-			-			-			-
Redeemed		-			-			-			-
Net increase (decrease)		-		$	-			10,010		$	100,100
Small Company Value Fund
Sold		69,554		$	1,104,757			62,296		$	945,284
Issued as reinvestment of dividends		-			-			5,135			76,530
Redeemed		(41,130	)		(652,074	)		(63,388	)		(967,396	)
Net increase (decrease)		28,424		$	452,683			4,043		$	54,418
Small Cap Core Equity Fund*
Sold		-		$	-			10,010		$	100,100
Issued as reinvestment of dividends		-			-			-			-
Redeemed		-			-			-			-
Net increase (decrease)		-		$	-			10,010		$	100,100
Mid Cap Growth Equity Fund
Sold		3,853		$	40,494			8,489		$	86,835
Issued as reinvestment of dividends		-			-			-			-
Redeemed		(113	)		(1,205	)		(1,585	)		(16,373	)
Net increase (decrease)		3,740		$	39,289			6,904		$	70,462
Mid Cap Growth Equity II Fund
Sold		57,808		$	853,011			131,233		$	1,848,485
Issued as reinvestment of dividends		-			-			13,578			187,256
Redeemed		(12,347	)		(181,856	)		(77,409	)		(1,104,147	)
Net increase (decrease)		45,461		$	671,155			67,402		$	931,594

347

Notes to Financial Statements (Unaudited) (Continued)

	Class N
	Six months ended June 30, 2007						Year ended December, 31 2006
	Shares			Amount			Shares			Amount
Small Cap Growth Equity Fund
Sold		6,397		$	105,781			12,585		$	202,939
Issued as reinvestment of dividends		-			-			3,491			54,629
Redeemed		(4,505	)		(75,225	)		(12,951	)		(211,725	)
Net increase (decrease)		1,892		$	30,556			3,125		$	45,843
Small Company Growth Fund
Sold		2,566		$	27,454			26,190		$	281,109
Issued as reinvestment of dividends		-			-			4,211			42,005
Redeemed		(38,862	)		(435,267	)		(50,842	)		(518,827	)
Net increase (decrease)		(36,296	)	$	(407,813	)		(20,441	)	$	(195,713	)
Emerging Growth Fund
Sold		-		$	-			-		$	-
Issued as reinvestment of dividends		-			-			-			-
Redeemed		-			-			-			-
Net increase (decrease)		-		$	-			-		$	-
Diversified International Fund***
Sold		-		$	-			10,010		$	100,100
Issued as reinvestment of dividends		-			-			-			-
Redeemed		-			-			-			-
Net increase (decrease)		-		$	-			10,010		$	100,100
Overseas Fund
Sold		111,535		$	1,516,246			69,051		$	841,131
Issued as reinvestment of dividends		-			-			15,592			196,409
Redeemed		(45,058	)		(612,710	)		(46,340	)		(552,278	)
Net increase (decrease)		66,477		$	903,536			38,303		$	485,262
Destination Retirement Income Fund
Sold		1,246		$	13,064			1,943		$	19,800
Issued as reinvestment of dividends		-			-			75			772
Redeemed		(871	)		(9,151	)		(455	)		(4,772	)
Net increase (decrease)		375		$	3,913			1,563		$	15,800
Destination Retirement 2010 Fund
Sold		15,036		$	165,002			10,791		$	115,432
Issued as reinvestment of dividends		-			-			346			3,740
Redeemed		(2,612	)		(28,871	)		(705	)		(7,568	)
Net increase (decrease)		12,424		$	136,131			10,432		$	111,604
Destination Retirement 2020 Fund
Sold		9,068		$	105,641			7,139		$	79,344
Issued as reinvestment of dividends		-			-			729			8,122
Redeemed		(2,094	)		(24,083	)		(2,090	)		(22,966	)
Net increase (decrease)		6,974		$	81,558			5,778		$	64,500
Destination Retirement 2030 Fund
Sold		5,448		$	68,270			4,954		$	58,912
Issued as reinvestment of dividends		-			-			260			3,100
Redeemed		(782	)		(10,101	)		(1,930	)		(22,743	)
Net increase (decrease)		4,666		$	58,169			3,284		$	39,269
Destination Retirement 2040 Fund
Sold		2,483		$	32,441			4,425		$	54,437
Issued as reinvestment of dividends		-			-			244			2,982
Redeemed		(203	)		(2,684	)		(1,520	)		(18,259	)
Net increase (decrease)		2,280		$	29,757			3,149		$	39,160

* Fund commenced operations on March 31, 2006.

** Fund commenced operations on August 29, 2006.

*** Fund commenced operations on December 14, 2006.

348

Notes to Financial Statements (Unaudited) (Continued)

Redemptions or exchanges 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. Redemptions or exchanges of Class N shares made within eighteen months of purchase 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 during the six months ended June 30, 2007 were waived for any redemptions or exchanges subject to such a charge.

6. Federal Income Tax Information
At June 30, 2007, the cost of securities and the unrealized appreciation (depreciation) in the value of investments owned by the Funds, 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)
Strategic Bond Fund	$	342,138,308	$	437,350	$	(5,857,520	)	$	(5,420,170	)
Strategic Balanced Fund		222,101,992		28,010,286		(3,075,711	)		24,934,575
Diversified Value Fund		597,694,247		123,085,944		(7,048,331	)		116,037,613
Fundamental Value Fund		1,087,376,569		289,809,945		(2,503,854	)		287,306,091
Value Equity Fund		99,429,465		9,390,819		(1,441,489	)		7,949,330
Large Cap Value Fund		1,126,767,154		473,362,910		(3,565,827	)		469,797,083
Indexed Equity Fund		1,984,574,667		668,120,445		(112,218,018	)		555,902,427
Core Opportunities Fund		48,958,157		3,862,905		(461,530	)		3,401,375
Blue Chip Growth Fund		531,031,786		81,747,200		(4,331,417	)		77,415,783
Large Cap Growth Fund		44,044,769		5,403,367		(751,635	)		4,651,732
Growth Equity Fund		443,729,285		32,288,757		(7,130,285	)		25,158,472
Aggressive Growth Fund		518,433,149		98,713,941		(16,017,363	)		82,696,578
OTC 100 Fund		39,302,812		11,094,520		(1,872,788	)		9,221,732
Focused Value Fund		946,537,222		231,608,193		(10,132,969	)		221,475,224
Mid-Cap Value Fund		261,924,557		15,485,927		(4,344,415	)		11,141,512
Small Cap Value Equity Fund		194,836,568		8,045,630		(7,465,216	)		580,414
Small Company Value Fund		796,427,912		151,062,821		(31,507,787	)		119,555,034
Small Cap Core Equity Fund		64,124,436		3,586,512		(2,311,674	)		1,274,838
Mid Cap Growth Equity Fund		173,612,457		22,039,884		(3,100,846	)		18,939,038
Mid Cap Growth Equity II Fund		1,286,239,652		369,471,553		(27,372,384	)		342,099,169
Small Cap Growth Equity Fund		820,023,468		168,972,424		(13,978,713	)		154,993,711
Small Company Growth Fund		197,397,466		30,030,944		(6,031,688	)		23,999,256
Emerging Growth Fund		115,737,957		17,038,674		(1,384,966	)		15,653,708
Diversified International Fund		135,026,926		15,264,180		(2,457,101	)		12,807,079
Overseas Fund		1,248,288,765		253,235,317		(10,082,852	)		243,152,465
Destination Retirement Income Fund		271,854,533		5,688,476		(3,870,517	)		1,817,959
Destination Retirement 2010 Fund		231,112,774		5,914,187		(1,868,601	)		4,045,586
Destination Retirement 2020 Fund		655,529,212		33,564,230		(5,180,701	)		28,383,529
Destination Retirement 2030 Fund		478,878,309		39,042,998		(1,436,785	)		37,606,213
Destination Retirement 2040 Fund		266,833,900		24,364,657		(195,374	)		24,169,283

At December 31, 2006, the following Funds had available, for Federal income tax purposes, unused capital losses:

	Expiring 2009		Expiring 2010		Expiring 2011		Expiring 2012		Expiring 2013		Expiring 2014
Strategic Bond Fund	$	-	$	-	$	-	$	-	$	630,808	$	-
Large Cap Value Fund		-		8,806,465		10,621,856		9,443,094		-		-
Indexed Equity Fund		-		21,973,224		-		-		-		-
Blue Chip Growth Fund		-		34,126,514		16,672,836		4,273,407		-		-

349

Notes to Financial Statements (Unaudited) (Continued)

	Expiring 2009		Expiring 2010		Expiring 2011		Expiring 2012		Expiring 2013		Expiring 2014
Growth Equity Fund	$	19,055,196	$	98,921,181	$	-	$	-	$	-	$	-
Aggressive Growth Fund		27,527,320		39,256,002		-		-		-		-
OTC 100 Fund		-		2,180,264		13,741,961		7,702,832		-		-
Small Cap Core Equity Fund		-		-		-		-		-		494,912
Mid Cap Growth Equity Fund		35,293,704		35,977,324		976,172		-		-		-
Emerging Growth Fund		9,235,482		28,322,542		-		-		-		-

Net capital loss carryforwards may be applied against any net realized taxable gains in each succeeding year, or until their respective expiration dates, whichever occurs first.

Certain differences exist from the amounts reflected in the Statement of Changes in Net Assets primarily due to the character of short-term capital gains treated as ordinary income for tax purposes.

The Funds distinguish between distributions on a tax basis and financial reporting basis. Accounting principles generally accepted 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.

The tax character of distributions paid during the year ended December 31, 2006 was as follows:

	Ordinary Income		Long Term Capital Gain		Short Term Capital Gain		Return of Capital
Strategic Bond Fund	$	9,053,907	$	-	$	-	$	-
Strategic Balanced Fund		5,566,068		2,240,122		-		-
Diversified Value Fund		7,691,998		15,556,374		-		-
Fundamental Value Fund		25,168,210		87,731,488		-		-
Value Equity Fund		5,190,133		10,471,477		-		-
Large Cap Value Fund		9,827,424		-		-		-
Indexed Equity Fund		31,305,342		-		-		174,933
Core Opportunities Fund		106,850		183		-		-
Blue Chip Growth Fund		473,756		-		-		-
Large Cap Growth Fund		-		1,599,477		-		-
Growth Equity Fund		3,409,304		-		-		-
Focused Value Fund		19,675,951		78,006,944		-		-
Mid-Cap Value Fund		164,729		-		-		-
Small Cap Value Equity Fund		168,054		-		-		-
Small Company Value Fund		6,748,468		42,960,242		-		-
Small Cap Core Equity Fund		48,939		-		-		-
Mid Cap Growth Equity Fund		786,942		-		-		-
Mid Cap Growth Equity II Fund		8,549,416		82,641,736		-		-
Small Cap Growth Equity Fund		-		40,491,582		-		-
Small Company Growth Fund		-		10,593,632		-		-
Diversified International Fund		10,533		-		-		-
Overseas Fund		39,509,993		68,794,727		-		-
Destination Retirement Income Fund		9,100,427		3,689,364		-		-
Destination Retirement 2010 Fund		5,304,504		2,215,167		-		-
Destination Retirement 2020 Fund		13,715,560		13,822,444		-		-
Destination Retirement 2030 Fund		6,966,352		12,063,822		-		-
Destination Retirement 2040 Fund		2,755,008		9,995,730		-		-

350

Notes to Financial Statements (Unaudited) (Continued)

