MassMutual Equity Opports I (MFVZX) N-CSRS Certified semi-annual shareholder report (management investment company)

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)
Eric Wietsma 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:	12/31/2008
Date of reporting period:		6/30/2008

Item 1. Reports to Stockholders.

MassMutual
Select Funds

Semiannual Report

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June 30, 2008

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Retirement Services

Table of Contents

Letter to Shareholders	1
Portfolio Summary	3
Portfolio of Investments
MassMutual Select Strategic Bond Fund	28
MassMutual Select Strategic Balanced Fund	38
MassMutual Select Diversified Value Fund	47
MassMutual Select Fundamental Value Fund	49
MassMutual Select Value Equity Fund	51
MassMutual Select Large Cap Value Fund	53
MassMutual Select Indexed Equity Fund	55
MassMutual Select Core Opportunities Fund	61
MassMutual Select Blue Chip Growth Fund	63
MassMutual Select Diversified Growth Fund	65
MassMutual Select Large Cap Growth Fund	68
MassMutual Select Aggressive Growth Fund	70
MassMutual Select NASDAQ-100® Fund	71
MassMutual Select Focused Value Fund	73
MassMutual Select Mid-Cap Value Fund	74
MassMutual Select Small Cap Value Equity Fund	75
MassMutual Select Small Company Value Fund	81
MassMutual Select Mid Cap Growth Equity Fund	85
MassMutual Select Mid Cap Growth Equity II Fund	88
MassMutual Select Small Cap Growth Equity Fund	93
MassMutual Select Small Company Growth Fund	97
MassMutual Select Emerging Growth Fund	100
MassMutual Select Diversified International Fund	102
MassMutual Select Overseas Fund	104
MassMutual Select Destination Retirement Income Fund	106
MassMutual Select Destination Retirement 2010 Fund	107
MassMutual Select Destination Retirement 2020 Fund	108
MassMutual Select Destination Retirement 2030 Fund	109
MassMutual Select Destination Retirement 2040 Fund	110
MassMutual Select Destination Retirement 2050 Fund	111
Statement of Assets and Liabilities	112
Statement of Operations	128
Statement of Changes in Net Assets	136
Financial Highlights	152
Notes to Financial Statements	234
Other Information	286

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, 2008

Eric Wietsma

"The financial markets continue to react negatively to increases in energy prices along with other industrial and food commodities. At the same time, despite slowing economic growth and a difficult environment in the financial sector, the U.S. economy as a whole has proven resilient. No matter the environment, we continue to believe that broad diversification and a perspective in tune with an investor's risk tolerance and time horizon remain the best tools to help achieve one's financial goals."

Welcome to the MassMutual Select Funds Semiannual Report covering the six months ended June 30, 2008. We have made some changes to this report by eliminating some components of the six-month portfolio manager report sections as part of our overall effort to streamline and improve the efficiency of our reporting. We will continue to publish the 12-month portfolio manager reports with fund-specific discussions as well as corresponding performance charts and tables in the MassMutual Select Funds Annual Report, which is published annually after December 31 (the fiscal year-end of the MassMutual Select Funds).

Economic Doldrums and Lack of Consumer Confidence Hinder Investment Returns

After struggling against ongoing concerns regarding the credit crisis, the depressed U.S. housing market and high energy prices early in the year, U.S. stocks attempted to rally during the spring of 2008, but surging energy prices, overall inflation and ongoing weakness in the beleaguered financial sector stymied the advance. The period featured a number of bold interventions by the Federal Reserve Board ("Fed") – including engineering the sale of investment bank Bear Stearns to JPMorgan Chase as well as multiple reductions of key target short-term interest rates – which helped stabilize share prices over the short term but failed to keep investors optimistic in the face of bad news affecting a variety of industries and the U.S. economy overall. The May employment report indicated the nation's unemployment rate moved meaningfully higher from 5.0% to 5.5% and fueled concerns that the U.S. economy might enter a recession after all. J une brought a worsening inflation picture. While the so-called "core" numbers for May consumer and producer prices, which exclude volatile food and energy prices, both registered 0.2% increases, broader inflation figures for the month were much higher. Near the end of the six-month period, crude oil traded above $140 per barrel, roughly double the price of a year earlier. In turn, sharply higher fuel prices created a stiff headwind for the auto and airline industries, as well as for consumer confidence generally.

For the six months ended June 30, 2008, exposure to financials and General Motors were factors pressuring the blue-chip Dow Jones Industrial Average^SM ("Dow"), which returned -14.44%. In the process, the venerable Dow finished the period just above bear market status. A bear market in a particular index occurs when the index declines 20% or more from its peak. At quarter-end, the Dow had declined nearly 20% from its October 2007 peak. Other key market benchmarks also experienced declines during the period. The S&P 500^® Index, a broad measure of large-cap stock activity, returned -11.91%. The NASDAQ Composite^® Index came back somewhat in the second half of the period on the relative strength of technology stocks, but still returned -13.55%. Small-cap stocks, as measured by the Russell 2000^® Index, returned -9.37%. Foreign stocks also endured their share of declines, as the MSCI^{& reg;} EAFE^® Index, a measure of foreign developed markets, finished the six months with a -10.96% return.*

The market's increasing focus on inflation in the latter half of the period – along with easing concerns about a systemic failure due to the subprime mortgage crisis – had a mainly negative impact on the bond market, which had held up well earlier in the year. The yield of the bellwether 10-year Treasury note climbed to end the period just below 4.00%. At the same time, short-term rates declined, prompted by the Fed's numerous cuts in its target federal funds rate – a key overnight bank lending rate – over the period. At the central bank's June meeting, though, the Fed held that key rate steady amid speculation that it could begin raising rates as early as the fall to curb inflation. Against this backdrop, the Lehman Brothers^® U.S. Aggregate Index finished the six months with a still-positive +1.13% return.*

*  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)

What's behind the move in crude?

When the price of crude oil crossed the $100-per-barrel threshold in the first quarter of 2008, plenty of consumers rubbed their eyes in disbelief. After all, as recently as the previous summer, crude had been trading in the low $70s, and its price had leveled out after surging higher during the bad hurricane season of 2005. As it turned out, the first quarter was only a preview of more to come. The rally accelerated in the second quarter, with crude oil touching $140 a barrel by the end of June, pushing the average price of a gallon of regular gasoline at the pump to more than $4.00.

Rising energy prices, together with increases in other commodities, also had a noticeable impact on U.S. inflation. The latest figures from the Labor Department revealed that consumer prices rose 0.6% in May, and producer prices recorded an even larger 1.4% jump. Year-over-year changes for both data series reached alarmingly high levels as well.

While the role of oil speculators on surging prices is an area of hot debate, at this point few would deny the impact of changes in fundamental supply and demand conditions. Recently, much attention has been focused on the demand side of the crude oil equation, and with considerable justification. The rapid expansion of the middle class and the accompanying infrastructure build-out occurring in China, India and other emerging markets appear to be trends that could drive the demand for crude oil into the future.

Outlook

While increases in the price of crude oil and related commodities in the energy complex have unnerved many investors, near vertical increases in the price of any commodity have historically not been sustainable for long. The financial markets continue to react negatively to increases in energy prices along with other industrial and food commodities. At the same time, despite slowing economic growth and a difficult environment in the financial sector, the U.S. economy as a whole has proven resilient. No matter the environment, we continue to believe that broad diversification and a perspective in tune with an investor's risk tolerance and time horizon remain the best tools to help achieve one's financial goals.

Eric Wietsma
President

The information provided is the opinion of MassMutual Retirement Services Investment Services as of 7/1/08 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

2

MassMutual Select Funds – Portfolio Summary

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 as to principal or interest by the U.S. government or its agencies or instrumentalities, mortgage-backed securities and money market instruments. The Fund's sub-advisers are Western Asset Management Company (Western Asset) and Western Asset Management Company Limited (WAML). WAML manages the non-U.S. dollar-denominated invest ments of the Fund.

MassMutual Select Strategic

Bond Fund

Quality Structure

(% of Net Assets) on 6/30/08

U.S. Governments, Aaa/AAA	66.0	%
Aa/AA	4.0	%
Aa/AA	5.7	%
Baa/BBB	8.3	%
Ba/BB	4.7	%
B/B and Below	5.4	%
Other Long-Term Securities	0.6	%
Total Long-Term Securities	94.7	%
Short-Term Investments and Other Assets and Liabilities	5.3	%
	100.0	%

3

MassMutual Select Funds – Portfolio Summary (Continued)

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 (Western Asset) and Western Asset Management Company Limited (WAML) manage the fixed-income component. WAML manages the non-U.S. dollar-denominated investments of Western Asset's portion of the Fund.

MassMutual Select Strategic

Balanced Fund

Asset Allocation

(% of Net Assets) on 6/30/08

Equities	56.3	%
Bonds & Notes	42.0	%
Total Long-Term Investments	98.3	%
Short-Term Investments and Other Assets and Liabilities	1.7	%
	100.0	%

MassMutual Select Strategic

Balanced Fund

Largest Holdings

(% of Net Assets) on 6/30/08

Chubb Corp.	1.8	%
JP Morgan Chase & Co.	1.7	%
Wyeth	1.6	%
Wal-Mart Stores, Inc.	1.6	%
Novartis AG ADR (Switzerland)	1.6	%
Annaly Capital Management Inc.	1.6	%
Applied Materials, Inc.	1.5	%
The Walt Disney Co.	1.4	%
Vodafone Group PLC Sponsored ADR (United Kingdom)	1.4	%
State Street Corp.	1.4	%

4

MassMutual Select Funds – Portfolio Summary (Continued)

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).

MassMutual Select Diversified Value Fund

Industry Table

(% of Net Assets) on 6/30/08

Oil & Gas	21.2	%
Insurance	10.5	%
Telecommunications	8.3	%
Diversified Financial	7.4	%
Banks	5.5	%
Pharmaceuticals	5.1	%
Foods	4.6	%
Manufacturing	4.1	%
Retail	3.0	%
Media	2.8	%
Chemicals	2.4	%
Cosmetics & Personal Care	2.2	%
Electric	2.0	%
Electronics	2.0	%
Agriculture	1.9	%
Beverages	1.7	%
Computers	1.7	%
Health Care — Products	1.6	%
Packaging & Containers	1.4	%
Mining	1.0	%
Iron & Steel	0.9	%
Automotive & Parts	0.9	%
Machinery — Diversified	0.8	%
Commercial Services	0.8	%
Aerospace & Defense	0.7	%
Environmental Controls	0.7	%
Machinery — Construction & Mining	0.7	%
Distribution & Wholesale	0.5	%
Household Products	0.5	%
Home Builders	0.4	%
Auto Manufacturers	0.4	%
Hand & Machine Tools	0.3	%
Biotechnology	0.3	%
Apparel	0.2	%
Leisure Time	0.2	%
Housewares	0.2	%
Savings & Loans	0.1	%
Forest Products & Paper	0.1	%
Total Long-Term Investments	99.1	%
Short-Term Investments and Other Assets and Liabilities	0.9	%
	100.0	%

MassMutual Select Diversified

Value Fund

Largest Holdings

(% of Net Assets) on 6/30/08

Exxon Mobil Corp.	6.9	%
Chevron Corp.	4.4	%
AT&T, Inc.	4.2	%
General Electric Co.	3.9	%
ConocoPhillips Co.	3.2	%
Pfizer, Inc.	2.8	%
JP Morgan Chase & Co.	2.7	%
Verizon Communications, Inc.	2.5	%
Bank of America Corp.	2.3	%
The Procter & Gamble Co.	2.2	%

5

MassMutual Select Funds – Portfolio Summary (Continued)

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).

MassMutual Select Fundamental Value Fund

Industry Table

(% of Net Assets) on 6/30/08

Oil & Gas	19.7	%
Electric	8.4	%
Diversified Financial	8.1	%
Foods	7.0	%
Banks	6.2	%
Telecommunications	6.0	%
Insurance	5.2	%
Pharmaceuticals	4.3	%
Retail	3.0	%
Manufacturing	2.9	%
Chemicals	2.8	%
Health Care — Services	2.3	%
Computers	2.2	%
Media	2.0	%
Agriculture	1.9	%
Health Care — Products	1.8	%
Semiconductors	1.7	%
Machinery — Diversified	1.7	%
Beverages	1.6	%
Aerospace & Defense	1.6	%
Household Products	1.5	%
Iron & Steel	1.3	%
Software	1.2	%
Real Estate Investment Trusts (REITS)	1.1	%
Environmental Controls	1.1	%
Distribution & Wholesale	1.1	%
Cosmetics & Personal Care	0.9	%
Forest Products & Paper	0.9	%
Total Long-Term Investments	99.5	%
Short-Term Investments and Other Assets and Liabilities	0.5	%
	100.0	%

MassMutual Select Fundamental

Value Fund

Largest Holdings

(% of Net Assets) on 6/30/08

Exxon Mobil Corp.	5.3	%
Occidental Petroleum Corp.	3.8	%
General Electric Co.	2.9	%
AT&T, Inc.	2.8	%
Chevron Corp.	2.4	%
ACE Ltd.	2.3	%
JP Morgan Chase & Co.	2.2	%
Newfield Exploration Co.	2.2	%
CVS Caremark Corp.	2.0	%
ConocoPhillips Co.	2.0	%

6

MassMutual Select Funds – Portfolio Summary (Continued)

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 the Fund's sub-adviser believes are undervalued in the marketplace in relation to factors such as the company's assets, sales, earnings, growth potential, and cash flow, or in relation to securities of other companies in the same industry. The Fund's sub-adviser is Pyramis Global Advisors, LLC (Pyramis).

MassMutual Select Value Equity Fund

Industry Table

(% of Net Assets) on 6/30/08

Oil & Gas	17.0	%
Banks	10.9	%
Insurance	7.7	%
Telecommunications	5.8	%
Electric	5.4	%
Diversified Financial	5.0	%
Pharmaceuticals	4.7	%
Retail	4.2	%
Agriculture	3.6	%
Media	3.4	%
Manufacturing	2.7	%
Computers	2.7	%
Machinery — Diversified	2.5	%
Chemicals	2.3	%
Foods	2.3	%
Health Care — Services	1.8	%
Oil & Gas Services	1.6	%
Transportation	1.5	%
Aerospace & Defense	1.5	%
Commercial Services	1.4	%
Biotechnology	1.3	%
Mining	1.3	%
Electronics	1.3	%
Health Care — Products	1.2	%
Gas	1.1	%
Cosmetics & Personal Care	1.0	%
Iron & Steel	1.0	%
Savings & Loans	0.8	%
Beverages	0.8	%
Electrical Components & Equipment	0.8	%
Auto Manufacturers	0.6	%
Home Builders	0.3	%
Total Long-Term Investments	99.5	%
Short-Term Investments and Other Assets and Liabilities	0.5	%
	100.0	%

MassMutual Select Value

Equity Fund

Largest Holdings

(% of Net Assets) on 6/30/08

ConocoPhillips Co.	4.6	%
Exxon Mobil Corp.	4.3	%
AT&T, Inc.	3.3	%
Wells Fargo & Co.	2.8	%
General Electric Co.	2.7	%
Bank of America Corp.	2.1	%
Hewlett-Packard Co.	2.1	%
Wyeth	2.1	%
The Bank of New York Mellon Corp.	1.8	%
Berkshire Hathaway, Inc. Class B	1.6	%

7

MassMutual Select Funds – Portfolio Summary (Continued)

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 believes foster the creation of long-term value, such as proven management, a durable franchise and business model, and sustainable competitive advantages. The Fund's sub-adviser is Davis Selected Advisers, L.P. (Davis).

MassMutual Select Large Cap Value Fund

Industry Table

(% of Net Assets) on 6/30/08

Oil & Gas	19.0	%
Insurance	13.9	%
Diversified Financial	9.9	%
Retail	8.4	%
Media	4.6	%
Banks	4.1	%
Agriculture	3.6	%
Commercial Services	3.6	%
Software	3.3	%
Beverages	2.5	%
Electronics	2.0	%
Manufacturing	1.9	%
Computers	1.6	%
Mining	1.6	%
Pharmaceuticals	1.5	%
Cosmetics & Personal Care	1.4	%
Internet	1.4	%
Packaging & Containers	1.4	%
Health Care — Products	1.4	%
Oil & Gas Services	1.2	%
Telecommunications	1.2	%
Leisure Time	1.1	%
Transportation	1.1	%
Semiconductors	1.0	%
Building Materials	0.9	%
Coal	0.8	%
Holding Company — Diversified	0.8	%
Real Estate	0.7	%
Health Care — Services	0.7	%
Forest Products & Paper	0.6	%
Foods	0.3	%
Housewares	0.2	%
Total Long-Term Investments	97.7	%
Short-Term Investments and Other Assets and Liabilities	2.3	%
	100.0	%

MassMutual Select Large Cap

Value Fund

Largest Holdings

(% of Net Assets) on 6/30/08

Costco Wholesale Corp.	5.2	%
ConocoPhillips Co.	4.7	%
Berkshire Hathaway, Inc. Class A	4.3	%
Devon Energy Corp.	4.3	%
Occidental Petroleum Corp.	4.2	%
EOG Resources, Inc.	3.8	%
American Express Co.	3.3	%
JP Morgan Chase & Co.	3.2	%
Loews Corp.	2.6	%
Philip Morris International, Inc.	2.5	%

8

MassMutual Select Funds – Portfolio Summary (Continued)

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 Fund's sub-adviser is Northern Trust Investments, N.A. (Northern).

"Standard & Poor's^®", "S&P^®", "S&P 500^®", "Standard & Poor's 500" and "500" are trademarks of The McGraw-Hill Companies, Inc. and have been licensed for use by the Fund. The Fund is not sponsored, endorsed, sold or promoted by Standard & Poor's and Standard & Poor's makes no representation regarding the advisability of investing in the Fund.

MassMutual Select Indexed Equity Fund

Industry Table

(% of Net Assets) on 6/30/08

Oil & Gas	12.0	%
Telecommunications	5.8	%
Pharmaceuticals	5.6	%
Retail	5.4	%
Diversified Financial	5.1	%
Computers	4.9	%
Manufacturing	4.4	%
Banks	4.0	%
Electric	3.6	%
Health Care — Products	3.6	%
Software	3.5	%
Insurance	3.5	%
Oil & Gas Services	3.2	%
Media	2.7	%
Semiconductors	2.6	%
Beverages	2.4	%
Aerospace & Defense	2.2	%
Cosmetics & Personal Care	2.1	%
Internet	2.1	%
Chemicals	2.1	%
Transportation	2.0	%
Foods	1.8	%
Agriculture	1.8	%
Real Estate Investment Trusts (REITS)	1.1	%
Biotechnology	1.0	%
Health Care — Services	1.0	%
Commercial Services	1.0	%
Mining	0.9	%
Electronics	0.6	%
Iron & Steel	0.5	%
Pipelines	0.5	%
Machinery — Diversified	0.5	%
Coal	0.5	%
Machinery — Construction & Mining	0.5	%
Household Products	0.4	%
Electrical Components & Equipment	0.4	%
Auto Manufacturers	0.3	%
Forest Products & Paper	0.3	%
Apparel	0.3	%
Engineering & Construction	0.2	%
Leisure Time	0.2	%
Environmental Controls	0.2	%
Gas	0.2	%
Automotive & Parts	0.2	%
Office Equipment/Supplies	0.2	%
Lodging	0.2	%
Advertising	0.2	%
Savings & Loans	0.2	%
Metal Fabricate & Hardware	0.1	%
Packaging & Containers	0.1	%
Distribution & Wholesale	0.1	%
Toys, Games & Hobbies	0.1	%
Home Builders	0.1	%
Hand & Machine Tools	0.1	%
Airlines	0.1	%
Holding Company — Diversified	0.1	%
Entertainment	0.1	%
Home Furnishing	0.1	%
Building Materials	0.1	%
Housewares	0.0	%
Investment Companies	0.0	%
Real Estate	0.0	%
Textiles	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 Holdings

(% of Net Assets) on 6/30/08

Exxon Mobil Corp.	4.1	%
General Electric Co.	2.4	%
Microsoft Corp.	1.9	%
Chevron Corp.	1.8	%
AT&T, Inc.	1.8	%
The Procter & Gamble Co.	1.7	%
Johnson & Johnson	1.6	%
International Business Machines Corp.	1.4	%
Apple, Inc.	1.3	%
ConocoPhillips Co.	1.3	%

9

MassMutual Select Funds – Portfolio Summary (Continued)

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 seeks to invest in both growth and value securities. The Fund's sub-adviser is Victory Capital Management Inc. (Victory).

MassMutual Select Core Opportunities Fund

Industry Table

(% of Net Assets) on 6/30/08

Oil & Gas Services	11.8	%
Oil & Gas	8.9	%
Diversified Financial	7.6	%
Mining	7.4	%
Semiconductors	6.4	%
Manufacturing	6.2	%
Beverages	6.2	%
Retail	4.9	%
Electric	4.8	%
Biotechnology	4.7	%
Computers	3.9	%
Software	3.7	%
Pharmaceuticals	3.1	%
Health Care — Products	3.0	%
Telecommunications	2.8	%
Banks	2.7	%
Cosmetics & Personal Care	2.7	%
Internet	1.9	%
Media	1.4	%
Engineering & Construction	0.9	%
Chemicals	0.9	%
Building Materials	0.6	%
Home Builders	0.4	%
Insurance	0.4	%
Total Long-Term Investments	97.3	%
Short-Term Investments and Other Assets and Liabilities	2.7	%
	100.0	%

MassMutual Select Core

Opportunities Fund

Largest Holdings

(% of Net Assets) on 6/30/08

Schlumberger Ltd.	4.6	%
Halliburton Co.	4.4	%
Intel Corp.	3.7	%
Microsoft Corp.	3.7	%
Newmont Mining Corp.	3.4	%
Exxon Mobil Corp.	3.4	%
Merck & Co., Inc.	3.1	%
Exelon Corp.	3.1	%
Chesapeake Energy Corp.	3.1	%
Johnson & Johnson	3.0	%

10

MassMutual Select Funds – Portfolio Summary (Continued)

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).

MassMutual Select Blue Chip Growth Fund

Industry Table

(% of Net Assets) on 6/30/08

Telecommunications	7.9	%
Internet	7.3	%
Oil & Gas Services	6.9	%
Retail	6.7	%
Pharmaceuticals	6.4	%
Software	5.6	%
Health Care — Products	5.6	%
Diversified Financial	5.4	%
Computers	4.8	%
Oil & Gas	4.8	%
Commercial Services	4.7	%
Manufacturing	4.3	%
Chemicals	3.6	%
Banks	3.6	%
Semiconductors	3.4	%
Biotechnology	3.0	%
Aerospace & Defense	2.3	%
Health Care — Services	2.1	%
Engineering & Construction	1.9	%
Mining	1.7	%
Media	1.7	%
Lodging	1.2	%
Toys, Games & Hobbies	1.0	%
Cosmetics & Personal Care	0.7	%
Advertising	0.7	%
Beverages	0.6	%
Machinery — Construction & Mining	0.5	%
Electronics	0.4	%
Entertainment	0.3	%
Transportation	0.3	%
Distribution & Wholesale	0.3	%
Insurance	0.1	%
Iron & Steel	0.1	%
Foods	0.1	%
Total Long-Term Investments	100.0	%
Short-Term Investments and Other Assets and Liabilities	0.0	%
	100.0	%

MassMutual Select Blue Chip

Growth Fund

Largest Holdings

(% of Net Assets) on 6/30/08

Schlumberger Ltd.	3.5	%
Google, Inc. Class A	3.4	%
Apple, Inc.	2.9	%
Danaher Corp.	2.6	%
Microsoft Corp.	2.4	%
Smith International, Inc.	2.3	%
CVS Caremark Corp.	2.3	%
Gilead Sciences, Inc.	2.1	%
Amazon.com, Inc.	2.0	%
Monsanto Co.	1.9	%

11

MassMutual Select Funds – Portfolio Summary (Continued)

What is the investment objective of the MassMutual Select Diversified Growth Fund – and who are the Fund's sub-advisers?
  The Fund seeks long-term growth of capital by investing primarily in U.S. common stocks. Under normal market conditions, the Fund invests at least 80% of its net assets in equity securities of mid-and large-capitalization companies. The Fund is managed by three sub-advisers, each being responsible for a portion of the portfolio, but not necessarily equal weighted. The sub-advisers are T. Rowe Price Associates, Inc. (T. Rowe Price), Wellington Management Company, LLP (Wellington Management) and Legg Mason Capital Management, Inc. (Legg Mason).

MassMutual Select Diversified Growth Fund

Industry Table

(% of Net Assets) on 6/30/08

Telecommunications	9.2	%
Internet	9.2	%
Software	7.1	%
Commercial Services	6.2	%
Retail	5.2	%
Diversified Financial	5.1	%
Pharmaceuticals	5.1	%
Oil & Gas	5.0	%
Computers	4.9	%
Oil & Gas Services	4.0	%
Semiconductors	3.7	%
Engineering & Construction	3.6	%
Media	2.8	%
Manufacturing	2.5	%
Health Care — Services	1.9	%
Chemicals	1.9	%
Health Care — Products	1.9	%
Biotechnology	1.9	%
Foods	1.8	%
Aerospace & Defense	1.6	%
Banks	1.5	%
Insurance	1.4	%
Mining	1.3	%
Electrical Components & Equipment	1.2	%
Electric	1.2	%
Electronics	1.1	%
Machinery — Construction & Mining	1.1	%
Machinery — Diversified	0.9	%
Agriculture	0.9	%
Transportation	0.7	%
Metal Fabricate & Hardware	0.6	%
Distribution & Wholesale	0.4	%
Lodging	0.4	%
Gas	0.4	%
Toys, Games & Hobbies	0.4	%
Beverages	0.4	%
Cosmetics & Personal Care	0.3	%
Advertising	0.2	%
Apparel	0.2	%
Entertainment	0.1	%
Iron & Steel	0.0	%
Total Long-Term Investments	99.3	%
Short-Term Investments and Other Assets and Liabilities	0.7	%
	100.0	%

MassMutual Select Diversified

Growth Fund

Largest Holdings

(% of Net Assets) on 6/30/08

Nokia Oyj Sponsored ADR (Finland)	2.5	%
Amazon.com, Inc.	2.4	%
Microsoft Corp.	2.3	%
Qualcomm, Inc.	2.1	%
eBay, Inc.	2.1	%
Google, Inc. Class A	2.0	%
Cisco Systems, Inc.	2.0	%
Yahoo!, Inc.	1.9	%
The Shaw Group, Inc.	1.8	%
Quanta Services, Inc.	1.8	%

12

MassMutual Select Funds – Portfolio Summary (Continued)

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).

MassMutual Select Large Cap Growth Fund

Industry Table

(% of Net Assets) on 6/30/08

Computers	13.3	%
Diversified Financial	10.5	%
Pharmaceuticals	10.4	%
Oil & Gas Services	8.4	%
Internet	6.1	%
Health Care — Products	5.4	%
Chemicals	5.4	%
Semiconductors	5.2	%
Telecommunications	5.2	%
Retail	4.7	%
Biotechnology	3.7	%
Manufacturing	3.3	%
Oil & Gas	2.8	%
Foods	2.6	%
Beverages	2.5	%
Software	2.2	%
Cosmetics & Personal Care	2.1	%
Machinery — Diversified	1.5	%
Aerospace & Defense	1.1	%
Apparel	0.9	%
Engineering & Construction	0.7	%
Mining	0.5	%
Electronics	0.2	%
Total Long-Term Investments	98.7	%
Short-Term Investments and Other Assets and Liabilities	1.3	%
	100.0	%

MassMutual Select Large Cap

Growth Fund

Largest Holdings

(% of Net Assets) on 6/30/08

Google, Inc. Class A	6.1	%
Apple, Inc.	6.0	%
Hewlett-Packard Co.	4.5	%
Schlumberger Ltd.	3.8	%
Monsanto Co.	3.7	%
CME Group, Inc.	3.4	%
Gilead Sciences, Inc.	3.4	%
Cisco Systems, Inc.	3.1	%
Research In Motion Ltd.	2.8	%
EOG Resources, Inc.	2.8	%

13

MassMutual Select Funds – Portfolio Summary (Continued)

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 (DMC). Each sub-adviser is responsible for a portion of the portfolio, but not necessarily equal weighted.

MassMutual Select Aggressive Growth Fund

Industry Table

(% of Net Assets) on 6/30/08

Internet	12.9	%
Computers	12.5	%
Oil & Gas Services	11.7	%
Commercial Services	9.2	%
Biotechnology	7.5	%
Diversified Financial	6.6	%
Telecommunications	5.7	%
Health Care — Products	5.7	%
Retail	4.5	%
Software	4.5	%
Pharmaceuticals	4.3	%
Transportation	3.4	%
Semiconductors	2.8	%
Lodging	2.7	%
Cosmetics & Personal Care	1.2	%
Oil & Gas	1.2	%
Chemicals	1.1	%
Health Care — Services	1.1	%
Entertainment	0.7	%
Total Long-Term Investments	99.3	%
Short-Term Investments and Other Assets and Liabilities	0.7	%
	100.0	%

MassMutual Select Aggressive

Growth Fund

Largest Holdings

(% of Net Assets) on 6/30/08

Google, Inc. Class A	7.2	%
Apple, Inc.	5.5	%
National Oilwell Varco, Inc.	5.4	%
Schlumberger Ltd.	4.4	%
Allergan, Inc.	4.3	%
Visa, Inc. Class A	4.2	%
Amazon.com, Inc.	3.8	%
Genentech, Inc.	3.8	%
IntercontinentalExchange, Inc.	3.4	%
Genzyme Corp.	3.3	%

14

MassMutual Select Funds – Portfolio Summary (Continued)

What is the investment objective of the MassMutual Select NASDAQ-100^® Fund (formerly known as the MassMutual Select OTC 100 Fund) – and who is the Fund's sub-adviser?
  On November 30, 2007, the MassMutual Select OTC 100 Fund's name changed to the MassMutual Select NASDAQ-100^® Fund. The MassMutual Select NASDAQ-100 Fund seeks to approximate, as closely as practicable (before fees and expenses), the total return of the NASDAQ-100 Index^®. The Fund's sub-adviser is Northern Trust Investments, N.A. (Northern).

NASDAQ^®, NASDAQ-100^® and NASDAQ-100 Index^® are trademarks of The NASDAQ Stock Market, Inc. (together with its affiliates, "NASDAQ") and are licensed for use by the Fund. The Fund has not been passed on by NASDAQ as to its legality or suitability. The Fund is not issued, endorsed, sold or promoted by NASDAQ. NASDAQ MAKES NO WARRANTIES AND BEARS NO LIABILITY WITH RESPECT TO THE FUND.

MassMutual Select NASDAQ-100 Fund

Industry Table

(% of Net Assets) on 6/30/08

Computers	20.3	%
Software	14.5	%
Internet	12.6	%
Telecommunications	11.0	%
Semiconductors	8.5	%
Pharmaceuticals	6.8	%
Biotechnology	6.2	%
Media	4.3	%
Retail	4.2	%
Health Care — Products	1.3	%
Commercial Services	1.3	%
Transportation	1.2	%
Electronics	1.1	%
Auto Manufacturers	1.1	%
Engineering & Construction	0.7	%
Lodging	0.6	%
Machinery — Construction & Mining	0.5	%
Iron & Steel	0.5	%
Chemicals	0.4	%
Distribution & Wholesale	0.4	%
Advertising	0.4	%
Textiles	0.3	%
Environmental Controls	0.3	%
Airlines	0.3	%
Foods	0.2	%
Beverages	0.2	%
Total Long-Term Investments	99.2	%
Short-Term Investments and Other Assets and Liabilities	0.8	%
	100.0	%

MassMutual Select

NASDAQ-100 Fund

Largest Holdings

(% of Net Assets) on 6/30/08

Apple, Inc.	13.1	%
Microsoft Corp.	5.6	%
Qualcomm, Inc.	5.5	%
Google, Inc. Class A	4.9	%
Research In Motion Ltd.	4.2	%
Cisco Systems, Inc.	3.1	%
Gilead Sciences, Inc.	3.1	%
Oracle Corp.	2.9	%
Intel Corp.	2.7	%
Teva Pharmaceutical Industries Ltd. Sponsored ADR (Israel)	1.8	%

15

MassMutual Select Funds – Portfolio Summary (Continued)

What is the investment objective of the MassMutual Select Focused Value Fund – and who is 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. The Fund's sub-adviser is Harris Associates L.P. (Harris).

MassMutual Select Focused Value Fund

Industry Table

(% of Net Assets) on 6/30/08

Diversified Financial	17.0	%
Semiconductors	15.5	%
Computers	12.8	%
Retail	12.3	%
Banks	8.8	%
Media	6.0	%
Telecommunications	5.3	%
Commercial Services	5.2	%
Leisure Time	4.8	%
Lodging	4.8	%
Transportation	2.3	%
Total Long-Term Investments	94.8	%
Short-Term Investments and Other Assets and Liabilities	5.2	%
	100.0	%

MassMutual Select Focused

Value Fund

Largest Holdings

(% of Net Assets) on 6/30/08

Intel Corp.	7.9	%
Hewlett-Packard Co.	6.6	%
Dell, Inc.	6.2	%
Tiffany & Co.	5.6	%
National Semiconductor Corp.	5.4	%
The Bank of New York Mellon Corp.	5.3	%
Virgin Media, Inc.	5.3	%
Robert Half International, Inc.	5.2	%
Carnival Corp.	4.8	%
Starwood Hotels & Resorts Worldwide, Inc.	4.8	%

16

MassMutual Select Funds – Portfolio Summary (Continued)

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).

MassMutual Select Mid-Cap Value Fund

Industry Table

(% of Net Assets) on 6/30/08

Insurance	13.3	%
Retail	8.9	%
Machinery — Diversified	5.6	%
Electronics	5.6	%
Chemicals	5.6	%
Software	5.5	%
Foods	4.6	%
Manufacturing	4.5	%
Commercial Services	4.1	%
Electrical Components & Equipment	4.1	%
Health Care — Services	3.5	%
Pharmaceuticals	3.4	%
Packaging & Containers	3.2	%
Advertising	3.2	%
Computers	3.1	%
Semiconductors	3.0	%
Textiles	2.7	%
Real Estate Investment Trusts (REITS)	2.4	%
Entertainment	2.3	%
Home Builders	2.2	%
Office Furnishings	2.1	%
Banks	2.0	%
Household Products	1.4	%
Automotive & Parts	0.6	%
Total Long-Term Investments	96.9	%
Short-Term Investments and Other Assets and Liabilities	3.1	%
	100.0	%

MassMutual Select Mid-Cap

Value Fund

Largest Holdings

(% of Net Assets) on 6/30/08

Corinthian Colleges, Inc.	4.1	%
Family Dollar Stores, Inc.	4.0	%
Dover Corp.	3.7	%
International Flavors & Fragrances, Inc.	3.6	%
Arthur J. Gallagher & Co.	3.6	%
Quest Diagnostics, Inc.	3.5	%
Alpharma, Inc. Class A	3.4	%
Briggs & Stratton Corp.	3.3	%
IMS Health, Inc.	3.3	%
Bemis Co., Inc.	3.2	%

17

MassMutual Select Funds – Portfolio Summary (Continued)

What is the investment objective of the MassMutual Select Small Cap Value Equity Fund – and who is the Fund's sub-adviser?
  The 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).

MassMutual Select Small Cap Value Equity Fund

Industry Table

(% of Net Assets) on 6/30/08

Real Estate Investment Trusts (REITS)		10.2	%
Banks		8.5	%
Insurance		6.6	%
Retail		6.4	%
Commercial Services		4.8	%
Electronics		4.0	%
Telecommunications		3.8	%
Chemicals		3.6	%
Electric		3.5	%
Oil & Gas		3.2	%
Semiconductors		3.0	%
Foods		2.3	%
Manufacturing		2.3	%
Health Care — Services		2.3	%
Gas		2.3	%
Transportation		2.2	%
Diversified Financial		2.1	%
Savings & Loans		1.9	%
Automotive & Parts		1.7	%
Oil & Gas Services		1.7	%
Machinery — Diversified		1.7	%
Software		1.5	%
Engineering & Construction		1.4	%
Computers		1.3	%
Metal Fabricate & Hardware		1.2	%
Forest Products & Paper		1.2	%
Internet		1.2	%
Media		1.2	%
Mining		0.9	%
Investment Companies		0.9	%
Apparel		0.8	%
Building Materials		0.8	%
Airlines		0.8	%
Household Products		0.7	%
Leisure Time		0.7	%
Electrical Components & Equipment		0.7	%
Textiles		0.6	%
Home Furnishing		0.5	%
Home Builders		0.5	%
Holding Company — Diversified		0.5	%
Pharmaceuticals		0.4	%
Agriculture		0.4	%
Toys, Games & Hobbies		0.4	%
Health Care — Products		0.4	%
Office Equipment/Supplies		0.3	%
Aerospace & Defense		0.3	%
Biotechnology		0.2	%
Distribution & Wholesale		0.2	%
Environmental Controls		0.2	%
Trucking & Leasing		0.1	%
Energy — Alternate Sources		0.1	%
Auto Manufacturers		0.1	%
Entertainment		0.1	%
Hand & Machine Tools		0.0	%
Total Long-Term Investments		98.7	%
Short-Term Investments and Other Assets and Liabilities		1.3	%
	��	100.0	%

MassMutual Select Small Cap

Value Equity Fund

Largest Holdings

(% of Net Assets) on 6/30/08

Swift Energy Co.	0.9	%
Olin Corp.	0.8	%
Platinum Underwriters Holdings Ltd.	0.7	%
Rosetta Resources, Inc.	0.7	%
IPC Holdings Ltd.	0.7	%
UMB Financial Corp.	0.7	%
Rent-A-Center, Inc.	0.7	%
Westar Energy, Inc.	0.7	%
Avista Corp.	0.7	%
Aspen Insurance Holdings Ltd.	0.7	%

18

MassMutual Select Funds – Portfolio Summary (Continued)

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).

MassMutual Select Small Company Value Fund

Industry Table

(% of Net Assets) on 6/30/08

Oil & Gas	7.9	%
Commercial Services	7.1	%
Real Estate Investment Trusts (REITS)	5.7	%
Banks	5.3	%
Insurance	5.3	%
Retail	4.4	%
Manufacturing	4.0	%
Transportation	3.8	%
Electronics	3.2	%
Chemicals	2.7	%
Electric	2.6	%
Diversified Financial	2.2	%
Software	2.2	%
Oil & Gas Services	2.0	%
Machinery — Diversified	2.0	%
Mining	1.9	%
Metal Fabricate & Hardware	1.9	%
Health Care — Services	1.8	%
Electrical Components & Equipment	1.8	%
Distribution & Wholesale	1.7	%
Telecommunications	1.7	%
Semiconductors	1.7	%
Machinery — Construction & Mining	1.6	%
Internet	1.6	%
Forest Products & Paper	1.5	%
Health Care — Products	1.5	%
Gas	1.4	%
Savings & Loans	1.4	%
Foods	1.4	%
Environmental Controls	1.3	%
Computers	1.2	%
Engineering & Construction	1.1	%
Aerospace & Defense	1.0	%
Investment Companies	1.0	%
Building Materials	0.8	%
Home Builders	0.8	%
Biotechnology	0.6	%
Household Products	0.6	%
Pipelines	0.5	%
Iron & Steel	0.5	%
Airlines	0.5	%
Hand & Machine Tools	0.4	%
Coal	0.4	%
Textiles	0.4	%
Automotive & Parts	0.4	%
Agriculture	0.4	%
Toys, Games & Hobbies	0.3	%
Home Furnishing	0.3	%
Pharmaceuticals	0.3	%
Leisure Time	0.3	%
Apparel	0.3	%
Equity Fund	0.3	%
Housewares	0.2	%
Media	0.2	%
Holding Company — Diversified	0.2	%
Cosmetics & Personal Care	0.1	%
Energy — Alternate Sources	0.1	%
Packaging & Containers	0.0	%
Total Long-Term Investments	97.8	%
Short-Term Investments and Other Assets and Liabilities	2.2	%
	100.0	%

MassMutual Select Small Company

Value Fund

Largest Holdings

(% of Net Assets) on 6/30/08

Cabot Oil & Gas Corp.	1.6	%
Penn Virginia Corp.	1.5	%
Landstar System, Inc.	1.3	%
Forest Oil Corp.	1.2	%
Whiting Petroleum Corp.	1.1	%
Bucyrus International, Inc. Class A	1.1	%
FTI Consulting, Inc.	0.9	%
Sims Group Ltd. Sponsored ADR (Australia)	0.9	%
Aaron Rents, Inc.	0.9	%
FLIR Systems, Inc.	0.9	%

19

MassMutual Select Funds – Portfolio Summary (Continued)

What is the investment objective of the MassMutual Select Mid Cap Growth Equity Fund – and who are the Fund's sub-advisers?
  The Fund seeks long-term capital growth by investing, 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, 2008, between $397.67 million and $40.28 billion). The remaining 20% may be invested in other types of securities such as bonds, cash, or cash equivalents, for temporary defensive purposes, if the Fund's sub-advisers believe it will help protect the Fund from potential losses, or to me et shareholder redemptions. Effective November 30, 2007, Wellington Management Company, LLP (Wellington Management) and Turner Investment Partners, Inc. (Turner) replaced Navellier & Associates, Inc. (Navellier) as the Fund's sub-advisers. The two sub-advisers are each responsible for a portion of the portfolio, but not necessarily equal weighted.

MassMutual Select Mid Cap Growth Equity Fund

Industry Table

(% of Net Assets) on 6/30/08

Oil & Gas	8.3	%
Retail	6.2	%
Internet	6.2	%
Pharmaceuticals	6.0	%
Software	5.3	%
Commercial Services	5.0	%
Semiconductors	4.9	%
Telecommunications	4.4	%
Chemicals	4.1	%
Coal	3.5	%
Machinery — Diversified	3.3	%
Health Care — Products	2.7	%
Biotechnology	2.7	%
Mining	2.5	%
Iron & Steel	2.4	%
Diversified Financial	2.2	%
Manufacturing	2.2	%
Engineering & Construction	1.9	%
Packaging & Containers	1.9	%
Transportation	1.6	%
Energy — Alternate Sources	1.6	%
Electronics	1.3	%
Banks	1.2	%
Computers	1.2	%
Beverages	1.1	%
Media	1.1	%
Household Products	1.0	%
Cosmetics & Personal Care	0.9	%
Electrical Components & Equipment	0.9	%
Oil & Gas Services	0.9	%
Insurance	0.8	%
Foods	0.8	%
Hand & Machine Tools	0.7	%
Electric	0.7	%
Aerospace & Defense	0.7	%
Entertainment	0.6	%
Health Care — Services	0.6	%
Advertising	0.6	%
Toys, Games & Hobbies	0.6	%
Machinery — Construction & Mining	0.5	%
Savings & Loans	0.5	%
Lodging	0.5	%
Automotive & Parts	0.5	%
Pipelines	0.5	%
Leisure Time	0.5	%
Apparel	0.5	%
Auto Manufacturers	0.5	%
Environmental Controls	0.4	%
Real Estate Investment Trusts (REITS)	0.4	%
Home Builders	0.2	%
Total Long-Term Investments	99.6	%
Short-Term Investments and Other Assets and Liabilities	0.4	%
	100.0	%

MassMutual Select Mid Cap

Growth Equity Fund

Largest Holdings

(% of Net Assets) on 6/30/08

CONSOL Energy, Inc.	2.0	%
VeriSign, Inc.	1.6	%
McAfee, Inc.	1.5	%
Charles River Laboratories International, Inc.	1.4	%
Ultra Petroleum Corp.	1.4	%
Flowserve Corp.	1.3	%
Steel Dynamics, Inc.	1.2	%
Western Union Co.	1.2	%
Atheros Communications, Inc.	1.1	%
Covanta Holding Corp.	1.0	%

20

MassMutual Select Funds – Portfolio Summary (Continued)

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 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, 2008, between $397.67 million and $40.28 billion). The Fund's sub-adviser is T. Rowe Price Associates, Inc. (T. Rowe Price).

MassMutual Select Mid Cap Growth Equity II Fund

Industry Table

(% of Net Assets) on 6/30/08

Commercial Services	7.2	%
Semiconductors	6.4	%
Retail	6.2	%
Telecommunications	5.8	%
Oil & Gas Services	5.3	%
Oil & Gas	5.2	%
Pharmaceuticals	5.1	%
Health Care — Products	4.6	%
Software	3.8	%
Internet	3.5	%
Electronics	3.3	%
Diversified Financial	3.2	%
Biotechnology	3.2	%
Computers	3.1	%
Machinery — Diversified	2.5	%
Media	2.3	%
Aerospace & Defense	2.1	%
Coal	2.1	%
Health Care — Services	2.0	%
Insurance	1.9	%
Advertising	1.6	%
Manufacturing	1.5	%
Lodging	1.5	%
Electrical Components & Equipment	1.3	%
Mining	1.3	%
Electric	1.1	%
Entertainment	1.0	%
Transportation	0.9	%
Engineering & Construction	0.9	%
Automotive & Parts	0.8	%
Distribution & Wholesale	0.8	%
Airlines	0.8	%
Foods	0.7	%
Chemicals	0.6	%
Banks	0.5	%
Iron & Steel	0.4	%
Unknown	0.4	%
Machinery — Construction & Mining	0.3	%
Pipelines	0.3	%
Auto Manufacturers	0.3	%
Environmental Controls	0.3	%
Real Estate	0.3	%
Home Builders	0.2	%
Metal Fabricate & Hardware	0.2	%
Cosmetics & Personal Care	0.2	%
Leisure Time	0.2	%
Beverages	0.2	%
Energy — Alternate Sources	0.2	%
Household Products	0.1	%
Toys, Games & Hobbies	0.1	%
Office Furnishings	0.0	%
Total Long-Term Investments	97.8	%
Short-Term Investments and Other Assets and Liabilities	2.2	%
	100.0	%

MassMutual Select Mid Cap

Growth Equity II Fund

Largest Holdings

(% of Net Assets) on 6/30/08

Smith International, Inc.	1.6	%
Roper Industries, Inc.	1.5	%
FLIR Systems, Inc.	1.3	%
Ametek, Inc.	1.2	%
Elan Corp. PLC Sponsored ADR (Ireland)	1.2	%
Murphy Oil Corp.	1.1	%
Quanta Services, Inc.	1.0	%
Rockwell Collins, Inc.	1.0	%
BJ Services Co.	1.0	%
CONSOL Energy, Inc.	1.0	%

21

MassMutual Select Funds – Portfolio Summary (Continued)

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 managers believe offer potential for long-term growth. The Fund's sub-advisers are Wellington Management Company, LLP (Wellington Management) and Waddell & Reed Investment Management Company (Waddell & Reed). Each sub-adviser is responsible for a portion of the portfolio, but not necessarily equal weighted.

MassMutual Select Small Cap Growth Equity Fund

Industry Table

(% of Net Assets) on 6/30/08

Software	11.5	%
Commercial Services	7.3	%
Transportation	6.6	%
Oil & Gas	6.2	%
Internet	6.1	%
Retail	4.2	%
Equity Fund	3.4	%
Health Care — Services	3.1	%
Computers	3.0	%
Entertainment	2.8	%
Semiconductors	2.5	%
Chemicals	2.5	%
Distribution & Wholesale	2.3	%
Health Care — Products	2.2	%
Telecommunications	2.2	%
Media	1.9	%
Machinery — Construction & Mining	1.9	%
Engineering & Construction	1.8	%
Oil & Gas Services	1.8	%
Diversified Financial	1.7	%
Biotechnology	1.6	%
Cosmetics & Personal Care	1.6	%
Pharmaceuticals	1.5	%
Insurance	1.5	%
Lodging	1.3	%
Coal	1.1	%
Home Furnishing	1.0	%
Real Estate Investment Trusts (REITS)	1.0	%
Banks	0.8	%
Aerospace & Defense	0.8	%
Automotive & Parts	0.6	%
Environmental Controls	0.6	%
Electronics	0.5	%
Gas	0.5	%
Manufacturing	0.5	%
Packaging & Containers	0.4	%
Foods	0.4	%
Mining	0.4	%
Toys, Games & Hobbies	0.3	%
Water	0.3	%
Holding Company — Diversified	0.3	%
Advertising	0.3	%
Energy — Alternate Sources	0.3	%
Apparel	0.2	%
Machinery — Diversified	0.2	%
Hand & Machine Tools	0.2	%
Metal Fabricate & Hardware	0.2	%
Real Estate	0.2	%
Household Products	0.1	%
Airlines	0.1	%
Storage & Warehousing	0.0	%
Total Long-Term Investments	93.8	%
Short-Term Investments and Other Assets and Liabilities	6.2	%
	100.0	%

MassMutual Select Small Cap

Growth Equity Fund

Largest Holdings

(% of Net Assets) on 6/30/08

Kansas City Southern	3.0	%
Bill Barrett Corp.	2.5	%
J.B. Hunt Transport Services, Inc.	2.4	%
FactSet Research Systems, Inc.	1.9	%
Blackbaud, Inc.	1.8	%
MICROS Systems, Inc.	1.7	%
Blackboard, Inc.	1.7	%
Bucyrus International, Inc. Class A	1.6	%
Chicago Bridge & Iron Co. NV	1.5	%
LKQ Corp.	1.4	%

22

MassMutual Select Funds – Portfolio Summary (Continued)

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).

MassMutual Select Small Company Growth Fund

Industry Table

(% of Net Assets) on 6/30/08

Software	7.3	%
Retail	7.1	%
Health Care — Products	7.1	%
Electronics	6.6	%
Telecommunications	4.7	%
Commercial Services	4.3	%
Health Care — Services	4.2	%
Pharmaceuticals	4.0	%
Manufacturing	3.6	%
Oil & Gas Services	3.5	%
Metal Fabricate & Hardware	3.3	%
Diversified Financial	3.0	%
Oil & Gas	2.9	%
Computers	2.8	%
Apparel	2.7	%
Internet	2.5	%
Electrical Components & Equipment	2.3	%
Coal	2.3	%
Chemicals	2.1	%
Biotechnology	1.8	%
Media	1.7	%
Banks	1.7	%
Environmental Controls	1.7	%
Building Materials	1.6	%
Machinery — Construction & Mining	1.6	%
Advertising	1.4	%
Home Furnishing	1.4	%
Semiconductors	1.3	%
Cosmetics & Personal Care	1.0	%
Leisure Time	0.9	%
Insurance	0.8	%
Entertainment	0.8	%
Transportation	0.8	%
Energy — Alternate Sources	0.7	%
Machinery — Diversified	0.6	%
Distribution & Wholesale	0.5	%
Foods	0.3	%
Real Estate Investment Trusts (REITS)	0.3	%
Aerospace & Defense	0.3	%
Water	0.2	%
Mining	0.2	%
Real Estate	0.2	%
Office Furnishings	0.1	%
Trucking & Leasing	0.1	%
Electric	0.1	%
Investment Companies	0.1	%
Forest Products & Paper	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 Holdings

(% of Net Assets) on 6/30/08

Oyo Geospace Corp.	2.5	%
Lufkin Industries, Inc.	2.4	%
James River Coal Co.	2.3	%
Eclipsys Corp.	2.1	%
Ameron International Corp.	2.1	%
Coherent, Inc.	1.9	%
Ansys, Inc.	1.8	%
Icon PLC Sponsored ADR (Ireland)	1.7	%
Genesco, Inc.	1.6	%
Bucyrus International, Inc. Class A	1.6	%

23

MassMutual Select Funds – Portfolio Summary (Continued)

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 growth 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 (DMC) and Insight Capital Research & Management, Inc. (Insight). Each sub-adviser is responsible for a portion of the portfolio, but not necessarily equal weighted.

MassMutual Select Emerging Growth Fund

Industry Table

(% of Net Assets) on 6/30/08

Coal	11.1	%
Oil & Gas	9.2	%
Internet	7.6	%
Commercial Services	5.9	%
Electrical Components & Equipment	5.4	%
Retail	5.1	%
Energy — Alternate Sources	4.5	%
Pharmaceuticals	4.4	%
Machinery — Diversified	4.2	%
Biotechnology	3.8	%
Iron & Steel	3.6	%
Software	3.6	%
Oil & Gas Services	2.9	%
Computers	2.5	%
Beverages	2.4	%
Mining	2.1	%
Environmental Controls	1.9	%
Transportation	1.9	%
Health Care — Products	1.6	%
Telecommunications	1.5	%
Apparel	1.4	%
Insurance	1.4	%
Agriculture	1.4	%
Health Care — Services	1.4	%
Semiconductors	1.3	%
Manufacturing	1.0	%
Metal Fabricate & Hardware	1.0	%
Engineering & Construction	0.9	%
Automotive & Parts	0.8	%
Hand & Machine Tools	0.5	%
Leisure Time	0.4	%
Distribution & Wholesale	0.4	%
Banks	0.3	%
Media	0.2	%
Diversified Financial	0.1	%
Total Long-Term Investments	97.7	%
Short-Term Investments and Other Assets and Liabilities	2.3	%
	100.0	%

MassMutual Select Emerging

Growth Fund

Largest Holdings

(% of Net Assets) on 6/30/08

Walter Industries, Inc.	4.9	%
Alpha Natural Resources, Inc.	3.7	%
Energy Conversion Devices, Inc.	2.8	%
FTI Consulting, Inc.	2.4	%
Central European Distribution Corp.	2.4	%
BPZ Resources, Inc.	2.3	%
Priceline.com, Inc.	2.2	%
Compass Minerals International, Inc.	2.1	%
Schnitzer Steel Industries, Inc. Class A	2.0	%
Illumina, Inc.	2.0	%

24

MassMutual Select Funds – Portfolio Summary (Continued)

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's sub-adviser is AllianceBernstein L.P. (AllianceBernstein).

MassMutual Select Diversified International Fund

Country Weightings

(% of Net Assets) on 6/30/08

United Kingdom	15.3	%
Japan	15.3	%
Germany	12.0	%
France	9.9	%
Canada	6.6	%
Republic of Korea	5.7	%
Russia	4.1	%
Netherlands	3.4	%
Taiwan	3.4	%
Italy	2.9	%
Norway	2.3	%
Brazil	2.2	%
China	1.9	%
Belgium	1.8	%
Luxembourg	1.7	%
Switzerland	1.5	%
Sweden	1.4	%
South Africa	1.0	%
Australia	0.8	%
Mexico	0.7	%
Spain	0.7	%
Poland	0.7	%
Thailand	0.6	%
Finland	0.6	%
Turkey	0.5	%
Hong Kong	0.5	%
Israel	0.4	%
Bermuda	0.2	%
Total Long-Term Investments	98.1	%
Short-Term Investments and Other Assets and Liabilities	1.9	%
	100.0	%

MassMutual Select Diversified

International Fund

Largest Holdings

(% of Net Assets) on 6/30/08

Royal Dutch Shell PLC Class A	3.8	%
BASF SE	2.4	%
Total SA	2.3	%
LUKOIL Sponsored ADR (Russia)	2.0	%
Allianz SE	1.9	%
HBOS PLC	1.8	%
Mining and Metallurgical Company Norilsk Nickel Sponsored ADR (Russia)	1.8	%
ING Groep NV	1.8	%
Vodafone Group PLC	1.8	%
Deutsche Bank AG	1.7	%

25

MassMutual Select Funds – Portfolio Summary (Continued)

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.

MassMutual Select Overseas Fund

Industry Table

(% of Net Assets) on 6/30/08

Diversified Financial	9.7	%
Banks	9.3	%
Pharmaceuticals	8.6	%
Media	6.4	%
Chemicals	6.1	%
Auto Manufacturers	4.7	%
Commercial Services	4.0	%
Electronics	4.0	%
Semiconductors	3.9	%
Oil & Gas	3.7	%
Beverages	3.7	%
Retail	3.2	%
Office Equipment/Supplies	3.1	%
Foods	3.1	%
Insurance	3.0	%
Holding Company —   Diversified	3.0	%
Software	2.1	%
Electrical Components & Equipment	2.1	%
Health Care — Products	1.8	%
Transportation	1.8	%
Advertising	1.6	%
Household Products	1.6	%
Electric	1.6	%
Telecommunications	1.4	%
Cosmetics & Personal Care	1.3	%
Gas	1.0	%
Entertainment	0.9	%
Manufacturing	0.8	%
Mining	0.5	%
Automotive & Parts	0.3	%
Apparel	0.3	%
Distribution & Wholesale	0.3	%
Total Long-Term Investments	98.9	%
Short-Term Investments and Other Assets and Liabilities	1.1	%
	100.0	%

MassMutual Select Overseas Fund

Largest Holdings

(% of Net Assets) on 6/30/08

LVMH Moet Hennessy Louis Vuitton SA	3.0	%
GlaxoSmithKline PLC	3.0	%
Nestle SA	2.7	%
Credit Suisse Group	2.5	%
Canon, Inc.	2.3	%
Omron Corp.	2.2	%
Roche Holding AG	2.2	%
Bayerische Motoren Werke AG	2.1	%
Adecco SA	1.9	%
Novartis AG	1.9	%

26

MassMutual Select Funds – Portfolio Summary (Continued)

What are the investment objectives of the Funds that comprise the MassMutual Select Destination Retirement Series?
Destination Retirement Income Fund:

  The Fund seeks to achieve high current income and, as a secondary objective, capital appreciation, by investing in a combination of equity, fixed-income and money market funds advised by MassMutual or a control affiliate of MassMutual using an asset allocation strategy designed for investors already in retirement.

Destination Retirement 2010 / 2020 / 2030 / 2040 / 2050 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 equity, fixed-income and money market funds advised by MassMutual or a control affiliate of MassMutual. Each Fund uses an asset allocation strategy designed for investors expecting to retire around the year 2010, 2020, 2030, 2040 or 2050, respectively.

MassMutual Select Destination

Retirement Income Fund

Asset Allocation

(% of Net Assets) on 6/30/08

Equity Funds	34.1	%
Fixed Income Funds	65.9	%
Total Long-Term Investments	100.0	%
Short-Term Investments and Other Assets and Liabilities	(0.0	)%
	100.0	%

MassMutual Select Destination

Retirement 2010 Fund

Asset Allocation

(% of Net Assets) on 6/30/08

Equity Funds	55.6	%
Fixed Income Funds	44.4	%
Total Long-Term Investments	100.0	%
Short-Term Investments and Other Assets and Liabilities	(0.0	)%
	100.0	%

MassMutual Select Destination

Retirement 2020 Fund

Asset Allocation

(% of Net Assets) on 6/30/08

Equity Funds	75.8	%
Fixed Income Funds	24.2	%
Total Long-Term Investments	100.0	%
Short-Term Investments and Other Assets and Liabilities	(0.0	)%
	100.0	%

MassMutual Select Destination

Retirement 2030 Fund

Asset Allocation

(% of Net Assets) on 6/30/08

Equity Funds	90.0	%
Fixed Income Funds	10.0	%
Total Long-Term Investments	100.0	%
Short-Term Investments and Other Assets and Liabilities	(0.0	)%
	100.0	%

MassMutual Select Destination

Retirement 2040 Fund

Asset Allocation

(% of Net Assets) on 6/30/08

Equity Funds	95.0	%
Fixed Income Funds	5.0	%
Total Long-Term Investments	100.0	%
Short-Term Investments and Other Assets and Liabilities	(0.0	)%
	100.0	%

MassMutual Select Destination

Retirement 2050 Fund

Asset Allocation

(% of Net Assets) on 6/30/08

Equity Funds		95.1	%
Fixed Income Funds		5.2	%
Total Long-Term Investments		100.3	%
Short-Term Investments and Other Assets and Liabilities	��	(0.3	)%
		100.0	%

27

MassMutual Select Strategic Bond Fund – Portfolio of Investments

June 30, 2008 (Unaudited)

	Number of Shares		Value
EQUITIES — 0.6%
PREFERRED STOCK — 0.6%
Auto Manufacturers — 0.0%
General Motors Corp.		5,000	$	62,100
General Motors Corp. Series C		6,475		86,198
				148,298
U.S. Government Agencies — 0.6%
Fannie Mae		1,300		61,303
Fannie Mae		29,475		676,451
Freddie Mac		42,725		1,038,218
				1,775,972
TOTAL PREFERRED STOCK (Cost $2,096,509)				1,924,270
TOTAL EQUITIES (Cost $2,096,509)				1,924,270
	Principal Amount
BONDS & NOTES — 94.1%
CORPORATE DEBT — 29.7%
Advertising — 0.0%
Lamar Media Corp. Series B 6.625% 8/15/15	$	90,000		81,900
Aerospace & Defense — 0.0%
DRS Technologies, Inc. 6.625% 2/01/16		55,000		55,825
Agriculture — 0.1%
Reynolds American, Inc. 6.750% 6/15/17		215,000		213,880
Airlines — 0.1%
Delta Air Lines, Inc. 6.821% 8/10/22		389,136		324,928
Apparel — 0.0%
Oxford Industries, Inc. 8.875% 6/01/11		45,000		43,425
Auto Manufacturers — 1.1%
DaimlerChrysler Finance North America LLC 5.750% 5/18/09		140,000		141,822
DaimlerChrysler Finance North America LLC 5.875% 3/15/11		380,000		384,888

	Principal Amount		Value
DaimlerChrysler Finance North America LLC 7.200% 9/01/09	$	65,000	$	66,856
Ford Motor Co. 4.250% 12/15/36		150,000		109,125
Ford Motor Co. 6.625% 10/01/28		40,000		21,400
Ford Motor Co. 7.450% 7/16/31		940,000		547,550
General Motors Corp. 8.250% 7/15/23		80,000		46,600
General Motors Corp. EUR(a) 8.375% 7/05/33		40,000		34,013
General Motors Corp. 8.375% 7/15/33		3,590,000		2,127,075
				3,479,329
Automotive & Parts — 0.1%
Visteon Corp. 8.250% 8/01/10		82,000		72,980
Visteon Corp.(b) 12.250% 12/31/16		209,000		167,200
				240,180
Banks — 3.0%
BAC Capital Trust XIV VRN 5.630% 3/15/12		30,000		23,410
Bank of America Corp. VRN 8.125% 5/15/18		510,000		482,083
Glitnir Banki HF(b) 6.330% 7/28/11		290,000		235,219
Glitnir Banki HF(b) 6.375% 9/25/12		390,000		335,214
Glitnir Banki HF VRN(b) 6.693% 6/15/16		420,000		270,085
Glitnir Banki HF VRN(b) 7.451% 9/14/16		100,000		60,185
HSBK Europe BV(b) 9.250% 10/16/13		400,000		402,000
Hypothekenbank in Essen(b) 5.000% 1/20/12		100,000		103,221
ICICI Bank Ltd. VRN 6.375% 4/30/22		480,000		433,599
ICICI Bank Ltd. VRN(b) 6.375% 4/30/22		428,000		383,561
KeyBank NA 5.500% 9/17/12		140,000		129,988
Landsbanki Islands HF(b) 6.100% 8/25/11		670,000		590,689

	Principal Amount		Value
Rabobank Capital Funding II VRN(b) 5.260% 12/31/13	$	10,000	$	9,161
Rabobank Capital Funding Trust VRN(b) 5.254% 10/21/16		95,000		81,585
Royal Bank of Scotland Group PLC VRN(b) 6.990% 10/5/17		300,000		270,008
Royal Bank of Scotland Group PLC VRN 7.640% 9/29/17		200,000		182,866
RSHB Capital SA for OJSC Russian Agricultural Bank(b) 6.299% 5/15/17		790,000		728,894
Shinsei Finance Cayman Ltd. VRN(b) 6.418% 7/20/16		400,000		280,917
SunTrust Capital VIII VRN 6.100% 12/15/36		1,120,000		889,496
TuranAlem Finance BV(b) 8.250% 1/22/37		430,000		359,588
TuranAlem Finance BV(b) 8.250% 1/22/37		1,170,000		976,950
Wachovia Capital Trust III VRN 5.800% 3/15/11		230,000		156,400
Wachovia Corp. 5.250% 8/01/14		990,000		921,777
Wachovia Corp. 5.625% 10/15/16		330,000		300,061
Wells Fargo & Co. 5.300% 8/26/11		180,000		183,126
Wells Fargo Capital 5.950% 12/15/36		600,000		544,292
				9,334,375
Biotechnology — 0.1%
FMC Finance III SA 6.875% 7/15/17		240,000		235,800
Chemicals — 0.0%
Georgia Gulf Corp. 9.500% 10/15/14		40,000		29,900
Westlake Chemical Corp. 6.625% 1/15/16		40,000		33,600
				63,500
Coal — 0.0%
Peabody Energy Corp. 6.875% 3/15/13		40,000		40,100

(Continued)

The accompanying notes are an integral part of the financial statements.
28

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

	Principal Amount		Value
Commercial Services — 0.1%
Ashtead Capital, Inc.(b) 9.000% 8/15/16	$	31,000	$	27,280
DI Finance/DynCorp International, Series B 9.500% 2/15/13		45,000		45,000
Hertz Corp. 8.875% 1/01/14		80,000		73,200
Service Corp. International 7.500% 4/01/27		135,000		114,750
Service Corp. International 7.625% 10/01/18		10,000		9,975
				270,205
Computers — 0.2%
Electronic Data Systems Corp. 7.125% 10/15/09		620,000		639,385
Sungard Data Systems, Inc. 9.125% 8/15/13		50,000		50,500
Sungard Data Systems, Inc. 10.250% 8/15/15		35,000		35,175
				725,060
Diversified Financial — 8.7%
Aiful Corp.(b) 5.000% 8/10/10		320,000		284,664
American Express Co. VRN 6.800% 9/01/66		220,000		203,400
American General Finance Corp. 6.900% 12/15/17		210,000		183,029
Banque Paribas 6.875% 3/01/09		110,000		112,363
The Bear Stearns Cos., Inc. 6.400% 10/02/17		930,000		919,018
The Bear Stearns Cos., Inc. 7.250% 2/01/18		80,000		83,485
Citigroup Capital XXI VRN 8.300% 12/21/37		920,000		868,783
Citigroup, Inc. 4.125% 2/22/10		445,000		440,879
Citigroup, Inc. 5.875% 5/29/37		150,000		127,553
Citigroup, Inc. 6.125% 8/25/36		40,000		33,830
Citigroup, Inc. 6.875% 3/05/38		920,000		887,795
Countrywide Financial Corp. FRN 3.022% 3/24/09		1,400,000		1,344,452
Countrywide Financial Corp. FRN 3.079% 12/19/08		150,000		146,257

	Principal Amount		Value
Countrywide Financial Corp. 5.800% 6/07/12	$	10,000	$	9,458
Countrywide Financial Corp. 6.250% 5/15/16		360,000		320,524
Countrywide Home Loans, Inc. 4.125% 9/15/09		170,000		162,364
Countrywide Home Loans, Inc. 5.625% 7/15/09		70,000		68,263
Credit Suisse Guernsey Ltd. VRN 5.860% 5/15/17		200,000		166,730
Ford Motor Credit Co. 5.700% 1/15/10		190,000		162,102
Ford Motor Credit Co. 7.375% 10/28/09		2,885,000		2,627,597
Ford Motor Credit Co. FRN 8.026% 6/15/11		298,000		242,498
Ford Motor Credit Co. 12.000% 5/15/15		900,000		791,700
General Electric Capital Corp. VRN 6.375% 11/15/17		1,160,000		1,097,138
General Motors Acceptance Corp. 6.875% 9/15/11		2,500,000		1,796,430
GMAC LLC 0.010% 6/15/15		10,000		3,008
GMAC LLC 5.625% 5/15/09		420,000		388,878
GMAC LLC 5.850% 1/14/09		240,000		227,899
GMAC LLC 8.000% 11/01/31		3,540,000		2,303,046
Goldman Sachs Group LP 4.500% 6/15/10		430,000		430,577
The Goldman Sachs Group, Inc. 5.450% 11/01/12		60,000		60,005
HSBC Finance Corp. 4.125% 11/16/09		300,000		298,012
HSBC Finance Corp. 4.625% 9/15/10		460,000		456,173
JP Morgan Chase & Co. 5.125% 9/15/14		1,160,000		1,127,906
JP Morgan Chase & Co. 5.150% 10/01/15		600,000		577,712
Kaupthing Bank(b) 5.750% 10/04/11		100,000		80,959
Kaupthing Bank(b) 7.125% 5/19/16		375,000		264,265

	Principal Amount		Value
Kaupthing Bank (Acquired 5/22/08, Cost $1,507,428)(b) (c) 7.625% 2/28/15	$	1,800,000	$	1,625,940
Lehman Brothers Holdings Capital Trust VII VRN 5.857% 5/31/12		310,000		202,275
Lehman Brothers Holdings, Inc. 5.250% 2/06/12		145,000		137,218
Lehman Brothers Holdings, Inc. 6.200% 9/26/14		210,000		200,438
Lehman Brothers Holdings, Inc. 6.500% 7/19/17		440,000		407,052
Lehman Brothers Holdings, Inc. Series I 6.750% 12/28/17		1,320,000		1,240,041
Morgan Stanley Series F 5.625% 1/09/12		660,000		660,490
Residential Capital LLC(b) 8.500% 5/15/10		207,000		173,880
Residential Capital LLC(b) 9.625% 5/15/15		760,000		368,600
SLM Corp. 5.000% 10/01/13		590,000		510,152
SLM Corp. 5.000% 4/15/15		20,000		16,923
SLM Corp. 5.050% 11/14/14		120,000		101,915
SLM Corp. 5.375% 5/15/14		1,080,000		948,815
SLM Corp. 5.625% 8/01/33		110,000		82,825
TNK-BP Finance SA(b) 6.625% 3/20/17		200,000		177,000
TNK-BP Finance SA(b) 7.500% 7/18/16		400,000		378,480
TNK-BP Finance SA(b) 7.875% 3/13/18		570,000		548,625
Toyota Motor Credit Corp. FRN 2.740% 4/07/10		480,000		479,585
				27,559,006
Electric — 3.2%
The AES Corp. 7.750% 3/01/14		328,000		323,490
The AES Corp. 7.750% 10/15/15		200,000		197,000
The AES Corp. 8.000% 10/15/17		1,080,000		1,058,400

(Continued)

The accompanying notes are an integral part of the financial statements.
29

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

	Principal Amount		Value
The Cleveland Electric Illuminating Co. 5.700% 4/01/17	$	20,000	$	19,022
Dominion Resources, Inc. 4.750% 12/15/10		30,000		30,192
Dominion Resources, Inc. 5.700% 9/17/12		600,000		609,204
Duke Energy Corp. 5.625% 11/30/12		705,000		725,403
Edison Mission Energy 7.000% 5/15/17		150,000		140,250
Edison Mission Energy 7.200% 5/15/19		200,000		186,500
Edison Mission Energy 7.625% 5/15/27		70,000		62,825
Energy Future Holdings Corp.(b) 10.875% 11/01/17		10,000		10,100
Energy Future Holdings Corp.(b) 11.250% 11/01/17		3,150,000		3,142,125
Energy Future Holdings Corp. Series P 5.550% 11/15/14		80,000		62,630
Energy Future Holdings Corp. Series Q 6.500% 11/15/24		220,000		162,317
Energy Future Holdings Corp. Series R 6.550% 11/15/34		1,115,000		812,365
Exelon Corp. 5.625% 6/15/35		350,000		301,670
FirstEnergy Corp. Series B 6.450% 11/15/11		190,000		194,959
FirstEnergy Corp. Series C 7.375% 11/15/31		1,130,000		1,228,760
NRG Energy, Inc. 7.375% 2/01/16		80,000		75,300
NRG Energy, Inc. 7.375% 1/15/17		150,000		141,750
Pacific Gas & Electric Co. 5.800% 3/01/37		130,000		121,202
Pacific Gas & Electric Co. 6.050% 3/01/34		375,000		361,587
Wisconsin Power & Light Co. 6.375% 8/15/37		140,000		139,840
				10,106,891
Electronics — 0.0%
NXP BV/NXP Funding LLC 7.875% 10/15/14		15,000		13,800

	Principal Amount		Value
Environmental Controls — 0.1%
Waste Management, Inc. 6.375% 11/15/12	$	400,000	$	410,429
Foods — 0.0%
The Kroger Co. 6.150% 1/15/20		40,000		39,576
The Kroger Co. 6.400% 8/15/17		30,000		30,599
				70,175
Forest Products & Paper — 0.2%
Abitibi-Consolidated Co. of Canada(b) 15.500% 7/15/10		136,000		106,760
NewPage Corp. 10.000% 5/01/12		100,000		101,250
Weyerhaeuser Co. 6.750% 3/15/12		475,000		489,212
				697,222
Gas — 0.3%
Intergas Finance BV(b) 6.375% 5/14/17		900,000		801,000
Health Care – Services — 1.1%
Community Health Systems, Inc. 8.875% 7/15/15		190,000		191,187
DaVita, Inc. 6.625% 3/15/13		160,000		153,600
HCA, Inc. 5.750% 3/15/14		84,000		69,930
HCA, Inc. 6.250% 2/15/13		169,000		146,608
HCA, Inc. 6.375% 1/15/15		170,000		141,100
HCA, Inc. 6.500% 2/15/16		8,000		6,660
HCA, Inc. 9.125% 11/15/14		30,000		30,675
HCA, Inc. 9.250% 11/15/16		230,000		236,900
HCA, Inc. 9.625% 11/15/16		1,225,000		1,261,750
Tenet Healthcare Corp. 9.250% 2/01/15		1,274,000		1,248,520
WellPoint, Inc. 5.875% 6/15/17		50,000		48,329
				3,535,259
Insurance — 0.6%
American International Group, Inc. 5.850% 1/16/18		120,000		112,422

	Principal Amount		Value
American International Group, Inc. 6.250% 3/15/87	$	670,000	$	524,453
Metlife Capital Trust IV(b) 7.875% 12/15/32		300,000		293,996
Metlife, Inc. 6.400% 12/15/36		440,000		384,172
The Travelers Cos., Inc. VRN 6.250% 3/15/37		590,000		506,894
				1,821,937
Iron & Steel — 0.2%
Evraz Group SA(b) 8.875% 4/24/13		480,000		480,576
Steel Dynamics, Inc. 6.750% 4/01/15		140,000		134,050
				614,626
Lodging — 0.2%
Boyd Gaming Corp. 7.125% 2/01/16		50,000		36,875
Inn of the Mountain Gods Resort & Casino 12.000% 11/15/10		50,000		43,000
MGM Mirage 6.750% 9/01/12		10,000		8,975
MGM Mirage 7.625% 1/15/17		245,000		201,513
MGM Mirage 8.375% 2/01/11		95,000		91,675
Station Casinos, Inc. 7.750% 8/15/16		200,000		153,000
				535,038
Machinery – Construction & Mining — 0.0%
Terex Corp. 7.375% 1/15/14		60,000		59,100
Manufacturing — 0.7%
Eastman Kodak Co. 7.250% 11/15/13		1,020,000		991,950
Tyco International Finance SA(b) 6.875% 1/15/21		340,000		339,846
Tyco International Group SA 6.000% 11/15/13		310,000		299,123
Tyco International Group SA 6.125% 11/01/08		40,000		40,126
Tyco International Group SA 6.125% 1/15/09		10,000		10,096

(Continued)

The accompanying notes are an integral part of the financial statements.
30

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

	Principal Amount		Value
Tyco International Group SA 6.375% 10/15/11	$	470,000	$	480,965
Tyco International Group SA 6.750% 2/15/11		80,000		82,139
				2,244,245
Media — 1.9%
CCH I LLC 11.000% 10/01/15		130,000		96,362
Clear Channel Communications, Inc. 4.250% 5/15/09		50,000		48,250
Clear Channel Communications, Inc. 5.500% 9/15/14		570,000		342,000
Clear Channel Communications, Inc. 6.250% 3/15/11		10,000		8,475
Comcast Corp. 6.500% 1/15/15		1,405,000		1,426,718
Comcast Corp. 6.500% 1/15/17		440,000		442,615
DirecTV Holdings LLC/DirecTV Financing Co. 8.375% 3/15/13		55,000		56,650
Echostar DBS Corp. 6.625% 10/01/14		45,000		41,625
Echostar DBS Corp. 7.000% 10/01/13		95,000		90,488
Echostar DBS Corp.(b) 7.750% 5/31/15		90,000		87,525
Idearc, Inc. 8.000% 11/15/16		225,000		141,469
Liberty Media Corp. 7.875% 7/15/09		1,240,000		1,252,068
News America, Inc. 6.200% 12/15/34		20,000		18,444
News America, Inc. 6.650% 11/15/37		40,000		39,057
R.H. Donnelley Corp.(b) 8.875% 10/15/17		85,000		50,575
Rogers Cable, Inc. 6.750% 3/15/15		40,000		40,796
Shaw Communications, Inc. 7.250% 4/06/11		20,000		20,200
Sun Media Corp. 7.625% 2/15/13		25,000		24,188
Time Warner Entertainment Co. LP 8.375% 7/15/33		60,000		64,935

	Principal Amount		Value
Time Warner, Inc. 6.875% 5/01/12	$	1,480,000	$	1,514,114
Time Warner, Inc. 7.700% 5/01/32		60,000		61,428
TL Acquisitions, Inc.(b) 10.500% 1/15/15		80,000		69,200
				5,937,182
Mining — 0.5%
Freeport-McMoRan Copper & Gold, Inc. 8.375% 4/01/17		250,000		263,750
Vale Overseas Ltd. 6.875% 11/21/36		881,000		818,216
Vedanta Resources PLC(b) 8.750% 1/15/14		390,000		391,466
				1,473,432
Office Equipment/Supplies — 0.0%
Xerox Corp. 6.750% 2/01/17		30,000		30,234
Oil & Gas — 2.7%
Anadarko Finance Co. Series B 7.500% 5/01/31		230,000		246,546
Anadarko Petroleum Corp. 5.950% 9/15/16		40,000		40,021
Anadarko Petroleum Corp. 6.450% 9/15/36		830,000		819,283
Chesapeake Energy Corp. 6.375% 6/15/15		40,000		37,800
Chesapeake Energy Corp. 6.500% 8/15/17		40,000		37,400
Chesapeake Energy Corp. 7.250% 12/15/18		150,000		145,875
Conoco, Inc. 6.950% 4/15/29		375,000		411,280
Gaz Capital SA(b) 6.212% 11/22/16		690,000		644,667
Gaz Capital SA(b) 6.510% 3/07/22		340,000		303,155
Hess Corp. 7.300% 8/15/31		655,000		731,537
Hess Corp. 7.875% 10/01/29		90,000		103,222
KazMunaiGaz Finance Sub BV(b) 8.375% 7/02/13		1,540,000		1,534,995
Kerr-McGee Corp. 6.950% 7/01/24		290,000		300,807
Kerr-McGee Corp. 7.875% 9/15/31		650,000		756,227
OPTI Canada, Inc. 7.875% 12/15/14		150,000		148,125

	Principal Amount		Value
OPTI Canada, Inc. 8.250% 12/15/14	$	125,000	$	124,375
Pemex Project Funding Master Trust 6.625% 6/15/35		623,000		614,654
Petrobras International Finance Co. 6.125% 10/06/16		710,000		710,000
Pride International, Inc. 7.375% 7/15/14		40,000		39,900
XTO Energy, Inc. 7.500% 4/15/12		600,000		643,724
				8,393,593
Oil & Gas Services — 0.1%
Cie Generale de Geophysique-Veritas 7.500% 5/15/15		35,000		34,913
Cie Generale de Geophysique-Veritas 7.750% 5/15/17		195,000		195,244
Complete Production Services, Inc. 8.000% 12/15/16		170,000		169,787
				399,944
Packaging & Containers — 0.0%
Graham Packaging Co., Inc. 8.500% 10/15/12		110,000		104,225
Graham Packaging Co., Inc. 9.875% 10/15/14		40,000		35,400
				139,625
Pharmaceuticals — 0.1%
Wyeth 5.950% 4/01/37		460,000		444,009
Pipelines — 1.0%
Dynegy Holdings, Inc. 7.750% 6/01/19		260,000		236,600
El Paso Corp. 7.000% 6/15/17		680,000		665,508
El Paso Corp. 7.750% 1/15/32		84,000		84,150
El Paso Corp. 7.800% 8/01/31		19,000		19,134
El Paso Natural Gas Co. 8.375% 6/15/32		349,000		389,731
Kinder Morgan Energy Partners LP 5.000% 12/15/13		100,000		95,840
Kinder Morgan Energy Partners LP 6.000% 2/01/17		230,000		227,262

(Continued)

The accompanying notes are an integral part of the financial statements.
31

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

	Principal Amount		Value
Kinder Morgan Energy Partners LP 6.300% 2/01/09	$	60,000	$	60,609
Kinder Morgan Energy Partners LP 6.750% 3/15/11		60,000		61,847
Kinder Morgan Energy Partners LP 6.950% 1/15/38		100,000		99,252
Kinder Morgan Energy Partners LP 7.125% 3/15/12		20,000		20,878
Pacific Energy Partners LP/Pacific Energy Finance Corp. 7.125% 6/15/14		20,000		20,168
Semgroup LP(b) 8.750% 11/15/15		95,000		92,150
Southern Natural Gas Co. 8.000% 3/01/32		5,000		5,401
Tennessee Gas Pipeline Co. 7.625% 4/01/37		50,000		52,039
Williams Cos., Inc. 7.750% 6/15/31		210,000		218,400
Williams Cos., Inc. Series A 7.500% 1/15/31		645,000		652,256
				3,001,225
Real Estate — 0.1%
Forest City Enterprises, Inc. 7.625% 6/01/15		35,000		32,550
Realogy Corp. 12.375% 4/15/15		520,000		254,800
				287,350
Real Estate Investment Trusts (REITS) — 0.4%
Franchise Finance Corp. of America 8.750% 10/15/10		1,000,000		1,105,761
Ventas Realty LP/Ventas Capital Corp. 6.500% 6/01/16		35,000		33,425
Ventas Realty LP/Ventas Capital Corp. 6.750% 4/01/17		30,000		28,800
				1,167,986
Retail — 0.3%
Amerigas Partners LP 7.250% 5/20/15		30,000		28,050
CVS Caremark Corp.(b) 9.350% 1/10/23		240,000		229,800
CVS Lease Pass Through(b) 5.880% 1/10/28		151,237		146,638
CVS Lease Pass Through Trust(b) 6.036% 12/10/28		174,161		160,665

	Principal Amount		Value
CVS Pass-Through Trust(b) 5.298% 1/11/27	$	16,602	$	14,884
CVS Pass-Through Trust(b) 6.943% 1/10/30		119,068		124,594
Suburban Propane Partners LP/Suburban Energy Finance Corp. 6.875% 12/15/13		80,000		75,600
Wal-Mart Stores, Inc. 6.200% 4/15/38		60,000		58,953
				839,184
Savings & Loans — 0.7%
AAC Group Holding Corp. STEP 0.000% 10/01/12		40,000		38,200
ASIF Global Financing XIX(b) 4.900% 1/17/13		20,000		19,215
El Paso Performance-Linked Trust(b) 7.750% 7/15/11		650,000		654,831
Goldman Sachs Capital II VRN 5.793% 12/29/49		460,000		319,866
ILFC E-Capital Trust II VRN(b) 6.250% 12/21/65		10,000		8,347
MUFG Capital Finance 1 Ltd. VRN 6.346% 7/29/49		180,000		156,022
Resona Preferred Global Securities Cayman Ltd. VRN(b) 7.191% 12/29/49		455,000		420,149
Sigma Finance, Inc. VRN(b) 8.000% 6/22/17		890,000		525,100
				2,141,730
Semiconductors — 0.0%
Freescale Semiconductor, Inc. 8.875% 12/15/14		45,000		36,563
Telecommunications — 1.8%
America Movil SAB de CV 5.625% 11/15/17		330,000		317,820
AT&T, Inc. 5.500% 2/01/18		680,000		658,926
BellSouth Corp. 4.750% 11/15/12		10,000		9,827
British Telecom PLC STEP 8.625% 12/15/10		130,000		139,588
Citizens Communications Co. 7.125% 3/15/19		35,000		31,325

	Principal Amount		Value
Citizens Communications Co. 7.875% 1/15/27	$	95,000	$	83,125
Deutsche Telekom International Finance BV 5.750% 3/23/16		390,000		380,528
Koninklijke KPN NV 8.000% 10/01/10		715,000		756,497
Koninklijke KPN NV 8.375% 10/01/30		200,000		229,926
Level 3 Financing, Inc. 9.250% 11/01/14		95,000		86,450
Qwest Communications International, Inc. FRN 6.176% 2/15/09		5,000		4,975
Qwest Communications International, Inc. Series B 7.500% 2/15/14		95,000		90,250
Qwest Corp. 6.875% 9/15/33		130,000		107,250
Qwest Corp. 7.500% 10/01/14		55,000		52,938
SBC Communications, Inc. 5.100% 9/15/14		230,000		225,462
Sprint Capital Corp. 6.900% 5/01/19		910,000		798,525
Sprint Capital Corp. 8.375% 3/15/12		30,000		29,700
Sprint Capital Corp. 8.750% 3/15/32		100,000		95,250
Telecom Italia Capital SA 4.950% 9/30/14		100,000		91,525
Telecom Italia Capital SA 5.250% 10/01/15		310,000		283,698
Verizon Communications, Inc. 6.100% 4/15/18		280,000		277,977
Verizon Global Funding Corp. 7.375% 9/01/12		220,000		237,369
VIP Finance Ireland Ltd. for OJSC Vimpel Communications(b) 8.375% 4/30/13		580,000		571,780
Windstream Corp. 8.625% 8/01/16		170,000		169,575
				5,730,286
Transportation — 0.0%
Gulfmark Offshore, Inc. 7.750% 7/15/14		20,000		20,150
TOTAL CORPORATE DEBT (Cost $101,851,613)				93,619,728

(Continued)

The accompanying notes are an integral part of the financial statements.
32

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

	Principal Amount		Value
NON-U.S. GOVERNMENT AGENCY OBLIGATIONS — 15.5%
Commercial MBS — 2.8%
Banc of America Commercial Mortgage, Inc., Series 2005-5, Class A4 VRN 5.115% 10/10/45	$	280,000	$	266,019
Banc of America Commercial Mortgage, Inc., Series 2005-6, Class A4 VRN 5.352% 9/10/47		840,000		804,157
GE Capital Commercial Mortgage Corp., Series 2005-C4, Class A4 VRN 5.512% 11/10/45		350,000		338,232
GS Mortgage Securities Corp. II, Series 2005-GG4, Class AABA 4.680% 7/10/39		200,000		193,092
JP Morgan Chase Commercial Mortgage Securities Corp., Series 2005-CB12, Class A4 4.895% 9/12/37		500,000		470,003
JP Morgan Chase Commercial Mortgage Securities Corp., Series 2007-LDPX, Class A3 5.420% 1/15/49		1,110,000		1,028,736
JP Morgan Chase Commercial Mortgage Securities Corp., Series 2005-CB13, Class A4 VRN 5.472% 1/12/43		100,000		96,269
LB-UBS Commercial Mortgage Trust, Series 2005-C3, Class AAB 4.664% 7/15/30		100,000		97,259
LB-UBS Commercial Mortgage Trust, Series 2005-C3, Class A5 4.739% 7/15/30		3,140,000		2,932,025
LB-UBS Commercial Mortgage Trust, Series 2005-C5, Class A4 4.954% 9/15/30		200,000		188,929

	Principal Amount		Value
Merrill Lynch Mortgage Trust, Series 2006-C1, Class A4 VRN 5.842% 5/12/39	$	610,000	$	592,841
Merrill Lynch/Countrywide Commercial Mortgage Trust, Series 2007-6, Class A4 VRN 5.485% 3/12/51		520,000		483,976
Morgan Stanley Capital I, Series 2005-HQ6, Class A4A 4.989% 8/13/42		240,000		227,022
Morgan Stanley Capital I, Series 2007-IQ14, Class A4 VRN 5.692% 4/15/49		910,000		858,740
				8,577,300
Home Equity ABS — 2.6%
ACE Securities Corp., Series 2002-HE3, Class M1 FRN 1.000% 10/25/32		1,783,108		1,530,104
Bear Stearns Asset Backed Securities, Inc., Series 2005-AQ2, Class A3 2.753% 9/25/35		433,292		415,148
Bear Stearns Asset Backed Securities, Inc., Series 2005-AQ2, Class A2 2.843% 9/25/35		900,000		440,437
Delta Funding Home Equity Loan Trust, Series 1999-1, Class A6F 6.340% 12/15/28		7,993		7,657
GSAA Home Equity Trust, Series 2007-6, Class A4 FRN 2.693% 5/25/37		2,520,000		1,293,511
GSAA Trust, Series 2006-19, Class A3A FRN 2.723% 12/25/36		1,760,000		836,352
GSAA Trust, Series 2007-5, Class 2A3A FRN 2.803% 5/25/37		2,560,000		1,427,011
Irwin Home Equity Corp., Series 2006-1, Class 2A1 FRN(b) 2.543% 9/25/35		85,044		84,344
Renaissance Home Equity Loan Trust, Series 2007-2, Class AF6 5.879% 6/25/37		2,100,000		1,774,563

	Principal Amount		Value
Residential Funding Mortgage Securities II, Inc., Series 2005-HSA1, Class AI1 2.513% 12/25/35	$	244,077	$	228,765
Structured Asset Securities Corp., Series 2002-AL1, Class A3 3.450% 2/25/32		179,032		147,561
				8,185,453
Manufactured Housing ABS — 0.9%
Origen Manufactured Housing, Series 2005-B, Class A3 5.605% 5/15/22		3,000,000		2,868,461
Student Loans ABS — 1.1%
Bear Stearns Asset Back Securities Trust, Series 2005-SD4, Class 2A1 FRN 2.883% 12/25/42		340,208		272,964
Countrywide Asset-Backed Certificates, Series 2005-17, Class 1AF1 FRN 2.683% 5/25/36		36,653		36,452
Countrywide Home Equity Loan Trust, Series 2005-G, Class 2A FRN 2.701% 12/15/35		222,559		105,271
HSI Asset Securitization Corp. Series 2005-II, Class 2A4 2.873% 11/25/35		1,400,000		948,551
Keycorp Student Loan Trust, Series 2005-A, Class 1A1 FRN 2.665% 12/27/19		4,631		4,631
Lehman XS Trust, Series 2006-2N, Class 1A1 FRN 2.653% 2/25/46		887,050		650,089
Lehman XS Trust, Series 2005-5N, Class 1A1 FRN 2.693% 11/25/35		286,990		206,095
MSDWCC Heloc Trust, Series 2005-1, Class A FRN 2.583% 7/25/17		17,149		11,128

(Continued)

The accompanying notes are an integral part of the financial statements.
33

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

	Principal Amount		Value
Nelnet Student Loan Trust, Series 2008-4, Class A4 4.100% 4/25/17	$	510,000	$	513,187
Structured Asset Securities Corp., Series 2007-BC4, Class A3 FRN 2.643% 11/25/37		834,080		751,845
				3,500,213
WL Collateral CMO — 8.1%
American Home Mortgage Investment Trust, Series 2005-4, Class 1A1 FRN 2.773% 11/25/45		377,979		309,827
Bear Stearns Alt-A Trust, Series 2004-11, Class IIA6A VRN 5.123% 11/25/34		957,490		888,737
Countrywide Alternative Loan Trust, Series 2005-24, Class 4A1 FRN 2.712% 7/20/35		158,386		121,089
Countrywide Alternative Loan Trust, Series 2005-59, Class 1A1 FRN 2.723% 11/20/35		508,347		399,685
Countrywide Alternative Loan Trust, Series 2005-J12, Class 2A1 FRN 2.753% 11/25/35		312,065		212,425
Countrywide Alternative Loan Trust, Series 2005-44, Class 1A1 FRN 2.813% 10/25/35		271,335		221,877
Countrywide Alternative Loan Trust, Series 2005-38, Class A3 FRN 2.833% 9/25/35		106,908		82,240
Countrywide Home Loan Mortgage Pass Through Trust, Series 2005-R3, Class AF FRN(b) 2.883% 9/25/35		664,430		546,811
Deutsche Mortgage Securities, Inc., Series 2005-WF1, Class 1A3 VRN(b) 5.085% 6/26/35		970,000		814,734

	Principal Amount		Value
GSMPS Mortgage Loan Trust, Series 2005-RP3, Class 1AF FRN(b) 2.833% 9/25/35	$	464,936	$	396,592
GSR Mortgage Loan Trust, Series 2005-AR5, Class 2A3 5.169% 10/25/35		597,763		587,686
Harborview Mortgage Loan Trust, Series 2006-2, Class 1A VRN 5.463% 2/25/36		368,991		282,087
Impac Secured Assets CMN Owner Trust, Series 2005-2, Class A1 FRN 2.803% 3/25/36		675,767		498,340
Indymac INDA Mortgage Loan Trust, Series 2007-AR7, Class 1A1 FRN 6.263% 11/25/37		383,868		376,769
Indymac Index Mortgage Loan Trust, Series 2006-AR2, Class 1A1B FRN 2.603% 4/25/46		961,460		713,834
Indymac Index Mortgage Loan Trust, Series 2004-AR12, Class A1 FRN 2.873% 12/25/34		52,140		43,580
MASTR Adjustable Rate Mortgages Trust, Series 2003-3, Class 3A4 VRN 4.626% 9/25/33		1,618,646		1,241,990
MASTR Adjustable Rate Mortgages Trust, Series 2006-2, Class 3A1 VRN 4.850% 1/25/36		727,566		709,240
MASTR Adjustable Rate Mortgages Trust, Series 2007-R5, Class A1(b) 5.647% 11/25/35		1,927,184		1,569,537
MASTR Reperforming Loan Trust, Series 2005-2, Class 1A1F FRN(b) 2.743% 5/25/35		463,468		409,050

	Principal Amount		Value
Morgan Stanley Mortgage Loan Trust, Series 2006-3AR, Class 2A3 VRN 5.834% 3/25/36	$	425,542	$	317,271
Nomura Asset Acceptance Corp., Series 2006-AF2, Class 1A4 6.431% 7/25/36		2,570,000		1,590,753
Prime Mortgage Trust, Series 2006-DR1, Class 1A1(b) 5.500% 5/25/35		832,013		801,333
Prime Mortgage Trust, Series 2006-DR1, Class 1A2(b) 6.000% 5/25/35		359,803		352,495
Prime Mortgage Trust, Series 2006-DR1, Class 2A2(b) 6.000% 5/25/35		1,942,390		1,758,015
Residential Accredit Loans, Inc., Series 2007-QS1, Class 2A2 FRN 2.753% 1/25/37		2,166,754		1,657,523
Residential Accredit Loans, Inc., Series 2006-QS8, Class A2 6.000% 8/25/36		2,290,000		1,658,668
Thornburg Mortgage Securities Trust, Series 2007-4, Class 3A1 VRN 6.214% 9/25/37		1,063,335		1,015,276
Thornburg Mortgage Securities Trust, Series 2007-4, Class 2A1 VRN 6.216% 9/25/37		1,155,244		1,118,811
WaMu Mortgage Pass Through Certificates, Series 2005-AR15, Class A1A1 FRN 2.653% 11/25/45		399,145		305,250
WaMu Mortgage Pass Through Certificates, Series 2005-AR8, Class 1A1A FRN 2.663% 7/25/45		87,367		67,475
WaMu Mortgage Pass Through Certificates, Series 2005-AR19, Class A1A1 FRN 2.663% 12/25/45		415,441		318,759

(Continued)

The accompanying notes are an integral part of the financial statements.
34

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

	Principal Amount		Value
WaMu Mortgage Pass Through Certificates, Series 2005-AR15, Class A1A2 FRN 2.673% 11/25/45	$	399,145	$	313,410
WaMu Mortgage Pass Through Certificates, Series 2005-AR13, Class A1A1 FRN 2.683% 10/25/45		312,665		240,699
WaMu Mortgage Pass Through Certificates, Series 2005-AR19, Class A1A2 FRN 2.683% 12/25/45		519,301		420,939
WaMu Mortgage Pass Through Certificates, Series 2005-AR9, Class A1A FRN 2.713% 7/25/45		304,749		235,715
WaMu Mortgage Pass Through Certificates, Series 2005-AR11, Class A1A FRN 2.713% 8/25/45		457,422		343,889
WaMu Mortgage Pass Through Certificates, Series 2006-AR14, Class 2A3 5.759% 11/25/36		1,940,000		1,814,263
WaMu Mortgage Pass Through Certificates, Series 2006-AR6, Class 2A3 5.955% 8/25/36		950,000		814,967
				25,571,641
TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $53,633,023)				48,703,068
SOVEREIGN DEBT OBLIGATIONS — 0.4%
Bundesrepublik Deutschland EUR(a) 3.750% 1/04/15		710,000		1,061,911
United Mexican States 6.750% 9/27/34		295,000		312,995
TOTAL SOVEREIGN DEBT OBLIGATIONS (Cost $1,205,352)				1,374,906

	Principal Amount		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES — 42.8%
Pass-Through Securities — 42.8%
Federal Home Loan Bank System 3.625% 5/29/13	$	430,000	$	419,773
4.875% 11/18/11		720,000		744,773
5.375% 8/19/11		50,000		52,477
Federal Home Loan Mortgage Corp. 3.875% 6/29/11		340,000		342,307
5.250% 2/24/11		1,060,000		1,073,136
5.300% 5/12/20		970,000		959,731
5.625% 3/15/11		40,000		42,125
Pool #1N2654 5.625% 11/23/35		170,000		167,039
Pool #1n1640 5.793% 1/01/37		724,425		738,216
Pool #1n1637 5.866% 1/01/37		1,868,442		1,907,057
Pool #1J1368 5.931% 10/01/36		1,264,371		1,291,240
Pool #1G2201 6.104% 9/01/37		1,358,349		1,384,560
Pool #1b7303 6.223% 3/01/37		1,056,252		1,084,082
6.750% 9/15/29		50,000		59,657
Federal National Mortgage Association Pool #256543 5.000% 11/01/21		200,368		198,451
Pool #909352 5.000% 2/01/22		200,803		198,819
Pool #928263 5.000% 4/01/22		4,263,416		4,221,281
Pool #917098 5.000% 5/01/22		237,675		235,400
Pool #937124 5.000% 5/01/22		3,937,409		3,898,496
Pool #888283 5.000% 8/01/34		41,972,959		40,474,394
Pool #735893 5.000% 10/01/35		10,662,490		10,258,482
Pool #833222 5.000% 10/01/35		122,895		118,238
Pool #848349 5.000% 11/01/35		191,280		183,973
Pool #868243 5.000% 3/01/36		190,025		182,766
Pool #879514 5.000% 3/01/36		851,023		818,512
Pool #906369 5.000% 1/01/37		853,797		819,578

	Principal Amount		Value
Pool #910971 5.000% 1/01/37	$	38,089	$	36,598
Pool #920717 5.000% 1/01/37		394,657		379,210
Pool #920718 5.000% 1/01/37		480,124		460,881
Pool #871047 5.000% 1/01/37		129,033		123,862
Pool #905948 5.000% 1/01/37		491,943		472,688
Pool #906076 5.000% 1/01/37		764,640		734,712
Pool #909463 5.000% 2/01/37		721,080		692,181
Pool #909494 5.000% 2/01/37		58,778		56,423
Pool #910065 5.000% 2/01/37		1,197,860		1,149,852
Pool #910935 5.000% 2/01/37		887,545		851,974
Pool #911439 5.000% 2/01/37		1,505,018		1,444,700
Pool #256596 5.000% 2/01/37		56,615		54,399
Pool #907703 5.000% 2/01/37		450,182		432,139
Pool #909668 5.000% 2/01/37		387,635		372,100
Pool #912446 5.000% 2/01/37		28,391		27,253
Pool #818016 5.000% 3/01/37		479,905		460,671
Pool #915673 5.000% 3/01/37		38,483		36,940
Pool #915953 5.000% 4/01/37		966,116		927,396
Pool #899113 5.000% 4/01/37		482,865		463,513
Pool #914924 5.000% 4/01/37		990,550		950,850
Pool #897628 5.000% 5/01/37		53,641		51,491
Pool #888571 5.000% 7/01/37		346,985		333,078
Pool #851722 5.500% 1/01/21		1,124,508		1,135,753
Pool #852227 5.500% 4/01/21		29,944		30,243
Pool #884139 5.500% 6/01/21		86,126		86,880
Pool #897293 5.500% 9/01/21		103,936		104,781
Pool #880971 5.500% 10/01/21		70,464		71,037

(Continued)

The accompanying notes are an integral part of the financial statements.
35

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

	Principal Amount		Value
Pool #902789 5.500% 11/01/21	$	3,077,084	$	3,102,085
Pool #902810 5.500% 12/01/21		827,030		833,749
Pool #918901 5.500% 4/01/22		85,008		85,698
Pool #709406 5.500% 7/01/33		4,951,524		4,909,745	��
Pool #888030 5.500% 12/01/36		11,544,076		11,396,167
Pool #908921 5.500% 3/01/37		852,088		840,904
Pool #908931 5.500% 3/01/37		87,707		86,556
Pool #917883 5.500% 5/01/37		63,380		62,548
Pool #911422 5.500% 5/01/37		866,336		854,966
Pool #256748 5.500% 6/01/37		919,579		907,509
Pool #918732 5.500% 6/01/37		981,422		968,541
Pool #937948 5.500% 6/01/37		91,293		90,095
Pool #939510 5.500% 6/01/37		441,458		435,526
Pool #941307 5.500% 7/01/37		70,133		69,190
Pool #944537 5.500% 7/01/37		65,463		64,584
Pool #938175 5.500% 7/01/37		990,098		976,793
Pool #945875 5.500% 8/01/37		639,253		630,663
Pool #899693 5.500% 8/01/37		291,547		287,629
Pool #949738 5.500% 9/01/37		199,551		196,932
Pool #966091 5.500% 12/01/37		62,739		61,896
Pool #960482 5.500% 1/01/38		293,442		289,499
Pool #933223 5.500% 1/01/38		791,517		780,881
Pool #962989 5.500% 5/01/38		498,952		492,248
5.625% 5/19/11		770,000		787,284
Pool #865915 5.756% 3/01/36		754,877		763,129
Pool #944103 5.839% 7/01/37		2,968,686		3,034,369
Pool #950385 5.871% 8/01/37		290,533		297,224

	Principal Amount		Value
Pool #879267 6.000% 3/01/36	$	291,307	$	294,652
Pool #00551 6.000% 4/18/36		440,000		452,093
Pool #872856 6.000% 6/01/36		859,720		869,593
Pool #867482 6.000% 7/01/36		1,970,900		1,993,535
Pool #897167 6.000% 8/01/36		794,748		803,875
Pool #842232 6.500% 9/01/35		32,174		33,229
Pool #863652 6.500% 2/01/36		362,242		373,845
Pool #895750 6.500% 6/01/36		37,444		38,609
Pool #870776 6.500% 7/01/36		140,420		144,787
Pool #745948 6.500% 10/01/36		391,502		403,308
Pool #745932 6.500% 11/01/36		82,503		85,068
Pool #920024 6.500% 11/01/36		164,587		169,551
Pool #910985 6.500% 12/01/36		275,887		284,207
Pool #908708 6.500% 1/01/37		444,980		458,399
Pool #922346 6.500% 2/01/37		251,958		259,556
Pool #909596 6.500% 2/01/37		1,246,235		1,283,817
Pool #914374 6.500% 3/01/37		551,728		568,366
Pool #915084 6.500% 4/01/37		2,064,300		2,126,551
Pool #914577 6.500% 4/01/37		409,918		422,280
Pool #937133 6.500% 5/01/37		383,206		394,762
Pool #256771 6.500% 6/01/37		294,687		303,574
Pool #918556 6.500% 6/01/37		342,916		353,257
Government National Mortgage Association Pool #566616 5.000% 5/15/37		380,318		369,087
Pool #679507 5.000% 2/15/38		2,104,030		2,041,896
Pool #487588 6.000% 4/15/29		19,984		20,462

	Principal Amount		Value
Pool #595077 6.000% 10/15/32	$	4,295	$	4,389
Pool #596620 6.000% 10/15/32		2,761		2,821
Pool #598000 6.000% 12/15/32		387		395
Pool #604706 6.000% 10/15/33		480,526		490,531
Pool #636251 6.000% 3/15/35		61,785		62,965
Pool #782034 6.000% 1/15/36		639,852		652,374
Pool #658029 6.000% 7/15/36		816,155		830,087
Pool #782121 6.000% 10/15/36		744,925		757,641
Pool #667819 6.000% 5/15/37		325,839		331,402
				134,803,542
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (Cost $134,771,078)				134,803,542
U.S. TREASURY OBLIGATIONS — 5.7%
U.S. Treasury Bonds & Notes — 5.7%
U.S. Treasury Bond 6.375% 8/15/27		580,000		710,500
U.S. Treasury Inflation Index 1.750% 1/15/28		1,230,264		1,168,078
U.S. Treasury Inflation Index 2.000% 1/15/16		1,298,568		1,368,062
U.S. Treasury Inflation Index 2.000% 1/15/26		1,450,068		1,434,661
U.S. Treasury Inflation Index 2.375% 1/15/25		3,498,081		3,662,053
U.S. Treasury Inflation Index 2.375% 1/15/27		3,056,665		3,196,125
U.S. Treasury Inflation Index 2.625% 7/15/17		217,623		240,354
U.S. Treasury Inflation Index 3.375% 4/15/32		254,106		318,467
U.S. Treasury Inflation Index 3.875% 4/15/29		2,704,455		3,475,859

(Continued)

The accompanying notes are an integral part of the financial statements.
36

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

	Principal Amount		Value
U.S. Treasury Note 2.625% 5/31/10	$	420,000	$	420,262
U.S. Treasury Note 2.875% 6/30/10		1,390,000		1,396,842
U.S. Treasury Note 3.375% 6/30/13		140,000		140,213
U.S. Treasury Note 3.500% 5/31/13		20,000		20,147
U.S. Treasury Note 3.875% 5/15/18		100,000		99,156
U.S. Treasury Principal Strips 0.010% 5/15/30		430,000		156,136
				17,806,915
TOTAL U.S. TREASURY OBLIGATIONS (Cost $17,567,932)				17,806,915
TOTAL BONDS & NOTES (Cost $309,028,998)				296,308,159
	Number of Shares
OPTIONS — 0.0%
Diversified Financial — 0.0%
Eurodollar Futures Put, Expires 9/23/2008, Strike 95.375		12,500		31
TOTAL OPTIONS (Cost $88)				31
TOTAL LONG-TERM INVESTMENTS (Cost $311,125,595)				298,232,460
	Principal Amount
SHORT-TERM INVESTMENTS — 5.8%
Repurchase Agreement — 1.8%
State Street Bank & Trust Co. Repurchase Agreement, dated 6/30/08, 0.900%, due 7/01/08(d)	$	5,558,225		5,558,225
Discount Notes — 4.0%
Federal Home Loan Bank(d) 0.010% 7/01/08		10,000,000		10,000,000
Federal National Mortgage Association(e) 1.800% 12/15/08		2,489,000		2,468,217

	Principal Amount		Value
Federal National Mortgage Association(e) 2.000% 12/15/08	$	85,000	$	84,211
Federal National Mortgage Association(e) 2.060% 12/15/08		172,000		170,356
				12,722,784
TOTAL SHORT-TERM INVESTMENTS (Cost $18,281,009)				18,281,009
TOTAL INVESTMENTS — 100.5% (Cost $329,406,604)(f)				316,513,469
Other Assets/ (Liabilities) — (0.5%)				(1,539,179	)
NET ASSETS — 100.0%			$	314,974,290

Notes to Portfolio of Investments

EUR - Euro

FRN - Floating Rate Note

STEP - Step Up Bond

VRN - Variable Rate Note

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

(b)  Securities exempt from registration under rule144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2008, these securities amounted to a value of $27,141,220 or 8.62% of net assets.

(c)  Restricted security. (Note 2)

(d)  Maturity value of $5,558,364. Collateralized by U.S. Government Agency obligations with rates ranging from 2.820% - 5.181%, maturity dates ranging from 1/01/36 - 1/15/36, and an aggregate market value, including accrued interest, of $5,670,204.

