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: 12/31/2010

Date of reporting period: 12/31/2010

Item 1. Reports to Stockholders.

Table of Contents

President’s Letter to Shareholders	1
Economic and Market Review	3
Portfolio Manager Reports	6
Portfolio of Investments
MassMutual Select PIMCO Total Return Fund	94
MassMutual Select Strategic Bond Fund	101
MassMutual Select Strategic Balanced Fund	113
MassMutual Select Global Allocation Fund	124
MassMutual Select Diversified Value Fund	140
MassMutual Select Fundamental Value Fund	145
MassMutual Select Value Equity Fund	147
MassMutual Select Large Cap Value Fund	149
MassMutual Select Indexed Equity Fund	152
MassMutual Select Core Opportunities Fund	159
MassMutual Select Blue Chip Growth Fund	162
MassMutual Select Large Cap Growth Fund	165
MassMutual Select Aggressive Growth Fund	168
MassMutual Select NASDAQ-100 Fund	170
MassMutual Select Focused Value Fund	172
MassMutual Select Mid-Cap Value Fund	173
MassMutual Select Small Cap Value Equity Fund	176
MassMutual Select Small Company Value Fund	179
MassMutual Select Mid Cap Growth Equity Fund	185
MassMutual Select Mid Cap Growth Equity II Fund	189
MassMutual Select Small Cap Growth Equity Fund	193
MassMutual Select Small Company Growth Fund	197
MassMutual Select Diversified International Fund	201
MassMutual Select Overseas Fund	204
MassMutual Select Destination Retirement Income Fund	209
MassMutual Select Destination Retirement 2010 Fund	210
MassMutual Select Destination Retirement 2015 Fund	211
MassMutual Select Destination Retirement 2020 Fund	212
MassMutual Select Destination Retirement 2025 Fund	213
MassMutual Select Destination Retirement 2030 Fund	214
MassMutual Select Destination Retirement 2035 Fund	215
MassMutual Select Destination Retirement 2040 Fund	216
MassMutual Select Destination Retirement 2045 Fund	217
MassMutual Select Destination Retirement 2050 Fund	218
Statements of Assets and Liabilities	220
Statements of Operations	240
Statements of Changes in Net Assets	250
Financial Highlights	268
Notes to Financial Statements	359
Report of Independent Registered Public Accounting Firm	447
Trustees and Officers (Unaudited)	448
Federal Tax Information (Unaudited)	452
Other Information (Unaudited)
Proxy Voting	454
Quarterly Reporting	454
Trustees’ Approval of Investment Advisory Contracts	454
Submission of Matters to a Vote of Security Holders	456
Fund Expenses	457

This material must be preceded or accompanied by a current prospectus (or summary prospectus, if available) 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 (or summary prospectus, if available). Read it carefully before investing.

MassMutual Select Funds – President’s Letter to Shareholders

To Our Shareholders

Eric Wietsma

“MassMutual’s view is that a retirement investment plan tailored to your time horizon and your tolerance for risk can help you navigate short-term gyrations in the markets. By monitoring your plan regularly and adjusting your retirement planning strategy when appropriate, you can help yourself as you pursue your long-term financial objectives.”

December 31, 2010

Cautious optimism emerges as recovery continues

I am pleased to present you with the MassMutual Select Funds Annual Report, covering the year ended December 31, 2010. Equity markets worldwide advanced during this period (some in the double digits), yet volatility continued to be a factor. Investors in the U.S. and abroad repeatedly demonstrated how connected we all are to the global economy in this modern era, driving U.S. and foreign markets up and down in reaction to the latest news events and economic data from around the world. Despite generally improving market conditions, economic challenges remained for most of the countries where markets advanced. But investors in the U.S. found reason for optimism, as several economic indicators in December pointed to possible signs of sustained recovery.

Retirement investing is a long-term proposition

If you work with a financial professional, you may wish to consider contacting him or her to help you evaluate and fine-tune your overall investment strategy. This can be an effective way to help ensure that you are on the right path toward your long-term investment objectives.

The market environment we witnessed in 2010 should remind us that investing for retirement is a long-term proposition – despite whatever changes or events may occur in the short term. The markets are cyclical, and investors who realized this and stayed the course over the past few years were rewarded in 2010. The major equity markets in the U.S. advanced in 2010, with a similar scenario playing out in many markets abroad.

One reason why financial professionals typically believe it is important to stay invested through all market conditions can be seen in the five-year performance history of the S&P 500^® Index¹ (the “S&P 500”), a widely used measure of large-cap stock performance in the U.S. On January 3, 2006, the S&P 500 closed at 1268.80. As you may recall, stock prices dropped significantly, beginning in late 2007 and through early 2009. On March 9, 2009, the S&P 500 closed at 676.53, its lowest level over the five years. Yet, by market close on December 31, 2010, the S&P 500 was back up to 1257.64. Consequently, investors in large-cap U.S. stocks who remained invested throughout this period likely benefited from the market recovery that began in March 2009. Conversely, those who “cashed out” of these stocks during the market downturn locked in their losses and did not participate in the recovery rally.

Keep these basic ideas in mind

• Retirement investing is different. Investing for retirement is not like saving or investing for short-term needs, such as a vacation or a new car. The longer time that many retirement investors have to invest may give them an advantage over individuals with a shorter time frame to work with.

• Invest regularly and boost your contribution rate. Contributing to your retirement account on a regular basis can help you to buy more shares or units of an investment when its price is lower and fewer shares or units when its price is higher.² Boosting your contribution rate periodically (even by a small amount), over time, may help you increase the amount of money in your account as retirement approaches.

¹ Indexes are unmanaged, do not incur fees or expenses and cannot be purchased directly for investment.

² Systematic investing and asset allocation do not ensure a profit or protect against loss in a declining market. Systematic investing involves continuous investment in securities regardless of fluctuating price levels. Investors should consider their ability to continue investing through periods of low price levels.

1

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

• Choose investments that work for you and monitor your account regularly. No one knows your financial goals and objectives better than you. So be sure to select the stock, bond and short-term/money market investments that you feel will help you reach your goals. One of the greatest advantages you have when you diversify your investment choices is that these three distinct investment types tend to behave differently under various economic conditions. Consequently, many financial professionals hold the view that individuals can help reduce their risk of overexposure to one or two poorly performing investment types by diversifying across multiple types.

Keep your eye on the future and stay current with your plan

We believe doing business with MassMutual is the sign of a good decision – as is focusing on the long term when it comes to planning for retirement. As you can see from the S&P 500 example noted above, short-term changes in the markets don’t necessarily have to result in a long-term impact on your retirement account. MassMutual’s view is that a retirement investment plan tailored to your time horizon and your tolerance for risk can help you navigate short-term gyrations in the markets. By monitoring your plan regularly and adjusting your retirement planning strategy when appropriate, you can help yourself as you pursue your long-term financial objectives.

As always, thank you for your confidence and trust in MassMutual.

Sincerely,

Eric Wietsma

President

The information provided is the opinion of MassMutual Retirement Services Investment Services as of 1/1/11 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 – Economic and Market Review

December 31, 2010

A challenging year, with emerging signs of recovery

The turnaround in the financial markets that began in March 2009 continued during the year ended December 31, 2010, although there were numerous – and some significant – bumps along the way. The stock market in the United States was largely positive throughout the year, despite notable periods of underperformance. Foreign equity markets also overcame difficulties and did well overall, despite generally lagging their U.S. counterparts. Many of the debt-related problems that had plagued some of the more highly leveraged countries in the euro zone (particularly Greece and Ireland) underwent short-term resolution through government intervention, but European debt issues continued to hinder the investing environment as the period ended.

The U.S. dollar remained strong throughout much of the year, although late in the period, investor fears over the Federal Reserve’s (the “Fed”) announced purchase of U.S. Treasury bonds caused the dollar to weaken – against the backdrop of an ongoing run-up in commodity (specifically, gold and oil) prices, which commonly occurs when the dollar declines in value. Crude oil finished the year at roughly $91 per barrel (versus $79 on December 31, 2009) and gold continued to trade higher, closing the year at approximately $1,422 per ounce (versus $1,096 on December 31, 2009).

Key pieces of legislation passed in the year included health care reform (March), which did not have much of an immediate impact on the markets, and the extension of the Bush-era income-tax cuts (December), which linked a two-year extension of the Bush tax cuts (initially signed into law in 2001, but slated to expire without Congressional action on December 31, 2010) to a one-year extension of unemployment benefits and other aid to middle-income earners. Also in politics, the mid-term elections delivered a Republican majority in the U.S. House of Representatives, but the U.S. Senate continued to hold a Democratic majority.

The Fed kept interest rates low, holding the federal funds rate at 0.0% to 0.25%, in its continued focus on stimulating the economy. The federal funds rate is the interest rate that banks and other financial institutions charge each other for borrowing funds overnight.

Certain economic indicators were troubling during the period and seemed mainly to show more bad news than good until the end of the year, when some bright spots appeared on the horizon. Indeed, December economic reports indicated that consumer confidence rose, initial jobless claims fell, and Gross Domestic Product (“GDP”) for the third quarter of the year was revised to reflect a gain of 2.6%, after an initial estimated advance of 2.0%. GDP reflects the total value of goods and services produced in the United States.

Market performance

Both bonds and equities advanced for the 12-month period ended December 31, 2010, although stocks generally outperformed their fixed-income counterparts. The Dow Jones Industrial Average^SM (the “Dow”), a well-known measure of blue-chip stock performance, advanced 11.02%. In a similar fashion, the S&P 500^® Index of U.S. large-cap stocks returned 15.06%. The small-cap Russell 2000^® Index outpaced both of the aforementioned indexes, with a return of 26.85% for the period. The barometer for technology stocks, the NASDAQ Composite^® Index, posted a 16.91% return for the period. Performance was also positive in worldwide equity markets. The MSCI^® EAFE^® Index, a benchmark for foreign stocks in developed markets, advanced 7.75%. The foreign market winner, however, was the MSCI Emerging Markets Index, a benchmark that represents the performance of emerging stock markets throughout the world, which advanced 18.88%.

Fixed-income investments generally trailed their equity counterparts during the 12-month period. The Barclays Capital U.S. Aggregate Bond Index, a broad measure of the U.S. investment-grade bond markets, gained 6.54%. Treasury bills gained just 0.13%. The outstanding performer in the fixed-income arena was the Barclays Capital U.S. Corporate High Yield Index, a measure of the performance of fixed-rate, non-investment-grade debt from corporate sectors, which advanced 15.12%. Conversely, the Barclays Capital U.S. 1-3 Year Government Bond Index, which measures the performance of short-term U.S. government bonds, returned 2.40%.*

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

3

MassMutual Select Funds – Economic and Market Review (Continued)

First quarter of 2010: A ‘mixed’ start to the year

Despite struggling in January and into the early part of February, the U.S. stock market turned in a solid performance during the first three months of 2010. In the bond market, yields of U.S. Treasury securities were lower, and prices higher, for most of the first quarter. Bond prices move in the opposite direction of interest rates (or yields); when yields rise, the prices of existing bonds fall – and vice versa.

Concerns over the sovereign debt problems of Greece, Portugal, Italy, Ireland, and Spain hindered U.S. and foreign stock performance early in the quarter, but efforts by the European Union to find a sustainable solution helped the markets rally in February and March. These debt concerns increased the attractiveness of the U.S. dollar, which rose against the euro and other key foreign currencies.

Financial news for the quarter was decidedly mixed. On the positive side, the final estimate for fourth-quarter 2009 GDP came in at a healthy 5.6%, and fourth-quarter 2009 corporate earnings benefited from aggressive cost-cutting and favorable comparisons with the weak fourth quarter of 2008. Unemployment, at 9.7% for February, remained stubbornly high, and the residential real estate market remained hampered by a large supply of homes for sale, weak demand and widespread borrower defaults. On the bright side, U.S. corporate earnings reports were generally strong.

Second quarter of 2010 marred by stock market downturn, mixed economic indicators

U.S. and foreign stock markets pulled back sharply during the second quarter of 2010 – after a vigorous rally that had lasted more than 13 months. This selloff was largely due to deepening fears about the European debt crisis as well as growing concerns about a possible double-dip recession in the United States. The April 20 explosion of the BP-licensed Deepwater Horizon oil-drilling rig and the resulting oil spill contributed to the uncertainty of the economic environment and held the media’s attention until the spill was stopped and the well capped later in the summer. May was especially challenging, with most of the major indexes giving up substantial ground. May 6 was particularly memorable, when the Dow, down more than 300 points already for the day, dropped more than 600 additional points and recovered most of the additional loss in about 20 minutes in what was subsequently termed a “flash crash” by market pundits (due to the market’s quick descent and recovery). The flash crash set a Dow record for the largest-ever intraday decline: almost 1,000 points.

During this period, bonds responded well to signs that the U.S. economy might be facing slower growth than previously expected. Treasury yields dropped sharply and prices posted healthy advances, with the largest gains occurring in longer maturities. The U.S. dollar continued to appreciate, and emerging markets equities suffered shallower declines than most developed markets. Economic data releases pointed to a still-expanding, but fragile, U.S. economy. In June, the third and final estimate of GDP growth for the first quarter was revised downward to 2.7% from 3.0%. Also noteworthy was the unemployment rate, which remained at 9.7%.

Third quarter of 2010: Stocks rebound; recession officially ‘ends’

U.S. stocks delivered solid gains in the third quarter of 2010, although the up-down-up pattern of the major indexes left many investors perplexed. Solid second-quarter earnings and economic reports that were not as bad as expected helped fuel the advance. Bond prices rose, and yields of U.S. Treasury securities continued the precipitous decline that began in April, taking the yield of the bellwether 10-year note from 2.97% at the end of the second quarter down to 2.53% at the end of the third quarter. The yield of the 10-year note is an important factor in determining mortgage rates, so the historically low rates drove significant mortgage refinancing activity.

The U.S. economy had expanded in the second quarter of 2010, but at a slower pace than in the first quarter, so the Commerce Department’s final estimate of second-quarter GDP released in the third quarter was a tepid 1.7% on an annualized basis. The third quarter’s report on unemployment, released at the beginning of September, revealed a jobless rate of 9.6%. Concern about the euro zone’s sovereign debt crisis eased further, as Spain’s issuance of 6 billion euros of debt at the beginning of July met strong demand and offered better-than-expected pricing. The U.S. dollar weakened against most key developed market currencies. Finally, in September, the National Bureau of Economic Research issued a statement identifying June 2009 as the end of the Great Recession (which began in December 2007) – a conclusion that was questioned by many, since so many economic problems remained unresolved.

4

MassMutual Select Funds – Economic and Market Review (Continued)

Fourth quarter of 2010: Signs of recovery continue

The stock market continued its upward march in the final quarter of the year – although November proved challenging for most domestic equities. Equity markets regained momentum in December; all broad domestic stock indexes advanced for the quarter and turned in double-digit returns for the full year. Conversely, bonds struggled during the fourth quarter of 2010. After falling precipitously for much of the year, yields in the Treasury market reversed course and surged higher from early October through mid-December, pressuring bond prices. For example, the yield of the bellwether 10-year Treasury note rose from 2.52% to 3.31% during the quarter. As a result, most bond indexes finished the quarter with losses, with the longer maturities suffering the most. Losses in corporate bonds were cushioned somewhat by growing optimism about the U.S. economy and corporate profits. High-yield bonds, which tend to correlate more with the fortunes of the issuing company or the issuer’s industry, rather than interest rates, managed solid gains for the quarter.

Although the extension of the Bush-era tax cuts passed by Congress in December – a legislative package estimated to be worth $858 billion – undoubtedly helped the stock market to finish the year on a positive note, it may also be that the Fed’s decision to engage in another round of quantitative easing – referred to as “QE2” – was the main driver of the financial markets during the second half of 2010.

Formally announced on November 3, 2010, QE2 included plans for the Fed to purchase $600 billion of longer-term Treasuries, at a pace of roughly $75 billion per month, by the end of the second quarter of 2011. The plan also called for the reinvestment of $250 billion to $300 billion of proceeds from earlier investments. The stated goal of QE2, as characterized in the Fed’s minutes released on November 3, was to “promote a stronger pace of economic recovery and to help insure that inflation, over time, is at levels consistent with [the Fed’s] mandate.”

While 2010 ended on a positive note, the U.S. economy must still prove itself in 2011. Specifically, investors will be watching to see if the economy can generate enough momentum to meaningfully reduce unemployment and begin to heal the battered residential real estate market. For long-term investors, as always, the challenge is staying disciplined amid constantly shifting markets and avoiding the temptation to buy or sell based on short-term developments.

The information provided is the opinion of MassMutual Retirement Services Investment Services as of 1/1/11 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.

5

MassMutual Select PIMCO Total Return Fund – Portfolio Manager Report

What is the investment approach of MassMutual Select PIMCO Total Return Fund, and who is the Fund’s subadviser?

The Fund seeks maximum total return, consistent with preservation of capital and prudent investment management by investing, under normal circumstances, at least 65% of its total assets in a diversified portfolio of fixed income securities and other debt instruments of domestic and foreign entities. The Fund’s subadviser is Pacific Investment Management Company LLC (PIMCO).

How did the Fund perform since its inception on July 6, 2010?

The Fund’s Class S shares returned 2.88%, outperforming the 0.08%* return of the Barclays Capital U.S. Aggregate Bond Index (the “benchmark”), an unmanaged index of fixed-rate investment-grade securities with at least one year to maturity, combining the Barclays Capital U.S. Treasury Bond Index, the Barclays Capital U.S. Government-Related Bond Index, the Barclays Capital U.S. Corporate Bond Index, and the Barclays Capital U.S. Securitized Bond Index.

For a discussion on the economic and market environment during the 12-month period ended December 31, 2010, please see the Economic and Market Review, beginning on page 3.

Subadviser discussion of factors that contributed to the Fund’s performance

An overweight position, relative to the benchmark, in agency mortgage-backed securities (“MBS”), which outperformed comparable Treasuries since the portfolio’s inception, was positive for Fund performance, as higher mortgage rates later in the year tended to mute prepayment risk and helped mortgages’ relative returns. An overweight position in investment-grade corporate securities added to performance, as this sector outperformed comparable Treasuries as corporate credit fundamentals improved – and a focus on financials contributed further.

Tactical duration positioning in the U.S. hampered the Fund’s performance, as rates rose from August to December 2010. Duration is a measure of a bond or bond portfolio’s sensitivity to interest rates. The longer the duration, the greater the price impact to the bond or portfolio when interest rates rise or fall. Conversely, a curve steepening position in the U.S., implemented via euro dollar futures, added to returns, as prices rose across most money market futures contracts during the last six months of the year. The yield curve is a graphical representation of bond yields with very short maturities to the longest available, with the curve indicating whether short-term rates are higher or lower than long-term rates.

Beyond core sectors, an overweight position in emerging-market local bonds, implemented via Brazilian zero coupon swaps, was neutral for returns, as rates ended the year unchanged from July of 2010. Exposure to a variety of foreign currencies, with an emphasis on the Brazilian real and a basket of Asian currencies, appreciated relative to the U.S. dollar and contributed to the Fund’s progress during the period. Additionally, exposure to Treasury Inflation-Protected Securities (“TIPS”) was positive for returns, as breakeven inflation levels (the yield differential between nominal Treasuries and TIPS) for TIPS widened since the portfolio’s inception – a sign that the Federal Reserve’s (the “Fed”) QE2 (i.e., the second round of the Fed’s quantitative easing) was having some success. A modest exposure to Build America Bonds (BAB) detracted from returns, as taxable municipal supply spiked amid the rush by local governments to tap the federal government subsidy before it expires at the end of 2011.

Subadviser outlook

PIMCO’s global cyclical forecast calls for differentiated growth and inflation across regions in 2011. Strong growth and the potential for rising inflation in emerging economies will likely be offset by weaker growth in most developed economies, especially peripheral Europe. In our view, the tax compromise between the Obama administration and Congress – especially the payroll tax cut and business tax credit – should boost U.S. growth over a cyclical time frame. We believe that the potential failure of policy coordination in Europe poses significant risks to the entire global economy, as one or more sovereign defaults could give rise to a banking crisis with broad systemic consequences. In addition, our opinion is that China and most other emerging markets should enjoy faster growth than the developed world, as slowing exports are likely to be offset by continued growth in domestic demand.

* For the reporting period from August 2 – December 31, 2010.

6

MassMutual Select PIMCO Total Return Fund – Portfolio Manager Report (Continued)

MassMutual Select PIMCO Total Return Fund Quality Structure (% of Net Assets) on 12/31/10 (Unaudited)
U.S. Government, Aaa/AAA	58.3	%
Aa/AA	13.3	%
A/A	17.5	%
Baa/BBB	13.7	%
Ba/BB	9.2	%
B and Below	6.5	%
Equities	1.7	%
Total Long-Term Investments	120.2	%
Short-Term Investments and Other Assets and Liabilities	(20.2	)%
Net Assets	100.0	%

MassMutual Select PIMCO Total Return Fund Country Weightings (% of Net Assets) on 12/31/10 (Unaudited)
United States	97.5	%
United Kingdom	7.3	%
France	3.8	%
Ireland	2.3	%
Luxembourg	1.7	%
Russia	1.0	%
Brazil	1.0	%
Australia	0.9	%
Canada	0.9	%
Netherlands	0.9	%
Switzerland	0.9	%
Mexico	0.5	%
Cayman Islands	0.5	%
Japan	0.5	%
Germany	0.2	%
Qatar	0.1	%
Bermuda	0.1	%
Republic of Korea	0.1	%
Total Long-Term Investments	120.2	%
Short-Term Investments and Other Assets and Liabilities	(20.2	)%
Net Assets	100.0	%

7

MassMutual Select PIMCO Total Return Fund – Portfolio Manager Report (Continued)

Growth of a $10,000 Investment

Hypothetical Investments in MassMutual Select PIMCO Total Return Fund Class S, Class A, Class A (sales load deducted), Class Y, Class L, Class N, Class N (CDSC fees deducted), Class Z and the Barclays Capital U.S. Aggregate Bond Index.

TOTAL RETURN	Since Inception 7/6/10 - 12/31/10
Class S		2.88%
Class A		2.89%
Class A (sales load deducted)*		-2.00%
Class Y		2.98%
Class L		2.81%
Class N		2.70%
Class N (CDSC fees deducted)*		1.70%
Class Z		3.13%
Barclays Capital U.S. Aggregate Bond Index		0.08%+

GROWTH OF $10,000 INVESTMENT SINCE INCEPTION

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

+ From 8/2/10.

Performance data quoted represents past performance; past performance is not predictive of future results. The investment return and principal value of shares of the Fund will fluctuate with market conditions so that shares of the Fund, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling 1-888-309-3539.

Investors should note that the Fund is a professionally managed mutual fund, while the Barclays Capital U.S. Aggregate Bond Index is unmanaged, does not incur expenses, and cannot be purchased directly by investors. Investors should read the Fund’s prospectus with regard to the Fund’s investment objective, risks and charges and expenses in conjunction with these financial statements. Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges. The performance tables and charts do not reflect the deduction of taxes that a shareholder would pay on the Fund distributions or the redemption of the Fund shares.

8

MassMutual Select Strategic Bond Fund – Portfolio Manager Report

What is the investment approach of MassMutual Select Strategic Bond Fund, and who are the Fund’s subadvisers?

The Fund seeks a superior total rate of return by investing in fixed income instruments. Under normal circumstances, the Fund 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 or asset-backed securities and money market instruments. The Fund’s subadvisers are Western Asset Management Company (Western Asset) and its affiliate, Western Asset Management Company Limited (Western Asset Limited). Western Asset Limited manages the non-U.S. dollar denominated investments of the Fund.

How did the Fund perform during the 12 months ended December 31, 2010?

The Fund’s Class S shares returned 10.51%, outperforming the 6.54% return of the Barclays Capital U.S. Aggregate Bond Index (the “benchmark”), an unmanaged index of fixed-rate investment-grade securities with at least one year to maturity, combining the Barclays Capital U.S. Treasury Bond Index, the Barclays Capital U.S. Government-Related Bond Index, the Barclays Capital U.S. Corporate Bond Index, and the Barclays Capital U.S. Securitized Bond Index.

For a discussion on the economic and market environment during the 12-month period ended December 31, 2010, please see the Economic and Market Review, beginning on page 3.

Subadviser discussion of factors that contributed to the Fund’s performance

For the 12-month period ended December 31, 2010, our strategies generated positive excess returns. The portfolio’s exposure to non-agency mortgage bonds helped tremendously, given broad investor demand, limited supply, and continued principal paydowns. An allocation in high-yield bonds further added to returns, as significant gains made in the first, third, and fourth quarters – led by top-line revenue growth and solid fundamentals – more than offset the underperformance the portfolio experienced in the second quarter. An overweight position, relative to the benchmark, in corporate bonds, particularly in the financials sector, was beneficial.

Despite the Fund’s underweight exposure in agency mortgage-backed securities, as the sector generated positive excess returns, the portfolio’s position within the sector added slightly to performance – due to tactical trading between the agencies and various coupons.

As a result of a volatile environment in the sovereign debt area, international exposure led to mixed results. The portfolio’s allocation to Treasury inflation-protected securities (TIPS) slightly detracted from returns, as disinflation and fears of future deflation dominated much of the year. The Fund’s tactical duration posture and curve positioning had an overall positive impact during the year, as yields increased and the curve steepened. (Duration is a measure of a bond fund’s sensitivity to interest rates, with each year of duration indicating greater vulnerability to interest rate movements. The yield curve is a graphical representation of bond yields with very short maturities to the longest available, with the curve indicating whether short-term rates are higher or lower than long-term rates.) The Fund used U.S. Treasury futures and options, eurodollar futures and options, and interest rate swaps to manage duration and yield curve exposure. The Fund also used credit default swaps to manage and hedge credit exposure and euro-bund futures to manage exposure to the German yield curve. The Fund also used currency forwards to manage foreign currency exposure. Overall, the use of derivative instruments also contributed to Fund performance in 2010.

Subadviser outlook

Our view is that continued accommodation from the Federal Reserve’s QE2 program (i.e., the second round of quantitative easing) should help support non-U.S. Treasury sectors in the near to intermediate term by reducing volatility.

Increases in inflation beyond current expectations would be detrimental to bonds, especially to those with longer durations. We will carefully monitor events to see how they unfold and affect the market. Bonds have typically performed reasonably well in slow-growth scenarios like the one we are currently experiencing. We feel that the potential for positive growth remains on track.

New congressional leadership has expressed interest in potentially dealing with the status of Fannie Mae and Freddie Mac, which could lead to increased volatility in this sector. In terms of strategy, we continue to favor the credit sector. We particularly favor financials, which continue to operate in a conservative manner and remain discounted by the market, especially relative to industrials. We are also maintaining our exposure to the high-yield sector.

9

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

We will continue to tactically shift between an underweight and neutral position within agency mortgages as we look to evaluate relative value trades within the sector, focusing on current coupon levels. We are maintaining the portfolio’s exposure to non-agency mortgages, as potential returns remain, in our view, more heavily skewed to the upside. We will maintain a tactical duration position and will continue to favor the back end of the yield curve.

MassMutual Select Strategic Bond Fund Quality Structure (% of Net Assets) on 12/31/10 (Unaudited)
U.S. Government, Aaa/AAA	55.1	%
Aa/AA	5.6	%
A/A	11.4	%
Baa/BBB	10.3	%
Ba/BB	4.1	%
B and Below	10.0	%
Equities	0.4	%
Purchased Options	0.0	%
Warrants	0.0	%
Total Long-Term Investments	96.9	%
Short-Term Investments and Other Assets and Liabilities	3.1	%
Net Assets	100.0	%

10

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

Growth of a $10,000 Investment

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

TOTAL RETURN	One Year 1/1/10 - 12/31/10		Five Year Average Annual 1/1/06 - 12/31/10		Since Inception Average Annual 12/31/04 - 12/31/10
Class S		10.51%		5.60%		4.93%
Class A		10.00%		5.17%		4.53%
Class A (sales load deducted)*		4.78%		4.15%		3.68%
Class Y		10.46%		5.56%		4.88%
Class L		10.34%		5.45%		4.79%
Class N		9.70%		4.85%		4.20%
Class N (CDSC fees deducted)*		8.70%		4.85%		4.20%
Barclays Capital U.S. Aggregate Bond Index		6.54%		5.80%		5.23%+

GROWTH OF $10,000 INVESTMENT SINCE INCEPTION

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

+ From 1/3/05.

Performance data quoted represents past performance; past performance is not predictive of future results. The investment return and principal value of shares of the Fund will fluctuate with market conditions so that shares of the Fund, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling 1-888-309-3539.

Investors should note that the Fund is a professionally managed mutual fund, while the Barclays Capital U.S. Aggregate Bond Index is unmanaged, does not incur expenses, and cannot be purchased directly by investors. Investors should read the Fund’s prospectus with regard to the Fund’s investment objective, risks and charges and expenses in conjunction with these financial statements. Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges. The performance tables and charts do not reflect the deduction of taxes that a shareholder would pay on the Fund distributions or the redemption of the Fund shares.

11

MassMutual Select Strategic Balanced Fund – Portfolio Manager Report

What is the investment approach of MassMutual Select Strategic Balanced Fund, and who are the Fund’s subadvisers?

The Fund seeks long-term capital growth, consistent with preservation of capital and balanced by current income by investing in a mix of equity securities and fixed income securities pursuant to a multi-managed approach under which two subadvisers independently manage different portions of the Fund’s assets. J.P. Morgan Investment Management Inc. (J.P. Morgan) manages the equity component and Western Asset Management Company (Western Asset) and its affiliate, Western Asset Management Company Limited (Western Asset Limited), manage the fixed-income component. Western Asset Limited manages the non-U.S. dollar denominated investments of Western Asset’s portion of the Fund. The Fund’s target allocation is 65% to equity securities and 35% to fixed income securities; however, the allocation may fluctuate based on cash-flow activity and market conditions, among other factors. As of December 31, 2010, the Fund’s portfolio comprised 69% equity securities and 31% fixed income securities.

How did the Fund perform during the 12 months ended December 31, 2010?

The Fund’s Class S shares returned 12.13%, trailing the 15.06% return of the S&P 500^® Index (the “benchmark”), a widely recognized, unmanaged index representative of common stocks of larger capitalized U.S. companies. Conversely, the Fund outperformed the 7.75% return of the Morgan Stanley Capital International Europe, Australasia, Far East (MSCI^® EAFE^®) Index, a widely recognized, unmanaged index representative of equity securities in developed markets, excluding the U.S. and Canada. The Fund also outperformed the 6.54% return of the Barclays Capital U.S. Aggregate Bond Index, an unmanaged index of fixed-rate investment-grade securities with at least one year to maturity, combining the Barclays Capital U.S. Treasury Bond Index, the Barclays Capital U.S. Government-Related Bond Index, the Barclays Capital U.S. Corporate Bond Index, and the Barclays Capital U.S. Securitized Bond Index. The Fund’s 12.13% return also outperformed the 11.90% return of the Lipper Balanced Fund Index, an unmanaged, equally weighted index of the 30 largest mutual funds within the Lipper Balanced Category – and matched the 12.13% return of the Custom Balanced Index, which comprises the benchmark (45%), the MSCI EAFE Index (20%), and the Barclays Capital U.S. Aggregate Bond Index (35%).

For a discussion on the economic and market environment during the 12-month period ended December 31, 2010, please see the Economic and Market Review, beginning on page 3.

Subadviser discussion of factors that contributed to the Fund’s performance

With respect to the portfolio’s equity holdings, from a regional perspective, investments in the United Kingdom and North America were strong contributors. On a stock-specific basis, Volkswagen (the German automaker) and Lanxess (the German specialty chemical company) contributed to the portfolio’s full-year performance. Conversely, with respect to sectors, weak stock selection in the health care and consumer nondurables areas hampered the portfolio’s returns. Geographically, stocks domiciled in emerging markets and an underweight position in the Pacific Rim, relative to the benchmark, also detracted from the portfolio’s progress in 2010.

For the Fund’s fixed-income component, the portfolio’s exposure to non-agency mortgage bonds helped tremendously, given broad investor demand, limited supply, and continued principal paydowns. An allocation in high-yield bonds further added to returns, as significant gains made in the first, third, and fourth quarters – led by top-line revenue growth and solid fundamentals – more than offset the underperformance the portfolio experienced in the second quarter. An overweight position in corporate bonds, particularly in the financials sector, was beneficial.

As a result of a volatile environment in the sovereign debt area, international exposure led to mixed results. The portfolio’s allocation to Treasury inflation-protected securities (TIPS) slightly detracted from returns, as disinflation and fears of future deflation dominated much of the year. The portfolio’s tactical duration posture and curve positioning had an overall positive impact during the year, as yields increased and the curve steepened. (Duration is a measure of a bond fund’s sensitivity to interest rates, with each year of duration indicating greater vulnerability to interest rate movements. The yield curve is a graphical representation of bond yields with very short maturities to the longest available, with the curve indicating whether short-term rates are higher or lower than long-term rates.) The Fund used U.S. Treasury futures and options, eurodollar futures and options, and interest rate swaps to manage duration and yield curve exposure. The Fund also used credit default swaps to manage and hedge credit exposure and euro-bund futures to manage exposure to the German yield curve. The Fund also used currency forwards to manage foreign currency exposure. Overall, the use of derivative instruments also contributed to portfolio performance in 2010.

12

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

Subadviser outlook

With respect to the Fund’s equity component, we expect the global economy to continue recovering, but at a rate that is sub-par. While we believe an outright double-dip recession is unlikely, we think this sluggishness will persist for a while.

Conditions in the private sector should continue to improve. Companies slashed costs aggressively during the financial crisis, magnifying the impact of the current demand recovery on bottom lines. On the public sector front, policymakers will continue to guard against the possibility of an economic relapse, but will be constrained by pressures to rein in budget deficits (as in Europe) or prevent economic overheating (as in the Pacific Basin). Hiring in the developed world should pick up, but will likely remain cautious owing to the perceived fragility of both the macroeconomic and regulatory environments.

For the Fund’s fixed-income component, our view is that continued accommodation from the Federal Reserve’s QE2 program (i.e., the second round of quantitative easing) should help support non-U.S. Treasury sectors in the near to intermediate term by reducing volatility.

Increases in inflation beyond current expectations would be detrimental to bonds, especially to those with longer durations. We will carefully monitor events to see how they unfold and affect the market. Bonds have typically performed reasonably well in slow-growth scenarios like the one we are currently experiencing. We feel that the potential for positive growth remains on track.

MassMutual Select Strategic Balanced Fund Largest Holdings (% of Net Assets) on 12/31/10 (Unaudited)
U.S. Treasury Note 3.500% 5/15/20	3.2	%
Federal National Mortgage Association TBA Pool #45488 5.500% 4/01/34	1.8	%
Apple, Inc.	1.7	%
Exxon Mobil Corp.	1.6	%
Microsoft Corp.	1.3	%
Cisco Systems, Inc.	1.2	%
Time Warner, Inc.	1.1	%
Federal National Mortgage Association Pool #AD1593 4.500% 2/01/40	1.1	%
The Procter & Gamble Co.	1.1	%
Federal National Mortgage Association TBA Pool #1438 3.500% 8/01/24	1.1	%
	15.2	%

MassMutual Select Strategic Balanced Fund Asset Allocation (% of Net Assets) on 12/31/10 (Unaudited)
Equities	68.8	%
Bonds & Notes	31.1	%
Purchased Options	0.0	%
Warrants	0.0	%
Total Long-Term Investments	99.9	%
Short-Term Investments and Other Assets and Liabilities	0.1	%
Net Assets	100.0	%

13

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

MassMutual Select Strategic Balanced Fund Country Weightings (% of Net Assets) on 12/31/10 (Unaudited)
United States	74.7	%
United Kingdom	6.6	%
Japan	4.2	%
France	2.1	%
Germany	1.7	%
Netherlands	1.3	%
Switzerland	1.1	%
Australia	0.8	%
Hong Kong	0.8	%
Bermuda	0.5	%
Canada	0.5	%
Spain	0.5	%
Ireland	0.5	%
Cayman Islands	0.5	%
Taiwan	0.5	%
Netherlands Antilles	0.5	%
Panama	0.4	%
Luxembourg	0.4	%
China	0.3	%
Singapore	0.2	%
Italy	0.2	%
Norway	0.2	%
India	0.2	%
Austria	0.2	%
Republic of Korea	0.2	%
Channel Islands	0.2	%
Belgium	0.1	%
Finland	0.1	%
Mexico	0.1	%
Indonesia	0.1	%
Israel	0.1	%
Russia	0.1	%
Iceland	0.0	%
Total Long-Term Investments	99.9	%
Short-Term Investments and Other Assets and Liabilities	0.1	%
Net Assets	100.0	%

14

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

Growth of a $10,000 Investment

Hypothetical Investments in MassMutual Select Strategic Balanced Fund Class S, Class A, Class A (sales load deducted), Class Y, Class L, Class N, Class N (CDSC fees deducted), the S&P 500 Index, the MSCI EAFE Index, the Barclays Capital U.S Aggregate Bond Index, the Lipper Balanced Fund Index and the Custom Balanced Index.

TOTAL RETURN	One Year 1/1/10 - 12/31/10		Five Year Average Annual 1/1/06 - 12/31/10		Since Inception Average Annual 12/31/03 - 12/31/10
Class S		12.13%		4.24%		4.40%
Class A		11.78%		3.78%		3.94%
Class A (sales load deducted)*		5.35%		2.56%		3.06%
Class Y		12.09%		4.19%		4.34%
Class L		11.97%		4.03%		4.19%
Class N		11.33%		3.46%		3.62%
Class N (CDSC fees deducted)*		10.33%		3.46%		3.62%
S&P 500 Index#		15.06%		2.29%		3.85%+
MSCI EAFE Index		7.75%		2.46%		6.38%+
Barclays Capital U.S. Aggregate Bond Index		6.54%		5.80%		5.10%+
Lipper Balanced Fund Index		11.90%		3.91%		4.80%+
Custom Balanced Index		12.13%		4.07%		4.66%+

GROWTH OF $10,000 INVESTMENT SINCE INCEPTION

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

# Benchmark

+ From 1/2/04.

Performance data quoted represents past performance; past performance is not predictive of future results. The investment return and principal value of shares of the Fund will fluctuate with market conditions so that shares of the Fund, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling 1-888-309-3539.

Investors should note that the Fund is a professionally managed mutual fund, while the S&P 500 Index, the MSCI EAFE Index, the Barclays Capital U.S. Aggregate Bond Index, the Lipper Balanced Fund Index and the Custom Balanced Index are unmanaged, do not incur expenses, and cannot be purchased directly by investors. Investors should read the Fund’s prospectus with regard to the Fund’s investment objective, risks and charges and expenses in conjunction with these financial statements. Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges. The performance tables and charts do not reflect the deduction of taxes that a shareholder would pay on the Fund distributions or the redemption of the Fund shares.

15

MassMutual Select Global Allocation Fund – Portfolio Manager Report

What is the investment approach of MassMutual Select Global Allocation Fund, and who is the Fund’s subadviser?

The Fund seeks long-term total return by investing in both equity and debt securities, including money market securities and other short-term debt obligations, of issuers located around the world, including emerging markets, without limitation on the percentage of assets the Fund can invest in a particular type of security. The Fund’s subadviser is BlackRock Investment Management, LLC (BlackRock).

How did the Fund perform during the 12 months ended December 31, 2010?

The Fund’s Class S shares returned 10.03%, underperforming the 12.73% return of the Financial Times Stock Exchange (FTSE) World Index (the “benchmark”); a broad-based capitalization-weighted index comprised of 2,200 equities from 24 countries in 12 regions, including the United States; and the 15.06% return of the S&P 500^® Index, a widely recognized, unmanaged index representative of common stocks of larger capitalized U.S. companies. Similarly, the Fund’s 10.03% return trailed the 10.91% return of the Financial Times Stock Exchange (FTSE) World Index (ex-U.S.) Equities, an unmanaged capitalization-weighted index comprised of 1,630 companies in 28 countries, excluding the United States. On the other hand, the Fund outperformed the 6.76% return of the Merrill Lynch Treasury Index GAO, an unmanaged index designed to track the total return of the current coupon five-year U.S. Treasury bond; and the 5.21% return of the Citigroup Non-USD World Government Bond Index, a widely recognized, unmanaged market capitalization-weighted index of debt securities of major foreign government bond markets excluding the U.S.

For a discussion on the economic and market environment during the 12-month period ended December 31, 2010, please see the Economic and Market Review, beginning on page 3.

Subadviser discussion of factors that contributed to the Fund’s performance

For the year ended December 31, 2010, the Fund benefited from an underweight position, relative to the benchmark, in European equities – as well as an overweight to Australia and Russia. Stock selection within Canada and Taiwan also contributed to performance. From a sector perspective, performance drivers included an overweight allocation in, and selection within, the materials sector (largely driven by precious metal-related securities) – in tandem with an underweight position in, and stock selection within, financials. Stock selection in health care, information technology, and utilities also contributed to performance.

Within fixed income, an underweight stake in fixed-income European sovereign debt (including Greece, Italy, and Spain) and an overweight to emerging-market debt, notably Brazil, helped the Fund’s full-year results.

Conversely, the Fund’s underperformance of the benchmark can be primarily attributed to an overweight position in cash equivalents and FX translation (i.e., the use of forward contracts). Within equities, major detractors included overweight positioning and stock selection within Japan and Brazil. Stock selection in equities from Hong Kong and South Korea also detracted. From a sector perspective, stock selection in industrials and energy, as well as underweight positioning and stock selection within consumer discretionary, detracted from performance. Finally, within fixed income, an underweight allocation in, and stock selection within, the U.S. hampered the Fund’s full-year results.

Subadviser outlook

The global economy appears to be in the midst of a broad economic recovery, with developed markets seeing improvements in manufacturing and employment – while emerging markets continue the impressive growth trajectory that began in early 2009. Most importantly, the world economy seems to have avoided the double-dip recession that was widely believed to be occurring in the summer months of 2010.

As we move into 2011, we continue to view equities as the most attractive of the major asset classes, especially when compared to developed market government bonds and cash. Equity price/earnings ratios are nowhere near as attractive as they were in early 2009, but we believe they have room for expansion as companies continue to generate impressive operating leverage and upside earnings surprises. We are, however, mindful that the European debt crisis remains a focal point for the market, with Portugal and Spain undertaking massive public refinancings over the early parts of 2011. In addition, although our long-term view on emerging markets is quite optimistic, the tightening of monetary policy in the near term poses risks to the robust economic data that these regions have produced over the past 12-24 months. Overall, we view 2011 as a year when equities are likely to lead the way and competitive rates of return are attainable – but much like 2010, the necessity for diversification and tactical rebalancing will prove helpful in navigating the environment with a more moderate level of volatility.

16

MassMutual Select Global Allocation Fund – Portfolio Manager Report (Continued)

MassMutual Select Global Allocation Fund Largest Holdings (% of Net Assets) on 12/31/10 (Unaudited)
Market Vectors—Gold Miners ETF	2.4	%
U.S. Treasury Note 3.500% 5/15/20	2.0	%
U.S. Treasury Note 2.625% 8/15/20	1.5	%
Exxon Mobil Corp.	1.1	%
United Kingdom Gilt 4.750% 3/07/20	1.1	%
Republic of Brazil 10.000% 1/01/17	1.1	%
Apple, Inc.	1.0	%
U.S. Treasury Note 2.625% 12/31/14	0.9	%
Microsoft Corp.	0.9	%
U.S. Treasury Note 2.375% 2/28/15	0.8	%
	12.8	%

MassMutual Select Global Allocation Fund Asset Allocation (% of Net Assets) on 12/31/10 (Unaudited)
Equities	59.0	%
Bonds & Notes	26.4	%
Mutual Funds	3.9	%
Warrants	0.1	%
Purchased Options	0.0	%
Structured Options (Over the counter traded)	0.1	%
Total Long-Term Investments	89.5	%
Short-Term Investments and Other Assets and Liabilities	10.5	%
Net Assets	100.0	%

MassMutual Select Global Allocation Fund Country Weightings (% of Net Assets) on 12/31/10 (Unaudited)
United States	47.5	%
Japan	6.3	%
United Kingdom	4.2	%
Canada	3.6	%
Brazil	3.6	%
Germany	3.0	%
Singapore	1.9	%
India	1.7	%
Hong Kong	1.6	%
Switzerland	1.5	%
Republic of Korea	1.3	%
Russia	1.3	%
Australia	1.3	%
Malaysia	1.2	%
Cayman Islands	1.1	%
Taiwan	0.9	%
France	0.8	%
Turkey	0.7	%
Bermuda	0.7	%
China	0.6	%
Luxembourg	0.5	%
Ireland	0.5	%
Mexico	0.4	%
Italy	0.4	%
Netherlands Antilles	0.4	%
Spain	0.3	%
Thailand	0.3	%
Netherlands	0.3	%
Israel	0.2	%
Poland	0.2	%
Indonesia	0.1	%
Norway	0.1	%
Kazakhstan	0.1	%
South Africa	0.1	%
Panama	0.1	%
Argentina	0.1	%
Chile	0.1	%
Belgium	0.1	%
Ukraine	0.1	%
Finland	0.1	%
Egypt	0.1	%
New Zealand	0.1	%
Philippines	0.0	%
Sweden	0.0	%
Trinidad and Tobago	0.0	%
Austria	0.0	%
Vietnam	0.0	%
Cyprus	0.0	%
Total Long-Term Investments	89.5	%
Short-Term Investments and Other Assets and Liabilities	10.5	%
Net Assets	100.0	%

17

MassMutual Select Global Allocation Fund – Portfolio Manager Report (Continued)

Growth of a $10,000 Investment

Hypothetical Investments in MassMutual Select Global Allocation Fund Class S, Class A, Class A (sales load deducted), Class Y, Class L, the FTSE World Index, the S&P 500 Index, the FTSE World Index (ex-U.S.) Equities, the Merrill Lynch Treasury Index GAO and the Citigroup Non-USD World Government Bond Index.

TOTAL RETURN	One Year 1/1/10 - 12/31/10		Since Inception Average Annual 12/1/09 - 12/31/10
Class S		10.03%		8.24%
Class A		9.46%		7.68%
Class A (sales load deducted)*		3.16%		1.96%
Class Y		9.93%		8.14%
Class L		9.66%		7.89%
FTSE World Index#		12.73%		13.80%
S&P 500 Index		15.06%		15.86%
FTSE World Index (ex-U.S.) Equities		10.91%		12.14%
Merrill Lynch Treasury Index GAO		6.76%		3.56%
Citigroup Non-USD World Government Bond Index		5.21%		-0.78%

GROWTH OF $10,000 INVESTMENT SINCE INCEPTION

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

# Benchmark

Performance data quoted represents past performance; past performance is not predictive of future results. The investment return and principal value of shares of the Fund will fluctuate with market conditions so that shares of the Fund, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling 1-888-309-3539.

Investors should note that the Fund is a professionally managed mutual fund, while the FTSE World Index, the S&P 500 Index, the FTSE World Index (ex-U.S.) Equities, the Merrill Lynch Treasury Index GAO and the Citigroup Non-USD World Government Bond Index are unmanaged, do not incur expenses, and cannot be purchased directly by investors. Investors should read the Fund’s prospectus with regard to the Fund’s investment objective, risks and charges and expenses in conjunction with these financial statements. Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges. The performance tables and charts do not reflect the deduction of taxes that a shareholder would pay on the Fund distributions or the redemption of the Fund shares.

18

MassMutual Select Diversified Value Fund – Portfolio Manager Report

What is the investment approach of MassMutual Select Diversified Value Fund, and who are the Fund’s subadvisers?

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 normally invests at least 80% of its net assets in stocks, securities convertible into stocks, and other securities, such as warrants and stock rights, whose value is based on stock prices. Effective January 11, 2010, Brandywine Global Investment Management, LLC (Brandywine Global) and Loomis, Sayles & Company, L.P. (Loomis Sayles) replaced AllianceBernstein L.P. (AllianceBernstein) as co-subadvisers to the Fund. Brandywine Global managed approximately 45% of the Fund’s portfolio and Loomis Sayles was responsible for approximately 55% of the Fund’s portfolio, as of December 31, 2010.

How did the Fund perform during the 12 months ended December 31, 2010?

The Fund’s Class S shares returned 12.56%, trailing the 15.51% return of the Russell 1000^® Value Index (the “benchmark”), an unmanaged index consisting of those Russell 1000 securities (representing the 1,000 largest U.S. companies, based on market capitalization) with greater than average value orientation that tend to exhibit lower price-to-book ratios and lower forecasted growth rates than securities in the growth universe.

For a discussion on the economic and market environment during the 12-month period ended December 31, 2010, please see the Economic and Market Review, beginning on page 3.

Subadviser discussion of factors that contributed to the Fund’s performance

With respect to the Fund’s Loomis Sayles component, the strongest-performing sector for the year was financial services – and this was almost entirely due to stock selection. For example, portfolio holdings such as Berkshire Hathaway (a holding company) and Ameriprise Financial (a financial services firm) were strong performers. Additionally the portfolio’s underweight position, relative to the benchmark, in the insurance and utilities market segments also boosted performance. Other strong performers included Schlumberger LTD and Smith International, as news of the buyout of Smith International by Schlumberger caused both companies to advance.

Producer durables detracted from performance. The sector was held back by the portfolio’s euro exposure (in companies such as ABB and Arcelor Mittal), due to rising budget deficits and sovereign debt credit worries in Portugal, Spain, Italy, and Greece. This caused a steep drop in the value of the euro, led to a rise in the value of the U.S. dollar (earlier in the year), and also forced global commodity prices into a tailspin. This, in conjunction with the oil spill in the Gulf of Mexico, also caused the portfolio’s energy holdings (specifically Anadarko) to underperform. Health care also lagged the benchmark, primarily due to portfolio holding Boston Scientific, which had struggled since its stent recall. We sold the position in August, as it violated our downside thesis.

With regard to the Fund’s Brandywine Global component, the largest detractor from portfolio performance for the year, relative to the benchmark, was the technology sector – especially in the hardware and equipment and software and services market segments. Health care and industrials were two other sectors that detracted from the portfolio’s relative performance, particularly within the health care equipment and services and capital goods areas. Returns within financials were mixed, as our avoidance of real estate investment trusts (“REITs”) during the year also hurt performance, since REITs were one of the better-performing groups in 2010. Favorable stock selection in the insurance group did help to boost returns throughout the year, however.

Consumer services was the best-performing group in the portfolio for the year, led by an overweight position in the strong-performing hotels and resorts industry. The portfolio’s underweight positioning in the traditionally defensive utilities sector made a positive relative contribution for the year. Additionally, an overweight stake in tobacco companies helped make the consumer staples sector another of our best performers for the year; however, the portfolio did experience a small reversal during the fourth quarter, when this defensive sector lagged the overall market.

Subadviser outlook

We continue to like stocks and believe the economy is on an upward trajectory. We do not find stocks to be particularly expensive and believe there are many good values to be found. Aiding in this belief is an economy moving back toward stronger growth; economist projections are approaching 3% or better in gross domestic product (“GDP”) growth for 2011 – up from a 1.7% estimate in the summer of 2010. (GDP reflects the total value of goods and services produced in the United States.)

19

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

Corporate balance sheets continue to be in good shape as companies continue to pay down debt or refinance it at favorable rates. In addition, American businesses are being run efficiently, which has resulted in companies generating very good cash flow that they continue to hold at high levels (relative to the past). As the economy expands, our view is that corporate managers will feel more confident in spending cash they have been holding in reserve, which should help to begin to raise employment levels.

MassMutual Select Diversified Value Fund Largest Holdings (% of Net Assets) on 12/31/10 (Unaudited)
General Electric Co.	3.5	%
JP Morgan Chase & Co.	3.1	%
AT&T, Inc.	2.6	%
Chevron Corp.	2.6	%
Wells Fargo & Co.	2.2	%
Comcast Corp. Class A	1.7	%
Exxon Mobil Corp.	1.4	%
Wal-Mart Stores, Inc.	1.4	%
International Business Machines Corp.	1.3	%
UnitedHealth Group, Inc.	1.2	%
	21.0	%

MassMutual Select Diversified Value Fund Sector Table (% of Net Assets) on 12/31/10 (Unaudited)
Financial	21.6	%
Consumer, Non-cyclical	19.3	%
Energy	11.8	%
Communications	11.7	%
Industrial	11.6	%
Consumer, Cyclical	8.5	%
Technology	6.1	%
Utilities	4.0	%
Basic Materials	2.8	%
Mutual Funds	0.9	%
Diversified	0.1	%
Total Long-Term Investments	98.4	%
Short-Term Investments and Other Assets and Liabilities	1.6	%
Net Assets	100.0	%

20

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

Growth of a $10,000 Investment

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

TOTAL RETURN	One Year 1/1/10 - 12/31/10		Five Year Average Annual 1/1/06 - 12/31/10		Since Inception Average Annual 10/15/04 - 12/31/10
Class S		12.56%		-0.92%		1.84%
Class A		11.96%		-1.43%		1.33%
Class A (sales load deducted)*		5.52%		-2.59%		0.37%
Class Y		12.45%		-1.02%		1.74%
Class L		12.35%		-1.13%		1.63%
Class N		11.63%		-1.75%		0.99%
Class N (CDSC fees deducted)*		10.63%		-1.75%		0.99%
Russell 1000 Value Index		15.51%		1.28%		3.53%+

GROWTH OF $10,000 INVESTMENT SINCE INCEPTION

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

+ From 11/1/04.

Performance data quoted represents past performance; past performance is not predictive of future results. The investment return and principal value of shares of the Fund will fluctuate with market conditions so that shares of the Fund, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling 1-888-309-3539.

Investors should note that the Fund is a professionally managed mutual fund, while the Russell 1000 Value Index is unmanaged, does not incur expenses, and cannot be purchased directly by investors. Investors should read the Fund’s prospectus with regard to the Fund’s investment objective, risks and charges and expenses in conjunction with these financial statements. Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges. The performance tables and charts do not reflect the deduction of taxes that a shareholder would pay on the Fund distributions or the redemption of the Fund shares.

21

MassMutual Select Fundamental Value Fund – Portfolio Manager Report

What is the investment approach of MassMutual Select Fundamental Value Fund, and who is the Fund’s subadviser?

The Fund seeks long-term total return by investing primarily in equity securities of issuers that the Fund’s subadviser believes are undervalued. Under normal circumstances, the Fund invests at least 80% of its net assets in equity securities, with a focus on companies with large market capitalizations (generally, above $2 billion). The Fund’s subadviser is Wellington Management Company, LLP (Wellington Management).

How did the Fund perform during the 12 months ended December 31, 2010?

The Fund’s Class S shares returned 13.91%, underperforming the 15.51% return of the Russell 1000^® Value Index (the “benchmark”), an unmanaged index consisting of those Russell 1000 securities (representing the 1,000 largest U.S. companies, based on market capitalization) with greater than average value orientation that tend to exhibit lower price-to-book ratios and lower forecasted growth rates than securities in the growth universe.

For a discussion on the economic and market environment during the 12-month period ended December 31, 2010, please see the Economic and Market Review, beginning on page 3.

Subadviser discussion of factors that contributed to the Fund’s performance

The primary reason for the Fund’s underperformance for the period, relative to the benchmark, was stock selection. Our investment choices in the energy, consumer staples, and information technology (“IT”) sector were significant detractors, and more than offset stronger performance from portfolio holdings in the materials and industrials sectors. On a sector basis, the Fund’s overweight positions in the energy and materials sectors, as well as an underweight stake in utilities, were additive to the Fund’s relative performance.

On a stock-specific basis, Dean Foods, a U.S.-based food and beverage company (consumer staples); Cisco Systems, a leading supplier of networking equipment, software, and services for corporate data networks and the Internet (IT); and Hewlett-Packard, a global technology company (IT) detracted most from the Fund’s relative returns.

Conversely, among the top contributors to the Fund’s relative performance were Cummins, an engine and power generation provider (industrials), whose position we eliminated as the valuation approached our target and we saw rising consensus estimates of slowing truck demand; Berkshire Hathaway, a holding company engaged in a range of businesses (financials), which was not a portfolio holding (a fact that benefited relative performance, as the stock declined during the reporting period); and Cliffs Natural Resources, an iron ore mining company (materials), which we eliminated from the portfolio due to concern over a deteriorating market for North American iron ore/blast furnace customers.

Subadviser outlook

In our view, strong earnings growth is likely to continue and the private sector is primed to resume its economic leadership as government stimulus packages begin to wind down, thereby improving the overall quality of growth. Third-quarter earnings growth was robust globally, and despite the implementation of a second round of quantitative easing in the U.S., government stimulus spending will diminish somewhat in 2011. We believe U.S. growth could surprise to the upside in 2011, with a positive implication for profits, capital spending, and jobs. Global growth continues to recover, led by emerging markets, but with increasing contributions from developed economies. Emerging market growth still remains a key component of global economic expansion and although emerging markets inflation is rising, our belief is that it does not appear to be out of control. Policy risk remains a key concern, particularly in three areas: Europe (the mechanism for crisis resolution), the U.S. (long-term debt reduction contrasted against potential further gridlock), and China (targeted tightening in the face of rising inflationary pressures). We will monitor developments in these areas closely as 2011 progresses.

While macroeconomic trends inform our process, buy and sell decisions ultimately are driven by company fundamentals. We continue to focus our efforts on maximizing the Fund’s overall growth and dividend yield while minimizing valuation metrics. Based on bottom-up stock decisions, as 2011 began, the portfolio’s largest overweight positions were in the IT, consumer discretionary, and materials sectors – with the largest underweight allocations in utilities, financials, and consumer staples.

22

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

MassMutual Select Fundamental Value Fund Largest Holdings (% of Net Assets) on 12/31/10 (Unaudited)
Wells Fargo & Co.	3.5	%
JP Morgan Chase & Co.	3.1	%
Chevron Corp.	3.0	%
AT&T, Inc.	2.9	%
Occidental Petroleum Corp.	2.3	%
General Electric Co.	2.3	%
PNC Financial Services Group, Inc.	2.1	%
ACE Ltd.	2.1	%
Pfizer, Inc.	1.9	%
Ingersoll-Rand PLC	1.9	%
	25.1	%

MassMutual Select Fundamental Value Fund Sector Table (% of Net Assets) on 12/31/10 (Unaudited)
Financial	23.7	%
Consumer, Non-cyclical	16.8	%
Energy	13.0	%
Industrial	12.5	%
Consumer, Cyclical	9.0	%
Technology	7.7	%
Communications	7.4	%
Basic Materials	5.9	%
Utilities	3.1	%
Total Long-Term Investments	99.1	%
Short-Term Investments and Other Assets and Liabilities	0.9	%
Net Assets	100.0	%

23

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

Growth of a $10,000 Investment

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

TOTAL RETURN	One Year 1/1/10 - 12/31/10		Five Year Average Annual 1/1/06 - 12/31/10		Since Inception Average Annual 12/31/01 - 12/31/10
Class S		13.91%		4.17%		4.46%
Class A		13.46%		3.70%		4.00%
Class A (sales load deducted)*		6.94%		2.48%		3.32%
Class Y		13.81%		4.11%		4.40%
Class L		13.71%		3.97%		4.26%
Russell 1000 Value Index		15.51%		1.28%		4.29%+

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

TOTAL RETURN	One Year 1/1/10 - 12/31/10		Five Year Average Annual 1/1/06 - 12/31/10		Since Inception Average Annual 12/31/02 - 12/31/10
Class N		12.97%		3.37%		7.42%
Class N (CDSC fees deducted)*		11.97%		3.37%		7.42%
Russell 1000 Value Index		15.51%		1.28%		7.08%++

Hypothetical Investments in MassMutual Select Fundamental Value Fund Class Z and the Russell 1000 Value Index.

TOTAL RETURN	Since Inception 11/15/10 - 12/31/10
Class Z		6.72%
Russell 1000 Value Index		7.89%+++

GROWTH OF $10,000 INVESTMENT SINCE INCEPTION

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

+ From 1/2/02.

++ From 1/2/03.

+++ From 12/1/10.

Performance data quoted represents past performance; past performance is not predictive of future results. The investment return and principal value of shares of the Fund will fluctuate with market conditions so that shares of the Fund, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling 1-888-309-3539.

Investors should note that the Fund is a professionally managed mutual fund, while the Russell 1000 Value Index is unmanaged, does not incure expenses, and cannot be purchased directly by investors. Investors should read the Fund’s prospectus with regard to the Fund’s investment objective, risks and charges and expenses in conjunction with these financial statements. Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges. The performance tables and charts do not reflect the deduction of taxes that a shareholder would pay on the Fund distributions or the redemption of the Fund shares.

24

MassMutual Select Value Equity Fund – Portfolio Manager Report

What is the investment approach of MassMutual Select Value Equity Fund, and who is the Fund’s subadviser?

The Fund seeks long-term growth of capital by investing primarily in equity securities of companies that the Fund’s subadviser 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. Under normal circumstances, the Fund will invest at least 80% of its net assets in equity securities. The Fund’s subadviser is Pyramis Global Advisors, LLC (Pyramis).

How did the Fund perform during the 12 months ended December 31, 2010?

The Fund’s Class S shares returned 14.38%, lagging the 15.51% return of the Russell 1000^® Value Index (the “benchmark”), an unmanaged index consisting of those Russell 1000 securities (representing the 1,000 largest U.S. companies, based on market capitalization) with greater than average value orientation that tend to exhibit lower price-to-book ratios and lower forecasted growth rates than securities in the growth universe.

For a discussion on the economic and market environment during the 12-month period ended December 31, 2010, please see the Economic and Market Review, beginning on page 3.

Subadviser discussion of factors that contributed to the Fund’s performance

For the year ended December 31, 2010, stock selection in telecommunication services and industrials contributed the most to the Fund’s performance, relative to the benchmark; whereas portfolio holdings in the energy, information technology (“IT”), and consumer discretionary sectors detracted the most from performance.

In the telecommunications services sector, the portfolio’s overweight allocation, relative to the benchmark, in diversified telecommunications services provider Qwest was the largest contributor to the portfolio’s performance for the year. In the industrials sector, the portfolio’s overweight stakes in electrical products distributor Wesco International and truck manufacturer Navistar International also added to performance. Among individual holdings, credit insurer MBIA was among the largest contributors to the Fund’s full-year results.

In the energy sector, the Fund’s overweight stake in oil and gas exploration and production (E&P) company Petrohawk Energy was one of the largest detractors from portfolio performance for the year. In the IT sector, overweight allocations in disk-drive maker Seagate Technology and computer hardware manufacturer Hewlett-Packard hurt performance. In consumer discretionary, overweight positions in satellite television broadcaster DISH Network hindered the Fund’s performance, as did tire manufacturer Goodyear Tire & Rubber. On a stock-specific basis, the portfolio’s greater-than-benchmark position in diversified financial services company Bank of America was the largest detractor.

Subadviser outlook

The portfolio is invested in stocks trading at material discounts to our assessment of their worth. As the economic environment has improved, we continue to seek companies with strong balance sheets trading at a discount to their earnings power – which we feel will be strong performers in the context of the market recovery that is currently taking place.

As 2011 began, within the financials sector, the portfolio was overweight in selected diversified financial services companies, which benefited from increased pricing power and decreased competition in the wake of the financial crisis. The portfolio had an underweight stake in real estate investment trusts (REITs), which we believe more than reflect their intrinsic valuations. Among utilities, the portfolio had a greater-than-benchmark allocation to selected independent power producers with attractive valuations and strong cash flow generation. Among industrials, an overweight allocation in selected aerospace and defense companies with compelling valuations reflect our belief that these holdings will benefit from new product introductions. The portfolio was also overweight in selected machinery stocks, which we feel will benefit from improving global economic conditions. Additionally, the portfolio had an underweight allocation to industrial conglomerate General Electric, as our view is that the company’s GE Capital unit is undercapitalized – and the ongoing mortgage and credit issues in that division will potentially offset any positive trends in the company’s other business units. In consumer staples, the portfolio allocation was overweight, particularly in selected food and staples retailers, whose businesses we believe will remain stable amid the current economic environment. Finally, among telecommunication services stocks, the portfolio was overweight in selected wireless and diversified services providers with compelling valuations and attractive growth prospects.

25

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

MassMutual Select Value Equity Fund Largest Holdings (% of Net Assets) on 12/31/10 (Unaudited)
Wells Fargo & Co.	4.4	%
JP Morgan Chase & Co.	4.4	%
Chevron Corp.	3.7	%
Pfizer, Inc.	3.5	%
Citigroup, Inc.	3.1	%
Merck & Co., Inc.	2.4	%
CVS Caremark Corp.	2.1	%
Occidental Petroleum Corp.	2.0	%
Qwest Communications International, Inc.	2.0	%
Morgan Stanley	1.9	%
	29.5	%

MassMutual Select Value Equity Fund Sector Table (% of Net Assets) on 12/31/10 (Unaudited)
Financial	27.0	%
Consumer, Non-cyclical	19.3	%
Communications	12.7	%
Energy	12.0	%
Consumer, Cyclical	9.2	%
Industrial	8.6	%
Technology	5.0	%
Utilities	4.6	%
Basic Materials	1.1	%
Total Long-Term Investments	99.5	%
Short-Term Investments and Other Assets and Liabilities	0.5	%
Net Assets	100.0	%

26

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

Growth of a $10,000 Investment

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

TOTAL RETURN	One Year 1/1/10 - 12/31/10		Five Year Average Annual 1/1/06 - 12/31/10		Since Inception Average Annual 5/1/01 - 12/31/10
Class S		14.38%		0.32%		2.42%
Class A		13.87%		-0.10%		1.98%
Class A (sales load deducted)*		7.32%		-1.28%		1.36%
Class Y		14.34%		0.30%		2.38%
Class L		14.01%		0.14%		2.23%
Russell 1000 Value Index		15.51%		1.28%		3.50%

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

TOTAL RETURN	One Year 1/1/10 - 12/31/10		Five Year Average Annual 1/1/06 - 12/31/10		Since Inception Average Annual 12/31/02 - 12/31/10
Class N		13.43%		-0.41%		5.41%
Class N (CDSC fees deducted)*		12.43%		-0.41%		5.41%
Russell 1000 Value Index		15.51%		1.28%		7.08%+

GROWTH OF $10,000 INVESTMENT SINCE INCEPTION

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

+ From 1/2/03.

Performance data quoted represents past performance; past performance is not predictive of future results. The investment return and principal value of shares of the Fund will fluctuate with market conditions so that shares of the Fund, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling 1-888-309-3539.

Investors should note that the Fund is a professionally managed mutual fund, while the Russell 1000 Value Index is unmanaged, does not incur expenses, and cannot be purchased directly by investors. Investors should read the Fund’s prospectus with regard to the Fund’s investment objective, risks and charges and expenses in conjunction with these financial statements. Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges. The performance tables and charts do not reflect the deduction of taxes that a shareholder would pay on the Fund distributions or the redemption of the Fund shares.

27

MassMutual Select Large Cap Value Fund – Portfolio Manager Report

What is the investment approach of MassMutual Select Large Cap Value Fund, and who is the Fund’s subadviser?

The Fund seeks both capital growth and income by investing primarily in large-capitalization companies that the Fund’s subadviser believes are undervalued. Under normal circumstances, the Fund will invest at least 80% of its net assets in common stocks of companies with market capitalizations at the time of purchase of at least $5 billion. The Fund’s subadviser is Davis Selected Advisers, L.P. (Davis).

How did the Fund perform during the 12 months ended December 31, 2010?

The Fund’s Class S shares returned 13.08%, underperforming the 15.06% return of the S&P 500^® Index (the “benchmark”), a widely recognized, unmanaged index representative of common stocks of larger capitalized U.S. companies. The Fund also lagged the 15.51% return of the Russell 1000^® Value Index, an unmanaged index consisting of those Russell 1000 securities (representing the 1,000 largest U.S. companies, based on market capitalization) with greater than average value orientation that tend to exhibit lower price-to-book ratios and lower forecasted growth rates than securities in the growth universe.

For a discussion on the economic and market environment during the 12-month period ended December 31, 2010, please see the Economic and Market Review, beginning on page 3.

Subadviser discussion of factors that contributed to the Fund’s performance

All sectors of the market registered increases in 2010. Consumer discretionary, industrials, and materials were the sectors within benchmark that increased the most. Conversely, health care and utilities were the benchmark sectors that increased the least.

The portfolio had more of an allocation to the financials sector than any other sector in the benchmark – and this was the most important contributor to the Fund’s performance. The Fund’s financial holdings outperformed the corresponding sector within the benchmark and had a higher relative average weighting than the benchmark. Berkshire Hathaway, Wells Fargo, and Julius Baer were among the most important contributors to the Fund’s full-year performance.

Consumer staples companies were also an important reason for the Fund’s performance in 2010. The portfolio’s consumer staples holdings outperformed the corresponding sector within the benchmark – and had a higher relative average weighting than did the benchmark. From this sector, Costco was among the most important contributors to performance for the year.

While energy companies made positive contributions to absolute performance, they were the most important reason that the Fund lagged the benchmark for the year. The Fund’s energy companies underperformed the corresponding benchmark sector, but these firms occupied a higher relative average weighting in the portfolio (when compared to the benchmark). Occidental Petroleum and Canadian Natural Resources were some of the strongest contributors to Fund results from within the energy sector, whereas EOG Resources, Transocean, and China Coal Energy were among the most significant detractors from this sector.

Portfolio holdings within the industrials sector also contributed to absolute performance; however, they were another important reason that the Fund’s performance lagged the benchmark. The Fund’s industrial companies underperformed the benchmark sector and had a lower relative average weighting in industrials than did the benchmark. China Shipping Development was a significant detractor. Elsewhere, three companies – Hewlett Packard, Microsoft, and Visa – were noteworthy detractors.

Subadviser outlook

Our long-term focus usually results in low fund turnover. We do not overreact to past short-term performance from individual holdings on either the upside or the downside. The Fund’s investment strategy is to perform extensive research to buy durable companies at a discount to their intrinsic values and to hold them for the long term. We focus on the future, considering each company’s long-term business fundamentals.

Consistent with our low-turnover strategy, as of December 31, 2010, only two companies had dropped out of the Fund’s top 10 holdings from the end of 2009: Berkshire Hathaway and JPMorgan Chase. The Fund continues to own both of these companies, but in reduced amounts. The two new additions to the Fund’s top 10 holdings, CVS Caremark and Bank of New York Mellon, were among the Fund’s top 20 holdings as of December 31, 2009.

28

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

MassMutual Select Large Cap Value Fund Largest Holdings (% of Net Assets) on 12/31/10 (Unaudited)
Costco Wholesale Corp.	5.3	%
Wells Fargo & Co.	4.9	%
American Express Co.	4.2	%
Occidental Petroleum Corp.	4.1	%
CVS Caremark Corp.	3.7	%
Devon Energy Corp.	3.5	%
EOG Resources, Inc.	3.4	%
Merck & Co., Inc.	2.9	%
Loews Corp.	2.9	%
Canadian Natural Resources Ltd.	2.8	%
	37.7	%

MassMutual Select Large Cap Value Fund Sector Table (% of Net Assets) on 12/31/10 (Unaudited)
Financial	26.4	%
Consumer, Non-cyclical	21.2	%
Energy	16.2	%
Consumer, Cyclical	13.3	%
Industrial	6.9	%
Technology	5.3	%
Basic Materials	5.1	%
Communications	2.4	%
Diversified	1.3	%
Total Long-Term Investments	98.1	%
Short-Term Investments and Other Assets and Liabilities	1.9	%
Net Assets	100.0	%

MassMutual Select Large Cap Value Fund Country Weightings (% of Net Assets) on 12/31/10 (Unaudited)
United States	76.2	%
Canada	6.2	%
Switzerland	5.6	%
United Kingdom	2.6	%
Hong Kong	2.2	%
Netherlands	1.7	%
China	1.2	%
Brazil	1.0	%
Mexico	0.9	%
Netherlands Antilles	0.5	%
Total Long-Term Investments	98.1	%
Short-Term Investments and Other Assets and Liabilities	1.9	%
Net Assets	100.0	%

29

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

Growth of a $10,000 Investment

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

TOTAL RETURN	One Year 1/1/10 - 12/31/10		Five Year Average Annual 1/1/06 - 12/31/10		Ten Year Average Annual 1/1/01 - 12/31/10
Class S		13.08%		1.48%		2.47%
Class A		12.48%		0.98%		1.96%
Class A (sales load deducted)*		6.02%		-0.21%		1.36%
Class Y		12.98%		1.41%		2.38%
Class L		12.81%		1.22%		2.21%
S&P 500 Index#		15.06%		2.29%		1.41%
Russell 1000 Value Index		15.51%		1.28%		3.26%

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

TOTAL RETURN	One Year 1/1/10 - 12/31/10		Five Year Average Annual 1/1/06 - 12/31/10		Since Inception Average Annual 12/31/02 - 12/31/10
Class N		12.20%		0.69%		6.22%
Class N (CDSC fees deducted)*		11.20%		0.69%		6.22%
S&P 500 Index#		15.06%		2.29%		6.67%+
Russell 1000 Value Index		15.51%		1.28%		7.08%+

GROWTH OF $10,000 INVESTMENT FOR THE PAST TEN YEARS

GROWTH OF $10,000 INVESTMENT SINCE INCEPTION

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

# Benchmark

+ From 1/2/03.

Performance data quoted represents past performance; past performance is not predictive of future results. The investment return and principal value of shares of the Fund will fluctuate with market conditions so that shares of the Fund, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling 1-888-309-3539.

Investors should note that the Fund is a professionally managed mutual fund, while the S&P 500 Index and the Russell 1000 Value Index are unmanaged, do not incur expenses, and cannot be purchased directly by investors. Investors should read the Fund’s prospectus with regard to the Fund’s investment objective, risks and charges and expenses in conjunction with these financial statements. Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges. The performance tables and charts do not reflect the deduction of taxes that a shareholder would pay on the Fund distributions or the redemption of the Fund shares.

30

MassMutual Select Indexed Equity Fund – Portfolio Manager Report

What is the investment approach of MassMutual Select Indexed Equity Fund, and who is the Fund’s subadviser?

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. Under normal circumstances, the Fund invests at least 80% (and, typically, substantially all) of its net assets in the equity securities of companies included within the S&P 500^® Index. The Fund’s subadviser is Northern Trust Investments, Inc. (NTI).

How did the Fund perform during the 12 months ended December 31, 2010?

The Fund’s Class S shares returned 14.57%, trailing the 15.06% return of the S&P 500 Index (the “benchmark”), a widely recognized, unmanaged index representative of common stocks of larger capitalized U.S. companies.

For a discussion on the economic and market environment during the 12-month period ended December 31, 2010, please see the Economic and Market Review, beginning on page 3.

Subadviser discussion of factors that contributed to the Fund’s performance

For the year ended December 31, 2010, large-capitalization stocks underperformed both mid- and small-capitalization stocks. All sectors in the benchmark posted positive returns for the year. The largest gain was in consumer discretionary, which returned 27.66% for the year. Information technology, the largest sector in the benchmark, returned 10.19% for the year. Other strong performers were the industrials and materials sectors, which posted returns of 26.71% and 22.20%, respectively. Conversely, health care returned just 2.90%, the smallest sector gain for the year.

The year started in negative territory, as U.S. equity markets suffered losses in January, fueled by mixed corporate earnings and continued concerns around jobless data and consumer confidence levels. In February and March, the equity markets advanced, as many U.S. corporations posted unexpected positive earnings, in tandem with increased corporate activity.

The second quarter started with a better-than-expected earnings season and multiple merger and acquisition (“M&A”) announcements; however, disappointing macroeconomic data and Securities and Exchange Commission (SEC) fraud charges against Goldman Sachs in mid-April helped reverse the market. Multiple sovereign credit downgrades in Europe placed further downward pressure on performance. In mid-June, M&A activity and comments from the Federal Reserve (the “Fed”) provided a brief rally, but the market quickly reverted after disappointing U.S. home sales, Gross Domestic Product (GDP), and several lower-than-expected corporate earnings and guidance announcements.

U.S. markets rallied in the third quarter, driven by better-than-expected earnings reports, increased M&A activity, and speculation concerning the Fed’s quantitative easing efforts, which ultimately resulted in the announcement of further quantitative easing in the form of $600 billion in U.S. Treasury purchases. Share repurchases and/or dividend increases by Microsoft, MasterCard, and Thermo Fisher were seen as positive news by the markets.

A better-than-anticipated start to the earnings season helped equity markets early in the fourth quarter, along with further M&A activity and better-than-expected macroeconomic data. The year ended on a positive note, as December provided positive performance on strong manufacturing data, both in the U.S. and internationally.

Subadviser outlook

In our view, growing new orders in the industrials sector, against a backdrop of falling inventories, bode well for 2011 growth, and many have embraced this more robust outlook. In addition to the economic check-up, policy discussions have focused on two key risks: the European credit crisis and U.S. state and local financial deterioration. With regard to the European credit crisis, while we expect a journey toward greater fiscal unity to be bumpy, we do expect the European Union to work its way through this crisis – predicated on an expectation for reluctant (but forthcoming) German support. Importantly, we see limited systemic risk in the U.S., as meaningful intervention by Fed authorities seems unlikely and potential losses will likely be immaterial to aggregate net worth.

“Standard & Poor’s^®,” “S&P^®,” “S&P 500^®,” “Standard & Poor’s 500” and “500” are trademarks of The McGraw-Hill Companies 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.

31

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

MassMutual Select Indexed Equity Fund Largest Holdings (% of Net Assets) on 12/31/10 (Unaudited)
Exxon Mobil Corp.	3.2	%
Apple, Inc.	2.6	%
Microsoft Corp.	1.8	%
General Electric Co.	1.7	%
Chevron Corp.	1.6	%
International Business Machines Corp.	1.6	%
The Procter & Gamble Co.	1.6	%
AT&T, Inc.	1.5	%
Johnson & Johnson	1.5	%
JP Morgan Chase & Co.	1.4	%
	18.5	%

MassMutual Select Indexed Equity Fund Sector Table (% of Net Assets) on 12/31/10 (Unaudited)
Consumer, Non-cyclical	20.3	%
Financial	15.6	%
Technology	12.9	%
Energy	12.0	%
Communications	11.5	%
Industrial	10.9	%
Consumer, Cyclical	8.6	%
Basic Materials	3.7	%
Utilities	3.2	%
Diversified	0.0	%
Total Long-Term Investments	98.7	%
Short-Term Investments and Other Assets and Liabilities	1.3	%
Net Assets	100.0	%

32

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

Growth of a $10,000 Investment

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

TOTAL RETURN	One Year 1/1/10 - 12/31/10		Five Year Average Annual 1/1/06 - 12/31/10		Ten Year Average Annual 1/1/01 - 12/31/10
Class S		14.57%		1.88%		0.98%
Class A		14.29%		1.63%		0.66%
Class A (sales load deducted)*		7.72%		0.43%		0.07%
Class Y		14.56%		1.84%		0.95%
Class L		14.69%		1.90%		0.93%
S&P 500 Index		15.06%		2.29%		1.41%

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

TOTAL RETURN	One Year 1/1/10 - 12/31/10		Five Year Average Annual 1/1/06 - 12/31/10		Since Inception Average Annual 5/1/01 - 12/31/10
Class Z		14.93%		2.11%		1.82%
S&P 500 Index		15.06%		2.29%		2.00%

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

TOTAL RETURN	One Year 1/1/10 - 12/31/10		Five Year Average Annual 1/1/06 - 12/31/10		Since Inception Average Annual 12/31/02 - 12/31/10
Class N		13.94%		1.33%		5.62%
Class N (CDSC fees deducted)*		12.94%		1.33%		5.62%
S&P 500 Index		15.06%		2.29%		6.67%+

GROWTH OF $10,000 INVESTMENT FOR THE PAST TEN YEARS

GROWTH OF $10,000 INVESTMENT SINCE INCEPTION

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

+ From 1/2/03.

Performance data quoted represents past performance; past performance is not predictive of future results. The investment return and principal value of shares of the Fund will fluctuate with market conditions so that shares of the Fund, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling 1-888-309-3539.

Investors should note that the Fund is a professionally managed mutual fund, while the S&P 500 Index is unmanaged, does not incur expenses, and cannot be purchased directly by investors. Investors should read the Fund’s prospectus with regard to the Fund’s investment objective, risks and charges and expenses in conjunction with these financial statements. Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges. The performance tables and charts do not reflect the deduction of taxes that a shareholder would pay on the Fund distributions or the redemption of the Fund shares.

33

MassMutual Select Core Opportunities Fund – Portfolio Manager Report

What is the investment approach of MassMutual Select Core Opportunities Fund, and who are the Fund’s subadvisers?

The Fund seeks long-term growth of capital by investing primarily in equity securities of large capitalization companies. Under normal circumstances, the Fund invests at least 80% of its net assets in equity securities issued by large, established companies. The Fund’s subadvisers are Victory Capital Management Inc. (Victory), which managed approximately 49% of the Fund’s portfolio; and The Boston Company Asset Management, LLC (The Boston Company), which was responsible for approximately 51% of the Fund’s portfolio, as of December 31, 2010. The Boston Company became a co-subadviser to the Fund effective March 31, 2010.

How did the Fund perform during the 12 months ended December 31, 2010?

The Fund’s Class S shares returned 13.52%, trailing the 15.06% return of the S&P 500^® Index (the “benchmark”), a widely recognized, unmanaged index representative of common stocks of larger capitalized U.S. companies.

For a discussion on the economic and market environment during the 12-month period ended December 31, 2010, please see the Economic and Market Review, beginning on page 3.

Subadviser discussion of factors that contributed to the Fund’s performance

With respect to the Fund’s component that is subadvised by The Boston Company, the portfolio’s strong absolute performance was largely attributable to stock selection in the information technology (“IT”), energy, industrials, and materials sectors. Overall, the portfolio outperformed the benchmark in six of 10 sectors. Overweight positions, relative to the benchmark, in the consumer discretionary and energy sectors also contributed to the portfolio’s relative results for the year. On a stock-specific basis, standout performers included Apple (IT), Informatica Corp. (IT), Anadarko Petroleum (energy), Caterpillar (industrials), and Amazon.com (consumer discretionary).

Conversely, the portfolio’s relative performance was hindered by stock selection in the financials and health care sectors. The greatest detractors from the portfolio’s relative performance for the year included Bank of America Corp. (financials), Research in Motion (IT), Cisco Systems (IT), Amylin Pharmaceuticals (health care), and Microsoft (IT).

In relation to the Fund’s Victory component, the portfolio outperformed the benchmark for the second half of 2010, but underperformed for the year as a whole. Broadly speaking, the portfolio suffered from poor security selection, since sector allocation decisions positively impacted the portfolio’s returns, relative to the benchmark. The portfolio was, on average, overweight in the two best-performing sectors in 2010 (consumer discretionary and industrials) and underweight in the two worst-performing sectors (health care and utilities).

On a positive note, sector allocation added roughly 1% of relative return for the year. Security selection was negative, most prominently in the financials sector, as three of our bottom 10 performers in 2010 were financial holdings – Bank of America Corp., MasterCard Inc., and Charles Schwab Corp.

The portfolio’s best-performing sector relative to the benchmark was technology – where companies leveraged to enterprise spending performed well, as corporations gained confidence and began to spend more freely on technology investments. On a stock-specific basis, EMC benefited, as storage has been a focus area for corporate spending, and Oracle has done well by providing all-in-one solutions for its customers. Qualcomm was the best-performing stock for the portfolio in 2010; we added it after a decline early in the year, and the stock recovered significantly due to the strength in the smartphone market and stabilization in average selling prices. Lastly, Verizon was a top performer, as its high dividend yield was rewarded in the low interest rate environment. Furthermore, anticipation of an iPhone launch and the corresponding potential for share gain helped move Verizon higher.

Subadviser outlook

In our view, prospects for the sustainability of the economic recovery look much brighter for 2011. Fiscal and monetary policies remain accommodative and corporate earnings have rebounded considerably from trough levels. After two consecutive years of growth and further clarity on business activity, corporate managements have gained confidence and are taking advantage of balance sheet flexibility to increase dividends, repurchase shares, and merge with/acquire companies to augment their competitive positioning. Additionally, the third year of a presidential cycle has historically been the strongest for equities, appreciating 19% on average, without a decline since 1939. Overall, we remain positive and believe asset allocation decisions should favor large-capitalization equities.

34

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

MassMutual Select Core Opportunities Fund Largest Holdings (% of Net Assets) on 12/31/10 (Unaudited)
Pfizer, Inc.	3.2	%
Google, Inc. Class A	3.2	%
QUALCOMM, Inc.	2.6	%
Oracle Corp.	2.6	%
Target Corp.	2.2	%
Schlumberger Ltd.	1.9	%
Halliburton Co.	1.9	%
JP Morgan Chase & Co.	1.9	%
Microsoft Corp.	1.9	%
Apple, Inc.	1.8	%
	23.2	%

MassMutual Select Core Opportunities Fund Sector Table (% of Net Assets) on 12/31/10 (Unaudited)
Consumer, Non-cyclical	18.5	%
Financial	14.3	%
Energy	12.9	%
Industrial	12.5	%
Consumer, Cyclical	12.3	%
Technology	11.9	%
Communications	10.8	%
Basic Materials	3.2	%
Utilities	2.1	%
Mutual Funds	0.6	%
Total Long-Term Investments	99.1	%
Short-Term Investments and Other Assets and Liabilities	0.9	%
Net Assets	100.0	%

35

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

Growth of a $10,000 Investment

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

TOTAL RETURN	One Year 1/1/10 - 12/31/10		Since Inception Average Annual 3/31/06 - 12/31/10
Class S		13.52%		1.25%
Class A		12.92%		0.77%
Class A (sales load deducted)*		6.43%		-0.48%
Class Y		13.53%		1.17%
Class L		13.28%		1.00%
Class N		12.58%		0.46%
Class N (CDSC fees deducted)*		11.58%		0.46%
S&P 500 Index		15.06%		1.53%+

GROWTH OF $10,000 INVESTMENT SINCE INCEPTION

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

+ From 4/3/06.

Performance data quoted represents past performance; past performance is not predictive of future results. The investment return and principal value of shares of the Fund will fluctuate with market conditions so that shares of the Fund, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling 1-888-309-3539.

Investors should note that the Fund is a professionally managed mutual fund, while the S&P 500 Index is unmanaged, does not incur expenses, and cannot be purchased directly by investors. Investors should read the Fund’s prospectus with regard to the Fund’s investment objective, risks and charges and expenses in conjunction with these financial statements. Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges. The performance tables and charts do not reflect the deduction of taxes that a shareholder would pay on the Fund distributions or the redemption of the Fund shares.

36

MassMutual Select Blue Chip Growth Fund – Portfolio Manager Report

What is the investment approach of MassMutual Select Blue Chip Growth Fund, and who is the Fund’s subadviser?

The Fund seeks growth of capital over the long term by investing, under normal circumstances, at least 80% of its net assets in the common stocks of large- and medium-sized blue chip growth companies. The Fund’s subadviser is T. Rowe Price Associates, Inc. (T. Rowe Price).

How did the Fund perform during the 12 months ended December 31, 2010?

The Fund’s Class S shares returned 16.64%, modestly lagging the 16.71% return of the Russell 1000^® Growth Index (the “benchmark”), an unmanaged index consisting of those Russell 1000 securities (representing the 1,000 largest U.S. companies based on market capitalization) with greater than average growth orientation that tend to exhibit higher price-to-book ratios and higher forecasted growth rates than securities in the value universe. Conversely, the Fund outperformed the 15.06% return of the S&P 500^® Index, a widely recognized, unmanaged index representative of common stocks of larger capitalized U.S. companies.

For a discussion on the economic and market environment during the 12-month period ended December 31, 2010, please see the Economic and Market Review, beginning on page 3.

Subadviser discussion of factors that contributed to the Fund’s performance

Sector weighting was the primary reason for the Fund’s strong absolute performance in 2010, but stock selection was also positive. The information technology (“IT”), consumer discretionary, and energy sectors were the leading relative outperformers. The financials and materials sectors were primary relative detractors.

The Fund’s results in the IT sector benefited from strong stock selection. Apple, the top absolute portfolio contributor, experienced sales growth in all three major products (iPhones, iPods, and Macs) and appeared, at year-end, poised to benefit strongly from the new iPad. The share price of Baidu, operator of China’s most popular Web site, more than doubled on continued earnings growth, benefiting from the effective withdrawal of Google from the Chinese market. Baidu is the dominant search engine in the world’s largest Internet market. Limiting exposure to several significant benchmark holdings that underperformed, such as Cisco Systems, Hewlett-Packard, and Microsoft, also aided the Fund’s performance, relative to the benchmark.

The portfolio’s overweight position in the consumer discretionary sector, relative to the benchmark, also contributed to performance. Marriott, the largest U.S. hotel chain, benefited from a rebound in travel after occupancies hit a 30-year low in 2009. The company turned a profit in the third quarter of 2010 and announced plans to increase the number of rooms, including a significant increase in Brazil. Shares of Starbucks rose steadily on continuing stronger sales. In addition to improving sales in the United States, the coffee chain showed potential for notable international growth, announcing that it would triple the number of stores in China over five years. Amazon.com continued to outperform, due to strong earnings results and a positive impact from the introduction of a new version of its Kindle eReader. The company continued to gain Internet retail market share, as Internet retailers continued to acquire market share at the expense of traditional retailers.

The Fund’s energy position outperformed on stock selection, offsetting an unfavorable underweighting in the strong-performing sector. Schlumberger, the global oilfield services firm, was a top absolute portfolio contributor.

On the downside, the financials sector was by far the Fund’s biggest relative detractor in 2010, largely due to stock selection. Investment banker Goldman Sachs suffered from charges related to its mortgage securities sales. Shares fell sharply after the U.S. Securities and Exchange Commission filed fraud charges against the firm. Consequently, the portfolio reduced its position in the stock. Sector results were also negatively affected by portfolio holdings in bank stocks. Banks are facing regulatory challenges and net interest margins are squeezed by the low interest rate environment.

Subadviser outlook

For 2011, we hold a modestly positive view of the equities market. In our view, earnings and cash flow should improve, boosting investor confidence and thus strengthening equity markets. We are particularly focused on exposure to companies positioned to benefit from high overseas exposure to emerging markets, as we expect economic growth in these areas to outpace growth in developed markets. There is also a good chance for multiple expansions in U.S. equities, as cash sitting on the sidelines is reallocated back into stocks. The Fund is poised to capitalize on the improving market environment, with overweight investments in the consumer discretionary, industrials, and business services sectors.

37

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

MassMutual Select Blue Chip Growth Fund Largest Holdings (% of Net Assets) on 12/31/10 (Unaudited)
Apple, Inc.	7.3	%
Google, Inc. Class A	5.4	%
Amazon.com, Inc.	4.7	%
Danaher Corp.	3.4	%
Schlumberger Ltd.	2.9	%
Franklin Resources, Inc.	2.1	%
Express Scripts, Inc.	1.9	%
Praxair, Inc.	1.9	%
QUALCOMM, Inc.	1.9	%
Starbucks Corp.	1.7	%
	33.2	%

MassMutual Select Blue Chip Growth Fund Sector Table (% of Net Assets) on 12/31/10 (Unaudited)
Communications	23.4	%
Consumer, Cyclical	15.5	%
Technology	13.8	%
Industrial	13.4	%
Consumer, Non-cyclical	11.2	%
Financial	10.7	%
Energy	8.1	%
Basic Materials	3.9	%
Mutual Funds	0.0	%
Total Long-Term Investments	100.0	%
Short-Term Investments and Other Assets and Liabilities	0.0	%
Net Assets	100.0	%

38

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

Growth of a $10,000 Investment

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

TOTAL RETURN	One Year 1/1/10 - 12/31/10		Five Year Average Annual 1/1/06 - 12/31/10		Since Inception Average Annual 6/1/01 - 12/31/10
Class S		16.64%		3.32%		0.92%
Class A		16.01%		2.84%		0.43%
Class A (sales load deducted)*		9.34%		1.63%		-0.19%
Class Y		16.45%		3.23%		0.81%
Class L		16.30%		3.08%		0.67%
Russell 1000 Growth Index#		16.71%		3.75%		1.39%
S&P 500 Index		15.06%		2.29%		1.95%

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

TOTAL RETURN	One Year 1/1/10 - 12/31/10		Five Year Average Annual 1/1/06 - 12/31/10		Since Inception Average Annual 12/31/02 - 12/31/10
Class N		15.68%		2.54%		5.31%
Class N (CDSC fees deducted)*		14.68%		2.54%		5.31%
Russell 1000 Growth Index#		16.71%		3.75%		7.21%+
S&P 500 Index		15.06%		2.29%		6.67%+

GROWTH OF $10,000 INVESTMENT SINCE INCEPTION

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

# Benchmark

+ From 1/2/03.

Performance data quoted represents past performance; past performance is not predictive of future results. The investment return and principal value of shares of the Fund will fluctuate with market conditions so that shares of the Fund, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling 1-888-309-3539.

Investors should note that the Fund is a professionally managed mutual fund, while the Russell 1000 Growth Index and the S&P 500 Index are unmanaged, do not incur expenses, and cannot be purchased directly by investors. Investors should read the Fund’s prospectus with regard to the Fund’s investment objective, risks and charges and expenses in conjunction with these financial statements. Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges. The performance tables and charts do not reflect the deduction of taxes that a shareholder would pay on the Fund distributions or the redemption of the Fund shares.

39

MassMutual Select Large Cap Growth Fund – Portfolio Manager Report

What is the investment approach of MassMutual Select Large Cap Growth Fund, and who is the Fund’s subadviser?

The Fund seeks long-term growth of capital and future income by investing primarily in large-capitalization companies that the Fund’s subadviser believes offer the potential for long-term growth. Under normal circumstances, the Fund invests at least 80% of its net assets in the common stocks of companies whose market capitalizations at the time of purchase are within the market capitalization range of companies included in the Russell 1000^® Growth Index. The Fund’s subadviser is Rainier Investment Management, Inc. (Rainier).

How did the Fund perform during the 12 months ended December 31, 2010?

The Fund’s Class S shares returned 16.60%, modestly underperforming the 16.71% return of the Russell 1000 Growth Index (the “benchmark”), an unmanaged index consisting of those Russell 1000 securities (representing the 1,000 largest U.S. companies based on market capitalization) with greater than average growth orientation that tend to exhibit higher price-to-book ratios and higher forecasted growth rates than securities in the value universe.

For a discussion on the economic and market environment during the 12-month period ended December 31, 2010, please see the Economic and Market Review, beginning on page 3.

Subadviser discussion of factors that contributed to the Fund’s performance

The Fund is managed with a focus on two growth styles: Large Cap Equity and Large Cap Growth Equity

The Fund’s strong absolute performance in 2010 was due in large part to strength in the producer durables and technology sectors. The portfolio benefited from exposure to economically sensitive shares, as industrial and technology holdings rallied along with energy and consumer discretionary stocks. Conversely, the financials sector provided the most drag on the Fund’s performance in 2010.

Cummins Inc. (in the producer durables sector) was the best-performing stock, relative to the benchmark. Deere & Co. was also a strong contributor to performance. Producer durables stocks – benefiting from exposure to high-growth emerging markets, lean cost structures, and profitability levels above historic norms – have been fertile ground for investment opportunity for several years.

Performance within the technology sector also contributed to the Fund’s full-year results, boosted largely by the timely sale of Hewlett-Packard Co. early in 2010. The stock ultimately lagged the benchmark by a wide margin for the 12-month period; consequently, the Fund benefited from not owning it for a majority of the year. For the Large Cap Growth Equity strategy, notable contributors on a stock-specific basis included Citrix Systems Inc. and NetApp Inc., both of which benefited from increasing enterprise spending on technology. For the Large Cap Equity strategy, Apple, Inc. was the largest contributor.

On the downside, the Fund’s financial services holdings suffered the most, with Visa Inc. the largest detractor overall. For the Large Cap Growth Equity strategy, BlackRock Inc. was also a significant laggard. For the Large Cap Equity strategy, Bank of America significantly detracted from portfolio results.

For the Large Cap Growth Equity strategy, within utilities, the Fund owned only one position during the year – AES Corp. – and its underperformance caused the portfolio sector to lag the benchmark sector.

Conversely, within the Large Cap Equity strategy, another sector of significant relative outperformance was materials and processing, where Albemarle Corp. and Precision Castparts Corp. were notable contributors. In the energy sector, Walter Energy Inc. was the biggest outperformer for the year. Walter, a leading company in metallurgical coal production, was boosted by the acquisition of Canadian producer Western Coal Corp.

Subadviser outlook

Although a continuation of the pattern of the second half of 2010 may be too much to hope for, the equity market is, nevertheless, generally giving encouraging signals. Recent outperformance of small-cap stocks typically correlates with an economic recovery

40

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

and a strong market environment. Commodity prices, which are in an upward trend, are reinforcing that view. The fact that stocks experienced solid gains at a time when China began to tighten monetary policy and European sovereign debt issues remained challenging suggests that the global economy has regained a level of health to withstand potential economic shocks. Whether that turns out to be true remains to be seen, but it is encouraging nonetheless.

From a sector perspective, we believe a continuation of recent trends is likely to persist, with economically sensitive and capital markets-oriented shares leading the way, and defensive non-cyclical stocks likely underperforming.

MassMutual Select Large Cap Growth Fund Largest Holdings (% of Net Assets) on 12/31/10 (Unaudited)
Apple, Inc.	4.7	%
Google, Inc. Class A	2.5	%
Deere & Co.	2.3	%
Oracle Corp.	2.2	%
Halliburton Co.	2.1	%
The Coca-Cola Co.	2.0	%
Chevron Corp.	2.0	%
Amazon.com, Inc.	1.9	%
Schlumberger Ltd.	1.8	%
Cummins, Inc.	1.8	%
	23.3	%

MassMutual Select Large Cap Growth Fund Sector Table (% of Net Assets) on 12/31/10 (Unaudited)
Technology	17.0	%
Industrial	15.2	%
Consumer, Non-cyclical	14.1	%
Consumer, Cyclical	13.2	%
Communications	12.0	%
Energy	11.0	%
Financial	11.0	%
Basic Materials	5.0	%
Utilities	0.8	%
Total Long-Term Investments	99.3	%
Short-Term Investments and Other Assets and Liabilities	0.7	%
Net Assets	100.0	%

41

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

Growth of a $10,000 Investment

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

TOTAL RETURN	One Year 1/1/10 - 12/31/10		Five Year Average Annual 1/1/06 - 12/31/10		Since Inception Average Annual 12/31/01 - 12/31/10
Class S		16.60%		0.15%		0.61%
Class A		16.14%		-0.27%		0.17%
Class A (sales load deducted)*		9.46%		-1.44%		-0.49%
Class Y		17.11%		0.19%		0.60%
Class L		16.51%		-0.11%		0.52%
Russell 1000 Growth Index		16.71%		3.75%		2.59%+

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

TOTAL RETURN	One Year 1/1/10 - 12/31/10		Five Year Average Annual 1/1/06 - 12/31/10		Since Inception Average Annual 12/31/02 - 12/31/10
Class N		15.78%		-0.58%		4.67%
Class N (CDSC fees deducted)*		14.78%		-0.58%		4.67%
Russell 1000 Growth Index		16.71%		3.75%		7.21%++

GROWTH OF $10,000 INVESTMENT SINCE INCEPTION

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

+ From 1/2/02.

++ From 1/2/03.

Performance data quoted represents past performance; past performance is not predictive of future results. The investment return and principal value of shares of the Fund will fluctuate with market conditions so that shares of the Fund, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling 1-888-309-3539.

Investors should note that the Fund is a professionally managed mutual fund, while the Russell 1000 Growth Index is unmanaged, does not incur expenses, and cannot be purchased directly by investors. Investors should read the Fund’s prospectus with regard to the Fund’s investment objective, risks and charges and expenses in conjunction with these financial statements. Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges. The performance tables and charts do not reflect the deduction of taxes that a shareholder would pay on the Fund distributions or the redemption of the Fund shares.

42

MassMutual Select Aggressive Growth Fund – Portfolio Manager Report

What is the investment approach of MassMutual Select Aggressive Growth Fund, and who are the Fund’s subadvisers?

The Fund seeks long-term capital appreciation by investing primarily in equity securities of U.S. companies. Under normal market conditions, the Fund invests at least 80% of its net assets in equity securities. The Fund’s subadvisers are Sands Capital Management, LLC (Sands Capital), which managed approximately 52% of the Fund’s portfolio; and Delaware Management Company (DMC), which was responsible for approximately 48% of the Fund’s portfolio, as of December 31, 2010.

How did the Fund perform during the 12 months ended December 31, 2010?

The Fund’s Class S shares returned 20.27%, outperforming the 16.71% return of the Russell 1000^® Growth Index (the “benchmark”), an unmanaged index consisting of those Russell 1000 securities (representing the 1,000 largest U.S. companies based on market capitalization) with greater than average growth orientation that tend to exhibit higher price-to-book ratios and higher forecasted growth rates than securities in the value universe.

For a discussion on the economic and market environment during the 12-month period ended December 31, 2010, please see the Economic and Market Review, beginning on page 3.

Subadviser discussion of factors that contributed to the Fund’s performance

With respect to the Fund’s Sands Capital component, the portfolio’s outperformance of the benchmark was primarily attributable to security selection. The largest individual contributors to the portfolio’s relative return for 2010 (in descending order) were Salesforce.com, Las Vegas Sands, Illumina, National Oilwell Varco, and Genzyme. The largest detractors from relative performance during the year were Monsanto, Visa, CME Group, Intuitive Surgical, and Google.

Sands Capital initiated nine new holdings during 2010: W.W. Grainger, ASML Holding N.V., Praxair, F5 Networks, Alexion Pharmaceuticals, C.H. Robinson Worldwide, Cree, Netflix, and Southwestern Energy Company. Sands Capital believes each of these companies can deliver significant earnings growth over the next three to five years. Additionally, Sands Capital trimmed nine positions from the portfolio in 2010, because of changes to the companies, including diminished growth prospects, or because other better opportunities were identified. Those eliminated included Stryker, America Movil, Monsanto, VMware, Iron Mountain, Broadcom, CME Group, Genzyme, and FLIR Systems.

For the Fund’s DMC component, a mix of sector allocation and stock selection drove the majority of the portfolio’s performance in 2010. Consistent with DMC’s long-term experience and investment philosophy, it did not allocate to sectors or position the portfolio for any particular positioning bet relative to a call on the economic or investment cycle.

DMC’s stock selection was strong in the technology and health care sectors, but was offset by weakness in the financial services and energy sectors. While the portfolio had an overweight position, relative to the benchmark, in financials, it’s important to note that its financial holdings were primarily not in the traditional “spread lending” financials of banks and insurance companies – but rather in the “transaction” companies of exchanges and payment networks whose business models depend on transaction activity, not on the level or spread of interest rates. However, many of the portfolio’s holdings in transactional financial companies detracted from performance – especially late in the period – over concerns of increased government regulatory scrutiny.

The portfolio’s underperformance in the energy sector was due mainly to an underweight allocation in the sector. The broader energy group of companies was driven by those with direct commodity-price exposure.

Contributing to performance were the portfolio’s technology holdings, which were especially strong, as five of its 10 holdings in that sector each appreciated at least 30% for the year – and four of those, more than 40% for the period. In terms of major technology position changes during the period, DMC sold six stock positions and bought three during the year.

Subadviser outlook

Although the equity market posted a strong return for the year, investors still appear uncertain about the level of future global economic growth. In our view, the sentiment surrounding the magnitude of economic recovery will likely have a large impact on

43

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

market movements in 2011. While fundamentals may still be trending in a positive direction (from a very low base during the global financial crisis in 2008-2009), we don’t believe we are entering into a typical post-recessionary boom cycle. Rather, we believe the lingering effects of the credit crisis could lead to moderate growth, at best, and are likely to continue to result in often conflicting economic data points and a variety of company outcomes, which will be dependent on the quality of a company’s business model, competitive position, and management.

MassMutual Select Aggressive Growth Fund Largest Holdings (% of Net Assets) on 12/31/10 (Unaudited)
Apple, Inc.	6.1	%
QUALCOMM, Inc.	5.7	%
Visa, Inc. Class A	4.6	%
Google, Inc. Class A	4.6	%
Amazon.com, Inc.	4.0	%
Allergan, Inc.	4.0	%
Salesforce.com, Inc.	3.8	%
Nike, Inc. Class B	3.3	%
IntercontinentalExchange, Inc.	3.2	%
Staples, Inc.	2.8	%
	42.1	%

MassMutual Select Aggressive Growth Fund Sector Table (% of Net Assets) on 12/31/10 (Unaudited)
Consumer, Non-cyclical	24.5	%
Communications	23.0	%
Technology	17.3	%
Consumer, Cyclical	12.8	%
Energy	9.2	%
Financial	7.7	%
Industrial	2.5	%
Basic Materials	2.4	%
Total Long-Term Investments	99.4	%
Short-Term Investments and Other Assets and Liabilities	0.6	%
Net Assets	100.0	%

44

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

Growth of a $10,000 Investment

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

TOTAL RETURN	One Year 1/1/10 - 12/31/10		Five Year Average Annual 1/1/06 - 12/31/10		Ten Year Average Annual 1/1/01 - 12/31/10
Class S		20.27%		2.36%		-0.39%
Class A		19.50%		1.84%		-0.89%
Class A (sales load deducted)*		12.63%		0.64%		-1.48%
Class Y		20.14%		2.26%		-0.50%
Class L		19.90%		2.10%		-0.65%
Russell 1000 Growth Index		16.71%		3.75%		0.02%

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

TOTAL RETURN	One Year 1/1/10 - 12/31/10		Five Year Average Annual 1/1/06 - 12/31/10		Since Inception Average Annual 12/31/02 - 12/31/10
Class N		19.37%		1.54%		7.80%
Class N (CDSC fees deducted)*		18.37%		1.54%		7.80%
Russell 1000 Growth Index		16.71%		3.75%		7.21%+

GROWTH OF $10,000 INVESTMENT FOR THE PAST TEN YEARS

GROWTH OF $10,000 INVESTMENT SINCE INCEPTION

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

+ From 1/2/03.

Performance data quoted represents past performance; past performance is not predictive of future results. The investment return and principal value of shares of the Fund will fluctuate with market conditions so that shares of the Fund, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling 1-888-309-3539.

Investors should note that the Fund is a professionally managed mutual fund, while the Russell 1000 Growth Index is unmanaged, does not incur expenses, and cannot be purchased directly by investors. Investors should read the Fund’s prospectus with regard to the Fund’s investment objective, risks and charges and expenses in conjunction with these financial statements. Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges. The performance tables and charts do not reflect the deduction of taxes that a shareholder would pay on the Fund distributions or the redemption of the Fund shares.

45

MassMutual Select NASDAQ^®-100 Fund – Portfolio Manager Report

What is the investment approach of MassMutual Select NASDAQ-100^® Fund, and who is the Fund’s subadviser?

The Fund seeks to approximate as closely as practicable (before fees and expenses) the total return of the NASDAQ-100 Index^®. Under normal circumstances, the Fund invests at least 80% (and, typically, substantially all) of its net assets in the equity securities of companies included in the NASDAQ-100 Index. The Fund’s subadviser is Northern Trust Investments, Inc. (NTI).

How did the Fund perform during the 12 months ended December 31, 2010?

The Fund’s Class S shares returned 20.42%, outperforming the 19.22% return of the NASDAQ-100 Index (the “benchmark”). The benchmark is a modified capitalization-weighted index composed of the 100 largest non-financial companies listed on the National Association of Securities Dealers Automated Quotations System (NASDAQ).

For a discussion on the economic and market environment during the 12-month period ended December 31, 2010, please see the Economic and Market Review, beginning on page 3.

Subadviser discussion of factors that contributed to the Fund’s performance

It is important to note that payouts from class action settlements from former holdings Adelphia, in April, and Worldcom, in June, were the primary contributors to the Fund’s outperformance versus the benchmark. Sector performance was positive for the year ended December 31, 2010. Information technology, the largest weight in the benchmark, returned 20.49%; consumer discretionary returned 26.89%.

The year started in negative territory, as U.S. equity markets suffered losses in January, fueled by mixed corporate earnings and continued concerns around jobless data and consumer confidence levels. In February and March, the equity markets advanced, as many U.S. corporations posted unexpected positive earnings, in tandem with increased corporate activity.

The second quarter started with a better-than-expected earnings season and multiple merger and acquisition (“M&A”) announcements; however, disappointing macroeconomic data and Securities and Exchange Commission (SEC) fraud charges against Goldman Sachs in mid-April helped reverse the market. Multiple sovereign credit downgrades in Europe placed further downward pressure on performance. In mid-June, M&A activity and comments from the Federal Reserve (the “Fed”) provided a brief rally, but the market quickly reverted after disappointing U.S. home sales, Gross Domestic Product (GDP), and several lower-than-expected corporate earnings and guidance announcements.

U.S. markets rallied in the third quarter, driven by better-than-expected earnings reports, increased M&A activity, and speculation concerning the Fed’s quantitative easing efforts, which ultimately resulted in the announcement of further quantitative easing in the form of $600 billion in U.S. Treasury purchases. Share repurchases and/or dividend increases by Microsoft, MasterCard, and Thermo Fisher were seen as positive news by the markets.

A better-than-anticipated start to the earnings season helped equity markets early in the fourth quarter, along with further M&A activity and better-than-expected macroeconomic data. The year ended on a positive note, as December provided positive performance on strong manufacturing data, both in the U.S. and internationally.

Subadviser outlook

In our view, growing new orders in the industrials sector, against a backdrop of falling inventories, bode well for 2011 growth, and many have embraced this more robust outlook. In addition to the economic check-up, policy discussions have focused on two key risks: the European credit crisis and U.S. state and local financial deterioration. With regard to the European credit crisis, while we expect a journey toward greater fiscal unity to be bumpy, we do expect the European Union to work its way through this crisis – predicated on an expectation for reluctant (but forthcoming) German support. Importantly, we see limited systemic risk in the U.S., as meaningful intervention by Fed authorities seems unlikely and potential losses will likely be immaterial to aggregate net worth.

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.

46

MassMutual Select NASDAQ^®-100 Fund – Portfolio Manager Report (Continued)

MassMutual Select NASDAQ-100 Fund Largest Holdings (% of Net Assets) on 12/31/10 (Unaudited)
Apple, Inc.	19.6	%
QUALCOMM, Inc.	4.6	%
Google, Inc. Class A	4.3	%
Microsoft Corp.	3.9	%
Oracle Corp.	3.1	%
Amazon.com, Inc.	2.5	%
Intel Corp.	1.9	%
Cisco Systems, Inc.	1.9	%
Teva Pharmaceutical Industries Ltd. Sponsored ADR (Israel)	1.8	%
Starbucks Corp.	1.6	%
	45.2	%

MassMutual Select NASDAQ-100 Fund Sector Table (% of Net Assets) on 12/31/10 (Unaudited)
Technology	45.4	%
Communications	26.3	%
Consumer, Non-cyclical	14.1	%
Consumer, Cyclical	8.2	%
Industrial	2.7	%
Energy	0.5	%
Basic Materials	0.4	%
Total Long-Term Investments	97.6	%
Short-Term Investments and Other Assets and Liabilities	2.4	%
Net Assets	100.0	%

47

MassMutual Select NASDAQ^®-100 Fund – Portfolio Manager Report (Continued)

Growth of a $10,000 Investment

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

TOTAL RETURN	One Year 1/1/10 - 12/31/10		Five Year Average Annual 1/1/06 - 12/31/10		Ten Year Average Annual 1/1/01 - 12/31/10
Class S		20.42%		6.27%		-0.59%
Class A		19.82%		5.72%		-1.11%
Class A (sales load deducted)*		12.93%		4.47%		-1.70%
Class Y		20.43%		6.20%		-0.70%
Class L		20.00%		6.00%		-0.85%
NASDAQ-100 Index		19.22%		6.16%		-0.54%

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

TOTAL RETURN	One Year 1/1/10 - 12/31/10		Five Year Average Annual 1/1/06 - 12/31/10		Since Inception Average Annual 12/31/02 - 12/31/10
Class N		19.19%		5.34%		9.64%
Class N (CDSC fees deducted)*		18.19%		5.34%		9.64%
NASDAQ-100 Index		19.22%		6.16%		10.69%+

GROWTH OF $10,000 INVESTMENT FOR THE PAST TEN YEARS

GROWTH OF $10,000 INVESTMENT SINCE INCEPTION

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

+ From 1/2/03.

Performance data quoted represents past performance; past performance is not predictive of future results. The investment return and principal value of shares of the Fund will fluctuate with market conditions so that shares of the Fund, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling 1-888-309-3539.

Investors should note that the Fund is a professionally managed mutual fund, while the NASDAQ-100 Index is unmanaged, does not incur expenses, and cannot be purchased directly by investors. Investors should read the Fund’s prospectus with regard to the Fund’s investment objective, risks and charges and expenses in conjunction with these financial statements. Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges. The performance tables and charts do not reflect the deduction of taxes that a shareholder would pay on the Fund distributions or the redemption of the Fund shares.

48

MassMutual Select Focused Value Fund – Portfolio Manager Report

What is the investment approach of MassMutual Select Focused Value Fund, and who is the Fund’s subadviser?

The Fund seeks growth of capital over the long-term by investing primarily in equity securities of U.S. companies that the Fund’s subadviser believes are undervalued. The Fund’s subadviser is Harris Associates L.P. (Harris).

How did the Fund perform during the 12 months ended December 31, 2010?

The Fund’s Class S shares returned 21.81%, significantly outperforming the 16.10% return of the Russell 1000^® Index (the “benchmark”), a widely recognized, unmanaged index representing the performance of common stocks of larger capitalized U.S. companies.

For a discussion on the economic and market environment during the 12-month period ended December 31, 2010, please see the Economic and Market Review, beginning on page 3.

Subadviser discussion of factors that contributed to the Fund’s performance

Despite all the warnings that the sharp recovery in 2009 was possibly a fluke, the stock market in 2010 proved to be both resilient and profitable to those willing to focus on corporate fundamentals. The news was daunting at times – a major oil spill, a euro zone debt crisis, and a disruptive election in the U.S. But the economy continued to move forward, and businesses generated robust profits that translated into double-digit gains by the major U.S. equity markets.

When compared to the portfolio’s benchmark, both stock selection and sector weightings added overall relative value to the Fund’s progress for the year. Portfolio positions in the consumer discretionary and industrial sectors, along with a lack of exposure to underperforming health care stocks, exerted the most positive impact. Conversely, technology and utility holdings and a lack of exposure to materials shares detracted most from the Fund’s performance in 2010.

With respect to the management of the portfolio, in the consumer discretionary sector, we added Penn National Gaming and eliminated Best Buy and Discovery Communications. We also sold two consumer staples holdings (Dr Pepper Snapple Group and Safeway) during the year, completely eliminating our exposure to this sector.

On the other hand, we added three new energy stocks (Range Resources, Transocean, and Ultra Petroleum) and we retained all other holdings in this sector. We also added one utility stock (Calpine) to the portfolio, opening exposure to this sector. We acquired Wells Fargo in the financials sector, and retained all of the other financial holdings in the portfolio. We sold one industrial stock (Union Pacific), while continuing to maintain the portfolio’s other industrial investments. In the technology sector, we maintained all portfolio holdings for the year – neither adding nor deleting any technology stocks.

Subadviser outlook

In a world of rock-bottom interest rates, the long-term savings challenge can be daunting for investors. But given current allocations, many investor portfolios seem poorly positioned to achieve their own long-term investment goals. Prospects look good for more gains in corporate profits and cash flow. We believe equities are still inexpensive by most fundamental measures. Also, much uncertainty with regard to the investing environment has faded somewhat. Indeed, the Bush tax cuts were extended, the risk of a “double-dip” recession seems to fall with each economic report, and the new Congress seems aware that it must address the long-term fiscal concerns that tend to worry investors the most. As a result, we think the external environment favors owners versus creditors.

As always, we expect in the short run for stocks to be both volatile and unpredictable. But the market’s fundamentally grounded recovery – and importantly, the improved economy itself – can no longer be ignored, particularly by investors with long-term objectives that cannot be met by low-yielding bonds.

49

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

MassMutual Select Focused Value Fund Largest Holdings (% of Net Assets) on 12/31/10 (Unaudited)
Intel Corp.	6.5	%
Carnival Corp.	6.5	%
Robert Half International, Inc.	5.5	%
Bank of New York Mellon Corp.	5.4	%
Applied Materials, Inc.	5.2	%
Illinois Tool Works, Inc.	4.9	%
Franklin Resources, Inc.	4.8	%
The Boeing Co.	4.8	%
National Oilwell Varco, Inc.	4.7	%
Discover Financial Services	4.6	%
	52.9	%

MassMutual Select Focused Value Fund Sector Table (% of Net Assets) on 12/31/10 (Unaudited)
Financial	18.9	%
Consumer, Cyclical	17.8	%
Technology	17.0	%
Energy	16.6	%
Industrial	13.8	%
Consumer, Non-cyclical	5.5	%
Utilities	3.5	%
Total Long-Term Investments	93.1	%
Short-Term Investments and Other Assets and Liabilities	6.9	%
Net Assets	100.0	%

50

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

Growth of a $10,000 Investment

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

TOTAL RETURN	One Year 1/1/10 - 12/31/10		Five Year Average Annual 1/1/06 - 12/31/10		Ten Year Average Annual 1/1/01 - 12/31/10
Class S		21.81%		6.89%		10.85%
Class A		21.29%		6.36%		10.30%
Class A (sales load deducted)*		14.32%		5.11%		9.65%
Class Y		21.73%		6.78%		10.75%
Class L		21.54%		6.62%		10.58%
Russell 1000 Index		16.10%		2.59%		1.83%

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

TOTAL RETURN	One Year 1/1/10 - 12/31/10		Five Year Average Annual 1/1/06 - 12/31/10		Since Inception Average Annual 12/31/02 - 12/31/10
Class N		20.90%		6.04%		10.58%
Class N (CDSC fees deducted)*		19.90%		6.04%		10.58%
Russell 1000 Index		16.10%		2.59%		7.23%+

Hypothetical Investments in MassMutual Select Focused Value Fund Class Z and the Russell 1000 Index.

TOTAL RETURN	Since Inception 11/15/10 - 12/31/10
Class Z		4.26%
Russell 1000 Index		6.68%++

GROWTH OF $10,000 INVESTMENT FOR THE PAST TEN YEARS

GROWTH OF $10,000 INVESTMENT SINCE INCEPTION

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

+ From 1/2/03.

++ From 12/1/10.

Performance data quoted represents past performance; past performance is not predictive of future results. The investment return and principal value of shares of the Fund will fluctuate with market conditions so that shares of the Fund, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling 1-888-309-3539.

Investors should note that the Fund is a professionally managed mutual fund, while the Russell 1000 Index is unmanaged, does not incur expenses, and cannot be purchased directly by investors. Investors should read the Fund’s prospectus with regard to the Fund’s investment objective, risks and charges and expenses in conjunction with these financial statements. Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges. The performance tables and charts do not reflect the deduction of taxes that a shareholder would pay on the Fund distributions or the redemption of the Fund shares.

51

MassMutual Select Mid-Cap Value Fund – Portfolio Manager Report

What is the investment approach of MassMutual Select Mid-Cap Value Fund, and who are the Fund’s subadvisers?

The Fund seeks growth of capital over the long-term by investing primarily in equity securities of mid-capitalization companies that the subadvisers believe are undervalued. Under normal circumstances, the Fund invests at least 80% of its net assets in the stocks of mid-cap companies. The Fund’s subadvisers are NFJ Investment Group LLC (NFJ), which managed approximately 30% of the Fund’s portfolio; and Systematic Financial Management, L.P. (Systematic), which was responsible for approximately 70% of the Fund’s portfolio, as of December 31, 2010. Effective March 10, 2010, NFJ replaced Cooke & Bieler, L.P. (Cooke & Bieler) as a co-subadviser of this Fund

How did the Fund perform during the 12 months ended December 31, 2010?

The Fund’s Class S shares returned 23.43%, trailing the 24.75% return of the Russell Midcap^® Value Index (the “benchmark”), a widely recognized, unmanaged index that measures the performance of those Russell Midcap companies (representing mid-capitalization U.S. common stocks) with lower price-to-book ratios and lower forecasted growth rates than securities in the growth universe.

For a discussion on the economic and market environment during the 12-month period ended December 31, 2010, please see the Economic and Market Review, beginning on page 3.

Subadviser discussion of factors that contributed to the Fund’s performance

With respect to the Fund’s Systematic component, stock selection helped the portfolio’s performance, relative to the benchmark, in seven of the 10 benchmark sectors. In fact, the portfolio’s strong absolute performance was driven entirely by strong stock selection, while sector allocation had nearly no effect. Stock selection within the energy, information technology (“IT”), and utilities sectors added the most value. This was partially offset by the financials sector, which proved to be detrimental from a stock selection standpoint. In terms of sector allocation, the portfolio’s underweight position, relative to the benchmark, in the utilities sector, which was the weakest-performing sector for the year, and its overweight allocation to the consumer discretionary sector were both beneficial to performance. Conversely, the portfolio’s overweight allocation to the IT sector and underweight stake in the financials sector served as detractors from relative returns.

For the Fund’s NFJ component, stock selection was the primary cause of underperformance, particularly within the energy and financials sectors. On a company-specific basis, two of the largest detractors were found in the industrials sector, where investor skepticism about a global economic recovery played a role in their selloff. Conversely, stock selection in the health care sector was the primary contributor to relative returns. Within the financials sector, the portfolio’s slight overweight position in the insurance industry and underweight allocation in real estate investment trusts (REITs) and real estate-related stocks were a hindrance. Stock picks in the IT and telecommunications sectors contributed, while those in the consumer discretionary, consumer staples, and industrials sectors lagged the benchmark.

Subadviser outlook

The equity markets are seemingly on solid footing, with the theme of muted but sustained improvement in the last three months of 2010 serving as a harbinger for 2011. We are in the fifth quarter of year-over-year growth in earnings and the last two market cycles lasted in excess of 20 quarters each. Our view is that this part of the cycle, coupled with an attractively valued market, should prove beneficial for our strategy.

We continue to focus on those companies we believe possess the best combination of valuation and fundamental improvement, as we remain confident that, in the longer term, stock prices will follow earnings and company fundamentals.

52

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

MassMutual Select Mid-Cap Value Fund Largest Holdings (% of Net Assets) on 12/31/10 (Unaudited)
NiSource, Inc.	2.1	%
Xerox Corp.	2.1	%
Newfield Exploration Co.	2.0	%
First Niagara Financial Group, Inc.	1.9	%
Lear Corp.	1.8	%
Hertz Global Holdings, Inc.	1.7	%
American Water Works Co., Inc.	1.7	%
Phillips-Van Heusen Corp.	1.6	%
Invesco Ltd.	1.6	%
KeyCorp	1.6	%
	18.1	%

MassMutual Select Mid-Cap Value Fund Sector Table (% of Net Assets) on 12/31/10 (Unaudited)
Financial	25.2	%
Consumer, Non-cyclical	14.1	%
Consumer, Cyclical	11.3	%
Industrial	10.8	%
Utilities	9.8	%
Energy	9.8	%
Communications	5.9	%
Basic Materials	5.8	%
Technology	4.7	%
Total Long-Term Investments	97.4	%
Short-Term Investments and Other Assets and Liabilities	2.6	%
Net Assets	100.0	%

53

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

Growth of a $10,000 Investment

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

TOTAL RETURN	One Year 1/1/10 - 12/31/10		Since Inception Average Annual 8/29/06 - 12/31/10
Class S		23.43%		2.91%
Class A		22.77%		2.39%
Class A (sales load deducted)*		15.71%		1.01%
Class Y		23.42%		2.82%
Class L		23.10%		2.67%
Class N		22.49%		2.12%
Class N (CDSC fees deducted)*		21.49%		2.12%
Russell Midcap Value Index		24.75%		2.57%+

GROWTH OF $10,000 INVESTMENT SINCE INCEPTION

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

+ From 9/1/06.

Performance data quoted represents past performance; past performance is not predictive of future results. The investment return and principal value of shares of the Fund will fluctuate with market conditions so that shares of the Fund, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling 1-888-309-3539.

Investors should note that the Fund is a professionally managed mutual fund, while the Russell Midcap Value Index is unmanaged, does not incur expenses, and cannot be purchased directly by investors. Investors should read the Fund’s prospectus with regard to the Fund’s investment objective, risks and charges and expenses in conjunction with these financial statements. Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges. The performance tables and charts do not reflect the deduction of taxes that a shareholder would pay on the Fund distributions or the redemption of the Fund shares.

54

MassMutual Select Small Cap Value Equity Fund – Portfolio Manager Report

What is the investment approach of MassMutual Select Small Cap Value Equity Fund, and who are the Fund’s subadvisers?

The Fund seeks to maximize total return through investment primarily in small capitalization equity securities that the Fund’s subadvisers believe are undervalued. Under normal circumstances, the Fund invests at least 80% of its net assets in equity securities of companies whose market capitalizations at the time of purchase are within the market capitalization range of companies included in the Russell 2000^® Index or the S&P SmallCap 600 Index. The Fund’s subadvisers are Wellington Management Company, LLP (Wellington Management), which managed approximately 62% of the Fund’s portfolio; and Barrow, Hanley, Mewhinney & Strauss, LLC (Barrow Hanley), which was responsible for approximately 38% of the Fund’s portfolio, as of December 31, 2010.

How did the Fund perform during the 12 months ended December 31, 2010?

The Fund’s Class S shares returned 28.36%, outpacing the 24.50% return of the Russell 2000^® Value Index (the “benchmark”), a widely recognized, unmanaged index that measures the performance of those Russell 2000 Index Companies (representing small-capitalization U.S. common stocks) with lower price-to-book ratios and lower forecasted growth rates than securities in the growth universe.

For a discussion on the economic and market environment during the 12-month period ended December 31, 2010, please see the Economic and Market Review, beginning on page 3.

Subadviser discussion of factors that contributed to the Fund’s performance

With respect to the Fund’s Wellington Management component, the portfolio outperformed its benchmark for the year due to strong stock selection, with holdings in the consumer discretionary, consumer staples, and information technology (“IT”) sectors among the top contributors. A residual cash position detracted from portfolio returns, relative to the benchmark, in an upward-trending market.

Top-performing stocks on a relative basis included Belden (industrials), which designs, manufactures, and markets electronic cables and connectivity products for the specialty electronics and data-networking markets; Herbalife (consumer staples), a leading worldwide direct marketer of health and nutrition products; and Arbitron (consumer discretionary), a leading provider of media audience rating services for the radio industry. Among the top relative detractors for the period were Penn Virginia (energy), an independent oil and gas exploration and production company; Matthews International (consumer discretionary), an identification and memorialization products supplier; and ICON (health care), a contract research organization providing outsourced development services on a global basis to the pharmaceutical industry.

For the Fund’s Barrow Hanley component, stocks with long-term potential based on economic recovery and expansion did well. Some, depending mostly on their relative unpopularity during the bear market, performed spectacularly. On the other hand, the “safe” or defensive stocks that were so comforting during the downturn continued to perform dismally on a relative basis almost without exception. Once more, as it has been since the market lows almost two years ago, returns were inversely related to market capitalization (i.e., smaller performed better).

With the exception of the industrials sector, Barrow Hanley’s results generally followed the general market trends. Very strong, early in the cycle contributions from stocks like Oshkosh, Regal Beloit, and Flowserve gave Barrow Hanley the opportunity to add some laggard, later-cycle industrials, such as Gibraltar Industries, Simpson Manufacturing, Mobile Mini, Comfort Systems, and more recently, Trex and Herman Miller.

Top individual stock contributors for the year tell the story in terms of sector-relative performance, too. They were Valassis Communications, Gentex, Cabela’s, American Axle & Manufacturing, and Men’s Wearhouse. Consumer discretionary was the top-performing sector for the year. IT was also a sector standout for 2010, as Cognex Corp., Vishay Intertechnology Inc., and Littelfuse Inc. were among the 10 top contributors to overall portfolio returns for 2010.

Only the energy and industrials sectors had a negative significant bearing on the year’s results. The poor performance of the portfolio’s very limited energy sector holdings follows a considerable period of good results during which we sold positions.

55

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

Subadviser outlook

We believe the high levels of pessimism in evidence today are somewhat extreme. Most importantly, for equities in general, we expect a considerable period of time in which a greater pace of recovery emerges in a very depressed level of economic activity. The evidence lies in the last few quarters’ unprecedented explosion in corporate profitability. This astonishing development has begun to materialize even as revenues have recovered at a fraction of their normal pace to levels far below those of 2007. We feel investors’ considerable caution will evaporate over time, lifting valuations tremendously from current levels.

MassMutual Select Small Cap Value Equity Fund Largest Holdings (% of Net Assets) on 12/31/10 (Unaudited)
Belden, Inc.	2.0	%
MAXIMUS, Inc.	2.0	%
Carlisle Cos., Inc.	2.0	%
Diebold, Inc.	1.6	%
PolyOne Corp.	1.6	%
Mattel, Inc.	1.5	%
Arbitron, Inc.	1.5	%
Vishay Intertechnology, Inc.	1.5	%
Terex Corp.	1.4	%
The Cato Corp. Class A	1.4	%
	16.5	%

MassMutual Select Small Cap Value Equity Fund Sector Table (% of Net Assets) on 12/31/10 (Unaudited)
Industrial	28.5	%
Consumer, Cyclical	18.3	%
Financial	16.3	%
Consumer, Non-cyclical	14.4	%
Technology	7.4	%
Energy	4.2	%
Utilities	3.9	%
Basic Materials	2.6	%
Communications	1.2	%
Total Long-Term Investments	96.8	%
Short-Term Investments and Other Assets and Liabilities	3.2	%
Net Assets	100.0	%

56

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

Growth of a $10,000 Investment

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

TOTAL RETURN	One Year 1/1/10 - 12/31/10		Since Inception Average Annual 3/31/06 - 12/31/10
Class S		28.36%		0.25%
Class A		27.77%		-0.23%
Class A (sales load deducted)*		20.42%		-1.47%
Class Y		28.35%		0.15%
Class L		28.19%		0.03%
Class N		27.34%		-0.53%
Class N (CDSC fees deducted)*		26.34%		-0.53%
Russell 2000 Value Index		24.50%		0.98%+

GROWTH OF $10,000 INVESTMENT SINCE INCEPTION

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

+ From 4/3/06.

Performance data quoted represents past performance; past performance is not predictive of future results. The investment return and principal value of shares of the Fund will fluctuate with market conditions so that shares of the Fund, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling 1-888-309-3539.

Investors should note that the Fund is a professionally managed mutual fund, while the Russell 2000 Value Index is unmanaged, does not incur expenses, and cannot be purchased directly by investors. Investors should read the Fund’s prospectus with regard to the Fund’s investment objective, risks and charges and expenses in conjunction with these financial statements. Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges. The performance tables and charts do not reflect the deduction of taxes that a shareholder would pay on the Fund distributions or the redemption of the Fund shares.

57

MassMutual Select Small Company Value Fund – Portfolio Manager Report

What is the investment approach of MassMutual Select Small Company Value Fund, and who are the Fund’s subadvisers?

The Fund seeks to achieve long-term growth of capital by investing primarily in a diversified portfolio of equity securities of smaller companies that the Fund’s subadvisers consider to be undervalued. Under normal circumstances, the Fund invests at least 80% of its net assets in the securities of companies whose market capitalizations at the time of purchase are within the market capitalization range of companies included in the Russell 2000^® Index or the S&P SmallCap 600 Index. The Fund’s subadvisers are Federated Clover Investment Advisors (Federated Clover), which managed approximately 39% of the Fund’s portfolio; T. Rowe Price Associates, Inc. (T. Rowe Price), which was responsible for approximately 49% of the Fund’s portfolio; and EARNEST Partners, LLC (Earnest Partners), which oversaw approximately 12% of the Fund’s portfolio, as of December 31, 2010.

How did the Fund perform during the 12 months ended December 31, 2010?

The Fund’s Class S shares returned 23.25%, lagging the 24.50% return of the Russell 2000^® Value Index (the “benchmark”), a widely recognized, unmanaged index that measures the performance of those Russell 2000 Index Companies (representing small-capitalization U.S. common stocks) with lower price-to-book ratios and lower forecasted growth rates than securities in the growth universe. Similarly, the Fund trailed the 26.85% return of the Russell 2000 Index, a widely recognized, unmanaged index representative of common stocks of smaller capitalized U.S. companies.

For a discussion on the economic and market environment during the 12-month period ended December 31, 2010, please see the Economic and Market Review, beginning on page 3.

Subadviser discussion of factors that contributed to the Fund’s performance

With respect to the Fund’s T. Rowe Price component, performance relative to the benchmark was hindered by stock selection – although this was partially offset by favorable sector allocation. Sectors of the portfolio that underperformed their counterparts within the benchmark included consumer discretionary, health care, industrials and business services, and materials. Energy and financials were notable sectors of the portfolio that outperformed the benchmark.

Stock selection in the consumer discretionary sector detracted from the portfolio’s relative performance – particularly the portfolio’s holdings in the specialty retail and diversified consumer services industries. Similarly, portfolio performance relative to the benchmark in the industrials and business services sector was hampered by stock selection – although an overweight position in the sector helped to offset this somewhat. Stock selection also detracted in the materials sector, although once again, an overweight position proved beneficial, as this was the strongest-performing sector for the one-year period.

On the plus side, the portfolio benefited from the strong performance of its energy holdings, which outpaced the benchmark by a wide margin. The financials sector of the portfolio also aided relative performance, both due to a substantially underweight position and favorable stock selection.

For the Fund’s Federated Clover component, portfolio performance was driven by exceptionally strong stock selection – particularly in the materials, health care, and energy sectors. Merger and acquisition (M&A) activity contributed to performance during the year, as six holdings were either bid for or acquired. Conversely, the portfolio’s relative performance was partially offset by weaker picks in the consumer discretionary and utilities sectors.

In relation to the Fund’s Earnest Partners component, portfolio holdings in the energy, materials, and industrials companies were the strongest absolute performers – reflecting strong demand for commodities, coming particularly from emerging economies. Conversely, the portfolio’s relative overweight to health care, a sector that came under pressure given noise around legislative reform, negatively impacted performance. The portfolio’s underweight position in materials, particularly precious metals (which seemingly rose as much on speculation as demand), also had a negative effect on the portfolio’s relative performance.

Subadviser outlook

The economic recovery appears to have entered a more secure phase in recent months. The only significant concern we have for the global economy is the potential for inflation. Continued growth in the U.S. and abroad should provide a favorable backdrop

58

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

for equity prices, but we are mindful that strong gains will be difficult to achieve following a year in which small-cap stock prices increased by well over 20%. We would not be surprised to see a correction in coming months, which may consolidate gains and drain some of the exuberance from the market. On balance, we expect an “up” year for equities in 2011, although not on the same scale as the past two years.

MassMutual Select Small Company Value Fund Largest Holdings (% of Net Assets) on 12/31/10 (Unaudited)
ProAssurance Corp.	1.2	%
Aaron’s, Inc.	1.0	%
Nordson Corp.	0.9	%
El Paso Electric Co.	0.9	%
Stifel Financial Corp.	0.9	%
SVB Financial Group	0.9	%
Landstar System, Inc.	0.9	%
First Potomac Realty Trust	0.9	%
Genesee & Wyoming, Inc. Class A	0.8	%
Northern Oil and Gas, Inc.	0.8	%
	9.2	%

MassMutual Select Small Company Value Fund Sector Table (% of Net Assets) on 12/31/10 (Unaudited)
Financial	25.4	%
Industrial	21.5	%
Consumer, Cyclical	11.4	%
Consumer, Non-cyclical	11.4	%
Energy	8.5	%
Basic Materials	6.2	%
Utilities	5.0	%
Communications	4.1	%
Technology	3.7	%
Mutual Funds	0.4	%
Total Long-Term Investments	97.6	%
Short-Term Investments and Other Assets and Liabilities	2.4	%
Net Assets	100.0	%

59

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

Growth of a $10,000 Investment

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

TOTAL RETURN	One Year 1/1/10 - 12/31/10		Five Year Average Annual 1/1/06 - 12/31/10		Since Inception Average Annual 12/31/01 - 12/31/10
Class S		23.25%		5.14%		8.07%
Class A		22.68%		4.68%		7.60%
Class A (sales load deducted)*		15.63%		3.45%		6.89%
Class Y		23.23%		5.11%		8.03%
Class L		23.08%		4.96%		7.86%
Russell 2000 Value Index#		24.50%		3.52%		7.81%+
Russell 2000 Index		26.85%		4.47%		6.77%+

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

TOTAL RETURN	One Year 1/1/10 - 12/31/10		Five Year Average Annual 1/1/06 - 12/31/10		Since Inception Average Annual 12/31/02 - 12/31/10
Class N		22.38%		4.37%		10.26%
Class N (CDSC fees deducted)*		21.38%		4.37%		10.26%
Russell 2000 Value Index#		24.50%		3.52%		10.49%++
Russell 2000 Index		26.85%		4.47%		10.78%++

Hypothetical Investments in MassMutual Select Small Company Value Fund Class Z, the Russell 2000 Value Index and the Russell 2000 Index.

TOTAL RETURN	Since Inception 11/15/10 - 12/31/10
Class Z		8.59%
Russell 2000 Value Index #		8.31%+++
Russell 2000 Index		7.94%+++

GROWTH OF $10,000 INVESTMENT SINCE INCEPTION

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

# Benchmark

+ From 1/2/02.

++ From 1/2/03.

+++ From 12/1/10.

Performance data quoted represents past performance; past performance is not predictive of future results. The investment return and principal value of shares of the Fund will fluctuate with market conditions so that shares of the Fund, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling 1-888-309-3539.

Investors should note that the Fund is a professionally managed mutual fund, while the Russell 2000 Value Index and the Russell 2000 Index are unmanaged, do not incur expenses, and cannot be purchased directly by investors. Investors should read the Fund’s prospectus with regard to the Fund’s investment objective, risks and charges and expenses in conjunction with these financial statements. Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges. The performance tables and charts do not reflect the deduction of taxes that a shareholder would pay on the Fund distributions or the redemption of the Fund shares.

60

MassMutual Select Mid Cap Growth Equity Fund – Portfolio Manager Report

What is the investment approach of MassMutual Select Mid Cap Growth Equity Fund, and who are the Fund’s subadvisers?

The Fund seeks long-term capital growth by investing primarily in equity securities of mid-capitalization companies that the Fund’s subadvisers believe offer the potential for long-term growth. Under normal circumstances, the Fund invests at least 80% of its net assets in stocks of companies whose market capitalizations at the time of purchase are within the market capitalization range of companies included in either the S&P MidCap 400 Index or the Russell Midcap^® Growth Index. The Fund’s subadvisers are Wellington Management Company, LLP (Wellington Management), which managed approximately 60% of the Fund’s portfolio; and Turner Investment Partners, Inc. (Turner), which was responsible for approximately 40% of the Fund’s portfolio, as of December 31, 2010.

How did the Fund perform during the 12 months ended December 31, 2010?

The Fund’s Class S shares returned 24.83%, underperforming the 26.38% return of the Russell Midcap Growth Index (the “benchmark”), a widely recognized, unmanaged index that measures the performance of those Russell Midcap companies (representing mid-capitalization U.S. common stocks) with higher price-to-book ratios and higher forecasted growth rates than securities in the value universe.

For a discussion on the economic and market environment during the 12-month period ended December 31, 2010, please see the Economic and Market Review, beginning on page 3.

Subadviser discussion of factors that contributed to the Fund’s performance

With respect to the Fund’s Wellington Management component, the portfolio registered a strong positive absolute return for the year, yet trailed its benchmark, primarily due to weak security selection in the consumer discretionary, financials, and health care sectors. This weakness was offset in part by strong selection in the consumer staples and materials sectors. Sector allocation, a residual of bottom-up stock selection, marginally contributed to results, as the portfolio benefited from an underweight position, relative to the benchmark, in the utilities sector – and an overweight in the consumer discretionary sector.

Among the top relative detractors in the portfolio were Adobe Systems (information technology [“IT”]), a creative business and mobile software and services company; Strayer Education (consumer discretionary), an education services company; and VistaPrint (IT), an online provider of customized marketing products and services to micro businesses worldwide. Conversely, the top relative contributors to the portfolio were Riverbed Technology (IT), a wide area network (WAN) applications and services firm; Skyworks Solutions (IT), a producer of standard and custom linear semiconductor products; and US Airways (industrials).

For the Fund’s Turner component, in absolute terms, every portfolio sector generated positive returns, led by the technology and producer durables sectors. On a relative basis, the technology sector, by far, was the best-returning market segment. Meanwhile, the health care sector, which posted a solid absolute return, detracted from results.

The technology sector was the largest contributor to relative gains, aided by what Turner feels is a sustained increase in corporate spending – where standouts included F5 Networks, a firm that offers hardware and software solutions that optimize the delivery of network-based applications (and a recent addition to the S&P 500^® Index), and Salesforce.com, which specializes in customer relationship management applications.

Conversely, the portfolio’s health care holdings could not keep pace with the benchmark and thus detracted from relative results for the year. Although the portfolio’s health care holdings produced a healthy absolute gain of approximately 12% for the year, that performance still fell short of the 21% return of the benchmark. Intuitive Surgical, the maker of the da Vinci robotic surgical device, was the largest portfolio detractor for the year. Biopharmaceutical company Human Genome Sciences also hampered performance, as a U.S. advisory panel raised concerns regarding the safety of their FDA-approved drug Benlysta, a treatment for lupus – an event that could ultimately limit the company’s sales volume.

Subadviser outlook

Although equity markets posted solid gains over the past year, we believe that the market can continue to march higher for several reasons. First, the market still appears inexpensive from a valuation standpoint. The S&P 500 Index trades at 15.0 times

61

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

2011’s earnings versus a 20-year average of 21.6 times. Second, earnings continue to exceed Wall Street’s expectations, with the S&P 500 Index reporting seven straight quarters of positive earnings surprises. We expect this trend to continue throughout 2011. Third, in our view, the equity market should benefit from a continuation of corporate-related mergers, as companies seek ways to generate returns from their stockpiles of cash. Lastly, as 2011 is the third year of a presidential cycle (these years tend to be the most fruitful – from a historical perspective – averaging more than 14% since 1929), we expect equity markets to be strong.

MassMutual Select Mid Cap Growth Equity Fund Largest Holdings (% of Net Assets) on 12/31/10 (Unaudited)
Coach, Inc.	1.6	%
Green Mountain Coffee Roasters, Inc.	1.5	%
Tempur-Pedic International, Inc.	1.4	%
Broadcom Corp. Class A	1.3	%
Invesco Ltd.	1.3	%
Priceline.com, Inc.	1.2	%
CF Industries Holdings, Inc.	1.2	%
Skyworks Solutions, Inc.	1.2	%
Polycom, Inc.	1.1	%
Dick’s Sporting Goods, Inc.	1.1	%
	12.9	%

MassMutual Select Mid Cap Growth Equity Fund Sector Table (% of Net Assets) on 12/31/10 (Unaudited)
Consumer, Non-cyclical	23.0	%
Consumer, Cyclical	19.5	%
Technology	16.4	%
Communications	11.9	%
Industrial	10.8	%
Financial	5.6	%
Energy	5.5	%
Basic Materials	5.3	%
Total Long-Term Investments	98.0	%
Short-Term Investments and Other Assets and Liabilities	2.0	%
Net Assets	100.0	%

62

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

Growth of a $10,000 Investment

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

TOTAL RETURN	One Year 1/1/10 - 12/31/10		Five Year Average Annual 1/1/06 - 12/31/10		Ten Year Average Annual 1/1/01 - 12/31/10
Class S		24.83%		1.56%		-0.70%
Class A		24.25%		1.07%		-1.17%
Class A (sales load deducted)*		17.11%		-0.12%		-1.75%
Class Y		24.71%		1.49%		-0.77%
Class L		24.59%		1.33%		-0.92%
Russell Midcap Growth Index		26.38%		4.88%		3.12%

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

TOTAL RETURN	One Year 1/1/10 - 12/31/10		Five Year Average Annual 1/1/06 - 12/31/10		Since Inception Average Annual 12/31/02 - 12/31/10
Class N		23.80%		0.77%		7.03%
Class N (CDSC fees deducted)*		22.80%		0.77%		7.03%
Russell Midcap Growth Index		26.38%		4.88%		11.24%+

GROWTH OF $10,000 INVESTMENT FOR THE PAST TEN YEARS

GROWTH OF $10,000 INVESTMENT SINCE INCEPTION

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

+ From 1/2/03.

Performance data quoted represents past performance; past performance is not predictive of future results. The investment return and principal value of shares of the Fund will fluctuate with market conditions so that shares of the Fund, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling 1-888-309-3539.

Investors should note that the Fund is a professionally managed mutual fund, while the Russell Midcap Growth Index is unmanaged, does not incur expenses, and cannot be purchased directly by investors. Investors should read the Fund’s prospectus with regard to the Fund’s investment objective, risks and charges and expenses in conjunction with these financial statements. Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges. The performance tables and charts do not reflect the deduction of taxes that a shareholder would pay on the fund distributions or the redemption of the fund shares.

63

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

What is the investment approach of MassMutual Select Mid Cap Growth Equity II Fund, and who are the Fund’s subadvisers?

The Fund seeks growth of capital over the long-term by investing primarily in equity securities of mid-capitalization companies that the Fund’s subadvisers believe offer the potential for long-term growth. Under normal circumstances, the Fund invests at least 80% of its net assets in a broadly diversified portfolio of common stocks of mid-cap companies whose earnings the Fund’s subadvisers expect to grow at a faster rate than the average company. The Fund’s subadvisers are T. Rowe Price Associates, Inc. (T. Rowe Price), which oversaw approximately 79% of the Fund’s portfolio; and Frontier Capital Management Company, LLC (Frontier), which was responsible for approximately 21% of the Fund’s portfolio, as of December 31, 2010. Frontier became a co-subadviser of this Fund effective August 30, 2010.

How did the Fund perform during the 12 months ended December 31, 2010?

The Fund’s Class S shares returned 28.03%, exceeding the 26.38% return of the Russell Midcap^® Growth Index (the “benchmark”), a widely recognized, unmanaged index that measures the performance of those Russell Midcap companies (representing mid-capitalization U.S. common stocks) with higher price-to-book ratios and higher forecasted growth rates than securities in the value universe.

For a discussion on the economic and market environment during the 12-month period ended December 31, 2010, please see the Economic and Market Review, beginning on page 3.

Subadviser discussion of factors that contributed to the Fund’s performance

For the Fund’s T. Rowe Price component, the energy sector boosted the portfolio’s results, relative to the benchmark, due to favorable stock selection. Several leading holdings came from the energy equipment and services industry, including FMC Technologies, Trican Well Service, and Smith International – which was acquired by Schlumberger earlier in the year. Elsewhere in the sector, the portfolio’s position in CNX Gas was rewarded when CONSOL Energy acquired the company at a significant premium.

Health care was another area of outperformance, also due to stock choices. The portfolio’s position in Valeant Pharmaceuticals proved beneficial; the company merged with Biovail, another pharmaceutical firm, which drove up Valeant’s stock price. Edwards Lifesciences helped as well, due to the news the company had received Food and Drug Administration (FDA) approval to start clinical trials on a new heart valve. T. Rowe Price’s stock selection in consumer discretionary provided an additional boost to relative results, particularly within the hotels, restaurants, and leisure industry. In particular, portfolio holdings in Chipotle Mexican Grill, Wynn Resorts, and Marriott all proved helpful.

On the downside, a primary detractor from performance for the year was the financials sector, in which portfolio holdings underperformed. Options exchange CBOE Holdings faltered as market volatility, which generates more fees for the firm, decreased soon after its initial public offering (IPO). Puerto Rican bank Popular also proved detrimental due to concerns with asset quality. Another underperforming holding was Janus Capital Group, which experienced higher-than-anticipated redemptions from the company’s quantitative fund division.

With respect to the Fund’s Frontier component, the portfolio benefited from strong contributions from the technology, health care, and producer durables sectors. In the fourth quarter of 2010, the portfolio’s top-performing stock was Skyworks Solutions. Skyworks traded at a substantial discount to the market, yet enjoyed 20% plus earnings growth driven by the rapid adoption of smartphones, their continued market share gains in power amplifiers, and their consistent margin improvement.

In addition to the substantial contributions from technology stocks (as mentioned above), portfolio holdings in the health care (Cooper Companies) and producer durables (Chicago Bridge and BE Aerospace) sectors were solid performance drivers in the last quarter of 2010.

Subadviser outlook

The economy continued its slow recovery during the fourth quarter of 2010. As consumers tried to shore up their balance sheets, the Federal Reserve (the “Fed”) attempted to compensate with a new round of quantitative easing; however, we question the

64

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

effectiveness of the move, as it has been contributing to domestic currency volatility. We are mindful that the recent rally focused on a relatively narrow group of high-momentum stocks, but we believe that in the long run, mid-cap growth investors are better served by focusing on reasonably priced companies with enduring franchises. Equity valuations are attractive compared to bonds, particularly in light of the recent Fed action. Ultimately, we believe the only long-term path to economic growth for the U.S. is to produce more domestically, leading us to seek out high-value-added manufacturing firms that stand to benefit from a decrease in offshore production. Meanwhile, we are cautious on consumer discretionary, due to weak consumer spending.

MassMutual Select Mid Cap Growth Equity II Fund Largest Holdings (% of Net Assets) on 12/31/10 (Unaudited)
AMETEK, Inc.	1.8	%
IHS, Inc. Class A	1.4	%
Rovi Corp.	1.2	%
Roper Industries, Inc.	1.0	%
McDermott International, Inc.	1.0	%
JDS Uniphase Corp.	1.0	%
Agnico-Eagle Mines Ltd.	1.0	%
Juniper Networks, Inc.	1.0	%
Chipotle Mexican Grill, Inc.	1.0	%
Fiserv, Inc.	1.0	%
	11.4	%

MassMutual Select Mid Cap Growth Equity II Fund Sector Table (% of Net Assets) on 12/31/10 (Unaudited)
Consumer, Non-cyclical	20.9	%
Technology	17.0	%
Industrial	15.8	%
Consumer, Cyclical	14.4	%
Communications	10.9	%
Energy	8.2	%
Financial	6.1	%
Basic Materials	2.1	%
Utilities	0.8	%
Mutual Funds	0.7	%
Total Long-Term Investments	96.9	%
Short-Term Investments and Other Assets and Liabilities	3.1	%
Net Assets	100.0	%

65

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

Growth of a $10,000 Investment

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

TOTAL RETURN	One Year 1/1/10 - 12/31/10		Five Year Average Annual 1/1/06 - 12/31/10		Ten Year Average Annual 1/1/01 - 12/31/10
Class S		28.03%		6.50%		7.06%
Class A		27.43%		5.97%		6.54%
Class A (sales load deducted)*		20.10%		4.73%		5.91%
Class Y		27.91%		6.40%		6.97%
Class L		27.76%		6.24%		6.80%
Russell Midcap Growth Index		26.38%		4.88%		3.12%

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

TOTAL RETURN	One Year 1/1/10 - 12/31/10		Five Year Average Annual 1/1/06 - 12/31/10		Since Inception Average Annual 12/31/02 - 12/31/10
Class N		27.05%		5.66%		11.48%
Class N (CDSC fees deducted)*		26.05%		5.66%		11.48%
Russell Midcap Growth Index		26.38%		4.88%		11.24%+

Hypothetical Investments in MassMutual Select Mid Cap Growth Equity II Fund Class Z and the Russell Midcap Growth Index.

TOTAL RETURN	Since Inception 11/15/10 - 12/31/10
Class Z		7.43%
Russell Midcap Growth Index		6.24%++

GROWTH OF $10,000 INVESTMENT FOR THE PAST TEN YEARS

GROWTH OF $10,000 INVESTMENT SINCE INCEPTION

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

+ From 1/2/03.

++ From 12/1/10.

Performance data quoted represents past performance; past performance is not predictive of future results. The investment return and principal value of shares of the Fund will fluctuate with market conditions so that shares of the Fund, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling 1-888-309-3539.

Investors should note that the Fund is a professionally managed mutual fund, while the Russell Midcap Growth Index is unmanaged, does not incur expenses, and cannot be purchased directly by investors. Investors should read the Fund’s prospectus with regard to the Fund’s investment objective, risks and charges and expenses in conjunction with these financial statements. Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges. The performance tables and charts do not reflect the deduction of taxes that a shareholder would pay on the Fund distributions or the redemption of the Fund shares.

66

MassMutual Select Small Cap Growth Equity Fund – Portfolio Manager Report

What is the investment approach of MassMutual Select Small Cap Growth Equity Fund, and who are the Fund’s subadvisers?

The Fund seeks long-term capital appreciation by investing primarily in equity securities of smaller companies that the Fund’s subadvisers believe offer potential for long-term growth. Under normal circumstances, the Fund invests at least 80% of its net assets in the securities of companies whose market capitalizations at the time of purchase are within the market capitalization range of companies included in the Russell 2000^® Index or the S&P SmallCap 600 Index. The Fund’s subadvisers are Wellington Management Company, LLP (Wellington Management), which managed approximately 47% of the Fund’s portfolio; and Waddell & Reed Investment Management Company (Waddell & Reed), which was responsible for approximately 53% of the Fund’s portfolio, as of December 31, 2010.

How did the Fund perform during the 12 months ended December 31, 2010?

The Fund’s Class S shares returned 23.11%, significantly underperforming the 29.09% return of the Russell 2000^® Growth Index (the “benchmark”), a widely recognized, unmanaged index that measures the performance of those Russell 2000 Index companies (representing small-capitalization U.S. common stocks) with higher price-to-book ratios and higher forecasted growth rates than securities in the value universe. The Fund also trailed the 26.85% return of the Russell 2000 Index, a widely recognized, unmanaged index representative of common stocks of smaller capitalized U.S. companies.

For a discussion on the economic and market environment during the 12-month period ended December 31, 2010, please see the Economic and Market Review, beginning on page 3.

Subadviser discussion of factors that contributed to the Fund’s performance

The Fund’s Waddell & Reed component experienced strong absolute performance for the year, despite lagging the benchmark, with all sectors except health care posting double-digit gains. Over the course of the year, the largest sector allocation increases were in cyclical sectors, such as industrials and energy, as mounting economic evidence and stimulative monetary and fiscal policy led to the market’s conviction that a “double-dip” recession would be avoided. An overweight position in the energy sector, relative to the benchmark, contributed to performance for the year, but stock selection within this sector trailed the benchmark. Despite the fact that the energy sector was, in 2010, a benefactor of the resurgence in global economic activity, holdings within the portfolio were concentrated in the deep-water drilling service industry, which generally underperformed.

The consumer discretionary sector performed well, but occupied a larger position in the portfolio early in 2010. Waddell & Reed reduced the portfolio’s allocation in consumer discretionary in the latter half of the year, taking profits in some positions. Detracting from the portfolio’s performance, relative to the benchmark, was stock selection within the health care sector, where continued regulatory pressure on reimbursements and uncertainty on insurance coverage led to a great deal of investor uncertainty. Toward the second half of the year, Waddell & Reed leveraged some opportunities to increase exposure to specific health care device companies – after which time the sector’s performance improved. The technology sector performed well for the year, although Waddell & Reed trimmed some software holdings on profit-taking. Waddell & Reed increased the portfolio’s exposure within the technology sector in some areas that could be more prone to benefit from the economic rebound – such as semi-conductors.

With respect to the Fund’s Wellington Management component, weak stock selection in the consumer discretionary, energy, information technology (“IT”), financials, health care, and industrials sectors hampered the portfolio’s performance for the year – which more than offset Wellington Management’s strong stock selection in the health care, consumer discretionary, and industrials sectors.

Stocks that detracted the most from relative returns during the period were Equinix (IT), a commercial data center and Internet exchange services company (eliminated from the portfolio); SunPower (IT), an integrated solar products company; DreamWorks Animation (consumer discretionary), a computer-generated, animated feature film company; NutriSystem (consumer discretionary), a provider of weight-loss products and services (eliminated from the portfolio); Comstock Resources (energy), which engages in the acquisition, development, production, and exploration of oil and natural gas; and VistaPrint (IT), an online provider of customized marketing products and services to small businesses worldwide.

Top contributors to relative performance during the period included Netezza (IT), an innovative provider of data warehouse and analytic appliances; Skyworks Solutions (IT), a wireless handset chip supplier; OSI Pharmaceuticals (health care), a

67

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

biotechnology company (eliminated from the portfolio); Tenneco (consumer discretionary), a supplier of emissions and ride control components for automobiles and commercial vehicles; TRW Automotive (consumer discretionary), an auto parts supplier that was eliminated from the portfolio, as the stock’s market capitalization rose out of the portfolio’s range; and ArvinMeritor (industrials), a commercial vehicle components manufacturer with market-leading positions in axles and brakes.

Subadviser outlook

We believe that strong profits, low interest rates, and stimulative federal and monetary actions should continue to drive the momentum in the market and economy at least over the near term. Margin improvement has helped support profit growth and consequently, our view is that revenue growth will become a bigger factor in driving earnings growth going forward. Our view is that a recent improvement in bank lending is a strong positive, as the money supply has grown, although velocity has been lacking. Employment and housing continue to be in an elongated recovery process, with prospects for gradual improvement. Finally, we believe that if bond flows reverse direction, this could provide another boost for equities.

MassMutual Select Small Cap Growth Equity Fund Largest Holdings (% of Net Assets) on 12/31/10 (Unaudited)
LKQ Corp.	2.3	%
Wabtec Corp.	2.3	%
Under Armour, Inc. Class A	2.2	%
Portfolio Recovery Associates, Inc.	2.1	%
MICROS Systems, Inc.	2.1	%
Volcano Corp.	2.0	%
General Cable Corp.	1.9	%
Greenhill & Co., Inc.	1.9	%
PerkinElmer, Inc.	1.8	%
Dril-Quip, Inc.	1.7	%
	20.3	%

MassMutual Select Small Cap Growth Equity Fund Sector Table (% of Net Assets) on 12/31/10 (Unaudited)
Consumer, Non-cyclical	20.3	%
Industrial	19.3	%
Consumer, Cyclical	18.2	%
Technology	16.4	%
Communications	9.8	%
Financial	7.4	%
Energy	5.8	%
Basic Materials	1.0	%
Mutual Funds	0.8	%
Utilities	0.6	%
Total Long-Term Investments	99.6	%
Short-Term Investments and Other Assets and Liabilities	0.4	%
Net Assets	100.0	%

68

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

Growth of a $10,000 Investment

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

TOTAL RETURN	One Year 1/1/10 - 12/31/10		Five Year Average Annual 1/1/06 - 12/31/10		Ten Year Average Annual 1/1/01 - 12/31/10
Class S		23.11%		4.52%		4.19%
Class A		22.39%		3.97%		3.63%
Class A (sales load deducted)*		15.35%		2.74%		3.02%
Class Y		23.00%		4.38%		4.05%
Class L		22.77%		4.23%		3.89%
Russell 2000 Growth Index#		29.09%		5.30%		3.78%
Russell 2000 Index		26.85%		4.47%		6.33%

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

TOTAL RETURN	One Year 1/1/10 - 12/31/10		Five Year Average Annual 1/1/06 - 12/31/10		Since Inception Average Annual 12/31/02 - 12/31/10
Class N		22.05%		3.64%		9.96%
Class N (CDSC fees deducted)*		21.05%		3.64%		9.96%
Russell 2000 Growth Index#		29.09%		5.30%		10.91%+
Russell 2000 Index		26.85%		4.47%		10.78%+

Hypothetical Investments in MassMutual Select Small Cap Growth Equity Fund Class Z, the Russell 2000 Growth Index and the Russell 2000 Index.

TOTAL RETURN	Since Inception 11/15/10 - 12/31/10
Class Z		8.38%
Russell 2000 Growth Index#		7.59%++
Russell 2000 Index		7.94%++

GROWTH OF $10,000 INVESTMENT FOR THE PAST TEN YEARS

GROWTH OF $10,000 INVESTMENT SINCE INCEPTION

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

# Benchmark

+ From 1/2/03.

++ From 12/1/10.

Performance data quoted represents past performance; past performance is not predictive of future results. The investment return and principal value of shares of the Fund will fluctuate with market conditions so that shares of the Fund, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling 1-888-309-3539.

Investors should note that the Fund is a professionally managed mutual fund, while the Russell 2000 Growth Index and the Russell 2000 Index are unmanaged, do not incur expenses, and cannot be purchased directly by investors. Investors should read the Fund’s prospectus with regard to the Fund’s investment objective, risks and charges and expenses in conjunction with these financial statements. Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges. The performance tables and charts do not reflect the deduction of taxes that a shareholder would pay on the Fund distributions or the redemption of the Fund shares.

69

MassMutual Select Small Company Growth Fund – Portfolio Manager Report

What is the investment approach of MassMutual Select Small Company Growth Fund, and who are the Fund’s subadvisers?

The Fund seeks long-term capital appreciation by investing primarily in equity securities of smaller companies that the Fund’s subadvisers believe offer potential for long-term growth. Under normal circumstances, the Fund invests at least 80% of its net assets in the securities of companies whose market capitalizations at the time of purchase are within the market capitalization range of companies included in the Russell 2000^® Index or the S&P SmallCap 600 Index. The Fund’s subadvisers are The Boston Company Asset Management, LLC (The Boston Company), which managed approximately 27% of the Fund’s portfolio; and Eagle Asset Management, Inc. (Eagle), which was responsible for approximately 73% of the Fund’s portfolio, as of December 31, 2010.

How did the Fund perform during the 12 months ended December 31, 2010?

The Fund’s Class S shares returned 33.64%, outpacing the 29.09% return of the Russell 2000 Growth Index (the “benchmark”), a widely recognized, unmanaged index that measures the performance of those Russell 2000 Index companies (representing small-capitalization U.S. common stocks) with higher price-to-book ratios and higher forecasted growth rates than securities in the value universe.

For a discussion on the economic and market environment during the 12-month period ended December 31, 2010, please see the Economic and Market Review, beginning on page 3.

Subadviser discussion of factors that contributed to the Fund’s performance

With respect to the Fund’s Eagle component, the portfolio significantly outperformed the benchmark in each of the top-performing sectors (i.e., energy, consumer discretionary, information technology, and materials). The top three stocks for the year were Rovi, a provider of television guides for set-top boxes; Riverbed Technology, which sells hardware and software appliances that help reduce network bandwidth costs and accelerate the delivery of application data across corporate networks; and TIBCO Software, a provider of enterprise middleware software. Conversely, financials and industrials were the most significant underperforming sectors on a relative basis. The worst-performing stocks for the year were FormFactor, a supplier of testing equipment for computer memory; Compellent Technologies, a data management company; and Genoptix, an independent clinical laboratory.

For The Boston Company component of the Fund, positive contributors to performance included the consumer staples sector, where the personal products segment was particularly strong. The portfolio also benefited from an investment in a fragrance distributor, which reported strong results throughout the year due to successful new product launches and impressive market share gains, especially in emerging markets. Conversely, the portfolio lagged on a relative basis within the industrials sector, primarily due to the professional services and the road and rail segments. Within professional services, an investment in several staffing companies fell as labor market data points had been mixed. Additionally, several investments in the logistics/trucking segment saw declines as volume and pricing trends had moderated over the summer. The information technology sector was also an area of weakness for the portfolio, primarily impacted by the software segment. And the health care sector was a laggard overall, as health care reform presents considerable uncertainty, and utilization was an issue across most segments.

Subadviser outlook

There is no doubt the economy is improving. Gains have been made due to government intervention, but the private sector is picking up in terms of increased economic activity. Durable goods orders increased going into the end of the year due to increased corporate activity, which supported gross domestic product (“GDP”) growth. (GDP reflects the total value of goods and services produced in the United States.) Solid manufacturing activity and improved consumer spending may improve GDP growth even further. The extension of the Bush tax cuts will likely act as an additional form of stimulus, so economic activity could be strong going into 2011. However, some challenges remain. At some point job growth is necessary to support any sustained spending gains. We believe employment is improving, but will likely be slow to emerge. The other sticking point for the economy has been the housing market. There may be further downward pressure in some markets, as the system must still contend with inventory yet to be addressed. But housing appears close to long-term lows across several key measurements, and any continued economic improvement could positively impact the segment. We continue to utilize a long-term view and seek to identify investment opportunities that emerge from short-term issues and market overreactions.

70

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

MassMutual Select Small Company Growth Fund Largest Holdings (% of Net Assets) on 12/31/10 (Unaudited)
Lufkin Industries, Inc.	2.3	%
Genesco, Inc.	2.1	%
Vitamin Shoppe, Inc.	2.1	%
WABCO Holdings, Inc.	1.7	%
Riverbed Technology, Inc.	1.6	%
Oyo Geospace Corp.	1.5	%
Rovi Corp.	1.5	%
GrafTech International Ltd.	1.5	%
TIBCO Software, Inc.	1.4	%
DTS, Inc.	1.4	%
	17.1	%

MassMutual Select Small Company Growth Fund Sector Table (% of Net Assets) on 12/31/10 (Unaudited)
Consumer, Cyclical	22.6	%
Consumer, Non-cyclical	21.0	%
Technology	18.9	%
Industrial	14.5	%
Communications	5.8	%
Energy	5.6	%
Financial	5.2	%
Basic Materials	4.1	%
Mutual Funds	1.3	%
Total Long-Term Investments	99.0	%
Short-Term Investments and Other Assets and Liabilities	1.0	%
Net Assets	100.0	%

71

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

Growth of a $10,000 Investment

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

TOTAL RETURN	One Year 1/1/10 - 12/31/10		Five Year Average Annual 1/1/06 - 12/31/10		Since Inception Average Annual 12/31/01 - 12/31/10
Class S		33.64%		3.84%		3.68%
Class A		32.87%		3.37%		3.20%
Class A (sales load deducted)*		25.23%		2.15%		2.52%
Class Y		33.51%		3.78%		3.62%
Class L		33.20%		3.64%		3.48%
Russell 2000 Growth Index		29.09%		5.30%		5.34%+

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

TOTAL RETURN	One Year 1/1/10 - 12/31/10		Five Year Average Annual 1/1/06 - 12/31/10		Since Inception Average Annual 12/31/02 - 12/31/10
Class N		32.53%		3.07%		8.14%
Class N (CDSC fees deducted)*		31.53%		3.07%		8.14%
Russell 2000 Growth Index		29.09%		5.30%		10.91%++

GROWTH OF $10,000 INVESTMENT SINCE INCEPTION

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

+ From 1/2/02.