At December 31, 2006, 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)
Strategic Bond Fund	$	-	$	(630,808	)	$	(744,742	)	$	84,766
Strategic Balanced Fund		398,351		495,393			(7,897	)		27,082,723
Diversified Value Fund		768,501		1,832,450			(10,470	)		100,972,653
Fundamental Value Fund		3,510,216		24,879,638			(38,758	)		236,387,496
Value Equity Fund		1,804,438		1,293,949			(4,959	)		5,764,421
Large Cap Value Fund		-		(28,871,415	)		(58,695	)		459,674,961
Indexed Equity Fund		-		(21,973,224	)		(5,678,051	)		404,784,329
Core Opportunities Fund		4 06,519		(59	)		(232	)		1,333,824
Blue Chip Growth Fund		-		(55,072,757	)		(25,189	)		43,936,339
Large Cap Growth Fund		-		362,321			(1,848	)		3,373,813
Growth Equity Fund		-		(117,976,377	)		(41,113	)		37,548,379
Aggressive Growth Fund		-		(66,783,322	)		(23,194	)		76,286,436
OTC 100 Fund		-		(23,625,057	)		455			7,332,872
Focused Value Fund		-		8,439,337			(37,161	)		203,619,965
Mid-Cap Value Fund		110,363		-			(88	)		466,247
Small Cap Value Equity Fund		389,810		16,432			7,296			1,961,653
Small Company Value Fund		3,037,932		16,801,502			23,627			124,120,740
Small Cap Core Equity Fund		-		(4 94,912	)		(1,255	)		1,112,498
Mid Cap Growth Equity Fund		-		(72,247,200	)		18,265			19,050,491
Mid Cap Growth Equity II Fund		-		20,705,690			(53,823	)		244,891,374
Small Cap Growth Equity Fund		-		10,275,242			(27,718	)		116,154,442
Small Company Growth Fund		2,286,935		1,028,568			(6,621	)		11,652,384
Emerging Growth Fund		-		(37,558,024	)		(7,289	)		11,178,476
Diversified International Fund		25,374		389			(3,438	)		39,376
Overseas Fund		2,894,634		22,688,344			(372,960	)		248,339,480
Destination Retirement Income Fund		440,251		5,069,567			(7,726	)		(5,070,049	)
Destination Retirement 2010 Fund		405,538		3,739,153			(2,281	)		(2,282,514	)
Destination Retirement 2020 Fund		761,438		23,752,874			(13,093	)		3,486,577
Destination Retirement 2030 Fund		20,543		22,791,631			(9,411	)		16,065,123
Destination Retirement 2040 Fund		171,438		14,463,924			(5,464	)		9,917,078

Pursuant to Section 852 of the Internal Revenue Code, the following Funds have designated capital gains dividend for the year ended December 31, 2006:

	Long Term Capital Dividend
Strategic Balanced Fund	$	2,240,122
Diversified Value Fund		15,556,374
Fundamental Value Fund		87,731,488
Value Equity Fund		10,471,477
Core Opportunities Fund		183
Large Cap Growth Fund		1,599,477
Focused Value Fund		78,006,944
Small Company Value Fund		42,960,242
Mid Cap Growth Equity II Fund		82,641,736
Small Cap Growth Equity Fund		40,491,582
Small Company Growth Fund		10,593,632
Overseas Fund		68,794,727
Destination Retirement Income Fund		3,689,364
Destination Retirement 2010 Fund		2,215,167
Destination Retirement 2020 Fund		13,822,444
Destination Retirement 2030 Fund		12,063,822
Destination Retirement 2040 Fund		9,995,730

351

Notes to Financial Statements (Unaudited) (Continued)

The following Funds have elected to defer to January 1, 2007 post-October losses:

	Amount
Strategic Bond Fund	$	740,701
Indexed Equity Fund		5,626,954

The following Funds have elected to defer to January 1, 2007 post-October currency losses:

	Amount
Strategic Bond Fund	$	120
Mid Cap Growth Equity II Fund		9,020
Overseas Fund		200,491

The Funds adopted Financial Accounting Standards Board Interpretation No. 48 "Accounting for Uncertainty in Income Taxes" (FIN 48) on June 29, 2007. The adoption of FIN 48 did not have a material effect on the net asset value, financial condition or results of operations of the Funds as there was no liability for unrecognized tax benefits and no change to the beginning net asset value of the Funds. As of and during the period ended June 30, 2007, the Funds did not have a liability for any unrecognized tax benefits.

The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations. During the period ended June 30, 2007, the Funds did not incur any interest or penalties. The Funds are subject to examination by U.S. federal, state and foreign tax authorities for returns filed after 2004, 2005 and 2006 respectively.

7. Investment in Affiliated Issuers
A summary of the Fund's transactions in the securities of these issuers during the six months ended June 30, 2007, is as follows:

	Value, beginning of period		Purchases		Sales Proceeds		Value, end of period		Dividend Income		Realized Gains Distributions
Destination Retirement Income Fund
Aggressive Growth Fund, Class S	$	41,937	$	3,851,747	$	159,530	$	3,876,171	$	-	$	-
Blue Chip Growth Fund, Class S		54,370		2,689,487		33,706		2,933,790		-		-
Capital Appreciation Fund, Class S*		34,102		1,610,313		31,554		1,727,601		-		-
Core Bond Fund, Class S*		50,557,393		2,840,826		10,501,337		43,289,297		-		-
Diversified Bond Fund, Class S*		42,736,493		2,315,081		11,960,802		33,541,261		-		-
Diversified International Fund, Class S		124,016		4,238,324		133,539		4,776,451		-		-
Diversified Value Fund, Class S		186,943		3,391,507		69,086		3,737,862		-		-
Emerging Growth Fund, Class S		713,449		202,432		60,975		961,050		-		-
Enhanced Index Growth Fund, Class S*		938,886		6,383,211		34,811		7,448,031		-		-
Enhanced Index Value Fund, Class S*		444,405		10,025,703		281,619		10,690,856		-		-
Focused Value Fund, Class S		5,679,171		1,618,993		309,046		7,647,389		-		-
Fundamental Value Fund, Class S		3,964,061		1,220,377		326,995		5,204,975		-		-
Growth Equity Fund, Class S		15,770,224		-		10,375,237		5,844,676		-		-
Inflation-Protected Bond Fund, Class S*		52,781,308		3,526,276		11,594,482		45,351,275		-		-
International Equity Fund, Class S*		124,150		4,182,482		110,778		4,580,120		-		-
Large Cap Value Fund, Class S		12,270,259		484,117		10,855,959		1,869,535		-		-
Main Street Small Cap Fund, Class S*		3,927,961		1,473,637		224,613		5,572,847		-		-

352

Notes to Financial Statements (Unaudited) (Continued)

	Value, beginning of period		Purchases		Sales Proceeds		Value, end of period		Dividend Income		Realized Gains Distributions
Mid Cap Growth Equity Fund, Class S	$	1,119,717	$	337,629	$	71,071	$	1,474,872	$	-	$	-
Mid Cap Growth Equity II Fund, Class S		1,682,384		487,142		106,756		2,306,916		-		-
Mid-Cap Value Fund, Class S		2,826,702		809,135		151,188		3,781,768		-		-
Money Market Fund, Class S*		14,136,687		1,037,485		3,992,825		11,181,347		281,991		-
Overseas Fund, Class S		14,188,387		2,288,573		7,196,810		9,859,282		-		-
Short-Duration Bond Fund, Class S*		42,306,043		2,332,833		9,026,025		36,481,872		-		-
Small Cap Core Equity Fund, Class S		1,698,923		627,165		90,049		2,273,131		-		-
Small Cap Growth Equity Fund, Class S		704,408		211,436		38,664		956,102		-		-
Small Cap Value Equity Fund, Class S		1,416,279		307,617		73,351		1,711,862		-		-
Small Company Growth Fund, Class S		1,304,137		412,127		78,459		1,812,590		-		-
Small Company Value Fund, Class S		1,404,486		418,039		73,351		1,837,092		-		-
Strategic Income Fund, Class S*		7,868,327		2,790,166		605,144		10,441,311		-		-
Value Fund, Class S*		19,096		447,939		15,446		501,160		-		-
Totals	$	281,024,704	$	62,561,799	$	78,583,208	$	273,672,492	$	281,991	$	-
	Value, beginning of period		Purchases		Sales Proceeds		Value, end of period		Dividend Income		Realized Gains Distributions
Destination Retirement 2010 Fund
Aggressive Growth Fund, Class S	$	42,409	$	3,594,503	$	89,234	$	3,678,318	$	-	$	-
Blue Chip Growth Fund, Class S		58,425		2,556,067		34,165		2,786,794		-		-
Capital Appreciation Fund, Class S*		43,593		1,515,307		20,499		1,644,482		-		-
Core Bond Fund, Class S*		28,725,271		7,615,618		2,137,440		34,422,448		-		-
Diversified Bond Fund, Class S*		23,589,673		6,670,074		2,542,685		27,966,176		-		-
Diversified International Fund, Class S		88,508		4,437,835		103,293		4,991,107		-		-
Diversified Value Fund, Class S		72,690		2,506,823		46,873		2,687,618		-		-
Emerging Growth Fund, Class S		451,744		198,959		23,838		701,611		-		-
Enhanced Index Growth Fund, Class S*		2,173,381		9,865,550		81,213		12,408,706		-		-
Enhanced Index Value Fund, Class S*		5,802,078		9,383,326		402,675		15,413,590		-		-
Focused Value Fund, Class S		3,595,807		1,633,883		127,476		5,563,493		-		-
Fundamental Value Fund, Class S		5,007,772		1,405,313		1,942,700		4,765,153		-		-
Growth Equity Fund, Class S		15,448,604		-		10,424,277		5,454,281		-		-
Inflation-Protected Bond Fund, Class S*		26,351,680		7,742,613		2,010,841		32,429,174		-		-
International Equity Fund, Class S*		88,646		3,960,938		58,951		4,332,626		-		-

353

Notes to Financial Statements (Unaudited) (Continued)

	Value, beginning of period		Purchases		Sales Proceeds		Value, end of period		Dividend Income		Realized Gains Distributions
Large Cap Value Fund, Class S	$	7,017,866	$	597,179	$	5,068,538	$	2,627,391	$	-	$	-
Main Street Small Cap Fund, Class S*		2,479,432		1,388,847		104,596		4,030,193		-		-
Mid Cap Growth Equity Fund, Class S		1,420,526		604,455		48,065		2,093,674		-		-
Mid Cap Growth Equity II Fund, Class S		2,104,421		917,501		72,095		3,287,689		-		-
Mid-Cap Value Fund, Class S		3,584,424		1,504,688		120,161		5,381,165		-		-
Money Market Fund, Class S*		8,940,430		2,041,299		685,972		10,295,756		196,533		-
Overseas Fund, Class S		12,580,028		2,444,702		5,753,824		9,828,292		-		-
Short-Duration Bond Fund, Class S*		19,620,867		5,346,190		1,466,562		23,943,604		-		-
Small Cap Core Equity Fund, Class S		1,072,333		591,426		44,826		1,639,990		-		-
Small Cap Growth Equity Fund, Class S		445,992		194,891		19,096		676,415		-		-
Small Cap Value Equity Fund, Class S		898,542		310,600		24,555		1,226,506		-		-
Small Company Growth Fund, Class S		737,090		552,597		31,870		1,390,953		-		-
Small Company Value Fund, Class S		891,037		402,966		33,566		1,320,052		-		-
Strategic Income Fund, Class S*		4,566,363		3,158,985		311,883		7,627,682		-		-
Value Fund, Class S*		4,745		504,796		20,172		543,421		-		-
Totals	$	177,904,377	$	83,647,931	$	33,851,941	$	235,158,360	$	196,533	$	-
	Value, beginning of period		Purchases		Sales Proceeds		Value, end of period		Dividend Income		Realized Gains Distributions
Destination Retirement 2020 Fund
Aggressive Growth Fund, Class S	$	36,546,634	$	3,399,587	$	19,020,428	$	22,601,379	$	-	$	-
Blue Chip Growth Fund, Class S		558,357		13,853,040		38,591		15,603,155		-		-
Capital Appreciation Fund, Class S*		356,555		8,001,892		314		8,933,739		-		-
Core Bond Fund, Class S*		73,785,571		6,109,305		7,078,465		73,423,135		-		-
Diversified Bond Fund, Class S*		60,151,563		4,890,059		7,207,910		58,507,625		-		-
Diversified International Fund, Class S		524,732		18,635,772		157,818		21,562,104		-		-
Diversified Value Fund, Class S		423,111		16,028,203		105,541		17,415,473		-		-
Emerging Growth Fund, Class S		1,500,859		509,256		48,698		2,194,383		-		-
Enhanced Index Growth Fund, Class S*		2,268,543		36,295,211		376,856		40,092,078		-		-
Enhanced Index Value Fund, Class S*		18,927,990		24,800,937		818,369		44,876,986		-		-
Focused Value Fund, Class S		11,836,478		2,868,947		197,068		15,919,405		-		-
Fundamental Value Fund, Class S		33,186,946		5,623,108		9,857,083		31,051,427		-		-