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

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

The accompanying notes are an integral part of the financial statements.
37

MassMutual Select Strategic Balanced Fund – Portfolio of Investments

June 30, 2008 (Unaudited)

	Number of Shares		Value
EQUITIES — 56.3%
COMMON STOCK — 56.0%
Aerospace & Defense — 2.0%
Boeing Co.		17,480	$	1,148,786
Raytheon Co.		35,040		1,972,051
				3,120,837
Airlines — 0.1%
Airtran Holdings, Inc.(a)		76,400		155,856
Banks — 2.6%
Bank of America Corp.		67,120		1,602,154
Comerica, Inc.		7,600		194,788
State Street Corp.		32,910		2,105,911
				3,902,853
Biotechnology — 0.3%
Enzo Biochem, Inc.(a)		47,555		533,567
Building Materials — 0.2%
Simpson Manufacturing Co., Inc.		10,490		249,033
Chemicals — 0.9%
Du Pont (E.I.) de Nemours & Co.		33,200		1,423,948
Computers — 1.2%
International Business Machines Corp.		15,250		1,807,582
Socket Communications, Inc.(a)		4,800		3,360
Wave Systems Corp. Class A(a)		73,717		72,980
				1,883,922
Diversified Financial — 3.2%
American Express Co.		32,820		1,236,329
Franklin Resources, Inc.		3,390		310,694
JP Morgan Chase & Co.		74,420		2,553,350
Merrill Lynch & Co., Inc.		25,050		794,336
				4,894,709
Foods — 2.0%
Kraft Foods, Inc. Class A		38,021		1,081,698
Unilever PLC Sponsored ADR (United Kingdom)		35,230		1,000,884
Unilever PLC		32,555		925,642
				3,008,224
Forest Products & Paper — 0.7%
Weyerhaeuser Co.		20,040		1,024,846

	Number of Shares		Value
Health Care – Products — 1.3%
Johnson & Johnson		31,170	$	2,005,478
Household Products — 0.8%
Kimberly-Clark Corp.		19,240		1,150,167
Insurance — 2.7%
Allied World Assurance Holdings Ltd.		13,130		520,211
Chubb Corp.		56,610		2,774,456
The Hartford Financial Services Group, Inc.		11,170		721,247
The PMI Group, Inc.		32,050		62,497
				4,078,411
Internet — 1.0%
Bridgeline Software, Inc.(a)		7,500		18,750
eBay, Inc.(a)		55,180		1,508,069
				1,526,819
Machinery – Construction & Mining — 1.0%
Caterpillar, Inc.		20,390		1,505,190
Manufacturing — 2.8%
Dover Corp.		21,370		1,033,667
General Electric Co.		61,300		1,636,097
Honeywell International, Inc.		31,270		1,572,256
				4,242,020
Media — 3.3%
News Corp. Class B		93,800		1,439,830
Time Warner, Inc.		97,780		1,447,144
The Walt Disney Co.		70,300		2,193,360
				5,080,334
Mining — 0.4%
Barrick Gold Corp.		12,900		586,950
Oil & Gas — 3.4%
Anadarko Petroleum Corp.		23,500		1,758,740
BP PLC Sponsored ADR (United Kingdom)		7,900		549,603
Chevron Corp.		13,110		1,299,594
ConocoPhillips Co.		6,700		632,413
Exxon Mobil Corp.		10,390		915,671
				5,156,021
Oil & Gas Services — 3.6%
Baker Hughes, Inc.		10,100		882,134
BJ Services Co.		22,910		731,745
Halliburton Co.		26,320		1,396,803
Schlumberger Ltd.		10,390		1,116,198
Transocean, Inc.(a)		8,410		1,281,600
				5,408,480

	Number of Shares		Value
Pharmaceuticals — 6.1%
Abbott Laboratories		37,310	$	1,976,311
Eli Lilly & Co.		27,700		1,278,632
Merck & Co., Inc.		29,960		1,129,192
Novartis AG ADR (Switzerland)		44,000		2,421,760
Wyeth		51,800		2,484,328
				9,290,223
Real Estate Investment Trusts (REITS) — 1.6%
Annaly Capital Management, Inc.		152,410		2,363,879
Retail — 4.0%
The Gap, Inc.		88,780		1,479,962
The Home Depot, Inc.		72,090		1,688,348
Wal-Mart Stores, Inc.		43,210		2,428,402
Williams-Sonoma, Inc.		23,190		460,090
				6,056,802
Semiconductors — 5.5%
Applied Materials, Inc.		120,640		2,303,018
Novellus Systems, Inc.(a)		53,700		1,137,903
Samsung Electronics Co. Ltd. GDR (Republic of Korea)(b)		5,000		1,493,714
Taiwan Semiconductor Manufacturing Co. Ltd. Sponsored ADR (Taiwan)(a)		134,643		1,468,955
Texas Instruments, Inc.		62,730		1,766,477
Verigy Ltd.(a)		8,779		199,371
				8,369,438
Software — 1.5%
Lawson Software, Inc.(a)		34,800		252,996
Microsoft Corp.		74,090		2,038,216
				2,291,212
Telecommunications — 3.0%
Cisco Systems, Inc.(a)		57,480		1,336,985
Foundry Networks, Inc.(a)		21,700		256,494
Motorola, Inc.		117,780		864,505
Vodafone Group PLC Sponsored ADR (United Kingdom)		72,642		2,140,033
				4,598,017
Transportation — 0.8%
United Parcel Service, Inc. Class B		21,000		1,290,870
TOTAL COMMON STOCK (Cost $83,896,608)				85,198,106

(Continued)

The accompanying notes are an integral part of the financial statements.
38

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

	Number of Shares		Value
PREFERRED STOCK — 0.3%
Auto Manufacturers — 0.0%
General Motors Corp. Series C		4,450	$	59,240
U.S. Government Agencies — 0.3%
Fannie Mae		7,175		164,666
Fannie Mae		400		18,863
Freddie Mac		11,350		275,805
				459,334
TOTAL PREFERRED STOCK (Cost $587,103)				518,574
TOTAL EQUITIES (Cost $84,483,711)				85,716,680
	Principal Amount
BONDS & NOTES — 42.0%
CORPORATE DEBT — 15.8%
Advertising — 0.0%
Lamar Media Corp. Series B 6.625% 8/15/15	$	40,000		36,400
Aerospace & Defense — 0.0%
DRS Technologies, Inc. 6.625% 2/01/16		20,000		20,300
Agriculture — 0.1%
Reynolds American, Inc. 6.750% 6/15/17		65,000		64,661
Airlines — 0.2%
Delta Air Lines, Inc. 6.821% 8/10/22		97,284		81,232
Delta Air Lines, Inc., Series 2000-1, Class A2 7.570% 11/18/10		200,000		189,000
Northwest Airlines Corp. 7.575% 9/01/20		83,546		81,040
				351,272
Apparel — 0.0%
Oxford Industries, Inc. 8.875% 6/01/11		15,000		14,475
Auto Manufacturers — 0.6%
DaimlerChrysler Finance North America LLC 5.750% 5/18/09		60,000		60,781
DaimlerChrysler Finance North America LLC 5.875% 3/15/11		100,000		101,286

	Principal Amount		Value
DaimlerChrysler Finance North America LLC 7.200% 9/01/09	$	80,000	$	82,285
Ford Motor Co. 4.250% 12/15/36		60,000		43,650
Ford Motor Co. 6.625% 10/01/28		50,000		26,750
Ford Motor Co. 7.450% 7/16/31		150,000		87,375
General Motors Corp. EUR(c) 8.375% 7/05/33		90,000		76,530
General Motors Corp. 8.375% 7/15/33		770,000		456,225
				934,882
Automotive & Parts — 0.0%
Visteon Corp. 8.250% 8/01/10		11,000		9,790
Visteon Corp.(b) 12.250% 12/31/16		28,000		22,400
				32,190
Banks — 1.3%
BAC Capital Trust XIV VRN 5.630% 3/15/12		10,000		7,803
Bank of America Corp. VRN 8.125% 5/15/18		190,000		179,600
Export-Import Bank Of Korea(b) 5.250% 2/10/14		5,000		4,783
Glitnir Banki HF(b) 6.330% 7/28/11		160,000		129,776
Glitnir Banki HF(b) 6.375% 9/25/12		100,000		85,952
Glitnir Banki HF VRN(b) 6.693% 6/15/16		140,000		90,029
Hypothekenbank in Essen(b) 5.000% 1/20/12		20,000		20,644
ICICI Bank Ltd. VRN 6.375% 4/30/22		100,000		90,333
ICICI Bank Ltd. VRN(b) 6.375% 4/30/22		136,000		121,879
KeyBank NA 5.500% 9/17/12		40,000		37,140
Landsbanki Islands HF(b) 6.100% 8/25/11		280,000		246,855
Rabobank Capital Funding Trust VRN(b) 5.254% 10/21/16		20,000		17,176
Royal Bank of Scotland Group PLC VRN(b) 6.990% 10/05/17		120,000		108,004

	Principal Amount		Value
RSHB Capital SA for OJSC Russian Agricultural Bank(b) 6.299% 5/15/17	$	200,000	$	184,530
Shinsei Finance Cayman Ltd. VRN(b) 6.418% 7/20/16		100,000		70,229
TuranAlem Finance BV(b) 8.250% 1/22/37		100,000		83,625
TuranAlem Finance BV(b) 8.250% 1/22/37		360,000		300,600
Wachovia Capital Trust III VRN 5.800% 3/15/11		120,000		81,600
Wells Fargo Capital 5.950% 12/15/36		100,000		90,715
				1,951,273
Biotechnology — 0.1%
FMC Finance III SA 6.875% 7/15/17		70,000		68,775
Chemicals — 0.0%
Georgia Gulf Corp. 9.500% 10/15/14		10,000		7,475
Westlake Chemical Corp. 6.625% 1/15/16		15,000		12,600
				20,075
Coal — 0.0%
Peabody Energy Corp. 6.875% 3/15/13		15,000		15,038
Commercial Services — 0.1%
Ashtead Capital, Inc.(b) 9.000% 8/15/16		16,000		14,080
DI Finance/DynCorp International, Series B 9.500% 2/15/13		15,000		15,000
Hertz Corp. 8.875% 1/01/14		30,000		27,450
Hertz Corp. 10.500% 1/01/16		5,000		4,550
Service Corp. International 6.750% 4/01/16		15,000		14,212
Service Corp. International 7.500% 4/01/27		35,000		29,750
				105,042
Computers — 0.0%
Electronic Data Systems Corp. 7.125% 10/15/09		10,000		10,313
Sungard Data Systems, Inc. 9.125% 8/15/13		10,000		10,100

(Continued)

The accompanying notes are an integral part of the financial statements.
39

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

	Principal Amount		Value
Sungard Data Systems, Inc. 10.250% 8/15/15	$	15,000	$	15,075
				35,488
Diversified Financial — 4.4%
Aiful Corp.(b) 5.000% 8/10/10		100,000		88,958
American Express Co. VRN 6.800% 9/01/16		75,000		69,341
The Bear Stearns Cos., Inc. 7.250% 2/01/18		240,000		250,456
Citigroup Capital XXI VRN 8.300% 12/21/37		400,000		377,732
Citigroup, Inc. 5.875% 5/29/37		30,000		25,510
Citigroup, Inc. 6.125% 8/25/36		10,000		8,457
Citigroup, Inc. 6.875% 3/05/38		220,000		212,299
Countrywide Financial Corp. FRN 3.022% 3/24/09		360,000		345,716
Countrywide Financial Corp. FRN 3.079% 12/19/08		40,000		39,002
Countrywide Financial Corp. 6.250% 5/15/16		100,000		89,034
Countrywide Home Loans, Inc. 4.125% 9/15/09		50,000		47,754
Countrywide Home Loans, Inc. 5.625% 7/15/09		20,000		19,504
Ford Motor Credit Co. 7.375% 10/28/09		120,000		109,293
Ford Motor Credit Co. 8.000% 12/15/16		550,000		399,719
Ford Motor Credit Co. FRN 8.026% 6/15/11		551,000		448,376
Ford Motor Credit Co. 12.000% 5/15/15		210,000		184,730
General Electric Capital Corp. VRN 6.375% 11/15/17		310,000		293,201
GMAC LLC 5.850% 1/14/09		130,000		123,445
GMAC LLC 8.000% 11/01/31		1,280,000		832,740
Goldman Sachs Group LP 4.500% 6/15/10		110,000		110,148
The Goldman Sachs Group, Inc. 5.450% 11/01/12		50,000		50,004

	Principal Amount		Value
HSBC Finance Corp. 4.125% 11/16/09	$	375,000	$	372,515
Kaupthing Bank(b) 7.125% 5/19/16		100,000		70,471
Kaupthing Bank (Acquired 2/25/08, Cost $368,482)(b) (d) 7.625% 2/28/15		440,000		397,452
Lehman Brothers Holdings Capital Trust VII VRN 5.857% 5/31/12		130,000		84,825
Lehman Brothers Holdings, Inc. 5.250% 2/06/12		70,000		66,243
Lehman Brothers Holdings, Inc. 6.200% 9/26/14		60,000		57,268
Lehman Brothers Holdings, Inc. 6.500% 7/19/17		30,000		27,754
Lehman Brothers Holdings, Inc. Series I 6.750% 12/28/17		290,000		272,433
Morgan Stanley Series F 5.625% 1/09/12		190,000		190,141
Residential Capital LLC(b) 6.178% 5/15/10		91,000		76,440
Residential Capital LLC(b) 9.625% 5/15/15		144,000		69,840
SLM Corp. 5.000% 10/01/13		210,000		181,579
SLM Corp. 5.000% 4/15/15		10,000		8,462
SLM Corp. 5.050% 11/14/14		40,000		33,972
SLM Corp. 5.375% 5/15/14		285,000		250,382
SLM Corp. 5.625% 8/01/33		50,000		37,647
TNK-BP Finance SA(b) 7.500% 7/18/16		170,000		160,854
TNK-BP Finance SA(b) 7.875% 3/13/18		100,000		96,250
Toyota Motor Credit Corp. FRN 0.000% 4/07/10		120,000		119,896
				6,699,843
Electric — 1.9%
The AES Corp. 7.750% 3/01/14		302,000		297,848
The AES Corp. 7.750% 10/15/15		50,000		49,250
The AES Corp. 8.000% 10/15/17		300,000		294,000

	Principal Amount		Value
The Cleveland Electric Illuminating Co. 5.700% 4/01/17	$	5,000	$	4,756
Dominion Resources, Inc. 4.750% 12/15/10		40,000		40,256
Dominion Resources, Inc. 5.700% 9/17/12		165,000		167,531
Duke Energy Corp. 5.625% 11/30/12		145,000		149,197
Edison Mission Energy 7.000% 5/15/17		50,000		46,750
Edison Mission Energy 7.200% 5/15/19		60,000		55,950
Edison Mission Energy 7.625% 5/15/27		20,000		17,950
Energy Future Holdings Corp.(b) 11.250% 11/01/17		690,000		688,275
Energy Future Holdings Corp. Series P 5.550% 11/15/14		60,000		46,972
Energy Future Holdings Corp. Series Q 6.500% 11/15/24		190,000		140,182
Energy Future Holdings Corp. Series R 6.550% 11/15/34		360,000		262,288
Exelon Corp. 5.625% 6/15/35		10,000		8,619
FirstEnergy Corp. Series B 6.450% 11/15/11		50,000		51,305
FirstEnergy Corp. Series C 7.375% 11/15/31		270,000		293,598
NRG Energy, Inc. 7.250% 2/01/14		20,000		19,100
NRG Energy, Inc. 7.375% 2/01/16		20,000		18,825
NRG Energy, Inc. 7.375% 1/15/17		40,000		37,800
Pacific Gas & Electric Co. 5.800% 3/01/37		10,000		9,323
Pacific Gas & Electric Co. 6.050% 3/01/34		160,000		154,277
Wisconsin Power & Light Co. 6.375% 8/15/37		40,000		39,954
				2,894,006
Electronics — 0.0%
NXP BV/NXP Funding LLC 7.875% 10/15/14		5,000		4,600
Environmental Controls — 0.1%
Waste Management, Inc. 6.375% 11/15/12		115,000		117,998

(Continued)

The accompanying notes are an integral part of the financial statements.
40

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

	Principal Amount		Value
Foods — 0.0%
The Kroger Co. 6.150% 1/15/20	$	10,000	$	9,894
The Kroger Co. 6.400% 8/15/17		10,000		10,200
				20,094
Forest Products & Paper — 0.1%
Weyerhaeuser Co. 6.750% 3/15/12		175,000		180,236
Gas — 0.1%
Intergas Finance BV(b) 6.375% 5/14/17		240,000		213,600
Health Care – Services — 0.7%
Community Health Systems, Inc. 8.875% 7/15/15		60,000		60,375
DaVita, Inc. 6.625% 3/15/13		60,000		57,600
HCA, Inc. 6.250% 2/15/13		132,000		114,510
HCA, Inc. 6.375% 1/15/15		320,000		265,600
HCA, Inc. 6.500% 2/15/16		64,000		53,280
HCA, Inc. 7.500% 11/06/33		30,000		23,100
HCA, Inc. 7.690% 6/15/25		10,000		8,178
HCA, Inc. 9.125% 11/15/14		10,000		10,225
HCA, Inc. 9.250% 11/15/16		90,000		92,700
HCA, Inc. 9.625% 11/15/16		30,000		30,900
Tenet Healthcare Corp. 9.250% 2/01/15		318,000		311,640
WellPoint, Inc. 5.875% 6/15/17		10,000		9,666
				1,037,774
Insurance — 0.0%
American International Group, Inc. 5.850% 1/16/18		30,000		28,106
Metlife, Inc. 6.400% 12/15/36		10,000		8,731
The Travelers Cos., Inc. VRN 6.250% 3/15/17		10,000		8,591
				45,428

	Principal Amount		Value
Iron & Steel — 0.2%
Evraz Group SA(b) 8.875% 4/24/13	$	190,000	$	190,228
Steel Dynamics, Inc. 6.750% 4/01/15		45,000		43,087
				233,315
Lodging — 0.1%
Boyd Gaming Corp. 7.125% 2/01/16		20,000		14,750
Inn of the Mountain Gods Resort & Casino 12.000% 11/15/10		20,000		17,200
MGM Mirage 6.625% 7/15/15		5,000		4,013
MGM Mirage 7.625% 1/15/17		55,000		45,237
MGM Mirage 8.375% 2/01/11		40,000		38,600
Station Casinos, Inc. 7.750% 8/15/16		55,000		42,075
				161,875
Machinery – Construction & Mining — 0.0%
Terex Corp. 7.375% 1/15/14		20,000		19,700
Manufacturing — 0.4%
Eastman Kodak Co. 7.250% 11/15/13		240,000		233,400
Tyco International Finance SA(b) 6.875% 1/15/21		160,000		159,928
Tyco International Group SA 6.125% 11/01/08		10,000		10,031
Tyco International Group SA 6.375% 10/15/11		220,000		225,133
Tyco International Group SA 6.750% 2/15/11		30,000		30,802
				659,294
Media — 1.0%
CCH I LLC 11.000% 10/01/15		40,000		29,650
Clear Channel Communications, Inc. 4.250% 5/15/09		50,000		48,250
Clear Channel Communications, Inc. 5.500% 9/15/14		150,000		90,000
Comcast Corp. 6.500% 1/15/15		255,000		258,942

	Principal Amount		Value
Comcast Corp. 6.500% 1/15/17	$	150,000	$	150,892
DirecTV Holdings LLC/DirecTV Financing Co. 8.375% 3/15/13		25,000		25,750
Echostar DBS Corp. 6.625% 10/01/14		20,000		18,500
Echostar DBS Corp. 7.000% 10/01/13		20,000		19,050
Idearc, Inc. 8.000% 11/15/16		70,000		44,012
Liberty Media Corp. 7.875% 7/15/09		350,000		353,406
News America, Inc. 6.650% 11/15/37		10,000		9,764
R.H. Donnelley Corp.(b) 8.875% 10/15/17		25,000		14,875
Rogers Cable, Inc. 6.750% 3/15/15		20,000		20,398
Sun Media Corp. 7.625% 2/15/13		10,000		9,675
Time Warner, Inc. 6.875% 5/01/12		355,000		363,183
TL Acquisitions, Inc.(b) 10.500% 1/15/15		30,000		25,950
				1,482,297
Mining — 0.2%
Freeport-McMoRan Copper & Gold, Inc. 8.375% 4/01/17		70,000		73,850
Vale Overseas Ltd. 6.875% 11/21/36		200,000		185,747
Vedanta Resources PLC(b) 8.750% 1/15/14		100,000		100,376
				359,973
Office Equipment/Supplies — 0.0%
Xerox Corp. 6.750% 2/01/17		10,000		10,078
Oil & Gas — 1.2%
Anadarko Finance Co. 6.750% 5/01/11		35,000		36,381
Anadarko Finance Co. Series B 7.500% 5/01/31		10,000		10,719
Anadarko Petroleum Corp. 6.450% 9/15/36		140,000		138,192
Chesapeake Energy Corp. 6.375% 6/15/15		5,000		4,725
Chesapeake Energy Corp. 6.500% 8/15/17		20,000		18,700
Chesapeake Energy Corp. 7.250% 12/15/18		25,000		24,313

(Continued)

The accompanying notes are an integral part of the financial statements.
41

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

	Principal Amount		Value
Conoco Funding Co. 6.350% 10/15/11	$	40,000	$	42,302
Conoco, Inc. 6.950% 4/15/29		30,000		32,902
ConocoPhillips Co. 4.750% 10/15/12		10,000		10,042
Gaz Capital SA(b) 6.212% 11/22/16		100,000		93,430
Gaz Capital SA(b) 6.510% 3/07/22		110,000		98,080
Hess Corp. 7.300% 8/15/31		190,000		212,202
Hess Corp. 7.875% 10/01/29		30,000		34,407
KazMunaiGaz Finance Sub BV(b) 8.375% 7/02/13		320,000		318,960
Kerr-McGee Corp. 6.950% 7/01/24		20,000		20,745
Kerr-McGee Corp. 7.875% 9/15/31		265,000		308,308
OPTI Canada, Inc. 7.875% 12/15/14		50,000		49,375
OPTI Canada, Inc. 8.250% 12/15/14		40,000		39,800
Pemex Project Funding Master Trust 6.625% 6/15/35		111,000		109,513
Petrobras International Finance Co. 6.125% 10/06/16		160,000		160,000
Pride International, Inc. 7.375% 7/15/14		15,000		14,963
XTO Energy, Inc. 7.500% 4/15/12		50,000		53,644
				1,831,703
Oil & Gas Services — 0.1%
Cie Generale de Geophysique-Veritas 7.500% 5/15/15		10,000		9,975
Cie Generale de Geophysique-Veritas 7.750% 5/15/17		60,000		60,075
Complete Production Services, Inc. 8.000% 12/15/16		50,000		49,937
				119,987
Packaging & Containers — 0.0%
Graham Packaging Co., Inc. 8.500% 10/15/12		30,000		28,425
Graham Packaging Co., Inc. 9.875% 10/15/14		10,000		8,850
				37,275

	Principal Amount		Value
Pharmaceuticals — 0.1%
Wyeth 5.950% 4/01/37	$	130,000	$	125,481
Pipelines — 0.5%
Dynegy Holdings, Inc. 7.750% 6/01/19		80,000		72,800
El Paso Corp. 7.000% 6/15/17		210,000		205,525
El Paso Corp. 7.750% 1/15/32		15,000		15,027
El Paso Corp. 7.800% 8/01/31		57,000		57,403
Kinder Morgan Energy Partners LP 5.000% 12/15/13		30,000		28,752
Kinder Morgan Energy Partners LP 6.000% 2/01/17		20,000		19,762
Kinder Morgan Energy Partners LP 6.300% 2/01/09		30,000		30,304
Kinder Morgan Energy Partners LP 6.750% 3/15/11		40,000		41,231
Kinder Morgan Energy Partners LP 6.950% 1/15/38		20,000		19,850
Pacific Energy Partners LP/Pacific Energy Finance Corp. 7.125% 6/15/14		5,000		5,042
Semgroup LP(b) 8.750% 11/15/15		30,000		29,100
Southern Natural Gas Co. 8.000% 3/01/32		10,000		10,802
Tennessee Gas Pipeline Co. 7.625% 4/01/37		30,000		31,223
Williams Cos., Inc. Series A 7.500% 1/15/31		220,000		222,475
				789,296
Real Estate — 0.1%
Forest City Enterprises, Inc. 7.625% 6/01/15		15,000		13,950
Realogy Corp. 12.375% 4/15/15		150,000		73,500
				87,450
Real Estate Investment Trusts (REITS) — 0.5%
Franchise Finance Corp. of America 8.750% 10/15/10		610,000		674,514
Ventas Realty LP/Ventas Capital Corp. 6.500% 6/01/16		15,000		14,325

	Principal Amount		Value
Ventas Realty LP/Ventas Capital Corp. 6.750% 4/01/17	$	10,000	$	9,600
				698,439
Retail — 0.2%
Amerigas Partners LP 7.250% 5/20/15		10,000		9,350
CVS Caremark Corp.(b) 9.350% 1/10/23		100,000		95,750
CVS Lease Pass Through Trust(b) 5.880% 1/10/28		31,127		30,181
CVS Lease Pass Through Trust(b) 6.036% 12/10/28		35,740		32,970
Suburban Propane Partners LP/Suburban Energy Finance Corp. 6.875% 12/15/13		35,000		33,075
Wal-Mart Stores, Inc. 6.200% 4/15/38		20,000		19,651
				220,977
Savings & Loans — 0.5%
AAC Group Holding Corp. STEP 10.250% 10/01/12		15,000		14,325
ASIF Global Financing XIX(b) 4.900% 1/17/13		20,000		19,215
El Paso Performance-Linked Trust(b) 7.750% 7/15/11		140,000		141,040
Goldman Sachs Capital II VRN 5.793% 6/1/12		110,000		76,490
ILFC E-Capital Trust II VRN(b) 6.250% 12/21/15		190,000		158,586
MUFG Capital Finance 1 Ltd. VRN 6.346% 7/29/49		100,000		86,679
Resona Preferred Global Securities Cayman Ltd. VRN(b) 7.191% 7/30/15		155,000		143,128
Sigma Finance, Inc. VRN(b) 8.000% 6/22/17		280,000		165,200
				804,663
Semiconductors — 0.0%
Freescale Semiconductor, Inc. 8.875% 12/15/14		15,000		12,188

(Continued)

The accompanying notes are an integral part of the financial statements.
42

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

	Principal Amount		Value
Telecommunications — 1.0%
America Movil SAB de CV 5.625% 11/15/17	$	80,000	$	77,047
BellSouth Corp. 4.750% 11/15/12		10,000		9,827
British Telecom PLC STEP 8.625% 12/15/10		160,000		171,800
Citizens Communications Co. 7.875% 1/15/27		25,000		21,875
Deutsche Telekom International Finance BV 5.750% 3/23/16		75,000		73,179
Koninklijke KPN NV 8.000% 10/01/10		180,000		190,447
Koninklijke KPN NV 8.375% 10/01/30		125,000		143,703
Level 3 Financing, Inc. 9.250% 11/01/14		35,000		31,850
Qwest Communications International, Inc. Series B 7.500% 2/15/14		30,000		28,500
Qwest Corp. 5.625% 11/15/08		30,000		29,925
Qwest Corp. 6.875% 9/15/33		10,000		8,250
SBC Communications, Inc. 5.100% 9/15/14		120,000		117,633
Sprint Capital Corp. 8.375% 3/15/12		50,000		49,500
Sprint Capital Corp. 8.750% 3/15/32		60,000		57,150
Telecom Italia Capital SA 4.950% 9/30/14		120,000		109,830
Verizon Communications, Inc. 6.100% 4/15/18		60,000		59,567
Verizon Global Funding Corp. 7.375% 9/01/12		60,000		64,737
VIP Finance Ireland Ltd. for OJSC Vimpel Communications(b) 8.375% 4/30/13		190,000		187,307
Windstream Corp. 8.625% 8/01/16		80,000		79,800
				1,511,927
Transportation — 0.0%
Gulfmark Offshore, Inc. 7.750% 7/15/14		10,000		10,075
TOTAL CORPORATE DEBT (Cost $26,720,325)				24,039,443

	Principal Amount		Value
NON-U.S. GOVERNMENT AGENCY OBLIGATIONS — 7.7%
Commercial MBS — 1.7%
GE Capital Commercial Mortgage Corp., Series 2006-C1, Class A4 VRN 5.518% 3/10/44	$	700,000	$	667,212
GS Mortgage Securities Corp. II, Series 2005-GG4, Class AABA 4.680% 7/10/39		300,000		289,638
JP Morgan Chase Commercial Mortgage Securities Corp., Series 2005-CB12, Class A4 4.895% 9/12/37		600,000		564,003
JP Morgan Chase Commercial Mortgage Securities Corp., Series 2007-LDPX, Class A3 5.420% 1/15/49		300,000		278,037
LB-UBS Commercial Mortgage Trust, Series 2005-C3, Class AAB 4.664% 7/15/30		200,000		194,519
LB-UBS Commercial Mortgage Trust, Series 2005-C3, Class A5 4.739% 7/15/30		210,000		196,091
LB-UBS Commercial Mortgage Trust, Series 2005-C5, Class A4 4.954% 9/15/30		200,000		188,929
Mach One Trust Commercial Mortgage-Backed, Series 2004-1A, Class X (Acquired 07/12/04, Cost $180,401) VRN(b) (d) 1.240% 5/28/40		2,002,958		61,971
Merrill Lynch/Countrywide Commercial Mortgage Trust, Series 2007-6, Class A4 VRN 5.485% 3/12/51		150,000		139,608

	Principal Amount		Value
Mutual Fund Fee Trust, Series 2000-3 9.070% 7/01/08	$	655,398	$	328
				2,580,336
Home Equity ABS — 1.1%
ACE Securities Corp., Series 2002-HE3, Class M1 FRN 4.283% 10/25/32		392,136		336,496
Amresco Residential Securities Mortgage Loan Trust, Series 1997-3, Class M1A FRN 2.948% 9/25/27		54,555		48,510
GSAA Home Equity Trust, Series 2007-6, Class A4 FRN 2.693% 5/25/47		580,000		297,713
GSAA Trust, Series 2006-19, Class A3A FRN 2.723% 12/25/36		710,000		337,392
GSAA Trust, Series 2007-5, Class 2A3A FRN 2.803% 5/25/37		560,000		312,159
Option One Mortgage Loan Trust, Series 2003-3, Class A1 FRN 2.683% 6/25/33		377,989		323,948
Terwin Mortgage Trust, Series 2006-10SL, Class A1 VRN 4.750% 10/25/37		117,876		30,966
UCFC Home Equity Loan, Series 1998-D, Class MF1 6.905% 4/15/30		46,131		43,859
				1,731,043
Student Loans ABS — 0.6%
Countrywide Home Equity Loan Trust, Series 2005-G, Class 2A FRN 2.701% 12/15/35		250,378		118,430
Greenpoint Mortgage Funding Trust, Series 2005-HE4, Class 2A1A FRN 2.703% 7/25/30		279,499		272,918
Keycorp Student Loan Trust, Series 2005-A, Class 1A1 FRN 2.665% 12/27/19		30,639		30,596

(Continued)

The accompanying notes are an integral part of the financial statements.
43

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

	Principal Amount		Value
MSDWCC Heloc Trust, Series 2005-1, Class A FRN 2.583% 7/25/17	$	284,176	$	184,403
Residential Asset Mortgage Products, Inc., Series 2002-RS4, Class AII FRN 3.123% 8/25/32		4,160		3,328
Structured Asset Securities Corp., Series 2007-BC4, Class A3 FRN 2.643% 11/25/37		188,341		169,771
Wachovia Asset Securitization, Inc., Series 2002-HE1, Class A FRN 2.853% 9/27/32		105,739		89,489
				868,935
WL Collateral CMO — 4.3%
Banc of America Funding Corp., Series 2006-E, Class 2A1 FRN 5.828% 6/20/36		413,913		380,514
Bear Stearns Adjustable Rate Mortgage Trust, Series 2004-4, Class A6 VRN 3.566% 6/25/34		400,000		395,177
Bear Stearns Alt-A Trust, Series 2004-11, Class IIA6A VRN 5.123% 11/25/34		191,498		177,748
Deutsche Alt-A Securities, Inc. Alternate Loan Trust, Series 2005-1, Class 1A1 FRN 2.893% 2/25/35		399,981		344,468
Deutsche Mortgage Securities, Inc., Series 2005-WF1, Class 1A3 VRN(b) 5.081% 6/26/35		220,000		184,785
Harborview Mortgage Loan Trust, Series 2006-2, Class 1A VRN 5.463% 2/25/36		122,997		94,029
Indymac Index Mortgage Loan Trust, Series 2007-AR7, Class 1A1 FRN 6.263% 11/25/37		110,895		108,844

	Principal Amount		Value
Indymac Index Mortgage Loan Trust, Series 2006-AR2, Class 1A1B FRN 2.603% 4/25/46	$	230,043	$	161,247
Indymac Index Mortgage Loan Trust, Series 2005-AR15, Class A2 VRN 5.099% 9/25/35		124,914		111,328
MASTR Adjustable Rate Mortgages Trust, Series 2003-3, Class 3A4 VRN 4.626% 9/25/33		383,082		340,329
MASTR Adjustable Rate Mortgages Trust, Series 2007-R5, Class A1(b) 5.648% 11/25/35		435,197		354,433
MASTR Reperforming Loan Trust, Series 2005-1, Class 1A3(b) 7.000% 8/25/34		240,672		244,497
MLCC Mortgage Investors, Inc., Series 2004-B, Class A3 FRN 5.025% 5/25/29		97,460		92,117
Morgan Stanley Mortgage Loan Trust, Series 2006-3AR, Class 2A3 VRN 5.834% 3/25/36		352,144		262,547
Morgan Stanley Mortgage Loan Trust, Series 2007-11AR, Class 2A3 VRN 6.626% 6/25/37		361,603		255,773
Prime Mortgage Trust, Series 2006-DR1, Class 1A1(b) 5.500% 5/25/35		302,550		291,394
Prime Mortgage Trust, Series 2006-DR1, Class 1A2(b) 6.000% 5/25/35		143,921		140,998
Prime Mortgage Trust, Series 2006-DR1, Class 2A2(b) 6.000% 5/25/35		506,711		458,613
Residential Accredit Loans, Inc., Series 2007-QS1, Class 2A2 FRN 2.843% 1/25/37		483,353		369,755

	Principal Amount		Value
Residential Accredit Loans, Inc., Series 2006-QS8, Class A2 6.000% 8/25/36	$	510,000	$	369,398
Thornburg Mortgage Securities Trust, Series 2007-4, Class 3A1 VRN 6.214% 9/25/37		313,771		299,590
Thornburg Mortgage Securities Trust, Series 2007-4, Class 2A1 VRN 6.216% 9/25/37		336,228		325,624
WaMu Mortgage Pass Through Certificates, Series 2006-AR14, Class 2A3 1.000% 11/25/36		430,000		402,130
WaMu Mortgage Pass Through Certificates, Series 2006-AR6, Class 2A3 5.965% 8/25/36		210,000		180,151
Washington Mutual MSC Mortgage, Series 2004-RA1, Class 2A 7.000% 3/25/34		138,203		128,140
				6,473,629
TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $12,973,211)				11,653,943
SOVEREIGN DEBT OBLIGATIONS — 0.4%
Bundesrepublik Deutschland EUR(c) 3.750% 1/04/15		320,000		478,608
Canadian Government CAD CAD(c) 4.000% 12/01/31		74,502		109,781
Russian Federation STEP(b) 7.500% 3/31/30		1,140		1,279
United Mexican States 6.750% 9/27/34		97,000		102,917
TOTAL SOVEREIGN DEBT OBLIGATIONS (Cost $581,315)				692,585

(Continued)

The accompanying notes are an integral part of the financial statements.
44

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

	Principal Amount		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES — 16.5%
Pass-Through Securities — 16.5%
Federal Home Loan Mortgage Corp. Pool #1N2654 5.625% 11/23/35	$	140,000	$	137,561
Pool #1N1454 5.901% 4/01/37		856,523		874,772
Federal National Mortgage Association Pool #885699 5.000% 9/01/21		63,439		62,931
Pool #888283 5.000% 8/01/34		12,219,975		11,783,684
Pool #735893 5.000% 10/01/35		3,461,331		3,330,179
Pool #866807 5.000% 1/01/36		315,275		303,230
Pool #879514 5.000% 3/01/36		580,787		558,599
Pool #830940 5.500% 8/01/35		284,586		281,384
Pool #888030 5.500% 12/01/36		4,126,184		4,073,317
Pool #843997 5.762% 11/01/35		120,141		121,818
Pool #844052 5.767% 11/01/35		121,312		123,032
Pool #844237 5.770% 11/01/35		121,265		122,960
Pool #844148 5.779% 11/01/35		60,906		61,780
Pool #844789 5.790% 11/01/35		122,524		124,286
Pool #944103 5.839% 7/01/37		878,583		898,022
Pool #595775 6.000% 8/01/31		12,942		13,170
Pool #745000 6.000% 10/01/35		67,800		68,673
Pool #00551 6.000% 4/18/36		130,000		133,573
Pool #923286 6.000% 6/01/36		186,217		188,675
Pool #887010 6.500% 6/01/36		247,923		255,631
Pool #902990 6.500% 11/01/36		14,856		15,304
Government National Mortgage Association Pool #671431 5.000% 7/15/37		543,466		527,417

	Principal Amount		Value
Pool #676552 5.000% 10/15/37	$	30,559	$	29,657
Pool #575499 6.000% 1/15/32		81,609		83,461
Pool #579631 6.000% 2/15/32		51,655		52,803
Pool #580607 6.000% 2/15/33		241,249		246,498
Pool #585186 6.000% 2/15/33		337,300		344,639
Pool #581497 6.000% 3/15/33		250,382		255,829
Pool #582351 6.500% 10/15/32		62,526		65,149
				25,138,034
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (Cost $25,505,027)				25,138,034
U.S. TREASURY OBLIGATIONS — 1.6%
U.S. Treasury Bonds & Notes — 1.6%
U.S. Treasury Bond 6.375% 8/15/27		50,000		61,250
U.S. Treasury Inflation Index 1.750% 1/15/28		1,127,742		1,070,738
U.S. Treasury Inflation Index 2.000% 1/15/26		714,212		706,624
U.S. Treasury Inflation Index 2.375% 1/15/17		330,162		357,556
U.S. Treasury Inflation Index 3.375% 4/15/32		84,702		106,156
U.S. Treasury Note 2.500% 5/31/10		20,000		20,012
U.S. Treasury Note 3.875% 5/15/18		20,000		19,831
U.S. Treasury Principal Strips 0.010% 5/15/30		130,000		47,204
				2,389,371
TOTAL U.S. TREASURY OBLIGATIONS (Cost $2,024,532)				2,389,371
TOTAL BONDS & NOTES (Cost $67,804,410)				63,913,376

	Number of Shares		Value
OPTIONS — 0.0%
Diversified Financial — 0.0%
Eurodollar Futures Put, Expires 9/23/2008, Strike 95.375		2,500	$	6
TOTAL OPTIONS (Cost $18)				6
TOTAL LONG-TERM INVESTMENTS (Cost $152,288,139)				149,630,062
	Principal Amount
SHORT-TERM INVESTMENTS — 0.6%
Repurchase Agreement — 0.2%
State Street Bank & Trust Co. Repurchase Agreement, dated 6/30/08, 0.900%, due 7/01/08(e)	$	324,036		324,036
Discount Notes — 0.4%
Federal National Mortgage Association(f) 1.800% 12/15/08		622,000		616,806
TOTAL SHORT-TERM INVESTMENTS (Cost $940,842)				940,842
TOTAL INVESTMENTS — 98.9% (Cost $153,228,981)(g)			$	150,570,904
Other Assets/ (Liabilities) — 1.1%				1,665,194
NET ASSETS — 100.0%			$	152,236,098

(Continued)

The accompanying notes are an integral part of the financial statements.
45

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

Notes to Portfolio of Investments

ADR - American Depositary Receipt

CAD - Canadian Dollar

EUR - Euro

FRN - Floating Rate Note

GDR - Global Depositary Receipt

STEP - Step Up Bond

VRN - Variable Rate Note

(a)  Non-income producing security.

(b)  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, 2008, these securities amounted to a value of $8,598,690 or5.65% of net assets.

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

(d)  Restricted security. (Note 2).

(e)  Maturity value of $324,044. Collateralized by U.S. Government Agency obligations with a rate of 6.143%, maturity date of 7/01/36, and an aggregate market value, including accrued interest, of $332,723.

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

(g)  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.
46

MassMutual Select Diversified Value Fund – Portfolio of Investments

June 30, 2008 (Unaudited)

	Number of Shares		Value
EQUITIES — 99.1%
COMMON STOCK — 99.1%
Aerospace & Defense — 0.7%
Northrop Grumman Corp.		50,200	$	3,358,380
Agriculture — 1.9%
Altria Group, Inc.		176,100		3,620,616
Philip Morris International, Inc.		114,200		5,640,338
				9,260,954
Apparel — 0.2%
VF Corp.		16,700		1,188,706
Auto Manufacturers — 0.4%
General Motors Corp.		153,800		1,768,700
Automotive & Parts — 0.9%
Autoliv, Inc.		52,400		2,442,888
Magna International, Inc. Class A		32,400		1,919,376
				4,362,264
Banks — 5.5%
Bank of America Corp.		464,800		11,094,776
Comerica, Inc.		67,000		1,717,210
Deutsche Bank AG		23,900		2,039,865
Fifth Third Bancorp		85,400		869,372
KeyCorp		76,000		834,480
National City Corp.		145,300		693,081
SunTrust Banks, Inc.		56,900		2,060,918
U.S. Bancorp		67,100		1,871,419
Wachovia Corp.		108,600		1,686,558
Wells Fargo & Co.		163,500		3,883,125
				26,750,804
Beverages — 1.7%
The Coca-Cola Co.		12,400		644,552
Coca-Cola Enterprises, Inc.		117,300		2,029,290
Molson Coors Brewing Co. Class B		71,200		3,868,296
PepsiCo, Inc.		27,200		1,729,648
				8,271,786
Biotechnology — 0.3%
Amgen, Inc.(a)		30,000		1,414,800
Chemicals — 2.4%
Ashland, Inc.		29,600		1,426,720
The Dow Chemical Co.		162,400		5,669,384
Du Pont(E.I.) de Nemours & Co.		104,600		4,486,294
				11,582,398

	Number of Shares		Value
Commercial Services — 0.8%
Avis Budget Group, Inc.(a)		70,300	$	588,411
McKesson Corp.		62,300		3,483,193
				4,071,604
Computers — 1.7%
Dell, Inc.(a)		28,800		630,144
Electronic Data Systems Corp.		90,300		2,224,992
International Business Machines Corp.		15,400		1,825,362
Lexmark International, Inc. Class A(a)		50,100		1,674,843
Western Digital Corp.(a)		54,800		1,892,244
				8,247,585
Cosmetics & Personal Care — 2.2%
The Procter & Gamble Co.		179,800		10,933,638
Distribution & Wholesale — 0.5%
Ingram Micro, Inc. Class A(a)		100,200		1,778,550
Tech Data Corp.(a)		17,200		582,908
				2,361,458
Diversified Financial — 7.4%
Ameriprise Financial, Inc.		25,900		1,053,353
Citigroup, Inc.		512,700		8,592,852
Discover Financial Services		91,100		1,199,787
Fannie Mae		136,400		2,661,164
Freddie Mac		81,200		1,331,680
The Goldman Sachs Group, Inc.		6,100		1,066,890
JP Morgan Chase & Co.		387,600		13,298,556
Morgan Stanley		154,300		5,565,601
Waddell & Reed Financial, Inc. Class A		40,600		1,421,406
				36,191,289
Electric — 2.0%
American Electric Power Co., Inc.		96,200		3,870,126
Dominion Resources, Inc.		85,200		4,046,148
Entergy Corp.		15,700		1,891,536
				9,807,810
Electronics — 2.0%
Arrow Electronics, Inc.(a)		85,000		2,611,200
Avnet, Inc.(a)		97,400		2,657,072
Flextronics International Ltd.(a)		363,404		3,415,998
Sanmina-SCI Corp.(a)		154,500		197,760
Tyco Electronics Ltd.		25,550		915,201
				9,797,231

	Number of Shares		Value
Environmental Controls — 0.7%
Allied Waste Industries, Inc.(a)		261,900	$	3,305,178
Foods — 4.6%
ConAgra Foods, Inc.		78,000		1,503,840
General Mills, Inc.		47,700		2,898,729
Kellogg Co.		35,700		1,714,314
Kraft Foods, Inc. Class A		43,100		1,226,195
The Kroger Co.		101,200		2,921,644
Safeway, Inc.		123,200		3,517,360
Sara Lee Corp.		217,700		2,666,825
SuperValu, Inc.		120,100		3,709,889
Tyson Foods, Inc. Class A		152,800		2,282,832
				22,441,628
Forest Products & Paper — 0.1%
Smurfit-Stone Container Corp.(a)		138,900		565,323
Hand & Machine Tools — 0.3%
The Black & Decker Corp.		28,500		1,639,035
Health Care – Products — 1.6%
Covidien Ltd.		25,550		1,223,589
Johnson & Johnson		104,000		6,691,360
				7,914,949
Home Builders — 0.4%
Centex Corp.		62,600		836,962
KB Home		61,300		1,037,809
				1,874,771
Household Products — 0.5%
Kimberly-Clark Corp.		37,300		2,229,794
Housewares — 0.2%
Newell Rubbermaid, Inc.		56,700		951,993
Insurance — 10.5%
ACE Ltd.		82,300		4,533,907
Allstate Corp.		115,100		5,247,409
American International Group, Inc.		294,500		7,792,470
Chubb Corp.		32,400		1,587,924
Everest Re Group Ltd.		16,300		1,299,273
Fidelity National Financial, Inc. Class A		140,400		1,769,040
Genworth Financial, Inc. Class A		159,300		2,837,133
The Hartford Financial Services Group, Inc.		58,800		3,796,716
Metlife, Inc.		84,400		4,453,788
Old Republic International Corp.		147,600		1,747,584

(Continued)

The accompanying notes are an integral part of the financial statements.
47

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

	Number of Shares		Value
PartnerRe Ltd.		18,100	$	1,251,253
Prudential Financial, Inc.		18,100		1,081,294
RenaissanceRe Holdings Ltd.		21,000		938,070
Safeco Corp.		37,100		2,491,636
Torchmark Corp.		17,500		1,026,375
The Travelers Cos., Inc.		122,900		5,333,860
Unum Group		162,100		3,314,945
XL Capital Ltd. Class A		46,400		953,984
				51,456,661
Iron & Steel — 0.9%
ArcelorMittal		47,200		4,676,104
Leisure Time — 0.2%
Brunswick Corp.		100,900		1,069,540
Machinery – Construction & Mining — 0.7%
Caterpillar, Inc.		44,200		3,262,844
Machinery – Diversified — 0.8%
Cummins, Inc.		62,800		4,114,656
Manufacturing — 4.1%
General Electric Co.		714,910		19,080,948
Tyco International Ltd.		25,550		1,023,022
				20,103,970
Media — 2.8%
CBS Corp. Class B		152,100		2,964,429
Gannett Co., Inc.		102,900		2,229,843
Time Warner, Inc.		307,125		4,545,450
Viacom, Inc. Class B(a)		95,400		2,913,516
The Walt Disney Co.		31,700		989,040
				13,642,278
Mining — 1.0%
Alcoa, Inc.		136,800		4,872,816
Oil & Gas — 21.2%
Anadarko Petroleum Corp.		42,600		3,188,184
Apache Corp.		44,800		6,227,200
BP PLC Sponsored ADR (United Kingdom)		44,600		3,102,822
Chevron Corp.		217,500		21,560,775
ConocoPhillips Co.		167,300		15,791,447
Devon Energy Corp.		15,000		1,802,400
Exxon Mobil Corp.		386,000		34,018,180
Marathon Oil Corp.		123,200		6,390,384
Occidental Petroleum Corp.		14,400		1,293,984
Royal Dutch Shell PLC Sponsored ADR (United Kingdom)		42,300		3,456,333
Sunoco, Inc.		31,400		1,277,666
Total SA Sponsored ADR (France)		41,200		3,513,124
Valero Energy Corp.		59,300		2,441,974
				104,064,473

	Number of Shares		Value
Packaging & Containers — 1.4%
Ball Corp.		66,100	$	3,155,614
Bemis Co., Inc.		14,800		331,816
Owens-IIlinois, Inc.(a)		64,000		2,668,160
Sonoco Products Co.		27,400		848,030
				7,003,620
Pharmaceuticals — 5.1%
AmerisourceBergen Corp.		34,700		1,387,653
Cardinal Health, Inc.		38,400		1,980,672
Eli Lilly & Co.		33,500		1,546,360
Merck & Co., Inc.		150,700		5,679,883
Pfizer, Inc.		794,400		13,878,168
Sanofi-Aventis ADR (France)		19,100		634,693
				25,107,429
Retail — 3.0%
Family Dollar Stores, Inc.		18,000		358,920
The Gap, Inc.		176,200		2,937,254
The Home Depot, Inc.		140,000		3,278,800
Jones Apparel Group, Inc.		144,800		1,991,000
Limited Brands, Inc.		2,000		33,700
Macy's, Inc.		146,400		2,843,088
McDonald's Corp.		17,100		961,362
Office Depot, Inc.(a)		60,700		664,058
Wal-Mart Stores, Inc.		27,000		1,517,400
				14,585,582
Savings & Loans — 0.1%
Washington Mutual, Inc.		119,500		589,135
Telecommunications — 8.3%
AT&T, Inc.		603,500		20,331,915
Motorola, Inc.		26,700		195,978
Sprint Nextel Corp.		472,100		4,484,950
Verizon Communications, Inc.		342,700		12,131,580
Vodafone Group PLC Sponsored ADR (United Kingdom)		114,500		3,373,170
				40,517,593
TOTAL COMMON STOCK (Cost $565,592,875)				485,358,779
TOTAL EQUITIES (Cost $565,592,875)				485,358,779
TOTAL LONG-TERM INVESTMENTS (Cost $565,592,875)				485,358,779

	Principal Amount		Value
SHORT-TERM INVESTMENTS — 0.2%
Repurchase Agreement — 0.2%
State Street Bank & Trust Co. Repurchase Agreement, dated 6/30/08, 0.900%, due 7/01/08(b)	$	1,251,046	$	1,251,046
TOTAL SHORT-TERM INVESTMENTS (Cost $1,251,046)				1,251,046
TOTAL INVESTMENTS — 99.3% (Cost $566,843,921)(c)				486,609,825
Other Assets/ (Liabilities) — 0.7%				3,233,443
NET ASSETS — 100.0%			$	489,843,268

Notes to Portfolio of Investments

ADR - American Depositary Receipt

(a)  Non-income producing security.

(b)  Maturity value of $1,251,077. Collateralized by U.S. Government Agency obligations with a rate of 2.821%, maturity date of 7/15/36, and an aggregate market value, including accrued interest, of $1,277,494.

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

The accompanying notes are an integral part of the financial statements.
48

MassMutual Select Fundamental Value Fund – Portfolio of Investments

June 30, 2008 (Unaudited)

	Number of Shares		Value
EQUITIES — 99.5%
COMMON STOCK — 99.5%
Aerospace & Defense — 1.6%
General Dynamics Corp.		200,500	$	16,882,100
Agriculture — 1.9%
Altria Group, Inc.		518,200		10,654,192
Philip Morris International, Inc.		202,900		10,021,231
				20,675,423
Banks — 6.2%
Bank of America Corp.		493,600		11,782,232
The Bank of New York Mellon Corp.		296,233		11,206,494
Lloyds TSB Group PLC Sponsored ADR (United Kingdom)		497,200		12,265,924
PNC Financial Services Group, Inc.		255,200		14,571,920
U.S. Bancorp		594,700		16,586,183
				66,412,753
Beverages — 1.6%
PepsiCo, Inc.		270,200		17,182,018
Chemicals — 2.8%
Agrium, Inc.		157,700		16,959,058
Du Pont (E.I.) de Nemours & Co.		288,600		12,378,054
				29,337,112
Computers — 2.2%
Hewlett-Packard Co.		244,200		10,796,082
International Business Machines Corp.		104,600		12,398,238
				23,194,320
Cosmetics & Personal Care — 0.9%
Colgate-Palmolive Co.		143,800		9,936,580
Distribution & Wholesale — 1.1%
Ingram Micro, Inc. Class A(a)		633,700		11,248,175
Diversified Financial — 8.1%
Citigroup, Inc.		706,100		11,834,236
Discover Financial Services		1,013,422		13,346,768
Fannie Mae		405,200		7,905,452
The Goldman Sachs Group, Inc.		92,200		16,125,780
JP Morgan Chase & Co.		686,236		23,544,757

	Number of Shares		Value
Morgan Stanley		231,800	$	8,361,026
UBS AG(a)		239,414		4,946,293
				86,064,312
Electric — 8.4%
Entergy Corp.		163,400		19,686,432
Exelon Corp.		127,100		11,433,916
FPL Group, Inc.		263,800		17,300,004
NRG Energy, Inc.(a)		259,700		11,141,130
PG&E Corp.		137,100		5,441,499
SCANA Corp.		220,800		8,169,600
Southern Co.		302,700		10,570,284
TECO Energy, Inc.		274,500		5,899,005
				89,641,870
Environmental Controls — 1.1%
Waste Management, Inc.		321,000		12,104,910
Foods — 7.0%
ConAgra Foods, Inc.		469,700		9,055,816
Dean Foods Co.(a)		425,300		8,344,386
The Kroger Co.		417,500		12,053,225
Nestle SA		110,400		12,458,640
Safeway, Inc.		351,000		10,021,050
SuperValu, Inc.		439,400		13,573,066
Tyson Foods, Inc. Class A		596,200		8,907,228
				74,413,411
Forest Products & Paper — 0.9%
International Paper Co.		424,200		9,883,860
Health Care – Products — 1.8%
Baxter International, Inc.		307,900		19,687,126
Health Care – Services — 2.3%
Aetna, Inc.		335,800		13,609,974
UnitedHealth Group, Inc.		426,900		11,206,125
				24,816,099
Household Products — 1.5%
Kimberly-Clark Corp.		262,400		15,686,272
Insurance — 5.2%
ACE Ltd.		449,200		24,746,428
Allstate Corp.		355,900		16,225,481
Chubb Corp.		300,300		14,717,703
				55,689,612
Iron & Steel — 1.3%
Cleveland-Cliffs, Inc.		119,100		14,195,529
Machinery – Diversified — 1.7%
Cummins, Inc.		272,400		17,847,648
Manufacturing — 2.9%
General Electric Co.		1,150,400		30,704,176

	Number of Shares		Value
Media — 2.0%
Comcast Corp. Class A		546,550	$	10,368,054
Time Warner, Inc.		767,900		11,364,920
				21,732,974
Oil & Gas — 19.7%
Chevron Corp.		256,000		25,377,280
ConocoPhillips Co.		228,700		21,586,993
Exxon Mobil Corp.		645,000		56,843,850
Marathon Oil Corp.		225,700		11,707,059
Newfield Exploration Co.(a)		351,200		22,915,800
Occidental Petroleum Corp.		453,700		40,769,482
Total SA Sponsored ADR (France)		136,400		11,630,828
XTO Energy, Inc.		274,950		18,836,824
				209,668,116
Pharmaceuticals — 4.3%
Abbott Laboratories		224,400		11,886,468
Bristol-Myers Squibb Co.		456,700		9,376,051
Schering-Plough Corp.		525,800		10,353,002
Wyeth		285,600		13,697,376
				45,312,897
Real Estate Investment Trusts (REITS) — 1.1%
Host Hotels & Resorts, Inc.		894,943		12,215,972
Retail — 3.0%
CVS Caremark Corp.		550,000		21,763,500
The Gap, Inc.		291,600		4,860,972
Kohl's Corp.(a)		126,300		5,057,052
				31,681,524
Semiconductors — 1.7%
Intel Corp.		860,500		18,483,540
Software — 1.2%
Microsoft Corp.		462,400		12,720,624
Telecommunications — 6.0%
AT&T, Inc.		891,220		30,025,202
Cisco Systems, Inc.(a)		642,500		14,944,550
Verizon Communications, Inc.		546,900		19,360,260
				64,330,012
TOTAL COMMON STOCK (Cost $998,825,634)				1,061,748,965
TOTAL EQUITIES (Cost $998,825,634)				1,061,748,965
TOTAL LONG-TERM INVESTMENTS (Cost $998,825,634)				1,061,748,965

(Continued)

The accompanying notes are an integral part of the financial statements.
49

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

	Principal Amount		Value
SHORT-TERM INVESTMENTS — 1.0%
Repurchase Agreement — 1.0%
State Street Bank & Trust Co. Repurchase Agreement, dated 6/30/08, 0.900%, due 7/01/08(b)	$	10,411,046	$	10,411,046
TOTAL SHORT-TERM INVESTMENTS (Cost $10,411,046)				10,411,046
TOTAL INVESTMENTS — 100.5% (Cost $1,009,236,680)(c)				1,072,160,011
Other Assets/ (Liabilities) — (0.5%)				(5,043,832	)
NET ASSETS — 100.0%			$	1,067,116,179

Notes to Portfolio of Investments

ADR - American Depositary Receipt

(a)  Non-income producing security.

(b)  Maturity value of $10,411,306. Collateralized by U.S. Government Agency obligations with a rate of 2.820%, maturity date of 1/15/36, and an aggregate market value, including accrued interest, of $10,620,838.

(c)  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.
50

MassMutual Select Value Equity Fund – Portfolio of Investments

June 30, 2008 (Unaudited)

	Number of Shares		Value
EQUITIES — 99.5%
COMMON STOCK — 99.5%
Aerospace & Defense — 1.5%
Lockheed Martin Corp.		9,900	$	976,734
Agriculture — 3.6%
Altria Group, Inc.		50,640		1,041,158
Bunge Ltd.		8,200		883,058
Lorillard, Inc.(a)		6,680		452,878
				2,377,094
Auto Manufacturers — 0.6%
Navistar International Corp.(a)		6,480		426,514
Banks — 10.9%
Bank of America Corp.		59,600		1,422,652
The Bank of New York Mellon Corp.		31,380		1,187,105
Capital One Financial Corp.		15,450		587,255
PNC Financial Services Group, Inc.		10,000		571,000
State Street Corp.		8,520		545,195
SunTrust Banks, Inc.		20,600		746,132
Wells Fargo & Co.		78,590		1,866,512
Whitney Holding Corp.		17,600		322,080
				7,247,931
Beverages — 0.8%
Molson Coors Brewing Co. Class B		9,300		505,269
Biotechnology — 1.3%
Amgen, Inc.(a)		18,610		874,333
Chemicals — 2.3%
Albemarle Corp.		1,985		79,221
Celanese Corp. Class A		9,790		447,011
CF Industries Holdings, Inc.		3,450		527,160
The Mosaic Co.(a)		3,398		491,691
				1,545,083
Commercial Services — 1.4%
Donnelley (R.R.) & Sons Co.		13,300		394,877
McKesson Corp.		8,980		502,072
				896,949
Computers — 2.7%
Apple, Inc.(a)		2,370		396,833
Hewlett-Packard Co.		31,200		1,379,352
				1,776,185

	Number of Shares		Value
Cosmetics & Personal Care — 1.0%
The Procter & Gamble Co.		10,700	$	650,667
Diversified Financial — 5.0%
Affiliated Managers Group, Inc.(a)		2,200		198,132
Fannie Mae		23,800		464,338
Franklin Resources, Inc.		5,700		522,405
The Goldman Sachs Group, Inc.		6,020		1,052,898
Interactive Brokers Group, Inc.(a)		7,300		234,549
JP Morgan Chase & Co.		20,700		710,217
National Financial Partners Corp.		7,650		151,623
				3,334,162
Electric — 5.4%
Duke Energy Corp.		50,800		882,904
FirstEnergy Corp.		8,200		675,106
Pepco Holdings, Inc.		32,500		833,625
PPL Corp.		10,200		533,154
Public Service Enterprise Group, Inc.		14,930		685,735
				3,610,524
Electrical Components & Equipment — 0.8%
Energizer Holdings, Inc.(a)		6,900		504,321
Electronics — 1.3%
Avnet, Inc.(a)		16,400		447,392
Thermo Fisher Scientific, Inc.(a)		7,300		406,829
				854,221
Foods — 2.3%
Corn Products International, Inc.		2,040		100,184
Great Atlantic & Pacific Tea Co.(a)		9,820		224,093
The Kroger Co.		24,000		692,880
Tyson Foods, Inc. Class A		34,400		513,936
				1,531,093
Gas — 1.1%
Energen Corp.		9,500		741,285
Health Care – Products — 1.2%
Covidien Ltd.		16,300		780,607
Health Care – Services — 1.8%
Cigna Corp.		7,540		270,049
WellPoint, Inc.(a)		18,750		893,625
				1,163,674

	Number of Shares		Value
Home Builders — 0.3%
D.R. Horton, Inc.		18,600	$	201,810
Insurance — 7.7%
ACE Ltd.		18,400		1,013,656
American International Group, Inc.		31,490		833,225
Aspen Insurance Holdings Ltd.		13,900		329,013
Berkshire Hathaway, Inc. Class B(a)		270		1,083,240
Chubb Corp.		10,400		509,704
Loews Corp.		16,900		792,610
PartnerRe Ltd.		8,200		566,866
				5,128,314
Iron & Steel — 1.0%
Nucor Corp.		8,500		634,695
Machinery – Diversified — 2.5%
AGCO Corp.(a)		17,500		917,175
Deere & Co.		10,670		769,627
				1,686,802
Manufacturing — 2.7%
General Electric Co.		68,300		1,822,927
Media — 3.4%
DISH Network Corp. Class A(a)		17,000		497,760
News Corp. Class A		56,600		851,264
Time Warner, Inc.		59,900		886,520
				2,235,544
Mining — 1.3%
Freeport-McMoRan Copper & Gold, Inc.		7,460		874,237
Oil & Gas — 17.0%
Chevron Corp.		9,540		945,700
ConocoPhillips Co.		32,240		3,043,134
ENSCO International, Inc.		11,620		938,199
Exxon Mobil Corp.		32,260		2,843,074
Mariner Energy, Inc.(a)		13,661		505,047
Noble Corp.		8,800		571,648
Pioneer Natural Resources Co.		5,900		461,852
Southwestern Energy Co.(a)		11,980		570,368
St. Mary Land & Exploration Co.		6,300		407,232
Valero Energy Corp.		23,440		965,259
				11,251,513

(Continued)

The accompanying notes are an integral part of the financial statements.
51

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

	Number of Shares		Value
Oil & Gas Services — 1.6%
National Oilwell Varco, Inc.(a)		5,940	$	526,997
Transocean, Inc.(a)		3,620		551,652
				1,078,649
Pharmaceuticals — 4.7%
Merck & Co., Inc.		26,580		1,001,800
Pfizer, Inc.		43,000		751,210
Wyeth		28,380		1,361,105
				3,114,115
Retail — 4.2%
Abercrombie & Fitch Co. Class A		8,400		526,512
Burger King Holdings, Inc.		20,200		541,158
Coach, Inc.(a)		11,200		327,214
J.C. Penney Co., Inc.		15,420		559,592
Polo Ralph Lauren Corp.		6,200		389,236
Staples, Inc.		19,580		465,025
				2,808,737
Savings & Loans — 0.8%
Astoria Financial Corp.		12,400		248,992
People's United Financial, Inc.		18,400		287,040
				536,032
Telecommunications — 5.8%
AT&T, Inc.		65,430		2,204,337
Embarq Corp.		15,300		723,231
NII Holdings, Inc.(a)		19,400		921,306
				3,848,874
Transportation — 1.5%
Norfolk Southern Corp.		15,940		998,960
TOTAL COMMON STOCK (Cost $69,804,623)				66,017,855
TOTAL EQUITIES (Cost $69,804,623)				66,017,855
TOTAL LONG-TERM INVESTMENTS (Cost $69,804,623)				66,017,855

	Principal Amount		Value
SHORT-TERM INVESTMENTS — 0.1%
Repurchase Agreement — 0.1%
State Street Bank & Trust Co. Repurchase Agreement, dated 6/30/08, 0.900%, due 7/01/08(b)	$	105,992	$	105,992
TOTAL SHORT-TERM INVESTMENTS (Cost $105,992)				105,992
TOTAL INVESTMENTS — 99.6% (Cost $69,910,615)(c)				66,123,847
Other Assets/ (Liabilities) — 0.4%				239,390
NET ASSETS — 100.0%			$	66,363,237

Notes to Portfolio of Investments

(a)  Non-income producing security.

(b)  Maturity value of $105,995. Collateralized by U.S. Government Agency obligations with a rate of 2.820%, maturity date of 7/15/36, and an aggregate market value, including accrued interest, of $108,809.

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

The accompanying notes are an integral part of the financial statements.
52

MassMutual Select Large Cap Value Fund – Portfolio of Investments

June 30, 2008 (Unaudited)

	Number of Shares		Value
EQUITIES — 97.7%
COMMON STOCK — 97.7%
Agriculture — 3.6%
Altria Group, Inc.		590,500	$	12,140,680
Philip Morris International, Inc.		597,200		29,495,708
				41,636,388
Banks — 4.1%
The Bank of New York Mellon Corp.		386,200		14,609,946
State Street Corp.		35,300		2,258,847
The Toronto-Dominion Bank		87,171		5,428,138
Wachovia Corp.		417,014		6,476,228
Wells Fargo & Co.		790,800		18,781,500
				47,554,659
Beverages — 2.5%
Diageo PLC Sponsored ADR (United Kingdom)		224,600		16,591,202
Heineken Holding NV Class A		266,050		12,159,575
				28,750,777
Building Materials — 0.9%
Martin Marietta Materials, Inc.		100,800		10,441,872
Coal — 0.8%
China Coal Energy Co.		5,612,200		9,793,021
Commercial Services — 3.6%
Cosco Pacific Ltd.		1,921,100		3,144,923
H&R Block, Inc.		557,400		11,928,360
Iron Mountain, Inc.(a)		576,150		15,296,782
Moody's Corp.		242,500		8,351,700
Visa, Inc. Class A(a)		31,110		2,529,554
				41,251,319
Computers — 1.6%
Dell, Inc.(a)		448,600		9,815,368
Hewlett-Packard Co.		196,600		8,691,686
				18,507,054
Cosmetics & Personal Care — 1.4%
Avon Products, Inc.		99,600		3,587,592
The Procter & Gamble Co.		215,500		13,104,555
				16,692,147
Diversified Financial — 9.9%
American Express Co.		1,013,800		38,189,846
Ameriprise Financial, Inc.		177,760		7,229,499
Citigroup, Inc.		253,900		4,255,364

	Number of Shares		Value
Discover Financial Services		57,150	$	752,666
E*Trade Financial Corp.(a)		78,400		246,176
JP Morgan Chase & Co.		1,075,188		36,889,700
Merrill Lynch & Co., Inc.		793,700		25,168,227
Morgan Stanley		37,200		1,341,804
				114,073,282
Electronics — 2.0%
Agilent Technologies, Inc.(a)		371,770		13,212,706
Garmin Ltd.		50,000		2,142,000
Tyco Electronics Ltd.		221,671		7,940,255
				23,294,961
Foods — 0.3%
The Hershey Co.		57,700		1,891,406
Whole Foods Market, Inc.		85,000		2,013,650
				3,905,056
Forest Products & Paper — 0.6%
Sino-Forest Corp.(a)		365,500		6,408,315
Health Care – Products — 1.4%
Covidien Ltd.		219,871		10,529,622
Johnson & Johnson		83,400		5,365,956
				15,895,578
Health Care – Services — 0.7%
UnitedHealth Group, Inc.		291,400		7,649,250
Holding Company – Diversified — 0.8%
China Merchants Holdings International Co. Ltd.		2,531,203		9,766,772
Housewares — 0.2%
Hunter Douglas NV		36,862		2,228,436
Insurance — 13.9%
Ambac Financial Group, Inc.		191,140		256,128
American International Group, Inc.		960,100		25,404,246
Aon Corp.		185,800		8,535,652
Berkshire Hathaway, Inc. Class A(a)		415		50,111,250
Loews Corp.		636,300		29,842,470
Markel Corp.(a)		2,490		913,830
MBIA, Inc.		101,600		446,024
Millea Holdings, Inc.		203,600		7,924,337
Nipponkoa Insurance Co. Ltd.		214,100		1,861,161
Principal Financial Group, Inc.		71,200		2,988,264
The Progressive Corp.		1,096,800		20,532,096

	Number of Shares		Value
Sun Life Financial, Inc.		44,600	$	1,826,370
Transatlantic Holdings, Inc.		191,862		10,834,447
				161,476,275
Internet — 1.4%
Amazon.com, Inc.(a)		49,800		3,651,834
eBay, Inc.(a)		112,600		3,077,358
Google, Inc. Class A(a)		13,560		7,138,255
Liberty Media Holding Corp. Interactive Class A(a)		185,600		2,739,456
				16,606,903
Leisure Time — 1.1%
Harley-Davidson, Inc.		354,700		12,861,422
Manufacturing — 1.9%
General Electric Co.		515,600		13,761,364
Tyco International Ltd.		219,721		8,797,629
				22,558,993
Media — 4.6%
Comcast Corp. Special Class A		1,535,500		28,805,980
Liberty Media Corp. Capital Class A(a)		38,650		556,560
Liberty Media Corp. Entertainment Series A(a)		150,100		3,636,923
News Corp. Class A		1,038,000		15,611,520
WPP Group PLC Sponsored ADR (United Kingdom)		89,600		4,284,672
				52,895,655
Mining — 1.6%
BHP Billiton PLC		150,100		5,761,907
Rio Tinto PLC		53,500		6,555,762
Vulcan Materials Co.		100,100		5,983,978
				18,301,647
Oil & Gas — 19.0%
Canadian Natural Resources Ltd.		233,400		23,398,350
ConocoPhillips Co.		575,392		54,311,251
Devon Energy Corp.		409,400		49,193,504
EOG Resources, Inc.		339,500		44,542,400
Occidental Petroleum Corp.		544,200		48,901,812
				220,347,317
Oil & Gas Services — 1.2%
Transocean, Inc.(a)		91,515		13,945,971

(Continued)

The accompanying notes are an integral part of the financial statements.
53

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

	Number of Shares		Value
Packaging & Containers — 1.4%
Sealed Air Corp.		848,372	$	16,127,552
Pharmaceuticals — 1.5%
Cardinal Health, Inc.		174,200		8,985,236
Express Scripts, Inc.(a)		135,300		8,486,016
				17,471,252
Real Estate — 0.7%
Brookfield Asset Management, Inc. Class A		194,700		6,335,538
Hang Lung Properties Ltd.		416,000		1,846,013
				8,181,551
Retail — 8.4%
Bed Bath & Beyond, Inc.(a)		284,900		8,005,690
Carmax, Inc.(a)		389,100		5,521,329
Costco Wholesale Corp.		852,700		59,808,378
CVS Caremark Corp.		469,461		18,576,572
Lowe's Cos., Inc.		198,300		4,114,725
Sears Holdings Corp.(a)		12,340		908,964
				96,935,658
Semiconductors — 1.0%
Texas Instruments, Inc.		401,200		11,297,792
Software — 3.3%
Dun & Bradstreet Corp.		141,550		12,405,442
Microsoft Corp.		944,300		25,977,693
				38,383,135
Telecommunications — 1.2%
Cisco Systems, Inc.(a)		277,100		6,445,346
Sprint Nextel Corp.		734,800		6,980,600
Virgin Media, Inc.		22,338		304,020
				13,729,966
Transportation — 1.1%
Asciano Group		155,200		516,355
Kuehne & Nagel International AG		58,550		5,545,505
Toll Holdings Ltd.		214,183		1,236,505
United Parcel Service, Inc. Class B		80,100		4,923,747
				12,222,112
TOTAL COMMON STOCK (Cost $931,848,877)				1,131,192,088
TOTAL EQUITIES (Cost $931,848,877)				1,131,192,088
TOTAL LONG-TERM INVESTMENTS (Cost $931,848,877)				1,131,192,088

	Principal Amount		Value
SHORT-TERM INVESTMENTS — 2.5%
Repurchase Agreement — 2.5%
State Street Bank & Trust Co. Repurchase Agreement, dated 6/30/08, 0.900%, due 7/01/08(b)	$	29,035,089	$	29,035,089
TOTAL SHORT-TERM INVESTMENTS (Cost $29,035,089)				29,035,089
TOTAL INVESTMENTS — 100.2% (Cost $960,883,966)(c)				1,160,227,177
Other Assets/ (Liabilities) — (0.2%)				(2,366,308	)
NET ASSETS — 100.0%			$	1,157,860,869

Notes to Portfolio of Investments

ADR - American Depositary Receipt

(a)  Non-income producing security.

(b)  Maturity value of $29,035,815. Collateralized by U.S. Government Agency obligations with rates ranging from 2.883% - 5.824%, maturity dates ranging from 8/25/36 - 10/01/36, and an aggregate market value, including accrued interest, of $29,617,939.

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

The accompanying notes are an integral part of the financial statements.
54

MassMutual Select Indexed Equity Fund – Portfolio of Investments

June 30, 2008 (Unaudited)

	Number of Shares		Value
EQUITIES — 99.1%
COMMON STOCK — 99.1%
Advertising — 0.2%
Interpublic Group of Cos., Inc.(a)		79,943	$	687,510
Omnicom Group, Inc.		58,828		2,640,200
				3,327,710
Aerospace & Defense — 2.2%
Boeing Co.		135,640		8,914,261
General Dynamics Corp.		71,908		6,054,654
Goodrich Corp.		21,990		1,043,645
L-3 Communications Holdings, Inc.		22,200		2,017,314
Lockheed Martin Corp.		61,107		6,028,817
Northrop Grumman Corp.		60,678		4,059,358
Raytheon Co.		77,000		4,333,560
Rockwell Collins, Inc.		29,332		1,406,763
United Technologies Corp.		175,662		10,838,345
				44,696,717
Agriculture — 1.8%
Altria Group, Inc.		379,039		7,793,042
Archer-Daniels-Midland Co.		114,879		3,877,166
Lorillard, Inc.(a)		31,497		2,178,333
Philip Morris International, Inc.		380,739		18,804,699
Reynolds American, Inc.		31,000		1,446,770
UST, Inc.		28,387		1,550,214
				35,650,224
Airlines — 0.1%
Southwest Airlines Co.		131,665		1,716,912
Apparel — 0.3%
Nike, Inc. Class B		68,566		4,087,219
VF Corp.		15,802		1,124,787
				5,212,006
Auto Manufacturers — 0.3%
Ford Motor Co.(a)		398,909		1,918,752
General Motors Corp.		101,145		1,163,168
Paccar, Inc.		66,257		2,771,530
				5,853,450
Automotive & Parts — 0.2%
The Goodyear Tire & Rubber Co.(a)		41,576		741,300
Johnson Controls, Inc.		106,306		3,048,856
				3,790,156

	Number of Shares		Value
Banks — 4.0%
Bank of America Corp.		807,276	$	19,269,678
The Bank of New York Mellon Corp.		205,843		7,787,041
BB&T Corp.		98,716		2,247,763
Capital One Financial Corp.		68,010		2,585,060
Comerica, Inc.		27,076		693,958
Fifth Third Bancorp		95,488		972,068
First Horizon National Corp.		27,700		205,811
Huntington Bancshares, Inc.		65,621		378,633
KeyCorp		87,068		956,007
M&T Bank Corp.		13,300		938,182
Marshall & Ilsley Corp.		46,100		706,713
National City Corp.		129,871		619,485
Northern Trust Corp.		34,293		2,351,471
PNC Financial Services Group, Inc.		61,613		3,518,102
Regions Financial Corp.		124,649		1,359,921
State Street Corp.		76,168		4,873,990
SunTrust Banks, Inc.		62,434		2,261,359
U.S. Bancorp		310,834		8,669,160
Wachovia Corp.		389,217		6,044,540
Wells Fargo & Co.		595,374		14,140,133
Zions Bancorp		19,300		607,757
				81,186,832
Beverages — 2.4%
Anheuser-Busch Cos., Inc.		128,696		7,994,595
Brown-Forman Corp. Class B		14,542		1,098,939
The Coca-Cola Co.		358,672		18,643,771
Coca-Cola Enterprises, Inc.		52,543		908,994
Constellation Brands, Inc. Class A(a)		35,100		697,086
Molson Coors Brewing Co. Class B		24,130		1,310,983
The Pepsi Bottling Group, Inc.		24,782		691,913
PepsiCo, Inc.		286,266		18,203,655
				49,549,936
Biotechnology — 1.0%
Amgen, Inc.(a)		194,790		9,186,296
Biogen Idec, Inc.(a)		52,391		2,928,133
Celgene Corp.(a)		77,800		4,969,086
Genzyme Corp.(a)		47,700		3,435,354
Millipore Corp.(a)		9,181		623,023
				21,141,892

	Number of Shares		Value
Building Materials — 0.1%
Masco Corp.		66,092	$	1,039,627
Chemicals — 2.1%
Air Products & Chemicals, Inc.		38,605		3,816,490
Ashland, Inc.		10,025		483,205
The Dow Chemical Co.		168,720		5,890,015
Du Pont (E.I.) de Nemours & Co.		160,550		6,885,990
Eastman Chemical Co.		14,535		1,000,880
Ecolab, Inc.		31,458		1,352,379
Hercules, Inc.		20,689		350,265
International Flavors & Fragrances, Inc.		14,682		573,479
Monsanto Co.		99,448		12,574,205
PPG Industries, Inc.		28,908		1,658,452
Praxair, Inc.		56,456		5,320,413
Rohm & Haas Co.		22,584		1,048,801
The Sherwin-Williams Co.		18,989		872,165
Sigma-Aldrich Corp.		23,402		1,260,432
				43,087,171
Coal — 0.5%
CONSOL Energy, Inc.		32,900		3,696,973
Massey Energy Co.		14,800		1,387,500
Peabody Energy Corp.		48,400		4,261,620
				9,346,093
Commercial Services — 1.0%
Apollo Group, Inc. Class A(a)		24,400		1,079,944
Automatic Data Processing, Inc.		94,408		3,955,695
Convergys Corp.(a)		22,171		329,461
Donnelley (R.R.) & Sons Co.		38,315		1,137,572
Equifax, Inc.		23,549		791,717
H&R Block, Inc.		55,796		1,194,035
McKesson Corp.		51,698		2,890,435
Monster Worldwide, Inc.(a)		23,018		474,401
Moody's Corp.		36,672		1,262,984
Paychex, Inc.		59,406		1,858,220
Robert Half International, Inc.		29,300		702,321
Total System Services, Inc.		33,383		741,770
Western Union Co.		135,151		3,340,933
				19,759,488

(Continued)

The accompanying notes are an integral part of the financial statements.
55

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

	Number of Shares		Value
Computers — 4.9%
Affiliated Computer Services, Inc. Class A(a)		17,800	$	952,122
Apple, Inc.(a)		158,950		26,614,588
Cognizant Technology Solutions Corp. Class A(a)		51,900		1,687,269
Computer Sciences Corp.(a)		28,896		1,353,489
Dell, Inc.(a)		364,748		7,980,686
Electronic Data Systems Corp.		90,023		2,218,167
EMC Corp.(a)		373,133		5,481,324
Hewlett-Packard Co.		443,552		19,609,434
International Business Machines Corp.		247,902		29,383,824
Lexmark International, Inc. Class A(a)		16,928		565,903
NetApp, Inc.(a)		61,938		1,341,577
SanDisk Corp.(a)		40,900		764,830
Sun Microsystems, Inc.(a)		146,276		1,591,483
Teradata Corp.(a)		31,736		734,371
Unisys Corp.(a)		63,651		251,421
				100,530,488
Cosmetics & Personal Care — 2.1%
Avon Products, Inc.		77,238		2,782,113
Colgate-Palmolive Co.		91,419		6,317,053
The Estee Lauder Cos., Inc. Class A		20,300		942,935
The Procter & Gamble Co.		553,023		33,629,328
				43,671,429
Distribution & Wholesale — 0.1%
Genuine Parts Co.		29,312		1,163,100
W.W. Grainger, Inc.		12,066		986,999
				2,150,099
Diversified Financial — 5.1%
American Express Co.		207,960		7,833,853
Ameriprise Financial, Inc.		41,692		1,695,614
The Charles Schwab Corp.		167,995		3,450,617
CIT Group, Inc.		50,800		345,948
Citigroup, Inc.		985,041		16,509,287
CME Group, Inc.		9,800		3,755,262
Countrywide Financial Corp.		112,898		479,817
Discover Financial Services		85,899		1,131,290
E*Trade Financial Corp.(a)		84,600		265,644
Fannie Mae		192,179		3,749,412
Federated Investors, Inc. Class B		15,900		547,278

	Number of Shares		Value
Franklin Resources, Inc.		28,830	$	2,642,270
Freddie Mac		118,128		1,937,299
The Goldman Sachs Group, Inc.		71,000		12,417,900
IntercontinentalExchange, Inc.(a)		12,400		1,413,600
Janus Capital Group, Inc.		27,594		730,413
JP Morgan Chase & Co.		625,549		21,462,586
Legg Mason, Inc.		24,500		1,067,465
Lehman Brothers Holdings, Inc.		124,336		2,463,096
Merrill Lynch & Co., Inc.		179,070		5,678,310
Morgan Stanley		198,499		7,159,859
NYSE Euronext		47,500		2,406,350
SLM Corp.(a)		86,431		1,672,440
T. Rowe Price Group, Inc.		47,126		2,661,205
				103,476,815
Electric — 3.6%
The AES Corp.(a)		120,353		2,311,981
Allegheny Energy, Inc.		30,600		1,533,366
Ameren Corp.		37,042		1,564,284
American Electric Power Co., Inc.		71,408		2,872,744
CenterPoint Energy, Inc.		57,422		921,623
CMS Energy Corp.		35,854		534,225
Consolidated Edison, Inc.		49,674		1,941,757
Constellation Energy Group, Inc.		32,864		2,698,134
Dominion Resources, Inc.		104,144		4,945,799
DTE Energy Co.		29,252		1,241,455
Duke Energy Corp.		234,168		4,069,840
Dynegy, Inc. Class A(a)		86,307		737,925
Edison International		58,587		3,010,200
Entergy Corp.		35,506		4,277,763
Exelon Corp.		119,748		10,772,530
FirstEnergy Corp.		54,487		4,485,915
FPL Group, Inc.		72,830		4,776,191
Integrys Energy Group, Inc.		16,000		813,280
Pepco Holdings, Inc.		35,700		915,705
PG&E Corp.		63,681		2,527,499
Pinnacle West Capital Corp.		15,950		490,781
PPL Corp.		67,010		3,502,613
Progress Energy, Inc.		45,321		1,895,777
Public Service Enterprise Group, Inc.		90,764		4,168,790
Southern Co.		136,246		4,757,710
TECO Energy, Inc.		34,600		743,554
Xcel Energy, Inc.		75,287		1,511,010
				74,022,451

	Number of Shares		Value
Electrical Components & Equipment — 0.4%
Emerson Electric Co.		140,608	$	6,953,066
Molex, Inc.		28,347		691,950
				7,645,016
Electronics — 0.6%
Agilent Technologies, Inc.(a)		66,705		2,370,696
Applera Corp. Applied Biosystems Group		30,268		1,013,372
Jabil Circuit, Inc.		36,100		592,401
PerkinElmer, Inc.		20,474		570,201
Thermo Fisher Scientific, Inc.(a)		76,475		4,261,952
Tyco Electronics Ltd.		88,938		3,185,759
Waters Corp.(a)		18,100		1,167,450
				13,161,831
Engineering & Construction — 0.2%
Fluor Corp.(a)		15,835		2,946,577
Jacobs Engineering Group, Inc.(a)		21,600		1,743,120
				4,689,697
Entertainment — 0.1%
International Game Technology		56,556		1,412,769
Environmental Controls — 0.2%
Allied Waste Industries, Inc.(a)		57,834		729,865
Waste Management, Inc.		90,797		3,423,955
				4,153,820
Foods — 1.8%
Campbell Soup Co.		38,746		1,296,441
ConAgra Foods, Inc.		87,669		1,690,258
Dean Foods Co.(a)		24,600		482,652
General Mills, Inc.		59,451		3,612,837
Heinz (H.J.) Co.		57,122		2,733,288
The Hershey Co.		30,384		995,988
Kellogg Co.		47,316		2,272,114
Kraft Foods, Inc. Class A		276,352		7,862,214
The Kroger Co.		122,175		3,527,192
McCormick & Co., Inc.		21,700		773,822
Safeway, Inc.		78,577		2,243,373
Sara Lee Corp.		129,636		1,588,041
SuperValu, Inc.		36,641		1,131,841
Sysco Corp.		109,178		3,003,487
Tyson Foods, Inc. Class A		47,400		708,156
Whole Foods Market, Inc.		25,000		592,250
Wrigley (Wm.) Jr. Co.		39,855		3,099,922
				37,613,876
Forest Products & Paper — 0.3%
International Paper Co.		76,888		1,791,490
MeadWestvaco Corp.		30,750		733,080

(Continued)

The accompanying notes are an integral part of the financial statements.
56

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

	Number of Shares		Value
Plum Creek Timber Co., Inc.		29,500	$	1,259,945
Weyerhaeuser Co.		37,664		1,926,137
				5,710,652
Gas — 0.2%
Nicor, Inc.		9,082		386,802
NiSource, Inc.		48,985		877,811
Sempra Energy		47,061		2,656,594
				3,921,207
Hand & Machine Tools — 0.1%
The Black & Decker Corp.		11,150		641,236
Snap-on, Inc.		9,103		473,447
The Stanley Works		13,555		607,671
				1,722,354
Health Care – Products — 3.6%
Baxter International, Inc.		113,226		7,239,670
Becton, Dickinson & Co.		43,846		3,564,680
Boston Scientific Corp.(a)		238,740		2,934,115
C.R. Bard, Inc.		17,778		1,563,575
Covidien Ltd.		88,938		4,259,241
Intuitive Surgical, Inc.(a)		6,900		1,858,860
Johnson & Johnson		510,200		32,826,268
Medtronic, Inc.		202,014		10,454,224
St. Jude Medical, Inc.(a)		61,392		2,509,705
Stryker Corp.		42,902		2,697,678
Varian Medical Systems, Inc.(a)		22,700		1,176,995
Zimmer Holdings, Inc.(a)		42,078		2,863,408
				73,948,419
Health Care – Services — 1.0%
Aetna, Inc.		87,496		3,546,213
Cigna Corp.		50,064		1,771,765
Coventry Health Care, Inc.(a)		27,490		836,246
Humana, Inc.(a)		30,196		1,200,895
Laboratory Corp. of America Holdings(a)		20,700		1,441,341
Quest Diagnostics, Inc.		28,070		1,360,553
Tenet Healthcare Corp.(a)		84,828		471,643
UnitedHealth Group, Inc.		221,796		5,822,145
WellPoint, Inc.(a)		94,940		4,524,840
				20,975,641
Holding Company – Diversified — 0.1%
Leucadia National Corp.		30,700		1,441,058
Home Builders — 0.1%
Centex Corp.		21,810		291,600
D.R. Horton, Inc.		52,200		566,370
KB Home		14,170		239,898
Lennar Corp. Class A		24,000		296,160
Pulte Homes, Inc.		35,792		344,677
				1,738,705

	Number of Shares		Value
Home Furnishing — 0.1%
Harman International Industries, Inc.		10,800	$	447,012
Whirlpool Corp.		13,695		845,392
				1,292,404
Household Products — 0.4%
Avery Dennison Corp.		17,698		777,473
The Clorox Co.		25,715		1,342,323
Fortune Brands, Inc.		26,780		1,671,340
Kimberly-Clark Corp.		75,881		4,536,166
				8,327,302
Housewares — 0.0%
Newell Rubbermaid, Inc.		48,171		808,791
Insurance — 3.5%
ACE Ltd.		58,900		3,244,801
AFLAC, Inc.		85,738		5,384,346
Allstate Corp.		100,815		4,596,156
American International Group, Inc.		484,508		12,820,082
Aon Corp.		53,352		2,450,991
Assurant, Inc.		17,000		1,121,320
Chubb Corp.		66,618		3,264,948
Cincinnati Financial Corp.		29,585		751,459
Genworth Financial, Inc. Class A		78,800		1,403,428
The Hartford Financial Services Group, Inc.		56,034		3,618,115
Lincoln National Corp.		48,103		2,180,028
Loews Corp.		64,844		3,041,184
Marsh & McLennan Cos., Inc.		93,252		2,475,841
MBIA, Inc.		35,611		156,332
Metlife, Inc.		128,300		6,770,391
MGIC Investment Corp.		18,887		115,400
Principal Financial Group, Inc.		47,000		1,972,590
The Progressive Corp.		125,648		2,352,130
Prudential Financial, Inc.		79,200		4,731,408
Safeco Corp.		17,025		1,143,399
Torchmark Corp.		16,426		963,385
The Travelers Cos., Inc.		111,559		4,841,661
Unum Group		64,725		1,323,626
XL Capital Ltd. Class A		32,100		659,976
				71,382,997
Internet — 2.1%
Akamai Technologies, Inc.(a)		29,800		1,036,742
Amazon.com, Inc.(a)		55,994		4,106,040
eBay, Inc.(a)		199,500		5,452,335
Expedia, Inc.(a)		37,948		697,484
Google, Inc. Class A(a)		42,064		22,143,331
IAC/InterActiveCorp(a)		33,200		640,096

	Number of Shares		Value
Symantec Corp.(a)		155,582	$	3,010,512
VeriSign, Inc.(a)		36,400		1,375,920
Yahoo!, Inc.(a)		246,820		5,099,301
				43,561,761
Investment Companies — 0.0%
American Capital Strategies Ltd.		33,600		798,672
Iron & Steel — 0.5%
AK Steel Holding Corp.		20,200		1,393,800
Allegheny Technologies, Inc.		18,347		1,087,610
Nucor Corp.		56,300		4,203,921
United States Steel Corp.		21,456		3,964,640
				10,649,971
Leisure Time — 0.2%
Carnival Corp.		78,368		2,583,009
Harley-Davidson, Inc.		43,336		1,571,364
				4,154,373
Lodging — 0.2%
Marriott International, Inc. Class A		56,046		1,470,647
Starwood Hotels & Resorts Worldwide, Inc.		35,327		1,415,553
Wyndham Worldwide Corp.		31,988		572,905
				3,459,105
Machinery – Construction & Mining — 0.5%
Caterpillar, Inc.		110,932		8,189,000
Terex Corp.(a)		18,400		945,208
				9,134,208
Machinery – Diversified — 0.5%
Cummins, Inc.		36,692		2,404,060
Deere & Co.		77,726		5,606,377
The Manitowoc Co., Inc.		23,200		754,696
Rockwell Automation, Inc.		26,632		1,164,617
				9,929,750
Manufacturing — 4.4%
3M Co.		127,398		8,865,627
Cooper Industries Ltd. Class A		31,830		1,257,285
Danaher Corp.		44,600		3,447,580
Dover Corp.		35,459		1,715,152
Eastman Kodak Co.		51,647		745,266
Eaton Corp.		29,456		2,502,876
General Electric Co.		1,799,075		48,017,312
Honeywell International, Inc.		133,410		6,707,855
Illinois Tool Works, Inc.		73,866		3,509,374
Ingersoll-Rand Co. Ltd. Class A		55,910		2,092,711

(Continued)

The accompanying notes are an integral part of the financial statements.
57

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

	Number of Shares		Value
ITT Corp.		31,810	$	2,014,527
Leggett & Platt, Inc.		30,747		515,627
Pall Corp.		20,718		822,090
Parker Hannifin Corp.		30,247		2,157,216
Textron, Inc.		44,910		2,152,536
Tyco International Ltd.		88,938		3,561,078
				90,084,112
Media — 2.7%
CBS Corp. Class B		122,409		2,385,751
Clear Channel Communications, Inc.		89,321		3,144,099
Comcast Corp. Class A		539,294		10,230,407
The DIRECTV Group, Inc.(a)		128,200		3,321,662
Gannett Co., Inc.		41,271		894,343
The McGraw-Hill Cos., Inc.		59,188		2,374,623
Meredith Corp.		5,689		160,942
New York Times Co. Class A		29,500		454,005
News Corp. Class A		414,200		6,229,568
The Scripps (E.W.) Co. Class A		14,400		598,176
Time Warner, Inc.		645,694		9,556,271
Viacom, Inc. Class B(a)		117,209		3,579,563
The Walt Disney Co.		340,784		10,632,461
Washington Post Co. Class B		1,000		586,900
				54,148,771
Metal Fabricate & Hardware — 0.1%
Precision Castparts Corp.		24,800		2,389,976
Mining — 0.9%
Alcoa, Inc.		148,766		5,299,045
Freeport-McMoRan Copper & Gold, Inc.		68,720		8,053,297
Newmont Mining Corp.		80,697		4,209,155
Titanium Metals Corp.		16,200		226,638
Vulcan Materials Co.		18,678		1,116,571
				18,904,706
Office Equipment/Supplies — 0.2%
Pitney Bowes, Inc.		39,055		1,331,776
Xerox Corp.		166,377		2,256,072
				3,587,848
Oil & Gas — 12.0%
Anadarko Petroleum Corp.		83,408		6,242,255
Apache Corp.		60,556		8,417,284
Cabot Oil & Gas Corp.		17,600		1,192,048
Chesapeake Energy Corp.		87,900		5,797,884
Chevron Corp.		373,616		37,036,554
ConocoPhillips Co.		279,718		26,402,582

	Number of Shares		Value
Devon Energy Corp.		79,800	$	9,588,768
ENSCO International, Inc.		26,100		2,107,314
EOG Resources, Inc.		44,300		5,812,160
Exxon Mobil Corp.		953,698		84,049,405
Hess Corp.		50,280		6,344,833
Marathon Oil Corp.		126,914		6,583,029
Murphy Oil Corp.		33,800		3,314,090
Nabors Industries Ltd.(a)		50,638		2,492,909
Noble Corp.		48,300		3,137,568
Noble Energy, Inc.		30,800		3,097,248
Occidental Petroleum Corp.		148,602		13,353,376
Questar Corp.		30,100		2,138,304
Range Resources Corp.		26,988		1,768,794
Rowan Cos., Inc.		19,866		928,735
Southwestern Energy Co.(a)		61,500		2,928,015
Sunoco, Inc.		21,112		859,047
Tesoro Corp.		24,600		486,342
Valero Energy Corp.		96,900		3,990,342
XTO Energy, Inc.		93,232		6,387,324
				244,456,210
Oil & Gas Services — 3.2%
Baker Hughes, Inc.		56,083		4,898,289
BJ Services Co.		52,500		1,676,850
Cameron International Corp.(a)		39,100		2,164,185
Halliburton Co.		157,368		8,351,520
National Oilwell Varco, Inc.(a)		75,200		6,671,744
Schlumberger Ltd.		214,510		23,044,809
Smith International, Inc.		36,000		2,993,040
Transocean, Inc.(a)		58,099		8,853,707
Weatherford International Ltd.(a)		120,600		5,980,554
				64,634,698
Packaging & Containers — 0.1%
Ball Corp.		17,608		840,606
Bemis Co., Inc.		15,988		358,451
Pactiv Corp.(a)		23,598		500,985
Sealed Air Corp.		27,896		530,303
				2,230,345
Pharmaceuticals — 5.6%
Abbott Laboratories		276,837		14,664,056
Allergan, Inc.		55,258		2,876,179
AmerisourceBergen Corp.		30,232		1,208,978
Barr Pharmaceuticals, Inc.(a)		19,100		861,028
Bristol-Myers Squibb Co.		353,484		7,257,026
Cardinal Health, Inc.		64,879		3,346,459
Eli Lilly & Co.		176,895		8,165,473

	Number of Shares		Value
Express Scripts, Inc.(a)		46,500	$	2,916,480
Forest Laboratories, Inc.(a)		56,100		1,948,914
Gilead Sciences, Inc.(a)		167,976		8,894,329
Hospira, Inc.(a)		26,993		1,082,689
King Pharmaceuticals, Inc.(a)		45,348		474,794
Medco Health Solutions, Inc.(a)		93,182		4,398,190
Merck & Co., Inc.		387,462		14,603,443
Mylan, Inc.(a)		50,700		611,949
Patterson Cos., Inc.(a)		23,900		702,421
Pfizer, Inc.		1,218,921		21,294,550
Schering-Plough Corp.		290,986		5,729,514
Watson Pharmaceuticals, Inc.(a)		18,671		507,291
Wyeth		239,204		11,472,224
				113,015,987
Pipelines — 0.5%
El Paso Corp.		124,335		2,703,043
Spectra Energy Corp.		112,734		3,239,975
The Williams Cos., Inc.		106,491		4,292,652
				10,235,670
Real Estate — 0.0%
CB Richard Ellis Group, Inc. Class A(a)		33,500		643,200
Real Estate Investment Trusts (REITS) — 1.1%
Apartment Investment & Management Co. Class A		18,790		639,988
AvalonBay Communities, Inc.		14,300		1,274,988
Boston Properties, Inc.		21,400		1,930,708
Developers Diversified Realty Corp.		21,900		760,149
Equity Residential		48,800		1,867,576
General Growth Properties, Inc.		46,500		1,628,895
HCP, Inc.		40,300		1,281,943
Host Hotels & Resorts, Inc.		92,200		1,258,530
Kimco Realty Corp.		44,600		1,539,592
Prologis		47,600		2,587,060
Public Storage		22,604		1,826,177
Simon Property Group, Inc.		40,000		3,595,600
Vornado Realty Trust		24,100		2,120,800
				22,312,006
Retail — 5.4%
Abercrombie & Fitch Co. Class A		15,600		977,808
AutoNation, Inc.(a)		24,668		247,173

(Continued)

The accompanying notes are an integral part of the financial statements.
58

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

	Number of Shares		Value
AutoZone, Inc.(a)		7,936	$	960,335
Bed Bath & Beyond, Inc.(a)		47,296		1,329,018
Best Buy Co., Inc.		62,711		2,483,356
Big Lots, Inc.(a)		16,296		509,087
Coach, Inc.(a)		61,600		1,779,008
Costco Wholesale Corp.		77,489		5,435,078
CVS Caremark Corp.		259,832		10,281,552
Darden Restaurants, Inc.		25,628		818,558
Dillard's, Inc. Class A		10,165		117,609
Family Dollar Stores, Inc.		25,924		516,925
GameStop Corp. Class A(a)		29,300		1,183,720
The Gap, Inc.		83,803		1,396,996
The Home Depot, Inc.		303,806		7,115,136
J.C. Penney Co., Inc.		40,061		1,453,814
Jones Apparel Group, Inc.		15,289		210,224
Kohl's Corp.(a)		55,376		2,217,255
Limited Brands, Inc.		55,959		942,909
Liz Claiborne, Inc.		17,292		244,682
Lowe's Cos., Inc.		261,300		5,421,975
Macy's, Inc.		78,062		1,515,964
McDonald's Corp.		204,560		11,500,363
Nordstrom, Inc.		31,676		959,783
Office Depot, Inc.(a)		49,859		545,457
Polo Ralph Lauren Corp.		10,700		671,746
RadioShack Corp.		23,530		288,713
Sears Holdings Corp.(a)		12,998		957,433
Staples, Inc.		126,784		3,011,120
Starbucks Corp.(a)		131,596		2,071,321
Target Corp.		140,510		6,532,310
Tiffany & Co.		24,156		984,357
The TJX Cos., Inc.		78,660		2,475,430
Wal-Mart Stores, Inc.		419,973		23,602,483
Walgreen Co.		177,180		5,760,122
Wendy's International, Inc.		15,901		432,825
Yum! Brands, Inc.		85,640		3,005,108
				109,956,753
Savings & Loans — 0.2%
Hudson City Bancorp, Inc.		95,200		1,587,936
Sovereign Bancorp, Inc.		86,039		633,247
Washington Mutual, Inc.		196,299		967,754
				3,188,937
Semiconductors — 2.6%
Advanced Micro Devices, Inc.(a)		108,942		635,132
Altera Corp.		56,404		1,167,563
Analog Devices, Inc.		54,625		1,735,436
Applied Materials, Inc.		243,552		4,649,408
Broadcom Corp. Class A(a)		80,700		2,202,303

	Number of Shares		Value
Intel Corp.		1,033,832	$	22,206,711
KLA-Tencor Corp.		30,728		1,250,937
Linear Technology Corp.		39,949		1,301,139
LSI Corp.(a)		122,542		752,408
MEMC Electronic Materials, Inc.(a)		40,700		2,504,678
Microchip Technology, Inc.		36,300		1,108,602
Micron Technology, Inc.(a)		135,880		815,280
National Semiconductor Corp.		38,924		799,499
Novellus Systems, Inc.(a)		20,931		443,528
Nvidia Corp.(a)		98,800		1,849,536
QLogic Corp.(a)		24,600		358,914
Teradyne, Inc.(a)		31,006		343,236
Texas Instruments, Inc.		238,669		6,720,919
Xilinx, Inc.		52,068		1,314,717
				52,159,946
Software — 3.5%
Adobe Systems, Inc.(a)		95,644		3,767,417
Autodesk, Inc.(a)		41,412		1,400,140
BMC Software, Inc.(a)		35,631		1,282,716
CA, Inc.		69,487		1,604,455
Citrix Systems, Inc.(a)		33,927		997,793
Compuware Corp.(a)		51,637		492,617
Electronic Arts, Inc.(a)		56,500		2,510,295
Fidelity National Information Services, Inc.		29,800		1,099,918
Fiserv, Inc.(a)		29,601		1,342,997
IMS Health, Inc.		34,925		813,753
Intuit, Inc.(a)		59,900		1,651,443
Microsoft Corp.		1,442,540		39,684,275
Novell, Inc.(a)		63,682		375,087
Oracle Corp.(a)		712,828		14,969,388
				71,992,294
Telecommunications — 5.8%
American Tower Corp. Class A(a)		72,600		3,067,350
AT&T, Inc.		1,072,275		36,124,945
CenturyTel, Inc.		19,848		706,390
Ciena Corp.(a)		16,728		387,588
Cisco Systems, Inc.(a)		1,066,187		24,799,510
Citizens Communications Co.		59,000		669,060
Corning, Inc.		281,461		6,487,676
Embarq Corp.		26,605		1,257,618
JDS Uniphase Corp.(a)		38,147		433,350
Juniper Networks, Inc.(a)		93,500		2,073,830
Motorola, Inc.		405,702		2,977,853
Qualcomm, Inc.		290,718		12,899,158

	Number of Shares		Value
Qwest Communications International, Inc.		282,621	$	1,110,701
Sprint Nextel Corp.		519,813		4,938,223
Tellabs, Inc.(a)		78,723		366,062
Verizon Communications, Inc.		514,463		18,211,990
Windstream Corp.		85,863		1,059,549
				117,570,853
Textiles — 0.0%
Cintas Corp.		23,900		633,589
Toys, Games & Hobbies — 0.1%
Hasbro, Inc.		26,304		939,579
Mattel, Inc.		65,752		1,125,674
				2,065,253
Transportation — 2.0%
Burlington Northern Santa Fe Corp.		52,856		5,279,786
C.H. Robinson Worldwide, Inc.		31,500		1,727,460
CSX Corp.		73,372		4,608,495
Expeditors International of Washington, Inc.		38,300		1,646,900
FedEx Corp.		55,212		4,350,154
Norfolk Southern Corp.		67,777		4,247,585
Ryder System, Inc.		10,705		737,360
Union Pacific Corp.		93,276		7,042,338
United Parcel Service, Inc. Class B		184,200		11,322,774
				40,962,852
TOTAL COMMON STOCK (Cost $1,844,988,160)				2,016,017,881
TOTAL EQUITIES (Cost $1,844,988,160)				2,016,017,881
TOTAL LONG-TERM INVESTMENTS (Cost $1,844,988,160)				2,016,017,881

(Continued)

The accompanying notes are an integral part of the financial statements.
59

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

	Principal Amount		Value
SHORT-TERM INVESTMENTS — 1.3%
Repurchase Agreement — 1.2%
State Street Bank & Trust Co. Repurchase Agreement, dated 6/30/08, 0.900%, due 7/01/08(b)	$	25,155,542	$	25,155,542
Discount Notes — 0.1%
U.S. Treasury Bill(c)
2.060% 12/04/08		3,185,000		3,156,568
TOTAL SHORT-TERM INVESTMENTS (Cost $28,312,110)				28,312,110
TOTAL INVESTMENTS — 100.4% (Cost $1,873,300,270)(d)				2,044,329,991
Other Assets/ (Liabilities) — (0.4%)				(9,106,030	)
NET ASSETS — 100.0%			$	2,035,223,961

Notes to Portfolio of Investments

(a)  Non-income producing security.

(b)  Maturity value of $25,156,171. Collateralized by U.S. Government Agency obligations with rates ranging from 2.808% - 2.863%, maturity dates ranging from 1/15/36 - 1/25/36, and an aggregate market value, including accrued interest, of $25,660,226.

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

(d)  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.
60

MassMutual Select Core Opportunities Fund – Portfolio of Investments

June 30, 2008 (Unaudited)

	Number of Shares		Value
EQUITIES — 97.3%
COMMON STOCK — 97.3%
Banks — 2.7%
Bank of America Corp.		41,500	$	990,605
Wells Fargo & Co.		21,600		513,000
				1,503,605
Beverages — 6.2%
The Coca-Cola Co.		19,900		1,034,402
Diageo PLC Sponsored ADR (United Kingdom)		14,900		1,100,663
PepsiCo, Inc.		20,413		1,298,063
				3,433,128
Biotechnology — 4.7%
Amgen, Inc.(a)		22,500		1,061,100
Genentech, Inc.(a)		20,181		1,531,738
				2,592,838
Building Materials — 0.6%
USG Corp.(a)		11,917		352,386
Chemicals — 0.9%
PPG Industries, Inc.		8,367		480,015
Computers — 3.9%
Apple, Inc.(a)		3,300		552,552
EMC Corp.(a)		109,600		1,610,024
				2,162,576
Cosmetics & Personal Care — 2.7%
The Estee Lauder Cos., Inc. Class A		13,065		606,869
The Procter & Gamble Co.		14,267		867,576
				1,474,445
Diversified Financial — 7.6%
The Blackstone Group LP		24,800		451,608
The Charles Schwab Corp.		71,391		1,466,371
Citigroup, Inc.		19,900		333,524
Invesco Ltd.		26,044		624,535
JP Morgan Chase & Co.		38,124		1,308,035
				4,184,073
Electric — 4.8%
Exelon Corp.		19,172		1,724,713
Public Service Enterprise Group, Inc.		20,282		931,552
				2,656,265
Engineering & Construction — 0.9%
Foster Wheeler Ltd.(a)		6,831		499,688

	Number of Shares		Value
Health Care – Products — 3.0%
Johnson & Johnson		26,100	$	1,679,274
Home Builders — 0.4%
Toll Brothers, Inc.(a)		11,728		219,665
Insurance — 0.4%
American International Group, Inc.		7,875		208,372
Internet — 1.9%
Google, Inc. Class A(a)		1,100		579,062
Yahoo!, Inc.(a)		22,124		457,082
				1,036,144
Manufacturing — 6.2%
3M Co.		15,900		1,106,481
Eaton Corp.		3,700		314,389
General Electric Co.		34,200		912,798
Siemens AG Sponsored ADR (Germany)		10,100		1,112,313
				3,445,981
Media — 1.4%
Comcast Corp. Class A		42,300		802,431
Mining — 7.4%
Alcoa, Inc.		27,200		968,864
Barrick Gold Corp.		26,719		1,215,714
Newmont Mining Corp.		36,500		1,903,840
				4,088,418
Oil & Gas — 8.9%
Chesapeake Energy Corp.		25,800		1,701,768
Exxon Mobil Corp.		21,400		1,885,982
Hess Corp.		7,500		946,425
XTO Energy, Inc.		5,772		395,440
				4,929,615
Oil & Gas Services — 11.8%
BJ Services Co.		22,100		705,874
Halliburton Co.		45,500		2,414,685
National Oilwell Varco, Inc.(a)		9,500		842,840
Schlumberger Ltd.		23,976		2,575,742
				6,539,141
Pharmaceuticals — 3.1%
Merck & Co., Inc.		45,900		1,729,971
Retail — 4.9%
CVS Caremark Corp.		35,600		1,408,692
Kohl's Corp.(a)		3,987		159,639
Lowe's Cos., Inc.		30,000		622,500

	Number of Shares		Value
Starbucks Corp.(a)		15,100	$	237,674
Tiffany & Co.		6,968		283,946
				2,712,451
Semiconductors — 6.4%
Intel Corp.		96,736		2,077,889
Maxim Integrated Products, Inc.		24,444		516,991
Taiwan Semiconductor Manufacturing Co. Ltd. Sponsored ADR (Taiwan)(a)		89,500		976,445
				3,571,325
Software — 3.7%
Microsoft Corp.		74,300		2,043,993
Telecommunications — 2.8%
Cisco Systems, Inc.(a)		16,400		381,464
Verizon Communications, Inc.		33,100		1,171,740
				1,553,204
TOTAL COMMON STOCK (Cost $54,777,562)				53,899,004
TOTAL EQUITIES (Cost $54,777,562)				53,899,004
TOTAL LONG-TERM INVESTMENTS (Cost $54,777,562)				53,899,004

(Continued)

The accompanying notes are an integral part of the financial statements.
61

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

	Principal Amount		Value
SHORT-TERM INVESTMENTS — 2.9%
Repurchase Agreement — 2.9%
State Street Bank & Trust Co. Repurchase Agreement, dated 6/30/08, 0.900%, due 7/01/08(b)	$	1,612,534	$	1,612,534
TOTAL SHORT-TERM INVESTMENTS (Cost $1,612,534)				1,612,534
TOTAL INVESTMENTS — 100.2% (Cost $56,390,096)(c)				55,511,538
Other Assets/ (Liabilities) — (0.2%)				(126,693	)
NET ASSETS — 100.0%			$	55,384,845

Notes to Portfolio of Investments

ADR - American Depositary Receipt

(a)  Non-income producing security.

(b)  Maturity value of $1,612,574. Collateralized by U.S. Government Agency obligations with a rate of 6.143%, maturity date of 7/01/36, and an aggregate market value, including accrued interest, of $1,646,979.

(c)  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.
62

MassMutual Select Blue Chip Growth Fund – Portfolio of Investments

June 30, 2008 (Unaudited)

	Number of Shares		Value
EQUITIES — 100.0%
COMMON STOCK — 100.0%
Advertising — 0.7%
Omnicom Group, Inc.		120,900	$	5,425,992
Aerospace & Defense — 2.3%
General Dynamics Corp.		119,800		10,087,160
Lockheed Martin Corp.		49,700		4,903,402
Rockwell Collins, Inc.		40,200		1,927,992
United Technologies Corp.		6,300		388,710
				17,307,264
Banks — 3.6%
The Bank of New York Mellon Corp.		172,400		6,521,892
Northern Trust Corp.		89,500		6,137,015
State Street Corp.		214,600		13,732,254
				26,391,161
Beverages — 0.6%
The Coca-Cola Co.		6,300		327,474
PepsiCo, Inc.		62,600		3,980,734
				4,308,208
Biotechnology — 3.0%
Celgene Corp.(a)		156,300		9,982,881
Genentech, Inc.(a)		157,200		11,931,480
				21,914,361
Chemicals — 3.6%
Monsanto Co.		109,200		13,807,248
Potash Corp. of Saskatchewan, Inc.		17,900		4,091,403
Praxair, Inc.		95,700		9,018,768
				26,917,419
Commercial Services — 4.7%
Accenture Ltd. Class A		159,800		6,507,056
Automatic Data Processing, Inc.		202,500		8,484,750
Mastercard, Inc. Class A		17,600		4,673,152
McKesson Corp.		93,200		5,210,812
Monster Worldwide, Inc.(a)		104,500		2,153,745
Visa, Inc. Class A(a)		57,000		4,634,670
Western Union Co.		116,000		2,867,520
				34,531,705
Computers — 4.8%
Apple, Inc.(a)		125,900		21,080,696
Dell, Inc.(a)		242,300		5,301,524
EMC Corp.(a)		251,800		3,698,942
Hewlett-Packard Co.		121,900		5,389,199
				35,470,361

	Number of Shares		Value
Cosmetics & Personal Care — 0.7%
The Procter & Gamble Co.		91,300	$	5,551,953
Distribution & Wholesale — 0.3%
Fastenal Co.		45,000		1,942,200
Diversified Financial — 5.4%
American Express Co.		25,100		945,517
Ameriprise Financial, Inc.		85,500		3,477,285
BlackRock, Inc.		8,400		1,486,800
The Charles Schwab Corp.		161,800		3,323,372
CME Group, Inc.		11,300		4,330,047
Franklin Resources, Inc.		106,800		9,788,220
The Goldman Sachs Group, Inc.		54,700		9,567,030
IntercontinentalExchange, Inc.(a)		700		79,800
Merrill Lynch & Co., Inc.		60,200		1,908,942
Morgan Stanley		136,000		4,905,520
				39,812,533
Electronics — 0.4%
Thermo Fisher Scientific, Inc.(a)		21,800		1,214,914
Tyco Electronics Ltd.		44,000		1,576,080
				2,790,994
Engineering & Construction — 1.9%
Foster Wheeler Ltd.(a)		112,900		8,258,635
McDermott International, Inc.(a)		96,200		5,953,818
				14,212,453
Entertainment — 0.3%
International Game Technology		90,050		2,249,449
Foods — 0.1%
Sysco Corp.		16,300		448,413
Health Care – Products — 5.6%
Alcon, Inc.		35,900		5,844,161
Baxter International, Inc.		82,500		5,275,050
Becton, Dickinson & Co.		35,300		2,869,890
Covidien Ltd.		27,300		1,307,397
Intuitive Surgical, Inc.(a)		6,300		1,697,220
Medtronic, Inc.		196,600		10,174,050
St. Jude Medical, Inc.(a)		176,000		7,194,880
Stryker Corp.		109,200		6,866,496
				41,229,144
Health Care – Services — 2.1%
Aetna, Inc.		203,800		8,260,014
Humana, Inc.(a)		79,200		3,149,784

	Number of Shares		Value
Laboratory Corp. of America Holdings(a)		46,600	$	3,244,758
WellPoint, Inc.(a)		25,400		1,210,564
				15,865,120
Insurance — 0.1%
Prudential Financial, Inc.		10,100		603,374
Internet — 7.3%
Amazon.com, Inc.(a)		206,400		15,135,312
eBay, Inc.(a)		190,700		5,211,831
Expedia, Inc.(a)		72,200		1,327,036
Google, Inc. Class A(a)		47,000		24,741,740
McAfee, Inc.(a)		90,100		3,066,103
Tencent Holdings Ltd.		85,200		654,149
VeriSign, Inc.(a)		100,100		3,783,780
				53,919,951
Iron & Steel — 0.1%
Nucor Corp.		6,500		485,355
Lodging — 1.2%
Las Vegas Sands Corp.(a)		79,400		3,766,736
Marriott International, Inc. Class A		150,400		3,946,496
MGM Mirage(a)		41,189		1,395,895
				9,109,127
Machinery – Construction & Mining — 0.5%
Joy Global, Inc.		44,200		3,351,686
Manufacturing — 4.3%
Danaher Corp.		249,900		19,317,270
General Electric Co.		225,400		6,015,926
Illinois Tool Works, Inc.		69,800		3,316,198
Tyco International Ltd.		83,800		3,355,352
				32,004,746
Media — 1.7%
Discovery Holding Co. Class A(a)		108,100		2,373,876
The McGraw-Hill Cos., Inc.		140,100		5,620,812
Rogers Communications, Inc. Class B		81,700		3,158,522
Shaw Communications, Inc. Class B		58,100		1,182,916
				12,336,126
Mining — 1.7%
Freeport-McMoRan Copper & Gold, Inc.		105,800		12,398,702

(Continued)

The accompanying notes are an integral part of the financial statements.
63

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

	Number of Shares		Value
Oil & Gas — 4.8%
Chevron Corp.		26,300	$	2,607,119
EOG Resources, Inc.		37,700		4,946,240
Exxon Mobil Corp.		109,500		9,650,235
Murphy Oil Corp.		76,000		7,451,800
Newfield Exploration Co.(a)		6,300		411,075
Petroleo Brasileiro SA Sponsored ADR (Brazil)		77,800		4,508,510
Suncor Energy, Inc.		12,800		743,936
Total SA Sponsored ADR (France)		58,000		4,945,660
				35,264,575
Oil & Gas Services — 6.9%
Baker Hughes, Inc.		96,600		8,437,044
Schlumberger Ltd.		237,800		25,546,854
Smith International, Inc.		203,700		16,935,618
				50,919,516
Pharmaceuticals — 6.4%
Allergan, Inc.		111,800		5,819,190
Cardinal Health, Inc.		700		36,106
Express Scripts, Inc.(a)		76,000		4,766,720
Gilead Sciences, Inc.(a)		296,100		15,678,495
Medco Health Solutions, Inc.(a)		148,600		7,013,920
Merck & Co., Inc.		57,800		2,178,482
Novartis AG		7,000		384,288
Roche Holding AG		26,334		4,730,721
Schering-Plough Corp.		76,000		1,496,440
Wyeth		115,600		5,544,176
				47,648,538
Retail — 6.7%
Bed Bath & Beyond, Inc.(a)		94,200		2,647,020
Coach, Inc.(a)		106,800		3,084,384
Costco Wholesale Corp.		63,900		4,481,946
CVS Caremark Corp.		423,068		16,740,801
Kohl's Corp.(a)		127,000		5,085,080
McDonald's Corp.		57,500		3,232,650
Wal-Mart Stores, Inc.		155,200		8,722,240
Yum! Brands, Inc.		154,000		5,403,860
				49,397,981
Semiconductors — 3.4%
Analog Devices, Inc.		87,200		2,770,344
Broadcom Corp. Class A(a)		79,000		2,155,910
Intel Corp.		259,900		5,582,652
Marvell Technology Group Ltd.(a)		501,800		8,861,788
Xilinx, Inc.		240,600		6,075,150
				25,445,844

	Number of Shares		Value
Software — 5.6%
Adobe Systems, Inc.(a)		89,400	$	3,521,466
Autodesk, Inc.(a)		134,100		4,533,921
Electronic Arts, Inc.(a)		139,500		6,197,985
Fiserv, Inc.(a)		75,400		3,420,898
Intuit, Inc.(a)		70,300		1,938,171
Microsoft Corp.		649,400		17,864,994
Oracle Corp.(a)		191,300		4,017,300
				41,494,735
Telecommunications — 7.9%
America Movil SAB de C.V. Sponsored ADR (Mexico)		203,600		10,739,900
American Tower Corp. Class A(a)		252,700		10,676,575
AT&T, Inc.		95,500		3,217,395
Cisco Systems, Inc.(a)		400,700		9,320,282
Corning, Inc.		188,900		4,354,145
Juniper Networks, Inc.(a)		414,000		9,182,520
MetroPCS Communications, Inc.(a)		70,600		1,250,326
Nokia Oyj Sponsored ADR (Finland)		46,600		1,141,700
Nortel Networks Corp.(a)		3,209		26,378
Qualcomm, Inc.		189,100		8,390,367
				58,299,588
Toys, Games & Hobbies — 1.0%
Nintendo Co. Ltd. Sponsored ADR (Japan)		108,700		7,592,695
Transportation — 0.3%
Expeditors International of Washington, Inc.		52,200		2,244,600
TOTAL COMMON STOCK (Cost $724,288,869)				738,885,869
TOTAL EQUITIES (Cost $724,288,869)				738,885,869
RIGHTS — 0.0%
Computers — 0.0%
Seagate Technology(a) (b)		66,000		-
TOTAL RIGHTS (Cost $0)				-
TOTAL LONG-TERM INVESTMENTS (Cost $724,288,869)				738,885,869

	Principal Amount		Value
SHORT-TERM INVESTMENTS — 1.0%
Repurchase Agreement — 1.0%
State Street Bank & Trust Co. Repurchase Agreement, dated 6/30/08, 0.900%, due 7/01/08(c)	$	7,168,216	$	7,168,216
TOTAL SHORT-TERM INVESTMENTS (Cost $7,168,216)				7,168,216
TOTAL INVESTMENTS — 101.0% (Cost $731,457,085)(d)				746,054,085
Other Assets/ (Liabilities) — (1.0%)				(7,267,106	)
NET ASSETS — 100.0%			$	738,786,979

Notes to Portfolio of Investments

ADR - American Depositary Receipt

(a)  Non-income producing security.

(b)  This security is valued in good faith under procedures established by the Board of Trustees.

(c)  Maturity value of $7,168,395. Collateralized by U.S.Government Agency obligations with a rate of 5.746%, maturity date of 10/10/36, and an aggregate market value, including accrued interest, of $7,315,139.