++ From 1/2/03.

Performance data quoted represents past performance; past performance is not predictive of future results. The investment return and principal value of shares of the Fund will fluctuate with market conditions so that shares of the Fund, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling 1-888-309-3539.

Investors should note that the Fund is a professionally managed mutual fund, while the Russell 2000 Growth Index is unmanaged, does not incur expenses, and cannot be purchased directly by investors. Investors should read the Fund’s prospectus with regard to the Fund’s investment objective, risks and charges and expenses in conjunction with these financial statements. Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges. The performance tables and charts do not reflect the deduction of taxes that a shareholder would pay on the Fund distributions or the redemption of the Fund shares.

72

MassMutual Select Diversified International Fund – Portfolio Manager Report

What is the investment approach of MassMutual Select Diversified International Fund, and who is the Fund’s subadviser?

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 subadviser is AllianceBernstein L.P. (AllianceBernstein).

How did the Fund perform during the 12 months ended December 31, 2010?

The Fund’s Class S shares returned 5.39%, substantially underperforming the 11.15% return of the Morgan Stanley Capital International All Country World Index (MSCI^® ACWI^®) ex-U.S. (the “benchmark”), an unmanaged index representative of stocks domiciled in global developed and emerging markets, excluding the United States.

For a discussion on the economic and market environment during the 12-month period ended December 31, 2010, please see the Economic and Market Review, beginning on page 3.

Subadviser discussion of factors that contributed to the Fund’s performance

During 2010, macro-economic uncertainties – including concerns about sovereign debt troubles in Europe, Chinese growth, and the fears of a double-dip recession in the United States – prompted a flight to safe assets such as government debt, particularly in the second quarter. Markets were characterized by moves into and out of riskier assets. Stocks tended to trade in the same direction despite a wide divergence in underlying individual company performance. A high level of risk aversion led investors to shun the inexpensive controversial stocks commonly held by the Fund.

Reflecting the market environment, Fund performance was weakest in the second quarter, when anxiety was especially high. The Fund’s underperformance, relative to the benchmark, during the year came primarily from weak stock selection, especially in the consumer discretionary, industrials, and information technology sectors.

Within the consumer discretionary sector, Hong Kong-based clothing retailer Esprit was the largest detractor, as investors grew frustrated over the slowness of the company’s turnaround effort. We retained the Fund’s position in the stock, however, as it remained attractively valued versus peers and offers strong upside potential, in our view. Among industrials, French-based Bouygues detracted most when concerns about the impact of the European sovereign debt crisis led investors to punish the stock, particularly during the second quarter.

Consumer electronics companies Toshiba and Sharp weighed on Fund returns for the full year. Sharp, which competes with Korean companies, was adversely affected in part by weaker liquid crystal display (LCD) pricing. Toshiba misjudged the memory card market in 2010, and the company’s margins suffered as a result.

Several European financial holdings also suffered from sovereign debt concerns, including Banco Santander and UniCredit, the Spanish and Italian banking groups. As the crisis evolved, we sold Santander and trimmed the Fund’s exposure to UniCredit. While the Fund held select underperforming European financial stocks, we avoided many benchmark companies that were most impacted by the crisis.

Holdings in several sectors benefited from signs of improving demand, which is likely to continue as the global economic recovery progresses. For example, BMW advanced when demand recovered and the company introduced new models, helping it gain market share and outperform peers. Stock selection in the materials sector was the largest positive contributor. Stocks such as Xstrata (Switzerland) and Rio Tinto (England/Australia), benefited from a strong price surge in the commodity sector, driven by the Federal Reserve’s second quantitative easing initiative, which was announced in early November, and the resulting U.S. dollar weakness.

Subadviser outlook

In 2011, we expect good economic news and robust corporate earnings to allay investor fears, which should lead the market to recognize and reward the attractive fundamentals and valuations of the Fund’s holdings. There are already tentative signs that the tide of investor sentiment may be turning. For example, outflows from equity funds have started to abate, which we expect to continue in 2011. And as anxiety eases, valuation disparities between the least and most expensive stocks in the market are likely to narrow from current elevated levels. In the past, this Fund has generally performed well when valuation spreads narrowed. As the recovery in value stocks resumes, we believe the Fund should benefit, because, on average, Fund holdings are typically less expensive than the market and most competitors. We continue to believe the Fund is well positioned to deliver long-term outperformance as growing confidence leads investors to recognize company strength and as value stocks return to favor.

73

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

MassMutual Select Diversified International Fund Largest Holdings (% of Net Assets) on 12/31/10 (Unaudited)
Vale SA Sponsored ADR (Brazil)	2.6	%
AstraZeneca PLC	2.4	%
Samsung Electronics Co., Ltd.	2.4	%
Gazprom OAO Sponsored ADR (Russia)	2.1	%
Royal Dutch Shell PLC Class A	1.9	%
Rio Tinto PLC	1.8	%
Vodafone Group PLC	1.7	%
Allianz SE	1.7	%
BP PLC	1.6	%
Novartis AG	1.6	%
	19.8	%

MassMutual Select Diversified International Fund Country Weightings (% of Net Assets) on 12/31/10 (Unaudited)
Japan	18.9	%
United Kingdom	17.3	%
France	10.6	%
Germany	6.3	%
Republic of Korea	6.2	%
Brazil	5.0	%
Canada	4.9	%
Russia	3.3	%
Italy	3.0	%
Taiwan	2.4	%
Switzerland	1.9	%
China	1.9	%
Australia	1.8	%
Belgium	1.5	%
Turkey	1.5	%
South Africa	1.2	%
Hong Kong	1.0	%
Thailand	1.0	%
Netherlands	1.0	%
Bermuda	1.0	%
Poland	0.9	%
India	0.9	%
Norway	0.8	%
Austria	0.7	%
Denmark	0.7	%
Kazakhstan	0.3	%
Total Long-Term Investments	96.0	%
Short-Term Investments and Other Assets and Liabilities	4.0	%
Net Assets	100.0	%

74

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

Growth of a $10,000 Investment

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

TOTAL RETURN	One Year 1/1/10 - 12/31/10		Since Inception Average Annual 12/14/06 - 12/31/10
Class S		5.39%		-6.22%
Class A		4.90%		-6.71%
Class A (sales load deducted)*		-1.13%		-8.07%
Class Y		5.15%		-6.34%
Class L		5.06%		-6.41%
Class N		4.41%		-6.93%
Class N (CDSC fees deducted)*		3.41%		-6.93%
MSCI ACWI ex-U.S.		11.15%		-0.02%+

GROWTH OF $10,000 INVESTMENT SINCE INCEPTION

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

+ From 1/2/07.

Performance data quoted represents past performance; past performance is not predictive of future results. The investment return and principal value of shares of the Fund will fluctuate with market conditions so that shares of the Fund, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling 1-888-309-3539.

Investors should note that the Fund is a professionally managed mutual fund, while the MSCI ACWI ex-U.S. is unmanaged, does not incur expenses, and cannot be purchased directly by investors. Investors should read the Fund’s prospectus with regard to the Fund’s investment objective, risks and charges and expenses in conjunction with these financial statements. Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges. The performance tables and charts do not reflect the deduction of taxes that a shareholder would pay on the Fund distributions or the redemption of the Fund shares.

75

MassMutual Select Overseas Fund – Portfolio Manager Report

What is the investment approach of MassMutual Select Overseas Fund, and who are the Fund’s subadvisers?

The Fund seeks growth of capital over the long-term by investing in foreign equity securities. Under normal circumstances, 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 subadvisers are AllianceBernstein L.P. (AllianceBernstein), which managed approximately 21% of the Fund’s portfolio; Massachusetts Financial Services Company (MFS), which was responsible for approximately 50% of the Fund’s portfolio; and Harris Associates L.P. (Harris), which oversaw approximately 29% of the Fund’s portfolio, as of December 31, 2010.

How did the Fund perform during the 12 months ended December 31, 2010?

The Fund’s Class S shares returned 10.97%, outpacing the 7.75% return of the Morgan Stanley Capital International (MSCI^®) Europe, Australasia, Far East (EAFE^®) Index (the “benchmark”), a widely recognized, unmanaged index representative of equity securities in developed markets, excluding the U.S. and Canada.

For a discussion on the economic and market environment during the 12-month period ended December 31, 2010, please see the Economic and Market Review, beginning on page 3.

Subadviser discussion of factors that contributed to the Fund’s performance

With respect to the Fund’s MFS component, stock selection and an overweight position, relative to the benchmark, in the retailing sector were the primary drivers of portfolio performance. A key factor in the portfolio’s performance within this sector, relative to the benchmark, was our decision to overweight strong-performing luxury goods companies LVMH Group (Moët Hennessy Louis Vuitton, France), Richemont (Switzerland), and Burberry Group (UK). Stock selection and an underweight position in the financial services sector was another positive factor for relative performance, as this sector significantly underperformed the benchmark. Shares of Swiss private bank Julius Baer, which turned in strong results for the period, were among the portfolio’s top relative contributors. Stock selection in the industrial goods and services sector also boosted relative returns.

Conversely, stock selection in the health care sector detracted from relative performance. The portfolio’s overweight positions in pharmaceutical companies Roche Holding (Switzerland) and Bayer AG (Germany) were among the portfolio’s top relative detractors. Elsewhere, overweight positions in weak-performing oil and gas exploration company INPEX Holdings (Japan), French insurance giant AXA, Japanese optical glass maker HOYA, personal care products company Beiersdorf AG (Germany), and stock exchange Deutsche Boerse (Germany) held back relative performance.

With regard to the Fund’s Harris component, both stock selection and country weightings contributed to the portfolio’s relative results. Portfolio holdings in Switzerland, the UK, France, and Germany were especially strong. Six of the portfolio’s top 10 individual performers are domiciled in Switzerland, the UK, and France. The portfolio’s weightings in Spain, Canada, and Mexico added further value. Conversely, the portfolio’s allocation to Ireland detracted the most for the year. Additionally, a lack of exposure to certain markets that performed quite well – such as Hong Kong, Singapore, and Denmark – also weighed on relative performance for the period.

With respect to the portfolio’s absolute performance, 12 of 15 countries the portfolio invested in delivered positive cumulative performance. The most significant returns came from holdings in Sweden, Israel, Australia, the UK, South Korea, Switzerland, and Mexico. France produced the smallest gain for the period, and returns from portfolio holdings in Italy, Ireland, and Spain were negative for the year.

For the Fund’s AllianceBernstein component, performance was weakest in the second quarter, when anxiety was especially high. Several European holdings suffered from sovereign debt concerns, including Banco Santander and UniCredit, the Spanish and Italian banking groups. As the crisis evolved, we sold Santander and trimmed the Fund’s exposure to UniCredit.

Consumer electronics companies Toshiba and Sharp weighed on Fund returns for the full year. Sharp, which competes with Korean companies, was adversely affected by the appreciation of the yen versus the won and weaker liquid crystal display (LCD) pricing. Toshiba misjudged the memory card market in 2010, and its margins suffered as a result.

On the positive side, portfolio holdings in several sectors benefited from signs of improving demand as the global economic recovery progresses. For example, BMW outperformed when demand recovered and the company introduced new models, helping it gain market share and outperform its peers. Industrial commodity stocks, such as Xstrata (Switzerland) and Rio Tinto (England/Australia), benefited from a strong price surge in the commodity sector, driven by the U.S. Federal Reserve’s second quantitative easing initiative, which was announced in early November – and the resulting U.S. dollar weakness.

76

MassMutual Select Overseas Fund – Portfolio Manager Report (Continued)

Subadviser outlook

With the aftershocks of recession and tighter credit still taking a toll, investors remain skeptical about the durability of the earnings recovery and markets continue to be characterized by undifferentiated moves into and out of riskier assets. We continue to seek to take advantage of attractive valuations across a wide range of sectors, with an emphasis on those stocks that also offer lower volatility characteristics – to help provide downside protection given current high levels of market volatility.

MassMutual Select Overseas Fund Largest Holdings (% of Net Assets) on 12/31/10 (Unaudited)
Nestle SA	2.3	%
Linde AG	2.0	%
Diageo PLC	1.9	%
Samsung Electronics Co., Ltd.	1.8	%
Canon, Inc.	1.7	%
Schneider Electric SA	1.7	%
UBS AG	1.6	%
Roche Holding AG	1.6	%
LVMH Moet Hennessy Louis Vuitton SA	1.5	%
HSBC Holdings PLC	1.4	%
	17.5	%

MassMutual Select Overseas Fund Country Weightings (% of Net Assets) on 12/31/10 (Unaudited)
Japan	16.9	%
United Kingdom	16.8	%
Switzerland	13.4	%
France	12.4	%
Germany	8.9	%
Netherlands	5.6	%
Republic of Korea	2.7	%
Canada	2.7	%
Australia	2.1	%
India	1.7	%
Bermuda	1.5	%
Taiwan	1.5	%
Brazil	1.4	%
Italy	1.3	%
Spain	1.2	%
Sweden	1.1	%
Hong Kong	1.1	%
United States	1.0	%
Mexico	0.8	%
South Africa	0.8	%
Russia	0.6	%
Luxembourg	0.5	%
Singapore	0.5	%
China	0.5	%
Czech Republic	0.4	%
Ireland	0.4	%
Austria	0.4	%
Turkey	0.3	%
Belgium	0.3	%
Poland	0.2	%
Norway	0.2	%
Thailand	0.2	%
Denmark	0.1	%
Netherlands Antilles	0.1	%
Israel	0.1	%
Kazakhstan	0.1	%
Total Long-Term Investments	99.8	%
Short-Term Investments and Other Assets and Liabilities	0.2	%
Net Assets	100.0	%

77

MassMutual Select Overseas Fund – Portfolio Manager Report (Continued)

Growth of a $10,000 Investment

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

TOTAL RETURN	One Year 1/1/10 - 12/31/10		Five Year Average Annual 1/1/06 - 12/31/10		Since Inception Average Annual 5/1/01 - 12/31/10
Class S		10.97%		4.99%		5.17%
Class A		10.75%		4.65%		4.77%
Class A (sales load deducted)*		4.38%		3.42%		4.13%
Class Y		10.97%		4.94%		5.11%
Class L		10.95%		4.89%		5.01%
MSCI EAFE Index		7.75%		2.46%		4.49%

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

TOTAL RETURN	One Year 1/1/10 - 12/31/10		Five Year Average Annual 1/1/06 - 12/31/10		Since Inception Average Annual 12/31/02 - 12/31/10
Class N		10.34%		4.33%		9.75%
Class N (CDSC fees deducted)*		9.34%		4.33%		9.75%
MSCI EAFE Index		7.75%		2.46%		9.96%+

Hypothetical Investments in MassMutual Select Overseas Fund Class Z and the MSCI EAFE Index.

TOTAL RETURN	Since Inception 11/15/10 - 12/31/10
Class Z		2.95%
MSCI EAFE Index		8.10%++

GROWTH OF $10,000 INVESTMENT SINCE INCEPTION

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

+ From 1/2/03.

++ From 12/1/10.

Performance data quoted represents past performance; past performance is not predictive of future results. The investment return and principal value of shares of the Fund will fluctuate with market conditions so that shares of the Fund, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling 1-888-309-3539.

Investors should note that the Fund is a professionally managed mutual fund, while the MSCI EAFE Index is unmanaged, does not incur expenses, and cannot be purchased directly by investors. Investors should read the Fund’s prospectus with regard to the Fund’s investment objective, risks and charges and expenses in conjunction with these financial statements. Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges. The performance tables and charts do not reflect the deduction of taxes that a shareholder would pay on the Fund distributions or the redemption of the Fund shares.

78

MassMutual Select Destination Retirement Series – Portfolio Manager Report

What are the investment approaches of the Funds that constitute the MassMutual Select Destination Retirement Series, and who is the Series’ investment adviser?

The MassMutual Select Destination Retirement Series (“the Series”) comprises 10 Funds – each of which has a “fund of funds” structure. The 10 Funds are Destination Retirement Income Fund, Destination Retirement 2010 Fund, Destination Retirement 2015 Fund, Destination Retirement 2020 Fund, Destination Retirement 2025 Fund, Destination Retirement 2030 Fund, Destination Retirement 2035 Fund, Destination Retirement 2040 Fund, Destination Retirement 2045 Fund, and Destination Retirement 2050 Fund. Destination Retirement Income Fund seeks to achieve high current income and, as a secondary objective, capital appreciation. All other Funds in the Series seek 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.

Each Fund invests in a combination of domestic and international mutual funds sponsored by MassMutual or its affiliates (“Underlying Funds”). The Underlying Funds may invest in various asset classes, including equity securities, fixed income securities, and money market instruments, as well as commodity-related strategies, using a specific asset allocation strategy, which varies by Fund, as described below. Underlying Funds can include MassMutual Select Funds and MassMutual Premier Funds, which are advised by MassMutual, and OppenheimerFunds, which are advised by OppenheimerFunds, Inc. (OFI).

Each Fund’s assets are allocated to its Underlying Funds according to an asset allocation strategy, as follows:

• Destination Retirement Income Fund: Assets are allocated among Underlying Funds according to a target asset allocation strategy that emphasizes fixed income and money market funds, but also includes a smaller allocation to equity and certain other funds.

• Destination Retirement 2010/2015/2020/2025/2030/2035/2040/2045/2050 Funds: For each Fund, assets are allocated among Underlying Funds according to an asset allocation strategy that becomes increasingly conservative until it reaches approximately 35% in equity funds and similar funds and 65% in fixed income funds, including money market funds, approximately 15 years after the target retirement date.

How did each Fund perform during the year ended December 31, 2010?

Each Fund’s return is shown below. Also shown are the returns of each Fund’s custom index; the Lipper Balanced Fund Index, an unmanaged, equally weighted index of the 30 largest mutual funds within the Lipper Balanced Category; the Barclays Capital U.S. Aggregate Bond Index, an unmanaged index of fixed-rate investment-grade securities with at least one year to maturity, combining the Barclays Capital U.S. Treasury Bond Index, the Barclays Capital U.S. Government-Related Bond Index, the Barclays Capital U.S. Corporate Bond Index, and the Barclays Capital U.S. Securitized Bond Index; and the S&P 500^® Index, a widely recognized, unmanaged index representative of common stocks of larger capitalized U.S. companies.

For 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, performance shown for the Funds and their respective indexes is for the 12 months ended December 31, 2010. For Destination Retirement 2015 Fund, Destination Retirement 2025 Fund, Destination Retirement 2035 Fund, and Destination Retirement 2045 Fund, performance shown for the Funds and their respective indexes is for the time period April 1, 2010 (when they commenced operations) through December 31, 2010.

Destination Retirement Income Fund	Custom Index			Lipper Balanced Fund Index			Barclays Capital U.S. Aggregate Bond Index			S&P 500 Index
10.04%		9.75	%		11.90	%		6.54	%*		15.06	%
Destination Retirement 2010 Fund
11.95%		11.28	%		11.90	%		6.54	%*		15.06	%
Destination Retirement 2015 Fund
9.54%		8.52	%		7.76	%		4.68	%*		9.18	%
Destination Retirement 2020 Fund
14.18%		13.58	%		11.90	%		6.54	%		15.06	%*
Destination Retirement 2025 Fund
10.25%		9.31	%		7.76	%		4.68	%		9.18	%*

79

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

Destination Retirement 2030 Fund	Custom Index			Lipper Balanced Fund Index			Barclays Capital U.S. Aggregate Bond Index			S&P 500 Index
14.95%		14.41	%		11.90	%		6.54	%		15.06	%*
Destination Retirement 2035 Fund
10.46%		9.56	%		7.76	%		4.68	%		9.18	%*
Destination Retirement 2040 Fund
15.40%		14.52	%		11.90	%		6.54	%		15.06	%*
Destination Retirement 2045 Fund
10.94%		9.71	%		7.76	%		4.68	%		9.18	%*
Destination Retirement 2050 Fund
15.86%		14.83	%		11.90	%		6.54	%		15.06	%*

*Benchmark return

All of the Destination Retirement Funds outperformed their respective Custom Indexes for the 12-month or nine-month period, as applicable. Of the 10 Destination Retirement Funds, all Funds except the Destination Retirement Income Fund outperformed the Lipper Balanced Fund Index. All 10 Funds also outperformed the Barclays Capital U.S. Aggregate Bond Index. Finally, half of the Funds outpaced the S&P 500 Index – including Destination Retirement 2015, Destination Retirement 2025, Destination Retirement 2035, Destination Retirement 2045, and Destination Retirement 2050.

Destination Retirement Custom Benchmarks:

• The Custom Destination Income, 2010, and 2015 Indexes comprise the Morgan Stanley Capital International Europe, Australasia, Far East (MSCI^® EAFE^®), Dow Jones Wilshire 5000 (full cap), Barclays Capital U.S. Aggregate Bond, and T-Bill Indexes. The weightings of each Index can vary, depending on the weightings of the underlying mutual funds that constitute each corresponding Destination Retirement Fund.

• The Custom Destination 2020, 2025, 2030, and 2035 Indexes comprise the Morgan Stanley Capital International Europe, Australasia, Far East (MSCI^® EAFE^®), Dow Jones Wilshire 5000 (full cap), and Barclays Capital U.S. Aggregate Bond Indexes. The weightings of each Index can vary, depending on the weightings of the underlying mutual funds that constitute each corresponding Destination Retirement Fund.

• The Custom Destination 2040, 2045, and 2050 Indexes comprise the MSCI EAFE and Dow Jones Wilshire 5000 (full cap) Indexes. The weightings of each Index can vary, depending on the weightings of the underlying mutual funds that constitute each corresponding Destination Retirement Fund.

For a discussion on the economic and market environment during the 12-month period ended December 31, 2010, please see the Economic and Market Review, beginning on page 3.

Investment adviser discussion of factors that contributed to the Funds’ performance

The largest impact on the portfolios was the overall equity versus fixed-income allocation in an environment in which the S&P 500 Index gained 15.06%. Portfolios with heavier equity (stock) allocations – Destination Retirement 2020, 2025, 2030, 2035, 2045, and 2050 Funds – experienced greater returns than the Funds with lower stock allocations – Destination Retirement Income, 2010, and 2015 Funds. We sought to manage volatility coming into the year, but, as the European debt crisis unfolded, we did so without eliminating the upside potential for the Funds. Within fixed income, the Underlying Funds generally did not emphasize heavy weights in U.S. Treasury bonds. Although we did add a small position in Select PIMCO Total Return Fund, which has heavy Treasury exposure, we generally waited patiently during the middle quarters of the year, as deflation fears, heavy aggregate investor flows to bond funds, and Federal Reserve (the “Fed”) policy pushed Treasury prices higher. Exposure to Underlying Funds with corporate bond exposure aided results. Also, our decision to underweight money market investments in favor of Premier Short-Duration Bond Fund was additive to results, as the Fed’s policy of near-zero interest rates meant near-zero returns in money markets.

During the year, we continued to build commodity exposure through Oppenheimer Commodity Strategy Total Return Fund, which lagged its benchmark in part due to its exposure to listed futures in the energy area. The returns to futures derivatives differ

80

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

from spot prices, since futures derivatives give owners the right to future delivery. During periods such as 2010 – when future prices are higher than spot prices – a futures-based strategy may lag. At the end of 2010, there were signs, however, that this relationship was normalizing.

During the year, there were a number of additions and removals of the Underlying Funds that make up the Destination Series. As noted above, we introduced Select PIMCO Total Return Fund to improve the portfolios’ diversification in fixed-income strategies. We also added Select Core Opportunities Fund in order to add value in many market environments. Also, Premier Discovery Value Fund and Select Emerging Growth Fund were removed, which made way for Select Mid-Cap Value Fund as a core mid-cap value exposure.

Within our equity Underlying Funds, performance was generally strong. Standout performers included Select Focused Value Fund and Select Aggressive Growth Fund, each of which delivered gains of over 20%. Our exposure to the real estate investment trust (REIT) market segment, through Oppenheimer Real Estate Fund, also aided total returns. Three of our larger core holdings – Premier Enhanced Index Growth Fund, Premier Enhanced Index Value Fund, and Select Overseas Fund – delivered solid results. During the year, we trimmed certain Underlying Funds, such as Premier Main Street Small Cap Fund, and increased exposure to Oppenheimer Real Estate Fund, Oppenheimer Commodity Strategy Total Return Fund, and Premier Strategic Emerging Markets Fund.

Within our fixed-income Underlying Funds, performance was also generally strong for the year. Premier Core Bond Fund and Premier Diversified Bond Fund each came out ahead of the Barclays Capital U.S. Aggregate Bond Index’s 6.54% return – and Select Strategic Bond Fund beat it by a large margin. Premier Inflation-Protected and Income Fund and Premier International Bond Fund each lagged the broader index by less than one percentage point. Conversely, Premier High Yield Fund gained an impressive 13.82%. During the year, in addition to adding Select PIMCO Total Return Fund, we added to portfolio positions in Premier Core Bond Fund and Premier Short-Duration Bond Fund – and trimmed Premier Diversified Bond Fund as part of our goal to improve the effectiveness of the bond portion of the portfolio as a hedge against equity volatility, without exposing the portfolio to excessive risk from rising rates.

Investment adviser outlook

Economic indicators are generally trending positive at the start of 2011. In our view, strength in consumer spending and factory activity point to improvement from the sluggish early stages of the recovery. Growth in employment has improved on the margin, though in fits and starts. With consumer demand improving and post-meltdown fears subsiding, expectations abound that firms will increase hiring in a more meaningful manner. While a quick return to pre-crisis employment levels is highly unlikely, any improvement could set in motion the virtuous cycle, as newly employed consumers stoke further improvements in growth, which in turn, pushes up hiring.

The Fed, fearful of repeating the mistakes of the Great Depression era, appears committed to stimulative monetary policies. This should support economic growth, corporate revenues, and cash flows; and with it, improving fundamentals for equities and corporate bonds. Given current valuations, we believe attractive returns for equities and corporate bonds are possible. On the other hand, given the yields currently available for U.S. Treasury bond investors, attractive long-term returns will be harder to come by. Accommodating Fed policies do present a risk of inflation, which generally pushes bond prices lower and interest rates higher, which could present a challenge for both the equity market and economic growth.

The struggle to solve the European debt crisis is likely to hang over the global equity and bond markets for some time. Also, China and other emerging-market countries risk missteps as they seek to rein in inflation while maintaining a reasonable level of economic growth.

81

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

MassMutual Select Destination Retirement Income Fund Asset Allocation (% of Net Assets) on 12/31/10 (Unaudited)
Equity Funds	35.5	%
Fixed Income Funds	64.6	%
Total Long-Term Investments	100.1	%
Other Assets and Liabilities	(0.1	)%
Net Assets	100.0	%

MassMutual Select Destination Retirement 2010 Fund Asset Allocation (% of Net Assets) on 12/31/10 (Unaudited)
Equity Funds	51.2	%
Fixed Income Funds	48.9	%
Total Long-Term Investments	100.1	%
Other Assets and Liabilities	(0.1	)%
Net Assets	100.0	%

MassMutual Select Destination Retirement 2015 Fund Asset Allocation (% of Net Assets) on 12/31/10 (Unaudited)
Equity Funds	68.2	%
Fixed Income Funds	33.6	%
Total Long-Term Investments	101.8	%
Other Assets and Liabilities	(1.8	)%
Net Assets	100.0	%

MassMutual Select Destination Retirement 2020 Fund Asset Allocation (% of Net Assets) on 12/31/10 (Unaudited)
Equity Funds	76.4	%
Fixed Income Funds	23.7	%
Total Long-Term Investments	100.1	%
Other Assets and Liabilities	(0.1	)%
Net Assets	100.0	%

MassMutual Select Destination Retirement 2025 Fund Asset Allocation (% of Net Assets) on 12/31/10 (Unaudited)
Equity Funds	85.5	%
Fixed Income Funds	16.4	%
Total Long-Term Investments	101.9	%
Other Assets and Liabilities	(1.9	)%
Net Assets	100.0	%

MassMutual Select Destination Retirement 2030 Fund Asset Allocation (% of Net Assets) on 12/31/10 (Unaudited)
Equity Funds	87.6	%
Fixed Income Funds	12.5	%
Total Long-Term Investments	100.1	%
Other Assets and Liabilities	(0.1	)%
Net Assets	100.0	%

82

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

MassMutual Select Destination Retirement 2035 Fund Asset Allocation (% of Net Assets) on 12/31/10 (Unaudited)
Equity Funds	90.6	%
Fixed Income Funds	11.4	%
Total Long-Term Investments	102.0	%
Other Assets and Liabilities	(2.0	)%
Net Assets	100.0	%

MassMutual Select Destination Retirement 2040 Fund Asset Allocation (% of Net Assets) on 12/31/10 (Unaudited)
Equity Funds	91.5	%
Fixed Income Funds	8.6	%
Total Long-Term Investments	100.1	%
Other Assets and Liabilities	(0.1	)%
Net Assets	100.0	%

MassMutual Select Destination Retirement 2045 Fund Asset Allocation (% of Net Assets) on 12/31/10 (Unaudited)
Equity Funds	96.7	%
Fixed Income Funds	5.3	%
Total Long-Term Investments	102.0	%
Other Assets and Liabilities	(2.0	)%
Net Assets	100.0	%

MassMutual Select Destination Retirement 2050 Fund Asset Allocation (% of Net Assets) on 12/31/10 (Unaudited)
Equity Funds	95.0	%
Fixed Income Funds	5.1	%
Total Long-Term Investments	100.1	%
Other Assets and Liabilities	(0.1	)%
Net Assets	100.0	%

83

MassMutual Select Destination Retirement Income Fund – Portfolio Manager Report (Continued)

Growth of a $10,000 Investment

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

TOTAL RETURN	One Year 1/1/10 - 12/31/10		Five Year Average Annual 1/1/06 - 12/31/10		Since Inception Average Annual 12/31/03 - 12/31/10
Class S		10.04%		4.28%		4.48%
Class A		9.67%		3.90%		4.09%
Class A (sales load deducted)*		3.37%		2.68%		3.22%
Class Y		10.09%		4.28%		4.47%
Class L		9.98%		4.16%		4.36%
Class N		9.40%		3.59%		3.78%
Class N (CDSC fees deducted)*		8.40%		3.59%		3.78%
Barclays Capital U.S. Aggregate Bond Index#		6.54%		5.80%		5.10%+
S&P 500 Index		15.06%		2.29%		3.85%+
Lipper Balanced Fund Index		11.90%		3.91%		4.80%+
Custom Destination Income Index		9.75%		4.77%		4.94%+

GROWTH OF $10,000 INVESTMENT SINCE INCEPTION

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

# Benchmark

+ From 1/2/04.

Performance data quoted represents past performance; past performance is not predictive of future results. The investment return and principal value of shares of the Fund will fluctuate with market conditions so that shares of the Fund, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling 1-888-309-3539.

Investors should note that the Fund is a professionally managed mutual fund, while the Barclays Capital U.S. Aggregate Bond Index, the S&P 500 Index, the Lipper Balanced Fund Index and the Custom Destination Income Index are unmanaged, do not incur expenses, and cannot be purchased directly by investors. Investors should read the Fund’s prospectus with regard to the Fund’s investment objective, risks and charges and expenses in conjunction with these financial statements. Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges. The performance tables and charts do not reflect the deduction of taxes that a shareholder would pay on the Fund distributions or the redemption of the Fund shares.

84

MassMutual Select Destination Retirement 2010 Fund – Portfolio Manager Report (Continued)

Growth of a $10,000 Investment

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

TOTAL RETURN	One Year 1/1/10 - 12/31/10		Five Year Average Annual 1/1/06 - 12/31/10		Since Inception Average Annual 12/31/03 - 12/31/10
Class S		11.95%		3.60%		4.27%
Class A		11.45%		3.15%		3.84%
Class A (sales load deducted)*		5.04%		1.94%		2.96%
Class Y		11.89%		3.53%		4.21%
Class L		11.74%		3.43%		4.11%
Class N		11.03%		2.86%		3.53%
Class N (CDSC fees deducted)*		10.03%		2.86%		3.53%
Barclays Capital U.S. Aggregate Bond Index#		6.54%		5.80%		5.10%+
S&P 500 Index		15.06%		2.29%		3.85%+
Lipper Balanced Fund Index		11.90%		3.91%		4.80%+
Custom Destination 2010 Index		11.28%		4.16%		4.76%+

GROWTH OF $10,000 INVESTMENT SINCE INCEPTION

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

# Benchmark

+ From 1/2/04.

Performance data quoted represents past performance; past performance is not predictive of future results. The investment return and principal value of shares of the Fund will fluctuate with market conditions so that shares of the Fund, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling 1-888-309-3539.

Investors should note that the Fund is a professionally managed mutual fund, while the Barclays Capital U.S. Aggregate Bond Index, the S&P 500 Index, the Lipper Balanced Fund Index and the Custom Destination 2010 Index are unmanaged, do not incur expenses, and cannot be purchased directly by investors. Investors should read the Fund’s prospectus with regard to the Fund’s investment objective, risks and charges and expenses in conjunction with these financial statements. Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges. The performance tables and charts do not reflect the deduction of taxes that a shareholder would pay on the Fund distributions or the redemption of the Fund shares.

85

MassMutual Select Destination Retirement 2015 Fund – Portfolio Manager Report (Continued)

Growth of a $10,000 Investment

Hypothetical Investments in MassMutual Select Destination Retirement 2015 Fund Class S, Class A, Class A (sales load deducted), Class Y, Class L, the Barclays Capital U.S. Aggregate Bond Index, the S&P 500 Index, the Lipper Balanced Fund Index and the Custom Destination 2015 Index.

TOTAL RETURN	Since Inception 4/1/10 - 12/31/10
Class S		9.54%
Class A		9.17%
Class A (sales load deducted)*		2.90%
Class Y		9.52%
Class L		9.43%
Barclays Capital U.S. Aggregate Bond Index#		4.68%
S&P 500 Index		9.18%
Lipper Balanced Fund Index		7.76%
Custom Destination 2015 Index		8.52%

GROWTH OF $10,000 INVESTMENT SINCE INCEPTION

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

# Benchmark

Performance data quoted represents past performance; past performance is not predictive of future results. The investment return and principal value of shares of the Fund will fluctuate with market conditions so that shares of the Fund, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling 1-888-309-3539.

Investors should note that the Fund is a professionally managed mutual fund, while the Barclays Capital U.S. Aggregate Bond Index, the S&P 500 Index, the Lipper Balanced Fund Index and the Custom Destination 2015 Index are unmanaged, do not incur expenses, and cannot be purchased directly by investors. Investors should read the Fund’s prospectus with regard to the Fund’s investment objective, risks and charges and expenses in conjunction with these financial statements. Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges. The performance tables and charts do not reflect the deduction of taxes that a shareholder would pay on the Fund distributions or the redemption of the Fund shares.

86

MassMutual Select Destination Retirement 2020 Fund – Portfolio Manager Report (Continued)

Growth of a $10,000 Investment

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

TOTAL RETURN	One Year 1/1/10 - 12/31/10		Five Year Average Annual 1/1/06 - 12/31/10		Since Inception Average Annual 12/31/03 - 12/31/10
Class S		14.18%		2.88%		4.29%
Class A		13.61%		2.47%		3.87%
Class A (sales load deducted)*		7.07%		1.26%		3.00%
Class Y		14.01%		2.82%		4.22%
Class L		13.86%		2.71%		4.13%
Class N		13.31%		2.15%		3.56%
Class N (CDSC fees deducted)*		12.31%		2.15%		3.56%
S&P 500 Index#		15.06%		2.29%		3.85%+
Barclays Capital U.S. Aggregate Bond Index		6.54%		5.80%		5.10%+
Lipper Balanced Fund Index		11.90%		3.91%		4.80%+
Custom Destination 2020 Index		13.58%		3.58%		4.74%+

GROWTH OF $10,000 INVESTMENT SINCE INCEPTION

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

# Benchmark

+ From 1/2/04.

Performance data quoted represents past performance; past performance is not predictive of future results. The investment return and principal value of shares of the Fund will fluctuate with market conditions so that shares of the Fund, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling 1-888-309-3539.

Investors should note that the Fund is a professionally managed mutual fund, while the S&P 500 Index, the Barclays Capital U.S. Aggregate Bond Index, the Lipper Balanced Fund Index and the Custom Destination 2020 Index are unmanaged, do not incur expenses, and cannot be purchased directly by investors. Investors should read the Fund’s prospectus with regard to the Fund’s investment objective, risks and charges and expenses in conjunction with these financial statements. Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges. The performance tables and charts do not reflect the deduction of taxes that a shareholder would pay on the Fund distributions or the redemption of the Fund shares.

87

MassMutual Select Destination Retirement 2025 Fund – Portfolio Manager Report (Continued)

Growth of a $10,000 Investment

Hypothetical Investments in MassMutual Select Destination Retirement 2025 Fund Class S, Class A, Class A (sales load deducted), Class Y, Class L, the S&P 500 Index, the Barclays Capital U.S. Aggregate Bond Index, the Lipper Balanced Fund Index and the Custom Destination 2025 Index.

TOTAL RETURN	Since Inception 4/1/10 - 12/31/10
Class S		10.25%
Class A		9.98%
Class A (sales load deducted)*		3.65%
Class Y		10.21%
Class L		10.13%
S&P 500 Index#		9.18%
Barclays Capital U.S. Aggregate Bond Index		4.68%
Lipper Balanced Fund Index		7.76%
Custom Destination 2025 Index		9.31%

GROWTH OF $10,000 INVESTMENT SINCE INCEPTION

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

# Benchmark

Performance data quoted represents past performance; past performance is not predictive of future results. The investment return and principal value of shares of the Fund will fluctuate with market conditions so that shares of the Fund, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling 1-888-309-3539.

Investors should note that the Fund is a professionally managed mutual fund, while the S&P 500 Index, the Barclays Capital U.S. Aggregate Bond Index, the Lipper Balanced Fund Index and the Custom Destination 2025 Index are unmanaged, do not incur expenses, and cannot be purchased directly by investors. Investors should read the Fund’s prospectus with regard to the Fund’s investment objective, risks and charges and expenses in conjunction with these financial statements. Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges. The performance tables and charts do not reflect the deduction of taxes that a shareholder would pay on the Fund distributions or the redemption of the Fund shares.

88

MassMutual Select Destination Retirement 2030 Fund – Portfolio Manager Report (Continued)

Growth of a $10,000 Investment

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

TOTAL RETURN	One Year 1/1/10 - 12/31/10		Five Year Average Annual 1/1/06 - 12/31/10		Since Inception Average Annual 12/31/03 - 12/31/10
Class S		14.95%		2.20%		4.31%
Class A		14.62%		1.79%		3.90%
Class A (sales load deducted)*		8.03%		0.59%		3.02%
Class Y		15.03%		2.16%		4.27%
Class L		14.86%		2.05%		4.17%
Class N		14.18%		1.50%		3.59%
Class N (CDSC fees deducted)*		13.18%		1.50%		3.59%
S&P 500 Index#		15.06%		2.29%		3.85%+
Barclays Capital U.S. Aggregate Bond Index		6.54%		5.80%		5.10%+
Lipper Balanced Fund Index		11.90%		3.91%		4.80%+
Custom Destination 2030 Index		14.41%		2.98%		4.79%+

GROWTH OF $10,000 INVESTMENT SINCE INCEPTION

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

# Benchmark

+ From 1/2/04.

Performance data quoted represents past performance; past performance is not predictive of future results. The investment return and principal value of shares of the Fund will fluctuate with market conditions so that shares of the Fund, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling 1-888-309-3539.

Investors should note that the Fund is a professionally managed mutual fund, while the S&P 500 Index, the Barclays Capital U.S. Aggregate Bond Index, the Lipper Balanced Fund Index and the Custom Destination 2030 Index are unmanaged, do not incur expenses, and cannot be purchased directly by investors. Investors should read the Fund’s prospectus with regard to the Fund’s investment objective, risks and charges and expenses in conjunction with these financial statements. Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges. The performance tables and charts do not reflect the deduction of taxes that a shareholder would pay on the Fund distributions or the redemption of the Fund shares.

89

MassMutual Select Destination Retirement 2035 Fund – Portfolio Manager Report (Continued)

Growth of a $10,000 Investment

Hypothetical Investments in MassMutual Select Destination Retirement 2035 Fund Class S, Class A, Class A (sales load deducted), Class Y, Class L, the S&P 500 Index, the Barclays Capital U.S. Aggregate Bond Index, the Lipper Balanced Fund Index and the Custom Destination 2035 Index.

TOTAL RETURN	Since Inception 4/1/10 - 12/31/10
Class S		10.46%
Class A		10.10%
Class A (sales load deducted)*		3.77%
Class Y		10.42%
Class L		10.35%
S&P 500 Index#		9.18%
Barclays Capital U.S. Aggregate Bond Index		4.68%
Lipper Balanced Fund Index		7.76%
Custom Destination 2035 Index		9.56%

GROWTH OF $10,000 INVESTMENT SINCE INCEPTION

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

# Benchmark

Performance data quoted represents past performance; past performance is not predictive of future results. The investment return and principal value of shares of the Fund will fluctuate with market conditions so that shares of the Fund, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling 1-888-309-3539.

Investors should note that the Fund is a professionally managed mutual fund, while the S&P 500 Index, the Barclays Capital U.S. Aggregate Bond Index, the Lipper Balanced Fund Index and the Custom Destination 2035 Index are unmanaged, do not incur expenses, and cannot be purchased directly by investors. Investors should read the Fund’s prospectus with regard to the Fund’s investment objective, risks and charges and expenses in conjunction with these financial statements. Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges. The performance tables and charts do not reflect the deduction of taxes that a shareholder would pay on the Fund distributions or the redemption of the Fund shares.

90

MassMutual Select Destination Retirement 2040 Fund – Portfolio Manager Report (Continued)

Growth of a $10,000 Investment

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

TOTAL RETURN	One Year 1/1/10 - 12/31/10		Five Year Average Annual 1/1/06 - 12/31/10		Since Inception Average Annual 12/31/03 - 12/31/10
Class S		15.40%		2.18%		4.58%
Class A		14.86%		1.77%		4.16%
Class A (sales load deducted)*		8.25%		0.58%		3.29%
Class Y		15.33%		2.14%		4.53%
Class L		15.18%		2.03%		4.42%
Class N		14.52%		1.47%		3.84%
Class N (CDSC fees deducted)*		13.52%		1.47%		3.84%
S&P 500 Index#		15.06%		2.29%		3.85%+
Barclays Capital U.S. Aggregate Bond Index		6.54%		5.80%		5.10%+
Lipper Balanced Fund Index		11.90%		3.91%		4.80%+
Custom Destination 2040 Index		14.52%		3.01%		5.10%+

GROWTH OF $10,000 INVESTMENT SINCE INCEPTION

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

# Benchmark

+ From 1/2/04.

Performance data quoted represents past performance; past performance is not predictive of future results. The investment return and principal value of shares of the Fund will fluctuate with market conditions so that shares of the Fund, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling 1-888-309-3539.

Investors should note that the Fund is a professionally managed mutual fund, while the S&P 500 Index, the Barclays Capital U.S. Aggregate Bond Index, the Lipper Balanced Fund Index and the Custom Destination 2040 Index are unmanaged, do not incur expenses, and cannot be purchased directly by investors. Investors should read the Fund’s prospectus with regard to the Fund’s investment objective, risks and charges and expenses in conjunction with these financial statements. Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges. The performance tables and charts do not reflect the deduction of taxes that a shareholder would pay on the Fund distributions or the redemption of the Fund shares.

91

MassMutual Select Destination Retirement 2045 Fund – Portfolio Manager Report (Continued)

Growth of a $10,000 Investment

Hypothetical Investments in MassMutual Select Destination Retirement 2045 Fund Class S, Class A, Class A (sales load deducted), Class Y, Class L, the S&P 500 Index, the Barclays Capital U.S. Aggregate Bond Index, the Lipper Balanced Fund Index and the Custom Destination 2045 Index.

TOTAL RETURN	Since Inception 4/1/10 - 12/31/10
Class S		10.94%
Class A		10.58%
Class A (sales load deducted)*		4.22%
Class Y		10.90%
Class L		10.82%
S&P 500 Index #		9.18%
Barclays Capital U.S. Aggregate Bond Index		4.68%
Lipper Balanced Fund Index		7.76%
Custom Destination 2045 Index		9.71%

GROWTH OF $10,000 INVESTMENT SINCE INCEPTION

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

# Benchmark

Performance data quoted represents past performance; past performance is not predictive of future results. The investment return and principal value of shares of the Fund will fluctuate with market conditions so that shares of the Fund, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling 1-888-309-3539.

Investors should note that the Fund is a professionally managed mutual fund, while the S&P 500 Index, the Barclays Capital U.S. Aggregate Bond Index, the Lipper Balanced Fund Index and the Custom Destination 2045 Index are unmanaged, do not incur expenses, and cannot be purchased directly by investors. Investors should read the Fund’s prospectus with regard to the Fund’s investment objective, risks and charges and expenses in conjunction with these financial statements. Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges. The performance tables and charts do not reflect the deduction of taxes that a shareholder would pay on the Fund distributions or the redemption of the Fund shares.

92

MassMutual Select Destination Retirement 2050 Fund – Portfolio Manager Report (Continued)

Growth of a $10,000 Investment

Hypothetical Investments in MassMutual Select Destination Retirement 2050 Fund Class S, Class A, Class A (sales load deducted), Class Y, Class L, Class N, Class N (CDSC fees deducted), the S&P 500 Index, the Barclays Capital U.S. Aggregate Bond Index, the Lipper Balanced Fund Index and the Custom Destination 2050 Index.

TOTAL RETURN	One Year 1/1/10 - 12/31/10		Since Inception Average Annual 12/17/07 - 12/31/10
Class S		15.86%		-1.66%
Class A		15.27%		-2.00%
Class A (sales load deducted)*		8.65%		-3.89%
Class Y		15.82%		-1.69%
Class L		15.60%		-1.80%
Class N		14.97%		-2.34%
Class N (CDSC fees deducted)*		13.97%		-2.34%
S&P 500 Index#		15.06%		-2.86%+
Barclays Capital U.S. Aggregate Bond Index		6.54%		5.90%+
Lipper Balanced Fund Index		11.90%		0.63%+
Custom Destination 2050 Index		14.83%		-2.24%+

GROWTH OF $10,000 INVESTMENT SINCE INCEPTION

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

# Benchmark

+ From 1/2/08.

Performance data quoted represents past performance; past performance is not predictive of future results. The investment return and principal value of shares of the Fund will fluctuate with market conditions so that shares of the Fund, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling 1-888-309-3539.

Investors should note that the Fund is a professionally managed mutual fund, while the S&P 500 Index, the Barclays Capital U.S. Aggregate Bond Index, the Lipper Balanced Fund Index and the Custom Destination 2050 Index are unmanaged, do not incur expenses, and cannot be purchased directly by investors. Investors should read the Fund’s prospectus with regard to the Fund’s investment objective, risks and charges and expenses in conjunction with these financial statements. Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges. The performance tables and charts do not reflect the deduction of taxes that a shareholder would pay on the Fund distributions or the redemption of the Fund shares.

93

MassMutual Select PIMCO Total Return Fund – Portfolio of Investments

December 31, 2010

	Number of Shares		Value
EQUITIES — 1.7%
PREFERRED STOCK — 1.7%
Electric — 1.7%
PPL Corp. 9.500%		400,000	$	21,988,000
TOTAL PREFERRED STOCK (Cost $21,450,000)				21,988,000
TOTAL EQUITIES (Cost $21,450,000)				21,988,000
	Principal Amount
BONDS & NOTES — 118.5%
CORPORATE DEBT — 50.3%
Agriculture — 0.9%
Reynolds American, Inc. 7.625% 6/01/16	$	10,000,000		11,622,250
Banks — 11.6%
American Express Bank FSB 5.500% 4/16/13		10,800,000		11,640,163
Bank of Nova Scotia (a) 1.650% 10/29/15		900,000		860,291
Barclays Bank PLC (a) 10.179% 6/12/21		11,700,000		14,569,542
Citibank NA 1.750% 12/28/12		1,300,000		1,326,304
Dexia Credit Local SA (a) 2.750% 4/29/14		47,645,000		48,332,660
Export-Import Bank of Korea 4.000% 1/29/21		400,000		373,676
First Horizon National Corp. 4.500% 5/15/13		1,100,000		1,110,508
GMAC, Inc. 6.875% 9/15/11		2,500,000		2,568,750
GMAC, Inc. 7.500% 12/31/13		5,000,000		5,362,500
Groupe BPCE (a) 2.375% 10/04/13		400,000		398,444
ING Bank NV (Acquired 11/24/10, Cost $496,779) (a) (b) 2.500% 1/14/16		500,000		487,709
JP Morgan Chase Bank NA 6.000% 10/01/17		11,700,000		12,970,175
Korea Development Bank 8.000% 1/23/14		1,000,000		1,141,500
Regions Financial Corp. 6.375% 5/15/12		10,000,000		10,187,500

	Principal Amount		Value
Resona Bank Ltd. VRN (a) 5.850% 9/29/49	$	6,200,000	$	6,194,284
The Royal Bank of Scotland PLC EUR (c) 3.625% 5/17/13		800,000		1,068,645
The Royal Bank of Scotland PLC (a) 4.875% 8/25/14		10,000,000		10,241,700
The Royal Bank of Scotland PLC EUR (c) 5.500% 3/23/20		7,200,000		9,137,058
Wachovia Corp. 5.625% 10/15/16		11,700,000		12,727,763
				150,699,172
Building Materials — 0.3%
Corporacion GEO SAB de CV (a) 9.250% 6/30/20		3,000,000		3,397,500
Coal — 0.3%
Arch Western Finance LLC 6.750% 7/01/13		3,800,000		3,838,000
Diversified Financial — 21.2%
Ally Financial, Inc. 2.200% 12/19/12		700,000		719,970
Ally Financial, Inc. 6.875% 8/28/12		1,425,000		1,486,616
BM&F Bovespa SA (a) 5.500% 7/16/20		3,300,000		3,357,961
CIT Group, Inc. 7.000% 5/01/15		2,600,000		2,606,500
Citigroup, Inc. 5.000% 9/15/14		11,700,000		12,103,393
FCE Bank PLC EUR (c) 7.125% 1/16/12		10,000,000		13,727,820
FCE Bank PLC EUR (c) 7.125% 1/15/13		10,000,000		13,995,679
Federal Home Loan Banks 0.875% 8/22/12		6,100,000		6,140,991
Federal Home Loan Banks 0.875% 12/27/13		500,000		494,749
Federal Home Loan Mortgage Corp. 0.515% 11/26/12		800,000		798,175
Federal Home Loan Mortgage Corp. 0.875% 10/28/13		900,000		894,058
Federal Home Loan Mortgage Corp. 1.000% 8/28/12		5,500,000		5,532,550
Federal Home Loan Mortgage Corp. 1.750% 9/10/15		3,600,000		3,538,223
Federal Home Loan Mortgage Corp. 2.500% 1/07/14		900,000		933,887
Federal Home Loan Mortgage Corp. 2.500% 4/23/14		1,200,000		1,243,732
Federal Home Loan Mortgage Corp. 3.500% 5/29/13		2,700,000		2,867,838

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

94

MassMutual Select PIMCO Total Return Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Federal Home Loan Mortgage Corp. 4.125% 9/27/13	$	1,800,000	$	1,946,978
Federal Home Loan Mortgage Corp. 4.375% 7/17/15		4,100,000		4,510,422
Federal Home Loan Mortgage Corp. 4.500% 1/15/13		400,000		430,244
Federal Home Loan Mortgage Corp. 4.500% 1/15/14		400,000		438,921
Federal Home Loan Mortgage Corp. 4.875% 11/15/13		800,000		884,552
Federal Home Loan Mortgage Corp. 5.000% 1/30/14		400,000		444,678
Federal Home Loan Mortgage Corp. 5.000% 7/15/14		100,000		112,049
Federal National Mortgage Association 0.375% 12/28/12		3,800,000		3,781,715
Federal National Mortgage Association 0.500% 10/30/12		2,100,000		2,093,617
Federal National Mortgage Association 0.500% 10/30/12		4,500,000		4,486,322
Federal National Mortgage Association 0.750% 12/18/13		34,300,000		33,893,394
Federal National Mortgage Association 1.000% 12/27/12		20,000,000		20,150,028
Federal National Mortgage Association 1.000% 9/23/13		6,900,000		6,889,444
Federal National Mortgage Association 1.125% 9/30/13		1,100,000		1,101,741
Federal National Mortgage Association 1.750% 2/22/13		700,000		714,595
Federal National Mortgage Association 2.500% 5/15/14		1,000,000		1,036,430
Federal National Mortgage Association 2.750% 2/05/14		700,000		731,813
Federal National Mortgage Association 2.750% 3/13/14		900,000		940,683
Federal National Mortgage Association 2.875% 12/11/13		1,600,000		1,680,243
Federal National Mortgage Association 3.000% 9/16/14		700,000		735,924

	Principal Amount		Value
Federal National Mortgage Association 4.125% 4/15/14	$	4,400,000	$	4,790,210
Federal National Mortgage Association 4.375% 3/15/13		3,700,000		3,988,715
Federal National Mortgage Association 4.375% 10/15/15		1,000,000		1,098,505
FIA Card Services NA (a) 7.125% 11/15/12		10,700,000		11,570,274
General Electric Capital Corp. 2.000% 9/28/12		1,300,000		1,327,881
General Electric Capital Corp. 2.125% 12/21/12		1,300,000		1,335,667
General Electric Capital Services, Inc. 7.500% 8/21/35		11,700,000		13,689,152
GMAC LLC 6.625% 5/15/12		10,000,000		10,308,670
The Goldman Sachs Group, Inc. 6.750% 10/01/37		11,700,000		11,962,033
HSBC Finance Corp. 5.500% 4/15/11		1,925,000		1,945,676
International Lease Finance Corp. 5.400% 2/15/12		5,000,000		5,050,000
International Lease Finance Corp. (a) 6.750% 9/01/16		700,000		747,250
Macquarie Bank Ltd. (a) 2.600% 1/20/12		11,730,000		11,954,231
SLM Corp. 8.450% 6/15/18		10,000,000		10,393,620
Sydney Airport Finance (a) 5.125% 2/22/21		300,000		289,008
TNK-BP Finance SA (a) 7.250% 2/02/20		5,000,000		5,437,500
TNK-BP Finance SA (e) 7.250% 2/02/20		4,500,000		4,893,750
TNK-BP Finance SA (e) 7.500% 3/13/13		5,000,000		5,393,750
UBS AG/Stamford CT FRN 1.384% 2/23/12		11,700,000		11,798,713
				275,420,540
Electric — 0.5%
Majapahit Holding BV (a) 7.750% 1/20/20		5,300,000		6,108,250
Foods — 0.0%
Kraft Foods, Inc. 5.625% 11/01/11		459,000		476,849
Holding Company – Diversified — 0.1%
Noble Group Ltd. (a) 4.875% 8/05/15		1,000,000		1,029,818

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

95

MassMutual Select PIMCO Total Return Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Insurance — 5.8%
American International Group, Inc. 4.950% 3/20/12	$	19,900,000	$	20,553,695
American International Group, Inc. 5.050% 10/01/15		12,500,000		12,832,000
American International Group, Inc. 6.250% 5/01/36		5,000,000		4,799,115
American International Group, Inc. 6.400% 12/15/20		8,400,000		8,813,355
Cincinnati Financial Corp. 6.920% 5/15/28		26,742,000		27,549,154
				74,547,319
Investment Companies — 0.8%
Gerdau Holdings, Inc. (e) 7.000% 1/20/20		10,000,000		11,000,000
Media — 0.6%
Comcast Cable Communications LLC 6.750% 1/30/11		5,274,000		5,295,703
Cox Communications, Inc. 6.750% 3/15/11		2,504,000		2,534,123
				7,829,826
Oil & Gas — 2.2%
BP Capital Markets PLC 3.125% 3/10/12		10,000,000		10,225,410
Chesapeake Energy Corp., Convertible 2.250% 12/15/38		400,000		311,500
Gazprom OAO Via Morgan Stanley Bank AG (e) 9.625% 3/01/13		2,500,000		2,834,375
Gazprom Via Gaz Capital SA (e) 9.250% 4/23/19		5,000,000		6,144,000
Petroleos Mexicanos 5.500% 1/21/21		2,800,000		2,835,000
Ras Laffan LNG 3 (e) 5.500% 9/30/14		1,800,000		1,938,618
Transocean, Inc., Series C, Convertible 1.500% 12/15/37		4,500,000		4,353,750
				28,642,653
Savings & Loans — 3.9%
AK Transneft OJSC Via TransCapitalInvest Ltd. (e) 7.700% 8/07/13		15,000,000		16,669,650
Fibria Overseas Finance Ltd. (a) 7.500% 5/04/20		2,000,000		2,100,000
LBG Capital No.1 PLC GBP (c) 7.588% 5/12/20		5,415,000		7,221,138
LBG Capital No.1 PLC GBP (c) 7.867% 12/17/19		4,887,000		6,631,360
LBG Capital No.1 PLC GBP (c) 7.869% 8/25/20		2,906,000		3,943,264

	Principal Amount		Value
Odebrecht Drilling Norbe VIII/IX Ltd. (a)  6.350% 6/30/21	$	400,000	$	416,000
RZD Capital Ltd. 5.739% 4/03/17		3,100,000		3,221,520
Vnesheconombank Via VEB Finance Ltd. (a) 6.902% 7/09/20		9,500,000		9,951,250
Vnesheconombank Via VEB Finance Ltd. (Acquired 11/22/10, Cost $400,000) (a) (b) 5.450% 11/22/17		400,000		399,000
				50,553,182
Telecommunications — 2.1%
AT&T, Inc. 5.500% 2/01/18		10,500,000		11,664,261
Indosat Palapa Co. BV (a) 7.375% 7/29/20		5,000,000		5,525,000
Qtel International Finance Ltd. (a) 4.750% 2/16/21		200,000		190,814
Qwest Corp. FRN 3.552% 6/15/13		1,300,000		1,358,500
Sprint Capital Corp. 7.625% 1/30/11		8,000,000		8,020,000
				26,758,575
TOTAL CORPORATE DEBT (Cost $635,610,045)				651,923,934
FLOATING RATE LOAN INTEREST — 0.2%
Diversified Financial — 0.2%
Petroleum Export Term Loan B (d) 5.000% 12/20/12		2,000,000		2,000,000
TOTAL FLOATING RATE LOAN INTEREST (Cost $2,000,000)				2,000,000
MUNICIPAL OBLIGATIONS — 2.1%
Bay Area Toll Authority BAB 6.918% 4/01/40		6,300,000		6,344,289
Irvine Ranch Water District BAB 6.622% 5/01/40		6,700,000		6,718,693
Los Angeles Community College District BAB 6.750% 8/01/49		3,000,000		3,095,970
New York City Municipal Water Finance Authority BAB 6.124% 6/15/42		10,000,000		9,539,800

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

96

MassMutual Select PIMCO Total Return Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
New York State Dormitory Authority 5.051% 9/15/27	$	600,000	$	558,378
Texas State Transportation Commission BAB 5.178% 4/01/30		400,000		396,264
				26,653,394
TOTAL MUNICIPAL OBLIGATIONS (Cost $27,732,141)				26,653,394
NON-U.S. GOVERNMENT AGENCY OBLIGATIONS — 8.0%
Commercial MBS — 5.8%
BCRR Trust, Series 2009-1, Class 2A2 VRN (a) 5.858% 7/17/40		31,036,000		29,222,501
Credit Suisse Mortgage Capital Certificates, Series 2008-C1, Class A3 VRN 6.214% 2/15/41		2,800,000		2,932,847
Merrill Lynch/Countrywide Commercial Mortgage Trust, Series 2007-9, Class A4 5.700% 9/12/49		3,500,000		3,653,144
Morgan Stanley Reremic Trust, Series 2010-GG10, Class A4A VRN (a) 5.807% 8/15/45		25,000,000		26,597,140
Real Estate Capital PLC, Series 4, Class A1 FRN GBP (c) (e) 0.987% 10/20/14		8,550,000		12,533,868
				74,939,500
WL Collateral CMO — 2.2%
Arran Residential Mortgages Funding PLC, Series 2010-1A, Class A1B FRN EUR (a) (c) 2.203% 5/16/47		1,000,000		1,338,154
Arran Residential Mortgages Funding PLC, Series 2010-1A, Class A2B FRN EUR (a) (c) 2.403% 5/16/47		1,900,000		2,536,470
Indymac Index Mortgage Loan Trust, Series 2006-AR13, Class A3 VRN 5.529% 7/25/36		13,606,632		11,245,274
JP Morgan Mortgage Trust, Series 2005-A5, Class 1A2 FRN 5.199% 8/25/35		4,275,000		3,820,156
Wells Fargo Mortgage-Backed Securities Trust, Series 2005-AR16, Class IIA1 VRN 2.847% 10/25/35		2,940,835		2,631,080

	Principal Amount		Value
Wells Fargo Mortgage-Backed Securities Trust, Series 2006-2, Class 1A1 5.000% 3/25/36	$	6,932,385	$	6,880,699
				28,451,833
TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $97,384,960)				103,391,333
SOVEREIGN DEBT OBLIGATIONS — 1.7%
Brazilian Government International Bond 7.875% 3/07/15		8,500,000		10,157,500
Canada Housing Trust No. 1 CAD (c) 2.750% 12/15/15		300,000		302,476
Canada Housing Trust No. 1 CAD (c) 3.350% 12/15/20		4,100,000		4,072,919
Canadian Government Bond CAD (c) 2.500% 9/01/13		3,000,000		3,064,633
Canadian Government Bond CAD (c) 3.000% 12/01/15		400,000		412,908
Korea Housing Finance Corp. (a) 4.125% 12/15/15		400,000		403,270
Mexican Bonos MXN (c) 6.000% 6/18/15		9,900,000		795,226
Province of Ontario Canada CAD (c) 4.200% 3/08/18		100,000		105,682
Province of Ontario Canada CAD (c) 4.300% 3/08/17		700,000		749,015
Province of Ontario Canada CAD (c) 4.400% 6/02/19		1,300,000		1,377,841
Province of Ontario Canada CAD (c) 4.600% 6/02/39		700,000		732,090
Province of Ontario Canada CAD (c) 5.500% 6/02/18		300,000		341,111
Province of Quebec Canada CAD (c) 4.500% 12/01/16		100,000		108,131
				22,622,802
TOTAL SOVEREIGN DEBT OBLIGATIONS (Cost $22,559,439)				22,622,802
U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES — 39.9%
Pass-Through Securities — 39.9%
Federal Home Loan Mortgage Corp. Pool #A85829 4.500% 4/01/39		914,276		937,633
Pool #C03556 4.500% 11/01/40		1,000,000		1,025,547

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

97

MassMutual Select PIMCO Total Return Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Federal National Mortgage Association Pool #889304 4.000% 4/01/23	$	48,621	$	50,259
Pool #AD2002 4.000% 3/01/40		897,604		894,028
Pool #AD1649 4.000% 3/01/40		3,102,793		3,090,431
Pool #AE0113 4.000% 7/01/40		9,999,995		9,960,151
Pool #AE9313 4.000% 12/01/40		10,000,000		9,960,156
Pool #AE7234 4.000% 12/01/40		6,674,513		6,647,919
Pool #AH1016 4.000% 12/01/40		325,487		324,190
Pool #AH0999 4.000% 12/01/40		199,950		199,153
Pool #AH0946 4.000% 12/01/40		12,800,050		12,749,050
Pool #AH1190 4.000% 1/01/41		4,000,000		3,984,062
Pool #983629 4.500% 5/01/23		50,118		52,614
Pool #931412 4.500% 6/01/24		951,132		996,720
Pool #AC6118 4.500% 11/01/39		69,243		71,134
Pool #AC5442 4.500% 11/01/39		1,000,000		1,027,305
Pool #AC8512 4.500% 12/01/39		4,999,999		5,136,522
Pool #932322 4.500% 12/01/39		1,999,800		2,054,404
Pool #932474 4.500% 2/01/40		1,999,999		2,054,608
Pool #932586 4.500% 3/01/40		4,718,592		4,847,431
Pool #AD6480 4.500% 5/01/40		934,756		960,279
Pool #AD5673 4.500% 5/01/40		847,410		870,549
Pool #AD4101 4.500% 5/01/40		2,795,695		2,872,031
Pool #AD7555 4.500% 6/01/40		888,971		913,244
Pool #AB1250 4.500% 7/01/40		3,999,997		4,109,216
Pool #AE2920 4.500% 8/01/40		2,343,793		2,407,789
Pool #AE1837 4.500% 8/01/40		567,055		582,538

	Principal Amount		Value
Pool #AE4385 4.500% 9/01/40	$	1,354,830	$	1,391,823
Pool #AE3151 4.500% 9/01/40		315,481		324,095
Pool #AE2935 4.500% 9/01/40		263,978		271,186
Pool #AE2931 4.500% 9/01/40		613,304		630,050
Pool #AE2927 4.500% 9/01/40		273,912		281,391
Pool #AD7673 4.500% 9/01/40		209,369		215,086
Pool #735288 5.000% 3/01/35		4,881,939		5,148,157
Pool #975097 5.000% 6/01/38		1,919,986		2,017,785
Federal National Mortgage Association TBA Pool #5719 4.000% 11/01/23 (f)		1,000,000		1,029,609
Pool #4992 4.000% 10/01/39 (f)		260,000,000		257,877,334
Pool #4992 4.000% 10/01/39 (f)		8,300,000		8,256,554
Pool #11007 4.500% 12/01/20 (f)		3,800,000		3,983,172
Pool #12651 4.500% 12/01/38 (f)		77,000,000		79,051,326
Pool #26443 5.000% 4/01/36 (f)		29,700,000		31,224,445
Pool #45488 5.500% 4/01/35 (f)		36,800,000		39,373,126
Government National Mortgage Association Pool #696499 6.000% 8/15/38		6,777,633		7,477,370
				517,331,472
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (Cost $518,668,456)				517,331,472
U.S. TREASURY OBLIGATIONS — 16.3%
U.S. Treasury Bonds & Notes — 16.3%
U.S. Treasury Inflation Index 1.250% 7/15/20		601,698		616,941
U.S. Treasury Inflation Index 2.000% 1/15/26		3,636,270		3,872,628
U.S. Treasury Inflation Index 2.375% 1/15/25		2,320,480		2,589,351
U.S. Treasury Inflation Index 2.375% 1/15/27		2,060,531		2,297,583

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

98

MassMutual Select PIMCO Total Return Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
U.S. Treasury Inflation Index 3.625% 4/15/28	$	135,218	$	174,995
U.S. Treasury Note (l) 0.500% 11/30/12		50,000,000		49,941,405
U.S. Treasury Note (g) 0.500% 10/15/13		18,700,000		18,492,546
U.S. Treasury Note 0.500% 11/15/13		40,400,000		39,882,375
U.S. Treasury Note 0.750% 8/15/13		28,400,000		28,344,532
U.S. Treasury Note (g) 0.750% 12/15/13		43,700,000		43,391,028
U.S. Treasury Note 1.000% 7/15/13		10,500,000		10,552,500
U.S. Treasury Note 1.125% 6/15/13		4,400,000		4,436,609
U.S. Treasury Note (g) (h) 1.875% 6/30/15		3,700,000		3,715,176
U.S. Treasury Note 2.125% 11/30/14		1,700,000		1,741,769
U.S. Treasury Note 2.375% 9/30/14		400,000		414,391
U.S. Treasury Note 2.375% 10/31/14		500,000		517,637
U.S. Treasury Note 2.625% 12/31/14		500,000		521,445
				211,502,911
TOTAL U.S. TREASURY OBLIGATIONS (Cost $212,624,983)				211,502,911
TOTAL BONDS & NOTES (Cost $1,516,580,024)				1,535,425,846
TOTAL LONG-TERM INVESTMENTS (Cost $1,538,030,024)				1,557,413,846
SHORT-TERM INVESTMENTS — 12.0%
U.S. Treasury Bills — 0.3%
U.S. Treasury Bill (l) 0.128% 1/06/11		260,000		259,996
U.S. Treasury Bill (l) 0.130% 1/27/11		280,000		279,974
U.S. Treasury Bill  0.138% 2/17/11		350,000		349,939
U.S. Treasury Bill 0.140% 1/20/11		390,000		389,971
U.S. Treasury Bill (l) 0.175% 6/09/11		280,000		279,774
U.S. Treasury Bill 0.177% 6/09/11		180,000		179,859

	Principal Amount		Value
U.S. Treasury Bill 0.181% 6/09/11	$	660,000	$	659,472
U.S. Treasury Bill  0.186% 6/23/11		830,000		829,250
U.S. Treasury Bill  0.205% 5/19/11		110,000		109,922
				3,338,157
Repurchase Agreements — 11.7%
Bank of America Repurchase Agreement, dated 12/31/10, 0.260%, due 1/03/11 (i)		117,900,000		117,900,000
Barclays Capital Repurchase Agreement, dated 12/23/10, 0.170%, due 1/13/11 (j)		32,000,000		32,000,000
State Street Bank & Trust Co. Repurchase Agreement, dated 12/31/10, 0.010%, due 1/03/11 (k)		1,022,843		1,022,843
				150,922,843
TOTAL SHORT-TERM INVESTMENTS (Cost $154,261,000)				154,261,000
TOTAL INVESTMENTS — 132.2%
(Cost $1,692,291,024) (m)				1,711,674,846
Other Assets/(Liabilities) — (32.2)%				(416,640,968	)
NET ASSETS — 100.0%			$	1,295,033,878

Notes to Portfolio of Investments

BAB Build America Bond

CAD Canadian Dollar

CMO Collateralized Mortgage Obligation

EUR Euro

FRN Floating Rate Note

GBP British Pound

MBS Mortgage-Backed Security

MXN Mexican Peso

TBA To Be Announced

VRN Variable Rate Note

WL Whole Loan

(a) 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 December 31, 2010, these securities amounted to a value of $203,656,021 or 15.73% of net assets.

(b) Restricted security. Certain securities are restricted as to resale. At December 31, 2010, these securities amounted to a value of $886,709 or 0.07% of net assets. The Fund generally bears the costs, if any, associated with the disposition of restricted securities.

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

99

MassMutual Select PIMCO Total Return Fund – Portfolio of Investments (Continued)

Notes to Portfolio of Investments (continued)

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

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

(e) Security exempt from registration under Regulation S of the Securities Act of 1933, which exempts from registration securities offered and sold outside the United States. Security may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933. At December 31, 2010, these securities amounted to a value of $61,408,011 or 4.74% of net assets.

(f) A portion of this security is purchased on a when-issued, delayed-delivery or forward commitment basis. (Note 2).

(g) A portion of this security is held as collateral for open futures contracts and written options outstanding. (Note 2).

(h) A portion of this security is held as collateral for open swap agreements. (Note 2).

(i) Maturity value of $117,902,555. Collateralized by U.S. Government Agency obligations with a rate of 0.140%, maturity date of 3/10/11, and an aggregate market value, including accrued interest, of $120,370,079.

(j) Maturity value of $32,003,173. Collateralized by U.S. Government Agency obligations with a rate of 1.625%, maturity date of 1/15/15, and an aggregate market value, including accrued interest, of $32,642,942.

(k) Maturity value of $1,022,844. Collateralized by U.S. Government Agency obligations with a rate of 4.000%, maturity date of 12/25/38, and an aggregate market value, including accrued interest, of $1,044,853.

(l) A portion of this security is held as collateral for written options outstanding. (Note 2).

(m) See Note 6 for aggregate cost for federal tax purposes.

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

100

MassMutual Select Strategic Bond Fund – Portfolio of Investments

December 31, 2010

	Number of Shares		Value
EQUITIES — 0.4%
COMMON STOCK — 0.0%
Pipelines — 0.0%
SemGroup Corp. Class A (a)		245	$	6,657
TOTAL COMMON STOCK (Cost $7,576)				6,657
CONVERTIBLE PREFERRED STOCK — 0.0%
Auto Manufacturers — 0.0%
Motors Liquidation Co. Series C 6.250% (a)		6,475		54,066
TOTAL CONVERTIBLE PREFERRED STOCK (Cost $149,913)				54,066
PREFERRED STOCK — 0.4%
Auto Manufacturers — 0.0%
Motors Liquidation Co. 7.375% (a)		5,000		39,750
Diversified Financial — 0.4%
Citigroup Capital XII 8.500%		12,300		325,458
Citigroup Capital XIII 7.875%		9,225		248,245
				573,703
U.S. Government Agencies — 0.0%
Federal Home Loan Mortgage Corp. 8.375% (a)		42,725		26,874
Federal National Mortgage Association 0.000% (a)		1,300		988
Federal National Mortgage Association 8.250% (a)		29,475		16,506
				44,368
TOTAL PREFERRED STOCK (Cost $2,489,312)				657,821
TOTAL EQUITIES (Cost $2,646,801)				718,544
	Principal Amount
BONDS & NOTES — 96.5%
CORPORATE DEBT — 32.6%
Aerospace & Defense — 0.2%
The Boeing Co. 4.875% 2/15/20	$	100,000		107,649

	Principal Amount		Value
The Boeing Co. 6.000% 3/15/19	$	130,000	$	149,567
Raytheon Co. 3.125% 10/15/20		120,000		110,651
				367,867
Agriculture — 0.3%
Altria Group, Inc. 9.250% 8/06/19		180,000		234,907
Reynolds American, Inc. 6.750% 6/15/17		175,000		195,600
Reynolds American, Inc. 7.250% 6/01/12		60,000		64,161
				494,668
Airlines — 0.5%
Continental Airlines, Inc. (b) 6.750% 9/15/15		400,000		412,000
Delta Air Lines, Inc. Series 2007-1 Class A (b) 6.821% 2/10/24		284,395		305,725
United Air Lines, Inc. 9.750% 1/15/17		133,242		153,561
				871,286
Auto Manufacturers — 0.2%
DaimlerChrysler Finance North America LLC 5.875% 3/15/11		380,000		383,853
Motors Liquidation Co. (c) 8.250% 7/15/23		80,000		27,800
Motors Liquidation Co. EUR (c) (d) 8.375% 7/05/33		40,000		17,679
				429,332
Banks — 5.2%
BAC Capital Trust XIV VRN 5.630% 9/29/49		30,000		21,306
Bank of America Corp. 4.500% 4/01/15		20,000		20,327
Bank of America Corp. 5.625% 7/01/20		300,000		305,848
Bank of America Corp. 7.400% 1/15/11		320,000		320,525
Bank of America Corp. 7.625% 6/01/19		170,000		195,744
Bank of Tokyo-Mitsubishi UFJ Ltd. (b) 3.850% 1/22/15		210,000		218,944
Barclays Bank PLC 5.200% 7/10/14		170,000		183,614
Barclays Bank PLC (b) 6.050% 12/04/17		130,000		133,354
Commonwealth Bank of Australia (b) 3.750% 10/15/14		200,000		207,481

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

101

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

	Principal Amount		Value
Commonwealth Bank of Australia (b) 5.000% 10/15/19	$	110,000	$	115,139
Credit Agricole SA VRN (b) 8.375% 10/29/49		490,000		503,475
Glitnir Banki HF (Acquired 6/15/06, Cost $310,000) VRN (b) (c) (e) 6.693% 6/15/16		420,000		4
Glitnir Banki HF (Acquired 7/28/06, Cost $290,000) (b) (c) (e) 6.330% 7/28/11		290,000		86,275
Glitnir Banki HF (Acquired 9/20/07, Cost $98,989) VRN (b) (c) (e) 1.000% 12/31/49		100,000		1
Glitnir Banki HF (Acquired 9/25/07, Cost $389,126) (b) (c) (e) 6.375% 9/25/12		390,000		116,025
GMAC, Inc. 7.500% 12/31/13		70,000		75,075
Hypothekenbank in Essen (b) 5.000% 1/20/12		100,000		104,013
ICICI Bank Ltd. VRN (b) 6.375% 4/30/22		148,000		148,379
ICICI Bank Ltd. VRN (f) 6.375% 4/30/22		180,000		171,553
Intesa Sanpaolo SPA (b) 3.625% 8/12/15		140,000		135,343
Landsbanki Islands HF (Acquired 8/25/06, Cost $669,826) (b) (c) (e) 6.100% 8/25/11		670,000		73,700
Lloyds TSB Bank PLC (b) 4.375% 1/12/15		160,000		159,963
Lloyds TSB Bank PLC (b) 5.800% 1/13/20		90,000		88,863
Nordea Bank AB (b) 3.700% 11/13/14		280,000		288,614
Rabobank Nederland 11.000% 6/29/49		210,000		271,425
Royal Bank of Scotland Group PLC 3.950% 9/21/15		120,000		117,964
Royal Bank of Scotland Group PLC 4.875% 3/16/15		180,000		184,126
Royal Bank of Scotland Group PLC 5.000% 11/12/13		70,000		69,128
Royal Bank of Scotland Group PLC 5.000% 10/01/14		220,000		211,635
Royal Bank of Scotland Group PLC 5.050% 1/08/15		80,000		76,967
Royal Bank of Scotland Group PLC 6.400% 10/21/19		380,000		382,414

	Principal Amount		Value
Royal Bank of Scotland Group PLC VRN 7.640% 3/29/49	$	200,000	$	133,000
RSHB Capital SA for OJSC Russian Agricultural Bank (b) 6.299% 5/15/17		190,000		190,950
Santander US Debt SA Unipersonal (b) 2.485% 1/18/13		200,000		193,541
Santander US Debt SA Unipersonal (b) 3.724% 1/20/15		400,000		378,984
Sumitomo Mitsui Banking Corp. (b) 3.150% 7/22/15		260,000		264,626
SunTrust Capital VIII VRN 6.100% 12/15/36		600,000		549,000
UBS AG/Stamford CT 3.875% 1/15/15		310,000		319,493
Wachovia Capital Trust III VRN 5.800% 3/29/49		170,000		147,475
Wachovia Corp. 5.250% 8/01/14		790,000		842,530
Wachovia Corp. 5.625% 10/15/16		330,000		358,988
Wells Fargo & Co. 5.300% 8/26/11		180,000		185,526
Wells Fargo Capital 5.950% 12/15/36		510,000		492,285
				9,043,622
Beverages — 0.4%
Anheuser-Busch InBev Worldwide, Inc. 5.000% 4/15/20		100,000		105,693
Anheuser-Busch InBev Worldwide, Inc. 5.375% 1/15/20		310,000		335,912
Diageo Capital PLC 4.828% 7/15/20		300,000		316,551
				758,156
Biotechnology — 0.1%
FMC Finance III SA 6.875% 7/15/17		240,000		254,400
Chemicals — 0.1%
Potash Corp. of Saskatchewan, Inc. 4.875% 3/30/20		50,000		52,235
Westlake Chemical Corp. 6.625% 1/15/16		40,000		41,350
				93,585
Commercial Services — 0.1%
Service Corp. International 7.500% 4/01/27		135,000		129,263
Service Corp. International 7.625% 10/01/18		10,000		10,500
				139,763

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

102

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

	Principal Amount		Value
Diversified Financial — 8.3%
Ally Financial, Inc. (b) 7.500% 9/15/20	$	250,000	$	262,188
American Express Co. VRN 6.800% 9/01/66		190,000		188,100
American General Finance Corp. 6.900% 12/15/17		210,000		169,575
Boeing Capital Corp. 4.700% 10/27/19		150,000		159,030
Citigroup, Inc. 5.500% 10/15/14		80,000		86,196
Citigroup, Inc. 6.010% 1/15/15		510,000		559,483
Citigroup, Inc. 6.375% 8/12/14		30,000		33,156
Citigroup, Inc. 6.875% 3/05/38		860,000		953,946
Countrywide Financial Corp. 5.800% 6/07/12		10,000		10,521
Countrywide Financial Corp. 6.250% 5/15/16		360,000		369,175
Credit Suisse Guernsey Ltd. VRN 5.860% 5/29/49		170,000		160,650
Federal Agricultural Mortgage Corp. 3.875% 8/19/11		410,000		417,987
Federal Home Loan Mortgage Corp. 0.875% 10/28/13		330,000		327,821
Federal National Mortgage Association 0.010% 10/09/19		2,500,000		1,578,558
Federal National Mortgage Association 4.625% 5/01/13		950,000		1,025,122
FIA Card Services NA (b) 7.125% 11/15/12		450,000		486,600
Financing Corp. Fico Strip 0.010% 6/06/13		240,000		232,872
General Electric Capital Corp. VRN 6.375% 11/15/67		990,000		980,100
General Electric Capital Corp. 6.875% 1/10/39		190,000		219,575
GMAC LLC 0.010% 6/15/15		10,000		7,375
The Goldman Sachs Group, Inc. 3.625% 8/01/12		60,000		61,920
The Goldman Sachs Group, Inc. 4.750% 7/15/13		30,000		31,958
The Goldman Sachs Group, Inc. 5.250% 10/15/13		80,000		86,577
The Goldman Sachs Group, Inc. 5.300% 2/14/12		20,000		20,928
The Goldman Sachs Group, Inc. 5.375% 3/15/20		350,000		361,676
The Goldman Sachs Group, Inc. 5.450% 11/01/12		150,000		160,429

	Principal Amount		Value
The Goldman Sachs Group, Inc. 6.000% 6/15/20	$	240,000	$	259,359
HSBC Finance Corp. (b) 6.676% 1/15/21		450,000		454,627
International Lease Finance Corp. (b) 6.750% 9/01/16		720,000		768,600
JPMorgan Chase & Co. 4.250% 10/15/20		120,000		117,198
JPMorgan Chase & Co. 5.125% 9/15/14		820,000		872,538
JPMorgan Chase & Co. 5.150% 10/01/15		600,000		634,571
Kaupthing Bank (Acquired 10/06/06, Cost $99,469) (b) (c) (e) 5.750% 10/04/11		100,000		26,750
Kaupthing Bank HF (Acquired 2/28/08, Cost $1,507,428) (b) (c) (e) 7.625% 2/28/15		1,800,000		481,500
Kaupthing Bank HF (Acquired 5/19/06, Cost $149,208) (b) (c) (e) 7.125% 5/19/16		375,000		4
Lehman Brothers Holdings Capital Trust VII VRN (c) 5.857% 11/29/49		310,000		31
Lehman Brothers Holdings, Inc. (c) 6.500% 7/19/17		440,000		44
Lehman Brothers Holdings, Inc. Series I (c) 6.750% 12/28/17		1,320,000		132
MBNA Capital A Series A 8.278% 12/01/26		110,000		111,375
Merrill Lynch & Co., Inc. 6.875% 4/25/18		110,000		120,379
Morgan Stanley Series F 5.550% 4/27/17		200,000		208,360
Morgan Stanley Series F 5.625% 1/09/12		460,000		480,306
MUFG Capital Finance 1 Ltd. FRN 6.346% 7/29/49		180,000		181,384
SLM Corp. 5.000% 4/15/15		20,000		19,267
SLM Corp. 5.050% 11/14/14		120,000		114,682
SLM Corp. 5.375% 5/15/14		560,000		562,760
SLM Corp. 5.625% 8/01/33		110,000		86,312
				14,451,697

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

103

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

	Principal Amount		Value
Electric — 2.6%
Calpine Corp. (b) 7.500% 2/15/21	$	330,000	$	325,050
The Cleveland Electric Illuminating Co. 5.650% 12/15/13		190,000		207,762
The Cleveland Electric Illuminating Co. 5.700% 4/01/17		20,000		21,400
Dominion Resources, Inc. 5.700% 9/17/12		510,000		548,783
Duke Energy Corp. 5.625% 11/30/12		595,000		644,752
Energy Future Holdings Corp. 11.250% 11/01/17		379,241		219,959
Energy Future Intermediate Holding Co. LLC / EFIH Finance, Inc. 10.000% 12/01/20		855,000		881,739
Exelon Corp. 5.625% 6/15/35		290,000		276,100
FirstEnergy Corp. Series B 6.450% 11/15/11		8,000		8,326
FirstEnergy Corp. Series C 7.375% 11/15/31		670,000		706,289
NRG Energy, Inc. 7.375% 2/01/16		30,000		30,750
NRG Energy, Inc. 7.375% 1/15/17		150,000		154,500
Pacific Gas & Electric Co. 5.800% 3/01/37		130,000		137,777
Pacific Gas & Electric Co. 6.050% 3/01/34		265,000		290,148
Pacific Gas & Electric Co. 8.250% 10/15/18		20,000		25,985
				4,479,320
Environmental Controls — 0.2%
Waste Management, Inc. 6.375% 11/15/12		300,000		327,160
Foods — 0.3%
Kraft Foods, Inc. 5.375% 2/10/20		480,000		516,609
The Kroger Co. 6.150% 1/15/20		40,000		45,326
The Kroger Co. 6.400% 8/15/17		30,000		34,445
				596,380
Health Care – Services — 1.1%
Community Health Systems, Inc. 8.875% 7/15/15		150,000		157,500
HCA, Inc. 9.625% 11/15/16		358,000		383,507
Roche Holdings, Inc. (b) 6.000% 3/01/19		220,000		255,825
Tenet Healthcare Corp. 9.250% 2/01/15		480,000		511,200

	Principal Amount		Value
UnitedHealth Group, Inc. 5.700% 10/15/40	$	120,000	$	119,480
UnitedHealth Group, Inc. 5.800% 3/15/36		70,000		71,017
UnitedHealth Group, Inc. 6.000% 2/15/18		110,000		124,866
WellPoint, Inc. 5.875% 6/15/17		20,000		22,356
WellPoint, Inc. 7.000% 2/15/19		150,000		176,570
				1,822,321
Holding Company – Diversified — 0.2%
Reynolds Group DL Escrow, Inc. /Reynolds Group Escrow LLC (b) 7.750% 10/15/16		250,000		264,375
Insurance — 0.8%
American International Group, Inc. 6.250% 3/15/37		570,000		504,080
MetLife Capital Trust IV (b) 7.875% 12/15/37		200,000		211,500
MetLife, Inc. 6.400% 12/15/36		440,000		413,600
Teachers Insurance & Annuity Association of America (b) 6.850% 12/16/39		260,000		304,201
				1,433,381
Iron & Steel — 0.1%
Steel Dynamics, Inc. 6.750% 4/01/15		140,000		141,750
Steel Dynamics, Inc. (b) 7.625% 3/15/20		40,000		42,800
				184,550
Lodging — 0.1%
Inn of the Mountain Gods Resort & Casino (c) 12.000% 12/31/49		50,000		26,063
MGM Mirage 7.625% 1/15/17		50,000		46,750
MGM Resorts International 10.375% 5/15/14		10,000		11,225
MGM Resorts International 11.125% 11/15/17		20,000		23,000
Station Casinos, Inc. (c) 7.750% 8/15/16		200,000		20
				107,058
Manufacturing — 0.2%
Tyco International Group SA 6.000% 11/15/13		230,000		255,148
Tyco International Group SA 6.750% 2/15/11		80,000		80,555
				335,703

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

104

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

	Principal Amount		Value
Media — 1.8%
Comcast Corp. 6.500% 1/15/15	$	1,195,000	$	1,360,780
Echostar DBS Corp. 7.000% 10/01/13		95,000		101,412
News America, Inc. 6.200% 12/15/34		20,000		21,000
News America, Inc. 6.650% 11/15/37		30,000		33,228
Reed Elsevier Capital, Inc. 8.625% 1/15/19		250,000		317,848
Time Warner Cable, Inc. 5.875% 11/15/40		410,000		405,638
Time Warner Cable, Inc. 6.200% 7/01/13		250,000		277,658
Time Warner Cable, Inc. 6.750% 6/15/39		180,000		198,805
Time Warner Cable, Inc. 8.250% 4/01/19		260,000		322,965
Time Warner Entertainment Co. LP 8.375% 7/15/33		20,000		25,239
TL Acquisitions, Inc. (b) 10.500% 1/15/15		20,000		20,650
United Business Media Ltd. (b) 5.750% 11/03/20		130,000		124,808
				3,210,031
Mining — 1.2%
Barrick Gold Corp. 6.950% 4/01/19		140,000		171,791
BHP Billiton Finance USA Ltd. 6.500% 4/01/19		470,000		558,898
Freeport-McMoRan Copper & Gold, Inc. 8.375% 4/01/17		210,000		232,313
Rio Tinto Finance USA Ltd. 1.875% 11/02/15		20,000		19,248
Rio Tinto Finance USA Ltd. 3.500% 11/02/20		350,000		332,244
Rio Tinto Finance USA Ltd. 6.500% 7/15/18		150,000		174,877
Teck Resources Ltd. 9.750% 5/15/14		8,000		10,011
Teck Resources Ltd. 10.250% 5/15/16		9,000		11,138
Vale Overseas Ltd. 6.875% 11/21/36		361,000		397,093
Vedanta Resources PLC (b) 8.750% 1/15/14		190,000		202,825
				2,110,438
Oil & Gas — 3.2%
Apache Corp. 5.100% 9/01/40		360,000		349,789

	Principal Amount		Value
BP Capital Markets PLC 3.125% 10/01/15	$	480,000	$	479,670
Conoco, Inc. 6.950% 4/15/29		155,000		190,494
ConocoPhillips 6.500% 2/01/39		260,000		309,167
Hess Corp. 7.300% 8/15/31		235,000		281,839
Hess Corp. 7.875% 10/01/29		90,000		112,952
Hess Corp. 8.125% 2/15/19		230,000		290,575
Kerr-McGee Corp. 6.950% 7/01/24		290,000		315,224
Kerr-McGee Corp. 7.875% 9/15/31		360,000		412,684
Noble Energy, Inc. 8.250% 3/01/19		300,000		374,877
Occidental Petroleum Corp. 7.000% 11/01/13		570,000		659,047
Pemex Project Funding Master Trust 6.625% 6/15/35		623,000		633,899
Petrobras International Finance Co. 5.750% 1/20/20		142,000		147,334
Petrobras International Finance Co. 6.125% 10/06/16		166,000		182,604
QEP Resources, Inc. 6.875% 3/01/21		180,000		189,000
SandRidge Energy, Inc. (b) 9.875% 5/15/16		160,000		169,200
Shell International Finance BV 4.375% 3/25/20		330,000		346,123
Total Capital SA 4.450% 6/24/20		40,000		41,461
				5,485,939
Packaging & Containers — 0.2%
Ball Corp. 5.750% 5/15/21		420,000		406,350
Pharmaceuticals — 0.4%
Pfizer, Inc. 6.200% 3/15/19		370,000		433,404
Wyeth 5.950% 4/01/37		200,000		221,325
				654,729
Pipelines — 1.0%
El Paso Corp. 7.000% 6/15/17		240,000		253,275
El Paso Corp. 7.800% 8/01/31		9,000		8,953
El Paso Natural Gas Co. 8.375% 6/15/32		289,000		339,926

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

105

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

	Principal Amount		Value
Kinder Morgan Energy Partners LP 5.000% 12/15/13	$	100,000	$	108,647
Kinder Morgan Energy Partners LP 5.850% 9/15/12		20,000		21,445
Kinder Morgan Energy Partners LP 6.000% 2/01/17		200,000		220,811
Kinder Morgan Energy Partners LP 6.750% 3/15/11		40,000		40,444
Kinder Morgan Energy Partners LP 6.950% 1/15/38		20,000		21,732
SemGroup Corp. (Acquired 12/07/09, Cost $0) (b) (e) (g) 8.750% 11/15/15		95,000		475
Southern Natural Gas Co. 8.000% 3/01/32		5,000		5,728
Tennessee Gas Pipeline Co. 7.625% 4/01/37		50,000		55,664
Williams Cos., Inc. 7.750% 6/15/31		156,000		175,947
Williams Cos., Inc. Series A 7.500% 1/15/31		388,000		435,744
				1,688,791
Retail — 0.6%
CVS Caremark Corp. 6.600% 3/15/19		150,000		175,630
CVS Caremark Corp. (b) 9.350% 1/10/23		240,000		247,330
CVS Pass-Through Trust (b) 5.298% 1/11/27		13,658		13,319
CVS Pass-Through Trust 5.880% 1/10/28		139,839		142,151
CVS Pass-Through Trust 6.036% 12/10/28		135,127		138,290
CVS Pass-Through Trust 6.943% 1/10/30		112,551		123,630
Sears Holdings Corp. (b) 6.625% 10/15/18		90,000		83,925
Wal-Mart Stores, Inc. 6.200% 4/15/38		50,000		56,921
				981,196
Savings & Loans — 0.4%
ASIF Global Financing XIX (b) 4.900% 1/17/13		20,000		20,600
The Goldman Sachs Capital II VRN 5.793% 6/01/43		390,000		330,525
ILFC E-Capital Trust II VRN (b) 6.250% 12/21/65		10,000		7,800
Resona Preferred Global Securities Cayman Ltd. VRN (b) 7.191% 12/29/49		385,000		382,116
				741,041

	Principal Amount		Value
Semiconductors — 0.0%
National Semiconductor Corp. 6.600% 6/15/17	$	30,000	$	33,143
Telecommunications — 2.6%
America Movil SAB de CV 5.000% 3/30/20		100,000		103,945
America Movil SAB de CV 5.625% 11/15/17		160,000		174,425
AT&T, Inc. 5.500% 2/01/18		410,000		455,462
AT&T, Inc. 6.550% 2/15/39		170,000		185,037
Cellco Partnership/Verizon Wireless Capital LLC 8.500% 11/15/18		50,000		65,428
Cricket Communications, Inc. 7.750% 5/15/16		160,000		166,000
Deutsche Telekom International Finance BV 5.750% 3/23/16		315,000		352,796
Intelsat Jackson Holdings SA (b) 7.250% 10/15/20		180,000		181,800
Intelsat Jackson Holdings SA (b) 8.500% 11/01/19		65,000		70,688
Intelsat Jackson Holdings SA 9.500% 6/15/16		30,000		31,650
Qwest Communications International, Inc. Series B 7.500% 2/15/14		95,000		96,187
Qwest Corp. 6.875% 9/15/33		100,000		98,250
Qwest Corp. 7.500% 10/01/14		55,000		61,600
Rogers Communications, Inc. 6.800% 8/15/18		120,000		144,271
SBC Communications, Inc. 5.100% 9/15/14		230,000		251,642
Sprint Capital Corp. 6.900% 5/01/19		910,000		898,625
Telecom Italia Capital SA 5.250% 10/01/15		310,000		317,396
Telefonica Emisiones SAU 5.134% 4/27/20		285,000		274,381
Verizon Communications, Inc. 6.100% 4/15/18		240,000		272,621
Verizon Global Funding Corp. 7.375% 9/01/12		190,000		209,775
Windstream Corp. 8.625% 8/01/16		50,000		52,625
				4,464,604
Transportation — 0.2%
Kansas City Southern de Mexico SA de CV 12.500% 4/01/16		98,000		120,050

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

106

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

	Principal Amount		Value
RailAmerica, Inc. 9.250% 7/01/17	$	200,000	$	219,750
				339,800
TOTAL CORPORATE DEBT (Cost $59,866,477)				56,570,686
MUNICIPAL OBLIGATIONS — 0.8%
Kentucky Higher Education Student Loan Corp. FRN 1.487% 5/01/34		200,000		196,300
Los Angeles Department of Water & Power 6.574% 7/01/45		120,000		122,388
Municipal Electric Authority of Georgia 6.637% 4/01/57		130,000		127,075
Municipal Electric Authority of Georgia 6.655% 4/01/57		80,000		77,378
North Texas Higher Education Authority FRN 1.190% 7/01/30		415,000		401,458
State of California 7.300% 10/01/39		230,000		231,633
Tennessee Valley Authority 5.250% 9/15/39		210,000		221,895
				1,378,127
TOTAL MUNICIPAL OBLIGATIONS (Cost $1,384,545)				1,378,127
NON-U.S. GOVERNMENT AGENCY OBLIGATIONS — 18.2%
Agency Collateral CMO — 0.3%
Federal Home Loan Mortgage Corp. Multifamily Structured Pass Through Certificates, Series K007, Class X1 VRN 1.245% 4/25/20		716,534		53,707
Federal Home Loan Mortgage Corp. Multifamily Structured Pass Through Certificates, Series K009, Class X1 VRN 1.523% 8/25/20		789,323		72,214
Federal Home Loan Mortgage Corp. Multifamily Structured Pass Through Certificates, Series K008, Class X1 VRN 1.688% 6/25/20		977,912		101,284
NCUA Guaranteed Notes, Series 2010-C1, Class APT 2.650% 10/29/20		258,718		251,767

	Principal Amount		Value
NCUA Guaranteed Notes, Series 2010-C1, Class A2 2.900% 10/29/20	$	20,000	$	19,428
				498,400
Automobile ABS — 0.3%
Avis Budget Rental Car Funding AESOP LLC, Series 2010-5A, Class A (b) 3.150% 3/20/17		60,000		58,201
Avis Budget Rental Car Funding AESOP LLC, Series 2010-3A, Class A (b) 4.640% 5/20/16		180,000		188,255
Hertz Vehicle Financing LLC, Series 2009-2A, Class A2 (b) 5.290% 3/25/16		300,000		323,068
				569,524
Commercial MBS — 2.5%
Banc of America Commercial Mortgage, Inc., Series 2005-6, Class A4 VRN 5.196% 9/10/47		650,000		701,365
Bear Stearns Commercial Mortgage Securities, Series 2007-PW15, Class A4 5.331% 2/11/44		170,000		174,247
GS Mortgage Securities Corp. II, Series 2005-GG4, Class AABA 4.680% 7/10/39		166,024		169,197
LB-UBS Commercial Mortgage Trust, Series 2005-C3, Class AAB 4.664% 7/15/30		87,234		90,610
LB-UBS Commercial Mortgage Trust, Series 2005-C3, Class A5 4.739% 7/15/30		1,500,000		1,597,939
LB-UBS Commercial Mortgage Trust, Series 2007-C7, Class A3 VRN 5.866% 9/15/45		310,000		327,463
Merrill Lynch Mortgage Trust, Series 2007-C1, Class A4 VRN 5.826% 6/12/50		80,000		84,761
Merrill Lynch/Countrywide Commercial Mortgage Trust, Series 2007-6, Class A4 VRN 5.485% 3/12/51		320,000		312,560
Merrill Lynch/Countrywide Commercial Mortgage Trust, Series 2007-8, Class A3 VRN 5.965% 8/12/49		10,000		10,567
Morgan Stanley Capital I, Series 2007-IQ14, Class A4 VRN 5.692% 4/15/49		900,000		932,910
				4,401,619

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

107

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

	Principal Amount		Value
Home Equity ABS — 3.0%
ACE Securities Corp., Series 2006-SD2, Class A FRN 0.561% 12/25/45	$	423,465	$	382,637
ACE Securities Corp., Series 2002-HE3, Class M1 FRN 2.061% 10/25/32		1,159,801		895,238
Countrywide Home Equity Loan Trust, Series 2005-G, Class 2A FRN 0.490% 12/15/35		148,534		76,236
Delta Funding Home Equity Loan Trust, Series 1999-1, Class A6F 6.340% 12/15/28		1,502		1,510
GSAA Home Equity Trust, Series 2006-19, Class A3A FRN 0.501% 12/25/36		1,570,143		830,925
GSAA Home Equity Trust, Series 2007-6, Class A4 FRN 0.561% 5/25/47		2,520,000		1,410,339
GSAA Home Equity Trust, Series 2007-5, Class 2A3A FRN 0.581% 4/25/47		2,560,000		1,509,111
Structured Asset Securities Corp., Series 2002-AL1, Class A3 3.450% 2/25/32		125,945		115,102
				5,221,098
Manufactured Housing ABS — 1.8%
Origen Manufactured Housing, Series 2005-B, Class A3 5.605% 5/15/22		3,000,000		3,026,345
Student Loans ABS — 2.0%
Bear Stearns Asset Back Securities Trust, Series 2005-SD4, Class 2A1 FRN 0.661% 12/25/42		176,301		153,106
Greenpoint Mortgage Funding Trust, Series 2005-HE4, Class 2A1A FRN 0.481% 7/25/30		410,924		303,830
HSI Asset Securitization Corp. Series 2005-II, Class 2A4 0.651% 11/25/35		2,400,000		939,074
Illinois Student Assistance Commission, Series 2010-1, Class A3 FRN 1.187% 7/25/45		700,000		664,762
Keycorp Student Loan Trust, Series 2003-A, Class 1A2 FRN 0.548% 10/25/32		192,717		170,423
Lehman XS Trust, Series 2005-5N, Class 1A1 FRN 0.561% 11/25/35		178,971		123,297
MSDWCC Heloc Trust, Series 2005-1, Class A FRN 0.451% 7/25/17		13,863		10,028

	Principal Amount		Value
SLM Student Loan Trust, Series 2003-11, Class A6 FRN (b) 0.592% 12/15/25	$	300,000	$	287,587
SLM Student Loan Trust, Series 2001-4, Class B FRN 0.788% 1/25/21		600,000		565,989
SLM Student Loan Trust, Series 2003-4, Class A5E FRN (b) 1.052% 3/15/33		299,377		292,012
				3,510,108
WL Collateral CMO — 8.3%
Bear Stearns Alt-A Trust, Series 2004-11, Class IIA6A VRN 5.116% 11/25/34		634,607		571,272
Countrywide Alternative Loan Trust, Series 2005-44, Class 1A1 FRN 0.591% 10/25/35		226,367		127,817
Countrywide Alternative Loan Trust, Series 2005-59, Class 1A1 FRN 0.591% 11/20/35		422,771		256,977
Countrywide Home Loan Mortgage Pass Through Trust, Series 2005-R3, Class AF FRN (b) 0.661% 9/25/35		408,596		364,305
Deutsche Mortgage Securities, Inc., Series 2005-WF1, Class 1A3 VRN (b) 5.200% 6/26/35		970,000		929,385
GSMPS Mortgage Loan Trust, Series 2005-RP3, Class 1AF FRN 0.611% 9/25/35		361,012		302,061
GSR Mortgage Loan Trust, Series 2005-AR5, Class 2A3 2.977% 10/25/35		417,974		336,899
Harborview Mortgage Loan Trust, Series 2006-2, Class 1A VRN 2.978% 2/25/36		199,931		137,936
Impac Secured Assets CMN Owner Trust, Series 2005-2, Class A1 FRN 0.581% 3/25/36		441,650		242,423
Indymac Index Mortgage Loan Trust, Series 2004-AR12, Class A1 FRN 0.651% 12/25/34		37,081		21,711
MASTR Adjustable Rate Mortgages Trust, Series 2003-3, Class 3A4 VRN 2.537% 9/25/33		1,079,384		921,094
MASTR Adjustable Rate Mortgages Trust, Series 2007-R5, Class A1 (b) 2.840% 11/25/35		1,445,298		926,869
MASTR Adjustable Rate Mortgages Trust, Series 2006-2, Class 3A1 VRN 3.126% 1/25/36		370,366		316,799

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

108

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

	Principal Amount		Value
MASTR Reperforming Loan Trust, Series 2005-2, Class 1A1F FRN (b) 0.611% 5/25/35	$	358,013	$	306,913
Morgan Stanley Mortgage Loan Trust, Series 2006-3AR, Class 2A3 VRN 3.302% 3/25/36		293,802		173,862
Nomura Asset Acceptance Corp., Series 2006-AF2, Class 1A4 6.431% 8/25/36		2,499,407		1,243,631
Prime Mortgage Trust, Series 2006-DR1, Class 1A1 (b) 5.500% 5/25/35		501,124		486,905
Prime Mortgage Trust, Series 2006-DR1, Class 1A2 (b) 6.000% 5/25/35		199,966		196,841
Prime Mortgage Trust, Series 2006-DR1, Class 2A2 (b) 6.000% 5/25/35		1,550,385		1,412,015
Residential Accredit Loans, Inc., Series 2006-QS8, Class A2 6.000% 8/25/36		2,053,559		1,365,955
Structured Asset Mortgage Investments, Inc., Series 2005-AR7, Class 4A1 FRN 2.478% 3/25/46		1,161,980		712,565
WaMu Mortgage Pass Through Certificates, Series 2005-AR15, Class A1A1 FRN 0.521% 11/25/45		310,879		265,272
WaMu Mortgage Pass Through Certificates, Series 2005-AR8, Class 1A1A FRN 0.531% 7/25/45		63,511		53,648
WaMu Mortgage Pass Through Certificates, Series 2005-AR13, Class A1A1 FRN 0.551% 10/25/45		242,734		204,980
WaMu Mortgage Pass Through Certificates, Series 2006-AR13, Class 1A FRN 1.208% 10/25/46		1,633,465		1,007,232
WaMu Mortgage Pass Through Certificates, Series 2006-AR14, Class 2A3 5.624% 11/25/36		1,940,000		1,488,715
				14,374,082
TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $34,259,558)				31,601,176
SOVEREIGN DEBT OBLIGATIONS — 0.7%
Province of Ontario Canada 2.700% 6/16/15		660,000		671,908

	Principal Amount		Value
Province of Ontario Canada 4.000% 10/07/19	$	310,000	$	318,453
United Mexican States 6.750% 9/27/34		155,000		174,375
				1,164,736
TOTAL SOVEREIGN DEBT OBLIGATIONS (Cost $1,131,346)				1,164,736
U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES — 33.1%
Collateralized Mortgage Obligations — 0.2%
Government National Mortgage Association Series 2010-14, Class SC 4.543% 8/20/35		499,978		72,953
Series 2009-87, Class TS 5.839% 7/20/35		306,261		37,394
Series 2005-81, Class SD 6.039% 12/20/34		289,252		28,292
Series 2009-35, Class SP 6.139% 5/16/37		623,949		75,153
Series 2005-13, Class SD 6.539% 2/20/35		205,284		30,776
				244,568
Pass-Through Securities — 32.9%
Federal Home Loan Mortgage Corp TBA(h) Pool #2308 4.000% 10/01/39		100,000		99,266
Federal Home Loan Mortgage Corp. Series 3738, Class BP 4.000% 12/15/38		400,000		395,099
Pool #1N1640 5.160% 1/01/37		286,089		299,451
Pool #1N1637 5.515% 1/01/37		639,571		671,083
Pool #1J1368 5.580% 10/01/36		239,548		253,310
Pool #1N2654 5.625% 11/23/35		170,000		176,994
Federal National Mortgage Association Pool #993117 4.500% 1/01/39		144,016		147,948
Pool #AA0856 4.500% 1/01/39		437,013		448,946
Pool #AA2450 4.500% 2/01/39		111,722		114,772
Pool #AA3495 4.500% 2/01/39		509,300		523,206
Pool #935520 4.500% 8/01/39		373,655		383,857
Pool #AD5481 4.500% 5/01/40		5,438,352		5,586,845

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

109

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

	Principal Amount		Value
Pool #AD6914 4.500% 6/01/40	$	557,175	$	572,388
Pool #AD8685 4.500% 8/01/40		777,799		799,036
Pool #974965 5.000% 4/01/38		3,557,596		3,738,811
Pool #AE2266 5.000% 3/01/40		791,036		831,329
Pool #709406 5.500% 7/01/33		3,636,129		3,910,401
Pool #937948 5.500% 6/01/37		54,751		58,736
Pool #950385 5.758% 8/01/37		63,708		66,874
Pool #481473 6.000% 2/01/29		568		624
Pool #867557 6.000% 2/01/36		16,328		17,794
Pool #AE0469 6.000% 12/01/39		3,286,996		3,568,702
Federal National Mortgage Association TBA Pool #1438 3.500% 8/01/25 (h)		6,100,000		6,143,844
Pool #4992 4.000% 10/01/39 (h)		900,000		895,289
Pool #12651 4.500% 12/01/38 (h)		3,300,000		3,387,914
Pool #26443 5.000% 4/01/36 (h)		600,000		630,797
Pool #45488 5.500% 4/01/35 (h)		3,100,000		3,311,187
Pool #45488 5.500% 4/01/35 (h)		7,200,000		7,703,438
Pool #53506 6.000% 9/01/35 (h)		200,000		217,344
Government National Mortgage Association Pool #487588 6.000% 4/15/29		12,335		13,559
Pool #595077 6.000% 10/15/32		2,250		2,478
Pool #596620 6.000% 10/15/32		2,054		2,262
Pool #598000 6.000% 12/15/32		86		95
Pool #604706 6.000% 10/15/33		285,554		314,411
Pool #636251 6.000% 3/15/35		28,564		31,437
Pool #782034 6.000% 1/15/36		328,455		361,493
Pool #658029 6.000% 7/15/36		295,026		324,286

	Principal Amount		Value
Government National Mortgage Association TBA Pool #232 4.000% 8/01/40 (h)	$	4,700,000	$	4,727,539
Pool #872 4.500% 12/01/39 (h)		3,400,000		3,530,422
Government National Mortgage Association TBA (h) Pool #16752 5.500% 4/01/36		1,800,000		1,945,265
Residual Funding Principal Strip 0.010% 10/15/19		1,280,000		948,260
				57,156,792
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (Cost $56,754,071)				57,401,360
U.S. TREASURY OBLIGATIONS — 11.1%
U.S. Treasury Bonds & Notes — 11.1%
U.S. Treasury Bond 3.875% 8/15/40		20,000		18,424
U.S. Treasury Bond 4.375% 5/15/40		790,000		793,944
U.S. Treasury Inflation Index 1.250% 7/15/20		882,490		904,846
U.S. Treasury Inflation Index (i) 1.750% 1/15/28		730,758		746,512
U.S. Treasury Inflation Index 2.125% 2/15/40		576,767		612,680
U.S. Treasury Inflation Index 2.375% 1/15/27		932,661		1,039,959
U.S. Treasury Inflation Index 3.875% 4/15/29		2,048,754		2,753,494
U.S. Treasury Note 0.500% 11/15/13		30,000		29,616
U.S. Treasury Note 1.375% 2/15/13		70,000		71,064
U.S. Treasury Note 2.125% 12/31/15		1,370,000		1,377,277
U.S. Treasury Note 2.250% 11/30/17		1,310,000		1,273,975
U.S. Treasury Note 2.625% 8/15/20		2,000,000		1,896,328
U.S. Treasury Note 2.625% 11/15/20		1,170,000		1,103,730
U.S. Treasury Note 2.750% 12/31/17		790,000		791,852
U.S. Treasury Note 3.500% 5/15/20		2,530,000		2,592,064
United States Treasury Strip Principal 0.010% 2/15/25		2,660,000		1,481,543

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

110

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

	Principal Amount		Value
United States Treasury Strip Principal 0.010% 11/15/27	$	3,920,000	$	1,882,641
				19,369,949
TOTAL U.S. TREASURY OBLIGATIONS (Cost $18,937,894)				19,369,949
TOTAL BONDS & NOTES (Cost $172,333,891)				167,486,034
	Units
PURCHASED OPTIONS — 0.0%
Options on Futures — 0.0%
3 Month Euribor Put, Expires 1/17/11, Strike 98.75 (United Kingdom)		24		201
TOTAL PURCHASED OPTIONS (Cost $2,042)				201
	Number of Shares
WARRANTS — 0.0%
Pipelines — 0.0%
SemGroup Corp., Expires 11/30/14, Strike 25.00 (a) (g)		258		-
TOTAL WARRANTS (Cost $0)				-
TOTAL LONG-TERM INVESTMENTS (Cost $174,982,734)				168,204,779
	Principal Amount
SHORT-TERM INVESTMENTS — 22.4%
Repurchase Agreement — 3.3%
State Street Bank & Trust Co. Repurchase Agreement, dated 12/31/10, 0.010%, due 1/03/11 (j)	$	5,827,374		5,827,374
Discount Notes — 13.3%
Federal Home Loan Bank Discount Notes 0.010% 1/21/11		3,500,000		3,499,660
Federal Home Loan Bank Discount Notes 0.010% 1/26/11		3,500,000		3,499,575
Federal Home Loan Mortgage Corp. 0.010% 1/10/11		3,400,000		3,399,860
Federal Home Loan Mortgage Corp. 0.010% 2/01/11		2,500,000		2,499,624

	Principal Amount		Value
Federal Home Loan Mortgage Corp. 0.010% 2/08/11	$	3,500,000	$	3,499,372
Federal Home Loan Mortgage Corp. (i) 0.010% 5/09/11		125,000		124,920
Federal National Mortgage Association 0.010% 2/01/11		3,500,000		3,499,472
Federal National Mortgage Association 0.010% 2/09/11		3,100,000		3,099,395
				23,121,878
U.S. Treasury Bills — 5.8%
U.S. Treasury Bill 0.010% 5/19/11		10,000,000		9,992,736
U.S. Treasury Bill (i) 0.010% 6/02/11		19,000		18,983
				10,011,719
TOTAL SHORT-TERM INVESTMENTS (Cost $38,960,971)				38,960,971
TOTAL INVESTMENTS —119.3% (Cost $213,943,705) (k)				207,165,750
Other Assets/(Liabilities) —(19.3)%				(33,562,935	)
NET ASSETS — 100.0%			$	173,602,815

Notes to Portfolio of Investments

ABS Asset-Backed Security

CMO Collateralized Mortgage Obligation

EUR Euro

FRN Floating Rate Note

MBS Mortgage-Backed Security

TBA To Be Announced

VRN Variable Rate Note

WL Whole Loan

(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 December 31, 2010, these securities amounted to a value of $15,307,311 or 8.82% of net assets.

(c) Security is currently in default due to bankruptcy or failure to make payment of principal or interest of the issuer. Income is not being accrued. At December 31, 2010, these securities amounted to a value of $856,028 or 0.49% of net assets.

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

(e) Restricted security. Certain securities are restricted as to resale. At December 31, 2010, these securities amounted to a value of $784,734 or 0.45% of net assets. The Fund generally bears the costs, if any, associated with the disposition of restricted securities.

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

111

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

Notes to Portfolio of Investments (continued)

(f) Security exempt from registration under Regulation S of the Securities Act of 1933, which exempts from registration securities offered and sold outside the United States. Security may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933. At December 31, 2010, these securities amounted to a value of $171,553 or 0.10% of net assets.

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

(h) A portion of this security is purchased on a when-issued, delayed-delivery or forward commitment basis. (Note 2).

(i) A portion of this security is held as collateral for open futures contracts and written options outstanding. (Note 2).

(j) Maturity value of $5,827,379. Collateralized by U.S. Government Agency obligations with a rate of 4.000%, maturity date of 8/15/39, and an aggregate market value, including accrued interest, of $5,945,703.

(k) See Note 6 for aggregate cost for federal tax purposes.

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

112

MassMutual Select Strategic Balanced Fund – Portfolio of Investments

December 31, 2010

	Number of Shares		Value
EQUITIES — 68.8%
COMMON STOCK — 68.4%
Aerospace & Defense — 0.9%
United Technologies Corp.		7,192	$	566,154
Agriculture — 0.8%
British American Tobacco PLC		5,563		214,251
Japan Tobacco, Inc.		44		162,755
Philip Morris International, Inc.		2,497		146,149
				523,155
Auto Manufacturers — 1.6%
Daimler AG (a)		2,838		192,751
General Motors Co. (a)		8,680		319,945
Nissan Motor Co. Ltd.		27,300		259,853
Paccar, Inc.		4,657		267,405
				1,039,954
Automotive & Parts — 1.0%
Cie Generale des Etablissements Michelin Class B		1,520		109,574
Johnson Controls, Inc.		13,913		531,476
				641,050
Banks — 4.9%
Bank of America Corp.		37,477		499,943
Barclays PLC		42,183		173,610
BB&T Corp.		4,226		111,102
BNP Paribas		2,942		188,240
Capital One Financial Corp.		706		30,047
China Merchants Bank Co. Ltd.		62,400		158,076
Comerica, Inc.		813		34,341
DnB NOR ASA		10,296		144,721
Erste Group Bank AG		2,253		106,117
HSBC Holdings PLC		33,117		337,599
Huntington Bancshares, Inc.		10,200		70,074
KBC Groep NV (a)		2,873		98,359
Lloyds Banking Group PLC (a)		116,669		119,693
Regions Financial Corp.		7,479		52,353
State Street Corp.		1,980		91,753
Sumitomo Mitsui Financial Group, Inc.		4,818		171,634
SVB Financial Group (a)		602		31,936
U.S. Bancorp		6,650		179,350
Wells Fargo & Co.		19,591		607,125
Zions Bancorp		674		16,331
				3,222,404
Beverages — 1.4%
The Coca-Cola Co.		7,693		505,968
PepsiCo, Inc.		4,000		261,320
Pernod-Ricard SA		1,503		141,785
				909,073

	Number of Shares		Value
Biotechnology — 0.8%
Alexion Pharmaceuticals, Inc. (a)		354	$	28,515
Biogen Idec, Inc. (a)		3,326		223,008
Celgene Corp. (a)		4,418		261,281
Intercell AG (a)		2,182		33,938
				546,742
Building Materials — 0.3%
Daikin Industries Ltd.		3,000		106,390
Nippon Sheet Glass Co. Ltd.		42,000		113,353
				219,743
Chemicals — 1.9%
The Dow Chemical Co.		10,099		344,780
E.I. du Pont de Nemours & Co.		11,672		582,199
Huabao International Holdings Ltd.		63,000		103,674
Lanxess AG		2,451		194,143
PPG Industries, Inc.		600		50,442
				1,275,238
Commercial Services — 0.5%
Experian PLC		11,051		137,627
Genpact Ltd. (a)		1,106		16,811
MasterCard, Inc. Class A		465		104,211
McKesson Corp.		753		52,996
Visa, Inc. Class A		536		37,724
				349,369
Computers — 3.6%
Apple, Inc. (a)		3,513		1,133,153
Cognizant Technology Solutions Corp. Class A (a)		2,545		186,523
EMC Corp. (a)		9,126		208,986
Fujitsu		16,000		111,344
Hewlett-Packard Co.		7,931		333,895
International Business Machines Corp.		2,345		344,152
SanDisk Corp. (a)		1,478		73,693
				2,391,746
Cosmetics & Personal Care — 1.5%
Colgate-Palmolive Co.		1,452		116,697
The Procter & Gamble Co.		11,123		715,543
Shiseido Co. Ltd.		5,900		128,923
				961,163
Distribution & Wholesale — 0.5%
Marubeni Corp.		15,000		105,468
Mitsui & Co. Ltd.		11,600		191,542
				297,010
Diversified Financial — 3.2%
American Express Co.		2,402		103,094
Citigroup, Inc. (a)		105,710		500,008
CME Group, Inc.		366		117,760
Credit Suisse Group		4,272		172,507

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

113

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

	Number of Shares		Value
The Goldman Sachs Group, Inc.		3,885	$	653,302
Invesco Ltd.		3,681		88,565
Macquarie Group Ltd.		4,606		174,366
Morgan Stanley		7,970		216,864
TD Ameritrade Holding Corp.		5,661		107,502
				2,133,968
Electric — 1.6%
American Electric Power Co., Inc.		1,982		71,313
Edison International		2,670		103,062
International Power PLC		17,627		120,390
National Grid PLC		14,082		122,825
NextEra Energy, Inc.		3,405		177,026
NV Energy, Inc.		7,227		101,539
PG&E Corp.		2,850		136,344
Public Service Enterprise Group, Inc.		2,815		89,545
SCANA Corp.		594		24,117
The Southern Co.		3,205		122,527
Xcel Energy, Inc.		417		9,820
				1,078,508
Electrical Components & Equipment — 0.7%
Mitsubishi Electric Corp.		25,000		262,327
Schneider Electric SA		1,490		223,576
				485,903
Electronics — 0.7%
HON HAI Precision Industry Co. Ltd. GDR (Taiwan) (b)		17,294		139,562
Koninklijke Philips Electronics NV		6,868		210,759
Premier Farnell PLC		19,848		88,853
				439,174
Entertainment — 0.1%
International Game Technology		3,392		60,005
Food Services — 0.3%
Sodexo		2,410		166,560
Foods — 1.4%
Campbell Soup Co.		2,542		88,334
General Mills, Inc.		5,098		181,438
Kellogg Co.		1,959		100,066
The Kroger Co.		3,738		83,582
Sysco Corp.		8,741		256,985
Unilever NV		7,398		230,681
				941,086
Gas — 1.1%
Centrica PLC		39,259		203,208
Gaz De France		5,257		189,470
Perusahaan Gas Negara PT		160,000		78,527
Sempra Energy		2,300		120,704
Snam Rete Gas SpA		30,612		152,567
				744,476

	Number of Shares		Value
Health Care – Products — 0.4%
Boston Scientific Corp. (a)		4,062	$	30,749
Covidien PLC		5,560		253,870
				284,619
Health Care – Services — 0.5%
Aetna, Inc.		1,153		35,178
DaVita, Inc. (a)		401		27,866
Thermo Fisher Scientific, Inc. (a)		1,118		61,892
UnitedHealth Group, Inc.		3,390		122,413
WellPoint, Inc. (a)		1,924		109,399
				356,748
Holding Company – Diversified — 0.2%
Hutchison Whampoa Ltd.		16,000		165,022
Home Builders — 0.2%
Lennar Corp. Class A		1,386		25,987
NVR, Inc. (a)		139		96,052
				122,039
Household Products — 0.3%
Reckitt Benckiser Group PLC		3,211		176,664
Insurance — 2.3%
ACE Ltd.		2,576		160,356
Aflac, Inc.		815		45,991
Berkshire Hathaway, Inc. Class B (a)		1,588		127,215
ING Groep NV (a)		17,189		168,118
MetLife, Inc.		4,968		220,778
Prudential Financial, Inc.		4,051		237,834
QBE Insurance Group Ltd.		8,995		167,008
RenaissanceRe Holdings Ltd.		2,123		135,214
XL Group PLC		3,866		84,356
Zurich Financial Services AG		683		177,040
				1,523,910
Internet — 0.9%
Amazon.com, Inc. (a)		1,945		350,100
Google, Inc. Class A (a)		387		229,866
				579,966
Investment Companies — 0.2%
Man Group PLC		30,652		141,731
Iron & Steel — 0.3%
ArcelorMittal		5,342		203,699
Leisure Time — 0.4%
Carnival Corp.		6,435		296,718
Lodging — 0.5%
Genting Singapore PLC (a)		38,000		64,827
Intercontinental Hotels Group PLC		9,317		180,811
Starwood Hotels & Resorts Worldwide, Inc.		1,126		68,438
				314,076

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

114

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

	Number of Shares		Value
Machinery – Construction & Mining — 0.3%
BHP Billiton PLC		4,893	$	195,152
Machinery – Diversified — 0.2%
Kubota Corp.		11,000		104,165
Manufacturing — 2.7%
3M Co.		3,382		291,867
Cookson Group PLC (a)		8,616		88,508
FUJIFILM Holdings Corp.		5,000		180,770
General Electric Co.		17,137		313,436
Honeywell International, Inc.		8,002		425,386
Parker Hannifin Corp.		680		58,684
Siemens AG		2,329		288,989
Tyco International Ltd.		3,723		154,281
				1,801,921
Media — 2.2%
CBS Corp. Class B		2,940		56,007
Comcast Corp. Class A		8,157		179,209
DIRECTV Class A (a)		1,482		59,176
Gannett Co., Inc.		6,363		96,018
Time Warner, Inc.		22,986		739,460
The Walt Disney Co.		7,704		288,977
				1,418,847
Mining — 1.3%
Alcoa, Inc.		3,722		57,282
First Quantum Minerals Ltd.		1,464		158,954
Freeport-McMoRan Copper & Gold, Inc.		4,553		546,770
Kinross Gold Corp.		6,349		120,699
				883,705
Office Equipment/Supplies — 0.2%
Ricoh Co. Ltd.		7,000		102,555
Oil & Gas — 7.5%
Anadarko Petroleum Corp.		1,531		116,601
Apache Corp.		3,496		416,828
BG Group PLC		9,407		190,409
BP PLC		23,625		173,170
Cairn Energy PLC (a)		10,654		69,891
Chevron Corp.		7,306		666,673
ConocoPhillips		2,382		162,214
Devon Energy Corp.		2,882		226,266
EOG Resources, Inc.		3,537		323,317
Exxon Mobil Corp.		14,692		1,074,279
JX Holdings, Inc.		24,200		164,016
Noble Energy, Inc.		1,770		152,362
Occidental Petroleum Corp.		6,520		639,612
Rowan Cos., Inc. (a)		970		33,863
Royal Dutch Shell PLC Class A		13,777		456,306
Tullow Oil PLC		4,432		87,267
				4,953,074

	Number of Shares		Value
Oil & Gas Services — 0.8%
Baker Hughes, Inc.		2,236	$	127,832
Cameron International Corp. (a)		1,300		65,949
Halliburton Co.		1,400		57,162
Schlumberger Ltd.		3,655		305,193
				556,136
Pharmaceuticals — 4.2%
Abbott Laboratories		10,786		516,757
Bayer AG		2,877		213,080
Cardinal Health, Inc.		6,940		265,872
GlaxoSmithKline PLC		11,243		218,474
Medco Health Solutions, Inc. (a)		1,656		101,463
Merck & Co., Inc.		16,033		577,829
Pfizer, Inc.		27,886		488,284
Sanofi-Aventis		3,393		218,368
Shire Ltd.		4,762		114,695
Teva Pharmaceutical Industries Ltd. Sponsored ADR (Israel)		1,244		64,850
				2,779,672
Pipelines — 0.0%
SemGroup Corp. Class A (a)		77		2,092
Real Estate — 0.7%
China Overseas Land & Investment Ltd.		54,000		99,974
China Resources Land Ltd.		46,000		83,444
Hang Lung Properties Ltd.		18,000		83,701
Sun Hung Kai Properties Ltd.		10,000		165,110
				432,229
Real Estate Investment Trusts (REITS) — 0.0%
Simon Property Group, Inc.		192		19,102
Retail — 2.2%
AutoZone, Inc. (a)		346		94,316
CVS Caremark Corp.		3,898		135,533
Darden Restaurants, Inc.		1,245		57,818
Kohl’s Corp. (a)		1,437		78,087
Lowe’s Cos., Inc.		8,509		213,406
PPR		947		151,006
Staples, Inc.		9,051		206,091
Takashimaya Co. Ltd.		13,000		111,431
Target Corp.		1,300		78,169
Wal-Mart Stores, Inc.		795		42,874
Walgreen Co.		1,114		43,401
Yum! Brands, Inc.		4,291		210,474
				1,422,606
Semiconductors — 1.6%
Analog Devices, Inc.		3,335		125,629
Applied Materials, Inc.		3,500		49,175
ASML Holding NV		3,099		120,319
Broadcom Corp. Class A		2,770		120,634
Intersil Corp. Class A		3,455		52,758

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

115

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

	Number of Shares		Value
Lam Research Corp. (a)		1,515	$	78,447
Marvell Technology Group Ltd. (a)		713		13,226
Novellus Systems, Inc. (a)		1,007		32,546
NVIDIA Corp. (a)		1,600		24,640
Samsung Electronics Co., Ltd.		161		134,542
Taiwan Semiconductor Manufacturing Co. Ltd. Sponsored ADR (Taiwan)		13,659		171,284
Xilinx, Inc.		5,607		162,491
				1,085,691
Software — 2.4%
Adobe Systems, Inc. (a)		2,117		65,161
Citrix Systems, Inc. (a)		700		47,887
Infosys Technologies Ltd. Sponsored ADR (India)		1,865		141,889
Microsoft Corp.		31,416		877,135
Oracle Corp.		13,914		435,508
				1,567,580
Telecommunications — 5.7%
American Tower Corp. Class A (a)		915		47,250
AT&T, Inc.		13,159		386,611
BT Group PLC		49,467		139,682
Cable & Wireless Worldwide PLC		44,158		45,289
Cisco Systems, Inc. (a)		39,639		801,897
Corning, Inc.		4,027		77,802
Frontier Communications Corp.		4,443		43,230
Juniper Networks, Inc. (a)		7,600		280,592
KDDI Corp.		18		103,998
Koninklijke KPN NV		7,254		106,177
Nokia Oyj		8,307		86,178
QUALCOMM, Inc.		7,006		346,727
Singapore Telecommunications Ltd.		3,000		7,216
Singapore Telecommunications Ltd.		37,000		87,922
Sprint Nextel Corp. (a)		45,916		194,225
Telefonica SA		11,322		257,711
Verizon Communications, Inc.		10,808		386,710
Vodafone Group PLC		112,986		294,296
ZTE Corp. Class H		16,600		66,073
				3,759,586
Toys, Games & Hobbies — 0.2%
Nintendo Co. Ltd.		400		117,447
Transportation — 1.1%
East Japan Railway		1,900		123,612
Nippon Express Co. Ltd.		16,000		72,119
Norfolk Southern Corp.		7,462		468,763
Union Pacific Corp.		868		80,429
				744,923
Water — 0.1%
American Water Works Co., Inc.		2,410		60,949
TOTAL COMMON STOCK (Cost $38,256,746)				45,165,105

	Number of Shares		Value
PREFERRED STOCK — 0.4% Auto Manufacturers — 0.3%
Volkswagen AG (a)		1,293	$	209,997
Diversified Financial — 0.1%
Citigroup Capital XII 8.500%		1,800		47,628
Citigroup Capital XIII 7.875%		1,025		27,583
				75,211
U.S. Government Agencies — 0.0%
Federal Home Loan Mortgage Corp. 8.375% (a)		11,350		7,139
Federal National Mortgage Association 0.000% (a)		400		304
Federal National Mortgage Association 8.250% (a)		7,175		4,018
				11,461
TOTAL PREFERRED STOCK (Cost $674,338)				296,669
TOTAL EQUITIES (Cost $38,931,084)				45,461,774
	Principal Amount
BONDS & NOTES — 31.1%
CORPORATE DEBT — 10.7%
Aerospace & Defense — 0.1%
The Boeing Co. 4.875% 2/15/20	$	40,000		43,059
Raytheon Co. 3.125% 10/15/20		10,000		9,221
				52,280
Agriculture — 0.1%
Altria Group, Inc. 9.250% 8/06/19		30,000		39,151
Reynolds American, Inc. 7.625% 6/01/16		30,000		34,867
				74,018
Airlines — 0.7%
Continental Airlines 2007- 1 Class A 5.983% 10/19/23		289,386		305,303
Delta Air Lines, Inc. Series 2007-1 Class A (c) 6.821% 8/10/22		81,256		87,350
Northwest Airlines, Inc. 7.575% 9/01/20		59,178		63,173

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

116

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

	Principal Amount		Value
United Air Lines, Inc. 9.750% 1/15/17	$	19,035	$	21,937
				477,763
Auto Manufacturers — 0.1%
Motors Liquidation Co. EUR (d) (e) 8.375% 7/05/33		90,000		39,777
Banks — 1.2%
Bank of America Corp. 4.500% 4/01/15	$	120,000		121,960
Bank of America Corp. 7.625% 6/01/19		110,000		126,658
Export-Import Bank of Korea (c) 5.250% 2/10/14		5,000		5,310
Glitnir Banki HF (Acquired 6/15/06, Cost $140,000) VRN (c) (e) (f) 6.693% 6/15/16		140,000		1
Glitnir Banki HF (Acquired 7/28/06, Cost $160,000) (c) (e) (f) 6.330% 7/28/11		160,000		47,600
Glitnir Banki HF (Acquired 9/25/07, Cost $99,776) (c) (e) (f) 6.375% 9/25/12		100,000		29,750
Hypothekenbank in Essen (c) 5.000% 1/20/12		20,000		20,803
Landsbanki Islands HF (Acquired 8/25/06, Cost $279,927) (c) (e) (f) 6.100% 8/25/11		280,000		30,800
Royal Bank of Scotland Group PLC 3.950% 9/21/15		120,000		117,964
Royal Bank of Scotland Group PLC 4.875% 3/16/15		30,000		30,688
Santander US Debt SA Unipersonal (c) 3.781% 10/07/15		100,000		93,958
UBS AG/Stamford CT 4.875% 8/04/20		40,000		40,694
Wachovia Capital Trust III VRN 5.800% 3/29/49		40,000		34,700
Wachovia Corp. 5.750% 2/01/18		50,000		55,515
				756,401
Beverages — 0.2%
Anheuser-Busch InBev Worldwide, Inc. 5.375% 1/15/20		50,000		54,179
Diageo Capital PLC 4.828% 7/15/20		70,000		73,862
PepsiCo, Inc. 7.900% 11/01/18		4,000		5,147
				133,188

	Principal Amount		Value
Biotechnology — 0.1%
FMC Finance III SA 6.875% 7/15/17	$	70,000	$	74,200
Chemicals — 0.0%
Westlake Chemical Corp. 6.625% 1/15/16		15,000		15,506
Coal — 0.0%
Peabody Energy Corp. 6.500% 9/15/20		20,000		21,350
Diversified Financial — 3.1%
Ally Financial, Inc. (c) 7.500% 9/15/20		70,000		73,412
Ally Financial, Inc. 8.000% 3/15/20		60,000		65,550
American Express Co. 8.125% 5/20/19		60,000		74,653
The Bear Stearns Cos., Inc. 7.250% 2/01/18		10,000		11,851
Citigroup, Inc. 6.010% 1/15/15		100,000		109,703
Citigroup, Inc. 8.125% 7/15/39		60,000		76,328
Federal Agricultural Mortgage Corp. 3.875% 8/19/11		90,000		91,753
Federal Home Loan Banks 0.410% 2/25/11		210,000		210,006
Federal Home Loan Mortgage Corp. 0.875% 10/28/13		50,000		49,670
Federal National Mortgage Association 0.000% 10/09/19		420,000		265,198
Federal National Mortgage Association 4.625% 5/01/13		160,000		172,652
Ford Motor Credit Co. LLC 8.000% 12/15/16		100,000		111,746
General Electric Capital Corp. 2.250% 11/09/15		110,000		105,749
General Electric Capital Corp. 4.375% 9/16/20		10,000		9,842
General Electric Capital Corp. 5.500% 1/08/20		60,000		64,169
General Electric Capital Corp. 6.875% 1/10/39		40,000		46,226
The Goldman Sachs Group, Inc. 5.375% 3/15/20		70,000		72,335
The Goldman Sachs Group, Inc. 6.000% 6/15/20		90,000		97,260
International Lease Finance Corp. (c) 6.500% 9/01/14		20,000		21,200
International Lease Finance Corp. (c) 6.750% 9/01/16		10,000		10,675
JPMorgan Chase & Co. 3.400% 6/24/15		80,000		81,580
JPMorgan Chase & Co. 4.250% 10/15/20		20,000		19,533

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

117

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

	Principal Amount		Value
Kaupthing Bank HF (Acquired 2/25/08, Cost $368,482) (c) (e) (f) 7.625% 2/28/15	$	440,000	$	117,700
Kaupthing Bank HF (Acquired 5/19/06, Cost $99,472) (c) (e) (f) 7.125% 5/19/16		100,000		1
Lehman Brothers Holdings Capital Trust VII VRN (e) 5.857% 11/29/49		130,000		13
Lehman Brothers Holdings, Inc. (e) 6.500% 7/19/17		30,000		3
Lehman Brothers Holdings, Inc. Series I (e) 6.750% 12/28/17		290,000		29
MUFG Capital Finance 1 Ltd. FRN 6.346% 7/29/49		100,000		100,769
				2,059,606
Electric — 0.6%
The AES Corp. 7.750% 3/01/14		32,000		34,160
Calpine Construction Finance Co. LP (c) 8.000% 6/01/16		35,000		37,187
Calpine Corp. (c) 7.500% 2/15/21		10,000		9,850
Dominion Resources, Inc. 5.200% 8/15/19		60,000		64,958
Energy Future Holdings Corp. 11.250% 11/01/17		9,601		5,569
Energy Future Intermediate Holding Co. LLC / EFIH Finance, Inc. 10.000% 12/01/20		21,000		21,657
FirstEnergy Corp. Series C 7.375% 11/15/31		80,000		84,333
NRG Energy, Inc. 7.375% 2/01/16		10,000		10,250
NRG Energy, Inc. 7.375% 1/15/17		40,000		41,200
Pacific Gas & Electric Co. 5.800% 3/01/37		50,000		52,991
				362,155
Foods — 0.1%
Kraft Foods, Inc. 5.375% 2/10/20		60,000		64,576
Health Care – Services — 0.3%
DaVita, Inc. 6.625% 11/01/20		10,000		9,900
HCA, Inc. 7.500% 11/15/95		50,000		39,750
HCA, Inc. 7.690% 6/15/25		10,000		9,600

	Principal Amount		Value
Roche Holdings, Inc. (c) 6.000% 3/01/19	$	20,000	$	23,257
Tenet Healthcare Corp. 10.000% 5/01/18		30,000		34,950
UnitedHealth Group, Inc. 3.875% 10/15/20		20,000		19,080
UnitedHealth Group, Inc. 5.700% 10/15/40		10,000		9,957
UnitedHealth Group, Inc. 5.800% 3/15/36		20,000		20,291
WellPoint, Inc. 7.000% 2/15/19		30,000		35,314
				202,099
Insurance — 0.2%
MetLife, Inc. 4.750% 2/08/21		20,000		20,421
MetLife, Inc. 5.875% 2/06/41		40,000		42,173
MetLife, Inc. 7.717% 2/15/19		10,000		12,277
Teachers Insurance & Annuity Association of America (c) 6.850% 12/16/39		40,000		46,800
				121,671
Lodging — 0.1%
Inn of the Mountain Gods Resort & Casino (e) 12.000% 11/15/10		20,000		10,425
MGM Mirage 6.625% 7/15/15		5,000		4,581
MGM Resorts International 10.375% 5/15/14		5,000		5,612
MGM Resorts International 11.125% 11/15/17		15,000		17,250
Station Casinos, Inc. (e) 7.750% 8/15/16		55,000		6
				37,874
Media — 0.5%
Comcast Corp. 5.150% 3/01/20		100,000		105,034
Comcast Corp. 6.950% 8/15/37		10,000		11,311
Reed Elsevier Capital, Inc. 8.625% 1/15/19		30,000		38,142
Time Warner Cable, Inc. 4.125% 2/15/21		10,000		9,515
Time Warner Cable, Inc. 5.875% 11/15/40		40,000		39,574
Time Warner Cable, Inc. 6.750% 6/15/39		20,000		22,090
Time Warner Cable, Inc. 8.250% 4/01/19		80,000		99,374

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

118

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

	Principal Amount		Value
Time Warner, Inc. 4.700% 1/15/21	$	10,000	$	10,182
United Business Media Ltd. (c) 5.750% 11/03/20		20,000		19,201
				354,423
Mining — 0.5%
Barrick Gold Corp. 6.950% 4/01/19		30,000		36,812
BHP Billiton Finance USA Ltd. 6.500% 4/01/19		60,000		71,349
Freeport-McMoRan Copper & Gold, Inc. 8.375% 4/01/17		40,000		44,250
Rio Tinto Finance USA Ltd. 9.000% 5/01/19		90,000		120,874
Teck Resources Ltd. 9.750% 5/15/14		2,000		2,503
Teck Resources Ltd. 10.250% 5/15/16		3,000		3,712
Vale Overseas Ltd. 6.875% 11/21/36		70,000		76,999
				356,499
Oil & Gas — 1.0%
Anadarko Finance Co. Series B 7.500% 5/01/31		30,000		33,172
Anadarko Petroleum Corp. 6.375% 9/15/17		20,000		21,786
Anadarko Petroleum Corp. 6.450% 9/15/36		40,000		39,896
Apache Corp. 5.100% 9/01/40		40,000		38,865
BP Capital Markets PLC 3.125% 10/01/15		60,000		59,959
Chesapeake Energy Corp. 6.625% 8/15/20		30,000		29,550
ConocoPhillips 6.500% 2/01/39		60,000		71,346
Devon Energy Corp. 7.950% 4/15/32		30,000		39,834
Hess Corp. 6.000% 1/15/40		40,000		41,927
Hess Corp. 8.125% 2/15/19		20,000		25,267
Kerr-McGee Corp. 7.875% 9/15/31		10,000		11,463
Pemex Project Funding Master Trust 6.625% 6/15/35		111,000		112,942
Petrobras International Finance Co. 5.750% 1/20/20		22,000		22,827
Petrobras International Finance Co. 6.125% 10/06/16		26,000		28,601
QEP Resources, Inc. 6.875% 3/01/21		20,000		21,000

	Principal Amount		Value
SandRidge Energy, Inc. (c) 9.875% 5/15/16	$	30,000	$	31,725
Shell International Finance BV 6.375% 12/15/38		40,000		47,409
Total Capital SA 4.450% 6/24/20		10,000		10,365
				687,934
Oil & Gas Services — 0.0%
Cie Generale de Geophysique-Veritas 7.750% 5/15/17		10,000		10,250
Packaging & Containers — 0.1%
Ball Corp. 5.750% 5/15/21		50,000		48,375
Pharmaceuticals — 0.1%
Abbott Laboratories 5.125% 4/01/19		30,000		33,032
Pfizer, Inc. 6.200% 3/15/19		50,000		58,568
				91,600
Pipelines — 0.4%
Enterprise Products Operating LLC 6.500% 1/31/19		50,000		56,773
Kinder Morgan Energy Partners LP 6.850% 2/15/20		40,000		45,831
SemGroup Corp. (c) (f) (g) 8.750% 11/15/15		30,000		150
Southern Natural Gas Co. 8.000% 3/01/32		30,000		34,369
Williams Cos., Inc. 7.875% 9/01/21		40,000		47,214
Williams Partners LP 5.250% 3/15/20		50,000		51,830
				236,167
Retail — 0.3%
CVS Caremark Corp. 6.600% 3/15/19		60,000		70,252
CVS Caremark Corp. (c) 9.350% 1/10/23		100,000		103,054
CVS Pass-Through Trust 5.880% 1/10/28		28,842		29,319
Sears Holdings Corp. (c) 6.625% 10/15/18		10,000		9,325
				211,950
Savings & Loans — 0.3%
El Paso Performance-Linked Trust (c) 7.750% 7/15/11		40,000		40,947
ILFC E-Capital Trust II VRN (c) 6.250% 12/21/65		190,000		148,200
				189,147

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

119

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

	Principal Amount		Value
Telecommunications — 0.5%
America Movil SAB de CV 5.625% 11/15/17	$	30,000	$	32,705
AT&T, Inc. 5.800% 2/15/19		80,000		90,046
Cellco Partnership/Verizon Wireless Capital LLC 8.500% 11/15/18		40,000		52,342
Qwest Corp. 6.875% 9/15/33		10,000		9,825
Sprint Capital Corp. 8.750% 3/15/32		60,000		60,600
Telecom Italia Capital SA 5.250% 10/01/15		60,000		61,432
				306,950
Transportation — 0.1%
Kansas City Southern de Mexico SA de CV 12.500% 4/01/16		16,000		19,600
RailAmerica, Inc. 9.250% 7/01/17		32,000		35,160
				54,760
TOTAL CORPORATE DEBT (Cost $8,480,554)				7,040,519
MUNICIPAL OBLIGATIONS — 0.1%
Tennessee Valley Authority 5.250% 9/15/39		40,000		42,266
TOTAL MUNICIPAL OBLIGATIONS (Cost $39,553)				42,266
NON-U.S. GOVERNMENT AGENCY OBLIGATIONS — 2.7%
Agency Collateral CMO — 0.1%
Federal Home Loan Mortgage Corp. Multifamily Structured Pass Through Certificates, Series K007, Class X1 VRN 1.245% 4/25/20		99,432		7,459
Federal Home Loan Mortgage Corp. Multifamily Structured Pass Through Certificates, Series K009, Class X1 VRN 1.523% 8/25/20		99,914		9,141
Federal Home Loan Mortgage Corp. Multifamily Structured Pass Through Certificates, Series K008, Class X1 VRN 1.688% 6/25/20		99,787		10,335
NCUA Guaranteed Notes, Series 2010-C1, Class APT 2.650% 10/29/20		39,803		38,734
				65,669

	Principal Amount		Value
Commercial MBS — 0.3%
Extended Stay America Trust, Series 2010-ESHA, Class A (c) 2.951% 11/05/27	$	99,840	$	98,209
GS Mortgage Securities Corp. II, Series 2001-1285, Class C (c) 6.712% 8/15/18		90,000		92,066
Mach One Trust Commercial Mortgage-Backed, Series 2004-1A, Class X (Acquired 7/28/04, Cost $180,089) VRN (c) (f) 1.145% 5/28/40		1,423,527		17,367
Mutual Fund Fee Trust, Series 2000-3 (e) (g) 9.070% 7/01/08		655,398		7
				207,649
Home Equity ABS — 0.7%
MASTR Asset-Backed Securities Trust, Series 2005-AB1, Class A5A STEP 5.712% 11/25/35		660,000		274,442
Morgan Stanley Capital Inc., Series 2003-NC9, Class M FRN 1.386% 9/25/33		292,930		201,295
				475,737
Student Loans ABS — 0.0%
Residential Asset Mortgage Products, Inc., Series 2002-RS4, Class AII FRN 0.901% 8/25/32		3,043		2,357
WL Collateral CMO — 1.6%
Banc of America Funding Corp., Series 2004-B, Class 6A1 FRN 3.470% 12/20/34		120,124		73,684
Countrywide Home Loan Mortgage Pass Through Trust, Series 2005-R2, Class 2A1 7.000% 6/25/35		132,701		135,088
MASTR Reperforming Loan Trust, Series 2006-2, Class 1A1 VRN (c) 5.521% 5/25/36		230,510		206,147
MLCC Mortgage Investors, Inc., Series 2004-B, Class A3 FRN 1.574% 5/25/29		74,652		68,623
Prime Mortgage Trust, Series 2006-DR1, Class 1A2 (c) 6.000% 5/25/35		79,986		78,736
Structured Asset Securities Corp., Series 2005-RF1, Class A FRN 0.611% 3/25/35		435,152		372,869

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

120

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

	Principal Amount		Value
Structured Asset Securities Corp., Series 2005-RF3, Class 1A FRN (c) 0.611% 6/25/35	$	125,152	$	108,357
				1,043,504
TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $2,152,560)				1,794,916
SOVEREIGN DEBT OBLIGATIONS — 0.1%
Mexico Government International Bond 6.050% 1/11/40		10,000		10,225
Russia Government International Bond STEP (b) 7.500% 3/31/30		35,800		41,403
United Mexican States 6.750% 9/27/34		17,000		19,125
				70,753
TOTAL SOVEREIGN DEBT OBLIGATIONS (Cost $65,242)				70,753
U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES — 11.3%
Pass-Through Securities — 11.3%
Federal Home Loan Mortgage Corp.
Series 3738, Class BP 4.000% 12/15/38		100,000		98,775
Pool #1N2654 5.625% 11/23/35 (i)		140,000		145,759
Federal National Mortgage Association Pool #974701 4.500% 4/01/38		205,053		210,652
Pool #AD1593 4.500% 2/01/40		715,788		735,333
Pool #944103 5.763% 7/01/37		178,677		188,870
Pool #595775 6.000% 8/01/31		7,156		7,881
Pool #896048 6.000% 6/01/36		253,343		275,729
Pool #831669 6.000% 7/01/36		165,714		180,459
Pool #AE0469 6.000% 12/01/39		375,657		407,852
Pool #902990 6.500% 11/01/36		14,318		15,922
Federal National Mortgage Association Principal Strip 0.000% 2/01/19		30,000		19,447

	Principal Amount		Value
Federal National Mortgage Association TBA Pool #1438 3.500% 8/01/24 (h)	$	700,000	$	705,031
Pool #4992 4.000% 10/01/38 (h)		700,000		696,336
Pool #45488 5.500% 4/01/34 (h)		1,100,000		1,176,914
Pool #45488 5.500% 4/01/34 (h)		600,000		640,875
Pool #53506 6.000% 9/01/34 (h)		100,000		108,672
Government National Mortgage Association Series 2010-H20, Class AF 0.584% 10/20/60		139,980		139,977
Series 2010-H26, Class LF 0.604% 8/20/58		100,039		99,913
Pool #783050 5.000% 7/20/40		97,331		103,483
Pool #4772 5.000% 8/20/40		98,212		104,542
Pool #575499 6.000% 1/15/32		45,251		49,812
Pool #579631 6.000% 2/15/32		27,172		29,903
Series 2005-26, Class SC 6.489% 10/20/33		1,020,454		104,749
Pool #582351 6.500% 10/15/32		31,440		35,466
Government National Mortgage Association TBA Pool #232 4.000% 8/01/39 (h)		700,000		704,102
Pool #872 4.500% 12/01/38 (h)		300,000		311,508
Residual Funding Principal Strip 0.010% 10/15/19		180,000		133,349
				7,431,311
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (Cost $7,360,072)				7,431,311
U.S. TREASURY OBLIGATIONS — 6.2%
U.S. Treasury Bonds & Notes — 6.2%
U.S. Treasury Bond 4.375% 11/15/39		470,000		472,712
U.S. Treasury Bond 4.375% 5/15/40		170,000		170,849
U.S. Treasury Inflation Index 1.250% 7/15/20		90,255		92,541

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

121

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

	Principal Amount		Value
U.S. Treasury Inflation Index 2.125% 2/15/40	$	70,831	$	75,241
U.S. Treasury Inflation Index 2.375% 1/15/27		10,845		12,092
U.S. Treasury Inflation Index (i) 2.500% 1/15/29		346,338		394,013
U.S. Treasury Inflation Index 3.875% 4/15/29		13,304		17,880
U.S. Treasury Note 2.125% 12/31/15		220,000		221,169
U.S. Treasury Note 2.250% 11/30/17		10,000		9,725
U.S. Treasury Note 2.625% 8/15/20		50,000		47,408
U.S. Treasury Note 2.625% 11/15/20		375,000		353,760
U.S. Treasury Note 2.750% 12/31/17		70,000		70,164
U.S. Treasury Note 3.500% 5/15/20		2,080,000		2,131,025
				4,068,579
TOTAL U.S. TREASURY OBLIGATIONS (Cost $4,069,988)				4,068,579
TOTAL BONDS & NOTES (Cost $22,167,969)				20,448,344
	Units
PURCHASED OPTIONS — 0.0%
Options on Futures — 0.0%
3 Month Euribor Put, Expires 1/17/11, Strike 98.75 (United Kingdom)		2		17
TOTAL PURCHASED OPTIONS (Cost $170)				17
	Number of Shares
WARRANTS — 0.0%
Pipelines — 0.0%
SemGroup Corp., Expires 11/30/14, Strike 25.00 (a) (g)		81		-
TOTAL WARRANTS (Cost $0)				-
TOTAL LONG-TERM INVESTMENTS (Cost $61,099,223)				65,910,135

	Principal Amount		Value
SHORT-TERM INVESTMENTS — 6.4%
Repurchase Agreement — 6.1%
State Street Bank & Trust Co. Repurchase Agreement, dated 12/31/10, 0.010%, due 1/03/11 (j)	$	4,036,905	$	4,036,905
Discount Notes — 0.3%
Federal Home Loan Mortgage Corp. 0.010% 4/19/11		200,000		199,862
TOTAL SHORT-TERM INVESTMENTS (Cost $4,236,767)				4,236,767
TOTAL INVESTMENTS — 106.3% (Cost $65,335,990) (k)				70,146,902
Other Assets/(Liabilities) — (6.3)%				(4,176,869	)
NET ASSETS — 100.0%			$	65,970,033

Notes to Portfolio of Investments

ABS Asset-Backed Security

ADR American Depositary Receipt

CMO Collateralized Mortgage Obligation

EUR Euro

FRN Floating Rate Note

GDR Global Depositary Receipt

MBS Mortgage-Backed Security

STEP Step Up Bond

TBA To Be Announced

VRN Variable Rate Note

WL Whole Loan

(a) Non-income producing security.

(b) Security exempt from registration under Regulation S of the Securities Act of 1933, which exempts from registration securities offered and sold outside the United States. Security may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933. At December 31, 2010, these securities amounted to a value of $180,965 or 0.27% of net assets.

(c) Securities exempt from registration under rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2010, these securities amounted to a value of $1,609,138 or 2.44% of net assets.

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

(e) Security is currently in default due to bankruptcy or failure to make payment of principal or interest of the issuer. Income is not being accrued. At December 31, 2010, these securities amounted to a value of $276,112 or 0.42% of net assets.

(f) Restricted security. Certain securities are restricted as to resale. At December 31, 2010, these securities amounted to a value of $243,369 or 0.37% of net assets. The Fund generally bears the costs, if any, associated with the disposition of restricted securities.

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

122

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

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

(h) A portion of this security is purchased on a when-issued, delayed-delivery or forward commitment basis. (Note 2).

(i) A portion of this security is held as collateral for open futures contracts and written options outstanding. (Note 2).

(j) Maturity value of $4,036,909. Collateralized by U.S. Government Agency obligations with a rate of 4.000%, maturity dates ranging from 12/15/17 - 5/15/39, and an aggregate market value, including accrued interest, of $4,125,358.

(k) See Note 6 for aggregate cost for federal tax purposes.