354

Notes to Financial Statements (Unaudited) (Continued)

	Value, beginning of period		Purchases		Sales Proceeds		Value, end of period		Dividend Income		Realized Gains Distributions
Growth Equity Fund, Class S	$	43,145,158	$	-	$	24,749,810	$	19,854,140	$	-	$	-
Inflation-Protected Bond Fund, Class S*		75,871,733		7,526,550		16,633,661		67,853,329		-		-
International Equity Fund, Class S*		12,000,876		7,218,888		145,865		20,792,512		-		-
Large Cap Value Fund, Class S		36,596,326		2,482,805		22,756,066		17,131,642		-		-
Main Street Small Cap Fund, Class S*		16,551,884		5,390,663		275,879		23,373,286		-		-
Mid Cap Growth Equity Fund, Class S		8,734,543		3,064,711		157,649		12,392,499		-		-
Mid Cap Growth Equity II Fund, Class S		14,022,341		3,464,098		236,461		19,341,914		-		-
Mid-Cap Value Fund, Class S		23,755,783		5,729,007		394,109		31,645,710		-		-
Overseas Fund, Class S		52,936,022		7,508,744		18,402,347		45,163,504		-		-
Short-Duration Bond Fund, Class S*		35,554,538		3,038,461		8,652,396		30,703,854		-		-
Small Cap Core Equity Fund, Class S		7,137,626		2,375,161		118,230		9,551,303		-		-
Small Cap Growth Equity Fund, Class S		1,481,756		493,790		29,595		2,115,624		-		-
Small Cap Value Equity Fund, Class S		2,979,312		546,306		49,260		3,610,059		-		-
Small Company Growth Fund, Class S		2,977,782		1,010,587		49,260		4,348,735		-		-
Small Company Value Fund, Class S		2,954,424		1,038,458		50,048		4,129,482		-		-
Strategic Income Fund, Class S*		13,776,905		2,220,192		451,779		16,136,107		-		-
Value Fund, Class S*		178,981		3,121,136		67,084		3,588,152		-		-
Totals	$	590,723,329	$	197,244,874	$	138,126,640	$	683,912,741	$	-	$	-
	Value, beginning of period		Purchases		Sales Proceeds		Value, end of period		Dividend Income		Realized Gains Distributions
Destination Retirement 2030 Fund
Aggressive Growth Fund, Class S	$	42,234,220	$	3,655,605	$	15,354,230	$	32,755,964	$	-	$	-
Blue Chip Growth Fund, Class S		1,158,853		18,680,101		135,770		21,046,418		-		-
Capital Appreciation Fund, Class S*		729,889		10,295,008		37,404		11,662,156		-		-
Core Bond Fund, Class S*		19,236,064		1,726,954		3,244,608		17,881,274		-		-
Diversified Bond Fund, Class S*		21,578,742		1,729,100		5,512,507		18,028,030		-		-
Diversified International Fund, Class S		562,401		19,339,610		153,245		22,530,151		-		-
Diversified Value Fund, Class S		851,600		20,935,319		183,245		23,050,999		-		-
Emerging Growth Fund, Class S		19,828,545		-		4,379,462		17,754,664		-		-
Enhanced Index Growth Fund, Class S*		2,987,535		22,389,671		101,587		27,000,506		-		-
Enhanced Index Value Fund, Class S*		17,155,715		8,795,653		485,655		26,663,485		-		-

355

Notes to Financial Statements (Unaudited) (Continued)

	Value, beginning of period		Purchases		Sales Proceeds		Value, end of period		Dividend Income		Realized Gains Distributions
Focused Value Fund, Class S	$	8,697,065	$	1,676,202	$	135,128	$	11,274,129	$	-	$	-
Fundamental Value Fund, Class S		40,490,196		6,253,169		8,033,289		41,725,637		-		-
Growth Equity Fund, Class S		46,570,456		-		22,448,978		25,697,795		-		-
Inflation-Protected Bond Fund, Class S*		34,369,827		3,735,296		12,639,427		26,008,646		-		-
International Equity Fund, Class S*		13,784,435		7,148,477		608,590		22,283,719		-		-
Large Cap Value Fund, Class S		37,782,629		2,452,052		18,601,482		22,869,559		-		-
Main Street Small Cap Fund, Class S*		15,253,602		3,475,324		234,658		20,099,386		-		-
Mid Cap Growth Equity Fund, Class S		456,028		2,910,900		235,049		3,238,610		-		-
Mid Cap Growth Equity II Fund, Class S		12,911,970		2,455,181		996,189		16,190,054		-		-
Mid-Cap Value Fund, Class S		17,536,356		3,302,508		262,088		22,461,261		-		-
Overseas Fund, Class S		55,759,632		4,799,213		19,404,467		44,325,034		-		-
Short Duration Bond Fund, Class S*		4,374,550		510,379		716,105		4,262,824		-		-
Small Cap Core Equity Fund, Class S		203,330		3,470,707		26,403		3,703,563		-		-
Small Cap Growth Equity Fund, Class S		57,034		1,447,172		74,441		1,520,494		-		-
Small Cap Value Equity Fund, Class S		171,870		4,935,675		52,687		5,299,010		-		-
Small Company Growth Fund, Class S		157,667		2,379,288		128,870		2,588,733		-		-
Small Company Value Fund, Class S		13,353,769		831,776		5,517,712		9,103,162		-		-
Strategic Income Fund, Class S*		7,152,360		3,576,330		335,584		10,777,954		-		-
Value Fund, Class S*		92,656		4,205,099		143,217		4,681,305		-		-
Totals	$	435,498,996	$	167,111,769	$	120,182,077	$	516,484,522	$	-	$	-
	Value, beginning of period		Purchases		Sales Proceeds		Value, end of period		Dividend Income		Realized Gains Distributions
Destination Retirement 2040 Fund
Aggressive Growth Fund, Class S	$	27,178,392	$	1,695,516	$	8,977,500	$	21,366,539	$	-	$	-
Blue Chip Growth Fund, Class S		893,742		11,514,098		177,414		13,082,990		-		-
Capital Appreciation Fund, Class S*		497,611		7,632,932		76,130		8,590,315		-		-
Core Bond Fund, Class S*		1,474,911		281,777		97,936		1,670,210		-		-
Diversified Bond Fund, Class S*		1,475,419		282,368		103,419		1,670,146		-		-
Diversified International Fund, Class S		447,400		12,160,397		209,154		14,196,410		-		-
Diversified Value Fund, Class S		771,377		14,322,964		247,397		15,866,864		-		-
Emerging Growth Fund, Class S		13,012,975		-		3,710,318		10,740,996		-		-

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Notes to Financial Statements (Unaudited) (Continued)

	Value, beginning of period		Purchases		Sales Proceeds		Value, end of period		Dividend Income		Realized Gains Distributions
Enhanced Index Growth Fund, Class S*	$	5,390,003	$	11,355,739	$	415,438	$	17,535,531	$	-	$	-
Enhanced Index Value Fund, Class S*		13,684,190		2,980,203		506,954		16,929,101		-		-
Focused Value Fund, Class S		4,794,073		746,777		135,086		5,972,881		-		-
Fundamental Value Fund, Class S		27,430,569		3,464,771		4,387,111		28,673,861		-		-
Growth Equity Fund, Class S		29,542,422		-		14,283,739		16,271,145		-		-
Inflation-Protected Bond Fund, Class S*		2,379,022		346,801		181,425		2,575,217		-		-
International Equity Fund, Class S*		10,029,918		4,604,055		1,691,890		14,243,224		-		-
Large Cap Value Fund, Class S		25,951,783		5,198,079		12,300,023		15,649,834		-		-
Main Street Small Cap Fund, Class S*		8,438,484		1,650,606		323,197		10,637,359		-		-
Mid Cap Growth Equity Fund, Class S		346,311		1,746,913		111,660		2,055,849		-		-
Mid Cap Growth Equity II Fund, Class S		7,118,806		1,089,030		500,953		8,719,474		-		-
Mid-Cap Value Fund, Class S		12,158,315		1,823,656		326,286		14,946,963		-		-
Overseas Fund, Class S		35,624,109		2,156,648		11,981,699		27,886,565		-		-
Small Cap Core Equity Fund, Class S		147,712		2,000,256		45,694		2,133,942		-		-
Small Cap Growth Equity Fund, Class S		87,753		914,095		27,474		1,042,323		-		-
Small Cap Value Equity Fund, Class S		166,726		3,960,834		67,028		4,264,735		-		-
Small Company Growth Fund, Class S		147,972		1,627,790		76,595		1,840,695		-		-
Small Company Value Fund, Class S		10,289,593		448,220		4,175,753		6,905,830		-		-
Strategic Income Fund, Class S*		1,961,334		281,494		92,075		2,229,196		-		-
Value Fund, Class S*		78,534		2,960,749		120,506		3,304,988		-		-
Totals	$	241,519,456	$	97,246,768	$	65,349,854	$	291,003,183	$	-	$	-

* MassMutual Premier Funds

8. New Accounting Pronouncements
In September 2006, Statement of Financial Accounting Standards No. 157, Fair Value Measurements (SFAS 157), was issued and is effective for fiscal years beginning after November 15, 2007. SFAS 157 determines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. Management is currently evaluating the impact the adoption of SFAS 157 will have on the Funds' financial statement disclosures.

9. Proxy Voting (Unaudited)
A description of the policies and procedures that each Fund's investment adviser and sub-advisers 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 Securities and Exchange Commission's 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/retire and on the Securities and Exchange Commission's website at http://www.sec.gov.

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Notes to Financial Statements (Unaudited) (Continued)

10. Quarterly Reporting (Unaudited)
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 website at http://www.sec.gov. The Funds' Forms N-Q 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.

11. Trustees' Approval of Investment Advisory Contracts (Unaudited)
At Contract Committee meetings held on January 30, 2007 and February 27, 2007 and a Board meeting held on February 27, 2007, the Board of Trustees of the Trust (the "Board"), including the Trustees who are not "interested persons" (as such term is defined in the 1940 Act) of the Trust, the Adviser or Sub-Advisers (the "Independent Trustees"), approved the existing Advisory Agreement for the Emerging Growth Fund and the existing Advisory Agreements and Sub-Advisory Agreements (collectively, the "Contracts") for each of the Strategic Bond Fund, Strategic Balanced Fund, Diversified Value Fund, Fundamental Value Fund, Value Equity Fund, Large Cap Value Fund, Indexed Equity Fund, Blue Chip Growth F und, Large Cap Growth Fund, Growth Equity Fund, Aggressive Growth Fund, OTC 100 Fund, Focused Value Fund, Small Company Value Fund, Mid Cap Growth Equity Fund, Mid Cap Growth Equity II Fund, Small Cap Growth Equity Fund, Small Company Growth Fund, Overseas Fund, Destination Retirement Income Fund, Destination Retirement 2010 Fund, Destination Retirement 2020 Fund, Destination Retirement 2030 Fund and Destination Retirement 2040 Fund (each a "Fund" and collectively, the "Funds"). Approval was not needed for the Sub-Advisory Agreements with Delaware Management Company ("DMC") for the Aggressive Growth Fund and with ClearBridge Advisors, LLC ("Clearbridge") for the Strategic Balanced Fund because these agreements were approved in August 2006 and November 2006, respectively, for an initial two-year period. In preparation for the meetings, the Trustees requested, and the Adviser and Sub-Advisers provided in advance of the meetings, certain materials relevant to the consideration of the Contracts.