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

The accompanying notes are an integral part of the financial statements.
64

MassMutual Select Diversified Growth Fund – Portfolio of Investments

June 30, 2008 (Unaudited)

	Number of Shares		Value
EQUITIES — 99.3%
COMMON STOCK — 99.3%
Advertising — 0.2%
Omnicom Group, Inc.		4,700	$	210,936
Aerospace & Defense — 1.6%
General Dynamics Corp.		4,800		404,160
Lockheed Martin Corp.		9,050		892,873
Rockwell Collins, Inc.		1,600		76,736
United Technologies Corp.		200		12,340
				1,386,109
Agriculture — 0.9%
Bunge Ltd.		1,400		150,766
Philip Morris International, Inc.		11,800		582,802
				733,568
Apparel — 0.2%
Nike, Inc. Class B		3,290		196,117
Banks — 1.5%
The Bank of New York Mellon Corp.		6,500		245,895
Northern Trust Corp.		3,500		239,995
State Street Corp.		12,250		783,878
				1,269,768
Beverages — 0.4%
The Coca-Cola Co.		300		15,594
PepsiCo, Inc.		4,500		286,155
				301,749
Biotechnology — 1.9%
Amgen, Inc.(a)		5,200		245,232
Celgene Corp.(a)		6,300		402,381
Genentech, Inc.(a)		8,650		656,535
Vertex Pharmaceuticals, Inc.(a)		9,400		314,618
				1,618,766
Chemicals — 1.9%
Monsanto Co.		4,300		543,692
The Mosaic Co.(a)		4,000		578,800
Potash Corp. of Saskatchewan, Inc.		750		171,428
Praxair, Inc.		3,700		348,688
				1,642,608
Commercial Services — 6.2%
Accenture Ltd. Class A		17,200		700,384
Apollo Group, Inc. Class A(a)		6,900		305,394

	Number of Shares		Value
Automatic Data Processing, Inc.		8,100	$	339,390
Manpower, Inc.		6,900		401,856
Mastercard, Inc. Class A		700		185,864
McKesson Corp.		14,300		799,513
Monster Worldwide, Inc.(a)		4,300		88,623
Quanta Services, Inc.(a)		45,450		1,512,121
Visa, Inc. Class A(a)		4,600		374,026
Western Union Co.		24,100		595,752
				5,302,923
Computers — 4.9%
Apple, Inc.(a)		7,500		1,255,800
Dell, Inc.(a)		9,600		210,048
EMC Corp.(a)		43,700		641,953
Hewlett-Packard Co.		28,300		1,251,143
International Business Machines Corp.		5,050		598,576
NetApp, Inc.(a)		11,600		251,256
				4,208,776
Cosmetics & Personal Care — 0.3%
The Procter & Gamble Co.		3,600		218,916
Distribution & Wholesale — 0.4%
Fastenal Co.		1,800		77,688
Ingram Micro, Inc. Class A(a)		17,300		307,075
				384,763
Diversified Financial — 5.1%
American Express Co.		900		33,903
Ameriprise Financial, Inc.		3,600		146,412
BlackRock, Inc.		1,350		238,950
The Charles Schwab Corp.		6,500		133,510
Citigroup, Inc.		45,900		769,284
CME Group, Inc.		420		160,940
Franklin Resources, Inc.		4,300		394,095
Freddie Mac		32,400		531,360
The Goldman Sachs Group, Inc.		6,100		1,066,890
IntercontinentalExchange, Inc.(a)		100		11,400
Invesco Ltd.		5,900		141,482
Lehman Brothers Holdings, Inc.		6,950		137,679
Merrill Lynch & Co., Inc.		14,400		456,624
Morgan Stanley		5,400		194,778
				4,417,307

	Number of Shares		Value
Electric — 1.2%
Exelon Corp.		2,300	$	206,908
Reliant Energy, Inc.(a)		38,500		818,895
				1,025,803
Electrical Components & Equipment — 1.2%
General Cable Corp.(a)		17,450		1,061,833
Electronics — 1.1%
Thermo Fisher Scientific, Inc.(a)		900		50,157
Thomas & Betts Corp.(a)		22,400		847,840
Tyco Electronics Ltd.		1,700		60,894
				958,891
Engineering & Construction — 3.6%
Foster Wheeler Ltd.(a)		18,140		1,326,941
McDermott International, Inc.(a)		3,800		235,182
The Shaw Group, Inc.(a)		25,450		1,572,556
				3,134,679
Entertainment — 0.1%
International Game Technology		3,600		89,928
Foods — 1.8%
Kraft Foods, Inc. Class A		34,500		981,525
The Kroger Co.		20,600		594,722
Sysco Corp.		400		11,004
				1,587,251
Gas — 0.4%
UGI Corp.		11,900		341,649
Health Care – Products — 1.9%
Alcon, Inc.		1,400		227,906
Baxter International, Inc.		3,300		211,002
Becton, Dickinson & Co.		1,400		113,820
Covidien Ltd.		1,300		62,257
Intuitive Surgical, Inc.(a)		200		53,880
Medtronic, Inc.		7,900		408,825
St. Jude Medical, Inc.(a)		6,900		282,072
Stryker Corp.		4,400		276,672
				1,636,434
Health Care – Services — 1.9%
Aetna, Inc.		8,300		336,399
Coventry Health Care, Inc.(a)		7,900		240,318
Humana, Inc.(a)		3,400		135,218
Laboratory Corp. of America Holdings(a)		1,900		132,297
UnitedHealth Group, Inc.		15,400		404,250

(Continued)

The accompanying notes are an integral part of the financial statements.
65

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

	Number of Shares		Value
Universal Health Services, Inc. Class B		5,900	$	372,997
WellPoint, Inc.(a)		1,000		47,660
				1,669,139
Insurance — 1.4%
ACE Ltd.		5,400		297,486
American International Group, Inc.		21,600		571,536
Everest Re Group Ltd.		4,400		350,724
Prudential Financial, Inc.		400		23,896
				1,243,642
Internet — 9.2%
Amazon.com, Inc.(a)		27,900		2,045,907
eBay, Inc.(a)		64,850		1,772,351
Expedia, Inc.(a)		9,950		182,881
Google, Inc. Class A(a)		3,300		1,737,186
McAfee, Inc.(a)		3,800		129,314
Tencent Holdings Ltd.		4,800		36,853
VeriSign, Inc.(a)		9,100		343,980
Yahoo!, Inc.(a)		79,700		1,646,602
				7,895,074
Iron & Steel — 0.0%
Nucor Corp.		300		22,401
Lodging — 0.4%
Las Vegas Sands Corp.(a)		3,300		156,552
Marriott International, Inc. Class A		6,000		157,440
MGM Mirage(a)		1,958		66,357
				380,349
Machinery – Construction & Mining — 1.1%
Caterpillar, Inc.		10,800		797,256
Joy Global, Inc.		1,600		121,328
				918,584
Machinery – Diversified — 0.9%
AGCO Corp.(a)		4,800		251,568
Cummins, Inc.		4,350		285,012
Flowserve Corp.		1,560		213,252
				749,832
Manufacturing — 2.5%
Danaher Corp.		15,000		1,159,500
General Electric Co.		9,100		242,879
Honeywell International, Inc.		5,900		296,652
Illinois Tool Works, Inc.		2,500		118,775
Parker Hannifin Corp.		3,200		228,224
Tyco International Ltd.		3,400		136,136
				2,182,166

	Number of Shares		Value
Media — 2.8%
The DIRECTV Group, Inc.(a)		26,800	$	694,388
Discovery Holding Co. Class A(a)		4,800		105,408
DISH Network Corp. Class A(a)		12,300		360,144
The McGraw-Hill Cos., Inc.		5,800		232,696
Rogers Communications, Inc. Class B		3,300		127,578
Shaw Communications, Inc. Class B		2,400		48,864
The Walt Disney Co.		10,350		322,920
XM Satellite Radio Holdings, Inc. Class A(a)		67,000		525,280
				2,417,278
Metal Fabricate & Hardware — 0.6%
Precision Castparts Corp.		5,280		508,834
Mining — 1.3%
Freeport-McMoRan Copper & Gold, Inc.		7,900		925,801
Southern Copper Corp.		1,500		159,945
				1,085,746
Oil & Gas — 5.0%
Chevron Corp.		1,000		99,130
ConocoPhillips Co.		4,800		453,072
EOG Resources, Inc.		1,550		203,360
Exxon Mobil Corp.		8,090		712,972
Hess Corp.		3,927		495,548
Murphy Oil Corp.		3,000		294,150
Nabors Industries Ltd.(a)		14,000		689,220
Newfield Exploration Co.(a)		300		19,575
Petroleo Brasileiro SA Sponsored ADR (Brazil)		3,200		185,440
Suncor Energy, Inc.		600		34,872
Total SA Sponsored ADR (France)		2,400		204,648
Unit Corp.(a)		4,800		398,256
XTO Energy, Inc.		8,100		554,931
				4,345,174
Oil & Gas Services — 4.0%
Baker Hughes, Inc.		3,700		323,158
Halliburton Co.		26,700		1,416,969
Schlumberger Ltd.		9,250		993,727
Smith International, Inc.		8,200		681,748
				3,415,602
Pharmaceuticals — 5.1%
Abbott Laboratories		4,000		211,880
Allergan, Inc.		4,600		239,430
Amylin Pharmaceuticals, Inc.(a)		6,900		175,191
Bristol-Myers Squibb Co.		28,300		580,999

	Number of Shares		Value
Cardinal Health, Inc.		100	$	5,158
Eli Lilly & Co.		8,400		387,744
Express Scripts, Inc.(a)		2,700		169,344
Forest Laboratories, Inc.(a)		6,200		215,388
Gilead Sciences, Inc.(a)		17,100		905,445
Medco Health Solutions, Inc.(a)		6,000		283,200
Merck & Co., Inc.		1,800		67,842
Roche Holding AG		1,044		187,547
Schering-Plough Corp.		26,400		519,816
Wyeth		8,900		426,844
				4,375,828
Retail — 5.2%
Abercrombie & Fitch Co. Class A		5,850		366,678
Bed Bath & Beyond, Inc.(a)		3,700		103,970
Coach, Inc.(a)		3,500		101,080
Costco Wholesale Corp.		9,400		659,316
CVS Caremark Corp.		16,900		668,733
GameStop Corp. Class A(a)		5,850		236,340
The Gap, Inc.		21,800		363,406
Kohl's Corp.(a)		5,100		204,204
McDonald's Corp.		2,300		129,306
The TJX Cos., Inc.		7,000		220,290
Wal-Mart Stores, Inc.		22,280		1,252,136
Yum! Brands, Inc.		6,300		221,067
				4,526,526
Semiconductors — 3.7%
Analog Devices, Inc.		3,500		111,195
Broadcom Corp. Class A(a)		3,300		90,057
Intel Corp.		26,900		577,812
Lam Research Corp.(a)		10,200		368,730
LSI Corp.(a)		27,600		169,464
Marvell Technology Group Ltd.(a)		20,400		360,264
MEMC Electronic Materials, Inc.(a)		3,800		233,852
Texas Instruments, Inc.		36,600		1,030,656
Xilinx, Inc.		10,100		255,025
				3,197,055
Software — 7.1%
Adobe Systems, Inc.(a)		3,600		141,804
Autodesk, Inc.(a)		16,100		544,341
BMC Software, Inc.(a)		10,190		366,840
Electronic Arts, Inc.(a)		26,600		1,181,838
Fiserv, Inc.(a)		3,000		136,110
Intuit, Inc.(a)		2,700		74,439
Microsoft Corp.		72,000		1,980,720
Oracle Corp.(a)		38,500		808,500
Red Hat, Inc.(a)		42,100		871,049
				6,105,641

(Continued)

The accompanying notes are an integral part of the financial statements.
66

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

	Number of Shares		Value
Telecommunications — 9.2%
America Movil SAB de C.V. Sponsored ADR (Mexico)		7,900	$	416,725
American Tower Corp. Class A(a)		9,700		409,825
AT&T, Inc.		14,300		481,767
Cisco Systems, Inc.(a)		74,650		1,736,359
Corning, Inc.		20,200		465,610
Juniper Networks, Inc.(a)		16,400		363,752
MetroPCS Communications, Inc.(a)		2,900		51,359
Nokia Oyj Sponsored ADR (Finland)		88,250		2,162,125
Qualcomm, Inc.		40,900		1,814,733
				7,902,255
Toys, Games & Hobbies — 0.4%
Nintendo Co. Ltd.		600		337,665
Transportation — 0.7%
Expeditors International of Washington, Inc.		2,100		90,300
FedEx Corp.		6,700		527,893
				618,193
TOTAL COMMON STOCK (Cost $95,635,617)				85,625,758
TOTAL EQUITIES (Cost $95,635,617)				85,625,758
TOTAL LONG-TERM INVESTMENTS (Cost $95,635,617)				85,625,758
	Principal Amount
SHORT-TERM INVESTMENTS — 1.0%
Repurchase Agreement — 1.0%
State Street Bank & Trust Co. Repurchase Agreement, dated 6/30/08, 0.900%, due 7/01/08(b)	$	891,810		891,810
TOTAL SHORT-TERM INVESTMENTS (Cost $891,810)				891,810
TOTAL INVESTMENTS — 100.3% (Cost $96,527,427)(c)				86,517,568
Other Assets/ (Liabilities) — (0.3%)				(273,435	)
NET ASSETS — 100.0%			$	86,244,133

Notes to Portfolio of Investments

ADR - American Depositary Receipt

(a)  Non-income producing security.

(b)  Maturity value of $891,833. Collateralized by U.S. Government Agency obligations with rates ranging from 2.820% - 5.751%, maturity dates ranging from 8/15/36 - 10/01/36, and an aggregate market value, including accrued interest, of $915,037.

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

The accompanying notes are an integral part of the financial statements.
67

MassMutual Select Large Cap Growth Fund – Portfolio of Investments

June 30, 2008 (Unaudited)

	Number of Shares		Value
EQUITIES — 98.7%
COMMON STOCK — 98.7%
Aerospace & Defense — 1.1%
Lockheed Martin Corp.		4,500	$	443,970
Apparel — 0.9%
Nike, Inc. Class B		6,200		369,582
Beverages — 2.5%
The Coca-Cola Co.		7,700		400,246
PepsiCo, Inc.		9,275		589,797
				990,043
Biotechnology — 3.7%
Celgene Corp.(a)		14,425		921,325
Genentech, Inc.(a)		7,165		543,823
				1,465,148
Chemicals — 5.4%
Air Products & Chemicals, Inc.		6,685		660,879
Monsanto Co.		11,495		1,453,428
				2,114,307
Computers — 13.3%
Apple, Inc.(a)		14,180		2,374,299
Hewlett-Packard Co.		40,080		1,771,937
Research In Motion Ltd.(a)		9,350		1,093,015
				5,239,251
Cosmetics & Personal Care — 2.1%
Colgate-Palmolive Co.		5,100		352,410
The Procter & Gamble Co.		7,525		457,595
				810,005
Diversified Financial — 10.5%
The Blackstone Group LP		28,750		523,537
CME Group, Inc.		3,509		1,344,614
Fannie Mae		19,150		373,617
Franklin Resources, Inc.		6,350		581,977
The Goldman Sachs Group, Inc.		3,195		558,805
Merrill Lynch & Co., Inc.		12,550		397,961
NYSE Euronext		7,000		354,620
				4,135,131
Electronics — 0.2%
Thermo Fisher Scientific, Inc.(a)		1,500		83,595
Engineering & Construction — 0.7%
Fluor Corp.(a)		1,434		266,839

	Number of Shares		Value
Foods — 2.6%
Wrigley (Wm.) Jr. Co.		13,040	$	1,014,251
Health Care – Products — 5.4%
Alcon, Inc.		6,515		1,060,577
Baxter International, Inc.		6,750		431,595
Becton, Dickinson & Co.		7,745		629,668
				2,121,840
Internet — 6.1%
Google, Inc. Class A(a)		4,515		2,376,786
Machinery – Diversified — 1.5%
Deere & Co.		7,955		573,794
Manufacturing — 3.3%
Honeywell International, Inc.		16,705		839,927
Textron, Inc.		9,220		441,915
				1,281,842
Mining — 0.5%
Rio Tinto PLC Sponsored ADR (United Kingdom)		375		185,625
Oil & Gas — 2.8%
EOG Resources, Inc.		8,275		1,085,680
Oil & Gas Services — 8.4%
Baker Hughes, Inc.		7,000		611,380
Cameron International Corp.(a)		12,000		664,200
National Oilwell Varco, Inc.(a)		5,900		523,448
Schlumberger Ltd.		13,860		1,488,980
				3,288,008
Pharmaceuticals — 10.4%
Abbott Laboratories		16,510		874,535
Gilead Sciences, Inc.(a)		24,760		1,311,042
Medco Health Solutions, Inc.(a)		19,320		911,904
Teva Pharmaceutical Sponsored ADR (Israel)		21,270		974,166
				4,071,647
Retail — 4.7%
Costco Wholesale Corp.		7,580		531,661
Kohl's Corp.(a)		4,930		197,397
McDonald's Corp.		5,425		304,994
Starbucks Corp.(a)		23,200		365,168
Target Corp.		6,885		320,084
Wal-Mart Stores, Inc.		2,150		120,830
				1,840,134

	Number of Shares		Value
Semiconductors — 5.2%
Analog Devices, Inc.		8,475	$	269,251
Broadcom Corp. Class A(a)		13,615		371,553
MEMC Electronic Materials, Inc.(a)		13,245		815,097
Nvidia Corp.(a)		32,300		604,656
				2,060,557
Software — 2.2%
Microsoft Corp.		17,800		489,678
Salesforce.com, Inc.(a)		2,715		185,245
VMware, Inc. Class A(a)		3,600		193,896
				868,819
Telecommunications — 5.2%
America Movil SAB de C.V. Sponsored ADR (Mexico)		4,510		237,903
Cisco Systems, Inc.(a)		52,100		1,211,846
Nokia Oyj Sponsored ADR (Finland)		18,100		443,450
Qualcomm, Inc.		3,525		156,404
				2,049,603
TOTAL COMMON STOCK (Cost $37,697,000)				38,736,457
TOTAL EQUITIES (Cost $37,697,000)				38,736,457
TOTAL LONG-TERM INVESTMENTS (Cost $37,697,000)				38,736,457
	Principal Amount
SHORT-TERM INVESTMENTS — 1.2%
Repurchase Agreement — 1.2%
State Street Bank & Trust Co. Repurchase Agreement, dated 6/30/08, 0.900%, due 7/01/08(b)	$	470,516		470,516
TOTAL SHORT-TERM INVESTMENTS (Cost $470,516)				470,516
TOTAL INVESTMENTS — 99.9% (Cost $38,167,516)(c)				39,206,973
Other Assets/ (Liabilities) — 0.1%				20,277
NET ASSETS — 100.0%			$	39,227,250

(Continued)

The accompanying notes are an integral part of the financial statements.
68

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

Notes to Portfolio of Investments

ADR - American Depositary Receipt

(a)  Non-income producing security.

(b)  Maturity value of $470,528. Collateralized by U.S. Government Agency obligations with a rate of 2.771%, maturity date of 8/15/36, and an aggregate market value, including accrued interest, of $480,477.

(c)  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.
69

MassMutual Select Aggressive Growth Fund – Portfolio of Investments

June 30, 2008 (Unaudited)

	Number of Shares		Value
EQUITIES — 99.3%
COMMON STOCK — 99.3%
Biotechnology — 7.5%
Abraxis BioScience, Inc.(a)		26,324	$	1,670,521
Genentech, Inc.(a)		208,750		15,844,125
Genzyme Corp.(a)		187,850		13,528,957
				31,043,603
Chemicals — 1.1%
Praxair, Inc.		50,000		4,712,000
Commercial Services — 9.2%
Iron Mountain, Inc.(a)		116,400		3,090,420
Mastercard, Inc. Class A		27,500		7,301,800
Moody's Corp.		215,500		7,421,820
Visa, Inc. Class A(a)		215,200		17,497,912
Weight Watchers International, Inc.		85,000		3,026,850
				38,338,802
Computers — 12.5%
Apple, Inc.(a)		137,450		23,014,628
EMC Corp.(a)		712,750		10,470,297
Research In Motion Ltd.(a)		58,000		6,780,200
Seagate Technology		300,000		5,739,000
Sun Microsystems, Inc.(a)		230,000		2,502,400
Teradata Corp.(a)		160,000		3,702,400
				52,208,925
Cosmetics & Personal Care — 1.2%
The Procter & Gamble Co.		82,000		4,986,420
Diversified Financial — 6.6%
CME Group, Inc.		34,550		13,239,214
IntercontinentalExchange, Inc.(a)		126,450		14,415,300
				27,654,514
Entertainment — 0.7%
International GameTechnology		110,000		2,747,800
Health Care – Products — 5.7%
Intuitive Surgical, Inc.(a)		36,500		9,833,100
Stryker Corp.		100,000		6,288,000
Varian Medical Systems, Inc.(a)		144,900		7,513,065
				23,634,165
Health Care – Services — 1.1%
UnitedHealth Group, Inc.		170,000		4,462,500
Internet — 12.9%
Amazon.com, Inc.(a)		219,400		16,088,602
eBay, Inc.(a)		180,000		4,919,400
Google, Inc. Class A(a)		56,950		29,979,619
VeriSign, Inc.(a)		74,600		2,819,880
				53,807,501

	Number of Shares		Value
Lodging — 2.7%
Las Vegas Sands Corp.(a)		173,350	$	8,223,724
MGM Mirage(a)		90,000		3,050,100
				11,273,824
Oil & Gas — 1.2%
EOG Resources, Inc.		38,000		4,985,600
Oil & Gas Services — 11.7%
FMC Technologies, Inc.(a)		100,450		7,727,619
National Oilwell Varco, Inc.(a)		252,878		22,435,336
Schlumberger Ltd.		171,300		18,402,759
				48,565,714
Pharmaceuticals — 4.3%
Allergan, Inc.		340,200		17,707,410
Retail — 4.5%
Staples, Inc.		215,000		5,106,250
Starbucks Corp.(a)		584,150		9,194,521
Walgreen Co.		135,000		4,388,850
				18,689,621
Semiconductors — 2.8%
Broadcom Corp. Class A(a)		429,500		11,721,055
Software — 4.5%
Cerner Corp.(a)		73,400		3,316,212
Intuit, Inc.(a)		185,000		5,100,450
Salesforce.com, Inc.(a)		148,350		10,121,921
				18,538,583
Telecommunications — 5.7%
America Movil SAB de C.V. Sponsored ADR (Mexico)		197,450		10,415,488
Crown Castle International Corp.(a)		115,000		4,453,950
Nortel Networks Corp.(a)		5		41
Qualcomm, Inc.		200,000		8,874,000
				23,743,479
Transportation — 3.4%
Expeditors International of Washington, Inc.		231,300		9,945,900
United Parcel Service, Inc. Class B		70,000		4,302,900
				14,248,800
TOTAL COMMON STOCK (Cost $390,708,945)				413,070,316
TOTAL EQUITIES (Cost $390,708,945)				413,070,316
TOTAL LONG-TERM INVESTMENTS (Cost $390,708,945)				413,070,316

	Principal Amount		Value
SHORT-TERM INVESTMENTS — 0.4%
Repurchase Agreement — 0.4%
State Street Bank & Trust Co. Repurchase Agreement, dated 6/30/08, 0.900%, due 7/01/08(b)	$	1,656,842	$	1,656,842
TOTAL SHORT-TERM INVESTMENTS (Cost $1,656,842)				1,656,842
TOTAL INVESTMENTS — 99.7% (Cost $392,365,787)(c)				414,727,158
Other Assets/ (Liabilities) — 0.3%				1,148,592
NET ASSETS — 100.0%			$	415,875,750

Notes to Portfolio of Investments

ADR - American Depositary Receipt

(a)  Non-income producing security.

(b)  Maturity value of $1,656,883. Collateralized by U.S. Government Agency obligations with rates ranging from 2.770% - 5.746%, maturity dates ranging from 8/15/36 - 10/01/36, and an aggregate market value, including accrued interest, of $1,694,409.

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

The accompanying notes are an integral part of the financial statements.
70

MassMutual Select NASDAQ-100 Fund – Portfolio of Investments

June 30, 2008 (Unaudited)

	Number of Shares		Value
EQUITIES — 99.2%
COMMON STOCK — 99.2%
Advertising — 0.4%
Focus Media Holding Ltd. ADR (Cayman Islands)(a)		3,163	$	87,678
Lamar Advertising Co. Class A(a)		2,156		77,681
				165,359
Airlines — 0.3%
Ryanair Holdings PLC Sponsored ADR (Ireland)(a)		3,418		97,994
UAL Corp.		3,471		18,119
				116,113
Auto Manufacturers — 1.1%
Paccar, Inc.		11,960		500,287
Beverages — 0.2%
Hansen Natural Corp.(a)		2,715		78,246
Biotechnology — 6.2%
Amgen, Inc.(a)		14,763		696,223
Biogen Idec, Inc.(a)		9,214		514,971
Celgene Corp.(a)		12,655		808,275
Genzyme Corp.(a)		9,771		703,707
Vertex Pharmaceuticals, Inc.(a)		4,283		143,352
				2,866,528
Chemicals — 0.4%
Sigma-Aldrich Corp.		3,619		194,919
Commercial Services — 1.3%
Apollo Group, Inc. Class A(a)		4,932		218,291
Monster Worldwide, Inc.(a)		3,784		77,988
Paychex, Inc.		9,982		312,237
				608,516
Computers — 20.3%
Apple, Inc.(a)		35,894		6,010,091
Cadence Design Systems, Inc.(a)		8,054		81,345
Cognizant Technology Solutions Corp. Class A(a)		8,234		267,687
Dell, Inc.(a)		21,707		474,949
Logitech International SA(a)		5,117		137,136
NetApp, Inc.(a)		10,461		226,585
Research In Motion Ltd.(a)		16,475		1,925,928
SanDisk Corp.(a)		5,993		112,069
Sun Microsystems, Inc.(a)		9,929		108,028
				9,343,818

	Number of Shares		Value
Distribution & Wholesale — 0.4%
Fastenal Co.		4,177	$	180,279
Electronics — 1.1%
Flextronics International Ltd.(a)		26,535		249,429
Garmin Ltd.		5,863		251,171
				500,600
Engineering & Construction — 0.7%
Foster Wheeler Ltd.(a)		4,411		322,665
Environmental Controls — 0.3%
Stericycle, Inc.(a)		2,644		136,695
Foods — 0.2%
Whole Foods Market, Inc.		4,018		95,186
Health Care – Products — 1.3%
Henry Schein, Inc.(a)		2,618		135,010
Hologic, Inc.(a)		7,856		171,261
Intuitive Surgical, Inc.(a)		1,125		303,075
				609,346
Internet — 12.6%
Akamai Technologies, Inc.(a)		4,664		162,261
Amazon.com, Inc.(a)		8,061		591,113
Baidu.com ADR (Cayman Islands)(a)		766		239,727
Check Point Software Technologies Ltd.(a)		6,287		148,813
eBay, Inc.(a)		28,663		783,360
Expedia, Inc.(a)		8,218		151,047
Google, Inc. Class A(a)		4,240		2,232,021
IAC/InterActiveCorp(a)		8,393		161,817
Liberty Media Holding Corp. Interactive Class A(a)		15,906		234,773
Symantec Corp.(a)		25,647		496,269
VeriSign, Inc.(a)		5,404		204,271
Yahoo!, Inc.(a)		19,374		400,267
				5,805,739
Iron & Steel — 0.5%
Steel Dynamics, Inc.		5,696		222,543
Lodging — 0.6%
Wynn Resorts Ltd.		3,560		289,606
Machinery – Construction & Mining — 0.5%
Joy Global, Inc.		3,087		234,087
Media — 4.3%
Comcast Corp. Class A		41,627		789,664
The DIRECTV Group, Inc.(a)		24,283		629,173

	Number of Shares		Value
Discovery Holding Co. Class A(a)		7,026	$	154,291
DISH Network Corp. Class A(a)		6,374		186,631
Liberty Global, Inc. Class A(a)		4,715		148,192
Sirius Satellite Radio, Inc.(a)		47,287		90,791
				1,998,742
Pharmaceuticals — 6.8%
Amylin Pharmaceuticals, Inc.(a)		3,819		96,964
Cephalon, Inc.(a)		1,920		128,045
DENTSPLY International, Inc.		4,221		155,333
Express Scripts, Inc.(a)		6,570		412,070
Gilead Sciences, Inc.(a)		26,538		1,405,187
Patterson Cos., Inc.(a)		3,662		107,626
Teva Pharmaceutical Sponsored ADR (Israel)		18,332		839,606
				3,144,831
Retail — 4.2%
Bed Bath & Beyond, Inc.(a)		10,193		286,423
Costco Wholesale Corp.		6,669		467,763
PetSmart, Inc.		3,683		73,476
Sears Holdings Corp.(a)		4,033		297,071
Staples, Inc.		13,796		327,655
Starbucks Corp.(a)		29,362		462,158
				1,914,546
Semiconductors — 8.5%
Altera Corp.		12,310		254,817
Applied Materials, Inc.		20,387		389,188
Broadcom Corp. Class A(a)		11,891		324,505
Intel Corp.		58,675		1,260,339
KLA-Tencor Corp.		6,038		245,807
Lam Research Corp.(a)		3,779		136,611
Linear Technology Corp.		8,652		281,796
Marvell Technology Group Ltd.(a)		16,690		294,746
Microchip Technology, Inc.		4,489		137,094
Nvidia Corp.(a)		15,889		297,442
Xilinx, Inc.		10,817		273,129
				3,895,474
Software — 14.5%
Activision, Inc.(a)		7,762		264,451
Adobe Systems, Inc.(a)		15,217		599,398
Autodesk, Inc.(a)		6,813		230,348
CA, Inc.		14,360		331,572
Citrix Systems, Inc.(a)		6,411		188,548
Electronic Arts, Inc.(a)		9,348		415,332

(Continued)

The accompanying notes are an integral part of the financial statements.
71

MassMutual Select NASDAQ-100 Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
Fiserv, Inc.(a)		5,990	$	271,766
Infosys Technologies Ltd. Sponsored ADR (India)		3,288		142,896
Intuit, Inc.(a)		11,807		325,519
Microsoft Corp.		93,501		2,572,212
Oracle Corp.(a)		62,852		1,319,892
				6,661,934
Telecommunications — 11.0%
Cisco Systems, Inc.(a)		61,614		1,433,142
Juniper Networks, Inc.(a)		10,082		223,619
Leap Wireless International, Inc.(a)		2,015		86,988
Level 3 Communications, Inc.(a)		44,038		129,912
Millicom International Cellular SA		3,045		315,157
NII Holdings, Inc.(a)		4,755		225,815
Qualcomm, Inc.		56,931		2,526,028
Virgin Media, Inc.		10,498		142,878
				5,083,539
Textiles — 0.3%
Cintas Corp.		5,370		142,359
Transportation — 1.2%
C.H. Robinson Worldwide, Inc.		4,932		270,471
Expeditors International of Washington, Inc.		6,132		263,676
				534,147
TOTAL COMMON STOCK (Cost $40,891,779)				45,646,104
TOTAL EQUITIES (Cost $40,891,779)				45,646,104
TOTAL LONG-TERM INVESTMENTS (Cost $40,891,779)				45,646,104

	Principal Amount		Value
SHORT-TERM INVESTMENTS — 1.2%
Repurchase Agreement — 0.8%
State Street Bank & Trust Co. Repurchase Agreement, dated 6/30/08, 0.900%, due 7/01/08(b)	$	389,234	$	389,234
Discount Notes — 0.4%
U.S. Treasury Bill(c) 2.060% 12/04/08		170,000		168,482
TOTAL SHORT-TERM INVESTMENTS (Cost $557,716)				557,716
TOTAL INVESTMENTS — 100.4% (Cost $41,449,495)(d)				46,203,820
Other Assets/ (Liabilities) — (0.4%)				(200,070	)
NET ASSETS — 100.0%			$	46,003,750

Notes to Portfolio of Investments

ADR - American Depositary Receipt

(a)  Non-income producing security.

(b)  Maturity value of $389,243. Collateralized by U.S. Government Agency obligations with a rate of 2.821%, maturity date of 7/15/36, and an aggregate market value, including accrued interest, of $398,965.

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

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

The accompanying notes are an integral part of the financial statements.
72

MassMutual Select Focused Value Fund – Portfolio of Investments

June 30, 2008 (Unaudited)

	Number of Shares		Value
EQUITIES — 94.8%
COMMON STOCK — 94.8%
Banks — 8.8%
The Bank of New York Mellon Corp.		920,000	$	34,803,600
Capital One Financial Corp.		593,100		22,543,731
				57,347,331
Commercial Services — 5.2%
Robert Half International, Inc.		1,400,000		33,558,000
Computers — 12.8%
Dell, Inc.(a)		1,833,900		40,125,732
Hewlett-Packard Co.		968,400		42,812,964
				82,938,696
Diversified Financial — 17.0%
Discover Financial Services		1,907,800		25,125,726
JP Morgan Chase & Co.		800,000		27,448,000
Merrill Lynch & Co., Inc.		960,000		30,441,600
Morgan Stanley		755,400		27,247,278
				110,262,604
Leisure Time — 4.8%
Carnival Corp.		949,500		31,295,520
Lodging — 4.8%
Starwood Hotels & Resorts Worldwide, Inc.		770,000		30,853,900
Media — 6.0%
Discovery Holding Co. Class A(a)		1,320,000		28,987,200
Liberty Media Corp. Capital Class A(a)		668,000		9,619,200
				38,606,400
Retail — 12.3%
Best Buy Co., Inc.		647,200		25,629,120
Tiffany & Co.		890,800		36,300,100
Yum! Brands, Inc.		500,000		17,545,000
				79,474,220
Semiconductors — 15.5%
Intel Corp.		2,372,900		50,969,892
Micron Technology, Inc.(a)		2,396,300		14,377,800
National Semiconductor Corp.		1,723,800		35,406,852
				100,754,544
Telecommunications — 5.3%
Virgin Media, Inc.		2,500,000		34,025,000

	Number of Shares		Value
Transportation — 2.3%
Union Pacific Corp.		200,000	$	15,100,000
TOTAL COMMON STOCK (Cost $662,958,028)				614,216,215
TOTAL EQUITIES (Cost $662,958,028)				614,216,215
TOTAL LONG-TERM INVESTMENTS (Cost $662,958,028)				614,216,215
	Principal Amount
SHORT-TERM INVESTMENTS — 4.4%
Repurchase Agreement — 4.4%
State Street Bank & Trust Co. Repurchase Agreement, dated 6/30/08, 0.900%, due 7/01/08(b)	$	28,725,439		28,725,439
TOTAL SHORT-TERM INVESTMENTS (Cost $28,725,439)				28,725,439
TOTAL INVESTMENTS — 99.2% (Cost $691,683,467)(c)				642,941,654
Other Assets/ (Liabilities) — 0.8%				5,396,988
NET ASSETS — 100.0%			$	648,338,642

Notes to Portfolio of Investments

(a)  Non-income producing security.

(b)  Maturity value of $28,726,157. Collateralized by U.S. Government Agency obligations with rates ranging from 2.708% - 2.808%, maturity date of 8/15/36, and an aggregate market value, including accrued interest, of $29,302,649.

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

The accompanying notes are an integral part of the financial statements.
73

MassMutual Select Mid-Cap Value Fund – Portfolio of Investments

June 30, 2008 (Unaudited)

	Number of Shares		Value
EQUITIES — 96.9%
COMMON STOCK — 96.9%
Advertising — 3.2%
Harte-Hanks, Inc.		423,235	$	4,846,041
Automotive & Parts — 0.6%
Autoliv, Inc.		19,440		906,293
Banks — 2.0%
City National Corp.		70,716		2,975,022
Chemicals — 5.6%
International Flavors & Fragrances, Inc.		138,243		5,399,771
The Valspar Corp.		158,960		3,005,934
				8,405,705
Commercial Services — 4.1%
Corinthian Colleges, Inc.(a)		529,900		6,152,139
Computers — 3.1%
Diebold, Inc.		130,985		4,660,446
Electrical Components & Equipment — 4.1%
Hubbell, Inc. Class B		65,358		2,605,823
Molex, Inc.		145,000		3,539,450
				6,145,273
Electronics — 5.6%
Cymer, Inc.(a)		154,950		4,165,056
Flextronics International Ltd.(a)		454,855		4,275,637
				8,440,693
Entertainment — 2.3%
International Speedway Corp. Class A		87,651		3,421,018
Foods — 4.6%
Hain Celestial Group, Inc.(a)		160,277		3,763,304
Pilgrim's Pride Corp.		246,614		3,203,516
				6,966,820
Health Care – Services — 3.5%
Quest Diagnostics, Inc.		109,078		5,287,011
Home Builders — 2.2%
NVR, Inc.(a)		6,519		3,260,021
Household Products — 1.4%
The Scotts Miracle-Gro Co. Class A		118,500		2,082,045

	Number of Shares		Value
Insurance — 13.3%
Arthur J. Gallagher & Co.		222,487	$	5,361,937
RenaissanceRe Holdings Ltd.		60,240		2,690,921
Stewart Information Services Corp.		120,072		2,322,192
Unum Group		76,862		1,571,828
White Mountains Insurance Group Ltd.		9,517		4,082,793
Willis Group Holdings Ltd.		129,400		4,059,278
				20,088,949
Machinery – Diversified — 5.6%
Albany International Corp. Class A		117,667		3,412,343
Briggs & Stratton Corp.		399,550		5,066,294
				8,478,637
Manufacturing — 4.5%
Carlisle Cos., Inc.		42,075		1,220,175
Dover Corp.		115,964		5,609,179
				6,829,354
Office Furnishings — 2.1%
Steelcase, Inc. Class A		321,102		3,220,653
Packaging & Containers — 3.2%
Bemis Co., Inc.		217,950		4,886,439
Pharmaceuticals — 3.4%
Alpharma, Inc. Class A(a)		225,220		5,074,207
Real Estate Investment Trusts (REITS) — 2.4%
CapitalSource, Inc.		328,242		3,636,921
Retail — 8.9%
Family Dollar Stores, Inc.		305,960		6,100,843
Jones Apparel Group, Inc.		133,437		1,834,759
Office Depot, Inc.(a)		177,700		1,944,038
Zale Corp.(a)		189,060		3,571,343
				13,450,983
Semiconductors — 3.0%
Entegris, Inc.(a)		704,905		4,617,128
Software — 5.5%
IMS Health, Inc.		212,928		4,961,223
Parametric Technology Corp.(a)		203,617		3,394,295
				8,355,518

	Number of Shares		Value
Textiles — 2.7%
G&K Services, Inc. Class A		136,095	$	4,145,454
TOTAL COMMON STOCK (Cost $193,257,030)				146,332,770
TOTAL EQUITIES (Cost $193,257,030)				146,332,770
TOTAL LONG-TERM INVESTMENTS (Cost $193,257,030)				146,332,770
	Principal Amount
SHORT-TERM INVESTMENTS — 3.5%
Repurchase Agreement — 3.5%
State Street Bank & Trust Co. Repurchase Agreement, dated 6/30/08, 0.900%, due 7/01/08(b)	$	5,313,951		5,313,951
TOTAL SHORT-TERM INVESTMENTS (Cost $5,313,951)				5,313,951
TOTAL INVESTMENTS — 100.4% (Cost $198,570,981)(c)				151,646,721
Other Assets/ (Liabilities) — (0.4%)				(536,716	)
NET ASSETS — 100.0%			$	151,110,005

Notes to Portfolio of Investments

(a)  Non-income producing security.

(b)  Maturity value of $5,314,084. Collateralized by U.S. Government Agency obligations with a rate of 2.861%, maturity date of 8/25/36, and an aggregate market value, including accrued interest, of $5,420,667.

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

The accompanying notes are an integral part of the financial statements.
74

MassMutual Select Small Cap Value Equity Fund – Portfolio of Investments

June 30, 2008 (Unaudited)

	Number of Shares		Value
EQUITIES — 98.7%
COMMON STOCK — 98.7%
Aerospace & Defense — 0.3%
Argon ST, Inc.(a)		400	$	9,920
Cubic Corp.		4,100		91,348
Curtiss-Wright Corp.		3,300		147,642
Ducommun, Inc.(a)		7,100		163,016
				411,926
Agriculture — 0.4%
Alliance One International, Inc.(a)		55,700		284,627
Universal Corp.		5,800		262,276
				546,903
Airlines — 0.8%
Alaska Air Group, Inc.(a)		15,800		242,372
JetBlue Airways Corp.(a)		42,100		157,033
Republic Airways Holdings, Inc.(a)		26,900		232,954
SkyWest, Inc.		22,200		280,830
UAL Corp.		4,400		22,968
US Airways Group, Inc.(a)		31,400		78,500
				1,014,657
Apparel — 0.8%
Carter's, Inc.(a)		15,700		216,974
Maidenform Brands, Inc.(a)		5,000		67,500
Oxford Industries, Inc.		5,400		103,410
Perry Ellis International, Inc.(a)		3,800		80,636
Skechers U.S.A., Inc. Class A(a)		7,000		138,320
Steven Madden Ltd.(a)		200		3,676
Timberland Co. Class A(a)		30,300		495,405
				1,105,921
Auto Manufacturers — 0.1%
Wabash National Corp.		13,600		102,816
Automotive & Parts — 1.7%
American Axle & Manufacturing Holdings, Inc.		21,700		173,383
ATC Technology Corp.(a)		6,600		153,648
Cooper Tire & Rubber Co.		24,900		195,216
Dana Holding Corp.(a)		79,800		426,930
Hayes Lemmerz International, Inc.(a)		15,400		43,736
Lear Corp.(a)		35,100		497,718
Modine Manufacturing Co.		1,700		21,029

	Number of Shares		Value
Superior Industries International, Inc.		13,700	$	231,256
Tenneco, Inc.(a)		12,300		166,419
Visteon Corp.(a)		145,600		382,928
				2,292,263
Banks — 8.5%
Amcore Financial, Inc.		12,463		70,541
Arrow Financial Corp.		500		9,065
BancFirst Corp.		2,100		89,880
Banco Latinoamericano de Exportaciones SA Class E		41,600		673,504
Boston Private Financial Holdings, Inc.		27,400		155,358
Cathay General Bancorp		37,300		405,451
Centennial Bank Holdings, Inc.(a)		67,200		241,920
Central Pacific Financial Corp.		17,100		182,286
Chemical Financial Corp.		18,300		373,320
City Bank		400		3,440
City Holding Co.		7,200		293,544
The Colonial BancGroup, Inc.		10,300		45,526
Community Bank System, Inc.		100		2,062
CVB Financial Corp.		5,170		48,805
F.N.B. Corp.		34,100		401,698
First Bancorp		32,600		206,684
First Bancorp		12,300		155,472
First Commonwealth Financial Corp.		11,700		109,161
First Community Bancshares, Inc.		200		5,640
First Financial Corp.		2,600		79,586
First Merchants Corp.		15,800		286,770
First Midwest Bancorp, Inc.		800		14,920
FirstMerit Corp.		37,500		611,625
Hanmi Financial Corp.		52,500		273,525
International Bancshares Corp.		37,100		792,827
Lakeland Bancorp, Inc.		12,075		147,073
MainSource Financial Group, Inc.		9,030		139,965
National Penn Bancshares, Inc.		5,768		76,599
NBT Bancorp, Inc.		8,300		171,063
Old National Bancorp		17,600		250,976
Oriental Financial Group, Inc.		34,700		494,822
Pacific Capital Bancorp		40,300		555,334

	Number of Shares		Value
PacWest Bancorp		16,600	$	247,008
Park National Corp.		3,300		177,870
Peoples Bancorp, Inc.		4,200		79,716
Prosperity Bancshares, Inc.		900		24,057
Provident Bankshares Corp.		23,300		148,654
Republic Bancorp, Inc. Class A		3,900		95,940
S&T Bancorp, Inc.		11,900		345,814
Santander BanCorp		2,300		24,403
SCBT Financial Corp.		1,215		34,700
Simmons First National Corp. Class A		9,300		260,121
Suffolk Bancorp		10,100		296,738
Sun Bancorp, Inc.(a)		5,623		57,071
Susquehanna Bancshares, Inc.		23,100		316,239
SVB Financial Group(a)		2,700		129,897
SY Bancorp, Inc.		4,700		100,392
Trustmark Corp.		3,700		65,305
UMB Financial Corp.		18,700		958,749
United Bankshares, Inc.		5,700		130,815
United Community Banks		20,700		176,571
Univest Corp. of Pennsylvania		4,500		89,370
Wilshire Bancorp, Inc.		12,600		107,982
				11,235,854
Biotechnology — 0.2%
Affymetrix, Inc.(a)		28,600		294,294
Cambrex Corp.(a)		6,300		36,981
				331,275
Building Materials — 0.8%
Comfort Systems USA, Inc.		48,700		654,528
Gibraltar Industries, Inc.		4,400		70,268
NCI Building Systems, Inc.(a)		5,900		216,707
Quanex Building Products Corp.		6,300		93,618
				1,035,121
Chemicals — 3.6%
H.B. Fuller Co.		21,700		486,948
Hercules, Inc.		3,400		57,562
Innophos Holdings, Inc.		8,600		274,770
Minerals Technologies, Inc.		11,900		756,721
Olin Corp.		42,300		1,107,414
OM Group, Inc.(a)		12,000		393,480
Rockwood Holdings, Inc.(a)		13,300		462,840
Sensient Technologies Corp.		19,400		546,304

(Continued)

The accompanying notes are an integral part of the financial statements.
75

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

	Number of Shares		Value
Stepan Co.		3,200	$	145,984
W.R. Grace & Co.(a)		22,100		519,129
				4,751,152
Commercial Services — 4.8%
Aaron Rents, Inc.		400		8,932
Advance America Cash Advance Centers, Inc.		48,300		245,364
Albany Molecular Research, Inc.(a)		10,600		140,662
Bowne & Co., Inc.		30,100		383,775
CDI Corp.		5,000		127,200
Consolidated Graphics, Inc.(a)		4,600		226,642
Deluxe Corp.		1,600		28,512
First Advantage Corp. Class A(a)		6,000		95,100
Global Cash Access Holdings, Inc.(a)		4,800		32,928
Healthspring, Inc.(a)		21,500		362,920
Hudson Highland Group, Inc.(a)		23,400		244,998
Interactive Data Corp.		15,600		392,028
Jackson Hewitt Tax Service, Inc.		14,500		177,190
Kelly Services, Inc. Class A		33,600		649,488
Maximus, Inc.		19,200		668,544
Monro Muffler Brake, Inc.		600		9,294
MPS Group, Inc.(a)		7,900		83,977
On Assignment, Inc.(a)		4,400		35,288
PeopleSupport, Inc.(a)		30,200		256,700
Rent-A-Center, Inc.(a)		45,900		944,163
Spherion Corp.(a)		4,600		21,252
Standard Parking Corp.(a)		4,400		80,080
Stewart Enterprises, Inc. Class A		38,600		277,920
Viad Corp.		19,000		490,010
Volt Information Sciences, Inc.(a)		2,850		33,943
Watson Wyatt Worldwide, Inc. Class A		6,600		349,074
				6,365,984
Computers — 1.3%
CACI International, Inc. Class A(a)		10,700		489,739
Ciber, Inc.(a)		32,800		203,688
Electronics for Imaging, Inc.(a)		10,700		156,220
Hutchinson Technology, Inc.(a)		2,200		29,568
MTS Systems Corp.		8,200		294,216

	Number of Shares		Value
Perot Systems Corp. Class A(a)		11,600	$	174,116
Quantum Corp.(a)		7,700		10,395
Rackable Systems, Inc.(a)		8,700		116,580
Rimage Corp.(a)		1,200		14,868
Silicon Storage Technology, Inc.(a)		101,600		281,432
				1,770,822
Distribution & Wholesale — 0.2%
Owens & Minor, Inc.		4,500		205,605
ScanSource, Inc.(a)		300		8,028
United Stationers, Inc.(a)		1,200		44,340
				257,973
Diversified Financial — 2.1%
BGC Partners, Inc. Class A(a)		43,900		331,445
CompuCredit Corp.(a)		10,300		61,800
Encore Capital Group, Inc.(a)		14,100		124,503
Federal Agricultural Mortgage Corp. Class C		4,300		106,554
First Financial Northwest		45,900		455,787
Fox Chase Bancorp, Inc.(a)		20,600		211,356
Friedman Billings Ramsey Group, Inc. Class A		89,500		134,250
IndyMac Bancorp, Inc.		24,100		14,942
Knight Capital Group, Inc. Class A(a)		13,400		240,932
LaBranche & Co., Inc.(a)		17,200		121,776
National Financial Partners Corp.		21,300		422,166
Nelnet, Inc. Class A		1,700		19,091
NewStar Financial, Inc.(a)		44,800		264,768
SWS Group, Inc.		900		14,949
Westwood Holdings Group, Inc.		7,000		278,600
				2,802,919
Electric — 3.5%
Aquila, Inc.(a)		125,300		472,381
Avista Corp.		41,800		897,028
Central Vermont Public Service Corp.		400		7,748
CH Energy Group, Inc.		6,700		238,319
Cleco Corp.		23,400		545,922
El Paso Electric Co.(a)		35,400		700,920
Idacorp, Inc.		1,100		31,779
MGE Energy, Inc.		4,700		153,314
Pike Electric Corp.(a)		2,300		38,203
PNM Resources, Inc.		17,600		210,496
Portland General Electric Co.		16,500		371,580

	Number of Shares		Value
Unisource Energy Corp.		2,600	$	80,626
Westar Energy, Inc.		42,100		905,571
				4,653,887
Electrical Components & Equipment — 0.7%
Encore Wire Corp.		1,500		31,785
EnerSys(a)		4,200		143,766
Graftech International Ltd.(a)		26,000		697,580
				873,131
Electronics — 4.0%
Benchmark Electronics, Inc.(a)		45,400		741,836
Brady Corp. Class A		800		27,624
Checkpoint Systems, Inc.(a)		22,100		461,448
Coherent, Inc.(a)		11,400		340,746
CTS Corp.		7,200		72,360
Cymer, Inc.(a)		17,700		475,776
Measurement Specialties, Inc.(a)		13,600		239,224
Methode Electronics, Inc.		47,300		494,285
Multi-Fineline Electronix, Inc.(a)		100		2,767
Park Electrochemical Corp.		15,600		379,236
Plexus Corp.(a)		10,500		290,640
Rogers Corp.(a)		11,400		428,526
Sanmina-SCI Corp.(a)		253,000		323,840
Stoneridge, Inc.(a)		15,300		261,018
Technitrol, Inc.		20,400		346,596
TTM Technologies, Inc.(a)		35,700		471,597
				5,357,519
Energy – Alternate Sources — 0.1%
Headwaters, Inc.(a)		13,500		158,895
Engineering & Construction — 1.4%
Dycom Industries, Inc.(a)		4,800		69,696
Emcor Group, Inc.(a)		30,300		864,459
Granite Construction, Inc.		26,000		819,780
Perini Corp.(a)		2,600		85,930
				1,839,865
Entertainment — 0.1%
Churchill Downs, Inc.		2,800		97,636
Environmental Controls — 0.2%
Waste Services, Inc.(a)		33,032		232,545
Foods — 2.3%
Cal-Maine Foods, Inc.		16,100		531,139
Chiquita Brands International, Inc.(a)		15,400		233,618
Flowers Foods, Inc.		3,450		97,773
J&J Snack Foods Corp.		1,800		49,338

(Continued)

The accompanying notes are an integral part of the financial statements.
76

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

	Number of Shares		Value
Nash Finch Co.		19,200	$	657,984
Ralcorp Holdings, Inc.(a)		17,300		855,312
Ruddick Corp.		7,900		271,049
Winn-Dixie Stores, Inc.(a)		24,300		389,286
				3,085,499
Forest Products & Paper — 1.2%
Buckeye Technologies, Inc.(a)		29,100		246,186
Glatfelter		55,500		749,805
Kapstone Paper and Packaging Corp.(a)		23,600		157,412
Rock-Tenn Co. Class A		9,400		281,906
Schweitzer-Mauduit International, Inc.		9,700		163,445
				1,598,754
Gas — 2.3%
New Jersey Resources Corp.		22,650		739,523
Nicor, Inc.		6,200		264,058
Northwest Natural Gas Co.		14,000		647,640
Piedmont Natural Gas Co., Inc.		28,900		756,024
Southwest Gas Corp.		12,600		374,598
WGL Holdings, Inc.		6,200		215,388
				2,997,231
Hand & Machine Tools — 0.0%
Regal-Beloit Corp.		1,300		54,925
Health Care – Products — 0.4%
AngioDynamics, Inc.(a)		2,500		34,050
Cardiac Science Corp.(a)		4,600		37,720
Invacare Corp.		20,300		414,932
				486,702
Health Care – Services — 2.3%
Alliance Imaging, Inc.(a)		800		6,936
AMERIGROUP Corp.(a)		19,200		399,360
AmSurg Corp.(a)		9,800		238,630
Centene Corp.(a)		28,300		475,157
Five Star Quality Care, Inc.(a)		19,200		90,816
Healthsouth Corp.(a)		12,400		206,212
Kindred Healthcare, Inc.(a)		16,200		465,912
Molina Healthcare, Inc.(a)		17,500		425,950
Odyssey Healthcare, Inc.(a)		900		8,766
RehabCare Group, Inc.(a)		37,700		604,331
Res-Care, Inc.(a)		6,000		106,680
				3,028,750
Holding Company – Diversified — 0.5%
Compass Diversified Holdings		54,100		618,363

	Number of Shares		Value
Home Builders — 0.5%
Beazer Homes USA, Inc.		1,200	$	6,684
Champion Enterprises, Inc.(a)		18,100		105,885
Hovnanian Enterprises, Inc. Class A(a)		16,500		90,420
The Ryland Group, Inc.		19,500		425,295
				628,284
Home Furnishing — 0.5%
American Woodmark Corp.		300		6,339
Ethan Allen Interiors, Inc.		5,000		123,000
Furniture Brands International, Inc.		18,300		244,488
Hooker Furniture Corp.		17,900		310,028
				683,855
Household Products — 0.7%
American Greetings Corp. Class A		28,500		351,690
Blyth, Inc.		23,700		285,111
Prestige Brands Holdings, Inc.(a)		33,600		358,176
				994,977
Insurance — 6.6%
American Equity Investment Life Holding Co.		87,500		713,125
American Physicians Capital, Inc.		13,800		668,472
Amtrust Financial Services, Inc.		10,500		132,300
Argo Group International Holdings Ltd.(a)		7,794		261,567
Aspen Insurance Holdings Ltd.		37,800		894,726
Castlepoint Holdings Ltd.		72,000		654,480
CNA Surety Corp.(a)		6,500		82,160
Delphi Financial Group, Inc. Class A		3,700		85,618
Employers Holdings, Inc.		4,800		99,360
Flagstone Reinsurance Holdings Ltd.		26,700		314,793
FPIC Insurance Group, Inc.(a)		2,900		131,428
Greenlight Capital Re Ltd.(a)		32,800		749,808
Hallmark Financial Services, Inc.(a)		11,600		112,172
Harleysville Group, Inc.		200		6,766
IPC Holdings Ltd.		36,200		961,110
Maiden Holdings Ltd.		19,800		126,720
Montpelier Re Holdings Ltd.		50,500		744,875
National Interstate Corp.		3,400		62,492

	Number of Shares		Value
Navigators Group, Inc.(a)		3,000	$	162,150
Odyssey Re Holdings Corp.		2,400		85,200
The Phoenix Companies, Inc.		13,900		105,779
Platinum Underwriters Holdings Ltd.		30,600		997,866
The PMI Group, Inc.		3,900		7,605
Primus Guaranty Ltd.(a)		101,300		294,783
ProAssurance Corp.(a)		1,600		76,976
Radian Group, Inc.		40,200		58,290
SeaBright Insurance Holdings, Inc.(a)		13,200		191,136
				8,781,757
Internet — 1.2%
Avocent Corp.(a)		8,500		158,100
CMGI, Inc.(a)		13,970		148,082
InfoSpace, Inc.		5,800		48,314
Internap Network Services Corp.(a)		12,200		57,096
S1 Corp.(a)		27,400		207,418
TIBCO Software, Inc.(a)		78,200		598,230
United Online, Inc.		35,700		358,071
				1,575,311
Investment Companies — 0.9%
Apollo Investment Corp.		24,527		351,472
Ares Capital Corp.		4,000		40,320
Capital Southwest Corp.		387		40,337
Gladstone Capital Corp.		3,100		47,244
Hercules Technology Growth Capital, Inc.		22,100		197,353
Kohlberg Capital Corp.		1,000		10,000
MCG Capital Corp.		14,500		57,710
MVC Capital, Inc.		10,032		137,338
NGP Capital Resources Co.		11,400		175,674
PennantPark Investment Corp.		11,400		82,194
				1,139,642
Leisure Time — 0.7%
Brunswick Corp.		4,500		47,700
Callaway Golf Co.		19,500		230,685
Polaris Industries, Inc.		15,200		613,776
				892,161
Machinery – Diversified — 1.7%
Applied Industrial Technologies, Inc.		23,900		577,663
Briggs & Stratton Corp.		14,200		180,056
Columbus McKinnon Corp.(a)		12,900		310,632
Kadant, Inc.(a)		2,200		49,720
Robbins & Myers, Inc.		11,800		588,466

(Continued)

The accompanying notes are an integral part of the financial statements.
77

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

	Number of Shares		Value
Tecumseh Products Co. Class A(a)		13,000	$	426,140
Twin Disc, Inc.		3,800		79,534
				2,212,211
Manufacturing — 2.3%
A.O. Smith Corp.		8,900		292,187
Actuant Corp. Class A		800		25,080
Acuity Brands, Inc.		13,400		644,272
Blount International, Inc.(a)		11,600		134,676
Clarcor, Inc.		8,500		298,350
EnPro Industries, Inc.(a)		20,400		761,736
Koppers Holdings, Inc.		3,200		133,984
Lydall, Inc.(a)		51,500		646,325
Standex International Corp.		2,200		45,628
Tredegar Corp.		6,900		101,430
				3,083,668
Media — 1.2%
AH Belo Corp. Class A		2,560		14,592
Belo Corp. Class A		12,800		93,568
Charter Communications, Inc. Class A(a)		24,500		25,725
Cox Radio, Inc. Class A(a)		100		1,180
Crown Media Holdings, Inc. Class A(a)		10,800		51,192
DG FastChannel, Inc.(a)		8,300		143,175
Entercom Communications Corp.		9,100		63,882
Idearc, Inc.		48,000		112,800
Journal Communications, Inc. Class A		22,700		109,414
Lin TV Corp. Class A(a)		5,700		33,972
Mediacom Communications Corp.(a)		21,200		113,208
R.H. Donnelley Corp.(a)		1,700		5,100
Scholastic Corp.(a)		26,900		770,954
				1,538,762
Metal Fabricate & Hardware — 1.2%
Circor International, Inc.		2,600		127,374
Mueller Industries, Inc.		9,600		309,120
Mueller Water Products, Inc., Series A		26,502		213,871
NN, Inc.		10,600		147,764
Worthington Industries, Inc.		41,300		846,650
				1,644,779
Mining — 0.9%
Hecla Mining Co.(a)		69,900		647,274
Kaiser Aluminum Corp.		4,100		219,473
RTI International Metals, Inc.(a)		1,900		67,678
Stillwater Mining Co.(a)		18,000		212,940

	Number of Shares		Value
United States Lime & Minerals, Inc.(a)		800	$	31,656
				1,179,021
Office Equipment/Supplies — 0.3%
Ikon Office Solutions, Inc.		36,900		416,232
Oil & Gas — 3.2%
Berry Petroleum Co. Class A		8,000		471,040
Bill Barrett Corp.(a)		6,800		403,988
Callon Petroleum Co.(a)		11,300		309,168
Meridian Resource Corp.(a)		79,500		234,525
Rosetta Resources, Inc.(a)		34,600		986,100
Stone Energy Corp.(a)		8,600		566,826
Swift Energy Co.(a)		17,300		1,142,838
TXCO Resources, Inc.(a)		15,700		184,632
				4,299,117
Oil & Gas Services — 1.7%
Complete Production Services, Inc.(a)		19,400		706,548
Dawson Geophysical Co.(a)		600		35,676
Hornbeck Offshore Services, Inc.(a)		10,300		582,053
Newpark Resources, Inc.(a)		20,300		159,558
Trico Marine Services, Inc.(a)		15,300		557,226
Union Drilling, Inc.(a)		11,200		242,816
				2,283,877
Pharmaceuticals — 0.4%
Emergent Biosolutions, Inc.(a)		26,300		261,159
PharMerica Corp.(a)		11,000		248,490
Sirona Dental Systems, Inc.(a)		1,900		49,248
Viropharma, Inc.(a)		2,100		23,226
				582,123
Real Estate Investment Trusts (REITS) — 10.2%
Anthracite Capital, Inc.		74,700		525,888
Anworth Mortgage Asset Corp.		74,300		483,693
Ashford Hospitality Trust		43,500		200,970
Associated Estates Realty Corp.		35,500		380,205
Capital Trust, Inc. Class A		9,600		184,416
CapLease, Inc.		33,700		252,413
Cedar Shopping Centers, Inc.		33,500		392,620
Colonial Properties Trust		3,000		60,060

	Number of Shares		Value
DiamondRock Hospitality Co.		55,700	$	606,573
Education Realty Trust, Inc.		19,100		222,515
Entertainment Properties Trust		2,000		98,880
Extra Space Storage, Inc.		13,500		207,360
First Industrial Realty Trust, Inc.		25,600		703,232
First Potomac Realty Trust		2,400		36,576
Getty Realty Corp.		28,900		416,449
Glimcher Realty Trust		39,600		442,728
Gramercy Capital Corp.		17,500		202,825
Hersha Hospitality Trust		75,300		568,515
Inland Real Estate Corp.		2,800		40,376
Investors Real Estate Trust		7,200		68,688
LaSalle Hotel Properties		25,000		628,250
Lexington Realty Trust		55,600		757,828
Medical Properties Trust, Inc.		23,500		237,820
MFA Mortgage Investments, Inc.		48,100		313,612
National Health Investors, Inc.		21,500		612,965
National Retail Properties, Inc.		39,100		817,190
NorthStar Realty Finance Corp.		29,500		245,440
Parkway Properties, Inc.		5,400		182,142
Pennsylvania Real Estate Investment Trust		25,000		578,500
RAIT Financial Trust		92,200		684,124
Realty Income Corp.		21,300		484,788
Resource Capital Corp.		81,600		588,336
Senior Housing Properties Trust		2,200		42,966
Strategic Hotels & Resorts, Inc.		40,700		381,359
Sunstone Hotel Investors, Inc.		44,900		745,340
U-Store-It Trust		17,600		210,320
				13,605,962
Retail — 6.4%
AFC Enterprises(a)		21,500		171,785
Blockbuster, Inc. Class A(a)		71,800		179,500
Bob Evans Farms, Inc.		21,400		612,040
Brown Shoe Co., Inc.		1,725		23,374
Build-A-Bear Workshop, Inc.(a)		6,500		47,255
Casey's General Stores, Inc.		22,500		521,325
Cash America International, Inc.		8,400		260,400
Cato Corp. Class A		25,100		357,424

(Continued)

The accompanying notes are an integral part of the financial statements.
78

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

	Number of Shares		Value
CEC Entertainment, Inc.(a)		4,700	$	131,647
Charlotte Russe Holding, Inc.(a)		14,400		255,744
Charming Shoppes, Inc.(a)		12,700		58,293
Chico's FAS, Inc.(a)		54,300		291,591
Children's Place(a)		8,000		288,800
Domino's Pizza, Inc.(a)		15,300		175,950
Dress Barn, Inc.(a)		44,600		596,748
The Finish Line, Inc. Class A(a)		21,600		187,920
Hot Topic, Inc.(a)		33,100		179,071
Insight Enterprises, Inc.(a)		12,300		144,279
Jack in the Box, Inc.(a)		4,000		89,640
Jo-Ann Stores, Inc.(a)		23,000		529,690
Jos. A. Bank Clothiers, Inc.(a)		100		2,675
Longs Drug Stores Corp.		11,700		492,687
Movado Group, Inc.		4,000		79,200
New York & Co., Inc.(a)		41,900		382,547
O' Charley's, Inc.		32,300		324,938
Papa John's International, Inc.(a)		1,900		50,521
The PEP Boys-Manny Moe & Jack		5,900		51,448
Regis Corp.		33,200		874,820
Retail Ventures, Inc.(a)		35,300		162,380
Ruby Tuesday, Inc.		11,100		59,940
School Specialty, Inc.(a)		19,900		591,627
Shoe Carnival, Inc.(a)		11,100		130,869
Stage Stores, Inc.		4,900		57,183
Systemax, Inc.		5,300		93,545
Zale Corp.(a)		1,000		18,890
				8,475,746
Savings & Loans — 1.9%
BankFinancial Corp.		33,500		435,835
Beneficial Mutual Bancorp, Inc.(a)		1,100		12,177
Berkshire Hills Bancorp, Inc.		5,400		127,710
Clifton Savings Bancorp, Inc.		1,600		15,584
Dime Community Bancshares		4,400		72,644
First Niagara Financial Group, Inc.		11,200		144,032
First Place Financial Corp.		17,000		159,800
Kearny Financial Corp.		42,800		470,800
NASB Financial, Inc.		400		7,112
NewAlliance Bancshares, Inc.		26,100		325,728
OceanFirst Financial Corp.		12,800		231,040
Provident Financial Services, Inc.		35,800		501,558

	Number of Shares		Value
Rockville Financial, Inc.		1,200	$	15,072
United Community Financial Corp.		11,800		44,250
				2,563,342
Semiconductors — 3.0%
Actel Corp.(a)		15,700		264,545
Amkor Technology, Inc.(a)		51,400		535,074
Brooks Automation, Inc.(a)		16,600		137,282
Emulex Corp.(a)		38,200		445,030
Entegris, Inc.(a)		81,200		531,860
IXYS Corp.(a)		5,700		68,058
MKS Instruments, Inc.(a)		28,100		615,390
Omnivision Technologies, Inc.(a)		40,500		489,645
Skyworks Solutions, Inc.(a)		29,300		289,191
Spansion, Inc. Class A(a)		98,100		220,725
Triquint Semiconductor, Inc.(a)		37,700		228,462
Zoran Corp.(a)		16,300		190,710
				4,015,972
Software — 1.5%
Bottomline Technologies, Inc.(a)		13,200		128,436
CSG Systems International, Inc.(a)		18,100		199,462
Digi International, Inc.(a)		4,500		35,325
Fair Isaac Corp.		2,500		51,925
JDA Software Group, Inc.(a)		18,500		334,850
Monotype Imaging Holdings, Inc.(a)		900		10,962
Parametric Technology Corp.(a)		9,400		156,698
Pegasystems, Inc.		10,000		134,600
Progress Software Corp.(a)		11,600		296,612
Quest Software, Inc.(a)		1,700		25,177
Sybase, Inc.(a)		23,100		679,602
				2,053,649
Telecommunications — 3.8%
Adaptec, Inc.(a)		93,800		300,160
Alaska Communications Systems Group, Inc.		20,300		242,382
Applied Signal Technology, Inc.		11,100		151,626
Atlantic Tele-Network, Inc.		9,700		266,847
Black Box Corp.		4,500		122,355
Centennial Communications Corp.(a)		12,900		90,171
Cincinnati Bell, Inc.(a)		117,500		467,650
EMS Technologies, Inc.(a)		800		17,472
Extreme Networks(a)		2,100		5,964

	Number of Shares		Value
Foundry Networks, Inc.(a)		27,400	$	323,868
GeoEye, Inc.(a)		20,900		370,139
Global Crossing Ltd.(a)		10,800		193,752
ICO Global Communications Holdings Ltd.(a)		9,200		29,992
iPCS, Inc.(a)		3,500		103,705
Knology, Inc.(a)		22,600		248,374
Plantronics, Inc.		27,500		613,800
Powerwave Technologies, Inc.(a)		5,800		24,650
Premiere Global Services, Inc.(a)		43,900		640,062
RCN Corp.(a)		17,000		183,260
RF Micro Devices, Inc.(a)		19,500		56,550
Shenandoah Telecom Co.		5,000		65,100
Sycamore Networks, Inc.(a)		3,500		11,270
Symmetricom, Inc.(a)		20,100		77,184
Syniverse Holdings, Inc.(a)		24,700		400,140
Tekelec(a)		7,000		102,970
				5,109,443
Textiles — 0.6%
G&K Services, Inc. Class A		15,200		462,992
UniFirst Corp.		6,800		303,688
				766,680
Toys, Games & Hobbies — 0.4%
JAKKS Pacific, Inc.(a)		13,400		292,790
RC2 Corp.(a)		13,000		241,280
				534,070
Transportation — 2.2%
Arkansas Best Corp.		17,700		648,528
Atlas Air Worldwide Holdings, Inc.(a)		11,500		568,790
Gulfmark Offshore, Inc.(a)		200		11,636
Heartland Express, Inc.		7,900		117,789
Pacer International, Inc.		33,100		711,981
Werner Enterprises, Inc.		24,600		457,068
YRC Worldwide, Inc.(a)		25,500		379,185
				2,894,977
Trucking & Leasing — 0.1%
Amerco, Inc.(a)		3,600		171,648
TOTAL COMMON STOCK (Cost $154,663,457)				131,236,554
TOTAL EQUITIES (Cost $154,663,457)				131,236,554
TOTAL LONG-TERM INVESTMENTS (Cost $154,663,457)				131,236,554

(Continued)

The accompanying notes are an integral part of the financial statements.
79

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

	Principal Amount		Value
SHORT-TERM INVESTMENTS — 0.9%
Repurchase Agreement — 0.9%
State Street Bank & Trust Co. Repurchase Agreement, dated 6/30/08, 0.900%, due 7/01/08(b)	$	1,183,064	$	1,183,064
TOTAL SHORT-TERM INVESTMENTS (Cost $1,183,064)				1,183,064
TOTAL INVESTMENTS — 99.6% (Cost $155,846,521)(c)				132,419,618
Other Assets/ (Liabilities) — 0.4%				470,000
NET ASSETS — 100.0%			$	132,889,618

Notes to Portfolio of Investments

(a)  Non-income producing security.

(b)  Maturity value of $1,183,094. Collateralized by U.S. Government Agency obligations with a rate of 2.770%, maturity date of 8/15/36, and an aggregate market value, including accrued interest, of $1,208,395.

(c)  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.
80

MassMutual Select Small Company Value Fund – Portfolio of Investments

June 30, 2008 (Unaudited)

	Number of Shares		Value
EQUITIES — 97.3%
COMMON STOCK — 97.2%
Aerospace & Defense — 1.0%
AAR Corp.(a)		51,500	$	696,795
Kratos Defense & Security Solutions, Inc.(a)		225,800		442,568
Moog, Inc. Class A(a)		38,748		1,442,975
Orbital Sciences Corp.(a)		77,480		1,825,429
Teledyne Technologies, Inc.(a)		22,300		1,088,017
				5,495,784
Agriculture — 0.4%
Alliance One International, Inc.(a)		164,400		840,084
Universal Corp.		24,475		1,106,760
				1,946,844
Airlines — 0.5%
Alaska Air Group, Inc.(a)		57,700		885,118
Continental Airlines, Inc. Class B(a)		102,080		1,032,029
SkyWest, Inc.		50,645		640,659
				2,557,806
Apparel — 0.3%
Skechers U.S.A., Inc. Class A(a)		74,865		1,479,332
Automotive & Parts — 0.4%
Accuride Corp.(a)		92,500		393,125
ArvinMeritor, Inc.		74,000		923,520
Tenneco, Inc.(a)		46,870		634,151
				1,950,796
Banks — 5.2%
City Holding Co.		49,780		2,029,530
Columbia Banking System, Inc.		74,690		1,443,758
East West Bancorp, Inc.		195,900		1,383,054
F.N.B. Corp.		77,700		915,306
First Merchants Corp.		27,385		497,038
First Midwest Bancorp, Inc.		70,685		1,318,275
FirstMerit Corp.		88,510		1,443,598
Glacier Bancorp, Inc.		97,400		1,557,426
Home Bancshares, Inc.		62,500		1,405,000
IBERIABANK Corp.		39,455		1,754,564
Independent Bank Corp.		49,280		1,174,835
Nara Bancorp, Inc.		101,505		1,089,149

	Number of Shares		Value
National Penn Bancshares, Inc.		68,174	$	905,351
Pacific Capital Bancorp		49,000		675,220
Prosperity Bancshares, Inc.		56,670		1,514,789
Sterling Bancshares, Inc.		145,537		1,322,931
Sterling Financial Corp.		42,400		175,536
SVB Financial Group(a)		76,700		3,690,037
United Bankshares, Inc.		53,100		1,218,645
Webster Financial Corp.		93,700		1,742,820
Wintrust Financial Corp.		58,200		1,388,070
				28,644,932
Biotechnology — 0.6%
Exelixis, Inc.(a)		99,400		497,000
Myriad Genetics, Inc.(a)		58,900		2,681,128
				3,178,128
Building Materials — 0.8%
Drew Industries, Inc.(a)		86,000		1,371,700
Gibraltar Industries, Inc.		101,600		1,622,552
Universal Forest Products, Inc.		48,600		1,456,056
				4,450,308
Chemicals — 2.7%
Airgas, Inc.		69,600		4,063,944
American Vanguard Corp.		95,400		1,173,420
Arch Chemicals, Inc.		69,100		2,290,665
Chemtura Corp.		160,985		940,152
Ferro Corp.		53,810		1,009,476
Innospec, Inc.		151,875		2,858,287
OM Group, Inc.(a)		30,820		1,010,588
Symyx Technologies(a)		85,400		596,092
The Valspar Corp.		40,000		756,400
				14,699,024
Coal — 0.4%
Foundation Coal Holdings, Inc.		25,950		2,298,651
Commercial Services — 7.1%
Aaron Rents, Inc.		216,800		4,841,144
Albany Molecular Research, Inc.(a)		65,065		863,413
Consolidated Graphics, Inc.(a)		16,350		805,564
Corinthian Colleges, Inc.(a)		116,000		1,346,760
Dollar Thrifty Automotive Group, Inc.(a)		170,740		1,613,493
Electro Rent Corp.		127,500		1,598,850

	Number of Shares		Value
FTI Consulting, Inc.(a)		76,300	$	5,223,498
Global Payments, Inc.		49,400		2,302,040
Landauer, Inc.		25,900		1,456,616
Live Nation, Inc.(a)		32,900		348,082
McGrath Rentcorp		114,500		2,815,555
MPS Group, Inc.(a)		216,900		2,305,647
Navigant Consulting, Inc.(a)		131,700		2,576,052
Pharmaceutical Product Development, Inc.		71,200		3,054,480
Quanta Services, Inc.(a)		103,070		3,429,139
Rent-A-Center, Inc.(a)		62,750		1,290,767
Service Corp. International		111,175		1,096,185
Sotheby's		44,115		1,163,313
Startek, Inc.(a)		99,800		938,120
				39,068,718
Computers — 1.2%
Brocade Communications Systems, Inc.(a)		149,105		1,228,625
Palm, Inc.		181,600		978,824
Perot Systems Corp. Class A(a)		79,690		1,196,147
SRA International, Inc. Class A(a)		58,100		1,304,926
SYKES Enterprises, Inc.(a)		47,435		894,624
Xyratex Ltd.(a)		74,300		1,237,095
				6,840,241
Cosmetics & Personal Care — 0.1%
Elizabeth Arden, Inc.(a)		42,955		652,057
Distribution & Wholesale — 1.7%
Beacon Roofing Supply, Inc.(a)		217,000		2,302,370
Owens & Minor, Inc.		103,200		4,715,208
Pool Corp.		76,600		1,360,416
Watsco, Inc.		21,303		890,465
				9,268,459
Diversified Financial — 2.2%
Calamos Asset Management, Inc. Class A		19,197		326,925
Eaton Vance Corp.		59,227		2,354,866
Investment Technology Group, Inc.(a)		45,100		1,509,046
Jefferies Group, Inc.		69,500		1,168,990
JMP Group, Inc.		69,000		456,090
Piper Jaffray Cos.(a)		27,900		818,307
Raymond James Financial, Inc.		75,703		1,997,802
Stifel Financial Corp.(a)		47,550		1,635,244

(Continued)

The accompanying notes are an integral part of the financial statements.
81

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

	Number of Shares		Value
Student Loan Corp.		7,700	$	755,216
Waddell & Reed Financial, Inc. Class A		36,605		1,281,541
				12,304,027
Electric — 2.6%
Avista Corp.		81,665		1,752,531
Black Hills Corp.		102,330		3,280,700
Cleco Corp.		147,465		3,440,358
El Paso Electric Co.(a)		86,000		1,702,800
The Empire District Electric Co.		50,300		932,562
MGE Energy, Inc.		30,115		982,351
Unisource Energy Corp.		32,415		1,005,189
Westar Energy, Inc.		59,315		1,275,866
				14,372,357
Electrical Components & Equipment — 1.8%
Advanced Energy Industries, Inc.(a)		109,100		1,494,670
Belden, Inc.		73,700		2,496,956
C&D Technologies, Inc.(a)		81,000		685,260
Hubbell, Inc. Class B		42,300		1,686,501
Littelfuse, Inc.(a)		53,500		1,687,925
Superior Essex, Inc.(a)		40,890		1,824,921
				9,876,233
Electronics — 3.2%
Analogic Corp.		19,700		1,242,479
Checkpoint Systems, Inc.(a)		55,398		1,156,710
CTS Corp.		65,700		660,285
FLIR Systems, Inc.(a)		118,800		4,819,716
Itron, Inc.(a)		26,800		2,635,780
Methode Electronics, Inc.		27,500		287,375
Newport Corp.(a)		75,000		854,250
Sanmina-SCI Corp.(a)		269,000		344,320
Varian, Inc.(a)		21,605		1,103,152
Woodward Governor Co.		119,400		4,257,804
				17,361,871
Energy – Alternate Sources — 0.1%
Headwaters, Inc.(a)		51,835		610,098
Engineering & Construction — 1.1%
Granite Construction, Inc.		27,400		863,922
Insituform Technologies, Inc. Class A(a)		113,100		1,722,513
URS Corp.(a)		86,160		3,616,135
				6,202,570
Environmental Controls — 1.3%
Allied Waste Industries, Inc.(a)		119,300		1,505,566
Calgon Carbon Corp.(a)		174,955		2,704,804

	Number of Shares		Value
Casella Waste Systems, Inc. Class A(a)		57,300	$	698,487
Waste Connections, Inc.(a)		72,750		2,322,908
				7,231,765
Foods — 1.4%
Nash Finch Co.		43,000		1,473,610
Pilgrim's Pride Corp.		72,920		947,231
Sanderson Farms, Inc.		29,790		1,028,351
Spartan Stores, Inc.		61,870		1,423,010
TreeHouse Foods, Inc.(a)		83,440		2,024,254
Winn-Dixie Stores, Inc.(a)		36,000		576,720
				7,473,176
Forest Products & Paper — 1.5%
Buckeye Technologies, Inc.(a)		83,475		706,199
Deltic Timber Corp.		42,500		2,274,175
Potlatch Corp.		98,770		4,456,502
Wausau Paper Corp.		119,800		923,658
				8,360,534
Gas — 1.4%
AGL Resources, Inc.		36,350		1,256,983
Atmos Energy Corp.		50,830		1,401,383
Nicor, Inc.		27,540		1,172,929
Southwest Gas Corp.		92,995		2,764,741
Vectren Corp.		41,100		1,282,731
				7,878,767
Hand & Machine Tools — 0.4%
Franklin Electric Co., Inc.		19,500		756,210
Snap-on, Inc.		31,100		1,617,511
				2,373,721
Health Care – Products — 1.5%
AngioDynamics, Inc.(a)		54,000		735,480
Haemonetics Corp.(a)		21,490		1,191,835
Invacare Corp.		71,295		1,457,270
PSS World Medical, Inc.(a)		87,855		1,432,037
Symmetry Medical, Inc.(a)		53,865		873,690
West Pharmaceutical Services, Inc.		61,200		2,648,736
				8,339,048
Health Care – Services — 1.8%
Amedisys, Inc.(a)		25,500		1,285,710
AMERIGROUP Corp.(a)		50,000		1,040,000
Covance, Inc.(a)		29,100		2,503,182
Healthways, Inc.(a)		58,630		1,735,448
National Healthcare Corp.		40,200		1,842,366
Sunrise Senior Living, Inc.(a)		55,300		1,243,144

	Number of Shares		Value
Triple-S Management Corp. Class B(a)		26,100	$	426,735
				10,076,585
Holding Company – Diversified — 0.2%
Compass Diversified Holdings		74,500		851,535
Home Builders — 0.8%
Hovnanian Enterprises, Inc. Class A(a)		54,904		300,874
M/I Homes, Inc.		54,500		857,285
Meritage Home Corp.(a)		115,100		1,746,067
Skyline Corp.		4,500		105,750
Winnebago Industries, Inc.		121,500		1,238,085
				4,248,061
Home Furnishing — 0.3%
Ethan Allen Interiors, Inc.		34,075		838,245
Stanley Furniture Co., Inc.		71,100		767,880
				1,606,125
Household Products — 0.6%
Church & Dwight Co., Inc.		21,105		1,189,267
CSS Industries, Inc.		51,600		1,249,752
The Scotts Miracle-Gro Co. Class A		37,300		655,361
				3,094,380
Housewares — 0.2%
The Toro Co.		36,500		1,214,355
Insurance — 5.3%
Argo Group International Holdings Ltd.(a)		34,803		1,167,988
Aspen Insurance Holdings Ltd.		57,010		1,349,427
Delphi Financial Group, Inc. Class A		79,177		1,832,156
Employers Holdings, Inc.		37,600		778,320
The Hanover Insurance Group, Inc.		46,815		1,989,637
Horace Mann Educators Corp.		77,810		1,090,896
IPC Holdings Ltd.		47,545		1,262,320
Markel Corp.(a)		4,500		1,651,500
Max Capital Group Ltd.		92,900		1,981,557
Montpelier Re Holdings Ltd.		64,555		952,186
National Interstate Corp.		70,600		1,297,628
Navigators Group, Inc.(a)		24,995		1,350,980
Philadelphia Consolidated Holding Corp.(a)		52,910		1,797,353
The Phoenix Companies, Inc.		191,000		1,453,510

(Continued)

The accompanying notes are an integral part of the financial statements.
82

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

	Number of Shares		Value
Platinum Underwriters Holdings Ltd.		49,580	$	1,616,804
ProAssurance Corp.(a)		84,200		4,050,862
Protective Life Corp.		30,200		1,149,110
State Auto Financial Corp.		41,100		983,523
United Fire & Casualty Co.		24,400		657,092
Universal American Corp.(a)		41,400		423,108
				28,835,957
Internet — 1.6%
Digital River, Inc.(a)		28,450		1,097,601
EarthLink, Inc.(a)		152,130		1,315,924
j2 Global Communications, Inc.(a)		49,790		1,145,170
SonicWALL, Inc.(a)		140,120		903,774
United Online, Inc.		166,985		1,674,860
Vignette Corp.(a)		72,430		869,160
Websense, Inc.(a)		93,400		1,572,856
				8,579,345
Investment Companies — 0.8%
Ares Capital Corp.		176,300		1,777,104
Hercules Technology Growth Capital, Inc.		122,100		1,090,353
Kohlberg Capital Corp.		130,433		1,304,330
				4,171,787
Iron & Steel — 0.5%
Carpenter Technology Corp.		59,000		2,575,350
Leisure Time — 0.3%
Life Time Fitness, Inc.(a)		50,200		1,483,410
Machinery – Construction & Mining — 1.6%
Bucyrus International, Inc. Class A		84,200		6,148,284
Joy Global, Inc.		33,250		2,521,348
				8,669,632
Machinery – Diversified — 2.0%
Cascade Corp.		34,800		1,472,736
Flowserve Corp.		8,465		1,157,165
IDEX Corp.		90,925		3,349,677
Nordson Corp.		64,700		4,715,983
				10,695,561
Manufacturing — 4.0%
A.O. Smith Corp.		34,500		1,132,635
Ameron International Corp.		31,200		3,743,376
AptarGroup, Inc.		96,900		4,064,955
Ceradyne, Inc.(a)		53,560		1,837,108
EnPro Industries, Inc.(a)		30,455		1,137,190
Harsco Corp.		43,400		2,361,394

	Number of Shares		Value
Hexcel Corp.(a)		103,600	$	1,999,480
Matthews International Corp. Class A		84,600		3,828,996
Myers Industries, Inc.		233,840		1,905,796
				22,010,930
Media — 0.2%
Courier Corp.		5,500		110,440
Lee Enterprises, Inc.		62,900		250,971
Saga Communications, Inc. Class A(a)		99,700		499,497
				860,908
Metal Fabricate & Hardware — 1.9%
Ampco-Pittsburgh Corp.		33,640		1,496,307
Circor International, Inc.		38,700		1,895,913
Sims Group Ltd. Sponsored ADR (Australia)		121,500		4,847,850
Timken Co.		57,500		1,894,050
				10,134,120
Mining — 1.9%
Amcol International Corp.		26,500		754,190
Compass Minerals International, Inc.		42,970		3,461,663
Hecla Mining Co.(a)		115,805		1,072,354
Kaiser Aluminum Corp.		15,725		841,759
Royal Gold, Inc.		46,080		1,445,069
Stillwater Mining Co.(a)		149,000		1,762,670
USEC, Inc.(a)		174,560		1,061,325
				10,399,030
Oil & Gas — 7.9%
Atwood Oceanics, Inc.(a)		16,400		2,039,176
Cabot Oil & Gas Corp.		127,765		8,653,523
Forest Oil Corp.(a)		85,638		6,380,031
GeoMet, Inc.(a)		53,900		510,972
Hercules Offshore, Inc.(a)		42,392		1,611,744
Mariner Energy, Inc.(a)		59,984		2,217,608
Penn Virginia Corp.		112,500		8,484,750
Petrohawk Energy Corp.(a)		48,460		2,244,183
St. Mary Land & Exploration Co.		15,700		1,014,848
Swift Energy Co.(a)		32,200		2,127,132
W&T Offshore, Inc.		33,100		1,936,681
Whiting Petroleum Corp.(a)		58,070		6,160,066
				43,380,714
Oil & Gas Services — 2.0%
CARBO Ceramics, Inc.		31,700		1,849,695
Exterran Holdings, Inc.(a)		21,000		1,501,290
TETRA Technologies, Inc.(a)		157,200		3,727,212

	Number of Shares		Value
Union Drilling, Inc.(a)		30,300	$	656,904
W-H Energy Services, Inc.(a)		35,200		3,370,048
				11,105,149
Packaging & Containers — 0.0%
Chesapeake Corp.		25,500		59,925
Pharmaceuticals — 0.3%
Barr Pharmaceuticals, Inc.(a)		19,700		888,076
Sciele Pharma, Inc.(a)		30,955		598,979
				1,487,055
Pipelines — 0.5%
Oneok, Inc.		55,670		2,718,366
Real Estate Investment Trusts (REITS) — 5.7%
American Campus Communities, Inc.		71,430		1,988,611
Anworth Mortgage Asset Corp.		206,835		1,346,496
FelCor Lodging Trust, Inc.		97,890	��	1,027,845
First Potomac Realty Trust		93,800		1,429,512
Hatteras Financial Corp.		54,000		1,241,460
Highwoods Properties, Inc.		41,510		1,304,244
Home Properties, Inc.		33,790		1,623,947
Kilroy Realty Corp.		64,700		3,042,841
LaSalle Hotel Properties		69,600		1,749,048
Lexington Realty Trust		120,510		1,642,551
LTC Properties, Inc.		66,785		1,707,025
MFA Mortgage Investments, Inc.		168,700		1,099,924
National Retail Properties, Inc.		84,100		1,757,690
Parkway Properties, Inc.		40,800		1,376,184
Redwood Trust, Inc.		48,100		1,096,199
Senior Housing Properties Trust		49,700		970,641
SL Green Realty Corp.		15,700		1,298,704
Sovran Self Storage, Inc.		31,555		1,311,426
Strategic Hotels & Resorts, Inc.		101,100		947,307
Sun Communities, Inc.		78,500		1,431,055
Washington Real Estate Investment Trust		57,800		1,736,890
				31,129,600
Retail — 4.4%
99 Cents Only Stores(a)		114,455		755,403
Asbury Automotive Group, Inc.		99,700		1,281,145
Brinker International, Inc.		46,001		869,419
Brown Shoe Co., Inc.		173,300		2,348,215
Casey's General Stores, Inc.		60,100		1,392,517

(Continued)

The accompanying notes are an integral part of the financial statements.
83

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

	Number of Shares		Value
Cash America International, Inc.		30,361	$	941,191
CEC Entertainment, Inc.(a)		30,590		856,826
Charlotte Russe Holding, Inc.(a)		76,300		1,355,088
Dollar Tree, Inc.(a)		22,850		746,967
Fred's, Inc. Class A		91,700		1,030,708
Haverty Furniture Cos., Inc.		117,500		1,179,700
Hot Topic, Inc.(a)		228,640		1,236,942
MarineMax, Inc.(a)		72,000		516,240
OfficeMax, Inc.		50,010		695,139
The Pantry, Inc.(a)		77,340		824,444
Phillips-Van Heusen Corp.		42,000		1,538,040
School Specialty, Inc.(a)		65,630		1,951,180
Sonic Corp.(a)		58,350		863,580
The Steak n Shake Co.(a)		77,200		488,676
Stein Mart, Inc.		169,500		764,445
The Wet Seal, Inc. Class A(a)		301,385		1,437,607
Zale Corp.(a)		49,935		943,272
				24,016,744
Savings & Loans — 1.4%
Astoria Financial Corp.		125,825		2,526,566
First Niagara Financial Group, Inc.		98,025		1,260,602
FirstFed Financial Corp.(a)		58,900		473,556
Flushing Financial Corp.		95,855		1,816,452
NewAlliance Bancshares, Inc.		119,390		1,489,987
				7,567,163
Semiconductors — 1.7%
ATMI, Inc.(a)		41,000		1,144,720
Brooks Automation, Inc.(a)		130,705		1,080,930
Cabot Microelectronics Corp.(a)		20,200		669,630
Exar Corp.(a)		122,400		922,896
Fairchild Semiconductor International, Inc.(a)		82,230		964,558
Formfactor, Inc.(a)		65,100		1,199,793
GSI Group, Inc.(a)		174,500		1,354,120
Triquint Semiconductor, Inc.(a)		127,000		769,620
Zoran Corp.(a)		91,205		1,067,099
				9,173,366
Software — 2.2%
CSG Systems International, Inc.(a)		43,185		475,899
Progress Software Corp.(a)		92,400		2,362,668

	Number of Shares		Value
SeaChange International, Inc.(a)		260,350	$	1,864,106
SPSS, Inc.(a)		99,800		3,629,726
SYNNEX Corp.(a)		58,700		1,472,783
Wind River Systems, Inc.(a)		219,300		2,388,177
				12,193,359
Telecommunications — 1.7%
Arris Group, Inc.(a)		121,200		1,024,140
Black Box Corp.		49,205		1,337,884
CommScope, Inc.(a)		26,485		1,397,614
Ixia(a)		145,000		1,007,750
NICE Systems Ltd. ADR (Israel)(a)		43,470		1,285,408
Optium Corp.(a)		51,600		375,648
Premiere Global Services, Inc.(a)		167,400		2,440,692
Symmetricom, Inc.(a)		99,330		381,427
				9,250,563
Textiles — 0.4%
Culp, Inc.(a)		53,600		376,272
G&K Services, Inc. Class A		57,900		1,763,634
				2,139,906
Toys, Games & Hobbies — 0.3%
JAKKS Pacific, Inc.(a)		78,275		1,710,309
Transportation — 3.8%
American Commercial Lines, Inc.(a)		112,500		1,229,625
Genesee & Wyoming, Inc. Class A(a)		96,800		3,293,136
Hub Group, Inc. Class A(a)		39,945		1,363,323
Kirby Corp.(a)		93,900		4,507,200
Landstar System, Inc.		126,500		6,985,330
Pacer International, Inc.		43,685		939,664
UTI Worldwide, Inc.		114,200		2,278,290
				20,596,568
TOTAL COMMON STOCK (Cost $522,273,771)				530,951,105
PREFERRED STOCK — 0.1%
Banks — 0.1%
East West Bancorp, Inc., Series A		1,078		759,990
TOTAL PREFERRED STOCK (Cost $1,078,000)				759,990
TOTAL EQUITIES (Cost $523,351,771)				531,711,095

	Number of Shares		Value
MUTUAL FUNDS — 0.5%
Investment Companies — 0.5%
First Financial Fund, Inc.		127,831	$	1,058,441
iShares Russell 2000 Value Index Fund		21,500		1,376,000
T. Rowe Price Resource Investment Fund		6,597		6,597
				2,441,038
TOTAL MUTUAL FUNDS (Cost $3,700,782)				2,441,038
TOTAL LONG-TERM INVESTMENTS (Cost $527,052,553)				534,152,133
	Principal Amount
SHORT-TERM INVESTMENTS — 3.4%
Repurchase Agreement — 3.4%
State Street Bank & Trust Co. Repurchase Agreement, dated 6/30/08, 0.900%, due 7/01/08(b)	$	18,412,880		18,412,880
TOTAL SHORT-TERM INVESTMENTS (Cost $18,412,880)				18,412,880
TOTAL INVESTMENTS — 101.2% (Cost $545,465,433)(c)				552,565,013
Other Assets/ (Liabilities) — (1.2%)				(6,296,741	)
NET ASSETS — 100.0%			$	546,268,272

Notes to Portfolio of Investments

ADR - American Depositary Receipt

(a)  Non-income producing security.

(b)  Maturity value of $18,413,340. Collateralized by U.S. Government Agency obligations with rates ranging from 2.770% - 4.530%, maturity dates ranging from 4/30/10 - 8/01/37, and an aggregate market value, including accrued interest, of $18,786,012.

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

The accompanying notes are an integral part of the financial statements.
84

MassMutual Select Mid Cap Growth Equity Fund – Portfolio of Investments

June 30, 2008 (Unaudited)

	Number of Shares		Value
EQUITIES — 99.6%
COMMON STOCK — 99.6%
Advertising — 0.6%
Focus Media Holding Ltd. ADR (Cayman Islands)(a)		29,100	$	806,652
Aerospace & Defense — 0.7%
Rolls-Royce Group PLC(a)		46,434		315,101
Teledyne Technologies, Inc.(a)		13,200		644,028
				959,129
Apparel — 0.5%
Asics Corp.		63,300		689,420
Auto Manufacturers — 0.5%
Paccar, Inc.		16,300		681,829
Automotive & Parts — 0.5%
Titan International, Inc.		19,900		708,838
Banks — 1.2%
Comerica, Inc.		9,400		240,922
Julius Baer Holding AG		9,478		635,083
Northern Trust Corp.		12,520		858,496
				1,734,501
Beverages — 1.1%
Central European Distribution Corp.(a)		9,150		678,472
Molson Coors Brewing Co. Class B		15,100		820,383
				1,498,855
Biotechnology — 2.7%
Alexion Pharmaceuticals, Inc.(a)		9,740		706,150
Charles River Laboratories International, Inc.(a)		30,540		1,952,117
Illumina, Inc.(a)		6,790		591,477
Regeneron Pharmaceuticals, Inc.(a)		19,200		277,248
Zymogenetics, Inc.(a)		24,700		207,974
				3,734,966
Chemicals — 4.1%
Air Products & Chemicals, Inc.		11,210		1,108,221
Celanese Corp. Class A		14,920		681,247
CF Industries Holdings, Inc.		3,030		462,984
FMC Corp.		15,800		1,223,552
Kingboard Chemical Holdings Ltd.		191,500		882,640

	Number of Shares		Value
The Mosaic Co.(a)		3,880	$	561,436
Terra Industries, Inc.		16,500		814,275
				5,734,355
Coal — 3.5%
Alpha Natural Resources, Inc.(a)		5,370		560,037
Arch Coal, Inc.		14,800		1,110,444
CONSOL Energy, Inc.		24,990		2,808,127
Walter Industries, Inc.		4,030		438,343
				4,916,951
Commercial Services — 5.0%
Global Payments, Inc.		9,700		452,020
Interactive Data Corp.		24,780		622,721
Mastercard, Inc. Class A		2,330		618,662
McKesson Corp.		21,800		1,218,838
Net 1 UEPS Technologies, Inc.(a)		26,900		653,670
Pharmaceutical Product Development, Inc.		27,700		1,188,330
VistaPrint Ltd.(a)		22,110		592,327
Western Union Co.		67,920		1,678,982
				7,025,550
Computers — 1.2%
DST Systems, Inc.(a)		8,540		470,127
MICROS Systems, Inc.(a)		17,200		524,428
NetApp, Inc.(a)		30,500		660,630
				1,655,185
Cosmetics & Personal Care — 0.9%
Alberto-Culver Co.		29,010		762,093
The Estee Lauder Cos., Inc. Class A		11,750		545,787
				1,307,880
Diversified Financial — 2.2%
BlackRock, Inc.		3,330		589,410
Interactive Brokers Group, Inc.(a)		19,110		614,004
Intercontinental Exchange, Inc.(a)		3,600		410,400
Invesco Ltd.		5,600		134,288
T. Rowe Price Group, Inc.		23,190		1,309,540
				3,057,642
Electric — 0.7%
Dynegy, Inc. Class A(a)		57,200		489,060
PPL Corp.		9,000		470,430
				959,490

	Number of Shares		Value
Electrical Components & Equipment — 0.9%
American Superconductor Corp.(a)		6,930	$	248,441
Ametek, Inc.		21,560		1,018,063
				1,266,504
Electronics — 1.3%
FLIR Systems, Inc.(a)		33,900		1,375,323
Itron, Inc.(a)		4,000		393,400
				1,768,723
Energy – Alternate Sources — 1.6%
Covanta Holding Corp.(a)		52,610		1,404,161
First Solar, Inc.(a)		3,160		862,111
				2,266,272
Engineering & Construction — 1.9%
Aecom Technology Corp.(a)		26,400		858,792
Chicago Bridge & Iron Co. NV		16,900		672,958
Fluor Corp.(a)		6,420		1,194,634
				2,726,384
Entertainment — 0.6%
DreamWorks Animation SKG, Inc. Class A(a)		29,800		888,338
Environmental Controls — 0.4%
Stericycle, Inc.(a)		11,810		610,577
Foods — 0.8%
Pilgrim's Pride Corp.		28,300		367,617
SuperValu, Inc.		23,000		710,470
				1,078,087
Hand & Machine Tools — 0.7%
Snap-on, Inc.		18,700		972,587
Health Care – Products — 2.7%
C.R. Bard, Inc.		4,690		412,486
Henry Schein, Inc.(a)		13,820		712,697
Intuitive Surgical, Inc.(a)		3,510		945,594
Mindray Medical International Ltd. ADR (Cayman Islands)		22,000		821,040
St. Jude Medical, Inc.(a)		21,400		874,832
				3,766,649
Health Care – Services — 0.6%
Covance, Inc.(a)		10,000		860,200
Home Builders — 0.2%
Pulte Homes, Inc.		29,130		280,522

(Continued)

The accompanying notes are an integral part of the financial statements.
85

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

	Number of Shares		Value
Household Products — 1.0%
Church & Dwight Co., Inc.		6,210	$	349,933
Jarden Corp.(a)		56,800		1,036,032
				1,385,965
Insurance — 0.8%
Aon Corp.		11,370		522,338
Assurant, Inc.		9,220		608,151
				1,130,489
Internet — 6.2%
Akamai Technologies, Inc.(a)		18,570		646,050
Ariba, Inc.(a)		60,100		884,071
Baidu.com ADR (Cayman Islands)(a)		1,480		463,181
Ctrip.com International Ltd. ADR (Cayman Islands)		3,900		178,542
Equinix, Inc.(a)		12,200		1,088,484
McAfee, Inc.(a)		62,730		2,134,702
Mercadolibre, Inc.(a)		10,790		372,147
Priceline.com, Inc.(a)		6,020		695,069
VeriSign, Inc.(a)		58,250		2,201,850
				8,664,096
Iron & Steel — 2.4%
Cleveland-Cliffs, Inc.		5,700		679,383
Steel Dynamics, Inc.		44,300		1,730,801
United States Steel Corp.		5,200		960,856
				3,371,040
Leisure Time — 0.5%
WMS Industries, Inc.(a)		23,650		704,061
Lodging — 0.5%
Wynn Resorts Ltd.		8,940		727,269
Machinery – Construction & Mining — 0.5%
Joy Global, Inc.		10,300		781,049
Machinery – Diversified — 3.3%
AGCO Corp.(a)		13,120		687,619
Cummins, Inc.		20,640		1,352,333
Flowserve Corp.		13,550		1,852,285
The Manitowoc Co., Inc.		21,100		686,383
				4,578,620
Manufacturing — 2.2%
Hansen Transmissions International NV(a)		124,589		665,467
Harsco Corp.		12,500		680,125
Pall Corp.		20,400		809,472
SPX Corp.		6,750		889,178
				3,044,242

	Number of Shares		Value
Media — 1.1%
Central European Media Enterprises Ltd.(a)		7,060	$	639,142
Discovery Holding Co. Class A(a)		38,520		845,899
				1,485,041
Mining — 2.5%
Agnico-Eagle Mines Ltd.		8,570		637,351
Cameco Corp.		30,100		1,290,387
Freeport-McMoRan Copper & Gold, Inc.		6,940		813,298
Kinross Gold Corp.		31,900		753,159
				3,494,195
Oil & Gas — 8.3%
Chesapeake Energy Corp.		17,690		1,166,832
Denbury Resources, Inc.(a)		21,690		791,685
Diamond Offshore Drilling, Inc.		6,070		844,580
EOG Resources, Inc.		8,300		1,088,960
EXCO Resources, Inc.(a)		13,070		482,414
Forest Oil Corp.(a)		12,300		916,350
Nabors Industries Ltd.(a)		18,190		895,494
Pioneer Natural Resources Co.		9,160		717,045
Questar Corp.		9,870		701,165
Range Resources Corp.		15,700		1,028,978
Southwestern Energy Co.(a)		21,540		1,025,519
Ultra Petroleum Corp.(a)		19,730		1,937,486
				11,596,508
Oil & Gas Services — 0.9%
Cameron International Corp.(a)		14,860		822,501
National Oilwell Varco, Inc.(a)		4,410		391,255
				1,213,756
Packaging & Containers — 1.9%
Ball Corp.		16,600		792,484
Owens-IIlinois, Inc.(a)		19,180		799,614
Rexam PLC Sponsored ADR (United Kingdom)		20,100		771,840
Sealed Air Corp.		15,800		300,358
				2,664,296
Pharmaceuticals — 6.0%
Alkermes, Inc.(a)		24,000		296,640
Allergan, Inc.		10,660		554,853
Amylin Pharmaceuticals, Inc.(a)		22,200		563,658

	Number of Shares		Value
Auxilium Pharmaceuticals, Inc.(a)		12,400	$	416,888
BioMarin Pharmaceuticals, Inc.(a)		3,010		87,230
Cephalon, Inc.(a)		16,600		1,107,054
DENTSPLY International, Inc.		13,990		514,832
Elan Corp. PLC Sponsored ADR (Ireland)(a)		33,200		1,180,260
Express Scripts, Inc.(a)		18,950		1,188,544
ImClone Systems, Inc.(a)		7,700		311,542
The Medicines Co.(a)		14,100		279,462
Onyx Pharmaceuticals, Inc.(a)		10,900		388,040
Shionogi & Co. Ltd.		48,100		950,394
United Therapeutics Corp.(a)		5,900		576,725
				8,416,122
Pipelines — 0.5%
El Paso Corp.		32,500		706,550
Real Estate Investment Trusts (REITS) — 0.4%
Public Storage		6,650		537,254
Retail — 6.2%
Advance Auto Parts, Inc.		23,000		893,090
Big Lots, Inc.(a)		25,040		782,249
BJ's Wholesale Club, Inc.(a)		27,700		1,071,990
Coach, Inc.(a)		24,470		706,694
Darden Restaurants, Inc.		22,820		728,871
Dick's Sporting Goods, Inc.(a)		12,915		229,112
The Gap, Inc.		43,300		721,811
Guess?, Inc.		27,480		1,029,126
Kohl's Corp.(a)		17,000		680,680
Liz Claiborne, Inc.		19,800		280,170
Staples, Inc.		37,100		881,125
Urban Outfitters, Inc.(a)		22,400		698,656
				8,703,574
Savings & Loans — 0.5%
Hudson City Bancorp, Inc.		46,190		770,449
Semiconductors — 4.9%
Altera Corp.		49,210		1,018,647
Broadcom Corp. Class A(a)		26,650		727,278
Cavium Networks, Inc.(a)		24,210		508,410
Lam Research Corp.(a)		32,880		1,188,612
Marvell Technology Group Ltd.(a)		62,890		1,110,637
Nvidia Corp.(a)		40,950		766,584

(Continued)

The accompanying notes are an integral part of the financial statements.
86

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

	Number of Shares		Value
PMC-Sierra, Inc.(a)		81,910	$	626,612
Varian Semiconductor Equipment Associates, Inc.(a)		27,180		946,408
				6,893,188
Software — 5.3%
Activision, Inc.(a)		33,450		1,139,642
BMC Software, Inc.(a)		27,000		972,000
Fiserv, Inc.(a)		12,530		568,486
Informatica Corp.(a)		18,030		271,171
Nuance Communications, Inc.(a)		40,900		640,903
Omniture, Inc.(a)		23,380		434,167
Red Hat, Inc.(a)		59,400		1,228,986
Salesforce.com, Inc.(a)		17,870		1,219,270
UBISOFT Entertainment(a)		10,358		902,671
				7,377,296
Telecommunications — 4.4%
Atheros Communications, Inc.(a)		52,180		1,565,400
Comverse Technology, Inc.(a)		39,600		671,220
Crown Castle International Corp.(a)		18,900		731,997
Juniper Networks, Inc.(a)		28,980		642,776
MetroPCS Communications, Inc.(a)		51,600		913,836
Millicom International Cellular SA		6,000		621,000
NICE Systems Ltd. ADR (Israel)(a)		22,500		665,325
SBA Communications Corp. Class A(a)		9,310		335,253
				6,146,807
Toys, Games & Hobbies — 0.6%
Marvel Entertainment, Inc.(a)		24,400		784,216
Transportation — 1.6%
C.H. Robinson Worldwide, Inc.		6,510		357,009
Expeditors International of Washington, Inc.		19,880		854,840
Kansas City Southern(a)		14,200		624,658
Ryder System, Inc.		6,940		478,027
				2,314,534
TOTAL COMMON STOCK (Cost $136,042,434)				139,446,703
TOTAL EQUITIES (Cost $136,042,434)				139,446,703
TOTAL LONG-TERM INVESTMENTS (Cost $136,042,434)				139,446,703

	Principal Amount		Value
SHORT-TERM INVESTMENTS — 1.1%
Repurchase Agreement — 1.1%
State Street Bank & Trust Co. Repurchase Agreement, dated 6/30/08, 0.900%, due 7/01/08(b)	$	1,462,849	$	1,462,849
TOTAL SHORT-TERM INVESTMENTS (Cost $1,462,849)				1,462,849
TOTAL INVESTMENTS — 100.7% (Cost $137,505,283)(c)				140,909,552
Other Assets/ (Liabilities) — (0.7%)				(945,809	)
NET ASSETS — 100.0%			$	139,963,743

Notes to Portfolio of Investments

ADR - American Depositary Receipt

(a)  Non-income producing security.

(b)  Maturity value of $1,462,886. Collateralized by U.S. Government Agency obligations with a rate of 2.820%, maturity date of 2/15/36, and an aggregate market value, including accrued interest, of $1,495,433.

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

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

MassMutual Select Mid Cap Growth Equity II Fund – Portfolio of Investments

June 30, 2008 (Unaudited)

	Number of Shares		Value
EQUITIES — 97.5%
COMMON STOCK — 97.4%
Advertising — 1.6%
Clear Channel Outdoor Holdings, Inc. Class A(a)		354,500	$	6,320,735
Focus Media Holding Ltd. ADR (Cayman Islands)(a)		50,300		1,394,316
Lamar Advertising Co. Class A(a)		324,100		11,677,323
Omnicom Group, Inc.		67,800		3,042,864
				22,435,238
Aerospace & Defense — 2.1%
Alliant Techsystems, Inc.(a)		113,900		11,581,352
Empresa Brasileira de Aeronautica SA ADR (Brazil)		43,600		1,155,400
Goodrich Corp.		23,900		1,134,294
Rockwell Collins, Inc.		297,500		14,268,100
				28,139,146
Airlines — 0.8%
SkyWest, Inc.		35,500		449,075
Southwest Airlines Co.		748,400		9,759,136
				10,208,211
Auto Manufacturers — 0.3%
Oshkosh Corp.		135,000		2,793,150
Paccar, Inc.		35,200		1,472,416
				4,265,566
Automotive & Parts — 0.8%
WABCO Holdings, Inc.		239,200		11,113,232
Banks — 0.5%
City National Corp.		14,700		618,429
East West Bancorp, Inc.		16,700		117,902
Northern Trust Corp.		58,400		4,004,488
SVB Financial Group(a)		54,100		2,602,751
				7,343,570
Beverages — 0.2%
Brown-Forman Corp. Class B		33,100		2,501,367
Biotechnology — 3.2%
Alexion Pharmaceuticals, Inc.(a)		54,100		3,922,250
Biogen Idec, Inc.(a)		19,500		1,089,855
Celgene Corp.(a)		16,000		1,021,920

	Number of Shares		Value
Charles River Laboratories International, Inc.(a)		37,700	$	2,409,784
Genzyme Corp.(a)		26,300		1,894,126
Human Genome Sciences, Inc.(a)		278,000		1,448,380
Illumina, Inc.(a)		114,700		9,991,517
Integra LifeSciences Holdings Corp.(a)		17,600		782,848
Invitrogen Corp.(a)		53,600		2,104,336
Martek Biosciences Corp.(a)		26,500		893,315
Millipore Corp.(a)		112,600		7,641,036
Myriad Genetics, Inc.(a)		76,800		3,495,936
Vertex Pharmaceuticals, Inc.(a)		201,700		6,750,899
				43,446,202
Chemicals — 0.6%
Albemarle Corp.		25,100		1,001,741
Ecolab, Inc.		44,100		1,895,859
Intrepid Potash, Inc.(a)		78,000		5,130,840
Sigma-Aldrich Corp.		14,500		780,970
				8,809,410
Coal — 2.1%
Arch Coal, Inc.		63,200		4,741,896
CONSOL Energy, Inc.		125,700		14,124,909
Foundation Coal Holdings, Inc.		51,000		4,517,580
Peabody Energy Corp.		54,000		4,754,700
				28,139,085
Commercial Services — 7.2%
Apollo Group, Inc. Class A(a)		51,106		2,261,952
The Corporate Executive Board Co.		26,400		1,110,120
DeVry, Inc.		32,000		1,715,840
Equifax, Inc.		33,000		1,109,460
Global Payments, Inc.		265,800		12,386,280
H&R Block, Inc.		34,900		746,860
Iron Mountain, Inc.(a)		306,975		8,150,186
ITT Educational Services, Inc.(a)		18,900		1,561,707
Manpower, Inc.		142,600		8,305,024
McKesson Corp.		21,900		1,224,429
Monster Worldwide, Inc.(a)		184,000		3,792,240
Moody's Corp.		54,800		1,887,312
New Oriental Education & Technology Group, Inc. Sponsored ADR (Cayman Islands)(a)		14,000		817,880

	Number of Shares		Value
Paychex, Inc.		91,000	$	2,846,480
Quanta Services, Inc.(a)		431,200		14,346,024
Ritchie Bros. Auctioneers, Inc.		103,500		2,807,955
Robert Half International, Inc.		339,200		8,130,624
SAIC, Inc.(a)		514,000		10,696,340
VistaPrint Ltd.(a)		30,100		805,476
Western Union Co.		535,800		13,244,976
				97,947,165
Computers — 3.1%
Cognizant Technology Solutions Corp. Class A(a)		94,600		3,075,446
DST Systems, Inc.(a)		169,000		9,303,450
IHS, Inc. Class A(a)		68,000		4,732,800
Jack Henry & Associates, Inc.		209,500		4,533,580
Logitech International SA(a)		47,300		1,267,640
MICROS Systems, Inc.(a)		170,000		5,183,300
NetApp, Inc.(a)		126,900		2,748,654
Perot Systems Corp. Class A(a)		51,900		779,019
Seagate Technology		539,700		10,324,461
Synopsys, Inc.(a)		38,700		925,317
				42,873,667
Cosmetics & Personal Care — 0.2%
Avon Products, Inc.		86,200		3,104,924
Distribution & Wholesale — 0.8%
Fastenal Co.		163,700		7,065,292
LKQ Corp.(a)		98,000		1,770,860
W.W. Grainger, Inc.		20,600		1,685,080
				10,521,232
Diversified Financial — 3.2%
Affiliated Managers Group, Inc.(a)		55,100		4,962,306
Ameriprise Financial, Inc.		98,000		3,985,660
BlackRock, Inc.		8,600		1,522,200
Eaton Vance Corp.		265,000		10,536,400
Federated Investors, Inc. Class B		27,000		929,340
Interactive Brokers Group, Inc.(a)		174,000		5,590,620
Intercontinental Exchange, Inc.(a)		20,700		2,359,800
Janus Capital Group, Inc.		49,500		1,310,265
Lazard Ltd. Class A		37,300		1,273,795

(Continued)

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

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

	Number of Shares		Value
Legg Mason, Inc.		14,890	$	648,757
Nymex Holdings, Inc.		25,000		2,112,000
optionsXpress Holdings, Inc.		38,700		864,558
Raymond James Financial, Inc.		141,000		3,720,990
TD Ameritrade Holding Corp.(a)		202,000		3,654,180
				43,470,871
Electric — 1.1%
The AES Corp.(a)		170,900		3,282,989
Dynegy, Inc. Class A(a)		693,000		5,925,150
Reliant Energy, Inc.(a)		248,100		5,277,087
				14,485,226
Electrical Components & Equipment — 1.3%
Ametek, Inc.		360,500		17,022,810
General Cable Corp.(a)		13,000		791,050
				17,813,860
Electronics — 3.3%
Applera Corp. Applied Biosystems Group		68,000		2,276,640
Cogent, Inc.(a)		97,700		1,110,849
Cymer, Inc.(a)		31,500		846,720
Dolby Laboratories, Inc. Class A(a)		212,000		8,543,600
FLIR Systems, Inc.(a)		434,600		17,631,722
Gentex Corp.		54,900		792,756
II-VI, Inc.(a)		22,200		775,224
Jabil Circuit, Inc.		73,900		1,212,699
National Instruments Corp.		33,700		956,069
Trimble Navigation Ltd.(a)		55,400		1,977,780
Waters Corp.(a)		144,500		9,320,250
				45,444,309
Energy – Alternate Sources — 0.2%
SunPower Corp. Class A(a)		29,000		2,087,420
Engineering & Construction — 0.9%
Chicago Bridge & Iron Co. NV		22,300		887,986
Fluor Corp.(a)		20,800		3,870,464
Foster Wheeler Ltd.(a)		40,400		2,955,260
McDermott International, Inc.(a)		64,200		3,973,338
				11,687,048
Entertainment — 1.0%
DreamWorks Animation SKG, Inc. Class A(a)		137,100		4,086,951
International Game Technology		320,400		8,003,592

	Number of Shares		Value
Pinnacle Entertainment, Inc.(a)		130,000	$	1,363,700
				13,454,243
Environmental Controls — 0.3%
Republic Services, Inc.		76,650		2,276,505
Stericycle, Inc.(a)		35,000		1,809,500
				4,086,005
Foods — 0.7%
The Hershey Co.		22,200		727,716
McCormick & Co., Inc.		68,500		2,442,710
Whole Foods Market, Inc.		288,000		6,822,720
				9,993,146
Health Care – Products — 4.6%
American Medical Systems Holdings, Inc.(a)		58,500		874,575
ArthroCare Corp.(a)		24,100		983,521
Becton, Dickinson & Co.		9,300		756,090
C.R. Bard, Inc.		99,000		8,707,050
Edwards Lifesciences Corp.(a)		216,900		13,456,476
Gen-Probe, Inc.(a)		81,700		3,879,116
Henry Schein, Inc.(a)		199,200		10,272,744
Hologic, Inc.(a)		60,400		1,316,720
IDEXX Laboratories, Inc.(a)		36,100		1,759,514
Intuitive Surgical, Inc.(a)		9,900		2,667,060
Masimo Corp.(a)		41,600		1,428,960
Qiagen N.V.(a)		310,300		6,246,339
Resmed, Inc.(a)		93,400		3,338,116
St. Jude Medical, Inc.(a)		78,100		3,192,728
Techne Corp.(a)		20,500		1,586,495
Varian Medical Systems, Inc.(a)		29,300		1,519,205
Zimmer Holdings, Inc.(a)		16,000		1,088,800
				63,073,509
Health Care – Services — 2.0%
Cigna Corp.		59,300		2,098,627
Community Health Systems, Inc.(a)		84,000		2,770,320
Covance, Inc.(a)		11,400		980,628
Coventry Health Care, Inc.(a)		140,100		4,261,842
DaVita, Inc.(a)		16,250		863,362
Health Net, Inc.(a)		161,900		3,895,314
Healthways, Inc.(a)		20,100		594,960
Humana, Inc.(a)		114,900		4,569,573
Laboratory Corp. of America Holdings(a)		73,300		5,103,879
Lincare Holdings, Inc.(a)		34,600		982,640
Quest Diagnostics, Inc.		35,400		1,715,838
				27,836,983

	Number of Shares		Value
Home Builders — 0.2%
Centex Corp.		28,200	$	377,034
KB Home		18,400		311,512
Lennar Corp. Class A		38,100		470,154
Pulte Homes, Inc.		33,800		325,494
Thor Industries, Inc.		28,800		612,288
Toll Brothers, Inc.(a)		36,100		676,153
Winnebago Industries, Inc.		42,800		436,132
				3,208,767
Household Products — 0.1%
Avery Dennison Corp.		6,300		276,759
The Clorox Co.		26,300		1,372,860
				1,649,619
Insurance — 1.9%
Aon Corp.		20,700		950,958
Arch Capital Group Ltd.(a)		19,900		1,319,768
Assurant, Inc.		100,400		6,622,384
Axis Capital Holdings Ltd.		225,600		6,725,136
HCC Insurance Holdings, Inc.		34,100		720,874
Markel Corp.(a)		2,160		792,720
Philadelphia Consolidated Holding Corp.(a)		154,000		5,231,380
Principal Financial Group, Inc.		76,000		3,189,720
RenaissanceRe Holdings Ltd.		15,000		670,050
				26,222,990
Internet — 3.5%
Amazon.com, Inc.(a)		158,000		11,586,140
Baidu.com ADR (Cayman Islands)(a)		2,700		844,992
Ctrip.com International Ltd. ADR (Cayman Islands)		21,400		979,692
Digital River, Inc.(a)		25,600		987,648
Expedia, Inc.(a)		455,900		8,379,442
F5 Networks, Inc.(a)		43,300		1,230,586
McAfee, Inc.(a)		246,600		8,391,798
Priceline.com, Inc.(a)		12,600		1,454,796
Sina Corp.(a)		28,400		1,208,420
Symantec Corp.(a)		52,600		1,017,810
VeriSign, Inc.(a)		301,000		11,377,800
				47,459,124
Iron & Steel — 0.4%
Carpenter Technology Corp.		50,800		2,217,420
Cleveland-Cliffs, Inc.		29,800		3,551,862
				5,769,282

(Continued)

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

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

	Number of Shares		Value
Leisure Time — 0.2%
Harley-Davidson, Inc.		42,200	$	1,530,172
Royal Caribbean Cruises Ltd.		25,400		570,738
WMS Industries, Inc.(a)		23,650		704,061
				2,804,971
Lodging — 1.5%
Boyd Gaming Corp.		35,800		449,648
Choice Hotels International, Inc.		49,700		1,317,050
Gaylord Entertainment Co.(a)		141,000		3,378,360
Las Vegas Sands Corp.(a)		28,400		1,347,296
Marriott International, Inc. Class A		357,700		9,386,048
Melco Crown Entertainment Ltd. ADR (Cayman Islands)(a)		131,800		1,228,376
Starwood Hotels & Resorts Worldwide, Inc.		31,100		1,246,177
Wynn Resorts Ltd.		22,800		1,854,780
				20,207,735
Machinery – Construction & Mining — 0.3%
Joy Global, Inc.		45,700		3,465,431
Terex Corp.(a)		24,100		1,238,017
				4,703,448
Machinery – Diversified — 2.5%
Cummins, Inc.		52,100		3,413,592
Graco, Inc.		23,200		883,224
IDEX Corp.		268,325		9,885,093
Roper Industries, Inc.		305,900		20,152,692
Zebra Technologies Corp. Class A(a)		14,400		470,016
				34,804,617
Manufacturing — 1.5%
Danaher Corp.		52,000		4,019,600
Donaldson Co., Inc.		45,700		2,040,048
Harsco Corp.		57,200		3,112,252
ITT Corp.		156,700		9,923,811
Pall Corp.		34,700		1,376,896
				20,472,607
Media — 2.3%
Cablevision Systems Corp. Class A(a)		273,900		6,190,140
Central European Media Enterprises Ltd.(a)		14,700		1,330,791
CTC Media, Inc.(a)		45,700		1,126,962
Discovery Holding Co. Class A(a)		394,600		8,665,416

	Number of Shares		Value
FactSet Research Systems, Inc.		70,300	$	3,962,108
The McGraw-Hill Cos., Inc.		86,000		3,450,320
Rogers Communications, Inc. Class B		43,000		1,662,380
Shaw Communications, Inc. Class B		48,100		979,316
WPP Group PLC Sponsored ADR (United Kingdom)		32,800		1,568,496
XM Satellite Radio Holdings, Inc. Class A(a)		403,000		3,159,520
				32,095,449
Metal Fabricate & Hardware — 0.2%
Precision Castparts Corp.		33,200		3,199,484
Mining — 1.3%
Agnico-Eagle Mines Ltd.		155,500		11,564,535
Teck Cominico Ltd. Class B		125,000		5,993,750
				17,558,285
Office Furnishings — 0.0%
HNI Corp.		13,600		240,176
Oil & Gas — 5.2%
Bill Barrett Corp.(a)		27,300		1,621,893
Cabot Oil & Gas Corp.		29,300		1,984,489
CNX Gas Corp.(a)		196,000		8,239,840
Compton Petroleum Corp.(a)		96,400		1,225,244
Concho Resources, Inc.(a)		65,100		2,428,230
Diamond Offshore Drilling, Inc.		25,400		3,534,156
EOG Resources, Inc.		91,000		11,939,200
Forest Oil Corp.(a)		32,400		2,413,800
Mariner Energy, Inc.(a)		37,600		1,390,072
Murphy Oil Corp.		159,000		15,589,950
Nabors Industries Ltd.(a)		47,800		2,353,194
Newfield Exploration Co.(a)		42,500		2,773,125
SandRidge Energy, Inc.(a)		67,800		4,378,524
Sunoco, Inc.		29,800		1,212,562
Ultra Petroleum Corp.(a)		43,300		4,252,060
XTO Energy, Inc.		80,000		5,480,800
				70,817,139
Oil & Gas Services — 5.3%
BJ Services Co.		444,400		14,194,136
Cameron International Corp.(a)		121,900		6,747,165
Core Laboratories NV(a)		32,900		4,683,315
FMC Technologies, Inc.(a)		129,200		9,939,356
Smith International, Inc.		269,400		22,397,916

	Number of Shares		Value
TETRA Technologies, Inc.(a)		223,000	$	5,287,330
Trican Well Service Ltd.		131,600		3,274,982
Weatherford International Ltd.(a)		110,600		5,484,654
				72,008,854
Pharmaceuticals — 5.1%
Alkermes, Inc.(a)		121,000		1,495,560
Allergan, Inc.		53,410		2,779,990
Amylin Pharmaceuticals, Inc.(a)		127,000		3,224,530
BioMarin Pharmaceuticals, Inc.(a)		139,100		4,031,118
Cephalon, Inc.(a)		188,900		12,597,741
DENTSPLY International, Inc.		119,000		4,379,200
Elan Corp. PLC Sponsored ADR (Ireland)(a)		447,600		15,912,180
Express Scripts, Inc.(a)		46,800		2,935,296
Gilead Sciences, Inc.(a)		12,000		635,400
ImClone Systems, Inc.(a)		73,100		2,957,626
Medarex, Inc.(a)		115,000		760,150
OSI Pharmaceuticals, Inc.(a)		68,000		2,809,760
Patterson Cos., Inc.(a)		22,700		667,153
Sepracor, Inc.(a)		91,000		1,812,720
Theravance, Inc.(a)		159,000		1,887,330
Valeant Pharmaceuticals International(a)		317,000		5,423,870
Warner Chilcott Ltd. Class A(a)		297,900		5,049,405
				69,359,029
Pipelines — 0.3%
The Williams Cos., Inc.		114,900		4,631,619
Real Estate — 0.3%
The St. Joe Co.		110,000		3,775,200
Retail — 6.2%
Advance Auto Parts, Inc.		27,000		1,048,410
AnnTaylor Stores Corp.(a)		32,900		788,284
Bed Bath & Beyond, Inc.(a)		327,600		9,205,560
Best Buy Co., Inc.		78,000		3,088,800
Carmax, Inc.(a)		385,000		5,463,150
The Cheesecake Factory(a)		141,000		2,243,310
Chipotle Mexican Grill, Inc. Class B(a)		95,600		7,204,416
Coach, Inc.(a)		61,400		1,773,232
Dick's Sporting Goods, Inc.(a)		30,200		535,748
Family Dollar Stores, Inc.		39,700		791,618

(Continued)

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

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

	Number of Shares		Value
J. Crew Group, Inc.(a)		127,000	$	4,192,270
Men's Wearhouse, Inc.		32,200		524,538
MSC Industrial Direct Co., Inc. Class A		95,000		4,190,450
O'Reilly Automotive, Inc.(a)		264,800		5,918,280
P.F. Chang's China Bistro, Inc.(a)		40,000		893,600
Panera Bread Co. Class A(a)		45,700		2,114,082
PetSmart, Inc.		346,800		6,918,660
Ross Stores, Inc.		61,700		2,191,584
Shoppers Drug Mart Corp.		38,000		2,084,936
Shoppers Drug Mart Corp.		63,000		3,456,604
Staples, Inc.		56,750		1,347,813
Starbucks Corp.(a)		59,800		941,252
Tiffany & Co.		54,800		2,233,100
Tim Hortons, Inc.		188,800		5,416,672
The TJX Cos., Inc.		81,500		2,564,805
Tractor Supply Co.(a)		22,800		662,112
Urban Outfitters, Inc.(a)		45,000		1,403,550
Williams-Sonoma, Inc.		129,200		2,563,328
Yum! Brands, Inc.		107,400		3,768,666
				85,528,830
Semiconductors — 6.4%
Altera Corp.		505,900		10,472,130
Analog Devices, Inc.		62,100		1,972,917
Broadcom Corp. Class A(a)		87,300		2,382,417
Cree, Inc.(a)		78,000		1,779,180
Fairchild Semiconductor International, Inc.(a)		64,600		757,758
Integrated Device Technology, Inc.(a)		88,500		879,690
Intersil Corp. Class A		264,800		6,439,936
KLA-Tencor Corp.		22,700		924,117
Lam Research Corp.(a)		17,900		647,085
Linear Technology Corp.		61,100		1,990,027
Marvell Technology Group Ltd.(a)		711,000		12,556,260
Maxim Integrated Products, Inc.		44,700		945,405
MEMC Electronic Materials, Inc.(a)		38,900		2,393,906
Microchip Technology, Inc.		269,100		8,218,314
National Semiconductor Corp.		77,700		1,595,958
ON Semiconductor Corp.(a)		679,700		6,232,849
PMC-Sierra, Inc.(a)		593,000		4,536,450
QLogic Corp.(a)		59,800		872,482
Silicon Laboratories, Inc.(a)		39,600		1,429,164

	Number of Shares		Value
Teradyne, Inc.(a)		430,400	$	4,764,528
Varian Semiconductor Equipment Associates, Inc.(a)		148,300		5,163,806
Xilinx, Inc.		448,300		11,319,575
				88,273,954
Software — 3.8%
Activision, Inc.(a)		56,010		1,908,261
Adobe Systems, Inc.(a)		24,000		945,360
American Reprographics Co.(a)		51,800		862,470
Ansys, Inc.(a)		27,700		1,305,224
Autodesk, Inc.(a)		244,600		8,269,926
Cerner Corp.(a)		121,000		5,466,780
Citrix Systems, Inc.(a)		41,600		1,223,456
Dun & Bradstreet Corp.		13,200		1,156,848
Electronic Arts, Inc.(a)		66,800		2,967,924
Fidelity National Information Services, Inc.		22,200		819,402
Fiserv, Inc.(a)		190,800		8,656,596
Intuit, Inc.(a)		75,300		2,076,021
Red Hat, Inc.(a)		398,800		8,251,172
Salesforce.com, Inc.(a)		78,200		5,335,586
Satyam Computer Services Ltd. ADR (India)		71,900		1,762,988
SEI Investments Co.		33,000		776,160
THQ, Inc.(a)		41,950		849,907
				52,634,081
Telecommunications — 5.8%
Amdocs Ltd.(a)		285,000		8,384,700
American Tower Corp. Class A(a)		299,000		12,632,750
Ciena Corp.(a)		141,000		3,266,970
Crown Castle International Corp.(a)		333,200		12,904,836
Foundry Networks, Inc.(a)		68,100		804,942
Harris Corp.		52,000		2,625,480
JDS Uniphase Corp.(a)		694,200		7,886,112
Juniper Networks, Inc.(a)		584,400		12,961,992
Leap Wireless International, Inc.(a)		187,200		8,081,424
MetroPCS Communications, Inc.(a)		286,800		5,079,228
NeuStar, Inc. Class A(a)		31,500		679,140
NII Holdings, Inc.(a)		31,900		1,514,931
SBA Communications Corp. Class A(a)		82,700		2,978,027
				79,800,532
Toys, Games & Hobbies — 0.1%
Mattel, Inc.		41,300		707,056

	Number of Shares		Value
Transportation — 0.9%
C.H. Robinson Worldwide, Inc.		52,500	$	2,879,100
Expeditors International of Washington, Inc.		58,100		2,498,300
Landstar System, Inc.		56,700		3,130,974
UTI Worldwide, Inc.		190,400		3,798,480
				12,306,854
TOTAL COMMON STOCK (Cost $1,184,233,579)				1,334,520,337
PREFERRED STOCK — 0.1%
Banking, Savings & Loans — 0.1%
Bill Me Later, Inc.(b)		12,000		434,760
TOTAL PREFERRED STOCK (Cost $434,760)				434,760
TOTAL EQUITIES (Cost $1,184,668,339)				1,334,955,097
MUTUAL FUND — 0.3%
Investment Companies — 0.3%
Government Reserve Investment Fund		4,305,535		4,305,535
TOTAL MUTUAL FUNDS (Cost $4,305,535)				4,305,535
TOTAL LONG-TERM INVESTMENTS (Cost $1,188,973,874)				1,339,260,632
	Principal Amount
SHORT-TERM INVESTMENTS — 2.1%
Repurchase Agreement — 2.1%
State Street Bank & Trust Co. Repurchase Agreement, dated 6/30/08, 0.900%, due 7/01/08(c)	$	29,190,254		29,190,254
TOTAL SHORT-TERM INVESTMENTS (Cost $29,190,254)				29,190,254
TOTAL INVESTMENTS — 99.9% (Cost $1,218,164,128)(d)				1,368,450,886
Other Assets/ (Liabilities) — 0.1%				1,466,982
NET ASSETS — 100.0%			$	1,369,917,868

(Continued)

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

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

Notes to Portfolio of Investments

ADR - American Depositary Receipt

(a)  Non-income producing security.