Notes to Portfolio of Investments (continued)

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

123

MassMutual Select Global Allocation Fund – Portfolio of Investments

December 31, 2010

	Number of Shares		Value
EQUITIES — 59.0%
COMMON STOCK — 57.7%
Aerospace & Defense — 0.8%
The Boeing Co.		15,874	$	1,035,937
L-3 Communications Holdings, Inc.		900		63,441
Lockheed Martin Corp.		11,300		789,983
Northrop Grumman Corp.		8,590		556,460
Raytheon Co.		5,730		265,528
Spirit AeroSystems Holdings, Inc. Class A (a)		28,451		592,066
United Technologies Corp.		13,733		1,081,062
				4,384,477
Agriculture — 0.7%
Altria Group, Inc.		23,570		580,294
British American Tobacco Malaysia		13,400		195,531
British American Tobacco PLC		8,323		320,548
Chaoda Modern Agriculture Holdings Ltd.		822,339		619,078
Cresud SA Sponsored ADR (Argentina) (a)		6,100		115,778
IOI Corp.		61,400		115,598
KT&G Corp. (a)		7,805		449,865
Lorillard, Inc.		2,732		224,188
Philip Morris International, Inc.		14,645		857,172
SLC Agricola SA		43,300		574,042
				4,052,094
Airlines — 0.0%
Southwest Airlines Co.		3,500		45,430
Apparel — 0.0%
China Dongxiang Group Co.		373,548		163,142
Auto Manufacturers — 1.0%
Bayerische Motoren Werke AG		2,000		157,531
Daihatsu Motor Co. Ltd.		17,650		270,832
Dongfeng Motor Group Co. Ltd. Class H		67,800		116,725
Ford Motor Co. (a)		39,500		663,205
Fuji Heavy Industries Ltd.		76,030		589,870
General Motors Co. (a)		33,500		1,234,810
Guangzhou Automobile Group Co. Ltd.		239,383		331,216
Honda Motor Co. Ltd.		18,860		746,013
Suzuki Motor Corp.		49,237		1,212,531
Toyota Motor Corp.		12,910		508,793
				5,831,526
Automotive & Parts — 0.5%
Aisin Seiki Co. Ltd.		9,940		351,724
Autoliv, Inc.		900		71,046
BorgWarner, Inc. (a)		2,000		144,720
Bridgestone Corp.		9,400		181,641

	Number of Shares		Value
Cheng Shin Rubber Industry Co. Ltd.		83,750	$	186,414
Denso Corp.		11,370		392,373
Futaba Industrial Co. Ltd. (a)		21,510		156,006
Magna International, Inc. Class A		1,300		67,600
Mando Corp. (a)		600		68,934
Sumitomo Electric Industries Ltd.		21,800		302,807
Toyota Industries Corp.		25,821		801,649
TRW Automotive Holdings Corp. (a)		1,300		68,510
				2,793,424
Banks — 3.5%
Banco Bilbao Vizcaya Argentaria SA		15,100		153,098
Banco do Brasil SA		5,600		106,022
Banco Macro SA Class B Sponsored ADR (Argentina)		2,300		115,460
Banco Santander Brasil SA		20,000		272,096
Banco Santander Chile Sponsored ADR (Chile)		2,800		261,716
Banco Santander SA		74,600		794,427
Bank of America Corp.		140,978		1,880,646
The Bank of Kyoto Ltd.		24,490		232,310
Bank of New York Mellon Corp.		43,769		1,321,824
BNP Paribas		8,400		537,462
Capital One Financial Corp.		900		38,304
DBS Group Holdings Ltd.		24,000		267,775
DnB NOR ASA		27,100		380,919
HSBC Holdings PLC		29,600		302,922
HSBC Holdings PLC		110,976		1,131,303
Intesa Sanpaolo		119,300		324,256
Lloyds Banking Group PLC (a)		438,400		449,765
Mitsubishi UFJ Financial Group, Inc.		105,410		570,003
Northern Trust Corp.		8,149		451,536
Oversea-Chinese Banking Corp. Ltd.		99,900		768,973
Sberbank of Russian Federation		446,800		1,522,260
Siam Commercial Bank PCL		134,116		459,920
Standard Chartered PLC		11,250		303,012
State Bank of India		11,280		708,534
State Street Corp.		13,218		612,522
Sumitomo Mitsui Financial Group, Inc.		11,930		424,989
Turkiye Garanti Bankasi AS		92,836		472,055
U.S. Bancorp		48,887		1,318,482
UniCredit SpA		272,100		563,997
United Overseas Bank Ltd.		13,100		185,762
Wells Fargo & Co.		92,531		2,867,536
				19,799,886
Beverages — 0.7%
China Huiyuan Juice Group Ltd.		69,000		47,131
Coca-Cola Central Japan Co. Ltd.		3,221		43,105
The Coca-Cola Co.		7,091		466,375
Coca-Cola Enterprises, Inc.		2,600		65,078
Coca-Cola West Co. Ltd.		8,880		160,956

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

124

MassMutual Select Global Allocation Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
Constellation Brands, Inc. Class A (a)		5,199	$	115,158
Diageo PLC Sponsored ADR (United Kingdom)		15,904		1,182,144
Dr. Pepper Snapple Group, Inc.		5,500		193,380
Fomento Economico Mexicano SAB de CV Series B Sponsored ADR (Mexico)		3,600		201,312
Fraser and Neave Ltd.		105,400		526,371
Hokkaido Coca-Cola Bottling Co. Ltd.		4,700		23,637
Kirin Holdings Co. Ltd.		40,000		561,207
Mikuni Coca-Cola Bottling Co. Ltd.		11,900		108,212
Molson Coors Brewing Co. Class B		1,400		70,266
				3,764,332
Biotechnology — 0.5%
Amgen, Inc. (a)		11,618		637,828
Biogen Idec, Inc. (a)		1,000		67,050
Celgene Corp. (a)		5,000		295,700
CSL Ltd.		18,521		686,783
Daikin Industries Ltd.		1,800		63,834
Genzyme Corp. (a)		10,147		722,466
Life Technologies Corp. (a)		8,405		466,478
				2,940,139
Building Materials — 0.1%
Rinnai Corp.		4,500		275,044
Chemicals — 2.0%
Agrium, Inc.		6,100		559,675
BASF SE		2,800		223,873
Bayer AG Sponsored ADR (Germany)		400		29,344
CF Industries Holdings, Inc.		11,100		1,500,165
China BlueChemical Ltd.		306,600		221,346
The Dow Chemical Co.		27,061		923,863
Eastman Chemical Co.		900		75,672
EI du Pont de Nemours & Co.		18,656		930,561
FMC Corp.		19,719		1,575,351
Hitachi Chemical Co. Ltd.		18,600		385,058
The Lubrizol Corp.		600		64,128
Potash Corporation of Saskatchewan, Inc.		2,200		340,626
PPG Industries, Inc.		800		67,256
Praxair, Inc.		3,295		314,574
PTT Chemical PCL		153,692		748,813
Samsung Fine Chemicals Co. Ltd.		4,000		292,105
Shin-Etsu Chemical Co. Ltd.		21,288		1,153,391
Sociedad Quimica y Minera de Chile SA Sponsored ADR (Chile)		5,500		321,310
Sumitomo Chemical Co. Ltd.		274,670		1,353,090
Ube Industries Ltd.		129,600		389,360
Uralkali GDR (Russia) (b)		1,100		40,392
				11,509,953

	Number of Shares		Value
Coal — 0.6%
Alliance Resource Partners LP		4,660	$	306,441
Bumi Resources Tbk PT		1,213,400		406,648
China Shenhua Energy Co. Ltd.		69,838		292,796
CONSOL Energy, Inc.		44,320		2,160,157
Kuzbassrazrezugol (a)		632,300		246,597
Mongolian Mining Corp. (a)		129,900		151,507
				3,564,146
Commercial Services — 0.2%
Donnelley (R.R.) & Sons Co.		1,949		34,049
Jiangsu Expressway Co. Ltd.		42,500		48,719
McKesson Corp.		9,122		642,006
PLUS Expressways		330,181		483,485
Western Union Co.		2,600		48,282
Xiamen International Port Co. Ltd.		470,700		91,912
				1,348,453
Computers — 2.9%
Accenture PLC Class A		949		46,017
Apple, Inc. (a)		18,087		5,834,143
Asustek Computer		14,700		139,599
Cognizant Technology Solutions Corp. Class A (a)		3,000		219,870
Compal Electronics, Inc.		66,282		87,618
Computer Sciences Corp.		2,430		120,528
Dell, Inc. (a)		83,732		1,134,569
EMC Corp. (a)		34,800		796,920
Fujitsu		16,210		112,805
Hewlett-Packard Co.		45,768		1,926,833
HTC Corp.		36,100		1,113,650
International Business Machines Corp.		26,548		3,896,184
Lexmark International, Inc. Class A (a)		4,475		155,820
Research In Motion Ltd. (a)		1,100		63,943
SanDisk Corp. (a)		4,515		225,118
Seagate Technology (a)		2,200		33,066
TDK Corp.		5,080		353,338
Teradata Corp. (a)		2,178		89,646
Western Digital Corp. (a)		3,579		121,328
				16,470,995
Cosmetics & Personal Care — 0.5%
Colgate-Palmolive Co.		11,423		918,066
The Procter & Gamble Co.		32,214		2,072,327
				2,990,393
Distribution & Wholesale — 0.6%
Adani Enterprises Ltd.		42,100		609,986
Mitsubishi Corp.		63,520		1,719,124
Mitsui & Co. Ltd.		73,952		1,221,111
				3,550,221

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

125

MassMutual Select Global Allocation Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
Diversified Financial — 1.8%
Ameriprise Financial, Inc.		1,200	$	69,060
Citigroup, Inc. (a)		473,471		2,239,518
Credit Suisse Group		7,100		286,703
Credit Suisse Group Sponsored ADR (Switzerland)		1,000		40,410
The Goldman Sachs Group, Inc.		9,607		1,615,513
Guinness Peat Group		458,370		256,805
Housing Development Finance Corp. Ltd.		63,570		1,037,170
JPMorgan Chase & Co.		70,662		2,997,482
Morgan Stanley		34,289		933,004
Nomura Holdings, Inc.		40,110		254,394
Rhj International (a) (c)		11,800		97,983
UBS AG (a)		22,900		376,143
				10,204,185
Electric — 1.5%
Adani Power Ltd. (a)		132,300		384,451
The AES Corp. (a)		27,473		334,621
American Electric Power Co., Inc.		12,794		460,328
Cia Energetica de Minas Gerais Sponsored ADR (Brazil)		8,820		146,324
CMS Energy Corp.		13,506		251,212
Edison International		1,800		69,480
Entergy Corp.		7,167		507,639
Exelon Corp.		15,506		645,670
Fortum OYJ		12,400		377,032
International Power PLC		52,400		357,886
National Grid PLC		87,000		758,822
NextEra Energy, Inc.		15,421		801,738
NRG Energy, Inc. (a)		6,100		119,194
Pampa Energia SA Sponsored ADR (Argentina) (a)		7,400		125,800
PG&E Corp.		7,019		335,789
Power Grid Corp. of India Ltd.		14,537		31,954
PPL Corp.		21,065		554,431
RusHydro (a)		837,700		44,984
RusHydro Sponsored ADR (Russia) (a)		222,700		1,213,715
The Southern Co.		7,175		274,300
Tenaga Nasional		108,300		293,632
Wisconsin Energy Corp.		615		36,199
YTL Power International Bhd		828,305		655,204
				8,780,405
Electrical Components & Equipment — 0.4%
Bharat Heavy Electricals Ltd.		21,290		1,110,911
Delta Electronics, Inc.		155,000		757,418
Energizer Holdings, Inc. (a)		600		43,740
Hitachi Ltd.		33,200		177,286
				2,089,355

	Number of Shares		Value
Electronics — 0.9%
Agilent Technologies, Inc. (a)		10,700	$	443,301
Fanuc Ltd.		2,450		376,146
Garmin Ltd.		1,400		43,386
Hana Microelectronics PCL		127,299		105,572
Hon Hai Precision Industry Co. Ltd.		77,280		310,957
Hoya Corp.		28,520		692,601
Koninklijke Philips Electronics NV		12,600		386,657
Koninklijke Philips Electronics NV Sponsored ADR (Netherlands)		2,000		61,400
LG Display Co. Ltd.		6,100		214,451
Mettler-Toledo, Inc. (a)		2,083		314,970
Murata Manufacturing Co. Ltd.		8,070		565,532
NGK Insulators Ltd.		17,700		288,768
Nippon Electric Glass Co. Ltd.		13,390		193,187
Pegatron Corp. (a)		39,565		56,974
PerkinElmer, Inc.		9,500		245,290
Tyco Electronics Ltd.		4,400		155,760
Waters Corp. (a)		6,043		469,602
				4,924,554
Engineering & Construction — 0.5%
JGC Corp.		29,530		641,655
KBR, Inc.		13,785		420,029
Kinden Corp.		22,440		207,363
Larsen & Toubro Ltd.		8,900		393,608
McDermott International, Inc. (a)		31,203		645,590
Okumura Corp.		77,230		294,020
Toda Corp.		71,600		266,357
URS Corp. (a)		700		29,127
				2,897,749
Entertainment — 0.1%
International Game Technology		22,232		393,284
Paradise Co. Ltd. (a)		25,400		90,470
Toho Co. Ltd		17,250		277,111
				760,865
Foods — 1.1%
BIM Birlesik Magazalar AS		12,100		412,666
ConAgra Foods, Inc.		8,000		180,640
Cosan Ltd. Class A		39,200		533,904
General Mills, Inc.		21,100		750,949
H.J. Heinz Co.		5,082		251,356
Kraft Foods, Inc. Class A		37,394		1,178,285
Nestle SA		25,757		1,509,992
Ralcorp Holdings, Inc. (a)		1,200		78,012
Safeway, Inc.		1,396		31,396
Sara Lee Corp.		54,747		958,620
SUPERVALU, Inc.		2,600		25,038
Unilever NV NY Shares		4,000		125,600
Unilever PLC		7,900		241,676
Unilever PLC Sponsored ADR (United Kingdom)		4,700		145,136
				6,423,270

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

126

MassMutual Select Global Allocation Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
Forest Products & Paper — 0.2%
Domtar Corp.		4,200	$	318,864
International Paper Co.		6,726		183,216
MeadWestvaco Corp.		2,000		52,320
Sino-Forest Corp. (a)		32,440		759,553
				1,313,953
Gas — 0.4%
Beijing Enterprises Holdings Ltd.		220,622		1,360,565
China Resources Gas Group Ltd.		132,000		191,191
Sempra Energy		1,100		57,728
Tokyo Gas Co. Ltd.		132,988		589,975
				2,199,459
Health Care – Products — 1.3%
CareFusion Corp. (a)		1,258		32,331
Cie Generale d’Optique Essilor International SA		12,577		811,276
Covidien PLC		7,349		335,555
Hologic, Inc. (a)		50,797		956,000
Johnson & Johnson		56,440		3,490,814
Medtronic, Inc.		30,500		1,131,245
Mindray Medical International Ltd. ADR (Cayman Islands)		2,900		76,560
Stryker Corp.		800		42,960
Terumo Corp.		4,740		266,741
				7,143,482
Health Care – Services — 0.9%
Aetna, Inc.		29,038		885,950
CIGNA Corp.		11,405		418,107
DaVita, Inc. (a)		7,700		535,073
HealthSouth Corp. (a)		13,934		288,573
Humana, Inc. (a)		10,522		575,974
Life Healthcare Group Holdings Ltd.		96,700		217,985
Thermo Fisher Scientific, Inc. (a)		11,945		661,275
UnitedHealth Group, Inc.		18,600		671,646
WellPoint, Inc. (a)		20,455		1,163,071
				5,417,654
Holding Company – Diversified — 0.5%
Hutchison Whampoa Ltd.		49,600		511,567
Keppel Corp. Ltd.		85,420		753,325
LG Corp. (a)		3,400		261,412
Noble Group Ltd.		84,954		143,611
Tianjin Development Holdings (a)		951,403		900,098
Wharf Holdings Ltd.		66,100		507,891
				3,077,904
Home Builders — 0.3%
Daiwa House Industry Co. Ltd.		21,480		263,454
MRV Engenharia e Participacoes SA		59,500		559,772
Sekisui House Ltd.		62,490		631,121
				1,454,347

	Number of Shares		Value
Home Furnishing — 0.0%
Sony Corp. Sponsored ADR (Japan)		900	$	32,139
Whirlpool Corp.		400		35,532
				67,671
Household Products — 0.3%
Hypermarcas SA (a)		125,300		1,701,043
Kimberly-Clark Corp.		500		31,520
				1,732,563
Insurance — 2.4%
ACE Ltd.		20,936		1,303,266
AIA Group Ltd. (a)		72,000		202,386
Allianz SE		1,400		166,735
Allstate Corp.		6,123		195,201
Arch Capital Group Ltd. (a)		3,567		314,074
Assicurazioni Generali SpA		3,400		64,770
AXA SA Sponsored ADR (France)		400		6,660
Axis Capital Holdings Ltd.		1,878		67,383
China Life Insurance Co. Ltd.		78,400		319,185
China Life Insurance Co. Ltd. Sponsored ADR (China)		5,499		336,374
China Pacific Insurance Group Co. Ltd.		14,500		60,092
The Chubb Corp.		10,100		602,364
CNA Financial Corp. (a)		1,500		40,575
Endurance Specialty Holdings Ltd.		10,396		478,944
Fidelity National Financial, Inc. Class A		47,402		648,459
Korean Reinsurance Co.		4,284		44,529
Lincoln National Corp.		1,600		44,496
Meritz Fire & Marine Insurance Co. Ltd.		4,300		33,307
MetLife, Inc.		5,088		226,111
Millea Holdings, Inc.		52,275		1,562,626
Mitsui Sumitomo Insurance Group Holdings, Inc.		39,866		999,342
NKSJ Holdings, Inc. (a)		98,090		722,267
PartnerRe Ltd.		2,057		165,280
Ping An Insurance Group Co. of China Ltd.		23,581		262,927
Platinum Underwriters Holdings Ltd.		4,371		196,564
Powszechny Zaklad Ubezpieczen SA		1,100		132,377
Principal Financial Group, Inc.		5,644		183,769
The Progressive Corp.		13,169		261,668
Prudential PLC		9,700		101,201
RenaissanceRe Holdings Ltd.		4,394		279,854
Sony Financial Holdings, Inc.		49		198,271
Transatlantic Holdings, Inc.		2,667		137,671
The Travelers Cos., Inc.		20,785		1,157,932
Unum Group		1,531		37,081
Validus Holdings Ltd.		6,584		201,536
Xl Group PLC		62,742		1,369,030
Zurich Financial Services AG		1,519		393,740
				13,518,047

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

127

MassMutual Select Global Allocation Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
Internet — 0.5%
AOL, Inc. (a)		614	$	14,558
Check Point Software Technologies Ltd. (a)		1,600		74,016
eBay, Inc. (a)		13,747		382,579
Expedia, Inc.		1,796		45,062
Google, Inc. Class A (a)		3,090		1,835,367
Liberty Media Holding Corp. Interactive Class A (a)		600		9,462
Sohu.com, Inc. (a)		900		57,141
Symantec Corp. (a)		35,418		592,897
VeriSign, Inc.		2,100		68,607
				3,079,689
Investment Companies — 0.1%
Cheung Kong Infrastructure Holdings Ltd.		52,900		241,965
RHJ International (a)		52,900		439,461
				681,426
Iron & Steel — 0.2%
Magnitogorsk Iron & Steel Works GDR (Russia) (b)		17,900		260,445
POSCO		700		299,789
POSCO ADR (Republic of Korea)		3,000		323,070
Shougang Concord International Enterprises Co. Ltd. (a)		542,200		78,791
				962,095
Lodging — 0.0%
Wyndham Worldwide Corp.		1,600		47,936
Machinery – Construction & Mining — 0.1%
Ingersoll-Rand PLC		1,000		47,090
Komatsu Ltd.		12,500		378,166
Tadano Ltd.		7,900		42,521
				467,777
Machinery – Diversified — 0.2%
CNH Global NV (a)		1,300		62,062
Eaton Corp.		600		60,906
Kubota Corp.		103,620		981,235
				1,104,203
Manufacturing — 1.0%
3M Co.		9,565		825,460
Cheil Industries, Inc. (a)		2,700		266,730
General Electric Co.		198,573		3,631,900
Pall Corp.		2,700		133,866
Parker Hannifin Corp.		600		51,780
Siemens AG		4,300		533,555
Tyco International Ltd.		4,300		178,192
				5,621,483

	Number of Shares		Value
Media — 1.1%
Charter Communications, Inc. Class A (a)		1,900	$	73,986
Comcast Corp. Class A		71,306		1,566,593
Discovery Communications, Inc., Series A (a)		400		16,680
Discovery Communications, Inc., Series C (a)		400		14,676
DISH Network Corp. Class A (a)		7,815		153,643
Kabel Deutschland Holding AG (a)		8,200		383,311
Liberty Global, Inc. Class A (a)		1,900		67,222
The McGraw-Hill Cos., Inc.		1,900		69,179
News Corp. Class A		27,700		403,312
Rogers Communications, Inc. Class B		11,700		405,171
Singapore Press Holdings Ltd.		59,090		183,257
Time Warner Cable, Inc.		3,704		244,575
Time Warner, Inc.		7,228		232,525
Viacom, Inc. Class B		28,496		1,128,726
Vivendi		19,900		539,312
The Walt Disney Co.		15,000		562,650
				6,044,818
Metal Fabricate & Hardware — 0.1%
Catcher Technology Co. Ltd.		29,000		107,296
Precision Castparts Corp.		3,785		526,910
Tenaris SA Sponsored ADR (Luxembourg)		1,300		63,674
				697,880
Mining — 4.0%
Alamos Gold, Inc.		33,450		636,246
Anglo American PLC		15,500		808,016
Anglo Platinum Ltd. (a)		1,104		116,295
AngloGold Ashanti Ltd. Sponsored ADR (South Africa)		2,600		127,998
Antofagasta PLC		26,100		657,882
Barrick Gold Corp.		43,950		2,337,261
BHP Billiton Ltd.		46,818		2,177,820
Eldorado Gold Corp.		74,287		1,381,632
Freeport-McMoRan Copper & Gold, Inc.		8,193		983,897
Goldcorp, Inc.		44,315		2,037,604
IAMGOLD Corp.		50,792		904,098
IAMGOLD Corp.		24,433		435,997
Impala Platinum Holdings Ltd.		4,000		141,408
Katanga Mining Ltd. (a)		67,840		97,528
Kinross Gold Corp.		23,853		452,253
Kinross Gold Corp.		85,344		1,622,454
MMC Norilsk Nickel Sponsored ADR (Russia)		14,600		345,849
Newcrest Mining Ltd.		44,530		1,842,012
Newmont Mining Corp.		30,890		1,897,573

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

128

MassMutual Select Global Allocation Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
Polyus Gold Co. Sponsored ADR (Russia)		34,300	$	1,250,235
Rio Tinto Ltd.		13,322		1,164,243
Silver Wheaton Corp. (a)		27,500		1,073,600
Teck Resources Ltd. Class B		1,240		76,669
				22,568,570
Office Equipment/Supplies — 0.3%
Canon, Inc.		20,355		1,044,328
Pitney Bowes, Inc.		1,383		33,441
Xerox Corp.		65,867		758,788
				1,836,557
Oil & Gas — 6.8%
Anadarko Petroleum Corp.		12,940		985,510
Apache Corp.		8,900		1,061,147
BG Group PLC		58,500		1,184,113
BP PLC		102,898		754,238
BP PLC Sponsored ADR (United Kingdom)		21,200		936,404
Canadian Natural Resources Ltd.		17,400		772,908
Cenovus Energy, Inc.		500		16,620
Chevron Corp.		39,663		3,619,249
Cimarex Energy Co.		800		70,824
ConocoPhillips		33,331		2,269,841
Daylight Energy Ltd.		58,020		602,540
Devon Energy Corp.		14,501		1,138,473
Eni SpA		42,900		939,514
ENSCO PLC ADR (United Kingdom)		900		48,042
EOG Resources, Inc.		6,400		585,024
EXCO Resources, Inc.		57,980		1,125,972
Exxon Mobil Corp.		87,434		6,393,174
Gazprom OAO Sponsored ADR (Russia)		26,200		662,042
Hess Corp.		10,422		797,700
Inpex Corp.		163		954,210
KazMunaiGas Exploration Production GDR (Kazakhstan)		39,900		791,217
Marathon Oil Corp.		29,781		1,102,790
Murphy Oil Corp.		3,989		297,380
Noble Corp.		1,100		39,347
Occidental Petroleum Corp.		17,738		1,740,098
OGX Petroleo e Gas Participacoes SA (a)		24,700		297,603
Petroleo Brasileiro SA Sponsored ADR (Brazil)		94,527		3,229,988
Pride International, Inc. (a)		1,000		33,000
PTT PCL		38,749		411,074
Reliance Industries Ltd.		31,120		736,255
Rosneft Oil Co. GDR (Russia) (b)		81,200		581,392
Royal Dutch Shell PLC ADR (United Kingdom)		8,804		587,931
Sasol Ltd.		1,700		89,345

	Number of Shares		Value
SM Energy Co.		12,110	$	713,642
Statoil ASA		18,300		435,640
Suncor Energy, Inc.		9,605		369,638
Talisman Energy, Inc.		7,900		175,679
Total SA		15,071		802,112
Total SA Sponsored ADR (France)		14,100		754,068
Tupras Turkiye Petrol Rafine		12,300		308,498
Valero Energy Corp.		19,435		449,337
				38,863,579
Oil & Gas Services — 1.1%
Complete Production Services, Inc. (a)		11,025		325,789
Global Industries Ltd. (a)		58,843		407,782
Halliburton Co.		26,000		1,061,580
National Oilwell Varco, Inc.		18,800		1,264,300
Schlumberger Ltd.		24,605		2,054,518
Technip SA		1,400		129,811
Transocean Ltd. (a)		8,400		583,884
Weatherford International Ltd. (a)		22,245		507,186
				6,334,850
Packaging & Containers — 0.1%
Ball Corp.		1,000		68,050
Crown Holdings, Inc. (a)		7,900		263,702
				331,752
Pharmaceuticals — 3.4%
Abbott Laboratories		24,350		1,166,608
Allergan, Inc.		3,200		219,744
AmerisourceBergen Corp.		9,702		331,032
Astellas Pharma, Inc.		7,170		273,353
AstraZeneca PLC Sponsored ADR (United Kingdom)		1,200		55,428
Bayer AG		4,500		333,284
Bristol-Myers Squibb Co.		134,288		3,555,946
Cardinal Health, Inc.		1,777		68,077
Cephalon, Inc. (a)		4,400		271,568
Dainippon Sumitomo Pharma Co. Ltd.		1,000		9,075
Eli Lilly & Co.		8,100		283,824
Endo Pharmaceuticals Holdings, Inc. (a)		2,418		86,347
Forest Laboratories, Inc. (a)		3,455		110,491
Gilead Sciences, Inc. (a)		16,782		608,180
GlaxoSmithKline PLC ADR (United Kingdom)		1,600		62,752
Hospira, Inc. (a)		800		44,552
King Pharmaceuticals, Inc. (a)		3,337		46,885
Kyowa Hakko Kirin Co. Ltd.		25,810		265,781
Mead Johnson Nutrition Co. Class A		16,632		1,035,342
Medco Health Solutions, Inc. (a)		13,335		817,035
Merck & Co., Inc.		61,696		2,223,524
Mitsubishi Tanabe Pharma Corp.		14,100		238,272

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

129

MassMutual Select Global Allocation Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
Mylan, Inc. (a)		33,830	$	714,828
Novartis AG		12,990		765,005
Perrigo Co.		6,900		436,977
Pfizer, Inc.		150,868		2,641,699
PharMerica Corp. (a)		200		2,290
Roche Holding AG		3,220		472,407
Sanofi-Aventis		9,100		585,661
Sanofi-Aventis ADR (France)		1,700		54,791
Shionogi & Co. Ltd.		16,860		332,225
Shire PLC Sponsored ADR (United Kingdom)		400		28,952
Sinopharm Group Co.		73,800		257,076
Teva Pharmaceutical Industries Ltd. Sponsored ADR (Israel)		16,485		859,363
				19,258,374
Pipelines — 0.2%
China Gas Holdings Ltd. (d)		70,200		30,615
El Paso Corp.		94,197		1,296,151
The Williams Cos., Inc.		2,200		54,384
				1,381,150
Real Estate — 0.6%
AFI Development PLC GDR (Cyprus) (a) (b)		74,000		78,776
Capitaland Ltd.		66,800		193,862
Cheung Kong Holdings		28,300		435,191
Cyrela Brazil Realty SA		53,700		707,125
Global Logistic Properties Ltd. (a)		46,900		78,924
IRSA Inversiones y Representaciones SA Sponsored ADR (Argentina)		6,800		109,412
LSR Group GDR (Russia) (a) (c)		79,800		526,680
NTT Urban Development Corp.		100		98,533
The St. Joe Co. (a)		53,500		1,168,975
				3,397,478
Real Estate Investment Trusts (REITS) — 0.3%
General Growth Properties, Inc.		10,700		165,636
Japan Real Estate Investment Corp.		9		93,405
Japan Retail Fund Investment Corp.		20		38,383
The Link REIT		286,933		891,289
Nippon Building Fund, Inc.		12		123,164
Parkway Life REIT		5,800		7,460
Simon Property Group, Inc.		3,400		338,266
				1,657,603
Retail — 0.8%
Advance Auto Parts, Inc.		877		58,013
CVS Caremark Corp.		19,812		688,863
Darden Restaurants, Inc.		900		41,796
The Gap, Inc.		3,084		68,280
Limited Brands, Inc.		2,142		65,824
Macy’s, Inc.		2,100		53,130
McDonald’s Corp.		7,954		610,549
Polo Ralph Lauren Corp.		600		66,552

	Number of Shares		Value
Ports Design Ltd.		1,200	$	3,307
Ross Stores, Inc.		900		56,925
Seven & I Holdings Co. Ltd.		20,214		540,336
Target Corp.		900		54,117
The TJX Cos., Inc.		1,100		48,829
Wal-Mart Stores, Inc.		35,252		1,901,140
Zhongsheng Group Holdings Ltd. (a)		156,900		336,193
				4,593,854
Semiconductors — 1.0%
Advanced Micro Devices, Inc. (a)		81,700		668,306
Altera Corp.		1,900		67,602
Analog Devices, Inc.		1,800		67,806
Broadcom Corp. Class A		5,432		236,564
Intel Corp.		62,028		1,304,449
Lam Research Corp. (a)		1,300		67,314
MediaTek, Inc.		14,027		200,154
Micron Technology, Inc. (a)		4,500		36,090
National Semiconductor Corp.		2,224		30,602
Rohm Co. Ltd.		5,760		376,253
Samsung Electronics Co. Ltd.		1,400		1,169,934
Taiwan Semiconductor Manufacturing Co. Ltd.		317,000		771,637
Texas Instruments, Inc.		29,734		966,355
				5,963,066
Shipbuilding — 0.0%
SembCorp Marine Ltd.		56,430		236,059
Software — 1.5%
Adobe Systems, Inc. (a)		6,000		184,680
Autodesk, Inc. (a)		1,700		64,940
BMC Software, Inc. (a)		1,900		89,566
CA, Inc.		39,749		971,466
Electronic Arts, Inc. (a)		26,413		432,645
Fidelity National Information Services, Inc.		1,496		40,975
Intuit, Inc. (a)		1,400		69,020
Microsoft Corp. (e)		174,253		4,865,144
Oracle Corp.		61,741		1,932,493
				8,650,929
Telecommunications — 5.6%
Amdocs Ltd. (a)		1,557		42,771
America Movil SAB de C.V. Sponsored ADR (Mexico)		15,000		860,100
American Tower Corp. Class A (a)		10,329		533,390
AT&T, Inc. (e)		112,034		3,291,559
Axiata Group (a)		166,400		256,182
BCE, Inc.		1,500		53,190
BT Group PLC		164,600		464,787
CenturyTel, Inc.		7,259		335,148
China Communications Services Corp. Ltd.		4,800		2,855
China Mobile Ltd.		156,400		1,553,394

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

130

MassMutual Select Global Allocation Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
China Telecom Corp. Ltd. Class H		409,300	$	212,486
China Unicom Ltd.		140,500		200,354
Chunghwa Telecom Co. Ltd.		139,636		354,816
Chunghwa Telecom Co. Ltd. Sponsored ADR (Taiwan)		27,130		685,575
Cisco Systems, Inc. (a)		67,162		1,358,687
Comverse Technology, Inc. (a)		31,667		229,902
Corning, Inc.		74,808		1,445,291
Deutsche Telekom AG Sponsored ADR (Germany)		3,000		38,400
Far EasTone Telecommunications Co. Ltd.		187,000		271,274
France Telecom SA		29,287		612,797
General Communication, Inc. Class A (a)		3,200		40,512
Harris Corp.		1,400		63,420
KDDI Corp.		173		999,539
Koninklijke KPN NV		18,044		264,112
KT Corp.		1,720		70,523
KT Corp. Sponsored ADR (Republic of Korea)		26,460		550,368
Millicom International Cellular SA		1,500		143,400
MobileOne Ltd.		140,300		256,882
Motorola, Inc. (a)		62,700		568,689
NII Holdings, Inc. (a)		1,100		49,126
Nippon Telegraph & Telephone Corp.		11,770		538,912
Nokia OYJ Sponsored ADR (Finland)		3,800		39,216
NTT DoCoMo, Inc.		1,137		1,986,838
Philippine Long Distance Telephone Co. Sponsored ADR (Philippines)		4,200		244,734
Polycom, Inc. (a)		18,625		726,002
QUALCOMM, Inc.		48,945		2,422,288
Qwest Communications International, Inc.		112,235		854,108
Singapore Telecommunications Ltd.		256,728		617,493
SK Telecom Co. Ltd.		3,230		493,748
Swisscom AG		700		308,174
Telecom Argentina SA Sponsored ADR (Argentina)		2,300		57,247
Telecom Egypt		127,924		399,743
Telecom Italia SpA		130,400		168,964
Telefonica SA		16,290		370,793
Telefonica SA Sponsored ADR (Spain)		2,400		164,208
Telekom Austria AG		8,800		124,037
Telekom Malaysia		72,400		82,401
Telekomunikasi Indonesia Tbk PT		485,400		429,445
Telstra Corp. Ltd.		93,016		265,522
TELUS Corp.		4,600		210,323
Turk Telekomunikasyon AS		72,420		306,025
Turkcell Iletisim Hizmetleri AS		31,154		213,589
Verizon Communications, Inc.		64,309		2,300,976

	Number of Shares		Value
VimpelCom Ltd. Sponsored ADR (Bermuda)		27,400	$	412,096
Vivo Participacoes SA Sponsored ADR (Brazil)		36,500		1,189,535
Vodafone Group PLC		307,800		801,730
Vodafone Group PLC Sponsored ADR (United Kingdon)		22,700		599,961
Windstream Corp.		6,516		90,833
				32,228,470
Textiles — 0.1%
Kuraray Co. Ltd.		22,910		328,413
Toys, Games & Hobbies — 0.1%
Mattel, Inc.		18,427		468,599
Nintendo Co. Ltd.		930		273,065
				741,664
Transportation — 1.2%
All America Latina Logistica SA Sponsored ADR (Brazil)		26,600		240,443
Canadian Pacific Railway Ltd.		8,002		518,610
Canadian Pacific Railway Ltd.		8,362		543,231
China South Locomotive and Rolling Stock Corp.		123,700		162,225
Container Corp. of India Ltd.		3,660		104,017
East Japan Railway		19,372		1,260,320
Guangshen Railway Co. Ltd.		497,800		194,443
Mitsui O.S.K. Lines Ltd.		37,450		255,488
Novorossiysk Commercial Sea Port GDR (Russia) (b)		65,600		656,000
Ryder System, Inc.		1,000		52,640
Tianjin Port Development Holdings Ltd.		1,485,500		351,041
Union Pacific Corp.		23,902		2,214,759
Viterra, Inc. (a)		13,600		126,880
West Japan Railway Co.		110		411,519
				7,091,616
Water — 0.1%
American Water Works Co., Inc.		11,777		297,840
TOTAL COMMON STOCK (Cost $296,150,196)				329,958,249
CONVERTIBLE PREFERRED STOCK — 0.2%
Agriculture — 0.0%
Bunge Ltd. 4.875%		1,100		103,400
Insurance — 0.0%
XL Group PLC 10.750%		3,400		105,944
Oil & Gas — 0.0%
Apache Corp. Class D 6.000%		2,450		162,337

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

131

MassMutual Select Global Allocation Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
Pipelines — 0.2%
El Paso Corp. (c) 4.990%		100	$	117,625
El Paso Corp. 4.990%		618		726,923
				844,548
Savings & Loans — 0.0%
Omnicare Capital Trust II 4.000%		4,900		189,630
TOTAL CONVERTIBLE PREFERRED STOCK (Cost $1,123,937)				1,405,859
PREFERRED STOCK — 1.1%
Auto Manufacturers — 0.3%
General Motors Co. 4.750%		17,600		952,336
Volkswagen AG (a)		4,798		779,246
				1,731,582
Banks — 0.2%
HSBC Holdings PLC 8.000%		15,000		399,750
Itau Unibanco Holding SA 2.730%		24,100		578,247
UBS AG 9.375%		15,100		414,495
				1,392,492
Diversified Financial — 0.1%
Citigroup Capital XIII 7.875%		10,733		288,825
Foods — 0.2%
Cia Brasileira de Distribuicao Grupo Pao de Acucar Class A 0.980%		25,670		1,076,988
Iron & Steel — 0.0%
Usinas Siderurgicas de Minas Gerais SA Class A 2.720%		11,900		137,394
Mining — 0.2%
Vale SA Class A 2.550%		39,000		1,139,615
Oil & Gas — 0.1%
SandRidge Energy, Inc. (c) 7.000%		5,000		596,250
TOTAL PREFERRED STOCK (Cost $5,460,623)				6,363,146
TOTAL EQUITIES (Cost $302,734,756)				337,727,254

	Principal Amount		Value
BONDS & NOTES — 26.4%
CORPORATE DEBT — 10.3%
Agriculture — 0.1%
Wilmar International Ltd., Convertible 0.000% 12/18/12	$	400,000	$	514,000
Auto Manufacturers — 0.1%
Hyundai Motor Manufacturing Czech (c) 4.500% 4/15/15		253,000		259,607
Banks — 1.0%
BBVA Bancomer SA/Texas (c) 7.250% 4/22/20		379,000		400,907
Export-Import Bank of Korea 4.125% 9/09/15		1,000,000		1,016,296
Hana Bank (c) 4.500% 10/30/15		137,000		139,122
Korea Development Bank 4.375% 8/10/15		819,000		842,812
Kreditanstalt fuer Wiederaufbau, Convertible EUR (f) 3.250% 6/27/13		900,000		1,253,343
Lloyds TSB Bank PLC STEP GBP (f) 13.000% 12/31/29		465,000		826,797
The Mie Bank Ltd., Convertible JPY (f) 1.000% 10/31/11		5,000,000		61,395
UBS AG/Stamford CT 4.875% 8/04/20		1,339,000		1,362,218
				5,902,890
Beverages — 0.0%
Central European Distribution Corp., Convertible 3.000% 3/15/13		62,000		57,505
Cott Beverages, Inc. 8.125% 9/01/18		76,000		81,890
				139,395
Biotechnology — 0.3%
Amylin Pharmaceuticals, Inc., Convertible 3.000% 6/15/14		579,000		502,283
Gilead Sciences, Inc., Convertible 0.500% 5/01/11		187,000		192,376
Gilead Sciences, Inc., Convertible 0.625% 5/01/13		671,000		739,777
Gilead Sciences, Inc., Convertible (c) 1.625% 5/01/16		153,000		159,120
				1,593,556
Building Materials — 0.1%
Building Materials Corp. of America (c) 6.875% 8/15/18		114,000		112,860

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

132

MassMutual Select Global Allocation Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Interline Brands, Inc. (c) 7.000% 11/15/18	$	48,000	$	48,720
Texas Industries, Inc. (c) 9.250% 8/15/20		303,000		321,938
				483,518
Chemicals — 0.1%
CF Industries, Inc. 7.125% 5/01/20		264,000		289,080
Nalco Co. (c) 6.625% 1/15/19		322,000		329,245
Phibro Animal Health Corp. (c) 9.250% 7/01/18		54,000		55,620
				673,945
Coal — 0.2%
Bumi Investment Pte Ltd. (c) 10.750% 10/06/17		251,000		273,590
Consol Energy, Inc. (c) 8.000% 4/01/17		775,000		825,375
Gujarat NRE Coke Ltd., Convertible 0.000% 4/12/11		100,000		139,625
				1,238,590
Commercial Services — 0.0%
Hertz Corp. (c) 7.500% 10/15/18		193,000		200,238
Computers — 0.3%
SanDisk Corp., Convertible 1.000% 5/15/13		1,379,000		1,327,287
SunGard Data Systems, Inc. (c) 7.375% 11/15/18		202,000		203,010
Telvent GIT SA, Convertible (c) 5.500% 4/15/15		352,000		382,360
				1,912,657
Cosmetics & Personal Care — 0.0%
Alberto-Culver Co. 5.150% 6/01/20		90,000		90,998
Diversified Financial — 0.3%
Ford Motor Credit Co. LLC 6.625% 8/15/17		116,000		121,915
Ford Motor Credit Co. LLC 7.000% 4/15/15		100,000		107,461
Ford Motor Credit Co. LLC 8.000% 12/15/16		200,000		223,492
HSBC Finance Corp. (c) 6.676% 1/15/21		110,000		111,131
International Lease Finance Corp. 8.250% 12/15/20		158,000		162,740
Pinafore LLC/Pinafore, Inc. (c) 9.000% 10/01/18		75,000		81,000
TNK-BP Finance SA (c) 6.625% 3/20/17		486,000		516,375

	Principal Amount		Value
TNK-BP Finance SA (c) 7.500% 7/18/16	$	200,000	$	221,750
				1,545,864
Electric — 0.2%
The AES Corp. GBP (f) 8.375% 3/01/11		44,000		70,343
Calpine Corp. (c) 7.500% 2/15/21		80,000		78,800
Calpine Corp. (c) 7.875% 7/31/20		184,000		186,300
Empresa Distribuidora Y Comercializadora Norte (c) 9.750% 10/25/22		80,000		86,600
Korea Electric Power Corp. STEP 0.000% 4/01/16		409,000		278,615
Korea Electric Power Corp. (b) 5.125% 4/23/34		508,000		538,433
NRG Energy, Inc. (c) 8.250% 9/01/20		109,000		111,725
				1,350,816
Electrical Components & Equipment — 0.2%
Suzlon Energy Ltd., Convertible 0.000% 6/12/12		325,000		336,375
Suzlon Energy Ltd., Convertible 0.000% 10/11/12		498,000		506,092
Suzlon Energy Ltd., Convertible (Acquired 12/02/09, Cost $427,800) (g) 0.000% 7/25/14		465,000		413,269
				1,255,736
Electronics — 0.0%
Thermo Fisher Scientific, Inc. 3.200% 5/01/15		167,000		170,854
Foods — 0.2%
Kraft Foods, Inc. 4.125% 2/09/16		398,000		417,789
Olam International Ltd., Convertible 6.000% 10/15/16		400,000		555,400
				973,189
Forest Products & Paper — 0.2%
Clearwater Paper Corp. (c) 7.125% 11/01/18		40,000		41,300
Sino Forest Corp., Convertible (b) 5.000% 8/01/13		47,000		63,108
Sino-Forest Corp., Convertible (Acquired 12/02/09, Cost $1,082,093), Convertible (c) (g) 5.000% 8/01/13		918,000		1,231,267
				1,335,675

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

133

MassMutual Select Global Allocation Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Health Care – Products — 0.4%
DJO Finance LLC / DJO Finance Corp. (c) 9.750% 10/15/17	$	75,000	$	77,250
Fresenius Finance Jersey Ltd. EUR (f) 5.625% 8/14/11		350,000		555,240
Hologic, Inc., Convertible STEP 2.000% 12/15/37		1,194,000		1,247,730
Kinetic Concepts, Inc., Convertible (c) 3.250% 4/15/15		110,000		115,638
SonoSite, Inc., Convertible 3.750% 7/15/14		114,000		125,115
				2,120,973
Health Care – Services — 0.1%
DaVita, Inc. 6.375% 11/01/18		169,000		168,155
DaVita, Inc. 6.625% 11/01/20		150,000		148,500
LifePoint Hospitals, Inc., Convertible 3.250% 8/15/25		309,000		308,614
				625,269
Holding Company – Diversified — 0.4%
Hutchison Whampoa International Ltd. (b) 4.625% 9/11/15		565,000		591,781
Hutchison Whampoa International Ltd. (c) 4.625% 9/11/15		365,000		383,207
Hutchison Whampoa International Ltd. (b) 6.250% 1/24/14		165,000		181,234
Hutchison Whampoa International Ltd. (c) 7.625% 4/09/19		386,000		463,019
REI Agro Ltd., Convertible (Acquired 12/02/09, Cost $614,910) (c) (g) 5.500% 11/13/14		618,000		668,212
				2,287,453
Investment Companies — 0.0%
Hongkong Land CB Ltd., Convertible (b) 2.750% 12/21/12		100,000		187,500
Iron & Steel — 0.2%
CSN Islands XII Corp. (c) 7.000% 9/29/49		376,000		370,360
Evraz Group SA (c) 8.875% 4/24/13		140,000		150,850
Evraz Group SA (c) 9.500% 4/24/18		200,000		220,760

	Principal Amount		Value
Tata Steel Ltd., Convertible 1.000% 9/05/12	$	300,000	$	364,875
				1,106,845
Mining — 0.0%
Anglo American PLC, Convertible 4.000% 5/07/14		100,000		195,350
Multi-National — 0.2%
European Investment Bank EUR (f) 3.625% 10/15/11		187,000		255,745
European Investment Bank EUR (f) 4.375% 4/15/13		383,000		546,909
				802,654
Oil & Gas — 1.2%
BP Capital Markets PLC 3.125% 10/01/15		209,000		208,856
Chesapeake Energy Corp., Convertible 2.500% 5/15/37		1,149,000		1,025,482
China Petroleum & Chemical Corp., Convertible HKD (f) 0.000% 4/24/14		5,300,000		778,986
Daylight Energy Ltd. CAD (f) 6.250% 12/31/14		232,000		247,813
KazMunaiGaz Finance BV (c) 9.125% 7/02/18		278,000		325,260
KazMunaiGaz Finance Sub BV (c) 7.000% 5/05/20		175,000		182,000
Linn Energy LLC/Linn Energy Finance Corp. (c) 7.750% 2/01/21		377,000		386,425
McMoRan Exploration Co., Convertible (c) 5.250% 10/06/11		83,000		99,081
McMoRan Exploration Co., Convertible 5.250% 10/06/11		146,000		174,288
Pemex Project Funding Master Trust 6.625% 6/15/35		376,000		382,578
PetroBakken Energy Ltd., Convertible (b) 3.125% 2/08/16		900,000		850,500
Petroleos Mexicanos 6.000% 3/05/20		621,000		658,260
Petroleum Co. of Trinidad & Tobago Ltd. (c) 9.750% 8/14/19		130,000		156,000
Reliance Holdings USA, Inc. (c) 4.500% 10/19/20		323,000		308,191
Reliance Holdings USA, Inc. (c) 6.250% 10/19/40		250,000		249,971
SM Energy Co., Convertible 3.500% 4/01/27		445,000		541,788
				6,575,479

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

134

MassMutual Select Global Allocation Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Oil & Gas Services — 0.1%
Acergy SA, Convertible 2.250% 10/11/13	$	100,000	$	122,700
Subsea 7, Inc., Convertible 2.800% 6/06/11		400,000		429,500
				552,200
Packaging & Containers — 0.0%
Crown Cork & Seal Co., Inc. 7.500% 12/15/96		77,000		60,060
Pharmaceuticals — 0.6%
Actelion Finance SCA, Convertible CHF (f) 0.000% 11/22/11		320,000		369,066
Mylan, Inc. (c) 7.625% 7/15/17		183,000		194,666
Mylan, Inc., Convertible 1.250% 3/15/12		783,000		829,001
Omnicare, Inc., Convertible 3.750% 12/15/25		554,000		617,710
Omnicare, Inc., Convertible 3.250% 12/15/35		85,000		77,988
Ranbaxy Laboratories Ltd., Convertible 0.000% 3/18/11		261,000		327,229
Shire PLC, Convertible 2.750% 5/09/14		555,000		573,731
Valeant Pharmaceuticals International (c) 6.750% 10/01/17		151,000		150,245
Valeant Pharmaceuticals International (c) 7.000% 10/01/20		226,000		223,175
				3,362,811
Real Estate — 1.0%
CapitaLand Ltd., Convertible SGD (f) 2.100% 11/15/16		500,000		387,186
CapitaLand Ltd., Convertible SGD (f) 2.950% 6/20/22		2,000,000		1,457,181
CapitaLand Ltd., Convertible SGD (f) 3.125% 3/05/18		1,750,000		1,406,173
Keppel Land Ltd., Convertible SGD (f) 2.500% 6/23/13		200,000		168,102
Pyrus Ltd., Convertible (c) 7.500% 12/20/15		500,000		508,750
Yanlord Land Group Ltd. (c) 9.500% 5/04/17		377,000		397,735
Yanlord Land Group Ltd., Convertible SGD (f) 5.850% 7/13/14		750,000		609,025
Ying Li International Real Estate Ltd., Convertible SGD (f) 4.000% 3/03/15		750,000		507,724
				5,441,876

	Principal Amount		Value
Real Estate Investment Trusts (REITS) — 0.0%
Host Hotels & Resorts LP Series J 7.125% 11/01/13	$	13,000	$	13,195
Savings & Loans — 1.3%
Aldar Funding Ltd., Convertible 5.767% 11/10/11		223,000		219,655
Cherating Capital Ltd., Convertible VRN 2.000% 7/05/12		500,000		648,750
Dana Gas Sukuk Ltd., Convertible 7.500% 10/31/12		2,780,000		2,610,420
IOI Capital Bhd, Convertible 0.000% 12/18/11		449,000		638,141
Odebrecht Drilling Norbe VIII/IX Ltd. (c) 6.350% 6/30/21		440,000		457,600
Paka Capital Ltd., Convertible 0.000% 3/12/13		300,000		308,250
Rafflesia Capital Ltd., Convertible VRN 1.250% 10/04/11		800,000		1,150,800
Zeus Cayman, Convertible JPY (f) 0.000% 8/19/13		106,000,000		1,308,634
				7,342,250
Semiconductors — 0.6%
Advanced Micro Devices, Inc. 8.125% 12/15/17		142,000		150,520
Advanced Micro Devices, Inc., Convertible 6.000% 5/01/15		1,353,000		1,363,147
ASM International NV, Convertible (b) 4.250% 12/06/11		19,000		31,778
ASM International NV, Convertible (c) 4.250% 12/06/11		55,000		91,850
Intel Corp., Convertible 2.950% 12/15/35		564,000		561,885
Intel Corp., Convertible (c) 3.250% 8/01/39		1,091,000		1,307,836
				3,507,016
Telecommunications — 0.8%
GCI, Inc. 7.250% 2/15/14		236,000		238,950
Intelsat Subsidiary Holding Co. SA 8.500% 1/15/13		266,000		266,332
Intelsat Subsidiary Holding Co. SA 8.875% 1/15/15		41,000		42,128
MetroPCS Wireless, Inc. 7.875% 9/01/18		22,000		22,825

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

135

MassMutual Select Global Allocation Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Reliance Communications Ltd., Convertible 0.000% 3/01/12	$	1,400,000	$	1,641,500
Reliance Communications Ltd., Convertible 0.000% 5/10/11		503,000		623,091
SBA Communications Corp., Convertible 1.875% 5/01/13		281,000		315,071
SBA Communications Corp., Convertible 4.000% 10/01/14		177,000		262,845
Telemovil Finance Co. Ltd. (c) 8.000% 10/01/17		201,000		207,030
UBS Luxembourg SA for OJSC Vimpel Communications (b) 8.250% 5/23/16		200,000		218,760
VIP Finance Ireland Ltd. for OJSC Vimpel Communications (c) 9.125% 4/30/18		650,000		739,375
				4,577,907
Transportation — 0.1%
Nagoya Railroad Co. Ltd., Convertible JPY (f) 0.000% 3/30/12		2,000,000		24,469
Viterra, Inc. (c) 5.950% 8/01/20		382,000		364,484
				388,953
TOTAL CORPORATE DEBT (Cost $55,272,824)				58,789,319
FLOATING RATE LOAN INTEREST — 0.3%
Mining — 0.1%
PT Multi Daerah Beraing Term Loan 7.289% 4/13/12		366,106		363,177
Oil & Gas — 0.2%
Obsidian Natural Gas Trust Term Loan (Acquired 11/03/10, Cost $1,507,311) (g) 7.000% 11/30/15		1,504,196		1,519,238
TOTAL FLOATING RATE LOAN INTEREST (Cost $1,851,638)				1,882,415
NON-U.S. GOVERNMENT AGENCY OBLIGATIONS — 0.2%
Commercial MBS — 0.2%
Banc of America Large Loan, Inc., Series 2010-HLTN, Class HLTN FRN (c) 2.010% 11/15/15		1,278,273		1,139,635

	Principal Amount		Value
Student Loans ABS — 0.0%
Latitude CLO Ltd., Series 2005-1I, Class SUB 0.000% 12/15/17	$	100,000	$	50,000
TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $1,125,957)				1,189,635
SOVEREIGN DEBT OBLIGATIONS — 7.4%
Australia Government Bond AUD (f) 5.750% 6/15/11		1,152,000		1,184,389
Brazil Notas do Tesouro Nacional Series F BRL (f) 10.000% 1/01/21		4,815,000		2,556,089
Bundesrepublik Deutschland EUR (f) 3.500% 7/04/19		1,634,000		2,297,552
Bundesrepublik Deutschland EUR (f) 4.000% 7/04/16		2,663,000		3,911,761
Bundesrepublik Deutschland EUR (f) 4.000% 1/04/18		741,000		1,085,421
Bundesrepublik Deutschland EUR (f) 4.250% 7/04/18		387,000		573,504
Canadian Government Bond CAD (f) 3.500% 6/01/20		792,000		820,743
Canadian Government Bond CAD (f) 4.000% 6/01/16		645,000		696,311
Deutsche Bundesrepublik Inflation Linked EUR (f) 1.500% 4/15/16		377,739		536,740
Federal Republic of Germany (c) 1.500% 9/21/12		1,581,000		1,606,941
Federal Republic of Germany (b) 1.500% 9/21/12		50,000		50,820
Hong Kong Government Bond HKD (f) 2.030% 3/18/13		11,800,000		1,560,764
Hong Kong Government Bond HKD (f) 4.130% 2/22/13		3,700,000		510,691
Malaysia Government Bond MYR (f) 3.461% 7/31/13		4,116,000		1,345,457
Malaysia Government Bond MYR (f) 3.756% 4/28/11		2,800,000		911,885
Netherlands Government Bond EUR (f) 3.750% 7/15/14		312,000		450,262
New Zealand Government Bond NZD (f) 6.204% 2/15/16		276,000		325,972
Poland Government Bond PLN (f) 3.000% 8/24/16		2,236,195		768,620
Republic of Brazil BRL (f) 10.000% 1/01/17		11,276,000		6,226,757
Republic of Germany EUR (f) 4.250% 7/04/17		1,696,000		2,522,402

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

136

MassMutual Select Global Allocation Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Socialist Republic of Vietnam (b) 6.750% 1/29/20	$	100,000	$	101,500
Svensk Exportkredit AB VRN 10.500% 9/29/15		305,733		288,480
Turkey Government Bond TRY (f) 4.000% 4/01/20		565,579		427,281
Turkey Government Bond TRY (f) 10.000% 1/09/13		277,000		189,647
Turkey Government Bond TRY (f) 10.500% 1/15/20		2,218,000		1,607,987
Ukraine Government Bond (c) 6.875% 9/23/15		113,000		114,842
Ukraine Government Bond (c) 7.750% 9/23/20		301,000		306,267
United Kingdom Gilt GBP (f) 4.250% 3/07/11		1,889,000		2,965,630
United Kingdom Gilt GBP (f) 4.750% 3/07/20		3,701,170		6,382,890
				42,327,605
TOTAL SOVEREIGN DEBT OBLIGATIONS (Cost $43,061,035)				42,327,605
U.S. TREASURY OBLIGATIONS — 8.2%
U.S. Treasury Bonds & Notes — 8.2%
U.S. Treasury Inflation Index 2.375% 1/15/27		983,849		1,097,035
U.S. Treasury Note 1.375% 2/15/13		2,190,200		2,223,481
U.S. Treasury Note 2.125% 11/30/14		2,593,700		2,657,428
U.S. Treasury Note 2.250% 1/31/15		3,191,000		3,276,135
U.S. Treasury Note 2.375% 2/28/15		4,600,000		4,741,234
U.S. Treasury Note 2.500% 3/31/15		4,393,000		4,547,785
U.S. Treasury Note 2.625% 12/31/14		4,667,700		4,867,900
U.S. Treasury Note 2.625% 2/29/16		1,202,300		1,234,283
U.S. Treasury Note 2.625% 8/15/20		9,098,500		8,626,871
U.S. Treasury Note 2.625% 11/15/20		2,349,400		2,216,329
U.S. Treasury Note (h) 3.500% 5/15/20		10,976,000		11,245,255
				46,733,736
TOTAL U.S. TREASURY OBLIGATIONS (Cost $46,916,598)				46,733,736
TOTAL BONDS & NOTES (Cost $148,228,052)				150,922,710

	Number of Shares		Value
MUTUAL FUNDS — 3.9%
Diversified Financial — 3.9%
BlackRock Liquidity Funds TempFund Portfolio		528,750	$	528,750
Consumer Staples Select Sector SPDR Fund		17,401		510,023
Dragon Capital – Vietnam Enterprise Investments Ltd. (a)		36,880		83,718
Energy Select Sector SPDR Fund		42,951		2,931,406
Financial Select Sector SPDR Fund		51,891		827,662
Health Care Select Sector SPDR Fund		17,420		548,730
iShares Dow Jones US Telecommunications Sector Index Fund		9,117		213,064
Market Vectors – Gold Miners ETF		222,505		13,677,382
SPDR KBW Regional Banking ETF		11,201		296,266
Technology Select Sector SPDR Fund		27,700		697,486
Utilities Select Sector SPDR Fund		47,200		1,479,248
Vanguard Telecommunication Services ETF		300		19,689
Vinaland Ltd. (a)		190,740		189,339
				22,002,763
TOTAL MUTUAL FUNDS (Cost $18,539,199)				22,002,763
WARRANTS — 0.1%
Auto Manufacturers — 0.1%
Ford Motor Co., Expires 1/01/13, Strike 9.20 (a)		44,770		364,876
Banks — 0.0%
Bank of America Corp., Expires 1/16/19, Strike 13.30 (a)		22,509		160,714
Mining — 0.0%
Kinross Gold Corp., Expires 9/03/13, Strike 32.00 (a)		7,400		16,292
TOTAL WARRANTS (Cost $445,173)				541,882
	Units
PURCHASED OPTIONS — 0.0%
Internet — 0.0%
Google, Inc. Call, Expires 3/19/11, Strike 600.00		13		34,320
Real Estate — 0.0%
The St. Joe Co. Call, Expires 1/22/11, Strike 19.00		56		15,680
TOTAL PURCHASED OPTIONS (Cost $37,666)				50,000

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

137

MassMutual Select Global Allocation Fund – Portfolio of Investments (Continued)

	Units		Value
STRUCTURED OPTIONS (OVER THE COUNTER TRADED) — 0.1%
Diversified Financial — 0.1%
DJ Euro Stoxx 50, Expires 8/05/11, Broker Credit Suisse (i)		602	$	(34,508	)
DJ Euro Stoxx 50, Expires 9/16/11, Broker JP Morgan Chase Bank (j)		763		116,565
MSCI Europe ex-UK, Expires 9/01/11, Broker Deutsche Bank (k)		31,244		178,892
				260,949
TOTAL STRUCTURED OPTIONS (OVER THE COUNTER TRADED) (Cost $0)				260,949
TOTAL LONG-TERM INVESTMENTS (Cost $469,984,846)				511,505,558
	Principal Amount
SHORT-TERM INVESTMENTS — 10.2%
U.S. Treasury Bills — 10.2%
U.S. Treasury Bill 0.010% 1/13/11	$	9,950,000		9,949,645
U.S. Treasury Bill 0.010% 1/20/11		450,000		449,976
U.S. Treasury Bill 0.010% 2/03/11		700,000		699,920
U.S. Treasury Bill 0.010% 2/10/11		2,315,000		2,314,675
U.S. Treasury Bill 0.010% 2/17/11		790,000		789,858
U.S. Treasury Bill 0.010% 2/24/11		2,396,000		2,395,436
U.S. Treasury Bill 0.010% 3/03/11		29,137,000		29,128,640
U.S. Treasury Bill 0.010% 3/10/11		10,070,000		10,067,428
U.S. Treasury Bill 0.010% 3/17/11		1,885,000		1,884,490
U.S. Treasury Bill 0.010% 3/24/11		645,000		644,816
				58,324,884

	Value
TOTAL SHORT-TERM INVESTMENTS (Cost $58,324,884)	$	58,324,884
TOTAL INVESTMENTS — 99.7% (Cost $528,309,730) (l)		569,830,442
Other Assets/(Liabilities) — 0.3%		1,717,196
NET ASSETS — 100.0%	$	571,547,638

Notes to Portfolio of Investments

ABS Asset-Backed Security

ADR American Depositary Receipt

AUD Australian Dollar

BRL Brazilian Real

CAD Canadian Dollar

CHF Swiss Franc

CLO Collateralized Loan Obligation

EUR Euro

FRN Floating Rate Note

GBP British Pound

GDR Global Depositary Receipt

HKD Hong Kong Dollar

JPY Japanese Yen

MBS Mortgage-Backed Security

MYR Malaysian Ringgit

NZD New Zealand Dollar

PLN Polish Zloty

SGD Singapore Dollar

STEP Step Up Bond

TRY New Turkish Lira

VRN Variable Rate Note

(a) Non-income producing security.

(b) Security exempt from registration under Regulation S of the Securities Act of 1933, which exempts from registration securities offered and sold outside the United States. Security may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933. At December 31, 2010, these securities amounted to a value of $4,432,419 or 0.78% of net assets.

(c) Securities exempt from registration under rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2010, these securities amounted to a value of $19,683,153 or 3.44% of net assets.

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

(e) These securities are held as collateral for written options. (Note 2).

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

(g) Restricted security. Certain securities are restricted as to resale. At December 31, 2010, these securities amounted to a value of $3,831,986 or 0.67% of net assets. The Fund generally bears the costs, if any, associated with the disposition of restricted securities.

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

138

MassMutual Select Global Allocation Fund – Portfolio of Investments (Continued)

Notes to Portfolio of Investments (continued)

(h) A portion of this security is held as collateral for open futures contracts. (Note 2).

(i) Credit Suisse International DJ EuroStoxx Structured Option is issued in units. Each unit represents a structure based on the DJ EuroStoxx 50 Index and the Euro/U.S. Dollar exchange rate, with an initial reference strike of 2,819.34. Each unit contains (a) one written put on the index at a strike price of 2,650.18 and (b) one call option on the index with a strike of 2,819.34. The Fund holds 602 units of the structure. On December 31, 2010, the DJ EuroStoxx 50 Index was 2,792.82. At this time, the value of the structured option was ($34,508) based on a price of ($57.32) per unit. The option expires on August 5, 2011.

(j) JP Morgan DJ EuroStoxx Structured Option is issued in units. Each unit represents a structure based on the DJ EuroStoxx 50 Index and the Euro/U.S. Dollar exchange rate, with an initial reference strike of 2,622.91. Each unit contains (a) one written put on the index at a strike price of 2,461.60 and (b) 1.1 call options on the index with a strike of 2,622.91. The Fund holds 763 units of the structure. On December 31, 2010, the DJ EuroStoxx 50 Index was 2,792.82. At this time, the value of the structured option was $116,565 based on a price of $152.87 per unit. The option expires on September 16, 2011.

(k) Deutsche Bank MSCI Europe ex-UK Structured Option is issued in units. Each unit represents a structure based on the MSCI Europe ex-UK Index, with an initial reference strike of 96.02. Each unit contains (a) one written put on the index at a strike price of 90.74 and (b) one call option on the index with a strike 96.02. The Fund holds 31,244 units of the structure. On December 31, 2010, the MSCI Europe ex-UK Index was 102.40. At this time, the value of the structured option was $178,892 based on a price of $5.73 per unit. The option expires on September 1, 2011.

(l) See Note 6 for aggregate cost for federal tax purposes.

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

139

MassMutual Select Diversified Value Fund – Portfolio of Investments

December 31, 2010

	Number of Shares		Value
EQUITIES — 97.5%
COMMON STOCK — 97.5%
Advertising — 0.6%
Omnicom Group, Inc.		39,497	$	1,808,963
Aerospace & Defense — 2.2%
General Dynamics Corp.		11,200		794,752
Northrop Grumman Corp.		49,897		3,232,328
Spirit AeroSystems Holdings, Inc. Class A (a)		4,000		83,240
United Technologies Corp.		28,800		2,267,136
				6,377,456
Agriculture — 1.6%
Altria Group, Inc.		42,600		1,048,812
Archer-Daniels-Midland Co.		14,900		448,192
Lorillard, Inc.		4,700		385,682
Philip Morris International, Inc.		37,400		2,189,022
Reynolds American, Inc.		17,200		561,064
				4,632,772
Airlines — 0.2%
Delta Air Lines, Inc. (a)		16,400		206,640
Southwest Airlines Co.		20,000		259,600
				466,240
Apparel — 0.1%
VF Corp.		3,500		301,630
Auto Manufacturers — 0.4%
General Motors Co. (a)		29,142		1,074,174
Automotive & Parts — 0.9%
The Goodyear Tire & Rubber Co. (a)		74,662		884,745
Johnson Controls, Inc.		47,996		1,833,447
				2,718,192
Banks — 8.2%
Bank of America Corp.		232,313		3,099,055
Bank of New York Mellon Corp.		91,819		2,772,934
BOK Financial Corp.		1,700		90,780
Capital One Financial Corp.		10,600		451,136
City National Corp.		1,300		79,768
Fifth Third Bancorp		156,440		2,296,539
KeyCorp		18,300		161,955
M&T Bank Corp.		1,600		139,280
PNC Financial Services Group, Inc.		44,373		2,694,329
State Street Corp.		61,792		2,863,441
U.S. Bancorp		109,653		2,957,341
Wells Fargo & Co.		203,821		6,316,413
				23,922,971
Beverages — 1.7%
Coca-Cola Enterprises, Inc.		84,072		2,104,322
Constellation Brands, Inc. Class A (a)		6,300		139,545

	Number of Shares		Value
Molson Coors Brewing Co. Class B		4,300	$	215,817
PepsiCo, Inc.		38,210		2,496,259
				4,955,943
Biotechnology — 1.1%
Amgen, Inc. (a)		50,971		2,798,308
Biogen Idec, Inc. (a)		5,600		375,480
				3,173,788
Chemicals — 1.5%
Air Products & Chemicals, Inc.		26,878		2,444,554
E.I. du Pont de Nemours & Co.		17,600		877,888
Eastman Chemical Co.		1,700		142,936
FMC Corp.		3,800		303,582
Huntsman Corp.		5,400		84,294
International Flavors & Fragrances, Inc.		2,200		122,298
The Lubrizol Corp.		1,900		203,072
RPM International, Inc.		5,400		119,340
The Valspar Corp.		2,800		96,544
				4,394,508
Coal — 0.7%
CONSOL Energy, Inc.		42,797		2,085,926
Commercial Services — 0.5%
Alliance Data Systems Corp. (a)		1,300		92,339
McKesson Corp.		12,400		872,712
Total System Services, Inc.		7,300		112,274
Western Union Co.		13,900		258,123
				1,335,448
Computers — 1.7%
Hewlett-Packard Co.		27,516		1,158,424
International Business Machines Corp.		25,800		3,786,408
Lexmark International, Inc. Class A (a)		1,700		59,194
				5,004,026
Cosmetics & Personal Care — 1.2%
The Estee Lauder Cos., Inc. Class A		18,228		1,471,000
The Procter & Gamble Co.		31,052		1,997,575
				3,468,575
Distribution & Wholesale — 0.0%
Ingram Micro, Inc. Class A (a)		5,800		110,722
Diversified Financial — 7.7%
American Express Co.		24,300		1,042,956
Ameriprise Financial, Inc.		53,314		3,068,221
Citigroup, Inc. (a)		548,387		2,593,870
Discover Financial Services		110,559		2,048,658
The Goldman Sachs Group, Inc.		10,500		1,765,680
JP Morgan Chase & Co.		211,904		8,988,968
Legg Mason, Inc.		63,831		2,315,150
The NASDAQ OMX Group, Inc. (a)		4,700		111,437
NYSE Euronext		6,100		182,878

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

140

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

	Number of Shares		Value
Raymond James Financial, Inc.		4,900	$	160,230
SLM Corp. (a)		18,000		226,620
				22,504,668
Electric — 3.7%
Allegheny Energy, Inc.		3,100		75,144
Alliant Energy Corp.		2,900		106,633
American Electric Power Co., Inc.		9,800		352,604
Calpine Corp. (a)		142,624		1,902,604
Consolidated Edison, Inc.		7,000		346,990
Dominion Resources, Inc.		13,700		585,264
DPL, Inc.		3,200		82,272
DTE Energy Co.		6,400		290,048
Duke Energy Corp.		34,800		619,788
Edison International		12,700		490,220
Great Plains Energy, Inc.		3,100		60,109
Integrys Energy Group, Inc.		2,100		101,871
MDU Resources Group, Inc.		3,500		70,945
NextEra Energy, Inc.		8,400		436,716
NV Energy, Inc.		9,900		139,095
OGE Energy Corp.		3,000		136,620
Pepco Holdings, Inc.		4,900		89,425
PG&E Corp.		6,100		291,824
PPL Corp.		67,215		1,769,099
Progress Energy, Inc.		3,900		169,572
Public Service Enterprise Group, Inc.		66,609		2,118,832
SCANA Corp.		2,800		113,680
TECO Energy, Inc.		6,000		106,800
Westar Energy, Inc.		3,300		83,028
Wisconsin Energy Corp.		2,400		141,264
Xcel Energy, Inc.		13,600		320,280
				11,000,727
Electrical Components & Equipment — 0.1%
Energizer Holdings, Inc. (a)		1,600		116,640
Hubbell, Inc. Class B		2,000		120,260
Molex, Inc.		3,000		68,160
				305,060
Electronics — 0.1%
Arrow Electronics, Inc. (a)		5,000		171,250
Avnet, Inc. (a)		6,400		211,392
				382,642
Engineering & Construction — 1.0%
ABB Ltd. Sponsored ADR (Switzerland) (a)		60,459		1,357,305
Foster Wheeler AG (a)		39,737		1,371,721
KBR, Inc.		3,600		109,692
				2,838,718
Foods — 2.5%
Campbell Soup Co.		11,900		413,525
ConAgra Foods, Inc.		89,010		2,009,846

	Number of Shares		Value
Corn Products International, Inc.		2,600	$	119,600
General Mills, Inc.		15,700		558,763
Hormel Foods Corp.		3,800		194,788
The J.M. Smucker Co.		3,300		216,645
Kellogg Co.		42,210		2,156,087
The Kroger Co.		14,800		330,928
Ralcorp Holdings, Inc. (a)		1,300		84,513
Safeway, Inc.		8,900		200,161
Sara Lee Corp.		24,600		430,746
Smithfield Foods, Inc. (a)		3,400		70,142
Sysco Corp.		12,000		352,800
Tyson Foods, Inc. Class A		12,700		218,694
				7,357,238
Forest Products & Paper — 0.8%
Domtar Corp.		1,200		91,104
International Paper Co.		9,100		247,884
MeadWestvaco Corp.		7,100		185,736
Weyerhaeuser Co.		104,723		1,982,406
				2,507,130
Gas — 0.2%
Atmos Energy Corp.		2,800		87,360
Energen Corp.		2,900		139,954
Sempra Energy		5,000		262,400
Southern Union Co.		4,800		115,536
UGI Corp.		2,500		78,950
				684,200
Hand & Machine Tools — 0.5%
Stanley Black & Decker, Inc.		23,468		1,569,305
Health Care – Products — 3.3%
Alere, Inc. (a)		34,489		1,262,297
Becton, Dickinson & Co.		5,600		473,312
Covidien PLC		57,068		2,605,725
Johnson & Johnson		35,600		2,201,860
Kinetic Concepts, Inc. (a)		2,200		92,136
Medtronic, Inc.		61,496		2,280,887
St. Jude Medical, Inc. (a)		7,600		324,900
Zimmer Holdings, Inc. (a)		9,500		509,960
				9,751,077
Health Care – Services — 2.3%
Aetna, Inc.		12,500		381,375
CIGNA Corp.		8,400		307,944
Community Health Systems, Inc. (a)		2,700		100,899
Coventry Health Care, Inc. (a)		4,300		113,520
Health Net, Inc. (a)		2,800		76,412
Humana, Inc. (a)		5,200		284,648
Laboratory Corporation of America Holdings (a)		3,400		298,928
Lincare Holdings, Inc.		1,300		34,879
Mednax, Inc. (a)		600		40,374
Thermo Fisher Scientific, Inc. (a)		8,100		448,416

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

141

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

	Number of Shares		Value
UnitedHealth Group, Inc.		99,563	$	3,595,220
Universal Health Services, Inc. Class B		2,800		121,576
WellPoint, Inc. (a)		17,900		1,017,794
				6,821,985
Holding Company – Diversified — 0.1%
Leucadia National Corp.		5,100		148,818
Home Builders — 0.1%
Lennar Corp. Class A		3,700		69,375
Toll Brothers, Inc. (a)		4,500		85,500
				154,875
Home Furnishing — 0.6%
Harman International Industries, Inc. (a)		32,814		1,519,288
Whirlpool Corp.		2,400		213,192
				1,732,480
Household Products — 0.5%
Avery Dennison Corp.		2,200		93,148
The Clorox Co.		6,000		379,680
Kimberly-Clark Corp.		13,400		844,736
The Scotts Miracle-Gro Co. Class A		1,400		71,078
Tupperware Brands Corp.		1,700		81,039
				1,469,681
Insurance — 5.8%
ACE Ltd.		7,800		485,550
Aflac, Inc.		17,200		970,596
Alleghany Corp. (a)		200		61,274
Allied World Assurance Co. Holdings Ltd.		1,200		71,328
The Allstate Corp.		29,200		930,896
American Financial Group, Inc.		6,500		209,885
Arch Capital Group Ltd. (a)		3,500		308,175
Assurant, Inc.		6,100		234,972
Axis Capital Holdings Ltd.		7,400		265,512
The Chubb Corp.		18,700		1,115,268
Cincinnati Financial Corp.		5,700		180,633
Everest Re Group Ltd.		1,300		110,266
HCC Insurance Holdings, Inc.		4,000		115,760
Loews Corp.		26,900		1,046,679
Markel Corp. (a)		500		189,065
MetLife, Inc.		41,742		1,855,015
Principal Financial Group, Inc.		7,400		240,944
The Progressive Corp.		36,100		717,307
Prudential Financial, Inc.		10,800		634,068
Reinsurance Group of America, Inc. Class A		2,400		128,904
RenaissanceRe Holdings Ltd.		3,400		216,546
Torchmark Corp.		4,800		286,752
Transatlantic Holdings, Inc.		3,800		196,156
The Travelers Cos., Inc.		58,123		3,238,032
Unum Group		102,311		2,477,972
Validus Holdings Ltd.		2,300		70,403

	Number of Shares		Value
W.R. Berkley Corp.		5,200	$	142,376
White Mountains Insurance Group Ltd.		600		201,360
XL Group PLC		10,200		222,564
				16,924,258
Internet — 1.1%
AOL, Inc. (a)		53,347		1,264,857
eBay, Inc. (a)		69,421		1,931,987
IAC/InterActiveCorp (a)		5,900		169,330
				3,366,174
Iron & Steel — 0.0%
Reliance Steel & Aluminum Co.		2,200		112,420
Leisure Time — 0.6%
Carnival Corp.		31,100		1,434,021
Royal Caribbean Cruises Ltd. (a)		6,100		286,700
				1,720,721
Lodging — 0.1%
Wyndham Worldwide Corp.		14,500		434,420
Machinery – Construction & Mining — 0.0%
Terex Corp. (a)		2,000		62,080
Machinery – Diversified — 0.1%
AGCO Corp. (a)		2,600		131,716
Flowserve Corp.		1,700		202,674
				334,390
Manufacturing — 5.9%
3M Co.		14,700		1,268,610
General Electric Co.		563,454		10,305,574
Honeywell International, Inc.		54,077		2,874,733
ITT Corp.		5,200		270,972
Siemens AG Sponsored ADR (Germany)		19,777		2,457,292
SPX Corp.		1,800		128,682
				17,305,863
Media — 4.6%
CBS Corp. Class B		135,091		2,573,483
Comcast Corp. Class A		221,341		4,862,862
DIRECTV Class A (a)		31,413		1,254,321
News Corp. Class A		63,100		918,736
Time Warner, Inc.		42,400		1,364,008
Viacom, Inc. Class B		66,837		2,647,414
				13,620,824
Mining — 0.4%
Vulcan Materials Co.		23,856		1,058,252
Office Equipment/Supplies — 0.0%
Pitney Bowes, Inc.		4,200		101,556
Oil & Gas — 8.1%
Chevron Corp.		84,573		7,717,286
ConocoPhillips		45,600		3,105,360

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

142

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

	Number of Shares		Value
Devon Energy Corp.		8,800	$	690,888
Exxon Mobil Corp.		55,219		4,037,613
Helmerich & Payne, Inc.		4,500		218,160
Hess Corp.		46,173		3,534,082
Marathon Oil Corp.		16,300		603,589
Nabors Industries Ltd. (a)		5,900		138,414
Newfield Exploration Co. (a)		2,500		180,275
Patterson-UTI Energy, Inc.		3,300		71,115
Pride International, Inc. (a)		3,700		122,100
Sunoco, Inc.		3,300		133,023
Total SA Sponsored ADR (France)		51,767		2,768,499
Valero Energy Corp.		13,100		302,872
				23,623,276
Oil & Gas Services — 1.6%
National Oilwell Varco, Inc.		9,700		652,325
Schlumberger Ltd.		42,562		3,553,927
Weatherford International Ltd. (a)		17,200		392,160
				4,598,412
Packaging & Containers — 0.9%
Ball Corp.		4,200		285,810
Crown Holdings, Inc. (a)		4,300		143,534
Greif, Inc. Class A		1,400		86,660
Owens-IIlinois, Inc. (a)		59,035		1,812,374
Sealed Air Corp.		6,700		170,515
Sonoco Products Co.		2,700		90,909
				2,589,802
Pharmaceuticals — 4.8%
Abbott Laboratories		26,300		1,260,033
AmerisourceBergen Corp.		9,100		310,492
Bristol-Myers Squibb Co.		123,548		3,271,551
Cardinal Health, Inc.		8,200		314,142
Cephalon, Inc. (a)		1,800		111,096
Eli Lilly & Co.		23,900		837,456
Endo Pharmaceuticals Holdings, Inc. (a)		4,900		174,979
Forest Laboratories, Inc. (a)		13,300		425,334
Herbalife Ltd.		1,800		123,066
Merck & Co., Inc.		65,787		2,370,964
Patterson Cos., Inc.		2,800		85,764
Pfizer, Inc.		134,214		2,350,087
Sanofi-Aventis ADR (France)		68,176		2,197,312
Warner Chilcott PLC Class A		5,300		119,568
				13,951,844
Pipelines — 1.5%
El Paso Corp.		259,759		3,574,284
ONEOK, Inc.		4,400		244,068
The Williams Cos., Inc.		22,500		556,200
				4,374,552

	Number of Shares		Value
Retail — 5.3%
AutoZone, Inc. (a)		1,000	$	272,590
CVS Caremark Corp.		92,244		3,207,324
Darden Restaurants, Inc.		4,000		185,760
The Gap, Inc.		89,347		1,978,143
J.C. Penney Co., Inc.		5,000		161,550
Kohl’s Corp. (a)		7,100		385,814
Lowe’s Cos., Inc.		70,967		1,779,852
Macy’s, Inc.		23,600		597,080
Ross Stores, Inc.		3,400		215,050
Signet Jewelers Ltd. (a)		2,000		86,800
Target Corp.		22,600		1,358,938
The TJX Cos., Inc.		12,300		545,997
Wal-Mart Stores, Inc.		73,500		3,963,855
Walgreen Co.		17,800		693,488
				15,432,241
Semiconductors — 2.2%
Applied Materials, Inc.		191,811		2,694,945
Intel Corp.		116,700		2,454,201
Lam Research Corp. (a)		2,500		129,450
Novellus Systems, Inc. (a)		1,900		61,408
Texas Instruments, Inc.		27,500		893,750
Xilinx, Inc.		5,400		156,492
				6,390,246
Software — 2.2%
Activision Blizzard, Inc.		24,600		306,024
Broadridge Financial Solutions, Inc.		5,800		127,194
CA, Inc.		22,700		554,788
Dun & Bradstreet Corp.		1,100		90,299
Fiserv, Inc. (a)		3,500		204,960
Microsoft Corp.		64,800		1,809,216
Oracle Corp.		107,662		3,369,821
				6,462,302
Telecommunications — 5.3%
AT&T, Inc.		263,069		7,728,967
CenturyLink, Inc.		46,754		2,158,632
Cisco Systems, Inc. (a)		101,498		2,053,305
Corning, Inc.		46,200		892,584
Harris Corp.		3,600		163,080
Telephone & Data Systems, Inc.		2,900		105,995
Vodafone Group PLC Sponsored ADR (United Kingdom)		94,868		2,507,361
				15,609,924
Textiles — 0.1%
Mohawk Industries, Inc. (a)		2,800		158,928
Toys, Games & Hobbies — 0.2%
Hasbro, Inc.		6,100		287,798
Mattel, Inc.		8,400		213,612
				501,410

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

143

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

	Number of Shares		Value
Transportation — 0.6%
Norfolk Southern Corp.		28,940	$	1,818,011
Water — 0.0%
American Water Works Co., Inc.		4,100		103,689
TOTAL COMMON STOCK (Cost $260,659,528)				285,715,533
TOTAL EQUITIES (Cost $260,659,528)				285,715,533
MUTUAL FUNDS — 0.9%
Diversified Financial — 0.9%
iShares Russell 1000 Value Index Fund		40,900		2,653,183
TOTAL MUTUAL FUNDS (Cost $2,656,525)				2,653,183
TOTAL LONG-TERM INVESTMENTS (Cost $263,316,053)				288,368,716
	Principal Amount
SHORT-TERM INVESTMENTS — 1.4%
Repurchase Agreement — 1.4%
State Street Bank & Trust Co. Repurchase Agreement, dated 12/31/10, 0.010%, due 1/03/11 (b)	$	4,204,382	$	4,204,382
TOTAL SHORT-TERM INVESTMENTS (Cost $4,204,382)				4,204,382
TOTAL INVESTMENTS — 99.8% (Cost $267,520,435) (c)				292,573,098
Other Assets/(Liabilities) — 0.2%				626,479
NET ASSETS — 100.0%			$	293,199,577

Notes to Portfolio of Investments

ADR American Depositary Receipt

(a) Non-income producing security.

(b) Maturity value of $4,204,385. Collateralized by U.S. Government Agency obligations with a rate of 4.000%, maturity dates ranging from 12/15/17—5/15/39, and an aggregate market value, including accrued interest, of $4,293,634.

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

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

144

MassMutual Select Fundamental Value Fund – Portfolio of Investments

December 31, 2010

	Number of Shares		Value
EQUITIES — 99.1%
COMMON STOCK — 99.1%
Aerospace & Defense — 1.0%
The Boeing Co.		164,500	$	10,735,271
Agriculture — 1.2%
Philip Morris International, Inc.		215,900		12,636,627
Auto Manufacturers — 1.4%
General Motors Co. (a)		142,900		5,267,294
Paccar, Inc.		181,000		10,393,020
				15,660,314
Banks — 9.2%
Bank of America Corp.		1,172,600		15,642,484
Bank of New York Mellon Corp.		388,333		11,727,657
PNC Financial Services Group, Inc.		381,000		23,134,320
U.S. Bancorp		420,400		11,338,188
Wells Fargo & Co.		1,250,600		38,756,094
				100,598,743
Beverages — 2.1%
Molson Coors Brewing Co. Class B		213,500		10,715,565
PepsiCo, Inc.		187,900		12,275,507
				22,991,072
Biotechnology — 1.1%
Amgen, Inc. (a)		210,400		11,550,960
Chemicals — 4.3%
CF Industries Holdings, Inc.		73,400		9,920,010
The Dow Chemical Co.		378,500		12,921,990
E.I. du Pont de Nemours & Co.		222,300		11,088,324
The Mosaic Co.		166,300		12,698,668
				46,628,992
Computers — 0.9%
Hewlett-Packard Co.		243,600		10,255,560
Diversified Financial — 7.8%
Ameriprise Financial, Inc.		155,900		8,972,045
BlackRock, Inc.		65,200		12,425,816
Credit Suisse Group Sponsored ADR (Switzerland)		250,600		10,126,746
The Goldman Sachs Group, Inc.		113,800		19,136,608
JP Morgan Chase & Co.		808,136		34,281,129
				84,942,344
Electric — 3.1%
Edison International		245,600		9,480,160
Entergy Corp.		149,100		10,560,753
NextEra Energy, Inc.		76,300		3,966,837
Northeast Utilities		297,000		9,468,360
				33,476,110
Environmental Controls — 1.0%
Waste Management, Inc.		284,100		10,474,767

	Number of Shares		Value
Foods — 2.8%
General Mills, Inc.		145,100	$	5,164,109
Kraft Foods, Inc. Class A		407,500		12,840,325
Sysco Corp.		438,500		12,891,900
				30,896,334
Hand & Machine Tools — 1.8%
Stanley Black & Decker, Inc.		290,300		19,412,361
Health Care – Products — 3.4%
Baxter International, Inc.		196,600		9,951,892
Covidien PLC		207,700		9,483,582
Johnson & Johnson		181,800		11,244,330
Zimmer Holdings, Inc. (a)		120,200		6,452,336
				37,132,140
Health Care – Services — 1.1%
UnitedHealth Group, Inc.		337,700		12,194,347
Insurance — 6.8%
ACE Ltd.		362,000		22,534,500
The Chubb Corp.		226,700		13,520,388
Marsh & McLennan Cos., Inc.		509,100		13,918,794
Principal Financial Group, Inc.		339,448		11,052,427
Unum Group		554,400		13,427,568
				74,453,677
Iron & Steel — 1.6%
Nucor Corp.		78,900		3,457,398
Steel Dynamics, Inc.		777,900		14,235,570
				17,692,968
Machinery – Construction & Mining — 1.9%
Ingersoll-Rand PLC		435,700		20,517,113
Manufacturing — 6.4%
3M Co.		115,600		9,976,280
General Electric Co.		1,344,000		24,581,760
Illinois Tool Works, Inc.		167,900		8,965,860
Textron, Inc.		471,300		11,141,532
Tyco International Ltd.		365,900		15,162,896
				69,828,328
Media — 2.6%
CBS Corp. Class B		550,100		10,479,405
Comcast Corp. Class A		817,650		17,963,770
				28,443,175
Oil & Gas — 11.7%
Apache Corp.		119,400		14,236,062
Chevron Corp.		353,600		32,266,000
ConocoPhillips		230,800		15,717,480
EOG Resources, Inc.		73,800		6,746,058
Exxon Mobil Corp.		199,600		14,594,752
Marathon Oil Corp.		303,800		11,249,714
Occidental Petroleum Corp.		251,800		24,701,580

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

145

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

	Number of Shares		Value
Southwestern Energy Co. (a)		211,400	$	7,912,702
				127,424,348
Oil & Gas Services — 1.3%
Baker Hughes, Inc.		250,800		14,338,236
Packaging & Containers — 0.5%
Rexam PLC Sponsored ADR (United Kingdom)		211,000		5,445,910
Pharmaceuticals — 5.1%
Abbott Laboratories		187,700		8,992,707
Merck & Co., Inc.		345,400		12,448,216
Pfizer, Inc.		1,174,000		20,556,740
Teva Pharmaceutical Industries Ltd. Sponsored ADR (Israel)		264,500		13,788,385
				55,786,048
Retail — 6.4%
CVS Caremark Corp.		432,100		15,024,117
The Home Depot, Inc.		351,600		12,327,096
Kohl’s Corp. (a)		254,900		13,851,266
Nordstrom, Inc.		138,000		5,848,440
Staples, Inc.		374,800		8,534,196
Target Corp.		237,500		14,280,875
				69,865,990
Semiconductors — 5.2%
Analog Devices, Inc.		323,800		12,197,546
Intel Corp.		755,100		15,879,753
Maxim Integrated Products, Inc.		335,600		7,926,872
Taiwan Semiconductor Manufacturing Co. Ltd. Sponsored ADR (Taiwan)		659,500		8,270,130
Xilinx, Inc.		450,000		13,041,000
				57,315,301
Software — 1.5%
Microsoft Corp.		583,400		16,288,528
Telecommunications — 4.8%
AT&T, Inc.		1,080,120		31,733,925
Cisco Systems, Inc. (a)		590,600		11,947,838
QUALCOMM, Inc.		184,700		9,140,803
				52,822,566
Toys, Games & Hobbies — 1.1%
Mattel, Inc.		482,700		12,275,061
TOTAL COMMON STOCK (Cost $912,262,704)				1,082,083,191
TOTAL EQUITIES (Cost $912,262,704)				1,082,083,191
TOTAL LONG-TERM INVESTMENTS (Cost $912,262,704)				1,082,083,191

	Principal Amount		Value
SHORT-TERM INVESTMENTS — 0.7%
Repurchase Agreement — 0.7%
State Street Bank & Trust Co. Repurchase Agreement, dated 12/31/10, 0.010%, due 1/03/11 (b)	$	7,721,770	$	7,721,770
TOTAL SHORT-TERM INVESTMENTS (Cost $7,721,770)				7,721,770
TOTAL INVESTMENTS — 99.8% (Cost $919,984,474) (c)				1,089,804,961
Other Assets/(Liabilities) — 0.2%				2,116,041
NET ASSETS — 100.0%			$	1,091,921,002

Notes to Portfolio of Investments

ADR American Depositary Receipt

(a) Non-income producing security.

(b) Maturity value of $7,721,776. Collateralized by U.S. Government Agency obligations with a rate of 4.000%, maturity date of 5/15/39, and an aggregate market value, including accrued interest, of $7,880,140.

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

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

146

MassMutual Select Value Equity Fund – Portfolio of Investments

December 31, 2010

	Number of Shares		Value
EQUITIES — 99.5%
COMMON STOCK — 99.5%
Advertising — 0.5%
The Interpublic Group of Companies, Inc. (a)		15,380	$	163,335
Aerospace & Defense — 1.4%
United Technologies Corp.		5,870		462,086
Auto Manufacturers — 1.1%
Navistar International Corp. (a)		6,360		368,308
Automotive & Parts — 1.4%
Dana Holding Corp. (a)		16,220		279,146
Tenneco, Inc. (a)		3,910		160,936
				440,082
Banks — 7.0%
Bank of America Corp.		18,390		245,323
Regions Financial Corp.		42,900		300,300
SunTrust Banks, Inc.		10,580		312,216
Wells Fargo & Co.		46,340		1,436,076
				2,293,915
Beverages — 1.9%
Dr. Pepper Snapple Group, Inc.		9,330		328,043
Molson Coors Brewing Co. Class B		6,080		305,155
				633,198
Biotechnology — 1.0%
Biogen Idec, Inc. (a)		5,080		340,614
Building Materials — 0.5%
USG Corp. (a)		8,770		147,599
Chemicals — 1.1%
Ashland, Inc.		7,090		360,597
Commercial Services — 3.3%
Donnelley (R.R.) & Sons Co.		9,160		160,025
H&R Block, Inc.		16,030		190,917
McKesson Corp.		4,730		332,897
PHH Corp. (a)		8,250		190,988
Visa, Inc. Class A		3,120		219,586
				1,094,413
Computers — 3.9%
Apple, Inc. (a)		1,020		329,011
Dell, Inc. (a)		19,470		263,819
Hewlett-Packard Co.		6,240		262,704
Western Digital Corp. (a)		11,970		405,783
				1,261,317
Cosmetics & Personal Care — 1.5%
The Procter & Gamble Co.		7,380		474,755
Distribution & Wholesale — 1.0%
WESCO International, Inc. (a)		6,010		317,328

	Number of Shares		Value
Diversified Financial — 15.2%
Citigroup, Inc. (a)		213,130	$	1,008,105
CME Group, Inc.		1,330		427,927
The Goldman Sachs Group, Inc.		3,560		598,650
Interactive Brokers Group, Inc. Class A		13,870		247,163
Invesco Ltd.		10,000		240,600
JP Morgan Chase & Co.		33,710		1,429,978
Morgan Stanley		22,970		625,014
TD Ameritrade Holding Corp.		21,790		413,792
				4,991,229
Electric — 4.6%
Allegheny Energy, Inc.		12,670		307,121
Edison International		7,990		308,414
GenOn Energy, Inc. (a)		50,060		190,729
NRG Energy, Inc. (a)		16,880		329,835
PPL Corp.		14,150		372,428
				1,508,527
Engineering & Construction — 0.6%
Foster Wheeler AG (a)		6,090		210,227
Foods — 1.4%
Kraft Foods, Inc. Class A		14,910		469,814
Health Care – Products — 0.9%
C.R. Bard, Inc.		1,750		160,597
Kinetic Concepts, Inc. (a)		3,460		144,905
				305,502
Health Care – Services — 1.3%
WellPoint, Inc. (a)		7,200		409,392
Insurance — 4.8%
AEGON NV Sponsored ADR (Netherlands) (a)		45,200		277,076
Assured Guaranty Ltd.		9,700		171,690
Genworth Financial, Inc. Class A (a)		26,270		345,188
Lincoln National Corp.		14,890		414,091
Prudential Financial, Inc.		5,940		348,737
				1,556,782
Internet — 2.0%
Expedia, Inc.		13,210		331,439
Google, Inc. Class A (a)		550		326,683
				658,122
Lodging — 0.9%
Wyndham Worldwide Corp.		10,110		302,896
Machinery – Construction & Mining — 0.6%
Joy Global, Inc.		2,380		206,465
Machinery – Diversified — 1.3%
Cummins, Inc.		3,860		424,639

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

147

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

	Number of Shares		Value
Manufacturing — 2.3%
General Electric Co.		16,840	$	308,004
Honeywell International, Inc.		8,170		434,317
				742,321
Media — 3.2%
CBS Corp. Class B		19,750		376,238
Comcast Corp. Class A		20,770		456,317
DISH Network Corp. Class A (a)		11,570		227,466
				1,060,021
Metal Fabricate & Hardware — 1.4%
Commercial Metals Co.		6,280		104,185
Precision Castparts Corp.		2,510		349,417
				453,602
Oil & Gas — 12.0%
Anadarko Petroleum Corp.		5,200		396,032
Chevron Corp.		13,340		1,217,275
Ensco PLC Sponsored ADR (United Kingdom)		4,700		250,886
Marathon Oil Corp.		15,020		556,190
Noble Corp.		6,980		249,675
Occidental Petroleum Corp.		6,770		664,137
Valero Energy Corp.		18,210		421,015
Whiting Petroleum Corp. (a)		1,410		165,238
				3,920,448
Packaging & Containers — 0.5%
Owens-IIlinois, Inc. (a)		5,070		155,649
Pharmaceuticals — 8.0%
Express Scripts, Inc. (a)		5,960		322,138
Gilead Sciences, Inc. (a)		5,990		217,078
Medco Health Solutions, Inc. (a)		2,500		153,175
Merck & Co., Inc.		21,460		773,418
Pfizer, Inc.		65,520		1,147,255
				2,613,064
Retail — 4.8%
American Eagle Outfitters, Inc.		9,010		131,816
CVS Caremark Corp.		19,960		694,009
Lowe’s Cos., Inc.		14,900		373,692
Wal-Mart Stores, Inc.		6,980		376,432
				1,575,949
Semiconductors — 0.5%
Marvell Technology Group Ltd. (a)		8,500		157,675
Software — 0.7%
CA, Inc.		8,950		218,738
Telecommunications — 6.9%
AT&T, Inc.		17,880		525,314
CenturyLink, Inc.		7,687		354,909
NII Holdings, Inc. (a)		12,040		537,707

	Number of Shares		Value
QUALCOMM, Inc.		3,960	$	195,980
Qwest Communications International, Inc.		86,590		658,950
				2,272,860
TOTAL COMMON STOCK (Cost $27,632,108)				32,571,469
TOTAL EQUITIES (Cost $27,632,108)				32,571,469
TOTAL LONG-TERM INVESTMENTS (Cost $27,632,108)				32,571,469
	Principal Amount
SHORT-TERM INVESTMENTS — 0.7%
Repurchase Agreement — 0.7%
State Street Bank & Trust Co. Repurchase Agreement, dated 12/31/10, 0.010%, due 1/03/11 (b)	$	237,517		237,517
TOTAL SHORT-TERM INVESTMENTS (Cost $237,517)				237,517
TOTAL INVESTMENTS — 100.2% (Cost $27,869,625) (c)				32,808,986
Other Assets/(Liabilities) — (0.2)%				(55,370	)
NET ASSETS — 100.0%			$	32,753,616

Notes to Portfolio of Investments

ADR American Depositary Receipt

(a) Non-income producing security.

(b) Maturity value of $237,517. Collateralized by U.S. Government Agency obligations with a rate of 4.000%, maturity date of 9/25/39, and an aggregate market value, including accrued interest, of $244,615.

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

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

148

MassMutual Select Large Cap Value Fund – Portfolio of Investments

December 31, 2010

	Number of Shares		Value
EQUITIES — 97.8%
COMMON STOCK — 97.8%
Aerospace & Defense — 0.6%
Lockheed Martin Corp.		62,160	$	4,345,606
Agriculture — 1.1%
Philip Morris International, Inc.		128,600		7,526,958
Banks — 10.1%
Bank of New York Mellon Corp.		611,700		18,473,340
GAM Holding Ltd. (a)		171,600		2,837,306
Julius Baer Group Ltd.		312,300		14,638,470
Wells Fargo & Co.		1,095,776		33,958,098
				69,907,214
Beverages — 4.0%
The Coca-Cola Co.		151,200		9,944,424
Diageo PLC Sponsored ADR (United Kingdom)		117,100		8,704,043
Heineken Holding NV Class A		204,264		8,910,556
				27,559,023
Building Materials — 1.1%
Martin Marietta Materials, Inc.		81,200		7,489,888
Chemicals — 1.8%
Air Products & Chemicals, Inc.		16,810		1,528,869
Monsanto Co.		101,650		7,078,906
Potash Corp. of Saskatchewan, Inc.		14,120		2,186,200
Praxair, Inc.		14,800		1,412,956
				12,206,931
Coal — 0.8%
China Coal Energy Co. Class H		3,672,200		5,733,031
Commercial Services — 2.3%
Iron Mountain, Inc.		456,016		11,404,960
Moody’s Corp.		101,600		2,696,464
PortX Operacoes Portuarias SA (a)		92,600		206,955
Visa, Inc. Class A		25,210		1,774,280
				16,082,659
Computers — 0.8%
Hewlett-Packard Co.		133,700		5,628,770
Cosmetics & Personal Care — 1.1%
Natura Cosmeticos SA		48,000		1,379,355
The Procter & Gamble Co.		98,200		6,317,206
				7,696,561
Diversified Financial — 6.0%
American Express Co.		672,500		28,863,700
Ameriprise Financial, Inc.		122,660		7,059,083
The Charles Schwab Corp.		22,100		378,131
The Goldman Sachs Group, Inc.		25,470		4,283,035
JP Morgan Chase & Co.		18,888		801,229
				41,385,178

	Number of Shares		Value
Electronics — 1.1%
Agilent Technologies, Inc. (a)		184,770	$	7,655,021
Foods — 1.0%
The Hershey Co.		16,980		800,607
Kraft Foods, Inc. Class A		64,700		2,038,697
Nestle SA		21,200		1,242,840
Unilever NV NY Shares		83,900		2,634,460
				6,716,604
Forest Products & Paper — 1.4%
Sino-Forest Corp. (a) (b) (c)		12,800		299,700
Sino-Forest Corp. Class A (a)		406,120		9,508,933
				9,808,633
Health Care – Products — 3.9%
Baxter International, Inc.		78,000		3,948,360
Becton, Dickinson & Co.		82,800		6,998,256
Johnson & Johnson		266,100		16,458,285
				27,404,901
Holding Company – Diversified — 1.3%
China Merchants Holdings International Co. Ltd.		2,200,764		8,688,948
Housewares — 0.3%
Hunter Douglas NV		36,548		1,938,171
Insurance — 8.6%
Aon Corp.		17,420		801,494
Berkshire Hathaway, Inc. Class A (a)		86		10,358,700
Fairfax Financial Holdings Ltd.		7,380		3,022,553
Fairfax Financial Holdings Ltd.		3,440		1,414,422
Loews Corp.		510,600		19,867,446
Markel Corp. (a)		1,910		722,228
The Progressive Corp.		841,800		16,726,566
Transatlantic Holdings, Inc.		137,734		7,109,829
				60,023,238
Internet — 1.4%
Google, Inc. Class A (a)		12,480		7,412,746
Liberty Media Corp. - Interactive Class A (a)		154,300		2,433,311
				9,846,057
Leisure Time — 1.5%
Harley-Davidson, Inc.		296,400		10,276,188
Machinery – Construction & Mining — 1.3%
BHP Billiton PLC		116,900		4,662,438
Rio Tinto PLC		64,187		4,503,273
				9,165,711
Manufacturing — 0.4%
Tyco International Ltd.		67,221		2,785,638

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

149

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

	Number of Shares		Value
Media — 0.6%
Grupo Televisa SA Sponsored ADR (Mexico) (a)		138,100	$	3,580,933
Liberty Media Corp. - Starz Series A (a)		12,350		821,028
				4,401,961
Mining — 0.3%
Vulcan Materials Co.		40,100		1,778,836
Oil & Gas — 14.5%
Canadian Natural Resources Ltd.		439,200		19,509,264
Devon Energy Corp.		308,900		24,251,739
EOG Resources, Inc.		255,650		23,368,967
Occidental Petroleum Corp.		287,500		28,203,750
OGX Petroleo e Gas Participacoes SA (a)		430,000		5,180,940
				100,514,660
Oil & Gas Services — 0.9%
Schlumberger Ltd.		17,200		1,436,200
Transocean Ltd. (a)		71,515		4,971,008
				6,407,208
Packaging & Containers — 2.5%
Sealed Air Corp.		670,272		17,058,422
Pharmaceuticals — 7.8%
Express Scripts, Inc. (a)		209,200		11,307,260
Mead Johnson Nutrition Co.		50,800		3,162,300
Merck & Co., Inc.		566,312		20,409,885
Pfizer, Inc.		760,300		13,312,853
Roche Holding AG		41,700		6,117,814
				54,310,112
Real Estate — 1.7%
Brookfield Asset Management, Inc. Class A		153,400		5,106,686
Hang Lung Properties Ltd.		980,000		6,453,066
				11,559,752
Retail — 11.5%
Bed Bath & Beyond, Inc. (a)		223,600		10,989,940
CarMax, Inc. (a)		195,200		6,222,976
Costco Wholesale Corp.		511,600		36,942,636
CVS Caremark Corp.		738,061		25,662,381
				79,817,933
Semiconductors — 1.9%
Texas Instruments, Inc.		414,600		13,474,500
Software — 2.6%
Activision Blizzard, Inc.		303,000		3,769,320
Dun & Bradstreet Corp.		81,850		6,719,067
Microsoft Corp.		268,000		7,482,560
				17,970,947

	Number of Shares		Value
Telecommunications — 0.3%
America Movil SAB de CV Series L ADR (Mexico)		41,200	$	2,362,408
Transportation — 1.3%
China Shipping Development Co. Ltd. Class H		1,719,000		2,289,821
Kuehne & Nagel International AG		44,350		6,166,478
LLX Logistica SA (a)		92,600		263,901
				8,720,200
TOTAL COMMON STOCK (Cost $486,027,053)				678,247,868
TOTAL EQUITIES (Cost $486,027,053)				678,247,868
BONDS & NOTES — 0.3%
CORPORATE DEBT — 0.3%
Forest Products & Paper — 0.3%
Sino-Forest Corp., Convertible (Acquired 07/23/08, Cost $1,565,682) (b) (d) 5.000% 8/01/13		1,604,000		2,151,365
TOTAL CORPORATE DEBT (Cost $1,565,682)				2,151,365
TOTAL BONDS & NOTES (Cost $1,565,682)				2,151,365
TOTAL LONG-TERM INVESTMENTS (Cost $487,592,735)				680,399,233
	Principal Amount
SHORT-TERM INVESTMENTS — 2.1%
Repurchase Agreement — 2.1%
State Street Bank & Trust Co. Repurchase Agreement, dated 12/31/10, 0.010%, due 1/03/11 (e)	$	14,414,428		14,414,428
TOTAL SHORT-TERM INVESTMENTS (Cost $14,414,428)				14,414,428
TOTAL INVESTMENTS —100.2% (Cost $502,007,163) (f)				694,813,661
Other Assets/(Liabilities) — (0.2)%				(1,060,269	)
NET ASSETS — 100.0%			$	693,753,392

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

150

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

Notes to Portfolio of Investments

ADR American Depositary Receipt

(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 December 31, 2010, these securities amounted to a value of $2,451,065 or 0.35% of net assets.

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

(d) Restricted security. Certain securities are restricted as to resale. At December 31, 2010, these securities amounted to a value of $2,151,365 or 0.31% of net assets. The Fund generally bears the costs, if any, associated with the disposition of restricted securities.

(e) Maturity value of $14,414,440. Collateralized by U.S. Government Agency obligations with a rate of 4.000%, maturity dates ranging from 5/15/39 - 8/15/39, and an aggregate market value, including accrued interest, of $14,703,602.

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

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

151

MassMutual Select Indexed Equity Fund – Portfolio of Investments

December 31, 2010

	Number of Shares		Value
EQUITIES — 98.7%
COMMON STOCK — 98.7%
Advertising — 0.2%
The Interpublic Group of Companies, Inc. (a)		79,659	$	845,978
Omnicom Group, Inc.		51,976		2,380,501
				3,226,479
Aerospace & Defense — 2.0%
The Boeing Co.		125,144		8,166,897
General Dynamics Corp.		64,743		4,594,163
Goodrich Corp.		21,071		1,855,723
L-3 Communications Holdings, Inc.		19,909		1,403,385
Lockheed Martin Corp.		50,979		3,563,942
Northrop Grumman Corp.		50,608		3,278,386
Raytheon Co.		61,605		2,854,776
Rockwell Collins, Inc.		26,452		1,541,094
United Technologies Corp.		157,572		12,404,068
				39,662,434
Agriculture — 1.7%
Altria Group, Inc.		354,277		8,722,300
Archer-Daniels-Midland Co.		108,592		3,266,447
Lorillard, Inc.		25,360		2,081,041
Philip Morris International, Inc.		309,519		18,116,147
Reynolds American, Inc.		56,522		1,843,748
				34,029,683
Airlines — 0.1%
Southwest Airlines Co.		124,999		1,622,487
Apparel — 0.3%
Nike, Inc. Class B		64,853		5,539,743
VF Corp.		14,652		1,262,710
				6,802,453
Auto Manufacturers — 0.7%
Ford Motor Co. (a)		638,286		10,716,822
Paccar, Inc.		61,692		3,542,355
				14,259,177
Automotive & Parts — 0.2%
The Goodyear Tire & Rubber Co. (a)		40,793		483,397
Johnson Controls, Inc.		114,075		4,357,665
				4,841,062
Banks — 4.9%
Bank of America Corp.		1,717,477		22,911,143
Bank of New York Mellon Corp.		210,972		6,371,354
BB&T Corp.		119,923		3,152,776
Capital One Financial Corp.		77,623		3,303,635
Comerica, Inc.		29,268		1,236,280
Fifth Third Bancorp		136,634		2,005,787
First Horizon National Corp. (a)		40,246		474,098
Huntington Bancshares, Inc.		146,977		1,009,732

	Number of Shares		Value
KeyCorp		144,593	$	1,279,648
M&T Bank Corp.		20,420		1,777,561
Marshall & Ilsley Corp.		89,611		620,108
Northern Trust Corp.		40,393		2,238,176
PNC Financial Services Group, Inc.		89,394		5,428,004
Regions Financial Corp.		216,244		1,513,708
State Street Corp.		85,134		3,945,110
SunTrust Banks, Inc.		86,941		2,565,629
U.S. Bancorp		327,552		8,834,077
Wells Fargo & Co.		894,808		27,730,100
Zions Bancorp		29,018		703,106
				97,100,032
Beverages — 2.5%
Brown-Forman Corp. Class B		18,072		1,258,173
The Coca-Cola Co.		394,780		25,964,680
Coca-Cola Enterprises, Inc.		58,520		1,464,756
Constellation Brands, Inc. Class A (a)		27,893		617,830
Dr. Pepper Snapple Group, Inc.		38,364		1,348,878
Molson Coors Brewing Co. Class B		27,516		1,381,028
PepsiCo, Inc.		270,143		17,648,442
				49,683,787
Biotechnology — 1.1%
Amgen, Inc. (a)		161,113		8,845,104
Biogen Idec, Inc. (a)		39,615		2,656,186
Celgene Corp. (a)		79,151		4,680,990
Genzyme Corp. (a)		43,915		3,126,748
Life Technologies Corp. (a)		31,602		1,753,911
				21,062,939
Building Materials — 0.0%
Masco Corp.		60,857		770,450
Chemicals — 2.1%
Air Products & Chemicals, Inc.		36,856		3,352,053
Airgas, Inc.		12,218		763,136
CF Industries Holdings, Inc.		11,733		1,585,715
The Dow Chemical Co.		199,173		6,799,766
E.I. du Pont de Nemours & Co.		156,775		7,819,937
Eastman Chemical Co.		12,159		1,022,329
Ecolab, Inc.		39,358		1,984,430
FMC Corp.		12,224		976,575
International Flavors & Fragrances, Inc.		13,318		740,348
Monsanto Co.		90,632		6,311,613
PPG Industries, Inc.		28,472		2,393,641
Praxair, Inc.		51,645		4,930,548
The Sherwin-Williams Co.		15,362		1,286,568
Sigma-Aldrich Corp.		20,411		1,358,556
				41,325,215
Coal — 0.3%
CONSOL Energy, Inc.		39,107		1,906,075

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

152

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

	Number of Shares		Value
Massey Energy Co.		16,836	$	903,252
Peabody Energy Corp.		46,287		2,961,442
				5,770,769
Commercial Services — 1.4%
Apollo Group, Inc. Class A (a)		20,527		810,611
Automatic Data Processing, Inc.		83,441		3,861,650
DeVry, Inc.		10,305		494,434
Donnelley (R.R.) & Sons Co.		33,811		590,678
Equifax, Inc.		21,165		753,474
H&R Block, Inc.		55,463		660,564
Iron Mountain, Inc.		34,916		873,249
MasterCard, Inc. Class A		16,418		3,679,438
McKesson Corp.		42,511		2,991,924
Monster Worldwide, Inc. (a)		21,336		504,170
Moody’s Corp.		33,543		890,231
Paychex, Inc.		56,858		1,757,481
Quanta Services, Inc. (a)		34,723		691,682
Robert Half International, Inc.		25,374		776,444
SAIC, Inc. (a)		50,652		803,341
Total System Services, Inc.		25,992		399,757
Visa, Inc. Class A		82,884		5,833,376
Western Union Co.		114,093		2,118,707
				28,491,211
Computers — 6.2%
Apple, Inc. (a)		156,186		50,379,356
Cognizant Technology Solutions Corp. Class A (a)		51,512		3,775,315
Computer Sciences Corp.		25,444		1,262,022
Dell, Inc. (a)		282,399		3,826,506
EMC Corp. (a)		352,400		8,069,960
Hewlett-Packard Co.		385,727		16,239,107
International Business Machines Corp.		211,365		31,019,927
Lexmark International, Inc. Class A (a)		12,961		451,302
NetApp, Inc. (a)		61,286		3,368,279
SanDisk Corp. (a)		40,180		2,003,375
Teradata Corp. (a)		28,077		1,155,649
Western Digital Corp. (a)		39,270		1,331,253
				122,882,051
Cosmetics & Personal Care — 2.1%
Avon Products, Inc.		71,892		2,089,182
Colgate-Palmolive Co.		82,082		6,596,930
The Estee Lauder Cos., Inc. Class A		19,495		1,573,247
The Procter & Gamble Co.		476,828		30,674,345
				40,933,704
Distribution & Wholesale — 0.2%
Fastenal Co.		25,253		1,512,907
Genuine Parts Co.		26,629		1,367,133
W.W. Grainger, Inc.		9,844		1,359,555
				4,239,595

	Number of Shares		Value
Diversified Financial — 5.4%
American Express Co.		178,164	$	7,646,799
Ameriprise Financial, Inc.		42,527		2,447,429
The Charles Schwab Corp.		170,774		2,921,943
Citigroup, Inc. (a)		4,950,713		23,416,872
CME Group, Inc.		11,521		3,706,882
Discover Financial Services		90,897		1,684,321
E*TRADE Financial Corp. (a)		35,601		569,616
Federated Investors, Inc. Class B		14,852		388,677
Franklin Resources, Inc.		24,692		2,745,997
The Goldman Sachs Group, Inc.		86,998		14,629,584
IntercontinentalExchange, Inc. (a)		12,196		1,453,153
Invesco Ltd.		77,509		1,864,867
Janus Capital Group, Inc.		31,664		410,682
JP Morgan Chase & Co.		665,309		28,222,408
Legg Mason, Inc.		26,737		969,751
Morgan Stanley		259,104		7,050,220
The NASDAQ OMX Group, Inc. (a)		25,428		602,898
NYSE Euronext		45,019		1,349,670
SLM Corp. (a)		84,954		1,069,571
T. Rowe Price Group, Inc.		44,282		2,857,960
				106,009,300
Electric — 3.0%
The AES Corp. (a)		110,450		1,345,281
Allegheny Energy, Inc.		28,289		685,725
Ameren Corp.		41,211		1,161,738
American Electric Power Co., Inc.		81,261		2,923,771
CenterPoint Energy, Inc.		71,698		1,127,093
CMS Energy Corp.		43,692		812,671
Consolidated Edison, Inc.		48,943		2,426,105
Constellation Energy Group, Inc.		32,549		996,976
Dominion Resources, Inc.		99,483		4,249,914
DTE Energy Co.		29,304		1,328,057
Duke Energy Corp.		227,856		4,058,115
Edison International		54,460		2,102,156
Entergy Corp.		31,530		2,233,270
Exelon Corp.		113,701		4,734,510
FirstEnergy Corp.		50,924		1,885,206
Integrys Energy Group, Inc.		12,932		627,331
NextEra Energy, Inc.		71,728		3,729,139
Northeast Utilities		27,275		869,527
NRG Energy, Inc. (a)		44,588		871,250
Pepco Holdings, Inc.		35,874		654,701
PG&E Corp.		66,396		3,176,385
Pinnacle West Capital Corp.		19,307		800,275
PPL Corp.		82,654		2,175,453
Progress Energy, Inc.		50,348		2,189,131
Public Service Enterprise Group, Inc.		87,756		2,791,518
SCANA Corp.		18,269		741,721
The Southern Co.		143,986		5,504,585
TECO Energy, Inc.		37,269		663,388
Wisconsin Energy Corp.		19,906		1,171,667

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

153

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

	Number of Shares		Value
Xcel Energy, Inc.		78,602	$	1,851,077
				59,887,736
Electrical Components & Equipment — 0.4%
Emerson Electric Co.		127,746		7,303,239
Molex, Inc.		23,184		526,740
				7,829,979
Electronics — 0.4%
Agilent Technologies, Inc. (a)		58,510		2,424,069
Amphenol Corp. Class A		30,704		1,620,557
FLIR Systems, Inc. (a)		28,779		856,175
Jabil Circuit, Inc.		31,415		631,127
PerkinElmer, Inc.		20,079		518,440
Waters Corp. (a)		15,357		1,193,393
				7,243,761
Energy – Alternate Sources — 0.1%
First Solar, Inc. (a)		9,258		1,204,836
Engineering & Construction — 0.2%
Fluor Corp.		30,114		1,995,354
Jacobs Engineering Group, Inc. (a)		20,712		949,645
				2,944,999
Entertainment — 0.0%
International Game Technology		49,360		873,178
Environmental Controls — 0.3%
Republic Services, Inc.		50,992		1,522,621
Stericycle, Inc. (a)		14,369		1,162,740
Waste Management, Inc.		82,660		3,047,674
				5,733,035
Foods — 1.9%
Campbell Soup Co.		34,242		1,189,909
ConAgra Foods, Inc.		74,406		1,680,087
Dean Foods Co. (a)		30,209		267,048
General Mills, Inc.		109,206		3,886,641
H.J. Heinz Co.		54,967		2,718,668
The Hershey Co.		25,478		1,201,288
Hormel Foods Corp.		12,016		615,940
The J.M. Smucker Co.		19,798		1,299,739
Kellogg Co.		43,566		2,225,351
Kraft Foods, Inc. Class A		298,459		9,404,443
The Kroger Co.		108,094		2,416,982
McCormick & Co., Inc.		22,621		1,052,555
Safeway, Inc.		65,694		1,477,458
Sara Lee Corp.		110,488		1,934,645
SUPERVALU, Inc.		36,009		346,767
Sysco Corp.		98,820		2,905,308
Tyson Foods, Inc. Class A		53,279		917,464
Whole Foods Market, Inc. (a)		25,306		1,280,231
				36,820,524
Forest Products & Paper — 0.3%
International Paper Co.		72,820		1,983,617

	Number of Shares		Value
MeadWestvaco Corp.		30,419	$	795,761
Plum Creek Timber Co., Inc.		27,433		1,027,366
Weyerhaeuser Co.		89,001		1,684,789
				5,491,533
Gas — 0.2%
Nicor, Inc.		7,862		392,471
NiSource, Inc.		46,359		816,846
Sempra Energy		41,667		2,186,684
				3,396,001
Hand & Machine Tools — 0.1%
Snap-on, Inc.		10,043		568,233
Stanley Black & Decker, Inc.		28,104		1,879,314
				2,447,547
Health Care – Products — 3.0%
Baxter International, Inc.		99,189		5,020,947
Becton, Dickinson & Co.		39,339		3,324,932
Boston Scientific Corp. (a)		253,982		1,922,644
C.R. Bard, Inc.		15,965		1,465,108
CareFusion Corp. (a)		37,999		976,574
Intuitive Surgical, Inc. (a)		6,780		1,747,545
Johnson & Johnson		466,503		28,853,211
Medtronic, Inc.		184,994		6,861,427
St. Jude Medical, Inc. (a)		57,462		2,456,501
Stryker Corp.		58,128		3,121,474
Varian Medical Systems, Inc. (a)		20,923		1,449,545
Zimmer Holdings, Inc. (a)		34,267		1,839,453
				59,039,361
Health Care – Services — 1.3%
Aetna, Inc.		68,400		2,086,884
CIGNA Corp.		44,787		1,641,892
Coventry Health Care, Inc. (a)		24,743		653,215
DaVita, Inc. (a)		16,414		1,140,609
Humana, Inc. (a)		28,617		1,566,495
Laboratory Corporation of America Holdings (a)		17,425		1,532,006
Quest Diagnostics, Inc.		24,843		1,340,777
Tenet Healthcare Corp. (a)		79,274		530,343
Thermo Fisher Scientific, Inc. (a)		67,389		3,730,655
UnitedHealth Group, Inc.		187,158		6,758,275
WellPoint, Inc. (a)		67,962		3,864,319
				24,845,470
Holding Company – Diversified — 0.1%
Leucadia National Corp.		31,815		928,362
Home Builders — 0.1%
D.R. Horton, Inc.		45,970		548,422
Lennar Corp. Class A		27,503		515,681
Pulte Group, Inc. (a)		53,055		398,974
				1,463,077

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

154

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

	Number of Shares		Value
Home Furnishing — 0.1%
Harman International Industries, Inc. (a)		11,461	$	530,644
Whirlpool Corp.		12,527		1,112,774
				1,643,418
Household Products — 0.4%
Avery Dennison Corp.		18,538		784,899
The Clorox Co.		23,419		1,481,954
Fortune Brands, Inc.		25,338		1,526,615
Kimberly-Clark Corp.		70,001		4,412,863
				8,206,331
Housewares — 0.0%
Newell Rubbermaid, Inc.		47,075		855,823
Insurance — 3.9%
ACE Ltd.		57,994		3,610,126
Aflac, Inc.		79,923		4,510,055
The Allstate Corp.		90,395		2,881,793
American International Group, Inc. (a)		24,389		1,405,294
Aon Corp.		56,086		2,580,517
Assurant, Inc.		17,112		659,154
Berkshire Hathaway, Inc. Class B (a)		294,495		23,591,994
The Chubb Corp.		52,013		3,102,055
Cincinnati Financial Corp.		27,466		870,397
Genworth Financial, Inc. Class A (a)		80,890		1,062,895
The Hartford Financial Services Group, Inc.		75,871		2,009,823
Lincoln National Corp.		54,541		1,516,785
Loews Corp.		55,176		2,146,898
Marsh & McLennan Cos., Inc.		93,105		2,545,491
MetLife, Inc.		155,041		6,890,022
Principal Financial Group, Inc.		53,528		1,742,872
The Progressive Corp.		114,161		2,268,379
Prudential Financial, Inc.		82,525		4,845,043
Torchmark Corp.		14,063		840,124
The Travelers Cos., Inc.		78,185		4,355,686
Unum Group		55,391		1,341,570
XL Group PLC		52,851		1,153,209
				75,930,182
Internet — 3.0%
Akamai Technologies, Inc. (a)		31,325		1,473,841
Amazon.com, Inc. (a)		60,545		10,898,100
eBay, Inc. (a)		196,783		5,476,471
Expedia, Inc.		35,309		885,903
F5 Networks, Inc. (a)		13,781		1,793,735
Google, Inc. Class A (a)		42,503		25,245,507
McAfee, Inc. (a)		25,711		1,190,676
Netflix, Inc. (a)		7,391		1,298,599
Priceline.com, Inc. (a)		8,439		3,371,803
Symantec Corp. (a)		134,585		2,252,953
VeriSign, Inc.		29,311		957,590
Yahoo!, Inc. (a)		219,886		3,656,704
				58,501,882

	Number of Shares		Value
Iron & Steel — 0.3%
AK Steel Holding Corp.		17,897	$	292,974
Allegheny Technologies, Inc.		16,415		905,780
Cliffs Natural Resources, Inc.		23,394		1,824,966
Nucor Corp.		52,676		2,308,262
United States Steel Corp.		24,809		1,449,342
				6,781,324
Leisure Time — 0.2%
Carnival Corp.		73,562		3,391,944
Harley-Davidson, Inc.		39,416		1,366,553
				4,758,497
Lodging — 0.3%
Marriott International, Inc. Class A		48,636		2,020,339
Starwood Hotels & Resorts Worldwide, Inc.		33,516		2,037,102
Wyndham Worldwide Corp.		29,437		881,933
Wynn Resorts Ltd.		12,789		1,328,010
				6,267,384
Machinery – Construction & Mining — 0.7%
Caterpillar, Inc.		108,655		10,176,627
Ingersoll-Rand PLC		55,233		2,600,922
				12,777,549
Machinery – Diversified — 0.9%
Cummins, Inc.		33,655		3,702,387
Deere & Co.		72,003		5,979,849
Eaton Corp.		28,897		2,933,334
Flowserve Corp.		9,295		1,108,150
Rockwell Automation, Inc.		23,674		1,697,663
Roper Industries, Inc.		16,428		1,255,592
				16,676,975
Manufacturing — 3.6%
3M Co.		122,325		10,556,648
Danaher Corp.		91,922		4,335,961
Dover Corp.		31,077		1,816,451
General Electric Co.		1,816,467		33,223,181
Honeywell International, Inc.		131,669		6,999,524
Illinois Tool Works, Inc.		85,771		4,580,171
ITT Corp.		30,681		1,598,787
Leggett & Platt, Inc.		24,917		567,111
Pall Corp.		19,720		977,718
Parker Hannifin Corp.		27,143		2,342,441
Textron, Inc.		45,569		1,077,251
Tyco International Ltd.		84,267		3,492,024
				71,567,268
Media — 2.9%
Cablevision Systems Corp. Class A		40,906		1,384,259
CBS Corp. Class B		114,033		2,172,329
Comcast Corp. Class A		474,029		10,414,417
DIRECTV Class A (a)		142,982		5,709,271

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

155

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

	Number of Shares		Value
Discovery Communications, Inc. Series A (a)		49,292	$	2,055,476
Gannett Co., Inc.		39,373		594,139
The McGraw-Hill Cos., Inc.		52,525		1,912,435
Meredith Corp.		5,933		205,578
News Corp. Class A		391,066		5,693,921
Scripps Networks Interactive Class A		15,189		786,031
Time Warner Cable, Inc.		60,024		3,963,385
Time Warner, Inc.		190,233		6,119,796
Viacom, Inc. Class B		101,945		4,038,041
The Walt Disney Co.		321,826		12,071,693
The Washington Post Co. Class B		1,024		450,048
				57,570,819
Metal Fabricate & Hardware — 0.2%
Precision Castparts Corp.		24,098		3,354,683
Mining — 0.9%
Alcoa, Inc.		174,859		2,691,080
Freeport-McMoRan Copper & Gold, Inc.		79,752		9,577,418
Newmont Mining Corp.		83,549		5,132,415
Titanium Metals Corp. (a)		13,316		228,769
Vulcan Materials Co.		22,048		978,049
				18,607,731
Office Equipment/Supplies — 0.2%
Pitney Bowes, Inc.		34,507		834,379
Xerox Corp.		236,145		2,720,391
				3,554,770
Oil & Gas — 9.3%
Anadarko Petroleum Corp.		85,016		6,474,819
Apache Corp.		65,390		7,796,450
Cabot Oil & Gas Corp.		17,276		653,897
Chesapeake Energy Corp.		113,368		2,937,365
Chevron Corp.		343,105		31,308,331
ConocoPhillips		250,764		17,077,028
Denbury Resources, Inc. (a)		66,124		1,262,307
Devon Energy Corp.		73,899		5,801,810
Diamond Offshore Drilling, Inc.		11,619		776,962
EOG Resources, Inc.		43,094		3,939,223
EQT Corp.		24,570		1,101,719
Exxon Mobil Corp.		859,210		62,825,435
Helmerich & Payne, Inc.		17,396		843,358
Hess Corp.		51,598		3,949,311
Marathon Oil Corp.		120,721		4,470,299
Murphy Oil Corp.		33,474		2,495,487
Nabors Industries Ltd. (a)		47,321		1,110,151
Newfield Exploration Co. (a)		22,816		1,645,262
Noble Energy, Inc.		29,865		2,570,779
Occidental Petroleum Corp.		137,930		13,530,933
Pioneer Natural Resources Co.		20,479		1,777,987
QEP Resources, Inc.		28,996		1,052,845
Range Resources Corp.		26,917		1,210,727

	Number of Shares		Value
Rowan Cos., Inc. (a)		23,919	$	835,012
Southwestern Energy Co. (a)		59,240		2,217,353
Sunoco, Inc.		19,511		786,488
Tesoro Corp. (a)		23,136		428,941
Valero Energy Corp.		95,546		2,209,023
				183,089,302
Oil & Gas Services — 2.0%
Baker Hughes, Inc.		73,105		4,179,413
Cameron International Corp. (a)		40,763		2,067,907
FMC Technologies, Inc. (a)		20,117		1,788,602
Halliburton Co.		154,448		6,306,112
National Oilwell Varco, Inc.		70,924		4,769,639
Schlumberger Ltd.		231,884		19,362,314
				38,473,987
Packaging & Containers — 0.2%
Ball Corp.		15,668		1,066,207
Bemis Co., Inc.		18,226		595,261
Owens-IIlinois, Inc. (a)		27,885		856,070
Sealed Air Corp.		26,365		670,989
				3,188,527
Pharmaceuticals — 5.1%
Abbott Laboratories		261,770		12,541,401
Allergan, Inc.		52,078		3,576,196
AmerisourceBergen Corp.		45,606		1,556,077
Bristol-Myers Squibb Co.		289,255		7,659,472
Cardinal Health, Inc.		57,667		2,209,223
Cephalon, Inc. (a)		12,793		789,584
DENTSPLY International, Inc.		25,163		859,820
Eli Lilly & Co.		171,043		5,993,347
Express Scripts, Inc. (a)		89,456		4,835,097
Forest Laboratories, Inc. (a)		47,279		1,511,982
Gilead Sciences, Inc. (a)		138,820		5,030,837
Hospira, Inc. (a)		29,167		1,624,310
King Pharmaceuticals, Inc. (a)		15,804		222,046
Mead Johnson Nutrition Co.		35,807		2,228,986
Medco Health Solutions, Inc. (a)		72,180		4,422,469
Merck & Co., Inc.		522,730		18,839,189
Mylan, Inc. (a)		74,606		1,576,425
Patterson Cos., Inc.		15,761		482,759
Pfizer, Inc.		1,360,353		23,819,781
Watson Pharmaceuticals, Inc. (a)		21,433		1,107,014
				100,886,015
Pipelines — 0.4%
El Paso Corp.		117,529		1,617,199
ONEOK, Inc.		17,390		964,623
Spectra Energy Corp.		110,508		2,761,595
The Williams Cos., Inc.		98,212		2,427,801
				7,771,218
Real Estate — 0.1%
CB Richard Ellis Group, Inc. Class A (a)		50,806		1,040,507

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

156

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

	Number of Shares		Value
Real Estate Investment Trusts (REITS) — 1.3%
Apartment Investment & Management Co. Class A		19,713	$	509,384
AvalonBay Communities, Inc.		14,139		1,591,344
Boston Properties, Inc.		23,364		2,011,640
Equity Residential		49,554		2,574,330
HCP, Inc.		62,031		2,282,121
Health Care REIT, Inc.		25,647		1,221,823
Host Hotels & Resorts, Inc.		110,527		1,975,118
Kimco Realty Corp.		68,239		1,231,032
ProLogis		95,695		1,381,836
Public Storage		23,726		2,406,291
Simon Property Group, Inc.		49,981		4,972,610
Ventas, Inc.		27,807		1,459,311
Vornado Realty Trust		27,756		2,312,907
				25,929,747
Retail — 6.0%
Abercrombie & Fitch Co. Class A		14,650		844,279
AutoNation, Inc. (a)		11,083		312,541
AutoZone, Inc. (a)		4,520		1,232,107
Bed Bath & Beyond, Inc. (a)		44,469		2,185,651
Best Buy Co., Inc.		55,555		1,904,981
Big Lots, Inc. (a)		13,736		418,399
CarMax, Inc. (a)		37,582		1,198,114
Coach, Inc.		50,416		2,788,509
Costco Wholesale Corp.		73,195		5,285,411
CVS Caremark Corp.		230,195		8,003,880
Darden Restaurants, Inc.		24,136		1,120,876
Family Dollar Stores, Inc.		21,501		1,068,815
GameStop Corp. Class A (a)		27,582		631,076
The Gap, Inc.		76,332		1,689,990
The Home Depot, Inc.		279,415		9,796,290
J.C. Penney Co., Inc.		39,161		1,265,292
Kohl’s Corp. (a)		49,771		2,704,556
Limited Brands, Inc.		45,168		1,388,013
Lowe’s Cos., Inc.		233,459		5,855,152
Macy’s, Inc.		72,437		1,832,656
McDonald’s Corp.		179,790		13,800,680
Nordstrom, Inc.		28,697		1,216,179
O’Reilly Automotive, Inc. (a)		24,620		1,487,540
Polo Ralph Lauren Corp.		10,999		1,220,009
RadioShack Corp.		20,944		387,255
Ross Stores, Inc.		20,668		1,307,251
Sears Holdings Corp. (a)		7,970		587,787
Staples, Inc.		123,570		2,813,689
Starbucks Corp.		125,968		4,047,352
Target Corp.		121,067		7,279,759
Tiffany & Co.		22,144		1,378,907
The TJX Cos., Inc.		66,445		2,949,493
Urban Outfitters, Inc. (a)		21,610		773,854
Wal-Mart Stores, Inc.		333,717		17,997,358
Walgreen Co.		158,188		6,163,004

	Number of Shares		Value
Yum! Brands, Inc.		79,737	$	3,911,100
				118,847,805
Savings & Loans — 0.1%
Hudson City Bancorp, Inc.		90,752		1,156,180
People’s United Financial, Inc.		61,903		867,261
				2,023,441
Semiconductors — 2.4%
Advanced Micro Devices, Inc. (a)		93,498		764,814
Altera Corp.		52,842		1,880,118
Analog Devices, Inc.		49,819		1,876,682
Applied Materials, Inc.		226,613		3,183,913
Broadcom Corp. Class A		78,360		3,412,578
Intel Corp.		950,048		19,979,509
KLA-Tencor Corp.		27,691		1,069,980
Linear Technology Corp.		40,385		1,396,917
LSI Corp. (a)		110,067		659,301
MEMC Electronic Materials, Inc. (a)		37,281		419,784
Microchip Technology, Inc.		31,017		1,061,092
Micron Technology, Inc. (a)		142,157		1,140,099
National Semiconductor Corp.		38,467		529,306
Novellus Systems, Inc. (a)		16,197		523,487
NVIDIA Corp. (a)		96,073		1,479,524
QLogic Corp. (a)		19,931		339,226
Teradyne, Inc. (a)		30,417		427,055
Texas Instruments, Inc.		202,619		6,585,117
Xilinx, Inc.		43,158		1,250,719
				47,979,221
Software — 4.0%
Adobe Systems, Inc. (a)		85,572		2,633,906
Autodesk, Inc. (a)		38,101		1,455,458
BMC Software, Inc. (a)		30,144		1,420,988
CA, Inc.		65,759		1,607,150
Cerner Corp. (a)		12,691		1,202,345
Citrix Systems, Inc. (a)		32,552		2,226,882
Compuware Corp. (a)		40,285		470,126
Dun & Bradstreet Corp.		8,020		658,362
Electronic Arts, Inc. (a)		53,851		882,080
Fidelity National Information Services, Inc.		43,393		1,188,534
Fiserv, Inc. (a)		25,318		1,482,622
Intuit, Inc. (a)		47,014		2,317,790
Microsoft Corp.		1,281,387		35,776,325
Novell, Inc. (a)		58,378		345,598
Oracle Corp.		658,955		20,625,292
Red Hat, Inc. (a)		33,615		1,534,525
Salesforce.com, Inc. (a)		20,475		2,702,700
				78,530,683
Telecommunications — 5.4%
American Tower Corp. Class A (a)		67,685		3,495,253
AT&T, Inc.		1,005,700		29,547,466

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

157

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

	Number of Shares		Value
CenturyLink, Inc.		52,243	$	2,412,059
Cisco Systems, Inc. (a)		944,422		19,105,657
Corning, Inc.		264,012		5,100,712
Frontier Communications Corp.		168,476		1,639,272
Harris Corp.		21,747		985,139
JDS Uniphase Corp. (a)		37,430		541,986
Juniper Networks, Inc. (a)		89,241		3,294,778
MetroPCS Communications, Inc. (a)		42,232		533,390
Motorola, Inc. (a)		404,898		3,672,425
QUALCOMM, Inc.		275,439		13,631,476
Qwest Communications International, Inc.		296,231		2,254,318
Sprint Nextel Corp. (a)		509,810		2,156,496
Tellabs, Inc.		66,098		448,145
Verizon Communications, Inc.		480,571		17,194,830
Windstream Corp.		83,736		1,167,280
				107,180,682
Textiles — 0.0%
Cintas Corp.		21,924		612,995
Toys, Games & Hobbies — 0.1%
Hasbro, Inc.		23,277		1,098,209
Mattel, Inc.		63,010		1,602,344
				2,700,553
Transportation — 1.9%
C.H. Robinson Worldwide, Inc.		27,841		2,232,570
CSX Corp.		62,916		4,065,003
Expeditors International of Washington, Inc.		37,285		2,035,761
FedEx Corp.		53,138		4,942,365
Norfolk Southern Corp.		62,496		3,925,999
Ryder System, Inc.		8,537		449,388
Union Pacific Corp.		84,119		7,794,466
United Parcel Service, Inc. Class B		168,062		12,197,940
				37,643,492
TOTAL COMMON STOCK (Cost $1,725,441,657)				1,945,815,038
TOTAL EQUITIES (Cost $1,725,441,657)				1,945,815,038
TOTAL LONG-TERM INVESTMENTS (Cost $1,725,441,657)				1,945,815,038

	Principal Amount		Value
SHORT-TERM INVESTMENTS — 1.3%
Repurchase Agreement — 1.1%
State Street Bank & Trust Co. Repurchase Agreement, dated 12/31/10, 0.010%, due 1/03/11 (b)	$	22,422,624	$	22,422,624
U.S Treasury Bills — 0.2%
U.S. Treasury Bill, 0.137%, due 5/05/11 (c)		500,000		499,530
U.S. Treasury Bill, 0.140%, due 5/05/11 (c)		305,000		304,853
U.S. Treasury Bill, 0.170%, due 5/05/11 (c)		1,520,000		1,519,110
U.S. Treasury Bill, 0.173%, due 5/05/11 (c)		110,000		109,934
U.S. Treasury Bill, 0.183%, due 5/05/11 (c)		300,000		299,811
				2,733,238
TOTAL SHORT-TERM INVESTMENTS (Cost $25,155,862)				25,155,862
TOTAL INVESTMENTS — 100.0% (Cost $1,750,597,519) (d)				1,970,970,900
Other Assets/(Liabilities) — 0.0%				753,562
NET ASSETS — 100.0%			$	1,971,724,462

Notes to Portfolio of Investments

(a) Non-income producing security.

(b) Maturity value of $22,422,642. Collateralized by U.S. Government Agency obligations with a rate of 4.000%, maturity date of 5/15/39, and an aggregate market value, including accrued interest, of $22,873,989.

(c) A portion of 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.

158

MassMutual Select Core Opportunities Fund – Portfolio of Investments

December 31, 2010

	Number of Shares		Value
EQUITIES — 98.5%
COMMON STOCK — 98.5%
Advertising — 0.2%
Omnicom Group, Inc.		3,840	$	175,873
Aerospace & Defense — 2.4%
The Boeing Co.		13,500		881,010
Raytheon Co.		17,890		829,023
				1,710,033
Agriculture — 0.9%
Philip Morris International, Inc.		11,020		645,001
Airlines — 0.6%
Southwest Airlines Co.		35,100		455,598
Auto Manufacturers — 2.1%
Ford Motor Co. (a)		54,060		907,667
General Motors Co. (a)		5,001		184,337
Paccar, Inc.		6,600		378,972
				1,470,976
Automotive & Parts — 1.6%
Autoliv, Inc.		3,260		257,344
Johnson Controls, Inc.		22,700		867,140
				1,124,484
Banks — 3.5%
Bank of America Corp.		57,040		760,913
Capital One Financial Corp.		13,510		574,986
Comerica, Inc.		6,870		290,189
Wells Fargo & Co.		26,960		835,490
				2,461,578
Beverages — 2.5%
Anheuser-Busch InBev NV Sponsored ADR (Belgium)		7,200		411,048
Dr. Pepper Snapple Group, Inc.		14,700		516,852
PepsiCo, Inc.		12,090		789,840
				1,717,740
Biotechnology — 0.7%
Dendreon Corp. (a)		4,070		142,124
Human Genome Sciences, Inc. (a)		13,510		322,754
				464,878
Chemicals — 1.3%
CF Industries Holdings, Inc.		1,240		167,586
E.I. du Pont de Nemours & Co.		8,010		399,539
Monsanto Co.		4,498		313,240
				880,365
Coal — 0.3%
Alpha Natural Resources, Inc. (a)		3,890		233,517
Commercial Services — 1.7%
Emergency Medical Services Corp. Class A (a)		3,160		204,168

	Number of Shares		Value
Iron Mountain, Inc.		2,400	$	60,024
Paychex, Inc.		17,558		542,718
Western Union Co.		22,074		409,914
				1,216,824
Computers — 5.6%
Apple, Inc. (a)		3,930		1,267,661
EMC Corp. (a)		51,339		1,175,663
International Business Machines Corp.		5,590		820,388
NetApp, Inc. (a)		3,500		192,360
Teradata Corp. (a)		4,868		200,367
Western Digital Corp. (a)		7,120		241,368
				3,897,807
Diversified Financial — 6.6%
American Express Co.		12,940		555,385
The Charles Schwab Corp.		51,591		882,722
Citigroup, Inc. (a)		175,560		830,399
Invesco Ltd.		11,736		282,368
JP Morgan Chase & Co.		30,930		1,312,050
Morgan Stanley		26,200		712,902
				4,575,826
Electric — 2.1%
American Electric Power Co., Inc.		5,670		204,007
Entergy Corp.		4,050		286,862
Exelon Corp.		8,200		341,448
NextEra Energy, Inc.		4,790		249,032
Public Service Enterprise Group, Inc.		12,040		382,992
				1,464,341
Electrical Components & Equipment — 0.3%
Energizer Holdings, Inc. (a)		3,390		247,131
Electronics — 0.3%
Thomas & Betts Corp. (a)		3,880		187,404
Engineering & Construction — 1.0%
ABB Ltd. Sponsored ADR (Switzerland) (a)		32,300		725,135
Environmental Controls — 0.4%
Waste Management, Inc.		6,900		254,403
Foods — 3.2%
Kraft Foods, Inc. Class A		23,870		752,144
Nestle SA Sponsored ADR (Switzerland)		13,395		787,894
Unilever PLC Sponsored ADR (United Kingdom)		22,870		706,225
				2,246,263
Forest Products & Paper — 0.8%
International Paper Co.		19,400		528,456
Hand & Machine Tools — 0.3%
Stanley Black & Decker, Inc.		2,710		181,218

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

159

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

	Number of Shares		Value
Health Care – Products — 2.2%
Covidien PLC		6,980	$	318,707
Johnson & Johnson		5,700		352,545
Medtronic, Inc.		12,300		456,207
St. Jude Medical, Inc. (a)		4,050		173,137
Zimmer Holdings, Inc. (a)		4,010		215,257
				1,515,853
Health Care – Services — 0.5%
CIGNA Corp.		10,160		372,466
Home Builders — 0.4%
Toll Brothers, Inc. (a)		14,398		273,562
Household Products — 0.3%
The Clorox Co.		2,930		185,410
Housewares — 1.0%
Newell Rubbermaid, Inc.		38,470		699,385
Insurance — 4.2%
The Chubb Corp.		6,700		399,588
Genworth Financial, Inc. Class A (a)		29,350		385,659
Lincoln National Corp.		16,140		448,853
MetLife, Inc.		26,774		1,189,837
The Travelers Cos., Inc.		8,852		493,145
				2,917,082
Internet — 3.7%
Amazon.com, Inc. (a)		1,990		358,200
Google, Inc. Class A (a)		3,750		2,227,387
				2,585,587
Iron & Steel — 1.2%
Nucor Corp.		18,637		816,673
Leisure Time — 0.5%
Carnival Corp.		7,510		346,286
Machinery – Construction & Mining — 2.3%
Caterpillar, Inc.		6,780		635,015
Ingersoll-Rand PLC		20,540		967,228
				1,602,243
Machinery – Diversified — 0.5%
Cummins, Inc.		3,280		360,833
Manufacturing — 3.1%
Dover Corp.		8,350		488,058
General Electric Co.		63,441		1,160,336
Textron, Inc.		12,660		299,282
Tyco International Ltd.		4,820		199,741
				2,147,417
Media — 2.0%
DIRECTV Class A (a)		10,070		402,095
News Corp. Class A		43,970		640,203
Time Warner, Inc.		10,850		349,045
				1,391,343

	Number of Shares		Value
Oil & Gas — 8.5%
Anadarko Petroleum Corp.		11,618	$	884,827
Apache Corp.		3,060		364,844
Chevron Corp.		9,850		898,812
Ensco PLC Sponsored ADR (United Kingdom)		10,180		543,408
Exxon Mobil Corp.		16,900		1,235,728
Hess Corp.		8,190		626,863
Newfield Exploration Co. (a)		5,990		431,939
Occidental Petroleum Corp.		6,920		678,852
Valero Energy Corp.		10,390		240,217
				5,905,490
Oil & Gas Services — 4.1%
Cameron International Corp. (a)		3,500		177,555
Halliburton Co.		32,487		1,326,444
Schlumberger Ltd.		15,912		1,328,652
				2,832,651
Pharmaceuticals — 6.6%
Abbott Laboratories		8,800		421,608
AmerisourceBergen Corp.		14,310		488,257
Amylin Pharmaceuticals, Inc. (a)		18,740		275,665
Gilead Sciences, Inc. (a)		6,560		237,734
Hospira, Inc. (a)		4,220		235,012
Merck & Co., Inc.		19,000		684,760
Pfizer, Inc.		128,640		2,252,487
				4,595,523
Retail — 5.4%
Lowe’s Cos., Inc.		44,800		1,123,584
Macy’s, Inc.		14,000		354,200
Staples, Inc.		33,100		753,687
Target Corp.		25,881		1,556,225
				3,787,696
Software — 6.3%
Allscripts Healthcare Solutions, Inc. (a)		13,020		250,895
Autodesk, Inc. (a)		11,300		431,660
BMC Software, Inc. (a)		7,870		370,992
Informatica Corp. (a)		5,860		258,016
Microsoft Corp.		46,357		1,294,287
Oracle Corp.		57,179		1,789,703
				4,395,553
Telecommunication — 4.8%
American Tower Corp. Class A (a)		8,300		428,612
AT&T, Inc.		30,150		885,807
Motorola, Inc. (a)		23,090		209,426
QUALCOMM, Inc.		36,680		1,815,293
				3,339,138
Toys, Games & Hobbies — 0.6%
Mattel, Inc.		16,190		411,712

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

160

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

	Number of Shares		Value
Transportation — 1.9%
Norfolk Southern Corp.		4,810	$	302,164
United Parcel Service, Inc. Class B		13,900		1,008,862
				1,311,026
TOTAL COMMON STOCK (Cost $61,536,762)				68,657,780
TOTAL EQUITIES (Cost $61,536,762)				68,657,780
MUTUAL FUNDS — 0.6%
Diversified Financial — 0.6%
S&P 500 SPDR ETF Trust		3,090		388,660
TOTAL MUTUAL FUNDS (Cost $382,320)				388,660
TOTAL LONG-TERM INVESTMENTS (Cost $61,919,082)				69,046,440
	Principal Amount
SHORT-TERM INVESTMENTS — 1.0%
Repurchase Agreement — 1.0%
State Street Bank & Trust Co. Repurchase Agreement, dated 12/31/10, 0.010%, due 1/03/11 (b)	$	720,141		720,141
TOTAL SHORT-TERM INVESTMENTS (Cost $720,141)				720,141
TOTAL INVESTMENTS — 100.1% (Cost $62,639,223) (c)				69,766,581
Other Assets/(Liabilities) — (0.1)%				(96,251	)
NET ASSETS — 100.0%			$	69,670,330

Notes to Portfolio of Investments

ADR American Depositary Receipt

(a) Non-income producing security.

(b) Maturity value of $720,142. Collateralized by U.S. Government Agency obligations with a rate of 4.000%, maturity dates ranging from 12/15/17 - 5/15/39, and an aggregate market value, including accrued interest, of $738,663.

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

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

161

MassMutual Select Blue Chip Growth Fund – Portfolio of Investments

December 31, 2010

	Number of Shares		Value
EQUITIES — 100.0%
COMMON STOCK — 100.0%
Advertising — 0.6%
Omnicom Group, Inc.		71,800	$	3,288,440
Aerospace & Defense — 0.9%
United Technologies Corp.		59,800		4,707,456
Apparel — 1.0%
Nike, Inc. Class B		61,800		5,278,956
Auto Manufacturers — 0.3%
General Motors Co. (a)		48,100		1,772,966
Automotive & Parts — 0.6%
Johnson Controls, Inc.		79,000		3,017,800
Banks — 2.1%
Bank of New York Mellon Corp.		500		15,100
Northern Trust Corp.		43,300		2,399,253
PNC Financial Services Group, Inc.		1,800		109,296
State Street Corp.		31,800		1,473,612
U.S. Bancorp		134,600		3,630,162
Wells Fargo & Co.		121,800		3,774,582
				11,402,005
Beverages — 0.4%
The Coca-Cola Co.		2,200		144,694
InBev NV		8,600		492,436
PepsiCo, Inc.		22,700		1,482,991
				2,120,121
Biotechnology — 1.4%
Amgen, Inc. (a)		400		21,960
Celgene Corp. (a)		116,300		6,877,982
Life Technologies Corp. (a)		4,600		255,300
Vertex Pharmaceuticals, Inc. (a)		13,500		472,905
				7,628,147
Chemicals — 3.3%
Air Products & Chemicals, Inc.		22,900		2,082,755
Monsanto Co.		8,400		584,976
The Mosaic Co.		57,700		4,405,972
Praxair, Inc.		106,600		10,177,102
The Sherwin-Williams Co.		400		33,500
				17,284,305
Coal — 0.9%
Peabody Energy Corp.		72,400		4,632,152
Commercial Services — 4.4%
Automatic Data Processing, Inc.		4,500		208,260
MasterCard, Inc. Class A		31,000		6,947,410
McKesson Corp.		92,100		6,481,998
Visa, Inc. Class A		99,800		7,023,924
Western Union Co.		138,500		2,571,945
				23,233,537

	Number of Shares		Value
Computers — 9.5%
Accenture PLC Class A		90,700	$	4,398,043
Apple, Inc. (a)		119,900		38,674,944
EMC Corp. (a)		172,900		3,959,410
Hewlett-Packard Co.		500		21,050
International Business Machines Corp.		13,500		1,981,260
NetApp, Inc. (a)		25,000		1,374,000
				50,408,707
Cosmetics & Personal Care — 0.7%
The Procter & Gamble Co.		57,500		3,698,975
Distribution & Wholesale — 1.7%
Fastenal Co.		93,400		5,595,594
W.W. Grainger, Inc.		23,600		3,259,396
				8,854,990
Diversified Financial — 8.3%
American Express Co.		154,500		6,631,140
Ameriprise Financial, Inc.		63,600		3,660,180
BlackRock, Inc.		1,800		343,044
The Charles Schwab Corp.		58,000		992,380
CME Group, Inc.		900		289,575
Credit Suisse Group		10,700		432,074
Franklin Resources, Inc.		98,800		10,987,548
The Goldman Sachs Group, Inc.		22,400		3,766,784
IntercontinentalExchange, Inc. (a)		39,100		4,658,765
Invesco Ltd.		163,900		3,943,434
JP Morgan Chase & Co.		159,900		6,782,958
NYSE Euronext		41,900		1,256,162
TD Ameritrade Holding Corp.		12,000		227,880
				43,971,924
Electrical Components & Equipment — 1.2%
Emerson Electric Co.		109,500		6,260,115
Engineering & Construction — 0.2%
McDermott International, Inc. (a)		44,600		922,774
Foods — 0.0%
Whole Foods Market, Inc. (a)		1,700		86,003
Hand & Machine Tools — 0.2%
Stanley Black & Decker, Inc.		19,800		1,324,026
Health Care – Products — 1.0%
Edwards Lifesciences Corp. (a)		11,400		921,576
Intuitive Surgical, Inc. (a)		100		25,775
St. Jude Medical, Inc. (a)		22,100		944,775
Stryker Corp.		65,800		3,533,460
				5,425,586
Health Care – Services — 0.0%
Thermo Fisher Scientific, Inc. (a)		3,600		199,296
Insurance — 0.3%
Prudential Financial, Inc.		24,600		1,444,266

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

162

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

	Number of Shares		Value
Internet — 14.8%
Akamai Technologies, Inc. (a)		27,600	$	1,298,580
Amazon.com, Inc. (a)		137,800		24,804,000
Baidu, Inc. Sponsored ADR (Cayman Islands) (a)		74,400		7,181,832
eBay, Inc. (a)		104,500		2,908,235
Google, Inc. Class A (a)		48,000		28,510,560
Liberty Media Corp. - Interactive Class A (a)		217,000		3,422,090
Priceline.com, Inc. (a)		12,200		4,874,510
Tencent Holdings Ltd.		257,600		5,665,119
				78,664,926
Leisure Time — 1.3%
Carnival Corp.		147,300		6,792,003
Lodging — 3.4%
Las Vegas Sands Corp. (a)		86,700		3,983,865
Marriott International, Inc. Class A		190,390		7,908,800
Starwood Hotels & Resorts Worldwide, Inc.		78,500		4,771,230
Wynn Resorts Ltd.		13,900		1,443,376
				18,107,271
Machinery – Construction & Mining — 0.1%
Joy Global, Inc.		6,600		572,550
Machinery – Diversified — 1.5%
Cummins, Inc.		7,200		792,072
Deere & Co.		23,900		1,984,895
Eaton Corp.		9,000		913,590
Rockwell Automation, Inc.		52,400		3,757,604
Roper Industries, Inc.		4,300		328,649
				7,776,810
Manufacturing — 4.7%
3M Co.		57,700		4,979,510
Danaher Corp.		378,000		17,830,260
Honeywell International, Inc.		38,900		2,067,924
Illinois Tool Works, Inc.		5,900		315,060
				25,192,754
Media — 2.4%
Discovery Communications, Inc. Series C (a)		119,400		4,380,786
Time Warner, Inc.		58,833		1,892,658
The Walt Disney Co.		170,600		6,399,206
				12,672,650
Metal Fabricate & Hardware — 1.4%
Precision Castparts Corp.		53,000		7,378,130
Mining — 0.6%
Freeport-McMoRan Copper & Gold, Inc.		26,500		3,182,385
Oil & Gas — 2.1%
Concho Resources, Inc. (a)		13,800		1,209,846

	Number of Shares		Value
EOG Resources, Inc.		36,800	$	3,363,888
Exxon Mobil Corp.		2,200		160,864
Occidental Petroleum Corp.		28,600		2,805,660
Range Resources Corp.		20,800		935,584
Suncor Energy, Inc.		63,600		2,435,244
Ultra Petroleum Corp. (a)		8,500		406,045
				11,317,131
Oil & Gas Services — 5.1%
Cameron International Corp. (a)		91,200		4,626,576
FMC Technologies, Inc. (a)		50,000		4,445,500
Halliburton Co.		43,900		1,792,437
National Oilwell Varco, Inc.		7,600		511,100
Schlumberger Ltd.		186,300		15,556,050
				26,931,663
Pharmaceuticals — 3.3%
Allergan, Inc.		69,600		4,779,432
Cardinal Health, Inc.		29,500		1,130,145
Express Scripts, Inc. (a)		189,000		10,215,450
Medco Health Solutions, Inc. (a)		1,800		110,286
Shire PLC Sponsored ADR (United Kingdom)		14,700		1,063,986
				17,299,299
Retail — 7.1%
Bed Bath & Beyond, Inc. (a)		85,900		4,221,985
CarMax, Inc. (a)		26,800		854,384
Coach, Inc.		90,700		5,016,617
Costco Wholesale Corp.		10,000		722,100
Dollar Tree, Inc. (a)		8,600		482,288
Kohl’s Corp. (a)		49,800		2,706,132
Lowe’s Cos., Inc.		113,600		2,849,088
McDonald’s Corp.		62,200		4,774,472
O’Reilly Automotive, Inc. (a)		70,700		4,271,694
Polo Ralph Lauren Corp.		19,700		2,185,124
Starbucks Corp.		278,300		8,941,779
Target Corp.		7,300		438,949
Tiffany & Co.		500		31,135
				37,495,747
Semiconductors — 3.1%
Altera Corp.		58,800		2,092,104
Broadcom Corp. Class A		145,900		6,353,945
Intel Corp.		4,500		94,635
Marvell Technology Group Ltd. (a)		186,300		3,455,865
Xilinx, Inc.		148,200		4,294,836
				16,291,385
Software — 1.2%
Autodesk, Inc. (a)		30,100		1,149,820
Cerner Corp. (a)		5,800		549,492
Fiserv, Inc. (a)		48,000		2,810,880
Intuit, Inc. (a)		27,400		1,350,820
Microsoft Corp.		400		11,168

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

163

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

	Number of Shares		Value
Salesforce.com, Inc. (a)		3,500	$	462,000
				6,334,180
Telecommunications — 5.5%
American Tower Corp. Class A (a)		160,700		8,298,548
Corning, Inc.		140,800		2,720,256
Juniper Networks, Inc. (a)		224,500		8,288,540
QUALCOMM, Inc.		202,000		9,996,980
				29,304,324
Toys, Games & Hobbies — 0.2%
Mattel, Inc.		43,900		1,116,377
Transportation — 3.2%
CSX Corp.		9,800		633,178
Expeditors International of Washington, Inc.		97,400		5,318,040
FedEx Corp.		51,700		4,808,617
Union Pacific Corp.		66,800		6,189,688
				16,949,523
TOTAL COMMON STOCK (Cost $403,253,092)				530,341,655
TOTAL EQUITIES (Cost $403,253,092)				530,341,655
MUTUAL FUNDS — 0.0%
Diversified Financial — 0.0%
T. Rowe Price Reserve Investment Fund		1,599		1,599
TOTAL MUTUAL FUNDS (Cost $1,599)				1,599
TOTAL LONG-TERM INVESTMENTS (Cost $403,254,691)				530,343,254

	Principal Amount		Value
SHORT-TERM INVESTMENTS — 0.7%
Repurchase Agreement — 0.7%
State Street Bank & Trust Co. Repurchase Agreement, dated 12/31/10, 0.010%, due 1/03/11 (b)	$	3,649,008	$	3,649,008
TOTAL SHORT-TERM INVESTMENTS (Cost $3,649,008)				3,649,008
TOTAL INVESTMENTS — 100.7% (Cost $406,903,699) (c)				533,992,262
Other Assets/(Liabilities) — (0.7)%				(3,596,755	)
NET ASSETS — 100.0%			$	530,395,507

Notes to Portfolio of Investments

ADR American Depositary Receipt

(a) Non-income producing security.

(b) Maturity value of $3,649,011. Collateralized by U.S. Government Agency obligations with a rate of 4.000%, maturity date of 8/15/39, and an aggregate market value, including accrued interest, of $3,725,252.

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

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

164

MassMutual Select Large Cap Growth Fund – Portfolio of Investments

December 31, 2010

	Number of Shares		Value
EQUITIES — 99.3%
COMMON STOCK — 99.3%
Apparel — 1.0%
Nike, Inc. Class B		8,450	$	721,799
Auto Manufacturers — 2.3%
Ford Motor Co. (a)		37,320		626,603
Paccar, Inc.		16,830		966,378
				1,592,981
Automotive & Parts — 0.8%
TRW Automotive Holdings Corp. (a)		10,590		558,093
Banks — 1.5%
Bank of America Corp.		27,050		360,847
Comerica, Inc.		6,340		267,802
PNC Financial Services Group, Inc.		6,200		376,464
				1,005,113
Beverages — 4.1%
Anheuser-Busch InBev NV Sponsored ADR (Belgium)		13,820		788,984
The Coca-Cola Co.		21,250		1,397,612
Coca-Cola Enterprises, Inc.		26,630		666,549
				2,853,145
Biotechnology — 1.6%
Alexion Pharmaceuticals, Inc. (a)		1,860		149,823
Amgen, Inc. (a)		2,960		162,504
Celgene Corp. (a)		13,890		821,455
				1,133,782
Chemicals — 2.8%
Albemarle Corp.		9,750		543,855
E.I. du Pont de Nemours & Co.		8,490		423,481
FMC Corp.		3,160		252,452
Praxair, Inc.		7,520		717,935
				1,937,723
Coal — 1.0%
Walter Energy, Inc.		5,210		666,046
Commercial Services — 1.8%
Manpower, Inc.		6,390		401,036
McKesson Corp.		3,410		239,996
Visa, Inc. Class A		8,760		616,529
				1,257,561
Computers — 8.9%
Apple, Inc. (a)		10,110		3,261,082
Cognizant Technology Solutions Corp. Class A (a)		3,580		262,378
EMC Corp. (a)		51,110		1,170,419
Hewlett-Packard Co.		21,050		886,205

	Number of Shares		Value
NetApp, Inc. (a)		6,330	$	347,897
Teradata Corp. (a)		6,670		274,537
				6,202,518
Diversified Financial — 7.7%
American Express Co.		24,240		1,040,381
Ameriprise Financial, Inc.		14,750		848,862
BlackRock, Inc.		820		156,276
The Charles Schwab Corp.		10,790		184,617
Discover Financial Services		17,170		318,160
Franklin Resources, Inc.		5,890		655,027
IntercontinentalExchange, Inc. (a)		5,910		704,176
JP Morgan Chase & Co.		22,130		938,755
T. Rowe Price Group, Inc.		7,320		472,433
				5,318,687
Electric — 0.8%
The AES Corp. (a)		42,840		521,791
Electrical Components & Equipment — 1.9%
AMETEK, Inc.		8,100		317,925
Emerson Electric Co.		17,550		1,003,334
				1,321,259
Electronics — 1.2%
Agilent Technologies, Inc. (a)		11,620		481,417
Amphenol Corp. Class A		3,900		205,842
Trimble Navigation Ltd. (a)		4,270		170,501
				857,760
Foods — 0.3%
The J.M. Smucker Co.		3,060		200,889
Health Care – Products — 0.8%
ResMed, Inc. (a)		4,560		157,958
Varian Medical Systems, Inc. (a)		5,630		390,047
				548,005
Home Furnishing — 0.4%
Whirlpool Corp.		3,420		303,799
Household Products — 0.2%
Church & Dwight Co., Inc.		2,220		153,224
Insurance — 0.7%
Lincoln National Corp.		2,860		79,537
MetLife, Inc.		8,380		372,407
				451,944
Internet — 6.1%
Amazon.com, Inc. (a)		7,320		1,317,600
Check Point Software Technologies Ltd. (a)		18,400		851,184
F5 Networks, Inc. (a)		900		117,144
Google, Inc. Class A (a)		2,860		1,698,754
Priceline.com, Inc. (a)		600		239,730
				4,224,412

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

165

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

	Number of Shares		Value
Lodging — 1.7%
Marriott International, Inc. Class A		29,010	$	1,205,075
Machinery – Diversified — 5.5%
Cummins, Inc.		11,060		1,216,710
Deere & Co.		19,160		1,591,238
Flowserve Corp.		5,700		679,554
Rockwell Automation, Inc.		4,290		307,636
				3,795,138
Manufacturing — 0.4%
3M Co.		3,530		304,639
Media — 2.5%
CBS Corp. Class B		18,270		348,044
Scripps Networks Interactive Class A		7,010		362,767
The Walt Disney Co.		26,950		1,010,894
				1,721,705
Metal Fabricate & Hardware — 1.6%
Precision Castparts Corp.		8,100		1,127,601
Mining — 2.2%
Freeport-McMoRan Copper & Gold, Inc.		6,350		762,572
Goldcorp, Inc.		6,050		278,179
Yamana Gold, Inc.		38,470		492,416
				1,533,167
Oil & Gas — 6.2%
Chevron Corp.		14,820		1,352,325
Concho Resources, Inc. (a)		4,280		375,228
Continental Resources, Inc. (a)		6,620		389,587
Devon Energy Corp.		6,020		472,630
Noble Energy, Inc.		2,240		192,819
Occidental Petroleum Corp.		9,840		965,304
Whiting Petroleum Corp. (a)		4,490		526,183
				4,274,076
Oil & Gas Services — 3.9%
Halliburton Co.		34,980		1,428,233
Schlumberger Ltd.		15,330		1,280,055
				2,708,288
Packaging & Containers — 0.5%
Packaging Corporation of America		13,680		353,491
Pharmaceuticals — 5.3%
Abbott Laboratories		4,130		197,868
Allergan, Inc.		9,280		637,258
AmerisourceBergen Corp.		11,500		392,380
Express Scripts, Inc. (a)		12,760		689,678
Merck & Co., Inc.		8,610		310,304
Perrigo Co.		3,540		224,188
Shire PLC Sponsored ADR (United Kingdom)		7,980		577,593
Teva Pharmaceutical Industries Ltd. Sponsored ADR (Israel)		11,800		615,134
				3,644,403

	Number of Shares		Value
Real Estate — 0.7%
CB Richard Ellis Group, Inc. Class A (a)		22,350	$	457,728
Real Estate Investment Trusts (REITS) — 0.5%
Host Hotels & Resorts, Inc.		21,060		376,342
Retail — 6.9%
Costco Wholesale Corp.		8,720		629,671
Darden Restaurants, Inc.		7,040		326,938
Kohl’s Corp. (a)		12,790		695,009
Limited Brands, Inc.		20,220		621,361
McDonald’s Corp.		8,210		630,200
Target Corp.		15,350		922,995
Tiffany & Co.		10,450		650,721
Wal-Mart Stores, Inc.		5,670		305,783
				4,782,678
Semiconductors — 2.0%
Broadcom Corp. Class A		17,100		744,705
Marvell Technology Group Ltd. (a)		33,470		620,869
				1,365,574
Software — 4.8%
Autodesk, Inc. (a)		21,900		836,580
Citrix Systems, Inc. (a)		4,360		298,268
Intuit, Inc. (a)		6,470		318,971
Microsoft Corp.		12,230		341,461
Oracle Corp.		48,470		1,517,111
				3,312,391
Telecommunications — 4.6%
American Tower Corp. Class A (a)		21,260		1,097,867
Cisco Systems, Inc. (a)		44,000		890,120
Juniper Networks, Inc. (a)		25,770		951,428
QUALCOMM, Inc.		5,670		280,608
				3,220,023
Transportation — 4.1%
CSX Corp.		9,510		614,441
Expeditors International of Washington, Inc.		11,710		639,366
FedEx Corp.		12,960		1,205,410
United Continental Holdings, Inc. (a)		14,710		350,392
				2,809,609
TOTAL COMMON STOCK (Cost $55,892,348)				68,822,459
TOTAL EQUITIES (Cost $55,892,348)				68,822,459
TOTAL LONG-TERM INVESTMENTS (Cost $55,892,348)				68,822,459

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

166

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

	Principal Amount		Value
SHORT-TERM INVESTMENTS — 0.8%
Repurchase Agreement — 0.8%
State Street Bank & Trust Co. Repurchase Agreement, dated 12/31/10, 0.010%, due 1/03/11 (b)	$	549,367	$	549,367
TOTAL SHORT-TERM INVESTMENTS (Cost $549,367)				549,367
TOTAL INVESTMENTS — 100.1% (Cost $56,441,715) (c)				69,371,826
Other Assets/(Liabilities) — (0.1)%				(42,545	)
NET ASSETS — 100.0%			$	69,329,281

Notes to Portfolio of Investments

ADR American Depositary Receipt

(a) Non-income producing security.

(b) Maturity value of $549,368. Collateralized by U.S. Government Agency obligations with a rate of 4.000%, maturity dates ranging from 12/15/17 - 12/25/38, and an aggregate market value, including accrued interest, of $564,213.

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

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

167

MassMutual Select Aggressive Growth Fund – Portfolio of Investments

December 31, 2010

	Number of Shares		Value
EQUITIES — 99.4%
COMMON STOCK — 99.4%
Apparel — 3.3%
Nike, Inc. Class B		130,400	$	11,138,768
Banks — 1.4%
Bank of New York Mellon Corp.		159,600		4,819,920
Biotechnology — 3.3%
Alexion Pharmaceuticals, Inc. (a)		51,600		4,156,380
Illumina, Inc. (a)		111,100		7,037,074
				11,193,454
Chemicals — 2.4%
Praxair, Inc.		33,200		3,169,604
Syngenta AG Sponsored ADR (Switzerland)		87,400		5,137,372
				8,306,976
Commercial Services — 8.0%
Apollo Group, Inc. Class A (a)		124,200		4,904,658
MasterCard, Inc. Class A		28,500		6,387,135
Visa, Inc. Class A		225,460		15,867,875
				27,159,668
Computers — 7.3%
Apple, Inc. (a)		64,300		20,740,608
Teradata Corp. (a)		100,000		4,116,000
				24,856,608
Cosmetics & Personal Care — 1.1%
The Procter & Gamble Co.		59,900		3,853,367
Distribution & Wholesale — 1.3%
W.W. Grainger, Inc.		31,100		4,295,221
Diversified Financial — 6.3%
The Charles Schwab Corp.		303,600		5,194,596
CME Group, Inc.		16,800		5,405,400
IntercontinentalExchange, Inc. (a)		92,560		11,028,524
				21,628,520
Health Care – Products — 3.1%
Intuitive Surgical, Inc. (a)		21,500		5,541,625
Varian Medical Systems, Inc. (a)		73,200		5,071,296
				10,612,921
Internet — 14.2%
Amazon.com, Inc. (a)		75,700		13,626,000
F5 Networks, Inc. (a)		26,300		3,423,208
Google, Inc. Class A (a)		26,300		15,621,411
Netflix, Inc. (a)		18,200		3,197,740
Priceline.com, Inc. (a)		19,700		7,871,135
VeriSign, Inc.		142,200		4,645,674
				48,385,168
Lodging — 1.4%
Las Vegas Sands Corp. (a)		107,300		4,930,435
Oil & Gas — 2.7%
EOG Resources, Inc.		68,000		6,215,880

	Number of Shares		Value
Southwestern Energy Co. (a)		82,000	$	3,069,260
				9,285,140
Oil & Gas Services — 6.5%
FMC Technologies, Inc. (a)		86,750		7,712,943
National Oilwell Varco, Inc.		101,400		6,819,150
Schlumberger Ltd.		90,800		7,581,800
				22,113,893
Pharmaceuticals — 8.9%
Allergan, Inc.		197,100		13,534,857
Medco Health Solutions, Inc. (a)		130,800		8,014,116
Novo Nordisk A/S Sponsored ADR (Denmark)		50,500		5,684,785
Perrigo Co.		48,400		3,065,172
				30,298,930
Retail — 6.8%
Lowe’s Cos., Inc.		187,300		4,697,484
Staples, Inc.		423,200		9,636,264
Starbucks Corp.		148,350		4,766,485
Walgreen Co.		109,500		4,266,120
				23,366,353
Semiconductors — 2.5%
ASML Holding NV		93,900		3,600,126
Cree, Inc. (a)		73,400		4,836,326
				8,436,452
Software — 7.6%
Adobe Systems, Inc. (a)		166,400		5,121,792
Intuit, Inc. (a)		161,200		7,947,160
Salesforce.com, Inc. (a)		97,050		12,810,600
				25,879,552
Telecommunications — 8.8%
Crown Castle International Corp. (a)		163,500		7,166,205
Polycom, Inc. (a)		92,400		3,601,752
QUALCOMM, Inc.		390,000		19,301,100
				30,069,057
Transportation — 2.5%
C.H. Robinson Worldwide, Inc.		44,800		3,592,512
Expeditors International of Washington, Inc.		93,200		5,088,720
				8,681,232
TOTAL COMMON STOCK (Cost $253,450,361)				339,311,635
TOTAL EQUITIES (Cost $253,450,361)				339,311,635
TOTAL LONG-TERM INVESTMENTS (Cost $253,450,361)				339,311,635

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

168

MassMutual Select Aggressive Growth 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 12/31/10, 0.010%, due 1/03/11 (b)	$	3,239,547	$	3,239,547
TOTAL SHORT-TERM INVESTMENTS (Cost $3,239,547)				3,239,547
TOTAL INVESTMENTS — 100.4% (Cost $256,689,908) (c)				342,551,182
Other Assets/(Liabilities) — (0.4)%				(1,246,696	)
NET ASSETS — 100.0%			$	341,304,486

Notes to Portfolio of Investments

ADR American Depositary Receipt

(a) Non-income producing security.

(b) Maturity value of $3,239,550. Collateralized by U.S. Government Agency obligations with a rate of 4.000%, maturity dates ranging from 12/15/17 - 8/15/39, and an aggregate market value, including accrued interest, of $3,308,486.

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

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

169

MassMutual Select NASDAQ-100 Fund – Portfolio of Investments

December 31, 2010

	Number of Shares		Value
EQUITIES — 97.6%
COMMON STOCK — 97.6%
Auto Manufacturers — 1.1%
Paccar, Inc.		9,600	$	551,232
Biotechnology — 5.6%
Amgen, Inc. (a)		10,352		568,325
Biogen Idec, Inc. (a)		6,090		408,334
Celgene Corp. (a)		10,968		648,648
Genzyme Corp. (a)		7,632		543,398
Illumina, Inc. (a)		2,882		182,546
Life Technologies Corp. (a)		4,427		245,699
Vertex Pharmaceuticals, Inc. (a)		4,973		174,204
				2,771,154
Chemicals — 0.4%
Sigma-Aldrich Corp.		2,738		182,241
Commercial Services — 1.6%
Apollo Group, Inc. Class A (a)		3,533		139,518
Automatic Data Processing, Inc.		8,175		378,339
Paychex, Inc.		8,061		249,166
				767,023
Computers — 24.4%
Apple, Inc. (a)		30,051		9,693,251
Cognizant Technology Solutions Corp. Class A (a)		6,959		510,025
Dell, Inc. (a)		16,802		227,667
NetApp, Inc. (a)		8,771		482,054
Research In Motion Ltd. (a)		12,284		714,069
SanDisk Corp. (a)		5,599		279,166
Seagate Technology PLC (a)		11,035		165,856
				12,072,088
Distribution & Wholesale — 0.4%
Fastenal Co.		3,311		198,362
Electronics — 0.8%
Flextronics International Ltd. (a)		19,522		153,247
FLIR Systems, Inc. (a)		3,945		117,364
Garmin Ltd.		4,197		130,065
				400,676
Energy – Alternate Sources — 0.5%
First Solar, Inc. (a)		1,763		229,437
Environmental Controls — 0.3%
Stericycle, Inc. (a)		2,106		170,418
Foods — 0.4%
Whole Foods Market, Inc. (a)		4,259		215,463
Health Care – Products — 1.0%
Henry Schein, Inc. (a)		2,144		131,620
Intuitive Surgical, Inc. (a)		923		237,903
QIAGEN NV (a)		5,506		107,643
				477,166

	Number of Shares		Value
Internet — 14.5%
Akamai Technologies, Inc. (a)		4,284	$	201,562
Amazon.com, Inc. (a)		7,000		1,260,000
Baidu, Inc. Sponsored ADR (Cayman Islands) (a)		6,441		621,750
Check Point Software Technologies Ltd. (a)		4,825		223,204
Ctrip.com International Ltd. ADR (Cayman Islands) (a)		3,591		145,256
eBay, Inc. (a)		22,838		635,582
Expedia, Inc.		6,378		160,024
F5 Networks, Inc. (a)		1,824		237,412
Google, Inc. Class A (a)		3,549		2,107,999
Liberty Media Corp. - Interactive Class A (a)		12,891		203,291
Netflix, Inc. (a)		1,170		205,569
Priceline.com, Inc. (a)		1,217		486,252
Symantec Corp. (a)		19,066		319,165
VeriSign, Inc.		3,815		124,636
Yahoo!, Inc. (a)		14,722		244,827
				7,176,529
Lodging — 0.7%
Wynn Resorts Ltd.		3,173		329,484
Machinery – Construction & Mining — 0.4%
Joy Global, Inc.		2,382		206,639
Media — 3.6%
Comcast Corp. Class A		34,038		747,815
DIRECTV Class A (a)		14,259		569,362
News Corp. Class A		33,533		488,240
				1,805,417
Pharmaceuticals — 5.5%
Cephalon, Inc. (a)		1,714		105,788
DENTSPLY International, Inc.		3,194		109,139
Express Scripts, Inc. (a)		11,032		596,279
Gilead Sciences, Inc. (a)		18,786		680,805
Mylan, Inc. (a)		10,374		219,203
Teva Pharmaceutical Industries Ltd. Sponsored ADR (Israel)		17,027		887,617
Warner Chilcott PLC Class A		5,910		133,330
				2,732,161
Retail — 5.5%
Bed Bath & Beyond, Inc. (a)		8,184		402,243
Costco Wholesale Corp.		5,349		386,251
Dollar Tree, Inc. (a)		3,099		173,792
O’Reilly Automotive, Inc. (a)		3,261		197,030
Ross Stores, Inc.		2,863		181,085
Sears Holdings Corp. (a)		2,702		199,272
Staples, Inc.		11,410		259,806
Starbucks Corp.		24,200		777,546
Urban Outfitters, Inc. (a)		3,810		136,436
				2,713,461

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

170

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

	Number of Shares		Value
Semiconductors — 7.6%
Altera Corp.		10,325	$	367,364
Applied Materials, Inc.		16,229		228,017
Broadcom Corp. Class A		9,781		425,963
Intel Corp.		45,872		964,688
KLA-Tencor Corp.		4,755		183,733
Lam Research Corp. (a)		2,982		154,408
Linear Technology Corp.		7,077		244,793
Marvell Technology Group Ltd. (a)		14,583		270,515
Maxim Integrated Products, Inc.		6,844		161,655
Microchip Technology, Inc.		3,675		125,722
Micron Technology, Inc. (a)		23,958		192,143
NVIDIA Corp. (a)		13,237		203,850
Xilinx, Inc.		8,048		233,231
				3,756,082
Software — 13.0%
Activision Blizzard, Inc.		25,305		314,794
Adobe Systems, Inc. (a)		11,710		360,434
Autodesk, Inc. (a)		5,559		212,354
BMC Software, Inc. (a)		4,854		228,818
CA, Inc.		11,544		282,135
Cerner Corp. (a)		1,935		183,322
Citrix Systems, Inc. (a)		5,240		358,468
Electronic Arts, Inc. (a)		7,806		127,862
Fiserv, Inc. (a)		4,369		255,849
Infosys Technologies Ltd. Sponsored ADR (India)		2,644		201,156
Intuit, Inc. (a)		9,264		456,715
Microsoft Corp.		69,156		1,930,835
Oracle Corp.		49,232		1,540,962
				6,453,704
Telecommunications — 8.6%
Cisco Systems, Inc. (a)		46,509		940,877
Millicom International Cellular SA		2,451		234,316
NII Holdings, Inc. (a)		3,879		173,236
QUALCOMM, Inc.		45,824		2,267,830
Virgin Media, Inc.		7,753		211,192
Vodafone Group PLC Sponsored ADR (United Kingdom)		17,136		452,904
				4,280,355
Toys, Games & Hobbies — 0.5%
Mattel, Inc.		9,639		245,120
Transportation — 1.2%
C.H. Robinson Worldwide, Inc.		3,855		309,132
Expeditors International of Washington, Inc.		4,896		267,322
				576,454
TOTAL COMMON STOCK (Cost $35,600,277)				48,310,666

			Value
TOTAL EQUITIES (Cost $35,600,277)			$	48,310,666
TOTAL LONG-TERM INVESTMENTS (Cost $35,600,277)				48,310,666
	Principal Amount
SHORT-TERM INVESTMENTS — 3.3%
Repurchase Agreement — 3.0%
State Street Bank & Trust Co. Repurchase Agreement, dated 12/31/10, 0.010%, due 1/03/11 (b)	$	1,469,964		1,469,964
U.S. Treasury Bills — 0.3%
U.S. Treasury Bill (c) 0.170% 5/05/11		145,000		144,915
TOTAL SHORT-TERM INVESTMENTS (Cost $1,614,879)				1,614,879
TOTAL INVESTMENTS — 100.9% (Cost $37,215,156) (d)				49,925,545
Other Assets/(Liabilities) — (0.9)%				(440,754	)
NET ASSETS — 100.0%			$	49,484,791

Notes to Portfolio of Investments

ADR American Depositary Receipt

(a) Non-income producing security.