At the meeting held on January 30, 2007, the Trustees' independent counsel reviewed with all of the Independent Trustees (who comprise the Contract Committee (the "Committee")) the requirement under the 1940 Act that the Trustees, including a majority of the Independent Trustees, consider annually the continuation of the Funds' Contracts. In advance of the meeting, the Committee received a memorandum, prepared by independent counsel, addressing the Committee's duties and responsibilities in approving the Contracts, including identification of types of information relevant to such consideration. The Trustees' independent counsel reviewed the memorandum and the role of the Independent Trustees in renewing the Contracts, including, among other things, (i) the nature of the Trustees' responsibilities and factors the Trustees are entitled or required to consider in this regard, (ii) the enhanced disclosure requirements relating to the Board's app roval of the Contracts, and (iii) recent mutual fund fee litigation.

In addition, the Committee received in advance of the meeting (i) a memorandum from the Adviser discussing the nature and quality of the services it provides as investment manager to the Funds, (ii) a profitability analysis prepared by the Adviser, and (iii) a fee 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 fee, expense and performance information for each Fund to assist the Committee in its evaluation of the Contracts.

Representatives of the Adviser ("Management") gave a presentation which provided an overview of the nature and quality of services provided by the Adviser to the Funds. This presentation included a discussion of the Adviser's operations and capabilities. A representative of the Third-Party was present for a portion of the meeting and made a presentation to the Committee with respect to the Third-Party Report.

The Committee then reviewed, and considered separately for each Fund, the detailed information presented in the Third-Party Report regarding (i) Fund expenses including, among other things, both the Fund's advisory fee and total net expense ratios versus its expense group and expense universe; and

358

Notes to Financial Statements (Unaudited) (Continued)

(ii) the Fund's relative performance (over various time periods versus its performance group, performance universe and benchmark index, taking into account the Fund's strategy).

For Funds whose total net expenses ranked in the fourth or fifth quintile of their respective expense group, Management noted a number of factors for the Committee to consider in addition, such as (i) the rankings of a number of the Funds improved when compared against the larger expense universe; (ii) the investment advisory fees of a couple of the Funds ranked in one of the top three quintiles; (iii) a number of Funds experienced above average performance; and (iv) for one Fund, the absolute difference between the Fund's total expenses and the median of those in its expense group was small. Management also noted those Funds for which a fee waiver had previously been implemented.

When considering the performance of those Funds whose three-year total return placed in the fourth or fifth quintile of their respective performance universes, the Committee reviewed each Fund's absolute performance and relative performance over various periods of time versus its performance group, performance universe and the Third-Party benchmark index. Management described (i) actions that had been taken or were proposed to be taken to improve performance; or (ii) why it considered the performance to be acceptable based on the Fund's investment strategy or risk profile. For example, Management reviewed the sub-adviser and/or portfolio changes that had been made or were being considered with respect to certain of the Funds in order to improve performance. Management noted, among other things, that over the past year it had replaced Fidelity Management & Research Company ("Fidelity") with T. Rowe Price Associates, Inc. ("T. Rowe Price") as the sub-adviser to the Blue Chip Growth Fund and RS Investment Management, L.P. ("RS") with DMC and Insight Capital Research & Management, Inc. ("Insight Capital") as co-sub-advisers to the Emerging Growth Fund. Management also noted that it was considering various courses of action to address the continued underperformance by Grantham, Mayo, Van Otterloo & Co. LLC ("GMO"), the sub-adviser to the Growth Equity Fund, and that it had begun rebalancing the underlying funds in the Destination Retirement Funds, which would be further discussed at the February meeting of the Board. In a number of cases, Management pointed out differences between a Fund's strategy and risk profile versus those in the Third-Party peer group to which the Fund is compared and explained why it believed the Fund's absolute and/or relative performance was acceptable, taking into account the Fund's risk profile, investment strategy and/or prevailing market conditions. In addition, Management noted, with respect to certain of t he Funds, recent improvement in performance in the one-year performance time period.

In conjunction with its review of the Third-Party Report, the Committee also reviewed and considered information included in the materials concerning economies of scale and profitability of the Adviser's relationship with the various Funds, including: (i) a description of the revenue (including management fees and administrative service fees, as applicable) and expense allocation methodology employed by the Adviser; and (ii) profitability information for the Funds, and each Fund individually, which included a sensitivity analysis for those Funds without breakpoints of the expected level of profitability assuming increased Fund assets of $100 million and $250 million. The discussions and consideration included the intangible benefits derived by the Adviser and its affiliates resulting from their relationships with the Funds and the so-called "fallout benefits" to the Adviser, such as any reputational value derived from serving as investment a dviser to the Funds. It was noted that the Select Funds do not have breakpoints as the advisory fee is established at the time of a Fund's introduction based upon a mature fund projection.

The Committee next considered the materials provided by the Adviser in advance of the Meeting and information discussed with Management at the Meeting relating to the Adviser and the nature, scope and quality of services the Adviser provides to the Funds. The Committee noted the fact that the Adviser delegates substantially all responsibility for furnishing a continuous investment program for the Funds, and making investment decisions with respect to a Fund's assets, to the relevant Sub-Advisers. The Committee reviewed the Adviser's ability to provide investment oversight, administrative and shareholder services to the Funds. The Committee also considered the experience and qualifications of

359

Notes to Financial Statements (Unaudited) (Continued)

the personnel of the Adviser 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 also considered, and discussed with Management, among other things: (i) the ability of the Adviser to monitor the operations and performance of each Fund's Sub-Adviser; (ii) the financial condition, stability and business strategy of the Adviser; (iii) the ability of the Adviser with respect to regulatory compliance and the ability to monitor compliance with the investment policies of the Funds; (iv) the profitability of the Adviser; (v) possible economies of scale; and (vi) any conditions affecting the Adviser's future provision of high quality services to the Funds.

The Committee discussed with Management and considered a wide range of information about, among other things: (i) each Sub-Adviser and its personnel with responsibilities for providing services to the respective Fund; (ii) the terms of the Sub-Advisory Agreements; (iii) the scope and quality of services provided to each Fund under the Sub-Advisory Agreements; and (iv) the fees payable to each Sub-Adviser by the Adviser. The Committee also noted that each Sub-Adviser may receive research services from brokers in connection with portfolio securities transactions for the Funds and that research services furnished by brokers through which the Funds effect securities transactions may be used by the Sub-Adviser in advising other accounts that it advises; and that, conversely, research services furnished to a Sub-Adviser in connection with other accounts each Sub-Adviser advises may be used by the Sub-Adviser in advising the Funds.

Prior to the votes being taken to approve the Contracts, the Committee met separately in executive session to discuss the appropriateness of such contracts. In its deliberation with respect to these matters, the Committee was advised by its independent legal counsel. The Committee weighed the foregoing matters in light of the advice given to it by its 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.

After its deliberation, the Committee indicated that it was prepared to recommend approval of the Contracts for each of the Funds, with the exception of the Indexed Equity Fund, OTC 100 Fund, Blue Chip Growth Fund and Growth Equity Fund, for which it requested additional information. The Committee requested that this information be provided at the February 27, 2007 meeting.

As to the Strategic Bond Fund, Strategic Balanced Fund, Diversified Value Fund, Fundamental Value Fund, Value Equity Fund, Large Cap Value Fund, Large Cap Growth Fund, Aggressive Growth Fund, Focused Value Fund, Small Company Value Fund, Mid Cap Growth Equity Fund, Mid Cap Growth Equity II Fund, Small Cap Growth Equity Fund, Small Company Growth Fund, Emerging Growth Fund, Overseas Fund, Destination Retirement Income Fund, Destination Retirement 2010 Fund, Destination Retirement 2020 Fund, Destination Retirement 2030 Fund and Destination Retirement 2040 Fund 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 the Adviser's oversight of the Funds and the sub-advisory process; (ii) the Adviser's level of profitability from its relationship to the various Funds was not excessive and that the ad visory fees payable under the Contracts, and the Funds' total expenses, were fair and reasonable; (iii) the investment processes, research capabilities and philosophies of each Sub-Adviser are well suited to each Fund, given their investment objective 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 the Adviser has proposed to be taken to remedy any underperformance of the Fund, are sufficient to warrant continuation of the Contract 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. In arriving at a decision to recommend approval of these Contracts to the Board, the Committee did not identify any single matter as all-important or controlling. The foregoing summary does not detail all of the matters considered.

360

Notes to Financial Statements (Unaudited) (Continued)

At its meeting on February 27, 2007, the Committee discussed the Indexed Equity Fund, OTC 100 Fund, Blue Chip Growth Fund and Growth Equity Fund in more detail. Management first reviewed with the Committee a memorandum prepared and provided to the Committee in advance of the meeting, which responded to the Committee's request for more information regarding these Funds. Management then discussed the Blue Chip Growth Fund and reminded the Committee that the Fund has (i) a contractual advisory fee and total expenses that are competitive in both the Third-Party Report's defined peer expense group and expense universe and (ii) strong one-year performance that resulted from the sub-adviser change that was made last year from Fidelity to T. Rowe Price. Management noted that the Fund's administrative fee reflects a complicated history relating to the Fund's pricing structure at its inception, which Management explained to the Committee, and the Advi ser's more recent decision to waive a portion of the management fee rather than a portion of the administrative fee. Management referred the Committee to the memorandum for additional detail.

Next, Management discussed the Indexed Equity Fund. Management noted that the Committee had questioned the Fund's performance given that the Fund's total expenses were only two basis points above the peer group median. Management stated that it had analyzed the Fund's performance and concluded that the Fund's performance on a gross basis was in-line with the index, which meant that Northern Trust Investments, N.A. ("Northern Trust") had been managing the portfolio to expectations. Management explained that the reason for the discrepancy between the Fund's one-year expense ranking and the Fund's one-year performance ranking appeared to be due to the following factors: (i) NAV rounding; (ii) timing of expense reimbursement; (iii) tracking error; and (iv) cash flows. Management stated that it would not expect the same discrepancy next year given the Fund's current pricing.

Next, Management discussed the OTC 100 Fund, and noted that the Committee had questioned the Fund's relative performance as compared against the Third-Party Report's defined peer group and peer universe. Management reminded the Committee that the OTC 100 Fund is an index fund that is intended to match the NASDAQ 100 Index gross of fees and that the Fund's Sub-Adviser, Northern Trust, has managed the Fund's portfolio consistent with this mandate. Management also emphasized that, as the Third-Party originally noted at the January 30, 2007 meeting, the construction of the peer group and peer universe for this Fund was challenging because there were so few funds with this particular mandate. As a result, the Third-Party compared this Fund with funds with dissimilar investment mandates, creating a non-meaningful performance comparison. Management indicated that it is the opinion of the Adviser that the more appropriate comparison would be to meas ure the Fund's performance versus that of the Index. The performance of the OTC 100 Fund was in line with the Index gross of fees, and the Sub-Adviser's tracking error actually helped the Funds' performance.

Lastly, Management discussed the Growth Equity Fund. Management stated that at the January 30, 2007 meeting, the Committee expressed a concern regarding the performance of this Fund, which ranked in the fifth quintile for the one-, three-, and five-year periods. Management explained that although the Fund had outperformed the Russell 1000 Growth Index since inception in 1999, the one, three-, and five-year performance is uncompetitive, mostly due to GMO's challenging performance since it was hired in May 2004. Management stated that as a result of GMO's continued underperformance, the Adviser (i) has expanded its large cap growth search to include other managers that focus on high quality growth stocks; (ii) was evaluating all options, including replacing GMO, in whole or in part; and (iii) anticipated completing its due diligence and making a recommendation for the Board at a meeting in the near future. It was noted that GMO is one of the p remier asset managers in the country and generally in very high demand by investors. It was also noted that GMO had experienced a period of relative underperformance in recent years, not due to a lack of investment expertise or diligence, but apparently due to its generally bearish view of equity markets, in particular, the U.S. equity markets.