(b)  This security is valued in good faith under procedures established by the Board of Trustees.

(c)  Maturity value of $29,190,983. Collateralized by U.S. Government Agency obligations with rates ranging from 2.771% - 6.143%, maturity dates ranging from 7/01/36 - 8/15/36, and an aggregate market value, including accrued interest, of $29,777,848.

(d)  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.
92

MassMutual Select Small Cap Growth Equity Fund – Portfolio of Investments

June 30, 2008 (Unaudited)

	Number of Shares		Value
EQUITIES — 90.4%
COMMON STOCK — 90.4%
Advertising — 0.3%
Focus Media Holding Ltd. ADR (Cayman Islands)(a)		62,060	$	1,720,303
Aerospace & Defense — 0.8%
Aerovironment, Inc.(a)		61,400		1,668,852
Teledyne Technologies, Inc.(a)		60,410		2,947,404
				4,616,256
Airlines — 0.1%
Airtran Holdings, Inc.(a)		294,300		600,372
Apparel — 0.2%
Asics Corp.		137,000		1,492,111
Automotive & Parts — 0.6%
Tenneco, Inc.(a)		68,500		926,805
Titan International, Inc.		53,480		1,904,958
TRW Automotive Holdings Corp.(a)		48,800		901,336
				3,733,099
Banks — 0.8%
International Bancshares Corp.		39,275		839,307
MB Financial, Inc.		28,400		638,148
Oriental Financial Group, Inc.		24,300		346,518
PacWest Bancorp		23,100		343,728
UMB Financial Corp.		32,200		1,650,894
West Coast Bancorp		72,700		630,309
Westamerica Bancorporation		11,400		599,526
				5,048,430
Biotechnology — 1.6%
Alexion Pharmaceuticals, Inc.(a)		5,400		391,500
Arena Pharmaceuticals, Inc.(a)		54,180		281,194
Celera Genomics Group - Applera Corp.(a)		175,510		1,993,794
Charles River Laboratories International, Inc.(a)		22,780		1,456,098
Cougar Biotechnology, Inc.(a)		59,370		1,414,787
Exelixis, Inc.(a)		76,400		382,000

	Number of Shares		Value
Human Genome Sciences, Inc.(a)		207,000	$	1,078,470
Incyte Corp.(a)		149,200		1,135,412
Regeneron Pharmaceuticals, Inc.(a)		117,760		1,700,454
				9,833,709
Chemicals — 2.5%
FMC Corp.		44,835		3,472,023
Hercules, Inc.		123,200		2,085,776
Innophos Holdings, Inc.		42,580		1,360,431
Kingboard Chemical Holdings Ltd.		269,460		1,241,965
Minerals Technologies, Inc.		24,100		1,532,519
Quaker Chemical Corp.		37,940		1,011,480
Rockwood Holdings, Inc.(a)		10,120		352,176
Solutia, Inc.(a)		140,620		1,802,748
Terra Industries, Inc.		39,250		1,936,988
				14,796,106
Coal — 1.1%
Arch Coal, Inc.		27,130		2,035,564
Foundation Coal Holdings, Inc.		48,520		4,297,901
				6,333,465
Commercial Services — 7.3%
AerCap Holdings NV(a)		69,000		871,470
American Public Education, Inc.(a)		52,800		2,061,312
Bankrate, Inc.(a)		145,500		5,684,685
Bowne & Co., Inc.		96,200		1,226,550
Capella Education Co.(a)		46,600		2,779,690
CoStar Group, Inc.(a)		113,300		5,036,185
Hill International, Inc.(a)		76,980		1,265,551
Interactive Data Corp.		64,860		1,629,932
ITT Educational Services, Inc.(a)		41,850		3,458,065
Net 1 UEPS Technologies, Inc.(a)		55,490		1,348,407
Pharmaceutical Product Development, Inc.		90,800		3,895,320
Riskmetrics Group, Inc.(a)		198,500		3,898,540
Robert Half International, Inc.		59,900		1,435,803
Stewart Enterprises, Inc. Class A		253,600		1,825,920
TeleTech Holdings, Inc.(a)		68,280		1,362,869

	Number of Shares		Value
Valassis Communications, Inc.(a)		93,680	$	1,172,874
VistaPrint Ltd.(a)		173,550		4,649,404
				43,602,577
Computers — 3.0%
CACI International, Inc. Class A(a)		26,610		1,217,940
MICROS Systems, Inc.(a)		335,600		10,232,444
Riverbed Technology, Inc.(a)		342,300		4,696,356
Smart Modular Technologies WWH, Inc.(a)		145,900		558,797
SYKES Enterprises, Inc.(a)		55,060		1,038,431
				17,743,968
Cosmetics & Personal Care — 1.6%
Alberto-Culver Co.		184,400		4,844,188
Bare Escentuals, Inc.(a)		238,750		4,471,787
				9,315,975
Distribution & Wholesale — 2.3%
Ingram Micro, Inc. Class A(a)		139,900		2,483,225
LKQ Corp.(a)		465,656		8,414,404
Owens & Minor, Inc.		42,860		1,958,273
Pool Corp.		36,000		639,360
				13,495,262
Diversified Financial — 1.7%
Advanta Corp. Class B		141,550		890,350
Equitable Group, Inc.		58,500		1,234,722
Financial Federal Corp.		197,624		4,339,823
JMP Group, Inc.		144,600		955,806
The NASDAQ OMX Group, Inc.(a)		42,100		1,117,755
Waddell & Reed Financial, Inc. Class A		42,300		1,480,923
				10,019,379
Electronics — 0.5%
Faro Technologies, Inc.(a)		18,610		468,414
FLIR Systems, Inc.(a)		65,250		2,647,192
				3,115,606
Energy – Alternate Sources — 0.3%
Covanta Holding Corp.(a)		63,700		1,700,153
Engineering & Construction — 1.8%
Aecom Technology Corp.(a)		59,630		1,939,764

(Continued)

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

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

	Number of Shares		Value
Chicago Bridge & Iron Co. NV		217,548	$	8,662,761
				10,602,525
Entertainment — 2.8%
Churchill Downs, Inc.		31,700		1,105,379
DreamWorks Animation SKG, Inc. Class A(a)		85,700		2,554,717
Scientific Games Corp. Class A(a)		250,150		7,409,443
Vail Resorts, Inc.(a)		127,200		5,447,976
				16,517,515
Environmental Controls — 0.6%
American Ecology Corp.		45,000		1,328,850
Waste Connections, Inc.(a)		68,050		2,172,836
				3,501,686
Foods — 0.4%
Great Atlantic & Pacific Tea Co.(a)		30,400		693,728
Pilgrim's Pride Corp.		115,940		1,506,061
				2,199,789
Gas — 0.5%
Southern Union Co.		54,200		1,464,484
UGI Corp.		57,200		1,642,212
				3,106,696
Hand & Machine Tools — 0.2%
Snap-on, Inc.		27,510		1,430,795
Health Care – Products — 2.2%
ABIOMED, Inc.(a)		42,700		757,925
AngioDynamics, Inc.(a)		79,620		1,084,425
Kensey Nash Corp.(a)		57,100		1,830,055
Mindray Medical International Ltd. ADR (Cayman Islands)		25,660		957,631
Nuvasive, Inc.(a)		116,200		5,189,492
Orthovita, Inc.(a)		30,100		61,705
PSS World Medical, Inc.(a)		39,400		642,220
SSL International PLC		96,978		858,166
Volcano Corp.(a)		159,840		1,950,048
				13,331,667
Health Care – Services — 3.1%
Community Health Systems, Inc.(a)		51,500		1,698,470
Health Management Associates, Inc. Class A(a)		248,440		1,617,344
Health Net, Inc.(a)		53,700		1,292,022
Healthsouth Corp.(a)		121,880		2,026,864
Healthways, Inc.(a)		263,050		7,786,280

	Number of Shares		Value
Icon PLC Sponsored ADR (Ireland)(a)		24,330	$	1,837,402
LifePoint Hospitals, Inc.(a)		15,500		438,650
Psychiatric Solutions, Inc.(a)		28,320		1,071,629
Tenet Healthcare Corp.(a)		180,000		1,000,800
				18,769,461
Holding Company – Diversified — 0.3%
Liberty Acquisition Holdings Corp.(a)		167,430		1,758,015
Home Furnishing — 1.0%
DTS, Inc.(a)		136,650		4,279,878
Tivo, Inc.(a)		250,300		1,544,351
				5,824,229
Household Products — 0.1%
Jarden Corp.(a)		38,928		710,047
Insurance — 1.5%
Allied World Assurance Holdings Ltd.		55,070		2,181,874
Employers Holdings, Inc.		81,300		1,682,910
Platinum Underwriters Holdings Ltd.		46,600		1,519,626
ProAssurance Corp.(a)		70,030		3,369,143
				8,753,553
Internet — 6.1%
Ariba, Inc.(a)		121,900		1,793,149
Art Technology Group, Inc.(a)		201,800		645,760
Blue Nile, Inc.(a)		69,700		2,963,644
Comscore, Inc.(a)		48,900		1,066,998
Constant Contact, Inc.(a)		207,000		3,901,950
Ctrip.com International Ltd. ADR (Cayman Islands)		13,020		596,056
DealerTrack Holdings, Inc.(a)		274,650		3,875,311
Equinix, Inc.(a)		25,380		2,264,404
LoopNet, Inc.(a)		277,000		3,130,100
McAfee, Inc.(a)		34,500		1,174,035
S1 Corp.(a)		194,700		1,473,879
Sapient Corp.(a)		241,700		1,551,714
Sina Corp.(a)		116,000		4,935,800
The TriZetto Group, Inc.(a)		57,630		1,232,129
Vocus, Inc.(a)		174,928		5,627,434
				36,232,363
Lodging — 1.3%
Gaylord Entertainment Co.(a)		321,100		7,693,556

	Number of Shares		Value
Machinery – Construction & Mining — 1.9%
Bucyrus International, Inc. Class A		132,600	$	9,682,452
Outotec OYJ		25,656		1,632,201
				11,314,653
Machinery – Diversified — 0.2%
Flowserve Corp.		10,650		1,455,855
Manufacturing — 0.5%
Hansen Transmissions International NV(a)		277,154		1,480,363
Hexcel Corp.(a)		70,300		1,356,790
				2,837,153
Media — 1.9%
FactSet Research Systems, Inc.		200,774		11,315,623
Metal Fabricate & Hardware — 0.2%
Commercial Metals Co.		33,700		1,270,490
Mining — 0.4%
Century Aluminum Co.(a)		32,600		2,167,574
Oil & Gas — 6.2%
Alon USA Energy, Inc.		49,300		589,628
Berry Petroleum Co. Class A		19,640		1,156,403
Bill Barrett Corp.(a)		246,850		14,665,359
Cabot Oil & Gas Corp.		17,630		1,194,080
Comstock Resources, Inc.(a)		34,700		2,929,721
Encore Aquisition Co.(a)		16,780		1,261,688
Forest Oil Corp.(a)		22,920		1,707,540
Frontier Oil Corp.		53,800		1,286,358
Hercules Offshore, Inc.(a)		43,250		1,644,365
OPTI Canada, Inc.(a)		64,900		1,471,742
Penn Virginia Corp.		17,220		1,298,732
Rosetta Resources, Inc.(a)		79,800		2,274,300
St. Mary Land & Exploration Co.		27,300		1,764,672
Warren Resources, Inc.(a)		89,590		1,315,181
Whiting Petroleum Corp.(a)		23,200		2,461,056
				37,020,825
Oil & Gas Services — 1.8%
CARBO Ceramics, Inc.		26,980		1,574,283
Dril-Quip, Inc.(a)		31,560		1,988,280
NATCO Group, Inc. Class A(a)		50,400		2,748,312
Tesco Corp.(a)		82,501		2,635,907
W-H Energy Services, Inc.(a)		16,800		1,608,432
				10,555,214

(Continued)

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

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

	Number of Shares		Value
Packaging & Containers — 0.4%
Ball Corp.		29,430	$	1,404,988
Rexam PLC		167,272		1,288,025
				2,693,013
Pharmaceuticals — 1.5%
Alkermes, Inc.(a)		146,590		1,811,852
Amylin Pharmaceuticals, Inc.(a)		47,200		1,198,408
Auxilium Pharmaceuticals, Inc.(a)		30,480		1,024,737
Cephalon, Inc.(a)		12,520		834,959
The Medicines Co.(a)		74,640		1,479,365
Onyx Pharmaceuticals, Inc.(a)		25,320		901,392
Perrigo Co.		35,540		1,129,106
Sepracor, Inc.(a)		40,040		797,597
				9,177,416
Real Estate — 0.2%
China Everbright International Ltd.		3,917,000		1,209,563
Real Estate Investment Trusts (REITS) — 1.0%
American Campus Communities, Inc.		40,600		1,130,304
CapitalSource, Inc.		119,100		1,319,628
LaSalle Hotel Properties		46,100		1,158,493
MFA Mortgage Investments, Inc.		105,200		685,904
Redwood Trust, Inc.		21,200		483,148
Sunstone Hotel Investors, Inc.		59,860		993,676
				5,771,153
Retail — 4.2%
Advance Auto Parts, Inc.		50,980		1,979,553
AnnTaylor Stores Corp.(a)		42,300		1,013,508
Big Lots, Inc.(a)		47,420		1,481,401
BJ's Wholesale Club, Inc.(a)		61,620		2,384,694
Chipotle Mexican Grill, Inc. Class A(a)		22,600		1,867,212
Denny's Corp.(a)		378,900		1,076,076
Dick's Sporting Goods, Inc.(a)		40,250		714,035
Dufry Group		379		34,573
FGX International Holdings Ltd.(a)		59,900		481,596
Liz Claiborne, Inc.		42,700		604,205
Nu Skin Enterprises, Inc. Class A		113,700		1,696,404
O'Reilly Automotive, Inc.(a)		221,070		4,940,915
OfficeMax, Inc.		92,790		1,289,781

	Number of Shares		Value
Papa John's International, Inc.(a)		50,400	$	1,340,136
Penske Auto Group, Inc.		97,200		1,432,728
Urban Outfitters, Inc.(a)		35,900		1,119,721
Zumiez, Inc.(a)		119,000		1,973,020
				25,429,558
Semiconductors — 2.5%
Advanced Analogic Technologies, Inc.(a)		42,294		174,674
Applied Micro Circuits Corp.(a)		174,375		1,492,650
Cypress Semiconductor Corp.(a)		65,600		1,623,600
Fairchild Semiconductor International, Inc.(a)		214,190		2,512,449
Microsemi Corp.(a)		42,680		1,074,682
Netlogic Microsystems, Inc.(a)		6,700		222,440
ON Semiconductor Corp.(a)		504,520		4,626,449
Skyworks Solutions, Inc.(a)		149,090		1,471,518
Verigy Ltd.(a)		72,900		1,655,559
				14,854,021
Software — 11.5%
Activision, Inc.(a)		30,720		1,046,630
Allscripts Heathcare Solutions, Inc.(a)		425,350		5,278,594
Ansys, Inc.(a)		44,350		2,089,772
Athenahealth, Inc.(a)		215,100		6,616,476
Blackbaud, Inc.		506,150		10,831,610
Blackboard, Inc.(a)		265,250		10,140,508
Cerner Corp.(a)		69,200		3,126,456
Commvault Systems, Inc.(a)		398,900		6,637,696
Concur Technologies, Inc.(a)		165,380		5,495,577
Eclipsys Corp.(a)		33,500		615,060
EPIQ Systems, Inc.(a)		211,918		3,009,236
Omnicell, Inc.(a)		270,300		3,562,554
Omniture, Inc.(a)		248,500		4,614,645
Red Hat, Inc.(a)		238,880		4,942,427
RightNow Technologies, Inc.(a)		52,200		713,574
				68,720,815
Storage & Warehousing — 0.0%
Mobile Mini, Inc.(a)		9,200		184,000
Telecommunications — 2.2%
ADC Telecommunications, Inc.(a)		63,700		940,849
Atheros Communications, Inc.(a)		100,290		3,008,700

	Number of Shares		Value
Cellcom Israel Ltd.		72,485	$	2,479,712
CommScope, Inc.(a)		19,770		1,043,263
Comverse Technology, Inc.(a)		91,500		1,550,925
Foundry Networks, Inc.(a)		72,330		854,941
NICE Systems Ltd. ADR (Israel)(a)		48,160		1,424,091
Powerwave Technologies, Inc.(a)		285,900		1,215,075
Switch and Data Facilities Co., Inc.(a)		33,200		564,068
				13,081,624
Toys, Games & Hobbies — 0.3%
Marvel Entertainment, Inc.(a)		65,080		2,091,671
Transportation — 6.6%
Con-way, Inc.		62,360		2,947,133
J.B. Hunt Transport Services, Inc.		439,930		14,640,870
Kansas City Southern(a)		409,220		18,001,588
Landstar System, Inc.		29,280		1,616,842
UTI Worldwide, Inc.		60,380		1,204,581
YRC Worldwide, Inc.(a)		67,900		1,009,673
				39,420,687
Water — 0.3%
Companhia de Saneamento de Minas Gerais		109,500		2,036,587
TOTAL COMMON STOCK (Cost $499,158,343)				540,206,163
TOTAL EQUITIES (Cost $499,158,343)				540,206,163
MUTUAL FUNDS — 3.4%
Investment Companies — 3.4%
iShares Russell 2000 Growth Index Fund		255,760		19,478,681
iShares Russell 2000 Index Fund		15,000		1,035,450
				20,514,131
TOTAL MUTUAL FUNDS (Cost $20,778,656)				20,514,131
TOTAL LONG-TERM INVESTMENTS (Cost $519,936,999)				560,720,294

(Continued)

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

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

	Principal Amount		Value
SHORT-TERM INVESTMENTS — 6.2%
Repurchase Agreement — 6.2%
State Street Bank & Trust Co. Repurchase Agreement, dated 6/30/08, 0.900%, due 7/01/08(b)	$	36,715,056	$	36,715,056
TOTAL SHORT-TERM INVESTMENTS (Cost $36,715,056)				36,715,056
TOTAL INVESTMENTS — 100.0% (Cost $556,652,055)(c)				597,435,350
Other Assets/ (Liabilities) — (0.0%)				(87,038	)
NET ASSETS — 100.0%			$	597,348,312
Notes to Portfolio of Investments

ADR - American Depositary Receipt

(a)  Non-income producing security.

(b)  Maturity value of $36,715,974. Collateralized by U.S. Government Agency obligations with rates ranging from 2.770% - 5.776%, maturity dates ranging from 8/15/36 - 10/25/36, and an aggregate market value, including accrued interest, of $37,454,739.

(c)  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.
96

MassMutual Select Small Company Growth Fund – Portfolio of Investments

June 30, 2008 (Unaudited)

	Number of Shares		Value
EQUITIES — 98.5%
COMMON STOCK — 98.4%
Advertising — 1.4%
Gaiam, Inc. Class A(a)		22,200	$	299,922
Greenfield Online, Inc.(a)		41,735		622,686
Marchex, Inc. Class B		43,700		538,384
				1,460,992
Aerospace & Defense — 0.3%
BE Aerospace, Inc.(a)		10,800		251,532
Apparel — 2.7%
Crocs, Inc.(a)		64,900		519,849
Deckers Outdoor Corp.(a)		500		69,600
Quiksilver, Inc. (a)		96,800		950,576
True Religion Apparel, Inc.(a)		4,100		109,265
Volcom, Inc.(a)		47,700		1,141,461
				2,790,751
Banks — 1.6%
Cascade Bancorp		13,700		105,490
Columbia Bancorp, OR		6,500		46,540
East West Bancorp, Inc.		18,700		132,022
Glacier Bancorp, Inc.		9,802		156,734
Sterling Financial Corp.		27,900		115,506
SVB Financial Group(a)		18,850		906,873
UCBH Holdings, Inc.		66,300		149,175
				1,612,340
Biotechnology — 1.8%
3SBio, Inc. Sponsored ADR (Cayman Islands)(a)		21,300		192,978
Affymetrix, Inc.(a)		42,200		434,238
Cell Genesys, Inc.(a)		74,800		194,480
Human Genome Sciences, Inc.(a)		14,500		75,545
Myriad Genetics, Inc.(a)		21,265		967,983
				1,865,224
Building Materials — 1.6%
Interline Brands, Inc.(a)		3,700		58,941
Texas Industries, Inc.		28,610		1,605,879
				1,664,820
Chemicals — 2.1%
Albemarle Corp.		1,400		55,874
Hercules, Inc.		8,400		142,212
Intrepid Potash, Inc.(a)		1,200		78,936
Quaker Chemical Corp.		20,740		552,928
Terra Industries, Inc.		27,090		1,336,892
				2,166,842

	Number of Shares		Value
Coal — 2.3%
James River Coal Co.(a)		40,000	$	2,347,600
Commercial Services — 4.3%
American Public Education, Inc.(a)		25,165		982,442
Corrections Corp. of America(a)		31,240		858,163
Euronet Worldwide, Inc.(a)		3,700		62,530
The Geo Group, Inc.(a)		59,025		1,328,062
Global Cash Access Holdings, Inc.(a)		88,000		603,680
Heartland Payment Systems, Inc.		2,400		56,640
K12, Inc.(a)		14,655		314,057
Riskmetrics Group, Inc.(a)		6,900		135,516
Strayer Education, Inc.		300		62,721
				4,403,811
Computers — 2.8%
Compellent Technologies, Inc.(a)		96,045		1,089,150
Immersion Corp.(a)		25,800		175,698
Jack Henry & Associates, Inc.		5,900		127,676
Netezza Corp.(a)		61,795		709,407
Riverbed Technology, Inc.(a)		54,500		747,740
				2,849,671
Cosmetics & Personal Care — 1.0%
Bare Escentuals, Inc.(a)		12,900		241,617
Chattem, Inc.(a)		2,100		136,605
Physicians Formula Holdings, Inc.(a)		64,455		602,654
				980,876
Distribution & Wholesale — 0.5%
MWI Veterinary Supply, Inc.(a)		14,870		492,346
Diversified Financial — 3.0%
Affiliated Managers Group, Inc.(a)		4,000		360,240
FCStone Group, Inc.(a)		35,152		981,795
Greenhill & Co., Inc.		11,625		626,123
Interactive Brokers Group, Inc.(a)		10,530		338,329
Investment Technology Group, Inc.(a)		23,425		783,800
				3,090,287
Electric — 0.1%
Ormat Technologies, Inc.		1,700		83,606

	Number of Shares		Value
Electrical Components & Equipment — 2.3%
Advanced Energy Industries, Inc.(a)		58,280	$	798,436
General Cable Corp.(a)		21,750		1,323,487
Universal Display Corp.(a)		18,600		229,152
				2,351,075
Electronics — 6.6%
China Digital TV Holding Co. Ltd. Sponsored ADR (Cayman Islands)(a)		16,400		228,124
Coherent, Inc.(a)		63,825		1,907,729
Dolby Laboratories, Inc. Class A(a)		29,995		1,208,799
Eagle Test Systems, Inc.(a)		58,955		660,296
FEI Co.(a)		1,700		38,726
MEMSIC, Inc.(a)		34,300		101,871
Oyo Geospace Corp.(a)		42,914		2,529,351
Varian, Inc.(a)		1,700		86,802
				6,761,698
Energy – Alternate Sources — 0.7%
Canadian Solar, Inc.(a)		6,000		241,140
Evergreen Solar, Inc.(a)		48,300		468,027
				709,167
Entertainment — 0.8%
Lions Gate Entertainment Corp.(a)		20,155		208,806
Macrovision Solutions Corp.(a)		40,290		602,738
				811,544
Environmental Controls — 1.7%
ADA-ES, Inc.(a)		3,900		35,100
Fuel Tech, Inc.(a)		13,300		234,346
Metalico, Inc.(a)		25,570		447,986
Waste Connections, Inc.(a)		30,290		967,160
				1,684,592
Foods — 0.3%
Whole Foods Market, Inc.		13,300		315,077
Forest Products & Paper — 0.0%
Neenah Paper, Inc.		1,500		25,065
Health Care – Products — 7.1%
ABIOMED, Inc.(a)		8,800		156,200
American Medical Systems Holdings, Inc.(a)		100,725		1,505,839
ArthroCare Corp.(a)		15,100		616,231
Cutera, Inc.(a)		46,700		421,701
Hansen Medical, Inc.(a)		22,625		378,290

(Continued)

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

MassMutual Select Small Company Growth Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
Hologic, Inc.(a)		14,500	$	316,100
Mentor Corp.		29,975		833,905
OraSure Technologies, Inc.(a)		27,800		103,972
SurModics, Inc.(a)		22,100		990,964
Thoratec Corp.(a)		82,805		1,439,979
TranS1, Inc.(a)		6,700		100,969
Vital Images, Inc.(a)		31,435		391,051
				7,255,201
Health Care – Services — 4.2%
Centene Corp.(a)		74,310		1,247,665
Community Health Systems, Inc.(a)		2,600		85,748
Healthways, Inc.(a)		27,120		802,752
Icon PLC Sponsored ADR (Ireland)(a)		22,595		1,706,374
Psychiatric Solutions, Inc.(a)		5,000		189,200
Sun Healthcare Group, Inc.(a)		17,600		235,664
				4,267,403
Home Furnishing — 1.4%
Universal Electronics, Inc.(a)		66,593		1,391,794
Insurance — 0.8%
American Safety Insurance Holdings Ltd.(a)		16,652		239,456
First Mercury Financial Corp.(a)		34,940		616,341
				855,797
Internet — 2.5%
Blue Nile, Inc.(a)		3,900		165,828
Comscore, Inc.(a)		5,000		109,100
Internet Capital Group, Inc.(a)		61,675		476,748
Perfect World Co. Ltd. Sponsored ADR (Cayman Islands)(a)		7,000		174,930
Shutterfly, Inc.(a)		27,000		329,670
TIBCO Software, Inc.(a)		151,520		1,159,128
US Auto Parts Network, Inc.(a)		46,720		169,126
				2,584,530
Investment Companies — 0.1%
Fifth Street Finance Corp.(a)		4,700		48,363
Leisure Time — 0.9%
Polaris Industries, Inc.		1,300		52,494
WMS Industries, Inc.(a)		30,145		897,417
				949,911

	Number of Shares		Value
Machinery – Construction & Mining — 1.6%
Bucyrus International, Inc. Class A		22,650	$	1,653,903
Machinery – Diversified — 0.6%
Chart Industries, Inc.(a)		7,300		355,072
Raser Technologies, Inc.(a)		10,500		102,270
Wabtec Corp.		2,100		102,102
				559,444
Manufacturing — 3.6%
A.O. Smith Corp.		4,500		147,735
Ameron International Corp.		17,940		2,152,441
Colfax Corp.(a)		5,500		137,995
Hexcel Corp.(a)		11,300		218,090
Metabolix, Inc.(a)		19,400		190,120
Polypore International, Inc.(a)		31,430		796,122
				3,642,503
Media — 1.7%
Entravision Communications Corp. Class A(a)		124,160		499,123
FactSet Research Systems, Inc.		13,475		759,451
Martha Stewart Living Omnimedia, Inc. Class A(a)		29,900		221,260
Rhi Entertainment, Inc.(a)		21,900		284,481
				1,764,315
Metal Fabricate & Hardware — 3.3%
Circor International, Inc.		20,450		1,001,846
Dynamic Materials Corp.		6,900		227,355
Kaydon Corp.		3,800		195,358
Northwest Pipe Co.(a)		18,100		1,009,980
RBC Bearings, Inc.(a)		27,335		910,802
				3,345,341
Mining — 0.2%
RTI International Metals, Inc.(a)		5,300		188,786
Office Furnishings — 0.1%
Knoll, Inc.		10,400		126,360
Oil & Gas — 2.9%
Arena Resources, Inc.(a)		7,500		396,150
Atwood Oceanics, Inc.(a)		4,800		596,832
Goodrich Petroleum Corp.(a)		1,000		82,920
Hercules Offshore, Inc.(a)		11,600		441,032
Holly Corp.		8,500		313,820
Kodiak Oil & Gas Corp.(a)		31,100		141,816

	Number of Shares		Value
Parallel Petroleum Corp.(a)		11,500	$	231,495
Petroleum Development Corp.(a)		10,780		716,762
				2,920,827
Oil & Gas Services — 3.5%
Cal Dive International, Inc.(a)		6,200		88,598
Complete Production Services, Inc.(a)		2,100		76,482
Core Laboratories NV(a)		5,445		775,096
Lufkin Industries, Inc.		29,510		2,457,593
Tesco Corp.(a)		5,000		159,750
				3,557,519
Pharmaceuticals — 4.0%
Animal Health International, Inc.(a)		85,250		531,108
Cephalon, Inc.(a)		13,100		873,639
Cubist Pharmaceuticals, Inc.(a)		84,240		1,504,526
CV Therapeutics, Inc.(a)		33,700		277,351
Medarex, Inc.(a)		105,000		694,050
Medicis Pharmaceutical Corp. Class A		7,600		157,928
Patterson Cos., Inc.(a)		1,900		55,841
				4,094,443
Real Estate — 0.2%
Meruelo Maddux Properties, Inc.(a)		71,900		156,742
Real Estate Investment Trusts (REITS) — 0.3%
MFA Mortgage Investments, Inc.		42,565		277,524
Retail — 7.1%
BJ's Restaurants, Inc.(a)		56,665		551,350
Carrols Restaurant Group, Inc.(a)		55,460		287,837
Cash America International, Inc.		19,440		602,640
The Cheesecake Factory(a)		66,160		1,052,606
Chipotle Mexican Grill, Inc. Class A(a)		4,900		404,838
The Finish Line, Inc. Class A(a)		2,826		24,586
Genesco, Inc.(a)		53,915		1,664,356
hhgregg, Inc.(a)		10,300		103,000
J. Crew Group, Inc.(a)		11,700		386,217
Lululemon Athletica, Inc.(a)		4,600		133,676
McCormick & Schmick's Seafood Restaurants, Inc.(a)		8,800		84,832
Phillips-Van Heusen Corp.		6,500		238,030

(Continued)

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

MassMutual Select Small Company Growth Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
Red Robin Gourmet Burgers, Inc.(a)		28,940	$	802,796
School Specialty, Inc.(a)		30,050		893,387
Zumiez, Inc.(a)		3,100		51,398
				7,281,549
Semiconductors — 1.3%
Advanced Analogic Technologies, Inc.(a)		28,700		118,531
Brooks Automation, Inc.(a)		19,900		164,573
ON Semiconductor Corp.(a)		33,600		308,112
Rudolph Technologies, Inc.(a)		21,400		164,780
Skyworks Solutions, Inc.(a)		35,100		346,437
Triquint Semiconductor, Inc.(a)		39,900		241,794
				1,344,227
Software — 7.3%
Advent Software, Inc.(a)		5,900		212,872
Ansys, Inc.(a)		39,175		1,845,926
Commvault Systems, Inc.(a)		11,300		188,032
Eclipsys Corp.(a)		117,315		2,153,904
MSCI, Inc. Class A(a)		3,200		116,128
Omniture, Inc.(a)		7,800		144,846
Quality Systems, Inc.		39,125		1,145,580
Red Hat, Inc.(a)		38,700		800,703
Synchronoss Technologies, Inc.(a)		9,100		82,173
THE9 Ltd. ADR (Cayman Islands)(a)		18,630		420,665
Wind River Systems, Inc.(a)		25,600		278,784
				7,389,613
Telecommunications — 4.7%
Acme Packet, Inc.(a)		26,900		208,744
Alvarion Ltd.(a)		30,400		214,624
Clearwire Corp. Class A(a)		28,100		364,176
EMS Technologies, Inc.(a)		55,015		1,201,528
Polycom, Inc.(a)		54,000		1,315,440
RF Micro Devices, Inc.(a)		171,700		497,930
RRSat Global Communications Network Ltd.		16,500		177,540
ShoreTel, Inc.(a)		14,400		63,648
Switch and Data Facilities Co., Inc.(a)		46,565		791,139
				4,834,769
Transportation — 0.8%
Expeditors International of Washington, Inc.		9,000		387,000
Forward Air Corp.		900		31,140
Hub Group, Inc. Class A(a)		3,300		112,629

	Number of Shares		Value
Ultrapetrol Bahamas Ltd.(a)		20,105	$	253,524
				784,293
Trucking & Leasing — 0.1%
Aircastle Ltd.		10,600		89,146
Water — 0.2%
Cascal NV(a)		16,900		207,870
TOTAL COMMON STOCK (Cost $104,948,993)				100,291,089
PREFERRED STOCK — 0.1%
Banks — 0.1%
East West Bancorp, Inc. , Series A		160		112,800
TOTAL PREFERRED STOCK (Cost $160,000)				112,800
TOTAL EQUITIES (Cost $105,108,993)				100,403,889
TOTAL LONG-TERM INVESTMENTS (Cost $105,108,993)				100,403,889
	Principal Amount
SHORT-TERM INVESTMENTS — 1.3%
Repurchase Agreement — 1.3%
State Street Bank & Trust Co. Repurchase Agreement, dated 6/30/08, 0.900%, due 7/01/08(b)	$	1,294,506		1,294,506
TOTAL SHORT-TERM INVESTMENTS (Cost $1,294,506)				1,294,506
TOTAL INVESTMENTS — 99.8% (Cost $106,403,499)(c)				101,698,395
Other Assets/ (Liabilities) — 0.2%				189,792
NET ASSETS — 100.0%			$	101,888,187

Notes to Portfolio of Investments

ADR - American Depositary Receipt

(a)  Non-income producing security.

(b)  Maturity value of $1,294,538. Collateralized by U.S. Government Agency obligations with rates ranging from 2.770% - 5.824%, maturity dates ranging from 8/15/36 - 10/01/36, and an aggregate market value, including accrued interest, of $1,322,052.

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

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

MassMutual Select Emerging Growth Fund – Portfolio of Investments

June 30, 2008 (Unaudited)

	Number of Shares		Value
EQUITIES — 97.7%
COMMON STOCK — 97.7%
Agriculture — 1.4%
AgFeed Industries, Inc.(a)		77,900	$	1,166,163
Apparel — 1.4%
Deckers Outdoor Corp.(a)		6,800		946,560
Under Armour, Inc.(a)		9,500		243,580
				1,190,140
Automotive & Parts — 0.8%
Exide Technologies(a)		39,700		665,372
Banks — 0.3%
Signature Bank(a)		8,200		211,232
Sterling Financial Corp.		15,400		63,756
				274,988
Beverages — 2.4%
Central European Distribution Corp.(a)		27,100		2,009,465
Biotechnology — 3.8%
Abraxis BioScience, Inc.(a)		5,025		318,887
Affymetrix, Inc.(a)		5,200		53,508
Celera Genomics Group-Applera Corp.(a)		26,200		297,632
Cougar Biotechnology, Inc.(a)		8,700		207,321
Illumina, Inc.(a)		19,000		1,655,090
Martek Biosciences Corp.(a)		3,000		101,130
Omrix Biopharmaceuticals, Inc.(a)		11,000		173,140
Regeneron Pharmaceuticals, Inc.(a)		15,200		219,488
Zymogenetics, Inc.(a)		17,900		150,718
				3,176,914
Coal — 11.1%
Alpha Natural Resources, Inc.(a)		30,000		3,128,700
James River Coal Co.(a)		27,000		1,584,630
Massey Energy Co.		5,900		553,125
Walter Industries, Inc.		38,000		4,133,260
				9,399,715
Commercial Services — 5.9%
The Advisory Board Co.(a)		7,700		302,841
AMN Healthcare Services, Inc.(a)		17,700		299,484
Cardtronics, Inc.(a)		34,200		303,354
Emergency Medical Services Corp. Class A(a)		18,800		425,444

	Number of Shares		Value
Exponent, Inc.(a)		13,400	$	420,894
FTI Consulting, Inc.(a)		30,000		2,053,800
Healthcare Services Group, Inc.		23,700		360,477
TNS, Inc.(a)		33,800		809,848
				4,976,142
Computers — 2.5%
Ansoft Corp.(a)		9,100		331,240
Data Domain, Inc.(a)		31,400		732,562
Riverbed Technology, Inc.(a)		15,300		209,916
STEC, Inc.(a)		83,000		852,410
				2,126,128
Distribution & Wholesale — 0.4%
LKQ Corp.(a)		19,700		355,979
Diversified Financial — 0.1%
Evercore Partners, Inc. Class A		12,500		118,750
Electrical Components & Equipment — 5.4%
A-Power Energy Generation Systems Ltd.(a)		40,200		1,071,330
EnerSys(a)		42,200		1,444,506
Graftech International Ltd.(a)		61,100		1,639,313
Orion Energy Systems, Inc.(a)		36,900		369,000
				4,524,149
Energy – Alternate Sources — 4.5%
Canadian Solar, Inc.(a)		34,500		1,386,555
Energy Conversion Devices, Inc.(a)		32,400		2,385,936
				3,772,491
Engineering & Construction — 0.9%
Aecom Technology Corp.(a)		14,900		484,697
Dycom Industries, Inc.(a)		16,800		243,936
				728,633
Environmental Controls — 1.9%
Clean Harbors, Inc.(a)		4,300		305,558
Darling International, Inc.(a)		50,500		834,260
TETRA Technologies, Inc.(a)		21,900		495,378
				1,635,196
Hand & Machine Tools — 0.5%
Lincoln Electric Holdings, Inc.		5,300		417,110
Health Care – Products — 1.6%
Conceptus, Inc.(a)		8,300		153,467
Immucor, Inc.(a)		8,500		219,980

	Number of Shares		Value
Vital Signs, Inc.		4,900	$	278,222
Wright Medical Group, Inc.(a)		24,500		696,045
				1,347,714
Health Care – Services — 1.4%
Icon PLC Sponsored ADR (Ireland)(a)		15,400		1,163,008
Insurance — 1.4%
Amerisafe, Inc.(a)		15,082		240,407
Castlepoint Holdings Ltd.		36,700		333,603
Delphi Financial Group, Inc. Class A		11,300		261,482
Meadowbrook Insurance Group, Inc.		12,300		65,190
United Fire & Casualty Co.		10,200		274,686
				1,175,368
Internet — 7.6%
Ariba, Inc.(a)		76,100		1,119,431
Art Technology Group, Inc.(a)		121,500		388,800
eResearch Technology, Inc.(a)		42,500		741,200
F5 Networks, Inc.(a)		7,000		198,940
Priceline.com, Inc.(a)		15,900		1,835,814
Sina Corp.(a)		14,300		608,465
Sohu.com, Inc.(a)		21,500		1,514,460
				6,407,110
Iron & Steel — 3.6%
Olympic Steel, Inc.		18,400		1,396,928
Schnitzer Steel Industries, Inc. Class A		14,500		1,661,700
				3,058,628
Leisure Time — 0.4%
WMS Industries, Inc.(a)		12,500		372,125
Machinery – Diversified — 4.2%
Flow International Corp.(a)		59,800		466,440
Lindsay Corp.		12,900		1,096,113
The Middleby Corp.(a)		5,900		259,069
Robbins & Myers, Inc.		17,000		847,790
Wabtec Corp.		17,200		836,264
				3,505,676
Manufacturing — 1.0%
Ceradyne, Inc.(a)		10,500		360,150
Hexcel Corp.(a)		25,200		486,360
				846,510

(Continued)

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

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

	Number of Shares		Value
Media — 0.2%
Rhi Entertainment, Inc.(a)		12,500	$	162,375
Metal Fabricate & Hardware — 1.0%
Dynamic Materials Corp.		12,000		395,400
Haynes International, Inc.(a)		7,200		414,360
				809,760
Mining — 2.1%
Compass Minerals International, Inc.		21,800		1,756,208
Oil & Gas — 9.2%
Arena Resources, Inc.(a)		18,500		977,170
BPZ Resources, Inc.(a)		64,800		1,905,120
Carrizo Oil & Gas, Inc.(a)		20,000		1,361,800
Mariner Energy, Inc.(a)		23,500		868,795
McMoRan Exploration Co.(a)		30,800		847,616
Rex Energy Corp.(a)		26,400		696,960
Whiting Petroleum Corp.(a)		10,500		1,113,840
				7,771,301
Oil & Gas Services — 2.9%
Cal Dive International, Inc.(a)		31,900		455,851
CARBO Ceramics, Inc.		9,200		536,820
ION Geophysical Corp.(a)		30,800		537,460
T-3 Energy Services, Inc.(a)		5,200		413,244
W-H Energy Services, Inc.(a)		5,700		545,718
				2,489,093
Pharmaceuticals — 4.4%
Acadia Pharmaceuticals, Inc.(a)		45,900		169,371
Align Technology, Inc.(a)		22,500		236,025
Animal Health International, Inc.(a)		23,700		147,651
APP Pharmaceuticals, Inc.(a)		35,600		595,232
Isis Pharmaceuticals, Inc.(a)		18,300		249,429
Medarex, Inc.(a)		60,300		398,583
OSI Pharmaceuticals, Inc.(a)		18,800		776,816
Par Pharmaceutical Cos., Inc.(a)		1,800		29,214
Savient Pharmaceuticals, Inc.(a)		1,300		32,890
United Therapeutics Corp.(a)		11,300		1,104,575
				3,739,786
Retail — 5.1%
Aeropostale, Inc.(a)		31,500		986,895
Big Lots, Inc.(a)		31,800		993,432

	Number of Shares		Value
BJ's Restaurants, Inc.(a)		19,700	$	191,681
Chipotle Mexican Grill, Inc. Class A(a)		5,500		454,410
The Gymboree Corp.(a)		14,100		564,987
Lululemon Athletica, Inc.(a)		18,300		531,798
Lumber Liquidators, Inc.(a)		5,100		66,300
Texas Roadhouse, Inc. Class A(a)		34,100		305,877
Titan Machinery, Inc.(a)		7,000		219,240
				4,314,620
Semiconductors — 1.3%
Cavium Networks, Inc.(a)		22,800		478,800
Microsemi Corp.(a)		24,500		616,910
				1,095,710
Software — 3.6%
Concur Technologies, Inc.(a)		20,700		687,861
Informatica Corp.(a)		18,600		279,744
ManTech International Corp. Class A(a)		13,000		625,560
Omniture, Inc.(a)		32,700		607,239
Taleo Corp. Class A(a)		19,500		382,005
The Ultimate Software Group, Inc.(a)		13,100		466,753
				3,049,162
Telecommunications — 1.5%
Atheros Communications, Inc.(a)		17,400		522,000
Partner Communications Sponsored ADR (Israel)		31,000		735,630
				1,257,630
Transportation — 1.9%
Celadon Group, Inc.(a)		29,100		290,709
Eagle Bulk Shipping, Inc.		23,000		680,110
Old Dominion Freight Line, Inc.(a)		19,900		597,397
				1,568,216
TOTAL COMMON STOCK (Cost $70,952,623)				82,427,335
TOTAL EQUITIES (Cost $70,952,623)				82,427,335
WARRANTS — 0.0%
Internet — 0.0%
Lantronix, Inc., Expires 02/09/11, Strike 4.68 (United States)(d)		842		-
TOTAL WARRANTS (Cost $0)				-

	Principal Amount		Value
TOTAL LONG-TERM INVESTMENTS (Cost $70,952,623)			$	82,427,335
SHORT-TERM INVESTMENTS — 2.1%
Repurchase Agreement — 2.1%
State Street Bank & Trust Co. Repurchase Agreement, dated 6/30/08, 0.900%, due 7/01/08(b)	$	1,766,187		1,766,186
TOTAL SHORT-TERM INVESTMENTS (Cost $1,766,186)				1,766,186
TOTAL INVESTMENTS — 99.8% (Cost $72,718,809)(c)				84,193,521
Other Assets/ (Liabilities) — 0.2%				141,928
NET ASSETS — 100.0%			$	84,335,449

Notes to Portfolio of Investments

ADR - American Depositary Receipt

(a)  Non-income producing security.

(b)  Maturity value of $1,766,231. Collateralized by U.S. Government Agency obligations with rates ranging from 5.821% - 6.141%, maturity dates ranging from 7/01/36 - 10/01/36, and an aggregate market value, including accrued interest, of $1,807,823.

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

(d)  This security is valued in good faith under procedures established by the Board of Trustees.

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

MassMutual Select Diversified International Fund – Portfolio of Investments

June 30, 2008 (Unaudited)

	Number of Shares		Value
EQUITIES — 98.1%
COMMON STOCK — 96.6%
Airlines — 1.0%
Air France KLM		11,900	$	283,631
Deutsche Lufthansa AG		89,500		1,922,642
				2,206,273
Auto Manufacturers — 4.7%
Honda Motor Co. Ltd.		57,300		1,949,446
Hyundai Motor Co.		24,000		1,622,020
Nissan Motor Co. Ltd.		447,500		3,683,897
Renault SA		33,800		2,765,756
Toyota Motor Corp.		15,700		738,459
				10,759,578
Automotive & Parts — 0.6%
Compagnie Generale des Etablissements Michelin Class B		10,600		756,239
Hyundai Mobis		8,290		670,542
				1,426,781
Banks — 17.2%
Banco do Brasil SA		61,200		1,003,216
Bank Hapoalim B.M.		150,000		659,465
Barclays PLC		489,200		2,830,518
BNP Paribas		32,700		2,930,130
Canadian Imperial Bank Of Commerce		26,005		1,432,153
Credit Agricole SA		141,026		2,858,145
Deutsche Bank AG		45,800		3,946,556
Fortis		178,066		2,826,601
HBOS PLC		773,870		4,233,074
Industrial Bank Of Korea		87,800		1,341,075
Kookmin Bank		9,600		563,050
National Bank of Canada		30,100		1,496,357
Nordea Bank AB		100		1,368
Royal Bank of Canada		33,041		1,486,527
Royal Bank of Scotland Group PLC		848,073		3,615,022
Societe Generale Class A		31,300		2,695,006
Standard Bank Group Ltd.		33,778		328,742
Sumitomo Mitsui Financial Group, Inc.		398		2,985,727
Toronto-Dominion Bank		26,100		1,646,223
Unibanco-Uniao de Bancos Brasileiros SA		5,500		698,114
				39,577,069

	Number of Shares		Value
Chemicals — 4.8%
BASF SE		81,000	$	5,579,163
DIC Corp.		113,000		327,346
Koninklijke DSM NV		13,900		812,906
Methanex Corp.		23,200		656,383
Mitsubishi Chemical Holding Corp.		326,500		1,894,585
Solvay SA Class A		10,600		1,378,631
Tosoh Corp.		93,000		381,023
				11,030,037
Commercial Services — 0.2%
Macquarie Infrastructure Group		170,412		377,367
Computers — 2.3%
Asustek Computer		849,000		2,293,593
Compal Electronics, Inc.		627,000		672,724
Fujitsu		311,000		2,299,494
				5,265,811
Distribution & Wholesale — 1.1%
Corporate Express NV		26,500		381,207
Itochu Corp.		90,000		955,282
Mitsui & Co. Ltd.		53,000		1,170,066
				2,506,555
Diversified Financial — 2.9%
Credit Suisse Group		60,200		2,734,586
Hana Financial Group, Inc.		58,000		2,229,084
ORIX Corp.		6,390		923,350
Woori Finance Holding Co. Ltd.		58,160		927,474
				6,814,494
Electric — 3.5%
E.ON AG		19,200		3,867,057
RWE AG		10,710		1,351,275
The Tokyo Electric Power Co., Inc.		108,800		2,795,614
				8,013,946
Electrical Components & Equipment — 2.3%
Hitachi Ltd.		143,000		1,028,421
Sharp Corp.		125,000		2,039,508
Toshiba Corp.		311,000		2,286,445
				5,354,374
Foods — 1.9%
Associated British Foods PLC		123,800		1,866,707
Koninlijke Ahold NV		170,980		2,290,769
Suedzucker AG		17,500		316,695
				4,474,171

	Number of Shares		Value
Forest Products & Paper — 1.2%
Stora Enso Oyj Class R		97,800	$	910,617
Svenska Cellulosa AB Class B		133,700		1,881,904
				2,792,521
Holding Company – Diversified — 0.2%
TUI Travel PLC		114,000		463,085
Home Furnishing — 0.1%
Electrolux AB Class B		10,100		128,119
Insurance — 6.5%
Allianz SE		24,834		4,364,303
Aviva PLC		79,232		784,636
Fairfax Financial Holdings Ltd.		3,000		768,664
Fondiaria-Sai SpA		21,000		691,425
ING Groep NV		131,200		4,146,822
Muenchener Rueckversicherungs AG		14,900		2,608,352
Sanlam Ltd.		323,400		684,800
Sun Life Financial, Inc.		22,036		907,481
				14,956,483
Iron & Steel — 5.6%
ArcelorMittal		39,200		3,870,142
ArcelorMittal South Africa Ltd.		48,000		1,369,838
China Steel Corp.		698,340		1,077,090
Gerdau Ameristeel Corp.		48,300		934,563
Gerdau SA Sponsored ADR (Brazil)		41,600		998,816
Hyundai Steel Co.		9,500		714,462
JFE Holdings, Inc.		65,700		3,302,329
Magnitogorsk Iron & Steel Works Registered Sponsored GDR (Russia)		37,200		645,505
				12,912,745
Leisure Time — 0.5%
TUI AG		46,800		1,083,037
Media — 0.9%
Lagardere S.C.A		32,900		1,870,127
Trinity Mirror PLC		58,400		126,488
				1,996,615
Metal Fabricate & Hardware — 0.7%
Norsk Hydro ASA		109,200		1,590,116
Mining — 5.8%
Antofagasta PLC		88,900		1,155,263
Barrick Gold Corp.		22,500		1,029,524
BHP Billiton Ltd.		27,900		1,185,458

(Continued)

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

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

	Number of Shares		Value
Cia Vale do Rio Doce Sponsored ADR (Brazil)		47,200	$	1,408,448
Hudbay Minerals, Inc.(a)		30,100		418,708
Kazakhmys PLC		19,700		618,896
KGHM Polska Miedz SA(a)		32,500		1,525,194
Mining and Metallurgical Company Norilsk Nickel Sponsored ADR (Russia)		165,800		4,194,740
Oxiana Ltd.(a)		103,357		257,987
Xstrata PLC		20,870		1,657,672
				13,451,890
Oil & Gas — 17.7%
BP PLC		77,300		896,247
China Petrolium and Chemical Corp. Class H		4,212,000		3,916,763
ENI SpA		94,900		3,534,389
Imperial Oil Ltd.		30,000		1,592,107
LUKOIL Sponsored ADR (Russia)		47,450		4,678,570
Nippon Mining Holdings, Inc.		244,000		1,531,475
Petro-Canada		49,900		2,797,614
PTT Public Co. Ltd.		120,800		758,726
Repsol YPF SA		39,100		1,538,651
Royal Dutch Shell PLC Class A		215,400		8,864,735
StatoilHydro ASA		95,900		3,581,385
Thai Oil PLC		395,600		597,512
Total SA		62,500		5,329,017
Tupras Turkiye Petrol Rafine		54,600		1,262,310
				40,879,501
Pharmaceuticals — 3.0%
GlaxoSmithKline PLC		162,200		3,582,723
Novartis AG		12,690		696,660
Sanofi-Aventis		41,300		2,747,937
				7,027,320
Retail — 0.2%
Home Retail Group		86,500		373,290
Punch Taverns PLC		28,221		175,498
				548,788
Semiconductors — 3.5%
Hynix Semiconductor, Inc.(a)		91,600		2,175,442
Infineon Technologies AG(a)		188,500		1,628,945
Powerchip Semiconductors Corp.		1,296,000		366,386
Samsung Electronics Co. Ltd.		1,330		796,029
United Microelectronics Corp.		6,004,704		3,181,400
				8,148,202

	Number of Shares		Value
Telecommunications — 7.0%
China Netcom Group Corp. Hong Kong Ltd.		441,500	$	1,204,629
China Telecom Corp. Ltd. Class H		942,000		512,428
Deutsche Telekom AG		51,500		842,155
France Telecom SA		25,700		754,544
Nippon Telegraph & Telephone Corp.		547		2,666,086
Nokia Oyj		16,300		399,350
Partner Communications Co. Ltd.		13,380		317,890
Tele2 AB Class B		61,000		1,185,612
Telecom Italia SpA		884,500		1,771,454
Telecom Italia SpA		401,500		647,403
Telefonos de Mexico SAB de CV Class L Sponsored ADR (Mexico)		41,600		985,088
Telemex Internacional SAB de CV Sponsored ADR (Mexico)(a)		41,600		669,760
Vodafone Group PLC		1,385,500		4,080,018
				16,036,417
Transportation — 1.2%
Mitsui OSK Lines Ltd.		166,000		2,384,017
Orient Overseas International Ltd.		98,000		487,509
				2,871,526
TOTAL COMMON STOCK (Cost $246,770,088)				222,692,821
PREFERRED STOCK — 1.5%
Iron & Steel — 0.5%
Usinas Siderurgicas de Minas Gerais SA Preferred Class A		21,600		1,069,676
Semiconductors — 1.0%
Samsung Electronics Co. Ltd.		5,400		2,316,634
TOTAL PREFERRED STOCK (Cost $3,000,688)				3,386,310
TOTAL EQUITIES (Cost $249,770,776)				226,098,956

	Number of Shares		Value
RIGHTS — 0.0%
Banks — 0.0%
Barclays PLC(a)(d)		104,828	$	19,825
Credit Agricole SA		2		3
HBOS PLC(a)		309,548		66,243
				86,071
TOTAL RIGHTS (Cost $0)				86,071
TOTAL LONG-TERM INVESTMENTS (Cost $249,770,776)				226,165,202
	Principal Amount
SHORT-TERM INVESTMENTS — 3.6%
Repurchase Agreement — 3.6%
State Street Bank & Trust Co. Repurchase Agreement, dated 6/30/08, 0.900%, due 7/01/08(b)	$	8,346,184		8,346,184
TOTAL SHORT-TERM INVESTMENTS (Cost $8,346,184)				8,346,184
TOTAL INVESTMENTS — 101.7% (Cost $258,116,960)(c)				234,511,386
Other Assets/ (Liabilities) — (1.7%)				(4,000,732	)
NET ASSETS — 100.0%			$	230,510,654

Notes to Portfolio of Investments

ADR - American Depositary Receipt

GDR - Global Depositary Receipt

(a)  Non-income producing security.

(b)  Maturity value of $8,346,393. Collateralized by U.S. Government Agency obligations with a rate of 5.824%, maturity date of 10/01/36, and an aggregate market value, including accrued interest, of $8,516,319.

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

(d)  This security is valued in good faith under procedures established by the Board of Trustees.

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

MassMutual Select Overseas Fund – Portfolio of Investments

June 30, 2008 (Unaudited)

	Number of Shares		Value
EQUITIES — 98.9%
COMMON STOCK — 98.9%
Advertising — 1.6%
Publicis Groupe		402,700	$	12,998,468
Apparel — 0.3%
Burberry Group PLC		301,900		2,709,018
Auto Manufacturers — 4.7%
Bayerische Motoren Werke AG		360,420		17,299,142
Daimler AG		134,800		8,322,201
Honda Motor Co. Ltd.		248,700		8,461,208
Toyota Motor Corp.		80,700		3,795,776
				37,878,327
Automotive & Parts — 0.3%
Bridgestone Corp.		178,100		2,710,482
Banks — 9.3%
Bank of Ireland		1,239,800		10,797,659
Barclays PLC		1,199,900		6,942,638
Barclays PLC(a)		257,121		48,626
BNP Paribas SA		115,100		10,313,698
Erste Bank der oesterreichischen Sparkassen AG		124,913		7,728,200
HSBC Holdings PLC		700,860		10,800,104
Intesa Sanpaolo		581,772		3,310,601
Julius Baer Holding AG		104,740		7,018,209
Komercni Banka AS		14,604		3,394,887
Kookmin Bank		41,770		2,449,853
Lloyds TSB Group PLC		1,531,000		9,377,418
Uniao De Bancos Brasileiros SA		22,180		2,815,307
				74,997,200
Beverages — 3.7%
Diageo PLC		523,857		9,616,037
Grupo Modelo SAB de C.V. Class C		504,600		2,570,440
Heineken NV		224,790		11,427,504
Pernod-Ricard SA		59,996		6,154,358
				29,768,339
Chemicals — 6.1%
Air Liquide		58,529		7,717,488
Akzo Nobel N.V.		31,590		2,163,060
Bayer AG		120,690		10,138,800
Givaudan SA Registered		12,130		10,815,340
Linde AG		84,680		11,873,781
Shin-Etsu Chemical Co. Ltd.		104,000		6,417,425
				49,125,894

	Number of Shares		Value
Commercial Services — 4.0%
Adecco SA		314,700	$	15,537,034
Experian Group Ltd.		1,471,300		10,867,207
G4S PLC		982,900		3,957,260
Meitec Corp.		79,900		2,261,642
				32,623,143
Cosmetics & Personal Care — 1.3%
Kao Corp.		397,000		10,398,696
Distribution & Wholesale — 0.3%
Li & Fung Ltd.		800,800		2,408,193
Diversified Financial — 9.7%
Aeon Credit Service Co. Ltd.		181,000		2,263,032
Credit Suisse Group		437,900		19,891,617
Daiwa Securities Group, Inc.		1,622,120		14,844,273
Deutsche Boerse AG		36,200		4,062,256
Nomura Holdings, Inc.		1,037,900		15,331,545
Schroders PLC		458,700		8,287,087
UBS AG(b)		660,807		13,677,025
				78,356,835
Electric — 1.6%
E.ON AG		35,060		7,061,407
Suez SA		83,910		5,699,696
				12,761,103
Electrical Components & Equipment — 2.1%
Legrand Promesses		193,190		4,848,490
Schneider Electric SA		111,384		12,007,427
				16,855,917
Electronics — 4.0%
Fanuc Ltd.		49,500		4,822,928
Hirose Electric Co. Ltd.		32,200		3,226,921
Hoya Corp.		252,600		5,853,521
Omron Corp.		838,300		18,096,039
Orbotech Ltd.(b)		39,100		520,812
				32,520,221
Entertainment — 0.9%
Ladbrokes PLC		600,814		3,049,678
William Hill PLC		736,246		4,665,413
				7,715,091
Foods — 3.1%
Nestle SA		484,040		21,896,596
Tesco PLC		407,917		2,993,747
				24,890,343
Gas — 1.0%
Gaz De France		93,220		5,972,850
Tokyo Gas Co. Ltd.		463,000		1,862,715
				7,835,565

	Number of Shares		Value
Health Care – Products — 1.8%
Luxottica Group SpA		277,700	$	6,492,607
Synthes, Inc.		59,823		8,218,082
				14,710,689
Holding Company – Diversified — 3.0%
LVMH Moet Hennessy Louis Vuitton SA		233,296		24,318,330
Household Products — 1.6%
Reckitt Benckiser Group PLC		255,718		12,940,956
Insurance — 3.0%
Allianz SE		51,400		9,032,987
AXA SA		311,147		9,172,355
QBE Insurance Group Ltd.		68,922		1,460,143
Swiss Reinsurance		75,039		4,970,942
				24,636,427
Manufacturing — 0.8%
Smiths Group PLC		284,411		6,137,680
Media — 6.4%
British Sky Broadcasting Group PLC		881,600		8,273,663
Gestevision Telecinco SA		652,000		8,293,190
Grupo Televisa SA Sponsored ADR (Mexico)		255,600		6,037,272
Johnston Press PLC		2,507,200		2,591,629
Societe Television Francaise 1		596,200		9,909,045
Trinity Mirror PLC		546,500		1,183,659
Vivendi SA		80,110		3,033,220
Wolters Kluwer NV		249,580		5,790,448
WPP Group PLC		709,920		6,830,421
				51,942,547
Mining — 0.5%
BHP Billiton PLC		111,690		4,287,457
Office Equipment/Supplies — 3.1%
Canon, Inc.		370,950		19,014,014
Ricoh Co. Ltd.		353,000		6,389,078
				25,403,092
Oil & Gas — 3.7%
INPEX Holdings, Inc.		666		8,436,605
Royal Dutch Shell PLC Class A		220,960		9,063,996
Total SA		145,630		12,417,036
				29,917,637

(Continued)

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

MassMutual Select Overseas Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
Pharmaceuticals — 8.6%
Actelion Ltd.(b)		50,408	$	2,685,118
GlaxoSmithKline PLC		1,098,540		24,264,889
Merck KGaA		62,910		8,934,302
Novartis AG		282,200		15,492,307
Roche Holding AG		100,022		17,968,260
				69,344,876
Retail — 3.2%
Compagnie Financiere Richemont AG, A Units		187,600		10,371,907
Signet Group PLC		11,012,100		10,890,719
Swatch Group AG		19,000		4,713,292
				25,975,918
Semiconductors — 3.9%
ASML Holding NV		280,377		6,829,698
Rohm Co. Ltd.		199,300		11,435,427
Samsung Electronics Co. Ltd.		16,730		10,013,210
Taiwan Semiconductor Manufacturing Co. Ltd. Sponsored ADR (Taiwan)(b)		313,120		3,416,139
				31,694,474
Software — 2.1%
Infosys Technologies Ltd. Sponsored ADR (India)		71,710		3,116,517
SAP AG		232,500		12,155,563
Satyam Computer Services Ltd. ADR (India)		78,760		1,931,195
				17,203,275
Telecommunications — 1.4%
America Movil SAB de C.V. Sponsored ADR (Mexico)		57,240		3,019,410
MTN Group Ltd.		155,650		2,468,084
Singapore Telecommunications Ltd.		2,330,500		6,218,127
				11,705,621
Transportation — 1.8%
Canadian National Railway Co.		86,290		4,148,823
TNT NV		251,280		8,536,503
Yamato Holdings Co. Ltd.		111,000		1,553,810
				14,239,136
TOTAL COMMON STOCK (Cost $1,000,490,792)				801,010,950
TOTAL EQUITIES (Cost $1,000,490,792)				801,010,950
TOTAL LONG-TERM INVESTMENTS (Cost $1,000,490,792)				801,010,950

	Principal Amount		Value
SHORT-TERM INVESTMENTS — 0.8%
Repurchase Agreement — 0.8%
State Street Bank & Trust Co. Repurchase Agreement, dated 6/30/08, 0.900%, due 7/01/08(c)	$	6,344,017	$	6,344,017
TOTAL SHORT-TERM INVESTMENTS (Cost $6,344,017)				6,344,017
TOTAL INVESTMENTS — 99.7% (Cost $1,006,834,809)(d)				807,354,967
Other Assets/ (Liabilities) — 0.3%				2,728,302
NET ASSETS — 100.0%			$	810,083,269

Notes to Portfolio of Investments

ADR - American Depositary Receipt

(a)  This security is valued in good faith under procedures established by the Board of Trustees.

(b)  Non-income producing security.

(c)  Maturity value of $6,344,176. Collateralized by U.S. Government Agency obligations with rates ranging from 2.771% - 5.746%, maturity dates ranging from 8/15/36 - 10/01/36, and an aggregate market value, including accrued interest, of $6,473,072.

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

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

MassMutual Select Destination Retirement Income Fund – Portfolio of Investments

June 30, 2008 (Unaudited)

	Number of Shares		Value
MUTUAL FUNDS — 100.0%
Investment Companies — 100.0%
MassMutual Premier Capital Appreciation Fund, Class S		113,480	$	1,300,483
MassMutual Premier Core Bond Fund, Class S		3,006,505		32,319,932
MassMutual Premier Discovery Value Fund, Class S		48,212		496,580
MassMutual Premier Diversified Bond Fund, Class S		2,868,160		29,828,865
MassMutual Premier Enhanced Index Growth Fund, Class S		1,087,792		9,953,301
MassMutual Premier Enhanced Index Value Fund, Class S		957,650		10,419,237
MassMutual Premier Focused International Fund, Class S		55,521		783,958
MassMutual Premier High Yield Fund, Class S		410,902		3,940,548
MassMutual Premier Inflation-Protected Bond Fund, Class S		3,399,550		36,715,141
MassMutual Premier International Bond Fund, Class S		600,245		6,326,587
MassMutual Premier International Equity Fund, Class S		233,802		3,661,345
MassMutual Premier Main Street Small Cap Fund, Class S(a)		344,669		3,236,443
MassMutual Premier Money Market Fund, Class S(a)		9,016,772		9,016,772
MassMutual Premier Short-Duration Bond Fund, Class S		2,892,803		29,333,026
MassMutual Premier Value Fund, Class S		28,909		440,574

	Number of Shares		Value
MassMutual Select Aggressive Growth Fund, Class S(a)		400,305	$	2,589,976
MassMutual Select Blue Chip Growth Fund, Class S		176,791		1,755,533
MassMutual Select Diversified Growth Fund, Class S(a)		403,219		3,475,748
MassMutual Select Diversified International Fund, Class S(a)		474,232		4,443,553
MassMutual Select Diversified Value Fund, Class S		218,112		2,183,301
MassMutual Select Emerging Growth Fund, Class S(a)		104,446		754,104
MassMutual Select Focused Value Fund, Class S		300,844		4,196,777
MassMutual Select Fundamental Value Fund, Class S		371,644		3,984,024
MassMutual Select Large Cap Value Fund, Class S		194,564		2,181,066
MassMutual Select Mid-Cap Growth Equity Fund, Class S(a)		141,528		1,488,873
MassMutual Select Mid-Cap Growth Equity II Fund, Class S(a)		126,221		1,807,482
MassMutual Select Mid-Cap Value Fund, Class S(a)		336,992		2,712,782
MassMutual Select Overseas Fund, Class S(a)		893,889		8,822,684
MassMutual Select Small Cap Growth Equity Fund, Class S(a)		75,688		1,120,935
MassMutual Select Small Cap Value Equity Fund, Class S(a)		192,963		1,588,083

	Number of Shares		Value
MassMutual Select Small Company Growth Fund, Class S(a)		146,191	$	1,271,865
MassMutual Select Small Company Value Fund, Class S		128,005		1,605,180
				223,754,758
TOTAL MUTUAL FUNDS (Cost $236,720,732)				223,754,758
TOTAL LONG-TERM INVESTMENTS (Cost $236,720,732)				223,754,758
TOTAL INVESTMENTS — 100.0% (Cost $236,720,732)(b)				223,754,758
Other Assets/ (Liabilities) — (0.0%)				(93,649	)
NET ASSETS — 100.0%			$	223,661,109

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.
106

MassMutual Select Destination Retirement 2010 Fund – Portfolio of Investments

June 30, 2008 (Unaudited)

	Number of Shares		Value
MUTUAL FUNDS — 100.0%
Investment Companies — 100.0%
MassMutual Premier Capital Appreciation Fund, Class S		202,082	$	2,315,862
MassMutual Premier Core Bond Fund, Class S		2,353,028		25,295,053
MassMutual Premier Discovery Value Fund, Class S		99,594		1,025,821
MassMutual Premier Diversified Bond Fund, Class S		2,409,141		25,055,064
MassMutual Premier Enhanced Index Growth Fund, Class S		1,494,693		13,676,440
MassMutual Premier Enhanced Index Value Fund, Class S		1,407,055		15,308,755
MassMutual Premier Focused International Fund, Class S		42,177		595,541
MassMutual Premier High Yield Fund, Class S		232,096		2,225,804
MassMutual Premier Inflation-Protected Bond Fund, Class S		2,360,711		25,495,681
MassMutual Premier International Bond Fund, Class S		224,304		2,364,166
MassMutual Premier International Equity Fund, Class S		398,654		6,242,923
MassMutual Premier Main Street Small Cap Fund, Class S(a)		859,304		8,068,869
MassMutual Premier Money Market Fund, Class S(a)		4,566,875		4,566,875
MassMutual Premier Short-Duration Bond Fund, Class S		1,597,033		16,193,916
MassMutual Premier Value Fund, Class S		49,737		757,991
MassMutual Select Aggressive Growth Fund, Class S(a)		702,416		4,544,634
MassMutual Select Blue Chip Growth Fund, Class S		422,188		4,192,323

	Number of Shares		Value
MassMutual Select Diversified Growth Fund, Class S(a)		758,285	$	6,536,413
MassMutual Select Diversified International Fund, Class S(a)		735,687		6,893,384
MassMutual Select Diversified Value Fund, Class S		344,821		3,451,662
MassMutual Select Emerging Growth Fund, Class S(a)		172,751		1,247,264
MassMutual Select Focused Value Fund, Class S		306,697		4,278,422
MassMutual Select Fundamental Value Fund, Class S		618,379		6,629,022
MassMutual Select Large Cap Value Fund, Class S		324,377		3,636,263
MassMutual Select Mid-Cap Growth Equity Fund, Class S(a)		357,011		3,755,761
MassMutual Select Mid-Cap Growth Equity II Fund, Class S(a)		322,296		4,615,282
MassMutual Select Mid-Cap Value Fund, Class S(a)		672,307		5,412,072
MassMutual Select Overseas Fund, Class S(a)		1,555,388		15,351,683
MassMutual Select Small Cap Growth Equity Fund, Class S(a)		116,791		1,729,680
MassMutual Select Small Cap Value Equity Fund, Class S(a)		264,088		2,173,441
MassMutual Select Small Company Growth Fund, Class S(a)		201,255		1,750,915
MassMutual Select Small Company Value Fund, Class S		186,929		2,344,090
				227,731,072
TOTAL MUTUAL FUNDS (Cost $246,998,286)				227,731,072

	Value
TOTAL LONG-TERM INVESTMENTS (Cost $246,998,286)	$	227,731,072
TOTAL INVESTMENTS — 100.0% (Cost $246,998,286)(b)		227,731,072
Other Assets/ (Liabilities) — (0.0%)		(103,780	)
NET ASSETS — 100.0%	$	227,627,292

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.
107

MassMutual Select Destination Retirement 2020 Fund – Portfolio of Investments

June 30, 2008 (Unaudited)

	Number of Shares		Value
MUTUAL FUNDS — 100.0%
Investment Companies — 100.0%
MassMutual Premier Capital Appreciation Fund, Class S		951,738	$	10,906,915
MassMutual Premier Core Bond Fund, Class S		3,891,698		41,835,750
MassMutual Premier Discovery Value Fund, Class S		123,041		1,267,325
MassMutual Premier Diversified Bond Fund, Class S		3,863,940		40,184,980
MassMutual Premier Enhanced Index Growth Fund, Class S		5,116,098		46,812,292
MassMutual Premier Enhanced Index Value Fund, Class S		4,110,549		44,722,773
MassMutual Premier Focused International Fund, Class S		223,670		3,158,224
MassMutual Premier High Yield Fund, Class S		330,525		3,169,739
MassMutual Premier Inflation-Protected Bond Fund, Class S		3,723,397		40,212,684
MassMutual Premier International Bond Fund, Class S		492,885		5,195,012
MassMutual Premier International Equity Fund, Class S		1,551,264		24,292,793
MassMutual Premier Main Street Small Cap Fund, Class S(a)		3,597,924		33,784,507
MassMutual Premier Short-Duration Bond Fund, Class S		1,484,177		15,049,551
MassMutual Premier Value Fund, Class S		231,739		3,531,695
MassMutual Select Aggressive Growth Fund, Class S(a)		3,296,211		21,326,482
MassMutual Select Blue Chip Growth Fund, Class S		1,556,387		15,454,919
MassMutual Select Diversified Growth Fund, Class S(a)		2,761,193		23,801,481
MassMutual Select Diversified International Fund, Class S(a)		2,958,849		27,724,416

	Number of Shares		Value
MassMutual Select Diversified Value Fund, Class S		1,605,517	$	16,071,223
MassMutual Select Emerging Growth Fund, Class S(a)		440,020		3,176,941
MassMutual Select Focused Value Fund, Class S		812,684		11,336,948
MassMutual Select Fundamental Value Fund, Class S		2,905,041		31,142,039
MassMutual Select Large Cap Value Fund, Class S		1,518,984		17,027,815
MassMutual Select Mid-Cap Growth Equity Fund, Class S(a)		1,143,094		12,025,349
MassMutual Select Mid-Cap Growth Equity II Fund, Class S(a)		1,040,230		14,896,087
MassMutual Select Mid-Cap Value Fund, Class S(a)		2,804,636		22,577,317
MassMutual Select Overseas Fund, Class S(a)		5,076,277		50,102,853
MassMutual Select Small Cap Growth Equity Fund, Class S(a)		308,462		4,568,326
MassMutual Select Small Cap Value Equity Fund, Class S(a)		698,336		5,747,304
MassMutual Select Small Company Growth Fund, Class S(a)		529,495		4,606,604
MassMutual Select Small Company Value Fund, Class S		497,089		6,233,498
				601,943,842
TOTAL MUTUAL FUNDS (Cost $671,225,250)				601,943,842
TOTAL LONG-TERM INVESTMENTS (Cost $671,225,250)				601,943,842
TOTAL INVESTMENTS — 100.0% (Cost $671,225,250)(b)				601,943,842
Other Assets/ (Liabilities) — (0.0%)				(238,746	)
NET ASSETS — 100.0%			$	601,705,096

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.
108

MassMutual Select Destination Retirement 2030 Fund – Portfolio of Investments

June 30, 2008 (Unaudited)

	Number of Shares		Value
MUTUAL FUNDS — 100.0%
Investment Companies — 100.0%
MassMutual Premier Capital Appreciation Fund, Class S		982,234	$	11,256,397
MassMutual Premier Core Bond Fund, Class S		1,148,021		12,341,222
MassMutual Premier Discovery Value Fund, Class S		328,167		3,380,122
MassMutual Premier Diversified Bond Fund, Class S		1,146,462		11,923,208
MassMutual Premier Enhanced Index Growth Fund, Class S		2,042,351		18,687,514
MassMutual Premier Enhanced Index Value Fund, Class S		2,466,109		26,831,271
MassMutual Premier Focused International Fund, Class S		298,741		4,218,224
MassMutual Premier High Yield Fund, Class S		191,937		1,840,676
MassMutual Premier Inflation-Protected Bond Fund, Class S		1,267,920		13,693,540
MassMutual Premier International Bond Fund, Class S		310,688		3,274,649
MassMutual Premier International Equity Fund, Class S		1,471,341		23,041,204
MassMutual Premier Main Street Small Cap Fund, Class S(a)		2,090,402		19,628,877
MassMutual Premier Short-Duration Bond Fund, Class S		215,315		2,183,299
MassMutual Premier Value Fund, Class S		238,307		3,631,794
MassMutual Select Aggressive Growth Fund, Class S(a)		3,418,390		22,116,981
MassMutual Select Blue Chip Growth Fund, Class S		2,552,060		25,341,955
MassMutual Select Diversified Growth Fund, Class S(a)		2,827,725		24,374,988
MassMutual Select Diversified International Fund, Class S(a)		2,693,585		25,238,891

	Number of Shares		Value
MassMutual Select Diversified Value Fund, Class S		1,662,114	$	16,637,758
MassMutual Select Emerging Growth Fund, Class S(a)		2,008,056		14,498,162
MassMutual Select Focused Value Fund, Class S		605,982		8,453,452
MassMutual Select Fundamental Value Fund, Class S		3,009,094		32,257,487
MassMutual Select Large Cap Value Fund, Class S		1,573,179		17,635,340
MassMutual Select Mid-Cap Growth Equity Fund, Class S(a)		1,195,134		12,572,808
MassMutual Select Mid-Cap Growth Equity II Fund, Class S(a)		1,088,090		15,581,456
MassMutual Select Mid-Cap Value Fund, Class S(a)		2,191,625		17,642,579
MassMutual Select Overseas Fund, Class S(a)		4,010,569		39,584,313
MassMutual Select Small Cap Growth Equity Fund, Class S(a)		245,048		3,629,164
MassMutual Select Small Cap Value Equity Fund, Class S(a)		910,381		7,492,439
MassMutual Select Small Company Growth Fund, Class S(a)		274,052		2,384,251
MassMutual Select Small Company Value Fund, Class S		649,546		8,145,303
				449,519,324
TOTAL MUTUAL FUNDS (Cost $506,454,491)				449,519,324
TOTAL LONG-TERM INVESTMENTS (Cost $506,454,491)				449,519,324
TOTAL INVESTMENTS — 100.0% (Cost $506,454,491)(b)				449,519,324
Other Assets/ (Liabilities) — (0.0%)				(192,772	)
NET ASSETS — 100.0%			$	449,326,552

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.
109

MassMutual Select Destination Retirement 2040 Fund – Portfolio of Investments

June 30, 2008 (Unaudited)

	Number of Shares		Value
MUTUAL FUNDS — 100.0%
Investment Companies — 100.0%
MassMutual Premier Capital Appreciation Fund, Class S		633,278	$	7,257,363
MassMutual Premier Core Bond Fund, Class S		232,012		2,494,128
MassMutual Premier Discovery Value Fund, Class S		189,371		1,950,523
MassMutual Premier Diversified Bond Fund, Class S		219,739		2,285,283
MassMutual Premier Enhanced Index Growth Fund, Class S		1,618,231		14,806,815
MassMutual Premier Enhanced Index Value Fund, Class S		1,361,066		14,808,396
MassMutual Premier Focused International Fund, Class S		135,511		1,913,414
MassMutual Premier High Yield Fund, Class S		150,923		1,447,350
MassMutual Premier Inflation-Protected Bond Fund, Class S		241,439		2,607,539
MassMutual Premier International Bond Fund, Class S		264,376		2,786,527
MassMutual Premier International Equity Fund, Class S		876,764		13,730,120
MassMutual Premier Main Street Small Cap Fund, Class S(a)		1,228,064		11,531,519
MassMutual Premier Short-Duration Bond Fund, Class S		130,909		1,327,416
MassMutual Premier Value Fund, Class S		153,959		2,346,341
MassMutual Select Aggressive Growth Fund, Class S(a)		2,206,883		14,278,536
MassMutual Select Blue Chip Growth Fund, Class S		1,198,024		11,896,375
MassMutual Select Diversified Growth Fund, Class S(a)		1,711,827		14,755,948
MassMutual Select Diversified International Fund, Class S(a)		1,683,795		15,777,161

	Number of Shares		Value
MassMutual Select Diversified Value Fund, Class S		1,074,329	$	10,754,029
MassMutual Select Emerging Growth Fund, Class S(a)		952,905		6,879,976
MassMutual Select Focused Value Fund, Class S		348,037		4,855,112
MassMutual Select Fundamental Value Fund, Class S		1,944,985		20,850,244
MassMutual Select Large Cap Value Fund, Class S		1,016,146		11,390,993
MassMutual Select Mid-Cap Growth Equity Fund, Class S(a)		629,721		6,624,664
MassMutual Select Mid-Cap Growth Equity II Fund, Class S(a)		572,994		8,205,274
MassMutual Select Mid-Cap Value Fund, Class S(a)		1,256,378		10,113,842
MassMutual Select Overseas Fund, Class S(a)		2,681,436		26,465,774
MassMutual Select Small Cap Growth Equity Fund, Class S(a)		220,178		3,260,838
MassMutual Select Small Cap Value Equity Fund, Class S(a)		523,095		4,305,069
MassMutual Select Small Company Growth Fund, Class S(a)		141,886		1,234,412
MassMutual Select Small Company Value Fund, Class S		373,699		4,686,190
				257,627,171
TOTAL MUTUAL FUNDS (Cost $291,126,307)				257,627,171
TOTAL LONG-TERM INVESTMENTS (Cost $291,126,307)				257,627,171
TOTAL INVESTMENTS — 100.0% (Cost $291,126,307)(b)				257,627,171
Other Assets/ (Liabilities) — (0.0%)				(108,314	)
NET ASSETS — 100.0%			$	257,518,857

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.
110

MassMutual Select Destination Retirement 2050 Fund – Portfolio of Investments

June 30, 2008 (Unaudited)

	Number of Shares		Value
MUTUAL FUNDS — 100.3%
Investment Companies — 100.3%
MassMutual Premier Capital Appreciation Fund, Class S		28,213	$	323,319
MassMutual Premier Core Bond Fund, Class S		11,086		119,175
MassMutual Premier Discovery Value Fund, Class S		8,651		89,104
MassMutual Premier Diversified Bond Fund, Class S		10,896		113,316
MassMutual Premier Enhanced Index Growth Fund, Class S		80,206		733,881
MassMutual Premier Enhanced Index Value Fund, Class S		63,459		690,436
MassMutual Premier Focused International Fund, Class S		4,619		65,224
MassMutual Premier High Yield Fund, Class S		7,932		76,065
MassMutual Premier Inflation-Protected Bond Fund, Class S		10,928		118,027
MassMutual Premier International Bond Fund, Class S		10,865		114,515
MassMutual Premier International Equity Fund, Class S		40,151		628,770
MassMutual Premier Main Street Small Cap Fund, Class S(a)		61,715		579,504
MassMutual Premier Short-Duration Bond Fund, Class S		5,660		57,391
MassMutual Premier Value Fund, Class S		6,838		104,205
MassMutual Select Aggressive Growth Fund, Class S(a)		97,734		632,341
MassMutual Select Blue Chip Growth Fund, Class S		84,559		839,667
MassMutual Select Diversified Growth Fund, Class S(a)		35,373		304,918
MassMutual Select Diversified International Fund, Class S(a)		74,336		696,524

	Number of Shares		Value
MassMutual Select Diversified Value Fund, Class S		48,319	$	483,676
MassMutual Select Emerging Growth Fund, Class S(a)		14,891		107,513
MassMutual Select Focused Value Fund, Class S		15,531		216,657
MassMutual Select Fundamental Value Fund, Class S		86,582		928,157
MassMutual Select Large Cap Value Fund, Class S		45,238		507,120
MassMutual Select Mid-Cap Growth Equity Fund, Class S(a)		27,943		293,963
MassMutual Select Mid-Cap Growth Equity II Fund, Class S(a)		25,304		362,351
MassMutual Select Mid-Cap Value Fund, Class S(a)		56,061		451,293
MassMutual Select Overseas Fund, Class S(a)		113,678		1,122,004
MassMutual Select Small Cap Growth Equity Fund, Class S(a)		6,803		100,759
MassMutual Select Small Cap Value Equity Fund, Class S(a)		23,417		192,722
MassMutual Select Small Company Growth Fund, Class S(a)		23,437		203,900
MassMutual Select Small Company Value Fund, Class S		16,495		206,842
				11,463,339
TOTAL MUTUAL FUNDS (Cost $12,509,530)				11,463,339
TOTAL LONG-TERM INVESTMENTS (Cost $12,509,530)				11,463,339
TOTAL INVESTMENTS — 100.3% (Cost $12,509,530)(b)				11,463,339
Other Assets/ (Liabilities) — (0.3%)				(36,296	)
NET ASSETS — 100.0%			$	11,427,043

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.
111

MassMutual Select Funds – Financial Statements

Statements of Assets and Liabilities

June 30, 2008 (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)	$	298,232,460		$	149,630,062		$	485,358,779		$	1,061,748,965
Short-term investments, at value (Note 2)(b)		18,281,009			940,842			1,251,046			10,411,046
Total investments		316,513,469			150,570,904			486,609,825			1,072,160,011
Cash		1,131,244			11,512			-			-
Foreign currency, at value(c)		395,993			23,464			-			-
Receivables from:
Investments sold		407,649			1,472,771			14,877,772			-
Open forward foreign currency contracts (Note 2)		8,278			9,827			-			-
Investment adviser (Note 3)		12			-			-		��	-
Fund shares sold		133,723			73,806			51,755			19,052
Interest and dividends		2,774,159			961,850			970,528			2,420,096
Variation margin on open futures contracts (Note 2)		45,156			194,847			-			-
Foreign taxes withheld		-			-			9,987			22,901
Open swap agreements, at value (Note 2)		28,014			611,405			-			-
Total assets		321,437,697			153,930,386			502,519,867			1,074,622,060
Liabilities:
Payables for:
Investments purchased		1,992,812			440,551			11,557,402			-
Written options outstanding, at value (Note 2)(d)		338,657			81,625			-			-
Open forward foreign currency contracts (Note 2)		-			3,245			-			-
Fund shares repurchased		171,662			375,893			714,490			6,431,907
Variation margin on open financial futures contracts (Note 2)		227,334			11,382			-			-
Payable for premium on purchased options		-			5,208			-			-
Open swap agreements, at value (Note 2)		3,422,874			592,366			-			-
Trustees' fees and expenses (Note 3)		13,681			14,085			28,520			71,102
Affiliates (Note 3):
Investment management fees		148,191			83,244			222,834			614,992
Administration fees		40,640			35,199			68,328			199,721
Service fees		57,050			14,125			62,334			160,441
Distribution fees		709			452			604			1,604
Accrued expense and other liabilities		49,797			36,913			22,087			26,114
Total liabilities		6,463,407			1,694,288			12,676,599			7,505,881
Net assets	$	314,974,290		$	152,236,098		$	489,843,268		$	1,067,116,179
Net assets consist of:
Paid-in capital	$	316,711,911		$	146,331,931		$	549,297,173		$	965,901,839
Undistributed net investment income (loss) (distributions in excess of net investment income)		11,109,310			3,130,142			6,475,631			8,681,319
Accumulated net realized gain (loss) on investments		3,189,688			5,298,164			14,304,560			29,609,690
Net unrealized appreciation (depreciation) on investments		(16,036,619	)		(2,524,139	)		(80,234,096	)		62,923,331
Net assets	$	314,974,290		$	152,236,098		$	489,843,268		$	1,067,116,179
(a) Cost of investments - unaffiliated issuers:	$	311,125,595		$	152,288,139		$	565,592,875		$	998,825,634
(b) Cost of short-term investments:	$	18,281,009		$	940,842		$	1,251,046		$	10,411,046
(c) Cost of foreign currency:	$	389,635		$	23,112		$	-		$	-
(d) Premiums on written options:	$	335,962		$	81,948		$	-		$	-

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

	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)	$	66,017,855		$	1,131,192,088	$	2,016,017,881		$	53,899,004
Short-term investments, at value (Note 2)(b)		105,992			29,035,089		28,312,110			1,612,534
Total investments		66,123,847			1,160,227,177		2,044,329,991			55,511,538
Cash		-			-		-			-
Foreign currency, at value(c)		-			195,892		-			-
Receivables from:
Investments sold		4,443,660			37,773		-			461,912
Open forward foreign currency contracts (Note 2)		-			-		-			-
Investment adviser (Note 3)		-			-		-			637
Fund shares sold		-			260,314		17,332,898			108,484
Interest and dividends		90,674			1,588,267		2,691,117			32,433
Variation margin on open futures contracts (Note 2)		-			-		7,552			-
Foreign taxes withheld		-			40,164		-			5,025
Open swap agreements, at value (Note 2)		-			-		-			-
Total assets		70,658,181			1,162,349,587		2,064,361,558			56,120,029
Liabilities:
Payables for:
Investments purchased		4,163,825			1,176,325		1,393,709			642,446
Written options outstanding, at value (Note 2)(d)		-			-		-			-
Open forward foreign currency contracts (Note 2)		-			-		-			-
Fund shares repurchased		44,747			2,087,722		26,755,098			5,338
Variation margin on open financial futures contracts (Note 2)		-			-		-			-
Payable for premium on purchased options		-			-		-			-
Open swap agreements, at value (Note 2)		-			-		-			-
Trustees' fees and expenses (Note 3)		7,271			93,754		146,800			1,753
Affiliates (Note 3):
Investment management fees		41,446			676,039		181,594			33,882
Administration fees		9,242			204,793		446,452			11,110
Service fees		9,409			212,994		176,076			17,065
Distribution fees		73			497		2,760			141
Accrued expense and other liabilities		18,931			36,594		35,108			23,449
Total liabilities		4,294,944			4,488,718		29,137,597			735,184
Net assets	$	66,363,237		$	1,157,860,869	$	2,035,223,961		$	55,384,845
Net assets consist of:
Paid-in capital	$	75,899,474		$	908,639,198	$	1,862,630,496		$	57,124,248
Undistributed net investment income (loss) (distributions in excess of net investment income)		535,381			4,985,879		18,691,201			149,563
Accumulated net realized gain (loss) on investments		(6,284,850	)		44,887,882		(15,618,903	)		(1,010,408	)
Net unrealized appreciation (depreciation) on investments		(3,786,768	)		199,347,910		169,521,167			(878,558	)
Net assets	$	66,363,237		$	1,157,860,869	$	2,035,223,961		$	55,384,845
(a) Cost of investments - unaffiliated issuers:	$	69,804,623		$	931,848,877	$	1,844,988,160		$	54,777,562
(b) Cost of short-term investments:	$	105,992		$	29,035,089	$	28,312,110		$	1,612,534
(c) Cost of foreign currency:	$	-		$	193,392	$	-		$	-
(d) Premiums on written options:	$	-		$	-	$	-		$	-

113

MassMutual Select Funds – Financial Statements (Continued)

Statements of Assets and Liabilities

June 30, 2008 (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	$	87,226,841	$	20,173,991	$	86,219,972	$	242,470,015
Shares outstanding(a)		8,744,764		1,992,114		8,687,116		22,845,193
Net asset value and redemption price per share	$	9.97	$	10.13	$	9.93	$	10.61
Offering price per share (100/[100-maximum sales charge] of net asset value)	$	10.58	$	10.75	$	10.54	$	11.26
Class L shares:
Net assets	$	32,545,922	$	63,481,370	$	69,304,495	$	226,152,886
Shares outstanding(a)		3,249,748		6,251,552		6,943,899		21,174,291
Net asset value and redemption price per share	$	10.01	$	10.15	$	9.98	$	10.68
Class Y shares:
Net assets	$	143,052,612	$	54,150,716	$	101,398,636	$	105,313,841
Shares outstanding(a)		14,264,766		5,337,375		10,153,287		9,837,123
Net asset value and redemption price per share	$	10.03	$	10.15	$	9.99	$	10.71
Class S shares:
Net assets	$	51,008,539	$	13,890,218	$	232,041,395	$	490,808,570
Shares outstanding(a)		5,083,195		1,370,520		23,190,714		45,775,914
Net asset value and redemption price per share	$	10.03	$	10.13	$	10.01	$	10.72
Class Z shares:
Net assets	$	-	$	-	$	-	$	-
Shares outstanding(a)		-		-		-		-
Net asset value and redemption price per share	$	-	$	-	$	-	$	-
Class N shares:
Net assets	$	1,140,376	$	539,803	$	878,770	$	2,370,867
Shares outstanding(a)		115,050		53,619		88,717		225,619
Net asset value and redemption price per share	$	9.91	$	10.07	$	9.91	$	10.51

(a)  Authorized unlimited number of shares with no par value.

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

	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	$	13,601,678	$	313,019,415	$	254,240,402	$	26,194,105
Shares outstanding(a)		1,746,211		28,212,400		21,464,187		2,581,140
Net asset value and redemption price per share	$	7.79	$	11.10	$	11.84	$	10.15
Offering price per share (100/[100-maximum sales charge] of net asset value)	$	8.27	$	11.78	$	12.56	$	10.77
Class L shares:
Net assets	$	11,386,453	$	187,834,664	$	302,700,723	$	9,878,097
Shares outstanding(a)		1,459,465		16,835,700		25,436,388		970,242
Net asset value and redemption price per share	$	7.80	$	11.16	$	11.90	$	10.18
Class Y shares:
Net assets	$	2,487,848	$	98,923,941	$	370,548,623	$	7,731,767
Shares outstanding(a)		316,379		8,835,125		31,094,027		757,875
Net asset value and redemption price per share	$	7.86	$	11.20	$	11.92	$	10.20
Class S shares:
Net assets	$	38,776,134	$	557,276,435	$	574,478,153	$	11,356,902
Shares outstanding(a)		4,943,373		49,697,487		47,725,492		1,112,254
Net asset value and redemption price per share	$	7.84	$	11.21	$	12.04	$	10.21
Class Z shares:
Net assets	$	-	$	-	$	529,606,734	$	-
Shares outstanding(a)		-		-		43,963,566		-
Net asset value and redemption price per share	$	-	$	-	$	12.05	$	-
Class N shares:
Net assets	$	111,124	$	806,414	$	3,649,326	$	223,974
Shares outstanding(a)		14,274		73,196		311,837		22,099
Net asset value and redemption price per share	$	7.79	$	11.02	$	11.70	$	10.14

115

MassMutual Select Funds – Financial Statements (Continued)

Statements of Assets and Liabilities

June 30, 2008 (Unaudited)

	MassMutual Select Blue Chip Growth Fund			MassMutual Select Diversified Growth Fund			MassMutual Select Large Cap Growth Fund			MassMutual Select Aggressive Growth Fund
Assets:
Investments, at value (Note 2)(a)	$	738,885,869		$	85,625,758		$	38,736,457		$	413,070,316
Short-term investments, at value (Note 2)(b)		7,168,216			891,810			470,516			1,656,842
Total investments		746,054,085			86,517,568			39,206,973			414,727,158
Cash		-			-			1,922			-
Foreign currency, at value(c)		-			3,923			-			-
Receivables from:
Investments sold		5,903,659			307,983			344,235			2,165,007
Investment adviser (Note 3)		49,628			16,261			-			-
Fund shares sold		100,659			5,235			-			76,015
Interest and dividends		616,094			45,163			28,933			67,547
Broker for collateral held for open futures contracts		-			-			-			-
Foreign taxes withheld		43,010			702			3,351			-
Total assets		752,767,135			86,896,835			39,585,414			417,035,727
Liabilities:
Payables for:
Investments purchased		11,506,624			442,029			240,144			174,666
Fund shares repurchased		1,622,501			101,184			61,929			519,934
Variation margin on open financial futures contracts (Note 2)		-			-			-			-
Trustees' fees and expenses (Note 3)		82,217			1,451			2,940			37,231
Affiliates (Note 3):
Investment management fees		392,718			54,067			22,613			272,799
Administration fees		215,226			3,934			7,330			80,337
Service fees		53,241			116			3,949			52,837
Distribution fees		1,536			57			1			229
Accrued expense and other liabilities		106,093			49,864			19,258			21,944
Total liabilities		13,980,156			652,702			358,164			1,159,977
Net assets	$	738,786,979		$	86,244,133		$	39,227,250		$	415,875,750
Net assets consist of:
Paid-in capital	$	832,843,736		$	100,392,216		$	38,960,551		$	384,934,087
Undistributed net investment income (loss) (distributions in excess of net investment income)		151,696			146,693			(7,626	)		(1,411,029	)
Accumulated net realized gain (loss) on investments		(108,809,195	)		(4,284,628	)		(765,132	)		9,991,321
Net unrealized appreciation (depreciation) on investments		14,600,742			(10,010,148	)		1,039,457			22,361,371
Net assets	$	738,786,979		$	86,244,133		$	39,227,250		$	415,875,750
(a) Cost of investments - unaffiliated issuers:	$	724,288,869		$	95,635,617		$	37,697,000		$	390,708,945
(b) Cost of short-term investments:	$	7,168,216		$	891,810		$	470,516		$	1,656,842
(c) Cost of foreign currency:	$	-		$	4,202		$	-		$	-

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

	MassMutual Select NASDAQ-100 Fund			MassMutual Select Focused Value Fund			MassMutual Select Mid-Cap Value Fund			MassMutual Select Small Cap Value Equity Fund
Assets:
Investments, at value (Note 2)(a)	$	45,646,104		$	614,216,215		$	146,332,770		$	131,236,554
Short-term investments, at value (Note 2)(b)		557,716			28,725,439			5,313,951			1,183,064
Total investments		46,203,820			642,941,654			151,646,721			132,419,618
Cash		-			-			-			-
Foreign currency, at value(c)		-			-			-			-
Receivables from:
Investments sold		-			10,207,933			1,072,262			36,245,895
Investment adviser (Note 3)		-			-			-			-
Fund shares sold		-			98,279			26,963			19,872
Interest and dividends		2,558			542,210			254,508			281,614
Broker for collateral held for open futures contracts		-			-			-			21,000
Foreign taxes withheld		-			-			-			-
Total assets		46,206,378			653,790,076			153,000,454			168,987,999
Liabilities:
Payables for:
Investments purchased		-			2,679,561			1,424,335			35,704,903
Fund shares repurchased		130,125			1,948,568			310,958			242,147
Variation margin on open financial futures contracts (Note 2)		6,554			-			-			5,506
Trustees' fees and expenses (Note 3)		5,044			60,190			5,851			4,452
Affiliates (Note 3):
Investment management fees		6,270			418,833			98,114			91,272
Administration fees		21,928			129,331			19,363			16,680
Service fees		12,830			120,295			4,535			9,071
Distribution fees		197			1,543			24			216
Accrued expense and other liabilities		19,680			93,113			27,269			24,134
Total liabilities		202,628			5,451,434			1,890,449			36,098,381
Net assets	$	46,003,750		$	648,338,642		$	151,110,005		$	132,889,618
Net assets consist of:
Paid-in capital	$	61,514,572		$	661,335,890		$	219,914,478		$	174,304,113
Undistributed net investment income (loss) (distributions in excess of net investment income)		(69,854	)		6,818,447			1,606,724			1,248,770
Accumulated net realized gain (loss) on investments		(20,153,391	)		28,926,118			(23,486,937	)		(19,216,549	)
Net unrealized appreciation (depreciation) on investments		4,712,423			(48,741,813	)		(46,924,260	)		(23,446,716	)
Net assets	$	46,003,750		$	648,338,642		$	151,110,005		$	132,889,618
(a) Cost of investments - unaffiliated issuers:	$	40,891,779		$	662,958,028		$	193,257,030		$	154,663,457
(b) Cost of short-term investments:	$	557,716		$	28,725,439		$	5,313,951		$	1,183,064
(c) Cost of foreign currency:	$	-		$	-		$	-		$	-

117

MassMutual Select Funds – Financial Statements (Continued)

Statements of Assets and Liabilities

June 30, 2008 (Unaudited)

	MassMutual Select Blue Chip Growth Fund		MassMutual Select Diversified Growth Fund		MassMutual Select Large Cap Growth Fund		MassMutual Select Aggressive Growth Fund
Class A shares:
Net assets	$	77,526,863	$	111,204	$	5,859,509	$	79,682,745
Shares outstanding(a)		7,962,861		12,926		646,922		12,821,655
Net asset value and redemption price per share	$	9.74	$	8.60	$	9.06	$	6.21
Offering price per share (100/[100-maximum sales charge] of net asset value)	$	10.33	$	9.12	$	9.61	$	6.59
Class L shares:
Net assets	$	396,380,515	$	86,233	$	1,454,666	$	106,874,362
Shares outstanding(a)		40,144,201		10,010		156,114		16,845,594
Net asset value and redemption price per share	$	9.87	$	8.61	$	9.32	$	6.34
Class Y shares:
Net assets	$	40,832,465	$	86,303	$	11,722,883	$	32,801,805
Shares outstanding(a)		4,123,996		10,010		1,269,868		5,112,086
Net asset value and redemption price per share	$	9.90	$	8.62	$	9.23	$	6.42
Class S shares:
Net assets	$	222,118,353	$	85,874,415	$	20,188,880	$	196,396,851
Shares outstanding(a)		22,372,729		9,957,631		2,174,872		30,366,598
Net asset value and redemption price per share	$	9.93	$	8.62	$	9.28	$	6.47
Class N shares:
Net assets	$	1,928,783	$	85,978	$	1,312	$	119,987
Shares outstanding(a)		201,572		10,010		146		19,755
Net asset value and redemption price per share	$	9.57	$	8.59	$	8.99	$	6.07

(a)  Authorized unlimited number of shares with no par value.

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

	MassMutual Select NASDAQ-100 Fund		MassMutual Select Focused Value Fund		MassMutual Select Mid-Cap Value Fund		MassMutual Select Small Cap Value Equity Fund
Class A shares:
Net assets	$	19,164,529	$	169,333,438	$	6,460,982	$	12,232,463
Shares outstanding(a)		4,227,984		12,562,996		806,214		1,499,866
Net asset value and redemption price per share	$	4.53	$	13.48	$	8.01	$	8.16
Offering price per share (100/[100-maximum sales charge] of net asset value)	$	4.81	$	14.30	$	8.50	$	8.66
Class L shares:
Net assets	$	7,120,784	$	121,278,618	$	45,744,012	$	30,783,433
Shares outstanding(a)		1,542,115		8,840,731		5,685,829		3,751,989
Net asset value and redemption price per share	$	4.62	$	13.72	$	8.05	$	8.20
Class Y shares:
Net assets	$	2,934,573	$	102,202,518	$	2,273,631	$	7,166,762
Shares outstanding(a)		629,397		7,384,043		282,326		873,419
Net asset value and redemption price per share	$	4.66	$	13.84	$	8.05	$	8.21
Class S shares:
Net assets	$	16,601,341	$	253,313,948	$	96,595,843	$	82,379,774
Shares outstanding(a)		3,527,400		18,152,509		11,991,103		10,022,788
Net asset value and redemption price per share	$	4.71	$	13.95	$	8.06	$	8.22
Class N shares:
Net assets	$	182,523	$	2,210,120	$	35,537	$	327,186
Shares outstanding(a)		41,139		167,573		4,431		40,090
Net asset value and redemption price per share	$	4.44	$	13.19	$	8.02	$	8.16

119

MassMutual Select Funds – Financial Statements (Continued)

Statements of Assets and Liabilities

June 30, 2008 (Unaudited)

	MassMutual Select Small Company Value Fund		MassMutual Select Mid Cap Growth Equity Fund			MassMutual Select Mid Cap Growth Equity II Fund			MassMutual Select Small Cap Growth Equity Fund
Assets:
Investments, at value (Note 2)(a)	$	534,152,133	$	139,446,703		$	1,339,260,632		$	560,720,294
Short-term investments, at value (Note 2)(b)		18,412,880		1,462,849			29,190,254			36,715,056
Total investments		552,565,013		140,909,552			1,368,450,886			597,435,350
Cash		-		-			758			7,397
Foreign currency, at value(c)		-		5,581			2,600			-
Receivables from:
Investments sold		2,170,703		2,513,664			11,707,440			3,157,983
Open forward foreign currency contracts (Note 2)		-		-			-			-
Investment adviser (Note 3)		-		-			-			-
Fund shares sold		107,688		1,424			159,415			2,171,366
Interest and dividends		484,548		46,407			507,579			209,071
Variation margin on open futures contracts (Note 2)		-		-			-			-
Foreign taxes withheld		-		1,027			1,461			106
Total assets		555,327,952		143,477,655			1,380,830,139			602,981,273
Liabilities:
Payables for:
Investments purchased		3,633,674		2,852,749			5,492,566			4,025,707
Written options outstanding, at value (Note 2)(e)		-		-			-			484,200
Open forward foreign currency contracts (Note 2)		-		-			-			-
Fund shares repurchased		4,743,383		266,896			3,858,634			425,568
Variation margin on open financial futures contracts (Note 2)		-		-			-			-
Trustees' fees and expenses (Note 3)		38,742		13,732			83,535			44,475
Affiliates (Note 3):
Investment management fees		418,868		87,096			916,888			436,842
Administration fees		122,619		27,601			292,911			124,857
Service fees		76,525		12,648			229,713			61,793
Distribution fees		1,008		194			1,340			461
Due to custodian		-		229,626			-			-
Accrued expense and other liabilities		24,861		23,370			36,684			29,058
Total liabilities		9,059,680		3,513,912			10,912,271			5,632,961
Net assets	$	546,268,272	$	139,963,743		$	1,369,917,868		$	597,348,312
Net assets consist of:
Paid-in capital	$	522,646,539	$	193,622,017		$	1,152,903,250		$	546,597,469
Undistributed net investment income (loss) (distributions in excess of net investment income)		1,905,469		(194,412	)		(2,969,899	)		(1,235,005	)
Accumulated net realized gain (loss) on investments		14,616,684		(56,868,142	)		69,697,843			11,602,040
Net unrealized appreciation (depreciation) on investments		7,099,580		3,404,280			150,286,674			40,383,808
Net assets	$	546,268,272	$	139,963,743		$	1,369,917,868		$	597,348,312
(a) Cost of investments - unaffiliated issuers:	$	527,052,553	$	136,042,434		$	1,188,973,874		$	519,936,999
(b) Cost of short-term investments:	$	18,412,880	$	1,462,849		$	29,190,254		$	36,715,056
(c) Cost of foreign currency:	$	-	$	5,576		$	2,603		$	-
(d)	Includes restricted cash of $863,745 related to collateral on open futures contracts.
(e) Premiums on written options:	$	-	$	-		$	-		$	84,695

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

	MassMutual Select Small Company Growth Fund			MassMutual Select Emerging Growth Fund			MassMutual Select Diversified International Fund
Assets:
Investments, at value (Note 2)(a)	$	100,403,889		$	82,427,335		$	226,165,202
Short-term investments, at value (Note 2)(b)		1,294,506			1,766,186			8,346,184
Total investments		101,698,395			84,193,521			234,511,386
Cash		-			64,966			8
Foreign currency, at value(c)		-			-			1,361,953	(d)
Receivables from:
Investments sold		1,247,942			1,823,535			1,266,077
Open forward foreign currency contracts (Note 2)		-			-			308,123
Investment adviser (Note 3)		-			-			49,615
Fund shares sold		15,735			18,084			6,784
Interest and dividends		194,648			5,319			704,445
Variation margin on open futures contracts (Note 2)		-			-			25,368
Foreign taxes withheld		-			-			103,028
Total assets		103,156,720			86,105,425			238,336,787
Liabilities:
Payables for:
Investments purchased		958,928			1,466,249			6,232,670
Written options outstanding, at value (Note 2)(e)		-			-			-
Open forward foreign currency contracts (Note 2)		-			-			569,013
Fund shares repurchased		148,065			190,378			486,274
Variation margin on open financial futures contracts (Note 2)		-			-			212,406
Trustees' fees and expenses (Note 3)		10,372			9,735			4,194
Affiliates (Note 3):
Investment management fees		78,109			58,289			185,502
Administration fees		26,088			15,772			36,012
Service fees		23,664			9,093			49,458
Distribution fees		246			117			63
Due to custodian		-			-			-
Accrued expense and other liabilities		23,061			20,343			50,541
Total liabilities		1,268,533			1,769,976			7,826,133
Net assets	$	101,888,187		$	84,335,449		$	230,510,654
Net assets consist of:
Paid-in capital	$	113,843,996		$	100,203,605		$	250,183,369
Undistributed net investment income (loss) (distributions in excess of net investment income)		(312,864	)		(137,996	)		2,188,177
Accumulated net realized gain (loss) on investments		(6,937,841	)		(27,204,872	)		2,130,439
Net unrealized appreciation (depreciation) on investments		(4,705,104	)		11,474,712			(23,991,331	)
Net assets	$	101,888,187		$	84,335,449		$	230,510,654
(a) Cost of investments - unaffiliated issuers:	$	105,108,993		$	70,952,623		$	249,770,776
(b) Cost of short-term investments:	$	1,294,506		$	1,766,186		$	8,346,184
(c) Cost of foreign currency:	$	-		$	-		$	1,356,078
(d)
(e) Premiums on written options:	$	-		$	-		$	-

121

MassMutual Select Funds – Financial Statements (Continued)

Statements of Assets and Liabilities

June 30, 2008 (Unaudited)

	MassMutual Select Small Company Value Fund		MassMutual Select Mid Cap Growth Equity Fund		MassMutual Select Mid Cap Growth Equity II Fund		MassMutual Select Small Cap Growth Equity Fund
Class A shares:
Net assets	$	117,141,577	$	19,764,936	$	349,530,916	$	93,474,334
Shares outstanding(a)		9,555,051		1,947,390		25,338,157		6,614,078
Net asset value and redemption price per share	$	12.26	$	10.15	$	13.79	$	14.13
Offering price per share (100/[100-maximum sales charge] of net asset value)	$	13.01	$	10.77	$	14.63	$	14.99
Class L shares:
Net assets	$	87,338,495	$	30,449,132	$	462,008,647	$	95,348,036
Shares outstanding(a)		7,049,620		2,937,743		32,848,808		6,598,001
Net asset value and redemption price per share	$	12.39	$	10.36	$	14.06	$	14.45
Class Y shares:
Net assets	$	91,591,022	$	5,238,242	$	180,948,396	$	104,485,165
Shares outstanding(a)		7,333,454		499,748		12,711,140		7,134,422
Net asset value and redemption price per share	$	12.49	$	10.48	$	14.24	$	14.65
Class S shares:
Net assets	$	248,626,166	$	84,203,975	$	375,572,987	$	303,611,339
Shares outstanding(a)		19,827,600		8,001,845		26,224,659		20,499,008
Net asset value and redemption price per share	$	12.54	$	10.52	$	14.32	$	14.81
Class N shares:
Net assets	$	1,571,012	$	307,458	$	1,856,922	$	429,438
Shares outstanding(a)		131,253		30,834		137,117		31,032
Net asset value and redemption price per share	$	11.97	$	9.97	$	13.54	$	13.84

(a)  Authorized unlimited number of shares with no par value.