(b) Maturity value of $1,469,966. Collateralized by U.S. Government Agency obligations with a rate of 4.000%, maturity date of 12/25/38, and an aggregate market value, including accrued interest, of $1,501,427.

(c) A portion of 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.

171

MassMutual Select Focused Value Fund – Portfolio of Investments

December 31, 2010

	Number of Shares		Value
EQUITIES — 93.1%
COMMON STOCK — 93.1%
Aerospace & Defense — 4.8%
The Boeing Co.		470,000	$	30,672,200
Banks — 9.4%
Bank of New York Mellon Corp.		1,150,000		34,730,000
Wells Fargo & Co.		827,000		25,628,730
				60,358,730
Commercial Services — 5.5%
Robert Half International, Inc.		1,162,100		35,560,260
Computers — 5.2%
Diebold, Inc.		650,000		20,832,500
Hewlett-Packard Co.		300,000		12,630,000
				33,462,500
Diversified Financial — 9.5%
Discover Financial Services		1,600,000		29,648,000
Franklin Resources, Inc.		280,000		31,138,800
				60,786,800
Electric — 3.5%
Calpine Corp. (a)		1,700,000		22,678,000
Entertainment — 4.4%
Penn National Gaming, Inc. (a)		800,000		28,120,000
Leisure Time — 6.5%
Carnival Corp.		900,000		41,499,000
Lodging — 3.6%
Starwood Hotels & Resorts Worldwide, Inc.		379,500		23,066,010
Machinery – Construction & Mining — 4.1%
Caterpillar, Inc.		285,000		26,693,100
Manufacturing — 4.9%
Illinois Tool Works, Inc.		586,500		31,319,100
Oil & Gas — 8.9%
Apache Corp.		200,000		23,846,000
Range Resources Corp.		108,986		4,902,191
Ultra Petroleum Corp. (a)		600,000		28,662,000
				57,410,191
Oil & Gas Services — 7.6%
National Oilwell Varco, Inc.		452,000		30,397,000
Transocean Ltd. (a)		270,000		18,767,700
				49,164,700
Retail — 3.4%
Tiffany & Co.		352,600		21,956,401
Semiconductors — 11.8%
Applied Materials, Inc.		2,400,000		33,720,000
Intel Corp.		2,000,000		42,060,000
				75,780,000

			Value
TOTAL COMMON STOCK (Cost $465,121,256)			$	598,526,992
TOTAL EQUITIES (Cost $465,121,256)				598,526,992
TOTAL LONG-TERM INVESTMENTS (Cost $465,121,256)				598,526,992
	Principal Amount
SHORT-TERM INVESTMENTS — 7.5%
Repurchase Agreement — 7.5%
State Street Bank & Trust Co. Repurchase Agreement, dated 12/31/10, 0.010%, due 1/03/11 (b)	$	48,132,343		48,132,343
TOTAL SHORT-TERM INVESTMENTS (Cost $48,132,343)				48,132,343
TOTAL INVESTMENTS — 100.6% (Cost $513,253,599) (c)				646,659,335
Other Assets/(Liabilities) — (0.6)%				(4,129,616	)
NET ASSETS — 100.0%			$	642,529,719

Notes to Portfolio of Investments

(a) Non-income producing security.

(b) Maturity value of $48,132,383. Collateralized by U.S. Government Agency obligations with rates ranging from 2.537% - 4.000%, maturity dates ranging from 4/01/34 - 12/25/38, and an aggregate market value, including accrued interest, of $49,095,355.

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

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

172

MassMutual Select Mid-Cap Value Fund – Portfolio of Investments

December 31, 2010

	Number of Shares		Value
EQUITIES — 97.4%
COMMON STOCK — 97.4%
Aerospace & Defense — 0.6%
L-3 Communications Holdings, Inc.		13,000	$	916,370
Agriculture — 1.4%
Reynolds American, Inc.		61,900		2,019,178
Apparel — 0.8%
VF Corp.		12,400		1,068,632
Automotive & Parts — 1.8%
Lear Corp. (a)		26,200		2,586,202
Banks — 4.0%
Cullen/Frost Bankers, Inc.		17,800		1,087,936
Fifth Third Bancorp		153,450		2,252,646
KeyCorp		255,225		2,258,741
				5,599,323
Beverages — 1.5%
Constellation Brands, Inc. Class A (a)		94,300		2,088,745
Chemicals — 3.0%
Agrium, Inc.		16,900		1,550,575
Eastman Chemical Co.		5,875		493,970
Huntsman Corp.		138,690		2,164,951
				4,209,496
Coal — 0.7%
Cloud Peak Energy, Inc. (a)		41,450		962,884
Commercial Services — 3.1%
Donnelley (R.R.) & Sons Co.		55,400		967,838
Hertz Global Holdings, Inc. (a)		162,325		2,352,089
McKesson Corp.		15,200		1,069,776
				4,389,703
Distribution & Wholesale — 0.7%
United Stationers, Inc. (a)		16,000		1,020,960
Diversified Financial — 5.5%
Ameriprise Financial, Inc.		24,000		1,381,200
Discover Financial Services		110,050		2,039,226
Federated Investors, Inc. Class B		41,200		1,078,204
Invesco Ltd.		95,550		2,298,933
Raymond James Financial, Inc.		30,550		998,985
				7,796,548
Electric — 3.9%
CMS Energy Corp.		114,150		2,123,190
Edison International		26,800		1,034,480
Pepco Holdings, Inc.		69,025		1,259,706
SCANA Corp.		26,100		1,059,660
				5,477,036
Electronics — 1.6%
Garmin Ltd.		33,300		1,031,967

	Number of Shares		Value
Jabil Circuit, Inc.		63,300	$	1,271,697
				2,303,664
Engineering & Construction — 1.6%
Fluor Corp.		16,700		1,106,542
McDermott International, Inc. (a)		58,925		1,219,158
				2,325,700
Foods — 2.6%
ConAgra Foods, Inc.		41,600		939,328
Corn Products International, Inc.		24,000		1,104,000
SUPERVALU, Inc.		66,300		638,469
The Hain Celestial Group, Inc. (a)		34,775		941,012
				3,622,809
Gas — 4.3%
AGL Resources, Inc.		27,100		971,535
Atmos Energy Corp.		31,900		995,280
NiSource, Inc.		170,675		3,007,293
Southern Union Co.		43,500		1,047,045
				6,021,153
Health Care – Products — 0.8%
C.R. Bard, Inc.		11,900		1,092,063
Health Care – Services — 2.9%
CIGNA Corp.		13,900		509,574
Health Management Associates, Inc. Class A (a)		204,125		1,947,352
Health Net, Inc. (a)		60,875		1,661,279
				4,118,205
Household Products — 0.8%
Avery Dennison Corp.		25,900		1,096,606
Housewares — 0.4%
Newell Rubbermaid, Inc.		32,900		598,122
Insurance — 6.2%
Everest Re Group Ltd.		6,450		547,089
The Hartford Financial Services Group, Inc.		60,200		1,594,698
Lincoln National Corp.		29,275		814,138
Mercury General Corp.		23,400		1,006,434
Principal Financial Group, Inc.		15,000		488,400
Reinsurance Group of America, Inc. Class A		20,300		1,090,313
RenaissanceRe Holdings Ltd.		16,900		1,076,361
Unum Group		43,700		1,058,414
XL Group PLC		52,175		1,138,458
				8,814,305
Internet — 0.6%
Symantec Corp. (a)		54,525		912,749
Iron & Steel — 0.7%
Reliance Steel & Aluminum Co.		20,500		1,047,550

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

173

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

	Number of Shares		Value
Lodging — 1.1%
Wyndham Worldwide Corp.		53,675	$	1,608,103
Machinery – Diversified — 1.7%
AGCO Corp. (a)		17,950		909,347
Eaton Corp.		14,275		1,449,055
				2,358,402
Manufacturing — 1.7%
Parker Hannifin Corp.		6,925		597,628
Pentair, Inc.		47,450		1,732,399
				2,330,027
Media — 2.3%
CBS Corp. Class B		68,050		1,296,353
Viacom, Inc. Class B		50,000		1,980,500
				3,276,853
Mining — 2.1%
Alcoa, Inc.		116,900		1,799,091
Yamana Gold, Inc.		85,900		1,099,520
				2,898,611
Office Equipment/Supplies — 2.1%
Xerox Corp.		257,950		2,971,584
Oil & Gas — 5.9%
Cimarex Energy Co.		12,000		1,062,360
Newfield Exploration Co. (a)		38,135		2,749,915
Nexen, Inc.		46,400		1,062,560
Questar Corp.		58,325		1,015,438
Tesoro Corp. (a)		71,975		1,334,417
Whiting Petroleum Corp. (a)		8,900		1,042,991
				8,267,681
Oil & Gas Services — 4.0%
Complete Production Services, Inc. (a)		21,000		620,550
Oil States International, Inc. (a)		29,450		1,887,451
Superior Energy Services, Inc. (a)		59,650		2,087,153
Tidewater, Inc.		20,100		1,082,184
				5,677,338
Packaging & Containers — 1.3%
Ball Corp.		12,075		821,704
Sonoco Products Co.		29,600		996,632
				1,818,336
Pharmaceuticals — 1.1%
AmerisourceBergen Corp.		44,350		1,513,222
Real Estate Investment Trusts (REITS) — 7.6%
Annaly Capital Management, Inc.		55,700		998,144
BioMed Realty Trust, Inc.		79,050		1,474,282
CBL & Associates Properties, Inc.		27,525		481,687
Duke Realty Corp.		84,600		1,054,116
DuPont Fabros Technology, Inc.		32,025		681,172
HCP, Inc.		27,600		1,015,404

	Number of Shares		Value
Home Properties, Inc.		37,410	$	2,075,881
Hospitality Properties Trust		44,000		1,013,760
Vornado Realty Trust		23,475		1,956,172
				10,750,618
Retail — 5.7%
Limited Brands, Inc.		28,700		881,951
Macy’s, Inc.		56,475		1,428,817
Nu Skin Enterprises, Inc. Class A		33,550		1,015,223
Phillips-Van Heusen Corp.		36,860		2,322,549
RadioShack Corp.		47,800		883,822
Signet Jewelers Ltd. (a)		22,375		971,075
Williams-Sonoma, Inc.		14,725		525,535
				8,028,972
Savings & Loans — 1.9%
First Niagara Financial Group, Inc.		191,525		2,677,520
Semiconductors — 1.9%
Atmel Corp. (a)		172,600		2,126,432
Xilinx, Inc.		19,400		562,212
				2,688,644
Software — 0.7%
Intuit, Inc. (a)		19,475		960,118
Telecommunications — 2.9%
CenturyLink, Inc.		23,500		1,084,995
Motorola, Inc. (a)		165,675		1,502,672
Qwest Communications International, Inc.		199,000		1,514,390
				4,102,057
Toys, Games & Hobbies — 0.7%
Mattel, Inc.		38,700		984,141
Transportation — 1.5%
Atlas Air Worldwide Holdings, Inc. (a)		28,725		1,603,717
Ryder System, Inc.		9,200		484,288
				2,088,005
Water — 1.7%
American Water Works Co., Inc.		92,200		2,331,738
TOTAL COMMON STOCK (Cost $119,455,580)				137,419,973
TOTAL EQUITIES (Cost $119,455,580)				137,419,973
TOTAL LONG-TERM INVESTMENTS (Cost $119,455,580)				137,419,973

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

174

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

	Principal Amount		Value
SHORT-TERM INVESTMENTS — 1.9%
Repurchase Agreement — 1.9%
State Street Bank & Trust Co. Repurchase Agreement, dated 12/31/10, 0.010%, due 1/03/11 (b)	$	2,645,307	$	2,645,307
TOTAL SHORT-TERM INVESTMENTS (Cost $2,645,307)				2,645,307
TOTAL INVESTMENTS — 99.3% (Cost $122,100,887) (c)				140,065,280
Other Assets/(Liabilities) — 0.7%				942,318
NET ASSETS — 100.0%			$	141,007,598

Notes to Portfolio of Investments

(a) Non-income producing security.

(b) Maturity value of $2,645,309. Collateralized by U.S. Government Agency obligations with a rate of 4.000%, maturity dates ranging from 12/25/38 - 8/15/39, and an aggregate market value, including accrued interest, of $2,698,918.

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

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

175

MassMutual Select Small Cap Value Equity Fund – Portfolio of Investments

December 31, 2010

	Number of Shares		Value
EQUITIES — 96.8%
COMMON STOCK — 96.8%
Apparel — 0.8%
Ascena Retail Group, Inc. (a)		30,100	$	795,242
Auto Manufacturers — 0.9%
Oshkosh Corp. (a)		24,800		873,952
Automotive & Parts — 1.3%
American Axle & Manufacturing Holdings, Inc. (a)		101,000		1,298,860
Banks — 6.7%
First Midwest Bancorp, Inc.		75,900		874,368
Hancock Holding Co.		9,200		320,712
International Bancshares Corp.		39,500		791,185
MB Financial, Inc.		32,000		554,240
Northwest Bancshares, Inc.		84,900		998,424
Prosperity Bancshares, Inc.		20,100		789,528
Synovus Financial Corp.		415,700		1,097,448
United Community Banks, Inc. (a)		64,800		126,360
Webster Financial Corp.		49,700		979,090
Westamerica Bancorp.		6,400		355,008
				6,886,363
Biotechnology — 1.0%
Charles River Laboratories International, Inc. (a)		27,700		984,458
Building Materials — 2.3%
Comfort Systems USA, Inc.		48,200		634,794
Gibraltar Industries, Inc. (a)		37,506		508,956
Simpson Manufacturing Co., Inc.		32,300		998,393
Trex Co., Inc. (a)		8,400		201,264
				2,343,407
Chemicals — 1.8%
Kraton Performance Polymers, Inc. (a)		8,000		247,600
PolyOne Corp. (a)		127,100		1,587,479
				1,835,079
Commercial Services — 6.8%
Aaron’s, Inc.		22,950		467,951
Administaff, Inc.		18,900		553,770
Arbitron, Inc.		36,700		1,523,784
Korn/Ferry International (a)		51,700		1,194,787
MAXIMUS, Inc.		31,500		2,065,770
Valassis Communications, Inc. (a)		35,800		1,158,130
				6,964,192
Computers — 3.8%
Diebold, Inc.		50,500		1,618,525
Electronics for Imaging, Inc. (a)		29,623		423,905
Mentor Graphics Corp. (a)		102,400		1,228,800
Mercury Computer Systems, Inc. (a)		34,700		637,786
				3,909,016

	Number of Shares		Value
Distribution & Wholesale — 1.3%
United Stationers, Inc. (a)		21,100	$	1,346,391
Diversified Financial — 0.8%
Janus Capital Group, Inc.		59,700		774,309
Electric — 1.5%
Unisource Energy Corp.		25,900		928,256
Westar Energy, Inc.		23,500		591,260
				1,519,516
Electrical Components & Equipment — 3.2%
Belden, Inc.		56,600		2,084,012
Littelfuse, Inc.		24,700		1,162,382
				3,246,394
Electronics — 5.6%
Coherent, Inc. (a)		9,800		442,372
Faro Technologies, Inc. (a)		14,400		472,896
Gentex Corp.		39,100		1,155,796
Park Electrochemical Corp.		28,100		843,000
Plexus Corp. (a)		37,000		1,144,780
Vishay Intertechnology, Inc. (a)		103,500		1,519,380
Vishay Precision Group, Inc. (a)		9,750		183,690
				5,761,914
Engineering & Construction — 1.0%
Insituform Technologies, Inc. Class A (a)		37,500		994,125
Entertainment — 0.5%
Bally Technologies, Inc. (a)		13,300		561,127
Foods — 1.8%
Ralcorp Holdings, Inc. (a)		16,700		1,085,667
Snyders-Lance, Inc.		31,200		731,328
				1,816,995
Forest Products & Paper — 0.8%
Deltic Timber Corp.		14,400		811,296
Gas — 2.4%
Atmos Energy Corp.		19,400		605,280
New Jersey Resources Corp.		11,400		491,454
UGI Corp.		28,700		906,346
WGL Holdings, Inc.		13,000		465,010
				2,468,090
Hand & Machine Tools — 1.0%
Regal-Beloit Corp.		16,000		1,068,160
Health Care – Products — 0.3%
Haemonetics Corp. (a)		4,900		309,582
Health Care – Services — 3.0%
AmSurg Corp. (a)		37,700		789,815
HEALTHSOUTH Corp. (a)		47,800		989,938
ICON PLC Sponsored ADR (Ireland) (a)		58,200		1,274,580
				3,054,333

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

176

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

	Number of Shares		Value
Home Furnishing — 1.3%
Whirlpool Corp.		14,500	$	1,288,035
Household Products — 0.7%
Acco Brands Corp. (a)		85,500		728,460
Insurance — 5.9%
Alleghany Corp. (a)		1,728		529,407
Assured Guaranty Ltd.		32,700		578,790
Delphi Financial Group, Inc. Class A		45,600		1,315,104
Platinum Underwriters Holdings Ltd.		23,300		1,047,801
Reinsurance Group of America, Inc. Class A		22,600		1,213,846
Torchmark Corp.		16,000		955,840
Validus Holdings Ltd.		11,305		346,046
				5,986,834
Internet — 0.7%
Websense, Inc. (a)		36,400		737,100
Investment Companies — 1.0%
Ares Capital Corp.		61,300		1,010,224
Leisure Time — 0.8%
Brunswick Corp.		44,000		824,560
Lodging — 0.8%
Ameristar Casinos, Inc.		4,000		62,520
Choice Hotels International, Inc.		18,600		711,822
				774,342
Machinery – Construction & Mining — 1.4%
Terex Corp. (a)		45,200		1,403,008
Machinery – Diversified — 4.0%
Albany International Corp. Class A		45,600		1,080,264
Cognex Corp.		47,400		1,394,508
Flowserve Corp.		7,200		858,384
Zebra Technologies Corp. Class A (a)		19,900		756,001
				4,089,157
Manufacturing — 4.7%
Acuity Brands, Inc.		10,000		576,700
AptarGroup, Inc.		16,800		799,176
Carlisle Cos., Inc.		50,300		1,998,922
ESCO Technologies, Inc.		19,100		722,744
Matthews International Corp. Class A		20,200		706,596
				4,804,138
Media — 0.5%
John Wiley & Sons, Inc. Class A		10,300		465,972
Metal Fabricate & Hardware — 1.0%
Mueller Industries, Inc.		32,300		1,056,210
Office Furnishings — 0.6%
Herman Miller, Inc.		22,600		571,780
Oil & Gas — 3.4%
EXCO Resources, Inc.		46,100		895,262
Penn Virginia Corp.		37,100		624,022

	Number of Shares		Value
Plains Exploration & Production Co. (a)		21,100	$	678,154
SM Energy Co.		10,200		601,086
Whiting Petroleum Corp. (a)		5,500		644,545
				3,443,069
Oil & Gas Services — 0.8%
SEACOR Holdings, Inc.		8,300		839,047
Packaging & Containers — 0.5%
Greif, Inc. Class A		7,800		482,820
Pharmaceuticals — 0.8%
Herbalife Ltd.		12,500		854,625
Real Estate Investment Trusts (REITS) — 1.3%
DiamondRock Hospitality Co. (a)		46,434		557,208
Mack-Cali Realty Corp.		11,900		393,414
Ventas, Inc.		8,200		430,336
				1,380,958
Retail — 7.5%
Cabela’s, Inc. (a)		51,000		1,109,250
Casey’s General Stores, Inc.		14,000		595,140
The Cato Corp. Class A		51,000		1,397,910
CEC Entertainment, Inc. (a)		19,721		765,767
Hibbett Sports, Inc. (a)		9,200		339,480
The Men’s Wearhouse, Inc.		55,500		1,386,390
Sonic Corp. (a)		68,800		696,256
Stage Stores, Inc.		76,000		1,317,840
				7,608,033
Savings & Loans — 0.6%
NewAlliance Bancshares, Inc.		41,200		617,176
Semiconductors — 2.2%
Brooks Automation, Inc. (a)		104,700		949,629
Maxim Integrated Products, Inc.		54,300		1,282,566
				2,232,195
Software — 1.4%
Fiserv, Inc. (a)		23,700		1,387,872
Storage & Warehousing — 1.0%
Mobile Mini, Inc. (a)		53,800		1,059,322
Textiles — 0.1%
G&K Services, Inc. Class A		4,089		126,391
Toys, Games & Hobbies — 1.5%
Mattel, Inc.		60,700		1,543,601
Transportation — 2.8%
Bristow Group, Inc. (a)		13,400		634,490
Genesee & Wyoming, Inc. Class A (a)		24,100		1,276,095
Kirby Corp. (a)		21,600		951,480
				2,862,065

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

177

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

	Number of Shares		Value
Trucking & Leasing — 0.9%
GATX Corp.		27,500	$	970,200
TOTAL COMMON STOCK (Cost $80,390,271)				98,769,995
TOTAL EQUITIES (Cost $80,390,271)				98,769,995
TOTAL LONG-TERM INVESTMENTS (Cost $80,390,271)				98,769,995
	Principal Amount
SHORT-TERM INVESTMENTS — 2.9%
Repurchase Agreement — 2.9%
State Street Bank & Trust Co. Repurchase Agreement, dated 12/31/10, 0.010%, due 1/03/11 (b)	$	3,004,249		3,004,249
TOTAL SHORT-TERM INVESTMENTS (Cost $3,004,249)				3,004,249
TOTAL INVESTMENTS — 99.7% (Cost $83,394,520) (c)				101,774,244
Other Assets/(Liabilities) — 0.3%				280,560
NET ASSETS — 100.0%			$	102,054,804

Notes to Portfolio of Investments

ADR American Depositary Receipt

(a) Non-income producing security.

(b) Maturity value of $3,004,252. Collateralized by U.S. Government Agency obligations with a rate of 4.000%, maturity date of 12/15/17, and an aggregate market value, including accrued interest, of $3,067,637.

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

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

178

MassMutual Select Small Company Value Fund – Portfolio of Investments

December 31, 2010

	Number of Shares		Value
EQUITIES — 97.2%
COMMON STOCK — 96.6%
Aerospace & Defense — 1.8%
AAR Corp. (a)		34,700	$	953,210
Curtiss-Wright Corp.		32,350		1,074,020
Esterline Technologies Corp. (a)		14,850		1,018,561
Kaman Corp.		47,700		1,386,639
Kratos Defense & Security Solutions, Inc. (a)		154,175		2,030,485
Moog, Inc. Class A (a)		26,048		1,036,710
Teledyne Technologies, Inc. (a)		18,400		809,048
Triumph Group, Inc.		15,100		1,350,091
				9,658,764
Agriculture — 0.3%
Alliance One International, Inc. (a)		428,150		1,815,356
Airlines — 0.8%
Alaska Air Group, Inc. (a)		58,200		3,299,358
JetBlue Airways Corp. (a)		142,595		942,553
				4,241,911
Apparel — 0.9%
The Jones Group, Inc.		37,950		589,743
K-Swiss, Inc. Class A (a)		88,050		1,097,983
Skechers U.S.A., Inc. Class A (a)		59,525		1,190,500
The Timberland Co. Class A (a)		33,350		820,077
Volcom, Inc.		53,100		1,001,997
				4,700,300
Automotive & Parts — 0.9%
Cooper Tire & Rubber Co.		119,675		2,821,936
Spartan Motors, Inc.		119,350		726,842
Tenneco, Inc. (a)		36,750		1,512,630
				5,061,408
Banks — 6.6%
Boston Private Financial Holdings, Inc.		140,725		921,749
City Holding Co.		42,160		1,527,457
Columbia Banking System, Inc.		73,600		1,550,016
East West Bancorp, Inc.		195,500		3,822,025
F.N.B. Corp.		170,375		1,673,082
FirstMerit Corp.		81,812		1,619,059
Glacier Bancorp, Inc.		129,700		1,959,767
Home Bancshares, Inc.		82,956		1,827,521
IBERIABANK Corp.		14,465		855,315
Independent Bank Corp.		57,410		1,552,940
National Penn Bancshares, Inc.		204,025		1,638,321
Old National Bancorp		165,925		1,972,848
Prosperity Bancshares, Inc.		30,210		1,186,649
Signature Bank (a)		35,700		1,785,000
SVB Financial Group (a)		90,175		4,783,784
Trustmark Corp.		86,263		2,142,773

	Number of Shares		Value
United Bankshares, Inc.		31,900	$	931,480
Webster Financial Corp.		65,150		1,283,455
Wintrust Financial Corp.		91,925		3,036,283
				36,069,524
Biotechnology — 0.4%
Celera Corp. (a)		117,445		739,903
Exelixis, Inc. (a)		169,500		1,391,595
				2,131,498
Building Materials — 1.4%
Comfort Systems USA, Inc.		87,100		1,147,107
Drew Industries, Inc.		90,300		2,051,616
Gibraltar Industries, Inc. (a)		103,400		1,403,138
Interline Brands, Inc. (a)		56,705		1,291,173
Universal Forest Products, Inc.		48,000		1,867,200
				7,760,234
Chemicals — 2.5%
American Vanguard Corp.		87,100		743,834
Arch Chemicals, Inc.		63,300		2,400,969
Ferro Corp. (a)		83,150		1,217,316
Georgia Gulf Corp. (a)		54,875		1,320,292
Innospec, Inc. (a)		139,615		2,848,146
Minerals Technologies, Inc.		39,400		2,577,154
OM Group, Inc. (a)		27,705		1,066,920
The Valspar Corp.		38,300		1,320,584
				13,495,215
Coal — 0.4%
Cloud Peak Energy, Inc. (a)		95,425		2,216,723
Commercial Services — 4.9%
Aaron’s, Inc.		279,200		5,692,888
Deluxe Corp.		61,250		1,409,975
Electro Rent Corp.		121,900		1,969,904
Exponent, Inc. (a)		28,175		1,057,408
FTI Consulting, Inc. (a)		46,500		1,733,520
Global Payments, Inc.		33,200		1,534,172
Landauer, Inc.		23,600		1,415,292
McGrath Rentcorp		113,700		2,981,214
Navigant Consulting, Inc. (a)		120,200		1,105,840
On Assignment, Inc. (a)		166,900		1,360,235
Pharmaceutical Product Development, Inc.		47,800		1,297,292
PHH Corp. (a)		66,675		1,543,526
Rent-A-Center, Inc.		57,375		1,852,065
Service Corp. International		99,325		819,431
Startek, Inc. (a)		96,036		486,903
Volt Information Sciences, Inc. (a)		38,200		330,430
				26,590,095
Computers — 0.5%
MTS Systems Corp.		25,050		938,373

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

179

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

	Number of Shares		Value
SRA International, Inc. Class A (a)		39,000	$	797,550
Xyratex Ltd. (a)		67,200		1,096,032
				2,831,955
Distribution & Wholesale — 1.7%
Beacon Roofing Supply, Inc. (a)		193,600		3,459,632
Owens & Minor, Inc.		138,900		4,087,827
Pool Corp.		72,000		1,622,880
				9,170,339
Diversified Financial — 3.1%
E*TRADE Financial Corp. (a)		37,180		594,880
Eaton Vance Corp.		39,827		1,203,970
GFI Group, Inc.		356,500		1,671,985
Jefferies Group, Inc.		48,000		1,278,240
JMP Group, Inc.		66,300		505,869
Knight Capital Group, Inc. Class A (a)		131,675		1,815,798
Lazard Ltd. Class A		32,900		1,299,221
Piper Jaffray Cos., Inc. (a)		64,950		2,273,900
Raymond James Financial, Inc.		50,903		1,664,528
Stifel Financial Corp. (a)		78,350		4,860,834
				17,169,225
Electric — 3.1%
Black Hills Corp.		36,000		1,080,000
Cleco Corp.		80,150		2,465,414
El Paso Electric Co. (a)		176,875		4,869,369
The Empire District Electric Co.		22,800		506,160
IDACORP, Inc.		25,500		942,990
MGE Energy, Inc.		26,950		1,152,382
NorthWestern Corp.		93,850		2,705,695
Pike Electric Corp. (a)		116,450		999,141
Portland General Electric Co.		113,975		2,473,258
				17,194,409
Electrical Components & Equipment — 1.7%
Advanced Energy Industries, Inc. (a)		103,700		1,414,468
Belden, Inc.		66,500		2,448,530
EnerSys (a)		10,100		324,412
General Cable Corp. (a)		43,125		1,513,256
GrafTech International Ltd. (a)		51,360		1,018,983
Littelfuse, Inc.		48,400		2,277,704
				8,997,353
Electronics — 2.6%
Analogic Corp.		23,500		1,163,485
Checkpoint Systems, Inc. (a)		37,798		776,749
CTS Corp.		58,665		648,835
Cymer, Inc. (a)		46,000		2,073,220
Itron, Inc. (a)		18,000		998,100
Methode Electronics, Inc.		41,000		531,770
Multi-Fineline Electronix, Inc. (a)		32,375		857,614
Newport Corp. (a)		74,400		1,292,328
Pulse Electronics Corp.		151,845		807,815
Thomas & Betts Corp. (a)		22,650		1,093,995

	Number of Shares		Value
Woodward Governor Co.		105,200	$	3,951,312
				14,195,223
Engineering & Construction — 0.8%
Insituform Technologies, Inc. Class A (a)		102,500		2,717,275
Sterling Construction Co., Inc. (a)		28,600		372,944
URS Corp. (a)		26,200		1,090,182
				4,180,401
Entertainment — 0.2%
Ascent Media Corp. Series A (a)		31,100		1,205,436
Environmental Controls — 1.0%
Calgon Carbon Corp. (a)		89,800		1,357,776
Mine Safety Appliances Co.		41,400		1,288,782
Waste Connections, Inc.		100,950		2,779,153
				5,425,711
Foods — 0.8%
Nash Finch Co.		44,400		1,887,444
Spartan Stores, Inc.		37,015		627,404
TreeHouse Foods, Inc. (a)		32,930		1,682,394
				4,197,242
Forest Products & Paper — 1.5%
Clearwater Paper Corp. (a)		29,700		2,325,510
Deltic Timber Corp.		39,243		2,210,951
Potlatch Corp.		76,000		2,473,800
Wausau Paper Corp.		124,000		1,067,640
				8,077,901
Gas — 1.8%
AGL Resources, Inc.		25,120		900,552
Chesapeake Utilities Corp.		26,225		1,088,862
South Jersey Industries, Inc.		26,597		1,404,854
Southern Union Co.		53,875		1,296,771
Southwest Gas Corp.		53,100		1,947,177
UGI Corp.		39,525		1,248,199
Vectren Corp.		37,000		939,060
WGL Holdings, Inc.		33,584		1,201,300
				10,026,775
Hand & Machine Tools — 0.3%
Franklin Electric Co., Inc.		17,400		677,208
Snap-on, Inc.		20,900		1,182,522
				1,859,730
Health Care – Products — 1.5%
AngioDynamics, Inc. (a)		68,000		1,045,160
Cantel Medical Corp.		21,500		503,100
Merit Medical Systems, Inc. (a)		69,825		1,105,330
PSS World Medical, Inc. (a)		62,100		1,403,460
Quidel Corp. (a)		67,700		978,265
West Pharmaceutical Services, Inc.		55,200		2,274,240
Wright Medical Group, Inc. (a)		54,525		846,773
				8,156,328

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

180

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

	Number of Shares		Value
Health Care – Services — 2.5%
Amedisys, Inc. (a)		25,600	$	857,600
AMERIGROUP Corp. (a)		49,750		2,185,020
Covance, Inc. (a)		43,400		2,231,194
Coventry Health Care, Inc. (a)		37,675		994,620
Healthways, Inc. (a)		39,430		440,039
ICON PLC Sponsored ADR (Ireland) (a)		52,000		1,138,800
Magellan Health Services, Inc. (a)		24,160		1,142,285
MEDNAX, Inc. (a)		21,599		1,453,396
National Healthcare Corp.		41,000		1,897,070
Triple-S Management Corp. Class B (a)		61,000		1,163,880
				13,503,904
Home Builders — 0.9%
M/I Homes, Inc. (a)		50,400		775,152
Meritage Home Corp. (a)		101,900		2,262,180
Winnebago Industries, Inc. (a)		111,200		1,690,240
				4,727,572
Home Furnishing — 0.3%
Ethan Allen Interiors, Inc.		34,900		698,349
La-Z-Boy, Inc. (a)		103,125		930,188
Stanley Furniture Co., Inc. (a)		66,800		207,748
				1,836,285
Household Products — 0.4%
CSS Industries, Inc.		50,500		1,040,805
The Scotts Miracle-Gro Co. Class A		25,100		1,274,327
				2,315,132
Housewares — 0.3%
The Toro Co.		24,600		1,516,344
Insurance — 5.9%
Alterra Capital Holdings Ltd.		186,075		4,026,663
Argo Group International Holdings Ltd.		36,053		1,350,185
Aspen Insurance Holdings Ltd.		18,475		528,754
CNO Financial Group, Inc. (a)		174,000		1,179,720
Delphi Financial Group, Inc. Class A		90,977		2,623,777
Employers Holdings, Inc.		134,150		2,344,942
Fortegra Financial Corp. (a)		20,600		227,630
Maiden Holdings Ltd.		213,900		1,681,254
Markel Corp. (a)		4,200		1,588,146
MGIC Investment Corp. (a)		85,425		870,481
Montpelier Re Holdings Ltd.		41,880		835,087
National Interstate Corp.		73,000		1,562,200
Platinum Underwriters Holdings Ltd.		38,640		1,737,641
ProAssurance Corp. (a)		106,150		6,432,690
Protective Life Corp.		50,400		1,342,656
Radian Group, Inc.		191,000		1,541,370
Reinsurance Group of America, Inc. Class A		27,500		1,477,025
State Auto Financial Corp. Class A		27,600		480,792
United Fire & Casualty Co.		25,700		573,624
				32,404,637

	Number of Shares		Value
Internet — 0.7%
Digital River, Inc. (a)		33,300	$	1,146,186
j2 Global Communications, Inc. (a)		44,630		1,292,038
Websense, Inc. (a)		77,900		1,577,475
				4,015,699
Investment Companies — 0.5%
American Capital Ltd. (a)		121,450		918,162
Apollo Investment Corp.		73,750		816,412
Ares Capital Corp.		46,500		766,320
				2,500,894
Iron & Steel — 0.4%
Carpenter Technology Corp.		54,900		2,209,176
Leisure Time — 0.6%
Brunswick Corp.		35,300		661,522
Callaway Golf Co.		141,750		1,143,922
LIFE TIME FITNESS, Inc. (a)		33,800		1,385,462
				3,190,906
Lodging — 0.4%
Orient-Express Hotels Ltd. (a)		175,500		2,279,745
Machinery – Construction & Mining — 0.2%
Astec Industries, Inc. (a)		31,000		1,004,710
Machinery – Diversified — 2.2%
Cascade Corp.		31,600		1,494,048
IDEX Corp.		70,925		2,774,586
Nordson Corp.		54,800		5,035,024
Robbins & Myers, Inc.		70,300		2,515,334
				11,818,992
Manufacturing — 3.9%
Ameron International Corp.		27,900		2,130,723
AptarGroup, Inc.		81,400		3,872,198
Barnes Group, Inc.		71,175		1,471,187
Ceradyne, Inc. (a)		55,385		1,746,289
EnPro Industries, Inc. (a)		34,125		1,418,235
FreightCar America, Inc.		34,600		1,001,324
Harsco Corp.		29,200		826,944
Hexcel Corp. (a)		69,700		1,260,873
Koppers Holdings, Inc.		37,100		1,327,438
Matthews International Corp. Class A		75,500		2,640,990
Myers Industries, Inc.		263,545		2,566,929
Tredegar Corp.		62,050		1,202,529
				21,465,659
Media — 0.3%
The Dolan Co. (a)		46,600		648,672
Saga Communications, Inc. Class A (a)		27,000		710,640
				1,359,312
Metal Fabricate & Hardware — 1.2%
Ampco-Pittsburgh Corp.		35,085		984,134
Circor International, Inc.		42,200		1,784,216

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

181

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

	Number of Shares		Value
Sims Group Ltd. Sponsored ADR (Australia)		97,800	$	2,135,952
The Timken Co.		38,700		1,847,151
				6,751,453
Mining — 1.8%
AMCOL International Corp.		48,900		1,515,900
Brush Engineered Materials, Inc. (a)		42,800		1,653,792
Franco-Nevada Corp.		55,600		1,859,109
Globe Specialty Metals, Inc.		61,650		1,053,599
North American Palladium Ltd. (a)		52,500		364,350
Royal Gold, Inc.		36,088		1,971,487
Thompson Creek Metals Co., Inc. (a)		111,850		1,646,432
				10,064,669
Oil & Gas — 5.0%
Atwood Oceanics, Inc. (a)		32,200		1,203,314
Cabot Oil & Gas Corp.		45,900		1,737,315
Forest Oil Corp. (a)		93,725		3,558,738
Frontier Oil Corp. (a)		86,400		1,556,064
Hercules Offshore, Inc. (a)		101,200		350,152
Kodiak Oil & Gas Corp. (a)		201,300		1,328,580
Northern Oil and Gas, Inc. (a)		152,950		4,161,769
Oasis Petroleum, Inc. (a)		103,600		2,809,632
Penn Virginia Corp.		128,400		2,159,688
Petroleum Development Corp. (a)		39,025		1,647,245
Questar Corp.		77,725		1,353,192
Rosetta Resources, Inc. (a)		60,950		2,294,158
Swift Energy Co. (a)		70,150		2,746,373
Whiting Petroleum Corp. (a)		4,319		506,144
				27,412,364
Oil & Gas Services — 2.8%
CARBO Ceramics, Inc.		26,800		2,774,872
Complete Production Services, Inc. (a)		42,500		1,255,875
Core Laboratories NV		20,500		1,825,525
Gulf Island Fabrication, Inc.		49,975		1,408,295
Helix Energy Solutions Group, Inc. (a)		70,925		861,030
Lufkin Industries, Inc.		62,607		3,906,051
Superior Energy Services, Inc. (a)		37,775		1,321,747
TETRA Technologies, Inc. (a)		146,600		1,740,142
Union Drilling, Inc. (a)		48,000		349,440
				15,442,977
Pharmaceuticals — 0.8%
Akorn, Inc. (a)		124,985		758,659
Align Technology, Inc. (a)		43,800		855,852
Inspire Pharmaceuticals, Inc. (a)		63,055		529,662
Omnicare, Inc.		25,525		648,080
Par Pharmaceutical Cos., Inc. (a)		24,060		926,550
ViroPharma, Inc. (a)		48,605		841,839
				4,560,642
Pipelines — 0.2%
ONEOK, Inc.		23,100		1,281,357

	Number of Shares		Value
Real Estate Investment Trusts (REITS) — 7.2%
Acadia Realty Trust		87,200	$	1,590,528
American Campus Communities, Inc.		41,320		1,312,323
Anworth Mortgage Asset Corp.		122,975		860,825
CBL & Associates Properties, Inc.		230,300		4,030,250
Cedar Shopping Centers, Inc.		113,400		713,286
DiamondRock Hospitality Co. (a)		155,225		1,862,700
First Potomac Realty Trust		279,525		4,701,610
Hersha Hospitality Trust		289,300		1,909,380
Highwoods Properties, Inc.		24,875		792,269
Kilroy Realty Corp.		81,100		2,957,717
LaSalle Hotel Properties		95,800		2,529,120
Lexington Realty Trust		248,500		1,975,575
LTC Properties, Inc.		59,820		1,679,746
Medical Properties Trust, Inc.		107,400		1,163,142
MFA Financial, Inc.		183,475		1,497,156
National Retail Properties, Inc.		69,455		1,840,558
Parkway Properties, Inc.		38,100		667,512
Pebblebrook Hotel Trust		93,900		1,908,048
Sun Communities, Inc.		54,245		1,806,901
Sunstone Hotel Investors, Inc. (a)		101,625		1,049,786
Washington Real Estate Investment Trust		80,400		2,491,596
				39,340,028
Retail — 4.1%
Asbury Automotive Group, Inc. (a)		88,940		1,643,611
Bebe Stores, Inc.		123,150		733,974
Build-A-Bear Workshop, Inc. (a)		85,710		654,824
Cash America International, Inc.		42,761		1,579,164
Dillard’s, Inc. Class A		63,175		2,396,859
The Finish Line, Inc. Class A		79,775		1,371,332
Fred’s, Inc. Class A		85,100		1,170,976
Haverty Furniture Cos., Inc.		103,300		1,340,834
Hot Topic, Inc.		224,700		1,408,869
Insight Enterprises, Inc. (a)		89,435		1,176,965
MarineMax, Inc. (a)		87,100		814,385
The Men’s Wearhouse, Inc.		73,200		1,828,536
The Pantry, Inc. (a)		62,675		1,244,726
Phillips-Van Heusen Corp.		28,300		1,783,183
School Specialty, Inc. (a)		40,585		565,349
Stein Mart, Inc.		160,400		1,483,700
The Wet Seal, Inc. Class A (a)		303,685		1,123,635
				22,320,922
Savings & Loans — 1.6%
Astoria Financial Corp.		71,950		1,000,825
Dime Community Bancshares, Inc.		88,085		1,285,160
First Niagara Financial Group, Inc.		155,910		2,179,622
Flushing Financial Corp.		104,385		1,461,390
Provident Financial Services, Inc.		76,100		1,151,393
Washington Federal, Inc.		93,920		1,589,126
				8,667,516

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

182

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

	Number of Shares		Value
Semiconductors — 2.1%
ATMI, Inc. (a)		46,300	$	923,222
Brooks Automation, Inc. (a)		118,305		1,073,026
Cabot Microelectronics Corp. (a)		23,300		965,785
International Rectifier Corp. (a)		62,500		1,855,625
Progress Software Corp. (a)		86,500		3,660,680
Teradyne, Inc. (a)		133,900		1,879,956
Zoran Corp. (a)		146,800		1,291,840
				11,650,134
Software — 0.8%
Accelrys, Inc. (a)		67,884		563,437
Blackboard, Inc. (a)		6,300		260,190
CSG Systems International, Inc. (a)		38,520		729,569
SYNNEX Corp. (a)		58,700		1,831,440
VeriFone Systems, Inc. (a)		27,310		1,053,074
				4,437,710
Telecommunications — 3.1%
Anixter International, Inc.		18,050		1,078,127
Arris Group, Inc. (a)		95,300		1,069,266
Black Box Corp.		43,830		1,678,251
Finisar Corp. (a)		51,499		1,529,005
Ixia (a)		144,300		2,421,354
NICE Systems Ltd. Sponsored ADR (Israel) (a)		38,980		1,360,402
Oclaro, Inc. (a)		125,100		1,645,065
Oplink Communications, Inc. (a)		75,600		1,396,332
Premiere Global Services, Inc. (a)		151,900		1,032,920
SBA Communications Corp. Class A (a)		25,800		1,056,252
Sonus Networks, Inc. (a)		340,900		910,203
Symmetricom, Inc. (a)		88,780		629,450
ViaSat, Inc. (a)		29,600		1,314,536
				17,121,163
Textiles — 0.4%
Culp, Inc. (a)		54,000		559,440
G&K Services, Inc. Class A		56,500		1,746,415
				2,305,855
Toys, Games & Hobbies — 0.2%
JAKKS Pacific, Inc. (a)		54,765		997,818
Transportation — 4.3%
Air Transport Services Group, Inc. (a)		172,875		1,365,713
Bristow Group, Inc. (a)		21,600		1,022,760
Genesee & Wyoming, Inc. Class A (a)		84,700		4,484,865
Hub Group, Inc. Class A (a)		49,265		1,731,172
Kirby Corp. (a)		83,600		3,682,580
Knight Transportation, Inc.		68,000		1,292,000
Landstar System, Inc.		115,600		4,732,664
RailAmerica, Inc. (a)		77,150		999,093
Seaspan Corp.		131,675		1,635,403
UTI Worldwide, Inc.		113,700		2,410,440
				23,356,690

	Number of Shares		Value
TOTAL COMMON STOCK (Cost $451,734,548)			$	528,289,321
CONVERTIBLE PREFERRED STOCK — 0.6%
Banks — 0.3%
East West Bancorp, Inc., Series A 8.000%		1,183		1,737,129
Insurance — 0.3%
Assured Guaranty Ltd. 8.500%		19,700		1,408,550
TOTAL CONVERTIBLE PREFERRED STOCK (Cost $2,169,531)				3,145,679
TOTAL EQUITIES (Cost $453,904,079)				531,435,000
MUTUAL FUNDS — 0.4%
Diversified Financial — 0.4%
iShares Russell 2000 Value Index Fund		27,300		1,940,757
T. Rowe Price Reserve Investment Fund		309,099		309,099
TOTAL MUTUAL FUNDS (Cost $2,027,509)				2,249,856
TOTAL LONG-TERM INVESTMENTS (Cost $455,931,588)				533,684,856
	Principal Amount
SHORT-TERM INVESTMENTS — 3.3%
Repurchase Agreement — 3.3%
State Street Bank & Trust Co. Repurchase Agreement, dated 12/31/10, 0.010%, due 1/03/11 (b)	$	18,090,734		18,090,734
Time Deposits — 0.0%
Euro Time Deposit 0.010% 1/03/11		7		7
TOTAL SHORT-TERM INVESTMENTS (Cost $18,090,741)				18,090,741
TOTAL INVESTMENTS — 100.9% (Cost $474,022,329) (c)				551,775,597
Other Assets/(Liabilities) — (0.9)%				(4,715,252	)
NET ASSETS — 100.0%			$	547,060,345

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

183

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

Notes to Portfolio of Investments

ADR American Depositary Receipt

(a) Non-income producing security.

(b) Maturity value of $18,090,749. Collateralized by U.S. Government Agency obligations with a rate of 4.000%, maturity dates ranging from 12/15/17 - 12/25/38, and an aggregate market value, including accrued interest, of $18,459,771.

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

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

184

MassMutual Select Mid Cap Growth Equity Fund – Portfolio of Investments

December 31, 2010

	Number of Shares		Value
EQUITIES — 98.0%
COMMON STOCK — 98.0%
Advertising — 0.5%
The Interpublic Group of Companies, Inc. (a)		31,880	$	338,566
Aerospace & Defense — 1.1%
Goodrich Corp.		3,310		291,512
Safran SA		11,442		406,161
				697,673
Airlines — 0.5%
JetBlue Airways Corp. (a)		51,400		339,754
Apparel — 1.1%
Crocs, Inc. (a)		19,700		337,264
Under Armour, Inc. Class A (a)		7,300		400,332
				737,596
Auto Manufacturers — 0.7%
Navistar International Corp. (a)		8,600		498,026
Automotive & Parts — 0.5%
BorgWarner, Inc. (a)		4,550		329,238
Banks — 0.5%
M&T Bank Corp.		3,540		308,157
Beverages — 1.7%
Green Mountain Coffee Roasters, Inc. (a)		29,450		967,727
Hansen Natural Corp. (a)		2,750		143,770
				1,111,497
Biotechnology — 1.2%
Alexion Pharmaceuticals, Inc. (a)		4,260		343,143
Charles River Laboratories International, Inc. (a)		4,370		155,310
Illumina, Inc. (a)		2,680		169,751
Regeneron Pharmaceuticals, Inc. (a)		4,900		160,867
				829,071
Building Materials — 0.4%
Lennox International, Inc.		5,500		260,095
Chemicals — 2.1%
CF Industries Holdings, Inc.		5,930		801,439
LyondellBasell Industries NV (a)		7,200		247,680
Methanex Corp.		11,700		355,680
				1,404,799
Coal — 1.9%
Alpha Natural Resources, Inc. (a)		4,960		297,749
CONSOL Energy, Inc.		10,300		502,022
Walter Energy, Inc.		3,800		485,792
				1,285,563
Commercial Services — 8.1%
Anhanguera Educacional Participacoes SA		17,300		416,868

	Number of Shares		Value
Corrections Corporation of America (a)		19,100	$	478,646
Emergency Medical Services Corp. Class A (a)		3,040		196,414
Genpact Ltd. (a)		22,500		342,000
The Geo Group, Inc. (a)		14,800		364,968
Great American Group, Inc. (a)		48,400		23,716
Localiza Rent a Car SA		27,100		439,246
Manpower, Inc.		9,420		591,199
Pharmaceutical Product Development, Inc.		20,600		559,084
SuccessFactors, Inc. (a)		23,670		685,483
United Rentals, Inc. (a)		15,100		343,525
VistaPrint NV (a)		6,700		308,200
Western Union Co.		21,400		397,398
Xueda Education Group Sponsored ADR (Cayman Islands) (a)		20,000		225,400
				5,372,147
Computers — 4.7%
Cadence Design Systems, Inc. (a)		53,500		441,910
Cognizant Technology Solutions Corp. Class A (a)		5,640		413,355
Fortinet, Inc. (a)		10,620		343,557
LogMeIn, Inc. (a)		3,790		168,049
NetApp, Inc. (a)		6,460		355,042
RealD, Inc. (a)		10,500		272,160
Riverbed Technology, Inc. (a)		12,170		428,019
SanDisk Corp. (a)		6,300		314,118
Teradata Corp. (a)		9,000		370,440
				3,106,650
Distribution & Wholesale — 1.4%
Fastenal Co.		5,270		315,726
LKQ Corp. (a)		20,600		468,032
WESCO International, Inc. (a)		2,390		126,192
				909,950
Diversified Financial — 3.4%
Ameriprise Financial, Inc.		5,880		338,394
Discover Financial Services		9,770		181,038
Higher One Holdings, Inc. (a)		7,300		147,679
IntercontinentalExchange, Inc. (a)		2,550		303,833
Invesco Ltd.		34,690		834,641
T. Rowe Price Group, Inc.		6,870		443,390
				2,248,975
Electronics — 2.2%
Gentex Corp.		15,600		461,136
Jabil Circuit, Inc.		28,920		581,003
Waters Corp. (a)		5,000		388,550
				1,430,689
Energy – Alternate Sources — 0.3%
First Solar, Inc. (a)		1,710		222,539

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

185

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

	Number of Shares		Value
Engineering & Construction — 1.4%
Aecom Technology Corp. (a)		21,600	$	604,152
Fluor Corp.		5,100		337,926
				942,078
Entertainment — 0.5%
DreamWorks Animation SKG, Inc. Class A (a)		10,300		303,541
Foods — 1.6%
The Fresh Market, Inc. (a)		8,700		358,440
Whole Foods Market, Inc. (a)		13,550		685,494
				1,043,934
Health Care – Products — 3.1%
Edwards Lifesciences Corp. (a)		6,900		557,796
Gen-Probe, Inc. (a)		4,500		262,575
HeartWare International, Inc. (a)		4,100		359,037
Hologic, Inc. (a)		22,000		414,040
Intuitive Surgical, Inc. (a)		770		198,467
Varian Medical Systems, Inc. (a)		3,500		242,480
				2,034,395
Health Care – Services — 1.1%
AMERIGROUP Corp. (a)		3,850		169,092
Laboratory Corporation of America Holdings (a)		2,080		182,874
Universal Health Services, Inc. Class B		7,970		346,057
				698,023
Home Builders — 0.7%
MRV Engenharia e Participacoes SA		40,800		383,844
Thor Industries, Inc.		2,400		81,504
				465,348
Home Furnishing — 1.4%
Tempur-Pedic International, Inc. (a)		23,120		926,187
Household Products — 0.6%
Jarden Corp.		13,720		423,536
Insurance — 0.5%
Aon Corp.		3,570		164,256
Unum Group		6,950		168,329
				332,585
Internet — 4.3%
Akamai Technologies, Inc. (a)		2,980		140,209
Ariba, Inc. (a)		8,400		197,316
F5 Networks, Inc. (a)		5,350		696,356
GSI Commerce, Inc. (a)		12,200		283,040
MercadoLibre, Inc. (a)		1,830		121,970
OpenTable, Inc. (a)		730		51,450
Priceline.com, Inc. (a)		2,030		811,087
TIBCO Software, Inc. (a)		19,900		392,229
VeriSign, Inc.		5,420		177,071
				2,870,728

	Number of Shares		Value
Investment Companies — 0.3%
Vallar PLC (a)		11,989	$	208,448
Iron & Steel — 1.7%
Cliffs Natural Resources, Inc.		4,540		354,165
Consolidated Thompson Iron Mines Ltd. (a)		30,500		432,035
United States Steel Corp.		5,580		325,984
				1,112,184
Leisure Time — 1.5%
Brunswick Corp.		22,600		423,524
Royal Caribbean Cruises Ltd. (a)		5,200		244,400
WMS Industries, Inc. (a)		6,740		304,918
				972,842
Lodging — 2.0%
Accor SA		9,079		405,593
Starwood Hotels & Resorts Worldwide, Inc.		10,050		610,839
Wynn Resorts Ltd.		2,700		280,368
				1,296,800
Machinery – Construction & Mining — 1.5%
Changsha Zoomlion Heavy Industry Science and Technology Development Co. Ltd. (a)		20,300		45,858
Ingersoll-Rand PLC		10,500		494,445
Joy Global, Inc.		5,470		474,523
				1,014,826
Machinery – Diversified — 1.3%
Cummins, Inc.		4,400		484,044
FLSmidth & Co. A/S		4,305		411,694
				895,738
Manufacturing — 0.3%
Parker Hannifin Corp.		2,510		216,613
Mining — 1.5%
First Quantum Minerals Ltd.		2,750		298,583
Silver Wheaton Corp. (a)		4,500		175,680
Vedanta Resources PLC		13,428		528,204
				1,002,467
Oil & Gas — 2.7%
Cimarex Energy Co.		3,570		316,052
Concho Resources, Inc. (a)		4,170		365,584
Ensco PLC Sponsored ADR (United Kingdom)		7,200		384,336
Karoon Gas Australia Ltd. (a)		15,722		118,191
QEP Resources, Inc.		6,520		236,741
Questar Corp.		9,410		163,828
Whiting Petroleum Corp. (a)		1,930		226,177
				1,810,909
Oil & Gas Services — 0.5%
Cameron International Corp. (a)		6,090		308,946

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

186

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

	Number of Shares		Value
Pharmaceuticals — 5.6%
AmerisourceBergen Corp.		8,420	$	287,290
Amylin Pharmaceuticals, Inc. (a)		6,500		95,615
Auxilium Pharmaceuticals, Inc. (a)		10,700		225,770
Cardinal Health, Inc.		10,400		398,424
Hospira, Inc. (a)		4,650		258,959
Mead Johnson Nutrition Co.		4,480		278,880
Mylan, Inc. (a)		15,800		333,854
Onyx Pharmaceuticals, Inc. (a)		3,200		117,984
Salix Pharmaceuticals Ltd. (a)		6,900		324,024
SXC Health Solutions Corp. (a)		12,000		514,320
United Therapeutics Corp. (a)		3,240		204,833
Valeant Pharmaceuticals International, Inc.		5,690		160,970
Watson Pharmaceuticals, Inc. (a)		9,930		512,884
				3,713,807
Real Estate — 1.0%
CB Richard Ellis Group, Inc. Class A (a)		14,910		305,357
PDG Realty SA Empreendimentos e Participacoes		55,100		337,369
				642,726
Retail — 9.3%
Abercrombie & Fitch Co. Class A		5,530		318,694
Advance Auto Parts, Inc.		5,550		367,133
Big Lots, Inc. (a)		10,900		332,014
The Cheesecake Factory, Inc. (a)		8,270		253,558
Coach, Inc.		18,750		1,037,062
Columbia Sportswear Co.		6,800		410,040
Darden Restaurants, Inc.		3,040		141,178
Dick’s Sporting Goods, Inc. (a)		19,960		748,500
Domino’s Pizza UK & IRL PLC		8,632		74,295
Guess?, Inc.		7,260		343,543
Hanesbrands, Inc. (a)		17,800		452,120
Nordstrom, Inc.		8,710		369,130
Pandora A/S (a)		6,718		405,711
Ross Stores, Inc.		7,900		499,675
Williams-Sonoma, Inc.		11,200		399,728
				6,152,381
Semiconductors — 7.9%
Aeroflex Holding Corp. (a)		8,700		143,115
ASML Holding NV		8,900		341,226
Broadcom Corp. Class A		19,640		855,322
Cavium Networks, Inc. (a)		9,400		354,192
Cree, Inc. (a)		3,940		259,606
Cypress Semiconductor Corp. (a)		29,030		539,377
Lam Research Corp. (a)		7,600		393,528
LSI Corp. (a)		51,900		310,881
Netlogic Microsystems, Inc. (a)		11,270		353,991
OmniVision Technologies, Inc. (a)		14,800		438,228
Skyworks Solutions, Inc. (a)		27,500		787,325

	Number of Shares		Value
Varian Semiconductor Equipment Associates, Inc. (a)		11,640	$	430,331
				5,207,122
Software — 3.5%
Allscripts Healthcare Solutions, Inc. (a)		25,500		491,385
Citrix Systems, Inc. (a)		2,600		177,866
Concur Technologies, Inc. (a)		6,600		342,738
MSCI, Inc. Class A (a)		3,960		154,282
Salesforce.com, Inc. (a)		3,810		502,920
SEI Investments Co.		17,500		416,325
VeriFone Systems, Inc. (a)		6,760		260,665
				2,346,181
Telecommunications — 7.7%
AAC Acoustic Technologies Holdings, Inc.		82,000		218,673
Acme Packet, Inc. (a)		13,190		701,180
ADTRAN, Inc.		14,500		525,045
Aruba Networks, Inc. (a)		35,530		741,866
Atheros Communications, Inc. (a)		9,030		324,358
Crown Castle International Corp. (a)		7,130		312,508
Finisar Corp. (a)		20,180		599,144
Juniper Networks, Inc. (a)		7,050		260,286
MetroPCS Communications, Inc. (a)		33,000		416,790
NII Holdings, Inc. (a)		5,660		252,776
Polycom, Inc. (a)		19,400		756,212
				5,108,838
Transportation — 2.2%
Canadian Pacific Railway Ltd.		2,830		183,412
Expeditors International of Washington, Inc.		6,700		365,820
J.B. Hunt Transport Services, Inc.		9,200		375,452
United Continental Holdings, Inc. (a)		23,574		561,533
				1,486,217
TOTAL COMMON STOCK (Cost $49,953,284)				64,968,385
TOTAL EQUITIES (Cost $49,953,284)				64,968,385
TOTAL LONG-TERM INVESTMENTS (Cost $49,953,284)				64,968,385

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

187

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

	Principal Amount		Value
SHORT-TERM INVESTMENTS — 2.4%
Repurchase Agreement — 2.4%
State Street Bank & Trust Co. Repurchase Agreement, dated 12/31/10, 0.010%, due 1/03/11 (b)	$	1,566,077	$	1,566,077
TOTAL SHORT-TERM INVESTMENTS (Cost $1,566,077)				1,566,077
TOTAL INVESTMENTS — 100.4% (Cost $51,519,361) (c)				66,534,462
Other Assets/(Liabilities) — (0.4)%				(237,548	)
NET ASSETS — 100.0%			$	66,296,914

Notes to Portfolio of Investments

ADR American Depositary Receipt

(a) Non-income producing security.

(b) Maturity value of $1,566,078. Collateralized by U.S. Government Agency obligations with a rate of 4.000%, maturity dates ranging from 12/15/17 - 8/15/39, and an aggregate market value, including accrued interest, of $1,603,044.

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

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

188

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

December 31, 2010

	Number of Shares		Value
EQUITIES — 96.2%
COMMON STOCK — 96.2%
Advertising — 0.9%
Lamar Advertising Co. Class A (a)		367,000	$	14,621,280
Aerospace & Defense — 2.0%
Alliant Techsystems, Inc. (a)		34,000		2,530,620
BE Aerospace, Inc. (a)		192,600		7,131,978
Goodrich Corp.		150,200		13,228,114
Rockwell Collins, Inc.		156,000		9,088,560
				31,979,272
Airlines — 0.2%
Alaska Air Group, Inc. (a)		56,100		3,180,309
Apparel — 0.2%
The Warnaco Group, Inc. (a)		64,200		3,535,494
Auto Manufacturers — 0.2%
Navistar International Corp. (a)		41,100		2,380,101
Automotive & Parts — 1.1%
Autoliv, Inc.		35,900		2,833,946
Tenneco, Inc. (a)		67,800		2,790,648
WABCO Holdings, Inc. (a)		202,000		12,307,860
				17,932,454
Banks — 1.2%
Fifth Third Bancorp		285,000		4,183,800
First Republic Bank/San Francisco CA (a)		17,000		495,040
Popular, Inc. (a)		1,293,000		4,060,020
SunTrust Banks, Inc.		151,000		4,456,010
TCF Financial Corp.		432,000		6,397,920
				19,592,790
Beverages — 0.3%
Hansen Natural Corp. (a)		91,300		4,773,164
Biotechnology — 2.4%
Alexion Pharmaceuticals, Inc. (a)		82,000		6,605,100
Human Genome Sciences, Inc. (a)		306,000		7,310,340
Illumina, Inc. (a)		200,800		12,718,672
Regeneron Pharmaceuticals, Inc. (a)		154,000		5,055,820
Vertex Pharmaceuticals, Inc. (a)		153,000		5,359,590
				37,049,522
Building Materials — 0.2%
Lennox International, Inc.		66,900		3,163,701
Chemicals — 0.4%
Albemarle Corp.		46,700		2,604,926
CF Industries Holdings, Inc.		17,200		2,324,580
Ecolab, Inc.		39,800		2,006,716
				6,936,222

	Number of Shares		Value
Coal — 1.8%
Alpha Natural Resources, Inc. (a)		98,000	$	5,882,940
CONSOL Energy, Inc.		289,000		14,085,860
Peabody Energy Corp.		130,000		8,317,400
				28,286,200
Commercial Services — 6.1%
Alliance Data Systems Corp. (a)		38,500		2,734,655
Booz Allen Hamilton Holding Corp. (a)		21,000		408,030
Gartner, Inc. (a)		307,000		10,192,400
Global Payments, Inc.		333,000		15,387,930
Hertz Global Holdings, Inc. (a)		997,000		14,446,530
Manpower, Inc.		128,000		8,033,280
Moody’s Corp.		123,300		3,272,382
Quanta Services, Inc. (a)		617,000		12,290,640
Robert Half International, Inc.		355,000		10,863,000
Verisk Analytics, Inc. Class A (a)		192,000		6,543,360
Western Union Co.		688,000		12,776,160
				96,948,367
Computers — 2.4%
Cognizant Technology Solutions Corp. Class A (a)		59,100		4,331,439
IHS, Inc. Class A (a)		272,100		21,874,119
MICROS Systems, Inc. (a)		185,000		8,114,100
NetApp, Inc. (a)		66,800		3,671,328
				37,990,986
Distribution & Wholesale — 1.6%
Fastenal Co.		236,000		14,138,760
LKQ Corp. (a)		251,600		5,716,352
Watsco, Inc.		40,200		2,535,816
WESCO International, Inc. (a)		43,700		2,307,360
				24,698,288
Diversified Financial — 3.0%
CBOE Holdings, Inc.		153,800		3,515,868
Eaton Vance Corp.		217,000		6,559,910
Interactive Brokers Group, Inc. Class A		153,000		2,726,460
IntercontinentalExchange, Inc. (a)		72,000		8,578,800
LPL Investment Holdings, Inc. (a)		23,000		836,510
NYSE Euronext		257,000		7,704,860
Raymond James Financial, Inc.		158,200		5,173,140
TD Ameritrade Holding Corp.		548,000		10,406,520
Waddell & Reed Financial, Inc. Class A		50,500		1,782,145
				47,284,213
Electric — 0.8%
Calpine Corp. (a)		982,000		13,099,880

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

189

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

	Number of Shares		Value
Electrical Components & Equipment — 1.9%
A123 Systems, Inc. (a)		148,000	$	1,411,920
AMETEK, Inc.		720,600		28,283,550
				29,695,470
Electronics — 3.6%
Amphenol Corp. Class A		92,400		4,876,872
Dolby Laboratories, Inc. Class A (a)		184,000		12,272,800
FLIR Systems, Inc. (a)		313,000		9,311,750
Jabil Circuit, Inc.		155,200		3,117,968
Trimble Navigation Ltd. (a)		275,000		10,980,750
Tyco Electronics Ltd.		111,800		3,957,720
Waters Corp. (a)		154,000		11,967,340
				56,485,200
Energy – Alternate Sources — 0.3%
First Solar, Inc. (a)		38,000		4,945,320
Engineering & Construction — 1.9%
Chicago Bridge & Iron Co. NV (a)		184,900		6,083,210
Foster Wheeler AG (a)		193,300		6,672,716
McDermott International, Inc. (a)		790,000		16,345,100
				29,101,026
Entertainment — 0.2%
Madison Square Garden, Inc. Class A (a)		102,000		2,629,560
Environmental Controls — 0.1%
Waste Connections, Inc.		77,500		2,133,575
Foods — 0.7%
Whole Foods Market, Inc. (a)		218,000		11,028,620
Health Care – Products — 4.7%
Bruker Corp. (a)		307,000		5,096,200
C.R. Bard, Inc.		122,000		11,195,940
CareFusion Corp. (a)		407,000		10,459,900
The Cooper Cos., Inc.		95,000		5,352,300
Edwards Lifesciences Corp. (a)		184,700		14,931,148
Henry Schein, Inc. (a)		198,000		12,155,220
IDEXX Laboratories, Inc. (a)		122,000		8,444,840
QIAGEN NV (a)		359,000		7,018,450
				74,653,998
Health Care – Services — 2.4%
Community Health Systems, Inc. (a)		337,000		12,593,690
Covance, Inc. (a)		245,000		12,595,450
DaVita, Inc. (a)		51,400		3,571,786
Laboratory Corporation of America Holdings (a)		76,000		6,681,920
MEDNAX, Inc. (a)		33,400		2,247,486
				37,690,332
Home Furnishing — 0.3%
Harman International Industries, Inc. (a)		115,600		5,352,280

	Number of Shares		Value
Insurance — 1.7%
Aon Corp.		219,000	$	10,076,190
HCC Insurance Holdings, Inc.		15,100		436,994
Principal Financial Group, Inc.		306,000		9,963,360
W.R. Berkley Corp.		235,000		6,434,300
				26,910,844
Internet — 3.5%
Akamai Technologies, Inc. (a)		96,000		4,516,800
Ariba, Inc. (a)		100,100		2,351,349
Check Point Software Technologies Ltd. (a)		61,600		2,849,616
Equinix, Inc. (a)		116,400		9,458,664
Expedia, Inc.		487,000		12,218,830
Liberty Media Corp. - Interactive Class A (a)		551,000		8,689,270
McAfee, Inc. (a)		185,000		8,567,350
Rackspace Hosting, Inc. (a)		159,000		4,994,190
WebMD Health Corp. (a)		22,600		1,153,956
				54,800,025
Lodging — 2.1%
Choice Hotels International, Inc.		141,000		5,396,070
Gaylord Entertainment Co. (a)		62,000		2,228,280
Marriott International, Inc. Class A		373,000		15,494,420
Starwood Hotels & Resorts Worldwide, Inc.		77,000		4,680,060
Wynn Resorts Ltd.		48,000		4,984,320
				32,783,150
Machinery – Construction & Mining — 0.3%
Ingersoll-Rand PLC		113,000		5,321,170
Machinery – Diversified — 3.7%
Babcock & Wilcox Co. (a)		399,000		10,210,410
Cummins, Inc.		28,200		3,102,282
Gardner Denver, Inc.		215,000		14,796,300
IDEX Corp.		282,000		11,031,840
Roper Industries, Inc.		216,000		16,508,880
Wabtec Corp.		40,000		2,115,600
				57,765,312
Manufacturing — 1.5%
CLARCOR, Inc.		71,300		3,058,057
Cooper Industries PLC		55,500		3,235,095
Danaher Corp.		61,000		2,877,370
Pall Corp.		84,700		4,199,426
Textron, Inc.		399,000		9,432,360
				22,802,308
Media — 3.5%
Cablevision Systems Corp. Class A		359,000		12,148,560
Discovery Communications, Inc. Series A (a)		316,500		13,198,050
Discovery Communications, Inc. Series C (a)		212,000		7,778,280

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

190

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

	Number of Shares		Value
FactSet Research Systems, Inc.		122,000	$	11,438,720
Liberty Media Corp. - Starz Series A (a)		92,000		6,116,160
Scripps Networks Interactive Class A		82,200		4,253,850
				54,933,620
Mining — 1.7%
Agnico-Eagle Mines Ltd.		210,000		16,107,000
Franco-Nevada Corp.		209,000		6,988,378
HudBay Minerals, Inc.		163,000		2,974,750
				26,070,128
Oil & Gas — 4.6%
Atlas Energy, Inc. (a)		198,000		8,706,060
Cabot Oil & Gas Corp.		53,900		2,040,115
Concho Resources, Inc. (a)		100,100		8,775,767
Continental Resources, Inc. (a)		161,400		9,498,390
Denbury Resources, Inc. (a)		128,400		2,451,156
EQT Corp.		160,633		7,202,784
InterOil Corp. (a)		61,600		4,439,512
Range Resources Corp.		276,000		12,414,480
SM Energy Co.		124,000		7,307,320
Ultra Petroleum Corp. (a)		214,000		10,222,780
				73,058,364
Oil & Gas Services — 1.4%
FMC Technologies, Inc. (a)		139,000		12,358,490
Superior Energy Services, Inc. (a)		74,500		2,606,755
Trican Well Service Ltd.		314,400		6,365,755
Trican Well Service Ltd. (b)		70,600		1,429,460
				22,760,460
Packaging & Containers — 0.2%
Crown Holdings, Inc. (a)		92,400		3,084,312
Pharmaceuticals — 4.4%
BioMarin Pharmaceutical, Inc. (a)		154,000		4,147,220
Catalyst Health Solutions, Inc. (a)		56,500		2,626,685
Cephalon, Inc. (a)		187,000		11,541,640
DENTSPLY International, Inc.		314,000		10,729,380
Elan Corp. PLC Sponsored ADR (Ireland) (a)		435,000		2,492,550
Hospira, Inc. (a)		64,200		3,575,298
Perrigo Co.		38,500		2,438,205
Shire PLC Sponsored ADR (United Kingdom)		51,400		3,720,332
SXC Health Solutions Corp. (a)		57,000		2,443,020
Theravance, Inc. (a)		181,000		4,537,670
United Therapeutics Corp. (a)		100,700		6,366,254
Valeant Pharmaceuticals International, Inc.		363,000		10,269,270
Watson Pharmaceuticals, Inc. (a)		84,700		4,374,755
				69,262,279

	Number of Shares		Value
Real Estate — 0.2%
CB Richard Ellis Group, Inc. Class A (a)		174,600	$	3,575,808
Retail — 8.5%
Bed Bath & Beyond, Inc. (a)		199,600		9,810,340
CarMax, Inc. (a)		441,000		14,059,080
Chico’s FAS, Inc.		146,400		1,761,192
Chipotle Mexican Grill, Inc. (a)		74,000		15,736,840
Coach, Inc.		123,000		6,803,130
Dollar General Corp. (a)		491,000		15,058,970
Dollar Tree, Inc. (a)		70,600		3,959,248
Kohl’s Corp. (a)		79,700		4,330,898
MSC Industrial Direct Co., Inc. Class A		140,400		9,082,476
O’Reilly Automotive, Inc. (a)		246,900		14,917,698
Panera Bread Co. Class A (a)		50,000		5,060,500
Shoppers Drug Mart Corp. (b)		38,000		1,510,144
Shoppers Drug Mart Corp.		248,000		9,855,675
Starbucks Corp.		319,700		10,271,961
Tiffany & Co.		38,500		2,397,395
Tim Hortons, Inc.		135,000		5,566,050
Tractor Supply Co.		38,500		1,866,865
Urban Outfitters, Inc. (a)		59,100		2,116,371
				134,164,833
Semiconductors — 8.3%
Altera Corp.		309,000		10,994,220
Analog Devices, Inc.		69,300		2,610,531
Broadcom Corp. Class A		66,800		2,909,140
Cree, Inc. (a)		101,000		6,654,890
Intersil Corp. Class A		338,000		5,161,260
Marvell Technology Group Ltd. (a)		452,000		8,384,600
MEMC Electronic Materials, Inc. (a)		540,000		6,080,400
Microchip Technology, Inc.		293,000		10,023,530
National Semiconductor Corp.		614,000		8,448,640
NVIDIA Corp. (a)		401,000		6,175,400
ON Semiconductor Corp. (a)		236,000		2,331,680
PMC-Sierra, Inc. (a)		268,000		2,302,120
Rovi Corp. (a)		313,600		19,446,336
Silicon Laboratories, Inc. (a)		152,000		6,995,040
Skyworks Solutions, Inc. (a)		437,900		12,537,077
Varian Semiconductor Equipment Associates, Inc. (a)		214,000		7,911,580
Xilinx, Inc.		401,000		11,620,980
				130,587,424
Software — 5.7%
Autodesk, Inc. (a)		132,000		5,042,400
Blackboard, Inc. (a)		51,400		2,122,820
Cerner Corp. (a)		37,000		3,505,380
Electronic Arts, Inc. (a)		306,000		5,012,280
Fiserv, Inc. (a)		266,000		15,576,960

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

191

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

	Number of Shares		Value
Intuit, Inc. (a)		132,900	$	6,551,970
MSCI, Inc. Class A (a)		293,000		11,415,280
Nuance Communications, Inc. (a)		614,000		11,162,520
Red Hat, Inc. (a)		284,000		12,964,600
Solera Holdings, Inc.		247,000		12,676,040
VeriFone Systems, Inc. (a)		102,700		3,960,112
				89,990,362
Telecommunications — 3.3%
ADTRAN, Inc.		101,300		3,668,073
Atheros Communications, Inc. (a)		153,000		5,495,760
Crown Castle International Corp. (a)		92,400		4,049,892
JDS Uniphase Corp. (a)		1,118,000		16,188,640
Juniper Networks, Inc. (a)		432,400		15,964,208
NII Holdings, Inc. (a)		105,300		4,702,698
RF Micro Devices, Inc. (a)		309,100		2,271,885
				52,341,156
Transportation — 0.7%
Hub Group, Inc. Class A (a)		123,300		4,332,762
UTI Worldwide, Inc.		321,000		6,805,200
				11,137,962
TOTAL COMMON STOCK (Cost $1,098,818,063)				1,518,517,141
TOTAL EQUITIES (Cost $1,098,818,063)				1,518,517,141
MUTUAL FUNDS — 0.7%
Diversified Financial — 0.7%
T. Rowe Price Government Reserve Investment Fund		11,808,008		11,808,008
TOTAL MUTUAL FUNDS (Cost $11,808,008)				11,808,008
TOTAL LONG-TERM INVESTMENTS (Cost $1,110,626,071)				1,530,325,149

	Principal Amount		Value
SHORT-TERM INVESTMENTS — 3.8%
Repurchase Agreement — 3.8%
State Street Bank & Trust Co. Repurchase Agreement, dated 12/31/10, 0.010%, due 1/03/11 (c)	$	59,194,826	$	59,194,826
TOTAL SHORT-TERM INVESTMENTS (Cost $59,194,826)				59,194,826
TOTAL INVESTMENTS — 100.7% (Cost $1,169,820,897) (d)				1,589,519,975
Other Assets/(Liabilities) — (0.7)%				(11,132,168	)
NET ASSETS — 100.0%			$	1,578,387,807

Notes to Portfolio of Investments

ADR American Depositary Receipt

(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 December 31, 2010, these securities amounted to a value of $2,939,604 or 0.19% of net assets.

(c) Maturity value of $59,194,876. Collateralized by U.S. Government Agency obligations with a rate of 4.000%, maturity dates ranging from 7/15/25 - 8/15/39, and an aggregate market value, including accrued interest, of $60,382,779.

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

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

192

MassMutual Select Small Cap Growth Equity Fund – Portfolio of Investments

December 31, 2010

	Number of Shares		Value
EQUITIES — 98.8%
COMMON STOCK — 98.8%
Advertising — 0.4%
APAC Customer Services, Inc. (a)		298,100	$	1,809,467
Harte-Hanks, Inc.		140,200		1,790,354
				3,599,821
Aerospace & Defense — 0.5%
Cubic Corp.		36,000		1,697,400
Teledyne Technologies, Inc. (a)		48,100		2,114,957
				3,812,357
Airlines — 0.9%
Allegiant Travel Co.		28,320		1,394,477
Copa Holdings SA Class A		35,860		2,110,002
JetBlue Airways Corp. (a)		301,490		1,992,849
US Airways Group, Inc. (a)		170,100		1,702,701
				7,200,029
Apparel — 2.4%
Crocs, Inc. (a)		88,405		1,513,494
Under Armour, Inc. Class A (a)		327,681		17,970,026
				19,483,520
Automotive & Parts — 0.9%
ArvinMeritor, Inc. (a)		250,670		5,143,748
Tenneco, Inc. (a)		56,800		2,337,888
				7,481,636
Banks — 1.2%
Boston Private Financial Holdings, Inc.		261,100		1,710,205
CVB Financial Corp.		148,700		1,289,229
East West Bancorp, Inc.		51,590		1,008,585
MB Financial, Inc.		92,294		1,598,532
Synovus Financial Corp.		450,500		1,189,320
TCF Financial Corp.		61,400		909,334
Umpqua Holdings Corp.		154,900		1,886,682
				9,591,887
Beverages — 0.6%
Cott Corp. (a)		159,600		1,437,996
Green Mountain Coffee Roasters, Inc. (a)		101,230		3,326,418
				4,764,414
Biotechnology — 1.0%
Incyte Corp. (a)		146,120		2,419,747
Regeneron Pharmaceuticals, Inc. (a)		96,440		3,166,125
Seattle Genetics, Inc. (a)		169,170		2,529,092
				8,114,964
Building Materials — 0.5%
Lennox International, Inc.		50,100		2,369,229
Trex Co., Inc. (a)		74,449		1,783,798
				4,153,027

	Number of Shares		Value
Chemicals — 1.0%
Ferro Corp. (a)		98,600	$	1,443,504
Georgia Gulf Corp. (a)		18,000		433,080
Methanex Corp.		146,420		4,451,168
Olin Corp.		80,900		1,660,068
				7,987,820
Commercial Services — 8.9%
The Advisory Board Co. (a)		51,730		2,463,900
AerCap Holdings NV (a)		164,524		2,323,079
Capella Education Co. (a)		199,390		13,275,386
Convergys Corp. (a)		174,000		2,291,580
Corrections Corporation of America (a)		106,820		2,676,909
CoStar Group, Inc. (a)		180,500		10,389,580
The Geo Group, Inc. (a)		75,030		1,850,240
Healthspring, Inc. (a)		66,900		1,774,857
HMS Holdings Corp. (a)		35,295		2,286,057
Huron Consulting Group, Inc. (a)		86,900		2,298,505
Localiza Rent a Car SA		126,760		2,054,567
PAREXEL International Corp. (a)		67,410		1,431,114
Pharmaceutical Product Development, Inc.		114,080		3,096,131
RSC Holdings, Inc. (a)		168,700		1,643,138
Strayer Education, Inc.		92,621		14,098,769
SuccessFactors, Inc. (a)		97,230		2,815,781
TrueBlue, Inc. (a)		68,005		1,223,410
United Rentals, Inc. (a)		148,090		3,369,047
VistaPrint NV (a)		28,490		1,310,540
				72,672,590
Computers — 6.3%
Cadence Design Systems, Inc. (a)		264,910		2,188,157
Compellent Technologies, Inc. (a)		33,835		933,508
Fortinet, Inc. (a)		75,300		2,435,955
MICROS Systems, Inc. (a)		384,221		16,851,933
RealD, Inc. (a)		123,150		3,192,048
Riverbed Technology, Inc. (a)		236,020		8,300,823
STEC, Inc. (a)		25,800		455,370
Stratasys, Inc. (a)		332,794		10,862,396
SYKES Enterprises, Inc. (a)		232,217		4,704,716
Syntel, Inc.		28,900		1,381,131
				51,306,037
Distribution & Wholesale — 3.0%
Beacon Roofing Supply, Inc. (a)		122,885		2,195,955
Ingram Micro, Inc. Class A (a)		126,829		2,421,165
LKQ Corp. (a)		819,172		18,611,588
Watsco, Inc.		23,100		1,457,148
				24,685,856
Diversified Financial — 4.9%
Evercore Partners, Inc. Class A		14,100		479,400
Financial Engines, Inc. (a)		101,000		2,002,830

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

193

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

	Number of Shares		Value
Greenhill & Co., Inc.		190,677	$	15,574,497
National Financial Partners Corp. (a)		71,600		959,440
Portfolio Recovery Associates, Inc. (a)		224,136		16,855,027
Stifel Financial Corp. (a)		37,850		2,348,214
Waddell & Reed Financial, Inc. Class A		49,420		1,744,032
				39,963,440
Electric — 0.3%
ITC Holdings Corp.		36,600		2,268,468
Electrical Components & Equipment — 3.3%
A123 Systems, Inc. (a)		105,800		1,009,332
General Cable Corp. (a)		444,010		15,580,311
GrafTech International Ltd. (a)		351,600		6,975,744
Power-One, Inc. (a)		151,050		1,540,710
SunPower Corp. Class B (a)		162,334		2,014,565
				27,120,662
Electronics — 3.2%
Celestica, Inc. (a)		242,900		2,356,130
Jabil Circuit, Inc.		348,440		7,000,160
PerkinElmer, Inc.		561,100		14,487,602
Stoneridge, Inc. (a)		113,800		1,796,902
				25,640,794
Engineering & Construction — 0.6%
Aecom Technology Corp. (a)		106,730		2,985,238
Foster Wheeler AG (a)		53,950		1,862,354
				4,847,592
Entertainment — 1.8%
Bally Technologies, Inc. (a)		51,500		2,172,785
Churchill Downs, Inc.		50,200		2,178,680
Cinemark Holdings, Inc.		205,550		3,543,682
DreamWorks Animation SKG, Inc. Class A (a)		82,800		2,440,116
Penn National Gaming, Inc. (a)		132,060		4,641,909
				14,977,172
Foods — 0.2%
The Fresh Market, Inc. (a)		39,600		1,631,520
Gas — 0.3%
UGI Corp.		69,000		2,179,020
Health Care – Products — 6.1%
Gen-Probe, Inc. (a)		24,200		1,412,070
HeartWare International, Inc. (a)		19,180		1,679,593
Masimo Corp.		305,487		8,880,507
NuVasive, Inc. (a)		481,318		12,345,807
Orthovita, Inc. (a)		318,600		640,386
Stereotaxis, Inc. (a)		351,674		1,346,911
Volcano Corp. (a)		583,415		15,933,064
Zoll Medical Corp. (a)		207,666		7,731,405
				49,969,743

	Number of Shares		Value
Health Care – Services — 2.0%
Fleury SA		90,500	$	1,452,982
Health Management Associates, Inc. Class A (a)		314,940		3,004,527
Healthways, Inc. (a)		361,050		4,029,318
Kindred Healthcare, Inc. (a)		110,900		2,037,233
RehabCare Group, Inc. (a)		74,500		1,765,650
WellCare Health Plans, Inc. (a)		140,390		4,242,586
				16,532,296
Home Builders — 0.1%
Thor Industries, Inc.		27,400		930,504
Home Furnishing — 1.8%
DTS, Inc. (a)		146,150		7,168,657
Tempur-Pedic International, Inc. (a)		102,580		4,109,355
TiVo, Inc. (a)		373,200		3,220,716
				14,498,728
Insurance — 0.4%
Assured Guaranty Ltd.		66,800		1,182,360
eHealth, Inc. (a)		118,000		1,674,420
				2,856,780
Internet — 5.2%
Ancestry.com, Inc. (a)		51,280		1,452,249
Archipelago Learning, Inc. (a)		223,800		2,195,478
Ariba, Inc. (a)		50,900		1,195,641
Blue Nile, Inc. (a)		53,800		3,069,828
Constant Contact, Inc. (a)		409,200		12,681,108
DealerTrack Holdings, Inc. (a)		653,570		13,117,150
Dice Holdings, Inc. (a)		81,700		1,172,395
IAC/InterActiveCorp (a)		77,300		2,218,510
QuinStreet, Inc. (a)		74,490		1,430,953
S1 Corp. (a)		223,400		1,541,460
TIBCO Software, Inc. (a)		115,780		2,282,024
				42,356,796
Leisure Time — 0.3%
Brunswick Corp.		115,510		2,164,657
Machinery – Diversified — 6.5%
Gardner Denver, Inc.		175,500		12,077,910
Graco, Inc.		312,693		12,335,739
Hollysys Automation Technologies Ltd. (a)		96,900		1,469,004
Lindsay Corp.		21,210		1,260,510
Nordson Corp.		78,900		7,249,332
Wabtec Corp.		346,077		18,304,013
				52,696,508
Manufacturing — 1.1%
Acuity Brands, Inc.		88,700		5,115,329
FreightCar America, Inc.		55,944		1,619,019
LSB Industries, Inc. (a)		75,110		1,822,169
				8,556,517

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

194

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

	Number of Shares		Value
Media — 1.4%
FactSet Research Systems, Inc.		124,244	$	11,649,117
Office Furnishings — 0.3%
Knoll, Inc.		148,568		2,485,543
Oil & Gas — 0.8%
Atlas Energy, Inc. (a)		24,100		1,059,677
Cabot Oil & Gas Corp.		42,720		1,616,952
Comstock Resources, Inc. (a)		72,400		1,778,144
Rosetta Resources, Inc. (a)		44,100		1,659,924
				6,114,697
Oil & Gas Services — 5.1%
Core Laboratories NV		70,283		6,258,701
Dresser-Rand Group, Inc. (a)		320,900		13,667,131
Dril-Quip, Inc. (a)		181,771		14,127,242
Global Industries Ltd. (a)		393,500		2,726,955
ION Geophysical Corp. (a)		329,700		2,795,856
Oceaneering International, Inc. (a)		23,060		1,697,908
				41,273,793
Packaging & Containers — 0.6%
Silgan Holdings, Inc.		125,470		4,493,081
Pharmaceuticals — 1.4%
Amylin Pharmaceuticals, Inc. (a)		76,800		1,129,728
Cadence Pharmaceuticals, Inc. (a)		117,547		887,480
Onyx Pharmaceuticals, Inc. (a)		37,810		1,394,055
Pharmasset, Inc. (a)		21,700		941,997
Salix Pharmaceuticals Ltd. (a)		73,910		3,470,813
SXC Health Solutions Corp. (a)		52,080		2,232,149
Targacept, Inc. (a)		49,600		1,314,400
				11,370,622
Real Estate Investment Trusts (REITS) — 0.9%
Glimcher Realty Trust		180,002		1,512,017
MFA Financial, Inc.		197,800		1,614,048
OMEGA Healthcare Investors, Inc.		70,900		1,590,996
Redwood Trust, Inc.		135,400		2,021,522
Sabra Health Care REIT, Inc.		42,100		774,640
				7,513,223
Retail — 6.3%
AFC Enterprises, Inc (a)		67,962		944,672
Big Lots, Inc. (a)		53,900		1,641,794
The Cheesecake Factory, Inc. (a)		109,089		3,344,669
The Children’s Place Retail Store, Inc. (a)		52,050		2,583,762
Columbia Sportswear Co.		201,465		12,148,340
Denny’s Corp. (a)		441,100		1,579,138
Dick’s Sporting Goods, Inc. (a)		63,000		2,362,500
Domino’s Pizza UK & IRL PLC		223,975		1,927,737
Domino’s Pizza, Inc. (a)		95,930		1,530,084
Hanesbrands, Inc. (a)		130,460		3,313,684
Liz Claiborne, Inc. (a)		90,200		645,832

	Number of Shares		Value
Lumber Liquidators Holdings, Inc. (a)		54,100	$	1,347,631
Nu Skin Enterprises, Inc. Class A		49,578		1,500,230
O’Reilly Automotive, Inc. (a)		68,928		4,164,630
Rush Enterprises, Inc. Class A (a)		75,553		1,544,303
The Talbots, Inc. (a)		174,600		1,487,592
Zumiez, Inc. (a)		325,466		8,745,271
				50,811,869
Semiconductors — 4.4%
Applied Micro Circuits Corp. (a)		144,240		1,540,483
Cavium Networks, Inc. (a)		198,930		7,495,683
Fairchild Semiconductor International, Inc. (a)		163,100		2,545,991
LSI Corp. (a)		227,580		1,363,204
Microsemi Corp. (a)		89,100		2,040,390
Nanometrics, Inc. (a)		148,700		1,907,821
Netlogic Microsystems, Inc. (a)		29,200		917,172
OmniVision Technologies, Inc. (a)		69,440		2,056,118
ON Semiconductor Corp. (a)		313,500		3,097,380
QLogic Corp. (a)		71,100		1,210,122
Semtech Corp. (a)		390,540		8,841,826
Skyworks Solutions, Inc. (a)		105,100		3,009,013
				36,025,203
Software — 5.5%
Allscripts Healthcare Solutions, Inc. (a)		97,080		1,870,732
CommVault Systems, Inc. (a)		330,852		9,468,984
Concur Technologies, Inc. (a)		109,355		5,678,805
Emdeon, Inc. Class A (a)		44,000		595,760
Informatica Corp. (a)		68,600		3,020,458
Omnicell, Inc. (a)		115,864		1,674,235
Parametric Technology Corp. (a)		76,140		1,715,434
Quest Software, Inc. (a)		44,900		1,245,526
RealPage, Inc. (a)		39,000		1,206,270
RightNow Technologies, Inc. (a)		83,100		1,966,977
Rosetta Stone, Inc. (a)		285,108		6,049,992
SolarWinds, Inc. (a)		74,300		1,430,275
Synchronoss Technologies, Inc. (a)		202,100		5,398,091
Totvs SA		17,620		1,794,281
VeriFone Systems, Inc. (a)		36,290		1,399,342
				44,515,162
Storage & Warehousing — 0.2%
Mobile Mini, Inc. (a)		91,124		1,794,232
Telecommunications — 3.1%
AAC Acoustic Technologies Holdings, Inc.		558,000		1,488,045
Acme Packet, Inc. (a)		43,550		2,315,118
ADTRAN, Inc.		65,300		2,364,513
Aruba Networks, Inc. (a)		64,080		1,337,990
Ciena Corp. (a)		79,800		1,679,790
DigitalGlobe, Inc. (a)		800		25,368

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

195

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

	Number of Shares		Value
Finisar Corp. (a)		82,510	$	2,449,722
Ixia (a)		57,010		956,628
JDS Uniphase Corp. (a)		128,420		1,859,521
Leap Wireless International, Inc. (a)		152,100		1,864,746
MetroPCS Communications, Inc. (a)		179,660		2,269,106
Polycom, Inc. (a)		69,050		2,691,569
tw telecom, inc. (a)		101,500		1,730,575
Vonage Holdings Corp. (a)		890,200		1,994,048
				25,026,739
Toys, Games & Hobbies — 0.1%
RC2 Corp. (a)		55,760		1,213,895
Transportation — 3.0%
Con-way, Inc.		118,630		4,338,299
Genesee & Wyoming, Inc. Class A (a)		37,700		1,996,215
J.B. Hunt Transport Services, Inc.		278,080		11,348,445
Old Dominion Freight Line, Inc. (a)		66,095		2,114,379
Overseas Shipholding Group, Inc.		52,550		1,861,321
Swift Transporation Co. (a)		116,500		1,457,415
Vitran Corp., Inc. (a)		81,400		1,067,968
				24,184,042
TOTAL COMMON STOCK (Cost $662,034,020)				802,516,373
TOTAL EQUITIES (Cost $662,034,020)				802,516,373
MUTUAL FUNDS — 0.8%
Diversified Financial — 0.8%
iShares Russell 2000 Index Fund		80,420		6,291,257
TOTAL MUTUAL FUNDS (Cost $6,230,815)				6,291,257
TOTAL LONG-TERM INVESTMENTS (Cost $668,264,835)				808,807,630

	Principal Amount		Value
SHORT-TERM INVESTMENTS — 1.0%
Repurchase Agreement — 1.0%
State Street Bank & Trust Co. Repurchase Agreement, dated 12/31/10, 0.010%, due 1/03/11 (b)	$	8,437,097	$	8,437,097
TOTAL SHORT-TERM INVESTMENTS (Cost $8,437,097)				8,437,097
TOTAL INVESTMENTS — 100.6% (Cost $676,701,932) (c)				817,244,727
Other Assets/(Liabilities) — (0.6)%				(4,952,022	)
NET ASSETS — 100.0%			$	812,292,705

Notes to Portfolio of Investments

(a) Non-income producing security.

(b) Maturity value of $8,437,104. Collateralized by U.S. Government Agency obligations with a rate of 4.000%, maturity dates ranging from 12/15/17 - 5/15/39, and an aggregate market value, including accrued interest, of $8,609,359.

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

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

196

MassMutual Select Small Company Growth Fund – Portfolio of Investments

December 31, 2010

	Number of Shares		Value
EQUITIES — 97.7%
COMMON STOCK — 97.7%
Aerospace & Defense — 1.1%
Teledyne Technologies, Inc. (a)		4,553	$	200,196
Triumph Group, Inc.		5,776		516,432
				716,628
Airlines — 0.9%
Allegiant Travel Co.		3,180		156,583
JetBlue Airways Corp. (a)		65,685		434,178
				590,761
Apparel — 1.0%
Steven Madden Ltd. (a)		9,727		405,811
The Warnaco Group, Inc. (a)		4,360		240,105
				645,916
Automotive & Parts — 4.0%
American Axle & Manufacturing Holdings, Inc. (a)		56,325		724,340
ArvinMeritor, Inc. (a)		35,015		718,508
WABCO Holdings, Inc. (a)		17,851		1,087,661
				2,530,509
Banks — 0.9%
Signature Bank (a)		3,880		194,000
Sterling Bancshares, Inc.		21,440		150,509
UMB Financial Corp.		6,220		257,632
				602,141
Biotechnology — 1.2%
Alexion Pharmaceuticals, Inc. (a)		1,910		153,851
Regeneron Pharmaceuticals, Inc. (a)		10,355		339,955
Seattle Genetics, Inc. (a)		17,830		266,558
				760,364
Building Materials — 1.1%
Interline Brands, Inc. (a)		5,850		133,205
Texas Industries, Inc.		12,835		587,586
				720,791
Chemicals — 2.8%
Arch Chemicals, Inc.		5,420		205,581
Huntsman Corp.		53,661		837,648
Intrepid Potash, Inc. (a)		20,303		757,099
				1,800,328
Coal — 0.8%
Cloud Peak Energy, Inc. (a)		21,984		510,688
Commercial Services — 6.1%
Aaron’s, Inc.		8,040		163,936
Chemed Corp.		1,900		120,669
The Corporate Executive Board Co.		2,350		88,242
Emergency Medical Services Corp. Class A (a)		2,044		132,063

	Number of Shares		Value
Exponent, Inc. (a)		1,860	$	69,806
FTI Consulting, Inc. (a)		12,629		470,809
The Geo Group, Inc. (a)		36,710		905,269
Kforce, Inc. (a)		11,940		193,189
Monster Worldwide, Inc. (a)		11,605		274,226
Sotheby’s		13,430		604,350
SuccessFactors, Inc. (a)		23,512		680,907
VistaPrint NV (a)		4,010		184,460
				3,887,926
Computers — 4.3%
CACI International, Inc. Class A (a)		4,190		223,746
Compellent Technologies, Inc. (a)		3,130		86,357
Fortinet, Inc. (a)		14,328		463,511
Mentor Graphics Corp. (a)		13,230		158,760
Netscout Systems, Inc. (a)		14,030		322,830
Radiant Systems, Inc. (a)		22,935		448,838
Riverbed Technology, Inc. (a)		29,810		1,048,417
				2,752,459
Cosmetics & Personal Care — 0.2%
Inter Parfums, Inc.		6,890		129,877
Diversified Financial — 1.7%
Duff & Phelps Corp. Class A		20,892		352,239
MarketAxess Holdings, Inc.		6,770		140,884
optionsXpress Holdings, Inc.		16,885		264,588
Portfolio Recovery Associates, Inc. (a)		3,060		230,112
World Acceptance Corp. (a)		1,620		85,536
				1,073,359
Electrical Components & Equipment — 1.8%
EnerSys (a)		6,380		204,926
GrafTech International Ltd. (a)		48,285		957,974
				1,162,900
Electronics — 4.4%
Analogic Corp.		3,040		150,510
Coherent, Inc. (a)		16,616		750,046
Gentex Corp.		17,411		514,669
Kemet Corp. (a)		4,220		61,528
Oyo Geospace Corp. (a)		9,825		973,756
PerkinElmer, Inc.		6,420		165,765
Sonic Solutions (a)		13,230		198,450
				2,814,724
Engineering & Construction — 0.1%
EMCOR Group, Inc. (a)		3,400		98,532
Entertainment — 3.6%
Bally Technologies, Inc. (a)		18,269		770,769
Lions Gate Entertainment Corp. (a)		20,380		132,674
Pinnacle Entertainment, Inc. (a)		37,145		520,773
Shuffle Master, Inc. (a)		74,508		853,116
				2,277,332

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

197

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

	Number of Shares		Value
Environmental Controls — 1.1%
Waste Connections, Inc.		25,392	$	699,042
Foods — 0.8%
The Fresh Market, Inc. (a)		8,294		341,713
United Natural Foods, Inc. (a)		4,820		176,797
				518,510
Hand & Machine Tools — 1.0%
Regal-Beloit Corp.		9,878		659,455
Health Care – Products — 4.5%
American Medical Systems Holdings, Inc. (a)		30,720		579,379
ArthroCare Corp. (a)		11,360		352,841
Bruker Corp. (a)		30,667		509,072
The Cooper Cos., Inc.		5,470		308,180
HeartWare International, Inc. (a)		880		77,062
PSS World Medical, Inc. (a)		3,390		76,614
Thoratec Corp. (a)		20,946		593,191
Vital Images, Inc. (a)		15,591		217,962
Volcano Corp. (a)		5,344		145,945
				2,860,246
Health Care – Services — 2.6%
Centene Corp. (a)		22,310		565,336
Genoptix, Inc. (a)		17,662		335,931
ICON PLC Sponsored ADR (Ireland) (a)		19,722		431,912
MEDNAX, Inc. (a)		1,390		93,533
RehabCare Group, Inc. (a)		5,080		120,396
Thermo Fisher Scientific, Inc. (a)		2,400		132,864
				1,679,972
Home Furnishing — 2.7%
DTS, Inc. (a)		18,572		910,957
Universal Electronics, Inc. (a)		27,685		785,423
				1,696,380
Household Products — 0.2%
Jarden Corp.		3,430		105,884
Insurance — 0.7%
Arch Capital Group Ltd. (a)		1,420		125,031
MGIC Investment Corp. (a)		30,187		307,606
				432,637
Internet — 2.7%
Constant Contact, Inc. (a)		4,960		153,710
Rackspace Hosting, Inc. (a)		5,180		162,704
Sourcefire, Inc. (a)		6,136		159,106
Terremark Worldwide, Inc. (a)		10,530		136,364
TIBCO Software, Inc. (a)		46,520		916,909
Vocus, Inc. (a)		6,360		175,918
				1,704,711

	Number of Shares		Value
Iron & Steel — 0.4%
Schnitzer Steel Industries, Inc. Class A		3,420	$	227,054
Leisure Time — 0.2%
WMS Industries, Inc. (a)		2,930		132,553
Lodging — 0.4%
Orient-Express Hotels Ltd. (a)		20,490		266,165
Machinery – Diversified — 0.3%
Columbus McKinnon Corp. (a)		4,430		90,017
The Middleby Corp. (a)		1,440		121,565
				211,582
Manufacturing — 0.5%
Crane Co.		3,880		159,351
EnPro Industries, Inc. (a)		3,710		154,188
				313,539
Metal Fabricate & Hardware — 0.8%
Mueller Industries, Inc.		5,450		178,215
Northwest Pipe Co. (a)		14,096		338,727
				516,942
Mining — 1.0%
AMCOL International Corp.		190		5,890
RTI International Metals, Inc. (a)		12,512		337,574
Titanium Metals Corp. (a)		15,778		271,066
				614,530
Oil & Gas — 1.9%
Brigham Exploration Co. (a)		3,620		98,609
Gulfport Energy Corp. (a)		12,740		275,821
Northern Oil and Gas, Inc. (a)		4,820		131,152
Oasis Petroleum, Inc. (a)		23,989		650,582
Pioneer Drilling Co. (a)		4,230		37,266
Resolute Energy Corp. (a)		3,650		53,874
				1,247,304
Oil & Gas Services — 2.9%
Dril-Quip, Inc. (a)		1,090		84,715
Lufkin Industries, Inc.		23,333		1,455,746
Oil States International, Inc. (a)		4,580		293,532
				1,833,993
Pharmaceuticals — 5.7%
Amylin Pharmaceuticals, Inc. (a)		9,020		132,684
BioMarin Pharmaceutical, Inc. (a)		17,617		474,426
Catalyst Health Solutions, Inc. (a)		10,839		503,905
Herbalife Ltd.		7,040		481,325
MAP Pharmaceuticals, Inc. (a)		8,820		147,647
Medicis Pharmaceutical Corp. Class A		3,770		100,998
Nektar Therapeutics (a)		10,480		134,668
Pharmasset, Inc. (a)		2,400		104,184
Salix Pharmaceuticals Ltd. (a)		12,400		582,304
Sirona Dental Systems, Inc. (a)		15,514		648,175
SXC Health Solutions Corp. (a)		4,120		176,583

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

198

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

	Number of Shares		Value
Theravance, Inc. (a)		3,420	$	85,739
United Therapeutics Corp. (a)		1,390		87,876
				3,660,514
Real Estate Investment Trusts (REITS) — 1.7%
DuPont Fabros Technology, Inc.		10,930		232,481
Hatteras Financial Corp.		5,190		157,101
Hersha Hospitality Trust		25,510		168,366
MFA Financial, Inc.		19,280		157,325
Redwood Trust, Inc.		25,088		374,564
				1,089,837
Retail — 9.8%
99 Cents Only Stores (a)		7,330		116,840
BJ’s Restaurants, Inc. (a)		23,525		833,491
Buffalo Wild Wings, Inc. (a)		4,990		218,811
Casey’s General Stores, Inc.		4,090		173,866
Cash America International, Inc.		20,611		761,164
The Cato Corp. Class A		600		16,446
The Cheesecake Factory, Inc. (a)		3,780		115,895
Chico’s FAS, Inc.		46,767		562,607
Citi Trends, Inc. (a)		5,810		142,635
Genesco, Inc. (a)		36,308		1,361,187
Jos. A. Bank Clothiers, Inc. (a)		3,070		123,782
Nu Skin Enterprises, Inc. Class A		3,680		111,357
P.F. Chang’s China Bistro, Inc.		2,260		109,520
Papa John’s International, Inc. (a)		420		11,634
Tractor Supply Co.		3,420		165,836
Ulta Salon Cosmetics & Fragrance, Inc. (a)		4,020		136,680
Vitamin Shoppe, Inc. (a)		39,042		1,313,373
				6,275,124
Savings & Loans — 0.2%
Dime Community Bancshares, Inc.		8,000		116,720
Semiconductors — 7.2%
Entropic Communications, Inc. (a)		13,360		161,389
Mellanox Technologies Ltd. (a)		3,770		98,661
Netlogic Microsystems, Inc. (a)		16,490		517,951
OmniVision Technologies, Inc. (a)		12,260		363,019
PMC-Sierra, Inc. (a)		20,760		178,328
Progress Software Corp. (a)		13,147		556,381
QLogic Corp. (a)		8,650		147,223
Rovi Corp. (a)		15,562		965,000
Teradyne, Inc. (a)		28,200		395,928
TriQuint Semiconductor, Inc. (a)		11,200		130,928
Ultratech, Inc. (a)		5,550		110,334
Varian Semiconductor Equipment Associates, Inc. (a)		12,820		473,955
Veeco Instruments, Inc. (a)		11,780		506,069
				4,605,166
Software — 7.4%
Acxiom Corp. (a)		10,850		186,078

	Number of Shares		Value
Allscripts Healthcare Solutions, Inc. (a)		35,958	$	692,911
ANSYS, Inc. (a)		13,305		692,791
Blackboard, Inc. (a)		3,030		125,139
CommVault Systems, Inc. (a)		6,920		198,050
Compuware Corp. (a)		55,598		648,829
Informatica Corp. (a)		16,065		707,342
MedAssets, Inc. (a)		24,542		495,503
Quality Systems, Inc.		11,309		789,594
Quest Software, Inc. (a)		5,910		163,943
				4,700,180
Telecommunications — 3.2%
CommScope, Inc. (a)		2,440		76,177
EMS Technologies, Inc. (a)		26,443		523,043
GeoEye Inc. (a)		2,560		108,518
Harmonic, Inc. (a)		42,760		366,453
Infinera Corp. (a)		14,110		145,756
Ixia (a)		4,650		78,027
NETGEAR, Inc. (a)		6,990		235,423
NICE Systems Ltd. Sponsored ADR (Israel) (a)		13,881		484,447
				2,017,844
Transportation — 1.8%
Atlas Air Worldwide Holdings, Inc. (a)		8,370		467,297
Landstar System, Inc.		11,530		472,038
Werner Enterprises, Inc.		9,110		205,886
				1,145,221
TOTAL COMMON STOCK (Cost $46,117,904)				62,406,340
TOTAL EQUITIES (Cost $46,117,904)				62,406,340
MUTUAL FUNDS — 1.3%
Diversified Financial — 1.3%
iShares Russell 2000 Growth Index Fund		9,160		800,767
TOTAL MUTUAL FUNDS (Cost $770,935)				800,767
TOTAL LONG-TERM INVESTMENTS (Cost $46,888,839)				63,207,107

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

199

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

	Principal Amount		Value
SHORT-TERM INVESTMENTS — 1.5%
Repurchase Agreement — 1.5%
State Street Bank & Trust Co. Repurchase Agreement, dated 12/31/10, 0.010%, due 1/03/11 (b)	$	979,796	$	979,796
TOTAL SHORT-TERM INVESTMENTS (Cost $979,796)				979,796
TOTAL INVESTMENTS — 100.5% (Cost $47,868,635) (c)				64,186,903
Other Assets/(Liabilities) — (0.5)%				(345,761	)
NET ASSETS — 100.0%			$	63,841,142

Notes to Portfolio of Investments

ADR American Depositary Receipt

(a) Non-income producing security.

(b) Maturity value of $979,797. Collateralized by U.S. Government Agency obligations with a rate of 4.000%, maturity dates ranging from 12/25/38 - 5/15/39, and an aggregate market value, including accrued interest, of $1,002,488.

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

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

200

MassMutual Select Diversified International Fund – Portfolio of Investments

December 31, 2010

	Number of Shares		Value
EQUITIES — 96.0%
COMMON STOCK — 92.9%
Aerospace & Defense — 0.8%
BAE Systems PLC		223,600	$	1,151,116
Agriculture — 2.4%
Imperial Tobacco Group PLC		60,900		1,868,867
Japan Tobacco, Inc.		418		1,546,174
				3,415,041
Apparel — 0.2%
Yue Yuen Industrial Holdings Ltd.		92,500		331,596
Auto Manufacturers — 2.6%
Nissan Motor Co. Ltd.		154,500		1,470,598
Renault SA (a)		28,300		1,651,587
Toyota Motor Corp.		17,700		697,571
				3,819,756
Automotive & Parts — 2.7%
GKN PLC		365,700		1,266,546
Magna International, Inc.		8,646		451,205
NGK Spark Plug Co., Ltd.		37,000		567,663
Sumitomo Electric Industries Ltd.		97,100		1,348,740
Sumitomo Rubber Industries Ltd.		33,700		352,206
				3,986,360
Banks — 15.7%
Banco do Brasil SA		83,900		1,588,445
Bank of Baroda		28,300		566,332
Bank of China Ltd. Class H		2,164,800		1,142,787
Barclays PLC		349,800		1,439,649
BNP Paribas		26,551		1,698,827
China Construction Bank Corp. Class H		986,540		886,978
Danske Bank A/S (a)		37,696		968,442
DnB NOR ASA		29,700		417,464
KB Financial Group, Inc. (a)		34,006		1,791,777
KBC Groep NV (a)		13,400		458,756
Lloyds Banking Group PLC (a)		671,700		689,113
National Australia Bank Ltd.		89,200		2,162,142
National Bank of Canada		12,700		874,841
Societe Generale		38,232		2,063,420
Sumitomo Mitsui Financial Group, Inc.		42,600		1,517,562
The Toronto-Dominion Bank		7,500		559,842
Turkiye Garanti Bankasi AS		206,500		1,050,016
Turkiye Is Bankasi		199,900		714,745
Turkiye Vakiflar Bankasi TAO		153,000		388,350
UniCredit SpA		830,850		1,722,149
				22,701,637
Building Materials — 1.0%
Asahi Glass Co. Ltd.		119,000		1,390,433

	Number of Shares		Value
Chemicals — 2.6%
Agrium, Inc.		16,500	$	1,517,794
Arkema		12,300		888,708
Clariant AG (a)		24,800		503,168
Koninklijke DSM NV		14,115		806,513
				3,716,183
Coal — 0.7%
Banpu PCL		39,900		1,047,632
Computers — 1.5%
Cap Gemini SA		32,700		1,532,377
Compal Electronics, Inc.		290		383
Lite On Technology Corp.		221,000		303,869
Wistron Corp.		178,000		361,834
				2,198,463
Distribution & Wholesale — 2.9%
Inchcape PLC (a)		107,780		600,008
ITOCHU Corp.		62,000		627,526
Mitsubishi Corp.		59,100		1,599,500
Mitsui & Co. Ltd.		80,200		1,324,279
				4,151,313
Diversified Financial — 2.5%
Hana Financial Group, Inc.		45,900		1,750,285
Macquarie Group Ltd.		11,600		439,132
ORIX Corp.		15,290		1,504,444
				3,693,861
Electric — 3.0%
E.ON AG		57,500		1,767,500
Electricite de France		22,700		934,512
The Tokyo Electric Power Co., Inc.		67,300		1,644,901
				4,346,913
Electrical Components & Equipment — 2.0%
LG Electronics, Inc. (a)		7,170		752,982
Sharp Corp.		110,000		1,133,762
Toshiba Corp.		186,000		1,013,238
				2,899,982
Electronics — 1.6%
AU Optronics Corp. (a)		1,892,790		1,974,456
Pegatron Corp. (a)		257,000		370,079
				2,344,535
Engineering & Construction — 1.4%
Bouygues SA		45,749		1,979,984
Foods — 1.6%
Delhaize Group		23,400		1,729,403
Koninlijke Ahold NV		49,000		648,574
				2,377,977
Gas — 0.3%
Tokyo Gas Co. Ltd.		89,000		394,831

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

201

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

	Number of Shares		Value
Holding Company – Diversified — 1.2%
Bidvest Group Ltd.		54,402	$	1,294,256
TUI Travel PLC		114,000		437,920
				1,732,176
Home Furnishing — 0.9%
Sony Corp.		38,200		1,376,834
Insurance — 4.0%
Allianz SE		20,234		2,409,799
Aviva PLC		216,400		1,331,819
Muenchener Rueckversicherungs AG		11,300		1,717,814
Old Mutual PLC		178,400		342,921
				5,802,353
Iron & Steel — 3.2%
Hyundai Steel Co. (a)		9,400		1,030,325
JFE Holdings, Inc.		41,300		1,438,186
Tata Steel Ltd.		47,000		713,688
ThyssenKrupp AG		33,400		1,386,864
				4,569,063
Leisure Time — 0.4%
Thomas Cook Group PLC		186,200		551,656
Machinery – Construction & Mining — 1.8%
Rio Tinto PLC		36,800		2,581,838
Manufacturing — 0.3%
Konica Minolta Holdings, Inc.		40,500		420,731
Media — 1.9%
Lagardere S.C.A		27,800		1,148,196
Vivendi SA		60,070		1,627,962
				2,776,158
Mining — 2.8%
Gold Fields Ltd. Sponsored ADR (South Africa)		25,600		464,128
KGHM Polska Miedz SA		22,500		1,320,834
Korea Zinc Co. ,Ltd. (a)		873		212,553
Lundin Mining Corp. (a)		113,200		826,211
Xstrata PLC		53,070		1,249,839
				4,073,565
Oil & Gas — 11.8%
BP PLC		323,400		2,370,509
China Petroleum & Chemical Corp. Class H		700,000		669,406
ENI SpA		30,900		676,713
Gazprom OAO Sponsored ADR (Russia)		117,200		2,981,568
JX Holdings, Inc.		72,000		487,982
KazMunaiGas Exploration Production GDR (Kazakhstan) (b)		21,900		434,277
LUKOIL OAO Sponsored ADR (Russia)		30,300		1,733,766
Nexen, Inc.		64,421		1,476,625

	Number of Shares		Value
OMV AG		23,500	$	979,467
Petroleo Brasileiro SA Sponsored ADR (Brazil)		17,100		584,307
PTT PCL		41,700		442,380
Royal Dutch Shell PLC Class A		85,200		2,821,899
Suncor Energy, Inc.		35,736		1,375,263
				17,034,162
Oil & Gas Services — 0.5%
Petroleum Geo-Services ASA (a)		46,850		731,824
Pharmaceuticals — 6.1%
AstraZeneca PLC		75,800		3,470,992
Bayer AG		25,700		1,903,422
Novartis AG		38,190		2,249,078
Sanofi-Aventis		19,100		1,229,246
				8,852,738
Real Estate — 2.4%
Mitsui Fudosan Co. Ltd.		83,000		1,654,670
New World Development Ltd.		429,000		805,054
Rossi Residencial SA		61,400		547,248
Sumitomo Realty & Development Co. Ltd.		19,000		453,657
				3,460,629
Retail — 1.5%
Esprit Holdings Ltd.		226,800		1,076,285
Marks & Spencer Group PLC		82,800		476,883
PPR		3,800		605,936
				2,159,104
Semiconductors — 2.7%
Powertech Technology, Inc.		136,000		451,153
Samsung Electronics Co., Ltd.		4,110		3,434,591
				3,885,744
Software — 0.3%
Konami Corp.		17,700		375,798
Telecommunications — 5.5%
China Mobile Ltd.		66,000		655,524
China Unicom Ltd.		40,000		57,040
KDDI Corp.		187		1,080,426
Nippon Telegraph & Telephone Corp.		38,900		1,781,110
Telecom Italia SpA		973,000		1,260,753
Telecom Italia SpA- RSP		656,100		713,911
Vodafone Group PLC		944,100		2,459,108
				8,007,872
Toys, Games & Hobbies — 0.1%
Namco Bandai Holdings, Inc.		19,700		211,727
TOTAL COMMON STOCK (Cost $127,186,222)				134,551,585

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

202

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

	Number of Shares		Value
PREFERRED STOCK — 3.1%
Banks — 0.3%
Banco Bradesco SA		23,507	$	468,813
Electric — 0.2%
Eletropaulo Metropolitana Eletricidade de Sao Paulo SA BRL		16,400		312,727
Mining — 2.6%
Vale SA Sponsored ADR (Brazil) 1.770%		124,000		3,747,280
TOTAL PREFERRED STOCK (Cost $3,936,000)				4,528,820
TOTAL EQUITIES (Cost $131,122,222)				139,080,405
RIGHTS — 0.0%
Banks — 0.0%
Banco Bradesco SA, Expires 1/31/11, Strike 24.060 BRL (a)		389		2,013
TOTAL RIGHTS (Cost $0)				2,013
TOTAL LONG-TERM INVESTMENTS (Cost $131,122,222)				139,082,418
	Principal Amount
SHORT-TERM INVESTMENTS — 2.4%
Repurchase Agreement — 2.4%
State Street Bank & Trust Co. Repurchase Agreement, dated 12/31/10, 0.010%, due 1/03/11 (c)	$	3,401,452		3,401,452
TOTAL SHORT-TERM INVESTMENTS (Cost $3,401,452)				3,401,452
TOTAL INVESTMENTS — 98.4% (Cost $134,523,674) (d)				142,483,870
Other Assets/(Liabilities) — 1.6%				2,319,049
NET ASSETS — 100.0%			$	144,802,919

Notes to Portfolio of Investments

ADR American Depositary Receipt

BRL Brazilian Real

GDR Global Depositary Receipt

(a) Non-income producing security.

(b) Security exempt from registration under Regulation S of the Securities Act of 1933, which exempts from registration securities offered and sold outside the United States. Security may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933. At December 31, 2010, these securities amounted to a value of $434,277 or 0.30% of net assets.

(c) Maturity value of $3,401,455. Collateralized by U.S. Government Agency obligations with a rate of 4.000%, maturity date of 5/15/39, and an aggregate market value, including accrued interest, of $3,470,961.

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

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

203

MassMutual Select Overseas Fund – Portfolio of Investments

December 31, 2010

	Number of Shares		Value
EQUITIES — 99.7%
COMMON STOCK — 99.0%
Advertising — 0.5%
Publicis Groupe		58,000	$	3,033,067
Aerospace & Defense — 0.4%
BAE Systems PLC		413,100		2,126,682
Agriculture — 1.5%
British American Tobacco PLC		15,700		604,663
Imperial Tobacco Group PLC		52,300		1,604,955
Japan Tobacco, Inc.		1,522		5,629,850
KT&G Corp. (a)		12,510		721,052
				8,560,520
Apparel — 0.5%
Burberry Group PLC		154,356		2,708,162
Yue Yuen Industrial Holdings Ltd.		88,500		317,257
				3,025,419
Auto Manufacturers — 2.2%
Daimler AG (a)		21,600		1,467,027
Honda Motor Co. Ltd.		82,500		3,263,312
Nissan Motor Co. Ltd.		136,900		1,303,074
Renault SA (a)		23,900		1,394,803
Toyota Motor Corp.		124,700		4,914,524
				12,342,740
Automotive & Parts — 1.0%
Denso Corp.		67,100		2,315,586
GKN PLC		311,600		1,079,179
Magna International, Inc.		7,351		383,624
NGK Spark Plug Co., Ltd.		32,000		490,951
Sumitomo Electric Industries Ltd.		82,800		1,150,110
Sumitomo Rubber Industries Ltd.		29,100		304,131
				5,723,581
Banks — 12.3%
Banco do Brasil SA		72,200		1,366,933
Banco Santander SA		552,393		5,882,522
Banco Santander SA ADS (Brazil)		146,440		1,991,584
Bank of Baroda		24,400		488,286
Bank of China Ltd. Class H		2,051,500		1,082,977
Bank of Ireland (a)		3,455,950		1,742,835
Barclays PLC		586,050		2,411,968
BNP Paribas		92,641		5,927,497
China Construction Bank Corp. Class H		647,350		582,019
Danske Bank A/S (a)		33,121		850,907
DnB NOR ASA		26,100		366,863
Erste Group Bank AG		33,506		1,578,143
The Governor & Co. of the Bank of Ireland (a)		698,200		375,022
HSBC Holdings PLC		797,617		8,131,004

	Number of Shares		Value
ICICI Bank Ltd. Sponsored ADR (India)		81,750	$	4,139,820
Intesa Sanpaolo		1,341,900		3,647,273
Julius Baer Group Ltd.		131,756		6,175,812
KB Financial Group, Inc. (a)		29,434		1,550,878
KBC Groep NV (a)		5,100		174,601
Komercni Banka AS		9,764		2,315,762
Lloyds Banking Group PLC (a)		377,800		387,594
National Australia Bank Ltd.		79,500		1,927,021
National Bank of Canada		7,900		544,192
Societe Generale		32,476		1,752,763
Standard Chartered PLC		174,510		4,700,325
Sumitomo Mitsui Financial Group, Inc.		135,800		4,837,674
The Toronto-Dominion Bank		6,700		500,126
Turkiye Garanti Bankasi AS		184,200		936,625
Turkiye Is Bankasi		80,300		287,114
Turkiye Vakiflar Bankasi TAO		175,300		444,953
UniCredit SpA		707,875		1,467,252
Westpac Banking Corp.		64,170		1,457,713
				70,026,058
Beverages — 4.9%
Diageo PLC		598,394		11,087,520
Fomento Economico Mexicano SAB de CV, Series B Sponsored ADR (Mexico)		19,700		1,101,624
Foster’s Group Ltd.		252,200		1,466,762
Heineken Holding NV Class A		61,300		2,674,074
Heineken NV		152,140		7,473,345
Pernod-Ricard SA		43,674		4,119,961
				27,923,286
Building Materials — 1.0%
Asahi Glass Co. Ltd.		103,000		1,203,484
Geberit AG Registered		7,100		1,643,070
Holcim Ltd.		34,900		2,639,607
				5,486,161
Chemicals — 6.5%
Agrium, Inc.		15,100		1,389,012
Air Liquide		42,127		5,340,464
Akzo Nobel NV		108,840		6,789,593
Arkema		10,700		773,104
Clariant AG (a)		21,400		434,185
Givaudan SA Registered		4,746		5,128,560
Koninklijke DSM NV		11,722		669,780
Linde AG		76,215		11,594,466
Shin-Etsu Chemical Co. Ltd.		92,600		5,017,099
				37,136,263
Coal — 0.1%
Banpu PCL		23,700		622,278

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

204

MassMutual Select Overseas Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
Commercial Services — 3.7%
Adecco SA		66,400	$	4,347,779
Brambles Ltd.		577,500		4,205,782
Experian PLC		136,800		1,703,680
G4S PLC		1,033,400		4,107,086
Hays PLC		832,640		1,676,030
Meitec Corp. (a)		67,900		1,453,180
Randstad Holding NV (a)		67,500		3,572,164
				21,065,701
Computers — 0.3%
Cap Gemini SA		26,600		1,246,521
Compal Electronics, Inc.		372		492
Lite On Technology Corp.		188,000		258,495
Wistron Corp.		149,000		302,883
				1,808,391
Cosmetics & Personal Care — 0.7%
Beiersdorf AG		75,440		4,195,304
Distribution & Wholesale — 1.8%
Inchcape PLC (a)		104,300		580,635
ITOCHU Corp.		39,000		394,734
Li & Fung Ltd.		478,800		2,797,023
Mitsubishi Corp.		55,600		1,504,775
Mitsui & Co. Ltd.		74,500		1,230,160
Wolseley PLC (a)		117,600		3,754,446
				10,261,773
Diversified Financial — 5.9%
Aeon Credit Service Co. Ltd.		53,000		749,562
Credit Suisse Group		134,800		5,443,325
Daiwa Securities Group, Inc.		1,349,120		6,943,119
Deutsche Boerse AG		55,880		3,876,366
Hana Financial Group, Inc.		39,700		1,513,863
Macquarie Group Ltd.		14,600		552,701
Nomura Holdings, Inc.		278,300		1,765,090
ORIX Corp.		12,710		1,250,587
Schroders PLC		21,100		480,266
Schroders PLC		53,100		1,537,586
UBS AG (a)		558,835		9,179,113
				33,291,578
Electric — 0.9%
E.ON AG		54,800		1,684,504
Electricite de France		20,300		835,709
Red Electrica Corp. SA		22,411		1,056,070
The Tokyo Electric Power Co., Inc.		57,500		1,405,376
				4,981,659
Electrical Components & Equipment — 2.6%
Legrand SA		65,288		2,666,991
LG Electronics, Inc. (a)		6,120		642,712
Schneider Electric SA		63,398		9,512,945
Sharp Corp.		97,000		999,772

	Number of Shares		Value
Toshiba Corp.		156,000	$	849,813
				14,672,233
Electronics — 2.4%
AU Optronics Corp. (a)		1,852,800		1,932,740
Fanuc Ltd.		20,600		3,162,700
Hirose Electric Co. Ltd.		5,000		563,851
Hoya Corp.		193,100		4,689,382
Omron Corp.		100,700		2,669,551
Orbotech Ltd. (a)		33,200		434,256
Pegatron Corp. (a)		199,000		286,559
				13,739,039
Engineering & Construction — 0.3%
Bouygues SA		40,869		1,768,781
Entertainment — 0.1%
William Hill PLC		306,156		815,768
Food Services — 0.6%
Compass Group PLC		213,600		1,937,151
Sodexo		25,000		1,727,805
				3,664,956
Foods — 4.9%
Danone SA		113,896		7,170,082
Delhaize Group		20,100		1,485,513
Koninlijke Ahold NV		119,600		1,583,050
Nestle SA		221,691		12,996,535
Tesco PLC		696,148		4,617,835
				27,853,015
Forest Products & Paper — 0.4%
Svenska Cellulosa AB Class B		142,527		2,248,604
Health Care – Products — 1.3%
Sonova Holding AG		13,059		1,692,683
Synthes, Inc.		41,667		5,665,205
				7,357,888
Holding Company – Diversified — 1.8%
Bidvest Group Ltd.		35,552		845,803
Keppel Corp Ltd.		96,000		846,631
LVMH Moet Hennessy Louis Vuitton SA		51,983		8,567,133
TUI Travel PLC		48,800		187,460
				10,447,027
Home Furnishing — 0.2%
Sony Corp.		35,400		1,275,914
Household Products — 1.4%
Reckitt Benckiser Group PLC		147,207		8,099,069
Insurance — 3.3%
AIA Group Ltd. (a)		233,800		657,194
Allianz SE		61,200		7,288,707
Aviva PLC		183,400		1,128,723

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

205

MassMutual Select Overseas Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
AXA SA		65,697	$	1,098,779
ING Groep NV (a)		492,564		4,817,546
Muenchener Rueckversicherungs AG		6,602		1,003,629
Old Mutual PLC		310,800		597,421
Swiss Reinsurance Co. Ltd.		37,374		2,037,165
				18,629,164
Iron & Steel — 1.0%
ArcelorMittal		81,800		3,119,165
Hyundai Steel Co. (a)		4,400		482,280
JFE Holdings, Inc.		35,600		1,239,695
ThyssenKrupp AG		20,200		838,762
				5,679,902
Leisure Time — 0.1%
Thomas Cook Group PLC		127,800		378,634
Machinery – Construction & Mining — 0.4%
Rio Tinto PLC		32,700		2,294,188
Machinery – Diversified — 0.4%
MAN SE		20,204		2,407,568
Manufacturing — 1.6%
Konica Minolta Holdings, Inc.		186,500		1,937,441
Olympus Corp.		128,900		3,900,891
Smiths Group PLC		163,798		3,183,240
				9,021,572
Media — 3.9%
Grupo Televisa SA Sponsored ADR (Mexico) (a)		87,700		2,274,061
Reed Elsevier PLC		394,100		3,330,430
Societe Television Francaise 1		266,400		4,643,897
Thomson Reuters Corp.		50,600		1,894,384
Vivendi SA		60,700		1,645,036
Wolters Kluwer NV		188,107		4,133,038
WPP PLC		338,887		4,189,109
				22,109,955
Metal Fabricate & Hardware — 1.2%
Assa Abloy AB Series B		148,000		4,172,747
Vallourec SA		23,750		2,501,010
				6,673,757
Mining — 0.7%
BHP Billiton Ltd.		12,600		586,111
Gold Fields Ltd. Sponsored ADR (South Africa)		22,500		407,925
KGHM Polska Miedz SA		23,000		1,350,185
Korea Zinc Co. ,Ltd. (a)		771		187,719
Lundin Mining Corp. (a)		50,900		371,503
Xstrata PLC		45,185		1,064,141
				3,967,584
Office Equipment / Supplies — 1.8%
Canon, Inc.		193,450		9,925,097

	Number of Shares		Value
Oil & Gas — 5.1%
BG Group PLC		114,503	$	2,317,683
BP PLC		299,600		2,196,056
China Petroleum & Chemical Corp. Class H		952,000		910,393
CNOOC Ltd.		725,000		1,734,304
ENI SpA		27,100		593,492
Gazprom OAO Sponsored ADR (Russia)		101,700		2,587,248
Inpex Corp.		754		4,413,954
KazMunaiGas Exploration Production GDR (Kazakhstan)		20,800		412,464
LUKOIL OAO Sponsored ADR (Russia)		17,200		984,184
Nexen, Inc.		59,787		1,370,407
OMV AG		12,700		529,329
Petroleo Brasileiro SA Sponsored ADR (Brazil)		15,900		543,303
PTT PCL		35,200		373,424
Royal Dutch Shell PLC Class A		129,235		4,315,463
Royal Dutch Shell PLC Class A		64,300		2,129,672
Suncor Energy, Inc.		30,664		1,180,072
Total SA		45,281		2,409,956
				29,001,404
Oil & Gas Services — 0.2%
Cie Generale de Geophysique-Veritas (a)		20,200		618,032
Petroleum Geo-Services ASA (a)		41,750		652,159
				1,270,191
Packaging & Containers — 0.3%
Amcor Ltd.		280,300		1,935,393
Pharmaceuticals — 5.1%
AstraZeneca PLC		63,900		2,926,074
Bayer AG		89,700		6,643,461
GlaxoSmithKline PLC		110,000		2,137,523
Merck KGaA		35,007		2,808,079
Novartis AG		82,460		4,856,219
Roche Holding AG		60,192		8,830,779
Sanofi-Aventis		16,200		1,042,606
				29,244,741
Real Estate — 0.4%
Mitsui Fudosan Co. Ltd.		63,000		1,255,954
New World Development Ltd.		214,000		401,589
Rossi Residencial SA		53,100		473,272
				2,130,815
Retail — 2.8%
Aeon Co. Ltd.		23,600		295,369
Cie Financiere Richemont SA		87,186		5,133,367
Esprit Holdings Ltd.		639,200		3,033,340
Lawson, Inc.		73,600		3,642,299

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

206

MassMutual Select Overseas Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
Marks & Spencer Group PLC		72,759	$	419,052
PPR		3,300		526,208
Signet Jewelers Ltd. (a)		60,500		2,625,700
				15,675,335
Semiconductors — 3.7%
Powertech Technology, Inc.		210,000		696,634
Rohm Co. Ltd.		72,900		4,761,950
Samsung Electronics Co., Ltd.		12,403		10,364,776
Taiwan Semiconductor Manufacturing Co. Ltd. Sponsored ADR (Taiwan)		407,687		5,112,395
				20,935,755
Software — 2.1%
Infosys Technologies Ltd. Sponsored ADR (India)		64,530		4,909,442
SAP AG		136,030		6,942,217
				11,851,659
Telecommunications — 2.9%
America Movil SAB de CV Series L ADR (Mexico)		16,970		973,060
China Mobile Ltd.		108,500		1,077,642
China Unicom Ltd.		1,674,000		2,387,137
KDDI Corp.		144		831,986
LG Uplus Corp. (a)		22,230		141,125
MTN Group Ltd.		150,210		3,064,616
Nippon Telegraph & Telephone Corp.		37,500		1,717,009
Singapore Telecommunications Ltd.		926,500		2,201,618
Telecom Italia SpA		829,600		1,074,944
Telecom Italia SpA- RSP		566,300		616,198
Vodafone Group PLC		804,100		2,094,448
				16,179,783
Toys, Games & Hobbies — 0.0%
Namco Bandai Holdings, Inc.		11,000		118,223
Transportation — 1.8%
Canadian National Railway Co.		118,190		7,856,089
East Japan Railway		3,400		221,200
Kuehne & Nagel International AG		14,000		1,946,577
				10,023,866
TOTAL COMMON STOCK (Cost $496,854,845)				563,007,341
PREFERRED STOCK — 0.7%
Banks — 0.1%
Banco Bradesco SA 0.530%		20,603		410,897
Electric — 0.0%
Eletropaulo Metropolitana SA 5.940%		14,100		268,869

	Number of Shares		Value
Mining — 0.6%
Vale SA Sponsored ADR (Brazil) 1.770%		104,800	$	3,167,056
TOTAL PREFERRED STOCK (Cost $3,125,189)				3,846,822
TOTAL EQUITIES (Cost $499,980,034)				566,854,163
WARRANTS — 0.1%
Diversified Financial — 0.1%
Merrill Lynch & Co., Inc., Expires 12/23/14, Strike 14.562 (a)		40,200		611,836
TOTAL WARRANTS (Cost $501,302)				611,836
RIGHTS — 0.0%
Banks — 0.0%
Banco Bradesco SA, Expires 1/31/11, Strike 24.060 BRL (a)		341		1,764
TOTAL RIGHTS (Cost $0)				1,764
TOTAL LONG-TERM INVESTMENTS (Cost $500,481,336)				567,467,763
	Principal Amount
SHORT-TERM INVESTMENTS — 1.9%
Repurchase Agreement — 1.9%
State Street Bank & Trust Co. Repurchase Agreement, dated 12/31/10, 0.010%, due 1/03/11 (b)	$	10,822,529		10,822,529
Time Deposits — 0.0%
Euro Time Deposit 0.010% 1/03/11		27,266		27,266
TOTAL SHORT-TERM INVESTMENTS (Cost $10,849,795)				10,849,795
TOTAL INVESTMENTS — 101.7% (Cost $511,331,131) (c)				578,317,558
Other Assets/(Liabilities) — (1.7)%				(9,672,054	)
NET ASSETS — 100.0%			$	568,645,504

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

207

MassMutual Select Overseas Fund – Portfolio of Investments (Continued)

Notes to Portfolio of Investments

ADR American Depositary Receipt

ADS American Depositary Share

BRL Brazilian Real

GDR Global Depositary Receipt

(a) Non-income producing security.

(b) Maturity value of $10,822,538. Collateralized by U.S. Government Agency obligations with a rate of 4.000%, maturity dates ranging from 12/15/17 - 8/15/39, and an aggregate market value, including accrued interest, of $11,047,519.

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

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

208

MassMutual Select Destination Retirement Income Fund – Portfolio of Investments

December 31, 2010

	Number of Shares		Value
MUTUAL FUNDS — 100.1%
Diversified Financial — 100.1%
MassMutual Premier Capital Appreciation Fund, Class S (a)		9,624	$	102,596
MassMutual Premier Core Bond Fund, Class S (a)		951,335		10,426,633
MassMutual Premier Diversified Bond Fund, Class S (a)		822,677		8,596,970
MassMutual Premier Enhanced Index Growth Fund, Class S (a)		469,860		4,421,378
MassMutual Premier Enhanced Index Value Fund, Class S (a)		421,587		4,211,656
MassMutual Premier Focused International Fund, Class S (a)		45,119		527,889
MassMutual Premier High Yield Fund, Class S (a)		240,532		2,095,030
MassMutual Premier Inflation-Protected and Income Fund, Class S (a)		1,094,837		11,583,380
MassMutual Premier International Bond Fund, Class S (a)		424,294		4,259,909
MassMutual Premier International Equity Fund, Class S (a)		94,264		1,360,232
MassMutual Premier Main Street Small Cap Fund, Class S (a)		5,933		63,183
MassMutual Premier Money Market Fund, Class S (a)		1,276,417		1,276,417
MassMutual Premier Short-Duration Bond Fund, Class S (a)		2,143,830		22,638,840
MassMutual Premier Strategic Emerging Markets Fund, Class S (a)		224,714		3,730,254
MassMutual Premier Value Fund, Class S (a)		9,792		141,978
MassMutual Select Aggressive Growth Fund, Class S (a) (b)		66,289		467,997
MassMutual Select Blue Chip Growth Fund, Class S (a)		46,555		495,812
MassMutual Select Core Opportunities Fund, Class S (a)		165,491		1,552,304
MassMutual Select Diversified International Fund, Class S (a)		177,434		1,256,233
MassMutual Select Diversified Value Fund, Class S (a)		66,266		591,095
MassMutual Select Focused Value Fund, Class S (a)		105,021		1,851,528
MassMutual Select Fundamental Value Fund, Class S (a)		99,043		1,038,960
MassMutual Select Large Cap Growth Fund, Class S (a)		96,777		895,185
MassMutual Select Large Cap Value Fund, Class S (a)		21,782		230,891

	Number of Shares		Value
MassMutual Select Mid Cap Growth Equity Fund, Class S (a) (b)		39,987	$	434,259
MassMutual Select Mid Cap Growth Equity II Fund, Class S (a) (b)		54,009		851,181
MassMutual Select Mid-Cap Value Fund, Class S (a)		114,093		1,151,197
MassMutual Select Overseas Fund, Class S (a)		492,400		3,614,218
MassMutual Select PIMCO Total Return Fund, Class S (a)		366,069		3,686,319
MassMutual Select Small Cap Growth Equity Fund, Class S (a) (b)		21,207		365,813
MassMutual Select Small Cap Value Equity Fund, Class S (a)		56,271		531,763
MassMutual Select Small Company Growth Fund, Class S (a) (b)		63,584		636,480
MassMutual Select Small Company Value Fund, Class S (a)		49,476		679,801
MassMutual Select Strategic Bond Fund, Class S (a)		366,661		3,523,613
Oppenheimer Commodity Strategy Total Return Fund, Class Y (a)		801,241		2,940,553
Oppenheimer Real Estate Fund, Class Y (a)		176,585		3,337,460
				105,569,007
TOTAL MUTUAL FUNDS (Cost $93,399,328)				105,569,007
TOTAL LONG-TERM INVESTMENTS (Cost $93,399,328)				105,569,007
TOTAL INVESTMENTS — 100.1% (Cost $93,399,328) (c)				105,569,007
Other Assets/(Liabilities) — (0.1)%				(102,740	)
NET ASSETS — 100.0%			$	105,466,267

Notes to Portfolio of Investments

(a) Affiliated issuer. (See Note 7 for a summary of transactions in the investments of affiliated issuers).

(b) Non-income producing security.

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

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

209

MassMutual Select Destination Retirement 2010 Fund – Portfolio of Investments

December 31, 2010

	Number of Shares		Value
MUTUAL FUNDS — 100.1%
Diversified Financial — 100.1%
MassMutual Premier Capital Appreciation Fund, Class S (a)		4,985	$	53,137
MassMutual Premier Core Bond Fund, Class S (a)		1,017,012		11,146,450
MassMutual Premier Diversified Bond Fund, Class S (a)		670,462		7,006,329
MassMutual Premier Enhanced Index Growth Fund, Class S (a)		683,227		6,429,165
MassMutual Premier Enhanced Index Value Fund, Class S (a)		619,361		6,187,415
MassMutual Premier Focused International Fund, Class S (a)		70,629		826,357
MassMutual Premier High Yield Fund, Class S (a)		188,178		1,639,029
MassMutual Premier Inflation-Protected and Income Fund, Class S (a)		762,638		8,068,706
MassMutual Premier International Bond Fund, Class S (a)		269,027		2,701,034
MassMutual Premier International Equity Fund, Class S (a)		159,231		2,297,708
MassMutual Premier Main Street Small Cap Fund, Class S (a)		26,807		285,494
MassMutual Premier Money Market Fund, Class S (a)		482,641		482,641
MassMutual Premier Short-Duration Bond Fund, Class S (a)		1,403,410		14,820,006
MassMutual Premier Strategic Emerging Markets Fund, Class S (a)		313,548		5,204,896
MassMutual Premier Value Fund, Class S (a)		27,936		405,066
MassMutual Select Aggressive Growth Fund, Class S (a) (b)		110,603		780,857
MassMutual Select Blue Chip Growth Fund, Class S (a)		92,393		983,985
MassMutual Select Core Opportunities Fund, Class S (a)		164,666		1,544,566
MassMutual Select Diversified International Fund, Class S (a)		341,011		2,414,361
MassMutual Select Diversified Value Fund, Class S (a)		123,210		1,099,031
MassMutual Select Focused Value Fund, Class S (a)		105,573		1,861,260
MassMutual Select Fundamental Value Fund, Class S (a)		149,849		1,571,919
MassMutual Select Large Cap Growth Fund, Class S (a)		163,759		1,514,765

	Number of Shares		Value
MassMutual Select Large Cap Value Fund, Class S (a)		36,724	$	389,275
MassMutual Select Mid Cap Growth Equity Fund, Class S (a) (b)		83,199		903,540
MassMutual Select Mid Cap Growth Equity II Fund, Class S (a) (b)		108,682		1,712,835
MassMutual Select Mid-Cap Value Fund, Class S (a)		245,247		2,474,541
MassMutual Select Overseas Fund, Class S (a)		761,194		5,587,163
MassMutual Select PIMCO Total Return Fund, Class S (a)		385,771		3,884,716
MassMutual Select Small Cap Growth Equity Fund, Class S (a) (b)		31,896		550,202
MassMutual Select Small Cap Value Equity Fund, Class S (a)		89,563		846,370
MassMutual Select Small Company Growth Fund, Class S (a) (b)		67,079		671,463
MassMutual Select Small Company Value Fund, Class S (a)		76,389		1,049,590
MassMutual Select Strategic Bond Fund, Class S (a)		268,156		2,576,977
Oppenheimer Commodity Strategy Total Return Fund, Class Y (a)		913,550		3,352,728
Oppenheimer Real Estate Fund, Class Y (a)		199,283		3,766,440
				107,090,017
TOTAL MUTUAL FUNDS (Cost $94,099,292)				107,090,017
TOTAL LONG-TERM INVESTMENTS (Cost $94,099,292)				107,090,017
TOTAL INVESTMENTS — 100.1% (Cost $94,099,292) (c)				107,090,017
Other Assets/(Liabilities) — (0.1)%				(94,973	)
NET ASSETS — 100.0%			$	106,995,044

Notes to Portfolio of Investments

(a) Affiliated issuer. (See Note 7 for a summary of transactions in the investments of affiliated issuers).

(b) Non-income producing security.

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

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

210

MassMutual Select Destination Retirement 2015 Fund – Portfolio of Investments

December 31, 2010

	Number of Shares		Value
MUTUAL FUNDS — 101.8%
Diversified Financial — 101.8%
MassMutual Premier Capital Appreciation Fund, Class S (a)		545	$	5,810
MassMutual Premier Core Bond Fund, Class S (a)		8,512		93,296
MassMutual Premier Diversified Bond Fund, Class S (a)		4,289		44,818
MassMutual Premier Enhanced Index Growth Fund, Class S (a)		7,770		73,117
MassMutual Premier Enhanced Index Value Fund, Class S (a)		7,161		71,537
MassMutual Premier Focused International Fund, Class S (a)		1,751		20,489
MassMutual Premier High Yield Fund, Class S (a)		2,956		25,746
MassMutual Premier Inflation-Protected and Income Fund, Class S (a)		7,065		74,747
MassMutual Premier International Bond Fund, Class S (a)		3,261		32,740
MassMutual Premier International Equity Fund, Class S (a)		2,517		36,315
MassMutual Premier Main Street Small Cap Fund, Class S (a)		1,223		13,027
MassMutual Premier Short-Duration Bond Fund, Class S (a)		9,594		101,314
MassMutual Premier Strategic Emerging Markets Fund, Class S (a)		3,960		65,737
MassMutual Premier Value Fund, Class S (a)		426		6,184
MassMutual Select Aggressive Growth Fund, Class S (a) (b)		3,134		22,123
MassMutual Select Blue Chip Growth Fund, Class S (a)		2,431		25,890
MassMutual Select Core Opportunities Fund, Class S (a)		2,023		18,980
MassMutual Select Diversified International Fund, Class S (a)		7,153		50,646
MassMutual Select Diversified Value Fund, Class S (a)		2,884		25,727
MassMutual Select Focused Value Fund, Class S (a)		1,307		23,042
MassMutual Select Fundamental Value Fund, Class S (a)		4,173		43,773
MassMutual Select Large Cap Growth Fund, Class S (a)		3,585		33,162
MassMutual Select Large Cap Value Fund, Class S (a)		1,176		12,470
MassMutual Select Mid Cap Growth Equity Fund, Class S (a) (b)		1,365		14,829
MassMutual Select Mid Cap Growth Equity II Fund, Class S (a) (b)		2,140		33,724

	Number of Shares		Value
MassMutual Select Mid-Cap Value Fund, Class S (a)		4,641	$	46,830
MassMutual Select Overseas Fund, Class S (a)		12,696		93,187
MassMutual Select PIMCO Total Return Fund, Class S (a)		4,460		44,908
MassMutual Select Small Cap Growth Equity Fund, Class S (a) (b)		1,182		20,389
MassMutual Select Small Cap Value Equity Fund, Class S (a)		1,714		16,197
MassMutual Select Small Company Growth Fund, Class S (a) (b)		1,731		17,327
MassMutual Select Small Company Value Fund, Class S (a)		1,557		21,389
MassMutual Select Strategic Bond Fund, Class S (a)		2,777		26,689
Oppenheimer Commodity Strategy Total Return Fund, Class Y (a)		10,841		39,785
Oppenheimer Real Estate Fund, Class Y (a)		2,644		49,963
				1,345,907
TOTAL MUTUAL FUNDS (Cost $1,274,254)				1,345,907
TOTAL LONG-TERM INVESTMENTS (Cost $1,274,254)				1,345,907
TOTAL INVESTMENTS — 101.8% (Cost $1,274,254) (c)				1,345,907
Other Assets/(Liabilities) — (1.8)%				(23,212	)
NET ASSETS — 100.0%			$	1,322,695

Notes to Portfolio of Investments

(a) Affiliated issuer. (See Note 7 for a summary of transactions in the investments of affiliated issuers).

(b) Non-income producing security.

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

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

211

MassMutual Select Destination Retirement 2020 Fund – Portfolio of Investments

December 31, 2010

	Number of Shares		Value
MUTUAL FUNDS — 100.1%
Diversified Financial — 100.1%
MassMutual Premier Capital Appreciation Fund, Class S (a)		146,090	$	1,557,316
MassMutual Premier Core Bond Fund, Class S (a)		1,795,781		19,681,758
MassMutual Premier Diversified Bond Fund, Class S (a)		552,418		5,772,771
MassMutual Premier Enhanced Index Growth Fund, Class S (a)		2,904,435		27,330,736
MassMutual Premier Enhanced Index Value Fund, Class S (a)		2,570,378		25,678,074
MassMutual Premier Focused International Fund, Class S (a)		395,446		4,626,721
MassMutual Premier High Yield Fund, Class S (a)		908,339		7,911,634
MassMutual Premier Inflation-Protected and Income Fund, Class S (a)		1,228,104		12,993,336
MassMutual Premier International Bond Fund, Class S (a)		890,199		8,937,600
MassMutual Premier International Equity Fund, Class S (a)		898,159		12,960,438
MassMutual Premier Main Street Small Cap Fund, Class S (a)		1,367,922		14,568,365
MassMutual Premier Short-Duration Bond Fund, Class S (a)		1,830,740		19,332,615
MassMutual Premier Strategic Emerging Markets Fund, Class S (a)		1,197,644		19,880,884
MassMutual Premier Value Fund, Class S (a)		105,923		1,535,885
MassMutual Select Aggressive Growth Fund, Class S (a) (b)		1,146,169		8,091,953
MassMutual Select Blue Chip Growth Fund, Class S (a)		764,310		8,139,903
MassMutual Select Core Opportunities Fund, Class S (a)		551,348		5,171,645
MassMutual Select Diversified International Fund, Class S (a)		1,883,284		13,333,652
MassMutual Select Diversified Value Fund, Class S (a)		1,080,284		9,636,131
MassMutual Select Focused Value Fund, Class S (a)		363,009		6,399,853
MassMutual Select Fundamental Value Fund, Class S (a)		1,412,813		14,820,413
MassMutual Select Large Cap Growth Fund, Class S (a)		1,258,520		11,641,309
MassMutual Select Large Cap Value Fund, Class S (a)		304,906		3,232,007
MassMutual Select Mid Cap Growth Equity Fund, Class S (a) (b)		458,494		4,979,245

	Number of Shares		Value
MassMutual Select Mid Cap Growth Equity II Fund, Class S (a) (b)		533,258	$	8,404,138
MassMutual Select Mid-Cap Value Fund, Class S (a)		1,339,260		13,513,135
MassMutual Select Overseas Fund, Class S (a)		4,589,579		33,687,509
MassMutual Select PIMCO Total Return Fund, Class S (a)		1,034,235		10,414,745
MassMutual Select Small Cap Growth Equity Fund, Class S (a) (b)		99,230		1,711,723
MassMutual Select Small Cap Value Equity Fund, Class S (a)		395,802		3,740,325
MassMutual Select Small Company Growth Fund, Class S (a) (b)		274,420		2,746,943
MassMutual Select Small Company Value Fund, Class S (a)		209,401		2,877,166
MassMutual Select Strategic Bond Fund, Class S (a)		439,705		4,225,563
Oppenheimer Commodity Strategy Total Return Fund, Class Y (a)		3,211,554		11,786,403
Oppenheimer Real Estate Fund, Class Y (a)		806,131		15,235,869
				376,557,763
TOTAL MUTUAL FUNDS (Cost $328,298,980)				376,557,763
TOTAL LONG-TERM INVESTMENTS (Cost $328,298,980)				376,557,763
TOTAL INVESTMENTS — 100.1% (Cost $328,298,980) (c)				376,557,763
Other Assets/(Liabilities) — (0.1)%				(230,210	)
NET ASSETS — 100.0%			$	376,327,553

Notes to Portfolio of Investments

(a) Affiliated issuer. (See Note 7 for a summary of transactions in the investments of affiliated issuers).

(b) Non-income producing security.

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

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

212

MassMutual Select Destination Retirement 2025 Fund – Portfolio of Investments

December 31, 2010

	Number of Shares		Value
MUTUAL FUNDS — 101.9%
Diversified Financial — 101.9%
MassMutual Premier Capital Appreciation Fund, Class S (a)		596	$	6,358
MassMutual Premier Core Bond Fund, Class S (a)		4,009		43,942
MassMutual Premier Diversified Bond Fund, Class S (a)		80		833
MassMutual Premier Enhanced Index Growth Fund, Class S (a)		10,019		94,277
MassMutual Premier Enhanced Index Value Fund, Class S (a)		9,395		93,855
MassMutual Premier Focused International Fund, Class S (a)		1,810		21,175
MassMutual Premier High Yield Fund, Class S (a)		3,099		26,991
MassMutual Premier Inflation-Protected and Income Fund, Class S (a)		2,000		21,157
MassMutual Premier International Bond Fund, Class S (a)		2,888		28,999
MassMutual Premier International Equity Fund, Class S (a)		2,753		39,723
MassMutual Premier Main Street Small Cap Fund, Class S (a)		1,174		12,507
MassMutual Premier Short-Duration Bond Fund, Class S (a)		4,469		47,194
MassMutual Premier Strategic Emerging Markets Fund, Class S (a)		4,330		71,881
MassMutual Premier Value Fund, Class S (a)		456		6,614
MassMutual Select Aggressive Growth Fund, Class S (a) (b)		4,199		29,646
MassMutual Select Blue Chip Growth Fund, Class S (a)		3,141		33,452
MassMutual Select Core Opportunities Fund, Class S (a)		1,864		17,482
MassMutual Select Diversified International Fund, Class S (a)		7,485		52,996
MassMutual Select Diversified Value Fund, Class S (a)		3,788		33,789
MassMutual Select Focused Value Fund, Class S (a)		1,205		21,249
MassMutual Select Fundamental Value Fund, Class S (a)		5,356		56,180
MassMutual Select Large Cap Growth Fund, Class S (a)		4,781		44,223
MassMutual Select Large Cap Value Fund, Class S (a)		1,572		16,664
MassMutual Select Mid Cap Growth Equity Fund, Class S (a) (b)		1,775		19,274

	Number of Shares		Value
MassMutual Select Mid Cap Growth Equity II Fund, Class S (a) (b)		2,453	$	38,664
MassMutual Select Mid-Cap Value Fund, Class S (a)		5,043		50,882
MassMutual Select Overseas Fund, Class S (a)		17,168		126,015
MassMutual Select PIMCO Total Return Fund, Class S (a)		2,499		25,168
MassMutual Select Small Cap Growth Equity Fund, Class S (a) (b)		1,311		22,617
MassMutual Select Small Cap Value Equity Fund, Class S (a)		1,893		17,886
MassMutual Select Small Company Growth Fund, Class S (a) (b)		1,948		19,499
MassMutual Select Small Company Value Fund, Class S (a)		1,876		25,776
MassMutual Select Strategic Bond Fund, Class S (a)		909		8,736
Oppenheimer Commodity Strategy Total Return Fund, Class Y (a)		10,886		39,950
Oppenheimer Real Estate Fund, Class Y (a)		2,585		48,863
				1,264,517
TOTAL MUTUAL FUNDS (Cost $1,182,334)				1,264,517
TOTAL LONG-TERM INVESTMENTS (Cost $1,182,334)				1,264,517
TOTAL INVESTMENTS — 101.9% (Cost $1,182,334) (c)				1,264,517
Other Assets/(Liabilities) — (1.9)%				(23,045	)
NET ASSETS — 100.0%			$	1,241,472

Notes to Portfolio of Investments

(a) Affiliated issuer. (See Note 7 for a summary of transactions in the investments of affiliated issuers).

(b) Non-income producing security.

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

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

213

MassMutual Select Destination Retirement 2030 Fund – Portfolio of Investments

December 31, 2010

	Number of Shares		Value
MUTUAL FUNDS — 100.1%
Diversified Financial — 100.1%
MassMutual Premier Capital Appreciation Fund, Class S (a)		315,239	$	3,360,453
MassMutual Premier Core Bond Fund, Class S (a)		604,803		6,628,640
MassMutual Premier Diversified Bond Fund, Class S (a)		4,267		44,593
MassMutual Premier Enhanced Index Growth Fund, Class S (a)		1,684,986		15,855,721
MassMutual Premier Enhanced Index Value Fund, Class S (a)		1,600,543		15,989,425
MassMutual Premier Focused International Fund, Class S (a)		361,516		4,229,736
MassMutual Premier High Yield Fund, Class S (a)		624,546		5,439,796
MassMutual Premier Inflation-Protected and Income Fund, Class S (a)		472,726		5,001,437
MassMutual Premier International Bond Fund, Class S (a)		499,319		5,013,163
MassMutual Premier International Equity Fund, Class S (a)		754,052		10,880,967
MassMutual Premier Main Street Small Cap Fund, Class S (a)		893,690		9,517,801
MassMutual Premier Short-Duration Bond Fund, Class S (a)		927,800		9,797,572
MassMutual Premier Strategic Emerging Markets Fund, Class S (a)		1,076,465		17,869,322
MassMutual Premier Value Fund, Class S (a)		103,937		1,507,088
MassMutual Select Aggressive Growth Fund, Class S (a) (b)		1,403,165		9,906,348
MassMutual Select Blue Chip Growth Fund, Class S (a)		940,712		10,018,579
MassMutual Select Core Opportunities Fund, Class S (a)		439,547		4,122,953
MassMutual Select Diversified International Fund, Class S (a)		1,696,502		12,011,235
MassMutual Select Diversified Value Fund, Class S (a)		1,309,667		11,682,230
MassMutual Select Focused Value Fund, Class S (a)		292,066		5,149,116
MassMutual Select Fundamental Value Fund, Class S (a)		1,777,074		18,641,508
MassMutual Select Large Cap Growth Fund, Class S (a)		1,536,514		14,212,759
MassMutual Select Large Cap Value Fund, Class S (a)		419,725		4,449,087

	Number of Shares		Value
MassMutual Select Mid Cap Growth Equity Fund, Class S (a) (b)		529,222	$	5,747,353
MassMutual Select Mid Cap Growth Equity II Fund, Class S (a) (b)		522,727		8,238,171
MassMutual Select Mid-Cap Value Fund, Class S (a)		1,238,533		12,496,794
MassMutual Select Overseas Fund, Class S (a)		4,074,130		29,904,111
MassMutual Select PIMCO Total Return Fund, Class S (a)		443,873		4,469,804
MassMutual Select Small Cap Growth Equity Fund, Class S (a) (b)		216,483		3,734,325
MassMutual Select Small Cap Value Equity Fund, Class S (a)		493,625		4,664,757
MassMutual Select Small Company Growth Fund, Class S (a) (b)		244,734		2,449,785
MassMutual Select Small Company Value Fund, Class S (a)		303,398		4,168,683
MassMutual Select Strategic Bond Fund, Class S (a)		117,778		1,131,847
Oppenheimer Commodity Strategy Total Return Fund, Class Y (a)		2,693,692		9,885,850
Oppenheimer Real Estate Fund, Class Y (a)		677,519		12,805,109
				301,026,118
TOTAL MUTUAL FUNDS (Cost $255,246,858)				301,026,118
TOTAL LONG-TERM INVESTMENTS (Cost $255,246,858)				301,026,118
TOTAL INVESTMENTS — 100.1% (Cost $255,246,858) (c)				301,026,118
Other Assets/(Liabilities) — (0.1)%				(184,114	)
NET ASSETS — 100.0%			$	300,842,004

Notes to Portfolio of Investments

(a) Affiliated issuer. (See Note 7 for a summary of transactions in the investments of affiliated issuers).

(b) Non-income producing security.

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

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

214

MassMutual Select Destination Retirement 2035 Fund – Portfolio of Investments

December 31, 2010

	Number of Shares		Value
MUTUAL FUNDS — 102.0%
Diversified Financial — 102.0%
MassMutual Premier Capital Appreciation Fund, Class S (a)		470	$	5,008
MassMutual Premier Core Bond Fund, Class S (a)		2,644		28,981
MassMutual Premier Diversified Bond Fund, Class S (a)		95		995
MassMutual Premier Enhanced Index Growth Fund, Class S (a)		7,734		72,781
MassMutual Premier Enhanced Index Value Fund, Class S (a)		7,338		73,309
MassMutual Premier Focused International Fund, Class S (a)		1,877		21,966
MassMutual Premier High Yield Fund, Class S (a)		1,285		11,192
MassMutual Premier Inflation-Protected and Income Fund, Class S (a)		809		8,557
MassMutual Premier International Bond Fund, Class S (a)		2,588		25,982
MassMutual Premier International Equity Fund, Class S (a)		2,603		37,564
MassMutual Premier Main Street Small Cap Fund, Class S (a)		721		7,681
MassMutual Premier Short-Duration Bond Fund, Class S (a)		3,138		33,140
MassMutual Premier Strategic Emerging Markets Fund, Class S (a)		4,209		69,866
MassMutual Premier Value Fund, Class S (a)		553		8,013
MassMutual Select Aggressive Growth Fund, Class S (a) (b)		4,800		33,886
MassMutual Select Blue Chip Growth Fund, Class S (a)		3,631		38,666
MassMutual Select Core Opportunities Fund, Class S (a)		1,558		14,610
MassMutual Select Diversified International Fund, Class S (a)		7,229		51,179
MassMutual Select Diversified Value Fund, Class S (a)		4,535		40,448
MassMutual Select Focused Value Fund, Class S (a)		1,110		19,576
MassMutual Select Fundamental Value Fund, Class S (a)		6,277		65,849
MassMutual Select Large Cap Growth Fund, Class S (a)		5,510		50,965
MassMutual Select Large Cap Value Fund, Class S (a)		1,784		18,908
MassMutual Select Mid Cap Growth Equity Fund, Class S (a) (b)		1,653		17,956

	Number of Shares		Value
MassMutual Select Mid Cap Growth Equity II Fund, Class S (a) (b)		2,191	$	34,529
MassMutual Select Mid-Cap Value Fund, Class S (a)		4,722		47,646
MassMutual Select Overseas Fund, Class S (a)		17,610		129,255
MassMutual Select PIMCO Total Return Fund, Class S (a)		1,446		14,561
MassMutual Select Small Cap Growth Equity Fund, Class S (a) (b)		1,324		22,841
MassMutual Select Small Cap Value Equity Fund, Class S (a)		1,871		17,686
MassMutual Select Small Company Growth Fund, Class S (a) (b)		2,017		20,192
MassMutual Select Small Company Value Fund, Class S (a)		1,877		25,790
MassMutual Select Strategic Bond Fund, Class S (a)		730		7,015
Oppenheimer Commodity Strategy Total Return Fund, Class Y (a)		10,846		39,807
Oppenheimer Real Estate Fund, Class Y (a)		2,567		48,518
				1,164,918
TOTAL MUTUAL FUNDS (Cost $1,079,683)				1,164,918
TOTAL LONG-TERM INVESTMENTS (Cost $1,079,683)				1,164,918
TOTAL INVESTMENTS — 102.0% (Cost $1,079,683) (c)				1,164,918
Other Assets/(Liabilities) — (2.0)%				(23,093	)
NET ASSETS — 100.0%			$	1,141,825

Notes to Portfolio of Investments

(a) Affiliated issuer. (See Note 7 for a summary of transactions in the investments of affiliated issuers).

(b) Non-income producing security.

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

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

215

MassMutual Select Destination Retirement 2040 Fund – Portfolio of Investments

December 31,2010

	Number of Shares		Value
MUTUAL FUNDS — 100.1%
Diversified Financial — 100.1%
MassMutual Premier Capital Appreciation Fund, Class S (a)		209,125	$	2,229,274
MassMutual Premier Core Bond Fund, Class S (a)		360,691		3,953,171
MassMutual Premier Diversified Bond Fund, Class S (a)		15,057		157,342
MassMutual Premier Enhanced Index Growth Fund, Class S (a)		1,084,893		10,208,841
MassMutual Premier Enhanced Index Value Fund, Class S (a)		965,662		9,646,960
MassMutual Premier Focused International Fund, Class S (a)		246,035		2,878,611
MassMutual Premier High Yield Fund, Class S (a)		67,445		587,447
MassMutual Premier Inflation-Protected and Income Fund, Class S (a)		101,876		1,077,853
MassMutual Premier International Bond Fund, Class S (a)		260,000		2,610,397
MassMutual Premier International Equity Fund, Class S (a)		487,342		7,032,351
MassMutual Premier Main Street Small Cap Fund, Class S (a)		499,025		5,314,619
MassMutual Premier Short-Duration Bond Fund, Class S (a)		464,800		4,908,288
MassMutual Premier Strategic Emerging Markets Fund, Class S (a)		688,043		11,421,518
MassMutual Premier Value Fund, Class S (a)		61,553		892,515
MassMutual Select Aggressive Growth Fund, Class S (a) (b)		956,715		6,754,407
MassMutual Select Blue Chip Growth Fund, Class S (a)		605,648		6,450,147
MassMutual Select Core Opportunities Fund, Class S (a)		270,380		2,536,165
MassMutual Select Diversified International Fund, Class S (a)		1,113,764		7,885,447
MassMutual Select Diversified Value Fund, Class S (a)		832,062		7,421,996
MassMutual Select Focused Value Fund, Class S (a)		175,694		3,097,485
MassMutual Select Fundamental Value Fund, Class S (a)		1,147,125		12,033,341
MassMutual Select Large Cap Growth Fund, Class S (a)		907,148		8,391,116
MassMutual Select Large Cap Value Fund, Class S (a)		300,034		3,180,359

	Number of Shares		Value
MassMutual Select Mid Cap Growth Equity Fund, Class S (a) (b)		348,626	$	3,786,076
MassMutual Select Mid Cap Growth Equity II Fund, Class S (a) (b)		341,316		5,379,139
MassMutual Select Mid-Cap Value Fund, Class S (a)		806,915		8,141,772
MassMutual Select Overseas Fund, Class S (a)		2,656,032		19,495,277
MassMutual Select PIMCO Total Return Fund, Class S (a)		214,054		2,155,519
MassMutual Select Small Cap Growth Equity Fund, Class S (a) (b)		142,445		2,457,173
MassMutual Select Small Cap Value Equity Fund, Class S (a)		286,252		2,705,077
MassMutual Select Small Company Growth Fund, Class S (a) (b)		193,339		1,935,326
MassMutual Select Small Company Value Fund, Class S (a)		231,429		3,179,830
MassMutual Select Strategic Bond Fund, Class S (a)		45,956		441,636
Oppenheimer Commodity Strategy Total Return Fund, Class Y (a)		1,753,962		6,437,041
Oppenheimer Real Estate Fund, Class Y (a)		403,677		7,629,497
				184,413,013
TOTAL MUTUAL FUNDS (Cost $152,289,828)				184,413,013
TOTAL LONG-TERM INVESTMENTS (Cost $152,289,828)				184,413,013
TOTAL INVESTMENTS — 100.1% (Cost $152,289,828) (c)				184,413,013
Other Assets/(Liabilities) — (0.1)%				(120,970	)
NET ASSETS — 100.0%			$	184,292,043

Notes to Portfolio of Investments

(a) Affiliated issuer. (See Note 7 for a summary of transactions in the investments of affiliated issuers).