361

Notes to Financial Statements (Unaudited) (Continued)

Prior to the votes being taken to approve the Contracts for these four Funds, the Committee met separately in executive session to discuss the appropriateness of such Contracts. In its deliberation with respect to these matters, the Committee was advised by its independent legal counsel. The Committee weighed the foregoing matters in light of the advice given to it by its independent legal counsel as to the review of investment advisory contracts. The Committee considered the additional information that had been presented and determined, on the basis of that information, to recommend for approval to the Board the Contracts for the Indexed Equity Fund, OTC 100 Fund, Blue Chip Growth Fund and Growth Equity Fund. 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.

At the Board meeting on February 27, 2007, the Board, including the Independent Trustees, also approved the Contracts for each of the Strategic Bond Fund, Strategic Balanced Fund, Diversified Value Fund, Fundamental Value Fund, Value Equity Fund, Large Cap Value Fund, Indexed Equity Fund, Blue Chip Growth Fund, Large Cap Growth Fund, Growth Equity Fund, Aggressive Growth Fund, OTC 100 Fund, Focused Value Fund, Small Company Value Fund, Mid Cap Growth Equity Fund, Mid Cap Growth Equity II Fund, Small Cap Growth Equity Fund, Small Company Growth Fund, Emerging Growth Fund, Overseas Fund, Destination Retirement Income Fund, Destination Retirement 2010 Fund, Destination Retirement 2020 Fund, Destination Retirement 2030 Fund and Destination Retirement 2040 Fund.

At a special meeting held on June 28, 2006, the Trustees, including the Independent Trustees, approved the termination of the existing Sub-Advisory Agreement with RS for the Emerging Growth Fund and approved the Adviser's entering into interim sub-advisory agreements (the "Interim Sub-Advisory Agreements") with DMC and Insight Capital. At a meeting held on August 7, 2006, the Trustees, including the Independent Trustees, approved new sub-advisory agreements (the "New Sub-Advisory Agreements") with DMC and Insight Capital for the Emerging Growth Fund.

The Trustees considered, among others, the following factors in reaching this decision: (i) the RS emerging growth strategy had transitioned to become more conservative than when the firm was first hired in 2000; (ii) performance of the strategy under RS' management was no longer consistent with an emerging growth mandate; and (iii) RS announced in May that it intended to sell a 65% ownership position in the firm to Guardian Life Insurance Company of America in a deal expected to close during the second half of 2006, bringing into question the future alignment of interests of investors and management.

After arriving at the decision to replace RS as sub-adviser of the Fund, the Trustees determined that it would be appropriate to find another sub-adviser that invested in a small capitalization emerging growth style. After careful consideration, the Trustees determined that it would be appropriate to hire two sub-advisers, and that DMC and Insight Capital would provide an improvement over the incumbent RS.

In coming to this recommendation, the Trustees considered a wide range of information of the type they regularly consider when determining whether to continue a Fund's Sub-Advisory Agreement as in effect from year to year. The Trustees considered information about, among other things: DMC and Insight Capital and their personnel (including particularly those personnel with responsibilities for providing services to the Fund), resources and investment process; the terms of the relevant advisory agreements (in this case, the Interim Sub-Advisory Agreements); the scope and quality of the services that DMC and Insight Capital would provide to the Fund; the investment performance of DMC and Insight Capital and of similar funds sub-advised by other sub-advisers; the advisory fee rates payable to DMC and Insight Capital by the Adviser and by other funds and client accounts managed or sub-advised by DMC and Insight Capital, and payable by similar fun ds managed by other advisers; and DMC's and Insight Capital's practices regarding the selection and compensation of brokers and dealers that execute portfolio transactions for the Fund, and the brokers' and dealers' provision of brokerage and research services to DMC and Insight Capital. The Trustees did not generally review the

362

Notes to Financial Statements (Unaudited) (Continued)

profitability of the Sub-Advisers based on the fact that the sub-advisory fees were paid by the Adviser and on the conclusion that, accordingly, the sub-advisory fees were being negotiated at arm's length.

Based on the foregoing, the Trustees concluded that the investment processes, research capabilities and philosophies of DMC and Insight Capital would be well suited to the Fund, given its investment objectives and policies.

Following their review, the Trustees determined that the terms of the Interim Sub-Advisory Agreements were fair and reasonable and were in the best interest of the Fund's shareholders. The Trustees, including the Independent Trustees, voted to approve, on June 28, 2006, the Interim Sub-Advisory Agreements for the Fund. On August 7, 2006, the Trustees, including the Independent Trustees, unanimously voted to approve the New Sub-Advisory Agreements for the Fund.

Prior to the votes being taken to approve both the Interim Sub-Advisory Agreements and New Sub-Advisory Agreements, the Independent Trustees were advised by their independent legal counsel. Prior to the votes being taken to approve the New Sub-Advisory Agreements, the Independent Trustees met separately in executive session to discuss the appropriateness of such contracts. The Independent Trustees 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 Trustees, including the Independent Trustees, did not identify any single matter as all-important or controlling. The foregoing summary does not detail all of the matters considered.

The New Sub-Advisory Agreements with DMC and Insight Capital for the Emerging Growth Fund became effective on August 7, 2006.

At a meeting held on November 6, 2006, the Trustees, including the Independent Trustees, approved a new Investment Sub-Advisory Agreement (the "New Sub-Advisory Agreement") with ClearBridge for the Strategic Balanced Fund.

The Trustees considered, among others, the following factors in reaching this decision: (i) Legg Mason, Inc. ("Legg Mason") had purchased substantially all of Citigroup Inc.'s worldwide asset management business on December 1, 2005, including Salomon Brothers Asset Management Inc. ("SaBAM"), the Fund's current sub-adviser; (ii) as part of an internal reorganization following the acquisition, Legg Mason intended to combine the equity investment operations of certain of its subsidiaries, including SaBAM and, in conjunction with this reorganization, SaBAM changed its name to ClearBridge Asset Management Inc. on October 1, 2006; (iii) the portfolio managers of ClearBridge Asset Management Inc. were dual officers of both ClearBridge Asset Management Inc. and ClearBridge and the compliance policies and procedures were the same for both entities; (iv) the portfolio managers performing the Fund's day-to-day management would not be changing; and (v) other than the "name change," the New Sub-Advisory Agreement would be virtually identical to the existing agreement in place with ClearBridge Asset Management Inc.

The Trustees, including the Independent Trustees, unanimously voted to approve, on November 6, 2006, the New Sub-Advisory Agreement for the Fund. Prior to a vote being taken to approve the New Sub-Advisory Agreement, the Independent Trustees met separately in executive session to discuss the appropriateness of the agreement. In their deliberations with respect to these matters, the Independent Trustees were advised by their independent legal counsel. The Independent Trustees 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 Trustees, including the Independent Trustees, did not identify any single matter as all-important or controlling. The foregoing summary does not detail all of the matters considered.

The New Sub-Advisory Agreement with Clearbridge for the Strategic Balanced Fund took effect on November 15, 2006.

363

Notes to Financial Statements (Unaudited) (Continued)

At their meetings on August 7, 2006 and May 9, 2007, respectively, the Board, including the Independent Trustees, approved amended Sub-Advisory Agreements ("Amended Sub-Advisory Agreements") with AllianceBernstein, L.P. ("AllianceBernstein") and Fidelity for the Large Cap Growth Fund and the Value Equity Fund, respectively. Under the Amended Sub-Advisory Agreements, a modification would be made to each investment sub-advisory fee, whereby the sub-advisory fees paid to AllianceBernstein and Fidelity, respectively, would decrease.

In approving the Amended Sub-Advisory Agreements, the Trustees discussed with Management and considered a wide range of information about, among other things: (i) each Sub-Adviser and its personnel with responsibilities for providing services to the respective Fund; (ii) the terms of the Amended Sub-Advisory Agreements; (iii) the scope and quality of the services provided to each Fund under the Amended Sub-Advisory Agreements; and (iv) the fees payable to the Sub-Advisers by the Adviser. The Trustees were informed that the sub-advisory fees were negotiated at arm's length. The Trustees were also informed that the Sub-Advisers might receive research services from brokers in connection with portfolio securities transactions for the Funds and that research services furnished by brokers through whom the Funds effect securities transactions may be used by the sub-advisers in advising other accounts that they advise. Conversely, research services furnished to the Sub-Advisers in connection with other accounts the Sub-Advisers advise may be used by the Sub-Advisers in advising the Funds.

Based on the foregoing, the Trustees concluded that (i) the Adviser's level of profitability from its relationship to the Funds was not excessive and that the sub-advisory fee amounts under the Amended Sub-Advisory Agreements were fair and reasonable; (ii) overall, the Trustees were satisfied with the nature, extent and quality of services provided, and expected to be provided in the future, under the Amended Sub-Advisory Agreements; (iii) the investment processes, research capabilities and philosophies of the Sub-Advisers would be well suited to the Funds, given each Fund's investment objective and policies; and (iv) the terms of the Amended Sub-Advisory Agreements are fair and reasonable with respect to the Funds and are in the best interest of each Fund's shareholders. After carefully considering the information summarized above, the Trustees, including the Independent Trustees voting separately, unanimously voted to approve the Amended S ub-Advisory Agreements.

Prior to the votes being taken to approve the Amended Sub-Advisory Agreements, the Independent Trustees met separately in executive session to discuss the appropriateness of such contracts. In their deliberation with respect to these matters, the Independent Trustees were advised by their independent legal counsel. The Independent Trustees 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 Independent Trustees did not identify any single matter as all-important or controlling. The foregoing summary does not detail all of the matters considered.

The Amended Sub-Advisory Agreement with AllianceBernstein for the Large Cap Growth Fund took effect on August 7, 2006. The Amended Sub-Advisory Agreement with Fidelity for the Value Equity Fund took effect retroactively to March 1, 2007.

364

Other Information (Unaudited)

Fund Expenses June 30, 2007

Expense Examples:				The following information is in regards to expenses for the six months ended June 30, 2007: 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 management 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 June 30, 2007.

Actual Expenses:				The first line of each table on the following pages provides information about actual account values and actual expenses. You may use the information in this line, 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 in the first line 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 second line of each table on the following pages provides 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 tables are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the second line of the table is useful i n 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.

365

Other Information (Unaudited) (Continued)

The Funds incur ongoing operating expenses during the normal course of business, such as management fees, shareholder service fees and other expenses. The following tables, assuming a $1,000 investment in a class of shares, disclose the ending account value and operating expenses incurred for the six months ended June 30, 2007, based on, (1) the classes' actual return and actual expenses, and (2) a hypothetical annualized 5% return and the classes' actual expenses:

Strategic Bond Fund

Class A

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	999.00	$	4.93
2) Hypothetical		1,000.00		1,019.73		4.98

* Expenses are calculated using the annualized expense ratio for the six months ended June 30, 2007 of 1.00%, multiplied by the average account value over the period, multiplied by the number of days in the period, divided by the number of days in the year.

Class L

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,000.00	$	3.70
2) Hypothetical		1,000.00		1,020.96		3.74

* Expenses are calculated using the annualized expense ratio for the six months ended June 30, 2007 of 0.75%, multiplied by the average account value over the period, multiplied by the number of days in the period, divided by the number of days in the year.

Class Y

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,000.00	$	3.45
2) Hypothetical		1,000.00		1,021.21		3.49

* Expenses are calculated using the annualized expense ratio for the six months ended June 30, 2007 of 0.70%, multiplied by the average account value over the period, multiplied by the number of days in the period, divided by the number of days in the year.

Class S

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,001.00	$	3.21
2) Hypothetical		1,000.00		1,021.45		3.24

* Expenses are calculated using the annualized expense ratio for the six months ended June 30, 2007 of 0.65%, multiplied by the average account value over the period, multiplied by the number of days in the period, divided by the number of days in the year.

366

Other Information (Unaudited) (Continued)

Class N

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	997.00	$	6.40
2) Hypothetical		1,000.00		1,018.25		6.47

* Expenses are calculated using the annualized expense ratio for the six months ended June 30, 2007 of 1.30%, multiplied by the average account value over the period, multiplied by the number of days in the period, divided by the number of days in the year.