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

	MassMutual Select Small Company Growth Fund		MassMutual Select Emerging Growth Fund		MassMutual Select Diversified International Fund
Class A shares:
Net assets	$	34,732,760	$	14,903,430	$	75,658,477
Shares outstanding(a)		4,118,432		2,153,811		8,136,779
Net asset value and redemption price per share	$	8.43	$	6.92	$	9.30
Offering price per share (100/[100-maximum sales charge] of net asset value)	$	8.94	$	7.34	$	9.87
Class L shares:
Net assets	$	30,238,353	$	27,372,455	$	39,145,625
Shares outstanding(a)		3,517,883		3,876,292		4,198,130
Net asset value and redemption price per share	$	8.60	$	7.06	$	9.32
Class Y shares:
Net assets	$	6,466,077	$	962,618	$	778,969
Shares outstanding(a)		744,816		134,199		83,538
Net asset value and redemption price per share	$	8.68	$	7.17	$	9.32
Class S shares:
Net assets	$	30,064,109	$	40,901,303	$	114,833,441
Shares outstanding(a)		3,453,438		5,660,686		12,302,597
Net asset value and redemption price per share	$	8.71	$	7.23	$	9.33
Class N shares:
Net assets	$	386,888	$	195,643	$	94,142
Shares outstanding(a)		46,738		28,856		10,119
Net asset value and redemption price per share	$	8.28	$	6.78	$	9.30

123

MassMutual Select Funds – Financial Statements (Continued)

Statements of Assets and Liabilities

June 30, 2008 (Unaudited)

	MassMutual Select Overseas Fund			MassMutual Select Destination Retirement Income Fund			MassMutual Select Destination Retirement 2010 Fund			MassMutual Select Destination Retirement 2020 Fund
Assets:
Investments, at value (Note 2)(a)	$	801,010,950		$	223,754,758		$	227,731,072		$	601,943,842
Short-term investments, at value (Note 2)(b)		6,344,017			-			-			-
Total investments		807,354,967			223,754,758			227,731,072			601,943,842
Foreign currency, at value(c)		4,001,379			-			-			-
Receivables from:
Investments sold		6,316,409			145,775			5,896			1,210,596
Open forward foreign currency contract (Note 2)		322,801			-			-			-
Investment adviser (Note 3)		-			-			-			-
Fund shares sold		1,230,578			96,663			390,093			267,891
Interest and dividends		2,778,973			-			-			-
Foreign taxes withheld		1,873,992			-			-			-
Total assets		823,879,099			223,997,196			228,127,061			603,422,329
Liabilities:
Payables for:
Investments purchased		4,119,404			-			105,451			-
Open forward foreign currency contracts (Note 2)		3,396,878			-			-			-
Fund shares repurchased		4,744,039			242,438			290,539			1,478,486
Trustees' fees and expenses (Note 3)		65,550			14,644			9,829			31,254
Affiliates (Note 3):
Investment management fees		739,065			9,672			9,959			23,906
Administration fees		68,560			19,165			21,881			68,554
Service fees		63,500			30,637			41,043			96,227
Distribution fees		1,034			75			529			335
Accrued expense and other liabilities		597,800			19,456			20,538			18,471
Total liabilities		13,795,830			336,087			499,769			1,717,233
Net assets	$	810,083,269		$	223,661,109		$	227,627,292		$	601,705,096
Net assets consist of:
Paid-in capital	$	836,818,881		$	236,192,359		$	246,274,499		$	660,615,059
Undistributed net investment income (loss) (distributions in excess of net investment income)		18,859,555			(22,261	)		(239,769	)		(837,262	)
Accumulated net realized gain (loss) on investments		158,546,469			456,985			859,776			11,208,707
Net unrealized appreciation (depreciation) on investments		(204,141,636	)		(12,965,974	)		(19,267,214	)		(69,281,408	)
Net assets	$	810,083,269		$	223,661,109		$	227,627,292		$	601,705,096
(a) Cost of investments - unaffiliated issuers:	$	1,000,490,792		$	236,720,732		$	246,998,286		$	671,225,250
(b) Cost of short-term investments:	$	6,344,017		$	-		$	-		$	-
(c) Cost of foreign currency:	$	3,975,974		$	-		$	-		$	-

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

	MassMutual Select Destination Retirement 2030 Fund			MassMutual Select Destination Retirement 2040 Fund			MassMutual Select Destination Retirement 2050 Fund
Assets:
Investments, at value (Note 2)(a)	$	449,519,324		$	257,627,171		$	11,463,339
Short-term investments, at value (Note 2)(b)		-			-			-
Total investments		449,519,324			257,627,171			11,463,339
Foreign currency, at value(c)		-			-			-
Receivables from:
Investments sold		488,615			462,850			-
Open forward foreign currency contract (Note 2)		-			-			-
Investment adviser (Note 3)		-			-			3,026
Fund shares sold		235,357			184,782			46,675
Interest and dividends		-			-			-
Foreign taxes withheld		-			-			-
Total assets		450,243,296			258,274,803			11,513,040
Liabilities:
Payables for:
Investments purchased		-			35			46,675
Open forward foreign currency contracts (Note 2)		-			-			-
Fund shares repurchased		723,973			647,598			-
Trustees' fees and expenses (Note 3)		23,341			13,450			149
Affiliates (Note 3):
Investment management fees		19,950			11,499			498
Administration fees		52,181			27,315			243
Service fees		77,889			36,040			226
Distribution fees		180			124			59
Accrued expense and other liabilities		19,230			19,885			38,147
Total liabilities		916,744			755,946			85,997
Net assets	$	449,326,552		$	257,518,857		$	11,427,043
Net assets consist of:
Paid-in capital	$	490,082,090		$	281,846,687		$	12,635,025
Undistributed net investment income (loss) (distributions in excess of net investment income)		(664,909	)		(359,530	)		43,979
Accumulated net realized gain (loss) on investments		16,844,538			9,530,836			(205,770	)
Net unrealized appreciation (depreciation) on investments		(56,935,167	)		(33,499,136	)		(1,046,191	)
Net assets	$	449,326,552		$	257,518,857		$	11,427,043
(a) Cost of investments - unaffiliated issuers:	$	506,454,491		$	291,126,307		$	12,509,530
(b) Cost of short-term investments:	$	-		$	-		$	-
(c) Cost of foreign currency:	$	-		$	-		$	-

125

MassMutual Select Funds – Financial Statements (Continued)

Statements of Assets and Liabilities

June 30, 2008 (Unaudited)

	MassMutual Select Overseas Fund		MassMutual Select Destination Retirement Income Fund		MassMutual Select Destination Retirement 2010 Fund		MassMutual Select Destination Retirement 2020 Fund
Class A shares:
Net assets	$	83,661,271	$	47,234,771	$	60,501,567	$	143,061,384
Shares outstanding(a)		8,595,046		4,920,885		6,072,324		14,607,592
Net asset value and redemption price per share	$	9.73	$	9.60	$	9.96	$	9.79
Offering price per share (100/[100-maximum sales charge] of net asset value)	$	10.32	$	10.19	$	10.57	$	10.39
Class L shares:
Net assets	$	254,813,276	$	78,068,577	$	56,805,621	$	232,141,472
Shares outstanding(a)		25,957,780		8,085,854		5,668,483		23,536,784
Net asset value and redemption price per share	$	9.82	$	9.65	$	10.02	$	9.86
Class Y shares:
Net assets	$	106,946,912	$	72,251,675	$	54,961,439	$	108,714,141
Shares outstanding(a)		10,860,757		7,482,885		5,478,810		11,024,283
Net asset value and redemption price per share	$	9.85	$	9.66	$	10.03	$	9.86
Class S shares:
Net assets	$	363,405,320	$	25,996,872	$	54,533,045	$	117,257,100
Shares outstanding(a)		36,808,834		2,693,565		5,431,479		11,874,439
Net asset value and redemption price per share	$	9.87	$	9.65	$	10.04	$	9.87
Class N shares:
Net assets	$	1,256,490	$	109,214	$	825,620	$	530,999
Shares outstanding(a)		130,909		11,360		82,955		54,254
Net asset value and redemption price per share	$	9.60	$	9.61	$	9.95	$	9.79

(a)  Authorized unlimited number of shares with no par value.

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

	MassMutual Select Destination Retirement 2030 Fund		MassMutual Select Destination Retirement 2040 Fund		MassMutual Select Destination Retirement 2050 Fund
Class A shares:
Net assets	$	115,870,726	$	54,281,937	$	346,682
Shares outstanding(a)		11,294,605		5,195,570		38,907
Net asset value and redemption price per share	$	10.26	$	10.45	$	8.91
Offering price per share (100/[100-maximum sales charge] of net asset value)	$	10.89	$	11.09	$	9.45
Class L shares:
Net assets	$	181,158,376	$	114,850,842	$	435,279
Shares outstanding(a)		17,523,850		10,912,066		48,777
Net asset value and redemption price per share	$	10.34	$	10.53	$	8.92
Class Y shares:
Net assets	$	71,603,391	$	41,848,032	$	756,137
Shares outstanding(a)		6,929,888		3,974,482		84,670
Net asset value and redemption price per share	$	10.33	$	10.53	$	8.93
Class S shares:
Net assets	$	80,414,452	$	46,347,921	$	9,799,887
Shares outstanding(a)		7,770,594		4,396,901		1,097,387
Net asset value and redemption price per share	$	10.35	$	10.54	$	8.93
Class N shares:
Net assets	$	279,607	$	190,125	$	89,058
Shares outstanding(a)		27,251		18,180		10,010
Net asset value and redemption price per share	$	10.26	$	10.46	$	8.90

127

MassMutual Select Funds – Financial Statements (Continued)

Statements of Operations

For the Six Months Ended June 30, 2008 (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)	$	94,599		$	1,280,649		$	8,497,962		$	13,777,591
Interest		10,199,005			2,486,658			26,398			141,024
Securities lending net income		28,831			12,192			30,694			33,637
Total investment income		10,322,435			3,779,499			8,555,054			13,952,252
Expenses (Note 3):
Investment management fees (Note 3)		941,101			551,724			1,421,703			3,658,312
Custody fees		59,667			42,275			29,646			49,036
Audit and legal fees		22,116			22,132			18,951			21,795
Proxy fees		566			541			474			476
Shareholder reporting fees		5,960			3,938			10,254			19,107
Trustees' fees (Note 3)		10,022			5,818			17,438			33,336
		1,039,432			626,428			1,498,466			3,782,062
Administration fees (Note 3):
Class A		110,122			38,313			152,760			397,713
Class L		40,014			114,784			102,950			377,386
Class Y		71,838			62,277			91,994			97,378
Class S		19,128			12,136			80,224			312,216
Class Z		-			-			-			-
Class N		2,880			1,487			2,578			4,662
Distribution fees (Note 3):
Class N		2,400			986			1,750			3,211
Service fees (Note 3):
Class A		110,122			29,292			123,873			317,763
Class N		2,400			986			1,750			3,211
Total expenses		1,398,336			886,689			2,056,345			5,295,602
Expenses waived (Note 3):
Class A fees waived by advisor		(23,257	)		-			-			-
Class L fees waived by advisor		(8,508	)		-			-			-
Class Y fees waived by advisor		-			-			-			-
Class N fees waived by advisor		(750	)		-			-			-
Class A administrative fees waived		-			-			-			-
Class L administrative fees waived		-			-			-			-
Class N administrative fees waived		-			-			-			-
Net expenses		1,365,821			886,689			2,056,345			5,295,602
Net investment income (loss)		8,956,614			2,892,810			6,498,709			8,656,650
Realized and unrealized gain (loss):
Net realized gain (loss) on:
Investment transactions		2,902,208			4,285,785			13,179,939			16,860,176
Futures contracts		607,477			236,977			-			-
Written options		2,156,115			506,152			-			-
Swap contracts		37,385			21,225			-			-
Foreign currency transactions		(112,011	)		(14,626	)		-			-
Net realized gain (loss)		5,591,174			5,035,513			13,179,939			16,860,176
Net change in unrealized appreciation (depreciation) on:
Investment transactions		(12,950,157	)		(19,832,193	)		(126,665,453	)		(144,094,060	)
Futures contracts		(847,711	)		(231,396	)		-			-
Written options		52,732			12,044			-			-
Swap contracts		(1,034,872	)		(14,270	)		-			-
Translation of assets and liabilities in foreign currencies		41,476			2,836			-			-
Net unrealized appreciation (depreciation)		(14,738,532	)		(20,062,979	)		(126,665,453	)		(144,094,060	)
Net realized gain (loss) and change in unrealized appreciation (depreciation)		(9,147,358	)		(15,027,466	)		(113,485,514	)		(127,233,884	)
Net increase (decrease) in net assets resulting from operations	$	(190,744	)	$	(12,134,656	)	$	(106,986,805	)	$	(118,577,234	)
(a) Net of withholding tax of:	$	-		$	18,433		$	70,036		$	67,619

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

	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)	$	864,551		$	10,515,050		$	22,299,539		$	437,321
Interest		31,313			166,958			214,483			17,558
Securities lending net income		8,283			325,229			152,375			6,086
Total investment income		904,147			11,007,237			22,666,397			460,965
Expenses (Note 3):
Investment management fees (Note 3)		254,126			4,091,956			1,076,891			187,784
Custody fees		10,541			88,830			103,113			10,134
Audit and legal fees		16,425			22,952			28,196			16,534
Proxy fees		772			483			476			455
Shareholder reporting fees		1,988			21,431			35,405			1,523
Trustees' fees (Note 3)		2,524			37,612			63,093			1,508
		286,376			4,263,264			1,307,174			217,938
Administration fees (Note 3):
Class A		21,268			551,470			665,288			39,151
Class L		16,312			336,615			768,929			14,259
Class Y		1,676			104,793			657,202			5,451
Class S		16,837			249,256			957,250			2,646
Class Z		-			-			219,633			-
Class N		192			1,324			12,140			342
Distribution fees (Note 3):
Class N		146			884			5,730			245
Service fees (Note 3):
Class A		19,091			424,992			346,721			32,626
Class N		146			884			5,730			245
Total expenses		362,044			5,933,482			4,945,797			312,903
Expenses waived (Note 3):
Class A fees waived by advisor		-			-			-			(1,588	)
Class L fees waived by advisor		-			-			-			(599	)
Class Y fees waived by advisor		-			-			-			(455	)
Class N fees waived by advisor		-			-			-			(12	)
Class A administrative fees waived		-			-			(277,376	)		-
Class L administrative fees waived		-			-			(320,587	)		-
Class N administrative fees waived		-			-			(4,584	)		-
Net expenses		362,044			5,933,482			4,343,250			310,249
Net investment income (loss)		542,103			5,073,755			18,323,147			150,716
Realized and unrealized gain (loss):
Net realized gain (loss) on:
Investment transactions		(6,018,878	)		32,660,455			2,941,650			(1,679,131	)
Futures contracts		-			-			(2,344,869	)		-
Written options		-			-			-			-
Swap contracts		-			-			-			-
Foreign currency transactions		-			(93,133	)		-			-
Net realized gain (loss)		(6,018,878	)		32,567,322			596,781			(1,679,131	)
Net change in unrealized appreciation (depreciation) on:
Investment transactions		(5,848,410	)		(191,812,229	)		(300,599,846	)		(1,903,770	)
Futures contracts		-			-			(1,661,158	)		-
Written options		-			-			-			-
Swap contracts		-			-			-			-
Translation of assets and liabilities in foreign currencies		-			2,196			-			-
Net unrealized appreciation (depreciation)		(5,848,410	)		(191,810,033	)		(302,261,004	)		(1,903,770	)
Net realized gain (loss) and change in unrealized appreciation (depreciation)		(11,867,288	)		(159,242,711	)		(301,664,223	)		(3,582,901	)
Net increase (decrease) in net assets resulting from operations	$	(11,325,185	)	$	(154,168,956	)	$	(283,341,076	)	$	(3,432,185	)
(a) Net of withholding tax of:	$	-		$	140,809		$	-		$	802

129

MassMutual Select Funds – Financial Statements (Continued)

Statements of Operations

For the Six Months Ended June 30, 2008 (Unaudited)

	MassMutual Select Blue Chip Growth Fund			MassMutual Select Diversified Growth Fund			MassMutual Select Large Cap Growth Fund			MassMutual Select Aggressive Growth Fund
Investment income (Note 2):
Dividends(a)	$	3,547,692		$	476,240		$	195,882		$	893,921
Interest		60,297			7,107			1,254			49,518
Securities lending net income		53,207			192			3,313			40,450
Total investment income		3,661,196			483,539			200,449			983,889
Expenses (Note 3):
Investment management fees (Note 3)		2,493,087			318,956			131,250			1,683,502
Custody fees		43,370			22,002			4,729			23,786
Audit and legal fees		20,503			16,423			15,713			18,692
Proxy fees		486			491			474			549
Shareholder reporting fees		13,250			2,104			1,433			9,363
Trustees' fees (Note 3)		22,824			2,591			1,230			15,588
		2,593,520			362,567			154,829			1,751,480
Administration fees (Note 3):
Class A		172,797			138			11,155			157,883
Class L		849,027			135			2,534			199,139
Class Y		76,039			68			12,046			37,005
Class S		167,617			22,692			16,902			101,640
Class N		5,973			158			3			972
Distribution fees (Note 3):
Class N		3,257			113			2			616
Service fees (Note 3):
Class A		105,751			115			7,902			114,607
Class N		3,257			113			2			616
Total expenses		3,977,238			386,099			205,375			2,363,958
Expenses waived (Note 3):
Class A fees waived by advisor		(40,024	)		(47	)		-			-
Class L fees waived by advisor		(113,616	)		(43	)		-			-
Class Y fees waived by advisor		(24,897	)		(43	)		-			-
Class S fees waived by advisor		(26,237	)		(20,744	)		-			-
Class N fees waived by advisor		(969	)		(43	)		-			-
Class A management fees waived		(21,148	)		-			-			-
Class L management fees waived		(103,903	)		-			-			-
Class Y management fees waived		(13,133	)		-			-			-
Class S management fees waived		(52,942	)		-			-			-
Class N management fees waived		(650	)		-			-			-
Net expenses		3,579,719			365,179			205,375			2,363,958
Net investment income (loss)		81,477			118,360			(4,926	)		(1,380,069	)
Realized and unrealized gain (loss):
Net realized gain (loss) on:
Investment transactions		(11,649,433	)		(4,263,165	)		(608,485	)		14,550,250
Futures contracts		-			-			-			-
Foreign currency transactions		(23,422	)		(19,707	)		-			-
Net realized gain (loss)		(11,672,855	)		(4,282,872	)		(608,485	)		14,550,250
Net change in unrealized appreciation (depreciation) on:
Investment transactions		(79,375,876	)		(9,469,542	)		(4,987,704	)		(85,750,784	)
Futures contracts		-			-			-			-
Translation of assets and liabilities in foreign currencies		1,367			11,850			-			-
Net unrealized appreciation (depreciation)		(79,374,509	)		(9,457,692	)		(4,987,704	)		(85,750,784	)
Net realized gain (loss) and change in unrealized appreciation (depreciation)		(91,047,364	)		(13,740,564	)		(5,596,189	)		(71,200,534	)
Net increase (decrease) in net assets resulting from operations	$	(90,965,887	)	$	(13,622,204	)	$	(5,601,115	)	$	(72,580,603	)
(a) Net of withholding tax of:	$	95,915		$	14,739		$	2,910		$	-

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

	MassMutual Select NASDAQ-100 Fund			MassMutual Select Focused Value Fund			MassMutual Select Mid-Cap Value Fund			MassMutual Select Small Cap Value Equity Fund
Investment income (Note 2):
Dividends(a)	$	124,698		$	5,842,051		$	1,685,546		$	1,674,726
Interest		6,561			316,927			36,845			16,980
Securities lending net income		15,209			42,499			48,156			97,592
Total investment income		146,468			6,201,477			1,770,547			1,789,298
Expenses (Note 3):
Investment management fees (Note 3)		36,086			2,549,943			613,230			548,950
Custody fees		8,712			110,508			14,002			11,821
Audit and legal fees		16,618			20,249			16,827			17,231
Proxy fees		476			483			483			448
Shareholder reporting fees		1,626			13,484			3,745			3,034
Trustees' fees (Note 3)		1,556			23,474			5,559			4,248
		65,074			2,718,141			653,846			585,732
Administration fees (Note 3):
Class A		61,397			319,060			11,468			21,835
Class L		23,963			231,155			85,860			53,515
Class Y		6,868			107,010			1,784			6,316
Class S		32,781			123,025			26,977			21,852
Class N		1,234			4,703			62			565
Distribution fees (Note 3):
Class N		457			3,059			45			404
Service fees (Note 3):
Class A		24,583			238,532			9,556			18,196
Class N		457			3,059			45			404
Total expenses		216,814			3,747,744			789,643			708,819
Expenses waived (Note 3):
Class A fees waived by advisor		-			-			-			-
Class L fees waived by advisor		-			-			-			-
Class Y fees waived by advisor		-			-			-			-
Class S fees waived by advisor		-			-			-			-
Class N fees waived by advisor		-			-			-			-
Class A management fees waived		-			-			-			-
Class L management fees waived		-			-			-			-
Class Y management fees waived		-			-			-			-
Class S management fees waived		-			-			-			-
Class N management fees waived		-			-			-			-
Net expenses		216,814			3,747,744			789,643			708,819
Net investment income (loss)		(70,346	)		2,453,733			980,904			1,080,479
Realized and unrealized gain (loss):
Net realized gain (loss) on:
Investment transactions		1,214,399			7,237,938			(22,056,638	)		(16,286,018	)
Futures contracts		(120,580	)		-			-			(249,596	)
Foreign currency transactions		-			-			-			-
Net realized gain (loss)		1,093,819			7,237,938			(22,056,638	)		(16,535,614	)
Net change in unrealized appreciation (depreciation) on:
Investment transactions		(7,967,703	)		(142,059,777	)		(13,244,553	)		(3,507,464	)
Futures contracts		(46,933	)		-			-			(63,164	)
Translation of assets and liabilities in foreign currencies		-			-			-			-
Net unrealized appreciation (depreciation)		(8,014,636	)		(142,059,777	)		(13,244,553	)		(3,570,628	)
Net realized gain (loss) and change in unrealized appreciation (depreciation)		(6,920,817	)		(134,821,839	)		(35,301,191	)		(20,106,242	)
Net increase (decrease) in net assets resulting from operations	$	(6,991,163	)	$	(132,368,106	)	$	(34,320,287	)	$	(19,025,763	)
(a) Net of withholding tax of:	$	1,096		$	-		$	-		$	-

131

MassMutual Select Funds – Financial Statements (Continued)

Statements of Operations

For the Six Months Ended June 30, 2008 (Unaudited)

	MassMutual Select Small Company Value Fund			MassMutual Select Mid Cap Growth Equity Fund			MassMutual Select Mid Cap Growth Equity II Fund			MassMutual Select Small Cap Growth Equity Fund
Investment income (Note 2):
Dividends(a)	$	3,796,658		$	436,088		$	3,590,799		$	1,445,166
Interest		115,621			21,449			372,748			368,725
Securities lending net income		257,481			33,660			596,609			453,279
Total investment income		4,169,760			491,197			4,560,156			2,267,170
Expenses (Note 3):
Investment management fees (Note 3)		2,329,459			495,126			5,257,507			2,513,027
Custody fees		39,099			31,044			79,263			55,859
Audit and legal fees		18,473			16,684			24,072			19,293
Proxy fees		568			524			474			488
Shareholder reporting fees		9,442			3,149			23,695			10,854
Trustees' fees (Note 3)		15,715			4,405			42,448			18,493
		2,412,756			550,932			5,427,459			2,618,014
Administration fees (Note 3):
Class A		212,440			31,102			580,382			198,761
Class L		173,293			50,887			778,068			202,263
Class Y		102,375			4,063			170,296			143,036
Class S		198,081			36,171			154,692			178,698
Class N		3,209			542			4,914			1,942
Distribution fees (Note 3):
Class N		1,960			379			3,281			1,061
Service fees (Note 3):
Class A		147,815			25,286			447,273			121,939
Class N		1,960			379			3,281			1,061
Total expenses		3,253,889			699,741			7,569,646			3,466,775
Expenses waived (Note 3):
Class A fees waived by advisor		-			-			-			-
Class L fees waived by advisor		-			-			-			-
Class Y fees waived by advisor		-			-			-			-
Class S fees waived by advisor		-			-			-			-
Class N fees waived by advisor		-			-			-			-
Net expenses		3,253,889			699,741			7,569,646			3,466,775
Net investment income (loss)		915,871			(208,544	)		(3,009,490	)		(1,199,605	)
Realized and unrealized gain (loss):
Net realized gain (loss) on:
Investment transactions		10,691,233			(10,468,277	)		41,416,461			13,580,159
Futures contracts		-			-			-			-
Written options		-			-			-			27,941
Foreign currency transactions		-			9,078			(14,755	)		2,495
Net realized gain (loss)		10,691,233			(10,459,199	)		41,401,706			13,610,595
Net change in unrealized appreciation (depreciation) on:
Investment transactions		(27,769,157	)		(5,770,910	)		(141,626,401	)		(94,284,836	)
Futures contracts		-			-			-			-
Written options		-			-			-			(399,505	)
Translation of assets and liabilities in foreign currencies		-			11			(1,769	)		(4,770	)
Net unrealized appreciation (depreciation)		(27,769,157	)		(5,770,899	)		(141,628,170	)		(94,689,111	)
Net realized gain (loss) and change in unrealized appreciation (depreciation)		(17,077,924	)		(16,230,098	)		(100,226,464	)		(81,078,516	)
Net increase (decrease) in net assets resulting from operations	$	(16,162,053	)	$	(16,438,642	)	$	(103,235,954	)	$	(82,278,121	)
(a) Net of withholding tax of:	$	-		$	4,716		$	38,807		$	15,460

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

	MassMutual Select Small Company Growth Fund			MassMutual Select Emerging Growth Fund			MassMutual Select Diversified International Fund
Investment income (Note 2):
Dividends(a)	$	320,406		$	116,697		$	5,686,257
Interest		13,752			122,922			61,188
Securities lending net income		98,324			111,213			12,487
Total investment income		432,482			350,832			5,759,932
Expenses (Note 3):
Investment management fees (Note 3)		480,751			337,695			960,138
Custody fees		24,634			9,973			91,482
Audit and legal fees		16,186			16,443			18,915
Proxy fees		565			514			474
Shareholder reporting fees		2,893			2,329			3,158
Trustees' fees (Note 3)		3,896			3,055			4,607
		528,925			370,009			1,078,774
Administration fees (Note 3):
Class A		66,752			23,337			77,425
Class L		54,399			49,844			64,857
Class Y		7,617			822			596
Class S		28,385			17,154			29,404
Class N		753			351			172
Distribution fees (Note 3):
Class N		472			229			123
Service fees (Note 3):
Class A		47,803			17,447			64,521
Class N		472			229			123
Total expenses		735,578			479,422			1,315,995
Expenses waived (Note 3):
Class A fees waived by advisor		-			-			(36,443	)
Class L fees waived by advisor		-			-			(30,527	)
Class Y fees waived by advisor		-			-			(283	)
Class S fees waived by advisor		-			-			(41,875	)
Class N fees waived by advisor		-			-			(70	)
Net expenses		735,578			479,422			1,206,797
Net investment income (loss)		(303,096	)		(128,590	)		4,553,135
Realized and unrealized gain (loss):
Net realized gain (loss) on:
Investment transactions		(5,853,339	)		(7,976,373	)		1,908,087
Futures contracts		-			-			(540,342	)
Written options		-			-			-
Foreign currency transactions		-			-			762,721
Net realized gain (loss)		(5,853,339	)		(7,976,373	)		2,130,466
Net change in unrealized appreciation (depreciation) on:
Investment transactions		(13,185,757	)		1,533,741			(28,581,793	)
Futures contracts		-			-			(126,075	)
Written options		-			-			-
Translation of assets and liabilities in foreign currencies		-			-			(258,102	)
Net unrealized appreciation (depreciation)		(13,185,757	)		1,533,741			(28,965,970	)
Net realized gain (loss) and change in unrealized appreciation (depreciation)		(19,039,096	)		(6,442,632	)		(26,835,504	)
Net increase (decrease) in net assets resulting from operations	$	(19,342,192	)	$	(6,571,222	)	$	(22,282,369	)
(a) Net of withholding tax of:	$	-		$	2,089		$	705,211

133

MassMutual Select Funds – Financial Statements (Continued)

Statements of Operations

For the Six Months Ended June 30, 2008 (Unaudited)

	MassMutual Select Overseas Fund			MassMutual Select Destination Retirement Income Fund			MassMutual Select Destination Retirement 2010 Fund			MassMutual Select Destination Retirement 2020 Fund
Investment income (Note 2):
Dividends(a)	$	21,544,120		$	-		$	-		$	-
Dividends from affiliated issuers		-			1,191			1,921			11,137
Interest		25,708			158,352			86,481			-
Securities lending net income		41,550			-			-			-
Total investment income		21,611,378			159,543			88,402			11,137
Expenses (Note 3):
Investment management fees (Note 3)		4,976,276			58,851			59,841			149,727
Custody fees		913,398			15,795			15,689			15,049
Audit and legal fees		24,322			15,808			15,841			17,946
Proxy fees		519			429			429			429
Shareholder reporting fees		18,962			4,427			4,445			10,659
Trustees' fees (Note 3)		33,113			6,793			6,903			18,170
		5,966,590			102,103			103,148			211,980
Administration fees (Note 3):
Class A		169,364			36,014			55,980			135,935
Class L		354,267			60,988			48,441			218,026
Class Y		65,413			18,676			23,894			47,752
Class S		94,288			2,093			4,580			13,607
Class N		3,181			118			915			577
Distribution fees (Note 3):
Class N		2,702			151			1,042			639
Service fees (Note 3):
Class A		173,316			61,711			82,518			193,309
Class N		2,702			151			1,042			639
Total expenses		6,831,823			282,005			321,560			822,464
Expenses waived (Note 3):
Class A fees waived by advisor		-			-			-			-
Class L fees waived by advisor		-			-			-			-
Class Y fees waived by advisor		-			-			-			-
Class S fees waived by advisor		-			-			-			-
Class N fees waived by advisor		-			-			-			-
Class A administrative fees waived		(69,326	)		-			-			-
Class L administrative fees waived		(145,013	)		-			-			-
Class N administrative fees waived		(1,081	)		-			-			-
Net expenses		6,616,403			282,005			321,560			822,464
Net investment income (loss)		14,994,975			(122,462	)		(233,158	)		(811,327	)
Realized and unrealized gain (loss):
Net realized gain (loss) on:
Investment transactions		33,514,753			(2,813,566	)		(3,417,639	)		(7,856,478	)
Foreign currency transactions		100,669,971			-			-			-
Net realized gain (loss)		134,184,724			(2,813,566	)		(3,417,639	)		(7,856,478	)
Net change in unrealized appreciation (depreciation) on:
Investment transactions		(298,699,807	)		(5,143,112	)		(11,872,579	)		(51,045,492	)
Translation of assets and liabilities in foreign currencies		(5,395,365	)		-			-			-
Net unrealized appreciation (depreciation)		(304,095,172	)		(5,143,112	)		(11,872,579	)		(51,045,492	)
Net realized gain (loss) and change in unrealized appreciation (depreciation)		(169,910,448	)		(7,956,678	)		(15,290,218	)		(58,901,970	)
Net increase (decrease) in net assets resulting from operations	$	(154,915,473	)	$	(8,079,140	)	$	(15,523,376	)	$	(59,713,297	)
(a) Net of withholding tax of:	$	2,395,267		$	-		$	-		$	-

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

	MassMutual Select Destination Retirement 2030 Fund			MassMutual Select Destination Retirement 2040 Fund			MassMutual Select Destination Retirement 2050 Fund
Investment income (Note 2):
Dividends(a)	$	-		$	-		$	-
Dividends from affiliated issuers		2,590			2,200			199
Interest		-			-			-
Securities lending net income		-			-			-
Total investment income		2,590			2,200			199
Expenses (Note 3):
Investment management fees (Note 3)		119,020			68,351			2,564
Custody fees		15,224			15,283			2,204
Audit and legal fees		17,123			16,017			14,512
Proxy fees		429			429			429
Shareholder reporting fees		8,359			5,150			956
Trustees' fees (Note 3)		13,936			8,080			268
		174,091			113,310			20,933
Administration fees (Note 3):
Class A		108,463			46,264			149
Class L		169,756			102,369			209
Class Y		30,143			13,991			132
Class S		8,443			2,542			464
Class N		308			210			97
Distribution fees (Note 3):
Class N		345			248			116
Service fees (Note 3):
Class A		156,467			71,572			232
Class N		345			248			116
Total expenses		648,361			350,754			22,448
Expenses waived (Note 3):
Class A fees waived by advisor		-			-			(289	)
Class L fees waived by advisor		-			-			(406	)
Class Y fees waived by advisor		-			-			(684	)
Class S fees waived by advisor		-			-			(14,790	)
Class N fees waived by advisor		-			-			(148	)
Class A administrative fees waived		-			-			-
Class L administrative fees waived		-			-			-
Class N administrative fees waived		-			-			-
Net expenses		648,361			350,754			6,131
Net investment income (loss)		(645,771	)		(348,554	)		(5,932	)
Realized and unrealized gain (loss):
Net realized gain (loss) on:
Investment transactions		(4,749,401	)		(3,706,773	)		(205,770	)
Foreign currency transactions		-			-			-
Net realized gain (loss)		(4,749,401	)		(3,706,773	)		(205,770	)
Net change in unrealized appreciation (depreciation) on:
Investment transactions		(48,381,806	)		(28,148,868	)		(1,037,709	)
Translation of assets and liabilities in foreign currencies		-			-			-
Net unrealized appreciation (depreciation)		(48,381,806	)		(28,148,868	)		(1,037,709	)
Net realized gain (loss) and change in unrealized appreciation (depreciation)		(53,131,207	)		(31,855,641	)		(1,243,479	)
Net increase (decrease) in net assets resulting from operations	$	(53,776,978	)	$	(32,204,195	)	$	(1,249,411	)
(a) Net of withholding tax of:	$	-		$	-		$	-

135

MassMutual Select Funds – Financial Statements (Continued)

Statements of Changes in Net Assets

	MassMutual Select Strategic Bond Fund						MassMutual Select Strategic Balanced Fund
	Six Months Ended June 30, 2008 (Unaudited)			Year Ended December 31, 2007			Six Months Ended June 30, 2008 (Unaudited)			Year Ended December 31, 2007
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	8,956,614		$	15,208,937		$	2,892,810		$	5,971,302
Net realized gain (loss) on investment transactions		5,591,174			(942,541	)		5,035,513			9,899,789
Net change in unrealized appreciation (depreciation) on investments		(14,738,532	)		(1,245,754	)		(20,062,979	)		(9,673,838	)
Net increase (decrease) in net assets resulting from operations		(190,744	)		13,020,642			(12,134,656	)		6,197,253
Distributions to shareholders (Note 2):
From net investment income:
Class A		-			(2,922,268	)		-			(623,544	)
Class L		-			(1,099,688	)		-			(1,994,469	)
Class Y		-			(5,638,602	)		-			(2,271,669	)
Class S		-			(4,019,831	)		-			(891,469	)
Class N		-			(119,329	)		-			(19,449	)
Total distributions from net investment income		-			(13,799,718	)		-			(5,800,600	)
From net realized gains:
Class A		-			-			-			(1,360,898	)
Class L		-			-			-			(3,830,110	)
Class Y		-			-			-			(3,841,212	)
Class S		-			-			-			(1,422,059	)
Class N		-			-			-			(43,850	)
Total distributions from net realized gains		-			-			-			(10,498,129	)
Net fund share transactions (Note 5):
Class A		5,421,979			43,227,647			(5,531,036	)		(3,534,625	)
Class L		2,838,846			11,865,737			(10,589,635	)		(12,625,226	)
Class Y		(7,092,712	)		40,832,500			(20,350,621	)		(12,573,527	)
Class S		(53,506,836	)		32,873,263			(13,802,131	)		7,775,889
Class N		(2,427,671	)		1,532,068			(313,066	)		370,498
Increase (decrease) in net assets from fund share transactions		(54,766,394	)		130,331,215			(50,586,489	)		(20,586,991	)
Total increase (decrease) in net assets		(54,957,138	)		129,552,139			(62,721,145	)		(30,688,467	)
Net assets:
Beginning of period		369,931,428			240,379,289			214,957,243			245,645,710
End of period	$	314,974,290		$	369,931,428		$	152,236,098		$	214,957,243
Undistributed net investment income (loss) (distributions in excess of net investment income) included in net assets at end of period	$	11,109,310		$	2,152,696		$	3,130,142		$	237,332

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

	MassMutual Select Diversified Value Fund						MassMutual Select Fundamental Value Fund
	Six Months Ended June 30, 2008 (Unaudited)			Year Ended December 31, 2007			Six Months Ended June 30, 2008 (Unaudited)			Year Ended December 31, 2007
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	6,498,709		$	12,825,203		$	8,656,650		$	15,459,780
Net realized gain (loss) on investment transactions		13,179,939			22,668,480			16,860,176			115,348,154
Net change in unrealized appreciation (depreciation) on investments		(126,665,453	)		(54,541,296	)		(144,094,060	)		(30,009,256	)
Net increase (decrease) in net assets resulting from operations		(106,986,805	)		(19,047,613	)		(118,577,234	)		100,798,678
Distributions to shareholders (Note 2):
From net investment income:
Class A		-			(1,822,878	)		-			(2,662,294	)
Class L		-			(1,638,091	)		-			(3,071,684	)
Class Y		-			(2,646,800	)		-			(1,835,731	)
Class S		-			(6,700,144	)		-			(7,803,837	)
Class N		-			(34,972	)		-			(22,807	)
Total distributions from net investment income		-			(12,842,885	)		-			(15,396,353	)
From net realized gains:
Class A		-			(4,016,708	)		-			(30,281,727	)
Class L		-			(3,243,855	)		-			(27,478,536	)
Class Y		-			(4,955,129	)		-			(13,923,244	)
Class S		-			(11,852,240	)		-			(58,381,334	)
Class N		-			(94,208	)		-			(284,502	)
Total distributions from net realized gains		-			(24,162,140	)		-			(130,349,343	)
Net fund share transactions (Note 5):
Class A		(3,151,872	)		35,622,285			(13,134,322	)		(16,987,637	)
Class L		(2,407,607	)		35,180,196			(13,249,694	)		(26,322,535	)
Class Y		(9,027,962	)		547,001			(18,686,411	)		4,749,217
Class S		(33,560,863	)		98,649,195			(16,313,616	)		44,401,213
Class N		(1,324,738	)		1,161,581			(170,456	)		1,304,312
Increase (decrease) in net assets from fund share transactions		(49,473,042	)		171,160,258			(61,554,499	)		7,144,570
Total increase (decrease) in net assets		(156,459,847	)		115,107,620			(180,131,733	)		(37,802,448	)
Net assets:
Beginning of period		646,303,115			531,195,495			1,247,247,912			1,285,050,360
End of period	$	489,843,268		$	646,303,115		$	1,067,116,179		$	1,247,247,912
Undistributed net investment income (loss) (distributions in excess of net investment income) included in net assets at end of period	$	6,475,631		$	(23,078	)	$	8,681,319		$	24,669

137

MassMutual Select Funds – Financial Statements (Continued)

Statements of Changes in Net Assets

	MassMutual Select Value Equity Fund						MassMutual Select Large Cap Value Fund
	Six Months Ended June 30, 2008 (Unaudited)			Year Ended December 31, 2007			Six Months Ended June 30, 2008 (Unaudited)			Year Ended December 31, 2007
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	542,103		$	1,015,781		$	5,073,755		$	13,854,135
Net realized gain (loss) on investment transactions		(6,018,878	)		7,225,246			32,567,322			119,678,251
Net change in unrealized appreciation (depreciation) on investments		(5,848,410	)		(3,914,251	)		(191,810,033	)		(69,204,794	)
Net increase (decrease) in net assets resulting from operations		(11,325,185	)		4,326,776			(154,168,956	)		64,327,592
Distributions to shareholders (Note 2):
From net investment income:
Class A		-			(157,901	)		-			(2,830,207	)
Class L		-			(147,036	)		-			(2,153,816	)
Class Y		-			(37,718	)		-			(1,482,292	)
Class S		-			(691,790	)		-			(8,108,862	)
Class Z		-			-			-			-
Class N		-			(745	)		-			-
Total distributions from net investment income		-			(1,035,190	)		-			(14,575,177	)
From net realized gains:
Class A		-			(2,388,508	)		-			(21,139,904	)
Class L		-			(1,509,892	)		-			(12,630,936	)
Class Y		-			(361,165	)		-			(7,426,350	)
Class S		-			(6,083,146	)		-			(35,737,808	)
Class Z		-			-			-			-
Class N		-			(17,775	)		-			(31,075	)
Total distributions from net realized gains		-			(10,360,486	)		-			(76,966,073	)
Net fund share transactions (Note 5):
Class A		(3,128,391	)		(7,749,758	)		(26,764,363	)		(12,319,429	)
Class L		968,423			1,267,706			(17,667,727	)		(166,930,963	)
Class Y		(18,963	)		(2,144,725	)		(23,085,021	)		(82,814,746	)
Class S		(3,180,862	)		618,454			(25,938,336	)		61,440,795
Class Z		-			-			-			-
Class N		(663	)		2,629			326,099			(2,116,109	)
Increase (decrease) in net assets from fund share transactions		(5,360,456	)		(8,005,694	)		(93,129,348	)		(202,740,452	)
Total increase (decrease) in net assets		(16,685,641	)		(15,074,594	)		(247,298,304	)		(229,954,110	)
Net assets:
Beginning of period		83,048,878			98,123,472			1,405,159,173			1,635,113,283
End of period	$	66,363,237		$	83,048,878		$	1,157,860,869		$	1,405,159,173
Undistributed net investment income (loss) (distributions in excess of net investment income) included in net assets at end of period	$	535,381		$	(6,722	)	$	4,985,879		$	(87,876	)

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

	MassMutual Select Indexed Equity Fund						MassMutual Select Core Opportunities Fund
	Six Months Ended June 30, 2008 (Unaudited)			Year Ended December 31, 2007			Six Months Ended June 30, 2008 (Unaudited)			Year Ended December 31, 2007
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	18,323,147		$	37,542,461		$	150,716		$	349,566
Net realized gain (loss) on investment transactions		596,781			33,385,454			(1,679,131	)		4,275,668
Net change in unrealized appreciation (depreciation) on investments		(302,261,004	)		44,975,179			(1,903,770	)		(509,996	)
Net increase (decrease) in net assets resulting from operations		(283,341,076	)		115,903,094			(3,432,185	)		4,115,238
Distributions to shareholders (Note 2):
From net investment income:
Class A		-			(3,805,958	)		-			(145,150	)
Class L		-			(5,054,366	)		-			(63,053	)
Class Y		-			(6,809,637	)		-			(63,198	)
Class S		-			(11,353,692	)		-			(100,602	)
Class Z		-			(10,038,670	)		-			-
Class N		-			(50,517	)		-			(116	)
Total distributions from net investment income		-			(37,112,840	)		-			(372,119	)
From net realized gains:
Class A		-			-			-			(1,785,120	)
Class L		-			-			-			(642,688	)
Class Y		-			-			-			(521,479	)
Class S		-			-			-			(832,849	)
Class Z		-			-			-			-
Class N		-			-			-			(8,253	)
Total distributions from net realized gains		-			-			-			(3,790,389	)
Net fund share transactions (Note 5):
Class A		(20,583,375	)		3,779,475			1,441,437			17,502,966
Class L		(6,182,879	)		1,304,174			1,286,341			1,064,297
Class Y		(8,225,996	)		(81,591,016	)		712,944			3,057,294
Class S		(52,700,786	)		(69,475,830	)		1,002,704			605,821
Class Z		54,973,789			160,257,190			-			-
Class N		(997,020	)		(56,983	)		119,657			9
Increase (decrease) in net assets from fund share transactions		(33,716,267	)		14,217,010			4,563,083			22,230,387
Total increase (decrease) in net assets		(317,057,343	)		93,007,264			1,130,898			22,183,117
Net assets:
Beginning of period		2,352,281,304			2,259,274,040			54,253,947			32,070,830
End of period	$	2,035,223,961		$	2,352,281,304		$	55,384,845		$	54,253,947
Undistributed net investment income (loss) (distributions in excess of net investment income) included in net assets at end of period	$	18,691,201		$	368,054		$	149,563		$	(1,153	)

139

MassMutual Select Funds – Financial Statements (Continued)

Statements of Changes in Net Assets

	MassMutual Select Blue Chip Growth Fund						MassMutual Select Diversified Growth Fund
	Six Months Ended June 30, 2008 (Unaudited)			Year Ended December 31, 2007			Six Months Ended June 30, 2008 (Unaudited)			Period Ended December 31, 2007*
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	81,477		$	1,289,794		$	118,360		$	28,830
Net realized gain (loss) on investment transactions		(11,672,855	)		21,600,529			(4,282,872	)		(2,253	)
Net change in unrealized appreciation (depreciation) on investments		(79,374,509	)		34,789,304			(9,457,692	)		(552,456	)
Net increase (decrease) in net assets resulting from operations		(90,965,887	)		57,679,627			(13,622,204	)		(525,879	)
Distributions to shareholders (Note 2):
From net investment income:
Class A		-			(10,510	)		-			-
Class L		-			(641,767	)		-			-
Class Y		-			(33,556	)		-			-
Class S		-			(441,271	)		-			-
Class N		-			-			-			-
Total distributions from net investment income		-			(1,127,104	)		-			-
From net realized gains:
Class A		-			-			-			-
Class L		-			-			-			-
Class Y		-			-			-			-
Class S		-			-			-			-
Class N		-			-			-			-
Total distributions from net realized gains		-			-			-			-
Tax return of capital:
Class A		-			-			-			-
Class L		-			-			-			-
Class Y		-			-			-			-
Class S		-			-			-			-
Class N		-			-			-			-
Total tax return of capital		-			-			-			-
Net fund share transactions (Note 5):
Class A		(11,279,201	)		55,251,614			26,130			100,100
Class L		(9,125,128	)		139,042,526			-			100,100
Class Y		(7,185,284	)		4,494,347			-			100,100
Class S		21,107,435			148,344,288			365,586			99,600,100
Class N		(896,681	)		(730,894	)		-			100,100
Increase (decrease) in net assets from fund share transactions		(7,378,859	)		346,401,881			391,716			100,000,500
Total increase (decrease) in net assets		(98,344,746	)		402,954,404			(13,230,488	)		99,474,621
Net assets:
Beginning of period		837,131,725			434,177,321			99,474,621			-
End of period	$	738,786,979		$	837,131,725		$	86,244,133		$	99,474,621
Undistributed net investment income (loss) (distributions in excess of net investment income) included in net assets at end of period	$	151,696		$	70,219		$	146,693		$	28,333

*  Fund commenced operations on December 17, 2007.

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

	MassMutual Select Large Cap Growth Fund						MassMutual Select Aggressive Growth Fund
	Six Months Ended June 30, 2008 (Unaudited)			Year Ended December 31, 2007			Six Months Ended June 30, 2008 (Unaudited)			Year Ended December 31, 2007
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	(4,926	)	$	(59,596	)	$	(1,380,069	)	$	(2,873,763	)
Net realized gain (loss) on investment transactions		(608,485	)		3,081,099			14,550,250			64,453,178
Net change in unrealized appreciation (depreciation) on investments		(4,987,704	)		2,438,696			(85,750,784	)		29,600,155
Net increase (decrease) in net assets resulting from operations		(5,601,115	)		5,460,199			(72,580,603	)		91,179,570
Distributions to shareholders (Note 2):
From net investment income:
Class A		-			-			-			-
Class L		-			-			-			-
Class Y		-			-			-			-
Class S		-			-			-			-
Class N		-			-			-			-
Total distributions from net investment income		-			-			-			-
From net realized gains:
Class A		-			(491,249	)		-			-
Class L		-			(114,417	)		-			-
Class Y		-			(989,359	)		-			-
Class S		-			(1,731,539	)		-			-
Class N		-			(107	)		-			-
Total distributions from net realized gains		-			(3,326,671	)		-			-
Tax return of capital:
Class A		-			(8,531	)		-			-
Class L		-			(1,987	)		-			-
Class Y		-			(17,182	)		-			-
Class S		-			(30,070	)		-			-
Class N		-			(2	)		-			-
Total tax return of capital		-			(57,772	)		-			-
Net fund share transactions (Note 5):
Class A		(409,072	)		(1,632,978	)		(32,402,859	)		(4,951,875	)
Class L		76,055			(136,073	)		(11,565,966	)		(82,887,078	)
Class Y		106,088			2,666,911			(10,156,679	)		(13,362,490	)
Class S		(380,124	)		1,600,053			(53,088,847	)		5,591,325
Class N		-			109			(740,289	)		(441,293	)
Increase (decrease) in net assets from fund share transactions		(607,053	)		2,498,022			(107,954,640	)		(96,051,411	)
Total increase (decrease) in net assets		(6,208,168	)		4,573,778			(180,535,243	)		(4,871,841	)
Net assets:
Beginning of period		45,435,418			40,861,640			596,410,993			601,282,834
End of period	$	39,227,250		$	45,435,418		$	415,875,750		$	596,410,993
Undistributed net investment income (loss) (distributions in excess of net investment income) included in net assets at end of period	$	(7,626	)	$	(2,700	)	$	(1,411,029	)	$	(30,960	)

141

MassMutual Select Funds – Financial Statements (Continued)

Statements of Changes in Net Assets

	MassMutual Select NASDAQ-100 Fund						MassMutual Select Focused Value Fund
	Six Months Ended June 30, 2008 (Unaudited)			Year Ended December 31, 2007			Six Months Ended June 30, 2008 (Unaudited)			Year Ended December 31, 2007
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	(70,346	)	$	(166,722	)	$	2,453,733		$	4,743,949
Net realized gain (loss) on investment transactions		1,093,819			2,827,755			7,237,938			114,475,441
Net change in unrealized appreciation (depreciation) on investments		(8,014,636	)		4,945,302			(142,059,777	)		(100,073,406	)
Net increase (decrease) in net assets resulting from operations		(6,991,163	)		7,606,335			(132,368,106	)		19,145,984
Distributions to shareholders (Note 2):
From net investment income:
Class A		-			-			-			(404,967	)
Class L		-			-			-			(711,359	)
Class Y		-			-			-			(793,804	)
Class S		-			-			-			(2,495,906	)
Class N		-			-			-			-
Total distributions from net investment income		-			-			-			(4,406,036	)
From net realized gains:
Class A		-			-			-			(28,554,465	)
Class L		-			-			-			(19,534,563	)
Class Y		-			-			-			(16,235,595	)
Class S		-			-			-			(42,719,074	)
Class N		-			-			-			(347,535	)
Total distributions from net realized gains		-			-			-			(107,391,232	)
Net fund share transactions (Note 5):
Class A		(548,997	)		(2,423,958	)		(20,386,654	)		(27,151,772	)
Class L		(2,026,993	)		(1,085,885	)		(13,484,725	)		(29,272,643	)
Class Y		163,314			1,402,707			(8,777,881	)		833,966
Class S		(2,397,658	)		2,895,680			(43,790,819	)		3,413,766
Class N		(268,296	)		(27,004	)		(75,405	)		509,656
Increase (decrease) in net assets from fund share transactions		(5,078,630	)		761,540			(86,515,484	)		(51,667,027	)
Total increase (decrease) in net assets		(12,069,793	)		8,367,875			(218,883,590	)		(144,318,311	)
Net assets:
Beginning of period		58,073,543			49,705,668			867,222,232			1,011,540,543
End of period	$	46,003,750		$	58,073,543		$	648,338,642		$	867,222,232
Undistributed net investment income (loss) (distributions in excess of net investment income) included in net assets at end of period	$	(69,854	)	$	492		$	6,818,447		$	4,364,714

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

	MassMutual Select Mid-Cap Value Fund						MassMutual Select Small Cap Value Equity Fund
	Six Months Ended June 30, 2008 (Unaudited)			Year Ended December 31, 2007			Six Months Ended June 30, 2008 (Unaudited)			Year Ended December 31, 2007
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	980,904		$	2,050,164		$	1,080,479		$	2,687,740
Net realized gain (loss) on investment transactions		(22,056,638	)		10,997,546			(16,535,614	)		(1,932,139	)
Net change in unrealized appreciation (depreciation) on investments		(13,244,553	)		(34,145,954	)		(3,570,628	)		(21,836,446	)
Net increase (decrease) in net assets resulting from operations		(34,320,287	)		(21,098,244	)		(19,025,763	)		(21,080,845	)
Distributions to shareholders (Note 2):
From net investment income:
Class A		-			(38,346	)		-			(209,411	)
Class L		-			(395,540	)		-			(608,423	)
Class Y		-			(7,969	)		-			(151,102	)
Class S		-			(975,004	)		-			(1,491,947	)
Class N		-			-			-			(3,391	)
Total distributions from net investment income		-			(1,416,859	)		-			(2,464,274	)
From net realized gains:
Class A		-			(561,798	)		-			(117,792	)
Class L		-			(4,438,006	)		-			(318,122	)
Class Y		-			(65,138	)		-			(61,053	)
Class S		-			(7,478,405	)		-			(723,397	)
Class N		-			(2,258	)		-			(2,351	)
Total distributions from net realized gains		-			(12,545,605	)		-			(1,222,715	)
Net fund share transactions (Note 5):
Class A		(1,465,625	)		10,886,010			(1,666,649	)		14,488,771
Class L		(16,978,921	)		83,153,257			(6,615,246	)		46,650,998
Class Y		1,511,199			1,374,820			(1,075,506	)		8,096,436
Class S		(5,679,276	)		84,800,785			3,598,681			75,765,050
Class N		5,195			50,649			83,663			212,803
Increase (decrease) in net assets from fund share transactions		(22,607,428	)		180,265,521			(5,675,057	)		145,214,058
Total increase (decrease) in net assets		(56,927,715	)		145,204,813			(24,700,820	)		120,446,224
Net assets:
Beginning of period		208,037,720			62,832,907			157,590,438			37,144,214
End of period	$	151,110,005		$	208,037,720		$	132,889,618		$	157,590,438
Undistributed net investment income (loss) (distributions in excess of net investment income) included in net assets at end of period	$	1,606,724		$	625,820		$	1,248,770		$	168,291

143

MassMutual Select Funds – Financial Statements (Continued)

Statements of Changes in Net Assets

	MassMutual Select Small Company Value Fund						MassMutual Select Mid Cap Growth Equity Fund
	Six Months Ended June 30, 2008 (Unaudited)			Year Ended December 31, 2007			Six Months Ended June 30, 2008 (Unaudited)			Year Ended December 31, 2007
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	915,871		$	2,867,717		$	(208,544	)	$	(655,310	)
Net realized gain (loss) on investment transactions		10,691,233			81,497,746			(10,459,199	)		25,569,909
Net change in unrealized appreciation (depreciation) on investments		(27,769,157	)		(89,507,740	)		(5,770,899	)		(10,050,935	)
Net increase (decrease) in net assets resulting from operations		(16,162,053	)		(5,142,277	)		(16,438,642	)		14,863,664
Distributions to shareholders (Note 2):
From net investment income:
Class A		-			-			-			-
Class L		-			(226,090	)		-			-
Class Y		-			(395,775	)		-			-
Class S		-			(1,215,583	)		-			-
Class N		-			-			-			-
Total distributions from net investment income		-			(1,837,448	)		-			-
From net realized gains:
Class A		-			(22,792,225	)		-			-
Class L		-			(16,719,318	)		-			-
Class Y		-			(17,253,196	)		-			-
Class S		-			(40,170,403	)		-			-
Class N		-			(284,405	)		-			-
Total distributions from net realized gains		-			(97,219,547	)		-			-
Tax return of capital:
Class A		-			-			-			-
Class L		-			-			-			-
Class Y		-			-			-			-
Class S		-			-			-			-
Class N		-			-			-			-
Total tax return of capital		-			-			-			-
Net fund share transactions (Note 5):
Class A		(11,559,444	)		(16,806,607	)		(4,488,333	)		(6,058,837	)
Class L		(13,825,682	)		(45,004,966	)		(4,443,886	)		1,709,977
Class Y		(7,019,837	)		(57,081,131	)		(80,844	)		(15,352,923	)
Class S		14,162,696			168,692			6,834,882			11,227,945
Class N		(16,342	)		584,433			7,582			64,171
Increase (decrease) in net assets from fund share transactions		(18,258,609	)		(118,139,579	)		(2,170,599	)		(8,409,667	)
Total increase (decrease) in net assets		(34,420,662	)		(222,338,851	)		(18,609,241	)		6,453,997
Net assets:
Beginning of period		580,688,934			803,027,785			158,572,984			152,118,987
End of period	$	546,268,272		$	580,688,934		$	139,963,743		$	158,572,984
Undistributed net investment income (loss) (distributions in excess of net investment income) included in net assets at end of period	$	1,905,469		$	989,598		$	(194,412	)	$	14,132

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

	MassMutual Select Mid Cap Growth Equity II Fund						MassMutual Select Small Cap Growth Equity Fund
	Six Months Ended June 30, 2008 (Unaudited)			Year Ended December 31, 2007			Six Months Ended June 30, 2008 (Unaudited)			Year Ended December 31, 2007
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	(3,009,490	)	$	(3,106,803	)	$	(1,199,605	)	$	(2,954,704	)
Net realized gain (loss) on investment transactions		41,401,706			158,552,378			13,610,595			48,340,326
Net change in unrealized appreciation (depreciation) on investments		(141,628,170	)		42,864,488			(94,689,111	)		16,717,053
Net increase (decrease) in net assets resulting from operations		(103,235,954	)		198,310,063			(82,278,121	)		62,102,675
Distributions to shareholders (Note 2):
From net investment income:
Class A		-			-			-			-
Class L		-			-			-			-
Class Y		-			-			-			-
Class S		-			-			-			-
Class N		-			-			-			-
Total distributions from net investment income		-			-			-			-
From net realized gains:
Class A		-			(36,959,547	)		-			(9,017,771	)
Class L		-			(49,474,103	)		-			(8,749,240	)
Class Y		-			(20,650,863	)		-			(9,907,628	)
Class S		-			(36,172,526	)		-			(27,674,469	)
Class N		-			(345,695	)		-			(88,154	)
Total distributions from net realized gains		-			(143,602,734	)		-			(55,437,262	)
Tax return of capital:
Class A		-			-			-			(15,097	)
Class L		-			-			-			(14,647	)
Class Y		-			-			-			(16,586	)
Class S		-			-			-			(46,330	)
Class N		-			-			-			(148	)
Total tax return of capital		-			-			-			(92,808	)
Net fund share transactions (Note 5):
Class A		(22,234,440	)		65,509,091			(5,682,848	)		(2,721,652	)
Class L		(48,972,000	)		(13,713,363	)		(2,264,833	)		16,524,308
Class Y		(34,486,050	)		42,180,084			(2,443,799	)		(15,502,678	)
Class S		3,463,059			167,146,897			2,998,897			56,386,035
Class N		(1,797,791	)		1,133,020			(578,313	)		109,142
Increase (decrease) in net assets from fund share transactions		(104,027,222	)		262,255,729			(7,970,896	)		54,795,155
Total increase (decrease) in net assets		(207,263,176	)		316,963,058			(90,249,017	)		61,367,760
Net assets:
Beginning of period		1,577,181,044			1,260,217,986			687,597,329			626,229,569
End of period	$	1,369,917,868		$	1,577,181,044		$	597,348,312		$	687,597,329
Undistributed net investment income (loss) (distributions in excess of net investment income) included in net assets at end of period	$	(2,969,899	)	$	39,591		$	(1,235,005	)	$	(35,400	)

145

MassMutual Select Funds – Financial Statements (Continued)

Statements of Changes in Net Assets

	MassMutual Select Small Company Growth Fund						MassMutual Select Emerging Growth Fund
	Six Months Ended June 30, 2008 (Unaudited)			Year Ended December 31, 2007			Six Months Ended June 30, 2008 (Unaudited)			Year Ended December 31, 2007
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	(303,096	)	$	(1,293,012	)	$	(128,590	)	$	(404,284	)
Net realized gain (loss) on investment transactions		(5,853,339	)		14,116,293			(7,976,373	)		18,809,362
Net change in unrealized appreciation (depreciation) on investments		(13,185,757	)		(5,797,875	)		1,533,741			(1,726,345	)
Net increase (decrease) in net assets resulting from operations		(19,342,192	)		7,025,406			(6,571,222	)		16,678,733
Distributions to shareholders (Note 2):
From net investment income:
Class A		-			-			-			-
Class L		-			-			-			-
Class Y		-			-			-			-
Class S		-			-			-			-
Class N		-			-			-			-
Total distributions from net investment income		-			-			-			-
From net realized gains:
Class A		-			(5,074,491	)		-			-
Class L		-			(3,594,466	)		-			-
Class Y		-			(947,881	)		-			-
Class S		-			(4,944,728	)		-			-
Class N		-			(38,725	)		-			-
Total distributions from net realized gains		-			(14,600,291	)		-			-
Net fund share transactions (Note 5):
Class A		(8,548,063	)		(16,582,493	)		(602,998	)		773,074
Class L		(1,217,822	)		6,299,795			(8,536,201	)		(13,296,338	)
Class Y		(2,007,305	)		(10,796,755	)		(617,882	)		601,608
Class S		(12,419,461	)		13,592,073			(6,346,540	)		(7,950,732	)
Class N		50,831			(406,714	)		-			-
Increase (decrease) in net assets from fund share transactions		(24,141,820	)		(7,894,094	)		(16,103,621	)		(19,872,388	)
Total increase (decrease) in net assets		(43,484,012	)		(15,468,979	)		(22,674,843	)		(3,193,655	)
Net assets:
Beginning of period		145,372,199			160,841,178			107,010,292			110,203,947
End of period	$	101,888,187		$	145,372,199		$	84,335,449		$	107,010,292
Undistributed net investment income (loss) (distributions in excess of net investment income) included in net assets at end of period	$	(312,864	)	$	(9,768	)	$	(137,996	)	$	(9,406	)

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

	MassMutual Select Diversified International Fund						MassMutual Select Overseas Fund
	Six Months Ended June 30, 2008 (Unaudited)			Year Ended December 31, 2007			Six Months Ended June 30, 2008 (Unaudited)			Year Ended December 31, 2007
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	4,553,135		$	2,442,931		$	14,994,975		$	19,566,697
Net realized gain (loss) on investment transactions		2,130,466			1,788,597			134,184,724			179,454,366
Net change in unrealized appreciation (depreciation) on investments		(28,965,970	)		4,924,780			(304,095,172	)		(150,398,299	)
Net increase (decrease) in net assets resulting from operations		(22,282,369	)		9,156,308			(154,915,473	)		48,622,764
Distributions to shareholders (Note 2):
From net investment income:
Class A		-			(7,175	)		-			(1,254,473	)
Class L		-			(967,004	)		-			(2,493,255	)
Class Y		-			(18,154	)		-			(1,434,230	)
Class S		-			(2,437,070	)		-			(4,847,340	)
Class N		-			(1,512	)		-			(7,944	)
Total distributions from net investment income		-			(3,430,915	)		-			(10,037,242	)
From net realized gains:
Class A		-			(7,245	)		-			(39,538,377	)
Class L		-			(964,385	)		-			(47,557,110	)
Class Y		-			(16,639	)		-			(23,624,006	)
Class S		-			(2,187,029	)		-			(72,772,515	)
Class N		-			(2,142	)		-			(463,147	)
Total distributions from net realized gains		-			(3,177,440	)		-			(183,955,155	)
Net fund share transactions (Note 5):
Class A		79,516,093			307,237			(151,818,911	)		(8,190,549	)
Class L		(4,327,601	)		46,197,986			(29,803,241	)		82,865,960
Class Y		29,438			785,032			(36,555,466	)		(72,361,455	)
Class S		13,680,007			102,248,715			(77,514,534	)		112,680,395
Class N		1,004			-			(1,509,127	)		1,071,049
Increase (decrease) in net assets from fund share transactions		88,898,941			149,538,970			(297,201,279	)		116,065,400
Total increase (decrease) in net assets		66,616,572			152,086,923			(452,116,752	)		(29,304,233	)
Net assets:
Beginning of period		163,894,082			11,807,159			1,262,200,021			1,291,504,254
End of period	$	230,510,654		$	163,894,082		$	810,083,269		$	1,262,200,021
Undistributed net investment income (loss) (distributions in excess of net investment income) included in net assets at end of period	$	2,188,177		$	(2,364,958	)	$	18,859,555		$	3,864,580

147

MassMutual Select Funds – Financial Statements (Continued)

Statements of Changes in Net Assets

	MassMutual Select Destination Retirement Income Fund						MassMutual Select Destination Retirement 2010 Fund
	Six Months Ended June 30, 2008 (Unaudited)			Year Ended December 31, 2007			Six Months Ended June 30, 2008 (Unaudited)			Year Ended December 31, 2007
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	(122,462	)	$	8,723,353		$	(233,158	)	$	6,900,555
Net realized gain (loss) on investment transactions		(2,813,566	)		10,303,300			(3,417,639	)		10,195,344
Net change in unrealized appreciation (depreciation) on investments		(5,143,112	)		(3,938,603	)		(11,872,579	)		(5,643,879	)
Net increase (decrease) in net assets resulting from operations		(8,079,140	)		15,088,050			(15,523,376	)		11,452,020
Distributions to shareholders (Note 2):
From net investment income:
Class A		-			(2,102,465	)		-			(2,596,964	)
Class L		-			(3,711,094	)		-			(2,219,045	)
Class Y		-			(4,069,662	)		-			(2,964,315	)
Class S		-			(463,900	)		-			(1,448,091	)
Class N		-			(4,701	)		-			(29,411	)
Total distributions from net investment income		-			(10,351,822	)		-			(9,257,826	)
From net realized gains:
Class A		-			(1,971,265	)		-			(2,153,507	)
Class L		-			(3,317,942	)		-			(1,733,114	)
Class Y		-			(3,908,768	)		-			(2,221,690	)
Class S		-			(417,614	)		-			(1,043,540	)
Class N		-			(4,792	)		-			(26,069	)
Total distributions from net realized gains		-			(9,620,381	)		-			(7,177,920	)
Net fund share transactions (Note 5):
Class A		(3,672,412	)		2,207,442			(7,942,156	)		19,768,857
Class L		(7,999,482	)		(3,287,601	)		984,465			13,197,609
Class Y		(19,093,582	)		(30,618,495	)		(20,010,768	)		22,995,533
Class S		16,034,799			2,142,081			19,325,331			21,342,731
Class N		(10,846	)		6,830			22,577			637,235
Increase (decrease) in net assets from fund share transactions		(14,741,523	)		(29,549,743	)		(7,620,551	)		77,941,965
Total increase (decrease) in net assets		(22,820,663	)		(34,433,896	)		(23,143,927	)		72,958,239
Net assets:
Beginning of period		246,481,772			280,915,668			250,771,219			177,812,980
End of period	$	223,661,109		$	246,481,772		$	227,627,292		$	250,771,219
Undistributed net investment income (loss) (distributions in excess of net investment income) included in net assets at end of period	$	(22,261	)	$	100,201		$	(239,769	)	$	(6,611	)

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

	MassMutual Select Destination Retirement 2020 Fund
	Six Months Ended June 30, 2008 (Unaudited)			Year Ended December 31, 2007
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	(811,327	)	$	11,864,302
Net realized gain (loss) on investment transactions		(7,856,478	)		43,494,643
Net change in unrealized appreciation (depreciation) on investments		(51,045,492	)		(22,750,270	)
Net increase (decrease) in net assets resulting from operations		(59,713,297	)		32,608,675
Distributions to shareholders (Note 2):
From net investment income:
Class A		-			(4,899,135	)
Class L		-			(8,085,546	)
Class Y		-			(4,230,289	)
Class S		-			(3,005,801	)
Class N		-			(13,430	)
Total distributions from net investment income		-			(20,234,201	)
From net realized gains:
Class A		-			(10,125,993	)
Class L		-			(16,251,846	)
Class Y		-			(7,756,854	)
Class S		-			(5,395,057	)
Class N		-			(29,186	)
Total distributions from net realized gains		-			(39,558,936	)
Net fund share transactions (Note 5):
Class A		(15,653,319	)		36,651,379
Class L		(11,577,216	)		2,703,617
Class Y		(15,266,186	)		36,084,151
Class S		31,927,612			32,946,265
Class N		70,786			227,521
Increase (decrease) in net assets from fund share transactions		(10,498,323	)		108,612,933
Total increase (decrease) in net assets		(70,211,620	)		81,428,471
Net assets:
Beginning of period		671,916,716			590,488,245
End of period	$	601,705,096		$	671,916,716
Undistributed net investment income (loss) (distributions in excess of net investment income) included in net assets at end of period	$	(837,262	)	$	(25,935	)

149

MassMutual Select Funds – Financial Statements (Continued)

Statements of Changes in Net Assets

	MassMutual Select Destination Retirement 2030 Fund						MassMutual Select Destination Retirement 2040 Fund
	Six Months Ended June 30, 2008 (Unaudited)			Year Ended December 31, 2007			Six Months Ended June 30, 2008 (Unaudited)			Year Ended December 31, 2007
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	(645,771	)	$	5,560,861		$	(348,554	)	$	2,934,978
Net realized gain (loss) on investment transactions		(4,749,401	)		46,056,627			(3,706,773	)		28,249,921
Net change in unrealized appreciation (depreciation) on investments		(48,381,806	)		(24,996,615	)		(28,148,868	)		(15,404,011	)
Net increase (decrease) in net assets resulting from operations		(53,776,978	)		26,620,873			(32,204,195	)		15,780,888
Distributions to shareholders (Note 2):
From net investment income:
Class A		-			(3,159,772	)		-			(1,457,258	)
Class L		-			(5,197,551	)		-			(3,371,322	)
Class Y		-			(2,202,763	)		-			(1,146,827	)
Class S		-			(1,698,679	)		-			(1,090,639	)
Class N		-			(6,218	)		-			(4,174	)
Total distributions from net investment income		-			(12,264,983	)		-			(7,070,220	)
From net realized gains:
Class A		-			(10,949,723	)		-			(5,542,033	)
Class L		-			(17,450,789	)		-			(12,568,601	)
Class Y		-			(6,583,965	)		-			(3,612,107	)
Class S		-			(5,194,030	)		-			(3,638,550	)
Class N		-			(23,829	)		-			(19,988	)
Total distributions from net realized gains		-			(40,202,336	)		-			(25,381,279	)
Net fund share transactions (Note 5):
Class A		(12,494,575	)		38,205,724			(4,293,865	)		22,715,904
Class L		(14,563,197	)		15,655,231			(13,332,818	)		14,744,713
Class Y		(9,022,193	)		25,916,325			(148,639	)		18,552,620
Class S		20,235,449			29,578,646			7,514,746			19,186,678
Class N		(8,097	)		133,283			(10,479	)		50,855
Increase (decrease) in net assets from fund share transactions		(15,852,613	)		109,489,209			(10,271,055	)		75,250,770
Total increase (decrease) in net assets		(69,629,591	)		83,642,763			(42,475,250	)		58,580,159
Net assets:
Beginning of period		518,956,143			435,313,380			299,994,107			241,413,948
End of period	$	449,326,552		$	518,956,143		$	257,518,857		$	299,994,107
Undistributed net investment income (loss) (distributions in excess of net investment income) included in net assets at end of period	$	(664,909	)	$	(19,138	)	$	(359,530	)	$	(10,976	)

*  Fund commenced operations on December 17, 2007.

The accompanying notes are an integral part of the financial statements.
150

	MassMutual Select Destination Retirement 2050 Fund
	Six Months Ended June 30, 2008 (Unaudited)			Period Ended December 31, 2007*
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	(5,932	)	$	49,911
Net realized gain (loss) on investment transactions		(205,770	)		-
Net change in unrealized appreciation (depreciation) on investments		(1,037,709	)		(8,482	)
Net increase (decrease) in net assets resulting from operations		(1,249,411	)		41,429
Distributions to shareholders (Note 2):
From net investment income:
Class A		-			-
Class L		-			-
Class Y		-			-
Class S		-			-
Class N		-			-
Total distributions from net investment income		-			-
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		268,387			100,100
Class L		361,906			100,100
Class Y		695,104			100,100
Class S		1,309,128			9,600,100
Class N		-			100,100
Increase (decrease) in net assets from fund share transactions		2,634,525			10,000,500
Total increase (decrease) in net assets		1,385,114			10,041,929
Net assets:
Beginning of period		10,041,929			-
End of period	$	11,427,043		$	10,041,929
Undistributed net investment income (loss) (distributions in excess of net investment income) included in net assets at end of period	$	43,979		$	49,911

151

MassMutual Select Strategic Bond Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class A
	Six months ended 6/30/08 (Unaudited)			Year ended 12/31/07			Year ended 12/31/06			Year ended 12/31/05			Period ended 12/31/04+
Net asset value, beginning of period	$	10.00		$	9.99		$	9.97		$	10.00		$	10.00
Income (loss) from investment operations:
Net investment income (loss)		0.25	***		0.46	***		0.43	***		0.33	***		-
Net realized and unrealized gain (loss) on investments		(0.28	)		(0.08	)		(0.03	)		(0.19	)		-
Total income (loss) from investment operations		(0.03	)		0.38			0.40			0.14			-
Less distributions to shareholders:
From net investment income		-			(0.37	)		(0.38	)		(0.17	)		-
Total distributions		-			(0.37	)		(0.38	)		(0.17	)		-
Net asset value, end of period	$	9.97		$	10.00		$	9.99		$	9.97		$	10.00
Total Return^		(0.40	)% **^^		3.95	% ^^		3.99	% ^^		1.37	% ^^		-	‡
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	87,227		$	82,172		$	39,420		$	20,689		$	101
Ratio of expenses to average daily net assets:
Before expense waiver		1.11	% *		1.09	%		1.11	%		1.21	%		-	‡
After expense waiver		1.05	% *#		1.00	% #		0.96	% #		1.00	% #		-	‡
Net investment income (loss) to average daily net assets		5.01	% *		4.59	%		4.28	%		3.25	%		-	‡
Portfolio turnover rate		59	% **		248	%		162	%		566	%		-	‡
	Class L
	Six months ended 6/30/08 (Unaudited)			Year ended 12/31/07			Year ended 12/31/06			Year ended 12/31/05			Period ended 12/31/04+
Net asset value, beginning of period	$	10.03		$	10.01		$	9.98		$	10.00		$	10.00
Income (loss) from investment operations:
Net investment income (loss)		0.26	***		0.49	***		0.46	***		0.39	***		-
Net realized and unrealized gain (loss) on investments		(0.28	)		(0.08	)		(0.03	)		(0.23	)		-
Total income (loss) from investment operations		(0.02	)		0.41			0.43			0.16			-
Less distributions to shareholders:
From net investment income		-			(0.39	)		(0.40	)		(0.18	)		-
Total distributions		-			(0.39	)		(0.40	)		(0.18	)		-
Net asset value, end of period	$	10.01		$	10.03		$	10.01		$	9.98		$	10.00
Total Return^		(0.30	)% **		4.23	%		4.31	%		1.57	%		-	‡
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	32,546		$	29,782		$	17,942		$	3,933		$	101
Ratio of expenses to average daily net assets:
Before expense waiver		0.86	% *		0.84	%		0.86	%		0.96	%		-	‡
After expense waiver		0.80	% *#		0.75	% #		0.71	% #		0.75	% #		-	‡
Net investment income (loss) to average daily net assets		5.26	% *		4.83	%		4.53	%		3.82	%		-	‡
Portfolio turnover rate		59	% **		248	%		162	%		566	%		-	‡

*  Annualized.

**  Percentage represents the 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.

^  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.

^^  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.
152

MassMutual Select Strategic Bond Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class Y
	Six months ended 6/30/08 (Unaudited)			Year ended 12/31/07			Year ended 12/31/06			Year ended 12/31/05			Period ended 12/31/04+
Net asset value, beginning of period	$	10.04		$	10.02		$	9.98		$	10.00		$	10.00
Income (loss) from investment operations:
Net investment income (loss)		0.27	***		0.49	***		0.46	***		0.37	***		-
Net realized and unrealized gain (loss) on investments		(0.28	)		(0.08	)		(0.03	)		(0.21	)		-
Total income (loss) from investment operations		(0.01	)		0.41			0.43			0.16			-
Less distributions to shareholders:
From net investment income		-			(0.39	)		(0.39	)		(0.18	)		-
Total distributions		-			(0.39	)		(0.39	)		(0.18	)		-
Net asset value, end of period	$	10.03		$	10.04		$	10.02		$	9.98		$	10.00
Total Return^		(0.20	)% **		4.26	%		4.38	%		1.57	%		-	‡
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	143,053		$	150,260		$	109,603		$	59,396		$	101
Ratio of expenses to average daily net assets:
Before expense waiver		0.71	% *		0.69	%		0.70	%		0.81	%		-	‡
After expense waiver		N/A			N/A			N/A			0.75	% #		-	‡
Net investment income (loss) to average daily net assets		5.35	% *		4.87	%		4.53	%		3.64	%		-	‡
Portfolio turnover rate		59	% **		248	%		162	%		566	%		-	‡
	Class S
	Six months ended 6/30/08 (Unaudited)			Year ended 12/31/07			Year ended 12/31/06			Year ended 12/31/05			Period ended 12/31/04+
Net asset value, beginning of period	$	10.04		$	10.02		$	9.99		$	10.00		$	10.00
Income (loss) from investment operations:
Net investment income (loss)		0.27	***		0.50	***		0.46	***		0.33	***		-
Net realized and unrealized gain (loss) on investments		(0.28	)		(0.08	)		(0.03	)		(0.16	)		-
Total income (loss) from investment operations		(0.01	)		0.42			0.43			0.17			-
Less distributions to shareholders:
From net investment income		-			(0.40	)		(0.40	)		(0.18	)		-
Total distributions		-			(0.40	)		(0.40	)		(0.18	)		-
Net asset value, end of period	$	10.03		$	10.04		$	10.02		$	9.99		$	10.00
Total Return^		(0.20	)% **		4.32	%		4.31	%		1.65	%		-	‡
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	51,009		$	104,158		$	71,375		$	62,533		$	49,596
Ratio of expenses to average daily net assets:
Before expense waiver		0.66	% *		0.64	%		0.65	%		0.76	%		-	‡
After expense waiver		N/A			N/A			N/A			0.70	% #		-	‡
Net investment income (loss) to average daily net assets		5.29	% *		4.93	%		4.56	%		3.23	%		-	‡
Portfolio turnover rate		59	% **		248	%		162	%		566	%		-	‡

*  Annualized.

**  Percentage represents the 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.

^  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 accompanying notes are an integral part of the financial statements.
153

MassMutual Select Strategic Bond Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class N
	Six months ended 6/30/08 (Unaudited)			Year ended 12/31/07			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		$	9.96		$	10.00		$	10.00
Income (loss) from investment operations:
Net investment income (loss)		0.23	***		0.43	***		0.40	***		0.28	***		-
Net realized and unrealized gain (loss) on investments		(0.28	)		(0.08	)		(0.03	)		(0.18	)		-
Total income (loss) from investment operations		(0.05	)		0.35			0.37			0.10			-
Less distributions to shareholders:
From net investment income		-			(0.35	)		(0.37	)		(0.14	)		-
Total distributions		-			(0.35	)		(0.37	)		(0.14	)		-
Net asset value, end of period	$	9.91		$	9.96		$	9.96		$	9.96		$	10.00
Total Return^		(0.60	)% **^^		3.62	% ^^		3.73	% ^^		0.99	% ^^		-	‡
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	1,140		$	3,560		$	2,040		$	208		$	101
Ratio of expenses to average daily net assets:
Before expense waiver		1.41	% *		1.39	%		1.41	%		1.51	%		-	‡
After expense waiver		1.33	% *#		1.30	% #		1.26	% #		1.30	% #		-	‡
Net investment income (loss) to average daily net assets		4.53	% *		4.28	%		3.99	%		2.78	%		-	‡
Portfolio turnover rate		59	% **		248	%		162	%		566	%		-	‡

*  Annualized.

**  Percentage represents the 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.

^  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.

^^  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.
154

MassMutual Select Strategic Balanced Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class A
	Six months ended 6/30/08 (Unaudited)			Year ended 12/31/07			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	$	10.86		$	11.42		$	10.56		$	10.45		$	10.00		$	10.00
Income (loss) from investment operations:
Net investment income (loss)		0.15	***		0.26	***		0.24	***		0.15	***		0.11	***		-
Net realized and unrealized gain (loss) on investments		(0.88	)		(0.01	)		0.97			0.20			0.42			-
Total income (loss) from investment operations		(0.73	)		0.25			1.21			0.35			0.53			-
Less distributions to shareholders:
From net investment income		-			(0.25	)		(0.24	)		(0.18	)		(0.08	)		-
From net realized gains		-			(0.56	)		(0.11	)		(0.06	)		-			-
Total distributions		-			(0.81	)		(0.35	)		(0.24	)		(0.08	)		-
Net asset value, end of period	$	10.13		$	10.86		$	11.42		$	10.56		$	10.45		$	10.00
Total Return^		(6.81	)%**^^		2.20	% ^^		11.54	% ^^		3.33	% ^^		5.34	% ^^		-
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	20,174		$	27,308		$	32,130		$	26,267		$	32,987		$	1
Ratio of expenses to average daily net assets:
Before expense waiver		1.26	% *		1.24	%		1.23	%		1.23	%		1.24	%		-	‡
After expense waiver		N/A			N/A ##			1.21	% #		1.21	% #		1.21	% #^^^		-	‡
Net investment income (loss) to average daily net assets		2.84	% *		2.25	%		2.16	%		1.40	%		1.10	%		-	‡
Portfolio turnover rate		42	% **		113	%		85	%		211	%		129	%		-	‡
	Class L
	Six months ended 6/30/08 (Unaudited)			Year ended 12/31/07			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	$	10.88		$	11.45		$	10.58		$	10.48		$	10.00		$	10.00
Income (loss) from investment operations:
Net investment income (loss)		0.16	***		0.29	***		0.26	***		0.18	***		0.13	***		-
Net realized and unrealized gain (loss) on investments		(0.89	)		(0.02	)		0.98			0.20			0.43			-
Total income (loss) from investment operations		(0.73	)		0.27			1.24			0.38			0.56			-
Less distributions to shareholders:
From net investment income		-			(0.28	)		(0.26	)		(0.22	)		(0.08	)		-
From net realized gains		-			(0.56	)		(0.11	)		(0.06	)		-			-
Total distributions		-			(0.84	)		(0.37	)		(0.28	)		(0.08	)		-
Net asset value, end of period	$	10.15		$	10.88		$	11.45		$	10.58		$	10.48		$	10.00
Total Return^		(6.71	)% **		2.42	%		11.73	%		3.63	%		5.62	%		-	‡
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	63,481		$	78,846		$	94,872		$	101,151		$	104,995		$	1
Ratio of expenses to average daily net assets:
Before expense waiver		1.01	% *		0.99	%		0.98	%		0.98	%		0.98	%		-	‡
After expense waiver		N/A			N/A ##			0.96	% #		0.96	% #		0.96	%#^^^		-	‡
Net investment income (loss) to average daily net assets		3.12	% *		2.50	%		2.39	%		1.68	%		1.28	%		-	‡
Portfolio turnover rate		42	% **		113	%		85	%		211	%		129	%		-	‡

*  Annualized.

**  Percentage represents the 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.

##  Amount waived had no impact on the ratio of expenses to average daily net assets.

^  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.

^^  Total return excludes sales charges and would be lower for the period presented if it reflected these charges.

^^^  The Fund has entered into agreements 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.
155

MassMutual Select Strategic Balanced Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class Y
	Six months ended 6/30/08 (Unaudited)			Year ended 12/31/07			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	$	10.86		$	11.45		$	10.58		$	10.48		$	10.00		$	10.00
Income (loss) from investment operations:
Net investment income (loss)		0.17	***		0.31	***		0.28	***		0.19	***		0.14	***		-
Net realized and unrealized gain (loss) on investments		(0.88	)		(0.02	)		0.98			0.20			0.43			-
Total income (loss) from investment operations		(0.71	)		0.29			1.26			0.39			0.57			-
Less distributions to shareholders:
From net investment income		-			(0.32	)		(0.28	)		(0.23	)		(0.09	)		-
From net realized gains		-			(0.56	)		(0.11	)		(0.06	)		-			-
Total distributions		-			(0.88	)		(0.39	)		(0.29	)		(0.09	)		-
Net asset value, end of period	$	10.15		$	10.86		$	11.45		$	10.58		$	10.48		$	10.00
Total Return^		(6.62	)% **		2.68	%		11.90	%		3.76	%		5.74	%		-	‡
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	54,151		$	78,883		$	95,028		$	78,145		$	99,246		$	1
Ratio of expenses to average daily net assets:
Before expense waiver		0.86	% *		0.84	%		0.83	%		0.83	%		0.83	%		-	‡
After expense waiver		N/A			N/A ##			0.81	% #		0.81	% #		0.81	%#^^^		-	‡
Net investment income (loss) to average daily net assets		3.25	% *		2.64	%		2.54	%		1.82	%		1.41	%		-	‡
Portfolio turnover rate		42	% **		113	%		85	%		211	%		129	%		-	‡
	Class S
	Six months ended 6/30/08 (Unaudited)			Year ended 12/31/07			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	$	10.85		$	11.45		$	10.58		$	10.49		$	10.00		$	10.00
Income (loss) from investment operations:
Net investment income (loss)		0.17	***		0.32	***		0.29	***		0.20	***		0.12	***		-
Net realized and unrealized gain (loss) on investments		(0.89	)		(0.02	)		0.98			0.19			0.47			-
Total income (loss) from investment operations		(0.72	)		0.30			1.27			0.39			0.59			-
Less distributions to shareholders:
From net investment income		-			(0.34	)		(0.29	)		(0.24	)		(0.10	)		-
From net realized gains		-			(0.56	)		(0.11	)		(0.06	)		-			-
Total distributions		-			(0.90	)		(0.40	)		(0.30	)		(0.10	)		-
Net asset value, end of period	$	10.13		$	10.85		$	11.45		$	10.58		$	10.49		$	10.00
Total Return^		(6.54	)% **		2.69	%		11.97	%		3.85	%		5.76	%		-	‡
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	13,890		$	29,026		$	23,044		$	15,026		$	13,159		$	10,001
Ratio of expenses to average daily net assets:
Before expense waiver		0.81	% *		0.79	%		0.78	%		0.78	%		0.84	%		-	‡
After expense waiver		N/A			N/A ##			0.76	% #		0.76	% #		0.76	%^^^#		-	‡
Net investment income (loss) to average daily net assets		3.26	% *		2.74	%		2.60	%		1.90	%		1.18	%		-	‡
Portfolio turnover rate		42	% **		113	%		85	%		211	%		129	%		-	‡

*  Annualized.

**  Percentage represents the 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.

##  Amount waived had no impact on the ratio of expenses to average daily net assets.

^  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 Fund has entered into agreements 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.
156

MassMutual Select Strategic Balanced Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class N
	Six months ended 6/30/08 (Unaudited)			Year ended 12/31/07			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		$	11.41		$	10.56		$	10.46		$	10.00		$	10.00
Income (loss) from investment operations:
Net investment income (loss)		0.13	***		0.23	***		0.20	***		0.12	***		0.08	***		-
Net realized and unrealized gain (loss) on investments		(0.88	)		(0.02	)		0.97			0.21			0.42			-
Total income (loss) from investment operations		(0.75	)		0.21			1.17			0.33			0.50			-
Less distributions to shareholders:
From net investment income		-			(0.24	)		(0.21	)		(0.17	)		(0.04	)		-
From net realized gains		-			(0.56	)		(0.11	)		(0.06	)		-			-
Total distributions		-			(0.80	)		(0.32	)		(0.23	)		(0.04	)		-
Net asset value, end of period	$	10.07		$	10.82		$	11.41		$	10.56		$	10.46		$	10.00
Total Return^		(6.93	)%**^^		1.87	% ^^		11.21	% ^^		3.02	% ^^		5.02	% ^^		-	‡
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	540		$	894		$	572		$	419		$	422		$	1
Ratio of expenses to average daily net assets:
Before expense waiver		1.56	% *		1.54	%		1.53	%		1.53	%		1.55	%		-	‡
After expense waiver		N/A			N/A ##			1.51	% #		1.51	% #		1.51	%#^^^		-	‡
Net investment income (loss) to average daily net assets		2.50	% *		1.99	%		1.83	%		1.13	%		0.78	%		-	‡
Portfolio turnover rate		42	% **		113	%		85	%		211	%		129	%		-	‡

*  Annualized.

**  Percentage represents the 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.

##  Amount waived had no impact on the ratio of expenses to average daily net assets.

^  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.

^^  Total return excludes sales charges and would be lower for the period presented if it reflected these charges.

^^^  The Fund has entered into agreements 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.
157

MassMutual Select Diversified Value Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class A
	Six months ended 6/30/08 (Unaudited)			Year ended 12/31/07				Year ended 12/31/06			Year ended 12/31/05			Period ended 12/31/04+
Net asset value, beginning of period	$	12.02		$	13.08			$	11.26		$	10.93		$	10.00
Income (loss) from investment operations:
Net investment income (loss)		0.11	***		0.22	***			0.20	***		0.14	***		0.04	***
Net realized and unrealized gain (loss) on investments		(2.20	)		(0.59	)			2.20			0.54			0.94
Total income (loss) from investment operations		(2.09	)		(0.37	)			2.40			0.68			0.98
Less distributions to shareholders:
From net investment income		-			(0.21	)			(0.17	)		(0.12	)		(0.04	)
From net realized gains		-			(0.48	)			(0.41	)		(0.23	)		(0.01	)
Total distributions		-			(0.69	)			(0.58	)		(0.35	)		(0.05	)
Net asset value, end of period	$	9.93		$	12.02			$	13.08		$	11.26		$	10.93
Total Return^		(17.47	)% **^^		(2.90	)% ^^			21.41	% ^^		6.23	% ^^		9.83	% **^^
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	86,220		$	108,293			$	82,361		$	29,953		$	4,998
Ratio of expenses to average daily net assets:
Before expense waiver		1.09	% *		1.08	%			1.08	%		1.09	%		1.15	% *
After expense waiver		N/A			N/A				N/A			N/A			1.09	% *#
Net investment income (loss) to average daily net assets		1.93	% *		1.64	%			1.58	%		1.27	%		1.99	% *
Portfolio turnover rate		8	% **		17	%			15	%		16	%		5	% **
	Class L
	Six months ended 6/30/08 (Unaudited)			Year ended 12/31/07				Year ended 12/31/06			Year ended 12/31/05			Period ended 12/31/04+
Net asset value, beginning of period	$	12.07		$	13.13			$	11.28		$	10.93		$	10.00
Income (loss) from investment operations:
Net investment income (loss)		0.12	***		0.26	***			0.23	***		0.17	***		0.05	***
Net realized and unrealized gain (loss) on investments		(2.21	)		(0.61	)	��		2.22			0.54			0.94
Total income (loss) from investment operations		(2.09	)		(0.35	)			2.45			0.71			0.99
Less distributions to shareholders:
From net investment income		-			(0.23	)			(0.19	)		(0.13	)		(0.05	)
From net realized gains		-			(0.48	)			(0.41	)		(0.23	)		(0.01	)
Total distributions		-			(0.71	)			(0.60	)		(0.36	)		(0.06	)
Net asset value, end of period	$	9.98		$	12.07			$	13.13		$	11.28		$	10.93
Total Return^		(17.32	)% **		(2.67	)%			21.82	%		6.42	%		9.99	% **
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	69,304		$	86,154			$	57,853		$	29,455		$	20,480
Ratio of expenses to average daily net assets:
Before expense waiver		0.80	% *		0.79	%			0.79	%		0.80	%		0.86	% *
After expense waiver		N/A			N/A				N/A			N/A			0.80	% *#
Net investment income (loss) to average daily net assets		2.22	% *		1.93	%			1.84	%		1.55	%		2.28	% *
Portfolio turnover rate		8	% **		17	%			15	%		16	%		5	% **

*  Annualized.

**  Percentage represents the 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.

^  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.

^^  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.
158

MassMutual Select Diversified Value Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class Y
	Six months ended 6/30/08 (Unaudited)			Year ended 12/31/07			Year ended 12/31/06			Year ended 12/31/05			Period ended 12/31/04+
Net asset value, beginning of period	$	12.07		$	13.12		$	11.27		$	10.93		$	10.00
Income (loss) from investment operations:
Net investment income (loss)		0.13	***		0.27	***		0.24	***		0.19	***		0.05	***
Net realized and unrealized gain (loss) on investments		(2.21	)		(0.59	)		2.22			0.53			0.94
Total income (loss) from investment operations		(2.08	)		(0.32	)		2.46			0.72			0.99
Less distributions to shareholders:
From net investment income		-			(0.25	)		(0.20	)		(0.15	)		(0.05	)
From net realized gains		-			(0.48	)		(0.41	)		(0.23	)		(0.01	)
Total distributions		-			(0.73	)		(0.61	)		(0.38	)		(0.06	)
Net asset value, end of period	$	9.99		$	12.07		$	13.12		$	11.27		$	10.93
Total Return^		(17.23	)% **		(2.51	)%		21.92	%		6.61	%		9.91	% **
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	101,399		$	132,425		$	142,836		$	56,761		$	1,273
Ratio of expenses to average daily net assets:
Before expense waiver		0.69	% *		0.68	%		0.68	%		0.69	%		0.75	% *
After expense waiver		N/A			N/A			N/A			N/A			0.69	% *#
Net investment income (loss) to average daily net assets		2.33	% *		2.01	%		1.95	%		1.70	%		2.39	% *
Portfolio turnover rate		8	% **		17	%		15	%		16	%		5	% **
	Class S
	Six months ended 6/30/08 (Unaudited)			Year ended 12/31/07			Year ended 12/31/06			Year ended 12/31/05			Period ended 12/31/04+
Net asset value, beginning of period	$	12.09		$	13.14		$	11.28		$	10.94		$	10.00
Income (loss) from investment operations:
Net investment income (loss)		0.13	***		0.28	***		0.25	***		0.19	***		0.06	***
Net realized and unrealized gain (loss) on investments		(2.21	)		(0.59	)		2.23			0.53			0.94
Total income (loss) from investment operations		(2.08	)		(0.31	)		2.48			0.72			1.00
Less distributions to shareholders:
From net investment income		-			(0.26	)		(0.21	)		(0.15	)		(0.05	)
From net realized gains		-			(0.48	)		(0.41	)		(0.23	)		(0.01	)
Total distributions		-			(0.74	)		(0.62	)		(0.38	)		(0.06	)
Net asset value, end of period	$	10.01		$	12.09		$	13.14		$	11.28		$	10.94
Total Return^		(17.20	)% **		(2.39	)%		22.08	%		6.59	%		10.03	% **
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	232,041		$	316,945		$	246,598		$	186,641		$	173,341
Ratio of expenses to average daily net assets:
Before expense waiver		0.59	% *		0.58	%		0.58	%		0.59	%		0.65	% *
After expense waiver		N/A			N/A			N/A			N/A			0.59	% *#
Net investment income (loss) to average daily net assets		2.42	% *		2.12	%		2.02	%		1.75	%		2.49	% *
Portfolio turnover rate		8	% **		17	%		15	%		16	%		5	% **

*  Annualized.

**  Percentage represents the 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.

^  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 accompanying notes are an integral part of the financial statements.
159

MassMutual Select Diversified Value Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class N
	Six months ended 6/30/08 (Unaudited)			Year ended 12/31/07			Year ended 12/31/06			Year ended 12/31/05			Period ended 12/31/04+
Net asset value, beginning of period	$	12.02		$	13.09		$	11.28		$	10.94		$	10.00
Income (loss) from investment operations:
Net investment income (loss)		0.09	***		0.18	***		0.16	***		0.11	***		0.04	***
Net realized and unrealized gain (loss) on investments		(2.20	)		(0.60	)		2.21			0.52			0.94
Total income (loss) from investment operations		(2.11	)		(0.42	)		2.37			0.63			0.98
Less distributions to shareholders:
From net investment income		-			(0.17	)		(0.15	)		(0.06	)		(0.03	)
From net realized gains		-			(0.48	)		(0.41	)		(0.23	)		(0.01	)
Total distributions		-			(0.65	)		(0.56	)		(0.29	)		(0.04	)
Net asset value, end of period	$	9.91		$	12.02		$	13.09		$	11.28		$	10.94
Total Return^		(17.62	)% **^^		(3.15	)% ^^		21.11	% ^^		5.77	% ^^		9.84	% **^^
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	879		$	2,486		$	1,547		$	147		$	187
Ratio of expenses to average daily net assets:
Before expense waiver		1.39	% *		1.39	%		1.39	%		1.40	%		1.46	% *
After expense waiver		N/A			N/A			N/A			N/A			1.40	% *#
Net investment income (loss) to average daily net assets		1.61	% *		1.33	%		1.30	%		0.95	%		1.63	% *
Portfolio turnover rate		8	% **		17	%		15	%		16	%		5	% **

*  Annualized.

**  Percentage represents the 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.

^  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.

^^  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.
160

MassMutual Select Fundamental Value Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class A
	Six months ended 6/30/08 (Unaudited)			Year ended 12/31/07			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	$	11.76		$	12.28		$	11.14		$	10.75		$	10.01		$	7.79
Income (loss) from investment operations:
Net investment income (loss)		0.07	***		0.12	***		0.11	***		0.11	***		0.10	***		0.10	***
Net realized and unrealized gain (loss) on investments		(1.22	)		0.84			2.16			0.65			0.84			2.19
Total income (loss) from investment operations		(1.15	)		0.96			2.27			0.76			0.94			2.29
Less distributions to shareholders:
From net investment income		-			(0.11	)		(0.11	)		(0.11	)		(0.09	)		(0.07	)
From net realized gains		-			(1.37	)		(1.02	)		(0.26	)		(0.11	)		-
Total distributions		-			(1.48	)		(1.13	)		(0.37	)		(0.20	)		(0.07	)
Net asset value, end of period	$	10.61		$	11.76		$	12.28		$	11.14		$	10.75		$	10.01
Total Return^		(9.78	)%**^^		7.93	% ^^		20.54	% ^^		7.08	% ^^		9.34	% ^^		29.43	%
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	242,470		$	283,159		$	310,438		$	252,362		$	214,886		$	129,552
Ratio of expenses to average daily net assets:
Before expense waiver		1.24	% *		1.23	%		1.23	%		1.23	%		1.23	%		1.24	%
After expense waiver		N/A			N/A			N/A			N/A			1.22	%#^^^		1.22	%#^^^
Net investment income (loss) to average daily net assets		1.26	% *		0.94	%		0.92	%		0.97	%		0.96	%		1.18	%
Portfolio turnover rate		28	% **		37	%		43	%		33	%		31	%		28	%
	Class L
	Six months ended 6/30/08 (Unaudited)			Year ended 12/31/07			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	$	11.82		$	12.33		$	11.17		$	10.78		$	10.03		$	7.81
Income (loss) from investment operations:
Net investment income (loss)		0.08	***		0.15	***		0.14	***		0.14	***		0.12	***		0.13	***
Net realized and unrealized gain (loss) on investments		(1.22	)		0.85			2.18			0.64			0.85			2.18
Total income (loss) from investment operations		(1.14	)		1.00			2.32			0.78			0.97			2.31
Less distributions to shareholders:
From net investment income		-			(0.14	)		(0.14	)		(0.13	)		(0.11	)		(0.09	)
From net realized gains		-			(1.37	)		(1.02	)		(0.26	)		(0.11	)		-
Total distributions		-			(1.51	)		(1.16	)		(0.39	)		(0.22	)		(0.09	)
Net asset value, end of period	$	10.68		$	11.82		$	12.33		$	11.17		$	10.78		$	10.03
Total Return^		(9.64	)% **		8.22	%		20.90	%		7.28	%		9.65	%		29.56	%
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	226,153		$	264,796		$	298,276		$	231,639		$	236,583		$	133,178
Ratio of expenses to average daily net assets:
Before expense waiver		0.98	% *		0.98	%		0.98	%		0.98	%		0.98	%		0.99	%
After expense waiver		N/A			N/A			N/A			N/A			0.97	%#^^^		0.97	%#^^^
Net investment income (loss) to average daily net assets		1.52	% *		1.18	%		1.18	%		1.23	%		1.21	%		1.44	%
Portfolio turnover rate		28	% **		37	%		43	%		33	%		31	%		28	%

*  Annualized.

**  Percentage represents the 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.

#  Computed after giving effect to an agreement by MassMutual to waive certain fees and expenses of the Fund.

^  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.

^^  Total return excludes sales charges and would be lower for the period presented if it reflected these charges.

^^^  The Fund has entered into agreements 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.
161

MassMutual Select Fundamental Value Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class Y
	Six months ended 6/30/08 (Unaudited)			Year ended 12/31/07			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	$	11.84		$	12.34		$	11.19		$	10.78		$	10.03		$	7.80
Income (loss) from investment operations:
Net investment income (loss)		0.09	***		0.17	***		0.16	***		0.15	***		0.14	***		0.14	***
Net realized and unrealized gain (loss) on investments		(1.22	)		0.86			2.17			0.66			0.84			2.19
Total income (loss) from investment operations		(1.13	)		1.03			2.33			0.81			0.98			2.33
Less distributions to shareholders:
From net investment income		-			(0.16	)		(0.16	)		(0.14	)		(0.12	)		(0.10	)
From net realized gains		-			(1.37	)		(1.02	)		(0.26	)		(0.11	)		-
Total distributions		-			(1.53	)		(1.18	)		(0.40	)		(0.23	)		(0.10	)
Net asset value, end of period	$	10.71		$	11.84		$	12.34		$	11.19		$	10.78		$	10.03
Total Return^		(9.54	)%**		8.37	%		21.05	%		7.55	%		9.78	%		29.82	%
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	105,314		$	135,962		$	134,485		$	85,569		$	120,769		$	82,989
Ratio of expenses to average daily net assets:
Before expense waiver		0.83	% *		0.83	%		0.83	%		0.83	%		0.83	%		0.84	%
After expense waiver		N/A			N/A			N/A			N/A			0.82	%#^^^		0.82	%#^^^
Net investment income (loss) to average daily net assets		1.66	% *		1.33	%		1.32	%		1.35	%		1.35	%		1.60	%
Portfolio turnover rate		28	% **		37	%		43	%		33	%		31	%		28	%
	Class S
	Six months ended 6/30/08 (Unaudited)			Year ended 12/31/07			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	$	11.85		$	12.36		$	11.20		$	10.80		$	10.05		$	7.81
Income (loss) from investment operations:
Net investment income (loss)		0.09	***		0.18	***		0.17	***		0.16	***		0.14	***		0.14	***
Net realized and unrealized gain (loss) on investments		(1.22	)		0.85			2.17			0.66			0.85			2.20
Total income (loss) from investment operations		(1.13	)		1.03			2.34			0.82			0.99			2.34
Less distributions to shareholders:
From net investment income		-			(0.17	)		(0.16	)		(0.16	)		(0.13	)		(0.10	)
From net realized gains		-			(1.37	)		(1.02	)		(0.26	)		(0.11	)		-
Total distributions		-			(1.54	)		(1.18	)		(0.42	)		(0.24	)		(0.10	)
Net asset value, end of period	$	10.72		$	11.85		$	12.36		$	11.20		$	10.80		$	10.05
Total Return^		(9.61	)%**		8.50	%		21.06	%		7.57	%		9.80	%		29.97	%
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	490,809		$	560,524		$	540,185		$	418,271		$	325,701		$	228,535
Ratio of expenses to average daily net assets:
Before expense waiver		0.80	% *		0.79	%		0.79	%		0.79	%		0.79	%		0.80	%
After expense waiver		N/A			N/A			N/A			N/A			0.78	%#^^^		0.78	%#^^^
Net investment income (loss) to average daily net assets		1.70	% *		1.38	%		1.37	%		1.41	%		1.40	%		1.63	%
Portfolio turnover rate		28	% **		37	%		43	%		33	%		31	%		28	%

*  Annualized.

**  Percentage represents the 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.

#  Computed after giving effect to an agreement by MassMutual to waive certain fees and expenses of the Fund.

^  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 Fund has entered into agreements 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.
162

MassMutual Select Fundamental Value Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class N
	Six months ended 6/30/08 (Unaudited)			Year ended 12/31/07			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	$	11.66		$	12.20		$	11.07		$	10.69		$	9.94		$	7.76
Income (loss) from investment operations:
Net investment income (loss)		0.05	***		0.08	***		0.07	***		0.07	***		0.07	***		0.08	***
Net realized and unrealized gain (loss) on investments		(1.20	)		0.85			2.14			0.65			0.84			2.17
Total income (loss) from investment operations		(1.15	)		0.93			2.21			0.72			0.91			2.25
Less distributions to shareholders:
From net investment income		-			(0.10	)		(0.06	)		(0.08	)		(0.05	)		(0.07	)
From net realized gains		-			(1.37	)		(1.02	)		(0.26	)		(0.11	)		-
Total distributions		-			(1.47	)		(1.08	)		(0.34	)		(0.16	)		(0.07	)
Net asset value, end of period	$	10.51		$	11.66		$	12.20		$	11.07		$	10.69		$	9.94
Total Return^		(9.86	)%**^^		7.68	% ^^		20.09	% ^^		6.76	% ^^		9.10	% ^^		29.03	% ^^
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	2,371		$	2,807		$	1,667		$	1,998		$	1,644		$	1,968
Ratio of expenses to average daily net assets:
Before expense waiver		1.53	% *		1.53	%		1.53	%		1.53	%		1.53	%		1.54	%
After expense waiver		N/A			N/A			N/A			N/A			1.52	%#^^^		1.52	%#^^^
Net investment income (loss) to average daily net assets		0.96	% *		0.65	%		0.62	%		0.67	%		0.65	%		0.83	%
Portfolio turnover rate		28	% **		37	%		43	%		33	%		31	%		28	%

*  Annualized.

**  Percentage represents the 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.

#  Computed after giving effect to an agreement by MassMutual to waive certain fees and expenses of the Fund.

^  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.

^^  Total return excludes sales charges and would be lower for the period presented if it reflected these charges.

^^^  The Fund has entered into agreements 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.
163

MassMutual Select Value Equity Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class A
	Six months ended 6/30/08 (Unaudited)			Year ended 12/31/07			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	$	9.08		$	10.07		$	10.49		$	10.48		$	9.55		$	7.66
Income (loss) from investment operations:
Net investment income (loss)		0.05	***		0.08	***		0.07	***		0.04	***		0.07	***		0.08	***
Net realized and unrealized gain (loss) on investments		(1.34	)		0.26			1.25			1.02			1.16			1.91
Total income (loss) from investment operations		(1.29	)		0.34			1.32			1.06			1.23			1.99
Less distributions to shareholders:
From net investment income		-			(0.08	)		(0.06	)		(0.04	)		(0.07	)		(0.10	)
From net realized gains		-			(1.25	)		(1.68	)		(1.01	)		(0.23	)		-
Total distributions		-			(1.33	)		(1.74	)		(1.05	)		(0.30	)		(0.10	)
Net asset value, end of period	$	7.79		$	9.08		$	10.07		$	10.49		$	10.48		$	9.55
Total Return^		(14.21	)%**^^		3.45	% ^^		12.83	% ^^		10.16	% ^^		12.91	% ^^		25.96	%
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	13,602		$	19,179		$	28,143		$	28,829		$	25,523		$	21,341
Ratio of expenses to average daily net assets:
Before expense waiver		1.32	% *		1.31	%		1.31	%		1.30	%		1.33	%		1.29	%
After expense waiver		N/A			N/A			N/A			N/A			1.29	%#^^^		1.27	%#^^^
Net investment income (loss) to average daily net assets		1.17	% *		0.76	%		0.65	%		0.36	%		0.69	%		0.99	%
Portfolio turnover rate		98	% **		145	%		177	%		94	%		161	%		66	%
	Class L
	Six months ended 6/30/08 (Unaudited)			Year ended 12/31/07			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	$	9.08		$	10.08		$	10.51		$	10.50		$	9.57		$	7.67
Income (loss) from investment operations:
Net investment income (loss)		0.06	***		0.11	***		0.10	***		0.06	***		0.09	***		0.10	***
Net realized and unrealized gain (loss) on investments		(1.34	)		0.25			1.25			1.02			1.17			1.92
Total income (loss) from investment operations		(1.28	)		0.36			1.35			1.08			1.26			2.02
Less distributions to shareholders:
From net investment income		-			(0.11	)		(0.10	)		(0.06	)		(0.10	)		(0.12	)
From net realized gains		-			(1.25	)		(1.68	)		(1.01	)		(0.23	)		-
Total distributions		-			(1.36	)		(1.78	)		(1.07	)		(0.33	)		(0.12	)
Net asset value, end of period	$	7.80		$	9.08		$	10.08		$	10.51		$	10.50		$	9.57
Total Return^		(14.10	)% **		3.70	%		13.06	%		10.39	%		13.16	%		26.34	%
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	11,386		$	12,234		$	12,075		$	8,753		$	7,461		$	6,313
Ratio of expenses to average daily net assets:
Before expense waiver		1.07	% *		1.06	%		1.06	%		1.05	%		1.08	%		1.04	%
After expense waiver		N/A			N/A			N/A			N/A			1.04	%#^^^		1.02	%#^^^
Net investment income (loss) to average daily net assets		1.43	% *		1.04	%		0.93	%		0.60	%		0.94	%		1.24	%
Portfolio turnover rate		98	% **		145	%		177	%		94	%		161	%		66	%

*  Annualized.

**  Percentage represents the 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.

#  Computed after giving effect to an agreement by MassMutual to waive certain fees and expenses of the Fund.

^  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.

^^  Total return excludes sales charges and would be lower for the period presented if it reflected these charges.

^^^  The Fund has entered into agreements 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.
164

MassMutual Select Value Equity Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class Y
	Six months ended 6/30/08 (Unaudited)			Year ended 12/31/07			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	$	9.15		$	10.14		$	10.55		$	10.54		$	9.59		$	7.68
Income (loss) from investment operations:
Net investment income (loss)		0.07	***		0.12	***		0.12	***		0.08	***		0.10	***		0.12	***
Net realized and unrealized gain (loss) on investments		(1.36	)		0.26			1.26			1.02			1.19			1.91
Total income (loss) from investment operations		(1.29	)		0.38			1.38			1.10			1.29			2.03
Less distributions to shareholders:
From net investment income		-			(0.12	)		(0.11	)		(0.08	)		(0.11	)		(0.12	)
From net realized gains		-			(1.25	)		(1.68	)		(1.01	)		(0.23	)		-
Total distributions		-			(1.37	)		(1.79	)		(1.09	)		(0.34	)		(0.12	)
Net asset value, end of period	$	7.86		$	9.15		$	10.14		$	10.55		$	10.54		$	9.59
Total Return^		(14.10	)% **		3.87	%		13.33	%		10.49	%		13.47	%		26.40	%
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	2,488		$	2,913		$	5,136		$	4,110		$	2,891		$	3,378
Ratio of expenses to average daily net assets:
Before expense waiver		0.92	% *		0.90	%		0.91	%		0.90	%		0.93	%		0.88	%
After expense waiver		N/A			N/A			N/A			N/A			0.88	%#^^^		0.86	%#^^^
Net investment income (loss) to average daily net assets		1.58	% *		1.14	%		1.06	%		0.75	%		1.06	%		1.42	%
Portfolio turnover rate		98	% **		145	%		177	%		94	%		161	%		66	%
	Class S
	Six months ended 6/30/08 (Unaudited)			Year ended 12/31/07			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	$	9.12		$	10.12		$	10.54		$	10.52		$	9.59		$	7.68
Income (loss) from investment operations:
Net investment income (loss)		0.07	***		0.13	***		0.12	***		0.09	***		0.11	***		0.12	***
Net realized and unrealized gain (loss) on investments		(1.35	)		0.25			1.26			1.02			1.17			1.92
Total income (loss) from investment operations		(1.28	)		0.38			1.38			1.11			1.28			2.04
Less distributions to shareholders:
From net investment income		-			(0.13	)		(0.12	)		(0.08	)		(0.12	)		(0.13	)
From net realized gains		-			(1.25	)		(1.68	)		(1.01	)		(0.23	)		-
Total distributions		-			(1.38	)		(1.80	)		(1.09	)		(0.35	)		(0.13	)
Net asset value, end of period	$	7.84		$	9.12		$	10.12		$	10.54		$	10.52		$	9.59
Total Return^		(13.93	)% **		3.80	%		13.40	%		10.66	%		13.31	%		26.63	%
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	38,776		$	48,593		$	52,627		$	55,895		$	51,940		$	67,536
Ratio of expenses to average daily net assets:
Before expense waiver		0.87	% *		0.86	%		0.86	%		0.85	%		0.88	%		0.84	%
After expense waiver		N/A			N/A			N/A			N/A			0.84	%#^^^		0.82	%#^^^
Net investment income (loss) to average daily net assets		1.62	% *		1.23	%		1.11	%		0.81	%		1.12	%		1.45	%
Portfolio turnover rate		98	% **		145	%		177	%		94	%		161	%		66	%

*  Annualized.

**  Percentage represents the 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.

#  Computed after giving effect to an agreement by MassMutual to waive certain fees and expenses of the Fund.

^  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 Fund has entered into agreements 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.
165

MassMutual Select Value Equity Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class N
	Six months ended 6/30/08 (Unaudited)			Year ended 12/31/07			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	$	9.09		$	10.09		$	10.51		$	10.50		$	9.56		$	7.63
Income (loss) from investment operations:
Net investment income (loss)		0.04	***		0.05	***		0.04	***		0.01	***		0.04	***		0.06	***
Net realized and unrealized gain (loss) on investments		(1.34	)		0.25			1.26			1.01			1.15			1.90
Total income (loss) from investment operations		(1.30	)		0.30			1.30			1.02			1.19			1.96
Less distributions to shareholders:
From net investment income		-			(0.05	)		(0.04	)		(0.00	)†		(0.02	)		(0.03	)
From net realized gains		-			(1.25	)		(1.68	)		(1.01	)		(0.23	)		-
Total distributions		-			(1.30	)		(1.72	)		(1.01	)		(0.25	)		(0.03	)
Net asset value, end of period	$	7.79		$	9.09		$	10.09		$	10.51		$	10.50		$	9.56
Total Return^		(14.30	)%**^^		3.10	% ^^		12.59	% ^^		9.83	% ^^		12.51	% ^^		25.73	% ^^
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	111		$	130		$	142		$	140		$	282		$	315
Ratio of expenses to average daily net assets:
Before expense waiver		1.62	% *		1.61	%		1.61	%		1.59	%		1.63	%		1.58	%
After expense waiver		N/A			N/A			N/A			N/A			1.58	%#^^^		1.56	%#^^^
Net investment income (loss) to average daily net assets		0.88	% *		0.48	%		0.36	%		0.06	%		0.39	%		0.70	%
Portfolio turnover rate		98	% **		145	%		177	%		94	%		161	%		66	%

*  Annualized.

**  Percentage represents the results for the period and is not annualized.

***  Per share amount calculated on the average shares method.

†  Amount is less than $0.005 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.

^  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.

^^  Total return excludes sales charges and would be lower for the period presented if it reflected these charges.

^^^  The Fund has entered into agreements 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.
166

MassMutual Select Large Cap Value Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class A
	Six months ended 6/30/08 (Unaudited)			Year ended 12/31/07			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	$	12.53		$	12.84		$	11.28		$	10.39		$	9.35		$	7.24
Income (loss) from investment operations:
Net investment income (loss)		0.03	***		0.08	***		0.04	***		0.05	***		0.04	***		0.04	***
Net realized and unrealized gain (loss) on investments		(1.46	)		0.43			1.56			0.89			1.04			2.10
Total income (loss) from investment operations		(1.43	)		0.51			1.60			0.94			1.08			2.14
Less distributions to shareholders:
From net investment income		-			(0.09	)		(0.04	)		(0.05	)		(0.04	)		(0.03	)
From net realized gains		-			(0.73	)		-			-			-			-
Total distributions		-			(0.82	)		(0.04	)		(0.05	)		(0.04	)		(0.03	)
Net asset value, end of period	$	11.10		$	12.53		$	12.84		$	11.28		$	10.39		$	9.35
Total Return^		(11.41	)%**^^		4.04	% ^^		14.21	% ^^		9.05	% ^^		11.55	% ^^		29.61	%
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	313,019		$	382,049		$	401,790		$	354,647		$	266,753		$	153,918
Ratio of expenses to average daily net assets:
Before expense waiver		1.25	% *		1.25	%		1.25	%		1.25	%		1.25	%		1.25	%
After expense waiver		N/A			N/A			N/A			N/A			1.25	%#^^^		1.24	%#^^^
Net investment income (loss) to average daily net assets		0.50	% *		0.63	%		0.37	%		0.44	%		0.41	%		0.45	%
Portfolio turnover rate		8	% **		8	%		18	%		7	%		3	%		7	%
	Class L
	Six months ended 6/30/08 (Unaudited)			Year ended 12/31/07			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	$	12.59		$	12.88		$	11.32		$	10.43		$	9.37		$	7.26
Income (loss) from investment operations:
Net investment income (loss)		0.04	***		0.12	***		0.07	***		0.07	***		0.06	***		0.06	***
Net realized and unrealized gain (loss) on investments		(1.47	)		0.44			1.56			0.90			1.06			2.10
Total income (loss) from investment operations		(1.43	)		0.56			1.63			0.97			1.12			2.16
Less distributions to shareholders:
From net investment income		-			(0.12	)		(0.07	)		(0.08	)		(0.06	)		(0.05	)
From net realized gains		-			(0.73	)		-			-			-			-
Total distributions		-			(0.85	)		(0.07	)		(0.08	)		(0.06	)		(0.05	)
Net asset value, end of period	$	11.16		$	12.59		$	12.88		$	11.32		$	10.43		$	9.37
Total Return^		(11.36	)% **		4.39	%		14.42	%		9.25	%		11.94	%		29.79	%
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	187,835		$	230,678		$	397,105		$	369,858		$	316,841		$	207,025
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			N/A			1.00	%#^^^		0.99	%#^^^
Net investment income (loss) to average daily net assets		0.75	% *		0.89	%		0.63	%		0.69	%		0.65	%		0.70	%
Portfolio turnover rate		8	% **		8	%		18	%		7	%		3	%		7	%

*  Annualized.