(b) Non-income producing security.

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

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

216

MassMutual Select Destination Retirement 2045 Fund – Portfolio of Investments

December 31, 2010

	Number of Shares		Value
MUTUAL FUNDS — 102.0%
Diversified Financial — 102.0%
MassMutual Premier Capital Appreciation Fund, Class S (a)		687	$	7,326
MassMutual Premier Core Bond Fund, Class S (a)		868		9,512
MassMutual Premier Diversified Bond Fund, Class S (a)		52		542
MassMutual Premier Enhanced Index Growth Fund, Class S (a)		7,142		67,204
MassMutual Premier Enhanced Index Value Fund, Class S (a)		6,804		67,975
MassMutual Premier Focused International Fund, Class S (a)		1,841		21,544
MassMutual Premier High Yield Fund, Class S (a)		547		4,761
MassMutual Premier Inflation-Protected and Income Fund, Class S (a)		515		5,446
MassMutual Premier International Bond Fund, Class S (a)		2,078		20,862
MassMutual Premier International Equity Fund, Class S (a)		2,903		41,886
MassMutual Premier Main Street Small Cap Fund, Class S (a)		1,791		19,069
MassMutual Premier Short-Duration Bond Fund, Class S (a)		1,316		13,902
MassMutual Premier Strategic Emerging Markets Fund, Class S (a)		4,457		73,982
MassMutual Premier Value Fund, Class S (a)		665		9,645
MassMutual Select Aggressive Growth Fund, Class S (a) (b)		5,236		36,966
MassMutual Select Blue Chip Growth Fund, Class S (a)		4,068		43,324
MassMutual Select Core Opportunities Fund, Class S (a)		1,541		14,458
MassMutual Select Diversified International Fund, Class S (a)		7,841		55,511
MassMutual Select Diversified Value Fund, Class S (a)		4,984		44,455
MassMutual Select Focused Value Fund, Class S (a)		1,101		19,408
MassMutual Select Fundamental Value Fund, Class S (a)		6,994		73,369
MassMutual Select Large Cap Growth Fund, Class S (a)		6,075		56,190
MassMutual Select Large Cap Value Fund, Class S (a)		1,946		20,628
MassMutual Select Mid Cap Growth Equity Fund, Class S (a) (b)		1,771		19,237

	Number of Shares		Value
MassMutual Select Mid Cap Growth Equity II Fund, Class S (a) (b)		2,498	$	39,369
MassMutual Select Mid-Cap Value Fund, Class S (a)		5,284		53,313
MassMutual Select Overseas Fund, Class S (a)		17,682		129,789
MassMutual Select PIMCO Total Return Fund, Class S (a)		327		3,294
MassMutual Select Small Cap Growth Equity Fund, Class S (a) (b)		1,471		25,370
MassMutual Select Small Cap Value Equity Fund, Class S (a)		1,994		18,840
MassMutual Select Small Company Growth Fund, Class S (a) (b)		2,116		21,181
MassMutual Select Small Company Value Fund, Class S (a)		1,972		27,094
MassMutual Select Strategic Bond Fund, Class S (a)		167		1,608
Oppenheimer Commodity Strategy Total Return Fund, Class Y (a)		11,370		41,727
Oppenheimer Real Estate Fund, Class Y (a)		2,755		52,061
				1,160,848
TOTAL MUTUAL FUNDS (Cost $1,068,742)				1,160,848
TOTAL LONG-TERM INVESTMENTS (Cost $1,068,742)				1,160,848
TOTAL INVESTMENTS — 102.0% (Cost $1,068,742) (c)				1,160,848
Other Assets/(Liabilities) — (2.0)%				(23,093	)
NET ASSETS — 100.0%			$	1,137,755

Notes to Portfolio of Investments

(a) Affiliated issuer. (See Note 7 for a summary of transactions in the investments of affiliated issuers).

(b) Non-income producing security.

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

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

217

MassMutual Select Destination Retirement 2050 Fund – Portfolio of Investments

December 31, 2010

	Number of Shares		Value
MUTUAL FUNDS — 100.1%
Diversified Financial — 100.1%
MassMutual Premier Capital Appreciation Fund, Class S (a)		28,383	$	302,564
MassMutual Premier Core Bond Fund, Class S (a)		18,569		203,512
MassMutual Premier Diversified Bond Fund, Class S (a)		1,603		16,756
MassMutual Premier Enhanced Index Growth Fund, Class S (a)		157,020		1,477,559
MassMutual Premier Enhanced Index Value Fund, Class S (a)		140,127		1,399,869
MassMutual Premier Focused International Fund, Class S (a)		34,912		408,471
MassMutual Premier High Yield Fund, Class S (a)		10,607		92,391
MassMutual Premier Inflation-Protected and Income Fund, Class S (a)		7,185		76,021
MassMutual Premier International Bond Fund, Class S (a)		34,359		344,966
MassMutual Premier International Equity Fund, Class S (a)		70,376		1,015,519
MassMutual Premier Main Street Small Cap Fund, Class S (a)		67,022		713,783
MassMutual Premier Short-Duration Bond Fund, Class S (a)		39,044		412,304
MassMutual Premier Strategic Emerging Markets Fund, Class S (a)		94,649		1,571,178
MassMutual Premier Value Fund, Class S (a)		12,246		177,569
MassMutual Select Aggressive Growth Fund, Class S (a) (b)		123,861		874,458
MassMutual Select Blue Chip Growth Fund, Class S (a)		88,729		944,962
MassMutual Select Core Opportunities Fund, Class S (a)		36,675		344,010
MassMutual Select Diversified International Fund, Class S (a)		153,740		1,088,476
MassMutual Select Diversified Value Fund, Class S (a)		112,765		1,005,862
MassMutual Select Focused Value Fund, Class S (a)		23,489		414,111
MassMutual Select Fundamental Value Fund, Class S (a)		156,298		1,639,571
MassMutual Select Large Cap Growth Fund, Class S (a)		122,902		1,136,840
MassMutual Select Large Cap Value Fund, Class S (a)		44,751		474,366
MassMutual Select Mid Cap Growth Equity Fund, Class S (a) (b)		47,410		514,874

	Number of Shares		Value
MassMutual Select Mid Cap Growth Equity II Fund, Class S (a) (b)		46,491	$	732,698
MassMutual Select Mid-Cap Value Fund, Class S (a)		106,763		1,077,241
MassMutual Select Overseas Fund, Class S (a)		373,354		2,740,419
MassMutual Select PIMCO Total Return Fund, Class S (a)		9,403		94,684
MassMutual Select Small Cap Growth Equity Fund, Class S (a) (b)		18,659		321,862
MassMutual Select Small Cap Value Equity Fund, Class S (a)		39,412		372,445
MassMutual Select Small Company Growth Fund, Class S (a) (b)		39,976		400,158
MassMutual Select Small Company Value Fund, Class S (a)		34,271		470,883
MassMutual Select Strategic Bond Fund, Class S (a)		2,696		25,912
Oppenheimer Commodity Strategy Total Return Fund, Class Y (a)		225,354		827,050
Oppenheimer Real Estate Fund, Class Y (a)		49,748		940,230
				24,653,574
TOTAL MUTUAL FUNDS (Cost $20,596,262)				24,653,574
TOTAL LONG-TERM INVESTMENTS (Cost $20,596,262)				24,653,574
TOTAL INVESTMENTS — 100.1% (Cost $20,596,262) (c)				24,653,574
Other Assets/(Liabilities) — (0.1)%				(34,233	)
NET ASSETS — 100.0%			$	24,619,341

Notes to Portfolio of Investments

(a) Affiliated issuer. (See Note 7 for a summary of transactions in the investments of affiliated issuers).

(b) Non-income producing security.

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

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

218

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MassMutual Select Funds – Financial Statements

Statements of Assets and Liabilities

December 31, 2010

	MassMutual Select PIMCO Total Return Fund			MassMutual Select Strategic Bond Fund
Assets:
Investments, at value (Note 2) (a)	$	1,557,413,846		$	168,204,779
Short-term investments, at value (Note 2) (b)		154,261,000			38,960,971
Total investments		1,711,674,846			207,165,750
Cash		12,000			-
Foreign currency, at value (d)		1,444,390			-
Receivables from:
Investments sold		1,079,455			119,617
Collateral held for open swaps agreements (Note 2)		-			400,000
Investments sold on a when-issued basis (Note 2)		270,116,311			42,937,011
Open forward foreign currency contracts (Note 2)		2,882,696			15,616
Investment adviser (Note 3)		-			12
Fund shares sold		53,112			49,077
Interest and dividends		11,848,858			1,133,406
Collateral held for open futures contracts (Note 2)		64,000			-
Variation margin on open futures contracts (Note 2)		304,845			106,954
Foreign taxes withheld		-			-
Open swap agreements, at value (Note 2)		1,914,474			195,562
Total assets		2,001,394,987			252,123,005
Liabilities:
Payables for:
Investments purchased		2,000,000			130,642
Collateral held for when-issued securities (Note 2)		325,000			-
Written options outstanding, at value (Note 2) (e)		3,027,006			56,031
Open forward foreign currency contracts (Note 2)		502,873			50,940
Fund shares repurchased		8,319,158			163,801
Variation margin on open futures contracts (Note 2)		-			137
Investments purchased on a when-issued basis (Note 2)		689,538,687			75,709,797
Open swap agreements, at value (Note 2)		122,691			356,231
Trustees’ fees and expenses (Note 3)		50,861			42,163
Collateral held for open swaps agreements (Note 2)		1,200,000			-
Affiliates (Note 3):
Investment management fees		392,162			81,295
Administration fees		279,629			25,105
Service fees		476,729			35,109
Distribution fees		6,073			595
Due to custodian		-			1,822,840
Accrued expense and other liabilities		120,240			45,504
Total liabilities		706,361,109			78,520,190
Net assets	$	1,295,033,878		$	173,602,815
Net assets consist of:
Paid-in capital	$	1,286,322,611		$	187,787,004
Undistributed (accumulated) net investment income (loss)		1,211,526			-
Distributions in excess of net investment income		-			(486,683	)
Accumulated net realized gain (loss) on investments and foreign currency transactions		(13,695,795	)		(6,731,881	)
Net unrealized appreciation (depreciation) on investments and foreign currency translations		21,195,536			(6,965,625	)
Net assets	$	1,295,033,878		$	173,602,815
(a)        Cost of investments:	$	1,538,030,024		$	174,982,734
(b)        Cost of short-term investments:	$	154,261,000		$	38,960,971
(d)        Cost of foreign currency:	$	1,431,359		$	-
(e)        Premiums on written options:	$	1,758,022		$	61,834

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

220

MassMutual Select Strategic Balanced Fund			MassMutual Select Global Allocation Fund			MassMutual Select Diversified Value Fund			MassMutual Select Fundamental Value Fund			MassMutual Select Value Equity Fund
$	65,910,135		$	511,505,558		$	288,368,716		$	1,082,083,191		$	32,571,469
	4,236,767			58,324,884			4,204,382			7,721,770			237,517
	70,146,902			569,830,442			292,573,098			1,089,804,961			32,808,986
	-			-			-			-			-
	4,600			931,950			-			-			-
	9,968			213,737			8,027,689			1,473,516			-
	-			-			-			-			-
	4,186,422			-			-			-			-
	182,499			964,237			-			-			-
	-			100,835			-			-			-
	31,422			33,252			653,569			480,253			5,081
	186,719			2,287,526			402,307			1,397,006			35,790
	-			-			-			-			-
	-			2,785			-			-			-
	13,839			39,235			6,068			95,365			-
	-			52,757			-			-			-
	74,762,371			574,456,756			301,662,731			1,093,251,101			32,849,857
	43,534			338,866			7,546,917			-			-
	-			-			-			-			-
	7,269			674,181			-			-			-
	63,735			139,257			-			-			-
	3,056			1,100,303			628,933			131,321			22,383
	7,947			-			-			-			-
	8,535,606			-			-			-			-
	-			-			-			-			-
	25,722			22,385			72,054			193,133			12,105
	-			30,000			-			-			-
	33,256			382,595			125,072			498,316			19,193
	15,150			26,590			31,672			278,925			4,567
	5,033			852			21,181			174,583			7,190
	291			-			152			1,222			61
	-			33,263			-			-			-
	51,739			160,826			37,173			52,599			30,742
	8,792,338			2,909,118			8,463,154			1,330,099			96,241
$	65,970,033		$	571,547,638		$	293,199,577		$	1,091,921,002		$	32,753,616
$	67,504,627		$	531,011,578		$	408,729,642		$	987,719,692		$	52,207,265
	413,240			-			980,407			11,874,953			224,285
	-			(1,181,730	)		-			-			-
	(6,943,744	)		(352,150	)		(141,563,135	)		(77,494,130	)		(24,617,295	)
	4,995,910			42,069,940			25,052,663			169,820,487			4,939,361
$	65,970,033		$	571,547,638		$	293,199,577		$	1,091,921,002		$	32,753,616
$	61,099,223		$	469,984,846		$	263,316,053		$	912,262,704		$	27,632,108
$	4,236,767		$	58,324,884		$	4,204,382		$	7,721,770		$	237,517
$	4,569		$	873,464		$	-		$	-		$	-
$	7,939		$	346,934		$	-		$	-		$	-

221

MassMutual Select Funds – Financial Statements (Continued)

Statements of Assets and Liabilities

December 31, 2010

	MassMutual Select  PIMCO Total Return Fund		MassMutual Select Strategic Bond Fund
Class A shares:
Net assets	$	708,197,813	$	54,043,427
Shares outstanding (a)		70,216,829		5,651,309
Net asset value and redemption price per share	$	10.09	$	9.56
Offering price per share
(100/[100-maximum sales charge] of net asset value)	$	10.59	$	10.04
Class L shares:
Net assets	$	27,908,924	$	41,764,239
Shares outstanding (a)		2,770,490		4,360,163
Net asset value, offering price and redemption price per share	$	10.07	$	9.58
Class Y shares:
Net assets	$	516,171,112	$	28,610,469
Shares outstanding (a)		51,178,306		2,978,369
Net asset value, offering price and redemption price per share	$	10.09	$	9.61
Class S shares:
Net assets	$	29,272,787	$	48,221,830
Shares outstanding (a)		2,905,754		5,022,971
Net asset value, offering price and redemption price per share	$	10.07	$	9.60
Class N shares:
Net assets	$	9,825,457	$	962,850
Shares outstanding (a)		974,511		100,822
Net asset value, offering price and redemption price per share	$	10.08	$	9.55
Class Z shares:
Net assets	$	3,657,785	$	-
Shares outstanding (a)		362,667		-
Net asset value, offering price and redemption price per share	$	10.09	$	-

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

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

222

MassMutual Select Strategic Balanced Fund		MassMutual Select Global Allocation Fund		MassMutual Select Diversified Value Fund		MassMutual Select Fundamental Value Fund		MassMutual Select Value Equity Fund
$	7,732,019	$	2,432,321	$	32,870,331	$	293,194,948	$	11,553,183
	747,226		225,931		3,692,560		28,308,777		1,566,183
$	10.35	$	10.77	$	8.90	$	10.36	$	7.38
$	10.98	$	11.43	$	9.44	$	10.99	$	7.83
$	35,220,145	$	10,852,368	$	40,297,795	$	162,055,142	$	1,991,063
	3,405,987		1,005,912		4,519,987		15,510,190		269,056
$	10.34	$	10.79	$	8.92	$	10.45	$	7.40
$	18,362,075	$	1,524,026	$	33,137,855	$	133,796,562	$	2,673,424
	1,777,150		141,328		3,714,902		12,787,542		358,845
$	10.33	$	10.78	$	8.92	$	10.46	$	7.45
$	4,182,172	$	556,738,923	$	186,638,553	$	500,716,461	$	16,433,618
	406,420		51,580,804		20,922,827		47,755,481		2,211,780
$	10.29	$	10.79	$	8.92	$	10.49	$	7.43
$	473,622	$	-	$	255,043	$	2,051,038	$	102,328
	46,011		-		28,515		200,005		13,895
$	10.29	$	-	$	8.94	$	10.25	$	7.36
$	-	$	-	$	-	$	106,851	$	-
	-		-		-		10,193		-
$	-	$	-	$	-	$	10.48	$	-

223

MassMutual Select Funds – Financial Statements (Continued)

Statements of Assets and Liabilities

December 31, 2010

	MassMutual Select Large  Cap Value Fund			MassMutual Select Indexed Equity Fund
Assets:
Investments, at value (Note 2) (a)	$	680,399,233		$	1,945,815,038
Short-term investments, at value (Note 2) (b)		14,414,428			25,155,862
Total investments		694,813,661			1,970,970,900
Receivables from:
Investments sold		30,732			345,074
Investment adviser (Note 3)		-			84,641
Fund shares sold		142,234			2,564,899
Interest and dividends		617,817			2,283,777
Foreign taxes withheld		118,036			-
Total assets		695,722,480			1,976,249,291
Liabilities:
Payables for:
Investments purchased		196,141			-
Fund shares repurchased		945,017			3,235,680
Variation margin on open futures contracts (Note 2)		-			43,988
Trustees’ fees and expenses (Note 3)		192,254			368,162
Affiliates (Note 3):
Investment management fees		378,739			164,997
Administration fees		104,329			453,845
Service fees		97,002			180,884
Distribution fees		434			1,779
Accrued expense and other liabilities		55,172			75,494
Total liabilities		1,969,088			4,524,829
Net assets	$	693,753,392		$	1,971,724,462
Net assets consist of:
Paid-in capital	$	574,930,761		$	1,835,829,654
Undistributed (accumulated) net investment income (loss)		-			7,507,894
Distributions in excess of net investment income		(3,005,950	)		-
Accumulated net realized gain (loss) on investments and foreign currency transactions		(70,997,086	)		(92,549,273	)
Net unrealized appreciation (depreciation) on investments and foreign currency translations		192,825,667			220,936,187
Net assets	$	693,753,392		$	1,971,724,462
(a)        Cost of investments:	$	487,592,735		$	1,725,441,657
(b)        Cost of short-term investments:	$	14,414,428		$	25,155,862

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

224

MassMutual Select Core Opportunities Fund			MassMutual Select Blue Chip Growth Fund			MassMutual Select Large Cap Growth Fund			MassMutual Select Aggressive Growth Fund			MassMutual Select NASDAQ-100 Fund
$	69,046,440		$	530,343,254		$	68,822,459		$	339,311,635		$	48,310,666
	720,141			3,649,008			549,367			3,239,547			1,614,879
	69,766,581			533,992,262			69,371,826			342,551,182			49,925,545
	381,081			1,466,495			224,409			-			-
	75			52,937			-			-			-
	38,048			169,324			41,286			64,610			21,162
	65,924			331,199			47,433			69,915			13,042
	11,697			16,462			877			27,576			-
	70,263,406			536,028,679			69,685,831			342,713,283			49,959,749
	441,250			687,306			176,403			856,911			-
	41,225			4,262,173			84,999			141,627			385,729
	-			-			-			-			5,817
	7,650			150,974			10,015			74,576			10,416
	40,563			296,744			38,065			210,979			6,271
	13,028			147,262			13,211			52,498			21,418
	15,183			41,102			1,853			32,933			12,199
	78			211			-			17			198
	34,099			47,400			32,004			39,256			32,910
	593,076			5,633,172			356,550			1,408,797			474,958
$	69,670,330		$	530,395,507		$	69,329,281		$	341,304,486		$	49,484,791
$	76,354,796		$	556,264,245		$	55,974,116		$	296,307,550		$	55,781,133
	406,155			(149,296	)		-			(72,706	)		3,864
	-			-			(9,519	)		-			-
	(14,217,979	)		(152,810,838	)		434,573			(40,791,632	)		(19,011,707	)
	7,127,358			127,091,396			12,930,111			85,861,274			12,711,501
$	69,670,330		$	530,395,507		$	69,329,281		$	341,304,486		$	49,484,791
$	61,919,082		$	403,254,691		$	55,892,348		$	253,450,361		$	35,600,277
$	720,141		$	3,649,008		$	549,367		$	3,239,547		$	1,614,879

225

MassMutual Select Funds – Financial Statements (Continued)

Statements of Assets and Liabilities

December 31, 2010

	MassMutual Select Large Cap Value Fund		MassMutual Select Indexed Equity Fund
Class A shares:
Net assets	$	155,188,691	$	302,470,412
Shares outstanding (a)		14,718,958		26,258,331
Net asset value and redemption price per share	$	10.54	$	11.52
Offering price per share (100/[100-maximum sales charge] of net asset value)	$	11.18	$	12.22
Class L shares:
Net assets	$	78,893,231	$	203,159,688
Shares outstanding (a)		7,460,804		17,548,965
Net asset value, offering price and redemption price per share	$	10.57	$	11.58
Class Y shares:
Net assets	$	81,805,413	$	298,754,394
Shares outstanding (a)		7,720,246		25,785,089
Net asset value, offering price and redemption price per share	$	10.60	$	11.59
Class S shares:
Net assets	$	377,130,803	$	470,762,058
Shares outstanding (a)		35,564,654		40,203,399
Net asset value, offering price and redemption price per share	$	10.60	$	11.71
Class N shares:
Net assets	$	735,254	$	2,982,026
Shares outstanding (a)		70,398		261,131
Net asset value, offering price and redemption price per share	$	10.44	$	11.42
Class Z shares:
Net assets	$	-	$	693,595,884
Shares outstanding (a)		-		59,306,514
Net asset value, offering price and redemption price per share	$	-	$	11.70

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

* Net asset value calculations reflect fractional share and dollar amounts.

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

226

MassMutual Select Core Opportunities Fund		MassMutual Select Blue Chip Growth Fund		MassMutual Select Large Cap Growth Fund			MassMutual Select Aggressive Growth Fund		MassMutual Select NASDAQ-100 Fund
$	25,115,638	$	66,401,046	$	2,446,339		$	53,609,967	$	19,689,633
	2,707,119		6,407,763		270,978			8,020,962		3,617,677
$	9.28	$	10.36	$	9.03		$	6.68	$	5.44
$	9.85	$	10.99	$	9.58		$	7.09	$	5.77
$	21,363,033	$	257,545,157	$	20,011,861		$	54,658,144	$	6,658,009
	2,296,060		24,377,159		2,159,875			7,950,474		1,193,410
$	9.30	$	10.57	$	9.27		$	6.87	$	5.58
$	5,185,680	$	42,443,078	$	143		$	22,036,870	$	1,632,847
	554,816		4,000,544		15			3,155,340		288,714
$	9.35	$	10.61	$	9.27	*	$	6.98	$	5.66
$	17,873,458	$	163,662,296	$	46,869,640		$	210,971,584	$	21,168,600
	1,905,172		15,370,999		5,066,589			29,874,642		3,700,116
$	9.38	$	10.65	$	9.25		$	7.06	$	5.72
$	132,521	$	343,930	$	1,298		$	27,921	$	335,702
	14,236		34,030		146			4,316		63,529
$	9.31	$	10.11	$	8.91	*	$	6.47	$	5.28
$	-	$	-	$	-		$	-	$	-
	-		-		-			-		-
$	-	$	-	$	-		$	-	$	-

227

MassMutual Select Funds – Financial Statements (Continued)

Statements of Assets and Liabilities

December 31, 2010

	MassMutual Select Focused Value Fund			MassMutual Select Mid- Cap Value Fund
Assets:
Investments, at value (Note 2) (a)	$	598,526,992		$	137,419,973
Short-term investments, at value (Note 2) (b)		48,132,343			2,645,307
Total investments		646,659,335			140,065,280
Foreign currency, at value (d)		-			-
Receivables from:
Investments sold		-			1,353,250
Investment advisor (Note 3)		-			-
Open forward foreign currency contracts (Note 2)		-			-
Fund shares sold		201,355			80,565
Interest and dividends		389,573			162,992
Foreign taxes withheld		-			-
Total assets		647,250,263			141,662,087
Liabilities:
Payables for:
Investments purchased		782,228			415,656
Open forward foreign currency contracts (Note 2)		-			-
Fund shares repurchased		3,178,277			82,143
Trustees’ fees and expenses (Note 3)		128,442			21,182
Affiliates (Note 3):
Investment management fees		321,162			81,763
Administration fees		163,532			15,926
Service fees		104,566			3,816
Distribution fees		1,130			37
Due to custodian		-			-
Accrued expense and other liabilities		41,207			33,966
Total liabilities		4,720,544			654,489
Net assets	$	642,529,719		$	141,007,598
Net assets consist of:
Paid-in capital	$	539,983,827		$	184,502,714
Undistributed (accumulated) net investment income (loss)		2,426,392			-
Distributions in excess of net investment income		-			(20,359	)
Accumulated net realized gain (loss) on investments and foreign currency transactions		(33,286,236	)		(61,439,188	)
Net unrealized appreciation (depreciation) on investments and foreign currency translations		133,405,736			17,964,431
Net assets	$	642,529,719		$	141,007,598
(a)        Cost of investments:	$	465,121,256		$	119,455,580
(b)        Cost of short-term investments:	$	48,132,343		$	2,645,307
(d)        Cost of foreign currency:	$	-		$	-

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

228

MassMutual Select Small Cap Value Equity Fund			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
$	98,769,995		$	533,684,856		$	64,968,385		$	1,530,325,149		$	808,807,630
	3,004,249			18,090,741			1,566,077			59,194,826			8,437,097
	101,774,244			551,775,597			66,534,462			1,589,519,975			817,244,727
	-			-			-			-			8,390
	280,272			317,393			293,641			210,699			3,005,995
	-			-			-			-			34,606
	-			-			-			-			36,872
	221,064			147,954			28,017			470,816			260,343
	58,656			518,077			16,468			301,772			210,986
	-			-			92			-			-
	102,334,236			552,759,021			66,872,680			1,590,503,262			820,801,919
	123,316			1,506,086			424,740			2,261,422			3,813,503
	-			-			-			-			48,773
	27,739			3,479,096			38,403			8,029,080			3,689,497
	17,164			98,890			23,704			233,408			112,830
	64,004			354,946			38,566			863,084			567,528
	10,841			144,792			10,574			430,501			164,020
	4,678			70,880			6,266			225,031			55,867
	12			481			113			1,426			272
	-			7			-			-			-
	31,678			43,498			33,400			71,503			56,924
	279,432			5,698,676			575,766			12,115,455			8,509,214
$	102,054,804		$	547,060,345		$	66,296,914		$	1,578,387,807		$	812,292,705
$	135,285,297		$	482,925,125		$	100,319,106		$	1,201,232,031		$	658,257,854
	-			-			(30,465	)		(2,583,181	)		(122,676	)
	(16,598	)		(642,356	)		-			-			-
	(51,593,619	)		(12,975,692	)		(49,006,065	)		(39,960,465	)		13,626,363
	18,379,724			77,753,268			15,014,338			419,699,422			140,531,164
$	102,054,804		$	547,060,345		$	66,296,914		$	1,578,387,807		$	812,292,705
$	80,390,271		$	455,931,588		$	49,953,284		$	1,110,626,071		$	668,264,835
$	3,004,249		$	18,090,741		$	1,566,077		$	59,194,826		$	8,437,097
$	-		$	-		$	-		$	-		$	8,285

229

MassMutual Select Funds – Financial Statements (Continued)

Statements of Assets and Liabilities

December 31, 2010

	MassMutual Select Focused Value Fund		MassMutual Select Mid- Cap Value Fund
Class A shares:
Net assets	$	170,894,576	$	5,747,598
Shares outstanding (a)		10,060,845		569,939
Net asset value and redemption price per share	$	16.99	$	10.08
Offering price per share
(100/[100-maximum sales charge] of net asset value)	$	18.03	$	10.69
Class L shares:
Net assets	$	91,044,356	$	42,178,280
Shares outstanding (a)		5,256,789		4,176,126
Net asset value, offering price and redemption price per share	$	17.32	$	10.10
Class Y shares:
Net assets	$	70,955,246	$	1,060,708
Shares outstanding (a)		4,057,562		104,826
Net asset value, offering price and redemption price per share	$	17.49	$	10.12
Class S shares:
Net assets	$	307,648,943	$	91,957,347
Shares outstanding (a)		17,445,979		9,112,233
Net asset value, offering price and redemption price per share	$	17.63	$	10.09
Class N shares:
Net assets	$	1,882,256	$	63,665
Shares outstanding (a)		113,393		6,321
Net asset value, offering price and redemption price per share	$	16.60	$	10.07
Class Z shares:
Net assets	$	104,342	$	-
Shares outstanding (a)		5,916		-
Net asset value, offering price and redemption price per share	$	17.64	$	-

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

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

230

MassMutual Select Small Cap Value Equity Fund		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
$	7,836,562	$	119,083,883	$	10,899,205	$	381,774,550	$	91,524,713
	829,970		8,878,770		1,052,836		25,519,033		5,638,621
$	9.44	$	13.41	$	10.35	$	14.96	$	16.23
$	10.02	$	14.23	$	10.98	$	15.87	$	17.22
$	21,552,092	$	52,437,234	$	19,804,621	$	450,117,485	$	61,654,781
	2,281,010		3,856,948		1,861,848		29,290,466		3,690,323
$	9.45	$	13.60	$	10.64	$	15.37	$	16.71
$	4,733,617	$	67,430,031	$	2,077,887	$	207,536,101	$	82,814,671
	500,843		4,923,644		192,403		13,280,896		4,872,678
$	9.45	$	13.70	$	10.80	$	15.63	$	17.00
$	67,912,567	$	307,184,376	$	33,324,290	$	536,406,598	$	575,724,477
	7,186,712		22,351,527		3,068,634		34,033,518		33,370,588
$	9.45	$	13.74	$	10.86	$	15.76	$	17.25
$	19,966	$	816,985	$	190,911	$	2,445,513	$	466,497
	2,110		62,607		18,914		167,991		29,581
$	9.46	$	13.05	$	10.09	$	14.56	$	15.77
$	-	$	107,836	$	-	$	107,560	$	107,566
	-		7,857		-		6,823		6,233
$	-	$	13.72	$	-	$	15.76	$	17.26

231

MassMutual Select Funds – Financial Statements (Continued)

Statements of Assets and Liabilities

December 31, 2010

	MassMutual Select Small Company Growth Fund			MassMutual Select Diversified International Fund
Assets:
Investments, at value - unaffiliated issuers (Note 2) (a)	$	63,207,107		$	139,082,418
Investments, at value - affiliated issuers (Note 7) (b)		-			-
Short-term investments, at value (Note 2) (c)		979,796			3,401,452
Total investments		64,186,903			142,483,870
Cash		-			60
Foreign currency, at value (e)		-			160,783
Receivables from:
Investments sold		54,047			1,388,436
Open forward foreign currency contracts (Note 2)		-			2,016,566
Investment adviser (Note 3)		-			19,478
Fund shares sold		144,256			780,692
Interest and dividends		24,815			121,265
Broker for collateral held for open futures contracts (Note 2)		-			157,729
Variation margin on open futures contracts (Note 2)		-			-
Foreign taxes withheld		-			57,048
Total assets		64,410,021			147,185,927
Liabilities:
Payables for:
Investments purchased		406,614			725,359
Open forward foreign currency contracts (Note 2)		-			1,278,326
Fund shares repurchased		44,873			99,683
Variation margin on open futures contracts (Note 2)		-			24,991
Trustees’ fees and expenses (Note 3)		18,066			25,837
Affiliates (Note 3):
Investment management fees		44,912			107,431
Administration fees		13,488			13,706
Service fees		7,846			884
Distribution fees		140			44
Accrued expense and other liabilities		32,940			106,747
Total liabilities		568,879			2,383,008
Net assets	$	63,841,142		$	144,802,919
Net assets consist of:
Paid-in capital	$	71,914,028		$	217,004,749
Undistributed (accumulated) net investment income (loss)		(17,705	)		-
Distributions in excess of net investment income		-			(930,296	)
Accumulated net realized gain (loss) on investments and foreign currency transactions		(24,373,449	)		(79,902,612	)
Net unrealized appreciation (depreciation) on investments and foreign currency translations		16,318,268			8,631,078
Net assets	$	63,841,142		$	144,802,919
(a)        Cost of investments - unaffiliated issuers:	$	46,888,839		$	131,122,222
(b)        Cost of investments - affiliated issuers:	$	-		$	-
(c)        Cost of short-term investments:	$	979,796		$	3,401,452
(e)        Cost of foreign currency:	$	-		$	155,566

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

232

MassMutual Select Overseas Fund			MassMutual Select Destination Retirement Income Fund			MassMutual Select Destination Retirement 2010 Fund			MassMutual Select Destination Retirement 2015 Fund		MassMutual Select Destination Retirement 2020 Fund
$	567,467,763		$	-		$	-		$	-	$	-
	-			105,569,007			107,090,017			1,345,907		376,557,763
	10,849,795			-			-			-		-
	578,317,558			105,569,007			107,090,017			1,345,907		376,557,763
	3,655			-			-			-		-
	389,320			-			-			-		-
	3,260,116			573,905			10,712			5		1,084,783
	1,594,512			-			-			-		-
	-			-			-			4,874		-
	223,928			6,598			43,832			-		644,066
	468,160			-			-			-		-
	252,600			-			-			-		-
	12,705			-			-			-		-
	2,219,088			-			-			-		-
	586,741,642			106,149,510			107,144,561			1,350,786		378,286,612
	2,567,578			-			21,755			-		57,638
	3,798,024			-			-			-		-
	10,865,055			580,047			32,340			-		1,669,660
	5,145			-			-			-		-
	137,467			32,384			27,751			42		83,162
	361,864			4,480			4,472			54		15,691
	163,643			10,067			8,744			68		36,777
	37,003			22,553			20,533			164		58,764
	140			65			318			-		376
	160,219			33,647			33,604			27,763		36,991
	18,096,138			683,243			149,517			28,091		1,959,059
$	568,645,504		$	105,466,267		$	106,995,044		$	1,322,695	$	376,327,553
$	647,044,114		$	133,565,370		$	142,455,407		$	1,242,624	$	477,102,766
	8,511,920			2,600,673			2,328,900			682		6,186,849
	-			-			-			-		-
	(152,006,352	)		(42,869,455	)		(50,779,988	)		7,736		(155,220,845	)
	65,095,822			12,169,679			12,990,725			71,653		48,258,783
$	568,645,504		$	105,466,267		$	106,995,044		$	1,322,695	$	376,327,553
$	500,481,336		$	-		$	-		$	-	$	-
$	-		$	93,399,328		$	94,099,292		$	1,274,254	$	328,298,980
$	10,849,795		$	-		$	-		$	-	$	-
$	378,638		$	-		$	-		$	-	$	-

233

MassMutual Select Funds – Financial Statements (Continued)

Statements of Assets and Liabilities

December 31, 2010

	MassMutual Select Small Company Growth Fund		MassMutual Select Diversified International Fund
Class A shares:
Net assets	$	13,122,722	$	1,295,960
Shares outstanding (a)		1,369,410		183,929
Net asset value and redemption price per share	$	9.58	$	7.05
Offering price per share
(100/[100-maximum sales charge] of net asset value)	$	10.16	$	7.48
Class L shares:
Net assets	$	17,322,772	$	33,000,331
Shares outstanding (a)		1,762,242		4,672,431
Net asset value, offering price and redemption price per share	$	9.83	$	7.06
Class Y shares:
Net assets	$	2,659,197	$	7,466,527
Shares outstanding (a)		266,892		1,057,229
Net asset value, offering price and redemption price per share	$	9.96	$	7.06
Class S shares:
Net assets	$	30,487,140	$	102,969,884
Shares outstanding (a)		3,047,147		14,552,895
Net asset value, offering price and redemption price per share	$	10.01	$	7.08
Class N shares:
Net assets	$	249,311	$	70,217
Shares outstanding (a)		26,715		10,011
Net asset value, offering price and redemption price per share	$	9.33	$	7.01
Class Z shares:
Net assets	$	-	$	-
Shares outstanding (a)		-		-
Net asset value, offering price and redemption price per share	$	-	$	-

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

* Net asset value calculations reflect fractional share and dollar amounts.

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

234

MassMutual Select Overseas Fund			MassMutual Select Destination Retirement Income Fund		MassMutual Select Destination Retirement 2010 Fund		MassMutual Select Destination Retirement 2015 Fund		MassMutual Select Destination Retirement 2020 Fund
$	59,596,351		$	35,125,154	$	32,253,593	$	301,593	$	94,229,728
	8,248,157			3,589,545		3,217,598		28,153		9,714,586
$	7.23		$	9.79	$	10.02	$	10.71	$	9.70
$	7.67		$	10.39	$	10.63	$	11.36	$	10.29
$	149,245,244		$	37,662,944	$	13,103,054	$	110,768	$	109,419,287
	20,500,593			3,817,494		1,299,022		10,323		11,188,254
$	7.28		$	9.87	$	10.09	$	10.73	$	9.78
$	83,409,359		$	19,111,739	$	27,843,793	$	143,348	$	67,560,090
	11,406,119			1,934,885		2,758,148		13,361		6,915,001
$	7.31		$	9.88	$	10.10	$	10.73	$	9.77
$	276,053,322		$	13,462,428	$	33,281,106	$	766,986	$	104,532,223
	37,586,658			1,365,050		3,293,226		71,474		10,681,137
$	7.34		$	9.86	$	10.11	$	10.73	$	9.79
$	238,111		$	104,002	$	513,498	$	-	$	586,225
	33,316			10,614		51,234		-		60,620
$	7.15		$	9.80	$	10.02	$	-	$	9.67
$	103,117		$	-	$	-	$	-	$	-
	14,039			-		-		-		-
$	7.34	*	$	-	$	-	$	-	$	-

235

MassMutual Select Funds – Financial Statements (Continued)

Statements of Assets and Liabilities

December 31, 2010

	MassMutual Select Destination Retirement 2025 Fund		MassMutual Select Destination Retirement 2030 Fund
Assets:
Investments, at value - affiliated issuers (Note 7) (a)	$	1,264,517	$	301,026,118
Total investments		1,264,517		301,026,118
Receivables from:
Investments sold		5		724,830
Investment adviser (Note 3)		5,072		-
Fund shares sold		-		229,034
Total assets		1,269,594		301,979,982
Liabilities:
Payables for:
Investments purchased		-		7,315
Fund shares repurchased		-		945,312
Trustees’ fees and expenses (Note 3)		40		63,164
Affiliates (Note 3):
Investment management fees		52		12,556
Administration fees		60		28,146
Service fees		121		45,279
Distribution fees		-		227
Accrued expense and other liabilities		27,849		35,979
Total liabilities		28,122		1,137,978
Net assets	$	1,241,472	$	300,842,004
Net assets consist of:
Paid-in capital	$	1,151,766	$	382,468,439
Undistributed (accumulated) net investment income (loss)		691		3,863,504
Accumulated net realized gain (loss) on investments and foreign currency transactions		6,832		(131,269,199	)
Net unrealized appreciation (depreciation) on investments and foreign currency translations		82,183		45,779,260
Net assets	$	1,241,472	$	300,842,004
(a)        Cost of investments - affiliated issuers:	$	1,182,334	$	255,246,858

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

236

MassMutual Select Destination Retirement 2035 Fund		MassMutual Select Destination Retirement 2040 Fund			MassMutual Select Destination Retirement 2045 Fund		MassMutual Select Destination Retirement 2050 Fund
$	1,164,918	$	184,413,013		$	1,160,848	$	24,653,574
	1,164,918		184,413,013			1,160,848		24,653,574
	5		305,409			5		1,883
	4,858		-			4,936		3,803
	-		182,867			-		111,545
	1,169,781		184,901,289			1,165,789		24,770,805
	-		6,829			-		92,317
	-		480,694			-		21,017
	40		37,190			38		2,132
	48		7,669			48		1,002
	46		15,058			45		990
	85		27,201			80		1,660
	-		168			-		56
	27,737		34,437			27,823		32,290
	27,956		609,246			28,034		151,464
$	1,141,825	$	184,292,043		$	1,137,755	$	24,619,341
$	1,049,854	$	230,704,820		$	1,039,996	$	23,187,855
	688		2,064,497			726		13,024
	6,048		(80,600,459	)		4,927		(2,638,850	)
	85,235		32,123,185			92,106		4,057,312
$	1,141,825	$	184,292,043		$	1,137,755	$	24,619,341
$	1,079,683	$	152,289,828		$	1,068,742	$	20,596,262

237

MassMutual Select Funds – Financial Statements (Continued)

Statements of Assets and Liabilities

December 31, 2010

	MassMutual Select Destination Retirement 2025 Fund		MassMutual Select Destination Retirement 2030 Fund
Class A shares:
Net assets	$	249,009	$	73,969,932
Shares outstanding (a)		22,980		7,607,039
Net asset value and redemption price per share	$	10.84	$	9.72
Offering price per share (100/[100-maximum sales charge] of net asset value)	$	11.50	$	10.31
Class L shares:
Net assets	$	110,394	$	83,007,898
Shares outstanding (a)		10,177		8,462,155
Net asset value, offering price and redemption price per share	$	10.85	$	9.81
Class Y shares:
Net assets	$	110,304	$	56,940,428
Shares outstanding (a)		10,168		5,812,159
Net asset value, offering price and redemption price per share	$	10.85	$	9.80
Class S shares:
Net assets	$	771,765	$	86,540,537
Shares outstanding (a)		71,137		8,817,672
Net asset value, offering price and redemption price per share	$	10.85	$	9.81
Class N shares:
Net assets	$	-	$	383,209
Shares outstanding (a)		-		39,452
Net asset value, offering price and redemption price per share	$	-	$	9.71

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

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

238

MassMutual Select Destination Retirement 2035 Fund		MassMutual Select Destination Retirement 2040 Fund		MassMutual Select Destination Retirement 2045 Fund		MassMutual Select Destination Retirement 2050 Fund
$	146,049	$	44,327,925	$	139,008	$	2,878,641
	13,418		4,547,135		12,690		332,682
$	10.88	$	9.75	$	10.95	$	8.65
$	11.54	$	10.34	$	11.62	$	9.18
$	111,790	$	52,010,966	$	110,938	$	1,856,872
	10,266		5,284,533		10,122		214,405
$	10.89	$	9.84	$	10.96	$	8.66
$	110,592	$	25,885,699	$	111,022	$	4,816,396
	10,155		2,631,857		10,128		555,808
$	10.89	$	9.84	$	10.96	$	8.67
$	773,394	$	61,781,497	$	776,787	$	14,974,320
	71,011		6,273,457		70,863		1,727,607
$	10.89	$	9.85	$	10.96	$	8.67
$	-	$	285,956	$	-	$	93,112
	-		29,345		-		10,731
$	-	$	9.74	$	-	$	8.68

239

MassMutual Select Funds – Financial Statements (Continued)

Statements of Operations

For the Year Ended December 31, 2010

	MassMutual Select PIMCO Total Return Fund *			MassMutual Select Strategic Bond Fund
Investment income (Note 2):
Dividends (a)	$	965,833		$	33,581
Interest		19,502,520			9,655,245
Total investment income		20,468,353			9,688,826
Expenses (Note 3):
Investment management fees		2,230,127			1,114,038
Custody fees		87,224			38,356
Audit fees		90,539			41,371
Legal fees		58,973			4,843
Proxy fees		-			969
Shareholder reporting fees		36,514			12,151
Trustees’ fees		59,273			17,884
Short sale dividend and loan expense		-			-
		2,562,650			1,229,612
Administration fees:
Class A		781,030			147,573
Class L		30,911			94,160
Class Y		755,222			55,868
Class S		15,075			24,565
Class N		9,153			2,583
Class Z		72			-
Distribution fees:
Class N		10,401			2,152
Service fees:
Class A		887,534			147,573
Class N		10,401			2,152
Total expenses		5,062,449			1,706,238
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 A management fees waived		-			-
Class L management fees waived		-			-
Class Y management fees waived		-			-
Class S management fees waived		-			-
Class N management fees waived		-			-
Class Z management fees waived		-			-
Net expenses		5,062,449			1,706,238
Net investment income (loss)		15,405,904			7,982,588
Realized and unrealized gain (loss):
Net realized gain (loss) on:
Investment transactions		(410,421	)		5,398,425
Futures contracts		(608,367	)		(1,816,735	)
Written options		270,200			94,457
Securities sold short		-			-
Swap agreements		239,166			377,581
Foreign currency transactions		(1,625,404	)		(285,609	)
Net realized gain (loss)		(2,134,826	)		3,768,119
Net change in unrealized appreciation (depreciation) on:
Investment transactions		19,383,822			8,934,631
Futures contracts		246,124			(134,357	)
Written options		(1,268,984	)		16,307
Securities sold short		-			-
Swap agreements		380,599			(183,887	)
Translation of assets and liabilities in foreign currencies		2,453,975			(35,291	)
Net change in unrealized appreciation (depreciation)		21,195,536			8,597,403
Net realized gain (loss) and change in unrealized appreciation (depreciation)		19,060,710			12,365,522
Net increase (decrease) in net assets resulting from operations	$	34,466,614		$	20,348,110
(a)              Net of withholding tax of:	$	-		$	-
*                Fund commenced operations on July 6, 2010.

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

240

MassMutual Select Strategic Balanced Fund			MassMutual Select Global Allocation Fund			MassMutual Select Diversified Value Fund			MassMutual Select Fundamental Value Fund			MassMutual Select Value Equity Fund
$	964,877		$	6,041,539		$	7,298,206		$	21,450,604		$	587,680
	1,264,941			5,802,660			389			1,468			10
	2,229,818			11,844,199			7,298,595			21,452,072			587,690
	424,627			3,946,181			1,488,014			6,500,214			218,323
	101,396			190,878			35,716			80,202			11,090
	49,604			92,966			31,390			31,454			31,670
	1,688			117,183			5,432			17,950			572
	969			969			969			969			969
	7,208			52,145			20,847			43,780			3,905
	6,767			33,004			27,151			88,001			2,865
	-			5,613			-			-			-
	592,259			4,438,939			1,609,519			6,762,570			269,394
	25,967			2,370			117,948			843,953			31,076
	114,107			30,379			100,650			515,296			4,918
	40,777			654			51,550			231,233			3,402
	5,644			240,960			110,154			614,784			12,185
	1,710			-			1,188			7,819			311
	-			-			-			9			-
	1,134			-			806			5,211			237
	19,852			1,975			95,644			645,373			27,896
	1,134			-			806			5,211			237
	802,584			4,715,277			2,088,265			9,631,459			349,656
	-			(744	)		-			-			-
	-			(8,968	)		-			-			-
	-			(413	)		-			-			-
	-			(427,692	)		-			-			-
	-			-			-			(36,222	)		-
	-			-			-			(20,557	)		-
	-			-			-			(16,688	)		-
	-			-			-			(61,770	)		-
	-			-			-			(254	)		-
	-			-			-			(13	)		-
	802,584			4,277,460			2,088,265			9,495,955			349,656
	1,427,234			7,566,739			5,210,330			11,956,117			238,034
	7,175,131			(1,063,809	)		12,504,127			51,382,855			3,220,707
	215,966			118,808			-			-			-
	13,233			559,643			-			-			-
	-			(205,307	)		-			-			-
	414,703			(198,296	)		-			-			-
	146,226			(2,738,504	)		95			-			-
	7,965,259			(3,527,465	)		12,504,222			51,382,855			3,220,707
	(1,065,287	)		45,389,178			17,771,969			71,136,836			701,616
	105,667			(273,392	)		-			-			-
	2,417			(295,647	)		-			-			-
	-			35,921			-			-			-
	(497,821	)		160,860			-			-			-
	86,664			1,128,667			(63	)		-			-
	(1,368,360	)		46,145,587			17,771,906			71,136,836			701,616
	6,596,899			42,618,122			30,276,128			122,519,691			3,922,323
$	8,024,133		$	50,184,861		$	35,486,458		$	134,475,808		$	4,160,357
$	40,296		$	283,431		$	48,327		$	59,940		$	-

241

MassMutual Select Funds – Financial Statements (Continued)

Statements of Operations

For the Year Ended December 31, 2010

	MassMutual Select Large Cap Value Fund			MassMutual Select Indexed Equity Fund
Investment income (Note 2):
Dividends (a)	$	10,752,676		$	36,145,397
Interest		636,962			10,449
Total investment income		11,389,638			36,155,846
Expenses (Note 3):
Investment management fees		4,413,531			1,766,743
Custody fees		111,691			152,591
Audit fees		31,891			33,203
Legal fees		12,212			31,661
Proxy fees		969			968
Shareholder reporting fees		30,684			72,969
Trustees’ fees		61,315			155,080
		4,662,293			2,213,215
Administration fees:
Class A		511,906			1,254,038
Class L		301,620			818,113
Class Y		138,591			992,938
Class S		293,761			1,293,652
Class N		2,622			14,999
Class Z		-			512,256
Distribution fees:
Class N		1,751			7,079
Service fees:
Class A		394,502			653,553
Class N		1,751			7,079
Total expenses		6,308,797			7,766,922
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		-			(522,843	)
Class L administrative fees waived		-			(341,093	)
Class N administrative fees waived		-			(5,663	)
Net expenses		6,308,797			6,897,323
Net investment income (loss)		5,080,841			29,258,523
Realized and unrealized gain (loss):
Net realized gain (loss) on:
Investment transactions		35,776,538			(1,634,408	)
Futures contracts		-			1,737,889
Foreign currency transactions		(29,848	)		-
Net realized gain (loss)		35,746,690			103,481
Net change in unrealized appreciation (depreciation) on:
Investment transactions		39,776,267			220,432,247
Futures contracts		-			176,778
Translation of assets and liabilities in foreign currencies		9,963			-
Net change in unrealized appreciation (depreciation)		39,786,230			220,609,025
Net realized gain (loss) and change in unrealized appreciation (depreciation)		75,532,920			220,712,506
Net increase (decrease) in net assets resulting from operations	$	80,613,761		$	249,971,029
(a)        Net of withholding tax of:	$	183,465		$	-

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

242

MassMutual Select Core Opportunities Fund		MassMutual Select Blue Chip Growth Fund			MassMutual Select Large Cap Growth Fund		MassMutual Select Aggressive Growth Fund			MassMutual Select NASDAQ- 100 Fund
$	1,065,729	$	4,168,003		$	907,058	$	2,233,023		$	409,800
	116		2,439			93		248			284
	1,065,845		4,170,442			907,151		2,233,271			410,084
	400,729		3,251,255			464,967		2,057,185			68,033
	21,428		57,179			22,453		41,042			13,556
	32,610		30,829			31,128		31,753			32,606
	1,010		8,913			1,250		4,929			806
	969		969			969		969			968
	5,780		26,996			6,905		14,376			4,523
	4,730		45,079			6,345		24,865			4,003
	467,256		3,421,220			534,017		2,175,119			124,495
	66,109		263,301			10,969		184,114			113,170
	49,987		1,036,610			64,870		179,813			38,650
	7,494		121,529			4,665		38,136			6,995
	6,719		220,841			77,773		147,724			72,121
	400		2,388			5		126			2,044
	-		-			-		-			-
	286		1,302			3		80			758
	55,091		161,139			7,771		133,648			45,311
	286		1,302			3		80			758
	653,628		5,229,632			700,076		2,858,840			404,302
	-		(98,291	)		-		-			-
	-		(285,453	)		-		-			-
	-		(64,240	)		-		-			-
	-		(114,879	)		-		-			-
	-		(690	)		-		-			-
	-		-			-		-			-
	-		-			-		-			-
	-		-			-		-			-
	653,628		4,666,079			700,076		2,858,840			404,302
	412,217		(495,637	)		207,075		(625,569	)		5,782
	3,424,745		36,778,325			8,760,814		14,126,238			2,641,722
	-		-			-		-			117,301
	-		(3,071	)		-		-			-
	3,424,745		36,775,254			8,760,814		14,126,238			2,759,023
	2,529,046		38,055,460			1,561,676		38,731,532			5,255,539
	-		-			-		-			(2,674	)
	-		2,145			-		-			-
	2,529,046		38,057,605			1,561,676		38,731,532			5,252,865
	5,953,791		74,832,859			10,322,490		52,857,770			8,011,888
$	6,366,008	$	74,337,222		$	10,529,565	$	52,232,201		$	8,017,670
$	10,772	$	27,518		$	6,201	$	28,230		$	3,692

243

MassMutual Select Funds – Financial Statements (Continued)

Statements of Operations

For the Year Ended December 31, 2010

	MassMutual Select Focused Value Fund			MassMutual Select Mid-Cap Value Fund
Investment income (Note 2):
Dividends (a)	$	8,447,871		$	2,697,851
Interest		3,295			218
Total investment income		8,451,166			2,698,069
Expenses (Note 3):
Investment management fees		4,109,628			870,145
Custody fees		45,717			25,693
Audit fees		31,875			31,703
Legal fees		10,616			2,253
Proxy fees		969			969
Shareholder reporting fees		27,955			11,109
Trustees’ fees		51,665			10,854
		4,278,425			952,726
Administration fees:
Class A		565,109			18,435
Class L		333,336			116,912
Class Y		133,170			1,099
Class S		264,133			39,203
Class N		7,653			186
Class Z		9			-
Distribution fees:
Class N		4,823			133
Service fees:
Class A		406,278			15,363
Class N		4,823			133
Total expenses		5,997,759			1,144,190
Expenses waived (Note 3):
Class A management fees waived		(21,667	)		-
Class L management fees waived		(12,508	)		-
Class Y management fees waived		(9,207	)		-
Class S management fees waived		(37,992	)		-
Class N management fees waived		(238	)		-
Class Z management fees waived		(13	)		-
Net expenses		5,916,134			1,144,190
Net investment income (loss)		2,535,032			1,553,879
Realized and unrealized gain (loss):
Net realized gain (loss) on:
Investment transactions		60,824,925			16,736,490
Foreign currency transactions		-			118
Net realized gain (loss)		60,824,925			16,736,608
Net change in unrealized appreciation (depreciation) on:
Investment transactions		47,595,902			8,183,962
Translation of assets and liabilities in foreign currencies		-			38
Net change in unrealized appreciation (depreciation)		47,595,902			8,184,000
Net realized gain (loss) and change in unrealized appreciation (depreciation)		108,420,827			24,920,608
Net increase (decrease) in net assets resulting from operations	$	110,955,859		$	26,474,487
(a)        Net of withholding tax of:	$	-		$	11,806

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

244

MassMutual Select Small Cap Value Equity Fund		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
$	1,361,885	$	7,665,906		$	440,135		$	7,786,104		$	3,108,959
	206		2,242			137			29,852			1,507
	1,362,091		7,668,148			440,272			7,815,956			3,110,466
	657,040		4,268,598			468,519			9,881,136			4,998,812
	13,715		56,948			33,197			156,937			109,004
	28,889		31,278			31,683			32,125			32,902
	1,731		9,100			1,450			23,554			11,456
	969		968			968			969			969
	9,829		23,166			6,358			53,667			24,550
	7,917		43,765			6,069			115,019			53,025
	720,090		4,433,823			548,244			10,263,407			5,230,718
	22,663		388,704			35,549			1,112,233			338,025
	65,223		192,979			53,298			1,325,260			245,723
	7,732		161,444			2,924			328,803			221,090
	26,569		488,324			31,476			423,222			488,157
	58		4,183			745			8,137			1,944
	-		8			-			8			10
	41		2,506			521			5,230			1,046
	18,886		262,199			28,902			820,395			203,774
	41		2,506			521			5,230			1,046
	861,303		5,936,676			702,180			14,291,925			6,731,533
	-		(11,874	)		-			(47,696	)		(5,870	)
	-		(5,407	)		-			(57,279	)		(3,940	)
	-		(6,648	)		-			(25,707	)		(5,226	)
	-		(30,995	)		-			(66,588	)		(36,368	)
	-		(81	)		-			(304	)		(29	)
	-		(11	)		-			(13	)		(7	)
	861,303		5,881,660			702,180			14,094,338			6,680,093
	500,788		1,786,488			(261,908	)		(6,278,382	)		(3,569,627	)
	6,686,949		24,420,634			14,312,084			107,344,675			76,944,442
	-		(203	)		(81,400	)		(23,581	)		(217,386	)
	6,686,949		24,420,431			14,230,684			107,321,094			76,727,056
	14,640,844		75,654,097			507,456			231,194,368			72,510,059
	-		-			(312	)		(215	)		(10,960	)
	14,640,844		75,654,097			507,144			231,194,153			72,499,099
	21,327,793		100,074,528			14,737,828			338,515,247			149,226,155
$	21,828,581	$	101,861,016		$	14,475,920		$	332,236,865		$	145,656,528
$	-	$	10,630		$	5,688		$	128,087		$	35,287

245

MassMutual Select Funds – Financial Statements (Continued)

Statements of Operations

For the Year Ended December 31, 2010

	MassMutual Select Small Company Growth Fund			MassMutual Select Diversified International Fund
Investment income (Note 2):
Dividends - unaffiliated issuers (a)	$	287,437		$	3,365,448
Dividends - affiliated issuers (Note 7)		-			-
Interest		80			323
Total investment income		287,517			3,365,771
Expenses (Note 3):
Investment management fees		469,704			1,185,712
Custody fees		25,778			154,018
Audit fees		31,118			33,910
Legal fees		1,028			2,525
Proxy fees		969			968
Shareholder reporting fees		5,190			9,101
Trustees’ fees		4,977			12,620
		538,764			1,398,854
Administration fees:
Class A		43,467			4,178
Class L		50,519			92,365
Class Y		7,838			10,163
Class S		38,523			46,361
Class N		747			234
Class Z		-			-
Distribution fees:
Class N		468			167
Service fees:
Class A		31,128			3,482
Class N		468			167
Total expenses		711,922			1,555,971
Expenses waived (Note 3):
Class A fees waived by advisor		-			(2,668	)
Class L fees waived by advisor		-			(58,987	)
Class Y fees waived by advisor		-			(8,254	)
Class S fees waived by advisor		-			(112,980	)
Class N fees waived by advisor		-			(128	)
Class A administrative fees waived		-			-
Class L administrative fees waived		-			-
Class N administrative fees waived		-			-
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		-			-
Class Z management fees waived		-			-
Net expenses		711,922			1,372,954
Net investment income (loss)		(424,405	)		1,992,817
Realized and unrealized gain (loss):
Net realized gain (loss) on:
Investment transactions - unaffiliated issuers		8,130,953			(709,606	)
Investment transactions - affiliated issuers (Note 7)		-			-
Futures contracts		-			64,798
Foreign currency transactions		-			1,890,899
Realized gain distributions - affiliated issuers (Note 7)		-			-
Net realized gain (loss)		8,130,953			1,246,091
Net change in unrealized appreciation (depreciation) on:
Investment transactions - unaffiliated issuers		8,202,776			4,259,869
Investment transactions - affiliated issuers		-			-
Futures contracts		-			(82,280	)
Translation of assets and liabilities in foreign currencies		-			320,614
Net change in unrealized appreciation (depreciation)		8,202,776			4,498,203
Net realized gain (loss) and change in unrealized appreciation (depreciation)		16,333,729			5,744,294
Net increase (decrease) in net assets resulting from operations	$	15,909,324		$	7,737,111
(a)       Net of withholding tax of:	$	945		$	443,068
*         Fund commenced operations on April 1, 2010.

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

246

MassMutual Select Overseas Fund			MassMutual Select Destination Retirement Income Fund		MassMutual Select Destination Retirement 2010 Fund		MassMutual Select Destination Retirement 2015 Fund*			MassMutual Select Destination Retirement 2020 Fund
$	12,582,579		$	-	$	-	$	-		$	-
	-			2,598,165		2,296,348		23,865			6,343,916
	716			-		-		-			-
	12,583,295			2,598,165		2,296,348		23,865			6,343,916
	5,455,985			52,741		57,646		403			182,200
	492,018			30,833		30,871		5,091			30,122
	36,234			29,093		29,099		29,061			29,184
	9,972			2,769		2,938		358			7,181
	969			968		969		968			968
	28,885			8,146		8,603		2,792			18,904
	49,053			9,572		10,194		61			32,429
	6,073,116			134,122		140,320		38,734			300,988
	153,376			49,926		55,758		191			160,606
	380,688			55,196		22,064		122			188,792
	116,460			8,069		17,606		46			45,363
	196,653			3,150		8,544		53			27,153
	1,181			201		1,134		-			1,274
	9			-		-		-			-
	966			256		1,291		-			1,410
	145,400			85,548		82,191		298			228,392
	966			256		1,291		-			1,410
	7,068,815			336,724		330,199		39,444			955,388
	-			-		-		(5,622	)		-
	-			-		-		(3,599	)		-
	-			-		-		(3,637	)		-
	-			-		-		(25,151	)		-
	-			-		-		-			-
	(50,632	)		-		-		-			-
	(124,536	)		-		-		-			-
	(357	)		-		-		-			-
	(18,820	)		-		-		-			-
	(48,431	)		-		-		-			-
	(29,561	)		-		-		-			-
	(85,512	)		-		-		-			-
	(74	)		-		-		-			-
	(32	)		-		-		-			-
	6,710,860			336,724		330,199		1,435			955,388
	5,872,435			2,261,441		1,966,149		22,430			5,388,528
	9,405,041			-		-		-			-
	-			4,004,198		2,512,227		2,772			(18,072,584	)
	50,174			-		-		-			-
	2,715,624			-		-		-			-
	-			879,145		955,837		9,564			2,515,295
	12,170,839			4,883,343		3,468,064		12,336			(15,557,289	)
	41,917,520			-		-		-			-
	-			2,886,643		7,077,446		71,653			57,131,186
	(41,386	)		-		-		-			-
	(2,535,740	)		-		-		-			-
	39,340,394			2,886,643		7,077,446		71,653			57,131,186
	51,511,233			7,769,986		10,545,510		83,989			41,573,897
$	57,383,668		$	10,031,427	$	12,511,659	$	106,419		$	46,962,425
$	1,554,826		$	-	$	-	$	-		$	-

247

MassMutual Select Funds – Financial Statements (Continued)

Statements of Operations

For the Year Ended December 31, 2010

	MassMutual Select Destination Retirement 2025 Fund*			MassMutual Select Destination Retirement 2030 Fund
Investment income (Note 2):
Dividends - affiliated issuers (Note 7)	$	18,670		$	4,182,584
Total investment income		18,670			4,182,584
Expenses (Note 3):
Investment management fees		388			143,583
Custody fees		5,379			30,115
Audit fees		29,061			29,158
Legal fees		350			5,681
Proxy fees		968			968
Shareholder reporting fees		2,792			15,656
Trustees’ fees		58			25,543
		38,996			250,704
Administration fees:
Class A		157			121,855
Class L		120			145,684
Class Y		45			36,390
Class S		53			19,288
Class N		-			805
Distribution fees:
Class N		-			901
Service fees:
Class A		245			175,787
Class N		-			901
Total expenses		39,616			752,315
Expenses waived (Note 3):
Class A fees waived by advisor		(4,847	)		-
Class L fees waived by advisor		(3,718	)		-
Class Y fees waived by advisor		(3,719	)		-
Class S fees waived by advisor		(26,013	)		-
Class N fees waived by advisor		-			-
Net expenses		1,319			752,315
Net investment income (loss)		17,351			3,430,269
Realized and unrealized gain (loss):
Net realized gain (loss) on:
Investment transactions - affiliated issuers (Note 7)		1,117			(20,180,465	)
Realized gain distributions - affiliated issuers (Note 7)		8,074			1,822,068
Net realized gain (loss)		9,191			(18,358,397	)
Net change in unrealized appreciation (depreciation) on:
Investment transactions - affiliated issuers		82,183			54,803,754
Net change in unrealized appreciation (depreciation)		82,183			54,803,754
Net realized gain (loss) and change in unrealized appreciation (depreciation)		91,374			36,445,357
Net increase (decrease) in net assets resulting from operations	$	108,725		$	39,875,626
*           Fund commenced operations on April 1, 2010.

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

248

MassMutual Select Destination Retirement 2035 Fund*			MassMutual Select Destination Retirement 2040 Fund			MassMutual Select Destination Retirement 2045 Fund*			MassMutual Select Destination Retirement 2050 Fund
$	15,532		$	2,254,109		$	13,715		$	276,223
	15,532			2,254,109			13,715			276,223
	380			85,369			377			9,824
	4,995			30,044			5,164			29,941
	29,061			29,117			29,061			9,067
	349			3,420			348			388
	968			968			968			968
	2,887			10,957			2,807			4,220
	58			15,312			56			1,665
	38,698			175,187			38,781			56,073
	133			66,705			129			3,215
	120			83,695			120			2,252
	45			13,748			45			2,154
	53			6,392			52			1,256
	-			532			-			175
	-			629			-			208
	208			103,194			201			5,023
	-			629			-			208
	39,257			450,711			39,328			70,564
	(4,168	)		-			(4,056	)		(3,926	)
	(3,767	)		-			(3,783	)		(2,750	)
	(3,762	)		-			(3,785	)		(7,014	)
	(26,317	)		-			(26,478	)		(24,538	)
	-			-			-			(163	)
	1,243			450,711			1,226			32,173
	14,289			1,803,398			12,489			244,050
	657			(9,399,238	)		(542	)		1,319,337
	7,267			1,145,006			6,841			141,409
	7,924			(8,254,232	)		6,299			1,460,746
	85,235			30,926,074			92,106			1,470,411
	85,235			30,926,074			92,106			1,470,411
	93,159			22,671,842			98,405			2,931,157
$	107,448		$	24,475,240		$	110,894		$	3,175,207

249

MassMutual Select Funds – Financial Statements (Continued)

Statements of Changes in Net Assets

	MassMutual Select PIMCO Total Return Fund			MassMutual Select Strategic Bond Fund
	Period Ended December 31,  2010*			Year Ended December 31, 2010			Year Ended December 31, 2009
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	15,405,904		$	7,982,588		$	10,766,820
Net realized gain (loss) on investment transactions		(2,134,826	)		3,768,119			(7,365,720	)
Net change in unrealized appreciation (depreciation) on investments		21,195,536			8,597,403			31,123,317
Net increase (decrease) in net assets resulting from operations		34,466,614			20,348,110			34,524,417
Distributions to shareholders (Note 2):
From net investment income:
Class A		(8,009,037	)		(2,603,914	)		(5,101,994	)
Class L		(337,579	)		(2,117,201	)		(3,030,708	)
Class Y		(6,314,703	)		(1,550,402	)		(4,609,586	)
Class S		(361,588	)		(2,541,242	)		(4,402,978	)
Class N		(96,585	)		(43,794	)		(61,218	)
Class Z		(48,662	)		-			-
Total distributions from net investment income		(15,168,154	)		(8,856,553	)		(17,206,484	)
From net realized gains:
Class A		(5,802,744	)		-			-
Class L		(220,819	)		-			-
Class Y		(4,237,514	)		-			-
Class S		(225,626	)		-			-
Class N		(75,867	)		-			-
Class Z		(29,202	)		-			-
Total distributions from net realized gains		(10,591,772	)		-			-
Tax return of capital:
Class L		-			-			-
Class Y		-			-			-
Class S		-			-			-
Total tax return of capital		-			-			-
Net fund share transactions (Note 5):
Class A		702,444,383			(11,327,824	)		(10,984,563	)
Class L		28,706,078			3,989,276			13,889,812
Class Y		511,700,007			(32,826,007	)		(10,626,583	)
Class S		29,889,731			(3,634,476	)		(9,738,271	)
Class N		9,840,998			109,366			2,501
Class Z		3,745,993			-			-
Increase (decrease) in net assets from fund share transactions		1,286,327,190			(43,689,665	)		(17,457,104	)
Total increase (decrease) in net assets		1,295,033,878			(32,198,108	)		(139,171	)
Net assets
Beginning of year		-			205,800,923			205,940,094
End of year	$	1,295,033,878		$	173,602,815		$	205,800,923
Undistributed (accumulated) net investment income (loss) included in net assets at end of year	$	1,211,526		$	-		$	-
Distributions in excess of net investment income included in net assets at end of year	$	-		$	(486,683	)	$	(198,132	)

* Fund commenced operations on July 6, 2010.

** Fund commenced operations on December 1, 2009.

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

250

MassMutual Select Strategic Balanced Fund						MassMutual Select Global Allocation Fund						MassMutual Select Diversified Value Fund
Year Ended December 31, 2010			Year Ended December 31, 2009			Year Ended December 31, 2010			Period Ended December 31, 2009**			Year Ended December 31, 2010			Year Ended December  31, 2009
$	1,427,234		$	2,407,042		$	7,566,739		$	311,792		$	5,210,330		$	6,497,576
	7,965,259			(313,859	)		(3,527,465	)		(630,979	)		12,504,222			(113,532,984	)
	(1,368,360	)		20,168,116			46,145,587			(4,075,647	)		17,771,906			165,881,936
	8,024,133			22,261,299			50,184,861			(4,394,834	)		35,486,458			58,846,528
	(113,111	)		(184,404	)		(10,566	)		-			(462,360	)		(612,374	)
	(586,440	)		(895,214	)		(74,272	)		-			(650,600	)		(663,472	)
	(377,596	)		(655,837	)		(13,865	)		-			(586,947	)		(522,254	)
	(81,256	)		(527,764	)		(5,155,251	)		-			(3,557,591	)		(3,563,283	)
	(5,377	)		(10,175	)		-			-			(2,031	)		(5,157	)
	-			-			-			-			-			-
	(1,163,780	)		(2,273,394	)		(5,253,954	)		-			(5,259,529	)		(5,366,540	)
	-			-			-			-			-			-
	-			-			-			-			-			-
	-			-			-			-			-			-
	-			-			-			-			-			-
	-			-			-			-			-			-
	-			-			-			-			-			-
	-			-			-			-			-			-
	-			-			-			(2,191	)		-			-
	-			-			-			(33	)		-			-
	-			-			-			(193,930	)		-			-
	-			-			-			(196,154	)		-			-
	(1,971,430	)		(6,712,052	)		2,223,938			100,100			(16,131,883	)		(14,292,906	)
	(5,414,537	)		(12,441,966	)		278,774			9,801,521			(6,110,281	)		(9,080,612	)
	(9,282,310	)		(9,680,790	)		1,333,553			100,133			(1,940,051	)		(27,088,719	)
	(526,100	)		(10,565,770	)		50,380,360			466,989,340			(33,046,044	)		11,964,407
	(94,468	)		(7,931	)		-			-			(320,906	)		(162,319	)
	-			-			-			-			-			-
	(17,288,845	)		(39,408,509	)		54,216,625			476,991,094			(57,549,165	)		(38,660,149	)
	(10,428,492	)		(19,420,604	)		99,147,532			472,400,106			(27,322,236	)		14,819,839
	76,398,525			95,819,129			472,400,106			-			320,521,813			305,701,974
$	65,970,033		$	76,398,525		$	571,547,638		$	472,400,106		$	293,199,577		$	320,521,813
$	413,240		$	24,605		$	-		$	373,656		$	980,407		$	1,092,238
$	-		$	-		$	(1,181,730	)	$	-		$	-		$	-

251

MassMutual Select Funds – Financial Statements (Continued)

Statements of Changes in Net Assets

	MassMutual Select Fundamental Value Fund
	Year Ended December 31, 2010			Year Ended December 31, 2009
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	11,956,117		$	12,849,555
Net realized gain (loss) on investment transactions		51,382,855			(84,350,024	)
Net change in unrealized appreciation (depreciation) on investments		71,136,836			264,115,815
Net increase (decrease) in net assets resulting from operations		134,475,808			192,615,346
Distributions to shareholders (Note 2):
From net investment income:
Class A		(2,815,435	)		(4,253	)
Class L		(1,808,580	)		(3,449	)
Class Y		(1,845,693	)		(2,256	)
Class S		(6,318,016	)		(9,022	)
Class N		(10,701	)		(48	)
Class Z		-			-
Total distributions from net investment income		(12,798,425	)		(19,028	)
Net fund share transactions (Note 5):
Class A		20,790,026			19,958,775
Class L		(26,267,783	)		(7,274,458	)
Class Y		(11,619,789	)		17,139,342
Class S		(1,094,491	)		(2,824,204	)
Class N		(575,037	)		(105,405	)
Class Z		100,100			-
Increase (decrease) in net assets from fund share transactions		(18,666,974	)		26,894,050
Total increase (decrease) in net assets		103,010,409			219,490,368
Net assets
Beginning of year		988,910,593			769,420,225
End of year	$	1,091,921,002		$	988,910,593
Undistributed (accumulated) net investment income (loss) included in net assets at end of year	$	11,874,953		$	12,749,109
Distributions in excess of net investment income included in net assets at end of year	$	-		$	-

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

252

MassMutual Select Value Equity Fund						MassMutual Select Large Cap Value Fund						MassMutual Select Indexed Equity Fund
Year Ended December 31, 2010			Year Ended December 31, 2009			Year Ended December 31, 2010			Year Ended December 31, 2009			Year Ended December 31, 2010			Year Ended December 31, 2009
$	238,034		$	476,645		$	5,080,841		$	5,032,456		$	29,258,523		$	28,283,550
	3,220,707			(7,888,322	)		35,746,690			(102,492,048	)		103,481			(39,278,276	)
	701,616			13,755,573			39,786,230			282,254,647			220,609,025			375,042,529
	4,160,357			6,343,896			80,613,761			184,795,055			249,971,029			364,047,803
	(153,424	)		-			(1,299,284	)		(619,068	)		(3,766,005	)		(2,569,719	)
	(28,041	)		-			(912,333	)		(721,196	)		(2,965,321	)		(1,739,411	)
	(42,377	)		-			(1,001,918	)		(660,372	)		(4,361,501	)		(3,762,581	)
	(260,835	)		-			(4,689,207	)		(3,216,764	)		(6,798,157	)		(5,252,298	)
	(1,063	)		-			(3,982	)		(2,341	)		(29,012	)		(25,326	)
	-			-			-			-			(11,372,634	)		(7,456,171	)
	(485,740	)		-			(7,906,724	)		(5,219,741	)		(29,292,630	)		(20,805,506	)
	(709,262	)		(809,749	)		(33,392,444	)		(69,716,215	)		28,149,995			11,283,597
	72,649			(6,207,121	)		(41,235,451	)		(36,069,665	)		24,507,864			(90,330,006	)
	(276,405	)		275,874			(8,626,454	)		2,740,990			(44,723,205	)		(3,175,769	)
	(2,788,826	)		(11,994,408	)		(26,808,035	)		(54,887,797	)		(7,886,501	)		(26,534,609	)
	(2,621	)		(42	)		(271,843	)		151,465			(560,301	)		(24,611	)
	-			-			-			-			88,041,768			20,111,169
	(3,704,465	)		(18,735,446	)		(110,334,227	)		(157,781,222	)		87,529,620			(88,670,229	)
	(29,848	)		(12,391,550	)		(37,627,190	)		21,794,092			308,208,019			254,572,068
	32,783,464			45,175,014			731,380,582			709,586,490			1,663,516,443			1,408,944,375
$	32,753,616		$	32,783,464		$	693,753,392		$	731,380,582		$	1,971,724,462		$	1,663,516,443
$	224,285		$	468,258		$	-		$	-		$	7,507,894		$	7,565,392
$	-		$	-		$	(3,005,950	)	$	(479,976	)	$	-		$	-

253

MassMutual Select Funds – Financial Statements (Continued)

Statements of Changes in Net Assets

	MassMutual Select Core Opportunities Fund
	Year Ended December 31, 2010			Year Ended December 31,  2009
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	412,217		$	239,138
Net realized gain (loss) on investment transactions		3,424,745			(3,928,967	)
Net change in unrealized appreciation (depreciation) on investments		2,529,046			11,830,652
Net increase (decrease) in net assets resulting from operations		6,366,008			8,140,823
Distributions to shareholders (Note 2):
From net investment income:
Class A		(32,209	)		-
Class L		(95,654	)		-
Class Y		(17,570	)		-
Class S		(95,062	)		-
Class N		-			-
Total distributions from net investment income		(240,495	)		-
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		706,096			(1,125,176	)
Class L		15,038,670			(3,238,357	)
Class Y		(1,882,555	)		50,270
Class S		14,627,631			319,502
Class N		8,667			7,887
Increase (decrease) in net assets from fund share transactions		28,498,509			(3,985,874	)
Total increase (decrease) in net assets		34,624,022			4,154,949
Net assets
Beginning of year		35,046,308			30,891,359
End of year	$	69,670,330		$	35,046,308
Undistributed (accumulated) net investment income (loss) included in net assets at end of year	$	406,155		$	236,058
Distributions in excess of net investment income included in net assets at end of year	$	-		$	-

† Amount is less than $0.50.

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

254

MassMutual Select Blue Chip Growth Fund						MassMutual Select Large Cap Growth Fund						MassMutual Select Aggressive Growth Fund
Year Ended December 31, 2010			Year Ended December 31, 2009			Year Ended December 31, 2010			Year Ended December 31, 2009			Year Ended December 31, 2010			Year Ended December 31, 2009
$	(495,637	)	$	145,019		$	207,075		$	198,724		$	(625,569	)	$	(845,675	)
	36,775,254			(53,756,172	)		8,760,814			(3,323,103	)		14,126,238			(39,819,372	)
	38,057,605			234,184,576			1,561,676			17,625,328			38,731,532			162,287,248
	74,337,222			180,573,423			10,529,565			14,500,949			52,232,201			121,622,201
	-			(11,389	)		(1,530	)		-			-			-
	-			(48,500	)		(57,357	)		(33,419	)		-			-
	(38,237	)		(7,854	)		(0	)†		(19,291	)		-			-
	(119,015	)		(31,519	)		(210,278	)		(119,997	)		-			-
	-			(138	)		(1	)		-			-			-
	(157,252	)		(99,400	)		(269,166	)		(172,707	)		-			-
	-			-			-			-			-			(8,293	)
	-			-			-			-			-			(9,113	)
	-			-			-			-			-			(2,859	)
	-			-			-			-			-			(21,130	)
	-			-			-			-			-			(12	)
	-			-			-			-			-			(41,407	)
	(11,986,284	)		(481,765	)		(1,777,439	)		(677,978	)		(16,272,430	)		(7,318,309	)
	(61,115,730	)		(31,102,310	)		2,621,470			13,634,621			(16,886,180	)		(28,124,690	)
	(3,037,856	)		947,341			(12,320,632	)		691,197			(3,600,429	)		(3,225,946	)
	(29,982,051	)		(23,383,876	)		(13,651,904	)		33,459,515			16,272,210			(8,887,695	)
	(484,011	)		(40,852	)		1			-			(67,077	)		(28,614	)
	(106,605,932	)		(54,061,462	)		(25,128,504	)		47,107,355			(20,553,906	)		(47,585,254	)
	(32,425,962	)		126,412,561			(14,868,105	)		61,435,597			31,678,295			73,995,540
	562,821,469			436,408,908			84,197,386			22,761,789			309,626,191			235,630,651
$	530,395,507		$	562,821,469		$	69,329,281		$	84,197,386		$	341,304,486		$	309,626,191
$	(149,296	)	$	72,956		$	-		$	25,217		$	(72,706	)	$	(64,724	)
$	-		$	-		$	(9,519	)	$	-		$	-		$	-

255

MassMutual Select Funds – Financial Statements (Continued)

Statements of Changes in Net Assets

	MassMutual Select NASDAQ-100 Fund
	Year Ended December 31, 2010			Year Ended December 31, 2009
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	5,782		$	(76,258	)
Net realized gain (loss) on investment transactions		2,759,023			453,562
Net change in unrealized appreciation (depreciation) on investments		5,252,865			16,285,354
Net increase (decrease) in net assets resulting from operations		8,017,670			16,662,658
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		-			-
Net fund share transactions (Note 5):
Class A		(2,009,898	)		(793,505	)
Class L		(1,104,878	)		(296,276	)
Class Y		(1,369,324	)		(130,216	)
Class S		(2,424,765	)		3,193,793
Class N		(35,828	)		82,735
Class Z		-			-
Increase (decrease) in net assets from fund share transactions		(6,944,693	)		2,056,531
Total increase (decrease) in net assets		1,072,977			18,719,189
Net assets
Beginning of year		48,411,814			29,692,625
End of year	$	49,484,791		$	48,411,814
Undistributed (accumulated) net investment income (loss) included in net assets at end of year	$	3,864		$	3,462
Distributions in excess of net investment income included in net assets at end of year	$	-		$	-

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

256

MassMutual Select Focused Value Fund						MassMutual Select Mid-Cap Value Fund						MassMutual Select Small Cap Value Equity Fund
Year Ended December 31, 2010			Year Ended December 31, 2009			Year Ended December 31, 2010			Year Ended December 31, 2009			Year Ended December 31, 2010			Year Ended December 31, 2009
$	2,535,032		$	3,182,999		$	1,553,879		$	1,101,605		$	500,788		$	802,866
	60,824,925			(61,590,804	)		16,736,608			(35,370,572	)		6,686,949			(28,970,358	)
	47,595,902			285,099,937			8,184,000			61,037,997			14,640,844			44,732,783
	110,955,859			226,692,132			26,474,487			26,769,030			21,828,581			16,565,291
	(533,664	)		-			(40,096	)		(36,498	)		(12,182	)		(37,442	)
	(447,614	)		-			(420,368	)		(275,609	)		(79,629	)		(175,010	)
	(408,713	)		-			(12,268	)		(2,976	)		(22,330	)		(36,716	)
	(1,826,976	)		-			(1,121,561	)		(672,224	)		(427,443	)		(560,977	)
	-			-			(362	)		(155	)		(2	)		-
	(3,216,967	)		-			(1,594,655	)		(987,462	)		(541,586	)		(810,145	)
	(20,413,988	)		(7,752,853	)		(1,594,656	)		458,459			(1,838,365	)		(1,277,489	)
	(26,139,153	)		(11,641,213	)		(2,815,411	)		(3,464,214	)		(8,938,608	)		(4,165,855	)
	(5,380,544	)		(18,109,875	)		444,550			(1,628,853	)		(806,206	)		(938,763	)
	(2,613,634	)		24,065,826			4,877,630			(5,937,886	)		(7,019,207	)		(3,338,190	)
	(1,143,746	)		62,249			7,280			4,919			785			(201,896	)
	100,100			-			-			-			-			-
	(55,590,965	)		(13,375,866	)		919,393			(10,567,575	)		(18,601,601	)		(9,922,193	)
	52,147,927			213,316,266			25,799,225			15,213,993			2,685,394			5,832,953
	590,381,792			377,065,526			115,208,373			99,994,380			99,369,410			93,536,457
$	642,529,719		$	590,381,792		$	141,007,598		$	115,208,373		$	102,054,804		$	99,369,410
$	2,426,392		$	3,109,455		$	-		$	101,822		$	-		$	6,758
$	-		$	-		$	(20,359	)	$	-		$	(16,598	)	$	-

257

MassMutual Select Funds – Financial Statements (Continued)

Statements of Changes in Net Assets

	MassMutual Select Small Company Value Fund
	Year Ended December 31, 2010			Year Ended December 31, 2009
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	1,786,488		$	2,001,931
Net realized gain (loss) on investment transactions		24,420,431			(28,749,396	)
Net change in unrealized appreciation (depreciation) on investments		75,654,097			126,796,920
Net increase (decrease) in net assets resulting from operations		101,861,016			100,049,455
Distributions to shareholders (Note 2):
From net investment income:
Class A		(407,093	)		(268,904	)
Class L		(283,149	)		(261,165	)
Class Y		(427,264	)		(465,514	)
Class S		(2,189,361	)		(1,491,055	)
Class N		(377	)		(844	)
Class Z		(883	)		-
Total distributions from net investment income		(3,308,127	)		(2,487,482	)
From net realized gains:
Class A		-			-
Class L		-			-
Class Y		-			-
Class S		-			-
Class N		-			-
Class Z		-			-
Total distributions from net realized gains		-			-
Net fund share transactions (Note 5):
Class A		5,534,381			(11,700,254	)
Class L		(10,467,053	)		(5,354,358	)
Class Y		(24,114,814	)		(10,840,362	)
Class S		21,495,362			(4,803,780	)
Class N		(991,356	)		111,898
Class Z		100,101			-
Increase (decrease) in net assets from fund share transactions		(8,443,379	)		(32,586,856	)
Total increase (decrease) in net assets		90,109,510			64,975,117
Net assets
Beginning of year		456,950,835			391,975,718
End of year	$	547,060,345		$	456,950,835
Undistributed (accumulated) net investment income (loss) included in net assets at end of year	$	-		$	919,882
Distributions in excess of net investment income included in net assets at end of year	$	(642,356	)	$	-

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

258

MassMutual Select Mid Cap Growth Equity Fund						MassMutual Select Mid Cap Growth Equity II Fund						MassMutual Select Small Cap Growth Equity Fund
Year Ended December 31, 2010			Year Ended December 31, 2009			Year Ended December 31, 2010			Year Ended December 31, 2009			Year Ended December 31, 2010			Year Ended December 31, 2009
$	(261,908	)	$	(222,083	)	$	(6,278,382	)	$	(4,569,857	)	$	(3,569,627	)	$	(2,682,800	)
	14,230,684			(9,132,373	)		107,321,094			(110,189,939	)		76,727,056			(11,551,177	)
	507,144			32,806,849			231,194,153			476,467,866			72,499,099			152,861,131
	14,475,920			23,452,393			332,236,865			361,708,070			145,656,528			138,627,154
	-			-			-			-			-			-
	-			-			-			-			-			-
	-			-			-			-			-			-
	-			-			-			(18,023	)		-			-
	-			-			-			-			-			-
	-			-			-			-			-			-
	-			-			-			(18,023	)		-			-
	-			-			-			-			(818,370	)		-
	-			-			-			-			(529,753	)		-
	-			-			-			-			(698,464	)		-
	-			-			-			-			(4,770,852	)		-
	-			-			-			-			(4,165	)		-
	-			-			-			-			(893	)		-
	-			-			-			-			(6,822,497	)		-
	(4,531,074	)		(1,347,124	)		(7,177,495	)		3,755,153			222,564			(6,458,547	)
	(1,704,817	)		(5,272,460	)		(10,418,766	)		(7,047,734	)		(9,609,360	)		(19,012,404	)
	(27,473	)		(2,706,795	)		1,155,788			9,630,336			(20,277,882	)		(5,968,953	)
	(17,997,421	)		(10,639,640	)		63,360,626			32,722,250			217,526,492			9,804,232
	(95,248	)		(3,113	)		(193,827	)		281,519			(131,731	)		53,328
	-			-			100,100			-			100,101			-
	(24,356,033	)		(19,969,132	)		46,826,426			39,341,524			187,830,184			(21,582,344	)
	(9,880,113	)		3,483,261			379,063,291			401,031,571			326,664,215			117,044,810
	76,177,027			72,693,766			1,199,324,516			798,292,945			485,628,490			368,583,680
$	66,296,914		$	76,177,027		$	1,578,387,807		$	1,199,324,516		$	812,292,705		$	485,628,490
$	(30,465	)	$	(20,086	)	$	(2,583,181	)	$	(1,409,191	)	$	(122,676	)	$	(102,542	)
$	-		$	-		$	-		$	-		$	-		$	-

259

MassMutual Select Funds – Financial Statements (Continued)

Statements of Changes in Net Assets

	MassMutual Select Small Company Growth Fund
	Year Ended December 31, 2010			Year Ended December 31, 2009
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	(424,405	)	$	(233,123	)
Net realized gain (loss) on investment transactions		8,130,953			(4,166,859	)
Net change in unrealized appreciation (depreciation) on investments		8,202,776			18,820,624
Net increase (decrease) in net assets resulting from operations		15,909,324			14,420,642
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		-			-
Net fund share transactions (Note 5):
Class A		(3,575,503	)		(3,229,635	)
Class L		2,657,883			(1,207,316	)
Class Y		(2,476,635	)		(8,906,193	)
Class S		1,616,328			(4,753,070	)
Class N		34,320			(32,088	)
Class Z		-			-
Increase (decrease) in net assets from fund share transactions		(1,743,607	)		(18,128,302	)
Total increase (decrease) in net assets		14,165,717			(3,707,660	)
Net assets
Beginning of year		49,675,425			53,383,085
End of year	$	63,841,142		$	49,675,425
Undistributed (accumulated) net investment income (loss) included in net assets at end of year	$	(17,705	)	$	(15,975	)
Distributions in excess of net investment income included in net assets at end of year	$	-		$	-

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

260

MassMutual Select Diversified International Fund						MassMutual Select Overseas Fund
Year Ended December 31, 2010			Year Ended December 31, 2009			Year Ended December 31, 2010			Year Ended December 31, 2009
$	1,992,817		$	2,976,389		$	5,872,435		$	6,572,511
	1,246,091			(52,976,516	)		12,170,839			(96,072,772	)
	4,498,203			106,295,828			39,340,394			263,135,031
	7,737,111			56,295,701			57,383,668			173,634,770
	(34,777	)		-			(635,208	)		-
	(974,079	)		(256,951	)		(1,970,244	)		-
	(227,471	)		(59,989	)		(1,300,895	)		-
	(3,194,917	)		(874,242	)		(3,676,942	)		-
	(1,801	)		(255	)		-			-
	(4,433,045	)		(1,191,437	)		(7,583,289	)		-
	(442,174	)		(55,006,793	)		(9,526,008	)		(2,983,906	)
	(249,076	)		(1,704,802	)		(15,346,826	)		(46,669,247	)
	294,028			(646,657	)		(23,218,194	)		343,818
	7,259,667			5,874,834			(3,780,126	)		(27,610,170	)
	(1,130	)		580			(755,384	)		(225,161	)
	-			-			100,100			-
	6,861,315			(51,482,838	)		(52,526,438	)		(77,144,666	)
	10,165,381			3,621,426			(2,726,059	)		96,490,104
	134,637,538			131,016,112			571,371,563			474,881,459
$	144,802,919		$	134,637,538		$	568,645,504		$	571,371,563
$	-		$	-		$	8,511,920		$	6,639,437
$	(930,296	)	$	(380,814	)	$	-		$	-

261

MassMutual Select Funds – Financial Statements (Continued)

Statements of Changes in Net Assets

	MassMutual Select Destination Retirement Income Fund
	Year Ended December 31, 2010			Year Ended December 31, 2009
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	2,261,441		$	2,350,397
Net realized gain (loss) on investment transactions		4,883,343			(36,253,679	)
Net change in unrealized appreciation (depreciation) on investments		2,886,643			52,519,022
Net increase (decrease) in net assets resulting from operations		10,031,427			18,615,740
Distributions to shareholders (Note 2):
From net investment income:
Class A		(816,134	)		-
Class L		(967,462	)		-
Class Y		(472,100	)		-
Class S		(494,115	)		-
Class N		(2,226	)		-
Total distributions from net investment income		(2,752,037	)		-
From net realized gains:
Class A		-			-
Class L		-			-
Class Y		-			-
Class S		-			-
Total distributions from net realized gains		-			-
Net fund share transactions (Note 5):
Class A		(1,362,043	)		(15,292,117	)
Class L		(3,303,097	)		(24,894,338	)
Class Y		(481,104	)		(42,322,605	)
Class S		(2,577,218	)		(4,108,316	)
Class N		(7,588	)		(1,607	)
Increase (decrease) in net assets from fund share transactions		(7,731,050	)		(86,618,983	)
Total increase (decrease) in net assets		(451,660	)		(68,003,243	)
Net assets
Beginning of year		105,917,927			173,921,170
End of year	$	105,466,267		$	105,917,927
Undistributed (accumulated) net investment income (loss) included in net assets at end of year	$	2,600,673		$	2,756,683

* Fund commenced operations on April 1, 2010.

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

262

MassMutual Select Destination Retirement 2010 Fund						MassMutual Select Destination Retirement 2015 Fund			MassMutual Select Destination Retirement 2020 Fund
Year Ended December 31, 2010			Year Ended December 31, 2009			Period Ended December 31, 2010*			Year Ended December 31, 2010			Year Ended December 31, 2009
$	1,966,149		$	2,126,861		$	22,430		$	5,388,528		$	4,060,807
	3,468,064			(37,966,154	)		12,336			(15,557,289	)		(98,779,459	)
	7,077,446			61,995,247			71,653			57,131,186			187,315,955
	12,511,659			26,155,954			106,419			46,962,425			92,597,303
	(658,517	)		-			(5,450	)		(1,302,287	)		-
	(291,793	)		-			(2,057	)		(1,698,876	)		-
	(573,167	)		-			(2,770	)		(1,027,178	)		-
	(1,167,060	)		-			(15,020	)		(2,018,294	)		-
	(7,683	)		-			-			(6,443	)		-
	(2,698,220	)		-			(25,297	)		(6,053,078	)		-
	-			-			(254	)		-			-
	-			-			(93	)		-			-
	-			-			(120	)		-			-
	-			-			(645	)		-			-
	-			-			(1,112	)		-			-
	(6,241,649	)		(10,360,997	)		287,131			(10,293,218	)		(16,872,431	)
	(1,737,480	)		(25,585,386	)		103,439			(17,049,686	)		(53,600,782	)
	(1,605,809	)		(18,739,685	)		136,350			(3,351,807	)		(30,201,261	)
	(14,036,845	)		3,091,545			715,765			(7,430,243	)		12,214,345
	(86,096	)		(63,970	)		-			(37,244	)		(26,791	)
	(23,707,879	)		(51,658,493	)		1,242,685			(38,162,198	)		(88,486,920	)
	(13,894,440	)		(25,502,539	)		1,322,695			2,747,149			4,110,383
	120,889,484			146,392,023			-			373,580,404			369,470,021
$	106,995,044		$	120,889,484		$	1,322,695		$	376,327,553		$	373,580,404
$	2,328,900		$	2,692,349		$	682		$	6,186,849		$	6,035,477

263

MassMutual Select Funds – Financial Statements (Continued)

Statements of Changes in Net Assets

	MassMutual Select Destination Retirement 2025 Fund
	Period Ended December 31, 2010*
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	17,351
Net realized gain (loss) on investment transactions		9,191
Net change in unrealized appreciation (depreciation) on investments		82,183
Net increase (decrease) in net assets resulting from operations		108,725
Distributions to shareholders (Note 2):
From net investment income:
Class A		(3,549	)
Class L		(1,633	)
Class Y		(1,706	)
Class S		(12,191	)
Class N		-
Total distributions from net investment income		(19,079	)
Net fund share transactions (Note 5):
Class A		235,831
Class L		101,898
Class Y		101,806
Class S		712,291
Class N		-
Increase (decrease) in net assets from fund share transactions		1,151,826
Total increase (decrease) in net assets		1,241,472
Net assets
Beginning of year		-
End of year	$	1,241,472
Undistributed (accumulated) net investment income (loss) included in net assets at end of year	$	691

* Fund commenced operations on April 1, 2010.

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

264

MassMutual Select Destination Retirement 2030 Fund						MassMutual Select Destination Retirement 2035 Fund			MassMutual Select Destination Retirement 2040 Fund
Year Ended December 31, 2010			Year Ended December 31, 2009			Period Ended December 31, 2010*			Year Ended December 31, 2010			Year Ended December 31, 2009
$	3,430,269		$	2,036,639		$	14,289		$	1,803,398		$	929,478
	(18,358,397	)		(86,830,396	)		7,924			(8,254,232	)		(53,915,310	)
	54,803,754			163,650,220			85,235			30,926,074			102,327,051
	39,875,626			78,856,463			107,448			24,475,240			49,341,219
	(754,308	)		-			(1,690	)		(364,298	)		-
	(1,059,854	)		-			(1,461	)		(527,823	)		-
	(681,875	)		-			(1,517	)		(257,023	)		-
	(1,287,892	)		-			(10,869	)		(708,747	)		-
	(2,895	)		-			-			(1,721	)		-
	(3,786,824	)		-			(15,537	)		(1,859,612	)		-
	(6,518,808	)		(19,397,389	)		134,441			(2,001,283	)		(6,350,047	)
	(19,246,964	)		(41,947,654	)		102,832			(10,993,955	)		(29,099,257	)
	(4,446,442	)		(14,050,055	)		101,672			(1,294,305	)		(14,379,222	)
	190,997			16,924,479			710,969			3,945,165			11,125,964
	(51,273	)		77,828			-			(6,636	)		64,032
	(30,072,490	)		(58,392,791	)		1,049,914			(10,351,014	)		(38,638,530	)
	6,016,312			20,463,672			1,141,825			12,264,614			10,702,689
	294,825,692			274,362,020			-			172,027,429			161,324,740
$	300,842,004		$	294,825,692		$	1,141,825		$	184,292,043		$	172,027,429
$	3,863,504		$	3,775,324		$	688		$	2,064,497		$	1,851,759

265

MassMutual Select Funds – Financial Statements (Continued)

Statements of Changes in Net Assets

	MassMutual Select Destination Retirement 2045 Fund
	Period Ended December 31, 2010*
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	12,489
Net realized gain (loss) on investment transactions		6,299
Net change in unrealized appreciation (depreciation) on investments		92,106
Net increase (decrease) in net assets resulting from operations		110,894
Distributions to shareholders (Note 2):
From net investment income:
Class A		(1,346	)
Class L		(1,222	)
Class Y		(1,297	)
Class S		(9,330	)
Class N		-
Total distributions from net investment income		(13,195	)
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		127,907
Class L		101,322
Class Y		101,397
Class S		709,430
Class N		-
Increase (decrease) in net assets from fund share transactions		1,040,056
Total increase (decrease) in net assets		1,137,755
Net assets
Beginning of year		-
End of year	$	1,137,755
Undistributed (accumulated) net investment income (loss) included in net assets at end of year	$	726
Distributions in excess of net investment income included in net assets at end of year	$	-

* Fund commenced operations on April 1, 2010.

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

266

MassMutual Select Destination Retirement 2050 Fund
Year Ended December 31, 2010			Year Ended December 31, 2009
$	244,050		$	105,485
	1,460,746			(3,081,429	)
	1,470,411			7,362,716
	3,175,207			4,386,772
	(23,790	)		(12,307	)
	(18,739	)		(11,580	)
	(51,244	)		(32,114	)
	(164,298	)		(128,712	)
	(465	)		(454	)
	(258,536	)		(185,167	)
	(44,530	)		-
	(29,199	)		-
	(74,281	)		-
	(230,303	)		-
	(1,468	)		-
	(379,781	)		-
	1,111,958			457,656
	391,293			606,676
	1,314,020			792,465
	1,909,493			1,716,499
	1,933			454
	4,728,697			3,573,750
	7,265,587			7,775,355
	17,353,754			9,578,399
$	24,619,341		$	17,353,754
$	13,024		$	-
$	-		$	(804	)

267

MassMutual Select PIMCO Total Return Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class A			Class L			Class Y			Class S			Class N			Class Z
	Period Ended 12/31/10 +			Period Ended 12/31/10 +			Period Ended 12/31/10 +			Period Ended 12/31/10 +			Period Ended 12/31/10 +			Period Ended 12/31/10 +
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) ***		0.12			0.13			0.13			0.14			0.11			0.16
Net realized and unrealized gain (loss) on investments		0.16			0.15			0.16			0.14			0.15			0.15
Total income (loss) from investment operations		0.28			0.28			0.29			0.28			0.26			0.31
Less distributions to shareholders:
From net investment income		(0.11	)		(0.13	)		(0.12	)		(0.13	)		(0.10	)		(0.14	)
From net realized gains		(0.08	)		(0.08	)		(0.08	)		(0.08	)		(0.08	)		(0.08	)
Total distributions		(0.19	)		(0.21	)		(0.20	)		(0.21	)		(0.18	)		(0.22	)
Net asset value, end of period	$	10.09		$	10.07		$	10.09		$	10.07		$	10.08		$	10.09
Total Return ^		2.89%	**^^		2.81%	**		2.98%	**		2.88%	**		2.70%	**^^		3.13%	**
Ratios / Supplemental Data:
Net assets, end of period (000’s)	$	708,198		$	27,909		$	516,171		$	29,273		$	9,825		$	3,658
Ratio of expenses to average daily net assets		0.87%	*		0.77%	*		0.69%	*		0.57%	*		1.12%	*		0.42%	*
Net investment income (loss) to average daily net assets		2.34%	*		2.57%	*		2.51%	*		2.77%	*		2.12%	*		3.15%	*
Portfolio turnover rate		299%	**		299%	**		299%	**		299%	**		299%	**		299%	**

* Annualized.

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

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

+ For the period July 6, 2010 (commencement of operations) through December 31, 2010.

^ 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, if any, and would be lower for the period presented if it reflected these charges.

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

268

MassMutual Select Strategic Bond Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class A
	Year Ended 12/31/10			Year Ended 12/31/09			Year Ended 12/31/08			Year Ended 12/31/07			Year Ended 12/31/06
Net asset value, beginning of year	$	9.14		$	8.37		$	10.00		$	9.99		$	9.97
Income (loss) from investment operations:
Net investment income (loss) ***		0.36			0.45			0.51			0.46			0.43
Net realized and unrealized gain (loss) on investments		0.54			1.09			(1.39	)		(0.08	)		(0.03	)
Total income (loss) from investment operations		0.90			1.54			(0.88	)		0.38			0.40
Less distributions to shareholders:
From net investment income		(0.48	)		(0.77	)		(0.49	)		(0.37	)		(0.38	)
From net realized gains		-			-			(0.26	)		-			-
Total distributions		(0.48	)		(0.77	)		(0.75	)		(0.37	)		(0.38	)
Net asset value, end of year	$	9.56		$	9.14		$	8.37		$	10.00		$	9.99
Total Return ^,^^		10.00%			18.39%			(8.60%	)		3.95%			3.99%
Ratios / Supplemental Data:
Net assets, end of year (000’s)	$	54,043		$	62,233		$	67,723		$	82,172		$	39,420
Ratio of expenses to average daily net assets:
Before expense waiver		1.11%			1.11%			1.10%			1.09%			1.11%
After expense waiver		N/A			N/A			1.07%	#		1.00%	#		0.96%	#
Net investment income (loss) to average daily net assets		3.68%			5.02%			5.25%			4.59%			4.28%
Portfolio turnover rate		267%			66%			74%			248%			162%
	Class L
	Year Ended 12/31/10			Year Ended 12/31/09			Year Ended 12/31/08			Year Ended 12/31/07			Year Ended 12/31/06
Net asset value, beginning of year	$	9.16		$	8.39		$	10.03		$	10.01		$	9.98
Income (loss) from investment operations:
Net investment income (loss) ***		0.38			0.47			0.55			0.49			0.46
Net realized and unrealized gain (loss) on investments		0.55			1.10			(1.41	)		(0.08	)		(0.03	)
Total income (loss) from investment operations		0.93			1.57			(0.86	)		0.41			0.43
Less distributions to shareholders:
From net investment income		(0.51	)		(0.80	)		(0.52	)		(0.39	)		(0.40	)
From net realized gains		-			-			(0.26	)		-			-
Total distributions		(0.51	)		(0.80	)		(0.78	)		(0.39	)		(0.40	)
Net asset value, end of year	$	9.58		$	9.16		$	8.39		$	10.03		$	10.01
Total Return ^		10.34%			18.70%			(8.42%	)		4.23%			4.31%
Ratios / Supplemental Data:
Net assets, end of year (000’s)	$	41,764		$	36,382		$	20,994		$	29,782		$	17,942
Ratio of expenses to average daily net assets:
Before expense waiver		0.86%			0.86%			0.85%			0.84%			0.86%
After expense waiver		N/A			N/A			0.82%	#		0.75%	#		0.71%	#
Net investment income (loss) to average daily net assets		3.88%			5.06%			5.68%			4.83%			4.53%
Portfolio turnover rate		267%			66%			74%			248%			162%

*** 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, if any, and would be lower for the period presented if it reflected these charges.

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

269

MassMutual Select Strategic Bond Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class Y
	Year Ended 12/31/10			Year Ended 12/31/09			Year Ended 12/31/08			Year Ended 12/31/07			Year Ended 12/31/06
Net asset value, beginning of year	$	9.18		$	8.40		$	10.04		$	10.02		$	9.98
Income (loss) from investment operations:
Net investment income (loss) ***		0.40			0.49			0.56			0.49			0.46
Net realized and unrealized gain (loss) on investments		0.54			1.10			(1.41	)		(0.08	)		(0.03	)
Total income (loss) from investment operations		0.94			1.59			(0.85	)		0.41			0.43
Less distributions to shareholders:
From net investment income		(0.51	)		(0.81	)		(0.53	)		(0.39	)		(0.39	)
From net realized gains		-			-			(0.26	)		-			-
Total distributions		(0.51	)		(0.81	)		(0.79	)		(0.39	)		(0.39	)
Net asset value, end of year	$	9.61		$	9.18		$	8.40		$	10.04		$	10.02
Total Return ^		10.46%			18.90%			(8.30%	)		4.26%			4.38%
Ratios / Supplemental Data:
Net assets, end of year (000’s)	$	28,610		$	56,838		$	63,385		$	150,260		$	109,603
Ratio of expenses to average daily net assets		0.71%			0.71%			0.70%			0.69%			0.70%
Net investment income (loss) to average daily net assets		4.12%			5.41%			5.73%			4.87%			4.53%
Portfolio turnover rate		267%			66%			74%			248%			162%
	Class S
	Year Ended 12/31/10			Year Ended 12/31/09			Year Ended 12/31/08			Year Ended 12/31/07			Year Ended 12/31/06
Net asset value, beginning of year	$	9.18		$	8.40		$	10.04		$	10.02		$	9.99
Income (loss) from investment operations:
Net investment income (loss) ***		0.40			0.50			0.56			0.50			0.46
Net realized and unrealized gain (loss) on investments		0.55			1.09			(1.40	)		(0.08	)		(0.03	)
Total income (loss) from investment operations		0.95			1.59			(0.84	)		0.42			0.43
Less distributions to shareholders:
From net investment income		(0.53	)		(0.81	)		(0.54	)		(0.40	)		(0.40	)
From net realized gains		-			-			(0.26	)		-			-
Total distributions		(0.53	)		(0.81	)		(0.80	)		(0.40	)		(0.40	)
Net asset value, end of year	$	9.60		$	9.18		$	8.40		$	10.04		$	10.02
Total Return ^		10.51%			18.95%			(8.19%	)		4.32%			4.31%
Ratios / Supplemental Data:
Net assets, end of year (000’s)	$	48,222		$	49,528		$	53,079		$	104,158		$	71,375
Ratio of expenses to average daily net assets		0.66%			0.66%			0.65%			0.64%			0.65%
Net investment income (loss) to average daily net assets		4.10%			5.54%			5.78%			4.93%			4.56%
Portfolio turnover rate		267%			66%			74%			248%			162%

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

^ 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.

270

MassMutual Select Strategic Bond Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class N
	Year Ended 12/31/10			Year Ended 12/31/09			Year Ended 12/31/08			Year Ended 12/31/07			Year Ended 12/31/06
Net asset value, beginning of year	$	9.14		$	8.37		$	9.96		$	9.96		$	9.96
Income (loss) from investment operations:
Net investment income (loss) ***		0.32			0.42			0.46			0.43			0.40
Net realized and unrealized gain (loss) on investments		0.55			1.09			(1.37	)		(0.08	)		(0.03	)
Total income (loss) from investment operations		0.87			1.51			(0.91	)		0.35			0.37
Less distributions to shareholders:
From net investment income		(0.46	)		(0.74	)		(0.42	)		(0.35	)		(0.37	)
From net realized gains		-			-			(0.26	)		-			-
Total distributions		(0.46	)		(0.74	)		(0.68	)		(0.35	)		(0.37	)
Net asset value, end of year	$	9.55		$	9.14		$	8.37		$	9.96		$	9.96
Total Return ^,^^		9.70%			17.95%			(8.86%	)		3.62%			3.73%
Ratios / Supplemental Data:
Net assets, end of year (000’s)	$	963		$	820		$	758		$	3,560		$	2,040
Ratio of expenses to average daily net assets:
Before expense waiver		1.41%			1.41%			1.40%			1.39%			1.41%
After expense waiver		N/A			N/A			1.35%	#		1.30%	#		1.26%	#
Net investment income (loss) to average daily net assets		3.33%			4.70%			4.72%			4.28%			3.99%
Portfolio turnover rate		267%			66%			74%			248%			162%

*** 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, if any, and would be lower for the period presented if it reflected these charges.

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

271

MassMutual Select Strategic Balanced Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

							Class A
	Year Ended 12/31/10			Year Ended 12/31/09			Year Ended 12/31/08			Year Ended 12/31/07			Year Ended 12/31/06
Net asset value, beginning of year	$	9.41		$	7.46		$	10.86		$	11.42		$	10.56
Income (loss) from investment operations:
Net investment income (loss) ***		0.17			0.20			0.27			0.26			0.24
Net realized and unrealized gain (loss) on investments		0.91			1.95			(3.15	)		(0.01	)		0.97
Total income (loss) from investment operations		1.08			2.15			(2.88	)		0.25			1.21
Less distributions to shareholders:
From net investment income		(0.14	)		(0.20	)		(0.48	)		(0.25	)		(0.24	)
From net realized gains		-			-			(0.04	)		(0.56	)		(0.11	)
Tax return of capital		-			-			(0.00	) †		-			-
Total distributions		(0.14	)		(0.20	)		(0.52	)		(0.81	)		(0.35	)
Net asset value, end of year	$	10.35		$	9.41		$	7.46		$	10.86		$	11.42
Total Return ^,^^		11.78%			28.52%			(26.48%	)		2.20%			11.54%
Ratios / Supplemental Data:
Net assets, end of year (000’s)	$	7,732		$	8,924		$	13,400		$	27,308		$	32,130
Ratio of expenses to average daily net assets:
Before expense waiver		1.41%			1.36%			1.28%			1.24%			1.23%
After expense waiver		N/A			N/A			N/A			1.24%	##		1.21%	#
Net investment income (loss) to average daily net assets		1.75%			2.50%			2.70%			2.25%			2.16%
Portfolio turnover rate		281%			89%			111%			113%			85%
							Class L
	Year Ended 12/31/10			Year Ended 12/31/09			Year Ended 12/31/08			Year Ended 12/31/07			Year Ended 12/31/06
Net asset value, beginning of year	$	9.40		$	7.47		$	10.88		$	11.45		$	10.58
Income (loss) from investment operations:
Net investment income (loss) ***		0.19			0.22			0.31			0.29			0.26
Net realized and unrealized gain (loss) on investments		0.92			1.94			(3.17	)		(0.02	)		0.98
Total income (loss) from investment operations		1.11			2.16			(2.86	)		0.27			1.24
Less distributions to shareholders:
From net investment income		(0.17	)		(0.23	)		(0.51	)		(0.28	)		(0.26	)
From net realized gains		-			-			(0.04	)		(0.56	)		(0.11	)
Tax return of capital		-			-			(0.00	) †		-			-
Total distributions		(0.17	)		(0.23	)		(0.55	)		(0.84	)		(0.37	)
Net asset value, end of year	$	10.34		$	9.40		$	7.47		$	10.88		$	11.45
Total Return ^		11.97%			28.77%			(26.17%	)		2.42%			11.73%
Ratios / Supplemental Data:
Net assets, end of year (000’s)	$	35,220		$	37,320		$	41,913		$	78,846		$	94,872
Ratio of expenses to average daily net assets:
Before expense waiver		1.16%			1.11%			1.03%			0.99%			0.98%
After expense waiver		N/A			N/A			N/A			0.99%	##		0.96%	#
Net investment income (loss) to average daily net assets		1.99%			2.71%			3.19%			2.50%			2.39%
Portfolio turnover rate		281%			89%			111%			113%			85%

*** 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.

## 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, if any, and would be lower for the period presented if it reflected these charges.

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

272

MassMutual Select Strategic Balanced Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class Y
	Year Ended 12/31/10			Year Ended 12/31/09			Year Ended 12/31/08			Year Ended 12/31/07			Year Ended 12/31/06
Net asset value, beginning of year	$	9.39		$	7.46		$	10.86		$	11.45		$	10.58
Income (loss) from investment operations:
Net investment income (loss) ***		0.21			0.24			0.33			0.31			0.28
Net realized and unrealized gain (loss) on investments		0.91			1.93			(3.17	)		(0.02	)		0.98
Total income (loss) from investment operations		1.12			2.17			(2.84	)		0.29			1.26
Less distributions to shareholders:
From net investment income		(0.18	)		(0.24	)		(0.52	)		(0.32	)		(0.28	)
From net realized gains		-			-			(0.04	)		(0.56	)		(0.11	)
Tax return of capital		-			-			(0.00	) †		-			-
Total distributions		(0.18	)		(0.24	)		(0.56	)		(0.88	)		(0.39	)
Net asset value, end of year	$	10.33		$	9.39		$	7.46		$	10.86		$	11.45
Total Return ^		12.09%			29.15%			(26.19%	)		2.68%			11.90%
Ratios / Supplemental Data:
Net assets, end of year (000’s)	$	18,362		$	25,323		$	28,906		$	78,883		$	95,028
Ratio of expenses to average daily net assets:
Before expense waiver		1.01%			0.96%			0.88%			0.84%			0.83%
After expense waiver		N/A			N/A			N/A			0.84%	##		0.81%	#
Net investment income (loss) to average daily net assets		2.15%			2.90%			3.29%			2.64%			2.54%
Portfolio turnover rate		281%			89%			111%			113%			85%
	Class S
	Year Ended 12/31/10			Year Ended 12/31/09			Year Ended 12/31/08			Year Ended 12/31/07			Year Ended 12/31/06
Net asset value, beginning of year	$	9.35		$	7.44		$	10.85		$	11.45		$	10.58
Income (loss) from investment operations:
Net investment income (loss) ***		0.20			0.24			0.33			0.32			0.29
Net realized and unrealized gain (loss) on investments		0.93			1.92			(3.16	)		(0.02	)		0.98
Total income (loss) from investment operations		1.13			2.16			(2.83	)		0.30			1.27
Less distributions to shareholders:
From net investment income		(0.19	)		(0.25	)		(0.53	)		(0.34	)		(0.29	)
From net realized gains		-			-			(0.04	)		(0.56	)		(0.11	)
Tax return of capital		-			-			(0.01	)		-			-
Total distributions		(0.19	)		(0.25	)		(0.58	)		(0.90	)		(0.40	)
Net asset value, end of year	$	10.29		$	9.35		$	7.44		$	10.85		$	11.45
Total Return ^		12.13%			29.20%			(26.12%	)		2.69%			11.97%
Ratios / Supplemental Data:
Net assets, end of year (000’s)	$	4,182		$	4,309		$	11,176		$	29,026		$	23,044
Ratio of expenses to average daily net assets:
Before expense waiver		0.96%			0.91%			0.83%			0.79%			0.78%
After expense waiver		N/A			N/A			N/A			0.79%	##		0.76%	#
Net investment income (loss) to average daily net assets		2.06%			2.84%			3.35%			2.74%			2.60%
Portfolio turnover rate		281%			89%			111%			113%			85%

*** 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.

## 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.

273

MassMutual Select Strategic Balanced Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class N
	Year Ended 12/31/10			Year Ended 12/31/09			Year Ended 12/31/08			Year Ended 12/31/07			Year Ended 12/31/06
Net asset value, beginning of year	$	9.36		$	7.45		$	10.82		$	11.41		$	10.56
Income (loss) from investment operations:
Net investment income (loss) ***		0.14			0.18			0.23			0.23			0.20
Net realized and unrealized gain (loss) on investments		0.91			1.92			(3.11	)		(0.02	)		0.97
Total income (loss) from investment operations		1.05			2.10			(2.88	)		0.21			1.17
Less distributions to shareholders:
From net investment income		(0.12	)		(0.19	)		(0.45	)		(0.24	)		(0.21	)
From net realized gains		-			-			(0.04	)		(0.56	)		(0.11	)
Tax return of capital		-			-			(0.00	) †		-			-
Total distributions		(0.12	)		(0.19	)		(0.49	)		(0.80	)		(0.32	)
Net asset value, end of year	$	10.29		$	9.36		$	7.45		$	10.82		$	11.41
Total Return ^,^^		11.33%			28.15%			(26.67%	)		1.87%			11.21%
Ratios / Supplemental Data:
Net assets, end of year (000’s)	$	474		$	522		$	424		$	894		$	572
Ratio of expenses to average daily net assets:
Before expense waiver		1.71%			1.66%			1.58%			1.54%			1.53%
After expense waiver		N/A			N/A			N/A			1.54%	##		1.51%	#
Net investment income (loss) to average daily net assets		1.44%			2.15%			2.37%			1.99%			1.83%
Portfolio turnover rate		281%			89%			111%			113%			85%

*** 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.

## 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, if any, and would be lower for the period presented if it reflected these charges.

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

274

MassMutual Select Global Allocation Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class A
	Year Ended 12/31/10			Period Ended 12/31/09 +
Net asset value, beginning of period	$	9.90		$	10.00
Income (loss) from investment operations:
Net investment income (loss) ***		0.11			0.00	†
Net realized and unrealized gain (loss) on investments		0.84			(0.10	)
Total income (loss) from investment operations		0.95			(0.10	)
Less distributions to shareholders:
From net investment income		(0.08	)		-
Total distributions		(0.08	)		-
Net asset value, end of period	$	10.77		$	9.90
Total Return ^,^^		9.46%			(1.00%	) **
Ratios / Supplemental Data:
Net assets, end of period (000’s)	$	2,432		$	99
Ratio of expenses to average daily net assets:
Before expense waiver ‡‡		1.45%			1.83%	*
After expense waiver ‡‡		1.36%	#		1.36%	*#
Short sale dividend and loan expense to average daily net assets ‡‡‡		0.00%	††		N/A
Ratio of expenses to average daily net assets:
Before expense waiver ##		1.45%			N/A
After expense waiver ##		1.36%	#		N/A
Net investment income (loss) to average daily net assets		1.10%			0.08%	*
Portfolio turnover rate		46%			21%	**!
	Class L
	Year Ended 12/31/10			Period Ended 12/31/09 +
Net asset value, beginning of period	$	9.90		$	10.00
Income (loss) from investment operations:
Net investment income (loss) ***		0.13			0.01
Net realized and unrealized gain (loss) on investments		0.83			(0.11	)
Total income (loss) from investment operations		0.96			(0.10	)
Less distributions to shareholders:
From net investment income		(0.07	)		-
Tax return of capital		-			(0.00	) †
Total distributions		(0.07	)		(0.00	) †
Net asset value, end of period	$	10.79		$	9.90
Total Return ^		9.66%			(0.98%	) **
Ratios / Supplemental Data:
Net assets, end of period (000’s)	$	10,852		$	9,702
Ratio of expenses to average daily net assets:
Before expense waiver ‡‡		1.20%			1.58%	*
After expense waiver ‡‡		1.11%	#		1.11%	*#
Short sale dividend and loan expense to average daily net assets ‡‡‡		0.00%	††		N/A
Ratio of expenses to average daily net assets:
Before expense waiver ##		1.20%			N/A
After expense waiver ##		1.11%	#		N/A
Net investment income (loss) to average daily net assets		1.29%			0.64%	*
Portfolio turnover rate		46%			21%	**!

* 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 December 1, 2009 (commencement of operations) through December 31, 2009.

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

## Includes short sale dividend and loan expense.

^ 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, if any, and would be lower for the period presented if it reflected these charges.

! Portfolio turnover excludes securities received from subscriptions in-kind. Amount would be 3% including securities received from subscriptions in-kind.

‡‡ Excludes short sale dividend and loan expense.

‡‡‡ Short sale dividend and loan expense incurred as a result of entering into short sales is included in the Fund’s net expenses in the Statement of Operations.

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

275

MassMutual Select Global Allocation Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class Y
	Year Ended 12/31/10			Period Ended 12/31/09 +
Net asset value, beginning of period	$	9.90		$	10.00
Income (loss) from investment operations:
Net investment income (loss) ***		0.16			0.00	†
Net realized and unrealized gain (loss) on investments		0.82			(0.10	)
Total income (loss) from investment operations		0.98			(0.10	)
Less distributions to shareholders:
From net investment income		(0.10	)		-
Tax return of capital		-			(0.00	) †
Total distributions		(0.10	)		(0.00	) †
Net asset value, end of period	$	10.78		$	9.90
Total Return ^		9.93%			(0.97%	) **
Ratios / Supplemental Data:
Net assets, end of period (000’s)	$	1,524		$	99
Ratio of expenses to average daily net assets:
Before expense waiver ‡‡		1.05%			1.43%	*
After expense waiver ‡‡		0.96%	#		0.96%	*#
Short sale dividend and loan expense to average daily net assets ‡‡‡		0.00%	††		N/A
Ratio of expenses to average daily net assets:
Before expense waiver ##		1.05%			N/A
After expense waiver ##		0.96%	#		N/A
Net investment income (loss) to average daily net assets		1.52%			0.49%	*
Portfolio turnover rate		46%			21%	**!
	Class S
	Year Ended 12/31/10			Period Ended 12/31/09 +
Net asset value, beginning of period	$	9.90		$	10.00
Income (loss) from investment operations:
Net investment income (loss) ***		0.16			0.01
Net realized and unrealized gain (loss) on investments		0.83			(0.11	)
Total income (loss) from investment operations		0.99			(0.10	)
Less distributions to shareholders:
From net investment income		(0.10	)		-
Tax return of capital		-			(0.00	) †
Total distributions		(0.10	)		(0.00	) †
Net asset value, end of period	$	10.79		$	9.90
Total Return ^		10.03%			(0.96%	) **
Ratios / Supplemental Data:
Net assets, end of period (000’s)	$	556,739		$	462,500
Ratio of expenses to average daily net assets:
Before expense waiver ‡‡		0.95%			1.33%	*
After expense waiver ‡‡		0.86%	#		0.86%	*#
Short sale dividend and loan expense to average daily net assets ‡‡‡		0.00%	††		N/A
Ratio of expenses to average daily net assets:
Before expense waiver ##		0.95%			N/A
After expense waiver ##		0.86%	#		N/A
Net investment income (loss) to average daily net assets		1.54%			0.84%	*
Portfolio turnover rate		46%			21%	**!

* 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 December 1, 2009 (commencement of operations) through December 31, 2009.

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

## Includes short sale dividend and loan expense.

^ 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.

! Portfolio turnover excludes securities received from subscriptions in-kind. Amount would be 3% including securities received from subscriptions in-kind.

‡‡ Excludes short sale dividend and loan expense.

‡‡‡ Short sale dividend and loan expense incurred as a result of entering into short sales is included in the Fund’s net expenses in the Statement of Operations.

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

276

MassMutual Select Diversified Value Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class A
	Year Ended 12/31/10			Year Ended 12/31/09			Year Ended 12/31/08			Year Ended 12/31/07			Year Ended 12/31/06
Net asset value, beginning of year	$	8.06		$	6.83		$	12.02		$	13.08		$	11.26
Income (loss) from investment operations:
Net investment income (loss) ***		0.11			0.12			0.21			0.22			0.20
Net realized and unrealized gain (loss) on investments		0.85			1.22			(5.15	)		(0.59	)		2.20
Total income (loss) from investment operations		0.96			1.34			(4.94	)		(0.37	)		2.40
Less distributions to shareholders:
From net investment income		(0.12	)		(0.11	)		(0.23	)		(0.21	)		(0.17	)
From net realized gains		-			-			(0.02	)		(0.48	)		(0.41	)
Tax return of capital		-			-			(0.00	) †		-			-
Total distributions		(0.12	)		(0.11	)		(0.25	)		(0.69	)		(0.58	)
Net asset value, end of year	$	8.90		$	8.06		$	6.83		$	12.02		$	13.08
Total Return ^,^^		11.96%			19.57%			(41.03%	)		(2.90%	)		21.41%
Ratios / Supplemental Data:
Net assets, end of year (000’s)	$	32,870		$	45,592		$	52,940		$	108,293		$	82,361
Ratio of expenses to average daily net assets		1.10%			1.10%			1.09%			1.08%			1.08%
Net investment income (loss) to average daily net assets		1.34%			1.73%			2.12%			1.64%			1.58%
Portfolio turnover rate		130%			68%			17%			17%			15%
	Class L
	Year Ended 12/31/10			Year Ended 12/31/09			Year Ended 12/31/08			Year Ended 12/31/07			Year Ended 12/31/06
Net asset value, beginning of year	$	8.08		$	6.85		$	12.07		$	13.13		$	11.28
Income (loss) from investment operations:
Net investment income (loss) ***		0.13			0.14			0.24			0.26			0.23
Net realized and unrealized gain (loss) on investments		0.86			1.22			(5.17	)		(0.61	)		2.22
Total income (loss) from investment operations		0.99			1.36			(4.93	)		(0.35	)		2.45
Less distributions to shareholders:
From net investment income		(0.15	)		(0.13	)		(0.27	)		(0.23	)		(0.19	)
From net realized gains		-			-			(0.02	)		(0.48	)		(0.41	)
Tax return of capital		-			-			(0.00	) †		-			-
Total distributions		(0.15	)		(0.13	)		(0.29	)		(0.71	)		(0.60	)
Net asset value, end of year	$	8.92		$	8.08		$	6.85		$	12.07		$	13.13
Total Return ^		12.35%			19.85%			(40.83%	)		(2.67%	)		21.82%
Ratios / Supplemental Data:
Net assets, end of year (000’s)	$	40,298		$	42,209		$	44,160		$	86,154		$	57,853
Ratio of expenses to average daily net assets		0.81%			0.81%			0.80%			0.79%			0.79%
Net investment income (loss) to average daily net assets		1.63%			2.06%			2.41%			1.93%			1.84%
Portfolio turnover rate		130%			68%			17%			17%			15%

*** 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.

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

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

277

MassMutual Select Diversified Value Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class Y
	Year Ended 12/31/10			Year Ended 12/31/09			Year Ended 12/31/08			Year Ended 12/31/07			Year Ended 12/31/06
Net asset value, beginning of year	$	8.08		$	6.85		$	12.07		$	13.12		$	11.27
Income (loss) from investment operations:
Net investment income (loss) ***		0.15			0.15			0.25			0.27			0.24
Net realized and unrealized gain (loss) on investments		0.85			1.21			(5.17	)		(0.59	)		2.22
Total income (loss) from investment operations		1.00			1.36			(4.92	)		(0.32	)		2.46
Less distributions to shareholders:
From net investment income		(0.16	)		(0.13	)		(0.28	)		(0.25	)		(0.20	)
From net realized gains		-			-			(0.02	)		(0.48	)		(0.41	)
Tax return of capital		-			-			(0.00	) †		-			-
Total distributions		(0.16	)		(0.13	)		(0.30	)		(0.73	)		(0.61	)
Net asset value, end of year	$	8.92		$	8.08		$	6.85		$	12.07		$	13.12
Total Return ^		12.45%			19.92%			(40.74%	)		(2.51%	)		21.92%
Ratios / Supplemental Data:
Net assets, end of year (000’s)	$	33,138		$	31,928		$	54,181		$	132,425		$	142,836
Ratio of expenses to average daily net assets		0.70%			0.70%			0.69%			0.68%			0.68%
Net investment income (loss) to average daily net assets		1.78%			2.26%			2.49%			2.01%			1.95%
Portfolio turnover rate		130%			68%			17%			17%			15%
	Class S
	Year Ended 12/31/10			Year Ended 12/31/09			Year Ended 12/31/08			Year Ended 12/31/07			Year Ended 12/31/06
Net asset value, beginning of year	$	8.08		$	6.85		$	12.09		$	13.14		$	11.28
Income (loss) from investment operations:
Net investment income (loss) ***		0.15			0.15			0.26			0.28			0.25
Net realized and unrealized gain (loss) on investments		0.86			1.23			(5.19	)		(0.59	)		2.23
Total income (loss) from investment operations		1.01			1.38			(4.93	)		(0.31	)		2.48
Less distributions to shareholders:
From net investment income		(0.17	)		(0.15	)		(0.29	)		(0.26	)		(0.21	)
From net realized gains		-			-			(0.02	)		(0.48	)		(0.41	)
Tax return of capital		-			-			(0.00	) †		-			-
Total distributions		(0.17	)		(0.15	)		(0.31	)		(0.74	)		(0.62	)
Net asset value, end of year	$	8.92		$	8.08		$	6.85		$	12.09		$	13.14
Total Return ^		12.56%			20.10%			(40.73%	)		(2.39%	)		22.08%
Ratios / Supplemental Data:
Net assets, end of year (000’s)	$	186,639		$	200,237		$	153,801		$	316,945		$	246,598
Ratio of expenses to average daily net assets		0.60%			0.60%			0.59%			0.58%			0.58%
Net investment income (loss) to average daily net assets		1.86%			2.20%			2.61%			2.12%			2.02%
Portfolio turnover rate		130%			68%			17%			17%			15%

*** 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.

278

MassMutual Select Diversified Value Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class N
	Year Ended 12/31/10			Year Ended 12/31/09			Year Ended 12/31/08			Year Ended 12/31/07			Year Ended 12/31/06
Net asset value, beginning of year	$	8.08		$	6.85		$	12.02		$	13.09		$	11.28
Income (loss) from investment operations:
Net investment income (loss) ***		0.08			0.10			0.18			0.18			0.16
Net realized and unrealized gain (loss) on investments		0.85			1.21			(5.14	)		(0.60	)		2.21
Total income (loss) from investment operations		0.93			1.31			(4.96	)		(0.42	)		2.37
Less distributions to shareholders:
From net investment income		(0.07	)		(0.08	)		(0.19	)		(0.17	)		(0.15	)
From net realized gains		-			-			(0.02	)		(0.48	)		(0.41	)
Tax return of capital		-			-			(0.00	) †		-			-
Total distributions		(0.07	)		(0.08	)		(0.21	)		(0.65	)		(0.56	)
Net asset value, end of year	$	8.94		$	8.08		$	6.85		$	12.02		$	13.09
Total Return ^,^^		11.63%			19.07%			(41.28%	)		(3.15%	)		21.11%
Ratios / Supplemental Data:
Net assets, end of year (000’s)	$	255		$	556		$	620		$	2,486		$	1,547
Ratio of expenses to average daily net assets		1.41%			1.41%			1.40%			1.39%			1.39%
Net investment income (loss) to average daily net assets		0.93%			1.41%			1.78%			1.33%			1.30%
Portfolio turnover rate		130%			68%			17%			17%			15%

*** 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.

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

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

279

MassMutual Select Fundamental Value Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class A
	Year Ended 12/31/10			Year Ended 12/31/09			Year Ended 12/31/08			Year Ended 12/31/07			Year Ended 12/31/06
Net asset value, beginning of year	$	9.24		$	7.48		$	11.76		$	12.28		$	11.14
Income (loss) from investment operations:
Net investment income (loss) ***		0.09			0.10			0.14			0.12			0.11
Net realized and unrealized gain (loss) on investments		1.13			1.66			(4.14	)		0.84			2.16
Total income (loss) from investment operations		1.22			1.76			(4.00	)		0.96			2.27
Less distributions to shareholders:
From net investment income		(0.10	)		(0.00	) †		(0.15	)		(0.11	)		(0.11	)
From net realized gains		-			-			(0.13	)		(1.37	)		(1.02	)
Total distributions		(0.10	)		(0.00	) †		(0.28	)		(1.48	)		(1.13	)
Net asset value, end of year	$	10.36		$	9.24		$	7.48		$	11.76		$	12.28
Total Return ^,^^		13.46%			23.53%			(34.22%	)		7.93%			20.54%
Ratios / Supplemental Data:
Net assets, end of year (000’s)	$	293,195		$	241,206		$	176,524		$	283,159		$	310,438
Ratio of expenses to average daily net assets:
Before expense waiver		1.25%			1.24%			1.24%			1.23%			1.23%
After expense waiver		1.24%	#		N/A			N/A			N/A			N/A
Net investment income (loss) to average daily net assets		0.91%			1.24%			1.44%			0.94%			0.92%
Portfolio turnover rate		30%			47%			53%			37%			43%
	Class L
	Year Ended 12/31/10			Year Ended 12/31/09			Year Ended 12/31/08			Year Ended 12/31/07			Year Ended 12/31/06
Net asset value, beginning of year	$	9.31		$	7.52		$	11.82		$	12.33		$	11.17
Income (loss) from investment operations:
Net investment income (loss) ***		0.11			0.12			0.17			0.15			0.14
Net realized and unrealized gain (loss) on investments		1.14			1.67			(4.17	)		0.85			2.18
Total income (loss) from investment operations		1.25			1.79			(4.00	)		1.00			2.32
Less distributions to shareholders:
From net investment income		(0.11	)		(0.00	) †		(0.17	)		(0.14	)		(0.14	)
From net realized gains		-			-			(0.13	)		(1.37	)		(1.02	)
Total distributions		(0.11	)		(0.00	) †		(0.30	)		(1.51	)		(1.16	)
Net asset value, end of year	$	10.45		$	9.31		$	7.52		$	11.82		$	12.33
Total Return ^		13.71%			23.81%			(34.04%	)		8.22%			20.90%
Ratios / Supplemental Data:
Net assets, end of year (000’s)	$	162,055		$	168,790		$	141,302		$	264,796		$	298,276
Ratio of expenses to average daily net assets:
Before expense waiver		1.00%			0.99%			0.99%			0.98%			0.98%
After expense waiver		0.99%	#		N/A			N/A			N/A			N/A
Net investment income (loss) to average daily net assets		1.15%			1.50%			1.68%			1.18%			1.18%
Portfolio turnover rate		30%			47%			53%			37%			43%

*** 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, if any, and would be lower for the period presented if it reflected these charges.

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

280

MassMutual Select Fundamental Value Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class Y
	Year Ended 12/31/10			Year Ended 12/31/09			Year Ended 12/31/08			Year Ended 12/31/07			Year Ended 12/31/06
Net asset value, beginning of year	$	9.33		$	7.52		$	11.84		$	12.34		$	11.19
Income (loss) from investment operations:
Net investment income (loss) ***		0.12			0.13			0.18			0.17			0.16
Net realized and unrealized gain (loss) on investments		1.14			1.68			(4.18	)		0.86			2.17
Total income (loss) from investment operations		1.26			1.81			(4.00	)		1.03			2.33
Less distributions to shareholders:
From net investment income		(0.13	)		(0.00	) †		(0.19	)		(0.16	)		(0.16	)
From net realized gains		-			-			(0.13	)		(1.37	)		(1.02	)
Total distributions		(0.13	)		(0.00	) †		(0.32	)		(1.53	)		(1.18	)
Net asset value, end of year	$	10.46		$	9.33		$	7.52		$	11.84		$	12.34
Total Return ^		13.81%			24.07%			(33.97%	)		8.37%			21.05%
Ratios / Supplemental Data:
Net assets, end of year (000’s)	$	133,797		$	129,536		$	92,098		$	135,962		$	134,485
Ratio of expenses to average daily net assets:
Before expense waiver		0.85%			0.84%			0.84%			0.83%			0.83%
After expense waiver		0.84%	#		N/A			N/A			N/A			N/A
Net investment income (loss) to average daily net assets		1.30%			1.63%			1.85%			1.33%			1.32%
Portfolio turnover rate		30%			47%			53%			37%			43%
	Class S
	Year Ended 12/31/10			Year Ended 12/31/09			Year Ended 12/31/08			Year Ended 12/31/07			Year Ended 12/31/06
Net asset value, beginning of year	$	9.35		$	7.53		$	11.85		$	12.36		$	11.20
Income (loss) from investment operations:
Net investment income (loss) ***		0.13			0.13			0.19			0.18			0.17
Net realized and unrealized gain (loss) on investments		1.14			1.69			(4.18	)		0.85			2.17
Total income (loss) from investment operations		1.27			1.82			(3.99	)		1.03			2.34
Less distributions to shareholders:
From net investment income		(0.13	)		(0.00	) †		(0.20	)		(0.17	)		(0.16	)
From net realized gains		-			-			(0.13	)		(1.37	)		(1.02	)
Total distributions		(0.13	)		(0.00	) †		(0.33	)		(1.54	)		(1.18	)
Net asset value, end of year	$	10.49		$	9.35		$	7.53		$	11.85		$	12.36
Total Return ^		13.91%			24.17%			(33.98%	)		8.50%			21.06%
Ratios / Supplemental Data:
Net assets, end of year (000’s)	$	500,716		$	446,975		$	357,433		$	560,524		$	540,185
Ratio of expenses to average daily net assets:
Before expense waiver		0.81%			0.80%			0.80%			0.79%			0.79%
After expense waiver		0.80%	#		N/A			N/A			N/A			N/A
Net investment income (loss) to average daily net assets		1.35%			1.68%			1.88%			1.38%			1.37%
Portfolio turnover rate		30%			47%			53%			37%			43%

*** 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.

281

MassMutual Select Fundamental Value Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class N
	Year Ended 12/31/10			Year Ended 12/31/09			Year Ended 12/31/08			Year Ended 12/31/07			Year Ended 12/31/06
Net asset value, beginning of year	$	9.13		$	7.41		$	11.66		$	12.20		$	11.07
Income (loss) from investment operations:
Net investment income (loss) ***		0.06			0.07			0.11			0.08			0.07
Net realized and unrealized gain (loss) on investments		1.11			1.65			(4.10	)		0.85			2.14
Total income (loss) from investment operations		1.17			1.72			(3.99	)		0.93			2.21
Less distributions to shareholders:
From net investment income		(0.05	)		(0.00	) †		(0.13	)		(0.10	)		(0.06	)
From net realized gains		-			-			(0.13	)		(1.37	)		(1.02	)
Total distributions		(0.05	)		(0.00	) †		(0.26	)		(1.47	)		(1.08	)
Net asset value, end of year	$	10.25		$	9.13		$	7.41		$	11.66		$	12.20
Total Return ^,^^		12.97%			23.21%			(34.42%	)		7.68%			20.09%
Ratios / Supplemental Data:
Net assets, end of year (000’s)	$	2,051		$	2,403		$	2,063		$	2,807		$	1,667
Ratio of expenses to average daily net assets:
Before expense waiver		1.55%			1.54%			1.54%			1.53%			1.53%
After expense waiver		1.54%	#		N/A			N/A			N/A			N/A
Net investment income (loss) to average daily net assets		0.60%			0.95%			1.15%			0.65%			0.62%
Portfolio turnover rate		30%			47%			53%			37%			43%
	Class Z
	Period Ended 12/31/10 +
Net asset value, beginning of period	$	9.82
Income (loss) from investment operations:
Net investment income (loss) ***		0.03
Net realized and unrealized gain (loss) on investments		0.63
Total income (loss) from investment operations		0.66
Net asset value, end of period	$	10.48
Total Return ^		6.72%	**
Ratios / Supplemental Data:
Net assets, end of period (000’s)	$	107
Ratio of expenses to average daily net assets:
Before expense waiver		0.75%	*
After expense waiver		0.65%	*#
Net investment income (loss) to average daily net assets		1.98%	*
Portfolio turnover rate		30%	~

* 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 November 15, 2010 (commencement of operations) through December 31, 2010.

# 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, if any, and would be lower for the period presented if it reflected these charges.

~ The portfolio turnover rate results are for the Fund.

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

282

MassMutual Select Value Equity Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class A
	Year Ended 12/31/10			Year Ended 12/31/09		Year Ended 12/31/08			Year Ended 12/31/07			Year Ended 12/31/06
Net asset value, beginning of year	$	6.58		$	5.39	$	9.08		$	10.07		$	10.49
Income (loss) from investment operations:
Net investment income (loss) ***		0.03			0.06		0.10			0.08			0.07
Net realized and unrealized gain (loss) on investments		0.86			1.13		(3.59	)		0.26			1.25
Total income (loss) from investment operations		0.89			1.19		(3.49	)		0.34			1.32
Less distributions to shareholders:
From net investment income		(0.09	)		-		(0.10	)		(0.08	)		(0.06	)
From net realized gains		-			-		(0.10	)		(1.25	)		(1.68	)
Tax return of capital		-			-		(0.00	) †		-			-
Total distributions		(0.09	)		-		(0.20	)		(1.33	)		(1.74	)
Net asset value, end of year	$	7.38		$	6.58	$	5.39		$	9.08		$	10.07
Total Return ^,^^		13.87%			22.08%		(38.67%	)		3.45%			12.83%
Ratios / Supplemental Data:
Net assets, end of year (000’s)	$	11,553		$	10,965	$	9,563		$	19,179		$	28,143
Ratio of expenses to average daily net assets		1.39%			1.41%		1.34%			1.31%			1.31%
Net investment income (loss) to average daily net assets		0.50%			1.04%		1.30%			0.76%			0.65%
Portfolio turnover rate		76%			142%		194%			145%			177%
	Class L
	Year Ended 12/31/10			Year Ended 12/31/09		Year Ended 12/31/08			Year Ended 12/31/07			Year Ended 12/31/06
Net asset value, beginning of year	$	6.60		$	5.39	$	9.08		$	10.08		$	10.51
Income (loss) from investment operations:
Net investment income (loss) ***		0.05			0.07		0.11			0.11			0.10
Net realized and unrealized gain (loss) on investments		0.85			1.14		(3.58	)		0.25			1.25
Total income (loss) from investment operations		0.90			1.21		(3.47	)		0.36			1.35
Less distributions to shareholders:
From net investment income		(0.10	)		-		(0.12	)		(0.11	)		(0.10	)
From net realized gains		-			-		(0.10	)		(1.25	)		(1.68	)
Tax return of capital		-			-		(0.00	) †		-			-
Total distributions		(0.10	)		-		(0.22	)		(1.36	)		(1.78	)
Net asset value, end of year	$	7.40		$	6.60	$	5.39		$	9.08		$	10.08
Total Return ^		14.01%			22.45%		(38.48%	)		3.70%			13.06%
Ratios / Supplemental Data:
Net assets, end of year (000’s)	$	1,991		$	1,689	$	7,309		$	12,234		$	12,075
Ratio of expenses to average daily net assets		1.14%			1.15%		1.09%			1.06%			1.06%
Net investment income (loss) to average daily net assets		0.75%			1.31%		1.53%			1.04%			0.93%
Portfolio turnover rate		76%			142%		194%			145%			177%

*** 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.

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

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

283

MassMutual Select Value Equity Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class Y
	Year Ended 12/31/10			Year Ended 12/31/09		Year Ended 12/31/08			Year Ended 12/31/07			Year Ended 12/31/06
Net asset value, beginning of year	$	6.64		$	5.42	$	9.15		$	10.14		$	10.55
Income (loss) from investment operations:
Net investment income (loss) ***		0.06			0.08		0.13			0.12			0.12
Net realized and unrealized gain (loss) on Investments		0.87			1.14		(3.62	)		0.26			1.26
Total income (loss) from investment operations		0.93			1.22		(3.49	)		0.38			1.38
Less distributions to shareholders:
From net investment income		(0.12	)		-		(0.14	)		(0.12	)		(0.11	)
From net realized gains		-			-		(0.10	)		(1.25	)		(1.68	)
Tax return of capital		-			-		(0.00	) †		-			-
Total distributions		(0.12	)		-		(0.24	)		(1.37	)		(1.79	)
Net asset value, end of year	$	7.45		$	6.64	$	5.42		$	9.15		$	10.14
Total Return ^		14.34%			22.51%		(38.45%	)		3.87%			13.33%
Ratios / Supplemental Data:
Net assets, end of year (000’s)	$	2,673		$	2,664	$	2,000		$	2,913		$	5,136
Ratio of expenses to average daily net assets		0.99%			1.01%		0.94%			0.90%			0.91%
Net investment income (loss) to average daily net assets		0.89%			1.46%		1.73%			1.14%			1.06%
Portfolio turnover rate		76%			142%		194%			145%			177%
	Class S
	Year Ended 12/31/10			Year Ended 12/31/09		Year Ended 12/31/08			Year Ended 12/31/07			Year Ended 12/31/06
Net asset value, beginning of year	$	6.62		$	5.41	$	9.12		$	10.12		$	10.54
Income (loss) from investment operations:
Net investment income (loss) ***		0.06			0.08		0.13			0.13			0.12
Net realized and unrealized gain (loss) on investments		0.87			1.13		(3.60	)		0.25			1.26
Total income (loss) from investment operations		0.93			1.21		(3.47	)		0.38			1.38
Less distributions to shareholders:
From net investment income		(0.12	)		-		(0.14	)		(0.13	)		(0.12	)
From net realized gains		-			-		(0.10	)		(1.25	)		(1.68	)
Tax return of capital		-			-		(0.00	) †		-			-
Total distributions		(0.12	)		-		(0.24	)		(1.38	)		(1.80	)
Net asset value, end of year	$	7.43		$	6.62	$	5.41		$	9.12		$	10.12
Total Return ^		14.38%			22.37%		(38.33%	)		3.80%			13.40%
Ratios / Supplemental Data:
Net assets, end of year (000’s)	$	16,434		$	17,371	$	26,225		$	48,593		$	52,627
Ratio of expenses to average daily net assets		0.94%			0.95%		0.89%			0.86%			0.86%
Net investment income (loss) to average daily net assets		0.94%			1.54%		1.76%			1.23%			1.11%
Portfolio turnover rate		76%			142%		194%			145%			177%

*** 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.

284

MassMutual Select Value Equity Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class N
	Year Ended 12/31/10			Year Ended 12/31/09		Year Ended 12/31/08			Year Ended 12/31/07			Year Ended 12/31/06
Net asset value, beginning of year	$	6.57		$	5.40	$	9.09		$	10.09		$	10.51
Income (loss) from investment operations:
Net investment income (loss) ***		0.01			0.04		0.07			0.05			0.04
Net realized and unrealized gain (loss) on investments		0.86			1.13		(3.58	)		0.25			1.26
Total income (loss) from investment operations		0.87			1.17		(3.51	)		0.30			1.30
Less distributions to shareholders:
From net investment income		(0.08	)		-		(0.08	)		(0.05	)		(0.04	)
From net realized gains		-			-		(0.10	)		(1.25	)		(1.68	)
Tax return of capital		-			-		(0.00	) †		-			-
Total distributions		(0.08	)		-		(0.18	)		(1.30	)		(1.72	)
Net asset value, end of year	$	7.36		$	6.57	$	5.40		$	9.09		$	10.09
Total Return ^,^^		13.43%			21.67%		(38.86%	)		3.10%			12.59%
Ratios / Supplemental Data:
Net assets, end of year (000’s)	$	102		$	94	$	77		$	130		$	142
Ratio of expenses to average daily net assets		1.69%			1.71%		1.64%			1.61%			1.61%
Net investment income (loss) to average daily net assets		0.20%			0.75%		1.02%			0.48%			0.36%
Portfolio turnover rate		76%			142%		194%			145%			177%

*** 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.

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

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

285

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

Financial Highlights (For a share outstanding throughout each period)

	Class A
	Year Ended 12/31/10			Year Ended 12/31/09			Year Ended 12/31/08			Year Ended 12/31/07			Year Ended 12/31/06
Net asset value, beginning of year	$	9.45		$	7.25		$	12.53		$	12.84		$	11.28
Income (loss) from investment operations:
Net investment income (loss) ***		0.04			0.04			0.06			0.08			0.04
Net realized and unrealized gain (loss) on investments		1.14			2.19			(5.04	)		0.43			1.56
Total income (loss) from investment operations		1.18			2.23			(4.98	)		0.51			1.60
Less distributions to shareholders:
From net investment income		(0.09	)		(0.03	)		(0.07	)		(0.09	)		(0.04	)
From net realized gains		-			-			(0.23	)		(0.73	)		-
Tax return of capital		-			-			(0.00	) †		-			-
Total distributions		(0.09	)		(0.03	)		(0.30	)		(0.82	)		(0.04	)
Net asset value, end of year	$	10.54		$	9.45		$	7.25		$	12.53		$	12.84
Total Return ^,^^		12.48%			30.82%			(39.96%	)		4.04%			14.21%
Ratios / Supplemental Data:
Net assets, end of year (000’s)	$	155,189		$	172,363		$	193,387		$	382,049		$	401,790
Ratio of expenses to average daily net assets		1.26%			1.27%			1.26%			1.25%			1.25%
Net investment income (loss) to average daily net assets		0.42%			0.46%			0.53%			0.63%			0.37%
Portfolio turnover rate		10%			12%			17%			8%			18%
	Class L
	Year Ended 12/31/10			Year Ended 12/31/09			Year Ended 12/31/08			Year Ended 12/31/07			Year Ended 12/31/06
Net asset value, beginning of year	$	9.47		$	7.27		$	12.59		$	12.88		$	11.32
Income (loss) from investment operations:
Net investment income (loss) ***		0.06			0.05			0.08			0.12			0.07
Net realized and unrealized gain (loss) on investments		1.15			2.21			(5.08	)		0.44			1.56
Total income (loss) from investment operations		1.21			2.26			(5.00	)		0.56			1.63
Less distributions to shareholders:
From net investment income		(0.11	)		(0.06	)		(0.09	)		(0.12	)		(0.07	)
From net realized gains		-			-			(0.23	)		(0.73	)		-
Tax return of capital		-			-			(0.00	) †		-			-
Total distributions		(0.11	)		(0.06	)		(0.32	)		(0.85	)		(0.07	)
Net asset value, end of year	$	10.57		$	9.47		$	7.27		$	12.59		$	12.88
Total Return ^		12.81%			31.12%			(39.85%	)		4.39%			14.42%
Ratios / Supplemental Data:
Net assets, end of year (000’s)	$	78,893		$	110,367		$	119,982		$	230,678		$	397,105
Ratio of expenses to average daily net assets		1.01%			1.02%			1.01%			1.00%			1.00%
Net investment income (loss) to average daily net assets		0.65%			0.70%			0.78%			0.89%			0.63%
Portfolio turnover rate		10%			12%			17%			8%			18%

*** 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.

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

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

286

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

Financial Highlights (For a share outstanding throughout each period)

	Class Y
	Year Ended 12/31/10			Year Ended 12/31/09			Year Ended 12/31/08			Year Ended 12/31/07			Year Ended 12/31/06
Net asset value, beginning of year	$	9.50		$	7.29		$	12.62		$	12.91		$	11.34
Income (loss) from investment operations:
Net investment income (loss) ***		0.08			0.06			0.10			0.14			0.09
Net realized and unrealized gain (loss) on investments		1.15			2.23			(5.09	)		0.44			1.57
Total income (loss) from investment operations		1.23			2.29			(4.99	)		0.58			1.66
Less distributions to shareholders:
From net investment income		(0.13	)		(0.08	)		(0.10	)		(0.14	)		(0.09	)
From net realized gains		-			-			(0.23	)		(0.73	)		-
Tax return of capital		-			-			(0.01	)		-			-
Total distributions		(0.13	)		(0.08	)		(0.34	)		(0.87	)		(0.09	)
Net asset value, end of year	$	10.60		$	9.50		$	7.29		$	12.62		$	12.91
Total Return ^		12.98%			31.39%			(39.72%	)		4.53%			14.65%
Ratios / Supplemental Data:
Net assets, end of year (000’s)	$	81,805		$	82,157		$	61,599		$	136,253		$	218,268
Ratio of expenses to average daily net assets		0.86%			0.87%			0.86%			0.85%			0.85%
Net investment income (loss) to average daily net assets		0.82%			0.82%			0.93%			1.05%			0.78%
Portfolio turnover rate		10%			12%			17%			8%			18%
	Class S
	Year Ended 12/31/10			Year Ended 12/31/09			Year Ended 12/31/08			Year Ended 12/31/07			Year Ended 12/31/06
Net asset value, beginning of year	$	9.50		$	7.29		$	12.64		$	12.93		$	11.36
Income (loss) from investment operations:
Net investment income (loss) ***		0.09			0.07			0.11			0.15			0.10
Net realized and unrealized gain (loss) on investments		1.15			2.22			(5.11	)		0.45			1.57
Total income (loss) from investment operations		1.24			2.29			(5.00	)		0.60			1.67
Less distributions to shareholders:
From net investment income		(0.14	)		(0.08	)		(0.11	)		(0.16	)		(0.10	)
From net realized gains		-			-			(0.23	)		(0.73	)		-
Tax return of capital		-			-			(0.01	)		-			-
Total distributions		(0.14	)		(0.08	)		(0.35	)		(0.89	)		(0.10	)
Net asset value, end of year	$	10.60		$	9.50		$	7.29		$	12.64		$	12.93
Total Return ^		13.08%			31.48%			(39.73%	)		4.68%			14.71%
Ratios / Supplemental Data:
Net assets, end of year (000’s)	$	377,131		$	365,567		$	334,045		$	655,609		$	615,354
Ratio of expenses to average daily net assets		0.77%			0.78%			0.77%			0.76%			0.76%
Net investment income (loss) to average daily net assets		0.91%			0.92%			1.02%			1.11%			0.86%
Portfolio turnover rate		10%			12%			17%			8%			18%

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

^ 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.

287

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

Financial Highlights (For a share outstanding throughout each period)

	Class N
	Year Ended 12/31/10			Year Ended 12/31/09			Year Ended 12/31/08			Year Ended 12/31/07			Year Ended 12/31/06
Net asset value, beginning of year	$	9.36		$	7.20		$	12.47		$	12.71		$	11.17
Income (loss) from investment operations:
Net investment income (loss) ***		0.01			0.01			0.03			0.06			0.01
Net realized and unrealized gain (loss) on investments		1.13			2.18			(5.02	)		0.43			1.54
Total income (loss) from investment operations		1.14			2.19			(4.99	)		0.49			1.55
Less distributions to shareholders:
From net investment income		(0.06	)		(0.03	)		(0.05	)		-			(0.01	)
From net realized gains		-			-			(0.23	)		(0.73	)		-
Tax return of capital		-			-			(0.00	) †		-			-
Total distributions		(0.06	)		(0.03	)		(0.28	)		(0.73	)		(0.01	)
Net asset value, end of year	$	10.44		$	9.36		$	7.20		$	12.47		$	12.71
Total Return ^,^^		12.20%			30.36%			(40.18%	)		3.90%			13.87%
Ratios / Supplemental Data:
Net assets, end of year (000’s)	$	735		$	926		$	573		$	569		$	2,596
Ratio of expenses to average daily net assets		1.56%			1.57%			1.56%			1.55%			1.55%
Net investment income (loss) to average daily net assets		0.12%			0.10%			0.25%			0.46%			0.08%
Portfolio turnover rate		10%			12%			17%			8%			18%

*** 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.

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

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

288

MassMutual Select Indexed Equity Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class A
	Year Ended 12/31/10			Year Ended 12/31/09			Year Ended 12/31/08			Year Ended 12/31/07			Year Ended 12/31/06
Net asset value, beginning of year	$	10.22		$	8.21		$	13.49		$	13.03		$	11.47
Income (loss) from investment operations:
Net investment income (loss) ***		0.15			0.14			0.19			0.18			0.16
Net realized and unrealized gain (loss) on investments		1.30			1.98			(5.24	)		0.45			1.55
Total income (loss) from investment operations		1.45			2.12			(5.05	)		0.63			1.71
Less distributions to shareholders:
From net investment income		(0.15	)		(0.11	)		(0.19	)		(0.17	)		(0.15	)
From net realized gains		-			-			(0.04	)		-			-
Tax return of capital		-			-			-			-			(0.00	) †
Total distributions		(0.15	)		(0.11	)		(0.23	)		(0.17	)		(0.15	)
Net asset value, end of year	$	11.52		$	10.22		$	8.21		$	13.49		$	13.03
Total Return ^,^^		14.29%			25.83%			(37.44%	)		4.82%			14.95%
Ratios / Supplemental Data:
Net assets, end of year (000’s)	$	302,470		$	241,090		$	183,342		$	311,185		$	297,468
Ratio of expenses to average daily net assets:
Before expense waiver		0.86%			0.86%			0.86%			0.85%			0.85%
After expense waiver		0.66%	#		0.66%	#		0.66%	#		0.65%	#		0.67%	#
Net investment income (loss) to average daily net assets		1.39%			1.65%			1.66%			1.34%			1.30%
Portfolio turnover rate		5%			10%			5%			7%			4%
	Class L
	Year Ended 12/31/10			Year Ended 12/31/09			Year Ended 12/31/08			Year Ended 12/31/07			Year Ended 12/31/06
Net asset value, beginning of year	$	10.26		$	8.23		$	13.54		$	13.07		$	11.50
Income (loss) from investment operations:
Net investment income (loss) ***		0.17			0.17			0.22			0.22			0.19
Net realized and unrealized gain (loss) on investments		1.33			1.98			(5.27	)		0.45			1.57
Total income (loss) from investment operations		1.50			2.15			(5.05	)		0.67			1.76
Less distributions to shareholders:
From net investment income		(0.18	)		(0.12	)		(0.22	)		(0.20	)		(0.19	)
From net realized gains		-			-			(0.04	)		-			-
Tax return of capital		-			-			-			-			(0.00	) †
Total distributions		(0.18	)		(0.12	)		(0.26	)		(0.20	)		(0.19	)
Net asset value, end of year	$	11.58		$	10.26		$	8.23		$	13.54		$	13.07
Total Return ^		14.69%			26.09%			(37.33%	)		5.14%			15.28%
Ratios / Supplemental Data:
Net assets, end of year (000’s)	$	203,160		$	156,894		$	200,048		$	351,221		$	337,639
Ratio of expenses to average daily net assets:
Before expense waiver		0.61%			0.61%			0.61%			0.60%			0.60%
After expense waiver		0.41%	#		0.41%	#		0.41%	#		0.40%	#		0.42%	#
Net investment income (loss) to average daily net assets		1.65%			1.92%			1.91%			1.59%			1.56%
Portfolio turnover rate		5%			10%			5%			7%			4%

*** 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, if any, and would be lower for the period presented if it reflected these charges.

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

289

MassMutual Select Indexed Equity Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class Y
	Year Ended 12/31/10			Year Ended 12/31/09			Year Ended 12/31/08			Year Ended 12/31/07			Year Ended 12/31/06
Net asset value, beginning of year	$	10.27		$	8.25		$	13.56		$	13.12		$	11.54
Income (loss) from investment operations:
Net investment income (loss) ***		0.17			0.16			0.21			0.21			0.19
Net realized and unrealized gain (loss) on investments		1.31			1.99			(5.26	)		0.45			1.57
Total income (loss) from investment operations		1.48			2.15			(5.05	)		0.66			1.76
Less distributions to shareholders:
From net investment income		(0.16	)		(0.13	)		(0.22	)		(0.22	)		(0.18	)
From net realized gains		-			-			(0.04	)		-			-
Tax return of capital		-			-			-			-			(0.00	) †
Total distributions		(0.16	)		(0.13	)		(0.26	)		(0.22	)		(0.18	)
Net asset value, end of year	$	11.59		$	10.27		$	8.25		$	13.56		$	13.12
Total Return ^		14.56%			26.03%			(37.31%	)		5.01%			15.27%
Ratios / Supplemental Data:
Net assets, end of year (000’s)	$	298,754		$	307,391		$	251,184		$	431,199		$	494,849
Ratio of expenses to average daily net assets		0.46%			0.46%			0.46%			0.45%			0.45%
Net investment income (loss) to average daily net assets		1.58%			1.85%			1.86%			1.53%			1.53%
Portfolio turnover rate		5%			10%			5%			7%			4%
	Class S
	Year Ended 12/31/10			Year Ended 12/31/09			Year Ended 12/31/08			Year Ended 12/31/07			Year Ended 12/31/06
Net asset value, beginning of year	$	10.38		$	8.33		$	13.69		$	13.25		$	11.65
Income (loss) from investment operations:
Net investment income (loss) ***		0.17			0.17			0.22			0.22			0.19
Net realized and unrealized gain (loss) on investments		1.33			2.01			(5.32	)		0.44			1.60
Total income (loss) from investment operations		1.50			2.18			(5.10	)		0.66			1.79
Less distributions to shareholders:
From net investment income		(0.17	)		(0.13	)		(0.22	)		(0.22	)		(0.19	)
From net realized gains		-			-			(0.04	)		-			(0.00	) †
Total distributions		(0.17	)		(0.13	)		(0.26	)		(0.22	)		(0.19	)
Net asset value, end of year	$	11.71		$	10.38		$	8.33		$	13.69		$	13.25
Total Return ^		14.57%			26.16%			(37.31%	)		5.00%			15.35%
Ratios / Supplemental Data:
Net assets, end of year (000’s)	$	470,762		$	425,981		$	367,765		$	710,278		$	751,170
Ratio of expenses to average daily net assets		0.43%			0.43%			0.43%			0.42%			0.42%
Net investment income (loss) to average daily net assets		1.62%			1.88%			1.88%			1.56%			1.56%
Portfolio turnover rate		5%			10%			5%			7%			4%

*** 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.

290

MassMutual Select Indexed Equity Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class N
	Year Ended 12/31/10			Year Ended 12/31/09			Year Ended 12/31/08			Year Ended 12/31/07			Year Ended 12/31/06
Net asset value, beginning of year	$	10.13		$	8.14		$	13.35		$	12.90		$	11.35
Income (loss) from investment operations:
Net investment income (loss) ***		0.11			0.12			0.15			0.14			0.12
Net realized and unrealized gain (loss) on investments		1.29			1.95			(5.17	)		0.44			1.54
Total income (loss) from investment operations		1.40			2.07			(5.02	)		0.58			1.66
Less distributions to shareholders:
From net investment income		(0.11	)		(0.08	)		(0.15	)		(0.13	)		(0.11	)
From net realized gains		-			-			(0.04	)		-			-
Total distributions		(0.11	)		(0.08	)		(0.19	)		(0.13	)		(0.11	)
Net asset value, end of year	$	11.42		$	10.13		$	8.14		$	13.35		$	12.90
Total Return ^, ^^		13.94%			25.46%			(37.64%	)		4.53%			14.67%
Ratios / Supplemental Data:
Net assets, end of year (000’s)	$	2,982		$	3,172		$	2,540		$	5,193		$	5,079
Ratio of expenses to average daily net assets:
Before expense waiver		1.16%			1.16%			1.16%			1.15%			1.15%
After expense waiver		0.96%	#		0.96%	#		0.96%	#		0.95%	#		0.97%	#
Net investment income (loss) to average daily net assets		1.09%			1.35%			1.33%			1.03%			1.00%
Portfolio turnover rate		5%			10%			5%			7%			4%
	Class Z
	Year Ended 12/31/10			Year Ended 12/31/09			Year Ended 12/31/08			Year Ended 12/31/07			Year Ended 12/31/06
Net asset value, beginning of year	$	10.36		$	8.32		$	13.69		$	13.25		$	11.65
Income (loss) from investment operations:
Net investment income (loss) ***		0.20			0.19			0.24			0.25			0.22
Net realized and unrealized gain (loss) on investments		1.33			2.00			(5.32	)		0.45			1.59
Total income (loss) from investment operations		1.53			2.19			(5.08	)		0.70			1.81
Less distributions to shareholders:
From net investment income		(0.19	)		(0.15	)		(0.25	)		(0.26	)		(0.21	)
From net realized gains		-			-			(0.04	)		-			(0.00	) †
Total distributions		(0.19	)		(0.15	)		(0.29	)		(0.26	)		(0.21	)
Net asset value, end of year	$	11.70		$	10.36		$	8.32		$	13.69		$	13.25
Total Return ^		14.93%			26.31%			(37.17%	)		5.27%			15.59%
Ratios / Supplemental Data:
Net assets, end of year (000’s)	$	693,596		$	528,989		$	404,065		$	543,206		$	373,069
Ratio of expenses to average daily net assets		0.21%			0.22%			0.21%			0.20%			0.20%
Net investment income (loss) to average daily net assets		1.84%			2.10%			2.13%			1.79%			1.78%
Portfolio turnover rate		5%			10%			5%			7%			4%

*** 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, if any, and would be lower for the period presented if it reflected these charges.

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

291

MassMutual Select Core Opportunities Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class A
	Year Ended 12/31/10			Year Ended 12/31/09			Year Ended 12/31/08			Year Ended 12/31/07			Period Ended 12/31/06 +
Net asset value, beginning of period	$	8.23		$	6.48		$	10.85		$	10.72		$	10.00
Income (loss) from investment operations:
Net investment income (loss) ***		0.04			0.04			0.06			0.06			0.01
Net realized and unrealized gain (loss) on investments		1.02			1.71			(4.20	)		0.95			0.74
Total income (loss) from investment operations		1.06			1.75			(4.14	)		1.01			0.75
Less distributions to shareholders:
From net investment income		(0.01	)		-			(0.06	)		(0.06	)		(0.01	)
From net realized gains		-			-			(0.16	)		(0.82	)		(0.02	)
Tax return of capital		-			-			(0.01	)		-			-
Total distributions		(0.01	)		-			(0.23	)		(0.88	)		(0.03	)
Net asset value, end of period	$	9.28		$	8.23		$	6.48		$	10.85		$	10.72
Total Return ^,^^		12.92%			27.01%			(38.61%	)		9.52%			7.55%	**
Ratios / Supplemental Data:
Net assets, end of period (000’s)	$	25,116		$	21,391		$	18,000		$	26,462		$	9,179
Ratio of expenses to average daily net assets:
Before expense waiver		1.37%			1.41%			1.38%			1.37%			1.67%	*
After expense waiver		N/A			1.39%	#		1.35%	#		1.35%	#		1.35%	*#
Net investment income (loss) to average daily net assets		0.47%			0.59%			0.63%			0.52%			0.13%	*
Portfolio turnover rate		103%			88%			141%			100%			79%	**
	Class L
	Year Ended 12/31/10			Year Ended 12/31/09			Year Ended 12/31/08			Year Ended 12/31/07			Period Ended 12/31/06 +
Net asset value, beginning of period	$	8.25		$	6.49		$	10.87		$	10.73		$	10.00
Income (loss) from investment operations:
Net investment income (loss) ***		0.06			0.06			0.08			0.09			0.03
Net realized and unrealized gain (loss) on investments		1.03			1.70			(4.21	)		0.95			0.74
Total income (loss) from investment operations		1.09			1.76			(4.13	)		1.04			0.77
Less distributions to shareholders:
From net investment income		(0.04	)		-			(0.08	)		(0.08	)		(0.02	)
From net realized gains		-			-			(0.16	)		(0.82	)		(0.02	)
Tax return of capital		-			-			(0.01	)		-			-
Total distributions		(0.04	)		-			(0.25	)		(0.90	)		(0.04	)
Net asset value, end of period	$	9.30		$	8.25		$	6.49		$	10.87		$	10.73
Total Return ^		13.28%			27.12%			(38.43%	)		9.75%			7.76%	**
Ratios / Supplemental Data:
Net assets, end of period (000’s)	$	21,363		$	5,055		$	6,482		$	9,123		$	8,000
Ratio of expenses to average daily net assets:
Before expense waiver		1.12%			1.16%			1.13%			1.12%			1.42%	*
After expense waiver		N/A			1.14%	#		1.10%	#		1.10%	#		1.10%	*#
Net investment income (loss) to average daily net assets		0.77%			0.89%			0.89%			0.78%			0.43%	*
Portfolio turnover rate		103%			88%			141%			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, if any, and would be lower for the period presented if it reflected these charges.