Strategic Balanced Fund

Class A

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,035.90	$	6.17
2) Hypothetical		1,000.00		1,018.59		6.12

* Expenses are calculated using the annualized expense ratio for the six months ended June 30, 2007 of 1.23%, multiplied by the average account value over the period, multiplied by the number of days in the period, divided by the number of days in the year.

Class L

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,036.70	$	4.92
2) Hypothetical		1,000.00		1,019.82		4.88

* Expenses are calculated using the annualized expense ratio for the six months ended June 30, 2007 of 0.98%, multiplied by the average account value over the period, multiplied by the number of days in the period, divided by the number of days in the year.

Class Y

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,038.40	$	4.17
2) Hypothetical		1,000.00		1,020.56		4.14

* Expenses are calculated using the annualized expense ratio for the six months ended June 30, 2007 of 0.83%, multiplied by the average account value over the period, multiplied by the number of days in the period, divided by the number of days in the year.

Class S

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,038.40	$	3.92
2) Hypothetical		1,000.00		1,020.81		3.89

* Expenses are calculated using the annualized expense ratio for the six months ended June 30, 2007 of 0.78%, multiplied by the average account value over the period, multiplied by the number of days in the period, divided by the number of days in the year.

367

Other Information (Unaudited) (Continued)

Class N

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,034.20	$	7.67
2) Hypothetical		1,000.00		1,017.11		7.61

* Expenses are calculated using the annualized expense ratio for the six months ended June 30, 2007 of 1.53%, multiplied by the average account value over the period, multiplied by the number of days in the period, divided by the number of days in the year.

Diversified Value Fund

Class A

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,059.60	$	5.48
2) Hypothetical		1,000.00		1,019.33		5.38

* Expenses are calculated using the annualized expense ratio for the six months ended June 30, 2007 of 1.08%, multiplied by the average account value over the period, multiplied by the number of days in the period, divided by the number of days in the year.

Class L

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,060.20	$	4.01
2) Hypothetical		1,000.00		1,020.76		3.94

* Expenses are calculated using the annualized expense ratio for the six months ended June 30, 2007 of 0.79%, multiplied by the average account value over the period, multiplied by the number of days in the period, divided by the number of days in the year.

Class Y

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,061.70	$	3.46
2) Hypothetical		1,000.00		1,021.30		3.39

* Expenses are calculated using the annualized expense ratio for the six months ended June 30, 2007 of 0.68%, multiplied by the average account value over the period, multiplied by the number of days in the period, divided by the number of days in the year.

Class S

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,062.40	$	2.95
2) Hypothetical		1,000.00		1,021.80		2.89

* Expenses are calculated using the annualized expense ratio for the six months ended June 30, 2007 of 0.58%, multiplied by the average account value over the period, multiplied by the number of days in the period, divided by the number of days in the year.

368

Other Information (Unaudited) (Continued)

Class N

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,057.30	$	7.05
2) Hypothetical		1,000.00		1,017.80		6.92

* Expenses are calculated using the annualized expense ratio for the six months ended June 30, 2007 of 1.39%, multiplied by the average account value over the period, multiplied by the number of days in the period, divided by the number of days in the year.

Fundamental Value Fund

Class A

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,083.90	$	6.32
2) Hypothetical		1,000.00		1,018.59		6.12

Class L

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,085.20	$	5.04
2) Hypothetical		1,000.00		1,019.82		4.88

Class Y

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,085.80	$	4.27
2) Hypothetical		1,000.00		1,020.56		4.14

Class S

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,086.60	$	4.06
2) Hypothetical		1,000.00		1,020.76		3.94

369

Other Information (Unaudited) (Continued)

Class N

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,082.80	$	7.86
2) Hypothetical		1,000.00		1,017.11		7.61

Value Equity Fund

Class A

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,075.50	$	6.65
2) Hypothetical		1,000.00		1,018.25		6.47

Class L

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,077.40	$	5.38
2) Hypothetical		1,000.00		1,019.48		5.23

* Expenses are calculated using the annualized expense ratio for the six months ended June 30, 2007 of 1.05%, multiplied by the average account value over the period, multiplied by the number of days in the period, divided by the number of days in the year.

Class Y

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,077.90	$	4.61
2) Hypothetical		1,000.00		1,020.22		4.48

* Expenses are calculated using the annualized expense ratio for the six months ended June 30, 2007 of 0.90%, multiplied by the average account value over the period, multiplied by the number of days in the period, divided by the number of days in the year.

Class S

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,077.00	$	4.35
2) Hypothetical		1,000.00		1,020.47		4.23

* Expenses are calculated using the annualized expense ratio for the six months ended June 30, 2007 of 0.85%, multiplied by the average account value over the period, multiplied by the number of days in the period, divided by the number of days in the year.

370

Other Information (Unaudited) (Continued)

Class N

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,073.30	$	8.18
2) Hypothetical		1,000.00		1,016.77		7.96

* Expenses are calculated using the annualized expense ratio for the six months ended June 30, 2007 of 1.60%, multiplied by the average account value over the period, multiplied by the number of days in the period, divided by the number of days in the year.

Large Cap Value Fund

Class A

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,067.80	$	6.37
2) Hypothetical		1,000.00		1,018.49		6.22

* Expenses are calculated using the annualized expense ratio for the six months ended June 30, 2007 of 1.25%, multiplied by the average account value over the period, multiplied by the number of days in the period, divided by the number of days in the year.

Class L

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,069.90	$	5.10
2) Hypothetical		1,000.00		1,019.73		4.98

Class Y

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,070.50	$	4.34
2) Hypothetical		1,000.00		1,020.47		4.23

Class S

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,071.20	$	3.88
2) Hypothetical		1,000.00		1,020.91		3.79

* Expenses are calculated using the annualized expense ratio for the six months ended June 30, 2007 of 0.76%, multiplied by the average account value over the period, multiplied by the number of days in the period, divided by the number of days in the year.

371

Other Information (Unaudited) (Continued)

Class N

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,066.90	$	7.90
2) Hypothetical		1,000.00		1,017.01		7.71

* Expenses are calculated using the annualized expense ratio for the six months ended June 30, 2007 of 1.55%, multiplied by the average account value over the period, multiplied by the number of days in the period, divided by the number of days in the year.

Indexed Equity Fund

Class A

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,066.00	$	3.31
2) Hypothetical		1,000.00		1,021.45		3.24

Class L

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,068.10	$	2.04
2) Hypothetical		1,000.00		1,022.68		1.99

* Expenses are calculated using the annualized expense ratio for the six months ended June 30, 2007 of 0.40%, multiplied by the average account value over the period, multiplied by the number of days in the period, divided by the number of days in the year.

Class Y

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,067.10	$	2.29
2) Hypothetical		1,000.00		1,022.44		2.24

* Expenses are calculated using the annualized expense ratio for the six months ended June 30, 2007 of 0.45%, multiplied by the average account value over the period, multiplied by the number of days in the period, divided by the number of days in the year.

Class S

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,067.20	$	2.14
2) Hypothetical		1,000.00		1,022.59		2.09

* Expenses are calculated using the annualized expense ratio for the six months ended June 30, 2007 of 0.42%, multiplied by the average account value over the period, multiplied by the number of days in the period, divided by the number of days in the year.

372

Other Information (Unaudited) (Continued)

Class Z

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,068.70	$	1.02
2) Hypothetical		1,000.00		1,023.67		1.00

* Expenses are calculated using the annualized expense ratio for the six months ended June 30, 2007 of 0.20%, multiplied by the average account value over the period, multiplied by the number of days in the period, divided by the number of days in the year.

Class N

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,065.10	$	4.84
2) Hypothetical		1,000.00		1,019.97		4.73

* Expenses are calculated using the annualized expense ratio for the six months ended June 30, 2007 of 0.95%, multiplied by the average account value over the period, multiplied by the number of days in the period, divided by the number of days in the year.

Core Opportunities Fund

Class A

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,081.20	$	6.93
2) Hypothetical		1,000.00		1,018.00		6.72

* Expenses are calculated using the annualized expense ratio for the six months ended June 30, 2007 of 1.35%, multiplied by the average account value over the period, multiplied by the number of days in the period, divided by the number of days in the year.

Class L

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,082.00	$	5.65
2) Hypothetical		1,000.00		1,019.23		5.48

* Expenses are calculated using the annualized expense ratio for the six months ended June 30, 2007 of 1.10%, multiplied by the average account value over the period, multiplied by the number of days in the period, divided by the number of days in the year.

Class Y

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,082.90	$	4.88
2) Hypothetical		1,000.00		1,019.97		4.73

373

Other Information (Unaudited) (Continued)

Class S

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1083.80	$	4.62
2) Hypothetical		1,000.00		1,020.22		4.48

Class N

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,079.40	$	8.46
2) Hypothetical		1,000.00		1,016.52		8.20

* Expenses are calculated using the annualized expense ratio for the six months ended June 30, 2007 of 1.65%, multiplied by the average account value over the period, multiplied by the number of days in the period, divided by the number of days in the year.

Blue Chip Growth Fund

Class A

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,085.10	$	6.58
2) Hypothetical		1,000.00		1,018.35		6.37

* Expenses are calculated using the annualized expense ratio for the six months ended June 30, 2007 of 1.28%, multiplied by the average account value over the period, multiplied by the number of days in the period, divided by the number of days in the year.

Class L

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,086.10	$	5.30
2) Hypothetical		1,000.00		1,019.58		5.13

* Expenses are calculated using the annualized expense ratio for the six months ended June 30, 2007 of 1.03%, multiplied by the average account value over the period, multiplied by the number of days in the period, divided by the number of days in the year.

Class Y

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,087.10	$	4.68
2) Hypothetical		1,000.00		1,020.17		4.53

* Expenses are calculated using the annualized expense ratio for the six months ended June 30, 2007 of 0.91%, multiplied by the average account value over the period, multiplied by the number of days in the period, divided by the number of days in the year.

374

Other Information (Unaudited) (Continued)

Class S

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,087.80	$	4.02
2) Hypothetical		1,000.00		1,020.81		3.89

Class N

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,083.10	$	8.12
2) Hypothetical		1,000.00		1,016.87		7.86

* Expenses are calculated using the annualized expense ratio for the six months ended June 30, 2007 of 1.58%, multiplied by the average account value over the period, multiplied by the number of days in the period, divided by the number of days in the year.

Large Cap Growth Fund

Class A

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,067.80	$	6.88
2) Hypothetical		1,000.00		1,018.00		6.72

Class L

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,068.00	$	5.61
2) Hypothetical		1,000.00		1,019.23		5.48

Class Y

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,068.70	$	4.85
2) Hypothetical		1,000.00		1,019.97		4.73

375

Other Information (Unaudited) (Continued)

Class S

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,070.40	$	4.65
2) Hypothetical		1,000.00		1,020.17		4.53

Class N

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,065.90	$	8.20
2) Hypothetical		1,000.00		1,016.72		8.01

* Expenses are calculated using the annualized expense ratio for the six months ended June 30, 2007 of 1.61%, multiplied by the average account value over the period, multiplied by the number of days in the period, divided by the number of days in the year.

Growth Equity Fund

Class A

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,049.30	$	6.42
2) Hypothetical		1,000.00		1,018.39		6.32

* Expenses are calculated using the annualized expense ratio for the six months ended June 30, 2007 of 1.27%, multiplied by the average account value over the period, multiplied by the number of days in the period, divided by the number of days in the year.

Class L

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,051.20	$	5.16
2) Hypothetical		1,000.00		1,019.63		5.08

* Expenses are calculated using the annualized expense ratio for the six months ended June 30, 2007 of 1.02%, multiplied by the average account value over the period, multiplied by the number of days in the period, divided by the number of days in the year.

Class Y

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,052.10	$	4.40
2) Hypothetical		1,000.00		1,020.37		4.33

* Expenses are calculated using the annualized expense ratio for the six months ended June 30, 2007 of 0.87%, multiplied by the average account value over the period, multiplied by the number of days in the period, divided by the number of days in the year.