**  Percentage represents the 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.

#  Computed after giving effect to an agreement by MassMutual to waive certain fees and expenses of the Fund.

^  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.

^^  Total return excludes sales charges and would be lower for the period presented if it reflected these charges.

^^^  The Fund has entered into agreements 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.
167

MassMutual Select Large Cap Value Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class Y
	Six months ended 6/30/08 (Unaudited)			Year ended 12/31/07			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	$	12.62		$	12.91		$	11.34		$	10.45		$	9.39		$	7.27
Income (loss) from investment operations:
Net investment income (loss)		0.05	***		0.14	***		0.09	***		0.09	***		0.08	***		0.07	***
Net realized and unrealized gain (loss) on investments		(1.47	)		0.44			1.57			0.89			1.05			2.11
Total income (loss) from investment operations		(1.42	)		0.58			1.66			0.98			1.13			2.18
Less distributions to shareholders:
From net investment income		-			(0.14	)		(0.09	)		(0.09	)		(0.07	)		(0.06	)
From net realized gains		-			(0.73	)		-			-			-			-
Total distributions		-			(0.87	)		(0.09	)		(0.09	)		(0.07	)		(0.06	)
Net asset value, end of period	$	11.20		$	12.62		$	12.91		$	11.34		$	10.45		$	9.39
Total Return^		(11.25	)%**		4.53	%		14.65	%		9.37	%		12.06	%		30.04	%
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	98,924		$	136,253		$	218,268		$	146,699		$	127,223		$	78,751
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		N/A			N/A			N/A			N/A			0.85	%#^^^		0.84	%#^^^
Net investment income (loss) to average daily net assets		0.89	% *		1.05	%		0.78	%		0.84	%		0.81	%		0.85	%
Portfolio turnover rate		8	% **		8	%		18	%		7	%		3	%		7	%
	Class S
	Six months ended 6/30/08 (Unaudited)			Year ended 12/31/07			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	$	12.64		$	12.93		$	11.36		$	10.46		$	9.40		$	7.27
Income (loss) from investment operations:
Net investment income (loss)		0.06	***		0.15	***		0.10	***		0.10	***		0.09	***		0.08	***
Net realized and unrealized gain (loss) on investments		(1.49	)		0.45			1.57			0.90			1.05			2.12
Total income (loss) from investment operations		(1.43	)		0.60			1.67			1.00			1.14			2.20
Less distributions to shareholders:
From net investment income		-			(0.16	)		(0.10	)		(0.10	)		(0.08	)		(0.07	)
From net realized gains		-			(0.73	)		-			-			-			-
Total distributions		-			(0.89	)		(0.10	)		(0.10	)		(0.08	)		(0.07	)
Net asset value, end of period	$	11.21		$	12.64		$	12.93		$	11.36		$	10.46		$	9.40
Total Return^		(11.31	)%**		4.68	%		14.71	%		9.57	%		12.11	%		30.24	%
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	557,276		$	655,609		$	615,354		$	546,331		$	436,983		$	339,287
Ratio of expenses to average daily net assets:
Before expense waiver		0.76	% *		0.76	%		0.76	%		0.76	%		0.76	%		0.76	%
After expense waiver		N/A			N/A			N/A			N/A			0.76	%#^^^		0.75	%#^^^
Net investment income (loss) to average daily net assets		0.99	% *		1.11	%		0.86	%		0.93	%		0.88	%		0.94	%
Portfolio turnover rate		8	% **		8	%		18	%		7	%		3	%		7	%

*  Annualized.

**  Percentage represents the 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.

#  Computed after giving effect to an agreement by MassMutual to waive certain fees and expenses of the Fund.

^  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 Fund has entered into agreements 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.
168

MassMutual Select Large Cap Value Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class N
	Six months ended 6/30/08 (Unaudited)			Year ended 12/31/07			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	$	12.47		$	12.71		$	11.17		$	10.29		$	9.25		$	7.21
Income (loss) from investment operations:
Net investment income (loss)		0.01	***		0.06	***		0.01	***		0.02	***		0.01	***		0.03	***
Net realized and unrealized gain (loss) on investments		(1.46	)		0.43			1.54			0.87			1.03			2.07
Total income (loss) from investment operations		(1.45	)		0.49			1.55			0.89			1.04			2.10
Less distributions to shareholders:
From net investment income		-			-			(0.01	)		(0.01	)		-			(0.06	)
From net realized gains		-			(0.73	)		-			-			-			-
Total distributions		-			(0.73	)		(0.01	)		(0.01	)		-			(0.06	)
Net asset value, end of period	$	11.02		$	12.47		$	12.71		$	11.17		$	10.29		$	9.25
Total Return^		(11.63	)%**^^		3.90	% ^^		13.87	% ^^		8.65	% ^^		11.24	% ^^		29.18	% ^^
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	806		$	569		$	2,596		$	2,279		$	2,911		$	2,891
Ratio of expenses to average daily net assets:
Before expense waiver		1.55	% *		1.55	%		1.55	%		1.55	%		1.55	%		1.57	%
After expense waiver		N/A			N/A			N/A			N/A			1.55	%#^^^		1.56	%#^^^
Net investment income (loss) to average daily net assets		0.23	% *		0.46	%		0.08	%		0.15	%		0.08	%		0.33	%
Portfolio turnover rate		8	% **		8	%		18	%		7	%		3	%		7	%

*  Annualized.

**  Percentage represents the 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.

#  Computed after giving effect to an agreement by MassMutual to waive certain fees and expenses of the Fund.

^  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.

^^  Total return excludes sales charges and would be lower for the period presented if it reflected these charges.

^^^  The Fund has entered into agreements 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.
169

MassMutual Select Indexed Equity Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class A
	Six months ended 6/30/08 (Unaudited)			Year ended 12/31/07			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	$	13.49		$	13.03		$	11.47		$	11.12		$	10.23		$	8.09
Income (loss) from investment operations:
Net investment income (loss)		0.09	***		0.18	***		0.16	***		0.13	***		0.13	***		0.08	***
Net realized and unrealized gain (loss) on investments		(1.74	)		0.45			1.55			0.33			0.89			2.14
Total income (loss) from investment operations		(1.65	)		0.63			1.71			0.46			1.02			2.22
Less distributions to shareholders:
From net investment income		-			(0.17	)		(0.15	)		(0.11	)		(0.13	)		(0.08	)
Tax return of capital		-			-			(0.00	)†		-			-			-
Total distributions		-			(0.17	)		(0.15	)		(0.11	)		(0.13	)		(0.08	)
Net asset value, end of period	$	11.84		$	13.49		$	13.03		$	11.47		$	11.12		$	10.23
Total Return^		(12.23	)%**^^		4.82	% ^^		14.95	% ^^		4.17	% ^^		10.01	% ^^		27.49	%
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	254,240		$	311,185		$	297,468		$	271,778		$	275,920		$	160,470
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	% *#		0.65	% #		0.67	% #		0.75	% #		0.78	% #		N/A
Net investment income (loss) to average daily net assets		1.44	% *		1.34	%		1.30	%		1.13	%		1.32	%		0.94	%
Portfolio turnover rate		2	% **		7	%		4	%		6	%		3	%		2	%
	Class L
	Six months ended 6/30/08 (Unaudited)			Year ended 12/31/07			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	$	13.54		$	13.07		$	11.50		$	11.16		$	10.26		$	8.11
Income (loss) from investment operations:
Net investment income (loss)		0.11	***		0.22	***		0.19	***		0.15	***		0.16	***		0.11	***
Net realized and unrealized gain (loss) on investments		(1.75	)		0.45			1.57			0.34			0.89			2.15
Total income (loss) from investment operations		(1.64	)		0.67			1.76			0.49			1.05			2.26
Less distributions to shareholders:
From net investment income		-			(0.20	)		(0.19	)		(0.15	)		(0.15	)		(0.11	)
Tax return of capital		-			-			(0.00	)†		-			-			-
Total distributions		-			(0.20	)		(0.19	)		(0.15	)		(0.15	)		(0.11	)
Net asset value, end of period	$	11.90		$	13.54		$	13.07		$	11.50		$	11.16		$	10.26
Total Return^		(12.11	)% **		5.14	%		15.28	%		4.41	%		10.25	%		27.88	%
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	302,701		$	351,221		$	337,639		$	282,034		$	218,755		$	176,247
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	% *#		0.40	% #		0.42	% #		0.50	% #		0.53	% #		N/A
Net investment income (loss) to average daily net assets		1.71	% *		1.59	%		1.56	%		1.38	%		1.52	%		1.21	%
Portfolio turnover rate		2	% **		7	%		4	%		6	%		3	%		2	%

*  Annualized.

**  Percentage represents the results for the period and is not annualized.

***  Per share amount calculated on the average shares method.

†  Amount is less than $0.005 per share.

#  Computed after giving effect to an agreement by MassMutual to waive certain fees and expenses of the Fund.

^  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.

^^  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.
170

MassMutual Select Indexed Equity Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class Y
	Six months ended 6/30/08 (Unaudited)			Year ended 12/31/07			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	$	13.56		$	13.12		$	11.54		$	11.19		$	10.29		$	8.12
Income (loss) from investment operations:
Net investment income (loss)		0.10	***		0.21	***		0.19	***		0.16	***		0.17	***		0.12	***
Net realized and unrealized gain (loss) on investments		(1.74	)		0.45			1.57			0.34			0.89			2.16
Total income (loss) from investment operations		(1.64	)		0.66			1.76			0.50			1.06			2.28
Less distributions to shareholders:
From net investment income		-			(0.22	)		(0.18	)		(0.15	)		(0.16	)		(0.11	)
Tax return of capital		-			-			(0.00	)†		-			-			-
Total distributions		-			(0.22	)		(0.18	)		(0.15	)		(0.16	)		(0.11	)
Net asset value, end of period	$	11.92		$	13.56		$	13.12		$	11.54		$	11.19		$	10.29
Total Return^		(12.09	)%**		5.01	%		15.27	%		4.49	%		10.31	%		28.10	%
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	370,549		$	431,199		$	494,849		$	467,422		$	419,366		$	299,713
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		1.65	% *		1.53	%		1.53	%		1.43	%		1.63	%		1.34	%
Portfolio turnover rate		2	% **		7	%		4	%		6	%		3	%		2	%
	Class S
	Six months ended 6/30/08 (Unaudited)			Year ended 12/31/07			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	$	13.69		$	13.25		$	11.65		$	11.30		$	10.38		$	8.19
Income (loss) from investment operations:
Net investment income (loss)		0.11	***		0.22	***		0.19	***		0.16	***		0.17	***		0.12	***
Net realized and unrealized gain (loss) on investments		(1.76	)		0.44			1.60			0.35			0.91			2.18
Total income (loss) from investment operations		(1.65	)		0.66			1.79			0.51			1.08			2.30
Less distributions to shareholders:
From net investment income		-			(0.22	)		(0.19	)		(0.16	)		(0.16	)		(0.11	)
Tax return of capital		-			-			(0.00	)†		-			-			-
Total distributions		-			(0.22	)		(0.19	)		(0.16	)		(0.16	)		(0.11	)
Net asset value, end of period	$	12.04		$	13.69		$	13.25		$	11.65		$	11.30		$	10.38
Total Return^		(12.05	)%**		5.00	%		15.35	%		4.47	%		10.39	%		28.10	%
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	574,478		$	710,278		$	751,170		$	677,171		$	724,614		$	710,691
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		1.69	% *		1.56	%		1.56	%		1.45	%		1.62	%		1.37	%
Portfolio turnover rate		2	% **		7	%		4	%		6	%		3	%		2	%

*  Annualized.

**  Percentage represents the results for the period and is not annualized.

***  Per share amount calculated on the average shares method.

†  Amount is less than $0.005 per share.

^  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 accompanying notes are an integral part of the financial statements.
171

MassMutual Select Indexed Equity Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class Z
	Six months ended 6/30/08 (Unaudited)			Year ended 12/31/07			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	$	13.69		$	13.25		$	11.65		$	11.30		$	10.38		$	8.19
Income (loss) from investment operations:
Net investment income (loss)		0.15	***		0.25	***		0.22	***		0.19	***		0.21	***		0.15	***
Net realized and unrealized gain (loss) on investments		(1.79	)		0.45			1.59			0.34			0.90			2.17
Total income (loss) from investment operations		(1.64	)		0.70			1.81			0.53			1.11			2.32
Less distributions to shareholders:
From net investment income		-			(0.26	)		(0.21	)		(0.18	)		(0.19	)		(0.13	)
Tax return of capital		-			-			(0.00	)†		-			-			-
Total distributions		-			(0.26	)		(0.21	)		(0.18	)		(0.19	)		(0.13	)
Net asset value, end of period	$	12.05		$	13.69		$	13.25		$	11.65		$	11.30		$	10.38
Total Return^		(11.98	)%**^^		5.27	% ^^		15.59	% ^^		4.72	% ^^		10.68	% ^^		28.39	% ^^
Ratios / Supplemental Data:
Net assets, end of (000's)	$	529,607		$	543,206		$	373,069		$	251,403		$	130,164		$	42,906
Before expense waiver		0.21	% *		0.20	%		0.20	%		0.20	%		0.20	%		0.21	%
Net investment income (loss) to average daily net assets		2.32	% *		1.79	%		1.78	%		1.68	%		1.93	%		1.59	%
Portfolio turnover rate		2	% **		7	%		4	%		6	%		3	%		2	%
	Class N
	Six months ended 6/30/08 (Unaudited)			Year ended 12/31/07			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	$	13.35		$	12.90		$	11.35		$	11.02		$	10.15		$	8.05
Income (loss) from investment operations:
Net investment income (loss)		0.07	***		0.14	***		0.12	***		0.09	***		0.10	***		0.06	***
Net realized and unrealized gain (loss) on investments		(1.72	)		0.44			1.54			0.34			0.87			2.14
Total income (loss) from investment operations		(1.65	)		0.58			1.66			0.43			0.97			2.20
Less distributions to shareholders:
From net investment income		-			(0.13	)		(0.11	)		(0.10	)		(0.10	)		(0.10	)
Tax return of capital		-			-			(0.00	)†		-			-			-
Total distributions		-			(0.13	)		(0.11	)		(0.10	)		(0.10	)		(0.10	)
Net asset value, end of period	$	11.70		$	13.35		$	12.90		$	11.35		$	11.02		$	10.15
Total Return^		(12.36	)%**^^		4.53	% ^^		14.67	% ^^		3.86	% ^^		9.59	% ^^		27.34	% ^^
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	3,649		$	5,193		$	5,079		$	4,757		$	3,710		$	2,487
Ratio of expenses to average daily net assets:
Before expense waiver		1.15	% *		1.15	%		1.15	%		1.15	%		1.15	%		1.15	%
After expense waiver		0.95	% *#		0.95	% #		0.97	% #		1.05	% #		1.07	% #		N/A
Net investment income (loss) to average daily net assets		1.13	% *		1.03	%		1.00	%		0.84	%		1.00	%		0.64	%
Portfolio turnover rate		2	% **		7	%		4	%		6	%		3	%		2	%

*  Annualized.

**  Percentage represents the results for the period and is not annualized.

***  Per share amount calculated on the average shares method.

†  Amount is less than $0.005 per share.

#  Computed after giving effect to an agreement by MassMutual to waive certain fees and expenses of the Fund.

^  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.

^^  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.
172

MassMutual Select Core Opportunities Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class A									Class L
	Six months ended 6/30/08 (Unaudited)			Year ended 12/31/07			Period ended 12/31/06+			Six months ended 6/30/08 (Unaudited)			Year ended 12/31/07			Period ended 12/31/06+
Net asset value, beginning of period	$	10.85		$	10.72		$	10.00		$	10.87		$	10.73		$	10.00
Income (loss) from investment operations:
Net investment income (loss)		0.02	***		0.06	***		0.01	***		0.03	***		0.09	***		0.03	***
Net realized and unrealized gain (loss) on investments		(0.72	)		0.95			0.74			(0.72	)		0.95			0.74
Total income (loss) from investment operations		(0.70	)		1.01			0.75			(0.69	)		1.04			0.77
Less distributions to shareholders:
From net investment income		-			(0.06	)		(0.01	)		-			(0.08	)		(0.02	)
From net realized gains		-			(0.82	)		(0.02	)		-			(0.82	)		(0.02	)
Total distributions		-			(0.88	)		(0.03	)		-			(0.90	)		(0.04	)
Net asset value, end of period	$	10.15		$	10.85		$	10.72		$	10.18		$	10.87		$	10.73
Total Return^		(6.45	)%**^^		9.52	% ^^		7.55	%**^^		(6.35	)% **		9.75	%		7.76	% **
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	26,194		$	26,462		$	9,179		$	9,878		$	9,123		$	8,000
Ratio of expenses to average daily net assets:
Before expense waiver		1.36	% *		1.37	%		1.67	% *		1.11	% *		1.12	%		1.42	% *
After expense waiver		1.35	% *#		1.35	% #		1.35	% *#		1.10	% *#		1.10	% #		1.10	% *#
Net investment income (loss) to average daily net assets		0.37	% *		0.52	%		0.13	% *		0.63	% *		0.78	%		0.43	% *
Portfolio turnover rate		59	% **		100	%		79	% **		59	% **		100	%		79	% **
	Class Y									Class S
	Six months ended 6/30/08 (Unaudited)			Year ended 12/31/07			Period ended 12/31/06+			Six months ended 06/30/08 (Unaudited)			Year ended 12/31/07			Period ended 12/31/06+
Net asset value, beginning of period	$	10.88		$	10.74		$	10.00		$	10.89		$	10.74		$	10.00
Income (loss) from investment operations:
Net investment income (loss)		0.04	***		0.10	***		(0.01	) ***		0.04	***		0.11	***		0.04	***
Net realized and unrealized gain (loss) on investments		(0.72	)		0.95			0.79			(0.72	)		0.96			0.75
Total income (loss) from investment operations		(0.68	)		1.05			0.78			(0.68	)		1.07			0.79
Less distributions to shareholders:
From net investment income		-			(0.09	)		(0.02	)		-			(0.10	)		(0.03	)
From net realized gains		-			(0.82	)		(0.02	)		-			(0.82	)		(0.02	)
Total distributions		-			(0.91	)		(0.04	)		-			(0.92	)		(0.05	)
Net asset value, end of period	$	10.20		$	10.88		$	10.74		$	10.21		$	10.89		$	10.74
Total Return^		(6.25	)% **		9.89	%		7.86	% **		(6.24	)% **		10.05	%		7.90	% **
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	7,732		$	7,490		$	4,436		$	11,357		$	11,069		$	10,349
Ratio of expenses to average daily net assets:
Before expense waiver		0.96	% *		0.97	%		1.27	% *		0.86	% *		0.87	%		1.17	% *
After expense waiver		0.95	% *#		0.95	% #		0.95	% *#		N/A			N/A			0.90	% *#
Net investment income (loss) to average daily net assets		0.76	% *		0.92	%		(0.08	)% *		0.84	% *		1.01	%		0.53	% *
Portfolio turnover rate		59	% **		100	%		79	% **		59	% **		100	%		79	% **

*  Annualized.

**  Percentage represents the results for the period and is not annualized.

***  Per share amount calculated on the average shares method.

+  For the period March 31, 2006 (commencement of operations) through December 31, 2006.

#  Computed after giving effect to an agreement by MassMutual to waive certain fees and expenses of the Fund.

^  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.

^^  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.
173

MassMutual Select Core Opportunities Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class N
	Six months ended 6/30/08 (Unaudited)			Year ended 12/31/07			Period ended 12/31/06+
Net asset value, beginning of period	$	10.85		$	10.71		$	10.00
Income (loss) from investment operations:
Net investment income (loss)		0.01	***		0.03	***		(0.02	)***
Net realized and unrealized gain (loss) on investments		(0.72	)		0.94			0.75
Total income (loss) from investment operations		(0.71	)		0.97			0.73
Less distributions to shareholders:
From net investment income		-			(0.01	)		-
From net realized gains		-			(0.82	)		(0.02	)
Total distributions		-			(0.83	)		(0.02	)
Net asset value, end of period	$	10.14		$	10.85		$	10.71
Total Return^		(6.54	)% **^^		9.16	% ^^		7.33	% **^^
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	224		$	109		$	107
Ratio of expenses to average daily net assets:
Before expense waiver		1.66	% *		1.67	%		1.97	% *
After expense waiver		1.65	% *#		1.65	% #		1.65	% *#
Net investment income (loss) to average daily net assets		0.18	% *		0.23	%		(0.22	)% *
Portfolio turnover rate		59	% **		100	%		79	% **

*  Annualized.

**  Percentage represents the results for the period and is not annualized.

***  Per share amount calculated on the average shares method.

+  For the period March 31, 2006 (commencement of operations) through December 31, 2006.

#  Computed after giving effect to an agreement by MassMutual to waive certain fees and expenses of the Fund.

^  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.

^^  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.
174

MassMutual Select Blue Chip Growth Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class A
	Six months ended 6/30/08 (Unaudited)			Year ended 12/31/07			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	$	10.94		$	9.75		$	9.01		$	8.74		$	8.33		$	6.72
Income (loss) from investment operations:
Net investment income (loss)		(0.01	)***		(0.00	)***†		(0.01	)***		(0.02	)***		0.03	***		(0.01	)***
Net realized and unrealized gain (loss) on investments		(1.19	)		1.19			0.75			0.29			0.41			1.63
Total income (loss) from investment operations		(1.20	)		1.19			0.74			0.27			0.44			1.62
Less distributions to shareholders:
From net investment income		-			(0.00	)†		-			-			(0.03	)		(0.01	)
Total distributions		-			(0.00	)		-			-			(0.03	)		(0.01	)
Net asset value, end of period	$	9.74		$	10.94		$	9.75		$	9.01		$	8.74		$	8.33
Total Return^		(10.97	)%**^^		12.23	% ^^		8.21	% ^^		3.09	% ^^		5.32	% ^^		24.09	%
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	77,527		$	99,385		$	39,055		$	36,742		$	37,377		$	26,955
Ratio of expenses to average daily net assets:
Before expense waiver		1.33	% *		1.40	%		1.39	%		1.39	%		1.38	%		1.39	%
After expense waiver		1.19	% *#		1.30	% #		1.31	% #		N/A			1.38	%#^^^		1.38	%#^^^
Net investment income (loss) to average daily net assets		(0.24	)% *		(0.04	)%		(0.12	)%		(0.20	)%		0.37	%		(0.13	)%
Portfolio turnover rate		23	% **		43	%		98	%		28	%		22	%		23	%
	Class L
	Six months ended 6/30/08 (Unaudited)			Year ended 12/31/07			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	$	11.08		$	9.87		$	9.10		$	8.81		$	8.39		$	6.76
Income (loss) from investment operations:
Net investment income (loss)		(0.00	) ***†		0.02	***		0.01	***		0.00	***†		0.05	***		0.01	***
Net realized and unrealized gain (loss) on investments		(1.21	)		1.21			0.77			0.29			0.42			1.63
Total income (loss) from investment operations		(1.21	)		1.23			0.78			0.29			0.47			1.64
Less distributions to shareholders:
From net investment income		-			(0.02	)		(0.01	)		-			(0.05	)		(0.01	)
Total distributions		-			(0.02	)		(0.01	)		-			(0.05	)		(0.01	)
Net asset value, end of period	$	9.87		$	11.08		$	9.87		$	9.10		$	8.81		$	8.39
Total Return^		(10.92	)% **		12.46	%		8.52	%		3.32	%		5.58	%		24.25	%
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	396,381		$	455,542		$	280,094		$	270,082		$	301,734		$	302,292
Ratio of expenses to average daily net assets:
Before expense waiver		1.08	% *		1.15	%		1.14	%		1.14	%		1.13	%		1.13	%
After expense waiver		0.98	% *#		1.06	% #		1.06	% #		N/A			1.13	%#^^^		1.12	%#^^^
Net investment income (loss) to average daily net assets		(0.03	)% *		0.20	%		0.13	%		0.05	%		0.54	%		0.14	%
Portfolio turnover rate		23	% **		43	%		98	%		28	%		22	%		23	%

*  Annualized.

**  Percentage represents the results for the period and is not annualized.

***  Per share amount calculated on the average shares method.

†  Amount is less than $0.005 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.

^  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.

^^  Total return excludes sales charges and would be lower for the period presented if it reflected these charges.

^^^  The Fund has entered into agreements 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.
175

MassMutual Select Blue Chip Growth Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class Y
	Six months ended 6/30/08 (Unaudited)			Year ended 12/31/07			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	$	11.10		$	9.87		$	9.11		$	8.82		$	8.39		$	6.77
Income (loss) from investment operations:
Net investment income (loss)		0.01	***		0.04	***		0.03	***		0.01	***		0.06	***		0.02	***
Net realized and unrealized gain (loss) on investments		(1.21	)		1.21			0.76			0.30			0.43			1.62
Total income (loss) from investment operations		(1.20	)		1.25			0.79			0.31			0.49			1.64
Less distributions to shareholders:
From net investment income		-			(0.02	)		(0.03	)		(0.02	)		(0.06	)		(0.02	)
Total distributions		-			(0.02	)		(0.03	)		(0.02	)		(0.06	)		(0.02	)
Net asset value, end of period	$	9.90		$	11.10		$	9.87		$	9.11		$	8.82		$	8.39
Total Return^		(10.81	)%**		12.62	%		8.64	%		3.46	%		5.83	%		24.26	%
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	40,832		$	53,150		$	44,656		$	4,732		$	4,331		$	3,626
Before expense waiver		0.96	% *		1.03	%		1.00	%		1.02	%		1.01	%		1.01	%
After expense waiver		0.82	% *#		0.93	% #		0.93	% #		N/A			1.01	%#^^^		1.01	%#^^^
Net investment income (loss) to average daily net assets		0.14	% *		0.36	%		0.29	%		0.17	%		0.68	%		0.26	%
Portfolio turnover rate		23	% **		43	%		98	%		28	%		22	%		23	%
	Class S
	Six months ended 6/30/08 (Unaudited)			Year ended 12/31/07			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	$	11.13		$	9.91		$	9.14		$	8.84		$	8.42		$	6.78
Income (loss) from investment operations:
Net investment income (loss)		0.01	***		0.05	***		0.03	***		0.03	***		0.07	***		0.03	***
Net realized and unrealized gain (loss) on investments		(1.21	)		1.22			0.77			0.30			0.42			1.64
Total income (loss) from investment operations		(1.20	)		1.27			0.80			0.33			0.49			1.67
Less distributions to shareholders:
From net investment income		-			(0.05	)		(0.03	)		(0.03	)		(0.07	)		(0.03	)
Total distributions		-			(0.05	)		(0.03	)		(0.03	)		(0.07	)		(0.03	)
Net asset value, end of period	$	9.93		$	11.13		$	9.91		$	9.14		$	8.84		$	8.42
Total Return^		(10.78	)%**		12.77	%		8.74	%		3.68	%		5.80	%		24.58	%
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	222,118		$	225,943		$	66,864		$	71,627		$	79,072		$	91,674
Ratio of expenses to average daily net assets:
Before expense waiver		0.83	% *		0.90	%		0.89	%		0.88	%		0.88	%		0.88	%
After expense waiver		0.76	% *#		0.81	% #		0.82	% #		N/A			0.87	%#^^^		0.87	%#^^^
Net investment income (loss) to average daily net assets		0.20	% *		0.44	%		0.37	%		0.30	%		0.77	%		0.39	%
Portfolio turnover rate		23	% **		43	%		98	%		28	%		22	%		23	%

*Annualized.

**  Percentage represents the 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.

#  Computed after giving effect to an agreement by MassMutual to waive certain fees and expenses of the Fund.

^  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 Fund has entered into agreements 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.
176

MassMutual Select Blue Chip Growth Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class N
	Six months ended 6/30/08 (Unaudited)			Year ended 12/31/07			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	$	10.77		$	9.63		$	8.92		$	8.68		$	8.27		$	6.69
Income (loss) from investment operations:
Net investment income (loss)		(0.03	)***		(0.04	)***		(0.04	)***		(0.04	)***		0.01	***		(0.03	)***
Net realized and unrealized gain (loss) on investments		(1.17	)		1.18			0.75			0.28			0.41			1.61
Total income (loss) from investment operations		(1.20	)		1.14			0.71			0.24			0.42			1.58
Less distributions to shareholders:
From net investment income		-			-			-			-			(0.01	)		(0.00	)†
Total distributions		-			-			-			-			(0.01	)		(0.00	)
Net asset value, end of period	$	9.57		$	10.77		$	9.63		$	8.92		$	8.68		$	8.27
Total Return^		(11.14	)%**^^		11.84	% ^^		7.96	% ^^		2.77	% ^^		5.05	% ^^		23.64	% ^^
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	1,929		$	3,112		$	3,509		$	1,957		$	2,185		$	1,493
Ratio of expenses to average daily net assets:
Before expense waiver		1.63	% *		1.70	%		1.69	%		1.69	%		1.68	%		1.69	%
After expense waiver		1.51	% *#		1.61	% #		1.61	% #		N/A			1.68	%#^^^		1.69	%#^^^
Net investment income (loss) to average daily net assets		(0.55	)% *		(0.35	)%		(0.41	)%		(0.50	)%		0.08	%		(0.45	)%
Portfolio turnover rate		23	% **		43	%		98	%		28	%		22	%		23	%

*Annualized.

**  Percentage represents the results for the period and is not annualized.

***  Per share amount calculated on the average shares method.

†  Amount is less than $0.005 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.

^  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.

^^  Total return excludes sales charges and would be lower for the period presented if it reflected these charges.

^^^  The Fund has entered into agreements 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.
177

MassMutual Select Diversified Growth Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class A						Class L						Class Y
	Six months ended 6/30/08 (Unaudited)			Period ended 12/31/07+			Six months ended 6/30/08 (Unaudited)			Period ended 12/31/07+			Six months ended 6/30/08 (Unaudited)			Period ended 12/31/07+
Net asset value, beginning of period	$	10.00		$	10.00		$	10.00		$	10.00		$	10.00		$	10.00
Income (loss) from investment operations:
Net investment income (loss)		(0.01	)***		0.00	***†		0.00	***†		0.00	***†		0.01	***		0.00	***†
Net realized and unrealized gain (loss) on investments		(1.39	)		(0.00	)†		(1.39	)		(0.00	)†		(1.39	)		(0.00	)†
Total income (loss) from investment operations		(1.40	)		0.00			(1.39	)		0.00			(1.38	)		0.00
Net asset value, end of period	$	8.60		$	10.00		$	8.61		$	10.00		$	8.62		$	10.00
Total Return^		(14.00	)%**^^		0.00	%**††^^		(13.90	)%**^		0.00	%**††^		(13.80	)%**^		0.00	%**††^
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	111		$	100		$	86		$	100		$	86		$	100
Ratio of expenses to average daily net assets:
Before expense waiver		1.35	% *		3.08	% *		1.10	% *		2.83	% *		0.95	% *		2.69	% *
After expense waiver		1.25	% **#		1.25	% *#		1.00	% *#		1.00	% *#		0.85	% *#		0.85	% *#
Net investment income (loss) to average daily net assets		(0.19	)% *		0.77	% *		0.06	% *		1.01	% *		0.21	% *		1.16	% *
Portfolio turnover rate		36	% **		0	%**†††		36	% **		0	%**†††		36	% **		0	%**†††
	Class S						Class N
	Six months ended 6/30/08 (Unaudited)			Period ended 12/31/07+			Six months ended 6/30/08 (Unaudited)			Period ended 12/31/07+
Net asset value, beginning of period	$	10.00		$	10.00		$	10.00		$	10.00
Income (loss) from investment operations:
Net investment income (loss)		0.01	***		0.00	***†		(0.02	)***		0.00	***†
Net realized and unrealized gain (loss) on investments		(1.39	)		(0.00	)†		(1.39	)		(0.00	)†
Total income (loss) from investment operations		(1.38	)		0.00			(1.41	)		0.00
Net asset value, end of period	$	8.62		$	10.00		$	8.59		$	10.00
Total Return^		(13.80	)% **		0.00	% **††		(14.01	)%**^^		(0.10	)%**^^
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	85,874		$	99,074		$	86		$	100
Ratio of expenses to average daily net assets:
Before expense waiver		0.85	% *		2.58	% *		1.65	% *		3.38	% *
After expense waiver		0.80	% *#		0.80	% *#		1.55	% *#		1.55	% *#
Net investment income (loss) to average daily net assets		0.26	% *		0.97	% *		(0.49	)% *		0.46	% *
Portfolio turnover rate		36	% **		0	%**†††		36	% **		0	%**†††

*Annualized.

**  Percentage represents the results for the period and is not annualized.

***  Per share amount calculated on the average shares method.

†  Amount is less than $0.005 per share.

††  Amount is less than 0.005%.

†††  Amount is less than 0.5%.

+  For the period December 17, 2007 (commencement of operations) through December 31, 2007.

#  Computed after giving effect to an agreement by MassMutual to waive certain fees and expenses of the Fund.

^  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.

^^  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.
178

MassMutual Select Large Cap Growth Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class A
	Six months ended 6/30/08 (Unaudited)			Year ended 12/31/07			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	$	10.34		$	9.88		$	10.29		$	9.03		$	8.48		$	6.97
Income (loss) from investment operations:
Net investment income (loss)		(0.02	)***		(0.05	)***		(0.05	)***		(0.06	)***		(0.02	)***		(0.03	)***
Net realized and unrealized gain (loss) on investments		(1.26	)		1.32			0.05			1.32			0.57			1.54
Total income (loss) from investment operations		(1.28	)		1.27			0.00			1.26			0.55			1.51
Less distributions to shareholders:
From net realized gains		-			(0.80	)		(0.41	)		-			-			-
Tax return of capital		-			(0.01	)		-			-			-			-
Total distributions		-			(0.81	)		(0.41	)		-			-			-
Net asset value, end of period	$	9.06		$	10.34		$	9.88		$	10.29		$	9.03		$	8.48
Total Return^		(12.38	)%**^^		12.95	% ^^		(0.02	)% ^^		13.95	% ^^		6.49	% ^^		21.66	% ^^
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	5,860		$	7,159		$	8,278		$	3,452		$	1,997		$	1,374
Ratio of expenses to average daily net assets:
Before expense waiver		1.37	% *		1.36	%		1.39	%		1.38	%		1.37	%		1.34	%
After expense waiver		N/A			N/A			N/A			1.35	% #		1.25	%#^^^		1.25	%#^^^
Net investment income (loss) to average daily net assets		(0.38	)% *		(0.48	)%		(0.55	)%		(0.65	)%		(0.20	)%		(0.34	)%
Portfolio turnover rate		48	% **		93	%		98	%		83	%		68	%		47	%
	Class L
	Six months ended 6/30/08 (Unaudited)			Year ended 12/31/07			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	$	10.62		$	10.14		$	10.53		$	9.09		$	8.52		$	6.99
Income (loss) from investment operations:
Net investment income (loss)		(0.01	)***		(0.03	)***		(0.03	)***		(0.05	)***		0.00	***†		(0.01	)***
Net realized and unrealized gain (loss) on investments		(1.29	)		1.35			0.05			1.49			0.57			1.54
Total income (loss) from investment operations		(1.30	)		1.32			0.02			1.44			0.57			1.53
Less distributions to shareholders:
From net investment income		-			-			-			-			(0.00	)†		-
From net realized gains		-			(0.83	)		(0.41	)		-			-			-
Tax return of capital		-			(0.01	)		-			-			-			-
Total distributions		-			(0.84	)		(0.41	)		-			(0.00	)†		-
Net asset value, end of period	$	9.32		$	10.62		$	10.14		$	10.53		$	9.09		$	8.52
Total Return^		(12.24	)% **		13.16	%		0.17	%		15.84	%		6.72	%		21.89	%
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	1,455		$	1,572		$	1,630		$	1,032		$	9,272		$	7,628
Ratio of expenses to average daily net assets:
Before expense waiver		1.12	% *		1.11	%		1.15	%		1.09	%		1.12	%		1.09	%
After expense waiver		N/A			N/A			N/A			1.06	% #		1.00	%#^^^		1.00	%#^^^
Net investment income (loss) to average daily net assets		(0.12	)% *		(0.24	)%		(0.30	)%		(0.55	)%		0.04	%		(0.08	)%
Portfolio turnover rate		48	% **		93	%		98	%		83	%		68	%		47	%

*Annualized.

**  Percentage represents the results for the period and is not annualized.

***  Per share amount calculated on the average shares method.

†  Amount is less than $0.005 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.

^  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.

^^  Total return excludes sales charges and would be lower for the period presented if it reflected these charges.

^^^  The Fund has entered into agreements 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.
179

MassMutual Select Large Cap Growth Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class Y
	Six months ended 6/30/08 (Unaudited)			Year ended 12/31/07			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	$	10.52		$	10.05		$	10.42		$	9.10		$	8.53		$	7.00
Income (loss) from investment operations:
Net investment income (loss)		0.00	***†		(0.01	)***		(0.02	)***		(0.02	)***		0.02	***		0.01	***
Net realized and unrealized gain (loss) on investments		(1.29	)		1.34			0.06			1.34			0.57			1.53
Total income (loss) from investment operations		(1.29	)		1.33			0.04			1.32			0.59			1.54
Less distributions to shareholders:
From net investment income		-			-			-			-			(0.02	)		(0.01	)
From net realized gains		-			(0.85	)		(0.41	)		-			-			-
Tax return of capital		-			(0.01	)		-			-			-			-
Total distributions		-			(0.86	)		(0.41	)		-			(0.02	)		(0.01	)
Net asset value, end of period	$	9.23		$	10.52		$	10.05		$	10.42		$	9.10		$	8.53
Total Return^		(12.26	)% **		13.36	%		0.37	%		14.51	%		6.86	%		22.04	%
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	11,723		$	13,237		$	10,043		$	12,099		$	9,052		$	7,697
Ratio of expenses to average daily net assets:
Before expense waiver		0.97	% *		0.96	%		0.98	%		0.98	%		0.97	%		0.94	%
After expense waiver		N/A			N/A			N/A			0.95	% #		0.85	%#^^^		0.86	%#^^^
Net investment income (loss) to average daily net assets		0.02	% *		(0.08	)%		(0.19	)%		(0.26	)%		0.19	%		0.08	%
Portfolio turnover rate		48	% **		93	%		98	%		83	%		68	%		47	%
	Class S
	Six months ended 6/30/08 (Unaudited)			Year ended 12/31/07			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	$	10.57		$	10.09		$	10.46		$	9.14		$	8.55		$	7.01
Income (loss) from investment operations:
Net investment income (loss)		0.00	***†		(0.00	)***†		(0.02	)***		(0.02	)***		0.01	***		0.01	***
Net realized and unrealized gain (loss) on investments		(1.29	)		1.34			0.06			1.34			0.59			1.54
Total income (loss) from investment operations		(1.29	)		1.34			0.04			1.32			0.60			1.55
Less distributions to shareholders:
From net investment income		-			-			-			-			(0.01	)		(0.01	)
From net realized gains		-			(0.85	)		(0.41	)		-			-			-
Tax return of capital		-			(0.01	)		-			-			-			-
Total distributions		-			(0.86	)		(0.41	)		-			(0.01	)		(0.01	)
Net asset value, end of period	$	9.28		$	10.57		$	10.09		$	10.46		$	9.14		$	8.55
Total Return^		(12.20	)% **		13.45	%		0.36	%		14.44	%		7.08	%		22.05	%
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	20,189		$	23,465		$	20,909		$	26,241		$	18,791		$	33,787
Ratio of expenses to average daily net assets:
Before expense waiver		0.93	% *		0.92	%		0.94	%		0.94	%		0.93	%		0.90	%
After expense waiver		N/A			N/A			N/A			0.91	% #		0.81	%#^^^		0.81	%#^^^
Net investment income (loss) to average daily net assets		0.06	% *		(0.04	)%		(0.15	)%		(0.21	)%		0.16	%		0.11	%
Portfolio turnover rate		48	% **		93	%		98	%		83	%		68	%		47	%

*Annualized.

**  Percentage represents the results for the period and is not annualized.

***  Per share amount calculated on the average shares method.

†  Amount is less than $0.005 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.

^  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 Fund has entered into agreements 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.
180

MassMutual Select Large Cap Growth Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class N
	Six months ended 6/30/08 (Unaudited)			Year ended 12/31/07			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	$	10.29		$	9.86		$	10.31		$	9.07		$	8.42		$	6.94
Income (loss) from investment operations:
Net investment income (loss)		(0.03	)***		(0.08	)***		(0.09	)***		(0.09	)***		(0.07	)***		(0.05	)***
Net realized and unrealized gain (loss) on investments		(1.27	)		1.31			0.05			1.33			0.72			1.53
Total income (loss) from investment operations		(1.30	)		1.23			(0.04	)		1.24			0.65			1.48
Less distributions to shareholders:
From net realized gains		-			(0.79	)		(0.41	)		-			-			-
Tax return of capital		-			(0.01	)		-			-			-			-
Total distributions		-			(0.80	)		(0.41	)		-			-			-
Net asset value, end of period	$	8.99		$	10.29		$	9.86		$	10.31		$	9.07		$	8.42
Total Return^		(12.54	)%**^^		12.59	% ^^		(0.41	)% ^^		13.67	% ^^		7.72	% ^^		21.33	% ^^
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	1		$	1		$	1		$	1		$	5		$	125
Ratio of expenses to average daily net assets:
Before expense waiver		1.67	% *		1.65	%		1.69	%		1.66	%		1.67	%		1.64	%
After expense waiver		N/A			N/A			N/A			1.63	% #		1.56	%#^^^		1.55	%#^^^
Net investment income (loss) to average daily net assets		(0.75	)% *		(0.77	)%		(0.93	)%		(0.94	)%		(0.83	)%		(0.63	)%
Portfolio turnover rate		48	% **		93	%		98	%		83	%		68	%		47	%

*Annualized.

**  Percentage represents the 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.

#  Computed after giving effect to an agreement by MassMutual to waive certain fees and expenses of the Fund.

^  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.

^^  Total return excludes sales charges and would be lower for the period presented if it reflected these charges.

^^^  The Fund has entered into agreements 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.
181

MassMutual Select Aggressive Growth Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class A
	Six months ended 6/30/08 (Unaudited)			Year ended 12/31/07			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	$	7.12		$	6.06		$	6.47		$	5.89		$	4.96		$	3.80
Income (loss) from investment operations:
Net investment income (loss)		(0.03	)***		(0.05	)***		(0.06	)***		(0.06	)***		(0.04	)***		(0.02	)***
Net realized and unrealized gain (loss) on investments		(0.88	)		1.11			(0.35	)		0.64			0.97			1.18
Total income (loss) from investment operations		(0.91	)		1.06			(0.41	)		0.58			0.93			1.16
Net asset value, end of period	$	6.21		$	7.12		$	6.06		$	6.47		$	5.89		$	4.96
Total Return^		(12.78	)%**^^		17.49	% ^^		(6.34	)% ^^		9.85	% ^^		18.75	% ^^		30.53	%
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	79,683		$	127,729		$	114,139		$	137,756		$	117,232		$	65,102
Ratio of expenses to average daily net assets:
Before expense waiver		1.35	% *		1.36	%		1.35	%		1.35	%		1.36	%		1.37	%
After expense waiver		N/A			N/A			1.33	% #		1.27	% #		1.30	%#^^^		1.33	%#^^^
Net investment income (loss) to average daily net assets		(0.93	)% *		(0.83	)%		(1.01	)%		(1.02	)%		(0.67	)%		(0.56	)%
Portfolio turnover rate		15	% **		34	%		49	%		24	%		85	%		93	%
	Class L
	Six months ended 6/30/08 (Unaudited)			Year ended 12/31/07			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	$	7.26		$	6.17		$	6.56		$	5.97		$	5.01		$	3.82
Income (loss) from investment operations:
Net investment income (loss)		(0.02	)***		(0.04	)***		(0.05	)***		(0.05	)***		(0.02	)***		(0.01	)***
Net realized and unrealized gain (loss) on investments		(0.90	)		1.13			(0.34	)		0.64			0.98			1.20
Total income (loss) from investment operations		(0.92	)		1.09			(0.39	)		0.59			0.96			1.19
Net asset value, end of period	$	6.34		$	7.26		$	6.17		$	6.56		$	5.97		$	5.01
Total Return^		(12.67	)% **		17.67	%		(5.95	)%		9.88	%		19.16	%		31.15	%
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	106,874		$	135,033		$	192,839		$	193,605		$	152,518		$	76,120
Ratio of expenses to average daily net assets:
Before expense waiver		1.10	% *		1.11	%		1.10	%		1.10	%		1.11	%		1.12	%
After expense waiver		N/A			N/A			1.08	% #		1.02	% #		1.05	%#^^^		1.08	%#^^^
Net investment income (loss) to average daily net assets		(0.68	)% *		(0.60	)%		(0.76	)%		(0.77	)%		(0.42	)%		(0.32	)%
Portfolio turnover rate		15	% **		34	%		49	%		24	%		85	%		93	%

*  Annualized.

**  Percentage represents the 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.

#  Computed after giving effect to an agreement by MassMutual to waive certain fees and expenses of the Fund.

^  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.

^^  Total return excludes sales charges and would be lower for the period presented if it reflected these charges.

^^^  The Fund has entered into agreements 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.
182

MassMutual Select Aggressive Growth Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class Y
	Six months ended 6/30/08 (Unaudited)			Year ended 12/31/07			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	$	7.34		$	6.22		$	6.61		$	6.00		$	5.03		$	3.83
Income (loss) from investment operations:
Net investment income (loss)		(0.02	)***		(0.03	)***		(0.04	)***		(0.04	)***		(0.01	)***		(0.01	)***
Net realized and unrealized gain (loss) on investments		(0.90	)		1.15			(0.35	)		0.65			0.98			1.21
Total income (loss) from investment operations		(0.92	)		1.12			(0.39	)		0.61			0.97			1.20
Net asset value, end of period	$	6.42		$	7.34		$	6.22		$	6.61		$	6.00		$	5.03
Total Return^		(12.53	)% **		18.01	%		(5.90	)%		10.17	%		19.28	%		31.33	%
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	32,802		$	48,600		$	53,940		$	41,705		$	32,242		$	17,333
Ratio of expenses to average daily net assets:
Before expense waiver		0.95	% *		0.96	%		0.95	%		0.95	%		0.96	%		0.97	%
After expense waiver		N/A			N/A			0.93	% #		0.87	% #		0.90	%#^^^		0.93	%#^^^
Net investment income (loss) to average daily net assets		(0.52	)% *		(0.44	)%		(0.61	)%		(0.62	)%		(0.27	)%		(0.16	)%
Portfolio turnover rate		15	% **		34	%		49	%		24	%		85	%		93	%
	Class S
	Six months ended 6/30/08 (Unaudited)			Year ended 12/31/07			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	$	7.40		$	6.26		$	6.65		$	6.03		$	5.05		$	3.84
Income (loss) from investment operations:
Net investment income (loss)		(0.01	)***		(0.02	)***		(0.03	)***		(0.03	)***		(0.01	)***		(0.00	)***†
Net realized and unrealized gain (loss) on investments		(0.92	)		1.16			(0.36	)		0.65			0.99			1.21
Total income (loss) from investment operations		(0.93	)		1.14			(0.39	)		0.62			0.98			1.21
Net asset value, end of period	$	6.47		$	7.40		$	6.26		$	6.65		$	6.03		$	5.05
Total Return^		(12.57	)% **		18.21	%		(5.86	)%		10.28	%		19.41	%		31.51	%
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	196,397		$	284,106		$	239,162		$	240,002		$	198,154		$	108,281
Ratio of expenses to average daily net assets:
Before expense waiver		0.85	% *		0.86	%		0.85	%		0.85	%		0.86	%		0.87	%
After expense waiver		N/A			N/A			0.83	% #		0.77	% #		0.80	%#^^^		0.83	%#^^^
Net investment income (loss) to average daily net assets		(0.43	)% *		(0.32	)%		(0.51	)%		(0.51	)%		(0.17	)%		(0.06	)%
Portfolio turnover rate		15	% **		34	%		49	%		24	%		85	%		93	%

*  Annualized.

**  Percentage represents the results for the period and is not annualized.

***  Per share amount calculated on the average shares method.

†  Amount is less than $0.005 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.

^  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 Fund has entered into agreements 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.
183

MassMutual Select Aggressive Growth Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class N
	Six months ended 6/30/08 (Unaudited)			Year ended 12/31/07			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	$	6.98		$	5.96		$	6.37		$	5.83		$	4.92		$	3.77
Income (loss) from investment operations:
Net investment income (loss)		(0.04	)***		(0.07	)***		(0.08	)***		(0.08	)***		(0.05	)***		(0.04	)***
Net realized and unrealized gain (loss) on investments		(0.87	)		1.09			(0.33	)		0.62			0.96			1.19
Total income (loss) from investment operations		(0.91	)		1.02			(0.41	)		0.54			0.91			1.15
Net asset value, end of period	$	6.07		$	6.98		$	5.96		$	6.37		$	5.83		$	4.92
Total Return^		(13.04	)%**^^		17.11	% ^^		(6.44	)% ^^		9.26	% ^^		18.50	% ^^		30.50	% ^^
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	120		$	944		$	1,203		$	1,034		$	1,144		$	636
Ratio of expenses to average daily net assets:
Before expense waiver		1.65	% *		1.66	%		1.65	%		1.65	%		1.66	%		1.68	%
After expense waiver		N/A			N/A			1.63	% #		1.57	% #		1.59	%#^^^		1.64	%#^^^
Net investment income (loss) to average daily net assets		(1.24	)% *		(1.13	)%		(1.31	)%		(1.32	)%		(0.99	)%		(0.91	)%
Portfolio turnover rate		15	% **		34	%		49	%		24	%		85	%		93	%

*  Annualized.

**  Percentage represents the 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.

#  Computed after giving effect to an agreement by MassMutual to waive certain fees and expenses of the Fund.

^  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.

^^  Total return excludes sales charges and would be lower for the period presented if it reflected these charges.

^^^  The Fund has entered into agreements 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.
184

MassMutual Select NASDAQ-100 Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class A
	Six months ended 6/30/08 (Unaudited)			Year ended 12/31/07			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	$	5.16		$	4.37		$	4.12		$	4.09		$	3.74		$	2.53
Income (loss) from investment operations:
Net investment income (loss)		(0.01	)***		(0.03	)***		(0.02	)***		(0.02	)***		0.00	***†		(0.03	)***
Net realized and unrealized gain (loss) on investments		(0.62	)		0.82			0.27			0.05			0.35			1.24
Total income (loss) from investment operations		(0.63	)		0.79			0.25			0.03			0.35			1.21
Less distributions to shareholders:
From net investment income		-			-			-			-			(0.00	)†		-
Total distributions		-			-			-			-			(0.00	)		-
Net asset value, end of period	$	4.53		$	5.16		$	4.37		$	4.12		$	4.09		$	3.74
Total Return^		(12.21	)%**^^		17.81	% ^^		6.31	% ^^		0.73	% ^^		9.47	% ^^		47.83	%
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	19,165		$	22,454		$	21,627		$	26,216		$	32,176		$	30,349
Ratio of expenses to average daily net assets:
Before expense waiver		1.14	% *		1.16	%		1.15	%		1.11	%		1.12	%		1.17	%
After expense waiver		N/A			N/A			N/A			N/A			N/A			1.12	% #
Net investment income (loss) to average daily net assets		(0.54	)% *		(0.57	)%		(0.50	)%		(0.50	)%		0.12	%		(0.86	)%
Portfolio turnover rate		3	% **		29	%		7	%		17	%		30	%		66	%
	Class L
	Six months ended 6/30/08 (Unaudited)			Year ended 12/31/07			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	$	5.25		$	4.44		$	4.17		$	4.13		$	3.77		$	2.54
Income (loss) from investment operations:
Net investment income (loss)		(0.01	)***		(0.02	)***		(0.01	)***		(0.01	)***		0.01	***		(0.02	)***
Net realized and unrealized gain (loss) on investments		(0.62	)		0.83			0.28			0.05			0.36			1.25
Total income (loss) from investment operations		(0.63	)		0.81			0.27			0.04			0.37			1.23
Less distributions to shareholders:
From net investment income		-			-			-			-			(0.01	)		-
Total distributions		-			-			-			-			(0.01	)		-
Net asset value, end of period	$	4.62		$	5.25		$	4.44		$	4.17		$	4.13		$	3.77
Total Return^		(12.00	)% **		18.24	%		6.47	%		0.97	%		9.82	%		48.43	%
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	7,121		$	10,335		$	9,960		$	13,000		$	13,101		$	15,508
Ratio of expenses to average daily net assets:
Before expense waiver		0.90	% *		0.91	%		0.90	%		0.86	%		0.87	%		0.91	%
After expense waiver		N/A			N/A			N/A			N/A			N/A			0.87	% #
Net investment income (loss) to average daily net assets		(0.28	)% *		(0.32	)%		(0.26	)%		(0.24	)%		0.26	%		(0.61	)%
Portfolio turnover rate		3	% **		29	%		7	%		17	%		30	%		66	%

*  Annualized.

**  Percentage represents the results for the period and is not annualized.

***  Per share amount calculated on the average shares method.

†  Amount is less than $0.005 per share.

#  Computed after giving effect to an agreement by MassMutual to waive certain fees and expenses of the Fund.

^  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.

^^  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.
185

MassMutual Select NASDAQ-100 Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class Y
	Six months ended 6/30/08 (Unaudited)			Year ended 12/31/07			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	$	5.30		$	4.47		$	4.19		$	4.15		$	3.79		$	2.54
Income (loss) from investment operations:
Net investment income (loss)		(0.00	)***†		(0.01	)***		(0.01	)***		(0.00	)***†		0.02	***		(0.01	)***
Net realized and unrealized gain (loss) on investments		(0.64	)		0.84			0.29			0.04			0.36			1.26
Total income (loss) from investment operations		(0.64	)		0.83			0.28			0.04			0.38			1.25
Less distributions to shareholders:
From net investment income		-			-			-			-			(0.02	)		-
Total distributions		-			-			-			-			(0.02	)		-
Net asset value, end of period	$	4.66		$	5.30		$	4.47		$	4.19		$	4.15		$	3.79
Total Return^		(12.08	)% **		18.57	%		6.68	%		0.96	%		9.98	%		48.63	%
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	2,935		$	3,160		$	1,495		$	2,628		$	3,777		$	3,827
Ratio of expenses to average daily net assets:
Before expense waiver		0.74	% *		0.77	%		0.75	%		0.71	%		0.72	%		0.77	%
After expense waiver		N/A			N/A			N/A			N/A			N/A			0.73	% #
Net investment income (loss) to average daily net assets		(0.13	)% *		(0.18	)%		(0.12	)%		(0.11	)%		0.49	%		(0.45	)%
Portfolio turnover rate		3	% **		29	%		7	%		17	%		30	%		66	%
	Class S
	Six months ended 6/30/08 (Unaudited)			Year ended 12/31/07			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	$	5.35		$	4.51		$	4.22		$	4.17		$	3.81		$	2.56
Income (loss) from investment operations:
Net investment income (loss)		(0.00	)***†		(0.00	)***†		(0.00	)***†		(0.00	)***†		0.02	***		(0.01	)***
Net realized and unrealized gain (loss) on investments		(0.64	)		0.84			0.29			0.05			0.36			1.26
Total income (loss) from investment operations		(0.64	)		0.84			0.29			0.05			0.38			1.25
Less distributions to shareholders:
From net investment income		-			-			-			-			(0.02	)		-
Total distributions		-			-			-			-			(0.02	)		-
Net asset value, end of period	$	4.71		$	5.35		$	4.51		$	4.22		$	4.17		$	3.81
Total Return^		(11.96	)% **		18.63	%		6.87	%		1.20	%		10.00	%		48.83	%
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	16,601		$	21,630		$	16,179		$	19,404		$	25,880		$	26,424
Ratio of expenses to average daily net assets:
Before expense waiver		0.64	% *		0.66	%		0.65	%		0.61	%		0.62	%		0.67	%
After expense waiver		N/A			N/A			N/A			N/A			N/A			0.63	% #
Net investment income (loss) to average daily net assets		(0.04	)% *		(0.07	)%		(0.00	)% ††		(0.01	)%		0.45	%		(0.36	)%
Portfolio turnover rate		3	% **		29	%		7	%		17	%		30	%		66	%

*  Annualized.

**  Percentage represents the results for the period and is not annualized.

***  Per share amount calculated on the average shares method.

†  Amount is less than $0.005 per share.

††  Amount is less than 0.005%.

#  Computed after giving effect to an agreement by MassMutual to waive certain fees and expenses of the Fund.

^  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 accompanying notes are an integral part of the financial statements.
186

MassMutual Select NASDAQ-100 Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class N
	Six months ended 6/30/08 (Unaudited)			Year ended 12/31/07			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	$	5.07		$	4.31		$	4.07		$	4.05		$	3.71		$	2.52
Income (loss) from investment operations:
Net investment income (loss)		(0.02	)***		(0.04	)***		(0.03	)***		(0.03	)***		0.00	***†		(0.04	)***
Net realized and unrealized gain (loss) on investments		(0.61	)		0.80			0.27			0.05			0.34			1.23
Total income (loss) from investment operations		(0.63	)		0.76			0.24			0.02			0.34			1.19
Less distributions to shareholders:
From net investment income		-			-			-			-			(0.00	)†		-
Total distributions		-			-			-			-			(0.00	)†		-
Net asset value, end of period	$	4.44		$	5.07		$	4.31		$	4.07		$	4.05		$	3.71
Total Return^		(12.43	)%**^^		17.63	% ^^		5.90	% ^^		0.49	% ^^		9.25	% ^^		47.22	% ^^
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	183		$	494		$	445		$	451		$	432		$	150
Ratio of expenses to average daily net assets:
Before expense waiver		1.44	% *		1.46	%		1.45	%		1.41	%		1.41	%		1.46	%
After expense waiver		N/A			N/A			N/A			N/A			N/A			1.42	% #
Net investment income (loss) to average daily net assets		(0.80	)% *		(0.87	)%		(0.79	)%		(0.79	)%		0.11	%		(1.15	)%
Portfolio turnover rate		3	% **		29	%		7	%		17	%		30	%		66	%

*  Annualized.

**  Percentage represents the results for the period and is not annualized.

***  Per share amount calculated on the average shares method.

†  Amount is less than $0.005 per share.

#  Computed after giving effect to an agreement by MassMutual to waive certain fees and expenses of the Fund.

^  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.

^^  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.
187

MassMutual Select Focused Value Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class A
	Six months ended 6/30/08 (Unaudited)			Year ended 12/31/07			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	$	16.09		$	18.08		$	16.70		$	17.78		$	16.92		$	11.94
Income (loss) from investment operations:
Net investment income (loss)		0.03	***		0.05	***		0.25	***		(0.00	)***†		(0.07	)***		(0.06	)***
Net realized and unrealized gain (loss) on investments		(2.64	)		0.25			3.02			0.53			1.96			5.45
Total income (loss) from investment operations		(2.61	)		0.30			3.27			0.53			1.89			5.39
Less distributions to shareholders:
From net investment income		-			(0.03	)		(0.26	)		(0.01	)		-			(0.00	)†
From net realized gains		-			(2.26	)		(1.63	)		(1.60	)		(1.03	)		(0.41	)
Total distributions		-			(2.29	)		(1.89	)		(1.61	)		(1.03	)		(0.41	)
Net asset value, end of period	$	13.48		$	16.09		$	18.08		$	16.70		$	17.78		$	16.92
Total Return^		(16.22	)%**^^		1.52	% ^^		19.65	% ^^		2.98	% ^^		11.33	% ^^		45.13	%
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	169,333		$	224,393		$	275,925		$	252,047		$	228,871		$	158,981
Ratio of expenses to average daily net assets:
Before expense waiver		1.32	% *		1.30	%		1.29	%		1.30	%		1.30	%		1.30	%
After expense waiver		N/A			N/A			N/A			N/A			1.28	%#^^^		1.29	%#^^^
Net investment income (loss) to average daily net assets		0.36	% *		0.29	%		1.39	%		(0.01	)%		(0.40	)%		(0.40	)%
Portfolio turnover rate		21	% **		44	%		36	%		31	%		32	%		31	%
	Class L
	Six months ended 6/30/08 (Unaudited)			Year ended 12/31/07			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	$	16.36		$	18.34		$	16.91		$	17.98		$	17.05		$	12.00
Income (loss) from investment operations:
Net investment income (loss)		0.05	***		0.08	***		0.30	***		0.05	***		(0.03	)***		(0.02	)***
Net realized and unrealized gain (loss) on investments		(2.69	)		0.27			3.06			0.53			1.99			5.48
Total income (loss) from investment operations		(2.64	)		0.35			3.36			0.58			1.96			5.46
Less distributions to shareholders:
From net investment income		-			(0.07	)		(0.30	)		(0.05	)		-			(0.00	)†
From net realized gains		-			(2.26	)		(1.63	)		(1.60	)		(1.03	)		(0.41	)
Total distributions		-			(2.33	)		(1.93	)		(1.65	)		(1.03	)		(0.41	)
Net asset value, end of period	$	13.72		$	16.36		$	18.34		$	16.91		$	17.98		$	17.05
Total Return^		(16.14	)% **		1.79	%		19.94	%		3.26	%		11.65	%		45.49	%
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	121,279		$	159,281		$	203,635		$	180,827		$	163,742		$	114,730
Ratio of expenses to average daily net assets:
Before expense waiver		1.07	% *		1.05	%		1.04	%		1.05	%		1.05	%		1.05	%
After expense waiver		N/A			N/A			N/A			N/A			1.03	%#^^^		1.04	%#^^^
Net investment income (loss) to average daily net assets		0.61	% *		0.39	%		1.66	%		0.26	%		(0.16	)%		(0.16	)%
Portfolio turnover rate		21	% **		44	%		36	%		31	%		32	%		31	%

*  Annualized.

**  Percentage represents the results for the period and is not annualized.

***  Per share amount calculated on the average shares method.

†  Amount is less than $0.005 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.

^  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.

^^  Total return excludes sales charges and would be lower for the period presented if it reflected these charges.

^^^  The Fund has entered into agreements 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.
188

MassMutual Select Focused Value Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class Y
	Six months ended 6/30/08 (Unaudited)			Year ended 12/31/07			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	$	16.49		$	18.47		$	17.02		$	18.08		$	17.12		$	12.03
Income (loss) from investment operations:
Net investment income (loss)		0.06	***		0.09	***		0.32	***		0.07	***		(0.00	)***†		(0.00	)***†
Net realized and unrealized gain (loss) on investments		(2.71	)		0.29			3.09			0.55			1.99			5.50
Total income (loss) from investment operations		(2.65	)		0.38			3.41			0.62			1.99			5.50
Less distributions to shareholders:
From net investment income		-			(0.10	)		(0.33	)		(0.08	)		-			(0.00	)†
From net realized gains		-			(2.26	)		(1.63	)		(1.60	)		(1.03	)		(0.41	)
Total distributions		-			(2.36	)		(1.96	)		(1.68	)		(1.03	)		(0.41	)
Net asset value, end of period	$	13.84		$	16.49		$	18.47		$	17.02		$	18.08		$	17.12
Total Return^		(16.07	)%**		1.92	%		20.12	%		3.44	%		11.78	%		45.71	%
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	102,203		$	131,434		$	144,555		$	116,392		$	94,538		$	78,549
Ratio of expenses to average daily net assets:
Before expense waiver		0.92	% *		0.90	%		0.89	%		0.90	%		0.90	%		0.89	%
After expense waiver		N/A			N/A			N/A			N/A			0.88	%#^^^		0.89	%#^^^
Net investment income (loss) to average daily net assets		0.76	% *		0.49	%		1.79	%		0.40	%		(0.01	)%		(0.01	)%
Portfolio turnover rate		21	% **		44	%		36	%		31	%		32	%		31	%
	Class S
	Six months ended 6/30/08 (Unaudited)			Year ended 12/31/07			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	$	16.62		$	18.59		$	17.11		$	18.18		$	17.19		$	12.06
Income (loss) from investment operations:
Net investment income (loss)		0.07	***		0.13	***		0.34	***		0.09	***		0.01	***		0.01	***
Net realized and unrealized gain (loss) on investments		(2.74	)		0.28			3.12			0.54			2.01			5.53
Total income (loss) from investment operations		(2.67	)		0.41			3.46			0.63			2.02			5.54
Less distributions to shareholders:
From net investment income		-			(0.12	)		(0.35	)		(0.10	)		-			(0.00	)†
From net realized gains		-			(2.26	)		(1.63	)		(1.60	)		(1.03	)		(0.41	)
Total distributions		-			(2.38	)		(1.98	)		(1.70	)		(1.03	)		(0.41	)
Net asset value, end of period	$	13.95		$	16.62		$	18.59		$	17.11		$	18.18		$	17.19
Total Return^		(16.06	)%**		2.07	%		20.28	%		3.45	%		11.91	%		45.94	%
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	253,314		$	349,391		$	348,859		$	354,769		$	326,445		$	293,759
Ratio of expenses to average daily net assets:
Before expense waiver		0.82	% *		0.80	%		0.79	%		0.80	%		0.80	%		0.80	%
After expense waiver		N/A			N/A			N/A			N/A			0.78	%#^^^		0.79	%#^^^
Net investment income (loss) to average daily net assets		0.86	% *		0.67	%		1.89	%		0.50	%		0.08	%		0.09	%
Portfolio turnover rate		21	% **		44	%		36	%		31	%		32	%		31	%

*  Annualized.

**  Percentage represents the results for the period and is not annualized.

***  Per share amount calculated on the average shares method.

†  Amount is less than $0.005 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.

^  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 Fund has entered into agreements 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.
189

MassMutual Select Focused Value Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class N
	Six months ended 6/30/08 (Unaudited)			Year ended 12/31/07			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	$	15.77		$	17.79		$	16.48		$	17.60		$	16.81		$	11.90
Income (loss) from investment operations:
Net investment income (loss)		0.00	***†		(0.02	)***		0.18	***		(0.05	)***		(0.12	)***		(0.11	)***
Net realized and unrealized gain (loss) on investments		(2.58	)		0.26			2.99			0.53			1.94			5.43
Total income (loss) from investment operations		(2.58	)		0.24			3.17			0.48			1.82			5.32
Less distributions to shareholders:
From net investment income		-			-			(0.23	)		-			-			(0.00	)†
From net realized gains		-			(2.26	)		(1.63	)		(1.60	)		(1.03	)		-
Tax return of capital		-			-			-			-			-			(0.41	)
Total distributions		-			(2.26	)		(1.86	)		(1.60	)		(1.03	)		(0.41	)
Net asset value, end of period	$	13.19		$	15.77		$	17.79		$	16.48		$	17.60		$	16.81
Total Return^		(16.36	)%**^^		1.21	% ^^		19.35	% ^^		2.61	% ^^		11.05	% ^^		44.70	% ^^
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	2,210		$	2,723		$	2,567		$	1,820		$	1,006		$	904
Ratio of expenses to average daily net assets:
Before expense waiver		1.62	% *		1.60	%		1.60	%		1.60	%		1.60	%		1.61	%
After expense waiver		N/A			N/A			N/A			N/A			1.58	%#^^^		1.60	%#^^^
Net investment income (loss) to average daily net assets		0.06	% *		(0.08	)%		1.03	%		(0.27	)%		(0.72	)%		(0.70	)%
Portfolio turnover rate		21	% **		44	%		36	%		31	%		32	%		31	%

*  Annualized.

**  Percentage represents the results for the period and is not annualized.

***  Per share amount calculated on the average shares method.

†  Amount is less than $0.005 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.

^  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.

^^  Total return excludes sales charges and would be lower for the period presented if it reflected these charges.

^^^  The Fund has entered into agreements 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.
190

MassMutual Select Mid-Cap Value Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class A									Class L
	Six months ended 6/30/08 (Unaudited)			Year ended 12/31/07			Period ended 12/31/06+			Six months ended 6/30/08 (Unaudited)			Year ended 12/31/07			Period ended 12/31/06+
Net asset value, beginning of period	$	9.72		$	11.40		$	10.00		$	9.75		$	11.42		$	10.00
Income (loss) from investment operations:
Net investment income (loss)		0.03	***		0.09	***		0.02	***		0.04	***		0.11	***		0.05	***
Net realized and unrealized gain (loss) on investments		(1.74	)		(1.10	)		1.41			(1.74	)		(1.10	)		1.39
Total income (loss) from investment operations		(1.71	)		(1.01	)		1.43			(1.70	)		(0.99	)		1.44
Less distributions to shareholders:
From net investment income		-			(0.04	)		(0.02	)		-			(0.05	)		(0.01	)
From net realized gains		-			(0.63	)		(0.01	)		-			(0.63	)		(0.01	)
Total distributions		-			(0.67	)		(0.03	)		-			(0.68	)		(0.02	)
Net asset value, end of period	$	8.01		$	9.72		$	11.40		$	8.05		$	9.75		$	11.42
Total Return^		(17.59	)%**^^		(8.97	)% ^^		14.27	%**^^		(17.54	)% **		(8.74	)%		14.47	% **
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	6,461		$	9,490		$	497		$	45,744		$	74,131		$	1,628
Ratio of expenses to average daily net assets:
Before expense waiver		1.30	% *		1.30	%		2.02	% *		1.05	% *		1.05	%		1.77	% *
After expense waiver		N/A			N/A			1.38	% *#		N/A			N/A			1.13	% *#
Net investment income (loss) to average daily net assets		0.70	% *		0.82	%		0.45	% *		0.95	% *		0.95	%		1.31	% *
Portfolio turnover rate		14	% **		49	%		7	% **		14	% **		49	%		7	% **
	Class Y									Class S
	Six months ended 6/30/08 (Unaudited)			Year ended 12/31/07			Period ended 12/31/06+			Six months ended 6/30/08 (Unaudited)			Year ended 12/31/07			Period ended 12/31/06+
Net asset value, beginning of period	$	9.75		$	11.43		$	10.00		$	9.75		$	11.42		$	10.00
Income (loss) from investment operations:
Net investment income (loss)		0.06	***		0.17	***		0.03	***		0.05	***		0.14	***		0.06	***
Net realized and unrealized gain (loss) on investments		(1.76	)		(1.15	)		1.40			(1.74	)		(1.10	)		1.39
Total income (loss) from investment operations		(1.70	)		(0.98	)		1.43			(1.69	)		(0.96	)		1.45
Less distributions to shareholders:
From net investment income		-			(0.07	)		-			-			(0.08	)		(0.02	)
From net realized gains		-			(0.63	)		-			-			(0.63	)		(0.01	)
Total distributions		-			(0.70	)		-			-			(0.71	)		(0.03	)
Net asset value, end of period	$	8.05		$	9.75		$	11.43		$	8.06		$	9.75		$	11.42
Total Return^		(17.44	)% **		(8.66	)%		14.42	% **		(17.44	)% **		(8.53	)%		14.50	% **
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	2,274		$	1,163			-		$	96,596		$	123,216		$	60,708
Ratio of expenses to average daily net assets:
Before expense waiver		0.90	% *		0.90	%		1.62	% *		0.80	% *		0.80	%		1.52	% *
After expense waiver		N/A			N/A			0.98	% *#		N/A			N/A			0.88	% *#
Net investment income (loss) to average daily net assets		1.37	% *		1.45	%		0.68	% *		1.23	% *		1.19	%		1.51	% *
Portfolio turnover rate		14	% **		49	%		7	% **		14	% **		49	%		7	% **

*  Annualized.

**  Percentage represents the results for the period and is not annualized.

***  Per share amount calculated on the average shares method.

+  For the period August 29, 2006 (commencement of operations) through December 31, 2006.

#  Computed after giving effect to an agreement by MassMutual to waive certain fees and expenses of the Fund.

^  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.

^^  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.
191

MassMutual Select Mid-Cap Value Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class N
	Six months ended 6/30/08 (Unaudited)			Year ended 12/31/07			Period ended 12/31/06+
Net asset value, beginning of period	$	9.75		$	11.41		$	10.00
Income (loss) from investment operations:
Net investment income (loss)		0.02	***		(0.00	)***†		(0.00	)***†
Net realized and unrealized gain (loss) on investments		(1.75	)		(1.03	)		1.41
Total income (loss) from investment operations		(1.73	)		(1.03	)		1.41
Less distributions to shareholders:
From net realized gains		-			(0.63	)		-
Total distributions		-			(0.63	)		-
Net asset value, end of period	$	8.02		$	9.75		$	11.41
Total Return^		(17.74	)% **^^		(9.13	)% ^^		14.22	% ^^
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	36		$	38			-
Ratio of expenses to average daily net assets:
Before expense waiver		1.60	% *		1.60	%		2.32	% *
After expense waiver		N/A			N/A			1.68	% *#
Net investment income (loss) to average daily net assets		0.48	% *		(0.00	)% ††		(0.02	)% *
Portfolio turnover rate		14	% **		49	%		7	% **

*  Annualized.

**  Percentage represents the results for the period and is not annualized.

***  Per share amount calculated on the average shares method.

†  Amount is less than $0.005 per share.

††  Amount is less than 0.005%.

+  For the period August 29, 2006 (commencement of operations) through December 31, 2006.

#  Computed after giving effect to an agreement by MassMutual to waive certain fees and expenses of the Fund.

^  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.

^^  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.
192

MassMutual Select Small Cap Value Equity Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class A									Class L
	Six months ended 6/30/08 (Unaudited)			Year ended 12/31/07			Period ended 12/31/06+			Six months ended 6/30/08 (Unaudited)			Year ended 12/31/07			Period ended 12/31/06+
Net asset value, beginning of period	$	9.34		$	10.90		$	10.00		$	9.36		$	10.91		$	10.00
Income (loss) from investment operations:
Net investment income (loss)		0.05	***		0.18	***		0.10	***		0.06	***		0.20	***		0.13	***
Net realized and unrealized gain (loss) on investments		(1.23	)		(1.53	)		0.84			(1.22	)		(1.53	)		0.83
Total income (loss) from investment operations		(1.18	)		(1.35	)		0.94			(1.16	)		(1.33	)		0.96
Less distributions to shareholders:
From net investment income		-			(0.13	)		(0.04	)		-			(0.14	)		(0.05	)
From net realized gains		-			(0.08	)		-			-			(0.08	)		-
Total distributions		-			(0.21	)		(0.04	)		-			(0.22	)		(0.05	)
Net asset value, end of period	$	8.16		$	9.34		$	10.90		$	8.20		$	9.36		$	10.91
Total Return^		(12.42	)%**^^		(12.35	)% ^^		9.32	%**^^		(12.29	)% **		(12.22	)%		9.61	% **
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	12,232		$	15,737		$	3,653		$	30,783		$	42,168		$	1,041
Ratio of expenses to average daily net assets:
Before expense waiver		1.35	% *		1.35	%		1.72	% *		1.10	% *		1.10	%		1.47	% *
After expense waiver		N/A			N/A			1.40	% *#		N/A			N/A			1.15	% *#
Net investment income (loss) to average daily net assets		1.09	% *		1.74	%		1.23	% *		1.35	% *		1.91	%		1.69	% *
Portfolio turnover rate		59	% **		68	%		63	% **		59	% **		68	%		63	%
	Class Y									Class S
	Six months ended 6/30/08 (Unaudited)			Year ended 12/31/07			Period ended 12/31/06+			Six months ended 6/30/08 (Unaudited)			Year ended 12/31/07			Period ended 12/31/06+
Net asset value, beginning of period	$	9.36		$	10.91		$	10.00		$	9.37		$	10.91		$	10.00
Income (loss) from investment operations:
Net investment income (loss)		0.06	***		0.24	***		0.10	***		0.07	***		0.24	***		0.11	***
Net realized and unrealized gain (loss) on investments		(1.21	)		(1.56	)		0.86			(1.22	)		(1.54	)		0.85
Total income (loss) from investment operations		(1.15	)		(1.32	)		0.96			(1.15	)		(1.30	)		0.96
Less distributions to shareholders:
From net investment income		-			(0.15	)		(0.05	)		-			(0.16	)		(0.05	)
From net realized gains		-			(0.08	)		-			-			(0.08	)		-
Total distributions		-			(0.23	)		(0.05	)		-			(0.24	)		(0.05	)
Net asset value, end of period	$	8.21		$	9.36		$	10.91		$	8.22		$	9.37		$	10.91
Total Return^		(12.29	)% **		(12.06	)%		9.61	% **		(12.17	)% **		(12.02	)%		9.74	% **
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	7,167		$	9,343		$	2,402		$	82,380		$	90,057		$	29,939
Ratio of expenses to average daily net assets:
Before expense waiver		0.95	% *		0.95	%		1.32	% *		0.85	% *		0.85	%		1.22	% *
After expense waiver		N/A			N/A			1.00	% *#		N/A			N/A			0.95	% *#
Net investment income (loss) to average daily net assets		1.48	% *		2.27	%		1.34	% *		1.59	% *		2.21	%		1.40	% *
Portfolio turnover rate		59	% **		68	%		63	% **		59	% **		68	%		63	% **

*  Annualized.

**  Percentage represents the results for the period and is not annualized.

***  Per share amount calculated on the average shares method.

+  For the period March 31, 2006 (commencement of operations) through December 31, 2006.

#  Computed after giving effect to an agreement by MassMutual to waive certain fees and expenses of the Fund.

^  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.

^^  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.
193

MassMutual Select Small Cap Value Equity Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class N
	Six months ended 6/30/08 (Unaudited)			Year ended 12/31/07			Period ended 12/31/06+
Net asset value, beginning of period	$	9.34		$	10.91		$	10.00
Income (loss) from investment operations:
Net investment income (loss)		0.03	***		0.16	***		0.04	***
Net realized and unrealized gain (loss) on investments		(1.21	)		(1.54	)		0.87
Total income (loss) from investment operations		(1.18	)		(1.38	)		0.91
Less distributions to shareholders:
From net investment income		-			(0.11	)		-
From net realized gains		-			(0.08	)		-
Total distributions		-			(0.19	)		-
Net asset value, end of period	$	8.16		$	9.34		$	10.91
Total Return^		(12.53	)% **^^		(12.64	)% ^^		9.10	%**^^
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	327		$	284		$	109
Ratio of expenses to average daily net assets:
Before expense waiver		1.65	% *		1.65	%		2.02	%*
After expense waiver		N/A			N/A			1.70	%*#
Net investment income (loss) to average daily net assets		0.79	% *		1.52	%		0.50	%*
Portfolio turnover rate		59	% **		68	%		63	%**

*  Annualized.

**  Percentage represents the results for the period and is not annualized.

***  Per share amount calculated on the average shares method.

+  For the period March 31, 2006 (commencement of operations) through December 31, 2006.

#  Computed after giving effect to an agreement by MassMutual to waive certain fees and expenses of the Fund.

^  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.

^^  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.
194

MassMutual Select Small Company Value Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class A
	Six months ended 6/30/08 (Unaudited)			Year ended 12/31/07			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	$	12.59		$	15.32		$	14.28		$	14.28		$	11.96		$	8.66
Income (loss) from investment operations:
Net investment income (loss)		0.00	***†		0.02	***		(0.03	)***		(0.03	)***		0.00	***†		0.02	***
Net realized and unrealized gain (loss) on investments		(0.33	)		(0.36	)		2.07			0.68			2.65			3.31
Total income (loss) from investment operations		(0.33	)		(0.34	)		2.04			0.65			2.65			3.33
Less distributions to shareholders:
From net investment income		-			-			-			-			-			(0.01	)
From net realized gains		-			(2.39	)		(1.00	)		(0.65	)		(0.33	)		(0.02	)
Total distributions		-			(2.39	)		(1.00	)		(0.65	)		(0.33	)		(0.03	)
Net asset value, end of period	$	12.26		$	12.59		$	15.32		$	14.28		$	14.28		$	11.96
Total Return^		(2.62	)%**^^		(2.09	)%^^		14.46	% ^^		4.56	% ^^		22.30	% ^^		38.66	% ^^
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	117,142		$	132,697		$	174,732		$	136,675		$	115,807		$	44,754
Ratio of expenses to average daily net assets:
Before expense waiver		1.49	% *		1.49	%		1.49	%		1.49	%		1.49	%		1.51	%
After expense waiver		N/A			N/A			N/A			N/A			1.44	%#^^^		1.41	%#^^^
Net investment income (loss) to average daily net assets		0.03	% *		0.11	%		(0.18	)%		(0.24	)%		(0.02	)%		0.17	%
Portfolio turnover rate		18	% **		39	%		50	%		56	%		36	%		58	%
	Class L
	Six months ended 6/30/08 (Unaudited)			Year ended 12/31/07			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	$	12.70		$	15.43		$	14.34		$	14.31		$	11.96		$	8.65
Income (loss) from investment operations:
Net investment income (loss)		0.02	***		0.05	***		0.01	***		0.00	***†		0.03	***		0.05	***
Net realized and unrealized gain (loss) on investments		(0.33	)		(0.36	)		2.08			0.68			2.67			3.31
Total income (loss) from investment operations		(0.31	)		(0.31	)		2.09			0.68			2.70			3.36
Less distributions to shareholders:
From net investment income		-			(0.03	)		-			-			(0.02	)		(0.03	)
From net realized gains		-			(2.39	)		(1.00	)		(0.65	)		(0.33	)		(0.02	)
Total distributions		-			(2.42	)		(1.00	)		(0.65	)		(0.35	)		(0.05	)
Net asset value, end of period	$	12.39		$	12.70		$	15.43		$	14.34		$	14.31		$	11.96
Total Return^		(2.44	)% **		(1.89	)%		14.75	%		4.76	%		22.68	%		38.92	%
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	87,338		$	103,887		$	163,441		$	125,631		$	116,485		$	37,776
Ratio of expenses to average daily net assets:
Before expense waiver		1.24	% *		1.24	%		1.24	%		1.24	%		1.24	%		1.26	%
After expense waiver		N/A			N/A			N/A			N/A			1.19	%#^^^		1.17	%#^^^
Net investment income (loss) to average daily net assets		0.28	% *		0.32	%		0.07	%		0.00	% ††		0.24	%		0.45	%
Portfolio turnover rate		18	% **		39	%		50	%		56	%		36	%		58	%

*  Annualized.

**  Percentage represents the results for the period and is not annualized.

***  Per share amount calculated on the average shares method.

†  Amount is less than $0.005 per share.

††  Amount is less than 0.005%.

†††  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.

^  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.

^^  Total return excludes sales charges and would be lower for the period presented if it reflected these charges.

^^^  The Fund has entered into agreements 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.
195

MassMutual Select Small Company Value Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class Y
	Six months ended 6/30/08 (Unaudited)			Year ended 12/31/07			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	$	12.80		$	15.53		$	14.41		$	14.35		$	11.99		$	8.66
Income (loss) from investment operations:
Net investment income (loss)		0.03	***		0.07	***		0.04	***		0.02	***		0.05	***		0.06	***
Net realized and unrealized gain (loss) on investments		(0.34	)		(0.36	)		2.09			0.69			2.67			3.33
Total income (loss) from investment operations		(0.31	)		(0.29	)		2.13			0.71			2.72			3.39
Less distributions to shareholders:
From net investment income		-			(0.05	)		(0.01	)		-			(0.03	)		(0.04	)
From net realized gains		-			(2.39	)		(1.00	)		(0.65	)		(0.33	)		(0.02	)
Total distributions		-			(2.44	)		(1.01	)		(0.65	)		(0.36	)		(0.06	)
Net asset value, end of period	$	12.49		$	12.80		$	15.53		$	14.41		$	14.35		$	11.99
Total Return^		(2.42	)%**		(1.72	)%		14.93	%		4.96	%		22.80	%		39.16	%
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	91,591		$	100,730		$	174,630		$	98,126		$	100,488		$	46,409
Ratio of expenses to average daily net assets:
Before expense waiver		1.09	% *		1.09	%		1.09	%		1.09	%		1.09	%		1.11	%
After expense waiver		N/A			N/A			N/A			N/A			1.04	%#^^^		1.01	%#^^^
Net investment income (loss) to average daily net assets		0.43	% *		0.47	%		0.22	%		0.13	%		0.37	%		0.58	%
Portfolio turnover rate		18	% **		39	%		50	%		56	%		36	%		58	%
	Class S
	Six months ended 6/30/08 (Unaudited)			Year ended 12/31/07			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	$	12.84		$	15.58		$	14.46		$	14.39		$	12.02		$	8.67
Income (loss) from investment operations:
Net investment income (loss)		0.03	***		0.09	***		0.04	***		0.03	***		0.05	***		0.06	***
Net realized and unrealized gain (loss) on investments		(0.33	)		(0.38	)		2.09			0.69			2.68			3.35
Total income (loss) from investment operations		(0.30	)		(0.29	)		2.13			0.72			2.73			3.41
Less distributions to shareholders:
From net investment income		-			(0.06	)		(0.01	)		-			(0.03	)		(0.04	)
From net realized gains		-			(2.39	)		(1.00	)		(0.65	)		(0.33	)		(0.02	)
Total distributions		-			(2.45	)		(1.01	)		(0.65	)		(0.36	)		(0.06	)
Net asset value, end of period	$	12.54		$	12.84		$	15.58		$	14.46		$	14.39		$	12.02
Total Return^		(2.41	)%**		(1.68	)%		14.97	%		5.01	%		22.86	%		39.37	%
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	248,626		$	241,742		$	288,826		$	221,271		$	188,743		$	80,661
Ratio of expenses to average daily net assets:
Before expense waiver		1.05	% *		1.05	%		1.05	%		1.05	%		1.05	%		1.07	%
After expense waiver		N/A			N/A			N/A			N/A			1.00	%#^^^		0.97	%#^^^
Net investment income (loss) to average daily net assets		0.47	% *		0.58	%		0.26	%		0.20	%		0.40	%		0.58	%
Portfolio turnover rate		18	% **		39	%		50	%		56	%		36	%		58	%

*  Annualized.

**  Percentage represents the 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.

#  Computed after giving effect to an agreement by MassMutual to waive certain fees and expenses of the Fund.

^  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 Fund has entered into agreements 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.
196

MassMutual Select Small Company Value Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class N
	Six months ended 6/30/08 (Unaudited)			Year ended 12/31/07			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	$	12.31		$	15.08		$	14.11		$	14.16		$	11.90		$	8.63
Income (loss) from investment operations:
Net investment income (loss)		(0.02	)***		(0.02	)***		(0.07	)***		(0.08	)***		(0.05	)***		(0.01	)***
Net realized and unrealized gain (loss) on investments		(0.32	)		(0.36	)		2.04			0.68			2.64			3.30
Total income (loss) from investment operations		(0.34	)	��	(0.38	)		1.97			0.60			2.59			3.29
Less distributions to shareholders:
From net investment income		-			-			-			-			-			(0.00	)†
From net realized gains		-			(2.39	)		(1.00	)		(0.65	)		(0.33	)		(0.02	)
Total distributions		-			(2.39	)		(1.00	)		(0.65	)		(0.33	)		(0.02	)
Net asset value, end of period	$	11.97		$	12.31		$	15.08		$	14.11		$	14.16		$	11.90
Total Return^		(2.76	)%**^^		(2.40	)% ^^		14.14	% ^^		4.25	% ^^		21.91	% ^^		38.20	% ^^
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	1,571		$	1,633		$	1,398		$	1,251		$	916		$	564
Ratio of expenses to average daily net assets:
Before expense waiver		1.79	% *		1.79	%		1.79	%		1.79	%		1.79	%		1.81	%
After expense waiver		N/A			N/A			N/A			N/A			1.74	%#^^^		1.72	%#^^^
Net investment income (loss) to average daily net assets		(0.27	)% *		(0.13	)%		(0.48	)%		(0.54	)%		(0.37	)%		(0.08	)%
Portfolio turnover rate		18	% **		39	%		50	%		56	%		36	%		58	%

*  Annualized.

**  Percentage represents the results for the period and is not annualized.

***  Per share amount calculated on the average shares method.

†  Amount is less than $  0.005 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.

^  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.

^^  Total return excludes sales charges and would be lower for the period presented if it reflected these charges.

^^^  The Fund has entered into agreements 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.
197

MassMutual Select Mid Cap Growth Equity Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class A
	Six months ended 6/30/08 (Unaudited)			Year ended 12/31/07			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	$	11.35		$	10.35		$	9.82		$	8.74		$	7.64		$	5.87
Income (loss) from investment operations:
Net investment income (loss)		(0.03	)***		(0.08	)***		0.02	***		(0.05	)***		(0.05	)***		(0.05	)***
Net realized and unrealized gain (loss) on investments		(1.17	)		1.08			0.53			1.13			1.15			1.82
Total income (loss) from investment operations		(1.20	)		1.00			0.55			1.08			1.10			1.77
Less distributions to shareholders:
From net investment income		-			-			(0.02	)		-			-			-
Total distributions		-			-			(0.02	)		-			-			-
Net asset value, end of period	$	10.15		$	11.35		$	10.35		$	9.82		$	8.74		$	7.64
Total Return^		(10.57	)% **		9.66	% ^^		5.47	% ^^		12.47	% ^^		14.40	% ^^		30.15	%
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	19,765		$	27,120		$	30,406		$	34,053		$	29,642		$	37,976
Ratio of expenses to average daily net assets:
Before expense waiver		1.34	% *		1.30	%		1.31	%		1.30	%		1.30	%		1.30	%
After expense waiver		N/A			N/A			N/A			N/A			1.27	%#^^^		1.26	%#^^^
Net investment income (loss) to average daily net assets		(0.65	)% *		(0.72	)%		0.18	%		(0.59	)%		(0.68	)%		(0.78	)%
Portfolio turnover rate		78	% **		193	%		130	%		117	%		93	%		128	%
	Class L
	Six months ended 6/30/08 (Unaudited)			Year ended 12/31/07			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	$	11.58		$	10.53		$	10.00		$	8.87		$	7.73		$	5.93
Income (loss) from investment operations:
Net investment income (loss)		(0.02	)***		(0.05	)***		0.05	***		(0.03	)***		(0.03	)***		(0.04	)***
Net realized and unrealized gain (loss) on investments		(1.20	)		1.10			0.52			1.16			1.17			1.84
Total income (loss) from investment operations	��	(1.22	)		1.05			0.57			1.13			1.14			1.80
Less distributions to shareholders:
From net investment income		-			-			(0.04	)		-			-			-
Total distributions		-			-			(0.04	)		-			-			-
Net asset value, end of period	$	10.36		$	11.58		$	10.53		$	10.00		$	8.87		$	7.73
Total Return^		(10.45	)% **		9.97	%		5.74	%		12.74	%		14.75	%		30.35	%
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	30,449		$	38,904		$	33,742		$	42,353		$	39,546		$	35,668
Ratio of expenses to average daily net assets:
Before expense waiver		1.09	% *		1.05	%		1.06	%		1.05	%		1.06	%		1.05	%
After expense waiver		N/A			N/A			N/A			N/A			1.02	%#^^^		1.01	%#^^^
Net investment income (loss) to average daily net assets		(0.39	)% *		(0.48	)%		0.43	%		(0.35	)%		(0.44	)%		(0.54	)%
Portfolio turnover rate		78	% **		193	%		130	%		117	%		93	%		128	%

*  Annualized.

**  Percentage represents the 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.

#  Computed after giving effect to an agreement by MassMutual to waive certain fees and expenses of the Fund.

^  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.

^^  Total return excludes sales charges and would be lower for the period presented if it reflected these charges.

^^^  The Fund has entered into agreements 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.
198

MassMutual Select Mid Cap Growth Equity Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class Y
	Six months ended 6/30/08 (Unaudited)			Year ended 12/31/07			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	$	11.70		$	10.62		$	10.08		$	8.94		$	7.78		$	5.95
Income (loss) from investment operations:
Net investment income (loss)		(0.01	)***		(0.03	)***		0.06	***		(0.02	)***		(0.02	)***		(0.03	)***
Net realized and unrealized gain (loss) on investments		(1.21	)		1.11			0.54			1.16			1.18			1.86
Total income (loss) from investment operations		(1.22	)		1.08			0.60			1.14			1.16			1.83
Less distributions to shareholders:
From net investment income		-			-			(0.06	)		-			-			-
Total distributions		-			-			(0.06	)		-			-			-
Net asset value, end of period	$	10.48		$	11.70		$	10.62		$	10.08		$	8.94		$	7.78
Total Return^		(10.43	)% **		10.17	%		5.90	%		12.86	%		14.91	%		30.76	%
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	5,238		$	5,944		$	19,475		$	21,345		$	15,791		$	16,202
Ratio of expenses to average daily net assets:
Before expense waiver		0.94	% *		0.90	%		0.91	%		0.90	%		0.90	%		0.90	%
After expense waiver		N/A			N/A			N/A			N/A			0.87	%#^^^		0.86	%#^^^
Net investment income (loss) to average daily net assets		(0.24	)% *		(0.30	)%		0.55	%		(0.19	)%		(0.29	)%		(0.38	)%
Portfolio turnover rate		78	% **		193	%		130	%		117	%		93	%		128	%
	Class S
	Six months ended 6/30/08 (Unaudited)			Year ended 12/31/07			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	$	11.74		$	10.65		$	10.12		$	8.97		$	7.79		$	5.96
Income (loss) from investment operations:
Net investment income (loss)		(0.01	)***		(0.03	)***		0.06	***		(0.01	)***		(0.02	)***		(0.02	)***
Net realized and unrealized gain (loss) on investments		(1.21	)		1.12			0.54			1.16			1.20			1.85
Total income (loss) from investment operations		(1.22	)		1.09			0.60			1.15			1.18			1.83
Less distributions to shareholders:
From net investment income		-			-			(0.07	)		-			-			-
Total distributions		-			-			(0.07	)		-			-			-
Net asset value, end of period	$	10.52		$	11.74		$	10.65		$	10.12		$	8.97		$	7.79
Total Return^		(10.39	)% **		10.23	%		5.97	%		12.82	%		15.15	%		30.70	%
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	84,204		$	86,268		$	68,251		$	70,676		$	50,160		$	68,504
Ratio of expenses to average daily net assets:
Before expense waiver		0.87	% *		0.83	%		0.84	%		0.83	%		0.83	%		0.83	%
After expense waiver		N/A			N/A			N/A			N/A			0.80	%#^^^		0.79	%#^^^
Net investment income (loss) to average daily net assets		(0.17	)% *		(0.26	)%		0.59	%		(0.12	)%		(0.22	)%		(0.32	)%
Portfolio turnover rate		78	% **		193	%		130	%		117	%		93	%		128	%

*  Annualized.

**  Percentage represents the 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.

#  Computed after giving effect to an agreement by MassMutual to waive certain fees and expenses of the Fund.

^  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 Fund has entered into agreements 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.
199

MassMutual Select Mid Cap Growth Equity Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class N
	Six months ended 6/30/08 (Unaudited)			Year ended 12/31/07			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	$	11.17		$	10.21		$	9.71		$	8.67		$	7.59		$	5.85
Income (loss) from investment operations:
Net investment income (loss)		(0.05	)***		(0.11	)***		(0.00	)***†		(0.08	)***		(0.08	)***		(0.07	)***
Net realized and unrealized gain (loss) on investments		(1.15	)		1.07			0.50			1.12			1.16			1.81
Total income (loss) from investment operations		(1.20	)		0.96			0.50			1.04			1.08			1.74
Net asset value, end of period	$	9.97		$	11.17		$	10.21		$	9.71		$	8.67		$	7.59
Total Return^		(10.74	)%**^^		9.40	% ^^		5.15	% ^^		12.00	% ^^		14.23	% ^^		29.74	% ^^
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	307		$	336		$	246		$	167		$	149		$	137
Ratio of expenses to average daily net assets:
Before expense waiver		1.64	% *		1.60	%		1.61	%		1.60	%		1.60	%		1.60	%
After expense waiver		N/A			N/A			N/A			N/A			1.57	%#^^^		1.56	%#^^^
Net investment income (loss) to average daily net assets		(0.94	)% *		(1.02	)%		(0.01	)%		(0.89	)%		(0.99	)%		(1.09	)%
Portfolio turnover rate		78	% **		193	%		130	%		117	%		93	%		128	%

*  Annualized.

**  Percentage represents the results for the period and is not annualized.

***  Per share amount calculated on the average shares method.

†  Amount is less than $0.005 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.

^  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.

^^  Total return excludes sales charges and would be lower for the period presented if it reflected these charges.

^^^  The Fund has entered into agreements 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.
200

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 6/30/08 (Unaudited)			Year ended 12/31/07			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	$	14.75		$	14.05		$	14.13		$	13.09		$	11.17		$	8.12
Income (loss) from investment operations:
Net investment income (loss)		(0.05	)***		(0.07	)***		(0.04	)***		(0.09	)***		(0.10	)***		(0.09	)***
Net realized and unrealized gain (loss) on investments		(0.91	)		2.26			1.01			1.74			2.04			3.14
Total income (loss) from investment operations		(0.96	)		2.19			0.97			1.65			1.94			3.05
Less distributions to shareholders:
From net realized gains		-			(1.49	)		(1.05	)		(0.61	)		(0.02	)		-
Total distributions		-			(1.49	)		(1.05	)		(0.61	)		(0.02	)		-
Net asset value, end of period	$	13.79		$	14.75		$	14.05		$	14.13		$	13.09		$	11.17
Total Return^		(6.51	)%**^^		15.74	% ^^		6.97	% ^^		12.63	% ^^		17.41	% ^^		37.56	%
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	349,531		$	397,924		$	318,260		$	310,072		$	208,278		$	93,526
Ratio of expenses to average daily net assets:
Before expense waiver		1.35	% *		1.34	%		1.35	%		1.35	%		1.35	%		1.35	%
After expense waiver		N/A			N/A			N/A			N/A			1.34	%#^^^		1.34	%#^^^
Net investment income (loss) to average daily net assets		(0.70	)% *		(0.47	)%		(0.29	)%		(0.68	)%		(0.89	)%		(0.93	)%
Portfolio turnover rate		18	% **		41	%		42	%		28	%		42	%		54	%
	Class L
	Six months ended 6/30/08 (Unaudited)			Year ended 12/31/07			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	$	15.02		$	14.28		$	14.34		$	13.24		$	11.27		$	8.17
Income (loss) from investment operations:
Net investment income (loss)		(0.03	)***		(0.03	)***		(0.01	)***		(0.06	)***		(0.08	)***		(0.07	)***
Net realized and unrealized gain (loss) on investments		(0.93	)		2.29			1.04			1.77			2.07			3.17
Total income (loss) from investment operations		(0.96	)		2.26			1.03			1.71			1.99			3.10
Less distributions to shareholders:
From net realized gains		-			(1.52	)		(1.09	)		(0.61	)		(0.02	)		-
Total distributions		-			(1.52	)		(1.09	)		(0.61	)		(0.02	)		-
Net asset value, end of period	$	14.06		$	15.02		$	14.28		$	14.34		$	13.24		$	11.27
Total Return^		(6.39	)% **		15.99	%		7.28	%		12.94	%		17.70	%		37.94	%
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	462,009		$	546,924		$	531,194		$	508,296		$	403,972		$	225,279
Ratio of expenses to average daily net assets:
Before expense waiver		1.10	% *		1.09	%		1.10	%		1.10	%		1.10	%		1.10	%
After expense waiver		N/A			N/A			N/A			N/A			1.09	%#^^^		1.09	%#^^^
Net investment income (loss) to average daily net assets		(0.45	)% *		(0.21	)%		(0.05	)%		(0.43	)%		(0.65	)%		(0.68	)%
Portfolio turnover rate		18	% **		41	%		42	%		28	%		42	%		54	%

*  Annualized.

**  Percentage represents the 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.

#  Computed after giving effect to an agreement by MassMutual to waive certain fees and expenses of the Fund.

^  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.

^^  Total return excludes sales charges and would be lower for the period presented if it reflected these charges.

^^^  The Fund has entered into agreements 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.
201

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 6/30/08 (Unaudited)			Year ended 12/31/07			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	$	15.19		$	14.43		$	14.48		$	13.35		$	11.34		$	8.21
Income (loss) from investment operations:
Net investment income (loss)		(0.02	)***		(0.01	)***		0.01	***		(0.04	)***		(0.06	)***		(0.05	)***
Net realized and unrealized gain (loss) on investments		(0.93	)		2.32			1.06			1.78			2.09			3.18
Total income (loss) from investment operations		(0.95	)		2.31			1.07			1.74			2.03			3.13
Less distributions to shareholders:
From net realized gains		-			(1.55	)		(1.12	)		(0.61	)		(0.02	)		-
Total distributions		-			(1.55	)		(1.12	)		(0.61	)		(0.02	)		-
Net asset value, end of period	$	14.24		$	15.19		$	14.43		$	14.48		$	13.35		$	11.34
Total Return^		(6.25	)% **		16.15	%		7.45	%		13.06	%		17.94	%		38.12	%
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	180,948		$	229,983		$	178,542		$	139,779		$	99,126		$	51,284
Ratio of expenses to average daily net assets:
Before expense waiver		0.95	% *		0.94	%		0.95	%		0.95	%		0.95	%		0.95	%
After expense waiver		N/A			N/A			N/A			N/A			0.94	%#^^^		0.94	%#^^^
Net investment income (loss) to average daily net assets		(0.30	)% *		(0.07	)%		0.10	%		(0.28	)%		(0.49	)%		(0.53	)%
Portfolio turnover rate		18	% **		41	%		42	%		28	%		42	%		54	%
	Class S
	Six months ended 6/30/08 (Unaudited)			Year ended 12/31/07			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	$	15.28		$	14.50		$	14.54		$	13.39		$	11.37		$	8.22
Income (loss) from investment operations:
Net investment income (loss)		(0.01	)***		(0.00	)***†		0.03	***		(0.03	)***		(0.05	)***		(0.04	)***
Net realized and unrealized gain (loss) on investments		(0.95	)		2.34			1.05			1.79			2.09			3.19
Total income (loss) from investment operations		(0.96	)		2.34			1.08			1.76			2.04			3.15
Less distributions to shareholders:
From net realized gains		-			(1.56	)		(1.12	)		(0.61	)		(0.02	)		-
Total distributions		-			(1.56	)		(1.12	)		(0.61	)		(0.02	)		-
Net asset value, end of period	$	14.32		$	15.28		$	14.50		$	14.54		$	13.39		$	11.37
Total Return^		(6.28	)% **		16.32	%		7.55	%		13.17	%		17.98	%		38.32	%
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	375,573		$	398,427		$	229,547		$	273,591		$	206,865		$	125,907
Ratio of expenses to average daily net assets:
Before expense waiver		0.86	% *		0.86	%		0.86	%		0.86	%		0.86	%		0.86	%
After expense waiver		N/A			N/A			N/A			N/A			0.85	%#^^^		0.85	%#^^^
Net investment income (loss) to average daily net assets		(0.21	)% *		(0.03	)%		0.21	%		(0.19	)%		(0.41	)%		(0.44	)%
Portfolio turnover rate		18	% **		41	%		42	%		28	%		42	%		54	%

*  Annualized.

**  Percentage represents the results for the period and is not annualized.

***  Per share amount calculated on the average shares method.

†  Amount is less than $0.005 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.

^  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 Fund has entered into agreements 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.
202

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 6/30/08 (Unaudited)			Year ended 12/31/07			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	$	14.50		$	13.84		$	13.95		$	12.97		$	11.10		$	8.09
Income (loss) from investment operations:
Net investment income (loss)		(0.07	)***		(0.12	)***		(0.09	)***		(0.13	)***		(0.14	)***		(0.12	)***
Net realized and unrealized gain (loss) on investments		(0.89	)		2.22			1.01			1.72			2.03			3.13
Total income (loss) from investment operations		(0.96	)		2.10			0.92			1.59			1.89			3.01
Less distributions to shareholders:
From net realized gains		-			(1.44	)		(1.03	)		(0.61	)		(0.02	)		-
Total distributions		-			(1.44	)		(1.03	)		(0.61	)		(0.02	)		-
Net asset value, end of period	$	13.54		$	14.50		$	13.84		$	13.95		$	12.97		$	11.10
Total Return^		(6.62	)%**^^		15.36	% ^^		6.68	% ^^		12.28	% ^^		17.07	% ^^		37.21	%
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	1,857		$	3,923		$	2,674		$	1,755		$	1,096		$	617
Ratio of expenses to average daily net assets:
Before expense waiver		1.65	% *		1.65	%		1.65	%		1.65	%		1.65	%		1.66	%
After expense waiver		N/A			N/A			N/A			N/A			1.64	%#^^^		1.65	%#^^^
Net investment income (loss) to average daily net assets		(0.99	)% *		(0.79	)%		(0.63	)%		(0.97	)%		(1.19	)%		(1.22	)%
Portfolio turnover rate		18	% **		41	%		42	%		28	%		42	%		54	%

*  Annualized.

**  Percentage represents the 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.

#  Computed after giving effect to an agreement by MassMutual to waive certain fees and expenses of the Fund.

^  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.

^^  Total return excludes sales charges and would be lower for the period presented if it reflected these charges.

^^^  The Fund has entered into agreements 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.
203

MassMutual Select Small Cap Growth Equity Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class A
	Six months ended 6/30/08 (Unaudited)			Year ended 12/31/07			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	$	16.09		$	15.98		$	15.72		$	14.22		$	12.56		$	8.76
Income (loss) from investment operations:
Net investment income (loss)		(0.06	)***		(0.14	)***		(0.13	)***		(0.12	)***		(0.13	)***		(0.12	)***
Net realized and unrealized gain (loss) on investments		(1.90	)		1.63			1.53			1.62			1.79			3.92
Total income (loss) from investment operations		(1.96	)		1.49			1.40			1.50			1.66			3.80
Less distributions to shareholders:
From net investment income		-			(1.38	)		(1.14	)		-			-			-
Tax return of capital		-			(0.00	)†		-			-			-			-
Total distributions		-			(1.38	)		(1.14	)		-			-			-
Net asset value, end of period	$	14.13		$	16.09		$	15.98		$	15.72		$	14.22		$	12.56
Total Return^		(12.18	)%**^^		9.58	% ^^		8.91	% ^^		10.55	% ^^		13.22	% ^^		43.38	%
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	93,474		$	112,757		$	114,136		$	98,945		$	77,739		$	67,686
Ratio of expenses to average daily net assets:
Before expense waiver		1.51	% *		1.51	%		1.51	%		1.51	%		1.52	%		1.51	%
After expense waiver		N/A			N/A			N/A			N/A			1.48	%#^^^		1.49	%#^^^
Net investment income (loss) to average daily net assets		(0.77	)% *		(0.81	)%		(0.80	)%		(0.83	)%		(1.01	)%		(1.11	)%
Portfolio turnover rate		48	% **		70	%		84	%		59	%		64	%		56	%
	Class L
	Six months ended 6/30/08 (Unaudited)			Year ended 12/31/07			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	$	16.43		$	16.29		$	15.97		$	14.41		$	12.70		$	8.83
Income (loss) from investment operations:
Net investment income (loss)		(0.04	)***		(0.10	)***		(0.09	)***		(0.08	)***		(0.10	)***		(0.09	)***
Net realized and unrealized gain (loss) on investments		(1.94	)		1.67			1.55			1.64			1.81			3.96
Total income (loss) from investment operations		(1.98	)		1.57			1.46			1.56			1.71			3.87
Less distributions to shareholders:
From net realized gains		-			(1.43	)		(1.14	)		-			-			-
Tax return of capital		-			(0.00	)†		-			-			-			-
Total distributions		-			(1.43	)		(1.14	)		-			-			-
Net asset value, end of period	$	14.45		$	16.43		$	16.29		$	15.97		$	14.41		$	12.70
Total Return^		(12.10	)% **		9.90	%		9.15	%		10.83	%		13.46	%		43.83	%
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	95,348		$	111,010		$	92,914		$	108,840		$	90,941		$	85,885
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			N/A			1.23	%#^^^		1.24	%#^^^
Net investment income (loss) to average daily net assets		(0.52	)% *		(0.55	)%		(0.55	)%		(0.58	)%		(0.76	)%		(0.86	)%
Portfolio turnover rate		48	% **		70	%		84	%		59	%		64	%		56	%

*  Annualized.

**  Percentage represents the results for the period and is not annualized.

***  Per share amount calculated on the average shares method.

†  Amount is less than $0.005 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.

^  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.

^^  Total return excludes sales charges and would be lower for the period presented if it reflected these charges.

^^^  The Fund has entered into agreements 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.
204

MassMutual Select Small Cap Growth Equity Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class Y
	Six months ended 6/30/08 (Unaudited)			Year ended 12/31/07			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	$	16.64		$	16.48		$	16.11		$	14.52		$	12.77		$	8.87
Income (loss) from investment operations:
Net investment income (loss)		(0.03	)***		(0.07	)***		(0.07	)***		(0.06	)***		(0.08	)***		(0.08	)***
Net realized and unrealized gain (loss) on investments		(1.96	)		1.68			1.58			1.65			1.83			3.98
Total income (loss) from investment operations		(1.99	)		1.61			1.51			1.59			1.75			3.90
Less distributions to shareholders:
From net realized gains		-			(1.45	)		(1.14	)		-			-			-
Tax return of capital		-			(0.00	) †		-			-			-			-
Total distributions		-			(1.45	)		(1.14	)		-			-			-
Net asset value, end of period	$	14.65		$	16.64		$	16.48		$	16.11		$	14.52		$	12.77
Total Return^		(11.96	)% **		9.99	%		9.32	%		11.02	%		13.70	%		43.97	%
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	104,485		$	121,462		$	133,777		$	95,822		$	92,812		$	87,801
Ratio of expenses to average daily net assets:
Before expense waiver		1.11	% *		1.11	%		1.11	%		1.11	%		1.12	%		1.11	%
After expense waiver		N/A			N/A			N/A			N/A			1.08	%#^^^		1.09	%#^^^
Net investment income (loss) to average daily net assets		(0.37	)% *		(0.41	)%		(0.41	)%		(0.44	)%		(0.61	)%		(0.71	)%
Portfolio turnover rate		48	% **		70	%		84	%		59	%		64	%		56	%
	Class S
	Six months ended 6/30/08 (Unaudited)			Year ended 12/31/07			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	$	16.82		$	16.64		$	16.24		$	14.61		$	12.84		$	8.91
Income (loss) from investment operations:
Net investment income (loss)		(0.02	)***		(0.05	)***		(0.04	)***		(0.04	)***		(0.06	)***		(0.06	)***
Net realized and unrealized gain (loss) on investments		(1.99	)		1.71			1.58			1.67			1.83			3.99
Total income (loss) from investment operations		(2.01	)		1.66			1.54			1.63			1.77			3.93
Less distributions to shareholders:
From net realized gains		-			(1.48	)		(1.14	)		-			-			-
Tax return of capital		-			(0.00	)†		-			-			-			-
Total distributions		-			(1.48	)		(1.14	)		-			-			-
Net asset value, end of period	$	14.81		$	16.82		$	16.64		$	16.24		$	14.61		$	12.84
Total Return^		(11.95	)% **		10.14	%		9.49	%		11.23	%		13.79	%		44.11	%
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	303,611		$	341,265		$	284,413		$	288,954		$	241,673		$	243,909
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			N/A			0.94	%#^^^		0.95	%#^^^
Net investment income (loss) to average daily net assets		(0.23	)% *		(0.26	)%		(0.26	)%		(0.29	)%		(0.47	)%		(0.57	)%
Portfolio turnover rate		48	% **		70	%		84	%		59	%		64	%		56	%

*  Annualized.

**  Percentage represents the results for the period and is not annualized.

***  Per share amount calculated on the average shares method.

†  Amount is less than $0.005 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.

^  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 Fund has entered into agreements 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.
205

MassMutual Select Small Cap Growth Equity Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class N
	Six months ended 6/30/08 (Unaudited)			Year ended 12/31/07			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	$	15.78		$	15.70		$	15.51		$	14.07		$	12.47		$	8.72
Income (loss) from investment operations:
Net investment income (loss)		(0.08	)		(0.19	)***		(0.18	)***		(0.16	)		(0.16	)		(0.15	)***
Net realized and unrealized gain (loss) on investments		(1.86	)		1.61			1.51			1.60			1.76			3.90
Total income (loss) from investment operations		(1.94	)		1.42			1.33			1.44			1.60			3.75
Less distributions to shareholders:
From net realized gains		-			(1.34	)		(1.14	)		-			-			-
Tax return of capital		-			(0.00	)†		-			-			-			-
Total distributions		-			(1.34	)		1.14			-			-			-
Net asset value, end of period	$	13.84		$	15.78		$	15.70		$	15.51		$	14.07		$	12.47
Total Return^		(12.29	)%**^^		9.28	% ^^		8.51	% ^^		10.31	% ^^		12.83	% ^^		43.00	% ^^
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	429		$	1,105		$	990		$	930		$	816		$	149
Ratio of expenses to average daily net assets:
Before expense waiver		1.81	% *		1.81	%		1.81	%		1.81	%		1.82	%		1.81	%
After expense waiver		N/A			N/A			N/A			N/A			1.78	%#^^^		1.79	%#^^^
Net investment income (loss) to average daily net assets		(1.06	)% *		(1.11	)%		(1.11	)%		(1.13	)%		(1.31	)%		(1.41	)%
Portfolio turnover rate		48	% **		70	%		84	%		59	%		64	%		56	%

*  Annualized.

**  Percentage represents the results for the period and is not annualized.

***  Per share amount calculated on the average shares method.

†  Amount is less than $0.005 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.

^  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.

^^  Total return excludes sales charges and would be lower for the period presented if it reflected these charges.

^^^  The Fund has entered into agreements 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.
206

MassMutual Select Small Company Growth Fund – Financial Statements(Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class A
	Six months ended 6/30/08 (Unaudited)			Year ended 12/31/07			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	$	9.78		$	10.40		$	9.69		$	10.05		$	10.67		$	6.99
Income (loss) from investment operations:
Net investment income (loss)		(0.03	)***		(0.11	)***		(0.12	)***		(0.11	)***		(0.08	)***		(0.10	)***
Net realized and unrealized gain (loss) on investments		(1.32	)		0.52			1.54			(0.02	)		0.20	‡‡		4.30
Total income (loss) from investment operations		(1.35	)		0.41			1.42			(0.13	)		0.12			4.20
Less distributions to shareholders:
From net realized gains		-			(1.03	)		(0.71	)		(0.23	)		(0.74	)		(0.52	)
Total distributions		-			(1.03	)		(0.71	)		(0.23	)		(0.74	)		(0.52	)
Net asset value, end of period	$	8.43		$	9.78		$	10.40		$	9.69		$	10.05		$	10.67
Total Return^		(13.80	)%**^^		4.09	% ^^		14.95	% ^^		(1.09	)% ^^		1.70	% ^^		60.01	%
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	34,733		$	49,662		$	69,380		$	62,461		$	66,985		$	54,038
Ratio of expenses to average daily net assets:
Before expense waiver		1.53	% *		1.53	%		1.55	%		1.54	%		1.52	%		1.58	%
After expense waiver		N/A			N/A			N/A			1.52	% #		1.35	%#^^^		1.37	%#^^^
Net investment income (loss) to average daily net assets		(0.77	)% *		(1.04	)%		(0.15	)%		(1.18	)%		(0.77	)%		(1.00	)%
Portfolio turnover rate		53	% **		82	%		102	%		149	%		220	%		141	%
	Class L
	Six months ended 6/30/08 (Unaudited)			Year ended 12/31/07			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	$	9.96		$	10.57		$	9.81		$	10.14		$	10.74		$	7.01
Income (loss) from investment operations:
Net investment income (loss)		(0.02	)***		(0.09	)***		(0.09	)***		(0.09	)***		(0.05	)***		(0.07	)***
Net realized and unrealized gain (loss) on investments		(1.34	)		0.54			1.56			(0.01	)		0.19	‡‡		4.32
Total income (loss) from investment operations		(1.36	)		0.45			1.47			(0.10	)		0.14			4.25
Less distributions to shareholders:
From net realized gains		-			(1.06	)		(0.71	)		(0.23	)		(0.74	)		(0.52	)
Total distributions		-			(1.06	)		(0.71	)		(0.23	)		(0.74	)		(0.52	)
Net asset value, end of period	$	8.60		$	9.96		$	10.57		$	9.81		$	10.14		$	10.74
Total Return^		(13.65	)% **		4.39	%		15.28	%		(0.88	)%		1.97	%		60.55	%
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	30,238		$	36,372		$	31,256		$	28,468		$	43,008		$	35,948
Ratio of expenses to average daily net assets:
Before expense waiver		1.28	% *		1.28	%		1.30	%		1.29	%		1.27	%		1.33	%
After expense waiver		N/A			N/A			N/A			1.26	%#		1.10	%#^^^		1.10	%#^^^
Net investment income (loss) to average daily net assets		(0.50	)% *		(0.78	)%		(0.89	)%		(0.91	)%		(0.54	)%		(0.72	)%
Portfolio turnover rate		53	% **		82	%		102	%		149	%		220	%		141	%

*Annualized.

**Percentage represents the 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 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.

^  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.

^^  Total return excludes sales charges and would be lower for the period presented if it reflected these charges.