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

292

MassMutual Select Core Opportunities Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class Y
	Year Ended 12/31/10			Year Ended 12/31/09			Year Ended 12/31/08			Year Ended 12/31/07			Period Ended 12/31/06 +
Net asset value, beginning of period	$	8.27		$	6.49		$	10.88		$	10.74		$	10.00
Income (loss) from investment operations:
Net investment income (loss) ***		0.07			0.07			0.10			0.10			(0.01	)
Net realized and unrealized gain (loss) on investments		1.04			1.71			(4.22	)		0.95			0.79
Total income (loss) from investment operations		1.11			1.78			(4.12	)		1.05			0.78
Less distributions to shareholders:
From net investment income		(0.03	)		-			(0.10	)		(0.09	)		(0.02	)
From net realized gains		-			-			(0.16	)		(0.82	)		(0.02	)
Tax return of capital		-			-			(0.01	)		-			-
Total distributions		(0.03	)		-			(0.27	)		(0.91	)		(0.04	)
Net asset value, end of period	$	9.35		$	8.27		$	6.49		$	10.88		$	10.74
Total Return ^		13.53%			27.43%			(38.36%	)		9.89%			7.86%	**
Ratios / Supplemental Data:
Net assets, end of period (000’s)	$	5,186		$	6,431		$	4,998		$	7,490		$	4,436
Ratio of expenses to average daily net assets:
Before expense waiver		0.97%			1.01%			0.98%			0.97%			1.27%	*
After expense waiver		N/A			0.99%	#		0.95%	#		0.95%	#		0.95%	*#
Net investment income (loss) to average daily net assets		0.87%			0.99%			1.03%			0.92%			(0.08%	) *
Portfolio turnover rate		103%			88%			141%			100%			79%	**
	Class S
	Year Ended 12/31/10			Year Ended 12/31/09			Year Ended 12/31/08			Year Ended 12/31/07			Period Ended 12/31/06 +
Net asset value, beginning of period	$	8.31		$	6.52		$	10.89		$	10.74		$	10.00
Income (loss) from investment operations:
Net investment income (loss) ***		0.09			0.08			0.10			0.11			0.04
Net realized and unrealized gain (loss) on investments		1.02			1.71			(4.21	)		0.96			0.75
Total income (loss) from investment operations		1.11			1.79			(4.11	)		1.07			0.79
Less distributions to shareholders:
From net investment income		(0.04	)		-			(0.09	)		(0.10	)		(0.03	)
From net realized gains		-			-			(0.16	)		(0.82	)		(0.02	)
Tax return of capital		-			-			(0.01	)		-			-
Total distributions		(0.04	)		-			(0.26	)		(0.92	)		(0.05	)
Net asset value, end of period	$	9.38		$	8.31		$	6.52		$	10.89		$	10.74
Total Return ^		13.52%			27.45%			(38.24%	)		10.05%			7.90%	**
Ratios / Supplemental Data:
Net assets, end of period (000’s)	$	17,873		$	2,061		$	1,333		$	11,069		$	10,349
Ratio of expenses to average daily net assets:
Before expense waiver		0.87%			0.91%			0.88%			0.87%			1.17%	*
After expense waiver		N/A			0.90%	#		N/A			N/A			0.90%	*#
Net investment income (loss) to average daily net assets		1.01%			1.06%			1.03%			1.01%			0.53%	*
Portfolio turnover rate		103%			88%			141%			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.

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

293

MassMutual Select Core Opportunities Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class N
	Year Ended 12/31/10		Year Ended 12/31/09			Year Ended 12/31/08			Year Ended 12/31/07			Period Ended 12/31/06 +
Net asset value, beginning of period	$	8.27	$	6.53		$	10.85		$	10.71		$	10.00
Income (loss) from investment operations:
Net investment income (loss) ***		0.01		0.02			0.04			0.03			(0.02	)
Net realized and unrealized gain (loss) on investments		1.03		1.72			(4.20	)		0.94			0.75
Total income (loss) from investment operations		1.04		1.74			(4.16	)		0.97			0.73
Less distributions to shareholders:
From net investment income		-		-			(0.00	) †		(0.01	)		-
From net realized gains		-		-			(0.16	)		(0.82	)		(0.02	)
Tax return of capital		-		-			(0.00	) †		-			-
Total distributions		-		-			(0.16	)		(0.83	)		(0.02	)
Net asset value, end of period	$	9.31	$	8.27		$	6.53		$	10.85		$	10.71
Total Return ^,^^		12.58%		26.65%			(38.81%	)		9.16%			7.33%	**
Ratios / Supplemental Data:
Net assets, end of period (000’s)	$	133	$	109		$	79		$	109		$	107
Ratio of expenses to average daily net assets:
Before expense waiver		1.67%		1.71%			1.68%			1.67%			1.97%	*
After expense waiver		N/A		1.69%	#		1.65%	#		1.65%	#		1.65%	*#
Net investment income (loss) to average daily net assets		0.17%		0.29%			0.45%			0.23%			(0.22%	) *
Portfolio turnover rate		103%		88%			141%			100%			79%	**

* 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 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, if any, and would be lower for the period presented if it reflected these charges.

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

294

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

Financial Highlights (For a share outstanding throughout each period)

	Class A
	Year Ended 12/31/10			Year Ended 12/31/09			Year Ended 12/31/08			Year Ended 12/31/07			Year Ended 12/31/06
Net asset value, beginning of year	$	8.93		$	6.26		$	10.94		$	9.75		$	9.01
Income (loss) from investment operations:
Net investment income (loss) ***		(0.03	)		(0.02	)		(0.02	)		(0.00	) †		(0.01	)
Net realized and unrealized gain (loss) on investments		1.46			2.69			(4.66	)		1.19			0.75
Total income (loss) from investment operations		1.43			2.67			(4.68	)		1.19			0.74
Less distributions to shareholders:
From net investment income		-			(0.00	) †		(0.00	) †		(0.00	) †		-
Total distributions		-			(0.00	) †		(0.00	) †		(0.00	) †		-
Net asset value, end of year	$	10.36		$	8.93		$	6.26		$	10.94		$	9.75
Total Return ^,^^		16.01%			42.68%			(42.77%	)		12.23%			8.21%
Ratios / Supplemental Data:
Net assets, end of year (000’s)	$	66,401		$	69,307		$	49,345		$	99,385		$	39,055
Ratio of expenses to average daily net assets:
Before expense waiver		1.34%			1.35%			1.34%			1.40%			1.39%
After expense waiver		1.19%	#		1.19%	#		1.19%	#		1.30%	#		1.31%	#
Net investment income (loss) to average daily net assets		(0.36%	)		(0.24%	)		(0.18%	)		(0.04%	)		(0.12%	)
Portfolio turnover rate		53%			62%			53%			43%			98%
	Class L
	Year Ended 12/31/10			Year Ended 12/31/09			Year Ended 12/31/08			Year Ended 12/31/07			Year Ended 12/31/06
Net asset value, beginning of year	$	9.08		$	6.36		$	11.08		$	9.87		$	9.10
Income (loss) from investment operations:
Net investment income (loss) ***		(0.01	)		(0.00	) †		0.00	†		0.02			0.01
Net realized and unrealized gain (loss) on investments		1.50			2.72			(4.72	)		1.21			0.77
Total income (loss) from investment operations		1.49			2.72			(4.72	)		1.23			0.78
Less distributions to shareholders:
From net investment income		-			(0.00	) †		(0.00	) †		(0.02	)		(0.01	)
Total distributions		-			(0.00	) †		(0.00	) †		(0.02	)		(0.01	)
Net asset value, end of year	$	10.57		$	9.08		$	6.36		$	11.08		$	9.87
Total Return ^		16.30%			42.79%			(42.59%	)		12.46%			8.52%
Ratios / Supplemental Data:
Net assets, end of year (000’s)	$	257,545		$	281,168		$	222,053		$	455,542		$	280,094
Ratio of expenses to average daily net assets:
Before expense waiver		1.09%			1.10%			1.09%			1.15%			1.14%
After expense waiver		0.98%	#		0.98%	#		0.98%	#		1.06%	#		1.06%	#
Net investment income (loss) to average daily net assets		(0.15%	)		(0.03%	)		0.03%			0.20%			0.13%
Portfolio turnover rate		53%			62%			53%			43%			98%

*** 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, if any, and would be lower for the period presented if it reflected these charges.

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

295

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

Financial Highlights (For a share outstanding throughout each period)

	Class Y
	Year Ended 12/31/10			Year Ended 12/31/09			Year Ended 12/31/08			Year Ended 12/31/07			Year Ended 12/31/06
Net asset value, beginning of year	$	9.12		$	6.37		$	11.10		$	9.87		$	9.11
Income (loss) from investment operations:
Net investment income (loss) ***		0.00	†		0.01			0.02			0.04			0.03
Net realized and unrealized gain (loss) on investments		1.50			2.74			(4.74	)		1.21			0.76
Total income (loss) from investment operations		1.50			2.75			(4.72	)		1.25			0.79
Less distributions to shareholders:
From net investment income		(0.01	)		(0.00	) †		(0.01	)		(0.02	)		(0.03	)
Total distributions		(0.01	)		(0.00	) †		(0.01	)		(0.02	)		(0.03	)
Net asset value, end of year	$	10.61		$	9.12		$	6.37		$	11.10		$	9.87
Total Return ^		16.45%			43.20%			(42.53%	)		12.62%			8.64%
Ratios / Supplemental Data:
Net assets, end of year (000’s)	$	42,443		$	39,094		$	25,876		$	53,150		$	44,656
Ratio of expenses to average daily net assets:
Before expense waiver		0.97%			0.98%			0.97%			1.03%			1.00%
After expense waiver		0.82%	#		0.82%	#		0.82%	#		0.93%	#		0.93%	#
Net investment income (loss) to average daily net assets		0.01%			0.12%			0.19%			0.36%			0.29%
Portfolio turnover rate		53%			62%			53%			43%			98%
	Class S
	Year Ended 12/31/10			Year Ended 12/31/09			Year Ended 12/31/08			Year Ended 12/31/07			Year Ended 12/31/06
Net asset value, beginning of year	$	9.14		$	6.39		$	11.13		$	9.91		$	9.14
Income (loss) from investment operations:
Net investment income (loss) ***		0.01			0.01			0.02			0.05			0.03
Net realized and unrealized gain (loss) on investments		1.51			2.74			(4.74	)		1.22			0.77
Total income (loss) from investment operations		1.52			2.75			(4.72	)		1.27			0.80
Less distributions to shareholders:
From net investment income		(0.01	)		(0.00	) †		(0.02	)		(0.05	)		(0.03	)
Total distributions		(0.01	)		(0.00	) †		(0.02	)		(0.05	)		(0.03	)
Net asset value, end of year	$	10.65		$	9.14		$	6.39		$	11.13		$	9.91
Total Return ^		16.64%			43.06%			(42.45%	)		12.77%			8.74%
Ratios / Supplemental Data:
Net assets, end of year (000’s)	$	163,662		$	172,449		$	138,538		$	225,943		$	66,864
Ratio of expenses to average daily net assets:
Before expense waiver		0.84%			0.85%			0.84%			0.90%			0.89%
After expense waiver		0.76%	#		0.76%	#		0.76%	#		0.81%	#		0.82%	#
Net investment income (loss) to average daily net assets		0.08%			0.20%			0.26%			0.44%			0.37%
Portfolio turnover rate		53%			62%			53%			43%			98%

*** 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.

296

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

Financial Highlights (For a share outstanding throughout each period)

	Class N
	Year Ended 12/31/10			Year Ended 12/31/09			Year Ended 12/31/08			Year Ended 12/31/07			Year Ended 12/31/06
Net asset value, beginning of year	$	8.74		$	6.15		$	10.77		$	9.63		$	8.92
Income (loss) from investment operations:
Net investment income (loss) ***		(0.06	)		(0.04	)		(0.05	)		(0.04	)		(0.04	)
Net realized and unrealized gain (loss) on investments		1.43			2.63			(4.57	)		1.18			0.75
Total income (loss) from investment operations		1.37			2.59			(4.62	)		1.14			0.71
Less distributions to shareholders:
From net investment income		-			(0.00	) †		(0.00	) †		-			-
Total distributions		-			(0.00	) †		(0.00	) †		-			-
Net asset value, end of year	$	10.11		$	8.74		$	6.15		$	10.77		$	9.63
Total Return ^,^^		15.68%			42.14%			(42.89%	)		11.84%			7.96%
Ratios / Supplemental Data:
Net assets, end of year (000’s)	$	344		$	803		$	597		$	3,112		$	3,509
Ratio of expenses to average daily net assets:
Before expense waiver		1.64%			1.65%			1.64%			1.70%			1.69%
After expense waiver		1.51%	#		1.51%	#		1.51%	#		1.61%	#		1.61%	#
Net investment income (loss) to average daily net assets		(0.69%	)		(0.55%	)		(0.51%	)		(0.35%	)		(0.41%	)
Portfolio turnover rate		53%			62%			53%			43%			98%

*** 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, if any, and would be lower for the period presented if it reflected these charges.

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

297

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

Financial Highlights (For a share outstanding throughout each period)

	Class A
	Year Ended 12/31/10			Year Ended 12/31/09			Year Ended 12/31/08			Year Ended 12/31/07			Year Ended 12/31/06
Net asset value, beginning of year	$	7.78		$	6.07		$	10.34		$	9.88		$	10.29
Income (loss) from investment operations:
Net investment income (loss) ***		(0.01	)		(0.00	) †		(0.02	)		(0.05	)		(0.05	)
Net realized and unrealized gain (loss) on investments		1.26			1.71			(4.25	)		1.32			0.05
Total income (loss) from investment operations		1.25			1.71			(4.27	)		1.27			0.00
Less distributions to shareholders:
From net investment income		(0.00	) †		-			-			-			-
From net realized gains		-			-			-			(0.80	)		(0.41	)
Tax return of capital		-			-			-			(0.01	)		-
Total distributions		(0.00	) †		-			-			(0.81	)		(0.41	)
Net asset value, end of year	$	9.03		$	7.78		$	6.07		$	10.34		$	9.88
Total Return ^,^^		16.14%			28.17%			(41.30%	)		12.95%			(0.02%	)
Ratios / Supplemental Data:
Net assets, end of year (000’s)	$	2,446		$	3,835		$	3,626		$	7,159		$	8,278
Ratio of expenses to average daily net assets		1.35%			1.38%			1.40%			1.36%			1.39%
Net investment income (loss) to average daily net assets		(0.08%	)		(0.02%	)		(0.29%	)		(0.48%	)		(0.55%	)
Portfolio turnover rate		83%			130%			93%			93%			98%
	Class L
	Year Ended 12/31/10			Year Ended 12/31/09			Year Ended 12/31/08			Year Ended 12/31/07			Year Ended 12/31/06
Net asset value, beginning of year	$	7.98		$	6.24		$	10.62		$	10.14		$	10.53
Income (loss) from investment operations:
Net investment income (loss) ***		0.01			0.01			(0.00	) †		(0.03	)		(0.03	)
Net realized and unrealized gain (loss) on investments		1.31			1.75			(4.38	)		1.35			0.05
Total income (loss) from investment operations		1.32			1.76			(4.38	)		1.32			0.02
Less distributions to shareholders:
From net investment income		(0.03	)		(0.02	)		-			-			-
From net realized gains		-			-			-			(0.83	)		(0.41	)
Tax return of capital		-			-			-			(0.01	)		-
Total distributions		(0.03	)		(0.02	)		-			(0.84	)		(0.41	)
Net asset value, end of year	$	9.27		$	7.98		$	6.24		$	10.62		$	10.14
Total Return ^		16.51%			28.18%			(41.24%	)		13.16%			0.17%
Ratios / Supplemental Data:
Net assets, end of year (000’s)	$	20,012		$	14,855		$	160		$	1,572		$	1,630
Ratio of expenses to average daily net assets		1.10%			1.13%			1.15%			1.11%			1.15%
Net investment income (loss) to average daily net assets		0.17%			0.17%			(0.04%	)		(0.24%	)		(0.30%	)
Portfolio turnover rate		83%			130%			93%			93%			98%

*** 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.

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

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

298

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

Financial Highlights (For a share outstanding throughout each period)

	Class Y
	Year Ended 12/31/10			Year Ended 12/31/09			Year Ended 12/31/08			Year Ended 12/31/07			Year Ended 12/31/06
Net asset value, beginning of year	$	7.92		$	6.17		$	10.52		$	10.05		$	10.42
Income (loss) from investment operations:
Net investment income (loss) ***		0.03			0.02			0.01			(0.01	)		(0.02	)
Net realized and unrealized gain (loss) on investments		1.32			1.74			(4.33	)		1.34			0.06
Total income (loss) from investment operations		1.35			1.76			(4.32	)		1.33			0.04
Less distributions to shareholders:
From net investment income		(0.00	) †		(0.01	)		(0.01	)		-			-
From net realized gains		-			-			-			(0.85	)		(0.41	)
Tax return of capital		-			-			(0.02	)		(0.01	)		-
Total distributions		(0.00	) †		(0.01	)		(0.03	)		(0.86	)		(0.41	)
Net asset value, end of year	$	9.27		$	7.92		$	6.17		$	10.52		$	10.05
Total Return ^		17.11%			28.57%			(41.08%	)		13.36%			0.37%
Ratios / Supplemental Data:
Net assets, end of year (000’s)	$	0	†††	$	11,942		$	8,585		$	13,237		$	10,043
Ratio of expenses to average daily net assets		0.93%			0.98%			1.00%			0.96%			0.98%
Net investment income (loss) to average daily net assets		0.37%			0.38%			0.13%			(0.08%	)		(0.19%	)
Portfolio turnover rate		83%			130%			93%			93%			98%
	Class S
	Year Ended 12/31/10			Year Ended 12/31/09			Year Ended 12/31/08			Year Ended 12/31/07			Year Ended 12/31/06
Net asset value, beginning of year	$	7.97		$	6.21		$	10.57		$	10.09		$	10.46
Income (loss) from investment operations:
Net investment income (loss) ***		0.03			0.03			0.01			(0.00	) †		(0.02	)
Net realized and unrealized gain (loss) on investments		1.29			1.75			(4.34	)		1.34			0.06
Total income (loss) from investment operations		1.32			1.78			(4.33	)		1.34			0.04
Less distributions to shareholders:
From net investment income		(0.04	)		(0.02	)		(0.01	)		-			-
From net realized gains		-			-			-			(0.85	)		(0.41	)
Tax return of capital		-			-			(0.02	)		(0.01	)		-
Total distributions		(0.04	)		(0.02	)		(0.03	)		(0.86	)		(0.41	)
Net asset value, end of year	$	9.25		$	7.97		$	6.21		$	10.57		$	10.09
Total Return ^		16.60%			28.63%			(41.00%	)		13.45%			0.36%
Ratios / Supplemental Data:
Net assets, end of year (000’s)	$	46,870		$	53,565		$	10,390		$	23,465		$	20,909
Ratio of expenses to average daily net assets		0.91%			0.94%			0.96%			0.92%			0.94%
Net investment income (loss) to average daily net assets		0.36%			0.43%			0.15%			(0.04%	)		(0.15%	)
Portfolio turnover rate		83%			130%			93%			93%			98%

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

† Amount is less than $0.005 per share.

††† Amount is less than $500.

^ 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.

299

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

Financial Highlights (For a share outstanding throughout each period)

							Class N
	Year Ended 12/31/10			Year Ended 12/31/09			Year Ended 12/31/08			Year Ended 12/31/07			Year Ended 12/31/06
Net asset value, beginning of year	$	7.70		$	6.03		$	10.29		$	9.86		$	10.31
Income (loss) from investment operations:
Net investment income (loss) ***		(0.03	)		(0.02	)		(0.05	)		(0.08	)		(0.09	)
Net realized and unrealized gain (loss) on investments		1.24			1.69			(4.21	)		1.31			0.05
Total income (loss) from investment operations		1.21			1.67			(4.26	)		1.23			(0.04	)
Less distributions to shareholders:
From net investment income		(0.00	) †		-			-			-			-
From net realized gains		-			-			-			(0.79	)		(0.41	)
Tax return of capital		-			-			-			(0.01	)		-
Total distributions		(0.00	) †		-			-			(0.80	)		(0.41	)
Net asset value, end of year	$	8.91		$	7.70		$	6.03		$	10.29		$	9.86
Total Return ^,^^		15.78%			27.69%			(41.40%	)		12.59%			(0.41%	)
Ratios / Supplemental Data:
Net assets, end of year (000’s)	$	1		$	1		$	1		$	1		$	1
Ratio of expenses to average daily net assets		1.66%			1.68%			1.71%			1.65%			1.69%
Net investment income (loss) to average daily net assets		(0.35%	)		(0.31%	)		(0.63%	)		(0.77%	)		(0.93%	)
Portfolio turnover rate		83%			130%			93%			93%			98%

*** 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.

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

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

300

MassMutual Select Aggressive Growth Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class A
	Year Ended 12/31/10			Year Ended 12/31/09			Year Ended 12/31/08			Year Ended 12/31/07			Year Ended 12/31/06
Net asset value, beginning of year	$	5.58		$	3.58		$	7.12		$	6.06		$	6.47
Income (loss) from investment operations:
Net investment income (loss) ***		(0.03	)		(0.03	)		(0.05	)		(0.05	)		(0.06	)
Net realized and unrealized gain (loss) on investments		1.13			2.03			(3.29	)		1.11			(0.35	)
Total income (loss) from investment operations		1.10			2.00			(3.34	)		1.06			(0.41	)
Less distributions to shareholders:
From net realized gains		-			(0.00	) †		(0.20	)		-			-
Total distributions		-			(0.00	) †		(0.20	)		-			-
Net asset value, end of year	$	6.68		$	5.58		$	3.58		$	7.12		$	6.06
Total Return ^,^^		19.50%			56.17%			(46.67%	)		17.49%			(6.34%	)
Ratios / Supplemental Data:
Net assets, end of year (000’s)	$	53,610		$	60,935		$	45,137		$	127,729		$	114,139
Ratio of expenses to average daily net assets:
Before expense waiver		1.37%			1.37%			1.36%			1.36%			1.35%
After expense waiver		N/A			N/A			N/A			N/A			1.33%	#
Net investment income (loss) to average daily net assets		(0.60%	)		(0.65%	)		(0.86%	)		(0.83%	)		(1.01%	)
Portfolio turnover rate		40%			33%			32%			34%			49%
	Class L
	Year Ended 12/31/10			Year Ended 12/31/09			Year Ended 12/31/08			Year Ended 12/31/07			Year Ended 12/31/06
Net asset value, beginning of year	$	5.73		$	3.66		$	7.26		$	6.17		$	6.56
Income (loss) from investment operations:
Net investment income (loss) ***		(0.02	)		(0.02	)		(0.03	)		(0.04	)		(0.05	)
Net realized and unrealized gain (loss) on investments		1.16			2.09			(3.37	)		1.13			(0.34	)
Total income (loss) from investment operations		1.14			2.07			(3.40	)		1.09			(0.39	)
Less distributions to shareholders:
From net realized gains		-			(0.00	) †		(0.20	)		-			-
Total distributions		-			(0.00	) †		(0.20	)		-			-
Net asset value, end of year	$	6.87		$	5.73		$	3.66		$	7.26		$	6.17
Total Return ^		19.90%			56.58%			(46.60%	)		17.67%			(5.95%	)
Ratios / Supplemental Data:
Net assets, end of year (000’s)	$	54,658		$	61,774		$	61,240		$	135,033		$	192,839
Ratio of expenses to average daily net assets:
Before expense waiver		1.12%			1.12%			1.11%			1.11%			1.10%
After expense waiver		N/A			N/A			N/A			N/A			1.08%	#
Net investment income (loss) to average daily net assets		(0.35%	)		(0.41%	)		(0.60%	)		(0.60%	)		(0.76%	)
Portfolio turnover rate		40%			33%			32%			34%			49%

*** 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, if any, and would be lower for the period presented if it reflected these charges.

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

301

MassMutual Select Aggressive Growth Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class Y
	Year Ended 12/31/10			Year Ended 12/31/09			Year Ended 12/31/08			Year Ended 12/31/07			Year Ended 12/31/06
Net asset value, beginning of year	$	5.81		$	3.71		$	7.34		$	6.22		$	6.61
Income (loss) from investment operations:
Net investment income (loss) ***		(0.01	)		(0.01	)		(0.03	)		(0.03	)		(0.04	)
Net realized and unrealized gain (loss) on investments		1.18			2.11			(3.40	)		1.15			(0.35	)
Total income (loss) from investment operations		1.17			2.10			(3.43	)		1.12			(0.39	)
Less distributions to shareholders:
From net realized gains		-			(0.00	) †		(0.20	)		-			-
Total distributions		-			(0.00	) †		(0.20	)		-			-
Net asset value, end of year	$	6.98		$	5.81		$	3.71		$	7.34		$	6.22
Total Return ^		20.14%			56.63%			(46.49%	)		18.01%			(5.90%	)
Ratios / Supplemental Data:
Net assets, end of year (000’s)	$	22,037		$	21,830		$	16,755		$	48,600		$	53,940
Ratio of expenses to average daily net assets:
Before expense waiver		0.97%			0.97%			0.96%			0.96%			0.95%
After expense waiver		N/A			N/A			N/A			N/A			0.93%	#
Net investment income (loss) to average daily net assets		(0.19%	)		(0.27%	)		(0.46%	)		(0.44%	)		(0.61%	)
Portfolio turnover rate		40%			33%			32%			34%			49%
	Class S
	Year Ended 12/31/10			Year Ended 12/31/09			Year Ended 12/31/08			Year Ended 12/31/07			Year Ended 12/31/06
Net asset value, beginning of year	$	5.87		$	3.74		$	7.40		$	6.26		$	6.65
Income (loss) from investment operations:
Net investment income (loss) ***		(0.00	) †		(0.01	)		(0.02	)		(0.02	)		(0.03	)
Net realized and unrealized gain (loss) on investments		1.19			2.14			(3.44	)		1.16			(0.36	)
Total income (loss) from investment operations		1.19			2.13			(3.46	)		1.14			(0.39	)
Less distributions to shareholders:
From net realized gains		-			(0.00	) †		(0.20	)		-			-
Total distributions		-			(0.00	) †		(0.20	)		-			-
Net asset value, end of year	$	7.06		$	5.87		$	3.74		$	7.40		$	6.26
Total Return ^		20.27%			56.97%			(46.53%	)		18.21%			(5.86%	)
Ratios / Supplemental Data:
Net assets, end of year (000’s)	$	210,972		$	164,994		$	112,415		$	284,106		$	239,162
Ratio of expenses to average daily net assets:
Before expense waiver		0.87%			0.87%			0.86%			0.86%			0.85%
After expense waiver		N/A			N/A			N/A			N/A			0.83%	#
Net investment income (loss) to average daily net assets		(0.06%	)		(0.15%	)		(0.36%	)		(0.32%	)		(0.51%	)
Portfolio turnover rate		40%			33%			32%			34%			49%

*** 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.

302

MassMutual Select Aggressive Growth Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class N
	Year Ended 12/31/10			Year Ended 12/31/09			Year Ended 12/31/08			Year Ended 12/31/07			Year Ended 12/31/06
Net asset value, beginning of year	$	5.43		$	3.49		$	6.98		$	5.96		$	6.37
Income (loss) from investment operations:
Net investment income (loss) ***		(0.05	)		(0.04	)		(0.07	)		(0.07	)		(0.08	)
Net realized and unrealized gain (loss) on investments		1.09			1.98			(3.22	)		1.09			(0.33	)
Total income (loss) from investment operations		1.04			1.94			(3.29	)		1.02			(0.41	)
Less distributions to shareholders:
From net realized gains		-			(0.00	) †		(0.20	)		-			-
Total distributions		-			(0.00	) †		(0.20	)		-			-
Net asset value, end of year	$	6.47		$	5.43		$	3.49		$	6.98		$	5.96
Total Return ^,^^		19.37%			55.32%			(46.88%	)		17.11%			(6.44%	)
Ratios / Supplemental Data:
Net assets, end of year (000’s)	$	28		$	93		$	84		$	944		$	1,203
Ratio of expenses to average daily net assets:
Before expense waiver		1.67%			1.67%			1.66%			1.66%			1.65%
After expense waiver		N/A			N/A			N/A			N/A			1.63%	#
Net investment income (loss) to average daily net assets		(0.95%	)		(0.96%	)		(1.22%	)		(1.13%	)		(1.31%	)
Portfolio turnover rate		40%			33%			32%			34%			49%

*** 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, if any, and would be lower for the period presented if it reflected these charges.

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

303

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

Financial Highlights (For a share outstanding throughout each period)

	Class A
	Year Ended 12/31/10			Year Ended 12/31/09			Year Ended 12/31/08			Year Ended 12/31/07			Year Ended 12/31/06
Net asset value, beginning of year	$	4.54		$	2.97		$	5.16		$	4.37		$	4.12
Income (loss) from investment operations:
Net investment income (loss) ***		(0.01	)		(0.02	)		(0.02	)		(0.03	)		(0.02	)
Net realized and unrealized gain (loss) on investments		0.91			1.59			(2.17	)		0.82			0.27
Total income (loss) from investment operations		0.90			1.57			(2.19	)		0.79			0.25
Net asset value, end of year	$	5.44		$	4.54		$	2.97		$	5.16		$	4.37
Total Return ^,^^		19.82%			52.86%			(42.44%	)		17.81%			6.31%
Ratios / Supplemental Data:
Net assets, end of year (000’s)	$	19,690		$	18,508		$	12,506		$	22,454		$	21,627
Ratio of expenses to average daily net assets		1.15%			1.20%			1.17%			1.16%			1.15%
Net investment income (loss) to average daily net assets		(0.24%	)		(0.45%	)		(0.57%	)		(0.57%	)		(0.50%	)
Portfolio turnover rate		8%			22%			10%			29%			7%
	Class L
	Year Ended 12/31/10			Year Ended 12/31/09			Year Ended 12/31/08			Year Ended 12/31/07			Year Ended 12/31/06
Net asset value, beginning of year	$	4.65		$	3.03		$	5.25		$	4.44		$	4.17
Income (loss) from investment operations:
Net investment income (loss) ***		0.00	†		(0.01	)		(0.01	)		(0.02	)		(0.01	)
Net realized and unrealized gain (loss) on investments		0.93			1.63			(2.21	)		0.83			0.28
Total income (loss) from investment operations		0.93			1.62			(2.22	)		0.81			0.27
Net asset value, end of year	$	5.58		$	4.65		$	3.03		$	5.25		$	4.44
Total Return ^		20.00%			53.47%			(42.29%	)		18.24%			6.47%
Ratios / Supplemental Data:
Net assets, end of year (000’s)	$	6,658		$	6,620		$	4,363		$	10,335		$	9,960
Ratio of expenses to average daily net assets		0.90%			0.95%			0.92%			0.91%			0.90%
Net investment income (loss) to average daily net assets		0.01%			(0.19%	)		(0.32%	)		(0.32%	)		(0.26%	)
Portfolio turnover rate		8%			22%			10%			29%			7%

*** 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.

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

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

304

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

Financial Highlights (For a share outstanding throughout each period)

	Class Y
	Year Ended 12/31/10		Year Ended 12/31/09			Year Ended 12/31/08			Year Ended 12/31/07			Year Ended 12/31/06
Net asset value, beginning of year	$	4.70	$	3.07		$	5.30		$	4.47		$	4.19
Income (loss) from investment operations:
Net investment income (loss) ***		0.01		(0.00	) †		(0.01	)		(0.01	)		(0.01	)
Net realized and unrealized gain (loss) on investments		0.95		1.63			(2.22	)		0.84			0.29
Total income (loss) from investment operations		0.96		1.63			(2.23	)		0.83			0.28
Net asset value, end of year	$	5.66	$	4.70		$	3.07		$	5.30		$	4.47
Total Return ^		20.43%		53.09%			(42.08%	)		18.57%			6.68%
Ratios / Supplemental Data:
Net assets, end of year (000’s)	$	1,633	$	2,737		$	1,922		$	3,160		$	1,495
Ratio of expenses to average daily net assets		0.75%		0.80%			0.77%			0.77%			0.75%
Net investment income (loss) to average daily net assets		0.13%		(0.04%	)		(0.17%	)		(0.18%	)		(0.12%	)
Portfolio turnover rate		8%		22%			10%			29%			7%
	Class S
	Year Ended 12/31/10		Year Ended 12/31/09			Year Ended 12/31/08			Year Ended 12/31/07			Year Ended 12/31/06
Net asset value, beginning of year	$	4.75	$	3.09		$	5.35		$	4.51		$	4.22
Income (loss) from investment operations:
Net investment income (loss) ***		0.01		0.00	†		(0.00	) †		(0.00	) †		(0.00	) †
Net realized and unrealized gain (loss) on investments		0.96		1.66			(2.26	)		0.84			0.29
Total income (loss) from investment operations		0.97		1.66			(2.26	)		0.84			0.29
Net asset value, end of year	$	5.72	$	4.75		$	3.09		$	5.35		$	4.51
Total Return ^		20.42%		53.72%			(42.24%	)		18.63%			6.87%
Ratios / Supplemental Data:
Net assets, end of year (000’s)	$	21,169	$	20,229		$	10,781		$	21,630		$	16,179
Ratio of expenses to average daily net assets		0.65%		0.70%			0.67%			0.66%			0.65%
Net investment income (loss) to average daily net assets		0.25%		0.06%			(0.08%	)		(0.07%	)		(0.00%	) ††
Portfolio turnover rate		8%		22%			10%			29%			7%

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

† Amount is less than $0.005 per share.

†† Amount is less than 0.005%.

^ 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.

305

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

Financial Highlights (For a share outstanding throughout each period)

	Class N
	Year Ended 12/31/10			Year Ended 12/31/09			Year Ended 12/31/08			Year Ended 12/31/07			Year Ended 12/31/06
Net asset value, beginning of year	$	4.43		$	2.91		$	5.07		$	4.31		$	4.07
Income (loss) from investment operations:
Net investment income (loss) ***		(0.03	)		(0.03	)		(0.04	)		(0.04	)		(0.03	)
Net realized and unrealized gain (loss) on investments		0.88			1.55			(2.12	)		0.80			0.27
Total income (loss) from investment operations		0.85			1.52			(2.16	)		0.76			0.24
Net asset value, end of year	$	5.28		$	4.43		$	2.91		$	5.07		$	4.31
Total Return ^,^^		19.19%			52.23%			(42.60%	)		17.63%			5.90%
Ratios / Supplemental Data:
Net assets, end of year (000’s)	$	336		$	317		$	120		$	494		$	445
Ratio of expenses to average daily net assets		1.45%			1.50%			1.47%			1.46%			1.45%
Net investment income (loss) to average daily net assets		(0.55%	)		(0.74%	)		(0.85%	)		(0.87%	)		(0.79%	)
Portfolio turnover rate		8%			22%			10%			29%			7%

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

^ 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, if any, and would be lower for the period presented if it reflected these charges.

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

306

MassMutual Select Focused Value Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class A
	Year Ended 12/31/10			Year Ended 12/31/09		Year Ended 12/31/08			Year Ended 12/31/07			Year Ended 12/31/06
Net asset value, beginning of year	$	14.06		$	8.66	$	16.09		$	18.08		$	16.70
Income (loss) from investment operations:
Net investment income (loss) ***		0.02			0.04		0.10			0.05			0.25
Net realized and unrealized gain (loss) on investments		2.96			5.36		(6.86	)		0.25			3.02
Total income (loss) from investment operations		2.98			5.40		(6.76	)		0.30			3.27
Less distributions to shareholders:
From net investment income		(0.05	)		-		(0.12	)		(0.03	)		(0.26	)
From net realized gains		-			-		(0.55	)		(2.26	)		(1.63	)
Tax return of capital		-			-		(0.00	) †		-			-
Total distributions		(0.05	)		-		(0.67	)		(2.29	)		(1.89	)
Net asset value, end of year	$	16.99		$	14.06	$	8.66		$	16.09		$	18.08
Total Return ^,^^		21.29%			62.36%		(43.10%	)		1.52%			19.65%
Ratios / Supplemental Data:
Net assets, end of year (000’s)	$	170,895		$	161,884	$	107,233		$	224,393		$	275,925
Ratio of expenses to average daily net assets:
Before expense waiver		1.32%			1.31%		1.31%			1.30%			1.29%
After expense waiver		1.30%	#		N/A		N/A			N/A			N/A
Net investment income (loss) to average daily net assets		0.12%			0.38%		0.80%			0.29%			1.39%
Portfolio turnover rate		32%			43%		43%			44%			36%
	Class L
	Year Ended 12/31/10			Year Ended 12/31/09		Year Ended 12/31/08			Year Ended 12/31/07			Year Ended 12/31/06
Net asset value, beginning of year	$	14.33		$	8.80	$	16.36		$	18.34		$	16.91
Income (loss) from investment operations:
Net investment income (loss) ***		0.05			0.07		0.14			0.08			0.30
Net realized and unrealized gain (loss) on investments		3.01			5.46		(7.00	)		0.27			3.06
Total income (loss) from investment operations		3.06			5.53		(6.86	)		0.35			3.36
Less distributions to shareholders:
From net investment income		(0.07	)		-		(0.15	)		(0.07	)		(0.30	)
From net realized gains		-			-		(0.55	)		(2.26	)		(1.63	)
Tax return of capital		-			-		(0.00	) †		-			-
Total distributions		(0.07	)		-		(0.70	)		(2.33	)		(1.93	)
Net asset value, end of year	$	17.32		$	14.33	$	8.80		$	16.36		$	18.34
Total Return ^		21.54%			62.84%		(42.98%	)		1.79%			19.94%
Ratios / Supplemental Data:
Net assets, end of year (000’s)	$	91,044		$	98,934	$	69,539		$	159,281		$	203,635
Ratio of expenses to average daily net assets:
Before expense waiver		1.07%			1.06%		1.06%			1.05%			1.04%
After expense waiver		1.05%	#		N/A		N/A			N/A			N/A
Net investment income (loss) to average daily net assets		0.36%			0.62%		1.05%			0.39%			1.66%
Portfolio turnover rate		32%			43%		43%			44%			36%

*** 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, if any, and would be lower for the period presented if it reflected these charges.

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

307

MassMutual Select Focused Value Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class Y
	Year Ended 12/31/10			Year Ended 12/31/09		Year Ended 12/31/08			Year Ended 12/31/07			Year Ended 12/31/06
Net asset value, beginning of year	$	14.47		$	8.87	$	16.49		$	18.47		$	17.02
Income (loss) from investment operations:
Net investment income (loss) ***		0.08			0.09		0.16			0.09			0.32
Net realized and unrealized gain (loss) on investments		3.04			5.51		(7.06	)		0.29			3.09
Total income (loss) from investment operations		3.12			5.60		(6.90	)		0.38			3.41
Less distributions to shareholders:
From net investment income		(0.10	)		-		(0.17	)		(0.10	)		(0.33	)
From net realized gains		-			-		(0.55	)		(2.26	)		(1.63	)
Tax return of capital		-			-		(0.00	) †		-			-
Total distributions		(0.10	)		-		(0.72	)		(2.36	)		(1.96	)
Net asset value, end of year	$	17.49		$	14.47	$	8.87		$	16.49		$	18.47
Total Return ^		21.73%			63.13%		(42.89%	)		1.92%			20.12%
Ratios / Supplemental Data:
Net assets, end of year (000’s)	$	70,955		$	64,121	$	56,399		$	131,434		$	144,555
Ratio of expenses to average daily net assets:
Before expense waiver		0.92%			0.91%		0.91%			0.90%			0.89%
After expense waiver		0.90%	#		N/A		N/A			N/A			N/A
Net investment income (loss) to average daily net assets		0.52%			0.78%		1.17%			0.49%			1.79%
Portfolio turnover rate		32%			43%		43%			44%			36%
	Class S
	Year Ended 12/31/10			Year Ended 12/31/09		Year Ended 12/31/08			Year Ended 12/31/07			Year Ended 12/31/06
Net asset value, beginning of year	$	14.59		$	8.94	$	16.62		$	18.59		$	17.11
Income (loss) from investment operations:
Net investment income (loss) ***		0.10			0.10		0.17			0.13			0.34
Net realized and unrealized gain (loss) on investments		3.05			5.55		(7.11	)		0.28			3.12
Total income (loss) from investment operations		3.15			5.65		(6.94	)		0.41			3.46
Less distributions to shareholders:
From net investment income		(0.11	)		-		(0.19	)		(0.12	)		(0.35	)
From net realized gains		-			-		(0.55	)		(2.26	)		(1.63	)
Tax return of capital		-			-		(0.00	) †		-			-
Total distributions		(0.11	)		-		(0.74	)		(2.38	)		(1.98	)
Net asset value, end of year	$	17.63		$	14.59	$	8.94		$	16.62		$	18.59
Total Return ^		21.81%			63.20%		(42.82%	)		2.07%			20.28%
Ratios / Supplemental Data:
Net assets, end of year (000’s)	$	307,649		$	262,825	$	142,372		$	349,391		$	348,859
Ratio of expenses to average daily net assets:
Before expense waiver		0.82%			0.81%		0.81%			0.80%			0.79%
After expense waiver		0.80%	#		N/A		N/A			N/A			N/A
Net investment income (loss) to average daily net assets		0.62%			0.89%		1.27%			0.67%			1.89%
Portfolio turnover rate		32%			43%		43%			44%			36%

*** 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.

308

MassMutual Select Focused Value Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class N
	Year Ended 12/31/10			Year Ended 12/31/09		Year Ended 12/31/08			Year Ended 12/31/07			Year Ended 12/31/06
Net asset value, beginning of year	$	13.73		$	8.48	$	15.77		$	17.79		$	16.48
Income (loss) from investment operations:
Net investment income (loss) ***		(0.03	)		0.01		0.07			(0.02	)		0.18
Net realized and unrealized gain (loss) on investments		2.90			5.24		(6.72	)		0.26			2.99
Total income (loss) from investment operations		2.87			5.25		(6.65	)		0.24			3.17
Less distributions to shareholders:
From net investment income		-			-		(0.09	)		-			(0.23	)
From net realized gains		-			-		(0.55	)		(2.26	)		(1.63	)
Tax return of capital		-			-		(0.00	) †		-			-
Total distributions		-			-		(0.64	)		(2.26	)		(1.86	)
Net asset value, end of year	$	16.60		$	13.73	$	8.48		$	15.77		$	17.79
Total Return ^,^^		20.90%			61.91%		(43.29%	)		1.21%			19.35%
Ratios / Supplemental Data:
Net assets, end of year (000’s)	$	1,882		$	2,617	$	1,522		$	2,723		$	2,567
Ratio of expenses to average daily net assets:
Before expense waiver		1.62%			1.61%		1.60%			1.60%			1.60%
After expense waiver		1.60%	#		N/A		N/A			N/A			N/A
Net investment income (loss) to average daily net assets		(0.19%	)		0.07%		0.54%			(0.08%	)		1.03%
Portfolio turnover rate		32%			43%		43%			44%			36%
	Class Z
	Period Ended 12/31/10 +
Net asset value, beginning of period	$	16.92
Income (loss) from investment operations:
Net investment income (loss) ***		0.02
Net realized and unrealized gain (loss) on investments		0.70
Total income (loss) from investment operations		0.72
Net asset value, end of period	$	17.64
Total Return ^		4.26%	**
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	104
Ratio of expenses to average daily net assets:
Before expense waiver		0.79%	*
After expense waiver		0.69%	*#
Net investment income (loss) to average daily net assets		0.77%	*
Portfolio turnover rate		32%	~

* 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.

+ Period from November 15, 2010 (commencement of operations) through December 31, 2010.

# 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, if any, and would be lower for the period presented if it reflected these charges.

~ The portfolio turnover rate results are for the Fund.

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

309

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

Financial Highlights (For a share outstanding throughout each period)

	Class A
	Year Ended 12/31/10			Year Ended 12/31/09			Year Ended 12/31/08			Year Ended 12/31/07			Period Ended 12/31/06 +
Net asset value, beginning of period	$	8.27		$	6.43		$	9.72		$	11.40		$	10.00
Income (loss) from investment operations:
Net investment income (loss) ***		0.07			0.05			0.05			0.09			0.02
Net realized and unrealized gain (loss) on investments		1.81			1.84			(3.25	)		(1.10	)		1.41
Total income (loss) from investment operations		1.88			1.89			(3.20	)		(1.01	)		1.43
Less distributions to shareholders:
From net investment income		(0.07	)		(0.05	)		(0.08	)		(0.04	)		(0.02	)
From net realized gains		-			-			(0.00	) †		(0.63	)		(0.01	)
Tax return of capital		-			-			(0.01	)		-			-
Total distributions		(0.07	)		(0.05	)		(0.09	)		(0.67	)		(0.03	)
Net asset value, end of period	$	10.08		$	8.27		$	6.43		$	9.72		$	11.40
Total Return ^,^^		22.77%			29.40%			(32.94%	)		(8.97%	)		14.27%	**
Ratios / Supplemental Data:
Net assets, end of period (000’s)	$	5,748		$	6,145		$	4,444		$	9,490		$	497
Ratio of expenses to average daily net assets:
Before expense waiver		1.32%			1.33%			1.30%			1.30%			2.02%	*
After expense waiver		N/A			N/A			N/A			N/A			1.38%	*#
Net investment income (loss) to average daily net assets		0.82%			0.74%			0.56%			0.82%			0.45%	*
Portfolio turnover rate		143%			66%			34%			49%			7%	**
	Class L
	Year Ended 12/31/10			Year Ended 12/31/09			Year Ended 12/31/08			Year Ended 12/31/07			Period Ended 12/31/06 +
Net asset value, beginning of period	$	8.29		$	6.44		$	9.75		$	11.42		$	10.00
Income (loss) from investment operations:
Net investment income (loss) ***		0.10			0.07			0.07			0.11			0.05
Net realized and unrealized gain (loss) on investments		1.81			1.84			(3.27	)		(1.10	)		1.39
Total income (loss) from investment operations		1.91			1.91			(3.20	)		(0.99	)		1.44
Less distributions to shareholders:
From net investment income		(0.10	)		(0.06	)		(0.09	)		(0.05	)		(0.01	)
From net realized gains		-			-			(0.00	) †		(0.63	)		(0.01	)
Tax return of capital		-			-			(0.02	)		-			-
Total distributions		(0.10	)		(0.06	)		(0.11	)		(0.68	)		(0.02	)
Net asset value, end of period	$	10.10		$	8.29		$	6.44		$	9.75		$	11.42
Total Return ^		23.10%			29.70%			(32.77%	)		(8.74%	)		14.47%	**
Ratios / Supplemental Data:
Net assets, end of period (000’s)	$	42,178		$	37,197		$	32,488		$	74,131		$	1,628
Ratio of expenses to average daily net assets:
Before expense waiver		1.07%			1.08%			1.05%			1.05%			1.77%	*
After expense waiver		N/A			N/A			N/A			N/A			1.13%	*#
Net investment income (loss) to average daily net assets		1.09%			0.96%			0.81%			0.95%			1.31%	*
Portfolio turnover rate		143%			66%			34%			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.

+ 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, if any, and would be lower for the period presented if it reflected these charges.

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

310

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

Financial Highlights (For a share outstanding throughout each period)

	Class Y
	Year Ended 12/31/10			Year Ended 12/31/09			Year Ended 12/31/08			Year Ended 12/31/07			Period Ended 12/31/06 +
Net asset value, beginning of period	$	8.30		$	6.43		$	9.75		$	11.43		$	10.00
Income (loss) from investment operations:
Net investment income (loss) ***		0.12			0.07			0.09			0.17			0.03
Net realized and unrealized gain (loss) on investments		1.82			1.85			(3.28	)		(1.15	)		1.40
Total income (loss) from investment operations		1.94			1.92			(3.19	)		(0.98	)		1.43
Less distributions to shareholders:
From net investment income		(0.12	)		(0.05	)		(0.11	)		(0.07	)		-
From net realized gains		-			-			(0.00	) †		(0.63	)		-
Tax return of capital		-			-			(0.02	)		-			-
Total distributions		(0.12	)		(0.05	)		(0.13	)		(0.70	)		-
Net asset value, end of period	$	10.12		$	8.30		$	6.43		$	9.75		$	11.43
Total Return ^		23.42%			29.94%			(32.67%	)		(8.66%	)		14.42%	**
Ratios / Supplemental Data:
Net assets, end of period (000’s)	$	1,061		$	470		$	2,174		$	1,163		$	0	†††
Ratio of expenses to average daily net assets:
Before expense waiver		0.92%			0.93%			0.90%			0.90%			1.62%	*
After expense waiver		N/A			N/A			N/A			N/A			0.98%	*#
Net investment income (loss) to average daily net assets		1.31%			1.12%			1.14%			1.45%			0.68%	*
Portfolio turnover rate		143%			66%			34%			49%			7%	**
	Class S
	Year Ended 12/31/10			Year Ended 12/31/09			Year Ended 12/31/08			Year Ended 12/31/07			Period Ended 12/31/06 +
Net asset value, beginning of period	$	8.28		$	6.43		$	9.75		$	11.42		$	10.00
Income (loss) from investment operations:
Net investment income (loss) ***		0.12			0.08			0.09			0.14			0.06
Net realized and unrealized gain (loss) on investments		1.82			1.85			(3.27	)		(1.10	)		1.39
Total income (loss) from investment operations		1.94			1.93			(3.18	)		(0.96	)		1.45
Less distributions to shareholders:
From net investment income		(0.13	)		(0.08	)		(0.12	)		(0.08	)		(0.02	)
From net realized gains		-			-			(0.00	) †		(0.63	)		(0.01	)
Tax return of capital		-			-			(0.02	)		-			-
Total distributions		(0.13	)		(0.08	)		(0.14	)		(0.71	)		(0.03	)
Net asset value, end of period	$	10.09		$	8.28		$	6.43		$	9.75		$	11.42
Total Return ^		23.43%			30.02%			(32.61%	)		(8.53%	)		14.50%	**
Ratios / Supplemental Data:
Net assets, end of period (000’s)	$	91,957		$	71,351		$	60,858		$	123,216		$	60,708
Ratio of expenses to average daily net assets:
Before expense waiver		0.82%			0.83%			0.80%			0.80%			1.52%	*
After expense waiver		N/A			N/A			N/A			N/A			0.88%	*#
Net investment income (loss) to average daily net assets		1.36%			1.22%			1.07%			1.19%			1.51%	*
Portfolio turnover rate		143%			66%			34%			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 $500.

+ 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.

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

311

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

Financial Highlights (For a share outstanding throughout each period)

	Class N
	Year Ended 12/31/10			Year Ended 12/31/09			Year Ended 12/31/08			Year Ended 12/31/07			Period Ended 12/31/06 +
Net asset value, beginning of period	$	8.27		$	6.44		$	9.75		$	11.41		$	10.00
Income (loss) from investment operations:
Net investment income (loss) ***		0.05			0.03			0.03			(0.00	) †		(0.00	) †
Net realized and unrealized gain (loss) on investments		1.81			1.83			(3.26	)		(1.03	)		1.41
Total income (loss) from investment operations		1.86			1.86			(3.23	)		(1.03	)		1.41
Less distributions to shareholders:
From net investment income		(0.06	)		(0.03	)		(0.07	)		-			-
From net realized gains		-			-			(0.00	) †		(0.63	)		-
Tax return of capital		-			-			(0.01	)		-			-
Total distributions		(0.06	)		(0.03	)		(0.08	)		(0.63	)		-
Net asset value, end of period	$	10.07		$	8.27		$	6.44		$	9.75		$	11.41
Total Return ^,^^		22.49%			29.06%			(33.23%	)		(9.13%	)		14.22%	**
Ratios / Supplemental Data:
Net assets, end of period (000’s)	$	64		$	46		$	31		$	38		$	0	†††
Ratio of expenses to average daily net assets:
Before expense waiver		1.62%			1.63%			1.60%			1.60%			2.32%	*
After expense waiver		N/A			N/A			N/A			N/A			1.68%	*#
Net investment income (loss) to average daily net assets		0.58%			0.43%			0.32%			(0.00%	) ††		(0.02%	) *
Portfolio turnover rate		143%			66%			34%			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%.

††† Amount is less than $500.

+ 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, if any, and would be lower for the period presented if it reflected these charges.

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

312

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

Financial Highlights (For a share outstanding throughout each period)

	Class A
	Year Ended 12/31/10			Year Ended 12/31/09			Year Ended 12/31/08			Year Ended 12/31/07			Period Ended 12/31/06 +
Net asset value, beginning of period	$	7.40		$	6.14		$	9.34		$	10.90		$	10.00
Income (loss) from investment operations:
Net investment income (loss) ***		0.01			0.03			0.09			0.18			0.10
Net realized and unrealized gain (loss) on investments		2.04			1.27			(3.21	)		(1.53	)		0.84
Total income (loss) from investment operations		2.05			1.30			(3.12	)		(1.35	)		0.94
Less distributions to shareholders:
From net investment income		(0.01	)		(0.04	)		(0.08	)		(0.13	)		(0.04	)
From net realized gains		-			-			(0.00	) †		(0.08	)		-
Tax return of capital		-			-			(0.00	) †		-			-
Total distributions		(0.01	)		(0.04	)		(0.08	)		(0.21	)		(0.04	)
Net asset value, end of period	$	9.44		$	7.40		$	6.14		$	9.34		$	10.90
Total Return ^,^^		27.77%			21.11%			(33.30%	)		(12.35%	)		9.32%	**
Ratios / Supplemental Data:
Net assets, end of period (000’s)	$	7,837		$	7,833		$	7,950		$	15,737		$	3,653
Ratio of expenses to average daily net assets:
Before expense waiver		1.37%			1.39%			1.37%			1.35%			1.72%	*
After expense waiver		N/A			N/A			N/A			N/A			1.40%	*#
Net investment income (loss) to average daily net assets		0.14%			0.56%			1.07%			1.74%			1.23%	*
Portfolio turnover rate		39%			175%			110%			68%			63%	**
	Class L
	Year Ended 12/31/10			Year Ended 12/31/09			Year Ended 12/31/08			Year Ended 12/31/07			Period Ended 12/31/06 +
Net asset value, beginning of period	$	7.40		$	6.14		$	9.36		$	10.91		$	10.00
Income (loss) from investment operations:
Net investment income (loss) ***		0.03			0.05			0.11			0.20			0.13
Net realized and unrealized gain (loss) on investments		2.06			1.26			(3.22	)		(1.53	)		0.83
Total income (loss) from investment operations		2.09			1.31			(3.11	)		(1.33	)		0.96
Less distributions to shareholders:
From net investment income		(0.04	)		(0.05	)		(0.11	)		(0.14	)		(0.05	)
From net realized gains		-			-			(0.00	) †		(0.08	)		-
Tax return of capital		-			-			(0.00	) †		-			-
Total distributions		(0.04	)		(0.05	)		(0.11	)		(0.22	)		(0.05	)
Net asset value, end of period	$	9.45		$	7.40		$	6.14		$	9.36		$	10.91
Total Return ^		28.19%			21.39%			(33.12%	)		(12.22%	)		9.61%	**
Ratios / Supplemental Data:
Net assets, end of period (000’s)	$	21,552		$	24,629		$	24,811		$	42,168		$	1,041
Ratio of expenses to average daily net assets:
Before expense waiver		1.12%			1.14%			1.12%			1.10%			1.47%	*
After expense waiver		N/A			N/A			N/A			N/A			1.15%	*#
Net investment income (loss) to average daily net assets		0.36%			0.81%			1.36%			1.91%			1.69%	*
Portfolio turnover rate		39%			175%			110%			68%			63%	**

* 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 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, if any, and would be lower for the period presented if it reflected these charges.

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

313

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

Financial Highlights (For a share outstanding throughout each period)

	Class Y
	Year Ended 12/31/10			Year Ended 12/31/09			Year Ended 12/31/08			Year Ended 12/31/07			Period Ended 12/31/06 +
Net asset value, beginning of period	$	7.40		$	6.14		$	9.36		$	10.91		$	10.00
Income (loss) from investment operations:
Net investment income (loss) ***		0.04			0.06			0.12			0.24			0.10
Net realized and unrealized gain (loss) on investments		2.06			1.26			(3.22	)		(1.56	)		0.86
Total income (loss) from investment operations		2.10			1.32			(3.10	)		(1.32	)		0.96
Less distributions to shareholders:
From net investment income		(0.05	)		(0.06	)		(0.12	)		(0.15	)		(0.05	)
From net realized gains		-			-			(0.00	) †		(0.08	)		-
Tax return of capital		-			-			(0.00	) †		-			-
Total distributions		(0.05	)		(0.06	)		(0.12	)		(0.23	)		(0.05	)
Net asset value, end of period	$	9.45		$	7.40		$	6.14		$	9.36		$	10.91
Total Return ^		28.35%			21.54%			(33.01%	)		(12.06%	)		9.61%	**
Ratios / Supplemental Data:
Net assets, end of period (000’s)	$	4,734		$	4,496		$	4,679		$	9,343		$	2,402
Ratio of expenses to average daily net assets:
Before expense waiver		0.97%			0.99%			0.97%			0.95%			1.32%	*
After expense waiver		N/A			N/A			N/A			N/A			1.00%	*#
Net investment income (loss) to average daily net assets		0.49%			0.96%			1.47%			2.27%			1.34%	*
Portfolio turnover rate		39%			175%			110%			68%			63%	**

	Class S
	Year Ended 12/31/10			Year Ended 12/31/09			Year Ended 12/31/08			Year Ended 12/31/07			Period Ended 12/31/06 +
Net asset value, beginning of period	$	7.41		$	6.14		$	9.37		$	10.91		$	10.00
Income (loss) from investment operations:
Net investment income (loss) ***		0.06			0.06			0.13			0.24			0.11
Net realized and unrealized gain (loss) on investments		2.04			1.28			(3.23	)		(1.54	)		0.85
Total income (loss) from investment operations		2.10			1.34			(3.10	)		(1.30	)		0.96
Less distributions to shareholders:
From net investment income		(0.06	)		(0.07	)		(0.13	)		(0.16	)		(0.05	)
From net realized gains		-			-			(0.00	) †		(0.08	)		-
Tax return of capital		-			-			(0.00	) †		-			-
Total distributions		(0.06	)		(0.07	)		(0.13	)		(0.24	)		(0.05	)
Net asset value, end of period	$	9.45		$	7.41		$	6.14		$	9.37		$	10.91
Total Return ^		28.36%			21.83%			(32.97%	)		(12.02%	)		9.74%	**
Ratios / Supplemental Data:
Net assets, end of period (000’s)	$	67,913		$	62,397		$	55,899		$	90,057		$	29,939
Ratio of expenses to average daily net assets:
Before expense waiver		0.87%			0.89%			0.87%			0.85%			1.22%	*
After expense waiver		N/A			N/A			N/A			N/A			0.95%	*#
Net investment income (loss) to average daily net assets		0.73%			1.06%			1.58%			2.21%			1.40%	*
Portfolio turnover rate		39%			175%			110%			68%			63%	**

* 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 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.

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

314

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

Financial Highlights (For a share outstanding throughout each period)

	Class N
	Year Ended 12/31/10			Year Ended 12/31/09		Year Ended 12/31/08			Year Ended 12/31/07			Period Ended 12/31/06 +
Net asset value, beginning of period	$	7.43		$	6.16	$	9.34		$	10.91		$	10.00
Income (loss) from investment operations:
Net investment income (loss) ***		(0.01	)		0.02		0.06			0.16			0.04
Net realized and unrealized gain (loss) on investments		2.04			1.25		(3.18	)		(1.54	)		0.87
Total income (loss) from investment operations		2.03			1.27		(3.12	)		(1.38	)		0.91
Less distributions to shareholders:
From net investment income		(0.00	) †		-		(0.06	)		(0.11	)		-
From net realized gains		-			-		(0.00	) †		(0.08	)		-
Tax return of capital		-			-		(0.00	) †		-			-
Total distributions		(0.00	) †		-		(0.06	)		(0.19	)		-
Net asset value, end of period	$	9.46		$	7.43	$	6.16		$	9.34		$	10.91
Total Return ^,^^		27.34%			20.81%		(33.49%	)		(12.64%	)		9.10%	**
Ratios / Supplemental Data:
Net assets, end of period (000’s)	$	20		$	15	$	197		$	284		$	109
Ratio of expenses to average daily net assets:
Before expense waiver		1.67%			1.69%		1.67%			1.65%			2.02%	*
After expense waiver		N/A			N/A		N/A			N/A			1.70%	*#
Net investment income (loss) to average daily net assets		(0.09%	)		0.28%		0.76%			1.52%			0.50%	*
Portfolio turnover rate		39%			175%		110%			68%			63%	**

* 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 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, if any, and would be lower for the period presented if it reflected these charges.

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

315

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

Financial Highlights (For a share outstanding throughout each period)

	Class A
	Year Ended 12/31/10			Year Ended 12/31/09			Year Ended 12/31/08			Year Ended 12/31/07			Year Ended 12/31/06
Net asset value, beginning of year	$	10.97		$	8.67		$	12.59		$	15.32		$	14.28
Income (loss) from investment operations:
Net investment income (loss) ***		0.00	†		0.02			0.02			0.02			(0.03	)
Net realized and unrealized gain (loss) on investments		2.49			2.31			(3.53	)		(0.36	)		2.07
Total income (loss) from investment operations		2.49			2.33			(3.51	)		(0.34	)		2.04
Less distributions to shareholders:
From net investment income		(0.05	)		(0.03	)		-			-			-
From net realized gains		-			-			(0.41	)		(2.39	)		(1.00	)
Total distributions		(0.05	)		(0.03	)		(0.41	)		(2.39	)		(1.00	)
Net asset value, end of year	$	13.41		$	10.97		$	8.67		$	12.59		$	15.32
Total Return ^,^^		22.68%			26.90%			(27.94%	)		(2.09%	)		14.46%
Ratios / Supplemental Data:
Net assets, end of year (000’s)	$	119,084		$	92,728		$	84,721		$	132,697		$	174,732
Ratio of expenses to average daily net assets:
Before expense waiver		1.50%			1.50%			1.49%			1.49%			1.49%
After expense waiver		1.49%	#		N/A			N/A			N/A			N/A
Net investment income (loss) to average daily net assets		0.04%			0.19%			0.14%			0.11%			(0.18%	)
Portfolio turnover rate		43%			30%			37%			39%			50%
	Class L
	Year Ended 12/31/10			Year Ended 12/31/09			Year Ended 12/31/08			Year Ended 12/31/07			Year Ended 12/31/06
Net asset value, beginning of year	$	11.11		$	8.78		$	12.70		$	15.43		$	14.34
Income (loss) from investment operations:
Net investment income (loss) ***		0.03			0.04			0.04			0.05			0.01
Net realized and unrealized gain (loss) on investments		2.53			2.34			(3.55	)		(0.36	)		2.08
Total income (loss) from investment operations		2.56			2.38			(3.51	)		(0.31	)		2.09
Less distributions to shareholders:
From net investment income		(0.07	)		(0.05	)		-			(0.03	)		-
From net realized gains		-			-			(0.41	)		(2.39	)		(1.00	)
Total distributions		(0.07	)		(0.05	)		(0.41	)		(2.42	)		(1.00	)
Net asset value, end of year	$	13.60		$	11.11		$	8.78		$	12.70		$	15.43
Total Return ^		23.08%			27.17%			(27.70%	)		(1.89%	)		14.75%
Ratios / Supplemental Data:
Net assets, end of year (000’s)	$	52,437		$	52,856		$	46,039		$	103,887		$	163,441
Ratio of expense to average daily net assets:
Before expense waiver		1.25%			1.25%			1.24%			1.24%			1.24%
After expense waiver		1.24%	#		N/A			N/A			N/A			N/A
Net investment income (loss) to average daily net assets		0.27%			0.45%			0.36%			0.32%			0.07%
Portfolio turnover rate		43%			30%			37%			39%			50%

*** 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, if any, and would be lower for the period presented if it reflected these charges.

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

316

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

Financial Highlights (For a share outstanding throughout each period)

	Class Y
	Year Ended 12/31/10			Year Ended 12/31/09			Year Ended 12/31/08			Year Ended 12/31/07			Year Ended 12/31/06
Net asset value, beginning of year	$	11.19		$	8.83		$	12.80		$	15.53		$	14.41
Income (loss) from investment operations:
Net investment income (loss) ***		0.05			0.06			0.06			0.07			0.04
Net realized and unrealized gain (loss) on investments		2.55			2.37			(3.60	)		(0.36	)		2.09
Total income (loss) from investment operations		2.60			2.43			(3.54	)		(0.29	)		2.13
Less distributions to shareholders:
From net investment income		(0.09	)		(0.07	)		(0.02	)		(0.05	)		(0.01	)
From net realized gains		-			-			(0.41	)		(2.39	)		(1.00	)
Total distributions		(0.09	)		(0.07	)		(0.43	)		(2.44	)		(1.01	)
Net asset value, end of year	$	13.70		$	11.19		$	8.83		$	12.80		$	15.53
Total Return ^		23.23%			27.52%			(27.72%	)		(1.72%	)		14.93%
Ratios / Supplemental Data:
Net assets, end of year (000’s)	$	67,430		$	77,398		$	73,216		$	100,730		$	174,630
Ratio of expenses to average daily net assets:
Before expense waiver		1.10%			1.10%			1.09%			1.09%			1.09%
After expense waiver		1.09%	#		N/A			N/A			N/A			N/A
Net investment income (loss) to average daily net assets		0.42%			0.60%			0.55%			0.47%			0.22%
Portfolio turnover rate		43%			30%			37%			39%			50%
	Class S
	Year Ended 12/31/10			Year Ended 12/31/09			Year Ended 12/31/08			Year Ended 12/31/07			Year Ended 12/31/06
Net asset value, beginning of year	$	11.23		$	8.87		$	12.84		$	15.58		$	14.46
Income (loss) from investment operations:
Net investment income (loss) ***		0.06			0.06			0.07			0.09			0.04
Net realized and unrealized gain (loss) on investments		2.55			2.37			(3.61	)		(0.38	)		2.09
Total income (loss) from investment operations		2.61			2.43			(3.54	)		(0.29	)		2.13
Less distributions to shareholders:
From net investment income		(0.10	)		(0.07	)		(0.02	)		(0.06	)		(0.01	)
From net realized gains		-			-			(0.41	)		(2.39	)		(1.00	)
Total distributions		(0.10	)		(0.07	)		(0.43	)		(2.45	)		(1.01	)
Net asset value, end of year	$	13.74		$	11.23		$	8.87		$	12.84		$	15.58
Total Return ^		23.25%			27.45%			(27.65%	)		(1.68%	)		14.97%
Ratios / Supplemental Data:
Net assets, end of year (000’s)	$	307,184		$	232,379		$	186,899		$	241,742		$	288,826
Ratio of expenses to average daily net assets:
Before expense waiver		1.06%			1.06%			1.05%			1.05%			1.05%
After expense waiver		1.05%	#		N/A			N/A			N/A			N/A
Net investment income (loss) to average daily net assets		0.48%			0.63%			0.59%			0.58%			0.26%
Portfolio turnover rate		43%			30%			37%			39%			50%

*** 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.

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

317

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

Financial Highlights (For a share outstanding throughout each period)

	Class N
	Year Ended 12/31/10			Year Ended 12/31/09			Year Ended 12/31/08			Year Ended 12/31/07			Year Ended 12/31/06
Net asset value, beginning of year	$	10.67		$	8.44		$	12.31		$	15.08		$	14.11
Income (loss) from investment operations:
Net investment income (loss) ***		(0.04	)		(0.01	)		(0.02	)		(0.02	)		(0.07	)
Net realized and unrealized gain (loss) on investments		2.43			2.25			(3.44	)		(0.36	)		2.04
Total income (loss) from investment operations		2.39			2.24			(3.46	)		(0.38	)		1.97
Less distributions to shareholders:
From net investment income		(0.01	)		(0.01	)		-			-			-
From net realized gains		-			-			(0.41	)		(2.39	)		(1.00	)
Total distributions		(0.01	)		(0.01	)		(0.41	)		(2.39	)		(1.00	)
Net asset value, end of year	$	13.05		$	10.67		$	8.44		$	12.31		$	15.08
Total Return ^,^^		22.38%			26.49%			(28.18%	)		(2.40%	)		14.14%
Ratios / Supplemental Data:
Net assets, end of year (000’s)	$	817		$	1,590		$	1,101		$	1,633		$	1,398
Ratio of expenses to average daily net assets:
Before expense waiver		1.80%			1.80%			1.79%			1.79%			1.79%
After expense waiver		1.79%	#		N/A			N/A			N/A			N/A
Net investment income (loss) to average daily net assets		(0.34%	)		(0.10%	)		(0.16%	)		(0.13%	)		(0.48%	)
Portfolio turnover rate		43%			30%			37%			39%			50%
	Class Z
	Period Ended 12/31/10 +
Net asset value, beginning of period	$	12.74
Income (loss) from investment operations:
Net investment income (loss) ***		0.02
Net realized and unrealized gain (loss) on investments		1.07
Total income (loss) from investment operations		1.09
Less distributions to shareholders:
From net investment income		(0.11	)
Total distributions		(0.11	)
Net asset value, end of period	$	13.72
Total Return ^		8.59%	**
Ratios / Supplemental Data:
Net assets, end of period (000’s)	$	108
Ratio of expenses to average daily net assets:
Before expense waiver		0.95%	*
After expense waiver		0.87%	*#
Net investment income (loss) to average daily net assets		1.03%	*
Portfolio turnover rate		43%	~

* Annualized.

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

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

+ For the period November 15, 2010 (commencement of operations) through December 31, 2010.

# 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, if any, and would be lower for the period presented if it reflected these charges.

~ The portfolio turnover rate results are for the Fund.

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

318

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

Financial Highlights (For a share outstanding throughout each period)

	Class A
	Year Ended 12/31/10			Year Ended 12/31/09			Year Ended 12/31/08			Year Ended 12/31/07			Year Ended 12/31/06
Net asset value, beginning of year	$	8.33		$	6.00		$	11.35		$	10.35		$	9.82
Income (loss) from investment operations:
Net investment income (loss) ***		(0.06	)		(0.04	)		(0.06	)		(0.08	)		0.02
Net realized and unrealized gain (loss) on investments		2.08			2.37			(5.29	)		1.08			0.53
Total income (loss) from investment operations		2.02			2.33			(5.35	)		1.00			0.55
Less distributions to shareholders:
From net investment income		-			-			-			-			(0.02	)
Total distributions		-			-			-			-			(0.02	)
Net asset value, end of year	$	10.35		$	8.33		$	6.00		$	11.35		$	10.35
Total Return ^,^^		24.25%			38.83%			(47.14%	)		9.66%			5.47%
Ratios / Supplemental Data:
Net assets, end of year (000’s)	$	10,899		$	13,208		$	10,726		$	27,120		$	30,406
Ratio of expenses to average daily net assets		1.38%			1.37%			1.35%			1.30%			1.31%
Net investment income (loss) to average daily net assets		(0.72%	)		(0.65%	)		(0.69%	)		(0.72%	)		0.18%
Portfolio turnover rate		109%			143%			151%			193%			130%
	Class L
	Year Ended 12/31/10			Year Ended 12/31/09			Year Ended 12/31/08			Year Ended 12/31/07			Year Ended 12/31/06
Net asset value, beginning of year	$	8.54		$	6.14		$	11.58		$	10.53		$	10.00
Income (loss) from investment operations:
Net investment income (loss) ***		(0.04	)		(0.03	)		(0.04	)		(0.05	)		0.05
Net realized and unrealized gain (loss) on investments		2.14			2.43			(5.40	)		1.10			0.52
Total income (loss) from investment operations		2.10			2.40			(5.44	)		1.05			0.57
Less distributions to shareholders:
From net investment income		-			-			-			-			(0.04	)
Total distributions		-			-			-			-			(0.04	)
Net asset value, end of year	$	10.64		$	8.54		$	6.14		$	11.58		$	10.53
Total Return ^		24.59%			39.09%			(46.98%	)		9.97%			5.74%
Ratios / Supplemental Data:
Net assets, end of year (000’s)	$	19,805		$	17,502		$	16,919		$	38,904		$	33,742
Ratio of expenses to average daily net assets		1.13%			1.12%			1.10%			1.05%			1.06%
Net investment income (loss) to average daily net assets		(0.45%	)		(0.40%	)		(0.44%	)		(0.48%	)		0.43%
Portfolio turnover rate		109%			143%			151%			193%			130%

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

^ 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, if any, and would be lower for the period presented if it reflected these charges.

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

319

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

Financial Highlights (For a share outstanding throughout each period)

	Class Y
	Year Ended 12/31/10			Year Ended 12/31/09			Year Ended 12/31/08			Year Ended 12/31/07			Year Ended 12/31/06
Net asset value, beginning of year	$	8.66		$	6.21		$	11.70		$	10.62		$	10.08
Income (loss) from investment operations:
Net investment income (loss) ***		(0.03	)		(0.02	)		(0.03	)		(0.03	)		0.06
Net realized and unrealized gain (loss) on investments		2.17			2.47			(5.46	)		1.11			0.54
Total income (loss) from investment operations		2.14			2.45			(5.49	)		1.08			0.60
Less distributions to shareholders:
From net investment income		-			-			-			-			(0.06	)
Total distributions		-			-			-			-			(0.06	)
Net asset value, end of year	$	10.80		$	8.66		$	6.21		$	11.70		$	10.62
Total Return ^		24.71%			39.45%			(46.92%	)		10.17%			5.90%
Ratios / Supplemental Data:
Net assets, end of year (000’s)	$	2,078		$	1,705		$	3,326		$	5,944		$	19,475
Ratio of expenses to average daily net assets		0.98%			0.98%			0.95%			0.90%			0.91%
Net investment income (loss) to average daily net assets		(0.29%	)		(0.25%	)		(0.28%	)		(0.30%	)		0.55%
Portfolio turnover rate		109%			143%			151%			193%			130%
	Class S
	Year Ended 12/31/10			Year Ended 12/31/09			Year Ended 12/31/08			Year Ended 12/31/07			Year Ended 12/31/06
Net asset value, beginning of year	$	8.70		$	6.24		$	11.74		$	10.65		$	10.12
Income (loss) from investment operations:
Net investment income (loss) ***		(0.02	)		(0.01	)		(0.02	)		(0.03	)		0.06
Net realized and unrealized gain (loss) on investments		2.18			2.47			(5.48	)		1.12			0.54
Total income (loss) from investment operations		2.16			2.46			(5.50	)		1.09			0.60
Less distributions to shareholders:
From net investment income		-			-			-			-			(0.07	)
Total distributions		-			-			-			-			(0.07	)
Net asset value, end of year	$	10.86		$	8.70		$	6.24		$	11.74		$	10.65
Total Return ^		24.83%			39.42%			(46.85%	)		10.23%			5.97%
Ratios / Supplemental Data:
Net assets, end of year (000’s)	$	33,324		$	43,513		$	41,539		$	86,268		$	68,251
Ratio of expenses to average daily net assets		0.91%			0.90%			0.88%			0.83%			0.84%
Net investment income (loss) to average daily net assets		(0.26%	)		(0.18%	)		(0.23%	)		(0.26%	)		0.59%
Portfolio turnover rate		109%			143%			151%			193%			130%

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

^ 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.

320

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

Financial Highlights (For a share outstanding throughout each period)

	Class N
	Year Ended 12/31/10			Year Ended 12/31/09			Year Ended 12/31/08			Year Ended 12/31/07			Year Ended 12/31/06
Net asset value, beginning of year	$	8.15		$	5.89		$	11.17		$	10.21		$	9.71
Income (loss) from investment operations:
Net investment income (loss) ***		(0.09	)		(0.06	)		(0.09	)		(0.11	)		(0.00	) †
Net realized and unrealized gain (loss) on investments		2.03			2.32			(5.19	)		1.07			0.50
Total income (loss) from investment operations		1.94			2.26			(5.28	)		0.96			0.50
Net asset value, end of year	$	10.09		$	8.15		$	5.89		$	11.17		$	10.21
Total Return ^,^^		23.80%			38.37%			(47.27%	)		9.40%			5.15%
Ratios / Supplemental Data:
Net assets, end of year (000’s)	$	191		$	250		$	185		$	336		$	246
Ratio of expenses to average daily net assets		1.68%			1.67%			1.65%			1.60%			1.61%
Net investment income (loss) to average daily net assets		(1.01%	)		(0.95%	)		(0.98%	)		(1.02%	)		(0.01%	)
Portfolio turnover rate		109%			143%			151%			193%			130%

*** 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.

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

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

321

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

Financial Highlights (For a share outstanding throughout each period)

	Class A
	Year Ended 12/31/10			Year Ended 12/31/09			Year Ended 12/31/08			Year Ended 12/31/07			Year Ended 12/31/06
Net asset value, beginning of year	$	11.74		$	8.14		$	14.75		$	14.05		$	14.13
Income (loss) from investment operations:
Net investment income (loss) ***		(0.10	)		(0.07	)		(0.08	)		(0.07	)		(0.04	)
Net realized and unrealized gain (loss) on investments		3.32			3.67			(5.92	)		2.26			1.01
Total income (loss) from investment operations		3.22			3.60			(6.00	)		2.19			0.97
Less distributions to shareholders:
From net realized gains		-			-			(0.61	)		(1.49	)		(1.05	)
Total distributions		-			-			(0.61	)		(1.49	)		(1.05	)
Net asset value, end of year	$	14.96		$	11.74		$	8.14		$	14.75		$	14.05
Total Return ^,^^		27.43%			44.23%			(41.26%	)		15.74%			6.97%
Ratios / Supplemental Data:
Net assets, end of year (000’s)	$	381,775		$	308,326		$	211,358		$	397,924		$	318,260
Ratio of expenses to average daily net assets:
Before expense waiver		1.37%			1.36%			1.35%			1.34%			1.35%
After expense waiver		1.35%	#		N/A			N/A			N/A			N/A
Net investment income (loss) to average daily net assets		(0.77%	)		(0.75%	)		(0.67%	)		(0.47%	)		(0.29%	)
Portfolio turnover rate		52%			55%			33%			41%			42%
	Class L
	Year Ended 12/31/10			Year Ended 12/31/09			Year Ended 12/31/08			Year Ended 12/31/07			Year Ended 12/31/06
Net asset value, beginning of year	$	12.03		$	8.32		$	15.02		$	14.28		$	14.34
Income (loss) from investment operations:
Net investment income (loss) ***		(0.07	)		(0.05	)		(0.05	)		(0.03	)		(0.01	)
Net realized and unrealized gain (loss) on investments		3.41			3.76			(6.04	)		2.29			1.04
Total income (loss) from investment operations		3.34			3.71			(6.09	)		2.26			1.03
Less distributions to shareholders:
From net realized gains		-			-			(0.61	)		(1.52	)		(1.09	)
Total distributions		-			-			(0.61	)		(1.52	)		(1.09	)
Net asset value, end of year	$	15.37		$	12.03		$	8.32		$	15.02		$	14.28
Total Return ^		27.76%			44.59%			(41.12%	)		15.99%			7.28%
Ratios / Supplemental Data:
Net assets, end of year (000’s)	$	450,117		$	362,500		$	258,165		$	546,924		$	531,194
Ratio of expenses to average daily net assets:
Before expense waiver		1.12%			1.11%			1.10%			1.09%			1.10%
After expense waiver		1.10%	#		N/A			N/A			N/A			N/A
Net investment income (loss) to average daily net assets		(0.51%	)		(0.50%	)		(0.43%	)		(0.21%	)		(0.05%	)
Portfolio turnover rate		52%			55%			33%			41%			42%

*** 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, if any, and would be lower for the period presented if it reflected these charges.

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

322

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

Financial Highlights (For a share outstanding throughout each period)

	Class Y
	Year Ended 12/31/10			Year Ended 12/31/09			Year Ended 12/31/08			Year Ended 12/31/07			Year Ended 12/31/06
Net asset value, beginning of year	$	12.22		$	8.43		$	15.19		$	14.43		$	14.48
Income (loss) from investment operations:
Net investment income (loss) ***		(0.05	)		(0.03	)		(0.04	)		(0.01	)		0.01
Net realized and unrealized gain (loss) on investments		3.46			3.82			(6.11	)		2.32			1.06
Total income (loss) from investment operations		3.41			3.79			(6.15	)		2.31			1.07
Less distributions to shareholders:
From net realized gains		-			-			(0.61	)		(1.55	)		(1.12	)
Total distributions		-			-			(0.61	)		(1.55	)		(1.12	)
Net asset value, end of year	$	15.63		$	12.22		$	8.43		$	15.19		$	14.43
Total Return ^		27.91%			44.96%			(41.05%	)		16.15%			7.45%
Ratios / Supplemental Data:
Net assets, end of year (000’s)	$	207,536		$	161,421		$	105,886		$	229,983		$	178,542
Ratio of expenses to average daily net assets:
Before expense waiver		0.97%			0.96%			0.95%			0.94%			0.95%
After expense waiver		0.95%	#		N/A			N/A			N/A			N/A
Net investment income (loss) to average daily net assets		(0.36%	)		(0.34%	)		(0.28%	)		(0.07%	)		0.10%
Portfolio turnover rate		52%			55%			33%			41%			42%
	Class S
	Year Ended 12/31/10			Year Ended 12/31/09			Year Ended 12/31/08			Year Ended 12/31/07			Year Ended 12/31/06
Net asset value, beginning of year	$	12.31		$	8.49		$	15.28		$	14.50		$	14.54
Income (loss) from investment operations:
Net investment income (loss) ***		(0.04	)		(0.03	)		(0.02	)		(0.00	) †		0.03
Net realized and unrealized gain (loss) on investments		3.49			3.85			(6.16	)		2.34			1.05
Total income (loss) from investment operations		3.45			3.82			(6.18	)		2.34			1.08
Less distributions to shareholders:
From net investment income		-			(0.00	) †		-			-			-
From net realized gains		-			-			(0.61	)		(1.56	)		(1.12	)
Total distributions		-			(0.00	) †		(0.61	)		(1.56	)		(1.12	)
Net asset value, end of year	$	15.76		$	12.31		$	8.49		$	15.28		$	14.50
Total Return ^		28.03%			45.00%			(41.00%	)		16.32%			7.55%
Ratios / Supplemental Data:
Net assets, end of year (000’s)	$	536,407		$	364,961		$	221,677		$	398,427		$	229,547
Ratio of expenses to average daily net assets:
Before expense waiver		0.88%			0.87%			0.86%			0.86%			0.86%
After expense waiver		0.86%	#		N/A			N/A			N/A			N/A
Net investment income (loss) to average daily net assets		(0.26%	)		(0.26%	)		(0.18%	)		(0.03%	)		0.21%
Portfolio turnover rate		52%			55%			33%			41%			42%

*** 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.

323

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

Financial Highlights (For a share outstanding throughout each period)

	Class N
	Year Ended 12/31/10			Year Ended 12/31/09			Year Ended 12/31/08			Year Ended 12/31/07			Year Ended 12/31/06
Net asset value, beginning of year	$	11.46		$	7.97		$	14.50		$	13.84		$	13.95
Income (loss) from investment operations:
Net investment income (loss) ***		(0.13	)		(0.10	)		(0.12	)		(0.12	)		(0.09	)
Net realized and unrealized gain (loss) on investments		3.23			3.59			(5.80	)		2.22			1.01
Total income (loss) from investment operations		3.10			3.49			(5.92	)		2.10			0.92
Less distributions to shareholders:
From net realized gains		-			-			(0.61	)		(1.44	)		(1.03	)
Total distributions		-			-			(0.61	)		(1.44	)		(1.03	)
Net asset value, end of year	$	14.56		$	11.46		$	7.97		$	14.50		$	13.84
Total Return ^,^^		27.05%			43.79%			(41.42%	)		15.36%			6.68%
Ratios / Supplemental Data:
Net assets, end of year (000’s)	$	2,446		$	2,117		$	1,207		$	3,923		$	2,674
Ratio of expenses to average daily net assets:
Before expense waiver		1.67%			1.66%			1.65%			1.65%			1.65%
After expense waiver		1.65%	#		N/A			N/A			N/A			N/A
Net investment income (loss) to average daily net assets		(1.07%	)		(1.05%	)		(0.97%	)		(0.79%	)		(0.63%	)
Portfolio turnover rate		52%			55%			33%			41%			42%
	Class Z
	Period Ended 12/31/10 +
Net asset value, beginning of period	$	14.67
Income (loss) from investment operations:
Net investment income (loss)***		(0.00	) †
Net realized and unrealized gain (loss) on investments		1.09
Total income (loss) from investment operations		1.09
Net asset value, end of period	$	15.76
Total Return ^		7.43%	**
Ratios / Supplemental Data:
Net assets, end of period (000’s)	$	108
Ratio of expenses to average daily net assets:
Before expense waiver		0.85%	*
After expense waiver		0.75%	*#
Net investment income (loss) to average daily net assets		(0.02%	) *
Portfolio turnover rate		52%	~

* Annualized.

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

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

† Amount is less than $0.005 per share.

+ For the period November 15, 2010 (commencement of operations) through December 31, 2010.

# 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, if any, and would be lower for the period presented if it reflected these charges.

~ The portfolio turnover rate results are for the Fund.

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

324

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

Financial Highlights (For a share outstanding throughout each period)

	Class A
	Year Ended 12/31/10			Year Ended 12/31/09			Year Ended 12/31/08			Year Ended 12/31/07			Year Ended 12/31/06
Net asset value, beginning of year	$	13.38		$	9.65		$	16.09		$	15.98		$	15.72
Income (loss) from investment operations:
Net investment income (loss) ***		(0.15	)		(0.11	)		(0.06	)		(0.14	)		(0.13	)
Net realized and unrealized gain (loss) on investments		3.14			3.84			(6.38	)		1.63			1.53
Total income (loss) from investment operations		2.99			3.73			(6.44	)		1.49			1.40
Less distributions to shareholders:
From net realized gains		(0.14	)		-			-			(1.38	)		(1.14	)
Tax return of capital		-			-			-			(0.00	) †		-
Total distributions		(0.14	)		-			-			(1.38	)		(1.14	)
Net asset value, end of year	$	16.23		$	13.38		$	9.65		$	16.09		$	15.98
Total Return ^,^^		22.39%			38.65%			(40.02%	)		9.58%			8.91%
Ratios / Supplemental Data:
Net assets, end of year (000’s)	$	91,525		$	75,428		$	60,323		$	112,757		$	114,136
Ratio of expenses to average daily net assets:
Before expense waiver		1.52%			1.53%			1.52%			1.51%			1.51%
After expense waiver		1.52%	##		N/A			N/A			N/A			N/A
Net investment income (loss) to average daily net assets		(1.02%	)		(1.05%	)		(0.42%	)		(0.81%	)		(0.80%	)
Portfolio turnover rate		99%			91%			92%			70%			84%
	Class L
	Year Ended 12/31/10			Year Ended 12/31/09			Year Ended 12/31/08			Year Ended 12/31/07			Year Ended 12/31/06
Net asset value, beginning of year	$	13.73		$	9.88		$	16.43		$	16.29		$	15.97
Income (loss) from investment operations:
Net investment income (loss) ***		(0.11	)		(0.09	)		(0.02	)		(0.10	)		(0.09	)
Net realized and unrealized gain (loss) on investments		3.23			3.94			(6.53	)		1.67			1.55
Total income (loss) from investment operations		3.12			3.85			(6.55	)		1.57			1.46
Less distributions to shareholders:
From net realized gains		(0.14	)		-			-			(1.43	)		(1.14	)
Tax return of capital		-			-			-			(0.00	) †		-
Total distributions		(0.14	)		-			-			(1.43	)		(1.14	)
Net asset value, end of year	$	16.71		$	13.73		$	9.88		$	16.43		$	16.29
Total Return ^		22.77%			38.97%			(39.90%	)		9.90%			9.15%
Ratios / Supplemental Data:
Net assets, end of year (000’s)	$	61,655		$	59,458		$	60,124		$	111,010		$	92,914
Ratio of expenses to average daily net assets:
Before expense waiver		1.27%			1.28%			1.27%			1.26%			1.26%
After expense waiver		1.27%	##		N/A			N/A			N/A			N/A
Net investment income (loss) to average daily net assets		(0.78%	)		(0.80%	)		(0.16%	)		(0.55%	)		(0.55%	)
Portfolio turnover rate		99%			91%			92%			70%			84%

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

† Amount is less than $0.005 per share.

## 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, if any, and would be lower for the period presented if it reflected these charges.

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

325

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

Financial Highlights (For a share outstanding throughout each period)

	Class Y
	Year Ended 12/31/10			Year Ended 12/31/09			Year Ended 12/31/08			Year Ended 12/31/07			Year Ended 12/31/06
Net asset value, beginning of year	$	13.94		$	10.02		$	16.64		$	16.48		$	16.11
Income (loss) from investment operations:
Net investment income (loss) ***		(0.09	)		(0.07	)		(0.00	) †		(0.07	)		(0.07	)
Net realized and unrealized gain (loss) on investments		3.29			3.99			(6.62	)		1.68			1.58
Total income (loss) from investment operations		3.20			3.92			(6.62	)		1.61			1.51
Less distributions to shareholders:
From net realized gains		(0.14	)		-			-			(1.45	)		(1.14	)
Tax return of capital		-			-			-			(0.00	) †		-
Total distributions		(0.14	)		-			-			(1.45	)		(1.14	)
Net asset value, end of year	$	17.00		$	13.94		$	10.02		$	16.64		$	16.48
Total Return ^		23.00%			39.12%			(39.78%	)		9.99%			9.32%
Ratios / Supplemental Data:
Net assets, end of year (000’s)	$	82,815		$	86,922		$	69,313		$	121,462		$	133,777
Ratio of expenses to average daily net assets:
Before expense waiver		1.12%			1.13%			1.12%			1.11%			1.11%
After expense waiver		1.12%	##		N/A			N/A			N/A			N/A
Net investment income (loss) to average daily net assets		(0.64%	)		(0.65%	)		(0.03%	)		(0.41%	)		(0.41%	)
Portfolio turnover rate		99%			91%			92%			70%			84%
	Class S
	Year Ended 12/31/10			Year Ended 12/31/09			Year Ended 12/31/08			Year Ended 12/31/07			Year Ended 12/31/06
Net asset value, beginning of year	$	14.13		$	10.14		$	16.82		$	16.64		$	16.24
Income (loss) from investment operations:
Net investment income (loss) ***		(0.07	)		(0.06	)		0.01			(0.05	)		(0.04	)
Net realized and unrealized gain (loss) on investments		3.33			4.05			(6.69	)		1.71			1.58
Total income (loss) from investment operations		3.26			3.99			(6.68	)		1.66			1.54
Less distributions to shareholders:
From net realized gains		(0.14	)		-			-			(1.48	)		(1.14	)
Tax return of capital		-			-			-			(0.00	) †		-
Total distributions		(0.14	)		-			-			(1.48	)		(1.14	)
Net asset value, end of year	$	17.25		$	14.13		$	10.14		$	16.82		$	16.64
Total Return ^		23.11%			39.35%			(39.71%	)		10.14%			9.49%
Ratios / Supplemental Data:
Net assets, end of year (000’s)	$	575,724		$	263,305		$	178,508		$	341,265		$	284,413
Ratio of expenses to average daily net assets:
Before expense waiver		0.98%			0.99%			0.98%			0.97%			0.97%
After expense waiver		0.98%	##		N/A			N/A			N/A			N/A
Net investment income (loss) to average daily net assets		(0.45%	)		(0.51%	)		0.10%			(0.26%	)		(0.26%	)
Portfolio turnover rate		99%			91%			92%			70%			84%

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

† Amount is less than $0.005 per share.

## 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.

326

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

Financial Highlights (For a share outstanding throughout each period)

	Class N
	Year Ended 12/31/10			Year Ended 12/31/09			Year Ended 12/31/08			Year Ended 12/31/07			Year Ended 12/31/06
Net asset value, beginning of year	$	13.04		$	9.43		$	15.78		$	15.70		$	15.51
Income (loss) from investment operations:
Net investment income (loss) ***		(0.18	)		(0.15	)		(0.11	)		(0.19	)		(0.18	)
Net realized and unrealized gain (loss) on investments		3.05			3.76			(6.24	)		1.61			1.51
Total income (loss) from investment operations		2.87			3.61			(6.35	)		1.42			1.33
Less distributions to shareholders:
From net realized gains		(0.14	)		-			-			(1.34	)		(1.14	)
Tax return of capital		-			-			-			(0.00	) †		-
Total distributions		(0.14	)		-			-			(1.34	)		(1.14	)
Net asset value, end of year	$	15.77		$	13.04		$	9.43		$	15.78		$	15.70
Total Return ^,^^		22.05%			38.28%			(40.24%	)		9.28%			8.51%
Ratios / Supplemental Data:
Net assets, end of year (000’s)	$	466		$	515		$	317		$	1,105		$	990
Ratio of expenses to average daily net assets:
Before expense waiver		1.82%			1.83%			1.82%			1.81%			1.81%
After expense waiver		1.82%	##		N/A			N/A			N/A			N/A
Net investment income (loss) to average daily net assets		(1.33%	)		(1.36%	)		(0.82%	)		(1.11%	)		(1.11%	)
Portfolio turnover rate		99%			91%			92%			70%			84%
	Class Z
	Period Ended 12/31/10 +
Net asset value, beginning of period	$	16.06
Income (loss) from investment operations:
Net investment income (loss) ***		0.00	†
Net realized and unrealized gain (loss) on investments		1.34
Total income (loss) from investment operations		1.34
Less distributions to shareholders:
From net realized gains		(0.14	)
Total distributions		(0.14	)
Net asset value, end of period	$	17.26
Total Return ^		8.38%	**
Ratios / Supplemental Data:
Net assets, end of period (000’s)	$	108
Ratio of expenses to average daily net assets:
Before expense waiver		0.94%	*
After expense waiver		0.89%	*#
Net investment income (loss) to average daily net assets		0.11%	*
Portfolio turnover rate		99%	~

* 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 November 15, 2010 (commencement of operations) through December 31, 2010.

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

## Amount 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, if any, and would be lower for the period presented if it reflected these charges.

~ The portfolio turnover rate results are for the Fund.

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

327

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

Financial Highlights (For a share outstanding throughout each period)

	Class A
	Year Ended 12/31/10			Year Ended 12/31/09			Year Ended 12/31/08			Year Ended 12/31/07			Year Ended 12/31/06
Net asset value, beginning of year	$	7.21		$	5.51		$	9.78		$	10.40		$	9.69
Income (loss) from investment operations:
Net investment income (loss) ***		(0.08	)		(0.04	)		(0.07	)		(0.11	)		(0.12	)
Net realized and unrealized gain (loss) on investments		2.45			1.74			(4.14	)		0.52			1.54
Total income (loss) from investment operations		2.37			1.70			(4.21	)		0.41			1.42
Less distributions to shareholders:
From net realized gains		-			-			(0.06	)		(1.03	)		(0.71	)
Total distributions		-			-			(0.06	)		(1.03	)		(0.71	)
Net asset value, end of year	$	9.58		$	7.21		$	5.51		$	9.78		$	10.40
Total Return ^,^^		32.87%			30.85%			(43.26%	)		4.09%			14.95%
Ratios / Supplemental Data:
Net assets, end of year (000’s)	$	13,123		$	13,340		$	13,367		$	49,662		$	69,380
Ratio of expenses to average daily net assets		1.57%			1.61%			1.56%			1.53%			1.55%
Net investment income (loss) to average daily net assets		(1.08%	)		(0.69%	)		(0.91%	)		(1.04%	)		(1.15%	)
Portfolio turnover rate		98%			120%			129%			82%			102%
	Class L
	Year Ended 12/31/10			Year Ended 12/31/09			Year Ended 12/31/08			Year Ended 12/31/07			Year Ended 12/31/06
Net asset value, beginning of year	$	7.38		$	5.63		$	9.96		$	10.57		$	9.81
Income (loss) from investment operations:
Net investment income (loss) ***		(0.06	)		(0.03	)		(0.05	)		(0.09	)		(0.09	)
Net realized and unrealized gain (loss) on investments		2.51			1.78			(4.22	)		0.54			1.56
Total income (loss) from investment operations		2.45			1.75			(4.27	)		0.45			1.47
Less distributions to shareholders:
From net realized gains		-			-			(0.06	)		(1.06	)		(0.71	)
Total distributions		-			-			(0.06	)		(1.06	)		(0.71	)
Net asset value, end of year	$	9.83		$	7.38		$	5.63		$	9.96		$	10.57
Total Return ^		33.20%			31.08%			(43.08%	)		4.39%			15.28%
Ratios / Supplemental Data:
Net assets, end of year (000’s)	$	17,323		$	10,178		$	8,625		$	36,372		$	31,256
Ratio of expenses to average daily net assets		1.32%			1.36%			1.31%			1.28%			1.30%
Net investment income (loss) to average daily net assets		(0.78%	)		(0.43%	)		(0.64%	)		(0.78%	)		(0.89%	)
Portfolio turnover rate		98%			120%			129%			82%			102%

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

^ 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, if any, and would be lower for the period presented if it reflected these charges.

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

328

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

Financial Highlights (For a share outstanding throughout each period)

	Class Y
	Year Ended 12/31/10			Year Ended 12/31/09			Year Ended 12/31/08			Year Ended 12/31/07			Year Ended 12/31/06
Net asset value, beginning of year	$	7.46		$	5.68		$	10.05		$	10.65		$	9.87
Income (loss) from investment operations:
Net investment income (loss) ***		(0.06	)		(0.04	)		(0.04	)		(0.07	)		(0.08	)
Net realized and unrealized gain (loss) on investments		2.56			1.82			(4.27	)		0.54			1.57
Total income (loss) from investment operations		2.50			1.78			(4.31	)		0.47			1.49
Less distributions to shareholders:
From net realized gains		-			-			(0.06	)		(1.07	)		(0.71	)
Total distributions		-			-			(0.06	)		(1.07	)		(0.71	)
Net asset value, end of year	$	9.96		$	7.46		$	5.68		$	10.05		$	10.65
Total Return ^		33.51%			31.34%			(43.10%	)		4.55%			15.39%
Ratios / Supplemental Data:
Net assets, end of year (000’s)	$	2,659		$	4,130		$	10,027		$	9,779		$	20,226
Ratio of expenses to average daily net assets		1.17%			1.21%			1.16%			1.13%			1.15%
Net investment income (loss) to average daily net assets		(0.73%	)		(0.58%	)		(0.53%	)		(0.65%	)		(0.73%	)
Portfolio turnover rate		98%			120%			129%			82%			102%
	Class S
	Year Ended 12/31/10			Year Ended 12/31/09			Year Ended 12/31/08			Year Ended 12/31/07			Year Ended 12/31/06
Net asset value, beginning of year	$	7.49		$	5.70		$	10.07		$	10.69		$	9.90
Income (loss) from investment operations:
Net investment income (loss) ***		(0.05	)		(0.02	)		(0.04	)		(0.07	)		(0.07	)
Net realized and unrealized gain (loss) on investments		2.57			1.81			(4.27	)		0.54			1.57
Total income (loss) from investment operations		2.52			1.79			(4.31	)		0.47			1.50
Less distributions to shareholders:
From net realized gains		-			-			(0.06	)		(1.09	)		(0.71	)
Total distributions		-			-			(0.06	)		(1.09	)		(0.71	)
Net asset value, end of year	$	10.01		$	7.49		$	5.70		$	10.07		$	10.69
Total Return ^		33.64%			31.40%			(43.07%	)		4.60%			15.44%
Ratios / Supplemental Data:
Net assets, end of year (000’s)	$	30,487		$	21,869		$	21,210		$	49,168		$	39,194
Ratio of expenses to average daily net assets		1.13%			1.17%			1.12%			1.09%			1.11%
Net investment income (loss) to average daily net assets		(0.60%	)		(0.25%	)		(0.48%	)		(0.60%	)		(0.70%	)
Portfolio turnover rate		98%			120%			129%			82%			102%

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

^ 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.

329

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

Financial Highlights (For a share outstanding throughout each period)

	Class N
	Year Ended 12/31/10			Year Ended 12/31/09			Year Ended 12/31/08			Year Ended 12/31/07			Year Ended 12/31/06
Net asset value, beginning of year	$	7.04		$	5.40		$	9.61		$	10.20		$	9.54
Income (loss) from investment operations:
Net investment income (loss) ***		(0.10	)		(0.06	)		(0.09	)		(0.14	)		(0.15	)
Net realized and unrealized gain (loss) on investments		2.39			1.70			(4.06	)		0.51			1.52
Total income (loss) from investment operations		2.29			1.64			(4.15	)		0.37			1.37
Less distributions to shareholders:
From net realized gains		-			-			(0.06	)		(0.96	)		(0.71	)
Total distributions		-			-			(0.06	)		(0.96	)		(0.71	)
Net asset value, end of year	$	9.33		$	7.04		$	5.40		$	9.61		$	10.20
Total Return ^,^^		32.53%			30.37%			(43.46%	)		3.85%			14.66%
Ratios / Supplemental Data:
Net assets, end of year (000’s)	$	249		$	159		$	154		$	391		$	786
Ratio of expenses to average daily net assets		1.87%			1.91%			1.86%			1.83%			1.85%
Net investment income (loss) to average daily net assets		(1.33%	)		(0.98%	)		(1.21%	)		(1.34%	)		(1.44%	)
Portfolio turnover rate		98%			120%			129%			82%			102%

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

^ 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, if any, and would be lower for the period presented if it reflected these charges.

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

330

MassMutual Select Diversified International Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class A
	Year Ended 12/31/10			Year Ended 12/31/09			Year Ended 12/31/08			Year Ended 12/31/07			Period Ended 12/31/06 +
Net asset value, beginning of period	$	6.91		$	4.95		$	10.48		$	10.06		$	10.00
Income (loss) from investment operations:
Net investment income (loss) ***		0.08			0.11			0.24			0.14			0.00	†
Net realized and unrealized gain (loss) on investments		0.25			1.85			(5.77	)		0.70			0.07
Total income (loss) from investment operations		0.33			1.96			(5.53	)		0.84			0.07
Less distributions to shareholders:
From net investment income		(0.19	)		-			-			(0.21	)		(0.01	)
From net realized gains		-			-			-			(0.21	)		-
Total distributions		(0.19	)		-			-			(0.42	)		(0.01	)
Net asset value, end of period	$	7.05		$	6.91		$	4.95		$	10.48		$	10.06
Total Return ^,^^		4.90%			39.60%			(52.77%	)		8.38%			0.68%	**
Ratios / Supplemental Data:
Net assets, end of period (000’s)	$	1,296		$	1,721		$	40,897		$	394		$	101
Ratio of expenses to average daily net assets:
Before expense waiver		1.61%			1.60%			1.56%			1.59%			8.81%	*
After expense waiver		1.42%	#		1.42%	#		1.42%	#		1.42%	#		1.42%	*#
Net investment income (loss) to average daily net assets		1.17%			2.10%			3.00%			1.30%			0.97%	*
Portfolio turnover rate		65%			61%			34%			18%			0%
	Class L
	Year Ended 12/31/10			Year Ended 12/31/09			Year Ended 12/31/08			Year Ended 12/31/07			Period Ended 12/31/06 +
Net asset value, beginning of period	$	6.93		$	4.97		$	10.50		$	10.06		$	10.00
Income (loss) from investment operations:
Net investment income (loss) ***		0.09			0.11			0.23			0.20			0.01
Net realized and unrealized gain (loss) on investments		0.26			1.90			(5.76	)		0.66			0.06
Total income (loss) from investment operations		0.35			2.01			(5.53	)		0.86			0.07
Less distributions to shareholders:
From net investment income		(0.22	)		(0.05	)		-			(0.21	)		(0.01	)
From net realized gains		-			-			-			(0.21	)		-
Total distributions		(0.22	)		(0.05	)		-			(0.42	)		(0.01	)
Net asset value, end of period	$	7.06		$	6.93		$	4.97		$	10.50		$	10.06
Total Return ^		5.06%			40.55%			(52.67%	)		8.66%			0.70%	**
Ratios / Supplemental Data:
Net assets, end of period (000’s)	$	33,000		$	32,559		$	23,604		$	48,459		$	101
Ratio of expenses to average daily net assets:
Before expense waiver		1.36%			1.35%			1.31%			1.34%			8.56%	*
After expense waiver		1.17%	#		1.17%	#		1.17%	#		1.17%	#		1.17%	*#
Net investment income (loss) to average daily net assets		1.38%			1.98%			2.76%			1.88%			1.23%	*
Portfolio turnover rate		65%			61%			34%			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, if any, and would be lower for the period presented if it reflected these charges.

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

331

MassMutual Select Diversified International Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class Y
	Year Ended 12/31/10			Year Ended 12/31/09			Year Ended 12/31/08			Year Ended 12/31/07			Period Ended 12/31/06 +
Net asset value, beginning of period	$	6.93		$	4.97		$	10.49		$	10.06		$	10.00
Income (loss) from investment operations:
Net investment income (loss) ***		0.10			0.11			0.12			0.15			0.01
Net realized and unrealized gain (loss) on investments		0.25			1.91			(5.64	)		0.72			0.06
Total income (loss) from investment operations		0.35			2.02			(5.52	)		0.87			0.07
Less distributions to shareholders:
From net investment income		(0.22	)		(0.06	)		-			(0.23	)		(0.01	)
From net realized gains		-			-			-			(0.21	)		-
Total distributions		(0.22	)		(0.06	)		-			(0.44	)		(0.01	)
Net asset value, end of period	$	7.06		$	6.93		$	4.97		$	10.49		$	10.06
Total Return ^		5.15%			40.65%			(52.62%	)		8.73%			0.70%	**
Ratios / Supplemental Data:
Net assets, end of period (000’s)	$	7,467		$	7,034		$	5,478		$	846		$	101
Ratio of expenses to average daily net assets:
Before expense waiver		1.21%			1.20%			1.16%			1.19%			8.41%	*
After expense waiver		1.09%	#		1.09%	#		1.09%	#		1.09%	#		1.09%	*#
Net investment income (loss) to average daily net assets		1.46%			1.93%			1.83%			1.37%			1.32%	*
Portfolio turnover rate		65%			61%			34%			18%			0%
	Class S
	Year Ended 12/31/10			Year Ended 12/31/09			Year Ended 12/31/08			Year Ended 12/31/07			Period Ended 12/31/06 +
Net asset value, beginning of period	$	6.94		$	4.98		$	10.50		$	10.06		$	10.00
Income (loss) from investment operations:
Net investment income (loss) ***		0.10			0.11			0.25			0.21			0.01
Net realized and unrealized gain (loss) on investments		0.27			1.92			(5.77	)		0.67			0.06
Total income (loss) from investment operations		0.37			2.03			(5.52	)		0.88			0.07
Less distributions to shareholders:
From net investment income		(0.23	)		(0.07	)		-			(0.23	)		(0.01	)
From net realized gains		-			-			-			(0.21	)		-
Total distributions		(0.23	)		(0.07	)		-			(0.44	)		(0.01	)
Net asset value, end of period	$	7.08		$	6.94		$	4.98		$	10.50		$	10.06
Total Return ^		5.39%			40.70%			(52.57%	)		8.86%			0.70%	**
Ratios / Supplemental Data:
Net assets, end of period (000’s)	$	102,970		$	93,253		$	60,987		$	114,090		$	11,404
Ratio of expenses to average daily net assets:
Before expense waiver		1.11%			1.10%			1.06%			1.09%			8.30%	*
After expense waiver		0.99%	#		0.99%	#		0.99%	#		0.99%	#		0.99%	*#
Net investment income (loss) to average daily net assets		1.57%			2.00%			3.02%			1.94%			1.40%	*
Portfolio turnover rate		65%			61%			34%			18%			0%

* Annualized.

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

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

+ 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.

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

332

MassMutual Select Diversified International Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class N
	Year Ended 12/31/10			Year Ended 12/31/09			Year Ended 12/31/08			Year Ended 12/31/07			Period Ended 12/31/06 +
Net asset value, beginning of period	$	6.89		$	4.94		$	10.50		$	10.06		$	10.00
Income (loss) from investment operations:
Net investment income (loss) ***		0.06			0.07			0.18			0.14			0.00	†
Net realized and unrealized gain (loss) on investments		0.24			1.90			(5.74	)		0.66			0.07
Total income (loss) from investment operations		0.30			1.97			(5.56	)		0.80			0.07
Less distributions to shareholders:
From net investment income		(0.18	)		(0.02	)		-			(0.15	)		(0.01	)
From net realized gains		-			-			-			(0.21	)		-
Total distributions		(0.18	)		(0.02	)		-			(0.36	)		(0.01	)
Net asset value, end of period	$	7.01		$	6.89		$	4.94		$	10.50		$	10.06
Total Return ^,^^		4.41%			39.98%			(52.95%	)		8.03%			0.67%	**
Ratios / Supplemental Data:
Net assets, end of period (000’s)	$	70		$	70		$	50		$	105		$	101
Ratio of expenses to average daily net assets:
Before expense waiver		1.91%			1.90%			1.86%			1.89%			9.11%	*
After expense waiver		1.72%	#		1.72%	#		1.72%	#		1.72%	#		1.72%	*#
Net investment income (loss) to average daily net assets		0.86%			1.28%			2.23%			1.28%			0.67%	*
Portfolio turnover rate		65%			61%			34%			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, if any, and would be lower for the period presented if it reflected these charges.

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

333

MassMutual Select Overseas Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class A
	Year Ended 12/31/10			Year Ended 12/31/09			Year Ended 12/31/08			Year Ended 12/31/07			Year Ended 12/31/06
Net asset value, beginning of year	$	6.61		$	4.68		$	11.33		$	12.80		$	10.95
Income (loss) from investment operations:
Net investment income (loss) ***		0.05			0.05			0.15			0.17			0.21
Net realized and unrealized gain (loss) on investments		0.65			1.88			(4.52	)		0.31			2.78
Total income (loss) from investment operations		0.70			1.93			(4.37	)		0.48			2.99
Less distributions to shareholders:
From net investment income		(0.08	)		-			(0.53	)		(0.05	)		(0.19	)
From net realized gains		-			-			(0.34	)		(1.90	)		(0.95	)
Tax return of capital		-			-			(1.41	)		-			-
Total distributions		(0.08	)		-			(2.28	)		(1.95	)		(1.14	)
Net asset value, end of year	$	7.23		$	6.61		$	4.68		$	11.33		$	12.80
Total Return ^,^^		10.75%			41.24%			(39.25%	)		3.71%			27.38%
Ratios / Supplemental Data:
Net assets, end of year (000’s)	$	59,596		$	63,979		$	48,153		$	261,364		$	299,546
Ratio of expenses to average daily net assets:
Before expense waiver		1.63%			1.62%			1.60%			1.60%			1.61%
After expense waiver		1.51%	#		1.52%	#		1.50%	#		1.50%	#		1.53%	#
Net investment income (loss) to average daily net assets		0.81%			1.03%			1.57%			1.27%			1.66%
Portfolio turnover rate		40%			61%			63%			44%			36%
	Class L
	Year Ended 12/31/10			Year Ended 12/31/09			Year Ended 12/31/08			Year Ended 12/31/07			Year Ended 12/31/06
Net asset value, beginning of year	$	6.66		$	4.70		$	11.42		$	12.88		$	11.00
Income (loss) from investment operations:
Net investment income (loss) ***		0.07			0.07			0.21			0.20			0.24
Net realized and unrealized gain (loss) on investments		0.64			1.89			(4.61	)		0.33			2.80
Total income (loss) from investment operations		0.71			1.96			(4.40	)		0.53			3.04
Less distributions to shareholders:
From net investment income		(0.09	)		-			(0.55	)		(0.09	)		(0.21	)
From net realized gains		-			-			(0.34	)		(1.90	)		(0.95	)
Tax return of capital		-			-			(1.43	)		-			-
Total distributions		(0.09	)		-			(2.32	)		(1.99	)		(1.16	)
Net asset value, end of year	$	7.28		$	6.66		$	4.70		$	11.42		$	12.88
Total Return ^		10.95%			41.70%			(39.21%	)		4.05%			27.66%
Ratios / Supplemental Data:
Net assets, end of year (000’s)	$	149,245		$	151,443		$	149,950		$	328,071		$	283,387
Ratio of expenses to average daily net assets:
Before expense waiver		1.38%			1.37%			1.35%			1.35%			1.36%
After expense waiver		1.26%	#		1.27%	#		1.25%	#		1.25%	#		1.28%	#
Net investment income (loss) to average daily net assets		1.04%			1.41%			2.22%			1.47%			1.90%
Portfolio turnover rate		40%			61%			63%			44%			36%

*** 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, if any, and would be lower for the period presented if it reflected these charges.

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

334

MassMutual Select Overseas Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class Y
	Year Ended 12/31/10			Year Ended 12/31/09		Year Ended 12/31/08			Year Ended 12/31/07			Year Ended 12/31/06
Net asset value, beginning of year	$	6.69		$	4.72	$	11.45		$	12.91		$	11.03
Income (loss) from investment operations:
Net investment income (loss) ***		0.07			0.07		0.22			0.24			0.24
Net realized and unrealized gain (loss) on investments		0.65			1.90		(4.63	)		0.30			2.81
Total income (loss) from investment operations		0.72			1.97		(4.41	)		0.54			3.05
Less distributions to shareholders:
From net investment income		(0.10	)		-		(0.54	)		(0.10	)		(0.22	)
From net realized gains		-			-		(0.34	)		(1.90	)		(0.95	)
Tax return of capital		-			-		(1.44	)		-			-
Total distributions		(0.10	)		-		(2.32	)		(2.00	)		(1.17	)
Net asset value, end of year	$	7.31		$	6.69	$	4.72		$	11.45		$	12.91
Total Return ^		10.97%			41.74%		(39.15%	)		4.14%			27.67%
Ratios / Supplemental Data:
Net assets, end of year (000’s)	$	83,409		$	97,912	$	68,982		$	163,726		$	248,042
Ratio of expenses to average daily net assets:
Before expense waiver		1.24%			1.22%		1.20%			1.20%			1.21%
After expense waiver		1.21%	#		N/A		N/A			N/A			N/A
Net investment income (loss) to average daily net assets		1.10%			1.28%		2.33%			1.76%			1.95%
Portfolio turnover rate		40%			61%		63%			44%			36%
	Class S
	Year Ended 12/31/10			Year Ended 12/31/09		Year Ended 12/31/08			Year Ended 12/31/07			Year Ended 12/31/06
Net asset value, beginning of year	$	6.72		$	4.74	$	11.48		$	12.94		$	11.05
Income (loss) from investment operations:
Net investment income (loss) ***		0.08			0.08		0.22			0.20			0.26
Net realized and unrealized gain (loss) on investments		0.64			1.90		(4.63	)		0.35			2.81
Total income (loss) from investment operations		0.72			1.98		(4.41	)		0.55			3.07
Less distributions to shareholders:
From net investment income		(0.10	)		-		(0.55	)		(0.11	)		(0.23	)
From net realized gains		-			-		(0.34	)		(1.90	)		(0.95	)
Tax return of capital		-			-		(1.44	)		-			-
Total distributions		(0.10	)		-		(2.33	)		(2.01	)		(1.18	)
Net asset value, end of year	$	7.34		$	6.72	$	4.74		$	11.48		$	12.94
Total Return ^		10.97%			41.77%		(39.09%	)		4.21%			27.77%
Ratios / Supplemental Data:
Net assets, end of year (000’s)	$	276,053		$	257,075	$	206,904		$	505,917		$	458,067
Ratio of expenses to average daily net assets:
Before expense waiver		1.19%			1.17%		1.15%			1.15%			1.16%
After expense waiver		1.16%	#		N/A		N/A			N/A			N/A
Net investment income (loss) to average daily net assets		1.15%			1.40%		2.33%			1.50%			2.05%
Portfolio turnover rate		40%			61%		63%			44%			36%

*** 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.

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

335

MassMutual Select Overseas Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class N
	Year Ended 12/31/10			Year Ended 12/31/09			Year Ended 12/31/08			Year Ended 12/31/07			Year Ended 12/31/06
Net asset value, beginning of year	$	6.48		$	4.60		$	11.19		$	12.67		$	10.86
Income (loss) from investment operations:
Net investment income (loss) ***		0.02			0.04			0.15			0.12			0.17
Net realized and unrealized gain (loss) on investments		0.65			1.84			(4.49	)		0.33			2.74
Total income (loss) from investment operations		0.67			1.88			(4.34	)		0.45			2.91
Less distributions to shareholders:
From net investment income		-			-			(0.52	)		(0.03	)		(0.15	)
From net realized gains		-			-			(0.34	)		(1.90	)		(0.95	)
Tax return of capital		-			-			(1.39	)		-			-
Total distributions		-			-			(2.25	)		(1.93	)		(1.10	)
Net asset value, end of year	$	7.15		$	6.48		$	4.60		$	11.19		$	12.67
Total Return ^,^^		10.34%			40.87%			(39.45%	)		3.47%			26.91%
Ratios / Supplemental Data:
Net assets, end of year (000’s)	$	238		$	963		$	892		$	3,122		$	2,462
Ratio of expenses to average daily net assets:
Before expense waiver		1.92%			1.92%			1.90%			1.90%			1.91%
After expense waiver		1.81%	#		1.82%	#		1.80%	#		1.80%	#		1.83%	#
Net investment income (loss) to average daily net assets		0.37%			0.79%			1.58%			0.91%			1.40%
Portfolio turnover rate		40%			61%			63%			44%			36%
	Class Z
	Period Ended 12/31/10 +
Net asset value, beginning of period	$	7.13
Income (loss) from investment operations:
Net investment income (loss) ***		(0.00	) †
Net realized and unrealized gain (loss) on investments		0.21
Total income (loss) from investment operations		0.21
Net asset value, end of period	$	7.34
Total Return ^		2.95%	**
Ratios / Supplemental Data:
Net assets, end of period (000’s)	$	103
Ratio of expenses to average daily net assets:
Before expense waiver		1.20%	*
After expense waiver		0.95%	*#
Net investment income (loss) to average daily net assets		(0.04%	)
Portfolio turnover rate		40%	~

* 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 November 15, 2010 (commencement of operations) through December 31, 2010.

# 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, if any, and would be lower for the period presented if it reflected these charges.

~ The portfolio turnover rate results are for the Fund.

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

336

MassMutual Select Destination Retirement Income Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class A
	Year Ended 12/31/10			Year Ended 12/31/09		Year Ended 12/31/08			Year Ended 12/31/07			Year Ended 12/31/06
Net asset value, beginning of year	$	9.15		$	7.65	$	9.95		$	10.23		$	10.18
Income (loss) from investment operations:
Net investment income (loss) ***		0.19			0.16		0.39			0.34			0.33
Net realized and unrealized gain (loss) on investments		0.68			1.34		(2.01	)		0.18			0.20
Total income (loss) from investment operations		0.87			1.50		(1.62	)		0.52			0.53
Less distributions to shareholders:
From net investment income		(0.23	)		-		(0.40	)		(0.41	)		(0.33	)
From net realized gains		-			-		(0.22	)		(0.39	)		(0.15	)
Tax return of capital		-			-		(0.06	)		-			-
Total distributions		(0.23	)		-		(0.68	)		(0.80	)		(0.48	)
Net asset value, end of year	$	9.79		$	9.15	$	7.65		$	9.95		$	10.23
Total Return ^,^^		9.67%			19.61%		(16.46%	)		5.10%			5.14%
Ratios / Supplemental Data:
Net assets, end of year (000’s)	$	35,125		$	34,104	$	43,223		$	52,667		$	51,843
Ratio of expenses to average daily net assets		0.52%			0.52%		0.49%			0.48%			0.47%
Net investment income (loss) to average daily net assets		1.99%			1.94%		4.27%			3.24%			3.22%
Portfolio turnover rate		32%			36%		35%			42%			27%
	Class L
	Year Ended 12/31/10			Year Ended 12/31/09		Year Ended 12/31/08			Year Ended 12/31/07			Year Ended 12/31/06
Net asset value, beginning of year	$	9.22		$	7.69	$	9.99		$	10.27		$	10.22
Income (loss) from investment operations:
Net investment income (loss) ***		0.21			0.17		0.34			0.36			0.32
Net realized and unrealized gain (loss) on investments		0.69			1.36		(1.95	)		0.19			0.23
Total income (loss) from investment operations		0.90			1.53		(1.61	)		0.55			0.55
Less distributions to shareholders:
From net investment income		(0.25	)		-		(0.41	)		(0.44	)		(0.35	)
From net realized gains		-			-		(0.22	)		(0.39	)		(0.15	)
Tax return of capital		-			-		(0.06	)		-			-
Total distributions		(0.25	)		-		(0.69	)		(0.83	)		(0.50	)
Net asset value, end of year	$	9.87		$	9.22	$	7.69		$	9.99		$	10.27
Total Return ^		9.98%			19.90%		(16.29%	)		5.43%			5.34%
Ratios / Supplemental Data:
Net assets, end of year (000’s)	$	37,663		$	38,375	$	55,874		$	88,901		$	94,347
Ratio of expenses to average daily net assets		0.27%			0.27%		0.24%			0.23%			0.22%
Net investment income (loss) to average daily net assets		2.21%			2.05%		3.61%			3.45%			3.13%
Portfolio turnover rate		32%			36%		35%			42%			27%

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

^ 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, if any, and would be lower for the period presented if it reflected these charges.

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

337

MassMutual Select Destination Retirement Income Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class Y
	Year Ended 12/31/10			Year Ended 12/31/09		Year Ended 12/31/08			Year Ended 12/31/07			Year Ended 12/31/06
Net asset value, beginning of year	$	9.23		$	7.68	$	9.99		$	10.27		$	10.22
Income (loss) from investment operations:
Net investment income (loss) ***		0.24			0.16		0.37			0.31			0.38
Net realized and unrealized gain (loss) on investments		0.67			1.39		(1.97	)		0.25			0.18
Total income (loss) from investment operations		0.91			1.55		(1.60	)		0.56			0.56
Less distributions to shareholders:
From net investment income		(0.26	)		-		(0.42	)		(0.45	)		(0.36	)
From net realized gains		-			-		(0.22	)		(0.39	)		(0.15	)
Tax return of capital		-			-		(0.07	)		-			-
Total distributions		(0.26	)		-		(0.71	)		(0.84	)		(0.51	)
Net asset value, end of year	$	9.88		$	9.23	$	7.68		$	9.99		$	10.27
Total Return ^		10.09%			20.18%		(16.20%	)		5.47%			5.45%
Ratios / Supplemental Data:
Net assets, end of year (000’s)	$	19,112		$	18,370	$	58,457		$	94,210		$	125,831
Ratio of expenses to average daily net assets		0.17%			0.17%		0.14%			0.14%			0.12%
Net investment income (loss) to average daily net assets		2.51%			1.98%		3.94%			2.92%			3.62%
Portfolio turnover rate		32%			36%		35%			42%			27%
	Class S
	Year Ended 12/31/10			Year Ended 12/31/09		Year Ended 12/31/08			Year Ended 12/31/07			Year Ended 12/31/06
Net asset value, beginning of year	$	9.22		$	7.68	$	9.98		$	10.27		$	10.22
Income (loss) from investment operations:
Net investment income (loss) ***		0.18			0.18		0.36			0.40			0.35
Net realized and unrealized gain (loss) on investments		0.73			1.36		(1.95	)		0.16			0.21
Total income (loss) from investment operations		0.91			1.54		(1.59	)		0.56			0.56
Less distributions to shareholders:
From net investment income		(0.27	)		-		(0.42	)		(0.46	)		(0.36	)
From net realized gains		-			-		(0.22	)		(0.39	)		(0.15	)
Tax return of capital		-			-		(0.07	)		-			-
Total distributions		(0.27	)		-		(0.71	)		(0.85	)		(0.51	)
Net asset value, end of year	$	9.86		$	9.22	$	7.68		$	9.98		$	10.27
Total Return ^		10.04%			20.05%		(16.17%	)		5.55%			5.47%
Ratios / Supplemental Data:
Net assets, end of year (000’s)	$	13,462		$	14,963	$	16,279		$	10,579		$	8,773
Ratio of expenses to average daily net assets		0.15%			0.15%		0.12%			0.11%			0.10%
Net investment income (loss) to average daily net assets		1.92%			2.17%		3.86%			3.79%			3.41%
Portfolio turnover rate		32%			36%		35%			42%			27%

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

^ 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.

338

MassMutual Select Destination Retirement Income Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class N
	Year Ended 12/31/10			Year Ended 12/31/09		Year Ended 12/31/08			Year Ended 12/31/07			Year Ended 12/31/06
Net asset value, beginning of year	$	9.16		$	7.68	$	9.98		$	10.26		$	10.21
Income (loss) from investment operations:
Net investment income (loss) ***		0.16			0.16		0.32			0.31			0.30
Net realized and unrealized gain (loss) on investments		0.69			1.32		(1.98	)		0.18			0.20
Total income (loss) from investment operations		0.85			1.48		(1.66	)		0.49			0.50
Less distributions to shareholders:
From net investment income		(0.21	)		-		(0.36	)		(0.38	)		(0.30	)
From net realized gains		-			-		(0.22	)		(0.39	)		(0.15	)
Tax return of capital		-			-		(0.06	)		-			-
Total distributions		(0.21	)		-		(0.64	)		(0.77	)		(0.45	)
Net asset value, end of year	$	9.80		$	9.16	$	7.68		$	9.98		$	10.26
Total Return ^,^^		9.40%			19.27%		(16.76%	)		4.78%			4.83%
Ratios / Supplemental Data:
Net assets, end of year (000’s)	$	104		$	105	$	89		$	124		$	121
Ratio of expenses to average daily net assets		0.82%			0.82%		0.79%			0.78%			0.77%
Net investment income (loss) to average daily net assets		1.66%			1.98%		3.42%			3.01%			2.95%
Portfolio turnover rate		32%			36%		35%			42%			27%

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

^ 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, if any, and would be lower for the period presented if it reflected these charges.

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

339

MassMutual Select Destination Retirement 2010 Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class A
	Year Ended 12/31/10			Year Ended 12/31/09		Year Ended 12/31/08			Year Ended 12/31/07			Year Ended 12/31/06
Net asset value, beginning of year	$	9.18		$	7.37	$	10.64		$	10.77		$	10.57
Income (loss) from investment operations:
Net investment income (loss) ***		0.15			0.12		0.23			0.31			0.33
Net realized and unrealized gain (loss) on investments		0.88			1.69		(2.86	)		0.27			0.34
Total income (loss) from investment operations		1.03			1.81		(2.63	)		0.58			0.67
Less distributions to shareholders:
From net investment income		(0.19	)		-		(0.30	)		(0.38	)		(0.31	)
From net realized gains		-			-		(0.24	)		(0.33	)		(0.16	)
Tax return of capital		-			-		(0.10	)		-			-
Total distributions		(0.19	)		-		(0.64	)		(0.71	)		(0.47	)
Net asset value, end of year	$	10.02		$	9.18	$	7.37		$	10.64		$	10.77
Total Return ^,^^		11.45%			24.56%		(25.05%	)		5.51%			6.39%
Ratios / Supplemental Data:
Net assets, end of year (000’s)	$	32,254		$	35,657	$	38,451		$	72,786		$	54,312
Ratio of expenses to average daily net assets:
Before expense waiver		0.54%			0.54%		0.52%			0.51%			0.52%
After expense waiver		N/A			N/A		N/A			0.51%	##		0.50%	#
Net investment income (loss) to average daily net assets		1.57%			1.55%		2.40%			2.77%			3.10%
Portfolio turnover rate		38%			39%		35%			43%			34%
	Class L
	Year Ended 12/31/10			Year Ended 12/31/09		Year Ended 12/31/08			Year Ended 12/31/07			Year Ended 12/31/06
Net asset value, beginning of year	$	9.24		$	7.39	$	10.69		$	10.82		$	10.60
Income (loss) from investment operations:
Net investment income (loss) ***		0.18			0.11		0.26			0.34			0.36
Net realized and unrealized gain (loss) on investments		0.88			1.74		(2.89	)		0.27			0.35
Total income (loss) from investment operations		1.06			1.85		(2.63	)		0.61			0.71
Less distributions to shareholders:
From net investment income		(0.21	)		-		(0.32	)		(0.41	)		(0.33	)
From net realized gains		-			-		(0.24	)		(0.33	)		(0.16	)
Tax return of capital		-			-		(0.11	)		-			-
Total distributions		(0.21	)		-		(0.67	)		(0.74	)		(0.49	)
Net asset value, end of year	$	10.09		$	9.24	$	7.39		$	10.69		$	10.82
Total Return ^		11.74%			25.03%		(24.95%	)		5.82%			6.69%
Ratios / Supplemental Data:
Net assets, end of year (000’s)	$	13,103		$	13,710	$	35,333		$	59,582		$	47,387
Ratio of expenses to average daily net assets:
Before expense waiver		0.29%			0.29%		0.27%			0.26%			0.27%
After expense waiver		N/A			N/A		N/A			0.26%	##		0.25%	#
Net investment income (loss) to average daily net assets		1.84%			1.39%		2.68%			3.02%			3.35%
Portfolio turnover rate		38%			39%		35%			43%			34%

*** 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.

## 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, if any, and would be lower for the period presented if it reflected these charges.

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

340

MassMutual Select Destination Retirement 2010 Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class Y
	Year Ended 12/31/10			Year Ended 12/31/09		Year Ended 12/31/08			Year Ended 12/31/07			Year Ended 12/31/06
Net asset value, beginning of year	$	9.25		$	7.39	$	10.69		$	10.82		$	10.61
Income (loss) from investment operations:
Net investment income (loss) ***		0.20			0.13		0.27			0.36			0.39
Net realized and unrealized gain (loss) on investments		0.88			1.73		(2.89	)		0.26			0.32
Total income (loss) from investment operations		1.08			1.86		(2.62	)		0.62			0.71
Less distributions to shareholders:
From net investment income		(0.23	)		-		(0.33	)		(0.42	)		(0.34	)
From net realized gains		-			-		(0.24	)		(0.33	)		(0.16	)
Tax return of capital		-			-		(0.11	)		-			-
Total distributions		(0.23	)		-		(0.68	)		(0.75	)		(0.50	)
Net asset value, end of year	$	10.10		$	9.25	$	7.39		$	10.69		$	10.82
Total Return ^		11.89%			25.17%		(24.84%	)		5.84%			6.77%
Ratios / Supplemental Data:
Net assets, end of year (000’s)	$	27,844		$	27,126	$	39,901		$	79,314		$	57,929
Ratio of expenses to average daily net assets:
Before expense waiver		0.19%			0.19%		0.17%			0.16%			0.17%
After expense waiver		N/A			N/A		N/A			0.16%	##		0.15%	#
Net investment income (loss) to average daily net assets		2.14%			1.69%		2.78%			3.23%			3.62%
Portfolio turnover rate		38%			39%		35%			43%			34%
	Class S
	Year Ended 12/31/10			Year Ended 12/31/09		Year Ended 12/31/08			Year Ended 12/31/07			Year Ended 12/31/06
Net asset value, beginning of year	$	9.26		$	7.40	$	10.70		$	10.83		$	10.61
Income (loss) from investment operations:
Net investment income (loss) ***		0.14			0.17		0.29			0.42			0.40
Net realized and unrealized gain (loss) on investments		0.94			1.69		(2.90	)		0.21			0.33
Total income (loss) from investment operations		1.08			1.86		(2.61	)		0.63			0.73
Less distributions to shareholders:
From net investment income		(0.23	)		-		(0.34	)		(0.43	)		(0.35	)
From net realized gains		-			-		(0.24	)		(0.33	)		(0.16	)
Tax return of capital		-			-		(0.11	)		-			-
Total distributions		(0.23	)		-		(0.69	)		(0.76	)		(0.51	)
Net asset value, end of year	$	10.11		$	9.26	$	7.40		$	10.70		$	10.83
Total Return ^		11.95%			25.14%		(24.75%	)		5.92%			6.90%
Ratios / Supplemental Data:
Net assets, end of year (000’s)	$	33,281		$	43,844	$	32,208		$	38,230		$	17,935
Ratio of expenses to average daily net assets:
Before expense waiver		0.14%			0.14%		0.12%			0.11%			0.12%
After expense waiver		N/A			N/A		N/A			0.11%	##		0.10%	#
Net investment income (loss) to average daily net assets		1.52%			2.07%		2.98%			3.73%			3.66%
Portfolio turnover rate		38%			39%		35%			43%			34%

*** 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.

## 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.

341

MassMutual Select Destination Retirement 2010 Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class N
	Year Ended 12/31/10			Year Ended 12/31/09		Year Ended 12/31/08			Year Ended 12/31/07			Year Ended 12/31/06
Net asset value, beginning of year	$	9.18		$	7.38	$	10.64		$	10.80		$	10.60
Income (loss) from investment operations:
Net investment income (loss) ***		0.12			0.10		0.20			0.43			0.32
Net realized and unrealized gain (loss) on investments		0.88			1.70		(2.85	)		0.12			0.32
Total income (loss) from investment operations		1.00			1.80		(2.65	)		0.55			0.64
Less distributions to shareholders:
From net investment income		(0.16	)		-		(0.28	)		(0.38	)		(0.28	)
From net realized gains		-			-		(0.24	)		(0.33	)		(0.16	)
Tax return of capital		-			-		(0.09	)		-			-
Total distributions		(0.16	)		-		(0.61	)		(0.71	)		(0.44	)
Net asset value, end of year	$	10.02		$	9.18	$	7.38		$	10.64		$	10.80
Total Return ^,^^		11.03%			24.39%		(25.30%	)		5.14%			6.14%
Ratios / Supplemental Data:
Net assets, end of year (000’s)	$	513		$	553	$	499		$	859		$	249
Ratio of expenses to average daily net assets:
Before expense waiver		0.84%			0.84%		0.82%			0.81%			0.82%
After expense waiver		N/A			N/A		N/A			0.81%	##		0.80%	#
Net investment income (loss) to average daily net assets		1.29%			1.29%		2.07%			3.89%			3.00%
Portfolio turnover rate		38%			39%		35%			43%			34%

*** 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.

## 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, if any, and would be lower for the period presented if it reflected these charges.

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

342

MassMutual Select Destination Retirement 2015 Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class A			Class L			Class Y			Class S
	Period Ended 12/31/10 +			Period Ended 12/31/10 +			Period Ended 12/31/10 +			Period Ended 12/31/10 +
Net asset value, beginning of period	$	10.00		$	10.00		$	10.00		$	10.00
Income (loss) from investment operations:
Net investment income (loss) ***		0.31			0.19			0.19			0.20
Net realized and unrealized gain (loss) on investments		0.61			0.75			0.76			0.75
Total income (loss) from investment operations		0.92			0.94			0.95			0.95
Less distribution to shareholders:
From net investment income		(0.20	)		(0.20	)		(0.21	)		(0.21	)
From net realized gains		(0.01	)		(0.01	)		(0.01	)		(0.01	)
Total distributions		(0.21	)		(0.21	)		(0.22	)		(0.22	)
Net asset value, end of period	$	10.71		$	10.73		$	10.73		$	10.73
Total Return ^		9.17%	^^,**		9.43%	**		9.52%	**		9.54%	**
Ratios / Supplemental Data:
Net assets, end of period (000’s)	$	302		$	111		$	143		$	767
Ratio of expenses to average daily net assets:
Before expense waiver		5.22%	*		4.97%	*		4.87%	*		4.82%	*
After expense waiver		0.50%	*#		0.25%	*#		0.15%	*#		0.10%	*#
Net investment income (loss) to average daily net assets		4.01%	*		2.47%	*		2.53%	*		2.60%	*
Portfolio turnover rate		12%	**		12%	**		12%	**		12%	**

* Annualized.

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

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

+ For the period April 1, 2010 (commencement of operations) through December 31, 2010.

# 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, if any, and would be lower for the period presented if it reflected these charges.

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

343

MassMutual Select Destination Retirement 2020 Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class A
	Year Ended 12/31/10			Year Ended 12/31/09		Year Ended 12/31/08			Year Ended 12/31/07			Year Ended 12/31/06
Net asset value, beginning of year	$	8.67		$	6.65	$	10.77		$	11.20		$	10.91
Income (loss) from investment operations:
Net investment income (loss) ***		0.11			0.07		0.17			0.19			0.26
Net realized and unrealized gain (loss) on investments		1.05			1.95		(3.60	)		0.37			0.57
Total income (loss) from investment operations		1.16			2.02		(3.43	)		0.56			0.83
Less distributions to shareholders:
From net investment income		(0.13	)		-		(0.21	)		(0.31	)		(0.25	)
From net realized gains		-			-		(0.36	)		(0.68	)		(0.29	)
Tax return of capital		-			-		(0.12	)		-			-
Total distributions		(0.13	)		-		(0.69	)		(0.99	)		(0.54	)
Net asset value, end of year	$	9.70		$	8.67	$	6.65		$	10.77		$	11.20
Total Return ^,^^		13.61%			30.38%		(32.66%	)		5.14%			7.72%
Ratios / Supplemental Data:
Net assets, end of year (000’s)	$	94,230		$	94,170	$	88,113		$	173,715		$	144,228
Ratio of expenses to average daily net assets		0.51%			0.51%		0.50%			0.50%			0.50%
Net investment income (loss) to average daily net assets		1.25%			0.96%		1.80%			1.63%			2.32%
Portfolio turnover rate		32%			30%		32%			49%			32%
	Class L
	Year Ended 12/31/10			Year Ended 12/31/09		Year Ended 12/31/08			Year Ended 12/31/07			Year Ended 12/31/06
Net asset value, beginning of year	$	8.74		$	6.68	$	10.83		$	11.25		$	10.96
Income (loss) from investment operations:
Net investment income (loss) ***		0.13			0.08		0.19			0.20			0.25
Net realized and unrealized gain (loss) on investments		1.06			1.98		(3.62	)		0.40			0.60
Total income (loss) from investment operations		1.19			2.06		(3.43	)		0.60			0.85
Less distributions to shareholders:
From net investment income		(0.15	)		-		(0.24	)		(0.34	)		(0.27	)
From net realized gains		-			-		(0.36	)		(0.68	)		(0.29	)
Tax return of capital		-			-		(0.12	)		-			-
Total distributions		(0.15	)		-		(0.72	)		(1.02	)		(0.56	)
Net asset value, end of year	$	9.78		$	8.74	$	6.68		$	10.83		$	11.25
Total Return ^		13.86%			30.84%		(32.52%	)		5.43%			7.87%
Ratios / Supplemental Data:
Net assets, end of year (000’s)	$	109,419		$	114,640	$	137,142		$	266,837		$	273,584
Ratio of expenses to average daily net assets		0.26%			0.26%		0.25%			0.25%			0.24%
Net investment income (loss) to average daily net assets		1.46%			1.09%		2.00%			1.71%			2.19%
Portfolio turnover rate		32%			30%		32%			49%			32%

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

^ 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, if any, and would be lower for the period presented if it reflected these charges.

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

344

MassMutual Select Destination Retirement 2020 Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class Y
	Year Ended 12/31/10			Year Ended 12/31/09		Year Ended 12/31/08			Year Ended 12/31/07			Year Ended 12/31/06
Net asset value, beginning of year	$	8.73		$	6.67	$	10.82		$	11.25		$	10.95
Income (loss) from investment operations:
Net investment income (loss) ***		0.15			0.09		0.21			0.23			0.30
Net realized and unrealized gain (loss) on investments		1.05			1.97		(3.63	)		0.37			0.58
Total income (loss) from investment operations		1.20			2.06		(3.42	)		0.60			0.88
Less distributions to shareholders:
From net investment income		(0.16	)		-		(0.24	)		(0.35	)		(0.29	)
From net realized gains		-			-		(0.36	)		(0.68	)		(0.29	)
Tax return of capital		-			-		(0.13	)		-			-
Total distributions		(0.16	)		-		(0.73	)		(1.03	)		(0.58	)
Net asset value, end of year	$	9.77		$	8.73	$	6.67		$	10.82		$	11.25
Total Return ^		14.01%			30.88%		(32.43%	)		5.45%			8.08%
Ratios / Supplemental Data:
Net assets, end of year (000’s)	$	67,560		$	63,845	$	77,838		$	135,650		$	105,565
Ratio of expenses to average daily net assets		0.16%			0.16%		0.15%			0.15%			0.15%
Net investment income (loss) to average daily net assets		1.72%			1.18%		2.27%			2.01%			2.66%
Portfolio turnover rate		32%			30%		32%			49%			32%
	Class S
	Year Ended 12/31/10			Year Ended 12/31/09		Year Ended 12/31/08			Year Ended 12/31/07			Year Ended 12/31/06
Net asset value, beginning of year	$	8.74		$	6.68	$	10.84		$	11.26		$	10.96
Income (loss) from investment operations:
Net investment income (loss) ***		0.14			0.11		0.21			0.25			0.30
Net realized and unrealized gain (loss) on investments		1.07			1.95		(3.64	)		0.36			0.58
Total income (loss) from investment operations		1.21			2.06		(3.43	)		0.61			0.88
Less distributions to shareholders:
From net investment income		(0.16	)		-		(0.24	)		(0.35	)		(0.29	)
From net realized gains		-			-		(0.36	)		(0.68	)		(0.29	)
Tax return of capital		-			-		(0.13	)		-			-
Total distributions		(0.16	)		-		(0.73	)		(1.03	)		(0.58	)
Net asset value, end of year	$	9.79		$	8.74	$	6.68		$	10.84		$	11.26
Total Return ^		14.18%			30.84%		(32.42%	)		5.59%			8.12%
Ratios / Supplemental Data:
Net assets, end of year (000’s)	$	104,532		$	100,371	$	65,951		$	95,204		$	66,802
Ratio of expenses to average daily net assets		0.11%			0.11%		0.10%			0.10%			0.10%
Net investment income (loss) to average daily net assets		1.56%			1.49%		2.28%			2.20%			2.69%
Portfolio turnover rate		32%			30%		32%			49%			32%

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

^ 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.

345

MassMutual Select Destination Retirement 2020 Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class N
	Year Ended 12/31/10			Year Ended 12/31/09		Year Ended 12/31/08			Year Ended 12/31/07			Year Ended 12/31/06
Net asset value, beginning of year	$	8.64		$	6.65	$	10.78		$	11.22		$	10.94
Income (loss) from investment operations:
Net investment income (loss) ***		0.08			0.04		0.19			0.19			0.21
Net realized and unrealized gain (loss) on investments		1.05			1.95		(3.64	)		0.34			0.58
Total income (loss) from investment operations		1.13			1.99		(3.45	)		0.53			0.79
Less distributions to shareholders:
From net investment income		(0.10	)		-		(0.21	)		(0.29	)		(0.22	)
From net realized gains		-			-		(0.36	)		(0.68	)		(0.29	)
Tax return of capital		-			-		(0.11	)		-			-
Total distributions		(0.10	)		-		(0.68	)		(0.97	)		(0.51	)
Net asset value, end of year	$	9.67		$	8.64	$	6.65		$	10.78		$	11.22
Total Return ^,^^		13.31%			29.92%		(32.85%	)		4.86%			7.31%
Ratios / Supplemental Data:
Net assets, end of year (000’s)	$	586		$	554	$	426		$	510		$	309
Ratio of expenses to average daily net assets		0.81%			0.82%		0.80%			0.80%			0.80%
Net investment income (loss) to average daily net assets		0.94%			0.57%		2.11%			1.69%			1.93%
Portfolio turnover rate		32%			30%		32%			49%			32%

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

^ 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, if any, and would be lower for the period presented if it reflected these charges.

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

346

MassMutual Select Destination Retirement 2025 Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class A			Class L			Class Y			Class S
	Period Ended 12/31/10 +			Period Ended 12/31/10 +			Period Ended 12/31/10 +			Period Ended 12/31/10 +
Net asset value, beginning of period	$	10.00		$	10.00		$	10.00		$	10.00
Income (loss) from investment operations:
Net investment income (loss) ***		0.24			0.15			0.16			0.16
Net realized and unrealized gain (loss) on investments		0.76			0.86			0.86			0.86
Total income (loss) from investment operations		1.00			1.01			1.02			1.02
Less distributions to shareholders:
From net investment income		(0.16	)		(0.16	)		(0.17	)		(0.17	)
Total distributions		(0.16	)		(0.16	)		(0.17	)		(0.17	)
Net asset value, end of period	$	10.84		$	10.85		$	10.85		$	10.85
Total Return ^		9.98%	^^,**		10.13%	**		10.21%	**		10.25%	**
Ratios / Supplemental Data:
Net assets, end of period (000’s)	$	249		$	110		$	110		$	772
Ratio of expenses to average daily net assets:
Before expense waiver		5.44%	*		5.19%	*		5.09%	*		5.04%	*
After expense waiver		0.50%	*#		0.25%	*#		0.15%	*#		0.10%	*#
Net investment income (loss) to average daily net assets		3.10%	*		1.98%	*		2.09%	*		2.13%	*
Portfolio turnover rate		11%	**		11%	**		11%	**		11%	**

* Annualized.

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

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

+ For the period April 1, 2010 (commencement of operations) through December 31, 2010.

# 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, if any, and would be lower for the period presented if it reflected these charges.

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

347

MassMutual Select Destination Retirement 2030 Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class A
	Year Ended 12/31/10			Year Ended 12/31/09		Year Ended 12/31/08			Year Ended 12/31/07			Year Ended 12/31/06
Net asset value, beginning of year	$	8.58		$	6.46	$	11.49		$	12.05		$	11.50
Income (loss) from investment operations:
Net investment income (loss) ***		0.08			0.04		0.12			0.12			0.15
Net realized and unrealized gain (loss) on investments		1.16			2.08		(4.35	)		0.57			0.95
Total income (loss) from investment operations		1.24			2.12		(4.23	)		0.69			1.10
Less distributions to shareholders:
From net investment income		(0.10	)		-		(0.15	)		(0.26	)		(0.18	)
From net realized gains		-			-		(0.53	)		(0.99	)		(0.37	)
Tax return of capital		-			-		(0.12	)		-			-
Total distributions		(0.10	)		-		(0.80	)		(1.25	)		(0.55	)
Net asset value, end of year	$	9.72		$	8.58	$	6.46		$	11.49		$	12.05
Total Return ^,^^		14.62%			32.82%		(38.13%	)		5.76%			9.70%
Ratios / Supplemental Data:
Net assets, end of year (000’s)	$	73,970		$	71,661	$	71,231		$	142,956		$	112,499
Ratio of expenses to average daily net assets:
Before expense waiver		0.51%			0.52%		0.50%			0.50%			0.50%
After expense waiver		N/A			N/A		N/A			0.50%	##		N/A
Net investment income (loss) to average daily net assets		0.95%			0.50%		1.22%			0.96%			1.31%
Portfolio turnover rate		29%			34%		31%			52%			34%
	Class L
	Year Ended 12/31/10			Year Ended 12/31/09		Year Ended 12/31/08			Year Ended 12/31/07			Year Ended 12/31/06
Net asset value, beginning of year	$	8.66		$	6.50	$	11.56		$	12.11		$	11.55
Income (loss) from investment operations:
Net investment income (loss) ***		0.10			0.05		0.14			0.13			0.15
Net realized and unrealized gain (loss) on investments		1.17			2.11		(4.37	)		0.59			0.98
Total income (loss) from investment operations		1.27			2.16		(4.23	)		0.72			1.13
Less distributions to shareholders:
From net investment income		(0.12	)		-		(0.17	)		(0.28	)		(0.20	)
From net realized gains		-			-		(0.53	)		(0.99	)		(0.37	)
Tax return of capital		-			-		(0.13	)		-			-
Total distributions		(0.12	)		-		(0.83	)		(1.27	)		(0.57	)
Net asset value, end of year	$	9.81		$	8.66	$	6.50		$	11.56		$	12.11
Total Return ^		14.86%			33.23%		(37.94%	)		6.01%			9.93%
Ratios / Supplemental Data:
Net assets, end of year (000’s)	$	83,008		$	91,974	$	107,171		$	217,725		$	211,382
Ratio of expenses to average daily net assets:
Before expense waiver		0.26%			0.27%		0.26%			0.25%			0.25%
After expense waiver		N/A			N/A		N/A			0.25%	##		N/A
Net investment income (loss) to average daily net assets		1.14%			0.69%		1.44%			1.07%			1.28%
Portfolio turnover rate		29%			34%		31%			52%			34%

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

## 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, if any, and would be lower for the period presented if it reflected these charges.

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

348

MassMutual Select Destination Retirement 2030 Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class Y
	Year Ended 12/31/10			Year Ended 12/31/09		Year Ended 12/31/08			Year Ended 12/31/07			Year Ended 12/31/06
Net asset value, beginning of year	$	8.65		$	6.48	$	11.55		$	12.10		$	11.54
Income (loss) from investment operations:
Net investment income (loss) ***		0.12			0.06		0.16			0.16			0.22
Net realized and unrealized gain (loss) on investments		1.16			2.11		(4.39	)		0.57			0.93
Total income (loss) from investment operations		1.28			2.17		(4.23	)		0.73			1.15
Less distributions to shareholders:
From net investment income		(0.13	)		-		(0.17	)		(0.29	)		(0.22	)
From net realized gains		-			-		(0.53	)		(0.99	)		(0.37	)
Tax return of capital		-			-		(0.14	)		-			-
Total distributions		(0.13	)		-		(0.84	)		(1.28	)		(0.59	)
Net asset value, end of year	$	9.80		$	8.65	$	6.48		$	11.55		$	12.10
Total Return ^		15.03%			33.49%		(37.97%	)		6.13%			10.05%
Ratios / Supplemental Data:
Net assets, end of year (000’s)	$	56,940		$	54,828	$	54,289		$	89,727		$	68,388
Ratio of expenses to average daily net assets:
Before expense waiver		0.16%			0.17%		0.16%			0.15%			0.15%
After expense waiver		N/A			N/A		N/A			0.15%	##		N/A
Net investment income (loss) to average daily net assets		1.40%			0.84%		1.72%			1.27%			1.82%
Portfolio turnover rate		29%			34%		31%			52%			34%
	Class S
	Year Ended 12/31/10			Year Ended 12/31/09		Year Ended 12/31/08			Year Ended 12/31/07			Year Ended 12/31/06
Net asset value, beginning of year	$	8.67		$	6.49	$	11.57		$	12.11		$	11.55
Income (loss) from investment operations:
Net investment income (loss) ***		0.12			0.08		0.16			0.18			0.20
Net realized and unrealized gain (loss) on investments		1.15			2.10		(4.40	)		0.57			0.95
Total income (loss) from investment operations		1.27			2.18		(4.24	)		0.75			1.15
Less distributions to shareholders:
From net investment income		(0.13	)		-		(0.17	)		(0.30	)		(0.22	)
From net realized gains		-			-		(0.53	)		(0.99	)		(0.37	)
Tax return of capital		-			-		(0.14	)		-			-
Total distributions		(0.13	)		-		(0.84	)		(1.29	)		(0.59	)
Net asset value, end of year	$	9.81		$	8.67	$	6.49		$	11.57		$	12.11
Total Return ^		14.95%			33.59%		(37.94%	)		6.18%			10.17%
Ratios / Supplemental Data:
Net assets, end of year (000’s)	$	86,541		$	75,977	$	41,482		$	68,224		$	42,835
Ratio of expenses to average daily net assets:
Before expense waiver		0.11%			0.12%		0.11%			0.10%			0.10%
After expense waiver		N/A			N/A		N/A			0.10%	##		N/A
Net investment income (loss) to average daily net assets		1.34%			1.09%		1.62%			1.46%			1.66%
Portfolio turnover rate		29%			34%		31%			52%			34%

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

## 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.

349

MassMutual Select Destination Retirement 2030 Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class N
	Year Ended 12/31/10			Year Ended 12/31/09		Year Ended 12/31/08			Year Ended 12/31/07			Year Ended 12/31/06
Net asset value, beginning of year	$	8.58		$	6.47	$	11.51		$	12.07		$	11.52
Income (loss) from investment operations:
Net investment income (loss) ***		0.06			0.02		0.11			0.09			0.09
Net realized and unrealized gain (loss) on investments		1.14			2.09		(4.37	)		0.57			0.98
Total income (loss) from investment operations		1.20			2.11		(4.26	)		0.66			1.07
Less distributions to shareholders:
From net investment income		(0.07	)		-		(0.14	)		(0.23	)		(0.15	)
From net realized gains		-			-		(0.53	)		(0.99	)		(0.37	)
Tax return of capital		-			-		(0.11	)		-			-
Total distributions		(0.07	)		-		(0.78	)		(1.22	)		(0.52	)
Net asset value, end of year	$	9.71		$	8.58	$	6.47		$	11.51		$	12.07
Total Return ^,^^		14.18%			32.61%		(38.35%	)		5.51%			9.39%
Ratios / Supplemental Data:
Net assets, end of year (000’s)	$	383		$	387	$	189		$	324		$	209
Ratio of expenses to average daily net assets:
Before expense waiver		0.81%			0.82%		0.81%			0.80%			0.80%
After expense waiver		N/A			N/A		N/A			0.80%	##		N/A
Net investment income (loss) to average daily net assets		0.65%			0.26%		1.14%			0.74%			0.78%
Portfolio turnover rate		29%			34%		31%			52%			34%

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

## 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, if any, and would be lower for the period presented if it reflected these charges.

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

350

MassMutual Select Destination Retirement 2035 Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class A			Class L			Class Y			Class S
	Period Ended 12/31/10 +			Period Ended 12/31/10 +			Period Ended 12/31/10 +			Period Ended 12/31/10 +
Net asset value, beginning of period	$	10.00		$	10.00		$	10.00		$	10.00
Income (loss) from investment operations:
Net investment income (loss) ***		0.13			0.13			0.14			0.14
Net realized and unrealized gain (loss) on investments		0.88			0.90			0.90			0.91
Total income (loss) from investment operations		1.01			1.03			1.04			1.05
Net asset value, end of year
Less distribution to shareholders:
From net investment income		(0.13	)		(0.14	)		(0.15	)		(0.16	)
Total distribution		(0.13	)		(0.14	)		(0.15	)		(0.16	)
Net asset value, end of period	$	10.88		$	10.89		$	10.89		$	10.89
Total Return ^		10.10%	^^,**		10.35%	**		10.42%	**		10.46%	**
Ratios / Supplemental Data:
Net assets, end of period (000’s)	$	146		$	112		$	111		$	773
Ratio of expenses to average daily net assets:
Before expense waiver		5.51%	*		5.26%	*		5.16%	*		5.11%	*
After expense waiver		0.50%	*#		0.25%	*#		0.15%	*#		0.10%	*#
Net investment income (loss) to average daily net assets		1.78%	*		1.78%	*		1.87%	*		1.92%	*
Portfolio turnover rate		10%	**		10%	**		10%	**		10%	**

* Annualized.

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

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

+ For the period April 1, 2010 (commencement of operations) through December 31, 2010.

# 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, if any, and would be lower for the period presented if it reflected these charges.

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

351

MassMutual Select Destination Retirement 2040 Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class A
	Year Ended 12/31/10			Year Ended 12/31/09		Year Ended 12/31/08			Year Ended 12/31/07			Year Ended 12/31/06
Net asset value, beginning of year	$	8.57		$	6.41	$	11.76		$	12.39		$	11.77
Income (loss) from investment operations:
Net investment income (loss) ***		0.07			0.02		0.11			0.11			0.07
Net realized and unrealized gain (loss) on investments		1.19			2.14		(4.62	)		0.64			1.24
Total income (loss) from investment operations		1.26			2.16		(4.51	)		0.75			1.31
Less distributions to shareholders:
From net investment income		(0.08	)		-		(0.14	)		(0.26	)		(0.13	)
From net realized gains		-			-		(0.56	)		(1.12	)		(0.56	)
Tax return of capital		-			-		(0.14	)		-			-
Total distributions		(0.08	)		-		(0.84	)		(1.38	)		(0.69	)
Net asset value, end of year	$	9.75		$	8.57	$	6.41		$	11.76		$	12.39
Total Return ^,^^		14.86%			33.70%		(39.80%	)		6.16%			11.26%
Ratios / Supplemental Data:
Net assets, end of year (000’s)	$	44,328		$	40,898	$	35,855		$	65,604		$	46,934
Ratio of expenses to average daily net assets:
Before expense waiver		0.51%			0.52%		0.51%			0.50%			0.50%
After expense waiver		N/A			N/A		N/A			0.50%	##		N/A
Net investment income (loss) to average daily net assets		0.80%			0.35%		1.15%			0.88%			0.59%
Portfolio turnover rate		32%			34%		38%			50%			42%
	Class L
	Year Ended 12/31/10			Year Ended 12/31/09		Year Ended 12/31/08			Year Ended 12/31/07			Year Ended 12/31/06
Net asset value, beginning of year	$	8.64		$	6.45	$	11.84		$	12.45		$	11.81
Income (loss) from investment operations:
Net investment income (loss) ***		0.09			0.03		0.13			0.13			0.08
Net realized and unrealized gain (loss) on investments		1.20			2.16		(4.66	)		0.67			1.27
Total income (loss) from investment operations		1.29			2.19		(4.53	)		0.80			1.35
Less distributions to shareholders:
From net investment income		(0.09	)		-		(0.15	)		(0.29	)		(0.15	)
From net realized gains		-			-		(0.56	)		(1.12	)		(0.56	)
Tax return of capital		-			-		(0.15	)		-			-
Total distributions		(0.09	)		-		(0.86	)		(1.41	)		(0.71	)
Net asset value, end of year	$	9.84		$	8.64	$	6.45		$	11.84		$	12.45
Total Return ^		15.18%			33.95%		(39.68%	)		6.49%			11.58%
Ratios / Supplemental Data:
Net assets, end of year (000’s)	$	52,011		$	56,485	$	67,643		$	142,858		$	134,968
Ratio of expenses to average daily net assets:
Before expense waiver		0.26%			0.27%		0.26%			0.25%			0.25%
After expense waiver		N/A			N/A		N/A			0.25%	##		N/A
Net investment income (loss) to average daily net assets		0.98%			0.50%		1.28%			0.97%			0.68%
Portfolio turnover rate		32%			34%		38%			50%			42%

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

## 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, if any, and would be lower for the period presented if it reflected these charges.

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

352

MassMutual Select Destination Retirement 2040 Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class Y
	Year Ended 12/31/10			Year Ended 12/31/09		Year Ended 12/31/08			Year Ended 12/31/07			Year Ended 12/31/06
Net asset value, beginning of year	$	8.64		$	6.45	$	11.83		$	12.44		$	11.81
Income (loss) from investment operations:
Net investment income (loss) ***		0.11			0.04		0.15			0.16			0.12
Net realized and unrealized gain (loss) on investments		1.19			2.15		(4.66	)		0.65			1.23
Total income (loss) from investment operations		1.30			2.19		(4.51	)		0.81			1.35
Less distributions to shareholders:
From net investment income		(0.10	)		-		(0.15	)		(0.30	)		(0.16	)
From net realized gains		-			-		(0.56	)		(1.12	)		(0.56	)
Tax return of capital		-			-		(0.16	)		-			-
Total distributions		(0.10	)		-		(0.87	)		(1.42	)		(0.72	)
Net asset value, end of year	$	9.84		$	8.64	$	6.45		$	11.83		$	12.44
Total Return ^		15.33%			33.95%		(39.52%	)		6.60%			11.60%
Ratios / Supplemental Data:
Net assets, end of year (000’s)	$	25,886		$	24,096	$	30,695		$	47,208		$	31,379
Ratio of expenses to average daily net assets:
Before expense waiver		0.16%			0.17%		0.16%			0.15%			0.15%
After expense waiver		N/A			N/A		N/A			0.15%	##		N/A
Net investment income (loss) to average daily net assets		1.23%			0.56%		1.59%			1.27%			0.96%
Portfolio turnover rate		32%			34%		38%			50%			42%
	Class S
	Year Ended 12/31/10			Year Ended 12/31/09		Year Ended 12/31/08			Year Ended 12/31/07			Year Ended 12/31/06
Net asset value, beginning of year	$	8.65		$	6.45	$	11.84		$	12.45		$	11.82
Income (loss) from investment operations:
Net investment income (loss) ***		0.11			0.07		0.15			0.17			0.08
Net realized and unrealized gain (loss) on investments		1.20			2.13		(4.67	)		0.64			1.28
Total income (loss) from investment operations		1.31			2.20		(4.52	)		0.81			1.36
Less distributions to shareholders:
From net investment income		(0.11	)		-		(0.15	)		(0.30	)		(0.17	)
From net realized gains		-			-		(0.56	)		(1.12	)		(0.56	)
Tax return of capital		-			-		(0.16	)		-			-
Total distributions		(0.11	)		-		(0.87	)		(1.42	)		(0.73	)
Net asset value, end of year	$	9.85		$	8.65	$	6.45		$	11.84		$	12.45
Total Return ^		15.40%			34.11%		(39.54%	)		6.63%			11.63%
Ratios / Supplemental Data:
Net assets, end of year (000’s)	$	61,781		$	50,292	$	27,000		$	44,098		$	27,944
Ratio of expenses to average daily net assets:
Before expense waiver		0.11%			0.12%		0.11%			0.10%			0.10%
After expense waiver		N/A			N/A		N/A			0.10%	##		N/A
Net investment income (loss) to average daily net assets		1.25%			0.93%		1.55%			1.31%			0.67%
Portfolio turnover rate		32%			34%		38%			50%			42%

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

## 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.

353

MassMutual Select Destination Retirement 2040 Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class N
	Year Ended 12/31/10			Year Ended 12/31/09		Year Ended 12/31/08			Year Ended 12/31/07			Year Ended 12/31/06
Net asset value, beginning of year	$	8.57		$	6.44	$	11.79		$	12.41		$	11.79
Income (loss) from investment operations:
Net investment income (loss) ***		0.05			0.02		0.09			0.06			0.02
Net realized and unrealized gain (loss) on investments		1.18			2.11		(4.63	)		0.66			1.25
Total income (loss) from investment operations		1.23			2.13		(4.54	)		0.72			1.27
Less distributions to shareholders:
From net investment income		(0.06	)		-		(0.12	)		(0.22	)		(0.09	)
From net realized gains		-			-		(0.56	)		(1.12	)		(0.56	)
Tax return of capital		-			-		(0.13	)		-			-
Total distributions		(0.06	)		-		(0.81	)		(1.34	)		(0.65	)
Net asset value, end of year	$	9.74		$	8.57	$	6.44		$	11.79		$	12.41
Total Return ^,^^		14.52%			33.07%		(39.91%	)		5.90%			10.91%
Ratios / Supplemental Data:
Net assets, end of year (000’s)	$	286		$	257	$	132		$	226		$	189
Ratio of expenses to average daily net assets:
Before expense waiver		0.81%			0.82%		0.81%			0.80%			0.80%
After expense waiver		N/A			N/A		N/A			0.80%	##		N/A
Net investment income (loss) to average daily net assets		0.55%			0.28%		0.97%			0.49%			0.18%
Portfolio turnover rate		32%			34%		38%			50%			42%

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

## 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, if any, and would be lower for the period presented if it reflected these charges.

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

354

MassMutual Select Destination Retirement 2045 Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class A			Class L			Class Y			Class S
	Period Ended 12/31/10 +			Period Ended 12/31/10 +			Period Ended 12/31/10 +			Period Ended 12/31/10 +
Net asset value, beginning of period	$	10.00		$	10.00		$	10.00		$	10.00
Income (loss) from investment operations:
Net investment income (loss) ***		0.11			0.12			0.12			0.13
Net realized and unrealized gain (loss) on investments		0.95			0.96			0.97			0.96
Total income (loss) from investment operations		1.06			1.08			1.09			1.09
Less distributions to shareholders:
From net investment income		(0.11	)		(0.12	)		(0.13	)		(0.13	)
Total distributions		(0.11	)		(0.12	)		(0.13	)		(0.13	)
Net asset value, end of period	$	10.95		$	10.96		$	10.96		$	10.96
Total Return ^		10.58%	^^,**		10.82%	**		10.90%	**		10.94%	**
Ratios / Supplemental Data:
Net assets, end of period (000’s)	$	139		$	111		$	111		$	777
Ratio of expenses to average daily net assets:
Before expense waiver		5.55%	*		5.30%	*		5.20%	*		5.15%	*
After expense waiver		0.50%	*#		0.25%	*#		0.15%	*#		0.10%	*#
Net investment income (loss) to average daily net assets		1.51%	*		1.54%	*		1.64%	*		1.69%	*
Portfolio turnover rate		8%	**		8%	**		8%	**		8%	**

* Annualized.