376

Other Information (Unaudited) (Continued)

Class S

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,051.90	$	4.10
2) Hypothetical		1,000.00		1,020.66		4.04

* Expenses are calculated using the annualized expense ratio for the six months ended June 30, 2007 of 0.81%, multiplied by the average account value over the period, multiplied by the number of days in the period, divided by the number of days in the year.

Class N

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,048.80	$	7.93
2) Hypothetical		1,000.00		1,016.92		7.81

* Expenses are calculated using the annualized expense ratio for the six months ended June 30, 2007 of 1.57%, multiplied by the average account value over the period, multiplied by the number of days in the period, divided by the number of days in the year.

Aggressive Growth Fund

Class A

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,066.00	$	7.03
2) Hypothetical		1,000.00		1,017.85		6.87

* Expenses are calculated using the annualized expense ratio for the six months ended June 30, 2007 of 1.38%, multiplied by the average account value over the period, multiplied by the number of days in the period, divided by the number of days in the year.

Class L

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,066.50	$	5.76
2) Hypothetical		1,000.00		1,019.08		5.63

* Expenses are calculated using the annualized expense ratio for the six months ended June 30, 2007 of 1.13%, multiplied by the average account value over the period, multiplied by the number of days in the period, divided by the number of days in the year.

Class Y

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,067.50	$	4.95
2) Hypothetical		1,000.00		1,019.87		4.83

* Expenses are calculated using the annualized expense ratio for the six months ended June 30, 2007 of 0.97%, multiplied by the average account value over the period, multiplied by the number of days in the period, divided by the number of days in the year.

377

Other Information (Unaudited) (Continued)

Class S

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,068.70	$	4.49
2) Hypothetical		1,000.00		1,020.32		4.38

* Expenses are calculated using the annualized expense ratio for the six months ended June 30, 2007 of 0.88%, multiplied by the average account value over the period, multiplied by the number of days in the period, divided by the number of days in the year.

Class N

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,062.10	$	8.54
2) Hypothetical		1,000.00		1,016.37		8.35

* Expenses are calculated using the annualized expense ratio for the six months ended June 30, 2007 of 1.68%, multiplied by the average account value over the period, multiplied by the number of days in the period, divided by the number of days in the year.

OTC 100 Fund

Class A

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,095.90	$	6.10
2) Hypothetical		1,000.00		1,018.84		5.87

* Expenses are calculated using the annualized expense ratio for the six months ended June 30, 2007 of 1.18%, multiplied by the average account value over the period, multiplied by the number of days in the period, divided by the number of days in the year.

Class L

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,099.10	$	4.81
2) Hypothetical		1,000.00		1,020.07		4.63

* Expenses are calculated using the annualized expense ratio for the six months ended June 30, 2007 of 0.93%, multiplied by the average account value over the period, multiplied by the number of days in the period, divided by the number of days in the year.

Class Y

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,100.70	$	4.04
2) Hypothetical		1,000.00		1,020.81		3.89

378

Other Information (Unaudited) (Continued)

Class S

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,099.80	$	3.52
2) Hypothetical		1,000.00		1,021.30		3.39

Class N

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,095.10	$	7.65
2) Hypothetical		1,000.00		1,017.36		7.36

* Expenses are calculated using the annualized expense ratio for the six months ended June 30, 2007 of 1.48%, multiplied by the average account value over the period, multiplied by the number of days in the period, divided by the number of days in the year.

Focused Value Fund

Class A

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,107.90	$	6.70
2) Hypothetical		1,000.00		1,018.30		6.42

* Expenses are calculated using the annualized expense ratio for the six months ended June 30, 2007 of 1.29%, multiplied by the average account value over the period, multiplied by the number of days in the period, divided by the number of days in the year.

Class L

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,109.10	$	5.41
2) Hypothetical		1,000.00		1,019.53		5.18

* Expenses are calculated using the annualized expense ratio for the six months ended June 30, 2007 of 1.04.%, multiplied by the average account value over the period, multiplied by the number of days in the period, divided by the number of days in the year.

Class Y

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,109.90	$	4.63
2) Hypothetical		1,000.00		1,020.27		4.43

* Expenses are calculated using the annualized expense ratio for the six months ended June 30, 2007 of 0.89%, multiplied by the average account value over the period, multiplied by the number of days in the period, divided by the number of days in the year.

379

Other Information (Unaudited) (Continued)

Class S

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,110.80	$	4.11
2) Hypothetical		1,000.00		1,020.76		3.94

Class N

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,105.70	$	8.26
2) Hypothetical		1,000.00		1,016.82		7.91

* Expenses are calculated using the annualized expense ratio for the six months ended June 30, 2007 of 1.59%, multiplied by the average account value over the period, multiplied by the number of days in the period, divided by the number of days in the year.

Mid Cap Value Fund

Class A

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,097.40	$	6.67
2) Hypothetical		1,000.00		1,018.30		6.42

Class L

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,098.10	$	5.38
2) Hypothetical		1,000.00		1,019.53		5.18

* Expenses are calculated using the annualized expense ratio for the six months ended June 30, 2007 of 1.04%, multiplied by the average account value over the period, multiplied by the number of days in the period, divided by the number of days in the year.

Class Y

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,098.90	$	4.61
2) Hypothetical		1,000.00		1,020.27		4.43

380

Other Information (Unaudited) (Continued)

Class S

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,099.80	$	4.09
2) Hypothetical		1,000.00		1,020.76		3.94

Class N

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,098.20	$	8.23
2) Hypothetical		1,000.00		1,016.82		7.91

Small Cap Value Equity Fund

Class A

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,041.30	$	6.85
2) Hypothetical		1,000.00		1,017.95		6.77

* Expenses are calculated using the annualized expense ratio for the six months ended June 30, 2007 of 1.36%, multiplied by the average account value over the period, multiplied by the number of days in the period, divided by the number of days in the year.

Class L

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,042.20	$	5.59
2) Hypothetical		1,000.00		1,019.18		5.53

* Expenses are calculated using the annualized expense ratio for the six months ended June 30, 2007 of 1.11%, multiplied by the average account value over the period, multiplied by the number of days in the period, divided by the number of days in the year.

Class Y

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,043.10	$	4.84
2) Hypothetical		1,000.00		1,019.92		4.78

* Expenses are calculated using the annualized expense ratio for the six months ended June 30, 2007 of 0.96%, multiplied by the average account value over the period, multiplied by the number of days in the period, divided by the number of days in the year.

381

Other Information (Unaudited) (Continued)

Class S

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,043.00	$	4.33
2) Hypothetical		1,000.00		1,020.42		4.28

* Expenses are calculated using the annualized expense ratio for the six months ended June 30, 2007 of 0.86%, multiplied by the average account value over the period, multiplied by the number of days in the period, divided by the number of days in the year.

Class N

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,040.30	$	8.35
2) Hypothetical		1,000.00		1,016.47		8.25

* Expenses are calculated using the annualized expense ratio for the six months ended June 30, 2007 of 1.66%, multiplied by the average account value over the period, multiplied by the number of days in the period, divided by the number of days in the year.

Small Company Value Fund

Class A

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,061.40	$	7.57
2) Hypothetical		1,000.00		1,017.31		7.41

* Expenses are calculated using the annualized expense ratio for the six months ended June 30, 2007 of 1.49%, multiplied by the average account value over the period, multiplied by the number of days in the period, divided by the number of days in the year.

Class L

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,062.90	$	6.31
2) Hypothetical		1,000.00		1,018.54		6.17

* Expenses are calculated using the annualized expense ratio for the six months ended June 30, 2007 of 1.24%, multiplied by the average account value over the period, multiplied by the number of days in the period, divided by the number of days in the year.

Class Y

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,063.10	$	5.54
2) Hypothetical		1,000.00		1,019.28		5.43

* Expenses are calculated using the annualized expense ratio for the six months ended June 30, 2007 of 1.09%, multiplied by the average account value over the period, multiplied by the number of days in the period, divided by the number of days in the year.

382

Other Information (Unaudited) (Continued)

Class S

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,062.90	$	5.34
2) Hypothetical		1,000.00		1,019.48		5.23

Class N

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,059.70	$	9.09
2) Hypothetical		1,000.00		1,015.83		8.90

* Expenses are calculated using the annualized expense ratio for the six months ended June 30, 2007 of 1.79%, multiplied by the average account value over the period, multiplied by the number of days in the period, divided by the number of days in the year.

Small Cap Core Equity Fund

Class A

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,021.30	$	6.98
2) Hypothetical		1,000.00		1,017.75		6.97

* Expenses are calculated using the annualized expense ratio for the six months ended June 30, 2007 of 1.40%, multiplied by the average account value over the period, multiplied by the number of days in the period, divided by the number of days in the year.

Class L

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,023.20	$	5.74
2) Hypothetical		1,000.00		1,018.99		5.73

* Expenses are calculated using the annualized expense ratio for the six months ended June 30, 2007 of 1.15%, multiplied by the average account value over the period, multiplied by the number of days in the period, divided by the number of days in the year.

Class Y

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,023.20	$	4.99
2) Hypothetical		1,000.00		1,019.73		4.98

383

Other Information (Unaudited) (Continued)

Class S

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,024.20	$	4.54
2) Hypothetical		1,000.00		1,020.17		4.53

Class N

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,019.40	$	8.46
2) Hypothetical		1,000.00		1,016.27		8.45

* Expenses are calculated using the annualized expense ratio for the six months ended June 30, 2007 of 1.70 %, multiplied by the average account value over the period, multiplied by the number of days in the period, divided by the number of days in the year.

Mid Cap Growth Equity Fund

Class A

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,076.30	$	6.66
2) Hypothetical		1,000.00		1,018.25		6.47

Class L

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,076.90	$	5.38
2) Hypothetical		1,000.00		1,019.48		5.23

Class Y

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,078.20	$	4.61
2) Hypothetical		1,000.00		1,020.22		4.48

384

Other Information (Unaudited) (Continued)

Class S

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,078.90	$	4.25
2) Hypothetical		1,000.00		1,020.56		4.14

Class N

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,074.40	$	8.18
2) Hypothetical		1,000.00		1,016.77		7.96

* Expenses are calculated using the annualized expense ratio the six months ended June 30, 2007 of 1.60%, multiplied by the average account value over the period, multiplied by the number of days in the period, divided by the number of days in the year.

Mid Cap Growth Equity II Fund

Class A

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,136.70	$	7.11
2) Hypothetical		1,000.00		1,018.00		6.72

Class L

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,138.00	$	5.75
2) Hypothetical		1,000.00		1,019.28		5.43

Class Y

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,138.60	$	5.01
2) Hypothetical		1,000.00		1,019.97		4.43

385

Other Information (Unaudited) (Continued)

Class S

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,139.30	$	4.54
2) Hypothetical		1,000.00		1,020.42		4.28

Class N

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,134.40	$	8.68
2) Hypothetical		1,000.00		1,016.52		8.20

Small Cap Growth Equity Fund

Class A

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,106.40	$	7.84
2) Hypothetical		1,000.00		1,017.21		7.51

* Expenses are calculated using the annualized expense ratio for the six months ended June 30, 2007 of 1.51%, multiplied by the average account value over the period, multiplied by the number of days in the period, divided by the number of days in the year.

Class L

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,108.00	$	6.55
2) Hypothetical		1,000.00		1,018.44		6.27

* Expenses are calculated using the annualized expense ratio for the six months ended June 30, 2007 of 1.26%, multiplied by the average account value over the period, multiplied by the number of days in the period, divided by the number of days in the year.

Class Y

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,108.60	$	5.77
2) Hypothetical		1,000.00		1,019.18		5.53

386

Other Information (Unaudited) (Continued)

Class S

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,108.70	$	5.04
2) Hypothetical		1,000.00		1,019.87		4.83

Class N

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,105.10	$	9.40
2) Hypothetical		1,000.00		1,015.73		9.00

* Expenses are calculated using the annualized expense ratio for the six months ended June 30, 2007 of 1.81%, multiplied by the average account value over the period, multiplied by the number of days in the period, divided by the number of days in the year.