^^^  The Fund has entered into agreements 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.
207

MassMutual Select Small Company Growth Fund – Financial Statements(Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class Y
	Six months ended 6/30/08 (Unaudited)			Year ended 12/31/07			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	$	10.05		$	10.65		$	9.87		$	10.19		$	10.77		$	7.02
Income (loss) from investment operations:
Net investment income (loss)		(0.02	)***		(0.07	)***		(0.08	)***		(0.07	)***		(0.04	)***		(0.05	)***
Net realized and unrealized gain (loss) on investments		(1.35	)		0.54			1.57			(0.02	)		0.20	‡‡		4.32
Total income (loss) from investment operations		(1.37	)		0.47			1.49			(0.09	)		0.16			4.27
Less distributions to shareholders:
From net realized gains		-			(1.07	)		(0.71	)		(0.23	)		(0.74	)		(0.52	)
Total distributions		-			(1.07	)		(0.71	)		(0.23	)		(0.74	)		(0.52	)
Net asset value, end of period	$	8.68		$	10.05		$	10.65		$	9.87		$	10.19		$	10.77
Total Return^		(13.63	)% **		4.55	%		15.39	%		(0.68	)%		2.06	%		60.75	%
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	6,466		$	9,779		$	20,226		$	27,617		$	40,990		$	37,730
Ratio of expenses to average daily net assets:
Before expense waiver		1.13	% *		1.13	%		1.15	%		1.14	%		1.12	%		1.18	%
After expense waiver		N/A			N/A			N/A			1.12	% #		0.95	%#^^^		0.95	%#^^^
Net investment income (loss) to average daily net assets		(0.39	)% *		(0.65	)%		(0.73	)%		(0.77	)%		(0.40	)%		(0.60	)%
Portfolio turnover rate		53	% **		82	%		102	%		149	%		220	%		141	%
	Class S
	Six months ended 6/30/08 (Unaudited)			Year ended 12/31/07			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	$	10.07		$	10.69		$	9.90		$	10.21		$	10.78		$	7.02
Income (loss) from investment operations:
Net investment income (loss)		(0.02	)***		(0.07	)***		(0.07	)***		(0.07	)***		(0.04	)***		(0.05	)***
Net realized and unrealized gain (loss) on investments		(1.34	)		0.54			1.57			(0.01	)		0.21	‡‡		4.33
Total income (loss) from investment operations		(1.36	)		0.47			1.50			(0.08	)		0.17			4.28
Less distributions to shareholders:
From net realized gains		-			(1.09	)		(0.71	)		(0.23	)		(0.74	)		(0.52	)
Total distributions		-			(1.09	)		(0.71	)		(0.23	)		(0.74	)		(0.52	)
Net asset value, end of period	$	8.71		$	10.07		$	10.69		$	9.90		$	10.21		$	10.78
Total Return^		(13.69	)% **		4.60	%		15.44	%		(0.67	)%		2.25	%		60.66	%
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	30,064		$	49,168		$	39,194		$	24,869		$	28,081		$	30,181
Ratio of expenses to average daily net assets:
Before expense waiver		1.09	% *		1.09	%		1.11	%		1.10	%		1.08	%		1.14	%
After expense waiver		N/A			N/A			N/A			1.08	% #		0.92	%#^^^		0.92	%#^^^
Net investment income (loss) to average daily net assets		(0.35	)% *		(0.60	)%		(0.70	)%		(0.74	)%		(0.34	)%		(0.55	)%
Portfolio turnover rate		53	% **		82	%		102	%		149	%		220	%		141	%

*  Annualized.

**  Percentage represents the 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 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.

^  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 Fund has entered into agreements 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.
208

MassMutual Select Small Company Growth Fund – Financial Statements(Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class N
	Six months ended 6/30/08 (Unaudited)			Year ended 12/31/07			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	$	9.61		$	10.20		$	9.54		$	9.93		$	10.59		$	6.95
Income (loss) from investment operations:
Net investment income (loss)		(0.04	)***		(0.14	)***		(0.15	)***		(0.14	)***		(0.11	)***		(0.13	)***
Net realized and unrealized gain (loss) on investments		(1.29	)		0.51			1.52			(0.02	)		0.19	‡‡		4.29
Total income (loss) from investment operations		(1.33	)		0.37			1.37			(0.16	)		0.08			4.16
Less distributions to shareholders:
From net realized gains		-			(0.96	)		(0.71	)		(0.23	)		(0.74	)		(0.52	)
Total distributions		-			(0.96	)		(0.71	)		(0.23	)		(0.74	)		(0.52	)
Net asset value, end of period	$	8.28		$	9.61		$	10.20		$	9.54		$	9.93		$	10.59
Total Return^		(13.93	)%**^^		3.85	% ^^		14.66	% ^^		(1.41	)% ^^		1.33	% ^^		59.78	% ^^
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	387		$	391		$	786		$	931		$	910		$	953
Ratio of expenses to average daily net assets:
Before expense waiver		1.84	% *		1.83	%		1.85	%		1.84	%		1.82	%		1.88	%
After expense waiver		N/A			N/A			N/A			1.82	% #		1.65	%#^^^		1.68	%#^^^
Net investment income (loss) to average daily net assets		(1.04	)% *		(1.34	)%		(1.44	)%		(1.49	)%		(1.06	)%		(1.31	)%
Portfolio turnover rate		53	% **		82	%		102	%		149	%		220	%		141	%

*  Annualized.

**  Percentage represents the 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 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.

^  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.

^^  Total return excludes sales charges and would be lower for the period presented if it reflected these charges.

^^^  The Fund has entered into agreements 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.
209

MassMutual Select Emerging Growth Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class A
	Six months ended 6/30/08 (Unaudited)			Year ended 12/31/07			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	$	7.31		$	6.22		$	5.90		$	5.88		$	5.13		$	3.53
Income (loss) from investment operations:
Net investment income (loss)		(0.02	)***		(0.05	)***		(0.06	)***		(0.06	)***		(0.07	)***		(0.06	)***
Net realized and unrealized gain (loss) on investments		(0.37	)		1.14			0.38			0.08			0.82			1.66
Total income (loss) from investment operations		(0.39	)		1.09			0.32			0.02			0.75			1.60
Net asset value, end of period	$	6.92		$	7.31		$	6.22		$	5.90		$	5.88		$	5.13
Total Return^		(5.34	)%**^^		17.52	% ^^		5.42	% ^^		0.34	% ^^		14.62	% ^^		45.33	%
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	14,903		$	16,438		$	13,650		$	14,956		$	27,052		$	26,130
Ratio of expenses to average daily net assets:
Before expense waiver		1.45	% *		1.45	%		1.46	%		1.45	%		1.47	%		1.48	%
After expense waiver		N/A			N/A			N/A			N/A			N/A			1.45	% #
Net investment income (loss) to average daily net assets		(0.63	)% *		(0.71	)%		(0.97	)%		(1.09	)%		(1.32	)%		(1.32	)%
Portfolio turnover rate		96	% **		183	%		288	%		124	%		176	%		198	%
	Class L
	Six months ended 6/30/08 (Unaudited)			Year ended 12/31/07			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	$	7.45		$	6.32		$	5.99		$	5.94		$	5.18		$	3.55
Income (loss) from investment operations:
Net investment income (loss)		(0.01	)***		(0.03	)***		(0.04	)***		(0.05	)***		(0.06	)***		(0.05	)***
Net realized and unrealized gain (loss) on investments		(0.38	)		1.16			0.37			0.10			0.82			1.68
Total income (loss) from investment operations		(0.39	)		1.13			0.33			0.05			0.76			1.63
Net asset value, end of period	$	7.06		$	7.45		$	6.32		$	5.99		$	5.94		$	5.18
Total Return^		(5.23	)% **		17.88	%		5.51	%		0.84	%		14.67	%		45.92	%
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	27,372		$	38,458		$	44,933		$	63,777		$	65,342		$	49,424
Ratio of expenses to average daily net assets:
Before expense waiver		1.20	% *		1.20	%		1.21	%		1.21	%		1.22	%		1.23	%
After expense waiver		N/A			N/A			N/A			N/A			N/A			1.20	% #
Net investment income (loss) to average daily net assets		(0.38	)% *		(0.45	)%		(0.73	)%		(0.84	)%		(1.06	)%		(1.07	)%
Portfolio turnover rate		96	% **		183	%		288	%		124	%		176	%		198	%

*  Annualized.

**  Percentage represents the 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.

^  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.

^^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.
210

MassMutual Select Emerging Growth Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class Y
	Six months ended 6/30/08 (Unaudited)			Year ended 12/31/07			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	$	7.56		$	6.40		$	6.05		$	5.99		$	5.21		$	3.57
Income (loss) from investment operations:
Net investment income (loss)		(0.01	)***		(0.02	)***		(0.04	)***		(0.04	)***		(0.05	)***		(0.04	)***
Net realized and unrealized gain (loss) on investments		(0.38	)		1.18			0.39			0.10			0.83			1.68
Total income (loss) from investment operations		(0.39	)		1.16			0.35			0.06			0.78			1.64
Net asset value, end of period	$	7.17		$	7.56		$	6.40		$	6.05		$	5.99		$	5.21
Total Return^		(5.16	)% **		17.94	%		6.13	%		0.83	%		14.97	%		45.94	%
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	963		$	1,633		$	980		$	4,760		$	4,427		$	3,051
Ratio of expenses to average daily net assets:
Before expense waiver		1.05	% *		1.05	%		1.06	%		1.05	%		1.07	%		1.08	%
After expense waiver		N/A			N/A			N/A			N/A			N/A			1.04	% #
Net investment income (loss) to average daily net assets		(0.24	)% *		(0.32	)%		(0.57	)%		(0.68	)%		(0.91	)%		(0.91	)%
Portfolio turnover rate		96	% **		183	%		288	%		124	%		176	%		198	%
	Class S
	Six months ended 6/30/08 (Unaudited)			Year ended 12/31/07			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	$	7.61		$	6.45		$	6.09		$	6.03		$	5.24		$	3.58
Income (loss) from investment operations:
Net investment income (loss)		(0.00	)***†		(0.02	)***		(0.03	)***		(0.03	)***		(0.04	)***		(0.04	)***
Net realized and unrealized gain (loss) on investments		(0.38	)		1.18			0.39			0.09			0.83			1.70
Total income (loss) from investment operations		(0.38	)		1.16			0.36			0.06			0.79			1.66
Net asset value, end of period	$	7.23		$	7.61		$	6.45		$	6.09		$	6.03		$	5.24
Total Return^		(5.12	)% **		17.98	%		5.91	%		1.00	%		15.08	%		46.37	%
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	40,901		$	50,275		$	50,464		$	42,591		$	39,812		$	41,306
Ratio of expenses to average daily net assets:
Before expense waiver		0.95	% *		0.95	%		0.96	%		0.96	%		0.97	%		0.98	%
After expense waiver		N/A			N/A			N/A			N/A			N/A			0.94	% #
Net investment income (loss) to average daily net assets		(0.13	)% *		(0.21	)%		(0.46	)%		(0.59	)%		0.81	%		(0.81	)%
Portfolio turnover rate		96	% **		183	%		288	%		124	%		176	%		198	%

*  Annualized.

**  Percentage represents the results for the period and is not annualized.

***  Per share amount calculated on the average shares method.

†  Amount is less than $0.005 per share.

#  Computed after giving effect to an agreement by MassMutual to waive certain fees and expenses of the Fund.

^  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 accompanying notes are an integral part of the financial statements.
211

MassMutual Select Emerging Growth Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class N
	Six months ended 6/30/08 (Unaudited)			Year ended 12/31/07			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	$	7.17		$	6.12		$	5.83		$	5.82		$	5.09		$	3.51
Income (loss) from investment operations:
Net investment income (loss)		(0.03	)***		(0.07	)***		(0.08	)***		(0.08	)***		(0.08	)***		(0.07	)***
Net realized and unrealized gain (loss) on investments		(0.36	)		1.12			0.37			0.09			0.81			1.65
Total income (loss) from investment operations		(0.39	)		1.05			0.29			0.01			0.73			1.58
Net asset value, end of period	$	6.78		$	7.17		$	6.12		$	5.83		$	5.82		$	5.09
Total Return^		(5.44	)%**^^		17.16	% ^^		4.97	% ^^		0.17	% ^^		14.34	% ^^		45.01	% ^^
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	196		$	207		$	177		$	168		$	168		$	147
Ratio of expenses to average daily net assets:
Before expense waiver		1.75	% *		1.75	%		1.76	%		1.76	%		1.77	%		1.78	%
After expense waiver		N/A			N/A			N/A			N/A			N/A			1.74	% #
Net investment income (loss) to average daily net assets		(0.93	)% *		(1.01	)%		(1.27	)%		(1.39	)%		(1.61	)%		(1.61	)%
Portfolio turnover rate		96	% **		183	%		288	%		124	%		176	%		198	%

*  Annualized.

**  Percentage represents the 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.

^  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.

^^  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.
212

MassMutual Select Diversified International Fund – Financial Statements(Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class A									Class L
	Six months ended 6/30/08 (Unaudited)			Year ended 12/31/07			Period ended 12/31/06+			Six months ended 6/30/08 (Unaudited)			Year ended 12/31/07			Period ended 12/31/06+
Net asset value, beginning of period	$	10.48		$	10.06		$	10.00		$	10.50		$	10.06		$	10.00
Income (loss) from investment operations:
Net investment income (loss)		0.25	***		0.14	***		00.0	***†		0.18	***		0.20	***		0.01	***
Net realized and unrealized gain (loss) on investments		(1.43	)		0.70			0.07			(1.36	)		0.66			0.06
Total income (loss) from investment operations		(1.18	)		0.84			0.07			(1.18	)		0.86			0.07
Less distributions to shareholders:
From net investment income		-			(0.21	)		(0.01	)		-			(0.21	)		(0.01	)
From net realized gains		-			(0.21	)		-			-			(0.21	)		-
Total distributions		-			(0.42	)		(0.01	)		-			(0.42	)		(0.01	)
Net asset value, end of period	$	9.30		$	10.48		$	10.06		$	9.32		$	10.50		$	10.06
Total Return^		(11.16	)%**^^		8.38	% ^^		0.68	%**^^		(11.05	)% **		8.66	%		0.70	% **
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	75,658		$	394		$	101		$	39,146		$	48,459		$	101
Ratio of expenses to average daily net assets:
Before expense waiver		1.56	% *		1.59	%		8.81	% *		1.31	% *		1.34	%		8.56	% *
After expense waiver		1.42	% *#		1.42	% #		1.42	% *#		1.17	% *#		1.17	% #		1.17	% *#
Net investment income (loss) to average daily net assets		5.08	% *		1.30	%		0.97	% *		3.76	% *		1.88	%		1.23	% *
Portfolio turnover rate		18	% **		18	%		0	%		18	% **		18	%		0	%
	Class Y									Class S
	Six months ended 6/30/08 (Unaudited)			Year ended 12/31/07			Period ended 12/31/06+			Six months ended 6/30/08 (Unaudited)			Year ended 12/31/07			Period ended 12/31/06+
Net asset value, beginning of period	$	10.49		$	10.06		$	10.00		$	10.50		$	10.06		$	10.00
Income (loss) from investment operations:
Net investment income (loss)		0.19	***		0.15	***		0.01	***		0.20	***		0.21	***		0.01	***
Net realized and unrealized gain (loss) on investments		(1.36	)		0.72			0.06			(1.37	)		0.67			0.06
Total income (loss) from investment operations		(1.17	)		0.87			0.07			(1.17	)		0.88			0.07
Less distributions to shareholders:
From net investment income		-			(0.23	)		(0.01	)		-			(0.23	)		(0.01	)
From net realized gains		-			(0.21	)		-			-			(0.21	)		-
Total distributions		-			(0.44	)		(0.01	)		-			(0.44	)		(0.01	)
Net asset value, end of period	$	9.32		$	10.49		$	10.06		$	9.33		$	10.50		$	10.06
Total Return^		(10.96	)% **		8.73	%		0.70	% **		(10.95	)% **		8.86	%		0.70	% **
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	779		$	846		$	101		$	114,833		$	114,090		$	11,404
Ratio of expenses to average daily net assets:
Before expense waiver		1.16	% *		1.19	%		8.41	% *		1.06	% *		1.09	%		8.30	% *
After expense waiver		1.09	% *#		1.09	% #		1.09	% *#		0.99	% *#		0.99	% #		0.99	% *#
Net investment income (loss) to average daily net assets		3.87	% *		1.37	%		1.32	% *		4.10	% *		1.94	%		1.40	% *
Portfolio turnover rate		18	% **		18	%		0	%		18	% **		18	%		0	%

*  Annualized.

**  Percentage represents the results for the period and is not annualized.

***  Per share amount calculated on the average shares method.

†  Amount is less than $0.005 per share.

+  For the period December 14, 2006 (commencement of operations) through December 31, 2006.

#  Computed after giving effect to an agreement by MassMutual to waive certain fees and expenses of the Fund.

^  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.

^^  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.
213

MassMutual Select Diversified International Fund – Financial Statements(Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class N
	Six months ended 6/30/08 (Unaudited)			Year ended 12/31/07			Period ended 12/31/06+
Net asset value, beginning of period	$	10.50		$	10.06		$	10.00
Income (loss) from investment operations:
Net investment income (loss)		0.16	***		0.14	***		0.00	***†
Net realized and unrealized gain (loss) on investments		(1.36	)		0.66			0.07
Total income (loss) from investment operations		(1.20	)		0.80			0.07
Less distributions to shareholders:
From net investment income		-			(0.15	)		(0.01	)
From net realized gains		-			(0.21	)		-
Total distributions		-			(0.36	)		(0.01	)
Net asset value, end of period	$	9.30		$	10.50		$	10.06
Total Return^		(11.24	)% **^^		8.03	% ^^		0.67	% **^^
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	94		$	105		$	101
Ratio of expenses to average daily net assets:
Before expense waiver		1.86	% *		1.89	%		9.11	% *
After expense waiver		1.72	% *#		1.72	% #		1.72	% *#
Net investment income (loss) to average daily net assets		3.25	% *		1.28	%		0.67	% *
Portfolio turnover rate		18	% **		18	%		0	%

*  Annualized.

**  Percentage represents the results for the period and is not annualized.

***  Per share amount calculated on the average shares method.

†  Amount is less than $0.005 per share.

+  For the period December 14, 2006 (commencement of operations) through December 31, 2006.

#  Computed after giving effect to an agreement by MassMutual to waive certain fees and expenses of the Fund.

^  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.

^^  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.
214

MassMutual Select Overseas Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class A
	Six months ended 6/30/08 (Unaudited)			Year ended 12/31/07			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	$	11.33		$	12.80		$	10.95		$	10.94		$	9.55		$	7.36
Income (loss) from investment operations:
Net investment income (loss)		0.10	***		0.17	***		0.21	***		0.08	***		0.05	***		0.02	***
Net realized and unrealized gain (loss) on investments		(1.70	)		0.31			2.78			1.15			1.63			2.18
Total income (loss) from investment operations		(1.60	)		0.48			2.99			1.23			1.68			2.20
Less distributions to shareholders:
From net investment income		-			(0.05	)		(0.19	)		(0.18	)		(0.06	)		(0.01	)
From net realized gains		-			(1.90	)		(0.95	)		(1.04	)		(0.23	)		-
Total distributions		-			(1.95	)		(1.14	)		(1.22	)		(0.29	)		(0.01	)
Net asset value, end of period	$	9.73		$	11.33		$	12.80		$	10.95		$	10.94		$	9.55
Total Return^		(14.12	)%**^^		3.71	% ^^		27.38	% ^^		11.17	% ^^		17.53	% ^^		30.27	% ^^
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	83,661		$	261,364		$	299,546		$	198,300		$	134,927		$	65,012
Ratio of expenses to average daily net assets:
Before expense waiver		1.69	% *		1.60	%		1.61	%		1.62	%		1.64	%		1.74	%
After expense waiver		1.59	% *#		1.50	% #		1.53	% #		N/A			1.63	%#^^^		1.64	%#^^^
Net investment income (loss) to average daily net assets		1.98	% *		1.27	%		1.66	%		0.69	%		0.49	%		0.22	%
Portfolio turnover rate		24	% **		44	%		36	%		88	%		66	%		92	%
	Class L
	Six months ended 6/30/08 (Unaudited)			Year ended 12/31/07			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	$	11.42		$	12.88		$	11.00		$	10.99		$	9.59		$	7.35
Income (loss) from investment operations:
Net investment income (loss)		0.17	***		0.20	***		0.24	***		0.11	***		0.08	***		0.04	***
Net realized and unrealized gain (loss) on investments		(1.77	)		0.33			2.80			1.14			1.63			2.23
Total income (loss) from investment operations		(1.60	)		0.53			3.04			1.25			1.71			2.27
Less distributions to shareholders:
From net investment income		-			(0.09	)		(0.21	)		(0.20	)		(0.08	)		(0.03	)
From net realized gains		-			(1.90	)		(0.95	)		(1.04	)		(0.23	)		-
Total distributions		-			(1.99	)		(1.16	)		(1.24	)		(0.31	)		(0.03	)
Net asset value, end of period	$	9.82		$	11.42		$	12.88		$	11.00		$	10.99		$	9.59
Total Return^		(14.01	)% **		4.05	%		27.66	%		11.44	%		17.77	%		30.68	%
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	254,813		$	328,071		$	283,387		$	210,428		$	175,493		$	81,542
Ratio of expenses to average daily net assets:
Before expense waiver		1.44	% *		1.35	%		1.36	%		1.37	%		1.39	%		1.49	%
After expense waiver		1.34	% *#		1.25	% #		1.28	% #		N/A			1.38	%#^^^		1.39	%#^^^
Net investment income (loss) to average daily net assets		3.14	% *		1.47	%		1.90	%		0.94	%		0.75	%		0.44	%
Portfolio turnover rate		24	% **		44	%		36	%		88	%		66	%		92	%

*  Annualized.

**  Percentage represents the 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.

#  Computed after giving effect to an agreement by MassMutual to waive certain fees and expenses of the Fund.

^  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.

^^  Total return excludes sales charges and would be lower for the period presented if it reflected these charges.

^^^  The Fund has entered into agreements 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.
215

MassMutual Select Overseas Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class Y
	Six months ended 6/30/08 (Unaudited)			Year ended 12/31/07			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	$	11.45		$	12.91		$	11.03		$	11.01		$	9.61		$	7.36
Income (loss) from investment operations:
Net investment income (loss)		0.17	***		0.24	***		0.24	***		0.12	***		0.09	***		0.04	***
Net realized and unrealized gain (loss) on investments		(1.77	)		0.30			2.81			1.16			1.63			2.25
Total income (loss) from investment operations		(1.60	)		0.54			3.05			1.28			1.72			2.29
Less distributions to shareholders:
From net investment income		-			(0.10	)		(0.22	)		(0.22	)		(0.09	)		(0.04	)
From net realized gains		-			(1.90	)		(0.95	)		(1.04	)		(0.23	)		-
Total distributions		-			(2.00	)		(1.17	)		(1.26	)		(0.32	)		(0.04	)
Net asset value, end of period	$	9.85		$	11.45		$	12.91		$	11.03		$	11.01		$	9.61
Total Return^		(13.97	)%**		4.14	%		27.67	%		11.69	%		17.84	%		30.88	%
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	106,947		$	163,726		$	248,042		$	130,666		$	93,675		$	72,650
Ratio of expenses to average daily net assets:
Before expense waiver		1.29	% *		1.20	%		1.21	%		1.22	%		1.24	%		1.34	%
After expense waiver		N/A			N/A			N/A			N/A			1.23	%#^^^		1.24	%#^^^
Net investment income (loss) to average daily net assets		3.19	% *		1.76	%		1.95	%		1.05	%		0.91	%		0.50	%
Portfolio turnover rate		24	% **		44	%		36	%		88	%		66	%		92	%
	Class S
	Six months ended 6/30/08 (Unaudited)			Year ended 12/31/07			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	$	11.48		$	12.94		$	11.05		$	11.03		$	9.62		$	7.37
Income (loss) from investment operations:
Net investment income (loss)		0.17	***		0.20	***		0.26	***		0.13	***		0.10	***		0.06	***
Net realized and unrealized gain (loss) on investments		(1.78	)		0.35			2.81			1.16			1.63			2.23
Total income (loss) from investment operations		(1.61	)		0.55			3.07			1.29			1.73			2.29
Less distributions to shareholders:
From net investment income		-			(0.11	)		(0.23	)		(0.23	)		(0.09	)		(0.04	)
From net realized gains		-			(1.90	)		(0.95	)		(1.04	)		(0.23	)		-
Total distributions		-			(2.01	)		(1.18	)		(1.27	)		(0.32	)		(0.04	)
Net asset value, end of period	$	9.87		$	11.48		$	12.94		$	11.05		$	11.03		$	9.62
Total Return^		(14.02	)%**		4.21	%		27.77	%		11.73	%		17.98	%		30.87	%
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	363,405		$	505,917		$	458,067		$	308,301		$	211,818		$	134,965
Ratio of expenses to average daily net assets:
Before expense waiver		1.24	% *		1.15	%		1.16	%		1.17	%		1.19	%		1.29	%
After expense waiver		N/A			N/A			N/A			N/A			1.18	%#^^^		1.19	%#^^^
Net investment income (loss) to average daily net assets		3.21	% *		1.50	%		2.05	%		1.11	%		0.96	%		0.69	%
Portfolio turnover rate		24	% **		44	%		36	%		88	%		66	%		92	%

*  Annualized.

**  Percentage represents the 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.

#  Computed after giving effect to an agreement by MassMutual to waive certain fees and expenses of the Fund.

^  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 Fund has entered into agreements 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.
216

MassMutual Select Overseas Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class N
	Six months ended 6/30/08 (Unaudited)			Year ended 12/31/07			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	$	11.19		$	12.67		$	10.86		$	10.86		$	9.50		$	7.31
Income (loss) from investment operations:
Net investment income (loss)		0.11	***		0.12	***		0.17	***		0.05	***		0.02	***		(0.02	)***
Net realized and unrealized gain (loss) on investments		(1.70	)		0.33			2.74			1.13			1.61			2.21
Total income (loss) from investment operations		(1.59	)		0.45			2.91			1.18			1.63			2.19
Less distributions to shareholders:
From net investment income		-			(0.03	)		(0.15	)		(0.14	)		(0.04	)		-
From net realized gains		-			(1.90	)		(0.95	)		(1.04	)		(0.23	)		-
Total distributions		-			(1.93	)		(1.10	)		(1.18	)		(0.27	)		-
Net asset value, end of period	$	9.60		$	11.19		$	12.67		$	10.86		$	10.86		$	9.50
Total Return^		(14.21	)%**^^		3.47	% ^^		26.91	% ^^		10.86	% ^^		17.12	% ^^		29.96	% ^^
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	1,256		$	3,122		$	2,462		$	1,693		$	884		$	255
Ratio of expenses to average daily net assets:
Before expense waiver		1.99	% *		1.90	%		1.91	%		1.92	%		1.94	%		2.04	%
After expense waiver		1.89	% *#		1.80	% #		1.83	% #		N/A			1.93	%#^^^		1.94	%#^^^
Net investment income (loss) to average daily net assets		2.19	% *		0.91	%		1.40	%		0.44	%		0.17	%		(0.22	)%
Portfolio turnover rate		24	% **		44	%		36	%		88	%		66	%		92	%

*  Annualized.

**  Percentage represents the 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.

#  Computed after giving effect to an agreement by MassMutual to waive certain fees and expenses of the Fund.

^  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.

^^  Total return excludes sales charges and would be lower for the period presented if it reflected these charges.

^^^  The Fund has entered into agreements 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.
217

MassMutual Select Destination Retirement Income Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class A
	Six months ended 6/30/08 (Unaudited)			Year ended 12/31/07			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	$	9.95		$	10.23		$	10.18		$	10.32		$	10.00		$	10.00
Income (loss) from investment operations:
Net investment income (loss)		(0.02	)***		0.34	***		0.33	***		0.51	***		0.62	***		-
Net realized and unrealized gain (loss) on investments		(0.33	)		0.18			0.20			(0.22	)		0.01			-
Total income (loss) from investment operations		(0.35	)		0.52			0.53			0.29			0.63			-
Less distributions to shareholders:
From net investment income		-			(0.41	)		(0.33	)		(0.35	)		(0.27	)		-
From net realized gains		-			(0.39	)		(0.15	)		(0.08	)		(0.04	)		-
Total distributions		-			(0.80	)		(0.48	)		(0.43	)		(0.31	)		-
Net asset value, end of period	$	9.60		$	9.95		$	10.23		$	10.18		$	10.32		$	10.00
Total Return^		(3.42	)%**^^		5.10	% ^^		5.14	% ^^		2.85	% ^^		6.35	% ^^		-	‡
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	47,235		$	52,667		$	51,843		$	40,457		$	11,819		$	101
Ratio of expenses to average daily net assets:
Before expense waiver		0.48	% *		0.48	%		0.47	%		0.47	%		0.50	%		-	‡
After expense waiver		N/A			N/A			N/A			N/A			0.50	% #		-	‡
Net investment income (loss) to average daily net assets		(0.35	)% *		3.24	%		3.22	%		4.92	%		6.00	%		-	‡
Portfolio turnover rate		18	% **		42	%		27	%		15	%		33	%		-	‡
	Class L
	Six months ended 6/30/08 (Unaudited)			Year ended 12/31/07			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	$	9.99		$	10.27		$	10.22		$	10.34		$	10.00		$	10.00
Income (loss) from investment operations:
Net investment income (loss)		(0.00	)***†		0.36	***		0.32	***		0.33	***		0.34	***		-
Net realized and unrealized gain (loss) on investments		(0.34	)		0.19			0.23			(0.01	)		0.32			-
Total income (loss) from investment operations		(0.34	)		0.55			0.55			0.32			0.66			-
Less distributions to shareholders:
From net investment income		-			(0.44	)		(0.35	)		(0.36	)		(0.28	)		-
From net realized gains		-			(0.39	)		(0.15	)		(0.08	)		(0.04	)		-
Total distributions		-			(0.83	)		(0.50	)		(0.44	)		(0.32	)		-
Net asset value, end of period	$	9.65		$	9.99		$	10.27		$	10.22		$	10.34		$	10.00
Total Return^		(3.40	)% **		5.43	%		5.34	%		3.15	%		6.62	%		-	‡
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	78,069		$	88,901		$	94,347		$	102,343		$	97,859		$	101
Ratio of expenses to average daily net assets:
Before expense waiver		0.23	% *		0.23	%		0.22	%		0.22	%		0.23	%		-	‡
After expense waiver		N/A			N/A			N/A			N/A			0.23	% #		-	‡
Net investment income (loss) to average daily net assets		(0.10	)% *		3.45	%		3.13	%		3.19	%		3.36	%		-	‡
Portfolio turnover rate		18	% **		42	%		27	%		15	%		33	%		-	‡

*  Annualized.

**  Percentage represents the results for the period and is not annualized.

***  Per share amount calculated on the average shares method.

†  Amount is less than $0.005 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.

^  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.

^^  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.
218

MassMutual Select Destination Retirement Income Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class Y
	Six months ended 6/30/08 (Unaudited)			Year ended 12/31/07			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	$	9.99		$	10.27		$	10.22		$	10.35		$	10.00		$	10.00
Income (loss) from investment operations:
Net investment income (loss)		0.00	***†		0.31	***		0.38	***		0.40	***		0.45	***		-
Net realized and unrealized gain (loss) on investments		(0.33	)		0.25			0.18			(0.07	)		0.23			-
Total income (loss) from investment operations		(0.33	)		0.56			0.56			0.33			0.68			-
Less distributions to shareholders:
From net investment income		-			(0.45	)		(0.36	)		(0.38	)		(0.29	)		-
From net realized gains		-			(0.39	)		(0.15	)		(0.08	)		(0.04	)		-
Total distributions		-			(0.84	)		(0.51	)		(0.46	)		(0.33	)		-
Net asset value, end of period	$	9.66		$	9.99		$	10.27		$	10.22		$	10.35		$	10.00
Total Return^		(3.21	)% **		5.47	%		5.45	%		3.16	%		6.80	%		-	‡
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	72,252		$	94,210		$	125,831		$	105,478		$	80,590		$	101
Ratio of expenses to average daily net assets:
Before expense waiver		0.13	% *		0.14	%		0.12	%		0.12	%		0.13	%		-	‡
After expense waiver		N/A			N/A			N/A			N/A			0.13	% #		-	‡
Net investment income (loss) to average daily net assets		0.03	% *		2.92	%		3.62	%		3.84	%		4.38	%		-	‡
Portfolio turnover rate		18	% **		42	%		27	%		15	%		33	%		-	‡
	Class S
	Six months ended 6/30/08 (Unaudited)			Year ended 12/31/07			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	$	9.98		$	10.27		$	10.22		$	10.34		$	10.00		$	10.00
Income (loss) from investment operations:
Net investment income (loss)		(0.00	)***†		0.40	***		0.35	***		0.61	***		0.37	***		-
Net realized and unrealized gain (loss) on investments		(0.33	)		0.16			0.21			(0.27	)		0.30			-
Total income (loss) from investment operations		(0.33	)		0.56			0.56			0.34			0.67			-
Less distributions to shareholders:
From net investment income		-			(0.46	)		(0.36	)		(0.38	)		(0.29	)		-
From net realized gains		-			(0.39	)		(0.15	)		(0.08	)		(0.04	)		-
Total distributions		-			(0.85	)		(0.51	)		(0.46	)		(0.33	)		-
Net asset value, end of period	$	9.65		$	9.98		$	10.27		$	10.22		$	10.34		$	10.00
Total Return^		(3.31	)% **		5.55	%		5.47	%		3.29	%		6.71	%		-	‡
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	25,997		$	10,579		$	8,773		$	4,445		$	1,195		$	601
Ratio of expenses to average daily net assets:
Before expense waiver		0.11	% *		0.11	%		0.10	%		0.09	%		0.71	%		-	‡
After expense waiver		N/A			N/A			N/A			N/A			0.12	% #		-	‡
Net investment income (loss) to average daily net assets		(0.07	)% *		3.79	%		3.41	%		5.82	%		3.64	%		-	‡
Portfolio turnover rate		18	% **		42	%		27	%		15	%		33	%		-	‡

*  Annualized.

**  Percentage represents the results for the period and is not annualized.

***  Per share amount calculated on the average shares method.

†  Amount is less than $0.005 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.

^  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 accompanying notes are an integral part of the financial statements.
219

MassMutual Select Destination Retirement Income Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class N
	Six months ended 6/30/08 (Unaudited)			Year ended 12/31/07			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	$	9.98		$	10.26		$	10.21		$	10.34		$	10.00		$	10.00
Income (loss) from investment operations:
Net investment income (loss)		(0.03	)***		0.31	***		0.30	***		0.30	***		0.15	***		-
Net realized and unrealized gain (loss) on investments		(0.34	)		0.18			0.20			(0.04	)		0.45			-
Total income (loss) from investment operations		(0.37	)		0.49			0.50			0.26			0.60			-
Less distributions to shareholders:
From net investment income		-			(0.38	)		(0.30	)		(0.31	)		(0.22	)		-
From net realized gains		-			(0.39	)		(0.15	)		(0.08	)		(0.04	)		-
Total distributions		-			(0.77	)		(0.45	)		(0.39	)		(0.26	)		-
Net asset value, end of period	$	9.61		$	9.98		$	10.26		$	10.21		$	10.34		$	10.00
Total Return^		(3.61	)%**^^		4.78	% ^^		4.83	% ^^		2.50	% ^^		6.02	% ^^		-
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	109		$	124		$	121		$	105		$	104		$	101
Ratio of expenses to average daily net assets:
Before expense waiver		0.78	% *		0.78	%		0.77	%		0.77	%		1.53	%		-	‡
After expense waiver		N/A			N/A			N/A			N/A			0.80	% #		-	‡
Net investment income (loss) to average daily net assets		(0.65	)% *		3.01	%		2.95	%		2.85	%		1.52	%		-	‡
Portfolio turnover rate		18	% **		42	%		27	%		15	%		33	%		-	‡

*  Annualized.

**  Percentage represents the 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.

^  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.

^^  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.
220

MassMutual Select Destination Retirement 2010 Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class A
	Six months ended 6/30/08 (Unaudited)			Year ended 12/31/07			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	$	10.64		$	10.77		$	10.57		$	10.54		$	10.00		$	10.00
Income (loss) from investment operations:
Net investment income (loss)		(0.02	)***		0.31	***		0.33	***		0.45	***		0.56	***		-
Net realized and unrealized gain (loss) on investments		(0.66	)		0.27			0.34			(0.05	)		0.18			-
Total income (loss) from investment operations		(0.68	)		0.58			0.67			0.40			0.74			-
Less distributions to shareholders:
From net investment income		-			(0.38	)		(0.31	)		(0.31	)		(0.18	)		-
From net realized gains		-			(0.33	)		(0.16	)		(0.06	)		(0.02	)		-
Total distributions		-			(0.71	)		(0.47	)		(0.37	)		(0.20	)		-
Net asset value, end of period	$	9.96		$	10.64		$	10.77		$	10.57		$	10.54		$	10.00
Total Return^		(6.39	)%**^^		5.51	% ^^		6.39	% ^^		3.82	% ^^		7.36	% ^^		-	‡
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	60,502		$	72,786		$	54,312		$	30,338		$	7,272		$	101
Ratio of expenses to average daily net assets:
Before expense waiver		0.51	% *		0.51	%		0.52	%		0.54	%		1.13	%		-	‡
After expense waiver		N/A			N/A ##			0.50	% #		0.50	% #		0.50	% #		-	‡
Net investment income (loss) to average daily net assets		(0.43	)% *		2.77	%		3.10	%		4.24	%		5.34	%		-	‡
Portfolio turnover rate		20	% **		43	%		34	%		17	%		28	%		-	‡
	Class L
	Six months ended 6/30/08 (Unaudited)			Year ended 12/31/07			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	$	10.69		$	10.82		$	10.60		$	10.56		$	10.00		$	10.00
Income (loss) from investment operations:
Net investment income (loss)		(0.01	)***		0.34	***		0.36	***		0.36	***		1.25	***		-
Net realized and unrealized gain (loss) on investments		(0.66	)		0.27			0.35			0.07			(0.48	)		-
Total income (loss) from investment operations		(0.67	)		0.61			0.71			0.43			0.77			-
Less distributions to shareholders:
From net investment income		-			(0.41	)		(0.33	)		(0.33	)		(0.19	)		-
From net realized gains		-			(0.33	)		(0.16	)		(0.06	)		(0.02	)		-
Total distributions		-			(0.74	)		(0.49	)		(0.39	)		(0.21	)		-
Net asset value, end of period	$	10.02		$	10.69		$	10.82		$	10.60		$	10.56		$	10.00
Total Return^		(6.27	)% **		5.82	%		6.69	%		4.03	%		7.68	%		-	‡
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	56,806		$	59,582		$	47,387		$	35,621		$	22,880		$	101
Ratio of expenses to average daily net assets:
Before expense waiver		0.26	% *		0.26	%		0.27	%		0.29	%		0.88	%		-	‡
After expense waiver		N/A			N/A ##			0.25	% #		0.25	% #		0.25	% #		-	‡
Net investment income (loss) to average daily net assets		(0.18	)% *		3.02	%		3.35	%		3.37	%		12.10	%		-	‡
Portfolio turnover rate		20	% **		43	%		34	%		17	%		28	%		-	‡

*  Annualized.

**  Percentage represents the 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 waived had no impact on the ratio of expenses to average daily net assets.

^  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.

^^  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.
221

MassMutual Select Destination Retirement 2010 Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class Y
	Six months ended 6/30/08 (Unaudited)			Year ended 12/31/07			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	$	10.69		$	10.82		$	10.61		$	10.56		$	10.00		$	10.00
Income (loss) from investment operations:
Net investment income (loss)		(0.00	)***†		0.36	***		0.39	***		0.52	***		0.85	***		-
Net realized and unrealized gain (loss) on investments		(0.66	)		0.26			0.32			(0.07	)		(0.08	)		-
Total income (loss) from investment operations		(0.66	)		0.62			0.71			0.45			0.77			-
Less distributions to shareholders:
From net investment income		-			(0.42	)		(0.34	)		(0.34	)		(0.19	)		-
From net realized gains		-			(0.33	)		(0.16	)		(0.06	)		(0.02	)		-
Total distributions		-			(0.75	)		(0.50	)		(0.40	)		(0.21	)		-
Net asset value, end of period	$	10.03		$	10.69		$	10.82		$	10.61		$	10.56		$	10.00
Total Return^		(6.17	)% **		5.84	%		6.77	%		4.22	%		7.69	%		-	‡
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	54,961		$	79,314		$	57,929		$	30,365		$	5,605		$	101
Ratio of expenses to average daily net assets:
Before expense waiver		0.16	% *		0.16	%		0.17	%		0.19	%		0.78	%		-	‡
After expense waiver		N/A			N/A ##			0.15	% #		0.15	% #		0.15	% #		-	‡
Net investment income (loss) to average daily net assets		(0.08	)% *		3.23	%		3.62	%		4.80	%		8.17	%		-	‡
Portfolio turnover rate		20	% **		43	%		34	%		17	%		28	%		-	‡
	Class S
	Six months ended 6/30/08 (Unaudited)			Year ended 12/31/07			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	$	10.70		$	10.83		$	10.61		$	10.57		$	10.00		$	10.00
Income (loss) from investment operations:
Net investment income (loss)		(0.00	)***†		0.42	***		0.40	***		0.61	***		0.36	***		-
Net realized and unrealized gain (loss) on investments		(0.66	)		0.21			0.33			(0.17	)		0.42			-
Total income (loss) from investment operations		(0.66	)		0.63			0.73			0.44			0.78			-
Less distributions to shareholders:
From net investment income		-			(0.43	)		(0.35	)		(0.34	)		(0.19	)		-
From net realized gains		-			(0.33	)		(0.16	)		(0.06	)		(0.02	)		-
Total distributions		-			(0.76	)		(0.51	)		(0.40	)		(0.21	)		-
Net asset value, end of period	$	10.04		$	10.70		$	10.83		$	10.61		$	10.57		$	10.00
Total Return^		(6.17	)% **		5.92	%		6.90	%		4.15	%		7.80	%		-	‡
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	54,533		$	38,230		$	17,935		$	12,104		$	2,319		$	601
Ratio of expenses to average daily net assets:
Before expense waiver		0.11	% *		0.11	%		0.12	%		0.14	%		0.73	%		-	‡
After expense waiver		N/A			N/A ##			0.10	% #		0.10	% #		0.10	% #		-	‡
Net investment income (loss) to average daily net assets		(0.04	)% *		3.73	%		3.66	%		5.69	%		3.49	%		-	‡
Portfolio turnover rate		20	% **		43	%		34	%		17	%		28	%		-	‡

*  Annualized.

**  Percentage represents the results for the period and is not annualized.

***  Per share amount calculated on the average shares method.

†  Amount is less than $0.005 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.

##  Amount waived had no impact on the ratio of expenses to average daily net assets.

^  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 accompanying notes are an integral part of the financial statements.
222

MassMutual Select Destination Retirement 2010 Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class N
	Six months ended 6/30/08 (Unaudited)			Year ended 12/31/07			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	$	10.64		$	10.80		$	10.60		$	10.56		$	10.00		$	10.00
Income (loss) from investment operations:
Net investment income (loss)		(0.04	)***		0.43	***		0.32	***		0.27	***		(0.00	)†		-
Net realized and unrealized gain (loss) on investments		(0.65	)		0.12			0.32			0.10			0.70			-
Total income (loss) from investment operations		(0.69	)		0.55			0.64			0.37			0.70			-
Less distributions to shareholders:
From net investment income		-			(0.38	)		(0.28	)		(0.27	)		(0.12	)		-
From net realized gains		-			(0.33	)		(0.16	)		(0.06	)		(0.02	)		-
Total distributions		-			(0.71	)		(0.44	)		(0.33	)		(0.14	)		-
Net asset value, end of period	$	9.95		$	10.64		$	10.80		$	10.60		$	10.56		$	10.00
Total Return^		(6.48	)%**^^		5.14	% ^^		6.14	% ^^		3.51	% ^^		6.98	% ^^		-	‡
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	826		$	859		$	249		$	134		$	107		$	101
Ratio of expenses to average daily net assets:
Before expense waiver		0.81	% *		0.81	%		0.82	%		0.84	%		1.43	%		-	‡
After expense waiver		N/A			N/A ##			0.80	% #		0.80	% #		0.80	% #		-	‡
Net investment income (loss) to average daily net assets		(0.73	)% *		3.89	%		3.00	%		2.50	%		0.02	%		-	‡
Portfolio turnover rate		20	% **		43	%		34	%		17	%		28	%		-	‡

*  Annualized.

**  Percentage represents the results for the period and is not annualized.

***  Per share amount calculated on the average shares method.

†  Amount is less than $0.005 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.

##  Amount waived had no impact on the ratio of expenses to average daily net assets.

^  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.

^^  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.
223

MassMutual Select Destination Retirement 2020 Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class A
	Six months ended 6/30/08 (Unaudited)			Year ended 12/31/07			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		$	11.20		$	10.91		$	10.75		$	10.00		$	10.00
Income (loss) from investment operations:
Net investment income (loss)		(0.02	)***		0.19	***		0.26	***		0.37	***		0.64	***		-
Net realized and unrealized gain (loss) on investments		(0.96	)		0.37			0.57			0.19			0.34			-
Total income (loss) from investment operations		(0.98	)		0.56			0.83			0.56			0.98			-
Less distributions to shareholders:
From net investment income		-			(0.31	)		(0.25	)		(0.27	)		(0.19	)		-
From net realized gains		-			(0.68	)		(0.29	)		(0.13	)		(0.04	)		-
Total distributions		-			(0.99	)		(0.54	)		(0.40	)		(0.23	)		-
Net asset value, end of period	$	9.79		$	10.77		$	11.20		$	10.91		$	10.75		$	10.00
Total Return^		(9.10	)%**^^		5.14	% ^^		7.72	% ^^		5.23	% ^^		9.76	% ^^		-	‡
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	143,061		$	173,715		$	144,228		$	89,351		$	21,577		$	101
Ratio of expenses to average daily net assets:
Before expense waiver		0.49	% *		0.50	%		0.50	%		0.50	%		0.52	%		-	‡
After expense waiver		N/A			N/A			N/A			N/A			0.50	% #		-	‡
Net investment income (loss) to average daily net assets		(0.49	)% *		1.63	%		2.32	%		3.43	%		6.11	%		-	‡
Portfolio turnover rate		17	% **		49	%		32	%		23	%		19	%		-	‡
	Class L
	Six months ended 6/30/08 (Unaudited)			Year ended 12/31/07			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		$	11.25		$	10.96		$	10.77		$	10.00		$	10.00
Income (loss) from investment operations:
Net investment income (loss)		(0.01	)***		0.20	***		0.25	***		0.25	***		0.21	***		-
Net realized and unrealized gain (loss) on investments		(0.96	)		0.40			0.60			0.35			0.79			-
Total income (loss) from investment operations		(0.97	)		0.60			0.85			0.60			1.00			-
Less distributions to shareholders:
From net investment income		-			(0.34	)		(0.27	)		(0.28	)		(0.19	)		-
From net realized gains		-			(0.68	)		(0.29	)		(0.13	)		(0.04	)		-
Total distributions		-			(1.02	)		(0.56	)		(0.41	)		(0.23	)		-
Net asset value, end of period	$	9.86		$	10.83		$	11.25		$	10.96		$	10.77		$	10.00
Total Return^		(8.96	)% **		5.43	%		7.87	%		5.50	%		10.07	%		-	‡
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	232,141		$	266,837		$	273,584		$	237,433		$	212,094		$	101
Ratio of expenses to average daily net assets:
Before expense waiver		0.24	% *		0.25	%		0.24	%		0.25	%		0.26	%		-	‡
After expense waiver		N/A			N/A			N/A			N/A			0.25	% #		-	‡
Net investment income (loss) to average daily net assets		(0.24	)% *		1.71	%		2.19	%		2.31	%		1.99	%		-	‡
Portfolio turnover rate		17	% **		49	%		32	%		23	%		19	%		-	‡

*  Annualized.

**  Percentage represents the 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.

^  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.

^^  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.
224

MassMutual Select Destination Retirement 2020 Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class Y
	Six months ended 6/30/08 (Unaudited)			Year ended 12/31/07			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		$	11.25		$	10.95		$	10.77		$	10.00		$	10.00
Income (loss) from investment operations:
Net investment income (loss)		(0.01	)***		0.23	***		0.30	***		0.45	***		0.81	***		-
Net realized and unrealized gain (loss) on investments		(0.95	)		0.37			0.58			0.16			0.20			-
Total income (loss) from investment operations		(0.96	)		0.60			0.88			0.61			1.01			-
Less distributions to shareholders:
From net investment income		-			(0.35	)		(0.29	)		(0.30	)		(0.20	)		-
From net realized gains		-			(0.68	)		(0.29	)		(0.13	)		(0.04	)		-
Total distributions		-			(1.03	)		(0.58	)		(0.43	)		(0.24	)		-
Net asset value, end of period	$	9.86		$	10.82		$	11.25		$	10.95		$	10.77		$	10.00
Total Return^		(8.87	)% **		5.45	%		8.08	%		5.63	%		10.07	%		-	‡
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	108,714		$	135,650		$	105,565		$	65,716		$	10,249		$	101
Ratio of expenses to average daily net assets:
Before expense waiver		0.14	% *		0.15	%		0.15	%		0.14	%		0.19	%		-	‡
After expense waiver		N/A			N/A			N/A			N/A			0.15	% #		-	‡
Net investment income (loss) to average daily net assets		(0.14	)% *		2.01	%		2.66	%		4.04	%		7.69	%		-	‡
Portfolio turnover rate		17	% **		49	%		32	%		23	%		19	%		-	‡
	Class S
	Six months ended 6/30/08 (Unaudited)			Year ended 12/31/07			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	$	10.84		$	11.26		$	10.96		$	10.78		$	10.00		$	10.00
Income (loss) from investment operations:
Net investment income (loss)		(0.00	)***†		0.25	***		0.30	***		0.38	***		0.52	***		-
Net realized and unrealized gain (loss) on investments		(0.97	)		0.36			0.58			0.23			0.50			-
Total income (loss) from investment operations		(0.97	)		0.61			0.88			0.61			1.02			-
Less distributions to shareholders:
From net investment income		-			(0.35	)		(0.29	)		(0.30	)		(0.20	)		-
From net realized gains		-			(0.68	)		(0.29	)		(0.13	)		(0.04	)		-
Total distributions		-			(1.03	)		(0.58	)		(0.43	)		(0.24	)		-
Net asset value, end of period	$	9.87		$	10.84		$	11.26		$	10.96		$	10.78		$	10.00
Total Return^		(8.95	)% **		5.59	%		8.12	%		5.65	%		10.19	%		-	‡
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	117,257		$	95,204		$	66,802		$	35,933		$	12,389		$	601
Ratio of expenses to average daily net assets:
Before expense waiver		0.09	% *		0.10	%		0.10	%		0.10	%		0.21	%		-	‡
After expense waiver		N/A			N/A			N/A			N/A			0.10	% #		-	‡
Net investment income (loss) to average daily net assets		(0.09	)% *		2.20	%		2.69	%		3.45	%		5.00	%		-	‡
Portfolio turnover rate		17	% **		49	%		32	%		23	%		19	%		-	‡

*  Annualized.

**  Percentage represents the results for the period and is not annualized.

***  Per share amount calculated on the average shares method.

†  Amount is less than $0.005 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.

^  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 accompanying notes are an integral part of the financial statements.
225

MassMutual Select Destination Retirement 2020 Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class N
	Six months ended 6/30/08 (Unaudited)			Year ended 12/31/07			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	$	10.78		$	11.22		$	10.94		$	10.77		$	10.00		$	10.00
Income (loss) from investment operations:
Net investment income (loss)		(0.04	)***		0.19	***		0.21	***		0.27	***		0.06	***		-
Net realized and unrealized gain (loss) on investments		(0.95	)		0.34			0.58			0.27			0.88			-
Total income (loss) from investment operations		(0.99	)		0.53			0.79			0.54			0.94			-
Less distributions to shareholders:
From net investment income		-			(0.29	)		(0.22	)		(0.24	)		(0.13	)		-
From net realized gains		-			(0.68	)		(0.29	)		(0.13	)		(0.04	)		-
Total distributions		-			(0.97	)		(0.51	)		(0.37	)		(0.17	)		-
Net asset value, end of period	$	9.79		$	10.78		$	11.22		$	10.94		$	10.77		$	10.00
Total Return^		(9.18	)%**^^		4.86	% ^^		7.31	% ^^		4.99	% ^^		9.39	% ^^		-	‡
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	531		$	510		$	309		$	238		$	113		$	101
Ratio of expenses to average daily net assets:
Before expense waiver		0.79	% *		0.80	%		0.80	%		0.80	%		1.57	%		-	‡
After expense waiver		N/A			N/A			N/A			N/A			0.80	% #		-	‡
Net investment income (loss) to average daily net assets		(0.79	)% *		1.69	%		1.93	%		2.46	%		0.55	%		-	‡
Portfolio turnover rate		17	% **		49	%		32	%		23	%		19	%		-	‡

*  Annualized.

**  Percentage represents the 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.

^  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.

^^  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.
226

MassMutual Select Destination Retirement 2030 Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class A
	Six months ended 6/30/08 (Unaudited)			Year ended 12/31/07			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	$	11.49		$	12.05		$	11.50		$	11.11		$	10.00		$	10.00
Income (loss) from investment operations:
Net investment income (loss)		(0.03	)***		0.12	***		0.15	***		0.21	***		0.27	***		-
Net realized and unrealized gain (loss) on investments		(1.20	)		0.57			0.95			0.52			0.95			-
Total income (loss) from investment operations		(1.23	)		0.69			1.10			0.73			1.22			-
Less distributions to shareholders:
From net investment income		-			(0.26	)		(0.18	)		(0.18	)		(0.10	)		-
From net realized gains		-			(0.99	)		(0.37	)		(0.16	)		(0.01	)		-
Total distributions		-			(1.25	)		(0.55	)		(0.34	)		(0.11	)		-
Net asset value, end of period	$	10.26		$	11.49		$	12.05		$	11.50		$	11.11		$	10.00
Total Return^		(10.71	)%**^^		5.76	% ^^		9.70	% ^^		6.56	% ^^		12.24	% ^^		-	‡
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	115,871		$	142,956		$	112,499		$	63,024		$	21,459		$	101
Ratio of expenses to average daily net assets:
Before expense waiver		0.50	% *		0.50	%		0.50	%		0.50	%		0.52	%		-	‡
After expense waiver		N/A			N/A ##			N/A			N/A			0.50	% #		-	‡
Net investment income (loss) to average daily net assets		(0.50	)% *		0.96	%		1.31	%		1.89	%		2.58	%		-	‡
Portfolio turnover rate		17	% **		52	%		34	%		17	%		10	%		-	‡
	Class L
	Six months ended 6/30/08 (Unaudited)			Year ended 12/31/07			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	$	11.56		$	12.11		$	11.55		$	11.13		$	10.00		$	10.00
Income (loss) from investment operations:
Net investment income (loss)		(0.01	)***		0.13	***		0.15	***		0.14	***		0.10	***		-
Net realized and unrealized gain (loss) on investments		(1.21	)		0.59			0.98			0.63			1.15			-
Total income (loss) from investment operations		(1.22	)		0.72			1.13			0.77			1.25			-
Less distributions to shareholders:
From net investment income		-			(0.28	)		(0.20	)		(0.19	)		(0.11	)		-
From net realized gains		-			(0.99	)		(0.37	)		(0.16	)		(0.01	)		-
Total distributions		-			(1.27	)		(0.57	)		(0.35	)		(0.12	)		-
Net asset value, end of period	$	10.34		$	11.56		$	12.11		$	11.55		$	11.13		$	10.00
Total Return^		(10.55	)% **		6.01	%		9.93	%		6.92	%		12.49	%		-	‡
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	181,158		$	217,725		$	211,382		$	180,837		$	168,132		$	101
Ratio of expenses to average daily net assets:
Before expense waiver		0.25	% *		0.25	%		0.25	%		0.25	%		0.26	%		-	‡
After expense waiver		N/A			N/A ##			N/A			N/A			0.25	% #		-	‡
Net investment income (loss) to average daily net assets		(0.25	)% *		1.07	%		1.28	%		1.26	%		0.93	%		-	‡
Portfolio turnover rate		17	% **		52	%		34	%		17	%		10	%		-

*  Annualized.

**  Percentage represents the 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 waived had no impact on the ratio of expenses to average daily net assets.

^  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.

^^  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.
227

MassMutual Select Destination Retirement 2030 Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class Y
	Six months ended 6/30/08 (Unaudited)			Year ended 12/31/07			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	$	11.55		$	12.10		$	11.54		$	11.13		$	10.00		$	10.00
Income (loss) from investment operations:
Net investment income (loss)		(0.01	)***		0.16	***		0.22	***		0.32	***		0.43	***		-
Net realized and unrealized gain (loss) on investments		(1.21	)		0.57			0.93			0.46			0.83			-
Total income (loss) from investment operations		(1.22	)		0.73			1.15			0.78			1.26			-
Less distributions to shareholders:
From net investment income		-			(0.29	)		(0.22	)		(0.21	)		(0.12	)		-
From net realized gains		-			(0.99	)		(0.37	)		(0.16	)		(0.01	)		-
Total distributions		-			(1.28	)		(0.59	)		(0.37	)		(0.13	)		-
Net asset value, end of period	$	10.33		$	11.55		$	12.10		$	11.54		$	11.13		$	10.00
Total Return^		(10.56	)% **		6.13	%		10.05	%		6.97	%		12.60	%		-	‡
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	71,603		$	89,727		$	68,388		$	33,819		$	3,169		$	101
Ratio of expenses to average daily net assets:
Before expense waiver		0.15	% *		0.15	%		0.15	%		0.15	%		0.23	%		-	‡
After expense waiver		N/A			N/A ##			N/A			N/A			0.15	% #		-	‡
Net investment income (loss) to average daily net assets		(0.15	)% *		1.27	%		1.82	%		2.77	%		4.01	%		-	‡
Portfolio turnover rate		17	% **		52	%		34	%		17	%		10	%		-	‡
	Class S
	Six months ended 6/30/08 (Unaudited)			Year ended 12/31/07			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	$	11.57		$	12.11		$	11.55		$	11.14		$	10.00		$	10.00
Income (loss) from investment operations:
Net investment income (loss)		(0.01	)***		0.18	***		0.20	***		0.27	***		0.33	***		-
Net realized and unrealized gain (loss) on investments		(1.21	)		0.57			0.95			0.51			0.94			-
Total income (loss) from investment operations		(1.22	)		0.75			1.15			0.78			1.27			-
Less distributions to shareholders:
From net investment income		-			(0.30	)		(0.22	)		(0.21	)		(0.12	)		-
From net realized gains		-			(0.99	)		(0.37	)		(0.16	)		(0.01	)		-
Total distributions		-			(1.29	)		(0.59	)		(0.37	)		(0.13	)		-
Net asset value, end of period	$	10.35		$	11.57		$	12.11		$	11.55		$	11.14		$	10.00
Total Return^		(10.54	)% **		6.18	%		10.17	%		6.98	%		12.71	%		-	‡
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	80,414		$	68,224		$	42,835		$	18,300		$	4,245		$	601
Ratio of expenses to average daily net assets:
Before expense waiver		0.10	% *		0.10	%		0.10	%		0.10	%		0.45	%		-	‡
After expense waiver		N/A			N/A ##			N/A			N/A			0.10	% #		-	‡
Net investment income (loss) to average daily net assets		(0.10	)% *		1.46	%		1.66	%		2.42	%		3.16	%		-	‡
Portfolio turnover rate		17	% **		52	%		34	%		17	%		10	%		-	‡

*  Annualized.

**  Percentage represents the 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 waived had no impact on the ratio of expenses to average daily net assets.

^  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 accompanying notes are an integral part of the financial statements.
228

MassMutual Select Destination Retirement 2030 Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class N
	Six months ended 6/30/08 (Unaudited)			Year ended 12/31/07			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	$	11.51		$	12.07		$	11.52		$	11.13		$	10.00		$	10.00
Income (loss) from investment operations:
Net investment income (loss)		(0.04	)***		0.09	***		0.09	***		0.14	***		(0.02	)***		-
Net realized and unrealized gain (loss) on investments		(1.21	)		0.57			0.98			0.55			1.21			-
Total income (loss) from investment operations		(1.25	)		0.66			1.07			0.69			1.19			-
Less distributions to shareholders:
From net investment income		-			(0.23	)		(0.15	)		(0.14	)		(0.05	)		-
From net realized gains		-			(0.99	)		(0.37	)		(0.16	)		(0.01	)		-
Total distributions		-			(1.22	)		(0.52	)		(0.30	)		(0.06	)		-
Net asset value, end of period	$	10.26		$	11.51		$	12.07		$	11.52		$	11.13		$	10.00
Total Return^		(10.86	)%**^^		5.51	% ^^		9.39	% ^^		6.20	% ^^		11.89	% ^^		-	‡
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	280		$	324		$	209		$	162		$	113		$	101
Ratio of expenses to average daily net assets:
Before expense waiver		0.80	% *		0.80	%		0.80	%		0.80	%		1.47	%		-	‡
After expense waiver		N/A			N/A ##			N/A			N/A			0.80	% #		-	‡
Net investment income (loss) to average daily net assets		(0.79	)% *		0.74	%		0.78	%		1.26	%		(0.24	)%		-	‡
Portfolio turnover rate		17	% **		52	%		34	%		17	%		10	%		-	‡

*  Annualized.

**  Percentage represents the 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 waived had no impact on the ratio of expenses to average daily net assets.

^  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.

^^  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.
229

MassMutual Select Destination Retirement 2040 Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class A
	Six months ended 6/30/08 (Unaudited)			Year ended 12/31/07			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	$	11.76		$	12.39		$	11.77		$	11.26		$	10.00		$	10.00
Income (loss) from investment operations:
Net investment income (loss)		(0.03	)***		0.11	***		0.07	***		0.10	***		0.20	***		-
Net realized and unrealized gain (loss) on investments		(1.28	)		0.64			1.24			0.73			1.14			-
Total income (loss) from investment operations		(1.31	)		0.75			1.31			0.83			1.34			-
Less distributions to shareholders:
From net investment income		-			(0.26	)		(0.13	)		(0.11	)		(0.06	)		-
From net realized gains		-			(1.12	)		(0.56	)		(0.21	)		(0.02	)		-
Total distributions		-			(1.38	)		(0.69	)		(0.32	)		(0.08	)		-
Net asset value, end of period	$	10.45		$	11.76		$	12.39		$	11.77		$	11.26		$	10.00
Total Return^		(11.14	)%**^^		6.16	% ^^		11.26	% ^^		7.47	% ^^		13.39	% ^^		-	‡
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	54,282		$	65,604		$	46,934		$	26,913		$	6,414		$	101
Ratio of expenses to average daily net assets:
Before expense waiver		0.49	% *		0.50	%		0.50	%		0.50	%		0.55	%		-	‡
After expense waiver		N/A			N/A ##			N/A			0.50	% #		0.50	% #		-	‡
Net investment income (loss) to average daily net assets		(0.49	)% *		0.88	%		0.59	%		0.85	%		1.92	%		-	‡
Portfolio turnover rate		19	% **		50	%		42	%		18	%		13	%		-	‡
	Class L
	Six months ended 6/30/08 (Unaudited)			Year ended 12/31/07			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	$	11.84		$	12.45		$	11.81		$	11.28		$	10.00		$	10.00
Income (loss) from investment operations:
Net investment income (loss)		(0.01	)***		0.13	***		0.08	***		0.07	***		0.04	***		-
Net realized and unrealized gain (loss) on investments		(1.30	)		0.67			1.27			0.80			1.33			-
Total income (loss) from investment operations		(1.31	)		0.80			1.35			0.87			1.37			-
Less distributions to shareholders:
From net investment income		-			(0.29	)		(0.15	)		(0.13	)		(0.07	)		-
From net realized gains		-			(1.12	)		(0.56	)		(0.21	)		(0.02	)		-
Total distributions		-			(1.41	)		(0.71	)		(0.34	)		(0.09	)		-
Net asset value, end of period	$	10.53		$	11.84		$	12.45		$	11.81		$	11.28		$	10.00
Total Return^		(11.06	)% **		6.49	%		11.58	%		7.75	%		13.63	%		-	‡
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	114,851		$	142,858		$	134,968		$	107,540		$	101,487		$	101
Ratio of expenses to average daily net assets:
Before expense waiver		0.24	% *		0.25	%		0.25	%		0.25	%		0.27	%		-	‡
After expense waiver#		N/A			N/A ##			N/A			0.25	% #		0.25	% #		-	‡
Net investment income (loss) to average daily net assets		(0.24	)% *		0.97	%		0.68	%		0.60	%		0.41	%		-	‡
Portfolio turnover rate		19	% **		50	%		42	%		18	%		13	%		-	‡

*  Annualized.

**  Percentage represents the 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 waived had no impact on the ratio of expenses to average daily net assets.

^  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.

^^  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.
230

MassMutual Select Destination Retirement 2040 Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class Y
	Six months ended 6/30/08 (Unaudited)			Year ended 12/31/07			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	$	11.83		$	12.44		$	11.81		$	11.28		$	10.00		$	10.00
Income (loss) from investment operations:
Net investment income (loss)		(0.01	)***		0.16	***		0.12	***		0.16	***		0.27	***		-
Net realized and unrealized gain (loss) on investments		(1.29	)		0.65			1.23			0.72			1.11			-
Total income (loss) from investment operations		(1.30	)		0.81			1.35			0.88			1.38			-
Less distributions to shareholders:
From net investment income		-			(0.30	)		(0.16	)		(0.14	)		(0.08	)		-
From net realized gains		-			(1.12	)		(0.56	)		(0.21	)		(0.02	)		-
Total distributions		-			(1.42	)		(0.72	)		(0.35	)		(0.10	)		-
Net asset value, end of period	$	10.53		$	11.83		$	12.44		$	11.81		$	11.28		$	10.00
Total Return^		(10.99	)% **		6.60	%		11.60	%		7.88	%		13.74	%		-	‡
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	41,848		$	47,208		$	31,379		$	8,379		$	596		$	101
Ratio of expenses to average daily net assets:
Before expense waiver		0.14	% *		0.15	%		0.15	%		0.15	%		0.54	%		-	‡
After expense waiver		N/A			N/A ##			N/A			0.15	% #		0.15	% #		-	‡
Net investment income (loss) to average daily net assets		(0.14	)% *		1.27	%		0.96	%		1.41	%		2.55	%		-	‡
Portfolio turnover rate		19	% **		50	%		42	%		18	%		13	%		-	‡
	Class S
	Six months ended 6/30/08 (Unaudited)			Year ended 12/31/07			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	$	11.84		$	12.45		$	11.82		$	11.28		$	10.00		$	10.00
Income (loss) from investment operations:
Net investment income (loss)		(0.01	)***		0.17	***		0.08	***		0.27	***		0.09	***		-
Net realized and unrealized gain (loss) on investments		(1.29	)		0.64			1.28			0.63			1.29			-
Total income (loss) from investment operations		(1.30	)		0.81			1.36			0.90			1.38			-
Less distributions to shareholders:
From net investment income		-			(0.30	)		(0.17	)		(0.15	)		(0.08	)		-
From net realized gains		-			(1.12	)		(0.56	)		(0.21	)		(0.02	)		-
Total distributions		-			(1.42	)		(0.73	)		(0.36	)		(0.10	)		-
Net asset value, end of period	$	10.54		$	11.84		$	12.45		$	11.82		$	11.28		$	10.00
Total Return^		(10.98	)% **		6.63	%		11.63	%		8.00	%		13.75	%		-	‡
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	46,348		$	44,098		$	27,944		$	27,274		$	1,741		$	601
Ratio of expenses to average daily net assets:
Before expense waiver		0.09	% *		0.10	%		0.10	%		0.10	%		0.66	%		-	‡
After expense waiver		N/A			N/A ##			N/A			0.10	% #		0.10	% #		-	‡
Net investment income (loss) to average daily net assets		(0.09	)% *		1.31	%		0.67	%		2.37	%		0.85	%		-	‡
Portfolio turnover rate		19	% **		50	%		42	%		18	%		13	%		-	‡

*  Annualized.

**  Percentage represents the 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 waived had no impact on the ratio of expenses to average daily net assets.

^  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 accompanying notes are an integral part of the financial statements.
231

MassMutual Select Destination Retirement 2040 Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class N
	Six months ended 6/30/08 (Unaudited)			Year ended 12/31/07			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	$	11.79		$	12.41		$	11.79		$	11.28		$	10.00		$	10.00
Income (loss) from investment operations:
Net investment income (loss)		(0.04	)***		0.06	***		0.02	***		0.07	***		(0.07	)***		-
Net realized and unrealized gain (loss) on investments		(1.29	)		0.66			1.25			0.73			1.38			-
Total income (loss) from investment operations		(1.33	)		0.72			1.27			0.80			1.31			-
Less distributions to shareholders:
From net investment income		-			(0.22	)		(0.09	)		(0.08	)		(0.01	)		-
From net realized gains		-			(1.12	)		(0.56	)		(0.21	)		(0.02	)		-
Total distributions		-			(1.34	)		(0.65	)		(0.29	)		(0.03	)		-
Net asset value, end of period	$	10.46		$	11.79		$	12.41		$	11.79		$	11.28		$	10.00
Total Return^		(11.28	)%**^^		5.90	% ^^		10.91	% ^^		7.11	% ^^		13.03	% ^^		-	‡
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	190		$	226		$	189		$	142		$	114		$	101
Ratio of expenses to average daily net assets:
Before expense waiver		0.79	% *		0.80	%		0.80	%		0.80	%		1.54	%		-	‡
After expense waiver		N/A			N/A ##			N/A			0.80	% #		0.80	% #		-	‡
Net investment income (loss) to average daily net assets		(0.79	)% *		0.49	%		0.18	%		0.59	%		(0.63	)%		-	‡
Portfolio turnover rate		19	% **		50	%		42	%		18	%		13	%		-	‡

*  Annualized.

**  Percentage represents the 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 waived had no impact on the ratio of expenses to average daily net assets.

^  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.

^^  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 Destination Retirement 2050 Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class A						Class L						Class Y
	Six months ended 6/30/08 (Unaudited)			Period ended 12/31/07+			Six Months Ended 6/30/08 (Unaudited)			Period ended 12/31/07+			Six months ended 6/30/08 (Unaudited)			Period ended 12/31/07+
Net asset value, beginning of period	$	10.04		$	10.00		$	10.04		$	10.00		$	10.04		$	10.00
Income (loss) from investment operations:
Net investment income (loss)		(0.02	)***		0.05	***		(0.01	)***		0.05	***		(0.01	)***		0.05	**
Net realized and unrealized gain (loss) on investments		(1.11	)		(0.01	)		(1.11	)		(0.01	)		(1.10	)		(0.01	)
Total income (loss) from investment operations		(1.13	)		0.04			(1.12	)		0.04			(1.11	)		0.04
Net asset value, end of period	$	8.91		$	10.04		$	8.92		$	10.04		$	8.93		$	10.04
Total Return^		(11.26	)%**^^		0.40	%**^^		(11.16	)% **		0.40	% **		(11.06	)% **		0.40	% **
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	347		$	100		$	435		$	101		$	756		$	101
Ratio of expenses to average daily net assets:
Before expense waiver		0.81	% *		13.00	% *		0.56	% *		12.75	% *		0.46	% *		12.65	% *
After expense waiver		0.50	% *#		0.50	% *#		0.25	% *#		0.25	% *#		0.15	% *#		0.15	% *#
Net investment income (loss) to average daily net assets		(0.50	)% *		11.71	% *		(0.25	)% *		11.96	% *		(0.15	)% *		12.08	% *
Portfolio turnover rate		22	% **		0	%		22	% **		0	%		22	% **		0	%

	Class S						Class N
	Six months ended 6/30/08 (Unaudited)			Period ended 12/31/07+			Six months ended 6/30/08 (Unaudited)			Period ended 12/31/07+
Net asset value, beginning of period	$	10.04		$	10.00		$	10.04		$	10.00
Income (loss) from investment operations:
Net investment income (loss)		(0.00	)***†		0.05	***		(0.04	)***		0.05	***
Net realized and unrealized gain (loss) on investments		(1.11	)		(0.01	)		(1.10	)		(0.01	)
Total income (loss) from investment operations		(1.11	)		0.04			(1.14	)		0.04
Net asset value, end of period	$	8.93		$	10.04		$	8.90		$	10.04
Total Return^		(11.06	)% **		0.40	% **		(11.35	)% **^^		0.40	% **^^
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	9,800		$	9,640		$	89		$	100
Ratio of expenses to average daily net assets:
Before expense waiver		0.42	% *		12.61	% *		1.12	% *		13.30	% *
After expense waiver		0.10	% *#		0.10	% *#		0.80	% *#		0.80	% *#
Net investment income (loss) to average daily net assets		(0.10	)% *		12.12	% *		(0.80	)% *		11.42	% *
Portfolio turnover rate		22	% **		0	%		22	% **		0	%

*  Annualized.

**  Percentage represents the results for the period and is not annualized.

***  Per share amount calculated on the average shares method.

†  Amount is less than $0.005 per share.

+  For the period December 17, 2007 (commencement of operations) through December 31, 2007.

#  Computed after giving effect to an agreement by MassMutual to waive certain fees and expenses of the Fund.

^  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.

^^  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.
233

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 Diversified Growth Fund ("Diversified Growth Fund"), MassMutual Select Large Cap Growth Fund ("Large Cap Growth Fund"), MassMutual Select Aggressive Growth Fund ("Aggressive Growth Fund"), MassMutual Select NASDAQ-100^® Fund (formerly MassMutual Select OTC 100 Fund) ("NASDAQ-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 Mid Cap Growth Equity Fund ("Mid Cap Growth Equity Fund"), MassMutual Select Mid Cap Growth 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"), MassMutual Select Destination Retirement 2040 Fund ("Destination Retirement 2040 Fund") and MassMutual Select Destination Retirement 2050 Fund ("Destination Retirement 2050 Fund").

The Diversified Growth Fund and the Destination Retirement 2050 Fund commenced operations on December 17, 2007.

Effective April 30, 2008 (the "Termination Date"), the MassMutual Small Cap Core Equity Fund was dissolved pursuant to a Plan of Liquidation and Termination approved by the Board of Trustees of the Fund. Shareholders of the various classes of shares of the Fund received proceeds in proportion to the number of shares of such class held by each of them on the Termination Date.

Prior to the opening of business on December 3, 2007, the Blue Chip Growth Fund acquired all assets and liabilities of the MassMutual Select Growth Equity Fund ("Growth Equity Fund"). The acquisition was accomplished by a tax-free exchange of 5,696,347 Class A shares, 10,934,559 Class L shares, 3,435,848 Class Y shares, 14,173,887 Class S shares and 7,746 Class N shares of the Growth Equity Fund for 4,408,209 Class A shares, 8,447,760 Class L shares, 2,661,514 Class Y shares, 10,976,378 Class S shares and 5,981 Class N shares of the Blue Chip Growth Fund. The Growth Equity Fund's net assets at that date of $293,866,300, including $11,598,840 of net unrealized appreciation, were combined with those of the Blue Chip Growth Fund. The aggregate net assets of the Blue Chip Growth Fund immediately before the acquisition were $537,820,831. The aggregate net assets of the Blue Chip Growth Fund immediately following the acquisition were $831,687,131.

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.

234

Notes to Financial Statements (Unaudited) (Continued)

The six Destination Retirement Funds invest all of their investable assets in shares of various funds advised by MassMutual or 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 OppenheimerFunds, 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.

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) 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. Short-term securities are valued at either amortized cost or at original cost plus accrued interest, whichever approximates current market value. Shares of other funds 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 their readily available market quotations furnished by pricing services authorized by the Trustees. However, in certain cases, market quotations for a specific portfolio security are readily available, but the authorized pricing service may not provide a price for that security, or the price provided by such authorized pricing service is deemed unreliable by the investment adviser or sub-adviser. In such cases, market quotations provided by an established market maker for that security (i.e. broker quotes) may be used to value the security if the investment adviser has reason to believe such quotations are reasonably likely to be reliable.

In addition, valuation methods approved by the Trustees which are intended to reflect fair value may be used when pricing service information is not readily available, or is not deemed reliable by the investment adviser, 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 t he value determined for a particular asset may be materially different from the value realized upon such asset's sale.

235

Notes to Financial Statements (Unaudited) (Continued)

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.

The Funds adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157, Fair Value Measurements ("FAS 157"), effective January 1, 2008. In accordance with FAS 157, fair value is defined as the price that a Fund would receive upon selling an investment in a timely transaction to an independent buyer in the principal or most advantageous market of the investment. FAS 157 established a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, for example, the risk inherent in a particular valuation technique used to measure fair value including such a pricing model and/or the risk inherent in the inputs to the valuation technique. In puts may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The three-tier hierarchy of inputs is summarized in the three broad Levels listed below.

Level 1 – quoted prices in active markets for identical investments

Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

Level 3 – significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)

The following is a summary of the inputs used as of June 30, 2008 in valuing the Funds' investments carried at value:

Asset Valuation Inputs

	Investments in Securities
	Level 1 – Quoted Prices		Level 2 – Other Significant Observable Inputs		Level 3 – Significant Unobservable Inputs		Total
Strategic Bond Fund	$	5,216,962	$	311,296,507	$	-	$	316,513,469
Strategic Balanced Fund		85,975,192		64,595,712		-		150,570,904
Diversified Value Fund		485,358,779		1,251,046		-		486,609,825
Fundamental Value Fund		1,061,748,965		10,411,046		-		1,072,160,011
Value Equity Fund		66,017,855		105,992		-		66,123,847
Large Cap Value Fund		1,131,192,088		29,035,089		-		1,160,227,177
Indexed Equity Fund		2,016,018,088		28,311,903		-		2,044,329,991
Core Opportunities Fund		53,899,004		1,612,534		-		55,511,538
Blue Chip Growth Fund		738,885,869		7,168,216		-		746,054,085
Diversified Growth Fund		85,625,758		891,810		-		86,517,568
Large Cap Growth Fund		38,736,457		470,516		-		39,206,973
Aggressive Growth Fund		413,070,316		1,656,842		-		414,727,158
NASDAQ-100 Fund		45,646,115		557,705		-		46,203,820

236

Notes to Financial Statements (Unaudited) (Continued)

	Investments in Securities
	Level 1 – Quoted Prices			Level 2 – Other Significant Observable Inputs			Level 3 – Significant Unobservable Inputs		Total
Focused Value Fund	$	614,216,215		$	28,725,439		$	-	$	642,941,654
Mid-Cap Value Fund		146,332,770			5,313,951			-		151,646,721
Small Cap Value Equity Fund		131,236,554			1,183,064			-		132,419,618
Small Company Value Fund		534,145,536			18,419,477			-		552,565,013
Mid Cap Growth Equity Fund		139,446,703			1,462,849			-		140,909,552
Mid Cap Growth Equity II Fund		1,334,520,337			33,495,789			434,760		1,368,450,886
Small Cap Growth Equity Fund		560,720,294			36,715,056			-		597,435,350
Small Company Growth Fund		100,403,889			1,294,506			-		101,698,395
Emerging Growth Fund		82,427,335			1,766,186			-		84,193,521
Diversified International Fund		226,145,377			8,366,009			-		234,511,386
Overseas Fund		800,962,324			6,392,643			-		807,354,967
Destination Retirement Income Fund		223,754,758			-			-		223,754,758
Destination Retirement 2010 Fund		227,731,072			-			-		227,731,072
Destination Retirement 2020 Fund		601,943,842			-			-		601,943,842
Destination Retirement 2030 Fund		449,519,324			-			-		449,519,324
Destination Retirement 2040 Fund		257,627,171			-			-		257,627,171
Destination Retirement 2050 Fund		11,463,339			-			-		11,463,339
	Other Financial Instruments*
	Level 1 – Quoted Prices			Level 2 – Other Significant Observable Inputs			Level 3 – Significant Unobservable Inputs		Total
Strategic Bond Fund	$	(514,958	)	$	(2,636,305	)	$	-	$	(3,151,263	)
Strategic Balanced Fund		(113,070	)		244,034			-		130,964
Indexed Equity Fund		(1,508,554	)		-			-		(1,508,554	)
NASDAQ-100 Fund		(41,902	)		-			-		(41,902	)
Small Cap Value Equity Fund		(19,813	)		-			-		(19,813	)
Diversified International Fund		(393,433	)		-			-		(393,433	)
Overseas Fund		(3,074,077	)		-			-		(3,074,077	)

*  Other financial instruments include futures, forwards and swap contracts.

Liabilities Valuation Inputs

	Other Financial Instruments*
	Level 1 – Quoted Prices		Level 2 – Other Significant Observable Inputs			Level 3 – Significant Unobservable Inputs		Total
Strategic Bond Fund	$	-	$	(338,657	)	$	-	$	(338,657	)
Strategic Balanced Fund		-		(81,625	)		-		(81,625	)
Small Cap Growth Equity Fund		-		(484,200	)		-		(484,200	)

*  Other financial instruments include written options.

237

Notes to Financial Statements (Unaudited) (Continued)

Following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining value:

Asset Valuation Inputs

	Investments in Securities
	Balance as of 12/31/07		Accrued discounts/ premiums		Realized gain/loss and change in unrealized appreciation/ depreciation		Net purchases/ sales		Net transfers in and/or out of Level 3		Balance, as of 06/30/08		Net change in unrealized appreciation/ depreciation from investments still held as of 06/30/08
Mid Cap Growth Equity II Fund	$	434,760	$	-	$	-	$	-	$	-	$	434,760	$	-

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.

The Funds had no securities on loan at June 30, 2008.

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 period ended June 30, 2008, the Trust earned securities lending income as follows:

	Securities Lending Gross Income		Securities Lending Fees and Expenses		Securities Lending Net Income
Strategic Bond Fund	$	116,291	$	87,460	$	28,831
Strategic Balanced Fund		45,503		33,311		12,192
Diversified Value Fund		241,802		211,108		30,694
Fundamental Value Fund		293,538		259,901		33,637
Value Equity Fund		51,039		42,756		8,283
Large Cap Value Fund		813,711		488,482		325,229
Indexed Equity Fund		870,729		718,354		152,375
Core Opportunities Fund		31,768		25,682		6,086
Blue Chip Growth Fund		416,178		362,971	��	53,207
Diversified Growth Fund		2,207		2,015		192
Large Cap Growth Fund		27,907		24,594		3,313
Aggressive Growth Fund		362,491		322,041		40,450
NASDAQ-100 Fund		36,419		21,210		15,209
Focused Value Fund		341,048		298,549		42,499
Mid-Cap Value Fund		317,730		269,574		48,156
Small Cap Value Equity Fund		307,462		209,870		97,592
Small Company Value Fund		981,862		724,381		257,481
Mid Cap Growth Equity Fund		212,268		178,608		33,660
Mid Cap Growth Equity II Fund		2,269,176		1,672,567		596,609
Small Cap Growth Equity Fund		1,735,794		1,282,515		453,279
Small Company Growth Fund		312,897		214,573		98,324
Emerging Growth Fund		217,665		106,452		111,213
Diversified International Fund		65,115		52,628		12,487
Overseas Fund		283,940		242,390		41,550
	$	10,354,540	$	7,851,992	$	2,502,548

238

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 (which may include proceeds received from litigation) and unrealized appreciation and depreciation of investments are computed by 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. Withholding taxes on foreign interest, dividends, and capital gains have been provided for in accordance with the applicable country's tax rules and rates.

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.

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. 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.

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

239

Notes to Financial Statements (Unaudited) (Continued)

offset by entering into another forward foreign currency contract, 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 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.

The Funds listed in the following table had open forward foreign currency contracts at June 30, 2008:

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
8/5/08	Euro		712,885	$	1,128,782	$	1,120,503	$	8,278
Strategic Balanced Fund
BUYS
8/5/08	Canadian Dollar		306,575		304,033		300,788	$	(3,245	)
SELLS
8/5/08	Canadian Dollar		453,253		449,210		444,697	$	4,513
8/5/08	Euro		322,810		512,703		507,389		5,314
								$	9,827
Diversified International Fund
BUYS
9/16/08	Canadian Dollar		25,924,000		25,325,805		25,423,895	$	98,092
9/16/08	Euro		12,063,000		18,860,380		18,921,154		60,774
9/16/08	Japanese Yen		504,006,000		4,701,083		4,766,302		65,219
9/16/08	Norwegian Krone		49,114,000		9,628,874		9,571,199		(57,676	)
9/16/08	Swedish Krona		75,476,000		12,615,920		12,474,918		(141,001	)
9/16/08	Swiss Franc		7,663,000		7,480,695		7,514,887		34,191
								$	59,599
SELLS
7/10/08	Australian Dollar		85,752		82,022		81,891	$	131
9/16/08	Great British Pound		16,956,000		33,227,825		33,555,769		(327,944	)
9/16/08	Japanese Yen		4,110,581,000		38,921,534		38,873,092		48,441
9/16/08	Swiss Franc		995,000		947,827		975,768		(27,942	)
9/16/08	Norwegian Krone		4,390,000		841,061		855,511		(14,450	)
9/16/08	Canadian Dollar		624,000		613,238		611,962		1,275
								$	(320,489	)

240

Notes to Financial Statements (Unaudited) (Continued)

Settlement Date	Contracts to Deliver/Receive	Units of Currency		In Exchange for U.S. Dollars		Contracts at Value		Unrealized Appreciation (Depreciation)
Overseas Fund
SELLS
7/8/08	Great British Pound		6,100,000	$	12,010,900	$	12,135,571	$	(124,671	)
7/22/08	Great British Pound		9,050,000		17,697,275		17,984,466		(287,191	)
8/29/08	Swiss Franc		9,110,000		8,552,947		8,933,017		(380,070	)
12/9/08	Swiss Franc		7,120,000		6,848,920		6,987,357		(138,437	)
2/27/09	Euro		14,150,000		21,046,711		22,011,218		(964,507	)
3/19/09	Swiss Franc		5,550,000		5,601,082		5,450,150		150,932
3/31/09	Euro		21,200,000		32,807,848		32,924,427		(116,579	)
4/20/09	Swiss Franc		2,120,000		2,121,379		2,082,287		39,092
4/20/09	Euro		8,440,000		13,228,012		13,095,235		132,777
4/21/09	Great British Pound		15,200,000		29,398,320		29,595,015		(196,695	)
5/11/09	Swiss Franc		26,950,000		25,494,760		26,474,358		(979,598	)
5/26/09	Euro		10,200,000		15,752,880		15,799,061		(46,181	)
5/26/09	Swiss Franc		13,430,000		13,031,370		13,194,319		(162,949	)
								$	(3,074,077	)

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. 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.

Financial Futures Contracts
  A Fund may enter into futures contracts, including stock future contracts, foreign currency future contracts and fixed income futures contracts. These transactions are hedging strategies. They are designed to protect a Fund's current or intended investments from the effects of changes in exchange rates or market declines. They may also be used for other purposes, such as an efficient means of adjusting a Fund's exposure to certain markets; in an effort to enhance income; and as a cash management tool. 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 exch ange 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 unrealized 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 Fund will incur brokerage fees when it purchases and sells futures contracts. Futures contracts entail risk of loss in portfolio value if the sub-adviser is incorrect in anticipating the direction of exchange rates or the securities markets.

241

Notes to Financial Statements (Unaudited) (Continued)

A Fund may also purchase and write options on these futures contracts. This strategy also is intended to protect against declines in the values of portfolio securities or against increases in the costs of securities to be acquired. Like other options, options on futures contracts constitute only a partial hedge up to the amount of the premium, and due to transaction costs.

While these strategies will generally be used by a Fund for hedging purposes, there are risks. For example, the sub-adviser may incorrectly forecast the direction of exchange rates or of the underlying securities index or markets. When these transactions are unsuccessful, the Fund may experience losses. When a Fund enters into these transactions to increase portfolio value (i.e., other than for hedging purposes), there is a liquidity risk that no market will arise for resale and the Fund could also experience losses.

The Funds listed in the following table had open futures contracts at June 30, 2008:

Number of Contracts		Type	Expiration Date	Notional Contract Value		Net Unrealized Appreciation/ (Depreciation)
Strategic Bond Fund
	BUYS 31	Euro Bund Future	9/10/08	$	5,397,549	$	(87,608	)
	165	Eurodollar Future	9/15/08		40,041,375		(51,988	)
	125	U.S. Treasury Note 30 Year	9/19/08		14,449,219		95,344
	577	U.S. Treasury Note 5 Year	9/30/08		63,790,055		(172,869	)
	274	Eurodollar Future	3/16/09		66,225,800		(94,495	)
	25	Eurodollar Future	3/19/09		5,835,860		(14,992	)
	69	Eurodollar Future	6/15/09		16,642,938		(213,595	)
						$	(540,203	)
	SELLS 137	U.S. Treasury Note 10 Year	9/19/08		15,607,297	$	5,729
	13	U.S. Treasury Note 2 Year	9/30/08		2,745,641		(2,128	)
	2	Eurodollar Future	12/15/08		484,100		4,015
	5	Eurodollar Future	9/14/09		1,202,688		9,351
						$	16,967
Strategic Balanced Fund
	BUYS 8	Euro Bund Future	9/10/08		1,392,916	$	(22,613	)
	39	Eurodollar Future	9/15/08		9,464,325		(15,320	)
	18	U.S. Treasury Note 30 Year	9/19/08		2,080,688		18,769
	152	U.S. Treasury Note 5 Year	9/30/08		16,804,313		(24,791	)
	68	Eurodollar Future	3/16/09		16,435,600		(29,053	)
	6	Eurodollar Future	3/19/09		1,400,606		(2,810	)
	16	Eurodollar Future	6/15/09		3,856,739		(51,990	)
						$	(127,808	)
	SELLS 67	U.S. Treasury Note 10 Year	9/19/08		7,632,766	$	6,931
	4	U.S. Treasury Note 2 Year	9/30/08		844,813		(645	)
	1	Eurodollar Future	9/14/09		240,538		1,870
						$	8,156
Indexed Equity Fund
	BUYS 94	S&P 500 Index	9/18/08		30,105,851	$	(1,508,554	)
NASDAQ-100 Fund
	BUYS 16	NASDAQ-100	9/19/08		590,719	$	(41,902	)
Small Cap Value Equity Fund
	BUYS 12	Russell Mini	9/19/08		830,040	$	(19,813	)
Diversified International Fund
	BUYS 44	DJ Euro Stoxx 50	9/19/08		2,345,290	$	(132,543	)

242

Notes to Financial Statements (Unaudited) (Continued)

Options
  The Funds may engage in options transactions, such as writing covered put and call options on securities and purchasing put and call options on securities. These strategies are designed to increase a Fund's portfolio return, or to protect the value of the portfolio, by offsetting a decline in portfolio value through the options purchased. Writing options, however, can only constitute a partial hedge, up to the amount of the premium, and due to transaction costs.

The Funds may also write covered call and put options and purchase call and put options on stock indexes in order to increase portfolio income or to protect the Fund against declines in the value of portfolio securities. In addition, the Funds may also purchase and write options on foreign currencies to protect against declines in the dollar value of portfolio securities and against increases in the dollar cost of securities to be acquired.

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 expire, 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 op tion 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.

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.

243

Notes to Financial Statements (Unaudited) (Continued)

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 investment to determine the realized gain or loss.

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.

The Funds listed in the following table had open written option contracts at June 30, 2008:

Notional Amount		Expiration Date	Description	Premiums Received		Value
Strategic Bond Fund
$	7,000	8/22/08	10 Year U.S. Treasury Note Future Put, Strike 111.00	$	6,090	$	2,405
	24,000	8/22/08	10 Year U.S. Treasury Note Future Put, Strike 112.00		18,066		13,125
	28,000	8/22/08	10 Year U.S. Treasury Note Future Call, Strike 114.00		25,610		37,188
	20,000	8/22/08	10 Year U.S. Treasury Note Future Call, Strike 114.00		15,369		26,563
	34,000	8/22/08	5 Year U.S. Treasury Note Future Call, Strike 114.00		10,471		5,047
	18,000	8/22/08	10 Year U.S. Treasury Note Future Call, Strike 114.50		12,988		19,688
	7,000	8/22/08	10 Year U.S. Treasury Note Future Call, Strike 115.00		6,637		6,234
	23,000	8/22/08	10 Year U.S. Treasury Note Future Call, Strike 115.50		20,994		16,531
	43,000	8/22/08	10 Year U.S. Treasury Note Future Call, Strike 116.00		35,301		24,859
	47,000	8/22/08	10 Year U.S. Treasury Note Future Call, Strike 116.50		38,624		22,031
	12,000	8/22/08	10 Year U.S. Treasury Note Future Call, Strike 117.00		9,690		4,313
	66,000	8/22/08	10 Year U.S. Treasury Note Future Call, Strike 118.00		55,342		14,438
	19,000	8/22/08	U.S. Treasury Long Bond Future Call, Strike 118.00		22,468		14,547
	24,000	8/22/08	10 Year U.S. Treasury Note Future Call, Strike 119.00		10,474		3,000
	100,000	9/15/08	IMM Euro Future Put, Strike 96.63		16,925		4,750
	25,000	9/15/08	90 Day Euro Future Put, Strike 97.00		2,013		3,188
	175,000	9/15/08	90 Day Euro Future Put, Strike 97.75		28,900		120,750
				$	335,962	$	338,657
Strategic Balanced Fund
	4,000	8/22/08	5 Year U.S. Treasury Note Future Put, Strike 108.00	$	1,230	$	1,000
	5,000	8/22/08	10 Year U.S. Treasury Note Future Put, Strike 111.00		3,350		1,718
	4,000	8/22/08	10 Year U.S. Treasury Note Future Put, Strike 111.50		3,730		1,750
	6,000	8/22/08	10 Year U.S. Treasury Note Future Put, Strike 112.00		4,518		3,281
	6,000	8/22/08	10 Year U.S. Treasury Note Future Call, Strike 114.00		5,501		7,968
	4,000	8/22/08	10 Year U.S. Treasury Note Future Call, Strike 114.00		3,074		5,312
	4,000	8/22/08	5 Year U.S. Treasury Note Future Call, Strike 114.00		1,230		594

244

Notes to Financial Statements (Unaudited) (Continued)

Notional Amount		Expiration Date	Description	Premiums Received		Value
Strategic Balanced Fund (continued)
	4,000	8/22/08	10 Year U.S. Treasury Note Future Call, Strike 114.50	$	2,886	$	4,375
	2,000	8/22/08	10 Year U.S. Treasury Note Future Call, Strike 115.00		1,896		1,781
	10,000	8/22/08	10 Year U.S. Treasury Note Future Call, Strike 115.50		8,559		7,188
	9,000	8/22/08	10 Year U.S. Treasury Note Future Call, Strike 116.00		7,377		5,203
	10,000	8/22/08	10 Year U.S. Treasury Note Future Call, Strike 116.50		8,231		4,688
	3,000	8/22/08	10 Year U.S. Treasury Note Future Call, Strike 117.00		2,423		1,078
	14,000	8/22/08	10 Year U.S. Treasury Note Future Call, Strike 118.00		11,789		3,063
	4,000	8/22/08	U.S. Treasury Long Bond Future Call, Strike 118.00		4,730		3,063
	3,000	8/22/08	10 Year U.S. Treasury Note Future Call, Strike 119.00		1,016		375
	20,000	9/15/08	IMM Euro Future Put, Strike 96.63		3,385		950
	5,000	9/15/08	90 Day Euro Future Put, Strike 97.00		403		638
	40,000	9/15/08	90 Day Euro Future Put, Strike 97.75		6,620		27,600
				$	81,948	$	81,625
Small Cap Growth Equity Fund
	26,900	9/20/08	Foundation Coal Hold Call, Strike 75.00	$	84,695	$	484,200

  Transactions in written option contracts during the period ended June 30, 2008, were as follows:

	Number of Contracts			Premiums Received
Strategic Bond Fund
Option outstanding at December 31, 2007		988		$	692,291
Options written		3,488			2,125,838
Options terminated in closing purchase transactions		(3,984	)		(2,482,167	)
Option outstanding at June 30, 2008		492		$	335,962
Strategic Balanced Fund
Option outstanding at December 31, 2007		243		$	171,326
Options written		804			488,598
Options terminated in closing purchase transactions		(929	)		(577,976	)
Option outstanding at June 30, 2008		118		$	81,948
Small Cap Growth Equity Fund
Option outstanding at December 31, 2007		-		$	-
Options written		946			112,636
Options terminated in closing purchase transactions		(677	)		(27,941	)
Option outstanding at June 30, 2008		269		$	84,695

Swaps, Caps, Floors and Collars
  A typical swap agreement involves the exchange by the Fund with another party of commitments to pay or receive cash flows, such as an exchange of floating interest rate payments for fixed interest rate payments with respect to a notional amount of principal. There are various types of swaps, including, for example, interest rate swaps, credit default swaps, total return swaps, and caps, floors, and collars.

Interest rate swap Interest rate swaps involve the exchange by the Fund with another party of interest payments, such as an exchange of floating rate payments for fixed rate payments with respect to a notional amount of principal. For example, a Fund may enter into an interest rate swap in order to protect against declines in the value of fixed income securities held by the Fund. In such an instance, the Fund may agree with a counterparty to pay a fixed rate (multiplied by a notional amount) and the counterparty to pay a floating rate multiplied by the same notional amount. If interest rates rise, resulting in a diminution in the value of the Fund's portfolio, the Fund would receive payments under the swap that would offset, in whole or in part, such diminution in value; if interest rates fall, the Fund would likely lose money on the swap transaction.

245

Notes to Financial Statements (Unaudited) (Continued)

Credit default swaps A credit default swap is an agreement between the Fund and a counterparty that enables the Fund to buy or sell protection against a credit event related to a specified issuer. One party, acting as a "protection buyer," makes periodic payments to the other party, a "protection seller," in exchange for a promise by the protection seller to make a payment to the protection buyer if a negative credit event (such as a delinquent payment or default) occurs with respect to a referenced bond or group of bonds. Acting as a protection seller allows the Fund to create an investment exposure similar to owning a bond. Acting as a protection buyer allows the Fund potentially to reduce its credit exposure to a bond it owns or to take a "short" position in a bond it does not own.

As the protection buyer in a credit default swap, the Fund may pay a premium (by means of periodic payments) in return for the right to deliver specified bonds or loans (such as those of a U.S. or foreign issuer or a basket of such issuers) to the protection seller and receive the par (or other agreed-upon) value upon default (or similar events) by the reference issuer. If no default occurs, the protection seller would keep the stream of payments and would have no further obligations to the Fund. As the protection buyer, the Fund bears the risk that the investment might expire worthless and/or that the protection seller may fail to satisfy its payment obligations to the Fund in the event of a default (or similar event). In addition, when the Fund is a protection buyer, the Fund's investment would only generate income in the event of an actual default (or similar event) by the issuer of the underlying reference obligation.

The Fund may also use credit default swaps for investment purposes by selling a credit default swap, in which case, the Fund, as the protection seller, would be required to pay the par (or other agreed-upon) value of a referenced debt obligation to the protection buyer in the event of a default (or similar event) by the third-party reference issuer. In return for its obligation, the Fund would receive from the protection buyer a periodic stream of payments over the term of the contract. If no credit event occurs, the Fund would keep the stream of payments and would have no payment obligations. As the protection seller in a credit default swap, the Fund effectively adds economic leverage to its portfolio because, in addition to its total net assets, the Fund is subject to investment exposure on the notional amount of the swap.

Total return swaps In a total return swap, payments made by the Fund or the counterparty are based on the total return of an underlying asset(s), which may include an equity or fixed-income security, a combination of such securities, or an index. The value of the swap position as well as the payments required to be made by the Fund or the counterparty will increase or decrease depending on the changes in value of the underlying asset(s). In a total return swap, one party will agree to pay to the other the increase in value of an underlying asset in return for the agreement by the other party to make periodic floating rate payments plus the amount of any decline in the value of the underlying asset.

Caps, floors, collars The purchase of a cap entitles the purchaser to receive payments on a notional principal amount from the party selling the cap to the extent that a specified index exceeds a predetermined interest rate or amount. The purchase of a floor entitles the purchaser to receive payments on a notional principal amount from the party selling the floor to the extent that a specified index falls below a predetermined interest rate or amount. A collar is a combination of a cap and a floor that preserves a certain return within a predetermined range of interest rates or values.

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 transaction, 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.

246

Notes to Financial Statements (Unaudited) (Continued)

During the term of a swap transaction, 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 specified security, basket of securities or index; or the return generated by a security. These periodic payments received or made by the Funds are recorded in the accompanying Statements of Operations as realized gains and losses, respectively.

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 the valuation date. Changes in the value of credit default swap contracts are recorded as unrealized gains 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.

Risk Factors in Swap Contracts and Other Two-Party Contracts The most significant factor in the performance of swaps, caps, floors, and collars and other similar transactions is the change in the value of the underlying price, rate, or index level that determines the amount of payments to be made under the arrangement. If the investment adviser is incorrect in its forecasts of such factors, the investment performance of a Fund would be less than what it would have been if these investment techniques had not been used.

In addition, a Fund may only close out a swap, cap, floor, collar, or other two-party contract with its particular counterparty, and may only transfer a position with the consent of that counterparty. If the counterparty defaults, a Fund will have contractual remedies, but there can be no assurance that the counterparty will be able to meet its contractual obligations or that the Fund will succeed in enforcing its rights. For example, because the contract for each two-party derivatives transaction is individually negotiated with a specific counterparty, a Fund is subject to the risk that a counterparty may interpret contractual terms (e.g., the definition of default) differently than the Fund when the Fund seeks to enforce its contractual rights. The cost and unpredictability of the legal proceedings required for the Fund to enforce its contractual rights may lead it to decide not to pursue its claims against the counterparty. The Fund, ther efore, assumes the risk that it may be unable to obtain payments owed to it under a derivatives contract or that those payments may be delayed or made only after the Fund has incurred the costs of litigation.

The Funds listed in the following table had open swap agreements at June 30, 2008:

Notional Amount			Expiration Date	Description	Net Unrealized Appreciation (Depreciation)
Strategic Bond Fund
Credit Default Swaps
	2,079,000	USD	6/20/12	Agreement with Goldman Sachs & Co.,	$	(164,788	)
				to receive 2.75% per year times the
				notional amount. The Fund makes payment only
				upon a default event of CDX.NA.HY.8.
	2,000,000	USD	6/20/12	Agreement with Goldman Sachs & Co., dated 7/20/07 to receive 0.35% per year times the notional amount. The Fund makes payment only upon a default event of CDX.NA.IG.8.		(74,954	)

247

Notes to Financial Statements (Unaudited) (Continued)

Notional Amount			Expiration Date	Description	Net Unrealized Appreciation (Depreciation)
Strategic Bond Fund (continued)
Credit Default Swaps (continued)
	700,000	USD	6/20/12	Agreement with Goldman Sachs & Co.,	$	(15,278	)
				dated 8/21/07 to receive 0.35% per year times the
				notional amount. The Fund makes payment only
				upon a default event of CDX.NA.IG.8.
	8,400,000	USD	6/20/12	Agreement with Morgan Stanley & Co., dated 6/25/07 to receive 0.75% per year times the notional amount. The Fund makes payment only upon a default event of CDX.NA.IG.HVOL.8.		(640,855	)
	12,300,000	USD	6/20/12	Agreement with Morgan Stanley & Co., dated 7/23/07 to receive 0.75% per year times the notional amount. The Fund makes payment only upon a default event of CDX.NA.IG.HVOL.8.		(766,140	)
	1,000,000	USD	6/20/12	Agreement with Barclays Bank PLC, 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 Co. Note.		(61,127	)
	2,000,000	USD	6/20/12	Agreement with Morgan Stanley & Co., 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 Co.		(508,906	)
	1,000,000	USD	6/20/12	Agreement with Barclays Bank PLC, dated 4/26/07 to receive 1.87% per year times the notional amount. The Fund pays payment only upon a default event of The AES Corp.		(38,543	)
	1,000,000	USD	6/20/12	Agreement with Barclays Bank PLC, 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.		(57,364	)
	100,000	USD	9/20/12	Agreement with Goldman Sachs & Co., 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.		(8,718	)
	4,000,000	USD	12/20/12	Agreement with Morgan Stanley & Co., dated 1/30/08 to receive 2.25% per year times the notional amount. The Fund makes payment only upon a default event of LCDX.NA.HY.9.		28,014
	1,980,000	USD	12/20/12	Agreement with Morgan Stanley & Co., dated 1/22/08 to receive 3.75% per year times the notional amount. The Fund makes payment only upon a default event of CDX.NA.HY.9		(20,422	)
	2,800,000	USD	6/20/13	Agreement with Goldman Sachs & Co., dated 3/28/07 to receive 3.50% per year times the notional amount. The Fund makes payment only upon a default event of CDX.NA.IG.HVOL10.		(26,961	)
	1,100,000	USD	5/25/46	Agreement with Morgan Stanley & Co., dated 8/08/07 to receive 0.11% per year times the notional amount. The Fund makes payment only upon a default event of ABX.HE-AAA.		(280,263	)
					$	(2,636,305	)

248

Notes to Financial Statements (Unaudited) (Continued)

Notional Amount			Expiration Date	Description	Net Unrealized Appreciation (Depreciation)
Strategic Balanced Fund
Credit Default Swaps
	114,545	USD	12/20/09	Agreement with Goldman Sachs & Co., dated 4/07/05	$	746
				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.
	400,000	USD	12/20/09	Agreement with Deutsche Bank, dated 11/02/04 to receive 0.22% per year times the notional amount. The Fund makes payment only upon a default event of FNMA Senior Debt.		(1,366	)
	100,000	USD	3/20/10	Agreement with Deutsche Bank, dated 2/03/05 to receive 1.25% per year times the notional amount. The Fund makes payment only upon a default event of Eastman Kodak Co.		(1,804	)
	100,000	USD	6/20/10	Agreement with Goldman Sachs & Co., dated 5/04/05 to receive 4.75% per year times the notional amount. The Fund makes payment only upon a default event of Ford Motor Credit Co.		(13,236	)
	60,000	USD	9/20/10	Agreement with Deutsche Bank, 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 Co.		(424	)
	400,000	USD	6/20/12	Agreement with Lehman Brothers, Inc., dated 10/19/07 to receive 0.75% per year times the notional amount. The Fund makes payment only upon a default event of CDX.NA.IG.HVOL.8.		(20,995	)
	2,600,000	USD	6/20/12	Agreement with Morgan Stanley & Co., dated 6/25/07 to receive 0.75% per year times the notional amount. The Fund makes payment only upon a default event of CDX.NA.IG.HVOL.8.		(198,360	)
	3,700,000	USD	6/20/12	Agreement with Morgan Stanley & Co., dated 7/23/07 to receive 0.75% per year times the notional amount. The Fund makes payment only upon a default event of CDX.NA.IG.HVOL.8.		(230,465	)
	200,000	USD	12/20/12	Agreement with Lehman Brothers, Inc., dated 10/22/07 to receive 1.40% per year times the notional amount. The Fund makes payment only upon a default event of CDX.NA.IG.HVOL.8.		(15,479	)
	1,000,000	USD	12/20/12	Agreement with Morgan Stanley & Co., dated 4/14/08 to receive 2.25% per year times the notional amount. The Fund makes payment only upon a default event of LCDX.NA.HY.9.		7,004
	100,000	USD	3/21/15	Agreement with Deutsche Bank, dated 2/01/05 to receive 2.93% per year times the notional amount. The Fund makes payment only upon a default event of Ford Motor Co.		(35,549	)
	16,359	USD	11/25/34	Agreement with Deutsche Bank, dated 2/24/05 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 M9.		9,506
	18,288	USD	11/25/34	Agreement with Deutsche Bank, dated 2/24/05 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.		11,096

249

Notes to Financial Statements (Unaudited) (Continued)

Notional Amount			Expiration Date	Description	Net Unrealized Appreciation (Depreciation)
Strategic Balanced Fund (continued)
Credit Default Swaps (continued)
	17,707	USD	11/25/34	Agreement with Deutsche Bank, dated 2/24/05 to pay	$	8,967
				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.
	16,360	USD	11/25/34	Agreement with Deutsche Bank, dated 2/24/05 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.		5,930
	45,000	USD	12/25/34	Agreement with Deutsche Bank, dated 2/24/05 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.		22,445
	45,000	USD	12/25/34	Agreement with Deutsche Bank, dated 2/24/05 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.		25,015
	16,673	USD	1/25/35	Agreement with Deutsche Bank, dated 2/24/05 to pay 2.25% per year times the notional amount. The Fund receives payment only upon a default event of Morgan Stanley Capital ABS I, Series 2005-WMC1, Class B3.		15,511
	45,000	USD	1/25/35	Agreement with Deutsche Bank, dated 2/24/05 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.		17,978
	22,541	USD	1/25/35	Agreement with Deutsche Bank, dated 2/24/05 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, Series 2005-1, Class B3.		20,697
	14,273	USD	1/25/35	Agreement with Deutsche Bank, dated 2/24/05 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.		13,161
	17,839	USD	1/25/35	Agreement with Deutsche Bank, dated 2/24/05 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.		15,663
	18,002	USD	1/25/35	Agreement with Deutsche Bank, dated 2/24/05 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.		16,108
	29,605	USD	2/25/35	Agreement with Deutsche Bank, dated 2/24/05 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.		25,938
	45,000	USD	2/25/35	Agreement with Deutsche Bank, dated 2/24/05 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 M8.		17,970

250

Notes to Financial Statements (Unaudited) (Continued)

Notional Amount			Expiration Date	Description	Net Unrealized Appreciation (Depreciation)
Strategic Balanced Fund (continued)
Credit Default Swaps (continued)
	45,000	USD	2/25/35	Agreement with Deutsche Bank, dated 2/24/05 to pay	$	38,148
				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.
	32,320	USD	2/25/35	Agreement with Deutsche Bank, dated 2/24/05 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.		7,605
	45,000	USD	3/25/35	Agreement with Deutsche Bank, dated 2/24/05 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.		41,152
	45,000	USD	3/25/35	Agreement with Deutsche Bank, dated 2/24/05 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.		19,201
	45,000	USD	3/25/35	Agreement with Deutsche Bank, dated 2/24/05 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.		21,074
	45,000	USD	3/25/35	Agreement with Deutsche Bank, dated 2/24/05 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.		25,675
	45,000	USD	6/25/35	Agreement with Deutsche Bank, dated 2/24/05 to 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.		25,350
	45,000	USD	6/25/35	Agreement with Deutsche Bank, dated 2/24/05 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.		26,685
	45,000	USD	6/25/35	Agreement with Deutsche Bank, dated 2/24/05 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.		29,241
	45,000	USD	6/25/35	Agreement with Deutsche Bank, dated 2/24/05 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.		23,752
	45,000	USD	9/25/35	Agreement with Deutsche Bank, dated 2/24/05 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.		12,481
	45,000	USD	9/25/35	Agreement with Deutsche Bank, dated 2/24/05 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.		13,436

251

Notes to Financial Statements (Unaudited) (Continued)

Notional Amount			Expiration Date	Description	Net Unrealized Appreciation (Depreciation)
Strategic Balanced Fund (continued)
Credit Default Swaps (continued)
	45,000	USD	10/25/35	Agreement with Deutsche Bank, dated 2/24/05 to pay	$	12,668
				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.
	45,000	USD	10/25/35	Agreement with Deutsche Bank, dated 2/24/05 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.		15,218
	43,391	USD	1/25/36	Agreement with Deutsche Bank, dated 2/24/05 to 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.		40,245
	45,000	USD	1/25/36	Agreement with Deutsche Bank, dated 2/24/05 to		40,432
				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.
	300,000	USD	5/25/46	Agreement with Morgan Stanley & Co., dated 8/08/07 to receive 0.11% per year times the notional amount. The Fund makes payment only upon a default event of ABX.HE-AAA.		(76,435	)
Interest Rate Swaps
	2,510,000	USD	6/17/10	Agreement with Deutsche Bank, dated 6/17/05 to receive the notional amount times 4.313% and to pay the notional amount times the three month USD-LIBOR-BBA Index.		37,771
	3,300,000	USD	3/19/18	Agreement with Morgan Stanley & Co., dated 3/19/08 to pay the notional amount times 5.00% and to receive the notional amount times the three month USD-LIBOR-BBA Index.		174,278
					$	244,034

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, if any, which are directly attributable to a class of shares, are charged to that class's 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, Destination Retirement 2040 Fund and Destination Retirement 2050 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

252

Notes to Financial Statements (Unaudited) (Continued)

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.

Restricted Securities
  Certain securities are illiquid and restricted as to resale. They have been valued in good faith under procedures established by the Board of Trustees, taking into consideration such factors as the Board deems appropriate. The Funds generally bear the costs, if any, associated with the disposition of restricted securities. Aggregate cost and fair value of these securities held at June 30, 2008, were as follows:

	Aggregate Cost		Aggregate Value		Value as Percentage of Funds' Net Assets
Strategic Bond Fund	$	1,507,428	$	1,625,940		0.5	%
Strategic Balanced Fund		548,883		459,423		0.3	%

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% of the first $1.5 billion
	0.60% of any excess over $1.5 billion
Indexed Equity Fund	0.10%
Core Opportunities Fund	0.70%
Blue Chip Growth Fund	0.65%
Diversified Growth Fund	0.70%
Large Cap Growth Fund	0.65%
Aggressive Growth Fund	0.73%
NASDAQ-100 Fund	0.15%
Focused Value Fund	0.69%
Mid-Cap Value Fund	0.70%
Small Cap Value Equity Fund	0.75%
Small Company Value Fund	0.85%
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% of the first $500 million
	0.025% of the next $500 million
	0.000% of any excess over $1 billion

253

Notes to Financial Statements (Unaudited) (Continued)

Destination Retirement 2010 Fund**	0.05% of the first $500 million
	0.025% of the next $500 million
	0.000% of any excess over $1 billion
Destination Retirement 2020 Fund**	0.05% of the first $500 million
	0.025% of the next $500 million
	0.000% of any excess over $1 billion
Destination Retirement 2030 Fund**	0.05% of the first $500 million
	0.025% of the next $500 million
	0.000% of any excess over $1 billion
Destination Retirement 2040 Fund**	0.05% of the first $500 million
	0.025% of the next $500 million
	0.000% of any excess over $1 billion
Destination Retirement 2050 Fund**	0.05% of the first $500 million
	0.025% of the next $500 million
	0.000% of any excess over $1 billion

*  Prior to April 1, 2008, the fee was 0.65%.

**  Prior to April 1, 2008, the fee was 0.05%.

MassMutual has also entered into investment sub-advisory agreements with the following unaffiliated investment subadvisers: 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 Diversified Growth Fund, the Mid Cap Growth Equity Fund and the Small Cap Growth Equity Fund; Pyramis Global Advisors, LLC 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 NASDAQ-100 Fund; Sands Capital Management, LLC for a portion of the Aggressive Growth Fund; Cooke & Bieler, L.P. for the Mid-Cap Value Fund; Harris Associates, L.P. for the Focused Value Fund and a portion of the Overseas Fund; Clover Capital Management, Inc. for a portion of the Small Company Value Fund; EARNEST Partners, LLC for a porti on of the Small Company Value Fund; T. Rowe Price Associates, Inc. for the Blue Chip Growth Fund, the Mid Cap Growth Equity II Fund and a portion of the Diversified Growth Fund and 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 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 for a portion of the Strategic Bond Fund and a portion of the Strategic Balanced Fund; ClearBridge Advisors, LLC for a porti on 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; Turner Investment Partners, Inc. for a portion of the Mid Cap Growth Equity Fund; and Legg Mason Capital Management, Inc. for a portion of the Diversified Growth 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 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 Funds' sub-advisory fees are paid out of the management fees previously disclosed above.

254

Notes to Financial Statements (Unaudited) (Continued)

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	%
Diversified Growth Fund		0.3000	%		0.3000	%		0.1500	%		0.0500	%	N/A				0.3500	%
Large Cap Growth Fund		0.3529	%		0.3529	%		0.2029	%		0.1629	%	N/A				0.4029	%
Aggressive Growth Fund		0.3444	%		0.3444	%		0.1944	%		0.0944	%	N/A				0.3944	%
NASDAQ-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	%
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	%
Destination Retirement 2050 Fund		0.1600	%		0.1600	%		0.0600	%		0.0100	%	N/A				0.2100	%

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 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 Class N shares as follows: 0.25% of the average daily net asset value of Class N shares to the Distributor for services provided and expenses incu rred by its connection with the distribution of Class N shares of the Fund; and 0.25% of the average daily net asset value of 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.

255

Notes to Financial Statements (Unaudited) (Continued)

Indirect Expenses
  The Destination Retirement Income Fund, Destination Retirement 2010 Fund, Destination Retirement 2020 Fund, Destination Retirement 2030 Fund, Destination Retirement 2040 Fund and Destination Retirement 2050 Fund incur fees and expenses indirectly as shareholders in the underlying funds. For the period ended June 30, 2008, these expenses were as follows:

Indirect Operating	Expenses
Destination Retirement Income Fund		0.67	%
Destination Retirement 2010 Fund		0.73	%
Destination Retirement 2020 Fund		0.78	%
Destination Retirement 2030 Fund		0.83	%
Destination Retirement 2040 Fund		0.84	%
Destination Retirement 2050 Fund		0.84	%

Expense Caps andWaivers
  MassMutual agreed to cap the fees and expenses of the Funds (other than extraordinary litigation and legal expenses, or other non-recurring or unusual expenses) through March 31, 2009, unless otherwise noted, based upon the average daily net assets of the applicable class of shares of the Funds, 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	%
Core Opportunities Fund		1.35	%		1.10	%		0.95	%		0.90	%		1.65	%
Blue Chip Growth Fund**		1.19	%		0.98	%		0.82	%		0.76	%		1.51	%
Diversified Growth Fund***		1.25	%		1.00	%		0.85	%		0.80	%		1.55	%
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	%
Diversified International Fund		1.42	%		1.17	%		1.09	%		0.99	%		1.72	%
Destination Retirement 2050 Fund***		0.50	%		0.25	%		0.15	%		0.10	%		0.80	%

*  Expense caps in effect through March 31, 2008.