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

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

+ For the period April 1, 2010 (commencement of operations) through December 31, 2010.

# 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, if any, and would be lower for the period presented if it reflected these charges.

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

355

MassMutual Select Destination Retirement 2050 Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class A
	Year Ended 12/31/10			Year Ended 12/31/09			Year Ended 12/31/08			Period Ended 12/31/07 +
Net asset value, beginning of period	$	7.69		$	5.77		$	10.04		$	10.00
Income (loss) from investment operations:
Net investment income (loss) ***		0.08			0.03			0.27			0.05
Net realized and unrealized gain (loss) on investments		1.09			1.95			(4.23	)		(0.01	)
Total income (loss) from investment operations		1.17			1.98			(3.96	)		0.04
Less distributions to shareholders:
From net investment income		(0.07	)		(0.06	)		(0.18	)		-
From net realized gains		(0.14	)		-			-			-
Tax return of capital		-			-			(0.13	)		-
Total distributions		(0.21	)		(0.06	)		(0.31	)		-
Net asset value, end of period	$	8.65		$	7.69		$	5.77		$	10.04
Total Return ^,^^		15.27%			34.39%			(39.53%	)		0.40%	**
Ratios / Supplemental Data:
Net assets, end of period (000’s)	$	2,879		$	1,507		$	614		$	100
Ratio of expenses to average daily net assets:
Before expense waiver		0.70%			0.97%			1.03%			13.00%	*
After expense waiver		0.50%	#		0.50%	#		0.50%	#		0.50%	*#
Net investment income (loss) to average daily net assets		1.04%			0.44%			3.55%			11.71%	*
Portfolio turnover rate		41%			51%			35%			0%
	Class L
	Year Ended 12/31/10			Year Ended 12/31/09			Year Ended 12/31/08			Period Ended 12/31/07 +
Net asset value, beginning of period	$	7.69		$	5.78		$	10.04		$	10.00
Income (loss) from investment operations:
Net investment income (loss) ***		0.10			0.05			0.20			0.05
Net realized and unrealized gain (loss) on investments		1.10			1.94			(4.15	)		(0.01	)
Total income (loss) from investment operations		1.20			1.99			(3.95	)		0.04
Less distributions to shareholders:
From net investment income		(0.09	)		(0.08	)		(0.18	)		-
From net realized gains		(0.14	)		-			-			-
Tax return of capital		-			-			(0.13	)		-
Total distributions		(0.23	)		(0.08	)		(0.31	)		-
Net asset value, end of period	$	8.66		$	7.69		$	5.78		$	10.04
Total Return ^		15.60%			34.44%			(39.36%	)		0.40%	**
Ratios / Supplemental Data:
Net assets, end of period (000’s)	$	1,857		$	1,290		$	419		$	101
Ratio of expenses to average daily net assets:
Before expense waiver		0.45%			0.72%			0.79%			12.75%	*
After expense waiver		0.25%	#		0.25%	#		0.25%	#		0.25%	*#
Net investment income (loss) to average daily net assets		1.24%			0.77%			2.49%			11.96%	*
Portfolio turnover rate		41%			51%			35%			0%

* Annualized.

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

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

+ 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, if any, and would be lower for the period presented if it reflected these charges.

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

356

MassMutual Select Destination Retirement 2050 Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class Y
	Year Ended 12/31/10			Year Ended 12/31/09			Year Ended 12/31/08			Period Ended 12/31/07 +
Net asset value, beginning of period	$	7.69		$	5.78		$	10.04		$	10.00
Income (loss) from investment operations:
Net investment income (loss) ***		0.11			0.05			0.27			0.05
Net realized and unrealized gain (loss) on investments		1.11			1.95			(4.21	)		(0.01	)
Total income (loss) from investment operations		1.22			2.00			(3.94	)		0.04
Less distributions to shareholders:
From net investment income		(0.10	)		(0.09	)		(0.19	)		-
From net realized gains		(0.14	)		-			-			-
Tax return of capital		-			-			(0.13	)		-
Total distributions		(0.24	)		(0.09	)		(0.32	)		-
Net asset value, end of period	$	8.67		$	7.69		$	5.78		$	10.04
Total Return ^		15.82%			34.53%			(39.31%	)		0.40%	**
Ratios / Supplemental Data:
Net assets, end of period (000’s)	$	4,816		$	3,035		$	1,477		$	101
Ratio of expenses to average daily net assets:
Before expense waiver		0.35%			0.62%			0.67%			12.65%	*
After expense waiver		0.15%	#		0.15%	#		0.15%	#		0.15%	*#
Net investment income (loss) to average daily net assets		1.35%			0.83%			3.61%			12.08%	*
Portfolio turnover rate		41%			51%			35%			0%
	Class S
	Year Ended 12/31/10			Year Ended 12/31/09			Year Ended 12/31/08			Period Ended 12/31/07 +
Net asset value, beginning of period	$	7.69		$	5.78		$	10.04		$	10.00
Income (loss) from investment operations:
Net investment income (loss) ***		0.10			0.05			0.16			0.05
Net realized and unrealized gain (loss) on investments		1.12			1.95			(4.10	)		(0.01	)
Total income (loss) from investment operations		1.22			2.00			(3.94	)		0.04
Less distributions to shareholders:
From net investment income		(0.10	)		(0.09	)		(0.18	)		-
From net realized gains		(0.14	)		-			-			-
Tax return of capital		-			-			(0.14	)		-
Total distributions		(0.24	)		(0.09	)		(0.32	)		-
Net asset value, end of period	$	8.67		$	7.69		$	5.78		$	10.04
Total Return ^		15.86%			34.58%			(39.30%	)		0.40%	**
Ratios / Supplemental Data:
Net assets, end of period (000’s)	$	14,974		$	11,442		$	7,008		$	9,640
Ratio of expenses to average daily net assets:
Before expense waiver		0.30%			0.57%			0.59%			12.61%	*
After expense waiver		0.10%	#		0.10%	#		0.10%	#		0.10%	*#
Net investment income (loss) to average daily net assets		1.25%			0.84%			1.89%			12.12%	*
Portfolio turnover rate		41%			51%			35%			0%

* Annualized.

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

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

+ 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.

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

357

MassMutual Select Destination Retirement 2050 Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class N
	Year Ended 12/31/10			Year Ended 12/31/09			Year Ended 12/31/08			Period Ended 12/31/07 +
Net asset value, beginning of period	$	7.71		$	5.80		$	10.04		$	10.00
Income (loss) from investment operations:
Net investment income (loss) ***		0.04			0.01			0.09			0.05
Net realized and unrealized gain (loss) on investments		1.11			1.94			(4.07	)		(0.01	)
Total income (loss) from investment operations		1.15			1.95			(3.98	)		0.04
Less distributions to shareholders:
From net investment income		(0.04	)		(0.04	)		(0.15	)		-
From net realized gains		(0.14	)		-			-			-
Tax return of capital		-			-			(0.11	)		-
Total distributions		(0.18	)		(0.04	)		(0.26	)		-
Net asset value, end of period	$	8.68		$	7.71		$	5.80		$	10.04
Total Return ^,^^		14.97%			33.68%			(39.70%	)		0.40%	**
Ratios / Supplemental Data:
Net assets, end of period (000’s)	$	93		$	81		$	61		$	100
Ratio of expenses to average daily net assets:
Before expense waiver		1.00%			1.27%			1.29%			13.30%	*
After expense waiver		0.80%	#		0.80%	#		0.80%	#		0.80%	*#
Net investment income (loss) to average daily net assets		0.50%			0.10%			1.04%			11.42%	*
Portfolio turnover rate		41%			51%			35%			0%

* Annualized.

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

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

+ 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, if any, and would be lower for the period presented if it reflected these charges.

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

358

Notes to Financial Statements

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 PIMCO Total Return Fund (“PIMCO Total Return Fund”), MassMutual Select Strategic Bond Fund (“Strategic Bond Fund”), MassMutual Select Strategic Balanced Fund (“Strategic Balanced Fund”), MassMutual Select Global Allocation Fund (“Global Allocation Fund”), MassMutual Select Diversified Value Fund (“Diversified Value Fund”), MassMutual Select Fundamental Value Fund (“Fundamental Value Fund”), MassMutual Select Value Equity Fund (“Value Equity Fund”), MassMutual Select Large Cap Value Fund (“Large Cap Value Fund”), MassMutual Select Indexed Equity Fund (“Indexed Equity Fund”), MassMutual Select Core Opportunities Fund (“Core Opportunities Fund”), MassMutual Select Blue Chip Growth Fund (“Blue Chip Growth Fund”), MassMutual Select Large Cap Growth Fund (“Large Cap Growth Fund”), MassMutual Select Aggressive Growth Fund (“Aggressive Growth Fund”), MassMutual Select NASDAQ-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 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 2015 Fund (“Destination Retirement 2015 Fund”), MassMutual Select Destination Retirement 2020 Fund (“Destination Retirement 2020 Fund”), MassMutual Select Destination Retirement 2025 Fund (“Destination Retirement 2025 Fund”), MassMutual Select Destination Retirement 2030 Fund (“Destination Retirement 2030 Fund”), MassMutual Select Destination Retirement 2035 Fund (“Destination Retirement 2035 Fund”), MassMutual Select Destination Retirement 2040 Fund (“Destination Retirement 2040 Fund”), MassMutual Select Destination Retirement 2045 Fund (“Destination Retirement 2045 Fund”), and MassMutual Select Destination Retirement 2050 Fund (“Destination Retirement 2050 Fund”).

The PIMCO Total Return Fund commenced operations on July 6, 2010. The Destination Retirement 2015 Fund, Destination Retirement 2025 Fund, Destination Retirement 2035 Fund, and Destination Retirement 2045 Fund commenced operations on April 1, 2010. The Global Allocation Fund commenced operations on December 1, 2009.

Each Fund has the following five classes of shares: Class A, Class L, Class Y, Class S, and Class N. Additionally, the PIMCO Total Return Fund, Fundamental Value Fund, Indexed Equity Fund, Focused Value Fund, Small Company Value Fund, Mid Cap Growth Equity II Fund, Small Cap Growth Equity Fund, and Overseas Fund have a sixth class of shares: Class Z. Class Z commenced operations on November 15, 2010 for Fundamental Value Fund, Focused Value Fund, Small Company Value Fund, Mid Cap Growth Equity II Fund, Small Cap Growth Equity Fund, and Overseas Fund. Class N shares of the Global Allocation Fund, Destination Retirement 2015 Fund, Destination Retirement 2025 Fund, Destination Retirement 2035 Fund, and Destination Retirement 2045 Fund are not currently available. Each share class represents an interest in the same portfolio of assets. The principal economic difference among the classes is the level of service and administration fees, and shareholder and distribution service expenses borne by the classes. Because each class will have different fees and expenses, performance and share prices will vary between the classes. The classes of shares are offered to different types of investors, as outlined in the Funds’ Prospectus.

The ten 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 (“Select”). The financial statements of the applicable MassMutual Premier Funds (“Premier”), 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 Securities and Exchange Commission’s (“SEC”) 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

359

Notes to Financial Statements (Continued)

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

The net asset value of each Fund’s shares is determined once daily as of the close of regular trading on the New York Stock Exchange, on each day the New York Stock Exchange is open for trading. The New York Stock Exchange normally closes at 4:00 p.m. Eastern Time, but may close earlier on some days.

Equity securities are valued on the basis of information furnished by a pricing service, 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 (“OTC”) securities for which an official closing price is unavailable or not reported on the NASDAQ System, the last reported bid price. Debt securities (other than short-term obligations) are valued on the basis of valuations furnished by a pricing service, which determines valuations taking into account factors such as institutional-size trading in similar securities, yield, quality, coupon rate, maturity, type of issue, trading characteristics, and other market data. Short-term debt securities are valued at either amortized cost or at original cost plus accrued interest, whichever approximates current market value. Shares of other open-end mutual funds are valued at their closing net asset values as reported on each business day. Investments are marked to market daily based on values provided by third-party vendors or market makers to the extent available or based on model prices. Valuations provided by third-party vendors and representative bids provided by market makers may be determined on the basis of a variety of factors, such as broker quotations, financial modeling, and other market data, such as market indexes and yield curves, counterparty information, and foreign exchange rates.

Investments for which market quotations are not available or for which a pricing service or vendor does not provide a value, or for which such market quotations or values are considered by the investment adviser or subadviser to be unreliable (including, for example, certain foreign securities, thinly-traded securities, initial public offerings, or securities whose values may have been affected by a significant event) are stated at fair valuations determined by the Funds’ Valuation Committee in accordance with procedures approved by the Board of Trustees (“Trustees”), and under the general oversight of the Trustees. It is possible that fair value prices will be used by the Funds to a significant extent. The value determined for an investment using the Funds’ fair value procedures may differ from recent market prices for the investment and may be significantly different from the value realized upon such asset’s sale.

Portfolio securities traded on more than one national securities exchange are valued at the last price on the business day 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 the U.S. dollar at the end of each business day.

The Funds may invest in securities that are traded principally in foreign markets and that trade on weekends and other days when the Funds do not price their shares. As a result, the values of the Funds’ portfolio securities may change on days when the prices of the Funds’ shares are not calculated. The prices of the Funds’ shares will reflect any such changes when the prices of the Funds’ shares are next calculated, which is the next day the New York Stock Exchange is open. The Funds may use fair value pricing more frequently for securities primarily traded in foreign markets because, among other things, most foreign markets close well before the Funds value their securities. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim. The Funds’ investments may be priced based on fair values provided by a third-party fair valuation vendor, based on certain factors and methodologies applied by such vendor, in the event that there is movement in the U.S. market that exceeds a specific threshold established by the Funds’ Valuation Committee pursuant to procedures established by the Trustees, and under the general oversight of the Trustees.

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A three-tier hierarchy is utilized to maximize the use of observable market data inputs 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 (such as a

360

Notes to Financial Statements (Continued)

pricing model) and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability and are 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 and are 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 (unadjusted) 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)

Changes in valuation techniques may result in transfers in or out of an investment’s assigned Level within the hierarchy. The inputs or methodology used for valuing investments are not necessarily an indication of the risk associated with investing in those investments and the determination of the significance of a particular input to the fair value measurement in its entirety requires judgment and consideration of factors specific to each security.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

In periods of market dislocation, the observability of prices and inputs may be reduced for many instruments. This condition, as well as changes related to liquidity of investments, could cause a security to be reclassified between Level 1, Level 2, or Level 3.

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes the level in the fair value hierarchy within which the fair value measurement falls is determined based on the lowest level input that is significant to the fair value measurement.

Fair Value Measurements

A description of the valuation techniques applied to the Funds’ major categories of assets and liabilities measured at fair value on a recurring basis follows.

Equity securities. Securities are generally valued based on quoted prices from the applicable exchange. To the extent these securities are actively traded, valuation adjustments are not applied and they are categorized in Level 1 of the fair value hierarchy. Certain foreign securities may be fair valued using a pricing service that considers the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets for investments such as depositary receipts, futures, exchange-traded funds (“ETFs”), and the movement of certain indexes of securities based on a statistical analysis of the historical relationship and are categorized in Level 2 of the fair value hierarchy.

Corporate bonds. The fair value of corporate bonds is estimated using recently executed transactions, market price quotations (where observable), bond spreads, or credit default swap spreads adjusted for any basis difference between cash and derivative instruments. Corporate bonds are generally categorized in Level 2 of the fair value hierarchy; in instances where prices, spreads, or any of the other aforementioned key inputs are unobservable, they are categorized in Level 3 of the hierarchy.

Asset-backed securities and mortgage-backed securities. The fair value of asset-backed securities and mortgage-backed securities is estimated based on models that consider the estimated cash flows of each debt tranche of the issuer, establish a benchmark yield, and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche including, but not limited to, the prepayment speed assumptions and attributes of the collateral. To the extent the inputs are observable and timely, the values would be categorized in Level 2 of the fair value hierarchy, otherwise they would be categorized as Level 3.

U.S. Government and agency securities. U.S. government and agency securities are normally valued using a model that incorporates market observable data such as reported sales of similar securities, broker quotes, yields, bids, offers, quoted market prices, and reference data. Accordingly, U.S. government and agency securities are normally categorized in Level 2 of the fair value hierarchy.

361

Notes to Financial Statements (Continued)

Derivative contracts. Derivative contracts that are actively traded on an exchange are valued based on quoted prices from the exchange and are categorized in Level 1 of the fair value hierarchy. OTC derivative contracts include forward, swap, and option contracts related to interest rates, foreign currencies, credit standing of reference entities, equity prices, or commodity prices. Depending on the contract and the terms of the transaction, the fair value of the OTC derivative contracts can be modeled using a series of techniques, including simulation models. Many pricing models do not entail material subjectivity because the methodologies employed do not necessitate significant judgments and the pricing inputs are observed from actively quoted markets, as is the case of interest rate swap and option contracts. A majority of OTC derivative contracts valued by the Funds using pricing models fall into this category and are categorized within Level 2 of the fair value hierarchy.

Restricted securities. Restricted securities are valued at a discount to similar publicly traded securities and may be categorized as Level 2 of the fair value hierarchy to the extent that the discount is considered to be insignificant to the fair value measurement in its entirety; otherwise they may be categorized as Level 3. Any illiquid Rule 144A securities or restricted securities held in non-public entities are included in Level 3 of the fair value hierarchy because they trade infrequently and, therefore, the inputs are unobservable.

The Diversified Value Fund, Value Equity Fund, Indexed Equity Fund, Large Cap Growth Fund, Aggressive Growth Fund, NASDAQ-100 Fund, Focused Value Fund, Mid-Cap Value Fund, Small Cap Value Equity Fund, Mid Cap Growth Equity II Fund, and Small Company Growth Fund characterized all long-term investments at Level 1, and all short-term investments at Level 2, as of December 31, 2010. The Destination Retirement Income Fund, Destination Retirement 2010 Fund, Destination Retirement 2015 Fund, Destination Retirement 2020 Fund, Destination Retirement 2025 Fund, Destination Retirement 2030 Fund, Destination Retirement 2035 Fund, Destination Retirement 2040 Fund, Destination Retirement 2045 Fund, and Destination Retirement 2050 Fund, characterized all investments at Level 1, as of December 31, 2010. For each Fund noted above, the level classification by major category of investments is the same as the category presentation in the Portfolio of Investments.

The following is the aggregate value by input level as of December 31, 2010 for the remaining Funds’ investments:

Asset Valuation Inputs

	Investments in Securities
	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
PIMCO Total Return Fund
Equities
Preferred Stock
Utilities	$	21,988,000	$	-	$	-	$	21,988,000
Total Preferred Stock		21,988,000		-		-		21,988,000
Total Equities		21,988,000		-		-		21,988,000
Bonds & Notes
Total Corporate Debt		-		651,037,225		886,709		651,923,934
Total Floating Rate Loan Interest		-		-		2,000,000		2,000,000
Total Municipal Obligations		-		26,653,394		-		26,653,394
Non-U.S. Government Agency Obligations
Commercial MBS		-		74,939,500		-		74,939,500
WL Collateral CMO		-		28,451,833		-		28,451,833
Total Non-U.S. Government Agency Obligations		-		103,391,333		-		103,391,333
Total Sovereign Debt Obligations		-		22,622,802		-		22,622,802
U.S. Government Agency Obligations and Instrumentalities
Pass-Through Securities		-		517,331,472		-		517,331,472
Total U.S. Government Agency Obligations and Instrumentalities		-		517,331,472		-		517,331,472

362

Notes to Financial Statements (Continued)

	Investments in Securities
	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
PIMCO Total Return Fund (Continued)
U.S. Treasury Obligations
U.S. Treasury Bonds & Notes	$	-	$	211,502,911	$	-	$	211,502,911
Total U.S. Treasury Obligations		-		211,502,911		-		211,502,911
Total Bonds & Notes		-		1,532,539,137		2,886,709		1,535,425,846
Total Long-Term Investments		21,988,000		1,532,539,137		2,886,709		1,557,413,846
Total Short-Term Investments		-		154,261,000		-		154,261,000
Total Investments	$	21,988,000	$	1,686,800,137	$	2,886,709	$	1,711,674,846
Strategic Bond Fund
Equities
Common Stock
Energy	$	6,657	$	-	$	-	$	6,657
Total Common Stock		6,657		-		-		6,657
Convertible Preferred Stock
Consumer, Cyclical		-		54,066		-		54,066
Total Convertible Preferred Stock		-		54,066		-		54,066
Preferred Stock
Consumer, Cyclical		-		39,750		-		39,750
Financial		573,703		-		-		573,703
Government		-		44,368		-		44,368
Total Preferred Stock		573,703		84,118		-		657,821
Total Equities		580,360		138,184		-		718,544
Bonds & Notes
Total Corporate Debt		-		55,785,952		784,734		56,570,686
Total Municipal Obligations		-		1,378,127		-		1,378,127
Non-U.S. Government Agency Obligations
Agency Collateral CMO		-		498,400		-		498,400
Automobile ABS		-		569,524		-		569,524
Commercial MBS		-		4,401,619		-		4,401,619
Home Equity ABS		-		5,221,098		-		5,221,098
Manufactured Housing ABS		-		3,026,345		-		3,026,345
Student Loans ABS		-		3,510,108		-		3,510,108
WL Collateral CMO		-		14,374,082		-		14,374,082
Total Non-U.S. Government Agency Obligations		-		31,601,176		-		31,601,176
Total Sovereign Debt Obligations		-		1,164,736		-		1,164,736
U.S. Government Agency Obligations and Instrumentalities
Collateralized Mortgage Obligations		-		244,568		-		244,568
Pass-Through Securities		-		57,156,792		-		57,156,792
Total U.S. Government Agency Obligations and Instrumentalities		-		57,401,360		-		57,401,360
U.S. Treasury Obligations
U.S. Treasury Bonds & Notes		-		19,369,949		-		19,369,949
Total U.S. Treasury Obligations		-		19,369,949		-		19,369,949
Total Bonds & Notes		-		166,701,300		784,734		167,486,034

363

Notes to Financial Statements (Continued)

	Investments in Securities
	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
Strategic Bond Fund (Continued)
Purchased Options
Options on Futures	$	201	$	-	$	-	$	201
Total Purchased Options		201		-		-		201
Total Long-Term Investments		580,561		166,839,484		784,734		168,204,779
Total Short-Term Investments		-		38,960,971		-		38,960,971
Total Investments	$	580,561	$	205,800,455	$	784,734	$	207,165,750
Strategic Balanced Fund
Equities
Common Stock
Basic Materials	$	1,861,126	$	909,748	$	-	$	2,770,874
Communications		4,563,858		1,194,542		-		5,758,400
Consumer, Cyclical		2,826,197		1,651,269		-		4,477,466
Consumer, Non-cyclical		5,775,157		1,778,161		-		7,553,318
Diversified		-		165,022		-		165,022
Energy		4,370,243		1,141,059		-		5,511,302
Financial		4,542,295		2,931,048		-		7,473,343
Industrial		2,420,892		2,002,983		-		4,423,875
Technology		4,678,812		468,760		-		5,147,572
Utilities		1,016,946		866,987		-		1,883,933
Total Common Stock		32,055,526		13,109,579		-		45,165,105
Preferred Stock
Consumer, Cyclical		-		209,997		-		209,997
Financial		75,211		-		-		75,211
Government		-		11,461		-		11,461
Total Preferred Stock		75,211		221,458		-		296,669
Total Equities		32,130,737		13,331,037		-		45,461,774
Bonds & Notes
Total Corporate Debt		-		6,814,517		226,002		7,040,519
Total Municipal Obligations		-		42,266		-		42,266
Non-U.S. Government Agency Obligations
Agency Collateral CMO		-		65,669		-		65,669
Commercial MBS		-		190,275		17,374		207,649
Home Equity ABS		-		475,737		-		475,737
Student Loans ABS		-		2,357		-		2,357
WL Collateral CMO		-		1,043,504		-		1,043,504
Total Non-U.S. Government Agency Obligations		-		1,777,542		17,374		1,794,916
Total Sovereign Debt Obligations		-		70,753		-		70,753
U.S. Government Agency Obligations and Instrumentalities
Pass-Through Securities		-		7,431,311		-		7,431,311
Total U.S. Government Agency Obligations and Instrumentalities		-		7,431,311		-		7,431,311

364

Notes to Financial Statements (Continued)

	Investments in Securities
	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
Strategic Balanced Fund (Continued)
U.S. Treasury Obligations
U.S. Treasury Bonds & Notes	$	-	$	4,068,579	$	-	$	4,068,579
Total U.S. Treasury Obligations		-		4,068,579		-		4,068,579
Total Bonds & Notes		-		20,204,968		243,376		20,448,344
Purchased Options
Options on Futures		17		-		-		17
Total Purchased Options		17		-		-		17
Total Long-Term Investments		32,130,754		33,536,005		243,376		65,910,135
Total Short-Term Investments		-		4,236,767		-		4,236,767
Total Investments	$	32,130,754	$	37,772,772	$	243,376	$	70,146,902
Global Allocation Fund
Equities
Common Stock
Basic Materials	$	22,635,459	$	14,052,396	$	-	$	36,687,855
Communications		27,277,365		14,001,596		-		41,278,961
Consumer, Cyclical		6,986,828		13,391,665		-		20,378,493
Consumer, Non-cyclical		40,595,947		13,416,414		-		54,012,361
Diversified		-		3,077,904		-		3,077,904
Energy		41,557,704		8,586,021		-		50,143,725
Financial		26,890,917		22,367,708		-		49,258,625
Industrial		17,787,898		12,903,400		-		30,691,298
Technology		27,782,007		5,369,316		-		33,151,323
Utilities		5,063,277		6,214,427		-		11,277,704
Total Common Stock		216,577,402		113,380,847		-		329,958,249
Convertible Preferred Stock
Consumer, Non-cyclical		-		103,400		-		103,400
Energy		162,337		844,548		-		1,006,885
Financial		295,574		-		-		295,574
Total Convertible Preferred Stock		457,911		947,948		-		1,405,859
Preferred Stock
Basic Materials		-		1,277,009		-		1,277,009
Consumer, Cyclical		952,336		779,246		-		1,731,582
Consumer, Non-cyclical		-		1,076,988		-		1,076,988
Energy		-		596,250		-		596,250
Financial		688,575		992,742		-		1,681,317
Total Preferred Stock		1,640,911		4,722,235		-		6,363,146
Total Equities		218,676,224		119,051,030		-		337,727,254
Bonds & Notes
Total Corporate Debt		-		56,476,571		2,312,748		58,789,319
Total Floating Rate Loan Interest		-		363,177		1,519,238		1,882,415

365

Notes to Financial Statements (Continued)

	Investments in Securities
	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
Global Allocation Fund (Continued)
Non-U.S. Government Agency Obligations
Commercial MBS	$	-	$	1,139,635	$	-	$	1,139,635
Student Loans ABS		-		50,000		-		50,000
Total Non-U.S. Government Agency Obligations		-		1,189,635		-		1,189,635
Total Sovereign Debt Obligations		-		42,327,605		-		42,327,605
U.S. Treasury Obligations
U.S. Treasury Bonds & Notes		-		46,733,736		-		46,733,736
Total U.S. Treasury Obligations		-		46,733,736		-		46,733,736
Total Bonds & Notes		-		147,090,724		3,831,986		150,922,710
Total Mutual Funds		21,813,424		189,339		-		22,002,763
Warrants
Basic Materials		16,292		-		-		16,292
Consumer, Cyclical		364,876		-		-		364,876
Financial		160,714		-		-		160,714
Total Warrants		541,882		-		-		541,882
Purchased Options
Communications		34,320		-		-		34,320
Financial		15,680		-		-		15,680
Total Purchased Options		50,000		-		-		50,000
Structured Options (Over the Counter Traded)
Financial		-		260,949		-		260,949
Total Structured Options (Over the Counter Traded)		-		260,949		-		260,949
Total Long-Term Investments		241,081,530		266,592,042		3,831,986		511,505,558
Total Short-Term Investments		-		58,324,884		-		58,324,884
Total Investments	$	241,081,530	$	324,916,926	$	3,831,986	$	569,830,442
Fundamental Value Fund
Equities
Common Stock
Basic Materials	$	64,321,960	$	-	$	-	$	64,321,960
Communications		81,265,742		-		-		81,265,742
Consumer, Cyclical		97,801,365		-		-		97,801,365
Consumer, Non-cyclical		183,187,528		-		-		183,187,528
Energy		141,762,584		-		-		141,762,584
Financial		259,994,763		-		-		259,994,763
Industrial		130,967,840		5,445,910		-		136,413,750
Technology		83,859,389		-		-		83,859,389
Utilities		33,476,110		-		-		33,476,110
Total Common Stock		1,076,637,281		5,445,910		-		1,082,083,191
Total Equities		1,076,637,281		5,445,910		-		1,082,083,191
Total Long-Term Investments		1,076,637,281		5,445,910		-		1,082,083,191
Total Short-Term Investments		-		7,721,770		-		7,721,770
Total Investments	$	1,076,637,281	$	13,167,680	$	-	$	1,089,804,961

366

Notes to Financial Statements (Continued)

	Investments in Securities
	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
Large Cap Value Fund
Equities
Common Stock
Basic Materials	$	23,494,699	$	9,465,412	$	-	$	32,960,111
Communications		16,610,426		-		-		16,610,426
Consumer, Cyclical		90,094,121		1,938,171		-		92,032,292
Consumer, Non-cyclical		129,439,298		17,857,521		-		147,296,819
Diversified		-		8,688,948		-		8,688,948
Energy		101,740,927		10,913,971		-		112,654,898
Financial		155,923,987		26,951,396		-		182,875,383
Industrial		39,334,575		8,720,200		-		48,054,775
Technology		37,074,216		-		-		37,074,216
Total Common Stock		593,712,249		84,535,619		-		678,247,868
Total Equities		593,712,249		84,535,619		-		678,247,868
Bonds & Notes
Total Corporate Debt		-		-		2,151,365		2,151,365
Total Bonds & Notes		-		-		2,151,365		2,151,365
Total Long-Term Investments		593,712,249		84,535,619		2,151,365		680,399,233
Total Short-Term Investments		-		14,414,428		-		14,414,428
Total Investments	$	593,712,249	$	98,950,047	$	2,151,365	$	694,813,661
Core Opportunities Fund
Equities
Common Stock
Basic Materials	$	2,225,495	$	-	$	-	$	2,225,495
Communications		7,491,942		-		-		7,491,942
Consumer, Cyclical		8,569,698		-		-		8,569,698
Consumer, Non-cyclical		12,172,064		787,894		-		12,959,958
Energy		8,971,658		-		-		8,971,658
Financial		9,954,487		-		-		9,954,487
Industrial		8,726,842		-		-		8,726,842
Technology		8,293,360		-		-		8,293,360
Utilities		1,464,340		-		-		1,464,340
Total Common Stock		67,869,886		787,894		-		68,657,780
Total Equities		67,869,886		787,894		-		68,657,780
Total Mutual Funds		388,660		-		-		388,660
Total Long-Term Investments		68,258,546		787,894		-		69,046,440
Total Short-Term Investments		-		720,141		-		720,141
Total Investments	$	68,258,546	$	1,508,035	$	-	$	69,766,581

367

Notes to Financial Statements (Continued)

	Investments in Securities
	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
Blue Chip Growth Fund
Equities
Common Stock
Basic Materials	$	20,466,690	$	-	$	-	$	20,466,690
Communications		118,265,220		5,665,119		-		123,930,339
Consumer, Cyclical		82,436,111		-		-		82,436,111
Consumer, Non-cyclical		58,999,232		492,436		-		59,491,668
Energy		42,880,946		-		-		42,880,946
Financial		56,386,121		432,074		-		56,818,195
Industrial		71,283,434		-		-		71,283,434
Technology		73,034,272		-		-		73,034,272
Total Common Stock		523,752,026		6,589,629		-		530,341,655
Total Equities		523,752,026		6,589,629		-		530,341,655
Total Mutual Funds		1,599		-		-		1,599
Total Long-Term Investments		523,753,625		6,589,629		-		530,343,254
Total Short-Term Investments		-		3,649,008		-		3,649,008
Total Investments	$	523,753,625	$	10,238,637	$	-	$	533,992,262
Small Company Value Fund
Equities
Common Stock
Basic Materials	$	33,846,961	$	-	$	-	$	33,846,961
Communications		22,496,174		-		-		22,496,174
Consumer, Cyclical		62,377,876		-		-		62,377,876
Consumer, Non-cyclical		62,212,790		-		-		62,212,790
Energy		46,353,421		-		-		46,353,421
Financial		136,151,824		-		-		136,151,824
Industrial		117,532,327		-		-		117,532,327
Technology		20,096,764		-		-		20,096,764
Utilities		27,221,184		-		-		27,221,184
Total Common Stock		528,289,321		-		-		528,289,321
Convertible Preferred Stock
Financial		-		3,145,679		-		3,145,679
Total Convertible Preferred Stock		-		3,145,679		-		3,145,679
Total Equities		528,289,321		3,145,679		-		531,435,000
Total Mutual Funds		2,249,856		-		-		2,249,856
Total Long-Term Investments		530,539,177		3,145,679		-		533,684,856
Total Short-Term Investments		-		18,090,741		-		18,090,741
Total Investments	$	530,539,177	$	21,236,420	$	-	$	551,775,597

368

Notes to Financial Statements (Continued)

	Investments in Securities
	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
Mid Cap Growth Equity Fund
Equities
Common Stock
Basic Materials	$	2,991,246	$	528,204	$	-	$	3,519,450
Communications		7,902,143		-		-		7,902,143
Consumer, Cyclical		11,662,219		1,269,443		-		12,931,662
Consumer, Non-cyclical		14,346,583		879,829		-		15,226,412
Energy		3,509,766		118,191		-		3,627,957
Financial		3,195,073		545,817		-		3,740,890
Industrial		6,080,215		1,082,387		-		7,162,602
Technology		10,857,269		-		-		10,857,269
Total Common Stock		60,544,514		4,423,871		-		64,968,385
Total Equities		60,544,514		4,423,871		-		64,968,385
Total Long-Term Investments		60,544,514		4,423,871		-		64,968,385
Total Short-Term Investments		-		1,566,077		-		1,566,077
Total Investments	$	60,544,514	$	5,989,948	$	-	$	66,534,462
Small Cap Growth Equity Fund
Equities
Common Stock
Basic Materials	$	7,987,820	$	-	$	-	$	7,987,820
Communications		79,948,788		-		-		79,948,788
Consumer, Cyclical		145,799,904		1,927,737		-		147,727,641
Consumer, Non-cyclical		161,548,601		3,507,548		-		165,056,149
Energy		47,388,490		-		-		47,388,490
Financial		59,925,330		-		-		59,925,330
Industrial		155,504,579		1,488,045		-		156,992,624
Technology		131,247,762		1,794,281		-		133,042,043
Utilities		4,447,488		-		-		4,447,488
Total Common Stock		793,798,762		8,717,611		-		802,516,373
Total Equities		793,798,762		8,717,611		-		802,516,373
Total Mutual Funds		6,291,257		-		-		6,291,257
Total Long-Term Investments		800,090,019		8,717,611		-		808,807,630
Total Short-Term Investments		-		8,437,097		-		8,437,097
Total Investments	$	800,090,019	$	17,154,708	$	-	$	817,244,727
Diversified International Fund
Equities
Common Stock
Basic Materials	$	2,808,133	$	14,035,938	$	-	$	16,844,071
Communications		-		10,784,030		-		10,784,030
Consumer, Cyclical		451,205		17,708,824		-		18,160,029
Consumer, Non-cyclical		-		12,742,335		-		12,742,335
Diversified		-		1,294,256		-		1,294,256
Energy		3,870,472		14,943,145		-		18,813,617

369

Notes to Financial Statements (Continued)

	Investments in Securities
	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
Diversified International Fund (Continued)
Financial	$	1,434,683	$	34,223,797	$	-	$	35,658,480
Industrial		-		9,053,018		-		9,053,018
Technology		-		6,460,005		-		6,460,005
Utilities		-		4,741,744		-		4,741,744
Total Common Stock		8,564,493		125,987,092		-		134,551,585
Preferred Stock
Basic Materials		3,747,280		-		-		3,747,280
Financial		-		468,813		-		468,813
Utilities		-		312,727		-		312,727
Total Preferred Stock		3,747,280		781,540		-		4,528,820
Total Equities		12,311,773		126,768,632		-		139,080,405
Rights
Financial		-		2,013		-		2,013
Total Rights		-		2,013		-		2,013
Total Long-Term Investments		12,311,773		126,770,645		-		139,082,418
Total Short-Term Investments		-		3,401,452		-		3,401,452
Total Investments	$	12,311,773	$	130,172,097	$	-	$	142,483,870
Overseas Fund
Equities
Common Stock
Basic Materials	$	2,168,440	$	55,801,562	$	-	$	57,970,002
Communications		5,141,505		36,181,300		-		41,322,805
Consumer, Cyclical		3,009,324		51,460,254		-		54,469,578
Consumer, Non-cyclical		1,101,624		126,554,439		-		127,656,063
Diversified		-		10,259,566		-		10,259,566
Energy		3,506,246		27,387,627		-		30,893,873
Financial		7,175,722		116,901,893		-		124,077,615
Industrial		8,290,345		58,564,934		-		66,855,279
Technology		10,021,837		34,499,064		-		44,520,901
Utilities		-		4,981,659		-		4,981,659
Total Common Stock		40,415,043		522,592,298		-		563,007,341
Preferred Stock
Basic Materials		3,167,056		-		-		3,167,056
Financial		-		410,897		-		410,897
Utilities		-		268,869		-		268,869
Total Preferred Stock		3,167,056		679,766		-		3,846,822
Total Equities		43,582,099		523,272,064		-		566,854,163
Warrants
Financial		611,836		-		-		611,836
Total Warrants		611,836		-		-		611,836

370

Notes to Financial Statements (Continued)

	Investments in Securities
	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
Overseas Fund (Continued)
Rights
Financial	$	-	$	1,764	$	-	$	1,764
Total Rights		-		1,764		-		1,764
Total Long-Term Investments		44,193,935		523,273,828		-		567,467,763
Total Short-Term Investments		-		10,849,795		-		10,849,795
Total Investments	$	44,193,935	$	534,123,623	$	-	$	578,317,558

The following is the aggregate value by input level as of December 31, 2010 for the Funds’ other financial instruments:

Asset Valuation Inputs

	Other Financial Instruments
	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
PIMCO Total Return Fund
Forward Contracts
Foreign Exchange Risk	$	-	$	2,882,696	$	-	$	2,882,696
Futures Contracts
Interest Rate Risk		851,587		-		-		851,587
Swap Agreements
Credit Risk		-		1,571,535		-		1,571,535
Interest Rate Risk		-		342,939		-		342,939
Strategic Bond Fund
Forward Contracts
Foreign Exchange Risk		-		15,616		-		15,616
Futures Contracts
Interest Rate Risk		597,511		-		-		597,511
Swap Agreements
Credit Risk		-		194,605		-		194,605
Interest Rate Risk		-		957		-		957
Strategic Balanced Fund
Forward Contracts
Foreign Exchange Risk		-		182,499		-		182,499
Futures Contracts
Interest Rate Risk		72,387		-		-		72,387
Global Allocation Fund
Forward Contracts
Foreign Exchange Risk		-		964,237		-		964,237
Futures Contracts
Equity Risk		73,856		-		-		73,856
Swap Agreements
Equity Risk		-		52,757		-		52,757
Indexed Equity Fund
Futures Contracts
Equity Risk		562,806		-		-		562,806
NASDAQ-100 Fund
Futures Contracts
Equity Risk		1,112		-		-		1,112

371

Notes to Financial Statements (Continued)

	Other Financial Instruments
	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
Small Cap Growth Equity Fund
Forward Contracts
Foreign Exchange Risk	$	-	$	36,872	$	-	$	36,872
Diversified International Fund
Forward Contracts
Foreign Exchange Risk		-		2,016,566		-		2,016,566
Overseas Fund
Forward Contracts
Foreign Exchange Risk		-		1,594,512		-		1,594,512
Futures Contracts
Equity Risk		12,705		-		-		12,705

Liability Valuation Inputs

	Other Financial Instruments
	Level 1 — Quoted Prices			Level 2 — Other Significant Observable Inputs			Level 3 — Significant Unobservable Inputs		Total
PIMCO Total Return Fund
Forward Contracts
Foreign Exchange Risk	$	-		$	(502,873	)	$	-	$	(502,873	)
Futures Contracts
Interest Rate Risk		(605,463	)		-			-		(605,463	)
Swap Agreements
Credit Risk		-			(42,572	)		-		(42,572	)
Interest Rate Risk		-			(80,119	)		-		(80,119	)
Written Options
Interest Rate Risk		(528,766	)		(2,498,240	)		-		(3,027,006	)
Strategic Bond Fund
Forward Contracts
Foreign Exchange Risk		-			(50,940	)		-		(50,940	)
Futures Contracts
Interest Rate Risk		(495,415	)		-			-		(495,415	)
Swap Agreements
Credit Risk		-			(47,633	)		-		(47,633	)
Interest Rate Risk		-			(308,598	)		-		(308,598	)
Written Options
Interest Rate Risk		(56,031	)		-			-		(56,031	)
Strategic Balanced Fund
Forward Contracts
Foreign Exchange Risk		-			(63,735	)		-		(63,735	)
Futures Contracts
Interest Rate Risk		(8,871	)		-			-		(8,871	)
Written Options
Interest Rate Risk		(7,269	)		-			-		(7,269	)
Global Allocation Fund
Forward Contracts
Foreign Exchange Risk		-			(139,257	)		-		(139,257	)
Futures Contracts
Equity Risk		(69,625	)		-			-		(69,625	)
Written Options
Equity Risk		(674,181	)		-			-		(674,181	)

372

Notes to Financial Statements (Continued)

	Other Financial Instruments
	Level 1 — Quoted Prices			Level 2 — Other Significant Observable Inputs			Level 3 — Significant Unobservable Inputs		Total
Small Cap Growth Equity Fund
Forward Contracts
Foreign Exchange Risk	$	-		$	(48,773	)	$	-	$	(48,773	)
Diversified International Fund
Forward Contracts
Foreign Exchange Risk		-			(1,278,326	)		-		(1,278,326	)
Futures Contracts
Equity Risk		(24,991	)		-			-		(24,991	)
Overseas Fund
Forward Contracts
Foreign Exchange Risk		-			(3,798,024	)		-		(3,798,024	)
Futures Contracts
Equity Risk		(5,145	)		-			-		(5,145	)

The following table shows transfers between Level 1 and Level 2 of the fair value hierarchy:

	Transfers In *				Transfers Out *
	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 1 — Quoted Prices			Level 2 — Other Significant Observable Inputs
Strategic Bond Fund	$	-	$	68,036	$	(68,036	)	$	-
Strategic Balanced Fund		-		7,893		(7,893	)		-
Global Allocation Fund		31,554		1,959,553		(1,959,553	)		(31,554	)
Fundamental Value Fund		-		5,010,174		(5,010,174	)		-
Large Cap Value Fund		-		2,877,905		(2,877,905	)		-
Core Opportunities Fund		-		522,180		(522,180	)		-
Mid Cap Growth Equity Fund		-		223,110		(223,110	)		-
Diversified International Fund		-		2,988,195		(2,988,195	)		-
Overseas Fund		-		2,873,205		(2,873,205	)		-

* The Fund(s) recognize transfers between the Levels as of the beginning of the year. Transfers occurred between Level 1 and Level 2 as a result of securities transitioning between exchange traded and non-exchange traded, as well as certain securities being fair valued using a pricing service that considers the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets.

Following is a reconciliation of investments for which significant unobservable inputs (Level 3) were used in determining value:

Asset Valuation Inputs

	Investments in Securities
	Balance as of 12/31/09		Accrued Discounts (Premiums)		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Net Purchases (Sales)		Transfers into Level 3*		Transfers (out) of Level 3*			Balance as of 12/31/10		Net Change in Unrealized Appreciation (Depreciation) from Investments Still Held as of 12/31/10
PIMCO Total Return Fund
Long-Term Investments
Bonds & Notes
Corporate Debt	$	-	$	-	$	-	$	(10,070	)	$	1,196,485	$	-	$	(299,706	)***	$	886,709	$	(10,070	)
Floating Rate Loan Interest		-		-		-		-			2,000,000		-		-			2,000,000		-
Non-U.S. Government Agency Obligations WL Collateral CMO		-		-		-		-			3,881,505		-		(3,881,505	)**		-		-
	$	-	$	-	$	-	$	(10,070	)	$	7,077,990	$	-	$	(4,181,211	)	$	2,886,709	$	(10,070	)

373

Notes to Financial Statements (Continued)

	Investments in Securities
	Balance as of 12/31/09		Accrued Discounts (Premiums)			Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Net Purchases (Sales)			Transfers into Level 3*			Transfers (out) of Level 3*			Balance as of 12/31/10		Net Change in Unrealized Appreciation (Depreciation) from Investments Still Held as of 12/31/10
Strategic Bond Fund
Long-Term Investments
Equities
Common Stock
Energy	$	7,576	$	-		$	-		$	-	$	-		$	-		$	(7,576	)**	$	-	$	-
Bonds & Notes
Corporate Debt		877,148		-			-			141,444		-			-			(233,858	)***		784,734		141,444
	$	884,724	$	-		$	-		$	141,444	$	-		$	-		$	(241,434	)	$	784,734	$	141,444
Strategic Balanced Fund
Long-Term Investments
Equities
Common Stock
Energy	$	2,381	$	-		$	-		$	-	$	-		$	-		$	(2,381	)**	$	-	$	-
Bonds & Notes
Corporate Debt		273,565		-			-			49,878		-			-			(97,441	)***		226,002		49,878
Non-U.S. Government Agency Obligations
Commercial MBS		39,418		-			(26,076	)		4,032		-			-			-			17,374		4,032
	$	315,364	$	-		$	(26,076	)	$	53,910	$	-		$	-		$	(99,822	)	$	243,376	$	53,910
Global Allocation Fund
Long-Term Investments
Bonds & Notes
Corporate Debt	$	6,947,952	$	-		$	121,548		$	170,302	$	(4,234,518	)	$	1,073,760	***	$	(1,766,296	)****	$	2,312,748	$	154,601
Non U.S.Government Agency Obligation
Student Loans ABS		2,000		-			-			-		-			-			(2,000	)****		-		-
Floating Rate Loan Interest
Oil & Gas		-		-			151			28,580		1,490,507			-			-			1,519,238		28,580
Sovereign Debt Obligations		1,034,936		-			-			-		-			-			(1,034,936	)****		-		-
Structured Notes		66,306		-			8,921			33		(75,260	)		-			-			-		-
Rights
Technology		902		-			-			295		(1,197	)		-			-			-		-
	$	8,052,096	$	-		$	130,620		$	199,210	$	(2,820,468	)	$	1,073,760		$	(2,803,232	)	$	3,831,986	$	183,181
Large Cap Value Fund
Long-Term Investments
Bonds & Notes
Corporate Debt	$	1,894,725	$	(9,938	)	$	-		$	266,578	$	-		$	-		$	-		$	2,151,365	$	266,578
Diversified International Fund
Equities
Common Stock
Industrial	$	-	$	-		$	-		$	-	$	18,597		$	-		$	(18,597	)*****	$	-	$	-
Overseas Fund
Equities
Common Stock
Industrial	$	-	$	-		$	-		$	-	$	23,032		$	-		$	(23,032	)*****	$	-	$	-

* The Fund(s) recognize transfers between the Levels as of the beginning of the year.

** Transfers occurred between Levels as a result of securities receiving a price directly from a pricing service rather than being fair valued.

*** Transfers occurred between Levels as a result of changes in liquidity.

**** Transfers occurred between Levels as inputs were more observable.

***** Transfers represent an election by the Fund to redeem securities in return for a special dividend.

374

Notes to Financial Statements (Continued)

Derivative Instruments

Derivatives are financial instruments whose values are based on the values of one or more indicators, such as a security, asset, currency, interest rate, or index. Derivative transactions can create investment leverage and may be highly volatile. It is possible that a derivative transaction will result in a loss greater than the principal amount invested. A Fund may not be able to close out a derivative transaction at a favorable time or price. For those Funds that held derivatives during the year ended December 31, 2010, the following table shows how the Fund used these derivatives during the period (marked with an “A”), as well as any additional uses it may have for them in the future (marked with an “M”).

Type of Derivative and Objective for Use	PIMCO Total Return Fund	Strategic Bond Fund	Strategic Balanced Fund	Global Allocation Fund	Indexed Equity Fund	NASDAQ-100 Fund	Mid Cap Growth Equity Fund	Small Cap Growth Equity Fund	Diversified International Fund	Overseas Fund
Foreign Currency Exchange Transactions*
Hedging/Risk Management	A	A	A	A			A	A	A	A
Directional Exposures to Currencies	A	A	A	A					A	A
Futures Contracts**
Hedging/Risk Management	A	A	A	A
Duration/Credit Quality Management	A	A	A
Short-term Cash Deployment				A					A	A
Substitution for Cash Investment	A	A	A		A	A			A	A
Interest Rate Swaps***
Hedging/Risk Management	A	A	A
Duration Management	A	A	A
Substitution for Cash Investment	A
Total Return Swaps****
Hedging/Risk Management		A		A
Substitution for Cash Investment				A
Duration/Credit Quality Management		A
Market Access		A
Credit Default Swaps (Protection Buyer)
Hedging/Risk Management		A	A
Duration/Credit Quality Management		A	A
Credit Default Swaps (Protection Seller)
Hedging/Risk Management	A
Duration/Credit Quality Management	A	A	A
Income		A	A
Directional Investment	A	A	A
Options (Purchased)
Hedging/Risk Management		A	A	A
Duration/Credit Quality Management		A	A
Substitution for Cash Investment				A
Directional Investment				A

375

Notes to Financial Statements (Continued)

Type of Derivative and Objective for Use	PIMCO Total Return Fund	Strategic Bond Fund	Strategic Balanced Fund	Global Allocation Fund	Indexed Equity Fund	NASDAQ-100 Fund	Mid Cap Growth Equity Fund	Small Cap Growth Equity Fund	Diversified International Fund	Overseas Fund
Options (Sold)
Hedging/Risk Management	A	A	A	A
Duration/Credit Quality Management		A	A
Income		A	A	A
Directional Investment				A
Structured Options
Hedging Risk Management				A
Directional Investment				A
Rights and Warrants
Directional Investment		A	A	A					M	M
Result of Corporate Action				A					A	A

* Includes any options, futures contracts, forward contracts, and swap agreements, if applicable.

** Includes any options on futures contracts, if applicable.

*** Includes any caps, floors, and collars, and related options, if applicable.

**** Includes any index swaps, if applicable.

At December 31, 2010, and during the year then ended, the Fund(s) had the following derivatives and transactions in derivatives, grouped into the indicated risk categories:

	Credit Risk			Equity Risk		Foreign Exchange Risk			Interest Rate Risk			Total
PIMCO Total Return Fund
Asset Derivatives
Forward Contracts*	$	-		$	-	$	2,882,696		$	-		$	2,882,696
Futures Contracts^^		-			-		-			851,587			851,587
Swap Agreements*		1,571,535			-		-			342,939			1,914,474
Total Value	$	1,571,535		$	-	$	2,882,696		$	1,194,526		$	5,648,757
Liability Derivatives
Forward Contracts^	$	-		$	-	$	(502,873	)	$	-		$	(502,873	)
Futures Contracts^^		-			-		-			(605,463	)		(605,463	)
Swap Agreements^		(42,572	)		-		-			(80,119	)		(122,691	)
Written Options^		-			-		-			(3,027,006	)		(3,027,006	)
Total Value	$	(42,572	)	$	-	$	(502,873	)	$	(3,712,588	)	$	(4,258,033	)
Realized Gain (Loss)#
Forward Contracts	$	-		$	-	$	(1,988,159	)	$	-		$	(1,988,159	)
Futures Contracts		-			-		-			(608,367	)		(608,367	)
Swap Agreements		239,166			-		-			-			239,166
Written Options		-			-		-			270,200			270,200
Total Realized Gain (Loss)	$	239,166		$	-	$	(1,988,159	)	$	(338,167	)	$	(2,087,160	)
Change in Appreciation (Depreciation)##
Forward Contracts	$	-		$	-	$	2,379,823		$	-		$	2,379,823
Futures Contracts		-			-		-			246,124			246,124
Swap Agreements		457,325			-		-			(76,726	)		380,599
Written Options		-			-		-			(1,268,984	)		(1,268,984	)
Total Change in Appreciation (Depreciation)	$	457,325		$	-	$	2,379,823		$	(1,099,586	)	$	1,737,562

376

Notes to Financial Statements (Continued)

	Credit Risk			Equity Risk		Foreign Exchange Risk			Interest Rate Risk			Total
PIMCO Total Return Fund (Continued)
Number of Contracts, Notional Amounts or Shares/Units†
Forward Contracts	$	-		$	-	$	162,888,922		$	-		$	162,888,922
Futures Contracts		-			-		-			1,725			1,725
Swap Agreements	$	44,100,000		$	-	$	-		$	64,000,000		$	108,100,000
Written Options		-			-		-			133,112,500			133,112,500
Strategic Bond Fund
Asset Derivatives
Forward Contracts*	$	-		$	-	$	15,616		$	-		$	15,616
Futures Contracts^^		-			-		-			597,511			597,511
Swap Agreements*		194,605			-		-			957			195,562
Purchased Options*		-			-		-			201			201
Total Value	$	194,605		$	-	$	15,616		$	598,669		$	808,890
Liability Derivatives
Forward Contracts^	$	-		$	-	$	(50,940	)	$	-		$	(50,940	)
Futures Contracts^^		-			-		-			(495,415	)		(495,415	)
Swap Agreements^		(47,633	)		-		-			(308,598	)		(356,231	)
Written Options^		-			-		-			(56,031	)		(56,031	)
Total Value	$	(47,633	)	$	-	$	(50,940	)	$	(860,044	)	$	(958,617	)
Realized Gain (Loss)#
Forward Contracts	$	-		$	-	$	(274,532	)	$	-		$	(274,532	)
Futures Contracts		-			-		-			(1,816,735	)		(1,816,735	)
Swap Agreements		327,943			-		-			49,638			377,581
Purchased Options		-			-		-			(92,853	)		(92,853	)
Written Options		-			-		-			94,457			94,457
Total Realized Gain (Loss)	$	327,943		$	-	$	(274,532	)	$	(1,765,493	)	$	(1,712,082	)
Change in Appreciation (Depreciation)##
Forward Contracts	$	-		$	-	$	(35,324	)	$	-		$	(35,324	)
Futures Contracts		-			-		-			(134,357	)		(134,357	)
Swap Agreements		144,605			-		-			(328,492	)		(183,887	)
Purchased Options		-			-		-			(1,841	)		(1,841	)
Written Options		-			-		-			16,307			16,307
Total Change in Appreciation (Depreciation)	$	144,605		$	-	$	(35,324	)	$	(448,383	)	$	(339,102	)
Number of Contracts, Notional Amounts or Shares/Units†
Forward Contracts	$	-		$	-	$	6,661,567		$	-		$	6,661,567
Futures Contracts		-			-		-			436			436
Swap Agreements	$	9,344,352		$	-	$	-		$	6,027,177		$	15,371,529
Purchased Options		-			-		-			94			94
Written Options		-			-		-			95			95
Warrants		-			258		-			-			258
Strategic Balanced Fund
Asset Derivatives
Forward Contracts*	$	-		$	-	$	182,499		$	-		$	182,499
Futures Contracts^^		-			-		-			72,387			72,387
Purchased Options*		-			-		-			17			17
Total Value	$	-		$	-	$	182,499		$	72,404		$	254,903

377

Notes to Financial Statements (Continued)

	Credit Risk			Equity Risk			Foreign Exchange Risk			Interest Rate Risk			Total
Strategic Balanced Fund (Continued)
Liability Derivatives
Forward Contracts^	$	-		$	-		$	(63,735	)	$	-		$	(63,735	)
Futures Contracts^^		-			-			-			(8,871	)		(8,871	)
Written Options^		-			-			-			(7,269	)		(7,269	)
Total Value	$	-		$	-		$	(63,735	)	$	(16,140	)	$	(79,875	)
Realized Gain (Loss)#
Forward Contracts	$	-		$	-		$	142,230		$	-		$	142,230
Futures Contracts		-			(13,136	)		-			229,102			215,966
Swap Agreements		449,976			-			-			(35,273	)		414,703
Purchased Options		-			-			-			(13,332	)		(13,332	)
Written Options		-			-			-			13,233			13,233
Rights		-			10,194			-			-			10,194
Total Realized Gain (Loss)	$	449,976		$	(2,942	)	$	142,230		$	193,730		$	782,994
Change in Appreciation (Depreciation)##
Forward Contracts	$	-		$	-		$	85,150		$	-		$	85,150
Futures Contracts		-			609			-			105,058			105,667
Swap Agreements		(497,821	)		-			-			-			(497,821	)
Purchased Options		-			-			-			(153	)		(153	)
Written Options		-			-			-			2,417			2,417
Total Change in Appreciation (Depreciation)	$	(497,821	)	$	609		$	85,150		$	107,322		$	(304,740	)
Number of Contracts, Notional Amounts or Shares/Units†
Forward Contracts	$	-		$	-		$	8,446,295		$	-		$	8,446,295
Futures Contracts		-			-			-			76			76
Swap Agreements	$	621,751		$	-		$	-		$	460,500		$	1,082,251
Purchased Options		-			-			-			13			13
Written Options		-			-			-			14			14
Rights		-			20,688	††		-			-			20,688	††
Warrants		-			81			-			-			81
Global Allocation Fund Asset Derivatives
Forward Contracts*	$	-		$	-		$	964,237		$	-		$	964,237
Futures Contracts^^		-			73,856			-			-			73,856
Swap Agreements*		-			52,757			-			-			52,757
Purchased Options*		-			50,000			-			-			50,000
Structured Options*		-			295,457			-			-			295,457
Warrants*		-			541,882			-			-			541,882
Total Value	$	-		$	1,013,952		$	964,237		$	-		$	1,978,189
Liability Derivatives
Forward Contracts^	$	-		$	-		$	(139,257	)	$	-		$	(139,257	)
Futures Contracts^^		-			(69,625	)		-			-			(69,625	)
Written Options^		-			(674,181	)		-			-			(674,181	)
Structured Options*		-			(34,508	)		-			-			(34,508	)
Total Value	$	-		$	(778,314	)	$	(139,257	)	$	-		$	(917,571	)

378

Notes to Financial Statements (Continued)

	Credit Risk		Equity Risk			Foreign Exchange Risk			Interest Rate Risk		Total
Global Allocation Fund (Continued)
Realized Gain (Loss)#
Forward Contracts	$	-	$	-		$	(1,849,265	)	$	-	$	(1,849,265	)
Futures Contracts		-		118,808			-			-		118,808
Swap Agreements		-		(198,296	)		-			-		(198,296	)
Purchased Options		-		(624,861	)		-			-		(624,861	)
Written Options		-		559,643			-			-		559,643
Structured Options		-		(156,180	)		-			-		(156,180	)
Rights		-		9,791			-			-		9,791
Warrants		-		36,543			-			-		36,543
Total Realized Gain (Loss)	$	-	$	(254,552	)	$	(1,849,265	)	$	-	$	(2,103,817	)
Change in Appreciation (Depreciation)##
Forward Contracts	$	-	$	-		$	1,109,751		$	-	$	1,109,751
Futures Contracts		-		(273,392	)		-			-		(273,392	)
Swap Agreements		-		160,860			-			-		160,860
Purchased Options		-		333,805			-			-		333,805
Written Options		-		(295,647	)		-			-		(295,647	)
Structured Options		-		218,567			-			-		218,567
Rights		-		296			-			-		296
Warrants		-		68,877			-			-		68,877
Total Change in Appreciation (Depreciation)	$	-	$	213,366		$	1,109,751		$	-	$	1,323,117
Number of Contracts, Notional Amounts or Shares/Units†
Forward Contracts	$	-	$	-		$	35,548,056		$	-	$	35,548,056
Futures Contracts		-		155			-			-		155
Swap Agreements	$	-	$	6,434,754		$	-		$	-	$	6,434,754
Purchased Options		-		32			-			-		32
Written Options		-		1,180			-			-		1,180
Structured Options		-		11,380			-			-		11,380
Rights		-		23,562	††		-			-		23,562	††
Warrants		-		87,289			-			-		87,289
Indexed Equity Fund
Asset Derivatives
Futures Contracts^^	$	-	$	562,806		$	-		$	-	$	562,806
Realized Gain (Loss)#
Futures Contracts	$	-	$	1,737,889		$	-		$	-	$	1,737,889
Change in Appreciation (Depreciation)##
Futures Contracts	$	-	$	176,778		$	-		$	-	$	176,778
Number of Contracts, Notional Amounts or Shares/Units†
Futures Contracts	$	-	$	113		$	-		$	-	$	113
NASDAQ-100 Fund
Asset Derivatives
Futures Contracts^^	$	-	$	1,112		$	-		$	-	$	1,112
Realized Gain (Loss)#
Futures Contracts	$	-	$	117,301		$	-		$	-	$	117,301
Change in Appreciation (Depreciation)##
Futures Contracts	$	-	$	(2,674	)	$	-		$	-	$	(2,674	)

379

Notes to Financial Statements (Continued)

	Credit Risk		Equity Risk			Foreign Exchange Risk			Interest Rate Risk		Total
NASDAQ-100 Fund (Continued)
Number of Contracts, Notional Amounts or Shares/Units†
Futures Contracts	$	-	$	16		$	-		$	-	$	16
Mid Cap Growth Equity Fund
Realized Gain (Loss)#
Forward Contracts	$	-	$	-		$	(55,957	)	$	-	$	(55,957	)
Number of Contracts, Notional Amounts or Shares/Units†
Forward Contracts	$	-	$	-		$	919,052		$	-	$	919,052
Small Cap Growth Equity Fund
Asset Derivatives
Forward Contracts*	$	-	$	-		$	36,872		$	-	$	36,872
Liability Derivatives
Forward Contracts^	$	-	$	-		$	(48,773	)	$	-	$	(48,773	)
Realized Gain (Loss)#
Forward Contracts	$	-	$	-		$	(98,042	)	$	-	$	(98,042	)
Change in Appreciation (Depreciation)##
Forward Contracts	$	-	$	-		$	(11,901	)	$	-	$	(11,901	)
Number of Contracts, Notional Amounts or Shares/Units†
Forward Contracts	$	-	$	-		$	1,134,078		$	-	$	1,134,078
Diversified International Fund
Asset Derivatives
Forward Contracts*	$	-	$	-		$	2,016,566		$	-	$	2,016,566
Rights*		-		2,013			-			-		2,013
Total Value	$	-	$	2,013		$	2,016,566		$	-	$	2,018,579
Liability Derivatives
Forward Contracts^	$	-	$	-		$	(1,278,326	)	$	-	$	(1,278,326	)
Futures Contracts^^		-		(24,991	)		-			-		(24,991	)
Total Value	$	-	$	(24,991	)	$	(1,278,326	)	$	-	$	(1,303,317	)
Realized Gain (Loss)#
Forward Contracts	$	-	$	-		$	2,082,304		$	-	$	2,082,304
Futures Contracts		-		64,798			-			-		64,798
Rights		-		101,023			-			-		101,023
Warrants		-		77,978			-			-		77,978
Total Realized Gain (Loss)	$	-	$	243,799		$	2,082,304		$	-	$	2,326,103
Change in Appreciation (Depreciation)##
Forward Contracts	$	-	$	-		$	359,585		$	-	$	359,585
Futures Contracts		-		(82,280	)		-			-		(82,280	)
Rights		-		2,013			-			-		2,013
Warrants		-		3,279			-			-		3,279
Total Change in Appreciation (Depreciation)	$	-	$	(76,988	)	$	359,585		$	-	$	282,597
Number of Contracts, Notional Amounts or Shares/Units†
Forward Contracts	$	-	$	-		$	87,189,604		$	-	$	87,189,604
Futures Contracts		-		31			-			-		31
Rights		-		389			-			-		389
Warrants		-		63,200			-			-		63,200

380

Notes to Financial Statements (Continued)

	Credit Risk		Equity Risk			Foreign Exchange Risk			Interest Rate Risk		Total
Overseas Fund
Asset Derivatives
Forward Contracts*	$	-	$	-		$	1,594,512		$	-	$	1,594,512
Futures Contracts^^		-		12,705			-			-		12,705
Rights*		-		1,764			-			-		1,764
Warrants*		-		611,836			-			-		611,836
Total Value	$	-	$	626,305		$	1,594,512		$	-	$	2,220,817
Liability Derivatives
Forward Contracts^	$	-	$	-		$	(3,798,024	)	$	-	$	(3,798,024	)
Futures Contracts^^		-		(5,145	)		-			-		(5,145	)
Total Value	$	-	$	(5,145	)	$	(3,798,024	)	$	-	$	(3,803,169	)
Realized Gain (Loss)#
Forward Contracts	$	-	$	-		$	3,188,710		$	-	$	3,188,710
Futures Contracts		-		50,174			-			-		50,174
Rights		-		280,385			-			-		280,385
Warrants		-		13,278			-			-		13,278
Total Realized Gain (Loss)	$	-	$	343,837		$	3,188,710		$	-	$	3,532,547
Change in Appreciation (Depreciation)##
Forward Contracts	$	-	$	-		$	(2,735,791	)	$	-	$	(2,735,791	)
Futures Contracts		-		(41,386	)		-			-		(41,386	)
Rights		-		1,764			-			-		1,764
Warrants		-		110,534			-			-		110,534
Total Change in Appreciation (Depreciation)	$	-	$	70,912		$	(2,735,791	)	$	-	$	(2,664,879	)
Number of Contracts, Notional Amounts or Shares/Units†
Forward Contracts	$	-	$	-		$	100,773,404		$	-	$	100,773,404
Futures Contracts		-		16			-			-		16
Rights		-		387,094	††		-			-		387,094	††
Warrants		-		81,382			-			-		81,382

* Statements of Assets and Liabilities location: Investments, at value, Receivables from: open forward foreign currency contracts or open swap agreements, at value, as applicable.

^ Statements of Assets and Liabilities location: Payables for: written options outstanding, open forward foreign currency contracts, or open swap agreements, at value, as applicable.

^^ Cumulative appreciation (depreciation) on futures contracts is reported in “Futures Contracts” below. Only current day’s variation margin, if any, is reported within the Statements of Assets and Liabilities.

# Statements of Operations location: Amounts are included in net realized gain (loss) on: investment transactions, futures contracts, written options, swap agreements, or foreign currency transactions, as applicable.

## Statements of Operations location: Amounts are included in net change in unrealized appreciation (depreciation) on: investment transactions, futures contracts, written options, swap agreements, or translation of assets and liabilities in foreign currencies, as applicable.

† Amount(s) disclosed represent average number of contracts, notional amounts, or shares/units outstanding, which is indicative of volume of this derivative type, for the months that the Fund held such derivatives during the year ended December 31, 2010.

†† Contracts here represent activity that occurred within the month.

381

Notes to Financial Statements (Continued)

The Strategic Bond Fund and Strategic Balanced Fund had no change in appreciation (depreciation) and no realized gain (loss) on warrants during the year ended December 31, 2010.

Further details regarding the derivatives and other investments held by the Funds during the year ended December 31, 2010, are discussed below.

Foreign Currency Exchange Transactions

A Fund may engage in foreign currency exchange transactions for hedging purposes in order to protect against uncertainty in the level of future foreign currency exchange rates, or for other, non-hedging purposes.

A Fund may use foreign currency exchange transactions for hedging purposes to protect against two principal risks. First, if a Fund has assets or liabilities denominated in foreign (non-U.S. dollar) currencies, the Fund is exposed to the risk that the values of those assets or liabilities in U.S. dollars may fall or rise due to changes in currency exchange rates. Second, if the Fund agrees, or expects, to receive or deliver an asset denominated in a foreign currency, it is exposed to currency exchange risk until the date of receipt or delivery. In order to reduce those risks, a Fund may enter into foreign currency futures or forward contracts, each of which calls for the Fund to purchase or sell a foreign currency at a time in the future at a price determined at the time the contract is entered into. Futures contracts are exchange-traded and typically have minimal exposure to counterparty risk; forward contracts are private contractual arrangements and a Fund is subject to the risk that its counterparty will not, or will not be able to, perform its obligations. Each type of arrangement may require the Fund to post margin.

Whenever a Fund enters into a foreign currency exchange transaction, it is subject to the risk that the value of the transaction will move in a direction unfavorable to it. When the Fund uses the transactions for hedging purposes, it is likely that the Fund will have an asset or liability that will offset any loss (or gain) on the transactions, at least in part. If a Fund enters into foreign currency exchange transactions other than for hedging purposes (for example, seeking to profit from an anticipated change in the values of currencies by creating directional exposures in the portfolio with respect to one or more currencies), it will generally be subject to the same risks, but is less likely to have assets or liabilities that will offset any losses on the transactions. There can be no assurance that a Fund will be able to terminate any foreign currency exchange transaction prior to its maturity in order to limit its loss on the transaction.

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. Forward foreign currency contracts are valued at the settlement price established through dealers or other market sources on the day which they are traded. When a forward foreign currency contract is extinguished, through delivery or 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. The notional or contractual amounts of these instruments 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 risks are considered. See “Futures Contracts” below, for information regarding the accounting treatment of futures contracts.

382

Notes to Financial Statements (Continued)

The Fund(s) listed in the following table had open forward foreign currency contracts at December 31, 2010. A Fund’s current exposure to a counterparty is typically the fair value of the contract.

	Counterparty	Units of Currency		Contracts to Deliver/Receive	Settlement Date		In Exchange for U.S. Dollars		Contracts at Value		Unrealized Appreciation (Depreciation)
PIMCO Total Return Fund
BUYS
	Barclays Bank PLC		1,000,000	Australian Dollar		1/28/11	$	989,173	$	1,020,590	$	31,417
	Barclays Bank PLC		911,000	Canadian Dollar		2/17/11		894,157		915,030		20,873
	Barclays Bank PLC		45,660,000	Indian Rupee		1/12/11		1,000,000		1,019,677		19,677
	Barclays Bank PLC		40,862,000	Indian Rupee		3/09/11		904,227		903,066		(1,161	)
	Barclays Bank PLC		81,145,720	Mexican Peso		2/22/11		6,298,031		6,551,301		253,270
	Barclays Bank PLC		2,111,982	New Turkish Lira		1/27/11		1,400,000		1,366,972		(33,028	)
	Barclays Bank PLC		24,872,770	Philippine Peso		2/07/11		566,669		567,916		1,247
	Barclays Bank PLC		4,248,000	Philippine Peso		4/15/11		100,000		96,912		(3,088	)
	Barclays Bank PLC		66,762,500	Philippine Peso		6/15/11		1,500,000		1,520,440		20,440
	Barclays Bank PLC		8,672,000	Philippine Peso		11/15/11		200,000		196,875		(3,125	)
	Barclays Bank PLC		4,370,400	South African Rand		1/28/11		600,000		661,073		61,073
	Barclays Bank PLC		115,313,000	South Korean Won		1/19/11		100,000		101,525		1,525
	Barclays Bank PLC		820,580,000	South Korean Won		5/09/11		729,173		719,041		(10,132	)
								15,281,430		15,640,418		358,988
	Credit Suisse Securities LLC		2,515,000	Australian Dollar		1/28/11		2,391,282		2,566,783		175,501
	Credit Suisse Securities LLC		452,730	New Turkish Lira		1/27/11		300,000		293,028		(6,972	)
								2,691,282		2,859,811		168,529
	Goldman Sachs & Co.		4,270,000	Philippine Peso		6/15/11		100,000		97,244		(2,756	)
	Goldman Sachs & Co.		15,403,500	Philippine Peso		11/15/11		350,000		349,696		(304	)
	Goldman Sachs & Co.		257,060	Singapore Dollar		3/09/11		200,000		200,322		322
	Goldman Sachs & Co.		1,747,330	Singapore Dollar		6/09/11		1,350,000		1,361,616		11,616
	Goldman Sachs & Co.		1,120,400,000	South Korean Won		5/09/11		1,003,014		981,762		(21,252	)
								3,003,014		2,990,640		(12,374	)
	JP Morgan Chase Bank		38,474,060	Brazilian Real		3/02/11		22,538,992		22,882,547		343,555
	JP Morgan Chase Bank		24,285,000	Canadian Dollar		2/17/11		24,079,724		24,392,431		312,707
	JP Morgan Chase Bank		20,250,750	Chinese Yuan Renminbi		11/15/11		3,100,000		3,087,999		(12,001	)
	JP Morgan Chase Bank		45,660,000	Indian Rupee		5/09/11		980,249		997,797		17,548
	JP Morgan Chase Bank		10,153,000,000	Indonesian Rupiah		4/15/11		1,100,000		1,109,174		9,174

383

Notes to Financial Statements (Continued)

	Counterparty	Units of Currency		Contracts to Deliver/Receive	Settlement Date		In Exchange for U.S. Dollars		Contracts at Value		Unrealized Appreciation (Depreciation)
PIMCO Total Return Fund (Continued)
	JP Morgan Chase Bank		28,352,500,000	Indonesian Rupiah		7/27/11	$	3,060,410	$	3,048,080	$	(12,330	)
	JP Morgan Chase Bank		5,577,900	Malaysian Ringgit		2/07/11		1,800,000		1,804,599		4,599
	JP Morgan Chase Bank		53,451,234	Mexican Peso		2/22/11		4,300,000		4,315,386		15,386
	JP Morgan Chase Bank		2,094,760	New Turkish Lira		1/27/11		1,400,000		1,355,825		(44,175	)
	JP Morgan Chase Bank		14,690,118	Philippine Peso		2/07/11		333,336		335,416		2,080
	JP Morgan Chase Bank		17,286,000	Philippine Peso		4/15/11		400,000		394,354		(5,646	)
	JP Morgan Chase Bank		114,341,000	Philippine Peso		6/15/11		2,607,628		2,603,985		(3,643	)
	JP Morgan Chase Bank		46,029,000	Philippine Peso		11/15/11		1,050,000		1,044,967		(5,033	)
	JP Morgan Chase Bank		788,559	Singapore Dollar		1/14/11		599,999		614,486		14,487
	JP Morgan Chase Bank		775,980	Singapore Dollar		3/09/11		600,000		604,705		4,705
	JP Morgan Chase Bank		3,604,997	Singapore Dollar		6/09/11		2,775,247		2,809,211		33,964
	JP Morgan Chase Bank		20,536,090	South African Rand		1/28/11		2,947,413		3,106,316		158,903
	JP Morgan Chase Bank		6,272,550	South African Rand		4/28/11		900,000		936,793		36,793
	JP Morgan Chase Bank		4,302,632,181	South Korean Won		1/19/11		3,799,999		3,788,180		(11,819	)
	JP Morgan Chase Bank		7,961,635,181	South Korean Won		5/09/11		6,954,256		6,976,467		22,211
								85,327,253		86,208,718		881,465
	Royal Bank of Scotland PLC		2,515,000	Australian Dollar		1/28/11		2,394,064		2,566,783		172,719
	Royal Bank of Scotland PLC		502,000	Canadian Dollar		2/17/11		495,802		504,221		8,419
	Royal Bank of Scotland PLC		23,000,000	Indian Rupee		3/09/11		511,111		508,309		(2,802	)
	Royal Bank of Scotland PLC		788,559	Singapore Dollar		6/09/11		599,086		614,488		15,402
	Royal Bank of Scotland PLC		163,000,000	South Korean Won		5/09/11		144,076		142,830		(1,246	)
								4,144,139		4,336,631		192,492
	UBS AG		17,460,900	Mexican Peso		2/22/11		1,400,000		1,409,706		9,706
	UBS AG		310,730	New Turkish Lira		1/27/11		200,000		201,119		1,119
	UBS AG		232,300,000	South Korean Won		5/09/11		200,000		203,555		3,555
								1,800,000		1,814,380		14,380
							$	112,247,118	$	113,850,598	$	1,603,480

384

Notes to Financial Statements (Continued)

	Counterparty	Units of Currency		Contracts to Deliver/Receive	Settlement Date		In Exchange for U.S. Dollars		Contracts at Value		Unrealized Appreciation (Depreciation)
PIMCO Total Return Fund (Continued)
SELLS
	Barclays Bank PLC		2,515,000	Australian Dollar		1/28/11	$	2,436,834	$	2,566,783	$	(129,949	)
	Barclays Bank PLC		2,047,000	Euro		1/25/11		2,692,454		2,741,464		(49,010	)
								5,129,288		5,308,247		(178,959	)
	Credit Suisse Securities LLC		100,000	Euro		1/06/11		132,951		133,930		(979	)
	Credit Suisse Securities LLC		300,000	Euro		1/25/11		397,877		401,778		(3,901	)
								530,828		535,708		(4,880	)
	Goldman Sachs & Co.		200,000	Euro		1/25/11		264,406		267,852		(3,446	)
	JP Morgan Chase Bank		25,815,000	Euro		1/06/11		35,160,546		34,573,916		586,630
	JP Morgan Chase Bank		1,718,000	Euro		1/25/11		2,277,734		2,300,847		(23,113	)
	JP Morgan Chase Bank		45,660,000	Indian Rupee		1/12/11		998,469		1,019,676		(21,207	)
	JP Morgan Chase Bank		4,417,945,181	South Korean Won		1/19/11		3,826,055		3,889,705		(63,650	)
								42,262,804		41,784,144		478,660
	Royal Bank of Scotland PLC		20,620,000	British Pound		3/21/11		32,234,318		32,142,075		92,243
	Royal Bank of Scotland PLC		100,000	Euro		1/06/11		132,984		133,930		(946	)
	Royal Bank of Scotland PLC		697,000	Euro		1/25/11		923,695		933,463		(9,768	)
	Royal Bank of Scotland PLC		788,559	Singapore Dollar		1/14/11		599,118		614,485		(15,367	)
								33,890,115		33,823,953		66,162
	UBS AG		100,000	Euro		1/06/11		132,906		133,930		(1,024	)
	UBS AG		7,358,000	Euro		1/25/11		10,274,097		9,854,267		419,830
								10,407,003		9,988,197		418,806
							$	92,484,444	$	91,708,101	$	776,343
Strategic Bond Fund
BUYS
	Citibank N.A.		452,844	Euro		2/14/11	$	620,508	$	606,446	$	(14,062	)
SELLS
	Citibank N.A.		1,343,698	Euro		2/14/11		1,776,571		1,799,471		(22,900	)
	Citibank N.A.		89,300,000	Japanese Yen		2/14/11		1,087,261		1,101,239		(13,978	)
								2,863,832		2,900,710		(36,878	)
	UBS AG		466,893	Euro		2/14/11		640,876		625,260		15,616
							$	3,504,708	$	3,525,970	$	(21,262	)

385

Notes to Financial Statements (Continued)

	Counterparty	Units of Currency		Contracts to Deliver/ Receive	Settlement Date		In Exchange for U.S. Dollars		Contracts at Value		Unrealized Appreciation (Depreciation)
Strategic Balanced Fund
BUYS
	Citibank N.A.		38,884	Euro		2/14/11	$	53,280	$	52,073	$	(1,207	)
	Citibank N.A.		2,324,758	Japanese Yen		2/14/11		28,305		28,669		364
								81,585		80,742		(843	)
	Credit Suisse Securities LLC		63,125	Euro		2/22/11		82,104		84,534		2,430
	Credit Suisse Securities LLC		12,930,321	Japanese Yen		2/22/11		156,033		159,468		3,435
								238,137		244,002		5,865
	Deutsche Bank AG		170,528	British Pound		2/22/11		275,353		265,876		(9,477	)
	Deutsche Bank AG		354,438	Euro		2/22/11		484,638		474,648		(9,990	)
	Deutsche Bank AG		7,229,772	Japanese Yen		2/22/11		86,276		89,164		2,888
								846,267		829,688		(16,579	)
	HSBC Bank PLC		76,485	Euro		2/22/11		100,548		102,425		1,877
	JP Morgan Chase Bank		306,575	Canadian Dollar		2/14/11		302,318		307,954		5,636
	Royal Bank of Canada		88,783	Australian Dollar		2/22/11		85,699		90,329		4,630
	Royal Bank of Canada		20,491,122	Japanese Yen		2/22/11		246,676		252,715		6,039
								332,375		343,044		10,669
	Royal Bank of Scotland PLC		936,775	Australian Dollar		2/22/11		912,555		953,093		40,538
	Royal Bank of Scotland PLC		177,688	Singapore Dollar		2/22/11		137,162		138,468		1,306
	Royal Bank of Scotland PLC		2,985,007	Swedish Krona		2/22/11		436,417		443,026		6,609
	Royal Bank of Scotland PLC		739,653	Swiss Franc		2/22/11		748,611		792,182		43,571
								2,234,745		2,326,769		92,024
	State Street Bank and Trust Co.		62,267	Euro		2/22/11		82,294		83,385		1,091
	Westpac Banking Corp.		12,517,464	Japanese Yen		2/22/11		150,622		154,377		3,755
							$	4,368,891	$	4,472,386	$	103,495
SELLS
	Citibank N.A.		153,908	Euro		2/14/11	$	203,490	$	206,113	$	(2,623	)
	Credit Suisse Securities LLC		67,388	British Pound		2/22/11		104,672		105,068		(396	)
	Credit Suisse Securities LLC		356,652	Canadian Dollar		2/14/11		351,964		358,256		(6,292	)
								456,636		463,324		(6,688	)
	JP Morgan Chase Bank		13,188,280	Japanese Yen		2/14/11		160,371		162,637		(2,266	)

386

Notes to Financial Statements (Continued)

	Counterparty	Units of Currency		Contracts to Deliver/Receive	Settlement Date		In Exchange for U.S. Dollars		Contracts at Value		Unrealized Appreciation (Depreciation)
Strategic Balanced Fund (Continued)
	Royal Bank of Scotland PLC		360,300	British Pound		2/22/11	$	578,219	$	561,757	$	16,462
	Royal Bank of Scotland PLC		204,553	Canadian Dollar		2/22/11		200,279		205,433		(5,154	)
	Royal Bank of Scotland PLC		458,000	Euro		2/22/11		627,864		613,333		14,531
	Royal Bank of Scotland PLC		4,628,524	Hong Kong Dollar		2/22/11		597,346		595,692		1,654
								2,003,708		1,976,215		27,493
	State Street Bank and Trust Co.		235,995	British Pound		2/22/11		375,512		367,948		7,564
	State Street Bank and Trust Co.		333,630	Euro		2/22/11		450,379		446,782		3,597
								825,891		814,730		11,161
	UBS AG		69,537	Euro		2/14/11		95,450		93,124		2,326
	Westpac Banking Corp.		123,537	Australian Dollar		2/22/11		119,928		125,689		(5,761	)
	Westpac Banking Corp.		13,288	British Pound		2/22/11		21,191		20,718		473
	Westpac Banking Corp.		38,630	Euro		2/22/11		51,553		51,731		(178	)
	Westpac Banking Corp.		36,823,617	Japanese Yen		2/22/11		442,838		454,142		(11,304	)
	Westpac Banking Corp.		97,641	Swiss Franc		2/22/11		98,818		104,575		(5,757	)
								734,328		756,855		(22,527	)
							$	4,479,874	$	4,472,998	$	6,876
Cross Currency Forwards
	Credit Suisse Securities LLC		91,333	USD/Swiss Franc		2/22/11	$	93,579	$	97,819	$	4,240
			68,323	Euro/USD		2/22/11		93,579		91,495		2,084
									$	189,314	$	6,324
	Deutsche Bank AG		848,125	USD/Hong Kong Dollar		2/22/11	$	109,379	$	109,154	$	(225	)
			142,068	Singapore Dollar/USD		2/22/11		109,379		110,710		(1,331	)
									$	219,864	$	(1,556	)
	Merrill Lynch International		38,887	USD/Swiss Franc		2/22/11	$	39,355	$	41,649	$	2,294
			29,942	Euro/USD		2/22/11		39,355		40,097		(742	)
									$	81,746	$	1,552
	Royal Bank of Canada		4,192,297	USD/Japanese Yen		2/22/11	$	50,159	$	51,703	$	1,544
			50,467	Canadian Dollar/USD		2/22/11		50,159		50,684		(525	)
									$	102,387	$	1,019
	Royal Bank of Canada		80,787	USD/Singapore Dollar		2/22/11	$	62,089	$	62,955	$	866
			45,845	Euro/USD		2/22/11		62,089		61,394		695
									$	124,349	$	1,561
	Royal Bank of Scotland PLC		240,856	USD/Hong Kong Dollar		2/22/11	$	31,006		30,998		(8	)
			23,526	Euro/USD		2/22/11		31,006		31,505		(499	)
									$	62,503	$	(507	)

387

Notes to Financial Statements (Continued)

	Counterparty	Units of Currency		Contracts to Deliver/Receive	Settlement Date		In Exchange for U.S. Dollars		Contracts at Value		Unrealized Appreciation (Depreciation)
Global Allocation Fund
BUYS
	Barclays Bank PLC		1,123,530	Euro		1/06/11	$	1,516,766	$	1,504,739	$	(12,027	)
	Barclays Bank PLC		800,790	Euro		1/20/11		1,072,002		1,072,473		471
								2,588,768		2,577,212		(11,556	)
	Credit Suisse Securities LLC		549,755	British Pound		1/27/11		859,300		857,317		(1,983	)
	Credit Suisse Securities LLC		602,607	Canadian Dollar		1/14/11		587,800		605,704		17,904
	Credit Suisse Securities LLC		406,680	Euro		1/07/11		549,425		544,664		(4,761	)
	Credit Suisse Securities LLC		1,506,790	Euro		1/14/11		1,975,869		2,018,014		42,145
	Credit Suisse Securities LLC		802,000	Euro		1/19/11		1,061,046		1,074,095		13,049
								5,033,440		5,099,794		66,354
	Deutsche Bank AG		1,204,799	Canadian Dollar		1/14/11		1,181,964		1,210,991		29,027
	Deutsche Bank AG		578,871	Euro		1/07/11		784,365		775,279		(9,086	)
	Deutsche Bank AG		881,083	Euro		1/13/11		1,148,430		1,180,019		31,589
	Deutsche Bank AG		810,776	Euro		1/27/11		1,084,284		1,085,836		1,552
	Deutsche Bank AG		186,002,133	Japanese Yen		1/07/11		2,233,187		2,292,834		59,647
	Deutsche Bank AG		1,278,905,000	South Korean Won		1/06/11		1,110,161		1,126,768		16,607
	Deutsche Bank AG		1,278,905,000	South Korean Won		2/07/11		1,128,280		1,124,856		(3,424	)
								8,670,671		8,796,583		125,912
	JP Morgan Chase Bank		1,206,020	Euro		1/07/11		1,629,508		1,615,215		(14,293	)
	JP Morgan Chase Bank		804,010	Euro		1/19/11		1,063,910		1,076,787		12,877
	JP Morgan Chase Bank		2,447,580	Singapore Dollar		5/16/11		1,900,000		1,907,319		7,319
	JP Morgan Chase Bank		1,929,593	Swiss Franc		1/06/11		1,944,547		2,065,444		120,897
	JP Morgan Chase Bank		1,689,837	Swiss Franc		1/14/11		1,683,105		1,808,989		125,884
	JP Morgan Chase Bank		20,716,500	Taiwan Dollar		5/16/11		700,000		713,292		13,292
								8,921,070		9,187,046		265,976

388

Notes to Financial Statements (Continued)

	Counterparty	Units of Currency		Contracts to Deliver/Receive	Settlement Date		In Exchange for U.S. Dollars		Contracts at Value		Unrealized Appreciation (Depreciation)
Global Allocation Fund (Continued)
	UBS AG		750,210	Euro		1/06/11	$	1,013,841	$	1,004,753	$	(9,088	)
	UBS AG		1,619,722	Euro		1/13/11		2,109,445		2,169,265		59,820
	UBS AG		1,605,020	Euro		1/27/11		2,147,437		2,149,531		2,094
	UBS AG		205,233,131	Japanese Yen		1/07/11		2,461,419		2,529,893		68,474
	UBS AG		3,548,400	Norwegian Krone		1/28/11		600,000		608,350		8,350
	UBS AG		684,030,000	South Korean Won		1/06/11		592,798		602,659		9,861
	UBS AG		684,030,000	South Korean Won		2/07/11		603,334		601,636		(1,698	)
								9,528,274		9,666,087		137,813
							$	34,742,223	$	35,326,722	$	584,499
SELLS
	Barclays Bank PLC		2,876,341	South African Rand		1/21/11	$	418,925	$	435,532	$	(16,607	)
	Deutsche Bank AG		1,278,905,000	South Korean Won		1/06/11		1,128,778		1,126,768		2,010
	UBS AG		684,030,000	South Korean Won		1/06/11		604,267		602,659		1,608
	UBS AG		2,265,450	South African Rand		1/21/11		329,952		343,032		(13,080	)
								934,219		945,691		(11,472	)
							$	2,481,922	$	2,507,991	$	(26,069	)
Cross Currency Forwards
	Credit Suisse Securities LLC		1,229,142	USD/Swiss Franc		1/19/11	$	1,243,945	$	1,315,891	$	71,946
			940,430	Euro/USD		1/19/11		1,243,945		1,259,490		(15,545	)
									$	2,575,381	$	56,401
	Credit Suisse Securities LLC		1,209,668	USD/Swiss Franc		1/20/11	$	1,228,151	$	1,295,058	$	66,907
			925,530	Euro/USD		1/20/11		1,228,151		1,239,533		(11,382	)
									$	2,534,591	$	55,525
	UBS AG		1,524,179	USD/Swiss Franc		1/19/11	$	1,550,538	$	1,631,750	$	81,212
			1,166,880	Euro/USD		1/19/11		1,550,538		1,562,768		(12,230	)
									$	3,194,518	$	68,982
	UBS AG		1,802,458	USD/Swiss Franc		1/20/11	$	1,829,999		1,929,694		99,695
			1,376,910	Euro/USD		1/20/11		1,829,999		1,844,052		(14,053	)
									$	3,773,746	$	85,642

389

Notes to Financial Statements (Continued)

	Counterparty	Units of Currency		Contracts to Deliver/Receive		Settlement Date		In Exchange for U.S. Dollars		Contracts at Value		Unrealized Appreciation (Depreciation)
Small Cap Growth Equity Fund
BUYS
	Barclays Bank PLC		68,000		Australian Dollar		1/5/11	$	66,708	$	69,598	$	2,890
	Deutsche Bank AG		382,000		Australian Dollar		1/5/11		372,897		390,977		18,080
	UBS AG		172,000		Australian Dollar		1/5/11		169,248		176,042		6,794
	Westpac Banking Corp.		158,000		Australian Dollar		1/5/11		152,604		161,712		9,108
								$	761,457	$	798,329	$	36,872
SELLS
	Barclays Bank PLC		780,000		Australian Dollar		1/5/11	$	749,557	$	798,330	$	(48,773	)
Diversified International Fund
BUYS
	State Street Bank and Trust Co.		8,790,000		Australian Dollar		1/18/11	$	8,447,100	$	8,982,086	$	534,986
	State Street Bank and Trust Co.		1,066,000		British Pound		1/18/11		1,696,496		1,662,485		(34,011	)
	State Street Bank and Trust Co.		4,085,000		Euro		1/18/11		5,724,230		5,470,927		(253,303	)
	State Street Bank and Trust Co.		202,161,000		Japanese Yen		1/18/11		2,398,797		2,492,317		93,520
	State Street Bank and Trust Co.		9,949,000		New Zealand Dollar		1/18/11		7,491,422		7,735,449		244,027
	State Street Bank and Trust Co.		39,560,000		Norwegian Krone		1/18/11		6,764,445		6,785,611		21,166
	State Street Bank and Trust Co.		47,076,000		Swedish Krona		1/18/11		7,032,041		6,995,569		(36,472	)
	State Street Bank and Trust Co.		10,773,000		Swiss Franc		1/18/11		10,749,505		11,533,182		783,677
								$	50,304,036	$	51,657,626	$	1,353,590
SELLS
	State Street Bank and Trust Co.		1,684,000		Australian Dollar		1/18/11	$	1,617,103	$	1,720,800	$	(103,697	)
	State Street Bank and Trust Co.		4,724,000		British Pound		1/18/11		7,410,919		7,367,333		43,586
	State Street Bank and Trust Co.		5,940,000		Canadian Dollar		1/18/11		5,823,909		5,970,077		(146,168	)
	State Street Bank and Trust Co.		11,823,000		Euro		1/18/11		16,129,821		15,834,217		295,604
	State Street Bank and Trust Co.		672,477,000		Japanese Yen		1/18/11		8,103,619		8,290,550		(186,931	)
	State Street Bank and Trust Co.		1,041,000		New Zealand Dollar		1/18/11		799,738		809,388		(9,650	)
	State Street Bank and Trust Co.		21,961,000		Norwegian Krone		1/18/11		3,541,386		3,766,908		(225,522	)
	State Street Bank and Trust Co.		6,540,000		Swiss Franc		1/18/11		6,718,914		7,001,486		(282,572	)
								$	50,145,409	$	50,760,759	$	(615,350	)

390

Notes to Financial Statements (Continued)

	Counterparty	Units of Currency		Contracts to Deliver/Receive		Settlement Date		In Exchange for U.S. Dollars		Contracts at Value		Unrealized Appreciation (Depreciation)
Overseas Fund
BUYS
	State Street Bank and Trust Co.		6,332,000		Australian Dollar		1/18/11	$	6,100,202	$	6,470,372	$	370,170
	State Street Bank and Trust Co.		380,000		British Pound		1/18/11		604,755		592,631		(12,124	)
	State Street Bank and Trust Co.		3,482,000		Euro		1/18/11		4,879,257		4,663,346		(215,911	)
	State Street Bank and Trust Co.		137,933,000		Japanese Yen		1/18/11		1,636,682		1,700,490		63,808
	State Street Bank and Trust Co.		7,802,000		New Zealand Dollar		1/18/11		5,878,995		6,066,134		187,139
	State Street Bank and Trust Co.		33,639,000		Norwegian Krone		1/18/11		5,749,337		5,770,000		20,663
	State Street Bank and Trust Co.		40,469,000		Swedish Krona		1/18/11		6,045,112		6,013,758		(31,354	)
	State Street Bank and Trust Co.		9,145,000		Swiss Franc		1/18/11		9,125,395		9,790,304		664,909
								$	40,019,735	$	41,067,035	$	1,047,300
SELLS
	State Street Bank and Trust Co.		946,000		Australian Dollar		1/18/11	$	911,339	$	966,673	$	(55,334	)
	State Street Bank and Trust Co.		615,000		Australian Dollar		8/12/11		534,312		611,923		(77,611	)
	State Street Bank and Trust Co.		400,000		Australian Dollar		9/12/11		351,268		396,378		(45,110	)
	State Street Bank and Trust Co.		1,013,000		Australian Dollar		9/16/11		939,276		1,003,300		(64,024	)
	State Street Bank and Trust Co.		1,165,000		Australian Dollar		9/21/11		1,109,382		1,153,088		(43,706	)
	State Street Bank and Trust Co.		3,682,000		British Pound		1/18/11		5,783,345		5,742,278		41,067
	State Street Bank and Trust Co.		5,234,000		Canadian Dollar		1/18/11		5,139,182		5,260,503		(121,321	)
	State Street Bank and Trust Co.		9,009,000		Euro		1/18/11		12,312,261		12,065,505		246,756
	State Street Bank and Trust Co.		593,416,000		Japanese Yen		1/18/11		7,143,085		7,315,856		(172,771	)
	State Street Bank and Trust Co.		280,000,000		Japanese Yen		3/01/11		3,156,423		3,453,455		(297,032	)
	State Street Bank and Trust Co.		92,000,000		Japanese Yen		7/01/11		1,046,394		1,136,539		(90,145	)
	State Street Bank and Trust Co.		173,000,000		Japanese Yen		7/20/11		1,991,229		2,137,857		(146,628	)
	State Street Bank and Trust Co.		155,000,000		Japanese Yen		8/03/11		1,798,499		1,915,883		(117,384	)
	State Street Bank and Trust Co.		201,000,000		Japanese Yen		8/15/11		2,366,097		2,484,980		(118,883	)

391

Notes to Financial Statements (Continued)

	Counterparty	Units of Currency		Contracts to Deliver/Receive		Settlement Date		In Exchange for U.S. Dollars		Contracts at Value		Unrealized Appreciation (Depreciation)
Overseas Fund (Continued)
	State Street Bank and Trust Co.		396,000,000		Japanese Yen		9/07/11	$	4,723,001	$	4,897,720	$	(174,719	)
	State Street Bank and Trust Co.		157,000,000		Japanese Yen		9/16/11		1,919,738		1,942,073		(22,335	)
	State Street Bank and Trust Co.		409,000,000		Japanese Yen		9/21/11		5,047,887		5,059,722		(11,835	)
	State Street Bank and Trust Co.		18,299,000		Norwegian Krone		1/18/11		2,941,730		3,138,774		(197,044	)
	State Street Bank and Trust Co.		5,616,000		Swiss Franc		1/18/11		5,754,380		6,012,286		(257,906	)
	State Street Bank and Trust Co.		2,350,000		Swiss Franc		6/06/11		2,056,713		2,520,502		(463,789	)
	State Street Bank and Trust Co.		5,945,000		Swiss Franc		6/15/11		6,106,544		6,377,170		(270,626	)
	State Street Bank and Trust Co.		2,800,000		Swiss Franc		7/06/11		2,651,264		3,004,464		(353,200	)
	State Street Bank and Trust Co.		2,080,000		Swiss Franc		7/19/11		2,006,966		2,232,301		(225,335	)
	State Street Bank and Trust Co.		1,900,000		Swiss Franc		8/03/11		1,827,661		2,039,558		(211,897	)
								$	79,617,976	$	82,868,788	$	(3,250,812	)

Futures Contracts

A Fund may seek to manage a variety of different risks through the use of futures contracts and related options, such as interest rate risk, equity price risk, and currency risk (see “Foreign Currency Exchange Transactions,” above, for a discussion of the use on futures contracts in connection with currency risk). A Fund may use interest rate futures contracts to adjust the interest rate sensitivity (duration) of its portfolio or the credit exposure of the portfolio. Interest rate futures contracts obligate the long or short holder to take or make delivery of a specified quantity of a financial instrument, such as a specific fixed-income security, during a specified future period at a specified price. A Fund may use index futures to hedge against broad market risks to its portfolio or to gain broad market exposure when it holds uninvested cash or as an inexpensive substitute for cash investments directly in securities or other assets. Securities index futures contracts are contracts to buy or sell units of a securities index at a specified future date at a price agreed upon when the contract is made and are settled in cash. Positions in futures may be closed out only on an exchange or board of trade which provides a secondary market for such futures. Because futures contracts are exchange-traded, they typically have minimal exposure to counterparty risk.

Parties to a futures contract are not required to post the entire notional amount of the contract, but rather a small percentage of that amount (by way of margin), both at the time they enter into futures transactions, and then on a daily basis if their positions decline in value; as a result, futures contracts are highly leveraged. Such payments are known as variation margin and are recorded by the Funds as unrealized gains or losses. Because futures markets are highly leveraged, they can be extremely volatile, and there can be no assurance that the pricing of a futures contract will correlate precisely with the pricing of the asset or index underlying it or the asset or liability of the Fund that is the subject of the hedge. It may not always be possible for a Fund to enter into a closing transaction with respect to a futures contract it has entered into, at a favorable time or price. When a Fund enters into a futures transaction, it is subject to the risk that the value of the futures contract will move in a direction unfavorable to it. When the Fund uses futures contracts for hedging purposes, it is likely that the Fund will have an asset or liability that will offset any loss (or gain) on the transactions, at least in part.

If a Fund buys an option on a futures contract, it will have the right to assume a futures contract at a particular price during the course of the option. Its potential loss should generally be limited to the amount of the premium paid and any transaction costs. If a

392

Notes to Financial Statements (Continued)

Fund sells an option on a futures contract, it is subject generally to the same risks as if it had entered into a futures contract underlying the option itself.

When a futures contract is closed, the 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. See “Options, Rights, and Warrants,” below, for information regarding the accounting treatment of options.

The Fund(s) listed in the following table had open futures contracts at December 31, 2010:

Number of Contracts	Type	Expiration Date		Notional Contract Value		Net  Unrealized Appreciation (Depreciation)
PIMCO Total Return Fund
BUYS
1,654	90 Day Eurodollar		3/14/11	$	411,990,725	$	247,612
175	U.S. Treasury Note 2 Year		3/31/11		38,308,594		53,375
16	U.S. Treasury Note 5 Year		3/31/11		1,883,500		(31,500	)
629	90 Day Eurodollar		6/13/11		156,558,100		436,275
166	90 Day Eurodollar		9/19/11		41,269,675		102,675
177	90 Day Eurodollar		12/19/11		43,926,975		11,650
14	3 Month Sterling Interest Rate		12/21/11		2,695,356		(6,278	)
226	90 Day Eurodollar		3/19/12		55,963,250		(53,675	)
14	3 Month Sterling Interest Rate		3/21/12		2,688,806		(9,456	)
147	90 Day Eurodollar		6/18/12		36,301,650		(50,712	)
15	3 Month Sterling Interest Rate		6/20/12		2,872,967		(13,433	)
150	90 Day Eurodollar		9/17/12		36,939,375		(237,038	)
15	3 Month Sterling Interest Rate		9/19/12		2,864,779		(16,884	)
39	90 Day Eurodollar		12/17/12		9,575,962		(82,913	)
23	90 Day Eurodollar		3/18/13		5,631,263		(55,987	)
3	90 Day Eurodollar		6/17/13		732,375		(8,075	)
14	90 Day Eurodollar		9/16/13		3,408,300		(39,512	)
						$	246,124
Strategic Bond Fund
BUYS
149	Ultra Long U.S. Treasury Bond		3/22/11	$	18,936,969	$	(456,336	)
SELLS
19	German Euro Bund Futures		3/08/11	$	3,188,725	$	(19,485	)
136	U.S. Treasury Bond 30 Year		3/22/11		16,609,000		556,933
11	U.S. Treasury Note 10 Year		3/22/11		1,324,812		(16,911	)
13	U.S. Treasury Note 2 Year		3/31/11		2,845,781		(2,683	)
29	U.S. Treasury Note 5 Year		3/31/11		3,413,844		40,578
						$	558,432

393

Notes to Financial Statements (Continued)

Number of Contracts	Type	Expiration Date		Notional Contract Value		Net  Unrealized Appreciation (Depreciation)
Strategic Balanced Fund
BUYS
4	Ultra Long U.S. Treasury Bond		3/22/11	$	508,375	$	(8,106	)
SELLS
1	German Euro Bund Futures		3/08/11	$	167,828	$	(765	)
2	U.S. Treasury Bond 30 Year		3/22/11		244,250		8,369
23	U.S. Treasury Note 10 Year		3/22/11		2,770,063		54,707
4	U.S. Treasury Note 2 Year		3/31/11		875,625		65
6	U.S. Treasury Note 5 Year		3/31/11		706,312		9,246
						$	71,622
Global Allocation Fund
BUYS
36	MSCI Taiwan Index		1/27/11	$	1,149,480	$	15,796
10	SGX CNX Nifty Index		1/27/11		123,280		1,895
2	SGX MSCI Singapore Index		1/28/11		117,946		2,018
2	Hang Seng Index		1/28/11		296,144		(1,234	)
4	Hang Seng China Enterprises Index		1/28/11		325,784		224
47	Nikkei 225 Index		3/10/11		2,957,596		(9,814	)
4	ASX SPI 200 Index		3/17/11		484,115		(3,598	)
1	S&P 500 Index		3/17/11		313,250		8,984
22	FTSE 100 Index		3/18/11		2,022,089		37,652
6	DAX Index		3/18/11		1,391,599		(22,366	)
54	DJ Euro Stoxx 50 Index		3/18/11		2,020,681		(32,613	)
7	MSCI EAFE E Mini Index		3/18/11		581,350		7,287
						$	4,231
Indexed Equity Fund
BUYS
89	S&P 500 Index		3/17/11	$	27,879,250	$	562,806
NASDAQ-100 Fund
BUYS
36	NASDAQ-100 E Mini Index		3/18/11	$	1,595,520	$	1,112
Diversified International Fund
BUYS
34	DJ Euro Stoxx 50 Index		3/18/11	$	1,272,281	$	(24,991	)
Overseas Fund
BUYS
4	TOPIX Index		3/10/11	$	441,788	$	8,593
3	FTSE 100 Index		3/18/11		275,739		4,112
7	DJ Euro Stoxx 50 Index		3/18/11		261,940		(5,145	)
						$	7,560

394

Notes to Financial Statements (Continued)

Swap Agreements

Swap agreements are typically two-party contracts entered into primarily by institutional investors. In a standard “swap” transaction, two parties agree to exchange the returns (or differentials in rates of return) earned or realized on particular predetermined investments or instruments, which may be adjusted for an interest factor. The gross returns to be exchanged or “swapped” between the parties are generally calculated with respect to a “notional amount,” (i.e., the return on or increase in value of a particular dollar amount invested at a particular interest rate or in a “basket” of securities representing a particular index).

When a Fund enters into an interest rate swap, it typically agrees to make payments to its counterparty based on a specified long- or short-term interest rate, and will receive payments from its counterparty based on another interest rate. Other forms of interest rate swap agreements include interest rate caps, under which, in return for a specified payment stream, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or “cap”; interest rate floors, under which, in return for a specified payment stream, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or “floor”; and interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels. A Fund may enter into an interest rate swap in order, for example, to hedge against the effect of interest rate changes on the value of specific securities in its portfolio, or to adjust the interest rate sensitivity (duration) or the credit exposure of its portfolio overall, or otherwise as a substitute for a direct investment in debt securities.

A Fund may enter into total return swaps. In a total return swap, one party typically agrees to pay to the other a short-term interest rate in return for a payment at one or more times in the future based on the increase in the value of an underlying security or other asset, or index of securities or assets; if the underlying security, asset, or index declines in value, the party that pays the short-term interest rate must also pay to its counterparty a payment based on the amount of the decline. A Fund may take either side of such a swap, and so may take a long or short position in the underlying security, asset, or index. A Fund may enter into a total return swap to hedge against an exposure in its portfolio — such as interest rate risk (including to adjust the duration or credit quality of a Fund’s bond portfolio), equity risk, or credit risk — or generally to put cash to work efficiently in the markets in anticipation of, or as a replacement for, cash investments. A Fund may also enter into a total return swap to gain exposure to securities or markets in which it might not be able to invest directly (in so-called market access transactions).

A Fund also may enter into credit default swap transactions, as a “buyer” or “seller” of credit protection. In a credit default swap, one party provides what is in effect insurance against a default or other adverse credit event affecting an issuer of debt securities (typically referred to as a “reference entity”). In general, the buyer of credit protection is obligated to pay the protection seller an upfront amount or a periodic stream of payments over the term of the swap. If a “credit event” occurs, the buyer has the right to deliver to the seller bonds or other obligations of the reference entity (with a value up to the full notional value of the swap), and to receive a payment equal to the par value of the bonds or other obligations. Credit events that would trigger a request that the seller make payment are specific to each credit default swap agreement, but generally include bankruptcy, failure to pay, restructuring, obligation acceleration, obligation default, or repudiation/moratorium. When a Fund buys protection, it may or may not own securities of the reference entity. If it does own securities of the reference entity, the swap serves as a hedge against a decline in the value of the securities due to the occurrence of a credit event involving the issuer of the securities. If the Fund does not own securities of the reference entity, the credit default swap may be seen to create a short position in the reference entity. If a Fund is a buyer and no credit event occurs, the Fund will typically recover nothing under the swap, but will have had to pay the required upfront payment or stream of continuing payments under the swap. When a Fund sells protection under a credit default swap, the position may have the effect of creating leverage in the Fund’s portfolio through the Fund’s indirect long exposure to the issuer or securities on which the swap is written. When a Fund sells protection, it may do so either to earn additional income or to create such a “synthetic” long position.

During the period when a credit default swap is open, the transaction is marked to market in accordance with the terms of the agreement. Changes in the values of credit default swap agreements are recorded as unrealized gains or losses and periodic cash settlements are recorded as realized gains or losses.

Whenever a Fund enters into a swap agreement, it takes on counterparty risk — the risk that its counterparty will be unable or unwilling to meet its obligations under the swap agreement. The Fund also takes the risk that the market will move against its position in the swap agreement. In the case of an interest rate swap, the value of the swap may increase or decrease depending on changes in interest rates. In the case of a total return swap, the swap will change in value depending on the change in value of the asset or index on which the swap is written. In the case of a credit default swap, the swap will become more or less valuable depending on the credit of the issuer of the underlying security, and, if a credit event occurs under a swap where the Fund is the

395

Notes to Financial Statements (Continued)

seller of credit protection, the Fund could be required to purchase the security at par value, resulting in a significant loss to the Fund. When the Fund enters into any type of swap for hedging purposes, it is likely that the Fund will have an asset or liability that will offset any loss (or gain) on the swap, at least in part. Swap agreements may be non-transferable or otherwise highly illiquid, and a Fund may not be able to terminate or transfer a swap agreement at any particular time or at an acceptable price.

A Fund may also enter into options on swap agreements (“swaptions”). A swaption is a contract that gives a counterparty the right (but not the obligation) to enter into a new swap agreement or to shorten, extend, cancel, or otherwise modify an existing swap agreement, at some designated future time on specified terms. A Fund may write (sell) and purchase put and call swaptions. Depending on the terms of the particular option agreement, a Fund will generally incur a greater degree of risk when it writes a swaption than it will incur when it purchases a swaption. When a Fund purchases a swaption, it risks losing only the amount of the premium it has paid should it decide to let the option expire unexercised. However, when a Fund writes a swaption, upon exercise of the option the Fund will become obligated according to the terms of the underlying agreement. A Fund may enter into swaptions for the same purposes as swaps. See “Options, Rights, and Warrants,” below, for information regarding the accounting treatment of options.

During the term of a swap transaction, changes in the value of the swap are recognized as unrealized gains or losses by marking to market to reflect the market value of the swap. When the swap 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 agreement. Upfront swap premium payments paid or received by a Fund, if any, are recorded within the value of the open swap agreement on the Fund’s Statement of Assets and Liabilities and represent payments paid or received upon entering into the swap agreement to compensate for differences between stated terms of the swap agreement and prevailing market conditions (credit spreads, currency exchange rates, and other relevant factors). These upfront payments are recorded as realized gain or loss on the Fund’s Statement of Operations upon termination or maturity of the swap agreement.

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.

The Fund(s) listed in the following table had open swap agreements at December 31, 2010. A Fund’s current exposure to a counterparty is typically the fair value of the agreement.

Notional Amount		Currency	Expiration Date		Counterparty	Buy/Sell Protection	Receive (Pay) Fixed Rate		Deliverable on Default	Unrealized Appreciation (Depreciation)			Premium (Received) Paid			Value
	PIMCO Total Return Fund*
	Credit Default Swaps
	1,500,000	USD		6/20/15	Barclays Bank PLC	Sell††		5.000%	CDX.EM.13 (PIMCO Rating: BA+)**	$	21,456		$	165,700		$	187,156
	1,000,000	USD		6/20/15	Barclays Bank PLC	Sell††		5.000%	CDX.EM.13 (PIMCO Rating: BA+)**		11,770			113,000			124,770
	4,200,000	USD		12/20/15	Barclays Bank PLC	Sell††		5.000%	CDX.EM.14 (PIMCO Rating: BA+)**		32,618			537,850			570,468
	7,300,000	USD		12/20/15	Barclays Bank PLC	Sell††		5.000%	CDX.NA.HY.15 (PIMCO Rating: B-)**		27,270			174,250			201,520
											93,114			990,800			1,083,914
	21,700,000	USD		12/20/15	Credit Suisse Securities LLC	Sell††		1.000%	CDX.NA.IG.15 (PIMCO Rating: BAA+)**		228,984			(82,634	)		146,350
	4,700,000	USD		12/20/15	Goldman Sachs & Co.	Sell††		1.000%	CDX.NA.IG.15 (PIMCO Rating: BAA+)**		40,509			(8,811	)		31,698
	1,000,000	USD		12/20/15	Goldman Sachs & Co.	Sell††		1.000%	United Kingdom of Great Britain and Northern Ireland (PIMCO Rating: AAA)**		(8,816	)		23,015			14,199
	300,000	USD		12/20/15	Goldman Sachs & Co.	Sell††		0.250%	French Republic (PIMCO Rating: AAA)**		(5,525	)		(5,883	)		(11,408	)
	1,000,000	USD		12/20/15	Goldman Sachs & Co.	Sell††		1.000%	United Kingdom of Great Britain and Northern Ireland (PIMCO Rating: AAA)**		(8,995	)		23,194			14,199
											17,173			31,515			48,688

396

Notes to Financial Statements (Continued)

Notional Amount		Currency	Expiration Date		Counterparty	Buy/Sell Protection	Receive (Pay) Fixed Rate			Deliverable on Default	Unrealized Appreciation (Depreciation)			Premium (Received) Paid			Value
	PIMCO Total Return Fund* (continued)
	Credit Default Swaps (continued)
	2,700,000	USD		12/20/15	JP Morgan Chase Bank	Sell††		5.000%		CDX.NA.HY.15 (PIMCO Rating: B-)**	$	90,222		$	(15,688	)	$	74,534
	200,000	USD		12/20/15	JP Morgan Chase Bank	Sell††		5.000%		CDX.EM.14 (PIMCO Rating: BA+)**		765			26,400			27,165
	4,400,000	USD		12/20/15	JP Morgan Chase Bank	Sell††		1.000%		CDX.NA.IG.15 (PIMCO Rating: BAA+)**		26,429			3,246			29,675
												117,416			13,958			131,374
	700,000	USD		12/20/15	Royal Bank of Scotland PLC	Sell††		0.250%		French Republic (PIMCO Rating: AAA)**		(12,721	)		(13,898	)		(26,619	)
	1,000,000	USD		9/20/15	UBS AG	Sell††		1.000%		United Mexican States (PIMCO Rating: BAA+)**		9,601			(14,146	)		(4,545	)
	6,100,000	USD		12/20/15	UBS AG	Sell††		1.000%		CDX.NA.IG.15 (PIMCO Rating: BAA+)**		6,147			34,993			41,140
	800,000	USD		12/20/15	UBS AG	Sell††		5.000%		CDX.EM.14 (PIMCO Rating: BA+)**		(2,389	)		111,050			108,661
												13,359			131,897			145,256
Notional Amount		Currency	Expiration Date		Counterparty	Payments Made by Fund				Payments Received by Fund	Unrealized Appreciation (Depreciation)			Premium (Received) Paid			Value
	Interest Rate Swaps
	62,400,000	BRL		1/02/12	Barclays Bank PLC	Floating Rate BRL-CDI				Fixed 10.835%	$	140,157		$	202,782		$	342,939
	3,600,000	USD		6/15/41	Barclays Bank PLC	Fixed 4.250%				3-Month USD-LIBOR-BBA		(48,007	)		17,964			(30,043	)
												92,150			220,746			312,896
	6,000,000	USD		6/15/41	Royal Bank of Scotland PLC	Fixed 4.250%				3-Month USD-LIBOR-BBA		(168,876	)		118,800			(50,076	)
Notional Amount		Currency	Expiration Date		Counterparty	Buy/Sell Protection	Receive (Pay) Fixed Rate			Deliverable on Default	Unrealized Appreciation (Depreciation)			Premium (Received) Paid			Value
	Strategic Bond Fund***
	Credit Default Swaps
	1,000,000	USD		6/20/12	Barclays Bank PLC	Sell††		1.750%		The Eastman Kodak Co. (Moody’s Rating: Caa1; S&P Rating: CCC)	$	(30,518	)	$	-		$	(30,518	)
	1,000,000	USD		6/20/12	Barclays Bank PLC	Sell††		1.870%		The AES Corp. (Moody’s Rating: B1; S&P Rating: BB-)		12,568			-			12,568
	1,000,000	USD		6/20/12	Barclays Bank PLC	Sell††		2.620%		HCA, Inc. (Moody’s Rating: Caa1; S&P Rating: B-)		8,724			-			8,724
												(9,226	)		-			(9,226	)
	2,519,991	USD		6/20/13	Goldman Sachs & Co.	Sell††		3.500%		CDX.NA.IG HVOL.10 (WA Rating: BB+)†		45,442			46,547			91,989
	100,000	USD		9/20/12	Goldman Sachs & Co.	Sell††		3.240%		Energy Future Holdings Corp. (WA Rating: Ca2†; S&P Rating: CC)		(12,956	)		-			(12,956	)
												32,486			46,547			79,033
	2,000,000	USD		6/20/12	Morgan Stanley & Co.	Sell††		2.920%		Ford Motor Credit Co. (Moody’s Rating: Ba2; S&P Rating: B+)		47,802			-			47,802
	500,000	USD		12/13/49	Morgan Stanley & Co.	Buy		(0.080%	)	CMBX 3 2007-1 AAA		50			20,000			20,050
	220,000	USD		2/17/51	Morgan Stanley & Co.	Buy		(0.350%	)	CMBX 4 2007-2 AAA		(4,598	)		13,750			9,152
	100,000	USD		2/17/51	Morgan Stanley & Co.	Sell††		0.350%		CMBX 4 2007-2 AAA (Moody’s Rating: Aaa; S&P Rating: AAA)		7,778			(11,937	)		(4,159	)
	180,000	USD		10/12/52	Morgan Stanley & Co.	Buy		(0.100%	)	CMBX 1 2006-1 AAA		(6,368	)		10,688			4,320
												44,664			32,501			77,165

397

Notes to Financial Statements (Continued)

Notional Amount		Currency	Expiration Date		Counterparty	Payment Made by Fund	Payment Received by Fund	Unrealized Appreciation (Depreciation)			Premium (Received) Paid		Value
	Strategic Bond Fund*** (continued)
	Interest Rate Swaps
	2,460,000	USD		2/15/25	Morgan Stanley & Co.	Notional amount at expiration date	Floating notional amount + compounded 3 month USD BBA LIBOR at expiration date	$	(132,806	)	$	-	$	(132,806	)
	3,740,000	USD		11/15/27	Morgan Stanley & Co.	Notional amount at expiration date	Floating notional amount + compounded 3 month USD BBA LIBOR at expiration date		(175,792	)		-		(175,792	)
									(308,598)			-		(308,598)
Notional Amount		Currency	Expiration Date		Counterparty	Payment Made by Fund	Payment Received by Fund	Unrealized Appreciation (Depreciation)			Premium (Received) Paid		Value
	Total Return Swaps
	827,777	USD		1/12/40	Morgan Stanley & Co.	1-Month USD LIBOR	IOS.FN30.400.09 Index	$	(19,894	)	$	20,851	$	957
Notional Amount		Currency	Expiration Date		Counterparty	Payment Made by Fund	Payment Received by Fund	Unrealized Appreciation (Depreciation)			Premium (Received) Paid		Value
	Global Allocation Fund****
	Total Return Swaps
	1,066,451	USD		09/16/11	BNP Paribas SA	3-Month USD LIBOR - 0.080%	MSCI AC World, Net Returns (NDUEACWZ)	$	19,488		$	-	$	19,488
	1,360,868	USD		02/17/11	JP Morgan Chase Bank	3-Month USD LIBOR - 0.710%	MSCI Daily Net Europe Ex UK Index (NDDUE15X)		28,593			-		28,593
	222,532	USD		02/17/11	JP Morgan Chase Bank	3-Month USD LIBOR - 0.710%	MSCI Daily Net Europe Ex UK Index (NDDUE15X)		4,676			-		4,676
									33,269			-		33,269

BRL Brazilian Real

USD U.S. Dollar

* Collateral for swap agreements received from Barclays Bank PLC, JPMorgan Chase Bank, and UBS AG amounted to $1,200,000 and securities valued at $1,528,799 and $869,604, respectively, at December 31, 2010. Collateral for swap agreements held by Royal Bank of Scotland PLC were securities valued at $893,571, at December 31, 2010.

** Rating is determined by Pacific Investment Management Company LLC and represents a weighted average rating of all securities included in the underlying index for the credit default swap. The source of the ratings for the underlying securities are Moody’s Investor Service, Inc., Standard & Poor’s Ratings Group, and/or Fitch Ratings. All ratings are as of the report due date and do not reflect subsequent changes.

*** Collateral for swap agreements held by Morgan Stanley & Co. amounted to $400,000.

**** Collateral for swap agreements received from BNP Paribas amounted to $30,000.

† Rating is determined by Western Asset Management Company and represents a weighted average of the ratings of all securities included in the underlying index for the credit default swap. Ratings used in the weighted average are from Moody’s Investors Service, Inc., Standard & Poor’s Ratings Group, or Fitch Ratings, whichever is the highest for each constituent. All ratings are as of the report date and do not reflect subsequent changes.

†† For each credit derivative with sold protection, the credit ratings of the entities referenced, as rated by any rating organization, are included in the equivalent Moody’s Investors Service, Inc., Standard & Poor’s Ratings Group, Western Asset Management Company’s, or Pacific Investment Management Company LLC’s rating category. The reference entity rating represents the likelihood of a potential payment by the Fund if the referenced entity experiences a credit event as of period end. Notional amounts represent the maximum potential amount of future payments (undiscounted) the Fund could be required to make under the credit derivatives with sold protection.

398

Notes to Financial Statements (Continued)

Options, Rights, and Warrants

A Fund may purchase and sell put and call options on securities or an index of securities to enhance investment performance or to protect against changes in market prices. A Fund that invests in debt securities may also purchase and sell put and call options to adjust the interest rate sensitivity of its portfolio or the credit exposure of the portfolio.

A call option gives the holder the right to purchase, and obligates the writer to sell, a security at the strike price at any time before the expiration date. A Fund may write call options on a security it owns, in a “directional” strategy hoping to realize a greater current return through the receipt of premiums. In return for the option premium, the Fund takes the risk that it will have to forego any increase in the value of the security over the strike price. When a Fund has written a call option on a security it does not own, its exposure on such an option is theoretically unlimited. A Fund may enter into closing purchase transactions in order to realize a profit or limit a loss on a previously written call option or, in the case of a call option on a security it owns, to free itself to sell the underlying security or to write another call on the security, or protect a security from being called in an unexpected market rise. Any profits from a closing purchase transaction in the case of a call option on a security a Fund owns may be offset by a decline in the value of the underlying security. Conversely, because increases in the market price of a call option will generally reflect increases in the market price of the underlying security, any loss resulting from a closing purchase transaction relating to a call option on a security a Fund owns is likely to be offset in whole or in part by unrealized appreciation of the underlying security owned by the Fund. A Fund may not be able to close out a call option that it has previously written.

A put option gives the holder the right to sell, and obligates the writer to buy, a security at the exercise price at any time before the expiration date. A Fund may write put options in order to enhance its current return by taking a long directional position as to a security or index of securities. By writing a put option, the Fund assumes the risk that it may be required to purchase the underlying security for an exercise price higher than its then current market value, resulting in a potential capital loss unless the security later appreciates in value. A Fund may terminate a put option that it has written before it expires by entering into a closing purchase transaction. Any loss from this transaction may be partially or entirely offset by the premium received on the terminated option. A Fund may not be able to close out a put option that it has previously written.

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.

A Fund may purchase put options to protect portfolio holdings against a decline in market value of a security or securities held by it. A Fund may also purchase a put option hoping to profit from an anticipated decline in the value of the underlying security. If the Fund holds the security underlying the option, the option premium and any transaction costs will reduce any profit the Fund might have realized had it sold the underlying security instead of buying the put option. A Fund may purchase call options to hedge against an increase in the price of securities that the Fund wants ultimately to buy. A Fund may also purchase a call option as a long directional investment hoping to profit from an anticipated increase in the value of the underlying security. In order for a call option to be profitable, the market price of the underlying security must rise sufficiently above the exercise price to cover the premium and transaction costs. These costs will reduce any profit the Fund might have realized had it bought the underlying security at the time it purchased the call option.

When a Fund purchases an option, it runs the risk that it will lose its entire investment in the option in a relatively short period of time, unless the Fund exercises the option or enters into a closing sale transaction before the option’s expiration. If the price of the underlying security does not rise (in the case of a call) or fall (in the case of a put) to an extent sufficient to cover the option premium and transaction costs, the Fund will lose part or all of its investment in the option. This contrasts with an investment by a Fund in the underlying security, since the Fund will not realize a loss if the security’s price does not change. Premiums paid for purchasing options that expire are treated as realized losses.

Options purchased or sold by a Fund may be traded on a securities or options exchange or market. Such options typically have minimal exposure to counterparty risk. However, an exchange or market may at times find it necessary to impose restrictions on particular types of options transactions, such as opening transactions. If an underlying security ceases to meet qualifications imposed by the market or the Options Clearing Corporation, new series of options on that security will no longer be opened to replace expiring series, and opening transactions in existing series may be prohibited.

399

Notes to Financial Statements (Continued)

OTC options purchased or sold by a Fund are not traded on securities or options exchanges or backed by clearinghouses. Rather, they are entered into directly between a Fund and the counterparty to the option. In the case of an OTC option purchased by the Fund, the value of the option to the Fund will depend on the willingness and ability of the option writer to perform its obligations to the Fund. In addition, OTC options may not be transferable and there may be little or no secondary market for them, so they may be considered illiquid. It may not be possible to enter into closing transactions with respect to OTC options or otherwise to terminate such options, and as a result a Fund may be required to remain obligated on an unfavorable OTC option until its expiration.

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. OTC options are valued using prices supplied by a primary pricing source, selected pursuant to procedures approved by the Trustees.

A Fund may purchase or sell “structured options,” which may comprise multiple option exposures within a single security. The risk and return characteristics of a structured option will vary depending on the nature of the underlying option exposures. A Fund may use such options for hedging purposes or as a substitute for direct investments in options or securities. A Fund’s use of structured options may create investment leverage.

A Fund may invest in rights and warrants to purchase securities. Rights or warrants generally give the holder the right to receive, upon exercise, a security at a stated price. Funds typically use rights and warrants in a manner similar to their use of options on securities, as described above. Risks associated with the use of rights or warrants are generally similar to risks associated with the use of options.

The Fund(s) listed in the following table had open written option contracts at December 31, 2010. A Fund’s current exposure to a counterparty is typically fair value of the contract.

Notional Amount		Expiration Date		Description	Premiums Received		Value
PIMCO Total Return Fund
$	73,000		1/21/11	U.S. Treasury Notes 10 Year Future Put, Strike 124.00	$	37,287	$	264,625
	73,000		1/21/11	U.S. Treasury Notes 10 Year Future Call, Strike 129.00		29,759		1,141
	657,500		9/19/11	Eurodollar Futures Put, Strike 99.38		163,813		108,488
	657,500		9/19/11	Eurodollar Futures Call, Strike 99.38		112,714		154,512
	8,200,000		10/11/12	Interest Rate Swaption USD 2 Year Call, Strike TBD*		41,656		66,468
	28,900,000		10/11/12	Interest Rate Swaption USD 2 Year Call, Strike TBD**		152,598		234,258
	17,700,000		11/14/11	Interest Rate Swaption USD 1 Year Put, Strike 0.65**		36,285		89,094
	16,600,000		6/18/12	Interest Rate Swaption USD 3 Year Put, Strike 3.00***		104,476		210,932
	23,100,000		6/18/12	Interest Rate Swaption USD 3 Year Put, Strike 3.00****		209,330		293,525
	70,100,000		9/24/12	Interest Rate Swaption USD 2 Year Put, Strike 2.25***		546,745		930,734
	20,600,000		9/24/12	Interest Rate Swaption USD 2 Year Put, Strike 2.25**		122,227		273,511
	20,300,000		11/19/12	Interest Rate Swaption USD 1 Year Put, Strike 1.00**		115,817		233,238
	22,600,000		11/19/12	Interest Rate Swaption USD 1 Year Put, Strike 1.75***		85,315		166,480
					$	1,758,022	$	3,027,006
	Strategic Bond Fund
$	22,000		1/21/11	U.S. Treasury Note 10 Year Futures Put, Strike 118.00	$	9,210	$	5,500
	25,000		2/18/11	U.S. Treasury Note 10 Year Futures Put, Strike 115.00		13,200		4,297
	25,000		2/18/11	U.S. Treasury Note 10 Year Futures Call, Strike 123.00		11,247		12,109
	37,500		3/14/11	Eurodollar Futures Put, Strike 98.75		13,601		469
	37,500		3/14/11	Eurodollar Futures Call, Strike 98.75		14,576		33,656
					$	61,834	$	56,031

400

Notes to Financial Statements (Continued)

Notional Amount		Expiration Date		Description	Premiums Received		Value
	Strategic Balanced Fund
$	3,000		1/21/11	U.S. Treasury Note 10 Year Futures Put, Strike 118.00	$	1,256	$	750
	3,000		2/18/11	U.S. Treasury Note 10 Year Futures Put, Strike 115.00		1,584		516
	3,000		2/18/11	U.S. Treasury Note 10 Year Futures Call, Strike 123.00		1,350		1,453
	5,000		3/14/11	Eurodollar Futures Put, Strike 98.75		1,806		62
	5,000		3/14/11	Eurodollar Futures Call, Strike 98.75		1,943		4,488
					$	7,939	$	7,269
	Global Allocation Fund
$	1,400		1/22/11	Agrium, Inc., Call, Strike 70.00	$	5,313	$	30,100
	3,700		1/22/11	Agrium, Inc., Call, Strike 75.00		10,248		63,381
	500		1/22/11	Apple, Inc., Call, Strike 320.00		6,185		5,800
	3,800		1/22/11	CF Industries Holdings, Inc., Call, Strike 115.00		24,983		77,330
	2,200		1/22/11	CF Industries Holdings, Inc., Call, Strike 95.00		10,509		86,460
	4,300		1/22/11	CF Industries Holdings, Inc., Call, Strike 105.00		22,759		132,225
	23,100		1/22/11	Corning, Inc., Call, Strike 19.00		23,664		13,167
	3,900		1/22/11	Domtar Corp., Call, Strike 65.00		22,306		41,340
	1,200		1/22/11	Mead Johnson Nutrition Co., Put, Strike 45.00		6,111		60
	1,000		2/19/11	Agrium, Inc., Call, Strike 90.00		1,870		5,700
	1,300		3/19/11	Google, Inc. Class A, Call, Strike 650.00		11,921		12,350
	1,300		3/19/11	Google, Inc. Class A, Put, Strike 580.00		31,290		28,990
	14,100		8/20/11	Dell, Inc., Call, Strike 16.00		8,602		7,614
	36,500		1/21/12	Advanced Micro Devices, Call, Strike 10.00		25,545		26,280
	9,200		1/21/12	Dell, Inc., Call, Strike 15.00		11,050		11,592
	3,200		1/21/12	EOG Resources, Inc., Call, Strike 100.00		23,103		26,400
	11,600		1/21/12	Hewlett Packard Co., Call, Strike 50.00		33,360		23,316
	19,900		1/21/12	Symantec Corp., Call, Strike 17.50		32,663		38,606
	6,900		1/21/12	United Technologies Corp., Call, Strike 80.00		35,452		43,470
					$	346,934	$	674,181
	*            OTC traded option counterparty JP Morgan Chase Bank. **          OTC traded option counterparty Goldman Sachs & Co. ***       OTC traded option counterparty Royal Bank of Scotland PLC. ****     OTC traded option counterparty Barclays Bank PLC.

Transactions in written option contracts during the year ended December 31, 2010, were as follows:

	Number of Contracts			Premiums Received
PIMCO Total Return Fund
Options outstanding at July 6, 2010		–		$	–
Options written		228,101,363			2,028,222
Options terminated in closing purchase transactions		(691	)		(270,200	)
Options outstanding at December 31, 2010		228,100,672		$	1,758,022

401

Notes to Financial Statements (Continued)

	Number of Contracts			Premiums Received
Strategic Bond Fund
Options outstanding at December 31, 2009		136		$	63,871
Options written		361			157,780
Options terminated in closing purchase transactions		(221	)		(95,542	)
Options expired		(174	)		(64,275	)
Options outstanding at December 31, 2010		102		$	61,834
Strategic Balanced Fund
Options outstanding at December 31, 2009		22		$	10,329
Options written		45			19,713
Options terminated in closing purchase transactions		(29	)		(12,803	)
Options expired		(25	)		(9,300	)
Options outstanding at December 31, 2010		13		$	7,939
Global Allocation Fund
Options outstanding at December 31, 2009		1,583		$	1,102,396
Options written		35,727			597,929
Options terminated in closing purchase transactions		(1,263	)		(208,571	)
Options expired		(1,198	)		(399,604	)
Options exercised		(749	)		(745,216	)
Options outstanding at December 31, 2010		34,100		$	346,934

The Fund(s) had rights, warrants, and purchased options as shown in the Portfolio(s) of Investments at December 31, 2010.

When-Issued, Delayed-Delivery, and Forward Commitment Transactions

A Fund may enter into when-issued, delayed-delivery, or forward commitment transactions in order to lock in the purchase price of the underlying security, or in order to adjust the interest rate exposure of the Fund’s existing portfolio. In when-issued, delayed-delivery, or forward commitment transactions, a Fund commits to purchase or sell particular securities, with payment and delivery to take place at a future date. Although a Fund does not typically pay for the securities until they are delivered, it immediately assumes the risks of ownership, including the risk of price fluctuation. If a Fund’s counterparty fails to deliver a security purchased on a when-issued, delayed-delivery, or forward commitment basis, there may be a loss, and the Fund may have missed an opportunity to make an alternative investment.

Prior to settlement of these transactions, the value of the subject securities will fluctuate, reflecting interest rate changes. In addition, because the Fund is not required to pay for when-issued, delayed-delivery, or forward commitment securities until the delivery date, they may result in a form of leverage to the extent the Fund does not maintain liquid assets equal to the face amount of the contract.

These securities are valued on the basis of valuations furnished by a pricing service, selected pursuant to procedures approved 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 values of these securities. When a when-issued, delayed-delivery, or forward commitment transaction is closed, the Funds record a realized gain or loss equal to the difference between the value of the transaction at the time it was opened and the value of the transaction at the time it was closed.

The Fund(s) had securities purchased on a when-issued, delayed-delivery, or forward commitment basis as shown in the Portfolio(s) of Investments at December 31, 2010.

402

Notes to Financial Statements (Continued)

Dollar Roll Transactions

A Fund may enter into dollar roll transactions, in which the Fund sells mortgage-backed securities for delivery in the current month and simultaneously contracts to purchase substantially similar securities on a specified future date from the same party. A Fund may invest in dollar rolls in order to benefit from anticipated changes in pricing for the mortgage-backed securities during the term of the transaction, or for the purpose of creating investment leverage. In a dollar roll, the securities that are to be purchased will be of the same type as the securities sold, but will be supported by different pools of mortgages.

A Fund that engages in a dollar roll forgoes principal and interest paid on the sold securities during the roll period, but is compensated by the difference between the current sales price and the lower forward price for the future purchase. In addition, a Fund may benefit by investing the transaction proceeds during the roll period. Dollar roll transactions may have the effect of creating leverage in a Fund’s portfolio. Dollar rolls involve the risk that the Fund’s counterparty will be unable to deliver the mortgage-backed securities underlying the dollar roll at the fixed time. If the counterparty files for bankruptcy or becomes insolvent, the counterparty or its representative may ask for and receive an extension of time to decide whether to enforce the Fund’s repurchase obligation. A Fund’s use of the transaction proceeds may be restricted pending such decision. It is possible that the Fund will incur a loss on a dollar roll transaction (either because its counterparty fails to perform or because the value of the mortgages subject to the transaction declines) and on the investments made by the Fund with the proceeds of the dollar roll transaction.

A Fund accounts for a dollar roll transaction as a purchase and sale whereby the difference in the sales price and purchase price of the security sold is recorded as a realized gain (loss). If certain criteria are met, these dollar roll transactions may be considered financing transactions, whereby the difference in the sales price and the future purchase price is recorded as an adjustment to interest income.

The PIMCO Total Return Fund, Strategic Bond Fund, and Strategic Balanced Fund had dollar roll transactions during the year ended December 31, 2010, which were accounted for as purchase and sale transactions.

Inflation-Indexed Bonds

The Funds may invest in inflation-indexed bonds, which are fixed income securities whose principal value or coupon is periodically adjusted according to the rate of inflation. Any increase or decrease in the principal amount of an inflation-indexed bond will be included as interest income.

Inflation-indexed securities issued by the U.S. Treasury have maturities of five, ten, twenty, or thirty years, although it is possible that securities with other maturities will be issued in the future. The U.S. Treasury securities pay interest on a semi-annual basis, equal to a fixed percentage of the inflation-adjusted principal amount.

If the periodic adjustment rate measuring inflation falls, the principal value of inflation-indexed bonds will be adjusted downward, and consequently the interest payable on these securities (calculated with respect to a smaller principal amount) will be reduced. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury inflation-indexed bonds, even during a period of deflation. However, the current market value of the bonds is not guaranteed, and will fluctuate. The Funds may also invest in other inflation related bonds which may or may not provide a similar guarantee. If a guarantee of principal is not provided, the adjusted principal value of the bond repaid at maturity may be less than the original principal.

The value of inflation-indexed bonds is expected to change in response to changes in real interest rates. Real interest rates in turn are tied to the relationship between nominal interest rates and the rate of inflation. Therefore, if inflation were to rise at a faster rate than nominal interest rates, real interest rates might decline, leading to an increase in value of inflation-indexed bonds. In contrast, if nominal interest rates increased at a faster rate than inflation, real interest rates might rise, leading to a decrease in value of inflation-indexed bonds.

While the values of these securities are expected to be protected from long-term inflationary trends, short-term increases in inflation may lead to a decline in value. If interest rates rise due to reasons other than inflation (for example, due to changes in currency exchange rates), investors in these securities may not be protected to the extent that the increase is not reflected in the bond’s inflation measure.

403

Notes to Financial Statements (Continued)

The periodic adjustment of U.S. Treasury inflation-indexed bonds is tied to the Consumer Price Index for Urban Consumers (“CPI-U”), which is calculated monthly by the U.S. Bureau of Labor Statistics. The CPI-U is a measurement of changes in the cost of living, made up of components such as housing, food, transportation, and energy. Inflation-indexed bonds issued by a foreign government are generally adjusted to reflect a comparable inflation index, calculated by that government. There can be no assurance that the CPI-U or any foreign inflation index will accurately measure the real rate of inflation in the prices of goods and services. Moreover, there can be no assurance that the rate of inflation in a foreign country will be correlated to the rate of inflation in the United States.

The Fund(s) held inflation-indexed bonds as shown in the Portfolio(s) of Investments during the year ended December 31, 2010.

Bank Loans

Certain of the Funds may invest in bank loans including, for example, corporate loans, loan participations, direct debt, bank debt, and bridge debt. A Fund may invest in a loan by lending money to a borrower directly as part of a syndicate of lenders. In a syndicated loan, the agent that originated and structured the loan typically administers and enforces the loan on behalf of the syndicate. Failure by the agent to fulfill its obligations may delay or adversely affect receipt of payment by a Fund. A Fund may also invest in loans through novations, assignments, and participation interests. In a novation, a Fund typically assumes all of the rights of a lending institution in a loan, including the right to receive payments of principal and interest and other amounts directly from the borrower and to enforce its rights as a lender directly against the borrower. When a Fund takes an assignment of a loan, the Fund acquires some or all of the interest of another lender (or assignee) in the loan. In such cases, the Fund may be required generally to rely upon the assignor to demand payment and enforce rights under the loan. If a Fund acquires a participation in the loan, the Fund purchases an indirect interest in a loan held by a third party and the Fund typically will have a contractual relationship only with the third party loan investor, not with the borrower. As a result, a Fund may have the right to receive payments of principal, interest, and any fees to which it is entitled only from the loan investor selling the participation and only upon receipt by such loan investor of such payments from the borrower. In such cases, a Fund assumes the credit risk of both the borrower and the loan investor selling the participation, and the Fund may be unable to realize some or all of the value of its interest in the loan in the event of the insolvency of the third party.

Changes in the financial condition of the borrower or economic conditions or other circumstances may reduce the capacity of the borrower to make principal and interest payments on such instruments and may lead to defaults. The value of any collateral securing a bank loan may decline after the Fund invests, and there is a risk that the value of the collateral may not be sufficient to cover the amount owed to the Fund.

At December 31, 2010, the Funds had no unfunded loan commitments.

The Fund(s) held bank loan as shown in the Portfolio(s) of Investments at December 31, 2010.

Short Sales

A short sale is a transaction in which a Fund sells a security it does not own in anticipation that the market price of that security will decline. When a Fund makes a short sale on a security, it must borrow the security sold short and deliver it to a broker dealer through which it made the short sale as collateral for its obligation to deliver the security upon the conclusion of the sale. A Fund may have to pay a fee to borrow particular securities and is often obligated to pay over any accrued interest and dividends on such borrowed securities. If the price of the security sold short increases between the time of the short sale and the time a Fund replaces the borrowed security, a Fund will incur a loss, which could be unlimited, in cases where a Fund is unable for whatever reason to close out its short position; conversely, if the price declines, a Fund will realize a capital gain. Any gain will be decreased, and any loss increased, by the transaction costs described above. The successful use of short selling may be adversely impacted by imperfect correlation between movements in the price of the security sold short and the securities being hedged.

The Global Allocation Fund held securities sold short during the year ended December 31, 2010.

404

Notes to Financial Statements (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. A Fund, through its custodian, takes possession of the securities collateralizing the repurchase agreement. Repurchase agreements must be fully collateralized at all times, but involve some risk to the Fund if the other party should default on its obligation and the Fund is delayed or prevented from recovering the collateral, or if a Fund is required to return collateral to a borrower at a time when it may realize a loss on the investment of that collateral. Collateral for certain tri-party repurchase agreements is held at the Fund’s custodian or sub-custodian in a segregated account for the benefit of the Fund and the counterparty.

The Fund(s) had repurchase agreements as shown in the Portfolio(s) of Investments at December 31, 2010.

Accounting for Investment Transactions

Investment transactions are accounted for on the trade date. Realized gains and losses on sales of investments and unrealized appreciation and depreciation of investments are computed by the specific identification cost method. Proceeds received from litigation, if any, are included in realized gains on investment transactions for any investments that are no longer held in the portfolio and as a reduction in cost for investments that continue to be held in the portfolio. Interest income and interest expense, adjusted for amortization of discounts and premiums on debt securities, are earned from the settlement date and are recorded on the accrual basis. Dividend income, dividend expense, and distributions are 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. Foreign dividend income is recorded on the ex-dividend date or as soon as practicable after the Fund determines the existence of a dividend declaration after exercising reasonable due diligence. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The Funds estimate the components of distributions received that may be considered return of capital distributions or capital gain distributions.

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 resulting 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 or interest recorded on the books of the Funds and the amount actually received.

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 2015 Fund, Destination Retirement 2020 Fund, Destination Retirement 2025 Fund, Destination Retirement 2030 Fund, Destination Retirement 2035 Fund, Destination Retirement 2040 Fund, Destination Retirement 2045 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.

405

Notes to Financial Statements (Continued)

Foreign Securities

The Global Allocation Fund invests a significant amount of its assets and each of the Diversified International Fund and Overseas Fund invests substantially all of its assets in foreign securities. The other Funds may also invest in foreign securities. Foreign securities, including ADRs, are subject to additional risks compared to securities of U.S. issuers, including international trade, currency, political, regulatory, and diplomatic risks. In addition, fluctuations in currency exchange rates may adversely affect the values of foreign securities and the price of a Fund’s shares. Emerging markets securities are subject to greater risks than securities issued in developed foreign markets, including less liquidity, greater price volatility, higher relative rates of inflation, greater political and economic instability, and greater volatility in currency exchange rates.

Credit Risk

The Funds may invest a portion of their assets, directly or indirectly, in securities backed by mortgage loans, credit card receivables, and automotive loans. The values and related income of these securities are sensitive to changes in economic conditions, including delinquencies and/or defaults. Continuing shifts in the market’s perception of credit quality on such securities have resulted in increased volatility of market price and periods of decreased market activity that have adversely impacted the valuation and liquidity of such securities.

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 would 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, the Funds have not made any provision for federal income tax.

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 capital gains on investment transactions for a reporting period may differ significantly from distributions during such period.

3. Management Fees and Other Transactions

Investment Management Fees

Under agreements between Massachusetts Mutual Life Insurance Company (“MassMutual”) and the Trust on behalf of each Fund, MassMutual is responsible for providing investment management services for each Fund. In return for these services, MassMutual receives advisory fees, based upon each Fund’s average daily net assets, at the following annual rates:

PIMCO Total Return Fund	0.35%
Strategic Bond Fund	0.55%
Strategic Balanced Fund	0.60%
Global Allocation Fund	0.80%
Diversified Value Fund	0.50%
Fundamental Value Fund	0.65%
Value Equity Fund	0.70%

406

Notes to Financial Statements (Continued)

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%
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%
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
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 2015 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 2025 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 2035 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 2045 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

MassMutual has also entered into investment subadvisory agreements with the following unaffiliated investment subadvisers: AllianceBernstein L.P. for the Diversified International Fund and a portion of the Overseas Fund; Barrow, Hanley, Mewhinney & Strauss, LLC for a portion of the Small Cap Value Equity Fund; BlackRock Investment Management, LLC for the Global

407

Notes to Financial Statements (Continued)

Allocation Fund; Brandywine Global Investment Management, LLC for a portion of the Diversified Value Fund; Davis Selected Advisers, L.P. for the Large Cap Value Fund; Delaware Management Company for a portion of the Aggressive Growth Fund; Eagle Asset Management, Inc. for a portion of the Small Company Growth Fund; EARNEST Partners, LLC for a portion of the Small Company Value Fund; Federated Clover Investment Advisors for a portion of the Small Company Value Fund; Frontier Capital Management Company, LLC for a portion of the Mid Cap Growth Equity II Fund; Harris Associates L.P. for the Focused Value Fund and a portion of the Overseas Fund; J.P. Morgan Investment Management Inc. for a portion of the Strategic Balanced Fund; Loomis, Sayles & Company, L.P. for a portion of the Diversified Value Fund; Massachusetts Financial Services Company for a portion of the Overseas Fund; NFJ Investment Group LLC for a portion of the Mid-Cap Value Fund; Northern Trust Investments, Inc. for the Indexed Equity Fund and NASDAQ-100 Fund; Pacific Investment Management Company LLC for the PIMCO Total Return Fund; Pyramis Global Advisors, LLC for the Value Equity Fund; Rainier Investment Management, Inc. for the Large Cap Growth Fund; Sands Capital Management, LLC for a portion of the Aggressive Growth Fund; Systematic Financial Management, L.P. for a portion of the Mid-Cap Value Fund; T. Rowe Price Associates, Inc. for the Blue Chip Growth Fund, a portion of the Mid Cap Growth Equity II Fund, and a portion of the Small Company Value Fund; The Boston Company Asset Management, LLC for a portion of the Core Opportunities Fund and a portion of the Small Company Growth Fund; Turner Investment Partners, Inc. for a portion of the Mid Cap Growth Equity Fund; Victory Capital Management Inc. for a portion of the Core Opportunities Fund; Waddell & Reed Investment Management Company for a portion of the Small Cap Growth Equity Fund; Wellington Management Company, LLP for the Fundamental Value Fund, a portion of the Mid Cap Growth Equity Fund, a portion of the Small Cap Value Equity Fund, and a portion of the Small Cap Growth Equity Fund; Western Asset Management Company for a portion of the Strategic Bond Fund and a portion of the Strategic Balanced Fund; and Western Asset Management Company Limited for a portion of the Strategic Bond Fund and a portion of the Strategic Balanced Fund. Prior to January 11, 2010, AllianceBernstein L.P. was the investment subadviser for the Diversified Value Fund. Effective March 10, 2010, NFJ Investment Group LLC replaced Cooke & Bieler, L.P. as the investment subadviser for a portion of the Mid-Cap Value Fund. Effective March 31, 2010, The Boston Company Asset Management, LLC was added as the investment subadviser for a portion of the Core Opportunities Fund. Effective August 30, 2010, Frontier Capital Management Company, LLC was added as the investment subadviser for a portion of the Mid Cap Growth Equity II Fund. MassMutual pays a subadvisory fee to each of these subadvisers 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 subadviser provides subadvisory services and which have substantially the same investment objective, policies and investment strategies.

The Funds’ subadvisory fees are paid by MassMutual out of the management fees previously disclosed above.

Administration Fees

Under separate administrative and shareholder services agreements between each Fund and MassMutual, MassMutual provides certain administrative and shareholder services and bears some class specific administrative expenses. In return for these services, MassMutual receives an administrative services fee, 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 N		Class Z
PIMCO Total Return Fund		0.2200%		0.3700%		0.2900%		0.1700%		0.2200%	0.0200%
Strategic Bond Fund		0.2500%		0.2500%		0.1000%		0.0500%		0.3000%	N/A
Strategic Balanced Fund		0.3270%		0.3270%		0.1770%		0.1270%		0.3770%	N/A
Global Allocation Fund		0.3000%		0.3000%		0.1500%		0.0500%		N/A	N/A
Diversified Value Fund		0.3083%		0.2683%		0.1583%		0.0583%		0.3683%	N/A
Fundamental Value Fund*		0.4129%		0.4129%		0.2629%		0.2229%		0.4629%	0.0700%
Value Equity Fund		0.2785%		0.2785%		0.1285%		0.0785%		0.3285%	N/A
Large Cap Value Fund		0.3244%		0.3244%		0.1744%		0.0844%		0.3744%	N/A
Indexed Equity Fund		0.4797%		0.4797%		0.3297%		0.2997%		0.5297%	0.0855%
Core Opportunities Fund		0.3000%		0.3000%		0.1500%		0.0500%		0.3500%	N/A
Blue Chip Growth Fund		0.4085%		0.4085%		0.2885%		0.1585%		0.4585%	N/A
Large Cap Growth Fund		0.3529%		0.3529%		0.2029%		0.1629%		0.4029%	N/A

408

Notes to Financial Statements (Continued)

	Class A		Class L		Class Y		Class S		Class N		Class Z
Aggressive Growth Fund		0.3444%		0.3444%		0.1944%		0.0944%		0.3944%	N/A
NASDAQ-100 Fund		0.6244%		0.6244%		0.4744%		0.3744%		0.6744%	N/A
Focused Value Fund*		0.4344%		0.4344%		0.2844%		0.1844%		0.4844%	0.0700%
Mid-Cap Value Fund		0.3000%		0.3000%		0.1500%		0.0500%		0.3500%	N/A
Small Cap Value Equity Fund		0.3000%		0.3000%		0.1500%		0.0500%		0.3500%	N/A
Small Company Value Fund*		0.4393%		0.4393%		0.2893%		0.2493%		0.4893%	0.0600%
Mid Cap Growth Equity Fund		0.3075%		0.3075%		0.1575%		0.0875%		0.3575%	N/A
Mid Cap Growth Equity II Fund*		0.4244%		0.4244%		0.2744%		0.1844%		0.4744%	0.0600%
Small Cap Growth Equity Fund*		0.4575%		0.4575%		0.3075%		0.1675%		0.5075%	0.0700%
Small Company Growth Fund		0.3491%		0.3491%		0.1991%		0.1591%		0.3991%	N/A
Diversified International Fund		0.3000%		0.3000%		0.1500%		0.0500%		0.3500%	N/A
Overseas Fund*		0.3943%		0.3943%		0.3443%		0.2943%		0.4443%	0.0700%
Destination Retirement Income Fund		0.1459%		0.1459%		0.0459%		0.0200%		0.1959%	N/A
Destination Retirement 2010 Fund		0.1696%		0.1696%		0.0696%		0.0196%		0.2196%	N/A
Destination Retirement 2015 Fund		0.1600%		0.1600%		0.0600%		0.0100%		N/A	N/A
Destination Retirement 2020 Fund		0.1758%		0.1758%		0.0758%		0.0258%		0.2258%	N/A
Destination Retirement 2025 Fund		0.1600%		0.1600%		0.0600%		0.0100%		N/A	N/A
Destination Retirement 2030 Fund		0.1733%		0.1733%		0.0733%		0.0233%		0.2233%	N/A
Destination Retirement 2035 Fund		0.1600%		0.1600%		0.0600%		0.0100%		N/A	N/A
Destination Retirement 2040 Fund		0.1616%		0.1616%		0.0616%		0.0116%		0.2116%	N/A
Destination Retirement 2045 Fund		0.1600%		0.1600%		0.0600%		0.0100%		N/A	N/A
Destination Retirement 2050 Fund		0.1600%		0.1600%		0.0600%		0.0100%		0.2100%	N/A

* Prior to November 15, 2010, the administration fees per share class were as follows:

	Class A		Class L		Class Y		Class S		Class N		Class Z
Fundamental Value Fund		0.3129%		0.3129%		0.1629%		0.1229%		0.3629%	N/A
Focused Value Fund		0.3344%		0.3344%		0.1844%		0.0844%		0.3844%	N/A
Small Company Value Fund		0.3593%		0.3593%		0.2093%		0.1693%		0.4093%	N/A
Mid Cap Growth Equity II Fund		0.3244%		0.3244%		0.1744%		0.0844%		0.3744%	N/A
Small Cap Growth Equity Fund		0.4075%		0.4075%		0.2575%		0.1175%		0.4575%	N/A
Overseas Fund		0.2443%		0.2443%		0.0943%		0.0443%		0.2943%	N/A

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 it in connection with the distribution of Class A shares of the Fund; and/or (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 incurred by it in 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.

409

Notes to Financial Statements (Continued)

Expense Caps and Waivers

MassMutual agreed to cap the fees and expenses of the Funds noted below (other than extraordinary litigation and legal expenses, Acquired Fund fees and expenses^#, or other non-recurring or unusual expenses such as, for example, organizational expenses and shareholder meeting expenses) 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
Global Allocation Fund*^		1.36%		1.11%		0.96%		0.86%		N/A
Blue Chip Growth Fund*		1.19%		0.98%		0.82%		0.76%		1.51%
Diversified International Fund*		1.42%		1.17%		1.09%		0.99%		1.72%
Destination Retirement 2015 Fund*		0.50%		0.25%		0.15%		0.10%		N/A
Destination Retirement 2025 Fund*		0.50%		0.25%		0.15%		0.10%		N/A
Destination Retirement 2035 Fund*		0.50%		0.25%		0.15%		0.10%		N/A
Destination Retirement 2045 Fund*		0.50%		0.25%		0.15%		0.10%		N/A
Destination Retirement 2050 Fund*		0.50%		0.25%		0.15%		0.10%		0.80%

# Acquired Fund fees and expenses are expenses borne indirectly by a Fund through investments in other pooled investment vehicles.

* Expense caps in effect through March 31, 2011.

^ Expense caps also exclude short sale dividend and loan expense.

MassMutual has agreed to voluntarily waive, through March 31, 2011, 0.20% of the administrative and shareholder service fee for Classes A, L, and N of the Indexed Equity Fund, based upon the average daily net assets of the applicable class of shares of the Fund. For the period, January 1, 2010, through November 14, 2010, MassMutual agreed to voluntarily waive 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 Fund. Effective November 15, 2010, MassMutual has agreed to voluntarily waive, through April 1, 2012, 0.10% of the management fee for each class of the Fundamental Value Fund, Focused Value Fund, and Mid Cap Growth Equity II Fund, 0.08% of the management fee for each class of the Small Company Value Fund, 0.05% of the management fee for each class of the Small Cap Growth Equity Fund, and 0.25% of the management fee for each class of the Overseas Fund, based upon each class’s average daily net assets.

Expense caps and waiver amounts are reflected as a reduction of expenses on the Statements of Operations.

Rebated Brokerage Commissions

The Funds listed below have entered into agreements with certain brokers whereby the brokers will rebate to the Funds, 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 presented in the Statements of Operations. For the year ended December 31, 2010, brokerage commissions rebated under these agreements were as follows:

	Rebated Commissions
Strategic Balanced Fund	$	1,356
Diversified Value Fund		21,638
Fundamental Value Fund		19,918
Large Cap Value Fund		11,897
Core Opportunities Fund		5,615
Blue Chip Growth Fund		11,667
Large Cap Growth Fund		3,780
Aggressive Growth Fund		9,050
Mid-Cap Value Fund		49,303
Small Cap Value Equity Fund		21,991
Small Company Value Fund		4,078
Mid Cap Growth Equity Fund		15,168

410

Notes to Financial Statements (Continued)

	Rebated Commissions
Mid Cap Growth Equity II Fund	$	43,420
Small Cap Growth Equity Fund		211,228
Small Company Growth Fund		11,512

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. Amounts deferred shall accrue interest or earnings and shall be recorded on the Funds’ books as other liabilities. Deferred compensation is included within Trustees’ fees and expenses in the Statements of Assets and Liabilities.

Other

Certain officers and trustees of the Funds are also employees of MassMutual. The compensation of each trustee who is not an employee of MassMutual is borne by the Funds.