Small Company Growth Fund

Class A

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,122.10	$	8.06
2) Hypothetical		1,000.00		1,017.06		7.66

* Expenses are calculated using the annualized expense ratio for the six months ended June 30, 2007 of 1.54%, multiplied by the average account value over the period, multiplied by the number of days in the period, divided by the number of days in the year.

Class L

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,123.90	$	6.76
2) Hypothetical		1,000.00		1,018.30		6.42

Class Y

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,124.90	$	5.97
2) Hypothetical		1,000.00		1,019.04		5.68

* Expenses are calculated using the annualized expense ratio for the six months ended June 30, 2007 of 1.14%, multiplied by the average account value over the period, multiplied by the number of days in the period, divided by the number of days in the year.

387

Other Information (Unaudited) (Continued)

Class S

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,124.40	$	5.76
2) Hypothetical		1,000.00		1,019.23		5.48

Class N

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,120.60	$	9.62
2) Hypothetical		1,000.00		1,015.58		9.14

* Expenses are calculated using the annualized expense ratio for the six months ended June 30, 2007 of 1.84%, multiplied by the average account value over the period, multiplied by the number of days in the period, divided by the number of days in the year.

Emerging Growth Fund

Class A

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,138.30	$	7.75
2) Hypothetical		1,000.00		1,017.41		7.31

* Expenses are calculated using the annualized expense ratio for the six months ended June 30, 2007 of 1.47%, multiplied by the average account value over the period, multiplied by the number of days in the period, divided by the number of days in the year.

Class L

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,139.20	$	6.38
2) Hypothetical		1,000.00		1,018.69		6.02

* Expenses are calculated using the annualized expense ratio for the six months ended June 30, 2007 of 1.21%, multiplied by the average account value over the period, multiplied by the number of days in the period, divided by the number of days in the year.

Class Y

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,138.80	$	5.64
2) Hypothetical		1,000.00		1,019.38		5.33

* Expenses are calculated using the annualized expense ratio for the six months ended June 30, 2007 of 1.07%, multiplied by the average account value over the period, multiplied by the number of days in the period, divided by the number of days in the year.

388

Other Information (Unaudited) (Continued)

Class S

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,139.50	$	5.12
2) Hypothetical		1,000.00		1,019.87		4.83

Class N

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,137.30	$	9.33
2) Hypothetical		1,000.00		1,015.93		8.80

* Expenses are calculated using the annualized expense ratio for the six months ended June 30, 2007 of 1.77%, multiplied by the average account value over the period, multiplied by the number of days in the period, divided by the number of days in the year.

Diversified International Fund

Class A

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,139.20	$	7.49
2) Hypothetical		1,000.00		1,017.65		7.06

* Expenses are calculated using the annualized expense ratio for the six months ended June 30, 2007 of 1.42%, multiplied by the average account value over the period, multiplied by the number of days in the period, divided by the number of days in the year.

Class L

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,140.20	$	6.17
2) Hypothetical		1,000.00		1,018.89		5.82

* Expenses are calculated using the annualized expense ratio for the six months ended June 30, 2007 of 1.17%, multiplied by the average account value over the period, multiplied by the number of days in the period, divided by the number of days in the year.

Class Y

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,140.20	$	5.75
2) Hypothetical		1,000.00		1,019.28		5.43

389

Other Information (Unaudited) (Continued)

Class S

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,141.20	$	5.23
2) Hypothetical		1,000.00		1,019.78		4.93

* Expenses are calculated using the annualized expense ratio for the six months ended June 30, 2007 of 0.99%, multiplied by the average account value over the period, multiplied by the number of days in the period, divided by the number of days in the year.

Class N

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,137.20	$	9.06
2) Hypothetical		1,000.00		1,016.18		8.55

* Expenses are calculated using the annualized expense ratio for the six months ended June 30, 2007 of 1.72%, multiplied by the average account value over the period, multiplied by the number of days in the period, divided by the number of days in the year

Overseas Fund

Class A

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,081.30	$	7.75
2) Hypothetical		1,000.00		1,017.21		7.51

Class L

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,083.10	$	6.47
2) Hypothetical		1,000.00		1,018.44		6.27

Class Y

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,083.70	$	6.22
2) Hypothetical		1,000.00		1,018.69		6.02

390

Other Information (Unaudited) (Continued)

Class S

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,084.20	$	5.96
2) Hypothetical		1,000.00		1,018.94		5.77

* Expenses are calculated using the annualized expense ratio for the six months ended June 30, 2007 of 1.16%, multiplied by the average account value over the period, multiplied by the number of days in the period, divided by the number of days in the year.

Class N

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,080.50	$	9.29
2) Hypothetical		1,000.00		1,015.73		9.00

Destination Retirement Income Fund

Class A

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,029.30	$	2.45
2) Hypothetical		1,000.00		1,022.24		2.44

* Expenses are calculated using the annualized expense ratio for the six months ended June 30, 2007 of 0.49%, multiplied by the average account value over the period, multiplied by the number of days in the period, divided by the number of days in the year.

Class L

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,031.20	$	1.20
2) Hypothetical		1,000.00		1,023.47		1.20

* Expenses are calculated using the annualized expense ratio for the six months ended June 30, 2007 of 0.24%, multiplied by the average account value over the period, multiplied by the number of days in the period, divided by the number of days in the year.

Class Y

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,031.20	$	0.70
2) Hypothetical		1,000.00		1,023.97		0.70

* Expenses are calculated using the annualized expense ratio for the six months ended June 30, 2007 of 0.14%, multiplied by the average account value over the period, multiplied by the number of days in the period, divided by the number of days in the year.

391

Other Information (Unaudited) (Continued)

Class S

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,031.20	$	0.55
2) Hypothetical		1,000.00		1,024.12		0.55

* Expenses are calculated using the annualized expense ratio for the six months ended June 30, 2007 of 0.11%, multiplied by the average account value over the period, multiplied by the number of days in the period, divided by the number of days in the year.

Class N

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,027.30	$	3.95
2) Hypothetical		1,000.00		1,020.76		3.94

Destination Retirement 2010 Fund

Class A

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,037.10	$	2.56
2) Hypothetical		1,000.00		1,022.14		2.54

* Expenses are calculated using the annualized expense ratio for the six months ended June 30, 2007 of 0.51%, multiplied by the average account value over the period, multiplied by the number of days in the period, divided by the number of days in the year.

Class L

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,038.90	$	1.31
2) Hypothetical		1,000.00		1,023.38		1.30

* Expenses are calculated using the annualized expense ratio for the six months ended June 30, 2007 of 0.26%, multiplied by the average account value over the period, multiplied by the number of days in the period, divided by the number of days in the year.

Class Y

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,038.80	$	0.80
2) Hypothetical		1,000.00		1,023.87		0.80

* Expenses are calculated using the annualized expense ratio for the six months ended June 30, 2007 of 0.16%, multiplied by the average account value over the period, multiplied by the number of days in the period, divided by the number of days in the year.

392

Other Information (Unaudited) (Continued)

Class S

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,039.70	$	0.55
2) Hypothetical		1,000.00		1,024.12		0.55

Class N

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,036.10	$	4.07
2) Hypothetical		1,000.00		1,020.66		4.04

Destination Retirement 2020 Fund

Class A

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,051.80	$	2.53
2) Hypothetical		1,000.00		1,022.19		2.49

* Expenses are calculated using the annualized expense ratio for the six months ended June 30, 2007 of 0.50%, multiplied by the average account value over the period, multiplied by the number of days in the period, divided by the number of days in the year.

Class L

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,054.20	$	1.27
2) Hypothetical		1,000.00		1,023.42		1.25

* Expenses are calculated using the annualized expense ratio for the six months ended June 30, 2007 of 0.25%, multiplied by the average account value over the period, multiplied by the number of days in the period, divided by the number of days in the year.

Class Y

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,053.30	$	0.76
2) Hypothetical		1,000.00		1,023.92		0.75

* Expenses are calculated using the annualized expense ratio for the six months ended June 30, 2007 of 0.15%, multiplied by the average account value over the period, multiplied by the number of days in the period, divided by the number of days in the year.

393

Other Information (Unaudited) (Continued)

Class S

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,054.20	$	0.51
2) Hypothetical		1,000.00		1,024.16		0.50

* Expenses are calculated using the annualized expense ratio for the six months ended June 30, 2007 of 0.10%, multiplied by the average account value over the period, multiplied by the number of days in the period, divided by the number of days in the year.

Class N

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,050.80	$	4.05
2) Hypothetical		1,000.00		1,020.71		3.99

* Expenses are calculated using the annualized expense ratio for the six months ended June 30, 2007 of 0.80%, multiplied by the average account value over the period, multiplied by the number of days in the period, divided by the number of days in the year.

Destination Retirement 2030 Fund

Class A

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,071.40	$	2.55
2) Hypothetical		1,000.00		1,022.19		2.49

Class L

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,072.70	$	1.28
2) Hypothetical		1,000.00		1,023.42		1.25

Class Y

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,073.60	$	0.77
2) Hypothetical		1,000.00		1,023.92		0.75

394

Other Information (Unaudited) (Continued)

Class S

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,073.40	$	0.51
2) Hypothetical		1,000.00		1,024.16		0.50

Class N

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,070.40	$	4.08
2) Hypothetical		1,000.00		1,020.71		3.99

Destination Retirement 2040 Fund

Class A

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,082.30	$	2.57
2) Hypothetical		1,000.00		1,022.19		2.49

Class L

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,083.50	$	1.28
2) Hypothetical		1,000.00		1,023.42		1.25

Class Y

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,084.40	$	0.77
2) Hypothetical		1,000.00		1,023.92		0.75

395

Other Information (Unaudited) (Continued)

Class S

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,085.10	$	0.51
2) Hypothetical		1,000.00		1,024.16		0.50

Class N

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,081.40	$	4.11
2) Hypothetical		1,000.00		1,020.71		3.99

396

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Distributor:

MML Distributors, LLC

1295 State Street

Springfield, MA 01111-0001

August 29, 2007

MassMutual Financial Group is a marketing designation (or fleet name) for
Massachusetts Mutual Life Insurance Company (MassMutual) and its affiliates.

L4543 807

Item 2. Code of Ethics.

Not applicable to this filing.

Item 3. Audit Committee Financial Expert.

Not applicable to this filing.

Item 4. Principal Accountant Fees and Services.

Not applicable to this filing.

Items 5. Audit Committee of Listed Registrants

Not applicable to this filing.

Item 6. Schedule of Investments.

Not applicable to this filing.

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 concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) were effective as of a date within 90 days prior to the filing date of this report (the “Evaluation Date”), based on their evaluation of the effectiveness of the Registrant’s disclosure controls and procedures as of the Evaluation Date.

(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. Exhibits.

(a)(1) Code of Ethics (Item 2) is not applicable to this filing.

(a)(2) Certification of Principal Executive Officer and Principal Financial Officer of the Registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is attached hereto as Exhibit 99CERT.

(a)(3) Not applicable to this filing.

(b) Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 as required by Rule 30a-2(b), under the Investment Company Act of 1940 (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) is 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 Select Funds

By (Signature and Title)		/s/ Frederick C. Castellani
		Frederick C. Castellani, President and Principal Executive Officer

Date	8/22/07


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/ Frederick C. Castellani
		Frederick C. Castellani, President and Principal Executive Officer


Date	8/22/07

By (Signature and Title)		/s/ Nicholas H. Palmerino
		Nicholas H. Palmerino, Treasurer and Principal Financial Officer


Date	8/22/07

MassMutual Equity Opports I (MFVZX) N-CSRSCertified semi-annual shareholder report (management investment company)

Items 5. Audit Committee of Listed Registrants

Not applicable to this filing.

Item 6. Schedule of Investments.

Not applicable to this filing.

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.

Not applicable to this filing.