**  Expense caps in effect through March 31, 2010.

***  Expense cap excludes Acquired Fund fees and expenses. Acquired Fund fees and expenses are expenses borne indirectly by a Fund through investments in other pooled investment vehicles.

MassMutual has agreed to voluntarily waive, through March 31, 2009, 0.20% of the administrative and shareholder service fee for Classes A, L and N of the Indexed Equity Fund and 0.10% of the administrative and shareholder service fee for Classes A, L and N of the Overseas Fund, based upon the average daily net assets of the applicable class of shares of the Funds. MassMutual has also agreed to voluntarily waive, through October 13, 2008, 0.05% of the management fee for each class of the Blue Chip Growth Fund, based upon each class's average daily net assets.

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 Cap Value Equity 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 and Diversified International Fund have entered into agreements with certain brokers whereby the brokers will rebate, in cash, a portion of brokerage commissions. Rebated brokerage commissions are amounts earned by the Funds and are included with realized gain or loss on investment transactions

256

Notes to Financial Statements (Unaudited) (Continued)

presented in the Statement of Operations. For the period ended June 30, 2008, brokerage commissions rebated under these agreements were as follows:

	Rebated Commissions
Strategic Balanced Fund	$	970
Fundamental Value Fund		22,865
Large Cap Value Fund		5,979
Core Opportunities Fund		4,673
Blue Chip Growth Fund		1,581
Diversified Growth Fund		2,347
Large Cap Growth Fund		2,132
Aggressive Growth Fund		11,712
Focused Value Fund		68,964
Mid-Cap Value Fund		38,492
Small Cap Value Equity Fund		13,439
Small Company Value Fund		23,678
Mid Cap Growth Equity Fund		19,432
Mid Cap Growth Equity II Fund		8,973
Small Cap Growth Equity Fund		75,224
Small Company Growth Fund		23,743
Emerging Growth Fund		10,068

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 a Non-Qualified Deferred Compensation Plan. Any amounts deferred shall accrue interest and shall be recorded on the Funds' books as other assets. For the period ended June 30, 2008, no significant amounts have been deferred.

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 beneficial ownership of Funds' shares by affiliated parties at June 30, 2008:

	Total % Ownership by Related Party
Strategic Bond Fund		78.7	%
Strategic Balanced Fund		87.2	%
Diversified Value Fund		72.4	%
Fundamental Value Fund		84.8	%
Value Equity Fund		97.8	%
Large Cap Value Fund		82.6	%
Indexed Equity Fund		79.1	%
Core Opportunities Fund		81.4	%
Blue Chip Growth Fund		89.2	%
Diversified Growth Fund		15.0	%
Large Cap Growth Fund		96.6	%
Aggressive Growth Fund		75.8	%
NASDAQ-100 Fund		93.2	%
Focused Value Fund		84.6	%
Mid-Cap Value Fund		55.1	%
Small Cap Value Equity Fund		72.9	%
	Total % Ownership by Related Party
Small Company Value Fund		80.0	%
Mid Cap Growth Equity Fund		72.2	%
Mid Cap Growth Equity II Fund		78.6	%
Small Cap Growth Equity Fund		89.4	%
Small Company Growth Fund		81.3	%
Emerging Growth Fund		67.5	%
Diversified International Fund		55.8	%
Overseas Fund		77.4	%
Destination Retirement Income Fund		55.4	%
Destination Retirement 2010 Fund		67.1	%
Destination Retirement 2020 Fund		76.0	%
Destination Retirement 2030 Fund		76.6	%
Destination Retirement 2040 Fund		78.4	%
Destination Retirement 2050 Fund		92.0	%

257

Notes to Financial Statements (Unaudited) (Continued)

4.  Purchases and Sales of Investments
  Cost of purchases and proceeds from sales of investment securities (excluding short-term investments) for the period ended June 30, 2008, were as follows:

	Purchases				Sales
	Long-Term U.S. Government Securities		Other Long-Term Securities		Long-Term U.S. Government Securities		Other Long-Term Securities
Strategic Bond Fund	$	147,184,028	$	47,193,157	$	215,630,669	$	18,948,063
Strategic Balanced Fund		60,456,763		15,908,268		86,687,410		32,989,763
Diversified Value Fund		-		43,164,102		-		87,884,395
Fundamental Value Fund		-		310,405,641		-		360,887,723
Value Equity Fund		-		71,549,090		-		75,805,460
Large Cap Value Fund		-		102,571,376		-		191,513,193
Indexed Equity Fund		-		46,311,550		-		48,034,931
Core Opportunities Fund		-		36,085,327		-		29,826,937
Blue Chip Growth Fund		-		175,325,359		-		177,984,188
Diversified Growth Fund		-		33,628,978		-		32,407,826
Large Cap Growth Fund		-		19,529,812		-		19,976,709
Aggressive Growth Fund		-		67,921,949		-		174,664,003
NASDAQ-100 Fund		-		1,443,477		-		5,371,127
Focused Value Fund		-		149,567,233		-		205,416,233
Mid-Cap Value Fund		-		23,626,381		-		43,555,177
Small Cap Value Equity Fund		-		87,328,288		-		89,260,561
Small Company Value Fund		-		98,931,332		-		108,946,826
Mid Cap Growth Equity Fund		-		110,881,949		-		109,878,114
Mid Cap Growth Equity II Fund		-		248,074,515		-		346,818,573
Small Cap Growth Equity Fund		-		277,385,646		-		286,895,998
Small Company Growth Fund		-		60,205,494		-		83,090,831
Emerging Growth Fund		-		82,339,459		-		97,623,111
Diversified International Fund		-		130,014,158		-		35,689,896
Overseas Fund		-		244,521,609		-		429,965,263
Destination Retirement Income Fund		-		43,148,238		-		58,073,130
Destination Retirement 2010 Fund		-		47,910,082		-		55,810,272
Destination Retirement 2020 Fund		-		105,859,016		-		117,209,416
Destination Retirement 2030 Fund		-		80,505,213		-		97,040,296
Destination Retirement 2040 Fund		-		53,230,005		-		63,872,020
Destination Retirement 2050 Fund		-		4,914,381		-		2,249,957

5.  Capital Share Transactions
  Changes in shares outstanding for each Fund were as follows:

	Period ended June 30, 2008						Year ended December 31, 2007
	Shares			Amount			Shares			Amount
Strategic Bond Fund Class A
Sold		1,294,053		$	13,087,156			4,944,662		$	50,075,041
Issued as reinvestment of dividends		-			-			295,775			2,922,258
Redeemed		(765,192	)		(7,665,177	)		(969,445	)		(9,769,652	)
Net increase (decrease)		528,861		$	5,421,979			4,270,992		$	43,227,647

258

Notes to Financial Statements (Unaudited) (Continued)

	Period ended June 30, 2008						Year ended December 31, 2007
	Shares			Amount			Shares			Amount
Strategic Bond Fund Class L
Sold		539,682		$	5,467,798			1,405,391		$	14,179,916
Issued as reinvestment of dividends		-			-			110,968			1,099,688
Redeemed		(259,468	)		(2,628,952	)		(338,561	)		(3,413,867	)
Net increase (decrease)		280,214		$	2,838,846			1,177,798		$	11,865,737
Strategic Bond Fund Class Y
Sold		957,678		$	9,750,891			5,772,596		$	58,518,009
Issued as reinvestment of dividends		-			-			568,407			5,638,602
Redeemed		(1,662,169	)		(16,843,603	)		(2,312,198	)		(23,324,111	)
Net increase (decrease)		(704,491	)	$	(7,092,712	)		4,028,805		$	40,832,500
Strategic Bond Fund Class S
Sold		1,435,172		$	14,556,002			3,930,419		$	39,850,194
Issued as reinvestment of dividends		-			-			206,651			2,049,979
Redeemed		(6,723,098	)		(68,062,838	)		(886,973	)		(9,026,910	)
Net increase (decrease)		(5,287,926	)	$	(53,506,836	)		3,250,097		$	32,873,263
Strategic Bond Fund Class N
Sold		13,660		$	137,941			210,662		$	2,118,291
Issued as reinvestment of dividends		-			-			11,772			115,839
Redeemed		(255,963	)		(2,565,612	)		(69,900	)		(702,062	)
Net increase (decrease)		(242,303	)	$	(2,427,671	)		152,534		$	1,532,068
Strategic Balanced Fund Class A
Sold		114,733		$	1,215,676			596,682		$	6,918,983
Issued as reinvestment of dividends		-			-			180,298			1,984,430
Redeemed		(636,525	)		(6,746,712	)		(1,075,449	)		(12,438,038	)
Net increase (decrease)		(521,792	)	$	(5,531,036	)		(298,469	)	$	(3,534,625	)
Strategic Balanced Fund Class L
Sold		212,370		$	2,240,912			909,634		$	10,597,573
Issued as reinvestment of dividends		-			-			527,571			5,824,579
Redeemed		(1,208,640	)		(12,830,547	)		(2,477,145	)		(29,047,378	)
Net increase (decrease)		(996,270	)	$	(10,589,635	)		(1,039,940	)	$	(12,625,226	)
Strategic Balanced Fund Class Y
Sold		294,140		$	3,112,522			789,599		$	9,207,507
Issued as reinvestment of dividends		-			-			553,687			6,112,881
Redeemed		(2,219,901	)		(23,463,143	)		(2,379,187	)		(27,893,915	)
Net increase (decrease)		(1,925,761	)	$	(20,350,621	)		(1,035,901	)	$	(12,573,527	)
Strategic Balanced Fund Class S
Sold		288,465		$	3,056,199			931,646		$	10,963,194
Issued as reinvestment of dividends		-			-			131,070			1,445,817
Redeemed		(1,594,289	)		(16,858,330	)		(399,201	)		(4,633,122	)
Net increase (decrease)		(1,305,824	)	$	(13,802,131	)		663,515		$	7,775,889
Strategic Balanced Fund Class N
Sold		1,417		$	15,035			33,650		$	388,156
Issued as reinvestment of dividends		-			-			5,052			55,362
Redeemed		(30,462	)		(328,101	)		(6,212	)		(73,020	)
Net increase (decrease)		(29,045	)	$	(313,066	)		32,490		$	370,498
Diversified Value Fund Class A
Sold		1,234,274		$	13,712,345			4,260,986		$	56,490,026
Issued as reinvestment of dividends		-			-			477,852			5,839,567
Redeemed		(1,554,586	)		(16,864,217	)		(2,027,514	)		(26,707,308	)
Net increase (decrease)		(320,312	)	$	(3,151,872	)		2,711,324		$	35,622,285
Diversified Value Fund Class L
Sold		1,045,518		$	11,344,515			4,132,632		$	54,604,499
Issued as reinvestment of dividends		-			-			397,496			4,881,946
Redeemed		(1,238,161	)		(13,752,122	)		(1,801,054	)		(24,306,249	)
Net increase (decrease)		(192,643	)	$	(2,407,607	)		2,729,074		$	35,180,196

259

Notes to Financial Statements (Unaudited) (Continued)

	Period ended June 30, 2008						Year ended December 31, 2007
	Shares			Amount			Shares			Amount
Diversified Value Fund Class Y
Sold		734,289		$	8,200,767			1,850,412		$	24,610,765
Issued as reinvestment of dividends		-			-			618,606			7,601,929
Redeemed		(1,549,358	)		(17,228,729	)		(2,384,876	)		(31,665,693	)
Net increase (decrease)		(815,069	)	$	(9,027,962	)		84,142		$	547,001
Diversified Value Fund Class S
Sold		1,406,752		$	15,689,019			11,270,695		$	151,355,586
Issued as reinvestment of dividends		-			-			1,507,755			18,552,384
Redeemed		(4,430,669	)		(49,249,882	)		(5,328,254	)		(71,258,775	)
Net increase (decrease)		(3,023,917	)	$	(33,560,863	)		7,450,196		$	98,649,195
Diversified Value Fund Class N
Sold		8,520		$	93,713			102,396		$	1,361,158
Issued as reinvestment of dividends		-			-			9,881			120,754
Redeemed		(126,584	)		(1,418,451	)		(23,648	)		(320,331	)
Net increase (decrease)		(118,064	)	$	(1,324,738	)		88,629		$	1,161,581
Fundamental Value Fund Class A
Sold		1,873,320		$	20,958,106			4,994,656		$	63,711,896
Issued as reinvestment of dividends		-			-			2,749,527			32,944,021
Redeemed		(3,105,007	)		(34,092,428	)		(8,956,449	)		(113,643,554	)
Net increase (decrease)		(1,231,687	)	$	(13,134,322	)		(1,212,266	)	$	(16,987,637	)
Fundamental Value Fund Class L
Sold		3,077,622		$	34,419,346			8,177,483		$	103,346,240
Issued as reinvestment of dividends		-			-			2,531,313			30,550,220
Redeemed		(4,305,983	)		(47,669,040	)		(12,499,062	)		(160,218,995	)
Net increase (decrease)		(1,228,361	)	$	(13,249,694	)		(1,790,266	)	$	(26,322,535	)
Fundamental Value Fund Class Y
Sold		635,802		$	7,146,366			3,752,296		$	48,677,069
Issued as reinvestment of dividends		-			-			1,304,886			15,758,975
Redeemed		(2,282,914	)		(25,832,777	)		(4,467,408	)		(59,686,827	)
Net increase (decrease)		(1,647,112	)	$	(18,686,411	)		589,774		$	4,749,217
Fundamental Value Fund Class S
Sold		3,435,101		$	38,451,358			9,407,249		$	122,204,189
Issued as reinvestment of dividends		-			-			5,466,467			66,185,171
Redeemed		(4,940,901	)		(54,764,974	)		(11,300,589	)		(143,988,147	)
Net increase (decrease)		(1,505,800	)	$	(16,313,616	)		3,573,127		$	44,401,213
Fundamental Value Fund Class N
Sold		11,154		$	123,410			303,170		$	3,949,564
Issued as reinvestment of dividends		-			-			25,866			307,309
Redeemed		(26,203	)		(293,866	)		(224,987	)		(2,952,561	)
Net increase (decrease)		(15,049	)	$	(170,456	)		104,049		$	1,304,312
Value Equity Fund Class A
Sold		95,062		$	778,586			338,285		$	3,512,955
Issued as reinvestment of dividends		-			-			273,035			2,541,432
Redeemed		(461,424	)		(3,906,977	)		(1,293,216	)		(13,804,145	)
Net increase (decrease)		(366,362	)	$	(3,128,391	)		(681,896	)	$	(7,749,758	)
Value Equity Fund Class L
Sold		239,966		$	2,010,989			339,605		$	3,473,999
Issued as reinvestment of dividends		-			-			177,461			1,656,928
Redeemed		(127,530	)		(1,042,566	)		(367,474	)		(3,863,221	)
Net increase (decrease)		112,436		$	968,423			149,592		$	1,267,706
Value Equity Fund Class Y
Sold		35,395		$	292,723			110,894		$	1,166,082
Issued as reinvestment of dividends		-			-			42,420			398,883
Redeemed		(37,494	)		(311,686	)		(341,277	)		(3,709,690	)
Net increase (decrease)		(2,099	)	$	(18,963	)		(187,963	)	$	(2,144,725	)

260

Notes to Financial Statements (Unaudited) (Continued)

	Period ended June 30, 2008						Year ended December 31, 2007
	Shares			Amount			Shares			Amount
Value Equity Fund Class S
Sold		218,685		$	1,805,467			893,500		$	9,253,195
Issued as reinvestment of dividends		-			-			721,693			6,774,936
Redeemed		(602,385	)		(4,986,329	)		(1,486,214	)		(15,409,677	)
Net increase (decrease)		(383,700	)	$	(3,180,862	)		128,979		$	618,454
Value Equity Fund Class N
Sold		130		$	1,068			184		$	1,858
Issued as reinvestment of dividends		-			-			145			1,349
Redeemed		(213	)		(1,731	)		(57	)		(578	)
Net increase (decrease)		(83	)	$	(663	)		272		$	2,629
Large Cap Value Fund Class A
Sold		1,618,239		$	19,000,384			6,517,757		$	86,022,694
Issued as reinvestment of dividends		-			-			1,906,794			23,970,111
Redeemed		(3,885,447	)		(45,764,747	)		(9,248,283	)		(122,312,234	)
Net increase (decrease)		(2,267,208	)	$	(26,764,363	)		(823,732	)	$	(12,319,429	)
Large Cap Value Fund Class L
Sold		1,683,605		$	19,996,246			4,718,099		$	62,264,199
Issued as reinvestment of dividends		-			-			1,169,498			14,784,752
Redeemed		(3,172,012	)		(37,663,973	)		(18,393,065	)		(243,979,914	)
Net increase (decrease)		(1,488,407	)	$	(17,667,727	)		(12,505,468	)	$	(166,930,963	)
Large Cap Value Fund Class Y
Sold		848,554		$	10,207,757			2,293,493		$	30,587,491
Issued as reinvestment of dividends		-			-			702,227			8,908,642
Redeemed		(2,806,044	)		(33,292,778	)		(9,106,517	)		(122,310,879	)
Net increase (decrease)		(1,957,490	)	$	(23,085,021	)		(6,110,797	)	$	(82,814,746	)
Large Cap Value Fund Class S
Sold		3,597,114		$	42,689,384			15,456,030		$	208,898,497
Issued as reinvestment of dividends		-			-			3,450,121			43,846,670
Redeemed		(5,777,668	)		(68,627,720	)		(14,610,580	)		(191,304,372	)
Net increase (decrease)		(2,180,554	)	$	(25,938,336	)		4,295,571		$	61,440,795
Large Cap Value Fund Class N
Sold		33,955		$	401,049			27,272		$	358,812
Issued as reinvestment of dividends		-			-			2,500			31,075
Redeemed		(6,427	)		(74,950	)		(188,335	)		(2,505,996	)
Net increase (decrease)		27,528		$	326,099			(158,563	)	$	(2,116,109	)
Indexed Equity Fund Class A
Sold		1,888,416		$	23,650,444			6,558,066		$	88,784,039
Issued as reinvestment of dividends		-			-			282,341			3,805,951
Redeemed		(3,492,835	)		(44,233,819	)		(6,600,336	)		(88,810,515	)
Net increase (decrease)		(1,604,419	)	$	(20,583,375	)		240,071		$	3,779,475
Indexed Equity Fund Class L
Sold		1,967,903		$	25,020,394			5,177,201		$	70,248,998
Issued as reinvestment of dividends		-			-			373,844			5,054,366
Redeemed		(2,478,149	)		(31,203,273	)		(5,429,950	)		(73,999,190	)
Net increase (decrease)		(510,246	)	$	(6,182,879	)		121,095		$	1,304,174
Indexed Equity Fund Class Y
Sold		5,101,153		$	65,348,576			10,905,680		$	148,860,166
Issued as reinvestment of dividends		-			-			502,556			6,809,637
Redeemed		(5,810,206	)		(73,574,572	)		(17,331,067	)		(237,260,819	)
Net increase (decrease)		(709,053	)	$	(8,225,996	)		(5,922,831	)	$	(81,591,016	)
Indexed Equity Fund Class S
Sold		2,941,500		$	37,466,710			13,264,818		$	180,020,087
Issued as reinvestment of dividends		-			-			829,948			11,353,692
Redeemed		(7,087,053	)		(90,167,496	)		(18,933,696	)		(260,849,609	)
Net increase (decrease)		(4,145,553	)	$	(52,700,786	)		(4,838,930	)	$	(69,475,830	)

261

Notes to Financial Statements (Unaudited) (Continued)

	Period ended June 30, 2008						Year ended December 31, 2007
	Shares			Amount			Shares			Amount
Indexed Equity Fund Class Z
Sold		9,035,631		$	114,992,043			15,619,611		$	217,873,051
Issued as reinvestment of dividends		-			-			733,821			10,038,670
Redeemed		(4,753,654	)		(60,018,254	)		(4,834,449	)		(67,654,531	)
Net increase (decrease)		4,281,977		$	54,973,789			11,518,983		$	160,257,190
Indexed Equity Fund Class N
Sold		19,920		$	245,105			124,374		$	1,690,164
Issued as reinvestment of dividends		-			-			3,787			50,517
Redeemed		(97,137	)		(1,242,125	)		(132,826	)		(1,797,664	)
Net increase (decrease)		(77,217	)	$	(997,020	)		(4,665	)	$	(56,983	)
Core Opportunities Fund Class A
Sold		466,143		$	4,705,719			2,074,168		$	23,128,025
Issued as reinvestment of dividends		-			-			176,164			1,921,396
Redeemed		(324,694	)		(3,264,282	)		(667,066	)		(7,546,455	)
Net increase (decrease)		141,449		$	1,441,437			1,583,266		$	17,502,966
Core Opportunities Fund Class L
Sold		208,734		$	2,090,562			114,110		$	1,299,147
Issued as reinvestment of dividends		-			-			63,649			696,739
Redeemed		(77,913	)		(804,221	)		(84,037	)		(931,589	)
Net increase (decrease)		130,821		$	1,286,341			93,722		$	1,064,297
Core Opportunities Fund Class Y
Sold		229,647		$	2,403,163			269,019		$	2,994,872
Issued as reinvestment of dividends		-			-			52,464			575,505
Redeemed		(160,151	)		(1,690,219	)		(46,129	)		(513,083	)
Net increase (decrease)		69,496		$	712,944			275,354		$	3,057,294
Core Opportunities Fund Class S
Sold		103,911		$	1,086,503			54,542		$	620,736
Issued as reinvestment of dividends		-			-			4,246			46,555
Redeemed		(8,414	)		(83,799	)		(5,396	)		(61,470	)
Net increase (decrease)		95,497		$	1,002,704			53,392		$	605,821
Core Opportunities Fund Class N
Sold		25,418		$	252,259			-		$	-
Issued as reinvestment of dividends		-			-			1			9
Redeemed		(13,330	)		(132,602	)		-			-
Net increase (decrease)		12,088		$	119,657			1		$	9
Blue Chip Growth Fund Class A
Sold		1,004,944		$	10,109,452			2,276,462		$	23,837,507
Issued - merger		-			-			4,408,209			48,269,892
Issued as reinvestment of dividends		-			-			962			10,510
Redeemed		(2,129,232	)		(21,388,653	)		(1,602,745	)		(16,866,295	)
Net increase (decrease)		(1,124,288	)	$	(11,279,201	)		5,082,888		$	55,251,614
Blue Chip Growth Fund Class L
Sold		5,489,889		$	56,124,046			16,000,992		$	168,182,428
Issued - merger		-			-			8,447,760			93,685,661
Issued as reinvestment of dividends		-			-			58,026			641,767
Redeemed		(6,458,399	)		(65,249,174	)		(11,767,340	)		(123,467,330	)
Net increase (decrease)		(968,510	)	$	(9,125,128	)		12,739,438		$	139,042,526
Blue Chip Growth Fund Class Y
Sold		1,538,030		$	15,293,914			2,255,947		$	24,539,956
Issued - merger		-			-			2,661,514			29,569,420
Issued as reinvestment of dividends		-			-			3,030			33,556
Redeemed		(2,202,051	)		(22,479,198	)		(4,655,873	)		(49,648,585	)
Net increase (decrease)		(664,021	)	$	(7,185,284	)		264,618		$	4,494,347
Blue Chip Growth Fund Class S
Sold		3,896,061		$	39,536,924			11,334,848		$	118,713,986
Issued - merger		-			-			10,976,378			122,276,847
Issued as reinvestment of dividends		-			-			39,739			441,271
Redeemed		(1,825,960	)		(18,429,489	)		(8,796,239	)		(93,087,816	)
Net increase (decrease)		2,070,101		$	21,107,435			13,554,726		$	148,344,288

262

Notes to Financial Statements (Unaudited) (Continued)

	Period ended June 30, 2008						Year ended December 31, 2007
	Shares			Amount			Shares			Amount
Blue Chip Growth Fund Class N
Sold		8,630		$	83,732			28,995		$	302,351
Issued - merger		-			-			5,981			64,480
Issued as reinvestment of dividends		-			-			-			-
Redeemed		(96,056	)		(980,413	)		(110,348	)		(1,097,725	)
Net increase (decrease)		(87,426	)	$	(896,681	)		(75,372	)	$	(730,894	)
Diversified Growth Fund Class A*
Sold		2,916		$	26,130			10,010		$	100,100
Issued as reinvestment of dividends		-			-			-			-
Redeemed		-			-			-			-
Net increase (decrease)		2,916		$	26,130			10,010		$	100,100
Diversified Growth Fund Class L*
Sold		-		$	-			10,010		$	100,100
Issued as reinvestment of dividends		-			-			-			-
Redeemed		-			-			-			-
Net increase (decrease)		-		$	-			10,010		$	100,100
Diversified Growth Fund Class Y*
Sold		-		$	-			10,010		$	100,100
Issued as reinvestment of dividends		-			-			-			-
Redeemed		-			-			-			-
Net increase (decrease)		-		$	-			10,010		$	100,100
Diversified Growth Fund Class S*
Sold		593,324		$	5,357,960			9,909,314		$	99,600,100
Issued as reinvestment of dividends		-			-			-			-
Redeemed		(545,007	)		(4,992,374	)		-			-
Net increase (decrease)		48,317		$	365,586			9,909,314		$	99,600,100
Diversified Growth Fund Class N*
Sold		-		$	-			10,010		$	100,100
Issued as reinvestment of dividends		-			-			-			-
Redeemed		-			-			-			-
Net increase (decrease)		-		$	-			10,010		$	100,100
Large Cap Growth Fund Class A
Sold		79,192		$	752,137			230,202		$	2,424,940
Issued as reinvestment of dividends		-			-			48,744			499,780
Redeemed		(124,741	)		(1,161,209	)		(424,285	)		(4,557,698	)
Net increase (decrease)		(45,549	)	$	(409,072	)		(145,339	)	$	(1,632,978	)
Large Cap Growth Fund Class L
Sold		10,427		$	98,621			31,139		$	341,021
Issued as reinvestment of dividends		-			-			11,050			116,404
Redeemed		(2,294	)		(22,566	)		(54,940	)		(593,498	)
Net increase (decrease)		8,133		$	76,055			(12,751	)	$	(136,073	)
Large Cap Growth Fund Class Y
Sold		15,488		$	145,591			172,618		$	1,773,541
Issued as reinvestment of dividends		-			-			96,459			1,006,541
Redeemed		(4,384	)		(39,503	)		(10,111	)		(113,171	)
Net increase (decrease)		11,104		$	106,088			258,966		$	2,666,911
Large Cap Growth Fund Class S
Sold		219,108		$	2,084,048			479,855		$	5,092,082
Issued as reinvestment of dividends		-			-			125,147			1,312,088
Redeemed		(263,756	)		(2,464,172	)		(456,856	)		(4,804,117	)
Net increase (decrease)		(44,648	)	$	(380,124	)		148,146		$	1,600,053
Large Cap Growth Fund Class N
Sold		-		$	-			-		$	-
Issued as reinvestment of dividends		-			-			11			109
Redeemed		-			-			-			-
Net increase (decrease)		-		$	-			11		$	109

263

Notes to Financial Statements (Unaudited) (Continued)

	Period ended June 30, 2008						Year ended December 31, 2007
	Shares			Amount			Shares			Amount
Aggressive Growth Fund Class A
Sold		606,242		$	3,861,339			4,883,372		$	32,348,095
Issued as reinvestment of dividends		-			-			-			-
Redeemed		(5,713,651	)		(36,264,198	)		(5,782,987	)		(37,299,970	)
Net increase (decrease)		(5,107,409	)	$	(32,402,859	)		(899,615	)	$	(4,951,875	)
Aggressive Growth Fund Class L
Sold		2,117,900		$	13,811,635			6,331,383		$	41,829,514
Issued as reinvestment of dividends		-			-			-			-
Redeemed		(3,860,995	)		(25,377,601	)		(19,016,070	)		(124,716,592	)
Net increase (decrease)		(1,743,095	)	$	(11,565,966	)		(12,684,687	)	$	(82,887,078	)
Aggressive Growth Fund Class Y
Sold		285,163		$	1,869,319			1,978,928		$	13,362,754
Issued as reinvestment of dividends		-			-			-			-
Redeemed		(1,793,250	)		(12,025,998	)		(4,029,154	)		(26,725,244	)
Net increase (decrease)		(1,508,087	)	$	(10,156,679	)		(2,050,226	)	$	(13,362,490	)
Aggressive Growth Fund Class S
Sold		2,374,283		$	15,835,219			15,982,319		$	109,636,235
Issued as reinvestment of dividends		-			-			-			-
Redeemed		(10,419,430	)		(68,924,066	)		(15,760,906	)		(104,044,910	)
Net increase (decrease)		(8,045,147	)	$	(53,088,847	)		221,413		$	5,591,325
Aggressive Growth Fund Class N
Sold		2,575		$	15,612			16,850		$	106,970
Issued as reinvestment of dividends		-			-			-			-
Redeemed		(118,111	)		(755,901	)		(83,581	)		(548,263	)
Net increase (decrease)		(115,536	)	$	(740,289	)		(66,731	)	$	(441,293	)
NASDAQ-100 Fund Class A
Sold		717,003		$	3,273,110			1,478,080		$	7,260,870
Issued as reinvestment of dividends		-			-			-			-
Redeemed		(839,493	)		(3,822,107	)		(2,071,099	)		(9,684,828	)
Net increase (decrease)		(122,490	)	$	(548,997	)		(593,019	)	$	(2,423,958	)
NASDAQ-100 Fund Class L
Sold		156,200		$	739,524			720,811		$	3,630,170
Issued as reinvestment of dividends		-			-			-			-
Redeemed		(582,453	)		(2,766,517	)		(995,760	)		(4,716,055	)
Net increase (decrease)		(426,253	)	$	(2,026,993	)		(274,949	)	$	(1,085,885	)
NASDAQ-100 Fund Class Y
Sold		132,880		$	632,283			430,685		$	2,212,925
Issued as reinvestment of dividends		-			-			-			-
Redeemed		(99,875	)		(468,969	)		(168,456	)		(810,218	)
Net increase (decrease)		33,005		$	163,314			262,229		$	1,402,707
NASDAQ-100 Fund Class S
Sold		760,444		$	3,661,759			2,246,332		$	11,388,146
Issued as reinvestment of dividends		-			-			-			-
Redeemed		(1,279,114	)		(6,059,417	)		(1,788,536	)		(8,492,466	)
Net increase (decrease)		(518,670	)	$	(2,397,658	)		457,796		$	2,895,680
NASDAQ-100 Fund Class N
Sold		296		$	1,287			134		$	642
Issued as reinvestment of dividends		-			-			-			-
Redeemed		(56,700	)		(269,583	)		(5,874	)		(27,646	)
Net increase (decrease)		(56,404	)	$	(268,296	)		(5,740	)	$	(27,004	)
Focused Value Fund Class A
Sold		530,315		$	7,859,237			3,651,608		$	69,104,378
Issued as reinvestment of dividends		-			-			1,763,328			28,959,389
Redeemed		(1,909,671	)		(28,245,891	)		(6,735,660	)		(125,215,539	)
Net increase (decrease)		(1,379,356	)	$	(20,386,654	)		(1,320,724	)	$	(27,151,772	)

264

Notes to Financial Statements (Unaudited) (Continued)

	Period ended June 30, 2008						Year ended December 31, 2007
	Shares			Amount			Shares			Amount
Focused Value Fund Class L
Sold		821,083		$	12,263,131			3,318,529		$	62,729,257
Issued as reinvestment of dividends		-			-			1,210,624			20,245,922
Redeemed		(1,716,191	)		(25,747,856	)		(5,898,032	)		(112,247,822	)
Net increase (decrease)		(895,108	)	$	(13,484,725	)		(1,368,879	)	$	(29,272,643	)
Focused Value Fund Class Y
Sold		420,907		$	6,296,617			2,401,513		$	48,209,129
Issued as reinvestment of dividends		-			-			1,008,076			17,029,399
Redeemed		(1,005,449	)		(15,074,498	)		(3,269,006	)		(64,404,562	)
Net increase (decrease)		(584,542	)	$	(8,777,881	)		140,583		$	833,966
Focused Value Fund Class S
Sold		957,223		$	14,612,125			5,928,952		$	116,573,251
Issued as reinvestment of dividends		-			-			2,655,460			45,214,971
Redeemed		(3,824,853	)		(58,402,944	)		(8,265,531	)		(158,374,456	)
Net increase (decrease)		(2,867,630	)	$	(43,790,819	)		318,881		$	3,413,766
Focused Value Fund Class N
Sold		10,038		$	144,697			96,796		$	1,835,666
Issued as reinvestment of dividends		-			-			21,614			347,535
Redeemed		(15,106	)		(220,102	)		(90,084	)		(1,673,545	)
Net increase (decrease)		(5,068	)	$	(75,405	)		28,326		$	509,656
Mid-Cap Value Fund Class A
Sold		142,061		$	1,274,142			1,025,782		$	12,051,443
Issued as reinvestment of dividends		-			-			60,255			600,144
Redeemed		(311,833	)		(2,739,767	)		(153,589	)		(1,765,577	)
Net increase (decrease)		(169,772	)	$	(1,465,625	)		932,448		$	10,886,010
Mid-Cap Value Fund Class L
Sold		1,060,874		$	9,394,123			8,663,981		$	98,063,231
Issued as reinvestment of dividends		-			-			483,631			4,833,546
Redeemed		(2,978,933	)		(26,373,044	)		(1,686,351	)		(19,743,520	)
Net increase (decrease)		(1,918,059	)	$	(16,978,921	)		7,461,261		$	83,153,257
Mid-Cap Value Fund Class Y
Sold		260,999		$	2,377,204			154,497		$	1,798,829
Issued as reinvestment of dividends		-			-			7,308			73,107
Redeemed		(97,956	)		(866,005	)		(42,532	)		(497,116	)
Net increase (decrease)		163,043		$	1,511,199			119,273		$	1,374,820
Mid-Cap Value Fund Class S
Sold		1,469,197		$	13,064,823			8,730,910		$	102,474,784
Issued as reinvestment of dividends		-			-			844,936			8,453,409
Redeemed		(2,116,164	)		(18,744,099	)		(2,253,080	)		(26,127,408	)
Net increase (decrease)		(646,967	)	$	(5,679,276	)		7,322,766		$	84,800,785
Mid-Cap Value Fund Class N
Sold		706		$	6,292			25,379		$	312,702
Issued as reinvestment of dividends		-			-			226			2,258
Redeemed		(128	)		(1,097	)		(21,762	)		(264,311	)
Net increase (decrease)		578		$	5,195			3,843		$	50,649
Small Cap Value Equity Fund Class A
Sold		317,768		$	2,755,336			1,680,780		$	17,964,554
Issued as reinvestment of dividends		-			-			34,853			325,165
Redeemed		(503,704	)		(4,421,985	)		(365,091	)		(3,800,948	)
Net increase (decrease)		(185,936	)	$	(1,666,649	)		1,350,542		$	14,488,771
Small Cap Value Equity Fund Class L
Sold		681,538		$	5,971,671			5,096,642		$	54,139,885
Issued as reinvestment of dividends		-			-			98,856			924,385
Redeemed		(1,435,603	)		(12,586,917	)		(784,867	)		(8,413,272	)
Net increase (decrease)		(754,065	)	$	(6,615,246	)		4,410,631		$	46,650,998

265

Notes to Financial Statements (Unaudited) (Continued)

	Period ended June 30, 2008						Year ended December 31, 2007
	Shares			Amount			Shares			Amount
Small Cap Value Equity Fund Class Y
Sold		51,689		$	454,742			855,903		$	8,942,062
Issued as reinvestment of dividends		-			-			22,556			209,825
Redeemed		(176,469	)		(1,530,248	)		(100,363	)		(1,055,451	)
Net increase (decrease)		(124,780	)	$	(1,075,506	)		778,096		$	8,096,436
Small Cap Value Equity Fund Class S
Sold		1,327,221		$	11,662,253			8,106,702		$	89,212,666
Issued as reinvestment of dividends		-			-			212,381			1,988,468
Redeemed		(916,821	)		(8,063,572	)		(1,449,953	)		(15,436,084	)
Net increase (decrease)		410,400		$	3,598,681			6,869,130		$	75,765,050
Small Cap Value Equity Fund Class N
Sold		11,315		$	98,386			22,168		$	230,488
Issued as reinvestment of dividends		-			-			436			4,115
Redeemed		(1,685	)		(14,723	)		(2,154	)		(21,800	)
Net increase (decrease)		9,630		$	83,663			20,450		$	212,803
Small Company Value Fund Class A
Sold		764,394		$	9,538,324			3,731,447		$	58,650,112
Issued as reinvestment of dividends		-			-			1,775,639			22,792,176
Redeemed		(1,752,954	)		(21,097,768	)		(6,370,632	)		(98,248,895	)
Net increase (decrease)		(988,560	)	$	(11,559,444	)		(863,546	)	$	(16,806,607	)
Small Company Value Fund Class L
Sold		1,069,249		$	13,195,175			3,219,273		$	49,261,249
Issued as reinvestment of dividends		-			-			1,305,388			16,945,408
Redeemed		(2,198,084	)		(27,020,857	)		(6,938,662	)		(111,211,623	)
Net increase (decrease)		(1,128,835	)	$	(13,825,682	)		(2,414,001	)	$	(45,004,966	)
Small Company Value Fund Class Y
Sold		989,801		$	12,400,162			1,764,498		$	27,849,288
Issued as reinvestment of dividends		-			-			1,346,842			17,648,971
Redeemed		(1,528,472	)		(19,419,999	)		(6,487,288	)		(102,579,390	)
Net increase (decrease)		(538,671	)	$	(7,019,837	)		(3,375,948	)	$	(57,081,131	)
Small Company Value Fund Class S
Sold		2,916,175		$	37,618,219			7,357,989		$	120,366,602
Issued as reinvestment of dividends		-			-			3,151,000			41,385,986
Redeemed		(1,908,595	)		(23,455,523	)		(10,222,546	)		(161,583,896	)
Net increase (decrease)		1,007,580		$	14,162,696			286,443		$	168,692
Small Company Value Fund Class N
Sold		10,370		$	129,440			78,385		$	1,235,052
Issued as reinvestment of dividends		-			-			20,423			256,494
Redeemed		(11,832	)		(145,782	)		(58,817	)		(907,113	)
Net increase (decrease)		(1,462	)	$	(16,342	)		39,991		$	584,433
Mid Cap Growth Equity Fund Class A
Sold		183,133		$	1,886,735			573,884		$	6,312,867
Issued as reinvestment of dividends		-			-			-			-
Redeemed		(624,623	)		(6,375,068	)		(1,123,387	)		(12,371,704	)
Net increase (decrease)		(441,490	)	$	(4,488,333	)		(549,503	)	$	(6,058,837	)
Mid Cap Growth Equity Fund Class L
Sold		345,017		$	3,585,866			2,107,284		$	23,558,152
Issued as reinvestment of dividends		-			-			-			-
Redeemed		(767,377	)		(8,029,752	)		(1,952,029	)		(21,848,175	)
Net increase (decrease)		(422,360	)	$	(4,443,886	)		155,255		$	1,709,977
Mid Cap Growth Equity Fund Class Y
Sold		44,954		$	475,959			301,194		$	3,416,575
Issued as reinvestment of dividends		-			-			-			-
Redeemed		(53,255	)		(556,803	)		(1,627,009	)		(18,769,498	)
Net increase (decrease)		(8,301	)	$	(80,844	)		(1,325,815	)	$	(15,352,923	)

266

Notes to Financial Statements (Unaudited) (Continued)

	Period ended June 30, 2008						Year ended December 31, 2007
	Shares			Amount			Shares			Amount
Mid Cap Growth Equity Fund Class S
Sold		2,025,445		$	21,194,764			4,302,662		$	49,291,906
Issued as reinvestment of dividends		-			-			-			-
Redeemed		(1,370,089	)		(14,359,882	)		(3,363,247	)		(38,063,961	)
Net increase (decrease)		655,356		$	6,834,882			939,415		$	11,227,945
Mid Cap Growth Equity Fund Class N
Sold		873		$	8,882			6,325		$	67,528
Issued as reinvestment of dividends		-			-			-			-
Redeemed		(134	)		(1,300	)		(307	)		(3,357	)
Net increase (decrease)		739		$	7,582			6,018		$	64,171
Mid Cap Growth Equity II Fund Class A
Sold		1,912,427		$	26,326,098			8,579,370		$	131,554,982
Issued as reinvestment of dividends		-			-			2,513,897			36,955,985
Redeemed		(3,546,343	)		(48,560,538	)		(6,769,903	)		(103,001,876	)
Net increase (decrease)		(1,633,916	)	$	(22,234,440	)		4,323,364		$	65,509,091
Mid Cap Growth Equity II Fund Class L
Sold		1,829,834		$	26,004,328			11,283,986		$	175,481,937
Issued as reinvestment of dividends		-			-			3,304,625			49,474,088
Redeemed		(5,386,054	)		(74,976,328	)		(15,385,620	)		(238,669,388	)
Net increase (decrease)		(3,556,220	)	$	(48,972,000	)		(797,009	)	$	(13,713,363	)
Mid Cap Growth Equity II Fund Class Y
Sold		999,742		$	14,207,422			5,090,040		$	80,568,326
Issued as reinvestment of dividends		-			-			1,364,628			20,650,863
Redeemed		(3,424,977	)		(48,693,472	)		(3,695,021	)		(59,039,105	)
Net increase (decrease)		(2,425,235	)	$	(34,486,050	)		2,759,647		$	42,180,084
Mid Cap Growth Equity II Fund Class S
Sold		4,123,701		$	59,376,155			13,006,305		$	211,472,576
Issued as reinvestment of dividends		-			-			2,378,102			36,172,526
Redeemed		(3,975,163	)		(55,913,096	)		(5,139,965	)		(80,498,205	)
Net increase (decrease)		148,538		$	3,463,059			10,244,442		$	167,146,897
Mid Cap Growth Equity II Fund Class N
Sold		18,493		$	248,889			106,237		$	1,594,322
Issued as reinvestment of dividends		-			-			23,888			345,695
Redeemed		(151,868	)		(2,046,680	)		(52,900	)		(806,997	)
Net increase (decrease)		(133,375	)	$	(1,797,791	)		77,225		$	1,133,020
Small Cap Growth Equity Fund Class A
Sold		537,140		$	7,831,264			1,972,095		$	33,485,769
Issued as reinvestment of dividends		-			-			568,468			9,032,136
Redeemed		(930,829	)		(13,514,112	)		(2,675,272	)		(45,239,557	)
Net increase (decrease)		(393,689	)	$	(5,682,848	)		(134,709	)	$	(2,721,652	)
Small Cap Growth Equity Fund Class L
Sold		964,561		$	14,199,170			2,884,318		$	49,162,494		��
Issued as reinvestment of dividends		-			-			540,232			8,763,887
Redeemed		(1,121,972	)		(16,464,003	)		(2,372,838	)		(41,402,073	)
Net increase (decrease)		(157,411	)	$	(2,264,833	)		1,051,712		$	16,524,308
Small Cap Growth Equity Fund Class Y
Sold		731,945		$	10,994,289			1,838,690		$	32,015,928
Issued as reinvestment of dividends		-			-			604,077			9,924,214
Redeemed		(896,854	)		(13,438,088	)		(3,262,524	)		(57,442,820	)
Net increase (decrease)		(164,909	)	$	(2,443,799	)		(819,757	)	$	(15,502,678	)
Small Cap Growth Equity Fund Class S
Sold		2,420,064		$	36,649,468			5,421,534		$	97,042,628
Issued as reinvestment of dividends		-			-			1,671,189			27,720,799
Redeemed		(2,213,153	)		(33,650,571	)		(3,889,375	)		(68,377,392	)
Net increase (decrease)		206,911		$	2,998,897			3,203,348		$	56,386,035

267

Notes to Financial Statements (Unaudited) (Continued)

	Period ended June 30, 2008						Year ended December 31, 2007
	Shares			Amount			Shares			Amount
Small Cap Growth Equity Fund Class N
Sold		3,928		$	55,633			12,299		$	205,671
Issued as reinvestment of dividends		-			-			4,673			72,834
Redeemed		(42,915	)		(633,946	)		(10,019	)		(169,363	)
Net increase (decrease)		(38,987	)	$	(578,313	)		6,953		$	109,142
Small Company Growth Fund Class A
Sold		208,029		$	1,780,173			1,287,300		$	14,202,335
Issued as reinvestment of dividends		-			-			515,010			5,074,201
Redeemed		(1,167,352	)		(10,328,236	)		(3,396,013	)		(35,859,029	)
Net increase (decrease)		(959,323	)	$	(8,548,063	)		(1,593,703	)	$	(16,582,493	)
Small Company Growth Fund Class L
Sold		253,465		$	2,181,633			1,785,782		$	19,034,568
Issued as reinvestment of dividends		-			-			358,639			3,594,466
Redeemed		(388,440	)		(3,399,455	)		(1,447,953	)		(16,329,239	)
Net increase (decrease)		(134,975	)	$	(1,217,822	)		696,468		$	6,299,795
Small Company Growth Fund Class Y
Sold		47,510		$	413,371			321,504		$	3,576,124
Issued as reinvestment of dividends		-			-			93,969			947,881
Redeemed		(276,064	)		(2,420,676	)		(1,341,271	)		(15,320,760	)
Net increase (decrease)		(228,554	)	$	(2,007,305	)		(925,798	)	$	(10,796,755	)
Small Company Growth Fund Class S
Sold		355,440		$	3,154,110			2,336,679		$	26,579,847
Issued as reinvestment of dividends		-			-			379,811			3,839,007
Redeemed		(1,783,001	)		(15,573,571	)		(1,503,277	)		(16,826,781	)
Net increase (decrease)		(1,427,561	)	$	(12,419,461	)		1,213,213		$	13,592,073
Small Company Growth Fund Class N
Sold		13,469		$	112,718			9,801		$	108,246
Issued as reinvestment of dividends		-			-			2,480			24,117
Redeemed		(7,408	)		(61,887	)		(48,710	)		(539,077	)
Net increase (decrease)		6,061		$	50,831			(36,429	)	$	(406,714	)
Emerging Growth Fund Class A
Sold		266,059		$	1,751,549			895,504		$	6,383,179
Issued as reinvestment of dividends		-			-			-			-
Redeemed		(361,456	)		(2,354,547	)		(841,235	)		(5,610,105	)
Net increase (decrease)		(95,397	)	$	(602,998	)		54,269		$	773,074
Emerging Growth Fund Class L
Sold		584,637		$	3,847,372			2,796,271		$	19,016,775
Issued as reinvestment of dividends		-			-			-			-
Redeemed		(1,871,527	)		(12,383,573	)		(4,739,094	)		(32,313,113	)
Net increase (decrease)		(1,286,890	)	$	(8,536,201	)		(1,942,823	)	$	(13,296,338	)
Emerging Growth Fund Class Y
Sold		20,469		$	140,185			162,180		$	1,273,490
Issued as reinvestment of dividends		-			-			-			-
Redeemed		(102,322	)		(758,067	)		(99,092	)		(671,882	)
Net increase (decrease)		(81,853	)	$	(617,882	)		63,088		$	601,608
Emerging Growth Fund Class S
Sold		601,627		$	4,027,711			1,483,705		$	11,136,186
Issued as reinvestment of dividends		-			-			-			-
Redeemed		(1,545,626	)		(10,374,251	)		(2,708,667	)		(19,086,918	)
Net increase (decrease)		(943,999	)	$	(6,346,540	)		(1,224,962	)	$	(7,950,732	)
Emerging Growth Fund Class N
Sold		-		$	-			-		$	-
Issued as reinvestment of dividends		-			-			-			-
Redeemed		-			-			-			-
Net increase (decrease)		-		$	-			-		$	-

268

Notes to Financial Statements (Unaudited) (Continued)

	Period ended June 30, 2008						Year ended December 31, 2007
	Shares			Amount			Shares			Amount
Diversified International Fund Class A
Sold		8,666,458		$	85,023,494			34,727		$	389,886
Issued as reinvestment of dividends		-			-			974			10,219
Redeemed		(567,290	)		(5,507,401	)		(8,100	)		(92,868	)
Net increase (decrease)		8,099,168		$	79,516,093			27,601		$	307,237
Diversified International Fund Class L
Sold		726,399		$	6,925,034			5,556,139		$	56,500,550
Issued as reinvestment of dividends		-			-			183,186			1,927,105
Redeemed		(1,144,457	)		(11,252,635	)		(1,133,147	)		(12,229,669	)
Net increase (decrease)		(418,058	)	$	(4,327,601	)		4,606,178		$	46,197,986
Diversified International Fund Class Y
Sold		2,890		$	29,438			67,752		$	754,684
Issued as reinvestment of dividends		-			-			2,886			30,348
Redeemed		-			-			-			-
Net increase (decrease)		2,890		$	29,438			70,638		$	785,032
Diversified International Fund Class S
Sold		2,367,187		$	22,990,464			9,743,411		$	102,621,359
Issued as reinvestment of dividends		-			-			398,630			4,194,543
Redeemed		(930,858	)		(9,310,457	)		(409,447	)		(4,567,187	)
Net increase (decrease)		1,436,329		$	13,680,007			9,732,594		$	102,248,715
Diversified International Fund Class N
Sold		109		$	1,004			-		$	-
Issued as reinvestment of dividends		-			-			-			-
Redeemed		-			-			-			-
Net increase (decrease)		109		$	1,004			-		$	-
Overseas Fund Class A
Sold		246,603		$	2,580,668			6,609,208		$	88,463,939
Issued as reinvestment of dividends		-			-			3,498,741			40,787,910
Redeemed		(14,714,170	)		(154,399,579	)		(10,454,724	)		(137,442,398	)
Net increase (decrease)		(14,467,567	)	$	(151,818,911	)		(346,775	)	$	(8,190,549	)
Overseas Fund Class L
Sold		3,459,226		$	35,926,472			10,143,069		$	134,686,882
Issued as reinvestment of dividends		-			-			4,257,058			50,050,365
Redeemed		(6,240,483	)		(65,729,713	)		(7,667,242	)		(101,871,287	)
Net increase (decrease)		(2,781,257	)	$	(29,803,241	)		6,732,885		$	82,865,960
Overseas Fund Class Y
Sold		668,593		$	7,224,163			4,232,731		$	56,586,161
Issued as reinvestment of dividends		-			-			2,125,524			25,058,236
Redeemed		(4,109,184	)		(43,779,629	)		(11,262,662	)		(154,005,852	)
Net increase (decrease)		(3,440,591	)	$	(36,555,466	)		(4,904,407	)	$	(72,361,455	)
Overseas Fund Class S
Sold		3,073,260		$	32,864,154			16,211,702		$	221,908,147
Issued as reinvestment of dividends		-			-			6,562,437			77,619,855
Redeemed		(10,348,963	)		(110,378,688	)		(14,076,964	)		(186,847,607	)
Net increase (decrease)		(7,275,703	)	$	(77,514,534	)		8,697,175		$	112,680,395
Overseas Fund Class N
Sold		10,615		$	109,409			128,368		$	1,732,870
Issued as reinvestment of dividends		-			-			40,985			471,091
Redeemed		(158,612	)		(1,618,536	)		(84,726	)		(1,132,912	)
Net increase (decrease)		(147,997	)	$	(1,509,127	)		84,627		$	1,071,049
Destination Retirement Income Fund Class A
Sold		405,727		$	3,957,082			1,569,660		$	16,339,911
Issued as reinvestment of dividends		-			-			403,937			4,073,730
Redeemed		(779,583	)		(7,629,494	)		(1,746,839	)		(18,206,199	)
Net increase (decrease)		(373,856	)	$	(3,672,412	)		226,758		$	2,207,442

269

Notes to Financial Statements (Unaudited) (Continued)

	Period ended June 30, 2008						Year ended December 31, 2007
	Shares			Amount			Shares			Amount
Destination Retirement Income Fund Class L
Sold		466,475		$	4,581,663			2,342,597		$	24,543,330
Issued as reinvestment of dividends		-			-			693,791			7,029,036
Redeemed		(1,276,985	)		(12,581,145	)		(3,323,854	)		(34,859,967	)
Net increase (decrease)		(810,510	)	$	(7,999,482	)		(287,466	)	$	(3,287,601	)
Destination Retirement Income Fund Class Y
Sold		1,021,768		$	10,024,622			3,091,580		$	32,490,839
Issued as reinvestment of dividends		-			-			786,999			7,978,430
Redeemed		(2,970,077	)		(29,118,204	)		(6,696,134	)		(71,087,764	)
Net increase (decrease)		(1,948,309	)	$	(19,093,582	)		(2,817,555	)	$	(30,618,495	)
Destination Retirement Income Fund Class S
Sold		1,912,192		$	18,768,323			748,039		$	7,871,587
Issued as reinvestment of dividends		-			-			87,033			881,514
Redeemed		(278,251	)		(2,733,524	)		(629,728	)		(6,611,020	)
Net increase (decrease)		1,633,941		$	16,034,799			205,344		$	2,142,081
Destination Retirement Income Fund Class N
Sold		247		$	2,422			1,544		$	16,190
Issued as reinvestment of dividends		-			-			174			1,760
Redeemed		(1,354	)		(13,268	)		(1,059	)		(11,120	)
Net increase (decrease)		(1,107	)	$	(10,846	)		659		$	6,830
Destination Retirement 2010 Fund Class A
Sold		770,068		$	7,891,607			3,385,336		$	37,339,097
Issued as reinvestment of dividends		-			-			441,842			4,750,471
Redeemed		(1,540,818	)		(15,833,763	)		(2,026,287	)		(22,320,711	)
Net increase (decrease)		(770,750	)	$	(7,942,156	)		1,800,891		$	19,768,857
Destination Retirement 2010 Fund Class L
Sold		999,775		$	10,342,171			2,614,880		$	29,116,150
Issued as reinvestment of dividends		-			-			365,889			3,952,159
Redeemed		(907,403	)		(9,357,706	)		(1,786,147	)		(19,870,700	)
Net increase (decrease)		92,372		$	984,465			1,194,622		$	13,197,609
Destination Retirement 2010 Fund Class Y
Sold		1,449,227		$	14,995,600			3,432,826		$	38,422,925
Issued as reinvestment of dividends		-			-			480,057			5,186,005
Redeemed		(3,389,929	)		(35,006,368	)		(1,846,491	)		(20,613,397	)
Net increase (decrease)		(1,940,702	)	$	(20,010,768	)		2,066,392		$	22,995,533
Destination Retirement 2010 Fund Class S
Sold		2,898,690		$	30,039,842			2,821,890		$	31,486,908
Issued as reinvestment of dividends		-			-			230,430			2,491,631
Redeemed		(1,041,199	)		(10,714,511	)		(1,134,251	)		(12,635,808	)
Net increase (decrease)		1,857,491		$	19,325,331			1,918,069		$	21,342,731
Destination Retirement 2010 Fund Class N
Sold		2,996		$	30,703			61,702		$	683,994
Issued as reinvestment of dividends		-			-			4,499			48,395
Redeemed		(799	)		(8,126	)		(8,514	)		(95,154	)
Net increase (decrease)		2,197		$	22,577			57,687		$	637,235
Destination Retirement 2020 Fund Class A
Sold		1,492,927		$	15,134,621			6,068,638		$	69,757,436
Issued as reinvestment of dividends		-			-			1,369,712			15,022,078
Redeemed		(3,015,108	)		(30,787,940	)		(4,188,649	)		(48,128,135	)
Net increase (decrease)		(1,522,181	)	$	(15,653,319	)		3,249,701		$	36,651,379
Destination Retirement 2020 Fund Class L
Sold		1,730,209		$	17,662,306			5,316,382		$	61,753,427
Issued as reinvestment of dividends		-			-			2,205,143			24,337,392
Redeemed		(2,826,112	)		(29,239,522	)		(7,201,061	)		(83,387,202	)
Net increase (decrease)		(1,095,903	)	$	(11,577,216	)		320,464		$	2,703,617

270

Notes to Financial Statements (Unaudited) (Continued)

	Period ended June 30, 2008						Year ended December 31, 2007
	Shares			Amount			Shares			Amount
Destination Retirement 2020 Fund Class Y
Sold		2,409,905		$	24,959,833			5,019,786		$	58,336,323
Issued as reinvestment of dividends		-			-			1,086,631			11,987,143
Redeemed		(3,917,613	)		(40,226,019	)		(2,961,725	)		(34,239,315	)
Net increase (decrease)		(1,507,708	)	$	(15,266,186	)		3,144,692		$	36,084,151
Destination Retirement 2020 Fund Class S
Sold		3,926,216		$	40,429,607			4,259,828		$	49,567,537
Issued as reinvestment of dividends		-			-			760,555			8,400,858
Redeemed		(837,182	)		(8,501,995	)		(2,169,779	)		(25,022,130	)
Net increase (decrease)		3,089,034		$	31,927,612			2,850,604		$	32,946,265
Destination Retirement 2020 Fund Class N
Sold		9,473		$	96,604			20,243		$	234,540
Issued as reinvestment of dividends		-			-			2,996			32,873
Redeemed		(2,560	)		(25,818	)		(3,479	)		(39,892	)
Net increase (decrease)		6,913		$	70,786			19,760		$	227,521
Destination Retirement 2030 Fund Class A
Sold		1,503,400		$	16,096,300			5,008,379		$	62,479,651
Issued as reinvestment of dividends		-			-			1,199,548			14,109,495
Redeemed		(2,652,275	)		(28,590,875	)		(3,101,886	)		(38,383,422	)
Net increase (decrease)		(1,148,875	)	$	(12,494,575	)		3,106,041		$	38,205,724
Destination Retirement 2030 Fund Class L
Sold		1,491,475		$	15,895,248			4,135,717		$	51,900,649
Issued as reinvestment of dividends		-			-			1,912,389			22,648,340
Redeemed		(2,798,781	)		(30,458,445	)		(4,670,723	)		(58,893,758	)
Net increase (decrease)		(1,307,306	)	$	(14,563,197	)		1,377,383		$	15,655,231
Destination Retirement 2030 Fund Class Y
Sold		1,800,382		$	19,493,927			3,621,044		$	45,400,413
Issued as reinvestment of dividends		-			-			742,440			8,786,728
Redeemed		(2,638,777	)		(28,516,120	)		(2,246,554	)		(28,270,816	)
Net increase (decrease)		(838,395	)	$	(9,022,193	)		2,116,930		$	25,916,325
Destination Retirement 2030 Fund Class S
Sold		2,539,034		$	27,368,152			3,225,599		$	40,657,992
Issued as reinvestment of dividends		-			-			581,643			6,892,709
Redeemed		(666,971	)		(7,132,703	)		(1,444,978	)		(17,972,055	)
Net increase (decrease)		1,872,063		$	20,235,449			2,362,264		$	29,578,646
Destination Retirement 2030 Fund Class N
Sold		6,956		$	74,707			11,141		$	138,007
Issued as reinvestment of dividends		-			-			1,521			17,910
Redeemed		(7,905	)		(82,804	)		(1,791	)		(22,634	)
Net increase (decrease)		(949	)	$	(8,097	)		10,871		$	133,283
Destination Retirement 2040 Fund Class A
Sold		759,981		$	8,262,958			2,746,997		$	35,274,581
Issued as reinvestment of dividends		-			-			580,825			6,997,570
Redeemed		(1,141,392	)		(12,556,823	)		(1,539,662	)		(19,556,247	)
Net increase (decrease)		(381,411	)	$	(4,293,865	)		1,788,160		$	22,715,904
Destination Retirement 2040 Fund Class L
Sold		1,064,533		$	11,679,963			2,929,964		$	38,014,485
Issued as reinvestment of dividends		-			-			1,314,188			15,939,923
Redeemed		(2,222,080	)		(25,012,781	)		(3,017,516	)		(39,209,695	)
Net increase (decrease)		(1,157,547	)	$	(13,332,818	)		1,226,636		$	14,744,713
Destination Retirement 2040 Fund Class Y
Sold		1,117,415		$	12,371,516			2,088,789		$	26,948,114
Issued as reinvestment of dividends		-			-			392,388			4,758,934
Redeemed		(1,132,459	)		(12,520,155	)		(1,013,107	)		(13,154,428	)
Net increase (decrease)		(15,044	)	$	(148,639	)		1,468,070		$	18,552,620

271

Notes to Financial Statements (Unaudited) (Continued)

	Period ended June 30, 2008						Year ended December 31, 2007
	Shares			Amount			Shares			Amount
Destination Retirement 2040 Fund Class S
Sold		1,293,811		$	14,265,209			2,129,157		$	27,739,561
Issued as reinvestment of dividends		-			-			389,443			4,729,189
Redeemed		(620,238	)		(6,750,463	)		(1,039,361	)		(13,282,072	)
Net increase (decrease)		673,573		$	7,514,746			1,479,239		$	19,186,678
Destination Retirement 2040 Fund Class N
Sold		2,917		$	31,967			5,014		$	64,364
Issued as reinvestment of dividends		-			-			893			10,784
Redeemed		(3,935	)		(42,446	)		(1,921	)		(24,293	)
Net increase (decrease)		(1,018	)	$	(10,479	)		3,986		$	50,855
Destination Retirement 2050 Fund Class A*
Sold		30,716		$	285,717			10,010		$	100,100
Issued as reinvestment of dividends		-			-			-			-
Redeemed		(1,819	)		(17,330	)		-			-
Net increase (decrease)		28,897		$	268,387			10,010		$	100,100
Destination Retirement 2050 Fund Class L*
Sold		43,139		$	401,920			10,010		$	100,100
Issued as reinvestment of dividends		-			-			-			-
Redeemed		(4,372	)		(40,014	)		-			-
Net increase (decrease)		38,767		$	361,906			10,010		$	100,100
Destination Retirement 2050 Fund Class Y*
Sold		83,833		$	781,698			10,010		$	100,100
Issued as reinvestment of dividends		-			-			-			-
Redeemed		(9,173	)		(86,594	)		-			-
Net increase (decrease)		74,660		$	695,104			10,010		$	100,100
Destination Retirement 2050 Fund Class S*
Sold		159,507		$	1,512,331			960,010		$	9,600,100
Issued as reinvestment of dividends		-			-			-			-
Redeemed		(22,130	)		(203,203	)		-			-
Net increase (decrease)		137,377		$	1,309,128			960,010		$	9,600,100
Destination Retirement 2050 Fund Class N*
Sold		-		$	-			10,010		$	100,100
Issued as reinvestment of dividends		-			-			-			-
Redeemed		-			-			-			-
Net increase (decrease)		-		$	-			10,010		$	100,100

*  Fund commenced operations on December 17, 2007.

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 imposed during the period ended June 30, 2008, were waived for any redemptions or exchanges subject to such a charge.

6.  Federal Income Tax Information
  At June 30, 2008, 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	$	329,406,604	$	2,024,060	$	(14,917,195	)	$	(12,893,135	)
Strategic Balanced Fund		153,228,981		11,844,593		(14,502,670	)		(2,658,077	)
Diversified Value Fund		566,843,921		53,491,537		(133,725,633	)		(80,234,096	)
Fundamental Value Fund		1,009,236,680		155,854,302		(92,930,971	)		62,923,331
Value Equity Fund		69,910,615		3,542,553		(7,329,321	)		(3,786,768	)

272

Notes to Financial Statements (Unaudited) (Continued)

	Federal Income Tax Cost		Tax Basis Unrealized Appreciation		Tax Basis Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Large Cap Value Fund	$	960,883,966	$	325,307,418	$	(125,964,207	)	$	199,343,211
Indexed Equity Fund		1,873,300,270		514,815,094		(343,785,373	)		171,029,721
Core Opportunities Fund		56,390,096		3,814,151		(4,692,709	)		(878,558	)
Blue Chip Growth Fund		731,457,085		73,182,695		(58,585,695	)		14,597,000
Diversified Growth Fund		96,527,427		3,317,753		(13,327,612	)		(10,009,859	)
Large Cap Growth Fund		38,167,516		4,519,967		(3,480,510	)		1,039,457
Aggressive Growth Fund		392,365,787		67,230,071		(44,868,700	)		22,361,371
NASDAQ-100 Fund		41,449,495		9,960,709		(5,206,384	)		4,754,325
Focused Value Fund		691,683,467		49,363,484		(98,105,297	)		(48,741,813	)
Mid-Cap Value Fund		198,570,981		984,412		(47,908,672	)		(46,924,260	)
Small Cap Value Equity Fund		155,846,521		3,924,541		(27,351,444	)		(23,426,903	)
Small Company Value Fund		545,465,433		103,860,420		(96,760,840	)		7,099,580
Mid Cap Growth Equity Fund		137,505,283		13,110,427		(9,706,158	)		3,404,269
Mid Cap Growth Equity II Fund		1,218,164,128		269,998,852		(119,712,094	)		150,286,758
Small Cap Growth Equity Fund		556,652,055		96,775,720		(55,992,425	)		40,783,295
Small Company Growth Fund		106,403,499		11,694,949		(16,400,053	)		(4,705,104	)
Emerging Growth Fund		72,718,809		17,150,173		(5,675,461	)		11,474,712
Diversified International Fund		258,116,960		14,466,847		(38,072,421	)		(23,605,574	)
Overseas Fund		1,006,834,809		45,746,235		(245,226,077	)		(199,479,842	)
Destination Retirement Income Fund		236,720,732		1,712,782		(14,678,756	)		(12,965,974	)
Destination Retirement 2010 Fund		246,998,286		1,691,249		(20,958,463	)		(19,267,214	)
Destination Retirement 2020 Fund		671,225,250		2,930,368		(72,211,776	)		(69,281,408	)
Destination Retirement 2030 Fund		506,454,491		2,922,165		(59,857,332	)		(56,935,167	)
Destination Retirement 2040 Fund		291,126,307		1,125,409		(34,624,545	)		(33,499,136	)
Destination Retirement 2050 Fund		12,509,530		9,489		(1,055,680	)		(1,046,191	)

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. At December 31, 2007, 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		Expiring 2015
Strategic Bond Fund	$	-	$	-	$	-	$	-	$	630,808	$	-	$	972,839
Blue Chip Growth Fund		-		72,687,581		16,672,836		4,273,407		-		-		-
Aggressive Growth Fund		-		2,422,621		-		-		-		-		-
NASDAQ-100 Fund		-		-		12,913,039		7,702,832		-		-		-
Mid Cap Growth Equity Fund		9,347,676		35,977,324		976,172		-		-		-		-
Emerging Growth Fund		-		18,912,338		-		-		-		-		-

The following Funds elected to defer to January 1, 2008, post-October capital losses:

	Amount
Strategic Bond Fund	$	311,603
Core Opportunities Fund		29,527
Large Cap Growth Fund		118,796

273

Notes to Financial Statements (Unaudited) (Continued)

	Amount
Mid-Cap Value Fund	$	1,433,666
Small Cap Value Equity Fund		2,616,980
Small Cap Growth Equity Fund		351,947

The following Funds elected to defer to January 1, 2008, post-October currency losses:

	Amount
Mid Cap Growth Equity Fund	$	1,510
Small Cap Growth Equity Fund		2,047

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 (including capital gain dividends, if any, designated pursuant to Section 852 of the Internal Revenue Code) paid during the year ended December 31, 2007, was as follows:

	Ordinary Income		Long Term Capital Gain		Return of Capital
Strategic Bond Fund	$	13,799,718	$	-	$	-
Strategic Balanced Fund		6,686,412		9,612,317		-
Diversified Value Fund		15,598,241		21,406,784		-
Fundamental Value Fund		44,676,176		101,069,520		-
Value Equity Fund		7,537,170		3,858,506		-
Large Cap Value Fund		13,882,657		77,658,593		-
Indexed Equity Fund		36,975,669		137,171		-
Core Opportunities Fund		3,413,943		748,565		-
Blue Chip Growth Fund		1,127,104		-		-
Large Cap Growth Fund		156,160		3,170,511		57,772
Focused Value Fund		31,657,889		80,139,379		-
Mid-Cap Value Fund		13,945,932		16,532		-
Small Cap Value Equity Fund		3,554,825		132,164		-
Small Company Value Fund		18,265,588		80,791,407		-
Mid Cap Growth Equity II Fund		22,146,970		121,455,764
Small Cap Growth Equity Fund		6,287,617		49,149,645		92,808
Small Company Growth Fund		6,546,166		8,054,125		-
Diversified International Fund		6,607,966		389		-
Overseas Fund		29,611,723		164,380,674		-
Destination Retirement Income Fund		11,176,774		8,795,429		-
Destination Retirement 2010 Fund		10,027,929		6,407,817		-
Destination Retirement 2020 Fund		21,993,833		37,799,304		-
Destination Retirement 2030 Fund		13,288,540		39,178,779		-
Destination Retirement 2040 Fund		8,028,741		24,422,758		-

The following Funds have elected to pass through foreign tax credit for the year ended December 31, 2007:

	Amount
Diversified International Fund	$	343,416
Overseas Fund		2,829,046

The Funds are subject to the provisions of Financial Accounting Standards Board Interpretation No. 48 ("FIN 48") "Accounting for Uncertainty in Income Taxes — an interpretation of FASB Statement No. 109". FIN 48 sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. The Funds did not have any

274

Notes to Financial Statements (Unaudited) (Continued)

unrecognized tax benefits at June 30, 2008, nor were there any increases or decreases in unrecognized tax benefits for the period then ended. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as an income tax expense in the Statements of Operations. During the period ended June 30, 2008, the Funds did not incur any such interest or penalties. The Funds are subject to examination by U.S. federal and state tax authorities for returns filed for the prior three fiscal years.

7.  Investment in Affiliated Issuers
  A summary of the Funds' transactions in the securities of these issuers during the period ended June 30, 2008, was as follows:

	Number of Shares Held, Beginning of Period		Purchases		Sales		Number of Shares Held, End of Period		Value, End of Period		Dividend Income
Destination Retirement Income Fund
Aggressive Growth Fund, Class S		371,509		105,940		77,144		400,305	$	2,589,976	$	-
Blue Chip Growth Fund, Class S		169,453		33,086		25,748		176,791		1,755,533		-
Capital Appreciation Fund, Class S*		151,679		9,347		47,546		113,480		1,300,483		-
Core Bond Fund, Class S*		3,690,915		179,918		864,328		3,006,505		32,319,932		-
Discovery Value Fund, Class S*		-		58,662		10,450		48,212		496,580		-
Diversified Bond Fund, Class S*		2,570,587		613,768		316,195		2,868,160		29,828,865		-
Diversified Growth Fund, Class S		407,555		38,723		43,059		403,219		3,475,748		-
Diversified International Fund, Class S		428,536		118,458		72,762		474,232		4,443,553		-
Diversified Value Fund, Class S		264,333		22,974		69,195		218,112		2,183,301		-
Emerging Growth Fund, Class S		86,325		42,778		24,657		104,446		754,104		-
Enhanced Index Growth Fund, Class S*		772,436		485,317		169,961		1,087,792		9,953,301		-
Enhanced Index Value Fund, Class S*		902,460		157,718		102,528		957,650		10,419,237		-
Focused International Fund, Class S*		-		67,439		11,918		55,521		783,958		-
Focused Value Fund, Class S		447,641		16,540		163,337		300,844		4,196,777		-
Fundamental Value Fund, Class S		396,003		21,180		45,539		371,644		3,984,024		-
High Yield Fund, Class S*		-		418,288		7,386		410,902		3,940,548		-
Inflation-Protected Bond Fund, Class S*		3,870,690		206,000		677,140		3,399,550		36,715,141		-
International Bond Fund, Class S*		-		711,827		111,582		600,245		6,326,587		-
International Equity Fund, Class S*		237,951		29,039		33,188		233,802		3,661,345		-
Large Cap Value Fund, Class S		134,204		80,933		20,573		194,564		2,181,066		-
Main Street Small Cap Fund, Class S*		427,582		109,900		192,813		344,669		3,236,443		-
Mid Cap Growth Equity Fund, Class S		125,251		40,622		24,345		141,528		1,488,873		-
Mid Cap Growth Equity II Fund, Class S		139,428		11,544		24,751		126,221		1,807,482		-
Mid-Cap Value Fund, Class S		371,991		32,140		67,139		336,992		2,712,782		-
Money Market Fund, Class S*		12,215,470		1,328,865		4,527,563		9,016,772		9,016,772		-
Overseas Fund, Class S		878,201		127,654		111,966		893,889		8,822,684		-

275

Notes to Financial Statements (Unaudited) (Continued)

	Number of Shares Held, Beginning of Period		Purchases		Sales		Number of Shares Held, End of Period		Value, End of Period		Dividend Income
Destination Retirement Income Fund (continued)
Short-Duration Bond Fund, Class S*		3,155,915		143,251		406,363		2,892,803	$	29,333,026	$	-
Small Cap Core Equity Fund, Class S**		204,486		4,846		209,332		-		-		1,191
Small Cap Growth Equity Fund, Class S		44,716		43,266		12,294		75,688		1,120,935		-
Small Cap Value Equity Fund, Class S		177,345		38,323		22,705		192,963		1,588,083		-
Small Company Growth Fund, Class S		154,731		18,730		27,270		146,191		1,271,865		-
Small Company Value Fund, Class S		101,249		52,486		25,730		128,005		1,605,180		-
Strategic Income Fund, Class S*		1,027,607		21,235		1,048,842		-		-		-
Value Fund, Class S*		31,669		1406		4,166		28,909		440,574		-
									$	223,754,758	$	1,191
Destination Retirement 2010 Fund
Aggressive Growth Fund, Class S		719,370		177,896		194,850		702,416	$	4,544,634	$	-
Blue Chip Growth Fund, Class S		426,020		32,011		35,843		422,188		4,192,323		-
Capital Appreciation Fund, Class S*		176,285		94,089		68,292		202,082		2,315,862		-
Core Bond Fund, Class S*		2,726,298		127,036		500,306		2,353,028		25,295,053		-
Discovery Value Fund, Class S*		-		107,723		8,129		99,594		1,025,821		-
Diversified Bond Fund, Class S*		2,240,213		579,962		411,034		2,409,141		25,055,064		-
Diversified Growth Fund, Class S		755,467		60,390		57,572		758,285		6,536,413		-
Diversified International Fund, Class S		712,864		106,957		84,134		735,687		6,893,384		-
Diversified Value Fund, Class S		318,949		52,317		26,445		344,821		3,451,662		-
Emerging Growth Fund, Class S		116,083		70,771		14,103		172,751		1,247,264		-
Enhanced Index Growth Fund, Class S*		1,650,173		171,827		327,307		1,494,693		13,676,440		-
Enhanced Index Value Fund, Class S*		1,739,219		218,951		551,115		1,407,055		15,308,755		-
Focused International Fund, Class S*		-		47,151		4,974		42,177		595,541		-
Focused Value Fund, Class S		426,118		53,311		172,732		306,697		4,278,422		-
Fundamental Value Fund, Class S		517,395		155,321		54,337		618,379		6,629,022		-
High Yield Fund, Class S*		-		235,165		3,069		232,096		2,225,804		-
Inflation-Protected Bond Fund, Class S*		2,668,231		155,101		462,621		2,360,711		25,495,681		-
International Bond Fund, Class S*		-		316,728		92,424		224,304		2,364,166		-
International Equity Fund, Class S*		376,642		63,982		41,970		398,654		6,242,923		-
Large Cap Value Fund, Class S		308,302		42,195		26,120		324,377		3,636,263		-
Main Street Small Cap Fund, Class S*		501,706		413,824		56,226		859,304		8,068,869		-
Mid Cap Growth Equity Fund, Class S		249,343		135,370		27,702		357,011		3,755,761		-

276

Notes to Financial Statements (Unaudited) (Continued)

	Number of Shares Held, Beginning of Period		Purchases		Sales		Number of Shares Held, End of Period		Value, End of Period		Dividend Income
Destination Retirement 2010 Fund (continued)
Mid Cap Growth Equity II Fund, Class S		298,999		49,381		26,084		322,296	$	4,615,282	$	-
Mid-Cap Value Fund, Class S		722,865		106,019		156,577		672,307		5,412,072		-
Money Market Fund, Class S*		7,147,174		1,517,258		4,097,557		4,566,875		4,566,875		-
Overseas Fund, Class S		1,278,338		447,412		170,362		1,555,388		15,351,683		-
Short-Duration Bond Fund, Class S*		1,942,833		86,668		432,468		1,597,033		16,193,916		-
Small Cap Core Equity Fund, Class S**		231,279		31,300		262,579		-		-		1,921
Small Cap Growth Equity Fund, Class S		58,201		67,736		9,146		116,791		1,729,680		-
Small Cap Value Equity Fund, Class S		208,531		77,553		21,996		264,088		2,173,441		-
Small Company Growth Fund, Class S		179,361		37,253		15,359		201,255		1,750,915		-
Small Company Value Fund, Class S		124,159		79,682		16,912		186,929		2,344,090		-
Strategic Income Fund, Class S*		577,855		5,617		583,472		-		-		-
Value Fund, Class S*		45,845		8,100		4,208		49,737		757,991		-
									$	227,731,072	$	1,921
Destination Retirement 2020 Fund
Aggressive Growth Fund, Class S		3,605,163		353,665		662,617		3,296,211	$	21,326,482	$	-
Blue Chip Growth Fund, Class S		1,404,503		244,011		92,127		1,556,387		15,454,919		-
Capital Appreciation Fund, Class S*		1,212,871		165,964		427,097		951,738		10,906,915		-
Core Bond Fund, Class S*		4,408,874		175,859		693,035		3,891,698		41,835,750		-
Discovery Value Fund, Class S*		-		133,039		9,998		123,041		1,267,325		-
Diversified Bond Fund, Class S*		3,580,733		872,520		589,309		3,863,944		40,184,980		-
Diversified Growth Fund, Class S		2,753,479		159,951		152,237		2,761,193		23,801,481		-
Diversified International Fund, Class S		2,572,641		603,437		217,229		2,958,849		27,724,416		-
Diversified Value Fund, Class S		1,638,430		135,434		168,347		1,605,517		16,071,223		-
Emerging Growth Fund, Class S		353,043		112,682		25,705		440,020		3,176,941		-
Enhanced Index Growth Fund, Class S*		4,503,985		928,275		316,162		5,116,098		46,812,292		-
Enhanced Index Value Fund, Class S*		4,058,911		329,549		277,911		4,110,549		44,722,773		-
Focused International Fund, Class S*		-		238,722		15,052		223,670		3,158,224		-
Focused Value Fund, Class S		1,029,220		73,749		290,285		812,684		11,336,948		-
Fundamental Value Fund, Class S		2,788,639		299,279		182,877		2,905,041		31,142,039		-
High Yield Fund, Class S*		-		332,478		1,949		330,529		3,169,739		-
Inflation-Protected Bond Fund, Class S*		4,443,322		157,700		877,625		3,723,397		40,212,684		-
International Bond Fund, Class S*		-		605,945		113,036		492,909		5,195,012		-
International Equity Fund, Class S*		1,512,072		151,001		111,809		1,551,264		24,292,793		-

277

Notes to Financial Statements (Unaudited) (Continued)

	Number of Shares Held, Beginning of Period		Purchases		Sales		Number of Shares Held, End of Period		Value, End of Period		Dividend Income
Destination Retirement 2020 Fund (continued)
Large Cap Value Fund, Class S		1,658,132		124,310		263,458		1,518,984	$	17,027,815	$	-
Main Street Small Cap Fund, Class S*		2,454,912		1,326,046		183,034		3,597,924		33,784,507		-
Mid Cap Growth Equity Fund, Class S		1,295,351		98,049		250,306		1,143,094		12,025,349		-
Mid Cap Growth Equity II Fund, Class S		1,555,181		99,409		614,360		1,040,230		14,896,087		-
Mid-Cap Value Fund, Class S		3,268,360		256,279		720,003		2,804,636		22,577,317		-
Overseas Fund, Class S		4,824,752		632,571		381,046		5,076,277		50,102,853		-
Short-Duration Bond Fund, Class S*		2,074,877		759,259		1,349,959		1,484,177		15,049,551		-
Small Cap Core Equity Fund, Class S**		1,093,170		64,978		1,158,148		-		-		11,137
Small Cap Growth Equity Fund, Class S		153,432		172,892		17,862		308,462		4,568,326		-
Small Cap Value Equity Fund, Class S		455,048		285,335		42,047		698,336		5,747,304		-
Small Company Growth Fund, Class S		482,762		76,710		29,977		529,495		4,606,604		-
Small Company Value Fund, Class S		314,944		213,752		31,607		497,089		6,233,498		-
Strategic Income Fund, Class S*		971,251		7,201		978,452		-		-		-
Value Fund, Class S*		246,855		18,419		33,535		231,739		3,531,695		-
									$	601,943,842	$	11,137
Destination Retirement 2030 Fund
Aggressive Growth Fund, Class S		4,544,739		293,178		1,419,527		3,418,390	$	22,116,981	$	-
Blue Chip Growth Fund, Class S		2,542,156		175,653		165,749		2,552,060		25,341,955		-
Capital Appreciation Fund, Class S*		1,331,772		123,788		473,326		982,234		11,256,397		-
Core Bond Fund, Class S*		970,021		289,923		111,923		1,148,021		12,341,222		-
Discovery Value Fund, Class S*		-		348,473		20,306		328,167		3,380,122		-
Diversified Bond Fund, Class S*		992,672		266,828		113,038		1,146,462		11,923,208		-
Diversified Growth Fund, Class S		2,823,062		173,520		168,857		2,827,725		24,374,988		-
Diversified International Fund, Class S		2,506,171		485,077		297,663		2,693,585		25,238,891		-
Diversified Value Fund, Class S		2,067,820		131,458		537,164		1,662,114		16,637,758		-
Emerging Growth Fund, Class S		2,326,743		88,572		407,259		2,008,056		14,498,162		-
Enhanced Index Growth Fund, Class S*		2,532,720		190,122		680,491		2,042,351		18,687,514		-
Enhanced Index Value Fund, Class S*		2,213,380		481,877		229,148		2,466,109		26,831,271		-
Focused International Fund, Class S*		-		319,122		20,381		298,741		4,218,224		-
Focused Value Fund, Class S		685,811		44,453		124,282		605,982		8,453,452		-
Fundamental Value Fund, Class S		3,572,210		214,540		777,656		3,009,094		32,257,487		-
High Yield Fund, Class S*		-		192,298		361		191,937		1,840,676		-

278

Notes to Financial Statements (Unaudited) (Continued)

	Number of Shares Held, Beginning of Period		Purchases		Sales		Number of Shares Held, End of Period		Value, End of Period		Dividend Income
Destination Retirement 2030 Fund (continued)
Inflation-Protected Bond Fund, Class S*		1,601,781		99,865		433,726		1,267,920	$	13,693,540	$	-
International Bond Fund, Class S*		-		387,011		76,323		310,688		3,274,649		-
International Equity Fund, Class S*		1,504,119		132,748		165,526		1,471,341		23,041,204		-
Large Cap Value Fund, Class S		2,109,430		119,599		655,850		1,573,179		17,635,340		-
Main Street Small Cap Fund, Class S*		1,751,065		460,873		121,536		2,090,402		19,628,877		-
Mid Cap Growth Equity Fund, Class S		315,209		960,471		80,546		1,195,134		12,572,808		-
Mid Cap Growth Equity II Fund, Class S		1,150,029		75,211		137,150		1,088,090		15,581,456		-
Mid-Cap Value Fund, Class S		2,105,642		294,278		208,295		2,191,625		17,642,579		-
Overseas Fund, Class S		4,464,399		265,706		719,536		4,010,569		39,584,313		-
Short-Duration Bond Fund, Class S*		207,538		201,398		193,621		215,315		2,183,299		-
Small Cap Core Equity Fund, Class S**		305,293		108,093		413,386		-		-		2,590
Small Cap Growth Equity Fund, Class S		111,645		190,211		56,808		245,048		3,629,164		-
Small Cap Value Equity Fund, Class S		645,978		347,184		82,781		910,381		7,492,439		-
Small Company Growth Fund, Class S		295,992		21,231		43,171		274,052		2,384,251		-
Small Company Value Fund, Class S		618,074		98,001		66,529		649,546		8,145,303		-
Strategic Income Fund, Class S*		509,986		19,656		529,642		-		-		-
Value Fund, Class S*		306,168		17,484		85,345		238,307		3,631,794		-
									$	449,519,324	$	2,590
Destination Retirement 2040 Fund
Aggressive Growth Fund, Class S		2,976,289		202,071		971,477		2,206,883	$	14,278,536	$	-
Blue Chip Growth Fund, Class S		1,106,881		181,583		90,440		1,198,024		11,896,375		-
Capital Appreciation Fund, Class S*		734,991		71,375		173,088		633,278		7,257,363		-
Core Bond Fund, Class S*		304,908		22,636		95,532		232,012		2,494,128		-
Discovery Value Fund, Class S*		-		203,992		14,621		189,371		1,950,523		-
Diversified Bond Fund, Class S*		309,072		22,121		111,454		219,739		2,285,283		-
Diversified Growth Fund, Class S		1,709,742		124,866		122,781		1,711,827		14,755,948		-
Diversified International Fund, Class S		1,482,019		408,614		206,838		1,683,795		15,777,161		-
Diversified Value Fund, Class S		1,375,819		99,874		401,364		1,074,329		10,754,029		-
Emerging Growth Fund, Class S		1,216,824		64,429		328,348		952,905		6,879,976		-
Enhanced Index Growth Fund, Class S*		1,596,045		256,107		233,921		1,618,231		14,806,815		-
Enhanced Index Value Fund, Class S*		1,362,589		154,368		155,891		1,361,066		14,808,396		-
Focused International Fund, Class S*		-		147,342		11,831		135,511		1,913,414		-

279

Notes to Financial Statements (Unaudited) (Continued)

	Number of Shares Held, Beginning of Period		Purchases		Sales		Number of Shares Held, End of Period		Value, End of Period		Dividend Income
Destination Retirement 2040 Fund (continued)
Focused Value Fund, Class S		346,887		42,613		41,463		348,037	$	4,855,112	$	-
Fundamental Value Fund, Class S		2,316,670		164,778		536,463		1,944,985		20,850,244		-
High Yield Fund, Class S*		-		151,251		328		150,923		1,447,350		-
Inflation-Protected Bond Fund, Class S*		508,664		25,275		292,500		241,439		2,607,539		-
International Bond Fund, Class S*		-		328,283		63,907		264,376		2,786,527		-
International Equity Fund, Class S*		903,431		86,726		113,393		876,764		13,730,120		-
Large Cap Value Fund, Class S		1,390,829		90,020		464,703		1,016,146		11,390,993		-
Main Street Small Cap Fund, Class S*		815,756		526,450		114,142		1,228,064		11,531,519		-
Mid Cap Growth Equity Fund, Class S		162,455		517,242		49,976		629,721		6,624,664		-
Mid Cap Growth Equity II Fund, Class S		555,973		82,256		65,235		572,994		8,205,274		-
Mid-Cap Value Fund, Class S		1,370,247		108,209		222,078		1,256,378		10,113,842		-
Overseas Fund, Class S		2,709,419		321,055		349,038		2,681,436		26,465,774		-
Short-Duration Bond Fund, Class S*		-		250,590		119,681		130,909		1,327,416		-
Small Cap Core Equity Fund, Class S**		163,352		58,793		222,145		-		-		2,200
Small Cap Growth Equity Fund, Class S		64,912		198,204		42,938		220,178		3,260,838		-
Small Cap Value Equity Fund, Class S		505,524		79,598		62,027		523,095		4,305,069		-
Small Company Growth Fund, Class S		163,263		12,984		34,361		141,886		1,234,412		-
Small Company Value Fund, Class S		460,213		31,190		117,704		373,699		4,686,190		-
Strategic Income Fund, Class S*		422,406		10,933		433,339		-		-		-
Value Fund, Class S*		209,047		13,336		68,424		153,959		2,346,341		-
									$	257,627,171	$	2,200
Destination Retirement 2050 Fund
Aggressive Growth Fund, Class S		116,269		23,110		41,645		97,734	$	632,341	$	-
Blue Chip Growth Fund, Class S		-		85,880		1,321		84,559		839,667		-
Capital Appreciation Fund, Class S*		69,118		6,530		47,435		28,213		323,319		-
Core Bond Fund, Class S*		9,553		2,814		1,281		11,086		119,175		-
Discovery Value Fund, Class S*		-		8,821		170		8,651		89,104		-
Diversified Bond Fund, Class S*		9,715		2,792		1,611		10,896		113,316		-
Diversified Growth Fund, Class S		-		35,872		499		35,373		304,918		-
Diversified International Fund, Class S		50,003		25,564		1,231		74,336		696,524		-
Diversified Value Fund, Class S		45,901		12,077		9,659		48,319		483,676		-
Emerging Growth Fund, Class S		-		15,154		263		14,891		107,513		-
Enhanced Index Growth Fund, Class S*		85,577		18,673		24,044		80,206		733,881		-
Enhanced Index Value Fund, Class S*		44,898		19,441		880		63,459		690,436		-

280

Notes to Financial Statements (Unaudited) (Continued)

	Number of Shares Held, Beginning of Period		Purchases		Sales		Number of Shares Held, End of Period		Value, End of Period		Dividend Income
Destination Retirement 2050 Fund (continued)
Focused International Fund, Class S*		-		4,749		130		4,619	$	65,224	$	-
Focused Value Fund, Class S		11,583		4,172		224		15,531		216,657		-
Fundamental Value Fund, Class S		76,190		20,373		9,981		86,582		928,157		-
High Yield Fund, Class S*		-		8,046		114		7,932		76,065		-
Inflation-Protected Bond Fund, Class S*		15,854		2,812		7,738		10,928		118,027		-
International Bond Fund, Class S*		-		11,367		502		10,865		114,515		-
International Equity Fund, Class S*		30,998		9,748		595		40,151		628,770		-
Large Cap Value Fund, Class S		46,211		10,821		11,794		45,238		507,120		-
Main Street Small Cap Fund, Class S*		27,542		35,100		927		61,715		579,504		-
Mid Cap Growth Equity Fund, Class S		5,436		22,945		438		27,943		293,963		-
Mid Cap Growth Equity II Fund, Class S		18,639		7,087		422		25,304		362,351		-
Mid-Cap Value Fund, Class S		46,431		13,511		3,881		56,061		451,293		-
Overseas Fund, Class S		90,310		25,183		1,815		113,678		1,122,004		-
Short-Duration Bond Fund, Class S		-		9,676		4,016		5,660		57,391		-
Small Cap Core Equity Fund, Class S**		5,415		9,790		15,205		-		-		199
Small Cap Growth Equity Fund, Class S		21,101		1,844		16,142		6,803		100,759		-
Small Cap Value Equity Fund, Class S		17,373		6,382		338		23,417		192,722		-
Small Company Growth Fund, Class S		6,079		17,716		358		23,437		203,900		-
Small Company Value Fund, Class S		15,665		3,750		2,920		16,495		206,842		-
Strategic Income Fund, Class S*		13,265		854		14,119		-		-		-
Value Fund, Class S*		6,878		1,608		1,648		6,838		104,205		-
									$	11,463,339	$	199

*  MassMutual Premier Fund.

**  The Fund was dissolved effective April 30, 2008.

8.  Indemnifications
  Under the Funds' organizational documents, current and former Trustees and Officers are provided with a limited indemnification against liabilities arising in connection with the performance of their duties to the Funds, and shareholders are indemnified against personal liability for obligations of the Funds. In the normal course of business, the Funds may also enter into contracts that provide general indemnifications. The Funds' maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Funds. The risk of material loss from such claims is considered remote.

9.  New Accounting Pronouncements
  In March 2008, the Financial Accounting Standards Board issued Statement of Financial Accounting Standards No. 161, "Disclosures about Derivative Instruments and Hedging Activities" ("SFAS 161"). SFAS 161 is effective for fiscal years and interim periods beginning after November 15, 2008. SFAS 161 requires enhanced disclosures about Funds' derivative and hedging activities. Management is currently evaluating the impact the adoption of SFAS 161 will have on the Funds' financial statement disclosures.

281

Notes to Financial Statements (Unaudited) (Continued)

10.  Proxy Voting
  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 and on the Securities and Exchange Commission's website at http://www.sec.gov.

11.  Quarterly Reporting
  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.

12.  Trustees' Approval of Investment Advisory Contracts
  At meetings in February 2008, the Contract Committee (the "Committee") and the Board of Trustees (the "Board"), including the Trustees who are not "interested persons" (as such term is defined in the 1940 Act) of the Trust, MassMutual or Sub-Advisers (the "Independent Trustees"), re-approved, as applicable, 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, Core Opportunities Fund, Blue Chip Growth Fund, Large Cap Growth Fund, Aggressive Growth Fund, NASDAQ-100 Fund, Focused Value Fund, Mid-Cap Value Fund, Small Cap Value Equity 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, Diversified International Fund, Overseas Fund, Destination Retirement Income Fund, Destination Retirement 2010 Fund, Destination Retirement 2020 Fund, Destination Retirement 2030 Fund and Destination Retirement 2040 Fund. In preparation for the meetings, the Trustees requested, and MassMutual and the Sub-Advisers provided in advance, certain materials relevant to the consideration of the Contracts (the "Meeting Materials"). In all of their deliberations, the Trustees were advised by independent counsel.

The Committee received in advance of the meetings (i) a memorandum from MassMutual discussing the nature and quality of the services it provides as investment manager to the Funds; (ii) a profitability analysis prepared by MassMutual; and (iii) a fee and performance 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 detailed comparative management fee, total expense and performance information for each Fund to assist the Committee in their evaluation of the Contracts. The Committee also considered information presented to them throughout the year regarding MassMutual and each of the Sub-Advisers.

The Committee considered the nature, scope and quality of services MassMutual provides to the Funds, including: (i) the financial condition, stability and business strategy of MassMutual; (ii) the capability of MassMutual with respect to regulatory compliance and its ability to monitor compliance with the investment policies of the Funds; (iii) MassMutual's ability to provide investment oversight, administrative and shareholder services to the Funds; and (iv) the experience and qualifications of the personnel of MassMutual 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 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 ratio against peer funds; and (ii) the Fund's relative performance (over various time periods against peer funds and a benchmark index). In connection with their review, the Trustees noted that they had received in advance of the meeting or during the course of the past year: (i) detailed information regarding MassMutual's ability to provide investment oversight,

282

Notes to Financial Statements (Unaudited) (Continued)

administrative and shareholder services to the Funds; and (ii) a wide range of information about each Sub-Adviser and its personnel with responsibilities for providing services to the respective Fund and the fees payable to each Sub-Adviser by MassMutual. Throughout the discussion, MassMutual responded to Trustee questions and provided additional information concerning each Fund.

With respect to the Emerging Growth Fund, Mid Cap Growth Equity II Fund, Value Equity Fund, Small Cap Growth Equity Fund, Diversified Value Fund, Large Cap Growth Fund, Fundamental Value Fund, Large Cap Value Fund and Core Opportunities Fund, the Committee considered, in addition to the other factors noted above, the fact that each Fund (i) had total net expenses that ranked in the 3rd quintile or better in the Fund's expense group or expense universe or were close to median (within approximately .04% to .08%) and (ii) had performance for the three-year period, or the one-year period for those Funds that do not have a three-year track record, that ranked in the 3rd quintile or better in the Fund's performance universe. With respect to the Large Cap Value Fund, the Committee also noted that MassMutual was proposing to add a .05% breakpoint in the Fund's advisory fee at $1.5 billion.

With respect to the NASDAQ-100 Fund, Small Company Value Fund, Aggressive Growth Fund and Blue Chip Growth Fund, the Committee considered, in addition to the other factors noted above, the fact that each Fund (i) had total net expenses that ranked in the 2nd quintile or better in the Fund's expense group or expense universe or were close to median (within approximately .04% to .11%) and (ii) had performance that had improved during the past two years, in most cases following a sub-adviser change.

With respect to the Diversified International Fund, Small Cap Value Equity Fund, Mid-Cap Value Fund, Overseas Fund, Focused Value Fund, Strategic Bond Fund and Indexed Equity Fund, the Committee considered, in addition to the other factors noted above, the fact that (i) each Fund had total net expenses that ranked in the 3rd quintile or better in the Fund's expense group or expense universe or were close to median (within approximately .03% to .05%) and (ii) MassMutual remained confident in each Fund's sub-adviser based on the sub-adviser's long-term track record, which MassMutual reviewed with the Committee.

With respect to the Strategic Balanced Fund, Small Cap Core Equity Fund, Small Company Growth Fund and Mid Cap Growth Equity Fund, the Committee considered, in addition to the other factors noted above, the fact that (i) each Fund had total net expenses that ranked in the 3rd quintile or better in the Fund's expense group or expense universe or were close to median (within approximately .04%) and (ii) MassMutual has implemented, or is proposing to implement, changes to address each Fund's 4th or 5th quintile ranking in its performance universe for the three-year period, or the one-year period for those Funds that do not have a three-year track record.

With respect to the Destination Retirement Income Fund, Destination Retirement 2010 Fund, Destination Retirement 2020 Fund, Destination Retirement 2030 Fund and Destination Retirement 2040 Fund, the Committee considered, in addition to the other factors noted above, the fact that MassMutual was proposing to decrease each Fund's advisory fee by introducing a new fee schedule with breakpoints as follows: .05% on the first $500 million; .025% bps on the next $500 million; and 0.00% over $1 billion. The Committee also took note of the fact that, as discussed at previous Board meetings, MassMutual had recently made changes to each Destination Retirement Fund's strategy to improve, and reduce the volatility of, the Fund's performance. Additionally, it was noted that MassMutual was also proposing to implement this fee reduction for the new Destination Retirement 2050 Fund.

In conjunction with their review of the Third-Party Report, the Committee also reviewed and considered information included in the Meeting Materials, or discussed at the meeting, concerning economies of scale and the profitability of MassMutual'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 MassMutual; and (ii) profitability information for the Funds and each Fund individually, which included a sensitivity analysis of the

283

Notes to Financial Statements (Unaudited) (Continued)

expected level of profitability assuming increased Fund assets at specified levels. The discussions and consideration included the intangible benefits derived by MassMutual and its affiliates resulting from their relationships with the Funds and the so-called "fallout benefits" to MassMutual, such as any reputational value derived from serving as investment adviser to the Funds, and benefits accruing to Sub-Advisers due to so-called "soft-dollar arrangements." It was noted that the 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.

Prior to the votes being taken to approve the Contracts, the Committee met separately in executive session to discuss the appropriateness of the Contracts. The Committee 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 Committee did not identify any single matter as all-important or controlling. The foregoing summary does not detail all of the matters considered.

As to each of the Funds, the Committee concluded that: (i) overall, they were 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 MassMutual's oversight of the Funds and the sub-advisory process; (ii) MassMutual's levels of profitability from its relationship to the various Funds are not excessive and the advisory fees payable under the Contracts and the total net expenses are fair and reasonable; (iii) the investment processes, research capabilities and philosophies of each Sub-Adviser appear well suited to each Fund, given its 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 MassMutual has proposed to remedy any underperformance of a Fund, are sufficient to warrant continuation of t he Contracts 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 interest of each Fund's shareholders.

At a Meeting in February 2008, the Board, including the Independent Trustees, approved a new Sub-Advisory Agreement ("New Sub-Advisory Agreement") with Pyramis for the Value Equity Fund. As a result of the reorganization of FMR LLC's institutional and sub-advisory business activities, the Board was asked to terminate the current sub-advisory agreement for the Value Equity Fund with Fidelity Management & Research Company ("FMR"), a wholly owned subsidiary of FMR LLC, and to approve a New Sub-Advisory Agreement with almost identical terms with Pyramis, another wholly owned subsidiary of FMR LLC. It was noted that the proposed change would not result in any change to the sub-advisory fee or in any material change to the investment style, philosophy or strategy for the Fund or in the personnel managing the Fund.

In approving the New Sub-Advisory Agreement, the Board considered information about, among other things: (i) the Sub-Adviser and its personnel with responsibilities for providing services to the Fund; (ii) the terms of the New Sub-Advisory Agreement; (iii) the scope and quality of the services that the Sub-Adviser would provide to the Fund under the agreement; (iv) the fees payable to the Sub-Adviser by the Adviser; and (v) the Sub-Adviser'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 the Sub-Adviser.

Based on the foregoing, the Board concluded that (i) the investment processes, research capabilities and philosophies of the Sub-Adviser were appropriate for the Fund given its investment objective and policies; and (ii) the terms of the New Sub-Advisory Agreement are fair and reasonable with respect to the Fund and are in the best interest of the Fund's shareholders. After carefully considering the information summarized above, the Board, including the Independent Trustees voting separately, unanimously voted to approve the New Sub-Advisory Agreement.

284

Notes to Financial Statements (Unaudited) (Continued)

Prior to the votes being taken to approve the New Sub-Advisory Agreement, the Independent Trustees met separately in executive session to discuss the appropriateness of such contract. In their deliberations with respect to this matter, the Independent Trustees were advised by their independent legal counsel. The Independent Trustees weighed the foregoing matter 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 Board, 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 for the Value Equity Fund became effective April 1, 2008.

At a meeting in May 2008, the Board, including the Independent Trustees, approved an amended Sub-Advisory Agreement ("Amended Sub-Advisory Agreement") with Harris for the Overseas Fund. Under the Amended Sub-Advisory Agreement, a modification would be made to the investment sub-advisory fee paid to Harris for the Overseas Fund, whereby a new breakpoint would be added at a level of assets that the Fund had not yet reached. The Amended Sub-Advisory Agreement was effective retroactive to March 1, 2008.

At the May 2008 meeting, the Board also approved an Amendment to each Fund's Sub-Advisory Agreement to reflect that (i) each Sub-Adviser will not consult with any other sub-adviser to a Fund for which MassMutual serves as investment adviser concerning transactions for the Fund in securities or other assets, and (ii) if two or more Sub-Advisers are responsible for providing investment advice to a Fund, that each Sub-Adviser's responsibility for providing advice is limited to their discrete portion of the Fund's portfolio.

285

Other Information (Unaudited)

Fund Expenses June 30, 2008

Expense Examples	The following information is in regards to expenses for the six months ended June 30, 2008: 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, 2008.
Actual Expenses	The first four columns of the table below provide information about actual account values and actual expenses. You may use this information, 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 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 last two columns of the table below provide 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 table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the last two columns of the table are useful in 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.

	Beginning Value		Annualized Expense Ratio			Ending Value (Based on Actual Returns and Expenses)		Operating Expenses Incurred*		Ending Value (Based on Hypothetical Returns and Expenses)		Operating Expenses Incurred*
Strategic Bond Fund
Class A	$	1,000		1.05	%	$	996.00	$	5.21	$	1,019.60	$	5.27
Class L		1,000		0.80	%		997.00		3.97		1,020.90		4.02
Class Y		1,000		0.71	%		998.00		3.53		1,021.30		3.57
Class S		1,000		0.66	%		998.00		3.28		1,021.60		3.32
Class N		1,000		1.33	%		994.00		6.59		1,018.20		6.67
Strategic Balanced Fund
Class A		1,000		1.26	%		931.90		6.05		1,018.60		6.32
Class L		1,000		1.01	%		932.90		4.85		1,019.80		5.07
Class Y		1,000		0.86	%		933.80		4.13		1,020.60		4.32
Class S		1,000		0.81	%		934.60		3.90		1,020.80		4.07
Class N		1,000		1.56	%		930.70		7.49		1,017.10		7.82

286

Other Information (Unaudited) (Continued)

	Beginning Value		Annualized Expense Ratio			Ending Value (Based on Actual Returns and Expenses)		Operating Expenses Incurred*		Ending Value (Based on Hypothetical Returns and Expenses)		Operating Expenses Incurred*
Diversified Value Fund
Class A	$	1,000		1.09	%	$	825.30	$	4.95	$	1,019.40	$	5.47
Class L		1,000		0.80	%		826.80		3.63		1,020.90		4.02
Class Y		1,000		0.69	%		827.70		3.14		1,021.40		3.47
Class S		1,000		0.59	%		828.00		2.68		1,021.90		2.97
Class N		1,000		1.39	%		823.80		6.30		1,018.00		6.97
Fundamental Value Fund
Class A		1,000		1.24	%		902.20		5.86		1,018.70		6.22
Class L		1,000		0.98	%		903.60		4.64		1,020.00		4.92
Class Y		1,000		0.83	%		904.60		3.93		1,020.70		4.17
Class S		1,000		0.80	%		903.90		3.79		1,020.90		4.02
Class N		1,000		1.53	%		901.40		7.23		1,017.30		7.67
Value Equity Fund
Class A		1,000		1.32	%		857.90		6.10		1,018.30		6.62
Class L		1,000		1.07	%		859.00		4.95		1,019.50		5.37
Class Y		1,000		0.92	%		859.00		4.25		1,020.30		4.62
Class S		1,000		0.87	%		860.70		4.02		1,020.50		4.37
Class N		1,000		1.62	%		857.00		7.48		1,016.80		8.12
Large Cap Value Fund
Class A		1,000		1.25	%		885.90		5.86		1,018.60		6.27
Class L		1,000		1.00	%		886.40		4.69		1,019.90		5.02
Class Y		1,000		0.85	%		887.50		3.99		1,020.60		4.27
Class S		1,000		0.76	%		886.90		3.57		1,021.10		3.82
Class N		1,000		1.55	%		883.70		7.26		1,017.20		7.77
Indexed Equity Fund
Class A		1,000		0.65	%		877.70		3.03		1,021.60		3.27
Class L		1,000		0.40	%		878.90		1.87		1,022.90		2.01
Class Y		1,000		0.45	%		879.10		2.10		1,022.60		2.26
Class S		1,000		0.42	%		879.50		1.96		1,022.80		2.11
Class Z		1,000		0.21	%		880.20		0.98		1,023.80		1.06
Class N		1,000		0.95	%		876.40		4.43		1,020.10		4.77
Core Opportunities Fund
Class A		1,000		1.35	%		935.50		6.50		1,018.20		6.77
Class L		1,000		1.10	%		936.50		5.30		1,019.40		5.52
Class Y		1,000		0.95	%		937.50		4.58		1,020.10		4.77
Class S		1,000		0.86	%		937.60		4.14		1,020.60		4.32
Class N		1,000		1.65	%		934.60		7.94		1,016.70		8.27
Blue Chip Growth Fund
Class A		1,000		1.19	%		890.30		5.59		1,018.90		5.97
Class L		1,000		0.98	%		890.80		4.61		1,020.00		4.92
Class Y		1,000		0.82	%		891.90		3.86		1,020.80		4.12
Class S		1,000		0.76	%		892.20		3.58		1,021.10		3.82
Class N		1,000		1.51	%		888.60		7.09		1,017.40		7.57

287

Other Information (Unaudited) (Continued)

	Beginning Value		Annualized Expense Ratio			Ending Value (Based on Actual Returns and Expenses)		Operating Expenses Incurred*			Ending Value (Based on Hypothetical Returns and Expenses)		Operating Expenses Incurred*
Diversified Growth Fund
Class A	$	1,000		1.25	%	$	860.00	$	5.78		$	1,018.60	$	6.27
Class L		1,000		1.00	%		861.00		4.63			1,019.90		5.02
Class Y		1,000		0.85	%		862.00		3.94			1,020.60		4.27
Class S		1,000		0.80	%		862.00		3.70			1,020.90		4.02
Class N		1,000		1.55	%		859.90		7.17			1,017.20		7.77
Large Cap Growth Fund
Class A		1,000		1.37	%		876.20		6.39			1,018.10		6.87
Class L		1,000		1.12	%		877.60		5.23			1,019.30		5.62
Class Y		1,000		0.97	%		877.40		4.53			1,020.00		4.87
Class S		1,000		0.93	%		878.00		4.34			1,020.20		4.67
Class N		1,000		1.67	%		874.60		7.78			1,016.56		8.37
Aggressive Growth Fund
Class A		1,000		1.35	%		872.20		6.28			1,018.20		6.77
Class L		1,000		1.10	%		873.30		5.12			1,019.40		5.52
Class Y		1,000		0.95	%		874.70		4.43			1,020.10		4.77
Class S		1,000		0.85	%		874.30		3.96			1,020.60		4.27
Class N		1,000		1.65	%		869.60		7.67			1,016.70		8.27
NASDAQ-100 Fund
Class A		1,000		1.14	%		877.90		5.32	��		1,019.20		5.72
Class L		1,000		0.90	%		880.00		4.21			1,020.40		4.52
Class Y		1,000		0.74	%		879.20		3.46			1,021.20		3.72
Class S		1,000		0.64	%		880.40		2.99			1,021.70		3.22
Class N		1,000		1.44	%		875.70		6.72			1,017.70		7.22
Focused Value Fund
Class A		1,000		1.32	%		837.80		6.03			1,018.30		6.62
Class L		1,000		1.07	%		838.60		4.89			1,019.50		5.37
Class Y		1,000		0.92	%		839.30		4.21			1,020.30		4.62
Class S		1,000		0.82	%		839.40		3.75			1,020.80		4.12
Class N		1,000		1.62	%		836.40		7.40			1,016.80		8.12
Mid-Cap Value Fund
Class A		1,000		1.30	%		824.10		5.90			1,018.40		6.52
Class L		1,000		1.05	%		824.60		4.76			1,019.60		5.27
Class Y		1,000		0.90	%		825.60		4.09			1,020.40		4.52
Class S		1,000		0.80	%		825.60		3.63			1,020.90		4.02
Class N		1,000		1.60	%		822.60		7.25			1,016.90		8.02
Small Cap Value Equity Fund
Class A		1,000		1.35	%		875.80		6.30			1,018.20		6.77
Class L		1,000		1.10	%		877.10		5.13			1,019.40		5.52
Class Y		1,000		0.95	%		877.10		4.43			1,020.10		4.77
Class S		1,000		0.85	%		878.30		3.97			1,020.60		4.27
Class N		1,000		1.65	%		874.70		7.69			1,016.70		8.27

288

Other Information (Unaudited) (Continued)

	Beginning Value		Annualized Expense Ratio			Ending Value (Based on Actual Returns and Expenses)		Operating Expenses Incurred*		Ending Value (Based on Hypothetical Returns and Expenses)		Operating Expenses Incurred*
Small Company Value Fund
Class A	$	1,000		1.49	%	$	973.80	$	7.31	$	1,017.45	$	7.47
Class L		1,000		1.24	%		975.60		6.09		1,018.70		6.22
Class Y		1,000		1.09	%		975.80		5.35		1,019.40		5.47
Class S		1,000		1.05	%		975.90		5.16		1,019.60		5.27
Class N		1,000		1.79	%		972.40		8.78		1,016.00		8.97
Mid Cap Growth Equity Fund
Class A		1,000		1.34	%		894.30		6.31		1,018.20		6.72
Class L		1,000		1.09	%		895.50		5.14		1,019.40		5.47
Class Y		1,000		0.94	%		895.70		4.43		1,020.20		4.72
Class S		1,000		0.87	%		896.10		4.10		1,020.50		4.37
Class N		1,000		1.64	%		892.60		7.72		1,016.70		8.22
Mid Cap Growth Equity II Fund
Class A		1,000		1.35	%		934.90		6.49		1,018.20		6.77
Class L		1,000		1.10	%		936.10		5.30		1,019.40		5.52
Class Y		1,000		0.95	%		937.50		4.58		1,020.10		4.77
Class S		1,000		0.86	%		937.20		4.14		1,020.60		4.32
Class N		1,000		1.65	%		933.80		7.93		1,016.70		8.27
Small Cap Growth Equity Fund
Class A		1,000		1.51	%		878.20		7.05		1,017.40		7.57
Class L		1,000		1.26	%		879.00		5.89		1,018.60		6.32
Class Y		1,000		1.11	%		880.40		5.19		1,019.30		5.57
Class S		1,000		0.97	%		880.50		4.54		1,020.00		4.87
Class N		1,000		1.81	%		877.10		8.45		1,015.90		9.07
Small Company Growth Fund
Class A		1,000		1.53	%		862.00		7.08		1,017.30		7.67
Class L		1,000		1.28	%		863.50		5.93		1,018.50		6.42
Class Y		1,000		1.13	%		863.70		5.24		1,019.20		5.67
Class S		1,000		1.09	%		863.10		5.05		1,019.40		5.47
Class N		1,000		1.84	%		860.70		8.51		1,015.70		9.22
Emerging Growth Fund
Class A		1,000		1.45	%		946.60		7.02		1,017.70		7.27
Class L		1,000		1.20	%		947.70		5.81		1,018.90		6.02
Class Y		1,000		1.05	%		948.40		5.09		1,019.60		5.27
Class S		1,000		0.95	%		948.80		4.60		1,020.10		4.77
Class N		1,000		1.75	%		945.60		8.47		1,016.20		8.77
Diversified International Fund
Class A		1,000		1.42	%		888.40		6.67		1,017.80		7.12
Class L		1,000		1.17	%		889.50		5.50		1,019.00		5.87
Class Y		1,000		1.09	%		890.40		5.12		1,019.40		5.47
Class S		1,000		0.99	%		890.50		4.65		1,019.90		4.97
Class N		1,000		1.72	%		887.60		8.07		1,016.30		8.62

289

Other Information (Unaudited) (Continued)

	Beginning Value		Annualized Expense Ratio			Ending Value (Based on Actual Returns and Expenses)		Operating Expenses Incurred*		Ending Value (Based on Hypothetical Returns and Expenses)		Operating Expenses Incurred*
Overseas Fund
Class A	$	1,000		1.59	%	$	858.80	$	7.35	$	1,017.00	$	7.97
Class L		1,000		1.34	%		859.90		6.20		1,018.20		6.72
Class Y		1,000		1.29	%		860.30		5.97		1,018.40		6.47
Class S		1,000		1.24	%		859.80		5.73		1,018.70		6.22
Class N		1,000		1.89	%		857.90		8.73		1,015.50		9.47
Destination Retirement Income Fund
Class A		1,000		0.48	%		965.80		2.35		1,022.50		2.41
Class L		1,000		0.23	%		966.00		1.12		1,023.70		1.16
Class Y		1,000		0.13	%		967.90		0.64		1,024.20		0.65
Class S		1,000		0.11	%		966.90		0.54		1,024.30		0.55
Class N		1,000		0.78	%		963.90		3.81		1,021.00		3.92
Destination Retirement 2010 Fund
Class A		1,000		0.51	%		936.10		2.46		1,022.30		2.56
Class L		1,000		0.26	%		937.30		1.25		1,023.60		1.31
Class Y		1,000		0.16	%		938.30		0.77		1,024.10		0.81
Class S		1,000		0.11	%		938.30		0.53		1,024.30		0.55
Class N		1,000		0.81	%		935.20		3.90		1,020.80		4.07
Destination Retirement 2020 Fund
Class A		1,000		0.49	%		909.00		2.33		1,022.40		2.46
Class L		1,000		0.24	%		910.40		1.14		1,023.70		1.21
Class Y		1,000		0.14	%		911.30		0.67		1,024.20		0.70
Class S		1,000		0.09	%		910.50		0.43		1,024.40		0.45
Class N		1,000		0.79	%		908.20		3.75		1,020.90		3.97
Destination Retirement 2030 Fund
Class A		1,000		0.50	%		892.90		2.35		1,022.40		2.51
Class L		1,000		0.25	%		894.50		1.18		1,023.60		1.26
Class Y		1,000		0.15	%		894.40		0.71		1,024.10		0.75
Class S		1,000		0.10	%		894.60		0.47		1,024.40		0.50
Class N		1,000		0.80	%		891.40		3.76		1,020.90		4.02
Destination Retirement 2040 Fund
Class A		1,000		0.49	%		888.60		2.30		1,022.40		2.46
Class L		1,000		0.24	%		889.40		1.13		1,023.70		1.21
Class Y		1,000		0.14	%		890.10		0.66		1,024.20		0.70
Class S		1,000		0.09	%		890.20		0.42		1,024.40		0.45
Class N		1,000		0.79	%		887.20		3.71		1,020.90		3.97
Destination Retirement 2050 Fund
Class A		1,000		0.50	%		887.40		2.35		1,022.40		2.51
Class L		1,000		0.25	%		888.40		1.17		1,023.60		1.26
Class Y		1,000		0.15	%		889.40		0.70		1,024.10		0.75
Class S		1,000		0.10	%		889.40		0.47		1,024.40		0.50
Class N		1,000		0.80	%		886.50		3.75		1,020.90		4.02

*  Expenses are calculated using the annualized expense ratio for the six months ended June 30, 2008, 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, unless stated otherwise.

290

Distributor:

MML Distributors, LLC
1295 State Street
Springfield, MA 01111-0001

August 29, 2008

Securities offered through registered representatives of MML Investors Services, Inc., member FINRA and SIPC (www.finra.org and www.sipc.org), 1295 State Street, Springfield, MA 01111.

© 2008 Massachusetts Mutual Life Insurance Company. All rights reserved.

MassMutual Financial Group is a marketing name for Massachusetts Mutual Life
Insurance Company (MassMutual) and its affiliated companies and sales representatives.

L4543 808
C:14941-00

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) Certifications 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)) are attached hereto as Exhibit 99CERT.

(a)(3) Not applicable to this filing.

(b) Certifications 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) are 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/ Eric Wietsma
		Eric Wietsma, President and Principal Executive Officer

Date   8/28/08

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/ Eric Wietsma
	Eric Wietsma, President and Principal Executive Officer

Date   8/28/08

By (Signature and Title)	/s/ Nicholas H. Palmerino
	Nicholas H. Palmerino, Treasurer and Principal Financial Officer

Date   8/28/08