The following table shows beneficial ownership of Funds’ shares by affiliated parties at December 31, 2010:

	Total % Ownership by Related Party
PIMCO Total Return Fund		99.8%
Strategic Bond Fund		87.8%
Strategic Balanced Fund		90.9%
Global Allocation Fund		3.4%
Diversified Value Fund		67.6%
Fundamental Value Fund		85.3%
Value Equity Fund		98.5%
Large Cap Value Fund		86.6%
Indexed Equity Fund		70.2%
Core Opportunities Fund		88.9%
Blue Chip Growth Fund		96.4%
Large Cap Growth Fund		99.8%
Aggressive Growth Fund		90.8%
NASDAQ-100 Fund		90.4%
Focused Value Fund		86.9%
Mid-Cap Value Fund		90.5%
Small Cap Value Equity Fund		79.7%
Small Company Value Fund		82.2%
Mid Cap Growth Equity		97.6%
Mid Cap Growth Equity II		78.4%
Small Cap Growth Equity Fund		65.7%
Small Company Growth Fund		85.2%
Diversified International Fund		57.8%
Overseas Fund		92.0%
Destination Retirement Income Fund		62.9%
Destination Retirement 2010 Fund		71.6%
Destination Retirement 2015 Fund		95.2%
Destination Retirement 2020 Fund		77.6%
Destination Retirement 2025 Fund		94.2%
Destination Retirement 2030 Fund		79.0%

411

Notes to Financial Statements (Continued)

	Total % Ownership by Related Party
Destination Retirement 2035 Fund		99.9%
Destination Retirement 2040 Fund		80.1%
Destination Retirement 2045 Fund		99.1%
Destination Retirement 2050 Fund		85.5%

4. Purchases and Sales of Investments

Cost of purchases and proceeds from sales of investment securities (excluding short-term investments) for the year ended December 31, 2010, 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
PIMCO Total Return Fund	$	4,752,436,033	$	729,004,148	$	3,899,225,708	$	41,501,728
Strategic Bond Fund		507,130,677		26,639,007		532,656,571		49,726,448
Strategic Balanced Fund		152,357,778		43,251,727		152,777,072		72,779,417
Global Allocation Fund		53,079,624		209,689,719		48,408,494		151,213,837
Diversified Value Fund		-		376,762,322		-		432,715,122
Fundamental Value Fund		-		291,903,321		-		299,830,294
Value Equity Fund		-		23,469,374		-		27,250,535
Large Cap Value Fund		-		62,757,770		-		185,496,016
Indexed Equity Fund		-		169,000,742		-		83,601,871
Core Opportunities Fund		-		85,308,753		-		56,961,367
Blue Chip Growth Fund		-		263,057,594		-		369,216,342
Large Cap Growth Fund		-		58,359,967		-		83,520,819
Aggressive Growth Fund		-		111,784,492		-		130,414,218
NASDAQ-100 Fund		-		3,464,546		-		10,816,357
Focused Value Fund		-		180,404,027		-		235,716,408
Mid-Cap Value Fund		-		173,878,211		-		174,264,784
Small Cap Value Equity Fund		-		33,478,105		-		46,680,854
Small Company Value Fund		-		209,450,695		-		218,067,803
Mid Cap Growth Equity Fund		-		70,872,411		-		95,766,123
Mid Cap Growth Equity II Fund		-		698,597,050		-		658,163,007
Small Cap Growth Equity Fund		-		780,470,688		-		593,312,098
Small Company Growth Fund		-		53,010,620		-		55,346,905
Diversified International Fund		-		88,639,611		-		82,701,328
Overseas Fund		-		211,994,734		-		258,957,147
Destination Retirement Income Fund		-		33,359,483		-		40,695,890
Destination Retirement 2010 Fund		-		43,269,829		-		66,752,254
Destination Retirement 2015 Fund		-		1,404,265		-		132,783
Destination Retirement 2020 Fund		-		116,678,259		-		152,979,185
Destination Retirement 2025 Fund		-		1,295,277		-		114,060
Destination Retirement 2030 Fund		-		83,212,066		-		111,810,357
Destination Retirement 2035 Fund		-		1,176,643		-		97,617
Destination Retirement 2040 Fund		-		53,646,304		-		62,899,218
Destination Retirement 2045 Fund		-		1,146,410		-		77,126
Destination Retirement 2050 Fund		-		12,457,764		-		7,995,014

412

Notes to Financial Statements (Continued)

5. Capital Share Transactions

Changes in shares outstanding for each Fund were as follows:

	Year ended December 31, 2010						Year ended December 31, 2009
	Shares			Amount			Shares			Amount
PIMCO Total Return Fund Class A*
Sold		75,269,569		$	754,712,984
Issued as reinvestment of dividends		1,392,317			13,811,781
Redeemed		(6,445,057	)		(66,080,382	)
Net increase (decrease)		70,216,829		$	702,444,383
PIMCO Total Return Fund Class L*
Sold		2,840,887		$	29,446,964
Issued as reinvestment of dividends		56,347			558,398
Redeemed		(126,744	)		(1,299,284	)
Net increase (decrease)		2,770,490		$	28,706,078
PIMCO Total Return Fund Class Y*
Sold		55,366,121		$	555,266,635
Issued as reinvestment of dividends		1,063,732			10,552,217
Redeemed		(5,251,547	)		(54,118,845	)
Net increase (decrease)		51,178,306		$	511,700,007
PIMCO Total Return Fund Class S*
Sold		3,017,866		$	31,089,624
Issued as reinvestment of dividends		59,255			587,214
Redeemed		(171,367	)		(1,787,107	)
Net increase (decrease)		2,905,754		$	29,889,731
PIMCO Total Return Fund Class N*
Sold		1,033,956		$	10,460,455
Issued as reinvestment of dividends		17,384			172,452
Redeemed		(76,829	)		(791,909	)
Net increase (decrease)		974,511		$	9,840,998
PIMCO Total Return Fund Class Z*
Sold		355,040		$	3,670,322
Issued as reinvestment of dividends		7,627			75,671
Redeemed		-			-
Net increase (decrease)		362,667		$	3,745,993
Strategic Bond Fund Class A
Sold		1,015,250		$	9,849,654			1,185,315		$	10,723,064
Issued as reinvestment of dividends		275,473			2,603,914			556,983			5,101,994
Redeemed		(2,446,721	)		(23,781,392	)		(3,027,301	)		(26,809,621	)
Net increase (decrease)		(1,155,998	)	$	(11,327,824	)		(1,285,003	)	$	(10,984,563	)
Strategic Bond Fund Class L
Sold		1,199,576		$	11,887,046			2,783,563		$	25,335,038
Issued as reinvestment of dividends		223,861			2,117,201			330,139			3,030,708
Redeemed		(1,034,094	)		(10,014,971	)		(1,644,433	)		(14,475,934	)
Net increase (decrease)		389,343		$	3,989,276			1,469,269		$	13,889,812

413

Notes to Financial Statements (Continued)

	Year ended December 31, 2010						Year ended December 31, 2009
	Shares			Amount			Shares			Amount
Strategic Bond Fund Class Y
Sold		1,092,571		$	10,640,182			705,726		$	6,499,289
Issued as reinvestment of dividends		162,958			1,550,402			501,060			4,609,586
Redeemed		(4,469,172	)		(45,016,591	)		(2,560,734	)		(21,735,458	)
Net increase (decrease)		(3,213,643	)	$	(32,826,007	)		(1,353,948	)	$	(10,626,583	)
Strategic Bond Fund Class S
Sold		1,484,768		$	14,648,241			2,970,875		$	25,680,176
Issued as reinvestment of dividends		268,036			2,541,242			478,504			4,402,978
Redeemed		(2,124,843	)		(20,823,959	)		(4,374,542	)		(39,821,425	)
Net increase (decrease)		(372,039	)	$	(3,634,476	)		(925,163	)	$	(9,738,271	)
Strategic Bond Fund Class N
Sold		24,703		$	238,047			19,788		$	179,297
Issued as reinvestment of dividends		4,639			43,794			6,683			61,218
Redeemed		(18,214	)		(172,475	)		(27,385	)		(238,014	)
Net increase (decrease)		11,128		$	109,366			(914	)	$	2,501
Strategic Balanced Fund Class A
Sold		63,202		$	615,301			168,282		$	1,365,261
Issued as reinvestment of dividends		11,955			113,111			19,722			184,404
Redeemed		(276,649	)		(2,699,842	)		(1,034,671	)		(8,261,717	)
Net increase (decrease)		(201,492	)	$	(1,971,430	)		(846,667	)	$	(6,712,052	)
Strategic Balanced Fund Class L
Sold		192,099		$	1,870,655			355,825		$	2,891,344
Issued as reinvestment of dividends		61,196			586,440			95,847			895,214
Redeemed		(816,972	)		(7,871,632	)		(2,091,151	)		(16,228,524	)
Net increase (decrease)		(563,677	)	$	(5,414,537	)		(1,639,479	)	$	(12,441,966	)
Strategic Balanced Fund Class Y
Sold		312,742		$	3,027,889			250,403		$	2,058,099
Issued as reinvestment of dividends		39,569			377,596			70,293			655,837
Redeemed		(1,272,542	)		(12,687,795	)		(1,496,183	)		(12,394,726	)
Net increase (decrease)		(920,231	)	$	(9,282,310	)		(1,175,487	)	$	(9,680,790	)
Strategic Balanced Fund Class S
Sold		47,788		$	467,096			978,478		$	7,932,729
Issued as reinvestment of dividends		8,480			81,256			56,749			527,764
Redeemed		(110,917	)		(1,074,452	)		(2,075,380	)		(19,026,263	)
Net increase (decrease)		(54,649	)	$	(526,100	)		(1,040,153	)	$	(10,565,770	)
Strategic Balanced Fund Class N
Sold		1,311		$	12,641			3,083		$	26,226
Issued as reinvestment of dividends		454			4,209			894			8,326
Redeemed		(11,546	)		(111,318	)		(5,046	)		(42,483	)
Net increase (decrease)		(9,781	)	$	(94,468	)		(1,069	)	$	(7,931	)
Global Allocation Fund Class A**
Sold		231,088		$	2,382,681			10,010		$	100,100
Issued as reinvestment of dividends		1,000			10,566			-			-
Redeemed		(16,167	)		(169,309	)		-			-
Net increase (decrease)		215,921		$	2,223,938			10,010		$	100,100

414

Notes to Financial Statements (Continued)

	Year ended December 31, 2010						Year ended December 31, 2009
	Shares			Amount			Shares			Amount
Global Allocation Fund Class L**
Sold		167,969		$	1,706,742			990,034		$	9,900,344
Issued as reinvestment of dividends		7,013			74,272			222			2,191
Redeemed		(149,193	)		(1,502,240	)		(10,133	)		(101,014	)
Net increase (decrease)		25,789		$	278,774			980,123		$	9,801,521
Global Allocation Fund Class Y**
Sold		194,604		$	2,011,889			10,010		$	100,100
Issued as reinvestment of dividends		1,309			13,865			3			33
Redeemed		(64,598	)		(692,201	)		-			-
Net increase (decrease)		131,315		$	1,333,553			10,013		$	100,133
Global Allocation Fund Class S**
Sold		10,591,318		$	107,499,873			541,513		$	5,344,019
Subscription in-kind		–			–			46,501,578			465,015,780
Issued as reinvestment of dividends		475,082			5,031,123			19,629			193,930
Redeemed		(6,188,752	)		(62,150,636	)		(359,564	)		(3,564,389	)
Net increase (decrease)		4,877,648		$	50,380,360			46,703,156		$	466,989,340
Diversified Value Fund Class A
Sold		335,599		$	2,760,891			1,080,446		$	7,288,700
Issued as reinvestment of dividends		55,790			462,360			76,451			612,374
Redeemed		(2,357,484	)		(19,355,134	)		(3,247,382	)		(22,193,980	)
Net increase (decrease)		(1,966,095	)	$	(16,131,883	)		(2,090,485	)	$	(14,292,906	)
Diversified Value Fund Class L
Sold		1,118,931		$	9,202,361			1,820,895		$	11,635,192
Issued as reinvestment of dividends		77,080			650,600			82,624			663,472
Redeemed		(1,902,515	)		(15,963,242	)		(3,125,737	)		(21,379,276	)
Net increase (decrease)		(706,504	)	$	(6,110,281	)		(1,222,218	)	$	(9,080,612	)
Diversified Value Fund Class Y
Sold		407,850		$	3,444,178			701,839		$	4,554,359
Issued as reinvestment of dividends		69,609			586,947			65,038			522,254
Redeemed		(714,583	)		(5,971,176	)		(4,729,015	)		(32,165,332	)
Net increase (decrease)		(237,124	)	$	(1,940,051	)		(3,962,138	)	$	(27,088,719	)
Diversified Value Fund Class S
Sold		2,740,343		$	22,709,999			8,723,305		$	56,670,927
Issued as reinvestment of dividends		420,735			3,557,591			443,747			3,563,283
Redeemed		(7,023,059	)		(59,313,634	)		(6,833,374	)		(48,269,803	)
Net increase (decrease)		(3,861,981	)	$	(33,046,044	)		2,333,678		$	11,964,407
Diversified Value Fund Class N
Sold		3,505		$	28,934			13,292		$	89,982
Issued as reinvestment of dividends		137			1,115			522			4,198
Redeemed		(43,937	)		(350,955	)		(35,512	)		(256,499	)
Net increase (decrease)		(40,295	)	$	(320,906	)		(21,698	)	$	(162,319	)

415

Notes to Financial Statements (Continued)

	Year ended December 31, 2010						Year ended December 31, 2009
	Shares			Amount			Shares			Amount
Fundamental Value Fund Class A
Sold		5,546,926		$	52,071,886			8,749,751		$	72,318,277
Issued as reinvestment of dividends		324,733			2,815,433			493			4,253
Redeemed		(3,660,795	)		(34,097,293	)		(6,245,026	)		(52,363,755	)
Net increase (decrease)		2,210,864		$	20,790,026			2,505,218		$	19,958,775
Fundamental Value Fund Class L
Sold		3,207,564		$	30,247,862			4,330,448		$	33,139,184
Issued as reinvestment of dividends		206,931			1,808,580			398			3,449
Redeemed		(6,032,217	)		(58,324,225	)		(4,993,754	)		(40,417,091	)
Net increase (decrease)		(2,617,722	)	$	(26,267,783	)		(662,908	)	$	(7,274,458	)
Fundamental Value Fund Class Y
Sold		3,057,477		$	29,056,281			7,096,964		$	56,879,116
Issued as reinvestment of dividends		210,936			1,845,693			259			2,256
Redeemed		(4,364,765	)		(42,521,763	)		(5,456,872	)		(39,742,030	)
Net increase (decrease)		(1,096,352	)	$	(11,619,789	)		1,640,351		$	17,139,342
Fundamental Value Fund Class S
Sold		9,008,850		$	87,466,285			10,492,794		$	79,086,310
Issued as reinvestment of dividends		720,412			6,318,016			1,036			9,022
Redeemed		(9,796,916	)		(94,878,792	)		(10,114,777	)		(81,919,536	)
Net increase (decrease)		(67,654	)	$	(1,094,491	)		379,053		$	(2,824,204	)
Fundamental Value Fund Class N
Sold		13,504		$	124,742			46,607		$	360,905
Issued as reinvestment of dividends		1,244			10,701			6			48
Redeemed		(78,062	)		(710,480	)		(61,570	)		(466,358	)
Net increase (decrease)		(63,314	)	$	(575,037	)		(14,957	)	$	(105,405	)
Fundamental Value Fund Class Z***
Sold		10,193		$	100,100
Issued as reinvestment of dividends		-			-
Redeemed		-			-
Net increase (decrease)		10,193		$	100,100
Value Equity Fund Class A
Sold		170,268		$	1,167,293			221,281		$	1,121,541
Issued as reinvestment of dividends		25,177			153,077			-			-
Redeemed		(295,689	)		(2,029,632	)		(328,671	)		(1,931,290	)
Net increase (decrease)		(100,244	)	$	(709,262	)		(107,390	)	$	(809,749	)
Value Equity Fund Class L
Sold		43,762		$	290,763			72,743		$	364,338
Issued as reinvestment of dividends		4,604			28,041			-			-
Redeemed		(35,425	)		(246,155	)		(1,172,771	)		(6,571,459	)
Net increase (decrease)		12,941		$	72,649			(1,100,028	)	$	(6,207,121	)
Value Equity Fund Class Y
Sold		135,199		$	922,854			125,438		$	763,641
Issued as reinvestment of dividends		6,913			42,377			-			-
Redeemed		(184,277	)		(1,241,636	)		(93,303	)		(487,767	)
Net increase (decrease)		(42,165	)	$	(276,405	)		32,135		$	275,874

416

Notes to Financial Statements (Continued)

	Year ended December 31, 2010						Year ended December 31, 2009
	Shares			Amount			Shares			Amount
Value Equity Fund Class S
Sold		190,689		$	1,286,280			686,113		$	3,684,849
Issued as reinvestment of dividends		42,690			260,835			-			-
Redeemed		(644,376	)		(4,335,941	)		(2,912,745	)		(15,679,257	)
Net increase (decrease)		(410,997	)	$	(2,788,826	)		(2,226,632	)	$	(11,994,408	)
Value Equity Fund Class N
Sold		-		$	-			134		$	740
Issued as reinvestment of dividends		9			57			-			-
Redeemed		(411	)		(2,678	)		(133	)		(782	)
Net increase (decrease)		(402	)	$	(2,621	)		1		$	(42	)
Large Cap Value Fund Class A
Sold		681,455		$	6,518,012			1,536,684		$	11,417,565
Issued as reinvestment of dividends		129,400			1,299,284			66,854			619,068
Redeemed		(4,333,721	)		(41,209,740	)		(10,049,288	)		(81,752,848	)
Net increase (decrease)		(3,522,866	)	$	(33,392,444	)		(8,445,750	)	$	(69,716,215	)
Large Cap Value Fund Class L
Sold		1,216,068		$	11,644,743			1,689,016		$	12,779,096
Issued as reinvestment of dividends		90,108			912,333			77,631			721,196
Redeemed		(5,495,787	)		(53,792,527	)		(6,625,100	)		(49,569,957	)
Net increase (decrease)		(4,189,611	)	$	(41,235,451	)		(4,858,453	)	$	(36,069,665	)
Large Cap Value Fund Class Y
Sold		1,900,606		$	18,483,250			1,633,522		$	13,115,317
Issued as reinvestment of dividends		98,328			1,001,918			70,931			660,372
Redeemed		(2,930,789	)		(28,111,622	)		(1,506,165	)		(11,034,699	)
Net increase (decrease)		(931,855	)	$	(8,626,454	)		198,288		$	2,740,990
Large Cap Value Fund Class S
Sold		3,957,877		$	39,183,176			4,657,795		$	36,057,702
Issued as reinvestment of dividends		458,445			4,689,207			345,517			3,216,764
Redeemed		(7,323,106	)		(70,680,418	)		(12,353,944	)		(94,162,263	)
Net increase (decrease)		(2,906,784	)	$	(26,808,035	)		(7,350,632	)	$	(54,887,797	)
Large Cap Value Fund Class N
Sold		11,434		$	108,593			29,892		$	228,171
Issued as reinvestment of dividends		405			3,982			255			2,341
Redeemed		(40,362	)		(384,418	)		(10,895	)		(79,047	)
Net increase (decrease)		(28,523	)	$	(271,843	)		19,252		$	151,465
Indexed Equity Fund Class A
Sold		5,835,160		$	61,185,126			6,012,044		$	52,355,453
Issued as reinvestment of dividends		349,451			3,765,999			253,423			2,569,719
Redeemed		(3,525,063	)		(36,801,130	)		(4,996,265	)		(43,641,575	)
Net increase (decrease)		2,659,548		$	28,149,995			1,269,202		$	11,283,597
Indexed Equity Fund Class L
Sold		4,367,978		$	46,101,070			3,262,188		$	27,626,693
Issued as reinvestment of dividends		271,456			2,965,321			170,698			1,739,411
Redemptions in-kind		-			-			(8,409,502	)		(86,029,206	)
Redeemed		(2,375,718	)		(24,558,527	)		(4,033,948	)		(33,666,904	)
Net increase (decrease)		2,263,716		$	24,507,864			(9,010,564	)	$	(90,330,006	)

417

Notes to Financial Statements (Continued)

	Year ended December 31, 2010						Year ended December 31, 2009
	Shares			Amount			Shares			Amount
Indexed Equity Fund Class Y
Sold		3,698,322		$	39,015,389			5,282,384		$	45,162,166
Issued as reinvestment of dividends		402,377			4,361,501			368,881			3,762,581
Redeemed		(8,252,527	)		(88,100,095	)		(6,165,738	)		(52,100,516	)
Net increase (decrease)		(4,151,828	)	$	(44,723,205	)		(514,473	)	$	(3,175,769	)
Indexed Equity Fund Class S
Sold		6,790,420		$	73,188,491			6,377,695		$	54,308,851
Issued as reinvestment of dividends		617,687			6,798,157			509,932			5,252,298
Redeemed		(8,252,902	)		(87,873,149	)		(9,964,197	)		(86,095,758	)
Net increase (decrease)		(844,795	)	$	(7,886,501	)		(3,076,570	)	$	(26,534,609	)
Indexed Equity Fund Class N
Sold		50,896		$	524,679			92,273		$	723,383
Issued as reinvestment of dividends		2,771			29,012			2,517			25,326
Redeemed		(105,749	)		(1,113,992	)		(93,598	)		(773,320	)
Net increase (decrease)		(52,082	)	$	(560,301	)		1,192		$	(24,611	)
Indexed Equity Fund Class Z
Sold		12,824,270		$	136,369,557			12,916,813		$	107,438,071
Issued as reinvestment of dividends		1,028,562			11,372,634			724,604			7,456,171
Redeemed		(5,586,246	)		(59,700,423	)		(11,160,687	)		(94,783,073	)
Net increase (decrease)		8,266,586		$	88,041,768			2,480,730		$	20,111,169
Core Opportunities Fund Class A
Sold		648,026		$	5,196,556			479,219		$	3,248,643
Issued as reinvestment of dividends		4,194			32,209			-			-
Redeemed		(545,747	)		(4,522,669	)		(655,462	)		(4,373,819	)
Net increase (decrease)		106,473		$	706,096			(176,243	)	$	(1,125,176	)
Core Opportunities Fund Class L
Sold		2,519,161		$	21,937,292			318,172		$	2,300,312
Issued as reinvestment of dividends		12,439			95,654			-			-
Redeemed		(847,920	)		(6,994,276	)		(704,597	)		(5,538,669	)
Net increase (decrease)		1,683,680		$	15,038,670			(386,425	)	$	(3,238,357	)
Core Opportunities Fund Class Y
Sold		30,097		$	255,355			21,109		$	145,049
Issued as reinvestment of dividends		2,276			17,570			-			-
Redeemed		(254,797	)		(2,155,480	)		(13,395	)		(94,779	)
Net increase (decrease)		(222,424	)	$	(1,882,555	)		7,714		$	50,270
Core Opportunities Fund Class S
Sold		2,116,266		$	18,563,240			82,926		$	587,858
Issued as reinvestment of dividends		12,266			95,062			-			-
Redeemed		(471,314	)		(4,030,671	)		(39,462	)		(268,356	)
Net increase (decrease)		1,657,218		$	14,627,631			43,464		$	319,502
Core Opportunities Fund Class N
Sold		2,151		$	18,029			1,875		$	12,991
Issued as reinvestment of dividends		-			-			-			-
Redeemed		(1,134	)		(9,362	)		(742	)		(5,104	)
Net increase (decrease)		1,017		$	8,667			1,133		$	7,887

418

Notes to Financial Statements (Continued)

	Year ended December 31, 2010						Year ended December 31, 2009
	Shares			Amount			Shares			Amount
Blue Chip Growth Fund Class A
Sold		749,930		$	6,694,538			1,427,769		$	10,336,868
Issued as reinvestment of dividends		-			-			1,426			11,389
Redeemed		(2,104,137	)		(18,680,822	)		(1,544,206	)		(10,830,022	)
Net increase (decrease)		(1,354,207	)	$	(11,986,284	)		(115,011	)	$	(481,765	)
Blue Chip Growth Fund Class L
Sold		2,254,610		$	21,383,018			4,608,527		$	33,573,396
Issued as reinvestment of dividends		-			-			5,966			48,500
Redeemed		(8,827,322	)		(82,498,748	)		(8,578,483	)		(64,724,206	)
Net increase (decrease)		(6,572,712	)	$	(61,115,730	)		(3,963,990	)	$	(31,102,310	)
Blue Chip Growth Fund Class Y
Sold		1,380,933		$	13,206,336			2,089,414		$	15,509,765
Issued as reinvestment of dividends		4,493			38,237			964			7,854
Redeemed		(1,672,603	)		(16,282,429	)		(1,862,886	)		(14,570,278	)
Net increase (decrease)		(287,177	)	$	(3,037,856	)		227,492		$	947,341
Blue Chip Growth Fund Class S
Sold		6,179,028		$	61,300,145			3,881,238		$	28,464,323
Issued as reinvestment of dividends		13,936			119,015			3,858			31,519
Redeemed		(9,681,034	)		(91,401,211	)		(6,715,233	)		(51,879,718	)
Net increase (decrease)		(3,488,070	)	$	(29,982,051	)		(2,830,137	)	$	(23,383,876	)
Blue Chip Growth Fund Class N
Sold		2,750		$	24,389			14,474		$	103,555
Issued as reinvestment of dividends		-			-			18			138
Redeemed		(60,627	)		(508,400	)		(19,651	)		(144,545	)
Net increase (decrease)		(57,877	)	$	(484,011	)		(5,159	)	$	(40,852	)
Large Cap Growth Fund Class A
Sold		54,229		$	424,514			128,565		$	820,325
Issued as reinvestment of dividends		210			1,530			-			-
Redeemed		(276,310	)		(2,203,483	)		(232,740	)		(1,498,303	)
Net increase (decrease)		(221,871	)	$	(1,777,439	)		(104,175	)	$	(677,978	)
Large Cap Growth Fund Class L
Sold		1,067,823		$	8,973,304			1,849,321		$	13,728,079
Issued as reinvestment of dividends		6,522			57,357			4,246			33,419
Redeemed		(774,959	)		(6,409,191	)		(18,735	)		(126,877	)
Net increase (decrease)		299,386		$	2,621,470			1,834,832		$	13,634,621
Large Cap Growth Fund Class Y
Sold		-		$	-			124,972		$	740,751
Issued as reinvestment of dividends		-			-			2,470			19,291
Redeemed		(1,507,011	)		(12,320,632	)		(10,842	)		(68,845	)
Net increase (decrease)		(1,507,011	)	$	(12,320,632	)		116,600		$	691,197
Large Cap Growth Fund Class S
Sold		804,456		$	6,652,780			7,500,476		$	50,071,751
Issued as reinvestment of dividends		23,635			210,278			15,286			119,997
Redeemed		(2,483,468	)		(20,514,962	)		(2,466,520	)		(16,732,233	)
Net increase (decrease)		(1,655,377	)	$	(13,651,904	)		5,049,242		$	33,459,515

419

Notes to Financial Statements (Continued)

	Year ended December 31, 2010						Year ended December 31, 2009
	Shares			Amount			Shares			Amount
Large Cap Growth Fund Class N
Sold		-		$	-			-		$	-
Issued as reinvestment of dividends		0	+		1			-			-
Redeemed		-			-			-			-
Net increase (decrease)		0	+	$	1			-		$	-
Aggressive Growth Fund Class A
Sold		637,008		$	3,800,630			2,408,159		$	10,537,989
Issued as reinvestment of dividends		-			-			1,724			8,293
Redeemed		(3,527,847	)		(20,073,060	)		(4,105,825	)		(17,864,591	)
Net increase (decrease)		(2,890,839	)	$	(16,272,430	)		(1,695,942	)	$	(7,318,309	)
Aggressive Growth Fund Class L
Sold		1,496,553		$	8,914,314			2,933,804		$	12,907,526
Issued as reinvestment of dividends		-			-			1,848			9,113
Redeemed		(4,326,706	)		(25,800,494	)		(8,867,143	)		(41,041,329	)
Net increase (decrease)		(2,830,153	)	$	(16,886,180	)		(5,931,491	)	$	(28,124,690	)
Aggressive Growth Fund Class Y
Sold		484,862		$	2,885,050			3,207,284		$	14,731,099
Issued as reinvestment of dividends		-			-			571			2,859
Redeemed		(1,085,126	)		(6,485,479	)		(3,966,912	)		(17,959,904	)
Net increase (decrease)		(600,264	)	$	(3,600,429	)		(759,057	)	$	(3,225,946	)
Aggressive Growth Fund Class S
Sold		7,973,678		$	53,130,389			9,324,340		$	41,834,487
Issued as reinvestment of dividends		-			-			4,184			21,130
Redeemed		(6,202,896	)		(36,858,179	)		(11,243,946	)		(50,743,312	)
Net increase (decrease)		1,770,782		$	16,272,210			(1,915,422	)	$	(8,887,695	)
Aggressive Growth Fund Class N
Sold		140		$	769			2,651		$	9,779
Issued as reinvestment of dividends		-			-			3			12
Redeemed		(12,900	)		(67,846	)		(9,575	)		(38,405	)
Net increase (decrease)		(12,760	)	$	(67,077	)		(6,921	)	$	(28,614	)
NASDAQ-100 Fund Class A
Sold		1,778,103		$	8,649,784			1,841,452		$	6,488,053
Issued as reinvestment of dividends		-			-			-			-
Redeemed		(2,232,671	)		(10,659,682	)		(1,974,719	)		(7,281,558	)
Net increase (decrease)		(454,568	)	$	(2,009,898	)		(133,267	)	$	(793,505	)
NASDAQ-100 Fund Class L
Sold		243,379		$	1,207,656			736,189		$	2,762,137
Issued as reinvestment of dividends		-			-			-			-
Redeemed		(474,514	)		(2,312,534	)		(750,288	)		(3,058,413	)
Net increase (decrease)		(231,135	)	$	(1,104,878	)		(14,099	)	$	(296,276	)
NASDAQ-100 Fund Class Y
Sold		68,531		$	343,983			466,788		$	1,842,712
Issued as reinvestment of dividends		-			-			-			-
Redeemed		(361,969	)		(1,713,307	)		(511,834	)		(1,972,928	)
Net increase (decrease)		(293,438	)	$	(1,369,324	)		(45,046	)	$	(130,216	)

420

Notes to Financial Statements (Continued)

	Year ended December 31, 2010						Year ended December 31, 2009
	Shares			Amount			Shares			Amount
NASDAQ-100 Fund Class S
Sold		1,448,450		$	7,280,450			3,422,843		$	12,850,295
Issued as reinvestment of dividends		-			-			-			-
Redeemed		(2,003,794	)		(9,705,215	)		(2,650,768	)		(9,656,502	)
Net increase (decrease)		(555,344	)	$	(2,424,765	)		772,075		$	3,193,793
NASDAQ-100 Fund Class N
Sold		24,697		$	112,704			121,166		$	377,890
Issued as reinvestment of dividends		-			-			-			-
Redeemed		(32,808	)		(148,532	)		(90,665	)		(295,155	)
Net increase (decrease)		(8,111	)	$	(35,828	)		30,501		$	82,735
Focused Value Fund Class A
Sold		1,028,867		$	15,615,190			2,088,713		$	22,879,751
Issued as reinvestment of dividends		40,307			533,664			-			-
Redeemed		(2,519,950	)		(36,562,842	)		(2,965,603	)		(30,632,604	)
Net increase (decrease)		(1,450,776	)	$	(20,413,988	)		(876,890	)	$	(7,752,853	)
Focused Value Fund Class L
Sold		1,255,207		$	19,148,888			1,757,357		$	18,476,113
Issued as reinvestment of dividends		33,181			447,614			-			-
Redeemed		(2,936,175	)		(45,735,655	)		(2,757,099	)		(30,117,326	)
Net increase (decrease)		(1,647,787	)	$	(26,139,153	)		(999,742	)	$	(11,641,213	)
Focused Value Fund Class Y
Sold		1,344,268		$	21,061,429			1,820,126		$	20,268,778
Issued as reinvestment of dividends		30,030			408,713			-			-
Redeemed		(1,748,976	)		(26,850,686	)		(3,746,977	)		(38,378,653	)
Net increase (decrease)		(374,678	)	$	(5,380,544	)		(1,926,851	)	$	(18,109,875	)
Focused Value Fund Class S
Sold		4,110,181		$	67,521,917			6,565,191		$	71,574,105
Issued as reinvestment of dividends		133,162			1,826,976			-			-
Redeemed		(4,813,178	)		(71,962,527	)		(4,483,351	)		(47,508,279	)
Net increase (decrease)		(569,835	)	$	(2,613,634	)		2,081,840		$	24,065,826
Focused Value Fund Class N
Sold		15,378		$	220,345			67,904		$	725,120
Issued as reinvestment of dividends		-			-			-			-
Redeemed		(92,519	)		(1,364,091	)		(56,904	)		(662,871	)
Net increase (decrease)		(77,141	)	$	(1,143,746	)		11,000		$	62,249
Focused Value Fund Class Z***
Sold		5,916		$	100,100
Issued as reinvestment of dividends		-			-
Redeemed		-			-
Net increase (decrease)		5,916		$	100,100
Mid-Cap Value Fund Class A
Sold		164,986		$	1,459,496			260,395		$	1,835,615
Issued as reinvestment of dividends		4,102			40,096			4,484			36,498
Redeemed		(342,463	)		(3,094,248	)		(212,601	)		(1,413,654	)
Net increase (decrease)		(173,375	)	$	(1,594,656	)		52,278		$	458,459

421

Notes to Financial Statements (Continued)

	Year ended December 31, 2010						Year ended December 31, 2009
	Shares			Amount			Shares			Amount
Mid-Cap Value Fund Class L
Sold		686,521		$	6,097,539			911,420		$	6,144,124
Issued as reinvestment of dividends		42,848			420,368			33,776			275,609
Redeemed		(1,042,681	)		(9,333,318	)		(1,501,730	)		(9,883,947	)
Net increase (decrease)		(313,312	)	$	(2,815,411	)		(556,534	)	$	(3,464,214	)
Mid-Cap Value Fund Class Y
Sold		60,032		$	553,697			110,255		$	681,173
Issued as reinvestment of dividends		1,249			12,268			364			2,976
Redeemed		(13,061	)		(121,415	)		(392,019	)		(2,313,002	)
Net increase (decrease)		48,220		$	444,550			(281,400	)	$	(1,628,853	)
Mid-Cap Value Fund Class S
Sold		2,275,348		$	20,478,287			2,291,679		$	14,944,989
Issued as reinvestment of dividends		114,385			1,121,561			82,482			672,224
Redeemed		(1,896,981	)		(16,722,218	)		(3,219,150	)		(21,555,099	)
Net increase (decrease)		492,752		$	4,877,630			(844,989	)	$	(5,937,886	)
Mid-Cap Value Fund Class N
Sold		1,247		$	11,017			1,183		$	7,995
Issued as reinvestment of dividends		37			362			19			155
Redeemed		(470	)		(4,099	)		(472	)		(3,231	)
Net increase (decrease)		814		$	7,280			730		$	4,919
Small Cap Value Equity Fund Class A
Sold		266,522		$	2,187,502			307,463		$	1,840,583
Issued as reinvestment of dividends		1,338			12,182			5,164			37,442
Redeemed		(496,337	)		(4,038,049	)		(548,636	)		(3,155,514	)
Net increase (decrease)		(228,477	)	$	(1,838,365	)		(236,009	)	$	(1,277,489	)
Small Cap Value Equity Fund Class L
Sold		306,848		$	2,482,033			619,972		$	3,542,077
Issued as reinvestment of dividends		8,632			79,629			24,139			175,010
Redeemed		(1,361,643	)		(11,500,270	)		(1,356,644	)		(7,882,942	)
Net increase (decrease)		(1,046,163	)	$	(8,938,608	)		(712,533	)	$	(4,165,855	)
Small Cap Value Equity Fund Class Y
Sold		376,322		$	3,137,158			125,606		$	769,363
Issued as reinvestment of dividends		2,421			22,330			5,064			36,716
Redeemed		(485,101	)		(3,965,694	)		(285,248	)		(1,744,842	)
Net increase (decrease)		(106,358	)	$	(806,206	)		(154,578	)	$	(938,763	)
Small Cap Value Equity Fund Class S
Sold		4,137,253		$	34,682,482			2,179,785		$	13,113,349
Issued as reinvestment of dividends		46,158			427,443			77,376			560,977
Redeemed		(5,421,683	)		(42,129,132	)		(2,932,247	)		(17,012,516	)
Net increase (decrease)		(1,238,272	)	$	(7,019,207	)		(675,086	)	$	(3,338,190	)
Small Cap Value Equity Fund Class N
Sold		267		$	2,144			7,127		$	40,739
Issued as reinvestment of dividends		–			2			-			-
Redeemed		(164	)		(1,361	)		(37,142	)		(242,635	)
Net increase (decrease)		103		$	785			(30,015	)	$	(201,896	)

422

Notes to Financial Statements (Continued)

	Year ended December 31, 2010						Year ended December 31, 2009
	Shares			Amount			Shares			Amount
Small Company Value Fund Class A
Sold		1,664,409		$	19,734,411			1,242,924		$	11,026,064
Issued as reinvestment of dividends		31,986			407,050			25,352			268,904
Redeemed		(1,273,996	)		(14,607,080	)		(2,587,451	)		(22,995,222	)
Net increase (decrease)		422,399		$	5,534,381			(1,319,175	)	$	(11,700,254	)
Small Company Value Fund Class L
Sold		1,098,698		$	13,315,423			1,406,660		$	12,026,200
Issued as reinvestment of dividends		21,740			283,149			24,254			261,165
Redeemed		(2,021,860	)		(24,065,625	)		(1,918,909	)		(17,641,723	)
Net increase (decrease)		(901,422	)	$	(10,467,053	)		(487,995	)	$	(5,354,358	)
Small Company Value Fund Class Y
Sold		1,202,873		$	14,646,122			1,596,726		$	14,312,706
Issued as reinvestment of dividends		32,471			427,264			42,878			465,514
Redeemed		(3,231,434	)		(39,188,200	)		(3,007,755	)		(25,618,582	)
Net increase (decrease)		(1,996,090	)	$	(24,114,814	)		(1,368,151	)	$	(10,840,362	)
Small Company Value Fund Class S
Sold		6,526,560		$	80,089,434			3,466,425		$	29,560,444
Issued as reinvestment of dividends		165,286			2,189,361			136,799			1,491,055
Redeemed		(5,035,034	)		(60,783,433	)		(3,983,270	)		(35,855,279	)
Net increase (decrease)		1,656,812		$	21,495,362			(380,046	)	$	(4,803,780	)
Small Company Value Fund Class N
Sold		4,217		$	46,423			68,907		$	560,982
Issued as reinvestment of dividends		37			377			84			844
Redeemed		(90,655	)		(1,038,156	)		(50,437	)		(449,928	)
Net increase (decrease)		(86,401	)	$	(991,356	)		18,554		$	111,898
Small Company Value Fund Class Z***
Sold		7,857		$	100,100
Issued as reinvestment of dividends		0	+		1
Redeemed		-			-
Net increase (decrease)		7,857		$	100,101
Mid Cap Growth Equity Fund Class A
Sold		308,914		$	2,834,813			208,608		$	1,407,754
Issued as reinvestment of dividends		-			-			-			-
Redeemed		(841,418	)		(7,365,887	)		(409,963	)		(2,754,878	)
Net increase (decrease)		(532,504	)	$	(4,531,074	)		(201,355	)	$	(1,347,124	)
Mid Cap Growth Equity Fund Class L
Sold		595,713		$	5,450,647			448,503		$	3,059,426
Issued as reinvestment of dividends		-			-			-			-
Redeemed		(783,402	)		(7,155,464	)		(1,155,200	)		(8,331,886	)
Net increase (decrease)		(187,689	)	$	(1,704,817	)		(706,697	)	$	(5,272,460	)
Mid Cap Growth Equity Fund Class Y
Sold		52,743		$	498,574			95,661		$	649,992
Issued as reinvestment of dividends		-			-			-			-
Redeemed		(57,273	)		(526,047	)		(434,113	)		(3,356,787	)
Net increase (decrease)		(4,530	)	$	(27,473	)		(338,452	)	$	(2,706,795	)

423

Notes to Financial Statements (Continued)

	Year ended December 31, 2010						Year ended December 31, 2009
	Shares			Amount			Shares			Amount
Mid Cap Growth Equity Fund Class S
Sold		817,359		$	7,772,126			950,648		$	6,670,771
Issued as reinvestment of dividends		-			-			-			-
Redeemed		(2,750,699	)		(25,769,547	)		(2,607,014	)		(17,310,411	)
Net increase (decrease)		(1,933,340	)	$	(17,997,421	)		(1,656,366	)	$	(10,639,640	)
Mid Cap Growth Equity Fund Class N
Sold		1,521		$	12,949			6,130		$	45,722
Issued as reinvestment of dividends		-			-			-			-
Redeemed		(13,235	)		(108,197	)		(6,862	)		(48,835	)
Net increase (decrease)		(11,714	)	$	(95,248	)		(732	)	$	(3,113	)
Mid Cap Growth Equity II Fund Class A
Sold		3,325,295		$	43,174,309			4,806,633		$	46,507,626
Issued as reinvestment of dividends		-			-			-			-
Redeemed		(4,061,634	)		(50,351,804	)		(4,518,158	)		(42,752,473	)
Net increase (decrease)		(736,339	)	$	(7,177,495	)		288,475		$	3,755,153
Mid Cap Growth Equity II Fund Class L
Sold		4,630,509		$	61,920,391			6,459,783		$	60,828,314
Issued as reinvestment of dividends		-			-			-			-
Redeemed		(5,466,059	)		(72,339,157	)		(7,364,244	)		(67,876,048	)
Net increase (decrease)		(835,550	)	$	(10,418,766	)		(904,461	)	$	(7,047,734	)
Mid Cap Growth Equity II Fund Class Y
Sold		3,169,645		$	42,893,874			4,397,710		$	44,152,439
Issued as reinvestment of dividends		-			-			-			-
Redeemed		(3,101,342	)		(41,738,086	)		(3,740,050	)		(34,522,103	)
Net increase (decrease)		68,303		$	1,155,788			657,660		$	9,630,336
Mid Cap Growth Equity II Fund Class S
Sold		8,860,969		$	122,754,396			8,308,366		$	78,802,420
Issued as reinvestment of dividends		-			-			1,492			18,023
Redeemed		(4,471,917	)		(59,393,770	)		(4,770,639	)		(46,098,193	)
Net increase (decrease)		4,389,052		$	63,360,626			3,539,219		$	32,722,250
Mid Cap Growth Equity II Fund Class N
Sold		44,930		$	551,044			78,661		$	702,925
Issued as reinvestment of dividends		-			-			-			-
Redeemed		(61,605	)		(744,871	)		(45,407	)		(421,406	)
Net increase (decrease)		(16,675	)	$	(193,827	)		33,254		$	281,519
Mid Cap Growth Equity II Fund Class Z***
Sold		6,823		$	100,100
Issued as reinvestment of dividends		-			-
Redeemed		-			-
Net increase (decrease)		6,823		$	100,100
Small Cap Growth Equity Fund Class A
Sold		1,184,857		$	16,900,205			797,500		$	8,547,972
Issued as reinvestment of dividends		51,212			818,370			-			-
Redeemed		(1,236,444	)		(17,496,011	)		(1,410,188	)		(15,006,519	)
Net increase (decrease)		(375	)	$	222,564			(612,688	)	$	(6,458,547	)

424

Notes to Financial Statements (Continued)

	Year ended December 31, 2010						Year ended December 31, 2009
	Shares			Amount			Shares			Amount
Small Cap Growth Equity Fund Class L
Sold		645,367		$	9,502,251			1,010,565		$	10,303,809
Issued as reinvestment of dividends		32,224			529,753			-			-
Redeemed		(1,317,682	)		(19,641,364	)		(2,766,001	)		(29,316,213	)
Net increase (decrease)		(640,091	)	$	(9,609,360	)		(1,755,436	)	$	(19,012,404	)
Small Cap Growth Equity Fund Class Y
Sold		822,125		$	12,324,283			1,587,321		$	18,607,739
Issued as reinvestment of dividends		41,749			698,464			-			-
Redeemed		(2,224,435	)		(33,300,629	)		(2,272,227	)		(24,576,692	)
Net increase (decrease)		(1,360,561	)	$	(20,277,882	)		(684,906	)	$	(5,968,953	)
Small Cap Growth Equity Fund Class S
Sold		18,772,611		$	277,949,633			3,865,066		$	41,254,728
Issued as reinvestment of dividends		280,969			4,770,852			-			-
Redeemed		(4,312,669	)		(65,193,993	)		(2,839,956	)		(31,450,496	)
Net increase (decrease)		14,740,911		$	217,526,492			1,025,110		$	9,804,232
Small Cap Growth Equity Fund Class N
Sold		6,191		$	87,411			12,071		$	124,167
Issued as reinvestment of dividends		194			3,015			-			-
Redeemed		(16,270	)		(222,157	)		(6,156	)		(70,839	)
Net increase (decrease)		(9,885	)	$	(131,731	)		5,915		$	53,328
Small Cap Growth Equity Fund Class Z***
Sold		6,233		$	100,100
Issued as reinvestment of dividends		0	+		1
Redeemed		-			-
Net increase (decrease)		6,233		$	100,101
Small Company Growth Fund Class A
Sold		257,156		$	2,071,939			208,780		$	1,170,909
Issued as reinvestment of dividends		-			-			-			-
Redeemed		(738,058	)		(5,647,442	)		(784,277	)		(4,400,544	)
Net increase (decrease)		(480,902	)	$	(3,575,503	)		(575,497	)	$	(3,229,635	)
Small Company Growth Fund Class L
Sold		1,359,752		$	11,036,989			917,691		$	4,963,573
Issued as reinvestment of dividends		-			-			-			-
Redeemed		(977,086	)		(8,379,106	)		(1,070,988	)		(6,170,889	)
Net increase (decrease)		382,666		$	2,657,883			(153,297	)	$	(1,207,316	)
Small Company Growth Fund Class Y
Sold		110,410		$	924,179			756,710		$	4,557,633
Issued as reinvestment of dividends		-			-			-			-
Redeemed		(397,194	)		(3,400,814	)		(1,967,383	)		(13,463,826	)
Net increase (decrease)		(286,784	)	$	(2,476,635	)		(1,210,673	)	$	(8,906,193	)
Small Company Growth Fund Class S
Sold		1,496,764		$	12,825,554			865,247		$	4,951,063
Issued as reinvestment of dividends		-			-			-			-
Redeemed		(1,367,749	)		(11,209,226	)		(1,666,861	)		(9,704,133	)
Net increase (decrease)		129,015		$	1,616,328			(801,614	)	$	(4,753,070	)

425

Notes to Financial Statements (Continued)

	Year ended December 31, 2010						Year ended December 31, 2009
	Shares			Amount			Shares			Amount
Small Company Growth Fund Class N
Sold		5,937		$	46,585			3,599		$	19,591
Issued as reinvestment of dividends		-			-			-			-
Redeemed		(1,752	)		(12,265	)		(9,672	)		(51,679	)
Net increase (decrease)		4,185		$	34,320			(6,073	)	$	(32,088	)
Diversified International Fund Class A
Sold		26,038		$	176,026			2,641,602		$	13,225,727
Issued as reinvestment of dividends		5,043			34,772			-			-
Redeemed		(96,158	)		(652,972	)		(10,657,718	)		(68,232,520	)
Net increase (decrease)		(65,077	)	$	(442,174	)		(8,016,116	)	$	(55,006,793	)
Diversified International Fund Class L
Sold		993,067		$	6,501,627			2,386,195		$	11,892,188
Issued as reinvestment of dividends		140,851			974,079			37,456			256,951
Redeemed		(1,159,004	)		(7,724,782	)		(2,477,775	)		(13,853,941	)
Net increase (decrease)		(25,086	)	$	(249,076	)		(54,124	)	$	(1,704,802	)
Diversified International Fund Class Y
Sold		9,527		$	66,557			38,055		$	205,732
Issued as reinvestment of dividends		32,890			227,471			8,745			59,989
Redeemed		-			-			(134,804	)		(912,378	)
Net increase (decrease)		42,417		$	294,028			(88,004	)	$	(646,657	)
Diversified International Fund Class S
Sold		3,587,759		$	23,877,844			5,084,365		$	26,768,698
Issued as reinvestment of dividends		461,290			3,194,917			127,070			874,242
Redeemed		(2,926,672	)		(19,813,094	)		(4,036,345	)		(21,768,106	)
Net increase (decrease)		1,122,377		$	7,259,667			1,175,090		$	5,874,834
Diversified International Fund Class N
Sold		138		$	895			96		$	575
Issued as reinvestment of dividends		0	+		1			1			5
Redeemed		(348	)		(2,026	)		-			-
Net increase (decrease)		(210	)	$	(1,130	)		97		$	580
Overseas Fund Class A
Sold		869,779		$	5,670,854			2,094,069		$	11,834,878
Issued as reinvestment of dividends		104,968			635,055			-			-
Redeemed		(2,407,418	)		(15,831,917	)		(2,704,826	)		(14,818,784	)
Net increase (decrease)		(1,432,671	)	$	(9,526,008	)		(610,757	)	$	(2,983,906	)
Overseas Fund Class L
Sold		3,666,637		$	23,984,361			4,553,258		$	24,001,827
Issued as reinvestment of dividends		323,520			1,970,244			-			-
Redeemed		(6,234,444	)		(41,301,431	)		(13,698,358	)		(70,671,074	)
Net increase (decrease)		(2,244,287	)	$	(15,346,826	)		(9,145,100	)	$	(46,669,247	)
Overseas Fund Class Y
Sold		1,024,497		$	6,895,552			4,632,355		$	25,189,775
Issued as reinvestment of dividends		212,912			1,300,895			-			-
Redeemed		(4,471,193	)		(31,414,641	)		(4,604,218	)		(24,845,957	)
Net increase (decrease)		(3,233,784	)	$	(23,218,194	)		28,137		$	343,818

426

Notes to Financial Statements (Continued)

	Year ended December 31, 2010						Year ended December 31, 2009
	Shares			Amount			Shares			Amount
Overseas Fund Class S
Sold		8,929,306		$	60,355,232			10,239,427		$	52,620,681
Issued as reinvestment of dividends		598,851			3,676,942			-			-
Redeemed		(10,212,769	)		(67,812,300	)		(15,642,296	)		(80,230,851	)
Net increase (decrease)		(684,612	)	$	(3,780,126	)		(5,402,869	)	$	(27,610,170	)
Overseas Fund Class N
Sold		11,782		$	77,862			33,162		$	158,591
Issued as reinvestment of dividends		-			-			-			-
Redeemed		(127,195	)		(833,246	)		(78,345	)		(383,752	)
Net increase (decrease)		(115,413	)	$	(755,384	)		(45,183	)	$	(225,161	)
Overseas Fund Class Z***
Sold		14,039		$	100,100
Issued as reinvestment of dividends		-			-
Redeemed		-			-
Net increase (decrease)		14,039		$	100,100
Destination Retirement Income Fund Class A
Sold		387,012		$	3,613,626			1,088,634		$	8,402,290
Issued as reinvestment of dividends		89,001			816,134			-			-
Redeemed		(615,052	)		(5,791,803	)		(3,011,424	)		(23,694,407	)
Net increase (decrease)		(139,039	)	$	(1,362,043	)		(1,922,790	)	$	(15,292,117	)
Destination Retirement Income Fund Class L
Sold		642,680		$	6,073,657			496,285		$	4,097,343
Issued as reinvestment of dividends		104,703			967,462			-			-
Redeemed		(1,091,981	)		(10,344,216	)		(3,600,671	)		(28,991,681	)
Net increase (decrease)		(344,598	)	$	(3,303,097	)		(3,104,386	)	$	(24,894,338	)
Destination Retirement Income Fund Class Y
Sold		519,126		$	4,943,271			638,918		$	5,205,504
Issued as reinvestment of dividends		51,038			472,100			-			-
Redeemed		(625,197	)		(5,896,475	)		(6,257,509	)		(47,528,109	)
Net increase (decrease)		(55,033	)	$	(481,104	)		(5,618,591	)	$	(42,322,605	)
Destination Retirement Income Fund Class S
Sold		653,983		$	6,206,652			1,191,131		$	9,448,880
Issued as reinvestment of dividends		53,534			494,115			-			-
Redeemed		(965,826	)		(9,277,985	)		(1,687,979	)		(13,557,196	)
Net increase (decrease)		(258,309	)	$	(2,577,218	)		(496,848	)	$	(4,108,316	)
Destination Retirement Income Fund Class N
Sold		235		$	2,185			804		$	6,515
Issued as reinvestment of dividends		16			152			-			-
Redeemed		(1,054	)		(9,925	)		(992	)		(8,122	)
Net increase (decrease)		(803	)	$	(7,588	)		(188	)	$	(1,607	)
Destination Retirement 2010 Fund Class A
Sold		467,123		$	4,422,411			952,765		$	7,676,031
Issued as reinvestment of dividends		72,524			658,517			-			-
Redeemed		(1,204,213	)		(11,322,577	)		(2,290,325	)		(18,037,028	)
Net increase (decrease)		(664,566	)	$	(6,241,649	)		(1,337,560	)	$	(10,360,997	)

427

Notes to Financial Statements (Continued)

	Year ended December 31, 2010						Year ended December 31, 2009
	Shares			Amount			Shares			Amount
Destination Retirement 2010 Fund Class L
Sold		442,014		$	4,229,440			716,728		$	5,740,942
Issued as reinvestment of dividends		31,995			291,793			-			-
Redeemed		(658,913	)		(6,258,713	)		(4,011,571	)		(31,326,328	)
Net increase (decrease)		(184,904	)	$	(1,737,480	)		(3,294,843	)	$	(25,585,386	)
Destination Retirement 2010 Fund Class Y
Sold		713,259		$	6,806,496			1,101,275		$	8,814,438
Issued as reinvestment of dividends		62,778			573,167			-			-
Redeemed		(950,275	)		(8,985,472	)		(3,565,273	)		(27,554,123	)
Net increase (decrease)		(174,238	)	$	(1,605,809	)		(2,463,998	)	$	(18,739,685	)
Destination Retirement 2010 Fund Class S
Sold		1,451,324		$	13,933,499			3,156,788		$	24,637,413
Issued as reinvestment of dividends		127,827			1,167,060			-			-
Redeemed		(3,020,659	)		(29,137,404	)		(2,776,043	)		(21,545,868	)
Net increase (decrease)		(1,441,508	)	$	(14,036,845	)		380,745		$	3,091,545
Destination Retirement 2010 Fund Class N
Sold		8,062		$	75,743			11,011		$	89,068
Issued as reinvestment of dividends		846			7,683			-			-
Redeemed		(17,994	)		(169,522	)		(18,250	)		(153,038	)
Net increase (decrease)		(9,086	)	$	(86,096	)		(7,239	)	$	(63,970	)
Destination Retirement 2015 Fund Class A****
Sold		27,693		$	282,221
Issued as reinvestment of dividends		534			5,704
Redeemed		(74	)		(794	)
Net increase (decrease)		28,153		$	287,131
Destination Retirement 2015 Fund Class L****
Sold		10,122		$	101,290
Issued as reinvestment of dividends		201			2,150
Redeemed		(0	)+		(1	)
Net increase (decrease)		10,323		$	103,439
Destination Retirement 2015 Fund Class Y****
Sold		13,090		$	133,460
Issued as reinvestment of dividends		271			2,890
Redeemed		-			-
Net increase (decrease)		13,361		$	136,350
Destination Retirement 2015 Fund Class S****
Sold		70,010		$	700,100
Issued as reinvestment of dividends		1,464			15,665
Redeemed		-			-
Net increase (decrease)		71,474		$	715,765
Destination Retirement 2020 Fund Class A
Sold		1,122,437		$	10,135,780			2,151,533		$	15,586,747
Issued as reinvestment of dividends		156,144			1,302,239			-			-
Redeemed		(2,428,948	)		(21,731,237	)		(4,542,164	)		(32,459,178	)
Net increase (decrease)		(1,150,367	)	$	(10,293,218	)		(2,390,631	)	$	(16,872,431	)

428

Notes to Financial Statements (Continued)

	Year ended December 31, 2010						Year ended December 31, 2009
	Shares			Amount			Shares			Amount
Destination Retirement 2020 Fund Class L
Sold		1,148,253		$	10,452,264			2,469,898		$	17,689,160
Issued as reinvestment of dividends		202,247			1,698,876			-			-
Redeemed		(3,286,313	)		(29,200,826	)		(9,870,173	)		(71,289,942	)
Net increase (decrease)		(1,935,813	)	$	(17,049,686	)		(7,400,275	)	$	(53,600,782	)
Destination Retirement 2020 Fund Class Y
Sold		1,510,275		$	13,553,756			2,596,725		$	18,578,164
Issued as reinvestment of dividends		122,429			1,027,178			-			-
Redeemed		(2,032,254	)		(17,932,741	)		(6,949,232	)		(48,779,425	)
Net increase (decrease)		(399,550	)	$	(3,351,807	)		(4,352,507	)	$	(30,201,261	)
Destination Retirement 2020 Fund Class S
Sold		3,088,218		$	28,178,006			5,085,095		$	36,234,758
Issued as reinvestment of dividends		240,273			2,018,294			-			-
Redeemed		(4,126,978	)		(37,626,543	)		(3,479,268	)		(24,020,413	)
Net increase (decrease)		(798,487	)	$	(7,430,243	)		1,605,827		$	12,214,345
Destination Retirement 2020 Fund Class N
Sold		16,091		$	141,282			25,376		$	180,243
Issued as reinvestment of dividends		774			6,443			-			-
Redeemed		(20,419	)		(184,969	)		(25,270	)		(207,034	)
Net increase (decrease)		(3,554	)	$	(37,244	)		106		$	(26,791	)
Destination Retirement 2025 Fund Class A****
Sold		22,662		$	232,391
Issued as reinvestment of dividends		328			3,549
Redeemed		(10	)		(109	)
Net increase (decrease)		22,980		$	235,831
Destination Retirement 2025 Fund Class L****
Sold		10,026		$	100,265
Issued as reinvestment of dividends		151			1,633
Redeemed		-			-
Net increase (decrease)		10,177		$	101,898
Destination Retirement 2025 Fund Class Y****
Sold		10,010		$	100,100
Issued as reinvestment of dividends		158			1,706
Redeemed		-			-
Net increase (decrease)		10,168		$	101,806
Destination Retirement 2025 Fund Class S****
Sold		70,010		$	700,100
Issued as reinvestment of dividends		1,127			12,191
Redeemed		-			-
Net increase (decrease)		71,137		$	712,291
Destination Retirement 2030 Fund Class A
Sold		964,628		$	8,625,347			1,736,780		$	12,038,840
Issued as reinvestment of dividends		92,553			754,308			-			-
Redeemed		(1,797,668	)		(15,898,463	)		(4,418,986	)		(31,436,229	)
Net increase (decrease)		(740,487	)	$	(6,518,808	)		(2,682,206	)	$	(19,397,389	)

429

Notes to Financial Statements (Continued)

	Year ended December 31, 2010						Year ended December 31, 2009
	Shares			Amount			Shares			Amount
Destination Retirement 2030 Fund Class L
Sold		801,638		$	7,189,581			2,027,370		$	14,008,728
Issued as reinvestment of dividends		128,936			1,059,854			-			-
Redeemed		(3,092,209	)		(27,496,399	)		(7,899,345	)		(55,956,382	)
Net increase (decrease)		(2,161,635	)	$	(19,246,964	)		(5,871,975	)	$	(41,947,654	)
Destination Retirement 2030 Fund Class Y
Sold		1,345,201		$	11,932,576			2,600,211		$	17,932,930
Issued as reinvestment of dividends		83,156			681,875			-			-
Redeemed		(1,955,712	)		(17,060,893	)		(4,632,347	)		(31,982,985	)
Net increase (decrease)		(527,355	)	$	(4,446,442	)		(2,032,136	)	$	(14,050,055	)
Destination Retirement 2030 Fund Class S
Sold		2,735,261		$	24,645,999			4,290,100		$	29,851,421
Issued as reinvestment of dividends		156,678			1,287,892			-			-
Redeemed		(2,842,350	)		(25,742,894	)		(1,910,596	)		(12,926,942	)
Net increase (decrease)		49,589		$	190,997			2,379,504		$	16,924,479
Destination Retirement 2030 Fund Class N
Sold		11,163		$	97,705			38,083		$	246,838
Issued as reinvestment of dividends		266			2,170			-			-
Redeemed		(17,073	)		(151,148	)		(22,257	)		(169,010	)
Net increase (decrease)		(5,644	)	$	(51,273	)		15,826		$	77,828
Destination Retirement 2035 Fund Class A****
Sold		13,825		$	138,693
Issued as reinvestment of dividends		155			1,690
Redeemed		(562	)		(5,942	)
Net increase (decrease)		13,418		$	134,441
Destination Retirement 2035 Fund Class L****
Sold		10,131		$	101,372
Issued as reinvestment of dividends		135			1,461
Redeemed		(0	)+		(1	)
Net increase (decrease)		10,266		$	102,832
Destination Retirement 2035 Fund Class Y****
Sold		10,015		$	100,155
Issued as reinvestment of dividends		140			1,517
Redeemed		-			-
Net increase (decrease)		10,155		$	101,672
Destination Retirement 2035 Fund Class S****
Sold		70,010		$	700,100
Issued as reinvestment of dividends		1,001			10,869
Redeemed		-			-
Net increase (decrease)		71,011		$	710,969
Destination Retirement 2040 Fund Class A
Sold		707,866		$	6,281,355			1,556,556		$	10,557,906
Issued as reinvestment of dividends		44,920			364,298			-			-
Redeemed		(978,984	)		(8,646,936	)		(2,374,736	)		(16,907,953	)
Net increase (decrease)		(226,198	)	$	(2,001,283	)		(818,180	)	$	(6,350,047	)

430

Notes to Financial Statements (Continued)

	Year ended December 31, 2010						Year ended December 31, 2009
	Shares			Amount			Shares			Amount
Destination Retirement 2040 Fund Class L
Sold		573,745		$	5,143,677			1,405,420		$	9,533,586
Issued as reinvestment of dividends		64,447			527,823			-			-
Redeemed		(1,888,241	)		(16,665,455	)		(5,355,167	)		(38,632,843	)
Net increase (decrease)		(1,250,049	)	$	(10,993,955	)		(3,949,747	)	$	(29,099,257	)
Destination Retirement 2040 Fund Class Y
Sold		781,733		$	6,931,323			1,425,910		$	9,753,830
Issued as reinvestment of dividends		31,421			257,023			-			-
Redeemed		(969,678	)		(8,482,651	)		(3,400,063	)		(24,133,052	)
Net increase (decrease)		(156,524	)	$	(1,294,305	)		(1,974,153	)	$	(14,379,222	)
Destination Retirement 2040 Fund Class S
Sold		1,958,339		$	17,553,478			2,659,632		$	18,363,580
Issued as reinvestment of dividends		86,538			708,747			-			-
Redeemed		(1,583,292	)		(14,317,060	)		(1,032,873	)		(7,237,616	)
Net increase (decrease)		461,585		$	3,945,165			1,626,759		$	11,125,964
Destination Retirement 2040 Fund Class N
Sold		8,731		$	75,981			16,541		$	116,276
Issued as reinvestment of dividends		136			1,101			-			-
Redeemed		(9,515	)		(83,718	)		(7,049	)		(52,244	)
Net increase (decrease)		(648	)	$	(6,636	)		9,492		$	64,032
Destination Retirement 2045 Fund Class A****
Sold		12,576		$	126,659
Issued as reinvestment of dividends		123			1,346
Redeemed		(9	)		(98	)
Net increase (decrease)		12,690		$	127,907
Destination Retirement 2045 Fund Class L****
Sold		10,010		$	100,100
Issued as reinvestment of dividends		112			1,222
Redeemed		-			-
Net increase (decrease)		10,122		$	101,322
Destination Retirement 2045 Fund Class Y****
Sold		10,010		$	100,100
Issued as reinvestment of dividends		118			1,297
Redeemed		-			-
Net increase (decrease)		10,128		$	101,397
Destination Retirement 2045 Fund Class S****
Sold		70,010		$	700,100
Issued as reinvestment of dividends		853			9,330
Redeemed		-			-
Net increase (decrease)		70,863		$	709,430
Destination Retirement 2050 Fund Class A
Sold		168,051		$	1,360,736			307,560		$	1,882,362
Issued as reinvestment of dividends		7,907			68,320			1,607			12,307
Redeemed		(39,212	)		(317,098	)		(219,537	)		(1,437,013	)
Net increase (decrease)		136,746		$	1,111,958			89,630		$	457,656

431

Notes to Financial Statements (Continued)

	Year ended December 31, 2010						Year ended December 31, 2009
	Shares			Amount			Shares			Amount
Destination Retirement 2050 Fund Class L
Sold		134,873		$	1,091,374			154,426		$	994,555
Issued as reinvestment of dividends		5,548			47,938			1,512			11,580
Redeemed		(93,745	)		(748,019	)		(60,750	)		(399,459	)
Net increase (decrease)		46,676		$	391,293			95,188		$	606,676
Destination Retirement 2050 Fund Class Y
Sold		312,982		$	2,495,395			453,253		$	2,811,141
Issued as reinvestment of dividends		14,512			125,525			4,192			32,114
Redeemed		(166,243	)		(1,306,900	)		(318,363	)		(2,050,790	)
Net increase (decrease)		161,251		$	1,314,020			139,082		$	792,465
Destination Retirement 2050 Fund Class S
Sold		716,485		$	5,693,777			642,263		$	4,226,178
Issued as reinvestment of dividends		45,618			394,601			16,803			128,712
Redeemed		(521,760	)		(4,178,885	)		(384,326	)		(2,638,391	)
Net increase (decrease)		240,343		$	1,909,493			274,740		$	1,716,499
Destination Retirement 2050 Fund Class N
Sold		-		$	-			-		$	-
Issued as reinvestment of dividends		223			1,933			59			454
Redeemed		-			-			-			-
Net increase (decrease)		223		$	1,933			59		$	454

* Fund commenced operations on July 6, 2010.

** Fund commenced operations on December 1, 2009.

*** Class Z shares commenced operations on November 15, 2010.

**** Fund commenced operations on April 1, 2010.

+ Amount rounds to less than 0.5 share.

Purchases of Class A shares are subject to a front-end sales charge of up to 5.75% of the amount purchased. A portion of the front-end sales charge may be retained by the Distributor. For the year ended December 31, 2010, no material amounts have been retained by the Distributor.

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 year ended December 31, 2010, were waived for any redemptions or exchanges subject to such a charge.

6. Federal Income Tax Information

At December 31, 2010, 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)
PIMCO Total Return Fund	$	1,694,578,042	$	28,360,195	$	(11,263,391	)	$	17,096,804
Strategic Bond Fund		215,115,027		5,150,789		(13,100,066	)		(7,949,277	)

432

Notes to Financial Statements (Continued)

	Federal Income Tax Cost		Tax Basis Unrealized Appreciation		Tax Basis Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)
Strategic Balanced Fund	$	65,619,204	$	7,520,764	$	(2,993,066	)	$	4,527,698
Global Allocation Fund		529,835,158		50,642,547		(10,647,263	)		39,995,284
Diversified Value Fund		270,061,730		30,710,969		(8,199,601	)		22,511,368
Fundamental Value Fund		923,861,813		191,773,632		(25,830,484	)		165,943,148
Value Equity Fund		29,398,786		3,798,584		(388,384	)		3,410,200
Large Cap Value Fund		504,429,121		205,696,259		(15,311,719	)		190,384,540
Indexed Equity Fund		1,789,997,788		433,506,229		(252,533,117	)		180,973,112
Core Opportunities Fund		63,060,033		7,789,862		(1,083,314	)		6,706,548
Blue Chip Growth Fund		410,518,190		124,142,926		(668,854	)		123,474,072
Large Cap Growth Fund		56,552,773		13,352,809		(533,756	)		12,819,053
Aggressive Growth Fund		264,137,047		79,463,528		(1,049,393	)		78,414,135
NASDAQ-100 Fund		38,046,158		13,766,921		(1,887,534	)		11,879,387
Focused Value Fund		513,253,599		138,979,358		(5,573,622	)		133,405,736
Mid-Cap Value Fund		122,154,266		19,413,194		(1,502,180	)		17,911,014
Small Cap Value Equity Fund		83,454,626		19,119,128		(799,510	)		18,319,618
Small Company Value Fund		479,713,996		104,451,904		(32,390,303	)		72,061,601
Mid Cap Growth Equity Fund		52,018,355		15,349,915		(833,808	)		14,516,107
Mid Cap Growth Equity II Fund		1,185,045,321		413,976,723		(9,502,069	)		404,474,654
Small Cap Growth Equity Fund		679,835,916		157,158,470		(19,749,659	)		137,408,811
Small Company Growth Fund		48,562,408		16,207,453		(582,958	)		15,624,495
Diversified International Fund		137,984,445		15,421,700		(10,922,275	)		4,499,425
Overseas Fund		523,482,012		82,384,768		(27,549,222	)		54,835,546
Destination Retirement Income Fund		104,059,726		1,573,389		(64,108	)		1,509,281
Destination Retirement 2010 Fund		111,143,192		13,101,691		(17,154,866	)		(4,053,175	)
Destination Retirement 2015 Fund		1,274,628		77,029		(5,750	)		71,279
Destination Retirement 2020 Fund		391,118,218		50,053,469		(64,613,924	)		(14,560,455	)
Destination Retirement 2025 Fund		1,182,935		85,265		(3,683	)		81,582
Destination Retirement 2030 Fund		306,830,054		46,163,798		(51,967,734	)		(5,803,936	)
Destination Retirement 2035 Fund		1,080,174		86,614		(1,870	)		84,744
Destination Retirement 2040 Fund		188,339,247		32,391,918		(36,318,152	)		(3,926,234	)
Destination Retirement 2045 Fund		1,069,505		92,070		(727	)		91,343
Destination Retirement 2050 Fund		23,604,939		1,068,138		(19,503	)		1,048,635

Net capital loss carryforwards may be applied against any net realized taxable gains in succeeding years, subject to the carryforward period limitations, where applicable. On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the “Modernization Act”) was signed by The President. The Modernization Act changed the capital loss carryforward rules as they relate to regulated investment companies. Capital losses generated in tax years beginning after the date of enactment may now be carried forward indefinitely, and retain the character of the original loss. Under pre-enactment law, capital losses could be carried forward for up to eight tax years as short-term capital losses. The provisions affecting the utilization of capital loss carryforwards under the Modernization Act also require the utilization of post-enactment losses prior to the utilization of pre-enactment losses.

At December 31, 2010, the following Fund(s) had available, for federal income tax purposes, unused capital losses:

	Expiring 2011		Expiring 2012		Expiring 2015		Expiring 2016		Expiring 2017		Expiring 2018
Strategic Bond Fund	$	-	$	-	$	-	$	-	$	6,057,011	$	-
Strategic Balanced Fund		-		-		-		3,356,976		3,431,181		-
Diversified Value Fund		-		-		-		7,166,651		131,211,479		-
Fundamental Value Fund		-		-		-		-		73,416,570		-
Value Equity Fund		-		-		-		8,941,378		13,667,493		-

433

Notes to Financial Statements (Continued)

	Expiring 2011		Expiring 2012		Expiring 2015		Expiring 2016		Expiring 2017		Expiring 2018
Large Cap Value Fund	$	-	$	-	$	-	$	-	$	70,924,454	$	-
Indexed Equity Fund		-		-		-		26,764,292		25,573,790		-
Core Opportunities Fund		-		-		-		4,458,351		9,336,944		-
Blue Chip Growth Fund		-		2,228,360		4,896,088		61,454,994		80,616,905		-
Aggressive Growth Fund		-		-		-		-		33,344,493		-
NASDAQ-100 Fund		9,465,641		7,702,832		-		-		1,004,147		-
Focused Value Fund		-		-		-		-		33,286,236		-
Mid-Cap Value Fund		-		-		-		20,010,546		41,375,263		-
Small Cap Value Equity Fund		-		-		-		20,262,070		31,271,443		-
Small Company Value Fund		-		-		-		-		7,770,030		-
Mid Cap Growth Equity Fund		976,172		-		-		25,389,210		22,139,351		-
Mid Cap Growth Equity II Fund		-		-		-		-		27,094,132		-
Small Company Growth Fund		-		-		-		11,433,135		12,246,542		-
Diversified International Fund		-		-		-		12,970,723		62,822,946		511,296
Overseas Fund		-		-		-		9,247,430		133,288,552		-
Destination Retirement Income Fund		-		-		-		1,090,554		31,114,913		-
Destination Retirement 2010 Fund		-		-		-		5,741,609		27,127,749		865,289
Destination Retirement 2020 Fund		-		-		-		17,485,197		63,767,817		11,128,973
Destination Retirement 2030 Fund		-		-		-		8,374,411		58,611,585		12,679,147
Destination Retirement 2040 Fund		-		-		-		4,147,501		35,782,866		4,612,337

Net capital loss carryforwards for the Funds shown in the above table are from pre-enactment years and are, therefore, subject to the eight-year carryforward period and possible expiration.

The following Fund(s) elected to defer to the fiscal year beginning January 1, 2011, post-October capital losses:

	Amount
PIMCO Total Return Fund	$	11,347,844
Diversified Value Fund		643,710
Value Equity Fund		479,263
Diversified International Fund		555,718

The following Fund(s) elected to defer to the fiscal year beginning January 1, 2011, post-October currency losses:

	Amount
Blue Chip Growth Fund	$	1,733
Small Company Value Fund		20
Mid Cap Growth Equity Fund		9,777
Mid Cap Growth Equity II Fund		269
Small Cap Growth Equity Fund		28,332

The following Fund(s) elected to defer to the fiscal year beginning January 1, 2011, post-October passive foreign investment company losses:

	Amount
Large Cap Value Fund	$	469,028
Small Company Value Fund		60,805

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.

434

Notes to Financial Statements (Continued)

The tax character of distributions (including capital gain dividends, if any, designated pursuant to Section 852 of the Code) paid during the year ended December 31, 2010, was as follows:

	Ordinary Income		Long Term Capital Gain		Return of Capital
PIMCO Total Return Fund	$	25,081,784	$	678,142	$	-
Strategic Bond Fund		8,856,553		-		-
Strategic Balanced Fund		1,163,780		-		-
Global Allocation Fund		5,253,954		-		-
Diversified Value Fund		5,259,529		-		-
Fundamental Value Fund		12,798,425		-		-
Value Equity Fund		485,740		-		-
Large Cap Value Fund		7,906,724		-		-
Indexed Equity Fund		29,292,630		-		-
Core Opportunities Fund		240,495		-		-
Blue Chip Growth Fund		157,252		-		-
Large Cap Growth Fund		269,166		-		-
Focused Value Fund		3,216,967		-		-
Mid-Cap Value Fund		1,594,655		-		-
Small Cap Value Equity Fund		541,586		-		-
Small Company Value Fund		3,308,127		-		-
Small Cap Growth Equity Fund		-		6,822,497		-
Diversified International Fund		4,433,045		-		-
Overseas Fund		7,583,289		-		-
Destination Retirement Income Fund		2,752,037		-		-
Destination Retirement 2010 Fund		2,698,220		-		-
Destination Retirement 2015 Fund		26,409		-		-
Destination Retirement 2020 Fund		6,053,078		-		-
Destination Retirement 2025 Fund		19,079		-		-
Destination Retirement 2030 Fund		3,786,824		-		-
Destination Retirement 2035 Fund		15,537		-		-
Destination Retirement 2040 Fund		1,859,612		-		-
Destination Retirement 2045 Fund		13,195		-		-
Destination Retirement 2050 Fund		258,536		379,781		-

The tax character of distributions (including capital gain dividends, if any, designated pursuant to Section 852 of the Code) paid during the year ended December 31, 2009, was as follows:

	Ordinary Income		Long Term Capital Gain		Return of Capital
Strategic Bond Fund	$	17,206,484	$	-	$	-
Strategic Balanced Fund		2,273,394		-		-
Global Allocation Fund		-		-		196,154
Diversified Value Fund		5,366,540		-		-
Fundamental Value Fund		19,028		-		-
Large Cap Value Fund		5,219,741		-		-
Indexed Equity Fund		20,805,506		-		-
Blue Chip Growth Fund		99,400		-		-
Large Cap Growth Fund		172,707		-		-
Aggressive Growth Fund		-		41,407		-
Mid-Cap Value Fund		987,462		-		-
Small Cap Value Equity Fund		810,145		-		-

435

Notes to Financial Statements (Continued)

	Ordinary Income		Long Term Capital Gain		Return of Capital
Small Company Value Fund	$	2,487,482	$	-	$	-
Mid Cap Growth Equity II Fund		18,023		-		-
Diversified International Fund		1,191,437		-		-
Destination Retirement 2050 Fund		185,167		-		-

The following Fund(s) have elected to pass through the foreign tax credit for the year ended December 31, 2010:

	Amount
Diversified International Fund	$	404,502
Overseas Fund		975,533

Capital accounts within financial statements are periodically adjusted for permanent differences between book and tax accounting. These adjustments have no impact on net assets or the results of operations. Temporary book and tax accounting differences will reverse in subsequent periods. At December 31, 2010, temporary book and tax accounting differences were primarily attributable to investments in forward contracts, swap agreements, passive foreign investment companies, the deferral of wash sale losses, and deferred Trustee compensation.

At December 31, 2010, the components of distributable earnings on a tax basis were as follows:

	Undistributed Ordinary Income		Undistributed Long Term Capital Gain (Capital Loss Carryover)			Other Temporary Differences			Unrealized Appreciation (Depreciation)
PIMCO Total Return Fund	$	3,874,836	$	-		$	(11,252,804	)	$	16,089,235
Strategic Bond Fund		163,083		(6,057,011	)		(15,065	)		(8,275,196	)
Strategic Balanced Fund		747,397		(6,788,157	)		(25,232	)		4,531,398
Global Allocation Fund		895,890		26,180			(19,185	)		39,633,175
Diversified Value Fund		1,050,408		(138,378,130	)		(713,711	)		22,511,368
Fundamental Value Fund		11,861,142		(73,416,570	)		(186,410	)		165,943,148
Value Equity Fund		236,178		(22,608,871	)		(491,156	)		3,410,200
Large Cap Value Fund		-		(70,924,454	)		(656,624	)		190,403,709
Indexed Equity Fund		7,616,239		(52,338,082	)		(356,461	)		180,973,112
Core Opportunities Fund		411,577		(13,795,295	)		(7,296	)		6,706,548
Blue Chip Growth Fund		-		(149,196,347	)		(149,296	)		123,476,905
Large Cap Growth Fund		545,631		-			(9,519	)		12,819,053
Aggressive Growth Fund		-		(33,344,493	)		(72,706	)		78,414,135
NASDAQ-100 Fund		7,003		(18,172,620	)		(10,112	)		11,879,387
Focused Value Fund		2,550,800		(33,286,236	)		(124,408	)		133,405,736
Mid-Cap Value Fund		-		(61,385,809	)		(20,360	)		17,911,053
Small Cap Value Equity Fund		-		(51,533,513	)		(16,598	)		18,319,618
Small Company Value Fund		-		(7,770,030	)		(156,351	)		72,061,601
Mid Cap Growth Equity Fund		-		(48,504,733	)		(33,010	)		14,515,551
Mid Cap Growth Equity II Fund		-		(27,094,132	)		(225,091	)		404,474,999
Small Cap Growth Equity Fund		2,500,849		14,262,379			(137,458	)		137,409,081
Small Company Growth Fund		-		(23,679,677	)		(17,705	)		15,624,496
Diversified International Fund		254,968		(76,304,965	)		(580,681	)		4,428,848
Overseas Fund		9,126,846		(142,535,982	)		(133,813	)		55,144,339
Destination Retirement Income Fund		2,628,756		(32,205,467	)		(31,674	)		1,509,282
Destination Retirement 2010 Fund		2,354,410		(33,734,647	)		(26,952	)		(4,053,174	)

436

Notes to Financial Statements (Continued)

	Undistributed Ordinary Income		Undistributed Long Term Capital Gain (Capital Loss Carryover)			Other Temporary Differences			Unrealized Appreciation (Depreciation)
Destination Retirement 2015 Fund	$	2,751	$	6,076		$	(35	)	$	71,279
Destination Retirement 2020 Fund		6,247,924		(92,381,987	)		(80,695	)		(14,560,455	)
Destination Retirement 2025 Fund		2,442		5,715			(33	)		81,582
Destination Retirement 2030 Fund		3,903,869		(79,665,143	)		(61,225	)		(5,803,936	)
Destination Retirement 2035 Fund		1,869		5,391			(33	)		84,744
Destination Retirement 2040 Fund		2,092,207		(44,542,704	)		(36,046	)		(3,926,234	)
Destination Retirement 2045 Fund		979		5,469			(32	)		91,343
Destination Retirement 2050 Fund		17,076		367,780			(2,005	)		1,048,635

During the year ended December 31, 2010, the following amounts were reclassified due to permanent differences between book and tax accounting:

	Paid-in Capital			Accumulated Net Realized Gain (Loss) on Investments			Undistributed Net Investment Income (Loss)
PIMCO Total Return Fund	$	(4,579	)	$	(969,197	)	$	973,776
Strategic Bond Fund		1,244			(586,658	)		585,414
Strategic Balanced Fund		258			(125,439	)		125,181
Global Allocation Fund		607,090			3,261,081			(3,868,171	)
Diversified Value Fund		572			62,060			(62,632	)
Fundamental Value Fund		1,631			30,217			(31,848	)
Value Equity Fund		137			(3,870	)		3,733
Large Cap Value Fund		(329,757	)		29,848			299,909
Indexed Equity Fund		3,386			20,005			(23,391	)
Core Opportunities Fund		46			1,579			(1,625	)
Blue Chip Growth Fund		(433,708	)		3,071			430,637
Large Cap Growth Fund		(8,573	)		(18,782	)		27,355
Aggressive Growth Fund		(617,587	)		-			617,587
NASDAQ-100 Fund		106			5,274			(5,380	)
Focused Value Fund		1,128			-			(1,128	)
Mid-Cap Value Fund		(36,369	)		117,774			(81,405	)
Small Cap Value Equity Fund		(17,442	)		-			17,442
Small Company Value Fund		(54,764	)		95,363			(40,599	)
Mid Cap Growth Equity Fund		(23,151,136	)		22,899,607			251,529
Mid Cap Growth Equity II Fund		(4,770,890	)		(333,502	)		5,104,392
Small Cap Growth Equity Fund		(61,867	)		(3,487,626	)		3,549,493
Small Company Growth Fund		(422,675	)		-			422,675
Diversified International Fund		153			(1,890,899	)		1,890,746
Overseas Fund		1,249			(3,584,586	)		3,583,337
Destination Retirement Income Fund		275			(334,861	)		334,586
Destination Retirement 2010 Fund		986			(369,608	)		368,622
Destination Retirement 2015 Fund		(61	)		(3,488	)		3,549
Destination Retirement 2020 Fund		619			(816,541	)		815,922
Destination Retirement 2025 Fund		(60	)		(2,359	)		2,419
Destination Retirement 2030 Fund		502			(445,237	)		444,735
Destination Retirement 2035 Fund		(60	)		(1,876	)		1,936
Destination Retirement 2040 Fund		268			(269,220	)		268,952

437

Notes to Financial Statements (Continued)

	Paid-in Capital			Accumulated Net Realized Gain (Loss) on Investments			Undistributed Net Investment Income (Loss)
Destination Retirement 2045 Fund	$	(60	)	$	(1,372	)	$	1,432
Destination Retirement 2050 Fund		(599	)		(27,715	)		28,314

The Funds did not have any unrecognized tax benefits at December 31, 2010, nor were there any increases or decreases in unrecognized tax benefits for the year 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 year ended December 31, 2010, 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, or the returns filed to date for Funds in existence less than three years. Foreign taxes are provided for based on the Funds’ understanding of the tax rules and rates that exist in the foreign markets in which they invest.

7. Investment in Affiliated Issuers

A summary of the Funds’ transactions in the securities of affiliated issuers during the year ended December 31, 2010, was as follows:

	Number of Shares Held as of 12/31/09		Purchases		Sales		Number of Shares Held as of 12/31/10		Value as of 12/31/10		Dividend Income		Realized Gains Distributions		Net Realized Gain (Loss)
Destination Retirement Income Fund
Aggressive Growth Fund, Class S		137,917		20,940		92,568		66,289	$	467,997	$	-	$	-	$	128,804
Blue Chip Growth Fund, Class S		53,408		18,714		25,567		46,555		495,812		450		-		59,038
Capital Appreciation Fund, Class S*		48,924		4,494		43,794		9,624		102,596		431		-		78,800
Core Bond Fund, Class S*		833,192		323,129		204,986		951,335		10,426,633		297,101		317,672		121,103
Core Opportunities Fund, Class S		-		209,047		43,556		165,491		1,552,304		8,371		-		(3,894	)
Discovery Value Fund, Class S*		24,239		814		25,053		-		-		-		-		20,982
Diversified Bond Fund, Class S*		1,469,162		118,341		764,826		822,677		8,596,970		352,299		73,656		311,019
Diversified International Fund, Class S		199,103		61,457		83,126		177,434		1,256,233		39,876		-		159,419
Diversified Value Fund, Class S		120,861		18,599		73,194		66,266		591,095		11,089		-		123,416
Emerging Growth Fund, Class S#		47,546		1,439		48,985		-		-		-		-		46,431
Enhanced Index Growth Fund, Class S*		537,270		80,264		147,674		469,860		4,421,378		47,040		-		(90,435	)
Enhanced Index Value Fund, Class S*		476,222		79,493		134,128		421,587		4,211,656		75,314		-		(307,409	)
Focused International Fund, Class S*		57,172		21,502		33,555		45,119		527,889		9,405		-		103,570
Focused Value Fund, Class S		149,304		20,975		65,258		105,021		1,851,528		11,531		-		485,072
Fundamental Value Fund, Class S		159,411		22,247		82,615		99,043		1,038,960		14,073		-		12,526
High Yield Fund, Class S*		423,694		133,572		316,734		240,532		2,095,030		193,847		-		571,705
Inflation-Protected and Income Fund, Class S*		1,410,560		124,979		440,702		1,094,837		11,583,380		387,527		-		324,321
International Bond Fund, Class S*		527,469		68,134		171,309		424,294		4,259,909		228,540		2,605		(43,186	)
International Equity Fund, Class S*		93,791		30,940		30,467		94,264		1,360,232		14,585		-		99,533
Large Cap Growth Fund, Class S		169,005		14,603		86,831		96,777		895,185		4,088		-		157,939
Large Cap Value Fund, Class S		46,385		10,405		35,008		21,782		230,891		3,189		-		115,571
Main Street Small Cap Fund, Class S*		40,673		6,867		41,607		5,933		63,183		539		-		112,198
Mid Cap Growth Equity Fund, Class S		57,031		6,661		23,705		39,987		434,259		-		-		37,286
Mid Cap Growth Equity II Fund, Class S		60,710		6,861		13,562		54,009		851,181		-		-		(6,848	)
Mid-Cap Value Fund, Class S		120,277		20,544		26,728		114,093		1,151,197		14,369		-		(44,999	)
Money Market Fund, Class S*		1,046,750		525,496		295,829		1,276,417		1,276,417		22		-		-
Oppenheimer Commodity Strategy Total Return Fund, Class Y**		537,099		439,455		175,313		801,241		2,940,553		53,871		-		21,681
Oppenheimer Real Estate Fund, Class Y**		90,198		117,397		31,010		176,585		3,337,460		40,563		-		192,295
Overseas Fund, Class S		517,386		139,395		164,381		492,400		3,614,218		44,782		-		331,430
PIMCO Total Return Fund, Class S		-		404,249		38,180		366,069		3,686,319		47,073		29,373		10,818
Short-Duration Bond Fund, Class S*		1,688,387		807,373		351,930		2,143,830		22,638,840		488,615		136,697		175,282

438

Notes to Financial Statements (Continued)

	Number of Shares Held as of 12/31/09		Purchases		Sales		Number of Shares Held as of 12/31/10		Value as of 12/31/10		Dividend Income		Realized Gains Distributions		Net Realized Gain (Loss)
Small Cap Growth Equity Fund, Class S		19,829		6,301		4,923		21,207	$	365,813	$	-	$	3,048	$	1,538
Small Cap Value Equity Fund, Class S		81,015		6,624		31,368		56,271		531,763		3,387		-		6,432
Small Company Growth Fund, Class S		78,208		7,906		22,530		63,584		636,480		-		-		23,566
Small Company Value Fund, Class S		54,364		6,261		11,149		49,476		679,801		4,858		-		(2,962	)
Strategic Bond Fund, Class S		524,787		29,851		187,977		366,661		3,523,613		188,357		-		238,967
Strategic Emerging Markets Fund, Class S*		218,142		63,648		57,076		224,714		3,730,254		11,026		316,094		389,302
Value Fund, Class S*		11,860		11,103		13,171		9,792		141,978		1,947		-		43,887
									$	105,569,007	$	2,598,165	$	879,145	$	4,004,198
Destination Retirement 2010 Fund
Aggressive Growth Fund, Class S		222,433		34,914		146,744		110,603	$	780,857	$	-	$	-	$	45,574
Blue Chip Growth Fund, Class S		159,321		29,461		96,389		92,393		983,985		1,046		-		(103,482	)
Capital Appreciation Fund, Class S*		108,010		10,405		113,430		4,985		53,137		202		-		(7,834	)
Core Bond Fund, Class S*		825,095		510,137		318,220		1,017,012		11,146,450		314,565		336,345		222,723
Core Opportunities Fund, Class S		-		236,371		71,705		164,666		1,544,566		9,496		-		(12,647	)
Discovery Value Fund, Class S*		61,877		3,257		65,134		-		-		-		-		10,590
Diversified Bond Fund, Class S*		1,312,655		157,041		799,234		670,462		7,006,329		283,034		59,175		306,336
Diversified International Fund, Class S		478,540		79,817		217,346		341,011		2,414,361		75,110		-		(134,572	)
Diversified Value Fund, Class S		259,733		34,198		170,721		123,210		1,099,031		21,082		-		(45,057	)
Emerging Growth Fund, Class S#		100,172		4,116		104,288		-		-		-		-		13,547
Enhanced Index Growth Fund, Class S*		922,583		115,544		354,900		683,227		6,429,165		67,370		-		(508,872	)
Enhanced Index Value Fund, Class S*		841,105		105,957		327,701		619,361		6,187,415		108,891		-		(990,190	)
Focused International Fund, Class S*		103,125		24,186		56,682		70,629		826,357		14,487		-		171,633
Focused Value Fund, Class S		167,779		22,384		84,590		105,573		1,861,260		13,207		-		189,981
Fundamental Value Fund, Class S		332,308		42,875		225,334		149,849		1,571,919		26,242		-		(135,198	)
High Yield Fund, Class S*		351,264		133,821		296,907		188,178		1,639,029		149,141		-		305,758
Inflation-Protected and Income Fund, Class S*		1,127,845		164,787		529,994		762,638		8,068,706		266,292		-		396,559
International Bond Fund, Class S*		418,548		65,583		215,104		269,027		2,701,034		143,035		1,631		147,867
International Equity Fund, Class S*		184,621		65,243		90,633		159,231		2,297,708		24,610		-		(121,794	)
Large Cap Growth Fund, Class S		365,286		31,838		233,365		163,759		1,514,765		7,082		-		405,573
Large Cap Value Fund, Class S		104,430		16,883		84,589		36,724		389,275		5,230		-		32,636
Main Street Small Cap Fund, Class S*		219,365		22,047		214,605		26,807		285,494		2,128		-		172,806
Mid Cap Growth Equity Fund, Class S		164,809		17,118		98,728		83,199		903,540		-		-		(76,383	)
Mid Cap Growth Equity II Fund, Class S		150,025		21,569		62,912		108,682		1,712,835		-		-		(70,973	)
Mid-Cap Value Fund, Class S		319,852		65,002		139,607		245,247		2,474,541		30,456		-		(113,520	)
Money Market Fund, Class S*		346,105		340,405		203,869		482,641		482,641		6		-		-
Oppenheimer Commodity Strategy Total Return Fund, Class Y**		490,149		783,111		359,710		913,550		3,352,728		61,146		-		78,654
Oppenheimer Real Estate Fund, Class Y**		103,066		149,399		53,182		199,283		3,766,440		47,058		-		316,930
Overseas Fund, Class S		1,152,001		146,795		537,602		761,194		5,587,163		90,409		-		558,748
PIMCO Total Return Fund, Class S		-		461,594		75,823		385,771		3,884,716		48,165		30,054		25,326
Short-Duration Bond Fund, Class S*		952,487		794,777		343,854		1,403,410		14,820,006		315,649		88,307		190,809
Small Cap Growth Equity Fund, Class S		41,714		16,906		26,724		31,896		550,202		-		4,502		20,582
Small Cap Value Equity Fund, Class S		142,679		24,436		77,552		89,563		846,370		5,357		-		(41,274	)
Small Company Growth Fund, Class S		152,002		27,273		112,196		67,079		671,463		-		-		198,093
Small Company Value Fund, Class S		94,974		25,149		43,734		76,389		1,049,590		7,531		-		(8,574	)
Strategic Bond Fund, Class S		436,933		40,166		208,943		268,156		2,576,977		137,627		-		290,774
Strategic Emerging Markets Fund, Class S*		293,983		134,209		114,644		313,548		5,204,896		15,202		435,823		802,906
Value Fund, Class S*		22,394		15,331		9,789		27,936		405,066		5,492		-		(21,808	)
									$	107,090,017	$	2,296,348	$	955,837	$	2,512,227
Destination Retirement 2015 Fund
Aggressive Growth Fund, Class S		-		3,162		28		3,134	$	22,123	$	-	$	-	$	0	†
Blue Chip Growth Fund, Class S		-		2,450		19		2,431		25,890		18		-		(5	)
Capital Appreciation Fund, Class S*		-		555		10		545		5,810		22		-		(7	)

439

Notes to Financial Statements (Continued)

	Number of Shares Held as of 12/31/09		Purchases		Sales		Number of Shares Held as of 12/31/10		Value as of 12/31/10		Dividend Income		Realized Gains Distributions		Net Realized Gain (Loss)
Destination Retirement 2015 Fund (Continued)
Core Bond Fund, Class S*		-		8,548		36		8,512	$	93,296	$	2,525	$	2,701	$	19
Core Opportunities Fund, Class S		-		2,177		154		2,023		18,980		76		-		99
Discovery Value Fund, Class S*		-		627		627		-		-		-		-		(300	)
Diversified Bond Fund, Class S*		-		8,199		3,910		4,289		44,818		1,800		376		1,931
Diversified International Fund, Class S		-		7,209		56		7,153		50,646		1,544		-		(23	)
Diversified Value Fund, Class S		-		2,910		26		2,884		25,727		437		-		(12	)
Enhanced Index Growth Fund, Class S*		-		8,329		559		7,770		73,117		751		-		(246	)
Enhanced Index Value Fund, Class S*		-		7,664		503		7,161		71,537		1,233		-		(235	)
Focused International Fund, Class S*		-		1,763		12		1,751		20,489		354		-		(0	)†
Focused Value Fund, Class S		-		1,779		472		1,307		23,042		110		-		(401	)
Fundamental Value Fund, Class S		-		4,210		37		4,173		43,773		409		-		(18	)
High Yield Fund, Class S*		-		4,029		1,073		2,956		25,746		2,326		-		356
Inflation-Protected and Income Fund, Class S*		-		8,559		1,494		7,065		74,747		2,452		-		625
International Bond Fund, Class S*		-		3,855		594		3,261		32,740		1,722		20		(24	)
International Equity Fund, Class S*		-		2,539		22		2,517		36,315		367		-		(6	)
Large Cap Growth Fund, Class S		-		3,616		31		3,585		33,162		141		-		(7	)
Large Cap Value Fund, Class S		-		1,188		12		1,176		12,470		152		-		(4	)
Main Street Small Cap Fund, Class S*		-		2,122		899		1,223		13,027		94		-		(227	)
Mid Cap Growth Equity Fund, Class S		-		1,807		442		1,365		14,829		-		-		334
Mid Cap Growth Equity II Fund, Class S		-		2,239		99		2,140		33,724		-		-		110
Mid-Cap Value Fund, Class S		-		4,679		38		4,641		46,830		564		-		(4	)
Oppenheimer Commodity Strategy Total Return Fund, Class Y**		-		10,964		123		10,841		39,785		725		-		(19	)
Oppenheimer Real Estate Fund, Class Y**		-		2,670		26		2,644		49,963		536		-		25
Overseas Fund, Class S		-		12,810		114		12,696		93,187		978		-		(23	)
PIMCO Total Return Fund, Class S		-		4,477		17		4,460		44,908		544		339		3
Short-Duration Bond Fund, Class S*		-		9,727		133		9,594		101,314		2,077		581		41
Small Cap Growth Equity Fund, Class S		-		1,263		81		1,182		20,389		-		165		87
Small Cap Value Equity Fund, Class S		-		1,797		83		1,714		16,197		100		-		26
Small Company Growth Fund, Class S		-		2,160		429		1,731		17,327		-		-		423
Small Company Value Fund, Class S		-		1,816		259		1,557		21,389		146		-		118
Strategic Bond Fund, Class S		-		3,336		559		2,777		26,689		1,391		-		126
Strategic Emerging Markets Fund, Class S*		-		3,991		31		3,960		65,737		188		5,382		11
Value Fund, Class S*		-		429		3		426		6,184		83		-		(1	)
									$	1,345,907	$	23,865	$	9,564	$	2,772
Destination Retirement 2020 Fund
Aggressive Growth Fund, Class S		1,597,036		156,661		607,528		1,146,169	$	8,091,953	$	-	$	-	$	(589,113	)
Blue Chip Growth Fund, Class S		923,542		158,206		317,438		764,310		8,139,903		7,040		-		(542,565	)
Capital Appreciation Fund, Class S*		631,321		50,849		536,080		146,090		1,557,316		6,236		-		(810,286	)
Core Bond Fund, Class S*		1,082,401		1,092,994		379,614		1,795,781		19,681,758		549,326		587,360		187,591
Core Opportunities Fund, Class S		-		680,834		129,486		551,348		5,171,645		28,296		-		(12,967	)
Discovery Value Fund, Class S*		286,463		12,425		298,888		-		-		-		-		751,354
Diversified Bond Fund, Class S*		1,997,993		124,594		1,570,169		552,418		5,772,771		236,156		49,374		754,277
Diversified International Fund, Class S		2,408,181		265,650		790,547		1,883,284		13,333,652		415,615		-		(3,108,790	)
Diversified Value Fund, Class S		1,514,834		204,925		639,475		1,080,284		9,636,131		179,178		-		(2,782,607	)
Emerging Growth Fund, Class S#		219,174		12,095		231,269		-		-		-		-		239,334
Enhanced Index Growth Fund, Class S*		3,386,638		259,899		742,102		2,904,435		27,330,736		286,629		-		(1,507,761	)
Enhanced Index Value Fund, Class S*		2,898,989		273,112		601,723		2,570,378		25,678,074		452,243		-		(2,957,753	)
Focused International Fund, Class S*		530,821		59,493		194,868		395,446		4,626,721		81,128		-		601,808
Focused Value Fund, Class S		547,824		58,874		243,689		363,009		6,399,853		43,997		-		(473,540	)
Fundamental Value Fund, Class S		2,009,930		244,638		841,755		1,412,813		14,820,413		203,737		-		(2,714,823	)
High Yield Fund, Class S*		971,601		573,456		636,718		908,339		7,911,634		720,945		-		724,428
Inflation-Protected and Income Fund, Class S*		1,632,757		182,696		587,349		1,228,104		12,993,336		430,646		-		461,285

440

Notes to Financial Statements (Continued)

	Number of Shares Held as of 12/31/09		Purchases		Sales		Number of Shares Held as of 12/31/10		Value as of 12/31/10		Dividend Income		Realized Gains Distributions		Net Realized Gain (Loss)
Destination Retirement 2020 Fund (Continued)
International Bond Fund, Class S*		807,717		359,117		276,635		890,199	$	8,937,600	$	474,463	$	5,409	$	(59,966	)
International Equity Fund, Class S*		960,176		189,690		251,707		898,159		12,960,438		137,063		-		(1,440,966	)
Large Cap Growth Fund, Class S		1,874,592		148,174		764,246		1,258,520		11,641,309		52,549		-		1,231,397
Large Cap Value Fund, Class S		579,881		52,683		327,658		304,906		3,232,007		41,917		-		(827,874	)
Main Street Small Cap Fund, Class S*		2,331,740		137,523		1,101,341		1,367,922		14,568,365		111,401		-		(568,974	)
Mid Cap Growth Equity Fund, Class S		770,109		54,578		366,193		458,494		4,979,245		-		-		(835,965	)
Mid Cap Growth Equity II Fund, Class S		707,999		52,910		227,651		533,258		8,404,138		-		-		(690,429	)
Mid-Cap Value Fund, Class S		1,528,475		199,588		388,803		1,339,260		13,513,135		166,434		-		(798,182	)
Oppenheimer Commodity Strategy Total Return Fund, Class Y**		1,455,931		2,698,968		943,345		3,211,554		11,786,403		215,490		-		(126,335	)
Oppenheimer Real Estate Fund, Class Y**		275,674		623,303		92,846		806,131		15,235,869		147,440		-		288,146
Overseas Fund, Class S		5,142,483		815,289		1,368,193		4,589,579		33,687,509		469,419		-		(4,759,093	)
PIMCO Total Return Fund, Class S		-		1,071,894		37,659		1,034,235		10,414,745		129,685		80,922		12,860
Short-Duration Bond Fund, Class S*		690,294		1,302,893		162,447		1,830,740		19,332,615		408,416		114,260		96,802
Small Cap Growth Equity Fund, Class S		128,395		60,676		89,841		99,230		1,711,723		-		13,978		68,565
Small Cap Value Equity Fund, Class S		465,270		105,114		174,582		395,802		3,740,325		23,637		-		(141,036	)
Small Company Growth Fund, Class S		458,991		153,732		338,303		274,420		2,746,943		-		-		649,543
Small Company Value Fund, Class S		313,214		102,256		206,069		209,401		2,877,166		21,047		-		40,456
Strategic Bond Fund, Class S		512,937		78,932		152,164		439,705		4,225,563		224,980		-		218,635
Strategic Emerging Markets Fund, Class S*		1,029,667		408,804		240,827		1,197,644		19,880,884		58,042		1,663,992		1,566,777
Value Fund, Class S*		114,689		71,912		80,678		105,923		1,535,885		20,761		-		(216,817	)
									$	376,557,763	$	6,343,916	$	2,515,295	$	(18,072,584	)
Destination Retirement 2025 Fund
Aggressive Growth Fund, Class S		-		4,236		37		4,199	$	29,646	$	-	$	-	$	(1	)
Blue Chip Growth Fund, Class S		-		3,166		25		3,141		33,452		25		-		(8	)
Capital Appreciation Fund, Class S*		-		659		63		596		6,358		26		-		(15	)
Core Bond Fund, Class S*		-		4,018		9		4,009		43,942		1,253		1,340		5
Core Opportunities Fund, Class S		-		2,005		141		1,864		17,482		76		-		90
Discovery Value Fund, Class S*		-		735		735		-		-		-		-		(510	)
Diversified Bond Fund, Class S*		-		1,844		1,764		80		833		33		7		946
Diversified International Fund, Class S		-		7,877		392		7,485		52,996		1,655		-		(13	)
Diversified Value Fund, Class S		-		3,821		33		3,788		33,789		598		-		(16	)
Enhanced Index Growth Fund, Class S*		-		10,595		576		10,019		94,277		993		-		(256	)
Enhanced Index Value Fund, Class S*		-		9,914		519		9,395		93,855		1,660		-		(244	)
Focused International Fund, Class S*		-		1,980		170		1,810		21,175		373		-		89
Focused Value Fund, Class S		-		1,677		472		1,205		21,249		110		-		(402	)
Fundamental Value Fund, Class S		-		5,403		47		5,356		56,180		600		-		(25	)
High Yield Fund, Class S*		-		5,654		2,555		3,099		26,991		2,439		-		1,255
Inflation-Protected and Income Fund, Class S*		-		2,215		215		2,000		21,157		694		-		119
International Bond Fund, Class S*		-		3,220		332		2,888		28,999		1,525		17		18
International Equity Fund, Class S*		-		2,780		27		2,753		39,723		413		-		(10	)
Large Cap Growth Fund, Class S		-		4,879		98		4,781		44,223		194		-		6
Large Cap Value Fund, Class S		-		1,586		14		1,572		16,664		210		-		(6	)
Main Street Small Cap Fund, Class S*		-		2,641		1,467		1,174		12,507		96		-		(236	)
Mid Cap Growth Equity Fund, Class S		-		1,970		195		1,775		19,274		-		-		60
Mid Cap Growth Equity II Fund, Class S		-		2,474		21		2,453		38,664		-		-		(1	)
Mid-Cap Value Fund, Class S		-		5,086		43		5,043		50,882		627		-		(7	)
Oppenheimer Commodity Strategy Total Return Fund, Class Y**		-		12,106		1,220		10,886		39,950		728		-		(334	)
Oppenheimer Real Estate Fund, Class Y**		-		2,612		27		2,585		48,863		524		-		25
Overseas Fund, Class S		-		17,574		406		17,168		126,015		1,431		-		(124	)
PIMCO Total Return Fund, Class S		-		2,503		4		2,499		25,168		322		201		1
Short-Duration Bond Fund, Class S*		-		4,561		92		4,469		47,194		1,017		285		28

441

Notes to Financial Statements (Continued)

	Number of Shares Held as of 12/31/09		Purchases		Sales		Number of Shares Held as of 12/31/10		Value as of 12/31/10		Dividend Income		Realized Gains Distributions		Net Realized Gain (Loss)
Destination Retirement 2025 Fund (Continued)
Small Cap Growth Equity Fund, Class S		-		1,429		118		1,311	$	22,617	$	-	$	186	$	145
Small Cap Value Equity Fund, Class S		-		1,979		86		1,893		17,886		113		-		24
Small Company Growth Fund, Class S		-		2,359		411		1,948		19,499		-		-		401
Small Company Value Fund, Class S		-		2,026		150		1,876		25,776		181		-		81
Strategic Bond Fund, Class S		-		915		6		909		8,736		453		-		3
Strategic Emerging Markets Fund, Class S*		-		4,365		35		4,330		71,881		211		6,038		10
Value Fund, Class S*		-		503		47		456		6,614		90		-		19
									$	1,264,517	$	18,670	$	8,074	$	1,117
Destination Retirement 2030 Fund
Aggressive Growth Fund, Class S		1,767,703		152,317		516,855		1,403,165	$	9,906,348	$	-	$	-	$	(422,002	)
Blue Chip Growth Fund, Class S		1,398,391		103,078		560,757		940,712		10,018,579		9,501		-		(951,184	)
Capital Appreciation Fund, Class S*		677,632		56,812		419,205		315,239		3,360,453		13,580		-		(1,068,168	)
Core Bond Fund, Class S*		301,716		483,314		180,227		604,803		6,628,640		186,510		199,424		117,602
Core Opportunities Fund, Class S		-		542,197		102,650		439,547		4,122,953		22,387		-		(8,123	)
Discovery Value Fund, Class S*		244,261		10,292		254,553		-		-		-		-		(249,845	)
Diversified Bond Fund, Class S*		440,525		20,882		457,140		4,267		44,593		2,336		489		332,260
Diversified International Fund, Class S		2,213,545		243,463		760,506		1,696,502		12,011,235		373,639		-		(3,253,111	)
Diversified Value Fund, Class S		1,721,666		160,385		572,384		1,309,667		11,682,230		218,043		-		(2,720,238	)
Emerging Growth Fund, Class S#		694,221		22,459		716,680		-		-		-		-		(405,032	)
Enhanced Index Growth Fund, Class S*		1,822,838		243,748		381,600		1,684,986		15,855,721		166,179		-		(677,372	)
Enhanced Index Value Fund, Class S*		1,838,742		180,500		418,699		1,600,543		15,989,425		281,519		-		(1,908,628	)
Focused International Fund, Class S*		427,251		86,374		152,109		361,516		4,229,736		74,188		-		61,497
Focused Value Fund, Class S		437,925		48,274		194,133		292,066		5,149,116		34,297		-		(658,546	)
Fundamental Value Fund, Class S		2,221,588		228,497		673,011		1,777,074		18,641,508		265,556		-		(2,379,654	)
High Yield Fund, Class S*		684,895		437,102		497,451		624,546		5,439,796		494,874		-		786,379
Inflation-Protected and Income Fund, Class S*		678,296		95,131		300,701		472,726		5,001,437		165,139		-		174,815
International Bond Fund, Class S*		565,367		76,155		142,203		499,319		5,013,163		265,265		3,024		(49,376	)
International Equity Fund, Class S*		833,324		150,487		229,759		754,052		10,880,967		115,223		-		(1,267,304	)
Large Cap Growth Fund, Class S		2,033,853		164,109		661,448		1,536,514		14,212,759		63,858		-		1,091,039
Large Cap Value Fund, Class S		683,269		61,430		324,974		419,725		4,449,087		58,172		-		(963,318	)
Main Street Small Cap Fund, Class S*		1,406,941		98,048		611,299		893,690		9,517,801		72,679		-		(831,182	)
Mid Cap Growth Equity Fund, Class S		703,053		52,989		226,820		529,222		5,747,353		-		-		(267,510	)
Mid Cap Growth Equity II Fund, Class S		610,808		51,813		139,894		522,727		8,238,171		-		-		(393,104	)
Mid-Cap Value Fund, Class S		1,348,916		183,646		294,029		1,238,533		12,496,794		153,643		-		(874,439	)
Oppenheimer Commodity Strategy Total Return Fund, Class Y**		1,167,586		2,243,634		717,528		2,693,692		9,885,850		180,582		-		(69,783	)
Oppenheimer Real Estate Fund, Class Y**		235,335		520,231		78,047		677,519		12,805,109		114,554		-		181,062
Overseas Fund, Class S		4,151,162		1,081,285		1,158,317		4,074,130		29,904,111		396,400		-		(4,507,859	)
PIMCO Total Return Fund, Class S		-		450,426		6,553		443,873		4,469,804		56,357		35,166		2,163
Short-Duration Bond Fund, Class S*		337,691		641,450		51,341		927,800		9,797,572		207,091		57,937		28,810
Small Cap Growth Equity Fund, Class S		157,310		149,570		90,397		216,483		3,734,325		-		30,596		67,866
Small Cap Value Equity Fund, Class S		645,521		65,499		217,395		493,625		4,664,757		29,424		-		(220,848	)
Small Company Growth Fund, Class S		435,601		69,446		260,313		244,734		2,449,785		-		-		512,024
Small Company Value Fund, Class S		432,468		54,721		183,791		303,398		4,168,683		29,777		-		(432,594	)
Strategic Bond Fund, Class S		126,493		26,972		35,687		117,778		1,131,847		59,300		-		44,307
Strategic Emerging Markets Fund, Class S*		901,825		367,602		192,962		1,076,465		17,869,322		52,163		1,495,432		1,305,415
Value Fund, Class S*		127,280		62,537		85,880		103,937		1,507,088		20,348		-		(306,484	)
									$	301,026,118	$	4,182,584	$	1,822,068	$	(20,180,465	)
Destination Retirement 2035 Fund
Aggressive Growth Fund, Class S		-		4,851		51		4,800	$	33,886	$	-	$	-	$	7
Blue Chip Growth Fund, Class S		-		3,665		34		3,631		38,666		31		-		(2	)
Capital Appreciation Fund, Class S*		-		649		179		470		5,008		20		-		(24	)

442

Notes to Financial Statements (Continued)

	Number of Shares Held as of 12/31/09		Purchases		Sales		Number of Shares Held as of 12/31/10		Value as of 12/31/10		Dividend Income		Realized Gains Distributions		Net Realized Gain (Loss)
Destination Retirement 2035 Fund (Continued)
Core Bond Fund, Class S*		-		2,654		10		2,644	$	28,981	$	825	$	882	$	6
Core Opportunities Fund, Class S		-		1,704		146		1,558		14,610		70		-		95
Discovery Value Fund, Class S*		-		735		735		-		-		-		-		(510	)
Diversified Bond Fund, Class S*		-		1,699		1,604		95		995		40		8		864
Diversified International Fund, Class S		-		8,029		800		7,229		51,179		1,595		-		14
Diversified Value Fund, Class S		-		4,581		46		4,535		40,448		719		-		(17	)
Enhanced Index Growth Fund, Class S*		-		8,090		356		7,734		72,781		765		-		(127	)
Enhanced Index Value Fund, Class S*		-		7,662		324		7,338		73,309		1,295		-		(142	)
Focused International Fund, Class S*		-		2,045		168		1,877		21,966		387		-		89
Focused Value Fund, Class S		-		1,584		474		1,110		19,576		110		-		(397	)
Fundamental Value Fund, Class S		-		6,343		66		6,277		65,849		750		-		(25	)
High Yield Fund, Class S*		-		2,125		840		1,285		11,192		1,011		-		492
Inflation-Protected and Income Fund, Class S*		-		1,006		197		809		8,557		281		-		109
International Bond Fund, Class S*		-		2,694		106		2,588		25,982		1,366		16		17
International Equity Fund, Class S*		-		2,687		84		2,603		37,564		393		-		12
Large Cap Growth Fund, Class S		-		5,623		113		5,510		50,965		225		-		12
Large Cap Value Fund, Class S		-		1,804		20		1,784		18,908		240		-		(5	)
Main Street Small Cap Fund, Class S*		-		2,011		1,290		721		7,681		58		-		(415	)
Mid Cap Growth Equity Fund, Class S		-		1,739		86		1,653		17,956		-		-		9
Mid Cap Growth Equity II Fund, Class S		-		2,229		38		2,191		34,529		-		-		12
Mid-Cap Value Fund, Class S		-		4,772		50		4,722		47,646		586		-		1
Oppenheimer Commodity Strategy Total Return Fund, Class Y**		-		12,105		1,259		10,846		39,807		725		-		(324	)
Oppenheimer Real Estate Fund, Class Y**		-		2,612		45		2,567		48,518		524		-		63
Overseas Fund, Class S		-		18,536		926		17,610		129,255		1,647		-		139
PIMCO Total Return Fund, Class S		-		1,451		5		1,446		14,561		186		116		1
Short-Duration Bond Fund, Class S*		-		3,153		15		3,138		33,140		712		199		5
Small Cap Growth Equity Fund, Class S		-		1,451		127		1,324		22,841		-		188		138
Small Cap Value Equity Fund, Class S		-		1,972		101		1,871		17,686		112		-		25
Small Company Growth Fund, Class S		-		2,295		278		2,017		20,192		-		-		315
Small Company Value Fund, Class S		-		2,002		125		1,877		25,790		182		-		35
Strategic Bond Fund, Class S		-		842		112		730		7,015		364		-		13
Strategic Emerging Markets Fund, Class S*		-		4,317		108		4,209		69,866		204		5,858		173
Value Fund, Class S*		-		558		5		553		8,013		109		-		(1	)
									$	1,164,918	$	15,532	$	7,267	$	657
Destination Retirement 2040 Fund
Aggressive Growth Fund, Class S		1,243,868		129,459		416,612		956,715	$	6,754,407	$	-	$	-	$	(249,093	)
Blue Chip Growth Fund, Class S		772,461		83,392		250,205		605,648		6,450,147		5,991		-		(431,501	)
Capital Appreciation Fund, Class S*		447,875		49,269		288,019		209,125		2,229,274		9,012		-		(694,177	)
Core Bond Fund, Class S*		160,387		305,043		104,739		360,691		3,953,171		111,784		119,524		79,950
Core Opportunities Fund, Class S		-		328,006		57,626		270,380		2,536,165		13,391		-		(3,995	)
Discovery Value Fund, Class S*		145,742		8,685		154,427		-		-		-		-		(118,680	)
Diversified Bond Fund, Class S*		101,191		35,019		121,153		15,057		157,342		6,597		1,379		144,266
Diversified International Fund, Class S		1,218,351		245,813		350,400		1,113,764		7,885,447		245,080		-		(1,202,562	)
Diversified Value Fund, Class S		1,111,710		132,646		412,294		832,062		7,421,996		137,832		-		(1,389,523	)
Emerging Growth Fund, Class S#		376,707		16,344		393,051		-		-		-		-		(585	)
Enhanced Index Growth Fund, Class S*		1,164,179		145,874		225,160		1,084,893		10,208,841		107,029		-		(429,927	)
Enhanced Index Value Fund, Class S*		1,007,752		157,408		199,498		965,662		9,646,960		169,849		-		(884,050	)
Focused International Fund, Class S*		260,592		69,341		83,898		246,035		2,878,611		50,509		-		255,643
Focused Value Fund, Class S		250,887		34,617		109,810		175,694		3,097,485		20,132		-		(286,588	)
Fundamental Value Fund, Class S		1,435,129		179,044		467,048		1,147,125		12,033,341		167,537		-		(1,490,284	)
High Yield Fund, Class S*		208,903		77,214		218,672		67,445		587,447		54,013		-		279,266
Inflation-Protected and Income Fund, Class S*		100,213		62,780		61,117		101,876		1,077,853		35,697		-		80,725

443

Notes to Financial Statements (Continued)

	Number of Shares Held as of 12/31/09		Purchases		Sales		Number of Shares Held as of 12/31/10		Value as of 12/31/10		Dividend Income		Realized Gains Distributions		Net Realized Gain (Loss)
Destination Retirement 2040 Fund (Continued)
International Bond Fund, Class S*		318,774		45,751		104,525		260,000	$	2,610,397	$	138,224	$	1,576	$	(54,816	)
International Equity Fund, Class S*		529,183		102,526		144,367		487,342		7,032,351		74,394		-		(731,234	)
Large Cap Growth Fund, Class S		1,255,977		137,406		486,235		907,148		8,391,116		37,738		-		818,771
Large Cap Value Fund, Class S		440,273		52,265		192,504		300,034		3,180,359		41,326		-		(509,159	)
Main Street Small Cap Fund, Class S*		750,443		74,222		325,640		499,025		5,314,619		40,575		-		(170,550	)
Mid Cap Growth Equity Fund, Class S		408,573		42,872		102,819		348,626		3,786,076		-		-		(128,292	)
Mid Cap Growth Equity II Fund, Class S		372,646		59,237		90,567		341,316		5,379,139		-		-		(251,499	)
Mid-Cap Value Fund, Class S		795,686		166,913		155,684		806,915		8,141,772		100,031		-		(499,861	)
Oppenheimer Commodity Strategy Total Return Fund, Class Y**		733,487		1,327,687		307,212		1,753,962		6,437,041		117,463		-		(86,536	)
Oppenheimer Real Estate Fund, Class Y**		160,223		293,045		49,591		403,677		7,629,497		72,251		-		232,193
Overseas Fund, Class S		2,851,417		582,441		777,826		2,656,032		19,495,277		258,193		-		(2,201,323	)
PIMCO Total Return Fund, Class S		-		216,136		2,082		214,054		2,155,519		27,222		16,986		683
Short-Duration Bond Fund, Class S*		165,434		372,673		73,307		464,800		4,908,288		104,190		29,148		86,497
Small Cap Growth Equity Fund, Class S		95,365		86,671		39,591		142,445		2,457,173		-		20,131		21,920
Small Cap Value Equity Fund, Class S		376,914		37,441		128,103		286,252		2,705,077		17,031		-		(249,447	)
Small Company Growth Fund, Class S		262,342		56,129		125,132		193,339		1,935,326		-		-		273,920
Small Company Value Fund, Class S		252,633		53,565		74,769		231,429		3,179,830		22,463		-		(253,950	)
Strategic Bond Fund, Class S		36,638		18,022		8,704		45,956		441,636		23,155		-		11,943
Strategic Emerging Markets Fund, Class S*		479,739		320,822		112,518		688,043		11,421,518		33,356		956,262		758,174
Value Fund, Class S*		78,177		41,371		57,995		61,553		892,515		12,044		-		(125,557	)
									$	184,413,013	$	2,254,109	$	1,145,006	$	(9,399,238	)
Destination Retirement 2045 Fund
Aggressive Growth Fund, Class S		-		5,291		55		5,236	$	36,966	$	-	$	-	$	(2	)
Blue Chip Growth Fund, Class S		-		4,104		36		4,068		43,324		34		-		(12	)
Capital Appreciation Fund, Class S*		-		706		19		687		7,326		30		-		(14	)
Core Bond Fund, Class S*		-		870		2		868		9,512		272		290		1
Core Opportunities Fund, Class S		-		1,682		141		1,541		14,458		70		-		90
Discovery Value Fund, Class S*		-		836		836		-		-		-		-		(410	)
Diversified Bond Fund, Class S*		-		366		314		52		542		22		5		150
Diversified International Fund, Class S		-		8,542		701		7,841		55,511		1,734		-		(118	)
Diversified Value Fund, Class S		-		5,032		48		4,984		44,455		791		-		(25	)
Enhanced Index Growth Fund, Class S*		-		7,449		307		7,142		67,204		708		-		(134	)
Enhanced Index Value Fund, Class S*		-		7,082		278		6,804		67,975		1,202		-		(139	)
Focused International Fund, Class S*		-		2,248		407		1,841		21,544		380		-		(184	)
Focused Value Fund, Class S		-		1,572		471		1,101		19,408		110		-		(402	)
Fundamental Value Fund, Class S		-		7,064		70		6,994		73,369		819		-		(36	)
High Yield Fund, Class S*		-		1,188		641		547		4,761		430		-		370
Inflation-Protected and Income Fund, Class S*		-		752		237		515		5,446		179		-		120
International Bond Fund, Class S*		-		2,155		77		2,078		20,862		1,097		13		2
International Equity Fund, Class S*		-		3,016		113		2,903		41,886		440		-		(88	)
Large Cap Growth Fund, Class S		-		6,133		58		6,075		56,190		248		-		(17	)
Large Cap Value Fund, Class S		-		1,967		21		1,946		20,628		262		-		(9	)
Main Street Small Cap Fund, Class S*		-		2,423		632		1,791		19,069		146		-		(176	)
Mid Cap Growth Equity Fund, Class S		-		1,962		191		1,771		19,237		-		-		104
Mid Cap Growth Equity II Fund, Class S		-		2,520		22		2,498		39,369		-		-		(2	)
Mid-Cap Value Fund, Class S		-		5,330		46		5,284		53,313		657		-		(8	)
Oppenheimer Commodity Strategy Total Return Fund, Class Y**		-		12,115		745		11,370		41,727		760		-		(170	)
Oppenheimer Real Estate Fund, Class Y**		-		3,028		273		2,755		52,061		582		-		341
Overseas Fund, Class S		-		18,780		1,098		17,682		129,789		1,659		-		(135	)
PIMCO Total Return Fund, Class S		-		328		1		327		3,294		42		26		0	†
Short-Duration Bond Fund, Class S*		-		1,589		273		1,316		13,902		300		83		90

444

Notes to Financial Statements (Continued)

	Number of Shares Held as of 12/31/09		Purchases		Sales		Number of Shares Held as of 12/31/10		Value as of 12/31/10		Dividend Income		Realized Gains Distributions		Net Realized Gain (Loss)
Destination Retirement 2045 Fund (Continued)
Small Cap Growth Equity Fund, Class S		-		1,518		47		1,471	$	25,370	$	-	$	209	$	26
Small Cap Value Equity Fund, Class S		-		2,010		16		1,994		18,840		119		-		(5	)
Small Company Growth Fund, Class S		-		2,387		271		2,116		21,181		-		-		226
Small Company Value Fund, Class S		-		2,037		65		1,972		27,094		191		-		16
Strategic Bond Fund, Class S		-		168		1		167		1,608		84		-		0	†
Strategic Emerging Markets Fund, Class S*		-		4,497		40		4,457		73,982		216		6,215		11
Value Fund, Class S*		-		670		5		665		9,645		131		-		(3	)
									$	1,160,848	$	13,715	$	6,841	$	(542	)
Destination Retirement 2050 Fund
Aggressive Growth Fund, Class S		132,441		56,177		64,757		123,861	$	874,458	$	-	$	-	$	85,535
Blue Chip Growth Fund, Class S		121,485		42,298		75,054		88,729		944,962		773		-		184,107
Capital Appreciation Fund, Class S*		47,325		21,215		40,157		28,383		302,564		1,179		-		65,425
Core Bond Fund, Class S*		9,942		15,581		6,954		18,569		203,512		5,624		6,014		3,384
Core Opportunities Fund, Class S		-		43,605		6,930		36,675		344,010		1,590		-		(495	)
Discovery Value Fund, Class S*		15,038		3,579		18,617		-		-		-		-		15,317
Diversified Bond Fund, Class S*		6,074		2,282		6,753		1,603		16,756		686		143		5,928
Diversified International Fund, Class S		123,498		71,242		41,000		153,740		1,088,476		32,916		-		38,956
Diversified Value Fund, Class S		115,164		52,222		54,621		112,765		1,005,862		17,788		-		74,480
Emerging Growth Fund, Class S#		23,969		5,660		29,629		-		-		-		-		23,056
Enhanced Index Growth Fund, Class S*		126,507		64,147		33,634		157,020		1,477,559		15,176		-		3,443
Enhanced Index Value Fund, Class S*		107,427		61,668		28,968		140,127		1,399,869		24,117		-		(41,152	)
Focused International Fund, Class S*		27,364		17,160		9,612		34,912		408,471		7,015		-		29,925
Focused Value Fund, Class S		25,560		10,964		13,035		23,489		414,111		2,320		-		63,915
Fundamental Value Fund, Class S		150,857		71,925		66,484		156,298		1,639,571		19,788		-		39,819
High Yield Fund, Class S*		18,530		11,357		19,280		10,607		92,391		8,427		-		16,886
Inflation-Protected and Income Fund, Class S*		9,270		5,644		7,729		7,185		76,021		2,519		-		8,376
International Bond Fund, Class S*		30,895		13,571		10,107		34,359		344,966		18,257		208		2,722
International Equity Fund, Class S*		54,757		30,681		15,062		70,376		1,015,519		10,368		-		42,731
Large Cap Growth Fund, Class S		71,402		89,744		38,244		122,902		1,136,840		4,902		-		60,875
Large Cap Value Fund, Class S		46,453		21,556		23,258		44,751		474,366		5,854		-		48,561
Main Street Small Cap Fund, Class S*		76,253		31,823		41,054		67,022		713,783		5,326		-		102,223
Mid Cap Growth Equity Fund, Class S		43,120		18,801		14,511		47,410		514,874		-		-		3,688
Mid Cap Growth Equity II Fund, Class S		37,181		19,327		10,017		46,491		732,698		-		-		4,973
Mid-Cap Value Fund, Class S		83,621		46,167		23,025		106,763		1,077,241		12,934		-		4,696
Oppenheimer Commodity Strategy Total Return Fund, Class Y**		77,395		185,487		37,528		225,354		827,050		15,076		-		16,612
Oppenheimer Real Estate Fund, Class Y**		11,877		44,629		6,758		49,748		940,230		7,841		-		51,180
Overseas Fund, Class S		292,239		179,902		98,787		373,354		2,740,419		32,442		-		194,045
PIMCO Total Return Fund, Class S		-		9,475		72		9,403		94,684		1,162		725		19
Short-Duration Bond Fund, Class S*		9,317		36,012		6,285		39,044		412,304		8,419		2,356		4,990
Small Cap Growth Equity Fund, Class S		10,853		12,876		5,070		18,659		321,862		-		2,565		12,968
Small Cap Value Equity Fund, Class S		40,115		16,318		17,021		39,412		372,445		2,290		-		14,063
Small Company Growth Fund, Class S		39,652		20,374		20,050		39,976		400,158		-		-		26,824
Small Company Value Fund, Class S		26,640		17,758		10,127		34,271		470,883		3,208		-		11,199
Strategic Bond Fund, Class S		3,196		923		1,423		2,696		25,912		1,359		-		1,577
Strategic Emerging Markets Fund, Class S*		41,452		65,915		12,718		94,649		1,571,178		4,514		129,398		87,507
Value Fund, Class S*		7,579		9,230		4,563		12,246		177,569		2,353		-		10,979
									$	24,653,574	$	276,223	$	141,409	$	1,319,337

* MassMutual Premier Fund

** Fund advised by OppenheimerFunds, Inc.

# The Fund was terminated effective May 21, 2010.

† Amount is less than $0.50.

445

Notes to Financial Statements (Continued)

8. Indemnifications

Under the Funds’ organizational documents, current and former Trustees and Officers are provided with specified rights to 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 January 2010, the Financial Accounting Standards Board issued Accounting Standards Updated No. 2010-06, “Improving Disclosures About Fair Value Measurements” (“ASU”). The ASU requires enhanced disclosures about purchases, sales, issuances, and settlements on a gross basis relating to Level 3 measurements. The disclosure will be effective for fiscal years beginning after December 15, 2010, and for interim periods within those fiscal years. Management is currently evaluating the impact the adoption of this ASU will have on the Fund’s financial statement disclosures.

10. Legal Proceedings

On December 7, 2010, the Trust was named as a defendant and putative member of the proposed defendant class of shareholders named in an adversary proceeding brought by The Official Committee of Unsecured Creditors of Tribune Company (the “Official Committee”) in the U.S. Bankruptcy Court for the District of Delaware, in connection with Tribune Company’s Chapter 11 bankruptcy proceeding (In re Tribune Company). The proceeding relates to a leveraged buyout transaction by which Tribune Company converted to a privately-held company in 2007, and the putative defendant class is comprised of beneficial owners of shares of Tribune Company who received proceeds of the leveraged buy-out. The Official Committee seeks to recover payments of those proceeds.

The potential amounts sought to be recovered from the Diversified Value Fund and Indexed Equity Fund, plus interest and the Official Committee’s court costs, are approximately $1,621,800 and $1,186,430, respectively. The Funds cannot predict the outcome of this proceeding. If the proceeding were to be decided in a manner adverse to the Funds, or if the Funds were to enter into a settlement agreement with the Official Committee, the payment of such judgment or settlement could have a material adverse effect on the Funds’ net asset values.

11. Subsequent Events

Management has evaluated the events and transactions subsequent to December 31, 2010 through the date when the financial statements were issued, and determined that there are no material events or transactions that would require adjustments to or disclosures in the Funds’ financial statements other than those disclosed below.

Effective February 11, 2011, the administrative services fee, based upon the average daily net assets of the applicable class of shares of the Funds, was changed for the following Funds as noted in the table below:

	Class A		Class L		Class Y		Class S		Class N		Class Z
Fundamental Value Fund		0.4629%		0.4629%		0.3129%		0.2729%		0.5129%		0.0700%
Overseas Fund		0.4543%		0.4543%		0.4043%		0.3543%		0.5043%		0.0700%

Effective February 11, 2011, MassMutual has also agreed to voluntarily waive, through April 1, 2012, 0.15% of the management fee for each class of the Fundamental Value Fund, and 0.31% of the management fee for each class of the Overseas Fund, based upon each class’s average daily net assets.

446

Report of Independent Registered Public Accounting Firm

To the Board of Trustees and Shareholders of MassMutual Select Funds:

We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of MassMutual Select Funds (the “Trust”), comprised of MassMutual Select PIMCO Total Return Fund, MassMutual Select Strategic Bond Fund, MassMutual Select Strategic Balanced Fund, MassMutual Select Global Allocation Fund, MassMutual Select Diversified Value Fund, MassMutual Select Fundamental Value Fund, MassMutual Select Value Equity Fund, MassMutual Select Large Cap Value Fund, MassMutual Select Indexed Equity Fund, MassMutual Select Core Opportunities Fund, MassMutual Select Blue Chip Growth Fund, MassMutual Select Large Cap Growth Fund, MassMutual Select Aggressive Growth Fund, MassMutual Select NASDAQ-100 Fund, MassMutual Select Focused Value Fund, MassMutual Select Mid-Cap Value Fund, MassMutual Select Small Cap Value Equity Fund, 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, MassMutual Select Small Company Growth Fund, MassMutual Select Diversified International Fund, MassMutual Select Overseas Fund, MassMutual Select Destination Retirement Income Fund, MassMutual Select Destination Retirement 2010 Fund, MassMutual Select Destination Retirement 2015 Fund, MassMutual Select Destination Retirement 2020 Fund, MassMutual Select Destination Retirement 2025 Fund, MassMutual Select Destination Retirement 2030 Fund, MassMutual Select Destination Retirement 2035 Fund, MassMutual Select Destination Retirement 2040 Fund, MassMutual Select Destination Retirement 2045 Fund, and MassMutual Select Destination Retirement 2050 Fund, (the “Funds”) as of December 31, 2010, and the related statements of operations for the year then ended, and the statements of changes in net assets and the financial highlights for each of the periods presented. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of December 31, 2010, by correspondence with the custodian and brokers; where replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of each of the Funds constituting the Trust as of December 31, 2010, the results of their operations for the year then ended, and the changes in their net assets and the financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America.

Deloitte & Touche LLP

Boston, Massachusetts

February 28, 2011

447

Trustees and Officers (Unaudited)

The following table lists the Trust’s Trustees and Officers as of December 31, 2010; their address and age; their position with the Trust; the length of time holding that position with the Trust; their principal occupation(s) during the past five years; the number of portfolios in the fund complex they oversee; and other directorships they hold in companies subject to registration or reporting requirements of the Securities Exchange Act of 1934 (generally called “public companies”) or in registered investment companies. The Trust’s Statement of Additional Information includes additional information about the Trust’s Trustees and is available, without charge, upon request by calling 1-888-309-3539 or by writing MassMutual Select Funds, c/o Massachusetts Mutual Life Insurance Company, 1295 State Street, Springfield, Massachusetts 01111-0001, Attention: Retirement Services Marketing.

Disinterested Trustees

Name, Address*, and Age	Position(s) Held with Trust	Term of Office** and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee
Richard H. Ayers Age: 68	Chairman Trustee	Since 2010 Since 1996	Retired.	63	Director (since 2008), Celera Corporation; Director (1996-2008), Applera Corporation; Director (2002-2006), Instron Corporation; Chairman (since 2010), Trustee (since 1999), Advisory Board Member (1996-1999), MML Series Investment Fund (open-end investment company).
Allan W. Blair Age: 62	Trustee	Since 2003	President and Chief Executive Officer (since 1996), Economic Development Council of Western Massachusetts; President and Chief Executive Officer (1993-2006), Westmass Area Development Corporation; President and Chief Executive Officer (since 1984), Westover Metropolitan Development Corporation.	63	Director (2001-2007), Future Works, Inc.; Trustee (since 2003), MML Series Investment Fund (open-end investment company).
Mary E. Boland Age: 71	Trustee	Since 1994	Attorney-at-Law (since 2004).	63	Director (1999-2007), BankNorth Massachusetts; Trustee (since 1973), MML Series Investment Fund (open-end investment company).
R. Alan Hunter, Jr. Age: 64	Trustee	Since 2003	Retired.	63	Director (since 2007), Actuant Corporation; Trustee (since 2003), MML Series Investment Fund (open-end investment company).
F. William Marshall, Jr. Age: 68	Trustee	Since 1996	Retired. Consultant (1999-2009).	99***	Trustee (since 2000), Denver Board - Oppenheimer Funds; Trustee (since 1996), MML Series Investment Fund (open-end investment company).
Susan B. Sweeney Age: 58	Trustee	Since 2009	Senior Vice President and Chief Investment Officer (since 2010), Selective Insurance Group (property and casualty company); Senior Managing Director (2008-2010), Ironwood Capital (private equity firm); Chief Investment Officer, Pension Fund (2002-2007), Office of the Treasurer of the State of Connecticut.	63	Trustee (since 2009), MML Series Investment Fund (open-end investment company).

448

Trustees and Officers (Unaudited) (Continued)

Interested Trustees

Name, Address*, and Age	Position(s) Held with Trust	Term of Office** and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee
Robert E. Joyal^ Age: 65	Trustee	Since 2003	Retired.	65^^	Director (since 2007), Scottish Re Group Ltd.; Director (since 2006), Jefferies Group, Inc. (investment bank); Director (1996-2005), Antares Capital Corporation (bank loan syndication); Director (since 2003), Alabama Aircraft Industries, Inc.; Trustee (since 2003), President (1999-2003), MassMutual Corporate Investors (closed-end investment company); Trustee (since 2003), President (1999-2003), MassMutual Participation Investors (closed-end investment company); Director (2005-2006), York Enhanced Strategies Fund (closed-end investment company); Trustee (since 2003), Vice Chairman (2005-2007), MML Series Investment Fund (open-end investment company).
Elaine A. Sarsynski^^^ Age: 55	Trustee	Since 2008	Executive Vice President (since 2006), Senior Vice President and Chief Administrative Officer (2005-2006), MassMutual; Managing Director (2005), Babson Capital Management LLC; Chief Executive Officer (2001-2005), Town of Suffield, Connecticut.	63	Trustee (since 2008), MML Series Investment Fund (open-end investment company).

449

Trustees and Officers (Unaudited) (Continued)

Principal Officers who are Not Trustees

Name, Address*, and Age	Position(s) Held with Trust	Term of Office# and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Officer
Michael C. Eldredge Age: 46	Vice President	Since 2009	Vice President (since 2008), MassMutual; Vice President (2005-2008), Manager (1998-2005), ING; Vice President (since 2009), MassMutual Premier Funds (open-end investment company); Vice President (since 2009), MML Series Investment Fund (open-end investment company); Vice President (since 2009), MML Series Investment Fund II (open-end investment company).	95
Andrew M. Goldberg Age: 44	Vice President, Secretary and Chief Legal Officer Assistant Secretary	Since 2008 (2001- 2008)	Assistant Vice President and Counsel (since 2004), Counsel (2001-2004), MassMutual; Vice President, Clerk and Chief Legal Officer (since 2008), Assistant Clerk (2004-2008), MassMutual Premier Funds (open-end investment company); Vice President, Secretary and Chief Legal Officer (since 2008), Assistant Secretary (2001-2008), MML Series Investment Fund (open-end investment company); Vice President, Clerk and Chief Legal Officer (since 2008), Assistant Clerk (2005-2008), MML Series Investment Fund II (open-end investment company).	95
Nicholas H. Palmerino Age: 45	Chief Financial Officer and Treasurer	Since 2006	Assistant Vice President (since 2006), MassMutual; Vice President (2006), Consultant (2005-2006), JP Morgan Chase Worldwide Securities Services; Chief Financial Officer and Treasurer (since 2006), MassMutual Premier Funds (open-end investment company); Chief Financial Officer and Treasurer (since 2006), MML Series Investment Fund (open-end investment company); Chief Financial Officer and Treasurer (since 2006), MML Series Investment Fund II (open-end investment company).	95
Philip S. Wellman Age: 46	Vice President and Chief Compliance Officer	Since 2007	Vice President, Associate General Counsel and Chief Compliance Officer (Mutual Funds and Investment Advisory) (since 2008), Vice President, Associate General Counsel and Chief Compliance Officer (Mutual Funds) (2007-2008), Assistant Vice President and Associate General Counsel (2006-2007), MassMutual; Director, Office of General Counsel (2005-2006), Merrill Lynch, Pierce, Fenner & Smith Incorporated; Senior Vice President and Assistant General Counsel (2000-2006), Advest, Inc.; Vice President and Chief Compliance Officer (since 2007), MassMutual Premier Funds (open-end investment company); Vice President and Chief Compliance Officer (since 2007), MML Series Investment Fund (open-end investment company); Vice President and Chief Compliance Officer (since 2007), MML Series Investment Fund II (open-end investment company).	95
Eric H. Wietsma Age: 44	President Vice President	Since 2008 (2006- 2008)	Senior Vice President (since 2010), Corporate Vice President (2007-2010), Vice President (2005-2007), MassMutual; Vice President (1999-2005), Hartford Life Insurance Company; President (since 2008), Vice President (2006-2008), MassMutual Premier Funds (open-end investment company); Vice President (since 2006), MML Series Investment Fund (open-end investment company); Vice President (since 2006), MML Series Investment Fund II (open-end investment company).	95

450

Trustees and Officers (Unaudited) (Continued)

* The address of each Trustee and Principal Officer is the same as that for the Trust; 1295 State Street, Springfield, Massachusetts 01111.

** Each Trustee of the Trust serves until the next meeting of shareholders called for the purpose of electing Trustees and until the election and qualification of his or her successor or until he or she dies, resigns or is removed. Notwithstanding the foregoing, unless the Trustees determine that it is desirable and in the best interest of the Trust that an exception to the retirement policy of the Trust be made, a Trustee shall retire and cease to serve as a Trustee upon the conclusion of the calendar year in which such Trustee attains the age of seventy-two years.

The Chairperson is elected to hold such office for a term of three years or until his or her successor is elected and qualified to carry out the duties and responsibilities of his or her office, or until he or she retires, dies, resigns, is removed or becomes disqualified.

*** Denver Board – Oppenheimer Funds is deemed to be part of the Fund Complex because it is managed by OppenheimerFunds, Inc., an indirect subsidiary of MassMutual.

^ Mr. Joyal is an “Interested Person,” as that term is defined in the 1940 Act, through his position as a director of Jefferies Group, Inc., a broker-dealer that may execute portfolio transactions and/or engage in principal transactions with the Funds, other investment companies advised by MassMutual or holding themselves out to investors as related companies for purposes of investment or investor services, or any other advisory accounts over which MassMutual has brokerage placement discretion.

^^ MassMutual Participation Investors and MassMutual Corporate Investors are deemed to be a part of the Fund Complex because they are managed by Babson Capital Management LLC, an indirect subsidiary of MassMutual.

^^^ Ms. Sarsynski is an Interested Person through her employment with MassMutual.

# The President, Treasurer and Secretary are elected to hold such office until their successor is elected and qualified to carry out the duties and responsibilities of their office, or until he or she dies, resigns, is removed or becomes disqualified. Each other officer shall hold office at the pleasure of the Trustees.

451

Federal Tax Information (Unaudited)

For corporate shareholders, a portion of the ordinary dividends paid during the Fund(s)’ year ended December 31, 2010, qualified for the dividends received deduction, as follows:

	Dividends Received Deductions
PIMCO Total Return Fund		3.34%
Strategic Balanced Fund		39.78%
Global Allocation Fund		46.85%
Diversified Value Fund		100.00%
Fundamental Value Fund		100.00%
Value Equity Fund		100.00%
Large Cap Value Fund		100.00%
Indexed Equity Fund		100.00%
Core Opportunities Fund		100.00%
Blue Chip Growth Fund		100.00%
Large Cap Growth Fund		100.00%
Focused Value Fund		100.00%
Mid-Cap Value Fund		100.00%
Small Cap Value Equity Fund		100.00%
Small Company Value Fund		100.00%
Destination Retirement Income Fund		25.15%
Destination Retirement 2010 Fund		14.45%
Destination Retirement 2015 Fund		14.97%
Destination Retirement 2020 Fund		23.38%
Destination Retirement 2025 Fund		26.09%
Destination Retirement 2030 Fund		28.85%
Destination Retirement 2035 Fund		30.35%
Destination Retirement 2040 Fund		37.39%
Destination Retirement 2045 Fund		38.95%
Destination Retirement 2050 Fund		43.42%

For the year ended December 31, 2010, the following Fund earned the following foreign sources of income:

	Foreign Sources of Income
Diversified International Fund	$	3,808,517
Overseas Fund		10,702,835

Under Section 854(b)(2) of the Code, the Fund(s) hereby designate the following maximum amounts as qualified dividends for purposes of the maximum rate under Section 1(h)(11) of the Code for the year ended December 31, 2010:

	Qualified Dividend Income
PIMCO Total Return Fund	$	965,833
Strategic Bond Fund		33,560
Strategic Balanced Fund		951,191
Global Allocation Fund		5,273,399
Diversified Value Fund		7,324,295
Fundamental Value Fund		12,798,425
Value Equity Fund		583,376
Large Cap Value Fund		10,613,763
Indexed Equity Fund		35,352,713
Core Opportunities Fund		1,005,600

452

Federal Tax Information (Unaudited) (Continued)

	Qualified Dividend Income
Blue Chip Growth Fund	$	157,252
Large Cap Growth Fund		890,225
NASDAQ-100 Fund		413,475
Focused Value Fund		7,924,671
Mid-Cap Value Fund		2,291,320
Small Cap Value Equity Fund		1,318,198
Small Company Value Fund		5,735,815
Small Cap Growth Equity Fund		2,847,403
Small Company Growth Fund		205,709
Diversified International Fund		3,487,977
Overseas Fund		10,332,652
Destination Retirement Income Fund		2,752,037
Destination Retirement 2010 Fund		304,122
Destination Retirement 2015 Fund		26,409
Destination Retirement 2020 Fund		1,652,134
Destination Retirement 2025 Fund		16,288
Destination Retirement 2030 Fund		3,786,824
Destination Retirement 2035 Fund		15,537
Destination Retirement 2040 Fund		1,859,612
Destination Retirement 2045 Fund		13,195
Destination Retirement 2050 Fund		258,536

453

Other Information (Unaudited)

Proxy Voting

A description of the policies and procedures that each Fund’s investment adviser and subadvisers 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 SEC’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/funds and on the SEC’s website at http://www.sec.gov.

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.

Trustees’ Approval of Investment Advisory Contracts

At their meeting in May 2010, the Trustees, including the Trustees who are not “interested persons” (as such term is defined in the 1940 Act) of the Trust, MassMutual, or subadvisers (the “Independent Trustees”), approved the advisory agreement (“Advisory Agreement”) for one new series of the Trust, the PIMCO Total Return Fund (the “Fund”), and the subadvisory agreement with Pacific Investment Management Company LLC (“PIMCO”), for the Fund (“Subadvisory Agreement”), subject to approval by the shareholders of the Fund of the Advisory and Subadvisory Agreements. In preparation for the meeting, the Trustees requested, and MassMutual provided in advance, certain materials relevant to the consideration of the Advisory and Subadvisory Agreements (the “Materials”). In all of their deliberations, the Trustees were advised by independent counsel.

In approving the Advisory Agreement, the Trustees considered the Materials and information discussed with representatives of MassMutual at the meeting relating to MassMutual and the nature, scope, and quality of services MassMutual would provide to the Fund. In reviewing the contract, the Trustees considered a number of factors they believed to be relevant to the interests of shareholders of the Fund, including: (i) the financial condition, stability, and business strategy of MassMutual; (ii) the ability of MassMutual with respect to regulatory compliance and its ability to monitor compliance with the investment policies of the Fund; (iii) MassMutual’s ability to provide investment oversight and administrative and shareholder services to the Fund; and (iv) the experience and qualifications of the personnel of MassMutual that perform, or oversee the performance of, the services provided to the Fund and the needs of the Fund for administrative and shareholder services.

The Trustees also reviewed and considered information included in the Materials (or discussed at the meeting) concerning possible economies of scale and potential profitability of MassMutual’s advisory relationship with the Fund. The discussions and consideration included the intangible benefits derived by MassMutual and its affiliates resulting from their relationship with the Fund and the so-called “fallout benefits” to MassMutual, such as any reputational value derived from serving as investment adviser to the Fund.

In approving the Subadvisory Agreement, the Trustees discussed with MassMutual and considered a wide range of information about, among other things: (i) PIMCO and its personnel with responsibilities for providing services to the Fund; (ii) the terms of the Subadvisory Agreement; (iii) the scope and quality of services that PIMCO will provide under the Subadvisory Agreement; (iv) the historical investment performance track record of PIMCO; and (v) the fees payable to PIMCO by MassMutual and the effect of such fees on the profitability of MassMutual.

Prior to the votes being taken to approve the Advisory and Subadvisory Agreements, the Independent Trustees met separately in executive session to discuss the appropriateness of such contracts. The Independent Trustees weighed the foregoing matters in light of the advice given to them by their independent legal counsel as to the law applicable to the review of investment advisory contracts. In arriving at a decision, the Trustees, including the Independent Trustees, did not identify any single matter as all-important or controlling. The foregoing summary does not detail all of the matters considered.

454

Other Information (Unaudited) (Continued)

Based on the foregoing, the Trustees determined that: (i) overall, they were satisfied with the nature, extent, and quality of services expected to be provided under the Advisory Agreement, including the anticipated level of MassMutual’s oversight of the Fund and the subadvisory process; (ii) MassMutual’s projected level of profitability from its relationship with the Fund was not excessive and the advisory fee payable under the Advisory Agreement and the Fund’s total expenses were fair and reasonable; (iii) the investment processes, research capabilities, and philosophies of PIMCO would be well suited to the Fund given its investment objective and policies; and (iv) the terms of the Advisory and Subadvisory Agreements were fair and reasonable with respect to the Fund and were in the best interest of the Fund’s’ shareholders. After carefully considering the information summarized above, the Trustees, including the Independent Trustees voting separately, unanimously voted to approve the Advisory and Subadvisory Agreements.

The Advisory and Subadvisory Agreements became effective on June 30, 2010.

At their meeting in August 2010, the Trustees, including the Independent Trustees, approved a subadvisory agreement (“Subadvisory Agreement”) with Frontier Capital Management Company, LLC (“Frontier”) as co-subadviser for the Mid Cap Growth Equity II Fund. In all of their deliberations, the Trustees were advised by independent counsel.

The Trustees made this decision after being informed that T. Rowe Price Associates, Inc. (“T. Rowe Price”) was closing the Fund’s strategy to new investments. The Trustees concluded that it would be desirable to allow the Fund to remain open by adding a co-subadviser. The Trustees determined that it would also be desirable to find a co-subadviser whose investment approach was similar to that of T. Rowe Price, in order to maintain the Fund’s fundamental approach of finding companies that are believed to be trading at reasonable valuations and style purity to the mid cap growth style box. The Trustees determined that this could best be accomplished through the combination of T. Rowe Price’s and Frontier’s investment strategies in order to maintain a core mid cap growth style while delivering consistent performance results.

In reviewing the Subadvisory Agreement, the Trustees discussed with MassMutual and considered a wide range of information about, among other things: (i) Frontier and its personnel with responsibilities for providing services to the Fund; (ii) the terms of the Subadvisory Agreement; (iii) the scope and quality of services that Frontier will provide under the Subadvisory Agreement; (iv) the historical investment performance track record of Frontier; and (v) the fees payable to Frontier by MassMutual and the effect of such fees on the profitability of MassMutual.

Prior to the vote being taken to approve the Subadvisory Agreement, the Independent Trustees met separately in executive session to discuss the appropriateness of the contract. The Independent Trustees weighed the foregoing matters in light of the advice given to them by their independent legal counsel as to the law applicable to the review of investment advisory contracts. In arriving at a decision, the Trustees, including the Independent Trustees, did not identify any single matter as all-important or controlling. The foregoing summary does not detail all of the matters considered.

Based on the foregoing, the Trustees concluded that: (i) overall, they were satisfied with the nature, extent, and quality of services expected to be provided under the Subadvisory Agreement; (ii) MassMutual’s level of profitability from its relationship with the Fund was not excessive and the subadvisory fee amount under the Subadvisory Agreement is fair and reasonable; (iii) the investment processes, research capabilities, and philosophies of Frontier appear well suited to the Fund, given its investment objective and policies; and (iv) the terms of the Subadvisory Agreement were fair and reasonable with respect to the Fund and were in the best interest of the Fund’s shareholders.

The Subadvisory Agreement became effective on August 30, 2010.

At their meeting in August 2010, the Trustees, including the Independent Trustees, also approved an amended Subadvisory Agreement (“Amended Subadvisory Agreement”) with Wellington Management Company, LLP (“Wellington Management”) with respect to the Fundamental Value Fund. Under the Amended Subadvisory Agreement, the investment subadvisory fee paid to Wellington Management would be reduced.

Prior to the vote being taken to approve the Amended Subadvisory Agreement, the Independent Trustees met separately in executive session to discuss the appropriateness of the contract, in light of the advice given to them by their independent legal counsel as to the law applicable to the review of investment advisory contracts. In arriving at a decision, the Trustees, including the Independent Trustees, did not identify any single matter as all-important or controlling.

455

Other Information (Unaudited) (Continued)

In approving the Amended Subadvisory Agreement, the Trustees discussed with Management and considered the fees payable to Wellington Management by MassMutual and the effect of such fees on the profitability of MassMutual. The Trustees concluded that MassMutual’s level of profitability from its relationship to the Fund was not excessive and that the subadvisory fee amount under the Amended Subadvisory Agreement was fair and reasonable.

The Amended Subadvisory Agreement took effect on August 9, 2010.

Submission of Matters to a Vote of Security Holders

Pursuant to a written consent, dated March 1, 2010, MassMutual, in its capacity as the majority shareholder of the Strategic Bond Fund, Strategic Balanced Fund, Global Allocation 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, Diversified International Fund, Overseas Fund, 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, elected the Trustees of the Trust, as described in the Information Statement dated February 8, 2010.

Pursuant to a written consent, dated March 1, 2010, MassMutual, in its capacity as the majority shareholder 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, 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, Overseas Fund, 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 (each a “Fund”), approved certain changes to the Funds’ investment objectives and the modernization and standardization of certain fundamental investment restrictions as described in the Information Statement dated February 8, 2010.

Pursuant to a written consent, dated March 1, 2010, MassMutual, 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, together, as the owners of a majority of the issued and outstanding shares of the Large Cap Growth Fund and Diversified International Fund (each a “Fund”), approved the certain changes to the Funds’ investment objectives and the modernization and standardization of certain fundamental investment restrictions as described in the Information Statement dated February 8, 2010.

456

Other Information (Unaudited) (Continued)

Fund Expenses December 31, 2010

Expense Examples:

The following information is in regards to expenses for the six months ended December 31, 2010:

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 December 31, 2010.

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. 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*
PIMCO Total Return Fund**
Class A	$	1,000		0.87	%	$	1,028.90	$	4.33	$	1,020.80	$	4.43
Class L		1,000		0.77	%		1,028.10		3.83		1,021.30		3.92
Class Y		1,000		0.69	%		1,029.80		3.43		1,021.70		3.52
Class S		1,000		0.57	%		1,028.80		2.84		1,022.30		2.91
Class N		1,000		1.12	%		1,027.00		5.57		1,019.60		5.70
Class Z		1,000		0.42	%		1,031.30		2.09		1,023.10		2.14
Strategic Bond Fund
Class A		1,000		1.11	%		1,036.50		5.70		1,019.60		5.65
Class L		1,000		0.86	%		1,038.70		4.42		1,020.90		4.38
Class Y		1,000		0.71	%		1,039.00		3.65		1,021.60		3.62
Class S		1,000		0.66	%		1,039.40		3.39		1,021.90		3.36
Class N		1,000		1.41	%		1,034.70		7.23		1,018.10		7.17

457

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*
Strategic Balanced Fund
Class A	$	1,000		1.42	%	$	1,155.90	$	7.72	$	1,018.00	$	7.22
Class L		1,000		1.17	%		1,157.90		6.36		1,019.30		5.95
Class Y		1,000		1.02	%		1,157.90		5.55		1,020.10		5.19
Class S		1,000		0.97	%		1,158.40		5.28		1,020.30		4.94
Class N		1,000		1.72	%		1,154.00		9.34		1,016.50		8.74
Global Allocation Fund
Class A		1,000		1.36	%		1,149.10		7.37		1,018.30		6.92
Class L		1,000		1.11	%		1,151.20		6.02		1,019.60		5.65
Class Y		1,000		0.96	%		1,151.60		5.21		1,020.40		4.89
Class S		1,000		0.86	%		1,152.70		4.67		1,020.90		4.38
Diversified Value Fund
Class A		1,000		1.10	%		1,216.10		6.14		1,019.70		5.60
Class L		1,000		0.81	%		1,218.50		4.53		1,021.10		4.13
Class Y		1,000		0.70	%		1,218.00		3.91		1,021.70		3.57
Class S		1,000		0.60	%		1,219.20		3.36		1,022.20		3.06
Class N		1,000		1.41	%		1,212.30		7.86		1,018.10		7.17
Fundamental Value Fund
Class A		1,000		1.24	%		1,227.60		6.96		1,019.00		6.31
Class L		1,000		0.99	%		1,229.60		5.56		1,020.20		5.04
Class Y		1,000		0.84	%		1,230.50		4.72		1,021.00		4.28
Class S		1,000		0.80	%		1,231.20		4.50		1,021.20		4.08
Class N		1,000		1.54	%		1,225.00		8.64		1,017.40		7.83
Class Z***		1,000		0.65	%		1,067.20		0.87		1,021.90		3.31
Value Equity Fund
Class A		1,000		1.40	%		1,236.40		7.89		1,018.10		7.12
Class L		1,000		1.15	%		1,235.60		6.48		1,019.40		5.85
Class Y		1,000		1.01	%		1,236.50		5.69		1,020.10		5.14
Class S		1,000		0.95	%		1,237.20		5.36		1,020.40		4.84
Class N		1,000		1.71	%		1,231.80		9.62		1,016.60		8.69
Large Cap Value Fund
Class A		1,000		1.26	%		1,216.20		7.04		1,018.90		6.41
Class L		1,000		1.01	%		1,218.20		5.65		1,020.10		5.14
Class Y		1,000		0.86	%		1,219.60		4.81		1,020.90		4.38
Class S		1,000		0.77	%		1,219.30		4.31		1,021.30		3.92
Class N		1,000		1.56	%		1,215.40		8.71		1,017.30		7.93
Indexed Equity Fund
Class A		1,000		0.65	%		1,228.20		3.65		1,021.90		3.31
Class L		1,000		0.40	%		1,230.90		2.25		1,023.20		2.04
Class Y		1,000		0.45	%		1,230.70		2.53		1,022.90		2.29
Class S		1,000		0.42	%		1,229.80		2.36		1,023.10		2.14
Class N		1,000		0.95	%		1,226.60		5.33		1,020.40		4.84
Class Z		1,000		0.82	%		1,231.30		4.61		1,021.10		4.18

458

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*
Core Opportunities Fund
Class A	$	1,000		1.35	%	$	1,247.40	$	7.65	$	1,018.40	$	6.87
Class L		1,000		1.10	%		1,247.70		6.23		1,019.70		5.60
Class Y		1,000		0.94	%		1,250.10		5.33		1,020.50		4.79
Class S		1,000		0.85	%		1,249.50		4.82		1,020.90		4.33
Class N		1,000		1.65	%		1,244.70		9.34		1,016.90		8.39
Blue Chip Growth Fund
Class A		1,000		1.19	%		1,271.20		6.81		1,019.20		6.06
Class L		1,000		0.98	%		1,272.30		5.61		1,020.30		4.99
Class Y		1,000		0.82	%		1,273.40		4.70		1,021.10		4.18
Class S		1,000		0.76	%		1,273.70		4.36		1,021.40		3.87
Class N		1,000		1.51	%		1,268.50		8.63		1,017.60		7.68
Large Cap Growth Fund
Class A		1,000		1.34	%		1,281.60		7.71		1,018.50		6.82
Class L		1,000		1.09	%		1,282.40		6.27		1,019.70		5.55
Class Y		1,000		0.39	%		1,286.50		2.25		1,023.20		1.99
Class S		1,000		0.90	%		1,283.50		5.18		1,020.70		4.58
Class N		1,000		1.65	%		1,279.10		9.48		1,016.90		8.39
Aggressive Growth Fund
Class A		1,000		1.36	%		1,302.10		7.89		1,018.30		6.92
Class L		1,000		1.11	%		1,303.60		6.45		1,019.60		5.65
Class Y		1,000		0.96	%		1,304.70		5.58		1,020.40		4.89
Class S		1,000		0.86	%		1,305.00		5.00		1,020.90		4.38
Class N		1,000		1.65	%		1,299.20		9.56		1,016.90		8.44
NASDAQ-100 Fund
Class A		1,000		1.15	%		1,271.00		6.58		1,019.40		5.85
Class L		1,000		0.90	%		1,274.00		5.16		1,020.70		4.58
Class Y		1,000		0.76	%		1,277.70		4.36		1,021.40		3.87
Class S		1,000		0.65	%		1,276.80		3.73		1,021.90		3.31
Class N		1,000		1.45	%		1,269.20		8.29		1,017.90		7.38
Focused Value Fund
Class A		1,000		1.30	%		1,292.00		7.51		1,018.70		6.61
Class L		1,000		1.05	%		1,293.00		6.07		1,019.90		5.35
Class Y		1,000		0.90	%		1,294.20		5.20		1,020.70		4.58
Class S		1,000		0.80	%		1,294.40		4.63		1,021.20		4.08
Class N		1,000		1.60	%		1,289.80		9.23		1,017.10		8.13
Class Z***		1,000		0.69	%		1,042.60		0.91		1,021.20		3.52
Mid-Cap Value Fund
Class A		1,000		1.31	%		1,258.10		7.46		1,018.60		6.67
Class L		1,000		1.06	%		1,261.50		6.04		1,019.90		5.40
Class Y		1,000		0.91	%		1,261.50		5.19		1,020.60		4.63
Class S		1,000		0.81	%		1,261.70		4.62		1,021.10		4.13
Class N		1,000		1.61	%		1,256.80		9.16		1,017.10		8.19
Small Cap Value Equity Fund
Class A		1,000		1.37	%		1,298.80		7.94		1,018.30		6.97
Class L		1,000		1.12	%		1,301.20		6.50		1,019.60		5.70
Class Y		1,000		0.97	%		1,302.90		5.63		1,020.30		4.94
Class S		1,000		0.87	%		1,302.90		5.05		1,020.80		4.43
Class N		1,000		1.67	%		1,297.90		9.67		1,016.80		8.49

459

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	%	$	1,256.60	$	8.47	$	1,017.70	$	7.58
Class L		1,000		1.24	%		1,259.10		7.06		1,019.00		6.31
Class Y		1,000		1.09	%		1,259.30		6.21		1,019.70		5.55
Class S		1,000		1.05	%		1,259.40		5.98		1,019.90		5.35
Class N		1,000		1.79	%		1,254.30		10.17		1,016.20		9.10
Class Z***		1,000		0.87	%		1,085.90		1.17		1,020.80		4.43
Mid Cap Growth Equity Fund
Class A		1,000		1.39	%		1,300.30		8.06		1,018.20		7.07
Class L		1,000		1.14	%		1,302.30		6.62		1,019.50		5.80
Class Y		1,000		0.99	%		1,304.30		5.75		1,020.20		5.04
Class S		1,000		0.92	%		1,303.70		5.34		1,020.60		4.69
Class N		1,000		1.69	%		1,298.60		9.79		1,016.70		8.59
Mid Cap Growth Equity II Fund
Class A		1,000		1.35	%		1,283.00		7.77		1,018.40		6.87
Class L		1,000		1.10	%		1,285.10		6.34		1,019.70		5.60
Class Y		1,000		0.95	%		1,286.40		5.47		1,020.40		4.84
Class S		1,000		0.86	%		1,286.50		4.96		1,020.90		4.38
Class N		1,000		1.65	%		1,281.70		9.49		1,016.90		8.39
Class Z***		1,000		0.75	%		1,074.30		1.00		1,021.40		3.82
Small Cap Growth Equity Fund
Class A		1,000		1.51	%		1,264.50		8.62		1,017.60		7.68
Class L		1,000		1.26	%		1,266.40		7.20		1,018.90		6.41
Class Y		1,000		1.11	%		1,267.20		6.34		1,019.60		5.65
Class S		1,000		0.97	%		1,267.90		5.54		1,020.30		4.94
Class N		1,000		1.81	%		1,262.10		10.32		1,016.10		9.20
Class Z***		1,000		0.89	%		1,083.80		1.19		1,020.70		4.53
Small Company Growth Fund
Class A		1,000		1.56	%		1,338.00		9.19		1,017.30		7.93
Class L		1,000		1.32	%		1,339.20		7.78		1,018.60		6.72
Class Y		1,000		1.16	%		1,340.50		6.84		1,019.40		5.90
Class S		1,000		1.12	%		1,341.80		6.61		1,019.60		5.70
Class N		1,000		1.87	%		1,334.80		11.00		1,015.80		9.50
Diversified International Fund
Class A		1,000		1.42	%		1,271.70		8.13		1,018.00		7.22
Class L		1,000		1.17	%		1,272.90		6.70		1,019.30		5.95
Class Y		1,000		1.09	%		1,271.70		6.24		1,019.70		5.55
Class S		1,000		0.99	%		1,274.20		5.67		1,020.20		5.04
Class N		1,000		1.72	%		1,268.70		9.84		1,016.50		8.74
Overseas Fund
Class A		1,000		1.50	%		1,249.20		8.50		1,017.60		7.63
Class L		1,000		1.25	%		1,250.30		7.09		1,018.90		6.36
Class Y		1,000		1.20	%		1,249.80		6.80		1,019.20		6.11
Class S		1,000		1.15	%		1,249.10		6.52		1,019.40		5.85
Class N		1,000		1.79	%		1,247.80		10.14		1,016.20		9.10
Class Z***		1,000		0.95	%		1,029.50		1.24		1,020.40		4.84

460

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*
Destination Retirement Income Fund
Class A	$	1,000		0.52	%	$	1,093.10	$	2.74	$	1,022.60	$	2.65
Class L		1,000		0.27	%		1,095.10		1.43		1,023.80		1.38
Class Y		1,000		0.17	%		1,095.00		0.90		1,024.30		0.87
Class S		1,000		0.15	%		1,095.70		0.79		1,024.40		0.77
Class N		1,000		0.82	%		1,091.60		4.32		1,021.10		4.18
Destination Retirement 2010 Fund
Class A		1,000		0.54	%		1,131.70		2.90		1,022.50		2.75
Class L		1,000		0.29	%		1,133.40		1.56		1,023.70		1.48
Class Y		1,000		0.19	%		1,134.80		1.02		1,024.20		0.97
Class S		1,000		0.14	%		1,135.50		0.75		1,024.50		0.71
Class N		1,000		0.84	%		1,130.00		4.51		1,021.00		4.28
Destination Retirement 2015 Fund
Class A		1,000		0.50	%		1,171.40		2.74		1,022.70		2.55
Class L		1,000		0.25	%		1,172.90		1.37		1,023.90		1.28
Class Y		1,000		0.15	%		1,173.80		0.82		1,024.40		0.77
Class S		1,000		0.10	%		1,174.10		0.55		1,024.70		0.51
Destination Retirement 2020 Fund
Class A		1,000		0.51	%		1,191.00		2.82		1,022.60		2.60
Class L		1,000		0.26	%		1,193.20		1.44		1,023.90		1.33
Class Y		1,000		0.16	%		1,193.40		0.88		1,024.40		0.82
Class S		1,000		0.11	%		1,193.70		0.61		1,024.70		0.56
Class N		1,000		0.81	%		1,189.50		4.47		1,021.10		4.13
Destination Retirement 2025 Fund
Class A		1,000		0.50	%		1,217.90		2.80		1,022.70		2.55
Class L		1,000		0.25	%		1,218.30		1.40		1,023.90		1.28
Class Y		1,000		0.15	%		1,219.10		0.84		1,024.40		0.77
Class S		1,000		0.10	%		1,219.50		0.56		1,024.70		0.51
Destination Retirement 2030 Fund
Class A		1,000		0.51	%		1,220.20		2.85		1,022.60		2.60
Class L		1,000		0.26	%		1,223.50		1.46		1,023.90		1.33
Class Y		1,000		0.16	%		1,223.90		0.90		1,024.40		0.82
Class S		1,000		0.11	%		1,222.90		0.62		1,024.70		0.56
Class N		1,000		0.81	%		1,218.50		4.53		1,021.10		4.13
Destination Retirement 2035 Fund
Class A		1,000		0.50	%		1,227.40		2.81		1,022.70		2.55
Class L		1,000		0.25	%		1,228.80		1.40		1,023.90		1.28
Class Y		1,000		0.15	%		1,229.60		0.84		1,024.40		0.77
Class S		1,000		0.10	%		1,230.00		0.56		1,024.70		0.51
Destination Retirement 2040 Fund
Class A		1,000		0.51	%		1,230.40		2.87		1,022.60		2.60
Class L		1,000		0.26	%		1,231.70		1.46		1,023.90		1.33
Class Y		1,000		0.16	%		1,233.30		0.90		1,024.40		0.82
Class S		1,000		0.11	%		1,232.30		0.62		1,024.70		0.56
Class N		1,000		0.81	%		1,226.80		4.55		1,021.10		4.13

461

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*
Destination Retirement 2045 Fund
Class A	$	1,000		0.50	%	$	1,241.10	$	2.82	$	1,022.70	$	2.55
Class L		1,000		0.25	%		1,243.80		1.41		1,023.90		1.28
Class Y		1,000		0.15	%		1,244.60		0.85		1,024.40		0.77
Class S		1,000		0.10	%		1,245.10		0.57		1,024.70		0.51
Destination Retirement 2050 Fund
Class A		1,000		0.50	%		1,236.40		2.82		1,022.70		2.55
Class L		1,000		0.25	%		1,238.20		1.41		1,023.90		1.28
Class Y		1,000		0.15	%		1,240.50		0.85		1,024.40		0.77
Class S		1,000		0.10	%		1,239.20		0.56		1,024.70		0.51
Class N		1,000		0.80	%		1,236.30		4.51		1,021.20		4.08

* Expenses are calculated using the annualized expense ratio for the six months ended December 31, 2010, 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.

** Actual expenses are calculated using the annualized expense ratio, multiplied by the average account value over the period from inception of the Fund(s) on July 6, 2010, through December 31, 2010, multiplied by the number of days in the inception period divided by the number of days in the year. Hypothetical expenses are calculated using the annualized expense ratio for the six months ended December 31, 2010, 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.

*** Actual expenses are calculated using the annualized expense ratio, multiplied by the average account value over the period from inception of the Class on November 15, 2010, through December 31, 2010, multiplied by the number of days in the inception period divided by the number of days in the year. Hypothetical expenses are calculated using the annualized expense ratio for the six months ended December 31, 2010, 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.

462

Distributor:

MML Distributors, LLC

1295 State Street

Springfield, MA 01111-0001

March 1, 2011

^© 2011 Massachusetts Mutual Life Insurance Company, Springfield, MA. All rights reserved. www.massmutual.com. MassMutual Financial Group is a marketing name for Massachusetts Mutual Life Insurance Company (MassMutual) [of which Retirement Services is a division] and its affiliated companies and sales representatives. L4543     111
C:05477-04

Item 2. Code of Ethics.

As of December 31, 2010, the Registrant adopted a Code of Ethics that applies to the Principal Executive Officer and Principal Financial Officer pursuant to the Sarbanes-Oxley Act of 2002. For the year ended December 31, 2010, there were no amendments to a provision of the Code of Ethics. A copy of its Code of Ethics is filed with this Form N-CSR under Item 12(a)(1).

Item 3. Audit Committee Financial Expert.

The Registrant’s Board of Trustees has determined that R. Alan Hunter, Jr., a member of the Audit Committee, is an audit committee financial expert as defined by the Securities and Exchange Commission (the “SEC”). Mr. Hunter is “independent” as defined by the SEC for purposes of audit committee financial expert determinations.

Item 4. Principal Accountant Fees and Services.

References below to Deloitte & Touche LLP include its affiliates where applicable.

(a) AUDIT FEES: The aggregate fees billed to the Registrant for professional services rendered by its independent auditors, Deloitte & Touche LLP, for the audit of the Registrant’s annual financial statements for 2010 and 2009 were $927,705 and $1,077,745, respectively.

(b) AUDIT RELATED FEES: No such fees were billed to the Registrant by Deloitte & Touche LLP for 2010 and 2009. The aggregate fees billed to the Registrant’s adviser and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the Registrant by Deloitte & Touche LLP* for 2010 and 2009 were $117,100 and $0, respectively. The 2010 audit related fees were for work performed in connection with an internal control review.

(c) TAX FEES: The aggregate fees billed to the Registrant for professional services rendered by Deloitte & Touche LLP for the review of Form 1120-RIC, Form 8613, excise distribution projections, distribution calculation and reasonable out of pocket expenses for 2010 and 2009 were $103,178 and $185,422, respectively. No such fees were billed to the Registrant’s adviser and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the Registrant by Deloitte & Touche LLP* for 2010 and 2009.

(d) ALL OTHER FEES: No such fees were billed to the Registrant by Deloitte & Touche LLP for 2010 and 2009. No such fees were billed to the Registrant’s adviser and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the Registrant by Deloitte & Touche LLP* for 2010 and 2009.

(e) (1) AUDIT COMMITTEE PRE-APPOVAL POLICY: All services to be performed for the Registrant by Deloitte & Touche LLP must be pre-approved by the audit committee. All services performed during 2010 and 2009 were pre-approved by the committee.

(2) Not applicable.

(f) Not applicable.

(g) The aggregate non-audit fees billed by Deloitte & Touche LLP for services rendered to the Registrant, the Registrant’s adviser and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the Registrant, for the fiscal years 2010 and 2009 were $727,934 and $593,051, respectively.

(h) The audit committee considers whether the provision of non-audit services by Deloitte & Touche LLP to the Registrant’s adviser and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the Registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining Deloitte & Touche LLP’s independence.

* Refers to fees that were required to be approved by the audit committee for services that relate directly to the operations and financial reporting of the Registrant.

Item 5. Audit Committee of Listed Registrants.

Not applicable to this filing.

Item 6. Schedule of Investments.

Please see portfolio of investments contained in the Reports to Stockholders included under Item 1 of this form N-CSR.

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 have concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this Form N-CSR, to provide reasonable assurance that the information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized, and reported within the time periods specified in the SEC’s rules and forms, based on their evaluation of these disclosure controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 (17 CFR 240.13a-15(b) or 240.15d-15(b)).

(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 attached.

(a)(2) Certifications of the Principal Executive Officer and Principal Financial Officer of the Registrant as required by Rule 30a-2(a) under the 1940 Act (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 1940 Act (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   2/28/11                                         

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   2/28/11                                         

By (Signature and Title)	/s/ Nicholas H. Palmerino
	Nicholas H. Palmerino, Treasurer and Principal Financial Officer

Date   2/28/11